历年（04年）SOA精算师考试真题——Course8RC（一）是由高顿网校小编为您精心编制才呈现的。
　　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
 
　　5.(9points)Inordertoattractandretainemployeesinseniorpositions,NOCwantsto
　　introduceterminalfundingbyprovidingtheoptionsofaninsuredannuityoralumpsum
　　benefitfortheNationalOilFull-TimeSalariedSupplementalRetirementPlan(SRP).
　　Thelumpsumwillbeequivalenttothenetpresentvalueoftheafter-taxannualSRP
　　benefit.Theafter-taxpaymentfromtheinsuredannuitywillbeequaltotheafter-tax
　　annualSRPbenefit.NOCwillreimbursethememberforanyimmediatetaxespayable
　　underbothoptions.
　　Youaregiven:
　　?Pat,aseniorexecutiveofNOC,willretirewithanannualpensionundertheSRP
　　of$100,000.
　　?Thebefore-taxdiscountrateusedbyNOCtocalculatelumpsumbenefitsis10%.
　　?LumpsumannuityfactorsatPat’sretirementdateare:
　　Atadiscountrateof10%:9.5
　　Atadiscountrateof6%:13.5
　　?ThecostofbuyingPat’sannuityatretirementis$10forevery$1ofannual
　　benefitpurchased.
　　Gevrey’staxrulesforsinglepremiumannuitycontractsare:
　　?Theemployerobtainsadeductionforanypremiumsitpays;
　　?Theexecutiveisimmediatelytaxedonthefullpurchasepriceoftheannuity;
　　?Aproportionatepartofeachannuitypaymentwouldbedeemedatax-freereturn
　　ofthepremium(“exclusionratio”)andthebalanceistaxableattheindividualtax
　　rate.Forthispurpose,alifeexpectancyof20yearsisused.
　　(a)DescribetheissuesthatNOCmustaddressinadoptingaterminalfunding
　　approach.
　　(b)Calculatethecostdifferentialbetweenthetwoterminalfundingoptions.
　　Showyourwork.
　　COURSE8:Fall2004-5-STOP
　　RetirementBenefits,
　　ComprehensiveSegment-Canada
　　MorningSession
　　Questions2–6pertaintotheCaseStudy
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