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PBGC Releases 2003 Maximum Guaranteed Benefits

December 4, 2002 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corporation (PBGC) has published a final rule amending maximum guaranteeable benefits and the new payment for participants of terminated single-employer pension plans in 2003, according to Washington-based legal publisher BNA.
By Eric Hazard

Effective January 1, 2003, the maximum monthly and annual payments to participants starting to receive benefits from terminated single-employer plans in 2003 will be:

  • Age 55 – $1,649.15 monthly; $19,789.80 annually
  • Age 60 – $2,382.10 monthly; $28,585.20 annually
  • Age 62 – $2,895.17 monthly; $34,742.04 annually
  • Age 65 – $3,664.77 monthly; $43,977.24 annually

PBGC said the final rule is necessary because of annual changes to maximum guaranteed amounts based on changes to the contribution and benefit base under Section 230 of the Social Security Act.

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