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SOA北美精算师2003年真题精选NovemberCourse8RC（第二节课）

来源：高顿网校 2014-08-18

　　以下则是高顿网校小编为您整理的一套考前珍贵资料：SOA北美精算师2003年真题精选NovemberCourse8RC（第二节课），还有2堂课，请笑纳。
　　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 – Canada

　　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.

　　and justify an asset mix policy to the CEO.

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

　　Retirement Benefits,

　　Comprehensive Segment – Canada

　　Afternoon Session

　　All Questions pertain to the Case Study

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

　　Xanadu has similar tax and pension legislation rules to Gevrey, 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 Investment earnings on the employee contributions are not taxable until withdrawn.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.

　　Justify your recommendation.

　　**END OF EXAMINATION**

　　MORNING SESSION

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

　　Retirement Benefits,

　　Comprehensive Segment – Canada

　　Afternoon Session

　　**BEGINNING OF EXAMINATION 8**

　　COMPREHENSIVE SEGMENT – CANADA

　　AFTERNOON SESSION

　　All Questions pertain to the Case Study

　　8. (8 points) NOC is considering laying off part of its union workforce to reduce costs. In

　　order to avoid layoffs, the union has agreed to discuss changes to the Full-Time Hourly

　　Union Pension Plan.

　　NOC has proposed to freeze accruals in the pension plan as of September 30, 2003.

　　Under the frozen plan, benefits would be determined for all active participants based on

　　service earned through September 30, 2003, and no future benefits would accrue.

　　The union offers a counter proposal to reduce future accruals as of January 1, 2004.

　　Under the union’s proposal, benefits would accrue to December 31, 2003 at the $75 rate.

　　After December 31, 2003, benefits would accrue at a rate of $50 per year of service

　　earned after December 31, 2003.

　　(a) Estimate the change in NOC’s 2003 accounting expense if NOC’s proposal is

　　adopted.

　　(b) If the union proposal is adopted, estimate the change in the 2003 and the 2004

　　accounting expense.

　　perspectives.

　　COURSE 8: Fall 2003 -9- GO TO NEXT PAGE

　　Retirement Benefits,

　　Comprehensive Segment – Canada

　　Afternoon Session

　　All Questions pertain to the Case Study
　　爱情是一个人对另一个人习惯的认同，爱到*6境界就是认同了他的习惯，一个女人习惯了一个男人的鼾声，从不适应到习惯再到没有他的鼾声就睡不着觉，这就是爱；一个男人习惯了一个女人的任性、甚至无理取闹、无事生非，这就是爱；一个人会为了另一个人去改变、去迁就，这就是爱。——高顿网校名人语录

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