Actuarial Assessment definition

Actuarial Assessment means an additional Contract amount assessed by the State Treasurer to preserve the actuarial soundness of the Trust Fund. For an unpaid or partially paid lump sum account, this amount will be a percentage of the outstanding balance per month determined by the Actuary. For the reinstatement of a Monthly Payment Plan the Actuarial Assessment is the difference between the present value of the prescribed monthly payments and the present value of the payments actually made by the Purchaser. The Actuarial Assessment for a change in length of a monthly payment Contract is the difference between the present values of the Contract payments of the old and new payment schedules.
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Actuarial Assessment means the periodic valuation of a Scheme, made in accordance with actuarial methods;
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Actuarial Assessment means a contract amount assessed to compensate the Trust Fund for a change from the Extended Payment Plan to the 5-Year Payment Plan and is the difference between the future values of the PACT Contract payments of each plan.
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Examples of Actuarial Assessment in a sentence

  • If special permission is granted by MPACT to transfer the Contract benefits to a Substitute Beneficiary whose Projected College Entrance Date is earlier than that of the original Qualified Beneficiary, the Purchaser must pay an Actuarial Assessment calculated by MPACT before the substitution will be made.

  • Failure to pay any outstanding Payment by its due date will result in the Account being considered delinquent and an Actuarial Assessment will accrue from the date of delinquency.

  • The request for substitution includes payment of a Substitute Beneficiary Administrative Fee of twenty five dollars ($25) and any Actuarial Assessment calculated by MPACT.

  • An Actuarial Assessment may be added for each month that the payment is past due.

  • Structured Actuarial Assessment Fixed assessment procedure with numeric ratings for each risk factor providing a total risk score.

  • An Actuarial Assessment may apply to any Payment that is not received by the due date listed on the Enrollment Confirmation.

  • An Actuarial Assessment may be added for each month that the lump sum payment is past due.


More Definitions of Actuarial Assessment

Actuarial Assessment means either an amount which accrues on any payment that is not received by the scheduled due date listed on the Enrollment Confirmation, or an amount that may be charged when the Account Owner makes a change to the Account such as changing the Designated Beneficiary. Actuarial Assessments are charged to ensure the actuarial soundness of the Trust Fund. Actuarial Assessments may be deducted from your Prepaid Tuition Plan Benefits.
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