Termination

Implementation guidelines do not generally apply to a transfer of assets from a single-employer plan to a multiemployer plan, followed by the termination of the single-employer plan, but because plan termination is a prerequisite to a reversion of plan assets to an employer, PBGC will not recognize a plan termination when it is intended as a means to recover surplus plan assets without satisfying termination requirements.

Initial determination that notice of intent to terminate not valid where not issued by plan administrator, where company argued it was de facto plan administrator but plan clearly identified board to be created as plan administrator.