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往年经典2003年11月真题Course8RU（一）：北美精算师考试SOA

来源：高顿网校 2014-08-01

　　全球北美精算师地区的伙计们，还是在卖力的复习着吗？是该这样的，因为10月底的考试快临近啦！
　　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:

　　Lump Sum

　　The other provisions of the plan are the same as those in the NOC Full-Time Hourly

　　Union Pension Plan.

　　DC ERP

　　Employee Contributions: Voluntary

　　Matching Employer contributions: 100% match on the first 3% of employee

　　contributions

　　Form of Benefit: Lump sum or periodic pension

　　(a) Critique the design of the new plans from the perspective of NOC.

　　(b) Critique the design of the new plans from the perspective of the hourly union

　　employees.

　　(c) Assess the current hourly plan asset allocation for the new DB plan.

　　(d) Describe the considerations in setting investment options to be offered to

　　participants in the DC ERP.

　　(e) Predict the socio-economic effects of the change in the law in Vosne.

　　COURSE 8: Fall 2003 -5- GO TO NEXT PAGE

　　Retirement Benefits,

　　Comprehensive Segment – U.S.

　　Morning Session

　　All Questions pertain to the Case Study5. (6 points) NOC has just established a global subsidiary. Employees of the subsidiary

　　include transferred NOC employees and third-country nationals.

　　(a) Explain the issues affecting a retirement benefit policy for permanent and

　　temporary transfers between countries.

　　(b) Assuming that global comparability of retirement benefits is a corporate

　　objective, describe the issues NOC must consider.

　　COURSE 8: Fall 2003 -6- GO TO NEXT PAGE

　　Retirement Benefits,

　　Comprehensive Segment – U.S.

　　Morning Session

　　All Questions pertain to the Case Study

　　6. (10 points) NOC’s CEO has proposed an asset mix policy for the Full-Time Hourly

　　Union Pension Plan to achieve the following objectives:

　　? Minimize short-term volatility of the company’s pension expense.

　　? Minimize the long-term cost of the plan.

　　Proposed Asset Mix Policy

　　Domestic Equities (mostly oil companies) 60%

　　International Equities 5%

　　Domestic Fixed Income (short & medium-term

　　treasuries)

　　20%

　　Real Estate 15%

　　(a) Critique the proposed asset mix policy.

　　(b) You are going to perform an asset liability study for the NOC Full-Time Hourly

　　Union Pension Plan. Describe the inputs you would need and the process you

　　would undertake.

　　(c) Explain how the output of your asset liability study would be used to recommend

　　and justify an asset mix policy to the CEO.

　　COURSE 8: Fall 2003 -7- GO TO NEXT PAGE

　　Retirement Benefits,

　　Comprehensive Segment – U.S.

　　Afternoon Session

　　All Questions pertain to the Case Study
　　高顿网校之生活感悟：很难说什么是办不到的事情，因为昨天的梦想，可以是今天的希望，并且还可以成为明天的现实。

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