Multiemployer Pension Plan Application To Reduce Benefits, 25657-25658 [2017-11440]

Download as PDF Federal Register / Vol. 82, No. 105 / Friday, June 2, 2017 / Notices nlaroche on DSK30NT082PROD with NOTICES entity’s capital under the Advanced Capital Adequacy Framework; to evaluate the impact of the Advanced Capital Adequacy Framework on individual reporting entities and on an industry-wide basis and its competitive implications; and to supplement on-site examination processes. The reporting schedules also assist advanced approaches banking organizations in understanding expectations relating to the system development necessary for implementation and validation of the Advanced Capital Adequacy Framework. Submitted data that are released publicly will also provide other interested parties with information about advanced approaches banking organizations’ regulatory capital. Current Actions On March 1, 2017, the agencies requested comment on proposed revisions to the FFIEC 101 reporting requirements.1 The proposed revisions would remove EAD information related to CVAs that already is captured in a separate item on FFIEC 101 Schedule B. Specifically, the agencies proposed to remove column D (EAD) for items 31.a, ‘‘Credit valuation adjustments—simple approach,’’ and 31.b, ‘‘Credit valuation adjustments—advanced approach.’’ These line items were added to the FFIEC 101 report in March of 2014, and were intended to provide data pertaining to the CVA requirements under the agencies’ regulatory capital rules 2 for over-the-counter (OTC) derivative activities. The agencies subsequently determined that the EAD information reported in column D of items 31.a and 31.b on FFIEC 101 Schedule B is already captured in column D of item 10 (OTC derivatives—no cross-product netting— EAD adjustment method) on FFIEC 101 Schedule B. Continuing to collect the same EAD information in both places is not only redundant, but also may be misinterpreted by the users of FFIEC 101 data as additional default risk held by the reporting entity. For these reasons, the agencies proposed removing column D for items 31.a and 31.b on FFIEC 101 Schedule B. The agencies would continue to collect the amount of risk-weighted assets for CVAs in column G of items 31.a and 31.b on FFIEC 101 Schedule B. The comment period for this proposal expired on May 1, 2017. The agencies did not receive any comments on the 1 82 FR 12274 (March 1, 2017). national banks and federal savings associations, 12 CFR part 3 (OCC); for state member banks and holding companies, 12 CFR part 217 (Board); and for state nonmember banks and state savings associations, 12 CFR part 324 (FDIC). 2 For VerDate Sep<11>2014 14:31 Jun 01, 2017 Jkt 241001 proposal and are now submitting requests to OMB for review and approval of the extension, with revision, of the FFIEC 101. While the agencies originally proposed making the changes effective as of the June 30, 2017, report date, due to the time required for the PRA revision process, the agencies have revised the proposal. As revised, the reporting changes would instead take effect as of the September 30, 2017, report date. However, as the two items being removed are not made public or otherwise shared outside the agencies, reporting entities may elect to adopt the changes immediately by ceasing to report column D of items 31.a and 31.b on FFIEC 101 Schedule B. Request for Comment Public comment is requested on all aspects of this joint notice. Comments are invited on: (a) Whether the collections of information that are the subject of this notice are necessary for the proper performance of the agencies’ functions, including whether the information has practical utility; (b) The accuracy of the agencies’ estimates of the burden of the information collections as they are proposed to be revised, including the validity of the methodology and assumptions used; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) Ways to minimize the burden of information collections on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Comments submitted in response to this joint notice will be shared among the agencies. All comments will become a matter of public record. Dated: May 24, 2017. Karen Solomon, Deputy Chief Counsel, Office of the Comptroller of the Currency. Board of Governors of the Federal Reserve System, May 25, 2017. Ann E. Misback, Secretary of the Board. Dated at Washington, DC, this 26th day of May, 2017. Federal Deposit Insurance Corporation. Robert E. Feldman, Executive Secretary. [FR Doc. 2017–11420 Filed 6–1–17; 8:45 am] BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P PO 00000 Frm 00063 Fmt 4703 Sfmt 4703 25657 DEPARTMENT OF THE TREASURY Multiemployer Pension Plan Application To Reduce Benefits Department of the Treasury. Notice of availability; extension of comment period. AGENCY: ACTION: On April 19, 2017, the Department of the Treasury published a notice of availability and request for comments regarding an application to reduce benefits under the United Furniture Workers Pension Fund A (UFW Pension Fund) in accordance with the Multiemployer Pension Reform Act of 2014. The purpose of this notice is to extend the comment period and provide more time for interested parties to provide comments. DATES: The comment period for the notice published April 19, 2017 (82 FR 18536), is extended. Comments must be received on or before June 20, 2017. ADDRESSES: You may submit comments electronically through the Federal eRulemaking Portal at https:// 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. SUMMARY: For information regarding the application from the UFW Pension Fund, please contact Treasury at (202) 622–1534 (not a toll free number). SUPPLEMENTARY INFORMATION: The Multiemployer Pension Reform Act of 2014 (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 FOR FURTHER INFORMATION CONTACT: E:\FR\FM\02JNN1.SGM 02JNN1 25658 Federal Register / Vol. 82, No. 105 / Friday, June 2, 2017 / Notices 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 Treasury, in consultation with the Pension Benefit Guaranty Corporation (PBGC) and the Department of Labor, is required to approve or deny. On March 15, 2017, the Board of Trustees of the UFW Pension Fund submitted an application for approval to reduce benefits under the plan. As required by the MPRA, that application has been published on Treasury’s Web site at https:// www.treasury.gov/services/Pages/PlanApplications.aspx. On April 19, 2017, Treasury published a notice in the Federal Register (82 FR 18536), in consultation with PBGC and the Department of Labor, to solicit public comments on all aspects of the UFW Pension Fund application. The notice provided that comments must be received by June 5, 2017. This notice, which Treasury is publishing in consultation with the PBGC and the Department of Labor, announces the extension of the comment period in order to give additional time for interested parties to provide comments. Comments are requested from interested parties, including contributing employers, employee organizations, and participants and beneficiaries of the UFW Pension Fund. Consideration will be given to any comments that are timely received by Treasury on or before June 20, 2017. Dated: May 26, 2017. Thomas West, Tax Legislative Counsel, Office of Tax Policy. [FR Doc. 2017–11440 Filed 6–1–17; 8:45 am] nlaroche on DSK30NT082PROD with NOTICES BILLING CODE 4810–25–P VerDate Sep<11>2014 14:31 Jun 01, 2017 Jkt 241001 DEPARTMENT OF THE TREASURY Departmental Offices; Renewal of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association ACTION: Notice of renewal. In accordance with the Federal Advisory Committee Act, as amended, with the concurrence of the General Services Administration, the Secretary of the Treasury is renewing the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association (the ‘‘Committee’’). FOR FURTHER INFORMATION CONTACT: Fred Pietrangeli, Director, Office of Debt Management (202) 622–1876. SUPPLEMENTARY INFORMATION: The purpose of the Committee is to provide informed advice as representatives of the financial community to the Secretary of the Treasury and Treasury staff, upon the Secretary of the Treasury’s request, in carrying out Treasury responsibilities for Federal financing and public debt management. The Committee meets to consider and provide advice on special items pertaining to immediate Treasury funding requirements and longer term approaches to manage the national debt in a cost-effective manner. The Committee usually meets immediately before Treasury announces each quarter funding operation, although special meetings also may be held. Membership consists of up to 20 representative or special government employee members who are appointed by Treasury. The members are senior-level officials who are employed by primary dealers, institutional investors, and other major participants in the government securities and financial markets as well as recognized experts in the fields of SUMMARY: PO 00000 Frm 00064 Fmt 4703 Sfmt 9990 economics and finance, financial market analysis, or financial institutions and markets. The Treasury Department transmitted copies of the Committee’s renewal charter to the Senate Committee on Finance, the House Committee on Ways and Means, the Senate Committee on Banking, Housing and Urban Affairs, and the House Committee on Financial Services in Congress on or about April 26, 2017. Dated: May 18, 2017. Fred Pietrangeli, Director of the Office of Debt Management. [FR Doc. 2017–10656 Filed 6–1–17; 8:45 am] BILLING CODE DEPARTMENT OF VETERANS AFFAIRS Advisory Committee on Prosthetic and Special Disabilities; Notice of Meeting Cancellation Agency: Department of Veterans Affairs. The Department of Veterans Affairs gives notice under the Federal Advisory Committee Act, 5 U.S.C. App. 2, that the meeting of the Advisory Committee on Disability Compensation, previously scheduled to be held at the Department of Veterans Affairs, 810 Vermont Avenue NW., Washington, DC 20420, on May 24–25, 2017, has been cancelled. For more information, please contact Judy Schafer, Ph.D., Designated Federal Officer at (202) 461–7315 or via email at Judy.Schafer@va.gov. Dated: May 26, 2017. LaTonya L. Small, Federal Advisory Committee Management Officer. [FR Doc. 2017–11404 Filed 6–1–17; 8:45 am] BILLING CODE P E:\FR\FM\02JNN1.SGM 02JNN1

Agencies

[Federal Register Volume 82, Number 105 (Friday, June 2, 2017)]
[Notices]
[Pages 25657-25658]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-11440]


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DEPARTMENT OF THE TREASURY


Multiemployer Pension Plan Application To Reduce Benefits

AGENCY: Department of the Treasury.

ACTION: Notice of availability; extension of comment period.

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SUMMARY: On April 19, 2017, the Department of the Treasury published a 
notice of availability and request for comments regarding an 
application to reduce benefits under the United Furniture Workers 
Pension Fund A (UFW Pension Fund) in accordance with the Multiemployer 
Pension Reform Act of 2014. The purpose of this notice is to extend the 
comment period and provide more time for interested parties to provide 
comments.

DATES: The comment period for the notice published April 19, 2017 (82 
FR 18536), is extended. Comments must be received on or before June 20, 
2017.

ADDRESSES: You may submit comments electronically through the Federal 
eRulemaking Portal at https://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 UFW Pension Fund, please contact Treasury at (202) 
622-1534 (not a toll free number).

SUPPLEMENTARY INFORMATION: The Multiemployer Pension Reform Act of 2014 
(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

[[Page 25658]]

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 Treasury, in consultation with 
the Pension Benefit Guaranty Corporation (PBGC) and the Department of 
Labor, is required to approve or deny. On March 15, 2017, the Board of 
Trustees of the UFW Pension Fund submitted an application for approval 
to reduce benefits under the plan. As required by the MPRA, that 
application has been published on Treasury's Web site at https://www.treasury.gov/services/Pages/Plan-Applications.aspx.
    On April 19, 2017, Treasury published a notice in the Federal 
Register (82 FR 18536), in consultation with PBGC and the Department of 
Labor, to solicit public comments on all aspects of the UFW Pension 
Fund application. The notice provided that comments must be received by 
June 5, 2017. This notice, which Treasury is publishing in consultation 
with the PBGC and the Department of Labor, announces the extension of 
the comment period in order to give additional time for interested 
parties to provide comments. Comments are requested from interested 
parties, including contributing employers, employee organizations, and 
participants and beneficiaries of the UFW Pension Fund. Consideration 
will be given to any comments that are timely received by Treasury on 
or before June 20, 2017.

    Dated: May 26, 2017.
Thomas West,
Tax Legislative Counsel, Office of Tax Policy.
[FR Doc. 2017-11440 Filed 6-1-17; 8:45 am]
 BILLING CODE 4810-25-P
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