The Internal Revenue Service has updated its static mortality tables for use by defined benefit pension plans in calculating the life expectancies of retirees.
Notice 2013-49 provides updated static mortality tables to be used by defined benefit pension plans for purposes of satisfying certain funding and benefit requirements under the Internal Revenue Code and the Employee Retirement Income Security Act of 1974, or ERISA.
The tables apply for purposes of calculations for valuation dates occurring during calendar years 2014 and 2015. The notice also includes a modified unisex version of the mortality tables for use in determining the minimum present value for distributions with annuity starting dates that occur during stability periods beginning in calendar years 2014 and 2015.
The notice also requests comments regarding the publication of mortality tables for future years.
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