29 CFR 4245.4 - Contents of notice of insolvency.

§ 4245.4 Contents of notice of insolvency.
(a) Notice to the PBGC. A notice of insolvency required to be filed with the PBGC pursuant to § 4245.3 shall contain the information set forth below:
(1) The name of the plan.
(2) The name, address and telephone number of the plan sponsor and of the plan sponsor's duly authorized representative, if any.
(3) The nine-digit Employer Identification Number (EIN) assigned by the IRS to the plan sponsor and the three-digit Plan Identification Number (PIN) assigned by the plan sponsor to the plan, and, if different, the EIN or PIN last filed with the PBGC. If no EIN or PIN has been assigned, the notice shall so indicate.
(4) The IRS key district that has jurisdiction over determination letters with respect to the plan.
(5) The case number assigned to the plan by the PBGC. If the plan has no case number, the notice shall state whether the plan has previously filed a notice of insolvency with the PBGC and, if so, the date on which the notice was filed.
(6) The plan year or years for which the plan sponsor has determined that the plan is or may become insolvent.
(7) A copy of the plan document, including the last restatement of the plan and all subsequent amendments in effect, or to become effective, during the insolvency year or years. However, if a copy of the plan document was submitted to the PBGC with a previous notice of insolvency or notice of insolvency benefit level, only subsequent plan amendments need be submitted, and the notice shall state when the copy of the plan document was filed.
(8) A copy of the most recent actuarial valuation for the plan and a copy of the most recent Schedule B (Form 5500) filed for the plan, if the Schedule B contains more recent information than the actuarial valuation. If the actuarial valuation or Schedule B was previously submitted to the PBGC, it may be omitted, and the notice shall state the date on which the document was filed and that the information is still accurate and complete.
(9) The estimated amount of annual benefit payments under the plan (determined without regard to the insolvency) for each insolvency year.
(10) The estimated amount of the plan's available resources for each insolvency year.
(11) A certification, signed by the plan sponsor (or a duly authorized representative), that notices of insolvency have been given to all interested parties in accordance with the requirements of this part.
(b) Notices to interested parties. A notice of insolvency required under § 4245.3 to be given to interested parties, as defined in § 4245.3(e), shall contain the information set forth below:
(1) The name of the plan.
(2) The plan year or years for which the plan sponsor has determined that the plan is or may become insolvent.
(3) The estimated amount of annual benefit payment under the plan (determined without regard to the insolvency) for each insolvency year.
(4) The estimated amount of the plan's available resources for each insolvency year.
(5) A statement that, during the insolvency year, benefits above the amount that can be paid from available resources or the level guaranteed by the PBGC, whichever is greater, will be suspended, with a brief explanation of which benefits are guaranteed by the PBGC. The following statement may be included as an explanation of PBGC-guaranteed benefits:
Should the plan become insolvent, each participant's benefit guaranteed by the Pension Benefit Guaranty Corporation (PBGC) is determined as follows. Each participant's nonforfeitable monthly benefit payable under the plan at retirement is computed. This benefit is then divided by the participant's years of credited service under the plan. Of the resulting figure (the accrual rate), the first $5 is guaranteed at 100%. Any additional amount (up to $15) is either 75% or 65% guaranteed, depending on the past funding practices of the plan. Any remaining amount that exceeds $20 is not guaranteed. The PBGC guarantees the payment of a monthly benefit equal to this adjusted accrual rate times years of credited service. The PBGC does not guarantee benefits or benefit increases that have been in effect for fewer than 60 months before the plan becomes insolvent or is amended to reduce accrued benefits.
(6) The name, address, and telephone number of the plan administrator or other person designated by the plan sponsor to answer inquiries concerning benefits during the plan's insolvency.
[61 FR 34115, July 1, 1996, as amended at 68 FR 61357, Oct. 28, 2003]

Title 29 published on 2013-07-01

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