Beginning in 2014, the maximum amount of pension benefits retirees are guaranteed to receive under the Pension Benefit Guaranty Corporation will increase 3.2 percent to $59,320.
The maximum yearly guarantee in 2013 was $57,500. According to the PBGC, 85 percent of retirees who receive their pension benefits from the PBGC receive the full amount of their promised benefit and – in some cases – retirees can receive more than the PBGC maximum guarantee.
The PBGC maximum guarantee is based on a formula prescribed by federal law. Yearly amounts are higher for people older than age 65 and lower for those who retire earlier or choose survivor benefits.
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