(a) Mergers and non-significant transfers. A merger or a transfer that is not significant (“non-significant transfer”) satisfies section 4231(b)(4) of ERISA and § 4231.3(a)(2) (requiring an actuarial valuation) if an actuarial valuation has been performed for each plan involved in the merger or transfer, based on the assets and liabilities of the plan as of a date not more than three years before the date on which the notice of the merger or transfer is filed.

(b) Significant transfers. A significant transfer satisfies section 4231(b)(4) of ERISA and § 4231.3(a)(2) if an actuarial valuation has been performed for each plan involved in the transfer, based on the assets and liabilities of the plan as of a date not earlier than the first day of the last plan year ending before the proposed effective date of the transfer. The valuation shall separately identify assets, contributions and liabilities being transferred, and shall be based on the actuarial assumptions and methods that are expected to be used for the first plan year beginning after the transfer.