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北美精算师考试2003年11月份真题讲义Course8RU（二）

来源：高顿网校 2014-08-15

　　北美精算师考试2003年11月份真题讲义Course8RU（二），已给到大家，看看和2014年的有何不同。
　　5. (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

　　7. (8 points) NOC is acquiring TechCo, a private company in the country of Xanadu.

　　Xanadu has similar tax and pension legislation rules to Vosne, with the following

　　exceptions:

　　? Employees can contribute up to $5,000 per year to a DB ERP and $5,000 per year to

　　a DC ERP.

　　? Employee contributions are tax-deductible to the individual.

　　? Investment earnings on the employee contributions are not taxable until withdrawn.

　　? There are no PPAs.

　　Xanadu sponsors the following government-provided retirement income program:

　　? Both employees and employers contribute 5% of pay every year.

　　? The pension provided at retirement is equal to 50% of the best 3-year average

　　earnings, provided the contributory period was at least 30 years. A proportionately

　　reduced benefit is provided if less than 30 years of contributions were made to the

　　program.

　　? Eligibility for a pension is age 62.

　　? The pension is reduced by 5% per year that the retirement age precedes age 67.

　　TechCo did not provide either a DB ERP or a DC ERP.

　　(a) Evaluate the appropriateness of NOC establishing an ERP for the salaried

　　employees of TechCo.

　　(b) NOC’s VP of Human Resources is proposing a plan with the same provisions as

　　the Full-Time Salaried Pension Plan. Critique this proposal.

　　(c) Recommend 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 Study
　　具有了向上的力量，才能一眼望到山外的大地，蜿蜒的长河，人类精神的进步。——高顿网校淳淳教诲

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