The Internal Revenue Service (IRS) released Notice 2024-42 entitled, “Updated Static Mortality Tables for Defined Benefit Pensions Plans for 2025.” This notice provides updated mortality tables for defined benefit pension plans to use in making valuation assessments for various purposes including determination of a multiemployer plan’s current liability for purposes of applying the full-funding rules of § 431(c)(6) of the Internal Revenue Code for periods beginning in calendar year 2025. The mortality tables are also to be used for distributions with annuity starting dates beginning in 2025. The published mortality tables are based on the actual experience of pension plans and projected trends in that experience.
