[Federal Register Volume 85, Number 121 (Tuesday, June 23, 2020)]
[Notices]
[Pages 37729-37730]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-13408]


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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 Craftsmen 
Local 7 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 an application submitted by the Board of 
Trustees of the Bricklayers & Allied Craftsmen Local 7 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 Bricklayers & Allied 
Craftsmen Local 7 Pension Fund.

DATES: Comments must be received by July 23, 2020.

ADDRESSES: You may submit comments electronically through the Federal 
eRulemaking Portal at http://www.regulations.gov, in accordance with 
the instructions on that site. Commenters are strongly encouraged to 
submit public comments electronically. Treasury expects to have limited 
personnel available to process public comments that are submitted on 
paper through mail. Until further notice, any comments submitted on 
paper will be considered to the extent practicable.
    Comments may 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 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 Bricklayers & Allied Craftsmen Local 7 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

[[Page 37730]]

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 May 29, 2020 the Board of Trustees of the Bricklayers & Allied 
Craftsmen Local 7 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 PBGC and the 
Department of Labor, to solicit public comments on all aspects of the 
Bricklayers & Allied Craftsmen Local 7 Pension Fund's application.
    Comments are requested from interested parties, including 
participants and beneficiaries, employee organizations, and 
contributing employers of the Bricklayers & Allied Craftsmen Local 7 
Pension Fund. Consideration will be given to any comments that are 
timely received by Treasury.

David Kautter,
Assistant Secretary for Tax Policy.
[FR Doc. 2020-13408 Filed 6-22-20; 8:45 am]
BILLING CODE 4810-25-P