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Code · BILL · 115th Congress · S. 3781 (Introduced in Senate) — To amend the Internal Revenue Code of 1986 to reform retirement provisions, and for other purposes. · Sec. 403

Sec. 403. Corrections of mortality tables

378 words·~2 min read·/bill/115/s/3781/is/section-403

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Not later than 6 months after the date of the enactment of this Act, the Secretary of the Treasury shall amend the regulation relating to Mortality Tables for Determining Present Value Under Defined Benefit Pension Plans (82 Fed. Reg. 46388 (October 5, 2017)). Under such amendment— except as provided in paragraphs
(2)and (3), the mortality improvement rates for valuation dates occurring during 2018 shall be based on the mortality improvement rates in the Mortality Improvement Scale MP–2017 Report issued by the Retirement Plans Experience Committee of the Society of Actuaries; for valuation dates occurring during or after 2018, such mortality improvement rates shall not assume future mortality improvements at any age which are greater than .78 percent, and plan sponsors shall be permitted to elect for the modifications under paragraphs
(1)and
(2)not to apply to a plan for valuation dates occurring during 2018. The Secretary shall by regulation modify the .78 percent figure in paragraph
(2)as necessary to reflect material changes in the overall rate of improvement projected by the Social Security Administration. Notwithstanding the modifications made under subsection (a), with respect to a plan for which substitute mortality tables are not used pursuant to Treas. Reg. section 1.430(h)(3)–2 for a plan year beginning during 2018, mortality tables determined in accordance with Treas. Reg. section 1.430(h)(3)–1 as in effect on December 31, 2017, may be used for purposes of applying the rules of section 430 of the Internal Revenue Code of 1986 for a valuation date occurring during 2018 if the plan sponsor— concludes that the use of mortality tables determined in accordance with Treas. Reg. section 1.430(h)(3)–1 (without regard to any modification under this section) for the plan year would be administratively impracticable or would result in an adverse business impact that is greater than de minimis; and informs the plan actuary of the intent to apply the option under this subsection. The modifications and amendments required under subsections
(a)and
(b)shall be deemed to have been made as of the date of the enactment of this Act, and as of such date all applicable laws shall be applied in all respects as though the actions which the Secretary of the Treasury is required to take under such subsections had been taken.
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  • 82 FR 46388
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Sec. 403
Corrections of mortality tables
Fed. Reg.82 FR 46388
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