The following terms are defined in
§ 4001.2 of this chapter: affected party, annuity, benefit liabilities, Code, contributing sponsor, controlled group, distress termination, distribution date, employer, ERISA, guaranteed benefit, insurer, irrevocable commitment, IRS, mandatory employee contributions, normal retirement age, notice of intent to terminate, PBGC, person, plan, plan administrator, plan year, single-employer plan, standard termination, termination date, and title IV benefit.
In addition, for purposes of this part:
Distress termination notice means the notice filed with the PBGC pursuant to
section 4041(c)(2)(A) of ERISA and
§ 4041.43. PBGC Form 601 (including Schedule EA-D) is the distress termination notice.
Distribution notice means the notice issued to the plan administrator by the PBGC pursuant to
§ 4041.45(c) of this part upon the PBGC's determination that the plan has sufficient assets to pay at least guaranteed benefits.
Existing collective bargaining agreement means a collective bargaining agreement that—
(1) By its terms, either has not expired or is extended beyond its stated expiration date because neither of the collective bargaining parties took the required action to terminate it, and
(2) Has not been made inoperative by a judicial ruling. When a collective bargaining agreement no longer meets these conditions, it ceases to be an “existing collective bargaining agreement,” whether or not any or all of its terms may continue to apply by operation of law.
Majority owner means, with respect to a contributing sponsor of a single-employer plan, an individual who owns, directly or indirectly, 50 percent or more of—
(1) An unincorporated trade or business,
(2) The capital interest or the profits interest in a partnership, or
(3) Either the voting stock of a corporation or the value of all of the stock of a corporation. For this purpose, the constructive ownership rules of
sections 414 (b) and (c) of the Code shall apply.
Notice of benefit distribution means the notice to each participant and beneficiary required by
§ 4041.46 of this part describing the benefit to be distributed to him or her.
Notice of noncompliance means a notice issued to a plan administrator by the PBGC pursuant to
section 4041(b)(2)(C) of ERISA and
§ 4041.26 of this part advising the plan administrator that the requirements for a standard termination have not been satisfied and that the plan is an ongoing plan.
Participant means—
(1) Any individual who is currently in employment covered by the plan and who is earning or retaining credited service under the plan, including any individual who is considered covered under the plan for purposes of meeting the minimum participation requirements but who, because of offset or similar provisions, does not have any accrued benefits;
(2) Any nonvested individual who is not currently in employment covered by the plan but who is earning or retaining credited service under the plan; and
(3) Any individual who is retired or separated from employment covered by the plan and who is receiving benefits under the plan or is entitled to begin receiving benefits under the plan in the future, excluding any such individual to whom an insurer has made an irrevocable commitment to pay all the benefits to which the individual is entitled under the plan.
Plan benefits means the benefits to which a participant is, or may become, entitled under the plan's provisions in effect as of the termination date, based on the participant's accrued benefit under the plan as of that date. Each participant's “plan benefits” equals that participant's “benefit liabilities,” and the sum of all “plan benefits” equals the plan's “benefit liabilities.”
Proposed distribution date means the date chosen by the plan administrator as the tentative date for the distribution of plan assets pursuant to a standard termination. A proposed distribution date may not be earlier than the 61st day, nor later than the 240th day, following the day on which the plan administrator files a standard termination notice with the PBGC.
Proposed termination date means the date specified as such by the plan administrator in the notice of intent to terminate or, if later, in the standard termination notice or the distress termination notice. A proposed termination date becomes the “termination date” if a plan terminates in a standard termination. A proposed termination date specified in the notice of intent to terminate or standard termination notice may not be earlier than the 60th day, nor later than the 90th day, after the issuance of the notice of intent to terminate. A proposed termination date specified in the distress termination notice may not be earlier than the proposed termination date specified in the notice of intent to terminate, or (except with PBGC approval) later than the 90th day after the issuance of the notice of intent to terminate.
Residual assets means the plan assets remaining after all benefit liabilities and other liabilities of the plan have been satisfied.
Standard termination notice means the notice filed with the PBGC pursuant to
section 4041(b)(2)(A) of ERISA and
§ 4041.24 of this part advising the PBGC of a proposed standard termination. PBGC Form 500 (including Schedule EA-S) is the standard termination notice.
29 C.F.R. § 4041.2 — Definitions. · CFR 1997 annual edition (revised as of 1997-07-01) · https://pensionresource.website/EAMain?content=EAMain.Law&id=cfr29-4041.2&asof=1997-07-01 · printed Oct 16, 2026