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北美精算师2014年7月：SOA真题珍藏November2004Course8RU（2）

来源：高顿网校 2014-07-28

　　备战的孩儿们，你们身在何处呢？考试的*7复习资料由高顿网校[*{7}*]发布哦——北美精算师2014年7月：SOA真题珍藏November2004Course8RU（2）。
　　6. (12 points) NOC is proposing the following changes to the Retiree Health Benefit

　　program of its salaried employees:

　　? Effective January 1, 2004, the program will be closed to new employees;

　　? Salaried employees with less than 20 years of service at January 1, 2004 who

　　do not retire before January 1, 2005 will not be eligible for the benefit after

　　that date; and

　　? For all other salaried employees, effective January 1, 2005, the portion of the

　　premium paid by the program will be in accordance with the following

　　schedule:

　　Years of Service at

　　Retirement

　　Plan Retiree/Spouse

　　20-24 50% 50%

　　25-29 75% 25%

　　30+ 100% 0%

　　NOC wants an analysis of the proposed changes, in respect of the following

　　groups of employees:

　　? Group A – the salaried employees who are currently eligible for the

　　benefits but who lose the benefits if they do not retire in the next year;

　　? Group B – the salaried employees other than those in Group A who are no

　　longer eligible to receive benefits under the program;

　　? Group C – the salaried employees who are eligible, under current

　　assumptions, to receive reduced benefits under the program; and

　　? Group D – the salaried employees not affected by the proposed changes.

　　(a) (7 points) Based on the age and service distribution of the NOC Full-Time

　　Salaried Pension Plan at January 1, 2004, estimate the number of salaried

　　employees in Groups A, B, C and D. Identify any assumptions you used

　　in your estimate.

　　(b) (3 points) Describe any special accounting treatments that are applicable

　　for Groups A, B, C and D.

　　(c) (2 points) Describe the consequences to NOC of the proposed changes.

　　**END OF EXAMINATION**

　　MORNING SESSION

　　COURSE 8: Fall 2004 - 6 - GO TO NE

　　XT PAGE

　　Retirement Benefits,

　　Comprehensive Segment – U.S.

　　Afternoon Session

　　**BEGINNING OF EXAMINATION 8**

　　COMPREHENSIVE SEGMENT – U.S.

　　AFTERNOON SESSION

　　Questions 7 – 9 pertain to the Case Study

　　7. (8 points) Your client NOC is budgeting for fiscal year 2005 in June of 2004.

　　They have asked you to estimate the fiscal year 2005 pension expense for the

　　National Oil Full-Time Hourly Union Pension Plan.

　　You are given (all numbers in $000’s):

　　Projected Benefit Obligation at January 1, 2004 with 6% discount rate = 560,919

　　Service Cost at January 1, 2004 with 6% discount rate = 27,169

　　2005 Estimated Employer Contributions = 38,000

　　2005 Estimated Benefit Payments = 12,100

　　(a) Describe the considerations for selecting the return on assets during 2004

　　and the discount rate for 2005 for budgeting purposes.

　　(b) Estimate the 2005 pension expense using a discount rate of 6% and

　　assuming no other gains or losses.

　　(c) Describe and estimate the effect of a change in the economic environment

　　on each component of your estimate of the 2005 pension expense.

　　COURSE 8: Fall 2004 - 7 - GO TO NEXT PAGE

　　Retirement Benefits,

　　Comprehensive Segment – U.S.

　　Afternoon Session

　　Questions 7 – 9 pertain to the Case Study

　　. (12 points) The Vice-President of Human Resources of NOC (VP of HR) is concerned

　　about the increased level and volatility of the National Oil Company Full-Time Salaried

　　Pension Plan costs over the past few years.

　　The VP of HR has proposed the following new cash balance design:

　　? Interest rate credit: 6% per annum

　　? Annual contribution credit: 5% of earnings

　　You are the actuary for NOC and have been hired by the VP of HR to assist with

　　implementing the new plan design. For purposes of this question, assume that

　　regulations governing pension plan benefits in Vosne are identical to those in the United

　　States.

　　(a) Identify the key plan design features that will need to be addressed in the

　　proposed design pertaining to retirement and ancillary benefits.

　　(b) Propose two options for transitioning current plan participants to the new design.

　　(c) Describe the effect that each of your proposed options is expected to have on the

　　benefits of current participants.

　　(d) Describe the effect that each of your proposed options is expected to have on the

　　2004 expense.

　　COURSE 8: Fall 2004 - 8 - STOP

　　Retirement Benefits,

　　Comprehensive Segment – U.S.

　　Afternoon Session

　　Questions 7 – 9 pertain to the Case Study

　　9. (10 points) Vosne is proposing the introduction of a defined contribution (DC) social

　　insurance program (SIP) effective January 1, 2004. Benefits would be funded by

　　employee and employer contributions, as follows:

　　? Employees and employers both contribute 5% of pay on earnings up to $45,000 (the

　　“Wage Base”).

　　? The Wage Base changes in line with changes in the average wage in Vosne.

　　? Contributions are invested at the direction of the employees by privately managed

　　investment companies selected by Vosne.世纪考试网版权所有

　　? Account balances are available to provide death, disability and retirement benefits.

　　? Account balances must be used to purchase annuities no later than age 65.

　　(a) Describe the challenges that other countries with DC based social insurance

　　systems have faced.

　　(b) Recommend changes to the proposed program. Justify your recomm

　　endation.

　　(c) In order to maintain an employee’s total benefit (DC SIP plus current plan) at a

　　level equivalent to that provided under the current salaried plan provisions, the

　　CFO of NOC is proposing to amend the National Oil Full-Time Salaried Pension

　　Plan benefit to 0.5% of best average earnings up to the Wage Base, plus 2.0% of

　　best average earnings in excess of the Wage Base.

　　Critique this proposal.

　　**END OF EXAMINATION**

　　AFTERNOON SESSION
　　高顿网校之名人心语：孩子和母亲之间溢着深深的、真切的、不尽的爱。这种爱才是孩子和母亲永恒的精神支柱和我们民族生存的真正价值。

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