PART 4043—REPORTABLE EVENTS AND CERTAIN OTHER NOTIFICATION REQUIREMENTS Authority: 29 U.S.C. 1083(k), 1302(b)(3), 1343. Source: 80 FR 55002, Sept. 11, 2015, unless otherwise noted. Subpart A—General Provisions § 4043.1 Purpose and scope. This part prescribes the requirements for notifying PBGC of a reportable event under section 4043 of ERISA or of a failure to make certain required contributions under section 303(k)(4) of ERISA or section 430(k)(4) of the Code. Subpart A contains definitions and general rules. Subpart B contains rules for post-event notice of a reportable event. Subpart C contains rules for advance notice of a reportable event. Subpart D contains rules for notifying PBGC of a failure to make certain required contributions. § 4043.2 Definitions. The following terms are defined in § 4001.2 of this chapter: benefit liabilities, Code, contributing sponsor, controlled group, ERISA, fair market value, irrevocable commitment, multiemployer plan, PBGC, person, plan, plan administrator, plan year, single-employer plan, ultimate parent, and U.S. entity. In addition, for purposes of this part: De minimis 10-percent segment (1) Revenue not exceeding 10 percent of the controlled group's revenue; (2) Annual operating income not exceeding the greater of— (i) 10 percent of the controlled group's annual operating income; or (ii) $5 million; and (3) Net tangible assets at the end of the fiscal year(s) not exceeding the greater of— (i) 10 percent of the controlled group's net tangible assets at the end of the fiscal year(s); or (ii) $5 million. De minimis 5-percent segment de minimis Event year Foreign entity (1) Is not a contributing sponsor of a plan; (2) Is not organized under the laws of (or, if an individual, is not a domiciliary of) any state (as defined in section 3(10) of ERISA); and (3) For the fiscal year that includes the date the reportable event occurs, meets one of the following tests— (i) Is not required to file any United States federal income tax form; (ii) Has no income reportable on any United States federal income tax form other than passive income not exceeding $1,000; or (iii) Does not own substantial assets in the United States (disregarding stock of a member of the plan's controlled group) and is not required to file any quarterly United States tax returns for employee withholding. Foreign parent Low-default-risk Notice due date Participant Public company Substantial owner Well-funded plan safe harbor [80 FR 55002, Sept. 11, 2015, as amended at 83 FR 49806, Oct. 3, 2018; 85 FR 6061, Feb. 4, 2020] § 4043.3 Requirement of notice. (a) Obligation to file In general. (2) Multiple plans. (3) Optional consolidated filing. (b) Contents of reportable event notice. (c) Reportable event forms and instructions. http://www.pbgc.gov (d) Requests for additional information. (e) Effect of failure to file. [80 FR 55002, Sept. 11, 2015, as amended at 85 FR 6061, Feb. 4, 2020; 90 FR 39328, Aug. 15, 2025] § 4043.4 Waivers and extensions. (a) Waivers and extensions—in general. (b) Waivers and extensions—specific events. (c) Multiemployer plans. (d) Terminating plans. (1) All of the plan's assets (other than any excess assets) are distributed pursuant to a termination under part 4041 of this chapter; or (2) A trustee is appointed for the plan under section 4042 of ERISA. (e) Events not described in this part. § 4043.5 How and where to file. Reportable event notices required under this part must be filed electronically in accordance with the instructions posted on PBGC's Web site, http://www.pbgc.gov § 4043.6 Date of filing. (a) Post-event notice filings. (b) Advance notice and Form 200 filings. § 4043.7 Computation of time. PBGC applies the rules in subpart D of part 4000 of this chapter to compute any time period under this part. § 4043.8 Confidentiality. In accordance with section 4043(f) of ERISA and § 4901.21(a) of this chapter, any information or documentary material that is not publicly available and is submitted to PBGC pursuant to subpart B or C of this part will not be made public, except as may be relevant to any administrative or judicial action or proceeding or for disclosures to either body of Congress or to any duly authorized committee or subcommittee of the Congress. This provision does not apply to information or material submitted to PBGC pursuant to subpart D of this part, even where the submission serves as an alternative method of compliance with § 4043.25. [80 FR 55002, Sept. 11, 2015, as amended at 88 FR 76664, Nov. 7, 2023] § 4043.9 Company low-default-risk safe harbor. (a) Low-default-risk. (b) Safe harbor period. (1) Begins on a financial information date (as described in paragraph (c) of this section) on which the company satisfies the low-default-risk standard in paragraph (e) of this section, and (2) Ends 13 months later or (if earlier) on the company's next financial information date. (c) Financial information date. (1) A date on which the company files on Form 10-K with the Securities and Exchange Commission (“SEC”) audited annual financial statements (including balance sheets, income statements, cash flow statements, and notes to the financial statements) for the company's most recent completed fiscal year preceding the date of such filing; (2) The date (the “closing date”) on which the company closes the annual accounting period that results in the production of audited or unaudited annual financial statements for the company's most recent completed fiscal year preceding the closing date, if audited annual financial statements are not required to be filed with the SEC; or (3) A date on which the company files with IRS an annual federal income tax return or IRS Form 990 (in either case, a “return”) for the company's most recent completed fiscal year preceding the date of such filing, if at the time the return is filed there are no annual financial statements for the year of the return. (d) Supporting financial information. (e) Low-default-risk standard Adequate capacity. (i) Both of the criteria described in paragraphs (e)(2)(i) and (ii) of this section, or (ii) Any four of the seven criteria described in paragraphs (e)(2)(i) through (vii) of this section. (2) Criteria evidencing adequate capacity. (i) The probability that the company will default on its financial obligations is not more than four percent over the next five years or not more than 0.4 percent over the next year, in either case determined on the basis of widely available third-party financial information on the company's credit quality. (ii) The company's secured debt (disregarding leases and debt incurred to acquire or improve property and secured only by that property) does not exceed 10 percent of the company's total assets. (iii) The company has a ratio of retained-earnings-to-total-assets of 0.25 or more. (iv) The company has a ratio of total-debt-to-EBITDA (earnings before interest, taxes, depreciation, and amortization) of 3.0 or less. (v) The company has positive net income for the two most recently completed fiscal years preceding the qualifying date. (vi) During the two-year period ending on the qualifying date, the company has not experienced an event described in § 4043.34(a)(1) or (2) (dealing with a default on a loan with an outstanding balance of $10 million or more) with respect to any loan with an outstanding balance of $10 million or more to the company regardless of whether reporting was waived under § 4043.34(b). (vii) During the two-year period ending on the qualifying date, there has not been any failure to make when due any contribution described in § 4043.25(a)(1) or (2) (dealing with failure to make required minimum funding payments), unless reporting was waived under § 4043.25(c). (3) Using financial information to evaluate criteria. (ii) In addition to the use of the supporting financial information to evaluate criteria as described in paragraph (e)(3)(i) of this section, to evaluate whether the criterion described in paragraph (e)(2)(v) of this section is met, the company must also use the supporting financial information as described in paragraph (d) of this section associated with the financial information date for the fiscal year preceding the fiscal year covered by the supporting financial information associated with the qualifying date. (iii) For purposes of paragraph (e)(2)(v) of this section, the excess of total revenue over total expenses as reported on the IRS Form 990 is considered to be net income. (4) Exception. [80 FR 55002, Sept. 11, 2015, as amended at 85 FR 6061, Feb. 4, 2020] § 4043.10 Well-funded plan safe harbor. For purposes of this part, a plan is in the well-funded plan safe harbor for an event year if no variable-rate premium was required to be paid for the plan under parts 4006 and 4007 of this chapter for the plan year preceding the event year. Subpart B—Post-Event Notice of Reportable Events § 4043.20 Post-event filing obligation. The plan administrator and each contributing sponsor of a plan for which a reportable event under this subpart has occurred are required to notify PBGC within 30 days after that person knows or has reason to know that the reportable event has occurred, unless a waiver or extension applies. If there is a change in plan administrator or contributing sponsor, the responsibility for any failure to file or defective filing lies with the person who is the plan administrator or contributing sponsor of the plan on the 30th day after the reportable event occurs. § 4043.21 Tax disqualification and Title I noncompliance. (a) Reportable event. (b) Waiver. § 4043.22 Amendment decreasing benefits payable. (a) Reportable event. (b) Waiver. § 4043.23 Active participant reduction. (a) Reportable event. (1) Single-cause event. (ii) Examples of single-cause events include a reorganization or restructuring, the discontinuance of an operation or business, a natural disaster, a mass layoff, or an early retirement incentive program. (2) Attrition event. (b) Determination rules Determination dates. (2) Active participant. (i) Is receiving compensation from any member of the plan's controlled group for work performed for any member of the plan's controlled group; (ii) Is on paid or unpaid leave granted for a reason other than a layoff; (iii) Is laid off from work for a period of time that has lasted less than 30 days; or (iv) Is absent from work due to a recurring reduction in employment that occurs at least annually. (3) Employment relationship. (c) Reductions due to cessations and withdrawals. (1) Is attributable to an event described in sections 4062(e) or 4063(a) of ERISA, and (2) Is timely reported to PBGC under section 4062(e) and/or section 4063(a) of ERISA before the due date of the notice required by paragraph (a) of this section. (d) Waivers Small plan. (2) Low-default-risk. (3) Well-funded plan. (4) Public company. (5) Statutory events. (e) Extension—attrition event. (f) Examples Determining whether a single-cause event occurred (Example 1). i.e., (2) Determining whether an attrition event occurred in year when a single-cause event occurred (Example 2) i.e., (ii) To prevent duplicative reporting ( i.e., i.e., (3) Single-cause event spread out over multiple dates (Example 3). Table 1 to Paragraph ( f Single-cause event spread out over multiple dates Date Number laid-off Aggregate reduction Applicable percentage February 1 50 50 50/1,000 = 5 percent. May 15 50 100 100/1,000 = 10 percent. September 1 110 210 210/1,000 = 21 percent. November 1 40 250 250/1,000 = 25 percent. (ii) A single-cause event occurs on September 1 because that is the first time the applicable percentage exceeds 20 percent. This event must be reported by October 1. The November 1 layoff does not trigger a subsequent single-cause event because the layoff is part of the same single-cause event already timely reported to PBGC. However, they will be considered in the determination of whether an attrition event occurs at year-end as explained in paragraph (f)(3)(iii) of this section. (iii) As illustrated in Example 2 in paragraph (f)(2) of this section, for purposes of determining whether an attrition event has occurred, the year-end count is increased by the number of participants that triggered a single-cause event. In this case, that number is 210. The fact that an additional 40 active participants were laid off as a result of the business unit shut down after the single-cause event occurred does not affect the calculation because it was not already reported to PBGC. For example, if the year-end active participant count is 560, the number that gets compared to the beginning-of-year active participant count is 770 ( i.e., (4) Multiple single-cause events in same plan year (Example 4). [85 FR 6061, Feb. 4, 2020] § 4043.24 Termination or partial termination. (a) Reportable event. (b) Waiver. § 4043.25 Failure to make required minimum funding payment. (a) Reportable event. (1) A contribution required under sections 302 and 303 of ERISA or sections 412 and 430 of the Code is not made by the due date for the payment under ERISA section 303(j) or Code section 430(j), or (2) Any other contribution required as a condition of a funding waiver is not made when due. (b) Alternative method of compliance—Form 200 filed. (c) Waivers Small plan. (2) 30-day grace period. (3) Late funding balance election. § 4043.26 Inability to pay benefits when due. (a) Reportable event. (1) Current inability. (i) A limitation under section 436 of the Code and section 206(g) of ERISA (dealing with funding-based limits on benefits and benefit accruals under single-employer plans), (ii) The need to verify a person's eligibility for benefits, (iii) The inability to locate a person, or (iv) Any other administrative delay, to the extent that the delay is for less than the shorter of two months or two full benefit payment periods. (2) Projected inability. (b) Waiver—plans subject to liquidity shortfall rules. [80 FR 55002, Sept. 11, 2015, as amended at 85 FR 6062, Feb. 4, 2020] § 4043.27 Distribution to a substantial owner. (a) Reportable event. (1) There is a distribution to a substantial owner of a contributing sponsor of the plan; (2) The total of all distributions made to the substantial owner within the one-year period ending with the date of such distribution exceeds $10,000; (3) The distribution is not made by reason of the substantial owner's death; (4) Immediately after the distribution, the plan has nonforfeitable benefits (as provided in § 4022.5 of this chapter) that are not funded; and (5) Either— (i) The sum of the values of all distributions to any one substantial owner within the one-year period ending with the date of the distribution is more than one percent of the end-of-year total amount of the plan's assets (as required to be reported on Schedule H or Schedule I to Form 5500) for each of the two plan years immediately preceding the event year, or (ii) The sum of the values of all distributions to all substantial owners within the one-year period ending with the date of the distribution is more than five percent of the end-of-year total amount of the plan's assets (as required to be reported on Schedule H or Schedule I to Form 5500) for each of the two plan years immediately preceding the event year. (b) Determination rules Valuation of distribution. (i) The cash amounts actually received by the substantial owner; (ii) The purchase price of any irrevocable commitment; and (iii) The fair market value of any other assets distributed, determined as of the date of distribution to the substantial owner. (2) Date of substantial owner distribution. (3) Determination date. (c) Alternative method of compliance—annuity. (d) Waivers Low-default-risk. (2) Well-funded plan. (3) Public company. [80 FR 55002, Sept. 11, 2015, as amended at 85 FR 6062, Feb. 4, 2020] § 4043.28 Plan merger, consolidation or transfer. (a) Reportable event. l (b) Waiver. § 4043.29 Change in controlled group. (a) Reportable event. (2) For purposes of this section, the term “transaction” includes, but is not limited to, a legally binding agreement, whether or not written, to transfer ownership, an actual transfer of ownership, and an actual change in ownership that occurs as a matter of law or through the exercise or lapse of pre-existing rights. Whether an agreement is legally binding is to be determined without regard to any conditions in the agreement. A transaction is not reportable if it will result solely in a reorganization involving a mere change in identity, form, or place of organization, however effected. (b) Waivers. 10-percent segment. de minimis (2) Foreign entity. (3) Small plan. (4) Low-default-risk. (5) Well-funded plan. (6) Public company. (c) Examples. (1) Controlled group breakup. (2) Change in contributing sponsor. i.e., (3) Dissolution of controlled group member. (4) Merger of controlled group members. [80 FR 55002, Sept. 11, 2015, as amended at 85 FR 6062, Feb. 4, 2020] § 4043.30 Liquidation. (a) Reportable event. (1) Resolves to cease all revenue-generating business operations, sell substantially all its assets, or otherwise effect or implement its complete liquidation (including liquidation into another controlled group member) by decision of the member's board of directors (or equivalent body such as the managing partners or owners) or other actor with the power to authorize such cessation of operations, sale, or a liquidation, unless the event would be reported under paragraph (a)(2) or (3) of this section; (2) Institutes or has instituted against it a proceeding to be dissolved or is dissolved, whichever occurs first; or (3) Liquidates in a case under the Bankruptcy Code, or under any similar law. (b) Waivers De minimis 10-percent segment. (2) Foreign entity. (3) Reporting under insolvency event. (c) Public company extension. (1) The date the contributing sponsor or parent company timely files a SEC Form 8-K disclosing the event under an item of the Form 8-K other than under Item 2.02 (Results of Operations and Financial Condition) or in financial statements under Item 9.01 (Financial Statements and Exhibits); or (2) The date when a press release with respect to the liquidation described under paragraph (a) of this section is issued in the U.S. in the English language. (d) Examples Liquidation within a controlled group. (2) Cessation of operations. (3) Sale of assets. [85 FR 6063, Feb. 4, 2020] § 4043.31 Extraordinary dividend or stock redemption. (a) Reportable event. (b) Determination rules. (c) Waivers De minimis 10-percent segment. de minimis (2) Foreign entity. (3) Small plan. (4) Low-default-risk. (5) Well-funded plan. (6) Public company. [80 FR 55002, Sept. 11, 2015, as amended at 85 FR 6064, Feb. 4, 2020] § 4043.32 Transfer of benefit liabilities. (a) Reportable event. (1) The plan makes a transfer of benefit liabilities to a person, or to a plan or plans maintained by a person or persons, that are not members of the transferor plan's controlled group; and (2) The amount of benefit liabilities transferred, in conjunction with other benefit liabilities transferred during the 12-month period ending on the date of the transfer, is 3 percent or more of the plan's total benefit liabilities. Both the benefit liabilities transferred and the plan's total benefit liabilities are to be valued as of any one date in the plan year in which the transfer occurs, using actuarial assumptions that comply with section 414( l (b) Determination rules Date of transfer. l l (2) Distributions of lump sums and annuities. (c) Waivers Small plan. (2) Low-default-risk. (3) Well-funded plan. (4) Public company. [80 FR 55002, Sept. 11, 2015, as amended at 85 FR 6064, Feb. 4, 2020] § 4043.33 Application for minimum funding waiver. A reportable event for a plan occurs when an application for a minimum funding waiver for the plan is submitted under section 302(c) of ERISA or section 412(c) of the Code. § 4043.34 Loan default. (a) Reportable event. (1) There is an acceleration of payment or a default under the loan agreement, or (2) The lender waives or agrees to an amendment of any covenant in the loan agreement the effect of which is to cure or avoid a breach that would trigger a default. (b) Waivers De minimis 10-percent segment. de minimis (2) Foreign entity. § 4043.35 Insolvency or similar settlement. (a) Reportable event. (1) Commences or has commenced against it any insolvency proceeding (including, but not limited to, the appointment of a receiver) other than a bankruptcy case under the Bankruptcy Code; (2) Commences, or has commenced against it, a proceeding to effect a composition, extension, or settlement with creditors; (3) Executes a general assignment for the benefit of creditors; or (4) Undertakes to effect any other nonjudicial composition, extension, or settlement with substantially all its creditors. (b) Waivers De minimis 10-percent segment. de minimis (2) Foreign entity. (3) Liquidation event. [80 FR 55002, Sept. 11, 2015, as amended at 85 FR 6064, Feb. 4, 2020] Subpart C—Advance Notice of Reportable Events § 4043.61 Advance reporting filing obligation. (a) In general. (b) Persons subject to advance reporting. (1) On the notice date, neither the contributing sponsor nor any member of the plan's controlled group to which the event relates is a public company; and (2) The aggregate unfunded vested benefits, determined in accordance with paragraph (c) of this section, are more than $50 million; and (3) The aggregate value of plan assets, determined in accordance with paragraph (c) of this section, is less than 90 percent of the aggregate premium funding target, determined in accordance with paragraph (c) of this section. (c) Funding determinations. (d) Shortening of 30-day period. § 4043.62 Change in controlled group. (a) Reportable event. (b) Waivers Small and mid-size plans. (2) De minimis 5-percent segment. de minimis [80 FR 55002, Sept. 11, 2015, as amended at 90 FR 39328, Aug. 15, 2025] § 4043.63 Liquidation. (a) Reportable event. (b) Waiver—de minimis 5-percent segment and ongoing plans. de minimis § 4043.64 Extraordinary dividend or stock redemption. (a) Reportable event. (b) Waiver—de minimis 5-percent segment. de minimis § 4043.65 Transfer of benefit liabilities. (a) Reportable event. (b) Waivers Complete plan transfer. (2) Transfer of less than 3 percent of assets. (i) Equals the present value of the accrued benefits (whether or not vested) being transferred, using actuarial assumptions that comply with section 414( l (ii) In conjunction with other assets transferred during the same plan year, is less than 3 percent of the assets of the transferor plan as of at least one day in that year. (3) Section 414(l) safe harbor. l (4) Fully funded plans. l [80 FR 55002, Sept. 11, 2015, as amended at 89 FR 48300, June 6, 2024] § 4043.66 Application for minimum funding waiver. (a) Reportable event. (b) Extension. § 4043.67 Loan default. Advance notice is required for an acceleration of payment, a default, a waiver, or an agreement to an amendment with respect to a loan agreement described in § 4043.34(a). § 4043.68 Insolvency or similar settlement. (a) Reportable event. (b) Extension. Subpart D—Notice of Failure To Make Required Contributions § 4043.81 PBGC Form 200, notice of failure to make required contributions; supplementary information. (a) General rules. (1) Form 200 must be filed with PBGC no later than 10 days after the due date for any required payment for which payment was not made when due. (2) If a contributing sponsor or the ultimate parent completes and submits Form 200 in accordance with this section, PBGC will consider the notification requirement in section 303(k)(4) of ERISA and section 430(k)(4) of the Code to be satisfied by all members of a controlled group of which the person who has filed Form 200 is a member. (b) Supplementary information. [80 FR 55002, Sept. 11, 2015, as amended at 85 FR 6064, Feb. 4, 2020]