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精算师SOA北美地区真题精选November2001Course8R（第二课）

来源：高顿网校 2014-08-15

　　高顿网校小编祝要考北美精算师的广大辛勤学子们，精算师SOA北美地区真题精选November2001Course8R（第二课），里面的概念全部搞熟。
　　3. (14 points) Belair has introduced a mandatory social insurance program called

　　"BelairCare". It provides a monthly retirement benefit payable at age 70 equal to $20 per

　　month times years of full-time employment over the worker‘s entire career. The $20 is

　　indexed annually by the percentage increase in the national average wage. It also

　　provides all citizens age 70 or over with benefits equal to 50% of all covered medical

　　expenses.

　　BelairCare is funded by a 6% employer plus a 6% employee payroll tax.

　　(a) Describe the actuarial assumptions you would need to do a cash-flow

　　projection for BelairCare.

　　(b) Evaluate the BelairCare design from the perspective of the covered workers.

　　(c) Given that NOC’s Full-Time Salaried and Union Retiree Health Benefit Program

　　provides benefits equal to 75% of all covered medical expenses, after a $100

　　deductible, evaluate alternative approaches for integrating these benefits with

　　BelairCare.

　　COURSE 8: November 2001 - 4 - GO ON TO NEXT PAGE

　　Retirement Benefits

　　Comprehensive Segment

　　Morning Session

　　Questions 1 – 6 pertain to the Case Study

　　4. (11 points) The Board of Directors of NOC has decided to force the current CEO

　　to take early retirement on January 1, 2001. The Board will provide an enhanced pension

　　benefit to the departing CEO.

　　Information on the current CEO as of January 1, 2001:

　　Age: 57

　　Service: 20 years

　　Average future working lifetime: 4.1 years

　　SRP Service Cost: $ 70,000

　　SRP PBO before departure: $1,225,000

　　SRP PBO after departure (before enhancement): $ 970,000

　　SRP PBO after departure (after enhancement): $1,235,000

　　The Board has decided to bring in a new CEO from the outside. The prospective CEO,

　　age 45, has been participating for the last 20 years in retirement plans which are similar

　　to those at NOC.

　　(a) Determine the effect of the CEO‘s retirement on NOC’s balance sheet and

　　expense.

　　(b) Describe the issues that NOC should consider in designing the new CEO‘s

　　retirement package.

　　(c) Describe ways to fund these benefits and their tax implications.

　　COURSE 8: November 2001 - 5 - GO ON TO NEXT PAGE

　　Retirement Benefits

　　Comprehensive Segment

　　Morning Session

　　Questions 1 – 6 pertain to the Case Study

　　5. (10 points) NOC‘s salaried employees are requesting a DC ERP in addition to the

　　existing DB ERP.

　　NOC’s CFO is considering the following for a new salaried employees‘ DC ERP:

　　? employer contribution rate of 3% of salary,

　　? all other design features are the same as NOC‘s Part-Time DC Pension Plan, and

　　? the plan will supplement the existing Full-Time Salaried Pension plan.

　　(a) Explain the issues associated with supplementing an existing DB ERP with

　　a DC ERP. Propose alternatives where appropriate.

　　(b) Critique the design features in the proposed DC ERP. Recommend any changes.

　　Justify your recommendations.

　　(c) Identify the differences in fiduciary responsibilities in selecting

　　investments for a DC ERP versus a DB ERP.

　　COURSE 8: November 2001 - 6 - STOP

　　Retirement Benefits

　　Comprehensive Segment

　　Morning Session

　　Questions 1 – 6 pertain to the Case Study

　　6. (7 points) NOC‘s union employees hired an actuary to review the funded status of the

　　National Oil Full-Time Hourly Union Pension Plan. In the actuary‘s opinion, the funding

　　recommendation should be determined on a termination basis. On this basis, the plan is

　　underfunded by $150 million.

　　Assume that actuarial standards in Belair are consistent with those in the U.S. and

　　Canada.

　　(a) Explain the differences between the deficit on a termination basis and that shown

　　in the January 1, 2001 funding valuation.

　　(b) Describe the long-term consequences of funding the National Oil Full-Time

　　Hourly Union Pension Plan on a termination basis.

　　**END OF EXAMINATION**

　　Morning Session

　　COURSE 8: November 2001 - 7 - GO ON TO NEXT PAGE

　　Retirement Benefits

　　Comprehensive Segment

　　Afternoon Session

　　**BEGINNING OF EXAMINATION**

　　AFTERNOON SESSION

　　Beginning with Question 7

　　Questions 7 –10 pertain to the Case Study
　　攻城不怕坚，攻书莫畏难。科学有险阻，苦战能过关。——高顿网校旷世名言

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