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Table Identity
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834
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Provider Domain
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soa.org
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Provider Name
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Stephen J. Strommen
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Table Reference
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Society of Actuaries Group Annuity Valuation Task Force, “1994 Group Annuity Mortality Table and 1994 Group Annuity Reserving Table”, Transactions Society of Actuaries Vol. XLVII, (Chicago, 1995), Table 18 p. 898-899. Accessed: January, 2013 from http://www.soa.org/library/research/transactions-of-society-of-actuaries/1990-95/1995/january/tsa95v4722.pdf, p. 34-35.
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Content Type
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Annuitant Mortality
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Table Name
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1994 GAM Static – Female, ANB
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Table Description
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1994 Group Annuitant Mortality (GAM) Static – Female. Basis: Age Nearest Birthday. Minimum Age: 1 Maximum Age: 120
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Comments
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Study Data: The 1994 Static Table is the 1994 Basic Table with an explicit loading for mortality improvement. The 1994 Basic Table was later renamed UP-94 (SOA Table Identities 832 and 833). Note that the 1994 Group Annuity Reserving table (1994-GAR) is then a combination of this 1994 GAM Static Table and Projection Scale AA (SOA Table Identities 923 and 924. Methodology: Rates for ages 66–95 were based on group annuitant experience data from 1985 to 1990. Rates for ages 25–65 were based on 1985–1989 (retired) and 1983–1986 (active) federal Civil Service Retirement System (CSRS) experience. Active and retired experiences were blended for ages 51–65. Rates at extreme ages (over 95 and under 25) were taken from 1990 life tables published in the Social Security Administration’s Actuarial Study No. 107. For ages 96 to 119, a maximum rate of 0.5 was set; at age 120, the rate was set at 1.0. All rates were trended to 1994 based on CSRS experience and benefit weighted in construction of final tables. The CSRS data was used to trend experience because of the large database and CSRS data had been used to extend the table for active lives. The conclusion was to add 2% to the 5% statistical margin to produce a total 7% margin. It is anticipated that this margin produces reserves that are adequate to cover various business characteristics and random variations. No margin was applied to the mortality rates of 0.5 at ages 112 and older. A modified Karup-King graduation process was used to obtain a smooth transition from the rates under age 103 to the rates atage 112 and above Data Transcription Errors Detected: 01/2013. Data Corrected and Certified: 01/2013. The value for age 83 has been changed to be consistent with the derivation of the other values in this table.
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