[Federal Register Volume 81, Number 62 (Thursday, March 31, 2016)]
[Notices]
[Pages 18694-18695]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-07269]


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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 Road Carriers--Local 707 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 (MPRA). The purpose of this 
notice is to announce that the application submitted by the Board of 
Trustees of the Road Carriers--Local 707 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 contributing employers, employee organizations, and 
participants and beneficiaries of the Road Carriers--Local 707 Pension 
Fund to reduce benefits under the plan. Road Carriers--Local 707 
Pension Fund also submitted to PBGC an application to partition the 
plan. For further information about partition, see PBGC's Web site at 
http://www.pbgc.gov/prac/multiemployer/multiemployer-pension-reform-act-of-2014.html.

DATES: Comments must be received by April 29, 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: Deva Kyle. 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 Board of Trustees of the Road Carriers--Local 707 
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 consultation with the Pension Benefit Guaranty Corporation (PBGC) 
and the Department of Labor, is required to approve or deny.
    On March 15, 2016, the Board of Trustees of the Road Carriers--
Local 707 Pension Fund submitted an application for approval to reduce 
benefits under the plan. As required by

[[Page 18695]]

MPRA, that application has been published on Treasury's Web site at 
http://www.treasury.gov/services/Pages/Plan-Applications.aspx. 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 Road Carriers--Local 707 Pension Fund application.
    Comments are requested from interested parties, including 
contributing employers, employee organizations, and participants and 
beneficiaries of the Road Carriers--Local 707 Pension Fund. 
Consideration will be given to any comments that are timely received by 
Treasury.

    Dated: March 25, 2016.
David R. Pearl,
Executive Secretary, Department of the Treasury.
[FR Doc. 2016-07269 Filed 3-30-16; 8:45 am]
 BILLING CODE 4810-25-P