Form 5500

Department of the Treasury

Internal Revenue Service 

Department of Labor 

Employee Benefits Security 

 Administration 

Pension Benefit Guaranty Corporation

Annual Return/Report of Employee Benefit Plan 

This form is required to be filed for employee benefit plans under sections 104 

and 4065 of the Employee Retirement Income Security Act of 1974 (ERISA) and 

sections 6047(e), 6057(b), and 6058(a) of the Internal Revenue Code (the Code). 

 Complete all entries in accordance with 

the instructions to the Form 5500. 

OMB Nos. 1210-0110 

1210-0089 

2015 

This Form is Open to Public 

Inspection 

Part I Annual Report Identification Information

For calendar plan year 2015 or fiscal plan year beginning and ending 

A This return/report is for: X a multiemployer plan; X a multiple-employer plan (Filers checking this box must attach a list of 

participating employer information in accordance with the form instructions); or

 X a single-employer plan; X a DFE (specify) _C_

B This return/report is: X the first return/report; X the final return/report;

 X an amended return/report; X a short plan year return/report (less than 12 months).

C If the plan is a collectively-bargained plan, check here. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . X 

D Check box if filing under: X Form 5558; X automatic extension; X the DFVC program;

 X special extension (enter description) ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

Part II Basic Plan Information—enter all requested information

1a Name of plan 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

1b Three-digit plan 

number (PN)  001

1c Effective date of plan 

YYYY-MM-DD

2a Plan sponsor’s name (employer, if for a single-employer plan) 

 Mailing address (include room, apt., suite no. and street, or P.O. Box) 

 City or town, state or province, country, and ZIP or foreign postal code (if foreign, see instructions) 

2b Employer Identification 

Number (EIN) 

012345678

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

D/B/A ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

c/o ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

123456789 ABCDEFGHI ABCDEFGHI ABCDE 

123456789 ABCDEFGHI ABCDEFGHI ABCDE 

CITYEFGHI ABCDEFGHI AB, ST 012345678901 

UK 

2c Plan Sponsor’s telephone 

number 

0123456789

2d Business code (see 

instructions) 

012345

Caution: A penalty for the late or incomplete filing of this return/report will be assessed unless reasonable cause is established.

Under penalties of perjury and other penalties set forth in the instructions, I declare that I have examined this return/report, including accompanying schedules, 

statements and attachments, as well as the electronic version of this return/report, and to the best of my knowledge and belief, it is true, correct, and complete. 

SIGN 

HERE 

YYYY-MM-DD ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

Signature of plan administrator Date Enter name of individual signing as plan administrator 

SIGN 

HERE 

YYYY-MM-DD ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

Signature of employer/plan sponsor Date Enter name of individual signing as employer or plan sponsor 

SIGN 

HERE 

YYYY-MM-DD ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

Signature of DFE Date Enter name of individual signing as DFE 

Preparer’s name (including firm name, if applicable) and address (include room or suite number) ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHIABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHIABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHIABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

Preparer’s telephone number 

For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 5500. Form 5500 (2015) 

v. 150123

ALASKA IRONWORKERS PENSION PLAN

X

PAUL J. ANASTASI, CPA

07/01/2015

PO BOX 93870

ANCHORAGE, AK 99509-3870

BOARD OF TRUSTEES - ALASKA IRONWORK ERS PENSION PLAN

X

Filed with authorized/valid electronic signature.

509-323-0272

X

9 SOUTH WASHINGTON STREET

SUITE 600

SPOKANE, WA 99201

03/05/1968

907-561-5119

06/30/2016

91-6123695

04/14/2017

ANASTASI, MOORE & MARTIN, PLLC

001

238100

PAUL CARR

Exhibit 15 AIPT 336
Form 5500 (2015) Page 2 

3a Plan administrator’s name and address XSame as Plan Sponsor 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

c/o ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

123456789 ABCDEFGHI ABCDEFGHI ABCDE 

123456789 ABCDEFGHI ABCDEFGHI ABCDE 

CITYEFGHI ABCDEFGHI AB, ST 012345678901 

UK 

3b Administrator’s EIN 

012345678

3c Administrator’s telephone 

number 

0123456789

4 If the name and/or EIN of the plan sponsor has changed since the last return/report filed for this plan, enter the name, 

EIN and the plan number from the last return/report:

4b EIN 

012345678

a Sponsor’s name 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

4c PN 

012

5 Total number of participants at the beginning of the plan year 5 123456789012

6 Number of participants as of the end of the plan year unless otherwise stated (welfare plans complete only lines 6a(1), 

 6a(2), 6b, 6c, and 6d). 

 a(1) Total number of active participants at the beginning of the plan year ................................................................................... 6a(1)

 

 a(2) Total number of active participants at the end of the plan year .......................................................................................... 6a(2)

 

 b Retired or separated participants receiving benefits ................................................................................................................. 6b 123456789012

 c Other retired or separated participants entitled to future benefits............................................................................................. 6c 123456789012

 d Subtotal. Add lines 6a(2), 6b, and 6c. ...................................................................................................................................... 6d 123456789012

 e Deceased participants whose beneficiaries are receiving or are entitled to receive benefits. .................................................. 6e 123456789012

 f Total. Add lines 6d and 6e. ...................................................................................................................................................... 6f 123456789012

 g Number of participants with account balances as of the end of the plan year (only defined contribution plans 

 complete this item) .................................................................................................................................................................... 6g 123456789012

h Number of participants that terminated employment during the plan year with accrued benefits that were 

 less than 100% vested ............................................................................................................................................................. 6h 123456789012

7 Enter the total number of employers obligated to contribute to the plan (only multiemployer plans complete this item) ......... 7 

8a If the plan provides pension benefits, enter the applicable pension feature codes from the List of Plan Characteristics Codes in the instructions: 

b If the plan provides welfare benefits, enter the applicable welfare feature codes from the List of Plan Characteristics Codes in the instructions: 

 

9a Plan funding arrangement (check all that apply) 9b Plan benefit arrangement (check all that apply) 

(1) X Insurance (1) X Insurance 

(2) X Code section 412(e)(3) insurance contracts (2) X Code section 412(e)(3) insurance contracts 

(3) X Trust (3) X Trust 

(4) X General assets of the sponsor (4) X General assets of the sponsor 

10 Check all applicable boxes in 10a and 10b to indicate which schedules are attached, and, where indicated, enter the number attached. (See instructions) 

a Pension Schedules b General Schedules 

(1) X R (Retirement Plan Information) (1) X H (Financial Information) 

(2) X MB (Multiemployer Defined Benefit Plan and Certain Money 

Purchase Plan Actuarial Information) - signed by the plan 

actuary 

(2) X I (Financial Information – Small Plan)

(3) X ___ A (Insurance Information) 

(4) X C (Service Provider Information) 

(3) X SB (Single-Employer Defined Benefit Plan Actuarial 

Information) - signed by the plan actuary 

(5) X D (DFE/Participating Plan Information) 

(6) X G (Financial Transaction Schedules)

X

31

104

X

X

763

61

X

824

X

X

X

159

507

823

152

1B

X

Exhibit 15 AIPT 337
SCHEDULE MB 

(Form 5500) 

Department of the Treasury 

Internal Revenue Service

Department of Labor 

Employee Benefits Security Administration 

Pension Benefit Guaranty Corporation 

Multiemployer Defined Benefit Plan and Certain 

Money Purchase Plan Actuarial Information 

This schedule is required to be filed under section 104 of the Employee 

Retirement Income Security Act of 1974 (ERISA) and section 6059 of the 

Internal Revenue Code (the Code). 

 File as an attachment to Form 5500 or 5500-SF. 

OMB No. 1210-0110 

2015 

This Form is Open to Public 

Inspection 

For calendar plan year 2015 or fiscal plan year beginning and ending 

Round off amounts to nearest dollar.

Caution: A penalty of $1,000 will be assessed for late filing of this report unless reasonable cause is established.

A Name of plan 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

B Three-digit 

plan number (PN)  001

C Plan sponsor’s name as shown on line 2a of Form 5500 or 5500-SF 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

D Employer Identification Number (EIN) 

012345678

E Type of plan: (1) X Multiemployer Defined Benefit (2) X Money Purchase (see instructions) 

1a Enter the valuation date: Month _________ Day _________ Year _________ 

 b Assets 

 (1) Current value of assets ........................................................................................................................ 1b(1) 

 (2) Actuarial value of assets for funding standard account ........................................................................ 1b(2) 

 c (1) Accrued liability for plan using immediate gain methods ..................................................................... 1c(1) 

 (2) Information for plans using spread gain methods: 

 (a) Unfunded liability for methods with bases ............................................................................................ 1c(2)(a) -123456789012345

 (b) Accrued liability under entry age normal method ................................................................................. 1c(2)(b) -123456789012345

 (c) Normal cost under entry age normal method ....................................................................................... 1c(2)(c) -123456789012345

 (3) Accrued liability under unit credit cost method ........................................................................................... 1c(3) -123456789012345

 d Information on current liabilities of the plan:

(1) Amount excluded from current liability attributable to pre-participation service (see instructions) ............. 1d(1) -123456789012345

(2) “RPA ‘94” information: 

 (a) Current liability ..................................................................................................................................... 1d(2)(a) -123456789012345

 (b) Expected increase in current liability due to benefits accruing during the plan year ........................... 1d(2)(b) -123456789012345

 (c) Expected release from “RPA ‘94” current liability for the plan year ..................................................... 1d(2)(c) -123456789012345

(3) Expected plan disbursements for the plan year ......................................................................................... 1d(3) -123456789012345

Statement by Enrolled Actuary 

To the best of my knowledge, the information supplied in this schedule and accompanying schedules, statements and attachments, if any, is complete and accurate. Each prescribed assumption was applied in 

accordance with applicable law and regulations. In my opinion, each other assumption is reasonable (taking into account the experience of the plan and reasonable expectations) and such other assumptions, in 

combination, offer my best estimate of anticipated experience under the plan. 

SIGN 

HERE 

Signature of actuary Date 

Type or print name of actuary Most recent enrollment number 

Firm name Telephone number (including area code) 

Address of the firm 

If the actuary has not fully reflected any regulation or ruling promulgated under the statute in completing this schedule, check the box and see 

instructions 

X

For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 5500 or Form 5500-SF. Schedule MB (Form 5500) 2015

v. 150123

07

ALASKA IRONWORKERS PENSION PLAN

X

206-624-7940

56786143

14-06596

55701125

001

01

07/01/2015

94886295

1301 FIFTH AVENUE, SUITE 3800, SEATTLE, WA 98101-2605

04/05/2017

MILLIMAN, INC.

BOARD OF TRUSTEES - ALASKA IRONWORK ERS PENSION PLAN 91-6123695

621995

06/30/2016

127162445

94886295

7612128

2015

KELLY S. COFFING

Exhibit 15 AIPT 338
 Schedule MB (Form 5500) 2015 Page 2- 1 x

 a Current value of assets (see instructions) ............................................................................................................... 2a -123456789012345

 b “RPA ‘94” current liability/participant count breakdown: (1) Number of participants (2) Current liability 

(1) For retired participants and beneficiaries receiving payment .................................... 12345678 -123456789012345

(2) For terminated vested participants ............................................................................ 12345678 -123456789012345

(3) For active participants:

 (a) Non-vested benefits ............................................................................................ -123456789012345

 (b) Vested benefits ................................................................................................... -123456789012345

 (c) Total active .......................................................................................................... -123456789012345

(4) Total ........................................................................................................................... 12345678 -123456789012345

 c If the percentage resulting from dividing line 2a by line 2b(4), column (2), is less than 70%, enter such 

percentage ................................................................................................................................................................ 2c 123.12%

3 Contributions made to the plan for the plan year by employer(s) and employees:

 

 

 Totals ► 3(b) 3(c) 

 a X Attained age normal b X Entry age normal c X Accrued benefit (unit credit) d X Aggregate

 e X Frozen initial liability f X Individual level premium g X Individual aggregate h X Shortfall

 i X Reorganization j X Other (specify): ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI AB ABCDEFGHI 

ABCDEFGHI ABCDEFGHI C ABCDEFGHI ABCDEFGHI ABCDEFGHI DE

 k If box h is checked, enter period of use of shortfall method ......................................................................................... 5k YYYY-MM-DD

 l Has a change been made in funding method for this plan year? ...................................................................................................................... X Yes X No

 m If line l is “Yes,” was the change made pursuant to Revenue Procedure 2000-40 or other automatic approval? ............................................. X Yes X No

 n If line l is “Yes,” and line m is “No,” enter the date (MM-DD-YYYY) of the ruling letter (individual or class) 

approving the change in funding method ..................................................................................................................... 5n YYYY-MM-DD

6 Checklist of certain actuarial assumptions:

 a Interest rate for “RPA ‘94” current liability. ............................................................................................................................................ 6a 123.12% 

Pre-retirement Post-retirement 

 b Rates specified in insurance or annuity contracts ..................................... X Yes X No X N/A X Yes X No X N/A 

 c Mortality table code for valuation purposes: 

2 Operational information as of beginning of this plan year:

(a) Date 

(MM-DD-YYYY)

(b) Amount paid by 

employer(s) 

(c) Amount paid by 

employees

(a) Date 

(MM-DD-YYYY)

(b) Amount paid by 

employer(s) 

(c) Amount paid by 

employees

4 Information on plan status:

 a Funded percentage for monitoring plan’s status (line 1b(2) divided by line 1c(3)) ................................................... 4a %

 b Enter code to indicate plan’s status (see instructions for attachment of supporting evidence of plan’s status). If 

code is “N,” go to line 5 ............................................................................................................................................. 4b 123.1

 c Is the plan making the scheduled progress under any applicable funding improvement or rehabilitation plan? ............................................................. X Yes X No

 d If the plan is in critical status or critical and declining status, were any benefits reduced (see instructions)? .................................................. X Yes X No

 e If line d is “Yes,” enter the reduction in liability resulting from the reduction in benefits (see instructions), 

measured as of the valuation date ............................................................................................................................ 4e -123456789012345

f If the rehabilitation plan projects emergence from critical status or critical and declining status, enter the plan 

year in which it is projected to emerge. 

 If the rehabilitation plan is based on forestalling possible insolvency, enter the plan year in which insolvency is 

expected and check here ........................................................................................................................... 

4f 

5 Actuarial cost method used as the basis for this plan year’s funding standard account computations (check all that apply):

X

56786143

C

2045

417196

X

X

160

1

0

12026676

44.66

3.34

X

2276515

X

95

2276515

127162445

569 95307862

58.7

X

11609480

X

824

01/31/2016

19827907

Exhibit 15 AIPT 339
Schedule MB (Form 5500) 2015 Page 3 - 1 x

(1) Males ......................................................................................... 6c(1) 

(2) Females .................................................................................... 6c(2) 

 d Valuation liability interest rate .......................................................... 6d 123.12% 123.12%

 e Expense loading .............................................................................. 6e 123.12% X N/A 123.12% X N/A

 f Salary scale ..................................................................................... 6f 123.12% X N/A 

 g Estimated investment return on actuarial value of assets for year ending on the valuation date ......................... 6g -123.1%

 h Estimated investment return on current value of assets for year ending on the valuation date ........................... 6h -123.1%

7 New amortization bases established in the current plan year:

(1) Type of base (2) Initial balance (3) Amortization Charge/Credit

A -123456789012345 -123456789012345

A -123456789012345 -123456789012345

A -123456789012345 -123456789012345

8 Miscellaneous information:

 a If a waiver of a funding deficiency has been approved for this plan year, enter the date (MM-DD-YYYY) of the 

ruling letter granting the approval ............................................................................................................................... 8a 

YYYY-MM-DD

 b(1) Is the plan required to provide a projection of expected benefit payments? (See the instructions.) If “Yes,” attach a 

schedule ............................................................................................................................................................................ X Yes X No

b(2) Is the plan required to provide a Schedule of Active Participant Data? (See the instructions.) If “Yes,” attach a 

schedule.

X Yes X No

 c Are any of the plan’s amortization bases operating under an extension of time under section 412(e) (as in effect prior to 

2008) or section 431(d) of the Code? ................................................................................................................................... . X Yes X No

 d If line c is “Yes,” provide the following additional information:

(1) Was an extension granted automatic approval under section 431(d)(1) of the Code? ........................................ X Yes X No

(2) If line 8d(1) is “Yes,” enter the number of years by which the amortization period was extended ....................... 8d(2) 12

(3) Was an extension approved by the Internal Revenue Service under section 412(e) (as in effect prior to 

2008) or 431(d)(2) of the Code? ........................................................................................................................... X Yes X No

(4) If line 8d(3) is “Yes,” enter number of years by which the amortization period was extended (not including 

the number of years in line (2)) ............................................................................................................................. 8d(4) 12

(5) If line 8d(3) is “Yes,” enter the date of the ruling letter approving the extension .................................................. 8d(5) YYYY-MM-DD

(6) If line 8d(3) is “Yes,” is the amortization base eligible for amortization using interest rates applicable under section 

6621(b) of the Code for years beginning after 2007? ...................................................................................................... X Yes X No

 e If box 5h is checked or line 8c is “Yes,” enter the difference between the minimum required contribution for the 

year and the minimum that would have been required without using the shortfall method or extending the 

amortization base(s) ...................................................................................................................................................

8e 

-123456789012345

9 Funding standard account statement for this plan year:

Charges to funding standard account:

 a Prior year funding deficiency, if any ............................................................................................................................ 9a -123456789012345

 b Employer’s normal cost for plan year as of valuation date ......................................................................................... 9b -123456789012345

 c Amortization charges as of valuation date: Outstanding balance

(1) All bases except funding waivers and certain bases for which the 

amortization period has been extended ....................................................... 9c(1) -123456789012345 -123456789012345

(2) Funding waivers ........................................................................................... 9c(2) -123456789012345 -123456789012345

(3) Certain bases for which the amortization period has been extended .......... 9c(3) -123456789012345 -123456789012345

 d Interest as applicable on lines 9a, 9b, and 9c ............................................................................................................ 9d -123456789012345

e Total charges. Add lines 9a through 9d ...................................................................................................................... 9e -123456789012345

Credits to funding standard account:

f Prior year credit balance, if any .................................................................................................................................. 9f -123456789012345

 g Employer contributions. Total from column (b) of line 3 ............................................................................................. 9g -123456789012345

Outstanding balance 

 h Amortization credits as of valuation date ........................................................... 9h -123456789012345 -123456789012345

 i Interest as applicable to end of plan year on lines 9f, 9g, and 9h .............................................................................. 9i -123456789012345

A

-269645

320533

A

-2737648

155.1

3254301

1

1

781860

X

6.25

235099

4

4792391

17202615

0

1011919

A

10.5

A

0.9

58186053 10616445

X

2832877

X

2276515

X

X

23793272

6.25

Exhibit 15 AIPT 340
Schedule MB (Form 5500) 2015 Page 4 

 j Full funding limitation (FFL) and credits: 

 (1) ERISA FFL (accrued liability FFL) ............................................................. 9j(1) -123456789012345

 (2) “RPA ‘94” override (90% current liability FFL) .......................................... 9j(2) -123456789012345

 (3) FFL credit ........................................................................................................................................................... 9j(3) -123456789012345

 k (1) Waived funding deficiency .................................................................................................................................. 9k(1) -123456789012345

 (2) Other credits ....................................................................................................................................................... 9k(2) -123456789012345

 l Total credits. Add lines 9f through 9i, 9j(3), 9k(1), and 9k(2) ...................................................................................... 9l -123456789012345

 m Credit balance: If line 9l is greater than line 9e, enter the difference ......................................................................... 9m -123456789012345

 n Funding deficiency: If line 9e is greater than line 9l, enter the difference ................................................................... 9n -123456789012345

9 o Current year’s accumulated reconciliation account:

 (1) Due to waived funding deficiency accumulated prior to the 2015 plan year ............................... 9o(1) -123456789012345

 (2) Due to amortization bases extended and amortized using the interest rate under section 6621(b) of the Code: 

 (a) Reconciliation outstanding balance as of valuation date ......................................................................... 9o(2)(a) -123456789012345

 (b) Reconciliation amount (line 9c(3) balance minus line 9o(2)(a)) .............................................................. 9o(2)(b) -123456789012345

 (3) Total as of valuation date ............................................................................................................................... 9o(3) -123456789012345

10 Contribution necessary to avoid an accumulated funding deficiency. (See instructions.) ...................................... 10 -123456789012345

11 Has a change been made in the actuarial assumptions for the current plan year? If “Yes,” see instructions. ....................... X Yes X No

0

42464969

0

61047635

5344491

11858124

0

0

X

0

0

0

0

Exhibit 15 AIPT 341
SCHEDULE R 

(Form 5500) 

Department of the Treasury 

Internal Revenue Service

Department of Labor 

Employee Benefits Security Administration 

Pension Benefit Guaranty Corporation 

Retirement Plan Information 

This schedule is required to be filed under section 104 and 4065 of the 

Employee Retirement Income Security Act of 1974 (ERISA) and section 

6058(a) of the Internal Revenue Code (the Code). 

 File as an attachment to Form 5500. 

OMB No. 1210-0110 

2015 

This Form is Open to Public 

Inspection. 

For calendar plan year 2015 or fiscal plan year beginning and ending 

A Name of plan 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

B Three-digit 

plan number 

(PN)  001

C Plan sponsor’s name as shown on line 2a of Form 5500 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

D Employer Identification Number (EIN) 

012345678

Part I Distributions 

1 Total value of distributions paid in property other than in cash or the forms of property specified in the 

instructions ................................................................................................................................................................. 1 

-123456789012345

Part II Funding Information (If the plan is not subject to the minimum funding requirements of section of 412 of the Internal Revenue Code or 

ERISA section 302, skip this Part)

 If you completed line 5, complete lines 3, 9, and 10 of Schedule MB and do not complete the remainder of this schedule. 

 If you completed line 6c, skip lines 8 and 9. 

7 Will the minimum funding amount reported on line 6c be met by the funding deadline? ............................................ X Yes X No X N/A 

8 If a change in actuarial cost method was made for this plan year pursuant to a revenue procedure or other 

authority providing automatic approval for the change or a class ruling letter, does the plan sponsor or plan 

administrator agree with the change? ........................................................................................................................

 

X Yes X No X N/A 

Part III Amendments

9 If this is a defined benefit pension plan, were any amendments adopted during this plan 

year that increased or decreased the value of benefits? If yes, check the appropriate 

box. If no, check the “No” box. ..............................................................................................

 

X Increase X Decrease X Both X No

Part IV ESOPs (see instructions). If this is not a plan described under Section 409(a) or 4975(e)(7) of the Internal Revenue Code, skip this Part. 

10 Were unallocated employer securities or proceeds from the sale of unallocated securities used to repay any exempt loan? ................ X Yes X No 

11 a Does the ESOP hold any preferred stock? .................................................................................................................................... X Yes X No

 b If the ESOP has an outstanding exempt loan with the employer as lender, is such loan part of a “back-to-back” loan? 

 (See instructions for definition of “back-to-back” loan.) .................................................................................................................. X Yes X No

12 Does the ESOP hold any stock that is not readily tradable on an established securities market? ........................................................ X Yes X No

For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 5500. Schedule R (Form 5500) 2015 

v. 150123

All references to distributions relate only to payments of benefits during the plan year. 

2 Enter the EIN(s) of payor(s) who paid benefits on behalf of the plan to participants or beneficiaries during the year (if more than two, enter EINs of the two 

payors who paid the greatest dollar amounts of benefits): 

EIN(s): _______________________________ _______________________________ 

 Profit-sharing plans, ESOPs, and stock bonus plans, skip line 3.

3 Number of participants (living or deceased) whose benefits were distributed in a single sum, during the plan 

year ............................................................................................................................................................................ 3 

12345678

4 Is the plan administrator making an election under Code section 412(d)(2) or ERISA section 302(d)(2)? ........................... X Yes X No X N/A 

 If the plan is a defined benefit plan, go to line 8. 

5 If a waiver of the minimum funding standard for a prior year is being amortized in this 

plan year, see instructions and enter the date of the ruling letter granting the waiver. Date: Month _________ Day _________ Year _________ 

6 a Enter the minimum required contribution for this plan year (include any prior year accumulated funding 

deficiency not waived) ........................................................................................................................................ 6a -123456789012345

 b Enter the amount contributed by the employer to the plan for this plan year ...................................................... 6b -123456789012345

 c Subtract the amount in line 6b from the amount in line 6a. Enter the result 

 (enter a minus sign to the left of a negative amount)........................................................................................... 6c -123456789012345

ALASKA IRONWORKERS PENSION PLAN

001

8

07/01/2015

BOARD OF TRUSTEES - ALASKA IRONWORK ERS PENSION PLAN

X

91-6123695

X

06/30/2016

X

Exhibit 15 AIPT 342
 Schedule R (Form 5500) 2015 Page 2 - 1 x 

Part V Additional Information for Multiemployer Defined Benefit Pension Plans

13 Enter the following information for each employer that contributed more than 5% of total contributions to the plan during the plan year (measured in 

dollars). See instructions. Complete as many entries as needed to report all applicable employers.

a Name of contributing employer 

b EIN c Dollar amount contributed by employer 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box X 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month _______ Day _______ Year _______ 

e Contribution rate information (If more than one rate applies, check this box X and see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).)

(1) Contribution rate (in dollars and cents) _____________ 

(2) Base unit measure: X Hourly X Weekly X Unit of production X Other (specify): 

a Name of contributing employer 

b EIN c Dollar amount contributed by employer

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box X 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month _______ Day _______ Year _______ 

e Contribution rate information (If more than one rate applies, check this box X and see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).)

(1) Contribution rate (in dollars and cents) _____________ 

(2) Base unit measure: X Hourly X Weekly X Unit of production X Other (specify): _______________________________ 

a Name of contributing employer 

b EIN c Dollar amount contributed by employer

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box X 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month _______ Day _______ Year _______ 

e Contribution rate information (If more than one rate applies, check this box X and see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).)

(1) Contribution rate (in dollars and cents) _____________ 

(2) Base unit measure: X Hourly X Weekly X Unit of production X Other (specify): _______________________________ 

a Name of contributing employer

b EIN c Dollar amount contributed by employer

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box X 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month _______ Day _______ Year _______ 

e Contribution rate information (If more than one rate applies, check this box X and see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).)

(1) Contribution rate (in dollars and cents) _____________ 

(2) Base unit measure: X Hourly X Weekly X Unit of production X Other (specify): _______________________________ 

a Name of contributing employer

b EIN c Dollar amount contributed by employer

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box X 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month _______ Day _______ Year _______ 

e Contribution rate information (If more than one rate applies, check this box X and see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).)

(1) Contribution rate (in dollars and cents) _____________ 

(2) Base unit measure: X Hourly X Weekly X Unit of production X Other (specify): _______________________________ 

a Name of contributing employer

b EIN c Dollar amount contributed by employer

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box X 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month _______ Day _______ Year _______ 

e Contribution rate information (If more than one rate applies, check this box X and see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).)

(1) Contribution rate (in dollars and cents) _____________ 

(2) Base unit measure: X Hourly X Weekly X Unit of production X Other (specify): _______________________________ 

X

X

X

X

06

06

2019

1

2019

2019

2016

06

2019

06

06

06

13.75

13.75

92-0109329

39-0789900

92-0100452

26-2388865

73-1103884

26-3821438

13.75

13.75

13.75

13.75

X

X

WHALEN CONSTRUCTION

PRICE GREGORY INTERNATIONAL INC

30

30

AZCO INC

30

30

GRIFFORD STEEL

SWANSON STEEL

30

IRON INC

30

257116

240499

184752

133298

451901

325904

2019

Exhibit 15 AIPT 343
 Schedule R (Form 5500) 2015 Page 3

14 Enter the number of participants on whose behalf no contributions were made by an employer as an employer of the 

participant for:

 a The current year ................................................................................................................................................... 14a 123456789012345

 b The plan year immediately preceding the current plan year ................................................................................. 14b 123456789012345

 c The second preceding plan year .......................................................................................................................... 14c 123456789012345

15 Enter the ratio of the number of participants under the plan on whose behalf no employer had an obligation to make an 

employer contribution during the current plan year to:

 a The corresponding number for the plan year immediately preceding the current plan year ................................ 15a 123456789012345

 b The corresponding number for the second preceding plan year .......................................................................... 15b 123456789012345

16 Information with respect to any employers who withdrew from the plan during the preceding plan year:

 a Enter the number of employers who withdrew during the preceding plan year ................................................. 16a 123456789012345

 b If line 16a is greater than 0, enter the aggregate amount of withdrawal liability assessed or estimated to be 

assessed against such withdrawn employers ...................................................................................................... 16b 123456789012345

17 If assets and liabilities from another plan have been transferred to or merged with this plan during the plan year, check box and see instructions regarding 

supplemental information to be included as an attachment. ....................................................................................................................... X

Part VI Additional Information for Single-Employer and Multiemployer Defined Benefit Pension Plans

18 If any liabilities to participants or their beneficiaries under the plan as of the end of the plan year consist (in whole or in part) of liabilities to such participants 

and beneficiaries under two or more pension plans as of immediately before such plan year, check box and see instructions regarding supplemental 

information to be included as an attachment ............................................................................................................................................................................ X

19 If the total number of participants is 1,000 or more, complete lines (a) through (c)

 a Enter the percentage of plan assets held as: 

 Stock: _____% Investment-Grade Debt: _____% High-Yield Debt: _____% Real Estate: _____% Other: _____%

 b Provide the average duration of the combined investment-grade and high-yield debt: 

 X 0-3 years X 3-6 years X 6-9 years X 9-12 years X 12-15 years X 15-18 years X 18-21 years X 21 years or more 

 c What duration measure was used to calculate line 19(b)? 

X Effective duration X Macaulay duration X Modified duration X Other (specify):

Part VII IRS Compliance Questions 

20a Is the plan a 401(k) plan? ........................................................................................................................................... X Yes X No

20b If “Yes,” how does the 401(k) plan satisfy the nondiscrimination requirements for employee deferrals and 

employer matching contributions (as applicable) under sections 401(k)(3) and 401(m)(2)? ..................................... X

Design-based 

safe harbor 

method

X ADP/ACP test

20c If the ADP/ACP test is used, did the 401(k) plan perform ADP/ACP testing for the plan year using the "current 

year testing method" for nonhighly compensated employees (Treas. Reg sections 1.401(k)-2(a)(2)(ii) and 

1.401(m)-2(a)(2)(ii))? .................................................................................................................................................

X Yes X No

21a Check the box to indicate the method used by the plan to satisfy the coverage requirements under section 

410(b): ....................................................................................................................................................................... X

Ratio 

percentage 

test 

X Average 

benefit test 

21b Does the plan satisfy the coverage and nondiscrimination tests of sections 410(b) and 401(a)(4) by combining 

this plan with any other plans under the permissive aggregation rules? ................................................................... X Yes X No

22a Has the plan been timely amended for all required tax law changes? ....................................................................... X Yes X No X N/A

22b Date the last plan amendment/restatement for the required tax law changes was adopted ____/____/____. Enter the applicable code ______ (See 

instructions for tax law changes and codes).

22c If the plan sponsor is an adopter of a pre-approved master and prototype (M&P) or volume submitter plan that is subject to a favorable IRS opinion or 

advisory letter, enter the date of that favorable letter _____/_____/_____ and the letter’s serial number ______________. 

22d If the plan is an individually-designed plan and received a favorable determination letter from the IRS, enter the date of the plan’s last favorable 

determination letter _____/_____/______. 

23 Is the Plan maintained in a U.S. territory (i.e., Puerto Rico (if no election under ERISA section 1022(i)(2) has 

been made), American Samoa, Guam, the Commonwealth of the Northern Mariana Islands or the U.S. Virgin 

Islands)? .....................................................................................................................................................................

X Yes X No

975

988

998

1.01

0.99

Exhibit 15 AIPT 344
INDEPENDENT AUDITORS’ REPORT

Board of Trustees

Alaska Ironworkers Pension Trust Fund

Anchorage, Alaska

Report on the Financial Statements

We have audited the accompanying financial statements of Alaska Ironworkers Pension Trust Fund (the 

Plan), which comprise the statements of net assets available for benefits as of June 30, 2016 and 2015, and 

the related statements of changes in net assets available for benefits for the years then ended, and the 

related notes to the financial statements. 

Management’s Responsibility for the Financial Statements

Plan management is responsible for the preparation and fair presentation of these financial statements in 

accordance with accounting principles generally accepted in the United States of America; this includes 

the design, implementation, and maintenance of internal control relevant to the preparation and fair 

presentation of financial statements that are free from material misstatement, whether due to fraud or 

error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We 

conducted our audits in accordance with auditing standards generally accepted in the United States of 

America. Those standards require that we plan and perform the audit to obtain reasonable assurance 

about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in 

the financial statements. The procedures selected depend on the auditor’s judgment, including the 

assessment of the risks of material misstatement of the financial statements, whether due to fraud or 

error. In making those risk assessments, the auditor considers internal control relevant to the Plan’s 

preparation and fair presentation of the financial statements in order to design audit procedures that are 

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of 

the Plan’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating 

the appropriateness of accounting policies used and the reasonableness of significant accounting 

estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for 

our audit opinion.

Exhibit 15 AIPT 345
Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the 

financial status of Alaska Ironworkers Pension Trust Fund as of June 30, 2016 and 2015, and the changes 

in its financial status for the years then ended in accordance with accounting principles generally 

accepted in the United States of America.

Report on Supplementary Information

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. 

The supplemental schedules of assets held for investment, reportable transactions, and administrative 

expenses are presented for the purpose of additional analysis and are not a required part of the financial 

statements. The supplemental schedules, with the exception of the schedule of administrative expenses, 

are supplementary information required by the Department of Labor’s Rules and Regulations for 

Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. Such information 

is the responsibility of the Plan’s management and was derived from and relates directly to the 

underlying accounting and other records used to prepare the financial statements. The information has 

been subjected to the auditing procedures applied in the audits of the financial statements and certain 

additional procedures, including comparing and reconciling such information directly to the underlying 

accounting and other records used to prepare the financial statements or to the financial statements 

themselves, and other additional procedures in accordance with auditing standards generally accepted in 

the United States of America. In our opinion, the information is fairly stated in all material respects in 

relation to the financial statements as a whole.

Spokane, Washington

April 11, 2017

Exhibit 15 AIPT 346
Exhibit 15 AIPT 347
Exhibit 15 AIPT 348
Exhibit 15 AIPT 349
Exhibit 15 AIPT 350
Scheduled Progress Certification

IRC Section 432 requires the actuary to certify whether the Plan is making scheduled progress 

in meeting the requirements of its Rehabilitation Plan. The Rehabilitation Plan for the Alaska 

Ironworkers Pension Plan, which was adopted on August 30, 2010 and revised July 29, 2014, 

reduced certain benefits and increased the Plan’s contribution rates. At this point, it has been 

determined using reasonable actuarial assumptions and methods that the Rehabilitation Plan 

will not enable the Plan to emerge from critical status by the end of the 10-year Rehabilitation 

Period on July 1, 2021, which began on July 1, 2011. 

The Trustees have adopted a Rehabilitation Plan that, in their judgment, consists of all 

reasonable measures to either emerge from critical status by a later date than the 10-year 

period mentioned above or forestall insolvency. As required under the PPA, the Trustees have 

been and will continue to review the Rehabilitation Plan annually. Based on implementation of 

the Rehabilitation Plan, assumed future contracts adopted by the bargaining parties, and 

reflecting the Plan’s experience through June 30, 2015, I hereby certify that the Plan is not 

making scheduled progress as of July 1, 2015 to emerge from critical status by July 1, 2021 as 

required under IRC Section 432(b)(3)(A)(ii).

_______________________________ September 28, 2015

Kelly S. Coffing Date

Enrolled Actuary Number 14-06596

Exhibit 15 AIPT 351
EIN 91-6123695, PN 001, Alaska Ironworkers Pension Plan

Schedule MB, Line 6 – Statement of Actuarial Assumptions / Methods

The following details the principal actuarial assumptions used in our valuation. The rationale for all significant 

economic assumptions is noted below. All significant demographic assumptions are based on analysis of the 

Plan’s experience, in particular, a study of all demographic assumptions was performed in conjunction with 

our July 1, 2015 Actuarial Valuation

Investment Return (Interest)

Funding: 6.25% per year (adopted July 1, 2009). The investment return assumption represents the expected 

long-term return on assets based on the Plan’s investment policy, asset allocation, and the capital market 

assumptions.

Withdrawal Liability: 6.25% per year (adopted July 1, 2009).

Current Liability: 3.34% per year (adopted July 1, 2015).

Inflation

No explicit assumption.

Administrative Expenses 

The annual operating expense assumption is $490,000 (adopted July 1, 2015).

Pay Increases

Not applicable. 

Rates for Active Participants

Death: The RP-2014 Mortality Table with Blue Collar adjustment, adjusted to factor out Scale MP-2014 from 

the 2006 base year, then projected forward using Scale MP-2015 on a generational basis, with genderspecific Employee rates (adopted July 1, 2015):

Age Sex

Future Life Expectancy (in years) 

2015 2025 2035 2045

60 Male 24.2 25.2 26.1 27.0

65 Male 19.9 20.7 21.6 22.5

Exhibit 15 AIPT 352
EIN 91-6123695, PN 001, Alaska Ironworkers Pension Plan

Schedule MB, Line 6 – Statement of Actuarial Assumptions / Methods

Withdrawal: Sample termination rates are shown in the following table (adopted July 1, 2015). 

Duration 

from Hire

Termination

Rate

0 25.00% 

1 25.00

2 15.00

3 12.00

4 10.00

7 8.00

12 7.00

17 7.00

22 5.00

27+ 3.00

Retirement: Sample retirement rates are shown in the following table (adopted July 1, 2011). These rates 

apply for those retiring from active and vested terminated status.

Age

Retirement

Pre-July, 1 2011 

Benefits

Post-July, 1 2011 

Benefits

20 0.00% 0.00%

25 0.00 0.00

30 0.00 0.00

35 0.00 0.00

40 0.00 0.00

45 0.00 0.00

50 5.00 5.00

51 5.00 5.00

52 5.00 5.00

53 5.00 5.00

54 5.00 5.00

55 5.00 5.00

56 10.00 10.00

57 15.00 10.00

58 20.00 10.00

59 20.00 15.00

60 100.00 20.00

61 100.00 20.00

62 100.00 100.00

Exhibit 15 AIPT 353
EIN 91-6123695, PN 001, Alaska Ironworkers Pension Plan

Schedule MB, Line 6 – Statement of Actuarial Assumptions / Methods

Marriage: Survivor benefits are provided for all Plan participants. 100% of active and terminated vested 

participants are assumed to be married. Wives are assumed to be three years younger than husbands.

Lump Sum – A lump-sum distribution option is provided upon retirement for benefits valued under $5,000. 

However, there is no explicit assumption for this. These benefits are valued as annuities.

Weighted Average Retirement Age

The weighted average retirement age for participants’ benefits earned prior to July 1, 2011 is 57. This equals 

the sum, over all retirement ages, of the retirement age multiplied by the probability of retiring at that age, as 

shown below.

(a) (b) (c) (b) x (c) = (d) (a) x (d) = (e)

Possible 

Retirement Age 

“r”

Assumed Rate of 

Retirement at 

Age “r”

Probability of 

Person Age 55 

Still Working at 

“r”

Probability of 

Person Age 55 

Retiring at “r”

Component of 

Weighted Average 

Retirement Age

50 0.0500 1.0000 0.0500 2.5000

51 0.0500 0.9500 0.0475 2.4225

52 0.0500 0.9025 0.0451 2.3465

53 0.0500 0.8574 0.0429 2.2720

54 0.0500 0.8174 0.0407 2.1992

55 0.0500 0.7738 0.0387 2.1279

56 0.1000 0.7351 0.0735 4.1165

57 0.1500 0.6616 0.0992 5.6565

58 0.2000 0.5623 0.1125 6.5232

59 0.2000 0.4499 0.0900 5.3085

60 1.0000 0.3599 0.3599 21.5941

Weighted Average Retirement Age: 57.0670

Rounded to Nearest Age: 57

Exhibit 15 AIPT 354
EIN 91-6123695, PN 001, Alaska Ironworkers Pension Plan

Schedule MB, Line 6 – Statement of Actuarial Assumptions / Methods

The weighted average retirement age for participants’ benefits earned after July 1, 2011 is 58. This equals the 

sum, over all retirement ages, of the retirement age multiplied by the probability of retiring at that age, as 

shown below.

(a) (b) (c) (b) x (c) = (d) (a) x (d) = (e)

Possible 

Retirement Age 

“r”

Assumed Rate of 

Retirement at 

Age “r”

Probability of 

Person Age 55 

Still Working at 

“r”

Probability of 

Person Age 55 

Retiring at “r”

Component of 

Weighted Average 

Retirement Age

50 0.0500 1.0000 0.0500 2.5000

51 0.0500 0.9500 0.0475 2.4225

52 0.0500 0.9025 0.0451 2.3465

53 0.0500 0.8574 0.0429 2.2720

54 0.0500 0.8145 0.0407 2.1992

55 0.0500 0.7738 0.0387 2.1279

56 0.1000 0.7351 0.0735 4.1165

57 0.1000 0.6616 0.0662 3.7710

58 0.1000 0.5954 0.0595 3.4535

59 0.1500 0.5359 0.0804 4.7426

60 0.2000 0.4555 0.0911 5.4660

61 0.2000 0.3644 0.0729 4.4457

62 0.1750 0.2915 0.2915 18.0742

Weighted Average Retirement Age: 57.9376

Rounded to Nearest Age: 58

Assumed Form of Payment

Future retirees are assumed to elect a single life annuity form of payment.

Mortality Rates after Leaving Active Participation

Healthy and Disabled Lives: The RP-2014 Mortality Table with Blue Collar adjustment, adjusted to factor 

out Scale MP-2014 from the 2006 base year, then projected forward using Scale MP-2015 on a generational 

basis, with gender-specific Healthy Annuitant rates (adopted July 1, 2015). 

Mortality for Current Liability

RP-2000 Combined Mortality Table projected as set forth in Treasury Regulation §1.412(I)(7)-1.

Exhibit 15 AIPT 355
EIN 91-6123695, PN 001, Alaska Ironworkers Pension Plan

Schedule MB, Line 6 – Statement of Actuarial Assumptions / Methods

Postretirement Benefit Increases

None. (The Plan does not provide for any future postretirement benefit increases.)

Inactive Partially Vested Members

No liability was retained for contingently vested former participants currently age 65 or over, based on the 

assumption that they are either currently retired or will never apply for benefits; 45% of the liability was 

retained for those under age 65 to account for reciprocity agreements with related trusts. The retained 

contingent liability is reflected in the present value of accrued nonvested benefits. 

Records with No Birth Date

New records with no birth date are assumed to be 41 years old. Records that are not new and have no birth 

date used the same birth date as the prior year’s valuation. 

Activity Assumption

This valuation uses an assumption of 200,000 contributory hours per year (adopted July 1, 2014).

Benefits Not Valued

None.

Exhibit 15 AIPT 356
EIN 91-6123695, PN 001, Alaska Ironworkers Pension Plan

Schedule MB, Line 6 – Statement of Actuarial Assumptions / Methods

Background

Before we explain our cost method, we must first define the term "actuarial present value”.

An actuarial present value is the value, on a given date, of a series of future benefit payments, future 

compensation payments or future contributions, where each amount in the series is:

 adjusted for the probability of increase (or decrease) due to such events as death, changes in marital 

status, etc.;

 multiplied by the probability of the event occurring on which the payment is conditioned, such as the 

probability of survival, retirement, death, disability, termination of employment, etc.; and

 discounted at an assumed rate of investment return.

Our actuarial assumptions estimate these probabilities and the investment return.

Actuarial Cost Method

The actuarial cost method used to calculate the funding requirements of the Plan is called the traditional unit 

credit actuarial cost method. 

The actuarial cost method is used to calculate the normal cost and unfunded actuarial accrued liability, which 

in turn determine the funding requirements of the Plan (minimum amount required and maximum amount 

deductible). The cost method allocates the total cost of the Plan over time: the normal cost is that portion of 

the cost allocated to the current year, and the actuarial accrued liability is the actuarial present value of 

costs allocated to prior years. The unfunded actuarial accrued liability (UAAL) is equal to the excess, if 

any, of the actuarial accrued liability over the actuarial value of assets.

Under the traditional unit credit cost method, the normal cost is the actuarial present value of all benefits 

expected to be earned during the plan year; for active employees, these earned benefits are generally due to 

additional covered hours worked. The actuarial accrued liability is the actuarial present value of all benefits 

accrued to date, generally based on service to date. 

Funding Requirements

Each year contributions must fund the normal cost and amortize a portion of the unfunded actuarial accrued 

liability. IRS minimum and maximum funding rules specify amortization schedules for the unfunded actuarial 

accrued liability, depending on the source of increase or decrease (Plan improvements, assumption changes, 

gains/losses, etc.).

Another factor can also affect funding requirements. The excess, if any, of past contributions over the 

accumulated minimum required amount creates a credit balance, which may be used to offset the minimum 

required contribution.

Asset Valuation Method

The actuarial value of assets is the asset value used to determine funding requirements. The actuarial asset 

method is a part of the Plan's cost method and may include smoothing to reduce large year-to-year swings in 

funding requirements due to asset gains and losses.

Exhibit 15 AIPT 357
EIN 91-6123695, PN 001, Alaska Ironworkers Pension Plan

Schedule MB, Line 6 – Statement of Actuarial Assumptions / Methods

The method used recognizes market value gains and losses in relation to the investment assumption over the 

five-year periods following the occurrence of the gains or losses. However, this method cannot produce an 

asset value that varies from market value more than 20%.

Changes in Actuarial Methods Since Prior Valuation

None

Exhibit 15 AIPT 358
EIN 91-6123695, PN 001, Alaska Ironworkers Pension Plan

Schedule MB, Line 6 – Summary of Plan Provisions

Plan Identification

EIN: 91-6123695

Plan Number: 001

Plan Year: July 1 to June 30 

Normal Retirement Benefits

Pre-July 1, 2011

Benefits: 1.2% x contributions made for the participant as a monthly benefit 

= 14.4% x contributions per year

Eligibility: Normal Retirement Age is age 60 with five pension credits. 

Post-July 1, 2011

Benefits: 1.0% x contributions made for the participant as a monthly benefit 

= 12.0% x contributions per year

Eligibility: Normal Retirement Age is age 62 with five pension credits. 

Early Retirement Benefits

Benefits: The normal retirement benefit (based on contributions to date) reduced by age according to 

the following scale:

Age at Retirement Benefits earned 

prior to July 1, 2011

Benefits earned 

on or after July, 2011 

62 1.0000 1.0000

61 1.0000 0.9200

60 1.0000 0.8400

59 0.9200 0.7600

58 0.8400 0.6800

57 0.7600 0.6000

56 0.6800 0.5600

55 0.6000 0.5200

54 0.5600 0.4800

53 0.5200 0.4400

52 0.4800 0.4000

51 0.4400 0.3600

50 0.4000 0.3200

Eligibility: Age 50 with five pension credits. 

Exhibit 15 AIPT 359
EIN 91-6123695, PN 001, Alaska Ironworkers Pension Plan

Schedule MB, Line 6 – Summary of Plan Provisions

Vesting (Withdrawal before Retirement)

A participant who leaves with five pension credits is 100% vested in his normal and early retirement benefits 

based on contributions to date. 

Disability Benefits

Benefits: None. 

Eligibility: N/A. 

Death Benefits

Benefits: A 50% joint and survivor annuity payable any time after the participant’s early retirement 

date.

Eligibility: Five pension credits and married at death. 

Forms of Pension Payment

The normal form of payment for a single employee is a life annuity. A participant may elect to receive a 

reduced benefit payable for life with 50%, 662⁄3%, 75% or 100% of such reduced benefit continued to his or 

her spouse upon the death of the employee. In addition, a participant may elect to receive a further reduced 

benefit in order to receive the normal form benefit amount if the spouse predeceases the employee. 

Plan Changes Since Prior Valuation

None.

Ad Hoc Benefit Increases

(Improvements that do not change the “Basic Benefit Structure”)

None. 

Benefit Structure of the Plan

Effective Date Description

Prior to July 1, 1974 $37.56 per year of pension credit. 

July 1, 1974 5.4% of yearly contributions for benefits. 

July 1, 2001 2.1% of yearly contributions for benefits.

July 1, 2003 1.2% of yearly contributions for benefits.

July 1, 2011 1.0% of yearly contributions for benefits. The normal retirement age was also 

changed to 62 on a prospective basis.

Exhibit 15 AIPT 360
Expected Benefit Payments

The following expected annual benefit payments are PVAB payouts as of the July 1, 2015 actuarial valuation.

Plan Year Beginning

Expected Annual 

Benefit Payments

2015 $ 7,606,166

2016 7,504,970

2017 7,478,660

2018 7,364,701

2019 7,271,439

2020 7,240,487

2021 7,216,583

2022 7,137,501

2023 7,103,673

2024 7,039,915

EIN 91-6123695, PN 001, Alaska Iron Workers Pension Plan

Schedule MB, Line 8b(1) – Schedule of Projection of Expected Benefit Payments

Exhibit 15 AIPT 361
Exhibit 13

Charges and Credits for Funding Standard Account

The amortization charges and credits for the Funding Standard Account for the plan year beginning July 1, 

2015 are determined below. 

1. Charges as of July 1, 2015

Date Amortization Remaining Outstanding

Established Description * Amount Years Balance

a. July 1, 2000 Combination of bases $4,560,950 7.2 $27,469,936

b. July 1, 2001 Actuarial loss (1) 173,490 1.0 173,490

c. July 1, 2002 Actuarial loss (1) 438,175 2.0 850,575

d. July 1, 2003 Actuarial loss (1) 715,782 3.0 2,023,509

e. July 1, 2004 Actuarial loss (1) 628,481 4.0 2,300,677

f. July 1, 2004 Change in assumptions (4) 265,703 19.0 3,089,386

g. July 1, 2005 Actuarial loss (1) 348,883 5.0 1,550,910

h. July 1, 2006 Actuarial loss (1) 20,354 6.0 105,516

i. July 1, 2006 Change in assumptions (4) 68,396 21.0 837,226

j. July 1, 2008 Change in assumptions (4) 39,929 8.0 260,861

k. July 1, 2009 Actuarial loss (1) 673,892 9.0 4,817,530

l. July 1, 2009 Change in assumptions (4) 741,360 9.0 5,299,842

m. July 1, 2009 Change in cost method (5) 1,572,812 4.0 5,757,591

n. July 1, 2011 Change in assumptions (4) 47,705 11.0 394,703

o. July 1, 2015 Change in assumptions (4) 320,533 15.0 3,254,301

p. Total 10,616,445 58,186,053

2. Credits as of July 1, 2015

Date Amortization Remaining Outstanding

Established Description * Amount Years Balance

a. July 1, 2002 Change in assumptions (4) $43,644 17.0 $477,222

b. July 1, 2003 Plan amendment (3) 77,346 18.0 873,351

c. July 1, 2007 Actuarial gain (1) 391,543 7.0 2,301,853

d. July 1, 2007 Change in assumptions (4) 25,210 22.0 315,649

e. July 1, 2008 Actuarial gain (1) 225,088 8.0 1,470,528

f. July 1, 2010 Actuarial gain (1) 99,763 10.0 770,994

g. July 1, 2010 Plan amendment (3) 472,658 10.0 3,652,845

h. July 1, 2010 Change in assumptions (4) 27,344 10.0 211,325

i. July 1, 2011 Actuarial gain (1) 64,125 11.0 530,554

j. July 1, 2012 Actuarial gain (1) 120,617 12.0 1,059,862

k. July 1, 2012 Change in assumptions (4) 35,940 12.0 315,810

EIN 91-6123695, PN 001, Alaska Iron Workers Pension Plan

Schedule MB, Lines 9c and 9h – Schedule of Funding Standard Account Bases

Exhibit 15 AIPT 362
l. July 1, 2013 Actuarial gain (1) 184,026 13.0 1,705,948

m. July 1, 2013 Change in assumptions (4) 7,242 13.0 67,135

n. July 1, 2014 Actuarial gain (1) 253,671 14.0 2,466,903

o. July 1, 2014 Change in assumptions (4) 392,438 14.0 3,816,387

p. July 1, 2014 Change in cost method (5) 142,577 9.0 1,019,258

q. July 1, 2015 Actuarial gain (1) 269,645 15.0 2,737,648

r. Total 2,832,877 23,793,272

3. Net outstanding balance [(1p) - (2r)] 34,392,781

4. Funding Deficiency as of July 1, 2015 4,792,391

5. Accumulated reconciliation account as of July 1, 2015

a. Additional Funding Charges 0 

b. Additional Interest Charges 0 

c. Due to Waived Funding Deficiencies 0 

d. Total [(a) + (b) + (c)] 0 

6. Balance test result [(3) + (4) - (5d)] 39,185,172

7. Unfunded Actuarial Accrued Liability as of July 1, 2015, minimum $0 $39,185,170

* The numbers following the descriptions identify the type of base according to Schedule MB line 7 instructions. 

EIN 91-6123695, PN 001, Alaska Iron Workers Pension Plan

Schedule MB, Lines 9c and 9h – Schedule of Funding Standard Account Bases

Exhibit 15 AIPT 363
EIN 91-6123695, PN 001, Alaska Ironworkers Pension Plan

Schedule MB, Line 11 – Justification for Change in Actuarial Assumptions

Changes in Actuarial Assumptions Since Prior Valuation

 The demographic assumptions were updated based on the Demographic Assumptions Study prepared 

concurrently with this valuation. This increased the present value of accrued benefits by approximately 

$3.3 million. The changes included:

o The rates of termination were revised.

o The rates of retirement for terminated participants were revised.

o The mortality assumptions were updated to the gender specific blue collar RP-2014 Mortality 

Tables, adjusted to factor out Scale MP-2014 to the 2006 base year, then projected forward using 

Scale MP-2015 on a generational basis. Employee rates are used before benefit commencement 

and Healthy Annuitant rates are used after benefit commencement.

 Effective July 1, 2015, the current liability interest rate was re-established within the statutory interest rate 

corridor, effective July 1, 2015. 

 Effective July 1, 2015, the statutory current liability mortality basis was re-established based on the 

RP-2000 Combined Mortality Table projected as set forth in Treasury Regulation §1.412(I)(7)-1.

 The annual operating expense assumption was changed from $470,000 to $490,000 to better reflect 

expected future expenses.

Exhibit 15 AIPT 364
Alaska Ironworkers Pension Trust Fund

Financial Statements and

Independent Auditors’ Report

June 30, 2016 and 2015

Exhibit 15 AIPT 365
Alaska Ironworkers Pension Trust Fund

June 30, 2016 and 2015

Table of Contents

Page

INDEPENDENT AUDITORS’ REPORT .......................................................................................................... 2-3 

FINANCIAL STATEMENTS:

Statements of net assets available for benefits ........................................................................................................ 4 

Statements of changes in net assets available for benefits ...................................................................................... 5 

 Notes to financial statements ............................................................................................................................ 6-17 

 Note 1 – Description of the Plan

 Note 2 – Summary of significant accounting policies

 Note 3 – Funding policy

 Note 4 – Actuarial present value of accumulated plan benefits

 Note 5 – Plan termination

 Note 6 – Fair value measurements

 Note 7 – Risks and uncertainties

 Note 8 – Party-in-interest transactions

 Note 9 – Tax status

 Note 10 – Pension Protection Act certification

 Note 11 – Subsequent event

SUPPLEMENTARY INFORMATION:

Assets held for investment ................................................................................................................................... 18

Reportable transactions ........................................................................................................................................ 19

Administrative expenses ...................................................................................................................................... 20 

Exhibit 15AIPT 366
INDEPENDENT AUDITORS’ REPORT

Board of Trustees

Alaska Ironworkers Pension Trust Fund

Anchorage, Alaska

Report on the Financial Statements

We have audited the accompanying financial statements of Alaska Ironworkers Pension Trust Fund (the 

Plan), which comprise the statements of net assets available for benefits as of June 30, 2016 and 2015, and 

the related statements of changes in net assets available for benefits for the years then ended, and the 

related notes to the financial statements. 

Management’s Responsibility for the Financial Statements

Plan management is responsible for the preparation and fair presentation of these financial statements in 

accordance with accounting principles generally accepted in the United States of America; this includes 

the design, implementation, and maintenance of internal control relevant to the preparation and fair 

presentation of financial statements that are free from material misstatement, whether due to fraud or 

error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We 

conducted our audits in accordance with auditing standards generally accepted in the United States of 

America. Those standards require that we plan and perform the audit to obtain reasonable assurance 

about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in 

the financial statements. The procedures selected depend on the auditor’s judgment, including the 

assessment of the risks of material misstatement of the financial statements, whether due to fraud or 

error. In making those risk assessments, the auditor considers internal control relevant to the Plan’s 

preparation and fair presentation of the financial statements in order to design audit procedures that are 

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of 

the Plan’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating 

the appropriateness of accounting policies used and the reasonableness of significant accounting 

estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for 

our audit opinion.

Exhibit 15 AIPT 367
Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the 

financial status of Alaska Ironworkers Pension Trust Fund as of June 30, 2016 and 2015, and the changes 

in its financial status for the years then ended in accordance with accounting principles generally 

accepted in the United States of America.

Report on Supplementary Information

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. 

The supplemental schedules of assets held for investment, reportable transactions, and administrative 

expenses are presented for the purpose of additional analysis and are not a required part of the financial 

statements. The supplemental schedules, with the exception of the schedule of administrative expenses, 

are supplementary information required by the Department of Labor’s Rules and Regulations for 

Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. Such information 

is the responsibility of the Plan’s management and was derived from and relates directly to the 

underlying accounting and other records used to prepare the financial statements. The information has 

been subjected to the auditing procedures applied in the audits of the financial statements and certain 

additional procedures, including comparing and reconciling such information directly to the underlying 

accounting and other records used to prepare the financial statements or to the financial statements 

themselves, and other additional procedures in accordance with auditing standards generally accepted in 

the United States of America. In our opinion, the information is fairly stated in all material respects in 

relation to the financial statements as a whole.

Spokane, Washington

April 11, 2017

Exhibit 15 AIPT 368
Alaska Ironworkers Pension Trust Fund

Statements of Net Assets Available for Benefits 

June 30, 2016 and 2015

ASSETS:

Investments, at fair value:

Short-term funds $ 2,402,720 $ 4,465,484 

U.S. securities 2,054,750 605,387 

Corporation bonds 985,303 418,957 

Foreign bonds 100,662 40,828 

Common stocks 14,120,356 24,771,805 

103-12 investment entity 4,551,414 2,491,746 

Limited partnerships 4,262,833 4,152,277 

Mutual funds 6,637,776 6,093,066 

Exchange traded funds 13,534,466 12,861,819 

Total investments 48,650,280 55,901,369 

Receivables:

Employer contributions 207,744 308,747 

Accrued interest and dividends 63,275 56,799 

Security transactions 41,349 308,440 

Other 100 100 

Total receivables 312,468 674,086 

Cash:

Checking, administrative 2,700 1,170 

Checking, benefit payments 801,441 882,054 

Total cash 804,141 883,224 

Total assets 49,766,889 57,458,679 

LIABILITIES:

Accounts payable 94,754 111,463 

Security transactions payable 147,822 561,073 

Total liabilities 242,576 672,536 

Net assets available for benefits $ 49,524,313 $ 56,786,143 

2016 2015

Exhibit 15 AIPT 369
Alaska Ironworkers Pension Trust Fund

Statements of Changes in Net Assets Available for Benefits 

Years Ended June 30, 2016 and 2015 

ADDITIONS:

Investment income (loss):

Net depreciation in fair value of investments $ (2,193,625) $ (248,512)

Interest and dividends 859,179 1,063,876 

Total investment income (loss) (1,334,446) 815,364 

Less investment expenses:

Custodial fees (17,195) (15,000)

Investment management and performance fees (223,402) (276,545)

Total investment expenses (240,597) (291,545)

Net investment income (loss) (1,575,043) 523,819 

Employer contributions 2,276,515 3,123,859 

Other income 1,779 10,451 

2,278,294 3,134,310 

Total additions 703,251 3,658,129 

DEDUCTIONS:

Benefits paid 7,451,069 7,654,800 

Administrative expenses 514,012 485,904 

Total deductions 7,965,081 8,140,704 

NET DECREASE (7,261,830) (4,482,575)

NET ASSETS AVAILABLE FOR BENEFITS:

Beginning of year 56,786,143 61,268,718 

End of year $ 49,524,313 $ 56,786,143 

2016 2015

Exhibit 15 AIPT 370
Alaska Ironworkers Pension Trust Fund

Notes to Financial Statements

Exhibit 15 AIPT 371
 Note 1 – Description of the Plan

The following brief description of Alaska Ironworkers Pension Trust Fund (the Plan) is provided for

general information purposes only. Participants should refer to the plan agreement for more complete 

information.

a. General – The Plan is a defined benefit pension plan covering eligible employees of participating

employers, signatory to a collective bargaining agreement with the International Association of 

Bridge, Structural, Ornamental and Reinforcing Ironworkers Local No. 751 or other special 

agreement, which requires pension contributions by the employer to the Plan. It is subject to the 

provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.

b. Pension benefits – Participants with five or more years of service are entitled to monthly pension 

benefits beginning at normal retirement age (60) as specified in the plan agreement. The Plan permits 

early retirement at ages 50-59. Participants may elect to receive their pension benefits in the form of a 

joint and survivor annuity. Benefits provided by the Plan are paid directly from net assets available 

for benefits. A participant’s previously earned pension and earned nonvested pension credit will be 

forfeited if a forfeiture break in service is incurred. A forfeiture break in service is a period of 

consecutive breaks in service equal to the greater of five (5) years or the participant’s previously 

earned years of pension credit. 

c. Death and disability benefits – If a vested participant dies while vested and is under age 50, the 

participant’s spouse may elect to receive a monthly pension equal to 50%, 66%, 75%, or 100% of the 

husband and wife pension. Payment would begin on the date the participant would have attained 

their earliest distribution date. Disability benefits are paid for two years as long as the participant 

remains unable to perform ironwork due to disability and continues thereafter only if the participant 

is totally and permanently disabled.

d. Rehabilitation plan – Under the Pension Protection Act of 2006 (PPA), several plan years were 

certified as being in critical status. As required under the PPA, the Trustees adopted a Rehabilitation 

Plan which incorporated the following benefit reductions and contribution increases: 

• Benefit accrual rates reduced from 1.2% to 1.0% of contributions effective with July 2011 work 

hours,

• Early retirement benefit factors reduced effective November 1, 2010,

• Normal retirement age for benefits earned on or after July 1, 2011, has been raised from 60 to 62,

• Early retirement benefit factors have been adjusted to incorporate the increased normal retirement 

age effective July 1, 2011,

• Remove the 72 months of guaranteed benefit payments for retirements commencing on or after 

November 1, 2010,

• Remove the $5,000 lump-sum death benefit for preretirement and postretirement deaths for deaths 

occurring on or after November 1, 2010,

Exhibit 15 AIPT 372
Note 1 – Description of the Plan (Continued)

d. Rehabilitation plan (continued) – 

• Remove the disability benefit for disabilities occurring on or after November 1, 2010. The pop-up 

benefit reduction of 1.0% is changed to an actuarial equivalent effective for retirements on or after 

November 1, 2011, and

• Employer contributions are required to increase by $1.00 per hour per year in August of 2010-

2014, with no additional accrual of benefits.

The Rehabilitation Plan is based on a number of assumptions about future experience and may need 

to be adjusted in the future if such assumptions are not met.

e. Administration – The Plan is administered by a Board of Trustees that is assisted by a contract 

administration organization. Administrative expenses are borne by the Plan.

 Note 2 – Summary of Significant Accounting Policies

a. Basis of accounting – The accompanying financial statements are prepared on the accrual basis of 

accounting.

b. Recent accounting pronouncements – In May 2015, the Financial Accounting Standards Board 

(FASB) issued Accounting Standards Update (ASU) 2015-07 – Fair Value Measurement: Disclosures for 

Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (Topic 820). This 

guidance removes the requirement to categorize within the fair value hierarchy all investments for 

which fair value is measured using the net asset value per share practical expedient. ASU 2015-07 

also removes the requirement to make certain disclosures for all investments that are eligible to be 

measured at fair value using the net asset value per share practical expedient. ASU 2015-07 is 

effective for interim and annual reporting periods beginning after December 15, 2015, and early 

application is permitted. The Trustees of the Plan have chosen to early implement ASU 2015-07.

In July 2015, the FASB issued ASU 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), 

Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully 

Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date 

Practical Expedient. ASU 2015-12 Part I does not apply to the Plan. ASU 2015-12 Part II simplifies the 

investment disclosure requirements under existing U.S. GAAP, including eliminating the disclosure 

of (1) individual investments that represent 5% or more of net assets available for benefits, and (2) the 

net appreciation or depreciation for investments by general type. ASU 2015-12 Part III does not apply 

to the Plan. The amendments in ASU 2015-12 applicable to the Plan are effective retrospectively for 

the year ending June 30, 2016, with early adoption permitted. The Trustees of the Plan have chosen to 

early implement ASU 2015-12.

Exhibit 15 AIPT 373
Note 2 – Summary of Significant Accounting Policies (Continued)

c. Investment valuation and income recognition – Investments are reported at fair value. Fair value is 

the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction 

between market participants at the measurement date. See Note 6 for a discussion of fair value 

measurements.

Purchases and sales of securities are reflected on a trade-date basis. Interest income is recorded as 

earned on an accrual basis. Dividend income is recorded on the ex-dividend date. Net appreciation

(depreciation) includes the Plan’s gains and losses on investments bought and sold as well as held 

during the year.

d. Use of estimates – The preparation of financial statements in conformity with accounting principles 

generally accepted in the United States of America requires plan management to make estimates and 

assumptions that affect the reported amount of assets, liabilities, and changes therein, disclosure of 

contingent assets and liabilities, and the actuarial present value of accumulated plan benefits at the 

date of the financial statements. Actual results could vary from the estimates that were used.

e. Payment of benefits – Benefits are recorded upon distribution.

f. Concentration of credit risk – The Plan maintains its cash balances at high credit quality financial 

institutions. Accounts at these institutions are insured by the Federal Deposit Insurance Corporation 

up to $250,000 through June 30, 2016, at which time the insured coverage amount may be changed. At 

times, such cash balances may be in excess of the insurance limit.

g. Reclassifications – Certain amounts in the 2015 financial statements have been reclassified to 

conform with the 2016 presentation. These reclassifications do not affect net assets available for 

benefits as previously reported.

h. Subsequent events – In preparing these financial statements, the Plan has evaluated events and 

transactions for potential recognition or disclosure through April 11, 2017, the date the financial

statements were available to be issued.

 Note 3 – Funding Policy

The collective bargaining agreement requires contributions by participating employers of a specified 

amount for each hour worked by covered employees. Contributions received by the Plan are deposited in 

a trust account where they are invested on behalf of the Plan. Any benefits provided by the Plan are paid 

directly from net assets available for benefits. Contributions made by participating employers for 2016

and 2015 did not exceed minimum funding requirements of ERISA, as amended.

Exhibit 15 AIPT 374
 Note 4 – Actuarial Present Value of Accumulated Plan Benefits 

Accumulated plan benefits are those future periodic payments that are attributable under the Plan’s 

provisions to the service employees have rendered. Accumulated plan benefits include benefits expected 

to be paid to (a) retired or terminated employees or their beneficiaries, (b) beneficiaries of employees who 

have died, and (c) present employees or their beneficiaries. Benefits under the Plan are based on 

employees’ contributions made on their behalf plus $37.56 per year of pension credit for service prior to 

July 1, 1974, if any. The benefit accrual rate is 1.2% for hours worked after July 1, 2003, and 1.0% for hours 

worked after July 1, 2011. Early retirements and disability retirements are also based on contributions 

with reductions based on years from normal retirement age. Benefits payable under all circumstances – 

retirement, death, disability, and termination of employment – are included to the extent they are deemed 

attributable to employee service rendered to the valuation date.

The actuarial present value of accumulated plan benefits is determined by the actuary and is that amount 

that results from applying actuarial assumptions to adjust the accumulated benefits to reflect the time 

value of money (through discounts for interest) and the probability of payment (by means of decrements 

such as for death, disability, withdrawal, or retirement) between the valuation date and the expected date 

of payment. 

Milliman, consulting actuaries, used the following significant actuarial assumptions in the Plan’s 

valuations as of July 1, 2015 and 2014: 

Investment earnings 6.25% per annum

IRS current liability rate 3.34% (3.59% 2014) 

Mortality RP 2000 Blue Collar Mortality Table

 Retirement age assumptions Pre-July 1, 2011, benefit accruals age 57 and

 Post-June 30, 2011, benefit accruals age 58

Assumed retirement age Terminated participants: 50% at earliest allowable age

 and 50% at age 60

Hours 200,000 contributory hours and 36,000 reciprocity hours 

for the July 1, 2015 and 2014, valuations 

Estimated expenses $490,000 ($470,000 in 2014) 

The foregoing actuarial assumptions are based on the presumption that the Plan will continue. Were the 

Plan to terminate, different actuarial assumptions and other factors might be applicable in determining 

the actuarial present value of accumulated plan benefits. 

Exhibit 15 AIPT 375
Note 4 – Actuarial Present Value of Accumulated Plan Benefits (Continued)

The actuarial present value of accumulated plan benefits as calculated by Milliman follows:

Vested benefits:

Participants and beneficiaries currently 

receiving benefits $ 75,478,076 $ 75,160,951 

Other participants 15,874,063 14,807,748 

91,352,139 89,968,699 

Nonvested benefits 3,534,156 3,876,081 

Total actuarial present value of 

accumulated plan benefits $ 94,886,295 $ 93,844,780 

July 1,

2015 2014

The changes in the actuarial present value of accumulated plan benefits are summarized as follows:

Actuarial present value of accumulated plan benefits

accumulated at beginning of valuation date $ 93,844,780 $ 95,423,016 

Increase (decrease) attributable to:

Benefits accumulated and plan experience 320,729 275,165 

Reduction in discount period 5,629,712 5,724,577 

Benefits paid (7,654,800) (7,777,462)

Change in assumptions 3,254,301 - 

Actuarial gain (loss) (508,427) 199,484 

1,041,515 (1,578,236)

Total actuarial present value of accumulated

plan benefits at end of valuation date $ 94,886,295 $ 93,844,780 

Years Ended July 1,

2015 2014

Exhibit 15 AIPT 376
Note 4 – Actuarial Present Value of Accumulated Plan Benefits (Continued)

The changes to the actuarial methods and assumptions for the year ended July 1, 2015 included:

 The demographic assumptions were updated based on the Demographic Assumptions Study 

prepared concurrently with this valuation. This increased the present value of accrued benefits 

by approximately $3.3 million. The changes included:

o The rates of termination were revised.

o The rates of retirement for terminated participants were revised.

o The mortality assumptions were updated to the gender specific blue collar RP-2014 

Mortality Tables, adjusted to factor out Scale MP-2014 to the 2006 base year, then 

projected forward using Scale MP-2015 on a generational basis. Employee rates are used 

before benefit commencement and Healthy Annuitant rates are used after benefit 

commencement.

Effective July 1, 2015, the current liability interest rate was re-established within the statutory interest rate

corridor, effective July 1, 2015.

Effective July 1, 2015, the statutory current liability mortality basis was re-established based on the

RP-2000 Combined Mortality Table projected as set forth in Treasury Regulation §1.412(I)(7)-1.

The annual operating expense assumption was changed from $470,000 to $490,000 to better reflect

expected future expenses.

 Note 5 – Plan Termination

The Plan shall continue in existence until such time it is terminated by one of the following means:

a. The unanimous vote of all Trustees provided at that time under the trust agreement, or

b. The expiration of all collective bargaining agreements and special agreements requiring the payment 

of contributions to the Plan, provided that for the purposes of this provision a collective bargaining 

agreement shall not be deemed to have expired in a strike or lockout situation, unless said strike or 

lockout continues for more than six (6) months.

Upon the termination of the plan agreement, the Trustees shall wind up the affairs of the Plan. Any and 

all monies remaining in the Plan, after the payment of expenses, shall be allocated among the employees 

and beneficiaries as specified in Section 4044 of ERISA, as amended.

In no event shall any of the remaining monies or assets be paid or be recoverable by any employer, 

employer association, or labor organization.

Exhibit 15 AIPT 377
Note 5 – Plan Termination (Continued)

In the event of a partial or total termination of the Plan or a complete discontinuance of employer 

contributions, the rights of all participants to benefits accrued to the extent funded as of the date of 

termination or discontinuance will be nonforfeitable. A more complete discussion of the priority order of 

participants’ claims to the assets of the Plan upon plan termination and benefits guaranteed by the 

Pension Benefit Guaranty Corporation (PBGC) is located in the plan agreement. Should the Plan 

terminate at some future time, its net assets generally will not be available on a pro rata basis to provide 

participants’ benefits. Whether a particular participant’s accumulated benefits will be paid depends on 

both the priority of those benefits and the level of benefits guaranteed by the PBGC at that time. Some 

benefits may be fully or partially provided for by the then existing assets and the PBGC guaranty while 

other benefits may not be provided for at all.

 Note 6 – Fair Value Measurements

FASB’s Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures, establishes a 

fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The 

hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or 

liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

The three levels of the fair value hierarchy under ASC 820 are described as follows:

Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or 

liabilities in active markets that the Plan has the ability to access. 

Level 2 – Inputs to the valuation methodology include:

• quoted prices for similar assets or liabilities in active markets;

• quoted prices for identical or similar assets or liabilities in inactive markets;

• inputs other than quoted prices that are observable for the asset or liability;

• inputs that are derived principally from or corroborated by observable market data by 

correlation or other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be 

observable for substantially the full term of the asset or liability.

Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value 

measurement.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the 

lowest level of any input that is significant to the fair value measurement. Valuation techniques used 

need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value. There 

have been no changes in the methodologies used at June 30, 2016 and 2015. 

Exhibit 15 AIPT 378
Note 6 – Fair Value Measurements (Continued)

Level 1: Short-term Funds: Valued at the closing price reported in the active market in which the 

security trades.

Common Stocks, Mutual Funds, and Exchange-Traded Funds: Valued at the closing price 

reported on the active market in which the individual securities are traded.

Level 2: U.S. Securities Corporate Bonds, and Municipal Bonds: Valued using the latest bid price or 

using valuations based on a matrix system, which considers such factors as security prices, 

yields, maturities, and ratings.

Investments measured at net asset value (NAV):

Limited partnerships: Valued at the net asset value from the audited financial statements of the 

partnerships, which is based on the underlying assets held by the Plan at year end. 

103-12 investment entity: Valued at the net asset value from the audited financial statement of the fund. 

The net asset value is based on real estate valued on the basis of a discounted cash flow approach, which 

includes the future rental receipts, expenses, and residual values as the highest and best use of the real 

estate from a market participant view as rental property.

The preceding methods may produce a fair value calculation that may not be indicative of net realizable 

value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are 

appropriate and consistent with other market participants, the use of different methodologies or 

assumptions to determine the fair value of certain financial instruments could result in a different fair 

value measurement at the reporting date.

The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value:

Short-term funds $ 2,402,720 $ - $ - $ 2,402,720 

Common stocks 14,120,356 - - 14,120,356 

Mutual funds 6,637,776 - - 6,637,776 

Exchange traded funds 13,534,466 - - 13,534,466 

U.S. securities - 2,054,750 - 2,054,750 

Corporation bonds - 985,303 - 985,303 

Foreign bonds - 100,662 - 100,662 

Investments measured at fair value $ 36,695,318 $ 3,140,715 $ - 39,836,033 

Investments measured at NAV 8,814,247 

Total investments at fair value $ 48,650,280 

Investment Assets at Fair Value as of June 30, 2016

Level 1 Level 2 Level 3 Total

Exhibit 15 AIPT 379
Note 6 – Fair Value Measurements (Continued)

Investments measured at net asset value (NAV) (continued):

Short-term funds $ 4,465,484 $ - $ - $ 4,465,484 

Common stocks 24,771,805 - - 24,771,805 

Mutual funds 6,093,066 - - 6,093,066 

Exchange traded funds 12,861,819 - - 12,861,819 

U.S. securities - 605,387 - 605,387 

Corporation bonds - 418,957 - 418,957 

Foreign bonds - 40,828 - 40,828 

Investments measured at fair value $ 48,192,174 $ 1,065,172 $ - 49,257,346 

Investments measured at NAV 6,644,023 

Total investments at fair value $ 55,901,369 

Investment Assets at Fair Value as of June 30, 2015

Level 1 Level 2 Level 3 Total

Changes in Fair Value Levels

The availability of observable market data is monitored to assess the appropriate classification of financial 

instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation 

techniques may require the transfer of financial instruments from one fair value level to another. In such 

instances, the transfer is reported at the beginning of the reporting period. We evaluated the significance 

of transfers between levels based upon the nature of the financial instrument and size of the transfer 

relative to total net assets available for benefits. For the year ended June 30, 2016, there were no 

significant transfers in or out of Levels 1, 2, or 3.

FASB ASC 820 also requires additional disclosure to assist in understanding the nature and risk of the 

investments that calculate net asset value per share (or its equivalent). The following table summarizes 

the fair value and liquidity disclosures of each fund:

Redemption Redemption

Frequency Notice Period

Limited partnerships:

Macquarie Infrastructure

Partners, Inc. $ 2,731,417 $ 2,485,372 $ - N/A N/A

Hatteras Core Alternatives

TEI Institutional Fund 1,531,416 1,666,905 - N/A N/A

103-12 investment entity:

Washington Capital 

Management, Inc. 4,551,414 2,491,746 - Monthly 15 Days

$ 8,814,247 $ 6,644,023 $ - 

2016 Commitments

Fair Value at June 30, Unfunded

2015

Exhibit 15 AIPT 380
Note 6 – Fair Value Measurements (Continued)

Investments measured at net asset value (NAV) (continued):

Changes in Fair Value Levels (continued)

a. Withdrawals of contributed capital are not permitted from this investment. The partnership will 

operate for a period of ten years from the final closing date. The general partner may extend the term 

for up to an additional four years. 

b. Withdrawals are only made from available cash. The manager is not required to sell real properties or 

interests in real properties to meet redemption requests. The manager also has sole discretion on 

making lump-sum payments or periodic installments for withdrawal requests. If demand to liquidate 

exceeds the available cash, withdrawals are processed on a pro rata basis. During such time, any

contributions to the fund may be used for investment rather than payment of withdrawal requests.

The following provides a brief description of the investment strategies employed by the Plan’s 

investment funds valued at net asset value per share (or its equivalent):

Limited Partnerships – 

Infrastructure: The goal of the fund is to earn income directly through equity investment in or 

indirectly through loans with infrastructure assets and other assets with similar characteristics 

located predominantly in the United States, Canada, and Mexico.

Core Alternatives: The investment seeks to earn long-term returns through investment in a 

diversified portfolio of private investments while mitigating potential risk through investment in 

hedged strategies across a variety of sectors, geographies, and managers.

103-12 Investment Entity – 

Real Estate Equity Fund: The goal of this strategy is to earn rental income and/or to realize real 

estate price appreciation through a diversified portfolio of real estate. The fund invests primarily 

in income-producing real estate, through either direct ownership, partnership interests, or 

corporate shares or memberships with developers and/or other investors, or through participating 

equity oriented debt. There is also a focus on development opportunities.

Exhibit 15 AIPT 381
 Note 7 – Risks and Uncertainties

The Plan invests in a variety of investment securities and derivatives. In general, investment securities 

and derivatives are exposed to various risks, such as interest rate, credit, and overall market volatility 

risk. Due to the level of risk associated with certain investment securities and derivatives, it is reasonably 

possible that changes in the values of the investments will occur in the near term and that such changes 

could materially affect the amounts reported in the statements of net assets available for benefits.

Plan contributions are made and the actuarial present value of accumulated plan benefits are reported 

based on certain assumptions pertaining to interest rates, inflation rates, and employee demographics, all 

of which are subject to change. Due to uncertainties inherent in the estimations and assumptions process, 

it is at least reasonably possible that changes in these estimates and assumptions in the near term would 

be material to the financial statements.

During 2016 and 2015, three contributing employers paid 40% and four contributing employers paid 49% 

of total contributions to the Plan, respectively.

 Note 8 – Party-in-interest Transactions

Morgan Stanley is the custodian of the investments and the investment advisor as defined by the Plan 

and, therefore, these transactions qualify as party-in-interest transactions. Welfare & Pension 

Administration Services, Inc. (WPAS) provides certain accounting and administrative services to the 

Plan. Morgan Stanley is the Plan’s investment custodian and advisor, and WPAS is the Plan’s third-party 

administrator; therefore, these transactions qualify as party-in-interest transactions.

Such transactions, while considered party-in-interest transactions under ERISA regulations, are permitted 

under the provisions of the Plan and are specifically exempt from the prohibition of party-in-interest 

transactions under ERISA.

 Note 9 – Tax Status 

The trust established under the Plan to hold the Plan’s assets is qualified pursuant to the appropriate 

section of the Internal Revenue Code (IRC) and, accordingly, the trust’s net investment income is exempt 

from income taxes. The Plan obtained its latest determination letter on March 19, 2002, in which the

Internal Revenue Service (IRS) stated that the Plan, as designed, was in compliance with the applicable 

requirements of the IRC. The Plan has been amended since receiving the determination letter. However, 

the plan administrator and the Plan’s tax counsel believe that the Plan is designed and is currently being 

operated in compliance with the applicable requirements of the IRC.

Exhibit 15 AIPT 382
Note 9 – Tax Status (Continued)

Accounting principles generally accepted in the United States of America require plan management to 

evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an 

uncertain position that more likely than not would not be sustained upon examination by the IRS. The 

plan administrator has analyzed the tax positions taken by the Plan and has concluded that as of June 30, 

2016 and 2015, there are no uncertain tax positions taken that would require recognition of a liability (or 

asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing

jurisdictions; however, there are currently no audits for any tax periods in progress. 

 Note 10 – Pension Protection Act Certification

For the plan years beginning July 1, 2015 and 2014, the Plan’s actuary certified that the Plan was in the 

critical status (“red zone”) within the meaning of the Pension Protection Act of 2006. The Plan was 

considered to be in the red zone because its funded percentage is less than 65% (60% and 59%) at July 1, 

2015 and 2014, respectively. 

The Plan adopted a “forestall insolvency” Rehabilitation Plan on August 30, 2010, which has been 

reflected in the negotiated collective bargaining agreements. After October 31, 2010, the certain period on 

the normal form of benefit and subsidized early retirement factors were removed on all future 

retirements. In addition, certain participants are no longer eligible for disability benefits and the lumpsum death benefit was eliminated for all participants. As of July 1, 2011, all future accruals will be based 

on a normal retirement age of 62, an accrual factor of 1.0%, and unsubsidized early retirement factors 

from age 62. 

Subsequent to year end, the Plan’s actuary certified that the Plan was in the critical and declining status 

(“gray zone”) with a funding percentage of 56% for the Plan year beginning July 1, 2016. The Plan is 

projected to become insolvent during the Plan year beginning July 1, 2030. 

Note 11 – Subsequent Event

On February 7, 2017, the Board of Trustees decided to file a benefit suspension application with the U.S. 

Treasury on behalf of the Plan. If the application is approved, certain benefit reductions would be 

implemented no later than February 1, 2018. 

Exhibit 15 AIPT 383
Alaska Ironworkers Pension Trust Fund

Supplementary Information

Exhibit 15 AIPT 384
Alaska Ironworkers Pension Trust Fund

Form 5500, Schedule H - Part IV, Line 4i EIN: 91-6123695 PN: 001 

June 30, 2016

(a) (b) (d) (e)

U.S. Bank Operating:

Short-term funds Various $ 1,349,774 $ 1,349,774 

Washington Capital Mgmt., Inc.: 

103-12 investment entity Various $ 2,952,814 $ 4,551,414 

Macquarie Infrastructure Partners, Inc.:

Short-term funds Various $ 208,338 $ 208,338 

Limited partnership Various 1,607,256 2,731,417 

$ 1,815,594 $ 2,939,755 

Morgan Stanley:

Short-term funds Various $ 844,608 $ 844,608 

U.S. securities Various 1,992,159 2,054,750 

Corporation bonds Various 955,207 985,303 

Foreign bonds Various 96,964 100,662 

Limited partnership 1,161,949 1,531,416 

Common stocks Various 13,886,872 14,120,356 

Mutual funds Various 6,630,368 6,637,776 

Exchange traded funds Various 13,261,331 13,534,466 

$ 38,829,458 $ 39,809,337 

Totals:

Short-term funds $ 2,402,720 $ 2,402,720 

U.S. securities 1,992,159 2,054,750 

Corporation bonds 955,207 985,303 

Foreign bonds 96,964 100,662 

Common stocks 13,886,872 14,120,356 

103-12 investment entity 2,952,814 4,551,414 

Limited partnerships 2,769,205 4,262,833 

Mutual funds 6,630,368 6,637,776 

Exchange traded funds 13,261,331 13,534,466 

$ 44,947,640 $ 48,650,280 

Assets Held for Investment

Hatteras Multi-Strategy TEI

(c)

Current

Identity of Issue Par or Maturity Value Cost Value 

Maturity Date, Rate of Interest,

Description of Investment Including

Exhibit 15 AIPT 385
Alaska Ironworkers Pension Trust Fund

Form 5500, Schedule H - Part IV, Line 4j EIN: 91-6123695 PN: 001

Year Ended June 30, 2016 

(a) (b)

Description of

Assets (Include

Interest Rate and

Identity of Issue Maturity in Case

Party Involved of a Loan) 

Category (iii) -- A Series of Transactions in Excess of 5% of Plan Assets:

Deutsche X-trackers

 MSCI EAFE HDEQ 4 sales $ - $ 3,002,323 $ 2,777,341 $ 3,002,323 $ 224,982 

First American Prime

Obligation FD CL Z 34 purchases 4,803,147 - 4,803,147 4,803,147 - 

First American Prime

Obligation FD CL Z 29 sales - 5,561,121 5,561,121 5,561,121 - 

 Price Price of Assets Date or Loss

Reportable Transactions

(i)

Value of

Assets on

Purchase Selling Cost Transaction Net Gain

Current

(c) (d) (g) (h)

Exhibit 15 AIPT 386
Alaska Ironworkers Pension Trust Fund

Years Ended June 30, 2016 and 2015 

Administration fees $ 180,759 $ 179,403 

Actuarial fees 109,091 103,428 

Audit fee 19,895 20,290 

Legal and collection fees 81,359 81,528 

Payroll review fees 6,780 7,046 

Fidelity bond 638 972 

Fiduciary insurance 27,212 25,659 

Pension Benefit Guarantee Corp. 21,398 7,824 

Office and printing 13,299 7,320 

Bank service charges 1,926 1,824 

Postage 7,197 5,719 

Dues and registrations 4,795 12,675 

Conferences and conventions 17,017 19,649 

Travel and meeting expense 22,646 12,567 

$ 514,012 $ 485,904 

Administrative Expenses

2016 2015

Exhibit 15 AIPT 387
Alaska Ironworkers Pension Trust Fund

Form 5500, Schedule H - Part IV, Line 4i EIN: 91-6123695 PN: 001 

June 30, 2016

(a) (b) (d) (e)

U.S. Bank Operating:

Short-term funds Various $ 1,349,774 $ 1,349,774 

Washington Capital Mgmt., Inc.: 

103-12 investment entity Various $ 2,952,814 $ 4,551,414 

Macquarie Infrastructure Partners, Inc.:

Short-term funds Various $ 208,338 $ 208,338 

Limited partnership Various 1,607,256 2,731,417 

$ 1,815,594 $ 2,939,755 

Morgan Stanley:

Short-term funds Various $ 844,608 $ 844,608 

U.S. securities Various 1,992,159 2,054,750 

Corporation bonds Various 955,207 985,303 

Foreign bonds Various 96,964 100,662 

Limited partnership 1,161,949 1,531,416 

Common stocks Various 13,886,872 14,120,356 

Mutual funds Various 6,630,368 6,637,776 

Exchange traded funds Various 13,261,331 13,534,466 

$ 38,829,458 $ 39,809,337 

Totals:

Short-term funds $ 2,402,720 $ 2,402,720 

U.S. securities 1,992,159 2,054,750 

Corporation bonds 955,207 985,303 

Foreign bonds 96,964 100,662 

Common stocks 13,886,872 14,120,356 

103-12 investment entity 2,952,814 4,551,414 

Limited partnerships 2,769,205 4,262,833 

Mutual funds 6,630,368 6,637,776 

Exchange traded funds 13,261,331 13,534,466 

$ 44,947,640 $ 48,650,280 

Assets Held for Investment

Hatteras Multi-Strategy TEI

(c)

Current

Identity of Issue Par or Maturity Value Cost Value 

Maturity Date, Rate of Interest,

Description of Investment Including

Exhibit 15 AIPT 388
Alaska Ironworkers Pension Trust Fund

Form 5500, Schedule H - Part IV, Line 4j EIN: 91-6123695 PN: 001

Year Ended June 30, 2016 

(a) (b)

Description of

Assets (Include

Interest Rate and

Identity of Issue Maturity in Case

Party Involved of a Loan) 

Category (iii) -- A Series of Transactions in Excess of 5% of Plan Assets:

Deutsche X-trackers

 MSCI EAFE HDEQ 4 sales $ - $ 3,002,323 $ 2,777,341 $ 3,002,323 $ 224,982 

First American Prime

Obligation FD CL Z 34 purchases 4,803,147 - 4,803,147 4,803,147 - 

First American Prime

Obligation FD CL Z 29 sales - 5,561,121 5,561,121 5,561,121 - 

 Price Price of Assets Date or Loss

Reportable Transactions

(i)

Value of

Assets on

Purchase Selling Cost Transaction Net Gain

Current

(c) (d) (g) (h)

Exhibit 15 AIPT 389
September 28, 2015

Internal Revenue Service

Employee Plans Compliance Unit

Group 7602 (TEGE: EP: EPCU)

230 S. Dearborn Street

Room 1700, 17th Floor

Chicago, IL 60604

Re: Pension Protection Act (PPA) Actuarial Certification 

for the Plan Year Beginning July 1, 2015 – Alaska Ironworkers Pension Plan

In accordance with IRC Section 432(b)(3)(A), we have prepared and attached an actuarial 

certification for the Plan Year beginning July 1, 2015 for the Alaska Ironworkers Pension Plan. 

In our opinion, the assumptions used for the actuarial certification are individually reasonable 

based on the experience of the Plan and on reasonable expectations of anticipated experience 

under the Plan. The projections in this report are dependent on the assumptions used. 

Differences between our projections and actual amounts depend on the extent to which future 

experience conforms to the assumptions made for this analysis. It is certain that actual 

experience will not conform exactly to the assumptions used in these projections. Actual results 

will differ from projected amounts to the extent that actual experience is better or worse than 

expected.

On the basis of the foregoing and as members of the American Academy of Actuaries (AAA) 

who meet the Qualification Standards of the AAA to render the actuarial opinion contained 

herein, we hereby certify that, to the best of our knowledge and belief, this letter is complete and 

accurate and has been prepared in accordance with generally recognized and accepted 

actuarial principles and practices.

Sincerely, 

Kelly S. Coffing, FSA, EA, MAAA

Consulting Actuary

KSC/fyb

Enclosures

cc: Board of Trustees

Mr. Charles Dunnagan (w/Enclosures)

Mr. Bob Greco (w/Enclosures)

Ms. Donna Whitford (w/Enclosures)

Mr. Mark Olleman (w/Enclosures)

Exhibit 15 AIPT 390
Funding Status Projection Results

• Projection of Credit Balance

Plan Year 

Beginning

Funded 

Percentage

Credit Balance at 

End of Year

7/1/2015 60% Projected Funding Deficiency

7/1/2016 60% Projected Funding Deficiency

7/1/2017 60% Projected Funding Deficiency

7/1/2018 60% Projected Funding Deficiency

7/1/2019 58% Projected Funding Deficiency

7/1/2020 58% Projected Funding Deficiency

7/1/2021 57% Projected Funding Deficiency

Conclusion: The Plan is projected to have an accumulated funding deficiency at the 

end of the current plan year. The Plan is in critical status for 2015.

• Funded Percentage

The funded percentage as of July 1, 2015 is expected to be 60%.

Conclusion: The funded percentage is less than 65% as of July 1, 2015. 

• Projected Insolvency

As of July 1, 2015, the Plan is not projected to become insolvent within the next 15 

years.

Conclusion: The Plan is not in critical and declining status according to 432(b)(6).

Status Certification

Based on the actuarial assumptions and methods, financial and participant data, and Plan 

provisions, as described in the actuarial report for the Plan year ended June 30, 2015, I hereby 

certify that the Alaska Ironworkers Pension Plan is considered “critical” for the Plan Year 

beginning July 1, 2015, as defined in the Pension Protection Act of 2006 and amended by the 

Multiemployer Pension Reform Act of 2014.

Further, I hereby certify that to the best of my knowledge and belief, the actuarial assumptions 

employed in preparing this certification are individually reasonable and represent my best 

estimate of future experience. Further, the “projected industry activity” assumption, as required 

under IRC Section 432(b)(3)(B)(iii), has been provided by the Board of Trustees.

_______________________________ September 28, 2015

Kelly S. Coffing Date

Enrolled Actuary Number 14-06596

Exhibit 15 AIPT 391
Summary of Plan Provisions/Assumptions/Methods

• Our forecast of future minimum funding requirements is based on:

o July 1, 2014 participant data and July 1, 2014 actuarial valuation results, as provided in 

our actuarial report dated March 3, 2015.

o June 30, 2015 unaudited market value of assets, 2014/15 contributions, and benefit 

payments provided by the trust office, and administration expenses equal to the amounts 

assumed in our July 1, 2014 actuarial valuation. In combination, these values reflect an 

actual return on plan assets of 0.6% for 2014/15 (net of investment-related expenses). 

Our forecast is also based on an assumed rate of return on market assets of 6.25% (net 

of investment-related expenses) for every year after the Plan Year ended June 30, 2015, 

and no future asset gains or losses other than the gains or losses related to the asset 

smoothing method are reflected.

o The future activity assumption is 236,000 hours a year and is based on Trustees’ 

anticipated industry levels in the near future.

o Estimated base contributions assuming an average hourly contribution rate of $4.75 per 

hour for each plan year after June 30, 2015. 

o Funding only employer contributions due to the rehabilitation plan are reflected for all 

CBAs.

o An assumption that the active population will remain stable for each plan year after 

June 30, 2015. 

o All other actuarial assumptions and methods are the same as those used to determine 

July 1, 2014 actuarial valuation results.

o Plan provisions are those used in the July 1, 2014 actuarial valuation. 

• This actuarial certification is based on 1) our understanding of actuarial certification 

requirements under the Internal Revenue Code Section 432 as of June 30, 2015, 2) the 

December 2007 Practice Note issued by the Multiemployer Plans Subcommittee of the 

Pension Committee of the American Academy of Actuaries, and 3) action taken by the 

Board of Trustees on or before September 28, 2015. 

Exhibit 15 AIPT 392
Plan Identification

Name: Alaska Ironworkers Pension Plan

EIN/PN: 91-6123695

Plan Year: July 1, 2015

Plan Number: 001

Address: P.O. Box 93870

 Anchorage, AK 99509-3870

Telephone Number: (907) 561-5119

Enrolled Actuary Identification

Name: Ms. Kelly S. Coffing

Enrolled Actuary #: 14-06596

Address: Milliman

1301 Fifth Avenue

 Suite 3800

 Seattle, WA 98101

Telephone Number: (206) 624-7940

Exhibit 15 AIPT 393
EIN 91-6123695, PN 001, Alaska Ironworkers Pension Plan

Schedule MB, Line 8b(2) – Schedule of Active Participant Data

Exhibit 7 

Summary of Active Participants by Age and Service

Number of Participants by Age and Service Groups

Years of Vesting Service

Age <1 1-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40&Up Total

0-24 7 9 - - - - - - - - 16

25-29 11 14 14 - - - - - - - 39

30-34 5 6 11 4 - - - - - - 26

35-39 5 8 9 9 1 - - - - - 32

40-44 3 - 3 2 2 - - - - - 10

45-49 1 3 2 4 2 1 - - - - 13

50-54 - 3 2 3 5 - 1 - - - 14

55-59 - 2 2 1 2 - 1 - - - 8 

60-64 - - - 2 - - - - - - 2 

65-69 - - - - - - - - - - - 

70&Up - - - - - - - - - - - 

Total 32 45 43 25 12 1 2 - - - 160

Exhibit 15 AIPT 394
Form5500 

Departmeot of Ille TreaSIM}' 

Internal Revenue Service 

Department of Labor 

Employee Benefits Security 

Adrrinistration 

Pension Benefit Guaranty Corporation 

Annual Return/Report of Employee Benefit Plan 

This fonn is required to be filed for employee benefit plans under sections 104 

and 4065 of the Employee Retirement Income Security Act of 1974 (ERISA) and 

sections 6047(e}, 6057(b}, and 6058(a} of the Internal Revenue Code (the Code}. 

~ Complete all entries in accordance with 

the instructions to the Fonn 5500. 

I Part I I Annual Report Identification lnfonnation 

OMB Nos. 1210-0110 

1210--0089 

2015 

This Fonn is Open to Public 

lns1>ectlon 

For calendar plan year 2015 or fiscal plan year beginning 07 /01/2015 and ending 06/30/2016 

A This return/report is for: ~ a multiemployer plan; 0 a multiple-employer plan (Filers checking this box must attach a list of 

participating employer infonnation in accordance with the fonn instructions); or 

0 a single-employer plan; 0 a DFE (specify)_ 

B This return/report is: 0 the first return/report; 0 the final return/report; 

0 an amended return/report; 0 a short plan year return/report Qess than 12 months}. 

C If the plan is a collectively-bargained plan, check here ............................................................ ~ ~ 

D Check box if filing under: ~ Fonn 5558; 0 automatic extension; 0 the DFVC program; 

n special extension (enter description} 

Part II I Basic Plan lnfonnation-enter all requested infonnation 

1 a Name of plan 

Alaska Ironworkers Pension Plan 

2a Plan sponsor's name (employer, if for a single-employer plan} 

Mailing address (indude room, apt, suite no. and street, or P.O. Box} 

City or town, state or province, country, and ZIP or foreign postal code (if foreign, see instructions} 

Board of Trustees - Alaska Ironwork ers Pension Plan 

PO Box 93870 

Anchorage AK 99509-3870 

1 b Three-digit plan I 

number (PNl ~ 001 

1c Effective date of plan 

03/05/1968 

2b Employer Identification 

Number (EIN) 

91-6123695 

2c Plan Sponsor's telephone 

number 

(907) 561-5119 

2d Business code (see 

instructions) 

238100 

Caution: A penalty for the late or Incomplete filing of this retumlreport will be assessed unless reasonable cause is established. 

Under penalties of perjury and other penalties set forth in the instructions, I declare that I have examined this return/report, including accompanying schedules, 

statements and attachm~. as well as the electronic version of this return/report, and to the best of my knowledge and belief, it is true, correct, and complete. 

SIGN ~\) ~ () ,# 

, .. i_fo-17 Paul Carr 

HERE 

Sianature of olan administrator Date Enter name of individual siQnirm as olan administrator 

SIGN 

HERE 

Sianature of emolover/olan soonsor Date Enter name ofindividual signinQ as emolover or plan sponsor 

SIGN 

HERE 

Sianature of DFE Date Enter name of individual signina as DFE 

Preparers name (including finn name, if applicable} and address (lndude room or suite number) Preparers telephone number 

Paul J. Anastasi, CPA 

Anastasi, Moore & Martin, PLLC 

9 South Washington Street 

Suite 600 

Spokane WA 99201 

For Paperwork Redut*QO.Act Notice and OMB Control Numbers, see the instructions for Form 5500. 

(509)323-0272 

Form 5500 (2015} 

v. 150123 

Exhibit 15 AIPT 395
3a Plan administrator’s name and address XSame as Plan Sponsor 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

c/o ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

123456789 ABCDEFGHI ABCDEFGHI ABCDE

123456789 ABCDEFGHI ABCDEFGHI ABCDE

CITYEFGHI ABCDEFGHI AB, ST 012345678901

UK 

3b Administrator’s EIN

012345678

3c Administrator’s telephone 

number

0123456789

4 If the name and/or EIN of the plan sponsor has changed since the last return/report filed for this plan, enter the name, 

EIN and the plan number from the last return/report:

4b EIN

012345678

a Sponsor’s name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

4c PN

012

5 Total number of participants at the beginning of the plan year 5 123456789012

6 Number of participants as of the end of the plan year unless otherwise stated (welfare plans complete only lines 6a(1), 

 6a(2), 6b, 6c, and 6d).

a(1) Total number of active participants at the beginning of the plan year................................................................................ 6a(1)

 

a(2) Total number of active participants at the end of the plan year ....................................................................................... 6a(2)

 b Retired or separated participants receiving benefits ............................................................................................................. 6b 123456789012

 c Other retired or separated participants entitled to future benefits.......................................................................................... 6c 123456789012

 d Subtotal. Add lines 6a(2), 6b, and 6c. .................................................................................................................................. 6d 123456789012

 e Deceased participants whose beneficiaries are receiving or are entitled to receive benefits................................................. 6e 123456789012

 f Total. Add lines 6d and 6e. ................................................................................................................................................. 6f 123456789012

 g Number of participants with account balances as of the end of the plan year (only defined contribution plans 

 complete this item)............................................................................................................................................................... 6g 123456789012

h Number of participants that terminated employment during the plan year with accrued benefits that were 

 less than 100% vested......................................................................................................................................................... 6h 123456789012

7 Enter the total number of employers obligated to contribute to the plan (only multiemployer plans complete this item)......... 7 

8a If the plan provides pension benefits, enter the applicable pension feature codes from the List of Plan Characteristics Codes in the instructions:

b If the plan provides welfare benefits, enter the applicable welfare feature codes from the List of Plan Characteristics Codes in the instructions: 

 

9a Plan funding arrangement (check all that apply) 9b Plan benefit arrangement (check all that apply)

(1) X Insurance (1) X Insurance

(2) X Code section 412(e)(3) insurance contracts (2) X Code section 412(e)(3) insurance contracts

(3) X Trust (3) X Trust

(4) X General assets of the sponsor (4) X General assets of the sponsor

10 Check all applicable boxes in 10a and 10b to indicate which schedules are attached, and, where indicated, enter the number attached. (See instructions)

a Pension Schedules b General Schedules

(1) X R (Retirement Plan Information) (1) X H (Financial Information)

(2) X MB (Multiemployer Defined Benefit Plan and Certain Money 

Purchase Plan Actuarial Information) - signed by the plan 

actuary

(2) X I (Financial Information – Small Plan)

(3) X ___ A (Insurance Information)

(4) X C (Service Provider Information)

(3) X SB (Single-Employer Defined Benefit Plan Actuarial 

Information) - signed by the plan actuary

(5) X D (DFE/Participating Plan Information)

(6) X G (Financial Transaction Schedules)

X

823

159

152

507

104

763

61

824

31

1B

X X

X

X

X

X

X

Exhibit 15 AIPT 396