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Compass
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Proposed Actuarial Standard Would Require Disclosure of Market-Based Liability
Cheiron [Guidance Overview] July 25, 2018 "While the proposed ASOP revision includes changes to a number of technical items relating to funding calculations, the most significant proposed change is the addition of a requirement to calculate and disclose an 'Investment Risk Defeasement Measure' [IRDM], which is the value of liabilities using a risk-free interest rate.... Because it is based on current interest rates for bonds, the IRDM will be a volatile measure that will fluctuate from year to year as market interest rates change. In addition, the actuary will need to ascertain the accrued benefit (benefit earned to date) for each participant even where the plan does not contain such a definition, as is common for public plans." |
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