Regulatory Updates

IRS Issues Yield Curves for DB Plan Calculations

The IRS has issued Notice 2021-44, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. Updates include the corporate bond monthly yield curve, the corresponding spot segment rates used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates under IRC Sec. 430(h)(2). IRC Sec. 417 contains definitions and special rules for minimum survivor annuity requirements in DB plans. IRC Sec. 430 addresses minimum funding standards for single-employer DB plans.

Regulatory Updates

Deadline Relief for Michigan Storm Victims

Deadline Relief for Michigan Storm Victims

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for Michigan victims of severe storms, flooding, and tornadoes.

Regulatory Updates

IRS Releases Updated EPCRS Guidance

IRS Releases Updated EPCRS Guidance

The IRS has released Revenue Procedure 2021-30, which contains long-awaited guidance updating the Employee Plans Compliance Resolution System (EPCRS).