Exhibit 5: Page 1 of 11

WESTERN STATES OFFICE AND 

PROFESSIONAL EMPLOYEES PENSION FUND

THIRD SUSPENSION APPLICATION

Exhibit 5


Plan Year Beginning 4/1/2018 1/1/2019 1/1/2020 1/1/2021 

Plan Year Ending 12/31/2018 12/31/2019 12/31/2020 12/31/2021 A. Market Value at Beginning of Year 330,182,699 322,925,500 316,158,135 309,522,367 

IncomeB. Base Contributions 2,198,622 2,814,236 2,701,667 2,593,600 

C. Supplemental/Surcharge Contributions 1,750,161 2,251,389 2,161,333 2,074,880 

D. Existing Withdrawal Liability Payments 5,467,861 5,274,679 5,263,188 5,261,171 

E. Future Withdrawal Liability Payments - 200,057 394,112 582,346 

F. Total Investment Income 13,276,508 18,041,280 18,253,191 18,323,720 

DisbursementsG. Benefit Payments (a) Current Actives 405,901 811,402 1,113,548 1,392,485 

 (b) Current Inactive Vested 957,513 1,706,071 2,317,603 3,109,576 

 (c) Current Retirees/Beneficiaries 27,537,561 31,831,534 30,963,108 30,062,707 

 (d) Future New Entrants - - - - 

 (e) Total 28,900,975 34,349,007 34,394,259 34,564,768 

H. Administrative expenses 1,049,375 1,000,000 1,015,000 1,030,225 

I. Market Value at End of Year

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

 316,158,135 322,925,500 309,522,367 302,763,090 

J. Available Resources (A+B+C+D+E+F-H)

 350,507,142 351,826,476 343,916,626 337,327,858 

K. Solvency Ratio (J / G(e)) 10.20 9.13 10.00 9.76 

L. Accrued Liability 522,428,825 407,290,401 402,064,956 396,380,166 

M. Funded Percentage (A / L) 63.20% 79.29% 78.63% 78.09% 

Western States Office and Professional Employees Pension Fun

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

Projection for Plan Years beginning April 1, 2018 through December 31, 2057

Exhibit 5: Page 4 of 11
Western States Office and Professional Employees Pension Fun

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

Projection for Plan Years beginning April 1, 2018 through December 31, 2057

Plan Year Beginning 1/1/2023 1/1/2024 1/1/2025 1/1/2026 Plan Year Ending 12/31/2023 12/31/2024 12/31/2025 12/31/2026 A. Market Value at Beginning of Year 295,785,242 288,735,587 281,536,742 274,401,611 

IncomeB. Base Contributions 2,390,262 2,294,651 2,202,865 2,114,751 

C. Supplemental/Surcharge Contributions 1,912,209 1,835,721 1,762,292 1,691,801 

D. Existing Withdrawal Liability Payments 5,243,215 5,238,616 5,238,616 5,238,616 

E. Future Withdrawal Liability Payments 942,041 1,113,837 1,280,479 1,442,121 

F. Total Investment Income 18,261,852 18,137,625 17,994,231 17,813,843 

DisbursementsG. Benefit Payments (a) Current Actives 1,876,134 2,066,604 2,232,888 2,383,318 

 (b) Current Inactive Vested 4,681,179 5,473,982 6,088,461 6,684,328 

 (c) Current Retirees/Beneficiaries 28,179,307 27,197,269 26,189,553 25,157,359 

 (d) Future New Entrants 1,249 4,157 9,269 19,104 

 (e) Total 34,737,870 34,742,012 34,520,171 34,244,108 

H. Administrative expenses 1,061,364 1,077,284 1,093,443 1,109,845 

I. Market Value at End of Year

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

 281,536,742 288,735,587 274,401,611 267,348,790 

J. Available Resources (A+B+C+D+E+F-H)

 316,278,754 323,473,457 308,921,782 301,592,898 

K. Solvency Ratio (J / G(e)) 9.10 9.31 8.95 8.81 

L. Accrued Liability 383,092,878 375,583,579 367,497,021 359,026,667 

M. Funded Percentage (A / L) 77.21% 76.88% 76.61% 76.43% 

Exhibit 5: Page 5 of 11
Western States Office and Professional Employees Pension Fun

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

Projection for Plan Years beginning April 1, 2018 through December 31, 2057

Plan Year Beginning 1/1/2028 1/1/2029 1/1/2030 1/1/2031 Plan Year Ending 12/31/2028 12/31/2029 12/31/2030 12/31/2031 A. Market Value at Beginning of Year 254,659,691 260,289,573 249,264,336 244,143,102 

IncomeB. Base Contributions 1,948,954 1,870,996 1,796,156 1,724,310 

C. Supplemental/Surcharge Contributions 1,559,163 1,496,797 1,436,925 1,379,448 

D. Existing Withdrawal Liability Payments 5,221,098 5,221,098 5,215,936 5,208,331 

E. Future Withdrawal Liability Payments 1,898,531 1,751,004 2,041,632 2,180,440 F. Total Investment Income 18,540,854 18,284,334 18,040,187 17,788,923 

DisbursementsG. Benefit Payments (a) Current Actives 2,617,205 2,728,996 2,802,647 2,891,228 

 (b) Current Inactive Vested 7,817,225 8,281,967 8,767,017 9,209,431 

 (c) Current Retirees/Beneficiaries 23,026,992 21,933,494 20,825,320 19,706,061 

 (d) Future New Entrants 46,145 62,114 79,139 97,789 

 (e) Total 33,507,566 33,006,570 32,474,122 31,904,509 

H. Administrative expenses 1,143,390 1,160,541 1,177,949 1,195,618 

I. Market V

alue at End of Year

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

 249,264,336 254,659,691 244,143,102 239,324,426 

J. Available 

Resources 

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

 282,270,906 288,167,257 276,617,224 271,228,935 

K. Solvency Ratio (J / G(e)) 8.55 8.60 8.52 8.50 

L. Accrued Liabilit

y 331,562,173 340,981,399 321,955,938 312,182,659 

M. Funded Percentage (A / L) 76.34% 76.81% 77.42% 78.21% 

Exhibit 5: Page 6 of 11
Western States Office and Professional Employees Pension Fun

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

Projection for Plan Years beginning April 1, 2018 through December 31, 2057

Plan Year Beginning 1/1/2033 1/1/2034 1/1/2035 1/1/2036 Plan Year Ending 12/31/2033 12/31/2034 12/31/2035 12/31/2036 A. Market Value at Beginning of Year 229,897,454 234,792,143 224,898,802 219,732,683 

IncomeB. Base Contributions 1,589,124 1,525,559 1,464,537 1,405,955 

C. Supplemental/Surcharge Contributions 1,912,209 1,835,721 1,762,292 1,691,801 

D. Existing Withdrawal Liability Payments 3,860,309 4,456,140 3,258,354 3,010,665 

E. Future Withdrawal Liability Payments 2,572,374 2,445,688 2,695,260 2,814,459 F. Total Investment Income 17,227,298 16,923,772 16,586,734 16,250,710 

DisbursementsG. Benefit Payments (a) Current Actives 3,053,601 3,098,742 3,135,752 3,181,279 

 (b) Current Inactive Vested 10,007,133 10,262,723 10,541,797 10,740,207 

 (c) Current Retirees/Beneficiaries 17,451,996 16,326,679 15,209,324 14,105,172 

 (d) Future New Entrants 139,752 162,737 186,774 212,845 

 (e) Total 30,652,482 29,850,881 29,073,648 28,239,503 

H. Administrative expenses 1,231,756 1,250,232 1,268,986 1,288,020 

I. Market V

alue at End of Year

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

 225,514,076 230,538,364 220,323,346 215,378,749 

J. Available 

Resources 

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

 255,364,957 261,190,846 249,396,994 243,618,252 

K. Solvency Ratio (J / G(e)) 8.55 8.52 8.58 8.63 

L. Accrued Liabilit

y 282,116,564 292,219,844 272,092,480 262,128,839 

M. Funded Percentage (A / L) 80.35% 81.49% 82.66% 83.83% 

Exhibit 5: Page 7 of 11
Western States Office and Professional Employees Pension Fun

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

Projection for Plan Years beginning April 1, 2018 through December 31, 2057

Plan Year Beginning 1/1/2038 1/1/2039 1/1/2040 1/1/2041 Plan Year Ending 12/31/2038 12/31/2039 12/31/2040 12/31/2041 A. Market Value at Beginning of Year 202,627,855 209,644,670 195,713,710 189,195,208 

IncomeB. Base Contributions 1,295,728 1,243,899 1,194,143 1,146,378 

C. Supplemental/Surcharge Contributions 1,036,583 995,119 955,315 917,102 

D. Existing Withdrawal Liability Payments - 227,947 - - 

E. Future Withdrawal Liability Payments 2,950,970 3,042,237 2,862,440 2,776,567 

F. Total Investment Income 14,997,146 14,508,876 14,037,484 13,594,470 

DisbursementsG. Benefit Payments (a) Current Actives 3,229,879 3,247,347 3,237,379 3,233,866 

 (b) Current Inactive Vested 10,828,692 10,786,273 10,693,125 10,565,212 

 (c) Current Retirees/Beneficiaries 11,959,306 10,928,815 9,933,866 8,979,671 

 (d) Future New Entrants 271,628 303,718 336,458 371,017 

 (e) Total 26,289,505 25,266,153 24,200,827 23,149,766 

H. Administrative expenses 1,326,951 1,346,855 1,367,058 1,387,564 

I. Market V

alue at End of Year

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

 195,713,710 202,627,855 189,195,208 183,092,395 

J. Available 

Resources 

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

 220,979,863 228,917,360 213,396,035 206,242,160 

K. Solvency Ratio (J / G(e)) 8.75 8.71 8.82 8.91 

L. Accrued Liabilit

y 233,456,121 242,714,960 224,570,992 216,130,780 

M. Funded Percentage (A / L) 86.37% 86.79% 87.15% 87.54% 

Exhibit 5: Page 8 of 11
Western States Office and Professional Employees Pension Fun

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

Projection for Plan Years beginning April 1, 2018 through December 31, 2057

Plan Year Beginning 1/1/2043 1/1/2044 1/1/2045 1/1/2046 Plan Year Ending 12/31/2043 12/31/2044 12/31/2045 12/31/2046 A. Market Value at Beginning of Year 172,157,716 177,398,342 167,418,381 163,190,846 

IncomeB. Base Contributions 1,056,502 1,014,241 973,672 934,725 

C. Supplemental/Surcharge Contributions 845,201 811,393 778,937 747,780 

D. Existing Withdrawal Liability Payments - - - - 

E. Future Withdrawal Liability Payments 2,534,098 2,612,472 2,458,075 2,384,333 

F. Total Investment Income 12,796,850 12,447,253 12,133,910 11,859,564 

DisbursementsG. Benefit Payments (a) Current Actives 3,210,030 3,181,466 3,140,521 3,080,745 

 (b) Current Inactive Vested 10,248,739 10,011,986 9,763,157 9,458,555 

 (c) Current Retirees/Beneficiaries 7,211,229 6,404,311 5,652,701 4,958,142 

 (d) Future New Entrants 452,151 497,611 543,040 589,615 

 (e) Total 21,122,148 20,095,374 19,099,419 18,087,057 

H. Administrative expenses 1,429,503 1,450,945 1,472,710 1,494,800 

I. Market V

alue at End of Year

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

 167,418,381 172,157,716 163,190,846 159,535,390 

J. Available 

Resources 

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

 187,513,755 193,279,864 182,290,265 177,622,447 

K. Solvency Ratio (J / G(e)) 9.33 9.15 9.54 9.82 

L. Accrued Liabilit

y 193,603,621 200,630,340 187,118,844 181,183,867 

M. Funded Percentage (A / L) 88.42% 88.92% 89.47% 90.07% 

Exhibit 5: Page 9 of 11
Western States Office and Professional Employees Pension Fun

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

Projection for Plan Years beginning April 1, 2018 through December 31, 2057

Plan Year Beginning 1/1/2048 1/1/2049 1/1/2050 1/1/2051 Plan Year Ending 12/31/2048 12/31/2049 12/31/2050 12/31/2051 A. Market Value at Beginning of Year 153,616,807 156,477,028 151,354,189 149,693,825 

IncomeB. Base Contributions 861,443 826,985 793,905 762,149 

C. Supplemental/Surcharge Contributions 689,154 661,588 635,124 609,719 

D. Existing Withdrawal Liability Payments - - - - 

E. Future Withdrawal Liability Payments 2,176,116 2,243,419 2,110,833 2,047,508 

F. Total Investment Income 11,049,681 10,881,318 10,755,343 10,659,160 

DisbursementsG. Benefit Payments (a) Current Actives 2,932,938 2,851,034 2,765,888 2,658,218 

 (b) Current Inactive Vested 8,793,956 8,422,018 8,039,692 7,633,599 

 (c) Current Retirees/Beneficiaries 3,743,281 3,222,435 2,757,664 2,346,706 

 (d) Future New Entrants 693,762 750,058 805,799 861,547 

 (e) Total 16,163,937 15,245,545 14,369,043 13,500,070 

H. Administrative expenses 1,539,981 1,563,080 1,586,526 1,610,324 

I. Market V

alue at End of Year

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

 151,354,189 153,616,807 149,693,825 148,661,967 

J. Available 

Resources 

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

 166,599,734 169,780,744 164,062,868 162,162,036 

K. Solvency Ratio (J / G(e)) 10.93 10.50 11.42 12.01 

L. Accrued Liabilit

y 167,073,269 171,157,085 163,634,772 160,845,384 

M. Funded Percentage (A / L) 91.42% 91.95% 92.50% 93.07% 

Exhibit 5: Page 10 of 11
Western States Office and Professional Employees Pension Fun

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

Projection for Plan Years beginning April 1, 2018 through December 31, 2057

Plan Year Beginning 1/1/2053 1/1/2054 1/1/2055 1/1/2056 Plan Year Ending 12/31/2053 12/31/2054 12/31/2055 12/31/2056 A. Market Value at Beginning of Year 148,525,566 148,274,659 149,442,791 151,031,893 

IncomeB. Base Contributions 702,397 674,301 647,329 621,436 

C. Supplemental/Surcharge Contributions 561,917 539,441 517,863 497,149 

D. Existing Withdrawal Liability Payments - - - - 

E. Future Withdrawal Liability Payments 1,868,705 1,926,500 1,812,644 1,758,264 

F. Total Investment Income 10,617,383 10,673,022 10,762,797 10,915,789 

DisbursementsG. Benefit Payments (a) Current Actives 2,445,468 2,331,636 2,215,644 2,101,719 

 (b) Current Inactive Vested 6,795,049 6,368,540 5,938,233 5,511,224 

 (c) Current Retirees/Beneficiaries 1,673,970 1,405,201 1,176,316 983,152 

 (d) Future New Entrants 983,806 1,048,985 1,112,198 1,174,575 

 (e) Total 11,898,294 11,154,362 10,442,390 9,770,670 

H. Administrative expenses 1,658,996 1,683,881 1,709,140 1,734,777 

I. Market V

alue at End of Year

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

 149,442,791 148,525,566 151,031,893 153,319,085 

J. Available 

Resources 

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

 160,597,153 160,423,860 161,474,284 163,089,755 

K. Solvency Ratio (J / G(e)) 14.40 13.48 15.46 16.69 

L. Accrued Liabilit

y 156,621,262 157,334,431 156,618,900 157,346,095 

M. Funded Percentage (A / L) 94.24% 94.83% 95.42% 95.99% 

Exhibit 5: Page 11 of 11