高顿网校友情提醒，高顿网校小编为您精心编制的2014年秋季*7的北美精算师考试SOA真题——Course8RC（一），赶快来做一做咯。
　　COURSE8:Fall2005-1-GOTONEXTPAGE
　　RetirementBenefits,
　　ComprehensiveSegment–Canada
　　MorningSession
　　**BEGINNINGOFEXAMINATION8–CANADA**
　　COMPREHENSIVESEGMENT
　　MorningSession
　　Questions1–5pertaintotheCaseStudy
　　1.(10points)TheChiefFinancialOfficerofNOChasobtainedanassetliabilitymodeling
　　reportfromanotheractuary.ThereportfortheFull-TimeSalariedPensionPlanshows:
　　?Themeanannualinvestmentreturnonassetsis9%overthenext10years,yet
　　?Thereisa20%chancethattherewillbeafundingdeficitintheplanafter10years.
　　Thestudyassumedannualcontributionsequalthenormalcostforeachofthenext10
　　years.
　　TheCFOdoesnotunderstandhowtheplancouldbeinadeficitpositiongiventhe
　　fundingpolicyandthemeaninvestmentreturn.
　　(a)Giventheassumptionsinthereportarereasonable,explaintheapparent
　　discrepancytotheCFO.
　　(b)Describetheconsiderationsforsettingstochasticassumptionsforanassetliability
　　modelingstudy.
 
　　COURSE8:Fall2005-2-GOTONEXTPAGE
　　RetirementBenefits,
　　ComprehensiveSegment–Canada
　　MorningSession
　　Questions1–5pertaintotheCaseStudy
　　2.(9points)BeginningJanuary1,2005,Gevreyallowscompany-sponsoredPersonal
　　PensionAccounts(PPAs)with100%matchingcontributionsintoa
　　DCERP.
　　Inresponsetothischange,NOCdecidesto:
　　?offeranewcompany-sponsoredPPAforemployeecontributions,inadditiontothe
　　currentplans;
　　?permitSalariedemployeestocontributeupto10%oftheirincometothePPA;
　　?allowparticipant-directedaccountsinthePPA;
　　?havetheChiefFinancialOfficeractivelymanagetheDCERPassets;and
　　?promiseemployeesapositiveannualreturnintheDCERP.
　　(a)WhichassetclassesshouldtheCFOconsiderforDCERPinvestmentstoprovide
　　adequateretirementincomeandprotectprincipal?Supportyouranswer.
　　(b)Howmighttheassetclassesdifferfortheparticipant-directedaccountsinthe
　　PPA?
　　(c)Identifythefiduciaryrisksinherentinthenewplans.
　　3.(8points)YouhavebeenappointedthenewactuaryfortheNOCFull-TimeSalaried
　　PensionPlan.YourfirsttaskistoprepareafundingvaluationasofJanuary1,2006.
　　(a)Explainhowyouwouldtestthecensusandassetdatatoassureitisappropriate
　　forth*uation.
　　(b)Evaluatetheexistingdemographicassumptions.
 
　　COURSE8:Fall2005-3-GOTONEXTPAGE
　　RetirementBenefits,
　　ComprehensiveSegment–Canada
　　MorningSession
　　Questions1–5pertaintotheCaseStudy
　　高顿网校之心灵鸡汤：中断了的友谊，应当说本来就没有友谊。 —— 普卡利西尔