IRS Updates DB Plan Mortality Tables for 2017
The Internal Revenue Service (IRS) issued Notice 2016-50 providing updated static mortality tables to be used for defined benefit (DB) pension plans under § 430(h)(3)(A) of the Internal Revenue Code and § 303(h)(3)(A) of the Employee Retirement Income Security Act (ERISA).
These updated tables apply for purposes of calculating the funding target and other items for valuation dates occurring during calendar year 2017.
The notice also includes a modified unisex version of the mortality tables for use in determining minimum present value under § 417(e)(3) of the Code and § 205(g)(3) of ERISA for distributions with annuity starting dates that occur during stability periods beginning in the 2017 calendar year.
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