Notice 2024-42: Mortality tables for defined benefit pension plans (2025)

Type
:
Obligation
Tax Area
:
Corporate Income Tax
Status
:
Guidance
Qualification
:
Various
Implemented date
:
2025
Country
:
United States
Date added
15 May
,
2024
Docxster’s Summary

The IRS has released Notice 2024-42, which provides updated mortality tables for defined benefit pension plans. These tables will be used for plan years beginning in 2025, and are based on the latest mortality data available. Plan sponsors should review their plans and make any necessary adjustments to ensure compliance with the new tables.

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The IRS today released an advance version of Notice 2024-42 that specifies updated static mortality tables to be used for qualified retirement plans that are defined benefit pension plans under section 430(h)(3)(A) and under provisions of the Employee Retirement Income Security Act of 1974 (ERISA). These updated static mortality tables apply for purposes of calculating the funding target and other items for valuation dates occurring during the 2025 calendar year.

Notice 2024-42 also includes a modified unisex version of the mortality tables for use in determining minimum present value under section 417(e)(3) and section 205(g)(3) of ERISA for distributions with annuity starting dates that occur during stability periods beginning in the 2025 calendar year.

 

 

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Source :
KPMG
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