Guest rpreston Posted November 5, 2002 Posted November 5, 2002 anyone have the actuarial formula for a modified cash refund benefit? when the death benefit is contributions at death less a % of the payouts between retirement and death
david rigby Posted November 5, 2002 Posted November 5, 2002 Modified-cash-refund is discussed in section 3.6 of Pension Mathematics for Actuaries by Arthur W. Anderson. Page 71 in the second edition. It may be discussed somewhere in an acutarial study note. Another source might be http://www.actuariallibrary.org/ I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
MGB Posted November 5, 2002 Posted November 5, 2002 The style of the presentation of the formula will be dependent on the systems being used. As we (actuarial professors) always said over and over...you can build any model up from first principles. Once you understand the principles, there is no need to have reference formulas. Some formulas are available on page 536 of "Actuarial Mathematics" by Bowers, Hickman, et. al. The integrals they use are probably not easily translated into your programming needs, which was indicated by my first comment above.
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