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Plan sponsors will soon need to use the recently released 2018 mortality tables from the IRS to calculate minimum pension funding requirements and lump-sum pension payouts. (Photo: Shutterstock)

Plan sponsors need to watch out for 2018. That’s when they’ll have to start using new IRS-provided mortality tables to determine minimum pension funding requirements and to calculate lump-sum pension payouts.

The Society for Human Resource Management reports that newly updated tables from the IRS will take effect next year. The new mortality tables for single-employer defined benefit plans were announced in IRS Notice 2017-60, which also includes a unisex table for determining minimum and maximum benefits amounts.

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