[Code of Federal Regulations]
[Title 29, Volume 9]
[Revised as of July 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR4245.4]

[Page 959-960]
 
                             TITLE 29--LABOR
 
            CHAPTER XL--PENSION BENEFIT GUARANTY CORPORATION
 
PART 4245_NOTICE OF INSOLVENCY--Table of Contents
 
Sec. 4245.4  Contents of notice of insolvency.

    (a) Notice to the PBGC. A notice of insolvency required to be filed 
with the PBGC pursuant to Sec. 4245.3 shall contain the information set 
forth below:
    (1) The name of the plan.
    (2) The name, address and telephone number of the plan sponsor and 
of the plan sponsor's duly authorized representative, if any.
    (3) The nine-digit Employer Identification Number (EIN) assigned by 
the IRS to the plan sponsor and the three-digit Plan Identification 
Number (PIN) assigned by the plan sponsor to the plan, and, if 
different, the EIN or PIN last filed with the PBGC. If no EIN or PIN has 
been assigned, the notice shall so indicate.
    (4) The IRS key district that has jurisdiction over determination 
letters with respect to the plan.
    (5) The case number assigned to the plan by the PBGC. If the plan 
has no case number, the notice shall state whether the plan has 
previously filed a notice of insolvency with the PBGC and, if so, the 
date on which the notice was filed.
    (6) The plan year or years for which the plan sponsor has determined 
that the plan is or may become insolvent.
    (7) A copy of the plan document, including the last restatement of 
the plan and all subsequent amendments in effect, or to become 
effective, during the insolvency year or years. However, if a copy of 
the plan document was submitted to the PBGC with a previous notice of 
insolvency or notice of insolvency benefit level, only subsequent plan 
amendments need be submitted, and the notice shall state when the copy 
of the plan document was filed.
    (8) A copy of the most recent actuarial valuation for the plan and a 
copy of the most recent Schedule B (Form 5500) filed for the plan, if 
the Schedule B contains more recent information than the actuarial 
valuation. If the actuarial valuation or Schedule B was previously 
submitted to the PBGC, it may be omitted, and the notice shall state the 
date on which the document was filed and that the information is still 
accurate and complete.
    (9) The estimated amount of annual benefit payments under the plan 
(determined without regard to the insolvency) for each insolvency year.
    (10) The estimated amount of the plan's available resources for each 
insolvency year.
    (11) A certification, signed by the plan sponsor (or a duly 
authorized representative), that notices of insolvency have been given 
to all interested parties in accordance with the requirements of this 
part.
    (b) Notices to interested parties. A notice of insolvency required 
under

[[Page 960]]

Sec. 4245.3 to be given to interested parties, as defined in Sec. 
4245.3(e), shall contain the information set forth below:
    (1) The name of the plan.
    (2) The plan year or years for which the plan sponsor has determined 
that the plan is or may become insolvent.
    (3) The estimated amount of annual benefit payment under the plan 
(determined without regard to the insolvency) for each insolvency year.
    (4) The estimated amount of the plan's available resources for each 
insolvency year.
    (5) A statement that, during the insolvency year, benefits above the 
amount that can be paid from available resources or the level guaranteed 
by the PBGC, whichever is greater, will be suspended, with a brief 
explanation of which benefits are guaranteed by the PBGC. The following 
statement may be included as an explanation of PBGC-guaranteed benefits:

Should the plan become insolvent, each participant's benefit guaranteed 
by the Pension Benefit Guaranty Corporation (PBGC) is determined as 
follows. Each participant's nonforfeitable monthly benefit payable under 
the plan at retirement is computed. This benefit is then divided by the 
participant's years of credited service under the plan. Of the resulting 
figure (the accrual rate), the first $5 is guaranteed at 100%. Any 
additional amount (up to $15) is either 75% or 65% guaranteed, depending 
on the past funding practices of the plan. Any remaining amount that 
exceeds $20 is not guaranteed. The PBGC guarantees the payment of a 
monthly benefit equal to this adjusted accrual rate times years of 
credited service. The PBGC does not guarantee benefits or benefit 
increases that have been in effect for fewer than 60 months before the 
plan becomes insolvent or is amended to reduce accrued benefits.

    (6) The name, address, and telephone number of the plan 
administrator or other person designated by the plan sponsor to answer 
inquiries concerning benefits during the plan's insolvency.

[61 FR 34115, July 1, 1996, as amended at 68 FR 61357, Oct. 28, 2003]