Individual payouts are wildly variable, and dependent on a multitude of factors, including retirement status, age, how long between retirement and plan termination, any lump sum distribution. Generally, there are 3 numbers you care about: PC3, PC4 and PC5. PC3 are benefits that are being paid, or potentially could be paid, 3 years prior to the plan's termination date. PC4 are the PBGC guaranteed benefits, and PC5 is kind of a "what's left over".

From the PBGC's own website:

"Because PC3 benefits come ahead of PBGC-guaranteed benefits (PC4) in the allocation structure, a participant or beneficiary who went into pay status (or could have gone into pay status) three or more years before plan termination potentially may receive his or her full plan benefit amount, even if it is not all guaranteed by PBGC. This would occur if all of a participant's benefit is in PC3 and the plan's assets are sufficient to cover all benefits in PC3.If a plan's assets do not cover all benefits in PC3, each participant or beneficiary with a PC3 will receive a pro rata share of the assets. The PBGC determined that the Pilots Plan's assets as of DOPT ($1,984,977,782) covered 93.03847% of the Pilots Plan's benefits in PC3." This means these folks may get payments above the PBGC max.

Generally, folks retired more than 3 years before bankruptcy did OK. Understand, though, we're only talking about the qualified portion of the DB plan. The non-qualified part, or that which is based on income beyond the IRS 401(A)(17) limits, is lost, as they are generally paid out of general corporate funds. These are sometimes known as "excess plans".

Folks who were not able to retire more than 3 years prior get pretty reduced benefits, usually the PBGC max guarantee. People who retired, or could retire after plan termination, well, yea, that's worse. Sometimes these folks can do better if there is any plan money left over from the PC3 payouts, but I don't think there was in this case.

This is all from memory, so could be wrong on all of the broad or fine points. From personal experience, I know a USAir retiree, who retired under their "parity contract" (basically averaging UAL/DAL/AMR plus some on rates...not a bad deal at all) more than 3 years before their bankruptcy and plan termination. The way he talked, he was getting close to his full benefit, and I remember him saying there wasn't a day that went by that he was thankful he retired when he did.