Multiemployer Pension Plan Application To Reduce Benefits, 15868 [2020-05699]

Agencies

• DEPARTMENT OF THE TREASURY

[Federal Register Volume 85, Number 54 (Thursday, March 19, 2020)]
[Notices]
[Page 15868]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-05699]



[[Page 15868]]

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DEPARTMENT OF THE TREASURY


Multiemployer Pension Plan Application To Reduce Benefits

AGENCY: Department of the Treasury.

ACTION: Notice and request for comment; reopening of comment period.

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SUMMARY: On January 17, 2020, the Department of the Treasury (Treasury) 
published a notice of availability and request for comments regarding 
an application to Treasury to reduce benefits under the American 
Federation of Musicians & Employers Pension Fund (Fund), in accordance 
with the Multiemployer Pension Reform Act of 2014 (MPRA). The purpose 
of this notice is to reopen the comment period for the Fund's 
application and provide more time for interested parties to provide 
comments.

DATES: Treasury is reopening the comment period for the notice 
regarding the Fund entitled ``Multiemployer Pension Plan Application to 
Reduce Benefits Comments,'' which was published in the Federal Register 
on January 17, 2020, (85 FR 3106). Treasury will accept comments 
received on this notice on or before April 20, 2020.

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: Danielle Norris. Comments sent via facsimile, telephone, or email 
will not be accepted.
    Please note that only written comments submitted electronically 
through www.regulations.gov or by U.S. mail can be considered comments 
on the Fund's application. Remarks made during the conference calls 
Treasury held on February 24, February 27, and March 2, 2020, cannot be 
considered comments.
    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 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 December 30, 2019, the Board of Trustees of the 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. On January 17, 2020, Treasury published a notice in 
the Federal Register (85 FR 3106), in consultation with PBGC and the 
Department of Labor, to solicit public comments on all aspects of the 
Fund's application. The comment period in the notice published on 
January 17, 2020, closed on March 2, 2020.
    This notice announces the reopening of the comment period on the 
Fund's application with respect to the notice published on January 17, 
2020, until April 20, 2020, in order to give additional time for 
interested parties to provide comments.

    Dated: March 13, 2020.
David Kautter,
Assistant Secretary for Tax Policy.
[FR Doc. 2020-05699 Filed 3-18-20; 8:45 am]
 BILLING CODE 4810-25-P