---
kind: "section"
citation: "29 C.F.R. § 4043.35"
title: "29"
number: "4043.35"
heading: "Insolvency or similar settlement."
url: "https://uscodex.org/cfr/29/4043.35"
---

# §4043.35. Insolvency or similar settlement.

- (a) **Reportable event.** A reportable event occurs for a plan when any member of the plan's controlled group—
  - (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—**
  - (1) **De minimis 10-percent segment.** Notice under this section is waived if the person described in [paragraph (a)](#a) of this section is not a contributing sponsor of the plan and represents a de minimis 10-percent segment of the plan's controlled group for the most recent fiscal year(s) ending on or before the date the reportable event occurs.
  - (2) **Foreign entity.** Notice under this section is waived if the person described in [paragraph (a)](#a) of this section is a foreign entity other than a foreign parent.
  - (3) **Liquidation event.** Notice under paragraph [(a)(3)](#a-3) or [(4)](#a-4) of this section is waived if reporting is also required under [§ 4043.30](/cfr/29/4043.30.md) and notice has been provided timely to PBGC for the same event under that section.

## Notes

### Amendments

[80 FR 55002, Sept. 11, 2015, as amended at 85 FR 6064, Feb. 4, 2020]

### Authority

Authority: 29 U.S.C. 1083(k), 1302(b)(3), 1343.

### Source

Source: 80 FR 55002, Sept. 11, 2015, unless otherwise noted.

### Amendments

[80 FR 55002, Sept. 11, 2015, as amended at 85 FR 6064, Feb. 4, 2020]