4050.3—Method of distribution for missing participants.
         The plan administrator of a terminating plan must distribute benefits for each missing participant by—
    
    
        
        (a) 
         Purchasing from an insurer an irrevocable commitment that satisfies the requirements of  § 4041.28(c) or  § 4041.50 of this chapter (whichever is applicable); or
    
    
        
        (b) 
         Paying the PBGC a designated benefit in accordance with  §§ 4050.4 through 4050.6 (subject to the special rules in  § 4050.12 ).