The Actuarial Standards Board (ASB) adopted a new Actuarial Standard of Practice (ASOP) No. 51, Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions. This article provides a high-level overview of ASOP No. 51 and its implications for public pension plans, which is effective for actuarial work products with a measurement date on or after November 1, 2018.