After reading the Novy-Marx and Rauh article (see the Common Mistake Box), you decide to compute the total obligation of the state you live in. After some research you determine that your states promised pension payments amount to $1 billion annually, and you expect this obligation to grow at 2% per year. You determine that the riskiness of this obligation is the same as the riskiness of the states debt. Based on the pricing of that debt you determine that the correct discount rate for the funds liabilities is 3% per annum. Currently, based on actuarial calculations using 8% as the discount rate, the plan is neither over- nor underfundedthe value of the liabilities exactly matches the value of the assets. What is the extent of the true unfunded liability?