Form 5500 (2016) Page 2 

3a Plan administrator's name and address [;,l Same as Plan Sponsor 

4 If the name and/or EIN of the plan sponsor has changed since the last return/report filed for this plan, enter the name, 

EIN and the plan number from the last r.eturn/report: 

a Sponsor's name 

5 Total number of participants at the beginning of the plan year 

6 Number of participants as of the end of the plan year unless otherwise stated (welfare plans complete only lines 6a(1), 

6a(2), 6b, 6c, and 6d). 

a(1) Total number of active participants at the beginning of the plan year ...... ............ .................................. ...... ······•···· . ····· 

a(2) Total number of active participants at the end of the plan year .. .......... ............ ..................................... ..... .......... . ..... 

b Retired or separated participants receiving benefits .................... ........................... . ............................................................ 

C Other retired or separated participants entitled to future benefits .. ...................... .............................................. ................ 

d Subtotal. Add lines Ga(2), Gb, and Ge....................... ............................... .............. ............ ............................... ........... . ... 

e Deceased participants whose beneficiaries are receiving or are entitled to receive benefits. ......... ........................ ........... 

f Total. Add lines Gd and Ge................................................................... .. .... ... .•........ ...................... ·········· ............ ........... 

g Number of participants with account balances as of the' end of the plan year (only defined contribution plans 

complete this item) .. .. ··•···· .......................................... ......................................................................................... .. ............ 

h Number of participants that tenninated employment during the plan year with accrued benefits that were 

less than 100% vested ....................... .......... ................................................................... ......................... .............. ......... 

7 Enter the total number of employers obligated to contribute to the plan (only multiemployer plans complete this item) ........ 

3b Administrator's EIN 

3c Administrator's telephone 

number 

4b EIN 

4c PN 

5 5.578 

6a(1) 1,742 

6a(2) 1,691 

6b 1,979 

6c 1,163 

6d 4,833 

6e 668 

6f 5,501 

6g 

6h 

7 193 

Sa If the plan provides pension benefits, enter the applicable pension feature codes from the List of Plan Characteristics Codes in the instructions: 

1B 

b If the plan provides welfare benefits, enter the applicable welfare feature codes from the List of Plan Characteristics Codes in the instructions: 

9a Plan funding arrangement (check all that apply) 9b Plan bene~t arrangement (check all that apply) 

(1) Insurance (1) ... Insurance 

(2) Code section 412(e)(3) insurance contracts (2) Code section 412(e)(3) insurance contracts 

(3) ~ 

- Trust (3) X Trust 

{4) General assets of the sponsor (4) General assets of the sponsor 

10 Check all applicable boxes in 10a and 1 Ob to indicate which schedules are attached, and, where indicated, enter the number attached. (See instructions) 

a Pension Schedules 

(1) !ill R (Retirement Plan Information) 

(2) ~ MB (Multiemployer Defined Benefit Plan and Certain Money 

Purchase Plan Actuarial lnformc!,tion) - signed by the plan 

actuary 

(3) D SB (Single-Employer Defined Benefit Plan Actuarial 

Information) - signed by the plan actuary 

b General Schedules 

(1) 18] H (Financial Information) 

(2) I (Financial Information - Small Plan)  

(3) A (Insurance Information) 

(4) C (Service Provider Information) 

(5) ~ D (DFE!Participating Plan Information) 

(6) G (Financial Transaction Schedules)  

SWORCCPP2018-000370
0MB No. 1210-0110 SCHEDULE MB Multiemployer Defined Benefit Plan and Certain 

(Form 5500) Money Purchase Plan Actuarial Information 2016 

Department of the Treasury 

Internal Revenue Service This schedule is required to be filed under section 104 of the Employee 

Department of Labor Retirement Income Security Act of 1974 (ERISA) and section 6059 of the This Form Is Open to Public Employee Benefits Security Administration Internal Revenue Code (the Code). Inspection Pension Benefit Guaranty Corporation  File as an attachment to Form 5500 or 5500-SF. 

For calendar plan year 2016 or fiscal plan year beginning O1 / O1 / 2 O 16 and ending 12/31/2016

 Round off amounts to nearest dollar. 

 Caution: A penalty of $1,000 will be assessed for late filing of this report unless reasonable cause is established 

A Name of plan B Three-digit I 

SW OH Regional Council of Carpenters Pension Plan 1--~----~~----~----- plan number (PN)  001 -

C Plan sponsor's name as shown on line 2a of Form 5500 or 5500-SF D Employer Identification Number (EIN) 

SW OH Regional Council of Carpenters 31-6127287 

E Type of plan: (1) [j(] Multiemp!oyer Defined Benefit {2) D Money Purchase (see instructions) 

1a Enter the valuation date: Monthl- Day 1 Year 2016 

b Assets 

(1) Current value of as:;;ets ........................................... ... ····· ..................................... ................... ...... 1 b(1) 213,252,642 

(2) Actuarial value of assets for funding standard account. ........................................... .......................... 1b(2) 235,053,025 

C (1) Accrued liability for plan using immediate gain methods ...... .................................. . ......................... 1 c(1) 470,229,784 

(2) Information for plans using spread gain methods: 

(a) Unfunded liability for methods with bases ................. ................ ........................................ .......... 1c(2)(a) 

(b) Accrued liability under entry age normal method ......... ............. .................... ... ·····•············ ......... 1c(2)(b) 

(c) Normal cost under entry age normal method ............ ................................... ...................... ......... 1c(2)(c) 

(3) Accrued liability under unit credit cost method ..... .......... .................................. ................................. 1c(3) 470,229,784 

d Information on current liabilities of the plan: 

(1) Amount excluded from current liability attributable to pre-participation service (see instructions) ........ 1 d(1) 

(2) "RPA '94" information: 

(a) Current liability ............ ..................................... •······· ......................... ......... .. .......... .. ............. 1d(2)(a) 668,817,126 

(b) Expected increase in current liability due to benefits accruing during the plan year ........................ 1 d(2)(b) 5,160,785 

(c) Expected release from "RPA '94" current liability for the plan year ........ ..... ......... ................. .. .. 1d(2)(c) 31,800,234 

(3) Expected plan disbursements for the plan year ............................................ ....... ........ .................. .. . 1d(3) 32,690,234 

Statement by Enrolled Actuary To the best of my knowledge, the lnfonnallon supplied in this schedule and accompanying schedules, statements and attachments, if any, is complete and accurate. Each prescribed assumption was applied 

in accordance with applicable law and regulations. In my opinion, each other assumption is reasonable (taklng Into account the experience of the plan and reasonable expectaUons) and such other 

assumptlons, in combination, offer my best estimate of anticipated experience under the plan. 

SIGN 

HERE 09/26/2017 

Signature of actuary Date 

Jason C. Birkle 17-07856 

Type or print name of actuary Most recent enrollment number 

Cuni, Rust & Strenk (513) 891-0270 

Firin name Telephone number (including area code) 

4555 Lake Forest Drive, Suite 620 

Cincinnati OH 45242-3760 

Address of the firm 

If the actuary has not fully reflected any regulation or ruling promulgated under the statute in completing this schedule, check the box and see 

instructions  

For Paperwork Reduction Act Notice, see the Instructions for Form 5500 or 5500-SF. Schedule MB (Form 5500) 2016 

v.160205 

SWORCCPP2018-000371
Schedule MB (Form 5500) 2016 Page2-D 

2 Operational information as of beginning of this plan year: 

a Current value of assets (see instructions) ............... . ...................................1 2a 213,252,642

b "RPA '94" current liability/participant count breakdown: (1) Number of participants (2) Current liability 

(1) For retired participants and beneficiaries receiving payment ........ . 2, 662 397,586,825

(2) For terminated vested participants 1,174 119,624,731

(3) For active participants: 

(a) Non~vested benefits ..................... . 1,123,110 

(b) Vested benefits .................. . 150,482,460 

(c) Total active ..................................... . 1 742 151 605.570 

(4) Total ... 5.578 668,817.126 

C If the percentage resulting from dividing line 2a by line 2b(4), column (2), is less than 70%, enter such 

percentage ................... . ........... 12c 31. 89 %

3 Contributions made to the plan for the plan year by emp!oyer(s) and employees· 

(a) Dale (b) Amount paid by (c) Amount paid by (a) Date (b) Amount paid by c) Amount paid by 

(MM-DD-YYYY) employer(s) employees (MM-DD-YYYY) employer(s) employees 

01/01/2016 0 

12/31/2016 17 502 825 

Totals  I 3(b) 17,502,825 3(c) I 0 

4 Information on plan status: 

a Funded percentage for monitoring plan's status (line 1b(2) divided by line 1c(3)) .... 50.0 % 

b Enter code to indicate plan's status (see instructions for attachment of supporting evidence of plan's status). If 

code is "N," go to line 5 ........................ . 

c Is the plan making the scheduled progress under any applicable funding improvement or rehabilitation plan?. . ........................................... [gl Yes DNo 

d If the plan is in critical status or critical and declining status, were any benefits reduced (see instructions)? ......... . .............................  Yes 1B} No 

e If lined is "Yes," enter the reduction in liability resulting from the reduction in benefits (see instructions), 

measured 4e as of the valuation date ............ . 

f If the rehabilitation plan projects emergence from critical status or critical and declining status, enter the plan 

year in which it is projected to emerge. 41 If the rehabilitation plan is based on forestalling possible insolvency, enter the plan year in which insolvency is 

expected and check here ........................................................................................................................ ~ 2033 

5 Actuarial cost method used as the basis for this plan year's funding standard account computations (check all that apply): 

a DAttained age normal b DEntry age normal c ~ Accrued benefit (unit credit) d D Aggregate 

e OFrozen initial liability f DIndividual level premium g DIndividual aggregate h D Shortfall

0 Other (specify): 

j If box h is checked, enter period of use of shortfall method ................................................................. . ........ LI_S~j~----~-~-­

k Has a change been made in funding method for this plan year? ......................................................... . ·······················-D Yes ~ No 

If line k is "Yes," was the change made pursuant to Revenue Procedure 2000-40 or other automatic approval? ..........................................  Yes DNo 

m ~~~r~~~~,~~:si~:~~~i~i ;ui~~,i~~,~:~~:dt~~..~.~.~~..~~.~~.~:..~~~~~~.~~.~~~.~~~'.~.~..l.~~~~~.~i~~'.~i·~·~·~~.~~.~'.~~.~~............. Ll_s_m_i..____________ 

SWORCCPP2018-000372
Schedule MB (Form 5500) 2016 Page3-D 

6 Checklist of certain actuarial assumptions· 

a Interest rate for "RPA '94" current liability ............................................... .............. ................... ....... ............. ········•···········••l 6a I 3.28 % 

Pre-retirement Post-retirement 

b Rates specified in insurance or annuity contracts ................ ................... Yes 6g No  NIA Yes Iii] No  NIA   

C Mortality table code for valuation purposes: 

(1) Males .................................................... .. ........................... 6c(1) A A 

(2) Females .................. ..... ....•.................. ................. .. .......... 6c(2) A A 

d Valuation liability interest rate ........................ ................... ........ 6d 6.40 % 6.40 % 

e Expense loading ............. ........ .................................................. Ge 25.5% NIA %1 NIA  ~ 

f Salary scale .................... ........ ..........•... ····· ....................... .. .... 61 % 6g NIA 

g Estimated investment return on actuarial value of assets for year ending on the valuation date ... ..... .......... 6g 2.1 % 

h Estimated investment return on current value of assets for year ending on the valuation date .. 6h 2.8 % ········· ......... 

7 New amortization bases established in the current plan year· 

(1) Type of base (2) Initial balance (3) Amortization Charge/Credit 

1 10,925,762 1,085,087 

4 62,910,249 6,247,898 

8 Miscellaneous infom,ation: 

a If a waiver of a funding deficiency has been approved for this plan year, enter the date (MM-DD-YYYY) of 8a 

the ruling letter granting the approval .. 

b(1) Is the plan required to provide a projection of expected benefit payments? (See the instructions.) If "Yes," liiJ Yes DNo 

attach a schedule ..................................................................................................................................................... . 

b(2) Is the plan required to provide a Schedule of Active Participant Data? (See the instructions.) If "Yes," attach a liiJ Yes D No 

schedule .............. . 

c Are any of the plan's amortization bases operating under an extension of time under section 412(e) (as in effect liiJ Yes DNo 

prior to 2008) or section 431 (d) of the Code? ........................................... . 

d If line c is "Yes," provide the following additional information; 

(1) Was an extension granted automatic approval under section 431(d)(1) of the Code?................ ~ Yes DNo 

(2) If line 8d(1) is 'Yes," enter the number of years by which the amortization period was extended ........... l'---s_d-'(2-')_,_____________5=. 

(3} Was an extension approved by the Internal Revenue Service under section 412(e) (as in effect prior DYes ~ No 

to 2008) or 431 (d)(2) of the Code? ..................... . 

(4) If line 8d(3) is 'Yes," enter number of years by which the amortization period was extended (not I Sd(4) 

1 

(S) i~~il~: ::(~~~sn~::~~:;t:~:~:i:~::eo:~~~·~~;i~~·;~~~er approving the extension ................................ • •~=Sd=(=5=)=~========================== (6) If line 8d(3) is "Yes," is the amortization base eligible for amortization using interest rates applicable under DYes DNo section 6621 (b) of the Code for years beginning after 2007? .............. .. ·•·········· ............. ......... ...... .................... 

e If box 5h is checked or line 8c is 'Yes," enter the difference between the minimum required contribution 

for the year and the minimum that would have been required without using the shortfall method or Se 

extending the amortization base(s) .................................. 39,239,390 ····················•···················································· .. 

9 Funding standard account statement for this plan year: 

. 

Charges to funding standard account: 

a Prior year funding deficiency, if any ................................ .......... . . . .. . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . .. . . . . . 9a 0 

b Employer's normal cost for plan year as of valuation date .. ...................................... ............•........ ··•····· ..... 9b 3,490,611 

C Amortization charges as of valuation date: Outstanding balance 

(1) All bases except funding waivers and certain bases for which the 9c(1) amortization period has been extended ............................................ 335,126,220 35,594,168 

{2) Funding waivers ...................................................................... ········ 9c(2) 0 0 

(3) Certain bases for which the amortization period has beeri 9c(3) extehded .. ...... 0 0 ················································································ 

d Interest as applicable on lines 9a, 9b, and 9c....................................... .......... ............................................. 9d 2,501,426 

e Tota! charges. Add lines 9a through 9d .................................. ............................. ....................................... 9e 41,586,205 

SWORCCPP2018-000373
Schedule MB (Form 5500) 2016 Page4 

Credits to funding standard account: 

f Prior year credit balance, if any........... . 91 9,127,996 

g Employer contributions. Total from column (b) of line 3 ........ . 9g 17,502,825 

Outstanding balance 

h Amortization credits as of valuation date ................................................ ~--~-~~~~~~---+ j 9h 90,821,465 - 12,567,101 

Interest as applicable to end of plan year on lines 9f, 9g, and 9h 91 1,939,891 

Full funding limitation (FFL) and credits: 

(1) ERISA FFL (accrued liability FFL) .. 9j(1) 286,849,877 

(2) "RPA '94" override (90% current liability FFL) .................. . 9j(2) 380,923,067 

(3) FFL credit... ..................................... . 9j(3) 0 

k (1) Waived funding deficiency .......................... . 9k(1) 0 

(2) Other credits ..................... . 9k(2) 0 

Total credits. Add lines 9fthrough 91, 9j(3), 9k(1), and 9k(2) .................. . 91 41,137,813 

m Credit balance: If line 91 is greater than line 9e, enter the difference ........ . 9m 

n Funding deficiency: If line 9e is greater than line 91, enter the difference 9n 448,392 

9o Current year's accumulated reconciliation account: 

(1) Due to waived funding deficiency accumulated prior to the 2016 plan year ........... ·····•······ .. ············· 9o(1) 0 

(2) Due to amortization bases extended and amortized using the interest rate under section 6621 (b) of the Code: 

(a) Reconciliation outstanding balance as of valuation date ............................................. .....•......... 9o(2)(a) 0 

{b) Reconciliation amount (line 9c(3) balance minus line 9o(2)(a)) ................................................... 9o(2)(b) 0 

(3) Total as of valuation date .............................................. ................................................................... 9o(3) 0 

10 Contribution necessary to avoid an accumulated funding deficiency. (See instructions.) ........................... 10 448,392 

11 Has a change been made in the actuarial assumptions for the current plan year? If "Yes," see instructions ... ~ Yes DNo 

SWORCCPP2018-000374
SCHEDULE MB 

(Form 5500) 

l>eJ)artmenl cl the Treesury 

Internal Revenue Service 

Department ol Labor 

Emi,!oyeo Benellts Sec>.11lty Mminist1111Ion 

Pension eenem Guaranty Corp01a1Ion 

Multlemployer Defined Benefit Plan and Certain 

Money Purchase Plan Actuarial Information 

This schedule is required to be filed under section 104 of the Employee 

Retirement Income Security Act of 197 4 (ERISA) and section 6059 of the 

Internal Revenue Code (the Code). 

 FIie as an attachment to Form 5500 or 5500-SF. 

OMB No.1210-0110 

2016 

Tols Form Is Open to Public 

Inspection 

For calendar plan year 2016 or fiscal plan year beginning 01/01/2016 and ending 1:Z/31/2016 

 Round otf amounts to nearest dollar.

 Caution: A enal of 1 000 will be assessed for late tllln oft s e ort unless reasonab le cause is established. 

A Name of plan B Three-digit 

Southwe•t Ohio Regional Council of Carpenter• Pension Plan plan number (PN) .  001 

C Plan sponsor's name as shown on line 2a of Form 5500 or 5500-SF D Employer Identification Number (EIN) 

Board of Trustees, SWORCC Pension Plan 31-6127287 

E Type of plan: {1) [i]Mulllernployer Defined Benefit (2)  Money Purchase (see instructions) 

1a Enter the valuation date: Month 01 Day 01 Year 2016 

b Assets: 

(1) current value of assets 

(2) Actuarial value of assets for funding standard account 

C (1) Accrued llabQity for plan using immediate gain methods 

(2) Information for plans using spread gain methods: 

(a) Unfunded liability for methods with bases 

(b) Accrued liability under entry age normal method •• 

(c) Normal cost under entry age normal method • 

(3) Accrued llabnity under unit credit cost method 

d Information on current liabilities of the plan: 

(1) Amount excluded from current liability attributable to pre-participation service (see instructions) 

(2) 'APA '94' information: 

(a) Current liability • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 

(b) Expected Increase in current liability due lo benefils accruing during the plan year 

(c) Expected release from "APA '94' current llablllty for the plan year 

Ex led Ian disbursements for the Ian ear , • • • • • , • , • • • • • • , • • • 

31,800,234 

32,690,234 

Statement by Enrolled Actuary 

To the best of my l<noW1edge, the inf0<maijon supplied In tl'lisschedule Mdaccompanying schedUles. ,tatemems end allaCM'.ents, If any, Is co~lece and accurate. Each presa!bed assumption wes 8pplle<l ln = dance with 8J)plicable law end regulatloos. Inmy opinion, eadl other assumptl0r1 Is 1easooable (taking Into accoU<II the exJ)<!rtence of the plan and reasonable e•pecialions) aM•ucll Olhor assumpUons, in 

• I .., 10 •~• , :.,.1 I • 4J • l ,• • ••• 4"lporlence under lhe Ian. 

1ml 09/26/2017 

Signature of actuary Date 

Jason C. Birkle 17-07856 

Type or print name of actuary Most recent enrollment number 

euni, Rust & StreDk (513) 891-0270 

Firm name Telephone number (including area code) 

4555 Lake Forest Drive, Suite 620 

US Cincinnati OH 45242-3760 

Address of the firm 

!f the aytuary has not fully reflected any regulation or ruling promulgated under the slatute In completing this schedule, check the box and see D 

For Paperwork Reduction Act Notice, see lhe instrucilons for Form 5500 or Form 5500-BF. Sche<lule MB (Form 5500) 2016 

v.160205 

SWORCCPP2018-000375 
Schedule MB (Form 5500) 2016 Page2-LJ 

2 Operational Information as of beginning of this plan year: 

a Current value of assets (see instructions) •••••••• 213 252 642 

b "APA '94" current liability/participant count breakdown: (2) Current llablll 

(1) For retired participants and beneficiaries receiving payment 

(2) For terminated vested participants 

(3) For active participants: 

(a) Nonwvested benefits 

(b) Vested benefits 

(c} Total active 151,605,570 

(4) Total • , ••••••• 668,817,126 

C If the percentage resulting from dividing line 2a by line 2b(4), column (2), is less lhan 70%, enter such 

ercenta e 2c 31.89 % 

(a) Date (b) Amount payed by (c) Amount payed by (a) Date (b) Amount payed by (c) Amount paid by 

(MM·DD·YYYY) employer(s) employees (MM-DD-YYYY) employer(s) employees 

0l/0l/2016 0 

12/31/2016 17,502,825 

Totals  3(b) 17,502,825 3(c 0 

4 Information on plan status: 

a Funded percentage for monitoring plan's status (llne 1b(2) divided by llne 1c(3)) • 4a 50.0 % 

b Enter code to Indicate plan's status (see Instructions for attachment of supporting evidence of plan's status). If 

code is •N," go to line 5 • , •••••••••• , • , ••••••• , •• , ••••••••••••••• : I 4b D I 

C Is the plan making the scheduled progress under any appllcable funding improvement or rehabilitation plan?. , lil Yes 0No 

d If the plan is In critical status or critical and decllning status, were any benefits reduced (see Instructions)? . D Yes lil No 

e If lined Is "Yes," enter the reduction In llablllty resulting from the reduction in benefits (see Instructions), 

measured as of the valuation date ••••• , • , • , ••••••••••• , •••••••••• , ••• 4e 

f If the rehabilitation plan projects emergence from crlt!cal status or critical and decllning status, enter the plan 

year in which It Is projected to emerge. 

41 2033 If the rehabilitation plan Is based on forestalling possible insolvency, enter the plan year in which Insolvency Is 

expected and check here • • • , • • • • • • • • • • • , • • • • • • • • • , , • • • • • • • • • • • • • • Ii] 

5 Actuarial cost method used as the basis for this plan year's funding standard account computations (check all that apply): 

a D Attained age normal b D Entry age normal c IIl Accrued benefit (unit credit) d D Aggregate 

e D Frozen initial liability f D Individual level premium g D Individual aggregate h O Shortfall 

D Other (specify): 

j If box h is checked, enter period of use of shortfall method • • • • • • , , • • • • , • , , • • • • • • • • • , . I 51 

k Has a change been made In funding method for this plan year? •••••• , , , , ••••••• , , , , , • . D Yes lil No 

If line k Is "Yes," was the change made pursuant to Revenue Procedure 2000-40 or other automatic approval?. . D Yes  No 

m If line k is 'Yes,' and line I ls 'No," enter the date (MM-DD-YYYY) of the ruling letter (individual or class) 5m 

approving the change In funding method •••••••••••••••• , ••••••• , •••••• 

SWORCCPP2018-000376
Schedule MB (Form 5500) 2016 Page3-LJ 

6 Checklist of certain actuarial assumptions: 

a Interest rate for "APA '94° current liabilfty • 

b Rates specified in insurance or annuity contracts 

C Mortality table code for valuation purposes 

(1) Males ••••••• , , 

(2) Females ........ 

d Valuation liability interest rate 

e Expense loading b-.!!6.!!8_.J-_2,.sa...,.Sa..._..2)4--_-!..(.llil~ 

f Salary scale • • • • • , , • , • • • • • , , • • • • • • • , 

g Estlmated investment return on actuarial value of assets for year ending on the valuation date 

h Estimated investment return on current value of assets for year ending on the valuation date 0 

7 New amortization bases established in the current plan year: 

(1) Type of base (2) Initial balance (3) Amortization Charge/Credit 

1 10,925-762 1,085.087 

4 62.910-249 6-247-898 

8 Miscellaneous information: 

a If a waiver of a funding deficiency has been approved for thls plan year, enter the date (MM·DD-YYYY) of the 

Ba rulin letter rantln the a roval • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 

b(1) Is the plan required to provide a projection of expected benefit payments? {See the instructions.) If "Yes/ attach a 

schedule ••••••••••••••••••••••••••••••••••• , , ••••••• , •••••• lfil Yes D No 

b(2) Is the plan required to provide a Schedule of Active Participant Data? (See the Instructions.) If "Yes/ 

attach a schedule.. • • • • • • • • • • • • • • • • , • • • • • • • • , • • , • • • • , • • • • • • • liu Yes  No 

C Are any of the plan's amortization bases operating under an extension of time under sectlon 412(e) (as in effect prior to 

2008) or section 431 (d) of the Code? •••••••••••••••••••••••••••••••••••••••• liu Yes D No 

d If line a is "Yes,• provide the following additional information: 

(1) Was an extension granted automatic approval under section 431 {d)(1) of the Code? •••••••••• 

(2) If line 8d(1) Is "Yes," enter the number of years by which the amortization period was extended Bd(2) 

(3) Was an extension approved by the Internal Revenue Service under section 412(e) (as ln effect prior to 

2008) or 431 (d)(2) of the Code? •••••••••••••••••••••••••••••••••• D Yes lfil No 

(4) If llne 8d(3) Is "Yes,y enter number of years by which the amortization period was extended (not including 

the number of years In line (2)) • , •••••••••••••••• , •••••••• , , •••••• 

(5) If line 8d(3) is "Yes,« enter the date of the ruling letter approving the extension • • • • • , • • • • , • • 

(6) If llne 8d(3) is •ves," is the amortization base eligible for amortization using Interest rates applicable under section 

6621 (b) of the Code for years beginning after 2007? ••••••••••••••••••••••••••• No 

e If box 5h is checked or line Sc Is "Yes," enter the difference between the minimum required contribution for the 

year and the minimum that would have been required without using the shortfall method or extending the Be 

amortization base(s) ••••••••••••••••••••••••••••••••••• , •• , •••• 39,239,390 

9 Funding standard account statement for this plan year: 

Charges to funding standard account: 

a Prior year funding deficiency, if any •••••• 

b Employer's normal cost for plan year as of valuation date 

C Amortization charges as of valuatlon date: 

(1) All bases except funding waivers and certain bases for which the 

amortization period has been extended 9c(1) 335,126,220 35,594,1.68 

(2) Funding waivers • • • • • • • • • • • • • • • • • , • • • , • 9c(2) 0 0 

(3) Certain bases for which the amortization period has been extended 9c(3) 0 0 

d Interest as applicable on lines 9a, 9b, and 9c 9d 2,501.,426 

e Total charges. Add lines 9a through 9d 98 41.,586,205 

SWORCCPP2018-000377
Schedule MB (Form 5500) 2016 Page4 

Credits to funding standard account: 

f Prior year credit balance, if any 

g Employer contributions. Total from column (b) of line 3 

Outstanding balance 

h Amortization credits as of valuation date 9h 90,821,465 

Interest as applicable to end of plan year on llnes 9f, 9g, and 9h 9 

Full funding limitation (FFL) and credits; 

(1) ERISA FFL (accrued liability FFL) • • 9)(1) 286,849,877 

(2) "RPA 194s override (90% current liability FFL) 9)(2) 380,923,067 

(3) FFL credit 9)(3) 

k (1) Waived funding deficiency 9k(1) 

(2) Other credits 9k(2) 

Total credits. Add lines 9f through 91, 9j(3), 9k(1), and 9k(2) 9] 

m Credit balance: If line 91 is greater than line 9e, enter the difference 9m 

n Funding deficiency: If llne 9e is greater than line 91, enter the difference 9n 

9 o Current year's accumulated reconciliation account: 

(1) Due to waived funding deficiency accumulated prior to the 2016 plan year 90(1) 

(2) Due to amortization bases extended and amortized using the interest rate under section 6621 (b) of the Code: 

~--- (a) Reconciliation outstanding balance as of valuation date 9o(2)(a) 

(b) Reconciliation amount (line 9c(3) balance minus llne 9o(2)(a)) 9o(2)(b) 

(3) Total as of valuation date 9o(3) 

10 Contribution necessary to avoid an accumulated funding deficiency. (See instructions.) 10 

11 Has a change been made In the actuarial assumptions for the current plan year? If "Yes,U see instructions 

9 127 996 

12,567,101 

1,939.,891 

0 

0 

0 

41,137,813 

448,392 

0 

0 

0 

0 

448,392 

IK]Yes 0No 

SWORCCPP2018-000378
2016 ACTUARIAL CERTIFICATION OF FUNDED STATUS 

As Required under Internal Revenue Code Section 432(b)(3)(A) as Added 

by the Pension Protection Act of2006 

Plan Identification 

Southwest Ohio Regional Council of Carpenters Pension Plan ("Plan") 

BeneSys, Inc. 

33 Fitch Boulevard 

Austintown, OH 44515 

(330) 270-0453 

EIN/PN: 31-6127287/001 

Plan Year: January 1, 2016- December 31, 2016 

Information ~n Plan Status 

As of January 1, 2016, I hereby certify that the Plan is Ccitical and Declining as. defined by Che Pension 

Protection Act of 2006 (PPA) as amended by the Multiemployer Pension Reform Act of 20l4 (MEPRA) 

and is meeting the annual standards required under its updated Rehabilitation Plan which was designed to 

focestall the Plan's insolvency. 

This certification has been prepared based on the Plan's December 31, 2015 financial statements and the 

results of the Plan's January !, 2015 Actuarial Valuation. The January 1. 2015 Actuarial Valuation was 

projected to January 1, 2016 for detennination of the Plan's Funded Percentage and additional projections 

of lat~r years were used for Funding Standard Account purposes. Anticipated future Plan contributions 

and liabilities assume 2,000,000 hours worked per year. 

Actuarial Certification 

I hereby certify that the Plan's most recent Actuarial Valuation presents fairly the actuarial position of the 

Plan as of January 1, 2015. The mortality rates used to calculate Current Liability are mandated by the 

lRS. In my opinion, aH other assumptions used to determine the Plan's liabilities and costs are 

individually reasonable based on Plan experience and represent my best estimate of anticipated future 

experience under the Plan. The January l, 2015 Actuarial Valuation has been performed in accordance 

with generally accepted actuarial principles and practices and the undersigned meets the qualification 

standards of the American Academy of Actuaries necessary to render an actuarial ppinion. 

ust. EA, MAAA, ASA 

Enrollment Number: 14-06146 

Cuni, Rust & Strenk 

4555 Lake Forest Drive, Suite 620 

Cincinnati, OH 45242 

(513) 891-0270 

March 30, 2016 

CUNI, RUST & STRENK 

SWORCCPP2018-000379 
Schedule MB, line 4b - Illustration Supporting Actuarial Certification of Status 

Plan Name: Southwest Ohio Regional Council of Carpenters Pension Plan 

BIN: 31-6127287 

PN: 001 

2016 Pension Protection Act of 2006 (PPA) Funded Status =Critical and Declining 

Critical Status Eligible: Projected Funding Deficiency in 2016 

Funded Percentage is less than 80% and Projected Insolvency in 2033 

Actuarial PPA PPA 

1/1 Value of Accrued Funded Prior Minimum 

Plan Assets Liability o/o 12/31 Required Expected 

Year (1) (2) (1)/(2) Credit Balance Contribution Contributions 

2015 $244,239,334 $408,066,808 59.8% $11,534,358 $9,022,012 $17,602,359 

2016* $233,898,826 $452,544,171 51.7% $8,896,293 $17,147,896 $14,525,512 

2017* $220,658,389 $452,455,763 48.8% ($2,706,269) $31,175,218 $14,525,512 

2018* $205,861,553 $452,108,701 45.5% ($17,182,303) $47,123,800 $14,525,512 

2019* $197,881,877 $451,692,794 43.8% ($33,641,055) $65,330,469 $14,525,512 

2020* $189,430,399 $450,968,687 42.0% ($52,430,125) $84,852,991 $14,525,512 

2021* $181,968,700 $449,591,965 40.5% ($72,577,141) $104,912,651 $14,525,512 

2022* $173,539,158 $447,518,418 38.8% ($93,278,477) $123,603,723 $14,525,512 

2023* $164,111,787 $444,780,158 36.9% ($112,567,446) $140;052,296 $14,525,512 

2024* $153,601,183 $441,293,378 34.8% ($129,542,182) $158,133,694 $14,525,512 

2025* $142,066,316 $437,180,037 32.5% ($148,201,974) $178,366,525 $14,525,512 

2026* $129,303,531 $432,246,578 29.9% ($169,082,021) $198,787,743 $14,525,512 

2027* $115,488,912 $426,703,447 27.1 % ($190,156,480) $221,675,678 .. $14,525,512 

2028* $100,531,787 $420,455,516 23.9% ($213,776,563) $245,665,022 $14,525,512 

2029* $84,580,712 $413,732,886 20.4% ($238,533,287) $270,909,213 $14,525,512 

2030* $67,595,428 $406,534,101 16.6% ($264,584,999) $296,823,024 $14,525,512 

2031* $49,508,435 $398,849,388 12.4% ($291,327,750) $318,234,810 $14,525,512 

2032* $30,527,107 $390,903,922 7.8% ($313,424,465) $338,988,018 $14,525,512 

2033* $10,383,388 $382,460,412 2.7% ($334,841,534) $359,592,640 $14,525,512 

2034* $0 

*Projected 

SWORCCPP2018-000380
Schedule MB, line 4c - Documentation Regarding Progress Under Funding Improvement or 

Rehabilitation Plan 

Plan Name: Southwest Ohio Regional Council of Carpenters Pension Plan 

EIN: 31-6127287 

PN: 001 

Based on reasonable assumptions, the Plan is not expected to emerge from Critical Status by the end of 

the Rehabilitation Period. On an annual basis, the Board will review updated actuarial projections based 

on reasonable actuarial assumptions to confirm that the Rehabilitation Plan is continuing to forestall 

insolvency and to determine if the Plan can expect to emerge from Critical Status at a later date. 

SWORCCPP2018-000381
Schedule MB, liue 6 - Summary of Plan Provisions 

Plan Name: Southwest Ohio Regional Council of Carpenters Pension Plan 

EIN: 31-6127287 

PN: 001 

I. Effective Date: 

2. Plan Year: 

3. Covered Employees: 

4. Eligibility: 

5. Vesting Service: 

6. Credited Service: 

7. Normal Retirement: 

a. Eligibility 

b. Monthly Benefit 

January 1, 1999. 

January 1st through December 31''. 

All Employees covered by the Collective Bargaining 

Agreement. 

500 Hours of Service (200 Hours if first Hour of 

Service was completed before December 31, 2001). 

1 Year for each Plan Year in which 1,000 or more 

Hours of Service are earned. 1

/IO of a Year is earned 

for each 100 Hours of Service less than 1,000 to a 

minimum of 100 Hours of Service, 

1 Year for each Plan Year in which 1,500 Hours of 

Service are earned at the base journeyman rate 

prorated for Hours other than 1,500. 

Age 62 and 5th anniversary of Plan participation. 

Credit per Year of Credited Service: 

Effective Date Credit 

01/01/1999 - 12/31/2001 $99 

01/01/2002 - 05/31/2003 $80 

06/01/2003 and later $50 

SWORCCPP2018-000382
Schedule MB, line 6 - Summary of Plan Provisions 

Plan Name: Southwest Ohio Regional Council of Carpenters Pension Plan 

BIN: 31-6127287 

PN: 001 

8. Early Retirement: 

a. Eligibility 

b. Monthly Benefit 

9. Vested Retirement: 

a. Eligibility 

b, Monthly Benefit 

10. Total and Permanent Disability: 

a. Eligibility 

b. Monthly Benefit 

11. Trade Disability: 

a. Eligibility 

b. Monthly Benefit 

Age 55 and 5 Years of Vesting Service. 

Calculated as for Normal Retirement actuarially 

reduced from age 62. 

5 Years of Vesting Service. 

Calculated as for Normal or Early Retirement. 

Total and Permanent Disability and 5 Years of 

Vesting Service. 

Calculated as for Early Retirement payable at 

commencement of Social Security disability benefits 

actuarially reduced from age 55. 

Trade Disability and 5 Years of Vesting Service. 

Calculated as for Normal Retirement payable 

immediately actuarially reduced for early 

commencement. 

SWORCCPP2018-000383
Schedule MB, line 6 - Summary ofPlan Provisions 

Plan Name: Southwest Ohio Regional Council of Carpenters Pension Plan 

EIN: 31-6127287 

PN: 001 

12. Pre-Retirement Death: 

a. Eligibility 

b. Monthly Benefit 

13. Payment Forms: 

a. Normal 

b. Optional 

14. Actuarial Equivalency: 

15. Employer Contributions: 

16. Changes Since Last Year: 

Married and 5 Years of Vesting Service. 

Calculated as for Early Retirement reflecting a 50% 

Joint & Survivor Annuity payment form with death 

immediately after Early Retirement. 

Life Annuity for single participants and an 

Actuarially Equivalent 100% Joint & Survivor 

Annuity (QJSA) for married participants. 

Actuarially Equivalent 50% or 75% Joint & 

Survivor Annuity (QOSA), or a 10-Year Certain & 

Life Annuity. 

UP 1984 Mortality Table at 7.00%. 

Effective Date Hourly Rate 

06/01/2009 $5.20 

06/01/2010 $5.70 

06/01/2011 $5.95 

06/01/2012 $6.20 

06/01/2013 $6.45 

06/01/2014 $6.70 

06/01/2015 $6.95 

None. 

SWORCCPP2018-000384
Schedule MB, line 6 - Statement of Actuarial Assumptions/Methods 

Plan Name: Southwest Ohio Regional Council of Carpenters Pension Plan 

BIN: 31-6127287 

PN: 001 

I. Interest Rates: 

2. Mortality Rates: 

a. Funding 

i. Non-Disabled 

ii. Disabled 

iii. Future Mortality Improvements 

b. Current Liability 

3. Retirement Rates: 

a. Actives 

b. Terminated Vesteds 

4. Actuarial Cost Method: 

5. Number of Hours Worked: 

6.40%/3.28% (Funding/Current Liability). 

RP-2014 Table with Blue Collar adjustment. 

RP-2014 Disabled Retiree Mortality Table. 

Projected generationally using Scale MP-2015. 

2016 Static Mortality Table. 

Age Rate 

55 0.15 

56 0.10 

57-58 0.15 

59 0.05 

60 0.15 

61 0.25 

62 1.00 

The weighted average retirement age is 59.9. 

Age 62. 

Unit Credit. 

1,150 per year. 

SWORCCPP2018-000385
Schedule MB, line 6 - Statement of Actuarial Assumptions/Methods 

Plan Name: Southwest Ohio Regional Council of Carpenters Pension Plan 

BIN: 31-6127287 

PN: 001 

6. Termination Rates: 

7. Disability Rates: 

8. Expense Load: 

9. Percent Married/Spousal Age: 

10. Actuarial Value of Assets: 

11. Changes Since Last Year: 

< 3 Years > 3 Years 

Age of Service of Service 

25 0.3500 0.1188 

35 0.3500 0.1190 

45 0.3500 0.1003 

55 0.3500 0.1461 

65 0.3500 0.0000 

Age Rate 

25 0.0012 

35 0.0020 

45 0.0042 

55 0.0110 

65 0.0000 

$890,000 per year. 

80% with husbands 3 years older than their wives. 

Market Value of Assets minus a decreasing fraction 

4 3 2 ( /5 , / 5 , / 5 and 1

/ 5 ) of each of the preceding 4 years' 

gains and (losses). A gain/(loss) for a year is equal 

to the actual return minus the expected return using 

the funding interest rate. The Actuarial Value of 

Assets is adjusted to be within 80% and 120% of the 

Market Value of Assets. 

The expense load was increased, the hours worked 

assumption and funding interest rate were decreased, 

and the mortality, termination and retirement rates 

were updated as a result of an experience study 

completed with this Actuarial Valuation. The 

Current Liability mortality and interest rates were 

also changed as mandated by the IRS. 

SWORCCPP2018-000386
Schedule MB, line 6 - Rationale for Selection of Significant Actuarial Assumptions 

Plan Name: Southwest Ohio Regional Council of Carpenters Pension Plan 

BIN: 31-6127287 

PN: 001 

I. Interest Rate: 

2. Mortality Rates: 

3. Retirement Rates: 

4. Hours Worked: 

5. Termination/Disability Rates: 

Based on the Plan's target asset allocation reflecting 

asset class future return expectations as determined 

by the Plan's investment consultant. 

RP-2014 table used as base rates. Blue Collar 

adjustment used to reflect expected workforce 

mortality experience. RP-2014 Disabled Retiree 

table used to reflect expected disabled mortality 

experience. Other adjustments based on the Plan's 

most recent experience study and expected 

generational mortality improvement. 

Based on the Plan's most recent experience study. 

Based on prior year hours worked and adjusted for 

anticipated changes in future hours worked. 

Based on the Plan's most recent experience study. 

SWORCCPP2018-000387
Schedule MB, line Sb(l) - Schedule of Projection of Expected Benefit Payments 

Plan Name: Southwest Ohio Regional Council of Carpenters Pension Plan 

EIN: 31-6127287 

PN: 001 

Expected 

1/1 Annual 

Plan Benefit 

Year Payments 

2016 $31,784,632 

2017 $32,221,601 

2018 $32,416,199 

2019 $32,740,450 

2020 $33,256,925 

2021 $33,560,739 

2022 $33,851,844 

2023 $34,027,012 

2024 $34,158,961 

2025 $34,415,233 

SWORCCPP2018-000388
Schedule MB, line 8b(2) - Schedule of Active Participant Data 

Plan Name: Southwest Ohio Regional Council of Carpenters Pension Plan 

BIN: 31-6127287 PN: 001 

Years of Credited Service· 

Under 1 1 to4 5 to9 10 to 14 15 to 19 20 to24 25 to 29 30to 34 35 to 39 40

Attained Avg. Avg. Avg. Avg. Avg. Avg. Avg. Avg. Avg. 

Age No. Comp. No. Comp. No. Comp. No. Comp. No. Comp. No. Comp. No. Como. No. Como. No. Como. No. 

Under25 17 45 6 0 0 0 0 0 0 0 

25 to 29 26 68 28 2 0 0 0 0 0 0 

30to 34 30 79 57 26 2 0 0 0 0 0 

35 to 39 36 95 55 52 34 0 0 0 0 0 

40 to 44 26 67 37 51 59 18 2 0 0 0 

45 to 49 26 54 33 46 74 23 24 1 0 0 

50 to 54 17 53 27 34 48 36 36 17 2 0 

55 to 59 5 27 24 27 45 29 25 10 2 0 

60 to 64 4 9 4 8 17 11 14 5 0 0 

65 to 69 1 2 1 0 1 1 1 0 0 0 

70&up 0 0 0 0 0 0 0 0 0 0 

SWORCCPP2018-000389
Schedule MB, line 9c and 9h - Schedule of Funding Standard Account Bases 

Plan Name: Southwest Ohio Regional Council of Carpenters Pension Plan 

BIN: 31-6127287 

PN: 001 

Charge Bases: 

Date Initial Rem. Remaining 

Established Tyge Balance Years Payment Balance 

05/01/1981 Composite $ 3,724,048 5.3 $ 101,644 $ 473,500 

05/01/1986 Amendment 5,399,766 5.3 145,789 679,144 

05/01/1987 Amendment 4,755,500 6.3 170,147 915,085 

05/01/1989 Amendment 3,384,674 8.3 155,202 1,038,377 

05/01/1990 Assumption 6,433,663 9.3 318,061 2,318,046 

01/01/1991 Amendment 11,032,180 10.0 566,482 4,353,327 

01/01/1992 Amendment 6,858,204 11.0 366,553 3,014,020 

01/01/1993 Amendment 10,146,687 12.0 568,652 4,963,197 

01/01/1995 Assumption 631,649 14.0 37,582 362,645 

01/01/1995 Amendment 1,611,057 14.0 95,659 923,060 

01/01/1996 Amendment 3,082,414 15.0 187,063 1,883,539 

01/01/1997 Amendment 18,354,587 16.0 1,135,532 11,881,493 

01/01/1998 Amendment 18,969,171 17.0 1,191,305 12,906,591 

01/01/1999 Amendment 28,264,371 18,0 1,798,611 20,112,659 

01/01/2000 Amendment 4,676,721 19,0 300,784 3,461,930 

01/01/2000 Assumption 11,529,884 19.0 741,546 8,534,970 

01/01/2001 Assumption 2,944,005 20.0 191,074 2,258,002 

01/01/2001 Experience 11,951,634 5.0 418,860 1,857,059 

01/01/2002 Experience 50,823,246 6.0 2,322,223 11,998,740 

01/01/2003 Experience 65,234,115 7.0 3,509,580 20,552,545 

01/01/2004 Assumption 1,132,736 23.0 75,029 947,907 

01/01/2005 Experience 30,999,810 9.0 2,020,886 14,373,888 

01/01/2006 Experience 19,251,537 10.0 1,333,876 10,250,618 

01/01/2007 Experience 7,435,008 11.0 540,160 4,441,517 

01/01/2008 Assumption 632,510 12.0 47,719 416,492 

01/01/2009 Assumption 641,332 13.0 49,884 459,086 

01/01/2009 Asset Loss 59,091,401 22.0 4,333,387 53,640,202 

01/01/2010 Asset Loss 6,752,073 22.0 500,407 6,194,219 

01/01/2011 Assumption 877,367 15.0 71,446 719,387 

01/01/2011 Asset Loss 9,144,285 22.0 685,517 8,485,568 

01/01/2012 Assumption 5,515,974 16.0 457,064 4,782,429 

01/01/2012 Asset Loss 24,251,624 22.0 1,840,894 22,787,247 

01/01/2013 Assumption 5,141,073 17.0 432,300 4,683,537 

01/01/2014 Experience 2,987,146 13.0 298,797 2,749,829 

01/01/2014 Assumption 4,604,302 13.0 460,557 4,238,509 

01/01/2015 Assumption 429,906 14.0 42,847 413,446 

01/01/2015 Experience 7,505,775 14.0 748,064 7,218,399 

01/01/2016 Experience 10,925,762 15.0 1,085,087 10,925,762 

01/01/2016 Assumption 62,910,249 15.0 6,247,898 62,910,249 

Total Charges $ 35,594,168 $ 335,126,220 

SWORCCPP2018-000390
Schedule MB, line 9c and 9h - Schedule of Funding Standard Account Bases 

Plan Name: Southwest Ohio Regional Council of Carpenters Pension Plan 

EIN: 31-6127287 

PN: 001 

Credit Bases: 

Date 

Established Ty11e 

01/01/1997 Assumption 

01/01/1999 Assumption 

01/01/2002 Amendment 

01/01/2003 Amendment 

01/01/2003 Assumption 

01/01/2004 Experience 

01/01/2006 Assumption 

01/01/2007 Cost Method 

01/01/2007 Assumption 

01/01/2008 Experience 

01/01/2009 Experience 

01/01/2009 Amendment 

01/01/2010 Experience 

01/01/2010 Amendment 

01/01/2010 Assumption 

01/01/2011 Experience 

01/01/2012 Amendment 

01/01/2012 Experience 

01/01/2013 Experience 

Total Credits 

Initial 

Balance 

$ 3,769,805 

7,330,281 

8,434,016 

13,244,284 

3,050,251 

9,653,334 

2,999,284 

8,010,317 

3,103,632 

3,008,316 

6,273,030 

588,763 

19,353,084 

7,226,883 

5,907,377 

9,548,645 

15,611,970 

2,346,818 

2,853,484 

Rem. 

Years 

11.0 

13.0 

16.0 

17.0 

17.0 

3.0 

20.0 

1.0 

21.0 

7.0 

8.0 

8.0 

9.0 

9.0 

9.0 

10.0 

11.0 

11.0 

12.0 

1. Net Amortization 

2, Credit Balance 

3. Balance Test: [(l) - (2)] 

4. Unfunded Accrued Liability: 

a. Accrued Liability 

b. Actuarial Value of Assets 

c. Unfunded Accrued Liability: [(a) - (b)] 

$ 

Payment 

283,979 

548,018 

623,903 

976,495 

224,893 

1,007,354 

219,078 

1,085,571 

226,038 

308,241 

640,005 

60,069 

1,966,272 

734,251 

600,189 

966,208 

1,573,509 

236,533 

286,495 

Remaining 

Balance 

$ 2,335,042 

5,043,414 

6,528,123 

10,579,339 

2,436,492 

2,843,929 

2,588,927 

1,085,571 

2,736,546 

1,805,100 

4,162,514 

390,679 

13,985,440 

5,222,482 

4,268,945 

7,425,151 

12,938,327 

1,944,912 

2,500,532 

$ 12,567,101 $ 90,821,465 

$ 244,304,755 

$ 9,127,996 

$ 235,176,759 

$ 470,229,784 

235,053,025 

$ 235,176,759 

SWORCCPP2018-000391
Schedule MB, line 11-Justification for Change in Actuarial Assumptions 

Plan Name: Southwest Ohio Regional Council of Carpenters Pension Plan 

BIN: 31-6127287 

PN: 001 

Effective with the January l, 2016 valuation, the following assumptions were changed based upon 

historical Plan and industry data as an indicator of anticipated future experience: 

• The funding interest rate was lowered from 7.50% to 6.40%. 

• The mortality, tennination, and retirement rates were updated. 

• The expense load was increased from $790,000 per year to $890,000 per year. 

• The hours worked assumption was decreased from 1,375 hours per year to 1,150 hours per year. 

___(signed) 

SWORCCPP2018-000392 
0MB No. 1210-0110 SCHEDULER Retirement Plan Information 

(Form 5500) 2016 This schedule is required to be filed under sections 104 and 4065 of the 

Department of the Treasury 

Internal Revenue Service Employee Retirement Income Security Act of 1974 (ER!SA) and section 

6058(a) of the Internal Revenue Code (the Code). Department of Labor This Form is Open to Public 

Employee Benefits Security Administration  File as an attachment to Form 5500. Inspection. Pension Benefit Guaranty Corporation 

For calendar plan year 2016 or fiscal plan year beginning 01/01/2016 and ending 12/31/2016 

A Name of plan B Three-digit 

plan number SW OH Regional Council of Carpenters Pension Plan 

(PN)  001 

C Plan sponsor's name as shown on line 2a of Form 5500 D Employer Identification Number (ElN) 

SW OH Regional Council of Carpenters 31-6127287 

Part I I Distributions 

All references to distributions relate only to payments of benefits during the plan year. 

1 Total value of distributions paid in property other than in cash or the forms of property specified in the 

instructions ............................ . 0 

2 Enter the EIN(s) of payor(s) who paid benefits on behalf of the plan to participants or beneficiaries during the year (if more than two, enter EINs of the two 

payors who paid the greatest dollar amounts of benefits): 

EIN(s): 

Profit-sharing plans, ESOPs, and stock bonus plans, skip line 3. 

3 Number of participants (living or deceased) whose benefits were distributed in a single sum, during the plan 3 

0 year .......................................................... . 

Part II Funding Information (If the plan is not subject to the minimum funding requirements of section of 412 of the Internal Revenue Code or 

ERISA section 302, skip this Part.) 

4 Is the plan administrator making an election under Code section 412(d)(2) or ERISA section 302(d)(2)? ......... . 0 Yes ~ No  N/A

If the plan is a defined benefit plan1 go to line 8. 

5 If a waiver of the minimum funding standard for a prior year is being amortized in this 

Day ____ Year ____ plan year, see instructions and enter the date of the ruling letter granting the waiver. Date: Month ____ 

If you completed line 5, complete lines 3, 9, and 10 of Schedule MB and do not complete the remainder of this schedule 

6 a Enter the minimum required contribution for this plan year (include any prior year accumulated funding Sa 

deficiency not waived) ........... . .. 

b Enter the amount contributed by the employer to the plan for this plan year Sb 

c Subtract the amount in line 6b from the amount in line Ba. Enter the result 

(enter a minus sign to the left of a negative amount) ........... . .. Sc 

If you completed line Ge, skip lines 8 and 9. 

7 Will the minimum funding amount reported on line 6c be met by the funding deadline? .......................................... . 0 Yes  No  N/A 

8 If a change in actuarial cost method was made for this plan year pursuant to a revenue procedure or other 

authority providing automatic approval for the change or a class ruling letter, does the plan sponsor or plan 0 Yes  No ~ N/A administrator agree with the change? 

Part Ill I Amendments 

9 If this is a defined benefit pension plan, were any amendments adopted during this plan 

year that increased or decreased the value of benefits? If yes, check the appropriate O O OBoth r:, No 

box. If no, check the "No" box........................ Increase Decrease ~ 

Part IV j ESOPs (see instructions). If this is not a plan described under Section 409(a) or 4975(e)(7) of the Internal Revenue Code, skip this Part. 

10 Were unallocated employer securities or proceeds from the sale of unallocated securities used to repay any exempt loan?................ DYes D No 

11 a Does the ESOP hold any preferred stock?............... DYes D No 

b If the ESOP has an outstanding exempt loan with the employer as lender, is such loan part of a "back-to-back" loan? DYes D No 

(See instructions for definition of "back-to-back" loan.) ....................................................................... , ................. . 

12 Does the ESOP hold any stock that is not readily tractable on an established securities market? .... 0 Yes O No 

For Paperwork Reduction Act Notice, see the Instructions for Form 5500. Schedule R (Form 5500) 2016 

v. 160205 

SWORCCPP2018-000393
Schedule R (Form 5500) 2016 Page2-c=J 

l Part V l Additional Information for Multiemployer Defined Benefit Pension Plans 

13 Enter the following information for each employer that contributed more than 5% of total contributions to the plan during the plan year (measured in 

dollars). See instructions. Complete as many entries as needed to report all applicable employers. 

a Name of contributing employer Valley Industrial Systems 

b El N 31-10 0 O 8 8 2 C Dollar amount contributed by employer 1,622,336 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check boxn 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month 5 Day 31 Year 2017 

e Contribution rate information (If more than one rate applies, check this box igj and see instructions regarding required attachment. Otherwise, 

complete tines 13e(1) and 13e(2).) 

(1) Contribution rate (in dollars and cents) ----~~ 

(2) Base unit measure: 0 Hourly OWeekly OUnit of production Oother (specify): 

a Name of contributing employer OK Interiors Corp 

b EIN 31-1095124 c Dollar amount contributed by employer 1,446,822 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check boxO 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month 5 Day 31 Year 2QJ 7 

e Contribution rate information (If more than one rate applies, check this box igj and see instructions regarding required attachment. Otherwise, 

complete tines 13e(1) and 13e(2).) 

(1) Contribution rate (in dollars and cents) ----~~ 

(2) Base unit measure: 0 Hourly OWeekly OUnit of production O Other (specify): 

a Name of contributing employer 

b EIN C Dollar amount contributed by employer

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check boxQ 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month Day Year 

e Contribution rate information (If more than one rate applies, check this box Oand see instructions regarding required attachment. Otherwise, 

complete tines 13e(1) and 13e(2).) 

(1) Contribution rate {in dollars and cents) 

(2) Base unit measure: 0 Hourly OWeekly OUnit of production O Other (specify): 

a Name of contributing employer 

b EIN C Dollar amount contributed by employer 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box 0 

and see instructions regarding required attachment. Otherwise, enter the applicable.date.) Month Day Year 

e Contribution rate infonnation (If more than one rate applies, check this box Dand see instructions regarding required attachment. Otherwise,

complete lines 13e(1) and 13e(2).) 

(1) Contribution rate (In dollars and cents) ----~~ 

(2) Base unit measure: n Hourly OWeekly OUnit of production O Other (specify): 

a Name of contributing employer 

b EIN c Dollar amount contributed by employer

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box D 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month Day Year 

e Contribution rate information (If more than one rate applies, check this box Dand see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).) 

(1) Contribution rate (in dollars and cents) ----~~ 

(2) Base unit measure: 0 Hourly OWeekly OUnit of production n Other (specify): 

a Name of contributing employer 

b EIN c Dollar amount contributed by employer 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box D 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month Day Year 

e Contribution rate information (If more than one rate applies, check this box Dand see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).) 

(1) Contribution rate (in dollars and cents) 

(2) Base unit measure: DHourly OWeekly DUnit of production O Other (specify): 

SWORCCPP2018-000394
Schedule R (Form 5500) 2016 Page 3 

14 Enter the number of participants on whose behalf no contributions were made by an employer as an employer 

0 fth e pa rt·. 1crpan tfor: 

14a a The current year ......... ................................ ........................ ........ ......... ...... ............... ............ ..... .............. 

b The plan year immediately preceding the current plan year.. ......... ....... ········ .... .......... ............ .. .... .. ........ 14b 

C The second preceding plan year ............................................................. ........... ......................... ····· ..... ...... 14c 

15 Enter the ratio of the number of participants under the plan on whose behalf no employer had an obligation to make an 

employer contribution during the current plan year to: 

a The corresponding number for the plan year immediately preceding the current plan year .. ............. ......... .... 15a 

b The corresponding number for the second preceding plan year ......... .............................. ............ .............. 15b 

16 Information with respect to any employers who withdrew from the plan during the preceding plan year: 

a Enter the number of employers who withdrew during the preceding plan year .. ............................................ 16a 

b If line 16a is greater than O, enter the aggregate amount of withdrawal liability assessed or estimated to be 16b 

assessed aaainst such withdrawn emolovers .......... .......................... ............................................... ............. 

17 If assets and liabilities from another plan have been transferred to or merged with this plan during the plan year, check box and see instructions regarding 

supplemental information to be included as an attachment. ................ ,......................................................................................................0 

I Part VI I Additional Information for Single-Employer and Multiemployer Defined Benefit Pension Plans 

18 If any liabilities to participants or their beneficiaries under the plan as of the end of the plan year consist (in whole or in part) of liabilities to such participants 

and berieficiaries under two or more pension plans as of immediately before such plan year, check box and see instructions regarding supplemental 

information to be included as an attachment .. . .. ............ •D 

19 If the total number of participants is 1,000 or more, complete lines (a) through (c) 

a Enter the percentage of plan assets held as: 

Stock: 53 % Investment-Grade Debt:~% High-Yield Debt: 0 % Real Estate: 15 % Other: 4% 

b Provide the average duration of the combined investment-grade and high-yield debt: 

D0-3years ~ 3-6years O6-9years D9-12years D12-15years D15-18years D18-21years O21yearsormore 

c What duration measure was used to calculate line 19(b)? 

0Effective duration DMacaulay duration ~ Modified duration Dother (specify): 

Part VII I IRS Compliance Questions 

 

20a Is the plan a 401 (k) plan? If "No," skip b ............... . DYes  No 

Design-based  "Prior year" 

20b How did the plan satisfy the nondiscrimination requirements for employee deferrals under section safe harbor ADP test 

401 (k)(3) for the plan year? Check all that apply: ..  "Current year"  N/A ADP test 

21 a What testing method was used to satisfy the coverage requirements under section 41 0(b) for the plan Ratio 

year? Check all that apply: ............. .  percentage  Average N/A

test benefit test 

21 b Did the plan satisfy the coverage and nondiscrimination requirements of sections 410(b) and 401 (a)(4) DYes  No for the plan year by combining this plan with any other plan under the permissive aggregation rules? ..... 

22a If the plan is a master and prototype plan (M&P) or volume submitter plan that received a favorable IRS opinion letter or advisory letter, enter the date of 

the letter / / and the serial number 

22b If the plan is an individually-designed plan that received a favorable determination letter from the IRS, enter the date of the most recent determination 

letter I I 

SWORCCPP2018-000395
Schedule R, Summary of Rehabilitation Plan. 

Plan Name: Southwest Ohio Regional Council of Carpenters Pension Plan 

EIN: 31-6127287 

PN: 001 

The Plan's Board of Trustees adopted a Rehabilitation Plan that includes benefit reductions and increases 

in the hourly contribution rate. This Rehabilitation Plan was designed to forestall the Plan's insolvency. 

The Plan is no longer allowed to pay any lump sum benefits, such as single sum disability benefits or 

death benefits, or any other payment in excess of the monthly amount paid under a single life annuity. 

These benefits are no longer paid since they are considered "restricted benefits" under the Pension 

Protection Act of 2006. 

The following adjustable benefit changes have been made. 

• Any participant who: (1) commences receipt of an Early Retirement Benefit on or after January 1. 

2013, (2) is at least age 55, and (3) has 5 or more Years of Vesting Service will receive a monthly 

pension benefit equal to his actuarially reduced accrued benefit. 

• Any participant who: (I) is disabled on or after January I. 2013, (2) is eligible for a Total and 

Permanent Disability Retirement Benefit, and (3) has 5 or more Years of Vesting Service will receive 

a monthly pension benefit equal to his actuarially reduced accrued benefit. 

• For deaths occurring on or after .Tuly 1. 2010, the amount payable to the surviving spouse of a vested, 

married participant who has not yet retired will be calculated as though he: (I) retired on the day of 

his death or at his earliest retirement age, if later, (2) elected to receive his benefit as a Qualified Joint 

& 50% Survivor Annuity, and (3) died. His surviving spouse will then receive monthly pension 

payments equal to 50% of the benefit that would have been payable to the participant. These 

payments will be made to the participant's surviving spouse for the remainder of her lifetime. 

However, no benefit payments will be made to the surviving spouse before the first day of the month 

following the participant's 55th birthday. 

• Finally, effective for retirements commencing on or after .Tuly 1. 2010, the Plan's suspension of 

benefit rules for Disqualifying Employment before Normal Retirement Age have been expanded. A 

participant who is receiving a Retirement Benefit from the Plan (other than a Disability Benefit) and 

who works in the industry covered by the Plan will have his monthly pension benefit suspended until 

his Normal Retirement Date. This suspension will occur regardless of where the work was performed 

or the number of hours the participant worked in the industry. 

In addition to the changes outlined above, the Rehabilitation Plan also requires increases in the hourly 

contribution rate. The contribution rate will increase by at least $0.25 per hour for each Plan Year until 

2015. This means that the hourly contribution rate for a Journeyman will increase from $5.70 per hour on 

June 1, 2010 to $6.95 per hour by June 1, 2015. 

SWORCCPP2018-000396
Schedule R, Update of Funding Improvement Plan or Rehabilitation Plan. 

Plan Name: Southwest Ohio Regional Council of Carpenters Pension Plan 

BIN: 31-6127287 

PN: 001 

Based on reasonable assumptions, the Plan is not expected to emerge from Critical Status during its 

Rehabilitation Period. The Rehabilitation Plan includes the use of "exhaustion of all reasonable 

measures" as allowed under PP A. 

On an annual basis, the Board will review updated actuarial projections based on reasonable actuarial 

assumptions to confirm that the Rehabilitation Plan is continuing to forestall insolvency and to determine 

if the Plan can expect to emerge from Critical Status at a later date. Scheduled progress will be 

determined based on the Plan continuing to forestall its insolvency. 

SWORCCPP2018-000397
Southwest Ohio Regional Council of Carpenters -

Pension Plan 

Financial Statements and Supplemental Schedules 

December 31, 2016 and 2015 

with Independent Auditors' Report 

SWORCCPP2018-000398
TABLE OF CONTE 

Independent Auditor ..................... 1-2 

Financial Statements: 

Supplemental Schedules: 

Statements of Net Assets Available for Benefits ................................................................................... 3 

Statements of Changes in Net Assets Available for Benefits ............................................................... 4 

Notes to Financial Statements .......................................................................................................... 5-16 

Schedules of Other Administrative Expenses ..................................................................................... 17 

Schedule H, Line 4i -- Schedule of Assets (Held at End of Year)............................................... 18-32 

Schedule H, Line 4j -Schedule of Reportable Transactions ........................................................... 33 

SWORCCPP2018-000399
INDEPENDENT AU 

Board of Trustees 

Southwest Ohio Regional Council of Carpenters -

Pension Plan 

Report on the Financial Statements 

We have audited the accompanying financial statements of the Southwest Ohio Regional Council of 

Carpenters - Pension Plan, which comprise the statements of net assets available for benefits as of 

December 31, 2016 and 2015, and the related statements of changes in net assets available for benefits 

for the years then ended, and the related notes to the financial statements. 

Management's Responsibility for the Financial Statements 

Plan management is responsible for the preparation and fair presentation of these financial statements in 

accordance with accounting principles generally accepted in the United States of America; this includes 

the design, implementation, and maintenance of internal control relevant to the preparation and fair 

presentation of financial statements that are free from material misstatement, whether due to fraud or 

error. 

Auditors' Responsibility 

Our responsibility is to express an opinion on these financial statements based on our audits. We 

conducted our audits in accordance with auditing standards generally accepted in the United States of 

America. Those standards require that we plan and perform the audits to obtain reasonable assurance 

about whether the financial statements are free from material misstatement. 

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in 

the financial statements. The procedures selected depend on the auditors' judgment, including the 

assessment of the risks of material misstatement of the financial statements, whether due to fraud or 

error. In making those risk assessments, the auditor considers internal control relevant to the Plan's 

preparation and fair presentation of the financial statements in order to design audit procedures that are 

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of 

the Plan's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the 

appropriateness of accounting policies used and the reasonableness of significant accounting estimates 

made by management, as well as evaluating the overall presentation of the financial statements. 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for 

our audit opinion. 

Opinion 

In our opinion, the financial statements referred to above present fairly, in all material respects, the 

financial status of the Southwest Ohio Regional Council of Carpenters - Pension Plan as of December 31, 

2016 and 2015, and the changes in its financial status for the years then ended in accordance with 

accounting principles generally accepted in the United States of America. 

SWORCCPP2018-000400
Report on Supplemental lnformaf ~ 

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. 

The supplemental schedules as listed in the accompanying table of contents are not a required part of the 

financial statements. The schedule of assets (held at end of year) and schedule of reportable transactions 

are supplemental information required by the Department of Labor's Rules and Regulations for Reporting 

and Disclosure under the Employee Retirement Income Security Act of 1974. The schedules of other 

administrative expenses are included for additional analysis. Such information is the responsibility of the 

Plan's management and was derived from and relates directly to the underlying accounting and other 

records used to prepare the financial statements. The information has been subjected to the auditing 

procedures applied in the audits of the financial statements and certain additional procedures, including 

comparing and reconciling such information directly to the underlying accounting and other records used 

to prepare the financial statements or to the financial statements themselves, and other additional 

procedures in accordance with auditing standards generally accepted in the United States of America. In 

our opinion, the information is fairly stated in all material respects in relation to the financial statements as 

a whole. 

Dayton, Ohio 

DATE PENDING 

SWORCCPP2018-000401

2 
Southwest Ohio Regional Cou nters - Pension Plan 

Assets 

Investments at fair value: 

Cash equivalents 

U.S. Government securities 

Corporate obligations 

U.S. Government sponsored entity obligations 

Other fixed income obligations 

Equity securities 

Registered investment companies 

Partnership/joint venture interests 

Common/collective trust funds 

Securities pledged to creditors: 

Equity securities 

Other assets: 

Cash 

Employer contributions receivable 

Withdrawal liability receivable 

Accrued interest and dividends 

Due from broker for securities sold 

Other accounts receivable 

Prepaid benefits 

Liabilities 

Accounts payable 

Fringe benefits and dues contributions 

payable to related entities 

Reciprocity contributions payable 

Obligation to return securities lending collateral 

Due to broker for securities purchased 

Net assets available for benefits 

'm,ilable for Benefits 

r 31, 2016 and 2015 

2015 

$ 2,750,732 2,828,537 

7,126,279 4,769,442 

12,322,555 12,459,047 

6,309,437 8,640,058 

454,669 437,137 

23,117,824 21,173,864 

101,528,549 97,673,227 

33,151,735 33,884,959 

24,485,985 24,344,993 

1,638,203 1,014,316 

212,885,968 207,225,580 

3,026,487 4,663,718 

3,259,532 1,760,532 

1,065,568 454,293 

229,642 281,453 

156,453 131,387 

4,424 4,424 

2,233,942 2,252,196 

9,976,048 9,548,003 

222,862,016 216,773,583 

371,743 135,258 

1,308,411 1,870,065 

143,229 329,496 

1,675,280 1,036,759 

413,999 149,363 

3,912,662 3,520,941 

$ 218,949,354 213,252,642 

See accompanying notes to financial statements. 

SWORCCPP2018-000402

3 
Southwest Ohio Regional Cou mfi(nters - Pension Plan 

ilable for Benefits 

r 31, 2016 and 2015 

Additions: 

Investment income: 

Net investment earnings 

Investment expense 

Employer contributions, net of reciprocity 

Deductions: 

Benefit payments: 

Pension 

Disability 

Death 

Contract administrator fees 

Other administrative expenses 

Increase (decrease} 

Net assets available for benefits: 

Beginning of year 

End of year 

2015 

$ 20,542,782 

(353,252) 

6,363,814 

(363,936) 

20,189,530 

17,502,825 

5,999,878 

17,760,186 

37,692,355 23,760,064 

25,192,617 

1,475,213 

4,025,259 

25,344,439 

1,668,138 

3,901,576 

30,693,089 

169,400 

1,133,154 

30,914,153 

132,000 

756,981 

31,995,643 31,803,134 

5,696,712 (8,043,070} 

$ 

213,252,642 

218,949,354 

221,295,712 

213,252,642 

See accompanying notes to financial statements. 

SWORCCPP2018-000403

4 
nters - Pension Plan 

· ancial Statements 

31, 2016 and 2015 

1. DESCRIPTION 

The following brief d 

"Plan") is provided fo mation purposes orfi\iclil~i' 

- Pension Plan (the 

Plan document 

for a more complete description of the Plan's provisions: 

General 

The Plan is a defined benefit pension plan covering employees of those employers who have agreed to 

make the required employer contributions to the Plan per a collective bargaining agreement with the 

Southwest Region of the Indiana/Kentucky/Ohio Regional Council of Carpenters. The Plan is subject to 

the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The contributing 

employers are primarily located in Southwest Ohio. Therefore, the Plan is affected by the economic 

conditions of the region. 

Employer contributions and benefit distributions are accounted for by a third-party administrator employed 

by and under the direction of the Plan's Board of Trustees. 

As described in Note 10, the Plan submitted an application to the United States Treasury Department for 

relief under the Multiemployer Pension Reform Act. The Plan's application is currently under review. The 

timing of a final decision by the Treasury Department regarding this application cannot readily be 

determined. 

Contributions 

Participating employers contribute to the Plan an amount negotiated under the union contract for each 

hour worked by eligible union members. Contribution amounts vary under the contract based on the 

participant's job classification and location. No participant contributions to the Plan are permitted. For the 

years ending December 31, 2016 and 2015, one employer represented 10% and 11% of total employer 

contributions, respectively. 

Pension benefits 

Participants with a minimum of five years of vesting service are entitled to full pension benefits beginning 

at age 62 (normal retirement age) or as early as age 55 if age plus vesting service equals 85 (Rule of 85). 

The Plan also permits early retirement (age 55) for employees with at least five years of vesting service, 

which may result in reduced pension benefits. Employees may elect to receive their pension benefits in 

the form of a joint and survivor annuity. The normal form of retirement benefits is a life annuity payable in 

equal monthly payments. 

Death and disability benefits 

The Plan provides for death and disability benefits. The amount of death benefits depends on age at time 

of death and the amount of contributions made on behalf of the employee. 

Vesting 

Participants are fully vested after five years of service. There is no partial vesting for participants with less 

than five years of service. 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: 

The following are the significant accounting policies of the Plan: 

Basis of accounting 

The financial statements of the Plan are prepared using the accrual method of accounting. 

SWORCCPP2018-000404

5 
Southwest Ohio Regional Gou nters - Pension Plan 

·nancial Statements 

31, 2016 and 2015 ,:·,c:+.,; 

Investment valuati og I) The Plan's investme e thjfould . eceived to sell an 

asset or paid to Iran arkef+part1c1 .. J1l\at the 

measurement date, ''for discussi of fair va ent§""' "'RR'f;}; 

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the 

accrual basis. Dividends are recorded on the ex-dividend date. Net investment earnings include the 

Plan's gains and losses on investments bought and sold as well as held during the year, interest, and 

dividends. 

Contributions receivable 

All contributions receivable have been collected from the employers subsequent to the respective year 

ends. As a result, no allowance for uncollectible contributions receivable is considered necessary. 

Withdrawal liability receivable 

The Plan recognizes a receivable for withdrawal liability assessments that are not under dispute and for 

which the Plan is currently receiving payments. The Plan establishes an allowance for doubtful accounts 

for the portion of any withdrawal liability assessment scheduled to be received beyond five years. The 

allowance for doubtful accounts was $1,285,434 and $-0- at December 31, 2016 and 2015, respectively. 

Due to uncertainties inherent in estimating the amounts ultimately collected from withdrawal liability 

assessments, it is at least reasonably possible that changes in these estimates in the near term would be 

material to the financial statements. New withdrawal liability assessments are included in employer 

contributions in the accompany statements of changes in net assets available for benefits and totaled 

$1,035,903 and $263,450 for the years ended December 31, 2016 and 2015, respectively. 

Payment of benefits 

Benefit payments to participants are recorded upon distribution. 

Reciprocity contributions 

Participants ·of the Plan and participants of the benefit plans of other affiliated local unions may have 

temporary employment assignments outside the jurisdiction of their local union. Therefore, the Plan has 

entered into reciprocity agreements with other affiliated locals to ensure that employer contributions are 

forwarded to the benefit plans of the affiliated local unions on behalf of the participants. Reciprocal 

contributions received and reciprocal contributions paid have been recorded on the statements of 

changes in net assets available for benefits. 

Estimates 

The preparation of financial statements in conformity with accounting principles generally accepted in the 

United States of America requires the plan administrator to make estimates and assumptions that affect 

certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. 

Change in accounting policy 

The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update {ASU) 2015-

12, "Plan Accounting: Defined Benefit Pension Plans {Topic 960), Defined Contribution Pension Plans (Topic 

962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, 

(Part II) Plan Investment Disclosures, and (Part Ill) Measurement Date- Practical Expedient." ASU 2015-12 

simplifies disclosures and reporting by employee benefit plans. ASU 2015-12 is effective for fiscal years 

beginning after December 15, 2015, with earlier adoption permitted. The Plan elected to early adopt Part II of 

ASU 2015-12 in 2015; in 2016, the Plan adopted the remaining parts of the ASU applied retrospectively to all 

periods presented. This change had no impact on net assets available for benefits. 

SWORCCPP2018-000405

6 
nters - Pension Plan 

· ancial Statements 

er 31, 2016 and 2015 

rting on investments 

beginning after 

Reclassifications 

Certain items in the 2015 financial statements have been reclassified for comparability purposes with the 

2016 financial statements. These reclassifications had no effect on previously reported changes in net 

assets available for benefits or net assets available for benefits: 

Subsequent events 

The Plan has evaluated subsequent events through the report date, the date the financial statements were 

available to be issued. 

3. TAXSTATUS: 

The Plan obtained its latest determination letter on September 2, 2015, in which the Internal Revenue 

Service states that the Plan, as then designed, was in compliance with the applicable requirements of the 

Internal Revenue Code. The Plan has been amended since receiving the determination letter. However, 

the plan administrator believes that the Plan is currently designed and being operated in compliance with 

the applicable requirements of the Internal Revenue Code and therefore believe that the Plan is qualified 

and the related trust is tax-exempt. 

4. PLAN TERMINATION: 

In the event the Plan is terminated, the net assets of the Plan will be allocated for payment of plan benefits to 

the participants in order of priority determined in accordance with ERISA, applicable regulations thereunder, 

and the plan document. 

Certain benefits under the Plan are insured by the Pension Benefit Guaranty Corporation ("PBGC") if the Plan 

terminates. Generally, the PBGC guarantees most vested normal-age retirement benefits, early retirement 

benefits, and certain disability and survivor's pensions. However, the PBGC does not guarantee all types of 

benefits under the Plan, and the amount of benefits protection is subject to certain limitations. Vested benefits 

under the Plan are guaranteed at the level in effect on the date of the Plan's termination, subject to a 

statutory ceiling on the amount of an individual's monthly benefit. 

Whether all participants receive their benefits should the Plan terminate at some future time will depend of the 

sufficiency, at that time, of the Plan's net assets to provide for accumulated benefit obligations and the level 

and type of benefits guaranteed by the PBGC at that time. Some benefits may be fully or partially provided for 

by existing assets and the PBGC guarantee, while other benefits may not be provided for at all. 

5. ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS: 

Accumulated plan benefits are those future periodic payments that are attributable, under the Plan's 

provisions, to the service employees have rendered. Accumulated plan benefits include benefits expected 

to be paid to (a) active employees or their beneficiaries, (b) terminated employees who have vested 

rights, and (c) retired or deceased employees or their beneficiaries. 

Benefits payable under all circumstances are included to the extent they are deemed attributable to 

employee service rendered to the evaluation date. 

SWORCCPP2018-000406

7 
of c~\nters - Pension Plan 

··· · ·nancial Statements 

r 31, 2016 and 2015 

The actuarial presen de! ned by actuaries 

from Cuni, Rust & St arial 0 0

• ~ mptions to adjust

the accumulated pl coun~fot,interest) and the 

probability of payme ea s of decre ts such a , withilfl\wi\I or retirement) 

between the valuation date and the expected date of payment. 

The significant assumptions underlying the actuarial computations are as follows: 

1. Mortality rates- Non-Disabled: RP-2014 Table with Blue Collar adjustment. 

Disabled: RP-2014 Disabled Retiree Mortality Table. 

2. Retirement age - at various rates between ages 55 and 62. 

3. Interest rate - 6.4% 

4. Work hours -1,150 

These actuarial assumptions are based on the presumption that the Plan will continue. Were the Plan to 

terminate, different assumptions and other factors might be applicable in determining the actuarial 

present value of accumulated plan benefits. 

The actuarial present value of accumulated plan benefits at December 31, 2015 is as follows: 

Vested: 

Active Employees $ 85,038,902 

Vested terminated employees 72,398,865 

Retirees and beneficiaries 312,163,602 

469,601,369 

Non vested 628,415 

$ 470,229,784 

The change in actuarial present value of accumulated plan benefits for the year ended December 31, 

2015, is as follows: 

Actuarial present value of accumulated 

plan benefits at beginning of year $ 408,066,808 

Increase (decrease) during the year attributable to: 

Decrease in discount period 29,466,688 

Changes in actuarial assumptions 62,910,249 

Benefits paid (30,914,153) 

Plan experience and benefit accrual 700,192 

Net increase 62,162,976 

Actuarial present value of accumulated 

plan benefits at end of year $ 470,229,784 

Changes included in the December 31, 2015 valuation include: updating the mortality rate projections 

from the RP-2000 Table to the RP-2014 Table, decreasing the hours worked assumption, increasing the 

expense load, decreasing the funding interest rate from 7.5% to 6.4%, and updating the termination and 

retirement rates. 

SWORCCPP2018-000407

8 
nters - Pension Plan 

· ancial Statements 

er 31, 2016 and 2015 

The actuarial present d 

to interest rates, infia 

uncertainties inheren ions and umption at I reas possible that 

changes in these estimates and assumptions in the near term would be material to the financial statements. 

The Plan has been certified by the Pension Protection Act of 2006 ("PPA") as being Critical and Declining 

for the 2016 Plan Year. The Plan is operating under a Rehabilitation Plan, and as such, the projected 

funding deficiency in 2016 will not result in the normal penalties that occurred under the law prior to PPA. 

Accordingly, benefits are restricted and adjusted pursuant to the Plan's rehabilitation plan. 

6. INVESTMENTS: 

The majority of the Plan's investments are held by a bank under a custodial arrangement. Purchases and 

sales of securities are authorized by independent managers under investment policy guidelines 

established by the Plan. 

The Plan's net investment earnings were as follows: 

2016 2015 

Interest from cash, money market, and debt investments $ 1,904,331 805,296 

Dividend income: 

Equity investments 285,228 312,249 

Registered investment companies 1,586,912 2,902,197 

1,872,140 3,214,446 

Unrealized appreciation (depreciation) from investments 

held at year end: 

U.S. Government securities and agency obligations (136,331) (176,864) 

Corporate obligations 121,464 (211,480) 

Other fixed income obligations 5,232 (18,951) 

Equity securities 2,564,362 (1,319,172) 

2,554,727 (1,726,467) 

Realized appreciation from debt and equity investments 

sold during the year 1,190,277 1,087,564 

Net earnings from common/collective trusts 1,622,215 2,984,758 

Net appreciation (depreciation) 

from registered investment companies 6,041,482 (4,049,683) 

Net earnings form partnership/joint ventures 5,357,610 4,047,900 

Net investment earnings $ 20,542,782 6,363,814 

SWORCCPP2018-000408

9 
nters - Pension Plan 

· ancial Statements 

er 31, 2016 and 2015 

The Plan conducts c 

secured borrowings. 

2015 

Equity securities $ 1,638,203 1,014,316 

The Plan typically requires collateral equal to 102% of the fair value of the securities on loan. Collateral 

received from borrowers is invested by Bank of New York ("BONY") primarily in money market funds or short 

term U.S. notes or U.S. Government Sponsored Entity obligations. At December 31, 2016, collateral received 

from borrowers had a fair market value of $1,611,523 and a cost of $1,675,280. At December 31, 2015, 

collateral received from borrowers had a fair value of $973,002 and a cost of $1,036,759. 

7. FAIR VALUE MEASUREMENTS: 

The following sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of 

December 31, 2016 and 2015: 

U.S. accounting standards provide the framework for measuring fair value. That framework provides a fair 

value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The 

hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or 

liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). 

The three levels of the fair value hierarchy are described as follows: 

Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or 

liabilities in active markets that the Plan has the ability to access. 

Level 2: Inputs to the valuation methodology include: Quoted prices for similar assets or liabilities 

in active markets; Quoted prices for identical or similar assets or liabilities in inactive markets; 

Inputs other than quoted prices that are observable for the asset or liability; Inputs that are 

derived principally from or corroborated by observable market data by correlation or other means. 

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for 

substantially the full term of the asset or liability. 

Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value 

measurement. 

The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest 

level of any input that is significant to the fair value measurement. Valuation techniques used need to 

maximize the use of observable inputs and minimize the use of unobservable inputs. 

Following is a description of the valuation methodologies used for assets measured at fair value. There 

have been no changes in the methodologies used at December 31, 2016 and 2015. 

Cash equivalents: Cash equivalents consist primarily of money market funds and 

investment cash, which are recorded at cost, which approximates fair value. 

Equity securities: Valued at the closing price reported on the active market on which the 

individual securities are traded. 

SWORCCPP2018-000409

10 
Southwest Ohio Regional Cou 

obs 

Co~ ions and er fixed m ion . alued pricing models 

maximizing the use of observable inputs for similar securities. This includes basing value 

on yields currently available on comparable securities of issuers with similar credit 

ratings. 

Registered investment companies: Valued at the daily closing prices as reported by the 

funds. The funds held by the Plan are registered with the Securities and Exchange 

Commission and are required to publish their daily net asset value (NAV) and to transact 

at that price. The funds held by the Plan are deemed to be actively traded. 

Common/collective trusts: Valued at the net asset value (NAV) of units of the collective 

trusts. The NAV, as provided by the custodian, is used as a practical expedient to 

estimate fair value. The NAV is based on the fair value of the underlying investments held 

by the fund less its liabilities. This practical expedient would not be used if it is 

determined to be probable that the fund will sell the investment for an amount different 

from the reported NAV. 

Partnership/joint venture interests: Valued at the net asset value per share or unit. The 

NAV, as provided by the investment manager, is used as a practical expedient to 

estimate fair value. The NAV is based on the fair value of the underlying investments held 

by the fund less its liabilities. This practical expedient would not be used if it is 

determined to be probable that the partnership will sell the investment for an amount 

different from the reported NAV. 

The fair value of cash, contributions receivable, and accounts payable approximate cost due to the short 

duration of these instruments. 

The preceding methods described may produce a fair value calculation that may not be indicative of net 

realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation 

methods are appropriate and consistent with other market participants, the use of different methodologies 

or assumptions to determine the fair value of certain financial instruments could result in a different fair 

value measurement at the reporting date. 

Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall 

volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible 

that changes in the fair values of investment securities will occur in the near term and, that such changes 

could materially affect the amounts reported in the statements of net assets available for benefits. 

SWORCCPP2018-000410

11 
The following tables 

December 31, 2016 

Assets at 

Level 1 Level2 Level 3 NAV Total 

2,750,732 Cash equivalents $ 2,750,732 

7,126,279 Government obligations 7,126,279 

12,322,555 Corporate obligations 12,322,555 

U.S. Government sponsored 

entity obligations 6,309,437 6,309,437 

Other fixed income 

454,669 454,669 obligations 

24,756,027 Equity securities 24,756,027 

Registered investment 

101,528,549 companies 101,528,549 

Partnership/joint venture 

33,151,735 33,151,735 interests 

Common/collective trust 

24,485,985 24,485,985 funds 

57,637,720 212,885,968 Total $ 129,035,308 26,212,940 

Assets at Fair Value as of December 31, 2015 

Assets at 

Level 1 Level 2 Level 3 NAV Total 

2,828,537 Cash equivalents $ 2,828,537 

4,769,442 Government obligations 4,769,442 

12,459,047 Corporate obligations 12,459,047 

U.S. Government sponsored 

8,640,058 8,640,058 entity obligations 

Other fixed income 

437,137 437,137 obligations 

22,188,180 Equity securities 22,188,180 

Registered investment 

97,673,227 companies 97,673,227 

Partnership/joint venture 

33,884,959 33,884,959 interests 

Common/collective trust 

24,344,993 24,344,993 funds 

58,229,952 207,225,580 Total $ 122,689,944 26,305,684 

12 

SWORCCPP2018-000411
nters - Pension Plan 

ancial Statements 

er 31, 2016 and 2015 

The table below sets 

estimated using the 

Redemption 

Unfunded Redemption Notice 

Fair Value Commitment Frequency Period Investment 

Partnerships/joint venture interests 

Acadian Global Managed 

Limited 30 - days Volatility Equity Fund, LLC (a) $ 12,081,708 

Limited Not applicable Asian Realty Partners Ill, LLC (b) 305,248 

Hamilton Lane-Carpenters 

Not applicable Partnership Fund II, LP (c) 2,015,147 395,161 Limited 

1,342,007 Limited Not applicable Method Advisors 2009, L.P. (d) 12,098,228 

Principal Enhanced 

Property Fund, LP (e) 6,651,404 Quarterly 0-90-days 

33,151,735 1,737,168 

Common/collective trust funds 

American Core Realty 

Fund, LLC (I) $ 7,448,706 Quarterly 0 - 90 - days 

AFL-CIO Building Investment 

Limited Not applicable 8,139,607 Trust Fund (g) 

Real Estate Equity Trust I (h) 2,468,891 Limited Not applicable 

JP Morgan Chase Special 

Quarterly 45 - days Situation Property Fund (i) 6,428,781 

24,485,985 

$ 57,637,720 1,737,168 

13 

SWORCCPP2018-000412
nters - Pension Plan 

· ancial Statements 

r31, 2016 and 2015 

The table below set an 

r sh estimated using the 

Redemption 

Notice 

Fair Value Commitment Period Investment 

Partnerships/joint venture interests 

Acadian Global Managed 

Limited 30 - days Volatility Equity Fund, LLC (a) $ 11,240,690 

Limited Not applicable Asian Realty Partners Ill, LLC (b) 264,461 

Hamilton Lane-Carpenters 

Not applicable Partnership Fund II, LP (c) 2,336,853 395,161 Limited 

Method Advisors 2009, L.P. (d) 12,761,792 1,815,583 Limited Not applicable 

Principal Enhanced 

Property Fund, LP (e) 7,281,163 Quarterly 0-90-days 

33,884,959 2,210,744 

Common/collective trust funds 

American Core Realty 

Fund, LLC (f) $ 7,380,777 Quarterly O- 90 - days 

AFL-CIO Building Investment 

Trust Fund (g) 8,644,454 Limited Not applicable 

Limited Not applicable Real Estate Equity Trust I (h) 2,373,780 

JP Morgan Chase Special 

5,945,982 Quarterly 45 - days Situation Property Fund (i) 

24,344,993 

$ 58,229,952 2,210,744 

(a) Acadian Asset Management's Global Managed Volatility Equity Fund's objective is to achieve a 

volatility level considerable less than the volatility level of the global equity market (as defined by the 

MSC! World Index) while providing the market-like or above-market returns over full market cycles. 

The Fund's performance benchmark is the Morgan Stanley Capital International World Index ("MSC! 

World Index"). The Plan may redeem some or all of its interest on any date on which the value of 

members' equity is determined on 30 calendar days advance written noted. Any redemption made 

by a the Plan within 180 days of its initial investment will be subject to an early redemption fee 

payable to the Investment Portfolio of up to 1.5% of the amount redeemed. 

Asian Realty Partnership Ill, LLC ("Asian") was formed for the purpose of making investments in real (b) 

estate with the objective of maximizing investment returns. According to the partnership agreement, 

the Plan is entitled to a return of its investment through regular capital distributions. Such capital 

distributions are subject to the availability of sufficient liquid assets. Effective April 15, 2015, the 

Company was in orderly dissolution with the underlying investments to be liquidated in an orderly 

fashion. The fair value recorded by the Plan is based on the supplemental fair value basis of 

members' capital accounts as presented in Asian's audited financial statements. The fair values 

utilized in the financial statements were determined by Asian management using discounted cash 

flow valuation methodologies. However, the ultimate amount and timing of the Plan's share of the 

liquidation proceeds is not readily determinable. 

14 

SWORCCPP2018-000413
/ibnters - Pension Plan 

· ancial Statements 

r 31, 2016 and 2015 

(c) Hamilton Lane- nd II, 

funds that mad,f.:'private equi e -relat 

strategies and g·~~gr uses. ,•. , ugh th 

ate llows tne·Punds to achieve these underlyin!rf5'tf ,p investmefi!~. this fun 

broad diversification within the private equity investment market. The Funds' investments are 

considered to be illiquid and will only achieve liquidity if and when the underlying partnership 

investments sell their portfolio companies and distribute the proceeds received from the dispositions 

of those investments to the Funds. The Plan may not redeem its investment with Hamilton LaneCarpenters Partnership Fund II, LP. However, the Plan is entitled to cumulative distributions equal to 

100% of its capital contributions plus a cumulative rate of return equal to 10% per annum. The 

Hamilton II fund was scheduled to terminate on August 8, 2015. However, the General Partner 

elected to extend the Fund for two one-year periods. Accordingly, the term of the Fund will expire on 

August 8, 2017 unless further extended by the General Partner in its discretion in accordance with 

the Partnership Agreement. 

(d) Method Advisors 2009, L.P. was formed during 2009 for the purpose of investing in a select and 

diverse group of small private equity funds. Method Advisors 2009, L.P. shall continue until the 

twelfth anniversary of the final closing, unless extended by the general partner for up to two 

successive periods of one year. The Plan is not permitted to withdrawal its capital contributions prior 

to the dissolution of the limited partnership. The Plan may sell its interest subject to the approval of 

the general partner and other provisions contained within the partnership agreement. 

(e) Principal Enhanced Property Fund, LP invests in a diversified portfolio of stabilized income 

producing properties, plus value-add and development projects in the United States of America. 

Investors may redeem their investments at any time after the first anniversary of their capital 

contribution. Investments are generally redeemed as of the beginning of the first day of each quarter, 

subject to the availability of liquid assets. 

(f) The American Core Realty Fund, LLC was formed as an open-end investment fund to allow 

investors to pool their assets to make investments primarily in core stable institutional quality office, 

retail, industrial and multi-family residential properties that are substantially leased and have minimal 

deferred maintenance or functional obsolescence. Requests for redemptions may be made at any 

time and are effective at the end of the calendar quarter in which the request is received. 

Redemptions are subject to the availability of sufficient liquidity. American Core Realty Fund, LLC is 

not required to liquidate or encumber assets or defer investments in order to make redemptions. 

(g) The AFL-CIO Building Investment Trust Fund ("BIT") provides qualified pension plans the 

opportunity to invest directly in commercial real estate developments located throughout the United 

States of America. Notice to withdrawal shall be delivered to the Trustee at least one year prior to 

the effective date of the withdrawal, provided, however, that the Trustee, in its sole discretion, may 

waive such one year notice requirement. If the trustee does not waive the one year notice 

requirement, the effective withdrawal date shall be the valuation date next following one year from 

the date the notice of withdrawal is delivered to the trustee. If the Trustee waives the one year notice 

requirement, the effective date of withdrawal is delivered to the Trustee, or another valuation date 

designated by the Trustee that is not later than one year from such date. 

(h) Real Estate Equity Trust I was established to acquire equity investments in new real estate 

development projects in the Greater Cincinnati, Ohio area. The beneficiaries of the Trust have 

elected to liquidate the investments of the Trust in an orderly and prudent manner. Proceeds from 

the liquidation will be paid to the beneficiaries as the underlying assets are disposed. The amount 

and timing of the ultimate liquidation of the Trust's assets have not been estimated. 

15 

SWORCCPP2018-000414
(i) The JP Morgan atiq , roper! osed primarily of real 

e loans on income- estate investm or t~rough pa ••, 

producing real , :::w_ri: ~ cipani~ay witHttraw a available cash, 

as determined ll -rr stee. To the exfent that wi!Hara ble cash, 

distributions are made on a pro rata basis. 

8. RELATED PARTY TRANSACTIONS: 

Employers remit one payment for all fringe benefit and dues deductions payable under the collective 

bargaining agreement to BeneSys, Inc., the plan administrator, who processes these funds and foiwards 

them to a collection account maintained by the Plan. The plan administrator determines the allocation of 

the funds received and disburses them to the appropriate entities. 

At December 31, 2016 and 2015, the Plan recorded a liability for the amounts collected on behalf of the 

related entities as follows: 

2016 2015 

$ 2,928 2,928 Ohio Carpenters' Health Plan 

Ohio and Vicinity Council of Carpenters 

143,496 Southwest Retirement Plan 

Other related entities, settlements 

pending distribution and net overages 1,305,483 1,723,641 

$ 1,308,411 1,870,065 

9. CONCENTRATIONS OF CREDIT RISK: 

Financial instruments, which potentially subject the Plan to significant concentrations of credit risk, consist 

primarily of cash. Periodically during the year, the Plan may have cash deposits in excess of federally 

insured limits. The Plan has not experienced any losses in such accounts and believes it is not exposed 

to any significant credit risk with its cash on deposit with financial institutions. 

10. BENEFIT REDUCTIONS: 

On March 30, 2017, the Plan Trustees submitted an application for relief under the Multiemployer 

Pension Reform Act (MPRA) to the Unites States Treasury Department. The MPRA allows for pension 

plans in Critical and Declining statuses that meet certain criteria to reduce the benefits of active members, 

terminated vested participants and retirees already collecting their pensions. The application submitted by 

the Plan is separated out into 2 steps. Although certain limitations apply, step 1 proposes the elimination 

of subsidies for participants who retired prior to the attainment of age 62 and step 2 proposes a uniform 

17% reduction of monthly benefits. If approved, the benefit reductions will go into effect on approximately 

January 1, 2018. 

16 

SWORCCPP2018-000415
Supplemental Schedules 

SWORCCPP2018-000416
y£~

afjj'enters - Pension Plan 

""~"'i 

rc',l\;clti11i'i1strative Expenses 

r 31, 2016 and 2015 

2015 

$ 179,900 108,250 

62,315 74,199 

Actuary expense 

Accounting 

MPRA and other consulting 224,584 4,000 

303,421 231,959 Legal 

Meetings and conferences 13,832 8,164 

160,491 174,410 Insurance 

PBGC Premium 150,606 141,648 

Office 23,933 3,209

Bank 13,999 9,567 charges 

Independent medical exam fees 73 1,575

$ 1,133,154 756,981 

SWORCCPP2018-000417

17 
Southwest Ohio o, '"ii Of Carpenter

EIN #31-6127

f Assets (Held 

De

SWORCCPP2018-000418 (a) (b) 

Identity of Issue 

• Investment Manager: PP Found 

Money market fund: I 

PNC TREASURY MONEY 

Equity securities: 

AARON'S INC CLASS A 

AEGEAN MARINE PETROLEUM NElW ISIN MHY0017S1028 SEDOL B0TBF08 

ALLSCRIPTS HEALTHCARE SOLUTIONS INC 

AMERICAN EAGLE OUTFITTERS INC 

APOGEE ENTERPRISES INC 

BANC OF CALIFORNIA INC BANNER CORPORATION BERKSHIRE HILLS BANCORP INC 

BLOOMIN BRANDS INC 

BOFI HOLDING INC BRANDYWINE RL TY TR SH BEN INT NEW REIT 

CARPENTER TECHNOLOGY CORP CECO ENVIRONMENTAL CORP CELADON GROUP INC COLUMBUS MCKINNON CORP NY 

COMTECH TELECOMMUNICATIONS CORP COVENANT TRANSPORTATION GRP INC 

DELEK US HOLDINGS INC 

DEL TIC TIMBER CORP DIAMONDROCK HOSPITALITY CO REIT 

DIME CMNTY BANCORP INC 

DIODES INC 

ENCORE WIRE CORP 

ENERSYS ENTEGRIS, INC 

EXARCORP 

FABRINET ISIN KYG3323L 105 SEDOL B4JSZL8 

FRANKLIN FINANCIAL NElWORK 

GAIN CAPITAL HOLDINGS INC 

GLATFELTER GRANITE CONSTRUCTION INC 

GREEN BANCORP INC 

6,100 

14,158 11,805 10,275 

4,925 

13,150 

4,600 

6,400 

7,650 

7,255 7,625 

4,000 

13,100 

23,900 

6,465 

12,050 

7,250 

5,325 

1,650 

11,125 10,675 

7,940 

4,550 

1,600 

10,975 

16,500 

2,725 

4,725 

13,950 

9,525 

2,710 

14,825 

(d) 

Cost 

686,728 

163,339 127,711 148,109 

165,898 

220,171 

167,521 160,231 

145,712 149,184 146,013 

80,770 

165,940 138,478 

286,813 

132,846 

134,098 129,400 

77,400 

102,793 

144,717 182,139 

178,938 171,737 

94,984 

135,381 174,978 

52,773 

157,023 

131,725 

190,789 

88,628 

161,684 
··ii Of Carpente

EIN #31-6127

f Assets (Hel

De

SWORCCPP2018-000419 (a) (b) 

Identity of Issue 

GREENHILL & CO INC hrni•!!2j GULFPORT ENERGY CORH'J 

HANMI FINANCIAL CORPO HAYNES !NTL INC COM N 

HMS HLDGS CORP HOMESTREET INC 

HOMETRUST BANCSHARES INC HOPE BANKCORP INC 

IIT INC INDEPENDENCE REAL TY TRUST IN 

INDEPENDENT BANK CORP MASS 

LAZ BOY INC 

LEXINGTON REAL TY TRUST 

LHC GROUP INC 

LTC PROPERTIES INC REIT 

MAINSOURCE FINANCIAL GROUP I 

MARINEMAX INC MATRIX SERVICE COMPANY 

MERIT MEDICAL SYSTEMS MILLER HERMAN INC MITEL NETWORKS INC 

MYRIAD GENETICS INC 

OCEANEERING INTERNATIONAL OLD NATIONAL BANCORP INDIANA 

ONE GAS INC-W/1 

PACIFIC ETHANOL INC PEOPLES BANCORP INC OH 

PHOTRONJCS INC PLEXUS CORP PORTLAND GENERAL ELECTRIC CO 

RED ROBIN GOURMET BURGERS 

RING ENERGY INC 

SPOK HOLDINGS INC 

STEIN MART INC 

SWIFT TRANSPORTATION CO SYNAPTICS INC 

SYNERGY RES CORP 

(d) 

Cost 

190,878 137,680 

141,027 111,466 

85,994 

169,600 106,039 162,637 180,101 167,258 

93,198 

153,173 122,580 141,147 139,569 127,688 191,288 111,642 

122,082 142,656 168,475 166,306 124,770 192,346 

72,513 

80,940 

172,778 116,858 132,942 

133,526 152,686 

62,418 

96,869 

138,534 108,021 

202,870 

83,700 
SWORCCPP2018-000420 (a) (b) 

Identity of Issue 

TESSERA HOLDING CORP TOWNE BANK TRI POINTE GROUP INC 

II-VI INC 

UNITED INS HLDGS CORP 

WHITING PETROLEUM CORP 

Total equity securities 

Total managed by PP Foundry Partners 

* Investment Manager: Geneva Capital Management 

Money market funds: 

PNC TREASURY MONEY MARKET FUND #431 

Equity securities: 

ABIOMED INC ACUITY BRAND.S INC AFFILIATED MANAGERS GROUP INC ALIGN TECHNOLOGY INC 

AMPHENOL CORP NEW CL A ANSYSINC 

BARD CR INC BEACON ROOFING SUPPLY INC BROADRIDGE FINANCIAL SOL W/I 

CARTER'S INC 

GERNER CORP 

CHURCH & DWIGHT INC 

COGNIZANT TECHNOLOGY SOLUTIONS COOPER COS INC NEW 

COPARTINC COSTAR GROUP INC 

DENTSPLY SI RONA INC 

EAST WEST BANCORP INC FASTENAL CO FISERV INC FORTUNE BRANDS HOME & SEC 

Southwest Ohio ou 

256,406 

1,601 

1,073 1,106 1,885 

5,096 

2,362 

1,258 

2,486 

3,899 

2,545 

4,495 

6,240 

3,013 

1,216 

3,978 

1,126 

3,958 

4,917 

3,596 3,125 

2,933 

""·1 Of Carpente

EIN #31-6127

f Assets (Hel

De

(d) 

Cost 

130,015 

90,567 

232,637 

77,101 

172,709 

76,714 

10,491,921 

11,178,649 

256,406 

177,161 

227,643 

148,856 

60,197 

167,532 

163,447 

158,158 

89,622 

211,611 

217,963 

192,363 181,469 112,206 

199,750 

127,876 165,093 

156,881 

112,484 

160,680 

127,667 175,536 
SWORCCPP2018-000421 (a) (b) 

Identity of Issue 

GARTNER INC 

HAIN CELESTIAL GROUP I HENRY SCHEIN INC 

HUNT J B TRANSPORT SER 

IDEX CORP IDEXX LABS INC 

INTERCONTINENTAL EXCHANGE INC 

INTUIT SOFTWARE 

J2 GLOBAL INC JM SMUCKER CO/THE-NEW COM WI 

LKQ CORP MANHATTAN ASSOCS INC 

MAXIMUS INC MIDDLEBY CORP 

0 REILLY AUTOMOTIVE INC 

PAN ERA BREAD COMPANY CL A 

PAREXEL INTERNATIONAL CORP 

RAYMOND JAMES FINANCIAL INC RED HAT INC 

ROPER TECHNOLOGIES INC 

SS&C TECHNOLOGIES HOLDINGS SIGNATURE BK NEW YORK N Y 

SNAP ON INC 

STERIS PLC SEDOL BWBC02 ISIN GB00BWBC028 

TRACTOR SUPPLY CO 

TRIMBLE INCORPORATED 

TYLER TECHNOLOGIES INC 

ULTIMATE SOFTWARE GROUP INC 

UNDER ARMOUR INC CLASS A 

VARIAN MEDICAL SYSTEMS INC 

VERISK ANALYTICS INC 

WABTECCORP WATSCO INC 

WILLIAMS SONOMA INC 

Total equity securities 

Southwest Ohio o. 'ii Of Carpente

EIN #31-6127

f Assets (Hel

De

(d) 

Cost 

217,829 

170,550 173,642 194,577 162,488 114,112 

127,407 164,225 159,808 139,681 196,205 176,499 

116,763 172,410 123,046 197,755 101,544 198,169 

184,775 132,087 119,995 124,495 160,446 

3,260 242,816 

2,351 126,243 

4,084 123,194 

1,829 163,548 1,065 166,711 

3,075 53,104 

2,143 154,235 

3,217 202,954 

1,665 81,315 1,175 161,027 

2,857 192,558 

8,630,408 
' ii Of Carpente

EIN #31-6127

f Assets (Hel

De

SWORCCPP2018-000422 (a) (b) 

Identity of Issue 

Total managed by Ge 

*Investment Manager: Pimco Com 

Registered investment companl 

PIMCO COMMODITY REAL RETURN STRATEGY FUND INSTITUTIONAL CL FD# 045 

Total managed by Pimco Commodity Return 

*Investment Manager: Bank of New York Securities Lending 

Money market funds: 

BANK OF NEW YORK MELLON OVERNIGHT GOVERNMENT FUND 

U.S. Government securities: 

UNITED STATES TREASURY BILL 

UNITED STATES TREASURY BILL 

UNITED STATES TREASURY BILL UNITED STATES TREASURY BOND 

UNITED STATES TREASURY BOND US TREASURY INFLATION INDEXED 

UNITED STATES TREASURY BOND UNITED STATES TREASURY BOND 

UNITED STATES TREASURY BOND 

UNITED STATES TREASURY BOND UNITED STATES TREASURY BOND 

UNITED STATES TREASURY BOND 

UNITED STATES TREASURY BOND US TREASURY INFLATION INDEXED 

UNITED STATES TREASURY BOND 

UNITED STATES TREASURY BOND 

UNITED STATES TREASURY NOTE UNITED STATES TREASURY NOTE 

UNITED STATES TREASURY NOTE 

US TREASURY INFLATION INDEXED 

UNITED STATES TREASURY NOTE 

UNITED STATES TREASURY NOTE 

US TREASURY INFLATION INDEXED 

US TREASURY INFLATION INDEXED 

606,549 

516,013 

8,710 

3,571 

18,290 

2,474 

2,526 

5,400 

1,394 1,394 1,986 

2,143 

1,324 

19,161 

20,903 

43,549 

19,336 14,284 10,277 

1,411 

5,626 

71,002 

1,742 

1,132 

27,767 

17,419 

(d) 

Cost 

8,886,814 

10,412,101 10,412,101 

516,013 

8,709 

3,570 

18,280 

2,977 

3,577 

7,426 

1,720 1,379 1,871 

2,065 

1,477 

19,501 18,702 

41,772 

19,038 14,060 10,236 

1,429 

5,852 

74,114 

1,762 1,146 

27,776 

20,752 
SWORCCPP2018-000423 Southwest Ohio ii Of Carpente

EIN #31-6127

f Assets (Hel

De

(a) (b) (d) 

Identity of Issue 

UNITED STATES TREASU 

Cost 

12,407 

UNITED STATES TREASU 1,744 

US TREASURY INFLATION 3,992 

UNITED STATES TREASU 6,500 

UNITED STATES TREASURY NOTE 2,733 

UNITED STATES TREASURY NOTE 23,371 

UNITED STATES TREASURY NOTE 10,040 UNITED STATES TREASURY NOTE 8,605 UNITED STATES TREASURY NOTE 14,823 UNITED STATES TREASURY NOTE 702 

UNITED STATES TREASURY NOTE 2,334 2,347 

UNITED STATES TREASURY NOTE 105 105 

UNITED STATES TREASURY NOTE 1,951 1,928 

UNITED STATES TREASURY NOTE 3,414 3,640 

UNITED STATES TREASURY NOTE 2,439 2,284 

UNITED STATES TREASURY NOTE 279 272 UNITED STATES TREASURY NOTE 2,613 2,557 

UNITED STATES TREASURY NOTE 12,263 12,235 UNITED STATES TREASURY NOTE 1,394 1,421 

UNITED STATES TREASURY NOTE 6,358 5,917 UNITED STATES TREASURY NOTE 2,090 2,072 UNITED STATES TREASURY NOTE 16,723 16,698 UNITED STATES TREASURY NOTE 2,491 2,421 

UNITED STATES TREASURY NOTE 7,665 7,576 UNITED STATES TREASURY NOTE 871 868 

US TREASURY INFLATION INDEXED 6,254 6,599 

UNITED STATES TREASURY NOTE 5,748 5,834 

US TREASURY INFLATION INDEXED 2,926 2,916 

UNITED STATES TREASURY NOTE 2,613 2,674 

UNITED STATES TREASURY NOTE 10,887 10,741 US TREASURY INFLATION INDEXED 3,310 3,346 

UNITED STATES TREASURY NOTE 35,379 35,555 

UNITED STATES TREASURY BILL 411 410 UNITED STATES TREASURY BOND 10 12 

UNITED STATES TREASURY BOND 771 935 

US TREASURY INFLATION INDEXED 226 216 

US TREASURY INFLATION INDEXED 1,273 1,435 
SWORCCPP2018-000424 I Of Carpente

EIN #31-6127

f Assets (Hel

De

(a) (b) (d) 

Identity of Issue Cost 

UNITED STATES TREASU 173 

UNITED STATES TREASU 16,527 UNITED STATES TREASU 1,840 UNITED STATES TREASU 1,433 UNITED STATES TREASURY NOTE 4 

US TREASURY INFLATION INDEXED 3,542 3,697 UNITED STATES TREASURY NOTE 214 216 UNITED STATES TREASURY NOTE 7,214 7,287 UNITED STATES TREASURY NOTE 375 373 UNITED STATES TREASURY NOTE 272 273 UNITED STATES TREASURY NOTE 321 315 

UNITED STATES TREASURY NOTE 1,902 1,887 UNITED STATES TREASURY NOTE 2,697 2,690 US TREASURY INFLATION INDEXED 925 954 UNITED STATES TREASURY NOTE 170 165 UNITED STATES TREASURY NOTE 7,760 7,706 UNITED STATES TREASURY NOTE 1,132 1,112 

UNITED STATES TREASURY NOTE 419 414 UNITED STATES TREASURY NOTE 358 353 UNITED STATES TREASURY NOTE 16,126 17,195 UNITED STATES TREASURY NOTE 871 908 UNITED STATES TREASURY NOTE 368 367 

UNITED STATES TREASURY NOTE 7,324 7,408 US TREASURY INFLATION INDEXED 643 748 US TREASURY INFLATION INDEXED 1,075 1,148 US TREASURY INFLATION INDEXED 13,449 14,343 US TREASURY INFLATION INDEXED 2,231 2,345 

UNITED STATES TREASURY NOTE 2,733 2,700 US TREASURY INFLATION INDEXED 517 536 UNITED STATES TREASURY NOTE 1,231 1,199 US TREASURY INFLATION INDEXED 293 292 UNITED STATES TREASURY NOTE 577 578 US TREASURY INFLATION INDEXED 407 411 

UNITED STATES TREASURY NOTE 609 610 UNITED STATES TREASURY NOTE 32 32 UNITED STATES TREASURY NOTE 2,424 2,475 UNITED STATES TREASURY NOTE 23,467 24,406 
Southwest Ohio ou '~ii Of Carpente

EIN #31-6127

Assets (Hel

De

SWORCCPP2018-000425 (a) (b) 

Identity of Issue 

UNITED STATES TREASU UNITED STATES TREASU UNITED STATES TREASU UNITED STATES TREASU UNITED STATES TREASURY NOTE 

UNITED STATES TREASURY NOTE UNITED STATES TREASURY NOTE UNITED STATES TREASURY NOTE UNITED STATES TREASURY NOTE UNITED STATES TREASURY NOTE 

UNITED STATES TREASURY NOTE UNITED STATES TREASURY BILL UNITED STATES TREASURY BILL UNITED STATES TREASURY BOND US TREASURY INFLATION INDEXED 

UNITED STATES TREASURY BOND 

UNITED STATES TREASURY BOND UNITED STATES TREASURY BOND 

UNITED STATES TREASURY BOND UNITED STATES TREASURY BOND UNITED STATES TREASURY BOND 

UNITED STATES TREASURY BOND UNITED STATES TREASURY NOTE UNITED STATES TREASURY NOTE UNITED STATES TREASURY NOTE 

US TREASURY INFLATION INDEXED 

UNITED STATES TREASURY NOTE UNITED STATES TREASURY NOTE UNITED STATES TREASURY NOTE 

US TREASURY INFLATION INDEXED 

UNITED STATES TREASURY NOTE 

UNITED STATES TREASURY NOTE UNITED STATES TREASURY NOTE UNITED STATES TREASURY NOTE 

US TREASURY INFLATION INDEXED 

UNITED STATES TREASURY NOTE UNITED STATES TREASURY NOTE 

1,678 1,952 

4,404 

(d) 

Cost 

10,793 

25,368 

28,091 

4,145 

439 

5,140 5,322 

22,100 

5,315 

2,963 

4,732 

38,670 

10,765 

5,290 3,317 

2,688 

1,931 

3,430 

8,971 

10,999 

784 

6,289 6,679 

5,743 

6,806 

3,220 

1,935 

2,155 

5,644 3,681 3,498 9,201 

599 

574 

1,679 1,916 

4,412 
SWORCCPP2018-000426 I Of Carpente

EIN #31-6127

f Assets (Hel

De

(a) (b) (d) 

Identity of Issue Cost 

UNITED STATES TREASU 11,816 

UNITED STATES TREASU 8,109 UNITED STATES TREASU 38,167 

UNITED STATES TREASU 11,950 UNITED STATES TREASURY NOTE 3,157 UNITED STATES TREASURY NOTE 5,669 UNITED STATES TREASURY NOTE 2,480 UNITED STATES TREASURY NOTE 7,816 UNITED STATES TREASURY NOTE 2,880 UNITED STATES TREASURY NOTE 4,651 UNITED STATES TREASURY NOTE 6,512 

UNITED STATES TREASURY NOTE 4,642 UNITED STATES TREASURY NOTE 3,512 UNITED STATES TREASURY NOTE 2,744 UNITED STATES TREASURY NOTE 458 UNITED STATES TREASURY NOTE 758 735 UNITED STATES TREASURY NOTE 2,069 2,083 UNITED STATES TREASURY NOTE 2,189 2,195 US TREASURY INFLATION INDEXED 2,405 2,528 

UNITED STATES TREASURY NOTE 5,117 5,123 UNITED STATES TREASURY NOTE 7,948 7,949 UNITED STATES TREASURY NOTE 335 335 US TREASURY INFLATION INDEXED 2,843 2,947 US TREASURY INFLATION INDEXED 2,484 2,621 UNITED STATES TREASURY NOTE 7,903 7,852 US TREASURY INFLATION INDEXED 723 756 UNITED STATES TREASURY NOTE 577 590 UNITED STATES TREASURY NOTE 5,026 5,042 UNITED STATES TREASURY NOTE 1,421 1,469 

UNITED STATES TREASURY NOTE 3,096 3,115 UNITED STATES TREASURY NOTE 889 893 UNITED STATES TREASURY NOTE 4,662 4,567 UNITED STATES TREASURY NOTE 2,821 2,796 UNITED STATES TREASURY NOTE 9,808 9,814 

Total U.S. Government securities 1,095,510 
Southwest Ohio '"ii Of Carpente

EIN #31-6127

f Assets (Hel

De

SWORCCPP2018-000427 (a) (b) 

ldenUty of Issue 

Total managed by Ba 

•investment Manager: CS McKee 

Money market fund: 

PNC TREASURY MONEY MARKET FUND #431 

Corporate obligations 

21ST CENTY FOX AMER INC 03.000% DUE 09/15/2022 

21ST CENTY FOX AMER INC 06.400% DUE 12/15/2035 

ALLY AUTO RECEIVABLES TRUST SERIES 20151 CLASS A3 01.390% DUE 09/16/2019 

ALLY AUTO RECEIVABLES TRUST SERIES 2015 2 CLASS A3 01.380% DUE 11/15/2019 

AMER AIRLINE 16-3 AA PTT PASS 03.000% DUE 04/15/2030 

AMER AIRLN 15-2 AA PTT PASS 03.600% DUE 03/22/2029 

AMERICAN EXPRESS CREDIT CALL 08/14/2020@ 100.000 UNSC 02.600% DUE 09/14/2020 

AMGEN INC CALL 06/19/2023@ 100.000 UNSC 02.250% DUE 08/19/2023 

ANHEUSER-BUSCH INBEV FIN CALL 08/01/2035@ 100.000 COGT 04.700% DUE 02/01/2036 

ANHEUSER-BUSCH INBEV WOR CO GUARNT SERIES WI 07.750% DUE 01/15/2019 

APPLE INC CALL 08/23/2045@ 100.000 UNSC 04.650% DUE 02/23/2046 

APPLE INC UNSC 02.400% DUE 05/03/2023 

AT&T INC CALL 02/15/2025@ 100.000 UNSC 03.400% DUE 05/15/2025 

BANK OF AMERICA CORP 05.625% DUE 07/01/2020 

BANK OF AMERICA NOTES 05.650% DUE 05/01/2018 

BANK OF MONTREAL SEDOL !SIN US06367TJX90 01.900% DUE 08/27/2021 

BANK OF NEW YORK MELLON CALL 12/15/2018@ 100.000 UNSC 02.100% DUE 01/15/2019 

BANK OF NOVA SCOTIA SEDOL ISIN US064159HT62 01.650% DUE 06/14/2019 

BARCLAYS BANK/DELAWARE INSTL CTF OF DEPOSIT 01.600% DUE 11/26/2019 

BERKSHIRE HATHAWAY INC CALL 01/15/2023@ 100.000 UNSC 02.750% DUE 03/15/2023 

BMW VEHICLE LEASE TRUST SERIES 2015 2 CLASS A3 01.400% DUE 02/20/2019 

BP CAPITAL MARKETS PLC SEDOL B948WN9 ISIN US05565QCD88 02.750% DUE 05/10/202 

BP CAPITAL MARKETS PLC SEDOL ISIN US05565QCY26 01.674% DUE 02/13/2018 

BP CAPITAL MARKETS PLC SEDOL !SIN US05565QDG01 03.216% DUE 11/28/2023 

BURLINGTN NORTH SANTA FE CALL 03/01/2044@ 100.000 UNSC 04.550% DUE 09/01/2044 

BURLINGTON NORTH SANTA FE SERIES 2006-1 05.720% DUE 01/15/2024 

CAPITAL ONE BANK USA NA INSTL CTF OF DEPOSIT 01.700% DUE 09/28/2021 CAPITAL ONE FINANCIAL CO CALL 09/29/2025@ 100.000 SUB 04.200% DUE 10/29/2025 

CAPITAL ONE NA CALL 08/13/2021 @ 100.000 UNSC 02.250% DUE 09/13/2021 

CAPITAL ONE NA INSTL CTF OF DEPOSIT 02.000% DUE 10/07/2019 

286,562 

88,000 

91,000 

137,000 

48,000 

53,000 

46,865 48,000 

43,000 

170,000 

56,000 99,000 

160,000 184,000 

205,000 

50,000 91,000 

216,000 

119,000 

245,000 

125,000 

80,000 

24,000 

40,000 

74,000 

127,000 

44,018 

192,000 

77,000 

250,000 245,000 

(d) 

Cost 

1,611,523 

286,562 

88,540 

105,663 137,020 

47,998 

53,000 

46,865 49,325 

42,892 

168,582 

70,503 

108,960 155,579 182,196 

230,117 

55,415 90,542 

217,331 

118,993 

245,000 

126,408 

79,999 

24,495 

40,000 

74,000 

142,716 

50,016 

190,800 

77,191 

249,613 243,775 
Southwest Ohio o ""ii Of Carpente

EIN #31-6127

f Assets (Hel

De

SWORCCPP2018-000428 (a) (b) 

Identity of Issue 

CARMAX AUTO OWNER T CAROLINA PWR & LT CO 

CATERPILLAR FINL SERVI 

CATERPILLAR INC CALLO .000 UNSC 03.400% DUE 05/1 

CATERPILLAR INC NOTES 07.900% DUE 12/15/2018 

CFCRE COMMERCIAL MORTGAGE TRUS SERIES 2016 C7 CLASS A3 03.838% DUE 12/10/21 

CHEVRON CORP CALL 02/16/2026@ 100.000 UNSC 02.954% DUE 05/16/2026 

CHEVRON CORP SR UNSEC CALL 9/5/22@ 100 02.355% DUE 12/05/2022 

CITIGROUP INC CALL 07/21/2026@ 100.000 UNSC 03.200% DUE 10/21/2026 

CITIGROUP INC UNSC 01.800% DUE 02/05/2018 

COCA-COLA COfTHE UNSC 02.875% DUE 10/27/2025 

COMM MORTGAGE TRUST SERIES 2013 CR11CLASSA404.258% DUE 08/10/2050 

COMM MORTGAGE TRUST SERIES 2013 CR9 CLASS A4 04.379% DUE 07/10/2045 

COMM MORTGAGE TRUST SERIES 2014 CR15 CLASS A2 02.928% DUE 02/10/2047 COMM MORTGAGE TRUST SERIES 2014 UBS2 CLASS A 1 01.298% DUE 03/10/2047 COMM MORTGAGE TRUST SERIES 2014 UBS3 CLASS A1 01.402% DUE 06/10/2047 

COMM MTG TRUST SERIES 2015-PC1 CLASS A5 VAR% DUE 07/10/2050 

CONOCOPHILLIPS COMPANY CO GUARNT CALL 09/15/22 @100 02.400% DUE 12/15/2022 

CSX TRANS ASSET BKD 06.251% DUE 01/15/2023 

DUKE ENERGY CAROLINAS 1ST MTG 05.300% DUE 02/15/2040 

EI DU POINT NEMOURS SR NOTES 06.000% DUE 07/15/2018 

EXXON MOBIL CORPORATION CALL 02/01/2021 @ 100.000 UNSC 02.222% DUE 03/01/2021 

FEDERAL EXPRESS CORP PASS THRU 1998 1 PASS THRU CTF 1998 1A 06.720% DUE 01/1 

FORD CREDIT FLOORPLAN MASTER O SERIES 2014 1 CLASS A2 00.554% DUE 02/15/2019 

FORD MOTOR CREDIT CO LLC UNSC 02.375% DUE 01/16/2018 FORD MOTOR CREDIT CO LLC UNSC 04.250% DUE 09/20/2022 

GENERAL ELECTRIC CO SR UNSECD 02.700% DUE 10/09/2022 GENERAL MOTORS FINL CO CALL 06/06/2021 @ 100.000 UNSC 03.200% DUE 07/06/2021 

GENERAL MOTORS FINL CO CALL 10/24/2020@ 100.000 COGT 03.700% DUE 11/24/2020 

GLAXOSMITHKLINE CAPITAL COM GTD ISIN US377372AD98 05.650% DUE 05/15/2018 

GOLDMAN SACHS BANK USA INSTL CTF OF DEPOSIT 02.250% DUE 09/30/2020 

GOLDMAN SACHS GROUP INC CALL 11/16/2025@100.000 UNSC 03.500% DUE 11/16/2026 

GOLDMAN SACHS GROUP INC UNSC 04.000% DUE 03/03/2024 

IBM CORP UNSC 03.625% DUE 02/12/2024 

JOHN DEERE CAPITAL CORP SER MTN UNSC 02.375% DUE 07/14/2020 JOHN DEERE CAPITAL CORP SER MTN UNSC 02.800% DUE 03/06/2023 

JP MORGAN CHASE COMMERCIAL MOR SERIES 2016 JP2 CLASS A4 02.821% DUE 08/15/2 

(d) 

Cost 

222,967 

116,936 

47,902 

100,475 

187,485 

43,260 

73,000 

193,505 111,934 152,884 152,355 

237,841 

94,607 

102,028 

31,772 

21,119 

47,380 

138,069 

70,603 

62,501 

151,556 

37,623 

129,545 

49,000 

201,618 206,506 

84,926 

35,934 

118,934 107,309 182,850 

37,902 

249,424 205,560 

107,890 

65,335 

26,780 
ourf"il Of Carpente

SWORCCPP2018-000429 (a) (b) 

Identity of Issue 

JPMORGAN CHASE & CO SRiil!JNSECD 03.250 E 09/23/2922 

JPMORGAN CHASE & CO ~~SC 03.625% ·· 13/2024'//!i!i! 

LB-UBS COML MTG TR SEF/ft2[! 04.568% Di!!J.E 01/15/20 

MERCK & co INC CALL osf1,ffl2; 0 UNSC 03.70;0% DUE 02/10/ 

MICROSOFT CORP CALL 05/03/2045@ 100.000 UNSC 04.450% DUE 11/03/2045 

MORGAN STANLEY CAPITAL I TRUST SERIES 2016 UB12 CLASS A4 03.596% DUE 12/15/20 MORGAN STANLEY CAPITAL I TRUST SERIES 2016 UBS9 CLASS A4 03.594% DUE 03/15/20 MORGAN STANLEY UNSC 02.125% DUE 04/25/2018 

NATIONAL RURAL UTIL COOP COLLATERAL TRUST 10.375% DUE 11/01/2018 

NISSAN AUTO LEASE TRUST SERIES 2014 B CLASS A4 01.290% DUE 03/16/2020 

OCCIDENTAL PETROLEUM COR SR UNSEC CALL 11/15/21@ 100 03.125% DUE 02/15/2022 ORACLE CORP CALL 07/15/2023@ 100.000 UNSC 02.400% DUE 09/15/2023 ORACLE CORP SR UNSECD 02.500% DUE 10/15/2022 

PACIFICORP 1ST MTG CALL 03/15/21 @ 100 03.850% DUE 06/15/2021 

PETROLEOS MEXICANO$ SEDOL BYPZ911 ISIN US71656LBK61 06.875% DUE 08/04/2026 

PETRO LEOS MEXICANOS SEDOL ISIN US71656LBP58 05.375% DUE 03/13/2022 

PFIZER INC UNSC 04.125% DUE 12/15/2046 

PHILIP MORRIS INTL INC UNSC 04.250% DUE 11/10/2044 

PNC FUNDING CORP SR NOTES CALL 02/28/22 @100 03.300% DUE 03/08/2022 

ROGERS COMMUNICATIONS IN SEDOL ISIN US775109BF74 02.900% DUE 11/15/2026 ROYAL BANK OF CANADA SEDOL ISIN US78010USN80 02.150% DUE 03/15/2019 

SHELL INTERNATIONAL FIN SEDOL B92PZX3 ISIN US822582AV48 02.250% DUE 01/06/2022 STATE STREET CORP UNSC 03.300% DUE 12/16/2024 

TIME WARNER INC CALL 04/15/2025@ 100.000 COGT 03.600% DUE 07/15/2025 

TIME WARNER INC CALL 11/15/2026 COGT 03.800% DUE 02/15/2027 

TORONTO-DOMINION BANK SEDOL ISIN US89114QBL14 01.800% DUE 07/13/2021 TOTAL CAPITAL INTL SA SEDOL ISIN US89153VAP40 02.750% DUE 06/19/2021 TOYOTA MOTOR CREDIT CORP SER MTN UNSC 01.900% DUE 04/08/2021 

UBS-BARCLAYS COMMER MTG TRUST SERIES 2013-C5 CLASS AAB 02.687% DUE 03/10/2( UBS-BARCLAYS COMMERCIAL TRUST SERIES 2013-C5 CLASS A4 03.184% DUE 03/10/2041 UNION PAC RR CO 2002 PASS THRU CERTS 06.061 % DUE 01/17/2023 UNION PAC RR CO SERIES 2004-1 05.404% DUE 07/02/2025 

UNP RR CO 2000 PASS TRST PASS THRU CERTS SERIES 00-1 08.000% DUE 01/10/2021 

US BANCORP SER MTN CALL 12/29/20 @100 UNSC 02.350% DUE 01/29/2021 

VERIZON COMMUNICATIONS SER WI UNSC 04.862% DUE 08/21/2046 

WAL-MART STORES INC SR NOTES 06.500% DUE 08/15/2037 

WALT DISNEY CO SR UNSEC 03.750% DUE 06/01/2021 

1 

hed 

69,000 

177,000 

54,000 62,000 

128,000 

65,000 

216,000 

51,000 99,000 

102,000 

204,000 

79,000 

86,000 

121,000 

108,000 

53,000 

100,000 116,000 

200,000 

143,000 120,000 

37,000 

64,000 

102,000 

129,000 

30,000 

145,000 

79,720 

69,239 

11,979 

169,000 

45,000 

230,000 

75,000 

ElN #31-6127

Assets (Hel

De

(d) 

Cost 

220,482 

117,025 

493 

69,638 

194,363 

55,616 67,679 

128,700 

91,880 

216,231 

50,805 98,983 

101,998 

226,131 

84,333 85,524 

120,789 114,880 

54,948 98,354 

116,244 194,297 146,447 

119,712 

36,858 

63,848 

102,138 130,017 

30,900 

148,557 

90,471 

78,261 

14,509 

168,976 

47,741 

322,223 

84,182 
Southwest Ohio ·1 Of Carpente

EIN #31--6127

f Assets (Hel

De

SWORCCPP2018-000430 (a) (b) 

Identity of Issue 

WALT DISNEY COMPANY WELLS FARGO & COMPA 

WELLS FARGO BANK NA I. 

WELLS FARGO COMPANY'" 

Total Corporate obligations 

U.S. Government Sponsored Entities Obligations 

FEDERAL HOME LOAN MTG CORP GOLD POOL#G07158 03.500% DUE 10/01/2042 FEDERAL HOME LOAN MTG CORP GOLD POOL C91485 03.500% DUE 08/01/2032 

FEDERAL HOME LOAN MTG CORP GOLD POOL C91760 03.500% DUE 05/01/2034 

FEDERAL HOME LOAN MTG CORP GOLD POOL C91793 03.500% DUE 10/01/2034 

FEDERAL HOME LOAN MTG CORP GOLD POOL 808711 03.500% DUE 06/01/2046 

FEDERAL HOME LOAN MTG CORP GOLD POOL 808716 03.500% DUE 08/01/2046 

FEDERAL HOME LOAN MTG CORP GOLD POOL 808737 03.000% DUE 11/01/2046 FEDERAL HOME LOAN MTG CORP GOLD POOL 808720 04.500% DUE 08/01/2046 

FEDERAL HOME LOAN MTG CORP GOLD POOL 808741 03.000% DUE 12/01/2046 

FEDERAL HOME LOAN MTG CORP GOLD POOL 811723 05.500% DUE 07/01/2020 

FEDERAL HOME LOAN MTG CORP GOLD POOL 830688 03.500% DUE 04/01/2034 

FEDERAL HOME LOAN MTG CORP SERIES 4338 CLASS HP 03.000% DUE 11/15/2043 

FEDERAL HOME LOAN MTG CORP SERIES K706 CLASS A2 02.323% DUE 10/25/2018 

FEDERAL NATL MTG ASSN NTS 02.125% DUE 04/24/2026 FEDERAL NATL MTG ASSN NTS 05.625% DUE 07/15/2037 

FEDERAL NATL MTG ASSN NTS CALL 06/05/2017@ 100 06.210% DUE 06/05/2036 

FEDERAL NATL MTG ASSN POOL#AD8268 04.500% DUE 09/01/2040 

FEDERAL NATL MTG ASSN POOL# AE7582 04.500% DUE 11/01/2040 

FEDERAL NATL MTG ASSN POOL #932389 04.500% DUE 01/01/2040 

FEDERAL NATL MTG ASSN POOL #AA5223 04.000% DUE 03/01/2039 FEDERAL NATL MTG ASSN POOL #AB3865 03.500% DUE 11/01/2041 

FEDERAL NATL MTG ASSN POOL#AD6960 04.500% DUE 07/01/2040 

FEDERAL NATL MTG ASSN POOL#AE7762 04.000% DUE 11/01/2025 FEDERAL NATL MTG ASSN POOL#AH3394 04.000% DUE 01/01/2041 

FEDERAL NATL MTG ASSN POOL#AH3986 04.000% DUE 02/01/2041 

FEDERAL NATL MTG ASSN POOL #AH8954 04.000% DUE 04/01/2041 

FEDERAL NATL MTG ASSN POOL #AH9719 04.500% DUE 04/01/2041 

FEDERAL NATL MTG ASSN POOL #MA0514 04.000% DUE 09/01/2040 

FEDERAL NATL MTG ASSN POOL #MA1029 03.500% DUE 04/01/2032 

273,651 

174,671 

97,391 

118,889 

73,321 

154,268 

77,806 

63,668 

83,000 

44,666 

61,071 60,687 69,861 

257,000 

38,000 

245,000 

6,259 

7,098 

4,692 

5,000 

13,551 

6,630 

25,548 

13,311 11,717 12,181 

9,339 

124,273 

24,157 

(d) 

Cost 

93,755 

162,864 

244,081 208,236 

12,524,018 

292,122 

185,916 103,798 

125,688 

75,813 

158,317 

78,183 

68,025 

81,431 

48,546 

63,208 62,868 

73,474 

258,473 

50,996 

259,239 

6,766 

7,672 

5,057 5,348 

14,585 

7,167 

26,678 

14,239 12,541 13,037 10,112 

133,050 

25,720 
11 Of Carpente

EIN #31-6127

f Assets (He

De

SWORCCPP2018-000431 (a) (b) 

Identity of Issue 

FEDERAL NATL MTG ASSt-!iE!ilfil•·.' OL AB7989 04.0 1 '' DUE 0:i1:IQ,pi2043 

FEDERAL NATL MTG ASSN!Vf!:Ct0LAL5521 Q o DUE Oa'lQ)/2040 

FEDERAL NATL MTG ASS 1'1'·"'·'. % DUE 1131\'fil\\12028 

FEDERAL NATL MTG ASS .000% DUE 1121/Cfi/2030 FEDERAL NATL MTG ASSN POOLAS4578 04.000% DUE 03/01/2045 

FEDERAL NATL MTG ASSN POOL AS7388 03.500% DUE 06/01/2046 FEDERAL NATL MTG ASSN POOL BC6009 03.500% DUE 05/01/2046 

FEDERAL NATL MTG ASSN POOL MA1385 02.000% DUE 03/01/2023 

FEDERAL NATL MTG ASSN POOL MA1982 03.500% DUE 08/01/2034 FEDERAL NATL MTG ASSN POOL MA2019 04.000% DUE 08/01/2034 FEDERAL NATL MTG ASSN POOL MA2046 03.500% DUE 10/01/2034 

FEDERAL NATL MTG ASSN POOL MA2055 04.000% DUE 10/01/2034 

FEDERAL NATL MTG ASSN POOL MA2079 04.000% DUE 10/01/2034 

FEDERAL NATL MTG ASSN POOL MA2110 03.500% DUE 11/01/2034 

FEDERAL NATL MTG ASSN POOL MA2138 03.500% DUE 01/01/2035 

FEDERAL NATL MTG ASSN POOL MA2176 03.000% DUE 01/01/2035 

FEDERAL NATL MTG ASSN POOL MA2676 02.500% DUE 06/01/2026 

FEDERAL NATL MTG ASSN POOL MA2806 03.000% DUE 11/01/2046 

FEDERAL NATL MTG ASSN POOL MA2683 04.000% DUE 07/01/2046 FEDERAL NATL MTG ASSN SERIES 2003 79 CLASS NJ 05.000% DUE 08/25/2023 

FEDERAL NATL MTG ASSN STRUCT NTS CALL 10/28/16@ 100.001.000% DUE 07/28/2021 

FREDDIE MAC STRUCT NTS CALL 11/25/16@ 100.001.000% DUE 08/25/2021 

FREDDIE MAC STRUCT NTS CALL 12/30/16@ 100.001.000% DUE 09/30/2021 

GOVERNMENT NATIONAL MORTGAGE A SERIES 2010 116 CLASS GY 03.500% DUE 12/20/: 

GOVERNMENT NATIONAL MORTGAGE A SERIES 2010 55 CLASS QL 04.500% DUE 10/20/2( 

GOVERNMENT NATIONAL MORTGAGE A SERIES 2010 64 CLASS NP 03.500% DUE 08/20/2( 

GOVERNMENT NATIONAL MORTGAGE A SERIES 2011 123 CLASS LC 02.000% DUE 05/20/, 

GOVERNMENT NATIONAL MORTGAGE A SERIES 2013 113 CLASS US 03.000% DUE 11/20/: 

GOVERNMENT NATIONAL MORTGAGE A SERIES 2013 19 CLASS BA 02.500% DUE 12/20/2( GOVERNMENT NATIONAL MORTGAGE A SERIES 2014 3 CLASS MA 03.500% DUE 04/16/20• GOVT NATL MTG ASSN II POOL MA3663 03.500% DUE 05/20/2046 

Total U.S. Government Sponsored Entities obligations 

U.S. Government obligations 

(d) 

Cost 

110,337 105,880 

16,576 

125,626 

213,777 

359,048 

146,464 

48,135 

167,393 125,050 

66,392 

79,405 78,933 

48,398 

92,945 

89,885 

93,795 

76,864 

170,996 121,529 

436,000 

573,000 346,000 

53,927 

12,763 

3,146 

20,066 

51,699 

43,956 

96,318 

153,252 

6,395,624 

USA TREASURY NOTE 01.625% DUE 12/31/2019 933,000 945,275 USA TREASURY NOTES 00.750% DUE 12/31/2017 345,000 344,962 
ii Of Carpente

EIN #31-6127

ssets (Hel

De

SWORCCPP2018-000432 (a) (b) 

Identity of Issue 

USA TREASURY NOTES 01!!~75% DUE 08/31/2 

USA TREASURY NOTES 01ii'§o" 0/o DUE 12/3 USA TREASURY NOTES 0 USA TREASURY NOTES O . /2026 

USA TREASURY NOTES 01.875% DUE 10/31/2017 

USA TREASURY NOTES 02.000% DUE 02/15/2025 

USA TREASURY NOTES 02.000% DUE 05/31/2021 USA TREASURY NOTES 02.000% DUE 11/15/2026 USA TREASURY NOTES 02.250% DUE 08/15/2046 USA TREASURY NOTES 02.500% DUE 05/15/2046 USA TREASURY NOTES 02.500% DUE 08/15/2023 

USA TREASURY NOTES 02.625% DUE 02/15/2046 USA TREASURY NOTES 02.750% DUE 11/15/2023 

USA TREASURY NOTES 02.875% DUE 08/15/2045 USA TREASURY NOTES 02.875% DUE 11/15/2046 

Total U.S. Government obligations 

Other obligations 

GEORGE WASHINGTON UNIVER NOTES 01.827% DUE 09/15/2017 

GEORGE WASHINGTON UNIVER SER 2012 BONDS 03.485% DUE 09/15/2022 

NORTHWESTERN UNIVERSITY UNSC 03.688% DUE 12/01/2038 

OHIO ST UNIV GEN RCPTS BUILD AMERICA BONDS 04.910% DUE 06/01/2040 

Total other obligations 

Total managed by CS McKee 

*Investment Manager: PNC - Funds Accounts 

Money market fund: 

PNC TREASURY MONEY MARKET FUND #431 

Registered investment companies: 

DELAWARE POOLED TR HIGH YIELD BO PORTFOLIO FD# 96 

VANGUARD BO INDEX FD INC TOTAL BO MKT PORTFOLIO INSTL FD #222 

VANGUARD INSTITUTIONAL INDEX FUND# 854 

VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND FUND #1869 

102,000 156,000 

37,000 

135,000 

1,005,023 1,406,779 

2,213,736 

264,714 

91,950 

(d) 

Cost 

726,365 

125,365 

46,059 

441,539 452,890 

189,450 

376,154 

117,589 

262,238 

326,720 349,928 342,038 

872,412 

122,364 128,110 

6,169,458 

102,275 154,213 

37,000 

155,020 

448,508 

25,824,170 

1,005,023 

11,450,246 

24,457,445 

35,326,032 

9,463,754 
(a) (b) 

Identity of Issue 

Total registered investment co 

Total managed by PN 

Common/collective trusts: 

* AMERICAN CORE REAL TY FUND, LLC 

• AFL-CIO BUILDING INVESTMENT TRUST FUND • REAL ESTATE EQUITY TRUST I 

• JP MORGAN CHASE SPECIAL SITUATION PROPERTY FUND 

Partnership/joint venture interests: 

• ACADIAN GLOBAL MANAGED VOLATILITY EQUITY FUND 

ASLAN REAL TY PARTNERS 111, LLC 

HAMILTON LANE-CARPENTERS PARTNERSHIP FUND II, LP 

• METHOD ADVISORS 2009, L.P. • PRINCIPAL ENHANCED PROPERTY FUND, LP 

Total investments 

* Party-in-interest 

Southwest Ohio 

62 

1,229 

749 

2,456 

6,605 

3,870,409 

194,788 

1,399,843 

556,888 

·1 Of Carpente

EIN #31-6127

f Assets (Hel

De

(d) 

Cost 

1,702,500 

6,729,169 

2,222,217 

695,498 

5,460,357 

15,107,241 

10,680,693 

3,870,409 

194,788 

3,416,926 

2,530,257 

20,693,073 

$ 175,416,071 

SWORCCPP2018-000433
Southwest Ohio Regional Cou 

( a ) 

Identity of 

Party Purchase Selling 

Involved Description of Price Price Cost 

Category iii - Sedes of Transactions in Excess of 5 Percent of Net Assets 

• PNC PNC Treasury Money Market Fund #431 

Purchases $12,960,617 12,960,617 

Sales 12,904,233 12,904,233 

* Party-in-interest 

nters- Pension Plan 

~{7287; PLAN #001 

rtable Transactions 

December 31, 2016 

( i ) 

Value on 

Transaction Gain 

Date (Loss) 

12,960,617 

12,904,233 

There were no reportable category i, ii or iv transactions for the year ended December 31, 2016. 

Note: "Reportable Transactions" are defined in Section 2520.103-6 of The Department of Labor's Regulations. 

SWORCCPP2018-000434

33 
 

 

Southwest Ohio Regional Council of Carpenters Pension Plan 

EIN/Plan # 31-6127287/001 

Checklist Item #40 – 7.09 Most Recently Updated Rehabilitation Plan 

Does the application include the most recently updated rehabilitation plan? 

See Section 7.09 of Revenue Procedure 2017-43. 

The most recently updated rehabilitation plan is attached as document 40.1. 

SWORCCPP2018-000435
 

 

Southwest Ohio Regional Council of Carpenters Pension Plan 

Document 40.1 

The most recently updated rehabilitation plan is attached. 

Document #40.1 

SWORCCPP2018-000436
SOUTHWEST OHIO REGIONAL COUNCIL OF CARPENTERS PENSION PLAN 

Rehabilitation Plan Update 

September 2015 

Introduction 

The Pension Protection Act of 2006 (PPA), as amended by the Worker, Retiree, and Employer Recovery Act

of 2008 (WRERA) and the Pension Relief Act of 2010 (PRA), requires the trustees of a multiemployer

pension plan that has been certified by the plan's actuary as being in Critical Status to develop a

Rehabilitation Plan that is intended to enable the plan to emerge from Critical Status by the end of its

Rehabilitation Period. The Rehabilitation Plan must be based on reasonably anticipated experience and on

reasonable actuarial assumptions. 

On March 31, 2009, the Southwest Ohio Regional Council of Carpenters Pension Plan ("Plan") was first

certified by its Actuary to be in Critical Status for the Plan Year beginning on January 1, 2009. On March

28, 2014 the Plan was certified as continuing to be in Critical Status for the Plan Year beginning January 1,

2014. Even though the Plan is making Scheduled Progress under its Rehabilitation Plan, the Plan is not

expected to be able to emerge from Critical Status over the 10-year Rehabilitation Period that ends on

December 31, 2020. Therefore, the Board of Trustees has decided to update the Rehabilitation Plan to

forestall the Plan's insolvency. 

Updated Rehabilitation Period and Emergence Date

PPA directs the Board of Trustees to adopt a Rehabilitation Plan designed to allow a plan to emerge from

Critical Status by the end of a 10-year Rehabilitation Period. However, PPA also allows for a Rehabilitation

Plan that forestalls insolvency or allows a plan to emerge from Critical Status at a later date if the Board

determines that the Plan cannot emerge from Critical Status based on reasonable actuarial assumptions and

exhaustion of all reasonable measures. 

The Board of Trustees considered many alternative combinations of contribution increases and benefit

adjustments. After much deliberation and consideration, the Board determined that any combination of

changes that would allow the Plan to emerge from Critical Status in the Rehabilitation Period would have a

significant adverse affect on the ability of participating employers to obtain work and work opportunities for

employees. This in tum would result in a reduction in expected contributions due to decreased work and

would place further risk on the Plan and its participants. Decreased hours would also have a significant

impact on the funding status of the Plan and eventual insolvency. Therefore, the Board of Trustees decided

to adopt this updated Rehabilitation Plan which has been designed to forestall the Plan's insolvency. 

The updated Rehabilitation Period will begin on January 1, 2015. Based on reasonable assumptions and

implementation ofthis Rehabilitation Plan, the Plan is not expected to emerge from Critical Status during the

10-year Rehabilitation Period that ends on December 31, 2024. 

Trustee-Approved Schedules and Remedies

The Trustees adopted the Preferred Schedule summarized in this document. The Plan's original Preferred

Schedule provided for higher contributions, but retained more ofthe Plan's past benefits. The Trustees also

adopted a Default Schedule that included all benefit reductions allowed by law and also required increases in

the Plan's hourly contribution rates. The Preferred Schedule was updated in 2012 to eliminate all of the

Plan's adjustable benefits. 

1 

SWORCCPP2018-000437
Annual Standards for Meeting the Rehabilitation Requirements 

On an annual basis, the Board will review updated actuarial projections based on reasonable actuarial 

assumptions to confirm that the Rehabilitation Plan is continuing to forestall insolvency and to determine if 

the Plan can expect to emerge from Critical Status at a later date. 

Annual Updating of Rehabilitation Plan 

Each year the Plan's actuary will review and certify the status of the Plan under PPA funding rules and, 

starting with the beginning ofthe Rehabilitation Period, whether the Plan is making the scheduled progress in 

meeting the requirements of the Rehabilitation Plan. Scheduled progress will be determined based on the 

Plan continuing to forestall its insolvency. Based on new information, if the Board determines that it is 

necessary to update this Rehabilitation Plan they will present new schedules to the bargaining parties that 

may prescribe additional benefit reductions and/or higher contribution rates. 

Other Issues 

Notwithstanding subsequent changes in benefit and contribution schedules, a schedule provided by the 

Trustees and relied upon by the bargaining parties in negotiating a collective bargaining agreement shall 

remain in effect for the duration of that collective bargaining agreement. However, a collective bargaining 

agreement that is renewed or extended will need to include terms consistent with one of the schedules in 

effect at the time ofthe renewal or extension. 

So agreed and approved by the Board ofTrustees on the 10th day of September, 2015. 

2 

SWORCCPP2018-000438 
Preferred Schedule 

Affected Participants 

The changes described in this Schedule apply to participants retiring or terminating employment after this

Schedule was adopted on April 9, 2010. 

Benefit Changes 

All ofthe benefit changes listed below are effective beginning with the first ofthe month after the later of(1)

the date the Schedule is effective for their former bargaining group or (2) 30 days after the date the notice

described in Internal Revenue Code Section 432(e)(8)(C) is provided. 

• A participant who: (1) commences receipt of an Early Retirement Benefit from Deferred Vested status

on or after July 1, 2010, (2) is at least age 55, and (3) has at least 5 Years of Vesting Service will receive

an Early Retirement Benefit equal to his actuarially reduced accrued benefit. A participant will retire

from Deferred Vested status if he is no longer working under the Plan at the time of his retirement and he

has suffered a Break in Service. A Break in Service is defined as a Plan Year in which a participant fails

to complete at least one Hour of Service with an Employer who is obligated to make contributions to the

Plan. 

• A participant who: (1) commences receipt of an Early Retirement Benefit from Active service Q1!..!!!:.

after September 1, 2010 and before January 1, 2013, (2) is at least age 55, and (3) has at least 5 Years

of Vesting Service will receive an Early Retirement Benefit equal to his accrued benefit reduced by

0.003 for each month that his Early Retirement Date precedes his Normal Retirement Date. An Active

participant who commences receipt of an Early Retirement Benefit on or after January 1, 2013 will

receive an Early Retirement Benefit equal to his actuarially reduced accrued benefit. 

• A participant who: (1) commences receipt of an Early Retirement Benefit from Active service Q1!..!!l:.

after September 1, 2010 and before January 1, 2013, (2) is at least age 55, and (3) his age plus his

Years of Vesting Service equal 85 or more will receive an Early Retirement benefit equal to his vested

accrued benefit. No reduction will be applied to reflect early commencement. However, eligibility for

the "Rule of 85" will be determined solely on a participant's Years of Vesting Service earned under the

Southwest Ohio Regional Council of Carpenters Pension Plan (or its predecessor plans). Continuous

service under the United Brotherhood of Carpenters and Joiners of America will not be recognized. An

Active participant who commences receipt of an Early Retirement Benefit on or after January 1, 2013

will receive an Early Retirement Benefit equal to his actuarially reduced accrued benefit. 

• A participant who: (1) is disabled on or after July 1, 2010, (2) is eligible for a Total and Permanent

Disability Retirement Benefit, (3) has at least 5 Years of Vesting Service will receive a monthly pension

equal to the benefit he would have received under the Early Retirement provisions outlined above if he

has attained at least age 55. A participant who is not eligible for an Early Retirement Benefit because he

has not reached age 55 will receive a monthly pension equal to his actuarially reduced accrued benefit. 

• For deaths occurring on or after July 1, 2010, the amount payable to the surviving spouse of a vested,

married participant who has not yet retired will be calculated as though he: (1) retired on the day of his

death or at his earliest retirement age, if later, (2) elected to receive his benefit as a Qualified Joint and

50% Survivor Annuity, and (3) died. His surviving spouse will then receive monthly pension payments

equal to 50% of the benefit that would have been payable to the participant. These payments will be

made to the participant's surviving spouse for the remainder of her lifetime. However, no benefit

payments will be made to the surviving spouse before the first day of the month following the

participant's 55th birthday. 

3 

SWORCCPP2018-000439
• Effective for retirements commencing on or after July 1, 2010, the Plan's suspension of benefit rules for

Disqualifying Employment before Normal Retirement Age have been expanded. A participant who is

receiving a Retirement Benefit from the Plan (other than a Disability Benefit) and who works in the

industry covered by the Plan will have his monthly pension benefit suspended until his Normal

Retirement Date. This suspension will occur regardless of where the work was performed or the number

of hours the participant worked in the industry. 

Contributions 

Beginning June 1, 2010 and ending June 1, 2015, there shall be an annual increase of $0.25 per hour in the

Plan's hourly contribution rate. Therefore, the hourly contribution rate for a Journeyman will increase from

$5.70 per hour on June 1, 2010 to $6.95 per hour on June 1, 2015. Hourly contribution rate increases for

participants with lower hourly contribution rates shall be proportionate to the Journeyman increases. 

Future Revisions 

As the Trustees are required by BRISA and the Internal Revenue Code to review the progress of their

Rehabilitation Plan each year and to update the Plan and schedules if necessary, benefit reductions and

contribution rates specified in this schedule as applicable in future years are subject to change, except with

respect to a collective bargaining agreement negotiated in reliance on this schedule. 

4 

SWORCCPP2018-000440
 

 

 

 

 

Southwest Ohio Regional Council of Carpenters Pension Plan 

EIN/Plan # 31-6127287/001 

Checklist Item #41 – 7.10 Two Most Recent Actuarial Valuation Reports 

Does the application include the two most recently updated actuarial valuation reports? 

See Section 7.10 of Revenue Procedure 2017-43. 

The two most recently updated actuarial valuation reports for 2016 and 2017 are attached as 

Document 41.1 (the 2016 Actuarial Valuation Report), and Document 41.2 (the 2017 Actuarial Valuation 

Report). 

SWORCCPP2018-000441
 

 

Southwest Ohio Regional Council of Carpenters Pension Plan 

Document 41.1 

The 2016 Actuarial Valuation report for the Southwest Ohio Regional Council of Carpenters Pension 

Plan is attached. 

Document #41.1 

SWORCCPP2018-000442
Southwest Ohio Regional Council of Carpenters 

Pension Plan 

Actuarial Valuation Report 

as ofJanuary 1, 2016 

CUNI, RUST & STRENK 

SWORCCPP2018-000443
CUNI, RUST & STRENK 

ACTUARIAL CONSULTING 

July 26, 2016 

Board of Trustees 

Southwest Ohio Regional Council of Carpenters Pension Plan 

Dear Trustee: 

We are pleased to present this Actuarial Valuation Report as of January 1, 2016 on the status of the 

Southwest Ohio Regional Council of Carpenters Pension Plan ("Plan"). 

Reliance on Plan Administrator and Plan Auditor 

In performing this Actuarial Valuation, we have relied on the Plan Administrator's and Plan Auditor's 

representations that the information that they have supplied, namely the participant data and annual Plan 

audit, is both accurate and complete. If this information is either inaccurate or incomplete, the results of 

this Actuarial Valuation could materially change. 

Experience 

Page 1 of the Report summarizes the results of this year's Actuarial Valuation and compares them to 

last year's results. During 2015 the Plan experienced an actuarial loss of $10,925,762, which was the 

net result of a $12,948,368 loss on the Plan's Actuarial Value of Assets and a $2,022,606 gain on the 

Plan's Accrued Liability. The development of the actuarial loss can be found on pages 4 and 5. 

Asset Returns 

Page 2 summarizes the financial position of the Plan's assets as of December 31, 2015, while page 3 

shows the development of the Actuarial Value of Assets used to determine the minimum funding 

requirements, the Pension Protection Act of 2006 (PP A) funded percentage, and the maximum tax 

deductible limit for the year. As of the valuation date the Actuarial Value of Assets was $235,053,025, 

while the Market Value of Assets was $213,252,642. 

Relative to last year, the Actuarial Value decreased by $9,186,309, while the Market Value decreased 

by $8,043,070. The difference between the changes in Market and Actuarial Value is attributable to the 

smoothing method used to calculate the Actuarial Value of Assets. The approximate 2015 annual return 

on the Market Value of Assets was 2.8%, which is well below the 2015 assumed rate of return of 7.5%. 

Pension Relief Act of 2010 (PRA 2010) 

The Board of Trustees elected to extend the amortization of the Plan's 2008-2009 asset loss from 15 to 

29 years and expand the Actuarial Value of Assets averaging period to 10 years for the same asset loss as 

allowed under PRA 2010. 

Amortization Base Extension 

The Plan has received an automatic 5-year amortization extension of its eligible minimum required 

contribution charge bases under IRC § 43l(d)(l). Therefore, this Report reflects the 5-year amortization 

extension on charge bases established before January 1, 2014. 

TELEPHONE (513) 891-0270 4555 LAKE FOREST DRIVE SUITE 620 FAX (513) 792-3082 

CINCINNATI, OH 45242 

SWORCCPP2018-000444
Board of Trustees 

Southwest Ohio Regional Council of Carpenters Pension Plan 

July 26, 2016 

Page2 

Minimum and Maximum Contributions 

Pages 6 through 12 develop the maximum tax deductible and minimum required contributions for the 

Plan Year ending December 31, 2016. The maximum contribution that can be made for the year and 

claimed as a deduction by contributing employers is $713,266,081 and the minimum required 

contribution is $18,502,622. Anticipated employer contributions for the 2016 Plan Year will not be 

sufficient to meet this year's minimum required contribution. Therefore, it is anticipated that the 

Plan will have a funding deficiency this year. 

PPA Funding Status 

The Plan has been certified as being Critical and Declining for the 2016 Plan Year. This Report 

confirms the Plan's 2016 PPA certification. Since the Plan is operating under a Rehabilitation Plan, 

the projected funding deficiency in 2016 will not result in the normal penalties that occurred under the 

law prior to PPA. 

Withdrawal Liability 

Page 13 develops the Present Value of Vested Accrued Benefits at the Current Liability interest rate 

used to calculate the Plan's Employer Withdrawal Liability. Because the Plan's Vested Accrued 

Benefit Liability exceeds the Plan's Market Value of Assets, any employer withdrawing from the Plan 

should be assessed Withdrawal Liability. 

ASC 960 Audit Values 

Page 14 shows the present value of accumulated Plan benefits as of December 31, 2015, along with the 

changes in these liabilities when compared with last year. This information is disclosed each year in the 

Plan's ASC 960 audit. 

As of December 31, 2015, the present value of accumulated Plan benefits amount to $470,229,784, 

while assets available to pay these benefits equal $213,252,642. The percentage of assets over 

liabilities, or the Plan; s Funded Ratio, decreased from 54% last year to 45% this year, due primarily to 

last year's unfavorable asset return and lowering the interest rate used to calculate the present value of 

accumulated Plan benefits. 

Participant Information 

Page 15 shows the changes in the number of participants included in this year's valuation when 

compared to last year. We see that the total number of actives increased by 166 participants during the 

2015 Plan Year. 

Page 16 shows the age and service distribution for active participants, while pages 17 through 20 show 

the age and benefit distributions of the various classes of inactive participants. Page 21 shows the age 

and benefit distribution of participants who retired last year and page 22 shows age and benefit 

distributions of approaching retirements. 

CUNI, RUST & STRENK 

SWORCCPP2018-000445
Board ofTrustees 

Southwest Ohio Regional Council of Carpenters Pension Plan 

July 26, 2016 

Page3 

Market Value Asset History 

Page 23 contains a summary of the Plan's asset history. Included are the contributions, benefit 

payments, administrative expenses, investment returns, and asset return and cash flow percentages on 

the Plan's Market Value of Assets since 1998. 

Plan Provisions and Actuarial Assumptions 

Pages 24 through 26 outline the current Plan Provisions while pages 27 through 29 summarize the 

Actuarial Assumptions and Methods used for this year's valuation. There were no changes to the Plan 

Provisions this year. 

For the Actuarial Assumptions; the expense load was increased, the hours worked assumption and 

funding interest rate were decreased, and the mortality, termination and retirement rates were updated. 

These changes were made to better reflect anticipated future experience. Lastly, the Current Liability 

interest and mortality rates were updated as mandated by the IRS. 

Actuarial Certification 

We hereby certify that this Report presents fairly the actuarial position of the Southwest Ohio Regional 

Council of Carpenters Pension Plan as of January I, 2016. The mortality rates used to calculate Current 

Liability are mandated by the IRS. In our opinion, all other assumptions used to determine the Plan's 

liabilities and costs are individually reasonable based on Plan experience and represent our best estimate 

of anticipated future experience under the Plan. This valuation has been performed in accordance with 

generally accepted actuarial principles and practices and the undersigned meet the qualification 

standards of the American Academy of Actuaries necessary to render an actuarial opinion. 

Respectfully submitted, 

CUN!, RUST & STRENK 

M. R. Rust, EA, MAAA, ASA Jason C. Birkle, EA, MAAA, ASA 

President Consulting Actuary 

C UNI, R UST & STRENK 

SWORCCPP2018-000446 
Table of Contents 

Summary of Valuation Results 1 

Plan Assets 

Receipts and Disbursements 2 

Development of Actuarial Value of Assets 3 

Actuarial Experience 

Actuarial (Gain)/Loss 4 

Accrued Liability and Assets 5 

Determination of the Full Funding Limitations 6 

Maximum Deductible Contribution 

Net Limit Adjustment 7 

Development of Maximum Deductible Contribution 8 

Minimum Required Contribution 

Funding Standard Account Balance 9 

Charge Base Amortization Schedule 

Net Amortization Schedule 

10 

Credit Base Amortization Schedule 11 

11 

Development of Minimum Required Contribution 12 

Unfunded Vested Accrued Benefits 13 

Present Value of Accumulated Plan Benefits (ASC 960) 14 

Appendix 

Participant Information 15 

Summary of Plan Asset History 23 

Summary of Plan Provisions 24 

Actuarial Assumptions and Methods 27 

CuNI, RusT & STRENK 

SWORCCPP2018-000447
Summary of Valuation Results 

Januaa C2015 Januaa C2016 

1. Number of Participants 

a. Active Participants 1,576 1,742 

b. Vested Terminated Participants 1,167 1,174 

c. Retirees and Beneficiaries 2,705 2,662 

d. Total: [(a)+ (b) + (c)] 5,448 5,578 

2. Normal Cost 

a. For Benefits $ 2,596,387 $ 2,600,611 

b. For Expenses 790,000 890,000 

c. Total: [(a)+ (b)] $ 3,386,387 $ 3,490,611 

3. Accrued Liability 

a. Active Participants $ 71,401,745 $ 85,667,317 

b. Vested Terminated Participants 57,239,671 72,398,865 

c. Retirees and Beneficiaries 279,425,392 312,163,602 

d. Total: [(a)+ (b) + (c)] $ 408,066,808 $ 470,229,784 

4. Normal Cost/ Accrued Liability Interest Rate 7.5% 6.4% 

5. Asset Values 

a. Market Value $ 221,295,712 $ 213,252,642 

b. Actuarial Value $ 244,239,334 $ 235,053,025 

c. Market Value Asset Return 7.2% 2.8% 

d. Cash Flow Percentage (7.8%) (6.6%) 

e. Prior Year Contribution $ 15,436,128 $ 17,760,186 

6. Real Amounts 

a. Unfunded Liability: [(3)(d) - (5)(a)] $ 186,771,096 $ 256,977,142 

b. Funded Ratio: [(5)(a) 7 (3)(d)] 54% 45% 

7. Hourly Amounts 

a. Approximate Hours Worked 2,239,505 2,544,244 

b. Average Contribution Rate: [(5)(e) 7 (a)] $6.89 $6.98 

c. Normal Cost: [(2)(c) 7 (a)] 1.51 1.37 

d. Unfunded Liability Payment: [(b) - (c)] $5.38 $5.61 

e. Interest on Unfunded Liability: [(4) x (6)(a) 7 (a)] 6.25 6.46 

f. Reduction in Unfunded Liability: [(d) - (e)] ($0.87) ($0.85) 

8. PPA Information Critical & Critical & 

a. Status Declining Declining 

b. Funded Percentage: [(5)(b) 7 (3)(d)] 59% 50% 

c. Projected Funding Deficiency 2016 2016 

1 CUNI, RUST & STRENK

SWORCCPP2018-000448
Plan Assets: Receipts and Disbursements 

Market Value of Assets as of January 1, 2015 

Receipts: 

Employer Contributions $ 17,760,186 

Net Investment Earnings 6,363,814 

Investment Fees (367,936) 

TOTAL RECEIPTS 

Disbursements: 

Benefits Paid $ 30,914,153 

Administrative Expenses 884,981 

TOTAL DISBURSEMENTS 

Excess of Receipts over Disbursements 

Market Value of Assets as of December 31, 2015 

NOTES: 

The approximate return for the Plan Year ending December 31, 2015 was 2.8%. 

$ 221,295,712 

$ 23,756,064 

$ 31,799,134 

$ (8,043,070) 

$ 213,252,642 

The Plan's negative cashflow was 6.6% of the Plan's Market Value of Assets as of December 31, 2015. 

2 CUNI, RUST & STRENK 

SWORCCPP2018-000449
Plan Assets: Development of Actuarial Value of Assets 

1. Market Value as of January 1, 2015 $ 221,295,712 

2. Net Additions 

a. Employer Contributions $ 17,760,186 

b. Benefit Payments (30,914,153) 

c. Administrative Expenses (884,981) 

d. Total: [(a)+ (b) + (c)] $ (14,038,948) 

3. Expected Investment Income 

a. On Market Value $ 16,597,178 

b. On Employer Contributions 653,967 

c. On Benefit Payments (1,138,323) 

d. On Expenses (32,587) 

e. Total: [(a)+ (b) + (c) + (d)] $ 16,080,235 

4. Expected Market Value as of December 31, 2015 $ 223,336,999 

5. Actual Market Value as of January 1, 2016 $ 213,252,642 

6. Net Gain/(Loss) for the 2015 Plan Year: [(5) - (4)] $ (10,084,357) 

7. Determination of Unrecognized Gain/(Loss): 

Net Adjustment Unrecognized 

Plan Year Gain/(Loss) Factors Gain/(Loss) 

2015 $ (10,084,357) 0.80 $ (8,067,486) 

2014 (648,107) 0.60 (388,864) 

2013 13,674,966 0.40 5,469,986 

2012 5,169,291 0.20 1,033,858 

2011 (14,630,083) 0.00 0 

2008 (99,239,383) 0.20 (19,847,877) 

$ (105,757,673) $ (21,800,383) 

8. Preliminary Actuarial Value of Assets: 

[Actual Market Value as of December 31, 2015 

less Unrecognized Gain/(Loss)] $ 235,053,025 

9. Actuarial Value of Assets: 

[(8), but not less than 80% or greater than 120% of Market Value] $ 235,053,025 

10. Recognized Gain/(Loss) $ (83,957,290) 

NOTE: The approximate return on Actuarial Value of Assets is 2.1 %. 

3 CUNI, RUST & STRENK 

SWORCCPP2018-000450
Actuarial Experience: Actuarial (Gain)/Loss 

1. Unfunded Accrued Liability as of January 1, 2015 

a. Accrued Liability 

b. Actuarial Value of Assets 

c. Unfunded Accrued Liability: [(a) - (b)] 

$ 

$ 

408,066,808 

244,239,334 

163,827,474 

2. 2015 Normal Cost $ 3,386,387 

3. 2015 Contributions $ 17,760,186 

4. Interest at 7 .50% to December 31, 2015 $ 11,887,073 

5. Expected Unfunded Accrued Liability Prior to Plan, Method 

and/or Assumption Change: [(l)(c) + (2) - (3) + (4)] $ 161,340,748 

6. Increase/(Decrease) in Unfunded Accrued Liability due to Plan, 

Method and/or Assumption Change $ 62,910,249 

7. Expected Unfunded Accrued Liability as of December 31, 2015: [(5) + (6)] $ 224,250,997 

8. Actual Unfunded Accrued Liability as of December 31, 2015 

a. Accrued Liability 

b. Actuarial Value of Assets 

c. Unfunded Accrued Liability: [(a) - (b), not less than $0] 

$ 

$ 

470,229,784 

235,053,025 

235,176,759 

9. Actuarial (Gain)/Loss: [(8)(c) - (7)] $ 10,925,762 

4 CUNI, RUST & STRENK 

SWORCCPP2018-000451
Actuarial Experience: Accrued Liability and Assets 

1. Accrued Liability Experience 

a. Accrued Liability as of January 1, 2015 

b. 2015 Normal Cost 

c. 2015 Benefit Payments and Expenses 

d. Interest at 7 .50% to December 31, 2015 

e. Expected Accrued Liability as of January 1, 2016: [(a)+ (b) + (c) + (d)] 

f. Actual Accrued Liability as of January 1, 2016 Prior to Changes 

g. Accrued Liability (Gain)/Loss: [(f) - (e)] 

h. (Decrease)/Increase in Accrued Liability due to Plan, Method 

and/or Assumption Changes 

i. Accrued Liability as of January 1, 2016: [(f) + (h)] 

2. Actuarial Value of Assets (AVA) Experience 

a. Actuarial Value of Assets as of January 1, 2015 

b. 2015 Benefit Payments and Expenses 

c. 2015 Contributions 

d. Expected Earnings at 7 .50% to December 31, 2015 

e. Expected AVA as of January 1, 2016: [(a)+ (b) + (c) + (d)] 

f. Actual AVA as of January 1, 2016 Prior to Method Change 

g. Actuarial Value of Assets (Gain)/Loss: [(e) - (f)] 

h. (Decrease)/Increase in AVA due to Method Change 

i. Actuarial Value of Assets after Method Change: [(f) + (h)] 

3. Total Actuarial (Gain)/Loss: [(l)(g) + (2)(g)] 

$ 408,066,808 

3,386,387 

(31,799,134) 

29,688,080 

$ 409,342,141 

407,319,535 

$ (2,022,606) 

62,910,249 

$ 470,229,784 

$ 244,239,334 

(31,799,134) 

17,760,186 

17,801,007 

$ 248,001,393 

235,053,025 

$ 12,948,368 

$ 235,053,025 

$ 10,925,762 

5 CUNI, RUST & STRENK

SWORCCPP2018-000452

0 
Determination of the Full Funding Limitations 

IRC §404 

Maximum 

IRC §412 

Minimum 

1. Accrued Liability Basis 

a. Estimated End of Year Accrued Liability 

b. Estimated End of Year Assets 

c. Accrued Liability Basis Full Funding Limit: 

[(a) - (b), but not less than $0] 

$ 

$ 

471,250,013 

194,112,324 

277,137,689 

$ 

$ 

471,250,013 

184,400,136 

286,849,877 

2. Current Liability Basis 

a. Estimated End of Year Current Liability 

b. Estimated End of Year Assets 

c. Current Liability Full Funding Limit: 

[ {90% of (2)(a)} - (2)(b), but not less than $0] 

$ 

$ 

664,686,028 

217,294,358 

380,923,067 

$ 

$ 

664,686,028 

217,294,358 

380,923,067 

3. Full Funding Limitation: [Greater of (1) and (2)] $ 380,923,067 $ 380,923,067 

6 CUNI, RUST & STRENK 

SWORCCPP2018-000453
Maximum Deductible Contribution: Net Limit Adjustment 

Date 

Established T~Qe 

01/01/2007 Fresh start 

01/01/2008 Experience 

01/01/2008 Assumption 

01/01/2009 Amendment 

01/01/2009 Assumption 

01/01/2009 Experience 

01/01/2010 Experience 

01/01/2010 Amendment 

01/01/2010 Assumption 

01/01/2011 Experience 

01/01/2011 Assumption 

01/01/2012 Amendment 

01/01/2012 Assumption 

01/01/2012 Experience 

01/01/2013 Experience 

01/01/2013 Assumption 

01/01/2014 Experience 

01/01/2014 Assumption 

01/01/2015 Assumption 

01/01/2015 Experience 

01/01/2016 Experience 

01/01/2016 Assumption 

Total 

Original 

Balance 

$ 115,795,053 

(3,008,316) 

632,510 

(588,763) 

641,332 

52,818,371 

(12,601,011) 

(7,226,883) 

(5,907,377) 

(404,360) 

877,367 

(15,611,970) 

5,515,974 

21,904,806 

(2,853,484) 

5,141,073 

2,987,146 

4,604,302 

429,906 

7,505,775 

10,925,762 

62,910,249 

1/1/2016 

1/1/2016 Net Limit 

Balance Adjustment 

$ 104,062,523 $ 15,155,172 

(2,906,558) (392,232) 

611,114 82,468 

(624,755) (76,333) 

680,538 83,148 

56,047,173 6,847,887 

(12,872,370) (1,637,634) 

(7,382,511) (939,209) 

(6,034,592) (767,725) 

(402,146) (52,635) 

872,568 114,205 

(15,455,440) (2,032,723) 

5,460,668 718,196 

21,685,181 2,852,069 

(2,832,169) (371,476) 

5,102,671 669,282 

2,945,264 389,025 

4,539,746 599,633 

424,931 55,980 

7,418,912 977,361 

10,925,762 1,421,729 

62,910,249 8,186,281 

$ 235,176,759 $ 31,882,469 

7 CUNI, RUST & STRENK 

SWORCCPP2018-000454
Development of Maximum Deductible Contribution 

1. Normal Cost plus 10-Year Amortization 

a. 2016 Normal Cost 

b. Net Limit Adjustment 

c. Interest on (a) and (b) to December 31, 2016 

d. Total as of December 31, 2016: [(a)+ (b) + (c)] 

$ 

$ 

3,490,611 

31,882,469 

2,263,877 

37,636,957 

2. Minimum Required Contribution $ 18,502,622 

3. Full Funding Limitation at December 31, 2016 $ 380,923,067 

4. Contribution Necessary to Fund 140% of Current Liability 

a. Estimated End of Year Current Liability 

b. Estimated End of Year Assets 

c. Contribution to Fund 140% of Current Liability: [ { 140% of (a)} - (b)] 

$ 

$ 

664,686,028 

217,294,358 

713,266,081 

5. Maximum Deductible Contribution for Fiscal Year 2016: 

[Greater of {the lesser of (l)(d) and (3)}, (2) and (4)(c)] $ 713,266,081 

8 CUNI, RUST & STRENK 

SWORCCPP2018-000455
Minimum Required Contribution: Funding Standard Account Balance 

1. Charges 

a. Normal Cost as of January 1, 2015 

b. Amortization Charges 

c. Interest to December 31, 2015 

d. Total Charges 

$ 

$ 

3,386,387 

29,855,138 

2,493,114 

35,734,639 

2. Credits 

a. Funding Standard Account Balance as of December 31, 2014 

b. Employer Contributions for the 2015 Plan Year 

c. Amortization Credits 

d. Interest to December 31, 2015 

e. Full Funding Credit 

f. Total Credits 

$ 

$ 

11,534,358 

17,760,186 

13,068,881 

2,499,210 

0 

44,862,635 

3. Funding Standard Account Balance as of December 31, 2015 $ 9,127,996 

9 CUNI, RUST & STRENK 

SWORCCPP2018-000456
Minimum Required Contribution: Amortization Schedule 

Charge Bases: 

Date Initial Rem. 1/1/2016 

Established TyQe Balance Years Payment Balance 

05/01/1981 Composite $ 3,724,048 5.3 $ 101,644 $ 473,500 

05/01/1986 Amendment 5,399,766 5.3 145,789 679,144 

05/01/1987 Amendment 4,755,500 6.3 170,147 915,085 

05/01/1989 Amendment 3,384,674 8.3 155,202 1,038,377 

05/01/1990 Assumption 6,433,663 9.3 318,061 2,318,046 

01/01/1991 Amendment 11,032,180 10.0 566,482 4,353,327 

01/01/1992 Amendment 6,858,204 11.0 366,553 3,014,020 

01/01/1993 Amendment 10,146,687 12.0 568,652 4,963,197 

01/01/1995 Assumption 631,649 14.0 37,582 362,645 

01/01/1995 Amendment 1,611,057 14.0 95,659 923,060 

01/01/1996 Amendment 3,082,414 15.0 187,063 1,883,539 

01/01/1997 Amendment 18,354,587 16.0 1,135,532 11,881,493 

01/01/1998 Amendment 18,969,171 17.0 1,191,305 12,906,591 

01/01/1999 Amendment 28,264,371 18.0 1,798,611 20,112,659 

01/01/2000 Amendment 4,676,721 19.0 300,784 3,461,930 

01/01/2000 Assumption 11,529,884 19.0 741,546 8,534,970 

01/01/2001 Assumption 2,944,005 20.0 191,074 2,258,002 

01/01/2001 Experience 11,951,634 5.0 418,860 1,857,059 

01/01/2002 Experience 50,823,246 6.0 2,322,223 11,998,740 

01/01/2003 Experience 65,234,115 7.0 3,509,580 20,552,545 

01/01/2004 Assumption 1,132,736 23.0 75,029 947,907 

01/01/2005 Experience 30,999,810 9.0 2,020,886 14,373,888 

01/01/2006 Experience 19,251,537 10.0 1,333,876 10,250,618 

01/01/2007 Experience 7,435,008 11.0 540,160 4,441,517 

01/01/2008 Assumption 632,510 12.0 47,719 416,492 

01/01/2009 Assumption 641,332 13.0 49,884 459,086 

01/01/2009 Asset Loss 59,091,401 22.0 4,333,387 53,640,202 

01/01/2010 Asset Loss 6,752,073 22.0 500,407 6,194,219 

01/01/2011 Assumption 877,367 15.0 71,446 719,387 

01/01/2011 Asset Loss 9,144,285 22.0 685,517 8,485,568 

01/01/2012 Assumption 5,515,974 16.0 457,064 4,782,429 

01/01/2012 Asset Loss 24,251,624 22.0 1,840,894 22,787,247 

01/01/2013 Assumption 5,141,073 17.0 432,300 4,683,537 

01/01/2014 Experience 2,987,146 13.0 298,797 2,749,829 

01/01/2014 Assumption 4,604,302 13.0 460,557 4,238,509 

01/01/2015 Assumption 429,906 14.0 42,847 413,446 

01/01/2015 Experience 7,505,775 14.0 748,064 7,218,399 

01/01/2016 Experience 10,925,762 15.0 1,085,087 10,925,762 

01/01/2016 Assumption 62,910,249 15.0 6,247,898 62,910,249 

Total Charges $ 35,594,168 $ 335,126,220 

10 CUNI, RUST & STRENK

SWORCCPP2018-000457
Minimum Required Contribution: Amortization Schedule 

Credit Bases: 

Date 

Established T~Qe 

01/01/1997 Assumption 

01/01/1999 Assumption 

01/01/2002 Amendment 

01/01/2003 Amendment 

01/01/2003 Assumption 

01/01/2004 Experience 

01/01/2006 Assumption 

01/01/2007 Cost Method 

01/01/2007 Assumption 

01/01/2008 Experience 

01/01/2009 Experience 

01/01/2009 Amendment 

01/01/2010 Experience 

01/01/2010 Amendment 

01/01/2010 Assumption 

01/01/2011 Experience 

01/01/2012 Amendment 

01/01/2012 Experience 

01/01/2013 Experience 

Total Credits 

Initial 

Balance 

$ 3,769,805 

7,330,281 

8,434,016 

13,244,284 

3,050,251 

9,653,334 

2,999,284 

8,010,317 

3,103,632 

3,008,316 

6,273,030 

588,763 

19,353,084 

7,226,883 

5,907,377 

9,548,645 

15,611,970 

2,346,818 

2,853,484 

Rem. 

Years 

11.0 

13.0 

16.0 

17.0 

17.0 

3.0 

20.0 

1.0 

21.0 

7.0 

8.0 

8.0 

9.0 

9.0 

9.0 

10.0 

11.0 

11.0 

12.0 

1. Net Amortization 

2. Credit Balance 

3. Balance Test: [(1) - (2)] 

4. Unfunded Accrued Liability: 

a. Accrued Liability 

b. Actuarial Value of Assets 

c. Unfunded Accrued Liability: [(a) - (b )] 

$ 

Pa~ment 

283,979 

548,018 

623,903 

976,495 

224,893 

1,007,354 

219,078 

1,085,571 

226,038 

308,241 

640,005 

60,069 

1,966,272 

734,251 

600,189 

966,208 

1,573,509 

236,533 

286,495 

$ 

1/1/2016 

Balance 

2,335,042 

5,043,414 

6,528,123 

10,579,339 

2,436,492 

2,843,929 

2,588,927 

1,085,571 

2,736,546 

1,805,100 

4,162,514 

390,679 

13,985,440 

5,222,482 

4,268,945 

7,425,151 

12,938,327 

1,944,912 

2,500,532 

$ 12,567,101 $ 90,821,465 

$ 244,304,755 

$ 9,127,996 

$ 235,176,759 

$ 

$ 

470,229,784 

235,053,025 

235,176,759 

11 CuNI, RusT & STRENK

SWORCCPP2018-000458
Development of Minimum Required Contribution 

1. Charges 

a. Normal Cost for the 2016 Plan Year $ 3,490,611 

b. Amortization Charges 35,594,168 

c. Interest to December 31, 2016 2,501,426 

d. Total Charges as of December 31, 2016: 

[(a)+ (b) + (c)] $ 41,586,205 

2. Credits 

a. Credit Balance as of December 31, 2015 $ 9,127,996 

b. Amortization Credits 12,567,101 

c. Interest to December 31, 2016 1,388,486 

d. Full Funding Credit 0 

e. Total Credits as of December 31, 2016: 

[(a)+ (b) + (c) + (d)] $ 23,083,583 

3. Preliminary Minimum Required Contribution: 

[(l)(d) - (2)(e), but not less than $0] $ 18,502,622 

4. Full Funding Limitation 

a. Based on 100% of Accrued Liability $ 286,849,877 

b. Based on 90% of RPA '94 Current Liability $ 380,923,067 

c. Full Funding Limitation: [Larger of (a) and (b)] $ 380,923,067 

5. Minimum Required Contribution payable December 31, 2016: 

[Minimum of (3) and ( 4 )( c)] $ 18,502,622 

12 CUNI, RUST & STRENK

SWORCCPP2018-000459
Unfunded Vested Accrued Benefits at the Current Liability Interest Rate 

1. Value of Vested Accrued Benefits 

a. For Active Participants $ 161,357,402 

b. For Vested Terminated Participants 125,413,328 

c. For Retirees and Beneficiaries 413,458,098 

d. Total: [(a)+ (b) + (c)] $ 700,228,828 

2. Market Value of Assets $ 213,252,642 

3. Value of Unfunded/(Overfunded) Vested Accrued Benefits: [(l)(d) - (2)] $ 486,976,186 

CUNI, RUST & STRENK 13 

SWORCCPP2018-000460
Present Value of Accumulated Plan Benefits (ASC 960) 

December 31. 2014 December 31, 2015 

1. Present Value of Accumulated Vested Benefits 

a. Active Participants $ 68,237,049 $ 85,038,902 

b. Vested Terminated Participants 57,239,671 72,398,865 

c. Retirees and Beneficiaries 279,425,392 312,163,602 

d. Total: [(a)+ (b) + (c)] $ 404,902,112 $ 469,601,369 

2. Accumulated Non-Vested Benefits $ 3,164,696 $ 628,415 

3. Total Accumulated Benefits: [(l)(d) + (2)] $ 408,066,808 $ 470,229,784 

4. Net Assets Available for Benefits $ 221,295,712 $ 213,252,642 

5. Funded Ratio: ((4) + (3)] 54% 45% 

Changes in the Value of Accumulated Plan Benefits 

for the Plan Year Ending December 31, 2015 

1. Value of Accumulated Plan Benefits as of December 31, 2014: $ 408,066,808 

2. Increase/(Decrease) in Value due to: 

a. Decrease in Discount Period $ 29,466,688 

b. Plan Amendment 0 

c. Assumption Change 62,910,249 

d. Benefits Paid (30,914,153) 

e. Plan Experience and Benefit Accrual 700,192 

f. Total Net Increase/(Decrease): 

[(a)+ (b) + (c) + (d) + (e)] $ 62,162,976 

3. Value of Accumulated Plan Benefits as of December 31, 2015: ((1) + (2)(f)] $ 470,229,784 

14 CUNI, RUST & STRENK 

SWORCCPP2018-000461
Plan Participant Summary 

As of January 1, 2015 

Deaths during the Year 

a. with Beneficiary 

b. without Beneficiary 

Retired during the Year 

Term Certain Expired 

QDRO Filed during the Year 

Became Inactive 

a. with Vesting 

b. without Vesting 

Returned to Work 

New Entrants prior to Jan. 1 

Lump Sum Distributions 

Data Corrections 

As of December 31, 2015: 

(IRS Form 5500 head count) 

New Entrants on January 1 

As of January 1, 2016: 

(Valuation head count) 

Fully Vested Participants 

Partially Vested Participants 

Not Vested Participants 

Actives 

1,576 

0 

0 

(20) 

0 

0 

(97) 

(123) 

85 

323 

0 

(2) 

1,742 

0 

1,742 

1,055 

0 

687 

Vested Service Disability 

Terms Retirees Retirees Beneficiaries Total 

1,167 1,797 243 665 5,448 

(1) (30) (2) 33 0 

(1) (46) (8) (36) (91) 

(26) 44 2 0 0 

0 0 0 (4) (4) 

0 0 0 2 2 

97 0 0 0 0 

0 0 0 0 (123) 

(50) 0 0 0 35 

0 0 0 0 323 

0 0 0 0 0 

(12) 1 0 1 (12) 

1,174 1,766 235 661 5,578 

0 0 0 0 0 

1,174 1,766 235 661 5,578 

************************** 

1,109 1,766 235 661 4,826 

65 0 0 0 65 

0 0 0 0 687 

15 CUNI, RUST & STRENK 

SWORCCPP2018-000462
Active Participants as of January 1, 2016 

Total Years of Service 

Age 

Group :Ll 1-4 5-9 10-14 15-19 20-24 25-29 30-34 35 + Total 

< 19 0 2 0 0 0 0 0 0 0 2 

20-24 17 43 6 0 0 0 0 0 0 66 

25-29 26 68 28 2 0 0 0 0 0 124 

30-34 30 79 57 26 2 0 0 0 0 194 

35-39 36 95 55 52 34 0 0 0 0 272 

40-44 26 67 37 51 59 18 2 0 0 260 

45-49 26 54 33 46 74 23 24 1 0 281 

50-54 17 53 27 34 48 36 36 17 2 270 

55-59 5 27 24 27 45 29 25 10 2 194 

60-64 4 9 4 8 17 11 14 5 0 72 

65-69 1 2 1 0 1 1 1 0 0 7 

70+ 0 0 0 0 0 0 0 0 0 0 

Total 188 499 272 246 280 118 102 33 4 1,742 

Average Age: 43.7 Years (Last Year: 43.7) 

Average Expected Lifetime: 84.6 Years (Last Year: 83.7) 

Average Service: 10.2 Years (Last Year: 11.1) 

16 CUNI, RUST & STRENK 

SWORCCPP2018-000463
Terminated Vested Participants as of January 1, 2016 

Age 

Group 

<20 

20-24 

25-29 

30-34 

35-39 

40-44 

45-49 

50-54 

55-59 

60-64 

65-69 

70+ 

Total 

Number 

of Lives 

0 

0 

6 

44 

81 

153 

187 

248 

280 

135 

27 

13 

1,174 

Monthl~ Benefit 

Total Average 

$ 0 $ 0 

0 0 

1,336 223 

13,847 315 

43,305 535 

107,843 705 

148,818 796 

234,579 946 

244,049 872 

98,555 730 

14,105 522 

1,916 147 

$ 908,353 $ 774 

Average Age: 51.3 

Average Expected Lifetime: 84.3 

17 CUNI, RUST & STRENK 

SWORCCPP2018-000464
Retired Participants as of January 1, 2016 

Life Annuities Joint & Survivor Annuities 

Age Number Monthly Benefit Number Monthly Benefit 

Group of Lives Total Average of Lives Total Average 

<50 0 $ 0 $ 0 0 $ 0 $ 0 

50-54 0 0 0 0 0 0 

55-59 65 81,300 1,251 66 103,666 1,571 

60-64 161 203,846 1,266 161 235,607 1,463 

65-69 163 168,916 1,036 219 300,333 1,371 

70-74 136 129,169 950 186 211,464 1,137 

75-79 99 85,311 862 154 162,065 1,052 

80-84 69 62,579 907 130 127,634 982 

85-89 47 38,494 819 68 57,900 851 

90+ 16 7,275 455 26 18,435 709 

Total 756 $ 776,890 $ 1,028 1,010 $1,217,104 $ 1,205 

Average Age: 71.0 Average Age: 72.4 

Average Expected Lifetime: 86.7 Average Expected Joint Lifetime: 94.6 

CUNI, RUST & STRENK 18 

SWORCCPP2018-000465
Disabled Participants as of January 1, 2016 

Life Annuities 

Age Number Monthly Benefit 

Group of Lives Total Average 

<50 11 $ 7,245 $ 659 

50-54 23 16,620 723 

55-59 24 20,919 872 

60-64 26 22,269 857 

65-69 18 15,998 889 

70-74 18 13,809 767 

75-79 17 11,391 670 

80-84 14 10,720 766 

85-89 5 1,793 359 

90+ 1 328 328 

Total 157 $ 121,092 $ 771 

Average Age: 65.1 

Average Expected Lifetime: 81.3 

Joint & Survivor Annuities 

Number Monthly Benefit 

of Lives Total Average 

0 $ 0 $ 0 

0 0 0 

1 891 891 

7 9,787 1,398 

20 18,535 927 

18 17,876 993 

18 16,639 924 

10 10,970 1,097 

4 1,511 378 

0 0 0 

78 $ 76,209 $ 977 

Average Age: 73.3 

Average Expected Joint Lifetime: 93.8 

19 CUNI, RUST & STRENK

SWORCCPP2018-000466
Beneficiary Participants as of January 1, 2016 

Age 

Group 

<50 

50-54 

55-59 

60-64 

65-69 

70-74 

75-79 

80-84 

85-89 

90+ 

Total 

Number 

of Lives 

17 

15 

33 

71 

79 

102 

90 

117 

100 

37 

661 

Monthl~ Benefit 

Total Average 

$ 5,744 $ 338 

7,560 504 

19,804 600 

49,461 697 

58,498 740 

61,946 607 

57,836 643 

53,838 460 

42,515 425 

12,123 328 

$ 369,325 $ 559 

Average Age: 74.7 

Average Expected Lifetime: 89.7 

20 CUNI, RUST & STRENK 

SWORCCPP2018-000467
Age Distribution of 2015 Plan Year Retirements 

Retirement Number Monthly Benefit 

Age of Lives Total 

<50 1 $ 131 

50 0 0 

51 0 0 

52 1 758 

53 0 0 

54 0 0 

55 4 2,864 

56 1 749 

57 2 556 

58 3 2,797 

59 2 2,818 

60 1 442 

61 2 1,870 

62 18 18,106 

63 2 1,381 

64 0 0 

65 4 7,172 

66 4 2,281 

67 0 0 

68 1 564 

69 0 0 

70+ 0 0 

Total 46 $ 42,489 

Average Age: 

Average Expected Lifetime: 

Average 

$ 131 

0 

0 

758 

0 

0 

716 

749 

278 

932 

1,409 

442 

935 

1,006 

691 

0 

1,793 

570 

0 

564 

0 

0 

$ 924 

61.3 

83.4 

CUNI, RUST & STRENK 21 

SWORCCPP2018-000468
Age Distribution of Approaching Retirements as of January 1, 2016 

Active Particieants Vested Terms Total Particieants 

Monthly Benefit Monthll Benefit Monthll Benefit 

~ No. Total Average No. Total Average No. Total Average 

50 45 $ 49,369 $1,097 38 $ 40,119 $1,056 83 $ 89,488 $1,078 

51 69 74,940 1,086 40 30,441 761 109 105,381 967 

52 49 62,302 1,271 59 56,757 962 108 119,059 1,102 

53 57 70,465 1,236 64 58,623 916 121 129,088 1,067 

54 50 63,953 1,279 47 48,639 1,035 97 112,592 1,161 

55 46 59,080 1,284 67 55,115 823 113 114,195 1,011 

56 55 71,258 1,296 55 49,210 895 110 120,468 1,095 

57 43 57,639 1,340 49 50,924 1,039 92 108,563 1,180 

58 31 42,504 1,371 56 46,128 824 87 88,632 1,019 

59 19 18,514 974 53 42,672 805 72 61,186 850 

60 27 36,206 1,341 44 33,411 759 71 69,617 981 

61 24 38,965 1,624 43 31,820 740 67 70,785 1,056 

62 8 9,475 1,184 20 12,274 614 28 21,749 777 

63 7 6,218 888 18 16,768 932 25 22,986 919 

64 6 6,855 1,143 10 4,281 428 16 11,136 696 

65 4 3,391 848 13 6,433 495 17 9,824 578 

66 2 1,760 880 8 3,940 493 10 5,700 570 

67 0 0 0 1 479 479 1 479 479 

68 1 1,708 1,708 3 2,061 687 4 3,769 942 

69 0 0 0 2 1,191 596 2 1,191 596 

70+ 0 0 0 13 1,916 147 13 1,916 147 

Total 543 $674,602 $1,242 703 $593,202 $ 844 1,246 $1,267,804 $1,017 

22 CUNI, RUST & STRENK 

SWORCCPP2018-000469
Market Value Asset History (1998-2015) 

Plan Year Plan Year Plan Year Market Value Asset Cash 

Ending Plan Year Plan Year Admin. Investment of Assets Return Flow 

12/31 Contribution Benefits Paid Ex2enses Return at Year End % % 

1998 $ 7,783,988 $ 18,087,857 $ 362,637 $ 56,214,484 $337,054,058 19.6% (3.2%) 

1999 9,463,998 18,734,641 398,194 35,810,300 363,189,521 10.8% (2.7%) 

2000 10,615,360 21,900,293 534,284 (13,085,774) 338,284,530 (3.7%) (3.5%) 

2001 8,990,825 24,370,031 388,169 (22,310,115) 300,207,040 (6.8%) (5.3%) 

2002 7,733,178 23,656,596 500,812 (32,866,441) 250,916,369 (11.3%) (6.5%) 

2003 8,879,585 24,922,589 463,588 43,298,181 277,707,958 17.8% (5.9%) 

2004 9,873,236 26,141,283 453,951 19,014,666 280,000,626 7.1% (6.0%) 

2005 11,055,350 27,118,318 562,880 18,053,085 281,427,863 6.6% (5.9%) 

2006 11,912,608 28,120,094 547,942 32,529,382 297,201,817 11.9% (5.6%) 

2007 16,543,224 29,194,495 538,647 19,165,707 303,177,606 6.6% (4.4%) 

2008 18,925,867 29,890,261 714,680 (76,931,110) 214,567,422 (25.9%) (5.4%) 

2009 12,225,138 30,572,251 657,016 30,477,443 226,040,736 14.9% (8.4%) 

2010 11,205,337 31,442,192 879,603 22,803,047 227,727,325 10.6% (9.3%) 

2011 13,040,000 31,369,670 903,896 1,741,247 210,235,006 0.8% (9.1 %) 

2012 14,614,870 31,406,533 765,271 20,290,434 212,968,506 10.1% (8.2%) 

2013 13,712,995 31,749,154 838,867 28,952,587 223,046,067 14.2% (8.5%) 

2014 15,436,128 31,845,599 787,986 15,447,102 221,295,712 7.2% (7.8%) 

2015 17,760,186 30,914,153 884,981 5,995,878 213,252,642 2.8% (6.6%) 

Totals $219,771,873 $491,436,010 $11,183,404 $204,600,103 4.6% 

23 CUNI, RUST & STRENK

SWORCCPP2018-000470
Summary of Plan Provisions 

1. Effective Date: 

2. Plan Year: 

3. Covered Employees: 

4. Eligibility: 

5. Vesting Service: 

6. Credited Service: 

7. Normal Retirement: 

a. Eligibility 

b. Monthly Benefit 

January 1, 1999. 

January 1

st through December 31 st. 

All Employees covered by the Collective Bargaining 

Agreement. 

500 Hours of Service (200 Hours if first Hour of 

Service was completed before December 31, 2001). 

1 Year for each Plan Year in which 1,000 or more 

Hours of Service are earned. 1 

/ 10 of a Year is earned 

for each 100 Hours of Service less than 1,000 to a 

minimum of 100 Hours of Service. 

1 Year for each Plan Year in which 1,500 Hours of 

Service are earned at the base journeyman rate 

prorated for Hours other than 1,500. 

Age 62 and 5th anniversary of Plan participation. 

Credit per Year of Credited Service: 

Effective Date Credit 

01/01/1999 - 12/31/2001 $99 

01/01/2002 - 05/31/2003 $80 

06/01/2003 and later $50 

CUNI, RUST & STRENK 24 

SWORCCPP2018-000471
Summary of Plan Provisions 

8. Early Retirement: 

a. Eligibility 

b. Monthly Benefit 

9. Vested Retirement: 

a. Eligibility 

b. Monthly Benefit 

10. Total and Permanent Disability: 

a. Eligibility 

b. Monthly Benefit 

11. Trade Disability: 

a. Eligibility 

b. Monthly Benefit 

Age 55 and 5 Years of Vesting Service. 

Calculated as for Normal Retirement actuarially 

reduced from age 62. 

5 Years of Vesting Service. 

Calculated as for Normal or Early Retirement. 

Total and Permanent Disability and 5 Years of 

Vesting Service. 

Calculated as for Early Retirement payable at 

commencement of Social Security disability benefits 

actuarially reduced from age 55. 

Trade Disability and 5 Years of Vesting Service. 

Calculated as for Normal Retirement payable 

immediately actuarially reduced for early 

commencement. 

CUNI, RUST & STRENK 25 

SWORCCPP2018-000472
Summary of Plan Provisions 

12. Pre-Retirement Death: 

a. Eligibility 

b. Monthly Benefit 

13. Payment Forms: 

a. Normal 

b. Optional 

14. Actuarial Equivalency: 

15. Employer Contributions: 

16. Changes Since Last Year: 

Married and 5 Years of Vesting Service. 

Calculated as for Early Retirement reflecting a 50% 

Joint & Survivor Annuity payment form with death 

immediately after Early Retirement. 

Life Annuity for single participants and an 

Actuarially Equivalent 100% Joint & Survivor 

Annuity (QJSA) for married participants. 

Actuarially Equivalent 50% or 75% Joint & 

Survivor Annuity (QOSA), or a IO-Year Certain & 

Life Annuity. 

UP 1984 Mortality Table at 7.00%. 

Effective Date Hourly Rate 

06/01/2009 $5.20 

06/01/2010 $5.70 

06/01/2011 $5.95 

06/01/2012 $6.20 

06/01/2013 $6.45 

06/01/2014 $6.70 

06/01/2015 $6.95 

None. 

CUNI, RUST & STRENK 26 

SWORCCPP2018-000473
Actuarial Assumptions and Methods 

1. Interest Rates: 

2. Mortality Rates: 

a. Funding 

i. Non-Disabled 

ii. Disabled 

iii. Future Mortality Improvements 

b. Current Liability 

3. Retirement Rates: 

a. Actives 

b. Terminated Vesteds 

4. Termination Rates: 

6.40%/3.28% (Funding/Current Liability). 

RP-2014 Table with Blue Collar adjustment. 

RP-2014 Disabled Retiree Mortality Table. 

Projected generationally using Scale MP-2015. 

2016 Static Mortality Table. 

Age Rate 

55 0.15 

56 0.10 

57-58 0.15 

59 0.05 

60 0.15 

61 0.25 

62 1.00 

Age 62. 

< 3 Years > 3 Years 

Age of Service of Service 

25 0.3500 0.1188 

35 0.3500 0.1190 

45 0.3500 0.1003 

55 0.3500 0.1461 

65 0.3500 0.0000 

CUNI, RUST & STRENK 27 

SWORCCPP2018-000474
Actuarial Assumptions and Methods 

5. Disability Rates: 

6. Actuarial Cost Method: 

7. Number of Hours Worked: 

8. Expense Load: 

9. Percent Married/Spousal Age: 

10. Actuarial Value of Assets: 

11. Changes Since Last Year: 

Age Rate 

25 0.0012 

35 0.0020 

45 0.0042 

55 0.0110 

65 0.0000 

Unit Credit. 

1,150 per year. 

$890,000 per year. 

80% with husbands 3 years older than their wives. 

Market Value of Assets minus a decreasing fraction 

(

4

/ 5 , 3

/ 5 , 2

/ 5 and 1

/ 5 ) of each of the preceding 4 years' 

gains and (losses). A gain/(loss) for a year is equal 

to the actual return minus the expected return using 

the funding interest rate. The Actuarial Value of 

Assets is adjusted to be within 80% and 120% of the 

Market Value of Assets. 

The expense load was increased, the hours worked 

assumption and funding interest rate were decreased, 

and the mortality, termination and retirement rates 

were updated as a result of an experience study 

completed with this Actuarial Valuation. The 

Current Liability mortality and interest rates were 

also changed as mandated by the IRS. 

CUNI, RUST & STRENK 28 

SWORCCPP2018-000475
Rationale for Selection of Significant Actuarial Assumptions 

1. Interest Rate: 

2. Mortality Rates: 

3. Retirement Rates: 

4. Hours Worked: 

5. Termination/Disability Rates: 

Based on the Plan's target asset allocation reflecting 

asset class future return expectations as determined 

by the Plan's investment consultant. 

RP-2014 table used as base rates. Blue Collar 

adjustment used to reflect expected workforce 

mortality experience. RP-2014 Disabled Retiree 

table used to reflect expected disabled mortality 

experience. Other adjustments based on the Plan's 

most recent experience study and expected 

generational mortality improvement. 

Based on the Plan's most recent experience study. 

Based on prior year hours worked and adjusted for 

anticipated changes in future hours worked. 

Based on the Plan's most recent experience study. 

CUNI, RUST & STRENK 29 

SWORCCPP2018-000476
 

 

Southwest Ohio Regional Council of Carpenters Pension Plan 

Document 41.2 

The 2017 Actuarial Valuation report for the Southwest Ohio Regional Council of Carpenters Pension 

Plan is attached. 

Document #41.2 

SWORCCPP2018-000477
Southwest Ohio Regional Council of Carpenters 

Pension Plan 

Actuarial Valuation Report 

as ofJanuary 1, 2017 

CUNI, RUST & STRENK 

SWORCCPP2018-000478
CUNI, RUST & STRENK 

ACTUARIAL CONSULTING 

September 22, 2017 

Board of Trustees 

Southwest Ohio Regional Council of Carpenters Pension Plan 

Dear Trustees: 

We are pleased to present this Actuarial Valuation Report as of January 1, 2017 on the status of the 

Southwest Ohio Regional Council of Carpenters Pension Plan ("Plan"). Cuni, Rust & Strenk is an 

independent actuarial consulting firm engaged by the Board of Trustees to prepare this Report. 

Reliance on Plan Administrator and Plan Auditor 

In performing this Actuarial Valuation, we have relied on the Plan Administrator's and Plan Auditor's 

representations that the information that they have supplied, namely the participant data and annual Plan 

audit, is both accurate and complete. If this information is either inaccurate or incomplete, the results of 

this Actuarial Valuation could materially change. 

Experience 

Page 1 of the Report summarizes the results of this year's Actuarial Valuation and compares them to last 

year's results. During 2016 the Plan experienced an actuarial loss of $7,014,253, which was the net 

result of an $8,297,218 loss on the Plan's Actuarial Value of Assets and a $1,282,965 gain on the Plan's 

Accrued Liability. The development of the actuarial loss can be found on pages 4 and 5. 

Asset Returns 

Page 2 summarizes the financial position of the Plan's assets as of December 31, 2016, while page 3 

shows the development of the Actuarial Value of Assets used to determine the minimum funding 

requirements, the Pension Protection Act of 2006 (PPA) funded percentage, and the maximum tax 

deductible limit for the year. As of the valuation date the Actuarial Value of Assets was $226,849,805, 

while the Market Value of Assets was $218,949,354. 

Relative to last year, the Actuarial Value decreased by $8,203,220, while the Market Value increased by 

$5,696,712. The difference between the changes in Market and Actuarial Value is attributable to the 

smoothing method used to calculate the Actuarial Value of Assets. The approximate 2016 annual return 

on the Market Value of Assets was 9.8%, which is above the 2016 assumed rate of return of 6.4%. 

Suspension of Benefits Under the Multiemployer Pension Reform Act of 2014 

The Board of Trustees has submitted an application to suspend benefits under the Multiemployer Pension 

Reform Act of 2014 (MPRA). The changes presented in the Trustees' Pension Recovery Plan have not 

been included in the results presented in this Report as the status of the application is still pending. 

Pension Relief Act of2010 (PRA 2010) 

The Board of Trustees elected to extend the amortization of the Plan's 2008-2009 asset loss from 15 to 29 

years and expand the Actuarial Value of Assets averaging period to 10 years for the same asset loss as 

allowed under PRA 2010. 

TELEPHONE (513) 891-0270 4555 LAKE FOREST DRIVE SUITE 620 FAX (513) 792-3082 

CINCINNATI, OH 45242 

SWORCCPP2018-000479
Board of Trustees 

Southwest Ohio Regional Council of Carpenters Pension Plan 

September 22, 2017 

Page2 

Amortization Base Extension 

The Plan has received an automatic 5-year amortization extension of its eligible minimum required 

contribution charge bases under IRC § 431(d)(l). Therefore, this Report reflects the 5-year amortization 

extension on charge bases established before January 1, 2014. 

Minimum and Maximum Contributions 

Pages 6 through 12 develop the maximum tax deductible and minimum required contributions for the 

Plan Year ending December 31, 2017. The maximum contribution that can be made for the year and 

claimed as a deduction by contributing employers is $746,316,424 and the minimum required 

contribution is $30,230,666. The Plan has a funding deficiency which can be found on page 9. 

Anticipated employer contributions for the 2017 Plan Year will not be sufficient to meet this year's 

minimum required contribution meaning the Plan will continue to have a funding deficiency. 

PPA Funding Status 

The Plan has been certified as being Critical and Declining for the 2017 Plan Year. This Report 

confirms the Plan's 2017 PP A certification. Since the Plan is operating under a Rehabilitation Plan, 

the funding deficiency will not result in the normal penalties that occurred under the law prior to PPA. 

Withdrawal Liability 

Page 13 develops the Present Value of Vested Accrued Benefits at the Current Liability interest rate 

used to calculate the Plan's Employer Withdrawal Liability. Because the Plan's Vested Accrued 

Benefit Liability exceeds the Plan's Market Value of Assets, any employer withdrawing from the Plan 

should be assessed Withdrawal Liability. 

ASC 960 Audit Values 

Page 14 shows the present value of accumulated Plan benefits as of December 31, 2016, along with the 

changes in these liabilities when compared with last year. This information is disclosed each year in the 

Plan's ASC 960 audit. 

As of December 31, 2016, the present value of accumulated Plan benefits amount to $460,087,441, 

while assets available to pay these benefits equal $218,949,354. The percentage of assets over 

liabilities, or the Plan's Funded Ratio, increased from 45% last year to 48% this year, due to the 

combined impact of the updated mortality rates and last year's favorable asset return. 

Participant Information 

Page 15 shows the changes in the number of participants included in this year's valuation when 

compared to last year. We see that the total number of actives decreased by 51 participants during the 

2016 Plan Year. 

CUNI, RUST & STRENK 

SWORCCPP2018-000480
Board of Trustees 

Southwest Ohio Regional Council of Carpenters Pension Plan 

September 22, 2017 

Page3 

Page 16 shows the age and service distribution for active participants, while pages 17 through 20 show 

the age and benefit distributions of the various classes of inactive participants. Page 21 shows the age 

and benefit distribution of participants who retired last year and page 22 shows. age and benefit 

distributions of approaching retirements. 

Market Value Asset History 

Page 23 contains a summary of the Plan~s asset history. Included are the contributions, benefit 

payments, administrative expenses, investment returns, and asset return and cash flow percentages on 

the Plan's Market Value of Assets since 1998. 

Plan Provisions and Actuarial Assumptions 

Pages 24 through 26 outline the current Plan Provisions while pages 27 through 29 summarize the 

Actuarial Assumptions and Methods used for this year's valuation. There were no changes to the Plan 

Provisions this year. 

For the Actuarial Assumptions, the expense load and hours worked assumptions were increased and the 

mortality projection scale was updated. These changes were made to better reflect anticipated future 

experience. Lastly, the Current Liability interest and mortality rates were updated as mandated by the 

IRS. 

Auditor Information 

The purpose of this Report is to determine the mm1mum and maximum deductible employer 

contribution requirements for the plan year, provide information to be used in the preparation of 

governmental filings, actuarial certifications, and provide information for the Plan auditor. This Report 

is prepared for the sole use of the Board of Trustees. Reliance on this Report for other than the above 

stated purposes may put the relying Entity at risk of being misled because of confusion or failure to 

properly interpret the results contained- herein. Accordingly, additional determinations would be needed 

for other purposes. 

CUNI, RUST & STRENK 

SWORCCPP2018-000481
Board ofTrustees 

Southwest Ohio Regional Council of Carpenters Pension Plan 

September 22, 2017 

Page4 

Actuarial Certification 

We hereby certify that this Report presents fairly the actuarial position of the Southwest Ohio Regional 

Council of Carpenters Pension Plan as of January I, 2017. The mortality rates used to calculate Current 

Liability are mandated by the IRS. In our opinion, all other assumptions used to determine the Plan's 

liabilities and costs are individually reasonable based on Plan experience and represent our best estimate 

of anticipated future experience under the Plan. This valuation has been performed in accordance with 

generally accepted actuarial principles arid practices and the undersigned meet the qualification 

standards of the American Academy of Actuaries necessary to render an actuarial opinion. 

Respectfully submitted, 

Jason C. Birkle, EA, MAAA, ASA Randall N. Smith, EA, MAAA 

Consulting Actuary Consulting Actuary 

CUNJ, RUST & STRENK 

SWORCCPP2018-000482 
Table of Contents 

Summary of Valuation Results 

Plan Assets 

Receipts and Disbursements 2 

Development of Actuarial Value of Assets 3 

Actuarial Experience 

Actuarial (Gain)/Loss 4 

Accrued Liability and Assets 5 

Determination of the Full Funding Limitations 6 

Maximum Deductible Contribution 

Net Limit Adjustment 7 

Development of Maximum Deductible Contribution 8 

Minimum Required Contribution 

Funding Standard Account Balance 9 

Charge Base Amortization Schedule 10 

Credit Base Amortization Schedule 11

Net Amortization Schedule 11 

Development of Minimum Required Contribution 12 

Unfunded Vested Accrued Benefits 13 

Present Value of Accumulated Plan Benefits (ASC 960) 14 

Appendix 

Participant Information 

Summary of Plan Asset History 

15 

23 

Summary of Plan Provisions 

Actuarial Assumptions and Methods 

24 

27 

CUNI, RUST & STRENK 

SWORCCPP2018-000483
Summary of Valuation Results 

January C2016 January C2017 

1. Number of Participants 

a. Active Participants 1,742 1,691 

b. Vested Terminated Participants 1,174 1,163 

c. Retirees and Beneficiaries 2,662 2,647 

d. Total: [(a)+ (b) + (c)] 5,578 5,501 

2. Normal Cost 

a. For Benefits $ 2,600,611 $ 2,814,454 

b. For Expenses 890,000 1,300,000 

c. Total: [(a)+ (b)] $ 3,490,611 $ 4,114,454 

3. Accrued Liability 

a. Active Participants $ 85,667,317 $ 88,286,967 

b. Vested Terminated Participants 72,398,865 70,461,876 

c. Retirees and Beneficiaries 312,163,602 301,338,598 

d. Total: [(a)+ (b) + (c)] $ 470,229,784 $ 460,087,441 

4. Normal Cost / Accrued Liability Interest Rate 6.4% 6.4% 

5. Asset Values 

a. Market Value $ . 213,252,642 $ 218,949,354 

b. Actuarial Value $ 235,053,025 $ 226,849,805 

c. Market Value Asset Return 2.8% 9.8% 

d. Cash Flow Percentage (6.6%) (6.6%) 

e. Prior Year Contributions $ 17,760,186 $ 17,502,825 

6. Real Amounts 

a. Unfunded Liability: [(3)(d) - (5)(a)] $ 256,977,142 $ 241,138,087 

b. Funded Ratio: [(5)(a) 7 (3)(d)] 45% 48% 

7. Hourly Amounts 

a. Approximate Hours Worked 2,544,244 2,392,616 

b. Average Contribution Rate: [(5)(e) 7 (a)] $6.98 $7.32 

c. Normal Cost: [(2)(c) 7 (a)] 1.37 1.72 

d. Unfunded Liability Payment: [(b) - (c)] $5.61 $5.60 

e. Interest on Unfunded Liability: [(4) x (6)(a) 7 (a)] 6.46 6.45 

f. Reduction in Unfunded Liability: [(d) - (e)] ($0.85) ($0.85) 

8. PPA Information Critical & Critical & 

a. Status Declining Declining 

b. Funded Percentage: [(5)(b) 7 (3)(d)] 50% 49% 

c. Projected Funding Deficiency 2016 2017 

CUNI, RUST & STRENK 

1 

SWORCCPP2018-000484
Plan Assets: Receipts and Disbursements 

Market Value of Assets as of January 1, 2016 

Receipts: 

Employer Contributions $ 17,502,825 

Net Investment Earnings 20,542,782 

Investment Fees (353,252) 

TOTAL RECEIPTS 

Disbursements: 

Benefits Paid $ 30,693,089 

Administrative Expenses 1,302,554 

TOTAL DISBURSEMENTS 

Excess of Receipts over Disbursements 

Market Value of Assets as of December 31, 2016 

NOTES: 

The approximate return for the Plan Year ending December 31, 2016 was 9.8%. 

$ 213,252,642 

$ 37,692,355 

$ 31,995,643 

$ 5,696,712 

$ 218,949,354 

The Plan's negative cashflow was 6.6% of the Plan's Market Value of Assets as of December 31, 2016. 

CUNI, RUST & STRENK 

2 

SWORCCPP2018-000485
Plan Assets: Development of Actuarial Value of Assets 

1. Market Value as of January 1, 2016 

2. Net Additions 

a. Employer Contributions $ 17,502,825 

b. Benefit Payments (30,693,089) 

c. Administrative Expenses (1,302,554) 

d. Total: [(a)+ (b) + (c)] 

3. Expected Investment Income 

a. On Market Value $ 13,648,169 

b. On Employer Contributions 551,405 

c. On Benefit Payments (966,948) 

d. On Expenses (41,035) 

e. Total: [(a)+ (b) + (c) + (d)] 

4. Expected Market Value as of December 31, 2016 

5. Actual Market Value as of January 1, 2017 

6. Net Gain/(Loss) for the 2016 Plan Year: [(5) - (4)] 

7. Determination of Unrecognized Gain/(Loss): 

Net Adjustment 

Plan Year Gain/(Loss) Factors 

2016 $ 6,997,939 0.80 

2015 (10,084,357) 0.60 

2014 (648,107) 0.40 

2013 13,674,966 0.20 

2012 5,169,291 0.00 

2008 (99,239,383) 0.10 

$ (84,129,651) 

8. Preliminary Actuarial Value of Assets: 

[Actual Market Value as of December 31, 2016 

less Unrecognized Gain/(Loss)] 

9. Actuarial Value of Assets: 

[(8), but not less than 80% or greater than 120% of Market Value] 

10. Recognized Gain/(Loss) 

NOTE: The approximate return on Actuarial Value of Assets is 2.8%. 

$ 213,252,642 

$ (14,492,818) 

$ 13,191,591 

$ 211,951,415 

$ 218,949,354 

$ 6,997,939 

Unrecognized 

Gain/(Loss) 

$ 5,598,351 

(6,050,614) 

(259,243) 

2,734,993 

0 

(9,923,938) 

$ (7,900,451) 

$ 226,849,805 

$ 226,849,805 

$ (76,229,200) 

CUNI, RUST & STRENK 

3 

SWORCCPP2018-000486
Actuarial Experience: Actuarial (Gain)/Loss 

1. Unfunded Accrued Liability as of January 1, 2016 

a. Accrued Liability $ 470,229,784 

b. Actuarial Value of Assets 235,053,025 

c. Unfunded Accrued Liability: [(a) - (b)] $ 235,176,759 

2. 2016 Normal Cost $ 3,490,611 

3. 2016 Contributions $ 17,502,825 

4. Interest at 6.40% to December 31, 2016 $ 14,723,307 

5. Expected Unfunded Accrued Liability Prior to Plan, Method 

and/or Assumption Change: [(l)(c) + (2) - (3) + (4)] . $ 235,887,852 

6. Increase/(Decrease) in Unfunded Accrued Liability due to Plan, 

Method and/or Assumption Change $ (9,664,469) 

7. Expected Unfunded Accrued Liability as of December 31, 2016: [(5) + (6)] $ 226,223,383 

8. Actual Unfunded Accrued Liability as of December 31, 2016 

a. Accrued Liability $ 460,087,441 

b. Actuarial Value of Assets 226,849,805 

c. Unfunded Accrued Liability: [(a) - (b), not less than $0] $ 233,237,636 

9. Actuarial (Gain)/Loss: [(8)(c) - (7)] $ 7,014,253 

4 

CUNI, RUST & STRENK 

SWORCCPP2018-000487
Actuarial Experience: Accrued Liability and Assets 

1. Accrued Liability Experience 

a. Accrued Liability as of January 1, 2016 $ 470,229,784 

b. 2016 Normal Cost 3,490,611 

c. 2016 Benefit Payments and Expenses (31,995,643) 

d. Interest at 6.40% to December 31, 2016 29,310,123 

e. Expected Accrued Liability as of January 1, 2017: [(a)+ (b) + (c) + (d)] $ 471,034,875 

f. Actual Accrued Liability as of January 1, 2017 Prior to Changes 469,751,910 

g. Accrued Liability (Gain)/Loss: [(f) - (e)] $ ( 1,282,965) 

h. (Decrease)/Increase in Accrued Liability due to Plan, Method 

and/or Assumption Changes (9,664,469) 

i. Accrued Liability as of January 1, 2017: [(f) + (h)] $ 460,087,441 

2. Actuarial Value of Assets (AVA) Experience 

a. Actuarial Value of Assets as of January 1, 2016 $ 235,053,025 

b. 2016 Benefit Payments and Expenses (31,995,643) 

c. 2016 Contributions 17,502,825 

d. Expected Earnings at 6.40% to December 31, 2016 14,586,816 

e. Expected AVA as of January 1, 2017: [(a)+ (b) + (c) + (d)] $ 235,147,023 

f. Actual AV A as of January 1, 2017 Prior to Method Change 226,849,805 

g. Actuarial Value of Assets (Gain)/Loss: [(e) - (f)] $ 8,297,218 

h. (Decrease)/Increase in AV A due to Method Change 0 

i. Actuarial Value of Assets after Method Change: [(f) + (h)] $ 226,849,805 

3. Total Actuarial (Gain)/Loss: [(l)(g) + (2)(g)] $ 7,014,253 

5 

CUNI, RUST & STRENK 

SWORCCPP2018-000488
Determination of the Full Funding Limitations 

IRC §404 

Maximum 

IRC §412 

Minimum 

1. Accrued Liability Basis 

a. Estimated End of Year Accrued Liability 

b. Estimated End of Year Assets 

c. Accrued Liability Basis Full Funding Limit: 

[(a) - (b), but not less than $0] 

$ 

$ 

460,896,013 

199,947,309 

260,948,704 

$ 

$ 

460,896,013 

200,424,398 

260,471,615 

2. Current Liability Basis 

a. Estimated End of Year Current Liability 

b. Estimated End of Year Assets 

c. Current Liability Full Funding Limit: 

[ {90% of (2)(a)} - (2)(b), but not less than $0] 

$ 

$ 

681,879,961 

208,315,521 

405,376,444 

$ 

$ 

681,879,961 

208,315,521 

405,376,444 

3. Full Funding Limitation: [Greater of (1) and (2)] $ 405,376,444 $ 405,376,444 

6 

CUNI, RUST & STRENK 

SWORCCPP2018-000489
Maximum Deductible Contribution: Net Limit Adjustment 

Date 

Established T~Qe 

01/01/2007 Fresh start 

01/01/2008 Experience 

01/01/2008 Assumption 

01/01/2009 Amendment 

01/01/2009 Assumption 

01/01/2009 Experience 

01/01/2010 Experience 

01/01/2010 Amendment 

01/01/2010 Assumption 

01/01/2011 Experience 

01/01/2011 Assumption 

01/01/2012 Amendment 

01/01/2012 Assumption 

01/01/2012 Experience 

01/01/2013 Experience 

01/01/2013 Assumption 

01/01/2014 Experience 

01/01/2014 Assumption 

01/01/2015 Assumption 

01/01/2015 Experience 

01/01/2016 Experience 

01/01/2016 Assumption 

01/01/2017 Experience 

01/01/2017 Assumption 

Total 

Initial 

Balance 

$ 115,795,053 

(3,008,316) 

632,510 

(588,763) 

641,332 

52,818,371 

(12,601,011) 

(7,226,883) 

(5,907,377) 

(404,360) 

877,367 

(15,611,970) 

5,515,974 

21,904,806 

(2,853,484) 

5,141,073 

2,987,146 

4,604,302 

429,906 

7,505,775 

10,925,762 

62,910,249 

7,014,253 

(9,664,469) 

1/1/2017 

1/1/2017 Net Limit 

Balance Adjustment 

$ 103,848,001 $ 15,692,753 

(2,913,980) (407,692) 

612,674 85,719 

(629,786) (79,790) 

686,018 86,914 

56,498,470 7,158,040 

(12,948,104) (1,707,712) 

(7,425,946) (979,400) 

(6,070,097) (800,578) 

(403,877) (54,800) 

876,325 118,902 

(15,517,736) (2,115,762) 

5,482,678 747,535 

21,772,587 2,968,579 

(2,844,022) (386,709) 

5,124,027 696,727 

2,956,420 404,823 

4,556,942 623,983 

426,604 58,262 

7,448,119 1,017,196 

11,002,194 1,421,729 

63,350,341 8,186,281 

7,014,253 912,739 

(9,664,469) (1,257,602) 

$ 233,237,636 $ 32,390,137 

7 

CUNI, RUST & STRENK 

SWORCCPP2018-000490
Development of Maximum Deductible Contribution 

1. Normal Cost plus 10-Year Amortization 

a. 2017 Normal Cost 

b. Net Limit Adjustment 

c. Interest on (a) and (b) to December 31, 2017 

d. Total as of December 31, 2017: [(a)+ (b) + (c)] 

$ 

$ 

4,114,454 

32,390,137 

2,336,294 

38,840,885 

2. Minimum Required Contribution $ 30,230,666 

3. Full Funding Limitation at December 31, 2017 $ 405,376,444 

4. Contribution Necessary to Fund 140% of Current Liability 

a. Estimated End of Year Current Liability 

b. Estimated End of Year Assets 

c. Contribution to Fund 140% of Current Liability: [ { 140% of (a)} - (b)] 

$ 

$ 

681,879,961 

208,315,521 

746,316,424 

5. Maximum Deductible Contribution for Fiscal Year 2017: 

[Greater of { the lesser of (l)(d) and (3) }, (2) and (4)(c)] $ 746,316,424 

8 

CUNI, RUST & STRENK 

SWORCCPP2018-000491
Minimum Required Contribution: Funding Standard Account Balance 

1. Charges 

a. Normal Cost as of January 1, 2016 $ 3,490,611 

b. Amortization Charges 35,594,168 

c. Interest to December 31, 2016 2,501,426 

d. Total Charges $ 41,586,205 

2. Credits 

a. Funding Standard Account Balance as of December 31, 2015 .$ 9,127,996 

b. Employer Contributions for the 2016 Plan Year 17,502,825 

c. Amortization Credits 12,567,101 

d. Interest to December 31, 2016 1,939,891 

e. Full Funding Credit 

f. Total Credits $ 41,137,813 

3. Funding Standard Account Balance as of December 31, 2016 $ (448,392) 

9 

CUNI, RUST & STRENK 

SWORCCPP2018-000492

0 
Minimum Required Contribution: Amortization Schedule 

Charge Bases: 

Date Initial Rem. 1/1/2017 

Established T~Qe Balance Years Pa~ment Balance 

05/01/1981 Composite $ 3,724,048 4.3 $ 101,644 $ 395,655 

05/01/1986 Amendment 5,399,766 4.3 145,789 567,490 

05/01/1987 Amendment 4,755,500 5.3 170,147 792,614 

05/01/1989 Amendment 3,384,674 7.3 155,202 939,698 

05/01/1990 Assumption 6,433,663 8.3 318,061 2,127,984 

01/01/1991 Amendment 11,032,180 9.0 566,483 4,029,202 

01/01/1992 Amendment 6,858,204 10.0 366,553 2,816,905 

01/01/1993 Amendment 10,146,687 11.0 568,652 4,675,796 

01/01/1995 Assumption 631,649 13.0 37,582 345,867 

01/01/1995 Amendment 1,611,057 13.0 95,659 880,355 

01/01/1996 Amendment 3,082,414 14.0 187,063 1,805,050 

01/01/1997 Amendment 18,354,587 15.0 1,135,532 11,433,703 

01/01/1998 Amendment 18,969,171 16.0 1,191,305 12,465,064 

01/01/1999 Amendment 28,264,371 17.0 1,798,611 19,486,147 

01/01/2000 Amendment 4,676,721 18.0 300,784 3,363,459 

01/01/2000 Assumption 11,529,884 18.0 741,546 8,292,203 

01/01/2001 Assumption 2,944,005 19.0 191,074 2,199,211 

01/01/2001 Experience 11,951,634 4.0 418,860 1,530,244 

01/01/2002 Experience 50,823,246 5.0 2,322,223 10,295,814 

01/01/2003 Experience 65,234,115 6.0 3,509,580 18,133,715 

01/01/2004 Assumption 1,132,736 22.0 75,029 928,742 

01/01/2005 Experience 30,999,810 8.0 2,020,886 13,143,594 

01/01/2006 Experience 19,251,537 9.0 1,333,876 9,487,413 

01/01/2007 Experience 7,435,008 10.0 540,160 4,151,044 

01/01/2008 Assumption 632,510 11.0 47,719 392,374 

01/01/2009 Assumption 641,332 12.0 49,884 435,391 

01/01/2009 Asset Loss 59,091,401 21.0 4,333,387 52,462,451 

01/01/2010 Asset Loss 6,752,073 21.0 500,407 6,058,216 

01/01/2011 Assumption 877,367 14.0 71,446 689,409 

01/01/2011 Asset Loss 9,144,285 21.0 685,517 8,299,255 

01/01/2012 Assumption 5,515,974 15.0 457,064 4,602,188 

01/01/2012 Asset Loss 24,251,624 21.0 1,840,894 22,286,920 

01/01/2013 Assumption 5,141,073 16.0 432,300 4,523,316 

01/01/2014 Experience 2,987,146 12.0 298,797 2,607,898 

01/01/2014 Assumption 4,604,302 12.0 460,557 4,019,741 

01/01/2015 Assumption 429,906 13.0 42,847 394,317 

01/01/2015 Experience 7,505,775 13.0 748,064 6,884,436 

01/01/2016 Experience 10,925,762 14.0 1,085,087 10,470,480 

10 

CUNI, RUST & STRENK 

SWORCCPP2018-000493
Minimum Required Contribution: Amortization Schedule 

Charge Bases - continued: 

01/01/2016 

01/01/2017 

Assumption 

Experience 

62,910,249 

7,014,253 

14.0 

15.0 

6,247,898 

696,617 

60,288,741 

7,014,253 

Total Charges $ 36,290,786 $ 325,716,355 

Credit Bases: 

Date 

Established 

01/01/1997 

01/01/1999 

01/01/2002 

01/01/2003 

01/01/2003 

01/01/2004 

01/01/2006 

01/01/2007 

01/01/2008 

01/01/2009 

01/01/2009 

01/01/2010 

01/01/2010 

01/01/2010 

01/01/2011 

01/01/2012 

01/01/2012 

01/01/2013 

01/01/2017 

TyQe 

Assumption 

Assumption 

Amendment 

Amendment 

Assumption 

Experience 

Assumption 

Assumption 

Experience 

Experience 

Amendment 

Experience 

Amendment 

Assumption 

Experience 

Amendment 

Experience 

Experience 

Assumption 

Initial 

Balance 

$ 3,769,805 

7,330,281 

8,434,016 

13,244,284 

3,050,251 

9,653,334 

2,999,284 

3,103,632 

3,008,316 

6,273,030 

588,763 

19,353,084 

7,226,883 

5,907,377 

9,548,645 

15,611,970 

2,346,818 

2,853,484 

9,664,469 

Rem. 

Years 

10.0 

12.0 

15.0 

16.0 

16.0 

2.0 

19.0 

20.0 

6.0 

7.0 

7.0 

8.0 

8.0 

8.0 

9.0 

10.0 

10.0 

11.0 

15.0 

$ 

Payment 

283,979 

548,018 

623,903 

976,495 

224,893 

1,007,354 

219,078 

226,038 

308,241 

640,005 

60,069 

1,966,272 

734,251 

600,189 

966,208 

1,573,509 

236,533 

286,495 

959,822 

1/1/2017 

Balance 

$ 2,182,331 

4,783,101 

6,282,090 

10,217,426 

2,353,141 

1,954,116 

2,521,519 

2,671,181 

1,592,658 

3,747,950 

351,769 

12,788,395 

4,775,478 

3,903,556 

6,872,315 

12,092,166 

1,817,715 

2,355,735 

9,664,469 

Total Credits $ 12,441,352 $ 92,927,111 

1. Net Amortization $ 232,789,244 

2. Credit Balance $ (448,392) 

3. Balance Test: [(1) - (2)] $ 233,237,636 

4. Unfunded Accrued Liability: 

a. Accrued Liability 

b. Actuarial Value of Assets 

c. Unfunded Accrued Liability: [(a) - (b)] 

$ 460,087,441 

226,849,805 

$ 233,237,636 

11 

CUNI, RUST & STRENK 

SWORCCPP2018-000494
Development of Minimum Required Contribution 

1. Charges 

a. Normal Cost for the 2017 Plan Year 

b. Amortization Charges 

c. Interest to December 31, 2017 

d. Total Charges as of December 31, 2017: 

[(a)+ (b) + (c)] 

$ 4,114,454 

36,290,786 

2,585,935 

$ 42,991,175 

2. Credits 

a. Funding Deficiency as of December 31, 2016 

b. Amortization Credits 

c. Interest to December 31, 2017 

d. Full Funding Credit 

e. Total Credits as of December 31, 2017: 

[(a)+ (b) + (c) + (d)] 

$ (448,392) 

12,441,352 

767,549 

0 

$ 12,760,509 

3. Preliminary Minimum Required Contribution: 

[(l)(d) - (2)(e), but not less than $0] $ 30,230,666 

4. Full Funding Limitation 

a. Based on 100% of Accrued Liability 

b. Based on 90% of RPA '94 Current Liability 

c. Full Funding Limitation: [Larger of (a) and (b)] 

$ 

$ 

$ 

260,471,615 

405,376,444 

405,376,444 

5. Minimum Required Contribution payable December 31, 2017: 

[Minimum of (3) and (4)(c)] $ 30,230,666 

CUNI, RUST & STRENK 

12 

SWORCCPP2018-000495
Unfunded Vested Accrued Benefits at the Current Liability Interest Rate 

1. Value of Vested Accrued Benefits 

a. For Active Participants $ 170,743,530 

b. For Vested Terminated Participants 125,488,269 

c. For Retirees and Beneficiaries 403,884,173 

d. Total: [(a)+ (b) + (c)] $ 700,115,972 

2. Market Value of Assets $ 218,949,354 

3. Value of Unfunded/(Overfunded) Vested Accrued Benefits: [(l)(d) - (2)] $ 481,166,618 

13 

CUNI, RUST & STRENK 

SWORCCPP2018-000496
Present Value of Accumulated Plan Benefits (ASC 960) 

December 31, 2015 December 31, 2016 

1. Present Value of Accumulated Vested Benefits 

a. Active Participants $ 85,038,902 $ 87,607,647 

b. Vested Terminated Participants 72,398,865 70,461,876 

c. Retirees and Beneficiaries 312,163,602 301,338,598 

d. Total: [(a)+ (b) + (c)] $ 469,601,369 $ 459,408,121 

2. Accumulated Non-Vested Benefits $ 628,415 $ 679,320 

3. Total Accumulated Benefits: [(l)(d) + (2)] $ 470,229,784 $ 460,087,441 

4. Net Assets Available for Benefits $ 213,252,642 . $ 218,949,354 

5. Funded Ratio: [(4) + (3)] 45% 48% 

Changes in the Value of Accumulated Plan Benefits 

for the Plan Year Ending December 31, 2016 

1. Value of Accumulated Plan Benefits as of December 31, 2015: $ 470,229,784 

2. lncrease/(Decrease) in Value due to: 

a. Decrease in Discount Period $ 29,127,759 

b. Plan Amendment 0 

c. Assumption Change (9,664,469) 

d. Benefits Paid (30,693,089) 

e. Plan Experience and Benefit Accrual 1,087,456 

f. Total Net lncrease/(Decrease): 

[(a)+ (b) + (c) + (d) + (e)] $ (10,142,343) 

3. Value of Accumulated Plan Benefits as of December 31, 2016: [(1) + (2)(f)] $ 460,087,441 

14 

CuNI, RusT & STRENK 

SWORCCPP2018-000497
Plan Participant Summary 

As of January 1, 2016 

Deaths during the Year 

a. with Beneficiary 

b. without Beneficiary 

Retired during the Year 

Term Certain Expired 

QDRO Filed during the Year 

Became Inactive 

a. with Vesting 

b. without Vesting 

Returned to Work 

New Entrants prior to Jan. 1 

Lump Sum Distributions 

Data Corrections 

As of January 1, 2017 

Fully Vested Participants 

Partially Vested Participants 

Not Vested Participants 

Total as of January 1, 2017 

Actives 

1,742 

(2) 

(5) 

(18) 

0 

0 

(88) 

(210) 

65 

207 

0 

0 

1,691 

1,034 

0 

657 

1,691 

Vested 

Terms 

1,174 

1 

(1) 

(40) 

0 

0 

88 

0 

(42) 

0 

0 

(17) 

1,163 

1,104 

59 

0 

1,163 

Service 

Retirees 

1,766 

(28) 

(46) 

58 

0 

0 

0 

0 

0 

0 

0 

2 

1,752 

1,752 

0 

0 

1,752 

Disability 

Retirees 

235 

(2) 

(6) 

0 

0 

0 

0 

0 

0 

0 

·o 

0 

227 

227 

0 

0 

227 

Beneficiaries Total 

661 5,578 

31 0 

(29) (87) 

0 0 

0 0 

4 4 

0 0 

0 (210) 

0 23 

0 207 

0 0 

1 (14) 

668 5,501 

668 4,785 

0 59 

0 657 

668 5,501 

15 

CUNI, RUST & STRENK 

SWORCCPP2018-000498
Active Participants as of January 1, 2017 

Total Years o(Service 

Age 

Group ~ 1-4 5-9 10-14 15-19 20-24 25-29 30-34 35 + Total 

< 19 2 0 0 0 0 0 0 0 0 2 

20-24 15 40 1 0 0 0 0 0 0 56 

25-29 22 70 30 3 0 0 0 0 0 125 

30-34 24 86 46 30 0 0 0 0 0 186 

35-39 33 83 56 44 32 0 0 0 0 248 

40-44 20 57 46 44 56 17 0 0 0 240 

45-49 25 56 31 37 67 33 22 0 0 271 

50-54 17 56 18 31 61 29 38 17 2 269 

55-59 9 26 26 23 43 30 38 17 6 218 

60-64 5 7 5 8 19 10 6 7 0 67 

65-69 1 3 0 0 2 1 1 1 0 9 

70+ 0 0 0 0 0 0 0 0 0 0 

Total 173 484 259 220 280 120 105 42 8 1,691 

Average Age: 44.1 Years (Last Year: 43.7) 

Average Expected Lifetime: 83.7 Years (Last Year: 84.6) 

Average Service: 10.6 Years (Last Year: 10.2) 

CUNI, RUST & STRENK 

16 

SWORCCPP2018-000499
Terminated Vested Participants as of January 1, 2017 

Age 

Group 

<20 

20-24 

25-29 

30-34 

35-39 

40-44 

45-49 

50-54 

55-59 

60-64 

65-69 

70+ 

Total 

Number Monthly Benefit 

of Lives Total Average 

0 $ 0 $ 0 

0 0 0 

3 607 202 

38 11,098 292 

94 46,832 498 

127 85,248 671 

194 155,394 801 

247 224,896 911 

256 231,785 905 

148 111,153 751 

29 12,385 427 

27. 4,218 156" 

1,163 $ 883,616 $ 760 

Average Age: 52.1 

Average Expected Lifetime: 83 .5 

There are two participants without dates of birth. Their dates of birth were 

estimated. 

CUNI, RUST & STRENK 

17 

SWORCCPP2018-000500
Retired Participants as of January 1, 2017 

Life Annuities Joint & Survivor Annuities 

Age Number Monthly Benefit Number Monthly Benefit 

Group of Lives Total Average of Lives Total Average 

<50 0 $ 0 $ 0 0 $ 0 $ 0 

50-54 1 124 124 0 0 0 

55-59 45 50,234 1,116 45 56,614 1,258 

60-64 169 206,962 1,225 173 260,194 1,504 

65-69 171 182,920 1,070 226 309,739 1,371 

70-74 130 128,049 985 177 205,931 1,163 

75-79 111 102,523 924 145 150,951 1,041 

80-84 64 56,963 890 142 144,644 1,019 

85-89 43 37,232 866 67 55,506 828 

90+ 17 9,779 575 26 18,581 715 

Total 751 $ 774,786 $ 1,032 1,001 · $1,202,160 $ 1,201 

Average Age: 71.1 Average Age: 72.7 

Average Expected Lifetime: 86.2 Average Expected Joint Lifetime: 93.8 

18 

CUNI, RUST & STRENK 

SWORCCPP2018-000501
Disabled Participants as of January 1, 2017 

Life Annuities 

Age Number Monthly Benefit 

Group of Lives Total Average 

<50 7 $ 5,097 $ 728 

50-54 19 14,070 741 

55-59 24 18,683 778 

60-64 27 25,578 947 

65-69 22 18,120 824 

70-74 15 12,510 834 

75-79 17 11,984 705 

80-84 16 10,684 668 

85-89 6 2,812 469 

90+ 1 328 328 

Total 154 $ 119,866 $ 778 

Average Age: 66.2 

Average Expected Lifetime: 81.0 

Joint & Survivor Annuities 

Number Monthly Benefit 

of Lives Total Average 

0 $ 0 $ 0 

0 0 0 

1 891 891 

3 3,541 1,180 

18 17,241 958 

18 18,006 1,000 

18 18,593 1,033 

13 13,982 1,076 

2 707 354 

0 0 0 

73 · $ 72,961 $ 999 

Average Age: 74.0 

Average Expected Joint Lifetime: 93.1 

19 

CUNI, RUST & STRENK 

SWORCCPP2018-000502
Beneficiary Participants as of January 1, 2017 

Age 

Group 

<50 

50-54 

55-59 

60-64 

65-69 

70-74 

75-79 

80-84 

85-89 

90+ 

Total 

Number Monthly Benefit 

of Lives Total Average 

16 $ 5,855 $ 366 

17 8,237 485 

28 18,694 668 

63 39,919 634 

87 69,547 799 

93 58,556 630 

106 71,718 677 

110 48,147 438 

97 44,528 459 

51 18,840 369 

668 $ 384,041 $ ·575 

Average Age: 75.2 

Average Expected Lifetime: 89.1 

20 

CUNI, RUST & STRENK 

SWORCCPP2018-000503
Age Distribution of 2016 Plan Year Retirements 

Retirement 

Age 

<50 

50 

51 

52 

53 

54 

55 

56 

57 

58 

59 

60 

61 

62 

63 

64 

65 

66 

67 

68 

69 

70+ 

Total 

Number Monthly Benefit 

of Lives Total Average 

0 $ 0 $ 0 

0 0 0 

0 0 0 

0 0 0 

0 0 0 

0 0 0 

1 291 291 

4 1,004 251 

2 1,412 706 

1 647 647 

2 497 249 

5 4,201 840 

7 7,216 1,031 

19 21,686 1,141 

6 4,066 678 

2 1,429 715 

2 2,547 1,274 

3 2,204 735 

3 2,159 720 

0 0 0 

1 567 567 

0 0 0 

58 $ 49,926 $ 861 

Average Age: 62.2 

Avera e Ex ected Lifetime: 84.4 

21 

CUNI, RUST & STRENK 

SWORCCPP2018-000504
Age Distribution of Approaching Retirements as of January 1, 2017 

Active Particieants Vested Terms Total Particieants 

Monthll Benefit Monthll Benefit Monthll Benefit 

~~ Total Avera~e No. Total Avera~e No. Total Avera~e 

50 52 $ 53,458 $1,028 44 $ 42,801 $ 973 96 $ 96,259 $1,003 

51 48 56,048 1,168 34 33,962 999 82 90,010 1,098 

52 61 71,678 1,175 47 38,276 814 108 109,954 1,018 

53 52 64,855 1,247 58 52,095 898 110 116,950 1,063 

54 56 73,844 1,319 64 57,761 903 120 131,605 1,097 

55 53 72,095 1,360 45 43,793 973 98 115,888 1,183 

56 44 60,317 1,371 62 51,186 826 106 111,503 1,052 

57 46 65,950 1,434 54 49,934 925 100 115,884 1,159 

58 43 64,531 1,501 45 44,692 993 88 109,223 1,241 

59 32 44,384 1,387 50 42,180 844 82 86,564 1,056 

60 15 13,386 892 49 39,688 810 64 53,074 829 

61 23 31,349 1,363 39 30,372 779 62 61,721 996 

62 18 25,822 1,435 28 17,921 640 46 43,743 951 

63 7 8,284 1,183 16 9,008 563 23 17,292 752 

64 4 3,751 938 16 14,163 885 20 17,914 896 

65 5 5,646 1,129 9 4,085 454 14 9,731 695 

66 2 3,302 1,651 10 3,880 388 12 7,182 599 

67 1 1,431 1,431 6 2,165 361 7 3,596 514 

68 0 0 0 2 581 291 2 581 291 

69 1 1,775 1,775. 2 1,673 837 3 3,448 1,149 

70+ 0 0 0 27 4,218 · 156 27 4,218 156 

Total 563 $721,906 $1,282 707 $584,434 $ 827 1,270 $1,306,340 $1,029 

CUNI, RUST & STRENK 

22 

SWORCCPP2018-000505
Market Value Asset History (1998-2016) 

Plan Year Plan Year Plan Year Market Value Asset Cash 

Ending Plan Year Plan Year Admin. Investment of Assets Return Flow 

12/31 Contribution Benefits Paid Ex~enses Return at Year End % % 

1998 $ 7,783,988 $ 18,087,857 $ 362,637 $ 56,220,484 $337,054,058 19.6% (3.2%) 

1999 9,463,998 18,734,641 398,194 35,804,300 363,189,521 10.8% (2.7%) 

2000 10,615,360 21,900,293 534,284 (13,085,774) 338,284,530 (3.7%) (3.5%) 

2001 8,990,825 24,370,031 388,169 (22,310,115) 300,207,040 (6.8%) (5.3%) 

2002 7,733,178 23,656,596 500,812 (32,866,441) 250,916,369 (11.3%) (6.5%) 

2003 8,879,585 24,922,589 463,588 43,298,181 277,707,958 17.8% (5.9%) 

2004 9,873,236 26,141,283 453,951 19,014,666 280,000,626 7.1% (6.0%) 

2005 11,055,350 27,118,318 562,880 18,053,085 281,427,863 6.6% (5.9%) 

2006 11,912,608 28,120,094 547,942 32,529,382 297,201,817 11.9% (5.6%) 

2007 16,543,224 29,194,495 538,647 19,165,707 303,177,606 6.6% (4.4%) 

2008 18,925,867 29,890,261 714,680 (76,931,110) 214,567,422 (25.9%) (5.4%) 

2009 12,225,138 30,572,251 657,016 30,477,443 226,040,736 14.9% (8.4%) 

2010 11,205,337 31,442,192 879,603 22,803,047 227,727,325 10.6% (9.3%) 

2011 13,040,000 31,369,670 903,896 1,741,247 210,235,006 0.8% (9.1 %) 

2012 14,614,870 31,406,533 765,271 20,290,434 212,968,506 10.1% (8.2%) 

2013 13,712,995 31,749,154 838,867 28,952,587 223,046,067 14.2% (8.5%) 

2014 15,436,128 31,845,599 787,986 15,447,102 221,295,712 7.2% (7.8%) 

2015 17,760,186 30,914,153 884,981 5,995,878 213,252,642 2.8% (6.6%) 

2016 17,502,825 30,693,089 1,302,554 20,189,530 218,949,354 9.8% (6.6%) 

Totals $237,274,698 $522,129,099 $12,485,958 $224,789,633 4.8% 

23 

CUNI, RUST & STRENK 

SWORCCPP2018-000506
Summary of Plan Provisions 

1. Effective Date: 

2. Plan Year: 

3. Covered Employees: 

4. Eligibility: 

5. Vesting Service: 

6. Credited Service: 

7. Normal Retirement: 

a. Eligibility 

b. Monthly Benefit 

January 1, 1999. 

January 1

st through December 31st• _ 

All Employees covered by the Collective Bargaining 

Agreement. 

500 Hours of Service (200 Hours if first Hour of 

Service was completed before December 31, 2001). 

1 Year for each Plan Year in which 1,000 or more 

Hours of Service are earned. 1 

/ 10 of a Year is earned 

for each 100 Hours of Service less than 1,000 to a 

minimum of 100 Hours of Service. 

1 Year for each Plan Year in which 1,500 Hours of 

Service are earned at the base journeyman rate 

prorated for Hours other than 1,500. 

Age 62 and 5th anniversary of Plan participation. 

Credit per Year of Credited Service: 

Effective Date Credit 

01/01/1999 - 12/31/2001 $99 

01/01/2002 - 05/31/2003 $80 

06/01/2003 and later $50 

CuNI, RusT & STRENK 24 

SWORCCPP2018-000507
Summary of Plan Provisions 

8. Early Retirement: 

a. Eligibility 

b. Monthly Benefit 

9. Vested Retirement: 

a. Eligibility 

b. Monthly Benefit 

10. Total and Permanent Disability: 

a. Eligibility 

b. Monthly Benefit 

11. Trade Disability: 

a. Eligibility 

b. Monthly Benefit 

Age 55 and 5 Years of Vesting Service. 

Calculated as for Normal Retirement actuarially 

reduced from age 62. 

5 Years of Vesting Service. 

Calculated as for Normal or Early Retirement. 

Total and Permanent Disability and 5 Years of 

Vesting Service. 

Calculated as for Early Retirement payable at 

commencement of Social Security disability benefits 

actuarially reduced from age 55. 

Trade Disability and 5 Years of Vesting Service. 

Calculated as for Normal Retirement payable 

immediately actuarially reduced for early 

commencement. 

CUNI, RUST & STRENK 

25 

SWORCCPP2018-000508
Summary of Plan Provisions 

12. Pre-Retirement Death: 

a. Eligibility 

b. Monthly Benefit 

13. Payment Forms: 

a. Normal 

b. Optional 

14. Actuarial Eguivalency: 

15. Employer Contributions: 

16. Changes Since Last Year: 

Married and 5 Years of Vesting Service. 

Calculated as for Early Retirement reflecting a 50% 

Joint & Survivor Annuity payment form with death 

immediately after Early Retirement. 

Life Annuity for single participants and an 

Actuarially Equivalent 100% Joint & Survivor 

Annuity (QJSA) for married participants. 

Actuarially Equivalent 50% or. 75% Joint & 

Survivor Annuity (QOSA), or a 10-Year Certain & 

Life Annuity. 

UP 1984 Mortality Table at 7.00%. 

Effective Date Hourly Rate 

06/01/2009 $5.20 

06/01/2010 $5.70 

06/01/2011 $5.95 

07/01/2012 $6.20 

07/01/2013 $6.45 

06/01/2014 $6.70 

06/01/2015 $6.95 

None. 

CUNI, RUST & STRENK 26 

SWORCCPP2018-000509
Actuarial Assumptions and Methods 

1. Interest Rates: 

2. Mortality Rates: 

a. Funding 

i. Non-Disabled 

ii. Disabled 

iii. Base Year Adjustment 

iv. Future Projections 

b. Current Liability 

3. Retirement Rates: 

a. Actives 

b. Terminated Vesteds 

4. Disability Rates: 

6.40%/3.05% (Funding/Current Liability). 

RP-2014 Mortality Table with Blue Collar 

adjustment. 

RP-2014 Disabled Retiree Mortality Table. 

2006 using Scale MP-2014. 

Projected generationally using Scale MP-2016. 

2017 Static Mortality Table. 

Age Rate 

55 0.15 

56 0.10 

57-58 0.15 

59 0.05 

60 0.15 

61 0.25 

62 1.00 

Age 62. 

Age Rate 

25 0.0012 

35 0.0020 

45 0.0042 

55 0.0110 

65 0.0000 

CUNI, RUST & STRENK 27 

SWORCCPP2018-000510
Actuarial Assumptions and Methods 

5. Termination Rates: 

6. Actuarial Cost Method: 

7. Number of Hours Worked: 

8. Expense Load: 

9. Percent Married/Spousal Age: 

10. Actuarial Value of Assets: 

11. Changes Since Last Year: 

< 3 Years > 3 Years 

Age of Service of Service 

25 0.3500 0.1188 

35 0.3500 0.1190 

45 0.3500 0.1003 

55 0.3500 0.1461 

65 0.3500 0.0000 

Unit Credit. 

1,275 per year. 

$1,300,000 per year. 

80% with husbands 3 years older than their wives. 

Market Value of Assets minus a decreasing fraction 

4 3 2

( / 5 , / 5 , / 5 and 1

/ 5 ) of each of the preceding 4 years' 

gains and (losses). A gain/(loss) for a year is equal 

to the actual return minus the expected return using 

the funding interest rate. The Actuarial Value of 

Assets is adjusted to be within 80% and 120% of the 

Market Value of Assets. 

The expense load was increased, the hours worked 

assumption was changed, and the mortality rates 

improvements were updated. The Current Liability 

mortality and interest rates were also changed as 

mandated by the IRS. 

CUNI, RUST & STRENK 28 

SWORCCPP2018-000511
Rationale for Selection of Significant Actuarial Assumptions 

1. Interest Rate: 

2. Mortality Rates: 

3. Retirement Rates: 

4. Hours Worked: 

5. Termination/Disability Rates: 

Based on the Plan's target asset allocation reflecting 

asset class future return expectations as determined 

by the Plan's investment consultant. 

RP-2014 table used as base rates. Adjusted to base 

year 2006 to reflect the mortality experience used to 

develop the RP-2014 tables. Blue Collar adjustment 

used to reflect expected workforce mortality 

experience. RP-2014 Disabled Retiree table also 

adjusted to base year 2006 used to reflect expected 

disabled mortality experience. Other adjustments 

based on the Plan's most recent experience study 

and expected generational mortality improvement. 

Based on the Plan's most recent experience study. 

Based on prior year hours worked and adjusted for 

anticipated changes in future hours worked. 

Based on the Plan's most recent experience study. 

CUNI, RUST & STRENK 29 

SWORCCPP2018-000512
Application for Approval of Benefit Suspension 

for Southwest Ohio Regional Council of Carpenters Pension Plan 

EIN Plan #: 31-6127287 

Response Item Number Desc1·iption of Item Pa2e Numbe1· in Aoolication 

~ NIA 

1. Does the application include an original signature ofthe 

plan sponsor or an authorized representative ofthe plan 

sponsor? 

See Section 2.01 ofthis revenue procedure. 

000001 

-

~ No 

NIA 

2. Does the application include a description ofthe 

proposed benefit suspension - calculated as if no other 

limitations apply - that includes: 

. the suspension's effective date (and its 

expiration date, ifapplicable); 

. whether the suspension provides for different 

treatment ofparticipants and beneficiaries; 

. a description ofthe different categories or 

groups ofindividuals affected; and 

. how the suspension affects these individuals 

differently? 

See Section 2.02 ofthis revenue procedure. 

000002-000004 

-

~ No 

NIA 

3. Does the application include a penalties-of-perjury 

statement signed by an authorized tiustee on behalfof 

the board oftiustees? 

See Section 2.03 ofthis revenue procedure. 

000005-000006 

~ No 

NIA 

4. Does the application include a statement, signed by an 

authorized tiustee on behalfofthe board oftiustees, 

acknowledging that the application and the application's 

supporting material will be publicly disclosed on the 

Treaswy Department's website? 

See Section 2.04 ofthis revenue procedw·e. 

000007-000008 

-

~ No 

NIA 

5. Does the application include the plan actuaiy's 

ce1tification of critical and declining status and the 

suppo1ting illustrations, including: 

. the plan-year-by-plan-year projections 

demonsti·ating projected insolvency dming the 

relevant period; and 

. sepai·ately identifying the available resow·ces 

(and the market value ofassets and changes in 

cash flow) dw·ing each ofthose yeai·s. 

See Section 3.01 ofthis revenue procedw·e. 

000009-000020 

-

~ No 

NIA 

6. Does the application include the plan actuary's 

ce1tification that, taking into account the proposed 

suspension and, ifapplicable, a proposed pa1tition, the 

plan is projected to avoid insolvency ifthe suspension 

takes effect, and the supporting illusti·ations, including: 

. the plan-year-by-plan-year projections 

demonsti·ating projected insolvency dming the 

relevant period; and 

. separately identifying the available resow·ces 

(and the market value ofassets and changes in 

cash flow) dw·ing each ofthose years? 

See Section 3. 02 ofthis revenue procedme. 

000021-000059 

SLK_TOL:#3164867vl 

SWORCCPP2018-000513 
Resoonse Item Number Descriotion of Item Pa2e Numbet· in Annlication 

~ No 

NIA 

7. Does the application include the plan sponsor's 

detennination of projected insolvency that includes the 

documentation set fo1ih in Section 5 ofthe revenue 

procedure? 

See Section 3.03 ofthis revenue procedure. 

000060-000062 

~ No 

NIA 

8. Does the application include a demonstration that the 

limitations on individual suspensions are satisfied, 

including a description ofeach benefit based on 

disability, as defined under the plan, that is paid to an 

individual under the plan (without regard to whether the 

disability benefits are available to newly disabled 

pait icipants) and calculations regarding: . the guarantee-based limitation; 

. the disability-based limitation; 

. the age-based limitation, taking into account the 

guai·antee-based limitation; and 

. if applicable, the age-based limitation taking 

into account both the guarantee-based 

limitation and the disability-based limitation? 

See Section 4.01 ofthis revenue procedure. 

000063-000073 

~ No 

NIA 

9. Does the application include a demonstration that the 

proposed suspension is reasonably estimated to achieve 

the level necessary to avoid insolvency for the extended 

period, including illustrations regarding the plan's 

solvency ratio and available resow·ces? 

See Section 4.02(1) ofthis revenue procedw·e. 

000074 

-

~ No 

NIA 

10. Does the application include an illustration that the 

proposed suspension is reasonably estimated to achieve 

the level necessary to avoid insolvency for the extended 

period utilizing stochastic projections? (This illustration 

is optional if the plan is not required to appoint a retiree 

representative under § 432(e)(9)(B)(v)(l).) 

See Section 4.02(2) ofthis revenue procedw·e. 

000075 

-

~ No 

NIA 

11. Does the application include a demonstration that the 

proposed suspension is not projected to materially 

exceed the level necessary to avoid insolvency, 

including: . the plan-year-by-year projections 

demonstrating projected insolvency during the 

relevant period; and 

. a separate identification ofthe available 

resources (and the market value of assets and 

changes in cash flow) dw-ing each ofthose 

years? 

See Section 4. 03 ofthis revenue procedure. 

000076 

SLK_TOL:#3 164867vl 2 

SWORCCPP2018-000514 
Resoonse Item Number Descriotion of Item Pa2e Numbet· in Annlication 

~ No 

NIA 

12. Does the application include a demonstration that the 

proposed suspension is equitably distributed, including: . infonna.tion on the effect ofthe suspension on 

the plan in the aggregate; . infonna.tion on the effect ofthe suspension for 

different categories or groups; . a list ofthe factors taken into account; . an explanation ofwhy none ofthe factors listed 

in § 432(e)(9)(D)(vi) were taken into account 

(if applicable); . for each factor taken into account that is not 

one ofthe factors listed in § 432(e)(9)(D)(vi), 

an explanation why the factor is relevant; and 

. an explanation of how any difference in 

treatment among categories or groups of 

individuals results from a reasonable 

application ofthe relevant factors? 

See Section 4. 04 ofthis revenue procedure. 

000077-000086 

-

~ No 

NIA 

13. Does the application include a copy ofthe notices 

( excluding personally identifiable infonnation) that meet 

the requirements under § 432(e)(9)(F)? 

See Section 4.05(1) ofthis revenue proce.dure. 

000087-000105 

~ No 

NIA 

14. Does the application include a description ofthe efforts 

that are being taken to contact participants, beneficiaries 

in pay status, and altemate paye.es? 

See Section 4.05(2) ofthis revenue procedure. 

000106-000107 

-

~ No 

NIA 

15. Does the application describe the steps the plan sponsor 

has taken to ensure that notices delivered electronically 

are reasonably accessible to the recipients? 

See Section 4.05(3) ofthis revenue procedure. 

000108 

~ No 

NIA 

16. Does the application include a list of each employer who 

has an obligation to contribute under the Plan and each 

employee organization representing participants under 

the Plan? 

See Section 4.05(4) ofthis revenue procedure. 

000109-000119 

~ No 

NIA 

17. Does the application include information on past and 

cun-ent measures taken to avoid insolvency? 

See Section 5.01 ofthis revenue procedure. 

000120-000129 

~ No 

NIA 

18. Does the application include information regarding the 

plan factors described in § 432(e)(9)(C)(ii), for the past 

10 plan years immediately preceding the plan year in 

which the application is submitted? 

See Section 5.02 ofthis revenue procedure. 

000130-000135 

-

~ No 

NIA 

19. Does the application describe how the plan sponsor took 

into account - or did not take into account - the factors 

listed in Section 5.02 ofthis revenue procedure in the 

detennination that all reasonable measures were taken to 

avoid insolvency? 

See Section 5.03 ofthis revenue procedure. 

000136-000139 

SLK_TOL:#3 164867vl 3 

SWORCCPP2018-00051 5 
Resoonse Item Number Descriotion of Item Pa2e Numbet· in Annlication 

~ No 

NIA 

20. Does the application describe how the plan sponsor took 

into account - or did not take into account - in the 

determination that all reasonable measures have be.en 

taken to avoid insolvency the impact of: 

. benefit and contribution levels on retaining 

active pa1ticipants and bargaining groups under 

the plan; and . past and anticipated contribution increases 

under the plan on employer attrition and 

retention levels? 

See Section 5.03 ofthis revenue procedure. 

000140 

~ No 

NIA 

21. Does the application include a discussion ofany other 

factors the plan sponsor took into account including how 

and why those factors were taken into account? 

See Section 5.04 ofthis revenue procedure. 

000141 

-

~ 

No 

NIA 

22. Does the application include a copy ofthe proposed 

ballot excluding the infonnation regarding the statement 

in opposition, the individualized estimates, and the 

voting procedures? 

See Section 6.01 ofthis revenue procedure. 

000142-000145 

-

~ No 

NIA 

23. Does application indicate whether the plan sponsor is 

requesting approval from the PBGC of a proposed 

pa1tition under Section 4233 ofERISA? 

See Section 6.02 ofthis revenue procedure. 

000146 

Yes 

~ 

24. Ifthe answer to item 23 is yes, does the application 

specify the effective date ofthe proposed partition and 

include a plan-year-by-plan-year projection ofthe 

amount ofthe reduction in benefit payments attributable 

to the pa1tition? 

See Section 6.02 ofthis revenue procedure. 

000147 

-

~ No 

NIA 

25. Does the application include: 

. a description ofeach ofthe assumptions used in 

the projections required under Sections 3.01, 

3.02, 4.02(1), 4.02(2), and 4.03 ofthis revenue 

procedure; 

. supporting evidence for the selection ofthose 

assumptions; and 

. an explanation of any differences among the 

assumptions used for various purposes? 

See Section 6.03 and Appendix B ofthis revenue 

procedure. 

000148-000207 

-

~ No 

NIA 

26. Does the application describe the plan's experience with 

ce1tain critical assumptions, including a disclosure for 

each ofthe 10 plan years illllllediately preceding the 

application that separately identifies: . total contributions; 

. total contribution base units; 

. average contribution rates; 

. withdrawal liability payments; and 

. the rate ofreturn on plan assets? 

See Section 6.04 ofthis revenue procedure. 

000208 

SLK_TOL:#3164867vl 4 

SWORCCPP2018-000516 
Resoonse Item Number Descriotion of Item Pa2e Numbet· in Annlication 

~ No 

NIA 

27. Does the application include detenninistic projections of 

the sensitivity of the plan's solvency ratio throughout the 

extended period by taking into account more 

conservative assumptions of investment experience and 

future contribution base units than assumed elsewhere in 

the application? 

See Section 6.05 ofthis revenue procedure. 

000209 

-

~ No 

NIA 

28. Does the plan include detenninistic projections for each 

year in the extended period of: . the value of plan assets; 

. the plan's accrued liability; and . the plan's funded percentage? 

See Section 6.06 ofthis revenue procedure. 

000210 

-

~ No 

NIA 

29. Does the application include the plan sponsor's 

representation that, ifit receives the Treaswy 

Department's final authorization to suspend and then 

chooses to implement the suspension, it will also amend 

the plan: 

. to provide that the suspension will cease upon 

the plan sponsor's failure to maintain a written 

record ofits annual detennination that (i) all 

reasonable measures continue to be taken to 

avoid insolvency; and (ii) that the plan would 

not be projected to avoid insolvency without a 

suspension; . to require that any future benefit improvements 

must satisfy§ 432(e)(9)(E); and . to specify that the plan sponsor v.•ill not modify 

these amendments, notwithstanding any other 

provision of the plan document? 

See Section 6.07 ofthis revenue procedw·e. 

00021 1-000223 

~ No 

NIA 

30. Does the application indicate whether the plan is a plan 

described in§ 432(e)(9)(D)(vii) and, if it is, how that 

fact is reflected in the proposed benefit suspension? See 

Section 6.08 ofthis revenue procedure. 

000224 

-

~ No 

NIA 

31. Does the application include a na1rntive statement of the 

reasons the plan is in critical and declining status? 

See Section 6.09 of this revenue procedure. 

000225-000226 

~ No 

NIA 

32. Does the application include the required plan sponsor 

identification infonnation? 

See Section 7.01 ofthis revenue procedw·e. 

000227 

-

~ No 

NIA 

33. Does the application include the required plan 

identification infonnation? 

See Section 7.02 ofthis revenue procedw·e. 

000228 

Yes 

~ 

34. Does the application include the required retiree 

representative infonnation (if applicable)? 

See Section 7. 03 of this revenue procedure. 

000229 

SLK_TOL:#3164867vl 5 

SWORCCPP2018-000517 
Resoonse Item Number Descriotion of Item Pa2e Numbet· in Annlication 

-

~ No 

NIA 

35. Does the application include the required enrolled 

actua1y information? 

See Section 7. 04 ofthis revenue procedure. 

000230 

-

~ No 

NIA 

36. Does the application include a designation ofpower of 

attorney for ea.ch authorized representative who will 

represent the plan sponsor in connection with the 

application? 

See Section 7.05 and Appendix C ofthis revenue 

procedure. 

000231-000234 

-

~ No 

NIA 

37. Does the application include: . the required plan documents; . any recent amendments; . the summary plan description (SPD); . the summary ofmaterial modifications; and . the most recent detennination letter? 

See Section 7. 06 ofthis revenue procedure. 

00023 5-000360 

-

~ No 

NIA 

38. Does the application include the required exce1pts from 

the relevant collective bargaining agreements and side 

agreements? 

See Section 7. 07 ofthis revenue procedure. 

000361 -000366 

~ No 

NIA 

39. Does the application include the required exce1pts from 

the most recently filed Form 5500? 

See Section 7. 08 ofthis revenue procedure. 

000367-000434 

~ No 

NIA 

40. Does the application include the most recently updated 

rehabilitation plan? 

See Section 7. 09 ofthis revenue procedure. 

00043 5-000440 

~ No 

NIA 

41. Does the application include the two most recent 

actuarial valuation repo1ts? 

See Section 7. 10 ofthis revenue procedure. 

000441-000512 

-

~ No 

NIA 

42. Does the application include this checklist completed 

and placed on top ofthe application? 

See Section 7. 11 ofthis revenue procedure and this 

AooendixD. 

000513-000519 

Yes 

~ 

43. Ifthe application is being submitted for resubmission 

review, does the application include: 

. cross-references to information in the prior 

application with respect to infonnation that has 

not changed from the prior application; . a statement that the application is being 

submitted for resubmission review; and 

. the date on which the Treaswy Department 

indicated that the application is a candidate for 

resubmission review? 

See Section 8 ofthis revenue procedure. 

SLK_TOL:#3164867v l 6 

SWORCCPP2018-000518 
Steve Schramm, Authorized Trustee 

Southwest Ohio Regional Council ofCarpenters 

Pension Plan 

SLK_ TOL:#3 I 64867v I 

SWORCCPP2018-000519