This document contains final regulations prescribing mortality tables to be used by most defined benefit pension plans. The tables specify the probability of survival year-by-year for an individual based on age, gender, and other factors. This information is used (together with other actuarial assumptions) to calculate the present value of a stream of expected future benefit payments for purposes of determining the minimum funding requirements for a defined benefit plan. These mortality tables are also relevant in determining the minimum required amount of a lump-sum distribution from such a plan. In addition, this document contains final regulations updating the requirements that a plan sponsor must meet to obtain IRS approval to use mortality tables specific to the plan for minimum funding purposes (instead of using the generally applicable mortality tables). These regulations affect participants in, beneficiaries of, employers maintaining, and administrators of certain retirement plans.

This revenue procedure sets forth the procedure by which the sponsor of a defined benefit plan that is subject to the funding requirements of § 430 of the Internal Revenue Code may request approval from the Internal Revenue Service for the use of plan-specific substitute mortality tables in accordance with § 430(h)(3)(C) and § 1.430(h)(3)–2 of the Treasury Regulations.

Notice 2017–56 provides relief under I.R.C. § 937 to individuals who would otherwise qualify as bona fide residents of Puerto Rico and the U.S. Virgin Islands, but for their need to leave (or inability to return to) these territories as a result of Hurricanes Irma or Maria. Notice 2017–56 expands the 14-day period under Treas. Reg. § 1.937–1(c)(3)(i)(C)(1) to a fixed period of 117 days beginning on September 6, 2017, and ending on December 31, 2017. An affected individual who is outside of an impacted U.S. territory on any day during this 117–day period will be treated as leaving or being unable to return to the relevant U.S. territory as a result of Hurricane Irma and Hurricane Maria on such day.

This revenue procedure supplements Section 3 of Rev. Proc. 2014–64 by providing an updated list of countries with which the United States has in force an information exchange agreement, such that bank deposit interest paid to residents of such countries must be reported by payors to the extent required under Treas. Reg. §§ 1.6049–4(b)(5) and 1.6049–8(a). This revenue procedures also supplements Section 4 of Rev. Proc. 2014–64 by providing an updated list of countries with which the Treasury Department and the IRS have determined that it is appropriate to have an automatic exchange relationship with respect to bank deposit interest income information under §§ 1.6049–4(b)(5) and 1.6049–8(a). This supplement adds two countries (Faroe Islands and Greenland) to the Section 3 list and two countries (Croatia and Panama) to the Section 4 list.

This notice sets forth the mortality table that is used for purposes of determining minimum present value under § 417(e)(3) of the Internal Revenue Code for 2018. This notice also sets forth static mortality tables for 2018 determined under the methodology of § 1.430(h)(3)–1 prior to its amendment, which apply for certain plans.

This revenue procedure sets forth the procedure by which the sponsor of a defined benefit plan that is subject to the funding requirements of § 430 of the Internal Revenue Code may request approval from the Internal Revenue Service for the use of plan-specific substitute mortality tables in accordance with § 430(h)(3)(C) and § 1.430(h)(3)–2 of the Treasury Regulations.

Sections 4375 and 4376, added to the Code by the Affordable Care Act, impose a fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans to help fund the Patient-Centered Outcomes Research Trust Fund (PCORTF). This notice provides that the adjusted applicable dollar amount that applies for determining the PCORTF fee for policy years and plan years ending on or after October 1, 2017 and before October 1, 2018, is $2.39. This adjusted applicable dollar amount has been determined using the percentage increase in the projected per capita amount of the National Health Expenditures published by HHS in February 2017.