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IRS updates life expectancy tables, affecting required plan distributions

Posted On: Aug. 3, 2022 10:05 AM CST

The IRS has updated its rules for required minimum distributions, allowing defined contribution plan participants to withdraw less from their tax-deferred retirement accounts than was previously permitted, Plansponsor reports. IRS actuarial life expectancy tables dictate the asset amounts that individuals are required to withdraw from their retirement accounts starting at age 72. The IRS updates to it actuarial tables affect tax-deferred DC plans, profit-sharing plans and individual retirement accounts.