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EAC Add-in Updates

5/17/2020

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EAC Utilities was updated in version 2020.2 for:

Faster Excel open/close.
CPI values through April 2020.
Added 2020 PBGC Retirement Rate Category Tables.
Added 2020 IRS covered comp table Rev. Rul. 2020-2.

EAC PV Tools was updated in version 2020.5 for:

Faster Excel open/close.
Fixed issue with MortWizard projection scale drop down button not working.
Audit:
-- Fixed issue with audit not working for qx, px.
-- Added new audit for Mx, enhanced audit for Nx.
Added ERISA 4044 select and ultimate interest rates -- 25 years + thereafter; previously it was only for 20 years + thereafter.
FTSE spot rates removed from storage in EAC PV Tools (not licensed), user must download if wanted.
New file structure, files names -- this is not apparent to the user, but it is much easier for us to develop and maintain!
AESLtoLI -- this function was not working, it was fixed, and added detailed audit for checking purposes.

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EAC PV Tools Update

12/10/2019

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EAC PV Tools has been updated to version 2020.4 to include the 2012 tables published in IRS Notice 2019-67 -- Updated Mortality Improvement Rates and Static Mortality Tables for Defined Benefit Pension Plans for 2021.

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2020 ERISA Section 4044/4050 mortality tables -- The PBGC has published 2020 tables under ERISA Section 4044 (for valuing annuities in distress and involuntary single-employer plan terminations) and ERISA Section 4050 (for valuing annuities of missing participants).
https://www.pbgc.gov/prac/mortality-retirement-and-pv-max-guarantee/erisa-mortality-tables

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EAC PV Tools Update

11/1/2019

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EAC PV Tools (Version 2020.1) is updated for two new reports issued by the Society of Actuaries' Retirement Plans Experience Committee (RPEC).

Mortality Improvement Scale MP-2019 is the annual update to the RPEC_2014 model and its corresponding mortality improvement scales. This new version of the model reflects historical U.S. population mortality experience through 2017. Per the National Center for Health Statistics, the age-adjusted mortality rate in the U.S. was 0.4% higher for 2017 than in 2016. The period 2010-2017 had the lowest average rate of U.S. mortality improvement than any eight-year period since 1962-1969.
Pri-2012 Private Retirement Plans Mortality Tables is the final report and tables for the Pri-2012 exposure draft released in May, and no changes have been made to the tables. During the exposure period, the SOA received comments from the actuarial community and has prepared responses to those comments, which have been published along with the report. This report provides an update to the RP-2014 Mortality Tables Report and the accompanying RP-2006 Mortality Tables. In addition to presenting the results of this study, the Pri-2012 report includes insights into various participant and plan-specific factors, some of which were found to be correlated with meaningful differences in mortality.
Added new parameter for various PV functions with Years Certain and Method=0. The new parameter will allow an approach where the present value = certain only annuity + deferred annuity. The default approach for Method=0 is regular interpolation on whole ages and whole years certain. The new parameter is optional, and it is not necessary to make any changes to your existing worksheets.

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EAC Utilities Update

10/31/2019

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EAC Utilities (version 2020.1) was updated for the September 2019 consumer price index (CPI-W and CPI-U). A good summary is here.

CPI-W: A 1.6% Social Security cost-of-living adjustment (COLA) will begin with benefits paid in January 2020. The COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), as determined by the Bureau of Labor Statistics. The COLA is calculated by comparing consumer prices in July, August and September with prices in the same three months from the previous year.

Some other changes that take effect in January 2020 are based on the increase in average wages. The "national average wage index" for 2018 is $52,145.80. The index is 3.62% higher than the index for 2016. Based on that increase, the wage base (the "contribution and benefit base"), will increase to $137,700 for 2020 from $132,900. New "bend points" in the Social Security PIA formula were also announced.

CPI-U: In addition, a 1.76% cost-of-living adjustment was announced by the Bureau of Labor Statistics based on the Consumer Price Index - All Urban Consumers (CPI-U). The COLA is calculated by comparing consumer prices in July, August and September with prices in the same three months from the previous year. This is used by the Internal Revenue Service for cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2020. The IRS has not yet announced values for 2020 or published any tables, but I am certain that I have it right. When the 2020 numbers are officially published, I will double check to make sure everything matches.

Note that EAC Utilities will automatically update for a new year by simply downloading the CPI rates for September.

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EAC PV Tools Update

8/24/2019

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EAC PV Tools (Version 2019.5) is updated for:

Added new Pri-2012 tables published in the SOA Exposure Draft Pri-2012 Private Retirement Plans Mortality Tables issued May 2019.
Updates:
- A blank mortality table returns error value #MORT? instead of defaulting to "ZERO".
- A blank interest rate returns error value #RATE? instead of defaulting to 0.
Bug fix: "Audit feature" affecting some functions: PVCO, PVCOPPA, PVSL with years certain.

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Updates

4/22/2019

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EAC PV Tools (Version 2019.4) is updated for:

Added new tables and sheets of lump sum factors.
Added new functions and tables for:
- IRS Table I (Single Life Expectancy)
- IRS Table II (Joint and Last Survivor Life Expectancy)
- IRS Table III (Uniform Lifetime Table)
Upgraded the mortality table wizard.
Upgraded the installer.
Several minor fixes and speed improvements.

EAC Utilities (Version 2019.3) is updated for:

Added new function and sheet for 1.401(a)(9)-6 Joint and Survivor annuity "applicable percentage" for non-spouse beneficiary.
Upgraded the installer.
Several minor fixes and speed improvements.

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64-bit Office

3/23/2019

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EAC PV Tools has been updated for compatibility with 64-bit Office/Excel. Previously it worked only in 32-bit Excel.

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IRS Mortality Tables for 2020

3/23/2019

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IRS Notice 2019-26 -- Updated Mortality Improvement Rates and Static Mortality Tables for Defined Benefit Pension Plans for 2020. PV Tools (version 2019.3) is updated to produce the new tables for 2020.

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Updated Versions

3/6/2019

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EAC PV Tools (Version 2019.2) is updated for:

The Society of Actuaries' Retirement Plans Experience Committee (RPEC) has released the final report of the Pub-2010 Public Retirement Plans Mortality Tables. SOA web site is here. The final report is here. No changes in mortality rates were made after the exposure draft was issued, but the add-in was updated to refer to the final report.
Added Canadian Pensioners' Mortality and mortality improvement scale CPM-B published by the Canadian Institute of Actuaries (CIA). See the Canadian Pensioners’ Mortality Report. Read more here.
Added NYC Police Pension Fund 2019 mortality tables.
HOT TOPIC -- Added a new sheet that is set up to show Optional Forms Comparison in a table and a chart. More information can be found at Buck's web site which has a nice presentation on this topic. Click here for a Google search on this topic.

EAC Utilities (Version 2019.2) is updated for:

Added 2019 PBGC Retirement Rate Category Table 2019
Enhanced the existing function DB415Limit, adding an optional age parameter. The new function will return the adjustment (using statutory factors) to the §415(b)(1)(A) dollar limit for commencement at the given age based on final regulations:
-- before age 62 based on (1.415(b)-1(d)(1)(i))
-- after age 65 based on (1.415(b)-1(e)(1)(i)).

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