PBGC termination, missing participants with small account balances

[Jakyasar]

Hi

I have not had an experience with low balances for many years and just want to confirm my findings.

Checking a PBGC termination for a CB plan - official termination date is late August 2026.. There are a few participants missing but their balances are less than 7k. Some are as low as $500

Plan just got amended to increase the force-out to 7k.

If the participants cannot be located, PBGC will take over their balances as lump sum since no annuities, correct?

Instead of PBGC taking over, can the balances be transferred to an IRA thru a company like Penchecks? If yes, is this subject to PBGC approval?

Thank you