Exhibit 9: Page 1 of 22

WESTERN STATES OFFICE AND 

PROFESSIONAL EMPLOYEES PENSION FUND

SUSPENSION APPLICATION 

Exhibit 9
Plan Year Beginning 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020

Plan Year Ending 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020

A. Market Value at Beginning of Year 334,210,200 325,872,761 308,407,868 298,080,292 287,708,858

Income

B. Base Contributions 4,477,091 3,983,739 3,983,739 3,983,739 3,983,739

C. Supplemental/Surcharge Contributions 3,113,918 3,186,991 3,186,991 3,186,991 3,186,991

D. Withdrawal Liability Payments 3,143,651 3,997,686 3,994,682 3,990,018 3,986,838

E. Total Investment Income 21,054,925 13,480,650 13,677,750 13,964,010 14,192,315

Disbursements

F. Benefit Payments 39,127,024 41,113,959 34,470,738 34,796,192 35,085,545

G. Administrative expenses 1,000,000 1,000,000 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 325,872,761 308,407,868 298,080,292 287,708,858 277,273,196

I. Available Resources 

(A+B+C+D+E-G)

 364,999,785 349,521,827 332,551,030 322,505,050 312,358,741

J. Solvency Ratio (I / F) 9.33 8.50 9.65 9.27 8.90

K. Accrued Liability 529,954,836 430,063,669 416,163,695 412,416,101 408,059,554

L. Funded Percentage (A / K) 63.06% 75.77% 74.11% 72.28% 70.51%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2044

Assumed Rate of Return Reduced by 1 Percentage Point

Exhibit 9: Page 2 of 22
Plan Year Beginning 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025

Plan Year Ending 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025

A. Market Value at Beginning of Year 277,273,196 266,737,654 256,291,563 245,960,085 235,555,485

Income

B. Base Contributions 3,983,739 3,983,739 3,983,739 3,983,739 3,983,739

C. Supplemental/Surcharge Contributions 3,186,991 3,186,991 3,186,991 3,186,991 3,186,991

D. Withdrawal Liability Payments 3,985,664 3,983,350 3,972,733 3,960,189 3,955,948

E. Total Investment Income 14,360,989 14,473,877 14,537,376 14,547,562 14,509,552

Disbursements

F. Benefit Payments 35,352,925 35,374,048 35,312,318 35,383,081 35,075,685

G. Administrative expenses 700,000 700,000 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 266,737,654 256,291,564 245,960,085 235,555,485 225,416,030

I. Available Resources 

(A+B+C+D+E-G)

 302,090,579 291,665,611 281,272,402 270,938,566 260,491,715

J. Solvency Ratio (I / F) 8.54 8.25 7.97 7.66 7.43

K. Accrued Liability 403,087,316 397,477,518 391,439,121 385,026,909 378,076,482

L. Funded Percentage (A / K) 68.79% 67.11% 65.47% 63.88% 62.30%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2044

Assumed Rate of Return Reduced by 1 Percentage Point

Exhibit 9: Page 3 of 22
Plan Year Beginning 1/1/2026 1/1/2027 1/1/2028 1/1/2029 1/1/2030

Plan Year Ending 12/31/2026 12/31/2027 12/31/2028 12/31/2029 12/31/2030

A. Market Value at Beginning of Year 225,416,030 215,256,167 205,104,791 194,982,889 184,864,257

Income

B. Base Contributions 3,983,739 3,983,739 3,983,739 3,983,739 3,983,739

C. Supplemental/Surcharge Contributions 3,186,991 3,186,991 3,186,991 3,186,991 3,186,991

D. Withdrawal Liability Payments 3,955,948 3,955,948 3,955,948 3,955,948 3,911,777

E. Total Investment Income 14,137,705 13,740,411 13,319,357 12,874,484 12,407,618

Disbursements

F. Benefit Payments 34,724,247 34,318,464 33,867,937 33,419,794 32,829,519

G. Administrative expenses 700,000 700,000 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 215,256,167 205,104,792 194,982,890 184,864,258 174,824,863

I. Available Resources 

(A+B+C+D+E-G)

 249,980,413 239,423,256 228,850,827 218,284,052 207,654,382

J. Solvency Ratio (I / F) 7.20 6.98 6.76 6.53 6.33

K. Accrued Liability 370,940,688 363,651,727 356,254,809 348,788,473 341,245,216

L. Funded Percentage (A / K) 60.77% 59.19% 57.57% 55.90% 54.17%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2044

Assumed Rate of Return Reduced by 1 Percentage Point

Exhibit 9: Page 4 of 22
Plan Year Beginning 1/1/2031 1/1/2032 1/1/2033 1/1/2034 1/1/2035

Plan Year Ending 12/31/2031 12/31/2032 12/31/2033 12/31/2034 12/31/2035

A. Market Value at Beginning of Year 174,824,864 164,966,895 155,142,194 144,856,437 133,624,965

Income

B. Base Contributions 3,983,739 3,983,739 3,983,739 3,983,739 3,983,739

C. Supplemental/Surcharge Contributions 3,186,991 3,186,991 3,186,991 3,186,991 3,186,991

D. Withdrawal Liability Payments 3,872,769 3,762,484 3,141,632 1,904,088 1,816,980

E. Total Investment Income 11,925,220 11,426,166 10,887,519 10,272,348 9,603,483

Disbursements

F. Benefit Payments 32,126,688 31,484,081 30,785,638 29,878,638 28,909,790

G. Administrative expenses 700,000 700,000 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 164,966,895 155,142,194 144,856,437 133,624,965 122,606,368

I. Available Resources 

(A+B+C+D+E-G)

 197,093,582 186,626,275 175,642,075 163,503,603 151,516,158

J. Solvency Ratio (I / F) 6.13 5.93 5.71 5.47 5.24

K. Accrued Liability 333,766,745 326,474,395 319,319,250 312,369,118 305,854,981

L. Funded Percentage (A / K) 52.38% 50.53% 48.59% 46.37% 43.69%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2044

Assumed Rate of Return Reduced by 1 Percentage Point

Exhibit 9: Page 5 of 22
Plan Year Beginning 1/1/2036 1/1/2037 1/1/2038 1/1/2039 1/1/2040

Plan Year Ending 12/31/2036 12/31/2037 12/31/2038 12/31/2039 12/31/2040

A. Market Value at Beginning of Year 122,606,368 110,140,653 96,301,395 82,623,150 69,029,716

Income

B. Base Contributions 3,983,739 3,983,739 3,983,739 3,983,739 3,983,739

C. Supplemental/Surcharge Contributions 3,186,991 3,186,991 3,186,991 3,186,991 3,186,991

D. Withdrawal Liability Payments 1,560,757 - - - -

E. Total Investment Income 7,412,925 6,572,592 5,693,524 4,822,308 3,946,258

Disbursements

F. Benefit Payments 27,910,127 26,882,580 25,842,499 24,886,473 24,246,581

G. Administrative expenses 700,000 700,000 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 110,140,653 96,301,395 82,623,151 69,029,716 55,200,123

I. Available Resources 

(A+B+C+D+E-G)

 138,050,780 123,183,975 108,465,649 93,916,189 79,446,704

J. Solvency Ratio (I / F) 4.95 4.58 4.20 3.77 3.28

K. Accrued Liability 299,872,537 294,492,267 289,786,723 285,817,811 282,551,835

L. Funded Percentage (A / K) 40.89% 37.40% 33.23% 28.91% 24.43%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2044

Assumed Rate of Return Reduced by 1 Percentage Point

Exhibit 9: Page 6 of 22
Plan Year Beginning 1/1/2041 1/1/2042 1/1/2043 1/1/2044

Plan Year Ending 12/31/2041 12/31/2042 12/31/2043 12/31/2044

A. Market Value at Beginning of Year 55,200,123 41,139,838 26,796,293 12,178,248

Income

B. Base Contributions 3,983,739 3,983,739 3,983,739 3,983,739

C. Supplemental/Surcharge Contributions 3,186,991 3,186,991 3,186,991 3,186,991

D. Withdrawal Liability Payments - - - -

E. Total Investment Income 3,055,294 2,147,911 1,222,710 278,865

Disbursements

F. Benefit Payments 23,586,309 22,962,187 22,311,485 21,676,770

G. Administrative expenses 700,000 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 41,139,838 26,796,293 12,178,248 Insolvent

I. Available Resources 

(A+B+C+D+E-G)

 64,726,147 49,758,479 34,489,733 18,927,843

J. Solvency Ratio (I / F) 2.74 2.17 1.55 0.87

K. Accrued Liability 279,712,164 277,350,824 275,465,033 274,116,812

L. Funded Percentage (A / K) 19.73% 14.83% 9.73% 4.44%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2044

Assumed Rate of Return Reduced by 1 Percentage Point

Exhibit 9: Page 7 of 22
Plan Year Beginning 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020

Plan Year Ending 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020

A. Market Value at Beginning of Year 334,210,200 325,872,761 305,308,868 291,908,557 278,441,416

Income

B. Base Contributions 4,477,091 3,983,739 3,983,739 3,983,739 3,983,739

C. Supplemental/Surcharge Contributions 3,113,918 3,186,991 3,186,991 3,186,991 3,186,991

D. Withdrawal Liability Payments 3,143,651 3,997,686 3,994,682 3,990,018 3,986,838

E. Total Investment Income 21,054,925 10,381,650 10,605,015 10,868,303 11,056,341

Disbursements

F. Benefit Payments 39,127,024 41,113,959 34,470,738 34,796,192 35,085,545

G. Administrative expenses 1,000,000 1,000,000 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 325,872,761 305,308,868 291,908,557 278,441,416 264,869,780

I. Available Resources 

(A+B+C+D+E-G)

 364,999,785 346,422,827 326,379,295 313,237,608 299,955,325

J. Solvency Ratio (I / F) 9.33 8.43 9.47 9.00 8.55

K. Accrued Liability 529,954,836 430,063,669 416,163,695 412,416,101 408,059,554

L. Funded Percentage (A / K) 63.06% 75.77% 73.36% 70.78% 68.24%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2038

Assumed Rate of Return Reduced by 2 Percentage Points

Exhibit 9: Page 8 of 22
Plan Year Beginning 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025

Plan Year Ending 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025

A. Market Value at Beginning of Year 264,869,780 251,140,017 237,421,561 223,717,173 209,815,704

Income

B. Base Contributions 3,983,739 3,983,739 3,983,739 3,983,739 3,983,739

C. Supplemental/Surcharge Contributions 3,186,991 3,186,991 3,186,991 3,186,991 3,186,991

D. Withdrawal Liability Payments 3,985,664 3,983,350 3,972,733 3,960,189 3,955,948

E. Total Investment Income 11,166,768 11,201,512 11,164,466 11,050,693 10,862,480

Disbursements

F. Benefit Payments 35,352,925 35,374,048 35,312,318 35,383,081 35,075,685

G. Administrative expenses 700,000 700,000 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 251,140,017 237,421,562 223,717,173 209,815,704 196,029,177

I. Available Resources 

(A+B+C+D+E-G)

 286,492,942 272,795,609 259,029,490 245,198,785 231,104,862

J. Solvency Ratio (I / F) 8.10 7.71 7.34 6.93 6.59

K. Accrued Liability 403,087,316 397,477,518 391,439,121 385,026,909 378,076,482

L. Funded Percentage (A / K) 65.71% 63.18% 60.65% 58.10% 55.50%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2038

Assumed Rate of Return Reduced by 2 Percentage Points

Exhibit 9: Page 9 of 22
Plan Year Beginning 1/1/2026 1/1/2027 1/1/2028 1/1/2029 1/1/2030

Plan Year Ending 12/31/2026 12/31/2027 12/31/2028 12/31/2029 12/31/2030

A. Market Value at Beginning of Year 196,029,177 182,082,723 167,987,636 153,745,480 139,308,869

Income

B. Base Contributions 3,983,739 3,983,739 3,983,739 3,983,739 3,983,739

C. Supplemental/Surcharge Contributions 3,186,991 3,186,991 3,186,991 3,186,991 3,186,991

D. Withdrawal Liability Payments 3,955,948 3,955,948 3,955,948 3,955,948 3,911,777

E. Total Investment Income 10,351,114 9,796,700 9,199,103 8,556,505 7,868,498

Disbursements

F. Benefit Payments 34,724,247 34,318,464 33,867,937 33,419,794 32,829,519

G. Administrative expenses 700,000 700,000 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 182,082,723 167,987,637 153,745,481 139,308,870 124,730,355

I. Available Resources 

(A+B+C+D+E-G)

 216,806,969 202,306,101 187,613,418 172,728,664 157,559,874

J. Solvency Ratio (I / F) 6.24 5.89 5.54 5.17 4.80

K. Accrued Liability 370,940,688 363,651,727 356,254,809 348,788,473 341,245,216

L. Funded Percentage (A / K) 52.85% 50.07% 47.15% 44.08% 40.82%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2038

Assumed Rate of Return Reduced by 2 Percentage Points

Exhibit 9: Page 10 of 22
Plan Year Beginning 1/1/2031 1/1/2032 1/1/2033 1/1/2034 1/1/2035

Plan Year Ending 12/31/2031 12/31/2032 12/31/2033 12/31/2034 12/31/2035

A. Market Value at Beginning of Year 124,730,356 110,085,610 95,197,616 79,543,434 62,611,508

Income

B. Base Contributions 3,983,739 3,983,739 3,983,739 3,983,739 3,983,739

C. Supplemental/Surcharge Contributions 3,186,991 3,186,991 3,186,991 3,186,991 3,186,991

D. Withdrawal Liability Payments 3,872,769 3,762,484 3,141,632 1,904,088 1,816,980

E. Total Investment Income 7,138,443 6,362,873 5,519,094 4,571,894 3,537,827

Disbursements

F. Benefit Payments 32,126,688 31,484,081 30,785,638 29,878,638 28,909,790

G. Administrative expenses 700,000 700,000 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 110,085,610 95,197,616 79,543,434 62,611,508 45,527,255

I. Available Resources 

(A+B+C+D+E-G)

 142,212,297 126,681,697 110,329,072 92,490,146 74,437,045

J. Solvency Ratio (I / F) 4.43 4.02 3.58 3.10 2.57

K. Accrued Liability 333,766,745 326,474,395 319,319,250 312,369,118 305,854,981

L. Funded Percentage (A / K) 37.37% 33.72% 29.81% 25.46% 20.47%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2038

Assumed Rate of Return Reduced by 2 Percentage Points

Exhibit 9: Page 11 of 22
Plan Year Beginning 1/1/2036 1/1/2037 1/1/2038

Plan Year Ending 12/31/2036 12/31/2037 12/31/2038

A. Market Value at Beginning of Year 45,527,255 27,621,939 8,165,786

Income

B. Base Contributions 3,983,739 3,983,739 3,983,739

C. Supplemental/Surcharge Contributions 3,186,991 3,186,991 3,186,991

D. Withdrawal Liability Payments 1,560,757 - -

E. Total Investment Income 1,973,324 955,697 (104,726)

Disbursements

F. Benefit Payments 27,910,127 26,882,580 25,842,499

G. Administrative expenses 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 27,621,939 8,165,786 Insolvent

I. Available Resources 

(A+B+C+D+E-G)

 55,532,066 35,048,366 14,531,790

J. Solvency Ratio (I / F) 1.99 1.30 0.56

K. Accrued Liability 299,872,537 294,492,267 289,786,723

L. Funded Percentage (A / K) 15.18% 9.38% 2.82%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2038

Assumed Rate of Return Reduced by 2 Percentage Points

Exhibit 9: Page 12 of 22
Plan Year Beginning 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020

Plan Year Ending 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020

A. Market Value at Beginning of Year 334,210,200 325,872,761 310,726,437 302,009,639 292,617,859

Income

B. Base Contributions 4,477,091 3,561,463 3,183,948 2,846,449 2,544,726

C. Supplemental/Surcharge Contributions 3,113,918 2,849,170 2,547,158 2,277,159 2,035,781

D. Withdrawal Liability Payments 3,143,651 3,997,686 3,994,682 3,990,018 3,986,838

E. Total Investment Income 21,054,925 16,559,317 16,728,153 16,990,786 17,165,380

Disbursements

F. Benefit Payments 39,127,024 41,113,959 34,470,738 34,796,192 35,085,545

G. Administrative expenses 1,000,000 1,000,000 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 325,872,761 310,726,437 302,009,639 292,617,859 282,565,038

I. Available Resources 

(A+B+C+D+E-G)

 364,999,785 351,840,396 336,480,377 327,414,051 317,650,583

J. Solvency Ratio (I / F) 9.33 8.56 9.76 9.41 9.05

K. Accrued Liability 529,954,836 430,063,669 416,019,026 411,899,399 406,991,282

L. Funded Percentage (A / K) 63.06% 75.77% 74.69% 73.32% 71.90%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2038

Future Contribution Base Units Decrease at a Rate Equal to Average Annual Rate 

Experienced over Past Ten Years (-10.6%)

Exhibit 9: Page 13 of 22
Plan Year Beginning 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025

Plan Year Ending 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025

A. Market Value at Beginning of Year 282,565,038 271,839,868 260,647,498 249,020,978 236,770,862

Income

B. Base Contributions 2,274,985 2,033,836 1,818,250 1,625,515 1,453,211

C. Supplemental/Surcharge Contributions 1,819,988 1,627,069 1,454,600 1,300,412 1,162,568

D. Withdrawal Liability Payments 3,985,664 3,983,350 3,972,733 3,960,189 3,955,948

E. Total Investment Income 17,247,118 17,237,423 17,140,215 16,946,849 16,658,598

Disbursements

F. Benefit Payments 35,352,925 35,374,048 35,312,318 35,383,081 35,075,685

G. Administrative expenses 700,000 700,000 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 271,839,868 260,647,499 249,020,978 236,770,862 224,225,502

I. Available Resources 

(A+B+C+D+E-G)

 307,192,793 296,021,546 284,333,296 272,153,943 259,301,187

J. Solvency Ratio (I / F) 8.69 8.37 8.05 7.69 7.39

K. Accrued Liability 401,291,092 394,778,630 387,663,114 379,998,236 371,617,200

L. Funded Percentage (A / K) 70.41% 68.86% 67.24% 65.53% 63.71%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2038

Future Contribution Base Units Decrease at a Rate Equal to Average Annual Rate 

Experienced over Past Ten Years (-10.6%)

Exhibit 9: Page 14 of 22
Plan Year Beginning 1/1/2026 1/1/2027 1/1/2028 1/1/2029 1/1/2030

Plan Year Ending 12/31/2026 12/31/2027 12/31/2028 12/31/2029 12/31/2030

A. Market Value at Beginning of Year 224,225,502 211,087,040 197,363,858 183,049,635 168,083,480

Income

B. Base Contributions 1,299,170 1,161,458 1,038,344 928,279 829,882

C. Supplemental/Surcharge Contributions 1,039,336 929,167 830,675 742,623 663,905

D. Withdrawal Liability Payments 3,955,948 3,955,948 3,955,948 3,955,948 3,911,777

E. Total Investment Income 15,991,330 15,248,710 14,428,747 13,526,789 12,539,595

Disbursements

F. Benefit Payments 34,724,247 34,318,464 33,867,937 33,419,794 32,829,519

G. Administrative expenses 700,000 700,000 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 211,087,040 197,363,859 183,049,635 168,083,481 152,499,120

I. Available Resources 

(A+B+C+D+E-G)

 245,811,286 231,682,323 216,917,572 201,503,275 185,328,639

J. Solvency Ratio (I / F) 7.08 6.75 6.40 6.03 5.65

K. Accrued Liability 362,869,188 353,781,490 344,393,172 334,735,408 324,792,090

L. Funded Percentage (A / K) 61.79% 59.67% 57.31% 54.68% 51.75%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2038

Future Contribution Base Units Decrease at a Rate Equal to Average Annual Rate 

Experienced over Past Ten Years (-10.6%)

Exhibit 9: Page 15 of 22
Plan Year Beginning 1/1/2031 1/1/2032 1/1/2033 1/1/2034 1/1/2035

Plan Year Ending 12/31/2031 12/31/2032 12/31/2033 12/31/2034 12/31/2035

A. Market Value at Beginning of Year 152,499,120 136,349,022 119,426,144 101,164,408 80,991,683

Income

B. Base Contributions 741,914 663,271 592,965 530,110 473,919

C. Supplemental/Surcharge Contributions 1,819,988 1,627,069 1,454,600 1,300,412 1,162,568

D. Withdrawal Liability Payments 3,872,769 3,762,484 3,141,632 1,904,088 1,816,980

E. Total Investment Income 11,468,376 10,304,831 9,014,933 7,547,627 5,917,836

Disbursements

F. Benefit Payments 32,126,688 31,484,081 30,785,638 29,878,638 28,909,790

G. Administrative expenses 700,000 700,000 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 137,575,479 120,522,596 102,144,636 81,868,007 60,753,196

I. Available Resources 

(A+B+C+D+E-G)

 169,702,166 152,006,677 132,930,273 111,746,645 89,662,986

J. Solvency Ratio (I / F) 5.28 4.83 4.32 3.74 3.10

K. Accrued Liability 314,695,074 304,554,567 294,309,224 284,013,073 273,881,917

L. Funded Percentage (A / K) 48.46% 44.77% 40.58% 35.62% 29.57%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2038

Future Contribution Base Units Decrease at a Rate Equal to Average Annual Rate 

Experienced over Past Ten Years (-10.6%)

Exhibit 9: Page 16 of 22
Plan Year Beginning 1/1/2036 1/1/2037 1/1/2038

Plan Year Ending 12/31/2036 12/31/2037 12/31/2038

A. Market Value at Beginning of Year 59,969,763 37,215,229 12,093,967

Income

B. Base Contributions 423,683 378,773 338,623

C. Supplemental/Surcharge Contributions 338,947 303,018 270,898

D. Withdrawal Liability Payments 1,560,757 - -

E. Total Investment Income 3,532,206 1,779,527 (92,912)

Disbursements

F. Benefit Payments 27,910,127 26,882,580 25,842,499

G. Administrative expenses 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 37,215,229 12,093,967 Insolvent

I. Available Resources 

(A+B+C+D+E-G)

 65,125,356 38,976,547 11,910,576

J. Solvency Ratio (I / F) 2.33 1.45 0.46

K. Accrued Liability 263,994,820 254,404,100 245,162,547

L. Funded Percentage (A / K) 22.72% 14.63% 4.93%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2038

Future Contribution Base Units Decrease at a Rate Equal to Average Annual Rate 

Experienced over Past Ten Years (-10.6%)

Exhibit 9: Page 17 of 22
Plan Year Beginning 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020

Plan Year Ending 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020

A. Market Value at Beginning of Year 334,210,200 325,872,761 310,652,812 301,800,797 292,221,692

Income

B. Base Contributions 4,477,091 3,521,625 3,113,117 2,751,995 2,432,764

C. Supplemental/Surcharge Contributions 3,113,918 2,817,300 2,490,493 2,201,596 1,946,211

D. Withdrawal Liability Payments 3,143,651 3,997,686 3,994,682 3,990,018 3,986,838

E. Total Investment Income 21,054,925 16,557,399 16,720,432 16,973,478 17,134,768

Disbursements

F. Benefit Payments 39,127,024 41,113,959 34,470,738 34,796,192 35,085,545

G. Administrative expenses 1,000,000 1,000,000 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 325,872,761 310,652,812 301,800,797 292,221,692 281,936,727

I. Available Resources 

(A+B+C+D+E-G)

 364,999,785 351,766,771 336,271,535 327,017,884 317,022,272

J. Solvency Ratio (I / F) 9.33 8.56 9.76 9.40 9.04

K. Accrued Liability 529,954,836 430,063,669 416,005,378 411,852,743 406,898,546

L. Funded Percentage (A / K) 63.06% 75.77% 74.68% 73.28% 71.82%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2038

Future Contribution Base Units Decrease at a Rate Equal to Average Annual Rate

 Experienced over Past Ten Years Reduced by 1 Percentage Point (-11.6%) 

Exhibit 9: Page 18 of 22
Plan Year Beginning 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025

Plan Year Ending 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025

A. Market Value at Beginning of Year 281,936,727 270,939,997 259,440,403 247,473,289 234,850,201

Income

B. Base Contributions 2,150,563 1,901,098 1,680,571 1,485,624 1,313,292

C. Supplemental/Surcharge Contributions 1,720,451 1,520,878 1,344,456 1,188,499 1,050,634

D. Withdrawal Liability Payments 3,985,664 3,983,350 3,972,733 3,960,189 3,955,948

E. Total Investment Income 17,199,517 17,169,128 17,047,444 16,825,681 16,504,899

Disbursements

F. Benefit Payments 35,352,925 35,374,048 35,312,318 35,383,081 35,075,685

G. Administrative expenses 700,000 700,000 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 270,939,997 259,440,403 247,473,289 234,850,201 221,899,289

I. Available Resources 

(A+B+C+D+E-G)

 306,292,922 294,814,451 282,785,606 270,233,282 256,974,974

J. Solvency Ratio (I / F) 8.66 8.33 8.01 7.64 7.33

K. Accrued Liability 401,141,020 394,561,432 387,370,166 379,621,811 371,150,248

L. Funded Percentage (A / K) 70.28% 68.67% 66.97% 65.19% 63.28%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2038

Future Contribution Base Units Decrease at a Rate Equal to Average Annual Rate

 Experienced over Past Ten Years Reduced by 1 Percentage Point (-11.6%) 

Exhibit 9: Page 19 of 22
Plan Year Beginning 1/1/2026 1/1/2027 1/1/2028 1/1/2029 1/1/2030

Plan Year Ending 12/31/2026 12/31/2027 12/31/2028 12/31/2029 12/31/2030

A. Market Value at Beginning of Year 221,899,289 208,324,805 194,134,223 179,319,534 163,817,410

Income

B. Base Contributions 1,160,950 1,026,280 907,231 801,993 708,961

C. Supplemental/Surcharge Contributions 928,760 821,024 725,785 641,594 567,169

D. Withdrawal Liability Payments 3,955,948 3,955,948 3,955,948 3,955,948 3,911,777

E. Total Investment Income 15,804,104 15,024,631 14,164,284 13,218,135 12,182,603

Disbursements

F. Benefit Payments 34,724,247 34,318,464 33,867,937 33,419,794 32,829,519

G. Administrative expenses 700,000 700,000 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 208,324,805 194,134,223 179,319,535 163,817,410 147,658,402

I. Available Resources 

(A+B+C+D+E-G)

 243,049,051 228,452,688 213,187,472 197,237,204 180,487,920

J. Solvency Ratio (I / F) 7.00 6.66 6.29 5.90 5.50

K. Accrued Liability 362,305,133 353,114,058 343,616,246 333,842,885 323,777,771

L. Funded Percentage (A / K) 61.25% 59.00% 56.50% 53.71% 50.60%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2038

Future Contribution Base Units Decrease at a Rate Equal to Average Annual Rate

 Experienced over Past Ten Years Reduced by 1 Percentage Point (-11.6%) 

Exhibit 9: Page 20 of 22
Plan Year Beginning 1/1/2031 1/1/2032 1/1/2033 1/1/2034 1/1/2035

Plan Year Ending 12/31/2031 12/31/2032 12/31/2033 12/31/2034 12/31/2035

A. Market Value at Beginning of Year 147,658,402 130,891,068 113,303,703 94,324,779 73,375,885

Income

B. Base Contributions 626,722 554,022 489,756 432,944 382,722

C. Supplemental/Surcharge Contributions 1,720,451 1,520,878 1,344,456 1,188,499 1,050,634

D. Withdrawal Liability Payments 3,872,769 3,762,484 3,141,632 1,904,088 1,816,980

E. Total Investment Income 11,058,486 9,836,992 8,483,522 6,946,357 5,239,653

Disbursements

F. Benefit Payments 32,126,688 31,484,081 30,785,638 29,878,638 28,909,790

G. Administrative expenses 700,000 700,000 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 132,110,141 114,381,363 95,277,431 74,218,029 52,256,085

I. Available Resources 

(A+B+C+D+E-G)

 164,236,829 145,865,444 126,063,069 104,096,667 81,165,875

J. Solvency Ratio (I / F) 5.11 4.63 4.09 3.48 2.81

K. Accrued Liability 313,552,554 303,277,141 292,889,799 282,444,085 272,155,253

L. Funded Percentage (A / K) 47.09% 43.16% 38.68% 33.40% 26.96%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2038

Future Contribution Base Units Decrease at a Rate Equal to Average Annual Rate

 Experienced over Past Ten Years Reduced by 1 Percentage Point (-11.6%) 

Exhibit 9: Page 21 of 22
Plan Year Beginning 1/1/2036 1/1/2037 1/1/2038

Plan Year Ending 12/31/2036 12/31/2037 12/31/2038

A. Market Value at Beginning of Year 51,511,628 27,954,795 1,980,845

Income

B. Base Contributions 338,327 299,081 264,387

C. Supplemental/Surcharge Contributions 270,661 239,265 211,510

D. Withdrawal Liability Payments 1,560,757 - -

E. Total Investment Income 2,883,549 1,070,284 (866,587)

Disbursements

F. Benefit Payments 27,910,127 26,882,580 25,842,499

G. Administrative expenses 700,000 700,000 700,000

H. Market Value at End of Year

(A+B+C+D+E-F-G)

 27,954,795 1,980,845 Insolvent

I. Available Resources 

(A+B+C+D+E-G)

 55,864,922 28,863,425 890,155

J. Solvency Ratio (I / F) 2.00 1.07 0.03

K. Accrued Liability 262,101,747 252,335,193 242,907,619

L. Funded Percentage (A / K) 19.65% 11.08% 0.82%

Western States Office and Professional Employees Pension Fund

Illustration of Projected Cash Flow and Solvency Ratio of the Extended Period

Projection for Plan Years beginning January 1, 2016 through December 31, 2038

Future Contribution Base Units Decrease at a Rate Equal to Average Annual Rate

 Experienced over Past Ten Years Reduced by 1 Percentage Point (-11.6%) 

Exhibit 9: Page 22 of 22