The federal agencies tasked with implementing the
AGC-backed Multiemployer Pension Reform Act of 2014 issued proposed final
regulations this week that will govern the implementation of the new law. The
regulations from the Pension Benefit Guaranty Corporation and Internal Revenue
Service address the suspension of benefits and the partitioning of plans under
the Act. View the PBGC press release (link is external),final rule and the suspension of benefits guidance (link is external) from IRS.
The agencies are soliciting another round of comments,
which are due August 18, despite the rules becoming final and beginning to take
applications once they are published in the federal register tomorrow. In
addition, the Treasury Secretary has appointed an individual to oversee the
benefit suspension program.
AGC commented on the previous information
request from the administration and will evaluate the interim final rules and
comment as appropriate.
Source: AGC
of America
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