[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: 29CFR4041.30]

[Page 748]
 
                             TITLE 29--LABOR
 
                          GUARANTY CORPORATION
 
PART 4041--TERMINATION OF SINGLE-EMPLOYER PLANS--Table of Contents
 
                 Subpart B--Standard Termination Process
 
Sec. 4041.30  Requests for deadline extensions.

    (a) In general. The PBGC may in its discretion extend a deadline for 
taking action under this subpart to a later date. The PBGC will grant 
such an extension where it finds compelling reasons why it is not 
administratively feasible for the plan administrator (or other persons 
acting on behalf of the plan administrator) to take the action until the 
later date and the delay is brief. The PBGC will consider--
    (1) The length of the delay; and
    (2) Whether ordinary business care and prudence in attempting to 
meet the deadline is exercised.
    (b) Time of extension request. Any request for an extension under 
paragraph (a) of this section that is filed later than the 15th day 
before the applicable deadline must include a justification for not 
filing the request earlier.
    (c) IRS determination letter requests. Any request for an extension 
under paragraph (a) of this section of the deadline in Sec. 4041.25(c) 
for submitting a determination letter request to the IRS (in order to 
qualify for the distribution deadline in Sec. 4041.28(a)(1)(ii)) will be 
deemed to be granted unless the PBGC notifies the plan administrator 
otherwise within 60 days after receipt of the request (or, if later, by 
the end of the PBGC's review period under Sec. 4041.26(a)). The PBGC 
will notify the plan administrator in writing of the date on which it 
receives such request.
    (d) Statutory deadlines not extendable. The PBGC will not--
    (1) Pre-distribution deadlines. (i) Extend the 60-day time limit 
under Sec. 4041.23(a) for issuing the notice of intent to terminate; or
    (ii) Waive the requirement in Sec. 4041.24(a) that the notice of 
plan benefits be issued by the time the plan administrator files the 
standard termination notice with the PBGC; or
    (2) Post-distribution deadlines. Extend the deadline under 
Sec. 4041.29(a) for filing the post-distribution certification. However, 
the PBGC will assess a penalty for late filing of a post-distribution 
certification only under the circumstances described in Sec. 4041.29(b).