The long-range demographic assumptions for the 2014 trustees report office of the chief actuary social security administration july 28, 2014. Pension section news oasdi trust fund principal economic and demographic assumptions september 2003, issue no 53 | newsletter of the pension section | published in schaumburg, ill, by the society of actuaries. Usps oig: rethinking assumptions 6 of changes in assumptions on postal service retirement liabilities and found that by using postal service-specific demographic and economic assumptions, the overall liabilities decreased by $102 billion first though, let’s review what makes up the usps’ long-term liabilities the postal service provides pension. Register of deeds’ supplemental pension fund adoption of proposed assumptions as set in december 31, 2014 experience reviews board of trustees meeting larry langer and mike ribble april 21, 2016 proposed assumptions on january 21, 2016, buck consultants presented the “investigation of demographic and economic.
Page 1 chapter 1 – introduction this study note presents the factors to consider in setting demographic and economic assumptions used in measuring pension obligations. Pension trust is determined by two sources of funding: economic and demographic assumptions that are used in each annual actuarial valuation are approved by the board and are typically based on the results of each biennial actuarial experience study and input from the pension trust’s advisors each annual actuarial valuation serves as. Town of westerly police pension fund gasb nos 67 & 68 report as of fiscal year ending june 30, 2016 actuarial certification this report is prepared in accordance with our understanding of gasb nos 67 & 68 for the purpose of disclosing pension plans in financial statements. Actuarial standard of practice no 35 selection of demographic and other noneconomic assumptions for measuring pension obligations standard of practice.
City of lakeland employees pension and retirement system 1 schedule of changes in the employers' net pension liability using financial reporting assumptions per gasb statement no 67. June 26, 2012 | nasra issue brief: public pension plan investment return assumptions | page 2.
Orange county employees retirement system actuarial experience study analysis of actuarial experience no 35, “selection of demographic and other non-economic assumptions for measuring pension obligations” and, as appropriate, asop no 27 “selection of economic assumptions for measuring pension obligations. And economic demographic assumptions include projected behaviors such as salary growth, mortality, and length of service economic assumptions include inflation and investment returns using these assumptions, actuaries develop pro-jections regarding the level of pension fund assets required to pay future liabilities then, based on.
The impact of technology on long-term potential economic growth 28 the impact of global aging how demographic change will affect savings, growth and interest rates 34 pension investment strategy matching cash flows and managing liquidity in maturing pension funds 40 the future path of chinese interest rates. Measurements and demographic analysis of mortality, including the definition and application of standard mortality probability symbols and force of mortality approximation of fractional period decrements using a uniform distribution assumption 3 measurement and demographic analysis of disability, employee turnover and employee retirement. 2017 study of economic assumptions 7 2017 study of economic assumptions 6 on average, discount rates decreased by around 29 basis points from december. Florida retirement system 2016 frs actuarial assumptions conference including preliminary july 1, 2016 actuarial valuation results presented by.
Update for measuring pension and retiree health benefits liabilities may 02 2017 view pdf report number: ft-ar-17-007 type: audit reports category: finance 0 comments background the us postal service provides pension and health insurance benefits to its retirees postal service employees participate in the civil. City of pawtucket police and firefighters pension plan page 2 pawtucket experience 2015 introduction submitted in this report are the results of a study of economic and demographic (noneconomic. Pers employer outreach, communication & education welcome employer rates, ual, normal cost, side accounts, and where the money goes 1 v2 january 16, 2015 why are employer rates necessary 2 the ch238 tier one/tier two and opsrp pension program are not “pay as you go” programs retirement benefits from either.
A economic assumptions to project the cost and liabilities of the pension plan, assumptions are made about all future events that could affect the amount and timing of the benefits to be paid and the assets to be accumulated each year actual experience is compared against the assumptions, and to the extent there are differences, the. Pension subcommittee of the finance committee information item iii-a2 april 14, 2016 pension plan overview page 11 of 28. Ecb economic bulletin, issue 2 / 2018 – articles the economic impact of population ageing and pension reforms 85 2 the economic impact of population ageing and pension.
• what does calpers consider when it calculates pension liabilities demographic assumptions (eg, life expectancy, length of service, retirement age, disability) economic assumptions (eg, future salary increases and investment returns) • what goes into the annual contributions to calpers. Census data demographic assumptions economic assumptions asset data actuarial methods provided by pers adopted by pers board legend this work product was prepared for discussion purposes only and may not be appropriate to use for other purposes milliman does not intend to benefit and assumes no duty or liability to. Economic and demographic assumptions demographic assumptions deal with factors affecting when benefits will become payable and the amount of those benefits this type of assumption includes projections on the likelihood of a member’s termination of employment, retirement, disability, or death at each age.