Actuarially Determined definition
Examples of Actuarially Determined in a sentence
The parties agree that the District retains the sole responsibility of funding the remainder of the Actuarially Determined Contribution (ADC) for the OPEB program, which includes the portion of the Normal Cost not addressed by employee OPEB contributions.
As part of any transition, the County shall make recurring contributions to the RMT, consistent with the County’s Actuarially Determined Contribution (ADC) as of June 30, 2019.
The District will contribute to the Trust the Actuarially Determined Contribution, less the amounts credited for benefits paid to existing retirees from District assets and the amount paid by Members, up to but not in excess of five hundred thousand dollars ($500,000).
Actuarially Determined Contribution (ADC): A target or recommended contribution to a defined benefit Annual Required Contributions of the Employer(s) (ARC): The employer’s periodic required contributions to a defined benefit OPEB plan, calculated in accordance with the parameters under GASB45 accounting.
Should the Officer voluntarily terminate employment with the Bank, become permanently Disabled, or be discharged without Just Cause prior to the date the Officer obtains Retirement Age, the Officer will be entitled to a vested and non-forfeitable interest in the Actuarially Determined Amount of the Death Benefit and in all amounts credited to the Deferred Compensation Account.
Subject to approval by the Retirement Board and the City Council, in the event that an official actuarial report, prepared at the direction of the Retirement Board, indicates that the current total contributions are less than the employee contributions plus the Actuarially Determined Employer Contribution Rate, the City will increase employee and City retirement contributions by up to 1% of annual pay without further negotiation.
Below is a summary of the calculation of the Plan’s Actuarially Determined Contribution (ADC).
GASB75 does have a concept of an Actuarially Determined Contribution (ADC) that ensures plan solvency and is a disclosure item.
Determination of an Actuarially Determined Contribution (ADC) in the case of funded plans.
In determining the Employer’s Total OPEB Liability, normal cost, Actuarially Determined Contributions (ADC), and financial statement information, as described under GASB standards, the following services will be performed: Planning session CBIZ will contact the Employer’s associates to review their program, in particular, discussing the substantive benefit plans as they pertain to retiree healthcare benefits.