Report on Insurance and Pensions 2007 - Central Bank of Trinidad ...

ACTUARIAL INVESTIGATIONS
SUMMARIES OF THE RESULTS AND RECOMMENDATIONS
OF THE ACTUARIAL INVESTIGATIONS ARE REPORTED HEREUNDER (continued)
NAME OF PLAN
ACTUARY
VALUATION
DATE
RESULTS AND
RECOMMENDATIONS
Eric Solis Marketing Ltd
Staff Pension Plan
Eckler Partners
89.087
10.910
0.003
January 1,
2006
90.908
9.058
0.034
The valuation revealed a past service
91.868 93.004
surplus of $1.185 million with a funding
level of 193%. 8.100 6.963
It was recommended that:-
(a) The Company 0.032give serious 0.033thought
to revising the current plan benefits
by considering indexation, final
salary averaging or changing to
defined contribution,
(b) The Trustees should consider granting
increases of the order of 5% per
annum to the existing pensioners
and deferred pensioners,
(c) The Trustees monitor the rate of
return of the Plan assets on an
annual basis and ensure that it
always exceeds the rate credited
on Member contributions balances,
(d) The Company should continue
to contribute at the rate of 5% of
covered Payroll.
The actuarial valuation should be carried
out no later than January 1, 2009.
Rhand Credit Union
Pension Fund Plan
Apex Consulting Ltd
May 1, 2003
The valuation revealed a past service
surplus of $2.336 million with a funding
level of 209%.
It was recommended that:-
(a) Rhand Credit Union may continue
contributing at the rate of 5% of
salaries.
The next valuation is due to take place as
at May 1, 2006.
REPORT ON INSURANCE AND PENSIONS 75