M & K Employee Solutions, Inc. v. Trustees of IAM Nat. Pension · ¶36

The Actuarial Standards of Practice likewise support our conclusion that actuarial assumptions are not observable facts about the plan that are “in effect” on a particular date. These professional guidelines instruct actuaries to select assumptions for the purpose of making a particular calculation or measurement. See ASOP No. 27, § 3.3 (“The actuary should identify the types of assumptions to use for a specific measurement,” taking into account, among other things, “the purpose of the measurement”); id., § 3.8 (“The actuary should take into account the purpose of the measurement as a primary factor in selecting a discount rate”). In other words, actuaries make assumptions when the need for an actuarial valuation arises.

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