Table M-14
| Date of Plan Insolvency | Monthly Benefit Formula | Maximum Monthly Guarantee (30 Years of Service)* | Maximum Annual Guarantee (30 Years of Service)* |
|---|---|---|---|
| September 27, 1980, to December 21, 2000 | The participant's years of service multiplied by the sum of: (1) 100% of the first $5 of the monthly benefit accrual rate '-plus- (2) 75% of the next $15 of the monthly benefit accrual rate | $487.50 | $5,850.00 |
| On or after December 22, 2000 ** | The participant's years of service multiplied by the sum of: (1) 100% of the first $11 of the monthly benefit accrual rate '-plus- (2) 75% of the next $33 of the monthly benefit accrual rate | $1,072.50 | $12,870.00 |
* The formula presumes that the workers' monthly benefits are calculated by multiplying the monthly benefit accrual rate (a plan-specified dollar amount) times years of service.
If the monthly benefit accrual rate prior to December 22, 2000, was less than $20 per year of service or if the accrual rate after December 21, 2000, is less than $44 per year of service then the maximum benefit guarantee for a participant with 30 years of service will be lower than the amounts shown. Note that there is no cap on applicable years of service -- 30 years was selected for illustrative purposes only.
** The new guarantee does not apply to multiemployer plans that received financial aid from PBGC between December 22, 1999, and December 21, 2000. The old, lower monthly benefit guarantee continues to apply to participants in these plans.