"A surprising reason dissident actuaries advocate using a much lower earnings forecast for public pension investment funds is 'intergenerational equity,' ensuring that the pensions of government workers are paid by the generation that receives their services.... With little or no risk of loss, investments with predictable yields could closely match the cost of pensions workers earn during a year, minimizing debt passed to future generations. But that would be costly. The yield on the 20-year Treasury bond last week was 2.2 percent."

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