cfr_sections
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30 rows where agency = "PBGC" and part_number = 4041 sorted by section_id
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| section_id ▼ | title_number | title_name | chapter | subchapter | part_number | part_name | subpart | subpart_name | section_number | section_heading | agency | authority | source_citation | amendment_citations | full_text |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 29:29:9.1.4.17.10.1.11.1 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | A | Subpart A—General Provisions | § 4041.1 Purpose and scope. | PBGC | This part sets forth the rules and procedures for terminating a single-employer plan in a standard or distress termination under section 4041 of ERISA, the exclusive means of voluntarily terminating a plan. | ||||
| 29:29:9.1.4.17.10.1.11.2 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | A | Subpart A—General Provisions | § 4041.2 Definitions. | PBGC | The following terms are defined in § 4001.2 of this chapter: affected party, annuity, benefit liabilities, Code, contributing sponsor, controlled group, distress termination, distribution date, EIN, employer, ERISA, guaranteed benefit, insurer, irrevocable commitment, IRS, mandatory employee contributions, normal retirement age, notice of intent to terminate, PBGC, person, plan administrator, plan year, PN, single-employer plan, standard termination, termination date, and title IV benefit. In addition, for purposes of this part: Distress termination notice means the notice filed with the PBGC pursuant to § 4041.45. Distribution notice means the notice issued to the plan administrator by the PBGC pursuant to § 4041.47(c) upon the PBGC's determination that the plan has sufficient assets to pay at least guaranteed benefits. Majority owner means, with respect to a contributing sponsor of a single-employer plan, an individual who owns, directly or indirectly, 50 percent or more (taking into account the constructive ownership rules of section 414(b) and (c) of the Code) of— (1) An unincorporated trade or business; (2) The capital interest or the profits interest in a partnership; or (3) Either the voting stock of a corporation or the value of all of the stock of a corporation. Notice of noncompliance means a notice issued to a plan administrator by the PBGC pursuant to § 4041.31 advising the plan administrator that the requirements for a standard termination have not been satisfied and that the plan is an ongoing plan. Notice of plan benefits means the notice to each participant and beneficiary required by § 4041.24. Participant means— (1) Any individual who is currently in employment covered by the plan and who is earning or retaining credited service under the plan, including any individual who is considered covered under the plan for purposes of meeting the minimum participation requirements but who, because of offset or similar provisions, does not have any accrued benefits; (2) Any nonvested indiv… | ||||
| 29:29:9.1.4.17.10.1.11.3 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | A | Subpart A—General Provisions | § 4041.3 Computation of time; filing and issuance rules. | PBGC | [62 FR 60428, Nov. 7, 1997, as amended at 68 FR 61353, Oct. 28, 2003] | (a) Computation of time. The PBGC applies the rules in subpart D of part 4000 of this chapter to compute any time period under this part. A proposed termination date may be any day, including a weekend or Federal holiday. (b) Filing with the PBGC —(1) Method and date of filing. The PBGC applies the rules in subpart A of part 4000 of this chapter to determine permissible methods of filing with the PBGC under this part. The PBGC applies the rules in subpart C of part 4000 of this chapter to determine the date that a submission under this part was filed with the PBGC. (2) Where to file. See § 4000.4 of this chapter for information on where to file. (c) Issuance to third parties. The following rules apply to affected parties (other than the PBGC). For purposes of this paragraph (c), a person entitled to notice under the spin-off/termination transaction rules of § 4041.23(c) or § 4041.24(f) is treated as an affected party. (1) Method and date of issuance. The PBGC applies the rules in subpart B of part 4000 of this chapter to determine permissible methods of issuance under this part. The PBGC applies the rules in subpart C of part 4000 of this chapter to determine the date that an issuance under this part was provided. (2) Omission of affected parties. The failure to issue any notice to an affected party (other than any employee organization) within the specified time period will not cause the notice to be untimely if— (i) After-discovered affected parties. The plan administrator could not reasonably have been expected to know of the affected party, and issues the notice promptly after discovering the affected party; or (ii) Unlocated participants. The plan administrator could not locate the affected party after making reasonable efforts, and issues the notice promptly in the event the affected party is located. (3) Deceased participants. In the case of a deceased participant, the plan administrator need not issue a notice to the participant's estate if the estate is not entitled to a distri… | |||
| 29:29:9.1.4.17.10.1.11.4 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | A | Subpart A—General Provisions | § 4041.4 Disaster relief. | PBGC | When the President of the United States declares that, under the Disaster Relief Act (42 U.S.C. 5121, 5122(2), 5141(b)), a major disaster exists, the Executive Director of the PBGC (or his or her designee) may, by issuing one or more notices of disaster relief, extend by up to 180 days any due date under this part. | ||||
| 29:29:9.1.4.17.10.1.11.5 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | A | Subpart A—General Provisions | § 4041.5 Record retention and availability. | PBGC | [68 FR 61353, Oct. 28, 2003] | (a) Retention requirement —(1) Persons subject to requirement; records to be retained. Each contributing sponsor and the plan administrator of a plan terminating in a standard termination, or in a distress termination that closes out in accordance with § 4041.50, must maintain all records necessary to demonstrate compliance with section 4041 of ERISA and this part. If a contributing sponsor or the plan administrator maintains information in accordance with this section, the other(s) need not maintain that information. (2) Retention period. The records described in paragraph (a)(1) of this section must be preserved for six years after the date when the post-distribution certification under this part is filed with the PBGC. (3) Electronic recordkeeping. The contributing sponsor or plan administrator may use electronic media for maintenance and retention of records required by this part in accordance with the requirements of subpart E of part 4000 of this chapter. (b) Availability of records. The contributing sponsor or plan administrator must make all records needed to determine compliance with section 4041 of ERISA and this part available to the PBGC upon request for inspection and photocopying (or, for electronic records, inspection, electronic copying, and printout) at the location where they are kept (or another, mutually agreeable, location) and must submit such records to the PBGC within 30 days after the date of a written request by the PBGC or by a later date specified therein. | |||
| 29:29:9.1.4.17.10.1.11.6 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | A | Subpart A—General Provisions | § 4041.6 Effect of failure to provide required information. | PBGC | [62 FR 60428, Nov. 7, 1997, as amended at 81 FR 29766, May 13, 2016] | If a plan administrator fails to provide any information required under this part within the specified time limit, the PBGC may assess a penalty under section 4071 of ERISA. The PBGC may also pursue any other equitable or legal remedies available to it under the law, including, if appropriate, the issuance of a notice of noncompliance under § 4041.31. | |||
| 29:29:9.1.4.17.10.1.11.7 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | A | Subpart A—General Provisions | § 4041.7 Challenges to plan termination under collective bargaining agreement. | PBGC | (a) Suspension upon formal challenge to termination —(1) Notice of formal challenge. (i) If the PBGC is advised, before its review period under § 4041.26(a) ends, or before issuance of a notice of inability to determine sufficiency or a distribution notice under § 4041.47(b) or (c), that a formal challenge to the termination has been initiated as described in paragraph (c) of this section, the PBGC will suspend the termination proceeding and so advise the plan administrator in writing. (ii) If the PBGC is advised of a challenge described in paragraph (a)(1)(i) of this section after the time specified therein, the PBGC may suspend the termination proceeding and will so advise the plan administrator in writing. (2) Standard terminations. During any period of suspension in a standard termination— (i) The running of all time periods specified in ERISA or this part relevant to the termination will be suspended; and (ii) The plan administrator must comply with the prohibitions in § 4041.22. (3) Distress terminations. During any period of suspension in a distress termination— (i) The issuance by the PBGC of any notice of inability to determine sufficiency or distribution notice will be stayed or, if any such notice was previously issued, its effectiveness will be stayed; (ii) The plan administrator must comply with the prohibitions in § 4041.42; and (iii) The plan administrator must file a distress termination notice with the PBGC pursuant to § 4041.45. (b) Existing collective bargaining agreement. For purposes of this section, an existing collective bargaining agreement means a collective bargaining agreement that has not been made inoperative by a judicial ruling and, by its terms, either has not expired or is extended beyond its stated expiration date because neither of the collective bargaining parties took the required action to terminate it. When a collective bargaining agreement no longer meets these conditions, it ceases to be an “existing collective bargaining agreement,” whether or not any or… | ||||
| 29:29:9.1.4.17.10.1.11.8 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | A | Subpart A—General Provisions | § 4041.8 Post-termination amendments. | PBGC | (a) Plan benefits. A participant's or beneficiary's plan benefits are determined under the plan's provisions in effect on the plan's termination date. Notwithstanding the preceding sentence, an amendment that is adopted after the plan's termination date is taken into account with respect to a participant's or beneficiary's plan benefits to the extent the amendment— (1) Does not decrease the value of the participant's or beneficiary's plan benefits under the plan's provisions in effect on the termination date; and (2) Does not eliminate or restrict any form of benefit available to the participant or beneficiary on the plan's termination date. (b) Residual assets. In a plan in which participants or beneficiaries will receive some or all of the plan's residual assets based on an allocation formula, the amount of the plan's residual assets and each participant's or beneficiary's share thereof is determined under the plan's provisions in effect on the plan's termination date. Notwithstanding the preceding sentence, an amendment adopted after the plan's termination date is taken into account with respect to a participant's or beneficiary's allocation of residual assets to the extent the amendment does not decrease the value of the participant's or beneficiary's allocation of residual assets under the plan's provisions in effect on the termination date. (c) Permitted decreases. For purposes of this section, an amendment shall not be treated as decreasing the value of a participant's or beneficiary's plan benefits or allocation of residual assets to the extent— (1) The decrease is necessary to meet a qualification requirement under section 401 of the Code; (2) The participant's or beneficiary's allocation of residual assets is paid in the form of an increase in the participant's or beneficiary's plan benefits; or (3) The decrease is offset by assets that would otherwise revert to the contributing sponsor or by additional contributions. (d) Distress terminations. In the case of a distress termination, a pa… | ||||
| 29:29:9.1.4.17.10.2.11.1 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | B | Subpart B—Standard Termination Process | § 4041.21 Requirements for a standard termination. | PBGC | [62 FR 60428, Nov. 7, 1997, as amended at 90 FR 39327, Aug. 15, 2025; 90 FR 46348, Sept. 26, 2025] | (a) Notice and distribution requirements. A standard termination is valid if the plan administrator— (1) Issues a notice of intent to terminate to all affected parties (other than the PBGC) in accordance with § 4041.23; (2) Issues notices of plan benefits to all affected parties entitled to plan benefits in accordance with § 4041.24; (3) Files a standard termination notice with the PBGC in accordance with § 4041.25; (4) Distributes the plan's assets in satisfaction of plan benefits in accordance with § 4041.28(a) and (c); and (5) In the case of a spin-off/termination transaction (as defined in § 4041.23(c)), issues the notices required by § 4041.23(c), § 4041.24(f), and § 4041.27(a)(2) in accordance with such sections. (b) Plan sufficiency —(1) Commitment to make plan sufficient. A contributing sponsor of a plan or any other member of the plan's controlled group may make a commitment to contribute any additional sums necessary to enable the plan to satisfy plan benefits in accordance with § 4041.28. A commitment will be valid only if— (i) It is made to the plan; (ii) It is in writing, signed by the contributing sponsor or controlled group member(s); and (iii) In any case in which the person making the commitment is the subject of a bankruptcy liquidation or reorganization proceeding, as described in § 4041.41(c)(1) or (c)(2), the commitment is approved by the court before which the liquidation or reorganization proceeding is pending or a person not in bankruptcy unconditionally guarantees to meet the commitment at or before the time distribution of assets is required. (2) Alternative treatment of majority owner's benefit. A majority owner may elect to forgo receipt of his or her plan benefits to the extent necessary to enable the plan to satisfy all other plan benefits in accordance with § 4041.28. Any such alternative treatment of the majority owner's plan benefits is valid only if— (i) The majority owner's election is in writing; (ii) In any case in which the plan would require the spouse of … | |||
| 29:29:9.1.4.17.10.2.11.10 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | B | Subpart B—Standard Termination Process | § 4041.30 Requests for deadline extensions. | PBGC | [62 FR 60428, Nov. 7, 1997, as amended at 85 FR 6061, Feb. 4, 2020] | (a) In general. The PBGC may in its discretion extend a deadline for taking action under this subpart to a later date. The PBGC will grant such an extension where it finds compelling reasons why it is not administratively feasible for the plan administrator (or other persons acting on behalf of the plan administrator) to take the action until the later date and the delay is brief. The PBGC will consider— (1) The length of the delay; and (2) Whether ordinary business care and prudence in attempting to meet the deadline is exercised. (b) Time of extension request. Any request for an extension under paragraph (a) of this section that is filed later than the 15th day before the applicable deadline must include a justification for not filing the request earlier. (c) IRS determination letter requests. Any request for an extension under paragraph (a) of this section of the deadline in § 4041.25(c) for submitting a determination letter request to the IRS (in order to qualify for the distribution deadline in § 4041.28(a)(1)(ii)) will be deemed to be granted unless the PBGC notifies the plan administrator otherwise within 60 days after receipt of the request (or, if later, by the end of the PBGC's review period under § 4041.26(a)). The PBGC will notify the plan administrator in writing of the date on which it receives such request. (d) Statutory deadlines not extendable. The PBGC will not— (1) Pre-distribution deadlines. (i) Extend the 60-day time limit under § 4041.23(a) for issuing the notice of intent to terminate; or (ii) Waive the requirement in § 4041.24(a) that the notice of plan benefits be issued by the time the plan administrator files the standard termination notice with the PBGC; or (2) Post-distribution deadlines. Extend a filing deadline under § 4041.29(a). | |||
| 29:29:9.1.4.17.10.2.11.11 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | B | Subpart B—Standard Termination Process | § 4041.31 Notice of noncompliance. | PBGC | (a) Failure to meet pre-distribution requirements —(1) In general. Except as provided in paragraphs (a)(2) and (c) of this section, the PBGC will issue a notice of noncompliance within the 60-day (or extended) time period prescribed by § 4041.26(a) whenever it determines that— (i) The plan administrator failed to issue the notice of intent to terminate to all affected parties (other than the PBGC) in accordance with § 4041.23; (ii) The plan administrator failed to issue notices of plan benefits to all affected parties entitled to plan benefits in accordance with § 4041.24; (iii) The plan administrator failed to file the standard termination notice in accordance with § 4041.25; (iv) As of the distribution date proposed in the standard termination notice, plan assets will not be sufficient to satisfy all plan benefits under the plan; or (v) In the case of a spin-off/termination transaction (as described in § 4041.23(c)), the plan administrator failed to issue any notice required by § 4041.23(c), § 4041.24(f), or § 4041.27(a)(2) in accordance with such section. (2) Interests of participants. The PBGC may decide not to issue a notice of noncompliance based on a failure to meet a requirement under paragraphs (a)(1)(i) through (a)(1)(iii) or (a)(1)(v) of this section if it determines that issuance of the notice would be inconsistent with the interests of participants and beneficiaries. (3) Continuing authority. The PBGC may issue a notice of noncompliance or suspend the termination proceeding based on a failure to meet a requirement under paragraphs (a)(1)(i) through (a)(1)(v) of this section after expiration of the 60-day (or extended) time period prescribed by § 4041.26(a) (including upon audit) if the PBGC determines such action is necessary to carry out the purposes of Title IV. (b) Failure to meet distribution requirements —(1) In general. If the PBGC determines, as part of an audit or otherwise, that the plan administrator has not satisfied any distribution requirement of § 4041.28(a) or (c), it… | ||||
| 29:29:9.1.4.17.10.2.11.2 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | B | Subpart B—Standard Termination Process | § 4041.22 Administration of plan during pendency of termination process. | PBGC | (a) In general. A plan administrator may distribute plan assets in connection with the termination of the plan only in accordance with the provisions of this part. From the first day the plan administrator issues a notice of intent to terminate to the last day of the PBGC's review period under § 4041.26(a), the plan administrator must continue to carry out the normal operations of the plan. During that time period, except as provided in paragraph (b) of this section, the plan administrator may not— (1) Purchase irrevocable commitments to provide any plan benefits; or (2) Pay benefits attributable to employer contributions, other than death benefits, in any form other than an annuity. (b) Exception. The plan administrator may pay benefits attributable to employer contributions either through the purchase of irrevocable commitments or in a form other than an annuity if— (1) The participant has separated from active employment or is otherwise permitted under the Code to receive the distribution; (2) The distribution is consistent with prior plan practice; and (3) The distribution is not reasonably expected to jeopardize the plan's sufficiency for plan benefits. | ||||
| 29:29:9.1.4.17.10.2.11.3 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | B | Subpart B—Standard Termination Process | § 4041.23 Notice of intent to terminate. | PBGC | (a) Notice requirement —(1) In general. At least 60 days and no more than 90 days before the proposed termination date, the plan administrator must issue a notice of intent to terminate to each person (other than the PBGC) that is an affected party as of the proposed termination date. In the case of a beneficiary of a deceased participant or an alternate payee, the plan administrator must issue a notice of intent to terminate promptly to any person that becomes an affected party after the proposed termination date and on or before the distribution date. (2) Early issuance of NOIT. The PBGC may consider a notice of intent to terminate to be timely under paragraph (a)(1) of this section if the notice was early by a de minimis number of days and the PBGC finds that the early issuance was the result of administrative error. (b) Contents of notice. The PBGC's standard termination forms and instructions package includes a model notice of intent to terminate. The notice of intent to terminate must include— (1) Identifying information. The name and PN of the plan, the name and EIN of each contributing sponsor, and the name, address, and telephone number of the person who may be contacted by an affected party with questions concerning the plan's termination; (2) Intent to terminate plan. A statement that the plan administrator intends to terminate the plan in a standard termination as of a specified proposed termination date and will notify the affected party if the proposed termination date is changed to a later date or if the termination does not occur; (3) Sufficiency requirement. A statement that, in order to terminate in a standard termination, plan assets must be sufficient to provide all plan benefits under the plan; (4) Cessation of accruals. A statement (as applicable) that— (i) Benefit accruals will cease as of the termination date, but will continue if the plan does not terminate; (ii) A plan amendment has been adopted under which benefit accruals will cease, in accordance with section … | ||||
| 29:29:9.1.4.17.10.2.11.4 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | B | Subpart B—Standard Termination Process | § 4041.24 Notices of plan benefits. | PBGC | (a) Notice requirement. The plan administrator must, no later than the time the plan administrator files the standard termination notice with the PBGC, issue a notice of plan benefits to each person (other than the PBGC and any employee organization) who is an affected party as of the proposed termination date. In the case of a beneficiary of a deceased participant or an alternate payee, the plan administrator must issue a notice of plan benefits promptly to any person that becomes an affected party after the proposed termination date and on or before the distribution date. (b) Contents of notice. The plan administrator must include in each notice of plan benefits— (1) The name and PN of the plan, the name and EIN of each contributing sponsor, and the name, address, and telephone number of an individual who may be contacted to answer questions concerning plan benefits; (2) The proposed termination date given in the notice of intent to terminate and any extended proposed termination date under § 4041.25(b); (3) If the amount of plan benefits set forth in the notice is an estimate, a statement that the amount is an estimate and that plan benefits paid may be greater than or less than the estimate; (4) Except in the case of an affected party in pay status for more than one year as of the proposed termination date— (i) The personal data (if available) needed to calculate the affected party's plan benefits, along with a statement requesting that the affected party promptly correct any information he or she believes to be incorrect; and (ii) If any of the personal data needed to calculate the affected party's plan benefits is not available, the best available data, along with a statement informing the affected party of the data not available and affording him or her the opportunity to provide it; and (5) The information in paragraphs (c) through (e) of this section, as applicable. (c) Benefits of persons in pay status. For an affected party in pay status as of the proposed termination date, the plan admi… | ||||
| 29:29:9.1.4.17.10.2.11.5 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | B | Subpart B—Standard Termination Process | § 4041.25 Standard termination notice. | PBGC | [62 FR 60428, Nov. 7, 1997, as amended at 90 FR 39328, Aug. 15, 2025] | (a) Notice requirement. The plan administrator must file with PBGC a standard termination notice, consisting of PBGC Form 500, completed in accordance with the instructions thereto, on or before the earlier of— (1) One hundred-eighty (180) days after the proposed termination date; or (2) Sixty (60) days before making any distribution governed by section 4041(b) of ERISA and this part. (b) Change of proposed termination date. The plan administrator may, in the standard termination notice, select a proposed termination date that is later than the date specified in the notice of intent to terminate, provided it is not later than 90 days after the earliest date on which a notice of intent to terminate was issued to any affected party. (c) Request for IRS determination letter. To qualify for the distribution deadline in § 4041.28(a)(1)(ii), the plan administrator must submit to the IRS a valid request for a determination of the plan's qualification status upon termination (“determination letter”) by the time the standard termination notice is filed. | |||
| 29:29:9.1.4.17.10.2.11.6 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | B | Subpart B—Standard Termination Process | § 4041.26 PBGC review of standard termination notice. | PBGC | (a) Review period —(1) In general. The PBGC will notify the plan administrator in writing of the date on which it received a complete standard termination notice at the address provided in the PBGC's standard termination forms and instructions package. If the PBGC does not issue a notice of noncompliance under § 4041.31 during its 60-day review period following such date, the plan administrator must proceed to close out the plan in accordance with § 4041.28. (2) Extension of review period. The PBGC and the plan administrator may, before the expiration of the PBGC review period in paragraph (a)(1) of this section, agree in writing to extend that period. (b) If standard termination notice is incomplete —(1) For purposes of timely filing. If the standard termination notice is incomplete, the PBGC may, based on the nature and extent of the omission, provide the plan administrator an opportunity to complete the notice. In such a case, the standard termination notice will be deemed to have been complete as of the date when originally filed for purposes of § 4041.25(a), provided the plan administrator provides the missing information by the later of— (i) The 180th day after the proposed termination date; or (ii) The 30th day after the date of the PBGC notice that the filing was incomplete. (2) For purposes of PBGC review period. If the standard termination notice is completed under paragraph (b)(1) of this section, the PBGC will determine whether the notice will be deemed to have been complete as of the date when originally filed for purposes of determining when the PBGC's review period begins under § 4041.26(a)(1). (c) Additional information —(1) Deadline for providing additional information. The PBGC may in any case require the submission of additional information relevant to the termination proceeding. Any such additional information becomes part of the standard termination notice and must be submitted within 30 days after the date of a written request by the PBGC, or within a different time period… | ||||
| 29:29:9.1.4.17.10.2.11.7 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | B | Subpart B—Standard Termination Process | § 4041.27 Notice of annuity information. | PBGC | (a) Notice requirement —(1) In general. The plan administrator must provide notices in accordance with this section to each affected party entitled to plan benefits other than an affected party whose plan benefits will be distributed in the form of a nonconsensual lump sum. (2) Spin-off/termination transactions. The plan administrator must provide the information in paragraph (d) of this section to a person entitled to notice under §§ 4041.23(c) or 4041.24(f), at the same time and in the same manner as required for an affected party. (b) Content of notice. The plan administrator must include, as part of the notice of intent to terminate— (1) Identity of insurers. The name and address of the insurer or insurers from whom (if known), or (if not) from among whom, the plan administrator intends to purchase irrevocable commitments (annuity contracts); (2) Change in identity of insurers. A statement that if the plan administrator later decides to select a different insurer, affected parties will receive a supplemental notice no later than 45 days before the distribution date; and (3) State guaranty association coverage information. A statement informing the affected party— (i) That once the plan distributes a benefit in the form of an annuity purchased from an insurance company, the insurance company takes over the responsibility for paying that benefit; (ii) That all states, the District of Columbia, and the Commonwealth of Puerto Rico have established “guaranty associations” to protect policy holders in the event of an insurance company's financial failure; (iii) That a guaranty association is responsible for all, part, or none of the annuity if the insurance company cannot pay; (iv) That each guaranty association has dollar limits on the extent of its guaranty coverage, along with a general description of the applicable dollar coverage limits; (v) That in most cases the policy holder is covered by the guaranty association for the state where he or she lives at the time the insurance company fa… | ||||
| 29:29:9.1.4.17.10.2.11.8 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | B | Subpart B—Standard Termination Process | § 4041.28 Closeout of plan. | PBGC | [62 FR 60428, Nov. 7, 1997, as amended at 82 FR 60818, Dec. 22, 2017] | (a) Distribution deadline —(1) In general. Unless a notice of noncompliance is issued under § 4041.31(a), the plan administrator must complete the distribution of plan assets in satisfaction of plan benefits (through priority category 6 under section 4044 of ERISA and part 4044 of this chapter) by the later of— (i) 180 days after the expiration of the PBGC's 60-day (or extended) review period under § 4041.26(a); or (ii) If the plan administrator meets the requirements of § 4041.25(c), 120 days after receipt of a favorable determination from the IRS. (2) Revocation of notice of noncompliance. If the PBGC revokes a notice of noncompliance issued under § 4041.31(a), the distribution deadline is extended until the 180th day after the date of the revocation. (3) Missing participants and beneficiaries. The distribution deadline is considered met with respect to a missing distributee to whom subpart A of part 4050 of this chapter applies if the benefit transfer amount for the missing distributee is considered timely transferred to PBGC under subpart A of part 4050 of this chapter. (b) Assets insufficient to satisfy plan benefits. If, at the time of any distribution, the plan administrator determines that plan assets are not sufficient to satisfy all plan benefits (with assets determined net of other liabilities, including PBGC premiums), the plan administrator may not make any further distribution of assets to effect the plan's termination and must promptly notify the PBGC. (c) Method of distribution —(1) In general. The plan administrator must, in accordance with all applicable requirements under the Code and ERISA, distribute plan assets in satisfaction of all plan benefits by purchase of an irrevocable commitment from an insurer or in another permitted form. (2) Lump sum calculations. In the absence of evidence establishing that another date is the “annuity starting date” under the Code, the distribution date is the “annuity starting date” for purposes of— (i) Calculating the present value of pl… | |||
| 29:29:9.1.4.17.10.2.11.9 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | B | Subpart B—Standard Termination Process | § 4041.29 Post-distribution certification. | PBGC | [85 FR 6060, Feb. 4, 2020, as amended at 90 FR 39328, Aug. 15, 2025] | (a) Filing requirement. The plan administrator must either— (1) Within 30 days after the last distribution date for any affected party, file with PBGC a post-distribution certification (PBGC Form 501), completed in accordance with the instructions thereto; or (2)(i) Within 30 days after the last distribution date for any affected party, certify to PBGC, in the manner prescribed in the instructions to PBGC Form 501, that the plan assets have been distributed as required, and (ii) Within 60 days after the last distribution date for any affected party, file a post-distribution certification (PBGC Form 501), completed in accordance with the instructions thereto. (b) Penalty considerations. If a standard termination notice is filed in accordance with § 4041.25(a)(1), PBGC may assess a penalty for a late filing under paragraph (a) of this section only if the required information is filed more than 90 days after the distribution deadline (including extensions) under § 4041.28(a). | |||
| 29:29:9.1.4.17.10.3.11.1 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | C | Subpart C—Distress Termination Process | § 4041.41 Requirements for a distress termination. | PBGC | (a) Distress requirements. A plan may be terminated in a distress termination only if— (1) The plan administrator issues a notice of intent to terminate to each affected party in accordance with § 4041.43 at least 60 days and (except with PBGC approval) not more than 90 days before the proposed termination date; (2) The plan administrator files a distress termination notice with the PBGC in accordance with § 4041.45 no later than 120 days after the proposed termination date; and (3) The PBGC determines that each contributing sponsor and each member of its controlled group satisfy one of the distress criteria set forth in paragraph (c) of this section. (b) Effect of failure to satisfy requirements. (1) Except as provided in paragraph (b)(2)(i) of this section, if the plan administrator does not satisfy all of the requirements for a distress termination, any action taken to effect the plan termination is null and void, and the plan is an ongoing plan. A plan administrator who still desires to terminate the plan must initiate the termination process again, starting with the issuance of a new notice of intent to terminate. (2)(i) The PBGC may, upon its own motion, waive any requirement with respect to notices to be filed with the PBGC under paragraph (a)(1) or (a)(2) of this section if the PBGC believes that it will be less costly or administratively burdensome to the PBGC to do so. The PBGC will not entertain requests for waivers under this paragraph. (ii) Notwithstanding any other provision of this part, the PBGC retains the authority in any case to initiate a plan termination in accordance with the provisions of section 4042 of ERISA. (c) Distress criteria. In a distress termination, each contributing sponsor and each member of its controlled group must satisfy at least one (but not necessarily the same one) of the following criteria in order for a distress termination to occur: (1) Liquidation. This criterion is met if, as of the proposed termination date— (i) A person has filed or had filed agai… | ||||
| 29:29:9.1.4.17.10.3.11.10 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | C | Subpart C—Distress Termination Process | § 4041.50 Closeout of plan. | PBGC | If a plan administrator receives a distribution notice from the PBGC pursuant to § 4041.47 and neither the plan administrator nor the PBGC makes the finding described in § 4041.49(b) or (d), the plan administrator must distribute plan assets in accordance with § 4041.28 and file a post-distribution certification in accordance with § 4041.29, except that— (a) The term “plan benefits” is replaced with “title IV benefits”; (b) For purposes of applying the distribution deadline in § 4041.28(a)(1)(i), the phrase “after the expiration of the PBGC's 60-day (or extended) review period under § 4041.26(a)” is replaced with “the day on which the plan administrator completes the issuance of the notices of benefit distribution pursuant to § 4041.48(a)”; and (c) For purposes of applying the distribution deadline in § 4041.28(a)(1)(ii), the phrase “the requirements of § 4041.25(c)” is replaced with “the requirements of § 4041.48(d)”. | ||||
| 29:29:9.1.4.17.10.3.11.11 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | C | Subpart C—Distress Termination Process | § 4041.51 Disclosure of information by plan administrator in distress termination. | PBGC | [73 FR 68337, Nov. 18, 2008] | (a) Request for Information —(1) In general. If a notice of intent to terminate under § 4041.43 is issued with respect to a plan, an affected party may make a request to the plan administrator for information submitted to PBGC under sections 4041(a)(2) and 4041(c)(2) of ERISA and §§ 4041.43 and 4041.45. (2) Requirements. A request under paragraph (a) of this section must: (i) Be in writing to the plan administrator; (ii) State the name of the plan and that the request is for information submitted to PBGC with respect to the application for a distress termination of the plan; (iii) State the name of the person making the request for information and such person's relationship to the plan (e.g., plan participant), and that such relationship meets the definition of affected party under § 4001.2 of this chapter; and (iv) Be signed by the person making the request. (b) Response by Plan Administrator —(1) Information. The information that a plan administrator must provide in response to a request under paragraph (a) of this section includes PBGC Form 600, and any information submitted to PBGC pursuant to section 4041(c)(2) of ERISA and § 4041.45. (2) Timing of response. A plan administrator that receives a request under paragraph (a) of this section must provide the information requested not later than the 15th business day (as defined in § 4000.22 of this chapter) after receipt of the request. (3) Deferral of due date. If, at the time the plan administrator receives a request under paragraph (a) of this section, the plan administrator has not filed a PBGC Form 600, the plan administrator must provide the information requested under paragraph (a) not later than the 15th business day (as defined in § 4000.22 of this chapter) after a PBGC Form 600 is filed with PBGC. (4) Supplemental responses. If, at any time after the later of the receipt of a request under paragraph (a) of this section, or the filing of PBGC Form 600, the plan administrator submits additional information to PBGC with respect to t… | |||
| 29:29:9.1.4.17.10.3.11.2 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | C | Subpart C—Distress Termination Process | § 4041.42 Administration of plan during termination process. | PBGC | [62 FR 60428, Nov. 7, 1997, as amended at 63 FR 29355, May 29, 1998] | (a) General rule. Except to the extent specifically prohibited by this section, during the pendency of termination proceedings the plan administrator must continue to carry out the normal operations of the plan, such as putting participants into pay status, collecting contributions due the plan, and investing plan assets. (b) Prohibitions after issuing notice of intent to terminate. The plan administrator may not make loans to plan participants beginning on the first day he or she issues a notice of intent to terminate, and from that date until a distribution is permitted pursuant to § 4041.50, the plan administrator may not— (1) Distribute plan assets pursuant to, or (except as required by this part) take any other actions to implement, the termination of the plan; (2) Pay benefits attributable to employer contributions, other than death benefits, in any form other than as an annuity; or (3) Purchase irrevocable commitments to provide benefits from an insurer. (c) Limitation on benefit payments on or after proposed termination date. Beginning on the proposed termination date, the plan administrator must reduce benefits to the level determined under part 4022, subpart D, of this chapter. (d) Failure to qualify for distress termination. In any case where the PBGC determines, pursuant to § 4041.44(c) or § 4041.46(c)(1), that the requirements for a distress termination are not satisfied— (1) The prohibitions in paragraph (b) of this section, other than those in paragraph (b)(1), will cease to apply— (i) Upon expiration of the period during which reconsideration may be requested under §§ 4041.44(e) and 4041.46(e) or, if earlier, at the time the plan administrator decides not to request reconsideration; or (ii) If reconsideration is requested, upon PBGC issuance of its decision on reconsideration. (2) Any benefits that were not paid pursuant to paragraph (c) of this section will be due and payable as of the effective date of the PBGC's determination, together with interest from the date (or dates) on… | |||
| 29:29:9.1.4.17.10.3.11.3 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | C | Subpart C—Distress Termination Process | § 4041.43 Notice of intent to terminate. | PBGC | (a) General rules. (1) At least 60 days and (except with PBGC approval) no more than 90 days before the proposed termination date, the plan administrator must issue a written notice of intent to terminate to each person who is an affected party as of the proposed termination date. (2) The plan administrator must issue the notice of intent to terminate to all affected parties other than the PBGC at or before the time he or she files the notice with the PBGC. (3) The notice to affected parties other than the PBGC must contain all of the information specified in paragraph (b) of this section. (4) The notice to the PBGC must be filed on PBGC Form 600, Distress Termination, Notice of Intent to Terminate, completed in accordance with the instructions thereto. (5) In the case of a beneficiary of a deceased participant or an alternate payee, the plan administrator must issue a notice of intent to terminate promptly to any person that becomes an affected party after the proposed termination date and on or before the date a trustee is appointed for the plan pursuant to section 4042(c) of ERISA (or, in the case of a plan that distributes assets pursuant to § 4041.50, the distribution date). (b) Contents of notice to affected parties other than the PBGC. The plan administrator must include in the notice of intent to terminate to each affected party other than the PBGC all of the following information: (1) The name of the plan and of the contributing sponsor; (2) The EIN of the contributing sponsor and the PN; if there is no EIN or PN, the notice must so state; (3) The name, address, and telephone number of the person who may be contacted by an affected party with questions concerning the plan's termination; (4) A statement that the plan administrator expects to terminate the plan in a distress termination on a specified proposed termination date; (5) The cessation of accruals information in § 4041.23(b)(4); (6) A statement as to how an affected party entitled to receive the latest updated summary plan descript… | ||||
| 29:29:9.1.4.17.10.3.11.4 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | C | Subpart C—Distress Termination Process | § 4041.44 PBGC review of notice of intent to terminate. | PBGC | (a) General. When a notice of intent to terminate is filed with it, the PBGC— (1) Will determine whether the notice was issued in compliance with § 4041.43; and (2) Will advise the plan administrator of its determination, in accordance with paragraph (b) or (c) of this section, no later than the proposed termination date specified in the notice. (b) Tentative finding of compliance. If the PBGC determines that the issuance of the notice of intent to terminate appears to be in compliance with § 4041.43, it will notify the plan administrator in writing that— (1) The PBGC has made a tentative determination of compliance; (2) The distress termination proceeding may continue; and (3) After reviewing the distress termination notice filed pursuant to § 4041.45, the PBGC will make final, or reverse, this tentative determination. (c) Finding of noncompliance. If the PBGC determines that the issuance of the notice of intent to terminate was not in compliance with § 4041.43 (except for requirements that the PBGC elects to waive under § 4041.41(b)(2)(i) with respect to the notice filed with the PBGC), the PBGC will notify the plan administrator in writing— (1) That the PBGC has determined that the notice of intent to terminate was not properly issued; and (2) That the proposed distress termination is null and void and the plan is an ongoing plan. (d) Information on need to institute section 4042 proceedings. The PBGC may require the plan administrator to submit, within 20 days after the plan administrator's receipt of the PBGC's written request (or such other period as may be specified in such written request), any information that the PBGC determines it needs in order to decide whether to institute termination or trusteeship proceedings pursuant to section 4042 of ERISA, whenever— (1) A notice of intent to terminate indicates that benefits currently in pay status (or that should be in pay status) are not being paid or that this is likely to occur within the 180-day period following the issuance of the noti… | ||||
| 29:29:9.1.4.17.10.3.11.5 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | C | Subpart C—Distress Termination Process | § 4041.45 Distress termination notice. | PBGC | (a) General rule. The plan administrator must file with the PBGC a PBGC Form 601, Distress Termination Notice, Single-Employer Plan Termination, with Schedule EA-D, Distress Termination Enrolled Actuary Certification, that has been completed in accordance with the instructions thereto, on or before the 120th day after the proposed termination date. (b) Participant and benefit information —(1) Plan insufficient for guaranteed benefits. Unless the enrolled actuary certifies, in the Schedule EA-D filed in accordance with paragraph (a) of this section, that the plan is sufficient either for guaranteed benefits or for benefit liabilities, the plan administrator must file with the PBGC the participant and benefit information described in PBGC Form 601 and the instructions thereto by the later of— (i) 120 days after the proposed termination date, or (ii) 30 days after receipt of the PBGC's determination, pursuant to § 4041.46(b), that the requirements for a distress termination have been satisfied. (2) Plan sufficient for guaranteed benefits or benefit liabilities. If the enrolled actuary certifies that the plan is sufficient either for guaranteed benefits or for benefit liabilities, the plan administrator need not submit the participant and benefit information described in PBGC Form 601 and the instructions thereto unless requested to do so pursuant to paragraph (c) of this section. (3) Effect of failure to provide information. The PBGC may void the distress termination if the plan administrator fails to provide complete participant and benefit information in accordance with this section. (c) Additional information. The PBGC may in any case require the submission of any additional information that it needs to make the determinations that it is required to make under this part or to pay benefits pursuant to section 4061 or 4022(c) of ERISA. The plan administrator must submit any information requested under this paragraph within 30 days after receiving the PBGC's written request (or such other period as … | ||||
| 29:29:9.1.4.17.10.3.11.6 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | C | Subpart C—Distress Termination Process | § 4041.46 PBGC determination of compliance with requirements for distress termination. | PBGC | (a) General. Based on the information contained and submitted with the PBGC Form 600 and the PBGC Form 601, with Schedule EA-D, and on any information submitted by an affected party or otherwise obtained by the PBGC, the PBGC will determine whether the requirements for a distress termination set forth in § 4041.41(c) have been met and will notify the plan administrator in writing of its determination, in accordance with paragraph (b) or (c) of this section. (b) Qualifying termination. If the PBGC determines that all of the requirements of § 4041.41(c) have been satisfied, it will so advise the plan administrator and will also advise the plan administrator of whether participant and benefit information must be submitted in accordance with § 4041.45(b). (c) Non-qualifying termination. (1) Except as provided in paragraph (c)(2) of this section, if the PBGC determines that any of the requirements of § 4041.41 have not been met, it will notify the plan administrator of its determination, the basis therefor, and the effect thereof (as provided in § 4041.41(b)). (2) If the only basis for the PBGC's determination described in paragraph (c)(1) of this section is that the distress termination notice is incomplete, the PBGC will advise the plan administrator of the missing item(s) of information and that the information must be filed with the PBGC no later than the 120th day after the proposed termination date or the 30th day after the date of the PBGC's notice of its determination, whichever is later. (d) Reconsideration of determination of non-qualification. A plan administrator may request reconsideration of the PBGC's determination under paragraph (c)(1) of this section in accordance with the rules prescribed in part 4003, subpart C, of this chapter. The filing of a request for reconsideration automatically stays the effectiveness of the determination until the PBGC issues its decision on reconsideration. (e) Notice to affected parties. Upon a decision by the PBGC affirming a determination of non-qualific… | ||||
| 29:29:9.1.4.17.10.3.11.7 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | C | Subpart C—Distress Termination Process | § 4041.47 PBGC determination of plan sufficiency/insufficiency. | PBGC | [62 FR 60428, Nov. 7, 1997, as amended at 90 FR 39328, Aug. 15, 2025] | (a) General. Upon receipt of participant and benefit information filed pursuant to § 4041.45 (b)(1) or (c), the PBGC will determine the degree to which the plan is sufficient and notify the plan administrator in writing of its determination in accordance with paragraph (b) or (c) of this section. (b) Insufficiency for guaranteed benefits. If the PBGC finds that it is unable to determine that a plan is sufficient for guaranteed benefits, it will issue a “notice of inability to determine sufficiency” notifying the plan administrator of this finding and advising the plan administrator that— (1) The plan administrator must continue to administer the plan under the restrictions imposed by § 4041.42; and (2) The termination will be completed under section 4042 of ERISA. (c) Sufficiency for guaranteed benefits or benefit liabilities. If the PBGC determines that a plan is sufficient for guaranteed benefits but not for benefit liabilities or is sufficient for benefit liabilities, the PBGC will issue to the plan administrator a distribution notice advising the plan administrator— (1) To issue notices of benefit distribution in accordance with § 4041.48; (2) To close out the plan in accordance with § 4041.50; (3) To file a timely post-distribution certification with the PBGC in accordance with § 4041.50(b); and (4) That either the plan administrator or the contributing sponsor must preserve and maintain plan records in accordance with § 4041.5. (d) Alternative treatment of majority owner's benefit. A majority owner may elect to forgo receipt of all or part of his or her plan benefits in connection with a distress termination. Any such alternative treatment— (1) Is valid only if the conditions in § 4041.21(b)(2)(i) through (v) are met (except that, in the case of a plan that does not distribute assets pursuant to § 4041.50, the majority owner may make the election and the spouse may consent any time on or after the date of issuance of the first notice of intent to terminate); and— (2) Is subject to the PBG… | |||
| 29:29:9.1.4.17.10.3.11.8 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | C | Subpart C—Distress Termination Process | § 4041.48 Sufficient plans; notice requirements. | PBGC | (a) Notices of benefit distribution. When a distribution notice is issued by the PBGC pursuant to § 4041.47, the plan administrator must issue notices of benefit distribution in accordance with the rules regarding notices of plan benefits in § 4041.24, except that— (1) The deadline for issuing the notices of benefit distribution is the 60th day after receipt of the distribution notice; and (2) With respect to the information described in § 4041.24 (b) through (e), the term “plan benefits” is replaced with “title IV benefits” and the term “proposed termination date” is replaced with “termination date”. (b) Certification to PBGC. No later than 15 days after the date on which the plan administrator completes the issuance of the notices of benefit distribution, the plan administrator must file with the PBGC a certification that the notices were so issued in accordance with the requirements of this section. (c) Notice of annuity information —(1) In general. Unless all title IV benefits will be distributed in the form of nonconsensual lump sums, the plan administrator must provide a notice of annuity information to each affected party other than— (i) An affected party whose title IV benefits will be distributed in the form of a nonconsensual lump sum; and (ii) The PBGC. (2) Spin-off/termination transactions. The plan administrator must provide the information in paragraph (c)(4) of this section to a person entitled to notice under § 4041.43(c), at the same time and in the same manner as required for an affected party described in paragraph (c)(1) of this section. (3) Selection of different insurer. A plan administrator that decides to select a different insurer after having previously notified the affected party of the identity of insurer(s) under this paragraph must provide another notice of annuity information. (4) Content of notice. The notice must include— (i) The identity-of-insurer information in § 4041.27(b)(1); (ii) The information regarding change in identity of insurer(s) in § 4041.27(… | ||||
| 29:29:9.1.4.17.10.3.11.9 | 29 | Labor | XL | E | 4041 | PART 4041—TERMINATION OF SINGLE-EMPLOYER PLANS | C | Subpart C—Distress Termination Process | § 4041.49 Verification of plan sufficiency prior to closeout. | PBGC | [62 FR 60428, Nov. 7, 1997, as amended at 89 FR 48299, June 6, 2024] | (a) General rule. Before distributing plan assets pursuant to a closeout under § 4041.50, the plan administrator must verify whether the plan's assets are still sufficient to provide for benefits at the level determined by the PBGC, i.e., guaranteed benefits or benefit liabilities. If the plan administrator finds that the plan is no longer able to provide for benefits at the level determined by the PBGC, then paragraph (b) or (c) of this section, as appropriate, will apply. (b) Subsequent insufficiency for guaranteed benefits. When a plan administrator finds that a plan is no longer sufficient for guaranteed benefits, the plan administrator must promptly notify the PBGC in writing of that fact and may take no further action to implement the plan termination, pending the PBGC's determination and notice pursuant to paragraph (b)(1) or (b)(2) of this section. (1) PBGC concurrence with finding. If the PBGC concurs with the plan administrator's finding, the distribution notice will be void, and the PBGC will— (i) Issue the plan administrator a notice of inability to determine sufficiency in accordance with § 4041.47(b); and (ii) Require the plan administrator to submit a new valuation, certified to by an enrolled actuary, of the benefit liabilities and guaranteed benefits under the plan, valued in accordance with §§ 4044.41 through 4044.58 of this chapter as of the date of the plan administrator's notice to the PBGC. (2) PBGC non-concurrence with finding. If the PBGC does not concur with the plan administrator's finding, it will so notify the plan administrator in writing, and the distribution notice will remain in effect. (c) Subsequent insufficiency for benefit liabilities. When a plan administrator finds that a plan is sufficient for guaranteed benefits but is no longer sufficient for benefit liabilities, the plan administrator must immediately notify the PBGC in writing of this fact, but must continue with the distribution of assets in accordance with § 4041.50. (d) Finding by PBGC of subsequen… |
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CREATE TABLE cfr_sections (
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title_number INTEGER,
title_name TEXT,
chapter TEXT,
subchapter TEXT,
part_number TEXT,
part_name TEXT,
subpart TEXT,
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section_number TEXT,
section_heading TEXT,
agency TEXT,
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source_citation TEXT,
amendment_citations TEXT,
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CREATE INDEX idx_cfr_agency ON cfr_sections(agency);