Administration Factors
The Administration Factors tool generates annuity and insurance present value factors, factors for converting from one payment form to another (conversion factors) and commutation functions. Factors are developed for the ages that you request and the payment forms that you specify. Present values, for annuity factors, and the ratio of present values, for conversion factors, are as of a "current age" that typically would be the member's age on his or her termination (or benefit commencement) date (and is presumed to be so in the rest of this article including the related topics).
Name may be any descriptive phrase, including spaces, under which to save this entry.
Select the calculations to perform by checking one or more boxes for:
Annuity Factors: the factor value is the present value of the annuity or insurance at the member’s age or at the member's and beneficiary's age.
Conversion Factors: the factor value is the ratio of 1) the present value, at the member’s age, of the annuity or insurance you are converting from to 2) the present value, again at the member’s age, of the annuity or insurance you are converting to;
Commutation Functions: for annuities and insurance, for primary, contingent and/or joint annuitants.
Select a topic to edit provides the appropriate topics for the calculations selected above. The available topics differ according to which of the three factor types you have selected. Click the topic name to view descriptions of its parameters.
Mortality and Timing Parameters
After entering all relevant parameter values, click the Run button to execute the selected calculations. ProAdmin will check for completion of all specified parameters and then, if no errors are found, calculate the factors and or functions. When the calculation is complete, ProAdmin displays, in the output, the parameter settings and the results for the factors or functions requested.
Clicking the Replace button will save any changes made to the parameters. The Save As New button will save the entry under a new name. The Erase button will delete the entry from the library. The Cancel button will disregard any changes made to the entry.