Pension Savings – New 2016 Mortality Data
A new mortality scale was recently released that could decrease a defined benefit plan’s total expected benefit obligation by up to 2 percent, according to the Society of Actuaries (SOA). Both benefit plans’ and plan sponsors’ financial statements could be affected. Plan sponsors should discuss the new tables’ implications with their auditors and actuaries as soon as possible. Going forward, SOA plans to provide annual updates as soon as practicable following the public release of updated data.