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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]
In 1986, PBGC took over LTV's pension payments after LTV went bankrupt. The main apprehension was the liabilities between the firms with defined benefit plans and the firms with contribution pension plans. After this problem, many workers believed that the old firms had to pay the costs of the pensions, also known as legacy costs. [2]
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The company created a program in which 3,600 workers who had reached the retirement age of 60 received full pension benefits, 4,000 workers aged 40–59 who had ten years with Studebaker received lump sum payments valued at roughly 15% of the actuarial value of their pension benefits, and the remaining 2,900 workers received no pensions.
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Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns.
The government agency is tightening its standards for "healthy" claims. And for the first time in 30 years, its labeling rules will be updated to reflect new nutrition standards.