Excerpt: Over the past few years, the topic of how to measure public pension plan liabilities appropriately has been discussed widely by actuaries and others working with public pension plans. The crux of the debate is whether public pension plans should disclose a market value of liability (MVL) or whether current disclosures are adequate. While actuaries in this arena are keenly aware of the debate, actuaries not working with public plans?even those in the pension arena?are likely not aware of the discussion.  MORE >>