[Federal Register Volume 81, Number 224 (Monday, November 21, 2016)]
[Notices]
[Page 83333]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-27938]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Multiemployer Pension Plan Application To Reduce Benefits
AGENCY: Department of the Treasury.
ACTION: Notice of availability; Request for comments.
-----------------------------------------------------------------------
SUMMARY: On September 28, 2016, the Department published a notice of
availability and request for comments regarding an application to
Treasury to reduce benefits under the New York State Teamsters
Conference Pension and Retirement Fund in accordance with the
Multiemployer Pension Reform Act of 2014 (MPRA). The purpose of this
notice is to reopen the comment period to provide more time for
interested parties to provide comments.
DATES: Comments must be received on or before December 21, 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 New York State Teamsters Conference Pension and
Retirement 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 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 New York State
Teamsters Conference Pension and Retirement Fund (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. On September 28, 2016, Treasury published a notice
in the Federal Register (81 FR 66751-2), in consultation with PBGC and
the Department of Labor, to solicit public comments on all aspects of
the NYS Teamsters Pension Fund application. The notice provided that
comments must be received by November 14, 2016. On November 1, 2016,
the Retiree Representative (appointed by the NYS Teamsters Pension Fund
in connection with its application to reduce benefits) requested a
thirty-day extension of the comment period.
This notice announces the reopening of the comment period in order
to give additional time for interested parties to provide comments.
Comments are requested from interested parties, including contributing
employers, employee organizations, and participants and beneficiaries
of the NYS Teamsters Pension Fund. Consideration will be given to any
comments that are received by Treasury on or before December 21, 2016.
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: November 15, 2016.
David R. Pearl,
Executive Secretary, Department of the Treasury.
[FR Doc. 2016-27938 Filed 11-18-16; 8:45 am]
BILLING CODE 4810-25-P