{"data":{"id":"us/29-cfr-4204.2","jurisdiction":"us","citation":"29 CFR 4204.2","heading":"Definitions.","body":"The following terms are defined in § 4001.2 of this chapter: Code, employer, ERISA, IRS, multiemployer plan, PBGC, person, plan, plan administrator, plan sponsor, and plan year.\nIn addition, for purposes of this part:\nDate of determination means the date on which a seller ceases covered operations or ceases to have an obligation to contribute for such operations as a result of a sale of assets within the meaning of section 4204(a) of ERISA.\nNet income after taxes means revenue minus expenses after taxes (excluding extraordinary and non-recurring income or expenses), as presented in an audited financial statement or, in the absence of such statement, in an unaudited financial statement, each prepared in conformance with generally accepted accounting principles.\nNet tangible assets means tangible assets (assets other than licenses, patents copyrights, trade names, trademarks, goodwill, experimental or organizational expenses, unamortized debt discounts and expenses and all other assets which, under generally accepted accounting principles, are deemed intangible) less liabilities (other than pension liabilities). Encumbered assets shall be excluded from net tangible assets only to the extent of the amount of the encumbrance.\nPurchaser means a purchaser described in section 4204(a)(1) of ERISA.\nSeller means a seller described in section 4204(a)(1) of ERISA.\nUnfunded vested benefits means, as described in section 4213(c) of ERISA, the amount by which the value of nonforfeitable benefits under the plan exceeds the value of the assets of the plan.","path":["Title 29—Labor","Subtitle B—Regulations Relating to Labor","CHAPTER XL—PENSION BENEFIT GUARANTY CORPORATION","SUBCHAPTER I—WITHDRAWAL LIABILITY FOR MULTIEMPLOYER PLANS","PART 4204—VARIANCES FOR SALE OF ASSETS","Subpart A—General"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-29.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:25:20Z","sha256":"7b7b445fbe3378265039a4b46a89bdc630e66ee4afa8bd0a21b20a5b69b03e99","source_id":"us-cfr","stale":true,"prev":"us/29-cfr-4204.1","next":"us/29-cfr-4204.11"},"notice":"GroundRules: Original legal text. Not legal advice."}