Since there will be no Social Security COLA next year, the maximum guarantee for single-employer plans will not increase either.

The formula used to determine the guaranteed amount for single-employer plans provides lower amounts for people who begin to get benefits from PBGC before they turn 65. That takes into account the fact that they'll be getting more monthly pension checks over their expected lifetime.

For those who start getting benefits after they turn 65, the benefit amounts are higher. In addition, retirees who choose to name a beneficiary to receive benefits upon their death will receive reduced benefits.

PBGC's website has a table that indicates the 2016 single-employer guarantee amounts that are payable at ages other than 65—but because the amount to be paid at age 65 isn't changing in 2016, the 2016 table is identical to that for 2015.

While the multiemployer plan guarantee is calculated differently from that for single-employer plans, it is also based on a formula determined by law. It is not indexed (i.e., it remains the same from year to year) and does not vary based on the retiree's age or payment form but instead is based on the retiree's length of service.

It also has two tiers; the first provides 100 percent coverage up to a certain level, while the second kicks in above that level and provides 75 percent coverage.

For a retiree with 30 years of service, the current annual limit is 100 percent of the first $3,960 and 75 percent of the next $11,760 for a total guarantee of $12,870.

This limit has been in place since 2001.