Description: This article is a summary of the roundtable discussion with a group of panelists on how to appropriately measure public pension plan liabilities. The crux of the debate is whether public pension plans should disclose a market value of liability - MVL - or whether current disclosures are adequate.

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.