Originally Posted by FWAAA
The maximum guaranteed payment is about $45,600 for those retiring at 65 but only about $29,700 for those retiring at age 60, which pilots must do under current law.
http://www.pbgc.gov/workers-retirees...t/page789.html
As you point out, generally the pilots and management are the only ones to take a substantial haircut, since most other employees won't get a pension exceeding $45,600 annually.
they actually would get the greater of the guaranteed amount or the fraction of benefits able to be covered by the assets in the plan at the time of termination. which is about 50%, give or take.