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DEPARTMENT OF THE TREASURY 

WASHINGTON, D.C. 

December 20, 2018 

Board of Trustees of the Plasterers & Cement 

Masons Local No. 94 Pension Fund 

c/o Joe Moskauski 

PA TH Administrators 

4785 Linglestown Road, Suite 200 

Harrisburg, PA 17112 

Re: Plasterers & Cement Masons Local No. 94 Pension Fund (Fund) 

Application for Reduction of Benefits 

Dear Mr. Moskauski: 

On November 8, 2018, you were notified that the Secretary of the Treasury (Treasury), in 

consultation with the Secretary of Labor (DOL) and the Pension Benefit Guaranty Corporation 

(PBGC), had reviewed your application (Application) for a reduction in benefits, which was 

submitted on March 30, 2018, and determined that the Application satisfied the requirements of 

subparagraphs (C), (D), (E), and (F) of section 432(e)(9) of the Internal Revenue Code (Code), 

which were added to the Code by the Multiemployer Pension Reform Act of 2014 (MPRA). The 

notification explained that, as required under MPRA, before any benefit reduction could go into 

effect, Treasury would administer a vote of eligible participants and beneficiaries to approve or 

reject the proposed benefit reduction. 

The voting period began on November 21, 2018, and ended on December 13, 2018. The Fund 

identified 106 participants and beneficiaries as eligible to vote. Of the voters identified by the 

Fund who received a ballot, 1 26 (or 25 percent of all eligible voters) voted to reject the benefit 

reduction, 12 voted to approve the benefit reduction, and 66 did not return a ballot. Because a 

majority of voters identified as eligible by the Fund did not vote to reject the benefit reduction, the 

benefit reduction is permitted to go into effect. Treasury, in consultation with DOL and PBGC, 

has issued a final authorization to reduce benefits under the Fund as described in the Application, 

effective May I, 2019, subject to the conditions described below. 

Under MPRA, the Fund's ability to reduce benefits is conditioned on the Fund's compliance with 

subparagraphs (C) and (E) of section 432(e)(9). Under subparagraph (C), after the benefit 

reduction goes into effect, the Fund's plan sponsor must make an annual determination that, 

despite all reasonable measures to avoid insolvency, the Fund is projected to become insolvent 

unless a benefit reduction continues. The Fund's plan sponsor must maintain a written record of 

these annual determinations, and this record must include a description of the factors considered to 

1 There were two eligible voters whose ballot packet materials were returned to the vote administrator as undeliverable 

and who could not be located using reasonable means. 
Board of Trustees 

Plasterers & Cement Masons Local No. 94 Pension Fund 

December 20, 2018 

Page2 

determine whether all reasonable measures have been taken to avoid insolvency. The written 

record must be made available to participants and beneficiaries. If the Fund's plan sponsor fails to 

satisfy the annual plan sponsor determination requirement for a plan year (including maintaining 

the written record}, then the reduction of benefits will expire as of the first day of the following 

plan year.2 

Subparagraph (E) of section 432(e)(9) establishes rules that apply to any benefit improvements that 

are made under the Fund during the period that the benefit reduction remains in effect. 

A copy of this letter will be posted on the Treasury Department website. Please contact Treasury 

staff if you have any questions or need any additional information. 

cc: James J. McKeogh 

Boris A. Vaynblat 

Charles W. Johnson 

2 26 C.F.R. § 1.432(e)(9)-l(c)(5). 

Sincerely, 

Danielle Norris 

MPRA Director