Average Salary
217
43,400
165
53,700
80
59,000
9
61,600
3
55,000
474
50,037
35-45 # Participants
Average Salary
250
55,000
229
62,000
523
64,500
375
71,300
115
72,000
1,490
69,396
45-55 # Participants
Average Salary
175
58,700
140
62,000
125
65,900
400
71,900
650
73,000
1,490
69,396
55-65 # Participants
Average Salary
75
54,800
99
63,100
74
63,400
90
69,700
347
70,200
685
66,687
> 65 # Participants
Average Salary
4
45,100
6
48,100
9
44,200
7
54,000
10
49,800
36
48,411
Totals # Participants
Average Salary
906
47,730
709
58,228
811
63,848
881
71,172
1,125
71,780
4,432
63,124
Average Age 44.6
Average Service 14.7
Average Salary 63,124
COURSE 8: Fall 2002 - 4 - GO TO NEXT PAGE
Retirement Benefits,
Comprehensive Segment
Morning Session
3. (CONTINUED)
(a) Assess the reasonableness of using this age/service table.
(b) Using the table from NOC, evaluate the effect of the proposed improvement on the plan’s
funding results.
COURSE 8: Fall 2002 - 5 - GO TO NEXT PAGE
Retirement Benefits,
Comprehensive Segment
Morning Session
All Questions Pertain to the Case Study
4. (10 points) Belair is introducing a public employees’ pension plan to cover its
firefighters and teachers.
(a) Describe the factors that should be considered in establishing the funding policy
for a public employees’ pension plan.
(b) Describe the significant differences in the selection and review of actuarial
assumptions for the valuation of public employees’ versus private pension plans.
(c) Recommend design features for the plan to attract and meet the needs of
(i) firefighters, and
(ii) teachers.
(d) Belair’s population is aging dramatically. Describe the particular design features
to be considered for the public employees’ pension plan.
COURSE 8: Fall 2002 - 6 - GO TO NEXT PAGE
Retirement Benefits,
Comprehensive Segment
Morning Session
All Questions pertain to the Case Study

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