The IRS will hold a hearing Dec. 18 on proposed rules for the voting process for multiemployer pension plan participants in distressed plans seeking benefit reductions, the agency said in a notice Monday.
Participants were given the right to vote on such proposals as part of the Multiemployer Pension Reform Act of 2014, which gives Treasury Department officials the authority to review applications from plans seeking to reduce benefits after exhausting all other measures. Treasury officials will consult with the Pension Benefit Guaranty Corp. and Department of Labor before granting a request, and participants must vote on proposed cuts, known as suspensions.
The notice, which will appear in the Federal Register Tuesday, can be found here.
