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Termination

  • Opinion Letter 90-03

    Once irrevocable commitments are purchased, PBGC no longer guarantees the benefits.

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  • Opinion Letter 77-151

    Not appropriate to charge against plan assets legal fees arising from plan termination.

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  • Opinion Letter 93-01

    The obligation to pay premiums ceases when plan assets are distributed under priority categories 1- 6 without regard to whether there are residual assets.

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  • Opinion Letter 75-31

    A proposed plan distribution must be in compliance with § 4044 regardless of whether the IRS has issued a determination letter regarding a plan termination. IRS cannot issue an exception to section 4044.

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  • Opinion Letter 75-89

    Conversion from a covered plan to an individual account plan is a termination.

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  • Opinion Letter 86-27

    PBGC disapproves proposed plans that an employer wishes to adopt because they would effect an impermissible continuation of terminated plans for which guaranteed benefits are being paid.

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  • Opinion Letter 81-10

    A plan that in practice met the criteria for tax qualification for five years prior to its termination date was covered under Title IV at plan termination.

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  • Opinion Letter 87-06

    All affected parties may submit comments to PBGC on a proposed distress termination.

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  • Opinion Letter 80-22

    Discusses the rules governing plan termination and notes that the employers may owe withdrawal liability.

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  • Opinion Letter 81-20

    Pension Benefit Guaranty Corporation 81-20 July 15, 1981 RE FERENCE: [*1] 4 043. Reportable Events29 C FR 2617 Determination of Plan Sufficiency & Termination of Sufficient Plans OP INION: This i s in response to your inquiry as to w hether a reportable event occurs under the Pension Benefit GuarantyC orporation's regu lation on Repo rting and Notification Requirements for Reportable Events, 29 C.F.R. Part 2617, when a parent c orporation with a division that maintains a pension plan covered under Title IV sells an incorporated subsidiary that has assets equal t o approximately 1/2 of 1% of the parent corporation's assets. You also ask whether the ans wer wou ld be the s ame if the corporation sells a division (other than the division covered by the plan) that is the same sizeas the inc orporated subsidiary. Sec tion 2617.23(a) of the PBGC's reportable events regulation provides in pertinent part that: . . . a reportable event occurs with respect to a si ngle employer plan o f a contributing sponsor with nonforfeitableben efits which are not funded of $1 million or more when-- (1) As a result of a transaction invo lving a transfer of assets of or an ownership interest in a contrib uting sponsor--(i) There is or will be a new con tributing sponsor that is not a member of the [*2] controlled group of the previous con tributing sponsor; (ii) The contributi ng sponsor leaves or will leave the controlled group; or (iii) The cont ributing sponsor becomes or wil l become a member of a different controlled group, except where the new cont rolled group is or will be the same, but for the addition of another trade or busin ess, as th e contributing sponsor'scontrolled group before the transact ion; or (2) As a result of a transaction involving a transfer by a contributing spo nsor of assets of or an ownership interestin anot her trade or bus iness, the sponsor and that trade or busines s are or will be no longer part of the same con

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