[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: 29CFR4022.27]

[Page 781-782]
 
                             TITLE 29--LABOR
 
            CHAPTER XL--PENSION BENEFIT GUARANTY CORPORATION
 
PART 4022_BENEFITS PAYABLE IN TERMINATED SINGLE-EMPLOYER PLANS
--Table of Contents
 
              Subpart B_Limitations on Guaranteed Benefits
 
Sec. 4022.27  Effect of tax disqualification.

    (a) General rule. Except as provided in paragraph (b) of this 
section, benefits accrued under a plan after the date on which the 
Secretary of the Treasury or his delegate issues a notice that any trust 
which is part of the plan no longer meets the requirements of section 
401(a) of the Code or that the plan no longer meets the requirements of 
section 404(a) of the Code or after the date of adoption of a plan 
amendment that causes the issuance of such a notice shall not be 
guaranteed under this part.
    (b) Exceptions. The restriction on the guarantee of benefits set 
forth in paragraph (a) of this section shall not apply if:
    (1) The Secretary of the Treasury or his delegate issues a notice 
stating that the original notice referred to in paragraph (a) of this 
section was erroneous;
    (2) The Secretary of the Treasury or his delegate finds that, 
subsequent to the issuance of the notice referred to in paragraph (a) of 
this section, appropriate action has been taken with respect to the 
trust or plan to cause it to

[[Page 782]]

meet the requirements of sections 401(a) or 404(a)(2) of the Code, 
respectively, and issues a subsequent notice stating that the trust or 
plan meets such requirements; or
    (3) The plan amendment is revoked retroactively to its original 
effective date.

Subpart C--Calculation and Payment of Unfunded Nonguaranteed Benefits 
[Reserved]