Human Resource & Labor News
www.agc.orgAugust 18, 2015 / Issue No. 04-15
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On the Inside
Wage & Hour
Proposed Changes to Overtime Regulations Announced; AGC Prepares to Comment
DOL Issues Administrator's Interpretation Concluding Most Workers are Employees Under the FLSA
HR Professional Development
Construction HR & Training Professionals Conference Offers Continuing Education Credits
Employee Benefits
ACA Regulations Regarding Summary of Benefits & Coverage Requirements Finalized
Multiemployer Pension Reform Regulations Issued
AGC Submits Comments to EEOC on Proposed Wellness Rule
Affirmative Action
New Checklist Available to Help Contractors Assess Compliance with OFCCP’s Disability Rule
New Infographic Helps Veterans Determine Their Status under VEVRAA
Union Organizing
NLRB “Quickie Election” Rule Survives Second Legal Challenge
Drug Testing
AGC Successfully Defends Zero-Tolerance Drug Policy
Multiemployer Pension Reform Regulations Issued
 

The federal agencies tasked with administering the AGC-backed Multiemployer Pension Reform Act of 2014 (“MPRA”) recently issued multiple regulatory measures to implement the new law. 

The Pension Benefit Guaranty Corporation (“PBGC”) has released an interim final rule prescribing the application and notice requirements for multiemployer pension plans seeking to take advantage of expanded partition opportunities under MPRA.  The rule became effective upon its publication in the Federal Register on June 19.

On the same day, the Internal Revenue Service (“IRS”) issued temporary regulations and a proposed rule prescribing the application and notice requirements for plans that are deemed to be in “critical and declining status” and are seeking to suspend benefits in accordance with MPRA. The IRS also issued Revenue Procedure 2015-34, which details the application procedures and includes a model participant notice. 

Also on that day, Treasury Secretary Jacob Lew appointed Kenneth Feinberg to serve as a Special Master to oversee the benefits suspension program.

AGC submitted comments to the IRS and PBGC on prior information requests about partitioning and benefit suspensions under MPRA, and will continue to monitor developments.

For more information, contact Jim Young at youngj@agc.org or (202) 547-0133.

 
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