This will take effect starting July 1, 2014. Yes, that number is still way too high and even the actuary's methodology came up with 7.09% (still too high). This impact of dropping the rate is that the pension cost increases for both the employer and employee because it assumes the money that is being invested is earning less to help pay the cost of pensions.
The problem with having a rate that is too high is that any shortage in earning becomes the sole responsibility of the employer. That means reduced service levels.