Returns the valuation year (year beginning on the valuation date) of the liability measurement.

This operator can be used to adjust benefit values, and thus liability values, as of a particular valuation date (in a Core Projection, as of a single valuation date or as of two or more consecutive valuation dates). Note that in a Valuation Set or forecast, ProVal will not calculate any plan change or prior service cost bases attributable to application of #VALYEAR; the change in liability is thus an experience gain/loss (and can occur even if Projection Assumptions match Valuation Assumptions).

Although available in all modes, this operator is most useful for forecasting plan amendments in OPEB mode.

Syntax:

#VALYEAR

Example:

In OPEB mode, if the baseline valuation date is 1/1/2011 and the plan will change on 1/1/2013 so that the employer pays only 50% of the claims, you might code the Gross Benefit Definition like this:

Claims x {1 – [0.5 x (#VALYEAR>2012)]}

If the valuation year is after 2012, the claims will be multiplied by a factor of 50%; otherwise, the full claims amount will be payable. Note that the reduction in liabilities resulting from the 50% reduction in claims valued will not be reflected in a plan change base or prior service cost base.