M & K Employee Solutions, Inc. v. Trustees of IAM Nat. Pension · ¶2

Held: The provisions of ERISA governing the calculation of withdrawal liability—§§ 1391 and 1393—do not require the actuarial assumptions underlying that calculation to be selected on or before the measurement date. Pp. 271–277. (a) Section 1391 requires withdrawal liability to be calculated based on the value of a plan's UVBs “as of” the measurement date. Petitioners contend that §1391's “as of” language establishes a deadline for the selection of actuarial assumptions. But § 1391 sets no such deadline. The term “as of” is understood “to assign an event to one time and the recognition of it to another.” W. Follett, Modern American Usage 41. Section 1391's “as of” language thus means that the hard data that feeds the UVB calculation must be fixed on the measurement date, but the calculation itself can be performed after that date. Actuarial assumptions are not observable facts about the…

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