Defined benefit plan

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on October 18, 2023, for California Tropical Storm Hilary, for the incident period of August 19 – August 21, 2023.

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.

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

The IRS has announced an additional postponement of certain tax-related deadlines for victims of severe winter storms beginning on March 9, 2023, January 8, 2023, and December 27, 2022.

The Pension Benefit Guarantee Corporation has determined premium rates applicable for the 2024 plan year in accordance with indexing rules provided in ERISA Section 4006.

The IRS has announced, in Notice 2023-71, the postponement of certain tax-related deadlines for taxpayers affected by the October 7, 2023, terroristic action in the State of Israel.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on October 11, 2023, for Montana flooding for the incident period of June 1 – June 8, 2023.

The IRS has announced the postponement of certain tax-related deadlines for victims of seawater intrusion in parts of Louisiana.

The IRS has issued its 2023-2024 Priority Guidance Plan, in which it describes guidance projects in the current fiscal year.

In a recent issue of the Employee Plans News, the IRS has announced the update of several forms used to submit Voluntary Correction Program applications to the IRS.