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,final rule and the suspension of benefits guidance 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.
For more information, please contact Jim Young at youngj@agc.org or (202) 547-0133. Return to Top