Exhibit 9: Page 1 of 22

WESTERN STATES OFFICE AND 

PROFESSIONAL EMPLOYEES PENSION FUND

SECOND SUSPENSION APPLICATION

Exhibit 9
Plan Year Beginning 7/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021

Plan Year Ending 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021

A. Market Value at Beginning of Year 331,121,001 322,366,231 308,531,910 298,130,670 287,548,210

Income

B. Base Contributions 1,796,014 3,592,027 3,592,027 3,592,027 3,592,027

C. Supplemental/Surcharge Contributions 1,426,124 2,873,622 2,873,622 2,873,622 2,873,622

D. Withdrawal Liability Payments 2,108,458 4,671,267 4,630,041 4,618,072 4,618,072

E. Total Investment Income 6,309,978 13,006,617 13,204,444 13,251,689 13,276,603

Disbursements

F. Benefit Payments 19,885,773 36,677,853 33,701,374 33,917,870 34,283,766

G. Administrative expenses 509,571 1,300,000 1,000,000 1,000,000 1,000,000

H. Market Value at End of Year

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

 322,366,231 308,531,910 298,130,670 287,548,210 276,624,768

I. Available Resources 

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

 342,252,004 345,209,763 331,832,044 321,466,081 310,908,534

J. Solvency Ratio (I / F) 8.61 9.41 9.85 9.48 9.07

K. Accrued Liability 521,437,575 406,933,273 399,208,281 394,007,603 388,205,531

L. Funded Percentage (A / K) 63.50% 79.22% 77.29% 75.67% 74.07%

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 July 1, 2017 through December 31, 2042

Assumed Rate of Return Reduced by 1 Percentage Point

Exhibit 9: Page 2 of 22
Plan Year Beginning 1/1/2022 1/1/2023 1/1/2024 1/1/2025 1/1/2026

Plan Year Ending 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026

A. Market Value at Beginning of Year 276,624,768 265,531,175 254,272,363 242,822,979 231,357,090

Income

B. Base Contributions 3,592,027 3,592,027 3,592,027 3,592,027 3,592,027

C. Supplemental/Surcharge Contributions 2,873,622 2,873,622 2,873,622 2,873,622 2,873,622

D. Withdrawal Liability Payments 4,618,072 4,604,036 4,599,256 4,599,256 4,599,256

E. Total Investment Income 13,274,914 13,271,149 13,186,516 13,027,558 12,780,301

Disbursements

F. Benefit Payments 34,452,227 34,599,646 34,700,805 34,558,353 34,346,796

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

H. Market Value at End of Year

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

 265,531,175 254,272,363 242,822,979 231,357,090 219,855,500

I. Available Resources 

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

 299,983,403 288,872,009 277,523,784 265,915,442 254,202,296

J. Solvency Ratio (I / F) 8.71 8.35 8.00 7.69 7.40

K. Accrued Liability 381,603,650 374,348,565 366,414,724 357,800,853 348,710,093

L. Funded Percentage (A / K) 72.49% 70.93% 69.39% 67.87% 66.35%

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 July 1, 2017 through December 31, 2042

Assumed Rate of Return Reduced by 1 Percentage Point

Exhibit 9: Page 3 of 22
Plan Year Beginning 1/1/2027 1/1/2028 1/1/2029 1/1/2030 1/1/2031

Plan Year Ending 12/31/2027 12/31/2028 12/31/2029 12/31/2030 12/31/2031

A. Market Value at Beginning of Year 219,855,500 208,226,851 196,597,988 184,941,039 173,240,018

Income

B. Base Contributions 3,592,027 3,592,027 3,592,027 3,592,027 3,592,027

C. Supplemental/Surcharge Contributions 2,873,622 2,873,622 2,873,622 2,873,622 2,873,622

D. Withdrawal Liability Payments 4,582,229 4,581,008 4,581,008 4,535,277 4,488,152

E. Total Investment Income 12,448,242 12,038,889 11,543,850 11,005,466 10,393,394

Disbursements

F. Benefit Payments 34,124,769 33,714,409 33,247,455 32,707,413 32,146,987

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

H. Market Value at End of Year

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

 208,226,851 196,597,988 184,941,039 173,240,018 161,440,226

I. Available Resources 

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

 242,351,620 230,312,397 218,188,494 205,947,431 193,587,213

J. Solvency Ratio (I / F) 7.10 6.83 6.56 6.30 6.02

K. Accrued Liability 339,179,478 329,187,969 318,897,311 308,344,462 297,586,149

L. Funded Percentage (A / K) 64.82% 63.25% 61.65% 59.98% 58.22%

Assumed Rate of Return Reduced by 1 Percentage Point

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 July 1, 2017 through December 31, 2042

Exhibit 9: Page 4 of 22
Plan Year Beginning 1/1/2032 1/1/2033 1/1/2034 1/1/2035 1/1/2036

Plan Year Ending 12/31/2032 12/31/2033 12/31/2034 12/31/2035 12/31/2036

A. Market Value at Beginning of Year 161,440,226 149,445,217 136,770,247 122,857,570 108,757,582

Income

B. Base Contributions 3,592,027 3,592,027 3,592,027 3,592,027 3,592,027

C. Supplemental/Surcharge Contributions 2,873,622 2,873,622 2,873,622 2,873,622 2,873,622

D. Withdrawal Liability Payments 4,380,636 3,745,928 2,508,384 2,421,276 2,233,451

E. Total Investment Income 9,741,991 9,049,470 8,257,514 7,399,129 6,518,723

Disbursements

F. Benefit Payments 31,583,284 30,936,017 30,144,224 29,386,042 28,571,027

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

H. Market Value at End of Year

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

 149,445,217 136,770,247 122,857,570 108,757,582 94,404,378

I. Available Resources 

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

 181,028,501 167,706,264 153,001,794 138,143,624 122,975,405

J. Solvency Ratio (I / F) 5.73 5.42 5.08 4.70 4.30

K. Accrued Liability 286,628,601 275,460,767 264,153,995 252,847,978 241,507,941

L. Funded Percentage (A / K) 56.32% 54.25% 51.78% 48.59% 45.03%

Assumed Rate of Return Reduced by 1 Percentage Point

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 July 1, 2017 through December 31, 2042

Exhibit 9: Page 5 of 22
Plan Year Beginning 1/1/2037 1/1/2038 1/1/2039 1/1/2040 1/1/2041

Plan Year Ending 12/31/2037 12/31/2038 12/31/2039 12/31/2040 12/31/2041

A. Market Value at Beginning of Year 94,404,378 78,419,073 61,599,985 44,727,494 27,838,760

Income

B. Base Contributions 3,592,027 3,592,027 3,592,027 3,592,027 3,592,027

C. Supplemental/Surcharge Contributions 2,873,622 2,873,622 2,873,622 2,873,622 2,873,622

D. Withdrawal Liability Payments 818,070 - - - -

E. Total Investment Income 5,366,980 4,361,394 3,321,929 2,273,956 1,218,794

Disbursements

F. Benefit Payments 27,636,003 26,646,132 25,660,069 24,628,338 23,584,035

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

H. Market Value at End of Year

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

 78,419,073 61,599,985 44,727,494 27,838,760 10,939,169

I. Available Resources 

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

 106,055,077 88,246,116 70,387,563 52,467,099 34,523,203

J. Solvency Ratio (I / F) 3.84 3.31 2.74 2.13 1.46

K. Accrued Liability 230,190,311 219,021,070 208,067,815 197,342,256 186,908,225

L. Funded Percentage (A / K) 41.01% 35.80% 29.61% 22.66% 14.89%

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 July 1, 2017 through December 31, 2042

Assumed Rate of Return Reduced by 1 Percentage Point

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

Plan Year Ending 12/31/2042

A. Market Value at Beginning of Year 10,939,169

Income

B. Base Contributions 3,592,027

C. Supplemental/Surcharge Contributions 2,873,622

D. Withdrawal Liability Payments -

E. Total Investment Income 155,192

Disbursements

F. Benefit Payments 22,576,192

G. Administrative expenses 1,000,000

H. Market Value at End of Year

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

Insolvent

I. Available Resources 

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

 16,560,009

J. Solvency Ratio (I / F) 0.73

K. Accrued Liability 176,799,886

L. Funded Percentage (A / K) 6.19%

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

Assumed Rate of Return Reduced by 1 Percentage Point

Projection for Plan Years beginning July 1, 2017 through December 31, 2042

Western States Office and Professional Employees Pension Fund

Exhibit 9: Page 7 of 22
Plan Year Beginning 7/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021

Plan Year Ending 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021

A. Market Value at Beginning of Year 331,121,001 320,748,288 303,772,574 290,239,846 276,508,813

Income

B. Base Contributions 1,796,014 3,592,027 3,592,027 3,592,027 3,592,027

C. Supplemental/Surcharge Contributions 1,426,124 2,873,622 2,873,622 2,873,622 2,873,622

D. Withdrawal Liability Payments 2,108,458 4,671,267 4,630,041 4,618,072 4,618,072

E. Total Investment Income 4,692,035 9,865,223 10,072,956 10,103,117 10,100,416

Disbursements

F. Benefit Payments 19,885,773 36,677,853 33,701,374 33,917,870 34,283,766

G. Administrative expenses 509,571 1,300,000 1,000,000 1,000,000 1,000,000

H. Market Value at End of Year

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

 320,748,288 303,772,574 290,239,846 276,508,813 262,409,183

I. Available Resources 

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

 340,634,061 340,450,427 323,941,219 310,426,683 296,692,950

J. Solvency Ratio (I / F) 8.56 9.28 9.61 9.15 8.65

K. Accrued Liability 521,437,575 406,933,273 399,208,281 394,007,603 388,205,531

L. Funded Percentage (A / K) 63.50% 78.82% 76.09% 73.66% 71.23%

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 July 1, 2017 through December 31, 2038

Assumed Rate of Return Reduced by 2 Percentage Points

Exhibit 9: Page 8 of 22
Plan Year Beginning 1/1/2022 1/1/2023 1/1/2024 1/1/2025 1/1/2026

Plan Year Ending 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026

A. Market Value at Beginning of Year 262,409,183 248,099,719 233,569,152 218,778,930 203,889,230

Income

B. Base Contributions 3,592,027 3,592,027 3,592,027 3,592,027 3,592,027

C. Supplemental/Surcharge Contributions 2,873,622 2,873,622 2,873,622 2,873,622 2,873,622

D. Withdrawal Liability Payments 4,618,072 4,604,036 4,599,256 4,599,256 4,599,256

E. Total Investment Income 10,059,042 9,999,393 9,845,678 9,603,748 9,261,442

Disbursements

F. Benefit Payments 34,452,227 34,599,646 34,700,805 34,558,353 34,346,796

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

H. Market Value at End of Year

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

 248,099,719 233,569,152 218,778,930 203,889,230 188,868,782

I. Available Resources 

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

 282,551,947 268,168,797 253,479,735 238,447,583 223,215,577

J. Solvency Ratio (I / F) 8.20 7.75 7.30 6.90 6.50

K. Accrued Liability 381,603,650 374,348,565 366,414,724 357,800,853 348,710,093

L. Funded Percentage (A / K) 68.76% 66.28% 63.74% 61.15% 58.47%

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 July 1, 2017 through December 31, 2038

Assumed Rate of Return Reduced by 2 Percentage Points

Exhibit 9: Page 9 of 22
Plan Year Beginning 1/1/2027 1/1/2028 1/1/2029 1/1/2030 1/1/2031

Plan Year Ending 12/31/2027 12/31/2028 12/31/2029 12/31/2030 12/31/2031

A. Market Value at Beginning of Year 188,868,782 173,615,724 158,247,381 142,730,884 127,039,963

Income

B. Base Contributions 3,592,027 3,592,027 3,592,027 3,592,027 3,592,027

C. Supplemental/Surcharge Contributions 2,873,622 2,873,622 2,873,622 2,873,622 2,873,622

D. Withdrawal Liability Payments 4,582,229 4,581,008 4,581,008 4,535,277 4,488,152

E. Total Investment Income 8,823,834 8,299,409 7,684,302 7,015,566 6,272,536

Disbursements

F. Benefit Payments 34,124,769 33,714,409 33,247,455 32,707,413 32,146,987

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

H. Market Value at End of Year

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

 173,615,724 158,247,381 142,730,884 127,039,963 111,119,314

I. Available Resources 

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

 207,740,493 191,961,790 175,978,340 159,747,376 143,266,301

J. Solvency Ratio (I / F) 6.09 5.69 5.29 4.88 4.46

K. Accrued Liability 339,179,478 329,187,969 318,897,311 308,344,462 297,586,149

L. Funded Percentage (A / K) 55.68% 52.74% 49.62% 46.29% 42.69%

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 July 1, 2017 through December 31, 2038

Assumed Rate of Return Reduced by 2 Percentage Points

Exhibit 9: Page 10 of 22
Plan Year Beginning 1/1/2032 1/1/2033 1/1/2034 1/1/2035 1/1/2036

Plan Year Ending 12/31/2032 12/31/2033 12/31/2034 12/31/2035 12/31/2036

A. Market Value at Beginning of Year 111,119,314 94,866,034 77,787,005 59,332,110 40,553,616

Income

B. Base Contributions 3,592,027 3,592,027 3,592,027 3,592,027 3,592,027

C. Supplemental/Surcharge Contributions 2,873,622 2,873,622 2,873,622 2,873,622 2,873,622

D. Withdrawal Liability Payments 4,380,636 3,745,928 2,508,384 2,421,276 2,233,451

E. Total Investment Income 5,483,720 4,645,411 3,715,296 2,720,623 1,695,624

Disbursements

F. Benefit Payments 31,583,284 30,936,017 30,144,224 29,386,042 28,571,027

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

H. Market Value at End of Year

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

 94,866,034 77,787,005 59,332,110 40,553,616 21,377,312

I. Available Resources 

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

 126,449,318 108,723,022 89,476,334 69,939,658 49,948,340

J. Solvency Ratio (I / F) 4.00 3.51 2.97 2.38 1.75

K. Accrued Liability 286,628,601 275,460,767 264,153,995 252,847,978 241,507,941

L. Funded Percentage (A / K) 38.77% 34.44% 29.45% 23.47% 16.79%

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 July 1, 2017 through December 31, 2038

Assumed Rate of Return Reduced by 2 Percentage Points

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

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

A. Market Value at Beginning of Year 21,377,312 603,961

Income

B. Base Contributions 3,592,027 3,592,027

C. Supplemental/Surcharge Contributions 2,873,622 2,873,622

D. Withdrawal Liability Payments 818,070 -

E. Total Investment Income 578,933 (542,255)

Disbursements

F. Benefit Payments 27,636,003 26,646,132

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

H. Market Value at End of Year

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

 603,961 Insolvent

I. Available Resources 

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

 28,239,965 5,527,355

J. Solvency Ratio (I / F) 1.02 0.21

K. Accrued Liability 230,190,311 219,021,070

L. Funded Percentage (A / K) 9.29% 0.28%

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 July 1, 2017 through December 31, 2038

Assumed Rate of Return Reduced by 2 Percentage Points

Exhibit 9: Page 12 of 22
Plan Year Beginning 7/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021

Plan Year Ending 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021

A. Market Value at Beginning of Year 331,121,001 323,886,001 312,185,877 303,312,996 293,708,096

Income

B. Base Contributions 1,699,029 3,031,067 2,703,712 2,411,711 2,151,246

C. Supplemental/Surcharge Contributions 1,426,124 2,424,854 2,162,970 1,929,369 1,720,997

D. Withdrawal Liability Payments 2,108,458 4,671,267 4,630,041 4,618,072 4,618,072

E. Total Investment Income 7,926,733 16,148,991 16,327,422 16,346,004 16,314,472

Disbursements

F. Benefit Payments 19,885,773 36,676,303 33,697,026 33,910,057 34,271,741

G. Administrative expenses 509,571 1,300,000 1,000,000 1,000,000 1,000,000

H. Market Value at End of Year

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

 323,886,001 312,185,877 303,312,996 293,708,096 283,241,142

I. Available Resources 

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

 343,771,774 348,862,181 337,010,023 327,618,152 317,512,883

J. Solvency Ratio (I / F) 8.64 9.51 10.00 9.66 9.26

K. Accrued Liability 521,437,575 406,892,513 399,006,155 393,568,379 387,455,906

L. Funded Percentage (A / K) 63.50% 79.60% 78.24% 77.07% 75.80%

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 July 1, 2017 through December 31, 2038

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

Experienced over Past Ten Years (-10.8%)

Exhibit 9: Page 13 of 22
Plan Year Beginning 1/1/2022 1/1/2023 1/1/2024 1/1/2025 1/1/2026

Plan Year Ending 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026

A. Market Value at Beginning of Year 283,241,142 272,105,668 260,322,935 247,876,052 234,942,004

Income

B. Base Contributions 1,918,912 1,711,669 1,526,809 1,361,914 1,214,827

C. Supplemental/Surcharge Contributions 1,535,129 1,369,335 1,221,447 1,089,531 971,862

D. Withdrawal Liability Payments 4,618,072 4,604,036 4,599,256 4,599,256 4,599,256

E. Total Investment Income 16,227,491 16,109,166 15,877,372 15,537,092 15,072,710

Disbursements

F. Benefit Payments 34,435,078 34,576,940 34,671,767 34,521,841 34,302,168

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

H. Market Value at End of Year

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

 272,105,668 260,322,935 247,876,052 234,942,004 221,498,492

I. Available Resources 

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

 306,540,746 294,899,875 282,547,819 269,463,845 255,800,659

J. Solvency Ratio (I / F) 8.90 8.53 8.15 7.81 7.46

K. Accrued Liability 380,472,229 372,765,471 364,310,594 355,106,676 345,357,119

L. Funded Percentage (A / K) 74.44% 73.00% 71.46% 69.80% 68.03%

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 July 1, 2017 through December 31, 2038

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

Experienced over Past Ten Years (-10.8%)

Exhibit 9: Page 14 of 22
Plan Year Beginning 1/1/2027 1/1/2028 1/1/2029 1/1/2030 1/1/2031

Plan Year Ending 12/31/2027 12/31/2028 12/31/2029 12/31/2030 12/31/2031

A. Market Value at Beginning of Year 221,498,492 207,444,665 192,893,204 177,799,240 162,123,881

Income

B. Base Contributions 1,083,626 966,594 862,202 769,084 686,023

C. Supplemental/Surcharge Contributions 866,901 773,275 689,762 615,267 548,818

D. Withdrawal Liability Payments 4,582,229 4,581,008 4,581,008 4,535,277 4,488,152

E. Total Investment Income 14,485,302 13,780,761 12,950,267 12,033,547 11,000,585

Disbursements

F. Benefit Payments 34,071,884 33,653,099 33,177,203 32,628,534 32,058,878

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

H. Market Value at End of Year

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

 207,444,665 192,893,204 177,799,240 162,123,881 145,788,582

I. Available Resources 

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

 241,516,549 226,546,303 210,976,443 194,752,416 177,847,459

J. Solvency Ratio (I / F) 7.09 6.73 6.36 5.97 5.55

K. Accrued Liability 335,098,281 324,307,482 313,144,387 301,643,770 289,858,877

L. Funded Percentage (A / K) 66.10% 63.97% 61.60% 58.94% 55.93%

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 July 1, 2017 through December 31, 2038

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

Experienced over Past Ten Years (-10.8%)

Exhibit 9: Page 15 of 22
Plan Year Beginning 1/1/2032 1/1/2033 1/1/2034 1/1/2035 1/1/2036

Plan Year Ending 12/31/2032 12/31/2033 12/31/2034 12/31/2035 12/31/2036

A. Market Value at Beginning of Year 145,788,582 128,667,035 110,234,989 89,890,605 68,636,871

Income

B. Base Contributions 611,933 545,844 486,893 434,308 387,403

C. Supplemental/Surcharge Contributions 489,546 436,675 389,514 347,447 309,922

D. Withdrawal Liability Payments 4,380,636 3,745,928 2,508,384 2,421,276 2,233,451

E. Total Investment Income 9,881,831 8,668,300 7,298,505 5,803,511 4,225,845

Disbursements

F. Benefit Payments 31,485,492 30,828,792 30,027,680 29,260,276 28,435,312

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

H. Market Value at End of Year

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

 128,667,035 110,234,989 89,890,605 68,636,871 46,358,180

I. Available Resources 

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

 160,152,527 141,063,782 119,918,285 97,897,147 74,793,492

J. Solvency Ratio (I / F) 5.09 4.58 3.99 3.35 2.63

K. Accrued Liability 277,792,902 265,431,166 252,840,197 240,154,482 227,333,522

L. Funded Percentage (A / K) 52.48% 48.47% 43.60% 37.43% 30.19%

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 July 1, 2017 through December 31, 2038

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

Experienced over Past Ten Years (-10.8%)

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

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

A. Market Value at Beginning of Year 46,358,180 21,740,536

Income

B. Base Contributions 345,563 308,243

C. Supplemental/Surcharge Contributions 276,451 246,594

D. Withdrawal Liability Payments 818,070 -

E. Total Investment Income 2,432,918 614,626

Disbursements

F. Benefit Payments 27,490,647 26,491,466

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

H. Market Value at End of Year

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

 21,740,536 Insolvent

I. Available Resources 

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

 49,231,182 21,909,998

J. Solvency Ratio (I / F) 1.79 0.83

K. Accrued Liability 214,428,322 201,557,849

L. Funded Percentage (A / K) 21.62% 10.79%

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 July 1, 2017 through December 31, 2038

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

Experienced over Past Ten Years (-10.8%)

Exhibit 9: Page 17 of 22
Plan Year Beginning 7/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021

Plan Year Ending 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021

A. Market Value at Beginning of Year 331,121,001 323,876,911 312,084,446 303,069,152 293,280,027

Income

B. Base Contributions 1,690,049 2,981,246 2,629,459 2,319,183 2,045,519

C. Supplemental/Surcharge Contributions 1,426,124 2,384,997 2,103,567 1,855,346 1,636,415

D. Withdrawal Liability Payments 2,108,458 4,671,267 4,630,041 4,618,072 4,618,072

E. Total Investment Income 7,926,623 16,146,185 16,318,263 16,327,607 16,284,053

Disbursements

F. Benefit Payments 19,885,773 36,676,160 33,696,624 33,909,333 34,270,627

G. Administrative expenses 509,571 1,300,000 1,000,000 1,000,000 1,000,000

H. Market Value at End of Year

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

 323,876,911 312,084,446 303,069,152 293,280,027 282,593,459

I. Available Resources 

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

 343,762,684 348,760,606 336,765,776 327,189,360 316,864,086

J. Solvency Ratio (I / F) 8.64 9.51 9.99 9.65 9.25

K. Accrued Liability 521,437,575 406,888,738 398,988,373 393,531,282 387,395,076

L. Funded Percentage (A / K) 63.50% 79.60% 78.22% 77.01% 75.71%

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 July 1, 2017 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 (-11.8%)

Exhibit 9: Page 18 of 22
Plan Year Beginning 1/1/2022 1/1/2023 1/1/2024 1/1/2025 1/1/2026

Plan Year Ending 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026

A. Market Value at Beginning of Year 282,593,459 271,207,838 259,147,747 246,398,707 233,139,222

Income

B. Base Contributions 1,804,148 1,591,258 1,403,490 1,237,878 1,091,809

C. Supplemental/Surcharge Contributions 1,443,318 1,273,007 1,122,792 990,303 873,447

D. Withdrawal Liability Payments 4,618,072 4,604,036 4,599,256 4,599,256 4,599,256

E. Total Investment Income 16,182,331 16,046,445 15,794,501 15,431,538 14,942,159

Disbursements

F. Benefit Payments 34,433,490 34,574,837 34,669,078 34,518,460 34,298,035

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

H. Market Value at End of Year

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

 271,207,838 259,147,747 246,398,707 233,139,222 219,347,857

I. Available Resources 

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

 305,641,328 293,722,584 281,067,786 267,657,682 253,645,893

J. Solvency Ratio (I / F) 8.88 8.50 8.11 7.75 7.40

K. Accrued Liability 380,383,988 372,646,777 364,158,881 354,919,797 345,133,300

L. Funded Percentage (A / K) 74.29% 72.78% 71.16% 69.42% 67.55%

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 July 1, 2017 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 (-11.8%)

Exhibit 9: Page 19 of 22
Plan Year Beginning 1/1/2027 1/1/2028 1/1/2029 1/1/2030 1/1/2031

Plan Year Ending 12/31/2027 12/31/2028 12/31/2029 12/31/2030 12/31/2031

A. Market Value at Beginning of Year 219,347,857 204,924,007 189,980,129 174,471,085 158,356,807

Income

B. Base Contributions 962,975 849,344 749,121 660,725 582,760

C. Supplemental/Surcharge Contributions 770,380 679,475 599,297 528,580 466,208

D. Withdrawal Liability Payments 4,582,229 4,581,008 4,581,008 4,535,277 4,488,152

E. Total Investment Income 14,327,554 13,593,716 12,732,227 11,782,371 10,714,861

Disbursements

F. Benefit Payments 34,066,988 33,647,422 33,170,698 32,621,231 32,050,719

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

H. Market Value at End of Year

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

 204,924,007 189,980,129 174,471,085 158,356,807 141,558,068

I. Available Resources 

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

 238,990,995 223,627,551 207,641,783 190,978,038 173,608,787

J. Solvency Ratio (I / F) 7.02 6.65 6.26 5.85 5.42

K. Accrued Liability 334,836,012 324,005,410 312,801,271 301,258,470 289,430,238

L. Funded Percentage (A / K) 65.51% 63.25% 60.74% 57.91% 54.71%

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 July 1, 2017 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 (-11.8%)

Exhibit 9: Page 20 of 22
Plan Year Beginning 1/1/2032 1/1/2033 1/1/2034 1/1/2035 1/1/2036

Plan Year Ending 12/31/2032 12/31/2033 12/31/2034 12/31/2035 12/31/2036

A. Market Value at Beginning of Year 141,558,068 123,947,020 104,997,089 84,104,785 62,270,876

Income

B. Base Contributions 513,994 453,343 399,848 352,666 311,052

C. Supplemental/Surcharge Contributions 411,195 362,674 319,879 282,133 248,841

D. Withdrawal Liability Payments 4,380,636 3,745,928 2,508,384 2,421,276 2,233,451

E. Total Investment Income 9,559,565 8,306,988 6,896,474 5,358,647 3,735,356

Disbursements

F. Benefit Payments 31,476,437 30,818,864 30,016,889 29,248,631 28,422,746

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

H. Market Value at End of Year

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

 123,947,020 104,997,089 84,104,785 62,270,876 39,376,829

I. Available Resources 

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

 155,423,458 135,815,953 114,121,674 91,519,507 67,799,575

J. Solvency Ratio (I / F) 4.94 4.41 3.80 3.13 2.39

K. Accrued Liability 277,319,805 264,912,491 252,274,731 239,540,908 226,670,401

L. Funded Percentage (A / K) 51.05% 46.79% 41.62% 35.11% 27.47%

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 July 1, 2017 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 (-11.8%)

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

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

A. Market Value at Beginning of Year 39,376,829 14,122,886

Income

B. Base Contributions 274,347 241,974

C. Supplemental/Surcharge Contributions 219,478 193,580

D. Withdrawal Liability Payments 818,070 -

E. Total Investment Income 1,911,349 44,735

Disbursements

F. Benefit Payments 27,477,188 26,477,145

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

H. Market Value at End of Year

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

 14,122,886 Insolvent

I. Available Resources 

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

 41,600,074 13,603,176

J. Solvency Ratio (I / F) 1.51 0.51

K. Accrued Liability 213,714,149 200,790,944

L. Funded Percentage (A / K) 18.42% 7.03%

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 July 1, 2017 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 (-11.8%)

Exhibit 9: Page 22 of 22