607 - Revised ASOP No. 4 Requirements (in Addition to LDROM)

In December 2021, the Actuarial Standards Board (ASB) adopted a revision to Actuarial Standard of Practice (ASOP) No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. The revised ASOP No. 4 is effective for any actuarial report that is issued on or after February 15, 2023 and the measurement date in the actuarial report is on after February 15, 2023. The revision to ASOP No. 4 that has received the most attention in the public plan actuarial community is the required calculation and disclosure of a liability referred to by the ASOP as the “Low-Default-Risk Obligation Measure” (LDROM). However, there are other very significant revisions included in the revision to ASOP No. 4 that are worthy of discussion and scrutiny, including the calculation and disclosure of a reasonable actuarially determined contribution “reasonable ADC” and additional guidance regarding amortization methods, funding policy and contribution allocation procedures. Please join us as the speakers discuss all of the revised requirements of ASOP No. 4 – not just the elephant in the room (LDROM requirement).

Speakers:

Christine M O'Neal

Deloitte Consulting LLP

Elizabeth A Wiley

Buck

Mr Steve M Flint

WTW

Mr. Lance J. Weiss

Gabriel Roeder Smith & Company

Credits:

CPD Credit: 1.50 EA Core Credit: 1.50 EA Ethics Credit: 0.00 EA Non-Core Credit: 0.00 EA Formal Credit: 1.50