Several definitions: 1) This is a term used in the United States and it means an event indicating that a pension plan may be deteriorating financially, to the extent that the plan could be terminated. Events such as those have to be reported to the Pension Benefit Guaranty Corporation (PBGC). (2) An occurrence, the result of which is that a defined-contribution is materially changed or that a defined-benefit plan is changed materially. This event may be a change of formula, an acquisition or a divestiture.

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