IRS Issues Procedures for Requesting Defined Benefit Plan-Specific Mortality Table

The Internal Revenue Service (IRS) has released Revenue Procedure 2024-32, setting forth procedures by which the sponsor of a defined benefit plan subject to the funding requirements of IRC Sec. 430 may request approval for the use of a plan-specific substitute mortality table.

This revenue procedure is effective for all requests for approval to use plan-specific substitute mortality tables for which the requested effective plan year begins on or after January 1, 2025. Request for approval must be submitted at least 7 months before the first day of the first plan year for which the substitute mortality tables are to apply.