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0 <br />CALPERS RETIREMENT PLANS <br />■ Actuarial Experience Model: <br />• Employees Retiring Earlier <br />• Retirees Living Longer <br />• Higher Salary Rate Increases for members with longer service <br />• Safety Retirees Living Just as Long as Non - Safety <br />■ CalPERS Implements RATE SMOOTHING Methodology to Address <br />Dramatic 2009 Investment Losses <br />• Spread Impact of Investment Losses over 3 years <br />• "Artificially" Lower Contribution Rates until 2013/14 <br />• Increases Unfunded Liability / Decreases Funded Status <br />• Lower -Cost in Near -Term / Higher -Cost Long -Term <br />Pi <br />