Category: - Endres Actuarial

RP-2014 Mortality Tables

11/2/2014

The Society of Actuaries' (SOA’s) Retirement Plans Experience Committee (RPEC) has released the final report of the RP-2014 Mortality Tables. Click here for more...

The SOA issued a press release on October 27, 2014.

Yes, EAC_PV Tools handles RP-2014 mortality and Mortality Improvement Scale MP-2014 quite nicely. Click here for more information about EAC_PV Tools.

Update

6/6/2014

Fixed a compatibility issue with Office 2007 for both EAC PV Tools and EAC Utilities. Everything should work fine with Office 2007, Office 2010, Office 2013, and Office 365; 32-bit and 64-bit.

EAC PV Tools updated

5/20/2014

SL and JL present value functions have been enhanced to allow the use of monthly mortality rates (based on UDD). This allows for a slightly more precise calculation of present values especially when using segment interest rates.
User-defined mortality tables can be used. Create your own q's -- project, blend, combine, and feed into the function call.
417(e)(3) applicable mortality tables are available (1995 through 2015). For example, to use the mortality table for lump sums paid in 2014, the table name is "LS2014".
SL and JL present value functions allow the user to specify the interest rate as 3 segment rates (for first 5 years, next 15 year, thereafter). For example, instead of entering interest as a single rate like ".0525" you can enter interest like ".0097/.035/.046" or ".97/3.5/4.6" or ".97%/3.5%/4.6%".
SL and JL present value functions allow the user to specify the interest rate as a yield curve. For example, instead of entering interest as a single rate like ".0525" you can enter interest as a "range" containing your own spot rates. ALSO, you can enter interest like "citi 3/2014" or "irs 4/2014" to use yield curve sport rates published by Citigroup and IRS. In order to do this you need to download yield curve files Citigroup Pension Discount Curve from the Society of Actuaries and Recent Yield Curve Spot Rates from the IRS and save them in the same folder where the add-in is saved.
A new function "EIRSL" (with the same calling syntax as PVSL) returns the effective interest rate. This is useful for when you are using segment rates or a full yield curve.

RP-2014 tables added

2/10/2014

EAC PV Tools has been updated to include the RP-2014 mortality tables and the MP-2014 mortality improvement scale that was announced the Society of Actuaries on February 4, 20014. All of the tables are available (employee, healthy annuitant, total dataset, disabled retiree, blue collar, white collar, bottom quartile, top quartile, male, female); generational mortality improvement can be applied; a combined table (employee/annuitant) can be specified based on a given retirement age. Click here for more information.

Function added -- PBGC basis

9/17/2013

A function has been added: PVSLPBGC = present value of a single life annuity using the PBGC basis, based on UP84 mortality and the PBGC's immediate and deferred interest rates. Apparently some pension plans still use this as a "grandfathered" lump sum floor.

Projection scale BB with 2D

4/26/2013

Society of Actuaries published the 2-dimensional table of mortality improvement underlying Scale BB. This is now available.

Projection scale BB

4/2/2013

With a little more effort, but I added Scale BB for use with generational mortality.

To project using Scale BB, append “GB” to the mortality table name. For example, “RP2000GB-CM” or “UP94GBM”.

Scale BB is also available for use with static mortality table projection (projected to a specific year). As with any other projection scale, this is done by appending the table name with the “@” sign, followed by the year, followed by a “/”, followed by the scale name. (When projecting GAM94, UP94, or RP2000, the scale name can be omitted because scale AA is implied.)

Examples:

RP-2000 Combined Active/Retiree Healthy Table (male), projected to 2012 with scale AA is “rp2000-cm@2012” (or “rp2000-cm@2012/aa).

RP-2000 Combined Active/Retiree Healthy Table (male), projected to 2012 with scale BB is or “rp2000-cm@2012/bb.

Generational mortality projection

3/30/2013

RP-2000 tables and UP94: These mortality tables can be projected with full generational mortality improvement using Scale AA by appending “G” to the mortality table name. For example, “RP2000G-CM” or “UP94GM”.

GAR94: 1994 Group Annuity Reserving Table (GAR94 or GAR94F) uses generational mortality improvement using Scale AA by definition; hence there is no option to use “G” for these tables.