PASAV01 - Actuarial Valuation Extract

The Actuarial Valuation Extract provides data that your actuary needs in order to perform a plan's annual actuarial valuation. The extract consists of two files:

  • Active extract file (pawav01.ext) for participants who are still accruing benefits.

  • Inactive extract file (pawav02.ext) for participants who are owed benefits but whose benefits are no longer accruing.

For example, current workers covered under a plan, whether or not they have begun to participate, are typically active. Terminated workers, whether receiving benefits or awaiting deferred benefits, are typically inactive.

As part of your Pension Administration setup, you match each pension status code to one of the following valuation categories: Active, Inactive, Both Active and Inactive, or Done (no liability remaining).

The Actuarial Valuation Extract uses these categories to determine whether to put participants into the active or inactive extract files. If a participant has had more than one valuation category since the last valuation, then the system refers to the Actuarial Valuation Matrix that you define to determine which of the extract files should house the participant's data. For example, Onslow was active as of the last valuation and is now inactive, so the system must refer to the matrix.

Note:

Workers appearing in the extract for the first time have the prior year category No Record Exists.

The active extract file includes the following information:

  • EMPLID.

  • PENSION_STATUS: Pension Status.

  • ACTION: The action in the participant's job record as of the valuation as of date.

  • ACTION_REASON: Reason associated with the action.

  • LOCATION: Location.

  • COMPANY: Company.

  • EMPL_TYPE: Worker type: salaried, hourly, or exception hourly.

  • STD_HOURS: Standard hours.

  • COMP_FREQUENCY: Compensation frequency.

  • COMPRATE: Compensation rate.

  • NAME: Name.

  • NATIONAL_ID: National ID. The system only uses a participant's U.S. national ID (social security number).

  • SEX: Gender.

  • MAR_STATUS: Marital status.

  • BIRTHDATE: Birth date.

  • QDRO_IND_YN: Flag that indicates whether a participant has any QDROs attached.

  • ORIG_HIRE_DT: Original hire date.

  • ACTUAL_EARININGS: Actual pension earnings since the last actuarial valuation. These are the earnings calculated by the function result identified in the reports parameters.

  • ACTUAL_HOURS: Actual pension hours since the last actuarial valuation. These are the hours calculated by the function result identified in the reports parameters.

  • BENEFIT_SERVICE: Total benefit service accrued as of the extract as of date for the function result identified in the reports parameters.

  • VST_SERVICE: Total vesting service accrued as of the extract as of date for the function result identified in the reports parameters.

  • END_BALANCE: Total participant account balance as of the extract as of date for the function result identified in the reports parameters.

  • BEN_BIRTHDATE: The designated beneficiary's birth date. If there is no explicitly named beneficiary, the spouse is assumed to be the beneficiary.

  • BEN_SEX: The designated beneficiary's sex. If there is no explicitly named beneficiary, the spouse is assumed to be the beneficiary.

The inactive extract file includes the following information:

  • EMPLID.

  • PENSION_STATUS: Pension status.

  • LOCATION: Location.

  • COMPANY: Company.

  • NAME: Name.

  • NATIONAL_ID: National ID. The system only uses a participant's U.S. national ID (social security number).

  • SEX: Gender.

  • MAR_STATUS: Marital status.

  • BIRTHDATE: Birth date.

  • QDRO_IND_YN: Flag that indicates whether a participant has any QDROs attached.

  • ORIG_HIRE_DT: Original hire date.

  • BENEFIT_PLAN: Name of the pension plan identified in the actuarial valuation report parameters.

  • APPLIES_AT_DATE: Date payments began.

  • PAY_STATUS: Pay status for the pension plan identified in the actuarial valuation report parameters: active, deferred, or stopped.

  • PAYEE_TYPE: The payee type: retiree, beneficiary, or QDRO alternate payee.

  • PYMT_FREQ: The payment frequency for pension payments.

  • FORM_CODE: Code that identifies the optional form of payment.

  • PMT_AMT: Payment amount.

  • PMT_END_DT: The date of the last pension payment, if known.

The Actuarial Valuation Extract produces the following warning messages. These warnings do not cause an abnormal termination of the program. They may explain why certain participants do not appear on the inactive or active files.

  • Message: Valuation code not assigned to pension status [status]. Therefore no active or inactive file is written for this employee [EmplID].

    Cause: Pension status has no corresponding valuation category.

  • Message: Valuation matrix invalid for CY_VAL_CODE [current year valuation category] PY_VAL_CODE = [prior year valuation category]. Therefore no active or inactive file is written for this employee [EmplID].

    Cause: The current year category and prior year category combination is not defined in the Actuarial Valuation Matrix.

  • Message: There isn't a valid payee setup for EmplID [EmplID].

    Cause: You have not set up a payee record, and this record is required.

  • Message: There isn't a valid payment schedule for EmplID [EmplID].

    Cause: You have not set up a payment schedule, and this is required.

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