More retirement-related regulatory news for plan sponsors, including links to detailed information.
Updated mortality improvement rates and static mortality tables for pension plans
The Internal Revenue Service (IRS) has released Notice 2018-02, which establishes the updated mortality improvement rates and static mortality tables that are used for purposes of determining minimum funding requirements under § 430(h)(3) for 2019. The notice also establishes the minimum present value under § 417(e)(3) for distributions with annuity starting dates that occur during stability periods beginning in the 2019 calendar year.
To read the entire notice, click here.
Request for OMB extension of approval for 2018 schedule MB and SB with modifications
The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval, with modifications, under the Paperwork Reduction Act of 1995, of its collection of information for Annual Reporting (OMB control number 1212-0057, which expires on August 31, 2020). This notice informs the public of the PBGC’s request and solicits public comment on the collection of information.
For more information, click here.