Guidance Document Database

An annuity contract owned by a pension plan is the plan asset, not the assets held by the insurer under the contract. Because benefits payable under the annuity contract are revocable upon termination, assets held under the contract are included in the value of the contract.

PBGC guarantees basis plan benefits only and does not guarantee the payment of non-basic plan benefits. 

Employer created by state law is a political subdivision of state with authority to tax. Plan meets the Governmental plan exemption from coverage.

The obligation to pay premiums ceases when plan assets are distributed under priority categories 1- 6 without regard to whether there are residual assets.

A plan that in practice met the criteria for tax qualification for five years prior to its termination date was covered under Title IV at plan termination.

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.

Plan meets the Governmental plan coverage exemption.

Addresses whether the construction industry exception to withdrawal applies where a contractor's CBA expires, its employees do not perform any more work for which the contractor was previously required to make contributions, but the contractor subcontracts for the performance of such work.

Government contractors are not excluded from PBGC coverage.

Addresses the meaning of the term "the unfunded vested benefits attributable to employees of the employer" for purposes of the cap on the unfunded vested benefits attributable to employees of an employer that sold substantially all of its assets to an unrelated buyer.

State liability with respect to private-sector plans to which employees contribute.

PBGC is not authorized to waive interest charges on late premium payments.

Addresses whether a withdrawal would take place if a corporation transfers all of its assets to one of its divisions and whether a withdrawal occurs in the event of a stock sale if contributions to the plan continue.

Addresses the distribution of residual assets to an employer.

Addresses mass withdrawal generally, the effect of a "substantially all" mass withdrawal on the de minimis reduction and 20-year cap, and the meanings of "substantially all" and "agreement or arrangement".

PBGC disapproves proposed plans that an employer wishes to adopt because they would effect an impermissible continuation of terminated plans for which guaranteed benefits are being paid.

Addresses whether, based on an employer's date of withdrawal, that employer is subject to reallocation liability in the event of a mass withdrawal termination.

Advises that defined contribution plans which defined benefit features may be subject to coverage.

Addresses a question as to what constitutes a facility for purposes of determining what CBUs get excluded due to a pre-1980 closure of a facility.

Plan does not meet the Governmental plan exemption from coverage.

For a plan that is being divided into 18 plans, participants should not be double counted for the purpose of premiums.

Each participant is entitled to a share of the excess plan assets where the plan does not provide for return of excess assets to employer upon plan termination.

Discusses the rules governing plan termination and notes that the employers may owe withdrawal liability.

Addresses whether incorporation of a sole proprietorship constitutes a withdrawal from a multiemployer pension plan where the successor corporation becomes party to the collective bargaining agreement and continues to contribute to the plan on behalf of its employees for the same operations for which contributions were previously contributed by the sole proprietor.

Licensed clinical laboratory bio-analyst is a professional individual for purposes of the Professional Service Employer plan exemption.