--- kind: "section" citation: "29 C.F.R. § 4050.206" title: "29" number: "4050.206" heading: "Missing participant benefits." url: "https://uscodex.org/cfr/29/4050.206" --- # §4050.206. Missing participant benefits. - (a) **In general—** - (1) **Notifying plan.** If a notifying plan files with PBGC information about a disposition of benefits made by the subpart B plan for a missing distributee, PBGC will provide information about the disposition of benefits to the distributee or another claimant that may be entitled to the benefits. - (2) **Transferring plan.** If a transferring plan pays PBGC a benefit transfer amount for a missing distributee, PBGC will pay benefits with respect to the missing distributee in accordance with this section, subject to the provisions of a QDRO. - (b) **Benefits for missing distributees who are participants.** Paragraphs [(c)](#c), [(d)](#d), and [(e)](#e) of this section describe the benefits that PBGC will pay to a missing participant of a [subpart B](/cfr/29/subpartB.md) plan who claims a benefit under the missing participants program. - (c) **De minimis benefit.** If the benefit transfer amount of a participant described in [paragraph (b)](#b) of this section is de minimis, PBGC will pay the participant a lump sum equal to the accumulated single sum. - (d) **Non-de minimis benefit of unmarried participant.** If the benefit transfer amount of an unmarried participant described in [paragraph (b)](#b) of this section is not de minimis, PBGC will pay the participant either the annuity described in [paragraph (d)(1)](#d-1) of this section, beginning not before age 55; or, if the participant so elects, the lump sum described in [paragraph (d)(2)](#d-2) of this section. - (1) **Annuity.** The annuity described in this [paragraph (d)(1)](#d-1) is, at the participant's election, any form of annuity available to the participant under [§ 4022.8](/cfr/29/4022.8.md) of this chapter, in an amount that is actuarially equivalent, under the benefit conversion assumptions, to the participant's accumulated single sum. - (2) **Lump sum.** The lump sum described in this [paragraph (d)(2)](#d-2) is the participant's accumulated single sum. - (e) **Non-de minimis benefit of married participant.** If the benefit transfer amount of a married participant described in [paragraph (b)](#b) of this section is not de minimis, PBGC will pay the participant either the annuity described in [paragraph (e)(1)](#e-1) of this section, beginning not before age 55; or, if the participant so elects with the consent of the participant's spouse, the lump sum described in [paragraph (e)(2)](#e-2) of this section. - (1) **Annuity.** The annuity described in this [paragraph (e)(1)](#e-1) is either— - (i) **Joint and survivor annuity.** A joint and 50 percent survivor annuity in an amount that is actuarially equivalent, under the benefit conversion assumptions, to the participant's accumulated single sum; or - (ii) **Other form of annuity.** At the participant's election, with the consent of the participant's spouse, any form of annuity available to the participant under [§ 4022.8](/cfr/29/4022.8.md) of this chapter, in an amount that is actuarially equivalent, under the benefit conversion assumptions, to the participant's accumulated single sum. - (2) **Lump sum.** The lump sum described in this [paragraph (e)(2)](#e-2) is the participant's accumulated single sum. - (f) **Benefits with respect to deceased missing distributees who were participants.** Paragraphs [(g)](#g), [(h)](#h), and [(i)](#i) of this section describe the benefits that PBGC will pay with respect to a missing participant of a [subpart B](/cfr/29/subpartB.md) plan who dies without receiving a benefit under the missing participants program. - (g) **De minimis benefit.** If the benefit transfer amount of a participant described in [paragraph (f)](#f) of this section is de minimis, and the participant's qualified survivor claims a benefit under the missing participants program, PBGC will pay the claimant a lump sum equal to the participant's accumulated single sum. - (h) **Non-de minimis benefit; non-spousal qualified survivor.** If the benefit transfer amount of a married or unmarried participant described in [paragraph (f)](#f) of this section is not de minimis, and the participant's qualified survivor is not the participant's surviving spouse and claims a benefit under the missing participants program, PBGC will pay the claimant a lump sum equal to the participant's accumulated single sum. - (i) **Non-de minimis benefit; surviving spouse is qualified survivor.** If the benefit transfer amount of a married participant described in [paragraph (f)](#f) of this section is not de minimis, and the participant's qualified survivor is the participant's surviving spouse and claims a benefit under the missing participants program, PBGC will, at the spouse's election, either pay the spouse, beginning not before the participant would have reached age 55, the annuity described in [paragraph (i)(1)](#i-1) of this section; or pay the spouse the lump sum described in [paragraph (i)(2)](#i-2) of this section. - (1) **Annuity.** The annuity described in this [paragraph (i)(1)](#i-1) is a straight life annuity for the life of the spouse in an amount that is actuarially equivalent, under the benefit conversion assumptions, to the participant's accumulated single sum. - (2) **Lump sum.** The lump sum described in this [paragraph (i)(2)](#i-2) is a lump sum equal to the participant's accumulated single sum. - (j) **Date for determining marital status.** For purposes of this section, whether a participant is married, and if so the identity of the spouse, is determined as of the earlier of— - (1) The date the participant receives or begins to receive a benefit, or - (2) **The date the participant dies.** ## Notes ### Authority Authority: 29 U.S.C. 1302(b)(3), 1350. ### Source Source: 82 FR 60818, Dec. 22, 2017, unless otherwise noted.