Throughout 2007, the IRS issued proposed regulations on certain important DB plan funding issues related to the Pension Protection Act, including plan asset valuation rules, interest and mortality tables, the use of prefunding and carryover balances, limits on the accrual and payment of benefits under an underfunded plan and the calculation of funding targets. Most of these regulations were to be effective for plan years beginning on or after January 1, 2008. In January, the IRS clarified that the effective date has been postponed until plan years beginning on or after January 1, 2009 in order to maintain uniform guidance. For 2008, plan sponsors must follow applicable statutory provisions and can rely on the proposed regulations. This comes as welcome relief for plan sponsors, but especially their actuaries, as some of the guidance was not published until late in 2007 and final regulations are needed in order for actuaries to accurately determine DB funding requirements. See Notice 2008-21.