b. identify the measurement date (section 3.4);
c. identify plan provisions applicable to the measurement and any associated valuation issues (section 3.5);
d. gather data necessary for the measurement (section 3.6);
e. obtain from the principal other information necessary for the purpose of the measurement (section 3.7);
f. select assumptions (section 3.8);
g. measure accrued or vested benefits, if applicable (section 3.9);
h. measure market-consistent present values, if applicable (section 3.10);
i. calculate a low-default-risk obligation measure, if applicable (section 3.11);
j. reflect how plan or plan sponsor assets as of the measurement date are reported, if applicable (section 3.12);
k. select an actuarial cost method, if applicable (section 3.13);
l. select an amortization method, if applicable (section 3.14);
m. select an asset valuation method, if applicable (section 3.15);
n. select an output smoothing method, if applicable (section 3.16);
o. select a cost allocation procedure or contribution allocation procedure, if applicable (sections 3.17 and 3.18);
p. assess the implications of the contribution allocation procedure or plan’s funding policy, if applicable (section 3.19);
q. take into account the contribution lag, if applicable (section 3.20);
r. calculate a reasonable actuarially determined contribution, if applicable (section 3.21);
s. perform a gain and loss analysis, if applicable (section 3.22);
t. take into account the sources of significant volatility, if applicable (section 3.23);
u. assess the assumptions and methods not selected by the actuary, if applicable (section 3.24); and
v. consider preparing and retaining documentation (section 3.26).
In addition, the actuary may use approximations and estimates where circumstances warrant (section 3.25).
