{
  "generated": "2026-09-07",
  "target": 2080,
  "variants": {
    "ruled-baseline": {
      "note": "two-phase, base 0.42, protected lanes, retirement-date governor, VAT 13.5%",
      "central": {
        "fund": 2079,
        "ledger": 2077,
        "peakT": 75.7,
        "d79pct": 0,
        "netTicks": 2
      },
      "conservative": {
        "fund": null,
        "ledger": null,
        "peakT": 341.5,
        "d79pct": 131,
        "netTicks": 4
      },
      "optimistic": {
        "fund": 2059,
        "ledger": 2058,
        "peakT": 45.2,
        "d79pct": 0,
        "netTicks": 0
      }
    },
    "single-phase -1.0pp": {
      "note": "attribution: the pre-ruling convergence form",
      "central": {
        "fund": 2076,
        "ledger": 2075,
        "peakT": 81.1,
        "d79pct": 0,
        "netTicks": 0
      },
      "conservative": {
        "fund": null,
        "ledger": null,
        "peakT": 204.6,
        "d79pct": 100,
        "netTicks": 4
      },
      "optimistic": {
        "fund": 2059,
        "ledger": 2058,
        "peakT": 45.2,
        "d79pct": 0,
        "netTicks": 0
      }
    },
    "base 0.52": {
      "note": "attribution: the retired base",
      "central": {
        "fund": 2069,
        "ledger": 2068,
        "peakT": 60.1,
        "d79pct": 0,
        "netTicks": 0
      },
      "conservative": {
        "fund": null,
        "ledger": null,
        "peakT": 174.1,
        "d79pct": 82,
        "netTicks": 4
      },
      "optimistic": {
        "fund": 2053,
        "ledger": 2052,
        "peakT": 41.2,
        "d79pct": 0,
        "netTicks": 0
      }
    },
    "governor off": {
      "note": "the ungoverned path at 13.5%",
      "central": {
        "fund": 2083,
        "ledger": 2081,
        "peakT": 82.2,
        "d79pct": 11,
        "netTicks": 0
      },
      "conservative": {
        "fund": null,
        "ledger": null,
        "peakT": 444.2,
        "d79pct": 160,
        "netTicks": 0
      },
      "optimistic": {
        "fund": 2059,
        "ledger": 2058,
        "peakT": 45.2,
        "d79pct": 0,
        "netTicks": 0
      }
    },
    "TCL launch 28.25": {
      "note": "+0.25pp payroll at launch (corridor unchanged)",
      "central": {
        "fund": 2079,
        "ledger": 2077,
        "peakT": 75.8,
        "d79pct": 0,
        "netTicks": 1
      },
      "conservative": {
        "fund": null,
        "ledger": null,
        "peakT": 340.7,
        "d79pct": 130,
        "netTicks": 4
      },
      "optimistic": {
        "fund": 2058,
        "ledger": 2058,
        "peakT": 44.6,
        "d79pct": 0,
        "netTicks": 0
      }
    },
    "prepayment +0.5pp": {
      "note": "estate prepayment brackets +0.5pp",
      "central": {
        "fund": 2078,
        "ledger": 2076,
        "peakT": 73.8,
        "d79pct": 0,
        "netTicks": 0
      },
      "conservative": {
        "fund": null,
        "ledger": null,
        "peakT": 274.3,
        "d79pct": 111,
        "netTicks": 4
      },
      "optimistic": {
        "fund": 2057,
        "ledger": 2057,
        "peakT": 43.6,
        "d79pct": 0,
        "netTicks": 0
      }
    },
    "haircut deleted": {
      "note": "the state the four derived streams would produce",
      "central": {
        "fund": 2068,
        "ledger": 2067,
        "peakT": 59.5,
        "d79pct": 0,
        "netTicks": 0
      },
      "conservative": {
        "fund": null,
        "ledger": null,
        "peakT": 132.2,
        "d79pct": 65,
        "netTicks": 4
      },
      "optimistic": {
        "fund": 2054,
        "ledger": 2053,
        "peakT": 41.5,
        "d79pct": 0,
        "netTicks": 0
      }
    },
    "VAT 10.0": {
      "note": "Bill's wanted rate, as booked",
      "central": {
        "fund": null,
        "ledger": 2088,
        "peakT": 97.2,
        "d79pct": 32,
        "netTicks": 4
      },
      "conservative": {
        "fund": null,
        "ledger": null,
        "peakT": 478.7,
        "d79pct": 171,
        "netTicks": 4
      },
      "optimistic": {
        "fund": 2067,
        "ledger": 2066,
        "peakT": 54.6,
        "d79pct": 0,
        "netTicks": 0
      }
    },
    "VAT 10.0 + haircut deleted": {
      "note": "Bill's rate once the streams retire the haircut",
      "central": {
        "fund": 2079,
        "ledger": 2077,
        "peakT": 76.1,
        "d79pct": 0,
        "netTicks": 0
      },
      "conservative": {
        "fund": null,
        "ledger": null,
        "peakT": 252.7,
        "d79pct": 105,
        "netTicks": 4
      },
      "optimistic": {
        "fund": 2059,
        "ledger": 2059,
        "peakT": 46,
        "d79pct": 0,
        "netTicks": 0
      }
    },
    "VAT 10.0 + deleted + TCL 28.25 + prepay": {
      "note": "the advisor's last 1.1 points",
      "central": {
        "fund": 2073,
        "ledger": 2072,
        "peakT": 66.5,
        "d79pct": 0,
        "netTicks": 0
      },
      "conservative": {
        "fund": null,
        "ledger": null,
        "peakT": 184.7,
        "d79pct": 85,
        "netTicks": 4
      },
      "optimistic": {
        "fund": 2057,
        "ledger": 2056,
        "peakT": 43.8,
        "d79pct": 0,
        "netTicks": 0
      }
    }
  },
  "solves": {
    "ruled baseline, haircut retained": 0.1402,
    "haircut deleted": 0.0957,
    "haircut deleted + TCL 28.25 + prepayment +0.5": 0.078,
    "haircut retained + TCL 28.25 + prepayment +0.5": 0.1226
  }
}