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北美精算师2014：SOA精选真题November2003Course8RU（第3部分）

来源：高顿网校 2014-07-25

　　请众位网友们时刻留意高顿网校精算师“考试试题”频道的每日大纲的实时更新！我们高顿网校小编们做到100%认真负责！
　　an alternative program for the salaried employees of TechCo.

　　Justify your recommendation.

　　**END OF EXAMINATION**

　　MORNING SESSION

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

　　Retirement Benefits,

　　Comprehensive Segment – U.S.

　　Afternoon Session

　　**BEGINNING OF EXAMINATION 8**

　　COMPREHENSIVE SEGMENT – U.S.

　　AFTERNOON SESSION

　　All Questions pertain to the Case Study8. (8 points) NOC is considering laying off part of its union workforce to reduce costs. In

　　order to avoid layoffs, the union has agreed to discuss changes to the Full-Time Hourly

　　Union Pension Plan.

　　NOC has proposed to freeze accruals in the pension plan as of September 30, 2003.

　　Under the frozen plan, benefits would be determined for all active participants based on

　　service earned through September 30, 2003, and no future benefits would accrue.

　　The union offers a counter proposal to reduce future accruals as of January 1, 2004.

　　Under the union’s proposal, benefits would accrue to December 31, 2003 at the $75 rate.

　　After December 31, 2003, benefits would accrue at a rate of $50 per year of service

　　earned after December 31, 2003.

　　(a) Estimate the change in NOC’s 2003 accounting expense if NOC’s proposal is

　　adopted.

　　(b) If the union proposal is adopted, estimate the change in the 2003 and the 2004

　　accounting expense.

　　perspectives.

　　COURSE 8: Fall 2003 -9- GO TO NEXT PAGE

　　Retirement Benefits,

　　Comprehensive Segment – U.S.

　　Afternoon Session

　　All Questions pertain to the Case Study

　　9. (15 points) NOC is purchasing a refinery from ABC Company, and will offer

　　employment to all of the employees at the refinery. All refinery employees are members

　　of the ABC Refinery Pension Plan and the ABC Refinery Post-Retirement Medical plan.

　　There are no other members of these plans.

　　You are given:

　　Provisions of the ABC Refinery Plans

　　The ABC Refinery Pension Plan provisions are as follows:

　　? Normal Retirement Age: Age 65

　　? Early Retirement Age: Age 60

　　? Normal Retirement Benefit: 1.75% of final earnings times years of service

　　? Early Retirement Reduction: Actuarially equivalent

　　? Normal Form of Benefit: If married, 50% joint & survivor, without

　　reduction. If not married, single life annuity

　　? Post-Retirement Indexing: Lesser of 1% or CPI

　　? Termination and Pre-Retirement Death Benefits: Lump sum value of the

　　accrued benefit, excluding indexation.

　　The ABC Refinery Post-Retirement Medical Plan provisions are exactly the same

　　as NOC’s.

　　COURSE 8: Fall 2003 -10- GO TO NEXT PAGE

　　Retirement Benefits,

　　Comprehensive Segment – U.S.

　　Afternoon Session

　　All Questions pertain to the Case Study

　　9. Continued

　　January 1, 2003 Membership Data – ABC Refinery Plans

　　The membership demographics of the refinery’s employees are described in the

　　following table:

　　Age <5 years

　　of service

　　5-10 years

　　of service

　　>10 years

　　of service

　　Total

　　<55 # Participants

　　Avg Salary

　　40,000

　　100

　　42,000

　　46,000

　　200

　　42,500

　　55-65 # Participants

　　Avg Salary

　　500

　　44,000

　　1,500

　　48,000

　　2,500

　　50,000

　　4,500

　　51,444

　　>65 # Participants

　　Avg Salary

　　150
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