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Practice Note: Valuing Benefits Payable as a Lump Sum: Current and Emerging Practices (PDF)
Pension Committee, American Academy of Actuaries Feb. 25, 2019
48 pages. "When a lump sum is offered in a traditional pension plan, the amount of the lump sum often varies based on market interest rates.... [The IRS] requires the use of an 'annuity substitution' approach for the purpose of valuing certain benefits expected to be paid in lump sum form. This practice note discusses the valuation of these benefits for financial accounting purposes."
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