83 FR 53953 - Multiemployer Pension Plan Application To Reduce Benefits

DEPARTMENT OF THE TREASURY

Federal Register Volume 83, Issue 207 (October 25, 2018)

The Board of Trustees of the Western Pennsylvania Teamsters & Employers 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 Western Pennsylvania Teamsters & Employers 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 Western Pennsylvania Teamsters & Employers Pension Fund.

[Federal Register Volume 83, Number 207 (Thursday, October 25, 2018)]
[Notices]
[Pages 53953-53954]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-23433]


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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 Western Pennsylvania Teamsters & 
Employers Pension Fund, a multiemployer pension plan, has

[[Page 53954]]

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 Western Pennsylvania 
Teamsters & Employers 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 Western Pennsylvania Teamsters & 
Employers Pension Fund.

DATES: Comments must be received by December 10, 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: Danielle Norris. Comments sent via facsimile or 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 Western Pennsylvania Teamsters & Employers 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 September 24, 2018, the Board of Trustees of the Western 
Pennsylvania Teamsters & Employers 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 Western Pennsylvania Teamsters & 
Employers Pension Fund application.
    Comments are requested from interested parties, including 
participants and beneficiaries, employee organizations, and 
contributing employers of the Western Pennsylvania Teamsters & 
Employers Pension Fund. Consideration will be given to any comments 
that are timely received by Treasury.

    Dated: October 22, 2018.
David Kautter,
Assistant Secretary for Tax Policy.
[FR Doc. 2018-23433 Filed 10-24-18; 8:45 am]
 BILLING CODE 4810-25-P