83 FR 3463 - Multiemployer Pension Plan Application To Reduce Benefits

DEPARTMENT OF THE TREASURY

Federal Register Volume 83, Issue 17 (January 25, 2018)

The Board of Trustees of the Ironworkers Local Union No. 16 Pension Fund (Ironworkers 16 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 Ironworkers 16 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 Ironworkers 16 Pension Fund.

[Federal Register Volume 83, Number 17 (Thursday, January 25, 2018)]
[Notices]
[Pages 3463-3464]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-01273]


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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 Ironworkers Local Union No. 16 
Pension Fund (Ironworkers 16 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 Ironworkers 16 
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 Ironworkers 
16 Pension Fund.

DATES: Comments must be received by March 12, 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 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 Ironworkers 16 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

[[Page 3464]]

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 December 28, 2017, the Board of Trustees of the Ironwokers 16 
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://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 Ironworkers 16 
Pension Fund application.
    Comments are requested from interested parties, including 
participants and beneficiaries, employee organizations, and 
contributing employers of the Ironworkers 16 Pension Fund. 
Consideration will be given to any comments that are timely received by 
Treasury.

    Dated: January 19, 2018.
David Kautter,
Assistant Secretary for Tax Policy.
[FR Doc. 2018-01273 Filed 1-24-18; 8:45 am]
 BILLING CODE 4810-25-P