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　　7. (8 points) Your client NOC is budgeting for fiscal year 2005 in June of 2004. They have
　　asked you to estimate the fiscal year 2005 pension expense for the National Oil Full-Time
　　Hourly Union Pension Plan.
　　You are given (all numbers in $000’s):
　　Accrued Benefit Obligation at January 1, 2004 with 6% discount rate = 560,919
　　Service Cost at January 1, 2004 with 6% discount rate = 27,169
　　2005 Estimated Employer Contributions = 38,000
　　2005 Estimated Benefit Payments = 12,100
　　(a) Describe the considerations for selecting the return on assets during 2004 and the
　　discount rate for 2005 for budgeting purposes.
　　(b) Estimate the 2005 pension expense using a discount rate of 6% and assuming no
　　other gains or losses.
　　(c) Describe and estimate the effect of a change in the economic environment on each
　　component of your estimate of the 2005 pension expense.
　　COURSE 8: Fall 2004 - 7 - GO TO NEXT PAGE
　　Retirement Benefits,
　　Comprehensive Segment - Canada
　　Afternoon Session
　　Questions 7 – 9 pertain to the Case Study
　　8. (12 points) NOC’s Vice-President of Human Resources has asked you to propose
　　changes to NOC’s Full-Time Salaried Pension Plan in order to reduce cost. She believes
　　that the pension plan is too generous for participants who retire before age 60, and she
　　wants plan participants to retire later in the future.
　　(a) Describe the process you would undertake in performing a plan design project.
　　(b) Recommend possible plan design changes to meet the goals of the Vice-President
　　of Human Resources. Provide support for your recommendation.
　　(c) The government of Gevrey is proposing introducing a pension adjustment system
　　similar to that defined by the Canadian Income Tax Act. Describe how your
　　response to (b) would change as a result of this proposal.
　　COURSE 8: Fall 2004 - 8 - STOP
　　Retirement Benefits,
　　Comprehensive Segment - Canada
　　Afternoon Session
　　Questions 7 – 9 pertain to the Case Study
　　9. (10 points) Gevrey is proposing the introduction of a defined contribution (DC) social
　　insurance program (SIP) effective January 1, 2004. Benefits would be funded by
　　employee and employer contributions, as follows:
　　? Employees and employers both contribute 5% of pay on earnings up to $45,000 (the
　　“Wage Base”).
　　? The Wage Base changes in line with changes in the average wage in Gevrey.
　　? Contributions are invested at the direction of the employees by privately managed
　　investment companies selected by Gevrey.
　　? Account balances are available to provide death, disability and retirement benefits.
　　? Account balances must be used to purchase annuities no later than age 65.
　　(a) Describe the challenges that other countries with DC based social insurance
　　systems have faced.
　　(b) Recommend changes to the proposed program. Justify your recommendation.
　　(c) In order to maintain an employee’s total benefit (DC SIP plus current plan) at a
　　level equivalent to that provided under the current salaried plan provisions, the
　　CFO of NOC is proposing to amend the National Oil Full-Time Salaried Pension
　　Plan benefit to 0.5% of best average earnings up to the Wage Base, plus 2.0% of
　　best average earnings in excess of the Wage Base.
　　Critique this proposal.
　　无论是朋友或是生人遭到了危险，我们都要大胆地承担下来，尽力帮助人家，根本不考虑自己要付出多大的代价。——高顿网校名人哲理