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Board accepts city pre‑funding offer after staff explains discount‑rate methodology and 15% reduction this year
Summary
Investment staff explained a three‑trigger discount‑rate methodology that would reduce the plan’s offered discount by 15% this year; the board accepted the city’s pre‑funding offer by roll call vote.
San Jose — The board accepted the city’s offer to pre‑fund its contribution after staff described the discount‑rate setting methodology and why staff recommended applying a 15% haircut to the plan’s default discount rate for the year.
Staff presentation: The investment staff explained their discount‑rate methodology has three triggers: time since an NBER‑dated recession, time since a 30% market drawdown in the S&P 500, and…
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