I'm filing a final 5500 after a PBGC takeover due to duress of the sponsor. How is this reported on the 5500 Schedule H? I get that I need to mark 4k as "yes" but where do I show the asset distribution? Transfer of Assets from this plan? Then do I show PGBC as recipient plan? And I assume that the plan is also considered terminated since the employer is no longer the sponsor.

Thanks!

We had a company go bankrupt and PBGC took over trusteeship of the plan. We were told that when PBGC takes over, the sponsor requirement for Form 5500's end. We never filed a Form 5500 (final or otherwise) after the PBGC took over. If the sponsor of the plan you're working with is still in business, I don't know if our experience applies. But, if the PBGC has control of the plan, it seems the sponsor's responsibility for filing Form 5500's had ended.

That is my experience also.
However, if there are any delinquent 5500's for prior years, the EBSA may still want someone to file those. Ask.