Rule2025-18752
Miscellaneous Corrections, Clarifications, and Improvements; Correction
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 26, 2025
Effective
September 26, 2025
Issuing agencies
Pension Benefit Guaranty Corporation
Abstract
On August 15, 2025, the Pension Benefit Guaranty Corporation (PBGC) revised its regulation on termination of single-employer plans. That document inadvertently failed to correctly format a list of requirements. This document corrects the final regulation.
Full Text
<html>
<head>
<title>Federal Register, Volume 90 Issue 185 (Friday, September 26, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 185 (Friday, September 26, 2025)]
[Rules and Regulations]
[Page 46348]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-18752]
=======================================================================
-----------------------------------------------------------------------
PENSION BENEFIT GUARANTY CORPORATION
29 CFR Part 4041
RIN 1212-AB51
Miscellaneous Corrections, Clarifications, and Improvements;
Correction
AGENCY: Pension Benefit Guaranty Corporation.
ACTION: Correcting amendments.
-----------------------------------------------------------------------
SUMMARY: On August 15, 2025, the Pension Benefit Guaranty Corporation
(PBGC) revised its regulation on termination of single-employer plans.
That document inadvertently failed to correctly format a list of
requirements. This document corrects the final regulation.
DATES: Effective September 26, 2025.
FOR FURTHER INFORMATION CONTACT: Monica O'Donnell
(<a href="/cdn-cgi/l/email-protection#afc0cbc0c1c1cac3c381c2c0c1c6ccceefdfcdc8cc81c8c0d9"><span class="__cf_email__" data-cfemail="e08f848f8e8e858c8cce8d8f8e898381a090828783ce878f96">[email protected]</span></a>), Attorney, Regulatory Affairs Division,
Office of the General Counsel, Pension Benefit Guaranty Corporation,
445 12th Street SW, Washington, DC 20024-2101; 202-229-5507. If you are
deaf or hard of hearing, or have a speech disability, please dial 7-1-1
to access telecommunications relay services.
SUPPLEMENTARY INFORMATION: On August 15, 2025, PBGC published a final
rule (90 FR 39320) that made improvements to its regulation on
termination of single-employer plans (29 CFR part 4041). PBGC explained
in the preamble of the final rule that it was amending the criteria
majority owners must meet to waive their benefits by modifying its
application of the constructive ownership rules.\1\ The alternative
treatment of a majority owner's plan benefit is valid only if the
election is in writing; requisite spousal consent criteria is met, if
applicable; and the majority owner's election and the spouse's consent
does not violate a qualified domestic relations order.\2\ PBGC is
making a technical correction to clarify that individuals who are
majority owners through constructive ownership must meet all of the
requirements under Sec. 4041.21(b)(2).
---------------------------------------------------------------------------
\1\ 90 FR 39320, 39322.
\2\ 29 CFR 4041.21(b)(2).
---------------------------------------------------------------------------
List of Subjects in 29 CFR Part 4041
Employee benefit plans, Pension insurance, Pensions, Reporting and
recordkeeping requirements.
Accordingly, 29 CFR part 4041 is corrected by making the following
correcting amendments:
PART 4041--TERMINATION OF SINGLE-EMPLOYER PLANS
0
1. The authority citation for part 4041 continues to read as follows:
Authority: 29 U.S.C. 1302(b)(3), 1341, 1344, 1350.
0
2. Amend Sec. 4041.21 by revising paragraphs (b)(2)(iii) and (iv) and
(b)(2)(v)(A) to read as follows:
Sec. 4041.21 Requirements for a standard termination.
* * * * *
(b) * * *
(2) * * *
(iii) The majority owner makes the election and the spouse consents
during the time period beginning with the date of issuance of the first
notice of intent to terminate and ending with the date of the last
distribution;
(iv) Neither the majority owner's election nor the spouse's consent
is inconsistent with a qualified domestic relations order (as defined
in section 206(d)(3) of ERISA); and
(v) * * *
(A) The person has a 5 percent or more direct ownership interest;
or
* * * * *
Alice C. Maroni,
Acting Director, Pension Benefit Guaranty Corporation.
[FR Doc. 2025-18752 Filed 9-25-25; 8:45 am]
BILLING CODE 7709-02-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on September 26, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.