A 10 Percent Owner within the past 5 years. Ownership is measured as interest in capital, profit, or common stock.
Ownership through family attribution applies (under IRC 1563 -- see Ownership Attribution). In particular, ownership is attributed:
- from spouse - to spouse
- to or from a parent - to or form a minor child (up to age 21)
The status of Substantia Owner is crucial in determining whether a plan that covers only the owners of a company is subject to PBGC premiums and coverage or not. It is also critical in determining the level of benefits in a covered plan that are guaranteed by the PBGC.