(b)De minimis merger defined. A merger is de minimis if the present value of accrued benefits (whether or not vested) of one plan is less than 3 percent of the fair market value of the other plan's assets.
(c)De minimis transfer defined. A transfer of assets or liabilities is de minimis if -
(2) The present value of the accrued benefits transferred (whether or not vested) is less than 3 percent of the fair market value of all the assets of the transferee plan; and
(3) The transferee plan is not a plan that has terminated under section 4041A(a)(2) of ERISA.
(d)Value of assets and benefits. For purposes of paragraphs (b) and (c) of this section, the value of plan assets and accrued benefits may be determined as of any date prior to the proposed effective date of the transaction, but not earlier than the date of the most recent actuarial valuation.
(e)Aggregation required. In determining whether a merger or transfer is de minimis, the assets and accrued benefits transferred in previous de minimismergers and transfers within the same plan year must be aggregated as described in paragraphs (e)(1) and (e)(2) of this section. For the purposes of those paragraphs, the value of plan assets may be determined as of the date during the plan year on which the total value of the plan's assets is the highest.
(1) A merger is not de minimis if the total present value of accrued benefits merged into a plan, when aggregated with all prior de minimismergers of and transfers to that plan effective within the same plan year, equals or exceeds 3 percent of the value of the plan's assets.