Actuarial cost definition
Actuarial cost means the amount determined by the board in a uniform and nondiscriminatory
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.
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.
Examples of Actuarial cost in a sentence
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.
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.
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.
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
Actuarial cost means an amount that is the actuarial equivalent of the