APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 

 Exhibit 4.05(1)a (Checklist Item #13)

 Participant Notice

IW16-0064
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 

 Exhibit 4.05(1)a (Checklist Item #13)

 Participant Notice

IW16-0065
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 

 Exhibit 4.05(1)a (Checklist Item #13)

 Participant Notice

IW16-0066
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 

 Exhibit 4.05(1)a (Checklist Item #13)

 Participant Notice

IW16-0067
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 

 Exhibit 4.05(1)a (Checklist Item #13)

 Participant Notice

IW16-0068
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 

 Exhibit 4.05(1)a (Checklist Item #13)

 Participant Notice

IW16-0069
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 

 Exhibit 4.05(1)a (Checklist Item #13)

 Participant Notice

IW16-0070
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 

 Exhibit 4.05(1)a (Checklist Item #13)

 Participant Notice

IW16-0071
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 

 Exhibit 4.05(1)a (Checklist Item #13)

 Participant Notice

IW16-0072
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 

 Exhibit 4.05(1)a (Checklist Item #13)

 Participant Notice

IW16-0073
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 

 Exhibit 4.05(1)a (Checklist Item #13)

 Participant Notice

IW16-0074
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 

 Exhibit 4.05(1)a (Checklist Item #13)

 Participant Notice

IW16-0075
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 

 Exhibit 4.05(1)a (Checklist Item #13)

 Participant Notice

IW16-0076
NOTICE OF A PROPOSED REDUCTION OF YOUR PENSION BENEFITS 

December 2017 Page 14 of 14

SECTION 8: HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Participant Category: Active 

Your monthly benefit of $1,497.29, reflecting Service Credits as of January 1, 2017, would 

not change under the proposed reduction if you continue working under covered 

employment beyond October 31, 2020. If you terminate employment on or prior to October 

31, 2020, your monthly benefit would be reduced based on the Reduction Rate summarized 

in Section 5 of this notice. The Examples in Section 5 illustrate how such a reduction would 

be calculated. If the benefit reduction starts later, the effect of the proposed reduction on 

your benefit might be different. Benefit accruals for Service Credits earned after October 1, 

2018 will not be affected by this proposed reduction. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It 

is not a final benefit calculation. This estimate was prepared assuming the proposed 

reduction starts on October 1, 2018. 

This estimate is also based on the following information from Plan records: 

Plan records show that you have 17.50 Service Credits as of January 1, 2017, inclusive of 

Hours Bank, if any, under the Plan. 

You will be 44 years and 11 months old as of October 1, 2018, based on your date of birth 

of October 28, 1973. 

PBGC Guaranteed Benefits 

The Plan’s actuary has calculated that if the proposed reductions are not implemented, then 

the Plan is projected to be insolvent and unable to pay benefits when due in 2032. If the 

Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by the PBGC. The amount of your monthly benefit guaranteed 

by PBGC is estimated to be $625.63.

N:\1080\2017\Benefit Suspensions\Participant Notice - Dec Submission\IW16 Pension - Participant Notice v24.docx 740_sc1_st1 

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 Exhibit 4.05(1)b - Participant Notice Illustrations

IW16-0077
NOTICE OF A PROPOSED REDUCTION OF YOUR PENSION BENEFITS 

December 2017 Page 14 of 14

SECTION 8: HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Participant Category: Pensioner with No Reductions 

Your monthly benefit of $1,501.25 would not change under the proposed reduction nor 

would your thirteenth check of $1,501.25. You would continue to receive $19,516.25 in 

annual pension payments. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It 

is not a final benefit calculation. This estimate was prepared assuming the proposed 

reduction starts on October 1, 2018. 

This estimate is also based on the following information from Plan records: 

Plan records show that you have 31.75 Service Credits, inclusive of Hours Bank, if any, 

under the Plan. 

You will be 85 years and 8 months old as of October 1, 2018, based on your date of birth of 

January 3, 1933. 

Thirteenth Check --- Plan records show that you are currently receiving a thirteenth check in 

the amount of $1,501.25. 

Disability Benefits --- Plan records show that none of your benefit is based on disability. 

Partial Lump Sum --- Plan records show that you have not previously received a partial 

lump sum. 

PBGC Guaranteed Benefits 

The Plan’s actuary has calculated that if the proposed reductions are not implemented, then 

the Plan is projected to be insolvent and unable to pay benefits when due in 2032. If the 

Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by the PBGC. The amount of your annual benefit guaranteed 

by PBGC is estimated to be $13,620.72.

N:\1080\2017\Benefit Suspensions\Participant Notice - Dec Submission\IW16 Pension - Participant Notice v24.docx 817_sc4_st4 

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 Exhibit 4.05(1)b - Participant Notice Illustrations

IW16-0078
NOTICE OF A PROPOSED REDUCTION OF YOUR PENSION BENEFITS 

December 2017 Page 14 of 14

SECTION 8: HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Participant Category: Post-Normal Retirement Date Term Vested 

Your future monthly benefit, based on the years of service you have already worked as of 

January 1, 2017 and payable in the form of a Single Life Annuity, is proposed to be reduced 

from $506.25 to $415.76, effective October 1, 2018. If the benefit reduction starts later, the 

effect of the proposed reduction on your benefit might be different. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It 

is not a final benefit calculation. This estimate was prepared assuming the proposed 

reduction starts on October 1, 2018. 

This estimate is also based on the following information from Plan records: 

Plan records show that you have 6.75 Service Credits as of January 1, 2017, inclusive of 

Hours Bank, if any, under the Plan. 

You will be 68 years and 1 months old as of October 1, 2018, based on your date of birth of 

August 25, 1950. 

Upon Retirement 

This is the largest amount of proposed reduction that will apply and is based on 

commencement of benefits in the specified form of benefit. If you choose a form of benefit 

that includes additional survivor benefits after your death, then any actuarial reduction for 

those benefits will be applied to your benefit after reflecting the effect of the separate 

reduction due to the proposed suspension described above. However, the combined 

reductions are not allowed to result in a benefit that is less than 110 percent of the PBGC 

guaranteed level. 

PBGC Guaranteed Benefits 

The Plan’s actuary has calculated that if the proposed reductions are not implemented, then 

the Plan is projected to be insolvent and unable to pay benefits when due in 2032. If the 

Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by the PBGC. The amount of your monthly benefit guaranteed 

by PBGC is estimated to be $241.31.

N:\1080\2017\Benefit Suspensions\Participant Notice - Dec Submission\IW16 Pension - Participant Notice v24.docx 824_sc5_st2 

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 Exhibit 4.05(1)b - Participant Notice Illustrations

IW16-0079
NOTICE OF A PROPOSED REDUCTION OF YOUR PENSION BENEFITS 

December 2017 Page 14 of 14

SECTION 8: HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Participant Category: Pre-Normal Retirement Date Term Vested 

Your future monthly benefit, in the form of a Single Life Annuity, is proposed to be reduced 

from $770.50 to $593.29 effective October 1, 2018. This is based on the Service Credits 

you have already worked as of January 1, 2017 and assuming payments begin February 1, 

2019 (your age 65, normal retirement date). The 'Upon Retirement' section below further 

explains how your monthly benefit will be calculated at retirement. If the benefit reduction 

starts later, the effect of the proposed reduction on your benefit might be different. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It 

is not a final benefit calculation. This estimate was prepared assuming the proposed 

reduction starts on October 1, 2018. 

This estimate is also based on the following information from Plan records: 

Plan records show that you have 14.50 Service Credits as of January 1, 2017, inclusive of 

Hours Bank, if any, under the Plan. 

You will be 64 years and 8 months old as of October 1, 2018, based on your date of birth of 

January 30, 1954. 

Upon Retirement 

The amount of your benefit before and after the proposed reduction will depend on when 

you decide to begin receiving benefits and the form of benefit you choose as well as 

whether you continue to work and earn years of service after the service calculation date. 

The amounts shown above are based on an assumed commencement at age 65 (the plan’s 

normal retirement age) without any additional years of service for future work. If you choose 

to begin receiving benefits before your normal retirement age, or if you choose a form of 

benefit that includes additional survivor benefits after your death, then any reduction for 

early commencement or survivor benefits will be applied to your benefit after reflecting the 

effect of the separate reduction due to the proposed suspension described above. However, 

the combined reductions are not allowed to result in a benefit that is less than 110 percent 

of the PBGC-guaranteed level. 

PBGC Guaranteed Benefits 

The Plan’s actuary has calculated that if the proposed reductions are not implemented, then 

the Plan is projected to be insolvent and unable to pay benefits when due in 2032. If the 

Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by the PBGC. The amount of your monthly benefit guaranteed 

by PBGC is estimated to be $518.38.

N:\1080\2017\Benefit Suspensions\Participant Notice - Dec Submission\IW16 Pension - Participant Notice v24.docx 95_sc6_st2 

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 Exhibit 4.05(1)b - Participant Notice Illustrations

IW16-0080
NOTICE OF A PROPOSED REDUCTION OF YOUR PENSION BENEFITS 

December 2017 Page 14 of 14

SECTION 8: HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Participant Category: Pensioner with 13th Check and Monthly Reduction 

Effective October 1, 2018, your monthly benefit is proposed to be reduced from $2,310.02 

to $1,975.07 and starting December 2018 your thirteenth check is proposed to be reduced 

from $2,310.02 to $0. You would receive $23,700.84 in annual pension payments. If the 

benefit reduction starts later, the effect of the proposed reduction on your benefit might be 

different. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It 

is not a final benefit calculation. This estimate was prepared assuming the proposed 

reduction starts on October 1, 2018. 

This estimate is also based on the following information from Plan records: 

Plan records show that you have 25.75 Service Credits, inclusive of Hours Bank, if any, 

under the Plan. 

You will be 70 years and 4 months old as of October 1, 2018, based on your date of birth of 

May 21, 1948. 

Thirteenth Check --- Plan records show that you are currently receiving a thirteenth check in 

the amount of $2,310.02. 

Disability Benefits --- Plan records show that none of your benefit is based on disability. 

Partial Lump Sum --- Plan records show that you have not previously received a partial 

lump sum. 

PBGC Guaranteed Benefits 

The Plan’s actuary has calculated that if the proposed reductions are not implemented, then 

the Plan is projected to be insolvent and unable to pay benefits when due in 2032. If the 

Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by the PBGC. The amount of your annual benefit guaranteed 

by PBGC is estimated to be $11,046.72.

N:\1080\2017\Benefit Suspensions\Participant Notice - Dec Submission\IW16 Pension - Participant Notice v24.docx 910_sc7_st4 

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 Exhibit 4.05(1)b - Participant Notice Illustrations

IW16-0081
NOTICE OF A PROPOSED REDUCTION OF YOUR PENSION BENEFITS 

December 2017 Page 14 of 14

SECTION 8: HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Participant Category: Pensioner with only Monthly Benefit Reduction 

Effective October 1, 2018, your monthly benefit is proposed to be reduced from $2,819.00 

to $2,798.91. You would receive $33,586.92 in annual pension payments. If the benefit 

reduction starts later, the effect of the proposed reduction on your benefit might be different. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It 

is not a final benefit calculation. This estimate was prepared assuming the proposed 

reduction starts on October 1, 2018. 

This estimate is also based on the following information from Plan records: 

Plan records show that you have 30.25 Service Credits, inclusive of Hours Bank, if any, 

under the Plan. 

You will be 78 years and 5 months old as of October 1, 2018, based on your date of birth of 

April 2, 1940. 

Thirteenth Check --- Plan records show that you are not receiving a thirteenth check. 

Disability Benefits --- Plan records show that none of your benefit is based on disability. 

Partial Lump Sum --- Plan records show that you have not previously received a partial 

lump sum. 

PBGC Guaranteed Benefits 

The Plan’s actuary has calculated that if the proposed reductions are not implemented, then 

the Plan is projected to be insolvent and unable to pay benefits when due in 2032. If the 

Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by the PBGC. The amount of your annual benefit guaranteed 

by PBGC is estimated to be $12,977.28.

N:\1080\2017\Benefit Suspensions\Participant Notice - Dec Submission\IW16 Pension - Participant Notice v24.docx 283_sc8_st4 

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 Exhibit 4.05(1)b - Participant Notice Illustrations

IW16-0082
NOTICE OF A PROPOSED REDUCTION OF YOUR PENSION BENEFITS 

December 2017 Page 14 of 14

SECTION 8: HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Participant Category: Pensioner with only 13th Check Reduction 

Your monthly benefit of $260.00 would not change under the proposed reduction; however, 

your thirteenth check is proposed to be reduced from $1,000.00 to $541.08 starting 

December 2018. You would receive $3,661.08 in annual pension payments. If the benefit 

reduction starts later, the effect of the proposed reduction on your benefit might be different. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It 

is not a final benefit calculation. This estimate was prepared assuming the proposed 

reduction starts on October 1, 2018. 

This estimate is also based on the following information from Plan records: 

Plan records show that you have 3.25 Service Credits, inclusive of Hours Bank, if any, 

under the Plan. 

You will be 77 years and 10 months old as of October 1, 2018, based on your date of birth 

of November 4, 1940. 

Thirteenth Check --- Plan records show that you are currently receiving a thirteenth check in 

the amount of $1,000.00. 

Disability Benefits --- Plan records show that none of your benefit is based on disability. 

Partial Lump Sum --- Plan records show that you have not previously received a partial 

lump sum. 

PBGC Guaranteed Benefits 

The Plan’s actuary has calculated that if the proposed reductions are not implemented, then 

the Plan is projected to be insolvent and unable to pay benefits when due in 2032. If the 

Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by the PBGC. The amount of your annual benefit guaranteed 

by PBGC is estimated to be $1,394.28.

N:\1080\2017\Benefit Suspensions\Participant Notice - Dec Submission\IW16 Pension - Participant Notice v24.docx 952_sc9_st4 

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 Exhibit 4.05(1)b - Participant Notice Illustrations

IW16-0083