Description: Acquisitions and divestitures present unique challenges to actuaries, both before and after the sale. The panelists at this presentation address the following issues for pension as well as for health and welfare plans: 1. What considerations are there when a company is being bought or sold? 2. Can the buyer and the seller ever agree upon the retiree medical liability? 3. Is the buyer interested in the income statement or the balance sheet? 4. What are some of the hidden liabilities? 5. What regulatory issues need to be considered? From Record of Society of Actuaries Vol. 17, No. 3B.