APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52-6148924 / 001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Federal Limitations on Individual Suspension

Participant Category: Current Retiree & Future Beneficiary

Applicable Federal Limitation: 110% of PBGC Guarantee Limit

Demographic Information

a. Date of birth 1/29/1953

b. Date of retirement 2/1/2016

c. Proposed suspension date 10/1/2018

d. Age at suspension date 65.67

e. Service credits as of January 1, 2017 15.75

f. Participant Status Pensioner 

g. Disabled or Non-Disabled Non-Disabled 

h. Monthly benefit as of January 1, 2017 $ 615.00

i. 13th check as of January 1, 2017 $ -

j Annual benefit as of January 1, 2017 (h * 12 + i) $ 7,380.00

Calculation of 110% of PBGC Guarantee

k. Effective monthly rate (j / e / 12) $ 39.0476

l. PBGC monthly guarantee rate $ 32.0357

m. 110% of monthly PBGC guarantee benefit $ 555.02

n. 110% of annual PBGC guarantee benefit $ 6,660.23

o. Maximum annual $ reduction, reflecting 110% PBGC limit (max (j - n, 0)) $ 719.78

Calculation of Annual Benefit Under Proposed Benefit Suspensions

p. Current annual benefit $ 7,380.00

q. Partial lump sum, as annual benefit $ -

r. Adjusted annual benefit (p + q) $ 7,380.00

s. Months from October 2018 until age 80 172

t. Monthly reduction percentage 0.125%

u. Total reduction percentage (s * t) 21.500%

v. Proposed annual $ reduction, prior to federal limits (h * u * 12 + i) $ 1,586.70

w. Proposed annual $ reduction, reflecting disability limit $ 1,586.70

x. Proposed annual $ reduction, reflecting 110% PBGC limit (min o, w) $ 719.78

y. Age-based federal limit: months from Nov 2018 until age 80 171

z. Age-based federal limit applicable percentage (min (y,60)/60) 100.00%

aa. Proposed annual $ reduction, reflecting age-based limit (x * z) $ 719.78

ab. Annual Benefit, reflecting proposed suspension and limits (p - aa) $ 6,660.23

Calculation of Monthly Benefits Under Proposed Benefit Suspensions

ac. 13th check, after proposed suspensions and federal limits (max (i - aa, 0)) $ -

ad. Monthly benefit, after proposed suspensions and federal limits ((ab-ac)/12) $ 555.02

Summary of Applicable Federal Limitations

Disability Limit? No

110% of PBGC Guarantee Limit? Yes

Aged-based Limit? No

Calculation of Beneficiary's Effective Joint & Survivor Percentage

ae. Form of Payment 75% Joint & Survivor

af. Pre-Suspension Survivor Benefit as of January 1, 2017 n/a

ag. Participant Service as of January 1, 2017 15.75

ah. Survivor's effective monthly rate as January 1, 2017 (af / ag) n/a

ai. PBGC monthly guarantee rate n/a

aj. 110% of monthly PBGC guarantee benefit n/a

ak. Post-Suspension Survivor Benefit (ab * ae / 12) $ 416.26

al. Post-Suspension Annualized Survivor Benefit (12*max(aj, ak)) $ 4,995.17

am. Effective Joint & Survivor Percentage (al / ab) 75.00%

Summary of Applicable Federal Limitations for Future Beneficiary

110% of PBGC Guarantee Limit? Yes

Illustration 1 of 7

N:\1080\2017\Benefit Suspensions\Participant Notice - Dec Submission\[Mail Merge 2017 v23 (10.1.18 suspension, 1.5%) - AlphaOrder, rounding-Data Edits.xlsx]Exhibit 4.01

IW16-0055
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52-6148924 / 001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Federal Limitations on Individual Suspension

Participant Category: Future Retiree

Applicable Federal Limitation: 110% of PBGC Guarantee Limit

Demographic Information

a. Date of birth 10/15/1960

b. Date of retirement

c. Proposed suspension date 10/1/2018

d. Age at suspension date 57.92 

e. Service credits as of January 1, 2017 10.00 

f. Participant Status Terminated 

g. Disabled or Non-Disabled

h. Monthly benefit as of January 1, 2017 490.00 $ 

i. 13th check as of January 1, 2017 - $ 

j Annual benefit as of January 1, 2017 (h * 12 + i) $ 5,880.00

Calculation of 110% of PBGC Guarantee

k. Effective monthly rate (j / e / 12) 49.0000 $ 

l. PBGC monthly guarantee rate 35.7500 $ 

m. 110% of monthly PBGC guarantee benefit 393.25 $ 

n. 110% of annual PBGC guarantee benefit 4,719.00 $ 

o. Maximum annual $ reduction, reflecting 110% PBGC limit (max (j - n, 0)) 1,161.00 $ 

Calculation of Annual Benefit Under Proposed Benefit Suspensions

p. Current annual benefit* 5,880.00 $ 

q. Partial lump sum, as annual benefit - $ 

r. Adjusted annual benefit (p + q) 5,880.00 $ 

s. Months from October 2018 until age 80 265 

t. Monthly reduction percentage 0.125%

u. Total reduction percentage (s * t) 33.125%

v. Proposed annual $ reduction, prior to federal limits (h * u * 12 + i) 1,947.75 $ 

w. Proposed annual $ reduction, reflecting disability limit 1,947.75 $ 

x. Proposed annual $ reduction, reflecting 110% PBGC limit (min o, w) 1,161.00 $ 

y. Age-based federal limit: months from Nov 2018 until age 80 264 

z. Age-based federal limit applicable percentage (min (y,60)/60) 100.00%

aa. Proposed annual $ reduction, reflecting age-based limit (x * z) 1,161.00 $ 

ab. Annual Benefit, reflecting proposed suspension and limits (p - aa) $ 4,719.00

Calculation of Monthly Benefits Under Proposed Benefit Suspensions

ac. 13th check, after proposed suspensions and federal limits (max (i - aa, 0)) - $ 

ad. Monthly benefit, after proposed suspensions and federal limits ((ab-ac)/12) 393.25 $ 

Summary of Applicable Federal Limitations

Disability Limit? No

110% of PBGC Guarantee Limit? Yes

Aged-based Limit? No

Calculation of Beneficiary's Effective Joint & Survivor Percentage

ae. Form of Payment n/a

af. Pre-Suspension Survivor Benefit as of January 1, 2017 n/a

ag. Participant Service as of January 1, 2017 10.00 

ah. Survivor's effective monthly rate as January 1, 2017 (af / ag) n/a

ai. PBGC monthly guarantee rate n/a

aj. 110% of monthly PBGC guarantee benefit n/a

ak. Post-Suspension Survivor Benefit (ab * ae / 12) n/a

al. Post-Suspension Annualized Survivor Benefit (12*max(aj, ak)) - $ 

am. Effective Joint & Survivor Percentage (al / ab) 0.00%

Summary of Applicable Federal Limitations for Future Beneficiary

110% of PBGC Guarantee Limit? n/a

Illustration 2 of 7

*Accrued benefit as of 10/1/2018 does not reflect actuarial adjustments for late or early retirement

N:\1080\2017\Benefit Suspensions\Participant Notice - Dec Submission\[Mail Merge 2017 v23 (10.1.18 suspension, 1.5%) - AlphaOrder, rounding-Data Edits.xlsx]Exhibit 4.01

IW16-0056
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52-6148924 / 001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Federal Limitations on Individual Suspension

Participant Category: Current Disabled Retiree & Future Beneficiary

Applicable Federal Limitation: Disability Limit

Demographic Information

a. Date of birth 2/12/1934

b. Date of retirement 5/1/1993

c. Proposed suspension date 10/1/2018

d. Age at suspension date 84.58

e. Service credits as of January 1, 2017 20.75

f. Participant Status Pensioner 

g. Disabled or Non-Disabled Disabled 

h. Monthly benefit as of January 1, 2017 $ 228.87

i. 13th check as of January 1, 2017 $ 1,000.00

j Annual benefit as of January 1, 2017 (h * 12 + i) $ 3,746.44

Calculation of 110% of PBGC Guarantee

k. Effective monthly rate (j / e / 12) $ 15.0459

l. PBGC monthly guarantee rate $ 14.0345

m. 110% of monthly PBGC guarantee benefit $ 320.34

n. 110% of annual PBGC guarantee benefit $ 3,844.04

o. Maximum annual $ reduction, reflecting 110% PBGC limit (max (j - n, 0)) $ -

Calculation of Annual Benefit Under Proposed Benefit Suspensions

p. Current annual benefit $ 3,746.44

q. Partial lump sum, as annual benefit $ -

r. Adjusted annual benefit (p + q) $ 3,746.44

s. Months from October 2018 until age 80 -

t. Monthly reduction percentage 0.125%

u. Total reduction percentage (s * t) 0.000%

v. Proposed annual $ reduction, prior to federal limits (h * u * 12 + i) $ 1,000.00

w. Proposed annual $ reduction, reflecting disability limit $ -

x. Proposed annual $ reduction, reflecting 110% PBGC limit (min o, w) $ -

y. Age-based federal limit: months from Nov 2018 until age 80 -

z. Age-based federal limit applicable percentage (min (y,60)/60) 0.00%

aa. Proposed annual $ reduction, reflecting age-based limit (x * z) $ -

ab. Annual Benefit, reflecting proposed suspension and limits (p - aa) $ 3,746.44

Calculation of Monthly Benefits Under Proposed Benefit Suspensions

ac. 13th check, after proposed suspensions and federal limits (max (i - aa, 0)) $ 1,000.00

ad. Monthly benefit, after proposed suspensions and federal limits ((ab-ac)/12) $ 228.87

Summary of Applicable Federal Limitations

Disability Limit? Yes

110% of PBGC Guarantee Limit? No

Aged-based Limit? No

Calculation of Beneficiary's Effective Joint & Survivor Percentage

ae. Form of Payment 50% Joint & Survivor

af. Pre-Suspension Survivor Benefit as of January 1, 2017 $ 2,373.22

ag. Participant Service as of January 1, 2017 20.75

ah. Survivor's effective monthly rate as January 1, 2017 (af / ag) $ 9.5310

ai. PBGC monthly guarantee rate $ 9.5310

aj. 110% of monthly PBGC guarantee benefit n/a

ak. Post-Suspension Survivor Benefit (ab * ae / 12) $ 156.10

al. Post-Suspension Annualized Survivor Benefit (12*max(aj, ak)) $ 2,373.22

am. Effective Joint & Survivor Percentage (al / ab) 63.35%

Summary of Applicable Federal Limitations for Future Beneficiary

110% of PBGC Guarantee Limit? No

Illustration 3 of 7

N:\1080\2017\Benefit Suspensions\Participant Notice - Dec Submission\[Mail Merge 2017 v23 (10.1.18 suspension, 1.5%) - AlphaOrder, rounding-Data Edits.xlsx]Exhibit 4.01

IW16-0057
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52-6148924 / 001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Federal Limitations on Individual Suspension

Participant Category: Current Retiree & Future Beneficiary (Not Eligible for 13th Check)

Applicable Federal Limitation: Aged-based Limit

Demographic Information

a. Date of birth 10/15/1940

b. Date of retirement 4/1/2009

c. Proposed suspension date 10/1/2018

d. Age at suspension date 77.92

e. Service credits as of January 1, 2017 41.00

f. Participant Status Pensioner 

g. Disabled or Non-Disabled Non-Disabled 

h. Monthly benefit as of January 1, 2017 $ 2,367.00

i. 13th check as of January 1, 2017 $ -

j Annual benefit as of January 1, 2017 (h * 12 + i) $ 28,404.00

Calculation of 110% of PBGC Guarantee

k. Effective monthly rate (j / e / 12) $ 57.7317

l. PBGC monthly guarantee rate $ 35.7500

m. 110% of monthly PBGC guarantee benefit $ 1,612.33

n. 110% of annual PBGC guarantee benefit $ 19,347.90

o. Maximum annual $ reduction, reflecting 110% PBGC limit (max (j - n, 0)) $ 9,056.10

Calculation of Annual Benefit Under Proposed Benefit Suspensions

p. Current annual benefit $ 28,404.00

q. Partial lump sum, as annual benefit $ -

r. Adjusted annual benefit (p + q) $ 28,404.00

s. Months from October 2018 until age 80 25

t. Monthly reduction percentage 0.125%

u. Total reduction percentage (s * t) 3.125%

v. Proposed annual $ reduction, prior to federal limits (h * u * 12 + i) $ 887.63

w. Proposed annual $ reduction, reflecting disability limit $ 887.63

x. Proposed annual $ reduction, reflecting 110% PBGC limit (min o, w) $ 887.63

y. Age-based federal limit: months from Nov 2018 until age 80 24

z. Age-based federal limit applicable percentage (min (y,60)/60) 40.00%

aa. Proposed annual $ reduction, reflecting age-based limit (x * z) $ 355.05

ab. Annual Benefit, reflecting proposed suspension and limits (p - aa) $ 28,048.95

Calculation of Monthly Benefits Under Proposed Benefit Suspensions

ac. 13th check, after proposed suspensions and federal limits (max (i - aa, 0)) $ -

ad. Monthly benefit, after proposed suspensions and federal limits ((ab-ac)/12) $ 2,337.41

Summary of Applicable Federal Limitations

Disability Limit? No

110% of PBGC Guarantee Limit? No

Aged-based Limit? Yes

Calculation of Beneficiary's Effective Joint & Survivor Percentage

ae. Form of Payment 100% Joint & Survivor

af. Pre-Suspension Survivor Benefit as of January 1, 2017 n/a

ag. Participant Service as of January 1, 2017 41.00

ah. Survivor's effective monthly rate as January 1, 2017 (af / ag) n/a

ai. PBGC monthly guarantee rate n/a

aj. 110% of monthly PBGC guarantee benefit n/a

ak. Post-Suspension Survivor Benefit (ab * ae / 12) $ 2,337.41

al. Post-Suspension Annualized Survivor Benefit (12*max(aj, ak)) $ 28,048.95

am. Effective Joint & Survivor Percentage (al / ab) 100.00%

Summary of Applicable Federal Limitations for Future Beneficiary

110% of PBGC Guarantee Limit? Yes

Illustration 4 of 7

N:\1080\2017\Benefit Suspensions\Participant Notice - Dec Submission\[Mail Merge 2017 v23 (10.1.18 suspension, 1.5%) - AlphaOrder, rounding-Data Edits.xlsx]Exhibit 4.01

IW16-0058
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52-6148924 / 001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Federal Limitations on Individual Suspension

Participant Category: Current Retiree & Future Beneficiary Eligible for Thirteenth Check

Applicable Federal Limitation: 110% of PBGC Guarantee Limit

Demographic Information

a. Date of birth 2/8/1943

b. Date of retirement 10/1/1991

c. Proposed suspension date 10/1/2018

d. Age at suspension date 75.58

e. Service credits as of January 1, 2017 12.00

f. Participant Status Pensioner 

g. Disabled or Non-Disabled Non-Disabled 

h. Monthly benefit as of January 1, 2017 $ 249.81

i. 13th check as of January 1, 2017 $ 1,000.00

j Annual benefit as of January 1, 2017 (h * 12 + i) $ 3,997.72

Calculation of 110% of PBGC Guarantee

k. Effective monthly rate (j / e / 12) $ 27.7619

l. PBGC monthly guarantee rate $ 23.5715

m. 110% of monthly PBGC guarantee benefit $ 311.14

n. 110% of annual PBGC guarantee benefit $ 3,733.72

o. Maximum annual $ reduction, reflecting 110% PBGC limit (max (j - n, 0)) $ 264.00

Calculation of Annual Benefit Under Proposed Benefit Suspensions

p. Current annual benefit $ 3,997.72

q. Partial lump sum, as annual benefit $ -

r. Adjusted annual benefit (p + q) $ 3,997.72

s. Months from October 2018 until age 80 53

t. Monthly reduction percentage 0.125%

u. Total reduction percentage (s * t) 6.625%

v. Proposed annual $ reduction, prior to federal limits (h * u * 12 + i) $ 1,198.60

w. Proposed annual $ reduction, reflecting disability limit $ 1,198.60

x. Proposed annual $ reduction, reflecting 110% PBGC limit (min o, w) $ 264.00

y. Age-based federal limit: months from Nov 2018 until age 80 52

z. Age-based federal limit applicable percentage (min (y,60)/60) 86.67%

aa. Proposed annual $ reduction, reflecting age-based limit (x * z) $ 228.80

ab. Annual Benefit, reflecting proposed suspension and limits (p - aa) $ 3,768.92

Calculation of Monthly Benefits Under Proposed Benefit Suspensions

ac. 13th check, after proposed suspensions and federal limits (max (i - aa, 0)) $ 771.20

ad. Monthly benefit, after proposed suspensions and federal limits ((ab-ac)/12) $ 249.81

Summary of Applicable Federal Limitations

Disability Limit? No

110% of PBGC Guarantee Limit? Yes

Aged-based Limit? Yes

Calculation of Beneficiary's Effective Joint & Survivor Percentage

ae. Form of Payment 50% Joint & Survivor

af. Pre-Suspension Survivor Benefit as of January 1, 2017 $ 2,498.86

ag. Participant Service as of January 1, 2017 12.00

ah. Survivor's effective monthly rate as January 1, 2017 (af / ag) $ 17.3532

ai. PBGC monthly guarantee rate $ 15.7649

aj. 110% of monthly PBGC guarantee benefit $ 208.10

ak. Post-Suspension Survivor Benefit (ab * ae / 12) $ 157.04

al. Post-Suspension Annualized Survivor Benefit (12*max(aj, ak)) $ 2,497.16

am. Effective Joint & Survivor Percentage (al / ab) 66.26%

Summary of Applicable Federal Limitations for Future Beneficiary

110% of PBGC Guarantee Limit? Yes

Illustration 5 of 7

N:\1080\2017\Benefit Suspensions\Participant Notice - Dec Submission\[Mail Merge 2017 v23 (10.1.18 suspension, 1.5%) - AlphaOrder, rounding-Data Edits.xlsx]Exhibit 4.01

IW16-0059
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52-6148924 / 001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Federal Limitations on Individual Suspension

Participant Category: Surviving Spouse / Beneficiary

Applicable Federal Limitation: 110% of PBGC Guarantee Limit

Demographic Information

a. Date of birth 12/15/1940

b. Date of retirement 12/1/1990

c. Proposed suspension date 10/1/2018

d. Age at suspension date 77.75

e. Service credits as of January 1, 2017 26.50

f. Participant Status Surv Sp/Bene 

g. Disabled or Non-Disabled Non-Disabled 

h. Monthly benefit as of January 1, 2017 $ 608.00

i. 13th check as of January 1, 2017 $ 1,000.00

j Annual benefit as of January 1, 2017 (h * 12 + i) $ 8,296.00

Calculation of 110% of PBGC Guarantee

k. Effective monthly rate (j / e / 12) $ 26.0881

l. PBGC monthly guarantee rate $ 22.3160

m. 110% of monthly PBGC guarantee benefit $ 650.51

n. 110% of annual PBGC guarantee benefit $ 7,806.15

o. Maximum annual $ reduction, reflecting 110% PBGC limit (max (j - n, 0)) $ 489.85

Calculation of Annual Benefit Under Proposed Benefit Suspensions

p. Current annual benefit $ 8,296.00

q. Partial lump sum, as annual benefit $ -

r. Adjusted annual benefit (p + q) $ 8,296.00

s. Months from October 2018 until age 80 27

t. Monthly reduction percentage 0.063%

u. Total reduction percentage (s * t) 1.688%

v. Proposed annual $ reduction, prior to federal limits (h * u * 12 + i) $ 1,123.12

w. Proposed annual $ reduction, reflecting disability limit $ 1,123.12

x. Proposed annual $ reduction, reflecting 110% PBGC limit (min o, w) $ 489.85

y. Age-based federal limit: months from Nov 2018 until age 80 26

z. Age-based federal limit applicable percentage (min (y,60)/60) 43.33%

aa. Proposed annual $ reduction, reflecting age-based limit (x * z) $ 212.27

ab. Annual Benefit, reflecting proposed suspension and limits (p - aa) $ 8,083.73

Calculation of Monthly Benefits Under Proposed Benefit Suspensions

ac. 13th check, after proposed suspensions and federal limits (max (i - aa, 0)) $ 787.73

ad. Monthly benefit, after proposed suspensions and federal limits ((ab-ac)/12) $ 608.00

Summary of Applicable Federal Limitations

Disability Limit? No

110% of PBGC Guarantee Limit? Yes

Aged-based Limit? Yes

Illustration 6 of 7

N:\1080\2017\Benefit Suspensions\Participant Notice - Dec Submission\[Mail Merge 2017 v23 (10.1.18 suspension, 1.5%) - AlphaOrder, rounding-Data Edits.xlsx]Exhibit 4 01

IW16-0060
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52-6148924 / 001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Federal Limitations on Individual Suspension

Participant Category: Future Retiree (No 13th Check or Pension Cashed Out)

Applicable Federal Limitation: Aged-based Limit

Demographic Information

a. Date of birth 8/16/1940

b. Date of retirement

c. Proposed suspension date 10/1/2018

d. Age at suspension date 78.08 

e. Service credits as of January 1, 2017 21.25 

f. Participant Status Terminated 

g. Disabled or Non-Disabled

h. Monthly benefit as of January 1, 2017 994.00 $ 

i. 13th check as of January 1, 2017 - $ 

j Annual benefit as of January 1, 2017 (h * 12 + i) $ 11,928.00

Calculation of 110% of PBGC Guarantee

k. Effective monthly rate (j / e / 12) 46.7765 $ 

l. PBGC monthly guarantee rate 35.7500 $ 

m. 110% of monthly PBGC guarantee benefit 835.66 $ 

n. 110% of annual PBGC guarantee benefit 10,027.88 $ 

o. Maximum annual $ reduction, reflecting 110% PBGC limit (max (j - n, 0)) 1,900.13 $ 

Calculation of Annual Benefit Under Proposed Benefit Suspensions

p. Current annual benefit* 11,928.00 $ 

q. Partial lump sum, as annual benefit - $ 

r. Adjusted annual benefit (p + q) 11,928.00 $ 

s. Months from October 2018 until age 80 23 

t. Monthly reduction percentage 0.125%

u. Total reduction percentage (s * t) 2.875%

v. Proposed annual $ reduction, prior to federal limits (h * u * 12 + i) 342.93 $ 

w. Proposed annual $ reduction, reflecting disability limit 342.93 $ 

x. Proposed annual $ reduction, reflecting 110% PBGC limit (min o, w) 342.93 $ 

y. Age-based federal limit: months from Nov 2018 until age 80 22 

z. Age-based federal limit applicable percentage (min (y,60)/60) 36.67%

aa. Proposed annual $ reduction, reflecting age-based limit (x * z) 125.74 $ 

ab. Annual Benefit, reflecting proposed suspension and limits (p - aa) $ 11,802.26

Calculation of Monthly Benefits Under Proposed Benefit Suspensions

ac. 13th check, after proposed suspensions and federal limits (max (i - aa, 0)) - $ 

ad. Monthly benefit, after proposed suspensions and federal limits ((ab-ac)/12) 983.52 $ 

Summary of Applicable Federal Limitations

Disability Limit? No

110% of PBGC Guarantee Limit? No

Aged-based Limit? Yes

Calculation of Beneficiary's Effective Joint & Survivor Percentage

ae. Form of Payment n/a

af. Pre-Suspension Survivor Benefit as of January 1, 2017 n/a

ag. Participant Service as of January 1, 2017 21.25 

ah. Survivor's effective monthly rate as January 1, 2017 (af / ag) n/a

ai. PBGC monthly guarantee rate n/a

aj. 110% of monthly PBGC guarantee benefit n/a

ak. Post-Suspension Survivor Benefit (ab * ae / 12) n/a

al. Post-Suspension Annualized Survivor Benefit (12*max(aj, ak)) - $ 

am. Effective Joint & Survivor Percentage (al / ab) 0.00%

Summary of Applicable Federal Limitations for Future Beneficiary

110% of PBGC Guarantee Limit? n/a

Illustration 7 of 7

*Accrued benefit as of 10/1/2018 does not reflect actuarial adjustments for late or early retirement

N:\1080\2017\Benefit Suspensions\Participant Notice - Dec Submission\[Mail Merge 2017 v23 (10.1.18 suspension, 1.5%) - AlphaOrder, rounding-Data Edits.xlsx]Exhibit 4.01

IW16-0061
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52-6148924 / 001

Exhibit 4.04(1) (Checklist Item #12)

Effect of Proposed Suspension by Group

Participant Group

Participant 

Count

Average 

Age @ 

10/1/2018

Service 

Credited @ 

1/1/2017

Average Monthly 

Benefit Before 

Suspension

Average Monthly 

Benefit After 

Suspension

Aggregate Present 

Value of Reduction in 

Benefits @ 1/1/2017

Participant Groups defined under 2.02(4) of Rev. Proc. 2017-43

Pensioners with 13th check who received partial lump sum 8 67 26 $ 2,500 $ 1,730 $ 765,000

Pensioners with 13th check who did not receive partial lump sum 330 76 26 1,740 1,480 10,495,000

Pensioners without 13th check who received partial lump sum 41 62 25 2,040 1,360 3,937,000

Pensioners without 13th check who did not receive partial lump sum 120 66 20 1,310 1,010 5,004,000

Total Pensioners 499 72 24 $ 1,670 $ 1,360 $ 20,201,000

Beneficiaries with 13th check whose dec'd ppt received partial lump sum 0 n/a n/a n/a n/a $ -

Beneficiaries with 13th check whose dec'd ppt did not receive partial lump sum 64 79 24 $ 680 $ 640 262,000

Beneficiaries without 13th check whose dec'd ppt received partial lump sum 1 71 25 2,760 2,460 33,000

Beneficiaries without 13th check whose dec'd ppt did not receive partial lump sum 28 65 16 560 510 158,000

Total Beneficiaries 93 75 22 $ 660 $ 620 $ 453,000

Alternate Payees with 13th check who did not receive partial lup sum 4 77 24 $ 610 $ 600 $ 7,000

Alternate Payees without 13th check who did not receive partial lup sum 11 60 17 400 370 37,000

Total Alternate Payees 15 65 19 $ 460 $ 430 $ 44,000

Disabled Pensioners 30 69 20 $ 1,330 $ 1,330 $ -

Terminated Vested Participants 239 52 12 $ 980 $ 600 $ 2,753,000

Active Participants 190 44 13 $ 1,110 See Note 1 $ 1,171,000

Total 1066 $ 24,622,000

Note 1: Suspensions will only apply to active participants if they leave covered employment prior to November 2020. The benefit reduction depends on the date they leave covered employment.

Note 2: 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 3: Benefit amounts for pensioners and beneficiaries include the value of the thirteenth check, if applicable.

Note 4: For active participants, service shown is as of January 1, 2017 with no projected future service.

Note 5: The present value reduction is calculated as of January 1, 2017, but reflects the actual suspensions effective date of October 1, 2018.

N:\1080\2017\Benefit Suspensions\Participant Notice - Dec Submission\[Mail Merge 2017 v23 (10.1.18 suspension, 1.5%) - AlphaOrder, rounding-Data Edits.xlsx]Exhibit 4.04(1)

IW16-0062
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52-6148924 / 001

Exhibit 4.04(2) (Checklist Item #12)

Distribution of Proposed Suspension by Group

Participant Counts

Participant Group treatments defined under 2.02(4) of Rev Proc 17-43 0%

>0% and 

<=10%

>10% and 

<=20%

>20% and 

<=30%

>30% and 

<= 40%

>40% and

 <= 50% >50% Total

Pensioners with 13th check who received partial lump sum 0 0 0 4 4 0 0 8

Pensioners with 13th check who did not receive partial lump sum 101 58 76 70 21 1 3 330

Pensioners without 13th check who received partial lump sum 0 0 3 10 20 8 0 41

Pensioners without 13th check who did not receive partial lump sum 9 37 32 21 17 4 0 120

Total Pensioners 110 95 111 105 62 13 3 499

Beneficiaries with 13th check whose dec'd ppt received partial lump sum 0 0 0 0 0 0 0 0

Beneficiaries with 13th check whose dec'd ppt did not receive partial lump sum 32 27 5 0 0 0 0 64

Beneficiaries without 13th check whose dec'd ppt received partial lump sum 0 0 1 0 0 0 0 1

Beneficiaries without 13th check whose dec'd ppt did not receive partial lump sum 8 15 5 0 0 0 0 28

Total Beneficiaries 40 42 11 0 0 0 0 93

Alternate Payees with 13th check who did not receive partial lump sum 0 4 0 0 0 0 0 4

Alternate Payees without 13th check who did not receive partial lump sum 5 4 1 1 0 0 0 11

Total Alternate Payees 5 8 1 1 0 0 0 15

Disabled Pensioners 30 0 0 0 0 0 0 30

Terminated Vested Participants 1 3 10 45 68 112 0 239

Active Participants See Note 1 See Note 1 See Note 1 See Note 1 See Note 1 See Note 1 See Note 1 190

Total 186 148 133 151 130 125 3 1066

Note 1: Active participants that leave covered employment prior to November 2020 will experience a partial suspension; however, the amount of the suspension is unknown at this time

since it depends on the date the participant leaves covered employment.

N:\1080\2017\Benefit Suspensions\Participant Notice - Dec Submission\[Mail Merge 2017 v23 (10.1.18 suspension, 1.5%) - AlphaOrder, rounding-Data Edits.xlsx]Exhibit 4.04(2)

IW16-0063