Plan Termination and Waiver of Benefits

[Blinky the 3-eyed Fish]

I was curious how some out there would handle this situation. Plan is 8 years old and terminating and assets are less than plan liabilities. Ownership of the corporation is:

Owner A - 45%

Owner B - 45%

Owner C - 10%

The owners desire to waive benefits in proportion to their present value of accrued benefits after the other participants are paid in full. The plan is not covered by the PBGC.

The document specifies that in such a situation, each person's share of the assets in based on the PBGC guaranteed benefit calculation. Therefore, without even doing the calculation, I know that only owner A and owner B will get reduced benefits because owner c is not a substantial owner and will not be subject to the 30-year phase-in.

Does anyone think a plan amendment changing the document language would be allowed if the result reduced owner c's distribution? Any other way to have what the client wants achieved? In other words how far can HCE's go to waive benefits?