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Although the Plan was amended to cease al <br />accruals beginning in 1976, the Plan has been, <br />underfunded in the sense that it does not have <br />assets to purchase annuities and to accomplish <br />termination" under Title IV of ERZSA. <br />On November 7, 1990, CF6I filed petitions <br />L further benefit <br />and still remains, <br />sufficient plan <br />a "standard <br />for reorganization <br />under chapter 11 of the United States Code, it U.S.C. § 101 e~ <br />sec. (the "Code"). On February 12, 1993, the Court confirmed the <br />Plan of Reorganization. Finally, on March 3, 1993, the Plan of <br />Reorganization became effective. <br />The Plan of Reorganization requires CFfiI to terminate the <br />Plan under the "standard termination" provisions of Title IV of <br />ERISA. In a standard plan termination, ERISA § 4041(b)(3)(A) <br />generally requires the plan administrator to "purchase <br />irrevocable commitments from an insurer to provide all benefit <br />liabilities under the plan." <br />When a plan is closed out by the purchase of "irrevocable <br />commitments, benefits thereunder no longer are guaranteed by <br />PBGC. Thus, the future security of these pension benefits will <br />depend on the degree of security offered under the annuity <br />contract purchased by the plan administrator. <br />CF3I sent Notices of Intent to Terminate and Notices of Plan <br />Benefits to participants and beneficiaries pursuant to <br />regulations promulgated by the Pension Benefit Guaranty <br />Corporation ("PBGC"). 29 C.F.R. § 2617.22 and 2617.23 (1992); <br />3 <br />