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excluded despite meeting both plans' age and service
requirements.
On January 27, 1992, Gant signed Form 500, Standard
Termination Notice, Single-Employer Plan Termination, for the
Pension Plan and sent it to the PBGC. This Form 500 disclosed
that the proposed Pension Plan termination date was June 30,
1992. The PBGC responded with a Notice of Non-compliance dated
March 5, 1992.
On February 10, 1992, Gant issued a letter to the Pension
Plan participants stating: "We are in the process of filing the
necessary documents to terminate the O.W.G. PRODUCTS, INC.
EMPLOYEES DEFINED BENEFIT PLAN."
On February 12, 1992, Products filed a Form 5310,
Application for Determination Upon Termination, for the Pension
Plan. The proposed date of the Pension Plan's termination was
June 30, 1991. On August 19, 1992, respondent issued a favorable
determination letter for the proposed termination. Products did
not file a Form 5310 for the Profit Sharing Plan. Respondent
disqualified both plans on February 7, 1997, effective for the
plan year ending June 30, 1991.
On May 29, 1992, Gant, as trustee for both the Pension Plan
and Profit Sharing Plan, collected all the individual annuity
certificates previously distributed to plan participants and
redeemed them for cash. Upon redemption, the cash value of the
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