珍惜大好的学习生涯哦，04年11月份SOA真题Course8RC北美精算师*9节内容，一定要熟记于心。
　　Retirement Benefits,
　　Comprehensive Segment - Canada
　　Morning Session
　　**BEGINNING OF EXAMINATION 8**
　　COMPREHENSIVE SEGMENT - CANADA
　　MORNING SESSION
　　1. (9 points) A pension committee member at your Canadian based client believes that the
　　interest rate for the defined benefit plan valuations is too low. He supports his view by
　　stating that a higher interest rate would lower the cost of the plan. A second committee
　　member argued against raising the assumption.
　　The chairman of the pension committee has asked you to lead a discussion at the next
　　pension committee meeting regarding the interest rate assumptions for funding purposes
　　and for accounting purposes, and their effect on the interested parties.
　　Outline your discussion.
　　COURSE 8: Fall 2004 - 2 - GO TO NEXT PAGE
　　Retirement Benefits,
　　Comprehensive Segment - Canada
　　Morning Session
　　Questions 2 – 6 pertain to the Case Study
　　2. (12 points) The CFO of NOC has decided to take a more active role in managing NOC’s
　　pension plan assets. In reviewing the performance of the National Oil Full-Time Hourly
　　Union Pension Plan, he is disturbed by the recent absolute performance. He proposes
　　that the assets should be moved to 100% domestic fixed income because that asset class
　　has outperformed the other asset classes in 2 of the last 3 years.
　　You are given:
　　Calendar Year Rf Rm β
　　2003 4% 21% 0.9
　　2002 5% -5% 0.85
　　2001 4% 1% 0.8
　　Additional Information for 2003
　　Target Portfolio Mix
　　for 2003 Benchmark Return in
　　2003
　　Domestic Large Cap
　　Equities
　　35% 30%
　　Domestic Small Cap
　　Equities
　　25% 47%
　　Domestic Fixed Income 25% 4%
　　International Equities 10% 39%
　　Real Estate 5% 9%
　　Cash 0% 1%
　　(a) Describe the features in a Statement of Investment Policies and Procedures that
　　could help the CFO in his *uation of the Plan’s performance.
　　(b) Calculate the 2001, 2002 & 2003 Risk Adjusted Rate of Return for the fund.
　　(c) Calculate the 2001, 2002 & 2003 Treynor Measure for the fund.
　　(d) Evaluate the investment performance of the fund during 2003.
　　(e) Critique the CFO’s proposal.
　　COURSE 8: Fall 2004 - 3 - GO TO NEXT PAGE
　　Retirement Benefits,
　　Comprehensive Segment - Canada
　　Morning Session
　　Questions 2 – 6 pertain to the Case Study
　　3. (8 points) The government of Gevrey is concerned that workers are harmed by switching
　　companies periodically throughout their careers. The government has asked for your
　　assistance in understanding this issue.
　　(a) Describe the implications of switching employers on workers’ retirement benefits.
　　(b) Suggest policies that could be adopted by the government of Gevrey to improve
　　the portability of private retirement benefits.
　　(c) Describe how these policies address the issues identified in (a).
　　(d) Describe the impact of these policies on NOC.
　　4. (10 points) Auditors in Gevrey have criticized its current pension accounting standards
　　as being misleading to readers of financial statements and contrary to the teachings of
　　financial economics.
　　The Department of Accounting Standards is considering changes to the current
　　accounting rules to achieve the following goals:
　　? Increased transparency;
　　? Improved consistency with how financial economics measures “risk”; and
　　? More practical and usable information for financial statement readers.
　　(a) Critique the current accounting rules in light of the Department’s goals.
　　(b) Recommend changes to the accounting rules to meet the Department’s goals.
　　COURSE 8: Fall 2004 - 4 - GO TO NEXT PAGE
　　Retirement Benefits,
　　Comprehensive Segment - Canada
　　Morning Session
　　Questions 2 – 6 pertain to the Case Study
　　我爱我的祖国,爱我的人民,离开了他们,我就无法生存,更无法写作。——高顿网校淳淳教诲