§ 4245.1. Purpose, scope, and filing and issuance rules.

314 words·~1 min read·/us/cfr/t29/s§ 4245.1·

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(a)Purpose and scope. This part prescribes insolvency notice requirements and financial assistance requirements pertaining to critical status plans. Plan sponsors of plans that have terminated by mass withdrawal under section 4041A(a)(2) of ERISA are required to file and issue similar insolvency notices under part 4281 of this chapter and withdrawal liability and actuarial valuation information under part 4041A of this chapter.

(b)Filing and issuance rules---(1) Method of filing. Filing with PBGC under this part must be made by a method permitted under the rules in subpart A of part 4000 of this chapter.

(2)Method of issuance. The issuance of the required notices to interested parties under this part must be made by one of the following methods---

(i)A method permitted under the rules in subpart B of part 4000 of this chapter.

(ii)For interested parties other than participants and beneficiaries in pay status or reasonably expected to enter pay status during the insolvency year for which the notice is given, and other than alternate payees, the plan sponsor may post the notice at participants' work sites or publish the notice in a union newsletter or in a newspaper of general circulation in the area or areas where participants reside. Except with respect to an alternate payee, notice to a participant is deemed notice to that participant's beneficiary or beneficiaries.

(3)Filing and issuance dates. The date that a filing is sent and the date that an issuance is provided are determined under the rules in subpart C of part 4000 of this chapter.

(4)Where to file. Filings with PBGC under this part must be made as described in § 4000.4 of this chapter.

(5)Computation of time. The time period for filing or issuance under this part must be computed under the rules in subpart D of part 4000 of this chapter. \[84 FR 18724, May 2, 2019\]