Asset Sale Exception

Pension Benefit Guaranty Corporation 85-31 December 30, 1985 RE FERENCE: [*1] 2 9 CFR 2643 Variances or Exceptions from Bond Requirements420 4(a)(1)(B) Sale of Assets. Withdrawal - Posting of Security4204(a)(1)(C ) Sale of Assets.

PBGC concerning Section 4204 of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), 29 U.S.C. § 1384. More specifically, your question concerned the requirements for avoiding withdrawal liability under that section. 

Pension Benefit Guaranty Corporation 83-8 March 25, 1983 RE FERENCE: [*1] 4 204(a)(1)(B) Sale of Assets. Withdrawal - Posting of Security OP INION: This res ponds to your request for an advisory opinion.

Pension Benefit Guaranty Corporation 92-3 May 1, 1992 RE FERENCE: [*1] 4204(a)(3) Sale of Assets. Bond Requirement on Liquidation of Seller OP INION: We are r esponding to your letter requesting the opinion of the Pension Benefit Guaranty Corporation ("PBGC")concerning Se ction 4204(a)(3)(A) and (B) of th e Employee Retire ment Income Security Act ("ERISA"), 29 U.S.C. §1384(a )(3)(A) and ( B).

Pension Benefit Guaranty Corporation 83-10 May 12, 1983 REFERENCE: [*1] 4204 Sale of Assets 4206 Adjustment for Partial Withdrawal 4211 Withdrawal Liability OPINION: This is in response to your request for an opinion regarding the calculation of withdrawal liability for a partial withdrawal where there has occurred a sale of assets which meets the requirements of section 4204 of the Multiemployer Pension Plan Amendments Act of 1980. Under the multiemployer provisions of ERISA, the initial responsibility for determining the amount of any such liability lies with the plan sponsor.

Pension Benefit Guaranty Corporation 81-32 1981 PBGC LEX IS 9 Septembe r 25, 1981 RE FERENCE: [*1] 4 204 Sale of Assets420 4(a)(1)(B) Sale of Assets. Withdrawal - Posting of Security OP INION: This r esponds to your request for an advisory opinion concerning satisification of the escrow requi rement of Sect ion420 4(a)(1)(B) of ER ISA. Specifically you wish to know whether the deposit of a letter of credit in an escrow account may sa tisfy the requirement. Secti on 4204(a)(1) provi des that a withdrawal fr om a mul tiemployer plan "does not occur solely . . .

Pension Benefit Guaranty Corporation 90-1 March 20, 1990 RE FERENCE: [* 1] >4069(b)> 420 4 Sale of AssetsSale of Assets >4204( a)(1)(A)> 420 4(a)(1)(B) Sale of Assets. Withdrawal - Posting of SecuritySale of Assets. Withdrawal - Posting of Security 4204(a)(1)(C ) Sale of Assets. Secondary Liability of Seller Sale of Assets.

Pension Benefit Guaranty Corporation 92-4 June 18, 1992 RE FERENCE: [*1] § 4204 (a) § 4204(a)(1)(B) § 4204(a)(1)(C) § 4204(c) 29 CFR § 2643.11(a) 29 CFR § 2643.11(d) OP INION: I write i n response to your request for the opini on of the Pension Benefit Guaranty Corporation ("PBG C") as to themeaning and o peration of section 4204(a)(1)(B) and (C) and 4204(c) of t he Employee Retirement Income Security Actof 19 74 ("ERISA") and regulations thereunder. Sec tion 4204(a)(1) of ERISA provides that: A com plete or partial withdrawal of an employer (. . .