AFM391 Chapter Notes - Chapter 17: Pension, Actuary, Corporate Bond

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Pension trust: the legal entity that holds the investments and discharges the obligations of a pension plan. Defined contribution plan: a pension plan that specifies how much funds the employer needs to contribute. Defined benefit plan: a pension plan that specifies how much in pension payments employees will receive during their retirement. Actuary: a professional who specializes in the estimation of risk and uncertainties. Current service cost: the increase in the present value of pension obligations due to an employee"s provision of services during the current period. Accrued benefit obligation: the present value of pension benefits that employees have earned. Past service cost: the change in the present value of pension obligations due to initiation, amendment, or curtailment of a pension . Curtailment: a reduction in the number of employees or the amount of benefits they will receive in the future.

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