Multiemployer Pension Plan Application To Reduce Benefits, 2492 [2021-00392]
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Federal Register / Vol. 86, No. 7 / Tuesday, January 12, 2021 / Notices
Company Act of 1940 2 if the portfolio
of the entity consists exclusively of
assets that a national bank may
purchase and sell for its own account.
The OCC uses the information
contained in the request as a basis for
ensuring that the bank’s investment is
consistent with its investment authority
under applicable law and does not pose
unacceptable risk. Under 12 CFR 1.7(b),
a national bank may request OCC
approval to extend the five-year holding
period for securities held in satisfaction
of debts previously contracted for up to
an additional five years. In its request,
the bank must provide a clearly
convincing demonstration of why the
additional holding period is needed.
The OCC uses the information in the
request to ensure, on a case-by-case
basis, that the bank’s purpose in
retaining the securities is not
speculative and that the bank’s reasons
for requesting the extension are
adequate. The OCC also uses the
information to evaluate the risks to the
bank in extending the holding period,
including potential effects on the bank’s
safety and soundness.
Type of Review: Extension of a
currently approved collection.
Affected Public: Businesses or other
for-profit.
Estimated Number of Respondents:
25.
Estimated Total Annual Burden: 460
hours.
Frequency of Response: On occasion.
Comments submitted in response to this
notice will be summarized and included
in the request for OMB approval. All
comments will become a matter of
public record. Comments are 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 burden of the
collection of information; (c) Ways to
enhance the quality, utility, and clarity
of the information to be collected; (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.
Bao Nguyen,
Principal Deputy Chief Counsel, Office of the
Comptroller of the Currency.
[FR Doc. 2021–00434 Filed 1–11–21; 8:45 am]
BILLING CODE 4810–33–P
2 15
U.S.C. 80a–3(c)(1).
VerDate Sep<11>2014
17:09 Jan 11, 2021
Jkt 253001
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
Roofers Local No. 88 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 Roofers Local No. 88
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 Roofers Local No. 88
Pension Fund.
DATES: Comments must be received by
February 26, 2021.
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
SUMMARY:
PO 00000
Frm 00113
Fmt 4703
Sfmt 4703
from the Roofers Local No. 88 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
with the Pension Benefit Guaranty
Corporation (PBGC) and the Department
of Labor.
On December 15, 2020, the Roofers
Local No. 88 Pension Fund’s Board of
Trustees 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://
home.treasury.gov/services/themultiemployer-pension-reform-act-of2014/applications-for-benefitsuspension. 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 Roofers
Local No. 88 Pension Fund’s
application.
Comments are requested from
interested parties, including
participants and beneficiaries, employee
organizations, and contributing
employers of the Roofers Local No. 88
Pension Fund. Consideration will be
given to any comments that are timely
received by Treasury.
David Kautter,
Assistant Secretary for Tax Policy.
[FR Doc. 2021–00392 Filed 1–11–21; 8:45 am]
BILLING CODE 4810–25–P
DEPARTMENT OF VETERANS
AFFAIRS
[OMB Control No. 2900–0089]
Agency Information Collection Activity
Under OMB Review: Statement of
Dependency of Parent(s)
Veterans Benefits
Administration, Department of Veterans
Affairs.
ACTION: Notice.
AGENCY:
In compliance with the
Paperwork Reduction Act (PRA) of
1995, this notice announces that the
Veterans Benefits Administration,
Department of Veterans Affairs, will
submit the collection of information
abstracted below to the Office of
SUMMARY:
E:\FR\FM\12JAN1.SGM
12JAN1
Agencies
[Federal Register Volume 86, Number 7 (Tuesday, January 12, 2021)]
[Notices]
[Page 2492]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-00392]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Multiemployer Pension Plan Application To Reduce Benefits
AGENCY: Department of the Treasury.
ACTION: Notice of availability; request for comments.
-----------------------------------------------------------------------
SUMMARY: The Board of Trustees of the Roofers Local No. 88 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
Roofers Local No. 88 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 Roofers Local No. 88 Pension Fund.
DATES: Comments must be received by February 26, 2021.
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 Roofers Local No. 88 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 with the Pension Benefit Guaranty Corporation (PBGC) and
the Department of Labor.
On December 15, 2020, the Roofers Local No. 88 Pension Fund's Board
of Trustees 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://home.treasury.gov/services/the-multiemployer-pension-reform-act-of-2014/applications-for-benefit-suspension. 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 Roofers Local No. 88 Pension
Fund's application.
Comments are requested from interested parties, including
participants and beneficiaries, employee organizations, and
contributing employers of the Roofers Local No. 88 Pension Fund.
Consideration will be given to any comments that are timely received by
Treasury.
David Kautter,
Assistant Secretary for Tax Policy.
[FR Doc. 2021-00392 Filed 1-11-21; 8:45 am]
BILLING CODE 4810-25-P