New
Advanced COLA Limits
A new product variable, “06 Advanced COLA – Annual Dollar Amount” has been created. This product variable allows the development of Cost of Living Adjustment formulas that are more complex than a simple rate increase.
An example would be a limit of cumulative COLA to less than 2.5 times the original benefit amount. Other product variables that are compatible with developing these formulas have been assigned the tag “Advanced COLA”. A formula is defined per benefit payment form.
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Control of this feature is set in the table structure “Benefit Definition – Payment Form” in the column “Advanced COLA” in which a specific benefit formula to which to apply the Advanced COLA can be selected.
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“Pension Trace Life New Entrant” Workbook
The workbook has been created to allow review of calculation details for new entrants in a multiyear projection.
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Enhancements
Additional granularity to the configuration of compensation limits
The table structure “IRS and Social Security Limits” is used to configure future and historical compensation limits. Previously this table appeared as a top level configured table for projections. This table has now been nested in the table structure “Valuation Inputs – Plan Definition”. Different tables can now be assigned to different Plan Populations.
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“Multi-Year Projection” Workbook has been reconfigured
The workbook has been enhanced to provide additional information around annual compensation and provide service cost rates.
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New Entrant Service Cost
The following product variables have been created to allow review of the underlying calculations for new entrants in a multiyear projection
- “Service Cost Rate”
- “Service Cost PV of Future Comp at Entry”
- “Service Cost PV of Benefits at Entry”
Changes and Fixes
- Product Variables that began with the prefix “ZZ” or “ZZZ” have been renamed with the prefix changed to “Multi Year”. The variables have also been tagged “MultiYear”.
- The following product variables have been modified to fix potential conflicts with certain deferral periods: “Annuity Survival Retiree Healthy”, “Annuity Survival Retiree Disabled” and “Annuity Survival Beneficiary”.
- The product variable “Service Years Rounded Attained Age Less Hire Age” has been modified to make the calculations compatible with multiyear projections with new entrants.
- The product variable “Alternate Salary Compensation Valuation Date” has been modified and the variable “Alternate Salary Compensation Valuation Date 00” has been created to make the underlying calculations compatible with multiyear projections with new entrants.
- The product variable “Age Beneficiary (unrounded) preliminary” has been modified to make the calculations compatible with multiyear projections with new entrants.