3. (8 points) You are the actuary for a company that sponsors a non-contributory defined
benefit pension plan.
You are given:
Plan Provisions
Retirement benefit: $20 per month, per year of service
Normal form of pension: Life only, payable monthly in advance
Normal retirement age: 60
Early retirement reduction: 5% per year that retirement precedes age 60
Other ancillary benefits: None
Actuarial Assumptions and Method
Interest rate: 7.0% per annum
Retirement rates: 10% per annum, at the beginning of each year,
from age 57 through 59; 100% at age 60
Pre-retirement decrements: None
Actuarial cost method: Unit Credit
&& a57
b12g = 10.0
&& a58
b12g = 9.0
&& a59
b12g = 8.0
&& a60
b12g = 7.0
Financial Information
Assets at January 1, 2001: $100,000
2001 employer contribution: None
Fund rate of return in 2001: 2%
Participant Data as at January 1, 2001
Member Age Service
Jean 57 25
Kelly 58 29
COURSE 8: November 2001 - 7 - GO TO NEXT PAGE
Retirement Benefits,
Pension Funding Mathematics Segment
3. (CONTINUED)
(a) Calculate the unfunded accrued liability and normal cost as at January 1, 2001.
(b) On December 31, 2001, Kelly retires. On December 31, 2001, Pat transfers into
the plan at age 45 and $10,000 is transferred to recognize 10 years of Pat’s prior
service.
Calculate the unfunded accrued liability as at January 1, 2002.
(c) Calculate the gains and losses by source for 2001.
Show all work.
COURSE 8: November 2001 - 8 - GO TO NEXT PAGE
Retirement Benefits,
Pension Funding Mathematics Segment
4. (4 points) You are the actuary for a company that sponsors a defined benefit pension
plan.
You are given:
Plan Provisions
Retirement benefit: $30 per month, per year of service
Normal form of payment: Five years certain and life thereafter, payable
monthly in advance
Optional form of payment: Actuarially equivalent 75% joint and
survivor annuity
Normal retirement age: 65
Early retirement reduction: Actuarial equivalence
Other ancillary benefits: None
Actuarial equivalence: Based on valuation assumptions
Actuarial Assumptions and Method
Interest rate: 7.0% per annum
Retirement age: 65
Pre-retirement decrements: None
Actuarial cost method: Entry Age Normal
Member Spouse Member: Spouse
&& a60
b12g = 10.8387 && a57
b12g = 12.5296 && a60:57
b12g = 9.7460
&& a65
b12g = 9.7004 && a62
b12g = 11.6834 && a65:62
b12g = 8.5126
&& a70
b12g = 8.4642 && a67
b12g = 10.6379 && a70:67
b12g = 7.1863
5 p60 = 0.9446
5 p65 = 0.9039
The following member retires on January 1, 2001:
Data as at January 1, 2001
Member’s age: 60
Spouse’s age: 57
Years of service: 35
COURSE 8: November 2001 - 9 - GO TO NEXT PAGE
Retirement Benefits,
Pension Funding Mathematics Segment
4. (CONTINUED)
(a) Calculate the experience gain or loss on January 1, 2001 caused by the retirement
of the member.
(b) Calculate the member’s pension under the optional form of payment.
Show all work.
COURSE 8: November 2001 - 10 - STOP
Retirement Benefits,
Pension Funding Mathematics Segment

2/3   首页 上一页 1 2 3 下一页 尾页