[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