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29 C.F.R. § 4022.21

Limitations; in general.
CFR 2010 annual edition (revised as of 2010-07-01) · superseded Jul 1, 2011 · last amended by 67 FR 16956, Apr. 8, 2002
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(a)
(1) Subject to paragraphs (b), (c) and (d) of this section, the PBGC will not guarantee that part of an installment payment that exceeds the dollar amount payable as a straight life annuity commencing at normal retirement age, or thereafter, to which a participant would have been entitled under the provisions of the plan in effect on the termination date, on the basis of his credited service to such date. If the plan does not provide a straight life annuity either as its normal form of retirement benefit or as an option to the normal form, the PBGC will for purposes of this paragraph convert the plan's normal form benefit to a straight life annuity of equal actuarial value as determined by the PBGC.
(2) The limitation of paragraph (a)(1) of this section shall not apply to:
(i) A survivor's benefit payable as an annuity on account of the death of a participant that occurred on or before the plan's termination date and before the participant retired;
(ii) A disability pension described in § 4022.6 of this part; or
(iii) A benefit payable in non-level installments that in combination with Social Security, Railroad Retirement, or workman's compensation benefits yields a substantially level income if the projected income from the plan benefit over the expected life of the recipient does not exceed the value of the straight life annuity described in paragraph (a)(1) of this section.
(b) The PBGC will not guarantee the payment of that part of any benefit that exceeds the limitations in section 4022(b) of ERISA and this subpart B.
(c)
(1) Except as provided in paragraph (c)(2) of this section, the PBGC does not guarantee a benefit payable in a single installment (or substantially so) upon the death of a participant or his surviving beneficiary unless that benefit is substantially derived from a reduction in the pension benefit payable to the participant or surviving beneficiary.
(2) Paragraphs (a) and (c)(1) of this section do not apply to that portion of accumulated mandatory employee contributions payable under a plan upon the death of a participant, and such a benefit is a pension benefit for purposes of this part.
(d) The PBGC will not guarantee a joint-life annuity benefit payable to other than—
(1) Natural persons; or
(2) A trust or estate for the benefit of one or more natural persons.
Source credit, amendments & notes

[61 FR 34028, July 1, 1996, as amended at 67 FR 16956, Apr. 8, 2002]

29 C.F.R. § 4022.21 — Limitations; in general. · CFR 2010 annual edition (revised as of 2010-07-01) · https://pensionresource.website/EAMain?content=EAMain.Law&id=cfr29-4022.21&asof=2002-07-01 · printed Oct 16, 2026
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  • (a) (a)
  • (b) (b) The PBGC will not guarantee the payment of that part of…
  • (c) (c)
  • (d) (d) The PBGC will not guarantee a joint-life annuity benefi…
Implements
ERISA § 4022 (29 U.S.C. § 1322) Single-employer plan benefits guaranteed
Cited by (code & regs)
Guidance addressing this section

No documents are primarily about this section.

Also cited in 7 other documents
PBGC
Final Rules
  • 88 FR 44045 Jul 11, 2023 — Benefit Payments and Allocation of Assets
  • 83 FR 49799 Oct 3, 2018 — Owner-Participant Changes to Guaranteed Benefits and Asset Allocation
  • 79 FR 70090 Nov 25, 2014 — Title IV Treatment of Rollovers From Defined Contribution Plans to Defined Benefit Plans
  • 76 FR 34590 Jun 14, 2011 — Bankruptcy Filing Date Treated as Plan Termination Date for Certain Purposes; Guaranteed Benefits; Allocation of Plan Assets; Pension Protection Act of 2006 (e)
Proposed Rules
  • 83 FR 9716Proposed Mar 7, 2018 — Owner-Participant Changes to Guaranteed Benefits and Asset Allocation Comments due May 7, 2018
  • 79 FR 18483Proposed Apr 2, 2014 — Title IV Treatment of Rollovers From Defined Contribution Plans To Defined Benefit Plans Comments due Jun 2, 2014
Technical Updates
  • PBGC Tech. Update 07-4 Aug 31, 2007 — Present Value of the Maximum PBGC Guaranteed Benefit under IRC Section 436(d)(3)(A)(ii) and ERISA Section 206(g)(3)(C)(i)(II) (a)(1)

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Each row is a version of the text as published by the official source. Code dates are the edition/release point that first reflected the change; regulation dates are eCFR effective dates. The library checks the official sources automatically, so new versions appear here on their own; “run” opens the sync that recorded a version.

EffectiveThroughSourceAmended by
Jul 1, 1997Jun 30, 2002CFR 2001 annual edition (revised as of 2001-07-01) run 127View
Jul 1, 2002Jun 30, 2011CFR 2010 annual edition (revised as of 2010-07-01) run 12767 FR 16956, Apr. 8, 2002View · Redline (sign in)
Jul 1, 2011Jun 30, 2012CFR 2011 annual edition (revised as of 2011-07-01) run 12767 FR 16956, Apr. 8, 2002View · Redline (sign in)
Jul 1, 2012Sep 20, 2021eCFR amendment effective 2017-01-01 run 776 FR 34602, June 14, 2011View · Redline (sign in)
Sep 21, 2021Jul 10, 2023eCFR editorial change effective 2021-09-21 run 776 FR 34602, June 14, 2011View · Redline (sign in)
Jul 11, 2023Aug 9, 2023eCFR amendment effective 2023-07-11 run 776 FR 34602, June 14, 2011View · Redline (sign in)
Aug 10, 2023currenteCFR amendment effective 2023-08-10 run 288 FR 44052, July 11, 2023View · Redline (sign in)
Provision-level history (blame)