§1322b Aggregate Limit on Benefits Guaranteed; Criteria Applicable

Summary

Limits how much the Pension Benefit Guaranty Corporation can pay one person for guaranteed basic pension benefits from all single-employer and multiemployer plans together. The limit equals the value of a monthly life annuity that starts at age 65 and matches the dollar amount set in section 1322(b)(3)(B) on the date of the last plan termination. If a multiemployer plan gets financial help from the corporation, those payments are treated as payments under the corporation’s guarantee unless the corporation’s rules say otherwise. The date the plan begins getting that financial help counts as the plan’s termination date.