§1322b Aggregate Limit on Benefits Guaranteed; Criteria Applicable

Summary

Limits the total amount a person can get from the corporation’s guarantee for basic benefits across all multiemployer and single-employer plans. The limit equals the present actuarial value of a monthly life annuity starting at age 65 that matches the amount set in section 1322(b)(3)(B) as of the date of the last plan termination. If a multiemployer plan begins getting financial help from the corporation, benefits from that plan count as amounts paid under the corporation’s guarantee unless the corporation’s rules say otherwise. The date the plan starts receiving help is treated as the plan’s termination date.