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CAS Board – 52nd Meeting
May 8, 2008

Chairman Paul Denett convened the meeting at 1:00 P.M. and welcomed the members to the 52nd meeting of the Cost Accounting Standards (CAS) Board which was held in the Eisenhower Executive Office Building, 1750 Pennsylvania Avenue, Washington, DC. In addition to the Chairman, Board Members Mses. April Stephenson and Kathleen Turco as well as Messrs. Bruce Timman and Richard Wall were in attendance.  Also in attendance were Messrs. Rob Burton, Deputy Administrator, OFPP, Eric Shipley, and Raymond Wong, CAS Board Staff and Ms. Laura Auletta, CAS Board Manager.

Agenda Items as Determined by the February 2008 Board Meeting

Pension Harmonization

At the request of the Board during the last meeting, Mr. Shipley provided the additional analysis prepared by the working group. This analysis included the modeling of several approaches under various economic, demographic and plan population scenarios. Mr. Shipley presented these various scenarios including graphs and “pros and cons” of each approach mapped against the various goals outlined by the Board.

There was significant discussion among Board members regarding smoothing volatilities while balancing the various economic interests of the stakeholders.

The Board reviewed the timeline for this effort and assigned the next steps to be completed by the working group for Board review and approval at the next meeting on June 30, 2008.

The Chair, Mr. Denett, adjourned the meeting at 3:40 P.M.

Minutes submitted by Laura Auletta May 12, 2008.