U.S. Public Pension Plan Mortality Study and Tables
Background and Purpose
This research will provide detailed insights into the risk factors that drive U.S. public-sector pension plan mortality experience. The public-sector pension plan mortality experience collected for this research will be aggregated, de-identified, and made available for further analysis. In addition, mortality tables based on this public-sector pension plan experience will be developed for use in the valuation and risk management of public-sector pension plans.
Research Objective and Deliverables
This research will collect 2014–2020 mortality experience data from approximately 40 public pension systems in the U.S. with approximately 100,000 deaths per calendar year. This data will form the basis of a dataset of robust, statistically credible, mortality experience. Mortality rates, actual to expected ratios, and other metrics will be calculated and added to the aggregated, de-identified experience data and this data will be made available via Excel pivot tables, csv files and/or data visualization data downloads. The data will be analyzed, and the results will be presented in a report and also provided through multiple data visualization dashboards. The data, the report and the data visualizations will be available for purchase, with systems that contributed data to the study receiving a significant discount. The public pension mortality tables will be made publicly available after they have been reviewed through a public exposure process.
Target Audience and Impact
Public pension plan system fiduciaries, administrators and consultants need the updated industry-wide mortality tables, data and insights to inform decision-making and consulting advice. The resulting mortality tables will be the most current tables available based explicitly on public pension plan mortality.
Estimated Cost
$400,000–500,000, partial support is welcome.
Estimated Timeline
Report, data and analysis expected to be available for purchase in 2024. Mortality tables expected to be released to the public in 2025.