§ 4245.3. Notice of insolvency.
154 words·~1 min read·
/us/cfr/t29/s§ 4245.3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Requirement of notice. The plan sponsor of a plan that determines that the plan is insolvent in the current plan year or is expected to be insolvent in the next plan year must file with PBGC a notice of insolvency containing the information described in § 4245.4(a) and must issue to interested parties a notice of insolvency containing the information described in § 4245.4(b). Once notices of insolvency with respect to a plan have been provided as required, no notices of insolvency need be provided with respect to the plan for any subsequent plan year. A notice of insolvency may be combined with a notice of insolvency benefit level under § 4245.5 for the same plan year.
(b)When to provide notice. The plan sponsor must provide the notices of insolvency under paragraph
(a)of this section at the time described in § 4281.43(b) of this chapter. \[84 FR 18724, May 2, 2019\]