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The interest assumption is used to value liabilities for determining withdrawn employers' reallocation liability in a mass withdrawal from a multiemployer plan.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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Key Dates
Department and Agencies
Related Federal Register Documents
2026-06556 — Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing Benefits
Starting April 30, 2026, the Pension Benefit Guaranty Corporation (PBGC) updates how it calculates interest rates for valuing benefits in single-employer pension plans that are ending. This change affects plan sponsors and employers by adjusting the numbers used to figure out what’s owed, helping keep things fair and accurate. If you’re involved with these plans, watch for these new rules between April and July 2026—they could impact money calculations and deadlines.
2026-05260 — Proposed Submission of Information Collection for OMB Review; Comment Request; Direct Express Enrollment Form
The Pension Benefit Guaranty Corporation (PBGC) wants to start collecting info to help people sign up for the Direct Express debit card. This new form will make enrollment easier and more organized. If you’re affected, you can share your thoughts by May 18, 2026—no cost or hassle expected!
2026-04182 — Proposed Submission of Information Collections for OMB Review; Comment Request; Liability for Termination of Single-Employer Plans
The Pension Benefit Guaranty Corporation (PBGC) wants to keep collecting info about who’s responsible when single-employer pension plans end. This affects companies with these plans and helps make sure everyone knows their duties. If you have thoughts, send them by May 4, 2026—no cost changes, just paperwork updates!
2026-03800 — Submission of Information Collection for OMB Review; Comment Request; Annual Reporting (Form 5500 Series)
The Pension Benefit Guaranty Corporation (PBGC) wants to keep collecting annual reports from pension plans using Form 5500. This means businesses and plan managers need to keep filing their yearly info, with no big changes or new costs. If you want to share your thoughts, make sure to comment by March 30, 2026!
2025-18461 — Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing Benefits
This new rule updates how certain retirement plans figure out the value of their assets between October 31, 2025, and January 30, 2026. It affects single-employer pension plans that are ending, helping make sure benefits are valued fairly using fresh interest rate assumptions. If you’re involved with these plans, this change could impact how much money is set aside and when.
2025-16140 — Miscellaneous Corrections, Clarifications, and Improvements; Correction
The Pension Benefit Guaranty Corporation fixed some small errors and cleared up confusing parts in a rule from August 15, 2025. These changes affect companies with single-employer pension plans, especially around premium payments and plan endings. No new costs or deadlines are added—just smoother, clearer rules to follow.
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