Comprehensive Defined Benefit Valuation System
LVVal is a complete defined benefit valuation system designed for small, medium, and large pension plans and is capable of valuing single employer, multi-employer, government, not-for-profit, and nonqualified plans. Most plans can be valued by the parameter driven menus. Unusual plan features can be handled with our entry point programming (EPP) which adds unlimited flexibility. The valuation system also includes several utilities such as:
- data verification and analysis;
- tracking and reconciling plan assets;
- post-valuation processing of IRS minimum and maximum contributions, PBGC premiums, and accounting expense and disclosures, supporting information for government filings, and client actuarial reports;
- actuarial equivalence factors for determining optional payment forms and cost factors for validating results; and
- Social Security on an individual basis or PIA tables based on dates of birth and projected salaries.
Participant data can be imported directly into the LVVal database or accessed from LVAdmin, our defined benefit administration system. Liabilities generated by LVVal can be accessed by LVALM, our asset liability modeling system, if forecasts of future liabilities and plan costs are desired.
- Calculates and stores multiple salary histories and averages
- All common mortality, withdrawal, and disability rates are included. The user can add additional rates with a utility.
- Handles generational and two dimensional mortality options
- Includes select and ultimate decrement tables
- Can process single, select and ultimate, segment, and full yield curve interest rate assumptions in different passes of the same run.
- Includes traditional, cash balance, and other hybrid benefit formulas with or without employee contributions.
- Values different forms of payment including lump sums.
- Fully compliant with all provisions of PPA, as amended through HATFA. Can process regular and at-risk liabilities in the same run.
- Batch processing of multiple plans.
- Summary of actuarial assumptions and plan provisions
- Grouping of liability results determined by the user
- Detailed sample lives, as selected by the user, designed for easy checking of plan liabilities
- Actuarial Gain/Loss analysis by source
- Age/Service listings for active employees
- Schedule of Non-Active Participant Data
- 120-year payout projections for closed and open groups
- PIA listings by age and current pay rates
- Results easily exported to MS Excel
- Reports and supporting schedules to verify Plan valuation results, IRS contributions, and accounting reports.
- Worksheets to verify the calculation of actuarial assets
- Ability to generate user defined reports