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Old 06-29-2016, 04:29 PM
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Dan Moore Dan Moore is offline
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Default Plan-specific mortality tables for funding

Bipartisan Budget Act of 2015 contains a provision to expand the use of plan-specific mortality tables to be used for minimum funding under IRC 430 (i.e., ERISA plans). From the bill:

Quote:
the determination of whether plans have credible information shall be made in accordance with established actuarial credibility theory, which is materially different from Revenue Procedure 2007-37
On June 23, the SOA held a webinar (Credibility Theory for Pension Actuaries) that I hope focuses the possible approaches that pension actuaries will take with this new option. The gist of the approach they outlined is to assume that the shape of the plan-specific table is the same as the standard table; all of the q's are multiplied by a constant.

The presenters also rejected out of hand the notion that a mortality improvement scale could be plan-specific; just the underlying base mortality could be plan-specific.
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