29 CFR § 4050.203 - Options and duties of plan.

---
identifier: "/us/cfr/t29/s4050.203"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "29 CFR § 4050.203 - Options and duties of plan."
title_number: 29
title_name: "Labor"
section_number: "4050.203"
section_name: "Options and duties of plan."
chapter_name: "PENSION BENEFIT GUARANTY CORPORATION"
subchapter_number: "E"
subchapter_name: "PLAN TERMINATIONS"
part_number: "4050"
part_name: "MISSING PARTICIPANTS"
positive_law: false
currency: "2026-03-24"
last_updated: "2026-03-24"
format_version: "1.1.0"
generator: "[email protected]"
authority: "29 U.S.C. 1302(b)(3), 1350."
regulatory_source: "82 FR 60818, Dec. 22, 2017, unless otherwise noted."
cfr_part: "4050"
---


# 4050.203 Options and duties of plan.

(a) *Options.* A subpart B plan that is closing out upon plan termination may (but need not) elect, by filing under § 4050.205, that the subpart B 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) of this section, for each distributee whose location the plan does not know with reasonable certainty upon close-out of a subpart B plan, the plan must have conducted a diligent search as described in § 4050.204.

(2) *Notifying plans.* For a notifying plan, the requirement of paragraph (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) of this section, for each distributee who is missing upon close-out of a subpart B plan, the plan must file with PBGC as described in § 4050.205.

(2) *Notifying plans.* For a notifying plan, the requirement of paragraph (c)(1) of this section applies only to distributees identified in the filing with PBGC.