Description: This paper examines the valuation of assets and poses the following questions: A. What bases, other than cost or market, are in use for valuing pension trust assets and acceptable under the Internal Revenue Code and Rulings? and B. How can a retirement plan having assets valued on a book or cost basis utilize existing unrealized appreciation for purposes of improving benefits or reducing current funding costs without changing to a market value basis? From Transactions of Society of Actuaries 1961, Vol. 13, Pt. 2.

Description: This paper examines some of the methods used to determine the value of the assets held by a pension fund and used in actuarial valuations to determine the required contributions for a pension plan. From Transactions of Society of Actuaries 1968, Vol. 20, Pt. 1, No. 58.

Description: This paper describes the actuarial valuation method for pension plans, the formulas and assumptions used, and the way these assumptions might be chosen. A case study is presented. Followed by several discussion papers submitted

Description: This paper addresses how to explain yearly fluctuations and computed pension cost in terms of deviations of actual from expected experience. It presents a method for deriving gain-an-loss analysis formulas directly from the valuation formulas and shows that the analysis is implicitly defined by the valuation formulas, rather than something which can be considered apart from them. This method can be used to attack both individual and aggregate cost methods and the development of exact analysis formulas provides not only the basis for computation but also valuable insight into the mechanisms by which cost methods adjust computed costs to reflect actual experience.

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: This general session discussion looks at: A. Methods available to decide the percentage of the premium that should be used for life insurance, weekly indemnity benefits, hospitalization and surgical benefits. B. Formulas devised for computing contingency reserves for possible losses on mortgage loans and real estate. C. Extent to which companies are using participating forms for the following coverages: 1. Annuities in the benefit stages and/or supplementary contracts involving life contingencies after expiry of the term certain period 2. Family income and other decreasing term rider benefits 3. Extended term insurance D. Methods developed for pricing annuities and settlement options derived from an annuity table without provision for mortality improvement

Description: Traditional pension cost methods are based on the actuarial present value of future benefits [which is a mean value]. As a consequence, these cost methods are deficient because they cannot provide plan sponsors with certain valuable information such as the probability that the accumulation of a particular sequence of contributions will ultimately provide sufficient funds to pay benefits, or the size of fund needed to ensure that retirees' lifetime benefits are paid with a specified probability. In response to these deficiencies, a new family of cost methods, called a-percentile cost methods, is developed. These cost methods are based on the probability of adequately covering all participants' benefits. Expressions for the normal cost, the accrued liability and the gain are provided. From Transactions of Society of Actuaries 1993, Vol. 45.

Description: This paper demonstrates how, under the projected benefit cost methods whereby the gains are reflected in the normal cost rate, gains determined at a given valuation date are amortized over the future working lifetime of the active employees included in the valuation as of that date.

Description: This paper shows how gain and loss formulas for pension plans may be developed precisely from definitions of the unfunded accrued liability and the normal cost rate. From Transactions of Society of Actuaries 1977, Vol. 29.

Description: This discussion on pension and retirement plans looks at assumptions made concerning investment yield rates, mortality, rates of disablement and disabled life mortality. Additional discussion focusing on looking at a trend away from individual policy pension plans toward Group Annuities. From Transactions of Society of Actuaries 1961, Vol. 13, Pt. 2.