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November2003Course8RU（*9部分）——北美精算师考试SOA

来源：高顿网校 2014-07-18

　　以下则是高顿网校小编为您整理的November2003Course8RU（*9部分）——北美精算师考试SOA，请尽快吸收，因为还有好多知识点我们小编要拿出来的哦。
　　COURSE 8: Fall 2003 -1- GO TO NEXT PAGE

　　Retirement Benefits,

　　Comprehensive Segment – U.S.

　　Morning Session

　　Society of Actuaries Course 8RU Fall 2003

　　**BEGINNING OF EXAMINATION 8**

　　COMPREHENSIVE SEGMENT – U.S.

　　MORNING SESSION

　　All Questions pertain to the Case Study

　　1. (7 points) A NOC executive with 30 years of service plans to retire one year from now at

　　age 62. It is important to NOC that the executive transitions to retirement over the next

　　four years.

　　(a) Describe the benefit incentives that can be offered to help retain this executive.

　　(b) If you were hired by this executive, provide your recommendation regarding the

　　negotiation of benefits.

　　(c) Explain how your answer to (a) would be different if the executive had only eight

　　years of service with NOC.

　　(d) Identify the additional considerations that would exist if, instead of being hired by

　　the executive, you were hired by NOC to provide advice to the executive.

　　COURSE 8: Fall 2003 -2- GO TO NEXT PAGE

　　Retirement Benefits,

　　Comprehensive Segment – U.S.

　　Morning Session

　　All Questions pertain to the Case Study

　　2. (11 points) On June 30, 2003, NOC purchased a non-participating annuity contract to

　　cover the obligations of all the pensioners in the Full-Time Hourly Union Pension Plan.

　　You are given:

　　? The contract cost was $125 million.

　　? As of June 30, 2003, NOC has recorded half of its 2003 pension expense and

　　contributed half of its 2003 contribution.

　　? A discount rate of 6.0% was appropriate on June 30, 2003.

　　? Valuation results as of June 30, 2003, immediately before the annuity purchase:

　　Using a 6.5%

　　Discount Rate

　　Using a 6.0%

　　Discount Rate

　　(All dollars in 000’s)

　　PBO

　　Active participants $377,000 $400,000

　　Deferred vested participants 0 0

　　Pensioners 103,000 108,000

　　Total PBO $480,000 $508,000

　　Service Cost $24,000 $28,000

　　Market value of assets $320,000 $320,000

　　Average remaining service period 11.5 11.5

　　(a) (5 points) Calculate the pension expense for the year 2003. Show all work.

　　(b) (1 point) Describe the additional considerations if a participating annuity contract

　　were purchased.

　　(c) (3 points) Explain how your answer to (a) would differ under IAS 19 and the

　　rationale for the different requirements.

　　(d) (2 points) Describe the information NOC will have to provide the insurer for the

　　purpose of obtaining a quote for the annuity contract.

　　COURSE 8: Fall 2003 -3- GO TO NEXT PAGE

　　Retirement Benefits,

　　Comprehensive Segment – U.S.

　　Morning Session

　　All Questions pertain to the Case Study

　　3. (6 points) NOC’s Board of Directors has established the following funding policy for

　　NOC’s DB ERPs: annual contributions equal to normal cost plus five-year amortization

　　of unfunded actuarial accrued liability. The CFO of NOC is concerned about the

　　volatility of funding policy contributions.

　　(a) Explain the effects of different asset valuation methods on this volatility.

　　(b) Explain the effects of different asset class allocations on this volatility.

　　COURSE 8: Fall 2003 -4- GO TO NEXT PAGE

　　Retirement Benefits,

　　Comprehensive Segment – U.S.

　　Morning Session

　　All Questions pertain to the Case Study

　　4. (12 points) The law in Vosne has been changed to permit voluntary employee

　　contributions of up to 5% of pay to a DC ERP. The tax treatment of these contributions

　　is the same as for contributions to a PPA.

　　NOC has decided to change the Full- Time Hourly Union Pension Plan from a flat dollar

　　plan to a final average earnings plan, and to add a DC ERP for the union employees.

　　The main provisions of the new plans are:

　　DB ERP

　　Normal retirement benefit: 1% of final five-year average earnings

　　times years of service

　　Post retirement indexing: 3% per year

　　Optional form of benefit:
　　高顿网校之名人哲理奉送：人要独立生活，学习有用的技艺。 —— 凯德

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