PBGCMax50JS
returns
the PBGC maximum
guarantee amount for a 50% joint & survivor annuity (contingent basis) for single-employer
pension plans whose benefits are paid by the PBGC as trustee.
A joint & survivor
annuity (contingent basis) means an annuity which is payable in periodic
installments to a participant for his life and upon his death is payable to his
beneficiary for the beneficiary's life in the same or in a reduced amount.
The monthly amount of a
joint and survivor annuity (contingent basis) computed under §4022.22 shall be
reduced by an amount equal to 10% plus 2/10 of 1 percentage point in excess of
50% of the participant's benefit that will continue to be paid to the beneficiary.
If the benefit payable to the beneficiary is less than 50 percent of the
participant's benefit, PBGC shall provide the adjustment factors to be used.
PBGCMax50JS at age 𝑥 (and joint annuitant also age 𝑥) is based on the following formula:
More information can be
found here:
·
Legal
Information Institute of Cornell Law School.
Syntax
PBGCMax50JS (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
age of both the annuitant and the joint annuitant (same age for both). 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% |