Bricklayers and Allied Craftworkers Local 5 New York 

Retirement Fund Pension Plan 

Application for 

Approval of Suspension of Benefits 

Z:\009 5\p\Misc Con\20 16\Suspension\Application\Suspension Application v.2 5 15.docx 
Table of Contents 

1. Background And Purpose .................................................................................................................. l 

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

2.01 Plan Sponsor Subnl.ission .............................................................................................................. 2 

2.02 Terms of Plan's suspension proposed benefit. .............................................................................. 3 

( 1) Effective Date ............................................................................................................................ 3 

(2) Expiration Date ......................................................................................................................... 3 

(3) The Proposed Suspension .......................................................................................................... 3 

2.03 Penalties of perjury statement ...................................................................................................... .4 

2.04 Public disclosure statement ........................................................................................................... 5 

3. Demonstration that the Plan is Eligible for Suspension .................................................................. 6 

3.0 l Plan actuary's certification of critical and declining status ........................................................... 6 

3.02 Certification the plan is projected to avoid insolvency ............................................................... I 0 

3.03 Determination of projected insolvency ....................................................................................... 18 

4. Proposed Suspension Satisfies the Statutory Requirements ......................................................... 22 

4.01 Demonstration that limitations on individual suspensions are satisfied ...................................... 22 

4.02 Proposed suspension is reasonably estimated to enable the plan to avoid insolvency ................ 27 

4.03 The proposed suspension is reasonably estimated to not materially exceed the level necessary to 

avoid insolvency ......................................................................................................................... 35 

4.04 Demonstration that the proposed benefit suspension is distributed equitably ............................ 36 

4.05 Notice .......................................................................................................................................... 36 

5. Plan Sponsor's Determination Relating to Reasonable Measw·es Taken to A void Insolvency .38 

5.01 Measures taken to avoid insolvency ............................................................................................ 38 

5.02 Plan factors .................................................................................................................................. 38 

5.03 How plan factors were taken into account .................................................................................. 38 

5.04 Other factors considered ............................................................................................................. 38 

6. Other Required Information ............................................................................................................ 39 

6.01 Ballot ........................................................................................................................................... 39 

6.02 Partition ............................................................................................... , ....................................... 39 

6.03 Ten-year experience for certain critical assumptions ................................................................. .45 

6.04 Demonstration of sensitivity of projections ................................................................................ 46 

6.05 Projection of funded percentage .................................................................................................. 51 

6.06 Plan sponsor certifications !'elating to plan amendments ............................................................ 58 

6.07 Whether a plan is described in Section 432(e)(9)(D)(vii)(OI) ............................................. , ..... ,59 

6.08 Optional additional information .................................................................................................. 59 

7. I dentification and Background Information on the Plan .............................................................. 60 

7.01 Plan sponsor ...................................................................... .......................................................... 60 

7.02 Plan Identification ....................................................................................................................... 60 

7.03 Retiree Representative ................................................................................................................ 60 

7.04 Plan's enrolled actuary ................................................................................................................ 60 

7.05 Power of Attorney ....................................................................................................................... 60 

7.06 Plan documents ........................................................................................................................... 61 

7.07 Collective bargaining and side agreements ................................................................................. 6J 

7.08 Annual return .............................................................................................................................. 61 

7.09 Rehabilitation Plan ...................................................................................................................... 61 

7.10 Co1npleted check! ist .................................................................................................................... 61 

7.11 Request for a meeting .................................................................................................................. 61 
l. Background And Purpose 

Pursuant to Internal Revenue Service Revenue Procedure 2015-34 and the Department of the 

Treasury's Proposed and Temporary regulations issued under Section 432(e)(9) of the 

Internal Revenue Code of 1986 (the "Code") and published in tbe Federal Register on June 

19, 2015 (collectively, the "Regulations''), the Board of Trustees of Bricklayers and Allied 

Craftworkers Local 5 New York Retirement Fund Pension Plan (the '(Plan") submits this 

application, and the accompanying Exhibits, to the Secretary of the Treasury for approval of 

suspension of benefits. 

Section 432(e)(9)(G) of the Code provides that the Secretary of the Treasury shall approve an 

application for the approval of suspension of benefits upon finding that the plan is eligible for 

the benefits suspension and has satisfied the criteria set forth in subparagraphs (C), (D), (E), 

and (F) of Section432(e)(9) of the Code. As explained below, the Plan is eligible to suspend 

benefits and has satisfied each of the enumerated criteria under the Regulations. Therefore, 

the Plan respectfully requests that the Secretary approve this application to suspend benefits. 
2. Application Procedures 

2.01 PJ an Sponsor Submission 

The Board of Trustees of the Plan submits this application for approval of a proposed 

benefit suspension under Section 432(e)(9). This application is signed and dated by both 

a Union and an Employer Trustee, who are both authorized to sign and current members 

of the Board ofTrustees. 

Name: 

Date: 

Title: 

Name 

~C7;6_ 

Union Trustee 

Redacted by the U.S. Department of the 

Treasury 

:. _::::~::J._~~-tX..::;:_'J.....:...Ic_d_-n_/t _ __ _ 

Title: Union Trustee 

2 

Name: 

Date: 

Title: 

Name: 

Redacted by the U.S. 

Department of the 

Treasury 

{g -.:2-1 - z_o\L 

Employer Trustee 

Title: Employer Trustee 
2.02 Terms of Plan's suspension proposed benefit 

( 1) Effective Date 

The Board of Trustees of the Plan proposes an effective date for the benefit 

suspension that is a date, which is as soon as is administratively practicable and 

when the Secretary issues final approval of the suspension (the "Effective Date"). 

The Trustees recognize that the Regulations require the proposed effective date of 

the suspension to be at least ojne months after the date on which the application is 

submitted. For the purposes of the actuarial calculations, demonstrations and 

illustrations set forth in this application, the effective date for the Plan's proposed 

benefit suspensions has been set at April 1, 2017. 

(2) Expiration Date 

The proposed benefit suspension will remain in effect indefinitely and will not 

expire by its own terms. 

(3) The Proposed Suspension 

Past Benefits (Prior to the Effective Date) 

Step 1: As evidenced within, prior to MPRA, this Plan has made past dramatic 

suspensions in an effort to forestall insolvency. Our proposaJ is to first restore 

those benefits before applying the maximum suspensions provided by MPRA. 

Most notably, we propose that the benefit accruals on and after January 1 , 20 12 be 

restored before applying the maximum MPRA suspensions. We feel that this will 

provide the most equitable proposal. 

Step 2: Then reduce all participants' benefits by the maximum amount allowable 

under MPRA as of 12/31/2015. The proposed benefit suspension will treat all 

participants under the Plan, whether currently in pay status or who will in the 

future enter pay status, equally and will take into account the limitations on benefit 

suspensions under the rules of Sections 432(e)(9)(D)(j), (ii) and (iii). The 

proposed suspension will not treat categories or groups of participants and 

beneficiaries lmder the Plan differently from one another, and as a result, does not 

take into account any of the factors listed in lRC §432(e)(9)(D)(vi). 

Fulure Benefi1s 

Step 3: Restore future accruals to $39.33 ( llO% of PBGC guaranteed benefit) per 

year of Futme Service Credit limited to one credit per year. 

Please note lhat the Disability, Early Retirement and other provisions of the Plan 

are scheduled to restore on May 1, 2017 as per Appendix I of the Plan Document. 

3 
2.03 Penalties ofpe1jury statement 

Under penalties of perjmy, T declare that I have examined this request, including 

accompanying documents, and, to the best of my knowledge and belief: the request 

contains all the relevant facts relating to the request, and such facts are true, cmTect, and 

complete. 

Title: Union Tmstee 

Title: Union Trustee 

4 

Name: 

Date: 2 '] -2.-0/I.o 

Title: Employer Trustee 

Name: 

Redacted by the U.S. 

Department of the 

Treasury 

Date: ~ro --==::....=:..._--=- L_

0 __!._ \ 3__L__ _ __ _ 

TWe: Employer Trustee 
2.04 Public disclosure statement 

I acknowledge that, pursuant to section 432(e)(9)(G)(ii) of the lnternal Revenue Code, 

the application for approval of the proposed suspension of benefits, and the application's 

supporting material, will be publicly disclosed through publication on the Treasury 

Department website. 

Name

Date:---=-, P--=25-r-;4 (} /_.;:.._ {; __ I ; 

Title: Union Trustee 

Redacted by the U.S. Department of the 

Treasury 

Date: _ __.;;;.G_,_(_J._J__,_/c_~_()_/_b ___ _ 

Title: Union Trustee 

5 

Name --

Date:___.04'- p_-_;L..:;_3_-_;)._D_}_k ______ _ 

Title: Employer Trustee 

oate: __ /~r __;_f u_ r to _ __ _ 

Title: Employer Trustee 

Redacted by the U.S. 

Department of the 

Treasury

Redacted by the U.S. Department of the Treasury
3. Demonstration that the Plan is Eligible for Suspension 

3.01 Plan actuary's certification of critical and declining status 

The certification that the Plan is in critical stahls is attached, see attached document 

labeled: 3.01 ZC 5 15.pdf 

Below is a description of the assumptions used determining the Plan's status along with 

year-by-year projection of the Plan's available resoutces. 

6 
Mortality 

Assumptions Used in Actuarial Certification 

Actives: RP- 20 14 Blue Collar Employee Sex. Distinct Table using scale 

BB improvement from year 2014. 

Disabled: RP- 20 14 Disabled Retiree Sex Distinct using scale BB 

improvement from year 2014. 

Retirees: RP- 2014 Blue Collar Annuitant Sex Distinct using scale BB 

improvement from year 20 14. 

Withdrawal Table T-5 

Disability SOA 1973 Disability Model XXVI 

Retirement Age 100% at age 65 for both Active and Inactive Vested Participants. 

Definition of Active A member must have worked 100 or more hours in the year to be included in 

the valuation. 

Futme Employment 150,000 Total Hours per year 

Percent l!T d 100% 

Age of Spouse Females are 2 years younger than their spouses. 

Net Investment Return 6.75% 

Administrative $285,000 payable at the beginning of the year 

Expenses 

Actuarial Value of 

Assets 

Actuarial ~ost Method 

The market value of assets less unrecognized returns in each of the last five 

years. Unrecognized return is equal to the difference between the actual market 

return and the expected return on the actuarial value, and is recogn.ized over a 

five-year period. The actuarial value is further adjusted, if necessary, to be 

within 20% of the market val ue. 

Unit Credit 

7 
Bricldayers and Al.lied Craftworkers Local 5 New Yorl{ Pension Plan 

A vg Contr. Rate /hr $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 

Bth infl -1.30% -2.35% -0.27% -0.15% -2.71% -0.89% 

Exp.In.fl 3.0% 3.0% 3.0% 3.0% 3.0% 2.0% 

Total Homs 150,000 150,000 150,000 150,000 150,000 150,000 

Projected--------> 

PY Beginning (t) 1/112016 1/ 1/2017 1/112018 1/1/2019 111 /2020 1/1/2021 

PY End.ing(t+ I) 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 

Market Value 

Beginning Value (t) 20,298,291 ] 7,722,395 15,516,451 13,166,488 10,656,309 8,106,837 

Contributions 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 

PBGC Assistance 

Investment Income 

Int & Div & Other 

Realized and UnR. 

Tnv. Exp. 827,093 1 ,085,186 936,444 777,770 612,582 44 1,627 

Total Inv l11come 827.093 I ,085,186 936,444 777,770 612,582 441,627 

Benefits Paid (5, 126,489) (5,006,080) ( 4,992,550) (4,985,021) (4,849,783) ( 4,806,528) 

Expenses (285,000) (293,550) (302,357) (311,428) (320,771) (330,394) 

Ending Value (t+l) 17,722,395 15,516,451 13,166,488 10,656,309 8,106,837 5,420,042 

A vg Inv Assets 18,596,797 16,076,830 13,873,248 11 ,522,514 9,075,282 6,542,626 

ROR 4.45% 6.75% 6.75% 6.75% 6.75% 6.75% 

Available Resources as of t 22,848,884 20 ,522,531 18,159,038 15,641,330 12,956,62 0 10,226,570 

Solvency Ratio as of t 4.46 4.10 3.64 3.14 2.67 2.13 

Accrued Liability as of t 67,223,435 66,477,509 65 ,796,868 65,084,293 64,331 ,427 63 ,667 ,569 

Fllllded Percentage as of t 30.2% 26.7% 23.6% 20.2% 16.6% 12.7% 

Unked Summary 5 15.xlsx, Hist Assets 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

A vg Conn·. Rate /hr $ 13.39 $ 13.39 

Bfts infl 1.21% -13.71 % 

Exp. lnfl 2.0% 2.0% 

Total Hours 150,000 150,000 

PY Be&rinni.ng (t) 1/1/2022 1/ 1/2023 

PY Ending (t+ 1) 12/31/2022 12/31/2023 

Market Value 

Beginning Value (t) 5,420.042 2,481,600 

Cont1ibutions 2,008,500 2,008,500 

PBGC Assistance 

Investment Income 

Int & Div & Other 

Realized and UnR. 

Inv. Exp. 257,974 58,041 

Total Inv Income 257,974 58,041 -.;;-

Benefits Paid ( 4,864,61 0) (4,197,626) 

Expenses (340;306) (350,5 15) 

Ending Value (t+l) 2,481 ,600 

A vg In v Assets 3,821,834 859,873 

ROR 6.75% 6.75% 

Available Resources as of t 7,346,210 4 ,197,626 

Solvency Ratio as of t 1.51 1.00 

Accrued Liability as of t 63,003,641 62,234 ,882 

Funded Percentage as of t 8 .6% 4.0 % 

Linked Summary 515.xlsx, Hist Assets 
3.02 Certification the plan is projected to avoid insolvency 

The graphs and projected cash flows below demonstrate that based upon the assumptions 

detailed below, the benefit suspension being requested in this application, in conjunction 

with the financial assistance from the PBGC concunently being sought under the 

Multiemployer Pension Refmm Act Section 121 is sufficient to avoid Fund insolvency. 

The graphs demonstrate that the Fund is not expected to go insolvent under the 

assumptions shown, and in addition, by the Plan Year ending 12/3 1/2046, the end of the 

ex: tended period of 30 years defined in the regulations, the Fund's funded status begins to 

improve. 

This ce1iification was prepared on behalf of the Bricklayers and Allied Craftworkers 

LocaJ 5 New York Retirement Fund Pension Plan based on employee data, asset 

statements and plan documents provided by the Plan Sponsor or its representatives. We 

relied upon the data as subntitted, without fotmal audit. However, the data was tested for 

reasonableness, and we have no reason to believe that any other infonnation which would 

have had a material effect on the results of this valuation was overlooked. 

Therefore, to the best of our knowledge and belief, the information presented in this 

certification is complete and accurate, and each assumption used represents our best 

estimate of anticipated experience under the Plan. 

Certified by: 

Redacted by the U.S. Department 

of the Treasury 

Craig A Voelker, FSA, MAAA, EA 

Enrolled Actuary No.: 14-05537 

1236 Brace Rd. UnitE 

Cherry Hill, NJ 08034 

Phone (856) 795-7777 

June 23, 2016 

10 
Mortality 

Withdrawal 

Disability 

Retirement Age 

Active 

Inactive Vested 

Definition of Active 

Future Employment 

Percent Man·ied 

Age of Spouse 

Net Investment Return 

Administrative 

Expenses 

Actuarial Value of 

Assets 

Actuarial Cost Method 

Assumptions Used in Actuarial Certification 

Actives: RP- 2014 Blue Collar Employee Sex Distinct Table using scale 

MP-2014 improvement from year 2014. 

Disabled: RP- 20 14 Disabled Retiree Sex Distinct using scale MP-20 14 

improvement from year 2014. 

Retirees: RP- 2014 Blue Collar Annuitant Sex Distinct using scale MP2014 improvement from year 2014. 

Table T-5 

SOA 1973 Disability Model XXVI 

1 00% at age 62 

100% at age 62 if eligible else age 65 

A member must have worked 100 or more hours in the year to be included in 

the valuation. 

150,000 Total Hours per year 

100% 

Females are 2 years younger than their spouses. 

6.75% 

$285,000 payable at the beginning of the year 

The market value of assets less unrecognized returns in each of the last five 

years. Unrecognized return is equal to the difference between the actual market 

return and the expected return on the actuarial value, ru1d is recognized over a 

five-year period. The actuarial value is further adjusted, if necessary, to be 

within 20% of the market value. 

Unit Credit 

11 
a. 

b. 

c. 

d. 

Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Experience & Assumptions As of 12/3 1: 

Investment return at market (for year ending 12/31/t) 

Addi!ional contribution rate increases 

Contribution rate effective 6/ 1/t 

Employment (total hours) 

Market Assets as of 12/31 

20t5 $ 20,298,291 

Interest Rate Assumption .. .............. .. .......... 6.75% 

Scenario 

j M3X MEPRA Suspension 

Partition x% of benefit payments 

Actives .. ..... ...................... ... ...... :! 0% 

Terminated Vesteds ....... ...... ... ...... .. 100% 

Retirees ......... .... ..... .... .. .............. 15% 

Beneficiaries ....... ................. ........ 0% 

Annual change in future contribution base units 0.00% 

as a percentage of population over ten years 

Estimated Month of Insolvency: .. ......... .... ..... December 2999 

Est. PBGC Exp. l.nterest Rate ... .. ..... ... ... , ... ... 2.~5 % 

Est. PBGC Exposure ..... . .... . .. . ............ .... . $ 11.51\2.09R 

Linked Summary 5 15.xlsx, Presentation 

--~0~1~5--~20~1~6 ---=2 1~7 ---=20 ---=20 --~20 0 2021 -=2::::..: 02~2 --=2::::..:02::.::3 2024 __ ____:::20:..=2.::.5 --=2::::..:02:.::.6 --=2::::..:02:.:..7 2028 

3.44% 4.45% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 

$ - $ - $ - $ - $ - $ · $ -$ -$ -$ -$ 

$ 13.19 S 13.39 $ 13.39 $ 13.39 S 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ I 3.39 $ 13.39 $ 13.39 $ 13.39 

150000 . ' 150000 150000 150000 150000 150000 150000 150000 150000 150000 150000 150000 150000 150,000 

Funded Percentage (PPA) as of 12/31 Cash Flow by Type 

100% ss 

90% $4 

80% ~ $3 = .§ $2 I 70% ~ $1 

60% $0 - - - -

50% -$1 - -$2 . 40% -$3 . - - . 30% ·$4 

20% -

~ lfiJI-1111-1 til IJIID-111 -$5 

tO% - -$6 ~~~~~ ~~ ~~ ~~~~~ ~~~~~~~~~0~~~~~~~ 

0% s~ggti~~~~~~~~~~~~~~~~~~~~~~g~~~~~ ~~~~~O~N~~~~~~~o~~~~~~~~~O~N~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ a Contributions • PBGC Assistance Total lnv Income N~N~N~NN~N~N~NNNNNN~N~NNNNNNNN~NN • Benefits Paid • Expenses 

10.00 

Solvency Ratio as of 12/31 Available Resources as of 12/31 I $30 

9.00 I 8.00 $25 

7.00 

6.00 -- "' c: $20 

5.00 :S $15 

4.00 

.IIIIID.ull ~ 

3.00 $10 

2.00 UUu1nmmu $5 i 1.00 

0.00 ~~~~~c N~~~~~~~o~~~~~~~~~c~~~~~~~ $-

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~ ~~~~~~~~~0-N~~~~~~~O~N~~~~ 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~titi~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~ NNN~NN~NNNNNNNNNN~N~N~NNN~N~NNNNN 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

A vg Contr. Rate /hr $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 

Bfts infl -1.30% -12.25% -6.32% -1.56% -1.66% -2.13% 

Exp. Infl 3.0% 3.0% 3.0% 3.0% 3.0% 2.0% 

Total Hours 150,000 150,000 150,000 150,000 t50,000 150,000 

Projected u ......... .a> 

PY Beginning (t) 1/1/201 6 1/1/2017 1/ 1/2018 1/1/2019 1/1/2020 1/1/2021 

PY Ending (t+ 1) 12/3 1/2016 12/3 1/20 17 12/3 1/20 18 12/31120 19 12/3 1/2020 12/3 1/202 1 

Market Value 

Beginning Va lue (t) 20,298,291 17,722,395 16,430,58 1 15,470,853 14,542,423 13,615,432 

Contributions 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 

PBGC Assistance 389,400 524,012 561,420 564,178 579,899 

Investment Income 

Tnt & Div & Other 

Realized and UnR. 

In v. Exp. 827,093 1, I 02,317 1,024,414 961,548 900,882 840,921 

Total Iov Income 827,093 1.1 02,3 17 1,024.414 961,548 900,882 840,921 N) 

Benefits Paid (5, 126,489) (4.498,48 1) (4,214,297) (4, 148,470) (4,079,781) (3,992,801) 

Expenses (285,000) (293,550) (302,357) (3 11.428) (320,77 1) (330,394) 

Ending Value (t+l) 17,722,395 16,430,581 15,470,853 14,542,423 13,615,432 12,72],556 

Avg Jnv Assets ) 8,596,797 16,330,630 15,176.504 14,245,154 13,346,397 12,458,084 

ROR 4.45% 6.75% 6.75% 6.75% 6.75% 6.75% 

Available Resources as oft 22,848,884 20,539,662 19, 16 1,138 18,129,473 17,13 1,034 16,134,459 

Solvency Ratio as oft 4.46 4.57 4.55 4.37 4 .20 4.04 

Accrued Liability as oft 67,223,435 46,350 ,845 45, 197,257 44,2591601 43,326,726 42,401,9 14 

Funded Percentage as oft .30.2% 38.2% 36.4% 35.0 % 33.6% 32. 1% 

Linked Summa ry 5 15.xlsx, Hist Assets 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

A vg Contr. Rate /hr $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 

Bfts infl -0.69% - 1.90% -1.47% -1.10% ·2.06% -3.25% 

Exp.lnfi 2.0% 2.0% 2.0% 2.0% 1.0% 1.0% 

Total Hours 150,000 150,000 150,000 150,000 150,000 150,000 

PY Beginning (t) 1/1/2022 1/1/2023 1/ 1/2024 L/1/2025 1/1/2026 1/l/2027 

PY E nding (t+l) 12/31/2022 12/31/2023 12/31/2024 12/3 1/2025 12/31/2026 12/31/2027 

Market Value 

Beginning Value (t) 12,721 ,556 11,821,293 10,957,662 10,098,432 9,254,545 8,460, 189 

Contributions 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 

PBGC Assistance 615,668 645,910 660,558 701,444 738,678 72 1,400 

Investment Income 

Jnt & Div & Other 

Realized and UnR. 

In v. Exp. 781,178 722,602 665,876 608,938 554,236 504,297 

Totallnv Income 781,178 722.602 665,876 608.938 554,236 504,297 T 

Benefits Paid (3,965,303) (3,890,129) (3,833, 133) (3,790,908) (3,7 12,753) (3,592,237) 

Expenses (340,306) (350,5 15) (36 1,030) (37 1 ,861) (383,017) (394,508) 

Ending Value (t+l) 11,821,293 10,957,662 10,098,432 9,254,545 8,460, 189 7,707,641 

Avg lnv Assets l] ,573,002 )0,705,221 9,864,830 9,021,298 8,210,910 7,471.067 

ROR 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 

Available Resources as of t 15,170,928 14,201,880 13,271,008 12,344,009 11,434,264 10,578,478 

Solvency Ratio as of t 3.83 3.65 3.46 3.26 3.08 2.94 

Accrued Liability as oft 41,504,619 40,575,209 39,660,802 38,743,620 37,808,207 36,890,475 

Funded Percentage as oft 30.7% 29. 1% 27.6% 26.1% 24.5% 22.9% 

Linked Summary 5 15.xlsx, Hist Assets 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

A vg Contr. Rate /hr $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 

Bfts infl -2.52% -2.77% -3.34% -4.60% -3.94% -3.65% 

Exp. lnfl 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 

Total Hours 150,000 150,000 150,000 150,000 150,000 150,000 

PY Beginning (t) 1/1/2028 1/1/2029 1/ 1/2030 1/l/203 1 1/l/2032 1/1/2033 

PY Ending (t+ l) 12/31/2028 12/3 1/2029 12/31/2030 12/3 1/2031 12/3112032 12/31/2033 

Market Value 

Beginning Value (t) 7,707,64 1 7,014,060 6,367,872 5,774,495 5,275,627 4,840,349 

Contributions 2,008,500 2,008500 2,008,500 2,008,500 2,008,500 2,008,500 

PBGC Assistance 749,666 756,258 748.161 739,589 722,614 709,219 

lnvestmen.t Income 

lnt & Div & Other 

Realized and UnR. 

lnv. Exp. 456,161 412,205 37 I ,999 336,620 306,676 280,544 

Total lnv lncome 456, 161 412,205 371,999 336,620 306,676 280,544 ~ 

Benefits Paid (3,50 1 ,566) (3,404,6 18) (3,290,948) (3, 139,555) (3,015,725) (2,905,706) 

Expenses (406,343) (418,533) (431,089) (444,022) (457,343) (471,063) 

Ending Value (t+l) 7,014,060 6,367,872 5,774,495 5,275,627 4,840,349 4,461,843 

A vg Inv Assets 6,757,937 6, 106,734 5,511 ,103 4,986,956 4,543,343 4,156,214 

ROR 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 

Available Resources as of t 9,765,959 9,016,232 8,317,282 7,675,593 7,133,460 6,658,330 

Solvency Ratio as of t 2.79 2.65 2.53 2.44 2.37 2.29 

Accrued Liability as of t 36,035,410 35,2 16.392 34,442,343 33,733,584 33,133,522 32,621,000 

Funded Percentage as of t 21.4% 19.9% 18.5% 17. 1% 15.9% 14.8% 

Linked Summary 5 15.xlsx, Hist Assets 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

A vg Contr. Rate /hr $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 1339 $ 13.39 

Bfts infl 4.07% -3.75% -4.34% -l.09% -4.34% -4.66% 

Exp.lnfl 1.0% 1.0% 1.0% 1.0% LO% 1.0% 

Total Hours 150,000 150,000 150,000 150,000 150,000 150,000 

PY Beginning (t) 111/2034 l/1/2035 1/1/2036 1/l/2037 1/1/2038 1/1/2039 

PY Endi ng (t+ 1) 12/31/2034 12/31/2035 12/3 1/2036 12/31/2037 12/31/2038 12/3 1/2039 

Market Value 

Begi nning Value (t) 4,461,843 4, 162,028 3,919,225 3,740,090 3,539,414 3,398,612 

Contributions 2,008,500 2,008,500 2,008.500 2,008,500 2,008,500 2,008,500 

PBGC Assistance 705,842 690,148 665,309 643,005 618,917 590,579 

Investment (ncome 

Int & Div & Other 

Realized and UnR. 

lnv. Exp. 258,509 241,306 228,341 216,669 206,307 200,066 

Total lnv Income 258,509 241,306 228,34 1 216,669 206.307 200,066 ~ 

Benefits Paid (2,787,471) (2,683,006) (2,566,541 ) (2,538,663) (2.428,434) (2,3 15,367) 

Expenses (485,195) (499,75 1) (5 14,744) (530, 186) (546,092) (562.475) 

Ending VaJue (t+ I) 4, 162,028 3,919,225 3,740,090 3,539,414 3,398,612 3,3 19,915 

Avg Jnv Assets 3,829,760 3,574,899 3.382,832 3,209,915 3,056,401 2.963,941 

ROR 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 

A vail able Resources as oft 6,243,657 5,912,083 5,641,322 5,435,073 5,208,129 5,044,703 

Solvency Ratio as of t 2.24 2.20 2.20 2.14 2 .1 4 2.18 

Accrued Liability as of t 32,187,65 1 31,847,3 14 3 1,592,034 31,439,957 3 1,306,476 31,277,976 

Funded Percentage as of t 13.9% 13.1% 12.4% 11.9% 11.3% 10.9 % 

Linked Summary 5 15.xlsx, Hist Assets 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

A vg Contr. Rate /hr $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 

Bfts intl -2.97% -4.70% -4.38% -4.28% -4.95% -4.73% -5.54% 

Exp. Infl 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 

Total Hours 150,000 150,000 150,000 150,000 150,000 150,000 150,000 

PY Beginning (t) 1/1/2040 1/1 /204 J 1/1/2042 111/2043 1/l/2044 1/1/2045 1/1/2046 

PY Ending (t+ 1) 12/31/2040 12/3 1/204 1 12/31/2042 12/31/2043 12/31/2044 12/31/2045 12/3 1/2046 

Market Value 

Beginning Value (t) 3,319,915 3,260,9 14 3,264.450 3,325,307 3,439,548 3,609,763 3.835.544 

Contributions 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 

PBGC Assistance 561,840 537,259 515,799 493,660 461 ,243 434,480 402,271 

Investment Tncome 

Int & Di v & Other 

Realized and UnR. 

Inv. Exp. 196,509 195,500 198,303 204,743 215,088 228,890 246,770 

Tota llnv Income 196,509 195,500 198,303 204,743 2 15,088 228.890 246,770 "' 

Benefits Paid (2,246,500) (2,140,994) {2,047, 114) (1 ,959,592) ( l ,862,554) ( 1,774,465) ( 1,676, I 09) 

Expenses (579,349) (596,729) (614,631) (633,070) (652,062) (671,624) (691,773) 

Ending Value (t+l) 3,260,914 3,264,450 3.325,307 3,439,548 3,609,763 3,835,544 4.125,203 

Avg Jn v Assets 2,911.240 2,896,303 2,937,827 3,033,226 3,186,490 3,390,969 3,655,853 

ROR 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 

Available Resources as oft 4,945,575 4,868,185 4,856,622 4,905,480 5,011 ,074 5,175,529 5,399,04l 

Solvency Ratio as of t 2.20 2.27 2.37 2.50 2.69 2.92 3.22 

Accrued Liability as oft 31,364,479 3 I ,528,058 31,811,791 32,2 11,77 1 32,729,275 33,382,074 34,170,051 

Funded Percentage as oft 10.6% 10.3% 10.3% 10.3% 10.5% 10.8% 11.2% 

Linked Summary 5 15.xlsx, Hist Assets 
3.03 Determination of projected insolvency 

lt is the Trustees' determination under Section 432(e)(9)(C)(ii) that the Plan is projected 

to become insolvent, unless benefits are suspended as proposed in this applicatio11, even 

though all reasonable measutes to avoid insolvency have been taken. The Plan has 

included documentation with this application illustrating the Trustees' determination of 

projected insolvency. 

All measures taken to avoid insolvency over past 10 years 

The Trustees' have taken numerous comprehensive measures available to them under the 

law to avoid insolvency. These measures include the immediate adoption of a Funding 

Improvement Plan following passage of the Pension Protection Act of 2006. On January 

1, 2008, the Plan was certified by its actuary to be in "seriously endangered status,'' and 

the Trustees adopted a Funding Improvement Plan effective January l , 2008, which 

consisted of required contribution increases. 

Poor investment returns during the 2008 Plan Year caused the Plan to fall into the critical 

zone. As a result the Trustees adopted a Rehabilitation PLan. Detailed below is a history 

of the Rehabilitation Plan and all updates made in order for the Plan to avoid insolvency. 

After poor investment returns in 2011 and a continuing decline of contribution hours the 

Tmstees decided to the goal of the Rehabilitation Plan was then to forestall insolvency. 

Original Rehabilitation Plan 

Benefit Changes 

~ The Lump Sum option for surviving spouses was suspended effective April 

23, 2010 as requiTed by Jaw. 

~ The benefit rate on and after January 1, 2010 will depend on the date on which 

the Participant first earned Future Service Credit. If that date is prior to June 

1, 2004, the benefit rate will be $50 (payable monthly) for all Years of Future 

Service Credit after December 3 1, 2009. Otherwise, the benefit rate will be 

$37.50 for the first ten Years of Future Service Credit and $50.00 for all 

subsequent service on and after December 31, 2009. The ten year period is 

measured from date of hire. 

> A year of Future Service Credit is credited for each 1,000 hours, with 1/10 of 

a Year credited for each 100 hours worked. No Future Service Credit will be 

credited if less than 200 hours are worked in a Plan Year 

~ Unreduced Early Retirement at age 62 with 5 years of Vesting Service was 

replaced with unreduced Early Retirement at age 62 with 20 years of Future 

Service Credit, with no limitation on Service earned in each Plan Year. 

CootTibution Increases 

18 
June 1 

2010 

2011 

2012 

2013 

2014 

2015 

2016 

Contrib. 

Rate 

$1 1.34 

13.39 

13.39 

14.39 

14.89 

15.39 

$15.89 

June 1 

2017 

2018 

2019 

2020 

2021 

2022+ 

Contrib. 

Rate 

$ 16.39 

16.89 

17.39 

17.89 

18.39 

$18.89 

2011 Update to the Rehabilitation Plan 

Effective January I, 2012, accrued benefits will be frozen and will equal the benefit 

accrued through December 31, 2011 . 

2012 Update to the Rehabilitation Plan 

Effective March 21, 2013, the Board of Trustees decided to freeze the contribution rate at 

$l3.39 and suspend the following benefits until5/31/2017: 

a. All Early Retirement Benefits 

b. Disability Retirement Benefits 

c. The Family Survivor and Single Sum Death Benefit 

d. The "Pop Feature" on Joint & Survivor benefits 

Consideration of specific Plan factors 

The Trustees' determination under Section 432(e)(9)(C)(ii) also includes consideration 

of the foUowing specified Plan factors over the past lO years: 

Contribution levels 

As seen in above the original Rehabilitation Plan, the Trustees called for contribution 

increases to take the hourly rate from $11.34 in 2010 to $18.89 in 202 !. Effective 

March 2 J, 2013 the Trustees decided to freeze the contribution rate as any additional 

contrib ution increases beyond those already in effect likely would drive more 

contributing employers from the Plan, either through business failure or withdrawal. 

The Plan could not withstand any additional contributing employer wHhdrawals as it 

had already seen the contribution base decline rapidly over the previous years. 

Benefit accrual levels, including any prior reductions in the rate of benefit accmals 

As demonstrated in the above description of the Rehabilitabon Plan, the Plan 

drastically reduced benefit accrual levels and as of January 1, 2012 froze aU accrued 

benefits. 

l9 
Prior reductions of adjustable benefits under Sectjon 432(e)(8) 

As noted above, under the Rehabilitation Plan certain subsidized Early Retirement 

Benefits were eliminated or were changed to make eligibility for those benefits more 

restrictive. 

Prior benefit suspensions under Section 432(e)(9) 

The Plan has not implemented prior benefit suspensions under Section 432(e)(9). 

Measures taken to retain or attract contributing employers 

In order to retain and attract contributing employers to the Plan the Trustees decided in 

the 2012 update to the Rehabilitation Plan to freeze the contribution rate at $13.39 per 

hour as any further increases would likely drive any remaining contributing employers 

from the Plan and would not attract any new employers. 

Impact on plan solvency of the subsidies and ancillary benefits. if any. available to active 

participants 

As noted, the most recent update to the Rehabilitation Plan suspended all remaimng 

subsidies and ancillary benefits available to non-retired participants of the Plan. 

However, due to the continuing decline of the contribution base this only forestalled 

insolvency and did not prevent it. 

Compensation levels of active participants relative to employees in the Participant's same 

industry 

Compensation levels for active pa1ticipants of the Plan were historically greater than nonparticipants employed in the same industry. 

Competitive and other economic factors facing contributing employers 

Economic factors over the past 15 years have affected the Plan 's contributing employers 

and directly impacted the Plan's funding status. There has been steady decline in the 

number of the Plan's contributing employers and the Plan's financial condition. During 

this period, which included the economic downturn of 2007-2008, there bas been little to 

no growth in the local construction market, which greatly jmpacted the Plan's ability to 

fund promised benefits. 

Impact of benefit and contribution levels on retaining active participants and bargaining 

groups under the Plan 

20 
As noted, decreases in benefit levels under the Plan would have drastically reduced 

employee and participant retention. The Plan's contributing employers have been unable 

to financially sustain any increase in contribution levels 

Impact of past and anticipated contribution increases under the Plan on employer attrition 

and retention levels 

As described above, the impact of past aod anticjpated contribution increases under the 

Plan have had a detrimental impact on employer attrition and retention levels. 

21 
4. Proposed Suspension Satisfies the Statutory Requirements 

4.01 Demonstration that limitations on individual suspensions are satisfied 

The following exhibits demonsu·ate how the proposed suspension satisfies the limitations 

described in Sections 432(e)(9)(D)(i), (ji) and (iii). The following four exhibits 1llustrate 

the llmitations required under this Section 4.01 of the Revenue Procedw-e including: 

l) A sample calculation applying the 110 percent limitation under Section 432(e)(9)(D)(i) 

for the Plan's participants 

2) Two sample calculations applying the disabi]jty limitation under Section 432(e)(9)(D)(iii) 

for each of the disability benefits described below. 

• Disability Level A: Unreduced Normal Retirement Benefit 

• Disability Level B: Normal Retirement Benefit reduced by 14 of 1% per month that 

the disability date precedes age 65 to a maximum reduction of 50%. 

3) A sample calculation applying the age-based limitations of Section 432(e)(9)(D)(ii) 

22 
Demonstration that Limits on Individual Suspensions Are Satisfied 

Pursuant to me Sections 432(e)(9)(D)(i) through (iii) 

Proposed Benefit St1spension 

L. 

T. 

A. Benefit prior to Suspension; $400.00 

B. Benefit after Suspension (Ax (1-1 00%), prior to statutory limit: $0.00 

C. Cut without limits (A- B):.... .. .. ........................ ... ..... .. ....... ... ................... $400.00 

Limitations 

1. 110% of PBGC Maximum Guarantee Limit 

D. Credited Service: 

E. Plan accrual rate (A I D): 

F. 

G. 

PBGC maximum benefit guarantee accrual rate: 

(100% of first $11 plus 75% of next $33 of E) 

PBGC maximum benefit guarantee (D x F): 

20.00 

$20.00 

$17.75 

$355.00 

H. 

T. 

Benefit to 110% ofPBGC maximum (G x llO%): $390.50 

110% limitation (A -H): ........ ......... ... .. .... .... ... ... .... ...... ....... ......... 0. 

2. Disability Limit 

.T. Benefit attributable to disability~ 

K. Disability limit (A - J): 

$0.00 

$400.00 

Cut with limits 1& 2 (min C, I, K): ...... ..... ...... . ......................... . .............. ........... . 

3. Age limit 

M. 

N. 

0 . 

P. 

Q. 

R. 

s. 

Effective Date of Suspension: 

The month after the effective date: 

Date of Birth: 

The month the Participant turns 80: 

Months in the period from N toP (months away from age 80): 

"Applicable Percentage" 

04/01/2017 

May-201 7 

10/01/ 1955 

Oct-2035 

222 

100% 

[for Age-based limitation: proration factor (Q/60, not<O or >1)] 

Cut with all limits (incl. Age based limi~ L x R): .......... .. .... ..... ...... ... .... . 

Benefit after Suspension, with limitations (A-S): .. .. .... o •••• • ••••••• ····-·. Oo oOoo O-· •• ••• •••• • ••••• 

$9.50 

$9.50 

$390.50 

Z:IOUIJ 5\p\Mise Cotl'\20 6\S pension Aprlk~n \AIIaohments\Sampll" limitation calcs 5 l:i.xlsx 
Demonstration tbat Limits on lndjvidual Suspensions A re Satisfied 

Pursuant to IRC Sections 432(e)(9)(D)(i) through (iii) 

Proposed Benefit Suspension 

L. 

A. Benefit prior to Suspension: $2,000.00 

B. Benefit after Suspension (Ax (1-1 00%), prior to statutory limit: $0.00 

C. Cut without limits (A- B):..... ......... .... ....................... ............. .. ............... $21000.00 

Limitations 

1. 110% ofPBGC Maximum Guarantee Limit 

D. Credited Service: 

E. Plan accrual rate (A I D): 

F. PBGC maximum benefit guarantee accrual rate: 

(100% offu·st $1 i plus-75% of next $33 of E) 

G. PBGC maximum benefit guarantee (D x F): 

20.00 

$100.00 

$35.75 

$715.00 

H. Benefit to 110% of PBGC maximum (G x 110%): $786.50 

I. 110% limitalion(A - H): ................................................................ $1,213.50 

2. Disability Limit 

J. Benefit attlibutable to disability: 

K. Disability limit (A - J): 

$2,000.00 

$0.00 

Cut with limits 1&2 (min C, I, K): ....................... ................... ...................... , . .. .. 

3. Age limit 

M. 

N. 

0. 

P. 

Q. 

R. 

S. 

Effective Date of Suspension: 

Tbe month after the eftective date: 

Date of Birth: 

The month the Participant turns 80: 

Months in the period from N toP (months away ft·om age 80): 

"Applicable Percentage" 

04/01/2017 

May-2017 

03/0 1/1955 

Mar-2035 

215 

100% 

[for Age-based limitation: proration facto!' (Q/60, not<O or > 1 )] 

Cut with all limits (incl. Age based limit. L x R): ............. ................ .... .. 

$0.00 

T. Benefit after Suspension, with limitations (A- S):.................................................... $2,000.00 

~I!HN 5\p\Misc C'orr\20 I r,\Suspension\Appli,,.,liM\Aihocllillci\I$\S;iillplo! lilnitMfC'In cnlc.~ 5 I S.xJsx 
Demonstration that Limits on Individual Suspensions Are Satisfied 

Pursuant to IRC Sections 432(e)(9)(D)(i) through (iii) 

Proposed Benefit Suspension 

A. Benetit prior to Suspension: $2,000.00 

B. Benefit after Suspension (Ax ( 1-1 00%), prior to statutory lirojt: $0.00 

C. Cut without limits (A - B):..... .. ... ... . . ........................................................ $2,000.00 

Limitations 

1. 11 0% of PBGC Maximum Guarantee Limit 

D. Credited Service: 

E. Plan accm al rate (A I D): 

F. PBGC maximum benefit guarantee accrual rate: 

(100% of :first $11 plus 75% of next $33 of E) 

G. PBGC maximum benefit guarantee (D x F): 

20.00 

$100.00 

$35.75 

$715.00 

H. Benetlt to 110% ofPBGC maximum (G x 110%): $786.50 

1. 110% limitation (A- H):.... .... .. .... ................. ... .............................. $1,213.50 

2. D isability Limit 

J. Benefit attributable to disability: 

K. Disability limit (A- J): 

$1,000.00 

$1,000.00 

L, Cut with limits l & 2 (min C, I, K):...... .. .. . .. . .. . .. . .. . .. .. . .. . .. . . . . . .. . .. . .. .. . . .. . .. . .. . .. . .. . .. . .. $1,000.00 

3. Age limjt 

M. 

N. 

0 . 

P. 

Q. 

R. 

Effective Date of Suspension: 

The month after the effective date: 

Date of Birth: 

The month the Participant turns 80: 

Months in the period from N toP (months away from age 80): 

"Applicable Percentage" 

04/01 /2017 

May-2017 

03/0111955 

Mar-2035 

215 

100% 

[for Age-based limitation: proration factor (Q/60, not<O or > 1 )] 

S. Cut with all limits (incl. Age based limit, L x R):.. ............ ..................... $1.000.00 

T. Benefit atler Suspension, with limitations (A - S): .. .............. ..... . .. . .. . . .. . . . . .. . . . . .. . . . . .. . . . $1 ,000.00 

L.:\Oil9 5\p\M ~c CorMO I 6\S spension\i\ ppli 111\i\ uachm<:'nts\St~ mplc limi!nlion calcs S I S.xls' 
Demonstration that Limits on Individual Suspensions Are Satisfied 

Pursuant to me Sections 432(e)(9)(D)(i) through {iii) 

Proposed Benefit Suspension 

A. Benefit prior to Suspension: $2,000.00 

B. Benefit after Suspension (Ax (1-1 00%), prior to statutory limit: $0.00 

C. Cut without limits (A - B): ....................... . .. .. .. ... ..... . ... . . . .. .. ... ... . .. .. ..... ,..... $2,000.00 

Limitations 

l. 110% ofPBGC Maximum Guarantee Limit 

D. Credited Service: 

E. Plan accmal rate (A I D): 

F. 

G. 

PBGC maximum benefit guarantee accrual rate: 

(1 00% of frrst $11 plus 75% of next $33 of E) 

PBGC maximum benefit guarantee (D x F): 

20.00 

$100.00 

$35.75 

$715.00 

H. Benefit to 110% ofPBGC maximum (G x 110%): $786.50 

I. 110% limitation (A- H);............................... .. ............................... $1,2 13.50 

2. Disability Limit 

J. Benefit attTibutable to disability: 

K. Disability limit (A - J): 

$0.00 

$2,000.00 

L. Cut with limits 1& 2 (min C, I, K):.. ...... ...... .. .... .. ...... ......... ... ......... ... .. .......... .. .. .. $1,213.50 

3. Age limit 

M . 

N. 

0. 

P. 

Q. 

R. 

S. 

Effective Date of Suspension: 

The month after fhe effective date: 

Date of Birth: 

The month the Participant ttU11S 80: 

Months in the period from N toP (months away from age 80): 

"Applicable Percentage" 

04/01 /2017 

May-20 17 

08/01 /1935 

Aug-2015 

-20 

0% 

[for Age-based limitation: proration factor (Q/60, not<O or > 1 )] 

Cut with all limits (incl. Age based limit, L x R): .... ....... ....................... . 

T. Benefit after Suspension, with limitations (A-S):.................................................... $2,000.00 

2:1009 5\p\M scCon·\2016 Suspe ~ion\Applicati \AttacluneJlts\S3mple limitation e<1 lcs 5 IS.xlsx 
4.02 Proposed suspension is reasonably estim ated to enable the plan to avoid insolvency 

The graphs and cash flows below demonstrate that based upon the attached assumptions 

and the proposed pa1iition Lmder section 4233 of ERlSA, the benefit suspension being 

requested in this application, is reasonably estimated to enable the Fund to avoid 

insolvency. 

The graphs demonstrate that the Fund is not expected to go insolvent w1der the 

assumptions shown, and i.n addition, by the Plan Year ending 12/3l/2046, for the five 

years at the end of the extended period of30 years defined in the regulations, the Fund's 

solvency ratio improves. 

The Plan is not a plan desc1ibed in Section 432(e)(9)(B)(v)(I) so it is not required to use 

stochastic projections in its ilLustrations demonstrating that it will avoid insolvency. 

This certification was prepared on behalf of the B1icklayers and Allied Craftworkers 

Local 5 New York Retirement Fund Pension Plan based on employee data, asset 

statements and plan documents provided by the Plan Sponsor or its representatives. We 

relied upon the data as submitted, without formal audit. However, the data was tested for 

reasonableness, and we have no reason to believe that any other infom1ation which would 

have had a material effect on the results of this valuation was overlooked. 

Therefore, to the best of our knowledge and belief, the infonnation presented in this 

certification is complete and accurate, and each assumption used represents our best 

estimate of antici pated expedence under tbe Plan. 

Certified by: 

Redacted by the U.S. Department 

of the Treasury 

Craig A. Voelker, FSA, MAAA, EA 

Enrolled Actuary No.: 14~0553 7 

1236 Brace Rd. Unit E 

Cherry Hill, N.J 08034 

Phone (856) 795~7777 

June 23, 2016 

27 
Mortality 

Assumptions Used in Actuarial Certification 

Actives: RP- 2014 Blue Co1lar Employee Sex Distinct Table using scale 

MP-2014 improvement from year 2014. 

Disabled: RP- 2014 Disabled Retiree Sex Distinct using scale MP-2014 

improvement from year 2014. 

Retirees: RP- 2014 Blue Collar Annuitant Sex Distinct using scale MP2014 improvement from year 2014. 

Withdrawal Table T-5 

Disability SOA 1973 Disability Model XXVI 

Re tirement Age 

Active 1 00% at age 62 

Inactive Vested I 00% at age 62 if eligible else age 65 

Definition of Active A member must have worked 100 or more hours in the year to be included in 

the valuation. 

Future Employment 150,000 Total Hours per year 

Percent Manied 100% 

Age of Spouse Females are 2 years younger than their spouses. 

Net Investment Return 6.75% 

Administrative $285,000 payable at the beginning of the year 

Expenses 

Actuarial Value of The market value of assets less unrecognized retw·ns in each of the l.ast five 

Assets years. Unrecognized return is equal to the difference between the acwal market 

return and the expected return on the acturuial value, and is recognized over a 

five-year peJiod. The actuarial value is fw1her adjusted, if necessary, to be 

within 20% of the market value. 

Actuari al Cost Method Unit Credjt 

28 
Bricklayers and Allied Craftwoa·kers Local 5 New York Pension Plan 

Ex:peritnce & Assumptions As of 12/31: 

a. lmestmem relUm at market (for year ending 12131/t) 

b. Additional contnbuuon rate mcreascs c. Contribution r.:~te effective 6/l/t 

d. Employment (total hours) 

Market Assets as of 12131 

2015 $ 20.298.291 

Interest Rate Assumption ...... ............. ......... 6.75% 

Scenario 

I Max MBPRA Susp.:nsion 

Partition x% or benefit payments 

Actives ................................... .. ··I 0 % 

Tenninatt:ll Vested> ................ ........ 100% 

Retire.:s ......................... .. ........... 15% 

Beneliciaries ............................... . 0% 

Annual change tn tulUrc contribution base units 0.00% 

:lS a percentage of population over ten years 

Estimated Month of Insolvent): .................... December 2999 

&.t. PBGC Exp. lnlc:re;t Rate: ....................... 2.75% 

£st. PRCC £xposure ................................. S 13.562.09& 

Linked Summary 5 15.xlsx, Presentation 

--~20~1~5---=20~1~6---=20~1~7---=20~1~8 2019 

6.75% 

2020 

6.75% 

2021 _.,.:2c::..:02:::. 2 2023 1024 2025 2026 1fJ27 2028 

3.44% 4.45% 6.75% 6.75'f> 6.75% 6.75% 6.75% 6.75'7. 6.75% 6.75% 6.15% 6.75% 

5 - s s s s 

S L\.39 S 13.39 S 13.39 S 13.39 S 13.39 S 13.39 

150000 150000 150000 ISO()()() 150000 150000 - 150000 

Funded Pe r centage (PPA) as of 12/31 

100% 

90% 

80% 

70% 

60% 

50% 

40% -

30% lUI Ulllllllum nuum 

20% 

10% 

0%. ~~~~~c-~~~~~~~~o-~~~~~~~~0-~~~~~~ 

ooooo&&&&&&&&&&&&&sessese~~~~ ~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 

10.00 

S olven cy Ratio as of 12/31 

9.00 

8.00 

7.00 ~ 

6.00 

5.00 

4.00 

.IIIDOUmnuutdlll 3.00 

2.00 

1.00 

0.00 ~~~~~c-~~~~~~~~c-~~~~~~~~0-N~~~~~ 

~~~~~~~~~~~ 

~~~0~~~~~ &~~~~~~~~~~~~~~~~~~ ~ ~ ~ ~~~~~~ ~~~ 

i 13.39 ~ 13.1Q ~ 13.3Q ~ ll.JQ ~ 13.3Q ~ 13.39 s 13.39 

I SO 000 ISO 000 ISO )()() I 50 000 I 50 000 150 000 150 000 - - . - ' 

Cash F low b y Typ e $5 

$4 

~ $3 -

• 

] $2 

~ ~~ 

·$1 

·$2 

·$3 

·$4 

-$5 

-$6 '----

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

~~~~~9~ss~g~~~~&&s&~9~&~~~i89~888 ~ 

• Contributions • PBGC Assistance Totallnv Income 

• Benefits Paid • Expenses 

$30 

Available Resources as of 12/3 1 

$25 

"' " 

$20 

s SIS ~ 

IIIUIUUIIIIIIUIIDDI 

SIO 

$5 

$-

~~~~~o-~~~~~~~~c-~~~~~h~~0-~~~~~h 

ooooo~&&&&&&&&&&s&sses&s&~~~~ ~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Avg Contr. Rate /ttr $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 

Bfts intl -1.30% -12.25% -6.32% -1.56% -1.66% -2.13% 

Exp. lnfl 3.0% 3.0% 3.0% 3.0% 3.0% 2.0% 

Total Hours 150,000 150,000 150,000 150,000 150,000 150,000 

Projected ... aa•••·····> 

PY Beginning (t) 1/1/2016 1/1/2017 1/1/2018 l/1/2019 1/112020 1/1/2021 

PY Ending (t+1) 12/3112016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 

Market Value 

Beginning Value (t) 20,298,291 17,722,395 I 6,430,581 15,470,853 14,542,423 13,61 5,432 

Contributions 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 

PBGC Assistance 389,400 524,012 561,420 564,178 579,899 

Investment Income 

lnt & Div & Other 

Realized and UnR. 

Jnv. Exp. 827,093 1' 102,3 17 1,024,414 961,548 900,882 840,921 

Total Inv Income 827,093 1 '1 02,317 1,024,414 961 ,548 900,882 840,921 0 

rt") 

Benefits Paid (5, 126,489) ( 4,498,48 l) ( 4,2] 4,297) (4, 148,470) (4,079,781) (3,992,801) 

Expenses (285,000) (293,550) (302,357) (3 11,428) (320,771 ) (330,394) 

Ending Value (t+ 1) ] 7,722,395 16,430,581 15,470,853 14,542,423 13,615,432 12,72 1,556 

Avg Inv Assets 18,596,797 16,330,630 15.176,504 14,245, 154 13,346,397 12,458,084 

ROR 4.45% 6.75% 6.75% 6.75% 6.75% 6.75% 

Available Resources as oft 22,848,884 20,539,662 19,l6J ' 138 18,129,473 17,131 ,034 ] 6,134,459 

Solvency Ratio as of t 4.46 4.57 4.55 4.37 4.20 4.04 

Accrued Liability as oft 67,223,435 46,350,845 45,197,257 44,259,601 43,326,726 42,401,914 

Funded Percentage as of t 30.2% 38.2% 36.4% 35.0% 33.6% 32.1% 

Linked Summary 5 15.xlsx, Hist Assets 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

A vg Contr. Rate /hr $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 

Bfts infl -0.69% -1.90% -1.47% -LIO% -2.06% -3.25% 

Exp. Intl 2.0% 2.0% 2.0% 2.0% 1.0% 1.0% 

Total Hours 150,000 150,000 150,000 150,000 150,000 150.000 

PY Beginning (t) 1/ 1/2022 1/1 /2023 1/1/2024 111/2025 1/1/2026 1/ 1/2027 

PY Ending (t+ 1) 12/3 1/2022 12/3 1/2023 12/31/2024 12/31/2025 12/3 1/2026 12/3 1/2027 

Market Value 

Beginning Value (t) 12,72 1,556 11,821,293 10,957,662 10,098,432 9,254,545 8,460,189 

Contributions 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 

PBGC Assistance 615,668 645,9 10 660,558 701.444 738,678 72 1,400 

Investment Income 

Int & Di v & Other 

Realized and UnR. 

lnv. Exp, 78 1,178 722,602 665,876 608,938 554,236 504,297 

Total lnv Income 781 ,178 722,602 665,876 608,938 554,236 504,297 ·rO - Benefits Pajd (3,965,303) (3,890, 129) (3,833, 133) (3,790,908) (3,7 12,753) (3,592,237) 

Expenses (340,306) (350,5 15) (361 ,030) (371 ,861) (383,017) (394,508) 

Ending Value (t+ 1) 11 ,821,293 10,957,662 10,098.432 9,254,545 8,460, 189 7.707,64 1 

Avg Inv Assets 11,573,002 10,705,221 9,864,830 9,021 ,298 8,2 10,9 10 7,47 1,067 

ROR 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 

Available Resources as oft 15,170 ,928 14,201,880 13,271,008 12,344,009 11,434,264 10,578,478 

Solvency Ratio as oft 3.83 3.65 3.46 3.26 3.08 2.94 

Accrued Liability as oft 4 1,504,619 40,575,209 39,660 ,802 38,743,620 37,808,207 36,890,475 

Funded Percentage as of t 30.7% 29.1% 27.6% 26.1 % 24.5% 22.9% 

Linked Summary 5 15.xlsx, Hist Assets 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

A vg Contr. Rate /hr $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 

Bfts 1nfl -2.52% -2.77% -3.34% -4.60% -3.94% -3.65% 

Exp.lnfl 1.0% 1.0% 1.0% 1.0% LO% 1.0% 

Total Hours 150,000 150,000 150,000 150,000 150,000 150,000 

PY Beginning (t) 1/1 /2028 J/1/2029 1/1/2030 1/112031 111/2032 111/2033 

PY Ending (t+ 1) 12/31/2028 12/3 112029 12/3112030 12/31/203 1 12/3 1/2032 12/31/2033 

Market Value 

Beginning Value (t) 7,707,641 7.014,060 6,367,872 5,774,495 5,275,627 4,840,349 

Conttibutions 2,008,500 2.008,500 2,008,500 2,008,500 2,008,500 2,008,500 

PBGC Assistance 749,666 756,258 748,161 739,589 722,614 709,2 19 

Investment Income 

Int & Div & Other 

Realized and UnR. 

lnv. Exp. 456,161 412,205 371,999 336,620 306,676 280,544 

Totallnv Income 456, 161 412,205 371,999 336,620 306,676 280,544 r4 

r'(\ 

Benefits Paid (3 ,50 1 ,566) (3,404,618) (3,290,948) (3, 139,555) (3,0 15,725) (2.905,706) 

Expenses (406,343) (4 18,533) (431 ,089) (444,022) (457,343) (471.063) 

Ending Value (t+ I) 7,014,060 6,367,872 5,774,495 5,275,627 4,840,349 4,461,843 

Avg lnv Assets 6,757,937 6, 106,734 5,511' 103 4,986,956 4,543,343 4, 156,2 14 

ROR 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 

Available Resom·ces as of t 9,765,959 9,016,232 8,317,282 7 675,593 7,133,460 6,658,330 

Solvency Ratio as of t 2.79 2.65 2.53 2.44 2.37 2.29 

Accrued Liability as of t 36,035,410 35,2 16,392 34,442,343 33,733,584 33,133,522 32,621,000 

Funded Percentage as of t 2 1.4% 19.9% 18.5% 17.1% 15.9% 14.8% 

Linked Summary 5 15.xlsx, Hist Assets 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

A vg Contr. Rate /hr $ 13.39 $ 13.39 $ 13.39 $ 13.'39 $ 13.39 $ 13.39 

Bfts infl -4.07% -3.75% -4.34% -1.09% -4.34% -4.66% 

Exp. [nfl 1.0% 1.0% LO% 1.0% 1.0% 1.0% 

Total Hours 150,000 150,000 150,000 150,000 150,000 150,000 

PY Beginning (t) 1/1/2034 111/2035 111/2036 1/1/2037 1/1/2038 1/1/2039 

PY Endjng (t+l) 12/31/2034 12/3 1/2035 12/3 1/2036 12/31/2037 I 2/3 1/2038 12/31/2039 

Market Value 

Beginning Value (t) 4,461,843 4,162,028 3,9 19.225 3,740,090 3,539,414 3,398.612 

Contributions 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 

PBGC Assistance 705,842 690,148 665.309 643,005 618,917 590,579 

Investment Income 

[nt & Div & Other 

Realized and UnR. 

fn v. Exp. 258,509 241,306 228,341 2 16,669 206,307 200,066 

Total lnv Income 258,509 24 1.306 228,341 216,669 206,307 200,066 r(1 

rn 

Benefits Paid (2,787,47 1) (2,683,006) (2,566,541) (2,538,663) (2,428,434) {2,3 15,367) 

Expenses (485, 195) (499,75 1) (514,744) (530, 186) (546,092) (562,475) 

Ending Value (t+ l) 4,162,028 3,9 19,225 3,740,090 3,539,414 3,398,612 3,3 19.915 

Avg Inv Assets 3,829,760 3,574,899 3,382,832 3,209,9 15 3,056,401 2,963,941 

ROR 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 

Available Resources as of t 6,243,657 5,912,083 5,641 ,322 5,435,073 5,208,129 5,044,703 

Solvency Ratio as oft 2.24 2.2 0 2.20 2.14 2.14 2. 18 

Accrued Liability as oft 32,187,651 3 1,847,314 3 1,592,034 3 1,439,957 3 1,306,476 3 1,277,976 

Funded Percentage as of t 13.9% 13.1 % 12.4% 11 .9% 11.3% 10.9% 

Linked Summary 5 15.xlsx. Hist Assets 
Bricldayers and Allied Craft workers Local 5 New York Pension Plan 

A vg Contr. Rate /hr $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 

Bfts infl -2.97% -4.70% -4.38% -4.28% -4.95% -4.73% -5.54% 

Exp. fnfl LO% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 

Total Hours 150,000 150,000 150,000 150,000 150,000 150,000 150,000 

PY Beginning (t) 1/1/2040 1/ 1/204 I 1/ 1/2042 l/1/2043 1/1/2044 1/l/2045 1/1 /2046 

PY Ending (t+ 1) 12/31/2040 12/3 1/204.1 12/31/2042 12/3 1/2043 12/31/2044 12/31/2045 12/3112046 

Market Value 

Beginning Value (t) 3,3 19,915 3,260,9 14 3,264,450 3.325,307 3,439,548 3,609,763 3,835,544 

Contributions 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 2,008.500 

PBGC Assistance 561,840 537,259 s 15.799 493,660 461 ,243 434,480 402.271 

In vestment Income 

[n t & Div & Other 

Realized and UnR. 

Tnv. Exp. 196,509 195,500 198,303 204,743 2 15,088 228,890 246,770 

Total l.tw Income 196,509 ] 95,500 198,303 204,743 215,088 228,890 246,770 :sN) 

Benefits Paid (2,246,500) (2, 140.994) (2,047, 1 14) ( I ,959,592) ( I ,862,554) ( 1.774,465) ( 1.676,1 09) 

Expenses (579,349) (596,729) (614,631) (633,070) (652,062) (67 1,624) (69 1 ,773) 

Ending Value (t+ 1) 3,260,9 14 3.264,450 3,325,307 3,439,548 3,609.763 3,835,544 4,125,203 

A vg Jnv Assets 2,9 11,240 2,896,303 2,937,827 3,033,226 3,186,490 3,390,969 3,655,853 

ROR 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 

Available Resources as oft 4,945,575 4,868, 185 4 ,856,622 4 ,905,480 5,011 ,074 5.175,529 5,399,041 

Solvency Ratio as of t 2.20 2.27 2 .37 2 .50 2.69 2.92 3.22 

Accrued Liability as oft 3 1,364,479 3 1,528,058 31 ,811,791 32,211,77 1 32,729,275 33,382,074 34, 170,051 

Funded Percentage as oft 10 .6% 10.3% 10.3% 10.3% L0.5% 10.8% I L.2% 

Linked Summary 5 1S.xlsx, Hist Assets 
4.03 The proposed suspension is reasonably estimated to not materially exceed the level 

necessary to avoid insolvency 

The Plan is proposing this suspension in combination with applying for a partition, 

therefore this demonstration is not required. 

35 
4.04 Demonstration that the proposed benefit suspension is distributed equitably 

In accordance with Section 432(e)(9)(D)(vi), the proposed benefit suspension is 

distributed in an equitable manner across the Plan's participant and beneficiary 

population. As described in Section 2.02(3) of tills application, the Plan's proposed 

benefit suspension is to reduce all participants' benefits by the maximum allowable 

amount. As such, this distributes the proposed benefit suspension equally across the 

Plan's population, and there is no category or group that is treated differently within the 

Plan's participant and beneficiary population. For this reason, none of the factors listed 

in Section 432( e )(9)(0 )(vi)(I) through (XI) were relevant or taken into account in 

designing the Plan's proposed suspension. 

4.05 Notioe 

The following describes the Trustees' method for satisfying the notice requirements of 

Section 432(e)(9)(F): 

Individual Notices 

See attached document labeled: Appendix A Part Notice 5 l S.pdf 

Efforts Made to contact Participants, Beneficiaries and Alternate Payees 

The Board of Trustees will make all reasonable efforts to contact all participants, 

beneficiaries of deceased participants, and alternate payees of the Plan (regardless of 

whether their benefits are proposed to be suspended) pursuant to the Treasury's Proposed 

and Temporary Regulations and in sa6sfaction of their fiduciary duties under ERISA. 

The Trustees will provide notice to the last known address of the participant, beneficiary 

or alternate payee on file with the Plan, using the same address the Trustees used to 

distribute the Plan's most recent annual funding notice. If that notice is returned as 

undeliverable, the Trustees will contact the Union in an attempt to locate those missing 

individuals for whom the notice was returned as undeliverable. The Trustees will then 

use Pension Benefit Information (PBI), its normal search provider, to search for those 

remaining individuals for whom they were still not able to obtain updated information 

from the Union. The Trustees will mail notices to individuals within five days of locating 

them. Notices wHI not be delivered electronically. 

List of contribllting employers 

The followi ng is a list of the contributing employers that have an obligation to contribute 

to the Plan within the meaning of Section 4212(a) of ERISA: 

Employer 

Onofrios Precast Ser 

Plaster Master Inc 

M vm Contracting Corp 

Schnell Contracting 

Employer 

Gianfia Corp 

Granite Works Inc 

Hull Construction & 

J M R Concrete Of L. 

36 

Employer 

Corporate Constructi 

Mcnamee Construction 

Walsh Constmctioo C 

Stratis Contracting 
Ganem Contracting Co 

Cassidy Excavating, 

BAC Local I I New Yor 

Yonkers Contracting 

A-Tech 

Ecco Iii Enterprises 

Precast Services, In 

Cement Masons' Local 

Con-Tech Constructio 

Mason Builders Of Or 

A&K Slip Forming, In 

Andy Lopes Bldg Corp 

Annandale Coostructi 

Bac 5 Ny Joint Benef 

Bac Local 5 Ny 

BBL West Virginia, L 

Blakeslee Prestress 

Bradhurst Site Canst 

Casler Masonry, Inc. 

Coyle Industries Inc 

Crown Waterproofing, 

D & J Concrete Corp 

D .J. Rossetti Masonr 

Darante Construction 

Darlind Construction 

Eurotech Constrnctio 

Ferrari & Sons, Inc. 

Gemi ni Contracting I 

J .J.P. Slipforming, 

James Mcgowan M asonr 

Jjj Concrete Corp. 

Local I NY, Bricklay 

Loca12 New Yo rk 

Lupini Consruction 

M.J .C. Mason Cootmc 

Mexcon Inc. 

MPCCCorp 

NJ BAC Local #4 Bene 

Osman, Ltd. 

PCC Contracting, Inc 

Profex, Inc. 

Robert Mckinlay Maso 

Schaffner Constructi 

Tli-Star Building Co 

Villa Construction I 

Libolt & Sons, Inc. 

F.W.Koehler & Sons 1 

Eurotech Masonry & C 

Jmc Stone Corporatio 

AJliance M asonry Cor 

J .C. Structures, Inc 

Vip Construction Ser 

Ebs 

Tech Valley Contract 

Jemco Erectors, Inc. 

Carbuck Ltd 

Employee organization representing participants under the Plan 

Grenadier Corp. 

Mlb Construction Ser 

Gibraltar Conn·actin 

Colonial Wall System 

Civitillo Masonry 

Advanced Calulking & 

Locall Md C/0 Gem G 

Allstate Exteriors 

Berardi Stone Settin 

The employee organization representing participants under the Plan is the Bricldayers 

and Allied Craftworkers Local 5 New York. 

37 
5. Plan Sponsor's Detel"mination Relating to Reasonable Measures Taken to A void 

Insolvency 

5.01 Measures taken to avoid insolvency 

See Discussion in Section 3.03, above. 

5.02 Plan factors 

See Discussion in Section 3.03, above. 

5.03 How plan factors were taken into account 

See Discussion in Section 3.03. above. 

5.04 Other factors considered 

See Discussion in Section 3.03, above. 

38 
6. Other Required Information 

6.01 Ballot 

See attached document labeled: Ballot 5 lS.pdf for a proposed ballot intended to satisfy 

the requirements of Section 432(e)(9)(H)(iii) (without the statement in opposition to the 

proposed benefit suspension described in Section 432(e)(9)(H)(ili)(Il) or the 

individualized estimate that was provided as part of the notice described in Section 

432(e)(9)(F)). 

6.02 Partition 

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

effective April 1, 2017. Below is the year-by-year projection of tbe amount of the 

reduction in benefit payments attributable to the partition. 

39 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Benefit Payments by Status 

Plan Year Ending 12/31 2017 2018 2019 2020 2021 2022 2023 

Benefit Payments of the Successor Plan 

Actives $ $ $ $ $ $ $ 

TVs 100,740 156,970 212,571 233,857 268,234 322,734 371 ,683 

Retirees 288,660 367,042 348,849 330,321 311,665 292,934 274,227 

Beneficiruies 

Total $ 389,400 $ 524,012 $ 56] ,420 $ 564,178 $ 579,899 $ 615,668 $ 645,910 

Z:\009 5\p\Vai\2015\Linked Summary 515.xlsx 
Bricklayers and Allied Craftworkers LocalS New York Pension Plan 

Benefit Payments by Status 

Plan Year Ending 12/31 2024 2025 2026 2027 2028 2029 2030 

Benefit Payments of the Successor Plan 

Actives $ $ $ $ $ $ $ 

TVs 404,941 464,252 519,617 520,100 565,647 588,927 596,841 

Retirees 255,617 237,192 219,061 201,300 184,019 167,331 15 1,320 

Beneficiaries 

Total $ 660,558 $ 701,444 $ 738,678 $ 721,400 $ 749,666 $ 756,258 $ 748,161 

::r 

Z:\009 5\p\Vai\2015\Linked Summary 5 15.xlsx 
Bt·icklayers and Allied Craftworkers LocalS New York Pension Plan 

Benefit Payments by Status 

Plan Year Ending 12/3 1 2031 2032 2033 2034 2035 2036 2037 

Benefit Payments of the Successor Plan 

Actives $ $ $ $ $ $ $ 

TVs 603,513 600,940 601 ,048 610,246 606,214 592,043 579,456 

Retirees 136,076 121,674 108,171 95,596 83,934 73,266 63,549 

Beneficiaries 

Total $ 739,589 $ 722,614 $ 709,219 $ 705,842 $ 690,148 $ 665,309 $ 643,005 

Z:\009 5\p\Vai\2015\Linked Summary 5 15.xlsx 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Benefit Payments by Status 

Plan Year Ending 12/31 2038 2039 2040 2041 2042 

Benefit Payments of the Successor Plan 

Actives $ $ $ $ $ 

TVs 564,172 543,747 522,048 503,687 487,679 

Retirees 54,745 46,832 39,792 33,572 28,120 

Beneficiaries 

Total $ 618,917 $ 590,579 $ 561,840 $ 537,259 $ 515,799 

Z:\009 5\p\Vai\2015\Linked Summary 5 15.xlsx 

2043 

$ 

470,266 

23,394 

$ 493,660 

$ 

$ 

2044 

441,908 

19,335 

461,243 

rt'i 

:r 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Plan Year Ending 12/31 2045 

Benefit Payments of the Successor Plan 

Actives $ 

TVs 418,595 

Retirees 15,885 

Beneficiaries 

Total $ 434,480 

Z:\009 5\p\VaJ\2015\Linked Summary 5 15.xlsx 

$ 

$ 

Benefit Payments by Status 

2046 

389,293 

12,978 

402,271 

r 

T 
6.03 Ten-year experience for certain critical assumptions 

Return 

Year Average Withdrawal on 

Ending Base Units Hourly Liability Assets 

12/31 Contributions (Hours) Rale Payments (Market Basis) 

2005 $ 1,905,835 345,052 $5.52 $0 6.6% 

2006 2,035,681 341,557 5.96 0 12.5% 

2007 2,459,030 348,469 7.06 0 4.9% 

2008 2,228,212 272,620 8.17 0 -23.4% 

2009 2,009,200 213,593 9.41 0 11.9% 

2010 2,480,621 230,167 10.78 0 12.2% 

20ll 1,992,893 158,976 12.54 0 -6.3% 

2012 2,016,684 j 50,61 J 13.39 0 10.3% 

2013 ] ,843,878 137,706 13.39 0 14.0% 

2014 $ 1,931,618 144,258 $ 13.39 $0 6.8% 

45 
6.04 Demonstration of sensitivity of projections 

The below exhjbits show the following separate projections: 

J) A reduction of l % in the Plan's assumed rate of return on assets 

2) A reduction of 2% in the PJan's assumed rate of retum on assets 

3) A change in the assumed future contribution base units from a 0% change year over 

year to a 5.7% annual reduction for the next ten years 

4) A change in the assumed future contribution base units from a 0% change year over 

year to a 6.7% annuaJ reduction for the next teo years 

46 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Experience & Assumptions As or 12/31: 

a. Investment return at market (for year ending 12/3 1/1) 

b. Additional contribution rate increases 

c. Contribution rate effecti ve 6/1/t 

d. Employment (Iota! hours) 

M ar~ t As:iet:. a;, or 1213 1 

2015 s 20.29&.291 

Interest Rate Assumptioo ....................... .... . 6.75% 

S<:cnario 

I Max MEPRA pen n 

Parlition x% or benefit paymems 

Ac.:tivcs ... ..... .. ..... ... .................... 0% 

Terminated Vesteds .. ... ........... .... .... LOO% 

Retirees ............... .... .......... ......... 15% 

Beneficiaries .. .. ..................... ....... 0% 

Annual change in rurure contribution lxbe unit~ 0.1)()% 

~ a percentage or population over ten yea,... 

Estimated Month of Insolvency: .................... August 2035 

Est. PBGC Exp. Interest Rate ..... .............. .. .. 2 .75% 

Est. PBGC Ex posure ............... ... ..... .. .. .. .... S 11.682.509 

Linked Summary 5 15.xlsx, Presentation 

--~20 --~20~ --~20~~7--~20 8 2019 

5.75% 

2020 __ .....:.;2::..:2~1 

5.75% 5.75% 

2022 2023 2024 2025 2026 2027 -----=20::..=2.::.8 

3 5.75% 5.75% 5.75% 5.75% 5.75% 5.75% 5 .75% .44% 3.1:!6% 5.75% 5.75% 

$ $ 13.39 - $ $ 13.39 - $ $ 13.39 - $ $ $ 13.39 $ 13.39 - $ $ 13.39 - $ $ 13.39 - ···· $ 13.39 

$ - $ $ $ 

$ ll39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 

I SO 000 I. SO 000 ISO 000 l SO 000 l 50 000 l . 50 000 150000 150000 l'iOOOO 150000 150000 150 000 150000 150000 

Funded Percentage (PPA) as of 12131 

100% 

90% 

80% 

70% 

60% 

50% 

40% 

~JUlllllllllu li. 

30% 

20% 

10% 

0% ~~~~~0~~~ ~~~0-~~~~~~~~0~N~ ~~ 

~~~~fJ~fJ~fJfN?~~&&&&&RI#R&&&~~~~~~~~ 

10.00 

Solvency Ratio as of 12/31 ----- ----

9.00 

8.00 

7.00 -

6.00 I -- I 

5.00 

I OOJIDbllbtlnw.w.Wm 

4.00 

3.00 

2.00 

1.00 

0.00 ~~ ~~c-~~~~ ~~~o ~~ ~~~~ o~N~ ~ 

00000~~~~~~~~~~~~~~~~&~&&~ ~ ~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 

Cash F low by Type 

$4 

53 - .. $2 II $1 

$0 

-$1 

-$2. -

-$3 

-$4 

-$5 -- -$6 ~~ ~~~ ~~ ~~~~~~0~ ~~ ~~ ~~~ ~~ ~~ 

~~~~~~~~~~~~~~~~ ~~~~~~~~g~~~~~~~ ~~~ N~~ ~~ ~~N~~~~~~N~ ~~~~~~~~ 

• Contributions • PBGC Assistance Totat tnv Income 

• Benefits Paid • Expenses 

Available Resources as of 12/31 

$30 -

S25 

2 $20 

:S $ 15 ~ 

$ 10 

$5 

SI 

.II Uttm .................. ~~~~~o ~~ ~~ ~~o ~~~~~~~~o~~~~~~ 

~~~~~~~~~8~& &~~~~~~~&&&S~~ J ~~J ~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~ 

r-

:r 
Bricklayer·s and Allied Craftworkers Local 5 New York Pension Plan 

Experience & Assumptions As of 12/31: 

a. lnvcstJncnt return at market (for year ending 12/3111) 

--~2~01=5 --~20~~6--~20~~7--~20~1~8 

3.44% 3.28% 4.75% 4.75% 

20 19 

4.75% 

2020 __ ____::. 202;:..::..;_1 

4.75% 4.75% 

2022 

4.75% 

2023 _ _..:~02::..:.4 2025 2026 2027 2028 

4.75% 4.75% 4.75% 4.75% 4.75% 4.75% 

b. Athlitional comribution rate increases $ -$ $ -$ -$ -$ $ 

~ 13.39 ~ 13.39 ~ 13.39 ~ 13.39 $ IB9 c. Contribution rate effective 6/1/t $ 1.U9 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 

d. Employment (total hours) 150 000 I SO 000 I SO 000 150,000 150 000 150 000 150 000 150 000 I SO 000 150 000 ISO 000 150 000 150 000 150 000 

Market Al>l>CIS as of 12/31 

2015 s 20.298.291 

Interest Rate Assumptim ......................... .. . 6.75% 

100% 

90% 

80% 

70% 

~~~cn~a~ri~o~~~~~----~---------------------4 60% 

I Max MEPRA Suspension :50% 

Partition x% of benefit payments 40% ~~~A~c~t~iv~e~s.~ .. ~... ~ ~ .. ~ .. c .. ~ .. ~ .. ~.~ .. ~ .. -.. -.. -.-.. -.. -.. -.. -.. -... - --------- 1 30% 

Funded Percentage (PPA) as of 12/31 

Retirees........................ .............. 15% 10% II~~~ Terminated Vesteds.. ..... .. ........... .... 100% 20% I Iii 

Beneficiaries................................ 0% O% 1111~ 

Annual change in future contribution base units 

~ a percentage of population over ten year<: 

0.00% 

Estimated Month oflnsolvency: .................... SeptemberL031 10.00 

Est. PBGC Exp. lnterest Rate.......... .. ........... 2.759< 

Est. PBGC Exposure ............................ ..... S 11.679.976 

9.00 

8.00 

1.00 T 

Solvency Ratio as of 12/31 

-----

~:~ ~ ---_-_-_-_-_-___ _ 

4.00 1= -------------------------

Link ed Sunvnary 5 15.:dsx, Presentation 

3.00 

2.00 

1.00 

0.00 

• ••••• llltiiPIIJI•••IIijjiiiiiiiiD ~~~~~C-N~~~~~~~c~~~~~~~~~O~N~~~~~ 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 

eeeeo~~~~~~~~~~&~&~~~~~&&~~~~~~~~ 

Cash Flow by Type 

$4 

$3 

~mmu c $2 

$1 

$0 

·$1 . 

-$2 

-$3 - - -$4 

-$5 

·$6 . 

~~~~~0~~~ ~~~~~0~~~~~~~~~0~~~~~~~ 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ • Contributions • PBGC Assisunce Tot31 1nv lncomf! 

• BenefiU Paid • Expenses 

$30 

Available Resources as of 12/31 

$25 

c $20 

0 

= $15 ~ 

$ 10 

S5 •• 

$-
a. 

b. 

c. 

d. 

Bricklayers and Allied C1·aftworkers Local 5 New York Pension Plan 

Experience & Assumptions As of 12131: 

lnvestmem return at market (for year ending 12/3 1/t) 

Additional conui bution rate incr= 

Contribution rate effective 6/1/t 

Employment (total hours) 

Market ~~cts as o f 12/3 1 

2015 s 20.298.29 1 

Interest Rate Assumption ..... ... ..... ............... 6 .75% 

Scenario 

I Max MEPRA Suspension 

Partition x% of benefit payments 

Actives .. . ...... .. .... . ..... ... . .. .... ... . .... 0% 

Terminated Vestcds .. . .... ........ ... ... .. . 100% 

Rctiro:es .. ...... .. . . .......... , . ....... ... , .. . 15% 

Beneficiaries . .... .... .... .... .. . ... .. ....... 0% 

Annual change in future contribution base unitS ·5.70'JI: 

a< a percent age of popub tion over ten ye3N 

Estimated Month of Insolvency: .................... July 2027 

Est. PBGC Exp. Interest Rate ....................... 2 .75% 

F.~t. PRGC F.x(lCl re ...................... .. s 2'\.411.'77 

Unked Summary 5 15.xlsx, Presentation 

-- ~5--~20~~6--~20~ --~20~ 8--~20~~9--~2 ~0 ____ 0~2~ --~200~2--~20~~~ 2024 --~20~2:::. 5 2026 

6.75% 

2027 

6.75% 

2028 

3.44% 4.45% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.15% 6.15o/C 6.75% 

$ -$ S $ -$ - S -S -S -S - S -S 

s 13.39 s 13.39 s 13.39 $ 13.39 $ 13.39 s 13.39 $ 13.39 s 13.39 s 1139 s 13.39 s 13 .39 s 1339 s 13.39 

150 000 .. .., .. " - . - -· 15oooo 141 4'iO m 387 J?5 784 1ts 6 1-; 111 854 1os .ns 99 466 9" 796 ss 450 83 -tos 83 408 83 408 

Funded ce ta~e (PPA) as of 12/31 Cash Flow by Type 

100% $4 

$3 - 90% Q!'l '! 

1m1tmm 

80% ;: $2 

$1 70% so 60% ·Sl - 50% -$2 

40% ·$3 

30% . -$4 

20% II h. --- -$5 - 10% ·S6 ~0~ ~~ ~~ ~0 ~~~ ~~~ ~~ ~~ 

0% ~~~~Q~~ ~~~~~~~~~~~Q~~~~~g~~~~~88 

~~~~~O~N~ ~~~~~o-~~~~~~~~O N~ ~~ ~~~~~~~~ ~~~~~~~~~ ~~~~~~~ ~~~ ~~~ 

~~~~~~~~~~~~~~~RRR~~~~~~~~~~~ ~if~ • Contributions • PBGC Assistance Tota1 1nv Income 

• Benefits Paid • Expenses 

10.00 

Solvency Ratio as of 12/31 A va ila ble R e s o u r ces a s of 12/31 

$30 ......- 9.00 

8.00 $25 

7.00 

6.00 :: "' $20 

5.00 E $ 15 ~ 

IIIIIIL ------~~~-~ 4.00 h ---

11~ 3.00 S IO 

2.00 . 

lRRfi: 1.00 $5 

0.00 .. --------------.... $. ~~ ~~Q~~~ ~~~~~o~~~ ~~~~~o~N~ ~~~ 

00000~~0~~~~~~~~~2~~~~~~~~~ ~~~~ ~~~~~o~~ ~~~~~o-~~~~~~~~o~N~~~~ 

~~~~~~~~~N~ ~~N ~~~~~ ~~~~~~~~~ 00000~~ ~&~&~&~ &&~&&&&&~~~~ ~~~ ~N~N~~~NNNNNN~~NN~NN~N NNNNNNNNNN 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Experience & Assumptions As of 12/3 I: 

a. Investment return at market ([or year ending 12/31/t) 

b. Additional contribution rate increases c. Contribution rate effective 611/t 

d. Employment (total hours) 

Market Assets as of 12/31 

2015 s 20,298.291 

Interest Ratc Assumplion .... ... ... .... ............. . 

Sccua1iu 

I Max MEPRA Suspension 

Partition xo/o of benefit pavments 

Actives ...................................... . 

Terminated Vcstcds .. ..... ....... .. . .. .... . 

Retirees ..................................... . 

Beneficiaries ................... ............ . 

Annual change in future contribution base umts 

as a percentage of population over ten years 

6.75% 

0% 

100% 

15% 

0% 

-6.10'* 

Estimated Month oflnsolvency: .. .................. December 2l26 

EM. PBGC Exp. Interest Rate .... ..... ............. . 

Es1. I>BGC Exposure ................................. S 

Linked Summary 5 1 S.xlsx, Presentation 

2.75% 

27.&~3 299 

2015 20 16 _.......:.;20::...:1..:..7 _ ___:::20::...:1.::. 8 

3.44% 4.45% 6.75% 6.75% 

20 19 _ .......:.;20::..:2:::.0 ----'-20'-'2'-'-1 

615% 615% 615% 

2022 

6.75% 

2023 

6.75% 

2024 

6.15% 

2025 

6.75% 

2026 _---=:202:.=..:... 7 

6.75% 6.75% 

2028 

6.75% 

$ -$ - $ $ -$ $ $ -$ -$ -$ $ 

$ 13.:19 $ 13.39 $ 13.39 $ 13.39 s 13.39 $ 13.39 $ 13.39 s 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 

150000 150.000 139,950 130.571 121.825 IIJ.663 106047 98942 92.311 86 128 80.357 74973 74973 74 973 

Funded Percentage (PPA) as of 12/31 Cash F low by Type 

100% $4 

90% $3 

80% ~ $2 

70% $1 

so 

00% ·$1 

50% -$2 111118 ··~ HI-11-._. 

- -······· 

40% 

lUUtt; .. 

-$3 

30% -$4 

20% -$5 

10% -$6 

0% ~~~~~O N~~~~~~~o ~~ ~~~~~O'N~ ~~~ 

ooooo&&&&&&&&&&&~~~~~~~~&~~~~~&~~ N~~~NNNN~N~N~NNNN~N~N~N~NN~N~N~N~ 

-

~~~~~0~~~~~~~ ~~0~~~~~~~~~0~~~ ~~ ~ 

IJIJIJ!IIJ~~~~~!J~~~~&~&~&f!f!f!f!&~~~~~~~~ • Contributions • PBGC Assistance Totol lnvlncome 

• Beneflt.s Paid • Exoenses 

10.00 Solvency Ratio as of 12/31 

$30 

Available Resources a s of 12/31 

9.00 

8.00 $25 I 

7.00 t 6.00 

5.00 

4.00 

w 

3.00 

2.00 

1.00 

0.00 

"' $20 

Ill c 

- ~ $ 15 --- ~ 

$10 

S5 

•• 

S-
6.05 Projection of funded percentage 

The graphs and cash flows below show the Trustees' illustration, prepared on a 

deterministic basis, of the projected value of Plan assets, the accrued liability of the Plan 

(calculated using the unit credjt funding method) and the funded percentage for each year 

in the Plan's extended period, which ends with the Plan Year ending 12/31/2046. 

51 
Bricklayet·s and Allied Craftworkers Local 5 New York Pension Plan 

Experience & Assumptions As of 12/31 : 2015 2016 2017 20 18 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 

a. Investment return at market (for year ending 12/31/t) 3.44% 4.45% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 

b. Additional contribution rate increases $ - .$ $ $ .$ - $ - $ - $ .$ - s - $ - c. Contribution rate effective 611/t $ 1339 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.3() i 13.39 

d. Employment (total hours) 150.000 150,000 150.000 150,000 150.000 150.000 150,000 150,000 150.000 150.000 150.000 150.000 150,000 150,000 

Market Assets as of 12/31 F unded Percentage (PPA) as of 12/31 Cash F low by Type 

100% $5 2015 $ 20,298,291 $4 90% ~ $3 80% Interest Rate Assumption .......... .............. .... 6.75% .§ $2 

1 

70% ~ $1 

Scenario 60% $0 - - I Max MEPRA Suspension jQ% -$1 

-$2 - - - . 40% Partition x% of benefit ~a~ments -$3 . . - Acti ves .... ...................... ....... ...... 0% 30% 

n IIIII u IIIIUIIII n I DUl11 

-$4 

Terminated Vesteds ..... .... ....... .. .. .. .. 100% 20% -$5 - ------ Retirees ............... . ...... ...... ........ . 15% 10% -$6 

Beneficiaries .... ...... ... .... ..... ... .... ... 0% ~~~~~0~~~·~~~~~0~~~·~~~~~0~~~·~~~ 

0% ~~~~~c~N~~~~~~~o~~~~~~~~~o~~~l~~~ ~~~~~~~~~~~~~~~~~~&~~~~~~~~~~~~~~ Annual change: in future contribution base units 0.00% ~~~~~~~~~~~~~~~~~~~~~&~~~~~~~ ~~~ • Contributions • PSGC Assistan ce Total lnv Income 

as a percentage of population over len years ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ • Benefits Paid • Expenses 

10.00 

Solvency Ratio as of 12/31 Availab.Je Res ources as of 12/31 Estimated Month of Insolvency: .. .... .............. December 2999 $30 

9.00 

Est. PBGC Exp. lnterest Rate ...... .. ....... ... ..... 2.75% 8.00 I $25 j 

E$t. PRGC Exposure ...... . . . . . . . . . . . . . . ...... .... $ 11.'i{;2.tWR 7.00 I - i ll. I $20 6.00 .: II 5.00 0 

•• IIIUUHJIUJUI 

::: $15 

4.00 ~ I 

3.00 $10 I 

Wllllllltmmm 2.00 I 

$5 1.00 

0.00 ~~~~~O~N~~~~~~~O~N~~~~~~~O~N~i~~~ $-

~0~0~~~~~~~~~~~~~~~~&&~&~~~~~ ~~~ ~~~~~c~~~~~~~~~c ~~ ~~~~~C~N~~~~ 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~8~&&&&~~~~~~2~~~~~~~ ~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 

Linked Summary 5 15.xlsx, Presentation 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

A vg Contr. Rate /hr $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 

Bfts infl -1.30% - 12.25% -6.32% - 1.56% - 1.66% -2.1 3% 

Exp. Jntl 3.0% 3.0% 3.0% 3.0% 3.0% 2.0% 

Total Hours 150,000 1.50,000 150,000 150,000 150,000 150,000 

Projected ·············> 

PY Beginning (t) 1/1/2016 111/2017 1/1/2018 1/1/2019 1/1/2020 1/l/202 1 

PY Ending (t+ 1) 12/3112016 12/3 1/2017 12/3 1/2018 12/3 1/20 19 12/3 1/2020 12/3 1/202 1 

Market Value 

Beginning Value (t) 20,298,29 1 17,722,395 16,430,58 1 15,470,853 14,542,423 13,615,432 

Contributions 2,008,500 2,008,500 2,008.500 2.008,500 2,008,500 2,008,500 

PBGC Assistance 389,400 524,012 56 1,420 564,178 579,899 

Investment Income 

lnt & Div & Other 

Realized and UnR. 

Inv. Exp. 827,093 1, 102,3 17 1,024,4 14 961,548 900,882 840.92 1 

Total Inv Income 827,093 I, 102,3 17 1,024,414 961.548 900,882 840,921 ro 

\.1\ 

Benefits Paid (5, 126,489) ( 4.498,48 1) (4,214,297) (4, 148,470) (4,079,781) (3,992,801) 

Expenses (285,000) (293,550) (302,357) (3 ll ,428) (320,771) (330,394) 

Ending Value (t+ l) 17,722,395 16,430,58 1 [5,470,853 14,542,423 13,615,432 12,721,556 

A vg Tnv Assets 18,596,797 16,330,630 15,176,504 14,245, 154 13,346,397 12,458,084 

ROR 4.45% 6.75% 6.75% 6.75% 6.75% 6.75% 

A vaiJable Resources as oft 22,848,884 20,539,662 19.161 , 138 18,129,473 17,13 1,034 16,134,459 

Solvency Ratio as oft 4.46 4.57 4.55 4.37 4.20 4.04 

Accrued Liability as of t 67,223,435 46,350,845 45, 197,257 44,259,601 43,326,726 42,40 1,914 

Funded Percentage as oft 30 .2% 38.2% 36.4% 35.0% 33.6% 32. 1% 

Lihked Summary 5 15.xlsx, Hist Assets 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

A vg Contr. Rate /hr $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 

Bfts infl -0.69% -1.90% - 1.47% -1.10% -2.06% -3.25% 

Exp. Infl 2.0% 2.0% 2.0% 2.0% !.0% 1.0% 

Total Hours 150,000 150,000 150.000 150,000 150,000 150,000 

PY Beginning (t) 1/1/2022 l/1/2023 1/ 1./2024 1/1/2025 1/l/2026 J/J/2027 

PY Ending (t+ 1) 12/3 1/2022 12/3 1/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027 

Market Value 

Beginning Value (t) 12,72 1,556 II ,821,293 10,957,662 10,098,432 9.254,545 8,460. 189 

Contdbutions 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 

PBGC Assistance 615,668 645,9 10 660,558 701,444 738,678 721,400 

Investment Income 

lnt & Di v & Other 

Realized and UnR. 

Inv. Exp. 781, 178 722,602 665,876 608,938 554,236 504.297 

Total ln v Income 781, 178 722,602 665.876 608,938 554,236 504,297 "I"' 

<.n 

Benefits Paid ( 3,965,303) (3,890, 129) (3,833, 133) (3,790,908) (3.712,753) (3,592.237) 

Expenses (340,306) (350,5 15) (36 1 ,030) (371.861 ) (383,017) (394,508) 

Ending Value (t+l) I I ,82 1 . ,293 10,957,662 10,098,432 9,254,545 8.460, 189 7.707,641 

A vg lnv Assets 11,573,002 10,705,221 9,864,830 9,021,298 8,2 10,9 10 7,471.067 

ROR 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 

Available Resources as of t 15,170,928 14,201,880 13,271,008 12.344.009 11 ,434,264 10,578,478 

Solvency Ratio as of t 3.83 3.65 3.46 3.26 3.08 2.94 

Accrued Liability as of t 41,504,619 40,575,209 39,660,802 38,743,620 37,808,207 36,890,475 

Funded Percentage as of t 30.7% 29. 1% 27.6% 26. 1% 24.5% 22.9% 

Linked Summary 5 15.xlsx. Hist Assets 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

A vg Contr. Rate /hr $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 

Bfts inft -2.52% -2.77% -3.34% -4.60% -3.94% -3.65% 

Exp. lnfl 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 

Total Hours 150,000 150,000 150,000 150,000 150,000 150,000 

PY Beginning (t) 1/l/2028 1/ 112029 l/1/2030 1/1/2031 111/2032 1/J/2033 

PY Ending (t+ I ) 12/31/2028 12/3 1/2029 12/3 t/2030 12/3 1/203 1 12/31/2032 12/31/2033 

Market Value 

Begi nni ng Value (t) 7,707,641 7,014,060 6,367,872 5,774,495 5,275,627 4,840,349 

Contributions 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 

PBGC Assistance 749,666 756,258 748,16 1 739,589 722,6 14 709,219 

Investment Income 

lnt & Div & Other 

Realized and UnR. 

lnv. Exp. 456, 161 4 12,205 371,999 336,620 306,676 280,544 

Totallnv Income 456, 16 1 412,205 37 1,999 336,620 306,676 280.544 V> 

V) 

Benefits Paid (3,501,566) (3,404,6 18) (3,290.948) (3, 139,555) (3,0 I 5, 725) (2,905.706) 

Expenses (406,343) (418,533) (43 1,089) (444,022) (457,343) (47 1.063) 

Ending Value (t+l) 7,014,060 6,367,872 5,774,495 5,275,627 4,840,349 4,461,843 

A vg lnv Assets 6,757,937 6, 106,734 5,5 11, 103 4,986,956 4,543,343 4,156,214 

ROR 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 

Available Resources as oft 9,765,959 9,01 6,232 8,317,282 7,675,593 7,133,460 6,658,330 

Solvency Ratio as oft 2.79 2 .65 2.53 2.44 2.37 2.29 

Accrued Liability as oft 36,035,4 10 35,216,392 34,442,343 33,733,584 33,133,522 32,621,000 

Funded Percentage as oft 21.4% 19.9% 18.5% 17.1 % 15.9% 14.8% 

Linked Summary 5 15.xlsx, Hist Assets 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

A vg Contr. Rate /hr $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 

Bfts intl -4.07% -3.75% -4.34% -1.09% -4.34% -4.66% 

Exp. Infl 1.0% 1.0% l.O% 1.0% 1.0% 1.0% 

TotaJ Hours 150,000 150,000 150,000 J 50,000 150,000 150,000 

PY Beginning (t) 1/1/2034 1/112035 1/l/2036 111 /2037 1/1/2038 l/1 /2039 

PY Ending (t+l) 12/31/2034 12/3112035 12/31/2036 12/31/2037 12/31/2038 12/31/2039 

Market Value 

Beginning Value (t) 4,461,843 4,162,028 3,919,225 3,740,090 3,539,414 3,398,612 

Contributions 2.008,500 2,008.500 2.008,500 2.008,500 2,008.500 2,008,500 

PBGC Assistance 705,842 690,148 665,309 643,005 6 18,917 590,579 

Investment Income 

lnt & Div & Other 

Realized and UnR. 

Inv. Exp. 258,509 241,306 228,341 216,669 206,307 200,066 

Total Lnv income 258,509 241,306 228,341 216,669 206,307 200,066 ..SJ 

~ 

Benefits Paid (2,787,471) (2.683,006) (2,566,54 I ) (2,538,663) (2,428,434) (2,3 15,367) 

Expenses (485, 195) (499,751) (514,744) (530, 186) (546.092) (562,475) 

Ending Value (t+l) 4,162,028 3,919,225 3,740,090 3,539,414 3,398.612 3,319,915 

Avg Ln v Assets 3,829,760 3,574,899 3,382,832 3,209,915 3,056,401 2,963,941 

ROR 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 

Available Resources as of t 6,243,657 5,912,083 5,641,322 5,435,073 5,208, 129 5,044,703 

Solvency Ratio as oft 2.24 2.20 2.20 2.14 2.14 2.18 

Accrued Liability as oft 32,187,651 31,847,314 31,592,034 31,439,957 3 1,306,476 31,277,976 

Funded Percentage as oft 13.9% 13. 1% 12.4% 11.9% 11.3% 10.9% 

Linked Summary 5 15.xlsx, Hist Assets 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Avg Contr. Rate /hr $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 $ 13.39 

Bfts infl -2.97% -4.70% -4.38% -4.28% -4.95% -4.73% -5.54% 

Exp. lnfl l.O% 1.0% 1.0% 1.0% l .O% 1.0% 1.0% 

Total Hours 150,000 150,000 150,000 150,000 150.000 150,000 150,000 

PY Begi nning (t) 1/1/2040 1/1/2041 111/2042 1/1/2043 1/1/2044 11112045 l/1/2046 

PY Ending (t+l) 12/31/2040 12/3 t/2041 12/31/2042 12/31/2043 12/3 1/2044 12/31/2045 12/31/2046 

Market Value 

Beginning Value (t) 3.319,915 3,260,914 3,264,450 3,325,307 3.439,548 3,609,763 3,835,544 

Contributions 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 2,008,500 

PBGC Assistance 561,840 537,259 515,799 493,660 461,243 434,480 402,27 1 

Investment fi1Come 

Int & Div & Other 

Realized and UnR. 

lnv. Exp. 196,509 195,500 198,303 204,743 215,088 228,890 246,770 

Total Jnv Income 196,509 195,500 198.303 204,743 2 15,088 228,890 246,770 [i) 

Benefits Paid (2,246,500) (2, 140,994) (2,047,11 4) ( 1.959,592) ( 1,862,554) ( I ,774,465) ( 1 ,676, I 09) 

Expenses (579,349) (596.729) (6 14,63 1) (633,070) (652,062) (671 ,624) (691.773) 

Ending Value (t+l) 3,260,914 3,264,450 3,325,307 3.439,548 3,609,763 3,835,544 4,125,203 

A vg Inv Assets 2,911,240 2.896,303 2,937,827 3,033,226 3,186,490 3.390,969 3,655,853 

ROR 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 

Available Resources as oft 4,945,575 4,868. 185 4,856,622 4,905,480 5,011 ,074 5, L75,529 5,399,041 

Solvency Ratio as of t 2.20 2.27 2.37 2.50 2.69 2.92 3.22 

Accrued Liability as oft 31,364,479 3 I ,528,058 3 1,811,791 32,211,771 32,729,275 33,382,074 34,170,051 

Funded Percentage as oft 10.6% 10.3% 10.3% 10.3% 10.5% J0.8% 11.2% 

Linked Summary 5 15.xlsx, Hist Assets 
6.06 Plan sponsor certifications relating to plan amendments 

Pursuant to Section 6.06 of IRS Revenue Procedure 2015-34, the undersigned Trustees 

hereby certify that if the Plan receives final authorization to implement the suspension as 

desctibed in section 432(e)(9)(H)(vi) of the Code and chooses to implement the 

authorized suspension, then, in addition to the plan amendment implementing the 

suspension, the following plan amendments will be timely adopted and not modified at 

any time thereafter before the suspension of benefits expires: 

(1) A plan amendment providing that in accordance with section 432(e)(9)(C)(ii) of the 

Code the benefit suspension will cease as of the first day of the first plan year 

following the plan year in which the plan sponsor fails to determine that both: 

(a) All reasonable measures to avoid insolvency continue to be taken during the 

petiod of the benefit suspension. 

(b) The plan is projected to become insolvent tmless benefits continue to be 

suspended. 

{2) A plan amendment providing that any future benefit improvements must satisfy the 

requirements of§ 432( e)(9)(E) of the Code. 

Name: Name: 

Date: ~po;& Date: 6-J-3-~0/h 

Title: Union Tmstee Title: Employer Trustee 

Name: Name: 

Date:___._{:~ l_5<_3"-l!'/J...:.......o-'-- ! & ___ _ oate: __ -=::......!-JO::::... ~<J...-4-/....:; '1.-0 _-=-L-b _ ___ _ 

Title: Union Tmstee Title: Employer Trustee 

515 
6.07 Whether a plan is described in Section 432(e)(9)(D)(vii)(III) 

No, the Plan is not a plan described in Section 432(e)(9)(D)(vii)(ill). 

6.08 Optional additional information 

None 

59 
7. Identification and Background Information on the Plan 

7.01 Plan sponsor 

Plan Sponsor 

Address 

Phone Number 

Fax Number 

E-Mail Address 

7.02 Plan Identification 

Board of Trustees of the Bricklayers and Allied 

Craftworkers Local 5 New York Retirement Fund 

Pension Plan 

I Scobie Drive 

Newburgh, NY 12550 

(845) 565-8344 

(9 14) 423-1135 

mclifford@bac5ny.com 

Name of the Plan Bricklayers and Allied Craftworkers Local 5 New 

York Retirement Fund Pension Plan 

Employer Identification Number 14-6016608 

Three-digit Plan Number 001 

7.03 Retiree Representative 

The Plan is not required to appoint a Retiree Representative under the Regulations as it is 

not a plan with 10,000 or more participants. The Trustees have not elected to appoint a 

Retiree Representative. 

7.04 Plan 1s enrolled actuary 

Name: 

Enrollment Number: 

Company: 

Address: 

Phone: 

Fax: 

E-Mail: 

7.05 Power of Attorney 

Craig A. Voelker 

14-05537 

0 ' Sullivan Associates 

1236 Brace Road, Cherry Hill, NJ 08034 

(856) 795-7777 

(856) 795-7779 

cvoelker@osullivanassociates.com 

The Plan's representative is Craig A. Voelker of O'Sullivan Associates. 

See attached document labeled; Appendix B Power of Attorney 5 16.pdf 

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7.06 Plan documents 

See attached documents labeled: 

7.06 Plan Document 514.pdf 

7.06 SPD 5 14.pdf 

7.06 Determination Letter 515.pdf 

7.07 Collective bargaining and side agreements 

See attached document labeled: 7.07 CBA 5 17.pdf' 

7.08 Annual return 

See attached document labeled: 7.08 5500 5 14.pdf 

7.09 Rehabilitation Plan 

See attached document labeled: 7.09 Rehabilitation Plan 5 14.pdf 

7.10 Completed checklist 

See attached document labeled: Appendix C Checklist 5 15.pdf 

7. 11 Request for a meeting 

We respectfully request an in-person meeting to discuss the issues involved if the 

Secretary is not inclined to approve the Plan's application. 

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