PBGC Increases Maximum Pension Benefit Guarantee

NU Online News Service, Nov. 13, 9:28 a.m. – The Pension Benefit Guaranty Corp., the federal agency that backs defined-benefit pension plans, will increase the maximum amount of monthly benefits it will guarantee for retirees in underfunded single-employer plans to $3,664.77 in 2003, or $43,977.24 per year, from $3,579.55, or $42,954.60 per year, in 2002.

The maximum guarantee affects workers who retire at age 65. Workers who retire at younger ages will get less.