PBGC Recalibrates Pension Interest Rates Quietly
Published Date: 1/20/2026
Rule
Summary
Starting January 31, 2026, new rules change how single-employer pension plans calculate the value of benefits when plans end. These updated interest assumptions affect plan sponsors and the Pension Benefit Guaranty Corporation, helping make sure money values match real market prices. If you’re involved with these plans, expect more accurate numbers for payouts and possible impacts on withdrawal costs.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 0 costs, 4 mixed.
New 4044 Spreads Effective Jan 31, 2026
Starting January 31, 2026, PBGC prescribes the spreads component used to build the 4044 yield curve for valuation dates of January 31, 2026 through April 29, 2026. These spreads determine the interest assumption that is used to value benefits under terminating single-employer pension plans.
Affects Annuity Valuations in Terminations
PBGC will use the updated interest assumption (the 4044 yield curve with the new spreads) to determine the present value of annuities in involuntary or distress terminations of single-employer plans. The rule therefore affects how annuity payouts are valued when a single-employer plan terminates.
Used for Withdrawal Liability and Multiemployer SFA
The interest assumption is used to value liabilities for determining withdrawn employers' reallocation liability in a mass withdrawal from a multiemployer plan. Multiemployer plans that receive special financial assistance under PBGC rules must use the interest assumption to determine withdrawal liability for a prescribed period.
Mandated Use in Certain PBGC Filings and Transfers
Plan sponsors are required to use some or all of these assumptions for specified purposes, including reporting benefit liabilities in filings under PBGC's Annual Financial and Actuarial Information Reporting (29 CFR part 4010) and determining amounts to transfer to PBGC's Missing Participants Program. The rule specifies the spreads (a detailed table) for first-quarter 2026.
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