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Geographic profile for this occupation: Top

States and areas with the highest published employment, location quotients, and wages for this occupation are provided. For a list of all areas with employment in

this occupation, see the Create Customized Tables function.

States with the highest employment level in this occupation:

State Employment (1)

Employment

per thousand

jobs

Location

quotient (9)

Hourly mean

wage

Annual mean

wage (2)

Florida 4,270 0.49 1.18 $19.49 $40,540

Texas 4,250 0.34 0.83 $23.42 $48,710

New York 4,170 0.44 1.06 $36.41 $75,720

Pennsylvania 3,560 0.60 1.46 $27.09 $56,350

California 3,260 0.19 0.45 $34.03 $70,780

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States with the highest concentration of jobs and location quotients in this occupation:

State Employment (1)

Employment

per thousand

jobs

Location

quotient (9)

Hourly mean

wage

Annual mean

wage (2)

Utah 1,690 1.12 2.72 $21.76 $45,260

Montana 400 0.84 2.05 $21.43 $44,580

Minnesota 2,150 0.74 1.80 $30.89 $64,250

Virginia 2,620 0.68 1.64 $22.26 $46,310

Maryland 1,830 0.68 1.64 $24.71 $51,390

AZ BRK 000087
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Top paying States for this occupation:

State Employment (1)

Employment

per thousand

jobs

Location

quotient (9)

Hourly mean

wage

Annual mean

wage (2)

Illinois 2,810 0.47 1.13 $37.84 $78,700

New York 4,170 0.44 1.06 $36.41 $75,720

New Jersey 1,120 0.27 0.66 $35.25 $73,320

Massachusetts 1,410 0.39 0.94 $35.16 $73,130

Alaska 40 0.14 0.33 $35.05 $72,910

Metropolitan areas with the highest employment level in this occupation:

Metropolitan area Employment (1)

Employment

per thousand

jobs

Location

quotient (9)

Hourly mean

wage

Annual mean

wage (2)

New York-Newark-Jersey City, NYNJ-PA 3,690 0.38 0.92 $38.29 $79,640

Chicago-Naperville-Elgin, IL-IN-WI 2,710 0.58 1.40 $37.73 $78,470

Washington-Arlington-Alexandria,

DC-VA-MD-WV 2,290 0.72 1.74 $24.80 $51,580

Minneapolis-St. PaulBloomington, MN-WI 1,620 0.82 1.99 $31.68 $65,890

Detroit-Warren-Dearborn, MI 1,490 0.75 1.82 $28.53 $59,340

Dallas-Fort Worth-Arlington, TX 1,360 0.37 0.90 $23.85 $49,610

Houston-The Woodlands-Sugar

Land, TX 1,340 0.44 1.06 $22.29 $46,370

Philadelphia-CamdenWilmington, PA-NJ-DE-MD 1,330 0.46 1.12 $30.90 $64,270

Boston-Cambridge-Nashua, MANH 1,040 0.37 0.90 $36.32 $75,540

Charlotte-Concord-Gastonia, NCSC 990 0.80 1.93 $19.63 $40,830

AZ BRK 000088
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Metropolitan areas with the highest concentration of jobs and location quotients in this occupation:

Metropolitan area Employment (1)

Employment

per thousand

jobs

Location

quotient (9)

Hourly mean

wage

Annual mean

wage (2)

Provo-Orem, UT 800 3.13 7.59 $21.59 $44,910

Lancaster, PA 490 1.97 4.77 $24.11 $50,150

Mankato-North Mankato, MN 90 1.59 3.86 $25.60 $53,250

Naples-Immokalee-Marco Island,

FL 240 1.58 3.82 $19.92 $41,430

Bloomington, IN 110 1.55 3.74 $23.19 $48,230

Janesville-Beloit, WI 100 1.54 3.73 $27.82 $57,870

Cape Coral-Fort Myers, FL 410 1.50 3.64 $19.20 $39,940

Ocala, FL 160 1.49 3.61 $19.73 $41,040

Waco, TX 170 1.45 3.52 $23.39 $48,640

Pocatello, ID 50 1.38 3.35 $28.06 $58,370

AZ BRK 000089
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Top paying metropolitan areas for this occupation:

Metropolitan area Employment (1)

Employment

per thousand

jobs

Location

quotient (9)

Hourly mean

wage

Annual mean

wage (2)

Oxnard-Thousand Oaks-Ventura,

CA 180 0.57 1.37 $41.83 $87,010

New York-Newark-Jersey City, NYNJ-PA 3,690 0.38 0.92 $38.29 $79,640

Pittsfield, MA 60 1.36 3.30 $37.98 $79,000

Chicago-Naperville-Elgin, IL-IN-WI 2,710 0.58 1.40 $37.73 $78,470

Seattle-Tacoma-Bellevue, WA 670 0.33 0.81 $36.58 $76,080

Urban Honolulu, HI 130 0.28 0.68 $36.47 $75,860

Boston-Cambridge-Nashua, MANH 1,040 0.37 0.90 $36.32 $75,540

Anchorage, AK 30 0.20 0.48 $36.03 $74,950

Peoria, IL 100 0.58 1.41 $35.83 $74,530

St. Louis, MO-IL 830 0.61 1.47 $35.60 $74,050

Nonmetropolitan areas with the highest employment in this occupation:

Nonmetropolitan area Employment (1)

Employment

per thousand

jobs

Location

quotient (9)

Hourly mean

wage

Annual mean

wage (2)

North Northeastern Ohio nonmetropolitan area (noncontiguous)

210 0.64 1.55 $19.71 $40,990

Southwest Montana

nonmetropolitan area 190 1.36 3.28 $24.06 $50,050

Balance of Lower Peninsula of

Michigan nonmetropolitan area 150 0.56 1.37 $26.84 $55,830

Western Pennsylvania

nonmetropolitan area 150 0.99 2.39 $25.44 $52,910

Southern Pennsylvania

nonmetropolitan area 150 0.78 1.89 $22.01 $45,790

Nonmetropolitan areas with the highest concentration of jobs and location quotients in this occupation:

Nonmetropolitan area Employment (1)

Employment

per thousand

jobs

Location

quotient (9)

Hourly mean

wage

Annual mean

wage (2)

Maryland nonmetropolitan area 90 1.56 3.78 $22.38 $46,540

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Southwest Montana

nonmetropolitan area

190 1.36 3.28 $24.06 $50,050

South Florida nonmetropolitan

area

90 1.12 2.71 (8) (8)

Northwest Virginia

nonmetropolitan area 70 1.03 2.50 $20.20 $42,010

Western Pennsylvania

nonmetropolitan area 150 0.99 2.39 $25.44 $52,910

Top paying nonmetropolitan areas for this occupation:

Nonmetropolitan area Employment (1)

Employment

per thousand

jobs

Location

quotient (9)

Hourly mean

wage

Annual mean

wage (2)

West Central Illinois

nonmetropolitan area (8) (8) (8) $31.90 $66,350

Western Washington

nonmetropolitan area 40 0.34 0.83 $31.17 $64,840

Southwest Colorado

nonmetropolitan area 70 0.72 1.74 $30.53 $63,500

Eastern Wyoming

nonmetropolitan area 50 0.56 1.36 $29.96 $62,320

Southeast Iowa nonmetropolitan

area

(8) (8) (8) $29.68 $61,740

About May 2019 National, State, Metropolitan, and Nonmetropolitan Area Occupational Employment and Wage Estimates

These estimates are calculated with data collected from employers in all industry sectors, all metropolitan and nonmetropolitan areas, and all states and the District

of Columbia. The top employment and wage figures are provided above. The complete list is available in the downloadable XLS files.

The percentile wage estimate is the value of a wage below which a certain percent of workers fall. The median wage is the 50th percentile wage estimate--50

percent of workers earn less than the median and 50 percent of workers earn more than the median. More about percentile wages.

(1) Estimates for detailed occupations do not sum to the totals because the totals include occupations not shown separately. Estimates do not include self-employed

workers.

(2) Annual wages have been calculated by multiplying the hourly mean wage by a "year-round, full-time" hours figure of 2,080 hours; for those occupations where

there is not an hourly wage published, the annual wage has been directly calculated from the reported survey data.

(3) The relative standard error (RSE) is a measure of the reliability of a survey statistic. The smaller the relative standard error, the more precise the estimate.

(7) The value is less than .005 percent of industry employment.

(8) Estimate not released.

(9) The location quotient is the ratio of the area concentration of occupational employment to the national average concentration. A location quotient greater than

one indicates the occupation has a higher share of employment than average, and a location quotient less than one indicates the occupation is less prevalent in the

area than average.

Other OES estimates and related information:

May 2019 National Occupational Employment and Wage Estimates

May 2019 State Occupational Employment and Wage Estimates

May 2019 Metropolitan and Nonmetropolitan Area Occupational Employment and Wage Estimates

May 2019 National Industry-Specific Occupational Employment and Wage Estimates

May 2019 Occupation Profiles

Technical Notes

Last Modified Date: July 6, 2020

U.S. BUREAU OF LABOR STATISTICS Division of Occupational Employment Statistics PSB Suite 2135 2 Massachusetts Avenue NE Washington, DC

20212-0001

Telephone:1-202-691-6569 www.bls.gov/OES Contact OES

AZ BRK 000091
Arizona Bricklayers’ Pension Trust Fund

Exhibit 10 to Application for Suspension of Benefits

Narrative Statement – Critical and Declining Status

The Plan consists of employers in the masonry industry, which declined significantly 

during the great recession of 2008 and subsequently and has not yet recovered. Eventual recovery 

remains uncertain. The significant decline in the industry caused a reduction in the number of 

employers and active participants in the Plan from 30 to 10 employers and 579 to 54 active 

participants from 2007 to 2019. This includes two large employers that left the Plan to continue as 

"non-union" employers. In the southwestern United States there is available a larger than typical 

pool of transient potential workers, and utilization of these transient, non-union employees permits 

and continues to permit the non-Union competitors of the Plan’s past and remaining contributing

employers to enjoy a significant economic advantage when it comes to bidding work covered by 

the CBAs that require contributions to the Plan. As a result, there are insufficient contributions to 

the Plan to sustain the plan at a healthy level as required by ERISA and the Code. See Exhibit 6

to the Application at pp. 12 – 14 for a summary of past and current contribution levels over the 

most recent 10 years. 

The current benefit accrual level for active participants is $30 per month per year of service. 

This rate was reduced from $43 effective for benefit accruals January 1, 2007 and after. The Board 

determined that further reducing the benefit accrual level and further eliminating adjustable 

benefits would leave very little incentive for participants to remain union employees and would 

therefore have a detrimental impact on the Plan’s future funding. This is related to the issue of the 

availability of transient non-Union labor as discussed above. 

As of March 31, 2015, the Plan was not certified to be in critical status for that plan year 

but was projected to be in critical status in one or more of the subsequent five plan years. For plan 

year January 1, 2015 through December 31, 2015, the Plan did not elect critical status.

By the next plan year, it became fully clear that the Plan’s decreasing funding levels 

required action beyond that available to the Trustees absent election of critical status and utilization 

of the tools the PPA provides. The Plan was first certified to be in critical status as of March 30, 

2016. On May 5, 2016, the Trustees adopted a Rehabilitation Plan, implementing all reasonable 

measures for the purpose of attempting to emerge from critical status and to avoid insolvency, 

consisting of benefit changes. 

The 2016 Rehabilitation Plan, the 2019 Update to the plan, associated schedules and 

correspondence please see Exhibit 8 to the Application. A summary is provided here.

Rehabilitation Plan Adopted May 5, 2016

Preferred Schedule (elected by all employers)

Benefit Changes:

AZ BRK 000092
2

• Changed eligibility for disability benefit to require participant to have worked 1,000 or 

more hours in Covered Employment for a signatory contractor in the 12-months prior to 

onset of disability.

• Changed early retirement factors to actuarial equivalent factors.

• Eliminated pre-retirement death benefit.

• Eliminated post-retirement 36-month guarantee feature.

• Changed delayed retirement factors to actuarial equivalent factors.

• Changed optional form factors to actuarial equivalent factors.

Contribution Increases:

• None.

Default Schedule (not elected or imposed on any employer)

Benefit Changes:

• Reduced future benefit accrual rate to $9 per pension credit.

• Eliminated disability benefit.

• Changed early retirement factors to actuarial equivalent factors.

• Eliminated pre-retirement death benefit.

• Eliminated post-retirement 36-month guarantee feature.

• Changed delayed retirement factors to actuarial equivalent factors.

• Changed optional form factors to actuarial equivalent factors.

Contribution Increases:

Required contribution rate increase of $3.85 per hour.

Although the Trustees made significant plan changes as described above, the Plan’s actuary 

determined that if all adjustable benefits were eliminated and future accrual rates were reduced to 

1.00% of the contribution level, hourly contribution rates would need to increase from $0.90 to 

$4.75 per hour over the 10 year rehabilitation period to enable the Plan to emerge from critical 

status by the end of that period. Given the demographics of the Plan’s remaining employers and 

the nature of the masonry industry in Phoenix as described above, the Trustees determined that the 

actuarially required contribution rate increases would in fact harm the Plan by making employers 

even more uncompetitive when bidding for work, resulting in still fewer hours for the remaining 

active employers. Contribution increases, the Trustees reasoned, would also precipitate further 

employer withdrawals and bankruptcies. Therefore, the preferred schedule maintained the $0.90 

contribution rate (while the default schedule required substantial increases). Additionally, the 

AZ BRK 000093
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Trustees determined that the elimination of all adjustable benefits would leave the remaining active 

participants with little or no reason to remain union employees.

Notwithstanding the measures described above and exacerbated by the poor 2018 

investment performance of the Plan, for plan years 2019 and 2020 the Plan was certified to be in 

critical and declining status. Again, the Trustees determined that based on reasonable assumptions 

and the exhaustion of all reasonable measures the Plan could not be expected to emerge from 

critical status by the end of the rehabilitation period or at a later time, and so resolved to implement 

additional reasonable measure to avoid insolvency. This determination was documented in the 

update to the Rehabilitation Plan for the 2019 plan year, which is found at Exhibit 8 to the 

Application.

As noted above, substantially all adjustable benefits have been eliminated under the 

rehabilitation and ARM plans. The Trustees have reasonably and prudently determined that 

elimination of additional benefits would make it impossible to maintain sufficient employee 

participation to staff upcoming work, which otherwise would lead to a further decline in 

contribution hours, hastening the Plan’s insolvency. With this history, the actuarially reality of the 

Plan is that with a suspension down to 110% of the PBGC guarantee level and a partition of 80% 

of the Plan’s deferred vested liabilities, insolvency will follow.

AZ BRK 000094
Arizona Bricklayers' Pension Trust Fund

Application for Proposed Benefit Suspension as of January 1, 2022

Demonstration that Limitations on Individual Suspension are Satisfied

Participant Information

(1) Date of birth 9/16/1945

(2) Age at end of month that includes proposed suspension date (January 31, 2022) 76 years 4 months

(3) Current monthly benefit $98.00

(4) Years of service through proposed suspension date (January 1, 2022) 15.75

(5) Form of payment Pop-Up

(6) Joint and survivor percentage 100.00%

(7) Late retirement factor 1.000

Calculation of PBGC Guarantee Participant

Contingent

Beneficiary Pop-Up

(8) Monthly benefit with late retirement factor $98.00 $98.00 $119.00

(9) Monthly benefit without late retirement factor = [(8) ÷ (7)] $98.00 $98.00 $119.00

(10) Implied accrual rate = [(9) ÷ (4)] $6.22 $6.22 $7.56

(11) PBGC guaranteed accrual rate = [100% of first $11 of (10) + 75% of (10) between $11 and $44] $6.22 $6.22 $7.56

(12) PBGC guaranteed benefit = [(4) x (11)] $98.00 $98.00 $119.00

(13) 110% of PBGC guaranteed benefit = [(12) x 110%] $107.80 $107.80 $130.90

Calculation of Proposed Suspension Participant

Contingent

Beneficiary Pop-Up

(14) Amount of monthly benefit not based on disability $98.00 $98.00 $119.00

(15) Amount of monthly benefit based on disability $0.00 $0.00 $0.00

(16) Maximum reduction before disability and age-based limitations = [(8) - (13), not less than $0] $0.00 $0.00 $0.00

(17) Months from age 80 (as of January 31, 2022), not greater than 60 44 44 44

(18) Applicable percentage for age-based limitation = [(17) ÷ 60] 73.33% 73.33% 73.33%

(19) Reduction in benefit under suspension after age-based limitation but before disability-based limitation= [(16) x (18)] $0.00 $0.00 $0.00

(20) Minimum benefit due to disability-based limitation = [(15)] $0.00 $0.00 $0.00

(21) Final proposed reduction in benefit under suspension = [(19), not less than ((8) - (20)] $0.00 $0.00 $0.00

(22) Final Monthly Benefit under Proposed Suspension Effective January 1, 2022 = [(8) - (21)] $98.00 $98.00 $119.00

Example 1 - Individual currently receiving benefits below 110% PBGC Guarantee (including contingent beneficiary)

AZ BRK 000095
Arizona Bricklayers' Pension Trust Fund

Application for Proposed Benefit Suspension as of January 1, 2022

Demonstration that Limitations on Individual Suspension are Satisfied

Participant Information

(1) Date of birth 2/10/1959

(2) Age at end of month that includes proposed suspension date (January 31, 2022) 62 years 11 months

(3) Current monthly benefit $717.00

(4) Years of service through proposed suspension date (January 1, 2022) 17.83

(5) Form of payment Pop-Up

(6) Joint and survivor percentage 50.00%

(7) Late retirement factor 1.000

Calculation of PBGC Guarantee Participant

Contingent

Beneficiary Pop-Up

(8) Monthly benefit with late retirement factor $717.00 $358.50 $745.50

(9) Monthly benefit without late retirement factor = [(8) ÷ (7)] $717.00 $358.50 $745.50

(10) Implied accrual rate = [(9) ÷ (4)] $40.21 $20.11 $41.81

(11) PBGC guaranteed accrual rate = [100% of first $11 of (10) + 75% of (10) between $11 and $44] $32.91 $17.83 $34.11

(12) PBGC guaranteed benefit = [(4) x (11)] $586.78 $317.91 $608.16

(13) 110% of PBGC guaranteed benefit = [(12) x 110%] $645.46 $349.70 $668.97

Calculation of Proposed Suspension Participant

Contingent

Beneficiary Pop-Up

(14) Amount of monthly benefit not based on disability $717.00 $358.50 $745.50

(15) Amount of monthly benefit based on disability $0.00 $0.00 $0.00

(16) Maximum reduction before disability and age-based limitations = [(8) - (13), not less than $0] $71.54 $8.80 $76.53

(17) Months from age 80 (as of January 31, 2022), not greater than 60 60 60 60

(18) Applicable percentage for age-based limitation = [(17) ÷ 60] 100.00% 100.00% 100.00%

(19) Reduction in benefit under suspension after age-based limitation but before disability-based limitation= [(16) x (18)] $71.54 $8.80 $76.53

(20) Minimum benefit due to disability-based limitation = [(15)] $0.00 $0.00 $0.00

(21) Final proposed reduction in benefit under suspension = [(19), not less than ((8) - (20)] $71.54 $8.80 $76.53

(22) Final Monthly Benefit under Proposed Suspension Effective January 1, 2022 = [(8) - (21)] $645.46 $349.70 $668.97

Example 2 - Individual currently receiving benefits reduced to 110% PBGC Guarantee (including contingent beneficiary)

AZ BRK 000096
Arizona Bricklayers' Pension Trust Fund

Application for Proposed Benefit Suspension as of January 1, 2022

Demonstration that Limitations on Individual Suspension are Satisfied

Participant Information

(1) Date of birth 7/16/1944

(2) Age at end of month that includes proposed suspension date (January 31, 2022) 77 years 6 months

(3) Current monthly benefit $1,511.50

(4) Years of service through proposed suspension date (January 1, 2022) 36.50

(5) Form of payment Pop-Up

(6) Joint and survivor percentage 100.00%

(7) Late retirement factor 1.000

Calculation of PBGC Guarantee Participant

Contingent

Beneficiary Pop-Up

(8) Monthly benefit with late retirement factor $1,511.50 $1,511.50 $1,729.00

(9) Monthly benefit without late retirement factor = [(8) ÷ (7)] $1,511.50 $1,511.50 $1,729.00

(10) Implied accrual rate = [(9) ÷ (4)] $41.41 $41.41 $47.37

(11) PBGC guaranteed accrual rate = [100% of first $11 of (10) + 75% of (10) between $11 and $44] $33.81 $33.81 $35.75

(12) PBGC guaranteed benefit = [(4) x (11)] $1,234.00 $1,234.00 $1,304.88

(13) 110% of PBGC guaranteed benefit = [(12) x 110%] $1,357.40 $1,357.40 $1,435.36

Calculation of Proposed Suspension Participant

Contingent

Beneficiary Pop-Up

(14) Amount of monthly benefit not based on disability $1,511.50 $1,511.50 $1,729.00

(15) Amount of monthly benefit based on disability $0.00 $0.00 $0.00

(16) Maximum reduction before disability and age-based limitations = [(8) - (13), not less than $0] $154.10 $154.10 $293.64

(17) Months from age 80 (as of January 31, 2022), not greater than 60 30 30 30

(18) Applicable percentage for age-based limitation = [(17) ÷ 60] 50.00% 50.00% 50.00%

(19) Reduction in benefit under suspension after age-based limitation but before disability-based limitation= [(16) x (18)] $77.05 $77.05 $146.82

(20) Minimum benefit due to disability-based limitation = [(15)] $0.00 $0.00 $0.00

(21) Final proposed reduction in benefit under suspension = [(19), not less than ((8) - (20)] $77.05 $77.05 $146.82

(22) Final Monthly Benefit under Proposed Suspension Effective January 1, 2022 = [(8) - (21)] $1,434.45 $1,434.45 $1,582.18

Example 3 - Individual currently receiving benefits between age 75 and 80 (including contingent beneficiary)

AZ BRK 000097
Arizona Bricklayers' Pension Trust Fund

Application for Proposed Benefit Suspension as of January 1, 2022

Demonstration that Limitations on Individual Suspension are Satisfied

Participant Information

(1) Date of birth 12/8/1939

(2) Age at end of month that includes proposed suspension date (January 31, 2022) 82 years 1 months

(3) Current monthly benefit $245.50

(4) Years of service through proposed suspension date (January 1, 2022) 14.75

(5) Form of payment Pop-Up

(6) Joint and survivor percentage 100.00%

(7) Late retirement factor 1.000

Calculation of PBGC Guarantee Participant

Contingent

Beneficiary Pop-Up

(8) Monthly benefit with late retirement factor $245.50 $245.50 $277.00

(9) Monthly benefit without late retirement factor = [(8) ÷ (7)] $245.50 $245.50 $277.00

(10) Implied accrual rate = [(9) ÷ (4)] $16.64 $16.64 $18.78

(11) PBGC guaranteed accrual rate = [100% of first $11 of (10) + 75% of (10) between $11 and $44] $15.23 $15.23 $16.83

(12) PBGC guaranteed benefit = [(4) x (11)] $224.69 $224.69 $248.31

(13) 110% of PBGC guaranteed benefit = [(12) x 110%] $247.16 $247.16 $273.14

Calculation of Proposed Suspension Participant

Contingent

Beneficiary Pop-Up

(14) Amount of monthly benefit not based on disability $245.50 $245.50 $277.00

(15) Amount of monthly benefit based on disability $0.00 $0.00 $0.00

(16) Maximum reduction before disability and age-based limitations = [(8) - (13), not less than $0] $0.00 $0.00 $3.86

(17) Months from age 80 (as of January 31, 2022), not greater than 60 0 0 0

(18) Applicable percentage for age-based limitation = [(17) ÷ 60] 0.00% 0.00% 0.00%

(19) Reduction in benefit under suspension after age-based limitation but before disability-based limitation= [(16) x (18)] $0.00 $0.00 $0.00

(20) Minimum benefit due to disability-based limitation = [(15)] $0.00 $0.00 $0.00

(21) Final proposed reduction in benefit under suspension = [(19), not less than ((8) - (20)] $0.00 $0.00 $0.00

(22) Final Monthly Benefit under Proposed Suspension Effective January 1, 2022 = [(8) - (21)] $245.50 $245.50 $277.00

Example 4 - Individual currently receiving benefits over age 80 (including contingent beneficiary)

AZ BRK 000098
Arizona Bricklayers' Pension Trust Fund

Application for Proposed Benefit Suspension as of January 1, 2022

Demonstration that Limitations on Individual Suspension are Satisfied

Participant Information

(1) Date of birth 2/1/1952

(2) Age at end of month that includes proposed suspension date (January 31, 2022) 69 years 11 months

(3) Current monthly benefit $269.50

(4) Years of service through proposed suspension date (January 1, 2022) 12.50

(5) Form of payment Pop-Up

(6) Joint and survivor percentage 100.00%

(7) Late retirement factor 1.000

Calculation of PBGC Guarantee Participant

Contingent

Beneficiary Pop-Up

(8) Monthly benefit with late retirement factor $269.50 $269.50 $341.00

(9) Monthly benefit without late retirement factor = [(8) ÷ (7)] $269.50 $269.50 $341.00

(10) Implied accrual rate = [(9) ÷ (4)] $21.56 $21.56 $27.28

(11) PBGC guaranteed accrual rate = [100% of first $11 of (10) + 75% of (10) between $11 and $44] $18.92 $18.92 $23.21

(12) PBGC guaranteed benefit = [(4) x (11)] $236.50 $236.50 $290.13

(13) 110% of PBGC guaranteed benefit = [(12) x 110%] $260.15 $260.15 $319.14

Calculation of Proposed Suspension Participant

Contingent

Beneficiary Pop-Up

(14) Amount of monthly benefit not based on disability $0.00 $269.50 $0.00

(15) Amount of monthly benefit based on disability $269.50 $0.00 $341.00

(16) Maximum reduction before disability and age-based limitations = [(8) - (13), not less than $0] $9.35 $9.35 $21.86

(17) Months from age 80 (as of January 31, 2022), not greater than 60 60 60 60

(18) Applicable percentage for age-based limitation = [(17) ÷ 60] 100.00% 100.00% 100.00%

(19) Reduction in benefit under suspension after age-based limitation but before disability-based limitation= [(16) x (18)] $9.35 $9.35 $21.86

(20) Minimum benefit due to disability-based limitation = [(15)] $269.50 $0.00 $341.00

(21) Final proposed reduction in benefit under suspension = [(19), not less than ((8) - (20)] $0.00 $9.35 $0.00

(22) Final Monthly Benefit under Proposed Suspension Effective January 1, 2022 = [(8) - (21)] $269.50 $260.15 $341.00

Example 5 - Individual currently receiving benefits based on disability (including contingent beneficiary)

AZ BRK 000099
Arizona Bricklayers' Pension Trust Fund

Application for Proposed Benefit Suspension as of January 1, 2022

Demonstration that Limitations on Individual Suspension are Satisfied

Participant Information

(1) Date of birth 4/15/1977

(2) Age at end of month that includes proposed suspension date (January 31, 2022) 44 years 9 months

(3) Accrued monthly benefit payable at later of Normal Retirement Date (NRD) and proposed suspension date (January 1, 2022) $599.27

(4) Years of service through proposed suspension date 17.66

(5) Actuarial increase factor for delayed retirement, if applicable 1.0000

(6) Adjusted monthly benefit payable as single life annuity on proposed suspension date = [(3) x (5)] $599.27

Calculation of PBGC Guarantee 

(7) Implied accrual rate = [(3) ÷ (4)] $33.93

(8) PBGC guaranteed accrual rate = [100% of first $11 of (7) + 75% of (7) between $11 and $44] $28.20

(9) PBGC guaranteed benefit = [(4) x (8)] $498.02

(10) 110% of PBGC guaranteed benefit = [(9) x 110%] $547.82

Calculation of Proposed Suspension 

(11) Amount of monthly benefit not based on disability $599.27

(12) Amount of monthly benefit based on disability $0.00

(13) Maximum reduction before disability and age-based limitations = [(6) - (10), not less than $0] $51.45

(14) Months from age 80 (as of January 31, 2022), not greater than 60 60

(15) Applicable percentage for age-based limitation = [(14) ÷ 60] 100.00%

(16) Reduction in benefit under suspension after age-based limitation but before disability-based limitation= [(13) x (15)] $51.45

(17) Minimum benefit due to disability-based limitation = [(12)] $0.00

(18) Final proposed reduction in benefit under suspension = [(16), not less than ((6) - (17)] $51.45

(19) Final Monthly Benefit under Proposed Suspension Effective January 1, 2022 = [(6) - (18)] $547.82

Example 6 - Future retiree reduced to 110% PBGC Guarantee

AZ BRK 000100
Arizona Bricklayers' Pension Trust Fund

Application for Proposed Benefit Suspension as of January 1, 2022

Demonstration that Limitations on Individual Suspension are Satisfied

Participant Information

(1) Date of birth 3/25/1944

(2) Age at end of month that includes proposed suspension date (January 31, 2022) 77 years 10 months

(3) Accrued monthly benefit payable at later of Normal Retirement Date (NRD) and proposed suspension date (January 1, 2022) $254.39

(4) Years of service through proposed suspension date 5.92

(5) Actuarial increase factor for delayed retirement, if applicable 1.7800

(6) Adjusted monthly benefit payable as single life annuity on proposed suspension date = [(3) x (5)] $452.81

Calculation of PBGC Guarantee 

(7) Implied accrual rate = [(3) ÷ (4)] $42.97

(8) PBGC guaranteed accrual rate = [100% of first $11 of (7) + 75% of (7) between $11 and $44] $34.98

(9) PBGC guaranteed benefit = [(4) x (8)] $207.07

(10) 110% of PBGC guaranteed benefit = [(9) x 110%] $227.78

Calculation of Proposed Suspension 

(11) Amount of monthly benefit not based on disability $452.81

(12) Amount of monthly benefit based on disability $0.00

(13) Maximum reduction before disability and age-based limitations = [(6) - (10), not less than $0] $225.03

(14) Months from age 80 (as of January 31, 2022), not greater than 60 26

(15) Applicable percentage for age-based limitation = [(14) ÷ 60] 43.33%

(16) Reduction in benefit under suspension after age-based limitation but before disability-based limitation= [(13) x (15)] $97.51

(17) Minimum benefit due to disability-based limitation = [(12)] $0.00

(18) Final proposed reduction in benefit under suspension = [(16), not less than ((6) - (17)] $97.51

(19) Final Monthly Benefit under Proposed Suspension Effective January 1, 2022 = [(6) - (18)] $355.30

Example 7 - Future retiree between age 75 and 80 

AZ BRK 000101
Arizona Bricklayers' Pension Trust Fund

Application for Proposed Benefit Suspension as of January 1, 2022

Demonstration that Limitations on Individual Suspension are Satisfied

Participant Information

(1) Date of birth 7/4/1970

(2) Age at end of month that includes proposed suspension date (January 31, 2022) 51 years 6 months

(3) Accrued monthly benefit payable at later of Normal Retirement Date (NRD) and proposed suspension date (January 1, 2022) $754.49

(4) Years of service through proposed suspension date 21.25

(5) Actuarial increase factor for delayed retirement, if applicable 1.0000

(6) Adjusted monthly benefit payable as single life annuity on proposed suspension date = [(3) x (5)] $754.49

Calculation of PBGC Guarantee 

(7) Implied accrual rate = [(3) ÷ (4)] $35.51

(8) PBGC guaranteed accrual rate = [100% of first $11 of (7) + 75% of (7) between $11 and $44] $29.38

(9) PBGC guaranteed benefit = [(4) x (8)] $624.31

(10) 110% of PBGC guaranteed benefit = [(9) x 110%] $686.74

Calculation of Proposed Suspension 

(11) Amount of monthly benefit not based on disability $0.00

(12) Amount of monthly benefit based on disability $754.49

(13) Maximum reduction before disability and age-based limitations = [(6) - (10), not less than $0] $67.75

(14) Months from age 80 (as of January 31, 2022), not greater than 60 60

(15) Applicable percentage for age-based limitation = [(14) ÷ 60] 100.00%

(16) Reduction in benefit under suspension after age-based limitation but before disability-based limitation= [(13) x (15)] $67.75

(17) Minimum benefit due to disability-based limitation = [(12)] $754.49

(18) Final proposed reduction in benefit under suspension = [(16), not less than ((6) - (17)] $0.00

(19) Final Monthly Benefit under Proposed Suspension Effective January 1, 2022 = [(6) - (18)] $754.49

Example 8 - Future disabled retiree 

AZ BRK 000102
Arizona Bricklayers' Pension Trust Fund

Application for Proposed Benefit Suspension as of January 1, 2022

Demonstration that Proposed Suspension is Equitably Distributed

Rev. Proc. 2017-73, Section 4.04(1) - Information for the Plan in Aggregate

Part a

Terminated Alternate 

Actives Vested Retirees Disabled1 Beneficiaries Payees2

Total

Valuation Counts as of January 1, 2019 54 300 217 42 56 11 680

Average Monthly Benefit Before Proposed Suspension3

$357 $457 $601 $634 $415 $412 $501

Average Monthly Benefit After Proposed Suspension3, 4 326 377 566 634 397 396 451

Percentage Change in Average Monthly Benefit -8.9% -17.4% -5.9% 0.0% -4.3% -3.7% -10.0%

Present Value of Accrued Benefits Before Proposed Suspension5

$1,577,536 $12,606,461 $13,989,654 $2,002,945 $1,837,555 $364,165 $32,378,316

Present Value of Accrued Benefits After Proposed Suspension5

1,483,049 11,257,915 12,812,108 1,992,637 1,728,515 343,801 29,618,025

Reduction in Present Value of Benefits Due to Proposed Suspension5

-94,487 -1,348,546 -1,177,546 -10,308 -109,040 -20,364 -2,760,291

1 The decrease in liability under the proposed suspension reflects the reduction to the contingent beneficiary's benefit.

2 Excludes alternate payees not in payment status. The average benefits and present value of benefits for deferred alternate payees are included with active and terminated vested participants.

3 Accrued benefit payable at normal retirement age (or immediately if over NRA) as single life annuity for actives and terminated vested participants; current monthly benefit for those in payment status.

4 Determined taking into account individual limitations, as applicable. Does not reflect impact of proposed partition.

Part b

Percentage reduction in benefits Actives Trm. Vested Retirees Disabled Beneficiaries Alt. Payees Total Counts % of Total

No reduction 0 0 87 42 36 5 170 25%

Greater than 0% but less than 5% 0 0 26 0 7 2 35 5%

At least 5% but less than 10% 52 127 71 0 10 1 261 38%

At least 10% but less than 15% 2 96 24 0 2 2 126 19%

At least 15% but less than 20% 0 20 6 0 1 1 28 4%

At least 20% but less than 25% 0 10 2 0 0 0 12 2%

At least 25% but less than 30% 0 14 1 0 0 0 15 2%

At least 30% but less than 35% 0 8 0 0 0 0 8 1%

At least 35% but less than 40% 0 7 0 0 0 0 7 1%

At least 40% but less than 45% 0 12 0 0 0 0 12 2%

At least 45% but less than 50% 0 6 0 0 0 0 6 1%

Total number of participants impacted by proposed suspension 54 300 130 0 20 6 510 75%

Percentage of participants impacted by suspension (within status) 100% 100% 60% 0% 36% 55% 75%

Average reduction % per member (among those impacted) 8.1% 15.2% 8.4% 0.0% 6.5% 9.0% 12.3%

5 Estimated as of January 1, 2022 based on the assumptions described in the report titled "Report of Required Actuarial Information - Application for Proposed Benefit Suspensions as of January 1, 2022". Liability 

shown for Actives includes liability for New Entrants. Does not include load for administrative expenses. 

AZ BRK 000103