Society of Actuaries With New Pension Standards of Practice
 

In the pension industry, antiquated and outright flawed regulations allowed pension actuaries to certify that company pension plans were properly funded to meet future obligations when they in reality weren't remotely close.

I just got an email today highlighting how much of an overhaul the Society of Actuaries (SOA) have given to the process to put the integrity back into the process.

• ASOP No. 4, Measuring Pension Obligations (revised),
• ASOP No. 27, Selection of Economic Assumptions for Measuring Pension Obligations (revised),
• ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations (revised), and
• ASOP No. 44, Selection and Use of Asset Valuation Methods for Pension Valuations (new).

For a related article on the problems facing large corporate pension plans read

http://moneycentral.msn.com/content/p87329.asp