December 17, 2015

Government Developments on Suspension, Partitions

The Department of the Treasury (Treasury) and the Pension Benefit Guaranty Corporation (PBGC) continue to address suspensions and partitions under the provisions added by the Multiemployer Pension Reform Act of 2014 (MPRA). The Treasury will conduct a public hearing on December 18, 2016 on the proposed rules governing the participant vote on approved suspension determinations. In a separate announcement, the Treasury has extended the comment period on the suspension application of the Central States, Southeast and Southwest Areas Pension Plan (Central States Teamsters Pension Plan) to February 1, 2016. With respect to partitions, the Office of Management and Budget (OMB) has completed its review of the PBGC’s final rule on partitions. With that required step completed, the PBGC is expected to issue the final rule shortly.

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Serena Simons

Serena Simons

SVP, National Retirement Compliance Practice Leader