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When the pension assets and liabilities are included in the overall WACC the WACC will fall because the total liability and equity beta will be reduced since the pension liabilities have a risk beta of zero. The total assets beta equals the total liabilities and equity beta so when the total liabilities and equity beta decreases this will also decrease the total assets beta with an associated decrease in the operating assets beta. The lower operating assets WACC will reduce the firm’s hurdle rate allowing it to accept more projects thus increasing the overall value of the firm. The increased pension liabilities increases the firm’s debt-to-equity ratio since the pension liabilities are viewed as debt.