GRS 2023 Capital Market Assumption Set

Investment Return Assumption National Trends >8.5% Across the industry return expectations have decreases by 1.00% over the last decade While industry information should not dictate the assumption for a specific system, it is useful to know what decisions similar peers are making 8.5% >8.0% <8.5% 8.0% Distribution of Investment Return Assumptions, FY 01 to present >7.5% <8.0% 7.5% >7.0% <7.5% Median 7.0% >6.5% <7.0% GRS >7.5% <8.0% 7.5% >7.0% <7.5% 7.0% 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Fiscal Year Nov-22 NASRA 6.5% <6.5% 80

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