SOA历年真题系列汇集：北美精算师November2004Course8RU（二），是好不容易编辑出来的，别煞费我们高顿网校的苦心哦。
　　5. (9 points) In order to attract and retain employees in senior positions, NOC wants to
　　introduce terminal funding by providing the options of an insured annuity or a lump sum
　　benefit for the National Oil Full-Time Salaried Supplemental Retirement Plan (SRP).
　　The lump sum will be equivalent to the net present value of the after-tax annual SRP
　　benefit. The after-tax payment from the insured annuity will be equal to the after-tax
　　annual SRP benefit. NOC will reimburse the member for any immediate taxes payable
　　under both options.
　　You are given:
　　? Pat, a senior executive of NOC, will retire with an annual pension under the SRP
　　of $100,000.
　　? The before-tax discount rate used by NOC to calculate lump sum benefits is 10%.
　　? Lump sum annuity factors at Pat’s retirement date are:
　　At a discount rate of 10%: 9.5
　　At a discount rate of 6%: 13.5
　　? The cost of buying Pat’s annuity at retirement is $10 for every $1 of annual
　　benefit purchased.
　　Vosne’s tax rules for single premium annuity contracts are:
　　? The employer obtains a deduction for any premiums it pays;
　　? The executive is immediately taxed on the full purchase price of the annuity;
　　? A proportionate part of each annuity payment would be deemed a tax-free return
　　of the premium (“exclusion ratio”) and the balance is taxable at the individual tax
　　rate. For this purpose, a life expectancy of 20 years is used.
　　(a) Describe the issues that NOC must address in adopting a terminal funding
　　approach.
　　(b) Calculate the cost differential between the two terminal funding options.
　　Show your work.
　　COURSE 8: Fall 2004 - 5 - STOP
　　Retirement Benefits,
　　Comprehensive Segment – U.S.
　　Morning Session
　　Questions 2 – 6 pertain to the Case Study
　　6. (12 points) NOC is proposing the following changes to the Retiree Health Benefit
　　program of its salaried employees:
　　? Effective January 1, 2004, the program will be closed to new employees;
　　? Salaried employees with less than 20 years of service at January 1, 2004 who
　　do not retire before January 1, 2005 will not be eligible for the benefit after
　　that date; and
　　? For all other salaried employees, effective January 1, 2005, the portion of the
　　premium paid by the program will be in accordance with the following
　　schedule:
　　Years of Service at
　　Retirement
　　Plan Retiree/Spouse
　　20-24 50% 50%
　　25-29 75% 25%
　　30+ 100% 0%
　　NOC wants an analysis of the proposed changes, in respect of the following
　　groups of employees:
　　? Group A – the salaried employees who are currently eligible for the
　　benefits but who lose the benefits if they do not retire in the next year;
　　? Group B – the salaried employees other than those in Group A who are no
　　longer eligible to receive benefits under the program;
　　? Group C – the salaried employees who are eligible, under current
　　assumptions, to receive reduced benefits under the program; and
　　? Group D – the salaried employees not affected by the proposed changes.
　　(a) (7 points) Based on the age and service distribution of the NOC Full-Time
　　Salaried Pension Plan at January 1, 2004, estimate the number of salaried
　　employees in Groups A, B, C and D. Identify any assumptions you used
　　in your estimate.
　　(b) (3 points) Describe any special accounting treatments that are applicable
　　for Groups A, B, C and D.
　　(c) (2 points) Describe the consequences to NOC of the proposed changes.
　　**END OF EXAMINATION**
　　MORNING SESSION
　　COURSE 8: Fall 2004 - 6 - GO TO NEXT PAGE
　　Retirement Benefits,
　　Comprehensive Segment – U.S.
　　Afternoon Session
　　**BEGINNING OF EXAMINATION 8**
　　COMPREHENSIVE SEGMENT – U.S.
　　AFTERNOON SESSION
　　Questions 7 – 9 pertain to the Case Study
　　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):
　　Projected 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 – U.S.
　　Afternoon Session
　　Questions 7 – 9 pertain to the Case Study
　　你目前拥有的，都将随着你的死亡而成为他人的。那为何不现在就布施给真正需要的人呢？——高顿网校心灵鸡汤

 

 
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