AndyH Posted November 6, 2003 Share Posted November 6, 2003 First, I admit to not yet researching this nor asking the PBGC for a coverage determination, both of which I intend to do, so I am asking only for information that anyone knows without research. A DB plan formerly subject to PBGC coverage used to have 4 employees but two of them terminated many years ago and the last employee except the owner terminated about 2 years ago. All benefits have been paid out within the last year under normal plan terms except the owner's. Now the plan is being terminated. There are no employees other than the owner. Is this now a one participant owner-employee plan exempt from PBGC coverage, e.g. exempt from the 60 NOIT and PBGC filing upon termination? Link to comment Share on other sites More sharing options...
Blinky the 3-eyed Fish Posted November 6, 2003 Share Posted November 6, 2003 Yes. "What's in the big salad?" "Big lettuce, big carrots, tomatoes like volleyballs." Link to comment Share on other sites More sharing options...
Guest merlin Posted November 6, 2003 Share Posted November 6, 2003 Andy, In the circumstances you describe, we used to go the long way around and request a coverage determination. After the first few came back "positive", i.e., no longer covered, we started to make our own determination, and then informed the PBGC that no further filings would be made. "If any further information is required, please contact the undersigned". One note of caution. At one time the PGGC required that at least 90 days elapse between the date of the last payment to a non-owner and the cessation of coverage. I don't know if this is still the requirement, but we still observe it. Link to comment Share on other sites More sharing options...
AndyH Posted November 6, 2003 Author Share Posted November 6, 2003 Thank you both. Link to comment Share on other sites More sharing options...
david rigby Posted November 6, 2003 Share Posted November 6, 2003 Similar discussion http://www.benefitslink.com/boards/index.p...topic=21857&hl= I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice. Link to comment Share on other sites More sharing options...
AndyH Posted November 7, 2003 Author Share Posted November 7, 2003 Thanks, Pax. Great discussion. I wouldn't have thought to look there. And the bonus is that Blinky was giving more than one word answers back then. Link to comment Share on other sites More sharing options...
Blinky the 3-eyed Fish Posted November 7, 2003 Share Posted November 7, 2003 True. "What's in the big salad?" "Big lettuce, big carrots, tomatoes like volleyballs." Link to comment Share on other sites More sharing options...
Guest merlin Posted November 7, 2003 Share Posted November 7, 2003 A word that's worth a thousand pictires. Link to comment Share on other sites More sharing options...
AndyH Posted November 7, 2003 Author Share Posted November 7, 2003 Cat's got his tongue er um gill. Link to comment Share on other sites More sharing options...
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