Returns the maximum benefit under the U.S. Internal Revenue Code Section 415 for benefits deferred to the argument Age.
This maximum benefit is payable as a single life annuity, adjusted for commencement, as indicated by Age, according to the selection for the apply 2001 Tax Act actuarial equivalence and rounding provisions check box of the Regulatory Data topic of Valuation Assumptions. If the box is not checked, the benefit is reduced or increased for commencement prior to or after, respectively, the participant's social security normal retirement age. If the box is checked, the benefit is reduced for commencement prior to age 62 or increased for commencement after age 65. The maximum benefit returned for this operator also reflects adjustment for years of participation less than 10, generally reflects comparison with the highest 3-year average salary limit and may reflect application of the $10,000 exemption. See 415(b) Maximum Benefit Limit for details.
When used in the Accrual Basis of an accrual definition type of Benefit Formula Component, adjustments are based on age and years of service/participant as of the valuation date. When used in the benefit formula of a Benefit Definition, adjustments are based on age and years of service/participation up to the decrement date, except for unit credit and projected unit credit calculations. For the later cost methods, service/participation is as of the valuation date.
Syntax:
#MAXBEN Age
Age is the deferral age, or 0 if immediate.
Age must be an integer.
Examples:
#MAXBEN 0 equals the maximum benefit payable immediately.
#MAXBEN 62 equals the maximum benefit deferred to age 62.
#MAXBEN 65 equals the maximum benefit deferred to age 65.