PBGC guarantees "basic benefits" earned before your plan’s termination date (or the date your employer’s bankruptcy proceeding began, if applicable), which include:

• Pension benefits at normal retirement age
• Most early retirement benefits
• Annuity benefits for survivors of plan participants
• Disability benefits (see exception below)

PBGC does not guarantee:

• Health and welfare benefits
• Vacation pay
• Severance benefits
• Lump-sum death benefits for a death that occurs after the date the plan ended
• Disability benefits for a disability that occurs after the plan’s termination date (or the date your employer’s bankruptcy proceeding began, if applicable)

Legal Limits on PBGC's guarantees

• Generally, PBGC does not guarantee any monthly pension amount that is greater than the monthly benefit your plan would have provided if you had retired at your normal retirement age.
• The maximum amount that PBGC guarantees is set each year under provisions of ERISA. For more information, see: Maximum monthly guarantee tables
• Higher limits may apply for people who met their plan’s requirements for a disability pension (whether they are receiving a disability pension or a non-disability pension) before the plan’s termination date.  For more information, see “Guarantees for disabled participants.”
• PBGC may not fully guarantee your benefits if your plan was created or amended to increase benefits within five years before its termination date.
• If the plan terminated while your employer was in a bankruptcy proceeding that began on or after September 16, 2006, guarantees are determined as of the date your employer’s bankruptcy proceeding began.
• Additional limits may apply for certain airline industry plans.

For more information, see PBGC's publication, Your Guaranteed Pension.