(a) Asset allocation. Upon the termination of a single-employer plan, the plan administrator shall allocate the plan assets available to pay for benefits under the plan in the manner prescribed by this subpart. Plan assets available to pay for benefits include all plan assets (valued according to § 4044.41(b)) remaining after the subtraction of all liabilities, other than liabilities for future benefit payments, paid or payable from plan assets under the provisions of the plan. Liabilities include expenses, fees and other administrative costs, and benefit payments due before the allocation date. Except as provided in § 4044.4(b), an irrevocable commitment by an insurer to pay a benefit, which commitment is in effect on the date of the asset allocation, is not considered a plan asset, and a benefit payable under such a commitment is excluded from the allocation process.
(b) Allocation date. For plans that close out under § 4041.28 or § 4041.50, assets shall be allocated as of the date plan assets are to be distributed. For other plans, assets shall be allocated as of the termination date.
[61 FR 34059, July 1, 1996, as amended at 76 FR 34605, June 14, 2011]
Notes of Decisions
Paulsen v. CNF INC. (2009)
ca9
“See 29 C.F.R. §§ 4044.3 (b), 4044.41(b). ERISA § 4044(c) also mandates that a post-termination increase or decrease in the CFC Plan’s assets be credited or suffered by PBGC.”
Lewis v. Pension Benefit Guaranty Corp. (2018)
cadc · cites it 2×
“" 29 C.F.R. § 4044.3 (a). According to the plaintiffs, the fact that the Corporation takes into account *169 obligations pursuant to an insurance contract demonstrates that "plainly the statute does not forbid the[ ] consideration" of payments from outside the plan, Pls.”
Lewis v. Pension Benefit Guaranty Corporation (2018)
dcd
“The Court agrees with the Corporation that the circumstances addressed in 29 C.F.R. § 4044.3 (a) are distinguishable from the ALPA Payments because in the case of insurance payments, “the pension benefit becomes an obligation of the insurance company when it issues a contract;…”
Carstens v. Michigan Department of Treasury (2009)
dcd
“§ 1322 and 29 C.F.R. § 4044.3 (a). Pursuant to a written agreement between the PBGC and the Union Steel Plan, the Plan terminated on December 31, 1995 and the PBGC became its statutory trustee in September 1999.”
Bowden v. Cnf Inc. (2009)
ca9
“See 29 C.F.R. §§ 4044.3 (b), 4044.41(b). ERISA § 4044(c) also mandates that a post-termination increase or 13 The Employees have sought at least some relief on behalf of the entire CFC Plan under 29 U.”
Annotations are extracted automatically from the opinions in the
Syfert caselaw corpus and ranked by authority, recency, and
treatment. Dots show Syfertize treatment of the citing case itself.