Copyright 2014 National Council on Compensation Insurance, Inc. All Rights Reserved. Unit Statistical Pension Tables
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1 Unit Statistical Pension Tables
2 Agenda Overview Uses Table Structure Statistical Plan Tables and Usage Guide Sample Claim Scenarios Florida Permanent Total Benefits Resources Test Your Pension Table Knowledge
3 Overview Required for Unit Statistical reporting of claims that include lifetime benefits must reflect a case reserve based on the annuity values contained in the Pension Tables Incurred loss is the total of all paid and outstanding indemnity and medical amounts as of the valuation date
4 Overview Determining the present value of expected lifetime benefit payments Applies to death and permanent total claims that result in lifetime benefits Provide consistency in reporting Amounts may differ from internal company amounts
5 Overview Annuity Values Factors applied to annual indemnity benefits to determine the expected present value Indemnity benefit amounts depend, in part, on the beneficiary type: Injured worker Surviving spouse Dependents other than surviving spouse
6 Overview Types of Claims Fatal injuries where the surviving spouse is entitled to benefits until death or remarriage Injury Type Code 01 Death 02 Permanent Total Fatal injuries where dependents, other than a surviving spouse, are entitled to benefits until death Fatal injuries where the surviving spouse is entitled to a lump sum award upon remarriage Permanent total injuries where benefits are paid to the injured worker until death Permanent total injuries where benefits are paid to the injured worker until death and then to the surviving spouse until death or remarriage Optional for lifetime permanent partial claims
7 Uses Calculating the case reserve portion of an indemnity incurred loss to be reported on the unit for a claim with lifetime benefits Determining the present value of expected lifetime benefit payments associated with death and permanent total injuries Setting residual market reserves for claims that include lifetime benefits
8 Table Structure All pension tables use a 3.5% annual rate of interest Tables for death claims assume female survivor and include probability of remarriage Permanent total injury tables vary based on claimant gender (except FL) Both the Lifetime Benefits and Surviving Spouse tables provide annuity values for different escalation rates
9 Table Structure All pension tables use a 3.5% annual rate of interest Tables for death claims assume female survivor and include probability of remarriage Permanent total injury tables vary based on claimant gender (except FL) Both the Lifetime Benefits and Surviving Spouse tables provide annuity values for different escalation rates Use US Department of Health and Human Services and US Railroad Retirement Board data
10 Pension Tables Statistical Plan Statistical Plan for Workers Compensation and Employers Liability Insurance Part 7: Overview, Applicability, Terminology, and Effective Dates Pension Table Usage Guide 19 Pension Tables and 4 Examples
11 Pension Tables Usage Guide Pension Tables Death Claims Injury Type 01
12 Pension Tables Usage Guide Pension Tables Permanent Total Injury Type 02
13 Usage Guide Example A fatal claim occurs in Arkansas on March 10, 2014 Benefits are payable to the surviving spouse until death or remarriage
14 Usage Guide Example
15 Usage Guide Example Surviving Spouse Pension Tables For death claims, use these tables for surviving spouse s benefits that are not limited by duration or aggregate amount, but are payable to the surviving spouse until death or remarriage
16 Usage Guide Example
17 Usage Guide Example
18 Benefit Type (Fatal or Permanent Total) Pension Table Usage Jurisdiction State Act or USL&HW Pension Tables Accident Date Claimant Gender Male or Female Determines table applicability
19 Pension Table Usage Claimant s Age Nearest birthday with normal usual rounding Determine appropriate factor or value and calculate reserve Factor/Value and Calculation Spouse s Age Age at widowhood Attained age Weekly Benefit at Injury Escalation Rate
20 Claim Scenario
21 Claim Scenario
22 Claim Scenario
23 Claim Scenario Death Claim Arkansas Accident Date 3/10/14 Age 56 at Widowhood Remarried at Age 63 Policy Effective Date (PED) 4/1/13 3/31/14 5/1/58 (Widow s Date of Birth)
24 Claim Scenario Timeline Policy Effective Date 4/1/13 3/31/14 DOB 5/1/58 APR JUN AUG OCT DEC FEB APR JUN AUG OCT Accident Date 3/10/14
25 Claim Scenario Timeline Policy Effective Date 4/1/13 3/31/14 DOB 5/1/58 APR JUN AUG OCT DEC FEB APR JUN AUG OCT Widow s Birthday 5/1/13 55 Accident Date 3/10/ at Widowhood Widow s Birthday 5/1/14 56
26 Claim Scenario Timeline Policy Effective Date 4/1/13 3/31/14 DOB 5/1/58 APR JUN AUG OCT DEC FEB APR JUN AUG OCT Widow s Birthday 5/1/13 Accident Date 3/10/14 Widow s Birthday 5/1/14 Valuation Date 10/ months 56 at Widowhood 56 at Valuation
27 Claim Scenario
28 Claim Scenario Surviving Spouse Pension Table (I A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained Age Annuity Value at Attained Age
29 Attained Age at Widowhood Claim Scenario Surviving Spouse Pension Table (I A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained Age Annuity Value at Attained Age
30 Claim Scenario Surviving Spouse Pension Table (I A) Number of Years Since Death Age (X) X X+1 X+2 X+3 X+4 X+5 Attained Age Annuity Value at Attained Age
31 Claim Scenario Surviving Spouse Pension Table (I A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained 1 Age Annuity Value at Attained Age
32 Claim Scenario Surviving Spouse Pension Table (I A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained 1 Age Annuity Value at Attained Age
33 Claim Scenario Surviving Spouse Pension Table (I A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained Age Annuity Value at Attained Age
34 Attained age at widowhood Claim Scenario Surviving Spouse Pension Table (I A) Number of years since death Age (X) X X+1 X+2 X+3 X+4 X+5 Attained Age Annuity Value at Attained Age
35 Claim Scenario Death Claim Arkansas Accident Date 3/10/14 Age 56 at Widowhood Remarried at Age 63 Policy Effective Date (PED) 4/1/13 3/30/14 5/1/58 (Widow s Date of Birth) $375 Weekly Benefit
36 Claim Scenario Convert weekly benefit to annual benefit amount $ $19,500 Surviving Spouse Pension Table (I A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained Age
37 Claim Scenario Convert weekly benefit to annual benefit amount $ $19,500 Surviving Spouse Pension Table (I A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained Age $19, $321,497 Case reserve portion of indemnity incurred loss
38 Claim Scenario Calculating Present Value of Annuity (Report Levels) Unit Report Calculation Case Reserve Portion 1 $19,500 x $321,497 2 $19,500 x $315,179 3 $19,500 x $309,446 4 $19,500 x $303,771 5 $19,500 x $298,019 6 $19,500 x $291,896 7 $19,500 x $285,324 Widow assumed to remarry at age 63
39 Unit Report Level Claim Scenario Indemnity Reserve for Surviving Spouse Benefit Claim Valued as of October Widow Attained Age Claim Status Case Reserve Portion Open $321, Open $315, Open $309, Open $303, Open $298, Open $291, Open $285,324 August 2021 Widow Remarries (No Other Benefit Activity on the Claim) N/A Closed $0
40 Remarriage Award
41 Remarriage Award Present Value of Remarriage Award Table For death claims, use these tables for the portion of the reserve representing the lump-sum award payable to the surviving spouse upon remarriage where remarriage awards are provided by statute and where benefits are not limited by duration or aggregate amount.
42 Remarriage Award Tables
43 Claim Scenario Remarriage Award
44 Claim Scenario Remarriage Award Age at Valuation
45 Claim Scenario Remarriage Award
46 Claim Scenario Remarriage Award
47 Claim Scenario Remarriage Award Arkansas 2-year Lump Sum Remarriage Present Value of Remarriage Award Table (II A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained 1 Age
48 Claim Scenario Remarriage Award $375 (Weekly Benefit) x 52 = $19,500 (Annual Benefit) Arkansas Two-Year Lump-Sum Remarriage $19,500 2 $39,000
49 Claim Scenario Remarriage Award $375 (Weekly Benefit) x 52 = $19,500 (Annual Benefit) Arkansas Two-Year Lump-Sum Remarriage $19,500 2 $39,000 Present Value of Remarriage Award Table (II A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained Age $39,000
50 Claim Scenario Remarriage Award $375 (Weekly Benefit) x 52 = $19,500 (Annual Benefit) Arkansas Two-Year Lump-Sum Remarriage $19,500 2 $39,000 Present Value of Remarriage Award Table (II A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained 1 Age $39,000
51 Claim Scenario Remarriage Award $375 (Weekly Benefit) x 52 = $19,500 (Annual Benefit) Arkansas Two-Year Lump-Sum Remarriage $19,500 2 $39,000 Present Value of Remarriage Award Table (II A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained Age $39, $1,252
52 Claim Scenario Remarriage Award Reserve for Remarriage Award Table II A Calculation $39,000 x =$1,252 Surviving Spouse Benefit Table I A Calculation $19,500 x = $321,497 $322,749
53 Claim Scenario Remarriage Award Unit Report Level Indemnity Reserve for Surviving Spouse Benefit Claim Valued as of October Widow Attained Age Claim Status Case Reserve Portion With Remarriage Award Open $322, Open $316, Open $310, Open $304, Open $298, Open $292, Open $285,936 August 2021 Widow Remarries (No Other Benefit Activity on the Claim) N/A Closed $0
54 Florida Permanent Total Benefits Claimants with permanent total injuries receive Basic and Supplemental Benefits (Injury Type Code 02) Supplemental Benefits are 3% of the Basic Benefit times the number of calendar years since the accident date
55 Florida Permanent Total Benefits Accident Date Basic Benefits Supplemental Benefits On or after 7/1/84, Payable for life Payable for life but prior to 7/1/90 On or after 7/1/90, but prior to 10/1/03 Payable for life Payable until age 62 On or after 10/1/03 Payable until age 75 Payable until age 62 Values for both lifetime benefits and benefits ceasing at age 62 are provided
56 Florida Permanent Total Benefits
57 Florida Claim Scenario
58 Florida Claim Scenario 1 2 3
59 Florida Claim Scenario 1 2 3
60 Florida Claim Scenario 2 3
61 Florida Claim Scenario Future Supplemental Benefit Increasing Annuity
62 Florida Claim Scenario Current Supplemental Benefit Level Annuity
63 Florida Claim Scenario Accident Date 8/1/13 Claimant s Date of Birth 7/25/68 Weekly Benefit Amount $600 Policy Effective Date 5/1/13-4/30/14
64 Florida Claim Scenario Valued November 2014 (18 months after 5/1/13 PED) Nearest birthdate to valuation is 7/25/14 ( = 46)
65 Florida Claim Scenario Valued November 2014 (18 months after 5/1/13 PED) Nearest birthdate to valuation is 7/25/14 ( = 46)
66 Calculating Basic Benefit $600 (weekly benefit) x 52 (weeks) = $31,200 $31,200 x = $528,278 Basic Benefit Portion of the Case Reserve
67 Calculating Future Supplemental Benefit $600 (weekly benefit) x 52 (weeks) = $31,200 $31,200 x = $85,238 Future Supplemental Benefit Portion of the Case Reserve
68 Calculating Current Supplemental Benefit Weekly Benefit Current % of Benefits Weeks per Year # of Years Since Accident Minus 1 Factor $600 x 3% x 52 x (1-1) x = $0
69 Florida Claim Scenario Basic Benefit Future Supplemental Benefit Current Supplemental Benefit $613,516 Case Reserve Portion of the Indemnity Incurred Loss
70 Florida Claim Scenario Unit Report Level Case Reserve Portion for Florida Permanent Total Claim Claim Valued as of November Calendar Years Since Accident Basic Benefit Future Supplemental Benefit Current Supplemental Benefit Case Reserve Portion $528,278 $85,238 $0 $613, $516,703 $76,989 $10,608 $604, $504,785 $68,890 $20,124 $593, $492,554 $61,090 $28,496 $582, $480,012 $53,633 $35,655 $569,310
71 Available Resources
72 Available Resources
73 Summary Pension Tables apply to Death and Permanent Total claims Used to calculate the case reserve portion of an indemnity incurred loss Examples of information needed to calculate the value are Claimant s Age, Spouse s Age, Weekly Benefit at Injury Examples of information needed to determine the table are Injury Type, Jurisdiction, Accident Date, Claimant Gender
74 Pension Tables Evaluation Review Questions Exit
75 Pension Tables Review Questions The Pension Tables are used for: A. Calculating indemnity payments B. Determining the present value of expected lifetime benefit payments associated with Temporary Total injuries C. Setting residual market reserves for claims that include lifetime benefits D. Assisting in class ratemaking
76 Pension Tables Review Questions The Pension Tables are used for: A. Calculating indemnity payments B. Determining the present value of expected lifetime benefit payments associated with Temporary Total injuries C. Setting residual market reserves for claims that include lifetime benefits D. Assisting in class ratemaking Answer: C. The pension tables are used for setting residual market reserves for claims that include lifetime benefits.
77 Pension Tables Review Questions If you had a death claim with benefits payable to a surviving spouse, that occurred in Maine on 10/1/14, what table would you use? A. I-A B. I-B C. I-C
78 Pension Tables Review Questions If you had a death claim with benefits payable to a surviving spouse, that occurred in Maine on 10/01/14, what table would you use? A. I-A B. I-B C. I-C Answer: A. Table I-A. In Maine, table I-B is only used for accidents that occurred prior to January, 1 st, 1993.
79 Pension Tables Review Questions Other than Injury Type, Jurisdiction/Act, and Accident Date, what additional information is needed to determine the appropriate lifetime benefits table? A. Weekly Benefit at Injury B. Claimant Gender C. Spouse s Age at Widowhood
80 Pension Tables Review Questions Other than Injury Type, Jurisdiction/Act, and Accident Date, what additional information is needed to determine the appropriate lifetime benefits table? A. Weekly Benefit at Injury B. Claimant Gender C. Spouse s Age at Widowhood Answer: B. The lifetime benefits pension tables are based on the gender of the injured worker.
81 Pension Tables Review Questions Which column would be used for a first valuation if: A. X B. X+1 C. X+2 Present Value of Remarriage Award Table (II A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained Age
82 Pension Tables Review Questions Present Value of Remarriage Award Table (II A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained 1 Age A. X B. X+1 C. X+2 Answer: C. The widow s age at nearest birthday to valuation is 59 two years older than at accident date.
83 Pension Tables Review Questions If the widow was 56 at widowhood, 57 at first valuation, and remarried at 63, what factor would be used at the 6th valuation? Surviving Spouse Pension Table (I A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained Age A B C
84 Pension Tables Review Questions If the widow was 56 at widowhood, 57 at first valuation, and remarried at 63, what factor would be used at the 6th valuation? Surviving Spouse Pension Table (I A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained Age A B C Answer: A corresponding to the widow s attained age of 62 at 6th valuation. 6
85 Pension Tables Review Questions What would the case reserve portion of the indemnity incurred loss be at 4th valuation if the weekly benefits were $300? : Surviving Spouse Pension Table (I A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained Age A. $222,861 B. $4,585 C. $238,415
86 Pension Tables Review Questions What would the case reserve portion of the indemnity incurred loss be at 4th valuation if the weekly benefits were $300? Surviving Spouse Pension Table (I A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained Age A. $222,861 B. $4,585 C. $238,415 Answer: C. The weekly benefit of $300 is converted to an annual amount first, and then multiplied by $300 x 52 (weeks) x = $238,415 4
87 Pension Tables Review Questions If the widow was 58 at widowhood, 60 at 1st valuation, and remarried at 63, what would the case reserve portion of the indemnity incurred loss be for Surviving Spouse Benefits at 4th valuation if the weekly benefits were $300? Surviving Spouse Pension Table (I A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained Age A. $228,103 B. $0 C. $222,862
88 Pension Tables Review Questions If the widow was 58 at widowhood, 60 at 1st valuation, and remarried at 63, what would the case reserve portion of the indemnity incurred loss be for Surviving Spouse Benefits at 4th valuation if the weekly benefits were $300? Surviving Spouse Pension Table (I A) Age (X) X X+1 X+2 X+3 X+4 X+5 Attained 4 Age A. $228,103 B. $0 C. $222,862 Answer: B. Once the widow remarries, the Surviving Spouse Benefits cease.
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