83 FR 19594 - Multiemployer Pension Plan Application To Reduce Benefits

DEPARTMENT OF THE TREASURY

Federal Register Volume 83, Issue 86 (May 3, 2018)

The Board of Trustees of the Plasterers & Cement Masons Local No. 94 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 (MPRA). The purpose of this notice is to announce that the application submitted by the Board of Trustees of the Plasterers & Cement Masons Local No. 94 Pension Fund 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 Plasterers & Cement Masons Local No. 94 Pension Fund.

[Federal Register Volume 83, Number 86 (Thursday, May 3, 2018)]
[Notices]
[Pages 19594-19595]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-09421]


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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 Plasterers & Cement Masons Local 
No. 94 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 (MPRA). The purpose of this 
notice is to announce that the application submitted by the Board of 
Trustees of the Plasterers & Cement Masons Local No. 94 Pension Fund 
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 Plasterers & Cement 
Masons Local No. 94 Pension Fund.

DATES: Comments must be received by June 18, 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,

[[Page 19595]]

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 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 Plasterers & Cement Masons Local No. 94 Pension 
Fund, 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 Plasterers & Cement 
Masons Local No. 94 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 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 Plasterers & Cement Masons Local No. 94 Pension Fund 
application.
    Comments are requested from interested parties, including 
participants and beneficiaries, employee organizations, and 
contributing employers of the Plasterers & Cement Masons Local No. 94 
Pension Fund. 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. 2018-09421 Filed 4-30-18; 4:15 pm]
BILLING CODE 4810-25-P