Exhibit 9: Page 1 of 24

WESTERN STATES OFFICE AND 

PROFESSIONAL EMPLOYEES PENSION FUND

THIRD SUSPENSION APPLICATION

Exhibit 9
Plan Year Beginning 4/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022

Plan Year Ending 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022

A. Market Value at Beginning of Year 330,182,699 320,526,132 310,538,145 300,583,679 290,392,463

Income

B. Base Contributions 2,198,622 2,814,236 2,701,667 2,593,600 2,489,856

C. Supplemental/Surcharge Contributions 1,750,161 2,251,389 2,161,333 2,074,880 1,991,885

D. Existing Withdrawal Liability Payments 5,467,861 5,274,679 5,263,188 5,261,171 5,260,105

E. Future Withdrawal Liability Payments - 200,057 394,112 582,346 764,932

F. Total Investment Income 10,877,139 14,820,659 14,934,493 14,891,781 14,748,537

Disbursements

G. Benefit Payments

 (a) Current Actives 405,901 811,402 1,113,548 1,392,485 1,657,374

 (b) Current Inactive Vested 957,513 1,706,071 2,317,603 3,109,576 3,953,454

 (c) Current Retirees/Beneficiaries 27,537,561 31,831,534 30,963,108 30,062,707 29,134,745

 (d) Future New Entrants - - - - -

 (e) Total 28,900,975 34,349,007 34,394,259 34,564,768 34,745,574

H. Administrative expenses 1,049,375 1,000,000 1,015,000 1,030,225 1,045,678

I. Market Value at End of Year

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

 320,526,132 310,538,145 300,583,679 290,392,463 279,856,526

J. Available Resources 

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

 349,427,107 344,887,151 334,977,938 324,957,231 314,602,100

K. Solvency Ratio (J / G(e)) 9.07 10.04 9.74 9.40 9.05

L. Accrued Liability 522,428,825 407,290,401 402,064,956 396,380,166 390,074,276

M. Funded Percentage (A / L) 63.20% 78.70% 77.24% 75.83% 74.45%

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 April 1, 2018 through December 31, 2044

Assumed Rate of Return Reduced by 1 Percentage Point

Exhibit 9: Page 2 of 24
Plan Year Beginning 1/1/2023 1/1/2024 1/1/2025 1/1/2026 1/1/2027

Plan Year Ending 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027

A. Market Value at Beginning of Year 279,856,526 269,107,461 258,054,656 246,893,673 235,625,709

Income

B. Base Contributions 2,390,262 2,294,651 2,202,865 2,114,751 2,030,161

C. Supplemental/Surcharge Contributions 1,912,209 1,835,721 1,762,292 1,691,801 1,624,129

D. Existing Withdrawal Liability Payments 5,243,215 5,238,616 5,238,616 5,238,616 5,226,650

E. Future Withdrawal Liability Payments 942,041 1,113,837 1,280,479 1,442,121 1,598,915

F. Total Investment Income 14,562,442 14,283,665 13,968,380 13,598,700 13,152,971

Disbursements

G. Benefit Payments

 (a) Current Actives 1,876,134 2,066,604 2,232,888 2,383,318 2,504,368

 (b) Current Inactive Vested 4,681,179 5,473,982 6,088,461 6,684,328 7,345,841

 (c) Current Retirees/Beneficiaries 28,179,307 27,197,269 26,189,553 25,157,359 24,102,475

 (d) Future New Entrants 1,249 4,157 9,269 19,104 31,687

 (e) Total 34,737,870 34,742,012 34,520,171 34,244,108 33,984,371

H. Administrative expenses 1,061,364 1,077,284 1,093,443 1,109,845 1,126,493

I. Market Value at End of Year

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

 269,107,461 258,054,656 246,893,673 235,625,709 224,147,671

J. Available Resources 

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

 303,845,331 292,796,668 281,413,845 269,869,818 258,132,042

K. Solvency Ratio (J / G(e)) 8.75 8.43 8.15 7.88 7.60

L. Accrued Liability 383,092,878 375,583,579 367,497,021 359,026,667 350,201,978

M. Funded Percentage (A / L) 73.05% 71.65% 70.22% 68.77% 67.28%

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 April 1, 2018 through December 31, 2044

Assumed Rate of Return Reduced by 1 Percentage Point

Exhibit 9: Page 3 of 24
Plan Year Beginning 1/1/2028 1/1/2029 1/1/2030 1/1/2031 1/1/2032

Plan Year Ending 12/31/2028 12/31/2029 12/31/2030 12/31/2031 12/31/2032

A. Market Value at Beginning of Year 224,147,671 213,697,365 203,198,972 192,665,194 182,099,992

Income

B. Base Contributions 1,948,954 1,870,996 1,796,156 1,724,310 1,655,338

C. Supplemental/Surcharge Contributions 1,559,163 1,496,797 1,436,925 1,379,448 1,324,270

D. Existing Withdrawal Liability Payments 5,221,098 5,221,098 5,215,936 5,208,331 5,198,803

E. Future Withdrawal Liability Payments 1,751,004 1,898,531 2,041,632 2,180,440 2,315,084

F. Total Investment Income 13,720,431 13,181,296 12,627,643 12,042,397 11,410,932

Disbursements

G. Benefit Payments

 (a) Current Actives 2,617,205 2,728,996 2,802,647 2,891,228 2,978,926

 (b) Current Inactive Vested 7,817,225 8,281,967 8,767,017 9,209,431 9,646,271

 (c) Current Retirees/Beneficiaries 23,026,992 21,933,494 20,825,320 19,706,061 18,580,064

 (d) Future New Entrants 46,145 62,114 79,139 97,789 117,795

 (e) Total 33,507,566 33,006,570 32,474,122 31,904,509 31,323,056

H. Administrative expenses 1,143,390 1,160,541 1,177,949 1,195,618 1,213,552

I. Market Value at End of Year

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

 213,697,365 203,198,972 192,665,194 182,099,992 171,467,810

J. Available Resources 

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

 247,204,931 236,205,542 225,139,316 214,004,501 202,790,866

K. Solvency Ratio (J / G(e)) 7.38 7.16 6.93 6.71 6.47

L. Accrued Liability 340,981,399 331,562,173 321,955,938 312,182,659 302,269,629

M. Funded Percentage (A / L) 65.74% 64.45% 63.11% 61.72% 60.24%

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 April 1, 2018 through December 31, 2044

Exhibit 9: Page 4 of 24
Plan Year Beginning 1/1/2033 1/1/2034 1/1/2035 1/1/2036 1/1/2037

Plan Year Ending 12/31/2033 12/31/2034 12/31/2035 12/31/2036 12/31/2037

A. Market Value at Beginning of Year 171,467,810 160,093,080 148,207,231 135,724,207 123,024,394

Income

B. Base Contributions 1,589,124 1,525,559 1,464,537 1,405,955 1,349,717

C. Supplemental/Surcharge Contributions 1,271,299 1,220,447 1,171,629 1,124,764 1,079,774

D. Existing Withdrawal Liability Payments 4,456,140 3,860,309 3,258,354 3,010,665 2,147,773

E. Future Withdrawal Liability Payments 2,445,688 2,572,374 2,695,260 2,814,459 2,930,082

F. Total Investment Income 10,747,257 10,036,575 9,269,829 8,471,867 7,637,697

Disbursements

G. Benefit Payments

 (a) Current Actives 3,053,601 3,098,742 3,135,752 3,181,279 3,217,478

 (b) Current Inactive Vested 10,007,133 10,262,723 10,541,797 10,740,207 10,801,925

 (c) Current Retirees/Beneficiaries 17,451,996 16,326,679 15,209,324 14,105,172 13,019,934

 (d) Future New Entrants 139,752 162,737 186,774 212,845 240,484

 (e) Total 30,652,482 29,850,881 29,073,648 28,239,503 27,279,822

H. Administrative expenses 1,231,756 1,250,232 1,268,986 1,288,020 1,307,341

I. Market Value at End of Year

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

 160,093,080 148,207,231 135,724,207 123,024,394 109,582,275

J. Available Resources 

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

 190,745,562 178,058,112 164,797,855 151,263,897 136,862,097

K. Solvency Ratio (J / G(e)) 6.22 5.96 5.67 5.36 5.02

L. Accrued Liability 292,219,844 282,116,564 272,092,480 262,128,839 252,289,727

M. Funded Percentage (A / L) 58.68% 56.75% 54.47% 51.78% 48.76%

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 April 1, 2018 through December 31, 2044

Exhibit 9: Page 5 of 24
Plan Year Beginning 1/1/2038 1/1/2039 1/1/2040 1/1/2041 1/1/2042

Plan Year Ending 12/31/2038 12/31/2039 12/31/2040 12/31/2041 12/31/2042

A. Market Value at Beginning of Year 109,582,275 94,024,996 78,067,340 61,965,114 45,697,095

Income

B. Base Contributions 1,295,728 1,243,899 1,194,143 1,146,378 1,100,522

C. Supplemental/Surcharge Contributions 1,036,583 995,119 955,315 917,102 880,418

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

E. Future Withdrawal Liability Payments 3,042,237 2,950,970 2,862,440 2,776,567 2,693,270

F. Total Investment Income 6,456,682 5,465,365 4,453,760 3,429,264 2,389,524

Disbursements

G. Benefit Payments

 (a) Current Actives 3,229,879 3,247,347 3,237,379 3,233,866 3,232,053

 (b) Current Inactive Vested 10,828,692 10,786,273 10,693,125 10,565,212 10,430,266

 (c) Current Retirees/Beneficiaries 11,959,306 10,928,815 9,933,866 8,979,671 8,070,775

 (d) Future New Entrants 271,628 303,718 336,458 371,017 407,218

 (e) Total 26,289,505 25,266,153 24,200,827 23,149,766 22,140,313

H. Administrative expenses 1,326,951 1,346,855 1,367,058 1,387,564 1,408,377

I. Market Value at End of Year

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

 94,024,996 78,067,340 61,965,114 45,697,095 29,212,140

J. Available Resources 

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

 120,314,501 103,333,493 86,165,941 68,846,861 51,352,453

K. Solvency Ratio (J / G(e)) 4.58 4.09 3.56 2.97 2.32

L. Accrued Liability 242,714,960 233,456,121 224,570,992 216,130,780 208,153,557

M. Funded Percentage (A / L) 45.15% 40.28% 34.76% 28.67% 21.95%

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 April 1, 2018 through December 31, 2044

Assumed Rate of Return Reduced by 1 Percentage Point

Exhibit 9: Page 6 of 24
Plan Year Beginning 1/1/2043 1/1/2044

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

A. Market Value at Beginning of Year 29,212,140 12,507,429

Income

B. Base Contributions 1,056,502 1,014,241

C. Supplemental/Surcharge Contributions 845,201 811,393

D. Existing Withdrawal Liability Payments - -

E. Future Withdrawal Liability Payments 2,612,472 2,534,098

F. Total Investment Income 1,332,765 258,724

Disbursements

G. Benefit Payments

 (a) Current Actives 3,210,030 3,181,466

 (b) Current Inactive Vested 10,248,739 10,011,986

 (c) Current Retirees/Beneficiaries 7,211,229 6,404,311

 (d) Future New Entrants 452,151 497,611

 (e) Total 21,122,148 20,095,374

H. Administrative expenses 1,429,503 1,450,945

I. Market Value at End of Year

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

 12,507,429 Insolvent

J. Available Resources 

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

 33,629,577 15,674,940

K. Solvency Ratio (J / G(e)) 1.59 0.78

L. Accrued Liability 200,630,340 193,603,621

M. Funded Percentage (A / L) 14.56% 6.46%

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 April 1, 2018 through December 31, 2044

Western States Office and Professional Employees Pension Fund

Exhibit 9: Page 7 of 24
Plan Year Beginning 4/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022

Plan Year Ending 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022

A. Market Value at Beginning of Year 330,182,699 318,126,763 304,966,142 291,807,302 278,369,689

Income

B. Base Contributions 2,198,622 2,814,236 2,701,667 2,593,600 2,489,856

C. Supplemental/Surcharge Contributions 1,750,161 2,251,389 2,161,333 2,074,880 1,991,885

D. Existing Withdrawal Liability Payments 5,467,861 5,274,679 5,263,188 5,261,171 5,260,105

E. Future Withdrawal Liability Payments - 200,057 394,112 582,346 764,932

F. Total Investment Income 8,477,770 11,648,025 11,730,119 11,645,384 11,452,853

Disbursements

G. Benefit Payments

 (a) Current Actives 405,901 811,402 1,113,548 1,392,485 1,657,374

 (b) Current Inactive Vested 957,513 1,706,071 2,317,603 3,109,576 3,953,454

 (c) Current Retirees/Beneficiaries 27,537,561 31,831,534 30,963,108 30,062,707 29,134,745

 (d) Future New Entrants - - - - -

 (e) Total 28,900,975 34,349,007 34,394,259 34,564,768 34,745,574

H. Administrative expenses 1,049,375 1,000,000 1,015,000 1,030,225 1,045,678

I. Market Value at End of Year

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

 318,126,763 304,966,142 291,807,302 278,369,689 264,538,068

J. Available Resources 

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

 347,027,738 339,315,149 326,201,561 312,934,457 299,283,642

K. Solvency Ratio (J / G(e)) 9.01 9.88 9.48 9.05 8.61

L. Accrued Liability 522,428,825 407,290,401 402,064,956 396,380,166 390,074,276

M. Funded Percentage (A / L) 63.20% 78.11% 75.85% 73.62% 71.36%

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 April 1, 2018 through December 31, 2039

Assumed Rate of Return Reduced by 2 Percentage Points

Exhibit 9: Page 8 of 24
Plan Year Beginning 1/1/2023 1/1/2024 1/1/2025 1/1/2026 1/1/2027

Plan Year Ending 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027

A. Market Value at Beginning of Year 264,538,068 250,435,325 235,964,811 221,312,915 206,472,471

Income

B. Base Contributions 2,390,262 2,294,651 2,202,865 2,114,751 2,030,161

C. Supplemental/Surcharge Contributions 1,912,209 1,835,721 1,762,292 1,691,801 1,624,129

D. Existing Withdrawal Liability Payments 5,243,215 5,238,616 5,238,616 5,238,616 5,226,650

E. Future Withdrawal Liability Payments 942,041 1,113,837 1,280,479 1,442,121 1,598,915

F. Total Investment Income 11,208,763 10,865,956 10,477,466 10,026,220 9,494,276

Disbursements

G. Benefit Payments

 (a) Current Actives 1,876,134 2,066,604 2,232,888 2,383,318 2,504,368

 (b) Current Inactive Vested 4,681,179 5,473,982 6,088,461 6,684,328 7,345,841

 (c) Current Retirees/Beneficiaries 28,179,307 27,197,269 26,189,553 25,157,359 24,102,475

 (d) Future New Entrants 1,249 4,157 9,269 19,104 31,687

 (e) Total 34,737,870 34,742,012 34,520,171 34,244,108 33,984,371

H. Administrative expenses 1,061,364 1,077,284 1,093,443 1,109,845 1,126,493

I. Market Value at End of Year

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

 250,435,325 235,964,811 221,312,915 206,472,471 191,335,736

J. Available Resources 

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

 285,173,194 270,706,822 255,833,086 240,716,579 225,320,108

K. Solvency Ratio (J / G(e)) 8.21 7.79 7.41 7.03 6.63

L. Accrued Liability 383,092,878 375,583,579 367,497,021 359,026,667 350,201,978

M. Funded Percentage (A / L) 69.05% 66.68% 64.21% 61.64% 58.96%

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 April 1, 2018 through December 31, 2039

Assumed Rate of Return Reduced by 2 Percentage Points

Exhibit 9: Page 9 of 24
Plan Year Beginning 1/1/2028 1/1/2029 1/1/2030 1/1/2031 1/1/2032

Plan Year Ending 12/31/2028 12/31/2029 12/31/2030 12/31/2031 12/31/2032

A. Market Value at Beginning of Year 191,335,736 176,969,995 162,422,003 147,692,610 132,777,341

Income

B. Base Contributions 1,948,954 1,870,996 1,796,156 1,724,310 1,655,338

C. Supplemental/Surcharge Contributions 1,559,163 1,496,797 1,436,925 1,379,448 1,324,270

D. Existing Withdrawal Liability Payments 5,221,098 5,221,098 5,215,936 5,208,331 5,198,803

E. Future Withdrawal Liability Payments 1,751,004 1,898,531 2,041,632 2,180,440 2,315,084

F. Total Investment Income 9,804,995 9,131,697 8,432,028 7,692,329 6,903,553

Disbursements

G. Benefit Payments

 (a) Current Actives 2,617,205 2,728,996 2,802,647 2,891,228 2,978,926

 (b) Current Inactive Vested 7,817,225 8,281,967 8,767,017 9,209,431 9,646,271

 (c) Current Retirees/Beneficiaries 23,026,992 21,933,494 20,825,320 19,706,061 18,580,064

 (d) Future New Entrants 46,145 62,114 79,139 97,789 117,795

 (e) Total 33,507,566 33,006,570 32,474,122 31,904,509 31,323,056

H. Administrative expenses 1,143,390 1,160,541 1,177,949 1,195,618 1,213,552

I. Market Value at End of Year

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

 176,969,995 162,422,003 147,692,610 132,777,341 117,637,780

J. Available Resources 

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

 210,477,561 195,428,573 180,166,732 164,681,850 148,960,835

K. Solvency Ratio (J / G(e)) 6.28 5.92 5.55 5.16 4.76

L. Accrued Liability 340,981,399 331,562,173 321,955,938 312,182,659 302,269,629

M. Funded Percentage (A / L) 56.11% 53.37% 50.45% 47.31% 43.93%

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 April 1, 2018 through December 31, 2039

Assumed Rate of Return Reduced by 2 Percentage Points

Exhibit 9: Page 10 of 24
Plan Year Beginning 1/1/2033 1/1/2034 1/1/2035 1/1/2036 1/1/2037

Plan Year Ending 12/31/2033 12/31/2034 12/31/2035 12/31/2036 12/31/2037

A. Market Value at Beginning of Year 117,637,780 101,590,670 84,861,314 67,362,592 49,466,930

Income

B. Base Contributions 1,589,124 1,525,559 1,464,537 1,405,955 1,349,717

C. Supplemental/Surcharge Contributions 1,271,299 1,220,447 1,171,629 1,124,764 1,079,774

D. Existing Withdrawal Liability Payments 4,456,140 3,860,309 3,258,354 3,010,665 2,147,773

E. Future Withdrawal Liability Payments 2,445,688 2,572,374 2,695,260 2,814,459 2,930,082

F. Total Investment Income 6,074,877 5,193,068 4,254,131 3,276,019 2,253,875

Disbursements

G. Benefit Payments

 (a) Current Actives 3,053,601 3,098,742 3,135,752 3,181,279 3,217,478

 (b) Current Inactive Vested 10,007,133 10,262,723 10,541,797 10,740,207 10,801,925

 (c) Current Retirees/Beneficiaries 17,451,996 16,326,679 15,209,324 14,105,172 13,019,934

 (d) Future New Entrants 139,752 162,737 186,774 212,845 240,484

 (e) Total 30,652,482 29,850,881 29,073,648 28,239,503 27,279,822

H. Administrative expenses 1,231,756 1,250,232 1,268,986 1,288,020 1,307,341

I. Market Value at End of Year

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

 101,590,670 84,861,314 67,362,592 49,466,930 30,640,989

J. Available Resources 

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

 132,243,152 114,712,195 96,436,239 77,706,433 57,920,811

K. Solvency Ratio (J / G(e)) 4.31 3.84 3.32 2.75 2.12

L. Accrued Liability 292,219,844 282,116,564 272,092,480 262,128,839 252,289,727

M. Funded Percentage (A / L) 40.26% 36.01% 31.19% 25.70% 19.61%

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 April 1, 2018 through December 31, 2039

Assumed Rate of Return Reduced by 2 Percentage Points

Exhibit 9: Page 11 of 24
Plan Year Beginning 1/1/2038 1/1/2039

Plan Year Ending 12/31/2038 12/31/2039

A. Market Value at Beginning of Year 30,640,989 9,716,715

Income

B. Base Contributions 1,295,728 1,243,899

C. Supplemental/Surcharge Contributions 1,036,583 995,119

D. Existing Withdrawal Liability Payments 227,947 -

E. Future Withdrawal Liability Payments 3,042,237 2,950,970

F. Total Investment Income 1,089,687 (55,311)

Disbursements

G. Benefit Payments

 (a) Current Actives 3,229,879 3,247,347

 (b) Current Inactive Vested 10,828,692 10,786,273

 (c) Current Retirees/Beneficiaries 11,959,306 10,928,815

 (d) Future New Entrants 271,628 303,718

 (e) Total 26,289,505 25,266,153

H. Administrative expenses 1,326,951 1,346,855

I. Market Value at End of Year

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

 9,716,715 Insolvent

J. Available Resources 

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

 36,006,221 13,504,538

K. Solvency Ratio (J / G(e)) 1.37 0.53

L. Accrued Liability 242,714,960 233,456,121

M. Funded Percentage (A / L) 12.62% 4.16%

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 April 1, 2018 through December 31, 2039

Assumed Rate of Return Reduced by 2 Percentage Points

Exhibit 9: Page 12 of 24
Plan Year Beginning 4/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022

Plan Year Ending 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022

A. Market Value at Beginning of Year 330,182,699 322,925,500 315,654,199 308,067,469 299,956,249

Income

B. Base Contributions 2,198,622 2,541,607 2,203,573 1,910,498 1,656,402

C. Supplemental/Surcharge Contributions 1,750,161 2,033,286 1,762,859 1,528,398 1,325,121

D. Existing Withdrawal Liability Payments 5,467,861 5,274,679 5,263,188 5,261,171 5,260,105

E. Future Withdrawal Liability Payments - 200,057 394,112 582,346 764,932

F. Total Investment Income 13,276,508 18,027,054 18,196,045 18,196,180 18,082,444

Disbursements

G. Benefit Payments

 (a) Current Actives 405,901 811,378 1,113,459 1,392,276 1,656,979

 (b) Current Inactive Vested 957,513 1,706,020 2,317,417 3,109,110 3,952,511

 (c) Current Retirees/Beneficiaries 27,537,561 31,830,587 30,960,631 30,058,201 29,127,792

 (d) Future New Entrants - - - - -

 (e) Total 28,900,975 34,347,985 34,391,507 34,559,588 34,737,282

H. Administrative expenses 1,049,375 1,000,000 1,015,000 1,030,225 1,045,678

I. Market Value at End of Year

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

 322,925,500 315,654,199 308,067,469 299,956,249 291,262,292

J. Available Resources 

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

 351,826,476 350,002,183 342,458,976 334,515,836 325,999,574

K. Solvency Ratio (J / G(e)) 9.13 10.19 9.96 9.68 9.38

L. Accrued Liability 522,428,825 407,290,401 401,984,624 396,148,161 389,626,886

M. Funded Percentage (A / L) 63.20% 79.29% 78.52% 77.77% 76.99%

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 April 1, 2018 through December 31, 2047

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

Experienced over Past Ten Years (-13.3%)

Exhibit 9: Page 13 of 24
Plan Year Beginning 1/1/2023 1/1/2024 1/1/2025 1/1/2026 1/1/2027

Plan Year Ending 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027

A. Market Value at Beginning of Year 291,262,292 282,160,205 272,594,359 262,792,048 252,781,932

Income

B. Base Contributions 1,436,100 1,245,099 1,079,501 935,927 811,449

C. Supplemental/Surcharge Contributions 1,148,880 996,079 863,601 748,742 649,159

D. Existing Withdrawal Liability Payments 5,243,215 5,238,616 5,238,616 5,238,616 5,226,650

E. Future Withdrawal Liability Payments 942,041 1,113,837 1,280,479 1,442,121 1,598,915

F. Total Investment Income 17,915,113 17,644,079 17,329,020 16,953,110 16,493,631

Disbursements

G. Benefit Payments

 (a) Current Actives 1,875,503 2,065,691 2,231,646 2,381,683 2,502,310

 (b) Current Inactive Vested 4,679,605 5,471,565 6,085,075 6,679,745 7,339,805

 (c) Current Retirees/Beneficiaries 28,169,836 27,185,262 26,174,991 25,140,107 24,082,670

 (d) Future New Entrants 1,128 3,755 8,371 17,253 28,618

 (e) Total 34,726,073 34,726,273 34,500,084 34,218,788 33,953,404

H. Administrative expenses 1,061,364 1,077,284 1,093,443 1,109,845 1,126,493

I. Market Value at End of Year

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

 282,160,205 272,594,359 262,792,048 252,781,932 242,481,839

J. Available Resources 

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

 316,886,278 307,320,631 297,292,132 287,000,720 276,435,243

K. Solvency Ratio (J / G(e)) 9.13 8.85 8.62 8.39 8.14

L. Accrued Liability 382,372,825 374,538,692 366,079,356 357,191,671 347,908,257

M. Funded Percentage (A / L) 76.17% 75.34% 74.46% 73.57% 72.66%

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 April 1, 2018 through December 31, 2047

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

Experienced over Past Ten Years (-13.3%)

Exhibit 9: Page 14 of 24
Plan Year Beginning 1/1/2028 1/1/2029 1/1/2030 1/1/2031 1/1/2032

Plan Year Ending 12/31/2028 12/31/2029 12/31/2030 12/31/2031 12/31/2032

A. Market Value at Beginning of Year 242,481,839 233,234,474 223,915,380 214,553,811 205,167,401

Income

B. Base Contributions 703,526 609,957 528,833 458,498 397,518

C. Supplemental/Surcharge Contributions 562,821 487,966 423,066 366,799 318,014

D. Existing Withdrawal Liability Payments 5,221,098 5,221,098 5,215,936 5,208,331 5,198,803

E. Future Withdrawal Liability Payments 1,751,004 1,898,531 2,041,632 2,180,440 2,315,084

F. Total Investment Income 17,128,264 16,587,184 16,031,510 15,443,412 14,806,584

Disbursements

G. Benefit Payments

 (a) Current Actives 2,614,670 2,725,909 2,799,025 2,886,977 2,973,980

 (b) Current Inactive Vested 7,809,654 8,272,600 8,755,688 9,195,891 9,630,255

 (c) Current Retirees/Beneficiaries 23,004,690 21,908,685 20,798,411 19,677,088 18,549,214

 (d) Future New Entrants 41,674 56,096 71,472 88,315 106,383

 (e) Total 33,470,688 32,963,290 32,424,597 31,848,272 31,259,832

H. Administrative expenses 1,143,390 1,160,541 1,177,949 1,195,618 1,213,552

I. Market Value at End of Year

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

 233,234,474 223,915,380 214,553,811 205,167,401 195,730,019

J. Available Resources 

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

 266,705,162 256,878,670 246,978,408 237,015,673 226,989,851

K. Solvency Ratio (J / G(e)) 7.97 7.79 7.62 7.44 7.26

L. Accrued Liability 338,189,640 328,234,418 318,055,300 307,672,197 297,112,539

M. Funded Percentage (A / L) 71.70% 71.06% 70.40% 69.73% 69.05%

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 April 1, 2018 through December 31, 2047

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

Experienced over Past Ten Years (-13.3%)

Exhibit 9: Page 15 of 24
Plan Year Beginning 1/1/2033 1/1/2034 1/1/2035 1/1/2036 1/1/2037

Plan Year Ending 12/31/2033 12/31/2034 12/31/2035 12/31/2036 12/31/2037

A. Market Value at Beginning of Year 195,730,019 185,574,339 174,936,629 163,732,693 152,348,105

Income

B. Base Contributions 344,648 298,810 259,068 224,612 194,739

C. Supplemental/Surcharge Contributions 275,718 239,048 207,254 179,690 155,791

D. Existing Withdrawal Liability Payments 4,456,140 3,860,309 3,258,354 3,010,665 2,147,773

E. Future Withdrawal Liability Payments 2,445,688 2,572,374 2,695,260 2,814,459 2,930,082

F. Total Investment Income 14,135,982 13,415,250 12,633,874 11,820,512 10,969,819

Disbursements

G. Benefit Payments

 (a) Current Actives 3,047,912 3,092,286 3,128,502 3,173,064 3,208,226

 (b) Current Inactive Vested 9,988,491 10,241,343 10,517,422 10,712,470 10,770,867

 (c) Current Retirees/Beneficiaries 17,419,484 16,292,667 15,174,157 14,068,745 12,982,498

 (d) Future New Entrants 126,213 146,972 168,680 192,226 217,187

 (e) Total 30,582,100 29,773,268 28,988,761 28,146,505 27,178,779

H. Administrative expenses 1,231,756 1,250,232 1,268,986 1,288,020 1,307,341

I. Market Value at End of Year

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

 185,574,339 174,936,629 163,732,693 152,348,105 140,260,190

J. Available Resources 

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

 216,156,439 204,709,897 192,721,454 180,494,611 167,438,969

K. Solvency Ratio (J / G(e)) 7.07 6.88 6.65 6.41 6.16

L. Accrued Liability 286,378,871 275,553,528 264,767,816 254,001,221 243,316,550

M. Funded Percentage (A / L) 68.35% 67.35% 66.07% 64.46% 62.61%

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 April 1, 2018 through December 31, 2047

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

Experienced over Past Ten Years (-13.3%)

Exhibit 9: Page 16 of 24
Plan Year Beginning 1/1/2038 1/1/2039 1/1/2040 1/1/2041 1/1/2042

Plan Year Ending 12/31/2038 12/31/2039 12/31/2040 12/31/2041 12/31/2042

A. Market Value at Beginning of Year 140,260,190 126,013,219 111,378,912 96,613,555 81,696,898

Income

B. Base Contributions 168,838 146,383 126,914 110,034 95,400

C. Supplemental/Surcharge Contributions 135,071 117,106 101,531 88,028 76,320

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

E. Future Withdrawal Liability Payments 3,042,237 2,950,970 2,862,440 2,776,567 2,693,270

F. Total Investment Income 9,686,168 8,646,582 7,585,407 6,511,192 5,421,328

Disbursements

G. Benefit Payments

 (a) Current Actives 3,219,587 3,235,868 3,224,676 3,219,824 3,216,447

 (b) Current Inactive Vested 10,794,185 10,748,145 10,651,166 10,519,336 10,379,901

 (c) Current Retirees/Beneficiaries 11,921,196 10,890,184 9,894,886 8,940,680 8,031,804

 (d) Future New Entrants 245,314 274,295 303,864 335,074 367,769

 (e) Total 26,180,282 25,148,492 24,074,592 23,014,915 21,995,920

H. Administrative expenses 1,326,951 1,346,855 1,367,058 1,387,564 1,408,377

I. Market Value at End of Year

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

 126,013,219 111,378,912 96,613,555 81,696,898 66,578,919

J. Available Resources 

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

 152,193,501 136,527,405 120,688,147 104,711,813 88,574,839

K. Solvency Ratio (J / G(e)) 5.81 5.43 5.01 4.55 4.03

L. Accrued Liability 232,851,127 222,653,922 212,779,906 203,297,042 194,219,721

M. Funded Percentage (A / L) 60.24% 56.60% 52.34% 47.52% 42.06%

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 April 1, 2018 through December 31, 2047

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

Experienced over Past Ten Years (-13.3%)

Exhibit 9: Page 17 of 24
Plan Year Beginning 1/1/2043 1/1/2044 1/1/2045 1/1/2046 1/1/2047

Plan Year Ending 12/31/2043 12/31/2044 12/31/2045 12/31/2046 12/31/2047

A. Market Value at Beginning of Year 66,578,919 51,257,201 35,727,654 19,943,926 3,904,432

Income

B. Base Contributions 82,712 71,711 62,173 53,904 46,735

C. Supplemental/Surcharge Contributions 66,169 57,369 49,739 43,124 37,388

D. Existing Withdrawal Liability Payments - - - - -

E. Future Withdrawal Liability Payments 2,612,472 2,534,098 2,458,075 2,384,333 2,312,803

F. Total Investment Income 4,313,846 3,188,453 2,043,240 876,381 (313,798)

Disbursements

G. Benefit Payments

 (a) Current Actives 3,192,802 3,162,483 3,119,777 3,058,295 2,979,570

 (b) Current Inactive Vested 10,193,737 9,952,247 9,698,670 9,389,631 9,061,168

 (c) Current Retirees/Beneficiaries 7,172,528 6,366,098 5,615,365 4,922,012 4,287,080

 (d) Future New Entrants 408,349 449,405 490,433 532,496 575,351

 (e) Total 20,967,415 19,930,233 18,924,246 17,902,435 16,903,169

H. Administrative expenses 1,429,503 1,450,945 1,472,710 1,494,800 1,517,222

I. Market Value at End of Year

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

 51,257,201 35,727,654 19,943,926 3,904,432 Insolvent

J. Available Resources 

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

 72,224,616 55,657,886 38,868,171 21,806,868 4,470,338

K. Solvency Ratio (J / G(e)) 3.44 2.79 2.05 1.22 0.26

L. Accrued Liability 185,535,859 177,284,417 169,506,241 162,203,755 155,428,221

M. Funded Percentage (A / L) 35.88% 28.91% 21.08% 12.30% 2.51%

Western States Office and Professional Employees Pension Fund

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

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

Experienced over Past Ten Years (-13.3%)

Projection for Plan Years beginning April 1, 2018 through December 31, 2047

Exhibit 9: Page 18 of 24
Plan Year Beginning 4/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022

Plan Year Ending 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022

A. Market Value at Beginning of Year 330,182,699 322,925,500 315,600,012 307,916,626 299,675,418

Income

B. Base Contributions 2,198,622 2,512,292 2,153,034 1,845,150 1,581,294

C. Supplemental/Surcharge Contributions 1,750,161 2,009,834 1,722,427 1,476,120 1,265,035

D. Existing Withdrawal Liability Payments 5,467,861 5,274,679 5,263,188 5,261,171 5,260,105

E. Future Withdrawal Liability Payments - 200,057 394,112 582,346 764,932

F. Total Investment Income 13,276,508 18,025,525 18,190,064 18,183,261 18,060,486

Disbursements

G. Benefit Payments

 (a) Current Actives 405,901 811,375 1,113,449 1,392,253 1,656,936

 (b) Current Inactive Vested 957,513 1,706,015 2,317,397 3,109,060 3,952,409

 (c) Current Retirees/Beneficiaries 27,537,561 31,830,485 30,960,365 30,057,717 29,127,045

 (d) Future New Entrants - - - - -

 (e) Total 28,900,975 34,347,875 34,391,211 34,559,031 34,736,390

H. Administrative expenses 1,049,375 1,000,000 1,015,000 1,030,225 1,045,678

I. Market Value at End of Year

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

 322,925,500 315,600,012 307,916,626 299,675,418 290,825,202

J. Available Resources 

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

 351,826,476 349,947,887 342,307,837 334,234,449 325,561,592

K. Solvency Ratio (J / G(e)) 9.13 10.19 9.95 9.67 9.37

L. Accrued Liability 522,428,825 407,290,401 401,975,985 396,124,115 389,582,166

M. Funded Percentage (A / L) 63.20% 79.29% 78.51% 77.73% 76.92%

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 April 1, 2018 through December 31, 2046

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

 Experienced over Past Ten Years Reduced by 1 Percentage Point (-14.3%)

Exhibit 9: Page 19 of 24
Plan Year Beginning 1/1/2023 1/1/2024 1/1/2025 1/1/2026 1/1/2027

Plan Year Ending 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027

A. Market Value at Beginning of Year 290,825,202 281,545,855 271,785,745 261,774,934 251,544,054

Income

B. Base Contributions 1,355,169 1,161,380 995,302 852,974 730,999

C. Supplemental/Surcharge Contributions 1,084,135 929,104 796,242 682,379 584,799

D. Existing Withdrawal Liability Payments 5,243,215 5,238,616 5,238,616 5,238,616 5,226,650

E. Future Withdrawal Liability Payments 942,041 1,113,837 1,280,479 1,442,121 1,598,915

F. Total Investment Income 17,882,264 17,598,822 17,269,926 16,878,961 16,403,466

Disbursements

G. Benefit Payments

 (a) Current Actives 1,875,436 2,065,594 2,231,513 2,381,509 2,502,092

 (b) Current Inactive Vested 4,679,436 5,471,306 6,084,713 6,679,256 7,339,164

 (c) Current Retirees/Beneficiaries 28,168,819 27,183,974 26,173,433 25,138,267 24,080,565

 (d) Future New Entrants 1,115 3,711 8,275 17,054 28,288

 (e) Total 34,724,806 34,724,585 34,497,934 34,216,086 33,950,108

H. Administrative expenses 1,061,364 1,077,284 1,093,443 1,109,845 1,126,493

I. Market Value at End of Year

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

 281,545,855 271,785,745 261,774,934 251,544,054 241,012,282

J. Available Resources 

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

 316,270,662 306,510,330 296,272,867 285,760,140 274,962,390

K. Solvency Ratio (J / G(e)) 9.11 8.83 8.59 8.35 8.10

L. Accrued Liability 382,303,366 374,441,348 365,951,711 357,031,861 347,714,897

M. Funded Percentage (A / L) 76.07% 75.19% 74.27% 73.32% 72.34%

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 April 1, 2018 through December 31, 2046

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

 Experienced over Past Ten Years Reduced by 1 Percentage Point (-14.3%)

Exhibit 9: Page 20 of 24
Plan Year Beginning 1/1/2028 1/1/2029 1/1/2030 1/1/2031 1/1/2032

Plan Year Ending 12/31/2028 12/31/2029 12/31/2030 12/31/2031 12/31/2032

A. Market Value at Beginning of Year 241,012,282 231,515,315 221,935,038 212,300,201 202,627,836

Income

B. Base Contributions 626,466 536,881 460,107 394,312 337,925

C. Supplemental/Surcharge Contributions 501,173 429,505 368,086 315,450 270,340

D. Existing Withdrawal Liability Payments 5,221,098 5,221,098 5,215,936 5,208,331 5,198,803

E. Future Withdrawal Liability Payments 1,751,004 1,898,531 2,041,632 2,180,440 2,315,084

F. Total Investment Income 17,013,453 16,452,952 15,876,706 15,267,050 14,607,941

Disbursements

G. Benefit Payments

 (a) Current Actives 2,614,401 2,725,583 2,798,643 2,886,530 2,973,460

 (b) Current Inactive Vested 7,808,851 8,271,609 8,754,493 9,194,465 9,628,572

 (c) Current Retirees/Beneficiaries 23,002,326 21,906,062 20,795,572 19,674,038 18,545,972

 (d) Future New Entrants 41,194 55,449 70,648 87,297 105,156

 (e) Total 33,466,772 32,958,703 32,419,357 31,842,330 31,253,160

H. Administrative expenses 1,143,390 1,160,541 1,177,949 1,195,618 1,213,552

I. Market Value at End of Year

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

 231,515,315 221,935,038 212,300,201 202,627,836 192,891,217

J. Available Resources 

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

 264,982,087 254,893,742 244,719,557 234,470,165 224,144,376

K. Solvency Ratio (J / G(e)) 7.92 7.73 7.55 7.36 7.17

L. Accrued Liability 337,961,658 327,970,959 317,755,676 307,335,764 296,738,709

M. Funded Percentage (A / L) 71.31% 70.59% 69.84% 69.08% 68.28%

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 April 1, 2018 through December 31, 2046

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

 Experienced over Past Ten Years Reduced by 1 Percentage Point (-14.3%)

Exhibit 9: Page 21 of 24
Plan Year Beginning 1/1/2033 1/1/2034 1/1/2035 1/1/2036 1/1/2037

Plan Year Ending 12/31/2033 12/31/2034 12/31/2035 12/31/2036 12/31/2037

A. Market Value at Beginning of Year 192,891,217 182,421,756 171,454,198 159,902,947 148,151,785

Income

B. Base Contributions 289,602 248,189 212,698 182,282 156,216

C. Supplemental/Surcharge Contributions 231,682 198,551 170,158 145,826 124,973

D. Existing Withdrawal Liability Payments 4,456,140 3,860,309 3,258,354 3,010,665 2,147,773

E. Future Withdrawal Liability Payments 2,445,688 2,572,374 2,695,260 2,814,459 2,930,082

F. Total Investment Income 13,913,866 13,168,349 12,361,097 11,520,360 10,640,638

Disbursements

G. Benefit Payments

 (a) Current Actives 3,047,316 3,091,610 3,127,744 3,172,206 3,207,262

 (b) Current Inactive Vested 9,986,536 10,239,105 10,514,874 10,709,576 10,767,630

 (c) Current Retirees/Beneficiaries 17,416,074 16,289,105 15,170,481 14,064,943 12,978,597

 (d) Future New Entrants 124,758 145,277 166,734 190,009 214,682

 (e) Total 30,574,682 29,765,097 28,979,833 28,136,734 27,168,172

H. Administrative expenses 1,231,756 1,250,232 1,268,986 1,288,020 1,307,341

I. Market Value at End of Year

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

 182,421,756 171,454,198 159,902,947 148,151,785 135,675,954

J. Available Resources 

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

 212,996,438 201,219,296 188,882,780 176,288,518 162,844,126

K. Solvency Ratio (J / G(e)) 6.97 6.76 6.52 6.27 5.99

L. Accrued Liability 285,967,062 275,103,115 264,278,102 253,471,410 242,745,814

M. Funded Percentage (A / L) 67.45% 66.31% 64.88% 63.09% 61.03%

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 April 1, 2018 through December 31, 2046

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

 Experienced over Past Ten Years Reduced by 1 Percentage Point (-14.3%)

Exhibit 9: Page 22 of 24
Plan Year Beginning 1/1/2038 1/1/2039 1/1/2040 1/1/2041 1/1/2042

Plan Year Ending 12/31/2038 12/31/2039 12/31/2040 12/31/2041 12/31/2042

A. Market Value at Beginning of Year 135,675,954 121,029,453 105,972,041 90,757,690 75,363,652

Income

B. Base Contributions 133,877 114,733 98,326 84,265 72,215

C. Supplemental/Surcharge Contributions 107,102 91,786 78,661 67,412 57,772

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

E. Future Withdrawal Liability Payments 3,042,237 2,950,970 2,862,440 2,776,567 2,693,270

F. Total Investment Income 9,338,115 8,268,121 7,174,659 6,066,094 4,939,623

Disbursements

G. Benefit Payments

 (a) Current Actives 3,218,516 3,234,676 3,223,359 3,218,371 3,214,833

 (b) Current Inactive Vested 10,790,596 10,744,187 10,646,816 10,514,588 10,374,695

 (c) Current Retirees/Beneficiaries 11,917,232 10,886,172 9,890,845 8,936,645 8,027,775

 (d) Future New Entrants 242,485 271,132 300,359 331,210 363,527

 (e) Total 26,168,829 25,136,167 24,061,379 23,000,813 21,980,831

H. Administrative expenses 1,326,951 1,346,855 1,367,058 1,387,564 1,408,377

I. Market Value at End of Year

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

 121,029,453 105,972,041 90,757,690 75,363,652 59,737,325

J. Available Resources 

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

 147,198,281 131,108,207 114,819,069 98,364,465 81,718,156

K. Solvency Ratio (J / G(e)) 5.62 5.22 4.77 4.28 3.72

L. Accrued Liability 232,238,503 221,998,313 212,080,089 202,551,645 193,427,202

M. Funded Percentage (A / L) 58.42% 54.52% 49.97% 44.81% 38.96%

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 April 1, 2018 through December 31, 2046

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

 Experienced over Past Ten Years Reduced by 1 Percentage Point (-14.3%)

Exhibit 9: Page 23 of 24
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 59,737,325 43,873,507 27,765,050 11,362,278

Income

B. Base Contributions 61,888 53,038 45,454 38,954

C. Supplemental/Surcharge Contributions 49,511 42,431 36,363 31,163

D. Existing Withdrawal Liability Payments - - - -

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

F. Total Investment Income 3,793,075 2,625,930 1,436,038 221,308

Disbursements

G. Benefit Payments

 (a) Current Actives 3,191,025 3,160,529 3,117,645 3,055,993

 (b) Current Inactive Vested 10,188,063 9,946,096 9,692,043 9,382,562

 (c) Current Retirees/Beneficiaries 7,168,535 6,362,164 5,611,527 4,918,306

 (d) Future New Entrants 403,639 444,221 484,777 526,355

 (e) Total 20,951,262 19,913,010 18,905,992 17,883,216

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

I. Market Value at End of Year

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

 43,873,507 27,765,050 11,362,278 Insolvent

J. Available Resources 

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

 64,824,769 47,678,059 30,268,270 12,543,235

K. Solvency Ratio (J / G(e)) 3.09 2.39 1.60 0.70

L. Accrued Liability 184,694,597 176,392,686 168,562,134 161,205,125

M. Funded Percentage (A / L) 32.34% 24.87% 16.47% 7.05%

Western States Office and Professional Employees Pension Fund

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

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

 Experienced over Past Ten Years Reduced by 1 Percentage Point (-14.3%)

Projection for Plan Years beginning April 1, 2018 through December 31, 2046

Exhibit 9: Page 24 of 24