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Termination

  • Opinion Letter 75-116

    Discusses the difference between a multiemployer plan and a multiple employer plan and the termination provisions applicable to the latter.

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  • Opinion Letter 81-06

    Plan termination date agreed to by PBGC and the company was after participants had constructive notice of termination .

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  • Opinion Letter 87-10

    PBGC suspended the processing of a plan termination following receipt of a letter from a union that the termination of the plan violated the terms of a collective bargaining agreement.

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  • Opinion Letter 76-34

    Involuntary termination requirements in section 4042(a) do not apply to voluntary terminations under section 4041.

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  • Opinion Letter 85-24

    PBGC will not insure annuities purchased by a terminated multiemployer plan and PBGC is not authorized to pay benefits when a non-insolvent multiemployer plan terminates.

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  • Opinion Letter 91-02

    Addresses whether a qualified preretirement survivor annuity is a nonforfeitable benefit where the participant had not died as of the date of plan termination. Under the Multiemployer Pension Reform Act of 2014, a qualified preretirement survivor annuity is not to be treated as forfeitable solely because the participant is alive on the date of multiemployer plan insolvency or termination.

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  • Opinion Letter 81-11

    PBGC did not guarantee benefits for a terminated plan, the termination of which was done in concert with the establishment of new retirement arrangements designed to provide substantially the same benefits.

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  • Opinion Letter 76-107

    Allocation of assets of terminating plan otherwise than in accordance with section 4044 is not allowed. Transfer of asset to a defined contribution plan requires that all participants be offered option for immediate receipt of their benefits.

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  • Opinion Letter 89-05

    Pension Benefit Guaranty Corporation 89-5 Augus t 1, 1989 RE FERENCE: [* 1] >4001(a)(8)> 404 1A(f)(1) Multiemployer Termination. Lump Sum PaymentsMultiemployer Termination. Lump Sum Payments 4219(c)( 1)(D) Notice & Collection of Withdrawal Liability - Payment on Mass WithdrawalNotice & Collection ofW ithdrawal Liability - Payment on Mass Withdrawal >29 CFR 2648 > >29 CFR 2675 .12(c)> >29 CFR 2676 > OP INION: I am w riting in response to your inquiry about the calculation of reallocation liability under 29 C.F.R. pt. 2648following the term ination by mass withdrawal of a mult iemployer pension plan (the "Fund") covered by Title IV of the Employee Reti rement Income Security Act of 1974 ("ERISA"), as amended. You aske d the Pension Be nefit GuarantyCorporat ion ("PB GC") to confirm "that pre-retirement spouse and lump-sum death benefits and post-retirement lump- sum death benefits ar e 'forfeitable' and therefore, not to be included in the valuati on of the Fund" under section421 9(c)(1)(D) of ERISA and 29 C.F.R. pt. 2676. Sec tion 4001(a)(8) of ERISA defines "nonforfeitable benefit" as: a bene fit for which a participant has satisfied the conditions for ent itlement under the plan or the requirements ofthis Act (o ther than submission of a formal application, retirement, [*2] complet ion of a required waiting period, ordea th in the cas e of a benefit which returns all or a portion of a participant's accumulated mandatory employeecontributions upon the participant' s death), whether or not the bene fit may subsequently be re duced or suspended by aplan a mendment, an occurrence of any condition, or operation of this Act or the Internal Revenue Code of 1954. De ath of the parti cipant is a condition of entitlement for each of the three types of benefits you described. Undera terminated plan lik e the Fund (which never provided for mandatory empl

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