GRS 2023 Capital Market Assumption Set

Investment Return Assumption • We will also look at the historical trend and variability in Historical Change in Expectations 10-Year Median Expected Return Using Current Target Allocation and Last 5 GRS Surveys the survey results 8.00% 7.40% Stability has value 7.50% 7.10% 6.80% 7.00% 6.50% 6.30% 6.10% 6.7% Average Changing the 6.00% assumption is its 5.50% 5.00% own risk factor and 4.50% the impact should 4.00% be considered 2019 2020 2021 2022 2023 GRS 13

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