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CALPERS CHANGES <br /> • Risk Pool changes <br /> • All Risk Pools combined into one Miscellaneous& one Safety <br /> • Collect payment on UAL as dollar amount, not as % of pay <br /> • Payments allocated to agencies based on liability& assets rather than <br /> payroll <br /> • Included in 6/30/13 valuation(impacts 15/16 rates) <br /> • Ca1PERS Board reviewing their Capital Market Assumptions next summer/fall, <br /> Likely no further changes to discount rate <br /> • Risk Mitigation Strategy <br /> • Move to more conservative investments over time <br /> • Only when investment return is better than expected <br /> • Lower discount rate in concert <br /> • Essentially use z50% of investment gains to pay for cost increases <br /> • Likely get to 6.0% over 20+years <br /> re <br /> 1 December 19,2017 9 REASANiON. <br /> CALPERS CHANGES <br /> Discount Rate used as of Actuarial Valuation Date <br /> 7.75% <br /> 7.50°b <br /> 7.25°° - <br /> 7.00% - «e_ «..•• <br /> 1 d` «i�d Yr <br /> 6.75% • At- <br /> °— <br /> 611 <br /> 6.50% • • or * _ •. .. <br /> to# " <br /> -vr'� :- -- <br /> 4,5e. • but. e e <br /> 6.25% — •�� ej' • - r e�+"' <br /> O.)" • Ors • ' `�• <br /> • <br /> 6.00% - - - «— �• --•—•--8---0-- <br /> --gm" os' • • • <br /> 5.75% , . , , , <br /> R Slporcenele 2SthperceMie lSOthpercenf4 • 7Sthpercentlle • 95th P.rcemYe <br /> — _ �m urm <br /> \ December 19,2017 10 pL£.7SANTON. <br />