The ASB recently approved second exposure drafts of revisions of Actuarial Standard of Practice (ASOP) Nos. 27, Selection of Economic Assumptions for Measuring Pension Obligations; and 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations. The first exposure drafts of ASOP Nos. 27 and 35 were issued in March 2018, and received 18 comment letters and 16 comment letters, respectively, that were considered in making changes that are reflected in the second exposure drafts. Notable changes to ASOP Nos. 27 and 35 include clarifying the ASOPs’ scopes and disclosure requirements with respect to assumptions not selected by the actuary. In addition, several sections in both ASOPs were revised for readability, clarity, or consistency.
The comment deadline for both second exposure drafts is Sept. 15, 2019. Information on how to submit comments can be found in the drafts.