ACTUARIAL DETERMINATION Sample Clauses
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ACTUARIAL DETERMINATION. The actuarial assumptions used in devising this retirement buy-out are charted in summary form below. Initial interest 4% Eventual interest 7% Assumed retirement age 56 Bachelor’s base salary $27,697 Salary inflation rate 2.5% Years of service excluded 5 Recent hires annual amount allowance $200 Annual sick day accruals 3 Mortality and termination assumptions Included FICA Retained on participants’ payments only Each teacher will have an opportunity to confirm the accuracy of the underlying information used to calculate the value of his or her retirement pay and bridge buy-out contribution.
ACTUARIAL DETERMINATION. At the time the benefit is to commence under subsection a, an enrolled actuary mutually agreeable to Green and Chiron shall determine the Actuarial Equivalent, in the applicable form under Section 6, of the amount of benefit set forth in Section 5.
ACTUARIAL DETERMINATION. In making the Actuarial Determination for the forthcoming Coverage Year, the Actuary shall select, based on information and from, between, and among the proposals submitted to the Actuary by the Insurance Subs and by Reliance by December 1 prior to the forthcoming Coverage Year, commercially reasonable and actuarially sound terms and conditions for the reinsurance to be ceded by the Insurance Subs. The Actuarial Determination shall be in the form of proposed professionally drawn comprehensive placing slip(s) for each proposed reinsurance coverage in sufficient detail as to allow the Insurance Subs and Reliance to clearly determine the proposed terms and conditions for each reinsurance coverage and the corresponding estimated gross written reinsurance premium. The Insurance Subs and Reliance shall equally pay 50% of the professional fees and expenses of the Actuary, for making the Actuarial Determination.