PBGC's
multiemployer plan guarantee applies only to benefits earned before the plan terminated.
The multiemployer plan guarantee is subject to several legal limits, including the multiemployer guarantee, the phase - in limit, and a limit that is similar to the accrued - at - normal limit.
Not exact matches
With corporations, the protection of the Pension Benefits
Guarantee Corporation [PBGC] has kept pensions safe up to a limit — as of 2016, up to roughly $ 60K / year for those retiring at age 65 (less for younger retirees) from single - employer
plans, and $ 12,870 / year at most for those in
multiemployer plans.
What's worse, is that those in
multiemployer trusts have a maximum
guarantee that is around 30 % of what a single - employer
plan would receive.
For
multiemployer plans, a benefit or benefit increase that has been in effect under a
plan for less than five years (60 months) is not eligible for PBGC's
multiemployer guarantee.
Multiemployer Guarantee - When a multiemployer pension plan fails, PBGC provides financial assistance in the form of a loan
Multiemployer Guarantee - When a
multiemployer pension plan fails, PBGC provides financial assistance in the form of a loan
multiemployer pension
plan fails, PBGC provides financial assistance in the form of a loan to the
plan.
PBGC's
guarantee of the benefits in a terminated
multiemployer plan — payable as financial assistance to the
plan — starts if and when the
plan is unable to make payments at the level
guaranteed under ERISA.
For
multiemployer plans, see Multiemploy
multiemployer plans, see
MultiemployerMultiemployer Guarantee.
See
Multiemployer Plan Insolvency and Benefit Payments and
Multiemployer Benefit
Guarantees for more information.
PBGC provides funds to make up the difference between the
plan's assets and the amount needed to make benefit payments up to the statutory limit, referred to as the «
multiemployer guarantee limit.»