§ 4043.2. Definitions.
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/us/cfr/t29/s§ 4043.2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The following terms are defined in § 4001.2 of this chapter: benefit liabilities, Code, contributing sponsor, controlled group, ERISA, fair market value, irrevocable commitment, multiemployer plan, PBGC, person, plan, plan administrator, plan year, single-employer plan, ultimate parent, and U.S. entity. In addition, for purposes of this part: De minimis 10-percent segment means, in connection with a plan's controlled group, one or more entities that in the aggregate have for a fiscal year---
(1)Revenue not exceeding 10 percent of the controlled group's revenue;
(2)Annual operating income not exceeding the greater of---
(i)10 percent of the controlled group's annual operating income; or
(ii)\$5 million; and
(3)Net tangible assets at the end of the fiscal year(s) not exceeding the greater of---
(i)10 percent of the controlled group's net tangible assets at the end of the fiscal year(s); or
(ii)\$5 million. De minimis 5-percent segment has the same meaning as de minimis 10-percent segment, except that "5 percent" is substituted for "10 percent" each time it appears. Event year means the plan year in which a reportable event occurs. Foreign entity means a member of a controlled group that---
(1)Is not a contributing sponsor of a plan;
(2)Is not organized under the laws of (or, if an individual, is not a domiciliary of) any state (as defined in section 3(10) of ERISA); and
(3)For the fiscal year that includes the date the reportable event occurs, meets one of the following tests---
(i)Is not required to file any United States federal income tax form;
(ii)Has no income reportable on any United States federal income tax form other than passive income not exceeding \$1,000; or
(iii)Does not own substantial assets in the United States (disregarding stock of a member of the plan's controlled group) and is not required to file any quarterly United States tax returns for employee withholding. Foreign parent means a foreign entity that is a direct or indirect parent of a person that is a contributing sponsor of a plan. Low-default-risk has the meaning described in § 4043.9. Notice due date means the deadline (including extensions) for filing notice of a reportable event with PBGC. Participant means a participant as defined in § 4006.2 of this chapter. Public company means a person subject to the reporting requirements of section 13 or 15(d) of the Securities Exchange Act of 1934 or a subsidiary (as defined for purposes of the Securities Exchange Act of 1934) of a person subject to such reporting requirements. Substantial owner means a substantial owner as defined in section 4021(d) of ERISA. Well-funded plan safe harbor has the meaning described in § 4043.10. \[80 FR 55002, Sept. 11, 2015, as amended at 83 FR 49806, Oct. 3, 2018; 85 FR 6061, Feb. 4, 2020\]