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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 29 - Labor |
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Subtitle B - Regulations Relating to Labor |
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Chapter XL - Pension Benefit Guaranty Corporation |
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SubChapter E - Plan Terminations |
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Part 4044 - Allocation of Assets in Single-Employer Plans |
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Subpart A - Allocation of Assets |
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Allocation of Assets to Benefit Categories |
§ 4044.11 - Priority category 1 benefits.
Latest version.
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§ 4044.11 Priority category 1 benefits.
(a) Definition. The benefits in priority category 1 are participants' accrued benefits derived from voluntary employee contributions.
(b) Assigning benefits. Absent an election described in the next sentence, the benefit assigned to priority category 1 with respect to each participant is the balance of the separate account maintained for the participant's voluntary contributions. If a participant has elected to receive an annuity in lieu of his or her account balance, the benefit assigned to priority category 1 with respect to that participant is the present value of that annuity.