Update on Mortality Tables, Scope of Notice 2022-22
Internal Revenue Service (IRS) sent this bulletin at 12/08/2022 02:00 PM EST
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Status of Proposed Regulations to Update Mortality Tables; Scope of Notice 2022-22 On April 27, 2022, the Internal Revenue Service and the Department of the Treasury released proposed regulations to update the mortality tables that are used under Internal Revenue Code Section 430(h) to calculate minimum required contributions for single-employer defined benefit pension plans. The regulations are proposed to be first effective for plan years beginning in 2023. The IRS also released Notice 2022-22 (PDF) on April 27, 2022. Notice 2022-22 provides mortality tables that apply for valuation dates occurring during 2023 pursuant to the existing regulations under Section 430(h) and specifies a mortality improvement scale that applies under those regulations. An April 28, 2022, Employee Plans Newsletter, explained that if the proposed regulations are finalized effective for plan years beginning on or after January 1, 2023, then the mortality tables provided in Notice 2022-22 will apply for purposes of calculating minimum required contributions only for a plan with a plan year that begins in 2022 and that has a valuation date in 2023. The IRS and the Department of the Treasury are no longer planning to finalize those proposed regulations with an effective date during 2023. Therefore, pursuant to existing regulations, the mortality tables provided in Notice 2022-22 will apply for purposes of calculating minimum required contributions for a valuation date in 2023 for all plans. Notice 2022-22 also provides a modified version of the mortality tables used under Section 430(h) to determine the minimum amount of a lump-sum distribution from a defined benefit pension plan for stability periods beginning during 2023. The applicability of this mortality table for 2023 is not affected by the delay in the finalization of the proposed regulations. Find answers to many of your retirement plan or IRA questions at IRS.gov/Retirement. If you need help with an account-specific question, basic information about retirement plan forms or the status of pending applications, call our Customer Account Services at 877-829-5500. For the latest retirement plan news, connect via IRS Social Media and subscribe to this and other IRS newsletters. This message was distributed automatically from the mailing list Employee Plans News. Please do not reply to this message. |
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