Eliminate protected benefits in merger of Domestic Plan into Puerto Rican Plan?

[Guest ERISAcatNraleigh]

Facts: Parent sponsors Domestic Plan. Sub sponsors 1165(e) Puerto Rican Plan. Participants in the Puerto Rican Plan used to participate in the Domestic Plan, and they still maintain account balances in the Domestic Plan. Some of those account balances are in readily tradeable employer securities, and participants under the Domestic Plan may elect in-kind distributions. Parent would like to merge these account balances into the Puerto Rican Plan, but Parent does not want to transfer the employer securities. Instead, Parent would like to transfer the cash equivalent.

Question: Can Parent accomplish this without violating anti-cutback rules?

Explanation: I know that in-kind distributions of readily tradeable employer securities are protected benefits. I know, from PLRs 200317042 and 200352016, that Parent can merge the Domestic Plan into the Puerto Rican Plan. But there is no mention of 411(d)(6) in those PLRs. It appears as long as (i) the Puerto Rican Plan is an 1165(e) plan that covers only Puerto Rican employees (ii) the transferred account balances will not be "made available" to the participants prior to the allowed distribution dates under the Puerto Rican plan, and (iii) the transferred account balances provide at least as much benefit in the Puerto Rican plan as in the Domestic Plan - Then the merger is OK. Thoughts?