Updated ASOPs For Pension Plans Go Into Effect In 2014

The Actuarial Standards Board has adopted revised versions of two important actuarial standards of practice (ASOPs) for the calculation of pension plan liabilities which will go into effect in 2014.   The revised ASOPs are ASOP 4 on  Measuring Pension Obligations and Determining Pension Plan Costs or Contributions  and ASOP 27 on Selection of Economic Assumptions for Measuring Pension Obligations.

From the ASB website:

ASB Adopts Revised Version of ASOP No. 4

The ASB recently adopted a revised version of ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. Key changes from the current standard include modifications to language pertaining to disclosure of funded status; disclosure of rationale for changes in cost or contribution allocation procedure; assessment of contribution allocation procedure or funding policy; prescribed assumptions or methods; and plan provisions that are difficult to measure. The adopted ASOP