Hearing on Multiemployer Plan Participant Voting Regs Scheduled

By ASPPA Net Staff • November 23, 2015 • 0 Comments
The IRS will be holding a hearing on proposed regulations relating to the administration of a multiemployer plan participant vote on an approved suspension of benefits under the Multiemployer Pension Reform Act of 2014 (MPRA). The hearing will take place on Dec. 18.

The proposed rules the hearing will concern provide guidance on administering a vote by multiemployer plan participants regarding suspension of benefits when such a plan is determined to be in critical and declining status. They have applied since June 17, 2015, and will expire on June 15, 2018. The IRS filed the rules on Aug. 31, 2015, but they were not official until Sept. 2.

The proposed regulations affect active, retired and deferred vested participants and beneficiaries of multiemployer plans that are in critical and declining status. They also affect employers contributing to, and sponsors and administrators of, those plans.

Under the MPRA, the sponsor of such a plan may reduce the pension benefits payable to plan participants and beneficiaries if certain conditions are satisfied. But benefits may not be suspended unless the plan participants have voted on the suspension.

When, Where, How

The public hearing will be held on Friday, Dec. 18, 2015, at 10:00 a.m. EST. The IRS must receive outlines of the topics to be discussed at the hearing by Monday, Nov. 30.

The public hearing will be held in the IRS Auditorium, Internal Revenue Service Building, 1111 Constitution Avenue NW, Washington, DC 20224.

Send submissions to: CC:PA:LPD:PR (REG-123640-15), Room 5205, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be hand-delivered Monday through Friday to CC:PA:LPD:PR (REG-132634-14), Couriers Desk, Internal Revenue Service, 1111 Constitution Avenue NW., Washington, DC or sent electronically via the Federal eRulemaking Portal.