Under the Multiemployer Pension Reform Act of 2014 (MPRA), a multiemployer defined benefit plan in critical or declining status can opt to apply to suspend benefits. So far only two MPRA applications have been approved and starting on September 1st plans will need to contend with a new application.
Some additional requirements of the new application include:
Separating withdrawal liability payments into projected payments attributable to prior withdrawals versus projected payments attributable to expected future withdrawals
A narrative statement as to why the plan is in critical or declining status
Providing the accountant’s report under Section 103(a)(3)
In addition, the new application contains a number of clarifications. Plan sponsors considering filing a MPRA application should review the new application and requirements. Additional information about the new application and MPRA in general can be found here: https://www.treasury.gov/services/Pages/Plan-Applications.aspx