Committee asks actuarial staff to explain sensitivity analysis behind low projections

Committee members asked staff and actuarial advisers to explain the methodology behind newly circulated projections after seeing figures that differed from what some members had received earlier. A staff analyst described the work as a sensitivity analysis asked of GRS and said it “assumes that the next decade is gonna be as volatile as the last decade,” which produced lower projections than a 7.5% constant-return assumption.