GFOA Submits Comments on Proposed Revisions to Actuarial Standard of Practice

Wednesday, August 1, 2018

On July 31, GFOA submitted comments in response to proposed revisions to Actuarial Standard of Practice (ASOP) No. 4 by the Actuarial Standards Board (ASB). Click here to view the exposure draft detailing the proposed changes. While not responding to all suggested changes, GFOA’s comments focused primarily on the requirement for public pension plans to publish the Investment Risk Defeasement Measure (IRDM). In summary, GFOA requested that the ASB remove the IRDM from any further consideration because the number is not a useful measurement for public pensions since they cannot settle their pension obligations, and the ASB has already provided a more appropriate risk assessment framework in ASOP No. 51. Click here to view comments submitted by other interested stakeholders.