[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: 29CFR4041.46]

[Page 754-755]
 
                             TITLE 29--LABOR
 
                          GUARANTY CORPORATION
 
PART 4041--TERMINATION OF SINGLE-EMPLOYER PLANS--Table of Contents
 
                 Subpart C--Distress Termination Process
 
Sec. 4041.46  PBGC determination of compliance with requirements for distress termination.

    (a) General. Based on the information contained and submitted with 
the PBGC Form 600 and the PBGC Form 601, with Schedule EA-D, and on any 
information submitted by an affected party or otherwise obtained by the 
PBGC, the PBGC will determine whether the requirements for a distress 
termination set forth in Sec. 4041.41(c) have been met and will notify 
the plan administrator in writing of its determination, in accordance 
with paragraph (b) or (c) of this section.
    (b) Qualifying termination. If the PBGC determines that all of the 
requirements of Sec. 4041.41(c) have been satisfied, it will so advise 
the plan administrator and will also advise the plan administrator of 
whether participant and benefit information must be submitted in 
accordance with Sec. 4041.45(b).
    (c) Non-qualifying termination. (1) Except as provided in paragraph 
(c)(2) of this section, if the PBGC determines that any of the 
requirements of Sec. 4041.41 have not been met, it will notify the plan 
administrator of its determination, the basis therefor, and the effect 
thereof (as provided in Sec. 4041.41(b)).

[[Page 755]]

    (2) If the only basis for the PBGC's determination described in 
paragraph (c)(1) of this section is that the distress termination notice 
is incomplete, the PBGC will advise the plan administrator of the 
missing item(s) of information and that the information must be filed 
with the PBGC no later than the 120th day after the proposed termination 
date or the 30th day after the date of the PBGC's notice of its 
determination, whichever is later.
    (d) Reconsideration of determination of non-qualification. A plan 
administrator may request reconsideration of the PBGC's determination 
under paragraph (c)(1) of this section in accordance with the rules 
prescribed in part 4003, subpart C, of this chapter. The filing of a 
request for reconsideration automatically stays the effectiveness of the 
determination until the PBGC issues its decision on reconsideration.
    (e) Notice to affected parties. Upon a decision by the PBGC 
affirming a determination of non-qualification or upon the expiration of 
the period within which the plan administrator may request 
reconsideration of a determination of non-qualification (or, if earlier, 
upon the plan administrator's decision not to request reconsideration), 
the plan administrator must notify the affected parties (and any persons 
who were provided notice under Sec. 4041.43(e)) in writing that the plan 
is not going to terminate or, if applicable, that the termination is 
invalid but that a new notice of intent to terminate is being issued.