By Pension and Benefits Editorial Staff
The Pension Benefit Guaranty Corporation (PBGC) has announced that the maximum monthly insurance benefit for participants in underfunded pension plans terminating in 2019 is $5,607.95 per month or $67,295 per year for those who retire at age 65. On its website, the PBGC has provided a chart that shows the 2019 monthly maximum benefit guarantees for retirees from age 75 to 45.
The maximum benefit is adjusted for retirees taking earlier retirement or electing survivors’ benefits. A participant may receive benefits in excess of the maximum guarantee if certain conditions apply. ERISA requires that the maximum guaranteed amount be adjusted annually based on changes in the Social Security contribution and benefit base.
SOURCE: PBGC News Release No. 18-06.
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