Actuarial cost method definition
Actuarial cost method means a method for determining the actuarial present value of the obligations and administrative expenses of the SCRHI Trust Fund or LTDI Trust Fund and for developing an actuarially equivalent allocation of such value to time periods, usually in the form of a normal cost and an actuarial‑accrued liability. Acceptable actuarial methods are the aggregate, attained age, individual entry age, frozen attained age, frozen entry age, and projected unit credit methods.
Actuarial cost method means a technique that 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. The actuarial cost method includes the asset valuation method used to determine the actuarial value of the assets of a pension plan.
Actuarial cost method means a method of determining the actuarial present value of the obligations and administrative expenses of the Trust and for developing an actuarially equivalent allocation of the value to time periods, usually in the form of a normal cost and an actuarial accrued liability. Acceptable actuarial methods are the aggregate, attained age, entry age, frozen attained age, frozen entry age, and projected unit credit methods.
More Definitions of Actuarial cost method
Actuarial cost method means a technique which uses actuarial assumptions to measure the present value of future pension benefits and pension fund administrative expenses, and which assigns the cost of such benefits and expenses to cost accounting periods.
Actuarial cost method means a mathematical
Actuarial cost method means a method for determining the actuarial present value 1178 of the obligations and administrative expenses of the fund and for developing an 1179 actuarially equivalent allocation of such value to time periods, usually in the form of a 1180 normal cost and an actuarial accrued liability. Acceptable actuarial methods are the 1181 aggregate, attained age, entry age, frozen attained age, frozen entry age, and projected 1182 unit credit methods. 1183 (4) 'Actuarial valuation' means the determination, as of a valuation date, of the normal 1184 cost, actuarial accrued liability, actuarial value of assets, and related actuarial present 1185 values for the fund. 1186 (5) 'Actuarially sound' means that calculated contributions to the fund are sufficient to 1187 pay the full actuarial cost of the fund. The full actuarial cost includes both the normal 1188 cost of providing for fund obligations as they accrue in the future and the cost of 1189 amortizing the unfunded actuarial accrued liability over a period of no more than 30 1190 years. 1191 (6) 'Administrative expenses' means all expenses incurred in the operation of the fund, 1192 including all investment expenses. 1193 (7) 'Annual required contribution' means the amount determined in accordance with 1194 requirements of Governmental Accounting Standards Board Statement No. 43 or any 1195 subsequent Governmental Accounting Standards Board statements that may be applicable 1196 to the fund. 1197 (8) 'Board' means the Board of Community Health Reserved. 1198 (9) 'Commissioner' means the commissioner of community health administrative 1199 services. 1200 (10) 'Covered health care expenses' means all actual health care expenses incurred by the 1201 health plans on behalf of fund beneficiaries. Actual health care expenses include claims 1202 incurred by fund beneficiaries and providers and premiums incurred by intermediary 1203 entities and health care providers by the health plans. 1204 (11) 'Department' means the Department of Community Health Administrative Services. 1205 (12) 'Eligible to participate' means employees of employers who are participating in one 1206 of the health plans and those employees of employers who qualify to participate in the 1207 health plan but choose not to do so. 1208 (13) 'Employer' means the entity with which the fund beneficiary had the direct, in the 1209 case of employees, or indirect, in the case of dependents, employment relationship that 1210 gave rise to the fund beneficiary...
Actuarial cost method means a mathematical process in which the cost of benefits projected to be paid after a period of active employment has ended is allocated over the period of active employment during which the benefits are earned.
Actuarial cost method means a mathematical budgeting procedure for allocating the dollar amount of the “actuarial present value of future plan benefits” between the actuarial present value of future normal cost and the actuarial accrued liability. Sometimes referred to as the “actuarial funding method.”