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SOA真题Course8R（第三课）：北美精算师November2002那场考试

来源：高顿网校 2014-08-26

　　下面的SOA真题Course8R（第三课）：北美精算师November2002那场考试，请相关备战精算师人士赶快消化掉。
　　5. (12 points) Retiree medical premiums are expected to increase by 25% this year. The

　　CEO of NOC is proposing to drop retiree medical coverage and increase pension

　　benefits to replace the lost medical benefits.

　　(a) Describe the effect of the CEO’s proposal on pension expense and funding.

　　(b) Describe alternative retirement plan design options that could meet the CEO’s

　　objective.

　　(c) Calculate the 2002 expense for the retiree medical plan if coverage is eliminated

　　for some of the active participants causing the active APBO and service cost to

　　decrease by 60%.

　　Show all work.

　　(d) Evaluate other cost containment alternatives for NOC’s retiree medical plan.

　　COURSE 8: Fall 2002 - 7 - GO TO NEXT PAGE

　　Retirement Benefits,

　　Comprehensive Segment

　　Morning Session

　　All Questions pertain to the Case Study

　　6. (14 points) NOC has declared bankruptcy. As a result, the government of Belair has

　　imposed the termination of each of NOC’s Eligible Retirement Plans (ERPs) effective

　　January 1, 2002.

　　You are given the following information as at January 1, 2002:

　　NOC Full-Time Salaried

　　Pension Plan

　　NOC Full-Time Hourly

　　Union Pension Plan

　　Total plan termination

　　liabilities (000’s)

　　$450,000 $480,000

　　? Active members $380,000 $375,000

　　? Inactive members $70,000 $105,000

　　Liability dur ation (years)

　　? Active members 12 15

　　? Inactive members 5 8

　　You are given:

　　? Plan termination liabilities have been determined based on benefits accrued to

　　January 1, 2002.

　　? Plan termination liabilities have been valued using the annuity purchase rate at

　　January 1, 2002 of 6.25% per annum.

　　? Active members’ termination entitlements will be paid on December 31, 2002. The

　　amount paid will be the plan termination liability as at January 1, 2002 updated with

　　interest at 6.25% per annum to the date of payment.

　　? Inactive members will receive an annuity purchased on December 31, 2002 from an

　　insurance company on their behalf.

　　COURSE 8: Fall 2002 - 8 - STOP

　　Retirement Benefits,

　　Comprehensive Segment

　　Morning Session

　　6. (CONTINUED)

　　(a) (4 points) Assess the effect that the bankruptcy of NOC will have on the benefits

　　provided to members of each of NOC’s retirement plans.

　　(b) (3 points) Formulate an investment strategy for the NOC Full- Time Salaried

　　Pension Plan and the NOC Full-Time Hourly Union Pension Plan for 2002.

　　Contrast this to the current investment strategy.

　　(c) (7 points) Assuming that annuity purchase rates drop to 5.75% at December 31,

　　2002 and assets return 9% during 2002, calculate the 2002 expense and

　　accounting disclosure for each of NOC’s terminated ERPs.

　　Show all work.

　　**END OF EXAMINATION**

　　MORNING SESSION

　　COURSE 8: Fall 2002 - 9 - GO ON TO NEXT PAGE

　　Retirement Benefits,

　　Comprehensive Segment

　　Afternoon Session

　　**BEGINNING OF EXAMINATION 8**

　　AFTERNOON SESSION

　　Beginning With Question 7

　　All Questions pertain to the Case Study

　　7. (12 points) Belair has just adopted a new Social Security Retirement System. Companies

　　are allowed a one-time election to participate in the system or opt out. Companies that

　　opt out are required to provide a mandatory minimum retirement benefit.

　　Social Security Retirement System Provisions

　　? Retirement benefits are payable at age 65.

　　? The retirement benefit is 0.5% of a worker’s best 5- year average covered earnings

　　times years of covered service, indexed for post retirement cost of living increases.

　　? Covered earnings are limited to $50,000 per year, indexed for cost of living increases.

　　? A year of covered service is credited for each year in which a contribution is paid, to

　　a maximum of 40 years.

　　? Covered Service commences on January 1, 2002.

　　? The system is funded by employer contributions of 4% of covered earnings matched

　　by equal employee contributions.

　　? The contributions are tax deductible to the employer and the employee.

　　Minimum opt out benefit

　　(i) a DC ERP with employer contributions equal to 6% of earnings up to the

　　covered earnings limit, or

　　(ii) a DB ERP paying at least 0.8% of best 5-year average earnings up to the

　　covered earning limit times years of service after January 1, 2002, payable

　　at age 65.

　　COURSE 8: Fall 2002 - 10 - GO ON TO NEXT PAGE

　　Retirement Benefits,

　　Comprehensive Segment

　　Afternoon Session
　　你不要一直不满人家，你应该一直检讨自己才对。不满人家，是苦了你自己。——高顿网校名人心得

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