CM94:01014
CM94:01015
CM94:01016
CM94:01017


CM94:01020
CM94:01021
CM94:01022
Application for a Partition Order

Plasterers and Cement Masons Local No. 94 Pension Fund

EIN/PN: 23-6445411 / 001

Exhibit 7a3 - Projected Insolvency without Suspension of Benefits or Partition

Benefit Payment Projections Using Exhibit 6c Assumptions, Prior to Suspension of Benefits, Prior to Partition

Plan BOY EOY

Year Assumptions Market Benefit Payments by 2017 Status BOY Net Market

Begin MVA Contrib Accrued Funded Value of Future Term Admin Contributions Investment Value of Available Solvency

5/1/yyyy Return CBUs Rate Liability % Assets Entrants Actives Vesteds Retirees Beneficiaries Total Expenses W/D Liab Regular Total Interest Income Assets Resources Ratio

(a) (b) (c) (d) (e) (f) (g) (h)

2017 1.36% 4,800 9.30 5,684,165 40.2% 2,282,796 - 428 6 147,070 162,815 15,312 70,000 - 44,640 44,640 303 29,293 2,123,914 2,286,729 n/a

2018 5.91% 24,000 9.30 5,643,771 37.6% 2,123,914 - 12,341 38 428,578 483,947 42,990 75,000 - 223,200 223,200 6,532 113,528 1,901,695 2,385,642 4.93 

2019 5.91% 21,000 9.30 5,558,938 34.2% 1,901,695 - 14,886 80 415,547 470,729 40,216 62,424 - 195,300 195,300 5,716 100,706 1,664,548 2,135,277 4.54 

2020 5.91% 21,000 9.30 5,482,672 30.4% 1,664,548 - 28,944 119 402,138 468,787 37,586 63,672 - 195,300 195,300 5,716 86,674 1,414,062 1,882,849 4.02 

2021 5.91% 21,000 9.30 5,403,185 26.2% 1,414,062 - 32,880 166 388,382 456,507 35,079 64,946 - 195,300 195,300 5,716 72,152 1,160,062 1,616,569 3.54 

2022 5.91% 21,000 9.30 5,332,276 21.8% 1,160,062 - 36,820 532 374,312 444,338 32,674 66,245 - 195,300 195,300 5,716 57,419 902,197 1,346,535 3.03 

2023 6.90% 21,000 9.30 5,270,527 17.1% 902,197 - 51,954 1,260 359,968 443,543 30,361 67,570 - 195,300 195,300 6,663 49,205 635,590 1,079,133 2.43 

2024 6.90% 21,000 9.30 5,204,472 12.2% 635,590 - 55,467 2,001 345,396 431,001 28,137 68,921 - 195,300 195,300 6,663 31,141 362,109 793,110 1.84 

2025 6.90% 21,000 9.30 5,146,545 7.0% 362,109 - 58,039 12,201 330,642 426,882 26,000 70,300 - 195,300 195,300 6,663 12,316 72,543 499,425 1.17 

2026 6.90% 21,000 9.30 5,090,266 1.4% 72,543 1 76,138 23,815 315,763 439,672 23,955 71,706 - 195,300 195,300 6,663 (8,195) (251,730) 187,942 0.43 

2027 6.90% 21,000 9.30 5,016,256 -5.0% (251,730) 1 82,584 24,820 300,815 430,222 22,002 73,140 - 195,300 195,300 6,663 (30,348) (590,140) (159,918) (0 37) 

Notes: o Market Value of Assets shown in 2017 is MVA at 12/31/17 based on unaudited financial information provided by the fund administrator.

o Accrued Liability in 2017 is projected AL as of 12/31/17 based on valuation results as of 5/1/17 valuation.

o Benefit Payments, Admin Expenses, Contributions, and Investment income shown in 2017 have been prorated to reflect only the period from 1/1/18 to 4/30/18.

o Expenses are assumed to be $110,000 in the PYB 5/1/17 and $75,000 in the PYB 5/1/18. Expenses beginning in the PYB 5/1/19 are assumed to resume the certification pattern of 2% increases per year from $60,000 in the PYB 5/1/17.

o Solvency Ratio = (g) Available Resources ÷ (b) Benefit Payments

o Available Resources = (a) BOY MVA + (d) Contributions + (e) Net Investment Income - (c) Admin Expenses

3/30/2018 13 25

N \1525\2017\Benef t Suspension - Partition (Preliminary)\Projections for App ication\[CM94 Projections for Application Exhibits v18 (Heading Edits).xlsx]Exhibit 7a3 Base ine

CM94:01023
Application for a Partition Order

Plasterers and Cement Masons Local No. 94 Pension Fund

EIN/PN 23-6445411 / 001

Exhibit 7a4 - Projected Post-Insolvency Financial Assistance from the PBGC

Benefit Payment Projections Using Exhibit 6c Assumptions, Prior to Suspension of Benefits, Prior to Partition Through Insolvency 

PBGC Guarantee Benefit Payment Projections Using ERISA Section 4044 Mortality for 2017; Reduction to PBGC Guarantee Level

Plan BOY Benefit Payments by 2017 Status Present Value of PBGC Financial Assistance 2,234,274 EOY

Year Assumptions Market No Partition; No Suspension PBGC Guarantee BOY Net PBGC Market

Begin MVA Contrib Value of Future Term Future Term Total Admin Contributions Investment Discount Financial Value of

5/1/yyyy Return CBUs Rate Assets Entrants Actives Vesteds Retirees Beneficiaries Total Entrants Actives Vesteds Retirees Beneficiaries Total Paid Expenses W/D Liab Regular Total Interest Income Factor Assistance Assets

(a) (b) (c) (d) (e) (f)

2017 1.36% 4,800 9.30 2,282,796 - 428 6 147,070 15,312 162,815 - - - - - - 162,815 70,000 - 44,640 44,640 303 1.0000 29,293 - 2,123,914 

2018 5.91% 24,000 9.30 2,123,914 - 12,341 38 428,578 42,990 483,947 - - - - - - 483,947 75,000 - 223,200 223,200 6,532 113,528 0.9771 - 1,901,695 

2019 5.91% 21,000 9.30 1,901,695 - 14,886 80 415,547 40,216 470,729 - - - - - - 470,729 62,424 - 195,300 195,300 5,716 100,706 0.9548 - 1,664,548 

2020 5.91% 21,000 9.30 1,664,548 - 28,944 119 402,138 37,586 468,787 - - - - - - 468,787 63,672 - 195,300 195,300 5,716 0.9330 86,674 - 1,414,062 

2021 5.91% 21,000 9.30 1,414,062 - 32,880 166 388,382 35,079 456,507 - - - - - - 456,507 64,946 - 195,300 195,300 5,716 0.9116 72,152 - 1,160,062 

2022 5.91% 21,000 9.30 1,160,062 - 36,820 532 374,312 32,674 444,338 - - - - - - 444,338 66,245 - 195,300 195,300 5,716 0.8908 57,419 - 902,197 

2023 6.90% 21,000 9.30 902,197 - 51,954 1,260 359,968 30,361 443,543 - - - - - - 443,543 67,570 - 195,300 195,300 6,663 0.8704 49,205 - 635,590 

2024 6.90% 21,000 9.30 635,590 - 55,467 2,001 345,396 28,137 431,001 - - - - - - 431,001 68,921 - 195,300 195,300 6,663 0.8505 31,141 - 362,109 

2025 6.90% 21,000 9.30 362,109 - 58,039 12,201 330,642 26,000 426,882 - - - - - - 426,882 70,300 - 195,300 195,300 6,663 0.8311 12,316 - 72,543 

2026 6.90% 21,000 9.30 72,543 1 76,138 23,815 315,763 23,955 439,672 2,840 47,791 11,187 215,032 293,974 17,124 293,974 71,706 - 195,300 195,300 - - 0.8121 97,837 - 

2027 6.90% 21,000 9.30 - - - - - - - 4,054 52,421 11,870 204,234 288,128 15,549 288,128 73,140 - 195,300 195,300 - - 0.7935 165,968 - 

2028 6.90% 21,000 9.30 - - - - - - - 4,841 56,447 12,547 193,315 281,203 14,053 281,203 74,602 - 195,300 195,300 - - 0.7754 160,505 - 

2029 6.90% 21,000 9.30 - - - - - - - 6,833 70,673 18,899 182,306 291,358 12,647 291,358 76,095 - 195,300 195,300 - - 0.7576 172,153 - 

2030 6.90% 21,000 9.30 - - - - - - - 7,850 73,783 21,275 171,306 285,562 11,348 285,562 77,616 - 195,300 195,300 - - 0.7403 167,878 - 

2031 6.90% 21,000 9.30 - - - - - - - 8,864 79,931 22,061 160,365 281,380 10,159 281,380 79,169 - 195,300 195,300 - - 0.7234 165,249 - 

2032 6.90% 21,000 9.30 - - - - - - - 11,520 86,275 27,949 149,570 284,390 9,076 284,390 80,752 - 195,300 195,300 - - 0.7068 169,842 - 

2033 6.90% 21,000 9.30 - - - - - - - 13,808 90,718 31,432 139,007 283,063 8,098 283,063 82,367 - 195,300 195,300 - - 0.6907 170,130 - 

2034 6.90% 21,000 9.30 - - - - - - - 15,463 96,821 31,587 128,699 279,792 7,222 279,792 84,014 - 195,300 195,300 - - 0.6749 168,506 - 

2035 6.90% 21,000 9.30 - - - - - - - 19,821 101,522 34,729 118,673 281,188 6,443 281,188 85,695 - 195,300 195,300 - - 0.6595 171,583 - 

2036 6.90% 21,000 9.30 - - - - - - - 22,973 100,412 37,021 108,947 275,110 5,757 275,110 87,409 - 195,300 195,300 - - 0.6444 167,219 - 

2037 6.90% 21,000 9.30 - - - - - - - 25,465 100,022 38,918 99,514 269,075 5,156 269,075 89,157 - 195,300 195,300 - - 0.6279 162,932 - 

2038 6.90% 21,000 9.30 - - - - - - - 28,800 101,279 43,759 90,398 268,866 4,630 268,866 90,940 - 195,300 195,300 - - 0.6118 164,506 - 

2039 6.90% 21,000 9.30 - - - - - - - 31,540 99,211 47,116 81,653 263,691 4,171 263,691 92,759 - 195,300 195,300 - - 0.5961 161,150 - 

2040 6.90% 21,000 9.30 - - - - - - - 34,254 97,276 46,534 73,345 255,181 3,772 255,181 94,614 - 195,300 195,300 - - 0.5808 154,495 - 

2041 6.90% 21,000 9.30 - - - - - - - 37,316 95,690 45,907 65,503 247,839 3,423 247,839 96,506 - 195,300 195,300 - - 0.5659 149,045 - 

2042 6.90% 21,000 9.30 - - - - - - - 40,691 93,383 45,138 58,147 240,471 3,112 240,471 98,436 - 195,300 195,300 - - 0.5514 143,607 - 

2043 6.90% 21,000 9.30 - - - - - - - 44,197 90,899 46,233 51,299 235,456 2,828 235,456 100,405 - 195,300 195,300 - - 0.5373 140,561 - 

2044 6.90% 21,000 9.30 - - - - - - - 47,697 89,491 45,354 45,018 230,123 2,563 230,123 102,413 - 195,300 195,300 - - 0.5235 137,236 - 

2045 6.90% 21,000 9.30 - - - - - - - 52,032 86,469 44,337 39,289 224,439 2,312 224,439 104,461 - 195,300 195,300 - - 0.5101 133,600 - 

2046 6.90% 21,000 9.30 - - - - - - - 55,570 83,283 43,228 34,103 218,254 2,070 218,254 106,551 - 195,300 195,300 - - 0.4970 129,505 - 

2047 6.90% 21,000 9.30 - - - - - - - 59,348 81,041 42,016 29,482 213,722 1,835 213,722 108,682 - 195,300 195,300 - - 0.4843 127,104 - 

2048 6.90% 21,000 9.30 - - - - - - - 62,963 77,880 40,634 25,403 208,490 1,610 208,490 110,855 - 195,300 195,300 - - 0.4719 124,045 - 

Notes: o The Plan is projected to become insolvent in the Plan Year beginning May 1, 2026.

o Market Value of Assets shown in 2017 is MVA at 12/31/17 based on unaudited financial information provided by the fund administrator.

o Accrued Liability in 2017 is projected AL as of 12/31/17 based on valuation results as of 5/1/17 valuation.

o Benefit Payments, Admin Expenses, Contributions, and Investment income shown in 2017 have been prorated to reflect only the period from 1/1/18 to 4/30/18.

o Expenses are assumed to be $110,000 in the PYB 5/1/17 and $75,000 in the PYB 5/1/18. Expenses beginning in the PYB 5/1/19 are assumed to resume the certification pattern of 2% increases per year from $60,000 in the PYB 5/1/17.

o PBGC guarantee benefits determined as of 5/1/2026. Benefit payments determined using ERISA 4044 Mortality for 2017, a short-term discount rate of 2.34% and a long-term discount rate of 2.63%.

3/30/2018 13:27

N:\1525\2017\Benefit Suspension - Part tion (Pre iminary)\Project ons for Appl cation\[CM9 Projec ions for App ication Exhib ts v18 (Heading Edi s).xlsx]Exhibit 7a PBGC Post Insolv

CM94:01024
Application for a Partition Order

Plasterers and Cement Masons Local No. 94 Pension Fund

EIN/PN: 23-6445411 / 001

Exhibit 7a5 - Avoid Insolvency with Both Suspension of Benefits and Partition

Benefit Payment Projections Using Exhibit 6c Assumptions, After Suspension of Benefits, After Partition

Plan BOY EOY

Year Assumptions Market Benefit Payments by 2017 Status BOY Net Market

Begin MVA Contrib Accrued Funded Value of Future Term Admin Contributions Investment Value of Available Solvency

5/1/yyyy Return CBUs Rate Liability % Assets Entrants Actives Vesteds Retirees Beneficiaries Total Expenses W/D Liab Regular Total Interest Income Assets Resources Ratio

(a) (b) (c) (d) (e) (f) (g) (h)

2017 1 36% 4,800 9.30 5,684,165 40.2% 2,282,796 - 428 6 147,070 162,815 15,312 70,000 - 44,640 44,640 303 29,293 2,123,914 2,286,729 n/a

2018 5 91% 24,000 9.30 5,643,771 37.6% 2,123,914 - 12,341 38 428,578 483,947 42,990 75,000 - 223,200 223,200 6,532 113,528 1,901,695 2,385,642 4.93 

2019 5 91% 21,000 9.30 3,009,940 63.2% 1,901,695 - 9,678 7 233,622 280,990 37,683 62,424 - 195,300 195,300 5,716 106,233 1,859,813 2,140,803 7.62 

2020 5 91% 21,000 9.30 2,952,277 63.0% 1,859,813 - 18,995 11 225,681 279,782 35,095 63,672 - 195,300 195,300 5,716 103,719 1,815,378 2,095,160 7.49 

2021 5 91% 21,000 9.30 2,891,737 62.8% 1,815,378 - 21,826 14 217,546 272,017 32,631 64,946 - 195,300 195,300 5,716 101,243 1,774,958 2,046,975 7.53 

2022 5 91% 21,000 9.30 2,836,450 62.6% 1,774,958 - 24,712 43 209,240 264,267 30,272 66,245 - 195,300 195,300 5,716 99,004 1,738,751 2,003,017 7.58 

2023 6 90% 21,000 9.30 2,786,839 62.4% 1,738,751 - 34,302 102 200,787 263,200 28,009 67,570 - 195,300 195,300 6,663 113,045 1,716,326 1,979,526 7.52 

2024 6 90% 21,000 9.30 2,733,917 62.8% 1,716,326 - 37,512 156 192,220 255,724 25,836 68,921 - 195,300 195,300 6,663 111,658 1,698,640 1,954,364 7.64 

2025 6 90% 21,000 9.30 2,684,843 63.3% 1,698,640 - 39,686 630 183,568 247,638 23,754 70,300 - 195,300 195,300 6,663 110,617 1,686,620 1,934,258 7.81 

2026 6 90% 21,000 9.30 2,642,255 63.8% 1,686,620 1 52,348 1,118 174,869 250,102 21,766 71,706 - 195,300 195,300 6,663 109,607 1,669,719 1,919,821 7.68 

2027 6 90% 21,000 9.30 2,593,473 64.4% 1,669,719 1 57,527 1,184 166,161 244,747 19,874 73,140 - 195,300 195,300 6,663 108,524 1,655,656 1,900,403 7.76 

2028 6 90% 21,000 9.30 2,546,317 65.0% 1,655,656 314 61,800 1,251 157,480 238,925 18,080 74,602 - 195,300 195,300 6,663 107,650 1,645,079 1,884,004 7.89 

2029 6 90% 21,000 9.30 2,502,451 65.7% 1,645,079 676 77,363 1,880 148,861 245,167 16,387 76,095 - 195,300 195,300 6,663 106,605 1,625,724 1,870,890 7.63 

2030 6 90% 21,000 9.30 2,448,780 66.4% 1,625,724 1,135 80,643 2,115 140,335 239,026 14,798 77,616 - 195,300 195,300 6,663 105,373 1,609,755 1,848,781 7.73 

2031 6 90% 21,000 9.30 2,398,506 67.1% 1,609,755 1,790 87,698 2,190 131,934 236,928 13,316 79,169 - 195,300 195,300 6,663 104,235 1,593,194 1,830,122 7.72 

2032 6 90% 21,000 9.30 2,345,258 67.9% 1,593,194 2,661 94,612 2,772 123,690 235,682 11,947 80,752 - 195,300 195,300 6,663 103,026 1,575,087 1,810,768 7.68 

2033 6 90% 21,000 9.30 2,289,810 68.8% 1,575,087 3,391 99,493 3,115 115,634 232,326 10,693 82,367 - 195,300 195,300 6,663 101,779 1,557,473 1,789,798 7.70 

2034 6 90% 21,000 9.30 2,234,523 69.7% 1,557,473 4,237 106,677 3,129 107,792 231,388 9,553 84,014 - 195,300 195,300 6,663 100,482 1,537,852 1,769,240 7.65 

2035 6 90% 21,000 9.30 2,174,356 70.7% 1,537,852 5,508 111,875 3,438 100,187 229,535 8,527 85,695 - 195,300 195,300 6,663 99,075 1,516,997 1,746,532 7.61 

2036 6 90% 21,000 9.30 2,112,026 71.8% 1,516,997 6,783 110,661 3,663 92,831 221,545 7,607 87,409 - 195,300 195,300 6,663 97,788 1,501,132 1,722,677 7.78 

2037 6 90% 21,000 9.30 2,054,249 73.1% 1,501,132 7,926 110,357 3,851 85,735 214,656 6,787 89,157 - 195,300 195,300 6,663 96,807 1,489,427 1,704,082 7.94 

2038 6 90% 21,000 9.30 1,999,991 74.5% 1,489,427 9,776 111,881 4,331 78,903 210,951 6,060 90,940 - 195,300 195,300 6,663 96,002 1,478,838 1,689,788 8.01 

2039 6 90% 21,000 9.30 1,946,062 76.0% 1,478,838 11,856 109,704 4,665 72,348 203,990 5,417 92,759 - 195,300 195,300 6,663 95,382 1,472,771 1,676,761 8.22 

2040 6 90% 21,000 9.30 1,895,863 77.7% 1,472,771 13,549 107,742 4,609 66,076 196,827 4,851 94,614 - 195,300 195,300 6,663 95,078 1,471,709 1,668,536 8.48 

2041 6 90% 21,000 9.30 1,850,143 79.5% 1,471,709 15,855 106,254 4,550 60,102 191,115 4,354 96,506 - 195,300 195,300 6,663 95,068 1,474,456 1,665,571 8.72 

2042 6 90% 21,000 9.30 1,807,190 81.6% 1,474,456 18,218 103,994 4,479 54,439 185,048 3,918 98,436 - 195,300 195,300 6,663 95,330 1,481,603 1,666,650 9.01 

2043 6 90% 21,000 9.30 1,767,619 83.8% 1,481,603 20,320 101,605 4,597 49,104 179,160 100,405 3,534 - 195,300 195,300 6,663 95,887 1,493,226 1,672,385 9.33 

2044 6 90% 21,000 9.30 1,731,636 86.2% 1,493,226 22,629 100,571 4,520 44,105 175,019 102,413 3,194 - 195,300 195,300 6,663 96,691 1,507,785 1,682,804 9.61 

2045 6 90% 21,000 9.30 1,697,524 88.8% 1,507,785 24,858 97,732 4,431 39,444 169,353 104,461 2,888 - 195,300 195,300 6,663 97,747 1,527,017 1,696,370 10.02 

2046 6 90% 21,000 9.30 1,667,233 91.6% 1,527,017 27,300 94,815 4,337 35,121 164,183 106,551 2,610 - 195,300 195,300 6,663 99,105 1,550,688 1,714,871 10.44 

2047 6 90% 21,000 9.30 1,640,363 94.5% 1,550,688 29,721 93,104 4,235 31,132 160,545 108,682 2,353 - 195,300 195,300 6,663 100,715 1,577,477 1,738,021 10.83 

2048 6 90% 21,000 9.30 1,615,205 97.7% 1,577,477 32,128 90,386 4,121 27,468 156,214 110,855 2,111 - 195,300 195,300 6,663 102,560 1,608,268 1,764,482 11.30 

Notes: o Benefit Suspension and Partition are implemented beginning 5/1/2019.

o Market Value of Assets shown in 2017 is MVA at 12/31/17 based on unaudited financial information provided by the fund administrator.

o Accrued Liability in 2017 is projected AL as of 12/31/17 based on valuation results as of 5/1/17 valuation.

o Benefit Payments, Admin Expenses, Contributions, and Investment income shown in 2017 have been prorated to reflect only the period from 1/1/18 to 4/30/18.

o Actives and Beneficiaries are not partitioned. Terminated Vesteds are fully partitioned. 50% of Retiree (healthy & disabled) liabilities are partitioned.

o Expenses are assumed to be $110,000 in the PYB 5/1/17 and $75,000 in the PYB 5/1/18. Expenses beginning in the PYB 5/1/19 are assumed to resume the certification pattern of 2% increases per year from $60,000 in the PYB 5/1/17.

o Solvency Ratio is >= 1 0 for the 30 Plan Years beginning from 5/1/2019 thru 5/1/2048.

o Solvency Ratio and Available Resources are Non-Decreasing for the 5 Plan Years beginning from 5/1/2044 through 5/1/2048. (Note that this condition is not applicable if 5/1/2048 funded percentage >100%.)

o Solvency Ratio = (g) Available Resources ÷ (b) Benefit Payments

o Available Resources = (a) BOY MVA + (d) Contributions + (e) Net Investment Income - (c) Admin Expenses

3/30/2018 13 25

N \1525\2017\Benefit Suspension - Partition (Preliminary)\Projections for Application\[CM94 Projections for Application Exh b ts v18 (Heading Ed ts).xlsx]Exhibit 7a5 AvoidInsolv

CM94:01025
Application for a Partition Order

Plasterers and Cement Masons Local No. 94 Pension Fund

EIN/PN: 23-6445411 / 001

Exhibit 7a7 - Projected Insolvency with Suspension of Benefits but without Partition

Benefit Payment Projections Using Exhibit 6c Assumptions, After Suspension of Benefits, Prior to Partition

Plan BOY EOY

Year Assumptions Market Benefit Payments by 2017 Status BOY Net Market

Begin MVA Contrib Value of Future Term Admin Contributions Investment Value of Available Solvency

5/1/yyyy Return CBUs Rate Assets Entrants Actives Vesteds Retirees Beneficiaries Total Expenses W/D Liab Regular Total Interest Income Assets Resources Ratio

(a) (b) (c) (d) (e) (f) (g) (h)

2017 1 36% 4,800 9.30 2,282,796 - 428 6 147,070 15,312 162,815 70,000 - 44,640 44,640 303 29,293 2,123,914 2,286,729 n/a

2018 5 91% 24,000 9.30 2,123,914 - 12,341 38 428,578 42,990 483,947 75,000 - 223,200 223,200 6,532 113,528 1,901,695 2,385,642 4.93 

2019 5 91% 21,000 9.30 1,901,695 - 9,678 77 375,411 37,683 422,849 62,424 - 195,300 195,300 5,716 102,101 1,713,823 2,136,672 5.05 

2020 5 91% 21,000 9.30 1,713,823 - 18,995 114 362,536 35,095 416,740 63,672 - 195,300 195,300 5,716 91,102 1,519,812 1,936,552 4.65 

2021 5 91% 21,000 9.30 1,519,812 - 21,826 157 349,360 32,631 403,974 64,946 - 195,300 195,300 5,716 79,932 1,326,124 1,730,098 4.28 

2022 5 91% 21,000 9.30 1,326,124 - 24,712 490 335,921 30,272 391,395 66,245 - 195,300 195,300 5,716 68,775 1,132,559 1,523,954 3.89 

2023 6 90% 21,000 9.30 1,132,559 - 34,302 1,130 322,262 28,009 385,703 67,570 - 195,300 195,300 6,663 67,062 941,648 1,327,351 3.44 

2024 6 90% 21,000 9.30 941,648 - 37,512 1,730 308,435 25,836 373,513 68,921 - 195,300 195,300 6,663 54,210 748,724 1,122,237 3.00 

2025 6 90% 21,000 9.30 748,724 - 39,686 6,944 294,491 23,754 364,875 70,300 - 195,300 195,300 6,663 41,096 549,945 914,820 2.51 

2026 6 90% 21,000 9.30 549,945 1 52,348 12,322 280,489 21,766 366,926 71,706 - 195,300 195,300 6,663 27,213 333,827 700,753 1.91 

2027 6 90% 21,000 9.30 333,827 1 57,527 13,065 266,491 19,874 356,958 73,140 - 195,300 195,300 6,663 12,540 111,570 468,528 1.31 

2028 6 90% 21,000 9.30 111,570 314 61,800 13,806 252,553 18,080 346,553 74,602 - 195,300 195,300 6,663 (2,543) (116,829) 229,724 0.66 

2029 6 90% 21,000 9.30 (116,829) 676 77,363 20,732 238,727 16,387 353,885 76,095 - 195,300 195,300 6,663 (18,654) (370,163) (16,278) (0.05) 

2030 6 90% 21,000 9.30 (370,163) 1,135 80,643 23,308 225,059 14,798 344,943 77,616 - 195,300 195,300 6,663 (35,936) (633,359) (288,416) (0.84) 

Notes: o Benefit Suspension is implemented beginning 5/1/2019.

o Market Value of Assets shown in 2017 is MVA at 12/31/17 based on unaudited financial information provided by the fund administrator.

o Accrued Liability in 2017 is projected AL as of 12/31/17 based on valuation results as of 5/1/17 valuation.

o Benefit Payments, Admin Expenses, Contributions, and Investment income shown in 2017 have been prorated to reflect only the period from 1/1/18 to 4/30/18.

o Expenses are assumed to be $110,000 in the PYB 5/1/17 and $75,000 in the PYB 5/1/18. Expenses beginning in the PYB 5/1/19 are assumed to resume the certification pattern of 2% increases per year from $60,000 in the PYB 5/1/17

o Solvency Ratio = (g) Available Resources ÷ (b) Benefit Payments

o Available Resources = (a) BOY MVA + (d) Contributions + (e) Net Investment Income - (c) Admin Expenses

3/30/2018 13 27

N \1525\2017\Benefit Suspension - Partition (Preliminary)\Projections for Application\[CM94 Projections for Application Exhibits v18 (Heading Ed ts).xlsx]Exhibit 7a7 SuspOnly

CM94:01026

Application for a Partition Order

Plasterers and Cement Masons Local No. 94 Pension Fund

EIN/PN: 23-6445411 / 001

Exhibit 7a9 - Projected Pre-Partition Benefit Payments at PBGC-Guarantee Level

Benefit Payment Projections Using Exhibit 6c Assumptions, PBGC Guarantee Level, Prior to Partition

Plan

Year Benefit Payments From Original Plan by 2017 Status

Begin Future Term

5/1/yyyy Entrants Actives Vesteds Retirees Beneficiaries Total

2017 - - - - - -

2018 - - - - - -

2019 - 8,912 70 283,578 30,523 323,083

2020 - 17,357 103 273,710 28,304 319,474

2021 - 19,863 143 263,628 26,218 309,852

2022 - 22,379 447 253,363 24,244 300,433

2023 - 29,930 1,028 242,951 22,369 296,278

2024 - 31,804 1,574 232,431 20,587 286,396

2025 - 33,609 6,314 221,846 18,893 280,662

2026 - 43,484 11,204 211,240 17,288 283,216

2027 - 46,260 11,881 200,660 15,773 274,574

2028 - 49,339 12,555 190,147 14,346 266,387

2029 - 61,689 18,852 179,733 13,010 273,284

2030 - 64,020 21,193 169,449 11,765 266,427

2031 - 66,806 21,956 159,321 10,612 258,695

2032 - 72,117 27,773 149,373 9,554 258,817

2033 - 75,682 31,207 139,633 8,590 255,112

2034 - 77,315 31,339 130,126 7,720 246,500

2035 - 81,162 34,431 120,872 6,938 243,403

2036 - 80,061 36,683 111,887 6,239 234,870

2037 - 79,129 38,554 103,183 5,617 226,483

2038 - 80,030 43,361 94,773 5,064 223,228

2039 - 78,349 46,700 86,673 4,574 216,296

2040 - 76,764 46,141 78,906 4,139 205,950

2041 - 75,125 45,555 71,499 3,754 195,933

2042 - 73,245 44,844 64,483 3,411 185,983

2043 - 71,256 46,017 57,889 3,105 178,267

2044 - 69,481 45,243 51,736 2,828 169,288

2045 - 67,212 44,358 46,036 2,574 160,180

2046 - 64,887 43,413 40,788 2,339 151,427

2047 - 62,608 42,398 35,985 2,117 143,108

2048 - 60,057 41,257 31,619 1,906 134,839

Note: o Benefit payments reflect PBGC guarantee benefits as of May 1, 2019.

3/30/2018 13:33

N:\1525\2017\Benefit Suspension - Partition (Preliminary)\Projections for Application\[CM94 Projections for Application Exhibits v18 (Heading Edits).xlsx]Exhibit 7a9 Pre-Partition CG

CM94:01028
Application for a Partition Order

Plasterers and Cement Masons Local No. 94 Pension Fund

EIN/PN: 23-6445411 / 001

Exhibit 7a10 - Projected Pre-Partition Benefit Payments at Max Suspension Level

Benefit Payment Projections Using Exhibit 6c Assumptions, Max Suspension Level, Prior to Partition

Plan

Year Benefit Payments From Original Plan by 2017 Status

Begin Future Term

5/1/yyyy Entrants Actives Vesteds Retirees Beneficiaries Total

2017 - - - - - -

2018 - - - - - -

2019 - 9,678 77 375,411 37,683 422,849

2020 - 18,995 114 362,536 35,095 416,740

2021 - 21,826 157 349,360 32,631 403,974

2022 - 24,712 490 335,921 30,272 391,395

2023 - 34,302 1,130 322,262 28,009 385,703

2024 - 37,512 1,730 308,435 25,836 373,513

2025 - 39,686 6,944 294,491 23,754 364,875

2026 1 52,348 12,322 280,489 21,766 366,926

2027 1 57,527 13,065 266,491 19,874 356,958

2028 314 61,800 13,806 252,553 18,080 346,553

2029 676 77,363 20,732 238,727 16,387 353,885

2030 1,135 80,643 23,308 225,059 14,798 344,943

2031 1,790 87,698 24,146 211,594 13,316 338,544

2032 2,661 94,612 30,545 198,376 11,947 338,141

2033 3,391 99,493 34,322 185,450 10,693 333,349

2034 4,237 106,677 34,468 172,855 9,553 327,790

2035 5,508 111,875 37,869 160,623 8,527 324,402

2036 6,783 110,661 40,346 148,774 7,607 314,171

2037 7,926 110,357 42,405 137,326 6,787 304,801

2038 9,776 111,881 47,692 126,289 6,060 301,698

2039 11,856 109,704 51,365 115,684 5,417 294,026

2040 13,549 107,742 50,750 105,529 4,851 282,421

2041 15,855 106,254 50,105 95,851 4,354 272,419

2042 18,218 103,994 49,323 86,680 3,918 262,133

2043 20,320 101,605 50,614 78,048 3,534 254,121

2044 22,629 100,571 49,763 69,973 3,194 246,130

2045 24,858 97,732 48,789 62,462 2,888 236,729

2046 27,300 94,815 47,750 55,515 2,610 227,990

2047 29,721 93,104 46,633 49,124 2,353 220,935

2048 32,128 90,386 45,378 43,277 2,111 213,280

Note: o Benefit payments reflect benefit suspensions as of May 1, 2019.

3/30/2018 13:31

N:\1525\2017\Benefit Suspension - Partition (Preliminary)\Projections for Application\[CM94 Projections for Application Exhibits v18 (Heading Edits).xlsx]Exhibit 7a10 Pre-Partition OG

CM94:01029
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 8

Census Data Used for Projections

(a) (b) (c) (d) (e) (f) (g) (h) (i)(1) (i)(2)(i) (i)(2)(iii) (i)(2)(iv)

Pre-Susp Post-Susp PBGC Benefit Form Joint & Pre-Susp Post-Susp Pre-Susp Post-Susp

Participant Credited Vested Vested Guaranteed Commencement of Survivor Beneficiary Beneficiary Beneficiary Certain Pop-Up Pop-Up

Record Type DOB Gender Service Benefit Benefit Benefit Date Payment Percent Benefit Benefit DOB Period Benefit Benefit

1 A 11/12/1965 M 0.30 9.90 9.07 8.25

2 A 6/11/1983 M 1.00 56.10 39.32 35.75

3 A 11/20/1971 M 1.00 56.10 39.32 35.75

4 A 3/18/1962 M 0.35 11.55 10.59 9.63

5 A 9/5/1953 M 11.60 859.65 456.17 414.70

6 A 10/10/1985 M 2.95 110.55 100.11 91.01

7 A 3/2/1998 M 1.00 37.95 34.33 31.21

8 A 4/20/1990 M 0.65 21.45 19.66 17.88

9 A 10/1/1973 M 8.45 532.28 332.30 302.09

10 A 2/7/1986 M 0.90 29.70 27.22 24.75

11 A 11/21/1957 M 14.90 1,291.13 585.94 532.68

12 A 6/5/1961 M 1.00 49.50 39.32 35.75

13 A 7/12/1964 M 26.40 2,185.55 1,038.18 943.80

14 A 5/10/1969 M 1.00 33.00 30.25 27.50

15 A 6/3/1958 M 24.95 2,006.08 981.16 891.96

16 A 3/9/1966 M 1.00 39.60 35.69 32.45

17 A 6/21/1988 M 0.70 23.10 21.17 19.25

18 A 9/10/1952 M 1.35 44.55 40.84 37.13

19 A 8/15/1954 M 0.65 21.45 19.66 17.88

20 A 6/14/1996 M 0.40 13.20 12.10 11.00

21 A 4/19/1966 M 8.95 679.40 351.96 319.96

22 A 9/17/1964 M 27.50 2,195.45 1,081.44 983.13

23 A 12/30/1967 M 20.00 1,607.60 786.50 715.00

24 A 9/3/1956 M 0.25 8.25 7.56 6.88

25 A 12/30/1963 M 15.25 1,241.83 599.71 545.19

26 A 8/20/1989 M 0.40 13.20 12.10 11.00

27 A 1/27/1979 F 0.85 28.05 25.71 23.38

28 A 6/13/1970 M 19.05 1,598.70 749.14 681.04

29 A 1/4/1967 M 21.65 1,848.70 851.39 773.99

30 A 8/30/1969 M 1.00 33.00 30.25 27.50

31 A 3/27/1985 M 0.70 23.10 21.17 19.25

32 A 1/25/1979 M 1.15 37.95 34.79 31.63

33 A 11/24/1981 M 1.00 33.00 30.25 27.50

34 A 10/1/1985 M 1.65 57.75 52.63 47.85

CM94:01030
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 8

Census Data Used for Projections

(a) (b) (c) (d) (e) (f) (g) (h) (i)(1) (i)(2)(i) (i)(2)(iii) (i)(2)(iv)

Pre-Susp Post-Susp PBGC Benefit Form Joint & Pre-Susp Post-Susp Pre-Susp Post-Susp

Participant Credited Vested Vested Guaranteed Commencement of Survivor Beneficiary Beneficiary Beneficiary Certain Pop-Up Pop-Up

Record Type DOB Gender Service Benefit Benefit Benefit Date Payment Percent Benefit Benefit DOB Period Benefit Benefit

35 A 1/17/1969 M 1.00 49.50 39.32 35.75

36 A 2/27/1969 M 3.70 169.68 145.50 132.28

37 B 4/29/1941 F 5.50 229.75 220.72 187.44 4/1/1993 LA

38 T 10/6/1968 M 5.10 472.75 200.56 182.33

39 T 8/12/1978 M 4.85 409.60 190.73 173.39

40 R 12/24/1927 M 5.60 230.85 230.85 188.55 1/1/1993 J&S 100% 230.85 230.85 10/3/1929 282.39 282.39

41 T 8/13/1972 M 5.50 377.30 216.29 196.63

42 T 7/20/1970 M 5.45 434.00 214.32 194.84

43 D 3/27/1931 M 6.60 38.68 38.68 38.68 5/1/1981 J&S 50% 19.34 19.34 10/4/1935

44 B 3/23/1924 F 6.60 140.05 140.05 123.22 5/1/2006 LA

45 T 1/22/1973 M 6.05 324.00 237.92 216.29

46 T 3/1/1971 M 6.50 635.50 255.61 232.38

47 T 6/21/1973 M 7.00 670.38 275.27 250.25

48 T 12/6/1966 M 6.90 342.00 271.34 246.68

49 R 4/8/1944 M 7.25 508.13 288.83 259.19 5/1/2009 J&S 75% 381.10 286.71 5/4/1948 600.63 290.38

50 T 7/30/1960 M 9.70 856.38 381.45 346.78

51 R 4/5/1950 M 10.30 295.00 274.53 249.57 5/1/2015 LA

52 T 7/24/1961 M 10.30 999.75 405.05 368.23

53 R 4/11/1933 M 10.50 113.63 113.63 113.63 6/1/1984 LA

54 T 3/15/1974 M 9.80 930.00 385.38 350.35

55 R 10/22/1939 M 10.70 62.70 62.70 62.70 2/1/2005 LA

56 T 10/21/1967 M 10.80 1,178.00 424.71 386.10

57 B 5/27/1957 F 11.00 575.44 432.57 393.25 4/1/2014 LA

58 T 8/15/1964 M 10.70 1,026.88 420.78 382.53

59 R 5/7/1936 M 10.70 636.17 636.17 382.53 10/1/2001 J&S 100% 636.17 636.17 5/18/1940 800.21 800.21

60 R 11/15/1940 M 11.60 63.42 63.42 63.42 12/1/2005 C&C 10

61 R 3/10/1938 M 11.80 69.14 69.14 69.14 4/1/2003 LA

62 R 9/12/1940 M 12.20 71.49 71.49 71.49 10/1/2005 LA

63 R 2/28/1935 M 12.60 253.17 253.17 224.53 2/1/1998 LA

64 T 1/10/1968 M 13.00 1,348.50 511.22 464.75

65 R 4/26/1944 M 12.70 708.66 502.92 454.03 5/1/2009 J&S 100% 708.66 502.92 10/6/1958 984.25 507.53

66 R 12/6/1945 M 13.20 299.70 287.21 261.10 4/1/2001 LA

67 R 5/8/1949 M 13.00 598.00 511.22 464.75 6/1/2014 LA

68 T 4/24/1970 M 13.60 1,283.63 534.82 486.20

CM94:01031
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 8

Census Data Used for Projections

(a) (b) (c) (d) (e) (f) (g) (h) (i)(1) (i)(2)(i) (i)(2)(iii) (i)(2)(iv)

Pre-Susp Post-Susp PBGC Benefit Form Joint & Pre-Susp Post-Susp Pre-Susp Post-Susp

Participant Credited Vested Vested Guaranteed Commencement of Survivor Beneficiary Beneficiary Beneficiary Certain Pop-Up Pop-Up

Record Type DOB Gender Service Benefit Benefit Benefit Date Payment Percent Benefit Benefit DOB Period Benefit Benefit

69 B 1/30/1931 F 13.70 210.00 210.00 195.23 10/1/2014 LA

70 R 6/17/1942 M 13.65 851.18 657.30 487.99 7/1/2004 J&S 100% 851.18 657.30 4/16/1948 1,060.66 737.59

71 R 2/15/1951 M 14.25 1,010.03 560.38 509.44 6/1/2012 J&S 75% 757.52 560.38 7/11/1956 1,179.94 560.38

72 R 6/24/1934 M 14.30 126.71 126.71 126.71 7/1/1999 J&S 100% 126.71 126.71 9/21/1942 165.63 165.63

73 B 5/6/1940 F 14.70 911.08 844.48 525.53 2/1/2007 LA

74 R 5/29/1941 M 14.40 263.00 262.03 236.88 6/1/2006 LA

75 B 12/19/1937 F 15.00 424.77 424.77 359.85 7/1/2009 LA

76 R 2/7/1936 M 14.85 676.62 676.62 530.89 3/1/1998 LA

77 D 6/21/1955 M 16.15 1,687.78 1,687.78 577.36 2/1/2014 J&S 50% 843.89 843.89 3/26/1956

78 B 7/20/1927 F 16.50 67.21 67.21 67.21 10/1/1988 LA

79 D 1/18/1963 M 15.80 1,302.00 1,302.00 564.85 9/1/2010 J&S 50% 651.00 651.00 9/2/1971

80 B 12/9/1930 F 16.90 82.77 82.77 82.77 8/1/1997 LA

81 R 5/27/1943 M 16.90 368.10 357.52 322.62 6/1/2005 LA

82 R 11/7/1932 M 17.60 145.86 145.86 145.86 12/1/1994 LA

83 R 4/10/1941 M 17.40 146.99 146.99 146.99 7/1/2003 LA

84 R 1/1/1936 M 18.30 83.65 83.65 83.65 1/1/2001 LA

85 R 6/22/1950 M 17.90 377.10 365.25 332.05 10/1/2010 LA

86 R 6/28/1940 M 20.60 191.58 191.58 191.58 7/1/2005 LA

87 R 10/27/1944 M 20.60 259.89 259.89 251.73 11/1/2006 J&S 100% 259.89 259.89 11/25/1948 320.85 320.85

88 R 1/17/1947 M 20.95 593.60 553.08 502.80 1/1/2004 C&C 10

89 D 2/28/1958 M 21.65 1,933.63 1,933.63 773.99 11/1/2012 J&S 50% 966.82 966.82 12/18/1960

90 R 7/29/1950 M 21.80 1,121.50 857.28 779.35 5/1/2012 LA

91 R 10/22/1938 M 22.45 1,008.42 1,008.42 802.59 1/1/2001 J&S 50% 504.21 504.21 3/21/1944 1,126.73 1,126.73

92 R 8/9/1939 M 24.75 1,690.15 1,654.31 884.81 9/1/2002 LA

93 D 10/28/1943 M 25.50 1,411.50 1,411.50 911.63 10/1/2002 LA

94 R 12/10/1947 M 26.45 1,409.27 1,040.15 945.59 1/1/2010 J&S 50% 704.64 661.33 8/1/1952 1,565.86 1,040.15

95 D 11/18/1934 M 27.40 1,014.00 1,014.00 835.97 3/1/1997 LA

96 R 11/30/1940 M 27.75 828.66 810.37 697.91 7/1/2003 J&S 100% 828.66 810.37 12/22/1950 1,090.34 1,058.27

97 R 4/16/1924 M 28.20 298.08 298.08 298.08 5/1/1986 LA

98 R 5/9/1948 M 28.65 2,070.93 1,126.66 1,024.24 10/1/2010 J&S 50% 1,035.47 940.93 7/25/1949 2,263.31 1,126.66

99 D 2/6/1941 M 27.90 1,001.60 1,001.60 828.07 4/1/1999 J&S 50% 500.80 500.80 11/5/1938

100 D 12/16/1948 M 30.60 1,340.20 1,340.20 1,089.36 7/1/1999 J&S 50% 670.10 670.10 10/8/1953

101 R 9/28/1933 M 31.30 973.27 973.27 815.99 10/1/1996 LA

102 D 6/19/1951 M 29.90 1,786.13 1,786.13 1,068.93 6/1/2009 LA

CM94:01032
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 8

Census Data Used for Projections

(a) (b) (c) (d) (e) (f) (g) (h) (i)(1) (i)(2)(i) (i)(2)(iii) (i)(2)(iv)

Pre-Susp Post-Susp PBGC Benefit Form Joint & Pre-Susp Post-Susp Pre-Susp Post-Susp

Participant Credited Vested Vested Guaranteed Commencement of Survivor Beneficiary Beneficiary Beneficiary Certain Pop-Up Pop-Up

Record Type DOB Gender Service Benefit Benefit Benefit Date Payment Percent Benefit Benefit DOB Period Benefit Benefit

103 R 4/5/1935 M 31.55 476.10 476.10 443.91 5/1/1997 LA

104 R 4/30/1934 M 32.50 900.00 900.00 764.40 5/1/1996 LA

105 R 1/18/1926 M 31.60 371.20 371.20 365.30 2/1/1988 LA

106 R 1/29/1941 M 32.75 1,559.61 1,469.05 1,170.81 5/1/2003 J&S 50% 779.81 767.34 5/25/1939 1,686.06 1,553.35

107 B 3/29/1931 F 26.80 1,016.35 1,016.35 835.89 11/1/2011 LA

108 R 3/19/1950 M 40.60 2,061.51 1,596.59 1,451.45 1/1/2011 LA

109 R 2/23/1936 M 42.10 1,254.02 1,254.02 1,056.29 3/1/1998 J&S 50% 627.01 627.01 6/28/1945 1,433.17 1,433.17

110 B 9/21/1916 F 41.90 286.38 286.38 286.38 4/1/2009 LA

111 D 4/28/1931 M 43.10 700.00 700.00 643.48 11/1/1990 J&S 50% 350.00 350.00 3/5/1930

 Notes:

(a) Participant Type Codes: "A" = Active, "B" = Beneficiary, "D" = Disabled, "R" = Retiree, "T" = Terminated Vested

 Actives in projections use service and accrued benefit projected to the earlier of (1) decrement and (2) suspension (or insolvency) date.

(d) Credited Service is limited to 1 credit per year and amounts are shown as of 5/1/2017.

(e) All participants are assumed to be vested for purposes of calculating vested accrued monthly benefit.

 Vested accrued monthly benefit for active and terminated vested participants is calculated as of 5/1/2017. Benefits for in-pay participants are the amounts being paid as of 5/1/2017.

(i)(1) Form of Payment Codes: "C&C" = Certain & Continuous Annuity, "J&S" = Joint & Survivor Annuity, "LA" = Single Life Annuity

(i)(2)(iv) Upon the death of the spouse of a retiree receiving a Joint & Survivor Annuity, the retiree would receive a "Pop-Up Benefit" equal to the monthly benefit the participant would have received if a Single

 Life Annuity form of payment had been elected at the Benefit Commencement Date.

CM94:01033