29 C.F.R. § 4044.2 Definitions.
Title 29 - Labor
(a) The following terms are defined in §4001.2 of this chapter: annuity, basic-type benefit, Code, distribution date, ERISA, fair market value, guaranteed benefit, insurer, IRS, irrevocable commitment, mandatory employee contributions, nonbasic-type benefit, nonforfeitable benefit, normal retirement age, notice of intent to terminate, PBGC, person, plan, plan administrator, single-employer plan, substantial owner, termination date, and voluntary employee contributions. (b) For purposes of this part: Deferred annuity means an annuity under which the specified date or age at which payments are to begin occurs after the valuation date. Earliest retirement age at valuation date means the later of (a) a participant's age on his or her birthday nearest to the valuation date, or (b) the participant's attained age as of his or her Earliest PBGC Retirement Date (as determined under §4022.10 of this chapter). Early retirement benefit means an annuity benefit payable under the terms of the plan, under which the participant is entitled to begin receiving payments before his or her normal retirement age and which is not payable on account of the disability of the participant. It may be reduced according to the terms of the plan. Expected retirement age (XRA) means the age, determined in accordance with §§4044.55 through 4044.57, at which a participant is expected to begin receiving benefits when the participant has not elected, before the allocation date, an annuity starting date. This is the age to which a participant's benefit payment is assumed to be deferred for valuation purposes. An XRA is equal to or greater than the participant's earliest retirement age at valuation date but less than his or her normal retirement age. Non-trusteed plan means a single-employer plan which receives a Notice of Sufficiency from PBGC and is able to close out by purchasing annuities in the private sector in accordance with part 2617 of this chapter. (See Note at beginning of part 4044.) Notice of Sufficiency means a notice issued by the PBGC that it has determined that plan assets are sufficient to discharge when due all obligations of the plan with respect to benefits in priority categories 1 through 4 after plan assets have been allocated to benefits in accordance with section 4044 of ERISA and this subpart. (See Note at beginning of part 4044.) Priority category means one of the categories contained in sections 4044 (a)(1) through (a)(6) of ERISA that establish the order in which plan assets are to be allocated. Trusteed plan means a single-employer plan which has been placed into trusteeship by PBGC. Unreduced retirement age (URA) means the earlier of the normal retirement age specified in the plan or the age at which an unreduced benefit is first payable. Valuation date means (1) for non-trusteed plans, the date of distribution and (2) for trusteed plans, the date of termination. (c) For purposes of subpart B of this part (unless otherwise required by the context): Age means the participant's age at his or her nearest birthday and is determined by rounding the individual's exact age to the nearest whole year. Half years are rounded to the next highest year. This is also known as the “insurance age.” (d) For purposes of §§4044.55 through 4044.57: Monthly benefit means the guaranteed benefit payable by PBGC. (e) For purposes of §§4044.71 through 4044.75: Lump sum payable in lieu of an annuity means a benefit that is payable in a single installment and is derived from an annuity payable under the plan. Other lump sum benefit means a benefit in priority category 5 or 6, determined under subpart A of this part, that is payable in a single installment (or substantially so) under the terms of the plan, and that is not derived from an annuity payable under the plan. The benefit may be a severance pay benefit, a death benefit or other single installment benefit. Qualifying bid means a bid obtained from an insurer in accordance with §2617.14(b) of this chapter. (See Note at beginning of part 4044.) [61 FR 34059, July 1, 1996, as amended at 67 FR 16959, Apr. 8, 2002]
Title 29: Labor
PART 4044—ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS
Subpart A—Allocation of Assets
General Provisions
§ 4044.2 Definitions.
