REMINDER: Important information about new warnings and errors on your models. 

On September 25^th, we released a new validation feature related to calculated range arrays used in formulas. This validation is designed to prevent users from accidentally projecting range array values that don’t exist at certain time periods. On October 23^rd, these validation warnings become errors for Cores and HPM Projections. See this post for more information and contact us at support@slopesoftware.com with any questions.

Enhancements

Better Searching in Formula Builder

It’s now easier to find the functions you need in the Formula Builder. We have added several new keywords to help build your formulas faster. For example, looking for the “Minimum” function? Search “Minimum” to find the “Aggregate (Minimum)” function.

Set Specific Module Permissions on a Model Shared with Everyone

For models that are shared with everyone, permissions can now be configured for individual modules (e.g. Model Development or Assumption Management). This granularity allows you to quickly enable and disable access for specific modules for all users in the workspace providing more efficient and granular control.

Aggregate Product Level Range Array Variables at the Portfolio Level

It is now possible to reference a product variable that’s aggregated and uses a product level calculated range array within a portfolio variable.

Additional Enhancements

• Searching is now supported in the list of Table Structures so you can type in the name of a table structure to filter down the list.
• The selected Table Structure will now show as highlighted in grey in the Table Structure list.
• Links to Investment Strategies now show on projections for ease of navigation

• Data Table columns in a Table Structure will show the Table Structure name of the nested table on hover

• Older versions of scenario tables can be selected in scenario table columns in table structures

Fixes

• We are now correctly ignoring non-required model point fields that are set to scale on purchase or sale when issuing new business
• Model Point Files are no longer being marked as “not validated” when they are moved in file manager
• We are again correctly validating a formula when it has a one dimensional array set in the properties and an invalid reference to Dimension 2 in the formula
• We fixed a formatting issue when viewing formulas from the Table Structure Relationship View
• Resolved an issue with newly introduced validation that resulted in a temporary result discrepancy on pension projections that used range arrays run on Thursday, September 26.

Please read this important communication as you may soon start to see new warnings and errors on your models. 

On September 25^th, we will be rolling out a new validation feature related to calculated range arrays used in formulas. This validation is designed to prevent users from accidentally projecting range array values that don’t exist at certain time periods. Today, if you don’t use an array aggregation and you project backwards or forwards in time, you might cause certain array values to be calculated when those array values didn’t previously exist at the referenced time period.

When this validation goes live, you may see some additional warnings in your Cores projections. Initially, these warnings will not prevent you from running your projections. You will have until October 23^rd to resolve these warnings. After that, we will enforce these warnings as errors. Note that warnings will only be visible for projections run using Cores, but errors will show in Cores and High Performance Mode.

September 25^th: New validation warnings for Cores Projections

October 23^rd: Validation warnings become errors for Cores and HPM Projections

Why are there errors in a model that I copied from the Slope Library?

The Individual Disability Income product in the Slope Life Library  (versions 2024.03 and earlier) contains variables that use calculated range arrays, project forward or backward, and do not use array aggregation. A new version of the Slope Life Library (2024.10) will be published in October with a modification to the Individual Disability Income product. Once it’s released, you can use the Governance module to merge these changes from the new Slope Library model to your models.

What sort of formula will cause this warning/error?

Formulas that use calculated range arrays and incorrectly project backwards or forwards to time periods where the current array value doesn’t exist may start to see these validation messages.

Example

Below is a section of the Time in Benefit Period End variable formula where the array set in the variable properties is a Calculated Range Array. Today, this setup will not cause an error, but it may calculate array values that don’t exist for a given time period. With the new validation, this will result in a warning, and eventually an error. 

For demonstration purposes, if we modify this formula to use a Single Value (Formula) aggregation, we can replicate the behavior of the new validation we will be rolling out.  With this set up, if the formula encounters an array value that doesn’t exist at the given time, it will (correctly) error.

What do I need to do in the short term?

When the new validation goes live, you may start to see new warnings on projections run using Cores. We suggest you resolve these warnings before they become errors on October 23^rd. 

Why don’t I see warnings in HPM?

Warnings are not currently supported for High Performance Mode runs. When the validation begins, you will only see warnings if you run your model using Cores. After October 23^rd, the warnings will become errors. The errors will be visible whether you run a projection in Cores or HPM.

If you have any questions, or if you need help updating your model, please reach out to us at support@slopesoftware.com.

New

Multi-Year Projections

There is now a toggle to calculate multi-year projections and a column for the ‘Years to Capture Results’ on the Liability Calculation Controls table.

The “Multi-Year Projection” workbook can now be found in the Slope Pension & OPEB folder. This workbook includes the present value of Future Benefits, Accrued Liabilities, Service Costs, Expected Benefit Payment Streams, Future expected salary levels and future expected head counts.

Enhancements

Non-Compounding COLA for Active and Vested Terminated Payment Forms

The library now includes parameters on the “Benefit Definition – Payment Form” table to permit non-compounding Cost of Living Adjustments for payment forms for active and vested terminated benefit definitions.

Updated Compensation History Interface

A second new interface to define compensation history using a flat participant data file for all participant data that has been provided. This serves as an easier to use alternative to the old interface.

Modified Cash Refund Annuity for Active and Vested Terminated Records

The parameters for Modified Cash Refund Annuity forms of payment have been refined to allow more granular control for Active and Vested Terminated records.

Change

Update to the Projection Limit (time) Variable”

Projection Limit (time) will now stop the projection calculations at the later of the time the participant or his/her beneficiary achieves age 115. Previously, projection calculations were terminated at the earlier of the time the participant or spouse achieves age 115.

Other product variables impacted: “Age Beneficiary (Unrounded)”,  “Age (Unrounded)”

New product variable: “Age Beneficiary (Unrounded) preliminary”

Fixes

• “Age Beneficiary Unrounded” logic has been corrected to avoid inconsistency in projections of beneficiary ages for a very specific configuration of retiree parameters.

New

Academy Interest Rate Generator

The 2024, 2023, and 2022 versions of the Academy’s Interest Rate Generator are now available in Economic Scenario Generation.

Enhancements

Additional Settings for Internal Rate of Return Formula

Users can now configure a maximum number of iterations, seed values, and tolerance within the IRR formula.

Additional Enhancements

• Links to Table Structures now show on projections for ease of navigation
• Various enhancements to HPM stability and performance

Change

Scenario Tables on Projections have moved! Now configure your scenario table with the other tables in your projection.

Fixes

• Data tables are now being versioned correctly after deleting or updating a decrement table, improvement scale, or scenario table
• Scenario tables are again showing in run projections after being deleted
• Better error handling when array lookup fails due to a blank table value
• We now show specific validation when a scenario file does not contain the scenario number in the filter