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The maximum pension benefit guaranteed by PBGC is set by law and adjusted yearly. For plans that ended in 2023, workers who retired that year and at age 65 would receive up to $6,750.00 per month (or $81,000 per year) under PBGC's insurance program for single-employer plans. [4]
The Pension Benefit Guaranty Corporation (PBGC) is a federal corporation created under the Employee Retirement Income Security Act of 1974. It currently guarantees payment of basic pension benefits earned by 44 million American workers and retirees participating in over 29,000 private-sector defined benefit pension plans.
When Hartogensis took the helm of the PBGC in 2019, the agency's multiemployer insurance program was projected to be insolvent by 2025 and had a financial deficit of over 65 billion dollars. [ 9 ] [ 10 ] He worked with both parties in Congress to try to find a bipartisan solution to the crisis, [ 11 ] and he testified before the Senate Finance ...
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A traditional form of a defined benefit plan is the final salary plan, under which the pension paid is equal to the number of years worked, multiplied by the member's salary at retirement, multiplied by a factor known as the accrual rate. [9] The final accrued amount is available as a monthly pension or a lump sum.
Target benefit plans are similar to defined benefit plans in that the annual contribution is determined by a formula to calculate the amount needed each year to accumulate (at an assumed interest rate) a fund sufficient to pay a projected retirement benefit, the target benefit, to each participant upon reaching retirement.
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