In the case of a plan termination described in paragraph (1) with respect to which the Corporation has been provided the notification described in subparagraph (A)(i) and with respect to which a notice of sufficiency has been issued by the Corporation before the date of the enactment of this Act, clause (i)(I) shall apply, except that the 90-day period referred to in clause (i)(I) shall begin on the date of the enactment of this Act. L. 99272, 11007(a), added subsec. (1) The amount and form of the person's plan benefits payable as of the projected benefit starting date, and what that date is; (2) The information in paragraphs (c)(2) and (c)(3) of this section; (3) If the plan benefits will be paid in any form other than a lump sum and the age at which, or form in which, the plan benefits will be paid differs from the normal retirement benefit, (i) The age or form stated in the plan; and, (ii) The age or form adjustment factors; and, (4) If the plan benefits will be paid in a lump sum. (b)(5)(A). If you have comments or suggestions on how to improve the www.ecfr.gov website or have questions about using www.ecfr.gov, please choose the 'Website Feedback' button below. In the case of a beneficiary of a deceased participant or an alternate payee, the plan administrator must issue a notice of plan benefits promptly to any person that becomes an affected party after the proposed termination date and on or before the distribution date . Mortality, Retirement & PV Max Guarantee. Notice of Layoff 9.2.1 Employees subject to the provisions of this Article shall, wherever possible, be given at least thirty (30) calendar days notice in writing prior to the effective date of layoff. Notice of intent to terminate. - Content Details - GovInfo (f) generally, substituting provisions relating to limitation on the conversion of a defined benefit plan to a defined contribution plan, for provisions relating to amendment of a plan with respect to which basic benefits are guaranteed. The Electronic Code of Federal Regulations (eCFR) is a continuously updated online version of the CFR. (c)(3)(C)(i). Pub. 1/1.1 Section 5: Employee Relations and Labor Relations. C. Notice of Intent to Terminate (NOIT) . (b) relating to standard termination of single-employer plans and struck out former subsec. L. 99272, 11009(b), redesignated subsec. developer resources. The Corporation shall consider and respond to such complaints not later than 90 days after the date on which the Corporation makes the determination described in paragraph (1)(A). The PBGC may consider a notice of intent to terminate to be timely under paragraph (a)(1) of this section if the notice was early by a de minimis number of days and the PBGC finds that the early issuance was the result of administrative error. (I) and (II). L. 100203, 9312(c)(2), struck out former subcl. L. 100203 applicable with respect to plan terminations under section 1341 of this title with respect to which notices of intent to terminate are provided under section 1341(a)(2) of this title after Dec. 17, 1987, and plan terminations with respect to which proceedings are instituted by the Pension Benefit Guaranty Corporation under section 1342 of this title after that date, see section 9312(d)(1) of Pub. Subsec. L. 101239, 7881(g)(2), substituted (as of the proposed termination date) for (as of the termination date). Subsec. Pub. In any case in which the corporation determines that the plan is sufficient for benefit liabilities, the plan administrator shall proceed to distribute the plans assets, and make certification to the corporation with respect to such distribution, in the manner described in subsection (b)(3), and shall take such other actions as may be appropriate to carry out the termination of the plan. (e) Benefits of all other persons not in pay status. (iii) which read as follows: certification by the plan administrator that the information on which the enrolled actuary based the certification under clause (i) and the information provided to the corporation under clause (ii) are accurate and complete.. (b)(3)(A)(ii). The most commonly required filing is a closing, or final IRS Form 5500, alerting the IRS that the Retirement Plan is terminating. Use the navigation links in the gray bar above to view the table of contents that this content belongs to. (eg: L. 110458, 104(d), substituted subparagraphs (B) and (D) for subparagraph (B) in introductory provisions. eCFR :: 29 CFR 4041.43 -- Notice of intent to terminate. Notice of Election Under ERISA 4062(e)(4), Notice of Additional Contributions Under ERISA 4062(e)(4), Notice of Failure to Make Additional Contributions Under ERISA 4062(e)(4)(e), Standard Terminations (Full set of PDF Forms), Certification of Sufficiency (Schedule EA-S to Form 500), Follow Standard Termination instructions (page 5 of PDF instructions), Designation of Representative (Schedule REP-S to Form 500), Notice Single-Employer Plan Termination (Form 500), Post-Distribution Certification Clause (i) and clause (iii)(I) shall not apply to a plan described in. CORRECT ANY OPERATIONAL DISCREPANCIES. Subsec. Pub. A court may limit disclosure under this subparagraph of confidential information described in section 552(b) of title 5 to any authorized representative of the participants or beneficiaries that agrees to ensure the confidentiality of such information. L. 103465, 778(a)(1)(B), (C), added subcl. Please go to PBGC.gov'sSpanish home page for more information available in Spanish. DOC APPENDIX TO 2550 - U.S. Department of Labor Such notice shall be written in such manner as is likely to be understood by the participant or beneficiary and as may be prescribed in regulations of the corporation. Any such hearing shall be exempt from the requirements of. refrains from distributing assets or taking any other actions to carry out the proposed termination under this subsection. The in-page Table of Contents is available only when multiple sections are being viewed. (c) relating to a finding and notice of inability to determine that the assets of a plan are sufficient. Subsec. Notice Single-Employer Plan Termination (Form 500) PDF. (d)(1). (e) which related to notification and appropriate proceedings upon a finding after authorized commencement of termination that the plan is unable to pay basic benefits when due. In the case of a spin-off/termination transaction (as defined in 4041.23(c)), the plan administrator must, no later than the time the plan administrator files the standard termination notice for any terminating plan, provide all participants, beneficiaries of deceased participants, and alternate payees in the original plan who are (as of the proposed termination date) covered by an ongoing plan with a notice of plan benefits containing the information in paragraphs (b) through (e) of this section. A statement that each affected party entitled to plan benefits will receive a written notification regarding his or her plan benefits; (7) Summary plan description. Subsec. (D) generally. 1341] on or after January 1, 1986, but before the date of . (c)(3)(A). A statement (as applicable) that. Section 4041.23 - Notice of intent to terminate. Displaying title 29, up to date as of 7/06/2023. Enhanced content is provided to the user to provide additional context. Subsec. (c)(2)(B)(ii)(II). (a) relating to general rules governing single-employer plan terminations and struck out former subsec. (II) to (V), substituted dates for date. Pub. (III) as (IV) and substituted (or such other appropriate court) determines that, unless the plan is terminated, such person will be unable to pay all its debts pursuant to a plan of reorganization and will be unable to continue in business outside the chapter 11 reorganization process and approves the termination for (or other appropriate court in a case under such similar law of a State or political subdivision) approves the termination. In late January 2022, AstraZeneca US informed 7,000 workers and retirees at its U.S-based research and manufacturing locations a notice of intent to terminate the plan March 31, 2022. For an affected party who, as of the proposed termination date, has validly elected a form and starting date with respect to plan benefits not yet in pay status, or with respect to whom the plan administrator has determined that a nonconsensual lump sum distribution will be made, the plan administrator must include in the notice of plan benefits. The Office of the Federal Register publishes documents on behalf of Federal agencies but does not have any authority over their programs. (c)(2)(A)(iii). Benefits of all other persons not in pay status. 948, provided that: Amendment by section 776(b)(3) of Pub. (ii). Official websites use .gov FAR). (i) which read as follows: purchase irrevocable commitments from an insurer to provide the benefit liabilities under the plan and all other benefits (if any) under the plan to which assets are required to be allocated under section 1344 of this title, or. (b)(3)(B). result, it may not include the most recent changes applied to the CFR. Then, open the form from your computer and begin filling it in. (c)(2)(A)(ii). (9) Extinguishment of guarantee. This notice is telling you that we intend to terminate your installment agreement and seize (levy) your wages and/or bank accounts if you take no action. For purposes of this subparagraph, a contributing sponsor shall be considered as experiencing substantial business hardship if the contributing sponsor has been operating, and can demonstrate that the contributing sponsor will continue to operate, at an economic loss., General rules governing single-employer plan terminations, Adherence to collective bargaining agreements, Standard termination of single-employer plans, As soon as practicable after the date on which the notice of intent to terminate is provided pursuant to subsection (a)(2), the plan, Notice to participants and beneficiaries of benefit commitments, No later than the date on which a notice is sent by the plan, including the following information used in determining such, Notice from the corporation of noncompliance, Within 60 days after receipt of the notice under subparagraph (A), the corporation shall issue a notice of noncompliance to the plan, Final distribution of assets in absence of notice of noncompliance, In connection with any final distribution of assets pursuant to the standard termination of the plan under this subsection, the plan, Certification to the corporation of final distribution of assets, Special rule for certain plans where cessation or change in membership of a controlled group, Except as provided in subparagraphs (B) and (D), if, Subparagraph (A) shall not apply to any transaction or series of transactions unless, any employer maintaining the plan immediately before or after such transaction or series of transactions, For purposes of subparagraph (A), a plan shall be treated as fully funded with respect to any transaction or series of transactions if, Distress termination of single-employer plans, unless the corporation determines the information is not necessary for purposes of paragraph (3)(A) or, in any case in which the plan is not sufficient for, Determination by the corporation of necessary distress criteria, Upon receipt of the notice of intent to terminate required under subsection (a)(2) and the information required under subparagraph (A), the corporation shall determine whether the requirements of this subparagraph are met as provided in clause (i), (ii), or (iii).
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notice of intent to terminate pension plan
