FAQ 748: Mortality Tables - For PBGC termination purposes

Problem: Has the new PBGC termination table for ERISA 4044 purposes (used to determine the present value of benefits in involuntary and distress terminations) been added to the list of tables in Table Maintenance? I looked under tables on Client Support Center, but I'm not sure if the new table is there.

Solution: ==================================== Valuation dates after July 31, 2024 ==================================== For valuation dates after July 31, 2024, the mortality table for PBGC termination purposes (ERISA 4044) for healthy lives is derived from the tables set forth in the Pri-2012 Private Retirement Plans Mortality Tables Report published by the Retirement Plan Experience Committee (RPEC) of the Society of Actuaries (SOA) in 2019 and projected generationally with a prescribed mortality improvement scale. The base table distinguishes between annuitant and non-annuitant mortality rates. In ASC, the base tables are as follows: - PR12EM24 - Pri-2012 Base Table Non-Annuitant Male Final Regs 10/20/2023 - PR12EF24 - Pri-2012 Base Table Non-Annuitant Female Final Regs 10/20/2023 - PR12AM24 - Pri-2012 Base Table Annuitant Male Final Regs 10/20/2023 - PR12AF24 - Pri-2012 Base Table Annuitant Female Final Regs 10/20/2023 In ASC, the mortality improvement scales are as follows: - MP2021 - 2021 Generational Mortality Improvement Scales - Male - FP2021 - 2021 Generational Mortality Improvement Scales - Female The base tables are included in the PPA20xxMORTALITY.ZIP files where xx represents the last two digit years for years 2024 and later. Mortality improvement scales are included in patches. =========================================== Valuation dates on or before July 31, 2024 =========================================== For valuation dates on or before July 31, 2024, the mortality table for PBGC termination purposes for 2023 is the UP94 (M or F) projected to 14 years beyond the date for determining the variable rate premium using Scale AA. Download the document "SYSTEMS REFERENCE MANUAL" (refer to Chapter 6 for the "Tables" section) of the ASC website to learn how to project mortality tables. Refer to FAQ 886 - Mortality Tables - Creating a table with a 7 year setback for another example of how to project a mortality table.