Timing of Benefit Obligation Transfer

[Guest ak]

When purchasing "irrevocable commitments" (i.e., via a group annuity contract)for a PBGC covered termination when in the purchase process is the benefit obligation considered to have been irrevocably transferred to the insurer given that a final signed contract or annuity certificates may not be completed or distributed for quite some time following the receipt of premium, i.e., immediately upon receipt of an application and premium, upon execution of the contract, when certificates are sent to individuals, etc.