
Outdated Mortality Table ERISA Suit Filed in Arizona
The lawsuit alleges that Pinnacle West, an electric utility, used outdated mortality tables, causing it to underestimate the present value of employee pensions.
Mixed Ruling Issued in MetLife Mortality Table ERISA Lawsuit
The retirees’ main claim is that the plan’s use of mortality tables from 1971 and 1983 to convert default retirement benefits into the alternative benefits that they opted to receive constitutes unreasonable actuarial assumptions.
Parties Voluntarily Dismiss Case Challenging American Airlines’ DB Plan Calculations
The case applied to several DB plans sponsored by the company and challenged the use of an "inherently unreasonable" mortality table for calculating benefits.
2021 Pension Mortality Improvement Rates Published by IRS
IRS Notice 2019-67 specifies updated mortality improvement rates and static mortality tables to be used for defined benefit pension plans during 2021.
ERISA Lawsuit Argues Outdated Mortality Assumptions Harm Annuitants
As the complaint points out, the Society of Actuaries has published some five updates to its mortality assumptions since the mortality table used by defendants was published way back in 1971.
SOA Seeks Comments on Newly Proposed Mortality Tables
The SOA says most plan sponsors that update their mortality assumption from the RP-2006 tables to the new tables will experience only a small change in their pension liabilities, usually within plus or minus 1%.
New Mortality Tables Issued for 2020 DB Plan Calculations
The IRS has issued Notice 2019-26, which specifies updated mortality improvement rates and static mortality tables, as well as a modified unisex version of the mortality tables, to be used for defined benefit (DB) plans.
Public Retirement Plan Mortality Tables Released by SOA
The Society of Actuaries points out that the financial impact of implementing the new public pension mortality tables will vary based on each individual job category, as well as the relative mix of member ages and other demographics in each pension plan.
SOA Seeks Input on New Public Pension Mortality Tables
The SOA’s public-sector mortality study is designed to provide public pension actuaries and plan sponsors with information to help set mortality assumptions and includes separate mortality tables for teachers, public safety professionals and general members, respectively.
Updated Mortality Tables for 2019 Published
The IRS notice also includes a modified unisex version of the mortality tables for use in determining minimum present value for distributions with annuity starting dates that occur during stability periods beginning in the 2019 calendar year.