[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: 29CFR4041A.24]

[Page 760]
 
                             TITLE 29--LABOR
 
                          GUARANTY CORPORATION
 
PART 4041A--TERMINATION OF MULTIEMPLOYER PLANS--Table of Contents
 
                     Subpart C--Plan Sponsor Duties
 
Sec. 4041A.24  Annual plan valuations and monitoring.

    (a) Annual valuation. Not later than 150 days after the end of the 
plan year, the plan sponsor shall determine or cause to be determined in 
writing the value of nonforfeitable benefits under the plan and the 
value of the plan's assets, in accordance with part 4281, subpart B. 
This valuation shall be done as of the end of the plan year in which the 
plan terminates and each plan year thereafter (exclusive of a plan year 
for which the plan receives financial assistance from the PBGC under 
section 4261 of ERISA) up to but not including the plan year in which 
the plan is closed out in accordance with subpart D of this part.
    (b) Plan monitoring. Upon receipt of the annual valuation described 
in paragraph (a) of this section, the plan sponsor shall determine 
whether the value of nonforfeitable benefits exceeds the value of the 
plan's assets, including claims for withdrawal liability owed to the 
plan. When benefits do exceed assets, the plan sponsor shall--
    (1) If the plan provides benefits subject to reduction, amend the 
plan to reduce those benefits in accordance with the procedures in part 
4281, subpart C, of this chapter to the extent necessary to ensure that 
the plan's assets are sufficient to discharge when due all of the plan's 
obligations with respect to nonforfeitable benefits; or
    (2) If the plan provides no benefits subject to reduction, make 
periodic determinations of plan solvency in accordance with 
Sec. 4041A.25.
    (c) Notices of benefit reductions. The plan sponsor of a plan that 
has been amended to reduce benefits shall provide participants and 
beneficiaries and the PBGC notice of the benefit reduction in accordance 
with Sec. 4281.32.