re-phrasing part 2 of my prior question : If you change to market for the 1/1/06 valuation, are you locked in until 2011 or with the 2008 valuation do you have the options of continuing with market or changing to average market with a max on the averaging period of two years ?

I think this is something we will need to wait for IRS guidance.

I had a similar thought and was wondering if you could change your funding method in 06 or 07 to a method that would phase into the 2-yr smoothing in 2008. Depending on how your gains/losses fall, changing from 5-yr smoothing in 07 to 2-yr smoothing in 08 could be a significant change. It would be nice to be able to be able to create a method that phases this in over the next few years.

P.S. You can edit your posts by clicking the "edit" button, so there is no need to double post a question when you change it.