4. Actuary: An actuary is a qualified professional who specializes in assessing and managing the financial risks associated with pension plans. They analyze demographic data, investment returns, and other relevant factors to determine the funding levels, contribution rates, and the long-term viability...
There, an entire agency — the “Government Actuary’s Department” — exists with the sole function of providing expert actuarial services to all branches and divisions of the government. A government actuary in the UK may work on pension predictions, financial outlooks, investment risk and risk...
Which of the following descriptions of the effect of using an actuarial method or assumption in the funding of a defined benefit pension plan is CORRECT? a) The higher the turnover rate assumed by the actuary, the lower the required annual emp...
What is an Actuary? An actuary specializes in assessing and managing financial risks in various industries, with a primary focus on insurance and pension plans. They use their expertise in mathematics, statistics, and financial theory to analyze data and calculate the likelihood of future events, ...
How Actuaries Determine the Unfunded Pension Liability Although much of what the pension actuary does appears to be shrouded in mystery, the basics can be understood by anyone. The actuary compares the benefits specified by a pension plan with the size of a pension fund. This comparison has .....
What is an auditor’s responsibility for supplementary information, such as disclosure of pension information, which is outside the basic financial statements but required by the GASB?A. The auditor’s only responsibility for supplementary information is to determine that such information has not been...
A large part of this benefit is due to the earnings of the pension fund assets. Those assets have recently produced rates of return that far exceed the long run rates of return estimated by the actuary. These unexpectedly large pension fund earnings may be used to decrease pension expenses ...
What is a pension plan settlement? What is a private pension plan? What are the components of pension expense? Define pension and OPEB plans. What are the three basic components of pension expense? What is the role of an actuary relative to pension plans?
A Single Premium Immediate Annuity (sometimes referred to as an "SPIA") may be the right annuity for you if you are looking for payments that begin right away and continue for the rest of your life or for a specified period of time. The annuity is purchased from an insurance company ...
An actuarial life table is a table or spreadsheet that shows the probability of a person at a certain age dying before their next birthday. It's often used by life insurance companies to calculate the remaining life expectancy for people at different ages and stages, and the probability of su...