Description: This paper presents a theoretical treatment of the determination of the cost of vesting by a method not hitherto demonstrated to the Society. From Transactions of Society of Actuaries 1966, Vol. 18, Pt. 1, No. 52.

Description: The purpose of this paper is to discuss modified cost methods that have been proposed for small-plan valuations, The first portion of the paper deals with criteria for choosing a cost method. The next portions deal with small-plan characteristics and the potential shortcomings of conventional cost methods when applied to these plans. The final portion discusses two classes of modified cost methods that have been proposed for circumventing these shortcomings. From Transactions of Society of Actuaries 1983, Vol. 35.

Description: This research, based on data from regulatory filings in Ontario, with supplementary information from British Columbia and the United States, examines funding valuation discount rates.

Description: This report compares the CIA pricing method for estimating group annuity closeout pricing to methods used in the US.

Description: In this article, the authors introduce a new policy-making model for pension plan funding which openly represents the uncertainty. The word 'policy' is used here to indicate a strategy which is intended to be followed most [but not necessarily all] of the time. In unusual circumstances, the policy will have to be modified at the end of the year to retain qualification. However, the frequency with which this remedial action is needed is controllable by the actuary [unlike the method of using expected values]. The simple substitution of expected values of random quantities produces an unknown frequency of last minute remedial actions at possibly disastrous investment costs to the pension plan. However, with this paper's techniques, once the actuary acknowledges the uncertainty associated with the various aspects of the pension plan, he/she can explicitly trade off the costs associated with remedial actions, tax penalties, etc. with the investment returns in order to meet the pension plan goals. The method that this paper introduces is a new Chance-Constrained Programming approach to selecting annual contribution levels and asset allocation [holding other factors fixed] that the authors believe will better fit the employer's goals while recognizing the many risks and constraints associated with defined benefit plans. From Actuarial Research Clearing House 1993, Vol. 3.

Description: A new approach to computing annual pension costs, based on an open-group projection of the participant population for a number of years, was described in detail in a paper published in the 1975 Transactions, entitled 'The Forecast Valuation Method for Pension Plans.' That paper described the operation of such a cost method at the initial valuation date. This paper discusses several alternative approaches to projection valuation methods and also describes how costs should be computed at valuation dates after the first one. In addition, the author illustrates projected contributions and asset buildups under both traditional [closed-group] cost methods and projected [open-group] cost methods, for a number of years under a variety of assumptions as to the growth rate of the participant group. Projection valuation methods have not been described heretofore in sufficient detail to make it possible for actuaries to use them on a recurring basis or for the Internal Revenue Service to make a determination as to the acceptability of such approaches for computing tax-deductible pension plan contributions. It is the hope of the author that this paper will fill both of those gaps. From Transactions of Society of Actuaries 1977, Vol. 29.

Description: A comparison of recently used mortality assumptions among state-based and large-city public pension plans.

Description: The purpose of this paper is to describe an actuarially acceptable and mathematically definitive method for allocating gains by source. Followed by a discussion paper submitted

Description: Financing a defined benefit pension plan can be accomplished in various ways. With the help of a one-life example, this paper gives an elementary actuarial perspective of the problems that arise when a new defined benefit pension plan is initiated, and of the various actuarial concepts and methods developed to ascertain the cost of these pension benefits. The paper shows the range of the cost alternatives conceptually available upon creation of the pension plan. Actuarial formulas are provided in footnotes. The paper is intended as an introduction to defined benefit pension cost determination as well as an elementary example which may be of value in explaining cost alternatives to an actuary's client. From Transactions of Society of Actuaries 1975, Vol. 27.

Description: A comparison of recently used mortality assumptions among state-based and large-city public pension plans to the Pub-2010 Mortality Tables.