[Code of Federal Regulations]
[Title 29, Volume 9]
[Revised as of July 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR4022.2]

[Page 769]
 
                             TITLE 29--LABOR
 
            CHAPTER XL--PENSION BENEFIT GUARANTY CORPORATION
 
PART 4022_BENEFITS PAYABLE IN TERMINATED SINGLE-EMPLOYER PLANS
--Table of Contents
 
            Subpart A_General Provisions; Guaranteed Benefits
 
Sec. 4022.2  Definitions.

    The following terms are defined in Sec. 4001.2 of this chapter: 
annuity, Code, employer, ERISA, guaranteed benefit, mandatory employee 
contributions, nonforfeitable benefit, normal retirement age, notice of 
intent to terminate, PBGC, person, plan, plan administrator, plan year, 
proposed termination date, substantial owner, and title IV benefit.
    In addition, for purposes of this part (unless otherwise required by 
the context):
    Accumulated mandatory employee contributions means mandatory 
employee contributions plus interest credited on those contributions 
under the plan, or, if greater, interest required by section 204(c) of 
ERISA.
    Benefit in pay status means that one or more benefit payments have 
been made or would have been made except for administrative delay.
    Benefit increase means any benefit arising from the adoption of a 
new plan or an increase in the value of benefits payable arising from an 
amendment to an existing plan. Such increases include, but are not 
limited to, a scheduled increase in benefits under a plan or plan 
amendment, such as a cost-of-living increase, and any change in plan 
provisions which advances a participant's or beneficiary's entitlement 
to a benefit, such as liberalized participation requirements or vesting 
schedules, reductions in the normal or early retirement age under a 
plan, and changes in the form of benefit payments. In the case of a plan 
under which the amount of benefits depends on the participant's salary 
and the participant receives a salary increase the resulting increase in 
benefits to which the participant becomes entitled will not, for the 
purpose of this part, be treated as a benefit increase. Similarly, in 
the case of a plan under which the amount of benefits depends on the 
participant's age or service, and the participant becomes entitled to 
increased benefits solely because of advancement in age or service, the 
increased benefits to which the participant becomes entitled will not, 
for the purpose of this part, be treated as a benefit increase.
    Covered employment means employment with respect to which benefits 
accrue under a plan.
    Pension benefit means a benefit payable as an annuity, or one or 
more payments related thereto, to a participant who permanently leaves 
or has permanently left covered employment, or to a surviving 
beneficiary, which payments by themselves or in combination with Social 
Security, Railroad Retirement, or workmen's compensation benefits 
provide a substantially level income to the recipient.
    Straight life annuity means a series of level periodic payments 
payable for the life of the recipient, but does not include any combined 
annuity form, including an annuity payable for a term certain and life.