Please.  This is a long run program.  Returns will be above and below the long run average, as would be expected.  It is not like the overages are some kind of theft.  Historical returns are in the 6-7% range and the idea of bringing the assumed rate in line with that is reasonable--even though average PERS' returns actually have been higher for at least the last decade.  There is no need for hysterical claims like your estimate of a $50 billion deficit.

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