Actuary – M.L. Sodhi (Consulting
Actuary)
M.L Sodhi
is a Consulting Actuary. He is a Fellow Member of Institute of
Actuaries of India (Membership Number – 00178). For more
than 19 years he is actively involved in actuarial valuations for Employee
Benefits of the Defined Benefit Nature for compliance
of Accounting Standards of:-
·
INDIAN GAAP- AS-15 (Revised 2005)
·
Ind AS 19
·
International Accounting Standard (IAS-19 Revised
2011) of the IFRS
·
NAS 19 (NEPALI ACCOUTNING STANDARD 19)- NFRS
Generally valuations for
compliance of Accounting Standards are as under:-
·
Actuarial Valuation for Gratuity Plans.
·
Actuarial Valuation for Earned Leave Plan.
·
Actuarial Valuation for Sick Leave Plan.
·
Actuarial Valuation for Defined Benefit Pension
Plans.
·
Actuarial Valuation for Post-Retirement Medical
Benefit Plans.
·
Actuarial Valuation for Settlement Allowances on
Retirement.
·
Actuarial Valuation for Long Service Award
Plans/Incentive Plans.
·
Actuarial Valuation for Interest Rate Guarantee for
Exempted Provident Funds.
·
Actuarial Valuation for other Defined Benefit.
Some of the main points
about the brief of M.L. Sodhi, his work experience, his human resources &
infrastructure, his clients and his terms and conditions etc. are:-
His Work Experience:- His work experience is spread over
a span of more than five decades. He began his career
with Life Insurance Corporation of India in various
cadres. He retired from the LIC in the year 1997 in the cadre
of Senior Divisional Manager. He was actively associated with
the Group Insurance Departments of the LIC at Delhi, Ajmer and Lucknow. He
also worked as Vice Principal of Zonal Training Centre of LIC at Gurgaon.
After retirement from LIC he worked as Actuaryto CGU Life
Insurance Company (a joint venture) for some period. He also worked
as Visiting Faculty with some Institutes and
Academies of repute.
His Human Resources
& Infrastructure:- He
is supported by a team of highly skilled personnel equipped with the
expertise-statistical, actuarial and analytical essential to meet the changing
needs of Accounting Standards. His human resources are his
strength and asset. He has a office with adequate Infrastructure
(Computer Hardware).
His Clients: - His clients are spread in all
sectors of the Indian Economy, in the Public & Private Sectors
which covers areas of Manufacturing, Software, Technology, Electricity,
Electronics, Call Centers, Banks, Educational Institutes, Schools,
Universities, IIT’s, Hotels, Hospitals, Hospitality Companies etc.
etc. He also associated with Multinational Companies (MNC’s).
His Terms &
Conditions:- All
services provided by him are subject to terms & conditions stated
when a job is accepted.
Our Services
Our Services
We specialize in
providing Actuarial Valuation Services, which involve the evaluation of
financial obligations to be discharged at a future date. The specific areas of
application are:-
·
Actuarial Valuation for Gratuity Plans (as per
Payment of Gratuity Act, 1972 - amended or as per company specific benefit
structures).
·
Actuarial Valuation for Earned Leave Plan.
·
Actuarial Valuation for Sick Leave Plan.
·
Actuarial Valuation for Defined Benefit Pension
Plans.
·
Actuarial Valuation for Post Retirement Medical
Benefit Plans.
·
Actuarial Valuation for Settlement Allowances on
Retirement.
·
Actuarial Valuation for Long Service Award
Plans/Incentive Plans.
·
Actuarial Valuation for Interest Rate Guarantee for
Exempted Provident Funds as
per the Guidance Note 29 issued by the Institute of Actuaries of India
under Revised AS 15 (Revised 2005).
·
Any other Defined Benefits not covered above.
The important items
which need disclosure for compliance of the above Accounting Standards for
Employee Benefits are:
·
Projected Benefit Obligation at the Start of the
Accounting Period
·
Current Service Cost
·
Past Service Cost
·
Curtailments/settlements
·
Interest Cost in Indian GAAP
·
Net Interest Cost (Income) in IAS -19 (Revised 2011)
under IFRS
·
Other Comprehensive Income and Reimbursements in IAS
-19 (Revised 2011) under IFRS
·
Actuarial Gain/Losses in Indian GAAP
·
Projected Benefit Obligation at the End of the
Accounting Period
·
Current and Non- Current Obligations as required
Revised Schedule III in Indian GAAP
We operate strictly within regulations & norms of the regulators while giving the actuarial services to our esteemed clients.
About Defined Benefit Plans
Defined Benefit Plans
involve accounting for them which is very complex. It is so because actuarial
assumptions are required to measure the obligation and expenses. There is also
a possibility of actuarial gains and losses. Furthermore, actuarial gains and
losses are split into the following categories:-
·
Actuarial (gains)/losses arising from experience
adjustment
·
Actuarial (gains)/losses arising from changes in
Financial Assumptions
·
Actuarial (gains)/losses arising from changes in
Demographic Assumptions
Furthermore, Defined
Benefit Obligations are arrived at a discounted basis because these obligations
are likely to be settled many years after the employees render the related
service. The entire process to complete this exercise would normally require
the services of a qualified actuary.
Actuarial Valuation
Process
Actuarial Valuation process for Employee
Benefits for Compliance of Accounting Standards for Plans such as Gratuity,
Leave Encashment, Post Retirement Medical Benefits, Pension etc. etc. generally
involves following steps:-
·
Data preparation
·
Decision about assumptions both Financial and
Demographic
·
Details of Fund Position if liability is funded
·
Method of Valuation (Projected Unit Credit - PUC
Method)
·
Plan Provisions
·
Final Report and Disclosure Tables
Relevant Accounting Standards
The Main Accounting Standards which
involve Actuarial Inputs for Valuations of Employee Benefits are as under:-
·
INDIAN GAAP- AS-15 (Revised 2005)
·
IndAS-19
·
International Accounting Standard (IAS-19 Revised
2011) of the IFRS
What is an Actuary?
Actuary is an expert in
risk management. He uses his mathematical skills to help measure the
probability and risk of future events. His skill is used for decision making in
the fields including healthcare, pension, insurance, investments, employees
benefits falling in category of defined benefits. Actuaries
in India belong to the INSTITUTE OF ACTUARIES OF
INDIA.
What an Actuary Does?
Actuary is an expert in
assessing the financial impact of uncertain events happening in future. His
skill is useful to make financial decisions with more confidence. He does this
by:-
·
Analyzing the past
·
Modeling the future
·
Assessing the risks involved, and
·
Communicating what the results mean in financial
terms.
If you wish to avail our services in
compliance of IndAS 19, AS 15 (Revised 2005) and IAS 19 (Revised 2011) you may
contact us at the following :-
Address:-
M.L.Sodhi
Fellow of the Institute
of Actuaries of India
Fellow Membership Number:
00178
610, 6th Floor,
Shahpuri's Tirath Singh Tower,
C-58, Community Centre,
Janak Puri, New Delhi-110058
Phone no: 011-45502548
(Office)
Mobile no:
+919312723424, +919212381304, +919211637063
