(a) General rule. At least 60 days and no more than 90 days before the proposed termination date, the plan administrator shall issue to each person who is (as of the proposed termination date) an affected party (other than the PBGC) a written notice of intent to terminate containing all of the information specified in
paragraph (d) of this section. Failure to comply with the requirements of this section shall nullify the proposed termination.
(b) Discovery of other affected parties. Notwithstanding the provisions of paragraph (a) of this section, if the plan administrator discovers additional affected parties after the expiration of the time period specified in paragraph (a) of this section, the failure to issue the notice of intent to terminate to such parties within the specified time period will not cause the notice to be untimely under paragraph (a) of this section if the plan administrator could not reasonably have been expected to know of the additional affected parties and if he or she promptly issues the notice to each additional affected party.
(c) Issuance
(1) Method . The plan administrator shall issue the notice of intent to terminate to each affected party (other than the PBGC) individually either by hand delivery or by first-class mail or courier service directed to the affected party's last known address.
(2) When issued. The notice of intent to terminate is deemed issued to each affected party on the date on which it is handed to the affected party or deposited with a mail or courier service (as evidenced by a postmark or written receipt).
(d) Contents of notice . The plan administrator shall include in the notice of intent to terminate all of the following information:
(1) The name of the plan and of the contributing sponsor;
(2) The employer identification number (“EIN”) of the contributing sponsor and the plan number (“PN”); if there is no EIN or PN, the notice shall so state;
(3) The name, address, and telephone number of the person who may be contacted by an affected party with questions concerning the plan's termination;
(4) A statement that the plan administrator expects to terminate the plan in a standard termination on a proposed termination date that is either—
(i) A specific date set forth in the notice, or
(ii) A date to be determined that is dependent on the occurrence of some future event;
(5) If the proposed termination date is dependent on the occurrence of a future event, the nature of the event (such as the merger of the contributing sponsor with another entity), generally when the event is expected to occur, and when the termination will occur in relation to the other event;
(6) A statement that benefit and service accruals will continue until the termination date or, if applicable, that benefit accruals were or will be frozen as of a specific date in accordance with
section 204(h) of ERISA;
(7) A statement that, in order to terminate in a standard termination, plan assets must be sufficient to provide all benefit liabilities under the plan with respect to each participant and each beneficiary of a deceased participant;
(8) A statement that, after plan assets have been distributed to provide all benefit liabilities 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;
(9) 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 intent to terminate is issued, a statement that—
(A) Irrevocable commitments may be purchased from an insurer to provide some or all of the benefits under the plan,
(B) The insurer or insurers have not yet been identified, and
(C) Affected parties (other than the PBGC) 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, the plan administrator intends to purchase the irrevocable commitments;
(10) A statement that if the termination does not occur, the plan administrator will notify the affected parties (other than the PBGC) in writing of that fact;
(11) A statement that each affected party, other than the PBGC or any employee organization, will receive a written notification of the benefits that the person will receive; and
(12) For retirees only, a statement that their monthly (or other periodic) benefit amounts will not be affected by the plan's termination.
(e) Supplemental notice requirements.
(1) The plan administrator shall issue a supplemental notice (or notices) of intent to terminate to each affected party (other than the PBGC) 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 intent to terminate is issued; or
(ii) The plan administrator notifies affected parties (other than the PBGC) of the insurer or insurers from whom (or from among whom) he or she intends to purchase the irrevocable commitments, either in the notice of intent to terminate or in a later notice, 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.
(3) Any supplemental notice or notices meeting the requirements of
paragraph (e)(2) of this section shall be deemed a part of the notice of intent to terminate.
(f) Spin-off/termination transactions. In the case of a spin-off/termination transaction, the plan administrator shall provide all participants in the original plan who are covered by the ongoing plan (as of the proposed termination date) with a notice describing the transaction no later than the date on which the plan administrator completes the issuance of notices of intent to terminate under this section. A spin-off/termination is a transaction in which a single defined benefit plan is split into two or more plans, in conjunction with the termination of one or more of the plans, resulting in a reversion of residual assets to the employer.
29 C.F.R. § 4041.21 — Requirements for a standard termination. · CFR 1997 annual edition (revised as of 1997-07-01) · https://pensionresource.website/EAMain?content=EAMain.Law&id=cfr29-4041.21&asof=1997-07-01 · printed Oct 16, 2026