[Federal Register Volume 85, Number 131 (Wednesday, July 8, 2020)]
[Notices]
[Pages 41096-41097]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-14713]
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DEPARTMENT OF THE TREASURY
Multiemployer Pension Plan Application To Reduce Benefits
AGENCY: Department of the Treasury.
ACTION: Notice and request for comment; reopening of comment period.
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SUMMARY: On January 17, 2020, the Department of the Treasury (Treasury)
published a notice of availability and request for comments regarding
an application to Treasury to reduce benefits under the American
Federation of Musicians & Employers Pension Fund (Fund), in accordance
with the Multiemployer Pension Reform Act of 2014 (MPRA). The purpose
of this notice is to reopen the comment period for the Fund's
application and provide more time for interested parties to provide
comments.
DATES: Treasury is reopening the comment period for the notice
regarding the Fund entitled ``Multiemployer Pension Plan Application to
Reduce Benefits Comments,'' which was published in the Federal Register
on January 17, 2020, (85 FR 3106). Treasury will accept comments
received on this notice on or before July 15, 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, telephone, 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 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 December 30, 2019, the Board of Trustees of the Fund submitted
an application for approval to reduce
[[Page 41097]]
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. On January 17, 2020, Treasury published
ai notice in the Federal Register (85 FR 3106), in consultation with
PBGC and the Department of Labor, to solicit public comments on all
aspects of the Fund's application The comment period in the notice
published on January 17, 2020, closed on March 2, 2020. On March 19,
2020, Treasury published a notice in the Federal Register (85 FR
15868), in consultation with PBGC and the Department of Labor, to
reopen the comment period until April 20, 2020.
This notice announces the reopening of the comment period on the
Fund's application with respect to the notice published on January 17,
2020, until July 15, 2020, in order to give additional time for
interested parties to provide comments.
David Kautter,
Assistant Secretary for Tax Policy.
[FR Doc. 2020-14713 Filed 7-7-20; 8:45 am]
BILLING CODE 4810-25-P