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Investor Presentaiton

THE PEW CENTER ON THE STATES Assumptions and the unfunded liabilities States make assumptions about investment rates of return when they calculate how much money to set aside to pay for their employees' pension benefits. While there is no consensus about the appropriate return rate, we can illustrate the impact of different return rates. current assumptions $659 billion 8 percent Source: Pew Center on the States, 2011 5.22 percent 4.38 percent 10 10

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