By Elizabeth Bauer, includes “… the second pitch is a claim that, like refinancing, this is a way to save on interest expense. Rather than ‘paying’ interest at the rate of 7% in the actuarial valuation, you pay the bond’s interest rate, at, say, 4 or 5%. But I’ve put the word ‘pay’ in quotes in connection to the actuarial valuation, because that savings is illusory. The valuation interest rate is an artificial rate determined for the purpose of measuring the liabilities …”