Td 10005

61343

Rules and Regulations

Federal Register
Vol. 89, No. 147
Wednesday, July 31, 2024

This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents.

DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 10005]
RIN 1545–BQ67

Plan-Specific Substitute Mortality
Tables for Determining Present Value
Internal Revenue Service (IRS),
Treasury.
ACTION: Final regulations.
AGENCY:

This document sets forth final
regulations that update the requirements
that a plan sponsor of a single-employer
defined benefit plan must meet to obtain
IRS approval to use mortality tables
specific to the plan in calculating
present value for minimum funding
purposes (as a substitute for the
generally applicable mortality tables).
These regulations affect participants in,
and beneficiaries of, certain retirement
plans and employers maintaining those
plans.
DATES:
Effective date: These regulations are
effective July 31, 2024.
Applicability date: These regulations
apply for plan years beginning on or
after January 1, 2025.
FOR FURTHER INFORMATION CONTACT:
Arslan Malik or Linda S.F. Marshall,
Office of Associate Chief Counsel
(Employee Benefits, Exempt
Organizations, and Employment Taxes)
at (202) 317–6700 (not a toll-free
number).
SUMMARY:

SUPPLEMENTARY INFORMATION:

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Background
Section 412 of the Internal Revenue
Code (Code) prescribes minimum
funding requirements for defined
benefit pension plans. Section 430
specifies the minimum funding
requirements that apply generally to
defined benefit plans that are singleemployer plans (that is, not

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multiemployer plans).1 For a plan
subject to section 430, section 430(a)
defines the minimum required
contribution for a plan year by reference
to the plan’s funding target for the plan
year. Under section 430(d)(1), a plan’s
funding target for a plan year generally
is the present value of all benefits
accrued or earned under the plan as of
the first day of that plan year.
Section 430(h)(3) provides rules
regarding the mortality tables to be used
under section 430. Under section
430(h)(3)(A), except as provided in
section 430(h)(3)(C) or (D), the Secretary
is to prescribe by regulation mortality
tables to be used in determining any
present value or making any
computation under section 430. Section
430(h)(3)(C) prescribes rules for a plan
sponsor’s use of substitute mortality
tables reflecting the specific mortality
experience of a plan’s population
instead of using the generally applicable
mortality tables. Under section
430(h)(3)(C), the plan sponsor may
request the Secretary’s approval to use
plan-specific substitute mortality tables
that meet requirements specified in
section 430(h)(3)(C)(iii). If the Secretary
determines that the proposed tables
meet the statutory standards and
approves the request, the substitute
mortality tables are used to determine
present values and make computations
under section 430 during the period of
consecutive plan years (not to exceed
10) specified in the request.
Under section 430(h)(3)(C)(iii), a
substitute mortality table may be used
for a plan only if: (1) the plan has a
sufficient number of plan participants
and has been maintained for a sufficient
period of time to have credible mortality
information necessary to create a
substitute mortality table; and (2) the
table reflects the actual mortality
experience of the plan’s participants
and projected trends in general
1 Section 302 of the Employee Retirement Income
Security Act of 1974, Public Law 93–406, 88 Stat.
829 (1974), as amended (ERISA), sets forth funding
rules that are parallel to those in section 412 of the
Code, and section 303 of ERISA sets forth
additional funding rules for defined benefit plans
(other than multiemployer plans) that are parallel
to those in section 430 of the Code. Pursuant to
section 101 of Reorganization Plan No. 4 of 1978,
5 U.S.C. App., as amended, the Secretary of the
Treasury has interpretive jurisdiction over the
subject matter addressed in these regulations for
purposes of ERISA, as well as the Code. Thus, these
regulations issued under section 430 of the Code
also apply for purposes of section 303 of ERISA.

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mortality experience. Except as
provided by the Secretary, a plan
sponsor may not use substitute
mortality tables for any plan unless
substitute mortality tables are
established and used for each plan
maintained by the plan sponsor or a
member of its controlled group.
Final regulations (TD 9826) under
section 430(h)(3) were published in the
Federal Register on October 5, 2017 (82
FR 46388). The final regulations issued
in 2017 include rules regarding
generally applicable mortality tables
under section 430(h)(3)(A), which are
set forth in § 1.430(h)(3)–1, as well as
rules regarding substitute mortality
tables under section 430(h)(3)(C), which
are set forth in § 1.430(h)(3)–2. Section
1.430(h)(3)–2(d)(2) provides that
substitute mortality tables must be
based on the plan’s mortality experience
during an experience study period that
consists of 2, 3, 4, or 5 consecutive 12month periods. In conjunction with the
2017 issuance of § 1.430(h)(3)–2, the
Department of the Treasury (Treasury
Department) and the IRS issued Rev.
Proc. 2017–55, 2017–43 IRB 373, which
sets forth the procedure by which a plan
sponsor of a defined benefit plan may
request and obtain approval for the use
of plan-specific substitute mortality
tables.
Beginning in 2020 and extending into
the first part of 2023, for many defined
benefit pension plans, the mortality
experience of the plan participants was
significantly higher than expected due
to the COVID–19 pandemic. The
Treasury Department and the IRS are
concerned that, if a plan sponsor
applied for approval of plan-specific
substitute mortality tables using an
experience study period that reflects the
actual mortality experience for the
plan’s population during those years,
then unless there is a change in the
rules that are used for generating those
tables, the resulting plan-specific
substitute mortality tables would
overstate the expected future mortality
for the plan’s population. This is
because § 1.430(h)(3)–2(d)(4)(i) provides
that substitute mortality tables are
constructed using a mortality ratio
calculated for the plan’s population,
which is determined by dividing the
amounts-weighted number of actual
deaths for plan participants during the
experience study period by the
amounts-weighted number of expected

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Federal Register / Vol. 89, No. 147 / Wednesday, July 31, 2024 / Rules and Regulations

deaths for those participants under the
generally applicable mortality tables. In
the absence of any changes to the rules
and procedures for generating planspecific substitute mortality tables, a
mortality ratio developed using an
experience study period that includes
the period in which the COVID–19
pandemic occurred (COVID–19
pandemic period) will likely be
unusually high, as the numerator of the
mortality ratio will reflect the actual
number of deaths for the plan
population during this period, while the
denominator of that ratio will be based
on the expected number of deaths from
the generally applicable mortality tables
(which reflect only a small fraction of
the significant short-term increase in
mortality rates that occurred during the
COVID–19 pandemic period). The
Treasury Department and the IRS are
concerned that if a substitute mortality
table constructed using that mortality
ratio is used for a plan’s actuarial
valuation, then the plan’s liabilities will
be understated.
To address this concern, proposed
regulations that provide rules regarding
the use of mortality experience data for
the COVID–19 pandemic period in the
construction of substitute mortality
tables were published in the Federal
Register on October 20, 2023 (88 FR
72409) (the proposed regulations). On
the same date that the proposed
regulations were issued, the Treasury
Department and the IRS issued final
regulations amending § 1.430(h)(3)–1 to
update the generally applicable
mortality tables under section
430(h)(3)(A) (88 FR 72357) (2023 final
mortality regulations).
Under § 1.430(h)(3)–2(c)(6)(ii)(E),
approval to use a previously approved
substitute mortality table terminates in
conjunction with the replacement of the
generally applicable mortality tables
under section 430(h)(3)(A) and
§ 1.430(h)(3)–1 as of the date specified
in guidance published in the Internal
Revenue Bulletin. The preamble to the
2023 final mortality regulations
indicated that the Treasury Department
and the IRS will not require that the use
of any previously approved planspecific substitute mortality tables be
terminated in conjunction with the
replacement of the generally applicable
mortality tables until amendments to
the substitute mortality regulations are
finalized and an updated revenue
procedure that reflects those final
regulations is issued.
Four comments on the proposed
regulations were received. No
commenters requested to speak at a
public hearing. The Treasury
Department and IRS considered the

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comments that were received and are
finalizing the proposed regulations with
certain revisions, as explained in the
following summary of comments and
explanation of revisions. In addition,
the Treasury Department and IRS are
issuing Rev. Proc. 2024–32, 2024–34
IRB ll, which updates the procedures
set forth in Rev. Proc. 2017–55 to reflect
the amendments to § 1.430(h)(3)–2 made
by this Treasury decision.
Summary of Comments and
Explanation of Revisions
These regulations provide rules
regarding the use of mortality
experience data for the COVID–19
pandemic period that supplement the
methodology for developing substitute
mortality tables provided in
§ 1.430(h)(3)–2. These rules have the
same structure as the rules that were
included in the proposed regulations
(under which the expected probability
of death must be adjusted to reflect the
generally higher mortality that occurred
during the COVID–19 pandemic period)
but eliminate the adjustment for 2023
and provide for a different adjustment
for 2022.
To develop a mortality ratio that is
more accurately predictive of future
mortality experience for a plan
population, these regulations provide
that the expected deaths for the plan
population used in determining the
denominator in the mortality ratio are
calculated by adjusting the mortality
rates in the generally applicable
mortality tables. Specifically, the
regulations provide that, for each 12month period that is included in the
experience study period and that begins
after 2019 and before 2023, the expected
mortality rate for an individual is
determined by multiplying the expected
mortality rate for that individual from
the standard mortality tables by an
adjustment factor.
The proposed regulations provided
for an adjustment factor for each 12month period that is included in the
experience study period and that began
after 2019 and before 2024. The
proposed adjustment factor for each of
those years approximated the ratio (as
reported by the National Center for
Health Statistics, which is part of the
Centers for Disease Control and
Prevention) of (1) the actual number of
deaths for the general population for the
year to (2) the expected number of
deaths for the general population for
that year.2 Under the proposed
regulations, the adjustment factor for a
2 See Excess Deaths Associated with Covid–19 at
https://www.cdc.gov/nchs/nvss/vsrr/covid19/
excess_deaths.htm.

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12-month period beginning in 2020 or
2021 was 1.15, for a 12-month period
beginning in 2022 was 1.10, and for a
12-month period beginning in 2023 was
1.05.
The Treasury Department and IRS
received four comments regarding the
adjustment factors set forth in the
proposed regulations. The four
commenters stated that a single
adjustment factor for each year
inadequately captured the age, gender,
and regional variances in excess
mortality during the COVID–19
pandemic. In addition, three
commenters suggested that the
adjustment factor for 2023 be eliminated
(because preliminary data from 2023
showed a decline in excess mortality
such that no adjustment may be needed
for 2023), and that the adjustment factor
for 2022 be reduced. After considering
these comments and the most recent
mortality data available, the Treasury
Department and IRS are eliminating the
adjustment for 2023 and reducing the
adjustment for 2022. However, the
Treasury Department and IRS
concluded that providing adjustment
factors based on age would be
inconsistent with the overall model for
developing substitute mortality tables,
and that providing separate adjustment
factors based on gender or geography
would add a degree of complexity that
would outweigh any potential increase
in precision that these adjustment
factors may provide.
The four commenters also suggested
that, as an alternative to applying the
adjustment factors, plan sponsors be
permitted to construct substitute
mortality tables without taking into
account any mortality experience from
the COVID–19 pandemic period. The
Treasury Department and IRS have
considered this approach but rejected it
because providing for such an approach
would mean that the mortality
experience used to construct the
substitute mortality table could be so
out of date that it would be less reliable
in predicting future mortality for the
plan population. For example, if a plan
sponsor was applying for approval of a
substitute mortality table in 2024 using
calendar year mortality experience
without taking into account mortality
experience for 2020, 2021, and 2022, the
most recent mortality experience would
be from 2019, which is more than 4
years prior to the application for
approval.
Under a transition rule in the
proposed regulations, substitute
mortality tables that were previously
approved for use for a plan year
beginning in 2025 would be treated as
satisfying the rules for developing

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substitute mortality tables that apply for
that plan year. This transition rule,
which is included in these regulations,
addresses plans with previously
approved substitute mortality tables that
were based on a mortality experience
study that included data from the
COVID–19 pandemic period (and
therefore do not satisfy the requirements
specified in these regulations).
One commenter requested
clarification as to the extent to which
other previously approved substitute
mortality tables may continue to be used
for the remainder of their approval
period even if that approval period
extends beyond 2025. The Treasury
Department and IRS considered this
comment and decided to continue to
allow the use of previously approved
substitute mortality tables that were
developed based on an experience study
that did not include data from the
COVID–19 pandemic period for the
original duration of the approval,
provided that there has not been a
significant change in plan coverage, as
described in the first sentence of
§ 1.430(h)(3)–2(c)(6)(iii)(A).3 Thus, if the
experience study for a substitute
mortality table that has been approved
for use for a plan year beginning in 2025
includes mortality data from 2020, 2021,
or 2022 (or the number of individuals
covered by the substitute mortality table
is less than 80 percent or more than 120
percent of the average number of
individuals in that population over the
years covered by the experience study),
then the substitute mortality table may
be used for a plan year beginning in
2025 (but may not be used for later
years).
These regulations also include a
transition rule that applies to requests
for approval to use substitute mortality
tables for a plan year beginning in 2025.
Under that rule, a request for approval
to use substitute mortality tables for that
plan year will be considered timely if it
is submitted on or before October 31,
2024, provided that the plan sponsor
agrees to a 90-day extension under
§ 1.430(h)(3)–2(b)(2)(iv) of the 180-day
review period under § 1.430(h)(3)–
2(b)(2)(iii).

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Applicability Date
These regulations apply for plan years
beginning on or after January 1, 2025.
3 The termination of the use of previously
approved substitute mortality tables is described in
section 12 of Rev. Proc. 2024–32. Under that
revenue procedure, if there has been a significant
change in plan coverage, a previously approved
substitute mortality table cannot be used for a plan
year that begins on or after January 1, 2026, even
if the plan actuary certifies that the table continues
to be accurately predictive of future mortality of the
plan population.

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Statement of Availability of IRS
Documents
IRS Revenue Rulings, Revenue
Procedures, and Notices cited in this
document are published in the Internal
Revenue Bulletin (or Cumulative
Bulletin) and are available from the
Superintendent of Documents, U.S.
Government Publishing Office,
Washington, DC 20402, or by visiting
the IRS website at www.irs.gov.
Special Analyses
I. Regulatory Planning and Review
Pursuant to the Memorandum of
Agreement, Review of Treasury
Regulations under Executive Order
12866 (June 9, 2023), tax regulatory
actions issued by the IRS are not subject
to the requirements of section 6 of
Executive Order 12866, as amended.
Therefore, a regulatory impact
assessment is not required.
II. Regulatory Flexibility Act
Pursuant to the Regulatory Flexibility
Act (5 U.S.C. chapter 6), it is hereby
certified that this rule will not have a
significant economic impact on a
substantial number of small entities.
Small employers generally cannot use
plan-specific substitute mortality tables
because their defined benefit pension
plans do not have credible mortality
experience (which is defined as a
minimum number of deaths during the
experience study period) as is required
to use substitute mortality tables.
Therefore, a regulatory flexibility
analysis under the Regulatory
Flexibility Act is not required.
Pursuant to section 7805(f), the notice
of proposed rulemaking preceding these
regulations was submitted to the Chief
Counsel for Advocacy of the Small
Business Administration for comment
on their impact on small business, and
no comments were received.
III. Unfunded Mandates Reform Act
Section 202 of the Unfunded
Mandates Reform Act of 1995 requires
that agencies assess anticipated costs
and benefits and take certain other
actions before issuing a final rule that
includes any Federal mandate that may
result in expenditures in any one year
by a State, local, or Tribal government,
in the aggregate, or by the private sector,
of $100 million in 1995 dollars, updated
annually for inflation. These regulations
do not include any rule that include any
Federal mandate that may result in
expenditures by State, local, or Tribal
governments, or by the private sector in
excess of that threshold.

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61345

IV. Executive Order 13132: Federalism
Executive Order 13132 (Federalism)
prohibits an agency from publishing any
rule that has federalism implications if
the rule either imposes substantial,
direct compliance costs on State and
local governments, and is not required
by statute, or preempts State law, unless
the agency meets the consultation and
funding requirements of section 6 of the
Executive order. These regulations do
not include rules that have federalism
implications, impose substantial direct
compliance costs on State and local
governments, or preempt State law
within the meaning of the Executive
order.
V. Congressional Review Act
Pursuant to the Congressional Review
Act (5 U.S.C. 801 et seq.), the Office of
Information and Regulatory Affairs
designated this rule as not a major rule,
as defined by 5 U.S.C. 804(2).
Drafting Information
The principal authors of these
regulations are Arslan Malik and Linda
S.F. Marshall of the Office of Associate
Chief Counsel (Employee Benefits,
Exempt Organizations, and Employment
Taxes). However, other personnel from
Treasury and the IRS participated in the
development of these regulations.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Amendments to the Regulations
Accordingly, the Treasury Department
and the IRS amend 26 CFR part 1 as
follows:
PART 1—INCOME TAXES
Paragraph 1. The authority citation
for part 1 continues to read, in part, as
follows:

■

Authority: 26 U.S.C. 7805 * * *

Par. 2. Section 1.430(h)(3)–2 is
amended by:
■ a. In paragraph (a), removing the
language ‘‘§ 601.601(d)(2)(ii)(b)’’ and
adding the language ‘‘§ 601.601(d)(2)’’ in
its place;
■ b. In paragraph (d)(2)(ii)(B), removing
the language ‘‘January 1, 2019 year is’’
and adding the language ‘‘January 1,
2019 is’’ in its place;
■ c. Revising paragraphs (d)(4)(iii) and
(g).
The revisions read as follows:
■

§ 1.430(h)(3)–2 Plan-specific substitute
mortality tables used to determine present
value.

*

*
*
(d) * * *

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*

*

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(4) * * *
(iii) Standard mortality table—(A)
Projection of base table. Except as
otherwise provided in this paragraph
(d)(4)(iii), the standard mortality table
for a year is the mortality table
determined by applying cumulative
mortality improvement factors
determined under § 1.430(h)(3)–
1(b)(2)(ii) to the base mortality table
under § 1.430(h)(3)–1(d) for the period
beginning with the base year for that
mortality table and ending in the base
year for the base substitute mortality
table determined under paragraph
(c)(3)(ii) of this section. For purposes of
the preceding sentence, the cumulative
mortality improvement factors are
determined using the mortality
improvement rates described in
§ 1.430(h)(3)–1(b)(1)(iii) that apply for
the calendar year during which the plan
sponsor submits the request for
approval to use substitute mortality
tables.
(B) Adjustments to standard mortality
table for 2020, 2021, and 2022. If a 12month period in the experience study
period begins after December 31, 2019,
and before January 1, 2023, the
probability of death for an individual
under paragraph (d)(4)(ii)(A)(2)(i) of this
section is determined as the mortality
rate for the individual’s age (at the
beginning of the year) and gender from
the standard mortality table determined
under paragraph (d)(4)(iii)(A) of this
section multiplied by the adjustment
factor in Table 1 for the calendar year
that includes the first day of the 12month period. For example, for an
experience study period that begins
April 1, 2019, and ends March 31, 2023,
the probability of death for the year
beginning April 1, 2022, for a male
annuitant who is age 65 as of that date
is the probability of death from the base
mortality table (0.01087), multiplied by
the cumulative mortality improvement
factor for the period from 2012 to 2021
(1.02292) and by the adjustment factor
for the 2022 calendar year of 1.075,
resulting in a probability of death of
0.01195.

TABLE 1 TO PARAGRAPH (d)(4)(iii)(B)

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Calendar year

Adjustment
factor

2020 ..........................................
2021 ..........................................
2022 ..........................................

1.15
1.15
1.075

(C) Selection of base table. If the
population consists solely of annuitants,
the annuitant base mortality table set
forth in § 1.430(h)(3)–1(d) must be used
for purposes of paragraph (d)(4)(iii)(A)

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of this section. If the population consists
solely of nonannuitants, the
nonannuitant base mortality table set
forth in § 1.430(h)(3)–1(d) must be used
for that purpose. If the population
includes both annuitants and
nonannuitants, a combination of the
annuitant and nonannuitant base tables
set forth in § 1.430(h)(3)–1(d) must be
used for that purpose. The combined
table is constructed using the weighting
factors for small plans that are set forth
in § 1.430(h)(3)–1(d). The weighting
factors are applied to develop the
combined table using the following
equation:
Combined mortality rate =
[nonannuitant rate * (1¥weighting
factor)] + [annuitant rate *
weighting factor].
*
*
*
*
*
(g) Applicability date—(1) General
rule. This section applies for plan years
beginning on or after January 1, 2025.
Except as provided in paragraph (g)(2)
or (3) of this section, the substitute
mortality table used for a plan for such
a plan year must comply with the rules
of paragraphs (a) through (f) of this
section.
(2) Transition rule for previously
approved substitute mortality tables. If a
plan sponsor has received approval
from the Commissioner to use substitute
mortality tables for a plan year
beginning in 2025, then the plan’s base
substitute mortality tables that were
approved are treated as satisfying the
requirements of paragraph (d) or (e) of
this section, as applicable, for that plan
year.
(3) Transition rule for requests for
approval to use substitute mortality
tables. A written request described in
paragraph (b)(1)(i) of this section to use
substitute mortality tables for a plan
year that begins during 2025 does not
fail to satisfy the timing requirement of
paragraph (b)(1)(ii) of this section if it is
submitted no later than October 31,
2024, provided that the plan sponsor
agrees to a 90-day extension of the 180day review period in accordance with
paragraph (b)(2)(iv) of this section.
Douglas W. O’Donnell,
Deputy Commissioner.
Approved: July 8, 2024
Aviva R. Aron-Dine,
Acting Assistant Secretary of the Treasury
(Tax Policy).
[FR Doc. 2024–16520 Filed 7–30–24; 8:45 am]
BILLING CODE 4830–01–P

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DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket Number USCG–2024–0023]
RIN 1625–AA11

Safety Zone; Sea Otter Point, Port of
Valdez, AK
Coast Guard, DHS.
Final rule.

AGENCY:
ACTION:

The Coast Guard is amending
the regulation titled Safety Zone; City of
Valdez July 4th Fireworks, Port Valdez;
Valdez, AK. The City of Valdez has
changed the annual firework displays
from July 4th to December 31st each
year. It is therefore necessary to amend
the CFR to reflect the correct date of the
fireworks display.
DATES: rule is effective August 30, 2024.
ADDRESSES: To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov, type USCG–2024–
0023 in the search box and click
‘‘Search.’’ Next, in the Document Type
column, select ‘‘Supporting & Related
Material.’’
SUMMARY:

If
you have questions about this rule, call
or email LT Abigail Ferrara, Marine
Safety Unit Valdez, US Coast Guard.
Telephone 907–835–7209, email
[email protected].
SUPPLEMENTARY INFORMATION:
FOR FURTHER INFORMATION CONTACT:

I. Table of Abbreviations
CFR Code of Federal Regulations
COTP Captain of the Port Prince William
Sound
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of proposed rulemaking
§ Section
U.S.C. United States Code

II. Background Information and
Regulatory History
The Coast Guard began issuing
temporary final rules establishing safety
zones during the Valdez July 4th
fireworks display beginning in 2014.
The Coast Guard received no comments
or concerns from the public when the
temporary safety zones were in place.
Due to the repeating nature of the event,
on February 28, 2017, the Coast Guard
published a notice of proposed
rulemaking (NPRM) titled Safety Zone;
City of Valdez July 4th Fireworks, Port
Valdez; Valdez, AK (82 FR 12076).
There we stated why we issued the
NPRM and invited comments on our

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