The Pension Benefit Guaranty Corp. announced that it will increase the yearly maximum benefit a 65-year-old retiree can receive to almost $56,000 from $54,000. The amount PBGC pays its retirees is based on a formula prescribed by federal law. Yearly amounts are higher for people older than age 65 and lower for those who retire earlier or choose survivor benefits.

If a pension plan ends in 2012, but a retiree does not begin collecting benefits until a future year, the 2012 rates still apply. For plans that terminate as a result of bankruptcy, the maximum yearly rates are guided by the limits in effect on the day the bankruptcy started, not the day the plan ended.

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