Frank Gant and Roberta Gant - Page 14

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               Since the Pension Plan was a single-employer plan, the                 
          question then becomes whether it was terminated in accordance               
          with ERISA sec. 4041(a)(1), 29 U.S.C. sec. 1341(a)(1).  As                  
          stated, a single-employer plan may be terminated only in a                  
          standard or distress termination.  ERISA sec. 4041(a)(1), 29                
          U.S.C. sec. 1341(a)(1).  A distress termination requires that the           
          PBGC determine whether any of the criteria for a distress                   
          termination have been met.  ERISA sec. 4041(c)(2)(B), 29 U.S.C.             
          sec. 1341(c)(2)(B).  In this case, the PBGC has made no such                
          finding.  Thus, the remaining question is whether the Pension               
          Plan was terminated as of June 30, 1988, by a standard                      
          termination.                                                                
               A standard termination requires the plan administrator to              
          (1) provide a "60-day advance notice of intent to terminate to              
          affected parties", (2) notify the PBGC as soon as practicable               
          after notice of intent to terminate has been sent to affected               
          parties, and (3) give notice, not later than the date on which              
          notice is sent to the PBGC, to each participant or beneficiary              
          under the plan specifying the amount of his or her benefit as of            
          the proposed termination date and the data used to determine the            
          benefit such as length of service, age of the participant or                
          beneficiary, wages, assumptions, including the interest rate, and           
          any other information required by the PBGC.  ERISA sec.                     
          4041(b)(2)(B), 29 U.S.C. sec. 1341(b)(2)(B).  The plan                      





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