New developments affecting defined benefit pension plans

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By Milliman Employee Benefits Research Group | 13 August 2015
The IRS is updating static mortality tables for pension plans for 2016 and closing lump-sum benefit windows for retirees receiving benefits. The PBGC released a proposed rule to amend the requirements for the annual financial and actuarial information reporting for single-employer defined benefit pension plans, taking into account changes made by recent highway/transportation laws. Additionally, the newly enacted “Surface Transportation and Veterans Health Care Choice Improvement Act” includes a provision that allows defined benefit plan sponsors to transfer excess plan assets to retiree medical accounts and group-term life insurance accounts for an additional four years.