[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