---
kind: "section"
citation: "29 C.F.R. § 4050.203"
title: "29"
number: "4050.203"
heading: "Options and duties of plan."
url: "https://uscodex.org/cfr/29/4050.203"
---

# §4050.203. Options and duties of plan.

- (a) **Options.** A [subpart B](/cfr/29/subpartB.md) plan that is closing out upon plan termination may (but need not) elect, by filing under [§ 4050.205](/cfr/29/4050.205.md), that the [subpart B](/cfr/29/subpartB.md) plan—
  - (1) Will be a “transferring plan,” that is, will pay a benefit transfer amount to PBGC for each distributee who is missing upon close-out of the plan and will be bound by the provisions of this subpart B to the extent that they apply to transferring plans, or
  - (2) Will be a “notifying plan,” that is, will notify PBGC of the disposition of the benefits of each distributee identified in the filing who is missing upon close-out of the plan and will, with respect to those distributees, be bound by the provisions of this subpart B to the extent that they apply to notifying plans.
- (b) **Diligent search—**
  - (1) **In general.** Except as provided in [paragraph (b)(2)](#b-2) of this section, for each distributee whose location the plan does not know with reasonable certainty upon close-out of a [subpart B](/cfr/29/subpartB.md) plan, the plan must have conducted a diligent search as described in [§ 4050.204](/cfr/29/4050.204.md).
  - (2) **Notifying plans.** For a notifying plan, the requirement of [paragraph (b)(1)](#b-1) of this section applies only to distributees identified in the filing with PBGC.
- (c) **Filing with PBGC—**
  - (1) **In general.** Except as provided in [paragraph (c)(2)](#c-2) of this section, for each distributee who is missing upon close-out of a [subpart B](/cfr/29/subpartB.md) plan, the plan must file with PBGC as described in [§ 4050.205](/cfr/29/4050.205.md).
  - (2) **Notifying plans.** For a notifying plan, the requirement of [paragraph (c)(1)](#c-1) of this section applies only to distributees identified in the filing with PBGC.

## Notes

### Authority

Authority: 29 U.S.C. 1302(b)(3), 1350.

### Source

Source: 82 FR 60818, Dec. 22, 2017, unless otherwise noted.