previous actuarial assumptions
, changes in actuarial assumptions
However, most public pensions still face an uphill climb to improve funding levels, due to the depth of past losses, a historically slow economic recovery, the continued use of favorable but unrealistic actuarial assumptions
, and for many plans, inadequate pension contribution practices.
'The fiduciary responsibility is to all parties concerned and it is the responsibility of the Secretary-General to ensure that those investments are managed to preserve the capital of the Fund and to obtain a long-term real rate of investment return that is line with the actuarial assumptions
, without jeopardising the capital of the Fund by taking excessive risks,' Boykin stated.
Current quarter results include a net benefit of $52 million from an updated estimate of profitability, including $4 million reflecting updates of actuarial assumptions
based on an annual review and $48 million from the impact of market performance in relation to our assumptions.
Management and auditors often place undue reliance on the actuary in terms of the actuarial assumptions
(e.g., discount rate).
This so-called funded percentage is considerably less than the official figure due to actuarial assumptions
, but the state's relative standing is not unexpected.
Under the new method, annual adjustments will be made to reflect actual return on pension plan assets, changes in discount rates and differences from other actuarial assumptions
However, charities using the rates need not retain their own actuaries and have the assurance that the underlying actuarial assumptions
will likely produce an ultimate charitable benefit.
In 2007, though, the IRS audited the plan and found "the actuarial assumptions
were applied incorrectly" for the years between 2002 and 2006, the lawsuit said.
Other factors that figure in on whether MARC agrees to reinsure business include underwriting claims control mechanisms and due diligence, and not just actuarial assumptions
, according to Sweeney.
Official figures released by the Pension Protection Fund showed that the collective deficit of over 7,800 defined benefit funds in its sample rose from pounds 136 billion in November 2008 to pounds 194.5 billion by the end of the year, based on actuarial assumptions
for 179 valuations.