Funding Yield Curve Segment Rates
Generally, (except for certain plans under sections104 and 105 of the Pension Protection Act of 2006), for funding purposes plans are required to use the 24-month average segment rates determined under section 430(h)(2) of the Code, as amended by the Moving Ahead for Progress in the 21st Century Act (MAP-21). However, plans may elect to use the monthly yield curve under section 430(h)(2)(D)(ii) in place of the segment rates. MAP-21 requires that the 24-month average segment rates be adjusted by the applicable maximum and applicable minimum percentages of the 25-year average segment rates from the 25-year period ending September 30 of the year before the calendar year in which the plan year begins. However, a plan sponsor may elect not to apply the MAP-21 25-year average adjustment for the plan year beginning in 2012.
Funding Table 1 lists the applicable minimum and maximum percentages for plan years beginning in the stated calendar year.
| Funding Table 1 | ||
|---|---|---|
Plan Years Beginning in |
Applicable Minimum | Applicable Maximum |
| 2012 | 90% | 110% |
| 2013 | 85% | 115% |
| 2014 | 80% | 120% |
| 2015 | 75% | 125% |
| 2016 and after | 70% | 130% |
Funding Table 2 lists the 25-year average segment rates and the corridor of the applicable minimum and maximum percentages for the 24-month segment rates for the periods listed.
| Funding Table 2 | |||||||
| 25-Year Segment Rates | Permissible Corridor Based on Applicable Minimum and Maximum Percentages | ||||||
|---|---|---|---|---|---|---|---|
| 25-Year Period Ending | First Segment | Second Segment | Third Segment | First Segment | Second Segment | Third Segment | |
6.15 |
7.61 |
8.35 |
Min. Max. |
5.54 to 6.77 |
6.85 to 8.37 |
7.52 to 9.18 |
|
5.81 |
7.23 |
7.95 |
Min. Max. |
4.94 to 6.68 |
6.15 to 8.31 |
6.76 to 9.14 |
|
Funding Table 3 lists the 24-month average segment rates without adjustment for the applicable percentages of the 25-year average segment rates, and lists the 24-month average segment rates as adjusted by the applicable maximum and applicable minimum percentages of the 25-year average segment rates.
|
Funding Table 3 |
|||||||
|---|---|---|---|---|---|---|---|
|
For Plan Years Beginning In |
24-Month Average Segment Rates Not Adjusted | Adjusted 24-Month Average Segment Rates, Based on Applicable Percentage of 25-Year Average Rates | |||||
| Applicable Month | First Segment |
Second Segment |
Third Segment |
First Segment |
Second Segment |
Third Segment |
|
| 2013 | May-13 | 1.46 | 4.15 | 5.20 | 4.94 | 6.15 | 6.76 |
| 2013 | Apr-13 | 1.50 | 4.22 | 5.26 | 4.94 | 6.15 | 6.76 |
| 2013 | Mar-13 | 1.54 | 4.28 | 5.32 | 4.94 | 6.15 | 6.76 |
| 2013 | Feb-13 | 1.58 | 4.34 | 5.38 | 4.94 | 6.15 | 6.76 |
| 2013 | Jan-13 | 1.62 | 4.40 | 5.45 | 4.94 | 6.15 | 6.76 |
| 2013 | Dec-12 | 1.66 | 4.47 | 5.52 | 4.94 | 6.15 | 6.76 |
| 2013 | Nov-12 | 1.69 | 4.53 | 5.60 | 4.94 | 6.15 | 6.76 |
| 2013 | Oct-12 | 1.72 | 4.58 | 5.67 | 4.94 | 6.15 | 6.76 |
| 2013 | Sep-12 | 1.75 | 4.62 | 5.72 | 4.94 | 6.15 | 6.76 |
| Applicable Month | First Segment |
Second Segment |
Third Segment |
First Segment |
Second Segment |
Third Segment |
|
| 2012 | May-13 | 1.46 | 4.15 | 5.20 | 5.54 | 6.85 | 7.52 |
| 2012 | Apr-13 | 1.50 | 4.22 | 5.26 | 5.54 | 6.85 | 7.52 |
| 2012 | Mar-13 | 1.54 | 4.28 | 5.32 | 5.54 | 6.85 | 7.52 |
| 2012 | Feb-13 | 1.58 | 4.34 | 5.38 | 5.54 | 6.85 | 7.52 |
| 2012 | Jan-13 | 1.62 | 4.40 | 5.45 | 5.54 | 6.85 | 7.52 |
| 2012 | Dec-12 | 1.66 | 4.47 | 5.52 | 5.54 | 6.85 | 7.52 |
| 2012 | Nov-12 | 1.69 | 4.53 | 5.60 | 5.54 | 6.85 | 7.52 |
| 2012 | Oct-12 | 1.72 | 4.58 | 5.67 | 5.54 | 6.85 | 7.52 |
| 2012 | Sep-12 | 1.75 | 4.62 | 5.72 | 5.54 | 6.85 | 7.52 |
| 2012 | Aug-12 | 1.77 | 4.67 | 5.78 | 5.54 | 6.85 | 7.52 |
| 2012 | Jul-12 | 1.81 | 4.73 | 5.85 | 5.54 | 6.85 | 7.52 |
| 2012 | Jun-12 | 1.84 | 4.79 | 5.90 | 5.54 | 6.85 | 7.52 |
| 2012 | May-12 | 1.87 | 4.84 | 5.96 | 5.54 | 6.85 | 7.52 |
| 2012 | Apr-12 | 1.90 | 4.90 | 6.01 | 5.54 | 6.85 | 7.52 |
| 2012 | Mar-12 | 1.93 | 4.95 | 6.07 | 5.54 | 6.85 | 7.52 |
| 2012 | Feb-12 | 1.96 | 5.01 | 6.13 | 5.54 | 6.85 | 7.52 |
| 2012 | Jan-12 | 1.98 | 5.07 | 6.19 | 5.54 | 6.85 | 7.52 |
| Applicable Month | First Segment |
Second Segment |
Third Segment |
First Segment |
Second Segment |
Third Segment |
|
| 2012 | Dec-11 | 1.99 | 5.12 | 6.24 | 5.54 | 6.85 | 7.52 |
| 2012 | Nov-11 | 2.01 | 5.16 | 6.28 | 5.54 | 6.85 | 7.52 |
| 2012 | Oct-11 | 2.03 | 5.20 | 6.30 | 5.54 | 6.85 | 7.52 |
| 2012 | Sep-11 | 2.06 | 5.25 | 6.32 | 5.54 | 6.85 | 7.52 |
For plan years beginning before 2012, the funding segment rates are the 24-month average segment rates determined under section 430(h)(2) without reference to a percentage of the 25-year averages. However, plans may elect to use the monthly yield curve in place of the segment rates. In addition, plans could elect to use the segment rates without adjustment for the 25-year average segment rates for plan years beginning in 2012 (see Funding Table 3 above).
Funding Table 4 lists the 24-month average segment rates for the stated applicable months not adjusted by a percentage of any 25-year average rates, and without reference to the transitional segment rates under section 430(h)(2)(G).
|
Funding Table 4 |
|||
|---|---|---|---|
| 24-Month Segment Rates | |||
|
Applicable Month/Year |
First |
Second |
Third |
|
Dec-11 |
1.99 |
5.12 |
6.24 |
|
Nov-11 |
2.01 |
5.16 |
6.28 |
|
Oct-11 |
2.03 |
5.20 |
6.30 |
|
Sep-11 |
2.06 |
5.25 |
6.32 |
|
Aug-11 |
2.11 |
5.31 |
6.32 |
|
Jul-11 |
2.18 |
5.36 |
6.33 |
|
Jun-11 |
2.27 |
5.43 |
6.34 |
|
May-11 |
2.38 |
5.51 |
6.36 |
|
Apr-11 |
2.51 |
5.59 |
6.38 |
|
Mar-11 |
2.67 |
5.69 |
6.44 |
|
Feb-11 |
2.81 |
5.76 |
6.46 |
|
Jan-11 |
2.94 |
5.82 |
6.46 |
|
Applicable Month/Year |
First |
Second |
Third |
|
Dec-10 |
3.14 |
5.90 |
6.45 |
|
Nov-10 |
3.37 |
6.04 |
6.49 |
|
Oct-10 |
3.61 |
6.20 |
6.53 |
|
Sep-10 |
3.78 |
6.31 |
6.57 |
|
Aug-10 |
3.92 |
6.40 |
6.61 |
|
Jul-10 |
4.05 |
6.47 |
6.65 |
|
Jun-10 |
4.16 |
6.52 |
6.68 |
|
May-10 |
4.26 |
6.56 |
6.70 |
|
Apr-10 |
4.35 |
6.59 |
6.72 |
|
Mar-10 |
4.44 |
6.62 |
6.74 |
|
Feb-10 |
4.51 |
6.64 |
6.75 |
|
Jan-10 |
4.60 |
6.65 |
6.76 |
|
Applicable Month/Year |
First |
Second |
Third |
|
Dec-09 |
4.71 |
6.67 |
6.77 |
|
Nov-09 |
4.81 |
6.69 |
6.78 |
|
Oct-09 |
4.92 |
6.71 |
6.80 |
|
Sep-09 |
5.03 |
6.73 |
6.82 |
|
Aug-09 |
5.12 |
6.74 |
6.83 |
|
Jul-09 |
5.21 |
6.74 |
6.84 |
|
Jun-09 |
5.28 |
6.72 |
6.84 |
|
May-09 |
5.33 |
6.68 |
6.82 |
|
Apr-09 |
5.33 |
6.62 |
6.80 |
|
Mar-09 |
5.31 |
6.54 |
6.73 |
|
Feb-09 |
5.31 |
6.49 |
6.69 |
|
Jan-09 |
5.32 |
6.45 |
6.69 |
|
Applicable Month/Year |
First |
Second |
Third |
|
Dec-08 |
5.25 |
6.38 |
6.68 |
|
Nov-08 |
5.17 |
6.28 |
6.62 |
|
Oct-08 |
5.09 |
6.16 |
6.58 |
|
Sep-08 |
5.07 |
6.09 |
6.56 |
|
Aug-08 |
5.08 |
6.06 |
6.55 |
|
Jul-08 |
5.10 |
6.03 |
6.54 |
|
Jun-08 |
5.13 |
6.01 |
6.53 |
|
May-08 |
5.16 |
6.00 |
6.53 |
|
Apr-08 |
5.20 |
5.99 |
6.52 |
|
Mar-08 |
5.24 |
5.97 |
6.49 |
|
Feb-08 |
5.28 |
5.95 |
6.45 |
|
Jan-08 |
5.31 |
5.92 |
6.43 |
|
Applicable Month/Year |
First |
Second |
Third |
|
Dec-07 |
5.31 |
5.90 |
6.41 |
|
Nov-07 |
5.31 |
5.88 |
6.40 |
|
Oct-07 |
5.29 |
5.86 |
6.40 |
|
Sep-07 |
5.26 |
5.82 |
6.38 |
The funding transitional segment rates of §430(h)(2)(G) are used for minimum funding requirements for plan years beginning before 2010 if the 24-month rates above do not apply and if no election is made under §430(h)(2)(D)(ii) to use the full yield curve. The transitional segment rates take into account blending with the Corporate Bond Weighted Average as determined under section 412(b)(5)(B)(ii)(II) as in effect for plan years beginning in 2007.
Funding Table 5 lists the transitional segment rates for the plan years beginning in the stated year with respect to the applicable month and year listed.
|
Funding Table 5 |
|||||
|---|---|---|---|---|---|
|
Month/Year |
Plan |
First |
Second |
Third |
|
|
Dec-10 |
2009 |
4.14 |
5.98 |
6.35 |
|
|
Nov-10 |
2009 |
4.30 |
6.08 |
6.38 |
|
|
Oct-10 |
2009 |
4.48 |
6.20 |
6.42 |
|
|
Sep-10 |
2009 |
4.60 |
6.29 |
6.46 |
|
|
Aug-10 |
2009 |
4.71 |
6.36 |
6.50 |
|
|
Jul-10 |
2009 |
4.81 |
6.42 |
6.54 |
|
|
Jun-10 |
2009 |
4.89 |
6.46 |
6.57 |
|
|
May-10 |
2009 |
4.96 |
6.50 |
6.59 |
|
|
Apr-10 |
2009 |
5.03 |
6.52 |
6.61 |
|
|
Mar-10 |
2009 |
5.09 |
6.55 |
6.63 |
|
|
Feb-10 |
2009 |
5.14 |
6.56 |
6.64 |
|
|
Jan-10 |
2009 |
5.21 |
6.57 |
6.65 |
|
|
Month/Year |
Plan |
First |
Second |
Third |
|
|
Dec-09 |
2008 |
5.85 |
6.50 |
6.54 |
|
|
Dec-09 |
2009 |
5.28 |
6.59 |
6.65 |
|
|
Nov-09 |
2008 |
5.90 |
6.52 |
6.55 |
|
|
Nov-09 |
2009 |
5.35 |
6.61 |
6.67 |
|
|
Oct-09 |
2008 |
5.95 |
6.54 |
6.57 |
|
|
Oct-09 |
2009 |
5.43 |
6.63 |
6.69 |
|
|
Sep-09 |
2008 |
5.99 |
6.56 |
6.59 |
|
|
Sep-09 |
2009 |
5.51 |
6.64 |
6.70 |
|
|
Aug-09 |
2008 |
6.03 |
6.57 |
6.60 |
|
|
Aug-09 |
2009 |
5.57 |
6.65 |
6.71 |
|
|
Jul-09 |
2008 |
6.05 |
6.56 |
6.59 |
|
|
Jul-09 |
2009 |
5.63 |
6.65 |
6.72 |
|
|
Jun-09 |
2008 |
6.07 |
6.55 |
6.59 |
|
|
Jun-09 |
2009 |
5.67 |
6.63 |
6.71 |
|
|
May-09 |
2008 |
6.06 |
6.51 |
6.56 |
|
|
May-09 |
2009 |
5.70 |
6.60 |
6.69 |
|
|
Apr-09 |
2008 |
6.04 |
6.47 |
6.53 |
|
|
Apr-09 |
2009 |
5.68 |
6.54 |
6.66 |
|
|
Mar-09 |
2008 |
6.00 |
6.41 |
6.48 |
|
|
Mar-09 |
2009 |
5.66 |
6.48 |
6.60 |
|
|
Feb-09 |
2008 |
5.98 |
6.38 |
6.44 |
|
|
Feb-09 |
2009 |
5.65 |
6.43 |
6.57 |
|
|
Jan-09 |
2008 |
5.97 |
6.34 |
6.42 |
|
|
Jan-09 |
2009 |
5.64 |
6.40 |
6.56 |
|
|
Month/Year |
Plan |
First |
Second |
Third |
|
|
Dec-08 |
2008 |
5.93 |
6.31 |
6.41 |
|
|
Dec-08 |
2009 |
5.59 |
6.34 |
6.54 |
|
|
Nov-08 |
2008 |
5.86 |
6.23 |
6.34 |
|
|
Nov-08 |
2009 |
5.51 |
6.25 |
6.48 |
|
|
Oct-08 |
2008 |
5.79 |
6.15 |
6.29 |
|
|
Oct-08 |
2009 |
5.44 |
6.15 |
6.43 |
|
|
Sep-08 |
2008 |
5.76 |
6.10 |
6.25 |
|
|
Sep-08 |
2009 |
5.41 |
6.09 |
6.41 |
|
|
Aug-08 |
2008 |
5.74 |
6.07 |
6.23 |
|
|
Jul-08 |
2008 |
5.73 |
6.04 |
6.21 |
|
|
Jun-08 |
2008 |
5.72 |
6.02 |
6.19 |
|
|
May-08 |
2008 |
5.72 |
6.00 |
6.18 |
|
|
Apr-08 |
2008 |
5.73 |
5.99 |
6.17 |
|
|
Mar-08 |
2008 |
5.72 |
5.96 |
6.14 |
|
|
Feb-08 |
2008 |
5.72 |
5.94 |
6.11 |
|
|
Jan-08 |
2008 |
5.72 |
5.92 |
6.09 |
|
|
Month/Year |
Plan |
First |
Second |
Third |
|
|
Dec-07 |
2008 |
5.70 |
5.90 |
6.07 |
|
|
Nov-07 |
2008 |
5.70 |
5.89 |
6.06 |
|
|
Oct-07 |
2008 |
5.68 |
5.87 |
6.05 |
|
|
Sep-07 |
2008 |
5.66 |
5.85 |
6.03 |
|
