How is the maximum guaranteed benefit determined for each Delphi plan participant?
Each year PBGC uses a formula in the federal pension law, ERISA, to calculate the maximum guaranteed benefit. Since Delphi’s plans were terminated July 31, 2009, their participants’ maximum guarantees are based on 2009 amounts. (For plans terminating in bankruptcies that began on or after September 16, 2006, a different rule applies, but Delphi’s bankruptcy began in 2005.) If you begin receiving PBGC benefits at age 65 and have no survivor benefit, the maximum guarantee is $4,500.00 per month ($54,000.00 per year). For other ages and types of annuity, click here. Click here for the maximum monthly guarantee table.) If you were already receiving benefits from your Delphi plan on July 31, 2009, the maximum guaranteed benefit is based on your age on that date, and the type of annuity you receive. Other legal limitations can affect the amount of your PBGC benefit, and for certain disability benefits there is no reduction for your age in the maximum guarantee. All the legal limitations are
