See also Valuation Output.

The Valuations command allows you to execute valuations based on plan benefits, valuation assumptions and census data previously entered into the various ProVal libraries.

The first dialog box displayed after selecting the Valuations command is the library of all Valuations previously specified, if any. An “F” or an “A” next to the library entry name indicates that a funding or an accounting Valuation, respectively, has been set up and executed.

To run an unexecuted Valuation, double-click its name (to open the library entry) and then click the Run button or use the Batch Execution command.

The parameters found under the Valuations command are as follows:

Name is the description of the Valuation currently being defined; this will be the name displayed in the Valuation Library. You are encouraged to use a name that will readily allow a colleague or you to understand the underlying nature of the valuation.

Valuation Date is the “as of” date for determining liabilities for plan benefits in the valuation, i.e., the date to which benefit amounts are discounted to determine present values. This date is used with other dates the user specifies to calculate both accrual and eligibility service.

Select the appropriate Database (in the remainder of this article, referred to as the Census Database File) from the list of all database files contained in the current Client. Note that you can enter a Selection Expression (see below) to process a subset of this file, if appropriate. Click the  button to view or edit the selected Census Database File.

Select the appropriate Census Specifications from the list of the available Census Specifications library entries in the current Project or click the  button to create a new library entry.

Check the Use data defaults box to apply any Defaults that you entered under the Data Defaults topic of the Census Specifications command for missing (or, perhaps, “zero-filled”) data to records in the Census Database File. If you included Data Defaults in the Census Specifications referenced by this Valuation but did not check the Use data defaults box, the default values will not be used when the Valuation is run.

Click the Selection Expression link to select a subset of the records in the Census Database File for processing in the Valuation run. Enter a Selection Expression or click the  button to recall an expression previously defined and stored in the Selection Expression library. Note that the selection expression is evaluated before data defaults are applied, therefore records that meet the expression only after application of data defaults will not be selected.

The Plan Definition furnishes the plan benefit provisions to be used to perform the valuation. Select the appropriate Plan Definition library entry or click the button to create a new library entry. In the pension modes, if you are processing only inactive records, i.e., records with a status field code mapped to a ProVal inactive status (other than the "Vested valued through active" status), then you need not create, and select, a Plan Definition. Instead, you may select the “<Inactives only>” option, in which case benefit payments are assumed to be paid monthly at the beginning of each month. 

If you wish to run “<Inactives only>” with a different benefit payment timing or frequency, then specify a Plan Definition with a "dummy" retirement Benefit Definition (e.g., zero benefit formula), in order to access the Plan Attributes topic, where you can select the desired timing and frequency.

You may specify Funding and/or Accounting valuation assumptions (such as interest rate for discounting benefits to the Valuation Date), respectively, to be used to perform the valuation. Select the appropriate Valuation Assumptions library entry or click the button to create a new library entry. Note that if you specify only accounting assumptions, be sure that your accounting valuation will not need to use values from funding valuation results.

Sensitivities 

Click the Sensitivities link to run sensitivities for funding, accounting, or both (note that you can only select to run the funding or accounting sensitivities if the applicable valuation assumptions have been specified). You will need to specify at least one economic or mortality assumption type to vary, as well the amount of the variation in each scenario. Each sensitivity can be assigned to one of 5 sensitivity sets (interest, inflation, trend, mortality, misc.). ProVal will produce "high" and "low" results for each sensitivity set that has been selected. For each economic sensitivity, you can also specify if rates are permitted to become negative after applying the sensitivity adjustment.  Select "Yes" to allow negative rates or select "No" to floor sensitivity rates at 0.   

Economic assumptions: The amounts you specify for variations in economic assumptions (e.g., 0.01 or -0.01) will be added to the underlying assumptions. The assumptions you may vary are:

• Interest Rates - this option will vary the interest rates used for each liability measure in a valuation. For example, in US Qualified mode with a PPA law selection and running funding sensitivities, ProVal will vary the funding, max tax, and PBGC interest rates.  In Canadian mode, running funding sensitivities, ProVal will vary both the ongoing and solvency interest rates.
• Salary Inflation - this option will vary the salary inflation assumption.  All salary inflation assumptions, including those specified in a salary override, will be varied.
• COLAs - this option will vary the COLA assumption.  If you have any COLA overrides specified, you may specify whether the COLA override should be varied by editing the COLA override in Valuation Assumptions.  Any COLA assumptions set to 0% will not be varied.  (Note this option is not available in OPEB or UK modes).
• Increase & Crediting Rates - this option will vary items with an increase and crediting rate (Regulatory Items, Benefit Formula Components, Accrual Basis Components, Employee Contributions, Modified Cash Refund Annuities, Lifetime Maximums).  You may specify whether or not the assumption for a particular item should be varied by editing the appropriate topic in Valuation Assumptions.
• Conversion Factors - this option will vary the interest rates used to compute conversion factors.  You may specify whether or not the assumption for a particular lump sum or optional form should be varied by editing the appropriate item in Valuation Assumptions. (Note this option is not available in OPEB mode).

Mortality assumptions: You may apply a setback (e.g., 1 or -1) or a multiplicative factor (e.g. 1.1 or 0.9) to the mortality rates. If the mortality table has an improvement scale, the sensitivity variations will be applied to the base rates (and not to the improvement scale). If the table is dynamic, the variations will be applied to the final table, after any projections. You may select either or both of the following:

• Valuation Mortality - this option will vary the mortality rates used for all liability measures in a valuation.
• Conversion Factors Mortality - this option will vary the interest rates used to compute conversion factors.  You may specify whether or not the assumption for a particular lump sum or optional form should be varied by editing the appropriate item in Valuation Assumptions. (Note this option is not available in OPEB mode).

Click the Subtotals link to select one of more coded fields to capture subtotal results for, such as company Division. Note that you do not need to select the status field to see separate results for each ProVal status; these are provided automatically. In addition, the Projected benefits & headcounts for subtotals lets you omit certain subtotal results in order to save disk space. Select one of:

• Do not calculate. ProVal will only store the total, not subtotals, for projected benefit payments headcounts. This option uses the smallest amount of disk space for storing results, of the three available options.
• Projected Unit Credit only. ProVal will save subtotals for projected benefit payments and headcounts only on the projected unit credit (or, for accounting runs, PBO) basis. This option is not available in OPEB mode.
• Calculate for all bases. ProVal will save subtotals for projected benefit payments and associated headcounts on all liability bases. There are potentially many liability bases, depending on whether both funding and accounting results will be produced, the ProVal mode of operation and, in the U.S. qualified mode, the applicable law type. Thus, this third option uses the most disk space. In the U.S. qualified mode, please note that if the applicable law type is “PPA” or ”Pre-PPA and PPA”, you must select the Calculate for all bases option if you wish ProVal to calculate the effective interest rate by subtotal on coded field. Furthermore, for these law types, if you select either of the other two options, values of projected benefit payment amounts and head counts will not be available by subtotal.

Note that regardless of the setting above, subtotals for projected benefit payment amounts and headcounts are not stored for sensitivities.

The Individual Results link accesses parameters to specify any record-by-record results that you wish to save to an output file during execution of the Valuation. These parameters are discussed in a following section of this article.

In the German pension mode, projected benefit payments and associated head counts will not be calculated unless the Calculate projected benefit & headcounts for box is checked; if the box is checked, these output variable values will be calculated for all liability bases. Note that if you do not calculate projected benefits and head counts you free up disk space and decrease the run time of a Valuation. Separate check boxes are available for Tax / Funding versus Accounting, which may be selected, or not selected, independently.

Scaling Factors may be used to adjust the numerical values of results displayed for Valuation output variables. If you wish to adjust or “scale” the results, select from the library of Scaling Factors unhidden in the current Project. Thus you can apply Scaling Factors, for example, to match grouped data to seriatim data, to match your results to those produced by another actuary or under a valuation software other than ProVal, to reflect mid-year data changes, and so forth.

Note: You can change the scaling factors applicable to a Valuation without losing the valuation results, because the scaling factors are not actually applied (and then only optionally) until you view the Valuation output or refer to scaling factors in a Valuation Set. However, if you have already referenced a Valuation in a Valuation Set with a set of scaling factors applied, changing the Scaling Factors selection will cause the Valuation Set to be erased (after you have been warned).

The Run button executes the Valuation. An indication of what steps are being performed (validating input, processing and writing results), as well as percentage complete and elapsed time, will be shown on the screen during execution. You may wish to validate inputs before running. For example, if you are running the Valuation overnight, you can avoid finding, when you come in the next day, that the Valuation either did not run (for example, because some parameter values were missing) or did run but significant data errors made its results unusable. To validate inputs, click the arrow next to the Run button, and then click Validate. ProVal will check to see that all entries are complete and internally consistent; after reviewing the messages, click OK to return to the Valuation dialog box.

The Sample Lives button accesses parameters for running just a sample number of records through the Valuation command. These parameters are discussed in a following section of this article.

If you include more than one Valuation in a Valuation Set, please be sure that the parameter settings are consistent among the Valuations with respect to (in particular): Valuation Date, liability methods (including timing of employee contributions), funding valuation interest rates, accounting valuation interest rates and, in the U.S. qualified pension mode, applicable law. Thus, for example, if you include (pension mode) accounting Valuations with different ABO interest rates or (U.S.) PPA funding Valuations with different valuation interest rates (such as spot rates for one Valuation and segment rates for another one), the Valuation Set run will abort.

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Individual Results

The Individual Results dialog box contains parameters to specify any record-by-record results that you wish to save to an output file during execution of the Valuation. Please note that Individual Results will apply all data defaults that you entered, for missing data, under the Data Defaults topic of the Census Specifications command, if the Use data defaults box is checked (found behind the Census Data button, as previously discussed).

Check the Save Individual Results box to indicate to save results, on a record by record basis, in a ProVal database file from which you can (later) merge the output values into your ProVal Census Database File. Then the remaining parameters, which provide such information as which output variables to save, become accessible.

Select the Database File Name of the ProVal database file in which you wish to store the individual record results of the Valuation run, or click the New button to create a new database file in which to store the output (referred to in the remainder of this article as the Individual Results output database). Note that you cannot save the results directly in the Census Database File that is accessed to provide the Valuation’s input data values, although you can merge results into the Census Database File afterwards by using the Merge Data command of the Database menu.

Specify the Key field(s) to use in matching records, for example, employee identification number, (U.S.) social security number. Select from the list of database fields (only the fields contained in the Census Database File that has been specified for this Valuation appear in the list). The field(s) should be the key field(s) that you will (later) use to match output file records containing new data (saved, as individual results, from the Valuation run on a record-by-record basis) with the records in the (input) Census Database File. Although it is common to use an employee identification number (or, in the U.S. qualified and U.S. public modes, to use social security number) as a key field, you may select any of the five types of database field. The combination of key field(s) must be unique for all records, that is, no two records should have the same set of key field values (no duplicate keys).

The Match case in key option determines whether ProVal should, for example, treat "a" differently from "A" when these characters are encountered. For case-sensitive treatment, check the box.

Check the Delete all existing records before processing box if the selected Individual Results output database file already contains records with field information and you wish to "wipe the slate clean" and save results to a file without saving existing records or database field values.

Check the Include non-participating and excluded records that meet selection expression box to include all records in the individual results database file. This includes records with a non-participating ProVal status or records excluded due to missing or invalid values.

The Individual Results parameter lists the output variables selected for saving, on an individual record basis, to the selected Individual Results output database. The List parameter provides the option to display only a subset of the selected output variables. Change the List selection from “All” to one of the other options to contract it to show only variables produced from the funding Valuation run (“Funding”), only variables produced by the accounting Valuation run (“Accounting”) or only the fields contained on the Census Database File selected for this Valuation library entry (“Additional Fields”).

Click the Add/Omit button and then click one of the categories of variables whose output values can be saved to the Individual Results output database:

• “Funding” to select from the list of output variables whose results are produced by the funding Valuation run;
• “Accounting” to select from the list of output variables whose results are produced by the accounting Valuation run;
• “Additional Fields” to select from the list of database fields in the Census Database File selected for this Valuation, so that ProVal will include these field values on the records in the Individual Results output database.

Selecting one of these categories produces a list of all of the related variables that can be selected to be saved. Each item in the list of variables (under the Select items to include parameter) consists of the variable’s database field name and description. ProVal selects the database field name for those variables that are always included in the selection screen (because they are "standard" output items, for example, cost method liabilities); however, for those variables that are a function of, for example, benefit formulas, the database field name appears as "<none>".

For funding and accounting Individual Results output variables, the following parameters allow you to expand or contract the list:

• a drop-down list box for selecting the types of output variables to display in the list. Change the List selection from “All” to one of the other options to contract it to show, for example, just “Normal Costs” (that is, no actuarial accrued liability, no present values, no demographic items and no information about benefits). The options that omit some output variables from display are:
• “Demographic & Benefit Information”, which includes expected benefit payments, total salary of active plan members and, in OPEB and German modes, projected Benefit Formula Components;
• “Miscellaneous Present Values”, which includes items such as valuation head count and valuation salary;
• “Liabilities”, which displays actuarial and statutory liabilities, including vested liabilities;
• “Normal Costs”, including term costs;
• except in OPEB and German modes, “Projected Benefits”, which are the benefit amounts computed by the benefit formulas of Benefit Definitions.

• a check box for selecting benefit details:

• In all modes other than German pension, check the Show benefit detail box to add a separate output variable for benefit amounts and liabilities for each Benefit Definition (separately for the Normal Payment Form and each Optional Payment Form, if the Benefit Definition contains any optional forms) included in the Plan Definition and Inactive Benefit included in the Census Specifications. Otherwise, the list displays items for saving only the sum of results calculated for all Benefit Definitions and the sum of results for each contingency. Note that the output for the Current Accrued Benefit, Current Year Accrual, Projected Benefit, and Largest Projected Benefit variables will sum only the normal form results from each Benefit Definitions. Also, note that for records whose status is mapped to "Vested valued as active", benefit detail, including by contingency initiating the benefit, is not available except for the output variables zERAGE, zCurrBft, zProjBft, zPVFB, and zEBO_actg.      
• In the German pension mode, check the Show benefit promise detail box to add a separate output variable for benefit amounts and liabilities for each Benefit Promise included in the Plan Definition and Inactive Benefit included in the Census Specifications. Otherwise, the list displays items for saving only the sum of results calculated for all Benefit Promises. Just as for the other ProVal modes of operation (see discussion in the preceding bullet), after you check the box ProVal adds an item to the list for each Benefit Promise, so that you may save results separately by Benefit Promise.

• a check box for selecting Benefit Formula Components: Check the Show benefit formula components box to add a separate output variable for each Benefit Formula Component referenced by the Plan Definition. A separate variable will be added for the current value and all requested projected values of each component.  All component values are on the PVB basis.  Results will be as of valuation anniversaries, regardless of whether assumed decrement timing is beginning or middle of year (and not as of retirement dates in German mode).  In OPEB mode, if both member and spouse payment forms are specified for a Benefit Definition, a separate output variable for the spouse value will be included for each component.  

• a button for selecting which benefits and components to show on the list: Check either the Show benefit detail box (Show benefit promise detail box in German mode) or the Show benefit formula components box, to make the Benefits & Components... (Benefit Promises & Components... in German mode) button accessible., and click it to enter the Benefits & Components dialog box, which allows you to select the Benefit Definitions (Benefit Promises in German mode) and Benefit Formula Components you would like in the list of output variables.  Reducing the size of this list may make it easier to browse through it and select the desired output. The list of Benefit Formula Components is adjusted automatically to show only components referenced by the Benefit Definitions included in the Plan Definition.  In certain cases, a "benefit definition type" will be included in the list under Select benefits for detailed output when no individual results output is directly available but underlying Benefit Formula Component detail is available.  These special types are Contribution Policy Data (listed with the prefix "Fdg"), in all modes except OPEB and German, Insurance Reserves (listed with the prefix "Ins") in universal mode, and, in OPEB mode, Lifetime and Annual Limits.   

• radio buttons for selecting decrement/projection ages/year (all modes other than OPEB and German pension): These inputs may be ghosted if the List setting has filtered the results to which they apply. Note that you may not select both the Ages and Years radio buttons, that is, you must do separate Individual Results Valuation runs to save results for both particular decrement ages and particular years.
  • Select Decrement Ages to save Individual Results for projected benefits and components at particular decrement ages. Enter the ages for which you wish to save results (e.g., “55 - 60, 65”). (Note if you select this option, expected benefit payments and projected decrements output variables will not be available.)
  • Select one of the two Decrement/Projection Years options (calendar year or duration from valuation date) to save Individual Results output variable values for projected benefits and components, expected benefit payments, and/or and projected decrements in particular years. Enter the years for which you wish to save results (e.g., “2019 - 2022, 2030” for calendar year, or "0-3,5" for duration from valuation date).

•  radio buttons for selecting decrement/projection ages/year (OPEB and German pension modes): 
  • Select one of the two Years options (calendar year or duration from valuation date) to save Individual Results output variable values for projected components, expected benefit payments and/or projected decrements in particular years. Enter the years for which you wish to save results (e.g., “2019 - 2022, 2030” for calendar year, or "0-3,5" for duration from valuation date). 

Note that, in OPEB mode, much of the demographic information pertains to both the member and spouse. Therefore, for example, the value of the total life expectancy output variable is an average of the member and spouse life expectancies (as of the valuation date).

For the record's status field code, there are two demographic variables, zNSTC and zNSTC_actg, for funding and accounting results, respectively.  If these variables are selected, the contents of the Output database field will be based on the ProVal status code mapping, as follows:

Similarly, for the record's sex field, there are two demographic variables, zSEX and zSEX_actg. These variables have codes of 1 for males and 2 for females, unless a numeric field (containing the percentage of the record that is male) was selected in the Census Specifications to indicate the record's sex.

If the plan contains any termination benefits commencing "at post-termination retirement age" or any benefit formula components that vary by commencement age, there is a parameter available to specify the Commencement age. For benefits commencing at post-termination retirement age, this specifies the retirement age that will be used for accrued and projected benefits. For benefit formula components that vary by commencement age, this specifies which commencement age will be used to determine the benefit. 
   
Select a variable to save by checking the box next to its name and/or description. Click OK to return to the Individual Results dialog box, where the selected variables now appear in the Individual results list.

To revise field names for the display of Individual Results output variables contained in the Individual Results Output database file, click the Field Names button. ProVal displays all of the Funding and Accounting variables selected to be saved as individual results (i.e., on a record-by-record basis). (You may not edit names of any Additional Fields selected from the Census Database File, which fields will retain, in the Individual Results output database File, the names they have in the Census Database File.)  Double-click the row (or select the row and click the Edit button) containing the output variable you wish to rename. In the ensuing dialog box, the name will be shown in the text field for the Database field parameter.  You may specify a New field name (and ProVal will create a new database field for this output variable when the Valuation is run) or you may pick the name of a Database field that already exists in the Data Dictionary. If you provide a new field name, you may also edit the suggested field Description (optional phrase that describes the contents of this field) and Column title (to be used for display of the field value in a table or list) and/or change the Formatting style, which sets the field width, number of decimal places and presence of dollar signs and/or commas for display purposes only. (Note: the data is stored to full precision regardless of the formatting style.) Click OK to return to the Edit Field Names dialog box, where the specified field names and descriptions now appear in the list of output variables. Click OK again to return to the Individual Results dialog box, whose list of selected Individual results output variables is now modified by your field name and field description specifications.

In the pension modes other than German, the Projected Benefits button allows you to modify Individual Results output for projected benefit amounts, i.e., the amount produced by the benefit formulas of the Benefit Definitions selected for saving individual record results (e.g., age 65 Projected Benefit for the retirement benefit). You may tell ProVal to Report projected benefits as of Nearest ages (on a valuation date) – that is, for all anniversaries of the valuation date, associate the benefit with the age on the birthday nearest the valuation date (this is the methodology used in the Valuation run to produce total plan liabilities for all members) – or Report projected benefits as of Exact ages (interpolating between two valuation dates) – that is, interpolate the projected benefit values as of the valuation date anniversaries preceding and following the exact birthday. ProVal computes and saves projected benefits without regard to eligibility. Therefore, check the Zero out projected benefits if ineligible box if you wish to save a zero benefit value for any decrement ages for which the participant is ineligible for the benefit. If you have selected a Largest projected benefit output variable, then list (separated by a single blank space) the Ages to consider for largest projected benefits, that is, the ages to consider in the comparison of projected benefits to find the one with the largest value. For example, if you assume 100% retirement at age 70 but list just ages 60 and 65, then ProVal will consider only those two ages, and not consider the age 70 benefit. The Projected Decrements (total, retirement, termination, death, or disability) for projected years are also available. This probability is the product of the probabilities of decrement and survivorship to the projected year.

A check in the Save valuation assumption sensitivity results box will write the results of the High and Low sensitivity runs to the individual results output database file using the parameters specified for the baseline results. Enter suffixes in the Append suffix to High field names (e.g., _HiMisc) and Append suffix to Low field names (e.g., _LoMisc) boxes for ProVal to append to the specified field names to indicate that the result is from a sensitivity run (rather than the baseline run). These individual results will be produced only if applicable (i.e., if at least one sensitivity was selected behind the Sensitivity button of the Valuation).

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Sample Lives

Click the Sample Lives button to run selected records through the Valuation and display calculation details to help verify results. Sample lives are a useful means of checking the accuracy of your Valuation inputs prior to running a Valuation on the entire census database. It is recommended that you run sample lives and view the results either prior to, or in conjunction with, the “full” Valuation run on the entire census.

To select records to run as sample lives, you can either:

• Specify a Selection expression (applied after census expression), e.g., RecID = 10. The Selection Expression can be entered directly or you can click the  button to select an expression previously defined and stored in the Selection Expression library. Note that if the Selection Expression is blank, the Sample Life will operate on all records in the selected database, up to the maximum number specified for processing.
• Pick specific records from the database. When picking records, you can optionally use the selection expression to filter the records shown. Records previously selected (checked) will remain selected when you change the selection expression. So, for example, you could first use a selection expression to find and select an active participant, then change the selection expression to find and select a terminated vested participant. If desired, you can click the  button to select which fields are displayed when picking records.

Regardless of the method of selecting records, you may limit the number of records to be processed (“Process no more than 20 records”), up to 20. For example, you could use the selection expression to choose the general type of participant you want to study (e.g., Location = 3), and then set the maximum to 1 to run the first record that meets this criteria.

If you have specified both funding and accounting Valuation Assumptions for this Valuation, you can choose whether to run the sample life records through either a Funding or Accounting valuation.

If you have selected a set of Valuation Assumptions and selected at least one sensitivity under the Sensitivities button of the Valuation, the Sensitivity Set parameter becomes accessible. Select from the list of available sensitivity sets to tell ProVal to produce sample life results with the selected sensitivity applied.

In OPEB mode, a Lifetime and Annual Limits report may be selected. Detail is currently available only for medical spending accounts, provided that the limit applies to:

• only one benefit,

• multiple benefits that are all payable either to the member or to the spouse,

• multiple benefits with the same payment form type (e.g., this sample life detail is not available if the limit applies to a benefit payable as a life annuity to the member and a benefit payable as a joint life annuity to the member) or

• benefit(s) payable on a form other than a reversionary annuity.

If a lifetime or annual limit applies to more than one benefit, please note when checking application of lifetime and annual limits to coverage amounts (displayed in the benefit's Payment Form Value report) that ProVal will not split the limit among the benefits if there are ages at which the sample life is ineligible for at least one of those benefits.  

In all modes, the Decrements report shows valuation assumption decrement rates (retirement, termination, death and disability) beginning at the assumed hire age and continuing through the age at which the retirement rate becomes 100%.  If, for some contingency, decrement rates vary by service as of the decrement date and the service used for rate table lookup is not set to "<rounded attained age - rounded hire age>", an additional column displays the service used for that contingency.

To process the chosen sample lives, click the Run button. The first output screen you see will indicate the elapsed time, whether input validation resulted in any errors or warnings and what data, if any, was defaulted. You may chose to Print this screen before clicking OK, to view the results / output of the sample life run.

The pane on the left side of the screen displays a “tree”, which contains report labels and folders that contain more report labels. Click a folder’s plus symbol (“+”) to expand it or click a report label to display the report on the screen’s right side. Use the Up (↑) and Down (↓) arrow keys to move through the tree. Use the Right (→) and Left (←) arrow keys to expand and collapse individual folders. A right-click on the tree brings up a menu with “Expand All” and “Collapse All” choices.

Note: The pane on the left side might not display all of the Benefit Definitions included in your Plan Definition. If all sample lives run are ineligible for a benefit because they do not meet the eligibility criteria of a Selection Expression (see Eligibility Requirements for the pension modes or Active Eligibility for OPEB mode), the Benefit Definition will not appear in the pane. Likewise, if a Benefit Definition is unchecked behind the Benefits button at the top of the screen (see snapshot above), it will not be listed in the pane. Lastly, if a Benefit Definition has not been included in vested liability (pension modes except German and U.K.), the Benefit Definition will not be listed in the pane for vested liability sample life reports.

This screen allows you to:

• change the field used to identify records (RecID is the default);

• select an individual sample life to display or select all lives at once (select “<all>” from the dropdown list);

• use the Benefits button to select benefits and/or components for which to provide detailed output or to select active decrement ages to display for some sample life reports (e.g., Payment Form Value report in the pension modes); or

• print some or all of the tables or save them to a file, using the Print or File Buttons, respectively. If the same set of reports is printed or saved to file frequently, then that set of reports may be optionally saved as a "style" for future use.

• use the Compare button to compare the selected sample lives using the same records but different inputs (e.g. run a second sample life with different valuation assumptions, census specs and/or plan definition). If a different plan definition is used, only benefits in common with the sample life are compared. The output will show a side-by-side comparison of changes in the sample lives. The option to compare sample lives is available in valuations only.

If you choose any of the tables that are available “by benefit”, the Benefits button at the top of the screen will be accessible, so that you can choose one or more of the plan benefits for the detailed output. In OPEB mode, for both active and inactive sample lives, this button accesses the Benefits dialog box, in which you select the Benefit Definitions and components for which you wish to see output and details, as well as select decrement ages for some reports for which this is relevant (for example, the Payment Form Value report). In the pension modes, this button provides two commands: Active Benefits and Inactive Benefits. If any active sample lives, or (except in German and U.K. modes) sample lives with a “Vested valued through active” status, have been run, clicking the Active Benefits command leads to the Active Benefits dialog box, in which you can select the Benefit Definitions and components for which you wish to see output and details, as well as select decrement ages for some reports. If any inactive sample lives, such as retired lives or lives with a “traditional” vested status, have been run, clicking the Inactive Benefits command leads to the Inactive Benefits dialog box, in which you can select the Inactive Benefits for which you wish to see output and details.

After reviewing the output, you can exit sample life processing by clicking the Close button of the Sample Life Output screen and then the Exit button of the Sample Lives dialog box. If you later return, your settings behind the Benefits button will remain.

Viewing Output

The View button displays summary output, along with inputs and processing messages. Click the Options button to:

• Select inputs to view along with the results (and to enable the Review button)
• Show RecIDs in processing messages
• Turn off scaling factors
• Split output by pre/post-Medicare, benefit, or inactive status code (OPEB mode only)
• Change the basis for projected benefit payments

Alternatively, you can create customized output by using the Output pane (on the right side of ProVal’s main window).