Individual benefit calculations : an introduction to a career as a corporate pensions actuary

Abstract

While working as an intern in the corporate pensions department of Rudd and Wisdom, Inc., Consulting Actuaries, I learned about the different kinds of pension plans available to businesses and became familiar with the process of benefit calculation. I performed several benefit calculations for clients under different scenarios and plan specifications. When a participant of a pension plan retires, terminates employment, dies, or becomes disabled, the participant (or his or her beneficiary) may request a calculation to illustrate benefit options. In each case, the methods used to perform such a calculation and the benefit options available to the participant or beneficiary are different. In this report, I will demonstrate a number of scenarios illustrating plan provisions and methods of calculation.