Checklist Item #29 Application for Approval of a Suspension of 

Benefits Under MPRA

Iron Workers Local 17 Pension Fund EIN: 51-0161467

Plan No.: 001

Does the application 

include the plan sponsor’s 

representation that, if it 

receives the Treasury 

Department’s final 

authorization to suspend 

and then chooses to 

implement the suspension, 

it will also amend the plan 

• to indicate that the

suspension will

cease upon the plan

sponsor’s failure to

determine that both

all reasonable

measures continue

to be taken to avoid

insolvency and that

the plan is projected

to become insolvent

without a

suspension,

• to require that any

future benefit

improvements must

satisfy

§432(e)(9)(E), and

• to specify that the

plan sponsor will not

modify these

amendments,

notwithstanding any

other provision of

the plan document.

See section 6.06.

The application for the Iron Workers Local 17 

Pension Fund includes a Certification signed by 

the Authorized Trustee on behalf of the Board of 

Trustees (Plan Sponsor) along with a draft 

Amendment which will be executed upon the 

approval of the Pension Fund’s application by the 

Department of Treasury. The Certification and 

proposed Amendment, which is based upon our 

interpretation of the requirements under Revenue 

Procedure 2015-34, Section 6.06, is attached 

as IW17PF_357– 361.

IW17PF_356
IW17PF_357

Redacted by the U.S. Department of 

the Treasury
AMENDMENT 

TO THE

IRON WORKERS LOCAL 17 PENSION FUND

RULES AND REGULATIONS

This Agreement, made this ___ day of _________, 2016, by and between the Board of 

Trustees of the Iron Workers Local 17 Pension Fund: 

WHEREAS, the Board of Trustees of the Iron Workers Local 17 Pension Fund previously 

adopted the Pension Plan Rules and Regulations effective May 1, 2014 (the "Plan") and currently 

administers and maintains the Plan for the benefit of members covered thereunder; and 

WHEREAS, the right to further amend the Plan has been reserved to the Board of Trustees 

under Article VIII of the Plan; and 

WHEREAS, it is the intent of the Board of Trustees to amend the Plan to implement a 

suspension plan in compliance with the Multiemployer Pension Reform Act of 2014 (“MPRA”) as 

codified in Internal Revenue Code (“Code”) Section 432(e)(9) and the Employee Retirement 

Income Security Act of 1976 (“ERISA”) Section 305(e)(9); 

WHEREAS, the Board of Trustees certifies that the benefit suspension shall commence 

December 1, 2016 after authorization by the Secretary of Treasury and shall cease as of the first day 

of the first Plan Year following the Plan Year that the Board of Trustees fails to determine both of 

the following: 

(a) All reasonable measures to avoid insolvency continue to be taken during the period of

the benefit suspension; and

(b) The Plan is still projected to become insolvent unless benefits are suspended under this

suspension plan;

WHEREAS, the Board of Trustees certifies that it will not provide any future benefit 

improvements during the period of this benefit suspension for active participants and beneficiaries 

unless and until such as time as equitable benefit improvements are adopted for all participants and 

beneficiaries in accordance with IRC Section 432(e)(9)(E); 

WHEREAS, the Board of Trustees certify that the benefit suspensions in this Plan 

Amendment shall not be modified, notwithstanding the provisions of Article VIII of the Plan, 

before the suspension of benefits expires. 

NOW, THEREFORE, the Board of Trustees agrees and declares that, effective December 1, 

2016, the Plan be, and hereby is, amended in the following respects: 

IW17PF_358
Article I, Section 1.29 shall be added in its entirety to read as follows: 

Section 1.29. Suspension Plan Terms

“Suspension Plan” means the changes to this Plan, including reduction in accrued 

benefits and elimination of early retirement subsidies, adopted by the Board of 

Trustees upon approval of the Department of Treasury in accordance with Code 

Section 432(e)(9) and ERISA Section 305(e)(9). The effective date of the 

Suspension Plan shall be referred to herein as the “Suspension Date” which is 

December 1, 2016. 

“Affected Participants” include all Participants, Beneficiaries and Alternate 

Payees under the Pension Fund as of the Suspension Date that are not otherwise 

classified as “Exempted Participants” or “Limited Suspension Participants.”

“Exempted Participants” include the following: (1) any Participant or Beneficiary 

that if the Suspension Plan was applied would have a monthly benefit below 110 

percent of the monthly benefit which is guaranteed by the Pension Benefit 

Guaranty Corporation; (2) any Participant or Beneficiary that has attained age 80 

as of the effective date of the Suspension Plan; (3) any Participant or Beneficiary 

receiving a Disability Pension as of the effective date of the Suspension Plan. 

“Limited Suspension Participants” include Participants and Beneficiaries who are 

between age 75 and age 80 as of the effective date of the Suspension Plan. This 

group shall have the suspension and reduction of benefits limited in accordance 

with Code Section 432(e)(9)(D)(ii). 

Article III, Section 3.03 shall be amended in part to add a new paragraph (a) to read as 

follows:

Section 3.03. Regular Pension – Amount

(a) Under the terms of the Suspension Plan, no Affected Participant is eligible to 

accrue a benefit which on average is greater than $72.00 per Pension Credit per 

year of Service earned as of the Suspension Date. Effective as of the Suspension 

Date, all Affected Participants in pay status shall begin receiving an adjusted 

monthly benefit reflecting the adjusted benefit accrual of no greater than $72.00 

on average. Limited Suspension Participants shall receive the adjusted monthly 

benefit reflecting his or her age as of the Suspension Date. Effective as of the 

same date, all other Affected Participants under the Plan shall receive an 

adjustment in the Plan records. 

Article III, Section 3.03 shall be amended to change paragraphs (a) through (l) to (b) through 

(m).

IW17PF_359
Article III, Section 3.13 shall be amended in its entirety to read as follows: 

Section 3.13. Special 30 Year Service Pension – Amount

The amount of the Special 30 Year Service Pension shall be the amount of the 

Regular Pension to which the Participant would be eligible upon attaining age 65 

which is in effect on the Participant’s Annuity Starting Date. 

Provided; however, under the Suspension Plan, no Affected Participant that 

retired prior to age 62 shall receive the full amount of the Regular Pension to 

which the Participant would be eligible upon attaining age 65 even under the 

Special 30 Year Service Pension. Accordingly, as of the Suspension Date, all 

Affected Participants in pay status shall begin receiving an adjusted monthly 

benefit reflecting a reduction of one and one-half percent (1.5%) per year younger 

than age 62 or one eighth of one percent (0.125%) per month younger than age 62 

the Affected Participant was at his or her retirement date. Limited Suspension 

Participants shall receive the adjusted monthly benefit reflecting his or her age as 

of the Suspension Date. 

Article IV, Section 4.02 shall be amended to change subsection (c) to read as follows: 

Section 4.02. Pension Credits. 

(c) Employment after May 1, 1986 until May 1, 2005 

For employment after May 1, 1986, a Participant shall be credited with Pension 

Credits on the basis of his hours of work in Covered Employment in accordance 

with the following schedule for the Plan Credit Year ending April 30, 1986 

through April 30, 2005: 

Hours of Work Pension Credit

Less than 300 0 Pension Credit

300 but less than 600 1⁄4 Pension Credit

600 but less than 900 1⁄2 Pension Credit

900 but less than 1,200 3⁄4 Pension Credit

1,200 but less than 1,750 1 Pension Credit

1,750 but less than 2,000 1-1/4 Pension Credits

2,000 or more hours 1-1/2 Pension Credits

A Participant was no longer eligible to earn more than one (1) Pension Credit for 

any Plan Year beginning on or after May 1, 2005. 

Effective as of the Suspension Date, all Participants under this Plan shall have all 

Pension Credits earned between May 1, 1986 and April 30, 2005 revised to the 

following schedule: 

IW17PF_360
Hours of Work Pension Credit

Less than 300 0 Pension Credit

300 but less than 600 1⁄4 Pension Credit

600 but less than 900 1⁄2 Pension Credit

900 but less than 1,200 3⁄4 Pension Credit

1,200 or more hours 1 Pension Credit

Under the terms of the Suspension Plan, no Affected Participant is eligible to earn 

more than one (1) Pension Credit for any Plan Year. Effective as of the 

Suspension Date, all Affected Participants in pay status shall begin receiving an 

adjusted monthly benefit reflecting the new total Pension Credits. Limited 

Suspension Participants shall receive the adjusted monthly benefit reflecting his 

or her age as of the Suspension Date. Effective as of the same date, all other 

Affected Participants under the Plan shall receive an adjustment in the Plan 

records. 

Article VI, Section 6.08(a) shall be amended in part to add a new subparagraph (3) to read as 

follows:

Section 6.08. Suspension of Benefits.

(a) Before Normal Retirement Age.

(3) Under the Suspension Plan, any Pensioner as of the Suspension Date will

have the ability to return to work in otherwise disqualifying employment

for up to 39 1⁄2 hours paid a month without having the monthly benefit

suspended. “Disqualifying Employment” for this provision shall be

defined under the same rules as apply to Pensioners after Normal

Retirement Age in subsection (b) of this Section 6.08. Advance notice of

the return to work must be provided in accordance with Section 6.08(d).

Failure to provide such notice will result in the application of the penalties

under Section 6.08(a)(2) above.

EXCEPT as herein amended and modified, all of the terms and provisions of the Plan are 

hereby affirmed.

IN WITNESS WHEREOF, the Board of Trustees of the Iron Workers Local 17 Pension 

Fund has caused the foregoing Amendment to be executed at Cleveland Ohio on the day, month and 

year first written above.

BOARD OF TRUSTEES

IW17PF_361