高顿项目
历年（04年）SOA精算师考试真题——Course8RC（一）
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高顿网校
2014-08-01
历年（04年）SOA精算师考试真题——Course8RC（一）是由高顿网校小编为您精心编制才呈现的。
COURSE8:Fall2004-1-GOTONEXTPAGE
COURSE8:Fall2004-1-GOTONEXTPAGE
RetirementBenefits,
ComprehensiveSegment-Canada
MorningSession
**BEGINNINGOFEXAMINATION8**
COMPREHENSIVESEGMENT-CANADA
MORNINGSESSION
1.(9points)ApensioncommitteememberatyourCanadianbasedclientbelievesthatthe
interestrateforthedefinedbenefitplanvaluationsistoolow.Hesupportshisviewby
statingthatahigherinterestratewouldlowerthecostoftheplan.Asecondcommittee
memberarguedagainstraisingtheassumption.
Thechairmanofthepensioncommitteehasaskedyoutoleadadiscussionatthenext
pensioncommitteemeetingregardingtheinterestrateassumptionsforfundingpurposes
andforaccountingpurposes,andtheireffectontheinterestedparties.
Outlineyourdiscussion.
COURSE8:Fall2004-2-GOTONEXTPAGE
RetirementBenefits,
ComprehensiveSegment-Canada
MorningSession
Questions2–6pertaintotheCaseStudy
2.(12points)TheCFOofNOChasdecidedtotakeamoreactiveroleinmanagingNOC’s
pensionplanassets.InreviewingtheperformanceoftheNationalOilFull-TimeHourly
UnionPensionPlan,heisdisturbedbytherecentabsoluteperformance.Heproposes
thattheassetsshouldbemovedto100%domesticfixedincomebecausethatassetclass
hasoutperformedtheotherassetclassesin2ofthelast3years.
Youaregiven:
CalendarYearRfRmβ
20034%21%0.9
20025%-5%0.85
20014%1%0.8
AdditionalInformationfor2003
TargetPortfolioMix
for2003BenchmarkReturnin
2003
DomesticLargeCap
Equities
35%30%
DomesticSmallCap
Equities
25%47%
DomesticFixedIncome25%4%
InternationalEquities10%39%
RealEstate5%9%
Cash0%1%
(a)DescribethefeaturesinaStatementofInvestmentPoliciesandProceduresthat
couldhelptheCFOinhisevaluationofthePlan’sperformance.
(b)Calculatethe2001,2002&2003RiskAdjustedRateofReturnforthefund.
(c)Calculatethe2001,2002&2003TreynorMeasureforthefund.
(d)Evaluatetheinvestmentperformanceofthefundduring2003.
(e)CritiquetheCFO’sproposal.
COURSE8:Fall2004-3-GOTONEXTPAGE
RetirementBenefits,
ComprehensiveSegment-Canada
MorningSession
Questions2–6pertaintotheCaseStudy
3.(8points)ThegovernmentofGevreyisconcernedthatworkersareharmedbyswitching
companiesperiodicallythroughouttheircareers.Thegovernmenthasaskedforyour
assistanceinunderstandingthisissue.
(a)Describetheimplicationsofswitchingemployersonworkers’retirementbenefits.
(b)SuggestpoliciesthatcouldbeadoptedbythegovernmentofGevreytoimprove
theportabilityofprivateretirementbenefits.
(c)Describehowthesepoliciesaddresstheissuesidentifiedin(a).
(d)DescribetheimpactofthesepoliciesonNOC.
4.(10points)AuditorsinGevreyhavecriticizeditscurrentpensionaccountingstandards
asbeingmisleadingtoreadersoffinancialstatementsandcontrarytotheteachingsof
financialeconomics.
TheDepartmentofAccountingStandardsisconsideringchangestothecurrent
accountingrulestoachievethefollowinggoals:
?Increasedtransparency;
?Improvedconsistencywithhowfinancialeconomicsmeasures“risk”;and
?Morepracticalandusableinformationforfinancialstatementreaders.
(a)CritiquethecurrentaccountingrulesinlightoftheDepartment’sgoals.
(b)RecommendchangestotheaccountingrulestomeettheDepartment’sgoals.
COURSE8:Fall2004-4-GOTONEXTPAGE
RetirementBenefits,
ComprehensiveSegment-Canada
MorningSession
Questions2–6pertaintotheCaseStudy
5.(9points)Inordertoattractandretainemployeesinseniorpositions,NOCwantsto
introduceterminalfundingbyprovidingtheoptionsofaninsuredannuityoralumpsum
benefitfortheNationalOilFull-TimeSalariedSupplementalRetirementPlan(SRP).
Thelumpsumwillbeequivalenttothenetpresentvalueoftheafter-taxannualSRP
benefit.Theafter-taxpaymentfromtheinsuredannuitywillbeequaltotheafter-tax
annualSRPbenefit.NOCwillreimbursethememberforanyimmediatetaxespayable
underbothoptions.
Youaregiven:
?Pat,aseniorexecutiveofNOC,willretirewithanannualpensionundertheSRP
of$100,000.
?Thebefore-taxdiscountrateusedbyNOCtocalculatelumpsumbenefitsis10%.
?LumpsumannuityfactorsatPat’sretirementdateare:
Atadiscountrateof10%:9.5
Atadiscountrateof6%:13.5
?ThecostofbuyingPat’sannuityatretirementis$10forevery$1ofannual
benefitpurchased.
Gevrey’staxrulesforsinglepremiumannuitycontractsare:
?Theemployerobtainsadeductionforanypremiumsitpays;
?Theexecutiveisimmediatelytaxedonthefullpurchasepriceoftheannuity;
?Aproportionatepartofeachannuitypaymentwouldbedeemedatax-freereturn
ofthepremium(“exclusionratio”)andthebalanceistaxableattheindividualtax
rate.Forthispurpose,alifeexpectancyof20yearsisused.
(a)DescribetheissuesthatNOCmustaddressinadoptingaterminalfunding
approach.
(b)Calculatethecostdifferentialbetweenthetwoterminalfundingoptions.
Showyourwork.
COURSE8:Fall2004-5-STOP
RetirementBenefits,
ComprehensiveSegment-Canada
MorningSession
Questions2–6pertaintotheCaseStudy
高顿网校之名人名言：最初所拥有的只是梦想，以及毫无根据的自信而已。但是，所有的一切就从这里出发。——孙正义
高顿网校之名人名言：最初所拥有的只是梦想，以及毫无根据的自信而已。但是，所有的一切就从这里出发。——孙正义
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