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On May 20, 2024, the Actuarial Standards Board (ASB) approved a revised version of Actuarial Standard of Practice (ASOP) No. 27, which is now titled Selection of Assumptions for Measuring Pension Obligations. This Standard provides guidance for actuaries when performing actuarial services related to selecting actuarial assumptions, including advice on selecting assumptions for defined benefit pension plan obligations. 

The most recent revisions are intended to simplify the overall guidance by combining ASOP Nos. 27 and 35 (titled Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations) into one standard. The simplification efforts also guided previous revisions of ASOP Nos. 27 and 35, which adopted identical language and improved the similarity of the structure and layout, among other changes.

Generally, the ASB tried to avoid changing the current guidance in both ASOP Nos. 27 and 35, except when the two standards took different approaches to the assumption selection framework. After the newly revised version of ASOP No. 27 becomes effective as the single assumption standard for pensions, then ASOP No. 35 will be repealed and any appropriate technical corrections will be made to any ASOPs that reference ASOP No. 35.

The revised standard is effective for any actuarial report issued on or after January 1, 2025; and the measurement date in the actuarial report is on or after January 1, 2025. 

An overview of the changes and ASOP No. 27 are available here.