GRS 2023 Capital Market Assumption Set

Asset Smoothing Benefits/Costs of Approaches Example from ALM Study for other System, all considered 5 year smoothing Typical Closed Base Approach Adjustment Method Hybrid Approach 18% 9% 13% Probability of a Contribution Increase of 1%+ of Payroll Probability Funded Ratio 28% 31% 28% <80% in 20 Years Probability Funded Ratio 5% 15% 5% <70% in 20 Years GRS 18

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