A comprehensive explanation of Actuarial Accrued Liability (AAL) which represents the present value of benefits earned by participants up to a specific point in time, including its types, significance, examples, and historical context.
An in-depth look at actuarial gains and losses, their implications on defined benefit pension schemes, and their recognition in financial statements.
Actuarial Valuation is the process of determining the present value of future pension liabilities, including the assessment of Prior Service Cost.
An in-depth analysis of the Average Earnings Scheme, its historical context, types, key events, formulas, applications, and more.
An in-depth exploration of the Civil Service Retirement System (CSRS), its historical context, benefit structures, eligibility requirements, and its evolution into FERS.
Deferred Retirement Credit refers to earned credits that increase retirement benefits as a reward for delaying retirement.
Defined Benefit Pension Plans promise a specified monthly benefit upon retirement, providing financial security to retirees.
A Defined Benefit Plan (DB Plan) provides a guaranteed retirement benefit based on an employee's salary and years of service. This type of pension plan offers a predictable income stream for retirees.
A comprehensive guide to Defined Contribution Pension plans, detailing historical context, types, key events, mathematical models, and more.
A detailed explanation of Defined-Benefit Schemes, which are retirement plans that promise a specified monthly benefit upon retirement, usually based on salary and years of service.
A comprehensive exploration of the funding status in pension plans, detailing the ratio of assets to liabilities and its implications.
The Pension Benefit Guarantee Corporation (PBGC) is a federal agency created to protect the retirement incomes of American workers in private-sector defined benefit pension plans.
Comprehensive coverage on the concept of pension benefits, including historical context, types, key events, mathematical models, and more.
A comprehensive guide to the Pension Protection Act (PPA), its amendments to ERISA, and its implications for the funding of pension plans and protection of workers' benefits.
A comprehensive guide to understanding the role and benefits of a pensioner in society, the types of pensions available, and the historical context of pension systems.
The Projected Unit Credit (PUC) Method is an actuarial valuation method that accounts for projected salary increases over the full working life of employees. It is widely used for determining pension obligations and expenses.
A comprehensive guide to Qualified Plans, detailing their types, key events, benefits, rules, and more, with historical context, mathematical models, examples, and related terms.
The concept of Service Cost represents the present value of employee benefits earned in the current period within the context of defined benefit plans.
An in-depth look at the State Teachers Retirement System (STRS), detailing its purpose, benefits, eligibility, history, and comparisons with other retirement systems.
An in-depth exploration of superannuation, its historical context, types, key events, mathematical models, importance, and applicability in financial planning.
Unfunded Actuarial Accrued Liability (UAAL) represents the gap between the actuarial accrued liability (AAL) of a pension plan and the value of its plan assets. This term is crucial in assessing the financial health of pension funds.
Allocated benefits in a defined-benefit pension plan ensure guaranteed pensions for employees as premiums are received and paid up, securing their retirement even if the employer goes out of business.
Detailing the process of beginning a series of payments from the capital built up in an annuity with conditions on fixed amounts, periods, or lifetimes.
Balance Sheet Reserves refer to the amounts in pension plans expressed as a liability on the insurance company's balance sheet for benefits owed to policyowners. These reserves must be maintained according to strict actuarial formulas.
A comprehensive guide to understanding Cash Balance Pension Plans, a hybrid pension model that combines features of both defined benefit and defined contribution plans.
Deferred retirement occurs when an individual continues working beyond the normal retirement age, typically 65 or 70, without increasing their monthly retirement income.
A Defined-Contribution Pension Plan is a retirement plan in which the amount of contributions is fixed, but the benefits vary based on investment performance. This article provides comprehensive details on types, benefits, examples, and comparisons with defined-benefit plans.
Understanding the Employer's Contingent Lien Against Assets Liability relating to the Pension Benefit Guaranty Corporation's claim upon pension plan termination.
An Enrolled Actuary is a professional recognized by the IRS, whose signature is essential for IRS Form 5500 to confirm the tax compliance of a pension plan.
A comprehensive act that establishes minimum standards for pension and health plans in private industry to provide protection for individuals in these plans.
Fixed Benefits refer to a payment made to a beneficiary that remains constant and does not vary over time. An example includes a fixed monthly retirement income benefit, such as $800 paid to a retired employee.
A detailed explanation of the method of reducing an employee pension based on Social Security the employee receives.
A Lump-Sum Distribution involves the payment of the entire amount of retirement benefits in a single payment, rather than in periodic installments.
Detailed overview of past service benefits, explaining how private pension plans credit employees for their service prior to the establishment of the pension plan. Learn the essentials, special considerations, examples, historical context, and related terms.
A detailed examination of Prior Service Cost, the amount contributed for employee benefits under a pension plan for employment before a specified date.
Explore the actuarial valuation of projected benefit obligations in pension plans, considering future compensation levels and employee service to date, highlighting key concepts, formulas, and implications.
A Keogh Plan is a tax-deferred pension plan specifically designed for self-employed individuals and small business owners.
A detailed explanation of Standard Termination, its process, legal implications, and comparisons with other forms of plan termination.
Explore the concept of actuarial gain or loss, the adjustments made to the assumptions used to value a corporation’s defined benefit pension plan obligations. Learn about its significance, how it works, and its impact on financial statements.
Explore the essential features of Defined Contribution Plans, including how they operate, their benefits, and their significance in retirement planning.
An extensive guide on named beneficiaries, covering their definitions, types, and potential risks.
A comprehensive exploration of overfunded pension plans, including their definition, operational mechanics, implications for organizations, and regulatory considerations.
A comprehensive guide to understanding Provident Funds, including their definition, functionality, and importance in retirement planning, similar to Social Security in the U.S.
Comprehensive guide on Qualified Retirement Plans, covering their definition, primary types, tax advantages, and key features.
An in-depth explanation of superannuation, how it functions, the various types of plans available, and considerations for employees and employers.
Explore the definition, eligibility criteria, frequently asked questions, and more about underfunded pension plans.
Discover what joint-life payouts are, how they work, and their benefits in ensuring financial security for your surviving spouse after your demise.
A detailed exploration of pension plans, including defined-benefit and defined-contribution plans, their advantages, and the tax implications for retirees.
A comprehensive exploration of variable-benefit plans, including their definition, history, investment impact, and special considerations for retirement savings.
A comprehensive exploration of voluntary plan termination, focusing on its definition, process, and applicable regulations according to the U.S. Code of Federal Regulations, section 4041.
An in-depth explanation of withdrawal credits, examining their definition, types, calculations, and significance within pension plans.
