[Federal Register Volume 85, Number 208 (Tuesday, October 27, 2020)]
[Notices]
[Page 68120]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-23711]


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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 Carpenters Pension Trust Fund-
Detroit & Vicinity 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 Carpenters Pension Trust 
Fund-Detroit & Vicinity 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 Carpenters Pension Trust Fund-Detroit & 
Vicinity Pension Fund.

DATES: Comments must be received by December 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 Carpenters Pension Trust Fund-Detroit & Vicinity 
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 September 29, 2020, the Carpenters Pension Trust Fund-Detroit & 
Vicinity 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 
Carpenters Pension Trust Fund-Detroit & Vicinity Pension Fund's 
application.
    Comments are requested from interested parties, including 
participants and beneficiaries, employee organizations, and 
contributing employers of the Carpenters Pension Trust Fund-Detroit & 
Vicinity Pension Fund. Consideration will be given to any comments that 
are timely received by Treasury.

David Kautter,
Assistant Secretary for Tax Policy.
[FR Doc. 2020-23711 Filed 10-26-20; 8:45 am]
BILLING CODE 4810-25-P