82 FR 19793 - Multiemployer Pension Plan Application To Reduce Benefits

DEPARTMENT OF THE TREASURY

Federal Register Volume 82, Issue 81 (April 28, 2017)

The Board of Trustees of the International Association of Machinists Motor City Pension Fund (IAM Motor City Pension Fund), a multiemployer pension plan, has submitted an application to reduce benefits under the plan in accordance with the Multiemployer Pension Reform Act of 2014. The purpose of this notice is to announce that the application submitted by the Board of Trustees of the IAM Motor City Pension Fund has been published on the Treasury Web site, and to request public comments on the application from interested parties, including participants and beneficiaries, employee organizations, and contributing employers of the IAM Motor City Pension Fund.

[Federal Register Volume 82, Number 81 (Friday, April 28, 2017)]
[Notices]
[Page 19793]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-08715]


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DEPARTMENT OF THE TREASURY


Multiemployer Pension Plan Application To Reduce Benefits

AGENCY: Department of the Treasury.

ACTION: Notice of availability; request for comments.

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SUMMARY: The Board of Trustees of the International Association of 
Machinists Motor City Pension Fund (IAM Motor City Pension Fund), a 
multiemployer pension plan, has submitted an application to reduce 
benefits under the plan in accordance with the Multiemployer Pension 
Reform Act of 2014. The purpose of this notice is to announce that the 
application submitted by the Board of Trustees of the IAM Motor City 
Pension Fund has been published on the Treasury Web site, and to 
request public comments on the application from interested parties, 
including participants and beneficiaries, employee organizations, and 
contributing employers of the IAM Motor City Pension Fund.

DATES: Comments must be received by June 12, 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 IAM Motor City 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 March 29, 2017, the Board of Trustees of the IAM Motor City 
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 IAM Motor City 
Pension Fund application.
    Comments are requested from interested parties, including 
participants and beneficiaries, employee organizations, and 
contributing employers of the IAM Motor City Pension Fund. 
Consideration will be given to any comments that are timely received by 
Treasury.

    Dated: April 25, 2017.
Robert J. Neis,
Benefits Tax Counsel, Office of Tax Policy.
[FR Doc. 2017-08715 Filed 4-27-17; 8:45 am]
 BILLING CODE 4810-25-P