Southwest Ohio Regional Council of Carpenters Pension Plan 

Checklist Item #9 

Does the application include a demonstration that the limitations on individual suspensions are satisfied, 

including calculations regarding: 

the guarantee-based limitation; 

the disability-based limitation; and 

• the age-based limitation. 

See Section 4.01. 

The demonstrations that the limitations on individual suspensions are satisfied, including calculations 

regarding: 

■ the guarantee-based limitation; 

• the disability-based limitation; and 

• the age-based limitation 

are attached. 

The proposed Pension Recovery Plan does not affect any participant or beneficiary of the Pension Plan 

that commenced benefits pursuant to a disability-based pension. Additionally, the proposed Pension 

Recovery Plan does not affect any participant or beneficiary that will be at least age 80 as of December 

31, 2017, the effective date of the proposed suspension of benefits. Therefore, separate demonstrations are 

not being provided for these two groups of exempted individuals. 

For purposes of applying the age-based and guarantee-based limitations in situations involving a 

Qualified Domestic Relations Order ("QDRO"), the calculation will depend on the terms of the QDRO. If 

the QDRO provides the Alternate Payee with a shared interest, then the age-based limitation will be based 

on the age of the participant as of the effective date of December 31, 2017. If the QDRO provides the 

Alternate Payee with a separate interest, then the age-based limitation will be based on the age of the 

Alternate Payee as of the effective date of December 31, 2017. If the QDRO provides the Alternate 

Payee with a shared interest, then the guarantee-based limitation will be based on the total benefit of the 

participant as of the effective date of December 31, 2017. If the QDRO provides the Alternate Payee with 

a separate interest, then the guarantee-based limitation will be based on the assigned benefit of the 

Alternate Payee as of the effective date of December 31, 2017. 

In addition, as required by Section 4.02(a) of the Internal Revenue Service Revenue Procedure 2016-27, 

the following is a description of the disability-based benefits of the Southwest Ohio Regional Council of 

Carpenters Pension Plan. 

The Plan permitted participants who incurred a "Total and Permanent Disability" prior to July 1, 2010 and 

on whose behalf employer contributions were made to the Plan during the 12-month period immediately 

preceding the date the disability to retire with their unreduced monthly benefit. If the participant incurs a 

"Total and Permanent Disability" on or after July 1, 2010 and on whose behalf employer contributions 

were made to the Plan during the 12-month period immediately preceding the date the disability, the 

participant is entitled to retire with their monthly benefit subject to actuarial equivalent reductions from 

- 1 - 

SWORCCPP-000063
his or her Normal Retirement Date (the first day of the month following attainment of age 62). "Total and 

Permanent Disability" means that based on the medical evidence satisfactory to the Board of Trustees, a 

person is totally unable, as a result of bodily injury or disease, to engage in any further employment or 

gainful pursuit for the remainder of his or her life. A disability award from the Social Security 

Administration is deemed to satisfy the requirements of Total and Permanent Disability. 

The Plan also provides for a "Trade Disability" benefit. If a participant incurs a "Trade Disability," the 

participant is entitled to commence their monthly benefit subject to actuarial equivalent reductions from 

his or her Normal Retirement Date (the first day of the month following attainment of age 62). A "Trade 

Disability" means that based on medical evidence satisfactory to the Board of Trustees a person is unable, 

as a result of bodily injury or disease, to perform any of the work described in the Collective Bargaining 

Agreement for the remainder of his or her life. 

Pursuant to the definition of the disability-based limitation set forth in 26 C.F.R. § 1.432(e)(9)-1(d)(4), 

and the provisions of the Southwest Ohio Regional Council of Carpenters Pension Plan, both the Total 

and Permanent Disability pension benefit and Trade Disability benefit are "benefits based on disability" 

and not subject to the proposed suspension of benefits. 

2 

SWORCCPP-000064
Southwest Ohio Regional Council of Carpenters Pension Plan 

Application for Benefit Suspension 

Demonstration That Limitations on Individual Suspensions are Satisfied 

Example of Guarantee-Based Limitation for Participant Under Age 75 

Date of Birth 5/26/1945 

Date of Retirement 8/1/2003 

Age at Retirement Date 58 years 2 months 

Age at Suspension Date 72 years 7 months 

Current Monthly Benefit $1,086.09 

Total Benefit Credits 21.3 

Type of Pension Early Reduced 

Optional Form of Payment Single Life Annuity 

Calculation of 110% of PBGC Guarantee 

Current Monthly Benefit 

PBGC Accrual Rate 

PBGC Guaranteed Accrual Rate 

PBGC Guaranteed Benefit 

110% of PBGC Guaranteed Benefit 

$1,086.09 

$50.99 

$35.75 

$761.48 

$837.62 

Calculation of Monthly Benefit under Proposed Suspension 

Current Monthly Benefit 

Initial Early Retirement Reduction Factor 

Early Retirement Reduction Factor based on Proposed Suspension 

Benefit Adjusted for Early Retirement 

Base 17% Reduction 

Suspension Benefit prior to Guarantee-Based Limitation 

Benefit after Guarantee-Based Limitation 

Final Monthly Benefit under Proposed Suspension 

$1,086.09 

88.50% 

67.46% 

$827.90 

$140.74 

$687.16 

$837.62 

$837.62 

SWORCCPP-000065
Southwest Ohio Regional Council of Carpenters Pension Plan 

Application for Benefit Suspension 

Demonstration That Limitations on Individual Suspensions are Satisfied 

Example of Guarantee-Based Limitation for Participant Under Age 75 

Date of Birth 3/5/1957 

Date of Retirement 7/1/2013 

Age at Retirement Date 56 years 3 months 

Age at Suspension Date 60 years 9 months 

Current Monthly Benefit $848.74 

Total Benefit Credits 21.5 

Type of Pension Early 

Optional Form of Payment 10-Year Certain & Life 

Calculation of 110% of PBGC Guarantee 

Current Monthly Benefit 

PBGC Accrual Rate 

PBGC Guaranteed Accrual Rate 

PBGC Guaranteed Benefit 

110% of PBGC Guaranteed Benefit 

$848.74 

$39.48 

$32.36 

$695.68 

$765.25 

Calculation of Monthly Benefit under Proposed Suspension 

Current Monthly Benefit 

Initial Early Retirement Reduction Factor 

Early Retirement Reduction Factor based on Proposed Suspension 

Benefit Adjusted for Early Retirement 

Base 17% Reduction 

Suspension Benefit prior to Guarantee-Based Limitation 

Benefit after Guarantee-Based Limitation 

Final Monthly Benefit under Proposed Suspension 

$848.74 

56.03% 

56.03% 

$848.74 

$144.29 

$704.45 

$765.25 

$765.25 

SWORCCPP-000066
Southwest Ohio Regional Council of Carpenters Pension Plan 

Application for Benefit Suspension 

Demonstration That Limitations on Individual Suspensions are Satisfied 

Example of Guarantee-Based Limitation for Participant Under Age 75 

Date of Birth 7/9/1955 

Date of Retirement 8/1/2005 

Age at Retirement Date 50 years 0 months 

Age at Suspension Date 62 years 5 months 

Current Monthly Benefit $2,302.42 

Total Benefit Credits 29.0 

Type of Pension Early Unreduced 

Optional Form of Payment 50% Joint & Survivor 

Annuity 

Calculation of 110% of PBGC Guarantee 

Current Monthly Benefit 

PBGC Accrual Rate 

PBGC Guaranteed Accrual Rate 

PBGC Guaranteed Benefit 

110% of PBGC Guaranteed Benefit 

Calculation of Monthly Benefit under Proposed Suspension 

Current Monthly Benefit 

Initial Early Retirement Reduction Factor 

Early Retirement Reduction Factor based on Proposed Suspension 

Benefit Adjusted for Early Retirement 

Base 17% Reduction 

Suspension Benefit prior to Guarantee-Based Limitation 

Benefit after Guarantee-Based Limitation 

Final Monthly Benefit under Proposed Suspension 

$2,302.42 

$79.39 

$35.75 

$1,036.75 

$1,140.43 

$2,302.42 

0.00% 

68.14% 

$733.46 

124.69 

$608.77 

$1,140.43 

$1,140.43 

SWORCCPP-000067
Southwest Ohio Regional Council of Carpenters Pension Plan 

Application for Benefit Suspension 

Demonstration That Limitations on Individual Suspensions are Satisfied 

Example of Age-Based Limitation for Participant Between Age 75 and 80 

Date of Birth 3/4/1941 

Date of Retirement 4/1/2003 

Age at Retirement Date 62 years 0 months 

Age at Suspension Date 76 years 9 months 

Current Monthly Benefit $1,948.33 

Total Benefit Credits 14.2 

Type of Pension Normal 

Optional Form of Payment 75% Joint & Survivor 

Annuity 

Calculation of 110% of PBGC Guarantee 

Current Monthly Benefit $1,948.33 

PBGC Accrual Rate $137.21 

PBGC Guaranteed Accrual Rate $35.75 

PBGC Guaranteed Benefit $507.65 

110% of PBGC Guaranteed Benefit $558.42 

Calculation of Monthly Benefit under Proposed Suspension 

Current Monthly Benefit 

Initial Early Retirement Reduction Factor 

Early Retirement Reduction Factor based on Proposed Suspension 

Benefit Adjusted for Early Retirement 

Base 17% Reduction 

Benefit Prior to Age-Based Limitation 

Months from age 80 (at Suspension Date) 

Benefit after Age-Based Limitation 

Final Monthly Benefit under Proposed Suspension 

$1,948.33 

N/A 

N/A 

$1,948.33 

$331.22 

$1,617.11 

38 

$1,738.56 

$1,738.56 

SWORCCPP-000068
Southwest Ohio Regional Council of Carpenters Pension Plan 

Application for Benefit Suspension 

Demonstration That Limitations on Individual Suspensions are Satisfied 

Example where Guarantee-Based Limitation Exceeds Current Monthly Benefit 

Date of Birth 2/7/1943 

Date of Retirement 4/1/2005 

Age at Retirement Date 62 years 1 months 

Age at Suspension Date 74 years 10 months 

Current Monthly Benefit $200.97 

Total Benefit Credits 13.1 

Type of Pension Normal 

Optional Form of Payment 10-Year Certain & Life 

Calculation of 110% of PBGC Guarantee 

Current Monthly Benefit $200.97 

PBGC Accrual Rate $15.34 

PBGC Guaranteed Accrual Rate $15.34 

PBGC Guaranteed Benefit $186.75 

110% of PBGC Guaranteed Benefit $205.43 

Calculation of Monthly Benefit under Proposed Suspension 

Current Monthly Benefit 

Initial Early Retirement Reduction Factor 

Early Retirement Reduction Factor based on Proposed Suspension 

Benefit Adjusted for Early Retirement 

Base 17% Reduction 

Suspension Benefit prior to Guarantee-Based Limitation 

Benefit after Guarantee-Based Limitation 

Final Monthly Benefit under Proposed Suspension 

$200.97 

N/A 

N/A 

$200.97 

34.16 

$166.81 

$200.97 

$200.97 

SWORCCPP-000069