What does GAR mean in GENERAL
Group Annuity Reserving (GAR) is an actuarial technique used to identify the amount of funds necessary to cover a group's annuities. It is a key component of long-term financial planning for companies and organizations that offer defined benefit retirement plans to their members. GAR provides a means to set aside adequate reserves, minimize potential losses and ensure that adequate benefits are provided.
GAR meaning in General in Business
GAR mostly used in an acronym General in Category Business that means Group Annuity Reserving
Shorthand: GAR,
Full Form: Group Annuity Reserving
For more information of "Group Annuity Reserving", see the section below.
Essential Questions and Answers on Group Annuity Reserving in "BUSINESS»GENERALBUS"
What is Group Annuity Reserving?
Group Annuity Reserving (GAR) is an actuarial technique used to identify the amount of funds necessary to cover a group's annuities.
What does GAR provide?
GAR provides a means to set aside adequate reserves, minimize potential losses and ensure that adequate benefits are provided.
How can GAR be used in financial planning?
GAR can be used in long-term financial planning as part of defined benefit retirement plans, providing insight into the expected costs associated with funding these programs.
Who uses GAR?
Companies and other types of organizations offering defined benefit retirement plans often use GAR in their financial planning efforts. Additionally, advisers and actuaries may also use this technique when helping clients plan for retirement benefits expenses.
What type of information does GAR provide?
The information gathered from GAR includes estimates for the present value of future liabilities, reserves needed for unexpected events, expected rates of return on investments, mortality rates and more.
Final Words:
Group Annuity Reserving (GAR) is an important tool for companies and other organizations providing retirement plans to their employees or members. This accounting tool helps provide an accurate estimation of the costs associated with funding such programs while also setting aside reserves and minimizing potential losses.
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