The Core Projection Output command allows you to review the results of one or more Core Projections, either singly or aggregated.

To view output:

1. On the Output menu, select Core Projection Output. Alternatively, select Core Projections in the Shortcuts pane.

2. Select the Core Projections you want to view. (To select more than one, hold down the Shift or Ctrl key while clicking.)

3. Select Results to be displayed and specify Formatting options in the Output pane, or load a Saved style from the library. See below for details.

4. Click the View Output button. Upon viewing, you can Print or save to File, among other options. Note: a blank value displayed for a variable indicates that its value has not been calculated during the selected run. 

The items in the Output pane are as follows:

Saved style is the name of the core output design template that is currently in use. Click the arrow button to manage or select from the library of design templates. Note that the color of the arrow turns to red if output design changes have been made and have not yet been saved. To save changes to an existing style, click the arrow button and Replace; to save a new style, give it a name, click the arrow button and then click “Save as new”. To clear style settings, click the arrow button and then click “Clear settings”. Note that when "Clear settings" is applied to a loaded style, the saved style itself remains intact and can be reloaded. 

Click Variables to select the results to be displayed for each of the Core Projections selected. The Output Variables dialog box includes tabs to organize the variables into logical groups:

• Demographics – demographic variables, such as average age for active and inactive members, amount of benefits in force for inactive members and, in the pension modes, actual benefit payments (experience basis).

• Actuarial (U.S. qualified mode) – funding run variables related to actuarial liability, including Present Value of Future Benefits and liabilities / normal costs / expected benefit payments under the various actuarial cost methods.

• Funding (modes other than U.S. qualified) – funding run variables related to actuarial liability, including Present Value of Future Benefits and liabilities / normal costs / expected benefit payments under the various actuarial cost methods. In the German pension mode, where the tab is labeled Tax/Funding, results include Teilwert variables.

• Solvency/Windup (Canadian registered mode) – variables related to Solvency and Windup liabilities

• Pre-PPA / Multi (U.S. qualified mode) – variables that pertain to current liability and multiemployer vested liability, that is, liabilities / normal costs / expected benefit payments on the legislated bases.

• PPA (U.S. qualified mode) – variables related to single-employer liabilities under the Pension Protection Act of 2006, that is, the effective interest rate and liabilities / normal costs on the various legislated bases.

• Accounting – accounting run variables, that is, expected benefit payments and the liabilities and normal costs for the various benefit obligations (e.g., ABO/PBO/EBO/EAN, APBO/EPBO/EAN) relevant to the particular ProVal mode of operation. In OPEB mode, also includes APBO variables for fully eligible and not fully eligible active members and actual benefit payments (experience basis).

• Projected Benefits – variables on several liability bases, as relevant to the particular ProVal mode of operation, for projected benefit payments, may be displayed for the valuation year and all future years for which there are still values.  Note that in the U.S. qualified mode if the law type is "PPA" or "Pre-PPA and PPA", projected benefits for PV of Future Benefits are based on PPA mortality and interest assumptions (not actuarial liability assumptions).  

• Inputs – Core Projection input parameters (e.g., Plan Definition, Funding Interest Rate) available for display with your output; you can choose whether to display input information above or below the numeric results in your output.

Each tab within the Variables dialog box contains the following buttons:

Details – this button produces a dialog box with many options for additional output detail. The selections made in the Details dialog box are applied (where relevant) to variables on all tabs, not merely the displayed tab. Regardless of selection, head count details generally are not displayed (see Head count calculations for suggestions for obtaining head count details) and no details are displayed for variables selected on the Projected Benefits tab.  

• For inactive output variables, you can choose to Display by ProVal status code (ProVal status code detail in OPEB mode). This option will show any variable chosen from the inactive column in total and for each of the ProVal statuses (retired, vested, vested valued through active, survivor,disabled and in service).  In OPEB mode, Benefit detail can also be chosen.

• For active output variables, the default is to display No detail, but you can alternatively choose to Display by decrement (Decrement detail in OPEB mode) or Display by selected benefits (Benefit detail in OPEB mode).  If you choose to display by selected benefits/benefit detail, select the desired benefits from the list of the Benefit Definitions and Employee Contributions associated with the selected Valuations. With this option you may also choose to Display total of selected benefits.

• In pension modes, there is an option to Display emerging inactive/initial inactive split.  This option will show these two pieces of the total inactive liability, projected benefit payments, and certain demographics, in addition to the total.

• In pension modes other than German, there is an option to Display employer/employee normal cost split. This option will show the employee normal cost and the total normal cost in addition to the default (which is the employer) normal cost for any normal cost output variable chosen.

• In OPEB mode, additional detail options are available for both active and inactive variables to display:  1) Pre/post-Medicare splits,, 2) Gross & cost sharing splits and 3) Member & spouse splits. 

• If Benefit detail is selected for active or inactive output variables, you have the option to  Group benefits by simply entering the group name next to the selected benefit definition.

All and None – these buttons provide a shortcut to select all of the variables, or remove the selection of all variables, on the tab displayed (and only on that tab – these buttons do not affect selections on tabs that are not visible).

Reset – this button provides a shortcut to set the selection of all variables on all tabs to the default setting.

Click Years to specify the years to display for the selected Core Projections. ProVal's default is to display all available years.

Click Aggregation, Subtotals, Sensitivities to specify what type of results to display. The Show options enable you to select from Baseline cores only (the default), Baseline and sensitivity cores, or, if subtotal results were saved for cross sections of the population in the selected Core Projections, Baseline and subtotal cores. Check Display Aggregate Total Results to combine the results of all selected core projections. Checking Display Core Projections by Group allows you to define Core Groups to combine subsets of the core projections selected. The Core Group names default to the names of each Core Projection. Core Projections with identical Core Group names will be combined when viewing output. If showing Baseline and subtotal cores, you can specify Subtotal Groups (i.e.  use the same name for 2 or more subtotals and it will display the sum of them on one line). If you select multiple subtotal cores with matching Subtotal Group names across cores, and you are not displaying core projections by group, you can check Display Aggregate Subtotal Results by Group to add their results. In Public mode, if sensitivities were saved for subtotals (to enable deterministic forecasts that vary by group to interpolate), select the Subtotal sensitivity to display. If a sensitivity is chosen that was not run, baseline results will be displayed. The Order of subtotal fields grid enables you to select which subtotal breaks are displayed and to control their order. If you leave all the entries in the Order column blank (the default) all subtotals will be shown, in the order they appear. Once an entry is made in the order column, you must specify the order for all subtotal fields desired, since any fields left with a blank will not be included in the output.

Check Apply Scaling Factors to have the scaling factors (if any) specified in the Core Projection inputs applied to the results prior to their being displayed.

Click Layout to specify how the variable and projected benefit payment output is to be arranged. The typical variable arrangement will display data by projection year and, for each year selected, Variables will be in rows and Core Projections in columns. However, you can organize the data differently if you wish. You can specify a fixed number of years of projected benefit payments to display, or allow ProVal to display all years.

Click Format variables to reorder the listing of the variables selected and to change their labels from those ProVal uses by default. You can also set the numeric format for each variable (i.e., specify the number of decimal digits and indicate whether commas are to be used).

Click Format Core Projections if you wish to rename or reorder the selected Core Projections (including sensitivity or subtotal core projections, if any). ProVal uses the Core Projection name, along with a description of the sensitivity or subtotal field combination, if applicable, as a Default Title. (When results from multiple core projections are aggregated, ProVal modifies the Default Title to reflect that fact.) You can override ProVal's default by entering a Custom Title for one or more of the selected core projections (or for the aggregated results). By default, the sort order you apply to the core projections in the entries pane (e.g., sorted by Name or by date Modified) will also be applied to the core projections selected for display. (Subtotal core projections will be further sorted according to your specifications in the Order of subtotal fields grid and, within subtotals, by subtotal field code. Sensitivity core projections are sorted according to the sequence in which ProVal varies the economic environment components: interest rate, inflation, and lump sum experience interest rate.) Clicking Custom order will enable you to renumber the core projections to indicate the order in which they are to appear; ProVal will retain the specified order as long as Custom order remains selected, regardless of whether you resort the core projections listing in the entries pane.

Click Page title to specify a title other than "Core Projection Output".

Click the View Output button to view the results, after which you can Print or save to File, among other options. Note: a blank value displayed for a variable indicates that its value has not been calculated during the selected run.