Federal regulations · Through 2026-08-25 · Newer source version available

29 CFR 4044.53: Mortality assumptions.

(a) General rule. Subject to paragraph (b) of this section (regarding certain death benefits), the plan administrator shall use the mortality factors prescribed in paragraphs (c), (d), (e), (f), and (g) of this section to value benefits under § 4044.52.
(b) Certain death benefits. If an annuity for one person is in pay status on the valuation date, and if the payment of a death benefit after the valuation date to another person, who need not be identifiable on the valuation date, depends in whole or in part on the death of the pay status annuitant, then the plan administrator shall value the death benefit using—
(1) The mortality rates that are applicable to the annuity in pay status under this section to represent the mortality of the pay status annuitant; and
(2) The mortality rates under paragraph (c) of this section to represent the mortality of the death beneficiary.
(c) Healthy lives—(1) In general. If the individual is not disabled under paragraph (f) of this section, the plan administrator must value the benefit using generational mortality tables described in this paragraph (c).
(i) Construction of generational mortality tables. The generational mortality tables in this paragraph (c) are constructed from the base mortality tables described in paragraph (c)(1)(ii) of this section and the mortality improvement rates described in paragraph (c)(1)(iii) of this section.
(ii) Base mortality tables. The base mortality tables are set forth in paragraph (c)(5) of this section. The base year for those tables is 2012.
(iii) Mortality improvement rates. The mortality improvement rates are the Scale MP-2021 Rates described in the Mortality Improvement Scale MP-2021 Report.
(iv) Incorporation by reference. The Mortality Improvement Scale MP-2021 Report, October 2021 is incorporated by reference into this section with the approval of the Director of the Federal Register under 5 U.S.C. 552(a) and 1 CFR part 51. This incorporation by reference (IBR) material is available for inspection at PBGC and at the National Archives and Records Administration (NARA). Contact PBGC at: Disclosure Division, Office of the General Counsel, Pension Benefit Guaranty Corporation; 445 12th Street SW, Washington, DC 20024; 202-326-4040. For information on the availability of this material at NARA, visit www.archives.gov/federal-register/cfr/ibr-locations.html or email fr.inspection@nara.gov. The material may be obtained from the Society of Actuaries at: Society of Actuaries, 475 N. Martingale Rd., Suite 600, Schaumburg, IL 60173; (847) 706-3500; https://www.soa.org/resources/experience-studies/2021/mortality-improvement-scale-mp-2021.
(2) Application of mortality improvement rates—(i) In general. Under the generational mortality tables described in this paragraph (c), the probability of an individual's death at a particular age in the future is determined as the individual's base mortality rate that applies at that age (that is, the applicable mortality rate from the tables set forth in paragraph (c)(5) of this section for that age, gender, and status as an annuitant or a non-annuitant) multiplied by the cumulative mortality improvement factor for the individual's gender and for that age for the period from 2012 through the calendar year in which the individual is projected to reach the particular age. Paragraph (c)(3) of this section provides an example that illustrates how the base mortality tables in paragraph (c)(5) of this section and the Scale MP-2021 mortality improvement rates are combined to determine projected mortality rates.
(ii) Cumulative mortality improvement factor. The cumulative mortality improvement factor for an age and gender for a period is the product of the annual mortality improvement factors for that age and gender for each year within that period.
(iii) Annual mortality improvement factor. The annual mortality improvement factor for an age and gender for a year is 1 minus the mortality improvement rate that applies for that age and gender for that year. If that annual mortality improvement rate is greater than 1 (corresponding to a negative mortality improvement rate), then the projected mortality rate for that age and gender for that year is greater than the projected mortality rate for the same age and gender for the preceding year.
(3) Example of calculation using scale MP-2021 rates—(i) Calculation of mortality rate. The mortality rate that is applied to male annuitants who are age 67 in 2024 is equal to the product of the mortality rate for 2012 that applied to male annuitants who were age 67 in 2012 (0.01288) and the cumulative mortality improvement factor for age 67 males from 2012 to 2024. The cumulative mortality improvement factor for age 67 males for the period from 2012 to 2024 is 0.9867, and the mortality rate for 2024 for male annuitants who are age 67 in that year would be 0.01271, as shown in the following table.
Table 1 to Paragraph (c)(3)(i)—Example Mortality Rate Calculation
Calendar year Scale MP-2021 mortality improvement rate Annual mortality improvement factor (1-mortality improvement rate) Cumulative mortality improvement factor Mortality rate
2012 n/a n/a n/a 0.01288
2013 0.0052 0.9948 0.9948
2014 0.0027 0.9973 0.9921
2015 0.0009 0.9991 0.9912
2016 (0.0003) 1.0003 0.9915
2017 (0.0010) 1.0010 0.9925
2018 (0.0016) 1.0016 0.9941
2019 (0.0016) 1.0016 0.9957
2020 (0.0010) 1.0010 0.9967
2021 0.0000 1.0000 0.9967
2022 0.0015 0.9985 0.9952
2023 0.0033 0.9967 0.9919
2024 0.0052 0.9948 0.9867 0.01271
(ii) Probability of survival for an individual. After the projected mortality rates are derived for each age for each year, the rates are used to calculate the present value of a benefit stream that depends on the probability of survival year-by-year. For example, using the Scale MP-2021 rates, for purposes of calculating the present value of future payments in a benefit stream payable for a male annuitant who is age 67 in 2024, the probability of survival for the annuitant is based on the mortality rate for a male annuitant who is age 67 in 2024 (0.01271), and the projected mortality rate for a male annuitant who will be age 68 in 2025 (0.01369), age 69 in 2026 (0.01478), and so on.
(4) Use of the tables—(i) Separate tables for annuitants and non-annuitants. Separate mortality tables are provided for use for annuitants and non-annuitants. The non-annuitant mortality tables are applied to determine the probability of survival for a non-annuitant for the period before the non-annuitant is projected to commence receiving benefits. The annuitant mortality tables are applied to determine the present value of benefits for each annuitant. In addition, the annuitant mortality tables are applied for each non-annuitant with respect to each assumed commencement of benefits for the period beginning with that assumed commencement. For purposes of this section, an annuitant means a plan participant who has commenced receiving benefits, and a non-annuitant means a plan participant who has not yet commenced receiving benefits (for example, an active employee or a terminated vested participant). A participant whose benefit has partially commenced is treated as an annuitant for the portion of the benefit that has commenced and treated as a non-annuitant for the balance of the benefit. In addition, for a beneficiary of a participant, the annuitant mortality tables apply for the period beginning with each assumed commencement of benefits for the participant. If the participant has died (or to the extent the participant is assumed to die before commencing benefits), the annuitant mortality tables apply with respect to the beneficiary for the period beginning with each assumed commencement of benefits for the beneficiary.
(ii) Examples of calculation using separate non-annuitant and annuitant tables. For a 45-year-old active participant who is projected to commence receiving an annuity at age 55, benefit liabilities are determined using the non-annuitant mortality tables for the period before the participant attains age 55 and using the annuitant mortality tables for the period ages 55 and above. Similarly, for a 45-year-old terminated vested participant who is projected to commence an annuity at age 65, benefit liabilities are determined using the non-annuitant mortality tables for the period before the participant attains age 65 and using the annuitant mortality tables for ages 65 and above.
(5) Base mortality tables. The following are the base mortality tables. The base year for these tables is 2012.
Table 2 to Paragraph (c)(5)—Healthy Lives Base Mortality Table
Age Males Females
Non-annuitant Annuitant Non-annuitant Annuitant
0 0.00650 0.00650 0.00544 0.00544
1 0.00045 0.00045 0.00038 0.00038
2 0.00030 0.00030 0.00023 0.00023
3 0.00022 0.00022 0.00018 0.00018
4 0.00019 0.00019 0.00013 0.00013
5 0.00016 0.00016 0.00012 0.00012
6 0.00014 0.00014 0.00011 0.00011
7 0.00013 0.00013 0.00010 0.00010
8 0.00011 0.00011 0.00009 0.00009
9 0.00009 0.00009 0.00009 0.00009
10 0.00008 0.00008 0.00009 0.00009
11 0.00009 0.00009 0.00009 0.00009
12 0.00013 0.00013 0.00010 0.00010
13 0.00017 0.00017 0.00012 0.00012
14 0.00022 0.00022 0.00013 0.00013
15 0.00028 0.00028 0.00013 0.00013
16 0.00034 0.00034 0.00014 0.00014
17 0.00040 0.00040 0.00015 0.00015
18 0.00046 0.00046 0.00015 0.00015
19 0.00053 0.00053 0.00015 0.00015
20 0.00056 0.00056 0.00015 0.00015
21 0.00056 0.00056 0.00015 0.00015
22 0.00056 0.00056 0.00016 0.00016
23 0.00055 0.00055 0.00018 0.00018
24 0.00055 0.00055 0.00019 0.00019
25 0.00054 0.00054 0.00019 0.00019
26 0.00054 0.00054 0.00019 0.00019
27 0.00054 0.00054 0.00020 0.00020
28 0.00054 0.00054 0.00020 0.00020
29 0.00054 0.00054 0.00020 0.00020
30 0.00055 0.00055 0.00021 0.00021
31 0.00055 0.00055 0.00022 0.00022
32 0.00056 0.00056 0.00023 0.00023
33 0.00058 0.00058 0.00025 0.00025
34 0.00059 0.00059 0.00026 0.00026
35 0.00061 0.00061 0.00028 0.00028
36 0.00063 0.00063 0.00031 0.00031
37 0.00065 0.00065 0.00034 0.00034
38 0.00068 0.00068 0.00036 0.00036
39 0.00071 0.00071 0.00040 0.00040
40 0.00074 0.00074 0.00043 0.00043
41 0.00077 0.00082 0.00047 0.00049
42 0.00081 0.00099 0.00051 0.00061
43 0.00086 0.00124 0.00055 0.00078
44 0.00091 0.00158 0.00060 0.00101
45 0.00097 0.00200 0.00065 0.00130
46 0.00105 0.00251 0.00071 0.00165
47 0.00113 0.00310 0.00077 0.00206
48 0.00123 0.00378 0.00083 0.00252
49 0.00134 0.00454 0.00090 0.00304
50 0.00147 0.00539 0.00098 0.00362
51 0.00161 0.00544 0.00107 0.00426
52 0.00177 0.00565 0.00116 0.00495
53 0.00194 0.00588 0.00126 0.00500
54 0.00213 0.00616 0.00137 0.00512
55 0.00234 0.00647 0.00148 0.00517
56 0.00257 0.00686 0.00161 0.00522
57 0.00281 0.00728 0.00175 0.00528
58 0.00308 0.00770 0.00190 0.00561
59 0.00338 0.00811 0.00206 0.00601
60 0.00369 0.00848 0.00224 0.00643
61 0.00403 0.00882 0.00243 0.00690
62 0.00441 0.00918 0.00264 0.00743
63 0.00481 0.00960 0.00287 0.00796
64 0.00525 0.01014 0.00312 0.00859
65 0.00573 0.01087 0.00339 0.00928
66 0.00636 0.01178 0.00380 0.01003
67 0.00706 0.01288 0.00427 0.01089
68 0.00784 0.01418 0.00480 0.01192
69 0.00870 0.01564 0.00540 0.01309
70 0.00967 0.01729 0.00606 0.01444
71 0.01073 0.01914 0.00681 0.01597
72 0.01192 0.02121 0.00765 0.01770
73 0.01323 0.02354 0.00860 0.01967
74 0.01469 0.02613 0.00966 0.02192
75 0.01632 0.02905 0.01085 0.02445
76 0.01812 0.03233 0.01219 0.02727
77 0.02012 0.03604 0.01370 0.03042
78 0.02234 0.04026 0.01539 0.03391
79 0.02480 0.04504 0.01729 0.03775
80 0.02754 0.05046 0.01943 0.04198
81 0.02989 0.05657 0.02134 0.04663
82 0.03460 0.06343 0.02516 0.05178
83 0.04166 0.07114 0.03089 0.05754
84 0.05108 0.07977 0.03853 0.06401
85 0.06285 0.08946 0.04808 0.07132
86 0.07698 0.10032 0.05955 0.07954
87 0.09346 0.11248 0.07293 0.08879
88 0.11229 0.12600 0.08822 0.09936
89 0.13348 0.14088 0.10542 0.11124
90 0.15703 0.15703 0.12453 0.12453
91 0.17401 0.17401 0.13818 0.13818
92 0.19151 0.19151 0.15250 0.15250
93 0.20936 0.20936 0.16737 0.16737
94 0.22742 0.22742 0.18274 0.18274
95 0.24569 0.24569 0.19863 0.19863
96 0.26415 0.26415 0.21509 0.21509
97 0.28281 0.28281 0.23214 0.23214
98 0.30169 0.30169 0.24983 0.24983
99 0.32077 0.32077 0.26814 0.26814
100 0.33996 0.33996 0.28698 0.28698
101 0.35910 0.35910 0.30619 0.30619
102 0.37794 0.37794 0.32549 0.32549
103 0.39633 0.39633 0.34472 0.34472
104 0.41415 0.41415 0.36375 0.36375
105 0.43131 0.43131 0.38243 0.38243
106 0.44771 0.44771 0.40065 0.40065
107 0.46329 0.46329 0.41828 0.41828
108 0.47800 0.47800 0.43522 0.43522
109 0.49181 0.49181 0.45139 0.45139
110 0.50000 0.50000 0.46673 0.46673
111 0.50000 0.50000 0.48120 0.48120
112 0.50000 0.50000 0.49477 0.49477
113 0.50000 0.50000 0.50000 0.50000
114 0.50000 0.50000 0.50000 0.50000
115 0.50000 0.50000 0.50000 0.50000
116 0.50000 0.50000 0.50000 0.50000
117 0.50000 0.50000 0.50000 0.50000
118 0.50000 0.50000 0.50000 0.50000
119 0.50000 0.50000 0.50000 0.50000
120 1.00000 1.00000 1.00000 1.00000
(d) Social Security disabled lives. If the individual is Social Security disabled under paragraph (f)(1) of this section, the plan administrator will value the benefit using the following table.
Table 3 to Paragraph (d)—Social Security Disabled Lives Mortality Table
Age Male Female
16 0.012544 0.004759
17 0.007102 0.006541
18 0.005859 0.008035
19 0.009998 0.008369
20 0.008926 0.009224
21 0.008533 0.008144
22 0.008158 0.008616
23 0.008970 0.008127
24 0.008433 0.008318
25 0.008696 0.008851
26 0.009211 0.008002
27 0.009362 0.008694
28 0.009780 0.009477
29 0.010049 0.009664
30 0.011093 0.009417
31 0.011075 0.009985
32 0.010931 0.010524
33 0.011890 0.010648
34 0.012529 0.011252
35 0.012418 0.011450
36 0.013234 0.011448
37 0.013832 0.012135
38 0.014457 0.012579
39 0.015830 0.012619
40 0.016153 0.013578
41 0.016859 0.014243
42 0.017464 0.014520
43 0.018302 0.014773
44 0.019127 0.015630
45 0.020380 0.016131
46 0.021607 0.016874
47 0.023407 0.017547
48 0.023956 0.018198
49 0.025631 0.019281
50 0.026384 0.019413
51 0.027277 0.020343
52 0.028582 0.020488
53 0.030164 0.021316
54 0.031262 0.021960
55 0.031728 0.021969
56 0.033067 0.022897
57 0.034230 0.023556
58 0.035474 0.024159
59 0.036790 0.024958
60 0.037772 0.025905
61 0.039297 0.027414
62 0.039954 0.028394
63 0.041069 0.029795
64 0.042280 0.030776
65 0.039144 0.028230
66 0.043862 0.031667
67 0.046182 0.033318
68 0.048624 0.034728
69 0.052077 0.037341
70 0.055284 0.039491
71 0.058951 0.042134
72 0.062301 0.044962
73 0.067099 0.047548
74 0.071469 0.051148
75 0.075068 0.055271
76 0.080425 0.059382
77 0.085531 0.063489
78 0.091585 0.068675
79 0.098383 0.074929
80 0.104788 0.080536
81 0.113110 0.088455
82 0.122062 0.094573
83 0.131697 0.103589
84 0.140430 0.111345
85 0.151890 0.122160
86 0.165777 0.130844
87 0.176875 0.142631
88 0.188397 0.156112
89 0.206651 0.166591
90 0.223252 0.182064
91 0.235073 0.197059
92 0.249318 0.205768
93 0.267740 0.225325
94 0.277033 0.240441
95 0.284003 0.260724
96 0.298740 0.281817
97 0.313086 0.293156
98 0.328740 0.308400
99 0.345177 0.324436
100 0.362436 0.341307
101 0.380558 0.359055
102 0.399586 0.377726
103 0.419565 0.397368
104 0.440543 0.418031
105 0.462571 0.439768
106 0.485699 0.462636
107 0.509984 0.486693
108 0.535483 0.512001
109 0.562257 0.538626
110 0.590370 0.566634
111+ 1.000000 1.000000
(e) Non-Social Security disabled lives. If the individual is non-Social Security disabled under paragraph (f)(2) of this section, the plan administrator will value the benefit using generational mortality tables described in paragraph (c) of this section.
(f) Definitions of disability—(1) Social Security disabled. A participant is Social Security disabled if, on the valuation date, the participant is less than age 65 and has a benefit in pay status that—
(i) Is being received as a disability benefit under a plan provision requiring either receipt of or eligibility for Social Security disability benefits, or
(ii) Was converted under the plan's terms from a disability benefit under a plan provision requiring either receipt of or eligibility for Social Security disability benefits to an early or normal retirement benefit for any reason other than a change in the participant's health status.
(2) Non-Social Security disabled. A participant is non-Social Security disabled if, on the valuation date, the participant is less than age 65, is not Social Security disabled, and has a benefit in pay status that—
(i) Is being received as a disability benefit under the plan, or
(ii) Was converted under the plan's terms from a disability benefit to an early or normal retirement benefit for any reason other than a change in the participant's health status.
(g) Contingent annuitant mortality during deferral period. If a participant's joint and survivor benefit is valued as a deferred annuity, the mortality of the contingent annuitant during the deferral period will be disregarded.
(h) Missing participants mortality. The following mortality table is used to value benefits using “PBGC missing participants assumptions” under part 4050, subparts A, C, and D of this chapter.
Table 4 to Paragraph (h)—Missing Participants Unisex Mortality Table
Age Benefit determination dates in 2024 Benefit determination dates in 2025 Benefit determination dates in 2026
0 0.00207 0.00204 0.00202
1 0.00015 0.00014 0.00014
2 0.00010 0.00009 0.00009
3 0.00008 0.00007 0.00007
4 0.00006 0.00006 0.00006
5 0.00006 0.00005 0.00005
6 0.00005 0.00005 0.00005
7 0.00005 0.00005 0.00005
8 0.00004 0.00004 0.00004
9 0.00004 0.00004 0.00003
10 0.00004 0.00004 0.00004
11 0.00004 0.00004 0.00004
12 0.00005 0.00005 0.00005
13 0.00006 0.00006 0.00006
14 0.00008 0.00007 0.00007
15 0.00009 0.00009 0.00008
16 0.00010 0.00010 0.00010
17 0.00012 0.00012 0.00012
18 0.00014 0.00014 0.00014
19 0.00016 0.00015 0.00015
20 0.00016 0.00016 0.00016
21 0.00017 0.00016 0.00016
22 0.00017 0.00017 0.00017
23 0.00018 0.00018 0.00018
24 0.00019 0.00019 0.00019
25 0.00020 0.00019 0.00019
26 0.00021 0.00020 0.00020
27 0.00022 0.00021 0.00021
28 0.00023 0.00022 0.00022
29 0.00023 0.00023 0.00023
30 0.00025 0.00025 0.00024
31 0.00026 0.00026 0.00026
32 0.00028 0.00027 0.00027
33 0.00030 0.00030 0.00030
34 0.00032 0.00031 0.00031
35 0.00034 0.00034 0.00033
36 0.00036 0.00036 0.00035
37 0.00038 0.00038 0.00037
38 0.00040 0.00040 0.00039
39 0.00043 0.00042 0.00041
40 0.00044 0.00044 0.00043
41 0.00046 0.00045 0.00044
42 0.00048 0.00047 0.00046
43 0.00049 0.00049 0.00048
44 0.00052 0.00051 0.00050
45 0.00054 0.00053 0.00052
46 0.00058 0.00057 0.00056
47 0.00061 0.00060 0.00059
48 0.00065 0.00064 0.00064
49 0.00070 0.00069 0.00068
50 0.00076 0.00076 0.00075
51 0.00085 0.00084 0.00083
52 0.00095 0.00094 0.00092
53 0.00106 0.00105 0.00103
54 0.00120 0.00118 0.00117
55 0.00143 0.00141 0.00139
56 0.00177 0.00174 0.00172
57 0.00205 0.00202 0.00200
58 0.00239 0.00235 0.00232
59 0.00276 0.00273 0.00269
60 0.00321 0.00317 0.00313
61 0.00370 0.00365 0.00360
62 0.00441 0.00434 0.00428
63 0.00514 0.00507 0.00500
64 0.00577 0.00570 0.00562
65 0.00658 0.00650 0.00641
66 0.00748 0.00738 0.00729
67 0.00834 0.00823 0.00813
68 0.00928 0.00916 0.00904
69 0.01034 0.01021 0.01008
70 0.01155 0.01141 0.01127
71 0.01294 0.01278 0.01262
72 0.01452 0.01435 0.01417
73 0.01631 0.01611 0.01592
74 0.01837 0.01815 0.01794
75 0.02073 0.02049 0.02025
76 0.02345 0.02317 0.02291
77 0.02656 0.02626 0.02596
78 0.03012 0.02979 0.02945
79 0.03417 0.03382 0.03345
80 0.03899 0.03862 0.03823
81 0.04395 0.04356 0.04315
82 0.04959 0.04916 0.04872
83 0.05595 0.05549 0.05502
84 0.06317 0.06267 0.06217
85 0.07138 0.07083 0.07029
86 0.08063 0.08005 0.07947
87 0.09107 0.09044 0.08982
88 0.10286 0.10220 0.10154
89 0.11596 0.11526 0.11457
90 0.13036 0.12962 0.12889
91 0.14540 0.14463 0.14387
92 0.16090 0.16012 0.15933
93 0.17679 0.17601 0.17522
94 0.19284 0.19206 0.19127
95 0.20898 0.20822 0.20745
96 0.22620 0.22545 0.22467
97 0.24386 0.24311 0.24234
98 0.26196 0.26123 0.26048
99 0.28059 0.27986 0.27912
100 0.29960 0.29887 0.29814
101 0.31891 0.31817 0.31746
102 0.33825 0.33748 0.33676
103 0.35757 0.35673 0.35595
104 0.37670 0.37583 0.37502
105 0.39521 0.39436 0.39354
106 0.41327 0.41245 0.41166
107 0.43080 0.42999 0.42921
108 0.44743 0.44667 0.44595
109 0.46339 0.46271 0.46204
110 0.47628 0.47568 0.47508
111 0.48468 0.48417 0.48366
112 0.49268 0.49226 0.49184
113 0.49666 0.49634 0.49602
114 0.49795 0.49773 0.49751
115 0.49928 0.49915 0.49903
116 0.49960 0.49953 0.49945
117 0.49978 0.49973 0.49968
118 0.49995 0.49993 0.49990
119 0.50000 0.50000 0.50000
120 1.00000 1.00000 1.00000

Where this section sits in the code

Title 29—Labor
Subtitle B—Regulations Relating to Labor
CHAPTER XL—PENSION BENEFIT GUARANTY CORPORATION
SUBCHAPTER E—PLAN TERMINATIONS
PART 4044—ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS
Subpart B—Valuation of Benefits and Assets

(b) Certain death benefits. If an annuity for one person is in pay status on the valuation date, and if the payment of a death benefit after the valuation date to another person, who need not be identifiable on the valuation date, depends in whole or in part on the death of the pay status annuitant, then the plan administrator shall value the death benefit using—

(1) The mortality rates that are applicable to the annuity in pay status under this section to represent the mortality of the pay status annuitant; and

(2) The mortality rates under paragraph (c) of this section to represent the mortality of the death beneficiary.

(c) Healthy lives—(1) In general. If the individual is not disabled under paragraph (f) of this section, the plan administrator must value the benefit using generational mortality tables described in this paragraph (c).

(i) Construction of generational mortality tables. The generational mortality tables in this paragraph (c) are constructed from the base mortality tables described in paragraph (c)(1)(ii) of this section and the mortality improvement rates described in paragraph (c)(1)(iii) of this section.

(ii) Base mortality tables. The base mortality tables are set forth in paragraph (c)(5) of this section. The base year for those tables is 2012.

(iii) Mortality improvement rates. The mortality improvement rates are the Scale MP-2021 Rates described in the Mortality Improvement Scale MP-2021 Report.

(iv) Incorporation by reference. The Mortality Improvement Scale MP-2021 Report, October 2021 is incorporated by reference into this section with the approval of the Director of the Federal Register under 5 U.S.C. 552(a) and 1 CFR part 51. This incorporation by reference (IBR) material is available for inspection at PBGC and at the National Archives and Records Administration (NARA). Contact PBGC at: Disclosure Division, Office of the General Counsel, Pension Benefit Guaranty Corporation; 445 12th Street SW, Washington, DC 20024; 202-326-4040. For information on the availability of this material at NARA, visit www.archives.gov/federal-register/cfr/ibr-locations.html or email fr.inspection@nara.gov. The material may be obtained from the Society of Actuaries at: Society of Actuaries, 475 N. Martingale Rd., Suite 600, Schaumburg, IL 60173; (847) 706-3500; https://www.soa.org/resources/experience-studies/2021/mortality-improvement-scale-mp-2021.

(2) Application of mortality improvement rates—(i) In general. Under the generational mortality tables described in this paragraph (c), the probability of an individual's death at a particular age in the future is determined as the individual's base mortality rate that applies at that age (that is, the applicable mortality rate from the tables set forth in paragraph (c)(5) of this section for that age, gender, and status as an annuitant or a non-annuitant) multiplied by the cumulative mortality improvement factor for the individual's gender and for that age for the period from 2012 through the calendar year in which the individual is projected to reach the particular age. Paragraph (c)(3) of this section provides an example that illustrates how the base mortality tables in paragraph (c)(5) of this section and the Scale MP-2021 mortality improvement rates are combined to determine projected mortality rates.

(ii) Cumulative mortality improvement factor. The cumulative mortality improvement factor for an age and gender for a period is the product of the annual mortality improvement factors for that age and gender for each year within that period.

(iii) Annual mortality improvement factor. The annual mortality improvement factor for an age and gender for a year is 1 minus the mortality improvement rate that applies for that age and gender for that year. If that annual mortality improvement rate is greater than 1 (corresponding to a negative mortality improvement rate), then the projected mortality rate for that age and gender for that year is greater than the projected mortality rate for the same age and gender for the preceding year.

(3) Example of calculation using scale MP-2021 rates—(i) Calculation of mortality rate. The mortality rate that is applied to male annuitants who are age 67 in 2024 is equal to the product of the mortality rate for 2012 that applied to male annuitants who were age 67 in 2012 (0.01288) and the cumulative mortality improvement factor for age 67 males from 2012 to 2024. The cumulative mortality improvement factor for age 67 males for the period from 2012 to 2024 is 0.9867, and the mortality rate for 2024 for male annuitants who are age 67 in that year would be 0.01271, as shown in the following table.

Table 1 to Paragraph (c)(3)(i)—Example Mortality Rate Calculation

Calendar year Scale MP-2021 mortality improvement rate Annual mortality improvement factor (1-mortality improvement rate) Cumulative mortality improvement factor Mortality rate

2012 n/a n/a n/a 0.01288

2013 0.0052 0.9948 0.9948

2014 0.0027 0.9973 0.9921

2015 0.0009 0.9991 0.9912

2016 (0.0003) 1.0003 0.9915

2017 (0.0010) 1.0010 0.9925

2018 (0.0016) 1.0016 0.9941

2019 (0.0016) 1.0016 0.9957

2020 (0.0010) 1.0010 0.9967

2021 0.0000 1.0000 0.9967

2022 0.0015 0.9985 0.9952

2023 0.0033 0.9967 0.9919

2024 0.0052 0.9948 0.9867 0.01271

(ii) Probability of survival for an individual. After the projected mortality rates are derived for each age for each year, the rates are used to calculate the present value of a benefit stream that depends on the probability of survival year-by-year. For example, using the Scale MP-2021 rates, for purposes of calculating the present value of future payments in a benefit stream payable for a male annuitant who is age 67 in 2024, the probability of survival for the annuitant is based on the mortality rate for a male annuitant who is age 67 in 2024 (0.01271), and the projected mortality rate for a male annuitant who will be age 68 in 2025 (0.01369), age 69 in 2026 (0.01478), and so on.

(4) Use of the tables—(i) Separate tables for annuitants and non-annuitants. Separate mortality tables are provided for use for annuitants and non-annuitants. The non-annuitant mortality tables are applied to determine the probability of survival for a non-annuitant for the period before the non-annuitant is projected to commence receiving benefits. The annuitant mortality tables are applied to determine the present value of benefits for each annuitant. In addition, the annuitant mortality tables are applied for each non-annuitant with respect to each assumed commencement of benefits for the period beginning with that assumed commencement. For purposes of this section, an annuitant means a plan participant who has commenced receiving benefits, and a non-annuitant means a plan participant who has not yet commenced receiving benefits (for example, an active employee or a terminated vested participant). A participant whose benefit has partially commenced is treated as an annuitant for the portion of the benefit that has commenced and treated as a non-annuitant for the balance of the benefit. In addition, for a beneficiary of a participant, the annuitant mortality tables apply for the period beginning with each assumed commencement of benefits for the participant. If the participant has died (or to the extent the participant is assumed to die before commencing benefits), the annuitant mortality tables apply with respect to the beneficiary for the period beginning with each assumed commencement of benefits for the beneficiary.

(ii) Examples of calculation using separate non-annuitant and annuitant tables. For a 45-year-old active participant who is projected to commence receiving an annuity at age 55, benefit liabilities are determined using the non-annuitant mortality tables for the period before the participant attains age 55 and using the annuitant mortality tables for the period ages 55 and above. Similarly, for a 45-year-old terminated vested participant who is projected to commence an annuity at age 65, benefit liabilities are determined using the non-annuitant mortality tables for the period before the participant attains age 65 and using the annuitant mortality tables for ages 65 and above.

(5) Base mortality tables. The following are the base mortality tables. The base year for these tables is 2012.

Table 2 to Paragraph (c)(5)—Healthy Lives Base Mortality Table

Age Males Females

Non-annuitant Annuitant Non-annuitant Annuitant

0 0.00650 0.00650 0.00544 0.00544

1 0.00045 0.00045 0.00038 0.00038

2 0.00030 0.00030 0.00023 0.00023

3 0.00022 0.00022 0.00018 0.00018

4 0.00019 0.00019 0.00013 0.00013

5 0.00016 0.00016 0.00012 0.00012

6 0.00014 0.00014 0.00011 0.00011

7 0.00013 0.00013 0.00010 0.00010

8 0.00011 0.00011 0.00009 0.00009

9 0.00009 0.00009 0.00009 0.00009

10 0.00008 0.00008 0.00009 0.00009

11 0.00009 0.00009 0.00009 0.00009

12 0.00013 0.00013 0.00010 0.00010

13 0.00017 0.00017 0.00012 0.00012

14 0.00022 0.00022 0.00013 0.00013

15 0.00028 0.00028 0.00013 0.00013

16 0.00034 0.00034 0.00014 0.00014

17 0.00040 0.00040 0.00015 0.00015

18 0.00046 0.00046 0.00015 0.00015

19 0.00053 0.00053 0.00015 0.00015

20 0.00056 0.00056 0.00015 0.00015

21 0.00056 0.00056 0.00015 0.00015

22 0.00056 0.00056 0.00016 0.00016

23 0.00055 0.00055 0.00018 0.00018

24 0.00055 0.00055 0.00019 0.00019

25 0.00054 0.00054 0.00019 0.00019

26 0.00054 0.00054 0.00019 0.00019

27 0.00054 0.00054 0.00020 0.00020

28 0.00054 0.00054 0.00020 0.00020

29 0.00054 0.00054 0.00020 0.00020

30 0.00055 0.00055 0.00021 0.00021

31 0.00055 0.00055 0.00022 0.00022

32 0.00056 0.00056 0.00023 0.00023

33 0.00058 0.00058 0.00025 0.00025

34 0.00059 0.00059 0.00026 0.00026

35 0.00061 0.00061 0.00028 0.00028

36 0.00063 0.00063 0.00031 0.00031

37 0.00065 0.00065 0.00034 0.00034

38 0.00068 0.00068 0.00036 0.00036

39 0.00071 0.00071 0.00040 0.00040

40 0.00074 0.00074 0.00043 0.00043

41 0.00077 0.00082 0.00047 0.00049

42 0.00081 0.00099 0.00051 0.00061

43 0.00086 0.00124 0.00055 0.00078

44 0.00091 0.00158 0.00060 0.00101

45 0.00097 0.00200 0.00065 0.00130

46 0.00105 0.00251 0.00071 0.00165

47 0.00113 0.00310 0.00077 0.00206

48 0.00123 0.00378 0.00083 0.00252

49 0.00134 0.00454 0.00090 0.00304

50 0.00147 0.00539 0.00098 0.00362

51 0.00161 0.00544 0.00107 0.00426

52 0.00177 0.00565 0.00116 0.00495

53 0.00194 0.00588 0.00126 0.00500

54 0.00213 0.00616 0.00137 0.00512

55 0.00234 0.00647 0.00148 0.00517

56 0.00257 0.00686 0.00161 0.00522

57 0.00281 0.00728 0.00175 0.00528

58 0.00308 0.00770 0.00190 0.00561

59 0.00338 0.00811 0.00206 0.00601

60 0.00369 0.00848 0.00224 0.00643

61 0.00403 0.00882 0.00243 0.00690

62 0.00441 0.00918 0.00264 0.00743

63 0.00481 0.00960 0.00287 0.00796

64 0.00525 0.01014 0.00312 0.00859

65 0.00573 0.01087 0.00339 0.00928

66 0.00636 0.01178 0.00380 0.01003

67 0.00706 0.01288 0.00427 0.01089

68 0.00784 0.01418 0.00480 0.01192

69 0.00870 0.01564 0.00540 0.01309

70 0.00967 0.01729 0.00606 0.01444

71 0.01073 0.01914 0.00681 0.01597

72 0.01192 0.02121 0.00765 0.01770

73 0.01323 0.02354 0.00860 0.01967

74 0.01469 0.02613 0.00966 0.02192

75 0.01632 0.02905 0.01085 0.02445

76 0.01812 0.03233 0.01219 0.02727

77 0.02012 0.03604 0.01370 0.03042

78 0.02234 0.04026 0.01539 0.03391

79 0.02480 0.04504 0.01729 0.03775

80 0.02754 0.05046 0.01943 0.04198

81 0.02989 0.05657 0.02134 0.04663

82 0.03460 0.06343 0.02516 0.05178

83 0.04166 0.07114 0.03089 0.05754

84 0.05108 0.07977 0.03853 0.06401

85 0.06285 0.08946 0.04808 0.07132

86 0.07698 0.10032 0.05955 0.07954

87 0.09346 0.11248 0.07293 0.08879

88 0.11229 0.12600 0.08822 0.09936

89 0.13348 0.14088 0.10542 0.11124

90 0.15703 0.15703 0.12453 0.12453

91 0.17401 0.17401 0.13818 0.13818

92 0.19151 0.19151 0.15250 0.15250

93 0.20936 0.20936 0.16737 0.16737

94 0.22742 0.22742 0.18274 0.18274

95 0.24569 0.24569 0.19863 0.19863

96 0.26415 0.26415 0.21509 0.21509

97 0.28281 0.28281 0.23214 0.23214

98 0.30169 0.30169 0.24983 0.24983

99 0.32077 0.32077 0.26814 0.26814

100 0.33996 0.33996 0.28698 0.28698

101 0.35910 0.35910 0.30619 0.30619

102 0.37794 0.37794 0.32549 0.32549

103 0.39633 0.39633 0.34472 0.34472

104 0.41415 0.41415 0.36375 0.36375

105 0.43131 0.43131 0.38243 0.38243

106 0.44771 0.44771 0.40065 0.40065

107 0.46329 0.46329 0.41828 0.41828

108 0.47800 0.47800 0.43522 0.43522

109 0.49181 0.49181 0.45139 0.45139

110 0.50000 0.50000 0.46673 0.46673

111 0.50000 0.50000 0.48120 0.48120

112 0.50000 0.50000 0.49477 0.49477

113 0.50000 0.50000 0.50000 0.50000

114 0.50000 0.50000 0.50000 0.50000

115 0.50000 0.50000 0.50000 0.50000

116 0.50000 0.50000 0.50000 0.50000

117 0.50000 0.50000 0.50000 0.50000

118 0.50000 0.50000 0.50000 0.50000

119 0.50000 0.50000 0.50000 0.50000

120 1.00000 1.00000 1.00000 1.00000

(d) Social Security disabled lives. If the individual is Social Security disabled under paragraph (f)(1) of this section, the plan administrator will value the benefit using the following table.

Table 3 to Paragraph (d)—Social Security Disabled Lives Mortality Table

Age Male Female

16 0.012544 0.004759

17 0.007102 0.006541

18 0.005859 0.008035

19 0.009998 0.008369

20 0.008926 0.009224

21 0.008533 0.008144

22 0.008158 0.008616

23 0.008970 0.008127

24 0.008433 0.008318

25 0.008696 0.008851

26 0.009211 0.008002

27 0.009362 0.008694

28 0.009780 0.009477

29 0.010049 0.009664

30 0.011093 0.009417

31 0.011075 0.009985

32 0.010931 0.010524

33 0.011890 0.010648

34 0.012529 0.011252

35 0.012418 0.011450

36 0.013234 0.011448

37 0.013832 0.012135

38 0.014457 0.012579

39 0.015830 0.012619

40 0.016153 0.013578

41 0.016859 0.014243

42 0.017464 0.014520

43 0.018302 0.014773

44 0.019127 0.015630

45 0.020380 0.016131

46 0.021607 0.016874

47 0.023407 0.017547

48 0.023956 0.018198

49 0.025631 0.019281

50 0.026384 0.019413

51 0.027277 0.020343

52 0.028582 0.020488

53 0.030164 0.021316

54 0.031262 0.021960

55 0.031728 0.021969

56 0.033067 0.022897

57 0.034230 0.023556

58 0.035474 0.024159

59 0.036790 0.024958

60 0.037772 0.025905

61 0.039297 0.027414

62 0.039954 0.028394

63 0.041069 0.029795

64 0.042280 0.030776

65 0.039144 0.028230

66 0.043862 0.031667

67 0.046182 0.033318

68 0.048624 0.034728

69 0.052077 0.037341

70 0.055284 0.039491

71 0.058951 0.042134

72 0.062301 0.044962

73 0.067099 0.047548

74 0.071469 0.051148

75 0.075068 0.055271

76 0.080425 0.059382

77 0.085531 0.063489

78 0.091585 0.068675

79 0.098383 0.074929

80 0.104788 0.080536

81 0.113110 0.088455

82 0.122062 0.094573

83 0.131697 0.103589

84 0.140430 0.111345

85 0.151890 0.122160

86 0.165777 0.130844

87 0.176875 0.142631

88 0.188397 0.156112

89 0.206651 0.166591

90 0.223252 0.182064

91 0.235073 0.197059

92 0.249318 0.205768

93 0.267740 0.225325

94 0.277033 0.240441

95 0.284003 0.260724

96 0.298740 0.281817

97 0.313086 0.293156

98 0.328740 0.308400

99 0.345177 0.324436

100 0.362436 0.341307

101 0.380558 0.359055

102 0.399586 0.377726

103 0.419565 0.397368

104 0.440543 0.418031

105 0.462571 0.439768

106 0.485699 0.462636

107 0.509984 0.486693

108 0.535483 0.512001

109 0.562257 0.538626

110 0.590370 0.566634

111+ 1.000000 1.000000

(e) Non-Social Security disabled lives. If the individual is non-Social Security disabled under paragraph (f)(2) of this section, the plan administrator will value the benefit using generational mortality tables described in paragraph (c) of this section.

(f) Definitions of disability—(1) Social Security disabled. A participant is Social Security disabled if, on the valuation date, the participant is less than age 65 and has a benefit in pay status that—

(i) Is being received as a disability benefit under a plan provision requiring either receipt of or eligibility for Social Security disability benefits, or

(ii) Was converted under the plan's terms from a disability benefit under a plan provision requiring either receipt of or eligibility for Social Security disability benefits to an early or normal retirement benefit for any reason other than a change in the participant's health status.

(2) Non-Social Security disabled. A participant is non-Social Security disabled if, on the valuation date, the participant is less than age 65, is not Social Security disabled, and has a benefit in pay status that—

(i) Is being received as a disability benefit under the plan, or

(ii) Was converted under the plan's terms from a disability benefit to an early or normal retirement benefit for any reason other than a change in the participant's health status.

(g) Contingent annuitant mortality during deferral period. If a participant's joint and survivor benefit is valued as a deferred annuity, the mortality of the contingent annuitant during the deferral period will be disregarded.

(h) Missing participants mortality. The following mortality table is used to value benefits using “PBGC missing participants assumptions” under part 4050, subparts A, C, and D of this chapter.

Table 4 to Paragraph (h)—Missing Participants Unisex Mortality Table

Age Benefit determination dates in 2024 Benefit determination dates in 2025 Benefit determination dates in 2026

0 0.00207 0.00204 0.00202

1 0.00015 0.00014 0.00014

2 0.00010 0.00009 0.00009

3 0.00008 0.00007 0.00007

4 0.00006 0.00006 0.00006

5 0.00006 0.00005 0.00005

6 0.00005 0.00005 0.00005

7 0.00005 0.00005 0.00005

8 0.00004 0.00004 0.00004

9 0.00004 0.00004 0.00003

10 0.00004 0.00004 0.00004

11 0.00004 0.00004 0.00004

12 0.00005 0.00005 0.00005

13 0.00006 0.00006 0.00006

14 0.00008 0.00007 0.00007

15 0.00009 0.00009 0.00008

16 0.00010 0.00010 0.00010

17 0.00012 0.00012 0.00012

18 0.00014 0.00014 0.00014

19 0.00016 0.00015 0.00015

20 0.00016 0.00016 0.00016

21 0.00017 0.00016 0.00016

22 0.00017 0.00017 0.00017

23 0.00018 0.00018 0.00018

24 0.00019 0.00019 0.00019

25 0.00020 0.00019 0.00019

26 0.00021 0.00020 0.00020

27 0.00022 0.00021 0.00021

28 0.00023 0.00022 0.00022

29 0.00023 0.00023 0.00023

30 0.00025 0.00025 0.00024

31 0.00026 0.00026 0.00026

32 0.00028 0.00027 0.00027

33 0.00030 0.00030 0.00030

34 0.00032 0.00031 0.00031

35 0.00034 0.00034 0.00033

36 0.00036 0.00036 0.00035

37 0.00038 0.00038 0.00037

38 0.00040 0.00040 0.00039

39 0.00043 0.00042 0.00041

40 0.00044 0.00044 0.00043

41 0.00046 0.00045 0.00044

42 0.00048 0.00047 0.00046

43 0.00049 0.00049 0.00048

44 0.00052 0.00051 0.00050

45 0.00054 0.00053 0.00052

46 0.00058 0.00057 0.00056

47 0.00061 0.00060 0.00059

48 0.00065 0.00064 0.00064

49 0.00070 0.00069 0.00068

50 0.00076 0.00076 0.00075

51 0.00085 0.00084 0.00083

52 0.00095 0.00094 0.00092

53 0.00106 0.00105 0.00103

54 0.00120 0.00118 0.00117

55 0.00143 0.00141 0.00139

56 0.00177 0.00174 0.00172

57 0.00205 0.00202 0.00200

58 0.00239 0.00235 0.00232

59 0.00276 0.00273 0.00269

60 0.00321 0.00317 0.00313

61 0.00370 0.00365 0.00360

62 0.00441 0.00434 0.00428

63 0.00514 0.00507 0.00500

64 0.00577 0.00570 0.00562

65 0.00658 0.00650 0.00641

66 0.00748 0.00738 0.00729

67 0.00834 0.00823 0.00813

68 0.00928 0.00916 0.00904

69 0.01034 0.01021 0.01008

70 0.01155 0.01141 0.01127

71 0.01294 0.01278 0.01262

72 0.01452 0.01435 0.01417

73 0.01631 0.01611 0.01592

74 0.01837 0.01815 0.01794

75 0.02073 0.02049 0.02025

76 0.02345 0.02317 0.02291

77 0.02656 0.02626 0.02596

78 0.03012 0.02979 0.02945

79 0.03417 0.03382 0.03345

80 0.03899 0.03862 0.03823

81 0.04395 0.04356 0.04315

82 0.04959 0.04916 0.04872

83 0.05595 0.05549 0.05502

84 0.06317 0.06267 0.06217

85 0.07138 0.07083 0.07029

86 0.08063 0.08005 0.07947

87 0.09107 0.09044 0.08982

88 0.10286 0.10220 0.10154

89 0.11596 0.11526 0.11457

90 0.13036 0.12962 0.12889

91 0.14540 0.14463 0.14387

92 0.16090 0.16012 0.15933

93 0.17679 0.17601 0.17522

94 0.19284 0.19206 0.19127

95 0.20898 0.20822 0.20745

96 0.22620 0.22545 0.22467

97 0.24386 0.24311 0.24234

98 0.26196 0.26123 0.26048

99 0.28059 0.27986 0.27912

100 0.29960 0.29887 0.29814

101 0.31891 0.31817 0.31746

102 0.33825 0.33748 0.33676

103 0.35757 0.35673 0.35595

104 0.37670 0.37583 0.37502

105 0.39521 0.39436 0.39354

106 0.41327 0.41245 0.41166

107 0.43080 0.42999 0.42921

108 0.44743 0.44667 0.44595

109 0.46339 0.46271 0.46204

110 0.47628 0.47568 0.47508

111 0.48468 0.48417 0.48366

112 0.49268 0.49226 0.49184

113 0.49666 0.49634 0.49602

114 0.49795 0.49773 0.49751

115 0.49928 0.49915 0.49903

116 0.49960 0.49953 0.49945

117 0.49978 0.49973 0.49968

118 0.49995 0.49993 0.49990

119 0.50000 0.50000 0.50000

120 1.00000 1.00000 1.00000

Collected 2026-08-27T02:25:20Z. Source file · JSON

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