The Kline-Miller Multiemployer Pension Reform Act of 2014
UPDATE (11/19/15): APPLICATION FROM CENTRAL STATES PENSION PLAN
The Treasury Department has received an application under Kline-Miller from the Board of Trustees of the Central States, Southeast and Southwest Areas Pension Plan (Central States Pension Plan).
Read a message about this application from Kenneth Feinberg, Special Master for the Treasury Department’s Implementation of Kline-Miller.
Treasury has
postedthe application on this website. Treasury has also published
a notice in the Federal Register soliciting public commentson the application from plan participants and other interested parties. If you wish to submit a public comment electronically, you can click
hereto comment via the Federal Register Notice through December 7, 2015.
In order to provide additional opportunities for plan participants to provide feedback, Treasury is hosting regular conference calls on the Central States application every Monday. The next conference call will be:
Monday, November 23, 2015 at 3:00 PM.
Conference call-in number: 888-324-9602
Conference participant code: 7865356
Treasury will also hold public sessions in impacted regions. Check back soon for information about a public session in your area.
If you are a participant in the Central States Pension Plan, the plan's Board of Trustees is required to provide notice of the application to reduce benefits to you. That notice is also required to include an individualized estimate of the effect of the proposed benefit reductions on you. If you have questions about how proposed benefit reductions will specifically impact you, please contact the plan administrator. Contact information for the plan administrator is available in the Central States Pension Plan summary plan description.
Under Kline-Miller, Treasury is responsible for determining whether the application for a reduction of benefits meets the requirements set by Congress. Benefits cannot be reduced until after the following actions take place:
- The plan sponsor must notify participants and beneficiaries of the application for a benefit reduction and provide an individualized estimate of reduced benefits
- Participants and beneficiaries must have an opportunity to comment on the application
- Treasury must review and, if the application satisfies all of the Kline-Miller requirements, must approve the application
- Participants and beneficiaries must have an opportunity to vote on the benefit reduction
Treasury has up to 225 days to approve or deny an application, and, if an application is approved, 30 days to administer a vote on the proposed benefit reductions.
https://www.treasury.gov/services/Pages/Benefit-Suspensions.aspx