OMB’s Office of Information and Regulatory Affairs (OIRA) completed its review of U.S. Treasury Department regulations that would update the life expectancy tables that apply for purposes of computing minimum required distributions from qualified retirement plans under section 401(a)(9).
Treasury regulations that are identified as “major” regulations are subject to review by OMB’s OIRA before being issued, pursuant to Executive Order 13771.
According to OIRA, review the following proposed regulations was completed on October 21, 2019:
The proposed regulations are further described on the OIRA website, as follows:
The regulations will update the life expectancy tables that apply for purposes of computing minimum required distributions from qualified retirement plans to more accurately reflect life expectancies based on the latest available empirical data.
Now that OIRA review has been completed, Treasury and the IRS can be expected to release these proposed regulations (the timing of their release is not known).
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.