[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: 29CFR4041.43]

[Page 752-753]
 
                             TITLE 29--LABOR
 
                          GUARANTY CORPORATION
 
PART 4041--TERMINATION OF SINGLE-EMPLOYER PLANS--Table of Contents
 
                 Subpart C--Distress Termination Process
 
Sec. 4041.43  Notice of intent to terminate.

    (a) General rules. (1) At least 60 days and (except with PBGC 
approval) no more than 90 days before the proposed termination date, the 
plan administrator must issue a written notice of intent to terminate to 
each person who is an affected party as of the proposed termination 
date.
    (2) The plan administrator must issue the notice of intent to 
terminate to all affected parties other than the PBGC at or before the 
time he or she files the notice with the PBGC.
    (3) The notice to affected parties other than the PBGC must contain 
all of the information specified in paragraph (b) of this section.
    (4) The notice to the PBGC must be filed on PBGC Form 600, Distress 
Termination, Notice of Intent to Terminate, completed in accordance with 
the instructions thereto.
    (5) In the case of a beneficiary of a deceased participant or an 
alternate payee, the plan administrator must issue a notice of intent to 
terminate promptly to any person that becomes an affected party after 
the proposed termination date and on or before the date a trustee is 
appointed for the plan pursuant to section 4042(c) of ERISA (or, in the 
case of a plan that distributes assets pursuant to Sec. 4041.50, the 
distribution date).
    (b) Contents of notice to affected parties other than the PBGC. The 
plan administrator must include in the notice of intent to terminate to 
each affected party other than the PBGC all of the following 
information:
    (1) The name of the plan and of the contributing sponsor;
    (2) The EIN of the contributing sponsor and the PN; if there is no 
EIN or PN, the notice must so state;
    (3) The name, address, and telephone number of the person who may be 
contacted by an affected party with questions concerning the plan's 
termination;
    (4) A statement that the plan administrator expects to terminate the 
plan in a distress termination on a specified proposed termination date;
    (5) The cessation of accruals information in Sec. 4041.23(b)(4);

[[Page 753]]

    (6) A statement as to how an affected party entitled to receive the 
latest updated summary plan description under section 104(b) of ERISA 
can obtain it;
    (7) A statement of whether plan assets are sufficient to pay all 
guaranteed benefits or all benefit liabilities;
    (8) A brief description of what benefits are guaranteed by the PBGC 
(e.g., if only a portion of the benefits are guaranteed because of the 
phase-in rule, this should be explained), and a statement that 
participants and beneficiaries also may receive a portion of the 
benefits to which each is entitled under the terms of the plan in excess 
of guaranteed benefits; and
    (9) A statement, if applicable, that benefits may be subject to 
reduction because of the limitations on the amounts guaranteed by the 
PBGC or because plan assets are insufficient to pay for full benefits 
(pursuant to part 4022, subparts B and D, of this chapter) and that 
payments in excess of the amount guaranteed by the PBGC may be recouped 
by the PBGC (pursuant to part 4022, subpart E, of this chapter).
    (c) Spin-off/termination transactions. In the case of a spin-off/
termination transaction (as described in Sec. 4041.23(c)), the plan 
administrator must provide all participants and beneficiaries in the 
original plan who are also participants or beneficiaries in the ongoing 
plan (as of the proposed termination date) with a notice describing the 
transaction no later than the date on which the plan administrator 
completes the issuance of notices of intent to terminate under this 
section.