Annual required contribution definition
Annual required contribution means the sum of the normal cost payment and the annual amortization payment for past service costs to fund the unfunded actuarial accrued liability.
Annual required contribution means the annual required contribution determined
Annual required contribution and “ARC” shall mean that the amount that must be contributed in a given year to fully fund the Trust, as determined by the actuarial valuation in accordance with requirements of GAAP and all other such requirements under GASB Statements 43 and 45 or any subsequent GASB statement that may be applicable. This amount shall represent a level of funding that if paid on an ongoing basis is projected to cover the normal cost each year and amortize any UAAL over a period not to exceed thirty (30) years or any other period in excess of thirty (30) years as may be reasonably approved by actuarial standards of practice.
Examples of Annual required contribution in a sentence
Annual required contribution of the employer(s) – as a level dollar amount and as a level percentage of covered payrolls.
More Definitions of Annual required contribution
Annual required contribution means an actuarially determined amount to pay for future OPEB liability over a period of years.
Annual required contribution means the State's required contribution to the employees' retirement system or Hawaii employer-union health benefits trust fund, as applicable, that is sufficient to cover:
Annual required contribution. (“ARC”) means the annual amount required to pay into the pension funds, as determined through annual actuarial valuations. It is comprised of two primary components: normal pension cost – which is the estimated cost of pension benefits earned by employees in the current year; and amortization of UAAL – which is the cost needed to cover the unfunded portion of pensions earned by employees in previous years. The UAAL is collected over a period of time referred to as the amortization period. The arc is a percentage of the current payroll.
Annual required contribution means the amount determined in accordance with
Annual required contribution means the sum of the normal
Annual required contribution means the amount employers must contribute in a given year to fully fund the trust, as determined by the actuarial valuation in accordance with requirements of generally accepted accounting principles. This amount shall represent a level of funding that if paid on an ongoing basis is projected to cover the normal cost each year and amortize any unfunded actuarial liabilities of the plan over a period not to exceed thirty years.
Annual required contribution means the amount employers must contribute in a given year to fully fund the trust, as determined by the actuarial valuation in accordance with requirements of generally accepted accounting principles. This amount shall represent a level of