New data fields have been added to the pension risk transfer database. There is now a field that specifies whether a transaction is a liftout (partial) termination or a full plan termination. The database has also included a field for number of participants involved. There are three new fields now that specify the number of individuals involved by current employees, former employees and retirees.
The last new field type is a reinsurer on a transaction.
A new type of pension risk transfer was added as well — pending terminations. Pending terminations track when companies have the intention to terminate a plan and are actively working to do so, such as seeking IRS and Pension Benefit Guaranty Corp. approval.
Additional data points in 2023 should include NAICS sector for companies and rational for engaging in a PRT.
