83 FR 49799 — Owner-Participant Changes to Guaranteed Benefits and Asset Allocation PBGCFinal Rules (FR)Oct 3, 2018★ strong match
…4043.2:
a. Amend the introductory text by removing the words “single-employer plan, and substantial owner” and by adding in their place the words “and single-employer plan”.
b. Add in alphabetical order a definition for “Substantial owner”.
The addition reads as follows:
§ 4043.2
Definitions.
* * * * *
Substantial owne…
83 FR 9716 — Owner-Participant Changes to Guaranteed Benefits and Asset Allocation PBGCProposed Rules (FR)Proposed Mar 7, 2018★ strong match
…4043.2: a. Amend the introductory text by removing the words “single-employer plan, and substantial owner” and by adding in their place the words “and single-employer plan”.
b. Add in alphabetical order a definition for “substantial owner”.
The addition reads as follows:
§ 4043.2
Definitions.
* * * * *
Substantial owne…
90 FR 6894 — Miscellaneous Corrections, Clarifications, and Improvements PBGCProposed Rules (FR)Proposed Jan 21, 2025★ strong match
…ination, but in addition, must receive PBGC approval if such election is made after the termination date and would result in PBGC determining that the plan is sufficient for guaranteed benefits under paragraph (c) of § 4041.47.[11]
The term “majority owner” is defined under § 4041.2 of the termination regulation as a p…
90 FR 39320 — Miscellaneous Corrections, Clarifications, and Improvements PBGCFinal Rules (FR)Aug 15, 2025★ strong match
…y Owner Under PBGC's termination regulation, in the event that a plan lacks sufficient funds to pay required plan benefits, a majority owner may forgo receipt of their plan benefits (1) to enable the plan to satisfy all other plan benefits in a standard termination,[9]
or (2) in connection with a distress termination.[…
80 FR 54980 — Reportable Events and Certain Other Notification Requirements PBGCFinal Rules (FR)Sep 11, 2015★ strong match
value of any other assets distributed, determined as of the date of distribution to the substantial owner.
(2)
Date of substantial owner distribution. The date of distribution to a substantial owner of a cash distribution is the date it is received by the substantial owner. The date of distribution to a substantial own…
78 FR 20039 — Reportable Events and Certain Other Notification Requirements PBGCProposed Rules (FR)Proposed Apr 3, 2013★ strong match
value of any other assets distributed, determined as of the date of distribution to the substantial owner.
(2)
Date of substantial owner distribution. The date of distribution to a substantial owner of a cash distribution is the date it is received by the substantial owner. The date of distribution to a substantial own…
PBGCRegulationsSep 26, 2025★ strong match
…(2)(iii) (iii) The majority owner makes the election and the spouse consents during the time period beginning with the date of issuance of the first notice of intent to terminate and ending with the date of the last distribution;
(b)(2)(iv) (iv) Neither the majority owner's election nor the spouse's consent is inconsis…
PBGCRegulationsJun 24, 2020
…; and
(b)(1)(iii) (iii) The fair market value of any other assets distributed, determined as of the date of distribution to the substantial owner.
(b)(2) (2) Date of substantial owner distribution. The date of distribution to a substantial owner of a cash distribution is the date it is received by the substantial owner…
76 FR 34590 — Bankruptcy Filing Date Treated as Plan Termination Date for Certain Purposes; Guaranteed Benefits; Allocation of Plan Assets; Pension Protection Act of 2006 PBGCFinal Rules (FR)Jun 14, 2011★ strong match
…endments made by section 404 of PPA 2006. PBGC intends to do so in a future rulemaking.
Substantial-Owner Benefits Section 407 of PPA 2006 amended section 4022(b)(5) of ERISA, which previously provided a special phase-in rule for PBGC's guarantee of the benefits of “substantial owners,” who were generally defined as th…
PBGCRegulationsJul 8, 2024★ strong match
… benefits, x equals plan assets minus employee contributions remaining in the plan on the valuation date, with interest credited thereon under the terms of the plan, and the present value of benefits in pay status, and y equals the present value of all vested benefits not in pay status minus such employee contributions…
PBGCRegulationsNov 2, 2018related by meaning
…tion date he was entitled to receive a benefit of $2,000 per month. No reduction of this benefit is required under § 4022.61(b) or (c).
(f)(3)(ii) (ii) Estimated guaranteed benefit. Paragraph (d) of this section is used to compute the amount of the estimated guaranteed benefit of majority owners. Consequently, the amou…
PBGCProposed Rules (FR)Proposed Sep 20, 2016
…the case of an unmarried participant described in paragraph (f) of this section, —
(1)
Death before required beginning date.
If the participant dies before the required beginning date, PBGC will pay no benefits with respect to the participant; and
(2)
Death after required beginning date.
If the participant dies on or a…
90 FR 46348 — Miscellaneous Corrections, Clarifications, and Improvements; Correction PBGCFinal Rules (FR)Sep 26, 2025related by meaning
…2) * * *
(iii) The majority owner makes the election and the spouse consents during the time period beginning with the date of issuance of the first notice of intent to terminate and ending with the date of the last distribution;
(iv) Neither the majority owner's election nor the spouse's consent is inconsistent with a…
PBGCRegulationsNov 2, 2018related by meaning
…e limitations in § 4022.21) with respect to participants who are majority owners at the termination date or who were majority owners at any time within the five-year period preceding that date.
PBGCFinal Rules (FR)Dec 22, 2017
…pant stopped accruing benefits
( printed page 60810)
(
i.e.,
“accrual cessation date”) replaces the required beginning date.
In the proposal, for purposes of determining the present value of future benefits using PBGC missing participant assumptions, the assumed benefit start date (for determining the annuity to value)…
PBGCCode / StatuteJan 24, 2020related by meaning
…m "substantial owner" means an individual who, at any time during the 60-month period ending on the date the determination is being made—
(d)(1) (1) owns the entire interest in an unincorporated trade or business,
(d)(2) (2) in the case of a partnership, is a partner who owns, directly or indirectly, more than 10 perce…
PBGCRegulationsNov 2, 2018
…le benefits that would be assigned to priority category 4 other than those impacted by the majority-owner limitation under § 4022.26 of this chapter. If assets available for allocation to priority category 4 are sufficient to fully satisfy the value of those other benefits, the remaining assets shall then be allocated …
PBGCRegulationsJan 1, 2017related by meaning
…dings under section 4042 of ERISA, within 30 days after the establishment of the plan's termination date in such proceedings; and
(a)(1)(ii) (ii) Submit to the PBGC the information specified in paragraph (b) of this section with respect to the contributing sponsor and each member of the contributing sponsor's controlle…
84 FR 51494 — Benefit Payments and Allocation of Assets PBGCProposed Rules (FR)Proposed Sep 30, 2019
… (i) In a case in which the partial plan distribution and the remainder annuity started on the same date, PBGC subtracts the monthly annuity equivalent of the partial plan distribution (generally determined as of the starting date of the distribution and using plan factors and assumptions) from the participant's monthl…
PBGCCode / StatuteJan 6, 2017related by meaning
(b)(3) (3) to which section 1321 of this title would apply if that section were effective beginning on July 1, 1974, and
(b)(4) (4) with respect to which a notice is filed with the Secretary of Labor and received by him not later than 10 days after September 2, 1974, except that, for reasonable cause shown, such notice…