The appropriations bill passed by the US Congress in December 2000 included an increase in the Pension Benefit Guaranty Corporation's (PBGC) guarantee of multiemployer plan benefits. The PBGC will now guarantee up to US$12,780 per year in benefits under an insolvent multiemployer plan for a retiree with 30 years of service and up to US$8,580 per year for a retiree with 20 years of service. The previous limits were US$5,850 per year for 30 years of service and US$3,9800 per year for 20 years of service.
Source: Pensions and Investments, Crain Communications, Inc., "First in 20 Years; Unions get pension protection boost," January 22, 2001, Pg. 8. Howard Pianko, Epstein Becker & Green