Multiemployer Pension Plan Application To Reduce Benefits, 18129-18130 [2018-08699]

Download as PDF sradovich on DSK3GMQ082PROD with NOTICES Federal Register / Vol. 83, No. 80 / Wednesday, April 25, 2018 / Notices that acquires and retains an interest in the transaction, a description of the form, amount and nature of such interest, and the method of payment for such interest (§ 43.11(a)(2)). A sponsor relying on this section is required to maintain and adhere to policies and procedures that are reasonably designed to monitor originator compliance with retention amount and hedging, transferring and pledging requirements (§ 43.11(b)(2)(A)), and to promptly notify the holders of the ABS interests in the transaction in the event of originator non-compliance with such regulatory requirements (§ 43.11(b)(2)(B)). Sections 43.13 and 43.19(g) provide exemptions from the risk retention requirements for qualified residential mortgages and qualifying 3-to-4 unit residential mortgage loans that meet certain specified criteria, including that the depositor with respect to the securitization transaction certify that it has evaluated the effectiveness of its internal supervisory controls and concluded that the controls are effective (§§ 43.13(b)(4)(i) and 43.19(g)(2)), and that the sponsor provide a copy of the certification to potential investors prior to sale of asset-backed securities in the issuing entity (§§ 43.13(b)(4)(iii) and 43.19(g)(2)). In addition, §§ 43.13(c)(3) and 43.19(g)(3) provide that a sponsor that has relied upon the exemptions will not lose the exemptions if, after closing of the transaction, it is determined that one or more of the residential mortgage loans does not meet all of the criteria; provided that the depositor complies with certain specified requirements, including prompt notice to the holders of the asset-backed securities of any loan that is required to be repurchased by the sponsor, the amount of such repurchased loan, and the cause for such repurchase. Section 43.15 provides exemptions from the risk retention requirements for qualifying commercial loans that meet the criteria specified in § 43.16, qualifying CRE loans that meet the criteria specified in § 43.17, and qualifying automobile loans that meet the criteria specified in § 43.18. Section 43.15 also requires the sponsor to disclose a description of the manner in which the sponsor determined the aggregate risk retention requirement for the securitization transaction after including qualifying commercial loans, qualifying CRE loans, or qualifying automobile loans with 0 percent risk retention (§ 43.15(a)(4)). In addition, the sponsor is required to disclose descriptions of the qualifying commercial loans, qualifying CRE loans, and qualifying automobile loans VerDate Sep<11>2014 19:12 Apr 24, 2018 Jkt 244001 (‘‘qualifying assets’’), and descriptions of the assets that are not qualifying assets, and the material differences between the group of qualifying assets and the group of assets that are not qualifying assets with respect to the composition of each group’s loan balances, loan terms, interest rates, borrower credit information, and characteristics of any loan collateral (§ 43.15(b)(3)). Additionally, a sponsor must retain the disclosures required in §§ 43.15(a) and (b) in its records and must provide the disclosures upon request to the SEC and the sponsor’s appropriate federal banking agency, if any, until three years after all ABS interests are no longer outstanding (§ 43.15(d)). Sections 43.16, 43.17 and 43.18 each require that: the depositor of the assetbacked security certify that it has evaluated the effectiveness of its internal supervisory controls and concluded that its internal supervisory controls are effective (§§ 43.16(a)(8)(i), 43.17(a)(10)(i), and 43.18(a)(8)(i)); the sponsor is required to provide a copy of the certification to potential investors prior to the sale of asset-backed securities in the issuing entity (§§ 43.16(a)(8)(iii), 43.17(a)(10)(iii), and 43.18(a)(8)(iii)); and the sponsor must promptly notify the holders of the assetbacked securities of any loan included in the transaction that is required to be cured or repurchased by the sponsor, including the principal amount of such loan and the cause for such cure or repurchase (§§ 43.16(b)(3), 43.17(b)(3), and 43.18(b)(3)). Additionally, a sponsor must retain the disclosures required in §§ 43.16(a)(8), 43.17(a)(10) and 43.18(a)(8) in its records and must provide the disclosures upon request to the SEC and the sponsor’s appropriate Federal banking agency, if any, until three years after all ABS interests are no longer outstanding (§ 43.15(d)). Estimated Number of Respondents: 35 sponsors; 182 annual offerings per year. Total Estimated Annual Burden: 3,139 hours. The OCC issued a notice for 60 days of comment regarding this collection on January 29, 2018, 83 FR 4121. No comments were received. Comments continue to be invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the OCC, including whether the information has practical utility; (b) The accuracy of the OCC’s estimate of the information collection burden; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; PO 00000 Frm 00137 Fmt 4703 Sfmt 4703 18129 (d) Ways to minimize the burden of the collection 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. Dated: April 19, 2018. Karen Solomon, Acting Senior Deputy Comptroller and Chief Counsel. [FR Doc. 2018–08577 Filed 4–24–18; 8:45 am] BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Multiemployer Pension Plan Application To Reduce Benefits Department of the Treasury. Notice of availability; Request for comments. AGENCY: ACTION: The Board of Trustees of the Sheet Metal Workers Local Pension Plan, 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 Sheet Metal Workers Local Pension Plan 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 Sheet Metal Workers Local Pension Plan. DATES: Comments must be received by June 11, 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: 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 your Social Security number, name, address, or other contact information) or any SUMMARY: E:\FR\FM\25APN1.SGM 25APN1 18130 Federal Register / Vol. 83, No. 80 / Wednesday, April 25, 2018 / Notices 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 information regarding the application from the Sheet Metal Workers Local Pension Plan, please contact Treasury at (202) 622–1534 (not a toll-free number). FOR FURTHER INFORMATION CONTACT: 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 March 30, 2018, the Board of Trustees of the Sheet Metal Workers Local Pension Plan 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 Sheet Metal Workers Local Pension Plan application. Comments are requested from interested parties, including participants and beneficiaries, employee organizations, and contributing employers of the Sheet Metal Workers Local Pension Plan. Consideration will be given to any comments that are timely received by Treasury. SUPPLEMENTARY INFORMATION: Dated: April 19, 2018. David Kautter, Assistant Secretary for Tax Policy. [FR Doc. 2018–08699 Filed 4–24–18; 8:45 am] sradovich on DSK3GMQ082PROD with NOTICES BILLING CODE 4810–25–P DEPARTMENT OF THE TREASURY Multiemployer Pension Plan Application To Reduce Benefits AGENCY: Department of the Treasury. Notice of availability; Request for comments. ACTION: VerDate Sep<11>2014 19:12 Apr 24, 2018 Jkt 244001 The Board of Trustees of the Plasterers Local 82 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 Plasterers Local 82 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 Plasterers Local 82 Pension Fund. DATES: Comments must be received by June 11, 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: 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 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 Plasterers Local 82 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 SUMMARY: PO 00000 Frm 00138 Fmt 4703 Sfmt 4703 with the Pension Benefit Guaranty Corporation (PBGC) and the Department of Labor. On March 28, 2018, the Board of Trustees of the Plasterers Local 82 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/PlanApplications.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 Plasterers Local 82 Pension Fund application. Comments are requested from interested parties, including participants and beneficiaries, employee organizations, and contributing employers of the Plasterers Local 82 Pension Fund. Consideration will be given to any comments that are timely received by Treasury. Dated: April 19, 2018. David Kautter, Assistant Secretary for Tax Policy. [FR Doc. 2018–08652 Filed 4–24–18; 8:45 am] BILLING CODE 4810–25–P DEPARTMENT OF THE TREASURY Multiemployer Pension Plan Application To Reduce Benefits Department of the Treasury. Notice of availability; Request for comments. AGENCY: ACTION: The Board of Trustees of the Sheet Metal Workers Local Pension Plan, 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 Sheet Metal Workers Local Pension Plan 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 Sheet Metal Workers Local Pension Plan. DATES: Comments must be received by June 11, 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. SUMMARY: E:\FR\FM\25APN1.SGM 25APN1

Agencies

[Federal Register Volume 83, Number 80 (Wednesday, April 25, 2018)]
[Notices]
[Pages 18129-18130]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-08699]


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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 Sheet Metal Workers Local Pension 
Plan, 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 
Sheet Metal Workers Local Pension Plan 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 Sheet Metal Workers Local Pension Plan.

DATES: Comments must be received by June 11, 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: 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 your Social Security number, name, address, or other contact 
information) or any

[[Page 18130]]

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 Sheet Metal Workers Local Pension Plan, 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 March 30, 2018, the Board of Trustees of the Sheet Metal Workers 
Local Pension Plan 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 Sheet Metal 
Workers Local Pension Plan application.
    Comments are requested from interested parties, including 
participants and beneficiaries, employee organizations, and 
contributing employers of the Sheet Metal Workers Local Pension Plan. 
Consideration will be given to any comments that are timely received by 
Treasury.

    Dated: April 19, 2018.
David Kautter,
Assistant Secretary for Tax Policy.
[FR Doc. 2018-08699 Filed 4-24-18; 8:45 am]
 BILLING CODE 4810-25-P