SOA北美精算师2005真题汇集——Course8RU（第二堂课），考北美精算师的莘莘学子们，不用再为找不到大纲发愁了吧。
　　4. (11 points) NOC has offered an early retirement window to active participants of the
　　Full-Time Hourly Union Pension Plan who are at least age 50 with 10 or more years of
　　service. Employees who accept the window will receive:
　　? 5 extra years of service, for purposes of determining their accrued benefit; and
　　? 5 extra years of age, for purposes of determining their early retirement reduction
　　factor.
　　Five hundred employees accept the early retirement window offer and retire on
　　January 1, 2005.
　　For the 500 employees accepting the window, you are given:
　　? ABO (prior to window) $140,000,000
　　? 2005 Service Cost (prior to window) $ 10,000,000
　　? 2005 Expected Benefit Payments (prior
　　to window)
　　$ 0
　　? ABO (with immediate retirement) $150,000,000
　　? ABO (with immediate retirement and
　　enhanced window benefits)
　　$225,000,000
　　? 2005 Expected Benefit Payments (with
　　immediate retirement and enhanced
　　window benefits)
　　$ 17,000,000
　　The expected future working years for various groups are as follows:
　　? All plan participants: 67,000
　　? All plan participants who accepted the
　　early retirement window: 7,000
　　Calculate the revised 2005 pension expense assuming no change in 2005 expected
　　contributions to the plan.
　　COURSE 8: Fall 2005 - 4 - STOP
　　Retirement Benefits,
　　Comprehensive Segment – U.S.
　　Morning Session
　　Questions 1 – 5 pertain to the Case Study
　　5. (11 points) NOC’s Chief Financial Officer is proposing selling bonds at an annual yield
　　of 4% and contributing the proceeds to the Full-Time Hourly Union Pension Plan.
　　Analyze the advantages and disadvantages of this proposal from the perspective of
　　management, employees, owners, and other stakeholders.
　　6. (11 points) A country with no social security or private pension system is considering
　　adopting one of the following:
　　? A mandatory social security retirement program; or
　　? Government incentives to employers for sponsoring their own retirement
　　programs.
　　Compare and contrast these two proposals from the perspective of employees, employers,
　　and the government.
　　**END OF EXAMINATION**
　　MORNING SESSION
　　COURSE 8: Fall 2005 - 5 - GO TO NEXT PAGE
　　Retirement Benefits,
　　Comprehensive Segment – U.S.
　　Afternoon Session
　　**BEGINNING OF EXAMINATION 8 – U.S.**
　　COMPREHENSIVE SEGMENT
　　Afternoon Session
　　(Beginning with question 7)
　　Questions 7 – 9 pertain to the Case Study
　　7. (11 points) NOC would like to amend the Full-Time Hourly Union Pension Plan to
　　encourage members to retire later. The union has proposed a voluntary phased retirement
　　program that would allow employees to:
　　? work 50% of full-time at current hourly rates;
　　? receive 50% of early retirement pension benefits based on accrued service;
　　? earn 50% of regular pension credit for future service; and
　　? retain full-time eligibility and cost-sharing for other employee benefits.
　　(a) Critique the union proposal from the perspective of the employer.
　　(b) Describe how a Deferred Retirement Option Plan (DROP) could be used instead
　　of the union’s proposal.
　　(c) Outline the considerations in preparing the next accounting valuation if a DROP
　　is implemented.
　　COURSE 8: Fall 2005 - 6 - STOP
　　Retirement Benefits,
　　Comprehensive Segment – U.S.
　　Afternoon Session
　　Questions 7 – 9 pertain to the Case Study
　　高顿网校之为人处世：科学的惟一目的是减轻人类生存的苦难，科学家应为大多数人着想。