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This page has not been translated. Please go to PBGC.gov's Spanish home page for more information available in Spanish.

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Asset Sale Exception

  • Opinion Letter 85-31

    Addresses the bond / escrow requirements of section 4204 of ERISA which, if satisfied along with the other 4204 requirements, mean that a sale of assets by a contributing employer will not constitute a withdrawal from a multiemployer plan.

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  • Opinion Letter 85-20

    Addresses bond waivers and withdrawal liability and how regulations do not apply to the liquidation bond upon seller’s liquidation.

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  • Opinion Letter 83-08

    Regards a statutory provision under which a contributing employer to a multiemployer plan that sells its assets to an unrelated buyer does not withdraw from the plan if (among other things) the buyer posts a bond or escrow for 5 years and the sales contract makes the seller secondarily liable if the buyer withdraws during the 5 plan years after the sale. Addresses whether that exception to withdrawal applies if the buyer initially posts a bond for only the first two years.

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  • Opinion Letter 92-03

    Addresses the bond requirement under section 4204 in the event the seller liquidates or distributes its assets subsequent to the sale.

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  • Opinion Letter 83-10

    Regards a statutory provision under which a contributing employer to a multiemployer plan that sells its assets to an unrelated buyer does not withdraw from the plan if (among other things) the buyer posts a bond or escrow and the sales contract makes the seller secondarily liable if the buyer withdraws during the 5 plan years after the sale. Addresses calculation of withdrawal liability of an employer that previously sold some of its assets where, under that statutory provision, the asset sale was not a withdrawal.

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  • Opinion Letter 81-32

    Regards a statutory provision under which a contributing employer to a multiemployer plan that sells its assets to an unrelated buyer does not withdraw from the plan if (among other things) the buyer posts a bond or escrow for 5 years and the sales contract makes the seller secondarily liable if the buyer withdraws during the 5 plan years after the sale. This opinion letter addresses whether the buyer may escrow a letter of credit instead of cash.

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  • Opinion Letter 90-01

    Addresses whether a withdrawal from a multiemployer plan will be triggered by various circumstances occurring after a 4204 sale of assets such as a second subsequent sale or a change in corporate structure.

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  • Opinion Letter 92-04

    Addresses variances from the bond/escrow and contract-language prerequisites to the asset sale exception to withdrawal.

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