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It's been a while since I checked into the topic, but I do know that the PBGC is also underfunded, and may not be financially capable of quaranteeing full pension benefits. The PBGC provides "Maximum Pension Guarantee" tables.

Thw PBGC guarantees "basic benefits" earned before your plan’s termination date (or the date your employer’s bankruptcy proceeding began. There are multiple factors to consider, such as your age at the time of the termination, your pension amount, etc. It is all explained on there website:
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