BIR Ruling

November 3, 1976 A Statement of Actuarial Assumptions or Valuations, Duly Certified to by an Actuary, Determination of Qualification of Retirement Plan With reference to your request for determination of the qualification of the Retirement Plan for your employees under Republic Act No. 4917, please be informed that aside from the duly accomplished B.I.R. Form No. 17-60, copy of the Plan and Deposit Administration Contract (Group Annuity Contract CPA-42) executed by and between you and the Philippine American Life Insurance Company which were submitted to this Office, a Statement of Actuarial Assumptions or Valuations duly certified to by an actuary, who must be a fellow of the Actuarial Society of the Philippines, in his independent capacity, and net as an employee of the Insurance Company, should also be submitted. Unless the aforementioned document is submitted, and the foregoing observation is considered, no determination of the qualification of the said Plan can be made by this Office. cdasia