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Pension Resource

29 C.F.R. § 4041.46

PBGC determination of compliance with requirements for distress termination.
CFR 1997 annual edition (revised as of 1997-07-01) · superseded Jul 1, 1998
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(a) General rules. When a distribution notice is issued by the PBGC pursuant to § 4041.45(c), the plan administrator shall—
(1) No later than 60 days after receiving the distribution notice or, if applicable, no later than the due date established in an extension notice issued under § 4041.8, issue a notice of benefit distribution in accordance with the rules described in paragraphs (c) and (d) of this section to each person (other than any employee organization or the PBGC) who is an affected party as of the termination date (and, in the case of a spin-off/termination transaction as described in § 4041.21(f), each person who is, as of the termination date, a participant in the original plan and covered by the ongoing plan); and
(2) No later than 15 days after the date on which the plan administrator completes the issuance of the notices of benefit distribution, file with the PBGC a certification that the notices were so issued in accordance with the requirements of this section.
(b) Discovery of other affected parties. Notwithstanding the provisions of paragraph (a) of this section, if the plan administrator discovers additional persons entitled to a notice of benefit distribution after the expiration of the time period specified in paragraph (a)(1) of this section, the failure to issue the notices of benefit distribution to such persons within the specified time period will not cause such notices to be untimely under paragraph (a) of this section if the plan administrator could not reasonably have been expected to know of the additional persons and if he or she promptly issues, to each such additional person, a notice of benefit distribution in the form and containing the information specified in paragraph (d) of this section.
(c) Issuance
(1) Method. The plan administrator shall issue a notice of benefit distribution individually to each person, either by hand-delivery or by first-class mail or courier service directed to the person's last known address.
(2) When issued. A notice of benefit distribution is deemed issued to each person on the date it is handed to the person or deposited with a mail or courier service (as evidenced by a postmark or written receipt).
(d) Form and content of notices. The plan administrator shall provide notices of benefit distribution in the form described in § 4041.23 (a) and (b) of this part and shall include in each—
(1) The information described in § 4041.23(c) of this part;
(2) The information described in § 4041.23 (d), (e), or (f) of this part, as applicable (replacing the term “plan benefits” with “title IV benefits” and “proposed termination date” with “termination date”.
(3) A statement that, after plan assets have been distributed to provide all of the title IV benefits payable with respect to a participant or a beneficiary of a deceased participant, either by the purchase of an irrevocable commitment or commitments from an insurer to provide benefits or by an alternative form of distribution provided for under the plan, the PBGC's guarantee with respect to that participant's or beneficiary's benefit ends; and
(4) If distribution of benefits under the plan may be wholly or partially by the purchase of irrevocable commitments from an insurer—
(i) The name and address of the insurer or insurers from whom, or (if not then known) the insurers from among whom, the plan administrator intends to purchase the irrevocable commitments; or
(ii) If the plan administrator has not identified an insurer or insurers at the time the notice of distribution is issued, a statement that the affected party to whom the notice is directed will be notified at a later date (but no later than 45 days before the distribution date) of the name and address of the insurer or insurers from whom, or (if not then known) the insurers from among whom, irrevocable commitments may be purchased.
(e) Supplemental notice requirements.
(1) The plan administrator shall issue a supplemental notice (or notices) of distribution to each person in accordance with the rules in paragraph (e)(2) of this section if—
(i) The plan administrator has not yet identified an insurer or insurers at the time the notice of distribution is issued; or
(ii) The plan administrator included in the notice of distribution the name or names of the insurer or insurers from whom (or from among whom) he or she intends to purchase the irrevocable commitments, but subsequently decides to select a different insurer.
(2) The plan administrator shall issue each supplemental notice in the manner provided in paragraph (c) of this section no later than 45 days before the distribution date and shall include the name and address of the insurer or insurers from whom, or (if not then known) the insurers from among whom, the plan administrator intends to purchase the irrevocable commitments.
29 C.F.R. § 4041.46 — PBGC determination of compliance with requirements for distress termination. · CFR 1997 annual edition (revised as of 1997-07-01) · https://pensionresource.website/EAMain?content=EAMain.Law&id=cfr29-4041.46&asof=1995-01-04 · printed Oct 16, 2026
On this page
  • (a) General rules.
  • (b) Discovery of other affected parties.
  • (c) Issuance
  • (d) Form and content of notices.
  • (e) Supplemental notice requirements.
Implements
ERISA § 4041 (29 U.S.C. § 1341) Termination of single-employer plans
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EffectiveThroughSourceAmended by
Jul 1, 1997Jun 30, 1998CFR 1997 annual edition (revised as of 1997-07-01) run 127View
Jul 1, 1998currenteCFR amendment effective 2017-01-01 run 2View · Redline (sign in)
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