Source: https://www.ecfr.gov/cgi-bin/text-idx?mc=true&node=se29.9.4050_1303&rgn=div8
Timestamp: 2019-12-06 22:03:07
Document Index: 123989031

Matched Legal Cases: ['art 4050', '§4050', '§4050', '§4050', '§4050', '§4050']

Title 29 → Subtitle B → Chapter XL → Subchapter E → Part 4050 → Subpart C → §4050.303
Subpart C—Certain Defined Benefit Plans Not Covered by Title IV
§4050.303 Options and duties of plan administrator.
(a) Options. The plan administrator of a subpart C plan that is closing out upon plan termination may (but need not), by filing under §4050.305, elect that the subpart C plan—
(1) Will be a “transferring plan,” that is, will pay a benefit transfer amount to PBGC for each distributee who is missing upon close-out of the subpart C plan and will be bound by the provisions of this subpart C to the extent that they apply to transferring plans, or
(2) Will be a “notifying plan,” that is, will notify PBGC of the disposition of the benefits of each distributee identified in the filing who is missing upon close-out of the plan and will, with respect to those distributees, be bound by the provisions of this subpart C to the extent that they apply to notifying plans.
(b) Diligent search—(1) In general. Except as provided in paragraph (b)(2) of this section, for each distributee whose location the plan administrator does not know with reasonable certainty upon close-out of a subpart C plan, the plan administrator must have conducted a diligent search as described in §4050.304.
(2) Notifying plans. For a notifying plan, the requirement of paragraph (b)(1) of this section applies only to distributees identified in the filing with PBGC.
(c) Filing with PBGC—(1) In general. Except as provided in paragraph (c)(2) of this section, for each distributee who is missing upon close-out of a subpart C plan, the plan administrator must file with PBGC as described in §4050.305.
(2) Notifying plans. For a notifying plan, the requirement of paragraph (c)(1) of this section applies only to distributees identified in the filing with PBGC.
(d) Benefit transfer amount. The benefit transfer amount for a missing distributee is the amount determined by the plan administrator as of the benefit determination date using whichever one of the following three methods applies:
(i) For a missing distributee not in pay status whose normal retirement date (or accrual cessation date if later) precedes the benefit determination date, the aggregate value of payments of the straight life annuity that would have been payable beginning on the normal retirement date (or accrual cessation date if later), accumulated at the missing participants interest rate from the date each payment would have been made to the benefit determination date, assuming that the distributee survived to the benefit determination date, as determined by the plan administrator; or