In 2022, the Actuarial Standards Board (ASB) established a designated group (DG) to review the Practice-specific Standards of Practice for Social Security Programs (Part 7000). A notice of intent (NOI) was issued in October 2022 with a January 31, 2023 comment deadline.
The NOI presented several specific proposals for changes in respect of: (i) wording to distinguish between the terms financing method and funding method, (ii) new paragraphs on subsequent events to account for considerations relating to social security program valuations that are not reflected in subsection 1430 of the General Standards and (iii) more detailed guidance regarding economic assumptions. As well, the NOI stated general changes to be considered in order to improve clarity, conciseness and specificity, while maintaining consistency between Part 7000 and International Standard of Actuarial Practice 2 – Financial Analysis of Social Security Programs.
Feedback was sought by the DG regarding the various proposals put forth as well as wording regarding consistency between standards and any other suggestions. One comment on the NOI was received from a CIA member.