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Politics : A Neutral Corner -- Ignore unavailable to you. Want to Upgrade?

To: Constant Reader who wrote (286)	9/21/2005 10:48:32 AM
From: MulhollandDrive	Read Replies (1) \| Respond to of 2253

hi CR... was that if the pilot waited (and could afford to wait) until age 65 to take his pension, it would be at the full amount. perhaps not...there is a maximum payout provision under the PBGC, somewhat along the lines of the maximum insured savings amount of $100K from the FDIC...i don't know what the threshold is for 'higher salaried' workers is, but i would surmise that pilots may fall into that group Insurance Coverage Under the single-employer program, PBGC insures pension benefits provided by the pension plan up to certain limits set by law. These are benefits beginning at normal retirement age, certain early retirement and disability benefits, as well as certain benefits for survivors of deceased plan participants. PBGC does not guarantee certain types of benefits, such as health and life insurance benefits, severance and vacation pay, death benefits, and some early retirement benefits. The maximum benefit PBGC can pay is set by law each year under provisions of ERISA. The maximum guarantee is reduced if a worker begins receiving benefit payments before age 65 or if the pension includes a survivor benefit. Historically, most participants in plans taken over by PBGC receive all of the benefits they are due. Where there are reductions, they normally occur among higher- salaried workers whose benefits exceed PBGC’s guarantee or in cases where benefits have been increased within five years of plan termination. Under the multiemployer program, PBGC insures a portion of the pension earned times the worker’s years of service pueblo.gsa.gov