IRS Issues Guidance and Application Procedures on Suspension of Benefits for Plans in Critical and Declining Status | Practical Law
The Internal Revenue Service (IRS) issued guidance on Internal Revenue Code Section 432(e)(9) which permits multiemployer defined benefit plans in critical and declining status to suspend benefits payable to participants and beneficiaries if certain conditions are satisfied, pursuant to the 2014 Multiemployer Pension Reform Act (MPRA).