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"administrator" is the plan sponsor if no person is designated as
plan administrator in the plan instrument. ERISA sec. 3(16)(A),
29 U.S.C. sec. 1002(16)(A). The "plan sponsor" is the employer
in the case of a single-employer defined benefit plan. ERISA
sec. 3(16)(B), 29 U.S.C. sec. 1002(16)(B). Since Products is the
employer, Products is the plan administrator.
In this case, Products did not comply with the statutory
requirements cited above. It did not issue written notice to
participants in fiscal year 1988, within 60 days, of the intent
to terminate the Pension Plan. It did not notify the PBGC of its
intent to terminate. And it did not give the required notice to
each participant or beneficiary under the plan specifying the
amount of his or her benefit as of the proposed termination date.
Accordingly, we hold that the Pension Plan was not
terminated as of June 30, 1988. We further hold that since the
Pension Plan was not terminated in accordance with ERISA sec.
4041, 29 U.S.C. sec. 1341, the Pension Plan was an ongoing plan
for purposes of the Internal Revenue Code.
B. Money Purchase Plan Termination and Profit Sharing Plan
Disqualification
Petitioners assert that the Money Purchase Plan was
terminated as of the plan year ending June 30, 1988, because
Products adopted a resolution to terminate the Money Purchase
Plan in the 1988 fiscal year, and Products distributed annuities
to plan participants evidencing its intent to terminate the plan.
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