Multiemployer Pension Plan Application To Reduce Benefits, 41096-41097 [2020-14713]

Agencies

• DEPARTMENT OF THE TREASURY

[Federal Register Volume 85, Number 131 (Wednesday, July 8, 2020)]
[Notices]
[Pages 41096-41097]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-14713]


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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 July 15, 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. Commenters are strongly encouraged to 
submit public comments electronically. Treasury expects to have limited 
personnel available to process public comments that are submitted on 
paper through mail. Until further notice, any comments submitted on 
paper will be considered to the extent practicable.
    Comments may 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.
    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

[[Page 41097]]

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 
ai 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. On March 19, 
2020, Treasury published a notice in the Federal Register (85 FR 
15868), in consultation with PBGC and the Department of Labor, to 
reopen the comment period until April 20, 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 July 15, 2020, in order to give additional time for 
interested parties to provide comments.

David Kautter,
Assistant Secretary for Tax Policy.
[FR Doc. 2020-14713 Filed 7-7-20; 8:45 am]
BILLING CODE 4810-25-P