Section 1. Purpose and Scope

This revenue procedure modifies Rev. Proc. 95–51, 1995–2 C.B. 431, which provides approval to change the funding method (actuarial cost method) used for a defined benefit pension plan. Specifically, this revenue procedure modifies § 3 of Rev. Proc. 95–51 to provide approval to change the asset valuation method to one of three additional methods and to provide approval for certain changes in valuation software. This revenue procedure also clarifies and modifies other provisions of Rev. Proc. 95–51.