Actuarial cost definition

Actuarial cost means an amount that shall be paid, except as otherwise specifically provided by this act, by a member to purchase additional service credit as allowed under this act. Actuarial cost shall be computed as provided in section 17j.
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Actuarial cost means the amount determined by the board in a uniform and nondiscriminatory
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Actuarial cost means the amount determined by the board in a uniform and nondiscriminatory manner to represent the present value of the benefits to be derived from the additional service to be credited based on the most recent actuarial valuation for the system and the age, years until retirement, and current salary of the member.
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Examples of Actuarial cost in a sentence

  • Actuarial cost methods permitted under the Employee Retire- ment Income Security Act of 1974 and the Internal Revenue Code of 1954, as amended, shall be used to determine plan funding.

  • Service purchased under this subrule must be purchased in increments of one or more calendar quarters.d. Actuarial cost.

  • Actuarial cost method The employer contribution rates effective July 1, 2017, through June 30, 2019, were set using the entry age normal actuarial cost method.

  • Actuarial cost shall be computed as provided in section 17j.(3) "Annuity" means annual payments for life derived from the accumulated contributions of a member.

  • Actuarial cost shall be computed as provided in section 17j.(3) “Annuity” means annual payments for life derived from the accumulated contributions of a member.

  • Actuarial cost has no relationship to contributions that would have been paid.

  • Actuarial cost method: The actuarial cost method used is the entry age normal method.

  • Actuarial cost method – Liabilities and contributions in the report are computed using the Entry Age Normal Actuarial Cost Method, level percent of pay.

  • Actuarial cost method: Accrued benefit obligations are computed using the projected benefit method pro rated on service, as defined in PSAB 3250 and PSAB 3255.

  • Actuarial cost method – Entry Age Actuarial Cost method of funding.


More Definitions of Actuarial cost

Actuarial cost means an amount that a member shall pay, except as otherwise specifically provided in this act, to purchase additional service credit under this act. Actuarial cost is determined and calculated as provided in section 215.
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Actuarial cost means the amount of funds presently required to provide future benefits as determined by the board based on applicable tables and formulas provided by the actuary.
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Actuarial cost means an amount that is the actuarial equivalent of the
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Related to Actuarial cost

  • Actuarial valuation means a mathematical determination of

  • Actuarial method means the method of allocating a fixed level monthly payment on an obligation between principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of (a) 1/12, (b) the fixed annual rate of interest on such obligation and (c) the outstanding principal balance of such obligation.

  • Actuarial equivalent means a benefit of equal value when

  • Actuarial certification means a written statement by a member of the American Academy of

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Actuarial Standards Board means the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Present Value means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. The discount is determined by the interest rate specified by the parties if the rate was not manifestly unreasonable at the time the transaction was entered into; otherwise, the discount is determined by a commercially reasonable rate that takes into account the facts and circumstances of each case at the time the transaction was entered into.