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Defined benefit plan

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations (20)

The Internal Revenue Service (IRS) has issued Notice 2024-04, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. 

December 15 2023

Industry & Regulatory News

Washington Pulse: DOL Issues Final Rule Updating Davis-Bacon Regulations

The Department of Labor (DOL) has issued a final rule updating the Davis-Bacon Act (DBA) and the Davis-Bacon Related Acts (together “DBRA”) nearly 40 years after the Department last completed a comprehensive revision of the guidelines.

November 30 2023

Industry & Regulatory News

IRS Issues Long-Awaited Long-Term Part-Time Employee Guidance

The IRS has released a proposed rule reflecting statutory changes made by the SECURE Act and SECURE 2.0 related to long-term, part-time employees. The SECURE Act of 2019 expanded coverage for 401(k) plans to allow those who had worked at least 500 hours in three consecutive years to participate under a plan’s salary deferral provision – with service required to be counted beginning with plan years on or after January 1, 2021. SECURE 2.0 shortened this wait to two years effective for 2025 and later plan years, and expanded applicability to ERISA-covered 403(b) plans allowing salary deferrals.

November 24 2023

Industry & Regulatory News

DOL Final Rule on QPAM Exemptions at OMB

The Office of Management and Budget has received a final rule from the Department of Labor (DOL) titled “Proposed Amendment to PTE 84-14 for Plan Asset Transactions Determined by an Independent Qualified Plan Asset Manager”.

November 15 2023

Industry & Regulatory News

IRS Releases 2024 Cost-of-Living Adjusted Retirement Savings Limitations

The IRS has issued Notice 2023-75, which contains the 2024 cost-of-living increases for qualified retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code (IRC).

November 01 2023

Industry & Regulatory News

PBGC Updates Maximum Guarantee Table for 2024

The Pension Benefit Guarantee Corporation (PBGC) has updated its table titled, “Present Value of PBGC Maximum Guarantee,” to reflect applicable values for distributions with annuity starting dates during calendar year 2024.

October 31 2023

Industry & Regulatory News

SECURE 2.0 Act Changes RMD Rules

On December 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023, which included the SECURE 2.0 Act.

October 25 2023

Industry & Regulatory News

IRS Publishes 2024 Mortality Table for DB Plans

The IRS has issued Notice 2023-73, specifying the mortality table used in determining minimum present value under IRC 417(e)(3) and ERISA section 205(g)(3).

October 20 2023

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

The Internal Revenue Service (IRS) has issued Notice 2023-72, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

October 19 2023

Industry & Regulatory News

IRS Issues Mortality Table Regulations Used for Pension Plans

The Internal Revenue Service (IRS) has released final regulations titled “Mortality Tables for Determining Present Value under Defined Benefit Pension Plans”.

October 19 2023
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