82 FR 14599 - Multiemployer Pension Plan Application To Reduce Benefits
DEPARTMENT OF THE TREASURY Federal Register Volume 82, Issue 53 (March 21, 2017)
Federal Register Volume 82, Issue 53 (March 21, 2017)
| Page Range | 14599-14599 | |
| FR Document | 2017-05489 |
[Federal Register Volume 82, Number 53 (Tuesday, March 21, 2017)] [Notices] [Page 14599] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-05489] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Multiemployer Pension Plan Application To Reduce Benefits AGENCY: Department of the Treasury. ACTION: Notice of availability; request for comments. ----------------------------------------------------------------------- SUMMARY: The Board of Trustees of the Western States Office and Professional Employees Pension Fund (WSOPE Pension Fund), a multiemployer pension plan, has submitted an application to Treasury to reduce benefits under the plan in accordance with the Multiemployer Pension Reform Act of 2014 (MPRA). The purpose of this notice is to announce that the application submitted by the Board of Trustees of the WSOPE Pension Fund has been published on the Web site of the Department of the Treasury (Treasury), and to request public comments on the application from interested parties, including participants and beneficiaries, employee organizations, and contributing employers of the WSOPE Pension Fund. DATES: Comments must be received by May 5, 2017. ADDRESSES: You may submit comments electronically through the Federal eRulemaking Portal at http://www.regulations.gov, in accordance with the instructions on that site. Electronic submissions through www.regulations.gov are encouraged. Comments may also be mailed to the Department of the Treasury, MPRA Office, 1500 Pennsylvania Avenue NW., Room 1224, Washington, DC 20220. Attn: Eric Berger. Comments sent via facsimile and email will not be accepted. Additional Instructions. All comments received, including attachments and other supporting materials, will be made available to the public. Do not include any personally identifiable information (such as Social Security number, name, address, or other contact information) or any other information in your comment or supporting materials that you do not want publicly disclosed. Treasury will make comments available for public inspection and copying on www.regulations.gov or upon request. Comments posted on the Internet can be retrieved by most Internet search engines. FOR FURTHER INFORMATION CONTACT: For information regarding the application from the WSOPE Pension Fund, please contact Treasury at (202) 622-1534 (not a toll-free number). SUPPLEMENTARY INFORMATION: The Multiemployer Pension Reform Act of 2014 (MPRA) amended the Internal Revenue Code to permit a multiemployer plan that is projected to have insufficient funds to reduce pension benefits payable to participants and beneficiaries if certain conditions are satisfied. In order to reduce benefits, the plan sponsor is required to submit an application to the Secretary of the Treasury, which Treasury, in consultation with the Pension Benefit Guaranty Corporation (PBGC) and the Department of Labor, is required to approve or deny. On February 22, 2017, the Board of Trustees of the WSOPE Pension Fund submitted an application for approval to reduce benefits under the plan. As required by MPRA, that application has been published on Treasury's Web site at https://auth.treasury.gov/services/Pages/Plan-Applications.aspx. Treasury is publishing this notice in the Federal Register, in consultation with the PBGC and the Department of Labor, to solicit public comments on all aspects of the WSOPE Pension Fund application. Comments are requested from interested parties, including participants and beneficiaries, employee organizations, and contributing employers of the WSOPE Pension Fund. Consideration will be given to any comments that are timely received by Treasury. Dated: March 15, 2017. Tom West, Tax Legislative Counsel, Office of Tax Policy. [FR Doc. 2017-05489 Filed 3-20-17; 8:45 am] BILLING CODE 4810-25-P
![Federal Register / Vol. 82, No. 53 / Tuesday, March 21, 2017 / Notices 14599
previous conversations with AAMVA, usefulness, and clarity of the collected materials, will be made available to the
FMCSA determined that an additional information; and (4) ways that the public. Do not include any personally
field to determine if the delay is due to burden could be minimized without identifiable information (such as Social
a customer request or actual delay reducing the quality of the collected Security number, name, address, or
would require funding and time that is information. other contact information) or any other
not currently available. Furthermore, Issued under the authority delegated in 49 information in your comment or
given that not all States currently use CFR 1.87 on: March 9, 2017. supporting materials that you do not
CSTIMs, FMCSA cannot justify G. Kelly Regal, want publicly disclosed. Treasury will
pursuing this route at this time, but will make comments available for public
Associate Administrator for Office of
continue discussions with AAMVA for Research and Information Technology. inspection and copying on
future efforts, as appropriate. www.regulations.gov or upon request.
[FR Doc. 2017–05523 Filed 3–20–17; 8:45 am]
Several comments addressed how the Comments posted on the Internet can be
BILLING CODE 4910–EX–P
burden could be minimized without retrieved by most Internet search
reducing the quality of collected engines.
information. One commenter indicated
that they believe the burden is minimal DEPARTMENT OF THE TREASURY FOR FURTHER INFORMATION CONTACT: For
as it stands. Another commenter information regarding the application
suggested that as States become Multiemployer Pension Plan from the WSOPE Pension Fund, please
accustomed to this annual data Application To Reduce Benefits contact Treasury at (202) 622–1534 (not
collection, States will be able to collect a toll-free number).
AGENCY: Department of the Treasury.
data in a timelier manner. SUPPLEMENTARY INFORMATION: The
One commenter suggested the burden ACTION:Notice of availability; request Multiemployer Pension Reform Act of
could be minimized by not requiring a for comments. 2014 (MPRA) amended the Internal
year’s worth of data to be accumulated SUMMARY: The Board of Trustees of the Revenue Code to permit a
and calculated. The commenter Western States Office and Professional multiemployer plan that is projected to
suggested that FMCSA distribute a Employees Pension Fund (WSOPE have insufficient funds to reduce
quarterly ‘‘snapshot’’ survey to collect Pension Fund), a multiemployer pension benefits payable to participants
wait times across different seasons and pension plan, has submitted an and beneficiaries if certain conditions
different locales, or to work with application to Treasury to reduce are satisfied. In order to reduce benefits,
AAMVA to readily produce this benefits under the plan in accordance the plan sponsor is required to submit
information in CSTIMs. FMCSA did not with the Multiemployer Pension Reform an application to the Secretary of the
intend for every CDL skills test to be Act of 2014 (MPRA). The purpose of Treasury, which Treasury, in
included in the average and has this notice is to announce that the consultation with the Pension Benefit
provided more concrete instructions for application submitted by the Board of Guaranty Corporation (PBGC) and the
States to collect data that is meaningful Trustees of the WSOPE Pension Fund Department of Labor, is required to
while not being overly burdensome. has been published on the Web site of approve or deny.
FMCSA has considered the suggestion the Department of the Treasury On February 22, 2017, the Board of
for a quarterly snapshot survey, and will (Treasury), and to request public Trustees of the WSOPE Pension Fund
include a voluntary quarterly survey comments on the application from submitted an application for approval to
after the first annual survey. This has interested parties, including reduce benefits under the plan. As
been accurately updated in burden participants and beneficiaries, employee required by MPRA, that application has
estimates and in the information organizations, and contributing been published on Treasury’s Web site
collection package. employers of the WSOPE Pension Fund. at https://auth.treasury.gov/services/
Finally, one commenter reported that Pages/Plan-Applications.aspx. Treasury
if they are required to modify their DATES: Comments must be received by
is publishing this notice in the Federal
systems to provide the information May 5, 2017.
Register, in consultation with the PBGC
subject to this ICR, grant funding would ADDRESSES: You may submit comments and the Department of Labor, to solicit
be necessary and it would require a long electronically through the Federal public comments on all aspects of the
time period to complete these efforts. eRulemaking Portal at http:// WSOPE Pension Fund application.
FMCSA does not intend for States to be www.regulations.gov, in accordance Comments are requested from
required to modify their existing with the instructions on that site. interested parties, including
systems, and believes most of the Electronic submissions through participants and beneficiaries, employee
information required should be readily www.regulations.gov are encouraged. organizations, and contributing
available to a certain degree of Comments may also be mailed to the employers of the WSOPE Pension Fund.
granularity. Department of the Treasury, MPRA Consideration will be given to any
Public Comments Invited: You are Office, 1500 Pennsylvania Avenue NW., comments that are timely received by
asked to comment on any aspect of this Room 1224, Washington, DC 20220. Treasury.
information collection, including: (1) Attn: Eric Berger. Comments sent via
Whether the proposed collection is facsimile and email will not be Dated: March 15, 2017.
necessary for the FMCSA to perform it’s accepted. Tom West,
functions; (2) the accuracy of the Additional Instructions. All Tax Legislative Counsel, Office of Tax Policy.
mstockstill on DSK3G9T082PROD with NOTICES
estimated burden; (3) ways for the comments received, including [FR Doc. 2017–05489 Filed 3–20–17; 8:45 am]
FMCSA to enhance the quality, attachments and other supporting BILLING CODE 4810–25–P
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Document Created: 2017-03-21 01:09:53
Document Modified: 2017-03-21 01:09:53
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice of availability; request for comments. | |
| Dates | Comments must be received by May 5, 2017. | |
| Contact | For information regarding the application from the WSOPE Pension Fund, please contact Treasury at (202) 622-1534 (not a toll-free number). | |
| FR Citation | 82 FR 14599 |
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