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Don Rohan Thursday. January 24, 2013 9:49 AM Driscoll, David Richard Tettamant 2013-01-P801- LocalRetirementSystems-CF P-Hef1inQuinte ro.pd f

David, below is a quote from the attached policy statement from the Texas Public Policy Foundation. We often hear the 89% number being thrown around and it seems to be getting life of its own - it must be true, every one says it. Please comment as to whether (1) it is true - most actuaries think so, or (2) it is bunk. "But perhaps most telling is that 8 of the 12 plans listed above currently have a funded ratiof that is below 80 percent, a threshold most actuaries consider necessary to be fiscally sound." I see I received a response from you to my email yesterday. That's next. Thanks, Don