Checklist Item #2 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 a description of the 

proposed benefit 

suspension - calculated as 

if no other limitations apply 

- that includes:

• the suspension’s

effective date (and

its expiration date, if

applicable),

• a description of the

different categories

or groups of

individuals affected,

and

• how the suspension

affects these

individuals

differently.

See section 2.02.

The application filed on behalf of the Iron Workers 

Local 17 Pension Fund sets forth the following 

Proposed Benefit Suspension Plan to be effective 

as of December 1, 2016 and continuing indefinitely 

thereafter.

The Trustees propose to amend the Pension Fund 

to recalculate all accrued benefits or benefits in 

pay status for all affected participants, 

beneficiaries and Alternate Payees without regard 

to any different category or classifications based 

upon employer, years or service etc. However, 

this recalculation will not reduce any benefit below 

110% of the guaranteed level by the PBGC. 

The recalculation will include the following 

changes:

• Reduction of Benefit Credit Rate

The accrued benefit earned for each

participant under the Pension Fund

depended upon the Benefit Credit amount

in effect during the participant’s working

career. The rates ranged from $12.00 to

$100.00 per Benefit Credit since the

Pension Fund’s inception. The current

Benefit Credit rate of $50.00 was adopted

in November 2004.

Under the Proposed Suspension Plan, the

accrued benefit and benefit in pay status for

any affected participant, beneficiary or

Alternate Payee, will be recalculated as of

April 30, 2016 (the fiscal plan year-end

immediately prior to the Suspension Date)

to be reduced so the highest average

accrual rate is no more than $72.00 per

year of Benefit Service.

IW17PF_003
• Elimination of Excess Benefit Credits.

During the period from May 1, 1986 to April

30, 2005, participants that worked more

than 1,200 hours in a Plan Year could earn

more than one (1) full year of Benefit Credit.

Effective May 1, 2005, the Pension Fund

changed the crediting schedule to require

1,900 hours in a Plan Year to earn one (1)

full year of Benefit Credit and eliminated the

ability of any participant to earn more than

one (1) credit.

Under the Proposed Suspension Plan, the

accrued benefit and benefits in pay status

will be adjusted so any additional Benefit

Credits over one (1) will be eliminated as of

December 1, 2016.

• Modification of Unreduced Early Retirement

Benefit

Prior to 2009, the Pension Fund provided 

for an unreduced early retirement for 

participants with long service of 30+ years 

of vesting service. 

Under the Proposed Suspension Plan, the 

benefits in pay status for any affected 

participant, beneficiary or Alternate Payee 

that received an unreduced early retirement 

benefit will be recalculated as of December 

1, 2016 to apply a 1.5% reduction for each 

month that the person’s pension 

commenced prior to age 62. 

These changes will only apply to Affected 

participants, beneficiaries and Alternate Payees. 

The Proposed Suspension Plan recognizes that 

certain groups are exempted from the application 

of these benefit reductions. These groups which 

the Suspension Plan refers to as Exempted 

Participants are as follows:

• All participants that were awarded with

a disability pension and beneficiaries of

such participants;

• All participants and beneficiaries who

are at least age 80 as of December 1,

2016; and

• Any participant or beneficiary that would

IW17PF_004
receive a benefit that is less than 110% 

of the PBGC guaranteed level.

Additionally, the Proposed Suspension Plan will 

limit the application of these proposed reductions 

for any participant, beneficiary or Alternate Payee 

that is between age 75 and 80 as of December 1, 

2016. This group, which the Suspension Plan

refers to as Limited Suspension Participants, will 

have their accrued benefit or benefit in pay status 

recalculated under the changes that apply to the 

Affected Participants above called the recalculated 

benefit. However, the Pension Fund will then 

determine 1/60th of the difference between the 

current benefit and suspended benefit. This factor 

will be multiplied by the number of months the 

Limited Suspension Participant is over age 75 as 

of December 1, 2016 to determine the increase 

factor. The new benefit under the Proposed 

Suspension Plan for this Limited Suspension 

Participant group is the sum of the reduced benefit 

plus the increase factor. 

Finally, the Pension Fund currently does not allow 

retirees that are younger than age 65 to return to 

any work in the industry. Under the Proposed 

Suspension Plan, the Trustees would amend the 

current return to work restrictions on retirees who 

are younger than age 65 to allow participants in 

pay status as of December 1, 2016 to return to 

work for up to 39.5 hours per month under the 

same rules that currently apply to retirees that 

have reached Normal Retirement Age without 

having their monthly benefit suspended. 

IW17PF_005
Checklist Item #3 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 a penalties-ofperjury statement signed 

by an authorized trustee 

on behalf of the board of 

trustees. 

See Section 2.03.

A Penalty of Perjury statement signed by the 

Authorized Representative Trustee for the Iron 

Workers Local 17 Pension Fund is attached as 

IW17PF_007. 

IW17PF_006
IW17PF_007

Redacted by the U.S. Department of the 

Treasury
Checklist Item #4 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 a statement, 

signed by an authorized 

trustee on behalf of the 

board of trustees, 

acknowledging that the 

application and the 

application’s supporting 

material will be publicly 

disclosed on the Treasury 

Department’s website. 

See section 2.04.

An acknowledgment of public disclosure statement 

signed by the Authorized Representative Trustee 

for the Iron Workers Local 17 Pension Fund is 

attached as IW17PF_009. 

IW17PF_008
IW17PF_009

Redacted by the U.S. Department of the 

Treasury
Checklist Item #5 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 actuary’s 

certification of critical and 

declining status and the 

supporting illustrations, 

including: 

• the year-by-year 

projections 

demonstrating 

projected insolvency 

during the relevant 

period and 

• separately 

identifying the 

available resources 

(and the market 

value of assets and 

changes in cash 

flow) during each of 

those years.

See section 3.01.

The application filed on behalf of the Iron Workers 

Local 17 Pension Fund includes an Actuarial 

Certification of Plan Status as of May 1, 2015 

under IRC Section 432, which designated this 

Pension Fund as meeting the “critical and 

declining status” for the current Plan Year was filed 

on July 29, 2015, as required. A Supplemental 

Report that includes year-by-year solvency 

projections also includes the market value of 

assets, contributions, investment earnings, benefit 

payments and plan expenses. These Reports, 

which are based upon our interpretation of the 

requirements under Revenue Procedure 2015-34, 

Section 3.01, are attached as IW17PF_011-031. 

IW17PF_0010
IW17PF_0011
IW17PF_0012
IW17PF_0013 Redacted by the U.S. Department of the Treasury Redacted by the U.S. Department of the Treasury Redacted 

DepartmeTreasury
IW17PF_0014 Redacted by the U.S. Department of the Treasury Redacted by the U.S. Department of the Treasury
IW17PF_0015 Redacted by the U.S. Department of the Treasury
IW17PF_0016
IW17PF_0017
IW17PF_0018
IW17PF_0019
IW17PF_0020
IW17PF_0021
IW17PF_0022
IW17PF_0023
IW17PF_0024
IW17PF_0025
Iron Workers Local 17 Pension Fund 

Supplemental Information to Actuarial Certification of Plan Status as of May 1, 2015 under IRC Section 432 . Copyright © 2015 by The Segal Group, Inc. All rights reserved. 

IW17PF_0026
Supplemental Information to Actuarial Certification of Plan Status as of May 1, 2015 under IRC Section 432 for 

Iron Workers Local 17 Pension Fund 

EIN 

December 23, 2015 

APPLICATION UNDER ERISA SECTION 305(E)(9) AND IRC SECTION 432(E)(9) 

SUPPLEMENTAL INFORMATION TO ACTUARIAL CERTIFICATION OF PLAN STATUS AS O

As requested by the Trustees of the Iron Workers Local 17 Pension Fund and required by ERISA Section 305(e)(9) aCode (IRC) Section 432(e)(9) (taking into account temporary regulation §1.432(e)(9)-1T, proposed regulation §1.432(e

Procedure 2015-34), Segal Consulting, a Member of The Segal Group, Inc. (“Segal”) has prepared supplemental info

part of the application for proposed benefit suspensions permitted under ERISA Section 305 and IRC Section 432 bcritical and declining status. This information is based on, and is in addition to, our Actuarial Certification of Plan 2015 under IRC Section 432, dated July 29, 2015. The purpose is to provide information required under Revenue Section 3.01 not explicitly shown in that certification. This supplement may not otherwise be copied or reproduced in any form without the consent of the Board of Truste

provided to other parties in its entirety. The measurements shown are not applicable for other purposes. Future actu

may differ significantly from the current measurements presented in this supplement due to such factors as the follow

differing from that anticipated by the economic or demographic assumptions; changes in economic or demogrdifferences in statutory interpretation; differences in methodology, changes in plan provisions and changes in applica

legal requirements for this information, it does not include an analysis of such future measurements. Segal Consulting does not practice law and, therefore, cannot and does not provide legal advice. Any statutory interpre

information shown in this supplement are based reflect Segal’s understanding as an actuarial firm. This supplement was based on the assumption that the Plan was qualified as a multiemployer plan for the year. I am a member of the American Academy of Actuaries and I meet the Qualification Standards of the American Acadrender the actuarial opinion herein. To the best of my knowledge, the information supplied in this supplement is compl

required by IRC Section 432(b)(3)(B)(iii), the projected industry activity is based on information provided by the popinion, the projections are based on reasonable actuarial estimates, assumptions and methods that (other than projectoffer my best estimate of anticipated experience under the Plan. 

_ ________ Henry Wong, ASA, MAAA, FCA Vice President and Consulting Actuary Enrolled Actuary No. 14-05951 

IW17PF_0027 Redacted by the U.S. Department of the Treasury
Supplemental Information to Actuarial Certification of Plan Status as of May 1, 2015 under IRC Section 432 for 

Iron Workers Local 17 Pension Fund 

EIN 

EXHIBIT I Solvency Projection 

The projected Market Value of Assets and Available Resources for the Plan Years beginning May 1, 2014 through Apr

Year Beginning May 1 

2014 2015 2016 2017 

1. Market Value at beginning of year $86,864,772 $85,592,647 $84,342,594 $81,713,644 2. Contributions 12,476,800 12,002,000 10,608,000 10,319,000 3. Withdrawal liability payments 317,757 317,758 317,758 317,758 4. Benefit payments 19,353,116 19,139,030 19,133,205 19,226,706 5. Administrative expenses 556,130 575,000 425,000 437,750 6. Investment earnings 5,842,564 6,144,219 6,003,497 5,791,549 7. Market Value at end of year: 

(1)+(2)+(3)-(4)-(5)+(6) $85,592,647 $84,342,594 $81,713,644 $78,477,495 

8. Available resources: 

(1)+(2)+(3)-(5)+(6) $104,945,763 $103,481,624 $100,846,849 $97,704,201 

2019 2020 2021 2022 

1. Market Value at beginning of year $75,021,791 $71,053,566 $66,514,441 $61,596,293 2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 3. Withdrawal liability payments 317,758 317,758 317,758 317,758 4. Benefit payments 19,422,006 19,671,528 19,694,420 19,597,049 5. Administrative expenses 464,409 478,341 492,691 507,472 6. Investment earnings 5,281,432 4,973,986 4,632,205 4,266,494 7. Market Value at end of year: 

(1)+(2)+(3)-(4)-(5)+(6) $71,053,566 $66,514,441 $61,596,293 $56,395,024 

8. Available resources: 

(1)+(2)+(3)-(5)+(6) $90,475,572 $86,185,969 $81,290,713 $75,992,073 

IW17PF_0028
Supplemental Information to Actuarial Certification of Plan Status as of May 1, 2015 under IRC Section 432 for 

Iron Workers Local 17 Pension Fund 

EIN 

EXHIBIT I (continued) Solvency Projection 

Year Beginning May 1 

2024 2025 2026 2027 

1. Market Value at beginning of year $51,006,875 $45,347,382 $39,647,886 $33,936,688 2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 3. Withdrawal liability payments 317,758 317,758 317,758 317,758 4. Benefit payments 19,242,412 18,855,753 18,438,441 18,073,620 5. Administrative expenses 538,377 554,528 571,164 588,299 6. Investment earnings 3,484,538 3,074,027 2,661,649 2,246,409 7. Market Value at end of year: 

(1)+(2)+(3)-(4)-(5)+(6) $45,347,382 $39,647,886 $33,936,688 $28,157,936 

8. Available resources: 

(1)+(2)+(3)-(5)+(6) $64,589,794 $58,503,639 $52,375,129 $46,231,556 

2029 2030 2031 2032 

1. Market Value at beginning of year $22,410,207 $16,592,048 $10,761,361 $4,902,772 

2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 3. Withdrawal liability payments 317,758 317,758 317,758 317,758 4. Benefit payments 17,242,659 16,815,485 16,401,665 15,984,748 5. Administrative expenses 624,126 642,850 662,136 682,000 6. Investment earnings 1,411,868 990,890 568,454 144,019 7. Market Value at end of year: 

(1)+(2)+(3)-(4)-(5)+(6) $16,592,048 $10,761,361 $4,902,772 Insolvent 

8. Available resources: 

(1)+(2)+(3)-(5)+(6) $33,834,707 $27,576,846 $21,304,437 $15,001,549 

IW17PF_0029
Supplemental Information to Actuarial Certification of Plan Status as of May 1, 2015 under IRC Section 432 for 

Iron Workers Local 17 Pension Fund 

EIN 

EXHIBIT II Projected Total Contribution Base Units and Contribution Rates 

Year Beginning 

May 1 

Total Contribution Base Units 

(Hours) 

Contribution Ra

(Hourly) 

2014 1,247,680 $10.00 2015 1,200,200 10.00 

2016 1,060,800 10.00 2017 1,031,900 10.00 2018 1,031,900 10.00 2019 1,031,900 10.00 2020 1,031,900 10.00 2021 1,031,900 10.00 2022 1,031,900 10.00 2023 1,031,900 10.00 2024 1,031,900 10.00 2025 1,031,900 10.00 2026 1,031,900 10.00 2027 1,031,900 10.00 2028 1,031,900 10.00 2029 1,031,900 10.00 2030 1,031,900 10.00 2031 1,031,900 10.00 2032 1,031,900 10.00 

Note: Projections of contributions in Exhibit I were based on contribution rate specified in the Preferred Schedule of the latest Rehabili

elected by the individual participating employers and contribution base units as specified in the Actuarial Certification of Plan St

May 1, 2015, under IRC Section 432. 

* Contributions for the Plan year beginning May 1, 2014 were based on preliminary financial information provided by the Fund Office

IW17PF_0030
Supplemental Information to Actuarial Certification of Plan Status as of May 1, 2015 under IRC Section 432 for 

Iron Workers Local 17 Pension Fund 

EIN 

The actuarial assumptions, methodology, and plan provisions are as used for the solvency projection in the Actuarial CStatus as of May 1, 2015 under IRC Section 432, dated July 29, 2015. The calculations are based on a current urequirements of ERISA Section 305, IRC Section 432, temporary regulation §1.432(e)(9)-1T, proposed regulation 

Revenue Procedure 2015-34. Segal Consulting (“Segal”) does not practice law and, therefore, cannot and does not provide legal advice. Any statutowhich these calculations are based reflects Segal’s understanding as an actuarial firm. Due to the complexity of 

significance of its ramifications, Segal recommends that the Board of Trustees consult with legal counsel when m

regarding compliance with ERISA and the Internal Revenue Code. Actuarial calculations were completed under the supervision of Henry Wong, ASA, MAAA, FCA, Enrolled Actuary. 

5554945v2/01031.030

IW17PF_0031
Checklist Item #6 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 

describe the assumptions 

used by the Actuary to 

determine the Plan’s 

status as critical and 

declining. 

See section 3.01.

The application filed on behalf of Iron Workers 

Local 17 Pension Fund incudes Exhibit VI, to the 

Actuarial Status Certification as of May 1, 2015 

under IRC Section 432 included as Checklist Item 

#5. This Exhibit sets forth the Actuarial 

Assumptions and Methodology used by the Fund 

Actuary in making the determination that the 

Pension Fund is in critical and declining status. 

This Exhibit VI, which is based upon our 

interpretation of the requirements under Revenue 

Procedure 2015-34, Section 3.01, is on pages 

IW17PF_024-025. 

IW17PF_0032