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　　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
　　高顿网校之金玉良言：是非和得失，要到最后的结果，才能评定。