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DEFINITIONS <br /> assilajlin <br /> t 1 <br /> 4 <br /> • PVB Present Value of all Projected Benefits: <br /> • Discounted value(at valuation date-6/30/12),of all future expected benefit <br /> payments based on various(actuarial)assumptions <br /> • Actuarial Liability: <br /> • Discounted value(at valuation date)of benefits earned through valuation date <br /> [value of past service benefit] <br /> • Portion of PVB"earned"at measurement <br /> • Current Normal Cost: <br /> • Portion of PVB allocated to(or"earned"during)current year <br /> • Value of employee and employer current service benefit <br /> rnart <br /> March 18,2014 1 <br /> DEFINITIONS <br /> QYaotlithodPmeliks <br /> m.rrrU <br /> gamma <br /> Amos <br /> crimp <br /> • Target-Have money in the bank to cover Actuarial Liability(past service) <br /> • Unfunded Liability-Money short of target at valuation date <br /> • Excess Assets/Surplus: <br /> • Money over and above target at that point in time. <br /> • Doesn't mean you're done contributing. <br /> • Super Funded: <br /> • Assets cover whole pie(PVB) <br /> • If everything goes exactly like PERS calculated,you'll never have to put another <br /> (employer or employee)dime in. <br /> E1 -= <br /> March 18,2014 2 <br />