PBGC Updates Interest Rates for Pension Valuations
Published Date: 10/14/2026
Rule
Summary
Starting October 31, 2026, new interest rates will be used to figure out how much money single-employer pension plans need when they end. This change affects companies and workers with these plans, helping make sure benefits are valued fairly and accurately. It’s all about keeping pension promises solid and up-to-date with current market conditions.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
New PBGC interest spreads set for Q4 2026
Starting October 31, 2026, the PBGC prescribes new "spreads" used to build the 4044 yield curve for valuing benefits. The fourth-quarter-2026 spreads range from 0.78% at short maturities (0.5–1.0 years) down to -0.13% at the 30.0-year maturity, and PBGC posts the 4044 yield curve on www.pbgc.gov.
Valuations in involuntary or distress terminations
PBGC will use the updated interest assumption in Sec. 4044.54 to determine the present value of annuities in involuntary or distress terminations of single-employer plans for valuation dates of October 31, 2026 through January 30, 2027. That means these specific termination valuations must use the new fourth-quarter-2026 spreads beginning October 31, 2026.
Affects withdrawal liability, reporting, and transfers
The updated interest assumption is used in other regulatory contexts: to value withdrawn employers' reallocation liability in a mass withdrawal from a multiemployer plan, as a condition for multiemployer plans receiving special financial assistance to determine withdrawal liability for a prescribed period, and for certain plan sponsor obligations (for example, filings under 29 CFR part 4010 and transfers under 29 CFR part 4050).
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Department and Agencies
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