M & K Employee Solutions, Inc. v. Trustees of IAM Nat. Pension · ¶42

Moreover, § 1393's instruction that actuarial assumptions refect the actuary's “best estimate of anticipated experience under the plan,” § 1393(a)(1), supports the conclusion that actuaries can select their assumptions after the measurement date. Recall that actuaries choose assumptions based on the plan's past performance, changes in the market, and other relevant information. ASOP No. 27, § 3.5. Thus, the assumptions should “refect the actuary's knowledge as of the measurement date.” Id., § 3.4.6. But the relevant information about the plan's performance or macroeconomic conditions, as it stood on the measurement date, may not become available until after the measurement date. See American Academy of Actuaries, Issue Brief: Selection of Actuarial Assumptions for Multiemployer Plans 4. Requiring actuaries to use assumptions selected before the measurement date could therefore prevent…

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