[Federal Register Volume 81, Number 188 (Wednesday, September 28, 2016)]
[Notices]
[Pages 66751-66752]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-23350]
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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 New York State Teamsters
Conference Pension and Retirement Fund (NYS Teamsters Pension Fund), a
multiemployer pension plan, has submitted an application to Treasury to
reduce benefits under the plan in accordance with the Multiemployer
Pension Reform Act of 2014. The purpose of this notice is to announce
that the application submitted by the Board of Trustees of the NYS
Teamsters Pension Fund has been published on the Web site 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 NYS Teamsters Pension Fund.
DATES: Comments must be received by November 14, 2016.
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 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 NYS Teamsters 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 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
[[Page 66752]]
consultation with the Pension Benefit Guaranty Corporation (PBGC) and
the Department of Labor, is required to approve or deny.
On August 31, 2016, the Board of Trustees of the NYS Teamsters
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 Web site at https://auth.treasury.gov/services/Pages/Plan-Applications.aspx. Treasury is publishing this notice in the
Federal Register, in consultation with the PBGC and the Department of
Labor, to solicit public comments on all aspects of the NYS Teamsters
Pension Fund application.
Comments are requested from interested parties, including
participants and beneficiaries, employee organizations, and
contributing employers of the NYS Teamsters Pension Fund. Consideration
will be given to any comments that are timely received by Treasury.
Dated: September 22, 2016.
David R. Pearl,
Executive Secretary, Department of the Treasury.
[FR Doc. 2016-23350 Filed 9-27-16; 8:45 am]
BILLING CODE 4810-25-P