(a) Reportable event and information required. Advance notice is required for a distribution by a member of a plan's controlled group that would be described in Sec. 4043.31(a) if both assets and liabilities were valued at fair market value. The notice shall include the information described in Sec. 4043.31(b).
(b) Waiver. Notice is waived if the person making the distribution is a de minimis 5-percent segment of the plan's controlled group for the most recent fiscal year(s) ending on or before the effective date of the reportable event.