The Valuation Output command allows you to review the results of one or more Valuations, either singly or aggregated.

To view output:

1. On the Output menu, select Valuation Output. Alternatively, select Valuations in the Shortcuts pane.

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

3. Select the 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 valuation 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 selected Valuations. 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 and amount of benefits in force for inactive members.

• Actuarial/CAS (U.S. qualified mode) – funding run variables related to actuarial and CAS liabilities, 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 Canadian registered mode, the Funding tab includes solvency liability variables. In the German pension mode, where the tab is labeled Tax/Funding, results include Teilwert, Gap and Tax Reserve 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.

• Projected Demographics –  projected demographic variables such as head counts, salaries and active decrements, may be displayed for the valuation year and all future years for which there are still values. 

• 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.  Please note that in the U.S. qualified mode if the law type is "PPA" or "Pre-PPA and PPA", there are two sets of projected benefits for PV of Future Benefits: one based on PPA mortality and interest assumptions and the other based on actuarial liability assumptions (if different).  

• Input Data – all numeric fields from the input database.  Each checked field will display the sum of the database field after data defaults are applied, adjusted for count. The sum of each database field includes the numerical data for all participants valued in the run, regardless of whether the numerical data is specifically reflected in the liability.

• Inputs – Valuation 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 Output 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 except for the Input Data tab, 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).

• For inactive output variables, the default is to display No detail, but you can alternatively choose to display by ProVal status code detail or Benefit detail.  ProVal status code detail 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 and disabled).  If you choose to display by Benefit detail, select the desired benefits from the list of the Inactive Benefit Definitions (and Active Benefit Definitions for vested valued through active participants) associated with the selected Valuations.  With this option you may also choose to display the Total of selected benefits.  

• For active output variables, the default is to display No detail, but you can alternatively choose to display by Decrement detail or Benefit detail.  If you choose to display by 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 the Total of selected benefits.   

• In pension modes other than German, there is an option to Display employer/employee normal cost splits. 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 that apply for both active and inactive variables to display:  1) Pre/post-Medicare splits, 2) Gross & cost sharing splits and 3) Member & spouse splits. 

• If some detail is selected for active or inactive output variables, the option to Display details for projected benefits becomes available and the same detail choice for other output variables is applied to any applicable selected projected benefit output variables.

• 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 Aggregation & Subtotals to add results of selected valuations or show results by subtotals. Check Display Aggregate Total Results to add the results of all selected valuations. Checking Display Valuations by Group allows you to define Valuation Groups to combine subsets of the valuations selected. The Valuation Group names default to the names of each Valuation. Valuations with identical Valuation Group names will be combined when viewing output. Checking Display Subtotal Results will enable you to select the subtotal valuations you want to view. 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 valuations with matching Group names across valuations, and you are not displaying Valuations by Group, you can check Aggregate Subtotal Results by Group to add their results. 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 subtotal breaks will be shown in the order they appear in the grid. Once an entry is made in the order column, you must specify the order for all subtotal fields desired, since subtotal breaks for any fields left blank in the grid will not be reflected in the output.

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

Check Display Sensitivities to show the baseline results and the High and Low sensitivity results. Note that projected benefit payments by subtotal are not stored for sensitivity runs.

Click Layout to specify how the variable and projected benefit payment output is to be arranged. The typical variable arrangement will have Variables in rows and Valuations in columns. The typical projected benefit payment layout will have a table with a fixed number of years for each valuation. However, you can organize the data differently if you wish.

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 (e.g., specify the number of decimal digits and indicate whether commas are to be used). Note that formatting does not apply to any of the Projected Benefit variables.

Click Format Valuations if you wish to rename or reorder the selected Valuations (including subtotal valuations, if any). ProVal uses the Valuation name, along with a description of the subtotal field combination, if applicable, as a Default Title. (When results from multiple valuations 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 valuations (or for the aggregated results). By default, the sort order you apply to the valuations in the entries pane (e.g., sorted by Name or by date Modified) will also be applied to the valuations selected for display. (Subtotal valuations will be further sorted according to your specifications in the Order of subtotal fields grid and, within subtotals, by subtotal field code.) Clicking Custom order will enable you to renumber the valuations 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 valuation listing in the entries pane.

Click Page title to specify a title other than "Valuation 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.