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I just read an article in Institutional Investor, the December 2016 - January 2017 issue, on page 27 regarding the California Public Employees' Retirement Fund entitled "Jerry Brown's Battle". The fund is $300 billion. The question was whether the discount rate should be moved from 7.5% to 6.5% immediately or over a 20 year period. I am not an actuary but, for plans like these, what would happen to the plan if the rate magically increased from 7.5% to 10%? Generally would the effect of increasing the discount rate 250 BP for DB pension plans have a low, moderate or high impact to the calculations? How sensitive are plans to discount rate changes? If moving the rate downward 1% immediately or over 20 years is a huge debate.... I would appreciate thoughts and feedback on this. Regards, Brad