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August 2, 2016

Ms. Donna Mueller Chief Executive Officer Iowa Public Employees Retirement System 7401 Register Drive Des Moines, IA 50321

Re: Cost of Living Adjustment (COLA) Study – Options 1, 2, and 3 Dear Donna: Cavanaugh Macdonald was asked to perform several cost studies related to the addition of a COLA provision to the IPERS benefit structure. We initially prepared a study of Option 1 and discussed those results with you before proceeding with Options 2 and 3. For completeness, the results for all three COLA options are included in this report. The COLA designs under discussion are described below. They apply to all three IPERS membership groups, begin funding the COLA effective July 1, 2017 and have an implementation date of July 1, 2026. Furthermore, the proposed COLA excludes the pre-1990 retirees who already have a COLA-type provision.

Option 1 is an annual COLA equal to the lesser of CPI and 2.00%, commencing at the later of age 66 or one year after retirement. The purpose of the cost study was to determine the increase in the contribution rate required to fund the proposed COLA.

Option 2 reduces the 2% COLA in Option 1 to a level where the increase in the contribution rate for each group is approximately 1%. The purpose of the cost study was to determine the level of COLA that could be provided for an increase in the contribution rate of 1%.

Option 3 provides an annual simple (rather than compound) COLA equal to the lesser of CPI and 2.00%, commencing at the later of age 75 or one year after retirement. The COLA base for the simple COLA is the lesser of the member’s benefit at retirement or $22,000 for members retired prior to July 1, 2017. The COLA base of $22,000 is adjusted annually by the growth in the median or average new retiree pension amount. Further, the COLA is reduced pro rata for years of service less than 30. The purpose of the cost study was to determine the increase in the contribution rate required to fund the proposed COLA.

Ms. Donna Mueller August 2, 2016 Page 2 Analysis

We modeled the proposed COLA provisions using the same actuarial methods and assumptions that were used in our June 30, 2015 valuation report and the projection model created with the valuation results. We assumed that the CPI would exceed 2.00% in all future years so effectively a 2.00% COLA (or less for Option 2) was valued for all years commencing on or after July 1, 2026. For Option 3, we assumed that the $22,000 maximum COLA base would increase at 4% per year, the same as the current wage growth assumption. As you requested, the projections reflect the estimated investment return for FY 2016 of -0.50%, as provided by the IPERS investment staff. The attachments to this letter contain a number of exhibits. For each of the three COLA Options that were studied, there are nine exhibits:

Exhibit 1: Projection of Funded Ratio (Regular Members) Exhibit 2: Projection of Actuarial and Required Contribution Rate (Regular Members) Exhibit 3: Projection of Funded Ratio (Sheriffs & Deputies) Exhibit 4: Projection of Actuarial and Required Contribution Rate (Sheriffs & Deputies) Exhibit 5: Projection of Funded Ratio (Protection Occupation) Exhibit 6: Projection of Actuarial and Required Contribution Rate (Protection Occupation) Exhibit 7: Summary of Graph Data (Regular Members) Exhibit 8: Summary of Graph Data (Sheriffs & Deputies) Exhibit 9: Summary of Graph Data (Protection Occupation)

For comparison purposes, the graphs also show the baseline, obtained using the current benefit provisions with the same actuarial assumptions including the FY 2016 estimated investment return.

Results

As expected, the addition of a COLA to the benefit structure increases the actuarial contribution rate. However, the amount of the increase is not constant over time. Ultimately, the cost difference is the increase in the normal cost rate. While this is the long-term cost difference, the COLA described would immediately increase the Unfunded Actuarial Liability (UAL) and result in an additional contribution rate until this additional liability was paid off. The following tables summarize the difference in the ultimate normal cost rate (in 2045), the immediate change in UAAL, and the average additional contribution rate over the next 30 years. These tables show the cost of Options 1 and 3, and indicate that Option 2 can provide a 0.60% COLA for Regular members and Protection Occupation members and a 0.50% COLA for Sheriffs & Deputies members.

Ms. Donna Mueller August 2, 2016 Page 3

OPTION 1

Regular Sheriffs & Deputies

Protection Occupation

Normal Cost Rate – COLA 11.61% 19.29% 16.98% Normal Cost Rate – Baseline 10.29% 17.75% 15.37% Increase in Normal Cost Rate 1.32% 1.54% 1.61% Increase in Active UAAL ($M) 1,751 27 85 Increase in Retiree UAAL ($M) 620 13 24 Total UAAL Increase ($M) 2,371 40 110 Average 30-Year Contribution Difference 3.61% 4.58% 3.57%

OPTION 2

Regular Sheriffs & Deputies

Protection Occupation

Normal Cost Rate – COLA 10.64% 18.09% 15.81% Normal Cost Rate – Baseline 10.29% 17.75% 15.37% Increase in Normal Cost Rate 0.35% 0.34% 0.44% Increase in Active UAAL ($M) 478 6 23 Increase in Retiree UAAL ($M) 173 4 7 Total UAAL Increase ($M) 651 10 30 COLA Provided 0.60% 0.50% 0.60% Average 30-Year Contribution Difference 0.98% 1.03% 0.91%

OPTION 3

Regular Sheriffs & Deputies

Protection Occupation

Normal Cost Rate – COLA 10.64% 18.03% 15.67% Normal Cost Rate – Baseline 10.29% 17.75% 15.37% Increase in Normal Cost Rate 0.35% 0.28% 0.30% Increase in Active UAAL ($M) 426 3 13 Increase in Retiree UAAL ($M) 507 6 14 Total UAAL Increase ($M) 932 9 27 Average 30-Year Contribution Difference 2.05% 1.85% 1.13%

Ms. Donna Mueller August 2, 2016 Page 4 In our calculations, we assumed that the increase in the UAL from the COLA would be funded over a closed 30-year period. The IPERS Funding Policy, adopted by the Investment Board, does not specify the amortization period for a benefit change, so the Board could select a different amortization period. Because the COLA implementation would be delayed for 10 years (although funding would start right away), a 30-year amortization period would essentially provide for a 20-year amortization period at the time the COLA payments begin. This approach also leads to a smoother contribution rate pattern which allows for a more direct comparison of the impact of the COLA provision on the contribution rate. As may be noted, Options 1 and 2 do not have costs that are exactly proportional to the amount of the COLAs provided. This is largely a result of the stability features of the funding policy used to determine IPERS’ contribution rates. Due to the COLA design features of Option 3, comparing results across the three membership groups as well as over time may lead to observations that are not intuitive. For example, based on the actuarial assumptions, members in the Sheriffs and Deputies group and the Protection Occupation group are anticipated to retire with less than 30 years of service. Therefore, for these members the COLA under Option 3 is reduced. In addition, the deferral of the COLA to age 75 has a greater impact on these groups because the deferral period tends to be longer. Lastly, the members in these groups tend to have higher salaries and thus are likely to be above the $22,000 (indexed) COLA base, ultimately resulting in a lower COLA. Data, Assumptions and Methodology

The data, actuarial assumptions, and actuarial methods used in these projections are the same as those utilized in the June 30, 2015 valuation. For projection purposes, we developed a hypothetical new entrant profile based on the demographics of recent hires for each membership group. The active membership was assumed to remain level throughout the projection period so new entrants were assumed to replace those members leaving active employment. For purposes of evaluating the COLA provisions, it was assumed that CPI would exceed 2.00% in all years so a 2.00% annual COLA was valued under Option 1 and 3. In addition, for Option 3, the COLA base was assumed to escalate at 4% per year, consistent with the current wage growth assumption. Because this work was prepared at the end of FY 2016, the estimated market return of -0.50% for FY 2016, as provided by the IPERS investment department, was reflected in the projections. For all other years, the investment return was assumed to be the actuarial rate of 7.50%, and all other assumptions were assumed to be met exactly. To the extent that actual experience does not exactly match assumed experience, future results will differ from the results shown. Quantification of the range of such results is beyond the scope of this project. We wish to emphasize that a change in retirement patterns influenced by such factors as the implementation of a COLA, changes in Social Security, or changes in the delivery of medical care to retirees could all impact the actual results. The funded ratios shown in the graphs were calculated as the ratio of the actuarial value of assets to the actuarial liability. As is the case with the valuation report, these numbers are indicative of the System’s funding progress over the long-term. The estimated contribution rates were

Ms. Donna Mueller August 2, 2016 Page 5 developed based on the IPERS’ Funding Policy and applicable state statutes. The increase in the UAL resulting from the addition of a COLA provision is amortized over a closed 30-year period as discussed earlier in this letter. We, Patrice A. Beckham, FSA and Brent A. Banister, FSA, are consulting actuaries with Cavanaugh Macdonald Consulting, LLC. We are members of the American Academy of Actuaries, Fellows of the Society of Actuaries, and meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion contained herein. We are available to answer any questions on the material contained in this study or to provide explanations or further details as may be appropriate. Please feel free to contact me if you have questions or need anything further. Sincerely,

Patrice A. Beckham, FSA, EA, FCA, MAAA Brent A. Banister, PhD, FSA, EA, FCA, MAAA Principal and Consulting Actuary Chief Pension Actuary

Option 1 - Exhibit 1

Option 1 - Exhibit 2

Option 1 - Exhibit 3

Option 1 - Exhibit 4

Option 1 - Exhibit 5

Option 1 - Exhibit 6

Option 1 - Exhibit 7

Iowa Public Employees' Retirement System Summary of Graph Data

Regular Membership - 2% COLA at Age 66, Commencing in 2026

Baseline With COLA Difference in Valuation Funded Ratio Normal Amortization Actuarial Required Normal Amortization Actuarial Required Required

Date Baseline COLA Cost Rate Rate Rate Cost Rate Rate Rate Rate 2015 82.7% 82.7% 10.22% 3.95% 14.17% 14.88% 10.22% 3.95% 14.17% 14.88% 0.00% 2016 82.0% 76.5% 10.20% 4.27% 14.47% 14.88% 11.27% 6.11% 17.38% 15.88% 1.00% 2017 81.6% 75.7% 10.18% 4.63% 14.81% 14.88% 11.28% 6.64% 17.92% 16.88% 2.00% 2018 81.2% 75.2% 10.14% 4.91% 15.05% 15.05% 11.27% 7.04% 18.31% 17.88% 2.83% 2019 81.0% 75.0% 10.14% 5.16% 15.30% 15.30% 11.30% 7.35% 18.65% 18.65% 3.35% 2020 80.9% 75.1% 10.13% 5.38% 15.51% 15.51% 11.31% 7.61% 18.92% 18.92% 3.41% 2021 80.9% 75.4% 10.11% 5.54% 15.65% 15.65% 11.32% 7.79% 19.11% 19.11% 3.46% 2022 81.1% 75.8% 10.12% 5.69% 15.81% 15.81% 11.33% 7.98% 19.31% 19.31% 3.50% 2023 81.3% 76.3% 10.12% 5.82% 15.94% 15.94% 11.35% 8.15% 19.50% 19.50% 3.56% 2024 81.6% 76.8% 10.11% 5.92% 16.03% 16.03% 11.35% 8.27% 19.62% 19.62% 3.59% 2025 82.0% 77.5% 10.12% 6.02% 16.14% 16.14% 11.36% 8.40% 19.76% 19.76% 3.62% 2026 82.4% 78.1% 10.12% 6.12% 16.24% 16.24% 11.37% 8.53% 19.90% 19.90% 3.66% 2027 82.8% 78.9% 10.11% 6.18% 16.29% 16.29% 11.37% 8.62% 19.99% 19.99% 3.70% 2028 83.4% 79.6% 10.12% 6.26% 16.38% 16.38% 11.38% 8.72% 20.10% 20.10% 3.72% 2029 83.9% 80.4% 10.13% 6.35% 16.48% 16.48% 11.39% 8.84% 20.23% 20.23% 3.75% 2030 84.5% 81.2% 10.12% 6.40% 16.52% 16.52% 11.39% 8.92% 20.31% 20.31% 3.79% 2031 85.2% 82.1% 10.13% 6.46% 16.59% 16.59% 11.40% 9.01% 20.41% 20.41% 3.82% 2032 85.9% 83.0% 10.14% 6.54% 16.68% 16.68% 11.41% 9.12% 20.53% 20.53% 3.85% 2033 86.6% 84.0% 10.15% 6.59% 16.74% 16.74% 11.42% 9.19% 20.61% 20.61% 3.87% 2034 87.5% 85.0% 10.16% 6.65% 16.81% 16.81% 11.43% 9.27% 20.70% 20.70% 3.89% 2035 88.3% 86.0% 10.17% 6.95% 17.12% 17.12% 11.45% 9.61% 21.06% 21.06% 3.94% 2036 89.3% 87.1% 10.18% 6.99% 17.17% 17.17% 11.46% 9.67% 21.13% 21.13% 3.96% 2037 90.3% 88.3% 10.19% 6.73% 16.92% 17.17% 11.48% 9.26% 20.74% 21.13% 3.96% 2038 91.4% 89.6% 10.20% 6.51% 16.71% 17.17% 11.49% 8.96% 20.45% 21.13% 3.96% 2039 92.6% 90.9% 10.21% 6.31% 16.52% 17.17% 11.51% 8.72% 20.23% 21.13% 3.96% 2040 93.8% 92.3% 10.23% 6.14% 16.37% 17.17% 11.53% 8.55% 20.08% 21.13% 3.96% 2041 95.1% 93.7% 10.24% 6.02% 16.26% 16.67% 11.54% 8.42% 19.96% 21.13% 4.46% 2042 96.5% 95.2% 10.25% 5.93% 16.18% 16.67% 11.56% 8.29% 19.85% 20.63% 3.96% 2043 97.8% 96.7% 10.26% 5.85% 16.11% 16.17% 11.57% 8.20% 19.77% 20.13% 3.96% 2044 99.1% 98.3% 10.28% 5.83% 16.11% 16.17% 11.59% 8.18% 19.77% 20.13% 3.96% 2045 100.4% 99.8% 10.29% 5.81% 16.10% 16.17% 11.61% 8.15% 19.76% 20.13% 3.96%

Option 1 - Exhibit 8

Iowa Public Employees' Retirement System Summary of Graph Data

Sheriffs & Deputies - 2% COLA at Age 66, Commencing in 2026

Baseline With COLA Difference in Valuation Funded Ratio Normal Amortization Actuarial Required Normal Amortization Actuarial Required Required

Date Baseline COLA Cost Rate Rate Rate Cost Rate Rate Rate Rate 2015 96.0% 96.0% 16.50% 1.00% 17.50% 19.26% 16.50% 1.00% 17.50% 19.26% 0.00% 2016 95.2% 89.5% 16.51% 1.35% 17.86% 18.76% 17.64% 3.49% 21.13% 21.13% 2.37% 2017 94.6% 88.6% 16.57% 1.78% 18.35% 18.76% 17.72% 4.06% 21.78% 21.78% 3.02% 2018 94.0% 88.2% 16.61% 2.16% 18.77% 18.77% 17.79% 4.54% 22.33% 22.33% 3.56% 2019 93.6% 88.0% 16.65% 2.50% 19.15% 19.15% 17.84% 4.95% 22.79% 22.79% 3.65% 2020 93.4% 87.9% 16.71% 2.79% 19.50% 19.50% 17.93% 5.32% 23.25% 23.25% 3.75% 2021 93.2% 88.0% 16.75% 3.04% 19.79% 19.79% 17.98% 5.64% 23.62% 23.62% 3.84% 2022 93.1% 88.1% 16.78% 3.24% 20.02% 20.02% 18.03% 5.90% 23.93% 23.93% 3.91% 2023 93.2% 88.3% 16.84% 3.44% 20.28% 20.28% 18.11% 6.19% 24.30% 24.30% 4.02% 2024 93.2% 88.5% 16.87% 3.60% 20.47% 20.47% 18.16% 6.42% 24.58% 24.58% 4.10% 2025 93.3% 88.8% 16.91% 3.73% 20.64% 20.64% 18.20% 6.62% 24.82% 24.82% 4.18% 2026 93.5% 89.2% 16.97% 3.89% 20.86% 20.86% 18.28% 6.87% 25.15% 25.15% 4.29% 2027 93.7% 89.5% 17.01% 4.02% 21.03% 21.03% 18.33% 7.08% 25.41% 25.41% 4.38% 2028 93.8% 89.9% 17.05% 4.14% 21.19% 21.19% 18.38% 7.26% 25.64% 25.64% 4.45% 2029 94.1% 90.3% 17.12% 4.28% 21.40% 21.40% 18.47% 7.51% 25.98% 25.98% 4.58% 2030 94.3% 90.7% 17.17% 4.38% 21.55% 21.55% 18.54% 7.68% 26.22% 26.22% 4.67% 2031 94.6% 91.1% 17.21% 4.47% 21.68% 21.68% 18.58% 7.84% 26.42% 26.42% 4.75% 2032 94.8% 91.5% 17.28% 4.60% 21.88% 21.88% 18.67% 8.08% 26.75% 26.75% 4.87% 2033 95.1% 92.0% 17.32% 4.70% 22.02% 22.02% 18.73% 8.24% 26.97% 26.97% 4.95% 2034 95.4% 92.4% 17.34% 4.78% 22.12% 22.12% 18.76% 8.39% 27.15% 27.15% 5.03% 2035 95.8% 92.9% 17.41% 5.60% 23.01% 23.01% 18.84% 9.31% 28.15% 28.15% 5.14% 2036 96.1% 93.4% 17.45% 5.71% 23.16% 23.16% 18.89% 9.50% 28.39% 28.39% 5.24% 2037 96.5% 94.0% 17.47% 5.19% 22.66% 23.16% 18.93% 8.93% 27.86% 28.39% 5.24% 2038 97.0% 94.7% 17.54% 4.75% 22.29% 22.66% 19.01% 8.53% 27.54% 28.39% 5.74% 2039 97.5% 95.3% 17.57% 4.35% 21.92% 22.16% 19.06% 8.15% 27.21% 27.89% 5.74% 2040 97.9% 96.0% 17.60% 4.06% 21.66% 22.16% 19.09% 7.87% 26.96% 27.39% 5.24% 2041 98.3% 96.6% 17.65% 3.84% 21.49% 21.66% 19.16% 7.72% 26.88% 26.89% 5.24% 2042 98.8% 97.3% 17.68% 3.68% 21.36% 21.66% 19.20% 7.60% 26.80% 26.89% 5.24% 2043 99.1% 97.9% 17.70% 3.54% 21.24% 21.66% 19.23% 7.51% 26.74% 26.89% 5.24% 2044 99.5% 98.5% 17.73% 3.43% 21.16% 21.66% 19.27% 7.45% 26.72% 26.89% 5.24% 2045 100.0% 99.2% 17.75% 3.34% 21.09% 21.16% 19.29% 7.40% 26.69% 26.89% 5.74%

Option 1 - Exhibit 9

Iowa Public Employees' Retirement System Summary of Graph Data

Protection Occupation - 2% COLA at Age 66, Commencing in 2026

Baseline With COLA Difference in Valuation Funded Ratio Normal Amortization Actuarial Required Normal Amortization Actuarial Required Required

Date Baseline COLA Cost Rate Rate Rate Cost Rate Rate Rate Rate 2015 101.3% 101.3% 16.01% 0.00% 16.01% 16.40% 16.01% 0.00% 16.01% 16.40% 0.00% 2016 100.2% 93.0% 15.81% 0.00% 15.81% 15.90% 17.26% 1.70% 18.96% 18.96% 3.06% 2017 99.4% 91.9% 15.75% 0.17% 15.92% 15.92% 17.22% 2.01% 19.23% 19.23% 3.31% 2018 98.7% 91.6% 15.69% 0.40% 16.09% 16.09% 17.17% 2.24% 19.41% 19.41% 3.32% 2019 98.2% 91.5% 15.56% 0.56% 16.12% 16.12% 17.05% 2.43% 19.48% 19.48% 3.36% 2020 98.0% 91.6% 15.52% 0.66% 16.18% 16.18% 17.03% 2.57% 19.60% 19.60% 3.42% 2021 97.9% 91.8% 15.49% 0.74% 16.23% 16.23% 17.00% 2.66% 19.66% 19.66% 3.43% 2022 97.8% 92.0% 15.39% 0.80% 16.19% 16.23% 16.90% 2.75% 19.65% 19.66% 3.43% 2023 97.9% 92.4% 15.37% 0.84% 16.21% 16.23% 16.89% 2.83% 19.72% 19.72% 3.49% 2024 97.9% 92.7% 15.35% 0.87% 16.22% 16.23% 16.87% 2.87% 19.74% 19.74% 3.51% 2025 98.1% 93.1% 15.29% 0.87% 16.16% 16.23% 16.81% 2.91% 19.72% 19.74% 3.51% 2026 98.2% 93.5% 15.28% 0.87% 16.15% 16.23% 16.81% 2.94% 19.75% 19.75% 3.52% 2027 98.4% 93.8% 15.27% 0.86% 16.13% 16.23% 16.80% 2.96% 19.76% 19.76% 3.53% 2028 98.5% 94.2% 15.22% 0.85% 16.07% 16.23% 16.75% 2.98% 19.73% 19.76% 3.53% 2029 98.8% 94.6% 15.22% 0.83% 16.05% 16.23% 16.74% 3.00% 19.74% 19.76% 3.53% 2030 98.9% 95.0% 15.22% 0.80% 16.02% 16.23% 16.75% 3.00% 19.75% 19.76% 3.53% 2031 99.1% 95.3% 15.19% 0.78% 15.97% 16.23% 16.72% 3.01% 19.73% 19.76% 3.53% 2032 99.4% 95.7% 15.19% 0.74% 15.93% 16.23% 16.73% 3.03% 19.76% 19.76% 3.53% 2033 99.5% 96.1% 15.20% 0.70% 15.90% 16.23% 16.74% 3.02% 19.76% 19.76% 3.53% 2034 99.8% 96.5% 15.18% 0.67% 15.85% 16.23% 16.73% 3.03% 19.76% 19.76% 3.53% 2035 100.0% 96.8% 15.19% 0.61% 15.80% 16.23% 16.74% 3.04% 19.78% 19.78% 3.55% 2036 100.2% 97.2% 15.20% 0.00% 15.20% 15.73% 16.75% 3.03% 19.78% 19.78% 4.05% 2037 100.4% 97.6% 15.21% 0.00% 15.21% 15.23% 16.76% 2.70% 19.46% 19.78% 4.55% 2038 100.6% 98.0% 15.22% 0.00% 15.22% 15.23% 16.78% 2.40% 19.18% 19.28% 4.05% 2039 100.7% 98.4% 15.24% 0.00% 15.24% 15.24% 16.80% 2.18% 18.98% 19.28% 4.04% 2040 100.8% 98.7% 15.26% 0.00% 15.26% 15.26% 16.83% 2.04% 18.87% 19.28% 4.02% 2041 100.9% 99.0% 15.27% 0.00% 15.27% 15.27% 16.85% 1.90% 18.75% 18.78% 3.51% 2042 100.9% 99.4% 15.29% 0.00% 15.29% 15.29% 16.88% 1.82% 18.70% 18.78% 3.49% 2043 101.0% 99.6% 15.32% 0.00% 15.32% 15.32% 16.92% 1.78% 18.70% 18.78% 3.46% 2044 101.1% 99.9% 15.35% 0.00% 15.35% 15.35% 16.95% 1.73% 18.68% 18.78% 3.43% 2045 101.2% 100.2% 15.37% 0.00% 15.37% 15.37% 16.98% 1.73% 18.71% 18.78% 3.41%

Option 2 - Exhibit 1

Option 2 - Exhibit 2

Option 2 - Exhibit 3

Option 2 - Exhibit 4

Option 2 - Exhibit 5

Option 2 - Exhibit 6

Option 2 - Exhibit 7

Iowa Public Employees' Retirement System Summary of Graph Data

Regular Membership - 0.60% COLA at Age 66, Commencing in 2026

Baseline With COLA Difference in Valuation Funded Ratio Normal Amortization Actuarial Required Normal Amortization Actuarial Required Required

Date Baseline COLA Cost Rate Rate Rate Cost Rate Rate Rate Rate 2015 82.7% 82.7% 10.22% 3.95% 14.17% 14.88% 10.22% 3.95% 14.17% 14.88% 0.00% 2016 82.0% 80.4% 10.20% 4.27% 14.47% 14.88% 10.49% 4.78% 15.27% 15.27% 0.39% 2017 81.6% 79.8% 10.18% 4.63% 14.81% 14.88% 10.48% 5.17% 15.65% 15.65% 0.77% 2018 81.2% 79.5% 10.14% 4.91% 15.05% 15.05% 10.45% 5.47% 15.92% 15.92% 0.87% 2019 81.0% 79.3% 10.14% 5.16% 15.30% 15.30% 10.45% 5.73% 16.18% 16.18% 0.88% 2020 80.9% 79.3% 10.13% 5.38% 15.51% 15.51% 10.45% 5.96% 16.41% 16.41% 0.90% 2021 80.9% 79.4% 10.11% 5.54% 15.65% 15.65% 10.44% 6.12% 16.56% 16.56% 0.91% 2022 81.1% 79.6% 10.12% 5.69% 15.81% 15.81% 10.45% 6.28% 16.73% 16.73% 0.92% 2023 81.3% 79.9% 10.12% 5.82% 15.94% 15.94% 10.45% 6.43% 16.88% 16.88% 0.94% 2024 81.6% 80.3% 10.11% 5.92% 16.03% 16.03% 10.45% 6.53% 16.98% 16.98% 0.95% 2025 82.0% 80.7% 10.12% 6.02% 16.14% 16.14% 10.45% 6.64% 17.09% 17.09% 0.95% 2026 82.4% 81.2% 10.12% 6.12% 16.24% 16.24% 10.46% 6.75% 17.21% 17.21% 0.97% 2027 82.8% 81.7% 10.11% 6.18% 16.29% 16.29% 10.45% 6.82% 17.27% 17.27% 0.98% 2028 83.4% 82.3% 10.12% 6.26% 16.38% 16.38% 10.46% 6.90% 17.36% 17.36% 0.98% 2029 83.9% 82.9% 10.13% 6.35% 16.48% 16.48% 10.47% 6.99% 17.46% 17.46% 0.98% 2030 84.5% 83.6% 10.12% 6.40% 16.52% 16.52% 10.47% 7.06% 17.53% 17.53% 1.01% 2031 85.2% 84.3% 10.13% 6.46% 16.59% 16.59% 10.48% 7.13% 17.61% 17.61% 1.02% 2032 85.9% 85.0% 10.14% 6.54% 16.68% 16.68% 10.49% 7.21% 17.70% 17.70% 1.02% 2033 86.6% 85.8% 10.15% 6.59% 16.74% 16.74% 10.49% 7.26% 17.75% 17.75% 1.01% 2034 87.5% 86.7% 10.16% 6.65% 16.81% 16.81% 10.50% 7.33% 17.83% 17.83% 1.02% 2035 88.3% 87.6% 10.17% 6.95% 17.12% 17.12% 10.52% 7.64% 18.16% 18.16% 1.04% 2036 89.3% 88.6% 10.18% 6.99% 17.17% 17.17% 10.52% 7.69% 18.21% 18.21% 1.04% 2037 90.3% 89.7% 10.19% 6.73% 16.92% 17.17% 10.54% 7.39% 17.93% 18.21% 1.04% 2038 91.4% 90.8% 10.20% 6.51% 16.71% 17.17% 10.55% 7.17% 17.72% 18.21% 1.04% 2039 92.6% 92.0% 10.21% 6.31% 16.52% 17.17% 10.56% 6.97% 17.53% 18.21% 1.04% 2040 93.8% 93.3% 10.23% 6.14% 16.37% 17.17% 10.58% 6.81% 17.39% 18.21% 1.04% 2041 95.1% 94.6% 10.24% 6.02% 16.26% 16.67% 10.59% 6.69% 17.28% 18.21% 1.54% 2042 96.5% 96.0% 10.25% 5.93% 16.18% 16.67% 10.60% 6.56% 17.16% 17.71% 1.04% 2043 97.8% 97.5% 10.26% 5.85% 16.11% 16.17% 10.62% 6.49% 17.11% 17.21% 1.04% 2044 99.1% 98.9% 10.28% 5.83% 16.11% 16.17% 10.63% 6.47% 17.10% 17.21% 1.04% 2045 100.4% 100.3% 10.29% 5.81% 16.10% 16.17% 10.64% 6.45% 17.09% 17.21% 1.04%

Option 2 - Exhibit 8

Iowa Public Employees' Retirement System Summary of Graph Data

Sheriffs & Deputies - 0.50% COLA at Age 66, Commencing in 2026

Baseline With COLA Difference in Valuation Funded Ratio Normal Amortization Actuarial Required Normal Amortization Actuarial Required Required

Date Baseline COLA Cost Rate Rate Rate Cost Rate Rate Rate Rate 2015 96.0% 96.0% 16.50% 1.00% 17.50% 19.26% 16.50% 1.00% 17.50% 19.26% 0.00% 2016 95.2% 93.7% 16.51% 1.35% 17.86% 18.76% 16.77% 1.87% 18.64% 19.26% 0.50% 2017 94.6% 93.1% 16.57% 1.78% 18.35% 18.76% 16.83% 2.34% 19.17% 19.26% 0.50% 2018 94.0% 92.5% 16.61% 2.16% 18.77% 18.77% 16.88% 2.76% 19.64% 19.64% 0.87% 2019 93.6% 92.1% 16.65% 2.50% 19.15% 19.15% 16.92% 3.12% 20.04% 20.04% 0.89% 2020 93.4% 91.9% 16.71% 2.79% 19.50% 19.50% 16.98% 3.43% 20.41% 20.41% 0.92% 2021 93.2% 91.8% 16.75% 3.04% 19.79% 19.79% 17.03% 3.69% 20.72% 20.72% 0.93% 2022 93.1% 91.8% 16.78% 3.24% 20.02% 20.02% 17.06% 3.91% 20.97% 20.97% 0.95% 2023 93.2% 91.9% 16.84% 3.44% 20.28% 20.28% 17.12% 4.13% 21.25% 21.25% 0.98% 2024 93.2% 92.0% 16.87% 3.60% 20.47% 20.47% 17.16% 4.31% 21.47% 21.47% 1.00% 2025 93.3% 92.1% 16.91% 3.73% 20.64% 20.64% 17.20% 4.46% 21.66% 21.66% 1.02% 2026 93.5% 92.3% 16.97% 3.89% 20.86% 20.86% 17.26% 4.64% 21.90% 21.90% 1.05% 2027 93.7% 92.6% 17.01% 4.02% 21.03% 21.03% 17.31% 4.78% 22.09% 22.09% 1.06% 2028 93.8% 92.8% 17.05% 4.14% 21.19% 21.19% 17.35% 4.90% 22.25% 22.25% 1.06% 2029 94.1% 93.1% 17.12% 4.28% 21.40% 21.40% 17.43% 5.06% 22.49% 22.49% 1.09% 2030 94.3% 93.4% 17.17% 4.38% 21.55% 21.55% 17.48% 5.17% 22.65% 22.65% 1.10% 2031 94.6% 93.7% 17.21% 4.47% 21.68% 21.68% 17.52% 5.27% 22.79% 22.79% 1.11% 2032 94.8% 94.0% 17.28% 4.60% 21.88% 21.88% 17.59% 5.41% 23.00% 23.00% 1.13% 2033 95.1% 94.3% 17.32% 4.70% 22.02% 22.02% 17.64% 5.52% 23.16% 23.16% 1.14% 2034 95.4% 94.7% 17.34% 4.78% 22.12% 22.12% 17.66% 5.61% 23.27% 23.27% 1.15% 2035 95.8% 95.1% 17.41% 5.60% 23.01% 23.01% 17.73% 6.44% 24.17% 24.17% 1.16% 2036 96.1% 95.5% 17.45% 5.71% 23.16% 23.16% 17.77% 6.57% 24.34% 24.34% 1.19% 2037 96.5% 95.9% 17.47% 5.19% 22.66% 23.16% 17.80% 6.02% 23.82% 23.84% 0.69% 2038 97.0% 96.5% 17.54% 4.75% 22.29% 22.66% 17.87% 5.60% 23.47% 23.84% 1.19% 2039 97.5% 97.0% 17.57% 4.35% 21.92% 22.16% 17.91% 5.20% 23.11% 23.34% 1.19% 2040 97.9% 97.4% 17.60% 4.06% 21.66% 22.16% 17.93% 4.93% 22.86% 23.34% 1.19% 2041 98.3% 97.9% 17.65% 3.84% 21.49% 21.66% 17.99% 4.72% 22.71% 22.84% 1.19% 2042 98.8% 98.4% 17.68% 3.68% 21.36% 21.66% 18.02% 4.56% 22.58% 22.84% 1.19% 2043 99.1% 98.8% 17.70% 3.54% 21.24% 21.66% 18.05% 4.43% 22.48% 22.84% 1.19% 2044 99.5% 99.3% 17.73% 3.43% 21.16% 21.66% 18.08% 4.33% 22.41% 22.84% 1.19% 2045 100.0% 99.8% 17.75% 3.34% 21.09% 21.16% 18.09% 4.24% 22.33% 22.34% 1.19%

Option 2 - Exhibit 9

Iowa Public Employees' Retirement System Summary of Graph Data

Protection Occupation – 0.60% COLA at Age 66, Commencing in 2026

Baseline With COLA Difference in Valuation Funded Ratio Normal Amortization Actuarial Required Normal Amortization Actuarial Required Required

Date Baseline COLA Cost Rate Rate Rate Cost Rate Rate Rate Rate 2015 101.3% 101.3% 16.01% 0.00% 16.01% 16.40% 16.01% 0.00% 16.01% 16.40% 0.00% 2016 100.2% 98.1% 15.81% 0.00% 15.81% 15.90% 16.20% 0.42% 16.62% 16.62% 0.72% 2017 99.4% 97.2% 15.75% 0.17% 15.92% 15.92% 16.15% 0.70% 16.85% 16.85% 0.93% 2018 98.7% 96.6% 15.69% 0.40% 16.09% 16.09% 16.10% 0.93% 17.03% 17.03% 0.94% 2019 98.2% 96.2% 15.56% 0.56% 16.12% 16.12% 15.96% 1.09% 17.05% 17.05% 0.93% 2020 98.0% 96.1% 15.52% 0.66% 16.18% 16.18% 15.93% 1.21% 17.14% 17.14% 0.96% 2021 97.9% 96.1% 15.49% 0.74% 16.23% 16.23% 15.90% 1.29% 17.19% 17.19% 0.96% 2022 97.8% 96.1% 15.39% 0.80% 16.19% 16.23% 15.80% 1.36% 17.16% 17.19% 0.96% 2023 97.9% 96.2% 15.37% 0.84% 16.21% 16.23% 15.78% 1.41% 17.19% 17.19% 0.96% 2024 97.9% 96.4% 15.35% 0.87% 16.22% 16.23% 15.77% 1.44% 17.21% 17.21% 0.98% 2025 98.1% 96.6% 15.29% 0.87% 16.16% 16.23% 15.71% 1.46% 17.17% 17.21% 0.98% 2026 98.2% 96.8% 15.28% 0.87% 16.15% 16.23% 15.70% 1.47% 17.17% 17.21% 0.98% 2027 98.4% 97.0% 15.27% 0.86% 16.13% 16.23% 15.69% 1.47% 17.16% 17.21% 0.98% 2028 98.5% 97.2% 15.22% 0.85% 16.07% 16.23% 15.64% 1.47% 17.11% 17.21% 0.98% 2029 98.8% 97.5% 15.22% 0.83% 16.05% 16.23% 15.63% 1.46% 17.09% 17.21% 0.98% 2030 98.9% 97.7% 15.22% 0.80% 16.02% 16.23% 15.63% 1.44% 17.07% 17.21% 0.98% 2031 99.1% 98.0% 15.19% 0.78% 15.97% 16.23% 15.60% 1.43% 17.03% 17.21% 0.98% 2032 99.4% 98.3% 15.19% 0.74% 15.93% 16.23% 15.61% 1.40% 17.01% 17.21% 0.98% 2033 99.5% 98.5% 15.20% 0.70% 15.90% 16.23% 15.62% 1.38% 17.00% 17.21% 0.98% 2034 99.8% 98.8% 15.18% 0.67% 15.85% 16.23% 15.60% 1.36% 16.96% 17.21% 0.98% 2035 100.0% 99.1% 15.19% 0.61% 15.80% 16.23% 15.62% 1.33% 16.95% 17.21% 0.98% 2036 100.2% 99.3% 15.20% 0.00% 15.20% 15.73% 15.63% 1.29% 16.92% 17.21% 1.48% 2037 100.4% 99.6% 15.21% 0.00% 15.21% 15.23% 15.63% 0.92% 16.55% 16.71% 1.48% 2038 100.6% 99.9% 15.22% 0.00% 15.22% 15.23% 15.65% 0.61% 16.26% 16.71% 1.48% 2039 100.7% 100.1% 15.24% 0.00% 15.24% 15.24% 15.66% 0.36% 16.02% 16.21% 0.97% 2040 100.8% 100.3% 15.26% 0.00% 15.26% 15.26% 15.68% 0.00% 15.68% 15.71% 0.45% 2041 100.9% 100.5% 15.27% 0.00% 15.27% 15.27% 15.70% 0.00% 15.70% 15.71% 0.44% 2042 100.9% 100.5% 15.29% 0.00% 15.29% 15.29% 15.72% 0.00% 15.72% 15.72% 0.43% 2043 101.0% 100.6% 15.32% 0.00% 15.32% 15.32% 15.76% 0.00% 15.76% 15.76% 0.44% 2044 101.1% 100.7% 15.35% 0.00% 15.35% 15.35% 15.78% 0.00% 15.78% 15.78% 0.43% 2045 101.2% 100.7% 15.37% 0.00% 15.37% 15.37% 15.81% 0.00% 15.81% 15.81% 0.44%

Option 3 - Exhibit 1

Option 3 - Exhibit 2

Option 3 - Exhibit 3

Option 3 - Exhibit 4

Option 3 - Exhibit 5

Option 3 - Exhibit 6

Option 3 - Exhibit 7

Iowa Public Employees' Retirement System Summary of Graph Data

Regular Membership - 2% Limited Simple COLA at Age 75, Commencing in 2026

Baseline With COLA Difference in Valuation Funded Ratio Normal Amortization Actuarial Required Normal Amortization Actuarial Required Required

Date Baseline COLA Cost Rate Rate Rate Cost Rate Rate Rate Rate 2015 82.7% 82.7% 10.22% 3.95% 14.17% 14.88% 10.22% 3.95% 14.17% 14.88% 0.00% 2016 82.0% 79.7% 10.20% 4.27% 14.47% 14.88% 10.47% 4.99% 15.46% 15.46% 0.58% 2017 81.6% 78.8% 10.18% 4.63% 14.81% 14.88% 10.45% 5.53% 15.98% 15.98% 1.10% 2018 81.2% 78.1% 10.14% 4.91% 15.05% 15.05% 10.42% 5.97% 16.39% 16.39% 1.34% 2019 81.0% 77.7% 10.14% 5.16% 15.30% 15.30% 10.42% 6.38% 16.80% 16.80% 1.50% 2020 80.9% 77.3% 10.13% 5.38% 15.51% 15.51% 10.42% 6.76% 17.18% 17.18% 1.67% 2021 80.9% 77.1% 10.11% 5.54% 15.65% 15.65% 10.40% 7.06% 17.46% 17.46% 1.81% 2022 81.1% 77.1% 10.12% 5.69% 15.81% 15.81% 10.41% 7.35% 17.76% 17.76% 1.95% 2023 81.3% 77.2% 10.12% 5.82% 15.94% 15.94% 10.41% 7.64% 18.05% 18.05% 2.11% 2024 81.6% 77.3% 10.11% 5.92% 16.03% 16.03% 10.41% 7.86% 18.27% 18.27% 2.24% 2025 82.0% 77.5% 10.12% 6.02% 16.14% 16.14% 10.42% 8.09% 18.51% 18.51% 2.37% 2026 82.4% 78.0% 10.12% 6.12% 16.24% 16.24% 10.42% 8.24% 18.66% 18.66% 2.42% 2027 82.8% 78.6% 10.11% 6.18% 16.29% 16.29% 10.42% 8.33% 18.75% 18.75% 2.46% 2028 83.4% 79.3% 10.12% 6.26% 16.38% 16.38% 10.43% 8.43% 18.86% 18.86% 2.48% 2029 83.9% 80.0% 10.13% 6.35% 16.48% 16.48% 10.44% 8.52% 18.96% 18.96% 2.48% 2030 84.5% 80.9% 10.12% 6.40% 16.52% 16.52% 10.44% 8.57% 19.01% 19.01% 2.49% 2031 85.2% 81.8% 10.13% 6.46% 16.59% 16.59% 10.45% 8.64% 19.09% 19.09% 2.50% 2032 85.9% 82.8% 10.14% 6.54% 16.68% 16.68% 10.46% 8.69% 19.15% 19.15% 2.47% 2033 86.6% 83.8% 10.15% 6.59% 16.74% 16.74% 10.47% 8.72% 19.19% 19.19% 2.45% 2034 87.5% 85.0% 10.16% 6.65% 16.81% 16.81% 10.48% 8.75% 19.23% 19.23% 2.42% 2035 88.3% 86.2% 10.17% 6.95% 17.12% 17.12% 10.50% 9.02% 19.52% 19.52% 2.40% 2036 89.3% 87.6% 10.18% 6.99% 17.17% 17.17% 10.51% 9.03% 19.54% 19.54% 2.37% 2037 90.3% 89.0% 10.19% 6.73% 16.92% 17.17% 10.52% 8.52% 19.04% 19.54% 2.37% 2038 91.4% 90.6% 10.20% 6.51% 16.71% 17.17% 10.54% 8.05% 18.59% 19.54% 2.37% 2039 92.6% 92.2% 10.21% 6.31% 16.52% 17.17% 10.55% 7.59% 18.14% 19.54% 2.37% 2040 93.8% 93.9% 10.23% 6.14% 16.37% 17.17% 10.57% 7.15% 17.72% 19.54% 2.37% 2041 95.1% 95.8% 10.24% 6.02% 16.26% 16.67% 10.59% 6.74% 17.33% 19.04% 2.37% 2042 96.5% 97.7% 10.25% 5.93% 16.18% 16.67% 10.60% 6.34% 16.94% 18.54% 1.87% 2043 97.8% 99.6% 10.26% 5.85% 16.11% 16.17% 10.61% 5.99% 16.60% 18.04% 1.87% 2044 99.1% 101.5% 10.28% 5.83% 16.11% 16.17% 10.63% 5.67% 16.30% 17.54% 1.37% 2045 100.4% 103.4% 10.29% 5.81% 16.10% 16.17% 10.64% 0.00% 10.64% 17.04% 0.87%

Option 3 - Exhibit 8

Iowa Public Employees' Retirement System Summary of Graph Data

Sheriffs & Deputies - 2% Limited Simple COLA at Age 75, Commencing in 2026

Baseline With COLA Difference in Valuation Funded Ratio Normal Amortization Actuarial Required Normal Amortization Actuarial Required Required

Date Baseline COLA Cost Rate Rate Rate Cost Rate Rate Rate Rate 2015 96.0% 96.0% 16.50% 1.00% 17.50% 19.26% 16.50% 1.00% 17.50% 19.26% 0.00% 2016 95.2% 93.8% 16.51% 1.35% 17.86% 18.76% 16.64% 1.84% 18.48% 19.26% 0.50% 2017 94.6% 93.0% 16.57% 1.78% 18.35% 18.76% 16.70% 2.38% 19.08% 19.26% 0.50% 2018 94.0% 92.3% 16.61% 2.16% 18.77% 18.77% 16.74% 2.88% 19.62% 19.62% 0.85% 2019 93.6% 91.7% 16.65% 2.50% 19.15% 19.15% 16.78% 3.33% 20.11% 20.11% 0.97% 2020 93.4% 91.3% 16.71% 2.79% 19.50% 19.50% 16.85% 3.75% 20.60% 20.60% 1.10% 2021 93.2% 91.1% 16.75% 3.04% 19.79% 19.79% 16.90% 4.12% 21.02% 21.02% 1.23% 2022 93.1% 90.9% 16.78% 3.24% 20.02% 20.02% 16.93% 4.46% 21.39% 21.39% 1.37% 2023 93.2% 90.8% 16.84% 3.44% 20.28% 20.28% 17.00% 4.81% 21.81% 21.81% 1.53% 2024 93.2% 90.7% 16.87% 3.60% 20.47% 20.47% 17.04% 5.11% 22.15% 22.15% 1.68% 2025 93.3% 90.7% 16.91% 3.73% 20.64% 20.64% 17.08% 5.40% 22.48% 22.48% 1.84% 2026 93.5% 90.9% 16.97% 3.89% 20.86% 20.86% 17.15% 5.67% 22.82% 22.82% 1.96% 2027 93.7% 91.0% 17.01% 4.02% 21.03% 21.03% 17.20% 5.90% 23.10% 23.10% 2.07% 2028 93.8% 91.2% 17.05% 4.14% 21.19% 21.19% 17.24% 6.10% 23.34% 23.34% 2.15% 2029 94.1% 91.5% 17.12% 4.28% 21.40% 21.40% 17.32% 6.34% 23.66% 23.66% 2.26% 2030 94.3% 91.8% 17.17% 4.38% 21.55% 21.55% 17.38% 6.52% 23.90% 23.90% 2.34% 2031 94.6% 92.1% 17.21% 4.47% 21.68% 21.68% 17.42% 6.68% 24.10% 24.10% 2.42% 2032 94.8% 92.5% 17.28% 4.60% 21.88% 21.88% 17.49% 6.88% 24.37% 24.37% 2.50% 2033 95.1% 92.9% 17.32% 4.70% 22.02% 22.02% 17.54% 7.03% 24.57% 24.57% 2.55% 2034 95.4% 93.3% 17.34% 4.78% 22.12% 22.12% 17.57% 7.15% 24.72% 24.72% 2.60% 2035 95.8% 93.8% 17.41% 5.60% 23.01% 23.01% 17.64% 8.02% 25.66% 25.66% 2.66% 2036 96.1% 94.3% 17.45% 5.71% 23.16% 23.16% 17.69% 8.17% 25.86% 25.86% 2.70% 2037 96.5% 94.9% 17.47% 5.19% 22.66% 23.16% 17.72% 7.53% 25.25% 25.86% 2.70% 2038 97.0% 95.6% 17.54% 4.75% 22.29% 22.66% 17.79% 6.94% 24.73% 25.36% 2.70% 2039 97.5% 96.3% 17.57% 4.35% 21.92% 22.16% 17.83% 6.38% 24.21% 24.86% 2.70% 2040 97.9% 97.0% 17.60% 4.06% 21.66% 22.16% 17.86% 5.90% 23.76% 24.36% 2.20% 2041 98.3% 97.7% 17.65% 3.84% 21.49% 21.66% 17.92% 5.51% 23.43% 23.86% 2.20% 2042 98.8% 98.3% 17.68% 3.68% 21.36% 21.66% 17.95% 5.13% 23.08% 23.36% 1.70% 2043 99.1% 99.0% 17.70% 3.54% 21.24% 21.66% 17.98% 4.80% 22.78% 22.86% 1.20% 2044 99.5% 99.6% 17.73% 3.43% 21.16% 21.66% 18.01% 4.50% 22.51% 22.86% 1.20% 2045 100.0% 100.2% 17.75% 3.34% 21.09% 21.16% 18.03% 4.21% 22.24% 22.36% 1.20%

Option 3 - Exhibit 9

Iowa Public Employees' Retirement System Summary of Graph Data

Protection Occupation - 2% Limited Simple COLA at Age 75, Commencing in 2026

Baseline With COLA Difference in Valuation Funded Ratio Normal Amortization Actuarial Required Normal Amortization Actuarial Required Required

Date Baseline COLA Cost Rate Rate Rate Cost Rate Rate Rate Rate 2015 101.3% 101.3% 16.01% 0.00% 16.01% 16.40% 16.01% 0.00% 16.01% 16.40% 0.00% 2016 100.2% 98.3% 15.81% 0.00% 15.81% 15.90% 16.02% 0.36% 16.38% 16.40% 0.50% 2017 99.4% 97.2% 15.75% 0.17% 15.92% 15.92% 15.96% 0.70% 16.66% 16.66% 0.74% 2018 98.7% 96.4% 15.69% 0.40% 16.09% 16.09% 15.91% 1.00% 16.91% 16.91% 0.82% 2019 98.2% 95.8% 15.56% 0.56% 16.12% 16.12% 15.77% 1.23% 17.00% 17.00% 0.88% 2020 98.0% 95.5% 15.52% 0.66% 16.18% 16.18% 15.74% 1.42% 17.16% 17.16% 0.98% 2021 97.9% 95.3% 15.49% 0.74% 16.23% 16.23% 15.71% 1.58% 17.29% 17.29% 1.06% 2022 97.8% 95.2% 15.39% 0.80% 16.19% 16.23% 15.61% 1.72% 17.33% 17.33% 1.10% 2023 97.9% 95.2% 15.37% 0.84% 16.21% 16.23% 15.60% 1.85% 17.45% 17.45% 1.22% 2024 97.9% 95.2% 15.35% 0.87% 16.22% 16.23% 15.58% 1.95% 17.53% 17.53% 1.30% 2025 98.1% 95.3% 15.29% 0.87% 16.16% 16.23% 15.53% 2.05% 17.58% 17.58% 1.35% 2026 98.2% 95.5% 15.28% 0.87% 16.15% 16.23% 15.52% 2.10% 17.62% 17.62% 1.39% 2027 98.4% 95.7% 15.27% 0.86% 16.13% 16.23% 15.52% 2.13% 17.65% 17.65% 1.42% 2028 98.5% 95.9% 15.22% 0.85% 16.07% 16.23% 15.47% 2.16% 17.63% 17.65% 1.42% 2029 98.8% 96.3% 15.22% 0.83% 16.05% 16.23% 15.47% 2.17% 17.64% 17.65% 1.42% 2030 98.9% 96.6% 15.22% 0.80% 16.02% 16.23% 15.47% 2.17% 17.64% 17.65% 1.42% 2031 99.1% 96.9% 15.19% 0.78% 15.97% 16.23% 15.44% 2.17% 17.61% 17.65% 1.42% 2032 99.4% 97.2% 15.19% 0.74% 15.93% 16.23% 15.45% 2.16% 17.61% 17.65% 1.42% 2033 99.5% 97.6% 15.20% 0.70% 15.90% 16.23% 15.46% 2.13% 17.59% 17.65% 1.42% 2034 99.8% 97.9% 15.18% 0.67% 15.85% 16.23% 15.45% 2.11% 17.56% 17.65% 1.42% 2035 100.0% 98.4% 15.19% 0.61% 15.80% 16.23% 15.46% 2.08% 17.54% 17.65% 1.42% 2036 100.2% 98.8% 15.20% 0.00% 15.20% 15.73% 15.48% 2.03% 17.51% 17.65% 1.92% 2037 100.4% 99.2% 15.21% 0.00% 15.21% 15.23% 15.48% 1.57% 17.05% 17.15% 1.92% 2038 100.6% 99.6% 15.22% 0.00% 15.22% 15.23% 15.50% 1.15% 16.65% 17.15% 1.92% 2039 100.7% 100.0% 15.24% 0.00% 15.24% 15.24% 15.52% 0.78% 16.30% 16.65% 1.41% 2040 100.8% 100.3% 15.26% 0.00% 15.26% 15.26% 15.54% 0.50% 16.04% 16.15% 0.89% 2041 100.9% 100.7% 15.27% 0.00% 15.27% 15.27% 15.57% 0.00% 15.57% 15.65% 0.38% 2042 100.9% 100.9% 15.29% 0.00% 15.29% 15.29% 15.59% 0.00% 15.59% 15.65% 0.36% 2043 101.0% 101.1% 15.32% 0.00% 15.32% 15.32% 15.62% 0.00% 15.62% 15.65% 0.33% 2044 101.1% 101.3% 15.35% 0.00% 15.35% 15.35% 15.65% 0.00% 15.65% 15.65% 0.30% 2045 101.2% 101.5% 15.37% 0.00% 15.37% 15.37% 15.67% 0.00% 15.67% 15.67% 0.30%