83 FR 53957 - 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 IBEW Local Union No. 237 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 IBEW Local Union No. 237 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 IBEW Local Union No. 237 Pension Fund.

[Federal Register Volume 83, Number 207 (Thursday, October 25, 2018)]
[Notices]
[Page 53957]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-23434]


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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 IBEW Local Union No. 237 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 
IBEW Local Union No. 237 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 IBEW Local Union No. 237 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 IBEW Local Union No. 237 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 28, 2018, the Board of Trustees of the IBEW Local 
Union No. 237 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 
IBEW Local Union No. 237 Pension Fund application.
    Comments are requested from interested parties, including 
participants and beneficiaries, employee organizations, and 
contributing employers of the IBEW Local Union No. 237 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. 2018-23434 Filed 10-24-18; 8:45 am]
 BILLING CODE 4810-25-P