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Mortality Tables for Pension Plans Updated for 2021

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David Torrillo
Wednesday, December, 11, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates
In Notice 2019-67, the IRS has provided updated mortality improvement rates and static mortality tables to be used for defined benefit pension plans. These updated mortality improvement rates and static tables, which are being issued pursuant to the regulations under § 430(h)(3)(A), apply for purposes of calculating the funding target and other items for valuation
Defined Benefit PlansIRSMortality TablesPension Plans

DOL Proposes Safe Harbor for Use of Electronic Media

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David Torrillo
Wednesday, November, 20, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
The DOL has proposed a new safe harbor for the use of electronic media to furnish information to participants and beneficiaries of ERISA plans. The proposal would allow plan administrators who meet certain conditions to provide participants and beneficiaries with a notice that certain disclosures will be made available on a website. Read More
401(k)403(b)Defined Benefit PlansDOLPension Plans

Mortality Improvement Scale MP-2019 Released

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David Torrillo
Wednesday, November, 20, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
The Mortality Improvement Scale (Scale MP-2019) that accompanies the Society of Actuaries (SOA)  most recent Mortality Table (RP-2014) was updated  in October 2019.  In addition, the SOA released a new base mortality table, Pri-2012. Read More
Defined Benefit PlansMortality TablesPension Plans

401(k) Contribution Limit Increases to $19,500 for 2020; Catch-Up Limit Rises to $6,500

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David Torrillo
Wednesday, November, 06, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Internal Revenue Service announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this  contribution limit and other changes in Notice 2019-59, posted on IRS.gov. Read More
401(k)403(b)Defined Benefit PlansIRSPension Plansretirement savings

Expansion of Determination Letter Program

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David Torrillo
Thursday, May, 02, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates
Revenue. Procedure. 2019-20, consistent with the process described in Rev. Proc. 2016-37, 2016-29 I.R.B. 136, provides for a limited expansion of the determination letter program with respect to individually designed plans. Read More
401(k)Determination Letter ProgramIRSPension Plansrevenue procedures

IRS UPDATES MORTALITY IMPROVEMENT RATES & STATIC MORTALITY TABLES FOR 2020

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David Torrillo
Tuesday, March, 26, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
In Notice 2019-26, the IRS has provided updated mortality improvement rates and static mortality tables to be used for defined benefit pension plans under § 430(h)(3)(A) of the Internal Revenue Code (Code) and section 303(h)(3)(A) of the Employee Retirement Income Security Act of 1974 (ERISA). Read More
Defined Benefit PlansIRSPension Plans

IRS Will Not Amend Regulations to Bar Lump-Sum Payment Option to Retirees Receiving Annuity Payments (Notice 2019-18)

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David Torrillo
Thursday, March, 07, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates
In Notice 2019-18, Offering a Lump-Sum Payment Option to Retirees Currently Receiving Annuity Payments under a Defined Benefit Plan, the Department of the Treasury and the Internal Revenue Service (“IRS”) announced that they no longer intend to amend the required minimum distribution (RMD) regulations under Internal Revenue Code Section 401(a)(9) to address the practice of
IRSPension Plans
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Torrillo & Associates, LLC specializes in employee benefit plan audits, 401k audits, 403b audits, pension plan audits, and retirement plan audits. We are licensed in 7 states including New York, New Jersey, and Pennsylvania.  With firm mobility, we are also able to practice in an additional 27 states.

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Glen Mills, PA 19342

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