ask to close its single-employer pension plan in either a standard or distress termination. In a standard termination, the plan must have enough money to pay all accrued benefits, whether vested or not, before the plan can end. After workers receive promised benefits, in the form of a lump sum payment or an insurance company annuity, PBGC's guarantee ends. More than 145,000 plans have gone through PBGC's standard termination process between 1975 and 2019. In a distress termination, where the plan does not have enough money to pay all benefits, the employer must prove severe financial distress – for instance the likelihood that continuing the plan would force the company to shut down. PBGC will pay guaranteed benefits, usually covering a large part of total earned benefits, and make strong efforts to recover funds from the employer. In addition, PBGC may seek to terminate a single-employer plan without the employer's consent to protect the interests of workers, the plan or PBGC's insurance fund. PBGC must act to terminate a plan that cannot pay current benefits. For multiemployer pension plans that are unable to pay guaranteed benefits when due, PBGC will provide financial assistance to the plan, usually a loan, so that retirees continue receiving their benefits. Terminations are covered under Title IV of ERISA. Missing Participants Program When a plan sponsor chooses to terminate their pension plan through the standard termination process, arrangements must be made to distribute benefits to each participant. When participants cannot be located or otherwise are not responsive, the termination process is delayed. Since 1996 sponsors of terminating insured single-employer defined benefit (DB) plans have the option to transfer the benefits for their "missing participants" to the PBGC or to purchase annuities from insurance companies and notify PBGC of the details. In 2018, PBGC expanded the Missing Participants Program (MPP) making it available to terminating defined contribution (DC) plans, multiemployer defined benefit plans and certain single-employer DB plans not covered by Title IV of ERISA. PBGC indicates they are searching for more than 80,000 "lost" plan participants who are owed pensions. Individuals can call a dedicated toll-free number, 1-800-229-LOST (5678), to find out if they are due pension payments. Premium rates Pension plans that are qualified under the U.S. tax code pay yearly insurance premiums to the PBGC based on the number of participants in the plan and the funded status of the plan. The Bipartisan