On January 18, 2024, the IRS issued long-awaited final regulations on minimum present value requirements for certain defined benefit pension plans. The rules clarify the use of prescribed interest rate and mortality tables, rules on pre-retirement mortality discounts, and Social Security level income options. This article provides details on the changes, which will affect participants, beneficiaries, plan sponsors, fiduciaries, and administrators of defined benefit pension plans.
If you have any questions or need assistance, please reach out to a professional at FORVIS.