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How Lower Earnings Will Impact California's Total Unfunded Pension Liability
California Public Policy Center 
Feb. 20, 2013
"[If] the discount rate is lowered to 5.5%, and the actuarial accrued liability is revalued according to Moody's proposed criteria scheduled for adoption in 2014, it results in the estimated funding status of California's consolidated state and local government pension plans lowering from 82% funded to 64% funded.... If you increase the duration of the pension plan discounting to what is probably a more representative 17 years, ... the unfunded pension liability at 6.2% is $295 billion (67% funded), at 5.5% it rises to $401 billion (60% funded), and at 4.5% it rises to $576 billion (51% funded)."
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