The IRS has issued final regulations prescribing general mortality tables to be used by most defined benefit pension plans that replace the 2008 mortality tables, and has issued updated procedures for requesting approval to use plan-specific substitute mortality tables in accordance with Code Sec. 430(h). The new procedures provide a simpler method for obtaining approval of a substitute mortality table, and accommodates the use of substitute mortality tables for plans with smaller populations. The IRS has also issued the mortality table used for determining minimum present value under Code Sec. 417(e)(3) for distributions with annuity starting dates that occur during stability periods beginning in the 2018 calendar year, an updated static mortality tables that apply for plan years beginning during 2017 with respect to valuation dates occurring during 2018.
Rev. Proc. 2008-62, 2008-2 CB 935, is modified and superseded, and Rev. Proc. 2017-4, I.R.B. 2017-1, 146, is modified to refer to this revenue procedure in lieu of Rev. Proc. 2008-62. The regulations apply to plan years beginning on or after January 1, 2018. The updated substitute table procedure is effective for all requests for approval to use plan-specific substitute mortality tables for which the requested effective plan year begins on or after January 1, 2018.
Rev. Proc. 2017-55
Code Sec. 430
CCH Reference – 2017FED ¶20,154
CCH Reference – 2017FED ¶20,155
Code Sec. 431
CCH Reference – 2017FED ¶20,174
Code Sec. 433
CCH Reference – 2017FED ¶20,203B
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