要踏入10月底秋季北美精算师考场朋友们，高顿网校的小编这厢有礼啦，请看【北美精算师考试】SOANovember2004Course8RC（一）。
　　COURSE8:Fall2004-1-GOTONEXTPAGE
　　RetirementBenefits,
　　ComprehensiveSegment-Canada
　　MorningSession
　　**BEGINNINGOFEXAMINATION8**
　　COMPREHENSIVESEGMENT-CANADA
　　MORNINGSESSION
　　1.(9points)ApensioncommitteememberatyourCanadianbasedclientbelievesthatthe
　　interestrateforthedefinedbenefitplanvaluationsistoolow.Hesupportshisviewby
　　statingthatahigherinterestratewouldlowerthecostoftheplan.Asecondcommittee
　　memberarguedagainstraisingtheassumption.
　　Thechairmanofthepensioncommitteehasaskedyoutoleadadiscussionatthenext
　　pensioncommitteemeetingregardingtheinterestrateassumptionsforfundingpurposes
　　andforaccountingpurposes,andtheireffectontheinterestedparties.
　　Outlineyourdiscussion.
 
　　COURSE8:Fall2004-2-GOTONEXTPAGE
　　RetirementBenefits,
　　ComprehensiveSegment-Canada
　　MorningSession
　　Questions2–6pertaintotheCaseStudy
　　2.(12points)TheCFOofNOChasdecidedtotakeamoreactiveroleinmanagingNOC’s
　　pensionplanassets.InreviewingtheperformanceoftheNationalOilFull-TimeHourly
　　UnionPensionPlan,heisdisturbedbytherecentabsoluteperformance.Heproposes
　　thattheassetsshouldbemovedto100%domesticfixedincomebecausethatassetclass
　　hasoutperformedtheotherassetclassesin2ofthelast3years.
　　Youaregiven:
　　CalendarYearRfRmβ
　　20034%21%0.9
　　20025%-5%0.85
　　20014%1%0.8
　　AdditionalInformationfor2003
　　TargetPortfolioMix
　　for2003BenchmarkReturnin
　　2003
　　DomesticLargeCap
　　Equities
　　35%30%
　　DomesticSmallCap
　　Equities
　　25%47%
　　DomesticFixedIncome25%4%
　　InternationalEquities10%39%
　　RealEstate5%9%
　　Cash0%1%
　　(a)DescribethefeaturesinaStatementofInvestmentPoliciesandProceduresthat
　　couldhelptheCFOinhis*uationofthePlan’sperformance.
　　(b)Calculatethe2001,2002&2003RiskAdjustedRateofReturnforthefund.
　　(c)Calculatethe2001,2002&2003TreynorMeasureforthefund.
　　(d)Evaluatetheinvestmentperformanceofthefundduring2003.
　　(e)CritiquetheCFO’sproposal.
 
　　COURSE8:Fall2004-3-GOTONEXTPAGE
　　RetirementBenefits,
　　ComprehensiveSegment-Canada
　　MorningSession
　　Questions2–6pertaintotheCaseStudy
　　3.(8points)ThegovernmentofGevreyisconcernedthatworkersareharmedbyswitching
　　companiesperiodicallythroughouttheircareers.Thegovernmenthasaskedforyour
　　assistanceinunderstandingthisissue.
　　(a)Describetheimplicationsofswitchingemployersonworkers’retirementbenefits.
　　(b)SuggestpoliciesthatcouldbeadoptedbythegovernmentofGevreytoimprove
　　theportabilityofprivateretirementbenefits.
　　(c)Describehowthesepoliciesaddresstheissuesidentifiedin(a).
　　(d)DescribetheimpactofthesepoliciesonNOC.
　　4.(10points)AuditorsinGevreyhavecriticizeditscurrentpensionaccountingstandards
　　asbeingmisleadingtoreadersoffinancialstatementsandcontrarytotheteachingsof
　　financialeconomics.
　　TheDepartmentofAccountingStandardsisconsideringchangestothecurrent
　　accountingrulestoachievethefollowinggoals:
　　?Increasedtransparency;
　　?Improvedconsistencywithhowfinancialeconomicsmeasures“risk”;and
　　?Morepracticalandusableinformationforfinancialstatementreaders.
　　(a)CritiquethecurrentaccountingrulesinlightoftheDepartment’sgoals.
　　(b)RecommendchangestotheaccountingrulestomeettheDepartment’sgoals.
 
　　COURSE8:Fall2004-4-GOTONEXTPAGE
　　RetirementBenefits,
　　ComprehensiveSegment-Canada
　　MorningSession
　　Questions2–6pertaintotheCaseStudy
　　高顿网校之心灵鸡汤：教育者应当深刻了解正在成长的人的心灵只有在自己整个教育生涯中不断地研究学生的心理，加深自己的心理学知识，才能够成为教育工作的真正的能手。 —— 苏霍姆林斯基