Actuarial Valuation Sample Clauses
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Actuarial Valuation. An actuarial valuation of the fund is undertaken every three years by the fund’s actuary. The actuary balances the fund’s assets and liabilities in respect of each employer and assesses the appropriate contribution rate and deficit payment, if appropriate, for each employer for the subsequent three years. The cost of running the Nottinghamshire Pension Fund is charged directly to the fund, the actuary takes these costs into account in assessing employers’ contribution rates. Provide and publish policies in relation to all areas where the employing authority may exercise discretion within the scheme. A copy of the policy to be provided to the administrating authority Within 30 working days of policy being formally agreed by the employer. To be reviewed annually Provide details of employer and employee contributions 17th of the month following deduction Respond to enquiries from administering authority Within 10 working days Provide year end information for the purposes of annual benefit statements, annual allowance, and lifetime allowance calculations By 30 April, or such later as confirmed by the Administering Authority. Provide year end information in a valuation year By 30 April, or such later as confirmed by the Administering Authority. Distribute information provided by the Admin Authority to scheme members/potential scheme members which is provided either direct from the Pensions Office or where notified through the website Within 20 days of receipt or notification Provide new scheme members with scheme information and new ▇▇▇▇▇▇ forms At appointment of employee or change in contractual conditions Inform the Pension Fund of all cases where prospective new employer or admitted body may join the fund Notify the Pension Fund at least three months before the date of transfer Payment of additional fund payments in relation to early payment of benefits Within 30 working days of receipt of invoice from the pension fund/within timescales specified in each case New starters must be notified to the Pensions Office. 10 working days of the scheme member joining. Arrange for the correct deduction of employee contributions from scheme members pensionable pay on becoming a scheme member Immediately upon commencing scheme membership either through auto enrolment opting in or change in circumstances. Reassessment of employee contribution rate in line with employer’s policy Immediately following change of circumstances. Ensure correct deduction of pension contributions...
Actuarial Valuation. A complete valuation shall be made periodically (but at least biannually) by a qualified actuary in order to determine the amount of the reserve prescribed in Section 9 of this Article and the City's contributions prescribed in Sections 2 and 4 of this Article.
Actuarial Valuation. An actuarial valuation of the fund is undertaken every three years by the funds actuary. The actuary balances the fund’s assets and liabilities in respect of each employer and assesses the appropriate contribution rate and deficit payment if appropriate for each employer for the subsequent three years.
Actuarial Valuation. A statement setting forth the actuarial liabilities and contribution requirements for a defined benefit pension plan using a set of actuarial assumptions, demographic data and assets; all determined as of a specific date, certified by an Enrolled Actuary.
Actuarial Valuation. 8.1 The Trustees confirm that the next formal valuation of RPF is due as at 31 December 2007 and that they know of no reason why an emergency valuation should be undertaken at an earlier date, but reserve the right to call an earlier valuation if they become aware of events that have a significant impact on RPF’s funding position.
8.2 The Trustees will consult the Company before instigating a formal valuation as at a date earlier than 31 December 2007.
Actuarial Valuation. (i) Within 150 days of the start of each fiscal year, a report by an independent actuarial consulting firm of recognized national standing reviewing the adequacy of loss and loss adjustment expense reserves as at the end of the last fiscal year of each Regulated Insurance Company determined in accordance with SAP and stating an estimated amount of minimum reserves, it being agreed that in each case such independent firm will be provided access to or copies of all relevant valuations relating to the insurance business of each such Regulated Insurance Company in the possession of or available to the Borrower or its Subsidiaries and (ii) within 90 days of the start of each fiscal year a certification by an independent actuarial consulting firm of recognized national standing stating the adequacy of loss and loss adjustment expense reserves as at the end of the last fiscal year of each such Regulated Insurance Company determined in accordance with SAP.
Actuarial Valuation. (a) This Section 9.9 applies where the Value of a Relevant Benefit, a Transferred Relevant Benefit or a Transferred Asset is to be determined.
(b) (i) Subject to (ii) below, the actuarial method and assumptions to be used for determining the Value of a Relevant Benefit, Transferred Relevant Benefit or a Transferred Asset are:
(A) those set out or referred to in the Actuarial Annex, in relation to the Relevant Parent Group Plan; and/or
(B) to the extent (A) does not apply (where either the Plan in question is not referred to in the Actuarial Annex or, where the Plan is referred to in the Actuarial Annex, the relevant assumption is not), those used in the latest actuarial valuation of the applicable Plan used for Unilever Group accounting purposes before the date of this Agreement; or
(C) to the extent there is, in respect of any Plan, no valuation as is referred to in (B) above, such reasonable actuarial method and assumptions as may be agreed between Conopco and Buyer or, in default of agreement, as determined under Section 9.25. Table of Contents
Actuarial Valuation. In the latest actuarial valuation as of December 31, 2020, the consulting actuaries, ▇▇▇▇▇▇▇▇, Inc., reported a total pension liability of $119,309,604. This accrued liability less the value of the trust fund of $38,857,864 at December 31, 2020, results in a net pension liability of $80,451,740. The actuarial value of assets as a percentage of the actuarial pension liability (funded ratio) was 32.6% at December 31, 2020. The 2020 annual covered payroll was $18,616,042. The ratio of the net pension liability to annual covered payroll was 432.22% for 2020. No Plan provisions have changed since the last actuarial valuation. According to the actuaries, future contributions to be made by or on behalf of present members at current rates will not be sufficient to fund their benefits without any subsidization from future entrants, provided that future experience parallels that anticipated under the current actuarial assumptions. Management of the Plan intends to continue the funding policy as presented. However, management of the Plan intends to review the funding status of the Plan, in consultation with the actuaries, to ensure the sufficiency of Plan assets to satisfy all future obligations of the Plan. Changes in net pension liability Total Liability Plan Fiduciary Net Position Net Pension Liability Balances at December 31, 2019 $108,512,066 $ 36,520,348 $ 71,991,718 Changes for the year: Service cost 3,762,068 - 3,762,068 Interest 3,431,709 - 3,431,709 Effect of economic/demographic gains or losses 3,513,631 - 3,513,631 Effects of assumptions changes or inputs 5,400,805 - 5,400,805 Contributions, employer - 2,483,999 (2,483,999) Contributions, employee - 1,518,154 (1,518,154) Net investment income - 3,854,943 (3,854,943) Benefit payments, including refunds of employee contributions (5,310,675) (5,310,675) - Administrative expense - (208,905) 208,905 Net changes 10,797,538 2,337,516 8,460,022 Balances at December 31, 2020 $119,309,604 $ 38,857,864 $ 80,451,740
Actuarial Valuation. (a) The Board must have the Pension Plan reviewed, and the results of the review set out in the form of an actuarial valuation report for a going-concern valuation in the manner and at the times specified in the PBSA, the regulations under the PBSA and Appendix B.
(b) In each actuarial valuation report prepared pursuant to subsection (a), the Plan actuary must calculate and identify the following, each effective as of the effective date of the actuarial valuation report:
(i) the entry age normal cost of the Plan (the “EANC”);
(ii) the “PBSA Contribution Rate”, being the aggregate Employer and Plan Member contribution rate to the Basic Account calculated in accordance with Appendix B assuming that:
A. any Unfunded Liability identified in the valuation will be amortized over the maximum period permitted by Appendix B, and
B. the Basic Account does not have the assets notionally allocated to the Rate Stabilization Account;
Actuarial Valuation. 2.1 This PARAGRAPH 2 applies where the Value of a Transferred Relevant Benefit or a Transferred Asset is to be determined.
2.2 Subject to PARAGRAPH 2.3, the actuarial method and assumptions to be used for determining the Value of a Transferred Relevant Benefit are:
(a) those set out in the Actuarial Annex, if applicable;
(b) if (a) does not apply, those used in the last actuarial valuation of the applicable Plan which was completed, and the report in respect of which was signed by the Plan's actuary, prior to the date of this Agreement and, in the case of a Benefit provided under a funded Plan, also used for funding the Benefit; or
(c) if neither (a) nor (b) applies, such reasonable actuarial method and assumptions as may be agreed between the Sellers 190 190 and the Purchaser or, in default of agreement, as determined under PARAGRAPH 9.
2.3 2.3.1 For the avoidance of doubt:
(a) in determining the Value of a Transferred Relevant Benefit, only the actuarial method and assumptions referred to in PARAGRAPH 2.2(a), (b) or (c) shall apply. For example, where an actuarial method and assumptions in respect of a Relevant Sellers' Group Plan are set out in the Actuarial Annex, PARAGRAPHS 2.2(b) and 2.2(c) shall be disregarded in relation to that Relevant Sellers' Group Plan;
(b) without prejudice to the generality of (a) above, no allowance shall be made under PARAGRAPH 2.2 (unless agreed by the Sellers in their absolute discretion) for any established practice referred to in PARAGRAPH 4.2.1 or for the provision of lump sum death benefits except in each case to the extent provided for (whether expressly or otherwise) in the actuarial method and assumptions set out in the Actuarial Annex or completed actuarial valuation.