IF DB plan is underfunded, can suggest earn more than discount rate?

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Yes, you’d likely need a timeframe in order to know what to set the return at however

Don’t you should assume that this will be not in the best interest of participants as higher contributions should be made instead of additional risk taken (for reachng higer return)?

Well, let me rephrase. We should assume that the minimum return requriement is the actuarial rate and that future contributions would be necessary to meet pension obligations.

If they however stated that they wanted to eliminate contributions in 3 years, then just use TVM to calculate a desired return. I would still consider the actuarial rate to be the minimum return requirement, however.

Thanks, make sense.