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A calendar year plan with $700,000 of unfunded vested benefits for 2009 has an active participant reduction (from 1/1) of 21% in 2009 and again in 2010.

It appears that this plan would be exempt from a PBGC Form 10 Active Participant Reduction report for 2009 if the 2008 UVB as reported on Form 10 was less than $1 million, and similarly the 2010 criteria would be based on the 1/1/2009 UVB. Is this right?

(The plan is over 100 participants).

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