Here are some definitions that will help make this a little more clear.
Market Liability: Present Value of future benefits for current members, discounted at a market rate of return, ranging from 2.82% to 4.82%.
Actuarial Liability: Present Value of future benefits for current members, using discount rates reported by most systems, typically 7.5%.
Value of Assets: Market Value of Assets, as reflected by the current market price.
Market Pension Debt: Market Liability minus Value of Assets.
Acturial Pension Debt: Actuarial Liability minus Value of Assets.
Actuarial Liability minus Value of Assets: Discount rate for terminating CalPERS agencies, based on 10- and 30-year Treasury yields, ranging from 2.82% to 4.82%.
This, of course, is the real reason why Measure UUT was on the ballot and pushed so fiercely in 2016. Trust me, it wasn't really about the Library.
It is also why the City of Sierra Madre will be pushing for additional tax increases in 2018. Again, and despite what you will be told, it won't really be about the Library, the Fire Department, Paramedics, the Huck Finn Fishing Derby or Baby Rhyme Time.
This is also something the city government here adamantly refuses to agendize and discuss at City Council meetings with those who are actually paying the bills. Why this city won't level with its constituents is baffling.