PBGCMax
returns
the PBGC maximum
guarantee amount for single-employer pension plans whose benefits are paid by
the PBGC as trustee.
More information can be
found here:
·
Legal
Information Institute of Cornell Law School.
Syntax
PBGCMax (DeterminationYear,
LawYear, Age, [WageInflation])
|
Parameter Name |
Description |
|
DeterminationYear |
A
4 digit number. If the DeterminationYear is after the LawYear, this
is a projected calculation based on the WageInflation assumption. |
|
LawYear |
A
4 digit number. |
|
Age |
The
annuitant’s age. Must be a whole number. |
|
WageInflation |
The
assumed rate of increase in the National Average Wage, used to project the
Wage Based (old) at the DeterminationYear. This
is used only for a projected calculation. Optional:
default = 0% |
PBGCMax at age 𝑥 is based on the following formula: $750 multiplied by the
fraction x/$13,200 where “x” is the Social Security wage base (the "old-law" contribution and benefit
base) determined
under section 230 of the Social Security Act in effect at the termination date
of the plan.
is the wage base (the "old-law" contribution and benefit
base) for the DeterminationYear.
is based on the following table:
|
Age 𝑥 |
Factor |
|
75 |
3.040 |
|
74 |
2.764 |
|
73 |
2.488 |
|
72 |
2.212 |
|
71 |
1.936 |
|
70 |
1.660 |
|
69 |
1.490 |
|
68 |
1.340 |
|
67 |
1.210 |
|
66 |
1.100 |
|
65 |
1.000 |
|
64 |
0.930 |
|
63 |
0.860 |
|
62 |
0.790 |
|
61 |
0.720 |
|
60 |
0.650 |
|
59 |
0.610 |
|
58 |
0.570 |
|
57 |
0.530 |
|
56 |
0.490 |
|
55 |
0.450 |
|
54 |
0.430 |
|
53 |
0.410 |
|
52 |
0.390 |
|
51 |
0.370 |
|
50 |
0.350 |
|
49 |
0.330 |
|
48 |
0.310 |
|
47 |
0.290 |
|
46 |
0.270 |
|
45 |
0.250 |