Industry News

On May 22, 2019, the Society of Actuaries’ (SOA) Retirement Plans Experience Committee (RPEC) released an exposure draft of the Pri-2012 Private Retirement Plans Mortality Tables for U.S. private-sector retirement plans. The report provides an update to the RP-2014 Mortality Tables Report and the accompanying RP-2006 Mortality Tables. According to the SOA, the report includes observations into various participant and plan specific factors, which may be correlated with significant differences in mortality.

The Pri-2012 Private Retirement Plans Mortality Tables were developed from data collected from 2010 to 2014, including 16 million life-years of exposure data and 343,000 deaths from 18 different entities that submitted information for 402 plans. The new tables are intended to be adjusted with a mortality improvement scale for applications in years other than 2012. When the total dataset tables for RP-2006 are compared to those of Pri-2012, the life expectancy as of 2019 for an age-65 female remained roughly constant at 87.4 years, but for an age-65 male, it declined slightly from 85.0 years to 84.7 years. Comments on the exposure draft are due by July 31, 2019 and further information is available here.