May 5, 2016
On May 5, 2016, the Department of the Treasury (Treasury) issued final regulations on the “special ordering rule” for benefit suspensions under the Multiemployer Pension Reform Act of 2014 (MPRA). The final regulations adopt the rule as proposed, with a few clarifying modifications. In finalizing the proposed regulation with no substantive changes, the Treasury rejected the argument made in comments that the statutory language required benefits related to services with certain withdrawn employers described in the rule to be reduced only after all other benefits had been reduced to the maximum permissible extent.
The Treasury has already finalized the comprehensive regulations on MPRA benefit suspensions, including the section covering participant votes. With the finalization of these regulations, the MPRA benefit suspension regulation package is complete and the Treasury is now able to act on pending and future suspension applications.
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