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This document presents the results of the 44th annual actuarial valuation for the City of Grand Rapids Police and Fire Retirement System, detailing funding progress, contribution rates, valuation
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How to fill out CITY OF GRAND RAPIDS POLICE AND FIRE RETIREMENT SYSTEM 44TH ANNUAL ACTUARIAL VALUATION
01
Obtain the official CITY OF GRAND RAPIDS POLICE AND FIRE RETIREMENT SYSTEM 44TH ANNUAL ACTUARIAL VALUATION form.
02
Review the instructions provided with the form carefully.
03
Fill in your personal information such as name, address, and contact details accurately in the designated fields.
04
Provide information regarding your employment history with the police and fire departments, including the dates of service.
05
Include details of your current salary and any previous retirement benefits you may have received.
06
Calculate and enter your contributions to the retirement system as specified in the form.
07
Attach any required supporting documents, such as proof of service or employment verification.
08
Review all entries to ensure there are no errors or omissions.
09
Sign and date the form at the bottom as required.
10
Submit the completed form to the appropriate department specified in the instructions by the deadline.
Who needs CITY OF GRAND RAPIDS POLICE AND FIRE RETIREMENT SYSTEM 44TH ANNUAL ACTUARIAL VALUATION?
01
Members of the CITY OF GRAND RAPIDS POLICE AND FIRE DEPARTMENTS seeking to understand their retirement benefits.
02
Retirees who want to review their actuarial status and retirement plans.
03
Financial planners or advisors assisting clients in public safety sectors.
04
Government officials and administrators responsible for managing retirement funds.
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How to calculate actuarial valuation?
Actuarial valuation process requires the following assumptions: Discount rate – arguably the most important assumption, this is set based on yields on the central government bonds. Salary escalation and attrition rates – these are the reporting enterprise's best estimates of future salary increments and attrition.
How to check actuarial valuation?
4 things you must ensure in Actuarial Valuations 4 things you must ensure / check in Actuarial Valuations. Data Quality. Appropriateness of Assumptions. Liability (including movement analysis) and Expenses. Appropriate Disclosures in Notes to Accounts.
What is an actuarial valuation of a provident fund?
An actuarial valuation is a type of appraisal of a pension fund's assets versus liabilities, using investment, economic, and demographic assumptions for the model to determine the funded status of a pension plan. The assumptions are based on a mix of statistical studies and experienced judgment.
What is the basic actuarial valuation?
Generally, an actuarial valuation is used to assess the funded status and calculate a recommended contribution. The equation C + I = B + E holds true over time and an actuarial valuation is a measure taken or “snapshot” at a single moment in time (i.e., the valuation date).
How to find actuarial value?
Calculation Methodology: The calculation of AV involves dividing the total cost of covered benefits by the total expected payments by the insurance plan for those benefits.
What is the actuarial valuation price?
Actuarial pricing relies on valuation models that assess risk, assume monetary estimates and project worst-case payout scenarios. Throughout the year, a company may change the assumptions to update valuation models, resulting in more accurate projections for policy premiums.
What is an actuarial valuation?
An actuarial valuation is an analysis performed by an actuary that compares the assets and liabilities of a pension plan. Actuarial valuations are necessary to assess the long-term sustainability of a defined benefit pension plan and can serve as a decision-making tool for plan sponsors.
What is an actuarial valuation for a pension?
An actuarial valuation is an analysis performed by an actuary that compares the assets and liabilities of a pension plan. Actuarial valuations are necessary to assess the long-term sustainability of a defined benefit pension plan and can serve as a decision-making tool for plan sponsors.
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What is CITY OF GRAND RAPIDS POLICE AND FIRE RETIREMENT SYSTEM 44TH ANNUAL ACTUARIAL VALUATION?
The CITY OF GRAND RAPIDS POLICE AND FIRE RETIREMENT SYSTEM 44TH ANNUAL ACTUARIAL VALUATION is a financial assessment conducted annually to evaluate the funding status and projected liabilities of the retirement system for police and fire personnel in Grand Rapids.
Who is required to file CITY OF GRAND RAPIDS POLICE AND FIRE RETIREMENT SYSTEM 44TH ANNUAL ACTUARIAL VALUATION?
The responsibility to file the CITY OF GRAND RAPIDS POLICE AND FIRE RETIREMENT SYSTEM 44TH ANNUAL ACTUARIAL VALUATION typically falls on the pension plan administrators and actuaries who oversee the retirement system.
How to fill out CITY OF GRAND RAPIDS POLICE AND FIRE RETIREMENT SYSTEM 44TH ANNUAL ACTUARIAL VALUATION?
To fill out the CITY OF GRAND RAPIDS POLICE AND FIRE RETIREMENT SYSTEM 44TH ANNUAL ACTUARIAL VALUATION, one must gather relevant data on member demographics, financial statements, actuarial assumptions, and projections of future liabilities, then complete the actuarial report as per the provided guidelines.
What is the purpose of CITY OF GRAND RAPIDS POLICE AND FIRE RETIREMENT SYSTEM 44TH ANNUAL ACTUARIAL VALUATION?
The purpose of the CITY OF GRAND RAPIDS POLICE AND FIRE RETIREMENT SYSTEM 44TH ANNUAL ACTUARIAL VALUATION is to ensure the retirement plan is adequately funded, to identify any potential funding shortfalls, and to recommend necessary actions to maintain stability and sustainability of benefits for retirees.
What information must be reported on CITY OF GRAND RAPIDS POLICE AND FIRE RETIREMENT SYSTEM 44TH ANNUAL ACTUARIAL VALUATION?
The information that must be reported includes the current funding status, actuarial assumptions used, member demographics (such as age and service), projected benefit payouts, and any recommended contributions to meet future obligations.
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