If your company offers employees a single-employer defined benefit plan, take note: In Notice 2022-22, the IRS has released 2023 mortality improvement rates and static mortality tables. These rates and tables are used to determine present value and make other calculations for valuation dates that occur during calendar year 2023. For example, they prescribe funding targets. Generally, this is the present value of all benefits accrued or earned under the plan as of the first day of that plan year. Updated mortality improvement rates are based on the actual experience of pension plans and projected trends. Click here to learn more about the updates and methodology used. Questions? Contact Cg. © 2022
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