PBGC Form 500- DB plan termination

[Guest Teddie]

In completing PBGC Form 500, several questions relate to the remaining participants affected by the plan termination and how they will be treated. If there are no remaining participants in the plan--all retired and had benefits purchased through the normal operation of the plan, should answers related to participants be left blank? For example- no NOIT or NOPB were issued to plan participants.

Thanks

[david rigby]

... no remaining participants in the plan--all retired and had benefits purchased through the normal operation of the plan ...

Is this a plan termination?

[Blinky the 3-eyed Fish]

I am confused too. If the plan has no participants, how is it covered by the PBGC?

[Guest Kabert]

It sounds as though you have a DB plan being terminated but everyone's been taken care of- - all benefit liabilities satisfied either by lumping out people or buying annuities. If that's your case, then explain what you've done in the cover letter. When I've had this situation (at least once that I can recall), we answered the question about providing the NOIT "No" but typed in a big triple asterisk with a notation at the bottom of the page that there are no participants, beneficiaries or others entitled to benefits (follow the langauge in the reg and give citation).

[D Syrett]

Teddie, if you have no participants - you should contact the PBGC. I think they will tell you that the plan is no longer subject to PBGC coverage. Then you will avoid the PBGC filing all together.