cfr_sections
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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 |
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| 29:29:9.1.4.17.16.1.25.1 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | A | Subpart A—Single-Employer Plans Covered by Title IV | § 4050.101 Purpose and scope. | PBGC | (a) In general. This subpart describes PBGC's missing participants program for single-employer defined benefit retirement plans covered by title IV of ERISA. The missing participants program is a program to hold retirement benefits for missing participants and beneficiaries in terminated retirement plans and to help them find and receive the benefits being held for them. For a plan to which this subpart applies, this subpart describes what the plan must do upon plan termination if it has missing participants or beneficiaries who are entitled to distributions. This subpart applies to a plan only if it is a single-employer defined benefit plan that— (1) Is described in section 4021(a) of ERISA and not in any paragraph of section 4021(b) of ERISA and (2) Terminates in a standard termination or in a distress termination described in section 4041(c)(3)(B)(i) or (ii) of ERISA (“sufficient distress termination”). (b) Plans that terminate but do not close out. This subpart does not apply to a plan that terminates but does not close out, such as a plan that terminates in a distress termination described in section 4041(c)(3)(B)(iii) of ERISA (“insufficient distress termination”). (c) Individual account plans. This subpart does not apply to an individual account plan under section 3(34) of ERISA, even if it is described in the same plan document as a plan to which this subpart applies. This subpart also does not apply to a plan to the extent that it is treated as an individual account plan under section 3(35)(B) of ERISA. For example, this subpart does not apply to employee contributions (or interest or earnings thereon) held as an individual account. (Subpart B deals with individual account plans.) | ||||
| 29:29:9.1.4.17.16.1.25.2 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | A | Subpart A—Single-Employer Plans Covered by Title IV | § 4050.102 Definitions. | PBGC | [82 FR 60818, Dec. 22, 2017, as amended at 89 FR 48308, June 6, 2024] | The following terms are defined in § 4001.2 of this chapter: Annuity, Code, ERISA, insurer, irrevocable commitment, PBGC, person, and plan administrator. In addition, for purposes of this subpart: Accrual cessation date for a participant under a subpart A plan means the date the participant stopped accruing benefits under the terms of the plan. Accumulated single sum means, with respect to a missing distributee, the distributee's benefit transfer amount accumulated at the missing participants interest rate from the benefit determination date to the date when PBGC makes or commences payment to or with respect to the distributee. Benefit determination date with respect to a subpart A plan means the single date selected by the plan administrator for valuing benefits under § 4050.103(d); this date must be during the period beginning on the first day a distribution is made pursuant to close-out of the plan to a distributee who is not a missing distributee and ending on the last day such a distribution is made. Benefit transfer amount for a missing distributee of a subpart A plan means the amount determined by the plan administrator under § 4050.103(d) in the close-out of the plan. Close-out or close out with respect to a subpart A plan means the process of the final distribution or transfer of assets pursuant to the termination of the plan. De minimis means, with respect to the value of a benefit (or other amount), that the value does not exceed the amount specified under section 203(e)(1) of ERISA and section 411(a)(11)(A) of the Code (without regard to plan provisions). Distributee means, with respect to a subpart A plan, a participant or beneficiary entitled to a distribution under the plan pursuant to the close-out of the plan. Missing, with respect to a distributee under a subpart A plan, means that any one or more of the following three conditions exists upon close-out of the plan. (1) The plan administrator does not know with reasonable certainty the location of the distributee. (2) Under th… | |||
| 29:29:9.1.4.17.16.1.25.3 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | A | Subpart A—Single-Employer Plans Covered by Title IV | § 4050.103 Duties of plan administrator. | PBGC | (a) Providing for benefits. For each distributee who is missing upon close-out of a subpart A plan, the plan administrator must provide for the distributee's plan benefits either— (1) By purchasing an irrevocable commitment from an insurer, or (2) By— (i) Determining the distributee's benefit transfer amount under paragraph (d) of this section, and (ii) Transferring to PBGC as described in this subpart A an amount equal to the distributee's benefit transfer amount. (b) Diligent search. For each distributee whose location the plan administrator does not know with reasonable certainty upon close-out of a subpart A plan, the plan administrator must have conducted a diligent search as described in § 4050.104. (c) Filing with PBGC. For each distributee who is missing upon close-out of a subpart A plan, the plan administrator must file with PBGC as described in § 4050.105. (d) Benefit transfer amount. The benefit transfer amount for a missing distributee is the amount determined by the plan administrator as of the benefit determination date using whichever one of the following three methods applies: (1) De minimis. If the single sum actuarial equivalent of the distributee's benefits (including any payments missed in the past) determined using plan lump sum assumptions is de minimis, then the missing distributee's benefit transfer amount is equal to that single sum. (2) Non-de minimis; single sum payment cannot be elected. If the single sum actuarial equivalent of the distributee's benefits (including any payments missed in the past) determined using plan lump sum assumptions is not de minimis, and a single sum payment cannot be elected, then the missing distributee's benefit transfer amount is the present value of the distributee's accrued benefit determined using PBGC missing participants assumptions, plus (i) For a missing distributee not in pay status whose normal retirement date (or accrual cessation date if later) precedes the benefit determination date, the aggregate value of payments of the… | ||||
| 29:29:9.1.4.17.16.1.25.4 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | A | Subpart A—Single-Employer Plans Covered by Title IV | § 4050.104 Diligent search. | PBGC | (a) Search requirement. The plan administrator of a subpart A plan must, within the time frame described in paragraph (d) of this section, have diligently searched for each distributee of the plan whose location the plan administrator does not know with reasonable certainty upon close-out, using one of the following two methods: (1) For any distributee, regardless of the size of the distributee's benefit, the commercial locator service method described in paragraph (b) of this section; or (2) For a distributee whose normal retirement benefit is not more than $50 per month, the records search method described in paragraph (c) of this section. (b) Commercial locator service method —(1) In general. Using the commercial locator service method means paying a commercial locator service to search for information to locate a distributee. (2) Meaning of “commercial locator service.” For purposes of this section, a commercial locator service is a business that holds itself out as a finder of lost persons for compensation using information from a database maintained by a consumer reporting agency (as defined in 15 U.S.C. 1681a(f)). (c) Records search method —(1) In general. Using the records search method means searching for information to locate a distributee by doing all of the following to the extent reasonably feasible and affordable: (i) Searching the records of the plan for information to locate the distributee. (ii) Searching the records of the plan's contributing sponsor that is the most recent employer of the distributee for information to locate the distributee. (iii) Searching the records of each retirement or welfare plan of the plan's contributing sponsor in which the distributee was a participant for information to locate the distributee. (iv) Contacting each beneficiary of the distributee identified from the records referred to in paragraphs (c)(1)(i), (ii), and (iii) of this section for information to locate the distributee. (v) Using an internet search method for which no fee is charged,… | ||||
| 29:29:9.1.4.17.16.1.25.5 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | A | Subpart A—Single-Employer Plans Covered by Title IV | § 4050.105 Filing with PBGC. | PBGC | (a) What to file. The plan administrator of a subpart A plan must file with PBGC the information specified in the missing participants forms and instructions and, for a missing distributee referred to in § 4050.103(a)(2), payment of— (1) The benefit transfer amount for the missing distributee; (2) If the benefit transfer amount is paid more than 90 days after the benefit determination date, interest on the benefit transfer amount computed at the missing participants interest rate for the period beginning on the 90th day after the benefit determination date and ending on the date the benefit transfer amount is paid to PBGC; and (3) Any fee provided for in the missing participants forms and instructions. (b) When to file. The plan administrator must file the information and payments referred to in paragraph (a) of this section in accordance with the missing participants forms and instructions. Payment of a benefit transfer amount will, if considered timely made for purposes of this paragraph (b), be considered timely made for purposes of part 4041 of this chapter. (c) Place, method and date of filing; time periods. (1) For rules about where to file, see § 4000.4 of this chapter. (2) For rules about permissible methods of filing with PBGC under this subpart, see subpart A of part 4000 of this chapter. (3) For rules about the date that a submission under this subpart was filed with PBGC, see subpart C of part 4000 of this chapter. (4) For rules about any time period for filing under this subpart, see subpart D of part 4000 of this chapter. (d) Supplemental information. Within 30 days after a written request by PBGC (or such other time as may be specified in the request), the plan administrator of a subpart A plan required to file under paragraph (a) of this section must file with PBGC supplemental information for any proper purpose under the missing participants program. (e) Reliance. As administrator of the missing participants program, PBGC will rely on determinations made and information report… | ||||
| 29:29:9.1.4.17.16.1.25.6 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | A | Subpart A—Single-Employer Plans Covered by Title IV | § 4050.106 Missing participant benefits. | PBGC | (a) In general —(1) Benefit transfer amount not paid. If a subpart A plan files with PBGC information about an irrevocable commitment provided by the subpart A plan for a missing distributee, PBGC will provide information about the irrevocable commitment to the distributee or another claimant that may be entitled to payment pursuant to the irrevocable commitment. (2) Benefit transfer amount paid. If a subpart A plan pays PBGC a benefit transfer amount for a missing distributee, PBGC will pay benefits with respect to the missing distributee in accordance with this section, subject to the provisions of a QDRO. (b) Benefits for missing distributees who are participants. Paragraphs (c), (d), (e), and (k) of this section describe the benefits that PBGC will pay to a non-pay status missing participant of a subpart A plan who claims a benefit under the missing participants program. (c) De minimis benefit. If the benefit transfer amount of a participant described in paragraph (b) of this section is de minimis, PBGC will pay the participant a lump sum equal to the accumulated single sum. (d) Non-de minimis benefit of unmarried participant. If the benefit transfer amount of an unmarried participant described in paragraph (b) of this section is not de minimis, PBGC will pay the participant either the annuity described in paragraph (d)(1) of this section, beginning not before age 55, and (if applicable) the make-up amount described in paragraph (d)(2) of this section; or, if the participant could have elected a lump sum under the subpart A plan, and the participant so elects under the missing participants program, the lump sum described in paragraph (d)(3) of this section. (1) Annuity. The annuity described in this paragraph (d)(1) is either— (i) Straight life annuity. A straight life annuity in the amount that the subpart A plan would have paid the participant, starting at the date that PBGC payments start (or, if earlier, the later of the participant's normal retirement date or accrual cessation date),… | ||||
| 29:29:9.1.4.17.16.1.25.7 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | A | Subpart A—Single-Employer Plans Covered by Title IV | § 4050.107 PBGC discretion. | PBGC | PBGC may in appropriate circumstances extend deadlines, excuse noncompliance, and grant waivers with regard to any provision of this subpart to promote the purposes of the missing participants program and title IV of ERISA. Like circumstances will be treated in like manner under this section. | ||||
| 29:29:9.1.4.17.16.2.25.1 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | B | Subpart B—Defined Contribution Plans | § 4050.201 Purpose and scope. | PBGC | (a) In general. This subpart describes PBGC's missing participants program for single-employer and multiemployer defined contribution retirement plans. The missing participants program is a program to hold retirement benefits for missing participants and beneficiaries in terminated retirement plans and to help them find and receive the benefits being held for them. For a plan to which this subpart applies, this subpart describes what the plan must do upon plan termination if it elects to use the missing participants program for missing participants and beneficiaries who are entitled to distributions. This subpart applies to a plan only if it is a plan— (1) That— (i) Is a defined contribution (individual account) plan described in section 3(34) of ERISA; or (ii) Is treated as a defined contribution (individual account) plan under section (3)(35) of ERISA (to the extent so treated); (2) That is described in section 4021(a) of ERISA and not in any paragraph of section 4021(b) of ERISA other than paragraph (1), (5), (12), or (13), including a plan described in section 403(b) of the Code under which benefits are provided through custodial accounts described in section 403(b)(7) of the Code; (3) That, if it is a transferring plan, pays all benefit transfer amounts to PBGC in money, consistent with plan provisions and applicable law; and (4) That terminates and closes out. (b) Defined contribution plans that are part of defined benefit plans. This subpart does not fail to apply to a plan merely because the plan is described in the same plan document as a defined benefit plan (to which this subpart does not apply). For example, this subpart may apply to employee contributions (or interest or earnings thereon) held as an individual account under a defined benefit plan. (c) Defined contribution plans that are abandoned plans. This subpart does not fail to apply to a plan merely because the plan is an abandoned plan, as defined in 29 CFR 2578.1. | ||||
| 29:29:9.1.4.17.16.2.25.2 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | B | Subpart B—Defined Contribution Plans | § 4050.202 Definitions. | PBGC | The following terms are defined in § 4001.2 of this chapter: Annuity, Code, ERISA, PBGC, and person. In addition, for purposes of this subpart: Accumulated single sum means, with respect to a missing distributee, the distributee's benefit transfer amount accumulated at the missing participants interest rate from the date when the subpart B plan pays PBGC the benefit transfer amount for the missing distributee to the date when PBGC makes or commences payment to or with respect to the distributee. Benefit conversion assumptions means, with respect to an annuity, the applicable mortality table and applicable interest rate under section 205(g)(3) of ERISA and section 417(e)(3) of the Code for January of the calendar year in which PBGC begins paying the annuity. Benefit transfer amount for a missing distributee in a transferring plan means the amount available for distribution to the distributee in connection with the close-out of the subpart B plan. Close-out or close out with respect to a subpart B plan means the process of the final distribution or transfer of assets pursuant to the termination of the subpart B plan. De minimis means, with respect to the value of a benefit (or other amount), that the value does not exceed the amount specified under section 203(e)(1) of ERISA and section 411(a)(11)(A) of the Code (without regard to plan provisions). Distributee means, with respect to a subpart B plan, a participant or beneficiary entitled to a distribution under the plan pursuant to the close-out of the plan, except that a person is not a distributee if the subpart B plan transfers assets to another pension plan (within the meaning of section 3(2) of ERISA) to pay the person's benefits. Missing, with respect to a distributee under a subpart B plan, means that any one or more of the following three conditions exists upon close-out of the plan. (1) The plan does not know with reasonable certainty the location of the distributee. (2) The distributee has not elected a form of distribution in response t… | ||||
| 29:29:9.1.4.17.16.2.25.3 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | B | Subpart B—Defined Contribution Plans | § 4050.203 Options and duties of plan. | PBGC | (a) Options. A subpart B plan that is closing out upon plan termination may (but need not) elect, by filing under § 4050.205, that the subpart B plan— (1) Will be a “transferring plan,” that is, will pay a benefit transfer amount to PBGC for each distributee who is missing upon close-out of the plan and will be bound by the provisions of this subpart B to the extent that they apply to transferring plans, or (2) Will be a “notifying plan,” that is, will notify PBGC of the disposition of the benefits of each distributee identified in the filing who is missing upon close-out of the plan and will, with respect to those distributees, be bound by the provisions of this subpart B to the extent that they apply to notifying plans. (b) Diligent search —(1) In general. Except as provided in paragraph (b)(2) of this section, for each distributee whose location the plan does not know with reasonable certainty upon close-out of a subpart B plan, the plan must have conducted a diligent search as described in § 4050.204. (2) Notifying plans. For a notifying plan, the requirement of paragraph (b)(1) of this section applies only to distributees identified in the filing with PBGC. (c) Filing with PBGC —(1) In general. Except as provided in paragraph (c)(2) of this section, for each distributee who is missing upon close-out of a subpart B plan, the plan must file with PBGC as described in § 4050.205. (2) Notifying plans. For a notifying plan, the requirement of paragraph (c)(1) of this section applies only to distributees identified in the filing with PBGC. | ||||
| 29:29:9.1.4.17.16.2.25.4 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | B | Subpart B—Defined Contribution Plans | § 4050.204 Diligent search. | PBGC | (a) Search requirement —(1) In general. Except as provided in paragraph (a)(2) of this section, a subpart B plan must, within the time frame described in paragraph (b) of this section, have diligently searched for each distributee of the plan whose location the plan does not know with reasonable certainty upon close-out in accordance with regulations and other applicable guidance issued by the Secretary of Labor under section 404 of ERISA. (2) Notifying plans. For a notifying plan, the requirement of paragraph (a)(1) of this section applies only to distributees identified in the filing with PBGC. (b) Time frame. A search for a missing distributee must be made within nine months before a filing is made under § 4050.205 identifying the distributee as a missing distributee. | ||||
| 29:29:9.1.4.17.16.2.25.5 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | B | Subpart B—Defined Contribution Plans | § 4050.205 Filing with PBGC. | PBGC | (a) What to file. A subpart B plan must file with PBGC the information specified in the missing participants forms and instructions, and if the plan is a transferring plan, payment of— (1) The benefit transfer amount for the missing distributee; and (2) Any fee provided for in the missing participants forms and instructions. (b) When to file. The plan must file the information and payments referred to in paragraph (a) of this section in accordance with the missing participants forms and instructions. (c) Place, method and date of filing; time periods. (1) For rules about where to file, see § 4000.4 of this chapter. (2) For rules about permissible methods of filing with PBGC under this subpart, see subpart A of part 4000 of this chapter. (3) For rules about the date that a submission under this subpart was filed with PBGC, see subpart C of part 4000 of this chapter. (4) For rules about any time period for filing under this subpart, see subpart D of part 4000 of this chapter. (d) Supplemental information. Within 30 days after a written request by PBGC (or such other time as may be specified in the request), the plan administrator of a subpart B plan required to file under paragraph (a) of this section must file with PBGC supplemental information for any proper purpose under the missing participants program. (e) Reliance. As administrator of the missing participants program, PBGC will rely on determinations made and information reported by plans in connection with the program. | ||||
| 29:29:9.1.4.17.16.2.25.6 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | B | Subpart B—Defined Contribution Plans | § 4050.206 Missing participant benefits. | PBGC | (a) In general —(1) Notifying plan. If a notifying plan files with PBGC information about a disposition of benefits made by the subpart B plan for a missing distributee, PBGC will provide information about the disposition of benefits to the distributee or another claimant that may be entitled to the benefits. (2) Transferring plan. If a transferring plan pays PBGC a benefit transfer amount for a missing distributee, PBGC will pay benefits with respect to the missing distributee in accordance with this section, subject to the provisions of a QDRO. (b) Benefits for missing distributees who are participants. Paragraphs (c), (d), and (e) of this section describe the benefits that PBGC will pay to a missing participant of a subpart B plan who claims a benefit under the missing participants program. (c) De minimis benefit. If the benefit transfer amount of a participant described in paragraph (b) of this section is de minimis, PBGC will pay the participant a lump sum equal to the accumulated single sum. (d) Non-de minimis benefit of unmarried participant. If the benefit transfer amount of an unmarried participant described in paragraph (b) of this section is not de minimis, PBGC will pay the participant either the annuity described in paragraph (d)(1) of this section, beginning not before age 55; or, if the participant so elects, the lump sum described in paragraph (d)(2) of this section. (1) Annuity. The annuity described in this paragraph (d)(1) is, at the participant's election, any form of annuity available to the participant under § 4022.8 of this chapter, in an amount that is actuarially equivalent, under the benefit conversion assumptions, to the participant's accumulated single sum. (2) Lump sum. The lump sum described in this paragraph (d)(2) is the participant's accumulated single sum. (e) Non-de minimis benefit of married participant. If the benefit transfer amount of a married participant described in paragraph (b) of this section is not de minimis, PBGC will pay the participant eith… | ||||
| 29:29:9.1.4.17.16.2.25.7 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | B | Subpart B—Defined Contribution Plans | § 4050.207 PBGC discretion. | PBGC | PBGC may in appropriate circumstances extend deadlines, excuse noncompliance, and grant waivers with regard to any provision of this subpart to promote the purposes of the missing participants program and title IV of ERISA. Like circumstances will be treated in like manner under this section. | ||||
| 29:29:9.1.4.17.16.3.25.1 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | C | Subpart C—Certain Defined Benefit Plans Not Covered by Title IV | § 4050.301 Purpose and scope. | PBGC | (a) In general. This subpart describes PBGC's missing participants program for small professional service defined benefit retirement plans not covered by title IV of ERISA. The missing participants program is a program to hold retirement benefits for missing participants and beneficiaries in terminated retirement plans and to help them find and receive the benefits being held for them. For a plan to which this subpart applies, this subpart describes what the plan must do upon plan termination if it elects to use the missing participants program for missing participants and beneficiaries who are entitled to distributions. This subpart applies to a plan only if it is a single-employer defined benefit plan that— (1) Is described in section 4021(a) of ERISA and not in any paragraph of section 4021(b) of ERISA other than paragraph (13), and (2) Terminates and closes out with sufficient assets to satisfy all liabilities with respect to employees and their beneficiaries. (b) Individual account plans. This subpart does not apply to an individual account plan under section 3(34) of ERISA, even if it is described in the same plan document as a plan to which this subpart applies. This subpart also does not apply to a plan to the extent that it is treated as an individual account plan under section 3(35)(B) of ERISA. For example, this subpart does not apply to employee contributions (or interest or earnings thereon) held as an individual account. (Subpart B deals with individual account plans.) | ||||
| 29:29:9.1.4.17.16.3.25.2 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | C | Subpart C—Certain Defined Benefit Plans Not Covered by Title IV | § 4050.302 Definitions. | PBGC | [82 FR 60818, Dec. 22, 2017, as amended at 89 FR 48309, June 6, 2024] | The following terms are defined in § 4001.2 of this chapter: Annuity, Code, ERISA, PBGC, person, and plan administrator. In addition, for purposes of this subpart: Accrual cessation date for a participant under a subpart C plan means the date the participant stopped accruing benefits under the terms of the plan. Accumulated single sum means, with respect to a missing distributee, the distributee's benefit transfer amount accumulated at the missing participants interest rate from the benefit determination date to the date when PBGC makes or commences payment to or with respect to the distributee. Benefit determination date with respect to a subpart C plan means the single date selected by the plan administrator for valuing benefits under § 4050.303(d); this date must be during the period beginning on the first day a distribution is made pursuant to close-out of the plan to a distributee who is not a missing distributee and ending on the last day such a distribution is made. Benefit transfer amount for a missing distributee in a transferring plan means the amount determined by the plan administrator under § 4050.303(d) in the close-out of the subpart C plan. Close-out or close out with respect to a subpart C plan means the process of the final distribution or transfer of assets pursuant to the termination of the subpart C plan. De minimis means, with respect to the value of a benefit (or other amount), that the value does not exceed the amount specified under section 203(e)(1) of ERISA and section 411(a)(11)(A) of the Code (without regard to plan provisions). Distributee means, with respect to a subpart C plan, a participant or beneficiary entitled to a distribution under the subpart C plan pursuant to the close-out of the subpart C plan, except that a person is not a distributee if the subpart C plan transfers assets to another pension plan (within the meaning of section 3(2) of ERISA) to pay the person's benefits. Missing, with respect to a distributee under a subpart C plan, means that any one … | |||
| 29:29:9.1.4.17.16.3.25.3 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | C | Subpart C—Certain Defined Benefit Plans Not Covered by Title IV | § 4050.303 Options and duties of plan administrator. | PBGC | (a) Options. The plan administrator of a subpart C plan that is closing out upon plan termination may (but need not), by filing under § 4050.305, elect that the subpart C plan— (1) Will be a “transferring plan,” that is, will pay a benefit transfer amount to PBGC for each distributee who is missing upon close-out of the subpart C plan and will be bound by the provisions of this subpart C to the extent that they apply to transferring plans, or (2) Will be a “notifying plan,” that is, will notify PBGC of the disposition of the benefits of each distributee identified in the filing who is missing upon close-out of the plan and will, with respect to those distributees, be bound by the provisions of this subpart C to the extent that they apply to notifying plans. (b) Diligent search —(1) In general. Except as provided in paragraph (b)(2) of this section, for each distributee whose location the plan administrator does not know with reasonable certainty upon close-out of a subpart C plan, the plan administrator must have conducted a diligent search as described in § 4050.304. (2) Notifying plans. For a notifying plan, the requirement of paragraph (b)(1) of this section applies only to distributees identified in the filing with PBGC. (c) Filing with PBGC —(1) In general. Except as provided in paragraph (c)(2) of this section, for each distributee who is missing upon close-out of a subpart C plan, the plan administrator must file with PBGC as described in § 4050.305. (2) Notifying plans. For a notifying plan, the requirement of paragraph (c)(1) of this section applies only to distributees identified in the filing with PBGC. (d) Benefit transfer amount. The benefit transfer amount for a missing distributee is the amount determined by the plan administrator as of the benefit determination date using whichever one of the following three methods applies: (1) De minimis. If the single sum actuarial equivalent of the distributee's benefits (including any payments missed in the past) determined using plan … | ||||
| 29:29:9.1.4.17.16.3.25.4 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | C | Subpart C—Certain Defined Benefit Plans Not Covered by Title IV | § 4050.304 Diligent search. | PBGC | (a) Search requirement. For each distributee of a subpart C plan who is described in § 4050.303(b), the plan administrator must, within the time frame described in paragraph (d) of this section, have diligently searched for each distributee of the plan whose location the plan administrator does not know with reasonable certainty upon close out, using one of the following two methods: (1) For any distributee, regardless of the size of the distributee's benefit, the commercial locator service method described in paragraph (b) of this section; or (2) For a distributee whose normal retirement benefit is not more than $50 per month, the records search method described in paragraph (c) of this section. (b) Commercial locator service method —(1) In general. Using the commercial locator service method means paying a commercial locator service to search for information to locate a distributee. (2) Meaning of “commercial locator service.” For purposes of this section, a commercial locator service is a business that holds itself out as a finder of lost persons for compensation using information from a database maintained by a consumer reporting agency (as defined in 15 U.S.C. 1681a(f)). (c) Records search method —(1) In general. Using the records search method means searching for information to locate a distributee by doing all of the following to the extent reasonably feasible and affordable: (i) Searching the records of the plan for information to locate the distributee. (ii) Searching the records of the plan's contributing sponsor that is the most recent employer of the distributee for information to locate the distributee. (iii) Searching the records of each retirement or welfare plan of the plan's contributing sponsor in which the distributee was a participant for information to locate the distributee. (iv) Contacting each beneficiary of the distributee identified from the records referred to in paragraphs (c)(1)(i), (ii), and (iii) of this section for information to locate the distributee. (v) Usin… | ||||
| 29:29:9.1.4.17.16.3.25.5 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | C | Subpart C—Certain Defined Benefit Plans Not Covered by Title IV | § 4050.305 Filing with PBGC. | PBGC | (a) What to file. The plan administrator of a subpart C plan must file with PBGC the information specified in the missing participants forms and instructions, and if the plan is a transferring plan, payment of— (1) The benefit transfer amount for the missing distributee; (2) If the benefit transfer amount is paid more than 90 days after the benefit determination date, interest on the benefit transfer amount computed at the missing participants interest rate for the period beginning on the 90th day after the benefit determination date and ending on the date the benefit transfer amount is paid to PBGC; and (3) Any fee provided for in the missing participants forms and instructions. (b) When to file. The plan administrator must file the information and payments referred to in paragraph (a) of this section in accordance with the missing participants forms and instructions. (c) Place, method and date of filing; time periods. (1) For rules about where to file, see § 4000.4 of this chapter. (2) For rules about permissible methods of filing with PBGC under this subpart, see subpart A of part 4000 of this chapter. (3) For rules about the date that a submission under this subpart was filed with PBGC, see subpart C of part 4000 of this chapter. (4) For rules about any time period for filing under this subpart, see subpart D of part 4000 of this chapter. (d) Supplemental information. Within 30 days after a written request by PBGC (or such other time as may be specified in the request), the plan administrator of a subpart C plan required to file under paragraph (a) of this section must file with PBGC supplemental information for any proper purpose under the missing participants program. (e) Reliance. As administrator of the missing participants program, PBGC will rely on determinations made and information reported by plan administrators in connection with the program. | ||||
| 29:29:9.1.4.17.16.3.25.6 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | C | Subpart C—Certain Defined Benefit Plans Not Covered by Title IV | § 4050.306 Missing participant benefits. | PBGC | (a) In general —(1) Notifying plan. If a notifying plan files with PBGC information about a disposition of benefits made by the subpart C plan for a missing distributee, PBGC will provide information about the disposition of benefits to the distributee or another claimant that may be entitled to the benefits. (2) Transferring plan. If a transferring plan pays PBGC a benefit transfer amount for a missing distributee, PBGC will pay benefits with respect to the missing distributee in accordance with this section, subject to the provisions of a QDRO. (b) Benefits for missing distributees who are participants. Paragraphs (c), (d), (e), and (k) of this section describe the benefits that PBGC will pay to a non-pay status missing participant of a subpart C plan who claims a benefit under the missing participants program. (c) De minimis benefit. If the benefit transfer amount of a participant described in paragraph (b) of this section is de minimis, PBGC will pay the participant a lump sum equal to the accumulated single sum. (d) Non-de minimis benefit of unmarried participant. If the benefit transfer amount of an unmarried participant described in paragraph (b) of this section is not de minimis, PBGC will pay the participant either the annuity described in paragraph (d)(1) of this section, beginning not before age 55, and (if applicable) the make-up amount described in paragraph (d)(2) of this section; or, if the participant could have elected a lump sum under the subpart C plan, and the participant so elects under the missing participants program, the lump sum described in paragraph (d)(3) of this section. (1) Annuity. The annuity described in this paragraph (d)(1) is either— (i) Straight life annuity. A straight life annuity in the amount that the subpart C plan would have paid the participant, starting at the date that PBGC payments start (or, if earlier, the later of the participant's normal retirement date or accrual cessation date), as reported to PBGC by the subpart C plan (including any early… | ||||
| 29:29:9.1.4.17.16.3.25.7 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | C | Subpart C—Certain Defined Benefit Plans Not Covered by Title IV | § 4050.307 PBGC discretion. | PBGC | PBGC may in appropriate circumstances extend deadlines, excuse noncompliance, and grant waivers with regard to any provision of this subpart to promote the purposes of the missing participants program and title IV of ERISA. Like circumstances will be treated in like manner under this section. | ||||
| 29:29:9.1.4.17.16.4.25.1 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | D | Subpart D—Multiemployer Plans Covered by Title IV | § 4050.401 Purpose and scope. | PBGC | (a) In general. This subpart describes PBGC's missing participants program for multiemployer defined benefit retirement plans covered by title IV of ERISA. The missing participants program is a program to hold retirement benefits for missing participants and beneficiaries in retirement plans that are closing out and to help them find and receive the benefits being held for them. For a plan to which this subpart applies, this subpart describes what the plan must do upon plan termination if it has missing participants or beneficiaries who are entitled to distributions. This subpart applies to a plan only if it is a multiemployer defined benefit plan that— (1) Is described in section 4021(a) of ERISA and not in any paragraph of section 4021(b) of ERISA, and (2) Completes the process of closing out under subpart D of PBGC's regulation on Termination of Multiemployer Plans (29 CFR part 4041A). (b) Plans that terminate but do not close out. This subpart does not apply to plans that terminate but do not close out. (c) Individual account plans. This subpart does not apply to an individual account plan under section 3(34) of ERISA, even if it is described in the same plan document as a plan to which this subpart applies. This subpart also does not apply to a plan to the extent that it is treated as an individual account plan under section 3(35)(B) of ERISA. For example, this subpart does not apply to employee contributions (or interest or earnings thereon) held as an individual account. (Subpart B deals with individual account plans.) | ||||
| 29:29:9.1.4.17.16.4.25.2 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | D | Subpart D—Multiemployer Plans Covered by Title IV | § 4050.402 Definitions. | PBGC | [82 FR 60818, Dec. 22, 2017, as amended at 89 FR 48309, June 6, 2024] | The following terms are defined in § 4001.2 of this chapter: Annuity, Code, ERISA, insurer, PBGC, person, and plan sponsor. In addition, for purposes of this subpart: Accrual cessation date for a participant under a subpart D plan means the date the participant stopped accruing benefits under the terms of the plan. Accumulated single sum means, with respect to a missing distributee, the distributee's benefit transfer amount accumulated at the missing participants interest rate from the benefit determination date to the date when PBGC makes or commences payment to or with respect to the distributee. Benefit determination date with respect to a subpart D plan means the single date selected by the plan sponsor for valuing benefits under § 4050.103(d); this date must be during the period beginning on the first day a distribution is made pursuant to close-out of the plan to a distributee who is not a missing distributee and ending on the last day such a distribution is made. Benefit transfer amount for a missing distributee of a subpart D plan means the amount determined by the plan sponsor under § 4050.403(d) in the close-out of the plan. Close-out or close out with respect to a subpart D plan means the process of the final distribution or transfer of assets in satisfaction of plan benefits. De minimis means, with respect to the value of a benefit (or other amount), that the value does not exceed the amount specified under section 203(e)(1) of ERISA and section 411(a)(11)(A) of the Code (without regard to plan provisions). Distributee means, with respect to a subpart D plan, a participant or beneficiary entitled to a distribution under the subpart D plan pursuant to the close-out of the subpart D plan. Missing, with respect to a distributee under a subpart D plan, means that any one or more of the following three conditions exists upon close-out of the plan. (1) The plan sponsor does not know with reasonable certainty the location of the distributee. (2) Under the terms of the plan, the distribute… | |||
| 29:29:9.1.4.17.16.4.25.3 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | D | Subpart D—Multiemployer Plans Covered by Title IV | § 4050.403 Duties of plan sponsor. | PBGC | (a) Providing for benefits. For each distributee who is missing upon close-out of a subpart D plan, the plan sponsor must provide for the distributee's plan benefits either— (1) By purchase of an annuity contract from an insurer; or (2) By— (i) Determining the distributee's benefit transfer amount under paragraph (e) of this section, and (ii) Transferring to PBGC as described in this subpart D an amount equal to the distributee's benefit transfer amount. (b) Diligent search. For each distributee whose location the plan sponsor does not know with reasonable certainty upon close-out of a subpart D plan, the plan sponsor must have conducted a diligent search as described in § 4050.404. (c) Filing with PBGC. For each distributee who is missing upon close-out of a subpart D plan, the plan sponsor must file with PBGC as described in § 4050.405. (d) Benefit transfer amount. The benefit transfer amount for a missing distributee is the amount determined by the plan sponsor as of the benefit determination date using whichever one of the following three methods applies: (1) De minimis. If the single sum actuarial equivalent of the distributee's benefits (including any payments missed in the past) determined using plan lump sum assumptions is de minimis, then the missing distributee's benefit transfer amount is equal to that single sum. (2) Non-de minimis; single sum payment cannot be elected. If the single sum actuarial equivalent of the distributee's benefits (including any payments missed in the past) determined using plan lump sum assumptions is not de minimis, and a single sum payment cannot be elected, then the missing distributee's benefit transfer amount is the present value of the distributee's accrued benefit determined using PBGC missing participants assumptions, plus (i) For a missing distributee not in pay status whose normal retirement date (or accrual cessation date if later) precedes the benefit determination date, the aggregate value of payments of the straight life annuity that would h… | ||||
| 29:29:9.1.4.17.16.4.25.4 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | D | Subpart D—Multiemployer Plans Covered by Title IV | § 4050.404 Diligent search. | PBGC | (a) Search requirement. The plan sponsor of a subpart D plan must, within the time frame described in paragraph (d) of this section, have diligently searched for each distributee of the plan whose location the plan sponsor does not know with reasonable certainty upon close-out, using one of the following two methods: (1) For any distributee, regardless of the size of the distributee's benefit, the commercial locator service method described in paragraph (b) of this section; or (2) For a distributee whose normal retirement benefit is not more than $50 per month, the records search method described in paragraph (c) of this section. (b) Commercial locator service method —(1) In general. Using the commercial locator service method means paying a commercial locator service to search for information to locate a distributee. (2) Meaning of “commercial locator service.” For purposes of this section, a commercial locator service is a business that holds itself out as a finder of lost persons for compensation using information from a database maintained by a consumer reporting agency (as defined in 15 U.S.C. 1681a(f)). (c) Records search method —(1) In general. Using the records search method means searching for information to locate a distributee by doing all of the following to the extent reasonably feasible and affordable: (i) Searching the records of the plan for information to locate the distributee. (ii) Searching the records of the contributing sponsor that is the most recent employer of the distributee for information to locate the distributee. (iii) Searching the records of each retirement or welfare plan of the contributing sponsor in which the distributee was a participant for information to locate the distributee. (iv) Contacting each beneficiary of the distributee identified from the records referred to in paragraphs (c)(1)(i), (ii), and (iii) of this section for information to locate the distributee. (v) Using an internet search method for which no fee is charged, such as a search engine, … | ||||
| 29:29:9.1.4.17.16.4.25.5 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | D | Subpart D—Multiemployer Plans Covered by Title IV | § 4050.405 Filing with PBGC. | PBGC | (a) What to file. The plan sponsor of a subpart D plan must file with PBGC the information specified in the missing participants forms and instructions and, for a missing distributee referred to in § 4050.403(a)(2), payment of— (1) The benefit transfer amount for the missing distributee; (2) If the benefit transfer amount is paid more than 90 days after the benefit determination date, interest on the benefit transfer amount computed at the missing participants interest rate for the period beginning on the 90th day after the benefit determination date and ending on the date the benefit transfer amount is paid to PBGC; and (3) Any fee provided for in the missing participants forms and instructions. (b) When to file. The plan sponsor must file the information and payments referred to in paragraph (a) of this section in accordance with the missing participants forms and instructions. Payment of a benefit transfer amount will, if considered timely made for purposes of this paragraph (b), be considered timely made for purposes of part 4041A of this chapter. (c) Place, method and date of filing; time periods. (1) For rules about where to file, see § 4000.4 of this chapter. (2) For rules about permissible methods of filing with PBGC under this subpart, see subpart A of part 4000 of this chapter. (3) For rules about the date that a submission under this subpart was filed with PBGC, see subpart C of part 4000 of this chapter. (4) For rules about any time period for filing under this subpart, see subpart D of part 4000 of this chapter. (d) Supplemental information. Within 30 days after a written request by PBGC (or such other time as may be specified in the request), the plan sponsor of a subpart D plan required to file under paragraph (a) of this section must file with PBGC supplemental information for any proper purpose under the missing participants program. (e) Reliance. As administrator of the missing participants program, PBGC will rely on determinations made and information reported by plan sponso… | ||||
| 29:29:9.1.4.17.16.4.25.6 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | D | Subpart D—Multiemployer Plans Covered by Title IV | § 4050.406 Missing participant benefits. | PBGC | (a) In general —(1) Benefit transfer amount not paid. If a subpart D plan files with PBGC information about an annuity contract purchased by the subpart D plan from an insurer for a missing distributee, PBGC will provide information about the annuity contract to the distributee or another claimant that may be entitled to payment pursuant to the contract. (2) Benefit transfer amount paid. If a subpart D plan pays PBGC a benefit transfer amount for a missing distributee, PBGC will pay benefits with respect to the missing distributee in accordance with this section, subject to the provisions of a QDRO. (b) Benefits for missing distributees who are participants. Paragraphs (c), (d), (e), and (k) of this section describe the benefits that PBGC will pay to a non-pay status missing participant of a subpart D plan who claims a benefit under the missing participants program. (c) De minimis benefit. If the benefit transfer amount of a participant described in paragraph (b) of this section is de minimis, PBGC will pay the participant a lump sum equal to the accumulated single sum. (d) Non-de minimis benefit of unmarried participant. If the benefit transfer amount of an unmarried participant described in paragraph (b) of this section is not de minimis, PBGC will pay the participant either the annuity described in paragraph (d)(1) of this section, beginning not before age 55, and (if applicable) the make-up amount described in paragraph (d)(2) of this section; or, if the participant could have elected a lump sum under the subpart D plan, and the participant so elects under the missing participants program, the lump sum described in paragraph (d)(3) of this section. (1) Annuity. The annuity described in this paragraph (d)(1) is either— (i) Straight life annuity. A straight life annuity in the amount that the subpart D plan would have paid the participant, starting at the date that PBGC payments start (or, if earlier, the later of the participant's normal retirement date or accrual cessation date), as repor… | ||||
| 29:29:9.1.4.17.16.4.25.7 | 29 | Labor | XL | E | 4050 | PART 4050—MISSING PARTICIPANTS | D | Subpart D—Multiemployer Plans Covered by Title IV | § 4050.407 PBGC discretion. | PBGC | PBGC may in appropriate circumstances extend deadlines, excuse noncompliance, and grant waivers with regard to any provision of this subpart to promote the purposes of the missing participants program and title IV of ERISA. Like circumstances will be treated in like manner under this section. |
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