A leading advocate for the largest sponsors of private-sector defined benefit plans is asking the Internal Revenue Service to delay the implementation of new mortality tables used to estimate pension liabilities.
In a letter to Treasury officials, including Mark Iwry, senior advisor to Treasury Secretary Jack Lew, the American Benefits Council argues that sponsors should have at least 12 months between the finalization of new mortality tables and their implementation.
Last September, the IRS announced it was delaying the application of new mortality tables, produced by the Society of Actuaries in 2014, to benefit plans beginning January 1, 2017.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
