Would someone kindly explain what the last item (no facility closing event/.........) in bold means? This is the waiver section for Form 10 for an active participant reduction.
What does this mean for an employer that is not in manufacturing and operates in one location? What about the same in several locations (a service employer). What about a manufacturing company with two locations?
Thanks for any help. I don't get this.
Reporting Waivers - Reporting of this event is waived if:
Small plan: The plan has fewer than 100 participants at the beginning of either the current or the previous plan year; or
Funding-based waivers: For the event year:
- No variable rate premium (see Part IV.B);
- Less than $1 million in unfunded vested benefits (see Part IV.C); or
- No facility closing event/80% funded: The plan is at least 80% funded for vested benefits (see Part IV.D) and the active participant reduction would not be reportable if only those participant reductions resulting from cessation of operations at one or more facilities were taken into account.