NEW
Multiyear Projections with New Entrant Capabilities
Multiyear projections now have the ability to accept a new entrant profile and a parameterized policy for future new employees using Dynamic Sales. Learn more here.
Present Value of Accrued Benefits and Service Cost discounted using a yield curve
Projections now have the ability to capture the Present Value of Accrued Benefits as well as the Service Cost (Traditional Unit Credit Accrual) using a full yield curve rather than a single discount rate. Checking the ‘Calculate PV of Accrued Benefits’ box on the Liability Calculation Controls (table) will achieve this.
Enhancements
Details of Calculation of Annuity Payment Form Factors is now available in the Active Trace Life Workbook
The details of payment form factors for annuity forms of payment are now detailed and displayed in the active trace life workbook.
Alternate model point field for hypothetical account balance in a Cash Balance plan
A field is now provided on table structure “Plan Structure – Cash Balance or Career Average” to allow a user to pass in an alternate model point field to use as the account balance as of the valuation date.
Ability to provide percentages for the retiree / beneficiary / joint in Joint and Survivor Annuities from alternate model point fields for records in payment at the projection start date
3 new columns have been added in data table structure ‘Retiree Annuity Form Mapping” to allow users to pass in the name of a Model Point Field that contains the percentages necessary to calculate a joint annuity.
Sensitivity Runs for Discount Rates and Salary Scales
A table entry has been provided to allow for different scenarios in the same projection to apply loads to discount rate and salary scale. Standard pension workbooks have been set to filter to the first scenario. A filter has been provided on these workbooks to toggle to different scenarios. Learn more here.
Vested Terminated Records that use Participant Data for Beneficiary Age now reflect that information for Joint and Survivor Benefit Definitions
In projections where the Data Table “Participant Age and Date Logic” have an entry other than “Use Assumptions” in the column “Vested Terminated Beneficiary Age at Valuation”, the marriage assumption will be set to either 0 or 1 for a Vested Terminated record, based on whether the provided field has an entry. This will affect the calculation of Joint and Survivor Annuities as well as death benefits.
Active Trace Life and Pension Liabilities by Definition Workbooks provide Rate of Pay at Valuation
The workbooks for Active Trace Lives and Summary of Pension Liabilities have been modified to provide an additional measurement of compensation. The new field is called “Rate of Pay at Valuation Date”. This field will reflect the reported and annualized compensation for all active employee records at the projection start date regardless if they are at or past their Ultimate Retirement Age.
Trace Life Dashboard now shows details on payment form factor calculations for Life Annuities.
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.
Fixes
- Resolved issue with logic in Retiree Deferred Lump Sum calculation.
- The calculation of Present Value of Future Benefits and Entry Age Service Cost will now permit a negative result. These were previously limited to never be less than 0.
