(a) Interagency coordination. For a plan sponsor that has requested a conditional approval of a partition pursuant to Sec. 4233.12(c), PBGC may render either a conditional approval or a final denial of the application on an expedited basis, provided that the plan sponsor has submitted a completed application to PBGC as prescribed by Sec. 4233.10. PBGC will consult with Treasury and the Department of Labor in the course of reviewing an application for partition.
(1) If PBGC denies the application for partition, it will notify the plan sponsor in writing of PBGC's decision in accordance with Sec. 4233.12(b), and will notify Treasury to allow it to take appropriate action on the benefit suspension application.
(2) If PBGC grants a conditional approval of partition, it will notify the plan sponsor in writing of PBGC's decision in accordance with Sec. 4233.12(c), and will provide Treasury with a copy of PBGC's decision along with PBGC's record of the decision.
(3) If Treasury does not issue the final authorization to suspend, PBGC's preliminary and conditional approval under Sec. 4233.12(c) will be null and void.
(4) If Treasury issues a final authorization to suspend, PBGC will issue a final partition order under Sec. 4233.14 and section 4233(c) of ERISA.
(b) Combined notice. A plan sponsor submitting an application for benefit suspensions under section 305(e)(9) of ERISA with Treasury, and a partition under section 4233 of ERISA with PBGC, may combine the PBGC model notice for coordinated applications provided at Appendix A with the Treasury model notice in Appendix A of Rev. Proc. 2015-34 in satisfaction of the notice requirement of this part.