Source: https://www.law.cornell.edu/cfr/text/29/4041.21
Timestamp: 2019-09-21 09:49:43
Document Index: 266124254

Matched Legal Cases: ['§ 4041', '§ 4041', '§ 4041', '§ 4041', '§ 4041', '§ 4041', '§ 4041', '§ 4041', '§ 4041', '§ 4041', '§ 4041', '§ 4041', '§ 4041']

29 CFR § 4041.21 - Requirements for a standard termination. | CFR | US Law | LII / Legal Information Institute
Subpart B. Standard Termination Process
Section 4041.21. Requirements for a standard termination.
29 CFR § 4041.21 - Requirements for a standard termination.
(a)Notice and distribution requirements. A standard termination is valid if the plan administrator -
(1) Issues a notice of intent to terminate to all affected parties (other than the PBGC) in accordance with § 4041.23;
(2) Issues notices of plan benefits to all affected parties entitled to plan benefits in accordance with § 4041.24;
(3) Files a standard termination notice with the PBGC in accordance with § 4041.25;
(4) Distributes the plan's assets in satisfaction of plan benefits in accordance with § 4041.28(a) and (c); and
(5) In the case of a spin-off/termination transaction (as defined in § 4041.23(c)), issues the notices required by § 4041.23(c), § 4041.24(f), and § 4041.27(a)(2) in accordance with such sections.
(b)Plan sufficiency -
(1)Commitment to make plan sufficient. A contributing sponsor of a plan or any other member of the plan's controlled group may make a commitment to contribute any additional sums necessary to enable the plan to satisfy plan benefits in accordance with § 4041.28. A commitment will be valid only if -
(iii) In any case in which the person making the commitment is the subject of a bankruptcy liquidation or reorganization proceeding, as described in § 4041.41(c)(1) or (c)(2), the commitment is approved by the court before which the liquidation or reorganization proceeding is pending or a person not in bankruptcy unconditionally guarantees to meet the commitment at or before the time distribution of assets is required.
(2)Alternative treatment of majority owner's benefit. A majority owner may elect to forgo receipt of his or her plan benefits to the extent necessary to enable the plan to satisfy all other plan benefits in accordance with § 4041.28. Any such alternative treatment of the majority owner's plan benefits is valid only if -