Sufficient for guaranteed benefits
Sufficient for guaranteed benefits means that there is no amount of unfunded guaranteed benefits, as defined in section 4001(17) of ERISA. In a PPA 2006 bankruptcy termination, the determination whether a plan is sufficient for guaranteed benefits is made taking into account the limitations in sections 4022(g) and 4044(e) of ERISA (and corresponding provisions of these regulations). The determinations of which benefits are guaranteed and which benefits are in priority category 3 under section 4044(a)(3) of ERISA are made by reference to the bankruptcy filing date, but the present values of those benefits are determined as of the proposed termination date and the date of distribution.
29 CFR § 4001.2
For purposes of this chapter (unless otherwise indicated or required by the context):