I can only speak generally.

If this is an elective termination, the employer has the option of distributing the PV of the accrued benefit to the plan participants. However, the IRS generally must approve the method used to determine the cash-value (there’s been a recent change on the discount rate that is allowed), that the plan was fully funded on termination and to ensure all participants were fully vested, as well as other factors. And keep in mind that plan actuaries are usually not plan administrators or plan trustees, who are typically the only ones who can make plan distributions.

But were I an employee and the cash-value were offered, I’d transfer it promptly to my IRA and then once its received, ask to see the IRS termination approval letter to ensure calculations were as they should be.

BruceM

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