The administration has released new actuarial tables that pension plan providers will need to figure out their finances in 2021.
The Internal Revenue Service issued Notice 2019-67 on Dec. 10. The 2020 update to the mortality improvement rates and static mortality tables required by Section 403(h)(3)(A) came out this past March.
According the IRS, the modified tables are used to determine a multiemployer pension plan’s current liability as well as calculating minimum present value under Section 417(e)(3) for distributions from annuities projected to begin paying out in 2021.
The IRS welcomes comments about the new tables through Feb 28, 2020. ...
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