高顿网校小编寄语北美精算师的你：自信是成功的先决条件。大家一定要坚信自己的实力和能力。具体为：计划要细，动手要早，落实要准。计划与目标、行动一致。
　　COURSE 8: Fall 2005 - 1 - GO TO NEXT PAGE
　　Retirement Benefits,
　　Comprehensive Segment – Canada
　　Morning Session
　　**BEGINNING OF EXAMINATION 8 – CANADA**
　　COMPREHENSIVE SEGMENT
　　Morning Session
　　Questions 1 – 5 pertain to the Case Study
 
　　1. (10 points) The Chief Financial Officer of NOC has obtained an asset liability modeling
　　report from another actuary. The report for the Full-Time Salaried Pension Plan shows:
　　? The mean annual investment return on assets is 9% over the next 10 years, yet
　　? There is a 20% chance that there will be a funding deficit in the plan after 10 years.
　　The study assumed annual contributions equal the normal cost for each of the next 10
　　years.
　　The CFO does not understand how the plan could be in a deficit position given the
　　funding policy and the mean investment return.
　　(a) Given the assumptions in the report are reasonable, explain the apparent
　　discrepancy to the CFO.
　　(b) Describe the considerations for setting stochastic assumptions for an asset liability
　　modeling study.
　　COURSE 8: Fall 2005 - 2 - GO TO NEXT PAGE
　　Retirement Benefits,
　　Comprehensive Segment – Canada
　　Morning Session
　　Questions 1 – 5 pertain to the Case Study
 
　　2. (9 points) Beginning January 1, 2005, Gevrey allows company-sponsored Personal
　　Pension Accounts (PPAs) with 100% matching contributions into a
　　DC ERP.
　　In response to this change, NOC decides to:
　　? offer a new company-sponsored PPA for employee contributions, in addition to the
　　current plans;
　　? permit Salaried employees to contribute up to 10% of their income to the PPA;
　　? allow participant-directed accounts in the PPA;
　　? have the Chief Financial Officer actively manage the DC ERP assets; and
　　? promise employees a positive annual return in the DC ERP.
　　(a) Which asset classes should the CFO consider for DC ERP investments to provide
　　ad
　　高顿网校之名人感触：什么叫做失败？失败是到达较佳境地的*9步。——菲里浦斯