Pension Plan Project

Review the two most recent audited financial statements and the actuarial report of the U.S Virgin Islands Government Employee Retirement System (GERS) posted on the internet.

Requirement:

1. Describe Defined Benefits Plan and Defined Contribution Plan?
2. What is the difference between Defined Benefit and Defined Contribution Plan?
3. What is meant by unfunded liability? What is the unfunded liability for the two most recent years reviewed for the GERS?
4. Identify and explain at least five of the most recent GASB standards that have been used to address the current trend of pension underfunding.
5. List and describe five socio-economic items described in the Actuarial Report.
6. Calculate five ratios for the GERS on employee benefit plans.
7. Describe three major investments made in the national or international market. Be sure to describe the nature, amount and status of each investment.
8. Identify and describe five reasons given for the financial state of the GERS.
9. Provide five recommendations offered for fixing the GERS.
10. What percentage of wages is contributed by an employee and what is the percentage contributed by the government?

The following website is the main source to use to access the necessary documents for answering the questions. http://www.usvigers.com/Home.aspx
However other sources can be used.

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