July 9, 2015
Polaris Room, Concourse Level, Ronald Reagan Building and International Trade Center
1300 Pennsylvania Ave NW, Washington, DC 20004
If you would like to present oral comments during the ASB’s public hearing on the need for new or revised actuarial standards of practice (ASOP) applicable to actuarial work regarding public pension plans, please submit a written outline of your proposed comments using the form at the bottom of the page. Oral presentations will be limited to five minutes, not including questions and answers. To ensure balance, the ASB will assess all submissions and contact those who will be invited to present on the day. All are welcome to submit written comments.
For the public hearing, the ASB is most interested in specific suggestions for improvements in pension-related ASOPs within the topic areas listed below. Suggestions should be specific and should describe both what is to be done and how it is to be done.
The ASB will use information obtained during this hearing as it considers next steps in the evolution of ASOPs applicable to pension plans. The ASB specifically requests suggestions regarding new guidance that may be added to existing or new ASOPs that is related to the four areas described above.
Along with the suggestions for new guidance, please address the following:
- A statement of rationale for including the suggested guidance in ASOPs and the reason for the provision
- Who will benefit from the proposed suggestion
- Whether or not the suggestion has broader application beyond public sector plans
The ASB has generally preferred broad and principled application of ASOPs that apply to a wide range of facts and circumstances. Specific additional guidance applicable to public plan actuarial valuations could potentially also be applied to non-public sector plans. Additionally, suggestions:
- Should be broad enough to apply to all actuaries working in the area covered by the ASOP (not just the “lead actuary”)
- Should mandate appropriate actuarial practice
- Should not encourage bad practice or allow for work that is misleading
- Cannot violate anti-trust or other applicable laws