[Federal Register Volume 85, Number 145 (Tuesday, July 28, 2020)]
[Notices]
[Page 45470]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-16283]



[[Page 45470]]

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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 Building Material Drivers Local 
436 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 Building Material Drivers Local 436 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 Building Material 
Drivers Local 436 Pension Fund.

DATES: Comments must be received by September 11, 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 Building Material Drivers Local 436 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 June 30, 2020, the Building Material Drivers Local 436 Pension 
Fund's Board of Trustees 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://home.treasury.gov/services/the-multiemployer-pension-reform-act-of-2014/applications-for-benefit-suspension. 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 Building Material Drivers 
Local 436 Pension Fund's application.
    Comments are requested from interested parties, including 
participants and beneficiaries, employee organizations, and 
contributing employers of the Building Material Drivers Local 436 
Pension Fund. Consideration will be given to any comments that are 
timely received by Treasury.

David Kautter,
Assistant Secretary for Tax Policy.
[FR Doc. 2020-16283 Filed 7-27-20; 8:45 am]
BILLING CODE 4810-25-P