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Under the Traditional Unit Credit (TUC) cost method, the actuarial accrued liability at a valuation date equals which of the following?

The present value of benefits accrued to date based on current service and current pay

The present value of all projected future benefits, including future salary increases

The level dollar contribution that funds projected benefits over working lifetime

The market value of plan assets less the present value of future normal costs

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2026 Statistics

Key Facts: RET 201 Exam

~5 hrs

Exam Time

SOA RET 201 syllabus

~$1,275

Standard Fee

SOA exam fee table

8 topics

Weighted Sections

SOA RET 201 syllabus

20%

Cost Methods + Assumptions + Accounting (each)

SOA syllabus weights

Mar/Jul 2026

2026 Sittings

SOA exam schedule

ASA

Required Designation

SOA FSA pathway

SOA RET 201 is a ~5-hour written-response FSA exam offered in March and July 2026 with an exam fee around $1,275 (USD). The syllabus weighs Actuarial Cost Methods, Actuarial Assumptions, and Accounting at 20% each, Funding & PPA at 15%, Asset Valuation at 10%, and Withdrawal Liability, Plan Termination, and ASOPs at 5% each. Candidates must hold the ASA designation and are typically expected to have completed RET 101 first; SOA reports pass marks set by graders rather than a published raw cut score.

Sample RET 201 Practice Questions

Try these sample questions to test your RET 201 exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under the Traditional Unit Credit (TUC) cost method, the actuarial accrued liability at a valuation date equals which of the following?

A.The present value of benefits accrued to date based on current service and current pay

B.The present value of all projected future benefits, including future salary increases

C.The level dollar contribution that funds projected benefits over working lifetime

D.The market value of plan assets less the present value of future normal costs

Explanation: Under TUC the accrued liability equals the present value of benefits earned through the valuation date using the plan's accrual formula and current compensation. PUC, by contrast, projects salary to assumed retirement before allocating it back to service.

2ASC 715 requires which actuarial cost method for measuring the service cost of a U.S. GAAP defined benefit pension plan?

A.Traditional Unit Credit

B.Projected Unit Credit

C.Entry Age Normal level percent of pay

D.Aggregate cost method

Explanation: FASB ASC 715 mandates the Projected Unit Credit method (called the projected benefit cost method) for measuring service cost and the projected benefit obligation. Salary is projected to expected separation before allocation to past and future service.

3Entry Age Normal under the level percent of pay variant produces a normal cost that has which characteristic over the working lifetime of an individual participant, assuming all assumptions are realized?

A.A constant dollar amount each year

B.A constant percentage of compensation each year

C.An amount that increases each year by the assumed discount rate

D.An amount that decreases as the participant ages

Explanation: EAN level percent of pay sets the normal cost as a level percentage of the participant's projected compensation each year from entry age through assumed retirement. EAN level dollar holds the dollar amount constant instead.

4Which of the following best distinguishes the Frozen Initial Liability (FIL) cost method from the Aggregate cost method?

A.FIL recognizes a separately amortized initial unfunded liability while Aggregate spreads the entire unfunded amount through future normal costs

B.FIL uses Projected Unit Credit while Aggregate uses Traditional Unit Credit

C.FIL is only permitted for multiemployer plans while Aggregate is only permitted for single-employer plans

D.FIL produces a normal cost equal to zero whenever assets exceed liabilities

Explanation: FIL freezes an initial unfunded actuarial liability that is amortized separately, then computes a normal cost on the remaining cost over future working lifetimes. Aggregate has no separately identified UAL and amortizes everything implicitly through the normal cost.

5A participant joins a plan at age 35 with a starting salary of $60,000 and a salary scale of 4% per year. Under PUC, projected compensation at age 65 used to determine the projected benefit is approximately:

A.$60,000

B.$120,000

C.$194,600

D.$324,300

Explanation: Projected pay equals 60,000 × 1.04^30 = 60,000 × 3.243 ≈ $194,600. PUC uses this projected compensation to compute the total projected benefit before allocating it back to service.

6Which mortality table family is the current SOA-published base table for U.S. private pension valuations?

A.GAM-1983

B.RP-2000

C.RP-2014

D.Pri-2012

Explanation: The Pri-2012 Private Retirement Plans Mortality Tables, published by the SOA in 2019, replaced RP-2014 as the current base table for U.S. private-sector pension valuations and are typically combined with the MP-2021 generational improvement scale.

7Generational mortality improvement, applied through a scale such as MP-2021, differs from a static projection in that it:

A.Uses a single multiplicative factor applied to current mortality rates

B.Projects mortality rates that depend on both attained age and calendar year of measurement

C.Increases mortality rates each year to reflect deteriorating health

D.Eliminates the need for a base mortality table

Explanation: Generational improvement creates two-dimensional mortality where each cohort experiences declining rates over calendar time. Static projection projects the base table to one fixed year and then holds rates flat for all cohorts.

8Under PPA 2006 the minimum required contribution for a single-employer plan that is not in at-risk status is generally:

A.Target normal cost plus shortfall amortization charges, less any prefunding or carryover balance election

B.PUC normal cost plus a 30-year amortization of the unfunded liability

C.The full unfunded ABO payable in the year of valuation

D.Aggregate normal cost calculated using the highest of the three segment rates

Explanation: PPA 2006 defines the MRC as the target normal cost plus 7-year shortfall amortization installments (and waiver amortizations), with the sponsor permitted to offset using a prefunding or carryover balance subject to AFTAP and other rules.

9Under PPA, distributions of accelerated benefits (lump sums above 50% of the otherwise payable amount) are restricted when the AFTAP falls below which threshold?

A.60%

B.70%

C.80%

D.90%

Explanation: Section 436 restricts accelerated distributions when AFTAP is below 80%, limiting lump sums to half the regular amount (and capping the other half at the PBGC maximum). Below 60%, all accelerated distributions and benefit accruals must cease.

10Under MAP-21, as further extended by HATFA 2014 and ARPA 2021, the segment rates used for PPA minimum funding are:

A.Replaced by a single 30-year Treasury rate

B.Constrained within a corridor around 25-year average segment rates

C.Set equal to the plan's expected return on assets

D.Required to use the unsmoothed monthly corporate bond yield curve

Explanation: MAP-21 introduced funding stabilization using a 25-year average of segment rates with a corridor that has been narrowed and extended by HATFA and ARPA, keeping required contributions less volatile than market spot rates would dictate.

About the RET 201 Exam

RET 201 Retirement Plan Valuation is the second course in the SOA's Retirement Benefits FSA track. It tests candidates on actuarial cost methods, demographic and economic assumptions, PPA minimum funding, ASC 715 and IAS 19 accounting, asset valuation, multiemployer withdrawal liability, plan termination, and applicable ASOPs.

Assessment

Written-response examination with case-study tasks covering retirement plan valuation, funding, accounting, and risk.

Time Limit

~5 hours

Passing Score

Pass mark set by SOA

Exam Fee

~$1,275 (Society of Actuaries (SOA))

RET 201 Exam Content Outline

20%

Actuarial Cost Methods

Unit Credit, Projected Unit Credit, Entry Age Normal (level percent and level dollar), Frozen Initial Liability, Individual Level Premium, and Aggregate methods, including their normal cost and accrued liability behavior.

20%

Actuarial Assumptions

Discount rate selection, Pri-2012/Pub-2010 mortality with MP-2021 generational improvement, salary scale building blocks, retirement, termination, and disability decrements, and inflation.

15%

Funding Requirements & PPA Minimum Required Contribution

PPA section 430 target normal cost plus 7-year (or 15-year ARPA) shortfall amortization, MAP-21/HATFA/ARPA stabilization corridors, AFTAP restrictions at 80% and 60%, at-risk plans, prefunding and carryover balances, and quarterly contributions.

20%

Accounting (ASC 715, IAS 19, GASB 67/68)

PBO and ABO measurement, NPPC components, corridor amortization, settlement and curtailment accounting, ASU 2017-07 presentation, IAS 19 OCI treatment, and GASB blended discount rates for public plans.

10%

Asset Valuation Methods

Market value, market-related value, and 5-year smoothed actuarial values with PPA's 90%-110% corridor; ASOP 44 considerations for funding asset valuation.

Withdrawal Liability for Multiemployer Plans

ERISA sections 4203, 4205, 4209, 4211, and 4219 covering complete and partial withdrawal, presumptive, modified presumptive, rolling-5, and direct attribution allocation methods, the de minimis rule, and the 20-year payment cap.

Plan Termination & PBGC

Standard, distress, and involuntary terminations; ERISA section 4044 priority categories; PBGC variable-rate premiums and maximum guaranteed benefits; and section 4010 reporting.

Applicable ASOPs

ASOP 4 (pension measurements and LDROM), ASOP 27 (economic assumptions), ASOP 35 (demographic assumptions), and ASOP 51 (pension risk assessment), plus ASOP 41 communications.

How to Pass the RET 201 Exam

What You Need to Know

Passing score: Pass mark set by SOA
Assessment: Written-response examination with case-study tasks covering retirement plan valuation, funding, accounting, and risk.
Time limit: ~5 hours
Exam fee: ~$1,275

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

RET 201 Study Tips from Top Performers

1Master the six cost methods (UC, PUC, EAN level percent and level dollar, FIL, ILP, Aggregate) by sketching their normal cost shapes and identifying which standards (PPA vs. ASC 715) require which method.

2Memorize the PPA section 430 architecture: target normal cost + 7-year (or 15-year ARPA) shortfall amortization + waiver amortization, with AFTAP triggers at 80% (lump sums) and 60% (accruals frozen).

3Build a one-page summary of ASC 715 NPPC components and contrast U.S. GAAP corridor amortization with revised IAS 19's full OCI recognition (no recycling).

4Practice ASOP-tagged questions: link each fact pattern to ASOP 4 (LDROM, funding policy), 27 (economic assumptions), 35 (demographic), or 51 (risk assessment).

5Drill withdrawal liability allocation methods (Presumptive, Modified Presumptive, Rolling-5, Direct Attribution) and the section 4209 de minimis and section 4219 20-year cap rules until you can apply them in case-study calculations.

Frequently Asked Questions

How long is SOA RET 201?

SOA lists RET 201 Retirement Plan Valuation as a written-response exam of approximately 5 hours administered through Prometric. The exam uses a case-study format with multiple written tasks rather than a fixed multiple-choice item count.

When is SOA RET 201 offered in 2026?

Per the SOA exam schedule, RET 201 is offered in two 2026 sittings: March and July. Registration windows close several weeks before each sitting, so candidates typically commit to a sitting at least 2-3 months in advance.

What is the passing score for RET 201?

SOA does not publish a fixed raw percentage cut score for RET 201. Pass marks are set by graders using SOA's content-based pass-mark methodology and reported on the SOA's standard 0-10 grade scale, with grades 6-10 representing a pass.

Which topics carry the most weight on RET 201?

Actuarial Cost Methods, Actuarial Assumptions, and Accounting (ASC 715, IAS 19, GASB) each carry roughly 20% of the syllabus. Funding & PPA is approximately 15%, Asset Valuation 10%, and Withdrawal Liability, Plan Termination, and ASOPs 5% each.

What are the prerequisites for RET 201?

Candidates must hold the ASA designation before earning the FSA in Retirement Benefits. RET 101 (Retirement Plan Design) is typically taken before RET 201, though SOA does not formally require it. Strong familiarity with PPA, ASC 715, and ASOPs 4, 27, 35, and 51 is assumed.

How much does SOA RET 201 cost?

The standard exam fee is approximately $1,275 USD, consistent with SOA's FSA-track exam fee tier. Late-registration fees may apply if you miss the regular deadline, and SOA may publish updated fees each cycle on its exam fee table.