. Your Income: Defined Benefit limits are adjusted for income. Divide the pension. The person will require complying with know-your-customer (KYC) norms to start the investing in the scheme. Gratuity Calculator Modified on: Sun, 16 Feb, 2020 at 5:23 PM. Valuation actuaries are responsible for calculating reserves, which can be thought of as the insurance companys savings account to pay for all the future claims that policyholders make. Valuation work tends to be more repetitive. They often complete the same tasks every month, quarter, and year. Actuarial Value of Assets 968 468 Unfunded Accrued Liability $515 $67 Funded Ratio 65.3% 87.5% Funding Period Never Never. How to use this calculator Legislature Home > Office of the State Actuary. Dealing with a deficit 21 8. The formula is PV = FV / (1 + i)^n and with my numbers it is PV = $390,000 / (1 + 0.08)^30. Contingent assets 27 10. 2018 RTA Pension Plan Actuarial Valuation. 3841 yarbrough ave, winston-salem, nc 27106. Effective July 1, 2015, if youre returning to PERF-covered employment with the state of Indiana, you might qualify for the My Choice: Retirement Savings Plan. The purpose of an actuarial valuation is to calculate the present value of payments that would be made to employees in future as part of an employee benefit plan. The prior normal costs in equation (6.4b) increase to the cur rent age by two factors: the benefit of interest and what is re Reg. Government Actuary's Department actuarial valuation as at 31 March 2016. The nearest age requirement is found in Estate Tax Regulation Section 20.2031-7(d)(1), relating to actuarial valuations on or after May 1, 2009. Key Points. The purpose of an actuarial valuation is to calculate the present value of payments that would be made to employees in future as part of an employee benefit plan. Plan assets must be valued at fair market value, not cost. Gratuity Calculator.xls Pension Plans ; ESOP Valuation ; Banking ; Accounting Standards ; Accounting Standards ; IND AS 19 ; AS - 15(R) We are leaders in actuarial valuation and employee benefits solutions. Forms; Fast Facts; Membership Information. I'll Help You Setup A Blog. Statutes, Rules & Policies Use the pension benefit calculator for an unofficial estimate of your pension benefit for retirement planning. Retirement actuaries calculate liabilities by taking a stream of benefit payments expected to be received from a plan and assigning a measure of current day value to each payment in the stream, expressed as a single cash amount as of a valuation date. 1 The results of the valuation I carried out an actuarial valuation of the Hays Pension Scheme (the Scheme) as at 30 June 2021 (the valuation date) and this is my report on the results of the valuation. To have the same actuarial value, the benefit payable to the spouse would have to be reduced. Solving for PV, we find that the value of Roberts pension value today is $432,813.06. Exam IFMInvestment and Financial Markets. stochastic actuarial modelling of a defined benefit social. a stochastic approach to the actuarial valuation of social. You provide a completed Pension Request Form by mail or fax and we provide your detailed valuation report within 5-7 business days for $ 240 per pension. Recovery Plans 23 9. Investment Strategy 10 6. For KPPA, annual valuations are conducted as of June 30, the end of our fiscal year. When calculating the pension to value, no actuarial reduction factor is to be applied, nor is the member to be treated as though in ill health. Accrual rate. My firm really should have done a better job advertising this perk to associates. 7. Exam IFM no longer required. Download Pension Actuarial Valuation for free. Actuary. See thousands of other actuarial jobs. They are more likely to be referred to by their programs, such as "401 (k)," the "457 plan," or IRA, etc. Current day value is the concept that money available today has the Depending on the years when the service occurred and on the provisions of the CAAT Pension Plan, your service may or may not be fully indexed. So if you had $200,000 total in a pension, that amount would be multiplied by 75%, meaning the marital value would be $150,000 to be divided. The rate pension benefits build up with each year of pensionable membership. Depending on the years when the service occurred and on the provisions of the CAAT Pension Plan, your service may or may not be fully indexed. 1. Actuaries start by making assumptions about future salary increment rates, attrition and mortality rates. For pension accounting, this is referred to as the projected benefit obligation (PBO). You are not required to meet the charge before the payment of your benefits. Pension benefit calculations on demand: Model pension benefits by changing data points, such as termination date, benefit commencement date, and future pay increases using our real-time While this is a very simplistic approach it helps people to understand the value of pensions, government benefits and other streams of income. Investment Policy Philadelphia Code and Charter Pensions Regulations COP Deferred Compensation Plan. SBI FD calculator online - Calculate SBI fixed deposit Interest rate using SBI Fixed Deposit calculator 2022. The USS valuation documents assume a 1.6% and 1.8% improvements for women and men in mortality per year based on Continuous Mortality Investigation. For FREE! The charge is 25% on the excess of your pension. The MPM Calculator uses data from the U.S. Department of Labor Form 5500. 101 North Wacker Drive, Suite 500 Chicago, IL 60606-1724 segalco.com T 312.984.8500 . Each year, PERS, the agency, publishes PERS by the Numbers, an annual snapshot of the data and demographics that drive the Oregon Public Employees Retirement System.Read the 2021 report online. To calculate actuarial valuation, actuaries will make assumptions and determine how likely an employee is to resign or die before the retirement age, increase in employees salary etc. Our defined benefit pension transfer calculator has been designed using current industry averages, giving you a realistic idea of how much you stand to be offered as a transfer value. 2020 RTA Pension Plan Actuarial Valuation. Integrated Risk Management 06 4. Legal Disclaimer: PERS has made extensive efforts to confirm that the results, estimates, reports, and other information concerning GASB 68 reporting provided to employers are reasonably accurate and reliable for their intended purposes. In 2022, a 3-year average income of $245,000 would provide the full maximum benefit. SRPS Maryland State Retirement and Pension System. Our DBPXL Actuarial Add-in lets you calculate annuity factors, actuarial conversion factors, early/late retirement factors, Store anything you will ever need for pension administration and actuarial valuation using DB Precision's included robust relational database. Next, we discount the value of Roberts future pension into todays dollars: PMT = 0 (no monthly payment while still working) N = 10 (years to retirement) I = 4.25 (no inflation adjustment) FV = $656,237.42. The solvency valuation is prepared as if the Actuarial Cost Method: A method used by actuaries to calculate the amount a company must pay periodically to cover its pension expenses. Actuarial Valuation Reports; Annual Financial Reports; Divestiture Reports; ESG Risk Committee Reports; Fiscal Year Quarterly Updates; Investment Policy Manual; and Pension System. Worcester Regional Retirement System 23 Midstate Drive, Suite 106 Midstate Office Park Auburn, MA 01501 Telephone: 508-832-6314 Fax: 508-832-6318 info@wrrboard.org Government Websites by CivicPlus Public Agency Actuarial Valuation Reports. The pension owner would keep the other $50,000 as a separate asset. Actuarial assumptions for this purpose are specified in the Defined Benefit Plan Document. Employers are ultimately responsible for ensuring the Contact Us if the scheme were to be wound up on the valuation date. Gratuity Calculator. This is because for a given benefit level, higher Defined Benefit contributions are required when the horizon is shorter. 2002 Actuarial Valuations Report. In all three methods the present value is reduced when the plan is not vested and the portion of the benefit that is earned prior or outside the marriage has a coverture fraction applied. A valuation of the pension fund carried out by an actuary. Public Agency Actuarial Valuation Reports are organized by CalPERS ID, name, type, and county, and can be filtered by each of those categories using the search boxes. In order to arrive at these assumptions, actuaries use probabilities for various events which are termed as actuaries assumptions. FAQ - Pensions. Other solutions 31 12. If you get $800 per month from CPP, then that is worth $144,000. Download Pension Actuarial Valuation for free. Actuarial Liability (AL) The portion of the PVFB that is attributed to past service. Senate Bill 1049 Information Documents are promptly date stamped upon arrival to reflect the correct date of receipt but this will extend processing timeframes. 503.520.0848. There are a few assumptions and methods, however, that differ between the two types of actuarial valuations. An actuarial report should be prepared as at the effective date of the plan and generally annually thereafter as at the plan year-end. Actuarial Valuations. employee data such as dates of birth and employment, salary, etc. Total Normal Cost is that portion of the Actuarial Present Value of pension plan benefits which is accrued in the current year.The Employee Manage excel files to calculate results for funding valuations walmart cranberry juice 6-pack; drunk driving can be stopped weegy Board of Trustees Sheet Metal Workers' National Pension Fund Fairfax, Virginia . This is the current value of the compensation that was deferred in prior years. This is a scheme funding report. can whipped cream kill cats; cranberry pomegranate sauce food and wine; can you live in vienna with english? The Society of Actuaries (SOA) developed the Annuity Factor Calculator to calculate an annuity factor using user-selected annuity forms, mortality tables and projection scales commonly used for defined benefit pension plans in the United States or Canada. The law in British Columbia provides both of these options to spouses. Footer Contact September 20, 2018. $17,000 right now to walk away and Learn more about your TRS pension benefits by watching our new Member Education Videos! The CAAT Pension Plan stands 124% funded on a going-concern basis, with a funding reserve of $4.4 billion, based on its latest actuarial valuation as at January 1, 2022. 1.2 Valuation Date. The valuation must include the Pension Fund Actuarial Valuation and Review as of January 1, 2020. Fundamentals of Actuarial Practice (FAP) Standard Fee (Modules 18 and two assessments) Associateship Professionalism Course (APC) Virtual Group and Health Finance and Valuation Exam U.S. $ 1225.00. Your Income: Defined Benefit limits are adjusted for income. 2. About Us Staff Directory To access reports from 2021 forward, visit our new website. When you use these tables, the law requires that you apply an interest rate equal to: The The offer consists of 3 alternatives: $490 per month when he turns 65. 2000 Actuarial Valuations Report. Go here.. Actuarial valuation. Effortlessly calculate and track all pension benefits. An actuarial valuation is a mathematical analysis performed by professional actuaries. Alternative funding solutions 29 11. Option #1: In-House Pension Valuations. Planning for Retirement. 2019 RTA Pension Plan Actuarial Valuation. In the U.S., today very rarely is the term "DC plan" used to refer to pension plans. Many of the actuarial assumptions and methods used to develop the actuarial valuations are the same. Five Centerpointe Drive, Suite 520 Lake Oswego, OR 97035 . Residential; Commercial; Tile & Grout; Upholstery; About Us. Final 2021 Actuarial Value Calculator Methodology Page 4 Trend Factors Like previous AV Calculators, we updated the trend factors used to trend spending forward year-to-year from the year of claims data used (2017). Figure 2 shows the amounts recognised in the Balance Sheet. This actuarial valuation was used to set the fiscal year 2020-21 required employer contribution rates. Mortality improvement scale MP-2021. Planning ahead can help ensure a smooth transition into retirement. Fund Management Dissolve Fund Repair Filing Status. $62 per month starting now. The going concern valuation is prepared on the presumption that the pension plan will continue to operate indefinitely. Actuarial Accrued Liability $1,453 $488 Actuarial Value of Assets 953 447 Unfunded Accrued Liability $500 $41 Funded Ratio 65.6% 91.7% Funding Period Never 69. Actuarial valuation. Transaction hub: Initiate benefits and name or update beneficiaries online. Total Normal Cost is that portion of the Actuarial Present Value of pension plan benefits which is accrued in the current year.The Employee Here are the three ways of measuring pension obligation: 1. NPS calculator can be used by anyone who is eligible to invest in the scheme. Pre-Actuarial Foundations Module . As per the NPS rules, any Indian citizen between the ages of 18 years and 60 years can invest in the scheme. $75,728,963 Benefits paid to retirees and their beneficiaries over the last fiscal year. Pension Actuarial Valuations Pending Received. If you have a pension that pays you $3,000 per month, that pension is worth $540,000. Philly 311. can whipped cream kill cats; cranberry pomegranate sauce food and wine; can you live in vienna with english? Looks complicated? Commentary on Exam LTAMLong-Term Actuarial Mathematics. Canadian actuarial valuation reports include results of two distinct types of valuations. Read more; There are two primary mechanisms to divide a defined benefit pension: the actual pension payment can be split at retirement or a lump sum payment can be made from the pension plan to the non-member spouse. Ever wish you could pull back the curtain and explore how your pension system is administered? Actuarial assumptions are used to calculate the APVs for actuarial equivalence in Defined Benefit Plans. The value of a defined contribution plan is simply the balance of the account as of a given date. The actuarial valuation must incorporate the actuarys certification of the technical provisions calculation and the schedule of contributions. 2018 OPEB Actuarial Valuation; 2017 OPEB Actuarial Valuation; 2014 OPEB Actuarial Valuation; 2012 OPEB Actuarial Valuation; 2010 OPEB Actuarial Valuation; 2008 OPEB Actuarial Valuation; X It is then divided by an age related actuarial factor, and your NHS pension is reduced by this amount. Member Education Videos. Board of Trustees of River Forest Police Pension Fund and The Village of River Forest 2022 IL APP (1st) 210835, Opinion filed March 31, 2022, do not rely on this calculator for this particular type of benefit. They are separated with no reasonable chance for reconciliationNo amount of the pension has been paid outThe couple has obtained the family law value of the pension from the Plan AdministratorThe division of the pension is part of a Separation AgreementThe exact amount to transfer has been specified Actuarial assumptions 12 7. The cost of purchasing additional pension will vary depending on many factors, including the amount purchased, your age at time of purchase and the length of repayment. Are you a new state of Indiana or local government employee? gratuity, pension) actuarial valuation process: Step 1: Data Collection (e.g. There is no simple "formula" per se that will allow you to calculate the present value of a pension on your own. This template can be filled in for both gratuity and leave valuation. Actuarial present value factors, annuity functions, mortality tables, and many other useful Excel functions. Select Committee on Pension Policy. the results of the previous actuarial valuation, and a brief analysis of actuarial gains or losses for the system. Financial Reports GASB 68 Reports Actuarial / Valuation Reports Administrative Reports. 2. An example using an age-related actuarial factor of 20 of how the charge is calculated: Valuation strategy 04 3. Thats a lot of money for a benefit I didnt realize existed. Actuarial Valuations Pending Received. Please contact the Illinois Department of Insurance Public Pension Division at DOI.Pension@illinois.gov with questions. If youre a mathematician, heres the typical formula to calculate commuted value: PV = FV/ (1 + k)^n. Conclusion 32 13. differences between pension liability calculations based on geography (Canada and the United States), valuation purposes (accounting, solvency and funding) and plan type (private, municipal, federal and Social Security). Actuarial Liability (AL) The portion of the PVFB that is attributed to past service. 1. From a plan sponsors perspective, the actuarial process helps (1) calculate the present value of their future Due to staffing issues, there is an estimated 2-3 week delay in processing documents received at PSERS. This includes The annual cost of providing pension benefits will not be the same as the cash contributions to the scheme. In its simplest form, the assumption basis is comprised of an interest rate and a mortality table. The amount a scheme member's pension may be reduced when they re-commence employment. Valuations provide an appraisal of the funded status of the Systems pension and insurance funds by estimating future liabilities and assets at a given point in time. NPS Calculator. The flowchart below gives a pictorial view of the employee defined benefits (e.g. Wrap-upFound our life expectancy with a groovy actuary toolDug out our pension details; when it starts and how muchGot our favorite spreadsheet and put in the dates and amounts. Remembering to use 6 months after our birthdayUsed XNPV to cook up the goods! Most plans have an established practice of preparing actuarial reports as at either the first day or the last day of the plan year (e.g. Alternatively, our phone system should be available from 8 June 2022. The cash contributions for funding the scheme will be calculated using funding basis agreed with the trustees. Just tell the calculator how much your annual pension income is going to be and when its due to start. Actuarial Gains / Losses. This age is usually different than the age that the plan began \(r\): age where the risk is evaluated Contribution Rates. Watch the videos today! Pension Plan - Actuarial Reports. There is no change to the benefits you are earning, and the granting of conditional benefit enhancements have been extended to at least 2025. We strive to provide a concise summary of the guidance with sufficient details regarding all assumptions and methods. For more information or to do calculations involving each of them, please visit the 401 (k) Calculator, IRA Calculator, or Roth IRA Calculator. An assessment by an actuary of the ability of a defined benefit pension scheme to meet its benefit obligations or benefit promises. Filing Management Filing Extension Late Filing Notice Document Submission Review Document Library Permissions. Thats because it is. The arguments (following general notation in Gian Paolo Clementes vignette titled Pension Funding with lifecontingencies) are: \(x\): the age of the insured at the time of valuation \(y\): the age which the person entered to the job. This is the current value of the compensation that was deferred in prior years. To get a quick estimate of the benefits your NHS pension scheme will provide on any retirement date selected by you, just download our handy calculator. Newsletters 2021 Fall-Winter 2021 Spring-Summer 2020 Fall-Winter 2020 Spring-Summer. 2016 RTA Pension Plan Actuarial Valuation. impact of the pinjarra massacre; bad nicknames for lucy; excel percentile if multiple criteria; norway fjord house for sale; how many possible combinations of 4 letters; west ridge development morgantown wv; safety moment working from home ppt. The elements of pension cost that are recognised through profit and loss can be broadly broken down into three types: Employer Covenant 08 5. If your pension is indexed for a Cost of Living Adjustment, check this box. ; plan details; fund asset details; prior valuation reports and IAS disclosures; fund accounts including details of the fair value of These valuations must be based on reasonable actuarial assumptions. Pension Funding Supporting Information Studies & Presentations Education Additional Services About Us. Impressive! The model assumes that if life expectancy increases by 0.5% a year the cost of purchasing a given amount of pension income increases by 0.5% a year. . These videos are designed to answer members' most common questions. For increases to the pension rights under a DB scheme a 16:1 valuation factor is used (the factor was 10:1 prior to 6 April 2011). September 29, 2020 . b s in actuarial science mathematics amp statistics. However, the characterization of the account (community vs. separate property) requires a This is the actuarial valuation report as of June 30, 2019 for the State plans. Actuarial reports for state and school employers can be found in Forms & Publications. Pension Division. $500 per month from OAS is the equivalent of $90,000. Pricing; Testimonials Calculate the amount of pension wealth you will accumulate on retirement. plan (Ezra 1980). Projected Benefit Obligation (PBO) PBO is the actuarial present value at the assumed discount rate of all future pension benefits earned to date, based on expected future salary increases. $ 375.00. PERS by the Numb ers. Actuarial factors Pension Schemes Overview nuvos Added Pension calculator Get the calculator Published: 9 December 2021 Last updated: . The scenario involves a 41 year old single male who received a pension buyout offer from a previous employer. Equation (6.4e) is equal to the prospective actuarial liability definition given by (5.3); hence, the actuarial accumulation of past normal costs at age x is equal to the actuarial liability at that age. Funding objectives The Trustee is required to adopt a statutory funding objective. Collects and analyses statistics and uses them to calculate risks and costs. Exam FAMFundamentals of Actuarial Mathematics (first offering Oct 2022) and one of. Helpful Hint: Do not use commas in the combined highest 3 year compensation field. a. actuarial mathematics of sso pensions pdf google drive. Continuing with our simple example, we have carried out a sensitivity analysis on the Discount Rate and Salary Increase assumptions below. Actuarial Assumptions for Defined Benefit Plans. The results of the gratuity valuation need to be tested for their sensitivity to key actuarial assumptions. An accurate assessment of fair market value is essential to a plans ability to comply with the Internal Revenue Code requirements and Title I of ERISA. When an actuary values a pension either the PBGC, GATT method, or Life Expectancy method is used. The commuted value is then divided by the life expectancy of the employee to calculate the annual pension benefit payable to the employee. report on membership data. advice on assumptions. The Department of Health and Human Services (HHS) issued its final 2022 actuarial value (AV) calculator and methodology.. HHS requires use of an AV calculator by issuers of non-grandfathered health insurance plans offered in the individual and small group markets, both inside and outside of the Affordable Insurance Exchanges for the purposes of determining This is because for a given benefit level, higher Defined Benefit contributions are required when the horizon is shorter. For estimate purposes, the results provided assume that all service purchased is fully indexed. the results of the previous actuarial valuation, and a brief analysis of actuarial gains or losses for the system. For example, type 100000 instead of 100,000. 2 mins read. Actuarial Valuation Report. How to calculate your benefits. i.e. The Actuarial Cost Estimator uses the data you enter to estimate the cost of a service purchase. Check it out and Apply Today. 2. The first thing that must be established is whether the pension is a defined benefit or a defined contribution plan. Contacts 33 Contents The five plans included in this valuation provide retirement benefits to members employed by the State of California. walmart cranberry juice 6-pack; drunk driving can be stopped weegy Unpause assumptions and data advice final - added 17 December 2021. valuation report. The Actuarial Cost Estimator uses the data you enter to estimate the cost of a service purchase. See Treas. Our more traditional way of doing business. Compute your estimated Monthly Pension: (If you are thinking about early retirement use the top calculator and then use the bottom calculator) Compute your estimated Tax Withholding: Tax Withholding Calculators. 2022 Mortality Improvement Rates and Static Mortality Tables for Defined Benefit Pension Plans published in IRS Notice 2020-85 on December 14, 2020. If you have any queries, our staff can be contacted by email at pensions.enquiries@staffordshire.gov.uk. PERF Hybrid Plan (available to all employees) actuarial inputs and the valuation of public pension. 2001 Actuarial Valuations Report. The MPM Calculator can output the previous benefit cost (PBC), previous benefit cost ratio (PBCR), and other defined metrics. For example, a benefit of $1,000 per month payable to a 65-year-old participant does not have the same actuarial value as $1,000 per month payable to a 55-year-old spouse because the spouse is expected to live longer and receive more payments. Deconstructing actuarial liability. In 2022, a 3-year average income of $245,000 would provide the full maximum benefit. The second set of actuarial valuations (GASB valuations) is used to determine how accountants account for pension costs. DB pension plan administration system. 2017 RTA Pension Plan Actuarial Valuation. Tier 1 dependent benefits, or any Tier 2 benefits. It couldnt be easier. Who can use NPS calculator? This template is also attached to the bottom of this page. 410-625-5555 800-492-5909. A lower average income may reduce the Defined Benefit limit. The City of El Paso Employees Retirement Trust pays millions of dollars in pension payments to over 3,500 City retirees and their beneficiaries. 10 25 50 100. This calculator assumes that your life insurance has no cash value. This means that 75% of the pension value would be considered a marital asset. section 1.4012(b). porta asbury park dog friendly; woodbury, tn breaking news rabbit farming profit calculator pdf. The MFS was introduced by the Pensions Board in 1991 (it was provided for in S. 44 of the Pensions Act 1990) in A lower average income may reduce the Defined Benefit limit. Unpause cost cap valuation report final - added 17 December 2021. What is the formula for calculating the lump sum present value of a pension? The Milliman Actuarial Retirement Calculator (MARC), our powerful yet flexible pension administration system, smoothly performs the tasks required for accurate and efficient administration of defined benefit plans. A Practitioners Guide to Statistical Mortality Graduation Actuarial Cost Method: A method used by actuaries to calculate the amount a company must pay periodically to cover its pension expenses. 2009 Pension Actuarial Valuation; 2008 Pension Actuarial Valuation; 2007 Pension Actuarial Valuation; OPEB. Another key component to be recognised is the actuarial gains or losses.These arise due to changes in assumptions, and based on the accounting standard, they are classified either into the P&L account or into a separate account More of use for corporate plan sponsors to get estimates between official valuations and also have their own estimates for actuary's report. December 31 or January 1). Click here to download the Common Template (MS Excel Format) for gratuity and leave valuation. Employee Specific Data Formats: These are specific templates based on the number of employees in your organisation. Exam ALTAMAdvanced Long-Term Actuarial Mathematics** (first offering Spring 2023) or Figure 2: Amounts recognised in Balance Sheet. It measures the obligation of the company on a going concern assumption. Irish pension schemes are regulated by the Pensions Board, a statutory body set up by the Irish Government under the Pensions Act 1990. the results of the previous actuarial valuation, and a brief analysis of actuarial gains or losses for the system. Valuation 2022. 2021 RTA Pension Plan Actuarial Valuation. For pension accounting, this is referred to as the projected benefit obligation (PBO). Actuaries start by making assumptions about future salary increment rates, attrition and mortality rates. An assessment by an actuary of the ability of a defined benefit pension scheme to meet its benefit obligations or benefit promises. A new Actuarial Analyst - Pension-9330 job is available in Portland, Oregon right now at S.C. International - Actuarial Recruiters on Actuary.com. Expedited service is also available for an additional fee and Court testimony is also available for this option. Finansowanie Wind. *Exception: Members in the 1995 section have the option to purchase Additional Pension up to age 65 (the normal pension age for this scheme is 60). In the Scottish Teachers Pension Scheme 2015, the combination of your employers contribution and the standard contribution rates you pay earns you pension at a rate of 1/57 of your pensionable pay in each year. Pension liabilities are valuations of the retirement payments that pension plans expect to make to qualified pension plan participants and their beneficiaries. Due to planned maintenance, you will not be able to contact Staffordshire Pension Fund by phone on 7 June 2022. Making Required Contributions. The key purpose of an actuarial valuation is to inform plan sponsors of the amount that needs to be contributed each year to adequately fund benefits. Assessing Funding Progress. Mitigating Risks. Ensuring Reliable Data. Validating Methods and Assumptions through Experience Studies.