DB Plan Termination Problem

DB plan is being terminated under a PBGC standard termination. Plan provides the lump sum option to all participants. One retired participant receiving monthly benefits (value of his benefits >$5,000) refuses to elect the lump sum option, and no insurance company is willing to offer an annuity contract for this participant’s benefit.

Is there any way this plan can be terminated? Can this participant hold up the plan’s termination?

Thank you.

They have to purchase an annuity for this participant. I am not aware of anything they could do to force the participant to take a lump sum.

If the participant was never an HCE, could they offer this person a subsidized lump sum? That might encourage them to take the lump sum distribution if it is significantly larger than the present value of the annuity.

This company has sponsored a number of industry events - they might be able to help you. I have not personally used their services. https://www.dietrichannuity.com/

I have used Dietrich for this exact circumstance and found them to be excellent.  While there are many annuity providers that won't sell an annuity unless they have the annuitant's signature, Dietrich can find one who will.

Thank you C.B. and StephenD for your valuable advice.