The Valuation Definition identifies the valuation structure and population. Its effective-dated Provisions contain the benefit components.

• Description: Free-text description of the valuation definition. It does not affect calculations or the name shown in valuation selections.
• Filter: An optional formula returning a nonzero value for participants included in the complete definition. A result of 0 excludes every component in the definition, and a blank formula includes the full selected population.
• Type: Qualified Valuation permits applicable qualified-plan results such as Tax-Max and PBGC. Non-qualified Valuation identifies a non-qualified benefit structure.