The Actuarial Standards Board (ASB) is considering several issues regarding pension plans. One topic related to disclosure of pension information started as a consideration of whether a separate Actuarial Standard of Practice should be established regarding public pension plans. In 2014, the ASB issued a request for comments on this topic – more than 50 comments letters were received. In 2015, the ASB held a public hearing on the subject. The ASB then appointed a special Pension Task Force to explore the issue further and make recommendations to the ASB. The Pension Task Force published their report in February 2016.
The ASB directed the Pension Committee to draft appropriate proposed modifications to the Actuarial Standards of Practice, in accordance with ASB procedures, based upon the ASB’s deliberations in consideration of the Pension Task Force report. The proposed modifications would be applicable to both public and private‐sector pension plans. The committee is developing proposed revisions of ASOP Nos. 4, 27, and 35.
The CCA Leadership believes that actuaries may benefit from having more knowledge concerning the deliberations of the ASB and the Pension Committee of the ASB. One of our members, Tom Lowman, attended recent meetings of the ASB and the Pension Committee of the ASB. Tom took notes at the meeting and the CCA is pleased to share these notes with interested members. Please be aware that these notes are not official documents of the ASB, have not been peer reviewed, may reflect personal opinions, and are not approved by the CCA or any other organization. Nevertheless, the CCA believes these notes may provide useful insights to our members and we are publishing Tom’s notes for your benefit. We encourage discussion of these issues on the Community and SIG discussion boards.
The CCA hopes to be able to provide notes of future meetings of the ASB and the Pension Committee of the ASB. If any member is willing and able to take notes at a future meeting, please contact the CCA office via e-mail at firstname.lastname@example.org.
Report of the Pension Task Force of the Actuarial Standards Board
March 8, 2017 - Actuarial Standards Board Meeting (Notes by Tom Lowman)
May 15, 2017 - Actuarial Standards Board Pension Committee (Notes by Tom Lowman)
October 3, 2017 - Actuarial Standards Board Pension Committee (Notes by Tom Lowman)