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Title 29: Labor
Subtitle B: Regulations Relating to Labor (Continued)
CHAPTER XL: PENSION BENEFIT GUARANTY CORPORATION
SUBCHAPTER D: COVERAGE AND BENEFITS
PART 4022: BENEFITS PAYABLE IN TERMINATED SINGLE-EMPLOYER PLANS
Subpart A: General Provisions; Guaranteed Benefits
4022.4 - Entitlement to a benefit.
(a) A participant or his surviving beneficiary is entitled to a benefit if under the provisions of a plan:
(1) The benefit was in pay status on the date of the termination of the plan.
(2) A benefit payable at normal retirement age is an optional form of payment to the benefit otherwise payable at such age and the participant elected the benefit before the termination date of the plan.
(3) Except for a benefit described in paragraph (a)(2) of this section, before the termination date (or on or before the termination date, in the case of a requirement that a participant attain a particular age, earn a particular amount of service, become disabled, or die) the participant had satisfied the conditions of the plan necessary to establish the right to receive the benefit prior to such date (prior to or on such date, in the case of a requirement that a participant attain a particular age, earn a particular amount of service, become disabled, or die) other than application for the benefit, satisfaction of a waiting period described in the plan, or retirement; or
(4) Absent an election by the participant, the benefit would be payable upon retirement.
(5) In the case of a benefit that returns all or a portion of a participant's accumulated mandatory employee contributions upon death, the participant (or beneficiary) had satisfied the conditions of the plan necessary to establish the right to the benefit other than death or designation of a beneficiary.
(b) If none of the conditions set forth in paragraph (a) of this section is met, the PBGC will determine whether the participant is entitled to a benefit on the basis of the provisions of the plan and the circumstances of the case.
[61 FR 34028, July 1, 1996, as amended at 67 FR 16954, Apr. 8, 2002]
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