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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