Contributory DB Plan Question

[Guest Don N]

In the '85 edition of Pension Math for Actuaries by Anderson the 3rd chapter addresses the contributory plan & introduces the need to add PVFRefunds to PVB & in chapter 4 under the discussion of the valuation of vested benefits upon termination of employment with contributory Unit Credit it's mentioned that the accrued benefit should be the greater of the full accrued or ( refund + reduced accrued ); under a contributory plan using Aggregate (not IA), if the full accrued is used at

termination and the full projected at retirement, then I'm assuming the PVFR

term would be omitted ? All participants are 100% vested also.

[This message has been edited by Don N (edited 05-31-2000).]