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　　COURSE 8: November 2001 - 1 - GO ON TO NEXT PAGE
　　Retirement Benefits
　　Comprehensive Segment
　　Morning Session
　　November, 2001- Course 8R
　　Society of Actuaries
　　**BEGINNING OF EXAMINATION**
　　MORNING SESSION
　　Questions 1 – 6 pertain to the Case Study
　　1. (7 points) NOC's cash requirements have increased considerably in 2001.
　　The CFO proposed to make, on June 30, 2001 a surplus withdrawal from the pension
　　fund of the National Oil Full-Time Salaried Pension Plan equal to the expected growth of
　　the surplus during 2001.
　　The CFO's model for determining the surplus withdrawal is:
　　? Surplus withdrawal = [Expected Surplus @ 1/1/2002] minus [Surplus @1/1/2001]
　　? Expected Surplus @1/1/2002 = [Expected Assets @1/1/2002] less [Expected
　　Liability @1/1/2002]
　　? Expected Assets @1/1/2002 = [Assets @1/1/2001] * [1 + expected return on the
　　fund]
　　? Expected Liability @1/1/2002 = [Liability @1/1/2001] * [1 + discount rate used to
　　determine the liability]
　　? The liability to be used is the projected benefit obligation determined under the
　　expense valuation
　　The investment managers provided the CFO with an expected return on the fund of
　　8.83%.
　　(a) Explain and calculate the effect of the CFO's proposal on the 2001 pension
　　expense, and year-end balance sheet liability. Treat the surplus withdrawal as a
　　negative contribution. Show all work.
　　(b) Critique the model proposed by the CFO.
　　COURSE 8: November 2001 - 2 - GO ON TO NEXT PAGE
　　Retirement Benefits
　　Comprehensive Segment
　　Morning Session
　　Questions 1 – 6 pertain to the Case Study
　　2. (11 points) NOC wants to introduce post-retirement indexing for participants in the
　　National Oil Full-Time Salaried Pension Plan. NOC is looking for a provision that is
　　relatively easy to administer and allows NOC to control cost in periods of high inflation.
　　You are given:
　　Participants
　　Years of
　　Service
　　Average
　　Years to
　　Vesting
　　Projected Benefit
　　Obligation (PBO)
　　as at 1/1/2001
　　Increase in PBO for 1%
　　per year indexing after
　　retirement
　　Active 0 to 3 4 $1,236,151 $75,000
　　Active 3 to 5 1 8,000,000 550,000
　　Active 5 or more - 446,500,000 31,000,000
　　Deferred vested - - 0 0
　　Pensioners - - 95,541,600 6,100,000
　　Total $551,277,751 $37,725,000
　　The service cost increases by 7% for each 1% per year indexing after retirement.
　　(a) Evaluate alternative approaches for indexing the National Oil Full-Time Salaried
　　Pension Plan.
　　(b) Describe how the plan’s asset allocation should change if NOC adopts automatic
　　indexation.
　　(c) Describe how NOC's actuarial assumptions may change if NOC adopts
　　automatic indexation.
　　(d) Explain and calculate the effect on the 2001 pension expense of providing
　　automatic indexation equal to 100% of CPI. Use the current actuarial
　　assumptions.
　　Show all work.
　　COURSE 8: November 2001 - 3 - GO ON TO NEXT PAGE
　　Retirement Benefits
　　Comprehensive Segment
　　Morning Session
　　3. (14 points) Belair has introduced a mandatory social insurance program called
　　"BelairCare". It provides a monthly retirement benefit payable at age 70 equal to $20 per
　　month times years of full-time employment over the worker's entire career. The $20 is
　　indexed annually by the percentage increase in the national average wage. It also
　　provides all citizens age 70 or over with benefits equal to 50% of all covered medical
　　expenses.
　　BelairCare is funded by a 6% employer plus a 6% employee payroll tax.
　　(a) Describe the actuarial assumptions you would need to do a cash-flow
　　projection for BelairCare.
　　(b) Evaluate the BelairCare design from the perspective of the covered workers.
　　(c) Given that NOC’s Full-Time Salaried and Union Retiree Health Benefit Program
　　provides benefits equal to 75% of all covered medical expenses, after a $100
　　deductible, *uate alternative approaches for integrating these benefits with
　　BelairCare.
　　COURSE 8: November 2001 - 4 - GO ON TO NEXT PAGE
　　Retirement Benefits
　　Comprehensive Segment
　　Morning Session
　　Questions 1 – 6 pertain to the Case Study
　　4. (11 points) The Board of Directors of NOC has decided to force the current CEO
　　to take early retirement on January 1, 2001. The Board will provide an enhanced pension
　　benefit to the departing CEO.
　　Information on the current CEO as of January 1, 2001:
　　Age: 57
　　Service: 20 years
　　Average future working lifetime: 4.1 years
　　SRP Service Cost: $ 70,000
　　SRP PBO before departure: $1,225,000
　　SRP PBO after departure (before enhancement): $ 970,000
　　SRP PBO after departure (after enhancement): $1,235,000
　　The Board has decided to bring in a new CEO from the outside. The prospective CEO,
　　age 45, has been participating for the last 20 years in retirement plans which are similar
　　to those at NOC.
　　(a) Determine the effect of the CEO's retirement on NOC’s balance sheet and
　　expense.
　　(b) Describe the issues that NOC should consider in designing the new CEO's
　　retirement package.
　　(c) Describe ways to fund these benefits and their tax implications.
　　COURSE 8: November 2001 - 5 - GO ON TO NEXT PAGE
　　Retirement Benefits
　　Comprehensive Segment
　　Morning Session
　　Questions 1 – 6 pertain to the Case Study
　　5. (10 points) NOC's salaried employees are requesting a DC ERP in addition to the
　　existing DB ERP.
　　NOC’s CFO is considering the following for a new salaried employees' DC ERP:
　　? employer contribution rate of 3% of salary,
　　? all other design features are the same as NOC's Part-Time DC Pension Plan, and
　　? the plan will supplement the existing Full-Time Salaried Pension plan.
　　(a) Explain the issues associated with supplementing an existing DB ERP with
　　a DC ERP. Propose alternatives where appropriate.
　　(b) Critique the design features in the proposed DC ERP. Recommend any changes.
　　Justify your recommendations.
　　(c) Identify the differences in fiduciary responsibilities in selecting
　　investments for a DC ERP versus a DB ERP.
　　COURSE 8: November 2001 - 6 - STOP
　　Retirement Benefits
　　Comprehensive Segment
　　Morning Session
　　Questions 1 – 6 pertain to the Case Study
　　6. (7 points) NOC's union employees hired an actuary to review the funded status of the
　　National Oil Full-Time Hourly Union Pension Plan. In the actuary's opinion, the funding
　　recommendation should be determined on a termination basis. On this basis, the plan is
　　underfunded by $150 million.
　　Assume that actuarial standards in Belair are consistent with those in the U.S. and
　　Canada.
　　(a) Explain the differences between the deficit on a termination basis and that shown
　　in the January 1, 2001 funding valuation.
　　(b) Describe the long-term consequences of funding the National Oil Full-Time
　　Hourly Union Pension Plan on a termination basis.
　　**END OF EXAMINATION**
　　Morning Session
　　COURSE 8: November 2001 - 7 - GO ON TO NEXT PAGE
　　Retirement Benefits
　　Comprehensive Segment
　　Afternoon Session
　　**BEGINNING OF EXAMINATION**
　　AFTERNOON SESSION
　　Beginning with Question 7
　　7. (7 points) After a recent economic decline, NOC’s CFO has stated that he would like a
　　95% assurance that the National Oil Full-Time Salaried Pension Plan will maintain a
　　surplus on an expense basis in the short term.
　　You are given:
　　? The expense discount rate will be increased to 7.5% on December 31, 2001
　　? Benefit payments will remain level from 2000
　　? Active employees' service cost has a duration of 14
　　? The duration for the total Pension Benefit Obligation (PBO) is 10
　　? No contributions are to be made during 2001
　　Using the PBO as your liability measure:
　　(a) (1 point) Calculate the Plan's Funding Ratio Return (FRR) for 2000.
　　(b) (2 points) Estimate the expected funded status of the Plan at the end of 2001
　　assuming the return on assets is zero.
　　(c) (4 points) Given the CFO's objective, *uate the following asset allocations
　　using the concept of FRR:
　　? 100% bond and 0% equity
　　? 50% bond and 50% equity
　　? 0% bond and 100% equity
　　COURSE 8: November 2001 - 8 - GO ON TO NEXT PAGE
　　Retirement Benefits
　　Comprehensive Segment
　　Afternoon Session
　　Questions 7 –10 pertain to the Case Study
　　8. (7 points) The government of Belair intends to change the tax status of ERPs and
　　PPAs in order to increase tax revenue, without discouraging retirement savings in
　　general.
　　Comment on the government's objectives and propose ways in which Belair's rules could
　　be changed or clarified to meet these objectives.
　　9. (10 points) NOC's union is proposing to freeze the NOC Full-Time Hourly Union
　　Pension Plan and start participation in the multiemployer plan maintained for the
　　members of the Oil Workers Union (OWU). The OWU Plan has a surplus on a going
　　concern basis but a deficit on a termination basis.
　　(a) (7 points) Analyze the risks and benefits for NOC if they accept the Union's
　　proposal. Include both financial and operational considerations.
　　(b) (3 points) Describe the additional considerations if the existing NOC Hourly
　　Union Pension Plan were merged into the OWU plan.
　　COURSE 8: November 2001 - 9 - GO ON TO NEXT PAGE
　　Retirement Benefits
　　Comprehensive Segment
　　Afternoon Session
　　Questions 7 –10 pertain to the Case Study
　　10. (6 points) On January 1, 2001, National Oil acquired World Oil, a large
　　refinery in Belair. National Oil will retain all of the salaried employees of World Oil.
　　World Oil has a number of salaried employees that are sent abroad for temporary
　　assignments. Some, but not all of these employees are from Belair.
　　World Oil's current salaried employees’retirement programs and workforce are described
　　below.
　　Retirement Income Benefit
　　? Defined Contribution
　　? Eligibility: Immediate
　　? Vesting: Immediate
　　? Employer contribution: 3% of pay
　　? Investment option: Balanced fund
　　? Loans: None permitted
　　? Account balance paid on retirement, termination, death or disability
　　Reconciliation of Plan Assets from 1/1/2000 to 1/1/2001
　　Assets as of January 1, 2000: $18,789,300
　　Employer contributions: 2,801,200
　　Benefit payments: (1,550,100)
　　Expenses paid by the plan: 0
　　Investment return: 601,200
　　Assets as of January 1, 2001: $20,641,600
　　Retiree Healthcare
　　? Self-insured defined benefit plan
　　? Retiree contributions: None
　　? Eligibility: Retirement at or after age 55 with at least 10 years of service
　　? Hospital and major medical benefits: all fees paid by plan
　　? Dental: Plan pays 100% of preventive care and 50% of restorative care
　　Retiree Life Insurance
　　? Fully-insured benefit
　　? Eligibility: Retirement at or after age 55 with at least 10 years of service
　　? Employer-paid benefit: $25,000
　　? Optional retiree-paid benefit: $25,000 or $50,000
　　COURSE 8: November 2001 - 10 - STOP
　　Retirement Benefits
　　Comprehensive Segment
　　Afternoon Session
　　10. (CONTINUED)
　　Census Data
　　In Belair Abroad
　　Number of salaried employees: 2,250 150
　　Average age: 36 43
　　Average service: 11 years 7 years
　　Average earnings $41,500 $85,000
　　Retired participants in the life and health plans: 750 with family coverage, 150 with
　　single coverage
　　Average age: 72
　　National Oil has asked you to integrate the NOC and World Oil retirement programs such
　　that all salaried employees are receiving consistent benefits.
　　(a) Describe the issues in integrating these programs.
　　(b) Describe the additional issues for the salaried employees working abroad.
　　**END OF EXAMINATION**
　　
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