Miscelaneous
Assets - Liabilities
Funded Status
Calculate liabilities and normal cost
Valuation
Period used for calculating annual financial statements in organizations.
Fiscal Year
Field created to differentiate between two records with the same sSSN.
oReason
Aon uses a company called LifeStatus360 to perform searches for records of death. Only colleagues in the Core Data Group have access to this tool.
Death Audit Tool (DAT)
Command lets you set up tests that are tailored to your data requirements (usually different to the standard ProVal tests). The tests you code are saved.
Custom Screening Test
Enter current assets, funding balances, contributions and amortization layers
Asset & Funding Policy
The cost of a pension plan for the fiscal year.
Net Periodic Benefit Cost (Income)
Former spouse who is entitled to all or a percentage of the benefits payable under the plan to which the participant belongs.
Alternate Payee or QDRO
1/1/2023 Net Amount Recognized – 2023 Expense + Contributions made in 2023
12/31/2023 Net Amount Recognized
MVA
Valuation Runs + Asset & Funding Policy
Valuation Set
Anticipated increase in Market Related Value of Assets (MRVA) in the next year based on assumed long-term rate of return.
Expected return on Assets
(VPA – Funding Balances) / FT
Funding Target Attainment Percentage
Refers to employer-sponsored retirement plans that satisfy requirements in the Internal Revenue Code for receiving tax-deferred treatment.
Qualified Plan
-An estimate of a plan’s funded status on a specific date.
-funded status = Assets - Liabilities
-Think of Liabilities as An estimate of what the company needs to pay the plan participants covered under the plan and the Assets as the money the company has to pay the plan participants.
What is an actuarial valuation?
1. Start with final prior year
2. Make a copy and rename
3. Click Update and reference prior year valuation set
4. Click Roll-forward
5. Complete manual updates
Asset & Funding Policy - Creation
Changes in PBO and assets due to assumption changes or plan experience. Ex: assets earning more/less than expected, change in discount rate, demographic assumptions nor realized.
Unamortized Actuarial (Gain) Loss (UGL)
UPSC
Unamortized Prior Year Service Cost (credit)(UPSC)
UGL
Unamortized Actuarial (Gain) Loss (UGL)
The present value (determined as of the valuation date) of all benefits under the plan that have been accrued or earned based on years of service prior to the first day of the plan year for a Funding Valuation.
Funding Target Liability (FTL)
Computes calculations for valuations and provides information for report exhibits
-Funding, PBGC, Employer’s Accounting, Plan’s Accounting
Valuation Set
Change in PBO due to plan amendments. Can have multiple "layers" resulting from multiple amendments over time.
Unamortized Prior Year Service Cost (credit)(UPSC)
Amortization of changes in PBO due to plan amendments. Can have multiple "layers" resulting from multiple amendments over time. Initial amount spread over expected future service period.
Amortization of Prior Service Cost (Credit)
ProValDD.SF, PVASMP.SF, PVOUT.SF, PVVIP.SF
Together, these four files contain all the client-specific coding