Actuarial cost definition

Actuarial cost means an amount that shall be paid, except as otherwise specifically provided by this act, by a member to purchase additional service credit as allowed under this act. Actuarial cost shall be computed as provided in section 17j.
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Actuarial cost means the amount determined by the board in a uniform and nondiscriminatory
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Actuarial cost means the amount determined by the board in a uniform and nondiscriminatory manner to represent the present value of the benefits to be derived from the additional service to be credited based on the most recent actuarial valuation for the system and the age, years until retirement, and current salary of the member.
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Examples of Actuarial cost in a sentence

  • Actuarial cost shall be computed as provided in section 17j.(3) "Annuity" means annual payments for life derived from the accumulated contributions of a member.

  • Actuarial cost methods permitted under the Employee Retire- ment Income Security Act of 1974 and the Internal Revenue Code of 1954, as amended, shall be used to determine plan funding.

  • Actuarial cost shall be computed as provided in section 17j.(3) “Annuity” means annual payments for life derived from the accumulated contributions of a member.

  • Actuarial cost method: The actuarial cost method used is the entry age normal method.

  • The balance includes member contributions and interest attributable to those contributions.(2) "Active duty" means full-time duty in the armed forces other than active duty that is exclusively for training purposes.(3) "Actuarial cost" means an amount that a member shall pay, except as otherwise specifically provided in this act, to purchase additional service credit under this act.

  • Actuarial cost method The employer contribution rates effective July 1, 2015, through June 30, 2017, were set using the entry age normal actuarial cost method.

  • In the event that certification from any such person is not available, documentation may be obtained from another authorized source acceptable to the department.402.302(2) Actuarial cost quote of permissive service credit.a. A member may submit certification of service credit to the department to obtain a cost quote of permissive service credit.b. The department shall review and verify the submitted certification of service credit.

  • Each an- nual report required by section 6058(a) and periodic report of the actuary re- quired by section 6059 must include all additional information relevant to the use of the alternative amortization method as may be required by the ap- plicable forms and the instructions for such forms.[T.D. 7702, 45 FR 40113, June 13, 1980] § 1.412(c)(1)–1 Determinations to be made under funding method—terms defined.(a) Actuarial cost method and funding method.

  • Valuation date October 31, 2019Measurement date October 31, 2020 Actuarial cost method Entry Age Normal Health Cost Trend: The healthcare trend assumption is based on the Society of Actuaries‐Getzen Model version 2017 utilizing the baseline assumptions included in the model.

  • Payroll growth 2.75% per year, to match inflation assumption Actuarial cost method Entry age normal cost method (level percent of pay) Post-retirement benefit increases for participants hired prior to January 1, 2007 Ad hoc COLA after the Combined Plan is 70% funded after accounting for the impact of the COLA.


More Definitions of Actuarial cost

Actuarial cost means an amount that a member shall pay, except as otherwise specifically provided in this act, to purchase additional service credit under this act. Actuarial cost is determined and calculated as provided in section 215.
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Actuarial cost means the amount of funds presently required to provide future benefits as determined by the board based on applicable tables and formulas provided by the actuary.
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Actuarial cost means an amount that is the actuarial equivalent of the
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Actuarial cost means the amount determined by the board in a uniform and nondiscriminatory manner to represent the present value of the benefits to be derived from the additional service to be credited
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Related to Actuarial cost

  • Actuarial method means the method of allocating a fixed level monthly payment on an obligation between principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of (a) 1/12, (b) the fixed annual rate of interest on such obligation and (c) the outstanding principal balance of such obligation.

  • Actuarial equivalent means a benefit of equal value when

  • BENEFIT LIMIT means the total benefit allowed under this plan for a covered healthcare service. The benefit limit may apply to the amount we pay, the duration, or the number of visits for a covered healthcare service.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Present Value means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. The discount is determined by the interest rate specified by the parties if the rate was not manifestly unreasonable at the time the transaction was entered into; otherwise, the discount is determined by a commercially reasonable rate that takes into account the facts and circumstances of each case at the time the transaction was entered into.