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B-329474 1 (2017-10-13)

handle is hein.gao/gaobadtyg0001 and id is 1 raw text is: G A U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-329474 October 13, 2017 The Honorable Orrin G. Hatch Chairman The Honorable Ron Wyden Ranking Member Committee on Finance United States Senate The Honorable Kevin Brady Chairman The Honorable Richard Neal Ranking Member Committee on Ways and Means House of Representatives Subject: Department of the Treasury, Internal Revenue Service: Mortality Tables for Determining Present Value Under Defined Benefit Pension Plans Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Internal Revenue Service (IRS) entitled Mortality Tables for Determining Present Value Under Defined Benefit Pension Plans (RIN: 1545-BM71). We received the rule on October 4, 2017. It was published in the Federal Register as final regulations on October 5, 2017. 82 Fed. Reg. 46,388. The final rule prescribes new mortality tables to be used by most defined benefit pension plans to calculate the present value of a stream of expected future benefit payments for purposes of determining the minimum funding requirements for a defined benefit plan as well as in determining the minimum required amount of a lump-sum distribution from such plan. The rule also updates requirements that a plan sponsor must meet to obtain IRS approval to use mortality tables specific to the plan for minimum funding purposes instead of using the generally applicable mortality tables. The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801(a)(3)(A). This final rule was published in the Federal Register on October 5, 2017. 82 Fed. Reg. 46,388. It was received October 4, 2017, and has a stated effective date of October 5, 2017. Therefore, the final rule does not have the required 60-day delay in its effective date. However, IRS stated that the final rule applies to plan calendar years starting on January 1, 2018, and later.

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