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An unexpected $4.8 million non-cash accrual was also booked in Q2 as a result of a mid-year actuarial adjustment for workers' compensation expense." Craft added, "As expected, our oil and gas minerals segment delivered double digit Segment Adjusted EBITDA growth compared to both the 2018 Quarter and the Sequential Quarter.
In its first year, CAS has resulted in an over $90 million favorable and sustained actuarial adjustment.
Moreover, individuals are still eligible to receive benefits as early as age 62 with an actuarial adjustment. Since that change was enacted, the life expectancy of someone in their mid-sixties has increased by about three years, continuing a pattern of one-year-per-decade increases in longevity for someone of that age.
Social Security Pension System AIME 1,628 2,929 5,411 8,658 13,016 PIA 1.355 1,772 2,754 3,649 4,392 Actuarial adjustment -30% -30% - - - First pension (annual) 11,385 14,882 33,053 43,790 52,709 Replacement rate 68.4% 49.7% 59.9% 49.6% 26.9% Real IRR 5.2% 4.2% 3.6% 3.0% 2.2% NDC Pension System Account balance 75,975 136,702 313,868 502,189 766,105 Divisor 19.799 19.799 16.722 16.722 16.722 First pension (annual) 3,837 6,905 18,770 30,032 45,815 Replacement rate 23.1% 23.1% 34.0% 34.0% 23.4% Real IRR 1.8% 1.8% 1.8% 1.8% 1.8% Source: Authors' elaboration.
Social Security benefits increase by about 8% a year between ages 62 and 70, due to the actuarial adjustment before the full retirement age of 66 and the delayed retirement credit between 66 and 70.
As individuals who claim later can, on average, expect to receive benefits for a shorter period, an actuarial adjustment is made to the monthly benefit to reflect the age at which benefits are claimed.
45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, presumed that it would be impractical for employers to obtain the actual amount of the actuarial adjustment. Therefore, those two standards provided a formula for estimating the amount of the actuarial adjustment.
Our measure is the risk premium for the specific subscriber because the actuarial adjustment is specific to the age and health of the subscriber.
The year-over-year increase in the SG&A ratio also reflects a $2.6 million reduction of employee benefits expense in the prior-year quarter, which was due to an actuarial adjustment for health claims.
Bottom-line results in the most recent quarter were bolstered by a $6.6 million after-tax net gain on the sale of the company's Lathrop, Calif., distribution facility and a $3.7 million after-tax favorable actuarial adjustment to self-insurance reserves due to a decline in workers' compensation claims and lower costs per claim.
Finally, Guillmette believes a proposal to increase the actuarial adjustment factor used to increase the retirement pensions of those who retire after 65 years of age would provide "a clear incentive to delay retirement."