SumContrib function

Actuarial Excel Addin

The SumContrib function returns the value at Age2 of the contributions made from Age1 to Age2 accumulated with interest until Age2 according to the given contribution formula and the initial contributions.

See also: PVSal

* : Required parameter

Parameters
Default
Description
Age1 *
--
Age at time-0, fraction allowed
Age2 *
--
Age at which we want to accumulate the contributions with interest, fraction allowed
Contribution rate 1 *
--
Rate of contributions on the salary. If Contribution rate 2 is > 0, then Contribution rate 1 is only applied on the portion of the salary lower than the YMPE
Salary *
--
Salary payable from Age1 to Age1 + 1
Salary increases *
--
Salary increases rate(s): single rate or vector of rates
Interest *
--
Interest rate(s): single rate or vector of rates
Contribution rate 2
0
Rate of contributions on the portion of salary in excess of the YMPE
YMPE
0
YMPE payable from Age1 to Age1 + 1
YMPE increases
0
YMPE increases rate(s): single rate or vector of rates
Starting contributions
0
Contributions accumulated with interests at Age1
InterestFirstYear
0.5
Interest on new contributions for the year in which contributed (from 0 to 1)

Example #1
Accumulated contributions from age 50 to 65, with a contribution formula of 3% of earnings up to the YMPE plus 5% of earnings exceeding the YMPE.

Age1 = 50

Age2 = 65

ContrRate1 = 3%

Salary = 75000

SalIncr = {0.75%, 5, 2%}

Interest = {2%, 6, 4%}

ContrRate2 = 5%

YMPE = 61600

YMPEIncr = {1%, 5, 2%}

StartContr = 25000

SumContrib(Age1, Age2, ContrRate1, Salary, SalIncr, Interest, ContrRate2, YMPE, YMPEIncr,StartContr) returns 84304