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Subject to certain limitations, the PBGC pays pension benefits up to the maximum guaranteed benefit set by law, which was $60,136 a year as of 2016.
Contributions made to the Plan are not taxable.
Unfortunately, there's no guarantee that you won't find yourself among the unlucky employees who haven't received and may never receive the pension benefits they've been promised. Nevertheless, you shouldn't give up on money you're owed without a fight.