[Federal Register Volume 81, Number 168 (Tuesday, August 30, 2016)]
[Notices]
[Pages 59733-59734]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-20790]


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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 Bricklayers & Allied Craftworkers 
Local 5 New York Retirement Fund Pension Plan (Bricklayers Local 5 
Pension Plan), a multiemployer pension plan, has submitted an 
application to the Department of the Treasury (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 
Bricklayers Local 5 Pension Plan has been published on the Treasury Web 
site and to request public comments on the application from interested 
parties, including participants and beneficiaries, employee 
organizations, and contributing employers of the Bricklayers Local 5 
Pension Plan.

DATES: Comments must be received by October 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 Board of Trustees of the Bricklayers Local 5 
Pension Plan, 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 4, 2016, the Board of Trustees of the Bricklayers Local 5 
Pension Plan submitted an application for approval to reduce benefits 
under the plan. As required by MPRA, that application has been 
published on

[[Page 59734]]

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 Bricklayers Local 5 
Pension Plan application.
    Comments are requested from interested parties, including 
participants and beneficiaries, employee organizations, and 
contributing employers of the Bricklayers Local 5 Pension Plan. 
Consideration will be given to any comments that are timely received by 
Treasury.

    Dated: August 23, 2016.
David R. Pearl,
Executive Secretary, Department of the Treasury.
[FR Doc. 2016-20790 Filed 8-29-16; 8:45 am]
 BILLING CODE 4810-25-P