US Pensions - Clash over fair valuation for public sector pensions



Attempts to bring market-consistent pensions accounting to the US public sector got off to a rocky start at a conference organised by the Society of Actuaries (SOA) and the American Academy of Actuaries (AAA) in New York in February. The conference was the outcome of controversy sparked by the so-called alternative valuations adopted by New York City chief actuary Robert North, and exclusively reported in Life & Pensions in March 2006.

Current US public sector accounting rules permit smoothed inv

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