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29 U.S.C. § 1350 — Missing participants
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule**
(1) **Payment to the corporation** — A plan administrator satisfies [section 1341(b)(3)(A) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1341/b/3/A&num=0&edition=prelim) in the case of a missing participant only if the plan administrator—
(A) transfers the participant’s designated benefit to the corporation or purchases an irrevocable commitment from an insurer in accordance with clause (i) of [section 1341(b)(3)(A) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1341/b/3/A&num=0&edition=prelim), 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** — A 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 [section 1342 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1342&num=0&edition=prelim), 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) 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 [section 1055(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1055/g&num=0&edition=prelim), the corporation shall pay the participant or beneficiary a single sum benefit equal to the designated benefit paid
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Source file: Laws/federal/codes/united-states-code/title-29/section-1350-missing-participants--c0c3ce1be9.md
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Source location: Title 29, Chapter 18, § 1350; chapter-018-employee-retirement-income-security-program.md
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**(a) General rule**
(1) **Payment to the corporation** — A plan administrator satisfies [section 1341(b)(3)(A) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1341/b/3/A&num=0&edition=prelim) in the case of a missing participant only if the plan administrator—
(A) transfers the participant’s designated benefit to the corporation or purchases an irrevocable commitment from an insurer in accordance with clause (i) of [section 1341(b)(3)(A) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1341/b/3/A&num=0&edition=prelim), 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** — A 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 [section 1342 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1342&num=0&edition=prelim), 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) 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 [section 1055(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1055/g&num=0&edition=prelim), 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.
The corporation shall make payments under subparagraph (B) available in the same forms and at the same times as a guaranteed benefit under [section 1322 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1322&num=0&edition=prelim) 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) under the plan’s assumptions, in the case of a distribution that can be made without participant or spousal consent under [section 1055(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1055/g&num=0&edition=prelim);
(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** The corporation shall prescribe rules similar to the rules in subsection (a) for multiemployer plans covered by this subchapter that terminate under [section 1341a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1341a&num=0&edition=prelim).
**(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) the plan is a pension plan (within the meaning of [section 1002(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1002/2&num=0&edition=prelim))—
(i) to which the provisions of this section do not apply (without regard to this subsection),
(ii) which is not a plan described in paragraph (2), (3), (4), (6), (7), (8), (9), (10), or (11) of [section 1321(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1321/b&num=0&edition=prelim), and
(iii) which,11 So in original. The comma probably should not appear. was a plan described in [section 401(a) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section401/a&num=0&edition=prelim) 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) has not provided for the transfer of assets to pay the benefits of all missing participants to another pension plan (within the meaning of [section 1002(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1002/2&num=0&edition=prelim)).
(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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Commencement date for payment of benefits** Each pension plan shall provide that unless the participant otherwise elects, the payment of benefits under the plan to the participant shall begin not later than the 60th day after the latest of the close of the plan year in which—
(1) occurs the date on which the participant attains the earlier of age 65 or the normal retirement age specified under the plan,
(2) occurs the 10th anniversary of the year in which the participant commenced participation in the plan, or
(3) the participant terminates his service with the employer.
In the case of a plan which provides for the payment of an early retirement benefit, such plan shall provide that a participant who satisfied the service requirements for such early retirement benefit, but separated from the service (with any nonforfeitable right to an accrued benefit) before satisfying the age requirement for such early retirement benefit, is entitled upon satisfaction of such age requirement to receive a benefit not less than the benefit to which he would be entitled at the normal retirement age, actuarially reduced under regulations prescribed by the Secretary of the Treasury.
**(b) Decrease in plan benefits by reason of increases in benefit levels under Social Security Act or Railroad Retirement Act of 1937** If—
(1) a participant or beneficiary is receiving benefits under a pension plan, or
(2) a participant is separated from the service and has non-forfeitable rights to benefits,
a plan may not decrease benefits of such a participant by reason of any increase in the benefit levels payable under title II of the Social Security Act [[42 U.S.C. 401](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section401&num=0&edition=prelim) et seq.] or the Railro
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority to institute proceedings to terminate a plan** The corporation may institute proceedings under this section to terminate a plan whenever it determines that—
(1) the plan has not met the minimum funding standard required under [section 412 of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section412&num=0&edition=prelim), or has been notified by the Secretary of the Treasury that a notice of deficiency under [section 6212 of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section6212&num=0&edition=prelim) has been mailed with respect to the tax imposed under [section 4971(a) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section4971/a&num=0&edition=prelim),
(2) the plan will be unable to pay benefits when due,
(3) the reportable event described in [section 1343(c)(7) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1343/c/7&num=0&edition=prelim) has occurred, or
(4) the possible long-run loss of the corporation with respect to the plan may reasonably be expected to increase unreasonably if the plan is not terminated.
The corporation shall as soon as practicable institute proceedings under this section to terminate a single-employer plan whenever the corporation determines that the plan does not have assets available to pay benefits which are currently due under the terms of the plan. The corporation may prescribe a simplified procedure to follow in terminating small plans as long as that procedure includes substantial safeguards for the rights of the participants and beneficiaries under the plans, and for the employers who maintain such plans (including the requirement for a court decree under subsection (c)). Not
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rules for annuities**
(1) **Income inclusion** — Except as otherwise provided in this chapter, gross income includes any amount received as an annuity (whether for a period certain or during one or more lives) under an annuity, endowment, or life insurance contract.
(2) **Partial annuitization** — If any amount is received as an annuity for a period of 10 years or more or during one or more lives under any portion of an annuity, endowment, or life insurance contract—
(A) such portion shall be treated as a separate contract for purposes of this section,
(B) for purposes of applying subsections (b), (c), and (e), the investment in the contract shall be allocated pro rata between each portion of the contract from which amounts are received as an annuity and the portion of the contract from which amounts are not received as an annuity, and
(C) a separate annuity starting date under subsection (c)(4) shall be determined with respect to each portion of the contract from which amounts are received as an annuity.
**(b) Exclusion ratio**
(1) **In general** — Gross income does not include that part of any amount received as an annuity under an annuity, endowment, or life insurance contract which bears the same ratio to such amount as the investment in the contract (as of the annuity starting date) bears to the expected return under the contract (as of such date).
(2) **Exclusion limited to investment** — The portion of any amount received as an annuity which is excluded from gross income under paragraph (1) shall not exceed the unrecovered investment in the contract immediately before the receipt of such amount.
(3) **Deduction where annuity payments cease before entire investment recovered**
(A) *In general* — If—
(i) after the annuity starti
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Nonforfeitable benefits** Subject to the limitations contained in subsection (b), the corporation shall guarantee, in accordance with this section, the payment of all nonforfeitable benefits (other than benefits becoming nonforfeitable solely on account of the termination of a plan) under a single-employer plan which terminates at a time when this subchapter applies to it.
**(b) Exceptions**
(1) Except to the extent provided in paragraph (7)—
(A) no benefits provided by a plan which has been in effect for less than 60 months at the time the plan terminates shall be guaranteed under this section, and
(B) any increase in the amount of benefits under a plan resulting from a plan amendment which was made, or became effective, whichever is later, within 60 months before the date on which the plan terminates shall be disregarded.
(2) For purposes of this subsection, the time a successor plan (within the meaning of [section 1321(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1321/a&num=0&edition=prelim)) has been in effect includes the time a previously established plan (within the meaning of [section 1321(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1321/a&num=0&edition=prelim)) was in effect. For purposes of determining what benefits are guaranteed under this section in the case of a plan to which [section 1321 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1321&num=0&edition=prelim) does not apply on September 3, 1974, the 60-month period referred to in paragraph (1) shall be computed beginning on the first date on which such section does apply to the plan.
(3) The amount of monthly benefits described in subsection (a) p
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Determinative factors** Termination of a multiemployer plan under this section occurs as a result of—
(1) the adoption after September 26, 1980, of a plan amendment which provides that participants will receive no credit for any purpose under the plan for service with any employer after the date specified by such amendment;
(2) the withdrawal of every employer from the plan, within the meaning of [section 1383 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1383&num=0&edition=prelim), or the cessation of the obligation of all employers to contribute under the plan; or
(3) the adoption of an amendment to the plan which causes the plan to become a plan described in [section 1321(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1321/b/1&num=0&edition=prelim).
**(b) Date of termination**
(1) The date on which a plan terminates under paragraph (1) or (3) of subsection (a) is the later of—
(A) the date on which the amendment is adopted, or
(B) the date on which the amendment takes effect.
(2) The date on which a plan terminates under paragraph (2) of subsection (a) is the earlier of—
(A) the date on which the last employer withdraws, or
(B) the first day of the first plan year for which no employer contributions were required under the plan.
**(c) Duties of plan sponsor of amended plan** Except as provided in subsection (f)(1), the plan sponsor of a plan which terminates under paragraph (2) of subsection (a) shall—
(1) limit the payment of benefits to benefits which are nonforfeitable under the plan as of the date of the termination, and
(2) pay benefits attributable to employer contributions, other than death benefits, only in the form of an annuity, unless t
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment of four revolving funds on books of Treasury of the United States** There are established on the books of the Treasury of the United States four revolving funds to be used by the corporation in carrying out its duties under this subchapter. One of the funds shall be used with respect to basic benefits guaranteed under [section 1322 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1322&num=0&edition=prelim), one of the funds shall be used with respect to basic benefits guaranteed under [section 1322a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1322a&num=0&edition=prelim), one of the funds shall be used with respect to nonbasic benefits guaranteed under [section 1322 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1322&num=0&edition=prelim) (if any), and the remaining fund shall be used with respect to nonbasic benefits guaranteed under [section 1322a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1322a&num=0&edition=prelim) (if any), other than subsection (g)(2) thereof (if any). Whenever in this subchapter reference is made to the term “fund” the reference shall be considered to refer to the appropriate fund established under this subsection.
**(b) Credits to funds; availability of funds; investment of moneys in excess of current needs**
(1) Each fund established under this section shall be credited with the appropriate portion of—
(A) premiums, penalties, interest, and charges collected under this subchapter,
(B) the value of the assets of a plan administered under [section 1342 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rules governing single-employer plan terminations**
(1) **Exclusive means of plan termination** — Except in the case of a termination for which proceedings are otherwise instituted by the corporation as provided in [section 1342 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1342&num=0&edition=prelim), a single-employer plan may be terminated only in a standard termination under subsection (b) or a distress termination under subsection (c).
(2) **60-day notice of intent to terminate** — Not less than 60 days before the proposed termination date of a standard termination under subsection (b) or a distress termination under subsection (c), the plan administrator shall provide to each affected party (other than the corporation in the case of a standard termination) a written notice of intent to terminate stating that such termination is intended and the proposed termination date. The written notice shall include any related additional information required in regulations of the corporation.
(3) **Adherence to collective bargaining agreements** — The corporation shall not proceed with a termination of a plan under this section if the termination would violate the terms and conditions of an existing collective bargaining agreement. Nothing in the preceding sentence shall be construed as limiting the authority of the corporation to institute proceedings to involuntarily terminate a plan under [section 1342 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1342&num=0&edition=prelim).
**(b) Standard termination of single-employer plans**
(1) **General requirements** — A single-employer plan may terminate under a standard termination only if—
(A) the plan administrator provi
Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1341
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Federal law — U.S. Code and appendices · legal_authorities
Page 684
TITLE 29—LABOR
§ 1349
Editorial Notes
AMENDMENTS
1986—Subsec. (a). Pub. L. 99–272 in provisions pre-
ceding par. (1) substituted ‘‘termination date’’ for
‘‘date of termination’’, redesignated pars. (1) to (3) as
(2) to (4), respectively, added par. (1), in par. (2), as so
redesignated, inserted ‘‘in a distress termination’’ after
‘‘terminated’’ and substituted ‘‘section 1341(c)’’ for
‘‘section 1341’’, and in par. (4), as so redesignated, sub-
stituted ‘‘under section 1341(c) or 1342 of this title’’ for
‘‘in accordance with the provisions of either section’’.
1980—Subsec. (a). Pub. L. 96–364, § 402(a)(8)(A), (B),
designated existing provisions as subsec. (a), and in-
serted applicability to a single-employer plan.
Subsec. (b). Pub. L. 96–364, § 402(a)(8)(C), added subsec.
(b).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1986 AMENDMENT
Amendment by Pub. L. 99–272 effective Jan. 1, 1986,
with certain exceptions, see section 11019 of Pub. L.
99–272, set out as a note under section 1341 of this title.
EFFECTIVE DATE OF 1980 AMENDMENT
Amendment by Pub. L. 96–364 effective Sept. 26, 1980,
except as specifically provided, see section 1461(e) of
this title.
§ 1349. Repealed. Pub. L. 100–203, title IX,
§ 9312(a), Dec. 22, 1987, 101 Stat. 1330–361
Section, Pub. L. 93–406, title IV, § 4049, as added Pub.
L. 99–272, title XI, § 11012(a), Apr. 7, 1986, 100 Stat. 258;
amended Pub. L. 99–514, title XVIII, § 1879(u)(2), Oct. 22,
1986, 100 Stat. 2913; Pub. L. 100–203, title IX, § 9312(d)(2),
Dec. 22, 1987, 101 Stat. 1330–364, related to distribution
of liability payments to participants and beneficiaries.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF REPEAL
Repeal applicable with respect to plan terminations
under section
Source: Supplied 2024 U.S. Code historical extraction · 29 U.S.C. § 1350
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