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Treasury Releases Proposed Regs Clarifying the UPS Rule under MPRA
Morgan Lewis Link to more items from this source
[Guidance Overview]
Feb. 17, 2016

"Under MPRA, [the Central States, Southeast and Southwest Areas Pension Fund (CSPF)] is supposed to suspend benefits for the participants in this second category 'before' contemplating any suspensions for UPS employees. In the proposed regulations, however, Treasury explains that the best interpretation of the statute is that a suspension does not need to be applied 'to the maximum extent permissible' before any suspension of benefits is permitted for UPS participants. Under the proposed regulations, CSPF would be permitted to suspend the benefits for participants in the second category and UPS employees' benefits simultaneously, provided that the benefit cuts for the second category are greater than or equal to the cuts imposed on UPS employees.... The proposed regulations are consistent with the approach CSPF has included in the benefit suspension application it filed with Treasury on September 25, 2015. UPS has vigorously opposed the approach."

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