The state Employees Retirement Commission yesterday voted unanimously to lower the assumed rate of return for the State Employee Retirement System from 8 percent to 6.9 percent.

The action was prompted by an agreement between Gov. Dannel Malloy and the State Employees Bargaining Agent Coalition that will allow the state to fully fund its pension obligations on a “stable, predictable basis” while continuing to support the state’s retirement system.

“The unnecessarily optimistic 8 percent assumed rate of return was creating significant growth in the unfunded liability – as much as $4.2 billion from 2001 to 2014,” Office of Policy and Management Secretary Ben Barnes said in a statement. “This change puts us on a much better path moving forward. This important and vital change will allow the state to resolve large portions of the unfunded liability without the fear that the liability is continuing to grow due to unrealistic planning.”

The agreement does not impact benefits or employee contributions, according to the governor’s office.