Entry age actuarial cost method definition
Entry age actuarial cost method means an actuarial cost method under which the actuarial present value of the projected benefits of each individual currently covered by the benefit plan and included in the actuarial valuation is allocated on a level basis over the service of the individual, if the benefit plan is governed by section 69.773, or over the earnings of the individual, if the benefit plan is governed by any other law, between the entry age and the assumed exit age, with the portion of the actuarial present value which is allocated to the valuation year to be the normal cost and the portion of the actuarial present value not provided for at the valuation date by the actuarial present value of future normal costs to be the actuarial accrued liability, with aggregation in the calculation process to be the sum of the calculated result for each covered individual and with recognition given to any different benefit formulas which may apply to various periods of service.
Entry age actuarial cost method means an actuarial cost method under which the actuarial present value of the projected benefits of each
Entry age actuarial cost method means a method of determining the normal cost and is determined as a level percentage of pay that, if paid from entry age to the assumed retirement age, assuming all the actuarial assumptions are exactly met by experience and no changes in assumptions or benefit provisions, would accumulate to a fund sufficient to pay all benefits provided by the Fund.
More Definitions of Entry age actuarial cost method
Entry age actuarial cost method means a method of
Entry age actuarial cost method means a method of determining the normal cost and is determined as a level percentage of pay that, if paid from entry age to the assumed