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1 P U B L I C A T I O N S The Experts In Actuarial Career Advancement Product Preview For More Information: Support@ActexMadRiver.com or call 1(800)
2
3 Overview of Post-Retirement Risks ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 1
4 Risks Longevity Loss of spouse Decline in functional status Health care expenses Inflation Risk Management Start annuity later Strategies to preserve principal JS annuity / life insurance; Income producing investment strategies Long term care insurance Medical insurance; Medicare Homeownership; TIPS; COLA annuity Key Findings & Issues: Understanding and Managing the Risks of Retirement ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 2
5 Top Ranking of Risks by Pre-Retirees and Retirees ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 3
6 Rank Pre-Retirees Retirees 1 Health care affordability Inflation risks 2 Inflation risks Long term care affordability 3 Long term care affordability Health care affordability Pre-retirees more concerned about risks than retirees Key Findings & Issues: Understanding and Managing the Risks of Retirement ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 4
7 Post-Retirement Risks: Expectations and Approaches (1 of 2) ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 5
8 Inflation Interest Rate Stock Market Business Loss of spouse Marital status Public policy Health care affordability Cannot cut back on health care expenses Retirees constant review needs vs. resources Factor in unexpected events Long-term bonds / mortgage investment protect against low interest rate (reduce income) N/A ER bankrupt (Insurance only up to a limit) Few expect financial suffering A change often affect financial status Tax increase / Reduction in Social Security Pre-retirees w/o ER coverage difficult to secure adequate coverage Few expect using insurance products (other than supplemental health insurance) to manage risks ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 6
9 Post-Retirement Risks: Expectations and Approaches (2 of 2) ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 7
10 Health care affordability Pre-retirees w/o ER coverage difficult to secure adequate coverage Few expect using insurance products (other than supplemental health insurance) to manage risks Force into higher care level or w/o needed care Lack facilities or caregivers Lack decision Advisors from professional to family & friends, Tools making info e.g., living will / durable power of attorney Functional status Cannot live independently/change in housing need decline Expect increase use of family / community service Employment May not retire later as planned (Health issues / layoffs / forced early retirement) Not to rely on retirement income from bridge job Key Findings & Issues: Understanding and Managing the Risks of Retirement ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 8
11 Compensation Arrangements for Private Corporations (under ITA Prohibition against Deferral against Employment Income) ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 199
12 RPP (Bona fide pension plans are not SDA) If main goal is deferral, pension plan is safe harbour RCA not excluded from SDA rules (unless a funded unregistered plan) IPP (Can use to defer compensation) marked distrust from CRA Employee profit sharing plan cannot fund unregistered plan 3-Year bonus plan (Imm taxation if payment delayed beyond third year) If funded, EE benefit plan If unfunded, a tax nothing unless as investment contract Minor deferral gains 3-Year Bonus RCA for Expatriates (Not an SDA) Creative Compensation Arrangements for Private Corporations ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 200
13 CICA Section 3461 Substantive Commitments ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 201
14 Written or unwritten Mutually understood by ER and EEs For collectively bargained plan Existing plan is considered the substantive plan Reflect substantive plan provisions if Historical pattern exists, or ER has communicated its intent to EEs Cannot reflect expected changes in gov t benefits [.063] CICA ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 202
15 CICA Section Actuarial Assumptions Basic Elements Retirement Age Termination Rates Dependent Status Discount Rate ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 203
16 Basic Elements 1 of 3 Explicit assumptions Management s best estimate Internally consistent Consistent across benefit plans Plans assumed going concerns, unless evidence otherwise Allow different assumptions for Pensions / Post-retirement benefits / Postemployment benefits Retirement Age Pension plan (Age 65 if actuarially equivalent early retirement benefits) Post-retirement benefits (Best use age-related retirement scale) ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 204
17 Demographic Assumptions ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 291
18 Comply with ASOP #35 Refine due to differences from pension obligations Are assumptions based on pension liability weighted experience appropriate? Disability (Consistent with coverage provided) Retirement Select explicit age-related retirements rates (not singe age) Mortality (Reflect future improvements) Use gender-specific mortality tables (vs. unisex) ASOP6 ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 292
19 Coverage Assumptions ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 293
20 Plan Participations Consider Eligibility rules, Plan choices, Contribution rates and changes Spouse and Dependent Coverage Use separate spouse coverage rates for males / females if future gender mix differ from current Spouse and Dependent Age - Use actual age if available ASOP6 ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 294
21 Considerations When Selecting a Cost Allocation Policy ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 295
22 Limits on Allocation Period (employment date to last retirement date assumed) Reasonableness of Allocation Basis produce orderly allocation Dedicated assets Amortization Method Cash Flow Adequacy Cost allocation policy should provide enough assets for benefits payments ASOP6 ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 296
23 Definition of Phased Retirement ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 349
24 Person working on reduced schedule on the career job before full retirement Exclude bridge job Currently no in-service access to retirement benefits allowed by legislation Issues for Implementing Phased Retirement in Defined Benefit Plans ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 350
25 Actuarial Equity of Phased Retirement ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 351
26 Should be cost neutral Full actuarial reduction for early retirement distributions Full actuarial increase for employment past NRA Traditional final average pay plan penalizes phased retiree Can be corrected through definitions of FAE Annualize pay during phased retirement years Use partial year in divisor of the final average pay fraction Use average of the highest X years of consecutive compensation Issues for Implementing Phased Retirement in Defined Benefit Plans, ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 352
27 Actuary Equity Illustration 1: No In-Service Distributions ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 353
28 Participant 1: Work full time and fully retire at 70 Participant 2: Work assumed phased retirement schedule Traditional final average pay model Participant 3: Work assumed phased retirement schedule Plan annualize pay during phased retirement Credit partial service year equal to portion of a full time schedule Participant 1 Participant 2 Participant 3 FAE at age 70 $130,021 $65,010 $130,021 Benefit at age 70 $ 70,763 $35,383 $ 66,342 Figures for illustration purposes only Issues for Implementing Phased Retirement in Defined Benefit Plans, ACTEX 2014 Retirement Benefits Design & Accounting: Canada Page 354
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