Exhibit 3: Page 1 of 20

WESTERN STATES OFFICE AND 

PROFESSIONAL EMPLOYEES PENSION FUND

THIRD SUSPENSION APPLICATION 

Exhibit 3

Western States Office and Professional Employees Pension Fund 

Exhibit 3: Page 3 of 20

PROJECTION OF PROPOSED SUSPENSION1

1

 2018 figures are as of April 1; all other years are as of January 1. 

Year Beg January 1, 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040

Return 4.15% 5.81% 6.01% 6.17% 6.31% 6.45% 6.57% 6.69% 6.80% 6.89% 7.47% 7.53% 7.59% 7.64% 7.67% 7.70% 7.73% 7.75% 7.77% 7.79% 7.55% 7.56% 7.57%

Supplemental % 79.6% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0%

% Decrease in Hours 0.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%

Economic Inputs
Western States Office and Professional Employees Pension Fund 

Exhibit 3: Page 4 of 20

PROJECTION OF PROPOSED SUSPENSION1

1

 2018 figures are as of April 1; all other years are as of January 1. 
Western States Office and Professional Employees Pension Fund

Projected Cash Flow without Proposed Suspension

Projection for Plan Years beginning April 1, 2018 through December 31, 2058

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 330,182,699 321,256,627 305,841,395 289,811,783 272,785,871

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. 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 13,242,582 17,702,928 17,377,193 16,836,725 16,129,565

Disbursements

G. Benefit Payments

 (a) Current Actives 440,395 1,090,591 1,490,666 1,854,583 2,197,000

 (b) Current Inactive Vested 1,039,417 2,309,684 3,133,931 4,214,112 5,370,426

 (c) Current Retirees/Beneficiaries 29,056,111 39,258,246 38,287,508 37,275,713 36,227,223

 (d) Future New Entrants - - - - -

 (e) Total 30,535,923 42,658,521 42,912,106 43,344,408 43,794,648

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)

 321,256,627 305,841,395 289,811,783 272,785,871 254,581,888

J. Available Resources 

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

 351,792,550 348,499,916 332,723,888 316,130,279 298,376,536

K. Solvency Ratio (J / G(e)) 8.64 8.17 7.75 7.29 6.81

L. Accrued Liability 522,016,384 519,748,310 514,065,328 507,673,947 500,338,955

M. Funded Percentage (A / L) 63.25% 61.81% 59.49% 57.09% 54.52%

Exhibit 3: Page 5 of 20
Western States Office and Professional Employees Pension Fund

Projected Cash Flow without Proposed Suspension

Projection for Plan Years beginning April 1, 2018 through December 31, 2058

Plan Year Beginning

Plan Year Ending

A. Market Value at Beginning of Year

Income

B. Base Contributions

C. Supplemental/Surcharge Contributions

D. Withdrawal Liability Payments

E. Future Withdrawal Liability Payments

F. Total Investment Income

Disbursements

G. Benefit Payments

 (a) Current Actives

 (b) Current Inactive Vested

 (c) Current Retirees/Beneficiaries

 (d) Future New Entrants

 (e) Total

H. Administrative expenses

I. Market Value at End of Year

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

J. Available Resources 

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

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

L. Accrued Liability

M. Funded Percentage (A / L)

1/1/2023 1/1/2024 1/1/2025 1/1/2026 1/1/2027

12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027

 254,581,888 235,332,047 214,865,379 193,390,883 170,853,574

 2,390,262 2,294,651 2,202,865 2,114,751 2,030,161

 1,912,209 1,835,721 1,762,292 1,691,801 1,624,129

 5,243,215 5,238,616 5,238,616 5,238,616 5,226,650

 942,041 1,113,837 1,280,479 1,442,121 1,598,915

 15,306,103 14,318,619 13,214,158 11,977,090 10,587,455

 2,480,422 2,721,151 2,927,742 3,112,136 3,258,301

 6,359,479 7,447,829 8,285,397 9,100,796 10,015,187

 35,141,157 34,017,690 32,857,055 31,659,808 30,427,166

 1,249 4,157 9,269 19,104 31,687

 43,982,307 44,190,828 44,079,464 43,891,843 43,732,342

 1,061,364 1,077,284 1,093,443 1,109,845 1,126,493

 235,332,047 214,865,379 193,390,883 170,853,574 147,062,049

 279,314,353 259,056,207 237,470,346 214,745,417 190,794,391

 6.35 5.86 5.39 4.89 4.36

 491,974,643 482,779,724 472,673,550 461,922,678 450,560,484

51.75% 48.75% 45.46% 41.87% 37.92%

Exhibit 3: Page 6 of 20
Western States Office and Professional Employees Pension Fund

Projected Cash Flow without Proposed Suspension

Projection for Plan Years beginning April 1, 2018 through December 31, 2058

Plan Year Beginning

Plan Year Ending

A. Market Value at Beginning of Year

Income

B. Base Contributions

C. Supplemental/Surcharge Contributions

D. Withdrawal Liability Payments

E. Future Withdrawal Liability Payments

F. Total Investment Income

Disbursements

G. Benefit Payments

 (a) Current Actives

 (b) Current Inactive Vested

 (c) Current Retirees/Beneficiaries

 (d) Future New Entrants

 (e) Total

H. Administrative expenses

I. Market Value at End of Year

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

J. Available Resources 

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

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

L. Accrued Liability

M. Funded Percentage (A / L)

1/1/2028 1/1/2029 1/1/2030 1/1/2031 1/1/2032

12/31/2028 12/31/2029 12/31/2030 12/31/2031 12/31/2032

 147,062,049 122,854,799 97,417,379 70,670,782 42,544,253

 1,948,954 1,870,996 1,796,156 1,724,310 1,655,338

 1,559,163 1,496,797 1,436,925 1,379,448 1,324,270

 5,221,098 5,221,098 5,215,936 5,208,331 5,198,803

 1,751,004 1,898,531 2,041,632 2,180,440 2,315,084

 9,718,412 7,992,336 6,145,716 4,165,685 2,048,641

 3,394,446 3,527,959 3,610,529 3,714,151 3,815,862

 10,661,157 11,303,750 11,978,733 12,591,314 13,199,807

 29,160,744 27,862,815 26,536,612 25,185,872 23,815,402

 46,145 62,114 79,139 97,789 117,795

 43,262,491 42,756,637 42,205,012 41,589,126 40,948,866

 1,143,390 1,160,541 1,177,949 1,195,618 1,213,552

 122,854,799 97,417,379 70,670,782 42,544,253 12,923,969

 166,117,290 140,174,016 112,875,795 84,133,378 53,872,835

 3.84 3.28 2.67 2.02 1.32

 438,514,561 426,057,948 413,199,150 399,957,368 386,372,320

33.54% 28.84% 23.58% 17.67% 11.01%

Exhibit 3: Page 7 of 20
Western States Office and Professional Employees Pension Fund

Projected Cash Flow without Proposed Suspension

Projection for Plan Years beginning April 1, 2018 through December 31, 2058

Plan Year Beginning

Plan Year Ending

A. Market Value at Beginning of Year

Income

B. Base Contributions

C. Supplemental/Surcharge Contributions

D. Withdrawal Liability Payments

E. Future Withdrawal Liability Payments

F. Total Investment Income

Disbursements

G. Benefit Payments

 (a) Current Actives

 (b) Current Inactive Vested

 (c) Current Retirees/Beneficiaries

 (d) Future New Entrants

 (e) Total

H. Administrative expenses

I. Market Value at End of Year

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

J. Available Resources 

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

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

L. Accrued Liability

M. Funded Percentage (A / L)

1/1/2033 1/1/2034 1/1/2035 1/1/2036 1/1/2037

12/31/2033 12/31/2034 12/31/2035 12/31/2036 12/31/2037

 12,923,969 (18,943,417) (52,888,014) (89,114,777) (127,346,665)

 1,589,124 1,525,559 1,464,537 1,405,955 1,349,717

 1,271,299 1,220,447 1,171,629 1,124,764 1,079,774

 4,456,140 3,860,309 3,258,354 3,010,665 2,147,773

 2,445,688 2,572,374 2,695,260 2,814,459 2,930,082

 (223,157) (2,672,974) (5,297,336) (8,095,035) (11,079,914)

 3,902,209 3,945,425 3,978,389 4,021,227 4,054,387

 13,702,084 14,054,201 14,441,708 14,715,776 14,796,681

 22,430,679 21,037,716 19,643,349 18,254,827 16,880,189

 139,752 162,737 186,774 212,845 240,484

 40,174,724 39,200,079 38,250,221 37,204,676 35,971,742

 1,231,756 1,250,232 1,268,986 1,288,020 1,307,341

 (18,943,417) (52,888,014) (89,114,777) (127,346,665) (168,198,315)

 21,231,307 (13,687,934) (50,864,556) (90,141,989) (132,226,573)

 0.53 (0.35) (1.33) (2.42) (3.68)

 372,445,234 358,290,872 344,101,318 329,849,094 315,629,540

3.47% -5.29% -15.37% -27.02% -40.35%

Exhibit 3: Page 8 of 20
Western States Office and Professional Employees Pension Fund

Projected Cash Flow without Proposed Suspension

Projection for Plan Years beginning April 1, 2018 through December 31, 2058

Plan Year Beginning

Plan Year Ending

A. Market Value at Beginning of Year

Income

B. Base Contributions

C. Supplemental/Surcharge Contributions

D. Withdrawal Liability Payments

E. Future Withdrawal Liability Payments

F. Total Investment Income

Disbursements

G. Benefit Payments

 (a) Current Actives

 (b) Current Inactive Vested

 (c) Current Retirees/Beneficiaries

 (d) Future New Entrants

 (e) Total

H. Administrative expenses

I. Market Value at End of Year

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

J. Available Resources 

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

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

L. Accrued Liability

M. Funded Percentage (A / L)

1/1/2038 1/1/2039 1/1/2040 1/1/2041 1/1/2042

12/31/2038 12/31/2039 12/31/2040 12/31/2041 12/31/2042

 (168,198,315) (212,451,006) (259,118,196) (308,075,251) (359,511,355)

 1,295,728 1,243,899 1,194,143 1,146,378 1,100,522

 1,036,583 995,119 955,315 917,102 880,418

 227,947 - - - -

 3,042,237 2,950,970 2,862,440 2,776,567 2,693,270

 (13,846,795) (17,176,061) (20,685,332) (24,377,621) (28,269,210)

 4,054,604 4,062,837 4,032,375 4,014,043 3,993,605

 14,827,493 14,762,036 14,625,480 14,440,429 14,246,435

 15,527,716 14,205,670 12,922,251 11,685,477 10,502,578

 271,628 303,718 336,458 371,017 407,218

 34,681,440 33,334,261 31,916,564 30,510,966 29,149,837

 1,326,951 1,346,855 1,367,058 1,387,564 1,408,377

 (212,451,006) (259,118,196) (308,075,251) (359,511,355) (413,664,568)

 (177,769,566) (225,783,934) (276,158,687) (329,000,389) (384,514,731)

 (5.13) (6.77) (8.65) (10.78) (13.19)

 301,639,908 287,956,984 274,662,591 261,858,588 249,568,586

-55.76% -73.78% -94.34% -117.65% -144.05%

Exhibit 3: Page 9 of 20
Western States Office and Professional Employees Pension Fund

Projected Cash Flow without Proposed Suspension

Projection for Plan Years beginning April 1, 2018 through December 31, 2058

Plan Year Beginning

Plan Year Ending

A. Market Value at Beginning of Year

Income

B. Base Contributions

C. Supplemental/Surcharge Contributions

D. Withdrawal Liability Payments

E. Future Withdrawal Liability Payments

F. Total Investment Income

Disbursements

G. Benefit Payments

 (a) Current Actives

 (b) Current Inactive Vested

 (c) Current Retirees/Beneficiaries

 (d) Future New Entrants

 (e) Total

H. Administrative expenses

I. Market Value at End of Year

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

J. Available Resources 

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

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

L. Accrued Liability

M. Funded Percentage (A / L)

1/1/2043 1/1/2044 1/1/2045 1/1/2046 1/1/2047

12/31/2043 12/31/2044 12/31/2045 12/31/2046 12/31/2047

 (413,664,568) (470,726,480) (530,901,424) (594,475,658) (661,689,305)

 1,056,502 1,014,241 973,672 934,725 897,336

 845,201 811,393 778,937 747,780 717,869

 - - - - -

 2,612,472 2,534,098 2,458,075 2,384,333 2,312,803

 (32,376,551) (36,714,938) (41,303,214) (46,161,627) (51,311,711)

 3,949,725 3,894,980 3,828,284 3,738,170 3,630,159

 13,988,096 13,652,813 13,300,563 12,871,857 12,416,016

 9,380,061 8,323,389 7,337,107 6,424,415 5,587,438

 452,151 497,611 543,040 589,615 637,067

 27,770,033 26,368,793 25,008,994 23,624,057 22,270,679

 1,429,503 1,450,945 1,472,710 1,494,800 1,517,222

 (470,726,480) (530,901,424) (594,475,658) (661,689,305) (732,860,909)

 (442,956,447) (504,532,631) (569,466,664) (638,065,248) (710,590,231)

 (15.95) (19.13) (22.77) (27.01) (31.91)

 237,784,340 226,562,415 215,966,320 205,998,988 196,732,538

-173.97% -207.77% -245.83% -288.58% -336.34%

Exhibit 3: Page 10 of 20
Western States Office and Professional Employees Pension Fund

Projected Cash Flow without Proposed Suspension

Projection for Plan Years beginning April 1, 2018 through December 31, 2058

Plan Year Beginning

Plan Year Ending

A. Market Value at Beginning of Year

Income

B. Base Contributions

C. Supplemental/Surcharge Contributions

D. Withdrawal Liability Payments

E. Future Withdrawal Liability Payments

F. Total Investment Income

Disbursements

G. Benefit Payments

 (a) Current Actives

 (b) Current Inactive Vested

 (c) Current Retirees/Beneficiaries

 (d) Future New Entrants

 (e) Total

H. Administrative expenses

I. Market Value at End of Year

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

J. Available Resources 

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

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

L. Accrued Liability

M. Funded Percentage (A / L)

1/1/2048 1/1/2049 1/1/2050 1/1/2051 1/1/2052

12/31/2048 12/31/2049 12/31/2050 12/31/2051 12/31/2052

 (732,860,909) (806,447,294) (884,401,684) (967,118,629) (1,054,881,517)

 861,443 826,985 793,905 762,149 731,663

 689,154 661,588 635,124 609,719 585,331

 - - - - -

 2,243,419 2,176,116 2,110,833 2,047,508 1,986,082

 (54,850,705) (60,329,231) (66,148,043) (72,238,663) (78,811,583)

 3,528,954 3,413,848 3,295,074 3,152,512 3,013,608

 11,940,214 11,420,744 10,889,599 10,326,341 9,754,550

 4,826,785 4,142,119 3,531,766 2,992,877 2,521,609

 693,762 750,058 805,799 861,547 917,219

 20,989,715 19,726,769 18,522,238 17,333,276 16,206,987

 1,539,981 1,563,080 1,586,526 1,610,324 1,634,479

 (806,447,294) (884,401,684) (967,118,629) (1,054,881,517) (1,148,231,489)

 (785,457,579) (864,674,916) (948,596,392) (1,037,548,241) (1,132,024,502)

 (37.42) (43.83) (51.21) (59.86) (69.85)

 188,185,546 180,335,581 173,214,935 166,816,360 161,176,470

-389.44% -447.19% -510.58% -579.75% -654.49%

Exhibit 3: Page 11 of 20
Western States Office and Professional Employees Pension Fund

Projected Cash Flow without Proposed Suspension

Projection for Plan Years beginning April 1, 2018 through December 31, 2058

Plan Year Beginning

Plan Year Ending

A. Market Value at Beginning of Year

Income

B. Base Contributions

C. Supplemental/Surcharge Contributions

D. Withdrawal Liability Payments

E. Future Withdrawal Liability Payments

F. Total Investment Income

Disbursements

G. Benefit Payments

 (a) Current Actives

 (b) Current Inactive Vested

 (c) Current Retirees/Beneficiaries

 (d) Future New Entrants

 (e) Total

H. Administrative expenses

I. Market Value at End of Year

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

J. Available Resources 

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

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

L. Accrued Liability

M. Funded Percentage (A / L)

1/1/2053 1/1/2054 1/1/2055 1/1/2056 1/1/2057 1/1/2058

12/31/2053 12/31/2054 12/31/2055 12/31/2056 12/31/2057 12/31/2058

 (1,148,231,489) (1,247,540,072) (1,353,424,065) (1,466,301,490) (1,586,893,403) (1,715,695,893)

 702,397 674,301 647,329 621,436 596,578 572,715

 561,917 539,441 517,863 497,149 477,263 458,172

 - - - - - -

 1,926,500 1,868,705 1,812,644 1,758,264 1,705,517 1,654,351

 (85,703,524) (93,164,747) (101,000,631) (109,505,255) (118,449,982) (128,007,217)

 2,871,531 2,724,719 2,577,053 2,432,617 2,288,004 2,142,535

 9,168,028 8,580,414 7,989,431 7,404,275 6,829,561 6,269,075

 2,113,511 1,763,692 1,466,810 1,217,264 1,009,409 837,746

 983,806 1,048,985 1,112,198 1,174,575 1,244,093 1,311,096

 15,136,876 14,117,811 13,145,491 12,228,731 11,371,066 10,560,452

 1,658,996 1,683,881 1,709,140 1,734,777 1,760,798 1,787,210

 (1,247,540,072) (1,353,424,065) (1,466,301,490) (1,586,893,403) (1,715,695,893) (1,853,365,533)

 (1,232,403,195) (1,339,306,253) (1,453,155,999) (1,574,664,672) (1,704,324,826) (1,842,805,081)

 (81.42) (94.87) (110.54) (128.77) (149.88) (174.50)

 156,285,703 152,140,521 148,742,431 146,097,494 144,203,061 143,052,616

-734.70% -819.99% -909.91% -1003.65% -1100.46% -1199.35%

Exhibit 3: Page 12 of 20
Western States Office and Professional Employees Pension Fund

Projected Cash Flow with Proposed Suspension

Projection for Plan Years beginning April 1, 2018 through December 31, 2058

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 330,182,699 322,925,500 316,158,135 309,522,367 302,763,090

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. 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 18,041,280 18,253,191 18,323,720 18,306,626

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)

 322,925,500 316,158,135 309,522,367 302,763,090 295,785,242

J. Available Resources 

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

 351,826,476 350,507,142 343,916,626 337,327,858 330,530,816

K. Solvency Ratio (J / G(e)) 9.13 10.20 10.00 9.76 9.51

L. Accrued Liability 522,428,825 521,862,576 402,064,956 396,380,166 390,074,276

M. Funded Percentage (A / L) 63.20% 61.88% 78.63% 78.09% 77.62%

Exhibit 3: Page 13 of 20
Western States Office and Professional Employees Pension Fund

Projected Cash Flow with Proposed Suspension

Projection for Plan Years beginning April 1, 2018 through December 31, 2058

Plan Year Beginning

Plan Year Ending

A. Market Value at Beginning of Year

Income

B. Base Contributions

C. Supplemental/Surcharge Contributions

D. Withdrawal Liability Payments

E. Future Withdrawal Liability Payments

F. Total Investment Income

Disbursements

G. Benefit Payments

 (a) Current Actives

 (b) Current Inactive Vested

 (c) Current Retirees/Beneficiaries

 (d) Future New Entrants

 (e) Total

H. Administrative expenses

I. Market Value at End of Year

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

J. Available Resources 

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

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

L. Accrued Liability

M. Funded Percentage (A / L)

1/1/2023 1/1/2024 1/1/2025 1/1/2026 1/1/2027

12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027

 295,785,242 288,735,587 281,536,742 274,401,611 267,348,790

 2,390,262 2,294,651 2,202,865 2,114,751 2,030,161

 1,912,209 1,835,721 1,762,292 1,691,801 1,624,129

 5,243,215 5,238,616 5,238,616 5,238,616 5,226,650

 942,041 1,113,837 1,280,479 1,442,121 1,598,915

 18,261,852 18,137,625 17,994,231 17,813,843 17,571,793

 1,876,134 2,066,604 2,232,888 2,383,318 2,504,368

 4,681,179 5,473,982 6,088,461 6,684,328 7,345,841

 28,179,307 27,197,269 26,189,553 25,157,359 24,102,475

 1,249 4,157 9,269 19,104 31,687

 34,737,870 34,742,012 34,520,171 34,244,108 33,984,371

 1,061,364 1,077,284 1,093,443 1,109,845 1,126,493

 288,735,587 281,536,742 274,401,611 267,348,790 260,289,573

 323,473,457 316,278,754 308,921,782 301,592,898 294,273,945

 9.31 9.10 8.95 8.81 8.66

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

77.21% 76.88% 76.61% 76.43% 76.34%

Exhibit 3: Page 14 of 20
Western States Office and Professional Employees Pension Fund

Projected Cash Flow with Proposed Suspension

Projection for Plan Years beginning April 1, 2018 through December 31, 2058

Plan Year Beginning

Plan Year Ending

A. Market Value at Beginning of Year

Income

B. Base Contributions

C. Supplemental/Surcharge Contributions

D. Withdrawal Liability Payments

E. Future Withdrawal Liability Payments

F. Total Investment Income

Disbursements

G. Benefit Payments

 (a) Current Actives

 (b) Current Inactive Vested

 (c) Current Retirees/Beneficiaries

 (d) Future New Entrants

 (e) Total

H. Administrative expenses

I. Market Value at End of Year

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

J. Available Resources 

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

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

L. Accrued Liability

M. Funded Percentage (A / L)

1/1/2028 1/1/2029 1/1/2030 1/1/2031 1/1/2032

12/31/2028 12/31/2029 12/31/2030 12/31/2031 12/31/2032

 260,289,573 254,659,691 249,264,336 244,143,102 239,324,426

 1,948,954 1,870,996 1,796,156 1,724,310 1,655,338

 1,559,163 1,496,797 1,436,925 1,379,448 1,324,270

 5,221,098 5,221,098 5,215,936 5,208,331 5,198,803

 1,751,004 1,898,531 2,041,632 2,180,440 2,315,084

 18,540,854 18,284,334 18,040,187 17,788,923 17,510,830

 2,617,205 2,728,996 2,802,647 2,891,228 2,978,926

 7,817,225 8,281,967 8,767,017 9,209,431 9,646,271

 23,026,992 21,933,494 20,825,320 19,706,061 18,580,064

 46,145 62,114 79,139 97,789 117,795

 33,507,566 33,006,570 32,474,122 31,904,509 31,323,056

 1,143,390 1,160,541 1,177,949 1,195,618 1,213,552

 254,659,691 249,264,336 244,143,102 239,324,426 234,792,143

 288,167,257 282,270,906 276,617,224 271,228,935 266,115,198

 8.60 8.55 8.52 8.50 8.50

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

76.34% 76.81% 77.42% 78.21% 79.18%

Exhibit 3: Page 15 of 20
Western States Office and Professional Employees Pension Fund

Projected Cash Flow with Proposed Suspension

Projection for Plan Years beginning April 1, 2018 through December 31, 2058

Plan Year Beginning

Plan Year Ending

A. Market Value at Beginning of Year

Income

B. Base Contributions

C. Supplemental/Surcharge Contributions

D. Withdrawal Liability Payments

E. Future Withdrawal Liability Payments

F. Total Investment Income

Disbursements

G. Benefit Payments

 (a) Current Actives

 (b) Current Inactive Vested

 (c) Current Retirees/Beneficiaries

 (d) Future New Entrants

 (e) Total

H. Administrative expenses

I. Market Value at End of Year

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

J. Available Resources 

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

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

L. Accrued Liability

M. Funded Percentage (A / L)

1/1/2033 1/1/2034 1/1/2035 1/1/2036 1/1/2037

12/31/2033 12/31/2034 12/31/2035 12/31/2036 12/31/2037

 234,792,143 229,897,454 224,898,802 219,732,683 214,811,712

 1,589,124 1,525,559 1,464,537 1,405,955 1,349,717

 1,271,299 1,220,447 1,171,629 1,124,764 1,079,774

 4,456,140 3,860,309 3,258,354 3,010,665 2,147,773

 2,445,688 2,572,374 2,695,260 2,814,459 2,930,082

 17,227,298 16,923,772 16,586,734 16,250,710 15,912,774

 3,053,601 3,098,742 3,135,752 3,181,279 3,217,478

 10,007,133 10,262,723 10,541,797 10,740,207 10,801,925

 17,451,996 16,326,679 15,209,324 14,105,172 13,019,934

 139,752 162,737 186,774 212,845 240,484

 30,652,482 29,850,881 29,073,648 28,239,503 27,279,822

 1,231,756 1,250,232 1,268,986 1,288,020 1,307,341

 229,897,454 224,898,802 219,732,683 214,811,712 209,644,670

 260,549,936 254,749,683 248,806,331 243,051,215 236,924,492

 8.50 8.53 8.56 8.61 8.68

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

80.35% 81.49% 82.66% 83.83% 85.14%

Exhibit 3: Page 16 of 20
Western States Office and Professional Employees Pension Fund

Projected Cash Flow with Proposed Suspension

Projection for Plan Years beginning April 1, 2018 through December 31, 2058

Plan Year Beginning

Plan Year Ending

A. Market Value at Beginning of Year

Income

B. Base Contributions

C. Supplemental/Surcharge Contributions

D. Withdrawal Liability Payments

E. Future Withdrawal Liability Payments

F. Total Investment Income

Disbursements

G. Benefit Payments

 (a) Current Actives

 (b) Current Inactive Vested

 (c) Current Retirees/Beneficiaries

 (d) Future New Entrants

 (e) Total

H. Administrative expenses

I. Market Value at End of Year

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

J. Available Resources 

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

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

L. Accrued Liability

M. Funded Percentage (A / L)

1/1/2038 1/1/2039 1/1/2040 1/1/2041 1/1/2042

12/31/2038 12/31/2039 12/31/2040 12/31/2041 12/31/2042

 209,644,670 202,627,855 195,713,710 189,195,208 183,092,395

 1,295,728 1,243,899 1,194,143 1,146,378 1,100,522

 1,036,583 995,119 955,315 917,102 880,418

 227,947 - - - -

 3,042,237 2,950,970 2,862,440 2,776,567 2,693,270

 14,997,146 14,508,876 14,037,484 13,594,470 13,180,426

 3,229,879 3,247,347 3,237,379 3,233,866 3,232,053

 10,828,692 10,786,273 10,693,125 10,565,212 10,430,266

 11,959,306 10,928,815 9,933,866 8,979,671 8,070,775

 271,628 303,718 336,458 371,017 407,218

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

 1,326,951 1,346,855 1,367,058 1,387,564 1,408,377

 202,627,855 195,713,710 189,195,208 183,092,395 177,398,342

 228,917,360 220,979,863 213,396,035 206,242,160 199,538,654

 8.71 8.75 8.82 8.91 9.01

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

86.37% 86.79% 87.15% 87.54% 87.96%

Exhibit 3: Page 17 of 20
Western States Office and Professional Employees Pension Fund

Projected Cash Flow with Proposed Suspension

Projection for Plan Years beginning April 1, 2018 through December 31, 2058

Plan Year Beginning

Plan Year Ending

A. Market Value at Beginning of Year

Income

B. Base Contributions

C. Supplemental/Surcharge Contributions

D. Withdrawal Liability Payments

E. Future Withdrawal Liability Payments

F. Total Investment Income

Disbursements

G. Benefit Payments

 (a) Current Actives

 (b) Current Inactive Vested

 (c) Current Retirees/Beneficiaries

 (d) Future New Entrants

 (e) Total

H. Administrative expenses

I. Market Value at End of Year

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

J. Available Resources 

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

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

L. Accrued Liability

M. Funded Percentage (A / L)

1/1/2043 1/1/2044 1/1/2045 1/1/2046 1/1/2047

12/31/2043 12/31/2044 12/31/2045 12/31/2046 12/31/2047

 177,398,342 172,157,716 167,418,381 163,190,846 159,535,390

 1,056,502 1,014,241 973,672 934,725 897,336

 845,201 811,393 778,937 747,780 717,869

 - - - - -

 2,612,472 2,534,098 2,458,075 2,384,333 2,312,803

 12,796,850 12,447,253 12,133,910 11,859,564 11,627,504

 3,210,030 3,181,466 3,140,521 3,080,745 3,003,615

 10,248,739 10,011,986 9,763,157 9,458,555 9,134,293

 7,211,229 6,404,311 5,652,701 4,958,142 4,321,677

 452,151 497,611 543,040 589,615 637,067

 21,122,148 20,095,374 19,099,419 18,087,057 17,096,651

 1,429,503 1,450,945 1,472,710 1,494,800 1,517,222

 172,157,716 167,418,381 163,190,846 159,535,390 156,477,028

 193,279,864 187,513,755 182,290,265 177,622,447 173,573,679

 9.15 9.33 9.54 9.82 10.15

 200,630,340 193,603,621 187,118,844 181,183,867 175,856,037

88.42% 88.92% 89.47% 90.07% 90.72%

Exhibit 3: Page 18 of 20
Western States Office and Professional Employees Pension Fund

Projected Cash Flow with Proposed Suspension

Projection for Plan Years beginning April 1, 2018 through December 31, 2058

Plan Year Beginning

Plan Year Ending

A. Market Value at Beginning of Year

Income

B. Base Contributions

C. Supplemental/Surcharge Contributions

D. Withdrawal Liability Payments

E. Future Withdrawal Liability Payments

F. Total Investment Income

Disbursements

G. Benefit Payments

 (a) Current Actives

 (b) Current Inactive Vested

 (c) Current Retirees/Beneficiaries

 (d) Future New Entrants

 (e) Total

H. Administrative expenses

I. Market Value at End of Year

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

J. Available Resources 

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

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

L. Accrued Liability

M. Funded Percentage (A / L)

1/1/2048 1/1/2049 1/1/2050 1/1/2051 1/1/2052

12/31/2048 12/31/2049 12/31/2050 12/31/2051 12/31/2052

 156,477,028 153,616,807 151,354,189 149,693,825 148,661,967

 861,443 826,985 793,905 762,149 731,663

 689,154 661,588 635,124 609,719 585,331

 - - - - -

 2,243,419 2,176,116 2,110,833 2,047,508 1,986,082

 11,049,681 10,881,318 10,755,343 10,659,160 10,622,263

 2,932,938 2,851,034 2,765,888 2,658,218 2,553,932

 8,793,956 8,422,018 8,039,692 7,633,599 7,220,421

 3,743,281 3,222,435 2,757,664 2,346,706 1,986,596

 693,762 750,058 805,799 861,547 917,219

 16,163,937 15,245,545 14,369,043 13,500,070 12,678,168

 1,539,981 1,563,080 1,586,526 1,610,324 1,634,479

 153,616,807 151,354,189 149,693,825 148,661,967 148,274,659

 169,780,744 166,599,734 164,062,868 162,162,036 160,952,827

 10.50 10.93 11.42 12.01 12.70

 171,157,085 167,073,269 163,634,772 160,845,384 158,744,758

91.42% 91.95% 92.50% 93.07% 93.65%

Exhibit 3: Page 19 of 20
Western States Office and Professional Employees Pension Fund

Projected Cash Flow with Proposed Suspension

Projection for Plan Years beginning April 1, 2018 through December 31, 2058

Plan Year Beginning

Plan Year Ending

A. Market Value at Beginning of Year

Income

B. Base Contributions

C. Supplemental/Surcharge Contributions

D. Withdrawal Liability Payments

E. Future Withdrawal Liability Payments

F. Total Investment Income

Disbursements

G. Benefit Payments

 (a) Current Actives

 (b) Current Inactive Vested

 (c) Current Retirees/Beneficiaries

 (d) Future New Entrants

 (e) Total

H. Administrative expenses

I. Market Value at End of Year

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

J. Available Resources 

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

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

L. Accrued Liability

M. Funded Percentage (A / L)

1/1/2053 1/1/2054 1/1/2055 1/1/2056 1/1/2057 1/1/2058

12/31/2053 12/31/2054 12/31/2055 12/31/2056 12/31/2057 12/31/2058

 148,274,659 148,525,566 149,442,791 151,031,893 153,319,085 156,299,581

 702,397 674,301 647,329 621,436 596,578 572,715

 561,917 539,441 517,863 497,149 477,263 458,172

 - - - - - -

 1,926,500 1,868,705 1,812,644 1,758,264 1,705,517 1,654,351

 10,617,383 10,673,022 10,762,797 10,915,789 11,104,719 11,344,143

 2,445,468 2,331,636 2,215,644 2,101,719 1,986,219 1,868,370

 6,795,049 6,368,540 5,938,233 5,511,224 5,090,956 4,680,306

 1,673,970 1,405,201 1,176,316 983,152 821,514 687,327

 983,806 1,048,985 1,112,198 1,174,575 1,244,093 1,311,096

 11,898,294 11,154,362 10,442,390 9,770,670 9,142,782 8,547,100

 1,658,996 1,683,881 1,709,140 1,734,777 1,760,798 1,787,210

 148,525,566 149,442,791 151,031,893 153,319,085 156,299,581 159,994,653

 160,423,860 160,597,153 161,474,284 163,089,755 165,442,363 168,541,753

 13.48 14.40 15.46 16.69 18.10 19.72

 157,334,431 156,621,262 156,618,900 157,346,095 158,814,350 161,032,284

94.24% 94.83% 95.42% 95.99% 96.54% 97.06%

Exhibit 3: Page 20 of 20