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<<but I thought the crediting rate applies to future increments/contributions to a pension, not to the yield on already contributed amounts?>>

In the article about that pension, it is actually both. They apply that rate retroactively, which is why so many are looking to retire this month to lock in that rate.

I noticed that after I read the article more closely. I suspect that only (mostly?) public pensions can do that, private pensions usually "freeze" the crediting rate at a certain point and then only allow it to decline going forwards. But that's primarily because public pensions "promised" crediting rates that are WAY TOO HIGH for current market conditions (while private pensions only used crediting rates that are only a little too high for current conditions).
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