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The Great Discount Rate Flip-Flop
Steve Eide in Public Sector Inc. Link to more items from this source
[Opinion]
June 6, 2014
"In signing on to the city's bankruptcy plan, Detroit's two retirement systems have agreed to lower their discount rates to 6.75% from around 8%.... Detroit's Wall Street creditors ... argue that lowering the rate was all part of a populist scheme hatched by Emergency Manager Kevyn Orr to exaggerate the size of his proposed pension cuts. Orr's actuarial conservatism fails bankruptcy's 'unfair discrimination' test, which requires that creditors with equally strong claims to repayment get repaid at roughly equal rates."

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