Actuarial cost definition

Actuarial cost means an amount that shall be paid, except as otherwise specifically provided by this act, by a member to purchase additional service credit as allowed under this act. Actuarial cost shall be computed as provided in section 17j.
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Actuarial cost means the amount determined by the board in a uniform and nondiscriminatory
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Actuarial cost means the amount determined by the board in a uniform and nondiscriminatory manner to represent the present value of the benefits to be derived from the additional service to be credited based on the most recent actuarial valuation for the system and the age, years until retirement, and current salary of the member.
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Examples of Actuarial cost in a sentence

  • Actuarial cost methods permitted under the Employee Retire- ment Income Security Act of 1974 and the Internal Revenue Code of 1954, as amended, shall be used to determine plan funding.

  • Service purchased under this subrule must be purchased in increments of one or more calendar quarters.d. Actuarial cost.

  • Actuarial cost method The employer contribution rates effective July 1, 2017, through June 30, 2019, were set using the entry age normal actuarial cost method.

  • Actuarial cost shall be computed as provided in section 17j.(3) "Annuity" means annual payments for life derived from the accumulated contributions of a member.

  • Actuarial cost shall be computed as provided in section 17j.(3) “Annuity” means annual payments for life derived from the accumulated contributions of a member.

  • Actuarial cost has no relationship to contributions that would have been paid.

  • Actuarial cost method: The actuarial cost method used is the entry age normal method.

  • Actuarial cost method – Liabilities and contributions are computed using the Entry Age Normal Cost Method.Effective June 30, 2018, the Board adopted a layered unfunded accrued actuarial liability (UAAL) amortization method: Layer #1 equals the sum of (i) the UAAL at June 30, 2018 based on the 2017 valuation, plus (ii) the FY18 experience gain/loss.

  • Actuarial cost method means a technique which uses actuarial assumptions to measure the present value of future pension benefits and pension plan administrative expenses, and that assigns the cost of such benefits and expenses to cost accounting periods.

  • Actuarial cost method allocating normal costs over a period beginning no earlier than the date of employment which should not exceed the last assumed retirement age.


More Definitions of Actuarial cost

Actuarial cost means an amount that a member shall pay, except as otherwise specifically provided in this act, to purchase additional service credit under this act. Actuarial cost is determined and calculated as provided in section 215.
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Actuarial cost means the amount of funds presently required to provide future benefits as determined by the board based on applicable tables and formulas provided by the actuary.
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Actuarial cost means an amount that is the actuarial equivalent of the
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Related to Actuarial cost

  • Actuarial valuation means a mathematical determination of

  • Actuarial equivalent means a benefit of equal value when

  • Annual Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder in a Policy Year irrespective of whether any limits of any benefit items stated in the Benefit Schedule have been reached. The Annual Benefit Limit is counted afresh in a new Policy Year.

  • Actuarially Equivalent or "of equal actuarial value" means a benefit of equal value

  • 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.

  • Present Value means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. The discount is determined by the interest rate specified by the parties if the rate was not manifestly unreasonable at the time the transaction was entered into; otherwise, the discount is determined by a commercially reasonable rate that takes into account the facts and circumstances of each case at the time the transaction was entered into.

  • Monthly Earnings means your gross monthly income from your Employer, not including shift differential, in effect just prior to your date of disability. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.