All Categories

EAC Tools new version 2024.1.0 updated for 2024

10/20/2023

0 Comments

Added a new mortality improvement scale, 2024 Adjusted Scale MP–2021 Rates, announced by the IRS on October 20, 2023, and published here.
Added new 2024 IRS static mortality tables:
-- 417(e) lump sum mortality table published in IRS Notice 2023-73.
-- 430(h) static tables (male and female) published in IRS final regulations.
Note that the generational tables mentioned in the final regs already exist in EAC Tools. The "2012 Pri-2012 special base tables" are as follows:
-- IRS2012BASE-ANN-M
-- IRS2012BASE-ANN-F
-- IRS2012BASE-NON-M
-- IRS2012BASE-NON-F
You can use these tables along with the mortality improvement scale of your choice to produce your desired mortality table.
Added September 2023 CPI to produce 2024 regulatory amounts (IRS amounts not announced at this time).

0 Comments

EAC Tools new version 2023.2.3

5/31/2023

0 Comments

Fixed a minor issue with Excel's function dialog box where the parameter descriptors were not displayed properly.

0 Comments

EAC Tools new version 2023.2.2

5/24/2023

0 Comments

This is another minor update, with an even faster add-in startup upon launching Excel.

0 Comments

EAC Tools new version 2023.2.1

5/15/2023

0 Comments

This is a minor update to fix an issue where a user reported that opening an existing workbook was going slower than before. This was an issue with a very large file, e.g. a file with worksheets that had a "used range" with over 1 million rows.

0 Comments

EAC Tools new version 2023.2.0

5/3/2023

0 Comments

Introducing "EAC Tools"

A lot of development has been happening, and we are excited to issue a new release. Here is a summary of changes.

Created new help system and user guide with technical documentation. Click here to view the user guide. This is available from several places in the menu.
The setup program for a site license is now the same as the setup program for an individual license.
When you run the new add-in for the first time, all users must agree to the EULA and enter an activation code. Previously, this was not necessary for a site license. This is so we can track the number of users for each license. Individual licensees will continue to see annual "nag screens" regarding pending expiration dates and annual renewal, while site licensees will not.
The two Excel add-ins EAC PV Tools and EAC Utilities are renamed. The new name is EAC Tools.
New "About" Screen with enhanced information and links.

The EAC Explainer returns a description of the item in the currently selected cell. Not all EAC functions are supported. Working on it!

If you currently use only EAC PV Tools ...

You will now be using EAC Tools Basic Version.

There are no changes that will affect you.
EAC PV Tools is now called EAC Tools Basic Version, but the name of the add-in file has not changed, so you are good to go.
The functions that are available in the Full Version will be visible in the menu, and you can click on them, but the functionality is not available, so a function call will return a #NotAvail! error.

If you currently use both EAC PV Tools and Utilities ...

You will now be using EAC Tools Full Version.

The two previous add-ins eac_pv.xlam and eac_util.xlam are combined into eac_pv.xlam.
The add-in eac_util.xlam has been decommissioned and can be deleted from C:\Users\Public. At the first start up, eac_util.xlam will be automatically unloaded.
The two former menus are combined into one menu.
Functionality has not changed.
Calling syntax has not changed.
Workbooks that reference function included in EAC PV Tools are unaffected.
All of the functionality previously contained in eac_util.xlam has been transferred into eac_pv.xlam. Therefore, whenever you open a workbook containing functions from the old Utilities add-in and recalculate the function, you will get Excel's #NAME? error because the link to the old Utilities add-in (eac_util.xlam) is no longer valid. This is easily fixed by clicking the new button "Update EAC References" on Excel's main menu under EAC Tools. (Alternatively, you could use Excel's Edit Links to change the source, but the new button is easier.) The update is very fast and needs to be done just once for each workbook.

Why the change?

There are a few very compelling reasons for this change.

No current users have only EAC Utilities; everyone using EAC Utilities also uses EAC PV Tools. So it makes sense to wrap everything into one add-in. Therefore, you can no longer purchase just EAC Utilities. Going forward, you can have EAC Tools Basic Version (formerly PV Tools) or EAC Tools Full Version (formerly both PV Tools and Utilities).
It takes a lot of work to maintain, develop, test, and deploy two add-ins versus just one (like ... double the work).
There is now just one setup program. There used to be 5: PV; Util; Both; PV for site license; Both for site license.
There is now just one license agreement; just one activation code; just one subscription.

We apologize for the effort necessary to make the change, but it is not too difficult, and there is a one-time fix for any workbook that has a reference to eac_util.xlam. Going forward it will be much easier maintain, develop, and distribute the add-in tool.

0 Comments

EAC Updates version 2023.1

12/4/2022

0 Comments

EAC PV Tools (version 2023.1) was updated for the following mortality tables announced by the PBGC:

ERISA Section 4044 Mortality Table for 2023 Valuation Dates -- This mortality table is used to determine the present value of annuities in involuntary terminations and distress terminations of single-employer plans, as discussed in 29 CFR 4044. Click here for more information.
-- ERISA-4050-2023
2022 ERISA Section 4050 (Missing Participants) Mortality Table for 2023 -- This mortality table is used as part of the "missing participant annuity assumptions" as discussed in 29 CFR 4050. Click here for more information.
-- ERISA-4044-2023-H-F (healthy, female)
-- ERISA-4044-2023-H-M (healthy, male)
-- ERISA-4044-2023-DE-F (disabled, SS eligible, female)
-- ERISA-4044-2023-DE-M (disabled, SS eligible, male)
-- ERISA-4044-2023-DN-F (disabled, not SS eligible, female)
-- ERISA-4044-2023-DN-M (disabled, not SS eligible, male)
Note that EAC PV Tools these tables are all calculated "on demand" by the add-in, based on basic principles, hence the tables were already available even though they did not appear in the list of tables (assuming no change in methodology).

EAC Utilities (version 2023.1) was updated for the September 2022 consumer price index (CPI-W and CPI-U).

CPI-W: An 8.7% Social Security cost-of-living adjustment (COLA) will begin with benefits paid in January 2023. The COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), as determined by the Bureau of Labor Statistics. The COLA is calculated by comparing consumer prices in July, August and September with prices in the same three months from the previous year.
National Average Wage: Some other changes that take effect in January 2023 are based on the increase in average wages. The "national average wage index" for 2021 is $60,575.07. The index is 8.89% higher than the index for 2020. Based on that increase, the wage base (the "contribution and benefit base"), will increase to $160,200 for 2023 from $147,000 for 2022. New "bend points" in the Social Security PIA formula were also announced.
CPI-U: An 8.33% cost-of-living adjustment was announced by the Bureau of Labor Statistics based on the Consumer Price Index - All Urban Consumers (CPI-U). The COLA is calculated by comparing consumer prices in July, August and September with prices in the same three months from the previous year. This is used by the Internal Revenue Service for cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2020.
Note that EAC Utilities will automatically update all of its limits and other values for a new year by simply downloading the CPI rates for September in the "Special" menu. These values are all calculated "on demand" by the add-in, based on basic principles (assuming no change in methodology).

0 Comments

PV Tools Update Version 2022.6

9/25/2022

0 Comments

Fixed an issue that was introduced by the IRS in its September 21, 2022 update for minimum present value segment rates. This caused the add-in's automatic segment rate download and related functions to fail.
On November 12, 2020, the IRS published final regulations under section 1.401(a)(9)-9 for the life expectancy and distribution period tables used to calculate required minimum distributions (RMDs) for owners and beneficiaries of retirement accounts. These tables, which apply to RMDs taken 2022 and after, were updated to reflect current life expectancies. New functions were added:
-- IRSTableSL returns the Table I Single Life Expectancy for an age.
-- IRSTableJL returns the Table II Joint Life and Last Survivor Expectancy for two individuals.
-- IRSTableUL returns the Table III Uniform Lifetime for an age.
The full tables are also available via "Insert Sheets".
Click here for more information.
Fixed a bug where a mortality table definition included the combination of two tables using "^" for pre-retirement and post-retirement, where both tables were weighted using "[factor]". In this case, the weighting factor for the first table was ignored.

0 Comments

PV Tools Update Version 2022.4

7/7/2022

0 Comments

Added 417(e) table for lump sum calculations, and IRS 430(h)(3) static mortality tables for 2023 per IRS Notice 2022-22:

LS2023
IRS2023-ANN-F
IRS2023-ANN-M
IRS2023-APP
IRS2023-COM-F
IRS2023-COM-M
IRS2023-NON-F
IRS2023-NON-M

Added new 430(h)(3) Static Mortality Tables per IRS Proposed Regs April 27, 2022:

IRS2023-F
IRS2023-M
Added new tables 2012 Pri-2012 special base tables:
-- IRS2012BASE-ANN-M
-- IRS2012BASE-ANN-F
-- IRS2012BASE-NON-M
-- IRS2012BASE-NON-F

Added new sheet for "Lifetime income illustration".

Added new function TRate30IRS that returns the "IRS 30-yr TSR" which may be different from the Federal Reserve 30-year rate that is returned by the TRate30 function.

Added audit for PVSLPPA function.

Made a minor correction in the PVJL function, when using calculation method 1 or 2, and when using generational mortality improvement ("/gen" option), with a fractional age that, if rounded, would round to the next larger whole integer. Note that this does not affect calculation method 0, 8, or 9, or any other mortality table. If you find that this raises an issue for your calculations, please contact technical support.

0 Comments

IRS Static Mortality Tables for 2023

4/27/2022

0 Comments

IRS Notice 2022-22 -- The IRS published this notice today -- Updated Static Mortality Tables for Defined Benefit Pension Plans for 2023. The current version of EAC PV Tools (version 2022.2) has correctly anticipated these tables -- the expected tables are the same as the actual tables -- the methodology for 2023 is the same as the methodology for 2022, so everything works! An update will come, but until then you can continue to use the current version to produce lump sum factors for 2023.

0 Comments

EAC tools and Windows 11

4/15/2022

0 Comments

Happy to report that EAC Excel add-ins are fully compatible with Windows 11 and Microsoft 365.

0 Comments

<<Previous

Forward>>

Introducing "EAC Tools"

If you currently use only EAC PV Tools ...

If you currently use both EAC PV Tools and Utilities ...

Why the change?

Archives