(a) Review period upon filing of standard termination notice
(1) General rule. After a complete standard termination notice has been filed in accordance with
§ 4041.9, the PBGC has 60 days to review the notice, determine whether to issue a notice of noncompliance pursuant to
§ 4041.26, and issue any such notice. The 60-day review period begins on the day following the filing of a complete standard termination notice and includes the 60th day. If the PBGC does not issue a notice of noncompliance by the last day of this 60-day period, the plan administrator shall proceed to close out the plan in accordance with
§ 4041.27.
(2) Extension of review period. The 60-day review period may be extended according to the following rules:
(i) The PBGC and the plan administrator may agree in writing, before the expiration of the 60-day review period, to extend the period for up to an additional 60 days;
(ii) More than one such extension may be made; and
(iii) Any extension may be made upon whatever terms and conditions are agreed to by the PBGC and the plan administrator.
(3) Suspension of review period. The 60-day review period shall be suspended in accordance with
paragraph (d) of this section if the PBGC requests supplemental information.
(b) Acknowledgment of complete standard termination notice. The PBGC shall notify the plan administrator in writing of the date on which a complete standard termination notice was filed, so that the plan administrator may determine when the 60-day review period will expire.
(c) Return of incomplete standard termination notice. The PBGC shall return an incomplete standard termination notice and advise the plan administrator in writing of the missing item(s) of information and that the complete standard termination notice must be filed no later than the 120th day after the proposed termination date or the 20th day after the date of the PBGC notice, whichever is later.
(d) Authority to request supplemental information. Whenever the PBGC has reason to believe that any of the requirements of
§§ 4041.21 through 4041.24 of this part were not complied with, or in any proposed termination that will result in a reversion of residual assets to the contributing sponsor, the PBGC may require the submission of information supplementing that furnished pursuant to
§ 4041.24. A request for additional information under this paragraph shall be in writing and shall suspend the running of the 60-day (or extended) review period described in
paragraph (a) of this section. That period shall begin running again on the day following the filing of the required information. If a plan administrator or contributing sponsor fails to submit information required under this paragraph within the period specified in the PBGC's request, the PBGC may issue a notice of noncompliance in accordance with
§ 4041.26 or take other appropriate action to enforce the requirements of title IV of ERISA.
(e) Authority to suspend or nullify proposed termination. Notwithstanding any other provision of this part, the PBGC may, by written notice to the plan administrator, suspend or nullify a proposed termination after expiration of the 60-day (or extended) review period in any case in which it determines that such action is necessary to carry out the purposes of title IV of ERISA.
29 C.F.R. § 4041.25 — Standard termination notice. · CFR 1997 annual edition (revised as of 1997-07-01) · https://pensionresource.website/EAMain?content=EAMain.Law&id=cfr29-4041.25&asof=1997-07-01 · printed Oct 16, 2026