下面的SOA真题Course8R（第三课）：北美精算师November2002那场考试，请相关备战精算师人士赶快消化掉。
　　5. (12 points) Retiree medical premiums are expected to increase by 25% this year. The
　　CEO of NOC is proposing to drop retiree medical coverage and increase pension
　　benefits to replace the lost medical benefits.
　　(a) Describe the effect of the CEO’s proposal on pension expense and funding.
　　(b) Describe alternative retirement plan design options that could meet the CEO’s
　　objective.
　　(c) Calculate the 2002 expense for the retiree medical plan if coverage is eliminated
　　for some of the active participants causing the active APBO and service cost to
　　decrease by 60%.
　　Show all work.
　　(d) Evaluate other cost containment alternatives for NOC’s retiree medical plan.
　　COURSE 8: Fall 2002 - 7 - GO TO NEXT PAGE
　　Retirement Benefits,
　　Comprehensive Segment
　　Morning Session
　　All Questions pertain to the Case Study
 
　　6. (14 points) NOC has declared bankruptcy. As a result, the government of Belair has
　　imposed the termination of each of NOC’s Eligible Retirement Plans (ERPs) effective
　　January 1, 2002.
　　You are given the following information as at January 1, 2002:
　　NOC Full-Time Salaried
　　Pension Plan
　　NOC Full-Time Hourly
　　Union Pension Plan
　　Total plan termination
　　liabilities (000’s)
　　$450,000 $480,000
　　?  Active members $380,000 $375,000
　　?  Inactive members $70,000 $105,000
　　Liability dur ation (years)
　　?  Active members 12 15
　　?  Inactive members 5 8
　　You are given:
　　?  Plan termination liabilities have been determined based on benefits accrued to
　　January 1, 2002.
　　?  Plan termination liabilities have been valued using the annuity purchase rate at
　　January 1, 2002 of 6.25% per annum.
　　?  Active members’ termination entitlements will be paid on December 31, 2002. The
　　amount paid will be the plan termination liability as at January 1, 2002 updated with
　　interest at 6.25% per annum to the date of payment.
　　?  Inactive members will receive an annuity purchased on December 31, 2002 from an
　　insurance company on their behalf.
　　COURSE 8: Fall 2002 - 8 - STOP
　　Retirement Benefits,
　　Comprehensive Segment
　　Morning Session
 
　　6. (CONTINUED)
　　(a) (4 points) Assess the effect that the bankruptcy of NOC will have on the benefits
　　provided to members of each of NOC’s retirement plans.
　　(b) (3 points) Formulate an investment strategy for the NOC Full- Time Salaried
　　Pension Plan and the NOC Full-Time Hourly Union Pension Plan for 2002.
　　Contrast this to the current investment strategy.
　　(c) (7 points) Assuming that annuity purchase rates drop to 5.75% at December 31,
　　2002 and assets return 9% during 2002, calculate the 2002 expense and
　　accounting disclosure for each of NOC’s terminated ERPs.
　　Show all work.
　　**END OF EXAMINATION**
　　MORNING SESSION
　　COURSE 8: Fall 2002 - 9 - GO ON TO NEXT PAGE
　　Retirement Benefits,
　　Comprehensive Segment
　　Afternoon Session
　　**BEGINNING OF EXAMINATION 8**
　　AFTERNOON SESSION
　　Beginning With Question 7
　　All Questions pertain to the Case Study
 
　　7. (12 points) Belair has just adopted a new Social Security Retirement System. Companies
　　are allowed a one-time election to participate in the system or opt out. Companies that
　　opt out are required to provide a mandatory minimum retirement benefit.
　　Social Security Retirement System Provisions
　　?  Retirement benefits are payable at age 65.
　　?  The retirement benefit is 0.5% of a worker’s best 5- year average covered earnings
　　times years of covered service, indexed for post retirement cost of living increases.
　　?  Covered earnings are limited to $50,000 per year, indexed for cost of living increases.
　　?  A year of covered service is credited for each year in which a contribution is paid, to
　　a maximum of 40 years.
　　?  Covered Service commences on January 1, 2002.
　　?  The system is funded by employer contributions of 4% of covered earnings matched
　　by equal employee contributions.
　　?  The contributions are tax deductible to the employer and the employee.
　　Minimum opt out benefit
　　(i) a DC ERP with employer contributions equal to 6% of earnings up to the
　　covered earnings limit, or
　　(ii) a DB ERP paying at least 0.8% of best 5-year average earnings up to the
　　covered earning limit times years of service after January 1, 2002, payable
　　at age 65.
　　COURSE 8: Fall 2002 - 10 - GO ON TO NEXT PAGE
　　Retirement Benefits,
　　Comprehensive Segment
　　Afternoon Session
　　你不要一直不满人家，你应该一直检讨自己才对。不满人家，是苦了你自己。——高顿网校名人心得

 

 
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