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Internal Revenue Bulletin:  2015-37 

September 14, 2015 

EMPLOYEE PLANS


REG–123640–15REG–123640–15

Notice of proposed rulemaking by cross-reference to temporary regulations that relate to multiemployer pension plans that are projected to have insufficient funds, at some point in the future, to pay the full benefits to which individuals will be entitled under the plans (referred to as plans in “critical and declining status”). The Multiemployer Pension Reform Act of 2014 (“MPRA”) amended the Internal Revenue Code to incorporate suspension of benefits provisions that permit these multiemployer plans to reduce pension benefits payable to participants and beneficiaries if certain conditions are satisfied. A suspension of benefits is not permitted to take effect prior to a vote of the participants of the plan with respect to the suspension. These regulations contain guidance relating to the administration of that vote.

Notice 2015–58Notice 2015–58

This notice provides guidance on certain issues relating to the application of the Cooperative and Small Employer Charity Pension Flexibility Act, Pub. L. No. 113–97 (CSEC Act), which specifies minimum funding requirements and related rules that apply with respect to certain defined benefit pension plans maintained by groups of cooperatives and related entities and groups of charities.

T.D. 9735T.D. 9735

These temporary regulations relate to multiemployer pension plans that are projected to have insufficient funds, at some point in the future, to pay the full benefits to which individuals will be entitled under the plans (referred to as plans in “critical and declining status”). The Multiemployer Pension Reform Act of 2014 (“MPRA”) amended the Internal Revenue Code to incorporate suspension of benefits provisions that permit these multiemployer plans to reduce pension benefits payable to participants and beneficiaries if certain conditions are satisfied. A suspension of benefits is not permitted to take effect prior to a vote of the participants of the plan with respect to the suspension. These regulations contain guidance relating to the administration of that vote.


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