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Society of Actuaries Releases 2022 Mortality Improvement Update

In October 2022, the Retirement Plans Experience Committee (RPEC) of the Society of Actuaries (SOA) issued its 2022 Mortality Improvement Update Report. Typically, the report provides an annually updated mortality improvement scale for pension plans in the United States.

In the 2022 report, the RPEC noted that the most recent data available is from the 2020 calendar year, which was severely affected by the COVID-19 pandemic. As a result, the RPEC did not believe it would be appropriate to incorporate the substantially higher rates of mortality experience from 2020, without adjustment. Therefore, without new data deemed predictive to future mortality, the RPEC decided not to produce a new projection scale in 2022. However, the report includes instructions for individual practitioners to incorporate their   COVID-19 adjustments into the base improvement scale.

Currently, Piotr Krekora, Senior Consultant for GRS, serves as a member of the RPEC.

The report is available here.