Normal cost means the annual cost attributable, under the actuarial cost method in use, to current and future years as of a particular valuation date, excluding any payment in respect of an unfunded actuarial liability.
Normal cost means the annual service cost of retirement health benefits as they are earned during active employment of employees of the local unit of government in the applicable fiscal year, using an individual entry-age normal and level percent of pay actuarial cost method.
Normal cost means that part of the actuarial present
Examples of Normal cost in a sentence
Normal cost will vary by benefit type as higher benefit formulas have higher normal costs.
Normal cost rate includes administrative expenses.State contribution based on the requirements of Public Act 88-0593, as amended by Public Act 90-0065, Public Act 93-0002, Public Act 94-0004, Public Act 96-0043 and Public Act 100-0023.
Normal cost will vary by benefit type, as higher benefit formulas have higher normal costs.
The total OPEB liability is the portion of actuarial present value of projected benefit payments that is attributable to past periods of member service using the Entry Age Normal cost method.
Normal cost generally represents the cost of future benefits allocated to the year under the plan’s funding method.
More Definitions of Normal cost
Normal cost means that part of the actuarial present value of all future benefit payments and appropriate administrative expenses assigned to the current year under the actuarial valuation method used by the plan (excluding any amortization of the unfunded accrued liability).
Normal cost as used in this section, means the Employers' normal cost under GASB No. 45 as determined by the Employers' respective GASB Actuaries.
Normal cost means the cost of pension benefits and ancillary benefits with respect to a fiscal year of a pension plan determined in accordance with the methods and actuarial assumptions used in a going concern valuation;
Normal cost shall have the meaning ascribed to such term in section 2.03(b)(iii) hereof.
Normal cost or "future normal cost" means an amount calculated under an actuarial cost
Normal cost means the cost of pension benefits and ancillary benefits allocated to a fiscal year of a pension plan, determined on the basis of a going concern valuation; (“coût normal”)
Normal cost means the portion of the present value of projected benefits under the defined benefit that is attributable to the current year of service, as determined by the public retirement system’s actuary according to the most recently completed valuation. For the purpose of determining normal cost, the system’s actuary may use a single rate of contribution or an agebased rate of contribution as is applicable to that retirement system.