Rules and Regulations. Notice of availability; request for comments
/register/2020/07/28/2020-16283·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Agency: Department of the Treasury
Action: Notice of availability; request for comments
Citation: FR Doc. 2020-16283
Summary
The Board of Trustees of the Building Material Drivers Local 436 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 an application submitted by the Board of Trustees of the Building Material Drivers Local 436 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 Building Material Drivers Local 436 Pension Fund.
Dates
Comments must be received by September 11, 2020.
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 June 30, 2020, the Building Material Drivers Local 436 Pension Fund's Board of Trustees 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 . 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 Building Material Drivers Local 436 Pension Fund's application. Comments are requested from interested parties, including participants and beneficiaries, employee organizations, and contributing employers of the Building Material Drivers Local 436 Pension Fund. Consideration will be given to any comments that are timely received by Treasury. David Kautter, Assistant Secretary for Tax Policy. [FR Doc. 2020-16283 Filed 7-27-20; 8:45 am]