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22 Cards in this Set
- Front
- Back
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1a) DB to DC
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1. Reasons to convert
2. DC formula should reflect 3. Different DC formulas 4. ER considerations of Current members 5. Common Conversion Approaches |
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2) Integration
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1. Reasons for integration
2. Types of Integration |
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3) PPA and Hybrid plans
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1. PPA affect on Hybrid Plans
2. Typical characteristics of hybrid pensions 3. Types of Hybrid Plans a) Characteristics of each b) Adv and DisAdv of each |
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4) Multiemployer Plans
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1. Background / Design Features
2. Plan features 3. Funding and Projections |
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5) Retiree Medical
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1. Why offer, why not offer
2. Best design 3. Medicare integration methods 4. Cost controls 5. Why prefund, why not |
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6) Pay-for-performance
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1. Categories
2. Variable pay appropriate for 3. Situations when may or may not want to include variable pay |
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7) Pension systems
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1. Pension Policy questions
2. Tax policy considerations, influences, and types 3. Portability loss types, categories, and protection 4. Phased retirement 5. Labor Market Plans 6. Methods of reforming system |
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8) International Benefit
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1. International program - levels, best practices, benefits of good strategy and good strategy should reflect
2. Benefits program should accomplish 3. Multinational Companies need to balance 4. Cost savings 5. Approaches toward international remuneration strategies 6. Issues facing int consultant 7. Multinational Pooling |
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9) Forecasts
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1. Open group forecasts
a) New entrant assumptions b) Dynamic forecast best practices c) Uses of dynamic forecasts d) Dynamic forecast challenges 2. Deterministic forecasts a) Uses b) Limitations c) Checks 3. Stochastic forecasts a) Advantages b) Checks 4. Projection techniques a) Different methods b) Celling c) Assumptions 5. Forecast best practices a) Steps b) Presentation |
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10) Cash flow matching
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1. Ideal spot yield curve
2. Special considerations for lump sums 3. Problems with duration |
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11) Financial Economics
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1. Traditional actuarial val approach to in rate assumption
2. Financial economic principles 3. Financial economist perspective a. Problems with traditional valuations b. Way liabilities and accounting should be done c. When and when not to reflect equity risk premium 4. Traditional actuarial perspective a. Issues with debt model b. Problems with duration c. When and when not financial economics is appropriate for funding d. Modifications to make |
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12) Assumptions
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1. General considerations regarding the development or evaluation of assumptions
2. Economic assumptions 3. Mortality Assumptions 4. Disability Assumptions 5. Turnover Assumptions 6. Retirement Assumptions 7. Other Assumptions 8. Assumptions for funding purposes 9. Health care assumptions |
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13) Investments
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1. Selecting an investment Manager
2. Monitoring/Performance Evaluation a. Context, advantages, caveats, components and properties of valid benchmarks b. Types of benchmarks c. Methods of measuring investment return (IRR vs TWR) d. Specific appraisal measures e. Hedge funds f. Macro and Micro performance attribution 3. Hedge funds |
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14) ALM
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1. General process for asset allocation
2. Quantifying/Determining Risk 3. Liability Driven Investing a. Elements b. Benchmarks c. LDI concepts d. Derivatives e. Myths 4. Different ways to implement LDI Strategies 5. Inputs and Assumptions 6. Efficient Frontiers 7. Risk and Reward measures 8. Monitoring and Follow-up |
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15) ASOPs
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1. ASOP 4
a. Steps b. Rollforwards c. Cost methods d. Benefits valued e. Communication 2. ASOP 6 a. Steps b. Assumptions and model c. Claims development 3. ASOP 23 a. Review of data b. Documentation and disclosure 4. ASOP 27 a. Steps b. Disclosure c. Adv and Disadv of ASOP 27 5. ASOP 35 a. Types b. Selection process c. Considerations 6. SOA Professional Code of Conduct |
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16) DC plans
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1. Money Purchase Plans
a. Plan design b. Characteristics c. Types 2. Profit Sharing Plans a. Contributions 3. ESOPs a. Requirements b. Types c. Adv and DisAdv d. Diversification 4. CODAs a. Characteristics b. Adv and DisAdv c. Roth 5. Ways to increase ESOP participation |
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17) Designing a traditional DB plan
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1. DB features
2. Contributions 3. Types of formulas 4. COLAs |
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19) Executive retirement programs
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1. Objectives
2. Questions for design 3. Adv and Disadv 4. Mid-career 5. Funding 6. Plan provisions 7. Eligibility 8. DC interest credits 9. 409A 10. Deferred Compensation |
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20) Asset Valuation
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1. Desirable characteristics
2. Bias 3. Best practice disclosure |
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21) Phased Retirement
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1. Impediments
2. Pension methods 3. Adv and DisAdv 4. DROP plans 5. Lump Sum option |
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22) Investment Policy
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1. Investment management process
2. Policy statement specifies 3. Characteristics of Pension investments to consider 4. Investment Risks 5. Bond risks |
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23) ASOP 41
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1. Requirements for actuarial communications
2. Report or not 3. Report should identify 4. Additional requirements |
