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<br />12 <br /> <br />LAKE JOHANNA VOLUNTEER FIREMEN'S BENEFIT ASSOCIATION, INC. <br />December 31, 2000 Actuarial Valuation e <br /> <br />Actuarial Assumptions & Methods (continued) <br /> <br />C. Actuarial Methods <br /> <br />Funding basis <br /> <br />Normal Cost and Actuarial <br />Accrued Liability <br /> <br />The Entry Age Normal actuarial cost method. This actuarial <br />funding method is one of the projected benefit cost methods. The <br />normal cost for each active member is the annual amount required <br />from the member's entry date to retirement date so that the <br />accwnulated contributions at termination or retirement will equal <br />the liability at that time. This cost is expressed as a level annual <br />amount. <br /> <br />Actuarial Value of Assets <br /> <br />The actuarial value of assets is equal to the market value of assets <br />projected from 9/30 to 12/31. <br /> <br />All benefits summarized in the plan provisions section of this <br />report. <br /> <br />e <br /> <br />Benefits Valued <br /> <br />The actuarial methods used in this valuation are identical to those used last year. <br /> <br />e <br /> <br />VAN IWAARDEN <br />