Pension Reform Assessment

Summary The reform did accomplish what was intended: - There have been no further cuts to benefits since the reform - Actual contributions have been very close to projected Cost of living increases have been suspended and are expected to continue to be until 2031 - This was and continues to be the source of most of the savings The current structure was designed to share risk, not lower the expected overall benefit provided - (GRS The new structure provides a benefit in line with industry best practices for a career employees 41 44

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