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MSB WTR10 AC 330 XM1

MSB GovNFP Unit 9

QuestionAnswer
What is the meaning of the annual required contribution? It is an actuarially determined amount that the employer should contribute each year.
What is the amount on which contributions to the pension plan are based on? Covered Payroll
What does PERS stand for? Public Employee Retirement System
What are agency funds used for? To account for assets held by a government acting as an agent for another government or organization.
What does NPO stand for? Net Pension Obligation
What is an internal investment pool? Participating funds are all within the same government.
What does AAL stand for? Actuarial Accrued Liability
What are some factors used in the formula for defined benefit plan? Age, salary, and years of employment
What does RSI stand for? Required Supplementary Information
What does the actuarial value of assets mean? It is the value assigned to the plan's assets by the actuary.
Created by: debconnell
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