Articles | July 13, 2022
By Brad Ramirez
All actuarial valuations for public pension plans will soon have significant new disclosure requirements because of changes to Actuarial Standard of Practice (ASOP) No. 4, Measuring Pension Obligations and Determining Plan Costs or Contributions, that the Actuarial Standards Board finalized and adopted late last year.
The new requirements apply to actuarial valuations issued on or after February 15, 2023.
It’s not too soon to gear up for ASOP No. 4’s new disclosure requirements.
The information in this article may be helpful to plan sponsors.
Public plans will have significant flexibility in how and where the LDROM will be disclosed.
Consequently, plan sponsors should discuss with their actuaries how to satisfy these requirements well before the implementation date so that the public will have a clear understanding of what the LDROM does — and does not — represent.
The article, which was published in the Spring 2022 issue of PERSist, the newsletter of National Conference on Public Employee Retirement Systems (NCPERS), can be downloaded here with permission from NCPERS.
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This page is for informational purposes only and does not constitute legal, tax or investment advice. You are encouraged to discuss the issues raised here with your legal, tax and other advisors before determining how the issues apply to your specific situations.
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