FINAL RECOMMENDATIONS BY AUTHORITY OF COUNCIL EFFECTIVE DATE: NOVEMBER 14, Canadian Institute of Actuaries 1 Institut Canadien des Actuaires
|
|
- Lucas Gilbert
- 5 years ago
- Views:
Transcription
1 FINAL RECOMMENDATIONS FOR THE COMPUTATION OF MINIMUM TRANSFER VALUES OF PENSIONS BY AUTHORITY OF COUNCIL EFFECTIVE DATE: NOVEMBER 14, 1988 Canadian Institute of Actuaries 1 Institut Canadien des Actuaires
2 SECTION I RECOMMENDATIONS FOR THE COMPUTATION OF MINIMUM TRANSFER VALUES 2
3 Part One TABLE OF CONTENTS Introduction 1.01 Application General Principles Actuarial Assumptions... 5 (a) Demographic Assumptions... 5 (b) Economic Assumptions Transfer after Date of Computation Exceptional Situations Disclosure
4 PART 1 INTRODUCTION The Council of the Canadian Institute of Actuaries has approved the following Recommendations for conduct of a member (hereinafter called actuary) when engaged to compute, or recommend the basis to be used for the computation of the minimum transfer value of a pension. The values determined in accordance with these Recommendations are minimum values for transfer purposes, but do not represent the only method of determining the value of the entitlement of a plan member or a plan member s beneficiary (hereinafter collectively called plan member) and, under normal circumstances, larger transfer values would also be appropriate Application These Recommendations should be applied to the computation of minimum transfer values when the method of settlement is the payment of a cash transfer value in lieu of an annuity, except for specific circumstances which are described below. The Recommendations apply to immediate and deferred annuities resulting from deaths and individual terminations of membership: a. in a jurisdiction whether or not there is legislation in that jurisdiction which specifically provides for portability of pension benefit credits; b. in a jurisdiction which prescribes minimum transfer values where the minimum transfer value determined using these Recommendations exceeds the prescribed minimum transfer value; c. under a reciprocal pension agreement between plan sponsors where the result of the reciprocal agreement is either to establish a pension amount determined on a money purchase basis or to establish an account value for the plan member. The Recommendations do not apply: a. in a jurisdiction which prescribes minimum transfer values where the minimum transfer value determined using these Recommendations is less than the prescribed minimum transfer value; b. under a reciprocal pension agreement between plan sponsors where the result of the reciprocal agreement is to provide defined pension benefits for the plan member; c. to the valuation and distribution of the pension benefit credits of a spouse as a result of divorce, marriage annulment or legal separation. Under a partial or complete plan termination, or where a plan member terminates his membership after the age at which a plan member becomes eligible under the plan for an immediate pension, a bona fide annuity quotation applicable to the pension benefit may be substituted for the minimum transfer value calculated herein. When applying these Recommendations, the actuary should be aware of the content of any applicable pension standards legislation. 4
5 1.02 General Principles The underlying principle in these Recommendations is that the minimum transfer value should, to the extent possible, reflect financial market conditions. In view of the length of the period involved and the inherent complexities of financial markets, estimation of future market conditions is a difficult task and the transfer value arrived at by the actuary using these Recommendations may ultimately be proven to have been either insufficient to produce the desired benefit or excessive. The minimum transfer value computed by the application of these Recommendations does not take account of the solvency of the pension plan. The actuary should consider whether the payment of a portion of the minimum transfer value should be delayed when the plan is less than fully funded on a plan termination basis, taking into account any requirements of applicable pension legislation. The minimum transfer value should be computed as of the date on which the right to elect a transfer became effective (hereinafter called the computation date) or such later date as may be appropriate in the circumstances. The minimum transfer value must reflect the plan member s full benefit entitlement as a deferred or immediate pensioner, as may be applicable, determined under the terms of the pension plan in effect at the date of termination of membership. The death benefit which would have applied before commencement of a deferred pension should be reflected. Where, at the computation date, a plan member has the unconditional right as a deferred or immediate pensioner, as may be applicable, to optional forms of pension or optional commencement dates, the option which has the greatest value should be used in the determination of the minimum transfer value Actuarial Assumptions There are many types of immediate and deferred pensions but two distinct classes or types have to be considered separately. The two classes are: non-indexed pensions indexed pensions (a) Demographic Assumptions The demographic assumptions will be the same for all types of immediate and deferred pensions. Mortality: Unless a different table is considered more appropriate for a particular plan, a current universal table such as the GAM83 table should be used. While appropriate male and female rates would normally be applied, the actuary may be required to calculate transfer values that do not vary according to the sex of the plan member. In this case, a table should be adopted which incorporates a blend of male and female mortality rates, as the actuary considers appropriate. Retirement age: The current age of the plan member should be used when valuing an immediate pension. In most situations, the normal retirement age under the plan would be used when valuing deferred pensions. However, where the terminated plan member has the unconditional right to elect an earlier commencement date and the consequent early retirement pension exceeds the amount 5
6 which is of actuarial equivalent value to the pension payable at normal retirement age, the minimum transfer value should reflect the full value of the subsidy. Proportion married and age of spouse: If the plan provides a contingent benefit to only the person who is the plan member s spouse at the date of termination of membership, the actual age of the spouse should be used in the computation. In the absence of this information, an appropriate age difference between the plan member and spouse should be assumed. Where the plan provides a contingent benefit to a plan member s spouse and a change in the member s marital status after the computation date is material to the determination of the minimum transfer value, the actuary should make an appropriate assumption concerning the likelihood of there being an eligible spouse, and the age of that spouse, at the time of death. (b) Economic Assumptions The economic assumptions will vary depending on whether the pension is fully indexed, partially indexed or non-indexed. The minimum transfer value of a fully or partially indexed pension should be at least equal to the minimum transfer value applicable to a non-indexed pension in the same amount and having similar characteristics. For non-indexed pensions, the interest rate for the first fifteen years from the computation date should be the month-end value of the nominal rate of interest on long-term Government of Canada bonds (CANSIM series B14013) in the second calendar month preceding the month in which the computation date falls, rounded up to the next multiple of 1/2%. After the first fifteen years, the rate should be 6%. For pensions which are fully indexed (i.e. where the pension increases by the same percentage as the Consumer Price Index) in both the deferral period and while in course of payment, the net rate of interest should be set initially as the difference, determined in the second calendar-month preceding the month in which the computation date falls, rounded up to the next multiple of 1/2%, between the month-end value of the typical chartered bank five-year nominal mortgage rate (CANSIM series B14051) for the month less 1/2%, and the rate of increase in the Consumer Price Index (CANSIM series D484000) during the 12-month period ending in the month. The initial rate should apply for the first year and should be reduced or increased in five level annual steps to a long-term net rate of 3 1/2% for the sixth and subsequent years. The assumption for pensions that are partially indexed should reflect the specific form of partial indexing. i. A pension that is indexed to a specified percentage of the Consumer Price Index should be valued by a geometric interpolation between the values that would apply if the pension was, respectively, a fully indexed pension and a non-indexed pension. ii. A pension that is indexed to the Consumer Price Index less a fixed percentage rate should be valued using interest rates applicable to a fully indexed pension, as set out above, increased by the applicable fixed percentage rate. iii. A pension that is indexed to the Consumer Price Index up to a fixed maximum should be valued using an interest rate that reflects the probability that the fixed maximum will apply. Thus if the fixed maximum is likely to be consistently attained, the pension should be valued as a non-indexed pension with fixed annual 6
7 increments. If the fixed maximum is unlikely to be reached on many occasions, the pension should be valued as a fully-indexed pension. iv. A pension that is indexed according to an excess interest approach, where increases are linked to a rate of return in excess of a base rate, should be valued using an interest rate equal to the base rate. The interest rate may be adjusted, or the pension valued partially as a non-indexed pension, if the pension is increased by only part of the excess interest or is subject to a maximum increase. v. A deferred pension that is indexed only after the expiry of the deferral period should be valued using the interest rate applicable to a non-indexed pension during the deferral period and the interest rate applicable to the particular type of indexed pension after the commencement date of the pension. vi. A deferred pension that is indexed only during the deferral period should be valued using the interest rate applicable to the particular type of indexing in the deferral period, and the interest rate applicable to a non-indexed pension after the pension commences Transfer after Date of Computation The minimum transfer value calculated in accordance with these Recommendations should be adjusted for a reasonable market rate of interest between the computation date and the date of payment. The requirements of applicable legislation should be taken into account in determining this adjustment. Where the period between the computation date and the date of payment exceeds four months, consideration should be given to recomputation of the transfer value as of the date of payment Exceptional Situations While the Recommendations are generally applicable, it is recognized that smaller transfer values may be adjusted in an exceptional situation. The actuary may accordingly modify the assumptions to reflect the unique nature of the situation. In such a case, the actuary should seek advice of the Committee of the Institute appointed by Council to counsel members in such circumstances Disclosure When communicating to the plan sponsor a transfer value which the actuary has computed, the actuary shall provide: (a) a description of the actuarial basis used in determining the transfer value; (b) when the payment of a portion of the transfer value has been delayed to reflect the solvency of the plan, the financial effect of this delay and the recommended schedule for payment of the balance of the transfer value; and (c) a statement as to whether the value has been computed in accordance with these Recommendations. When communicating to the plan sponsor an actuarial basis to be used in determining transfer values, the actuary shall provide a statement that the actuarial basis is in accordance with these Recommendations. 7
DISCUSSION DRAFT STANDARD OF PRACTICE FOR DETERMINING PENSION COMMUTED VALUES COMMITTEE ON PENSION PLAN FINANCIAL REPORTING
DISCUSSION DRAFT STANDARD OF PRACTICE FOR DETERMINING PENSION COMMUTED VALUES COMMITTEE ON PENSION PLAN FINANCIAL REPORTING APRIL 2001 2001 Canadian Institute of Actuaries Document 20115 Ce document est
More informationFINAL STANDARD OF PRACTICE FOR DETERMINING PENSION COMMUTED VALUES. Effective date: September 1, 2004 COMMITTEE ON PENSION PLAN FINANCIAL REPORTING
FINAL STANDARD OF PRACTICE FOR DETERMINING PENSION COMMUTED VALUES Effective date: September 1, 2004 COMMITTEE ON PENSION PLAN FINANCIAL REPORTING FEBRUARY 2004 2004 Canadian Institute of Actuaries Document
More informationEXPOSURE DRAFT. STANDARD OF PRACTICE FOR DETERMINING PENSION COMMUTED VALUES Effective date: September 1, 2003
EXPOSURE DRAFT STANDARD OF PRACTICE FOR DETERMINING PENSION COMMUTED VALUES Effective date: September 1, 2003 COMMITTEE ON PENSION PLAN FINANCIAL REPORTING APRIL 2002 2002 Canadian Institute of Actuaries
More informationExposure Draft. Revised Standards of Practice for Pension Commuted Values (Section 3800) Actuarial Standards Board. June 2008.
Exposure Draft Revised Standards of Practice for Pension Commuted Values (Section 3800) Actuarial Standards Board June 2008 Document 208044 Ce document est disponible en français 2008 Canadian Institute
More informationPension Commuted Values
Educational Note Pension Commuted Values Committee on Pension Plan Financial Reporting April 2006 Document 206042 Ce document est disponible en français 2006 Canadian Institute of Actuaries Educational
More informationPublic Service Pension Plan Actuarial Valuation as at December 31, Registration number: CRA
Public Service Pension Plan Actuarial Valuation as at December 31, 2016 Registration number: CRA 0208769 Original Date: July 21, 2017 Revised Date: November 10, 2017 Table of Contents 1. Executive Summary
More informationUNIVERSITY OF VICTORIA STAFF PENSION PLAN INDEX
UNIVERSITY OF VICTORIA STAFF PENSION PLAN INDEX 1 INTRODUCTION... 2 2 DEFINITIONS... 3 3 ELIGIBILITY FOR MEMBERSHIP... 8 4 ENROLLMENT... 9 5 MEMBER CONTRIBUTIONS... 10 6 UNIVERSITY CONTRIBUTIONS... 12
More informationPlan Provisions Template MassMutual Terminal Funding Contract Quote Request Plan Description
Normal Retirement Date First of the month or Last of the month Coinciding with or next following or Following Age or The later of age or the anniversary of plan participation (The Accrued Benefit as shown
More informationBYLAW NO The City of Saskatoon Fire and Protective Services Department Superannuation Plan Bylaw, 2003
BYLAW NO. 8225 The City of Saskatoon Fire and Protective Services Department Superannuation Plan Bylaw, 2003 Codified to Bylaw No. 9330 (November 23, 2015) BYLAW NO. 8225 The City of Saskatoon Fire and
More informationSummary Plan. de l AiM Succès. pension plan. Multi-employeur. plan de pension. Success. Security. Securité. with. avec
Summary Plan Description Success with Security IAM Multi-employer pension plan plan de pension Multi-employeur de l AiM Succès avec Securité O O january 2017 I.A.M. Multi-Employer Pension Plan (Canada)
More informationSESSION 1 THE ACTUARIAL METHODOLOGY OF PENSIONS. Presented by Victor Harte Milliman, Inc.
SESSION 1 THE ACTUARIAL METHODOLOGY OF PENSIONS Presented by Victor Harte Milliman, Inc. victor.harte@milliman.com October 7, 2015 OVERVIEW Types of Pension Plans Optional forms of benefits Actuarial Assumptions
More informationThe Colleges of Applied Arts and Technology. Pension Plan. As Amended and Restated Effective January 1, 2018
SCHEDULE 1 The Colleges of Applied Arts and Technology Pension Plan As Amended and Restated Effective January 1, 2018 Consolidated to October 1, 2018 Including amendments of: January 1, 2018 May 1, 2018
More informationExposure Draft. Amendments to Section 3500 of the Practice-Specific Standards for Pension Plans Pension Commuted Values. Actuarial Standards Board
Exposure Draft Amendments to Section 3500 of the Practice-Specific Standards for Pension Plans Pension Commuted Values Actuarial Standards Board July 2017 Document 217075 Ce document est disponible en
More informationRevised Exposure Draft
Revised Exposure Draft Amendments to Section 3500 of the Practice-Specific Standards for Pension Plans Pension Commuted Values Actuarial Standards Board November 2018 Document 218141 Ce document est disponible
More informationAMENDMENT NO. 3 To The Rules and Regulations of The Musicians Pension Fund of Canada
AMENDMENT NO. 3 To The Rules and Regulations of The Effective May 18, 2010, the following changes are made to the Plan: Article 1, Section 1.19 is deleted and replaced by the following: Section 1.19. Former
More informationActuarial Valuation Report on the Toronto Fire Department Superannuation and Benefit Fund as of December 31, April 2007
Actuarial Valuation Report on the as of December 31, 2006 April 2007 Prepared for: Committee Attention: Ms. Imma Monardo Manager, Pensions The City of Toronto Pension Section Metro Hall 55 John Street,
More informationBCE INC. PENSION PLAN ACTUARIAL VALUATION AS AT DECEMBER 31, FSCO Registration #
BCE INC. PENSION PLAN ACTUARIAL VALUATION AS AT DECEMBER 31, 2016 FSCO Registration #0908061 Robert Marchessault, F.C.I.A., F.S.A. Stéphan Cliche, F.C.I.A., F.S.A. Audrey Lapointe, A.S.A. BCE Inc. 1, Carrefour
More informationDALHOUSIE UNIVERSITY STAFF PENSION PLAN. CONSOLIDATED AND RESTATED JULY 1, 1997 (Incorporating Amendments as of September 2010)
DALHOUSIE UNIVERSITY STAFF PENSION PLAN CONSOLIDATED AND RESTATED JULY 1, 1997 (Incorporating Amendments as of September 2010) i TABLE OF CONTENTS Rule Topic Page 1. Definitions 1 2. Effective Date 11
More informationACTUARIAL REPORT. as at 31 March Pension Plan for the PUBLIC SERVICE OF CANADA
ACTUARIAL REPORT as at 31 March 1996 on the Pension Plan for the PUBLIC SERVICE OF CANADA TABLE OF CONTENTS Page I- Overview... 1 II- Data... 8 III- Methodology... 13 IV- Assumptions... 17 V- Results
More informationActuarial Assumptions:
Actuarial Assumptions: The actuarial assumptions used in this report are as follows. These assumptions are based on the PMRS Experience Study for the period covering January 1, 2005 through December 31,
More informationNON-CERTIFICATED EMPLOYEES RETIREMENT PLAN OF THE JUNIOR COLLEGE DISTRICT OF ST. LOUIS, ST. LOUIS COUNTY, MISSOURI St.
NON-CERTIFICATED EMPLOYEES RETIREMENT PLAN OF THE JUNIOR COLLEGE DISTRICT OF ST. LOUIS, St. Louis, Missouri FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR
More informationCity of Dover, Delaware General Employee Pension Plan. July 1, 2016 Actuarial Valuation Report
City of Dover, Delaware General Employee Pension Plan July 1, 2016 Actuarial Valuation Report Table of Contents Actuarial Certification 3 Executive Summary 5 Summary Results 5 Changes Since Prior Valuation
More informationChicago Transit Authority Supplemental Retirement Plan And Retirement Plan for Board Members. Actuarial Valuation As of January 1, 2003
Chicago Transit Authority Supplemental Retirement Plan And Retirement Plan for Board Members Actuarial Valuation As of January 1, 2003 June 17, 2003 Ms. Lynn Sapyta Comptroller/General Manager, Finance
More informationNO. JUDICIAL DISTRICT. In compliance with the requirements for qualified domestic relations orders, the following is specified:
NO. IN THE MATTER OF THE MARRIAGE OF IN THE DISTRICT COURT OF AND TEXAS COUNTY, AND IN THE INTEREST OF A CHILD JUDICIAL DISTRICT DOMESTIC RELATIONS ORDER This Order applies to the City of Austin-Employees'
More informationGlossary of Pension Plan Terms
Glossary of Pension Plan Terms ACCRUED PENSION For active members, it is the pension they would be entitled to receive at retirement age, based on current average pensionable earnings and years of service.
More informationBylaw No The City of Saskatoon General Superannuation Plan Bylaw, Codified to Bylaw No (September 22, 2014)
Bylaw No. 8226 The City of Saskatoon General Superannuation Plan Bylaw, 2003 Codified to Bylaw No. 9224 (September 22, 2014) Bylaw No. 8226 The City of Saskatoon General Superannuation Plan Bylaw, 2003
More informationCITY OF TAMARAC POLICE OFFICERS' PENSION TRUST FUND ACTUARIAL VALUATION REPORT
CITY OF TAMARAC POLICE OFFICERS' PENSION TRUST FUND ACTUARIAL VALUATION REPORT FOR THE YEAR BEGINNING OCTOBER 1, 2014 TABLE OF CONTENTS I Discussion a. Discussion of Valuation Results... 1 b. Financial
More informationTHE PENSION PLAN FOR PROFESSIONAL STAFF LAKEHEAD UNIVERSITY
THE PENSION PLAN FOR PROFESSIONAL STAFF OF LAKEHEAD UNIVERSITY AMENDED AND RESTATED AT January 1, 2016 Office Consolidation For Reference Purposes Only Consolidated text incorporating all amendments up
More informationNOVA SCOTIA ASSOCIATION OF HEALTH ORGANIZATIONS
NOVA SCOTIA ASSOCIATION OF HEALTH ORGANIZATIONS PENSION PLAN Adopted by Nova Scotia Hospital Association, the Predecessor to the Nova Scotia Association of Health Organizations, on December 17, 1960, and
More informationLawrence Livermore National Security, LLC
Lawrence Livermore National Security, LLC Generic Web Retirement Estimate (Based on higher TCP2 non-elective contributions, Includes TCP2 Employee Deferrals) \ Page 2 LLNS Sample Retirement Estimates for
More informationContents. 1. Summary of Results ($000) Introduction...3 Report on the Actuarial Valuation as at July 1,
Contents 1. Summary of Results ($000)...1 2. Introduction...3 as at July 1, 2003...3 3. Financial Position of the Plan...6 Valuation Results Going-Concern Basis...6 Valuation Results Solvency Basis...7
More informationMERCER Human Resource Consulting
December 2003 THE CONTRIBUTORY PENSION PLAN FOR SALARIED EMPLOYEES OF McMASTER UNIVERSITY INCLUDING McMASTER DIVINITY COLLEGE for Funding Purposes as at July 1, 2003 MERCER Human Resource Consulting ~arrh
More informationDALHOUSIE UNIVERSITY STAFF PENSION PLAN REPORT ON THE ACTUARIAL VALUATION AS AT MARCH 31, 2017 NOVEMBER 2017 PREPARED BY:
DALHOUSIE UNIVERSITY REPORT ON THE ACTUARIAL VALUATION (REGISTRATION NO. C242297) NOVEMBER 2017 PREPARED BY: 1969 UPPER WATER STREET, SUITE 503 HALIFAX, NOVA SCOTIA B3J 3R7 TABLE OF CONTENTS SECTION PAGE
More informationMemorandum. INTRODUCTION According to subsection 3530 of the Standards of Practice: Demographic Assumptions
Memorandum To: From: All Fellows, Affiliates, Associates, and Correspondents of the Canadian Institute of Actuaries and Other Interested Parties James K. Christie, Chair Actuarial Standards Board Conrad
More information7 - Employer Contributions
Illinois Municipal Retirement Fund Employer Contributions / SECTION 7 7 - Employer Contributions EMPLOYER CONTRIBUTIONS... 266 7.00 INTRODUCTION... 266 7.00 A. Employer Rate Notices... 266 7.00 B. Actuarial
More informationCITY OF MADISON HEIGHTS GENERAL OTHER POSTEMPLOYMENT BENEFITS
CITY OF MADISON HEIGHTS GENERAL OTHER POSTEMPLOYMENT BENEFITS ACTUARIAL VALUATION REPORT AS OF JUNE 30, 2012 TABLE OF CONTENTS Section Page Number -- Cover Letter EXECUTIVE SUMMARY 1-2 Executive Summary
More informationActuarial Assumptions:
Actuarial Assumptions: The actuarial assumptions used in this report are as follows. For active participants, these assumptions are used only for the determination of the average expected working lifetime.
More informationUniversity of Toronto Pension Plan. This booklet provides details of the Pension Plan provisions for the following employee group; OPSEU 519
University of Toronto Pension Plan This booklet provides details of the Pension Plan provisions for the following employee group; OPSEU 519 BACKGROUND TO THE PLAN The current Pension Plan for the staff
More informationCITY OF HOMESTEAD POLICE OFFICERS RETIREMENT PLAN ACTUARIAL VALUATION AS OF OCTOBER 1, 2015
CITY OF HOMESTEAD POLICE OFFICERS RETIREMENT PLAN ACTUARIAL VALUATION AS OF OCTOBER 1, 2015 ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY THIS VALUATION FOR THE PLAN YEAR ENDING SEPTEMBER 30, 2017 TABLE
More informationSimon Fraser University Pension Plan for Administrative/Union Staff
Actuarial Report on the Simon Fraser University Pension Plan for Administrative/Union Staff as at 31 December 2010 Vancouver, B.C. September 13, 2011 Contents Highlights and Actuarial Opinion... 1 Appendix
More informationFORMER NINTH AND ELEVENTH DISTRICT EMPLOYERS PENSION RESTORATION PLAN
FORMER NINTH AND ELEVENTH DISTRICT EMPLOYERS PENSION RESTORATION PLAN (AMENDED THROUGH JANUARY 1, 2018) TABLE OF CONTENTS PREAMBLE ARTICLE I, DEFINITIONS PART A PROVISIONS OF GENERAL APPLICABILITY Section
More informationRetirement Plan of the University of St. Michael s College
Retirement Plan of the University of St. Michael s College September 2013 Table of Contents INTRODUCTION.......................................... 4 BACKGROUND TO THE PLAN...................................
More informationRESEARCH PAPER GROUP LIFE WAIVER STUDY BASED ON CANADIAN GROUP LTD TERMINATION EXPERIENCE
RESEARCH PAPER GROUP LIFE WAIVER STUDY BASED ON 1988-1994 CANADIAN GROUP LTD TERMINATION EXPERIENCE COMMITTEE ON EXPECTED EXPERIENCE GROUP LIFE AND HEALTH NOVEMBER 2001 2001 Canadian Institute of Actuaries
More informationNATIONAL PENSION SCHEME (GENERAL) AMENDMENT REGULATIONS 2004 BR 60/2004 NATIONAL PENSION SCHEME (OCCUPATIONAL PENSIONS) ACT : 36
BR 60/2004 NATIONAL PENSION SCHEME (OCCUPATIONAL PENSIONS) ACT 1998 1998 : 36 NATIONAL PENSION SCHEME (GENERAL) AMENDMENT The Minister of Finance, in exercise of the powers conferred by section 69 of the
More informationTHE NOVA SCOTIA HEALTH EMPLOYEES
THE NOVA SCOTIA HEALTH EMPLOYEES PENSION PLAN Adopted by Nova Scotia Hospital Association, the Predecessor to the Nova Scotia Association of Health Organizations, on December 17, 1960, and Approved by
More informationSchedule SB Attachments
Schedule SB Attachments Schedule SB, Part V Statement of Actuarial Assumptions and Methods Discount Rates Current plan year PPA effective interest rate (reflecting MAP-21 corridors): 6.82% Prior plan year
More informationRULES AND REGULATIONS OF THE NATIONAL AUTOMATIC SPRINKLER INDUSTRY PENSION PLAN 2014 Restated Plan. ARTICLE 1 Definitions
RULES AND REGULATIONS OF THE NATIONAL AUTOMATIC SPRINKLER INDUSTRY PENSION PLAN 2014 Restated Plan (Incorporating Amendments 1-11 to the 2009 Restated Plan) ARTICLE 1 Definitions Section 1.01. Actuarial
More informationHealthcare of Ontario Pension Plan
Healthcare of Ontario Pension Plan Office consolidation of plan text effective September 1, 2017, with subsequent amendments approved up to and including January 1, 2018 Registration Number 346007 HEALTHCARE
More informationReport on the Actuarial Valuation
Report on the Actuarial Valuation as of January 1, 2018 Telecommunication Workers Pension Plan Canada Revenue Agency Registration Number 0397935 Office of the Superintendent of Financial Institutions Canada
More informationMemorandum. Introduction. Background
To: From: Memorandum All Fellows, Affiliates, Associates, and Correspondents of the Canadian Institute of Actuaries, and Other Interested Parties Tyrone Faulds, Chair Actuarial Standards Board Gavin Benjamin,
More informationUniversity of Toronto Pension Plan. This booklet provides details of the Pension Plan provisions for Professionals/Managers 6-9.
University of Toronto Pension Plan This booklet provides details of the Pension Plan provisions for Professionals/Managers 6-9. BACKGROUND TO THE PLAN The current Pension Plan for the staff of the University
More informationPension Plan for the Academic and Administrative. Employees of the University of Regina. Financial Statements
Financial Statements For the Year Ended Statement 1 Pension Plan for the Academic and Administrative Statement of Net Assets Available for Benefits, Accrued Pension Benefits and Surplus As at December
More informationConduent Human Resource Services Retirement Consulting. The Police and Firemen s Retirement System of New Jersey
Conduent Human Resource Services Retirement Consulting The Police and Firemen s Retirement System of New Jersey Information Required Under Governmental Accounting Standards Board Statement No. 67 as of
More informationESTIMATED ACCRUAL COSTS EGD PENSION PLANS JUNE 30, 2015
JUNE 30, 2015 Note to reader regarding actuarial valuations and projections: This report may not be relied upon for any purpose other than those explicitly noted in the Introduction, nor may it be relied
More informationCommunity Agencies Retirement Plan. May 12, 2016
Community Agencies Retirement Plan May 12, 2016 1 Retirement Planning Agenda Health of the DB Pension Plan Governance Regulatory Environment Funding Cash Flow Cash Flow History Membership Statistics Contributions
More informationPennsylvania Municipal Retirement System
Pennsylvania Municipal Retirement System Experience Study Results and Recommendations For the period covering January 1, 2009 December 31, 2013 Produced by Cheiron July 2015 Table of Contents Section Page
More informationPension Plan for Non-Professional Staff of University of Guelph Amended and Restated as of June 30, 2015
Pension Plan for Non-Professional Staff of University of Guelph Amended and Restated as of June 30, 2015 UNOFFICIAL OFFICE CONSOLIDATION June 30, 2015 Document revision date: June 27, 2016 Amended and
More informationPostemployment Health Insurance -- Sensitivity Tests Sensitivity Analysis RETIREE PREMIUM RATE DEVELOPMENT
CITY OF TYLER RETIREE HEALTH CARE PLAN ACTUARIAL VALUATION REPORT AS OF DECEMBER 31, 2011 TABLE OF CONTENTS Section A B C D E F G Page Number -- 1-2 1-2 3 4-5 6 7 1 2 3 1 2-3 1-2 1-4 1 2 1 2-10 11-13 Cover
More informationSUBMISSION BY THE CANADIAN INSTITUTE OF ACTUARIES *** COMMENTS ON THE REGULATION AMENDING THE REGULATION RESPECTING SUPPLEMENTAL PENSION PLANS
Translation SUBMISSION BY THE CANADIAN INSTITUTE OF ACTUARIES TO THE RÉGIE DES RENTES DU QUÉBEC *** COMMENTS ON THE REGULATION AMENDING THE REGULATION RESPECTING SUPPLEMENTAL PENSION PLANS NOVEMBER 9,
More informationRETIREMENT PLAN FOR T H E E M P L O Y E E S R E T I R E M E N T FUND OF THE CITY OF D A L L A S ACTUARIAL VALUATION R E P O R T AS OF D E C E M B E R
RETIREMENT PLAN FOR T H E E M P L O Y E E S R E T I R E M E N T FUND OF THE CITY OF D A L L A S ACTUARIAL VALUATION R E P O R T AS OF D E C E M B E R 3 1, 2 0 1 3 May 13, 2014 Board of Trustees Employees
More informationNew Mexico Magistrate Retirement Fund
New Mexico Magistrate Retirement Fund GASB Statement No. 67 Supplemental Report Prepared as of June 30, 2015 1 TABLE OF CONTENTS Section Item Page No. I Introduction 1 II Financial Statement Notes 3 III
More information3000 PENSION PLANS. Page 3001
3000 PENSION PLANS Page 3001 TABLE OF CONTENTS 3100 SCOPE... 3003 3200 ADVICE ON THE FUNDED STATUS OR FUNDING OF A PENSION PLAN.. 3004 3210 General... 3004 3220 Types of Valuations... 3007 3230 Going Concern
More informationJACKSONVILLE POLICE & FIRE PENSION FUND Review of Actuarial Assumptions. October 1, 2006 through October 1, 2011
October 1, 2006 through October 1, 2011 Prepared by: Pension Board Consultants, Inc. 195 14 th Street, Suite 2307 Atlanta, Georgia 30309 (404) 892-9798 TABLE OF CONTENTS Page Proposed 10/1/11 Changes....
More informationActuarial Valuation Report as at December 31, 2017
Actuarial Valuation Report as at December 31, 2017 Lutheran Church - Canada Pension Plan ASP Registration No. 00355610 CRA Registration No. 00355610 March, 2018 TABLE OF CONTENTS Page 1. Actuaries Opinion...
More informationOnce you become a Member of the Plan, you may not withdraw from the Plan so long as you remain employed by the City.
Retirement Benefit Plan for the Employees of the City of St. John s as applicable to Members of CUPE Local 1289, CUPE Local 569, NAPE Local 7808, and Non-Bargaining (Option 1) The Retirement Benefit Plan
More informationActuarial Valuation Report for Accounting Purposes on the Saskatchewan Teachers Superannuation Plan as at June 30, 2001
Actuarial Valuation Report for Accounting Purposes on the as at June 30, 2001 Aon Consulting 8 th Floor, Canada Building 105 21 st Street East Saskatoon, Saskatchewan S7K 0B3 Phone: (306) 934-8680 Fax:
More informationC ITY OF MADISON HEIGHTS GENERAL OTHER POSTEMPLOYMENT BENEFITS
C ITY OF MADISON HEIGHTS GENERAL OTHER POSTEMPLOYMENT BENEFITS ACTUARIAL VALUATION REPORT AS OF JUNE 30, 2014 TABLE OF CONTENTS Section Page Number -- Cover Letter EXECUTIVE SUMMARY 1-2 Executive Summary
More informationGuidance on assumptions to use when undertaking a valuation in accordance with Section 179 of the Pensions Act 2004
Contents Part 1 Part 2 Effective date of guidance Overview 2.1 Introduction 2.2 Purpose of this guidance 2.3 Legislative requirements 2.4 Legislation or authority for actuarial valuations Part 3 Financial
More informationThe Pension Benefits Regulations, 1993
Consolidated to January 1, 2016 1 The Pension Benefits Regulations, 1993 being Chapter P-6.001 Reg 1 (effective January 1, 1993) as amended by an Errata Notice (published in The Saskatchewan Gazette August
More informationInterpretive Guideline#05 Division and Distribution of Pension Benefits on Marriage Breakdown
Interpretive Guideline#05 Division and Distribution of Pension Benefits on Marriage Breakdown Issued: February 2017 (Revised) This Guideline is designed to assist plan administrators, plan members and
More informationPENSION PLAN FOR GENERAL LABOUR, TRADES & SERVICES EMPLOYEES OF NEW BRUNSWICK SCHOOL DISTRICTS
PENSION PLAN FOR GENERAL LABOUR, TRADES & SERVICES EMPLOYEES OF NEW BRUNSWICK SCHOOL DISTRICTS Consolidated to May 9, 2002 TABLE OF CONTENTS SECTION TITLE PAGE 1 2 3 PURPOSE OF PLAN 1 DEFINITIONS 2 ELIGIBILITY
More informationACTUARIAL. 123 Solvency Test 124 Analysis of Financial Experience 124 Schedule of Funding Progress
CalSTRS administers retirement, disability and survivor benefits for California s 914,454 public school educators (from pre-kindergarten through community college) and their beneficiaries. Defined Benefit
More informationCHARTER TOWNSHIP OF YPSILANTI OTHER POSTEMPLOYMENT BENEFITS
CHARTER TOWNSHIP OF YPSILANTI OTHER POSTEMPLOYMENT BENEFITS ACTUARIAL VALUATION REPORT DECEMBER 31, 2015 TABLE OF CONTENTS Section Page Number -- Cover Letter EXECUTIVE SUMMARY 1-2 Executive Summary A
More informationNECA-IBEW PENSION TRUST FUND PENSION PLAN DOCUMENT RESTATED EFFECTIVE JUNE 1, 2018
NECA-IBEW PENSION TRUST FUND PENSION PLAN DOCUMENT RESTATED EFFECTIVE JUNE 1, 2018 TABLE OF CONTENTS PREFACE... 1 PREAMBLE... 1 ARTICLE I DEFINITIONS... 2 Section 1.01 - Accrued Benefit...2 Section 1.02
More informationNew Mexico Magistrate Retirement Fund
New Mexico Magistrate Retirement Fund GASB Statement No. 67 Supplemental Report Prepared as of June 30, 2014 1 TABLE OF CONTENTS Section Item Page No. I Introduction 1 II Financial Statement Notes 3 III
More informationPension Plan for the Academic and Administrative. Employees of the University of Regina. Financial Statements
Financial Statements For the Year Ended Statement 1 Pension Plan for the Academic and Administrative Statement of Net Assets Available for Benefits, Accrued Pension Benefits and Surplus As at December
More informationPostemployment Health Insurance -- Sensitivity Tests Sensitivity Analysis RETIREE PREMIUM RATE DEVELOPMENT
SPARTANBURG COUNTY RETIREE HEALTH CARE PLAN ACTUARIAL VALUATION REPORT AS OF JANUARY 1, 2014 TABLE OF CONTENTS Section A B C D E F G Page Number -- 1-2 1 2 3-4 5 6 1 2 1 2 1 1-6 1 2 Cover Letter EXECUTIVE
More informationMUNICIPAL EMPLOYEES' RETIREMENT SYSTEM OF MICHIGAN APPENDIX TO THE ANNUAL ACTUARIAL VALUATION REPORT DECEMBER 31, 2016
MUNICIPAL EMPLOYEES' RETIREMENT SYSTEM OF MICHIGAN APPENDIX TO THE ANNUAL ACTUARIAL VALUATION REPORT DECEMBER 31, 2016 Summary of Plan Provisions, Actuarial Assumptions and Actuarial Funding Method as
More informationGuidance on assumptions to use when undertaking a valuation in accordance with Section 179 of the Pensions Act 2004
Contents Part 1 Part 2 Effective date of guidance Overview 2.1 Introduction 2.2 Purpose of this guidance 2.3 Legislative requirements 2.4 Legislation or authority for actuarial valuations Part 3 Financial
More informationCity of Sioux Falls Retirement Systems Assumption Study
City of Sioux Falls Retirement Systems Assumption Study February 6, 2013 Copyright 2013 GRS All rights reserved. City of Sioux Falls Retirement Systems Assumption Study Purpose Types of Assumptions Demographic
More informationReport of the Actuary on the Valuation of the Georgia Firefighters Pension Fund
Report of the Actuary on the Valuation of the Georgia Firefighters Pension Fund Prepared as of June 30, 2017 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve November
More informationThe Halifax Regional Municipality. Pension Plan
The Halifax Regional Municipality Pension Plan Certified to be a true and complete copy of the text of the Halifax Regional Municipality Pension Plan, as amended and restated, including Amendments 2011-01,
More informationPostemployment Health Insurance -- Sensitivity Tests Sensitivity Analysis RETIREE PREMIUM RATE DEVELOPMENT
CITY OF TYLER RETIREE HEALTH CARE PLAN ACTUARIAL VALUATION REPORT AS OF DECEMBER 31, 2013 TABLE OF CONTENTS Section A B C D E F G Page Number -- 1-2 1 2 3-4 5 6 1 2 1 2 1-2 1-4 1 2 Cover Letter EXECUTIVE
More informationDivision on Spousal Relationship Breakdown
Division on Spousal Relationship Breakdown A guide to assist in the understanding of the division on spousal relationship breakdown rules of The Pension Benefits Act, 1992. fcaa.gov.sk.ca Table of Contents
More informationUniversity of Toronto Pension Plan. This booklet provides details of the Pension Plan provisions for Faculty/Librarians.
University of Toronto Pension Plan This booklet provides details of the Pension Plan provisions for Faculty/Librarians. BACKGROUND TO THE PLAN The current Pension Plan for the staff of the University of
More informationCity of Albany Police and Fire Relief or Pension Fund
City of Albany Police and Fire Relief or Pension Fund Actuarial Valuation and Information Required Under Governmental Accounting Standards Board Statements No. 67 and 68 as of June 30, 2015 2014 Xerox
More informationPension Plan for Non-Unionized Employees of Quebecor Media Inc. and its Participating Subsidiaries
Pension Plan for Non-Unionized Employees of Quebecor Media Inc. and its Participating Subsidiaries Report prepared on September 20, 2010 Registration number: Ontario and Canada Revenue Agency #1098474
More informationAddendum To Fidelity Investments Retirement Income Fund Declaration Of Trust For Locked-In Pension Transfers To A Life Income Fund ( LIF )
Addendum To Fidelity Investments Retirement Income Fund Declaration Of Trust For Locked-In Pension Transfers To A Life Income Fund ( LIF ) Fidelity Investments Retirement Income Fund RIF 1693 (the RIF
More informationDESIGNATION OF BENEFICIARY FORM FOR PRE-RETIREMENT DEATH BENEFITS ONLY
DESIGNATION OF BENEFICIARY FORM FOR PRE-RETIREMENT DEATH BENEFITS ONLY Please read these instructions before completing the form. Use this form to designate or change a beneficiary only for Pre-Retirement
More informationCity of Gainesville Consolidated Police Officers and Firefighters Retirement Plan
City of Gainesville Consolidated Police Officers and Firefighters Retirement Plan Information Required Under Governmental Accounting Standards Board Statement No. 67 as of September 30, 2014 Revised March
More informationMusicians Pension Plan
This document contains both information and form fields. To read information, use the Down Arrow from a form field. Musicians Pension Fund of Canada Caisse de retraite des musiciens du Canada Helping you
More informationXerox Final Salary Pension Scheme. 1. Introduction. 2. Statutory funding objective. Statement of funding principles March 2008
Xerox Final Salary Pension Scheme Statement of funding principles March 2008 1. Introduction This statement has been prepared by Xerox Pensions Limited (the Trustees ) acting in its capacity as the Trustee
More informationHow can I obtain information relating to my pension investment?
Under what authority does the Memorial University Pension Plan operate? The Memorial University Pension Plan is a legislated public sector pension plan that operates under the authority of the Memorial
More informationActuarial Section ARLINGTON COUNTY EMPLOYEES RETIREMENT SYSTEM. Arlington County Employees Retirement System
ARLINGTON COUNTY EMPLOYEES RETIREMENT SYSTEM Arlington County Employees Retirement System 54 Arlington County Employees Retirement System Actuarial Section 55 Arlington County Employees Retirement System
More informationELECTRICAL INDUSTRY PENSION TRUST FUND OF ALBERTA. Questions & Answers Section
ELECTRICAL INDUSTRY PENSION TRUST FUND OF ALBERTA Questions & Answers Section UNI N YES INDEX SECTION PAGE PENSION PLAN HISTORY... 1 PENSION CONTRIBUTION STANDARD RATES... 5 INTRODUCTION... 6 A BRIEF SUMMARY
More informationCity of Brockton Contributory Retirement System
City of Brockton Contributory Retirement System Actuarial Valuation Report Plan Year as of January 1, 2015 August 2016 Table of Contents Sections I Overview... 1 II Summary Of Principal Results... 3 III
More informationUniversity Of Waterloo Pension Plan. Unofficial Consolidation as at January 1, 2014
University Of Waterloo Pension Plan Unofficial Consolidation as at January 1, 2014 (includes plan restatement effective January 1, 2011 and subsequent amendments) Table of Contents Article 1 Establishment
More informationPublic Service Shared Risk Plan Actuarial Valuation Report as at January 1, 2016
Public Service Shared Risk Plan Actuarial Valuation Report as at January 1, 2016 Registration number: Canada Revenue Agency: #0305839 NB Superintendent of Pensions: #0305839 Report prepared July 2016 Table
More informationPENSION PLAN FOR FULL TIME CUPE 2745 EMPLOYEES OF NEW BRUNSWICK SCHOOL DISTRICTS
PENSION PLAN FOR FULL TIME CUPE 2745 EMPLOYEES OF NEW BRUNSWICK SCHOOL DISTRICTS Consolidated to October 2002 TABLE OF CONTENTS SECTION TITLE PAGE 1 PURPOSE OF PLAN 1 2 DEFINITIONS 2 3 ELIGIBILITY AND
More informationPension Plan for Professional Staff of University of Guelph Amended and Restated as of June 30, 2015
Pension Plan for Professional Staff of University of Guelph Amended and Restated as of June 30, 2015 UNOFFICIAL OFFICE CONSOLIDATION June 30, 2015 Document revision date: August 10, 2016 Instructions This
More information