Defined benefit plan

The IRS has issued Notice 2023-48, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the third quarter of 2023.

The SECURE 2.0 Act provides more ways for individuals to access their retirement savings and creates new exceptions to the 10% early distribution penalty tax.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on May 17, 2023, for Tennessee severe thunderstorms and possible strong tornadoes, for the incident period of March 1, 2023 – March 3, 2023.

The IRS has issued Revenue Ruling 2023-10, which contains the applicable federal rates (AFR) for June 2023.

The IRS has issued Notice 2023-40, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe winter storms, straight-line winds, flooding, landslides, and mudslides in California.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 24, 2023, for Oklahoma severe storms, straight-line winds, and tornadoes, for the incident period of April 19, 2023 – April 20, 2023.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, and tornadoes in Oklahoma. The tax relief postpones various tax filing deadlines that began on April 19, 2023. Affected individuals and households who reside or have a business in McClain and Pottawatomie counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

The IRS has issued Notice 2023-33, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.