{
  "generated": "2026-09-09",
  "target": 2080,
  "variants": {
    "ruled-baseline": {
      "note": "two-phase, base 0.42, protected lanes, retirement-date governor, VAT 13.5%",
      "central": {
        "fund": 2071,
        "ledger": 2070,
        "peakT": 70.6,
        "d79pct": 0,
        "netTicks": 0
      },
      "conservative": {
        "fund": null,
        "ledger": null,
        "peakT": 469.4,
        "d79pct": 178,
        "netTicks": 8
      },
      "optimistic": {
        "fund": 2056,
        "ledger": 2055,
        "peakT": 43.1,
        "d79pct": 0,
        "netTicks": 0
      }
    },
    "single-phase -1.0pp": {
      "note": "attribution: the pre-ruling convergence form",
      "central": {
        "fund": 2069,
        "ledger": 2068,
        "peakT": 70.6,
        "d79pct": 0,
        "netTicks": 0
      },
      "conservative": {
        "fund": null,
        "ledger": null,
        "peakT": 270,
        "d79pct": 134,
        "netTicks": 8
      },
      "optimistic": {
        "fund": 2056,
        "ledger": 2055,
        "peakT": 43.1,
        "d79pct": 0,
        "netTicks": 0
      }
    },
    "base 0.52": {
      "note": "attribution: the retired base",
      "central": {
        "fund": 2064,
        "ledger": 2064,
        "peakT": 56.5,
        "d79pct": 0,
        "netTicks": 0
      },
      "conservative": {
        "fund": null,
        "ledger": 2089,
        "peakT": 145.8,
        "d79pct": 56,
        "netTicks": 8
      },
      "optimistic": {
        "fund": 2052,
        "ledger": 2051,
        "peakT": 41.1,
        "d79pct": 0,
        "netTicks": 0
      }
    },
    "governor off": {
      "note": "the ungoverned path at 13.5%",
      "central": {
        "fund": 2071,
        "ledger": 2070,
        "peakT": 70.6,
        "d79pct": 0,
        "netTicks": 0
      },
      "conservative": {
        "fund": null,
        "ledger": null,
        "peakT": 829.5,
        "d79pct": 266,
        "netTicks": 0
      },
      "optimistic": {
        "fund": 2056,
        "ledger": 2055,
        "peakT": 43.1,
        "d79pct": 0,
        "netTicks": 0
      }
    },
    "TCL launch 28.25": {
      "note": "+0.25pp payroll at launch (corridor unchanged)",
      "central": {
        "fund": 2070,
        "ledger": 2069,
        "peakT": 67.9,
        "d79pct": 0,
        "netTicks": 0
      },
      "conservative": {
        "fund": null,
        "ledger": null,
        "peakT": 463.5,
        "d79pct": 177,
        "netTicks": 8
      },
      "optimistic": {
        "fund": 2055,
        "ledger": 2055,
        "peakT": 42.7,
        "d79pct": 0,
        "netTicks": 0
      }
    },
    "prepayment +0.5pp": {
      "note": "estate prepayment brackets +0.5pp",
      "central": {
        "fund": 2068,
        "ledger": 2067,
        "peakT": 63.9,
        "d79pct": 0,
        "netTicks": 0
      },
      "conservative": {
        "fund": null,
        "ledger": null,
        "peakT": 248.3,
        "d79pct": 122,
        "netTicks": 8
      },
      "optimistic": {
        "fund": 2054,
        "ledger": 2054,
        "peakT": 41.9,
        "d79pct": 0,
        "netTicks": 0
      }
    },
    "haircut deleted": {
      "note": "the state the four derived streams would produce",
      "central": {
        "fund": 2069,
        "ledger": 2068,
        "peakT": 65.3,
        "d79pct": 0,
        "netTicks": 0
      },
      "conservative": {
        "fund": null,
        "ledger": null,
        "peakT": 192.5,
        "d79pct": 93,
        "netTicks": 8
      },
      "optimistic": {
        "fund": 2055,
        "ledger": 2055,
        "peakT": 42.6,
        "d79pct": 0,
        "netTicks": 0
      }
    },
    "VAT 10.0": {
      "note": "Bill's wanted rate, as booked",
      "central": {
        "fund": 2071,
        "ledger": 2070,
        "peakT": 70.6,
        "d79pct": 0,
        "netTicks": 0
      },
      "conservative": {
        "fund": null,
        "ledger": null,
        "peakT": 469.4,
        "d79pct": 178,
        "netTicks": 8
      },
      "optimistic": {
        "fund": 2056,
        "ledger": 2055,
        "peakT": 43.1,
        "d79pct": 0,
        "netTicks": 0
      }
    },
    "VAT 10.0 + haircut deleted": {
      "note": "Bill's rate once the streams retire the haircut",
      "central": {
        "fund": 2069,
        "ledger": 2068,
        "peakT": 65.3,
        "d79pct": 0,
        "netTicks": 0
      },
      "conservative": {
        "fund": null,
        "ledger": null,
        "peakT": 192.5,
        "d79pct": 93,
        "netTicks": 8
      },
      "optimistic": {
        "fund": 2055,
        "ledger": 2055,
        "peakT": 42.6,
        "d79pct": 0,
        "netTicks": 0
      }
    },
    "VAT 10.0 + deleted + TCL 28.25 + prepay": {
      "note": "the advisor's last 1.1 points",
      "central": {
        "fund": 2065,
        "ledger": 2064,
        "peakT": 58.2,
        "d79pct": 0,
        "netTicks": 0
      },
      "conservative": {
        "fund": 2088,
        "ledger": 2087,
        "peakT": 133.3,
        "d79pct": 44,
        "netTicks": 8
      },
      "optimistic": {
        "fund": 2053,
        "ledger": 2053,
        "peakT": 41.4,
        "d79pct": 0,
        "netTicks": 0
      }
    }
  },
  "solves": {
    "ruled baseline, haircut retained": 0.0706,
    "haircut deleted": 0.0629,
    "haircut deleted + TCL 28.25 + prepayment +0.5": 0.06,
    "haircut retained + TCL 28.25 + prepayment +0.5": 0.06
  }
}