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RPEC 2023 Mortality Improvement Update

October 2023

Description

This report presents research into recent population mortality experience compiled by the Retirement Plans Experience Committee (RPEC) of the Society of Actuaries Research Institute as it pertains to development of mortality improvement assumptions for measuring obligations of retirement programs in the United States.

RPEC has continued to review emerging population mortality data to understand how the pandemic has been affecting U.S. mortality rates. It was observed that excess mortality relative to pre-pandemic trends began to significantly abate after the first quarter of 2022. In the first half of 2023, although there was still considerable excess mortality among working-aged adults, mortality rates for ages over 65 were below projections based on pre-pandemic trends.

Materials

RPEC 2023 Mortality Improvement Update

The Mortality Improvement Model, MIM-2021

Mortality Improvement Scale MP-2021

Mortality Improvement Scale MP-2014