New SOA Public Plan Mortality Tables Extend to Age 119
The creators also included mortality rates for people under 18.
Managers of U.S. public pension plans now have mortality tables that go up to age 119.
The Society of Actuaries (SOA) recently released public retirement plan mortality tables that include mortality rates for people ages 0 to 119 — the Pub-2010 Public Retirement Plans Mortality Tables.
(Related: Americans Are Retiring Later, Dying Sooner and Sicker in Between)
The SOA’s Retirement Plans Experience Committee used general-purpose mortality data from 2015 to provide the mortality rates for children ages 0 through 12, special estimation techniques to provide mortality rates for people ages 13 through 17, and special projection techniques to provide mortality rates for people ages 100 and older.
The committee has developed separate sets of tables for teachers; police officers, firefighters and other public safety professionals; and other types of public employees, such as judges and administrators.
The committee based the tables on data on 46 million life-years of plan participant data, and 580,000 participant deaths, from 78 U.S. public pension plans and 35 U.S. public pension systems.
The committee found, for example, that the longest-lived people in the data, female teachers, can expect to live 25.03 more years once they reach age 65.
The shortest-lived people in the data, male public safety professionals, can expect to live only 20.27 more years at age 65.
Resources
Links to Pub-2010 Public Retirement Plans Mortality Tables documents are available here.
— Read Americans Are Dying Younger, Saving Corporations Billions, on ThinkAdvisor.
— Connect with ThinkAdvisor Life/Health on LinkedIn and Twitter.