[Code of Federal Regulations]
[Title 29, Volume 9]
[Revised as of July 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR4041.26]

[Page 745]
 
                             TITLE 29--LABOR
 
                          GUARANTY CORPORATION
 
PART 4041--TERMINATION OF SINGLE-EMPLOYER PLANS--Table of Contents
 
                 Subpart B--Standard Termination Process
 
Sec. 4041.26  PBGC review of standard termination notice.

    (a) Review period. (1) In general. The PBGC will notify the plan 
administrator in writing of the date on which it received a complete 
standard termination notice at the address provided in the PBGC's 
standard termination forms and instructions package. If the PBGC does 
not issue a notice of noncompliance under Sec. 4041.31 during its 60-day 
review period following such date, the plan administrator must proceed 
to close out the plan in accordance with Sec. 4041.28.
    (2) Extension of review period. The PBGC and the plan administrator 
may, before the expiration of the PBGC review period in paragraph (a)(1) 
of this section, agree in writing to extend that period.
    (b) If standard termination notice is incomplete. (1) For purposes 
of timely filing. If the standard termination notice is incomplete, the 
PBGC may, based on the nature and extent of the omission, provide the 
plan administrator an opportunity to complete the notice. In such a 
case, the standard termination notice will be deemed to have been 
complete as of the date when originally filed for purposes of 
Sec. 4041.25(a), provided the plan administrator provides the missing 
information by the later of--
    (i) The 180th day after the proposed termination date; or
    (ii) The 30th day after the date of the PBGC notice that the filing 
was incomplete.
    (2) For purposes of PBGC review period. If the standard termination 
notice is completed under paragraph (b)(1) of this section, the PBGC 
will determine whether the notice will be deemed to have been complete 
as of the date when originally filed for purposes of determining when 
the PBGC's review period begins under Sec. 4041.26(a)(1).
    (c) Additional information. (1) Deadline for providing additional 
information. The PBGC may in any case require the submission of 
additional information relevant to the termination proceeding. Any such 
additional information becomes part of the standard termination notice 
and must be submitted within 30 days after the date of a written request 
by the PBGC, or within a different time period specified therein. The 
PBGC may in its discretion shorten the time period where it determines 
that the interests of the PBGC or participants may be prejudiced by a 
delay in receipt of the information.
    (2) Effect on termination proceeding. A request for additional 
information will suspend the running of the PBGC's 60-day review period. 
The review period will begin running again on the day the required 
information is received and continue for the greater of--
    (i) The number of days remaining in the review period; or
    (ii) Five regular business days.