RPEC 2025 Mortality Improvement Update
October 2025
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 general population mortality data to understand how the pandemic has been affecting U.S. mortality rates. Excess mortality rates have continued to decline since the peak of the pandemic, and emerging data through June 2025 suggests that there is still a small amount of excess mortality for the 65+ population. While the worst effects of the pandemic on mortality have subsided, there is not yet sufficient post-pandemic data upon which to develop an updated MP scale; therefore, RPEC will not release a new scale in 2025.
The underlying data used by the study has been updated, including new population figures from the Social Security Administration. This updated data affected RPEC’s reported ratios of actual-to-expected (A/E) death counts, including for the years covered in last year’s report. While the resulting A/E analysis may not apply directly to any specific retirement plan, it does provide updated information regarding national mortality trends during and through COVID periods.
Materials
RPEC 2025 Mortality Improvement Update
The Mortality Improvement Model, MIM-2021
Mortality Improvement Scale MP-2021
Mortality Improvement Scale MP-2014
Questions or Comments?
If you have comments or questions, please send an email to research@soa.org.
Prior RPEC Reports
RPEC 2024 Mortality Improvement Update
RPEC 2023 Mortality Improvement Update
RPEC 2022 Mortality Improvement Update