Notice 2025-43

This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), and the 24-month average segment rates under § 430(h) (2) of the Internal Revenue Code. In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under § 417(e)(3)(A)(ii) (II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under § 431(c) (6)(E)(ii)(I).

1 Pursuant to § 433(h)(3)(A), the third segment rate determined under § 430(h)(2)(C) is used to determine the current liability of a CSEC plan (which is used to calculate the minimum amount of the full funding limitation under § 433(c)(7)(C)).

2 For months before February 2024, the monthly corporate bond yield curve was determined in accordance with Notice 2007-81, 2007-44 I.R.B. 899. Section 1.430(h)(2)-1(d) generally adopts the methodology for determining the monthly corporate bond yield curve under Notice 2007-81 but includes two enhancements to take into account subsequent changes in the bond market. Those enhancements are described in the preamble to TD 9986 (89 FR 2127).

September 2, 2025 356 Bulletin No. 2025–36

average segment rates for plan years beginning in 2024 and 2025 were published in Notice 2023-66, 2023-40 I.R.B. 992 and Notice 2024-67, 2024-41 I.R.B. 726, respectively.

24-MONTH AVERAGE CORPORATE BOND SEGMENT RATES

The three 24-month average corporate bond segment rates applicable for

August 2025 without adjustment for the 25-year average segment rate limits are as follows:

24-Month Average Segment Rates Without 25-Year Average Adjustment Applicable Month First Segment Second Segment Third Segment August 2025 4.86 5.36 5.67

The adjusted 24-month average segment rates set forth in the chart below reflect § 430(h)(2)(C)(iv) of the Code. The

24-month averages applicable for August 2025, adjusted to be within the applicable minimum and maximum percentages of

the corresponding 25-year average segment rates in accordance with § 430(h)(2) (C)(iv) of the Code, are as follows:

Adjusted 24-Month Average Segment Rates For Plan Years

Beginning In Applicable Month First Segment Second Segment Third Segment

2024 August 2025 4.86 5.36 5.67

2025 August 2025 4.86 5.31 5.67

30-YEAR TREASURY SECURITIES INTEREST RATES

Section 431 specifies the minimum funding requirements that apply to multiemployer plans pursuant to § 412. Section 431(c)(6)(B) specifies a minimum amount for the full-funding limitation described in § 431(c)(6)(A), based on the plan’s current liability. Section 431(c)(6)(E)(ii)(I) pro

vides that the interest rate used to calculate current liability for this purpose must be no more than 5 percent above and no more than 10 percent below the weighted average of the rates of interest on 30-year Treasury securities during the four-year period ending on the last day before the beginning of the plan year. Notice 88-73, 1988-2 C.B. 383, provides guidelines for determining the weighted average interest rate. The rate

of interest on 30-year Treasury securities for July 2025 is 4.92 percent. The Service determined this rate as the average of the daily determinations of yield on the 30-year Treasury bond maturing in May 2055. For plan years beginning in August 2025, the weighted average of the rates of interest on 30-year Treasury securities and the permissible range of rates used to calculate current liability are as follows:

Treasury Weighted Average Rates For Plan Years Beginning In 30-Year Treasury Weighted Average Permissible Range 90% to 105%

August 2025 4.17 3.75 to 4.38

MINIMUM PRESENT VALUE SEGMENT RATES

In general, the applicable interest rates

under § 417(e)(3)(D) are segment rates computed without regard to a 24-month average. Section 1.417(e)-1(d)(3) provides guidelines for determining the min

imum present value segment rates. Pursuant to that section, the minimum present value segment rates determined for July 2025 are as follows:

Minimum Present Value Segment Rates Month First Segment Second Segment Third Segment July 2025 4.38 5.41 6.13

DRAFTING INFORMATION

The principal author of this notice is Tom Morgan of the Office of Associ

ate Chief Counsel (Employee Benefits, Exempt Organizations, and Employment Taxes). However, other personnel from the IRS participated in the development

of this guidance. For further information regarding this notice, contact Mr. Morgan at 202-317-6700 or Tony Montanaro at 626-927-1475 (not toll-free number).

Bulletin No. 2025–36 357 September 2, 2025

Table 2025-7 Monthly Yield Curve for July 2025

Derived from July 2025 Data

Maturity Yield Maturity Yield Maturity Yield Maturity Yield Maturity Yield 0.5 4.44 20.5 5.93 40.5 6.15 60.5 6.26 80.5 6.31 1.0 4.38 21.0 5.94 41.0 6.16 61.0 6.26 81.0 6.31 1.5 4.33 21.5 5.95 41.5 6.16 61.5 6.26 81.5 6.31 2.0 4.30 22.0 5.96 42.0 6.16 62.0 6.26 82.0 6.31 2.5 4.30 22.5 5.97 42.5 6.17 62.5 6.27 82.5 6.32 3.0 4.32 23.0 5.97 43.0 6.17 63.0 6.27 83.0 6.32 3.5 4.35 23.5 5.98 43.5 6.17 63.5 6.27 83.5 6.32 4.0 4.39 24.0 5.98 44.0 6.18 64.0 6.27 84.0 6.32 4.5 4.45 24.5 5.99 44.5 6.18 64.5 6.27 84.5 6.32 5.0 4.51 25.0 5.99 45.0 6.18 65.0 6.27 85.0 6.32 5.5 4.58 25.5 6.00 45.5 6.19 65.5 6.27 85.5 6.32 6.0 4.65 26.0 6.00 46.0 6.19 66.0 6.28 86.0 6.32 6.5 4.72 26.5 6.00 46.5 6.19 66.5 6.28 86.5 6.32 7.0 4.80 27.0 6.01 47.0 6.20 67.0 6.28 87.0 6.32 7.5 4.88 27.5 6.01 47.5 6.20 67.5 6.28 87.5 6.32 8.0 4.95 28.0 6.02 48.0 6.20 68.0 6.28 88.0 6.33 8.5 5.02 28.5 6.02 48.5 6.21 68.5 6.28 88.5 6.33 9.0 5.09 29.0 6.03 49.0 6.21 69.0 6.29 89.0 6.33 9.5 5.16 29.5 6.03 49.5 6.21 69.5 6.29 89.5 6.33 10.0 5.22 30.0 6.04 50.0 6.21 70.0 6.29 90.0 6.33 10.5 5.28 30.5 6.05 50.5 6.22 70.5 6.29 90.5 6.33 11.0 5.33 31.0 6.05 51.0 6.22 71.0 6.29 91.0 6.33 11.5 5.39 31.5 6.06 51.5 6.22 71.5 6.29 91.5 6.33 12.0 5.44 32.0 6.07 52.0 6.22 72.0 6.29 92.0 6.33 12.5 5.49 32.5 6.07 52.5 6.23 72.5 6.29 92.5 6.33 13.0 5.53 33.0 6.08 53.0 6.23 73.0 6.30 93.0 6.33 13.5 5.57 33.5 6.08 53.5 6.23 73.5 6.30 93.5 6.33 14.0 5.61 34.0 6.09 54.0 6.23 74.0 6.30 94.0 6.34 14.5 5.65 34.5 6.10 54.5 6.23 74.5 6.30 94.5 6.34 15.0 5.68 35.0 6.10 55.0 6.24 75.0 6.30 95.0 6.34 15.5 5.71 35.5 6.11 55.5 6.24 75.5 6.30 95.5 6.34 16.0 5.74 36.0 6.11 56.0 6.24 76.0 6.30 96.0 6.34 16.5 5.77 36.5 6.12 56.5 6.24 76.5 6.30 96.5 6.34 17.0 5.80 37.0 6.12 57.0 6.25 77.0 6.30 97.0 6.34 17.5 5.82 37.5 6.13 57.5 6.25 77.5 6.31 97.5 6.34 18.0 5.84 38.0 6.13 58.0 6.25 78.0 6.31 98.0 6.34 18.5 5.86 38.5 6.14 58.5 6.25 78.5 6.31 98.5 6.34 19.0 5.88 39.0 6.14 59.0 6.25 79.0 6.31 99.0 6.34 19.5 5.90 39.5 6.14 59.5 6.25 79.5 6.31 99.5 6.34 20.0 5.91 40.0 6.15 60.0 6.26 80.0 6.31 100.0 6.34

September 2, 2025 358 Bulletin No. 2025–36