1. What is the difference between pay as you go and pre-funding a pension plan?

2. What is the actuarys role? Explain how it is beneficial that the actuary performs this role for each of the following:

a) pension plan members

b) the plan sponsor (employer)

3. Are actuaries required for DC plans? Why or why not?

4. In your own words, describe the differences between funding a pension plan on a going-concern/ongoing basis as opposed to funding on a solvency/wind-up basis.

5. Explain what it means when a plan is in a surplus or deficit position.

6. How is the funded ratio determined in plan valuations?

7. Explain and discuss what economic assumptions are as used by actuaries, and provide an example.

8. Explain and discuss what social assumptions are as used by actuaries, and provide an example.