In this article we review some of the significant retirement policy developments of 2019, including Congress’s consideration of broad bipartisan legislation (the SECURE Act), DOL’s electronic participant communications proposal, and the Supreme Court putting three ERISA retirement plan cases on its docket. Legislation Retirement policy-related legislative activity focused on passage of the Setting Every Community Up… Read More
December 2019 Duration: 7 Years 15 Years 7 Years 15 Years Range Rate: 2.00% – 2.45% 2.25% – 2.64% Average Rate: 2.21% 2.44% As mentioned in our November 2019 Pension Finance Update, pension plans continued to see an increase in funded status during this last quarter of 2019. Also, the equity market has experienced… Read More
Pension finances enjoyed their third consecutive month of improvement in November, mostly due to rising stock markets. Both model plans we track[1] gained ground last month: Plan A improved more than 1% in November but remains down 2% for the year, while Plan B gained less than 1% and is now even through the first eleven… Read More
Medium- and long-term interest rates have declined 75-100 basis points since the beginning of the year. We have published a series of articles on measuring UVBs for variable-rate premiums, managing funding and PBGC variable-rate premiums in a volatile interest rate environment, DB funding strategy, and the effect of interest rate declines on DC plans. In this article we very briefly… Read More
November 2019 Duration: 7 Years 15 Years 7 Years 15 Years Range Rate: 2.10% – 2.30% 2.37% – 2.60% Average Rate: 2.20% 2.49% Per our October 2019 Pension Finance Update, pension plans generally saw an increase in funded status during October. Also, the equity market has experienced tremendous returns during 2019 and these returns… Read More
In October 2019, the Society of Actuaries published (1) a new Mortality Improvement Scale MP-2019 and (2) new base Pri-2012 Mortality Tables. Both MP-2019 and Pri-2012 reflect decrements in age 65 life expectancy which, when adopted by sponsors and regulators, will generally reduce (marginally) defined benefit plan liability valuations. In this article we very briefly… Read More
Pension finances improved in October on the back of continued strong stock markets. Both model plans we track[1] gained ground last month: Plan A improved more than 1% in October but remains down more than 3% for the year, while Plan B gained less than 1% and is now close to flat through the first ten… Read More
On October 22, 2019, the Department of Labor released a proposed amendment to current disclosure rules that would provide a new “notice and access” safe harbor for the use of electronic communications to satisfy required participant disclosures in retirement plans. The proposal would dramatically liberalize DOL’s electronic communication rules, which (with certain exceptions) currently require… Read More
October 2019 Duration: 7 Years 15 Years 7 Years 15 Years Range Rate: 1.99% – 2.35% 2.19% – 2.59% Average Rate: 2.16% 2.39% Although annuity purchase interest rates decreased throughout the year, a jump in rates was observed at the start of the fourth quarter. The activity of plans purchasing annuities remained constant throughout… Read More
In this article, we begin with a review of the interest rates used for plan funding – 25-year average Highway and Transportation Funding Act (HATFA), 24-month average, and one-month spot rates – reflecting the significant declines this year. We then consider the short- and medium-term effect of those declines on sponsor funding requirements. We conclude… Read More
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