Age / Interpolation
The Age/Interpolation topic of annuity factor components sets the rules for (1) determining annuitant ages and (2) rounding annuity factors.
The Calculate annuities based on age determined by:
TIP: For details on how ProAdmin calculates age, please see the Technical Reference article Age Calculations.
The Rounding parameter specifies to what extent calculated annuity factors will be rounded. If None is selected, there is no rounding in any part of the calculation. If Final factor only is selected, the final annuity factor after interpolation is rounded using the rounding rules Amount and Direction. If All steps is selected, the annuity factors are rounded before and after interpolation using the rounding rules Amount and Direction.
The Using rounding rule amount and direction values define the rounding. The Amount value indicates the number of decimals. A value of 0.001, for example, indicates that values should be rounded to thousandths, while a value of 0 indicates that there should be no decimals. The Direction value indicates whether the annuity values should be rounded up, down, or to the nearest multiple of the rounding rule Amount.
The Calculate factors using beneficiary’s age and sex checkbox allows you to calculate a beneficiary, as opposed to a member, annuity. This checkbox is only enabled for single life annuities; if Beneficiary mortality rates under Joint & Survivor Annuities are set to something other than <none>, this checkbox is ghosted. This parameter is useful for calculating conversion factors based on the beneficiary’s age and gender rather than the member’s age and gender. If the Census Specifications Beneficiary Data Beneficiary Type is None , the component will be zero.