APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 7.11

Checklist (Checklist Item #42)

Page 1 of 7

Response Item Description of Item Page Exhibit

Yes 1 Does the application include an original signature of the plan sponsor or an authorized 

representative of the plan sponsor? 

See section 2.01.

2 N/A

Yes 2 Does the application include a description of the proposed benefit suspension - calculated as if 

no other limitations apply - that includes:

 the suspension’s effective date (and its expiration date, if applicable),

 whether the suspension provides for different treatment of participants and beneficiaries

 a description of the different categories or groups of individuals affected, and

 how the suspension affects these individuals differently?

See section 2.02.

2 N/A

Yes 3 Does the application include a penalties-of-perjury statement signed by an authorized trustee on 

behalf of the board of trustees? 

See Section 2.03.

3 N/A

Yes 4 Does the application include a statement, signed by an authorized trustee on behalf of the board 

of trustees, acknowledging that the application and the application’s supporting material will be 

publicly disclosed on the Treasury Department’s website? 

See section 2.04.

3 N/A

Yes 5 Does the application include the plan actuary’s certification of critical and declining status and 

the supporting illustrations, including:

 the plan-year-by-plan-year projections demonstrating projected insolvency during the 

relevant period, and

 separately identifying the available resources (and the market value of assets and 

changes in cash flow) during each of those years? 

See section 3.01.

5 3.01a

3.01b

Yes 6 Does the application include the plan actuary’s certification that, taking into account the 

proposed suspension and, if applicable, a proposed partition, the plan is projected to avoid 

insolvency if the suspension takes effect, and the supporting illustrations, including:

 the plan-year-by-plan-year projections demonstrating projected solvency during the 

relevant period,

 separately identifying the available resources (and the market value of assets and 

changes in cash flow) during each of those years?

See section 3.02.

5 3.02

CM94:00001
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 7.11

Checklist (Checklist Item #42)

Page 2 of 7

Response Item Description of Item Page Exhibit

Yes 7 Does the application include the plan sponsor’s determination of projected insolvency that 

includes the documentation set forth in section 5 of the revenue procedure? 

See section 3.03.

6 N/A

Yes 8 Does the application include a demonstration that the limitations on individual suspensions are 

satisfied, including a description of each benefit based on disability, as defined under the plan, 

that is paid to an individual under the plan (without regard to whether the disability benefits are 

available to newly disabled participants) and calculations regarding:

 the guarantee-based limitation,

 the disability-based limitation,

 the age-based limitation, taking into account the guarantee-based limitation, and

 if applicable, the age-based limitation taking into account both the guarantee-based 

limitation and the disability-based limitation?

See section 4.01.

7 4.01a

4.01b

4.01c

4.01d

4.01e

4.01f

4.01g

Yes 9 Does the application include a demonstration that the proposed suspension is reasonably 

estimated to achieve the level necessary to avoid insolvency for the extended period, including 

illustrations regarding the plan’s solvency ratio and available resources? 

See section 4.02(1).

8 3.02

N/A 10 Does the application include an illustration that the proposed suspension is reasonably estimated 

to achieve the level necessary to avoid insolvency for the extended period utilizing stochastic 

projections? (This illustration is optional if the plan is not required to appoint a retiree 

representative under § 432(e)(9)(B)(v)(I).) 

See section 4.02(2).

N/A N/A

N/A 11 Does the application include a demonstration that the proposed suspension is not projected to 

materially exceed the level necessary to avoid insolvency, including:

 the plan-year-by-plan-year projections demonstrating projected insolvency during the 

relevant period, and

 a separate identification of the available resources (and the market value of assets and 

changes in cash flow) during each of those years?

See section 4.03.

N/A N/A

CM94:00002
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 7.11

Checklist (Checklist Item #42)

Page 3 of 7

Response Item Description of Item Page Exhibit

Yes 12 Does the application include a demonstration that the proposed suspension is equitably 

distributed, including:

 information on the effect of the suspension on the plan in the aggregate,

 information on the effect of the suspension for different categories or groups,

 a list of the factors taken into account,

 an explanation of why none of the factors listed in § 432(e)(9)(D)(vi) were taken into 

account (if applicable),

 for each factor taken into account that is not one of the factors listed in § 

432(e)(9)(D)(vi), an explanation why the factor is relevant, and

 an explanation of how any difference in treatment among categories or groups of 

individuals results from a reasonable application of the relevant factors?

See section 4.04.

9 4.04(1)

4.04(2)

Yes 13 Does the application include a copy of the notices (excluding personally identifiable 

information) that meet the requirements under § 432(e)(9)(F)? 

See section 4.05(1).

9 4.05(1)a

4.05(1)b

Yes 14 Does the application include a description of the efforts that are being taken to contact 

participants, beneficiaries in pay status, and alternate payees? 

See section 4.05(2).

9 N/A

Yes 15 Does the application describe the steps the plan sponsor has taken to ensure that notices 

delivered electronically are reasonably accessible to the recipients? 

See section 4.05(3).

10 N/A

Yes 16 Does the application include a list of each employer who has an obligation to contribute under 

the plan and each employee organization representing participants under the plan? See section 

4.05(4).

10 N/A

Yes 17 Does the application include information on past and current measures taken to avoid 

insolvency? 

See section 5.01.

11 N/A

Yes 18 Does the application include information regarding the plan factors described in 

§ 432(e)(9)(C)(ii), for the past 10 plan years immediately preceding the plan year in which the 

application is submitted? 

See section 5.02.

12 N/A

CM94:00003
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 7.11

Checklist (Checklist Item #42)

Page 4 of 7

Response Item Description of Item Page Exhibit

Yes 19 Does the application describe how the plan sponsor took into account – or did not take into 

account – the factors listed in section 5.02 of this revenue procedure in the determination that all 

reasonable measures were taken to avoid insolvency? 

See section 5.03.

14 N/A

Yes 20 Does the application describe how the plan sponsor took into account – or did not take into 

account - in the determination that all reasonable measures have been taken to avoid insolvency, 

the impact of:

 benefit and contribution levels on retaining active participants and bargaining groups 

under the plan, and

 past and anticipated contribution increases under the plan on employer attrition and 

retention levels?

See section 5.03.

14 N/A

Yes 21 Does the application include a discussion of any other factors the plan sponsor took into account 

including how and why those factors were taken into account? 

See section 5.04.

16 N/A

Yes 22 Does the application include a copy of the proposed ballot, excluding the information regarding 

the statement in opposition, the individualized estimate, and the voting procedures? 

See section 6.01.

17 6.01

Yes 23 Does the application indicate whether the plan sponsor is requesting approval from PBGC of a 

proposed partition under section 4233 of ERISA? 

See section 6.02.

17 N/A

Yes 24 If the answer to item 23 is yes, does the application specify the effective date of the proposed 

partition and include a plan-year-by-plan-year projection of the amount of the reduction in 

benefit payments attributable to the partition? 

See section 6.02.

17 6.02

Yes 25 Does the application include:

 a description of each of the assumptions used in the projections required under sections 

3.01, 3.02, 4.02(1), 4.02(2), and 4.03 of this revenue procedure,

 supporting evidence for the selection of those assumptions, and

 an explanation of any differences among the assumptions used for various purposes?

See section 6.03.

17 6.03

CM94:00004
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 7.11

Checklist (Checklist Item #42)

Page 5 of 7

Response Item Description of Item Page Exhibit

Yes 26 Does the application describe the plan’s experience with certain critical assumptions, including 

a disclosure for each of the 10 plan years immediately preceding the application that separately 

identifies:

 the total contributions,

 the total contribution base units,

 the average contribution rates,

 the withdrawal liability payments, and

 the rate of return on plan assets?

See section 6.04.

18 N/A

Yes 27 Does the application include deterministic projections of the sensitivity of the plan’s solvency 

ratio throughout the extended period by taking into account the more conservative assumptions 

of investment experience and future contribution base units than assumed elsewhere in the 

application? 

See section 6.05.

18 6.05a

6.05b

6.05c

6.05d

Yes 28 Does the plan include deterministic projections for each year in the extended period of:

 the value of plan assets,

 the plan’s accrued liability, and

 the plan’s funded percentage?

See section 6.06.

19 3.02

Yes 29 Does the application include the plan sponsor’s representation that, if it receives the Treasury 

Department’s final authorization to suspend and then chooses to implement the suspension, it 

will also amend the plan:

 to provide that the suspension will cease upon the plan sponsor’s failure to maintain a 

written record of its annual determination that (i) all reasonable measures continue to be 

taken to avoid insolvency and (ii) the plan would not be projected to avoid insolvency 

without a suspension,

 to require that any future benefit improvements must satisfy § 432(e)(9)(E), and

 to specify that the plan sponsor will not modify these amendments, notwithstanding any 

other provision of the plan document?

See section 6.07.

19 N/A

CM94:00005
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 7.11

Checklist (Checklist Item #42)

Page 6 of 7

Response Item Description of Item Page Exhibit

Yes 30 Does the application indicate whether the plan is a plan described in § 432(e)(9)(D)(vii) and, if 

it is, how that is reflected in the proposed benefit suspension? 

See section 6.08.

19 N/A

Yes 31 Does the application include a narrative statement of the reasons the plan is in critical and 

declining status? 

See section 6.09.

20 N/A

Yes 32 Does the application include the required plan sponsor identification and contact information? 

See section 7.01.

23 N/A

Yes 33 Does the application include the required plan identification information? 

See section 7.02.

23 N/A

N/A 34 Does the application include the required retiree representative information (if applicable)? 

See section 7.03.

N/A N/A

Yes 35 Does the application include the required enrolled actuary information? 

See section 7.04.

23 N/A

Yes 36 Does the application include a designation of power of attorney for each authorized 

representative who will represent the plan sponsor in connection with the application? 

See section 7.05.

23 7.05

Yes 37 Does the application include:

 the required plan documents

 any recent amendments

 the summary plan description (SPD)

 any summary of material modifications, and

 the most recent determination letter?

See section 7.06.

23 7.06a

7.06b

7.06c

Yes 38 Does the application include the required excerpts from the relevant collective bargaining 

agreements and side agreements? 

See section 7.07.

24 7.07

Yes 39 Does the application include the required excerpts from the most recently filed Form 5500? 

See section 7.08.

24 7.08

Yes 40 Does the application include the most recently updated rehabilitation plan? 

See section 7.09.

24 7.09

CM94:00006
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND 

EIN/PN: 23-6445411 / 001 

Exhibit 7.11 

Checklist (Checklist Item #42) 

Page 7 of 7 

Response Item Description of Item Page Exhibit 

Yes 41 Does the application include the two most recent actuarial valuation reports? 

See section 7.10. 

24 7.10a 

7.10b 

Yes 42 Does the application include this checklist, completed and placed on top of the application? 

See section 7.11. 

24 N/A 

N/A 43 If the application is being submitted for resubmission review, does the application include: 

 cross-references to information in the prior application with respect to information that 

has not changed from the prior application, 

 a statement that the application is being submitted for resubmission review, and 

 the date on which the Treasury Department indicated that the application is a candidate 

for resubmission review? 

N/A N/A 

____________________ 

James J. McKeogh Date 

Fund Actuary (EA# 17-02963) 

N:\1525\2017\Benefit Susp hibits\CM94 BftSusp Checklist v4 (PM Edits) docx 

CM94:00007

Redacted by the U.S. Department of the Treasury
Plasterers & Cement Masons Local No. 94 Pension Fund

Application to the

Secretary of the Treasury

for

Approval of Suspension of Benefits

March 30, 2018

CM94:00008
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Table of Contents

Page

Section 1. Background and Purpose ......................................................................................................... 1

Section 2. Application Procedures............................................................................................................ 2

Section 3. Demonstration that Fund is Eligible for Suspension ...............................................................5

Section 4. Demonstration that the Proposed Suspension Satisfies the Statutory Requirements .............. 7

Section 5. Trustees’ Determination Relating to Reasonable Measures Taken to Avoid Insolvency ..... 11

Section 6. Other Required Information................................................................................................... 17

Section 7. Identification and Background Information on the Fund ......................................................23

CM94:00009
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Section 1. Background and Purpose

- 1 -

Section 201 of the Multiemployer Pension Reform Act of 2014, Division O of the Consolidated 

and Further Continuing Appropriations Act, 2015, Public Law 113-235 (128 Stat. 2130 (2014)) 

(MPRA), amended the Internal Revenue Code (Code) and the Employee Retirement Income 

Security Act of 1974, Public Law 93-406 (88 Stat. 829 (1974)), as amended (ERISA), to permit 

the sponsor—relevant to this Application, §432(j)(9) defines plan sponsor as the Joint Board of 

Trustees (hereinafter the “Board of Trustees” or “Trustees”)—of a multiemployer defined benefit 

plan in critical and declining status to suspend benefits in certain situations.

In particular, MPRA amended §432(e)(9) of the Code and section 305(e)(9) of ERISA to permit 

the sponsor of a multiemployer defined benefit plan in critical and declining status to submit to 

the Secretary of the Treasury (Secretary) an application to suspend benefits in certain situations. 

MPRA requires the Secretary to approve a plan sponsor’s proposed suspension if the plan is 

eligible for the proposed suspension and the proposed suspension satisfies §432(e)(9)(C) through 

(F) of the Code.

Revenue Procedure 2017-43 prescribes the application process for approval of a proposed benefit 

suspension in accordance with §432(e)(9)(G) and provides a model notice that a plan sponsor 

proposing a benefit suspension may use to satisfy the content and readability requirements of 

§432(e)(9)(F)(ii) and (iii)(II). 

This application is submitted in accordance with Revenue Procedure 2017-43 and the section 

numbers and exhibits included with this application match those in the Revenue Procedure.

CM94:00010



APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND 

EIN/PN: 23-6445411 / 001 

Section 3. Demonstration that Fund is Eligible for Suspension 

- 5 - 

3.01 Fund Actuary’s Certification of Critical and Declining Status 

Exhibit 3.01a contains the Actuary’s certification of critical and declining status for the 

Plan Year beginning May 1, 2017, the Plan Year in which the application is submitted. 

Exhibit 3.01b provides supporting information used in developing the May 1, 2017 

certification, including a year-by-year projection of the available resources and benefit 

payments by status, demonstrating that the Fund is projected to become insolvent during 

the relevant period. 

The certification and supporting information are based, in part, on the results of the 

May 1, 2016 and May 1, 2017 actuarial valuations, which are included as Exhibits 7.10a 

and 7.10b, respectively. 

3.02 Fund Actuary’s Certification that the Fund is Projected to Avoid Insolvency 

The attached Exhibit 3.02 contains deterministic projections supporting the Actuary’s 

certification that the Fund is projected to avoid insolvency, within the meaning of IRC 

Section 418E, taking into account the proposed benefit suspension and the proposed 

partition of the Fund (see partition application included as Exhibit 8) and assuming that 

the proposed suspension continues indefinitely. 

Exhibit 3.02 contains supporting information, including a year-by-year projection of the 

available resources and benefit payments, demonstrating that the Fund is projected to 

avoid insolvency during the relevant period. 

The certification is based, in part, on the assumptions and plan provisions from the 2017 

certification which is included as Exhibit 3.01a and on the results of the May 1, 2017 

actuarial valuation, which is included as Exhibit 7.10b. The certification assumptions are 

detailed in Exhibit 6.03. 

Actual future results will differ from projected valuation results to the extent that future 

experience deviates from the above assumptions. 

In my opinion, the projections are based on reasonable actuarial estimates, assumptions 

and methods that, other than the projected industry activity supplied by the Trustees, 

offer my best estimate of anticipated experience under the Fund. 

Based on the above, I hereby certify that the Fund is projected to avoid insolvency, 

within the meaning of IRC Section 418E, taking into account the proposed benefit 

suspension and the proposed partition of the Fund and assuming that the proposed 

 t d f t ly 

_ __ 

James J. McKeogh Date 

Enrolled Actuary (EA# 17-02963) 

CM94:00014

Redacted by the U.S. Department of the Treasury
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Section 3. Demonstration that Fund is Eligible for Suspension

- 6 -

3.03 Board of Trustees’ Determination of Projected Insolvency

Pursuant to §432(e)(9)(C)(ii), the Board of Trustees has determined that the Fund is 

projected to become insolvent unless benefits are suspended and partitioned, even though 

all reasonable measures to avoid insolvency have been taken.

The Board of Trustees’ determination that the Fund is projected to become insolvent 

unless benefits are suspended and partitioned is based on the actuarial certification for the 

Plan Year beginning May 1, 2017 that the Fund is in critical and declining status and 

projected to become insolvent in the Plan Year beginning May 1, 2026. The actuarial 

certification is attached as Exhibit 3.01a. Additionally, the Board of Trustees’ 

determination is based on the documentation in Section 5 of this application.

CM94:00015
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Section 4. Demonstration that the Proposed Suspension Satisfies the Statutory Requirements

- 7 -

4.01 Demonstration that Limitations on Individual Suspensions are Satisfied

Sample calculations, without personally identifiable information, have been provided as 

Exhibits 4.01a through 4.01g to illustrate how the proposed suspension satisfies the 

limitations described in §432(e)(9)(D)(i), (ii) and (iii). There are no increased benefits 

that have not become part of the accrued benefit, no benefit increases that have been in 

effect for less than 60 months, and no benefits payable as a social security level income 

option. The Fund allows for Active Participants to accrue more than 1 year of benefit 

service in any given Plan Year. All Participants’ service for purposes of determining the 

PBGC Guarantee was limited to a maximum of 1 year per year of participation per

Section 4022(A)(c)(2) of ERISA. See Exhibit 6.03 for details.

(1) Sample calculations applying the guarantee-based limitation under 

§432(e)(9)(D)(i) are included within as:

 Exhibit 4.01a – an individual currently receiving benefits

 Exhibit 4.01b – a contingent Beneficiary of an individual currently receiving 

benefits

 Exhibit 4.01c – an individual currently receiving benefits in the form of a 

Joint and Survivor with a Pop-up benefit

 Exhibit 4.01d – a future Retired Participant

(2) Sample calculations applying the disability-based limitation are included within 

as:

 Exhibit 4.01e – an individual currently receiving benefits

The entire benefit paid with respect to an Active Participant who commenced a 

pension as a result of disability is treated as a benefit based on disability. Section 

2.03(B) of the enclosed Amended and Restated Plan of Benefits (Exhibit 7.06a) 

defines a Disabled Participant, Section 4.01(C) details the eligibility requirements 

for receipt of a Disability Pension, and Section 4.03(I) provides the benefit 

payable under a Disability Pension. Note that Disability Pension Benefits were 

eliminated for Active Participants whose Disability Pension Benefit 

commencement date would have occurred on or after March 15, 2017 and 

therefore there are no sample calculations for future Disabled Retired Participants.

Participants receiving Disability Pension Benefits where the Disability Pension 

Benefit commencement date was prior to March 15, 2017 are not affected by the 

proposed suspensions.

CM94:00016
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Section 4. Demonstration that the Proposed Suspension Satisfies the Statutory Requirements

- 8 -

(3) Sample calculations applying the age-based limitation under §432(e)(9)(D)(ii) are 

included within as: 

 Exhibit 4.01f – An individual currently receiving benefits who is between age 

75 and age 79 on the last day of the month that contains the proposed effective 

date of the suspension

 Exhibit 4.01g – a contingent Beneficiary of an individual currently receiving 

benefits who is between age 75 and age 79 on the last day of the month that 

contains the proposed effective date of the suspension

There are no individuals who have not commenced benefits who would be subject 

to the age-based limitation under §432(e)(9)(D)(ii).

4.02 Demonstration that the Proposed Suspension is Reasonably Estimated to Enable the 

Fund to Avoid Insolvency

The projection supporting the certification in Section 3.02 provides a demonstration that, 

in accordance with §432(e)(9)(D)(iv), the proposed benefit suspension considered in 

combination with the proposed partition of the Fund is reasonably estimated to enable the 

Fund to avoid insolvency (See Exhibit 3.02). The demonstration includes:

(1) An illustration, prepared on a deterministic basis, showing that:

(a) For each Plan Year beginning on the effective date of the proposed 

suspension and throughout an extended period as described in regulations 

under §432(e)(9), the Fund’s solvency ratio is projected to be at least 1.0.

(b) If the Fund’s projected funded percentage at the end of the extended

period is less than or equal to 100 percent, then neither the Fund’s 

solvency ratio nor its available resources are projected to decrease in any 

of the last five Plan Years of the extended period.

(2) The Board of Trustees was not required to appoint a Retired Participant

representative and so is not required to provide a stochastic projection under this 

section.

(3) A description of each of the assumptions used. The actuarial assumptions used 

for the deterministic projections are described in detail in Section 6.03 of this 

application.

CM94:00017
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Section 4. Demonstration that the Proposed Suspension Satisfies the Statutory Requirements

- 9 -

4.03 Demonstration that the Proposed Suspension is Reasonably Estimated to Not 

Materially Exceed the Level Necessary to Avoid Insolvency

The Fund is applying for a partition in combination with a suspension and so is not 

required to provide this demonstration.

4.04 Demonstration that the Proposed Benefit Suspension is Distributed Equitably

In accordance with §432(e)(9)(D)(vi), the Board of Trustees has determined that the 

proposed benefit suspension is distributed in an equitable manner across the Participant 

and Beneficiary population.

(1) Information about the Fund in the aggregate:

See Exhibit 4.04(1).

Distribution of benefit suspensions:

See Exhibit 4.04(2).

(2) The Fund is applying for a partition in combination with a suspension and so is 

not required to provide this demonstration.

4.05 Participant Notice

The Board of Trustees’ method for satisfying the notice requirements under 

§ 432(e)(9)(F) is documented as follows:

(1) A sample Participant notice, without the individualized benefit statement page, is 

provided as Exhibit 4.05(1)a. Sample benefit statements (without personally 

identifiable information), which will be included as the last page of the Participant 

notice, are provided in Exhibit 4.05(1)b.

(2) The following efforts have been or are being made by the plan administrator to 

contact Participants, Beneficiaries and Alternate Payees:

 The Fund has regular and continuing contact with Participants and 

Beneficiaries in the form of periodic mailings of checks, tax forms, annual 

statements and other required notices. The Fund currently has no Alternate 

Payees.

CM94:00018
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Section 4. Demonstration that the Proposed Suspension Satisfies the Statutory Requirements

- 10 -

 The Fund office staff monitors and corrects addresses on returned mail on a 

regular basis and updates the Fund’s records accordingly. For this mailing, 

additional review of the name and address file was undertaken which 

identified approximately 7 individuals with bad or no addresses. The Union 

was able to determine the appropriate address for these participants. Thus, 

there were no Participants or Beneficiaries for whom the Fund did not have a 

current address on file.

(3) Notices will be delivered by regular mail and not provided electronically. 

Therefore, a description of the steps the Board of Trustees has taken to ensure that 

any electronically delivered notices are reasonably accessible to the recipients has 

not been provided.

(4) (a) The following is the list of employers that have an obligation to contribute 

within the meaning of section 4212(a) of ERISA.

GM McCrossing, Inc.

Macri Concrete Inc.

McKinney Drilling Company LLC

Novinger's Inc.

Shamokin Dam Construction LLC

(b) The only employee organization representing participants under this Fund

is the Operative Plasterers and Cement Masons Local No. 592, successor 

to Plasterers and Cement Masons Local No. 94 due to a merger of local 

union affiliates.

CM94:00019
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Section 5. Trustees’ Determination Relating to Reasonable Measures Taken to Avoid Insolvency

- 11 -

This Section of the application includes information with respect to the Board of Trustees’ 

determination required under Section 3.03 of Revenue Procedure 2017-43 that the Fund is 

projected to become insolvent unless benefits are suspended.

5.01 Measures Taken to Avoid Insolvency

A description of measures taken in order to avoid insolvency over the past 10 Plan Years 

immediately preceding May 1, 2017, the first day of the Plan Year in which the 

application is submitted, is provided below:

Reductions in Fund Benefits

 Benefit Accrual Rate: The benefit accrual rate was reduced for future service 

only from $77.50 to $33.00 effective May 1, 2013.

 Pre-Retirement Surviving Spouse Benefit: The pre-retirement surviving spouse 

benefit was changed from 50% of the Straight Life Annuity amount to 50% of the 

50% Joint and Survivor Annuity amount effective May 1, 2013.

 Early Retirement Subsidies: The early retirement reduction factors were changed 

from 3.33% per year to 6.00% per year effective May 1, 2013. 

 Optional Form of Payment Subsidies: The pop-up feature for future retirements 

was eliminated for retirements on or after March 15, 2017. 

 Disability Pension Benefits for Current Active Participants: The Disability 

Pension Benefit was eliminated for Active Participants whose Disability Pension 

Benefit commencement dates would have been on or after March 15, 2017.

 Death Benefit: The Post-Disability Death Benefit was eliminated for future 

deaths effective March 15, 2017. 

CM94:00020
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Section 5. Trustees’ Determination Relating to Reasonable Measures Taken to Avoid Insolvency

- 12 -

Contribution Rate Increases

The hourly contribution rates have increased as shown below. They are expected to 

remain at $9.30 for the duration of the projections enclosed in this application. 

May 1, Rate

2007 $ 5.60 

2008 6.10 

2009 7.10 

2010 8.10 

2011 9.10 

2012 9.10 

2013 9.10 

2014 9.30 

2015 9.30 

2016 9.30 

2017 9.30 

5.02 Fund Factors

In accordance with §432(e)(9)(C)(ii), the following factors were taken into account in the 

Board of Trustees’ determination that all reasonable measures have been taken to avoid 

insolvency:

(1) For the 10 Plan Years immediately preceding May 1, 2017, the first day of the 

Plan Year in which the application is submitted:

(a) Contribution levels. Contribution rates are summarized in Section 5.01

and contribution dollars and hours are summarized in Section 6.04 of this 

application.

(b) Levels of benefit accruals are provided in Section 5.01 of this application.

(c) Prior reductions of adjustable benefits under § 432(e)(8) are provided in 

Section 5.01 of this application.

(d) There have been no prior suspensions of benefits under § 432(e)(9).

(e) Measures undertaken by the Board of Trustees to retain or attract

contributing employers:

The Trustees have taken multiple measures to attract and retain employers. 

CM94:00021
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Section 5. Trustees’ Determination Relating to Reasonable Measures Taken to Avoid Insolvency

- 13 -

First, shortly after developing a Rehabilitation Plan consisting of multiple 

schedules with large contribution increases the Trustees realized that 

forcing the small set of contributing employers to adopt these schedules 

would inevitably force them out of business or, at the very least, out of the 

Fund. Instead the Trustees revised the Rehabilitation Plan to consist of one 

Default Schedule which called for a more sustainable contribution

increase. 

Similarly, the Trustees reviewed the possibility of continued cuts to 

benefits accruals and the overall benefits package of the Fund. While the 

Trustees committed to making a number of benefit reductions as noted 

throughout this application they were also aware that reducing the Plan of 

Benefits too much would negatively impact employer retention. The 

Trustees feel that too significant a decrease in the total compensation 

received by the Active Participants would lead to Active Participants 

pushing their employer to withdraw from the Fund. Ultimately the 

Trustees removed almost all subsidies from the Fund and brought the 

accrual rate down to a level they felt was as diminished as they could 

afford while not risking the loss of the contribution base it had remaining.

(2) There are no remaining ancillary benefits for Active Participants. Almost all 

subsidies for Active Participants have been removed from the Fund as part of the 

Rehabilitation Plan. The only subsidies remaining are as follows; (1) as noted in 

Section 5.01, early retirement factors have been reduced to 6% per year prior to 

Normal Retirement and (2) form of payment conversion factors are based on a 

table provided in the Amended and Restated Plan of Benefits.

(3) Compensation levels of Active Participants relative to employees in the Active 

Participants’ industry generally.

Compensation levels of Active Participants are substantially higher than nonunion employees in the industry covered by the Fund, particularly when taking 

into account benefit costs. 

(4) Competitive and other economic factors facing contributing employers

Since the start of the Plan Year beginning May 1, 2007, the Fund has seen 

significant decreases in both assets and contribution hours due, in particular, to 

the financial crisis of 2008 and subsequent recession. Specifically, the Fund has 

seen a 44% decrease in the market value of assets from 2007 to 2017 and a 58% 

decrease in contribution hours when comparing 2007 to the average hours during 

the period 2008 through 2017. This, along with the maturity of the Fund, has 

made it difficult for the Fund to recover from the economic downturns it has 

CM94:00022
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Section 5. Trustees’ Determination Relating to Reasonable Measures Taken to Avoid Insolvency

- 14 -

experienced. With an inactive to active ratio over 300% for most of the period 

since 2010, the Fund has found itself in a situation where the contributions from 

active members are not substantial enough to keep the Fund funded.

5.03 How Fund Factors Were Taken Into Account

The factors listed under section 5.02 of this application were taken into account in the 

Board of Trustees’ determination that all reasonable measures have been taken to avoid 

insolvency, as follows:

(1) Contribution levels

As noted in Section 5.01, contribution rates have increased by 66% since 2007, 

from $5.60 to $9.30. The Trustees determined that contribution rates could not be 

increased above the current level for fear of driving contributing employers out of 

the Fund.

(2) Benefit accrual levels

As noted in Section 5.01, the benefit accrual rate was significantly reduced from 

$77.50 to $33.00 effective May 1, 2013, a reduction of approximately 57%. This 

benefit level is already below the maximum PBGC guarantee for multiemployer 

plans. Furthermore, for an Active Participant earning 0.70 years of credited 

service in a year, an accrual equal to 1% of contributions would be approximately 

$91, an accrual almost 3 times as large as the accrual these Active Participants are 

receiving. The Trustees thus determined that reducing accrual levels even further 

would create too great a level of intergenerational inequity in benefits.

(3) Prior reductions of adjustable benefits under § 432(e)(8)

Prior reductions in adjustable benefits under § 432(e)(8) are discussed in 

Sections 5.01 and 5.02(2).

(4) Measures undertaken by the Board of Trustees to retain or attract contributing 

employers

See Section 5.02(1)(e) for measures undertaken by the Board of Trustees to retain 

or attract contributing employers. See Section 6.09 for a narrative description of 

how these measures were taken into account in the Board of Trustees’ 

determination that all reasonable measures have been taken to avoid insolvency.

(5) Effect on Fund solvency of the subsidies and ancillary benefits, if any, available 

to Active Participants.

CM94:00023
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Section 5. Trustees’ Determination Relating to Reasonable Measures Taken to Avoid Insolvency

- 15 -

As noted in Section 5.02(2), there are no remaining ancillary benefits for Active 

Participants. The remaining subsidies available to Active Participants which are 

noted above are considered to be immaterial relative to the Fund’s projected 

insolvency.

(6) Compensation levels of Active Participants relative to employees in the Active 

Participants’ industry generally.

Compensation levels of Active Participants are substantially higher than nonunion employees in the industry covered by the Fund, particularly when taking 

into account benefit costs. 

(7) Competitive and other economic factors facing contributing employers.

The collapse of the financial markets in 2008 resulted in the Fund experiencing 

the worst investment losses on record and resulted in the collapse of the building 

and construction industry. This led to an extreme downturn in the building and 

construction industry in the geographic area covered by the Fund and also in the 

geographic area where contributing employers performed work as well. As a 

result, the magnitude of the employer contribution increases needed to satisfy the 

requirements for a 10-year Rehabilitation Plan would almost certainly result in 

lower negotiated wages for Active Participants and/or decreased employer 

contributions to other benefit plans covering these Active Participants (such as the 

plan providing their health benefit coverage). If Active Participants perceived a 

significant decrease in value in their total overall compensation—including 

wages, pension benefits and health benefits—the Fund’s Trustees concluded that 

they would be likely to encourage their employers to withdraw from the Fund. 

Thus, the Fund’s Trustees concluded that a further reduction in benefits would be 

inconsistent with the goal of presenting a viable plan with ongoing value to 

Active Participants. Such actions would also make the Fund less attractive to new 

employers and could also lead to increased employer withdrawals or reductions in 

contributions from current employers, as the collective bargaining parties would 

see less benefit to ongoing participation.

(8) The factors described in § 432(e)(9)(C)(ii)(VIII) (the impact of benefit and 

contribution levels on retaining Active Participants and bargaining groups under 

the Fund), and the factors described in §432(e)(9)(C)(ii)(IX) (the impact of past 

and anticipated contribution increases under the Fund on employer attrition and 

retention levels) were taken into account in the Board of Trustees’ determination 

that all reasonable measures have been taken to avoid insolvency, as follows:

As noted elsewhere, contribution levels have increased by 66% since 2007, from 

CM94:00024
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Section 5. Trustees’ Determination Relating to Reasonable Measures Taken to Avoid Insolvency

- 16 -

$5.60 to $9.30. The Trustees determined that contribution levels cannot be 

increased above the current levels for fear of driving contributing employers out 

of the Fund. Furthermore, the Trustees fear that increased contributions to a 

failing Fund will cause Active Participants to perceive a decrease in value in their 

total overall compensation package which could encourage Active Participants to 

advocate for their employers to withdraw from the Fund while also making the 

Fund less attractive to new employers.

5.04 Other Factors Considered

The Board of Trustees had discussions with the Board of Trustees of another Pension 

Plan affiliated with the Operative Plasterers and Cement Masons International 

Association regarding the possibility of a merger. The Board of Trustees of that Plan 

rejected the proposed merger.

CM94:00025
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Section 6. Other Required Information

- 17 -

6.01 Ballot

Exhibit 6.01 contains the proposed ballot intended to satisfy the requirements of 

§432(e)(9)(H)(iii) (without the statement in opposition to the proposed benefit suspension 

described in § 432(e)(9)(H)(iii)(II) or the individualized estimate that was provided as 

part of the notice described in § 432(e)(9)(F)).

6.02 Partition

The Board of Trustees is requesting approval from the PBGC of a proposed partition 

under section 4233 of ERISA. The proposed effective date of the partition is 

May 1, 2019. Exhibit 6.02 contains a plan-year-by-plan-year projection of the amount of 

the reduction in benefit payments attributable to the partition.

6.03 Actuarial Assumptions Used for Projections

Exhibit 6.03 contains:

(1) A description of each of the assumptions used in the projections required under 

Sections 3.01, 3.02, 4.02(1), 4.02(2), and 4.03 of Revenue Procedure 2017-43.

(2) Supporting evidence for the selection of these assumptions.

(3) An explanation of any differences among assumptions used for various purposes 

throughout this application.

CM94:00026
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Section 6. Other Required Information

- 18 -

6.04 Ten-Year Experience for Certain Critical Assumptions

Provided are specific measurements with respect to each of the 10 Plan Years 

immediately preceding the Plan Year in which the application is submitted:

Plan

Year

Beginning

May 1,

Total 

Contributions

Contribution 

Base Units

Average 

Contribution 

Rate

Withdrawal 

Liability 

Payments

Rate of 

Return on 

Plan Assets

(1) (2) (3) (4) (5)

2007 $ 348,439 62,221 $ 5.60 $ 0 0.28%

2008 $ 225,864 37,011 $ 6.10 $ 0 -16.67%

2009 $ 177,336 24,979 $ 7.10 $ 0 25.35%

2010 $ 216,622 26,746 $ 8.10 $ 0 11.99%

2011 $ 162,284 19,774 $ 8.21 $ 0 -1.58%

2012 $ 178,924 19,662 $ 9.10 $ 0 6.33%

2013 $ 129,065 14,183 $ 9.10 $ 0 10.45%

2014 $ 173,121 18,618 $ 9.30 $ 0 7.08%

2015 $ 222,293 23,903 $ 9.30 $ 0 -1.42%

2016 $ 388,128 41,252 $ 9.41 $ 0 11.02%

6.05 Demonstration of Sensitivity of Projections

Exhibits 6.05a-d demonstrate the Fund’s solvency ratio throughout the extended period 

under four sets of deterministic projections, as summarized below. These four

projections are based on the same assumptions as those used under section 4.02(1) of this 

application, except that:

a) The assumed rate of return is reduced by 1 percentage point.

b) The assumed rate of return is reduced by 2 percentage points.

c) Future contribution base units increase at a rate of 1% per year, equal to the average 

annual rate of increase that the Fund experienced over the 10 Plan Years immediately 

preceding May 1, 2017, the first day of the Plan Year in which the application is 

submitted.

d) Future contribution base units remain at the current CBU level for the duration of the 

projection, equal to the average annual rate of increase of 1% that the Fund

CM94:00027

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Section 6. Other Required Information

- 20 -

6.09 Narrative Statement of Reasons Fund is in Critical and Declining Status

Since the start of the Plan Year beginning May 1, 2007, the Fund has seen significant 

decreases in both assets and contribution hours due, in particular, to the financial crisis of 

2008. Specifically, the Fund has seen a 44% decrease in the market value of assets from 

2007 to 2017 and a 58% decrease in contribution hours when comparing the Plan Year 

beginning in 2007 to the average hours during the Plan Years beginning in 2008 through 

2016. The collapse of the financial markets in 2008 resulted in the Fund’s experiencing 

the worst investment losses on record and resulted in the collapse of the building and 

construction industry in the geographic area covered by the Fund and also in the 

geographic area where contributing employers performed work. This, along with the 

maturity of the Fund, has made it difficult for the Fund to recover from the economic 

downturns it has experienced. With an inactive to active ratio over 300% for most of the 

period since 2010, the Fund has found itself in a situation where the contributions from 

active members are not substantial enough to keep the Fund from becoming insolvent.

On July 27, 2010, the Fund was first certified to be in “Critical Status” within the 

meaning of the Pension Protection Act of 2006 (the “PPA”) for the Plan Year beginning 

on May 1, 2010. In March 2011, the Board of Trustees adopted a Rehabilitation Plan that 

contained four schedules providing reductions in benefits, increases in contributions or 

both, that were reasonably expected to enable the Fund to emerge from critical status at 

the end of the Rehabilitation Period (10-year period beginning on May 1, 2011). 

Following the adoption of the Rehabilitation Plan, the economic conditions in the 

building and construction trades did not improve but rather continued to decline. In light 

of this information and based on reasonable actuarial assumptions the Trustees concluded 

that the Fund could not reasonably be expected to emerge from critical status by the end 

of the Rehabilitation period. In reaching this conclusion, the Fund’s Trustees considered,

as of fall 2011, anticipated investment losses for the Plan Year ending April 30, 2012. 

The Trustees therefore decided to amend the Rehabilitation Plan on October 21, 2011. 

The updated Rehabilitation Plan eliminated all four schedules and replaced them with one 

Default Schedule calling for an increase in the contribution rate from $8.10 per hour to 

$9.10 per hour. The Fund’s Trustees concluded that a further reduction in benefits would 

be inconsistent with the goal of presenting a viable plan with ongoing value to active 

participants. The magnitude of the employer contribution increases needed to satisfy the 

requirements for a 10-year rehabilitation plan, however, would almost certainly result in 

lower negotiated wages for participants and/or decreased employer contributions to other 

benefit plans covering these participants (such as the plan providing their health benefit 

coverage). If participants perceived a significant decrease in value in their total overall 

compensation—including wages, pension benefits and health benefits—the Fund’s 

CM94:00029
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Section 6. Other Required Information

- 21 -

Trustees concluded that they would be likely to encourage their employers to withdraw 

from the Fund. Such actions would also make the plan less attractive to new employers 

and could also lead to increased employer withdrawals or reductions in contributions 

from current employers, as the collective bargaining parties would see less benefit to 

ongoing participation.

Due to a combination of unfavorable investment returns and lower than expected industry 

activity during the Plan Year that ended April 30, 2012, the Fund was certified in July 

2012 to not project to emerge from critical status by the end of the Rehabilitation period.

In February 2013 the Trustees again decided to amend the Rehabilitation Plan in light of 

continuing poor economic conditions. Hours had reached a new low in the Plan Year 

ending April 30, 2012 and as of February 2013 the Fund was on pace to have 

contribution hours similar to this number in the Plan Year ending April 30, 2013. The 

Trustees reviewed the Fund’s contribution rates and the Fund’s benefits with a view to 

making modifications to these so as to further enable the Fund to forestall insolvency. In 

considering contribution rate increases, the Trustees concluded that it would not be 

realistic to increase the rate of contributions given the impact of the severe economic 

decline in the building and construction industry. The Trustees then reviewed possible 

modifications to the Plan of Benefits and concluded that changes could be made that 

would allow the Rehabilitation Plan to reflect a more meaningful effort to forestall the 

Fund’s insolvency. The monthly benefit multiplier was reduced from $77.50 to $33.00, 

the Early Retirement Pension reduction factor was increased from 3.33% to 6.00% per 

year and the Pre-Retirement Death Benefit was decreased in value by applying a 6.00% 

per year reduction for commencement prior to Normal Retirement Date. Despite these 

actions the Fund’s funded percentage and the Funding Standard Account Credit Balance 

were projected to continue to decline.

While the Fund saw an improved investment return in the Plan Year ending April 30, 

2014 it again saw hours decrease to a new low. Despite the decreased contribution hours, 

the improvement in general economic conditions provided the Trustees the ability to 

amend the Rehabilitation Plan effective May 1, 2014 to increase the contribution rate 

from $9.10 per hour to $9.30 per hour, effective May 1, 2014, as part of the Default 

Schedule.

The Plan Year ending April 30, 2016 was once again a challenging year in the markets 

and the Fund experienced an investment return of -1.42%. This loss led the Trustees to 

amend the Rehabilitation Plan to further reduce benefits. The Board decided to eliminate 

the Fund’s Disability benefit for those with disability retirement effective dates on or 

after March 15, 2017, eliminate the post-disability-retirement death benefit for those with 

disability retirement effective dates on or after March 15, 2017, and eliminate the Pop-Up 

Provision of the Husband-Wife 50%, Husband-Wife 75% and Husband-Wife 100% 

CM94:00030
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Section 6. Other Required Information

- 22 -

forms of Pension payments for those with retirement effective dates on or after March 15, 

2017.

It is the Trustees’ opinion that as of the filing of this application all reasonable measures 

the Fund can take have been exhausted in the efforts to avoid insolvency. Despite these 

measures, the Fund is projected to become insolvent unless benefits are suspended to the 

maximum allowable extent and a partition of benefits is approved.

CM94:00031
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Section 7. Identification and Background Information on the Fund

- 23 -

7.01 Board of Trustees Information

Sponsor Name Board of Trustees of the Plasterers & Cement Masons Local No. 

94 Pension Fund

Sponsor EIN/PN 23-6445411 / 001

Address c/o PATH Administrators

4785 Linglestown Road Suite 200

Harrisburg, PA 17112

Telephone (717) 671-8551

Email lrudibaugh@pathadmin.com

Fax (717) 671-4937

7.02 Plan Identification

Plan Name Plasterers & Cement Masons Local No. 94 Pension Fund

Plan EIN / PN 23-6445411 / 001

7.03 Retired Participant Representative

The Board of Trustees has not selected a Retired Participant representative.

7.04 Fund’s Enrolled Actuary

Actuary Name James J. McKeogh

Enrollment Number 17-02963

Company The McKeogh Company

Address 200 Barr Harbor Drive, West Conshohocken, PA 19428

Telephone 484-530-0692

Fax 484-530-0713

Email Jim.McKeogh@mckeogh.com

7.05 Power of Attorney

Designation of power of attorney for all authorized representatives who will represent the 

Board of Trustees in connection with the application is provided as Exhibit 7.05.

7.06 Plan Documents

The following information is provided as Exhibits 7.06a-c:

(1) Exhibit 7.06a: most recent plan document and plan amendments adopted since 

that restatement

(2) Exhibit 7.06b: most recent summary plan description (SPD) and all 

subsequent summaries of material modification

(3) Exhibit 7.06c: most recent determination letter issued to the Fund

CM94:00032
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND 

EIN/PN: 23-6445411 / 001 

Section 7. Identification and Background Information on the Fund 

- 24 - 

7.07 Collective Bargaining and Side Agreements 

Excerpts from the collective bargaining agreement pursuant to which the Fund is 

maintained are provided as Exhibit 7.07. 

The required excerpts contain language from the collective bargaining agreement that are 

relevant to the Fund or the proposed suspension. 

7.08 Annual Return 

Exhibit 7.08 contains the following excerpts from the most recently filed Form 5500, the 

Form 5500 for the Plan Year ending April 30, 2017: 

 Pages 1 and 2 of the Form 5500, without attachments or schedules 

 The Schedule MB, including attachments 

 The Schedule R, including attachments 

 The accountant’s report under section 103(a)(3) of ERISA 

7.09 Rehabilitation Plan 

Exhibit 7.09 contains the most recently updated Rehabilitation Plan described in 

§432(e)(3). 

7.10 Valuation Reports 

Exhibit 7.10a and 7.10b contain the two most recent actuarial valuation reports for the 

Fund. 

7.11 Completed Checklist 

A completed checklist of information required to be included in the application is 

provided as Exhibit 7.11. 

N:\1525\2017\Benefit Suspension - Partition (Preliminary)\Application Docs & Exhibits\CM94 BftSusp Application v6 docx 

CM94:00033
CM94:00034
CM94:00035
CM94:00036
CM94:00037


CM94:00040
CM94:00041
CM94:00042
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 3.01b

2017 Actuarial Certification Supporting Information for Critical and Declining Status (Checklist Item #5)

Benefit Payment Projections Using Certification Assumptions, Prior to Suspension of Benefits, Prior to Partition

Plan BOY EOY

Year Assumptions Market Benefit Payments by 2017 Status BOY Net Market

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

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

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

MVA Return = Valuation Assumption

2017 7.00% 21,000 9.30 2,317,090 - 3,710 30 444,632 43,371 491,743 60,000 - 195,300 195,300 6,758 147,835 2,108,482 2,600,225 5.29 

2018 7.00% 21,000 9.30 2,108,482 - 14,285 50 432,092 40,813 487,240 61,200 - 195,300 195,300 6,758 133,303 1,888,644 2,375,884 4.88 

2019 7.00% 21,000 9.30 1,888,644 - 15,755 421 419,159 38,370 473,705 62,424 - 195,300 195,300 6,758 118,294 1,666,110 2,139,815 4.52 

2020 7.00% 21,000 9.30 1,666,110 - 28,768 1,058 405,848 36,023 471,697 63,672 - 195,300 195,300 6,758 102,699 1,428,739 1,900,436 4.03 

2021 7.00% 21,000 9.30 1,428,739 - 32,464 1,728 392,178 33,758 460,128 64,946 - 195,300 195,300 6,758 86,392 1,185,357 1,645,485 3.58 

2022 7.00% 21,000 9.30 1,185,357 321 37,820 6,285 378,175 31,563 454,164 66,245 - 195,300 195,300 6,758 69,469 929,717 1,383,881 3.05 

2023 7.00% 21,000 9.30 929,717 629 51,982 11,697 363,874 29,433 457,615 67,570 - 195,300 195,300 6,758 51,363 651,195 1,108,810 2.42 

2024 7.00% 21,000 9.30 651,195 1,121 54,041 14,104 349,311 27,367 445,944 68,921 - 195,300 195,300 6,758 32,173 363,803 809,747 1.82 

2025 7.00% 21,000 9.30 363,803 1,413 58,383 18,936 334,532 25,371 438,635 70,300 - 195,300 195,300 6,758 12,211 62,379 501,014 1.14 

2026 7.00% 21,000 9.30 62,379 2,440 75,198 26,096 319,586 23,447 446,767 71,706 - 195,300 195,300 6,758 (9,267) (270,060) 176,707 0.40 

2027 7.00% 21,000 9.30 (270,060) 3,305 81,643 28,054 304,529 21,601 439,132 73,140 - 195,300 195,300 6,758 (32,376) (619,408) (180,276) (0.41) 

2028 7.00% 21,000 9.30 (619,408) 5,352 87,222 30,053 289,414 19,836 431,877 74,602 - 195,300 195,300 6,758 (56,683) (987,270) (555,393) (1.29) 

Notes: o Market Value of Assets as of 5/1/17 is based on unaudited financial statements provided by the fund administrator.

o Administrative Expenses are assumed to increase by 2.00% per year from he PYB 5/1/17 preliminary value of $60,000.

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

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

3/28/2018 21 30

N \1525\2017\Benefit Suspension - Partition (Pre iminary)\Projections for Application\[CM94 Projections for Application Exh b ts v14 (Heading Edits).xlsx]Exhib t 3.01 Cert

CM94:00043
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 3.02

Certification of Avoiding Insolvency (Checklist Items #6, #9 & #28)

Benefit Payment Projections Using Exhibit 6.03 Assumptions, After Suspension of Benefits, After Partition

Plan BOY EOY

Year Assumptions Market Benefit Payments by 2017 Status BOY Net Market

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

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

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

2017 1.36% 4,800 9 30 5,684,165 40.2% 2,282,796 - 428 6 147,070 162,815 15,312 70,000 - 44,640 44,640 303 29,293 2,123,914 2,286,729 n/a

2018 5.91% 24,000 9 30 5,643,771 37.6% 2,123,914 - 12,341 38 428,578 483,947 42,990 75,000 - 223,200 223,200 6,532 113,528 1,901,695 2,385,642 4.93 

2019 5.91% 21,000 9 30 3,009,940 63.2% 1,901,695 - 9,678 7 233,622 280,990 37,683 62,424 - 195,300 195,300 5,716 106,233 1,859,813 2,140,803 7.62 

2020 5.91% 21,000 9 30 2,952,277 63.0% 1,859,813 - 18,995 11 225,681 279,782 35,095 63,672 - 195,300 195,300 5,716 103,719 1,815,378 2,095,160 7.49 

2021 5.91% 21,000 9 30 2,891,737 62.8% 1,815,378 - 21,826 14 217,546 272,017 32,631 64,946 - 195,300 195,300 5,716 101,243 1,774,958 2,046,975 7.53 

2022 5.91% 21,000 9 30 2,836,450 62.6% 1,774,958 - 24,712 43 209,240 264,267 30,272 66,245 - 195,300 195,300 5,716 99,004 1,738,750 2,003,017 7.58 

2023 6.90% 21,000 9 30 2,786,839 62.4% 1,738,750 - 34,302 102 200,787 263,200 28,009 67,570 - 195,300 195,300 6,663 113,045 1,716,326 1,979,526 7.52 

2024 6.90% 21,000 9 30 2,733,917 62.8% 1,716,326 - 37,512 156 192,220 255,724 25,836 68,921 - 195,300 195,300 6,663 111,658 1,698,640 1,954,364 7.64 

2025 6.90% 21,000 9 30 2,684,843 63.3% 1,698,640 - 39,686 630 183,568 247,638 23,754 70,300 - 195,300 195,300 6,663 110,617 1,686,620 1,934,258 7.81 

2026 6.90% 21,000 9 30 2,642,255 63.8% 1,686,620 1 52,348 1,118 174,869 250,102 21,766 71,706 - 195,300 195,300 6,663 109,607 1,669,719 1,919,821 7.68 

2027 6.90% 21,000 9 30 2,593,473 64.4% 1,669,719 1 57,527 1,184 166,161 244,747 19,874 73,140 - 195,300 195,300 6,663 108,524 1,655,656 1,900,403 7.76 

2028 6.90% 21,000 9 30 2,546,317 65.0% 1,655,656 314 61,800 1,251 157,480 238,925 18,080 74,602 - 195,300 195,300 6,663 107,650 1,645,079 1,884,004 7.89 

2029 6.90% 21,000 9 30 2,502,451 65.7% 1,645,079 676 77,363 1,880 148,861 245,167 16,387 76,095 - 195,300 195,300 6,663 106,605 1,625,724 1,870,890 7.63 

2030 6.90% 21,000 9 30 2,448,780 66.4% 1,625,724 1,135 80,643 2,115 140,335 239,026 14,798 77,616 - 195,300 195,300 6,663 105,373 1,609,755 1,848,781 7.73 

2031 6.90% 21,000 9 30 2,398,506 67.1% 1,609,755 1,790 87,698 2,190 131,934 236,928 13,316 79,169 - 195,300 195,300 6,663 104,235 1,593,194 1,830,122 7.72 

2032 6.90% 21,000 9 30 2,345,258 67.9% 1,593,194 2,661 94,612 2,772 123,690 235,682 11,947 80,752 - 195,300 195,300 6,663 103,026 1,575,087 1,810,768 7.68 

2033 6.90% 21,000 9 30 2,289,810 68.8% 1,575,087 3,391 99,493 3,115 115,634 232,326 10,693 82,367 - 195,300 195,300 6,663 101,779 1,557,473 1,789,798 7.70 

2034 6.90% 21,000 9 30 2,234,523 69.7% 1,557,473 4,237 106,677 3,129 107,792 231,388 9,553 84,014 - 195,300 195,300 6,663 100,482 1,537,852 1,769,240 7.65 

2035 6.90% 21,000 9 30 2,174,356 70.7% 1,537,852 5,508 111,875 3,438 100,187 229,535 8,527 85,695 - 195,300 195,300 6,663 99,075 1,516,997 1,746,532 7.61 

2036 6.90% 21,000 9 30 2,112,026 71.8% 1,516,997 6,783 110,661 3,663 92,831 221,545 7,607 87,409 - 195,300 195,300 6,663 97,788 1,501,132 1,722,676 7.78 

2037 6.90% 21,000 9 30 2,054,249 73.1% 1,501,132 7,926 110,357 3,851 85,735 214,656 6,787 89,157 - 195,300 195,300 6,663 96,807 1,489,426 1,704,082 7.94 

2038 6.90% 21,000 9 30 1,999,991 74.5% 1,489,426 9,776 111,881 4,331 78,903 210,951 6,060 90,940 - 195,300 195,300 6,663 96,002 1,478,838 1,689,788 8.01 

2039 6.90% 21,000 9 30 1,946,062 76.0% 1,478,838 11,856 109,704 4,665 72,348 203,990 5,417 92,759 - 195,300 195,300 6,663 95,382 1,472,771 1,676,761 8.22 

2040 6.90% 21,000 9 30 1,895,863 77.7% 1,472,771 13,549 107,742 4,609 66,076 196,827 4,851 94,614 - 195,300 195,300 6,663 95,078 1,471,709 1,668,536 8.48 

2041 6.90% 21,000 9 30 1,850,143 79.5% 1,471,709 15,855 106,254 4,550 60,102 191,115 4,354 96,506 - 195,300 195,300 6,663 95,068 1,474,456 1,665,571 8.72 

2042 6.90% 21,000 9 30 1,807,190 81.6% 1,474,456 18,218 103,994 4,479 54,439 185,048 3,918 98,436 - 195,300 195,300 6,663 95,330 1,481,603 1,666,650 9.01 

2043 6.90% 21,000 9 30 1,767,619 83.8% 1,481,603 20,320 101,605 4,597 49,104 179,160 100,405 3,534 - 195,300 195,300 6,663 95,887 1,493,225 1,672,385 9.33 

2044 6.90% 21,000 9 30 1,731,636 86.2% 1,493,225 22,629 100,571 4,520 44,105 175,019 102,413 3,194 - 195,300 195,300 6,663 96,691 1,507,785 1,682,804 9.61 

2045 6.90% 21,000 9 30 1,697,524 88.8% 1,507,785 24,858 97,732 4,431 39,444 169,353 104,461 2,888 - 195,300 195,300 6,663 97,747 1,527,017 1,696,370 10.02 

2046 6.90% 21,000 9 30 1,667,233 91.6% 1,527,017 27,300 94,815 4,337 35,121 164,183 106,551 2,610 - 195,300 195,300 6,663 99,105 1,550,688 1,714,871 10.44 

2047 6.90% 21,000 9 30 1,640,363 94.5% 1,550,688 29,721 93,104 4,235 31,132 160,545 108,682 2,353 - 195,300 195,300 6,663 100,715 1,577,477 1,738,021 10.83 

2048 6.90% 21,000 9 30 1,615,205 97.7% 1,577,477 32,128 90,386 4,121 27,468 156,214 110,855 2,111 - 195,300 195,300 6,663 102,560 1,608,268 1,764,481 11.30 

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

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

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

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

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

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

o Solvency Ratio is >= 1.0 for the 30 Plan Years beginning from 5/1/2019 thru 5/1/2048.

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

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

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

3/30/2018 10 20

N \1525\2017\Benef t Suspension - Part tion (Preliminary)\Projections for Application\[CM94 Projections for Application Exhibits v18 (Heading Edits).xlsx]Exhibit 3.02 AvoidInsolv

CM94:00044







APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 4.04(1) (Checklist Item #12)

Effect of Proposed Suspension in Aggregate and by Group

Participant Group

Participant 

Count

Average 

Age @ 

5/1/2019

Service 

Credited @ 

5/1/2017

Average Monthly 

Benefit Before 

Suspension

Average Monthly 

Benefit After 

Suspension

Aggregate Present 

Value of Reduction in 

Benefits @ 5/1/2017

Pensioners 40 78.9 19.7 $ 626 $ 540 $ 422,189

Beneficiaries 10 85.4 16.9 $ 394 $ 373 $ 27,380

Alternate Payees 0 n/a n/a n/a n/a $ -

Disabled Pensioners 10 73.4 24.5 $ 1,222 $ 1,222 $ -

Terminated Vested Participants 15 49.8 8.4 $ 753 $ 328 $ 228,748

Active Participants 36 46.9 6.2 $ 474 $ 241 $ 344,700

Total 111 $ 1,023,017

Note 1: For active and terminated vested participants, the monthly benefit shown is the accrued pension payable at normal retirement date in the normal form of payment.

Note 2: For active participants, service shown is as of May 1, 2017 with no projected future service.

Note 3: The present value reduction is calculated as of May 1, 2017, but reflects the actual suspension effective date of May 1, 2019.

N:\1525\2017\Benefit Suspension - Partition (Preliminary)\Application Docs & Exhibits\[Mail Merge Draft v12.xlsx]Exhibit 4.04(1)

CM94:00052
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 4.04(2) (Checklist Item #12)

Distribution of Proposed Suspension by Group

Participant Counts

Participant Group 0%

>0% and 

<=10%

>10% and 

<=20%

>20% and 

<=30%

>30% and 

<= 40%

>40% and

 <= 50% >50% Total

Pensioners 22 9 1 5 0 3 0 40

Beneficiaries 7 2 0 1 0 0 0 10

Alternate Payees 0 0 0 0 0 0 0 0

Disabled Pensioners 10 0 0 0 0 0 0 10

Terminated Vested Participants 0 0 0 2 0 1 12 15

Active Participants 0 20 1 4 1 2 8 36

Total 39 31 2 12 1 6 20 111

N:\1525\2017\Benefit Suspension - Partition (Preliminary)\Application Docs & Exhibits\[Mail Merge Draft v12.xlsx]Exhibit 4.04(2)

CM94:00053
 APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23-6445411 / 001

 Exhibit 4.05(1)a 

 Participant Notice (Checklist Item #13)

CM94:00054
 APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23-6445411 / 001

 Exhibit 4.05(1)a 

 Participant Notice (Checklist Item #13)

CM94:00055

 APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23-6445411 / 001

 Exhibit 4.05(1)a 

 Participant Notice (Checklist Item #13)

CM94:00057







 APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23-6445411 / 001

 Exhibit 6.01

 Sample Ballot (Checklist Item #22)

CM94:00065
 APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23-6445411 / 001

 Exhibit 6.01

 Sample Ballot (Checklist Item #22)

CM94:00066
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6.02

Amount of Reduction in Benefit Payments Attributable to Partition (Checklist Item #24)

Benefit Payment Projections Using Exhibit 6.03 Assumptions

Plan

Year Benefit Payments From Successor Plan by 2017 Status

Begin Future Term

5/1/yyyy Entrants Actives Vesteds Retirees Beneficiaries Total

2017 - - - - - -

2018 - - - - - -

2019 - - 70 141,789 - 141,859

2020 - - 103 136,855 - 136,958

2021 - - 143 131,814 - 131,957

2022 - - 447 126,682 - 127,129

2023 - - 1,028 121,476 - 122,504

2024 - - 1,574 116,216 - 117,790

2025 - - 6,314 110,923 - 117,237

2026 - - 11,204 105,620 - 116,824

2027 - - 11,881 100,330 - 112,211

2028 - - 12,555 95,074 - 107,629

2029 - - 18,852 89,867 - 108,719

2030 - - 21,193 84,725 - 105,918

2031 - - 21,956 79,661 - 101,617

2032 - - 27,773 74,687 - 102,460

2033 - - 31,207 69,817 - 101,024

2034 - - 31,339 65,063 - 96,402

2035 - - 34,431 60,436 - 94,867

2036 - - 36,683 55,944 - 92,627

2037 - - 38,554 51,592 - 90,146

2038 - - 43,361 47,387 - 90,748

2039 - - 46,700 43,337 - 90,037

2040 - - 46,141 39,453 - 85,594

2041 - - 45,555 35,750 - 81,305

2042 - - 44,844 32,242 - 77,086

2043 - - 46,017 28,945 - 74,962

2044 - - 45,243 25,868 - 71,111

2045 - - 44,358 23,018 - 67,376

2046 - - 43,413 20,394 - 63,807

2047 - - 42,398 17,993 - 60,391

2048 - - 41,257 15,810 - 57,067

Note: Terminated Vesteds are fully partitioned. 50% of Retiree (healthy & disabled) liabilities are partitioned.

3/30/2018 8:42

N:\1525\2017\Benefit Suspension - Partition (Preliminary)\Projections for Application\[CM94 Projections for Application Exhibits v18 (Heading Edits).xlsx]Exhibit 6.02 Partition

CM94:00067
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6.03

Information on Actuarial Assumptions and Methods (Checklist Item #25)

Page 1 of 9

This Exhibit details the information on actuarial assumptions and methods that, pursuant to Section 6.03 

of Revenue Procedure 2017-43, must be described in an application for approval of a proposed benefit 

suspension. The three parts of this Exhibit correspond to the subsections of Section 6.03 of Revenue 

Procedure 2017-43.

Part 1 - Actuarial assumptions and methods used for projections. 

Provided is information regarding specific actuarial assumptions (per Revenue Procedure 2017-43) 

used in the cash flow projections included in the application, with the exception of any variations 

noted in Part 3 of this Exhibit.

Investment returns 

 Net investment return for deterministic projections:

o 5.91% per year for the Plan Years ending April 30, 2019 thru April 30, 2023

o 6.90% per year for the Plan Years ending April 30, 2024 and each year thereafter

 Assumptions used for stochastic projections (if applicable): Not applicable

Mortality assumptions 

 Healthy Lives: RP-2014 Blue Collar Tables with separate rates for non-annuitants and annuitants 

and separate rates for males and females. Mortality improvement: MP-2017 projection scale 

beginning in 2014.

 Disabled Lives: RP-2014 Disabled Mortality Tables with separate rates for males and females. 

Mortality improvement: MP-2017 projection scale beginning in 2014.

Other demographic assumptions 

 The complete list of disability, withdrawal, and retirement decrement rates is included as 

Exhibit 6.03-1.

Assumptions regarding form and commencement age of benefits 

 Form of payment election assumptions for active and terminated vested participants:

o 45% of all participants elect the straight life annuity

o 25% of all participants elect the 50% joint and survivor annuity

o 20% of all participants elect the 100% joint and survivor annuity

o 10% of all participants elect the 10-year certain and continuous annuity

 Assumptions regarding the probability of benefit commencement by age for participants who 

have terminated with deferred benefits or who are assumed to terminate with deferred benefits 

in the future:

o The retirement age assumptions for current terminated vested participants are the 

same as those assumed for active participants (see Exhibit 6.03-1).

CM94:00068
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6.03 (Checklist Item #25)

Information on Actuarial Assumptions and Methods

Page 2 of 9

 Assumptions regarding the probability of benefit commencement by age for participants who 

have become disabled or who are assumed to become disabled in the future:

o The retirement age assumptions for participants with disability onset dates on or after 

March 15, 2017 are the same as those assumed for active participants who terminate 

for reasons other than disability (see Exhibit 6.03-1).

o The Plan does not provide a disability pension benefit for participants with onsets of 

disability on or after March 15, 2017.

Assumptions regarding missing or incomplete data 

 Assumption regarding terminated vested participants beyond normal retirement age who, 

because they have not commenced receiving benefit payments, could be considered missing: 

o None. The Plan has no terminated vested participants beyond normal retirement age. 

 Assumptions to fill in other missing data:

o Spouses of participants not yet in-pay are assumed to be the same age as the 

participant.

o 80% of participants not yet in-pay are assumed to be married.

o The Plan allows for more than 1 year of credited service to be earned in any given Plan 

Year. As per the PBGC Guarantee calculation, credited service must be limited to no 

more than 1 year of service in all years. A year-by-year hours history was not available 

for all participants and where a history was available, year-by-year hours were only 

available back to 1994. Therefore, service used for the PBGC Guarantee calculation was 

derived as follows:

 PBGC service was calculated directly for Participants for whom a complete hours 

history was available. (Participants with all service after 1993)

 For Participants for whom a complete hours history was not available

(Participants with service prior to 1994), PBGC service was determined as 

follows:

1. (a) Vesting service and (b) PBGC service were calculated for the period 

from May 1, 1994 through May 1, 2017.

2. The vesting service calculated in 1(a) was subtracted from total vesting 

service as of May 1, 2017 to determine pre-1994 vesting service.

3. PBGC service was calculated as pre-1994 vesting service plus post-1993 

PBGC service.

 There was one surviving spouse for whom no participant data was available. For 

this individual, service was estimated based on other surviving spouses and 

retired participants with similar demographics.

o There are no other missing or incomplete data that would be considered material.

CM94:00069
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6.03 (Checklist Item #25)

Information on Actuarial Assumptions and Methods

Page 3 of 9

New entrant profile 

 The following is a description of the composition of the new hire profile, including the weights 

applicable to each assumed age of entry:

o The 31 Participants who were first reported as Plan participants in the May 1, 2013, 

May 1, 2014, May 1, 2015, May 1, 2016, or May 1, 2017 valuations were included in the 

development of the new hire profile.

o Each participant was assigned an equal weight for purposes of assumed age of entry.

o The data was adjusted such that each new entrant’s age at hire, service, and accrued 

benefit as of each respective valuation date were preserved.

Contribution rates

 An hourly contribution rate of $9.30 per hour was assumed during the Plan Year beginning 

May 1, 2017 and all years thereafter for the remainder of the projection period. 

Contribution base units

 Contribution base units are assumed to be equal to expected hours worked in covered 

employment for each year in the projection period.

 For purposes of calculating future employer contributions, the assumption regarding the 

number of contribution base units is as follows:

Plan 

Year 

Begin Hours Change

2017 26,000

2018 24,000 -7.7%

2019+ 21,000 -12.5%

 For purposes of calculating future normal costs, each active participant is assumed to work 

1,000 hours, or 0.70 years of credited service, in each Plan Year of the projection period. 

Withdrawal liability payments 

There are no current and no assumed future withdrawal liability payments.

Administrative expenses 

Administrative expenses, expressed as of the beginning of the year, are assumed to be $110,000 for the

2017 Plan Year and $75,000 for the 2018 Plan Year. If not for extraordinary circumstances, 

administrative expenses would be assumed to equal $60,000 in the 2017 Plan Year with an increase of 

2% per year thereafter. Thus, expenses are assumed to decrease to approximately $62,424 for the 2019 

Plan Year and are assumed to increase 2% per year for the remainder of the projection period.

CM94:00070
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6.03 (Checklist Item #25)

Information on Actuarial Assumptions and Methods

Page 4 of 9

Projection methodology 

 No approximation or data grouping techniques were used in projections.

 No changes were made to the cash flow projections that would normally be provided by the 

actuarial software.

Part 2 - Supporting documentation for selection of certain assumptions. 

Investment Returns

 The net investment return used throughout this application for deterministic projections is a 

select and ultimate rate of 5.91% per year for the Plan Years ending April 30, 2019 thru April 30, 

2023 and 6.90% per year for the Plan Years ending April 30, 2024 and each year thereafter. This 

assumption is based upon the information noted below. The ultimate assumption deviates from 

the ultimate rate provided by the Fund’s investment consultant to reflect the expectation that 

the asset allocation will move towards a more conservative mix.

 The Fund’s investment consultant, PFM Asset Management, LLC (“PFM”), provided expected 

annual returns of 5.91% for a short term (5-year) investment horizon and 7.50% for a long-term 

(30-year) investment horizon, as shown in Exhibit 6.03-2.

o The expected long-term rate of return of 7.50% implies a time-weighted 7.86% annual 

rate of return starting in year 6 of the extended period, given the 5.91% annual rate of 

return during the initial 5-year period. 

 Exhibit 6.03-2 contains the components of the target portfolio used in the projections 

(expressed in terms of the asset classes used for setting the Fund’s investment policy) and the 

allocation of the components of the target portfolio among the asset classes, as listed in 

Appendix B of Revenue Procedure 2017-43. This information was provided by PFM.

 Exhibit 6.03-2 contains the net of fees short term and long-term investment return assumptions 

associated with the target portfolio provided by PFM. The assumptions are, in part, based on 

the expected returns for the various asset classes. The following information is also provided:

o The expected geometric and arithmetic expected returns, net of fees, for each asset 

class;

o The standard deviation of returns for each asset class; and

o The correlations for the returns among the asset classes. 

o Please also note:

 The inflation rate inherent in the net investment returns is 2.50%.

 The investment-related expense inherent in the net investment return for the 

target portfolio was 0.75% of the portfolio.

 The investment return for the Plan Year ending April 30, 2018 of 11.61% was based on the 

Fund’s preliminary investment returns through February 28, 2018 of 10.55% (net of fees), as 

provided by PFM, and on the expected investment return for the remainder of the Plan Year 

(based on the 5.91% annual short-term assumption).

CM94:00071
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6.03 (Checklist Item #25)

Information on Actuarial Assumptions and Methods

Page 5 of 9

 The investment return for the period January 1, 2018 through April 30, 2018 of 1.36% was 

determined based on preliminary investment returns through December 31, 2017 (10.12%), 

preliminary investment returns through February 28, 2018 (10.55%), and the expected 

investment return for the remainder of the Plan Year (based on the 5.91% annual short-term 

assumption).

 The mix of assets will vary over time due to changes to the target allocations, if any, and due to 

normal market fluctuations. Any differences in target and current allocations are due to normal 

market fluctuations inherent to any investment portfolio.

 The investment policy of the Fund is as follows:

o Assets shall be invested in a manner consistent with the fiduciary standards of ERISA, 

namely: 

 All transactions undertaken must be for the sole interest of Plan Participants 

and their beneficiaries to provide maximum benefits and defray reasonable 

expenses in a prudent manner.

 Assets are to be diversified in order to minimize the impact of large losses in 

individual investments.

o Assets shall be invested so as to conserve and enhance the capital value of the Fund in 

real terms through asset appreciation and income generation, while maintaining a 

moderate investment risk profile.

o The Fund shall seek to minimize the amount of principal volatility and fluctuations over 

an investment cycle (three to five years).

o The Fund maintains a long-term perspective in formulating and implementing its 

investment policies and in evaluating its investment performance.

o The Fund seeks to have a long-term investment performance that will reasonably 

exceed its actuarial target rate of return of 7.0%.

Demographic experience

 Copies of studies of the Plan’s demographic experience performed over the last ten years:

o Attached as Exhibit 6.03-3 are the results of the retirement rates experience study 

performed in 2017.

o Attached as Exhibit 6.03-4 are the results of the form of payment experience study 

performed in 2017.

 Exhibit 6.03-5 includes the results of gain or loss analyses performed over the last four years. 

The results are not available by source.

 Marital information was available for 32 of the 36 active Participants included in the valuation 

data, of which 15 were married (47%). Additionally, the retiree pension records indicate that 29 

of the 50 Participants who are in-pay are married (58%).

 Attached as Exhibit 6.03-6 are the retirement rates by age for benefit commencements during 

the last 5 years. All retirements during the last 5 years have been by terminated vested 

participants.

CM94:00072
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6.03 (Checklist Item #25)

Information on Actuarial Assumptions and Methods

Page 6 of 9

Mortality assumptions 

 The assumed mortality rates used for Healthy Participants are those from the RP-2014 Blue 

Collar sex-distinct tables as issued by the Society of Actuaries (available at 

https://www.soa.org/experience-studies/2014/research-2014-rp/).

 Mortality rates were not based on Plan experience study data but were instead taken from the 

SOA table noted above. A description of the process that was used to construct these mortality 

rates can be found in the RP-2014 Mortality Tables Report.

 The assumed mortality improvement rates are those published in the SOA MP-2017

improvement scale. These mortality improvement rates are applied to the mortality rates 

starting with the 2014 year.

 No adjustments have been made to the published mortality tables with improvements.

New entrant profile 

 Information and analysis used in the selection of the new entrant profile is provided below: 

o A distribution of ages of all new active entrants for each of last five years is shown 

below. A new entrant for purposes of the table below is someone who was an active 

participant as of the valuation date shown but who was not a Plan participant as of the 

prior valuation date.

Age Range Percentage of New Entrants

5/1/2013 5/1/2014 5/1/2015 5/1/2016 5/1/2017

Below 20 0% 0% 0% 0% 7%

20 – 24 0% 0% 0% 0% 7%

25 – 29 0% 0% 0% 29% 7%

30 – 34 33% 0% 0% 29% 15%

35 – 39 33% 0% 25% 0% 15%

40 – 44 0% 0% 25% 0% 0%

45 – 49 34% 0% 0% 14% 20%

50 – 54 0% 67% 0% 14% 15%

55 – 59 0% 0% 25% 14% 7%

60 and over 0% 33% 25% 0% 7%

o The portion of new entrants with prior vesting service is not material (2 out of 31).

CM94:00073
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6.03 (Checklist Item #25)

Information on Actuarial Assumptions and Methods

Page 7 of 9

Contribution base units and employer withdrawals 

 For each Plan Year, starting with the Plan Year beginning May 1, 2009, Exhibit 6.03-7 provides a 

table of employers that contributed 5% or more of the annual contributions to the Fund. The 

Exhibit includes the number of contribution base units, the average contribution rate, and the 

total contribution for each such employer.

 The historical experience of the Fund with respect to contribution base units and contribution 

rates is documented in several sections within the application, including Sections 5.01, 

5.02(1)(e), 5.02(4), and 6.04.

 The rationale for the contribution base units (i.e., hours of covered employment) assumption is 

as follows:

o The Board of Trustees has determined that the following annual hours assumption is 

reasonable and is based on all available information at their disposal:

Plan Year 

Begin Hours Change

2017 26,000

2018 24,000 -7.7%

2019+ 21,000 -12.5%

o The Trustees based the hours assumption on information available to them about 

contributory employers, upcoming projects, the Trustees’ experience and knowledge of 

the trade and the local geography, and economic and political factors.

o In particular, the increase in hours during the current and following Plan Years reflects a 

single project which began late in the Plan Year beginning May 1, 2015 and which will 

conclude during the Plan Year ending April 30, 2019. The Trustees anticipate hours will 

return to levels similar to those seen in recent years at the conclusion of this project.

o The Trustees also analyzed recent and historic hours experience, including hours for 

individual employers. During the 7-year period prior to this project (May 1, 2009 

through April 30, 2016) the main two employers in the Fund accounted for 

approximately 86% of hours on a year-to-year basis, or approximately 19,000 hours. The 

Trustees believe that future hours for these two employers will return to this trend 

following the Plan Year ending April 30, 2019.

o There are no future employer withdrawals assumed and, therefore, no future 

withdrawal liability payments. There have been no employer withdrawals during the 

past five years and none of the current employers have notified the Plan of an upcoming 

withdrawal.

 The rationale for the contribution rate assumption is as follows.

o The Plan’s contribution rate of $9.30 per hour is expected to remain at this level for the 

duration of the projection period. Sections 5.02(1)(e) and 5.03(1) of the application 

explain the rationale for why this rate is not expected to increase.

 There have not been any employer withdrawals during the last 5 years.

CM94:00074
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6.03 (Checklist Item #25)

Information on Actuarial Assumptions and Methods

Page 8 of 9

Take-up rate with respect to selection of benefit/contribution schedules

 Only one benefit/contribution schedule is available to employers.

Projection methodology

 There were no approximation techniques used in the projections.

 No changes were made to the cash flow projections that would normally be generated by the 

actuarial software.

Part 3 – Additional disclosures relating to use of different assumptions 

 The following differences from the assumptions shown above were used for deterministic 

projections in various illustrations under the revenue procedure:

o Exhibits 3.01a and 3.01b of the Suspension of Benefits Application use the assumptions 

detailed within Exhibit 3.01a – the certification for the May 1, 2017 Plan year. 

o Exhibits 3.02, 6.05a, 6.05b, 6.05c, and 6.05d of the Suspension of Benefits Application, 

along with Exhibits 7a3, 7a5, 7a7, 7a9, and 7a10 of the Application for a Partition Order

use the assumptions detailed in this Exhibit 6.03. These assumptions differ from the 

May 1, 2017 certification as follows:

 Form of Payment Assumption – assumption was revised as detailed in this 

Exhibit in order to develop more accurate projected benefit payments.

 New Entrant Profile – the profile was expanded to a larger group as detailed in 

this Exhibit in order to develop more accurate projected benefit payments.

 Contribution Base Units – the CBU assumption moving forward was revised to 

reflect additional thought and discussion on the part of the Board of Trustees as 

well as to incorporate additional more recent information that was available 

after the certification was issued.

 Investment Return – the expected future investment return was revised to 

reflect the expectation that the Fund will move towards a more conservative 

asset mix.

o Exhibit 7.10b of the Suspension of Benefits Application – the May 1, 2017 Actuarial 

Valuation – uses the assumptions detailed in this Exhibit 6.03 with the following 

exception:

 Form of payment elections as outlined in Part 1 above.

o Exhibit 7a8 of the Application for a Partition Order uses the assumptions detailed in this 

Exhibit 6.03 with the following exceptions:

 The mortality used for healthy lives is the ERISA Section 4044 Mortality Table for 

2017 Valuation Dates for Healthy Lives

 The mortality used for disabled lives is the ERISA Section 4044 Mortality Table 

for 2017 Valuation Dates for Disabled Lives, If Not Eligible for Social Security 

Benefits. The Plan’s definition of disability does not require that a Participant be 

CM94:00075
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND 

EIN/PN: 23-6445411 / 001 

Exhibit 6.03 (Checklist Item #25) 

Information on Actuarial Assumptions and Methods

Page 9 of 9

eligible for Social Security disability. Since information regarding individual 

Participants’ eligibility for Social Security disability was not available, it was 

assumed that none would be eligible for conservatism (in terms of longer 

expected lifetimes as compared to the “Eligible for Social Security Disability” 

table). 

o Exhibit 7a4 of the Application for a Partition Order uses the assumptions detailed in this 

Exhibit 6.03 with the following exceptions: 

 The mortality used for healthy lives for the development of PBGC guaranteed 

benefit payments is the ERISA Section 4044 Mortality Table for 2017 Valuation 

Dates for Healthy Lives 

 The mortality used for disabled lives for the development of PBGC guaranteed 

benefit payments is the ERISA Section 4044 Mortality Table for 2017 Valuation 

Dates for Disabled Lives, If Not Eligible for Social Security Benefits. The Plan’s 

definition of disability does not require that a Participant be eligible for Social 

Security disability. Since information regarding individual Participants’ eligibility 

for Social Security disability was not available, it was assumed that none would 

be eligible for conservatism(in terms of longer expected lifetimes as compared 

to the “Eligible for Social Security Disability” table). 

 PBGC guaranteed benefits were based on projected service and benefits at the 

date of insolvency 

o Additionally, Exhibit 7a4 of the Application for a Partition Order differs from Exhibit 7a8 

of the Application for a Partition Order as follows: 

 In Exhibit 7a8, benefits are reduced to the PBGC Guarantee as of May 1, 2019 

and reflect accruals through this date. 

 In Exhibit 7a4, benefits are reduced to the PBGC Guarantee as of May 1, 2026 

and reflect accruals through this date. Benefit accruals cease thereafter. 

 Stochastic projections were not used in this application. 

N:\1525\2017\Benefit Suspension - Partition (Preliminary)\Application Docs & Exhibits\Exhibits\Exhibit 6 03 - Information on Actuarial Assumptions and Methods v4 

(Group Edits).docx 

CM94:00076
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS CEMENT MASONS LOCAL NO. 94 PENSION FUND

Exhibit 6.03-1

(Checklist Item #25)

Decrement Tables

Disability Withdrawal Retirement

Age Incidence Incidence Incidence

17 0.000764 0.150000 - 

18 0.000764 0.150000 - 

19 0.000764 0.150000 - 

20 0.000764 0.150000 - 

21 0.000782 0.145000 - 

22 0.000800 0.140000 - 

23 0.000818 0.135000 - 

24 0.000836 0.130000 - 

25 0.000854 0.125000 - 

26 0.000872 0.120000 - 

27 0.000890 0.115000 - 

28 0.000922 0.110000 - 

29 0.000954 0.105000 - 

30 0.000986 0.100000 - 

31 0.001018 0.095000 - 

32 0.001050 0.090000 - 

33 0.001114 0.085000 - 

34 0.001178 0.080000 - 

35 0.001242 0.075000 - 

36 0.001306 0.070000 - 

37 0.001370 0.065000 - 

38 0.001500 0.060000 - 

39 0.001630 0.055000 - 

40 0.001760 0.050000 - 

41 0.001890 0.050000 - 

42 0.002020 0.050000 - 

43 0.002328 0.050000 - 

44 0.002636 0.050000 - 

45 0.002944 0.050000 - 

46 0.003252 0.050000 - 

47 0.003560 0.050000 - 

48 0.004172 0.050000 - 

49 0.004784 0.050000 - 

50 0.005396 0.050000 - 

51 0.006008 0.045000 - 

52 0.006620 0.040000 - 

53 0.007670 0.035000 - 

54 0.008720 0.030000 - 

55 0.009770 - 0.050000 

56 0.010820 - 0.050000 

57 0.011870 - 0.050000 

58 0.012838 - 0.050000 

59 0.013806 - 0.050000 

60 0.014774 - 0.050000 

61 0.015742 - 0.050000 

62 0.016710 - 0.500000 

63 0.017680 - 0.200000 

64 0.018650 - 0.200000 

65 0.019610 - 1.000000 

66 0.020580 - 1.000000 

67 0.021550 - 1.000000 

68 0.022520 - 1.000000 

69 0.023490 - 1.000000 

70 0.024450 - 1.000000 

N:\1525\2017\Benefit Suspension - Partition (Preliminary)\Application Docs & Exhib 

CM94:00077
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6.03-2 

(Checklist Item #25)

Information on Actuarial Assumptions and Methods

Asset Allocation of Target Portfolio

Asset Class Current Allocation

US Equity – Large Cap 31.5%

US Equity – Small/Mid Cap 10.5%

Non-US Equity - Developed 16.0%

Non-US Equity – Emerging 7.0%

US Corporate Bonds - Core 26.2%1

US Corporate Bonds – Long Duration 0.0%

US Corporate Bonds – High Yield 4.4%

Non-US Debt - Developed 0.0%

Non-US Debt – Emerging 4.4%

US Treasuries (Cash Equivalents) 0.0%

TIPS (Inflation-Protected) 0.0%

Real Estate 0.0%

Hedge Funds 0.0%

Commodities 0.0%

Infrastructure 0.0%

Private Equity 0.0%

US Equity – Large Cap 0.0%

 1 US Corporate Bonds above consist of 17.5% Core Fixed Income and 8.7% Investment Grade Corporate.

CM94:00078

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6.03-2 

(Checklist Item #25)

Information on Actuarial Assumptions and Methods

Select and Ultimate Investment Return Rates from Investment Consultant

CM94:00080
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND 

EIN/PN: 23-6445411 / 001 

Exhibit 6.03-2 

(Checklist Item #25) 

Information on Actuarial Assumptions and Methods

Correlations of Returns Among Asset Classes 

US 

Equity

International 

Developed 

Equity

Emerging 

Markets 

Equity

Core 

Bonds

Intermediate 

Investment 

Grade Corp

Emerging 

Markets 

Debt

High 

Yield

Bank 

Loans REITs

Private 

Equity Real 

Estate

Commodities Hedge 

Funds

Private 

Equity Cash

US Equity 1

International Developed 

Equity 0.8 1

Emerging Markets 

Equity 0.7 0.7 1

Core Bonds 0.3 0 2 0.2 1

Intermediate Investment 

Grade Corp 0.3 0 2 0.2 0.9 1

Emerging Markets Debt 0.5 0 5 0.5 0.4 0.4 1

High Yield 0.7 0 5 0.5 0.4 0.4 0.4 1

Bank Loans 0.4 0 3 0.3 0.3 0.3 0.7 0.7 1

REITs 0.5 0.4 0.4 0.3 0.3 0 3 0.4 0.4 1

Private Equity Real 

Estate 0.4 0 3 0.3 0.3 0.3 0 2 0.4 0 2 0.8 1

Commodities 0.1 0.1 0.2 0.2 0.2 0 3 0 2 0 2 0.1 0.1 1

Hedge Funds 0.6 0 5 0.5 0.4 0.4 0 3 0.4 0.4 0.4 0.3 0 2 1

Private Equity 0.7 0 6 0.6 0.3 0.3 0 3 0 5 0 2 0.4 0.4 0.1 0 5 1

Cash 0.1 0.1 0.1 0.2 0.2 0.1 0.1 0 2 0.1 0.1 0.1 0.1 0.1 1

Correlations

CM94:00081
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

Exhibit 6.03-3

Review of 2012-2016 Plan Experience * (Checklist Item #25)

Active Withdrawal Vested Active Mortality ****

Exposures Actual Experience Assumed Rate *** Exposures Actual Experience Assumed Rate ***

Age Count ** Count Observed Rate Age Count Count Observed Rate

30 0 0 0.00% 10.00% 35 1 0 0.00% 0.06%

31 2 1 49.94% 9.50% 36 1 0 0.00% 0.06%

32 0 0 0.00% 9.00% 37 1 0 0.00% 0.06%

33 0 0 0.00% 8.50% 38 1 0 0.00% 0.06%

34 1 0 0.00% 8.00% 39 0 0 0.00% 0.06%

35 2 0 0.00% 7.50% 40 1 0 0.00% 0.07%

36 3 0 0.00% 7.00% 41 2 0 0.00% 0.07%

37 3 1 33.28% 6.50% 42 3 0 0.00% 0.07%

38 3 2 66.61% 6.00% 43 3 0 0.00% 0.08%

39 2 1 49.91% 5.50% 44 3 0 0.00% 0.09%

40 3 0 0.00% 5.00% 45 4 0 0.00% 0.09%

41 3 1 33.30% 5.00% 46 3 0 0.00% 0.10%

42 3 0 0.00% 5.00% 47 3 0 0.00% 0.11%

43 4 0 0.00% 5.00% 48 7 0 0.00% 0.12%

44 5 1 19.95% 5.00% 49 5 0 0.00% 0.14%

45 5 1 19.97% 5.00% 50 5 0 0.00% 0.15%

46 5 0 0.00% 5.00% 51 4 0 0.00% 0.16%

47 4 0 0.00% 5.00% 52 5 0 0.00% 0.18%

48 7 0 0.00% 5.00% 53 1 0 0.00% 0.20%

49 7 1 14.22% 5.00% 54 4 0 0.00% 0.22%

50 6 1 16.63% 5.00% 55 2 0 0.00% 0.24%

51 5 1 19.95% 4.50% 56 2 0 0.00% 0.26%

52 5 1 20.00% 4.00% 57 3 0 0.00% 0.29%

53 1 1 100.00% 3.50% 58 2 0 0.00% 0.32%

54 3 0 0.00% 3.00% 59 1 0 0.00% 0.35%

Total: 82 13 15.83% 5.20% Total: 67 0 0.00% 0.15%

Note: Observed counts reflect expected mortality if less than five years of service.

* See Exhibit 6.03-6 for retirement experience.

** Includes only non-retirement eligible exposures.

*** Assumed rates are effective 5/1/2016. Displayed non-inpay mortality is male mortality as there are no female actives or term vesteds.

**** Mortality is based on the RP-2014 table projected to 2016 with scale MP-2015.

Plan Provision Notes:

1. Eligibility for Early Retirement Pension is age 55 with 15 years of credited service.

2. Early Retirement Pension is reduced by 6% per year that retirement precedes age 65.

N \1525\2017\Benefit Suspension - Partition (Preliminary)\Application Docs & Exhibits\Exhibits\[Exhibit 6.03-3 - Experience 5 years.xlsx]Table

Page 1

CM94:00082
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

Exhibit 6.03-3

Review of 2012-2016 Plan Experience * (Checklist Item #25)

Terminated Vested Mortality **** Disability Incidence

Exposures Actual Experience Assumed Rate *** Exposures Actual Experience Assumed Rate ***

Age Count Count Observed Rate Age Count Count Observed Rate

35 0 0 0.00% 0.06% 40 3 0 0.00% 0.18%

36 0 0 0.00% 0.06% 41 3 0 0.00% 0.19%

37 0 0 0.00% 0.06% 42 3 0 0.00% 0.20%

38 1 0 0.00% 0.06% 43 4 0 0.00% 0.23%

39 3 0 0.00% 0.06% 44 5 0 0.00% 0.26%

40 3 0 0.00% 0.07% 45 5 0 0.00% 0.29%

41 4 0 0.00% 0.07% 46 5 0 0.00% 0.33%

42 6 0 0.00% 0.07% 47 4 0 0.00% 0.36%

43 5 0 0.00% 0.08% 48 7 0 0.00% 0.42%

44 4 0 0.00% 0.09% 49 7 0 0.00% 0.48%

45 6 0 0.00% 0.09% 50 6 0 0.00% 0.54%

46 6 0 0.00% 0.10% 51 5 0 0.00% 0.60%

47 4 0 0.00% 0.11% 52 5 0 0.00% 0.66%

48 4 0 0.00% 0.12% 53 1 0 0.00% 0.77%

49 2 0 0.00% 0.14% 54 5 1 20.00% 0.87%

50 0 0 0.00% 0.15% 55 4 0 0.00% 0.98%

51 1 0 0.00% 0.16% 56 3 0 0.00% 1.08%

52 1 0 0.00% 0.18% 57 5 0 0.00% 1.19%

53 1 0 0.00% 0.20% 58 4 1 25.00% 1.28%

54 2 0 0.00% 0.22% 59 1 0 0.00% 1.38%

55 2 0 0.00% 0.24% 60 2 0 0.00% 1.48%

56 1 0 0.00% 0.26% 61 1 0 0.00% 1.57%

57 1 0 0.00% 0.29% 62 2 0 0.00% 1.67%

58 1 0 0.00% 0.32% 63 3 0 0.00% 1.77%

59 1 1 100.00% 0.35% 64 1 0 0.00% 1.87%

Total: 59 1 1.69% 0.12% Total: 94 2 2.13% 0.68%

* See Exhibit 6.03-6 for retirement experience.

*** Assumed rates are effective 5/1/2016. Displayed non-inpay mortality is male mortality as there are no female actives or term vesteds.

**** Mortality is based on the RP-2014 table projected to 2016 with scale MP-2015.

Plan Provision Notes:

1. Eligibility for Early Retirement Pension is age 55 with 15 years of credited service.

2. Early Retirement Pension is reduced by 6% per year that retirement precedes age 65.

N \1525\2017\Benefit Suspension - Partition (Preliminary)\Application Docs & Exhibits\Exhibits\[Exhibit 6.03-3 - Experience 5 years.xlsx]Table

Page 2

CM94:00083
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

Exhibit 6.03-3

Review of 2012-2016 Plan Experience * (Checklist Item #25)

Healthy Retiree Mortality **** Disabled Retiree Mortality  

Exposures Actual Experience Assumed Rate ** * Exposures Actual Experience Assumed Rate ***

Age Count Count Observed Rate Age Count Count Observed Rate

55 0 0 0.00% 0.19% 55 1 0 0.00% 1.53%

56 0 0 0.00% 0.20% 56 1 0 0.00% 1.56%

57 1 0 0.00% 0.31% 57 1 0 0.00% 1.60%

58 1 0 0.00% 0.33% 58 1 0 0.00% 1.64%

59 1 0 0.00% 0.36% 59 1 0 0.00% 1.68%

60 0 0 0.00% 0.27% 60 1 0 0.00% 1.72%

61 0 0 0.00% 0.30% 61 2 0 0.00% 1.77%

62 3 0 0.00% 0.32% 62 1 0 0.00% 1.82%

63 4 0 0.00% 0.35% 63 2 0 0.00% 1.87%

64 6 0 0.00% 0.38% 64 2 0 0.00% 1.93%

65 8 0 0.00% 0.41% 65 2 0 0.00% 1.99%

66 9 0 0.00% 0.46% 66 1 0 0.00% 2.05%

67 5 0 0.00% 0.51% 67 1 0 0.00% 2.13%

68 7 0 0.00% 0.57% 68 0 0 0.00% 2.20%

69 6 0 0.00% 0.63% 69 1 0 0.00% 2.28%

70 6 0 0.00% 0.70% 70 1 0 0.00% 2.37%

71 12 0 0.00% 0.78% 71 2 0 0.00% 2.47%

72 15 0 0.00% 0.87% 72 2 0 0.00% 2.58%

73 14 0 0.00% 0.97% 73 2 0 0.00% 2.69%

74 16 0 0.00% 1.07% 74 1 0 0.00% 2.82%

75 16 0 0.00% 1.19% 75 1 0 0.00% 2.96%

76 13 0 0.00% 1.31% 76 0 0 0.00% 3.11%

77 12 1 8.33% 1.45% 77 1 0 0.00% 3.28%

78 11 0 0.00% 1.61% 78 1 0 0.00% 3.48%

79 14 2 14.29% 1.78% 79 1 0 0.00% 3.68%

Total: 180 3 1.67% 0.98% Total: 30 0 0.00% 2.24%

* See Exhibit 6.03-6 for retirement experience.

*** Assumed rates are effective 5/1/2016. Displayed non-inpay mortality is male mortality as there are no female actives or term vesteds.

**** Mortality is based on the RP-2014 table projected to 2016 with scale MP-2015.

Plan Provision Notes:

1. Eligibility for Early Retirement Pension is age 55 with 15 years of credited service.

2. Early Retirement Pension is reduced by 6% per year that retirement precedes age 65.

N \1525\2017\Benefit Suspension - Partition (Preliminary)\Application Docs & Exhibits\Exhibits\[Exhibit 6.03-3 - Experience 5 years.xlsx]Table

Page 3

CM94:00084
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSIONS FOR

PLASTERERS CEMENT MASONS LOCAL NO. 94 PENSION FUND

Exhibit 6.03-4

(Checklist Item #25)

Form of Payment Election Experience for Active Participants: 2012 - 2016 Plan Years

Form of Number Percentage Election

Payment Electing Electing Assumption

Life Only 23 46% 45%

5-Year Certain and Continuous 1 2% 0%

10-Year Certain and Continuous 4 8% 10%

50% Joint and Survivor 9 18% 25%

75% Joint and Survivor 2 4% 0%

100% Joint and Survivor 11 22% 20%

Total 50 100% 100%

N:\1525\2017\Benefit Suspension - Partition (Preliminary)\Application Docs & Exhibits\Exhibits\[Exhibit 6.03-4 - Form of Payment experience study.xlsx]Exhibit

CM94:00085
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6.03-5

Actuarial Liability Gain/Loss Analysis (Checklist Item #25)

PYE PYE PYE PYE

Actuarial Liability Gain/(Loss) 4/30/2017 4/30/2016 4/30/2015 4/30/2014

BOY Accrued Liability 5,958,435 5,505,564 5,628,074 5,660,398

Actual EOY Accrued Liability 5,748,493 5,958,435 5,505,564 5,628,074

Gain/(Loss) for Plan Year (31,833) (56,243) 23,694 (36,172)

Gain/(Loss) as a % -0.56% -0.95% 0.43% -0.65%

Notes

 - Gain/(Loss) not available by source

 - Gain/(Loss) analysis was performed on the basis of Present Value of Accrued Benefits

 - Results prior to those shown were calculated by the prior actuary

N:\1525\2017\Benefit Suspension - Partition (Preliminary)\Application Docs & Exhibits\Exhibits\[Exhibit 6.03-5 - Gain Loss Analysis.xlsx]Gain Loss

CM94:00086
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

Exhibit 6.03-6

Retirement Experience for the period 5/1/2012 through 4/30/2016 (Checklist Item #25)

Count of Percent of

Ret Elig Count of Terminated Percent of Terminated

Ret Elig Terminated Active Vested Actives Vesteds

Age Active * Vested * to Retired to Retired Retiring Retiring

44 0 0 0 0 0% 0%

45 0 0 0 0 0% 0%

46 0 0 0 0 0% 0%

47 0 0 0 0 0% 0%

48 0 0 0 0 0% 0%

49 0 0 0 0 0% 0%

50 0 0 0 0 0% 0%

51 0 0 0 0 0% 0%

52 0 0 0 0 0% 0%

53 0 0 0 0 0% 0%

54 2 0 0 0 0% 0%

55 1 0 0 0 0% 0%

56 1 0 0 0 0% 0%

57 2 0 0 0 0% 0%

58 2 0 0 0 0% 0%

59 0 0 0 0 0% 0%

60 0 0 0 0 0% 0%

61 0 1 0 1 0% 100%

62 0 1 0 1 0% 100%

63 0 0 0 0 0% 0%

64 1 2 0 1 0% 50%

65 0 1 0 1 0% 100%

66 0 0 0 0 0% 0%

67 0 0 0 0 0% 0%

68 0 0 0 0 0% 0%

69 0 0 0 0 0% 0%

70 0 0 0 0 0% 0%

* Active and terminated vested exposures include only retirement-eligible participants.

N:\1525\2017\Benefit Suspension - Partition (Preliminary)\Application Docs & Exhibits\Exhibits\[Exhibit 6.03-6 - Retirement Experience Over the Past 5 Years.xlsx]Exhibit

CM94:00087
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

Exhibit 6.03-7

(Checklist Item #25)

Employers Contributing 5% or More of Total Contributions

Average Average

Number of Contribution Total Number of Contribution Total

Employer CBUs Rate Contributions Employer CBUs Rate Contributions

2009 2013

MACRI CONCRETE INC. 7,493 $ 7.10 MACRI CONCRETE INC. 53,198 5,586 $ 9.10 50,830

NOVINGERS INC 15,747 $ 111,788 7.10 NOVINGERS INC 8,434 $ 9.10 76,745

STONE AND WEBSTER 1,627 $ 7.10 11,554

2010 2014

MACRI CONCRETE INC. 15,581 $ 126,204 8.10 HI WAY PAVING 1,201 $ 9.28 11,136

NOVINGERS INC 9,189 $ 8.10 MACRI CONCRETE INC. 74,411 8,405 $ 9.30 78,169

NOVINGERS INC 8,589 $ 9.30 79,873

2011 2015

BAKER CONCRETE CONSTRUCTION 2,084 $ 8.10 G.M. MCCROSSING INC. 16,878 2,652 $ 9.30 24,661

MACRI CONCRETE INC. 10,584 $ 8.10 HI WAY PAVING 85,771 1,809 $ 9.30 16,824

NOVINGERS INC 6,999 $ 8.40 MACRI CONCRETE INC. 58,767 10,729 $ 9.30 99,782

NOVINGERS INC 7,633 $ 9.30 70,989

2012 2016

MACRI CONCRETE INC. 8,970 $ 9.10 G.M. MCCROSSING INC. 81,625 2,970 $ 9.30 27,621

NOVINGERS INC 9,248 $ 9.10 MACRI CONCRETE INC. 84,159 9,498 $ 9.32 88,527

WYATT INC. 1,327 $ 9.10 NOVINGERS INC 12,076 6,795 $ 9.31 63,274

N \1525\2017\Benefit Suspension - Partition (Preliminary)\Application Docs & Exhibits\Exhibits\[Exhibit 6.03-7 - 5% Employers.xlsx]5% ERs - exhibit

CM94:00088
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6.05a - Sensitivity to Return on Market Value: Assumed Rate of Return Reduced by 1 Percentage Point Beginning May 1, 2018 (Checklist Item #27)

Benefit Payment Projections Using Exhibit 6.03 Assumptions, After Suspension of Benefits, After Partition

Plan BOY EOY

Year Assumptions Market Benefit Payments by 2017 Status BOY Net Market

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

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

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

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

2018 4 91% 24,000 9.30 5,643,771 37.6% 2,123,914 - 12,341 38 428,578 483,947 42,990 75,000 - 223,200 223,200 5,436 94,299 1,882,466 2,366,413 4.89 

2019 4 91% 21,000 9.30 3,009,940 62.5% 1,882,466 - 9,678 7 233,622 280,990 37,683 62,424 - 195,300 195,300 4,756 87,305 1,821,657 2,102,647 7.48 

2020 4 91% 21,000 9.30 2,952,277 61.7% 1,821,657 - 18,995 11 225,681 279,782 35,095 63,672 - 195,300 195,300 4,756 84,287 1,757,789 2,037,571 7.28 

2021 4 91% 21,000 9.30 2,891,737 60.8% 1,757,789 - 21,826 14 217,546 272,017 32,631 64,946 - 195,300 195,300 4,756 81,277 1,697,403 1,969,420 7.24 

2022 4 91% 21,000 9.30 2,836,450 59.8% 1,697,403 - 24,712 43 209,240 264,267 30,272 66,245 - 195,300 195,300 4,756 78,436 1,640,627 1,904,894 7.21 

2023 5 90% 21,000 9.30 2,786,839 58.9% 1,640,627 - 34,302 102 200,787 263,200 28,009 67,570 - 195,300 195,300 5,706 90,863 1,596,022 1,859,221 7.06 

2024 5 90% 21,000 9.30 2,733,917 58.4% 1,596,022 - 37,512 156 192,220 255,724 25,836 68,921 - 195,300 195,300 5,706 88,369 1,555,046 1,810,770 7.08 

2025 5 90% 21,000 9.30 2,684,843 57.9% 1,555,046 - 39,686 630 183,568 247,638 23,754 70,300 - 195,300 195,300 5,706 86,106 1,518,514 1,766,152 7.13 

2026 5 90% 21,000 9.30 2,642,255 57.5% 1,518,514 1 52,348 1,118 174,869 250,102 21,766 71,706 - 195,300 195,300 5,706 83,796 1,475,802 1,725,904 6.90 

2027 5 90% 21,000 9.30 2,593,473 56.9% 1,475,802 1 57,527 1,184 166,161 244,747 19,874 73,140 - 195,300 195,300 5,706 81,347 1,434,562 1,679,309 6.86 

2028 5 90% 21,000 9.30 2,546,317 56.3% 1,434,562 314 61,800 1,251 157,480 238,925 18,080 74,602 - 195,300 195,300 5,706 78,996 1,395,332 1,634,256 6.84 

2029 5 90% 21,000 9.30 2,502,451 55.8% 1,395,332 676 77,363 1,880 148,861 245,167 16,387 76,095 - 195,300 195,300 5,706 76,412 1,345,783 1,590,950 6.49 

2030 5 90% 21,000 9.30 2,448,780 55.0% 1,345,783 1,135 80,643 2,115 140,335 239,026 14,798 77,616 - 195,300 195,300 5,706 73,578 1,298,019 1,537,044 6.43 

2031 5 90% 21,000 9.30 2,398,506 54.1% 1,298,019 1,790 87,698 2,190 131,934 236,928 13,316 79,169 - 195,300 195,300 5,706 70,729 1,247,952 1,484,879 6.27 

2032 5 90% 21,000 9.30 2,345,258 53.2% 1,247,952 2,661 94,612 2,772 123,690 235,682 11,947 80,752 - 195,300 195,300 5,706 67,718 1,194,536 1,430,218 6.07 

2033 5 90% 21,000 9.30 2,289,810 52.2% 1,194,536 3,391 99,493 3,115 115,634 232,326 10,693 82,367 - 195,300 195,300 5,706 64,569 1,139,712 1,372,038 5.91 

2034 5 90% 21,000 9.30 2,234,523 51.0% 1,139,712 4,237 106,677 3,129 107,792 231,388 9,553 84,014 - 195,300 195,300 5,706 61,264 1,080,874 1,312,262 5.67 

2035 5 90% 21,000 9.30 2,174,356 49.7% 1,080,874 5,508 111,875 3,438 100,187 229,535 8,527 85,695 - 195,300 195,300 5,706 57,747 1,018,691 1,248,226 5.44 

2036 5 90% 21,000 9.30 2,112,026 48.2% 1,018,691 6,783 110,661 3,663 92,831 221,545 7,607 87,409 - 195,300 195,300 5,706 54,210 959,248 1,180,793 5.33 

2037 5 90% 21,000 9.30 2,054,249 46.7% 959,248 7,926 110,357 3,851 85,735 214,656 6,787 89,157 - 195,300 195,300 5,706 50,800 901,536 1,116,191 5.20 

2038 5 90% 21,000 9.30 1,999,991 45.1% 901,536 9,776 111,881 4,331 78,903 210,951 6,060 90,940 - 195,300 195,300 5,706 47,397 842,343 1,053,293 4.99 

2039 5 90% 21,000 9.30 1,946,062 43.3% 842,343 11,856 109,704 4,665 72,348 203,990 5,417 92,759 - 195,300 195,300 5,706 44,000 784,894 988,884 4.85 

2040 5 90% 21,000 9.30 1,895,863 41.4% 784,894 13,549 107,742 4,609 66,076 196,827 4,851 94,614 - 195,300 195,300 5,706 40,709 729,463 926,290 4.71 

2041 5 90% 21,000 9.30 1,850,143 39.4% 729,463 15,855 106,254 4,550 60,102 191,115 4,354 96,506 - 195,300 195,300 5,706 37,493 674,636 865,750 4.53 

2042 5 90% 21,000 9.30 1,807,190 37.3% 674,636 18,218 103,994 4,479 54,439 185,048 3,918 98,436 - 195,300 195,300 5,706 34,321 620,773 805,821 4.35 

2043 5 90% 21,000 9.30 1,767,619 35.1% 620,773 20,320 101,605 4,597 49,104 179,160 100,405 3,534 - 195,300 195,300 5,706 31,198 567,707 746,866 4.17 

2044 5 90% 21,000 9.30 1,731,636 32.8% 567,707 22,629 100,571 4,520 44,105 175,019 102,413 3,194 - 195,300 195,300 5,706 28,069 513,644 688,663 3.93 

2045 5 90% 21,000 9.30 1,697,524 30.3% 513,644 24,858 97,732 4,431 39,444 169,353 104,461 2,888 - 195,300 195,300 5,706 24,924 460,053 629,406 3.72 

2046 5 90% 21,000 9.30 1,667,233 27.6% 460,053 27,300 94,815 4,337 35,121 164,183 106,551 2,610 - 195,300 195,300 5,706 21,789 406,408 570,591 3.48 

2047 5 90% 21,000 9.30 1,640,363 24.8% 406,408 29,721 93,104 4,235 31,132 160,545 108,682 2,353 - 195,300 195,300 5,706 18,604 351,086 511,630 3.19 

2048 5 90% 21,000 9.30 1,615,205 21.7% 351,086 32,128 90,386 4,121 27,468 156,214 110,855 2,111 - 195,300 195,300 5,706 15,337 294,654 450,868 2.89 

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

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

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

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

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

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

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

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

3/30/2018 11 53

N \1525\2017\Benefit Suspension - Partition (Pre iminary)\Projections for Application\[CM94 Projections for App ication Exhibits v18 (Heading Edits).xlsx]Exh b t 6.05a Return-1%

CM94:00089
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6.05b - Sensitivity to Return on Market Value: Assumed Rate of Return Reduced by 2 Percentage Points Beginning May 1, 2018 (Checklist Item #27)

Benefit Payment Projections Using Exhibit 6.03 Assumptions, After Suspension of Benefits, After Partition

Plan BOY EOY

Year Assumptions Market Benefit Payments by 2017 Status BOY Net Market

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

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

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

2017 1.36% 4,800 9 30 5,684,165 40.2% 2,282,796 - 428 6 147,070 15,312 162,815 70,000 - 44,640 44,640 303 29,293 2,123,914 2,286,729 n/a

2018 3.91% 24,000 9 30 5,643,771 37.6% 2,123,914 - 12,341 38 428,578 42,990 483,947 75,000 - 223,200 223,200 4,336 75,078 1,863,245 2,347,192 4.85 

2019 3.91% 21,000 9 30 3,009,940 61.9% 1,863,245 - 9,678 7 233,622 37,683 280,990 62,424 - 195,300 195,300 3,794 68,765 1,783,896 2,064,886 7.35 

2020 3.91% 21,000 9 30 2,952,277 60.4% 1,783,896 - 18,995 11 225,681 35,095 279,782 63,672 - 195,300 195,300 3,794 65,637 1,701,378 1,981,160 7.08 

2021 3.91% 21,000 9 30 2,891,737 58.8% 1,701,378 - 21,826 14 217,546 32,631 272,017 64,946 - 195,300 195,300 3,794 62,511 1,622,227 1,894,244 6.96 

2022 3.91% 21,000 9 30 2,836,450 57.2% 1,622,227 - 24,712 43 209,240 30,272 264,267 66,245 - 195,300 195,300 3,794 59,516 1,546,531 1,810,797 6.85 

2023 4.90% 21,000 9 30 2,786,839 55.5% 1,546,531 - 34,302 102 200,787 28,009 263,200 67,570 - 195,300 195,300 4,747 70,844 1,481,906 1,745,106 6.63 

2024 4.90% 21,000 9 30 2,733,917 54.2% 1,481,906 - 37,512 156 192,220 25,836 255,724 68,921 - 195,300 195,300 4,747 67,793 1,420,354 1,676,078 6.55 

2025 4.90% 21,000 9 30 2,684,843 52.9% 1,420,354 - 39,686 630 183,568 23,754 247,638 70,300 - 195,300 195,300 4,747 64,905 1,362,621 1,610,259 6.50 

2026 4.90% 21,000 9 30 2,642,255 51.6% 1,362,621 1 52,348 1,118 174,869 21,766 250,102 71,706 - 195,300 195,300 4,747 61,947 1,298,061 1,548,163 6.19 

2027 4.90% 21,000 9 30 2,593,473 50.1% 1,298,061 1 57,527 1,184 166,161 19,874 244,747 73,140 - 195,300 195,300 4,747 58,843 1,234,317 1,479,064 6.04 

2028 4.90% 21,000 9 30 2,546,317 48.5% 1,234,317 314 61,800 1,251 157,480 18,080 238,925 74,602 - 195,300 195,300 4,747 55,789 1,171,879 1,410,804 5.90 

2029 4.90% 21,000 9 30 2,502,451 46.8% 1,171,879 676 77,363 1,880 148,861 16,387 245,167 76,095 - 195,300 195,300 4,747 52,505 1,098,424 1,343,590 5.48 

2030 4.90% 21,000 9 30 2,448,780 44.9% 1,098,424 1,135 80,643 2,115 140,335 14,798 239,026 77,616 - 195,300 195,300 4,747 48,980 1,026,062 1,265,087 5.29 

2031 4.90% 21,000 9 30 2,398,506 42.8% 1,026,062 1,790 87,698 2,190 131,934 13,316 236,928 79,169 - 195,300 195,300 4,747 45,409 950,674 1,187,602 5.01 

2032 4.90% 21,000 9 30 2,345,258 40.5% 950,674 2,661 94,612 2,772 123,690 11,947 235,682 80,752 - 195,300 195,300 4,747 41,668 871,208 1,106,890 4.70 

2033 4.90% 21,000 9 30 2,289,810 38.0% 871,208 3,391 99,493 3,115 115,634 10,693 232,326 82,367 - 195,300 195,300 4,747 37,776 789,592 1,021,917 4.40 

2034 4.90% 21,000 9 30 2,234,523 35.3% 789,592 4,237 106,677 3,129 107,792 9,553 231,388 84,014 - 195,300 195,300 4,747 33,719 703,208 934,596 4.04 

2035 4.90% 21,000 9 30 2,174,356 32.3% 703,208 5,508 111,875 3,438 100,187 8,527 229,535 85,695 - 195,300 195,300 4,747 29,448 612,726 842,261 3.67 

2036 4.90% 21,000 9 30 2,112,026 29.0% 612,726 6,783 110,661 3,663 92,831 7,607 221,545 87,409 - 195,300 195,300 4,747 25,124 524,197 745,742 3.37 

2037 4.90% 21,000 9 30 2,054,249 25.5% 524,197 7,926 110,357 3,851 85,735 6,787 214,656 89,157 - 195,300 195,300 4,747 20,867 436,553 651,208 3.03 

2038 4.90% 21,000 9 30 1,999,991 21.8% 436,553 9,776 111,881 4,331 78,903 6,060 210,951 90,940 - 195,300 195,300 4,747 16,575 346,537 557,488 2.64 

2039 4.90% 21,000 9 30 1,946,062 17.8% 346,537 11,856 109,704 4,665 72,348 5,417 203,990 92,759 - 195,300 195,300 4,747 12,244 257,333 461,322 2.26 

2040 4.90% 21,000 9 30 1,895,863 13.6% 257,333 13,549 107,742 4,609 66,076 4,851 196,827 94,614 - 195,300 195,300 4,747 7,955 169,147 365,974 1.86 

2041 4.90% 21,000 9 30 1,850,143 9.1% 169,147 15,855 106,254 4,550 60,102 4,354 191,115 96,506 - 195,300 195,300 4,747 3,680 80,506 271,620 1.42 

2042 4.90% 21,000 9 30 1,807,190 4.5% 80,506 18,218 103,994 4,479 54,439 3,918 185,048 98,436 - 195,300 195,300 4,747 (611) (8,290) 176,758 0.96 

2043 4.90% 21,000 9 30 1,767,619 -0.5% (8,290) 20,320 101,605 4,597 49,104 3,534 179,160 100,405 - 195,300 195,300 4,747 (4,916) (97,471) 81,689 0.46 

2044 4.90% 21,000 9 30 1,731,636 -5.6% (97,471) 22,629 100,571 4,520 44,105 3,194 175,019 102,413 - 195,300 195,300 4,747 (9,284) (188,887) (13,868) (0.08) 

2045 4.90% 21,000 9 30 1,697,524 -11.1% (188,887) 24,858 97,732 4,431 39,444 2,888 169,353 104,461 - 195,300 195,300 4,747 (13,727) (281,129) (111,776) (0.66) 

2046 4.90% 21,000 9 30 1,667,233 -16.9% (281,129) 27,300 94,815 4,337 35,121 2,610 164,183 106,551 - 195,300 195,300 4,747 (18,224) (374,786) (210,603) (1.28) 

2047 4.90% 21,000 9 30 1,640,363 -22.8% (374,786) 29,721 93,104 4,235 31,132 2,353 160,545 108,682 - 195,300 195,300 4,747 (22,830) (471,542) (310,998) (1.94) 

2048 4.90% 21,000 9 30 1,615,205 -29.2% (471,542) 32,128 90,386 4,121 27,468 2,111 156,214 110,855 - 195,300 195,300 4,747 (27,572) (570,884) (414,670) (2.65) 

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

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

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

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

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

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

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

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

3/30/2018 11 53

N \1525\2017\Benefit Suspension - Partition (Pre iminary)\Projections for Application\[CM94 Projections for Application Exh bits v18 (Heading Edits).xlsx]Exhibit 6.05b Return-2%

CM94:00090
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6.05c - Sensitivity to CBU Levels: Change in CBUs = Average Annual Change over Prior 10 Years of 1%; Reflected May 1, 2018 and Later (Checklist Item #27)

Benefit Payment Projections Using Exhibit 6.03 Assumptions, After Suspension of Benefits, After Partition

Plan BOY EOY

Year Assumptions Market Benefit Payments by 2017 Status BOY Net Market

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

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

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

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

2018 5 91% 26,260 9.30 5,643,771 37.6% 2,123,914 - 12,341 38 428,578 483,947 42,990 75,000 - 244,218 244,218 7,147 114,143 1,923,328 2,407,275 4.97 

2019 5 91% 26,523 9.30 3,009,940 63.9% 1,923,328 - 9,678 7 233,622 280,990 37,683 62,424 - 246,660 246,660 7,219 109,014 1,935,588 2,216,578 7.89 

2020 5 91% 26,788 9.30 2,952,277 65.6% 1,935,588 - 18,995 11 225,681 279,782 35,095 63,672 - 249,127 249,127 7,291 109,772 1,951,033 2,230,815 7.97 

2021 5 91% 27,056 9.30 2,891,737 67.5% 1,951,033 - 21,826 14 217,546 272,017 32,631 64,946 - 251,618 251,618 7,364 110,909 1,976,597 2,248,614 8.27 

2022 5 91% 27,326 9.30 2,836,450 69.7% 1,976,597 - 24,712 43 209,240 264,267 30,272 66,245 - 254,134 254,134 7,438 112,642 2,012,862 2,277,129 8.62 

2023 6 90% 27,600 9.30 2,786,839 72.2% 2,012,862 - 34,302 102 200,787 263,200 28,009 67,570 - 256,676 256,676 8,756 134,053 2,072,821 2,336,021 8.88 

2024 6 90% 27,876 9.30 2,733,917 75.8% 2,072,821 - 37,512 156 192,220 255,724 25,836 68,921 - 259,242 259,242 8,844 138,438 2,145,857 2,401,580 9.39 

2025 6 90% 28,154 9.30 2,684,843 79.9% 2,145,857 - 39,686 630 183,568 247,638 23,754 70,300 - 261,835 261,835 8,933 143,745 2,233,499 2,481,137 10.02 

2026 6 90% 28,436 9.30 2,642,255 84.5% 2,233,499 1 52,348 1,118 174,869 250,102 21,766 71,706 - 264,453 264,453 9,022 149,701 2,325,846 2,575,948 10.30 

2027 6 90% 28,720 9.30 2,593,473 89.7% 2,325,846 1 57,527 1,184 166,161 244,747 19,874 73,140 - 267,098 267,098 9,112 156,246 2,431,302 2,676,049 10.93 

2028 6 90% 29,007 9.30 2,546,317 95.5% 2,431,302 314 61,800 1,251 157,480 238,925 18,080 74,602 - 269,769 269,769 9,203 163,710 2,551,254 2,790,179 11.68 

2029 6 90% 29,297 9.30 2,502,451 102 0% 2,551,254 676 77,363 1,880 148,861 245,167 16,387 76,095 - 272,466 272,466 9,295 171,764 2,674,223 2,919,390 11.91 

2030 6 90% 29,590 9.30 2,448,780 109 2% 2,674,223 1,135 80,643 2,115 140,335 239,026 14,798 77,616 - 275,191 275,191 9,388 180,445 2,813,218 3,052,243 12.77 

2031 6 90% 29,886 9.30 2,398,506 117 3% 2,813,218 1,790 87,698 2,190 131,934 236,928 13,316 79,169 - 277,943 277,943 9,482 190,094 2,965,158 3,202,086 13.52 

2032 6 90% 30,185 9.30 2,345,258 126.4% 2,965,158 2,661 94,612 2,772 123,690 235,682 11,947 80,752 - 280,722 280,722 9,577 200,605 3,130,052 3,365,734 14.28 

2033 6 90% 30,487 9.30 2,289,810 136.7% 3,130,052 3,391 99,493 3,115 115,634 232,326 10,693 82,367 - 283,530 283,530 9,673 212,081 3,310,970 3,543,296 15.25 

2034 6 90% 30,792 9.30 2,234,523 148 2% 3,310,970 4,237 106,677 3,129 107,792 231,388 9,553 84,014 - 286,365 286,365 9,769 224,580 3,506,512 3,737,900 16.15 

2035 6 90% 31,100 9.30 2,174,356 161 3% 3,506,512 5,508 111,875 3,438 100,187 229,535 8,527 85,695 - 289,228 289,228 9,867 238,117 3,718,628 3,948,163 17.20 

2036 6 90% 31,411 9.30 2,112,026 176.1% 3,718,628 6,783 110,661 3,663 92,831 221,545 7,607 87,409 - 292,121 292,121 9,966 253,004 3,954,799 4,176,344 18.85 

2037 6 90% 31,725 9.30 2,054,249 192 5% 3,954,799 7,926 110,357 3,851 85,735 214,656 6,787 89,157 - 295,042 295,042 10,065 269,513 4,215,541 4,430,197 20.64 

2038 6 90% 32,042 9.30 1,999,991 210 8% 4,215,541 9,776 111,881 4,331 78,903 210,951 6,060 90,940 - 297,992 297,992 10,166 287,607 4,499,250 4,710,201 22.33 

2039 6 90% 32,363 9.30 1,946,062 231 2% 4,499,250 11,856 109,704 4,665 72,348 203,990 5,417 92,759 - 300,972 300,972 10,268 307,395 4,810,870 5,014,859 24.58 

2040 6 90% 32,686 9.30 1,895,863 253 8% 4,810,870 13,549 107,742 4,609 66,076 196,827 4,851 94,614 - 303,982 303,982 10,370 329,115 5,152,525 5,349,352 27.18 

2041 6 90% 33,013 9.30 1,850,143 278 5% 5,152,525 15,855 106,254 4,550 60,102 191,115 4,354 96,506 - 307,022 307,022 10,474 352,856 5,524,782 5,715,897 29.91 

2042 6 90% 33,343 9.30 1,807,190 305.7% 5,524,782 18,218 103,994 4,479 54,439 185,048 3,918 98,436 - 310,092 310,092 10,579 378,719 5,930,110 6,115,157 33.05 

2043 6 90% 33,677 9.30 1,767,619 335 5% 5,930,110 20,320 101,605 4,597 49,104 179,160 3,534 100,405 - 313,193 313,193 10,685 406,856 6,370,594 6,549,754 36.56 

2044 6 90% 34,013 9.30 1,731,636 367 9% 6,370,594 22,629 100,571 4,520 44,105 175,019 3,194 102,413 - 316,325 316,325 10,791 437,358 6,846,846 7,021,865 40.12 

2045 6 90% 34,354 9.30 1,697,524 403 3% 6,846,846 24,858 97,732 4,431 39,444 169,353 2,888 104,461 - 319,488 319,488 10,899 470,379 7,362,898 7,532,251 44.48 

2046 6 90% 34,697 9.30 1,667,233 441 6% 7,362,898 27,300 94,815 4,337 35,121 164,183 2,610 106,551 - 322,683 322,683 11,008 506,126 7,920,974 8,085,157 49.24 

2047 6 90% 35,044 9.30 1,640,363 482 9% 7,920,974 29,721 93,104 4,235 31,132 160,545 2,353 108,682 - 325,910 325,910 11,118 544,720 8,522,378 8,682,922 54.08 

2048 6 90% 35,395 9.30 1,615,205 527 6% 8,522,378 32,128 90,386 4,121 27,468 156,214 2,111 110,855 - 329,169 329,169 11,230 586,325 9,170,803 9,327,016 59.71 

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

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

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

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

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

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

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

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

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CM94:00091
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6.05d - Sensitivity to CBU Levels: Change in CBUs = Average Annual Change over Prior 10 Years of 1% Reduced by 1 Percentage Point; Reflected May 1, 2018 and Later (Checklist Item #27)

Benefit Payment Projections Using Exhibit 6.03 Assumptions, After Suspension of Benefits, After Partition

Plan BOY EOY

Year Assumptions Market Benefit Payments by 2017 Status BOY Net Market

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

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

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

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

2018 5 91% 26,000 9.30 5,643,771 37.6% 2,123,914 - 12,341 38 428,578 483,947 42,990 75,000 - 241,800 241,800 7,077 114,072 1,920,839 2,404,786 4.97 

2019 5 91% 26,000 9.30 3,009,940 63.8% 1,920,839 - 9,678 7 233,622 280,990 37,683 62,424 - 241,800 241,800 7,077 108,725 1,927,950 2,208,940 7.86 

2020 5 91% 26,000 9.30 2,952,277 65.3% 1,927,950 - 18,995 11 225,681 279,782 35,095 63,672 - 241,800 241,800 7,077 109,106 1,935,402 2,215,184 7.92 

2021 5 91% 26,000 9.30 2,891,737 66.9% 1,935,402 - 21,826 14 217,546 272,017 32,631 64,946 - 241,800 241,800 7,077 109,698 1,949,937 2,221,954 8.17 

2022 5 91% 26,000 9.30 2,836,450 68.7% 1,949,937 - 24,712 43 209,240 264,267 30,272 66,245 - 241,800 241,800 7,077 110,706 1,971,931 2,236,198 8.46 

2023 6 90% 26,000 9.30 2,786,839 70.8% 1,971,931 - 34,302 102 200,787 263,200 28,009 67,570 - 241,800 241,800 8,249 130,721 2,013,683 2,276,883 8.65 

2024 6 90% 26,000 9.30 2,733,917 73.7% 2,013,683 - 37,512 156 192,220 255,724 25,836 68,921 - 241,800 241,800 8,249 133,762 2,064,601 2,320,324 9.07 

2025 6 90% 26,000 9.30 2,684,843 76.9% 2,064,601 - 39,686 630 183,568 247,638 23,754 70,300 - 241,800 241,800 8,249 137,455 2,125,918 2,373,556 9.58 

2026 6 90% 26,000 9.30 2,642,255 80.5% 2,125,918 1 52,348 1,118 174,869 250,102 21,766 71,706 - 241,800 241,800 8,249 141,505 2,187,416 2,437,518 9.75 

2027 6 90% 26,000 9.30 2,593,473 84.3% 2,187,416 1 57,527 1,184 166,161 244,747 19,874 73,140 - 241,800 241,800 8,249 145,831 2,257,160 2,501,907 10.22 

2028 6 90% 26,000 9.30 2,546,317 88.6% 2,257,160 314 61,800 1,251 157,480 238,925 18,080 74,602 - 241,800 241,800 8,249 150,740 2,336,173 2,575,098 10.78 

2029 6 90% 26,000 9.30 2,502,451 93.4% 2,336,173 676 77,363 1,880 148,861 245,167 16,387 76,095 - 241,800 241,800 8,249 155,877 2,412,589 2,657,756 10.84 

2030 6 90% 26,000 9.30 2,448,780 98.5% 2,412,589 1,135 80,643 2,115 140,335 239,026 14,798 77,616 - 241,800 241,800 8,249 161,253 2,499,001 2,738,026 11.45 

2031 6 90% 26,000 9.30 2,398,506 104 2% 2,499,001 1,790 87,698 2,190 131,934 236,928 13,316 79,169 - 241,800 241,800 8,249 167,180 2,591,884 2,828,812 11.94 

2032 6 90% 26,000 9.30 2,345,258 110 5% 2,591,884 2,661 94,612 2,772 123,690 235,682 11,947 80,752 - 241,800 241,800 8,249 173,522 2,690,773 2,926,454 12.42 

2033 6 90% 26,000 9.30 2,289,810 117 5% 2,690,773 3,391 99,493 3,115 115,634 232,326 10,693 82,367 - 241,800 241,800 8,249 180,347 2,798,227 3,030,553 13.04 

2034 6 90% 26,000 9.30 2,234,523 125 2% 2,798,227 4,237 106,677 3,129 107,792 231,388 9,553 84,014 - 241,800 241,800 8,249 187,680 2,912,305 3,143,693 13.59 

2035 6 90% 26,000 9.30 2,174,356 133 9% 2,912,305 5,508 111,875 3,438 100,187 229,535 8,527 85,695 - 241,800 241,800 8,249 195,498 3,034,373 3,263,908 14.22 

2036 6 90% 26,000 9.30 2,112,026 143.7% 3,034,373 6,783 110,661 3,663 92,831 221,545 7,607 87,409 - 241,800 241,800 8,249 204,074 3,171,294 3,392,838 15.31 

2037 6 90% 26,000 9.30 2,054,249 154.4% 3,171,294 7,926 110,357 3,851 85,735 214,656 6,787 89,157 - 241,800 241,800 8,249 213,634 3,322,916 3,537,571 16.48 

2038 6 90% 26,000 9.30 1,999,991 166.1% 3,322,916 9,776 111,881 4,331 78,903 210,951 6,060 90,940 - 241,800 241,800 8,249 224,099 3,486,924 3,697,875 17.53 

2039 6 90% 26,000 9.30 1,946,062 179 2% 3,486,924 11,856 109,704 4,665 72,348 203,990 5,417 92,759 - 241,800 241,800 8,249 235,526 3,667,502 3,871,492 18.98 

2040 6 90% 26,000 9.30 1,895,863 193.4% 3,667,502 13,549 107,742 4,609 66,076 196,827 4,851 94,614 - 241,800 241,800 8,249 248,101 3,865,962 4,062,789 20.64 

2041 6 90% 26,000 9.30 1,850,143 209 0% 3,865,962 15,855 106,254 4,550 60,102 191,115 4,354 96,506 - 241,800 241,800 8,249 261,858 4,082,000 4,273,114 22.36 

2042 6 90% 26,000 9.30 1,807,190 225 9% 4,082,000 18,218 103,994 4,479 54,439 185,048 3,918 98,436 - 241,800 241,800 8,249 276,837 4,317,153 4,502,201 24.33 

2043 6 90% 26,000 9.30 1,767,619 244 2% 4,317,153 20,320 101,605 4,597 49,104 179,160 3,534 100,405 - 241,800 241,800 8,249 293,127 4,572,515 4,751,675 26.52 

2044 6 90% 26,000 9.30 1,731,636 264.1% 4,572,515 22,629 100,571 4,520 44,105 175,019 3,194 102,413 - 241,800 241,800 8,249 310,749 4,847,632 5,022,651 28.70 

2045 6 90% 26,000 9.30 1,697,524 285 6% 4,847,632 24,858 97,732 4,431 39,444 169,353 2,888 104,461 - 241,800 241,800 8,249 329,783 5,145,400 5,314,753 31.38 

2046 6 90% 26,000 9.30 1,667,233 308 6% 5,145,400 27,300 94,815 4,337 35,121 164,183 2,610 106,551 - 241,800 241,800 8,249 350,360 5,466,826 5,631,009 34.30 

2047 6 90% 26,000 9.30 1,640,363 333 3% 5,466,826 29,721 93,104 4,235 31,132 160,545 2,353 108,682 - 241,800 241,800 8,249 372,515 5,811,914 5,972,459 37.20 

2048 6 90% 26,000 9.30 1,615,205 359 8% 5,811,914 32,128 90,386 4,121 27,468 156,214 2,111 110,855 - 241,800 241,800 8,249 396,323 6,182,968 6,339,181 40.58 

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

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

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

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

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

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

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

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

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CM94:00092