"The statute requires the Treasury to apply a multipart test to determine whether a cutback scheme may be licitly applied. However, the factors are quite subjective -- what is an 'equitable' distribution of benefit reductions? How much discrepancy is allowed? Is the discrepancy measured on a dollar or percentage basis? The Treasury Department has issued no public guidance that outlines how the Department evaluates each factor.... Moreover, some relevant information is not in the public record."  MORE >>