[Federal Register Volume 59, Number 47 (Thursday, March 10, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-5429]
[[Page Unknown]]
[Federal Register: March 10, 1994]
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PENSION BENEFIT GUARANTY CORPORATION
29 CFR Parts 2616 and 2617
Distress Terminations of Single-Employer Plans; Standard
Terminations of Single-Employer Plans
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Final rule; correcting amendments.
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SUMMARY: This document corrects the Pension Benefit Guaranty
Corporation's final rules on distress and standard terminations of
single-employer plans that were published in the Federal Register on
Monday, December 14, 1992 (57 FR 59205). This action is needed to
correct certain editorial errors.
EFFECTIVE DATE: January 28, 1993.
FOR FURTHER INFORMATION CONTACT:
Harold J. Ashner, Assistant General Counsel, or Renae R. Hubbard,
Special Counsel, Office of the General Counsel, Pension Benefit
Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005, 202-
326-4024 (202-326-4179 for TTY and TDD). (These are not toll-free
numbers.)
SUPPLEMENTARY INFORMATION: On May 27, 1992, the Pension Benefit
Guaranty Corporation published a final rule setting forth information
to be included in a notice of intent to terminate (``NOIT'') by plan
administrators of single-employer plans undergoing standard
terminations (29 CFR part 2617, subpart E, 57 FR 22167). Part of the
information relates to notification to participants and beneficiaries
of the insurer or insurers from whom the plan administrator may
purchase irrevocable commitments. The PBGC stated in the preamble to
its final termination regulations that it was incorporating the
provisions of that final rule into both the standard and the distress
termination regulations (57 FR 59206, 59212, 59213, 59217, December 14,
1992). In doing so, the PBGC inadvertently omitted certain provisions
permitting use of a list of insurers. This final rule corrects those
omissions.
List of Subjects in 20 CFR Parts 2616 and 2617
Employee benefit plans, Pension insurance, Pensions, Reporting
requirements.
Accordingly, 29 CFR parts 2616 and 2617 are corrected as follows:
PART 2616--DISTRESS TERMINATIONS OF SINGLE-EMPLOYER PLANS
1. The authority citation for part 2616 continues to read as
follows:
Authority: 29 U.S.C. 1302(b)(3), 1341, 1344.
2. Paragraph (d)(4) of Sec. 2616.27 is corrected to read as
follows:
Sec. 2616.27 Notices of benefit distribution.
* * * * *
(d) Form and content of notices. * * *
(4) If distribution of benefits under the plan may be wholly or
partially by the purchase of irrevocable commitments from an insurer--
(i) The name and address of the insurer or insurers from whom, or
(if not then known) the insurers from among whom, the plan
administrator intends to purchase the irrevocable commitments; or
(ii) If the plan administrator has not identified an insurer or
insurers at the time the notice of distribution is issued, a statement
that the affected party to whom the notice is directed will be notified
at a later date (but no later than 45 days before the date of
distribution, as defined in Sec. 2616.2) of the name and address of the
insurer or insurers from whom, or (if not then known) the insurers from
among whom, irrevocable commitments may be purchased.
* * * * *
3. Paragraph (e)(1)(ii) of Sec. 2616.27 is corrected by inserting
``(or from among whom)'' after ``whom'' and before ``he or she''.
PART 2617--STANDARD TERMINATIONS OF SINGLE-EMPLOYER PLANS
4. The authority citation for part 2617 continues to read as
follows:
Authority: 29 U.S.C. 1302(b)(3), 1341, 1344.
5. Paragraph (d)(9) of Sec. 2617.22 is corrected to read as
follows:
Sec. 2617.22 Notice of intent to terminate.
* * * * *
(d) Contents of notice. * * *
(9) If distribution of benefits under the plan may be wholly or
partially by the purchase of irrevocable commitments from an insurer--
(i) The name and address of the insurer or insurers from whom, or
(if not then known) the insurers from among whom, the plan
administrator intends to purchase the irrevocable commitments; or
(ii) If the plan administrator has not identified an insurer or
insurers at the time the notice of intent to terminate is issued, a
statement that--
(A) Irrevocable commitments may be purchased from an insurer to
provide some or all of the benefits under the plan,
(B) The insurer or insurers have not yet been identified, and
(C) Affected parties will be notified at a later date (but no later
than 45 days before the date of distribution, as defined in
Sec. 2617.2) of the name and address of the insurer or insurers from
whom, or (if not then known) the insurers from among whom, the plan
administrator intends to purchase the irrevocable commitments;
* * * * *
6. Paragraph (e)(1)(ii) of Sec. 2617.22 is corrected by inserting
``(or from among whom)'' after ``whom'' and before ``he or she''.
Issued in Washington, DC this 28th day of February 1994.
Martin Slate,
Executive Director, Pension Benefit Guaranty Corporation.
[FR Doc. 94-5429 Filed 3-9-94; 8:45 am]
BILLING CODE 7708-01-M
