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POB Feasibility? <br />• Recommend partial POB <br />• Only $315 million of the $681 million <br />unfunded liability <br />• Use proceeds to make targeted <br />payments <br />• Bond proceeds sent to CaIPERS <br />• If CaIPERS has investment losses in <br />the future, some of the bond <br />proceeds will be lost <br />• Every year CaIPERS assumptions <br />are not met, unfunded liability <br />continues to grow <br />• POB does not "pay-off" the liability <br />