Missing participants

A plan administrator satisfies section 1341(b)(3)(A) of this title in the case of a missing participant only if the plan administrator— A transfer to the corporation under this section shall be treated as a transfer of assets from a terminated plan to the corporation as trustee, and shall be held with assets of terminated plans for which the corporation is trustee under section 1342 of this title, subject to the rules set forth in that section. After a missing participant whose designated benefit was transferred to the corporation is located— For purposes of this section— The term “missing participant” means a participant or beneficiary under a terminating plan whom the plan administrator cannot locate after a diligent search. The term “designated benefit” means the single sum benefit the participant would receive— The corporation shall prescribe rules similar to the rules in subsection (a) for multiemployer plans covered by this subchapter that terminate under section 1341a of this title. The plan administrator of a plan described in paragraph (4) may elect to transfer a missing participant’s benefits to the corporation upon termination of the plan. To the extent provided in regulations, the plan administrator of a plan described in paragraph (4) shall, upon termination of the plan, provide the corporation information with respect to benefits of a missing participant if the plan transfers such benefits— If benefits of a missing participant were transferred to the corporation under paragraph (1), the corporation shall, upon location of the participant or beneficiary, pay to the participant or beneficiary the amount transferred (or the appropriate survivor benefit) either— A plan is described in this paragraph if— the plan is a pension plan (within the meaning of section 1002(2) of this title)— at the time the assets are to be distributed upon termination, the plan— Subsections (a)(1) and (a)(3) shall not apply to a plan described in paragraph (4). The corporation shall prescribe such regulations as are necessary to carry out the purposes of this section, including rules relating to what will be considered a diligent search, the amount payable to the corporation, and the amount to be paid by the corporation.