User talk:Hibsch

From Wikipedia, the free encyclopedia

[edit] PBGC Maximum Guarantee

Hi. I think we may be using the phrase "maximum guaranteed benefit" (MGB) to mean different things. I think you're using it to refer to the single dollar amount at age 65, and I'm using it to refer to the amount payable at any age, adjusted for the retirement age and form of payment elected by the participant.

If the issue is one of how the MGB is defined, I think my definition is the right one. The tables on the page to which you linked are titled "PBGC Maximum Monthly Guarantees", and the page is titled "Maximum monthly guarantee tables".

Or maybe our disagreement has to do with a misunderstanding of how the PBGC insurance program works. Under the program, a participant's monthly benefit is calculated under the terms of the plan — which may or may not include an actuarial adjustment for early or late retirement. "PBGC will pay you the benefit provided by your pension plan up to the limits set by law." On the other hand, the PBGC maximum guaranteed benefit is adjusted to reflect early and late retirement.

In other words, if a participant's monthly benefit is $1,000 and her plan provides an unreduced early retirement benefit at age 55, PBGC will pay her $1,000 at age 55. If her monthly benefit under the plan is $5,000 and she wishes to retire at age 55, PBGC will only pay her $1,856.25 if her plan terminated during 2007 ($1,856.25 comes from PBGC's web site). — Malik Shabazz (Talk | contribs) 18:35, 9 July 2007 (UTC)

Hi again Malik,

Thank you for your thoughtful reply. I agree with your explanation of the MGB.

Do you think that the article might benefit from language to the effect that people who retire early receive less per month but for a longer time? I suspect many workers and retirees covered by the insurance program will draw a blank at "benefit payments starting at ages other than 65 are adjusted actuarially".

Interestingly, it seems the PBGC's reduction for the first 5 years of "early" or pre-age 65 retirement is not actually actuarial but rather a linear adjustment at the rate of 7% per year. Same for the next 5 years except that the rate is 4%.

--Hibsch 21:38, 9 July 2007 (UTC)

[edit] DC meetup #3

Interested in meeting-up with a bunch of your wiki-friends? Please take a quick look at Wikipedia:Meetup/DC 3 and give your input about the next meetup. Thank you.
This automated notice was delivered to you because you are on the Wikipedia:Meetup/DC/Invite. BrownBot 01:19, 1 November 2007 (UTC)

[edit] DC Meetup on May 17th

Your help is needed in planning Wikipedia:Meetup/DC 4! Any comments or suggestions you have are greatly appreciated. The Placebo Effect (talk) 19:15, 8 March 2008 (UTC)--The Placebo Effect (talk) 19:15, 8 March 2008 (UTC)