[Federal Register Volume 83, Number 166 (Monday, August 27, 2018)]
[Notices]
[Pages 43735-43736]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-18413]


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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 Laborers Local 265 Pension Plan, 
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 Laborers 
Local 265 Pension Plan 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 Laborers Local 265 Pension Plan.

DATES: Comments must be received by October 11, 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: Danielle Norris. Comments sent via facsimile or 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 your 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

[[Page 43736]]

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 Laborers Local 265 Pension Plan, 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 July 31, 2018, the Board of Trustees of the Laborers Local 265 
Pension Plan 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 PBGC and the Department of 
Labor, to solicit public comments on all aspects of the Laborers Local 
265 Pension Plan application.
    Comments are requested from interested parties, including 
participants and beneficiaries, employee organizations, and 
contributing employers of the Laborers Local 265 Pension Plan. 
Consideration will be given to any comments that are timely received by 
Treasury.

David Kautter,
Assistant Secretary for Tax Policy.
[FR Doc. 2018-18413 Filed 8-24-18; 8:45 am]
 BILLING CODE 4810-25-P