The Pension Benefit Guaranty Corporation (PBGC) announced on October 27 that the maximum annual insurance benefit for participants in underfunded pension plans terminating in 2010 will remain at $54,000 for those who retire at age 65. The 2010 maximum insurance benefit is unchanged from the 2009 amount because the benefit is indexed to a contribution and benefit base in Social Security law, which will not increase for 2010. The amount is higher for participants who retire at a later age and lower for participants who retire at a younger age or elect survivor benefits. According to the PBGC, the "overwhelming majority" of the participants in plans taken over by the agency experience no reduction in benefits due to the legal limits on coverage.

The PBGC announcement, including a chart with the 2010 annual and monthly maximums for retirees from age 75 to age 45, is available here.

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