SOA Mortality Tables Finalized for Private-Sector Retirement Plans

AdminBlog, Retirement

In May 2019, the Society of Actuaries (SOA) released an exposure draft of the Pri-2012 Mortality Tables for private-sector retirement plans. These new tables were based on data collected for 2010 – 2014, with a central year of 2012. The Pri-2012 tables update the RP-2006 tables (the mortality table basis for the RP-2014 Mortality Tables that are currently in use). … Read More

SOA Releases Mortality Improvement Scale MP-2019

AdminBlog, Retirement

When the Society of Actuaries (SOA) released the RP-2014 mortality table in 2014, they included mortality improvement scale MP-2014. The purpose of this scale is to reflect mortality improvement into the future, since one would expect future mortality rates to be lower with further advances in health and medicine. A practice was then started to update this improvement scale annually … Read More

PBGC Releases Latest Projections

AdminBlog, Retirement

The Pension Benefit Guaranty Corporation (PBGC) released its fiscal 2018 projections report in August 2019. The PBGC operates insurance programs for Single-Employer and Multiemployer pension plans and this annual report provides projections of the financial status of each program. The Single-Employer program is the healthier of the two programs. In 10-year projections with 5,000 alternative economic paths, the program was … Read More

New GASB Exposure Draft Would Alter 457 Plan Reporting

AdminBlog, Retirement

The Governmental Accounting Standards Boards (GASB) released a new exposure draft in June 2019 entitled “Internal Revenue Code Section 457 Deferred Compensation Plans That Meet the Definition of a Pension Plan and Supersession of GASB Statement 32.” While a brief statement, the reporting requirements for 457 plans could be impacted. According to the statement, 457 plans have evolved since the … Read More

New SOA Mortality Tables for Private Sector Retirement Plans

AdminBlog, Retirement

Last month (May 2019), the Society of Actuaries (SOA) released an exposure draft of the Pri-2012 Mortality Tables for private-sector retirement plans. These new tables are based on data collected for 2010 – 2014, with a central year of 2012. The Pri-2012 tables update the RP-2006 tables (the mortality table basis for the RP-2014 Mortality Tables that are currently in … Read More

U.S. House Passes Retirement Legislation

AdminBlog, Retirement

On May 23, the U.S. House of Representatives passed a bill that would directly impact retirement benefits across the nation. The bill, entitled the Setting Every Community Up for Retirement Enhancement Act (SECURE Act; HR 1994), would make changes to both employer-sponsored retirement plans and individual retirement accounts, most notably: Expand the ability of employers to partner together to offer … Read More

IRS Announces Updates to 2019 Retirement Plan Limits

AdminBlog, Retirement

Each year the IRS provides cost-of-living adjustments to benefit plan limits to assist sponsors in administering their plans. On November 1, the IRS released Notice 2018-83, which provided 2019 limits for retirement plans. Information on the release can be found here. Some of the key limits are shown below, along with the increase in the Social Security taxable wage base … Read More

SOA Releases Mortality Improvement Scale MP-2018

AdminBlog, Retirement

When the Society of Actuaries (SOA) released the RP-2014 mortality table in 2014, they included mortality improvement scale MP-2014. The purpose of this scale is to reflect mortality improvement into the future, since one would expect future mortality rates to be lower with further advances in health and medicine. A practice was then started to update this improvement scale annually … Read More

Foster & Foster Reviews Exposure Draft of Pub-2010 Public Retirement Plans Mortality Tables Report

AdminBlog, Retirement

As mentioned in our August 28th Retirement Blog, an exposure draft of mortality tables based on public retirement plan experience has been released by the Society of Actuaries and the Retirement Plans Experience Committee (“RPEC”). We have completed our review of the draft and will summarize our findings in this post. Highlights The study was based on data gathered from … Read More

Executive Order to Strengthen Retirement Security

AdminBlog, Retirement

On August 31, 2018, President Trump released an Executive Order on “Strengthening Retirement Security in America.” You can see the text here. The Order outlines the issue of low workplace retirement plan coverage and seeks to ease the regulatory burdens that might prevent employers from offering such solutions. The Order specifically directs the Secretaries of Labor and Treasury to explore … Read More