M & K Employee Solutions, Inc. v. Trustees of IAM Nat. Pension · ¶33

Dictionaries define “as of” to mean “at the date mentioned.” Oxford American Dictionary 34 (1980); see also Webster's Third New International Dictionary 129 (1976) (“at or on (a specific time or date)”). In context, the term is understood “to assign an event to one time and the recognition of it to another.” W. Follett, Modern American Usage 41 (rev. ed. 1998). Thus, §1391's use of “as of” means two things. First, the hard data about the plan that feeds the UVB calculation must be fixed on the measurement date. Second, and as all agree, the actual UVB calculation can be performed after the measurement date. For purposes of this case, then, the key question is whether actuarial assumptions are akin to the facts about the plan that must be fixed on the measurement date, or whether they are a part of the UVB calculation itself and can therefore be selected after the measurement date.

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