376.1022. Dissolution of plan, application, procedure, granted when--distribution of assets, procedures. - Missouri Statutes

Dissolution of plan, application, procedure, grantedwhen--distribution of assets, procedures.

376.1022. 1. A plan that desires to cease existence shallapply to the director for authority to dissolve. Applications todissolve shall be on forms prescribed by the director and shallbe approved or disapproved by the director within sixty days ofreceipt. Dissolution without authorization is prohibited anddoes not absolve a plan or its participants from fulfilling theplan's continuing obligations. An application to dissolve shallbe granted if either of the following conditions is met:

(1) The plan demonstrates that it has no outstandingliabilities, including incurred but not reported liabilities; or

(2) The plan has obtained an irrevocable commitment from alicensed insurer which provides for payment of all outstandingliabilities and for providing all related services, includingpayment of claims, preparation of reports and administration oftransactions associated with the period when the plan providedcoverage.

2. Upon dissolution, after payment of all outstandingliabilities and indebtedness, the assets of the plan shall bedistributed to all employers participating in the plan during thelast five years immediately preceding dissolution. Thedistributive share of each employer shall be in the proportionthat all contributions made by the employer during such five-yearperiod bear to the total contributions made by all participatingemployers during such five-year period.

(L. 1993 H.B. 709 § 31)