Mortality Tables for Determining Present Value, 29456-29472 [07-2631]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 72, Number 102 (Tuesday, May 29, 2007)]
[Proposed Rules]
[Pages 29456-29472]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 07-2631]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-143601-06]
RIN 1545-BG30


Mortality Tables for Determining Present Value

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice of proposed rulemaking.

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SUMMARY: This document contains proposed regulations providing 
mortality tables to be used in determining present value or making any 
computation for purposes of applying certain pension funding 
requirements. These regulations affect sponsors, administrators, 
participants, and beneficiaries of certain retirement plans.

DATES: Written or electronic comments and requests for a public hearing 
must be received by August 27, 2007.

ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-143601-06), room 
5203, Internal Revenue Service, PO Box 7604, Ben Franklin Station, 
Washington, DC 20044. Submissions may be hand-delivered Monday through 
Friday between the hours of 8 a.m. and 4 p.m. to CC:PA:LPD:PR (REG-
143601-06), Courier's Desk, Internal Revenue Service, 1111 Constitution 
Avenue, NW., Washington, DC, or sent electronically, via the Federal 
eRulemaking Portal at https://www.regulations.gov (IRS-REG-143601-06).

FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Bruce 
Perlin, Lauson C. Green, or Linda S.F. Marshall at (202) 622-6090; 
concerning submissions and requests for a public hearing, Kelly Banks 
at (202) 622-7180 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

    Section 412 provides minimum funding requirements for defined 
benefit pension plans. The Pension Protection Act of 2006 (PPA), Public 
Law 109-280 (120 Stat. 780), makes extensive changes to those minimum 
funding requirements that generally apply for plan years beginning on 
or after January 1, 2008. Section 430, which was added by PPA, 
specifies the minimum funding requirements that apply to defined 
benefit plans that are not multiemployer plans pursuant to

[[Page 29457]]

section 412.\1\ Section 430(a) defines the minimum required 
contribution for a defined benefit plan that is not a multiemployer 
plan by reference to the plan's funding target for the plan year. Under 
section 430(d)(1), a plan's funding target for a plan year generally is 
the present value of all benefits accrued or earned under the plan as 
of the beginning of the plan year.
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    \1\ Section 302 of the Employee Retirement Income Security Act 
of 1974, as amended (ERISA) sets forth funding rules that are 
parallel to those in section 412 of the Internal Revenue Code 
(Code), and section 303 of ERISA sets forth additional funding rules 
for defined benefit plans (other than multiemployer plans) that are 
parallel to those in section 430 of the Code. Under section 101 of 
Reorganization Plan No. 4 of 1978 (43 FR 47713) and section 302 of 
ERISA, the Secretary of the Treasury has interpretive jurisdiction 
over the subject matter addressed in these proposed regulations for 
purposes of ERISA, as well as the Code. Thus, these proposed 
Treasury regulations issued under section 430 of the Code apply as 
well for purposes of section 303 of ERISA.
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    Section 430(h)(3) provides rules regarding the mortality tables to 
be used under section 430. Under section 430(h)(3)(A), except as 
provided in section 430(h)(3)(C) or (D), the Secretary is to prescribe 
by regulation mortality tables to be used in determining any present 
value or making any computation under section 430. Those tables are to 
be based on the actual experience of pension plans and projected trends 
in such experience. In prescribing those tables, the Secretary is 
required to take into account results of available independent studies 
of mortality of individuals covered by pension plans. This standard for 
issuing the mortality table under section 430(h)(3)(A) is the same as 
the standard for issuing updated mortality tables pursuant to the 
review under section 412(l)(7)(C)(ii)(III) of the mortality table used 
in determining a plan's current liability pursuant to section 
412(l)(7)(C)(ii)(I) for plan years before the effective date of the PPA 
changes.
    Section 430(h)(3)(C) provides rules for a plan sponsor's use of 
substitute mortality tables. Upon the request of a plan sponsor and 
approval by the Secretary, mortality tables that meet the requirements 
for substitute mortality tables are used in determining present value 
or making any computation under section 430 during the period of 
consecutive plan years (not to exceed 10) specified in the request. 
Substitute mortality tables cease to be in effect as of the earliest of 
the date on which there is a significant change in the participants in 
the plan by reason of a plan spinoff or merger or otherwise, or the 
date on which the plan actuary determines that those tables do not meet 
the requirements for substitute mortality tables. The plan sponsor's 
request to use substitute mortality tables is to be made at least 7 
months before the first day of the first plan year for which substitute 
mortality tables are to apply. A request to use substitute mortality 
tables is deemed approved unless the Secretary denies approval for the 
use of those mortality tables within 180 days of the request (subject 
to extension of this period by mutual agreement).
    Mortality tables meet the requirements for substitute mortality 
tables if the pension plan has a sufficient number of plan participants 
and the plan has been maintained for a sufficient period of time in 
order to have credible mortality experience, and such tables reflect 
the actual experience of the plan and projected trends in general 
mortality experience of participants in pension plans. Except as 
provided by the Secretary, a plan sponsor cannot use substitute 
mortality tables for any plan unless substitute mortality tables are 
established and used for each other plan maintained by the plan sponsor 
and the plan sponsor's controlled group.
    Section 430(h)(3)(D) provides for the use of separate mortality 
tables with respect to certain individuals who are entitled to benefits 
on account of disability. These separate mortality tables are permitted 
to be used with respect to disabled individuals in lieu of the 
generally applicable mortality tables provided pursuant to section 
430(h)(3)(A) or the substitute mortality tables under section 
430(h)(3)(C). The Secretary is to establish separate tables for 
individuals with disabilities occurring in plan years beginning before 
January 1, 1995, and in later plan years, with the mortality tables for 
individuals with disabilities occurring in those later plan years 
applying only to individuals who are disabled within the meaning of 
Title II of the Social Security Act.
    Section 431, which was added by PPA, specifies the minimum funding 
requirements that apply to multiemployer plans. Under section 
431(c)(6)(B), a plan's full funding limitation cannot be less than the 
excess (if any) of 90 percent of the current liability of the plan 
(including the expected increase in current liability due to benefits 
accruing during the plan year) over the value of the plan's assets. 
Section 431(c)(6)(D)(iv)(II) provides that the Secretary may by 
regulation prescribe mortality tables to be used in determining a 
plan's current liability for purposes of section 431(c)(6). The 
standards for these mortality tables are the same as the standards for 
mortality tables to be prescribed under section 430(h)(3)(A). Section 
431(c)(6)(D)(iv)(I) provides that, until mortality tables are 
prescribed under section 431(c)(6)(D)(iv)(II), the mortality table used 
in determining a plan's current liability for purposes of section 
431(c)(6) is the table prescribed by the Secretary that is based on the 
prevailing commissioners' standard table (described in section 
807(d)(5)(A)) used to determine reserves for group annuity contracts 
issued on January 1, 1993.
    Notice 2003-62 (2003-2 CB 576) was issued as part of the periodic 
review pursuant to section 412(l)(7)(C)(ii)(III) of the mortality 
tables used in determining current liability pursuant to section 
412(l)(7)(C)(ii)(I). At the time Notice 2003-62 was issued, the IRS and 
the Treasury Department were aware of two reviews of mortality 
experience for pension plan participants undertaken by the Retirement 
Plans Experience Committee of the Society of Actuaries (the UP-94 Study 
and the RP-2000 Mortality Tables Report),\2\ and commentators were 
invited to submit any other independent studies of pension plan 
mortality experience. Notice 2003-62 also requested the submission of 
studies regarding projected trends in mortality experience. With 
respect to projecting mortality improvements, the IRS and the Treasury 
Department requested comments regarding the advantages and 
disadvantages of reflecting these trends on an ongoing basis through 
the use of generational, modified generational, or sequentially static 
mortality tables. See Sec.  601.601(d)(2)(ii)(b) of this chapter.
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    \2\ The UP-94 Study, prepared by the UP-94 Task Force of the 
Society of Actuaries, was published in the Transactions of the 
Society of Actuaries, Vol. XLVII (1995), p. 819. The RP-2000 
Mortality Table Report was released in July, 2000. Society of 
Actuaries, RP-2000 Mortality Tables Report, at https://www.soa.org/
ccm/content/research-publications/experience-studies-tools/the-rp-
2000-mortality-tables/.
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    On December 2, 2005, the IRS issued proposed regulations under 
section 412(l)(7) (REG-124988-05, 70 FR 72260-01) setting forth 
mortality tables to be used for nondisabled pension plan participants 
(the 2005 proposed regulations). Those proposed regulations would have 
required plans of 500 or more participants (including both active and 
inactive participants) to use separate mortality tables for 
nonannuitant and annuitant periods. Those separate tables were derived 
from the RP-2000 mortality tables, with different projection periods 
for annuitants and nonannuitants based on an estimate of the duration 
of the respective liabilities. Small plans, defined as those with fewer 
than 500 participants, would have been permitted to use a combined 
table that applied the

[[Page 29458]]

same mortality rates to both annuitants and nonannuitants under the 
2005 proposed regulations. Those proposed regulations provided for 
updated tables to be issued annually using the current year as the new 
base year and using a specified set of projection factors to reflect 
expected improvements in mortality.
    The 2005 proposed regulations were finalized in the Federal 
Register on February 2, 2007 (TD 9310, 72 FR 4955). Those final 
regulations permit all plans to use a blended table for 2007 rather 
than require that large plans use separate annuitant and nonannuitant 
tables (as would have been required under the 2005 proposed 
regulations). The IRS and the Treasury Department believe that using 
separate annuitant and nonannuitant tables results in a more accurate 
measure of a plan's current liability. However, in view of the sweeping 
PPA changes and the resulting need to overhaul actuarial valuation 
systems, it was determined that all plans (and not just small plans) 
should be permitted to use the combined mortality tables for the 2007 
plan year.

Explanation of Provisions

Generally Applicable Mortality Tables

    These proposed regulations set forth the methodology the IRS and 
the Treasury Department would use to establish mortality tables as 
provided under section 430(h)(3)(A) to be used for participants and 
beneficiaries to determine present value or make any computation under 
section 430. These mortality tables would apply as well for purposes of 
determining the current liability of a multiemployer plan pursuant to 
section 431(c)(6)(D)(iv)(II). In addition, pursuant to Sec.  
1.412(l)(7)-1(a), these proposed regulations would apply for purposes 
of determining the current liability of a plan for which application of 
the PPA changes to section 412 is delayed (see sections 104 through 106 
of PPA). Under the proposed regulations, mortality tables to be used 
with respect to disabled individuals would be provided in guidance 
published in the Internal Revenue Bulletin (IRB).
    The new mortality tables under section 430(h)(3)(A) would be based 
on the tables contained in the RP-2000 Mortality Tables Report. In 
response to Notice 2003-62, commentators generally recommended that the 
RP-2000 mortality tables be the basis for the mortality tables used 
under section 412(l)(7)(C)(ii). The IRS and the Treasury Department 
reviewed the RP-2000 mortality tables and the accompanying report 
published by the Society of Actuaries, and determined to use the RP-
2000 mortality tables as the basis for final regulations under section 
412(l)(7)(C)(ii) because the RP-2000 mortality tables form the best 
available basis for predicting mortality of pension plan participants 
and beneficiaries (other than disabled individuals) based on pension 
plan experience, including expected trends. Because section 430 applies 
this same standard, the mortality tables set forth in these proposed 
regulations under section 430 are also based on the RP-2000 mortality 
tables. Like the mortality tables provided in the final section 412(l) 
regulations, the mortality tables set forth in these proposed 
regulations are gender-distinct because of significant differences 
between expected male mortality and expected female mortality. See 
Sec.  601.601(d)(2)(ii)(b) of this chapter.
    The mortality tables set forth in these proposed regulations would 
provide separate mortality rates for annuitants and nonannuitants. This 
distinction has been made because the RP-2000 Mortality Tables Report 
indicates that these two groups have significantly different mortality 
experience. This is particularly true at typical ages for early 
retirees, where the number of health-induced early retirements results 
in a population that has higher mortality rates than the population of 
currently employed individuals. While the use of separate mortality 
rates for these groups of individuals will likely entail changes in 
programming of actuarial software, the IRS and the Treasury Department 
believe that the improvement in accuracy resulting from the use of 
separate mortality tables for annuitants and nonannuitants more than 
offsets the added complexity.
    Under these proposed regulations, the annuitant mortality tables 
would be applied to determine the present value of benefits for 
annuitants. The annuitant mortality tables are also used for 
nonannuitants (active employees and terminated vested participants) for 
the periods beginning when the nonannuitants are projected to commence 
receiving benefits, while the nonannuitant mortality tables are applied 
for the periods before nonannuitants are projected to commence 
receiving benefits. For any period in which an annuitant is projected 
to be receiving benefits, the mortality table applicable to any 
beneficiary of that annuitant is the annuitant mortality table.
    The RP-2000 Mortality Tables Report sets forth mortality tables 
that reflect expected mortality as of 2000, along with projection 
factors that are used to reflect the impact of expected improvements in 
mortality. Similarly, the mortality tables set forth in the proposed 
regulations are based on expected mortality as of 2000 and reflect the 
impact of expected improvements in mortality. Commentators to prior 
guidance generally stated that the projection of mortality improvement 
is desirable because it reflects expected mortality more accurately 
than using mortality tables that do not reflect such projection. The 
IRS and the Treasury Department agree with these comments, and believe 
that failing to project mortality improvement in determining the 
funding target would tend to result in underfunding. The proposed 
regulations permit plan sponsors to apply the projection of mortality 
improvement in either of two ways: Through use of static tables that 
are updated annually to reflect expected improvements in mortality, or 
through use of generational tables.
    The proposed regulations set forth base tables for annuitants and 
nonannuitants, as well as a set of projection factors. The base tables 
set forth in the proposed regulations generally provide the same rates 
as the RP-2000 mortality tables, except that they have been extended so 
that the annuitant and nonannuitant tables have mortality rates 
available at each age. The RP-2000 Mortality Tables Report did not 
develop annuitant rates before age 50 or nonannuitant rates after age 
70. The extended nonannuitant tables in these proposed regulations were 
created by (1) using nonannuitant rates through age 70, (2) using 
annuitant rates for ages over 80, and (3) blending the rates to produce 
a smooth transition between the two tables, using increasing fractions. 
The total difference between the rates at ages 70 and 80 is divided by 
55; the rate at age 71 is set equal to the rate at age 70 plus 1/55 of 
the total difference, the age 72 rate is equal to the rate at age 71 
plus 2/55 of the total difference, etc.
    A similar approach was used to develop the base tables for 
annuitants. For male annuitants, annuitant rates from the RP-2000 
Mortality Tables Report were used for ages 50 and over, nonannuitant 
rates from the RP-2000 Mortality Tables Report were used through age 
40, and rates between ages 41 and 49 were smoothed to create a smooth 
transition using the same methodology as was used for the nonannuitant 
tables. For female annuitants, annuitant rates from the RP-2000 
Mortality Tables Report were used for ages 50 and over. However, to 
avoid anomalous results, female nonannuitant

[[Page 29459]]

rates were used through age 46 (rather than age 40) and, accordingly, 
rates were smoothed between ages 47 and 49. The smoothing methodology 
for the female annuitant tables was the same as that used for the male 
tables but, because a shorter transition period was used, the 
difference between the age 46 and the age 50 mortality rates was 
smoothed using a denominator of 10 instead of 55.
    For a plan sponsor that chooses to use the generational mortality 
tables, the mortality rate for each particular age would be projected 
for each individual participant to reflect projected improvement for 
the period of time until the participant reaches the particular age 
using the applicable base table along with the projection factors 
provided under the proposed regulations. These projection factors are 
from Mortality Projection Scale AA, which was recommended for use in 
the UP-94 Study and in the RP-2000 Mortality Tables Report. For 
example, to obtain the age 54 mortality rate for a male annuitant born 
in 1974 using the generational mortality tables, the age 54 male 
annuitant table rate is projected 28 years using the age 54 male 
Projection Scale AA rate set forth in the proposed regulations. The 
projection period is 28 years because a participant born in 1974 would 
attain age 54 in 2028, 28 years after the base year of the tables set 
forth in the proposed regulations. In this instance, because the male 
age 54 annuitant rate is .005797 under the base table, and the male age 
54 Projection Scale AA rate set forth in paragraph (d) of Sec.  
1.430(h)(3)-1 is .020, the age 54 male annuitant rate for participants 
born in 1974 is .003293 (.005797 * (1-.020)28).
    The static mortality tables that would be permitted to be used 
under the proposed regulations are constructed from the base table used 
for purposes of the generational mortality tables. The static mortality 
tables are projected from the base table for the year 2000 through the 
year of valuation with further projection to reflect the approximate 
expected duration of liabilities. The static mortality tables for 
annuitants under the proposed regulations reflect projection through 
the year of valuation with a further projection period of 7 years, and 
the static mortality tables for nonannuitants under the proposed 
regulations reflect projection through the year of valuation with a 
further projection period of 15 years. These projection periods were 
selected as the expected average duration of liabilities and are 
consistent with projection periods suggested by commentators. To be 
consistent with the original construction of the RP-2000 mortality 
tables, both the static annuitant and nonannuitant tables use the rates 
from the projected annuitant table for ages 80 and over and from the 
projected nonannuitant table for ages 40 and younger (ages 44 and 
younger for females). For a smooth transition between the different 
projection periods for annuitants versus nonannuitants, the rates for 
ages 71 through 79 and for ages 41 through 49 (ages 45 through 49 for 
females) were smoothed using the same technique as that used in 
constructing the base tables.
    The static mortality tables that would apply with respect to 
valuation dates occurring during 2008 are set forth in the proposed 
regulations. The mortality tables to be used for valuation dates in 
subsequent years would be published in the IRB. Comments are requested 
regarding whether it would be desirable to publish a series of tables 
for each of a number of years (such as five years) along with final 
regulations, with tables for subsequent years to be published in the 
IRB.
    As an example of the use of the static tables for the 2008 calendar 
plan year, with respect to a 45-year-old active participant who is 
projected to commence receiving an annuity at age 55, the funding 
target would be determined using the applicable nonannuitant mortality 
table for the period before the participant attains age 55 (so that the 
probability of an active male participant living from age 45 to the age 
of 55 using the mortality table that would apply in 2008 is 98.61%) and 
the applicable annuitant mortality table after the participant attains 
age 55. Similarly, if a 45-year-old terminated vested participant is 
projected to commence an annuity at age 65, the funding target would be 
determined using the applicable nonannuitant mortality table for the 
period before the participant attains age 65 and the applicable 
annuitant mortality table for ages 65 and above.
    These proposed regulations would provide an option for smaller 
plans (plans where the total of active and inactive participants is 
less than 500) that choose to use static mortality tables to use a 
single blended static table for all participants--in lieu of the 
separate tables for annuitants and nonannuitants--in order to simplify 
the actuarial valuation for these plans. This blended table would be 
constructed from the separate nonannuitant and annuitant tables using 
the nonannuitant/annuitant weighting factors published in the RP-2000 
Mortality Tables Report. However, because the RP-2000 Mortality Tables 
Report does not provide weighting factors before age 51 or after age 
69, the IRS and the Treasury Department would extend the table of 
weighting factors (using straight-line interpolation) for ages 41 
through 50 (ages 45-50 for females) and for ages 70 through 79 in order 
to develop the blended table.

Substitute Mortality Tables

    These proposed regulations would set forth the framework for the 
development and use of substitute mortality tables in connection with 
present value determinations and other computations under section 
430(h)(3)(C). The provision generally provides for the use of 
substitute mortality tables by a plan that is subject to section 430, 
in lieu of the mortality tables provided under section 430(h)(3)(A) and 
Sec.  1.430(h)(3)-1, upon written request of the plan sponsor and 
approval of the Commissioner.
    Substitute mortality tables must reflect the actual mortality 
experience of the pension plan maintained by the plan sponsor for which 
the tables are to be used and that mortality experience must be 
credible. Separate mortality tables must be established for each gender 
under the plan, and a substitute mortality table is permitted to be 
established for a gender only if the plan has credible mortality 
experience with respect to that gender. If the mortality experience for 
one gender is credible but the mortality experience for the other 
gender is not credible, the substitute mortality tables are used for 
the gender that has credible mortality experience, and the mortality 
tables under Sec.  1.430(h)(3)-1 are used for the gender that does not 
have credible mortality experience. If separate mortality tables under 
section 430(h)(3)(D) are used for certain disabled individuals under a 
plan, then those individuals are disregarded for all purposes with 
respect to substitute mortality tables under section 430(h)(3)(C). 
Thus, if the mortality tables under section 430(h)(3)(D) are used for 
certain disabled individuals under a plan, mortality experience with 
respect to those individuals must be excluded in determining mortality 
rates for substitute mortality tables with respect to a plan.
    Under the proposed regulations, a substitute mortality table is 
based on credible mortality experience for a gender within a plan if 
and only if the mortality experience is based on at least 1,000 deaths 
within that gender over the period covered by the experience study. The 
experience study must be based on mortality experience data over a 2, 
3, or 4-consecutive year period, the last day of which must be less 
than 3 years

[[Page 29460]]

before the first day of the first plan year for which the substitute 
mortality tables are to apply. The 1,000 deaths threshold is set at a 
level so that there is a high degree of confidence that the plan's past 
mortality experience will be predictive of its future mortality, and is 
consistent with relevant actuarial literature (see, for example, Thomas 
N. Herzog, Introduction to Credibility Theory (1999); Stuart A. 
Klugman, et al., Loss Models: From Data to Decisions (2004)).
    Development of a substitute mortality table under the proposed 
regulations requires creation of a base table and identification of a 
base year, which are then used to determine a substitute mortality 
table. The base table would be developed from a study of the mortality 
experience of the plan using amounts-weighted data. The proposed 
regulations set forth rules regarding development of amounts-weighted 
mortality rates for an age and the determination of the base year. The 
proposed regulations provide that amounts-weighted mortality rates may 
be derived from amounts-weighted mortality rates for age groups. 
Guidance issued by the Commissioner may specify grouping rules (for 
example, 5-year age groups, except for extreme ages) and methods for 
developing amounts-weighted mortality rates for individual ages from 
amounts-weighted mortality rates initially determined for each age 
group. In addition, the proposed regulations would provide that base 
tables may be constructed either directly through graduation of 
amounts-weighted mortality rates or indirectly by applying a level 
percentage to tables prescribed by section 430(h)(3)(A), provided that 
the resulting tables sufficiently reflect the plan's mortality 
experience. The Commissioner may permit the construction of base tables 
through application of a level percentage to other recognized mortality 
tables, applying similar standards to ensure that the resulting tables 
are sufficiently reflective of the plan's mortality experience.
    In general, substitute mortality tables are permitted to be used 
for a plan only if the use of substitute mortality tables is approved 
for each other pension plan subject to the requirements of section 430 
that is maintained by the plan sponsor or by a member of the sponsor's 
controlled group. However, under the proposed regulations, the use of 
substitute mortality tables for one plan would not be prohibited merely 
because another plan subject to section 430 that is maintained by the 
plan sponsor (or by a member of the plan sponsor's controlled group) 
cannot use substitute mortality tables because neither the males nor 
the females under that plan have credible mortality experience for a 
plan year. Thus, if a sponsor's controlled group contains two pension 
plans subject to section 430, each of which has credible mortality 
experience for at least one gender, either both plans must obtain 
approval from the Commissioner to use substitute mortality tables or 
neither plan may use substitute mortality tables. By contrast, if for 
one of those plans neither males nor females have credible mortality 
experience, then the plan without credible mortality experience will 
not interfere with the ability of the plan with credible mortality 
experience to use substitute mortality tables.
    Under the proposed regulations, the requirement that the plan 
sponsor demonstrate the lack of credible mortality experience for both 
the male and female populations in other plans maintained by the plan 
sponsor (and by members of the plan sponsor's controlled group) must be 
satisfied annually. For each plan year in which a plan uses substitute 
mortality tables, the demonstration that both genders of another plan 
maintained by the plan sponsor do not have credible mortality 
experience (that is, there are less than 1,000 deaths within each 
gender) must be made using a 4-year period for mortality experience 
that ends less than 3 years before the first day of that plan year.
    For example, a plan sponsor that requests to use substitute 
mortality tables for a plan for the plan year that begins January 1, 
2008, would have to show, as part of its submission to the 
Commissioner, that both the male and female populations in all other 
defined benefit plans of the plan sponsor (and in the plan sponsor's 
controlled group) that are subject to section 430 and that do not use 
substitute mortality tables do not have credible mortality experience 
using a 4-year period that ends no earlier than January 2, 2005 (that 
is, each gender in those plans did not experience 1,000 deaths during 
that 4-year period). If the plan sponsor chooses to use the 4-year 
period from January 1, 2003, through December 31, 2006, to demonstrate 
the lack of credible mortality experience for the other plans, then the 
plan can rely on this same data to demonstrate the lack of credible 
mortality experience for 2009 as well because the less-than-3-years 
requirement is still met with respect to the 2009 plan year. However, 
the plan would not be able to use this same data to demonstrate lack of 
credibility for the 2010 plan year because the last day of the 
experience study used for the demonstration (the January 1, 2003-
December 31, 2006 period) is too distant in time (3 or more years) from 
the first day of the plan year (January 1, 2010).
    Although the proposed regulations permit a plan sponsor to use an 
experience study to demonstrate a lack of credible mortality experience 
for a plan population for multiple years, plan sponsors are encouraged 
to update experience studies annually as new mortality data become 
available for the plan population. In such a case, if an updated test 
reveals 1,000 or more deaths for the more recent 4-year period, the 
plan sponsor nonetheless will be able to continue to use substitute 
mortality tables for one plan year by demonstrating that the other 
plans in the controlled group do not have credible mortality experience 
based on the earlier experience study. This will give the plan sponsor 
sufficient time to develop substitute mortality tables for the plan 
population with newly credible mortality experience and to obtain the 
Commissioner's approval to use those tables prior to the first year 
substitute mortality tables are to be used for that population.
    Under the proposed regulations, a plan's substitute mortality 
tables must be generational mortality tables. Substitute mortality 
tables are determined using the base mortality tables developed from 
the experience study and the projection factors provided in Projection 
Scale AA, as set forth in Sec.  1.430(h)(3)-1(d). Under the 
generational mortality tables, the probability of an individual's death 
at a particular age is determined as the individual's base mortality 
rate (that is, the applicable base mortality rate from the base 
mortality table for the age for which the probability of death is being 
determined) multiplied by the mortality improvement factor. The 
mortality improvement factor is equal to (1--projection factor for that 
age)\n\, where n is equal to the projection period (that is, the number 
of years between the base year for the base mortality table and the 
year for which the probability of death is being determined).
    The proposed regulations would require separate tables to be 
established for males and females under a plan. Under the proposed 
regulations, separate substitute mortality tables would be permitted 
(but not required) to be established for separate populations within a 
gender, such as annuitants and nonannuitants or hourly and salaried 
individuals. The proposed regulations would provide that separate 
substitute mortality tables are permitted to be used for a separate 
population within a gender under a plan only if all

[[Page 29461]]

individuals of that gender in the plan are divided into separate 
populations, each separate population has credible mortality experience 
(determined in the same manner as determining whether a gender has 
credible mortality experience), and the separate substitute mortality 
table for each separate population is developed using mortality 
experience data for that population. For example, in the case of a plan 
that has credible mortality experience data for both its male hourly 
and male salaried populations, separate substitute mortality tables 
could be used for those two separate populations. However, if the plan 
does not have credible mortality experience for its male salaried 
population, it would not be permissible to use substitute mortality 
tables for its male hourly population and the standard mortality tables 
described in Sec.  1.430(h)(3)-1 for its male salaried population.
    The requirement that each separate population have credible 
mortality experience does not apply in the case of separate mortality 
tables that are developed for annuitant and nonannuitant populations 
within a gender. Thus, the proposed regulations would provide that 
substitute mortality tables for separate annuitant and nonannuitant 
populations may be used within a gender even if only one of those 
separate populations has credible mortality experience. Similarly, if 
separate populations with credible mortality experience are established 
within a gender, then any of those populations may be further 
subdivided into separate annuitant and nonannuitant subpopulations, 
provided that at least one of the two resulting subpopulations has 
credible mortality experience. In such a case, the standard mortality 
tables under Sec.  1.430(h)(3)-1 must be used for a resulting 
subpopulation that does not have credible mortality experience. For 
example, in the case of a plan that has credible mortality experience 
for both its male hourly and salaried individuals, if the male salaried 
annuitant population has credible mortality experience, it may use 
substitute mortality tables with respect to that population even if the 
male salaried nonannuitant population uses the standard mortality 
tables under Sec.  1.430(h)(3)-1 (because that nonannuitant population 
does not have credible mortality experience). For purposes of 
demonstrating that an annuitant or nonannuitant population within a 
gender or within a separate population does not have credible mortality 
experience, the demonstration of lack of credible mortality experience 
is made on the same basis as for purposes of demonstrating a lack of 
credible mortality experience for a gender.
    The proposed regulations would provide a limited time period during 
which a newly acquired plan that does not use substitute mortality 
tables does not prevent another plan from using substitute mortality 
tables. Under the proposed regulations, the use of substitute mortality 
tables for a plan is not prohibited merely because a newly acquired 
plan does not use substitute mortality tables, but only through the 
last day of the plan year of the plan using substitute mortality tables 
that contains the end of the period described in section 410(b)(6)(C). 
For the following plan year, the mortality tables prescribed under 
Sec.  1.430(h)(3)-1 would apply with respect to the plan (and all other 
plans within the plan sponsor's controlled group, including the 
acquired plan) unless approval to use substitute mortality tables has 
been obtained with respect to the acquired plan, or the acquired plan 
cannot use substitute mortality tables because neither the males nor 
the females under the plan have credible mortality experience. For 
example, if the employer acquires a plan in September 2009 that does 
not use substitute mortality tables and that has a plan year that ends 
June 30, the acquisition of that plan will not impair the continued use 
of substitute mortality tables by a pre-existing calendar year plan of 
the employer through the end of the 2011 calendar year. This is because 
the section 410(b)(6)(C) transition period for the newly acquired plan 
will end on June 30, 2011. Under the proposed regulations, a plan is 
treated as a newly acquired plan if it is acquired or otherwise becomes 
maintained by the plan sponsor (or by a member of the plan sponsor's 
controlled group) in connection with a merger, acquisition, or similar 
transaction described in Sec.  1.410(b)-2(f). The proposed regulations 
would provide that a plan is also treated as a newly acquired plan if 
it is established in connection with a transfer in accordance with 
section 414(l) of assets and liabilities from another employer's plan 
in connection with a merger, acquisition, or similar transaction 
described in Sec.  1.410(b)-2(f).
    In the case of a newly acquired plan, the demonstration of whether 
credible mortality experience exists for the plan may be made by either 
including or excluding mortality experience data for the period prior 
to the date the plan becomes maintained by a member of the new plan 
sponsor's controlled group. If a plan sponsor excludes mortality 
experience data prior to the date the plan became maintained within the 
new plan sponsor's controlled group, the exclusion must apply for all 
populations within the plan. For example, it is impermissible to 
include the data for hourly individuals for the pre-acquisition period 
but exclude the data for salaried individuals for that same period.
    In order to demonstrate a lack of credible mortality experience 
with respect to a gender for a plan year, a special rule applies if the 
plan's mortality experience demonstration for a plan year is made by 
excluding mortality experience for the period prior to the date the 
newly acquired plan becomes maintained within the new plan sponsor's 
controlled group. In such a case, an employer is permitted to 
demonstrate a plan's lack of credible mortality experience using an 
experience study period of less than four years, provided that the 
experience study period begins with the date the plan becomes 
maintained within the employer's controlled group and ends not more 
than one year and one day before the first day of the plan year with 
respect to which the lack of credible mortality experience 
demonstration is made.
    The proposed regulations would provide rules for aggregating plans 
for purposes of using substitute mortality tables. Under the proposed 
regulations, in order to use a set of substitute mortality tables for 
two or more plans, the applicable rules are applied by treating those 
plans as a single plan. In such a case, the substitute mortality tables 
must be used for all such plans and must be based on data collected 
with respect to all such plans. Although plans generally are not 
required to be aggregated, the proposed regulations would require a 
plan to be aggregated with any plan that was previously spun off from 
that plan if one purpose of the spinoff was to avoid the use of 
substitute mortality tables for any of the plans involved in the 
spinoff.
    Under the proposed regulations, in order to use substitute 
mortality tables with respect to a plan, a plan sponsor must submit a 
written request to the Commissioner that demonstrates that those 
substitute mortality tables comply with applicable requirements. A 
request to use substitute mortality tables must state the first plan 
year and the term of years (not more than 10) that the tables are 
requested to be used. In general, substitute mortality tables cannot be 
used for a plan year unless the plan sponsor submits the written 
request to use substitute mortality tables at least 7 months prior to 
the first day of the first

[[Page 29462]]

plan year for which the substitute mortality tables are to apply. 
However, the timing of the written request to use substitute mortality 
tables does not prevent a plan from using substitute mortality tables 
for a plan year if the written request is submitted no later than 
October 1, 2007. This special rule allows plan sponsors sufficient time 
to review the proposed regulations and other guidance and prepare 
requests to use substitute mortality tables for use in 2008.
    Under the proposed regulations, experience data cannot be used to 
develop a base table if the number of individuals in the population 
covered by the table (for example, the male annuitants) as of the last 
day of the plan year before the year the request to use substitute 
mortality tables is made (or a reasonable estimate of that number), 
compared to the average number of individuals in that population over 
the years covered by the experience study on which the substitute 
mortality tables are based, reflects a difference of 20 percent or 
more, unless it is demonstrated to the satisfaction of the Commissioner 
that the experience data is accurately predictive of future mortality 
of that plan population (taking into account the effect of the change 
in individuals) after appropriate adjustments to the data are made (for 
example, excluding data from individuals with respect to a spun-off 
portion of the plan).
    Under the proposed regulations, the Commissioner may, in revenue 
rulings and procedures, notices and other guidance published in the IRB 
(see Sec.  601.601(d)(2)(ii)(b) of this chapter), provide additional 
guidance regarding the approval and use of substitute mortality tables 
under section 430(h)(3)(C) and related matters. The IRS will shortly 
issue a revenue procedure that will set forth the requirements related 
to requests to use substitute mortality tables.
    In general, the Commissioner has a 180-day period to review a 
request for the use of substitute mortality tables. If the Commissioner 
does not issue a denial within this 180-day period, the request is 
deemed to have been approved unless the Commissioner and the plan 
sponsor have agreed to extend that period. The Commissioner may request 
additional information with respect to a submission. Failure to provide 
that information on a timely basis is grounds for denial of the plan 
sponsor's request. In addition, the Commissioner will deny a request if 
the request fails to meet the requirements to use substitute mortality 
tables or if the Commissioner determines that a substitute mortality 
table does not sufficiently reflect the mortality experience of the 
applicable plan population.
    The proposed regulations would provide rules regarding the duration 
of use of substitute mortality tables. Under the proposed regulations, 
substitute mortality tables generally are used with respect to a plan 
for the term of consecutive plan years specified in the plan sponsor's 
written request to use such tables and approved by the Commissioner, or 
such shorter period prescribed by the Commissioner in the approval to 
use substitute mortality tables. If the term of use of a substitute 
mortality table ends for any reason, the mortality tables specified in 
Sec.  1.430(h)(3)-1 will apply with respect to the plan unless the plan 
sponsor has obtained approval to use substitute mortality tables for a 
further term. The proposed regulations would provide that a plan's 
substitute mortality tables cannot be used as of the earliest of the 
following: the second plan year following the plan year in which there 
is a significant change in the population covered by the substitute 
mortality table (generally, a change of at least 20% from the average 
number of individuals included in the experience study); or the plan 
year following the plan year in which a substitute mortality table for 
a plan population is no longer accurately predictive of future 
mortality of that population, as determined by the Commissioner or as 
certified by the plan's actuary to the satisfaction of the 
Commissioner. In addition, the proposed regulations would provide that 
a plan's substitute mortality tables cannot be used after the date 
specified in guidance published in the IRB (see Sec.  
601.601(d)(2)(ii)(b) of this chapter) pursuant to a replacement of 
mortality tables specified under section 430(h)(3)(A) (other than 
annual updates to the static mortality tables).

Applicability Date

    These regulations are proposed to apply to plan years beginning on 
or after January 1, 2008.

Mortality Tables Used Under Section 417(e)

    Section 417(e)(3)(B)(i), as amended by PPA, provides that the 
applicable mortality table (which is used to determine the minimum 
present value of certain distributions as required by section 
417(e)(3)) is a mortality table, modified as appropriate by the 
Secretary of the Treasury, based on the mortality table specified for 
the plan year under section 430(h)(3)(A) (without regard to the option 
to use substitute mortality tables under section 430(h)(3)(C) or the 
separate mortality tables for disabled individuals under section 
430(h)(3)(D)). This change is effective for plan years beginning after 
December 31, 2007. Comments are requested regarding how the mortality 
tables provided under proposed Sec.  1.430(h)(3)-1 should be modified 
for use in applying the minimum present value rules of section 
417(e)(3).\3\ Issues to be addressed include whether to use annuitant 
mortality rates or combined mortality rates and whether use of 
generational mortality tables is appropriate.
---------------------------------------------------------------------------

    \3\ Substitute mortality tables described in Code section 
430(h)(3)(C) and Sec.  1.430(h)(3)-2 of these proposed regulations 
do not apply for purposes of the requirements of secton 417(e).
---------------------------------------------------------------------------

Special Analyses

    It has been determined that this notice of proposed rulemaking is 
not a significant regulatory action as defined in Executive Order 
12866. Therefore, a regulatory assessment is not required. It also has 
been determined that section 553(b) of the Administrative Procedure Act 
(5 U.S.C. chapter 5) does not apply to these regulations, and because 
the regulation does not impose a collection of information on small 
entities, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not 
apply. Pursuant to section 7805(f) of the Code, this notice of proposed 
rulemaking will be submitted to the Chief Counsel for Advocacy of the 
Small Business Administration for comment on its impact on small 
business.

Comments and Requests for Public Hearing

    Before these proposed regulations are adopted as final regulations, 
consideration will be given to any written (a signed original and eight 
(8) copies) or electronic comments that are submitted timely to the 
IRS. The IRS and the Treasury Department specifically request comments 
on the clarity of the proposed regulations and how they may be made 
easier to understand. All comments will be available for public 
inspection and copying. A public hearing will be scheduled if requested 
in writing by any person that timely submits written comments. If a 
public hearing is scheduled, notice of the date, time, and place for 
the public hearing will be published in the Federal Register.

Drafting Information

    The principal authors of these regulations are Bruce Perlin, Lauson 
C. Green, and Linda S. F. Marshall, Office of Division Counsel/
Associate Chief Counsel (Tax Exempt and Government

[[Page 29463]]

Entities). However, other personnel from the IRS and the Treasury 
Department participated in the development of these regulations.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Amendments to the Regulations

    Accordingly, 26 CFR part 1 is proposed to be amended as follows:

PART 1--INCOME TAXES

    Paragraph 1. The authority citation for part 1 continues to read, 
in part, as follows:

    Authority: 26 U.S.C. 7805 * * *

    Par. 2. Section 1.430(h)(3)-1 is added to read as follows:


Sec.  1.430(h)(3)-1  Mortality tables used to determine present value.

    (a) Basis for mortality tables--(1) In general. This section sets 
forth rules for the mortality tables to be used in determining present 
value or making any computation under section 430. Generally applicable 
mortality tables for participants and beneficiaries are set forth in 
this section pursuant to section 430(h)(3)(A). In lieu of using the 
mortality tables provided under this section with respect to 
participants and beneficiaries, plan-specific substitute mortality 
tables are permitted to be used for this purpose pursuant to section 
430(h)(3)(C) provided that the requirements of Sec.  1.430(h)(3)-2 are 
satisfied. Mortality tables that may be used with respect to disabled 
individuals are to be provided in guidance published in the Internal 
Revenue Bulletin. See Sec.  601.601(d)(2)(ii)(b) of this chapter.
    (2) Static tables or generational tables permitted. The generally 
applicable mortality tables provided under section 430(h)(3)(A) are the 
static tables described in paragraph (a)(3) of this section and the 
generational mortality tables described in paragraph (a)(4) of this 
section. A plan is permitted to use either of those sets of mortality 
tables with respect to participants and beneficiaries pursuant to this 
section.
    (3) Static tables. The static mortality tables that are permitted 
to be used pursuant to paragraph (a)(2) of this section are updated 
annually to reflect expected improvements in mortality experience as 
described in paragraph (c)(2) of this section. Static mortality tables 
that are to be used with respect to valuation dates occurring during 
2008 are provided in paragraph (e) of this section. The mortality 
tables to be used with respect to valuation dates occurring in later 
years are to be provided in guidance published in the Internal Revenue 
Bulletin. See Sec.  601.601(d)(2)(ii)(b) of this chapter.
    (4) Generational mortality tables--(i) In general. The generational 
mortality tables that are permitted to be used pursuant to paragraph 
(a)(2) of this section are determined pursuant to this paragraph (a)(4) 
using the base mortality tables and projection factors set forth in 
paragraph (d) of this section. Under the generational mortality tables, 
the probability of an individual's death at a particular age is 
determined as the individual's base mortality rate (that is, the 
applicable mortality rate from the table set forth in paragraph (d) of 
this section for the age for which the probability of death is being 
determined) multiplied by the mortality improvement factor. The 
mortality improvement factor is equal to (1-projection factor for that 
age) \n\, where n is equal to the projection period. For this purpose, 
the projection period is the number of years between 2000 and the year 
for which the probability of death is being determined.
    (ii) Examples of calculation. As an example of the use of 
generational mortality tables under paragraph (a)(4)(i) of this 
section, for purposes of determining the probability of death at age 54 
for a male annuitant born in 1974, the base mortality rate is .005797, 
the projection factor is .020, and the projection period (the period 
from the year 2000 until the year the participant will attain age 54) 
is 28 years, so that the mortality improvement factor is .567976, and 
the probability of death at age 54 is .003293. Similarly, under these 
generational mortality tables, the probability of death at age 55 for 
the same male annuitant would be determined by using the base mortality 
rate and projection factor at age 55, and a projection period of 29 
years (the period from the year 2000 until the year the participant 
will attain age 55). Thus, the base mortality rate is .005905, the 
projection factor is .019, so that the mortality improvement factor is 
.573325 ((1-.019)\29\), and the probability of death at age 55 is 
.003385 (.573325 times .005905). Because these generational mortality 
tables reflect expected improvements in mortality experience, no 
periodic updates are needed.
    (b) Use of the tables--(1) Separate tables for annuitants and 
nonannuitants--(i) In general. Separate tables are provided for use for 
annuitants and nonannuitants. The nonannuitant mortality table is 
applied to determine the probability of survival for a nonannuitant for 
the period before the nonannuitant is projected to commence receiving 
benefits. The annuitant mortality table is applied to determine the 
present value of benefits for each annuitant, and for each nonannuitant 
for the period beginning when the nonannuitant is projected to commence 
receiving benefits. For purposes of this section, an annuitant means a 
plan participant who has commenced receiving benefits and a 
nonannuitant 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 with respect to the portion of the 
benefit which has commenced and a nonannuitant with respect to the 
balance of the benefit. In addition, for any period in which an 
annuitant is projected to be receiving benefits, any beneficiary with 
respect to that annuitant is also treated as an annuitant for purposes 
of this paragraph (b)(1).
    (ii) Examples of calculation. As an example of the use of separate 
annuitant and nonannuitant tables under paragraph (b)(1)(i) of this 
section, with respect to a 45-year-old active participant who is 
projected to commence receiving an annuity at age 55, the funding 
target would be determined using the nonannuitant mortality table for 
the period before the participant attains age 55 (so that, if the 
static mortality tables are used pursuant to paragraph (a)(3) of this 
section, the probability of an active male participant living from age 
45 to age 55 using the table that applies for a plan year beginning in 
2008 is 98.61%) and the annuitant mortality table for the period ages 
55 and above. Similarly, if a 45-year-old terminated vested participant 
is projected to commence an annuity at age 65, the funding target would 
be determined using the nonannuitant mortality table for the period 
before the participant attains age 65 and the annuitant mortality table 
for ages 65 and above.
    (2) Small plan tables. If static mortality tables are used pursuant 
to paragraph (a)(3) of this section, as an alternative to the separate 
static tables specified for annuitants and nonannuitants pursuant to 
paragraph (b)(1) of this section, a combined static table that applies 
the same mortality rates to both annuitants and nonannuitants is 
permitted to be used for a small plan. For this purpose, a small plan 
is defined as a plan with fewer than 500 participants (including both 
active and inactive participants).

[[Page 29464]]

    (c) Construction of static tables--(1) Source of basic rates. The 
static mortality tables that are used pursuant to paragraph (a)(3) of 
this section are based on the base mortality tables set forth in 
paragraph (d) of this section.
    (2) Projected mortality improvements. The mortality rates under the 
base mortality tables are projected to improve using the projection 
factors provided in Projection Scale AA, as set forth in paragraph (d) 
of this section. Using these projection factors, the mortality rate for 
an individual at each age is determined as the individual's base 
mortality rate (that is, the applicable base mortality rate from the 
table set forth in paragraph (d) of this section for the individual at 
that age) multiplied by the mortality improvement factor. The mortality 
improvement factor is equal to (1-projection factor for that age)\n\, 
where n is equal to the projection period. The annuitant mortality 
rates for a plan year are determined using a projection period that 
runs from the calendar year 2000 until 7 years after the calendar year 
that contains the valuation date for the plan year. The nonannuitant 
mortality rates for a plan year are determined using a projection 
period that runs from the calendar year 2000 until 15 years after the 
calendar year that contains the valuation date for the plan year. Thus, 
for example, for a plan year with a January 1, 2012, valuation date, 
the annuitant mortality rates are determined using a projection period 
that runs from 2000 until 2019 (19 years) and the nonannuitant 
mortality rates are determined using a projection period that runs from 
2000 until 2027 (27 years).
    (3) Construction of combined tables for small plans. The combined 
mortality tables that are permitted to be used for small plans pursuant 
to paragraph (b)(2) of this section are constructed from the separate 
nonannuitant and annuitant tables using the weighting factors for small 
plans that are set forth in paragraph (d) of this section. The 
weighting factors are applied to develop these mortality tables using 
the following equation: Combined mortality rate = [nonannuitant rate * 
(1-weighting factor)] + [annuitant rate * weighting factor].
    (d) Base mortality tables and projection factors. The following 
base mortality tables and projection factors are used to determine 
generational mortality tables for purposes of determining present value 
or making any computation under section 430 as set forth in paragraph 
(a)(4) of this section. In addition, the following base mortality 
tables and projection factors are used to determine the static 
mortality tables that are used for purposes of determining present 
value or making any computation under section 430 as set forth in 
paragraphs (a)(3) and (c) of this section. See Sec.  1.430(h)(3)-
2(c)(3) for rules regarding the required use of the projection factors 
set forth in this paragraph (d) in connection with a plan-specific 
substitute mortality table.

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                         Male                                               Female
                                                --------------------------------------------------------------------------------------------------------
                                                  Base non-       Base                                 Base non-       Base
                      Age                         annuitant    annuitant     Scale AA     Weighting    annuitant    annuitant     Scale AA    Weighting
                                                  mortality    mortality    projection   factors for   mortality    mortality    projection  factors for
                                                    rates        rates       factors     small plans     rates        rates       factors    small plans
                                                 (year 2000)  (year 2000)                             (year 2000)  (year 2000)
--------------------------------------------------------------------------------------------------------------------------------------------------------
1..............................................     0.000637     0.000637        0.020  ............     0.000571     0.000571        0.020  ...........
2..............................................     0.000430     0.000430        0.020  ............     0.000372     0.000372        0.020  ...........
3..............................................     0.000357     0.000357        0.020  ............     0.000278     0.000278        0.020  ...........
4..............................................     0.000278     0.000278        0.020  ............     0.000208     0.000208        0.020  ...........
5..............................................     0.000255     0.000255        0.020  ............     0.000188     0.000188        0.020  ...........
6..............................................     0.000244     0.000244        0.020  ............     0.000176     0.000176        0.020  ...........
7..............................................     0.000234     0.000234        0.020  ............     0.000165     0.000165        0.020  ...........
8..............................................     0.000216     0.000216        0.020  ............     0.000147     0.000147        0.020  ...........
9..............................................     0.000209     0.000209        0.020  ............     0.000140     0.000140        0.020  ...........
10.............................................     0.000212     0.000212        0.020  ............     0.000141     0.000141        0.020  ...........
11.............................................     0.000219     0.000219        0.020  ............     0.000143     0.000143        0.020  ...........
12.............................................     0.000228     0.000228        0.020  ............     0.000148     0.000148        0.020  ...........
13.............................................     0.000240     0.000240        0.020  ............     0.000155     0.000155        0.020  ...........
14.............................................     0.000254     0.000254        0.019  ............     0.000162     0.000162        0.018  ...........
15.............................................     0.000269     0.000269        0.019  ............     0.000170     0.000170        0.016  ...........
16.............................................     0.000284     0.000284        0.019  ............     0.000177     0.000177        0.015  ...........
17.............................................     0.000301     0.000301        0.019  ............     0.000184     0.000184        0.014  ...........
18.............................................     0.000316     0.000316        0.019  ............     0.000188     0.000188        0.014  ...........
19.............................................     0.000331     0.000331        0.019  ............     0.000190     0.000190        0.015  ...........
20.............................................     0.000345     0.000345        0.019  ............     0.000191     0.000191        0.016  ...........
21.............................................     0.000357     0.000357        0.018  ............     0.000192     0.000192        0.017  ...........
22.............................................     0.000366     0.000366        0.017  ............     0.000194     0.000194        0.017  ...........
23.............................................     0.000373     0.000373        0.015  ............     0.000197     0.000197        0.016  ...........
24.............................................     0.000376     0.000376        0.013  ............     0.0002