Local 805 Pension and Retirement Plan
Actuarial Valuation as of 3/31/2017

Po sutivan

The charts below show the Plan’s projected funded percentage and credit balance as of the 3/31/2017 snapshot
date. These charts assume that there are no gains or losses on demographic assumptions and that the market

value of assets returns the assumed rate of 6.50%.

100% Funded Percentage (PPA) as of March 31 Projected Credit Balance as of March 31
o
80%
60%
40%
20% lin
0%
ROHEASHAMYFHLOSHMAOMN
SSsggyggggggysgga
SSSSSS SSS SSSSSSS

Explanation of Why Plan is not Expected to Emerge from Critical Status

The severe economic downturn of 2008 has created a tremendous funding burden related to the investment
loss and reduction in employment (future contributions). As a result, the plan sponsor determined that, based
on reasonable actuarial assumptions and upon exhaustion of all reasonable measures, the plan cannot reason-
ably be expected to emerge from critical status by the end of the rehabilitation period.

Next the Trustees considered reasonable measures to emerge from critical status at a later time. The Trustees
believed that such required contribution increases would cause employers to withdraw from the Plan leading
to insolvency, financial assistance from the PBGC, and benefit cuts.

Based upon the above, the Trustees have selected the schedule of benefits described above as permitted by
IRC §432(e)(3)(A)(ii), also known as a “reasonable measures” schedule, which is intended to forestall insol-

vency.



Local 805 Pension and Retirement Plan

Actuarial Valuation as of 3/31/2017

74 Historical Participation

Bossuttiven

Plan Year Ratio
Ending Separated TInactive/
3/31 Active Vested Retired — Total __ Active
2007 650 460 970 2,080 2.20
2008 647 456 977 2,080 2.21
2009 638 482 960 2,080 2.26
2010 583 508 963 2,054 2.52
2011 569 514 952 2,035 2.58
2012 597 521 964 2,082 2.49
2013 569 536 966 2,071 2.64
2014 588 544 960 2,092 2.56
2015 492 608 965 2,065 3.20
2016 430 596 971 1,997 3.64
2017 459 572 996 2,027 3.42
Historical Participant Counts
as of March 31
1,600 eee
1,400
1,200
1,000 |
800 :
600 nT DSS |
400
Rn 2D Ss ~ N a na} Ld
sss srs szssss
NN NNN NNN NN ON
—*—Total Active —*®— Total Inactive

35


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

4.3.4 Funded Percentage

Present Funded Percentage
Plan Year = Market Value of 60% as of March 31
Ending Value of Accrued Funded
3/31 Assets Benefits _ Percentage 50% nN
2011 $77,615,659 $134,175,975 57.8%
2012 71,300,012 136,331,942 52.3% 40% IN
2013 67,919.811 138,241,282 49.1%
2014 66,933,598 138,296,016 48.4% \
2015 62,149,280 158,912,439 39.1% | 30% ~
2016 51,672.07 163,427,314 31.6%
2017 $47,185,714 $162.716,852 29.0% | 20%
Sg gh gh gh gh of
—— Funded % At Market

The Funded Percentage is a statistic commonly followed by Trustees. It provides an alternative measure of the
Plan’s current level of funding. The Funded Percentage compares the market value of assets to the value of
benefits accrued as of the valuation date. Based on the market value of assets of $47,185,714 and the total
value of accumulated benefits of $162.716,852, the Funded Percentage is 29.0% as of March 31, 2017.

The fact that the Funded Percentage is under 100% means that there are unfunded accumulated benefits when
valuing the Plan on an ongoing basis. It does not necessarily imply that the Plan is underfunded on a long term
basis because it makes no consideration of future contributions relative to future costs. The Margin is the best
single statistic to get a sense of how well funded the Plan is on a long term basis.

Moreover, the Funded Percentage is not a measure of funding on a Plan termination basis. That would require
a different interest assumption.

The Funded Percentage as per the Pension Protection Act uses the actuarial value of assets and is 30.4% as of
March 31, 2017.



Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

Assumption Changes

Mortality

Retirement
Age

Actives

Terminated
Vesteds

Employment

Marital
Percentage

Changed the mortality improvement scale from Scale MP-2014 to MP-2016.

The retirement age for actives who terminate prior to retirement was changed from age 65
to age 58.

The retirement assumption for terminated vested participants was changed from age 65 to
the following table:

Percent
Ase Retiring
55 20%
56-65 25%
65+ 100%
63-64 5%

If the participant had at least 20 years of Credited Service as of April 1, 2009, there is a
one-time additional retirement incidence of 60% when the participant reaches age 55 and
at least 25 years of Credited Service. This additional incidence applies immediately for
participants who are already age 55 with 25 years of Credited Service.

The future employment assumption was reduced from 4,997 units per year to 4.779 units
per year, tapering down to 4,501 units per year over the next ten years

Changed from 80% of actives and terminated vested participants to 50%.

Rationale for Assumptions

Demographic

Administrative
Expense and
Employment

Investment
Return

The demographic rates utilized are standard tables that approximate recent historical de-
mographic experience, and adjusted to reflect anticipated future experience and profes-
sional judgment. A comparison of actual vs. expected decrements, and aggregate liability
gain/loss analysis were used to validate the demographic assumptions.

The Administrative Expense and Employment assumptions approximate recent historical
experience, and adjusted to reflect anticipated future experience and professional judg-
ment. When appropriate we include the expectations of Trustees and co-professionals for
these assumptions.

The investment return assumption is a long-term estimate that is based on historical expe-
rience, future market expectations, and professional judgment. We have utilized the invest-
ment manager’s capital market expectations, and have compared those expectations with
a broader market survey.

22


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

2.

Valuation Summary

A. Long-Term Funding

Projected annual contributions of $1.51 million ($315.78 per month) plus the value of expected future
withdrawal liability payments of $0.24 million ($50.50 per month) fall short of the total annual cost of
benefits of $12.68 million ($2,653.36 per month). This leaves a negative margin of $10.93 million or
$(2.287.08) per month.

. Withdrawal Liability

White Rose Trucking withdrew from the Plan in 2014 and was assessed $13.5 million dollars in with-
drawal liability. The employer is currently in bankruptcy proceedings. It is unclear how much total
money the Plan may receive; however, a payment of $540,119 was received in December 2017.

For the purposes of this valuation, we assume White Rose will not pay any of more withdrawal liability
assessment.

In addition, Center Candy withdrew from the Plan in 2016, and YRC incurred a partial withdrawal in
the Plan Year ended 3/31/2013. These companies are currently paying their assessments, and their
payments are included in our funding projections; however, it is our understanding Center Candy’s
assessment is still being challenged.

. Pension Protection Act
As of April 1, 2017 the Plan’s funding percentage is 30.4% and it has a negative credit balance. Ad-
ditionally, the Plan is projected to become insolvent within the current or next 19 years, and its ratio
of inactive to active participants is in excess of 2 to 1. Therefore, as of April 1, 2017. the Plan is in
Critical and Declining Status.

The Trustees have adopted a Rehabilitation Plan to address the Plan’s funding issues, which is ex-
plained in detail in Section 4.4 of the report.

. Assumption Changes

We updated the demographic assumptions as shown in Section 6.1.


Local 805 Pension and Retirement Plan | O’Sullivan
Actuarial Valuation as of 3/31/2017

7.2 Distribution of Months Worked

Months
Worked Count
1 3
2 4
3 15
4 55
5 7
6 4
7 5
8 -
9 5
10 4
ll 6
12 351
Total 459
Distribution of Actives by Months Worked

400

350

300

250

200

150

100

50

SY % & © © 4 %® 9

33


Local 805 Pension and Retirement Plan
Actuarial Valuation as of 3/31/2017

5. ASC No. 960 Disclosures

5.1 Present Value of Accumulated Plan Benefits

As of March 31, 2017

A. Present Value of Vested Benefits:
1. Participants currently receiving payments
2. Other vested benefits
3. Subtotal vested benefits

B. Present Value of Non-Vested Benefits

C. Present Value of Accumulated Benefits (A+B)

Po-suttiven

$ 113,773,319
48.450.684

$ 162,224,003
492.849

$ 162,716,852

The ASC No. 960 values were computed using the same assumptions as those used for determining funding

requirements.

5.2 Reconciliation of Changes in Present Value of Accumulated Benefits

A. Present Value of Accumulated Benefits at Prior Valuation Date

B. Changes During the Year Due to:

. Benefits accumulated and net gains
. Benefits paid

. Assumption changes

. Method changes

. Plan amendments

. Passage of time

NAOwWs wn e

. Total change

C. Present Value of Accumulated Benefits at Current Valuation Date

$ 163,427,314

2,998,078
(11,901,461)
(2,043,057)
0

0
10,235,978
$ (710,462)

$ 162,716,852


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

Age requirement None

Service requirement 20 years of Credited Service, with at least 20 years of Credited Service earned
through April 1, 2009

Must have worked on or after January 1, 1999
Amount $1,250 per month

Rehabilitation Plan: Default Schedule
Removed from Plan for all Participants not in pay status

Disability Retirement Pension

Rehabilitation Plan: Preferred Schedule

Age requirement 55
Service requirement 15 years of Credited Service
Amount Normal Retirement Pension

Rehabilitation Plan: Default Schedule
Removed from Plan for all Participants not in pay status

Vested Pension
Age requirement: None
Service requirement: 5 years

Amount: For Participants who did not work prior to January 1, 1999:
The Early Retirement Pension or Normal Retirement Pension as appropriate

For Participants with less than 15 years of Credited Service who worked prior
to January 1, 1999, the greater of their actuarially reduced Early Retirement
Pension, or the minimum Early Retirement Pension table above, multiplied

by a fraction:
e The numerator of the fraction is the Participant's years of Credited
Service

¢ The denominator of the fraction is 30

Pre-retirement death
Married
Age requirement: None

Service requirement: 5 years

Amount: 100% of the benefit Participant would have received had he retired the day
before he died and elected the 100% joint and survivor option. Benefits com-
mence to beneficiary when Participant would have first been eligible to retire.

Non-Married None
25


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

Employment

Percent Married
Age of Spouse
Expenses

Value of Assets

Funding Method

Interest Rate for
Withdrawal Lia-
bility:

Defined Contri-
bution Dollars

4,779 total units in 2017, decreasing 0.6% per year to 4,501 units over the Plan Years
ending 3/31/2027 and beyond.

50%

Females are 3 years younger than their spouses.

$440,000 payable at the beginning of the year

Average Fair Market Value (without-phase-in). Averaging period is 3 years.

Adjusted under the Pension Relief Act of 2010 for a 10-year recognition of the 2008/2009
Plan Year loss.

Unit Credit

6.50% per annum

The liabilities were grossed up to include the value of the defined contribution plan for
certain YRCW participants. Pursuant to the audit, this amount is $112,477 as of March
31, 2017.

Current Liability Assumptions

Interest

Mortality

3.05%

As per IRS Regulation §1.430(h)(3)-1

21


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

7.3 Flow of Lives

Inactive Retired &
Actives Vested Disabled Beneficiaries Total
Beginning of year............ 430 596 13 958 1.997
To active vested....... -23 23 0 0 0
To mactive non-vested..  -20 0 0 0 -20
To retired... -6 -40 0 46 0
To disabled. . 0 0 0 0 0
Alternate Payee......... 0 0 0 0 0
Deaths.........0002....0. -1 -7 0 -39 -47
New Beneficiaries...... 0 0 0 14 14
Retumed to work........ 1 -1 0 0 0
New entrants... 78 0 0 0 78
Data Corrections 0 1 0 4 5
End of year..........0.00.002. 459 572 13 983 2.027

34


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

3) Alternative Schedule

Benefit Changes to Plan
None

Contribution Requirements
Must contribute $556 per participant per month

e The Alternative Schedule only applies to participants employed by Yellow Freight.

Update as of April 1, 2014

1) Default Schedule
Benefit Changes to Prior RP

Accruals not to exceed $50 per year of Credited Service.

Contribution Requirements
3.0% increases annually

2) Preferred Schedule (Also referred to as Alternative Schedule I)

Benefit Changes to Prior RP
Benefit accruals will be 1% of employer contributions up to an accrual rate of $50 per year

of service.

The accrual rates shown below are an example based upon the tobacco employers’ expected
contribution rates through 2018 and then 3% contribution increases thereafter.

Plan
Year Monthly
Beginning Accrual
aL Rate
2014 $ 35.00
2015 35.65
2016 36.40
2017 37.10
2018 $ 38.25

For Plan Years beginning after March 31, 2019, the accrual increases 3% annually. In no
case would accruals exceed $50 per year of Credited Service or be less than the accrual rate
in effect as of March 31, 2014.


Local 805 Pension and Retirement Plan
Actuarial Valuation as of 3/31/2017

AmMMOOw>

=

4.2.4 Total Gain/Loss

Unfunded accrued liability (UAL) at 3/31/2016

Annual cost of benefits and expenses at 3/31/2016

Less contributions

Interest on A, B, and C

Expected unfunded accrued liability as of 3/31/2017 (A+B+C+D)
Preliminary UAL before changes as of 3/31/2017

Total gain/(loss), (E-F)

Change due to:

1. Assumption changes
2. Plan amendments

3. Method changes

4. Subtotal changes

Actual unfunded (surplus) accrued liability as of 3/31/2017 (F+H4)

Gain/(loss) due to:
1. Asset experience
2. Expenses
3. Demographic experience
4. Total gain/(loss)

Po-suttiven

$ 103,499,863
896,807
(1,982,095)
6.727.405

$ 109,141,980
115,364.357

$ (6.222.377)

$ (2,043,057)
0
0

$ (2,043,057)

$ 113,321,300

$ (3,530,881)
(178,760)

(2.512.736)
$ (6,222,377)


Local 805 Pension and Retirement Plan
Actuarial Valuation as of 3/31/2017

Po-suttiven

6.8 Amortization Schedule for Minimum Required Contribution

Amortization Charges

Date Outstanding Years Amortization
Established __Base Type Balance Remaining Amount
2005 Combined & Offset 19,381.472 9.927 2.544.892
2006 Experience Loss 3,907,637 9 551,245
2006 Plan Amendment 456.545 24 35,751
2007 Experience Loss 2,590,386 10 338,343
2007 Plan Amendment 284.808 25 21.924
2008 Experience Loss 2.919.972 ll 356,580
2009 Experience Loss 7.858.465 7 1,345,394
2010 Experience Loss 225,586 8 34,788
2011 Experience Loss 842,324 9 118,825
2012 Experience Loss 1,452,578 10 189,728
2013 Experience Loss 2,649,622 ll 323,565
2014 Experience Loss 493,354 12 56.779
2015 Assumption Change 19,611,990 13 2,141,345
2016 Experience Loss 5.248.691 14 546.753
2016 Assumption Change 2.433.299 14 253.475
2017 Experience Loss 6.222.377 15 621378
Totals 76,579,106 9.480.765
Amortization Credits
Date Outstanding Years Amortization
Established Base Type Balance Remaining Amount
2008 Funding Method (325,001) 1 (325.001)
2008 Assumption Change (3.494,585) 6 (677813)
2009 Plan Amendment (Rehabilitation (399,827) 7 (68,452)
2009 Method Change (1,839,945) 2 (948,930)
2015 Experience Gain (409.793) 13 (44.743)
2017 Assumption Change 2.043.057 15 204.023
Totals (8,512,208) (2,268,962)
Net Charge/(Credit) 68,066,898 7,211,803
6.9 Equation of Balance
A. Net Outstanding Balance of Bases $ 68,066,898

B. Credit Balance
C. Unfunded Actuarial Accrued Liability (A-B)

31

$ (45.254.402
$ 113,321,300


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

6.4 Contribution Rates by Employer

Plan Year ending 3/31/2018

(a) (b) ©
Expected
Monthly Annual

Expected Contribution Contributions

Employer Months Rate (a) x (b)
Tobacco 287 $ 309.46 $88.815
Panasonic 363 390.00 141,570
IBT 805 24 350.00 8.400
Harold Levinson Associates 4,105 $ 309.46 1.270.333
Total 4,779 $ 1,509,118

Average expected monthly contribution rate (c) / (a): $315.78

28


Local 805 Pension and Retirement Plan
Actuarial Valuation as of 3/31/2017

4. Plan Cost

4.1

A.

E.
F.
G.
There are two component costs to funding a pension plan: the cost of benefits eared in the year and the
amortization of the unfunded liability. The costs above are calculated consistent with a funding policy of

paying off the unfunded liability over 15 years assuming asset retums of 6.50% annually. The margin, found
on Line D above, indicates that the Plan needs an average additional amount of $2,287.08 per month (off the

Contributions, Cost and Margin

As of

. Actuarial liability

. Actuarial value of assets

. Unfunded actuarial liability (1-2)

. Normal cost

. Expenses

. Total cost of benefits (4+5)

. Amortization of unfunded liability

NAW wWNE

. Anticipated Contribution Income*

1. Projected months
2. Projected contribution rate

3. Anticipated annual contribution (1x2)
4. Value of future withdrawal payments
5. Total

. Actuarial Costs*

1. Cost of benefits earned in the year
2. Amortization of unfunded liability
3. Total annual costs (1+2)

. Margin (B3-C5)

Market value of assets
Spread Statistic
Margin using assets at market

accrual rate) to pay for all future benefits.

There are many actuarial measures and statistics to measure the state of the Plan’s funding. The margin is
designed to provide a single simplified statistic for a Trustee to get a sense for whether the Plan is keeping up
with its costs. As long as the margin is positive, it is a strong indication that the current benefits are affordable
on a long-term basis. If negative, it is an indication that the overall funding may need to be improved before

benefits are affordable.

3/31/2017

$ 162,716,852
49.395.552

$ 113,321,300
500,713
440,000

$ 940,713

$ 11,316,465

4,779
$ 315.78

$ 1,509,118
$241,363
$ 1,750,481

$ 973,196
11,707,223

$/Month

$ 315.78
50.50
$ 366.28

$ 203.64
2.449.72

Po-suttiven

Asa % of
Contributions
100.0%
13.8%
113.8%

64.5%
775.8%

$ 12,680,419
$(10,929.938)

$ 47,185,714
-4.7%
$(11,158.237)

* Assumes contributions and costs are paid at the end of the month.

$ 2,653.36

$(2.287.08)

$(2,334.85)

840.3%

-726.5%

-739.4%


Local 805 Pension and Retirement Plan
Actuarial Valuation as of 3/31/2017

3. Summary of Funding Measures

1. Current

Assets

a_at Market

b at Actuarial

¢ Actuarial / Market (b/a)

Present Values
d Vested Benefits
e Accrued Benefits (Accrued Liability)

Funding Percentages
f Vested at market (a/d)

g Vested at actuarial (b/d)
h Accrued at market (a/e)
i Accrued at actuarial (b/e)

2. Prospective

Contributions

a Minimum Required
b Anticipated

¢ Actual

d Maximum Deductible

°

Credit Balance
f Minimum to preserve Credit Balance
* projected
g WL PMTs received in year
h WL PMTs receivable spread over 15 years
* Projected
Costs
i Cost of benefits earned in year
j Amortization of Unfunded Liability

k Total Cost (i+)
1 Margin (b+h-k)

3. Assumptions

a Interest rate per annum
b Total Months

Po-suttiven

As of March 31
2017 2016
$ 47.185.714 $ 51.672.207
$ — 49.395.552 $ 59.927.451
104.7% 116.0%
$ 162,224,003 $ 162,975,125
$  162.716,852 $ 163,427,314
29.1% 31.7%
30.4% 36.8%
29.0% 31.6%
30.4% 36.7%
For Plan Year Ending March 31
2018 2017
$ 56.878.367 $ 47.294.876
$ 1,509,118 $ 1,548,436
thd $ 1,982,095
$ 273,086,292 $ 261,624,998
$ (54,549,046) * $  (45,254.402)
$ 11291401 * $ 10,275,164
$ 753,561 * $ 174.773
$ 241363 * $ 244.922
$ 973,196 $ 927.774
$ 11,707,223 $ 10,692.570
$ 12.680.419 $ 11,620,344
$  (10.929.938) $ (9,826,986)
6.50% 6.50%
4.779 4.997


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

Contribution Requirements
The monthly contribution rates each Plan Year beginning April 1, 2014 are as follows:

Year Rate
2014 $291.61
2015 297.44
2016 303.39
2017 $ 309.46

For Plan Years beginning on or after April 1, 2018, contributions will increase 3% per year.
Notwithstanding the preceding sentence, in no event shall the contribution rate per partici-
pant determined under this updated RP, effective April 1, 2014, result in a contribution rate
per participant for any employer that is less than the contribution rate per participant that
was in effect for such employer as of March 31, 2014.

3) Alternative Schedule I

Benefit Changes to Prior RP
No changes

Contribution Requirements
No changes

Update as of November 30, 2016

1) Default Schedule

Benefit Changes to Prior RP
No changes

Contribution Requirements
80% increases to the contribution rate in effect for the prior year for each year through the
Plan Year ending 3/31/2024, beginning as of the end of the current CBA.

2) Preferred Schedule (Also referred to as Alternative Schedule Il)

Benefit Changes to Prior RP
This update assumes no changes to the current Rehabilitation Plan benefits, which are cur-
rently as shown below:

Monthly benefit accruals will equal 1% of the contributions made on a participant’s behalf
in any Plan Year, to a maximum annual accrual of $50 per month.

Contribution Requirements
For increases not already bargained for and ratified under a current collective bargaining
agreement as of the date this RP update is provided to the bargaining parties, there are no
increases in contributions.


Local 805 Pension and Retirement Plan
Actuarial Valuation as of 3/31/2017

4.2.3, Actuarial Asset Gain/(Loss)

Po-suttiven

A. Actuarial assets at 3/31/2016 $ 59,927,451
B. Investment income:
1. Expected income (net of investment expenses) $ 2,997,104
Development of amount recognized
Year Ending Unexpected Percentage Recognized
March 31 Amount Recognized Amount
2009 $ (30,094,302) 10% $ (3.009.430)
2015 772,221 33% 257,395
2016 (3,740,669) 33% (1,246,890)
2017 3,069,722 33% 1.023.241
2. Total recognized amount $ (2,975,684)
3. Forced recognition (due to +/-20% corridor) $0
4. Total investment income (1+2+3) $ 21.420
C. Employer contributions $ 1,807,322
D. Withdrawal Liability Payments 174,773
E. Distributions:
1. Benefit payments $ (11,901.461)
2. Administrative expenses (633.953)
3. Total distributions $ (12,535,414)
F. Actuarial value as of 3/31/2017 $ 49,395,552
G. Average actuarial value (A+.5 x (C+D+E3)) $ 54,650,792
H. Rate of return (B4+G) 0.0%
I. Assumed rate of return 6.5%
J. Expected income (G x I) 3,552,301
K. Asset gain/(loss) (B4-J) (3,530,881)


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

6.2 Summary of Plan Provisions

Participation Immediate

Credited Service Effective Definition
March 31, 2010 and prior —_ 1,000 hours equals one year

April 1, 2010 and after 1/12" ofa year for each month or part thereof
for which a contribution is obligated to be

made
Vesting Credit 1,000 hours equals one year
Break Year A year with less than 501 hours worked
Suspension of Benefits A member’s benefit is suspended while working over the Hour Threshold

while in Prohibited Employment.

Prohibited Work in an industry covered by the Plan in the same geographical area cov-
Employment ered by the Plan
Hours Threshold 40 hours per month, except as follows:

Credited Hours
Age Service Threshold
50 25 years 70
65 15 years 70

Normal Retirement Pension

Age requirement: 65
Service requirement: Five years of Credited Service, or the fifth anniversary of participation
Amount: Monthly Benefit per year of Credited Service
(Preferred Schedule) Period Cc Non-YRC
Prior to 4/1/2005 $100 $100
4/1/2005-3/31/2006 $100 $0
4/1/2006-3/31/2010 $50 $50
4/1/2010 and after* 1% of 1% of

contributions contributions
* The monthly accrual for this period is 1/12 of $50 per month of Credited
Service earned until the Participant’s employer switched to the 1% formula.
The accrual will not exceed $50 per month in any case.

Minimum for Participants who worked prior to January 1, 1999 who earn 15
or more years of Credited Service:

YRC  Non-YRC
$2,500 $2,100

23


Local 805 Pension and Retirement Plan
Actuarial Valuation
3/31/2017

1236 Brace Road, Unit E
Cherry Hill, NJ 08034
(856) 795-7777

January 2018

Z:\065 805\p\Val\2017\Linked Report 805 17.docx

O'Sullivan


Local 805 Pension and Retirement Plan
Actuarial Valuation as of 3/31/2017

4.3.2 Asset Information

Po-suttiven

Rates of Retum

Phn
Year Withdrawal Market
Ending Liability Investment Market Value At At
3/31___Contributions Payments Benefits Expenses Income of Assets _ Market Actuarial
2010 $ 1,130,892 $ - $ (10.419.784) $ (453.737) $ 17.143.683 $ 78.277.108 26.0% 10.8%
2011 1.236.738 - (10.832.390) (432.439) 9.366.642 77615659 12.6% 6.6%
2012 1,333,334 - (11,224,000) (389.562) 3.964.581 71300012 5.4% 8.2%
2013 1.616.634 - (11,428,240) (385.567) 6.816.972 67.919.811 10.0% 4.6%
2014 1.784.266 20,000 (11,534,520) (410.313) 9,154,354 66.933,598 14.4% 8.2%
2015 1,770,559 - (11,666,983) (545,186) 5.657.292 62,149,280 8.7% 8.6%
2016 1,582,883 - (11,704,972) (452.499) 97,515 51,672,207 0.2% 2.6%
2017 $_ 1,807,322 $ 174,773 $ (11901461) $ (633.953) $6,066,826 $ 47,185,714 13.2% 0.0%

Totals $12.262,628 $ 194,773 $ (90,712,350) $ (3,703,256) $ 58,267,865

5-Year
8-Year

Historical Rates ofReturn
for Plan Years Ending March 31

30%

25% \
20%

15% \ aN
10% 7—TM

5% = > ——S 7

0%
SJ \ o “\
ss FX KF KF KF S
— At Market —— Assumed —& At Actuanal

Geometric Average
9.2% 4.8%

11.1% 6.1%


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

4.3 Historical Information

4.3.1 Gain/(Loss)

Plan Year Demographic Total
Ending 3/31 Assets Expenses Assumptions _ Gain/(Loss)
2012 $ 557831 $ 56563 $ (2.493.973) $ (1,879,579)
2013 (2.264932) 19,058 (970,540) (3.216.414)
2014 477351 (8.979) (1,034,657) (566.285)
2015 771,764 (118,898) (205,180) 447.686
2016 (2,631,820) 3,267 (2,846,548) (5.475.101)
2017 $ (3,530,881) $(178,760) $ (2.512.736) $ (6.222.377)

6-Year Average $ (1,103,448) $ (37.958) $ (1.677.272) $ (2,818,678)

Gain/loss analysis is one of the most important tools available to an actuary to ensure that the actuary’s model
of the Plan’s funding is accurate. The exhibit above shows the total gain/(loss) broken down into two compo-
nents: assets and demographic assumptions.

The gain/(loss) on assets is very unpredictable due to the unpredictable returns on the market value of assets.
Moreover, the gain/(loss) on assets is greatly influenced by the smoothing method. The pattern of asset gains
is discussed later in this report.

After itemizing the gain/(loss) on assets and administrative expenses, what remains is the gain/(loss) on all the
other demographic assumptions including retirement, turnover, disability, and mortality. Over time, to remain
confident in the future funding, it is important that the gains and losses on the demographic assumptions aver-
age zero, or at least a relatively small number.

For the last six years the Plan has averaged a loss on demographic assumptions. We will continue to monitor
the gain and losses and make assumption changes in the future as necessary.


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

6.7 Current Liability at Beginning of Plan Year
Current liability is the present value of accrued benefits under the Plan using actuarial assumptions as pre-
scribed by the Retirement Protection Act of 1994 (RPA ‘94). The liability is determined using the same as-

sumptions used to determine the Plan’s funding requirements, except for the interest rate and mortality table.
These values are used for specific, prescribed purposes.

RPA ‘94 Current Liability:

A. Assumptions:

1. Interest rate 3.05%
2. Mortality table As per IRS Regulation §1.430(h)(3)-1
B. RPA ’94 Current Liability Vested Benefits Total Benefits
1. Retirees and beneficiaries receiving payments $ 147.421.319 $ 147,421,319
2. Inactive vested participants 37.463.797 37,463,797
3. Actives 42.611.554 43.393.422
4. Total $ 227.496.670 $ 228.278,538
C. Expected Increase in Liability $ 1,008,235
D. Expected Benefits To Be Paid During the Year $ 12,698,398

30


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

6.5 Funding Standard Account and Minimum Required Contributions

Rules for determining minimum required and maximum deductible contributions are set forth in IRC Sections
431 and 404, respectively. Since deductibility may be affected by factors not considered here, the deductibility
and timing of contributions should be reviewed with tax counsel.

Actual Projected
For Plan Year ending March 31: 0 2018
Charges to the FSA:
a. Funding Deficiency $ 36,717,078 $45,254,402
b. Normal cost 896,807 940,713
c. Amortization charges 8.859.388 9.480.765
d. Interest on a, b andc 3.020.763 3.618.932
e. Total charges $49.494.036 $59,294,812
Credits to FSA:
f. Credit Balance at beginning of year $0 $0
g. Employer contributions (including withdrawal payments) 1,982,095 2,204,676
h. Amortization credits 2,064,939 2,268,962
i. Interest on above 192.600 212.417
j. Total credits $ 4,239,634 $ 4,686,055
Credit Balance at end of year $ (45,254,402)  $(54,608,758)
Minimum Required Contribution (e - (f+ h) x (1.065)) $ 47,294,876 $56,878,367
Minimum Without Regard to the Credit Balance $47,294,876 $56,878,367

(e-hx (1.065)

A Plan’s Credit Balance represents a cumulative measure of all prior contributions (since the initial ERISA
effective date) against all prior minimum requirements. If cumulative contributions exceed cumulative mini-
mums, then the Plan will maintain a Credit Balance which can be used to offset any current year minimum
requirements. As of 3/31/2017, the Plan has a Funding Deficiency of $(45,254.402). The minimum require-
ment for the year ending 3/31/2018 is $56,878.367.

6.6 Maximum Deductible Contribution

A. Traditional Maximum Deductible $ 16,296,783
B. 140% of Projected RPA Current Liability, less Projected Actuarial Value of Assets 273,086,292
C. Minimum Required Contribution 56.878.367
D. Greatest of A, B, and C $ 273,086,292

The maximum allowable deduction for the fiscal year ending 3/31/2018 is $273.086,292. To be deductible for
a given fiscal year, a contribution should be made by the time the tax return for that fiscal year is filed with the
IRS (including extensions). Specific advice on the deductibility of contributions and timing should be re-
viewed with your tax counsel.

29


Local 805 Pension and Retirement Plan
Actuarial Valuation as of 3/31/2017

4.2 Development of Plan Asset Values

4.2.1 Market Value of Assets

Po-suttiven

Total Fund
A. Assets at 3/31/2016 $ 51,672.207
B. Employer contributions $ 1,807,322
C. Withdrawal Liability payments received $ 174,773
D. Investment income:
1. Interest and dividends $ 1,065,073
2. Realized/unrealized gain/(loss) 5,203,986
3. Investment fees (202.233
4. Total investment income $ 6,066,826
E. Distributions:
1. Benefit payments $ (11,901,461)
2. Administrative expenses 633.953)
3. Total distributions $ (12,535,414)
F. Market value as of 3/31/2017 $ 47,185,714
G. Average invested assets $ 46,109,289
(A+5 x (B+C+E3))
H. Rate of retun, D4+G 13.2%
4.2.2. Actuarial Value of Assets
. Market value as of 3/31/2017
Development of amount deferred
Year Ending Unexpected — Percentage Deferred
March 31 Amount Deferred Amount
1. 2009 $ (30,094,302) $ (3.009.430)
2. 2016 (3.740.669) (1,246,889)
3. 2017 3,069,722 2.046.481

mm on w

. Total deferred amount

Preliminary actuarial value of assets (A-B)

. 80% of market value

120% of market value

Actuarial value as of 3/31/2017 (C not less than D or greater than E)

$ 47,185,714

$ (2,209,838)
49,395,552
37,748,571
56,622,857

$ 49,395,552


Local 805 Pension and Retirement Plan
Actuarial Valuation as of 3/31/2017

Po-suttiven

6. Government Reporting

6.1 Summary of Assumptions

These are the assumptions used for the ongoing valuation calculations, unless otherwise noted.

Interest Rate 6.50% per annum
Mortality
Healthy RP-2014 healthy mortality with blue collar adjustment, separate for male and female par-
ticipants, adjusted with mortality improvement Scale MP-2016 from 2015.
Disabled RP-2014 disabled mortality, separate for male and female participants, adjusted with mor-
tality improvement Scale MP-2016 from 2015.
Termination Sarason T-8 Table
Retirement Age
Actives Percent
Age Retiring
55 20%
56-61 5%
62 25%
63-64 5%
65 70%
66 50%
67+ 100%
If the participant had at least 20 years of Credited Service as of April 1, 2009, there is a
one-time additional retirement incidence of 60% when the participant reaches age 55 and
at least 25 years of Credited Service. This additional incidence applies immediately for
participants who are already age 55 with 25 years of Credited Service.
For active participants who terminate prior to retirement, it is assumed they will
retire at age 58 (the weighted average age of terminated vested retirement).
Terminated Percent
Vesteds Age Retiring
55 20%
56-64 25%
65+ 100%

If the participant had at least 20 years of Credited Service as of April 1, 2009, there is a
one-time additional retirement incidence of 60% when the participant reaches age 55 and
at least 25 years of Credited Service. This additional incidence applies immediately for
participants who are already age 55 with 25 years of Credited Service.

20


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

7.7 Distribution of Monthly Pensions

250- =500- = 750-—-1,000- 1.250- 1,500- 1.750- 2.000- 2.250-
Age $0-249 499 749 999 1.249 1499 1,749 1999 2,249 2.499 $2,500+ Total

<50 2 1 3
50-54 1 1 1 2 2 3 2 5 17
55-59 11 7 10 7 5 4 1 7 7 9 5 73
60-64 20 16 18 10 5 9 5 7 7 4 15 116
65-69 34 34 29 ll 5 15 6 7 20 4 30 195
70-74 45 4l 25 10 10 8 8 4 ll 5 14 181
75-79 40 24 4 16 5 10 10 3 6 1 13 142
80-84 32 7 17 13 13 10 9 3 8 122
85-89 15 17 17 20 5 5 5 4 6 2 96
90-94 6 6 12 7 1 3 1 36
95-99 1 5 3 2 2 1 4
100+ 1 1

Unknown 0

Total 204 169 148 97 54 66 AT 34 67 23 87 996

The average age of retired participants and beneficiaries is 73.3, and the average monthly pension is $1,003.

250 Pensioners by Monthly Benefit 500 Pensioners by Age
200
150
150
100 4
100
50 50
0
PP AP AP at PA? oP A? Pvt 0
VP MT VY Via S rs) 9 am ad O_o»
PPM WW ogo oooh DD PPh O ah D oP P
VvPra Fs ose 3 PLO S CRO LER OS
Age
Benefit Amount



Local 805 Pension and Retirement Plan | O’Sullivan
Actuarial Valuation as of 3/31/2017

7.8 Distribution of Separated/Vested Participant Accrued Monthly Pensions

1,000- 1,250- 1,500- 1,750-
Age $0-249_ 250-499 _ 500-749 _ 750-999 1,249 1,499 1,749 1,999 _$2,000+ __ Total

<25 0
25-29 4 2 6
30-34 10 7 2 19
35-39 7 21 13 6 2 49
40-44 5 31 23 ul 1 5 6
45-49 10 36 15 14 2 9 86
50-54 19 20 23 27 12 1 7 109
55-59 25 24 18 26 4 2 12 ul
60-64 24 2 9 6 5 3 1 1 5 76
65-69 9 4 3 3 1 1 21
70-74 7 1 1 u

75+ 4 2 1 1 8
Total = 124 170 108 95 26 7 1 1 40 564

The average age of the inactive vested participants is 51.7. and the average monthly pension is $624.

180 Terminated Vested by Accrued Benefit Terminated Vesteds by Age
120
160
140 100
120 4
80
100 4
80 4 04
a4
40 4 40
20 4
04 20 4
PP WP Pr WM DP WP MP gk
Ss" ees SF
De “ ss s eo yy 04
2 9 9 mex
ose Rs we gy ae Real rae Bae a3
Benefit Amount Age

38


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

Post-retirement death

Qualified Joint & Survivor If married, pension benefits are paid in the form of an actuarially reduced

Annuity joint and survivor annuity unless this form is rejected by Participant and
spouse. If rejected, or if not married, benefits are payable for the life of the
Participant.

26


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

*** This Page Has Been Left Intentionally Blank ***


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

43.5 Actuarial Value of Assets Expressed as a % of Market Value

Actuarial —
Actuarial — Assets as Spread Statist L
Plan Year = Value of % of
Ending 3/31 Assets Market
2011 $ 87486251 112.7%
2012 83,943,698 117.7%
2013 77,394,976 114.0%
2014 73,161479 109.3%
2015 68,843,795 110.8%
2016 59.927.451 116.0%
2017 $ 49,395,552 104.7%

The three primary measures that help an actuary assess how well funded a plan is on a long-term basis are:

1. Margin,

2. Gain/loss analysis and an assessment of assumptions, and

3. Spread, defined as the difference between the market and actuarial value of assets expressed as a per-
centage of the market value of assets.

The margin and assumptions were covered in earlier sections.
The third factor is the Spread statistic. When positive it represents a cushion to help offset potential future
unfavorable investment experience. Conversely, when the actuarial value is greater than the market value the

Spread turns negative. When this is the case future investment retums over and above the assumed return are
necessary over time to restore the market value of assets equal to the actuarial value.

Currently the Spread is -4.7%.


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

4.4 Pension Protection Act

The Plan continues to be in the Red Zone as of April 1, 2017 because it has a funding deficiency. Moreover,
the Plan is in Critical and Declining Status (a Red Zone category) as of 4/1/2017 due to the following:

The Plan meets the criteria for Critical Status, and
The Plan is projected to become insolvent in the current or next 19 years and
The Plan’s ratio of inactive to active participants is in excess of 2 to 1.

VVV

The following is a history of the Plan’s Zone Status under the Pension Protection Act:

As of 4/1 Zone Status
2008 — 2014 Critical (Red)
2015-2017 Critical and Declining (Red)

The Trustees have implemented a “reasonable measures” Rehabilitation Plan (RP) as per the Pension Protec-

tion Act (PPA) intended to forestall insolvency under IRC §432(e)(3)(A)(ii). The Rehabilitation Plan and im-
portant dates are as follows:

Adoption Period: 4/01/2008 — 3/31/2011
Rehabilitation Period: 4/01/2011 — 3/31/2024

Original Rehabilitation Plan
1) Default Schedule

Benefit Changes to Plan
Future accruals decreased to 1% of employer contributions

Elimination of the following adjustable benefits:
e "25-Years-and-Out"

e "20-Years-and-Out"

e Disability Retirement

Contribution Requirements
12.4% increases annually

2) Preferred Schedule

Benefit Changes to Plan
Future accruals decreased to 1% of employer contributions

Elimination of the following adjustable benefits for participants who do not have at least 20
years of Credited Service as of April 1, 2009:

e "25-Years-and-Out"
e "20-Years-and-Out"

Contribution Requirements
13.3% increases annually


Local 805 Pension and Retirement Plan _| O'Sullivan
Actuarial Valuation as of 3/31/2017

1. Certification of Results

This report was prepared on behalf of the Teamsters Local 805 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 information 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 report is complete and

accurate, and in our opinion, each assumption used represents our best estimate of anticipated experience under
the Plan.

Certified by:

Enrolled Actuary No.: 17-05537


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

7.5 New Pensioners

Range of Monthly Pension

Average

Class Number __ Age Minimum __Average_ Maximum
Regular 22 68.0 $ 201 $ 632 $ 2,100
Early 28 59.6 154 838 2,359
Sub Total 50 6.3 $ 154 $ 747 $ 2,359

Disability - - $ - $ - $ -
Survivor 14 66.9 111 531 1,339
Alternate Payee : - - : -
Sub Total 14 66.9 $ lll $ 531 $ 1,339
Total 64 64.1 $ lll $ 700 $ 2,359

7.6 All Pensioners
Range of Monthly Pension
Average

Class Number Age Minimum Average Maximum
Regular 197 76.5 $ 45 $ 1,174 $ 5,594
Early 616 71.4 7 1,053 3,800
Sub Total 813 72.6 $ 7 $ 1,083 $ 5,594
Disability 13 65.6 $ 1365 $ 1945 $ 3,265
Survivor 165 77.5 5 559 2,601
Alternate Payee 5 63.7 48 254 850
Sub Total 183 76.3 $ 5 $ 649 $ 3,265
Total 996 73.3 $ 5 $ 1,003 $ 5,594

36


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

Early Retirement Pension

Age requirement 55
Service requirement 15 years of Credited Service
Amount Normal Retirement actuarially reduced, with a minimum as below.

Minimum for Participants who worked prior to January 1, 1999.

YRC _Non-YRC

55 $800 $ 672
56 877 737
357 991 833
58 1,109 931
59 1,247 1,048
60 = 1,380 1,159
61 1,559 1,309
62 1,751 1,471
63 1,950 1,638
64 = 2,200 1,848

65 $2,500 $2,100

25-Year Service Retirement Pension
Rehabilitation Plan: Preferred Schedule
The following was eliminated for all Participants except those with at least 20 years of Credited Service
earned through April 1, 2009.

Age requirement None

Service requirement 25 years of Credited Service

Must have worked on or after January 1, 1999
Amount: Age Monthly Benefit
Less than 55 Benefit earned prior to 4/1/2005 unreduced

55 and older Entire benefit unreduced

The benefit payable is based on the Participant’s age on the date the payment
is made, not the age of retirement.

Poe Def

Removed from Plan for all Participants not in pay status
20-Year Service Pension
Rehabilitation Plan: Preferred Schedule

The following was eliminated for all Participants except those with at least 20 years of Credited Service
earned through April 1, 2009.

24


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

Table of Contents

1. CERTIFICATION OF RESULTS ...........cccccccssssssssssssseesseesseeseesccsescseeseeeeeseseeeeeeeseenseescseeeeees 1
2. VALUATION SUMMARY 3
3. SUMMARY OF FUNDING MEASURE 4
4. PLAN COST sees 5
4.1 Contributions, Cost and Margin..... 5

4.2 Development of Plan Asset Values 6
4.2.1 Market Value of Assets. 6

4.2.2 Actuarial Value of Assets 6

4.2.3. Actuarial Asset Gain/(Loss). 7

4.2.4 Total Gain/Loss. 8

4.3 Historical Information. 9
4.3.1 Gain/(Loss) . 9

4.3.2 Asset Information . 0

4.3.3. Employment

4.3.4 Funded Percentage

4.3.5 Actuarial Value of Assets Expressed as a % of Market Value

4.3.6 Summary of Withdrawal Payments by Employer

4.4 Pension Protection Act..

5. ASC NO. 960 DISCLOSURES
5.1 Present Value of Accumulated Plan Benefits

5.2 Reconciliation of Changes in Present Value of Accumulated Benefit

6. GOVERNMENT REPORTING.
6.1 Summary of Assumptions.

6.2 Summary of Plan Provisions.

6.3 Recent Plan Changes

6.4 Contribution Rates by Employer

6.5 Funding Standard Account and Minimum Required Contributions.

6.6 Maximum Deductible Contribution.........

6.7 Current Liability at Beginning of Plan Year

6.8 Amortization Schedule for Minimum Required Contribution

6.9 Equation of Balance

7. DATA SUMMARY.
7.1 Actives by Age and Credited Service

7.2 Distribution of Months Worked..

7.3. Flow of Lives.............

7.4 Historical Participation .

7.5 New Pensioners.

7.6 All Pensioners..

7.7 Distribution of Monthly Pensions.....

7.8 Distribution of Separated/Vested Participant Accrued Monthly Pensions.



Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017
7. Data Summary

7.1 Actives by Age and Credited Service

Age 0-1 1-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40+ __ Total

<25 20 16 1 37
25-29 ll 17 5 33
30-34 10 14 12 6 42
35-39 4 9 ll 7 6 37
40-44 8 ll 14 1 9 3 46
45-49 10 21 17 8 17 2 719
50-54 3 7 9 13 10 12 8 4 66
55-59 4 12 ll 7 15 ll 4 4 4 72
60-64 2 5 2 10 6 2 4 32
65-69 1 1 2 3 1 2 1 1 2 14

70+ 1 1

Unknown 0
Total 70 110 86 46 70 37 18 13 5 4 459

The average age of the active participants is 44.4, and the average Credited Service is 10.6.

Actives by Age Actives by Credited Service

90

80

70

60

50

40 ft

30

20

2 PPD HP PD SITE
PD bs » f a , x PP LD os
PP PP PE PPS SPAM PrP 8

Pension Service

32


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

6.3 Recent Plan Changes

Effective Plan Change
4/1/2014 (RP Preferred Plan
update) ¢ Accruals are not to exceed $50 per year.
Default Plan

¢ Accruals are not to exceed $50 per year.

2/24/2009 Preferred Plan
(RP) ¢ The accrual rate was reduced to 1% of annual employer contributions.

e The 20-Year Service Pension and 25-Year Service Pension was removed for
Participants who did not have 20 years of Credited Service as of April 1, 2009.

Default Plan
e The accrual rate was reduced to 1% of annual employer contributions.

e The 20-Year Service Pension and 25-Year Service Pension was removed for
all Participants.

e The Disability Retirement Pension was removed for all Participants not in pay
status.

3/31/2005 Effective March 31, 2005, all benefits accrued under the Plan were frozen and no addi-
tional benefits would accrue for all active participants except those employed by Yel-
low Freight. However, an arbitrator's decision awarded the frozen participants a $50
per month accrual for the period April 1, 2006 to March 31, 2007 and the Trustees
approved a $50 per month accrual for the period April 1, 2007 to March 31, 2009.

27


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

43.3 Employment

Weighted
Average
Plan Year Contribution Contribution Employment
Ending 3/31 Income* Rate Units

2013 $ 1,616,634 $257.85 6,270
2014 1,784,266 293.24 6,085
2015 1,770,559 295.65 5,989
2016 1,582,883 301.07 5,258
2017 $ 1,619,928 $309.87 5,228
Average 5,766

The employment assumption is 4,779 total units for the Plan Year ending 3/31/2018, tapering down to 4,501
annually over ten years.

Total Annual Employment Units
for Plan Years Ending March 31

—<—$____

6,000 Ww
5,500

6,500

5,000
4,500
4,000
ss ss ss RN

—* Actual Annual Units

Units Assumption

* 2017 contribution income has been adjusted to back out retroactive employer contribiutions.


Local 805 Pension and Retirement Plan | O'Sullivan
Actuarial Valuation as of 3/31/2017

4.3.6 Summary of Withdrawal Payments by Employer

Employers Continuing to Make Quarterly Payments

Total Total Payments Expected
Payments Paid Remaining Annual
As of As of As of Payments 2017
Employer 3/31/2017 3/31/2017 3/31/2017 and Beyond
Center Candy 2 $ 38,669 78 $77,338
YRC 4 136.104 76 136.104
Total $ 174.773 $ 213.442

Center Candy is challenging its assessment, but continues to make its quarterly payments.

In December 2017, White Rose paid the Plan a withdrawal liability settlement of $540,119 under
its bankruptcy. We are assuming the Plan will not receive any additional money beyond this set-
tlement.