The Actuarial Standards Board (ASB) of the American Academy of Actuaries has adopted revisions of Actuarial Standard of Practice (ASOP) Nos. 27, Selection of Economic Assumptions for Measuring Pension Obligations, and 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations.
The scopes of ASOP Nos 27 and 35 were expanded to include the application of the standard when assumptions were not selected by the actuary and when the actuary has an obligation to assess the reasonableness of the assumptions. The ASB summary of notable changes can we found at the links below.
ASOP Nos. 27 and 35 are effective for actuarial reports issued on or after August 1, 2021.