The IRS has adopted the newly updated life expectancy tables effective Jan 1, 2022. It shows, as we all know, the average American is living longer. What impact would this have on the Chevron pension if taken as a guaranteed lifetime annuity payment? It’s only obvious the annuity payment will be lower, as the formula would stretch payments over a longer period.
https://www.narfe.org/blog/2022/01/04/new-irs-life-expectancy-tables-take-effect/