Unless otherwise disclosed on the illustration, here is a summary of the actuarial assumptions that Nova 401(k) Associates uses:
- Interest rates for minimum required contribution – MAP-21 rates
- Interest rates for the maximum deductible contribution: Segment rates with a two month lookback
- Pre-retirement decrement assumptions: None
- Retirement assumption: 100% at normal retirement age
- Percentage of participants electing a lump sum:100%
- Administrative expenses paid from the plan: $0
The actuarial funding method is the unit credit method as prescribed under the Pension Protection Act of 2006.
The asset valuation method is the market value of assets.