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# Present Value of PBGC Maximum Guarantee

October 31, 2022

Present Value of the Maximum PBGC Guaranteed Benefit under IRC Section 436(d)(3)(A)(ii) and ERISA Section 206(g)(3)(C)(i)(II)

IRC section 436(d)(3) and ERISA section 206(g)(3)(C) provide that if the "adjusted funding target attainment percentage" is at least 60% but less than 80%, a plan generally may not pay a prohibited payment to the extent the payment exceeds the lesser of:
                          - (1) 50% of the amount of the payment that would be paid if the restriction did not apply, or
                          - (2) the present value, determined under guidance provided by PBGC, of the maximum guarantee with respect to the participant under ERISA section 4022.

The amounts under (2) are determined each year by PBGC in accordance with methodology provided in Technical Update 07-4.

For additional information on benefit restrictions, including the definition of "prohibited payment" and effective dates, see Treasury's benefit restrictions regulations.

2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008

2024

The values below apply to benefits with annuity starting dates in 2024. View a two-column spreadsheet version of the 2024 table.

The 2024 table was developed using the 417(e) segment rates for August 2023 (5.45%, 5,52% and 5.43%, respectively) for plan years beginning in 2024 and the 417(e) applicable mortality table for 2024.

2023

The values below apply to benefits with annuity starting dates in 2023. View a two-column spreadsheet version of the 2023 table.

The 2023 table was developed using the 417(e) segment rates for August 2022 (3.79%, 4,62% and 4,69%, respectively) for plan years beginning in 2023 and the 417(e) applicable mortality table for 2023.

2022

The values below apply to benefits with annuity starting dates in 2022. View a two-column spreadsheet version of the 2022 table.

The 2022 table was developed using the 417(e) segment rates for August 2021 (0.66%, 2.50% and 3.12%, respectively) for plan years beginning in 2022 and the 417(e) applicable mortality table for 2022.

2021

The values below apply to benefits with annuity starting dates in 2021. View a two-column spreadsheet version of the 2021 table.

The 2021 table was developed using the 417(e) segment rates for August 2020 (0.52%, 2.22% and 3.03%, respectively) for plan years beginning in 2021 and the 417(e) applicable mortality table for 2021.

2020

The values below apply to benefits with annuity starting dates in 2020. View a two-column spreadsheet version of the 2020 table.

The 2020 table was developed using the 417(e) segment rates for August 2019 (2.09%, 3.00% and 3.61%, respectively) for plan years beginning in 2020 and the 417(e) applicable mortality table for 2020.

2019

The values below apply to benefits with annuity starting dates in 2019. View a two-column spreadsheet version of the 2019 table.

The 2019 table was developed using the 417(e) segment rates for August 2018 (3.10%, 4.15% and 4.46% respectively) for plan years beginning in 2019 and the 417(e) applicable mortality table for 2019.

2018

The values below apply to benefits with annuity starting dates in 2018. View a two-column spreadsheet version of the 2018 table.

The 2018 table was developed using the 417(e) segment rates for August 2017 (1.93%, 3.57% and 4.36% respectively) for plan years beginning in 2018 and the 417(e) applicable mortality table for 2018.

2017

These values apply to benefits with annuity starting dates in 2017. The 2017 table was developed using the 417(e) segment rates for August 2016 (1.39%, 3.27%% and 4.18% respectively) for plan years beginning in 2017 and the 417(e) applicable mortality table for 2017.

 

2016

These values apply to benefits with annuity starting dates in 2016. The 2016 table was developed using the 417(e) segment rates for August 2015 (1.68%, 4.05% and 4.98% respectively) for plan years beginning in 2016 and the 417(e) applicable mortality table for 2016.

 

2015

These values apply to benefits with annuity starting dates in 2015. The 2015 table was developed using the 417(e) segment rates for August 2014 (1.24%, 3.86% and 4.96% respectively) for plan years beginning in 2015 and the 417(e) applicable mortality table for 2015.

 

2014

These values apply to benefits with annuity starting dates in 2014. The 2014 table was developed using the 417(e) segment rates for August 2013 (1.36%, 4.60% and 5.58% respectively) for plan years beginning in 2014 and the 417(e) applicable mortality table for 2014.

 

2013

These values apply to benefits with annuity starting dates in 2013. The 2013 table was developed using the 417(e) segment rates for August 2012 (1.13%, 3.71%, 4.52% respectively) for plan years beginning in 2013 and the 417(e) applicable mortality table for 2013.

 

2012

These values apply to benefits with annuity starting dates in 2012. The 2012 table was developed using the 417(e) segment rates for August 2011 (1.85%, 4.62% and 6.02% respectively) for plan years beginning in 2012 and the 417(e) applicable mortality table for 2012.

 

2011

These values apply to benefits with annuity starting dates in 2011. The 2011 table was developed using the 417(e) segment rates for August 2010 (2.21%, 4.61% and 5.46% respectively) for plan years beginning in 2011 and the 417(e) applicable mortality table for 2011.

 

2010

These values apply to benefits with annuity starting dates in 2010. The 2010 table was developed using the 417(e) segment rates for August 2009 (3.60%, 5.31% and 5.47% respectively) for plan years beginning in 2010 and the 417(e) applicable mortality table for 2010.

 

2009

These values apply to benefits with annuity starting dates in 2009. The 2009 table was developed using the 417(e) segment rates for August 2008 (4.78%, 5.45% and 5.46% respectively) for plan years beginning in 2009 and the 417(e) applicable mortality table for 2009.

 

Note: For the present value of the PBGC maximum guarantee at ages below 25 or above 84, please contact PBGC.

2008

These values apply to benefits with annuity starting dates in 2008. The 2008 table was developed using the 417(e) segment rates for August 2007 (5.02%, 5.18% and 5.28% respectively) and the 417(e) applicable mortality table for 2008.

 

Note: For the present value of the PBGC maximum guarantee at ages below 25 or above 84, please contact PBGC.