[Federal Register Volume 81, Number 81 (Wednesday, April 27, 2016)]
[Notices]
[Page 24942]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-09836]


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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 Iron Workers Local Union 16 
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 Iron Workers Local Union 16 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 Iron Workers 
Local Union 16 Pension Fund.

DATES: Comments must be received by June 9, 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 Iron Workers Local Union 
16 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 26, 2016, the Board of Trustees of the Iron Workers Local 
Union 16 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 PBGC and the Department of 
Labor, to solicit public comments on all aspects of the Iron Workers 
Local Union 16 Pension Fund application.
    Comments are requested from interested parties, including 
contributing employers, employee organizations, and participants and 
beneficiaries of the Iron Workers Local Union 16 Pension Fund. 
Consideration will be given to any comments that are timely received by 
Treasury.

    Dated: April 20, 2016.
David R. Pearl,
Executive Secretary, Department of the Treasury.
[FR Doc. 2016-09836 Filed 4-26-16; 8:45 am]
 BILLING CODE 4810-25-P