82 FR 25657 - Multiemployer Pension Plan Application To Reduce Benefits

DEPARTMENT OF THE TREASURY

Federal Register Volume 82, Issue 105 (June 2, 2017)

On April 19, 2017, the Department of the Treasury published a notice of availability and request for comments regarding an application to reduce benefits under the United Furniture Workers Pension Fund A (UFW Pension Fund) in accordance with the Multiemployer Pension Reform Act of 2014. The purpose of this notice is to extend the comment period and provide more time for interested parties to provide comments.

[Federal Register Volume 82, Number 105 (Friday, June 2, 2017)]
[Notices]
[Pages 25657-25658]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-11440]


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DEPARTMENT OF THE TREASURY


Multiemployer Pension Plan Application To Reduce Benefits

AGENCY: Department of the Treasury.

ACTION: Notice of availability; extension of comment period.

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SUMMARY: On April 19, 2017, the Department of the Treasury published a 
notice of availability and request for comments regarding an 
application to reduce benefits under the United Furniture Workers 
Pension Fund A (UFW Pension Fund) in accordance with the Multiemployer 
Pension Reform Act of 2014. The purpose of this notice is to extend the 
comment period and provide more time for interested parties to provide 
comments.

DATES: The comment period for the notice published April 19, 2017 (82 
FR 18536), is extended. Comments must be received on or before June 20, 
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 UFW 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

[[Page 25658]]

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 15, 2017, the Board of 
Trustees of the UFW Pension Fund submitted an application for approval 
to reduce benefits under the plan. As required by the MPRA, that 
application has been published on Treasury's Web site at https://www.treasury.gov/services/Pages/Plan-Applications.aspx.
    On April 19, 2017, Treasury published a notice in the Federal 
Register (82 FR 18536), in consultation with PBGC and the Department of 
Labor, to solicit public comments on all aspects of the UFW Pension 
Fund application. The notice provided that comments must be received by 
June 5, 2017. This notice, which Treasury is publishing in consultation 
with the PBGC and the Department of Labor, announces the extension of 
the comment period in order to give additional time for interested 
parties to provide comments. Comments are requested from interested 
parties, including contributing employers, employee organizations, and 
participants and beneficiaries of the UFW Pension Fund. Consideration 
will be given to any comments that are timely received by Treasury on 
or before June 20, 2017.

    Dated: May 26, 2017.
Thomas West,
Tax Legislative Counsel, Office of Tax Policy.
[FR Doc. 2017-11440 Filed 6-1-17; 8:45 am]
 BILLING CODE 4810-25-P