Unfunded actuarial liability definition

Unfunded actuarial liability means the excess of the actuarial present value of (i) over the sum of the actuarial present values of (ii), (iii), (iv) and (v) as follows, all determined by the valuation as of the valuation date:
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Unfunded actuarial liability or “UAL” means the excess of the actuarial liability over the actuarial value of assets.
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Unfunded actuarial liability means the amount by which a fund is short of the amount that will be necessary, computed in accordance with the standards of practice promulgated by the Actuarial Standards Board of the American Academy of Actuaries, without further payments into the fund, to pay retirement or other post- employment benefits to beneficiaries and participants of a public employee retirement system or a public employee post-employment benefit system.
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Examples of Unfunded actuarial liability in a sentence

  • This method uses a Q-net with refinement to lo- cally adjust the zoom-in window selected by Q-net.Qnet-FC.

  • Unfunded actuarial liability$ 2,637,234$ 16,033,025$ 18,670,2597.

  • Unfunded actuarial liability or funding excess is the difference between the actuarial accrued liability and the actuarial value of assets, as calculated in Section 4.

  • Unfunded actuarial liability$ 30,486,266$ 2,523,726$ 33,009,9927.

  • Unfunded actuarial liability at July 1, 2018 (1.e. - 2.)419,356,2804.

  • Unfunded actuarial liability at July 1, 2020 (1.e. - 2.)474,320,7924.

  • Unfunded actuarial liability at July 1, 2019 (1.e. - 2.)450,041,2814.

  • Unfunded actuarial liability$ 30,171,958$ 2,959,059$ 33,131,0177.

  • Unfunded actuarial liability (UAAL),$ 326,337,498$ 307,520,179previous year2.

  • Unfunded actuarial liability (UAL) rateThe UAL is the difference between the actual cost of pension benefits (liabilities) and assets (contributions plus investment earnings) at a particular point in time.


More Definitions of Unfunded actuarial liability

Unfunded actuarial liability means the aggregate unfunded actuarial accrued liabil-
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Unfunded actuarial liability means the excess of the actuarial value of liabilities attributable to employees of the city or any contractual entity over the actuarial value of the assets attributable to the employees of the city or any contractual entity. The unfunded actuarial liability for the plan, the city and each contractual entity shall be calculated separately as of the last day of each plan year by the retirement board's regularly employed actuary.(Ord. No. 960-05, § 1, 12-19-05; Ord. No. 264-07, § 19, 6-11-07; Ord. No. 774-07, § 1, 12-26-07; Ord. No. 775-07, §26, 12-26-07; Ord. No. 513-09, § 2, 9-21-09; Ord. No. 514-09, § 1, 9-21-09; Ord. No. 634-09, § 5, 11-2-09; Ord. No.641-09, § 1, 11-9-09; Ord. No. 349-11, § 1, 6-20-11; Ord. No. 350-11, § 1, 6-20-11; Ord. No. 661-12, § 3, 12-26-12;Ord. No. 567-13, § 1, 11-12-13; Ord. No. 591-15, § 1, 9-21-15; Ord. No. 1123-16, § 1, 12-5-16; Ord. No. 1007-17, § 1, 10-2-17; Ord. No. 427-18, § 11, 6-11-18; Ord. No. 39-20, § 25, 2-3-20; Ord. No. 690-21, § 1, 7-19-21; Ord. No.1424-21, §§ 2, 3, 12-13-21) Sec. 18-403. Establishment and management of trust fund.
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Related to Unfunded actuarial liability

  • Unfunded Liability means the amount (if any) by which the present value of all vested and unvested accrued benefits under a Single Employer Plan exceeds the fair market value of assets allocable to such benefits, all determined as of the then most recent valuation date for such Plans using PBGC actuarial assumptions for single employer plan terminations.

  • Unfunded Pension Liability means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.

  • Unfunded Pension Liabilities means the excess of a Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Plan’s assets, determined in accordance with the assumptions used by the Plan’s actuaries for funding the Plan pursuant to Section 412 of the Code for the applicable plan year.

  • Unfunded Vested Liabilities means, for any Plan at any time, the amount (if any) by which the present value of all vested nonforfeitable accrued benefits under such Plan exceeds the fair market value of all Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential liability of a member of the Controlled Group to the PBGC or the Plan under Title IV of ERISA.

  • Actuarial valuation means a mathematical determination of

  • Unfunded Benefit Liabilities means with respect to any Plan at any time, the amount (if any) by which (i) the present value of all benefit liabilities under such Plan as defined in Section 4001(a)(16) of ERISA, exceeds (ii) the fair market value of all Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plan (on the basis of assumptions prescribed by the PBGC for the purpose of Section 4044 of ERISA).

  • Unfunded Liabilities means the amount (if any) by which the present value of all vested and unvested accrued benefits under all Single Employer Plans exceeds the fair market value of all such Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plans using PBGC actuarial assumptions for single employer plan terminations.

  • Canadian Benefit Plans means all material employee benefit plans of any nature or kind whatsoever that are not Canadian Pension Plans and are maintained or contributed to by any Credit Party having employees in Canada.

  • Unfunded Current Liability of any Plan shall mean the amount, if any, by which the actuarial present value of the accumulated plan benefits under the Plan as of the close of its most recent plan year exceeds the fair market value of the assets allocable thereto, each determined in accordance with Statement of Financial Accounting Standards No. 87, based upon the actuarial assumptions used by the Plan's actuary in the most recent annual valuation of the Plan.

  • benefit liabilities has the meaning specified in section 4001 of ERISA and the terms “current value” and “present value” have the meaning specified in section 3 of ERISA.

  • Multi-employer Plan means a Plan that is a Multi-employer plan as defined in Section 4001(a)(3) of ERISA.

  • Multiemployer Pension Plan means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which Borrower or any member of the Controlled Group may have any liability.

  • Canadian Benefit Plan means any plan, fund, program or policy, whether oral or written, formal or informal, funded or unfunded, insured or uninsured, providing employee benefits, including medical, hospital care, dental, sickness, accident, disability, life insurance, pension, retirement or savings benefits, under which any Loan Party has any liability with respect to any of its employees or former employees employed in Canada, and includes any Canadian Pension Plan.

  • ERISA Plan means any employee pension benefit plan subject to Title IV of ERISA maintained by any ERISA Affiliate with respect to which any Restricted Person has a fixed or contingent liability.

  • Pension Plans The meaning specified in Section 4.1(v).

  • Pension Benefit Plan means at any time any employee pension benefit plan (including a Multiple Employer Plan, but not a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code and either (i) is maintained by any member of the Controlled Group for employees of any member of the Controlled Group; or (ii) has at any time within the preceding five years been maintained by any entity which was at such time a member of the Controlled Group for employees of any entity which was at such time a member of the Controlled Group.

  • ERISA Plans shall have the meaning set forth in Section 3.12(a).

  • Pension Plan means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Borrower or any ERISA Affiliate or to which the Borrower or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years.

  • Parent Benefit Plans has the meaning set forth in Section 5.07(b).

  • Unfunded Amount means, at any time, the sum of (i) the aggregate Exposure Amount at such time plus (ii) the aggregate Unsettled Amount at such time.

  • Canadian Pension Plans means each pension plan required to be registered under Canadian federal or provincial law that is maintained or contributed to by a Credit Party for its employees or former employees, but does not include the Canada Pension Plan or the Quebec Pension Plan as maintained by the Government of Canada or the Province of Quebec, respectively.

  • Title IV Plan means a pension plan subject to Title IV of ERISA, other than a Multiemployer Plan, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise.

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—

  • Single Employer Plan any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer Plan.

  • Title IV-E means title IV-E of the Social Security Act [Pub. L. 96-272, title I, sec. 101(a)(1); 94 Stat. 501; 42 U.S.C. 670 et seq.], as amended.

  • Multiple Employer Plan means a Plan which has two or more contributing sponsors (including the Borrower or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA.