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The higher the discount rate applied to the pension funds forecasted obligations lowers the present value of those obligations, the lower discount rate raises the present value of the forecasted obligations . See this link to "Union actuary says UC overstates pension costs".
On July 2, 2012 Moody’s Investors Services published a “Request for Comment” titled Adjustments to US State and Local Government Reported Pension Data.Accrued actuarial liabilities will be adjusted based on a high-grade long-term corporate bond index discount rate (5.5% for 2010 and 2011)