Normal Actuarial Cost definition

Normal Actuarial Cost means an amount, excluding special payments, estimated by the Plan Actuary, on a Going Concern Basis, to be the cost of the benefits payable from the Basic Account that accrue to Active Members in that fiscal year of the Pension Plan.
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Normal Actuarial Cost means the amount estimated by a reviewer, on the basis of a going concern valuation, to be the cost to persons required to contribute to a plan of the plan’s benefits for a fiscal year, excluding any special payments, determined in accordance with the same methods and assumptions that are used to determine the going concern liabilities;
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Examples of Normal Actuarial Cost in a sentence

  • The University and the Union agree in principle to a negotiated framework for the sharing of Normal Actuarial Cost of the Retirement Pension Plan through collective bargaining.

  • Pending such certification of results by the Plan Actuary, member contribution rates will increase to fund 50% of that portion of the University’s Normal Actuarial Cost above 100% of member contributions at the time of the valuation.

  • Such report shall determine the Normal Actuarial Cost and the funded position of the Pension Plan as at the Review Date.

  • Under this framework, should the most current valuation report filed prior to September 1 of each year show an increase in the University’s Normal Actuarial Cost to a level above 100% of the member contribution rates at that time the University will meet with the Union to review the applicable valuation results including support for the Normal Actuarial Cost increase.

  • This review will include documentation prepared by the Plan’s actuary who certifies the new Normal Actuarial Cost requirement in respect of the CUPE Local 3913 members, including a summary of the underlying CUPE Local 3913 membership data used to prepare the valuation results.

  • Under this framework, should the most current valuation report filed prior to July 1st of each year show an increase in the University’s Normal Actuarial Cost to a level above one hundred per cent (100%) of the member contribution rates specified above, the University will meet with the PSA to review the applicable valuation results including support for the Normal Actuarial Cost increase.

  • This review will include documentation prepared by the plan’s actuary who certified the Normal Actuarial Cost requirements in respect of P&M members, including a summary of the underlying P&M membership data used to prepare the valuation results.

  • Furthermore, the University and the PSA agree, in principle, to a negotiated framework for sharing the Normal Actuarial Cost of the Professional Pension Plan through negotiation.

  • This review will include documentation prepared by the Plan’s Actuary who certifies the new Normal Actuarial Cost requirement in respect of the OSSTF/▇▇▇▇ members, including a summary of the underlying OSSTF/▇▇▇▇ membership data used to prepare the valuation results.

  • Under this framework, should the current filed valuation report filed prior to September 1st of each year show an increase in the University’s Normal Actuarial Cost to a level above 100% of the member contribution rates at that time the University will meet with the Union to review the applicable valuation results including support for the Normal Actuarial Cost increase, negotiated as part of the terms of this Agreement.