Administration of Multiemployer Plan Participant Vote on an Approved Suspension of Benefits Under MPRA, 53068-53070 [2015-21765]
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53068
Federal Register / Vol. 80, No. 170 / Wednesday, September 2, 2015 / Proposed Rules
asabaliauskas on DSK5VPTVN1PROD with PROPOSALS
and $10x of the FPRS obligation is treated as
an obligation of U.S.C.. Under § 1.956–
2(c)(1), FS is treated as holding the
obligations of USP and U.S.C. that FS
guaranteed. All of the exceptions to the
definition of United States property
contained in section 956 and § 1.956–2 apply
to determine whether the obligations of USP
and U.S.C. treated as held by FS constitute
United States property. Accordingly, the
obligation of U.S.C. is not United States
property under section 956(c)(2)(F) and
§ 1.956–2(b)(1)(viii). The obligation of USP,
however, is United States property within the
meaning of section 956(c). Therefore, on the
date the guarantee is made, FS is treated as
holding United States property of $60x.
Example 4. (i) Facts. USP, a domestic
corporation, wholly owns FS, a controlled
foreign corporation. USP has a 70% interest
in the partnership profits of FPRS, a foreign
partnership. A domestic corporation that is
unrelated to USP and FS has a 30% interest
in the partnership profits of FPRS. FPRS
borrows $100x from FS and makes a
distribution of $80x to USP. FPRS would not
have made the distribution to USP but for the
funding of FPRS by FS.
(ii) Result. Because USP, a partner in FPRS,
is related to FS within the meaning of section
954(d)(3), the exception in paragraph (c)(2) of
this section does not apply. Moreover, an
obligation of USP held by FS would be
United States property. USP’s attributable
share of the FPRS obligation as determined
under paragraph (c)(1) of this section in
accordance with USP’s interest in
partnership profits is $70x. Under paragraph
(c)(3) of this section, USP’s share of the FPRS
obligation is the greater of (i) USP’s
attributable share of the obligation, $70x, or
(ii) the lesser of the amount of the
distribution, $80x, or the amount of the
obligation, $100x. For purposes of section
956, therefore, $80x of the FPRS obligation is
treated as an obligation of USP and is United
States property within the meaning of section
956(c). Thus, on the date the loan is made,
FS is treated as holding United States
property of $80x.
(d) Limitation on a partner’s indirect
pledge or guarantee. For purposes of
section 956 and § 1.956–2(c), a
controlled foreign corporation that is a
partner in a partnership is not
considered a pledgor or guarantor of the
portion of an obligation of the
partnership attributed to its partners
that are United States persons under
paragraph (c) of this section solely as a
result of the attribution of a portion of
the partnership’s assets to the controlled
foreign corporation under paragraph (b)
of this section.
(e) Obligations of a domestic
partnership. For purposes of section
956, an obligation of a domestic
partnership is an obligation of a United
States person. See section 956(c)(2)(L)
for an exception from the treatment of
such an obligation as United States
property.
(f) Effective/applicability dates. (1)
Paragraph (b) of this section applies to
VerDate Sep<11>2014
18:00 Sep 01, 2015
Jkt 235001
taxable years of controlled foreign
corporations ending on or after [DATE
OF PUBLICATION OF FINAL RULE],
and taxable years of United States
shareholders in which or with which
such taxable years end, with respect to
property acquired on or after [DATE OF
PUBLICATION OF FINAL RULE]. For
purposes of this paragraph (f)(1), a
deemed exchange of property pursuant
to section 1001 on or after [DATE OF
PUBLICATION OF FINAL RULE]
constitutes an acquisition of the
property on or after that date.
(2) Paragraph (c) of this section
applies to taxable years of controlled
foreign corporations ending on or after
[DATE OF PUBLICATION OF FINAL
RULE], and taxable years of United
States shareholders in which or with
which such taxable years end, with
respect to obligations acquired, or
pledges or guarantees entered into, on or
after September 1, 2015. For purposes of
this paragraph (f)(2), a significant
modification, within the meaning of
§ 1.1001–3(e), of an obligation on or
after September 1, 2015 constitutes an
acquisition of the obligation on or after
that date. Furthermore, for purposes of
this paragraph (f)(2), a pledgor or
guarantor is treated as entering into a
pledge or guarantee when there is a
significant modification, within the
meaning of § 1.1001–3(e), of an
obligation with respect to which it is a
pledgor or guarantor on or after
September 1, 2015.
(3) Paragraph (d) of this section
applies to taxable years of controlled
foreign corporations ending on or after
[DATE OF PUBLICATION OF FINAL
RULE], and taxable years of United
States shareholders in which or with
which such taxable years end, with
respect to pledges or guarantees entered
into on or after September 1, 2015. For
purposes of this paragraph (f)(3), a
pledgor or guarantor is treated as
entering into a pledge or guarantee
when there is a significant modification,
within the meaning of § 1.1001–3(e), of
an obligation with respect to which it is
a pledgor or guarantor on or after
September 1, 2015.
(4) Paragraph (e) of this section
applies to taxable years of controlled
foreign corporations ending on or after
[DATE OF PUBLICATION OF FINAL
RULE], and to taxable years of United
States shareholders in which or with
which such taxable years end, with
respect to obligations held on or after
PO 00000
Frm 00050
Fmt 4702
Sfmt 4702
[DATE OF PUBLICATION OF FINAL
RULE].
John Dalrymple,
Deputy Commissioner for Services and
Enforcement.
[FR Doc. 2015–21572 Filed 9–1–15; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG–123640–15]
RIN 1545–BM86
Administration of Multiemployer Plan
Participant Vote on an Approved
Suspension of Benefits Under MPRA
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice of proposed rulemaking
by cross-reference to temporary
regulations.
AGENCY:
Temporary regulations
relating to the administration of a
multiemployer plan participant vote on
an approved suspension of benefits
under the Multiemployer Pension
Reform Act of 2014 (MPRA) are being
issued in the Rules and Regulations
section of this issue of the Federal
Register. The text of those regulations
also serves as the text of these proposed
regulations.
DATES: Comments and requests for a
public hearing must be received by
November 2, 2015.
ADDRESSES: Send submissions to:
CC:PA:LPD:PR (REG–123640–15), Room
5205, Internal Revenue Service, P.O.
Box 7604, Ben Franklin Station,
Washington DC 20044. Submissions
may be hand-delivered Monday through
Friday between the hours of 8 a.m. and
4 p.m. to: CC:PA:LPD:PR (REG–123640–
15), Courier’s Desk, Internal Revenue
Service, 1111 Constitution Avenue NW.,
Washington, DC, or sent electronically
via the Federal eRulemaking Portal at
https://www.regulations.gov (IRS REG–
123640–15).
FOR FURTHER INFORMATION CONTACT:
Concerning the regulations, the
Department of the Treasury MPRA
guidance information line at (202) 622–
1559; concerning submission of
comments, and the previouslyscheduled hearing, Regina Johnson at
(202) 317–6901 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
SUMMARY:
Paperwork Reduction Act
The collection of information
contained in this notice of proposed
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02SEP1
asabaliauskas on DSK5VPTVN1PROD with PROPOSALS
Federal Register / Vol. 80, No. 170 / Wednesday, September 2, 2015 / Proposed Rules
rulemaking has been submitted to the
Office of Management and Budget for
review in accordance with the
Paperwork Reduction Act of 1995 (44
U.S.C. 3507(d)) and approved under
OMB control number 1545–2260.
The collection of information in the
paragraphs of these proposed
regulations that cross-reference the
temporary regulations that are being
published elsewhere in this issue of the
Federal Register is required for sponsor
of a multiemployer defined benefit plan
in critical and declining status to satisfy
the criteria with respect to the required
vote of plan participants and other
eligible voters following approval of the
plan sponsor’s application for a
suspension of benefits.
Comments on the collection of
information should be sent to the Office
of Management and Budget, Attn: Desk
Officer for the Department of the
Treasury, Office of Information and
Regulatory Affairs, Washington, DC
20503, with copies to the Internal
Revenue Service, Attn: IRS Reports
Clearance Officer,
SE:W:CAR:MP:T:T:SP, Washington, DC
20224. Comments on the collection of
information should be received by
November 2, 2015.
Comments are specifically requested
concerning:
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the IRS,
including whether the information will
have practical utility;
The accuracy of the estimated burden
associated with the proposed collection
of information;
How the quality, utility, and clarity of
the information to be collected may be
enhanced;
How the burden of complying with
the proposed collections of information
may be minimized, including through
the application of automated collection
techniques or other forms of information
technology; and
Estimates of capital or start-up costs
and costs of operation, maintenance,
and purchase of service to provide
information.
For the paragraphs of the proposed
regulations that cross-reference the
temporary regulations:
Estimated total average annual
reporting or recordkeeping burden: 56
hours.
Estimated average annual burden per
recordkeeper: 2 hours.
Estimated number of recordkeepers:
28.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a valid control
VerDate Sep<11>2014
18:00 Sep 01, 2015
Jkt 235001
number assigned by the Office of
Management and Budget.
Books or records relating to a
collection of information must be
retained as long as their contents may
become material in the administration
of any internal revenue law. Generally,
tax returns and tax return information
are confidential, as required by 26
U.S.C. 6103.
Background and Explanation of
Provisions
Section 432(e)(9) of the Internal
Revenue Code (Code), as amended by
the Multiemployer Pension Reform Act
of 2014 (MPRA), permits plan sponsors
of certain multiemployer plans to
reduce the plan benefits payable to
participants and beneficiaries (referred
to as a ‘‘suspension of benefits’’) if
specified conditions are satisfied. Under
section 432(e)(9)(H), no suspension of
benefits may take effect prior to a vote
of the participants of the plan with
respect to the suspension. Section
432(e)(9)(H) requires that the vote be
administered by the Secretary of the
Treasury, in consultation with the
Pension Benefit Guaranty Corporation
and the Secretary of Labor, within 30
days after approval of a suspension
application.
On June 19, 2015, the Treasury
Department and the Internal Revenue
Service published temporary regulations
(TD 9723) under section 432(e)(9) in the
Federal Register (80 FR 35207) (June
2015 temporary regulations). The June
2015 temporary regulations provide
general guidance regarding section
432(e)(9) and outline the requirements
for a plan sponsor of a plan that is in
critical and declining status to apply for
a suspension of benefits and for the
Treasury Department to begin
processing such an application. A notice
of proposed rulemaking crossreferencing the June 2015 temporary
regulations (REG–102648–15) was also
published in the same issue of the
Federal Register (80 FR 35262) (June
2015 proposed regulations). Both the
June 2015 temporary and proposed
regulations reflect consideration of
comments received in response to the
Request for Information on Suspensions
of Benefits under the Multiemployer
Pension Reform Act of 2014 published
in the Federal Register on February 18,
2015 (80 FR 8578).
A public hearing concerning the June
2015 proposed regulations is scheduled
for September 10, 2015, beginning at
9:00 a.m. in the Amphitheater of the
Ronald Reagan Building and
International Trade Center, 1300
Pennsylvania Ave. NW., Washington,
DC Persons who wish to present oral
PO 00000
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Fmt 4702
Sfmt 4702
53069
comments at that hearing regarding the
June 2015 proposed regulations were
required to submit written or electronic
comments, including an outline of
topics to be discussed, by August 18,
2015. Anyone who has submitted a
timely request to speak at the September
10, 2015, hearing is also permitted to
discuss these proposed regulations at
that hearing (without submitting a
separate request to discuss these
proposed regulations at that hearing).
The June 2015 temporary and
proposed regulations set forth many of
the rules relating to the participant vote
under section 432(e)(9)(H). However,
neither the June 2015 temporary
regulations nor the June 2015 proposed
regulations provide detailed guidance
on how the Treasury Department would
administer the vote.
The temporary regulations in the
Rules and Regulations section of this
issue of the Federal Register (August
2015 temporary regulations) amend the
Income Tax Regulations (26 CFR part 1)
relating to the previously reserved
paragraph in the June 2015 temporary
and proposed regulations regarding the
participant vote required under section
432(e)(9)(H).
The August 2015 temporary
regulations specify that a participant
vote requires the completion of three
steps. First, a package of ballot materials
is distributed to eligible voters. Second,
the eligible voters cast their votes and
the votes are collected and tabulated.
Third, the Treasury Department (in
consultation with the PBGC and Labor
Department) determines whether a
majority of the eligible voters has voted
to reject the proposed suspension. The
August 2015 temporary regulations also
provide guidance regarding the
statement in opposition to the proposed
suspension and allow for the
publication of a model ballot. The text
of the August 2015 temporary
regulations also serves as the text of
these proposed regulations.
Special Analyses
Certain IRS regulations, including this
one, are exempt from the requirements
of Executive Order 12866, as
supplemented and reaffirmed by
Executive Order 13563. Therefore, a
regulatory impact assessment is not
required. It also has been determined
that section 553(b) of the Administrative
Procedure Act (5 U.S.C. chapter 5) does
not apply to these regulations.
The Regulatory Flexibility Act (RFA)
(5 U.S.C. chapter 6) requires an agency
to consider whether the rules it
proposes will have a significant
economic impact on a substantial
number of small entities. In this case,
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Federal Register / Vol. 80, No. 170 / Wednesday, September 2, 2015 / Proposed Rules
the IRS and the Treasury Department
believe that the regulations likely would
not have a ‘‘significant economic impact
on a substantial number of small
entities.’’ 5 U.S.C. 605. This certification
is based on the fact that the number of
small entities affected by this rule is
unlikely to be substantial because it is
unlikely that a substantial number of
small multiemployer plans in critical
and declining status will suspend
benefits under section 432(e)(9).
Pursuant to section 7805(f) of the Code,
this notice of proposed rulemaking has
been submitted to the Chief Counsel of
Advocacy of the Small Business
Administration for comment on its
impact on small business.
asabaliauskas on DSK5VPTVN1PROD with PROPOSALS
Comments and Request for a Public
Hearing
18:00 Sep 01, 2015
Jkt 235001
DEPARTMENT OF LABOR
For general questions regarding these
regulations, please contact the
Department of the Treasury MPRA
guidance information line at (202) 622–
1559 (not a toll-free number). For
information regarding a specific
application for a suspension of benefits,
please contact the Department of the
Treasury at (202) 622–1534 (not a tollfree number).
Mine Safety and Health Administration
List of Subjects in 26 CFR Part 1
Income taxes, reporting and
recordkeeping requirements.
PART 1—INCOME TAXES
Paragraph 1. The authority citation
for part 1 continues to read in part as
follows:
■
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 1.432(e)(9)–1(h) is
amended by revising paragraph (h)(2)
and adding paragraphs (h)(3)(iv) and (v)
to read as follows:
■
§ 1.432(e)(9)–1 Benefit suspensions for
multiemployer plans in critical and
declining status.
*
*
*
*
*
(h) * * *
(2) Participant vote. [The text of the
proposed amendments to § 1.432(e)(9)–
1(h)(2) is the same as § 1.432(e)(9)–
1T(h)(2) published elsewhere in this
issue of the Federal Register.]
*
*
*
*
*
(3) * * *
(iv) Statement in opposition to the
proposed suspension. [The text of the
proposed amendments to § 1.432(e)(9)–
1(h)(3)(iv) is the same as § 1.432(e)(9)–
1T(h)(3)(iv) published elsewhere in this
issue of the Federal Register.]
(v) Model ballot. [The text of the
proposed amendments to § 1.432(e)(9)–
1(h)(3)(v) is the same as § 1.432(e)(9)–
1T(h)(3)(v) published elsewhere in this
issue of the Federal Register.]
*
*
*
*
*
John M. Dalrymple,
Deputy Commissioner for Services and
Enforcement.
[FR Doc. 2015–21765 Filed 8–31–15; 11:15 am]
BILLING CODE 4830–01–P
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30 CFR Part 75
[Docket No. MSHA–2014–0019]
RIN 1219–AB78
Proximity Detection Systems for
Mobile Machines in Underground
Mines
Mine Safety and Health
Administration, Labor.
ACTION: Proposed rule.
AGENCY:
The Mine Safety and Health
Administration (MSHA) is proposing to
require underground coal mine
operators to equip coal hauling
machines and scoops with proximity
detection systems. Miners working near
these machines face pinning, crushing,
and striking hazards that result in
accidents involving life threatening
injuries and death. The proposal would
strengthen protections for miners by
reducing the potential for pinning,
crushing, or striking accidents in
underground coal mines. MSHA is also
interested in the application of these
proposed requirements to underground
metal and nonmetal mines.
DATES: Comments must be received or
postmarked by midnight Eastern
Daylight Saving Time on December 1,
2015.
SUMMARY:
Proposed Amendments to the
Regulations
Accordingly, 26 CFR part 1 is
proposed to be amended as follows:
Before these proposed regulations are
adopted as final regulations,
consideration will be given to any
comments that are submitted timely to
the Treasury Department and the IRS as
prescribed in this preamble under the
‘‘Addresses’’ heading. The Treasury
Department and the IRS request
comments on all aspects of the proposed
rules. All comments will be available for
public inspection and copying at
www.regulations.gov or upon request.
Please Note: All comments 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
confidential business information that
you do not want publicly disclosed. All
comments may be posted on the Internet
and can be retrieved by most Internet
search engines.
If requested in writing by any person
who timely submits written comments
on these proposed regulations, a public
hearing will be scheduled on the
contents of this document. Comments
and requests for a public hearing must
be received by November 2, 2015. If a
public hearing is scheduled, notice of
the date, time, and place for the public
hearing will be published in the Federal
Register. Please see the ‘‘Background
and Explanation of Provisions’’ heading
for information regarding a public
hearing scheduled for September 10,
2015, concerning the June 2015
proposed regulations regarding the
Suspension of Benefits under the
Multiemployer Pension Reform Act of
2014, during which individuals who
have already requested to speak
regarding those regulations may also
address the substance of these proposed
regulations.
VerDate Sep<11>2014
Contact Information
Submit comments and
informational materials, identified by
RIN 1219–AB78 or Docket No. MSHA–
2014–0019, by one of the following
methods:
• Federal e-Rulemaking Portal:
https://www.regulations.gov. Follow the
instructions for submitting comments.
• Email: zzMSHAcomments@dol.gov.
• Fax: 202–693–9441.
• Mail: MSHA, Office of Standards,
Regulations, and Variances, 201 12th
Street South, Suite 4E401, Arlington,
Virginia 22209–3939.
• Hand Delivery/Courier: MSHA, 201
12th Street South, Suite 4E401,
Arlington, Virginia, between 9:00 a.m.
and 5:00 p.m. Monday through Friday,
except Federal holidays. Sign in at the
receptionist’s desk on the 4th floor.
Instructions: All submissions must
include MSHA and RIN 1219–AB78 or
Docket No. MSHA–2014–0019. Do not
include personal information that you
do not want publicly disclosed; MSHA
will post all comments without change
to https://www.regulations.gov and
https://www.msha.gov/
currentcomments.asp, including any
personal information provided.
ADDRESSES:
E:\FR\FM\02SEP1.SGM
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]]>Agencies
[Federal Register Volume 80, Number 170 (Wednesday, September 2, 2015)]
[Proposed Rules]
[Pages 53068-53070]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-21765]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-123640-15]
RIN 1545-BM86
Administration of Multiemployer Plan Participant Vote on an
Approved Suspension of Benefits Under MPRA
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of proposed rulemaking by cross-reference to temporary
regulations.
-----------------------------------------------------------------------
SUMMARY: Temporary regulations relating to the administration of a
multiemployer plan participant vote on an approved suspension of
benefits under the Multiemployer Pension Reform Act of 2014 (MPRA) are
being issued in the Rules and Regulations section of this issue of the
Federal Register. The text of those regulations also serves as the text
of these proposed regulations.
DATES: Comments and requests for a public hearing must be received by
November 2, 2015.
ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-123640-15), Room
5205, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station,
Washington DC 20044. Submissions may be hand-delivered Monday through
Friday between the hours of 8 a.m. and 4 p.m. to: CC:PA:LPD:PR (REG-
123640-15), Courier's Desk, Internal Revenue Service, 1111 Constitution
Avenue NW., Washington, DC, or sent electronically via the Federal
eRulemaking Portal at https://www.regulations.gov (IRS REG-123640-15).
FOR FURTHER INFORMATION CONTACT: Concerning the regulations, the
Department of the Treasury MPRA guidance information line at (202) 622-
1559; concerning submission of comments, and the previously-scheduled
hearing, Regina Johnson at (202) 317-6901 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Paperwork Reduction Act
The collection of information contained in this notice of proposed
[[Page 53069]]
rulemaking has been submitted to the Office of Management and Budget
for review in accordance with the Paperwork Reduction Act of 1995 (44
U.S.C. 3507(d)) and approved under OMB control number 1545-2260.
The collection of information in the paragraphs of these proposed
regulations that cross-reference the temporary regulations that are
being published elsewhere in this issue of the Federal Register is
required for sponsor of a multiemployer defined benefit plan in
critical and declining status to satisfy the criteria with respect to
the required vote of plan participants and other eligible voters
following approval of the plan sponsor's application for a suspension
of benefits.
Comments on the collection of information should be sent to the
Office of Management and Budget, Attn: Desk Officer for the Department
of the Treasury, Office of Information and Regulatory Affairs,
Washington, DC 20503, with copies to the Internal Revenue Service,
Attn: IRS Reports Clearance Officer, SE:W:CAR:MP:T:T:SP, Washington, DC
20224. Comments on the collection of information should be received by
November 2, 2015.
Comments are specifically requested concerning:
Whether the proposed collection of information is necessary for the
proper performance of the functions of the IRS, including whether the
information will have practical utility;
The accuracy of the estimated burden associated with the proposed
collection of information;
How the quality, utility, and clarity of the information to be
collected may be enhanced;
How the burden of complying with the proposed collections of
information may be minimized, including through the application of
automated collection techniques or other forms of information
technology; and
Estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of service to provide information.
For the paragraphs of the proposed regulations that cross-reference
the temporary regulations:
Estimated total average annual reporting or recordkeeping burden:
56 hours.
Estimated average annual burden per recordkeeper: 2 hours.
Estimated number of recordkeepers: 28.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a valid
control number assigned by the Office of Management and Budget.
Books or records relating to a collection of information must be
retained as long as their contents may become material in the
administration of any internal revenue law. Generally, tax returns and
tax return information are confidential, as required by 26 U.S.C. 6103.
Background and Explanation of Provisions
Section 432(e)(9) of the Internal Revenue Code (Code), as amended
by the Multiemployer Pension Reform Act of 2014 (MPRA), permits plan
sponsors of certain multiemployer plans to reduce the plan benefits
payable to participants and beneficiaries (referred to as a
``suspension of benefits'') if specified conditions are satisfied.
Under section 432(e)(9)(H), no suspension of benefits may take effect
prior to a vote of the participants of the plan with respect to the
suspension. Section 432(e)(9)(H) requires that the vote be administered
by the Secretary of the Treasury, in consultation with the Pension
Benefit Guaranty Corporation and the Secretary of Labor, within 30 days
after approval of a suspension application.
On June 19, 2015, the Treasury Department and the Internal Revenue
Service published temporary regulations (TD 9723) under section
432(e)(9) in the Federal Register (80 FR 35207) (June 2015 temporary
regulations). The June 2015 temporary regulations provide general
guidance regarding section 432(e)(9) and outline the requirements for a
plan sponsor of a plan that is in critical and declining status to
apply for a suspension of benefits and for the Treasury Department to
begin processing such an application. A notice of proposed rulemaking
cross-referencing the June 2015 temporary regulations (REG-102648-15)
was also published in the same issue of the Federal Register (80 FR
35262) (June 2015 proposed regulations). Both the June 2015 temporary
and proposed regulations reflect consideration of comments received in
response to the Request for Information on Suspensions of Benefits
under the Multiemployer Pension Reform Act of 2014 published in the
Federal Register on February 18, 2015 (80 FR 8578).
A public hearing concerning the June 2015 proposed regulations is
scheduled for September 10, 2015, beginning at 9:00 a.m. in the
Amphitheater of the Ronald Reagan Building and International Trade
Center, 1300 Pennsylvania Ave. NW., Washington, DC Persons who wish to
present oral comments at that hearing regarding the June 2015 proposed
regulations were required to submit written or electronic comments,
including an outline of topics to be discussed, by August 18, 2015.
Anyone who has submitted a timely request to speak at the September 10,
2015, hearing is also permitted to discuss these proposed regulations
at that hearing (without submitting a separate request to discuss these
proposed regulations at that hearing).
The June 2015 temporary and proposed regulations set forth many of
the rules relating to the participant vote under section 432(e)(9)(H).
However, neither the June 2015 temporary regulations nor the June 2015
proposed regulations provide detailed guidance on how the Treasury
Department would administer the vote.
The temporary regulations in the Rules and Regulations section of
this issue of the Federal Register (August 2015 temporary regulations)
amend the Income Tax Regulations (26 CFR part 1) relating to the
previously reserved paragraph in the June 2015 temporary and proposed
regulations regarding the participant vote required under section
432(e)(9)(H).
The August 2015 temporary regulations specify that a participant
vote requires the completion of three steps. First, a package of ballot
materials is distributed to eligible voters. Second, the eligible
voters cast their votes and the votes are collected and tabulated.
Third, the Treasury Department (in consultation with the PBGC and Labor
Department) determines whether a majority of the eligible voters has
voted to reject the proposed suspension. The August 2015 temporary
regulations also provide guidance regarding the statement in opposition
to the proposed suspension and allow for the publication of a model
ballot. The text of the August 2015 temporary regulations also serves
as the text of these proposed regulations.
Special Analyses
Certain IRS regulations, including this one, are exempt from the
requirements of Executive Order 12866, as supplemented and reaffirmed
by Executive Order 13563. Therefore, a regulatory impact assessment is
not required. It also has been determined that section 553(b) of the
Administrative Procedure Act (5 U.S.C. chapter 5) does not apply to
these regulations.
The Regulatory Flexibility Act (RFA) (5 U.S.C. chapter 6) requires
an agency to consider whether the rules it proposes will have a
significant economic impact on a substantial number of small entities.
In this case,
[[Page 53070]]
the IRS and the Treasury Department believe that the regulations likely
would not have a ``significant economic impact on a substantial number
of small entities.'' 5 U.S.C. 605. This certification is based on the
fact that the number of small entities affected by this rule is
unlikely to be substantial because it is unlikely that a substantial
number of small multiemployer plans in critical and declining status
will suspend benefits under section 432(e)(9). Pursuant to section
7805(f) of the Code, this notice of proposed rulemaking has been
submitted to the Chief Counsel of Advocacy of the Small Business
Administration for comment on its impact on small business.
Comments and Request for a Public Hearing
Before these proposed regulations are adopted as final regulations,
consideration will be given to any comments that are submitted timely
to the Treasury Department and the IRS as prescribed in this preamble
under the ``Addresses'' heading. The Treasury Department and the IRS
request comments on all aspects of the proposed rules. All comments
will be available for public inspection and copying at
www.regulations.gov or upon request. Please Note: All comments 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 confidential business
information that you do not want publicly disclosed. All comments may
be posted on the Internet and can be retrieved by most Internet search
engines.
If requested in writing by any person who timely submits written
comments on these proposed regulations, a public hearing will be
scheduled on the contents of this document. Comments and requests for a
public hearing must be received by November 2, 2015. If a public
hearing is scheduled, notice of the date, time, and place for the
public hearing will be published in the Federal Register. Please see
the ``Background and Explanation of Provisions'' heading for
information regarding a public hearing scheduled for September 10,
2015, concerning the June 2015 proposed regulations regarding the
Suspension of Benefits under the Multiemployer Pension Reform Act of
2014, during which individuals who have already requested to speak
regarding those regulations may also address the substance of these
proposed regulations.
Contact Information
For general questions regarding these regulations, please contact
the Department of the Treasury MPRA guidance information line at (202)
622-1559 (not a toll-free number). For information regarding a specific
application for a suspension of benefits, please contact the Department
of the Treasury at (202) 622-1534 (not a toll-free number).
List of Subjects in 26 CFR Part 1
Income taxes, reporting and recordkeeping requirements.
Proposed Amendments to the Regulations
Accordingly, 26 CFR part 1 is proposed to be amended as follows:
PART 1--INCOME TAXES
0
Paragraph 1. The authority citation for part 1 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
0
Par. 2. Section 1.432(e)(9)-1(h) is amended by revising paragraph
(h)(2) and adding paragraphs (h)(3)(iv) and (v) to read as follows:
Sec. 1.432(e)(9)-1 Benefit suspensions for multiemployer plans in
critical and declining status.
* * * * *
(h) * * *
(2) Participant vote. [The text of the proposed amendments to Sec.
1.432(e)(9)-1(h)(2) is the same as Sec. 1.432(e)(9)-1T(h)(2) published
elsewhere in this issue of the Federal Register.]
* * * * *
(3) * * *
(iv) Statement in opposition to the proposed suspension. [The text
of the proposed amendments to Sec. 1.432(e)(9)-1(h)(3)(iv) is the same
as Sec. 1.432(e)(9)-1T(h)(3)(iv) published elsewhere in this issue of
the Federal Register.]
(v) Model ballot. [The text of the proposed amendments to Sec.
1.432(e)(9)-1(h)(3)(v) is the same as Sec. 1.432(e)(9)-1T(h)(3)(v)
published elsewhere in this issue of the Federal Register.]
* * * * *
John M. Dalrymple,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2015-21765 Filed 8-31-15; 11:15 am]
BILLING CODE 4830-01-P
