APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23 6445411 / 001

 Exhibit 5h

 Government Filings

CM94:00815
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23 6445411 / 001

 Exhibit 5h

 Government Filings

CM94:00816
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23 6445411 / 001

 Exhibit 5h

 Government Filings

CM94:00817
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23 6445411 / 001

 Exhibit 5h

 Government Filings

CM94:00818

 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23 6445411 / 001

 Exhibit 5h

 Government Filings

CM94:00820
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23 6445411 / 001

 Exhibit 5h

 Government Filings

CM94:00821
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23 6445411 / 001

 Exhibit 5h

 Government Filings

CM94:00822
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23 6445411 / 001

 Exhibit 5h

 Government Filings

CM94:00823
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23 6445411 / 001

 Exhibit 5h

 Government Filings

CM94:00824
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23 6445411 / 001

 Exhibit 5h

 Government Filings

CM94:00825

 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23 6445411 / 001

 Exhibit 5h

 Government Filings

CM94:00827
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23 6445411 / 001

 Exhibit 5h

 Government Filings

CM94:00828
SEE ACCOUNTANT’S OPINION FOR SCHEDULE

OF FIVE PERCENT TRANSACTIONS

 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23 6445411 / 001

 Exhibit 5h

 Government Filings

CM94:00829

 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23 6445411 / 001

 Exhibit 5h

 Government Filings

CM94:00831
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23 6445411 / 001

 Exhibit 5h

 Government Filings

CM94:00832
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23 6445411 / 001

 Exhibit 5h

 Government Filings

CM94:00833
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6c

Information on Actuarial Assumptions and Methods

Page 1 of 9

This Exhibit details the information on actuarial assumptions and methods that, pursuant to Section 6c

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 6c 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 6c1.

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 6c1).

CM94:00834
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6c

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 6c1).

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.

CM94:00835
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6c

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.

CM94:00836
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6c

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 6c2.

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 6c2 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 6c2 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).

CM94:00837
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6c

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 6c3 are the results of the retirement rates experience study 

performed in 2017.

o Attached as Exhibit 6c4 are the results of the form of payment experience study 

performed in 2017.

 Exhibit 6c5 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 6c6 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.

CM94:00838
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6c

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).

CM94:00839
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6c

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 6c7 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 within the partition application.

 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. Section 6(e) of the application explains the rationale 

for why this rate is not expected to increase.

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

CM94:00840
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6c

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 6c. 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 7a1 of the Application for a Partition Order includes the May 1, 2017 Actuarial 

Valuation – uses the assumptions detailed in this Exhibit 6c 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 6c 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 

CM94:00841
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6c

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 6c 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 6c - Information on Actuarial Assumptions and 

Methods.docx

CM94:00842
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS CEMENT MASONS LOCAL NO. 94 PENSION FUND

Exhibit 6c1

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 

CM94:00843
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS CEMENT MASONS LOCAL NO. 94 PENSION FUND

Exhibit 6c1

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 

CM94:00844
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6c2 

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.

CM94:00845
APPLICATION FOR A PARTITION ORDER FOR 

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND 

EIN/PN: 23-6445411 / 001 

Exhibit 6c2 

Information on Actuarial Assumptions and Methods

Expected Returns and Risk (Standard Deviation) 

Expected Return 

(Geometric)

Expected Return 

(Arithmetic) Expected Risk

Expected Return 

(Geometric)

Expected Return 

(Arithme ic) Expected Risk

US Equity 6.5% 7 9% 17% 7.7% 9.0% 16%

International 

Developed Equity 6.6% 8 2% 18% 7.7% 9.1% 17%

Emerging Markets 

Equity 6.6% 9 5% 24% 7.7% 9.7% 20%

Core Bonds 1.9% 2 0% 4% 5.5% 5.6% 5%

Intermediate 

Investment Grade 2.3% 2 5% 6% 6.3% 6.5% 7%

Emerging Markets 

Debt 4.2% 4.7% 10% 7.3% 7.8% 10%

High Yield 4.3% 4 8% 10% 6.8% 7.3% 10%

Bank Loans 4.0% 4 2% 6% 5.2% 5.4% 6%

REITs 5.6% 6 3% 12% 6.5% 7.2% 12%

Private Equity Real 

Estate 6.9% 8 0% 15% 7.8% 8.9% 15%

Commodities 4.2% 5 5% 16% 5.3% 6.5% 16%

Hedge Funds 5.7% 6 8% 15% 7.3% 8.4% 15%

Private Equity 8.0% 11.1% 25% 9.5% 12.6% 25%

Cash 2.2% 2 2% 1% 3.3% 3.3% 1%

Intermediate: Next 5 Years Long Term Projections

CM94:00846
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6c2 

Information on Actuarial Assumptions and Methods

Select and Ultimate Investment Return Rates from Investment Consultant

CM94:00847
APPLICATION FOR A PARTITION ORDER FOR 

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND 

EIN/PN: 23-6445411 / 001 

Exhibit 6c2 

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

CM94:00848
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

Exhibit 6c3

Review of 2012-2016 Plan Experience *

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 6c6 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 6c3 - Experience 5 years.xlsx]Table

Page 1

CM94:00849
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

Exhibit 6c3

Review of 2012-2016 Plan Experience * 

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 6c6 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 6c3 - Experience 5 years.xlsx]Table

Page 2

CM94:00850
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

Exhibit 6c3

Review of 2012-2016 Plan Experience * 

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 6c6 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 6c3 - Experience 5 years.xlsx]Table

Page 3

CM94:00851
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS CEMENT MASONS LOCAL NO. 94 PENSION FUND

Exhibit 6c4

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 6c4 - Form of Payment experience study.xlsx]Exhibit

CM94:00852
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 6c5

Actuarial Liability Gain/Loss Analysis

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 6c5 - Gain Loss Analysis.xlsx]Gain Loss

CM94:00853
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

Exhibit 6c6

Retirement Experience for the period 5/1/2012 through 4/30/2016

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 6c6 - Retirement Experience Over the Past 5 Years.xlsx]Exhibit

CM94:00854
APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

Exhibit 6c7

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 6c7 - 5% Employers.xlsx]5% ERs - exhibit

CM94:00855
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23-6445411 / 001

 Exhibit 6g 

 Participant Notice

CM94:00856
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23-6445411 / 001

 Exhibit 6g 

 Participant Notice

CM94:00857
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23-6445411 / 001

 Exhibit 6g 

 Participant Notice

CM94:00858
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23-6445411 / 001

 Exhibit 6g 

 Participant Notice

CM94:00859
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23-6445411 / 001

 Exhibit 6g 

 Participant Notice

CM94:00860
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23-6445411 / 001

 Exhibit 6g 

 Participant Notice

CM94:00861
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23-6445411 / 001

 Exhibit 6g 

 Participant Notice

CM94:00862
 APPLICATION FOR A PARTITION ORDER FOR

 PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

 EIN/PN: 23-6445411 / 001

 Exhibit 6g 

 Participant Notice

CM94:00863