Description: Discussion of competing theories for valuing public pension liabilities. Emphasis on revised Actuarial Standards of Practice that focus on the purpose of the measurement.

Description: This panel discussion, which occurred at the May 1982 Society of Actuaries meeting in Colorado Springs, led a discussion related to employer's accounting for pensions and other post-employment benefits. Topics included: 1. Present accounting rules and background in connection with pension plans 2. The purposes for pension accounting rules in general 3. The nature of pension arrangements and the implication of their character for: a. Corporate liabilities and net worth h. Periodic charges to corporate income on account of pensions 4. Effect of actuarial gains and losses and the relationship of non-penslon post-retirement benefits to pensions, from an accounting viewpoint

Description: This paper demonstrates how, under the projected benefit cost methods whereby the gains are reflected in the normal cost rate, gains determined at a given valuation date are amortized over the future working lifetime of the active employees included in the valuation as of that date.