The 2024+ dynamic mortality table series is based on the PRI-2012 mortality table (base year 2012) projected and further adjusted under a methodology outlined in the Preamble to Proposed Regulation §1.430(h)(3)–1 and Notice 2023-73. By following this published methodology, we calculate the expected, or anticipated, static mortality table rates for any given year in the future. ProAdmin contains certain Mortality Rate Reference Table library entries that automatically produce these expected future tables during Calculations; we refer to them as “dynamic” mortality tables (although the mortality rate table for any given year is a static table; thus, the library entry can be considered a collection of static tables).

• IRS 2024+ Applicable Mortality Table for 417(e) (dynamic)

• IRS 2024+ Applicable Mortality Table for 417(e), 0 Pre-Commencement (dynamic)

• IRS 2024+ Small Plan Combined Static Mortality (dynamic)

• IRS 2024+ Small Plan Combined Static Mortality, 0 Pre-Commencement (dynamic)

Rather than containing just fixed sets of mortality rates, these tables specify mortality calculations expected to be issued by the IRS. None of the dynamic tables can be changed by the user and the values they produce depend on the plan year for which they will be used. That is, the 2024 mortality rates will be used for the 2024 plan year (assumed to begin on a date in 2024) or the 2024 calendar year, the 2025 rates will be used for the 2025 plan or calendar year and so forth. If you open one of these dynamic tables in the Mortality Rate Table library, you will be required to enter the year for the rates you wish to View and the values for that year (only) will be displayed in the View.

In any year for which the static tables have already been issued by the IRS, the dynamic tables will contain the actual published rates, rather than a projection of expected rates.

The following example outlines the steps in the calculation of the rates for 2024 for the four IRS tables:

1. Start with PRI-2012 with separate rates for annuitants and non-annuitants (and for males and females).
2. The mortality improvement rates for valuation dates occurring during 2024 are the mortality improvement rates contained in the Mortality Improvement Scale MP-2021 Report (issued by the Retirement Plans Experience Committee (RPEC) of the Society of Actuaries), and further adjusted as per Notice 2023-73. The adjusted rates are provided in ProAdmin in a Mortality Improvement Scale named “IRS 2024 Adjusted Scale MP-2021.” The IRS is expected to publish updated mortality improvement scales for future plan or calendar years annually. 
3. Projection of mortality improvements--General rule.  The static mortality tables for a calendar year are determined by multiplying the applicable mortality rate for each age from the base mortality tables by both:
1. The cumulative mortality improvement factor for the period from 2012 through that calendar year, based on the applicable mortality improvement scale for that year; and
2. The cumulative mortality improvement factor, based on the applicable mortality improvement scale for that year, for the period beginning in that calendar year and continuing beyond that calendar year for the number of years in the projection period described in (4) below. 
4. Projection period for static mortality tables:
   1. In general, the projection period is 8 years for males and 9 years for females, as adjusted based on age below. 
   2. Age adjustment: For ages below 80, the projection period is increased by 1 year for each year below age 80. For ages above 80, the projection period is reduced (but not below zero) by ? year for each year above 80. 
   3. Fractional projection periods: If for an age the number of years in the projection period determined under this paragraph is not a whole number, then the mortality rate for that age is determined by using linear interpolation between:
   1. The mortality rate for that age that would be determined if the number of years in the projection period were the next lower whole number; and
   2. The mortality rate for that age that would be determined if the number of years in the projection period were the next higher whole number.

5. Create the small plan combined table using the applicable weighting factors at each age, to combine annuitant and non-annuitant mortality for each age.

The calculations underlying the “IRS 2024+ Small Plan Combined Static Mortality (dynamic)” table end here.

To produce dynamic applicable mortality tables for IRC section 417(e) purposes after 2024, after step 5 above, blend the male and female rates with an equal (50/50) weighting of male and female rates. 

To produce any of the three dynamic mortality tables that contain rates of 0 for pre-commencement mortality, enter the relevant rates into the Post-Commencement columns and enter 0 at all ages in the Pre-Commencement columns.