APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 2.4

Development of Minimum Required Contribution - Amortization Record

Date of First Outstanding Amortization
Initial Charge Remaining Balance Charge or
Amount or Credit Period* Beg. of Year Credit
1. Amortization Charges
a. Combined Bases $ 35,873,400 1/1/1989 4.000 $ 5,413,198 $ 1,493,579
b. 1991 Benefit Change 4,915,400 1/1/1991 11.000 2,357,608 293,835
c. 1994 Assumption Chng. 1,093,800 1/1/1994 14.000 652,276 69,705
d. 1994 Benefit Change 3,785,300 1/1/1994 14.000 2,257,235 241,218
e. 1995 Benefit Change 563,976 V/I/1995 15.000 355,879 36,518
f 1996 Benefit Change 12,056,033 1/1/1996 16.000 8,001,502 791,608
g 1997 Benefit Change 3,069,392 V/1/1997 17,000 2,131,549 204,042
h. 1998 Benefit Change 9,903,744 1/1/1998 18.000 7,164,233 665,622
i, 1999 Assumption Chng. 6,110,025 1/1/1999 19.000 4,586,031 414,685
j- 2000 Benefit Change 6,061,373 1/1/2000 20.000 4,704,299 415,002
k. 2001 Benefit Change 2,142,636 1/1/2001 21.000 1,714,275 147,858
L 2002 Benefit Change 198,863 1/1/2002 22,000 163,584 13,822
m, 2001 Actuarial Loss 4,022,217 1/1/2002 7.000 1,614,889 280,044
n 2002 Actuarial Loss 8,363,701 1/1/2003 8.000 3,917,715 613,169
0. 2003 Benefit Change 2,219,172 1/1/2003 23.000 1,917,912 159,015
p. 2003 Actuarial Loss 1,443,554 1/1/2004 9.000 769,295 110,351
q. 2004 Actuarial Loss 4,850,250 1/1/2005 10.000 2,884,318 383,797
Qr 2005 Benefit Change 1,123,349 1/1/2005 25.000 990,732 79,453
Ss. 2005 Actuarial Loss 2,883,606 1/1/2006 11.000 1,884,550 234,877
t. 2007 Assumption Chng. 3,258,771 1/1/2007 27.000 2,983,617 232,626
u 2008 Plan Change 571,064 1/1/2008 13.000 435,390 48,686
v. 2008 Actuarial Loss 17,178,277 1/1/2009 14.000 13,956,975 1,491,504
w. 2009 Plan Change 1,604,038 1/1/2009 14.000 1,303,243 139,271
x 2009 Actuarial Loss 2,680,954 1/1/2010 15.000 2,304,873 236,508
y- 2010 Actuarial Loss 1,170,736 V/1/2011 11.000 963,885 120,131
* Remaining periods were increased by 5 years effective January 1, 2010 pursuant to an automatic extension of amortization periods under IRC Section 431(d),
The McKeogh Company -13- Tron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

PART V

ACTUARIAL BASIS


Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 4.1

Historical Participant Information

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Terminated All Other Ratio of

w/ Deferred —_ Disabled Retirees & Tnactives to
January 1 Actives Benefits Retirees Beneficiaries Total Actives
2015 261 191 35 619 1,106 323.8%
2014 278 181 37 623 1119 302.5%
2013 284 209 34 610 1,137 300.4%
2012 325 181 34 600 1,140 250.8%
2011 351 215 37 599 1,202 242.5%
2010 489 186 38 573 1,286 163.0%
2009 553 187 37 558 1,335 141.4%
2008 505 206 37 548 1,296 156.6%
2007 Al7 220 37 537 1,211 190.4%
2006 440 208 not available 549 1,197 172.0%
2005 460 148 not available 554 1,162 152.6%

The McKeogh Company -28- Tron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 6.1

Plan Prov:

The following is a brief summary of principal plan provisions as in effect on the valuation date, unless specified. Plan provisions which apply infrequently
or to a limited group of participants may be omitted from this summary. The plan document will govern if there is any discrepancy with this summary.

Effective Date July 19, 1960; amended and restated effective January 1, 2015.

Participation A person initially becomes an Active Participant on the earliest January 1 or July 1 following completion of 1,000 Hours
of Service in Covered Employment during a twelve consecutive month period.

Definitions

Plan Year Twelve-month period ending December 31.

Covered Employment Employment with an Employer who has agreed to contribute to the Fund for the Employee under a collective bargaining
agreement,

Hour of Service Hours worked in Covered Employment or other hours on behalf of which contributions are required to be made to the
Fund.

Vesting Service One year for each Plan Year in which the Participant earns 1,000 or more Hours of Service.

Normal Retirement Date The date the Participant attains age 65, or if later the fifth anniversary of plan participation.

The McKeogh Company -35- Tron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 1.7

Projections
Continued)

Zone Projections

Projection of Credit Balance Showing Zones (§ millions)

As shown by the red checkered area on the graph to the right, the plan is in critical and = I

declining status beginning in 2015. A plan is generally in critical and declining status “ad

if it is in critical status and is projected to become insolvent within 15-20 years. In ry HN

accordance with the Multiemployer Pension Reform Act of 2014, the Section 431(d)(1)_ | a

amortization extension has been reflected for Plan Years beginning January 1, 2015 and] 45 El

later, although the extension will not improve the credit balance enough to avoid the 00

critical and declining status. Actual future credit balance values will differ from those |*”

projected to the extent that future experience deviates from the Projection Assumptions. gate SPAREN ase ONE RS EAE AM RN LeU

(Cees orcng a Fed Zane 0 Orange Zone Yelow one _B Green Zone}

Again, this graph is based on the Projection Assumptions shown below.

Projection Assumptions

The Plan’s assets, liabilities and funding standard account credit balance were projected forward from the January 1, 2015 valuation based on the
following assumptions:

e All valuation assumptions, other than investment return, are met during the projection period. The Plan’s investment return (net of investment

expenses) reflects the preliminary unaudited 2015 investment return on the market value of assets of 4.3% and the assumption of 7.00% per year
from January 1, 2016 forward.

© Covered employment is assumed to be 332,900 hours during 2015 and 275,000 hours per year beginning January 1, 2016.

¢ Current differences between the market value of assets and the actuarial value of assets are phased in during the projection period in accordance
with the regular operation of the asset valuation method.

e The contribution rate is assumed to remain at the rate in effect on April 1, 2015 ($9.70 per hour) for the duration of the projection period.

The McKeogh Company -8- Tron Workers Local No. 16
Pension Plan


Future Changes in Benefits

Early Retirement Pension

Deferred Pension

Service Pension

Postretirement

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 6.1

Plan Provisions

(Continued)

The following changes to the plan of benefits were adopted on November 20, 2015 and will be reflected for the first time
in the January 1, 2016 valuation.

For retirements occurring after December 31, 2015, the 6% per year early retirement reduction will be increased to 6 2/3%
per year.

For retirements occurring after December 31, 2015, the 6% per year early retirement reduction will be increased to 6 2/3%
per year.

Service Pension for Grandfathered Participants (i.e., those who have completed at least 25 Service Credits as of June 1,
2012) retiring after December 31, 2015 will be reduced 2% per year prior to age 60, with a maximum reduction of 10%.

The $1,500 death benefit has been eliminated for deaths occurring after December 31, 2015.

Death Benefit
Contributions Employers make contributions to fund the plan in accordance with the terms of several collective bargaining agreements.
Employee contributions are neither required nor permitted. Recent hourly contribution rates are as follows:
Period Hourly Rate Period Hourly Rate
5/1/2005 — 4/30/2006 $3.84 4/1/2011 — 3/31/2012 $7.20
5/1/2006 — 4/30/2007 $4.24 4/1/2012 — 3/31/2013 $8.20
5/1/2007 — 4/30/2008 $4.34 4/1/2013 — 5/31/2014 $8.70
5/1/2008 — 4/8/2009 $4.80 6/1/2014 — 3/31/2015 $9.20
4/9/2009 — 3/31/2010 $5.70 4/1/2015 & later $9.70
4/1/2010 — 3/31/2011 $6.70
The McKeogh Company -41- Tron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 2.7

Estimated Maximum Deductible Contribution

1. Normal Cost for Plan Year Beginning January 1, 2015 $ 586,863
2. Unfunded Accrued Liability as of January 1, 2015, not less than 0 $ 47,231,582
3. Ten Year Amortization of Unfunded Accrued Liability $ 6,284,780
4. Interest on (1) and (3) to End of Year $ 481,015
5, Limitation Under Section 404(a)(1)(A)(iii) of Internal Revenue Code $ 7,352,658

=()+G)+@)

6. Minimum Required Contribution $ 0
7. — Greater of (5) and (6) $ 7,352,658
8. Full Funding Limitation (See Section 2.8) $ 97,079,678
9. Excess of 140% of RPA '94 Current Liability over Actuarial Value of Assets $ 191,837,444

10. Limitation on Maximum Deductible Contribution for Plan Year Beginning January 1,2015  $ 191,837,444
= Lesser of (7) and (8), but not less than (9)

The McKeogh Company -17- Iron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 5.1

Actuarial Methods

Actuarial Cost Method

The Actuarial Cost Method for determining the Actuarial Accrued Liability and Normal Cost is the Unit Credit Cost Method and is the same method used
in the prior valuation.

In connection with the Plan’s then-endangered status, the Trustees applied for and received an automatic 5-year extension of amortization periods pursuant
to Section 431(d) of the Internal Revenue Code effective January 1, 2010.

Asset Valuation Method

The Actuarial Value of Assets (AVA) is determined using an adjusted market value. Under this method, a preliminary AVA is determined as the market
value of assets on the valuation date less a decreasing fraction (4/5, 3/5, 2/5, 1/5) of the gain or loss in each of the preceding four years. The gain or loss
for a given year is the difference between the actual investment return (on a market-to-market basis) and the assumed investment return based on the
market value of assets at the beginning of the year and actual cash flow. The AVA is then the preliminary AVA subject to a minimum and maximum
value equal to 20% below and 20% above market value, respectively.

The McKeogh Company -32- Tron Workers Local No, 16
Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

The McKeogh Company

Pa

This valuation has been prepared on an ongoing plan basis and the use of this report for purposes other than those
enumerated above may be inappropriate.

To the best of our knowledge and belief, all Plan participants as of January 1, 2015 and all Plan provisions in effect on that
date have been reflected in the valuation. Participant data were furnished by the Plan Administrator and financial
information was taken from the Plan’s audited financial statements.

We hereby certify that all of our calculations have been in conformity with generally accepted actuarial principles and
practices, and that the actuarial assumptions which are not mandated by federal law and regulations are reasonable and
represent our best estimate of the anticipated experience under the Plan.

We will be pleased to review this report at your convenience.

Respectfully submitted,

James J. McKeogh, F.S.A. Boris Vaynblat, F.S.A.

NAl080(2015\Word\RepartslW16 Val 2015-v1.doc

Four Tower Bridge * Suite 225 » 200 Barr Harbor Drive e West Conshohocken, PA 19428 e Phone: (484) 530-0692 » Facsimile (484) 530-0713


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 3.5

Investment Rates of Return

Plan Year Ending December 31,

2014 2013 2012 2011 2010
Market Value of Assets
Market Value as of Beginning of Year $ 88,229,274 $ 82,519,260 $ 82,304,757 $ 89,220,278 $ 89,918,019
Employer Contributions During Year $ 4,039,977 $ 3,942,119 $ 3,651,961 $ 3,556,900 $ 2,961,780
Disbursements During Year $ 12,115,329 $ 12,067,563 $ 12,302,744 $ 11,989,296 $ 12,847,051
Market Value as of End of Year $ 86,225,376 $ 88,229,274 $ 82,519,260 $ 82,304,757 $ 89,220,278
Investment Income (Net of Inv. Exp.) $ 6,071,454 $ 13,835,458 $ 8,865,286 $ 1,516,875 $ 9,187,530
Average Value of Assets $ 84,191,598 § 78,456,538 $ 77,979,366 $ 85,004,080 $ 84,975,384
Rate of Return During Year 7.21% 17.63% 11.37% 1.78% 10.81%
Actuarial Value of Assets
Actuarial Value as of Beginning of Year $ 80,647,479 $ 81,384,100 $ 91,841,977 $ 102,602,580 $ 107,901,622
Employer Contributions During Year $ 4,039,977 $ 3,942,119 $ 3,651,961 $ 3,556,900 $ 2,961,780
Disbursements During Year $ 12,115,329 $ 12,067,563 $ 12,302,744 $ 11,989,296 $ 12,847,051
Actuarial Value as of End of Year $ 80,612,110 $ 80,647,479 $ 81,384,100 $ 91,841,977 $ 102,602,580
Investment Income (Net of Inv. Exp.) $ 8,039,983 $ 7,388,823 $ (1,807,094) $ (2,328,207) $ 4,586,229
Average Value of Assets $ 76,609,803 $ 77,321,378 $ 87,516,586 $ 98,386,382 $ 102,958,987
Rate of Return During Year 10.49% 9.56% -2.06% 2.37% 4.45%
The McKeogh Company -27- Tron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 2.4

Development of Minimum Required Contribution - Amortization Record

Date of First Outstanding Amortization
Initial Charge Remaining Balance Charge or
Amount or Credit Period Beg. of Year Credit
1. Amortization Charges (continued)
Zz 2011 Actuarial Loss $ 8,705,794 1/1/2012 12.000 $ 7,592,012 $ 893,317
aa. 2012 Actuarial Loss 9,155,033 1/1/2013 13.000 8,400,888 939,414
ab. Total Charges $ 91,421,963 $ 10,749,657
2. Amortization Credits
a. 2012 Plan Change $ 5,059,966 6/1/2012 12.417 $ 4,328,781 $ 498,286
b. 2013 Actuarial Gain 1,082,325 1/1/2014 14.000 1,039,254 111,059
co 2014 Plan Change 2,911,822 V/1/2014 14,000 2,795,948 298,787
d. 2014 Actuarial Gain 3,371,072 V/1/2015 15.000 3,371,072 345,912
e 2015 Assumption Change 685,205 1/1/2015 15.000 685,205 70,310
f 2015 Plan Change 371,573 1/1/2015 15.000 571,573 58,650
g. Total Credits $ 12,791,833 $ 1,383,004
3. Credit Balance $ 31,398,548
4, Balance Test = (1) - (2) - (3) $ 47,231,582
5. Unfunded Actuarial Accrued Liability $ 47,231,582
The McKeogh Company -14- Iron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 2.10

Presentation of ASC Topic 960 Disclosures

As of January 1,

Actuarial Present Value of Accumulated Plan Benefits 2015 2014 2013 2012 2011
1. Vested Benefits
a. Persons in Pay Status $ 105,879,757 $ 108,137,220 $ 106,722,853 $107,409,052 $ 107,585,833
b. Persons with Deferred Benefits 7,715,856 7,433,239 1,637,772 6,824,184 7,423,025
c. Active Participants 11,436,187 11,551,789 13,739,081 16,709,680 15,947,319
d. Total $ 125,031,800 $ 127,122,248 $ 128,099,706 $ 130,942,916 $ 130,956,177
2. Non-Vested Benefits $ 2,811,892 $ 4,989,212 $ 7,814,190 $ 10,317,289 $ 11,740,023
3. Total Actuarial Present Value of Accum. Plan Benefits $ 127,843,692 $ 132,111,460 $ 135,913,896 $141,260,205 $ 142,696,200
4. Market Value of Assets $ 86,225,376 $ 88,229,274 $ 82,519,260 $ 82,304,757 $ 89,220,278
Statement of Changes in Accumulated Plan Benefits
1. Actuarial Present Value of Accumulated Benefits, Beginning of Year $ 132,111,460 $ 135,913,896 $141,260,205 $ 142,696,200
2. Increase (Decrease) During the Year due to:
a. Benefits Accumulated * $ (40,198) $ 1,769,640 $ 2,250,590 $ 701,006
b. Decrease in the Discount Period 8,834,613 9,102,284 9,468,040 9,578,685
c. Benefits Paid (11,805,405) (11,762,538) (12,004,973) (11,715,686)
d. Plan Amendment (571,573) (2,911,822) (5,059,966) 0
e. Change in Actuarial Assumptions (685,205) 0) 0 0
f. Net Increase (Decrease) $ (4,267,768) $ (3,802,436) $ (5,346,309) $ (1,435,995)
3. Actuarial Present Value of Accumulated Benefits, End of Year $ 127,843,692 $ 132,111,460 $135,913,896 $ 141,260,205

* Includes the effects of actuarial experience gains and losses.

The McKeogh Company -20-

Iron Workers Local No. 16
Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 2.6

Funding Standard Account Information

Plan Year Ending December 31,

2015 2014 2013 2012 2011

Charges Prior Year Funding Deficiency $ Oo $ 0 $ 0 $ 0 $ 0
Normal Cost for Plan Year 586,863 909,111 1,111,941 1,248,185 1,394,620
Amortization Charges 10,749,657 10,749,657 10,749,657 9,810,243 8,916,926
Interest 793,556 816,114 830,312 774,090 721,808
Other Charges 0 0 0 0 0
Total Charges $ 12,130,076 $ 12,474,882 $ 12,691,910 $ 11,832,518 $ 11,033,354

Credits — Prior Year Credit Balance $ 31,398,548 $ 34,176,422 $ 33,803,727 $ 33,136,634 $ 32,152,671
Employer Contributions 3,455,000 4,039,977 3,942,119 3,651,961 3,556,900
Amortization Credits 1,383,004 2,920,451 6,186,741 5,982,910 5,688,455
Interest 2,414,266 2,736,580 2,935,745 2,864,740 2,771,962
Full Funding Limitation Credit 0 0 0 0 0
Other Credits _ ) 0 Oo )
Total Credits $ 38,650,818 $ 43,873,430 $ 46,868,332 $ 45,636,245 $ 44,169,988

Balance Credit Balance as of December 31 $ 26,520,742 $ 31,398,548 $ 34,176,422 $ 33,803,727 $ 33,136,634
= Credits Less Charges

* Estimated.

The McKeogh Company -16- Tron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

PART IV

DEMOGRAPHIC INFORMATION


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 2.2

Actuarial Accrued Liability and Current Liability as of January 1, 2015

Actuarial RPA ‘94
Accrued Current
Number Liability Liability
Liabilities
Active 261 $ 13,859,846 $ 26,596,589 *
Inactive Vested 191 7,760,468 16,947,084
All Persons in Pay Status 654 106,223,378 150,731,881
Total 1,106 $ 127,843,692 $ 194,275,554
Expected Changes in Liabilities
Expected Increase in Liability Due to Benefits Accruing During Year $ 586,863 $ 948,283
Expected Disbursements During Year $ 12,345,860 $ 12,345,860
Assumptions
Assumed Interest Rate 7.00% 3.51%
Assumed Mortality GAM'83 RP-2000, for 2015

large plan valuations

Assets and RPA '94 Funded Percentage
Actuarial Value of Assets as of January 1, 2015 $ 80,612,110
RPA 794 Funded Current Liability Percentage 41.5%

* Vested portion of RPA ’94 Current Liability for Actives is $23,596,243.

The McKeogh Company -11- Jron Workers Local No. 16
Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 1.4

Funded Status Under ASC Topic 960 and PPA '06

During the Plan Year ended December 31, 2014, the plan’s funded status for purposes of Accounting Standards Codification Topic 960 (defined as the
ratio of the market value of plan assets to the present value of accumulated plan benefits) increased from 66.8% to 67.4%. In that same year, the plan's
funded status for purposes of the Pension Protection Act of 2006 (defined as the ratio of the actuarial value of plan assets to the present value of
accumulated plan benefits) increased from 61.0% to 63.1%. A 11-year history of these measures is shown below.

Actuarial Funded Percentage

Assets Present Value (PPA '06)

Market Actuarial of Accumulated Market Actuarial
January 1 Value Value Plan Benefits Value Value
2015 $ 86,225,376 $ 80,612,110 $ 127,843,692 67.4% 63.1%
2014 88,229,274 80,647,479 132,111,460 66.8% 61.0%
2013 82,519,260 81,384,100 135,913,896 60.7% 59.9%
2012 82,304,757 91,841,977 141,260,205 58.3% 65.0%
2011 89,220,278 102,602,580 142,696,200 62.5% 71.9%
2010 89,918,019 107,901,622 145,028,413 62.0% TAA
2009 92,869,795 111,443,754 145,275,205 63.9% 76.7%
2008 128,329,061 124,708,399 141,251,264 90.9% 88.3%
2007 128,034,557 118,899,595 138,872,165 92.2% 85.6%
2006 120,587,669 116,156,093 133,344,781 90.4% 87.1%
2005 118,949,769 115,920,520 130,123,209 91.4% 89.1%

Note: Values shown prior to January 1, 2007 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company -4- Iron Workers Local No. 16
Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 3.3

Changes in Assets from Prior Valuation*

Plan Year Ending December 31,
2014 2013 2012 2011 2010

Market Value of Assets at Beginning of Year $ 88,229,274 $ 82,519,260 $ 82,304,757 $ 89,220,278 $ 89,918,019

Income During Year
Employer contributions
Investment income

Interest and dividends

Investment expenses

Total net investment income

$ 4,039,977 $ 3,942,119 $ 3,651,961 $ 3,556,900 $ 2,961,780

$ 1,025,083 $ 1,139,955 $ 1,255,472 $ 1,210,987 $ 1,524,171

Recognized and unrecognized gains (losses) 5,562,222 13,160,234 8,091,645 815,210 8,183,500
533,200) (481,912) (494.914) (511,572) (524.341)

$ 6,054,105 $ 13,818,277 $ 8,852,203 $ 1,514,625 $ 9,183,330

$ 17,349 $ 17,181 $ 13,083 $ 2,250 $ 4,200

Other Income
Total Income

Disbursements

Benefits
Administrative Expenses
Other

Total Disbursements

$ 10,111,431 $ 17,777,577 $ 12,517,247 $ 5,073,775 $ 12,149,310

$ 11,805,405 $ 11,762,538 $ 12,004,973 $ 11,715,686 $ — 12,567,902
309,924 305,025 297,771 273,610 279,149

0 : 0 0 0 0

$ 12,115,329 $ — 12,067,563 $ 12,302,744 $ 11,989,296 $ — 12,847,051

Market Value of Assets at End of Year $ 86,225,376 $ 88,229,274 $ 82,519,260 $ 82,304,757 $ 89,220,278

* Per Auditor's Reports

The McKeogh Company

-25- Tron Workers Local No. 16
Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

PART IIT

ASSET INFORMATION


Minimum Funding Requirement

Contribution Level

Covered Employment

PPA ’06

Rehabilitation Plan

Investments

Withdrawal Liability

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 1.1

Valuation Highlights

The minimum funding requirement was $0 for the Plan Year ending December 31, 2014. The minimum
funding requirement for the Plan Year ending December 31, 2015 is also $0.

Projections indicate that the current level of contribution rates ($9.70 per hour effective April 1, 2015) in
combination with the projected covered employment hours, are not sufficient to fully fund the Plan over the
projection period. In fact, the plan is projected to become insolvent during 2032 (see Section 1.7).

For purposes of the projections shown in this report, participants were assumed to work 332,900 hours during
2015 and 275,000 hours each year thereafter. The hours assumption is based on guidance provided by the
board of trustees.

The Plan was certified to be in critical & declining status for the Plan Year beginning January 1, 2015. See
Section 1.7 for PPA’06 projections.

The Trustees adopted an amended Rehabilitation Plan effective October 1, 2015 to eliminate any future
increases in employer contribution rates and to indicate that the Trustees are exploring whether suspension of
benefits for certain participants could enable the Fund to potentially avoid insolvency.

The return on the actuarial value of assets (net of investment expenses) for the year ending December 31, 2014
was 10.49%, which is above the 7.00% assumption. The return on the market value of assets (net of investment
expenses) for the year ending December 31, 2014 was 7.21%.

Withdrawal liability is based, in part, on the unfunded vested benefit liability and the value of affected benefits,
Affected benefits are reductions in non-forfeitable benefits made in accordance with a Rehabilitation Plan.

The unfunded vested benefit liability slightly decreased from $38.9 million as of December 31, 2013 to $38.8
million as of December 31, 2014. The unamortized balance of affected benefits increased from $3.9 million as
of December 31, 2013 to $5.6 million as of December 31, 2014.

The McKeogh Company

-1- Tron Workers Local No. 16
Pension Plan



APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

PARTI

DISCUSSION OF PRINCIPAL VALUATION RESULTS


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 2.3

Development of Minimum Required Contribution - Summary

Plan Year Ending December 31,

2015 2014 2013 2012 2011
Normal Cost $ 586,863 $ 909,111 $ 1111941 $ 1,248,185 $ 1,394,620
Net Amortization 9,366,653 7,829,206 4,562,916 3,827,333 3,228,471
Interest 696,746 611,682 397,240 355,286 ___ 323,616
Total Net Charges $ 10,650,262 $ 9,349,999 $ 6,072,097 $ 5,430,804 $ 4,946,707
Credit Balance with Interest $ 33,596,446 $ 36,568,772 $ 36,169,988 $ 35,456,198 $ 34,403,358
Full Funding Credit (See Section 2.5) $ 0 $ 0 $ 0 $ 0 $ 0
Minimum Required Contribution $ 0 $ 0 $ 0 $ 0 $ 0
The McKeogh Company -12- Tron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 1.3

Plan Experience During Prior Year

The plan enjoyed favorable investment experience during the year ended December 31, 2014 as it earned 7.21% on a market value basis and 10.49%
on an actuarial value basis as compared to the valuation interest rate assumption of 7.00%.

‘That “excess” return of 3.49% on an actuarial basis represents a gain in dollars of $2,671,725 which is combined with a net gain from liabilities of

$699,347. A 5-year history of actuarial gains/(losses) is shown below.

Plan Year Ending December 31,

2014

2013 2012 2011 2010

Investment Gain/(Loss) on an Actuarial Value Basis

In dollars $ 2,671,725 $ 1,970,745 $ (7,939,091) $ (9,220,942) $ (2,627,332)
As a percentage of assets 3.5% 2.5% 91% 94% -2.6%
Net Gains/(Losses) from Other Sources
Tn dollars. $ 699,347 $ (888,420) $ (1,215,942) $ 515,148 $ 1,456,596
As a percentage of actuarial liability 0.5% 0.7% -0.9% 0.4% 1.0%
Total Experience Gain/(Loss) $ 3,371,072 $ 1,082,325 $ (9,155,033) $ (8,705,794) $ (1,170,736)
The McKeogh Company 3. Iron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 2.8

Estimated Maximum Deductible Contribution - Full Funding Limitation

ERISA RPA ‘94
Accrued Current
Liability Liability
1. Liability (Beginning of Year) $ 127,843,692 $ 194,275,554
2. Normal Cost $ 586,863 $ 948,283
3. Expected Disbursements During Year $ 12,345,860 $ 12,345,860
4. Assumed Interest Rate 7.00% 3.51%
5. Projected Liability (End of Year) $ 124,650,037 $ 189,515,532
6. Applicable Percentage 100% 90%
7. Assets
a. Market Value $ 86,225,376 NIA
b. Actuarial Value $ 80,612,110 $ 80,612,110
c. Lesser of (a) and (b) $ 80,612,110 $ 80,612,110
8. Assets Projected to End of Year $ 73,484,301 $ 73,484,301
9, Full Funding Limitation (FFL) $ 51,165,736 $ 97,079,678
= (5) x 6)-(8)
10. IRC Section 404 Full Funding Limitation
= Greater of ERISA FFL and RPA '94 FFL $ 97,079,678
The McKeogh Company -18- Tron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

The McKeogh Company

Ironworkers Local Union No. 16
Pension Fund

Actuarial Valuation Report for Plan Year
Beginning January 1, 2015 and Ending December 31, 2015

March, 2016



APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 6.1

Accrued Monthly Pension For active participants who retire on and after June 1, 2012, the Participant’s Service Credits in each period listed below,
times the applicable accrual rates listed below:

Accrual Rates
Service Credits Service Credits

Service Period up to 25 in excess of 25
Prior to January 1, 2006 87.00 116.00
January 1, 2006 to December 31, 2010 94.00 125.33
January 1, 2011 to May 31, 2012 94.00 94.00
June 1, 2012 to December 31, 2014 88.50 88.50
After January 1, 2015 50.00 50.00

For participants with at least one quarter Service Credit during 2007 or one full Service Credit on or after January 1, 2008
and prior to June 1, 2012 who retire on or after January 1, 2008 and prior to June 1, 2012, the Participant’s Service Credits
in each period listed below, times the applicable accrual rates listed below:

Accrual Rates
Service Credits Service Credits

Service Period up to 25 in excess of 25
Prior to January 1, 2006 90.00 120.00
January 1, 2006 to December 31, 2010 94.00 125,33
January 1, 2011 to May 31, 2012 94.00 94,00

For Participants who did not earn at least one quarter Service Credit after December 31, 2007, different formulas apply.

The McKeogh Company -37- Iron Workers Local No. 16
Pension Plan



APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 1.6

ement of Changes from Prior Valuation

Actuarial Basis - Mandated Changes -- There were two changes in the actuarial basis from the prior year:

1, The interest rate for RPA '94 Current Liability purposes was changed from 3.64% to 3.51% effective January 1, 2015.

2. The mortality assumption for RPA '94 Current Liability purposes was updated from the RP-2000 Tables for 2014 large plan valuations to the RP-
2000 Tables for 2015 large plan valuations as set forth in Internal Revenue Notice 2013-49,

Actuarial Basis - Discretionary Changes -- There were two discretionary changes to the actuarial basis from the prior year:

1. The administrative expense assumption increased from $250,000 per year to $310,000 per year.

2. The retirement assumption for non-grandfathered participants was changed from age at Service Pension eligibility (generally age 55 with 30 years
of service) to a schedule of retirement rates based on age and service at retirement, as shown in Section 5.2,

Plan of Benefits -- The following changes to the plan of benefits were made in connection with the 2014 Rehabilitation Plan and reflected as

of January 1, 2015:

1. For retirements occurring after June 30, 2014, the Service Pension will be reduced by 6% per year that retirement precedes age 60. Participants.
who have completed at least 25 Service Credits as of June 1, 2012 will continue to be eligible for an unreduced Service Pension at any age.

2. For Service Credits earned after January 1, 2015, the accrual rate was decreased from $88.50 to $50.00.

3. The number of covered employment hours needed to attain a partial or full service credit after January 1, 2015 has been increased to the following:

Hours of Service Service Credit
Less than 400 0.00
400 - 799 0.25
800 - 1199 0,50
1200 - 1599 0.75
1600 or more 1.00

Contribution Increases -- The employer contribution rate increased from $9.20 to $9.70 per hour effective April 1, 2015.

The McKeogh Company ~6- Tron Workers Local No. 16
Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 1.5

Summary of Investment Performance

A summary of the investment returns during the 12 years preceding the valuation date are shown below.

Average Return *
Plan Year Single-Year Return Over 5-Year Period
Ending Valuation Actuarial Market Actuarial Market
Dec 31, Assumption __ Value Value Value Value

2014 7.00% 10.49% 7.21% 3.87% 9.64% 20%

2013 7.00% 9.56% 17.63% 2.67% «9.35% 15% 4

2012 7.00% -2.06% 11.37% 0.30% 0.46% ome

2011 7.00% 237% 1.78% 2.20% ~—-0.59%

2010 7.00% 445% 10.81% 4.49% 147% Se

2009 7.00% 4.24% 5.79% 4.89% += 0.85% o% I l / mr

2008 7.00% 5.39% — -23.00% 7.01% 2.94% 5% V/

2007 7.00% 10.88% 5.66% 8.55% + = 7.81% ae \ |

2006 7.00% 9.07% 12.75% N/A N/A —e— Actuarial Value Return

2005 7.00% 647% 7.52% N/A N/A AER T) a Market Value Retin -
— —Assumption

2004 7.00% 15.21% — 17.19% N/A N/A 70% x

2003 7.00% 1.61% — -2.95% N/A N/A 25%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
* Time-Weighted Basis

Note: Values shown prior to January 1, 2007 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company -5- Iron Workers Local No. 16
Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 5.2
Actuarial Assumptions
(Continued.
Retirement — Terminated Vested Participants Retirement at Normal Retirement Age
Withdrawal Varying by Age as Illustrated: Age Rate
20 0.0760
30 0.0441
40 0.0259
50 0.0076
Disability Incidence Varying by Age as Illustrated: Age Rate
20 0.0018
30 0.0033
40 0.0066
50 0.0182

Future Benefit Accruals
Form of Payment
Percentage Married

Spouse Age

Based on the average of the prior two years of hours
Married participants: 50% J&S Annuity, Unmarried participants: Single Life Annuity
75%

Spouses of male/female Participants 3 years younger/older than the Participant.

The McKeogh Company

-34- Tron Workers Local No. 16
Pension Plan


Pooled Funds

Common and Preferred Stocks
Mutual Fund

Limited Partnerships

Corporate Obligations

U.S. Government Agency Obligations
Short-term Investments.

Cash and Cash Equivalents

Fixed Assets

Receivables and Prepaid Expenses

Accounts Payable and Other Liabilities

Net Assets Available for Benefits

* Per Auditor's Reports

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 3.2

Summary of Plan Assets*

As of January 1,

2015 2014 2013 2012 2011
$ 28,357,361 $ 20,969,435 $ 23,119,954 22,514,278 $ 20,427,257
21,597,299 22,056,524 16,620,170 17,142,542 20,882,856
- 5,881,837 5,145,232 4,948,222 5,123,911
24,711,179 25,646,415 20,298,383 23,177,769 26,201,974
7,882,902 8,640,367 9,872,017 8,701,431 9,267,525
1,003,061 912,062 2,969,740 2,772,446 2,917,892
950,716 1,479,486 1,241,808 832,713 997,860
1,350,143 2,178,119 2,404,015 1,644,246 2,985,322
104,685 107,458 110,231 113,004 115,777
531,190 494,261 867,982 599,030 443,861
(263,160) (136,690) (130,272) (140,924) (143,957)
$ 86,225,376 $ 88,229,274 $ 82,519,260 $ 82,304,757 $ 89,220,278

The McKeogh Company

-24-

Tron Workers Local No. 16

Pension Plan


Eligibility for Benefits
Normal Pension
Early Retirement Pension

Service Pension

Disability Pension

Deferred Pension

Hours Bank

Preretirement Surviving
Spouse Benefit
Preretirement Lump Sum
Death Benefit

Pop-Up Benefit

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 6.1

Plan Provisions
‘Continued

Retirement on or after NRD,
Retirement prior to NRD but after attaining age 55 and earning 10 or more Service Credits.

Retirement prior to June 1, 2012: Completion of 25 Service Credits if the participant earned at least one Service Credit
prior to September 1, 2004, Completion of 30 or more Service Credits and attainment of age 50 for all other participants.

Retirement after June 1, 2012: Completion of 30 or more Service Credits and attainment of age 55. If the participant
earned at least 25 Service Credits prior to June 1, 2012 (Grandfathered Participant), eligibility determined as described
above.

The Disability Pension was eliminated for Participants that become totally and permanently disabled on or after
January 1, 2014. For onsets prior to January 1, 2014, eligibility was based on fifteen or more Service Credits as well as
certain hours and age requirements.

Termination of Covered Employment for reasons other than death or retirement after completing 5 or more years of
Vesting Service.

At retirement, a Participant may use the Hours Bank to provide full or partial Service Credit for a year in which the
Participant did not work sufficient hours to earn one Service Credit in that year. Specific rules and procedures exist in
order to calculate such additional Service Credits.

Participant dies after completing 5 or more years of Vesting Service and leaves a surviving spouse to

whom the Participant was married for at least one year at the time of the Participant’s death.

Participant dies prior to termination or retirement. Available only if the Preretirement Surviving Spouse benefit is not
payable or has been waived.

Participant who retires after January 1, 1996 with a Joint and Survivor Annuity and who is predeceased by his/her spouse.

The McKeogh Company

-38- Tron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 3.1

Historical Asset Information

Beginning Change in Market Value of Assets During Plan Year
Plan Year of Year Net End of Year End of Year
Ending Market Value Investment Benefit Market Value Actuarial Value
December 31 of Assets Contributions Return Payments Expenses of Assets of Assets

2014 $ 88,229,274 $ 4,039,977 $ 6,071,454 $ 11,805,405 $ 309,924 $ 86,225,376 $ 80,612,110

2013 82,519,260 3,942,119 13,835,458 11,762,538 305,025 88,229,274 80,647,479
2012 82,304,757 3,651,961 8,865,286 12,004,973 297,771 82,519,260 81,384,100
2011 89,220,278 3,556,900 1,516,875 11,715,686 273,610 82,304,757 91,841,977
2010 89,918,019 2,961,780 9,187,530 12,567,902 279,149 89,220,278 102,602,580
2009 92,869,795 4,248,121 5,146,934 12,030,107 316,724 89,918,019 107,901,622
2008 128,329,061 4,918,127 (28,738,463) 11,364,182 274,748 92,869,795 111,443,754
2007 128,034,557 4,271,053 7,054,791 10,755,590 275,750 128,329,061 124,708,399
2006 120,587,669 3,016,400 14,900,190 10,189,387 280,315 128,034,557 118,899,595
2005 118,949,769 2,964,018 8,675,894 9,752,891 249,121 120,587,669 116,156,093
2004 114,115,806 3,089,738 11,622,429 9,192,988 685,216 118,949,769 115,920,520
The McKeogh Company -23- Tron Workers Local No. 16

Pension Plan


Comparison of Key Valuation Results With Those of Prior Valuations

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01c (Checklist Item #5)

January 1, 2015 Valuation Report

Section 1.2

Plan Year Beginning January 1,

2015 2014 2013 2012* 2011

Contributions

Minimum Funding Requirement $ 0 $ 0 $ 0 $ 0 $ 0

Actual Employer Contributions ** 3,455,000 4,039,977 3,942,119 3,651,961 3,556,900

Maximum Deductible Contribution (Estimated) 191,837,444 199,488,457 202,113,108 181,794,677 167,240,588
Liabilities and Normal Cost

Actuarial Accrued Liability $ 127,843,692 $ 132,111,460 $ 135,913,896 $ 141,260,205 $ 142,696,200

Normal Cost 586,863 909,111 1,111,941 1,248,185 1,394,620

Present Value of Accumulated Plan Benefits 127,843,692 132,111,460 135,913,896 141,260,205 142,696,200

Present Value of Vested Plan Benefits 125,031,800 127,122,248 128,099,706 130,942,916 130,956,177

RPA '94 Current Liability 194,275,554 198,570,648 199,752,266 192,833,366 190,364,506
Assets

Market Value $ 86,225,376 $ 88,229,274 $ 82,519,260 $ 82,304,757 $ 89,220,278

Actuarial Value 80,612,110 80,647,479 81,384,100 91,841,977 102,602,580
Participant Counts

Active 261 278 284 325 351

Persons with Deferred Benefits 191 181 209 181 215

Disabled Persons in Pay Status 35 37 34 34 37

Retirees and Beneficiaries 619 623 610 600 599

Total 1,106 1,119 1,137 1,140 1,202
PPA '06 Certification Results

Plan Status Critical and Decl. Critical Critical Critical Endangered

Funded Percentage (Actuarial Value Basis) 62.1% 61.4% 60.2% 64.6% 70.5%

* Reflects the changes to the plan of benefits under the Rehabilitation Plan, effective May 1, 2012, which were recognized on a pro rata
basis for 2012 funding requirements.

** Estimated.

The McKeogh Company

2-

Tron Workers Local No. 16
Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 2.5

Development of Minimum Required Contribution - Full Funding Limitation

ERISA RPA ‘94
Accrued Current
Liability Liability
1 Liability (Beginning of Year) $ 127,843,692 $ 194,275,554
2. Normal Cost $ 586,863 $ 948,283
3. Expected Disbursements During Year $ 12,345,860 $ 12,345,860
4. Assumed Interest Rate 7.00% 3.51%
5. Projected Liability (End of Year) $ 124,650,037 $ 189,515,532
6. Applicable Percentage 100% 90%
7. Assets
a. Market Value $ 86,225,376 N/A
b, Actuarial Value $ 80,612,110 $ 80,612,110
c. Lesser of (a) and (b) $ 80,612,110 $ 80,612,110
8. Credit Balance $ 31,398,548 NA
9. Assets Projected to End of Year $ 39,887,854 $ 73,484,301
10. Initial Full Funding Limitation (FFL) $ 84,762,183 $ 97,079,678
= (5)x (6)-()
11. Full Funding Limitation, not less than RPA '94 FFL. $ 97,079,678 NA
12. Total Net Charges from Section 2.3 $ 10,650,262 N/A
13. Full Funding Credits $ 0 N/A
The McKeogh Company ~15- Iron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 4.3

Inactive Participant Information as of January 1, 2015

Terminated with Deferred Benefits Retirees and Beneficiaries *

Age Last Total Average Age Last Total Average
Birthday Count Annual Benefit Annual Benefit Birthday Count Annual Benefit _Annual Benefit
<55 45 $ 1,051,236 $ 23,361
<45 51 $ 548,075 $ 10,747 55-59 53 1,202,044 22,680
45-49 23 265,659 11,550 60-64 99 2,003,800 20,240
50-54 45 500,849 11,130 65 — 69 144 2,578,629 17,907
55-59 41 380,687 9,285 70-74 97 1,451,149 14,960
60 - 64 22 187,392 8,518 78-79 84 1,116,820 13,295
> 64 9 98,796 10,977 >79 97 1,011,917 10,432
Total 191 $ 1,981,458 $ 10,374 Total 619 $ 10,415,594 $ 16,826

Disabled Retirees *

Age Last Total Average
Birthday Count Annual Benefit. _Annual Benefit
<55 6 $ 112,698 $ 18,783
55-59 5 71,924 14,385
60 ~ 64 5 90,317 18,063
65-69 5 81,204 16,241
70-74 7 96,970 13,853
75-79 3 31,567 10,522
>79 4 51,986 12,996
Total 35 $ 536,666 $ 15,333

* Does not reflect the 13th check benefit, which totals $33,731 for disabled retirees and $711,699 for healthy retirees and beneficiaries.

The McKeogh Company -30- Tron Workers Local No. 16
Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 4.4

Reconciliation of Participants

Terminated Retirees
With Deferred Disabled and
Actives Benefits Participants Beneficiaries Total
Counts as of January 1, 2014 278 181 37 623 1,119
Terminated without Vesting ap 0 0 0 (il)
Terminated with Vesting (17) 17 0 0 0
Became Disabled 0 0 0 0 0
Retired (9) (3) 0 12 0
Died (3) qd) (2) (24) (30)
New Beneficiaries 0 1 0 8 9
Rehired 5 (4) 0 qd) 0
New Entrants 18 0 0 0 18
Cashed Out 0 0 0 0 0
Data Corrections 0 0 0 1 1
Net Change (17) 10 (2) (A) (13)
Counts as of January 1, 2015 261 191 35 619 1,106
The McKeogh Company -31- Tron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 2.11

Historical ASC Topic 960 Information

Actuarial Present Value of Market
Vested Accum, Plan Value
January 1, Benefits Benefits of Assets
2015 $ 125,031,800 $ — 127,843,692 $ 86,225,376 S1som
2014 127,122,248 132,111,460 88,229,274 $140M
2013 128,099,706 135,913,896 82,519,260
$120M
2012 130,942,916 141,260,205 82,304,757
$100M
2011 130,956,177 142,696,200 89,220,278
$80M
2010 130,382,882 145,028,413 89,918,019
2009 131,170,874 145,275,205 92,869,795 $60M
2008 127,594,958 141,251,264 128,329,061 eon
"==E PV Nonvested Bens
2007 123,233,745 138,872,165 128,034,557 saom GmmEPV Veema Bare
2006 118,912,190 133,344,781 120,587,669 —Market Value
som
2005 114,870,187 130,123,209 118,949,769 2005 2006 2007 2008 2009 2010 2011

2012 2013 2014 2015

Note: Values shown prior to January 1, 2007 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company

-21- Tron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

The McKeogh Company

March 15, 2016

Board of Trustees of

Ironworkers Local Union No. 16 Pension Fund
c/o GEMGroup L.P.

8600 LaSalle Road

Oxford Building — Suite 624

Towson, MD 21286

Dear Trustees:

This report presents the results of the actuarial valuation of the Ironworkers Local Union No. 16 Pension Fund as of
January 1, 2015. The primary purposes of the report are to:

= Determine the minimum funding requirements of ERISA and Sections 412 and 431 of the Internal Revenue Code
for the Plan Year ending December 31, 2015.

= Estimate the limitation on maximum deductible contributions.

= Compare the minimum funding requirement to the contributions expected to be paid by the contributing
employers.

= Develop information required to be disclosed in accordance with Accounting Standards Codification (ASC) Topic
960 and Schedule MB (Form 5500).

= Calculate the Unfunded Vested Benefit Liability (UVB) for withdrawal liability purposes under the
Multiemployer Pension Plan Amendments Act of 1980.

= Report on the Plan’s status with respect to the Pension Protection Act of 2006 (“PPA °06”), as amended.

Four Tower Bridge * Suite 225 « 200 Barr Harbor Drive » West Conshohocken, PA 19428 » Phone: (484) 530-0692 » Facsimile (484) 530-0713


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 6.1

Plan Pro

Service Credits Service Credits are based on Hours of Service in Covered Employment during a Plan Year, according to the following
schedules:
Service
Credits Hours of Service
Apr. 1, 1960 — Jan. 1, 1993 Jan. 1, 2008 — Jan. 1, 2011 — Jan. 1, 2015
Dec. 31, 1992 Dec. 31, 2007 Dee. 31, 2010 Dec. 31, 2014 and later
0.00 Less than 500 Less than 262.50 Less than 300 Less than 500 Less than 400
0.25 500 — 699 262.50 — 524.25 300 — 599 500 — 699 400-799
0.50 700-999 524.50 — 787.25 600 - 899 700 — 999 800 — 1,199
0.75 1,000 - 1,399 787.50 — 1,049.25 900 - 1,199 1,000 — 1,399 1,200 — 1,599
1.00 1,400 or more 1,050 or more 1,200 or more 1,400 or more 1,600 or more
Hours Bank A Participant’s Hours of Service in excess of 1,600 in a Plan Year earned on or after April 1, 1960 will be credited to the

Participant’s Hours Bank. A Participant’s Hours Bank will be limited to a maximum of 3,500 hours (2,800 hours prior to
January 1, 1998).

The McKeogh Company -36- Tron Workers Local No. 16
Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

PART VI

SUMMARY OF PLAN PROVISIONS


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 1.7

Projections
Continued)

* Administrative expenses of $310,000 in 2015, $320,000 in 2016, and then increasing by 3% per year.
© The automatic 5-year extension of amortization periods pursuant to Section 43 1(d) of the Internal Revenue Code effective January 1, 2010.
¢ The following changes in the plan of benefits were reflected in the projections as of January 1, 2016:

o For retirements occurring after December 31, 2015, the 6% per year early retirement reduction for active and terminated participants was
increased to 6 2/3% per year.

o. The Service Pension for Grandfathered Participants (i.e., those who have completed at least 25 Service Credits as of June 1, 2012) retiring
after December 31, 2015 is reduced 2% per year prior to age 60, with a maximum reduction of 10%.

o The $1,500 Postretirement Death Benefit has been eliminated for deaths occurring after December 31, 2015.

¢ Benefit payments are based on an open group projection, reflecting the January 1, 2015 actuarial valuation and assuming the active population
remains level in future years. Future new hires were assumed to have demographics equal to new hires from the past two plan years. Projections
reflect the benefit reductions taking effect on January 1, 2016, as summarized above. The resulting benefit payments are expected to be $11.7
million during the 2015 plan year, gradually decreasing to $10.8 million during 2020, to $9.8 million during 2025, to $8.6 million during 2030,
and continuing to decrease at around 3%-4% per year until the end of the projection period. The expected benefit payments assume that the active
population remains level in future years.

¢ The active population as a whole will have similar demographic characteristics from year to year and the active plan participant count is assumed
to remain level.

Activity in the industry (including future covered employment and contribution levels) is based upon information provided by the plan sponsor.

Actual future valuation results will differ from those projected to the extent that future experience deviates from these projection assumptions.

The McKeogh Company -9- Iron Workers Local No. 16
Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 2.1

Summary Statistics

Plan Year Beginning January 1,

2015 2014 2013 2012 2011

Number of Plan Participants

Active 261 278 284 325 351

Persons with Deferred Benefits 191 181 209 181 215

All Persons In Pay Status 654 660 644 634 636

Total 1,106 1119 1,137 1,140 1,202
Assets

Market Value $ 86,225,376 $ 88,229,274 $ 82,519,260 $ 82,304,757 $ 89,220,278

Actuarial Value 80,612,110 80,647,479 81,384,100 91,841,977 102,602,580
Liabilities and Normal Cost

Funding Method Unit Credit Unit Credit Unit Credit Unit Credit Unit Credit

Actuarial Accrued Liability $ 127,843,692 $ 132,111,460 $ 135,913,896 $ 141,260,205 $ 142,696,200

Normal Cost 586,863 909,111 1,111,941 1,248,185 1,394,620

RPA '94 Current Liability 194,275,554 198,570,648 199,752,266 192,833,366 190,364,506
Unfunded Actuarial Accrued Liability

Market Value Basis $ 41,618,316 $ 43,882,186 $ 53,394,636 $ 58,955,448 $ 53,475,922

Actuarial Value Basis 47,231,582 51,463,981 54,529,796 49,418,228 40,093,620
Contributions

Minimum Funding Requirement $ o $ 0 $ 0 $ 0 $ 0

Actual Employer Contributions 3,455,000 * 4,039,977 3,942,119 3,651,961 3,556,900

Maximum Deductible Contribution (Estimated) 191,837,444 199,488,457 202,113,108 181,794,677 167,240,588
* Estimated.

The McKeogh Company -10- Tron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Part II — Asset Information

3.1 Historical Asset Information

32 Summary of Plan Assets

3.3 Changes in Assets From Prior Valuation
3.4 Development of Actuarial Value of Assets
3.5 Investment Rates of Return

Part IV — Demographic Information

41 Historical Participant Information

4.2 Active Participant Age/Service Distribution
43 Inactive Participant Information

4.4 Reconciliation of Participants

Part V — Actuarial Basis

5.1 Actuarial Methods

5.2 Actuarial Assumptions
Part VI- Summary of Plan Provisions

6.1 Plan Provisions

32
33

35


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 4.2

Active Participant Age/Service Distribution as of January 1, 2015

Years of Service Credits

Attained Age Under 1 1to4 5to9  10to14 15tol9 20to24 25t029 30t034 35 to39 40 & Up Totals
‘Under 25 2 6 1 0 0 0 0 0 0 0 9
25 to 29 1 13 12 3 0 0 0 0 0 0 29
30 to 34 3 9 22 17 1 0 0 0 0 0 52
35 to 39 3 6 10 4 8 0 0 0 0 0 31
40 to 44 1 7 6 9 10 S 3 0 0 0 4l
45 to 49 2 2 4 6 lL 4 7 0 0 0 36
50 to 54 0 1 5 3 8 4 14 0 0 0 35
55 to 59 0 0 2 2 2 6 7 2 0 0 21
60 to 64 0 1 2 0 1 0 2 0 0 6
65 to 69 0 0 0 i 0 0 0 0 0 1
70 & Up 0 0 0 0 0 0 0 0 0 0 0
Total 12 44 63 46 41 20 31 4 0 0 261
Average Age: 414
Average Service: 12.4
The McKeogh Company -29- Tron Workers Local No. 16

Pension Plan


a 2s Ye N

2

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

Exhibit 3.01c (Checklist Item #5)

Section 2.9

January 1, 2015 Valuation Report

Development of Actuarial Gain/(Loss)

Unfunded accrued liability at beginning of year
Normal Cost for Plan Year

Interest on (1) and (2) to end of year
Contributions for Plan Year

Interest on (4) to end of Plan Year

Expected unfunded accrued liability at end of year

=(1)+@)+G)-@-6)

Unfunded accrued liability as of December 31
Gain/(Loss) = (6) - (7)

Change in unfunded accrued liability due to:
a. Assumption Change

b. Plan Change

c. Method Change

10. Unfunded accrued liability as of December 31

= (7) + (9a) + (9b) + (9c)

IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Plan Year Ending December 31,

2014 2013 2012* 2011 2010
$ 51,463,981 $ 54,529,796 $ 49,418,228 $ 40,093,620 $ 37,126,791
$ 909,111 $ 1,111,941 $ 1,248,185 $ 1,394,620 $ 2,113,539
$ 3,666,116 $ 3,894,922 $ 3,546,649 $ 2,904,177 $ 2,746,823
$ 4,039,977 $ 3,942,119 $ 3,651,961 $ 3,556,900 $ 2,961,780
$ 139,799 $ 136,412 $ «126,372 $ ~—«:123,083 $ —-102,489
$ 51,859,432 $ 55,458,128 $ 50,434,729 $ 40,712,434 $ 38,922,884
$ 48,488,360 $ 54,375,803 $ 59,589,762 $ 49,418,228 $ 40,093,620
$ 3,371,072 $ 1,082,325 $ (9,155,033) $ (8,705,794) $ (1,170,736)
$ (685,205) $ 0 $ 0 $ 0 $ 0
$ (571,573) $ (2,911,822) $ (5,059,966) $ 0 $ 0
$ 0 $8 0 $ 0 $ 0 $ 0
$ 47,231,582 $ 51,463,981 $ 54,529,796 $ 49,418,228 $ 40,093,620

* Reflects the changes to the plan of benefits under the Rchabilitation Plan, effective May 1, 2012, which were recognized on a pro rata basis for 2012 funding requirements.

The McKeogh Company

~-19-

Iron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

TABLE OF CONTENTS
Transmittal Letter
Part I- Discussion of Principal Valuation Results
Ll Valuation Highlights
1.2 Comparison of Key Valuation Results With Those of Prior Valuations
13 Plan Experience During Prior Year
14 Funded Status Under ASC Topic 960 and PPA ‘06
1.5 Summary of Investment Performance
1.6 Statement of Changes From Prior Valuation
“7 Projections
Part I — Valuation Results
21 Summary Statistics
22 Actuarial Accrued Liability and Current Liability
23 Development of Minimum Required Contribution — Summary
2.4 Development of Minimum Required Contribution — Amortization Record
2.5 Development of Minimum Required Contribution — Full Funding Limitation
2.6 Funding Standard Account Information
27 Estimated Maximum Deductible Contribution
28 Estimated Maximum Deductible Contribution — Full Funding Limitation
29 Development of Actuarial Gain/(Loss)

2.10 Presentation of ASC Topic 960 Disclosures
2.11 Historical ASC Topic 960 Information
2.12 Withdrawal Liability Information

NDAARWNE


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 6.1

Plan Provisions

Benefits Paid Upon the Following Events

Normal Pension

Early Retirement Pension

Service Pension

Deferred Pension

Preretirement Surviving
Spouse Benefit

Preretirement Lump Sum

Accrued Monthly Pension as of NRD.

Accrued Monthly Pension as of early retirement date, reduced by 6% for each year that commencement precedes the
Participant’s NRD.

Accrued Monthly Pension as of normal retirement date, reduced by 6% per year that retirement precedes age 60. For
retirements occurring between January 1, 2014 and June 30, 2014, the 6% per year early retirement reduction applied
starting at age 57. Grandfathered Participants (i.e., those who have completed at least 25 Service Credits as of June 1,
2012) will continue to be eligible for an unreduced Service Pension.

Accrued Monthly Pension payable at NRD. A vested participant with at least 10 years of Service Credit may elect to have
benefits commence as early as age 55. The benefit shall be reduced by 6% per year for each year that commencement
precedes NRD.

Spouse receives a lifetime monthly pension equal to 50% of the benefit that would be payable if the Participant
separated from service on the date of death (or separation from service, if earlier), survived to the earliest retirement age,
retired with an immediate qualified joint and survivor annuity, and died on the day after the earliest retirement age.
Instead of the benefit described above, the surviving spouse may elect to receive the Preretirement Lump Sum Death
Benefit.

For participants with at least 10 years of Service Credit, $300 times Service Credits earned on and after

Death Benefit April 1, 1960, maximum of $7,500. Payment shall be made in a single lump sum or in 60 equal monthly installments, at
the option of the beneficiary. For all other participants, $2,500 payable in single lump sum.
The McKeogh Company -39- Tron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 3.4

Development of Actuarial Value of Assets

1. Market Value of Assets as of January 1, 2014 $ 88,229,274
2. Contributions during year $ 4,039,977
3. Disbursements during year $ 12,115,329
4. Expected investment income at valuation rate of 7.00% $ 5,898,983
per annum, net of investment expense
5. Expected Market Value of Assets as of December 31, 2014 $ 86,052,905
6. Actual Market Value of Assets as of December 31, 2014 $ 86,225,376
7. Gain/(Loss) during year $ 172,471
8. Unrecognized Prior Gain/(Loss)
Year Ending Original Unrecognized Unrecognized
December 31 Gain/(Loss) Percentage Amount
2014 $ 172,471 80% $ 137,977
2013 8,337,919 60% $ 5,002,751
2012 3,400,894 40% $ 1,360,358
2011 (4,439,099) 20% $ (887,820)
Total $ 5,613,266
9. Preliminary Actuarial Value of Assets as of January 1, 2015 $ 80,612,110
= (6) - (8)
10. Actuarial Value of Assets as of January 1, 2015 $ 80,612,110
= (9) but not more than 120% of (6) nor less than 80% of (6)
11. Actuarial Value of Assets as a Percentage of Market Value 93.5%
The McKeogh Company -26- Tron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 5.2

Actuarial Assumptions

Interest Rate (Net of Investment Expenses)

For RPA °94 Current Liability 3.51% per year
For All Other Purposes 7.00% per year
Administrative Expenses $310,000 as of beginning of the year
Mortality -- Healthy lives 1983 Group Annuity Mortality Table (GAM 83) for males and females
-- Disabled lives 1971 Group Annuity Mortality Table for males
-- Mortality improvement No future mortality improvements were assumed beyond the valuation date

RPA ‘94 Current Liability Mortality

-- Healthy lives RP-2000 Mortality Tables, with separate rates for annuitants and non-annuitants, as
issued by the IRS for 2015 valuations. Separate tables for males and females.
-- Disabled lives Mortality specified in Revenue Ruling 96-7 for Disabilities occurring post-1994
Retirement Age — Active Participants Age Rate
Less Than 30 Service Credits 30 or More Service Credits
55 0.15 0.50
56-59 0.10 0.25
60-61 0.20 1,00
62-64 0.25 1.00
65 1.00 1.00
Grandfathered Participants are assumed to retire upon completion of 28 years of
service.
The McKeogh Company -33- Tron Workers Local No. 16

Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 2.12

Withdrawal Liability Information

As of December 31,
1. Present Value of Vested Benefits 2014 2013 2012 2011 2010
a. Active Participants $ 11,436,187 $ 11,551,789 $ 13,739,081 $ 16,709,680 $ 15,947,319
b. Persons with Deferred Benefits 7,715,856 7,433,239 7,637,772 6,772,449 7,363,049
c. Retirees and Beneficiaries 105,879,757 108,137,220 106,722,853 107,059,157 107,248,273
d. Total $ 125,031,800 $ 127,122,248 $ 128,099,706 $ 130,541,286 $ 130,558,641 |
2. Market Value of Assets $ 86,225,376 $ 88,229,274 $ 82,519,260 $ 82,304,757 $ 89,220,278 |

3. Unfunded Vested Benefit Liability(UVB) $ 38,806,424 $ 38,892,974 $ 45,580,446 $ 48,236,529 $ 41,338,363
4. Unamortized Balance of Affected Benefits $ 5,611,342 $ 3,859,897 $ 4,019,866 n/a na

Withdrawal liabilities are determined using the presumptive method as described in ERISA Section 4211(b). PBGC Regulations require that plans
in critical status disregard certain benefit reductions (adjustable benefits) in determining withdrawal liability and prescribe simplified methods for
making these calculations. Therefore, for purposes of calculating withdrawal liability, the UVB shown above should be increased by the amortized
balance of affected benefits also shown above.

The plan of benefits for the December 31, 2014 calculation are the same as those described in Section 6.1 except as noted below:
1. Benefits which are first effective January 1, 2015 or later are not reflected in the UVB as of December 31, 2014.

2. Death benefits unrelated to pension benefits and disability benefits other than those in pay status are not included in the UVB.

The actuarial basis is the same as used in the January 1, 2015 actuarial valuation of the plan as described in Section 5 except that, as indicated, the
market value of assets is used in the determination of UVB.

The McKeogh Company -22- Tron Workers Local No. 16
Pension Plan



APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 1.7
Projections

Credit Balance Projection

Credit Balance with 431(d) Extension (§ millions)

$40M
The Funding Standard Account Credit Balance is a measure of compliance with car)
ERISA’s minimum funding standards. A non-negative Credit Balance indicates that a
talnirouny funding standards have been met. A negative Credit Balance indicates that an fo, b,, %, %, %, %, a May ey % ey %, B %, oa
minimum funding standards have not been met. saan
. i rs F 5 "i -$6oM
The graph to the right shows an anticipated funding deficiency (negative credit can
balance) by the end of the 2020 Plan Year. The graph reflects the amortization Pri
1

extension under Section 43 1(d)(1) of the Internal Revenue Code.

This graph is based on the Projection Assumptions shown below. Actual future credit balance values will differ from those projected to the extent that
future experience deviates from the Projection Assumptions.

Funded Percentage Projection

Projection of Funded Percentage (Actuarial Value)

The funded percentage is an important concept under funding reform. Under the thie

Pension Protection Act of 2006, a plan is generally considered “critical” (in the Red Cb. Se

Zone) if there is a funding deficiency projected within 4 years if the funded 60%

percentage exceeds 65%, or within 5 years if the funded percentage falls below 65% 40%

(other factors may apply). The funded percentage is measured by the actuarial value sor

of assets divided by the present value of accrued benefits (determined using funding NS
assumptions). The graph to the right illustrates that the Plan’s funded percentage is 0%

Up, bp, Op, Vy, Op, Op, Oo, Oo, a, Oo, 0a, Uo, Coy Yo, U9,
currently below 65% (63%) and is anticipated to significantly decrease resulting in ap ig te tag Mig ig ee tie Mn en te Pe Mien He Me,

plan insolvency in 2032.

The McKeogh Company -7- Tron Workers Local No. 16
Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

Section 6.1

Pop-Up Benefit The pension amount will be increased to the amount that would have been payable in the single life annuity form of
pension.

Normal and Optional The basic pension benefits described above are payable as a single life annuity (single life annuity with 60

Forms of Payment monthly payments guaranteed prior to June 1, 2012). Married employees receive a benefit which is the basic benefit

actuarially reduced to provide the spouse with a 50% contingent annuity benefit.

Prior to June 1, 2012, certain participants could elect a lump sum payment with respect to the portion of the benefit
attributable to Service Credits over 25 years.

Other optional forms of payment are: Joint and 50%, 75% or 100% to Survivor, and life with 60, 120 or 180 monthly
payments guaranteed. Married participants must have spousal consent to elect a form of payment other than the Joint and
50% to Surviving Spouse form.

Other Benefits

Postretirement At the death of a Participant receiving a pension benefit, a single sum death benefit shall be paid to the
Death Benefit named beneficiary in an amount equal to $1,500.
13" Check Pensioners on the rolls at December 31, 2007 shall be entitled to one additional monthly payment in January of each year

equal to the pensioner’s current monthly pension payment, with a minimum of $1,000. Participants who retired between
January 1, 2008 and December 31, 2009 were entitled to one additional monthly payment (without the $1,000 minimum)
in January of each year with the last such payment made in January 2013. Participants who retired after

December 31, 2009 are not eligible for this benefit.

The McKeogh Company -40- Iron Workers Local No. 16
Pension Plan


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 3.01¢ (Checklist Item #5)
January 1, 2015 Valuation Report

PART IT

VALUATION RESULTS