In Goldman Sachs Asset Management view, any actual increase to a plan’s pension obligations as a result of the mortality changes will be heavily dependent upon the specific demographics of its participants. Stated differently, not everyone’s life spans are expected to change by the same rate. The breakdown of a plan’s participants – older versus younger, male versus female, white collar versus blue collar – will have a significant influence on any change in liabilities. Our conversations with actuaries and clients would seem to indicate that many plans could expect an increase in liabilities of between 5% – 10%, although we have certainly heard of specific adjustments that are both above and below such range. -Michael A. Moran, Senior Pension Strategist at Goldman Sachs Asset Management.