Market interest rates are at historic lows right now, how do you account for this?
All of our projections are based on expected returns for the assumed stock/bond allocation. Returns are modeled as an excess return above the risk free rate curve we assume. Our risk-free rate curve is a forward curve based on the existing Federal Reserve H15 rates. This means our projections assume near-zero risk-free rates currently, but steadily increase to 3% over the next couple years.