homemaker services and adult day care". The program is funded by participant premiums and by proceeds from investments in the CalPERS Long-Term Care Fund. During an economic downturn in 2002, premiums for the program rose an average of 9% and investment losses were $99 million. Another premium increase of an average of 33.6% occurred in 2007 due to "a projected $600 million shortfall in the program over the next 50 to 60 years". The causes of the deficit predicted as of 2007 were less investment income than expected, a higher volume of claims than expected, and a lower dropout rate than expected. As of 2020, the program had 116,832 members who paid annual premiums of $278.5 million and who collectively received $337.3 million in benefits annually. As of December 2014, the LTC program had 144,936 enrolled participants who paid annual premiums of more than $168 million from July 1, 2013, through December 31, 2013. The average premium collected during that time period was $2,177. The decrease in the total long-term care participant count may be attributable to the LTC program stabilization and sustainability measures and realized participant population morbidity. The total benefits paid since the LTC program's inception in 1995 through June 30, 2013 have reached approximately $1.3 billion. A summary of plan types and a five-year historical participant count are available online in the CalPERS Comprehensive Annual Financial Report. Member Home Loan Program As of December 15, 2010, the CalPERS Board of Administration approved the suspension of the CalPERS Member Home Loan Program and stopped accepting new applications. Unfunded Liabilities Crisis CalPERS faces significant unfunded liabilities which is likely to challenge its long-term financial stability. Official estimates place the liabilities at approximately $150 billion, an increase from $22 billion in 2002. The unfunded liabilities figure is a projection that takes into account returns on CalPERS investments. The $150 billion figure is based on a long term return of 7%; if the returns are higher, the true liability is much smaller, but if returns are lower than the liabilities are much larger. CalPERS itself projects that it will return 6.1% over the next decade and 8.3% for the decade after that. There are significant concerns that to keep up, contributions by municipal and state authorities will have to rise drastically, putting financial strain on those authorities. According to the CalPERS chart Historical Factors Impact Funded Status (1993-2018), the most recent