According to the December 5, 2013 GFOA newsletter: The latest Milliman Public Pension Funding Study results indicate that most plans have set their interest rate assumptions and measured their pension liabilities in a realistic, actuarial manner that is consistent with long-term market return expectations. Overall, funded ratios are down slightly, by 2.6%. In addition, 29 of the 100 plans in the study have lowered their interest rate assumptions since 2012. The median interest rate used by the plans decreased to 7.75% in the 2013 study from 8% in the 2012 study, which is in line with a generally declining market consensus on expected long-term investment returns.