Actuarially sound definition

Actuarially sound means a commercial annuity which pays principal and interest out in equal monthly installments over the actuarial life expectancy of the annuitant, with no deferral and no balloon payments. For purposes of this definition, the actuarial life expectancy is established by the Periodic Life Table of the Office of the Chief Actuary of the Social Security Administration, and, for transactions (including the purchase of an annuity) occurring on or after July 1, 2008, the payout period must be within 12 months of the actuarial life expectancy, measured at the time of purchase.¶

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Actuarially sound means that calculated contributions to the SCRHI Trust Fund or LTDI Trust Fund are sufficient to pay the full actuarial cost of these trust funds. The full actuarial cost includes both the normal cost of providing for fund obligations as they accrue in the future and the cost of amortizing the unfunded actuarial accrued liability over a period of no more than thirty years.

Actuarially sound means a police officers' or firefighters' pension fund determined by the board to be receiving or scheduled to receive employer and member contributions in each fiscal year equal to the annual contributions actuarially determined to be necessary to pay the annual current service cost of pension benefits attributable to active employees and to pay the annual contribution necessary to amortize any unfunded accrued liability over a period not to exceed forty years. The actuarial cost method to be utilized shall be the entry age-normal cost method. The date from which unfunded liabilities shall be amortized shall be determined pursuant to part 3 of article 30.5 of this title.

Examples of Actuarially sound in a sentence

• Actuarially sound rates are developed using sound methods and assumptions, that are reasonably attainable by the Medicaid Managed Care Organizations in the relevant Agreement year and meet the standards of the Actuarial Standards Board.

• Actuarially Sound Capitation Rates: Actuarially sound capitation rates are projected to provide for all reasonable, appropriate, and attainable costs that are required under the terms of the contract and for the operation of the HMO for the time period and the population covered under the terms of the contract, and such capitation rates are developed in accordance with CMS requirements.

• Actuarially Sound Capitation Rate — Actuarially sound Capitation rates are projected to provide reasonable, appropriate and attainable costs that are required Actuary — An individual who meets the qualification standards established by the American Academy of Actuaries for an actuary and follows the practice standards established by the Actuarial Standards Board.

• Actuarially sound capitation rates are projected to provide for all reasonable, appropriate, and attainable costs that are required under the terms of the contract and for the operation of the MCO, PIHP, or PAHP for the time period and the population covered under the terms of the contract, and such capitation rates are developed in accordance with the requirements in paragraph (b) of this section.

• Actuarially Sound Capitation Rate — Actuarially sound Capitation rates are projected to provide reasonable, appropriate and attainable costs that are required under the terms of the contract and for the operation of the Primary Contractor for the time period and the population covered under the terms of the contracts, and Adjudicated Claim — A Claim that has been processed to payment or denial.

More Definitions of Actuarially sound

Actuarially sound means a plan which is being operated

Actuarially sound means the ((plan)) system is sufficiently

Actuarially sound means funding and insurance sufficient to pay those losses and their related costs which are known or are projected by the Oregon Department of Administrative Services from analyses of claims, loss experience and risk factors.

Actuarially sound means an annuity, promissory note, or similar financial contract where no payments will be made beyond the life expectancy of the owner of the contract as determined in accordance with actuarial publications of the Office of the Chief Actuary of the Social Security Administration.

Actuarially sound means the plan is sufficiently funded to meet its projected liabilities and to defray the reasonable expenses of its operation based upon commonly accepted, sound actuarial principles. [2003 c 2 § 3 (Initiative Measure No. 790, approved November 5, 2002).]

Actuarially sound means that calculated contributions to the Trust are sufficient to pay the full actuarial cost of the Trust. The full actuarial cost includes both the normal cost of providing for Trust obligations as they accrue in the future and the cost of amortizing the UAAL over a period of no more than thirty (30) years or any other period in excess of thirty (30) years as may be reasonably approved by actuarial standards of practice.

Actuarially sound means the method for establishing a global budget has taken into