Frank Gant and Roberta Gant - Page 13

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          Plan is covered by title IV of ERISA and is subject to the                  
          termination provisions thereunder.                                          
               Strict adherence to statutory requirements is the exclusive            
          means of single-employer plan termination.  ERISA sec.                      
          4041(a)(1), 29 U.S.C. sec. 1341(a)(1) provides that "a single-              
          employer plan may be terminated only in a standard termination              
          * * * or a distress termination".  See also Phillips v. Bebber,             
          914 F.2d 31, 34 (4th Cir. 1990) ("strict compliance with * * *              
          [29 U.S.C. sec. 1341] is the sole means by which a pension plan             
          subject to the provisions of ERISA may be terminated."); Pension            
          Benefit Guar. Corp. v. Mize Co., Inc., 987 F.2d 1059, 1063 (4th             
          Cir. 1993) ("The statutory provisions governing terminations of             
          single-employer plans are exclusive.").  A "single-employer plan"           
          is a plan "which is not a multiemployer plan."  ERISA sec. 3(41),           
          29 U.S.C. sec. 1002(41).  A "multi-employer plan" means a plan:             
                    (i) to which more than one employer is required to                
               contribute,                                                            
                    (ii) which is maintained pursuant to one or more                  
               collective bargaining agreements between one or more                   
               employee organizations and more than one employer, and                 
                    (iii) which satisfies such other requirements as the              
               Secretary may prescribe by regulation.  [ERISA sec. 3(37),             
               29 U.S.C. sec. 1002(37).]                                              
                                                                                     
          Because Products was the only employer contributing to the plan,            
          the Pension Plan was not a multiemployer plan, and by definition            
          was a single-employer plan.                                                 






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