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PBGC Updates Amounts

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The Pension Benefit Guaranty Corp. has released a 2009 retirement age table, the 2009 benefit payment maximum and a description of the 2009 flat premium rates.

The table can help administrators of single-employer plans that are being terminated apply asset allocation regulations, according to the PBGC.

In another final rule, dealing with the maximum pension benefit guarantee, the PBGC says the Social Security Administration benefit base to be used in 2009 maximum guarantee calculations is $79,200.

The maximum monthly benefit guaranteeable by the PBGC in 2009 will be $4,500 per month in the form of a life annuity beginning at age 65, officials say.

The flat premium rate final rule says the 2009 flat premium rates for the PBGC’s pension benefits insurance programs will be $34 per participant for single-employer plans and $9 per participant for multiemployer plans.