Massachusetts Treasurer Steven Grossman wants to reduce the assumed rate of return on the state’s $50 billion in pension-fund assets, currently at 8.25% and among the highest for U.S. public retirement plans.

Grossman, a former Democratic National Committee chairman, says he’s gathering legislative support for a cut to 8%, with an option to go lower. That would put Massachusetts more in line with other states, yet the move would cost taxpayers and covered workers $1.7 billion to maintain funding commitments.

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