83_FR_18209 83 FR 18129 - Multiemployer Pension Plan Application To Reduce Benefits

83 FR 18129 - Multiemployer Pension Plan Application To Reduce Benefits

DEPARTMENT OF THE TREASURY

Federal Register Volume 83, Issue 80 (April 25, 2018)

Page Range18129-18130
FR Document2018-08699

The Board of Trustees of the Sheet Metal Workers Local Pension Plan, a multiemployer pension plan, has submitted an application 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 Sheet Metal Workers Local Pension Plan has been published on the website 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 Sheet Metal Workers Local Pension Plan.

Federal Register, Volume 83 Issue 80 (Wednesday, April 25, 2018) 
[Federal Register Volume 83, Number 80 (Wednesday, April 25, 2018)]
[Notices]
[Pages 18129-18130]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-08699]


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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 Sheet Metal Workers Local Pension 
Plan, a multiemployer pension plan, has submitted an application 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 
Sheet Metal Workers Local Pension Plan has been published on the 
website 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 Sheet Metal Workers Local Pension Plan.

DATES: Comments must be received by June 11, 2018.

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 your Social Security number, name, address, or other contact 
information) or any

[[Page 18130]]

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 Sheet Metal Workers Local Pension Plan, please 
contact Treasury at (202) 622-1534 (not a toll-free number).

SUPPLEMENTARY INFORMATION: 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 must be approved or denied in 
consultation with the Pension Benefit Guaranty Corporation (PBGC) and 
the Department of Labor.
    On March 30, 2018, the Board of Trustees of the Sheet Metal Workers 
Local Pension Plan submitted an application for approval to reduce 
benefits under the plan. As required by MPRA, that application has been 
published on Treasury's website at https://www.treasury.gov/services/Pages/Plan-Applications.aspx. Treasury is publishing this notice in the 
Federal Register, in consultation with PBGC and the Department of 
Labor, to solicit public comments on all aspects of the Sheet Metal 
Workers Local Pension Plan application.
    Comments are requested from interested parties, including 
participants and beneficiaries, employee organizations, and 
contributing employers of the Sheet Metal Workers Local Pension Plan. 
Consideration will be given to any comments that are timely received by 
Treasury.

    Dated: April 19, 2018.
David Kautter,
Assistant Secretary for Tax Policy.
[FR Doc. 2018-08699 Filed 4-24-18; 8:45 am]
 BILLING CODE 4810-25-P

Federal Register / Vol. 83, No. 80 / Wednesday, April 25, 2018 / Notices 18129 that acquires and retains an interest in (‘‘qualifying assets’’), and descriptions (d) Ways to minimize the burden of the transaction, a description of the of the assets that are not qualifying the collection on respondents, including form, amount and nature of such assets, and the material differences through the use of automated collection interest, and the method of payment for between the group of qualifying assets techniques or other forms of information such interest (§ 43.11(a)(2)). A sponsor and the group of assets that are not technology; and relying on this section is required to qualifying assets with respect to the (e) Estimates of capital or start-up maintain and adhere to policies and composition of each group’s loan costs and costs of operation, procedures that are reasonably designed balances, loan terms, interest rates, maintenance, and purchase of services to monitor originator compliance with borrower credit information, and to provide information. retention amount and hedging, characteristics of any loan collateral Dated: April 19, 2018. transferring and pledging requirements (§ 43.15(b)(3)). Additionally, a sponsor Karen Solomon, (§ 43.11(b)(2)(A)), and to promptly must retain the disclosures required in Acting Senior Deputy Comptroller and Chief notify the holders of the ABS interests §§ 43.15(a) and (b) in its records and Counsel. in the transaction in the event of must provide the disclosures upon [FR Doc. 2018–08577 Filed 4–24–18; 8:45 am] originator non-compliance with such request to the SEC and the sponsor’s BILLING CODE 4810–33–P regulatory requirements appropriate federal banking agency, if (§ 43.11(b)(2)(B)). any, until three years after all ABS Sections 43.13 and 43.19(g) provide interests are no longer outstanding DEPARTMENT OF THE TREASURY exemptions from the risk retention (§ 43.15(d)). requirements for qualified residential Sections 43.16, 43.17 and 43.18 each Multiemployer Pension Plan mortgages and qualifying 3-to-4 unit require that: the depositor of the asset- Application To Reduce Benefits residential mortgage loans that meet backed security certify that it has certain specified criteria, including that evaluated the effectiveness of its AGENCY: Department of the Treasury. the depositor with respect to the internal supervisory controls and ACTION:Notice of availability; Request securitization transaction certify that it concluded that its internal supervisory for comments. has evaluated the effectiveness of its controls are effective (§§ 43.16(a)(8)(i), SUMMARY: The Board of Trustees of the internal supervisory controls and 43.17(a)(10)(i), and 43.18(a)(8)(i)); the Sheet Metal Workers Local Pension concluded that the controls are effective sponsor is required to provide a copy of Plan, a multiemployer pension plan, has (§§ 43.13(b)(4)(i) and 43.19(g)(2)), and the certification to potential investors submitted an application to reduce that the sponsor provide a copy of the prior to the sale of asset-backed benefits under the plan in accordance certification to potential investors prior securities in the issuing entity with the Multiemployer Pension Reform to sale of asset-backed securities in the (§§ 43.16(a)(8)(iii), 43.17(a)(10)(iii), and Act of 2014 (MPRA). The purpose of issuing entity (§§ 43.13(b)(4)(iii) and 43.18(a)(8)(iii)); and the sponsor must this notice is to announce that the 43.19(g)(2)). In addition, §§ 43.13(c)(3) promptly notify the holders of the asset- application submitted by the Board of and 43.19(g)(3) provide that a sponsor backed securities of any loan included Trustees of the Sheet Metal Workers that has relied upon the exemptions will in the transaction that is required to be Local Pension Plan has been published not lose the exemptions if, after closing cured or repurchased by the sponsor, of the transaction, it is determined that on the website of the Department of the including the principal amount of such Treasury (Treasury), and to request one or more of the residential mortgage loan and the cause for such cure or loans does not meet all of the criteria; public comments on the application repurchase (§§ 43.16(b)(3), 43.17(b)(3), from interested parties, including provided that the depositor complies and 43.18(b)(3)). Additionally, a sponsor with certain specified requirements, participants and beneficiaries, employee must retain the disclosures required in organizations, and contributing including prompt notice to the holders §§ 43.16(a)(8), 43.17(a)(10) and of the asset-backed securities of any employers of the Sheet Metal Workers 43.18(a)(8) in its records and must Local Pension Plan. loan that is required to be repurchased provide the disclosures upon request to by the sponsor, the amount of such DATES: Comments must be received by the SEC and the sponsor’s appropriate repurchased loan, and the cause for Federal banking agency, if any, until June 11, 2018. such repurchase. three years after all ABS interests are no ADDRESSES: You may submit comments Section 43.15 provides exemptions longer outstanding (§ 43.15(d)). electronically through the Federal from the risk retention requirements for Estimated Number of Respondents: 35 eRulemaking Portal at http:// qualifying commercial loans that meet sponsors; 182 annual offerings per year. www.regulations.gov, in accordance the criteria specified in § 43.16, Total Estimated Annual Burden: with the instructions on that site. qualifying CRE loans that meet the 3,139 hours. Electronic submissions through criteria specified in § 43.17, and The OCC issued a notice for 60 days www.regulations.gov are encouraged. qualifying automobile loans that meet of comment regarding this collection on Comments may also be mailed to the the criteria specified in § 43.18. Section January 29, 2018, 83 FR 4121. No Department of the Treasury, MPRA 43.15 also requires the sponsor to comments were received. Comments Office, 1500 Pennsylvania Avenue NW, disclose a description of the manner in continue to be invited on: Room 1224, Washington, DC 20220, which the sponsor determined the (a) Whether the collection of Attn: Eric Berger. Comments sent via aggregate risk retention requirement for information is necessary for the proper facsimile and email will not be the securitization transaction after performance of the functions of the accepted. Additional Instructions. All sradovich on DSK3GMQ082PROD with NOTICES including qualifying commercial loans, OCC, including whether the information qualifying CRE loans, or qualifying has practical utility; comments received, including automobile loans with 0 percent risk (b) The accuracy of the OCC’s attachments and other supporting retention (§ 43.15(a)(4)). In addition, the estimate of the information collection materials, will be made available to the sponsor is required to disclose burden; public. Do not include any personally descriptions of the qualifying (c) Ways to enhance the quality, identifiable information (such as your commercial loans, qualifying CRE loans, utility, and clarity of the information to Social Security number, name, address, and qualifying automobile loans be collected; or other contact information) or any VerDate Sep<11>2014 19:12 Apr 24, 2018 Jkt 244001 PO 00000 Frm 00137 Fmt 4703 Sfmt 4703 E:\FR\FM\25APN1.SGM 25APN1

18130 Federal Register / Vol. 83, No. 80 / Wednesday, April 25, 2018 / Notices other information in your comment or SUMMARY: The Board of Trustees of the with the Pension Benefit Guaranty supporting materials that you do not Plasterers Local 82 Pension Fund, a Corporation (PBGC) and the Department want publicly disclosed. Treasury will multiemployer pension plan, has of Labor. make comments available for public submitted an application to reduce On March 28, 2018, the Board of inspection and copying on benefits under the plan in accordance Trustees of the Plasterers Local 82 www.regulations.gov or upon request. with the Multiemployer Pension Reform Pension Fund submitted an application Comments posted on the internet can be Act of 2014 (MPRA). The purpose of for approval to reduce benefits under retrieved by most internet search this notice is to announce that the the plan. As required by MPRA, that engines. application submitted by the Board of application has been published on Trustees of the Plasterers Local 82 Treasury’s website at https:// FOR FURTHER INFORMATION CONTACT: For Pension Fund has been published on www.treasury.gov/services/Pages/Plan- information regarding the application the website of the Department of the Applications.aspx. Treasury is from the Sheet Metal Workers Local Treasury (Treasury), and to request publishing this notice in the Federal Pension Plan, please contact Treasury at public comments on the application Register, in consultation with PBGC and (202) 622–1534 (not a toll-free number). from interested parties, including the Department of Labor, to solicit SUPPLEMENTARY INFORMATION: MPRA participants and beneficiaries, employee public comments on all aspects of the amended the Internal Revenue Code to organizations, and contributing Plasterers Local 82 Pension Fund permit a multiemployer plan that is employers of the Plasterers Local 82 application. projected to have insufficient funds to Pension Fund. Comments are requested from reduce pension benefits payable to DATES: Comments must be received by interested parties, including participants and beneficiaries if certain June 11, 2018. participants and beneficiaries, employee conditions are satisfied. In order to ADDRESSES: You may submit comments organizations, and contributing reduce benefits, the plan sponsor is electronically through the Federal employers of the Plasterers Local 82 required to submit an application to the eRulemaking Portal at http:// Pension Fund. Consideration will be Secretary of the Treasury, which must www.regulations.gov, in accordance given to any comments that are timely be approved or denied in consultation with the instructions on that site. received by Treasury. with the Pension Benefit Guaranty Electronic submissions through Dated: April 19, 2018. Corporation (PBGC) and the Department www.regulations.gov are encouraged. David Kautter, of Labor. Comments may also be mailed to the Assistant Secretary for Tax Policy. On March 30, 2018, the Board of Department of the Treasury, MPRA Office, 1500 Pennsylvania Avenue NW, [FR Doc. 2018–08652 Filed 4–24–18; 8:45 am] Trustees of the Sheet Metal Workers Local Pension Plan submitted an Room 1224, Washington, DC 20220, BILLING CODE 4810–25–P application for approval to reduce Attn: Eric Berger. Comments sent via benefits under the plan. As required by facsimile and email will not be accepted. DEPARTMENT OF THE TREASURY MPRA, that application has been published on Treasury’s website at Additional Instructions. All comments received, including Multiemployer Pension Plan https://www.treasury.gov/services/ Application To Reduce Benefits Pages/Plan-Applications.aspx. Treasury attachments and other supporting is publishing this notice in the Federal materials, will be made available to the AGENCY: Department of the Treasury. Register, in consultation with PBGC and public. Do not include any personally ACTION:Notice of availability; Request the Department of Labor, to solicit identifiable information (such as your for comments. public comments on all aspects of the Social Security number, name, address, Sheet Metal Workers Local Pension Plan or other contact information) or any SUMMARY: The Board of Trustees of the application. other information in your comment or Sheet Metal Workers Local Pension supporting materials that you do not Plan, a multiemployer pension plan, has Comments are requested from want publicly disclosed. Treasury will submitted an application to reduce interested parties, including make comments available for public benefits under the plan in accordance participants and beneficiaries, employee inspection and copying on with the Multiemployer Pension Reform organizations, and contributing www.regulations.gov or upon request. Act of 2014 (MPRA). The purpose of employers of the Sheet Metal Workers Comments posted on the internet can be this notice is to announce that the Local Pension Plan. Consideration will retrieved by most internet search application submitted by the Board of be given to any comments that are engines. Trustees of the Sheet Metal Workers timely received by Treasury. FOR FURTHER INFORMATION CONTACT: For Local Pension Plan has been published Dated: April 19, 2018. on the website of the Department of the information regarding the application David Kautter, Treasury (Treasury), and to request from the Plasterers Local 82 Pension Assistant Secretary for Tax Policy. Fund, please contact Treasury at (202) public comments on the application [FR Doc. 2018–08699 Filed 4–24–18; 8:45 am] 622–1534 (not a toll-free number). from interested parties, including BILLING CODE 4810–25–P SUPPLEMENTARY INFORMATION: MPRA participants and beneficiaries, employee amended the Internal Revenue Code to organizations, and contributing permit a multiemployer plan that is employers of the Sheet Metal Workers DEPARTMENT OF THE TREASURY projected to have insufficient funds to Local Pension Plan. sradovich on DSK3GMQ082PROD with NOTICES reduce pension benefits payable to DATES: Comments must be received by Multiemployer Pension Plan June 11, 2018. Application To Reduce Benefits participants and beneficiaries if certain conditions are satisfied. In order to ADDRESSES: You may submit comments AGENCY: Department of the Treasury. reduce benefits, the plan sponsor is electronically through the Federal required to submit an application to the eRulemaking Portal at http:// ACTION:Notice of availability; Request Secretary of the Treasury, which must www.regulations.gov, in accordance for comments. be approved or denied in consultation with the instructions on that site. VerDate Sep<11>2014 19:12 Apr 24, 2018 Jkt 244001 PO 00000 Frm 00138 Fmt 4703 Sfmt 4703 E:\FR\FM\25APN1.SGM 25APN1


Document Created: 2018-11-02 08:17:16
Document Modified: 2018-11-02 08:17:16
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice of availability; Request for comments.
DatesComments must be received by June 11, 2018.
ContactFor information regarding the application from the Sheet Metal Workers Local Pension Plan, please contact Treasury at (202) 622-1534 (not a toll-free number).
FR Citation83 FR 18129 
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