The parameters of this topic define the expected experience (Valuation assumptions parameter), to compare to actual experience, and specify eligibility for active benefits (Plan definition parameter).

Typically, the Valuation assumptions to be studied are your current valuation assumptions, rather than assumptions used in prior years’ valuations, but might be proposed valuation assumptions that you wish to ensure are close to actual experience before you adopt them. In any case, the selected entry from the Valuation Assumptions library determines the expected active decrements, election probabilities, salary scale and inactive mortality, including, for service-based decrement tables, the table’s associated definition of service. When that associated definition is “<rounded attained age – rounded hire age>”, as is generally the case (because this is the default setting), table service is measured from the date indicated by the Date of hire or (hire age) parameter of the Active Data topic of this Experience Studies library entry, or from the date indicated by the Date of hire or (hire age) parameter of the Active Data topic of the Census Specifications if the Use Census Specifications box is checked under the Active Data topic of this Experience Study. You may study any funding or accounting assumptions in the current client’s specified Project (which need not be the current Project).

The Plan definition is used to specify eligibility for active benefits, including determination of when termination decrements, if any, “turn off” and retirement decrements “turn on”. Note that all Benefit Definitions in the Plan definition are considered, even if they only apply to "Vested valued through active" participants. If your Plan definition contains benefits that apply separately to active and vested valued through active participants, create unique Plan definitions for the two groups of participants to separately study their decrement assumptions. 

The selected entry from the Plan Definitions library also determines whether there are any election probabilities to study, i.e., whether election probabilities apply to any Benefit Definitions contained in the Plan Definition. (Note that an active member must decrement and meet the eligibility requirements for a benefit before election probabilities can be applied to determine the likelihood of receiving the benefit.) You may select any Plan Definition in the current client’s specified Project. (Note: if you are studying inactive mortality only, this parameter is inaccessible.) 

For details about parameters contained in ProVal Valuation Assumptions and Plan Definitions, see Plan Definitions - Pension Modes or Plan Definitions - OPEB Mode and Valuation Assumptions. For information about ProVal Projects, see Change Project / Mode.