The earned pension benefit that will be paid to an employee at regular retirement age. The accrued monthly benefit is based on the employee's years of service through the accrual date, and is paid to pension holders each month following retirement. The accrued monthly benefit is based on the employee's years (or units) of service. Most pension plans can calculate the accrued monthly benefit that an employee will receive based on a number of different cut-off dates (the date the employee will terminate his or her employment and retire). In addition, many employers issue annual benefits statements that specify an employee's accrued monthly pension benefit .
An equation used by Canadian retirees to calculate how much money to withdraw each year from their Registered Retirement Income Funds (RRIFs), a type of tax-advantaged individual retirement plan. Retirees are required to withdraw a minimum amount from the plan each year and can calculate the amount to be withdrawn using one of two formulas: the 90-age formula or the 90-percentage schedule. The 90-age formula assumes that the retiree will live to be 90 years old. It calculates the annual withdrawal amount by dividing the book value of the RRIF at the beginning of the calendar year by (1- (90 - planholder or spouse's age)). The morbidity calculation allows the RRIF to act as a lifetime annuity. The money withdrawn from the RRIF is taxable at the retiree's marginal tax rate.
An actuarial valuation is a type of appraisal which requires making economic and demographic assumptions in order to estimate future liabilities. The assumptions are typically based on a mix of statistical studies and experienced judgment. Since assumptions are often derived from long-term data, unusual short-term conditions or unanticipated trends can occasionally cause problems. A common example where an actuarial valuation is in the valuation of a pension fund. It is usually easy to value a pension fund's assets because they primarily hold liquid securities such as stocks and bonds. However, it can be very difficult to value the liabilities of a pension fund. First, assumptions must be made to determine the total value of pension payouts that must be made in the future. Second, assumptions must also be made as to the expected growth of the fund's assets which will allow it to meet those obligations. If either set of assumptions proves to be significantly off, then there might be too little (or too much) funds in the future to pay pension benefits.
Method by which corporations determine, assess and plan for the financial impact of risk. Actuaries use mathematical and statistical models to evaluate risk in the insurance and finance industries. In addition to mathematical and statistical methods, actuaries call upon other fields including probability, finance, economics and computer programming to create actuarial models. Actuarial science is used to evaluate and predict future payouts for insurance and other financial industries such as the pension industry. Actuarial services include the analysis of rates of disability, morbidity, mortality, retirement, survivorship and other contingencies. By using mathematical and statistical modeling, actuaries are able to provide estimates regarding particular events, such as the life span of a life insurance applicant, or the likelihood of a catastrophic, weather-related event for a property and casualty insurance firm. Actuarial services forecast risk and uncertainty and help firms plan for future probabilities and possibilities.
The difference between future Social Security obligations and the income rate of the Social Security Trust Fund as of present. The Social Security program is said to be in actuarial deficit if the summarized income rate is less than the summarized cost rate of Social Security for any given valuation period. This situation is commonly referred to as the Social Security System being "insolvent." Actuarial balance is calculated for 66 different valuation periods, beginning with the upcoming 10 year period and growing with each successive year up to the full 75 year projection. If at any point over the 75 year projection the anticipated costs of Social Security exceed the future value of the trust fund's income, that period would be deemed to be in actuarial deficit.
The difference between future Social Security obligations and the income rate of the Social Security Trust Fund as of present. The Social Security program would be said to be in actuarial balance if the summarized income rate is inline with the summarized cost rate of Social Security for any given valuation period. Commonly referred to as the "solvency" of the Social Security System. Actuarial balance is calculated for 66 different valuation periods, beginning with the upcoming 10 year period and growing with each successive year up to the the full 75 year projection. If at any point over the 75 year projection the anticipated costs of Social Security exceed the future value of the trust fund's income, that period would be deemed to be out of actuarial balance. The difference would theoretically be the difference in the tax rate of Social Security provided from FICA.
An individual's life expectancy based on calculations and statistical modeling. Actuaries use mathematical and statistical computations to predict a person's life expectancy, or his or her actuarial age, to assist insurance companies with pricing, forecasting and planning. For instance, knowing a person's actuarial age will help determine the most appropriate payments from an annuity. A person's actuarial age is the age to which mathematical and statistical modeling indicate a person will live. The actuarial age reflects factors such as health and serious medical conditions. Actuaries assess risk for insurance companies and use computerized predictive modeling to project probable outcomes for a wide variety of circumstances.
Active-participant status is a reference to an individual's participation in an employer sponsored retirement plan. The plans which qualify include: 1. Qualified plans, such as profit sharing plans, defined benefit plans, money purchase pension or target benefit plans and 401(k) plans 2. SEP IRAs 3. SIMPLE IRAs 4. 403(b) plans 5. Qualified annuity plans 6. Employee Funded Pension Trusts (created before June 25, 1959) 7. A plan established for its employees by the United States, by a State or political subdivision of the United States, or by an agency or instrumentality of the United States or any of its subdivisions Typically, the employer will indicate on the individual's Form W-2 if the individual is an active participant by checking the 'Retirement Plan' box. Individuals should check with their employers to be sure.
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