SOA Pension Mortality Studies: RP-2014 and MP-2014

The SOA today released the final reports of the RP-2014 Mortality Tables and the Mortality Improvement Scale MP-2014. These final reports are the SOA’s latest pension plan mortality studies.  The SOA has long been the primary source for mortality and mortality improvement studies on U.S. voluntarily-established, private-sector defined benefit plans. The SOA recognizes the critical importance for professional actuaries to have access to reliable and well-supported data in order to provide meaningful projections to the broad range of stakeholders responsible for governing private pension plans.

The SOA’s Retirement Plans Experience Committee (RPEC) developed the draft and final reports of the mortality tables and mortality improvement scale. The SOA approached the mortality tables project with a great deal of rigor because of the important uses of these mortality tables and the mortality improvement scale. The draft reports were exposed to the pension community from Feb. 1 to May 31, 2014. The SOA and RPEC conducted an in-depth review of the comments and exposure process for the development of the final reports. The SOA Board approved the final reports on Oct. 26.

The SOA recently had the opportunity to testify before the Select Revenue Measures Subcommittee of the House Ways and Means Committee, “Private Employer Defined Benefit Pension Plans,” where the SOA discussed the evolution of mortality tables through present times. Additionally, the Internal Revenue Service has continually looked to SOA tables as a basis for the updating of mortality tables to be used under § 430(h)(3)(A) of the Internal Revenue Code.

With the release of these final tables and scale, the SOA will host a webcast on Nov. 7 for members to learn about the final mortality studies. Members will also hear about the comment process and overall exposure process, and be able to ask questions about the reports. Two members of RPEC will lead the webinar.

For the final reports and related information, please visit https://www.soa.org/Research/Experience-Study/Pension/research-mort-table-mort-imp-scale.aspx.

Recent media coverage of the SOA mortality tables includes The Wall Street Journal and C-SPAN, among others.

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