The Pension Benefit Guaranty Corp. said today that it will assume responsibility for the pension plans of 70,000 Delphi Corp. workers and retirees, as the troubled auto supplier continues to restructure under bankruptcy protection.

The PBGC will pay pension benefits up to the limits set by law. In 2009, the maximum benefit for a 65-year-old is $54,000 per year, but is lower for those who retire earlier or elect survivor benefits.