The Multiemployer Pension Reform Act of 2014 permits multiemployer defined benefit pension plans that are projected to have insufficient funds to pay full plan benefits (referred to as plans in “critical and declining status”) to reduce the pension benefits payable to plan participants and beneficiaries if certain conditions and limitations are satisfied. The final rules also set forth the notice requirements and the process for seeking approval from the Treasury, PBGC, and the DOL to suspend benefits. These rules affect active, retired, and deferred vested participants and beneficiaries of affected multiemployer plans, as well as employers contributing to, and sponsors and administrators of, those plans. The final rules are effective as of April 28, 2016.
The final rules are available here.