[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