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ERISA 4044 Interest Assumption

Valuation dates on or after July 31, 2024
Valuation dates before July 31, 2024


PBGC’s ERISA 4044 regulation (29 CFR 4044) provides guidance on the actuarial assumptions used to determine the present value of benefits in involuntary and distress terminations of single-employer plans (e.g., interest, mortality, retirement age). The ERISA 4044 assumptions are also used for other purposes. For example, multiemployer plan that received special financial assistance must use the ERISA 4044 interest assumption to determine liability in conjunction with withdrawal liability calculation for a prescribed period.

Valuation dates on or after July 31, 2024

In 2024, PBGC amended its ERISA 4044 regulation to provide that for valuation dates on or after July 31, 2024, the interest assumption is structured as a yield curve tied to market conditions as of the end of each month. Accordingly, the 4044 yield curve is defined only as of the last day of the month. If the valuation date is not the last day of the month, the 4044 yield curve as of the last day of the prior month is used for 4044 purposes. For example, the September 30 4044 yield curve is used not only for September 30th valuation dates, but also for valuation dates from October 1 through October 30.

Practitioners are able to calculate the 4044 yield curve themselves using publicly available information and the methodology provided in the regulation (i.e., by determining the applicable “blended market yield curve (BMYC)” by blending two yield curves published by the Department of Treasury and then adjusting it by the applicable “spreads” from PBGC’s regulation). However, to simplify the process, PBGC makes the 4044 yield curves available in a spreadsheet format.

ERISA 4044 Yield Curves

White paper

The methodology PBGC uses to determine the “spreads” is summarized in a white paper titled “Derivation of ERISA 4044 Yield Curve.”

Withdrawal liability

In some cases, multiemployer plans use the ERISA 4044 Yield Curve in determining unfunded vested benefits under section 4213(c) of ERISA (for the purpose of determining withdrawal liability) and in determining the amortization schedule under section 4219(c)(1)(A) of ERISA. An example showing how such a schedule may be determined is provided for illustrative purposes.

Valuation dates before July 31, 2024

For valuation dates before July 31, 2024, the ERISA 4044 interest rates were structured as select and ultimate rates.

Historical ERISA 4044 Select & Ultimate Rates

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