29 CFR §4044.11

1. (a)Definition. The benefits in priority category 1 are participants' accrued benefits derived from voluntary employee contributions.
2. (b)Assigning benefits. Absent an election described in the next sentence, the benefit assigned to priority category 1 with respect to each participant is the balance of the separate account maintained for the participant's voluntary contributions. If a participant has elected to receive an annuity in lieu of his or her account balance, the benefit assigned to priority category 1 with respect to that participant is the present value of that annuity.