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ARTICLE · 08 SEPTEMBER 2015

IRS Issues Guidance On Participant Voting Requirement For Benefit Suspensions Under MPRA

McGuireWoods LLP
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Earlier this week, the Internal Revenue Service issued proposed and temporary regulations (collectively, the Guidance) under the Multiemployer Pension Reform Act of 2014.

United StatesEmployment and HR
Robert Wynne
Robert Wynne
James McElligott, Jr
James McElligott, Jr

Earlier this week, the Internal Revenue Service (IRS) issued proposed and temporary regulations (collectively, the Guidance) under the Multiemployer Pension Reform Act of 2014 (MPRA). As discussed in an earlier WorkCite article, MPRA permits multiemployer pension plans in "critical and declining status" to reduce the pension benefits payable to plan participants and beneficiaries if certain conditions are satisfied. Before a proposed benefit suspension can take effect, however, a vote of the plan participants and beneficiaries as to the suspension is required. The Guidance provides a detailed explanation relating to the administration of that voting requirement.

Participant Voting Requirement

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