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ASB Approves Second Exposure of ASOP No. 4 Revision

The ASB approved a second exposure draft of a revision of ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. Some of the changes in the second exposure draft of ASOP No. 4 introduce new concepts while others are refinements to language in the first exposure draft, including modifications to the language on “funded status” and modifications to the disclosures requirements regarding the contribution allocation procedure, amortization, and types of actuarial present values of pension obligations. In addition, the ASB recognized the need for better coordination between ASOP No. 4 and ASOP No. 6, Measuring Retiree Group Benefit Obligations, and set a goal for the two standards to be the same where possible and different where necessary. The comment deadline for the second exposure draft, which can be viewed on the ASB website at www.actuarialstandardsboard.org, is
May 31, 2013.