Normal cost means the annual cost attributable, under the actuarial cost method in use, to current and future years as of a particular valuation date, excluding any payment in respect of an unfunded actuarial liability.
Normal cost means the annual service cost of retirement health benefits as they are earned during active employment of employees of the local unit of government in the applicable fiscal year, using an individual entry-age normal and level percent of pay actuarial cost method.
Normal cost means that part of the actuarial present
Examples of Normal cost in a sentence
Normal cost is the portion of the actuarial present value of projected benefits allocated as an expense for employee services rendered in the current year.
Cost Method and Expense Calculations for Retiree Healthcare BenefitsThe retiree healthcare actuarial valuation was based on the Entry Age Normal cost method.
Normal cost is the portion of the actuarial PV of projected benefits allocated as an expense for employee services rendered in the current year.
The ARC has two components: Normal cost and amortization of the UAAL for both active employees and retirees.
Normal cost increases (cost of living, inflation, etc.) should be considered when determining your two-year project costs.
More Definitions of Normal cost
Normal cost means that part of the actuarial present value of all future benefit payments and appropriate administrative expenses assigned to the current year under the actuarial valuation method used by the plan (excluding any amortization of the unfunded accrued liability).
Normal cost or "future normal cost" means an amount calculated under an actuarial cost method required to fund accruing benefits for members of a defined benefit retirement plan during any year in the future. Normal cost does not include any portion of the supplemental costs of a retirement plan.
Normal cost as used in this section, means the Employers' normal cost under GASB No. 45 as determined by the Employers' respective GASB Actuaries.
Normal cost means the cost of pension benefits and ancillary benefits with respect to a fiscal year of a pension plan determined in accordance with the methods and actuarial assumptions used in a going concern valuation;
Normal cost or "future normal cost" means an amount calculated under an actuarial cost method required to fund accruing benefits for members of a retirement system during any year in the future. Normal cost does not include any portion of the supplemental costs of a retirement system.
Normal cost shall have the meaning ascribed to such term in section 2.03(b)(iii) hereof.
Normal cost or "future normal cost" means an amount calculated under an actuarial cost