[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: 29CFR4041.48]

[Page 755-756]
 
                             TITLE 29--LABOR
 
                          GUARANTY CORPORATION
 
PART 4041--TERMINATION OF SINGLE-EMPLOYER PLANS--Table of Contents
 
                 Subpart C--Distress Termination Process
 
Sec. 4041.48  Sufficient plans; notice requirements.

    (a) Notices of benefit distribution. When a distribution notice is 
issued by the PBGC pursuant to Sec. 4041.47, the plan administrator must 
issue notices of benefit distribution in accordance with the rules 
regarding notices of plan benefits in Sec. 4041.24, except that--
    (1) The deadline for issuing the notices of benefit distribution is 
the 60th

[[Page 756]]

day after receipt of the distribution notice; and
    (2) With respect to the information described in Sec. 4041.24 (b) 
through (e), the term ``plan benefits'' is replaced with ``title IV 
benefits'' and the term ``proposed termination date'' is replaced with 
``termination date''.
    (b) Certification to PBGC. No later than 15 days after the date on 
which the plan administrator completes the issuance of the notices of 
benefit distribution, the plan administrator must file with the PBGC a 
certification that the notices were so issued in accordance with the 
requirements of this section.
    (c) Notice of annuity information. (1) In general. Unless all title 
IV benefits will be distributed in the form of nonconsensual lump sums, 
the plan administrator must provide a notice of annuity information to 
each affected party other than--
    (i) An affected party whose title IV benefits will be distributed in 
the form of a nonconsensual lump sum; and
    (ii) The PBGC.
    (2) Spin-off/termination transactions. The plan administrator must 
provide the information in paragraph (c)(4) of this section to a person 
entitled to notice under Sec. 4041.43(c), at the same time and in the 
same manner as required for an affected party described in paragraph 
(c)(1) of this section.
    (3) Selection of different insurer. A plan administrator that 
decides to select a different insurer after having previously notified 
the affected party of the identity of insurer(s) under this paragraph 
must provide another notice of annuity information.
    (4) Content of notice. The notice must include--
    (i) The identity-of-insurer information in Sec. 4041.27(b)(1);
    (ii) The information regarding change in identity of insurer(s) in 
Sec. 4041.27(b)(2); and
    (iii) Unless the state guaranty coverage information in 
Sec. 4041.27(b)(3) was previously provided to the affected party, such 
information and the extinguishment-of-guaranty information in 
Sec. 4041.23(b)(9) (replacing the term ``plan benefits'' with ``title IV 
benefits'').
    (5) Deadline for notice. The plan administrator must issue the 
notice of annuity information to each affected party by the deadline in 
Sec. 4041.27(d)(1).
    (d) Request for IRS determination letter. To qualify for the 
distribution deadline in Sec. 4041.28(a)(1)(ii) (as modified and made 
applicable by Sec. 4041.50(c)), the plan administrator must submit to 
the IRS a valid request for a determination of the plan's qualification 
status upon termination (``determination letter'') by the day on which 
the plan administrator completes the issuance of the notices of benefit 
distribution.