Examples of Attained Age in a sentence
Attained Age means the age of the Insured Person as of the Policy Anniversary that coincides with or follows the Insured Person’s birthday.
Attained Age rates are based on 5-year age bands and will increase when a Covered Person reaches a new age band.
For these employers, we will adopt a funding method known as the Attained Age Method, which effectively looks at the cost of benefits that members will earn over the entirety of their remaining working lifetime (rather than just the year following the valuation).Combining this future service rate with any past service adjustment required to repay a deficit (or reduce a surplus) gives us the total contribution rate.
The Attained Age Method has been used for some employers who do not permit new employees to join the Fund.
To give more long term stability to such employers’ contributions, the Attained Age funding method is normally adopted.