Actuarial liability definition

Actuarial liability. ’ means pension cost attributable, under
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Actuarial liability means pension cost attributable, under the actuarial cost method in use, to years before the date of a particular actuarial valuation. As of such date, the actuarial liability represents the excess of the present value of the future benefits and administrative expenses over the present value of future contributions, for the normal cost for all plan participants and beneficiaries. The excess of the actuarial liability over the value of the assets of a pension plan is the unfunded actuarial liability.
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Actuarial liability means an actuarial item presented as a liability in the annual statement and included in the scope of the Statement of Actuarial Opinion.
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Examples of Actuarial liability in a sentence

  • Actuarial liability in excess of respective plan assets is recognized during the year.Provision for Gratuity as per the Actuarial valuation is funded with a separate Trust.

  • Actuarial liability is defined as the present value of future benefits less the present value of future normal costs.

  • Actuarial liability is computed and recorded, on an annual basis, in the financial management system by CSOSA, for both CSOSA and PSA, using the (DOL) “Estimation of the FECA Actuarial Liability” model.o Accrued Payroll and Benefits: Represents payroll and benefits for work performed by Agency employees, but not yet paid at the end of the accounting period.

  • Actuarial liability in excess of respective plan assets is recognised during the year.13.3. Actuarial gains and losses are recognised in the Profit and Loss Accountas income or expenses.13.4. Undiscounted amount of short-term liability on account of un-availed leave is determined and provided for as at the year end.13.5. Provision for Gratuity as per actuarial valuation is funded with a separatetrust.

  • Actuarial liability of the fund is published and is recognised in the public accounts of Canada as a public debt.

  • Actuarial liability in excess of respective plan assets is recognised during the year and in case the plan assets exceed the Actuarial Liability, no further provision is considered.

  • Actuarial liability or actuarial liability is the amount of pension program funds that should be collected at a certain time for the payment of future pension benefits (Anita, 2016).

  • Figure 4a shows the absorp- tion coefficient data calculated for ethylene and Fig.

  • Actuarial liability can arise under federal statute (ERISA), and under state common law that applies to malpractice by any professional.10 Moreover, audit literature has shown that auditor litigation risk is higher for economically important clients (Lys and Watts, 1994); if this is true for actuaries, it could act as a constraint against acquiescing to pressure, even (or especially) from important clients.It is unclear whether litigation risk affects actuaries as significantly as it does auditors.

  • Actuarial liability for annuities: it is calculated on the basis of the present value of the future benefits committed under the contract and the direct operating expenses that the company will incur for the payment of the contract commitments.


More Definitions of Actuarial liability

Actuarial liability has the meaning set forth on Section I of the P&G Disclosure Letter.
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Actuarial liability means, as of a particular valuation date of a Defined Benefit Pension, the greater of:
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Actuarial liability. ’ means the monetary value of the future benefits stemming from the members accrued benefits as calculated by the scheme actuary, in accordance with the scheme provisions and existing legislations;
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Related to Actuarial liability

  • Actuarial cost means the amount determined by the board in a uniform and nondiscriminatory

  • Actuarial valuation means a mathematical determination of

  • Unfunded Pension Liability means the excess of a Pension Plan's benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan's assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—

  • Unfunded Liability means the amount (if any) by which the present value of all vested and unvested accrued benefits under all Pension Plans exceeds the fair market value of all assets allocable to those benefits, all determined as of the then most recent valuation date for each Pension Plan, using PBGC actuarial assumptions for single employer plan terminations.

  • 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 opinion means the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with subrule 5.34(6) and with applicable actuarial standards.

  • benefit liabilities has the meaning specified in section 4001 of ERISA and the terms “current value” and “present value” have the meaning specified in section 3 of ERISA.

  • Unfunded Pension Liabilities means the excess of a Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Plan’s assets, determined in accordance with the assumptions used by the Plan’s actuaries for funding the Plan pursuant to Section 412 of the Code for the applicable plan year.

  • Canadian Benefit Plans means all material employee benefit plans of any nature or kind whatsoever that are not Canadian Pension Plans and are maintained or contributed to by any Credit Party having employees in Canada.

  • Actuarial Receivable means any Receivable under which the portion of a payment with respect thereto allocable to interest and the portion of a payment with respect thereto allocable to principal is determined in accordance with the Actuarial Method.

  • Unfunded Benefit Liabilities means with respect to any Plan at any time, the amount (if any) by which (i) the present value of all benefit liabilities under such Plan as defined in Section 4001(a)(16) of ERISA, exceeds (ii) the fair market value of all Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plan (on the basis of assumptions prescribed by the PBGC for the purpose of Section 4044 of ERISA).

  • Parent Benefit Plans has the meaning set forth in Section 5.07(b).

  • Net Liability as used herein is defined as the Company's gross liability remaining after cessions, if any, to other pro rata reinsurers.

  • Pension Plans The meaning specified in Section 4.1(v).

  • Actuarial reserve means a method of financing a pension or

  • Pension Benefit Plan means at any time any employee pension benefit plan (including a Multiple Employer Plan, but not a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code and either (i) is maintained by any member of the Controlled Group for employees of any member of the Controlled Group; or (ii) has at any time within the preceding five years been maintained by any entity which was at such time a member of the Controlled Group for employees of any entity which was at such time a member of the Controlled Group.

  • Pension Plan means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Borrower or any ERISA Affiliate or to which the Borrower or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years.

  • Canadian Defined Benefit Pension Plan means a Canadian Pension Plan that contains or has ever contained a “defined benefit provision” as such term is defined in Section 147.1(1) of the Income Tax Act (Canada).

  • Canadian Benefit Plan means any plan, fund, program, or policy, whether oral or written, formal or informal, funded or unfunded, insured or uninsured, providing material employee benefits, including medical, hospital care, dental, sickness, accident, disability, life insurance, pension, retirement or savings benefits, under which any Borrower has any liability with respect to any employee or former employee, but excluding any Canadian Pension Plans.

  • 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.

  • ERISA Plans shall have the meaning set forth in Section 3.12(a).

  • Withdrawal Liability means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

  • ERISA Plan means any employee benefit plan (a) maintained by Borrower or any ERISA Affiliate, or to which any of them contributes or is obligated to contribute, for its employees and (b) covered by Title IV of ERISA or to which Section 412 of the Code applies.

  • Company Pension Plan means each: (a) Company Employee Plan that is an “employee pension benefit plan,” within the meaning of Section 3(2) of ERISA; or (b) other occupational pension plan, including any final salary or money purchase plan.

  • Annual Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder in a Policy Year irrespective of whether any limits of any benefit items stated in the Benefit Schedule have been reached. The Annual Benefit Limit is counted afresh in a new Policy Year.