The budget director says, In the worst case, we cannot do anything about the cost of living adjustment, the stock market tanks, and we earn very littlesay 3 percent. Productivity goes to zero and other factors remain the same. That is the worst case. How bad would that be?

INPUTS	Value
Cost of Living Adjustment	0.03
Long Term Rate of Return	0.03
Productivity Factor	0.00
Employee Contribution Rate	0.095
Final Salary Give Back	$ -
State Contribution Factor	2.5
SUMMARY OF KEY RESULTS	Value
NPV of Unfunded Liability	$ 23,685,305,718
Ratio of Assets to Liability NPV	62%

How would you explain this worst case scenario? What do this mean?