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北美精算师资格考试November2002Course8R（Part 4）

来源：高顿网校 2014-08-26

　　小伙伴们，大家温习的辛苦啦，但请留意大纲的重要性：北美精算师资格考试November2002Course8R（Part 4）。
　　7. (CONTINUED)

　　(a) Explain the issues NOC needs to consider in deciding whether to opt in or out

　　of the Social Security Retirement System.

　　(b) Evaluate NOC’s ERPs with respect to opting in or out of the Social Security

　　Retirement System and make a recommendation. Justify your response.

　　COURSE 8: Fall 2002 - 11 - GO ON TO NEXT PAGE

　　Retirement Benefits,

　　Comprehensive Segment

　　Afternoon Session

　　All Questions pertain to the Case Study

　　8. (11 points) NOC is converting its SRP to a DC ERP for future service effective

　　December 31, 2001. SRP benefits are determined at the executive’s retirement date,

　　using earnings at that time, but service accrued to December 31, 2001.

　　(a) What factors should NOC consider in determining an appropriate DC

　　contribution formula?

　　(b) Evaluate this change from both the executives’ and NOC’s point of view.

　　(c) Analyze the effect of this change on 2001 and 2002 expense.

　　(d) NOC executives are offered the opportunity on January 1, 2002 to take their

　　accrued SRP benefit as a lump sum cash payment. Calculate the effect on the

　　2002 expense given the following:

　　Accepted Declined Total

　　Number 21 21 42

　　Average age 48.9 53.1 51.0

　　Average future working

　　lifetime (years)

　　8.5 6.5 7.5

　　Average earnings (2001) $260,000 $330,000 $295,000

　　Projected benefits obligation

　　prior to distribution

　　$6,597,000 $12,187,000 $18,784,000

　　Lump sum distributions $5,867,000 $0 $5,867,000

　　COURSE 8: Fall 2002 - 12 - STOP

　　Retirement Benefits,

　　Comprehensive Segment

　　Afternoon Session

　　All Questions pertain to the Case Study

　　9. (7 points) You are employed by Big Bank and are the actuary for NOC. The investment

　　arm of Big Bank sends a proposal to NOC’s CEO offering a bundled package of services

　　if the pension assets are moved to Big Ba nk. The bundled services include better

　　financing terms for NOC and a reduction in actuarial service fees.

　　(a) Calculate the 2001 risk adjusted rate of return for each of NOC’s retirement

　　funds, given:

　　b = 0 9 .

　　Rf = 0.04

　　Rm = 0.03

　　Show all work.

　　(b) Describe how a Statement of Investment Policy can help the CEO evaluate

　　investment manager performance.

　　(c) Describe the CEO’s obligations to the plans and to NOC.

　　(d) Describe your professional obligations to the plans and to NOC.
　　你要包容那些意见跟你不同的人，这样子日子比较好过。你要是一直想改变他，那样子你会很痛苦。要学学怎样忍受他才是。你要学学怎样包容他才是。——高顿网校名人名言

扫一扫微信，关注精算师*7考试动态

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