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1. What is the definition of salary for defined benefit members?
Salary as defined by the Trust Deed is "the annual rate, computed as determined by the Trustee on the basis of a year of pecuniary emoluments payable periodically and regularly to a member for the performance of the duties of his or her grade of employment but does not include payments:
"Pecuniary emoluments" refers to salary and benefits. |
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2. What is an unfunded liability?
An unfunded liability is the present value of any shortfall between expected future benefit payments and the value of the assets plus projected contributions and fund earnings. Any shortfalls are identified and calculated by the actuary as part of the triennial fund valuation. |
Contact our Member Services team on (03) 9911 3222 (regional callers 1300 300 820) if you have more questions.
