The Treasury Department and IRS today released for publication in the Federal Register a “request for information” [REG-102648-15] that seeks comments concerning future guidance that would be issued to implement provisions of Code section 432(e)(9).
Section 432(e)(9) permits the sponsor of a multiemployer defined benefit plan that is in “critical and declining status” to suspend certain benefits following notice to affected parties, consideration of public comments, an application to the Treasury Secretary, approval of the application and satisfaction of other listed conditions.
The request for information [PDF 184 KB] states that comments must be received by a date that is 45 days after it is published in the Federal Register, which is scheduled for February 18, 2015.
The Multiemployer Pension Reform Act of 2014 (that was part of the Consolidated and Further Continuing Appropriations Act of 2015) amended Code section 432 and added measures that permit a sponsor of a multiemployer defined benefit plan that is “in critical and declining status” to suspend certain benefits, if certain conditions are satisfied.
Today’s release seeks comments on critical matters that will be addressed in future guidance to implement section 432(e)(9). The comments requested pertain to:
© 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.