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The government agency that insures workers’ pensions is increasing by 4.5 percent the maximum guaranteed monthly payment to participants in failed defined-benefit plans in 1997. The Pension Benefit Guaranty Corp. said the maximum payment will rise to $2,761.36 from $2,642.05 for retired workers 65 and older if their single-employer plans are terminated this year. Guarantees are reduced for workers taking early retirement or electing survivors’ benefits. The $33,136.32 annual guarantee covers more than 42 million workers and retirees in about 55,000 plans.
