[Federal Register Volume 83, Number 56 (Thursday, March 22, 2018)]
[Notices]
[Page 12653]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-05814]


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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 Local 805 Pension and Retirement 
Fund (Local 805 Pension Fund), a multiemployer pension plan, has 
submitted an application 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 Local 805 Pension Fund has 
been published on the website 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 Local 805 Pension 
Fund.

DATES: Comments must be received by May 7, 2018.

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 Local 805 Pension Fund, please contact Treasury at 
(202) 622-1534 (not a toll-free number).

SUPPLEMENTARY INFORMATION: 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 must be approved or denied in 
consultation with the Pension Benefit Guaranty Corporation (PBGC) and 
the Department of Labor.
    On February 23, 2018, the Board of Trustees of the Local 805 
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 website at https://www.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 Local 805 
Pension Fund application.
    Comments are requested from interested parties, including 
participants and beneficiaries, employee organizations, and 
contributing employers of the Local 805 Pension Fund. Consideration 
will be given to any comments that are timely received by Treasury.

    Dated: March 19, 2018.
David Kautter,
Assistant Secretary for Tax Policy.
[FR Doc. 2018-05814 Filed 3-21-18; 8:45 am]
 BILLING CODE 4810-25-P