In Notice 2018-2, IRS has provided updated mortality improvement rates and static mortality tables to be used for defined benefit (DB) pension plans under Code Sec. 430(h)(3)(A) and §303(h)(3)(A) of the Employee Retirement Income Security Act of 1974 (ERISA), which apply for purposes of calculating the funding target and other items for valuation dates occurring
The U.S. Department of Labor has announced an 18-month extension from Jan. 1, 2018, to July 1, 2019, of the special Transition Period for the Fiduciary Rule’s Best Interest Contract Exemption and the Principal Transactions Exemption, and of the applicability of certain amendments to Prohibited Transaction Exemption 84-24 (PTEs). Read More
The IRS’s Tax Exempt and Government Entities Division has issued a memo in which it instructs its examiners not to challenge a qualified plan that can’t locate a retired participant, for failing to meet the required minimum distribution (RMD) standards, if the plan meets certain requirements. Read More
In October 2017, the Society of Actuaries (SOA) released new 2017 mortality improvement scales. This is one of those good news/bad news situations. The good news is that for entities which must record pension obligations, these obligations are expected to be lower utilizing the new scales. Read More