The Actuarial Standards Board (ASB) has approved a
revised version of Actuarial Standards of Practice (ASOP) No. 27, Selection of
Economic Assumptions for Measuring Pension Obligations. The new standard is
effective for any actuarial work product with a measurement date on or after
September 30, 2014. For a calendar year plan, this means the new standard will
first apply to the 2015 actuarial valuation. Economic assumptions covered by
ASOP 27 include the investment return, discount rate, inflation, postemployment
benefit increases, compensation increases, and any other related assumptions.
The greatest impact of the revised ASOP may appear in the development of
multiemployer pension plan liabilities through its effect on the actuary’s
selection of the investment return assumption.
Source: Milliman
USA
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