29 U.S.C. § 1350 | Missing participants

(a)

General rule

(1)

Payment to the corporation

section 1341(b)(3)(A) of this titleA plan administrator satisfies in the case of a missing participant only if the plan administrator—

(A)

section 1341(b)(3)(A) of this title transfers the participant’s designated benefit to the corporation or purchases an irrevocable commitment from an insurer in accordance with clause (i) of , and

(B)

provides the corporation such information and certifications with respect to such designated benefits or irrevocable commitments as the corporation shall specify.

(2)

Treatment of transferred assets

section 1342 of this titleA transfer to the corporation under this section shall be treated as a transfer of assets from a terminated plan to the corporation as trustee, and shall be held with assets of terminated plans for which the corporation is trustee under , subject to the rules set forth in that section.

(3)

Payment by the corporation

After a missing participant whose designated benefit was transferred to the corporation is located—

(A)

section 1055(g) of this title in any case in which the plan could have distributed the benefit of the missing participant in a single sum without participant or spousal consent under , the corporation shall pay the participant or beneficiary a single sum benefit equal to the designated benefit paid the corporation plus interest as specified by the corporation, and

(B)

in any other case, the corporation shall pay a benefit based on the designated benefit and the assumptions prescribed by the corporation at the time that the corporation received the designated benefit.

section 1322 of this titleThe corporation shall make payments under subparagraph (B) available in the same forms and at the same times as a guaranteed benefit under would be available to be paid, except that the corporation may make a benefit available in the form of a single sum if the plan provided a single sum benefit (other than a single sum described in subsection (b)(2)(A)).

(b)

Definitions

For purposes of this section—

(1)

Missing participant

The term “missing participant” means a participant or beneficiary under a terminating plan whom the plan administrator cannot locate after a diligent search.

(2)

Designated benefit

The term “designated benefit” means the single sum benefit the participant would receive—

(A)

section 1055(g) of this title under the plan’s assumptions, in the case of a distribution that can be made without participant or spousal consent under ;

(B)

under the assumptions of the corporation in effect on the date that the designated benefit is transferred to the corporation, in the case of a plan that does not pay any single sums other than those described in subparagraph (A); or

(C)

under the assumptions of the corporation or of the plan, whichever provides the higher single sum, in the case of a plan that pays a single sum other than those described in subparagraph (A).

(c)

Multiemployer plans

section 1341a of this titleThe corporation shall prescribe rules similar to the rules in subsection (a) for multiemployer plans covered by this subchapter that terminate under .

(d)

Plans not otherwise subject to subchapter

(1)

Transfer to corporation

The plan administrator of a plan described in paragraph (4) may elect to transfer a missing participant’s benefits to the corporation upon termination of the plan.

(2)

Information to the corporation

To the extent provided in regulations, the plan administrator of a plan described in paragraph (4) shall, upon termination of the plan, provide the corporation information with respect to benefits of a missing participant if the plan transfers such benefits—

(A)

to the corporation, or

(B)

to an entity other than the corporation or a plan described in paragraph (4)(B)(ii).

(3)

Payment by the corporation

If benefits of a missing participant were transferred to the corporation under paragraph (1), the corporation shall, upon location of the participant or beneficiary, pay to the participant or beneficiary the amount transferred (or the appropriate survivor benefit) either—

(A)

in a single sum (plus interest), or

(B)

in such other form as is specified in regulations of the corporation.

(4)

Plans described

A plan is described in this paragraph if—

(A)

section 1002(2) of this title the plan is a pension plan (within the meaning of )—

(i)

to which the provisions of this section do not apply (without regard to this subsection),

(ii)

section 1321(b) of this title which is not a plan described in paragraph (2), (3), (4), (6), (7), (8), (9), (10), or (11) of , and

(iii)

1 So in original. The comma probably should not appear.

section 401(a) of title 26 which, was a plan described in which includes a trust exempt from tax under section 501(a) of such title, and

(B)

at the time the assets are to be distributed upon termination, the plan—

(i)

has missing participants, and

(ii)

section 1002(2) of this title has not provided for the transfer of assets to pay the benefits of all missing participants to another pension plan (within the meaning of ).

(5)

Certain provisions not to apply

Subsections (a)(1) and (a)(3) shall not apply to a plan described in paragraph (4).

(e)

Regulatory authority

The corporation shall prescribe such regulations as are necessary to carry out the purposes of this section, including rules relating to what will be considered a diligent search, the amount payable to the corporation, and the amount to be paid by the corporation.

Pub. L. 93–406, title IV, § 4050 Pub. L. 103–465, title VII, § 776(a)Dec. 8, 1994108 Stat. 5047 Pub. L. 109–280, title IV, § 410(a)Aug. 17, 2006120 Stat. 934 Pub. L. 110–458, title I, § 104(e)Dec. 23, 2008122 Stat. 5104(, as added , , ; amended , , ; , , .)

Editorial Notes

Amendments

Pub. L. 110–458 section 1321(b) of this title2008—Subsec. (d)(4)(A)(ii), (iii). added cls. (ii) and (iii) and struck out former cl. (ii) which read as follows: “which is not a plan described in paragraphs (2) through (11) of , and”.

Pub. L. 109–2802006—Subsecs. (c) to (e). added subsecs. (c) and (d) and redesignated former subsec. (c) as (e).

Statutory Notes and Related Subsidiaries

Effective Date of 2008 Amendment

Pub. L. 110–458 Pub. L. 109–280 section 112 of Pub. L. 110–458 section 72 of Title 26Amendment by effective as if included in the provisions of to which the amendment relates, except as otherwise provided, see , set out as a note under , Internal Revenue Code.

Effective Date of 2006 Amendment

Pub. L. 109–280 section 410(c) of Pub. L. 109–280 section 1056 of this titleAmendment by applicable to distributions made after final regulations implementing subsections (c) and (d) of this section are prescribed, see , set out as a note under .

Effective Date

Jan. 1, 1996section 776(e) of Pub. L. 103–465 section 1056 of this titleSection effective with respect to distributions that occur in plan years commencing on or after , see , set out as an Effective Date of 1994 Amendment note under .