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MILLIMAN

Arizona Bricklayers’ Pension Trust Fund

PPA Actuarial Certification for Plan Year Beginning January 1, 2019

Summary of Assumptions/Methods

1. Our forecast of future minimum funding requirements is based on:

 January 1, 2019 participant data and January 1, 2019 actuarial valuation results.

 Estimated December 31, 2019 asset value based on 18.9% preliminary rate of return (net 

of investment fees) for year ended December 31, 2019 provided by the Investment 

Consultant and cash flows for the year ended December 31, 2019 provided by the Fund 

Administrator. 

 The assumed annual rate of return on market assets (net of investment-related 

administrative expenses) after December 31, 2019 is 6.5%. No future asset gains or 

losses other than the gains or losses related to the asset smoothing method. 

 Mortality assumptions updated to PRI-2012 Blue Collar Mortality Tables with 

generational mortality improvement using Scale MP-2019 effective January 1, 2020. 

 Input from the Fund’s Board of Trustees regarding future work hours as follows:

 68,000 hours for 2020 plan year

 62,000 hours for 2021 plan year

 56,000 hours for 2022 plan year

 50,000 hours for 2023 plan year and each year thereafter

 $0.90 per hour contribution rate. 

 40% load on annual contributions for reciprocity contributions.

 Assumed annual administrative expenses as follows:

 $525,000 for 2020 plan year

 $400,000 for 2021 plan year

 $285,000 for 2022 plan year, and 2% annual increases thereafter 

 Plan provisions identical to those used in the January 1, 2019 actuarial valuation.

 All other actuarial assumptions and methods being the same as those used in the January 

1, 2019 actuarial valuation.

2. This actuarial certification is based on 1) the proposed Multiemployer Plan Funding 

Guidance provided by the IRS on March 18, 2008, 2) the December 2007 Practice Note 

issued by the Multiemployer Plans Subcommittee of the Pension Committee of the American 

Academy of Actuaries, and 3) action taken by the Board of Trustees on or before March 

27, 2020.

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MILLIMAN

Arizona Bricklayers’ Pension Trust Fund

PPA Actuarial Certification for Plan Year Beginning January 1, 2020

Plan Identification

Name: Arizona Bricklayers’ Pension Trust Fund

EIN: 51-6119487

Plan Number: 001

Address: 2550 West Union Hills Drive, Suite 290

Phoenix, AZ 85027

Telephone Number: (602) 324-0545

Enrolled Actuary Identification

Name: Mr. Kevin M. Campe

Enrollment Number: 17-5356

Address: Milliman, Inc.

71 S. Wacker Drive

31st Floor

Chicago, IL 60606

Telephone Number: (312) 726-0677

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MILLIMAN

Appendix

Arizona Bricklayers’ Pension Trust Fund

PPA Actuarial Certification for Plan Year Beginning January 1, 2020

Summary of Zone Status Definitions Under PPA as Amended by MPRA

Critical (“Red Zone”) Status - IRC Section 432(b)(2) and 432(b)(4)

Any one of four tests under IRC Section 432(b)(2):

Test 1 Less than 65% funded and market value of assets plus contributions for current year plus 

next following 6 plan years is less than present value of projected benefit payments and 

administrative costs over that 7-year period or

Test 2 Projected funding deficiency in current year or next following 3 plan years (4 plan years 

if 65% funded or less)1or

Test 3 Present value of vested benefits (actives) is less than present value of vested benefits 

(inactives), and present value of expected contributions for the plan year is less than the 

unit credit normal cost plus interest on the unfunded present value of accrued benefits and

projected funding deficiency in current or next 4 plan years1or

Test 4 Market assets plus projected contributions over current year plus next 4 plan years is less 

than the present value of benefit payments plus administrative costs over same 5 year 

period.

Within 30 days after the date of this certification, a plan that is not in critical status but is projected 

to be in critical status in any of the succeeding 5 plan years may elect under IRC Section 432(b)(4) to 

be in critical status effective for the current plan year.

Critical and Declining (“Deep Red Zone”) Status – IRC Section 432(b)(6)

In critical status and either:

 Projected insolvency in current year or any of the 14 following plan years or

 Projected insolvency in current year or any of the 19 following plan years if:

o Ratio of inactive participants to active participants exceeds 2 to 1 or 

o Less than 80% funded

Endangered (“Yellow Zone”) Status – IRC Section 432(b)(1)

Not in critical status and either:

 Less than 80% funded or

 Projected funding deficiency in current plan year or next following 6 plan years2

Seriously Endangered (“Orange Zone”) Status - IRC Section 432(b)(1)

Not in critical status and both:

 Less than 80% funded and

 Projected funding deficiency in current plan year or next following 6 plan years2

 

1 Not taking into account an extension of amortization periods under IRC Section 431(d), if any

2 Taking into account an extension of amortization periods under IRC Section 431(d), if any

AZ BRK 000026
Arizona Bricklayers' Pension Trust Fund

MPRA Application Checklist Item #5: Solvency Projection Supporting January 1, 2020 Critical and Declining PPA Status Certification

Market Value Administrative Investment Investment Market Value Available

Plan Year Beginning of Year Contributions Active Retiree Terminated Vested Beneficiary New Entrant Expenses Return (%) Return ($) End of Year Resources

2019 26,730,380 113,000 0 0 0 0 2,128,450 334,535 18.90% 4,839,573 29,219,968 31,348,418

2020 29,219,968 85,680 28,412 1,815,230 240,665 308,201 1 525,000 6.50% 1,808,712 28,196,851 30,589,360

2021 28,196,851 78,120 41,859 1,764,867 307,256 291,186 2 400,000 6.50% 1,745,561 27,215,363 29,620,532

2022 27,215,363 70,560 49,544 1,711,844 372,082 274,233 2,584 285,000 6.50% 1,685,038 26,275,674 28,685,961

2023 26,275,674 63,000 61,663 1,656,291 454,921 257,446 3,436 290,700 6.50% 1,622,783 25,237,001 27,670,757

2024 25,237,001 63,000 69,619 1,598,358 520,881 240,919 4,011 296,514 6.50% 1,555,082 24,124,780 26,558,569

2025 24,124,780 63,000 77,965 1,538,208 586,686 224,742 4,571 302,444 6.50% 1,482,650 22,935,814 25,367,986

2026 22,935,814 63,000 87,729 1,476,016 647,879 209,000 5,320 308,492 6.50% 1,405,373 21,669,750 24,095,695

2027 21,669,750 63,000 94,265 1,411,992 690,512 193,769 8,266 314,663 6.50% 1,323,750 20,343,034 22,741,838

2028 20,343,034 63,000 98,989 1,346,375 737,419 179,118 9,903 320,956 6.50% 1,238,175 18,951,448 21,323,253

2029 18,951,448 63,000 105,347 1,279,430 788,764 165,104 11,401 327,375 6.50% 1,148,213 17,485,241 19,835,287

2030 17,485,241 63,000 111,939 1,211,435 827,671 151,769 13,051 333,923 6.50% 1,053,794 15,952,247 18,268,113

2031 15,952,247 63,000 114,109 1,142,697 867,127 139,143 15,098 340,601 6.50% 955,141 14,351,614 16,629,788

2032 14,351,614 63,000 114,459 1,073,553 904,005 127,244 19,084 347,413 6.50% 852,156 12,681,012 14,919,357

2033 12,681,012 63,000 116,047 1,004,349 932,646 116,068 21,801 354,361 6.50% 744,862 10,943,601 13,134,513

2034 10,943,601 63,000 118,840 935,433 946,852 105,593 24,425 361,449 6.50% 633,615 9,147,625 11,278,767

2035 9,147,625 63,000 120,198 867,154 969,448 95,794 27,075 368,678 6.50% 518,292 7,280,570 9,360,239

2036 7,280,570 63,000 122,792 799,870 971,476 86,652 29,867 376,051 6.50% 398,905 5,355,766 7,366,424

2037 5,355,766 63,000 121,936 733,963 983,902 78,147 33,149 383,573 6.50% 275,458 3,359,554 5,310,652

2038 3,359,554 63,000 120,732 669,839 987,964 70,253 36,117 391,244 6.50% 147,576 1,293,981 3,178,886

2039 1,293,981 63,000 123,122 607,902 998,579 62,946 39,098 399,069 6.50% N/A Insolvent Insolvent

Comments/Notes

-Cash flow information for 2019 Plan Year based on December 31, 2019 unaudited financial statements. Total benefit payments for 2019 are shown under New Entrants column.

-Estimated 18.90% return for 2019 Plan Year provided by Investment Consultant.

-No future withdrawal liability payments are assumed.

-Plan is projected to become insolvent in plan year beginning January 1, 2039.

Benefit Payments by Status

AZ BRK 000027
Milliman - Report of Required Actuarial Information 

Issued September 2020 

Arizona Bricklayers’ Pension Trust Fund 

Report of Required Actuarial Information - 

Application for Proposed Benefit Suspensions as of January 1, 2022 

Prepared by: 

Kevin Campe, EA, MAAA 

Principal and Consulting Actuary 

Grant Camp, FSA, EA, MAAA 

Principal and Consulting Actuary

Milliman, Inc. 

71 South Wacker Drive, Suite 3100 

Chicago, Illinois 60606 

Tel +1 312 726 0677 

Fax +1 312 726 5225 

milliman.com 

AZ BRK 000028
Milliman 

 

 Report of Required Actuarial Information – Application for Proposed Benefit Suspensions 

Report of Required Actuarial Information – Application for Proposed Benefit Suspensions i 

Arizona Bricklayers’ Pension Trust Fund 

Report of Required Actuarial Information - Application for Proposed Benefit 

Suspensions as of January 1, 2022 for the Arizona Bricklayers’ Pension 

Trust Fund 

This report includes the Actuarial Certification of Plan Solvency and a presentation of additional actuarial 

information required for the application to suspend benefits for the Arizona Bricklayers’ Pension Trust Fund (the 

“Plan”). This report has been completed in accordance with our understanding of IRC §432(e)(9) (including 

§1.432(e)(9)-1 and Revenue Procedure 2017-43). 

Purpose of the Report 

The Plan was certified as “critical and declining” for the plan year beginning January 1, 2020. The Trustees have 

chosen to pursue benefit suspensions which are allowed to such plans under §432. In addition, the Trustees are 

applying for partition financial assistance from the Pension Benefit Guaranty Corporation. 

We have completed our analysis of the Trustees’ proposed benefit suspensions and partition and determined that 

the combined impact of both measures would likely enable the Plan to avoid insolvency (as defined in IRC §418E) 

assuming the suspensions and partition occur no later than January 1, 2022 and continue indefinitely. 

This report also includes additional information required for the application to suspend benefits. Specifically, this 

report contains the materials required in checklist items 5, 6, 9, 11, 24, 25, 26, 27 and 28 included in Revenue 

Procedure 2017-43. 

Limited Distribution 

Milliman’s work is prepared solely for the internal business use of the Board of Trustees Arizona Bricklayers’ 

Pension Trust Fund (the “Plan Sponsor”) and may not be provided to third parties without our prior written 

consent. Milliman does not intend to benefit or create a legal duty to any third party recipient of its work product. 

Milliman’s consent to release its work product to any third party may be conditioned on the third party signing a 

release, subject to the following exceptions: 

 The Plan Sponsor may provide a copy of Milliman’s work, in its entirety, to the Plan’s professional service 

advisors who are subject to a duty of confidentiality and who agree to not use Milliman’s work for any purpose 

other than to benefit the Plan. 

 The Plan Sponsor may distribute certain work product that Milliman and the Plan Sponsor mutually agree is 

appropriate as may be required by law. 

Any third party recipient of this work product who desires professional guidance should not rely upon Milliman’s 

work product, but should engage qualified professionals for advice appropriate to its own specific needs. 

Reliance 

In preparing the report, we relied on our January 1, 2019 Actuarial Valuation, and, without audit, information 

(some oral and some in writing) supplied by the Plan’s administrator, auditor, and investment consultant. This 

information includes, but is not limited to, plan documents and provisions, participant data, and financial 

information. In general, the participant data used for purposes of this application are the same data used for the 

January 1, 2019 Actuarial Valuation. Additional individual participant information was supplied by the Plan 

administrator subsequent to the January 1, 2019 valuation to refine the benefit payment projections. 

We found this information to be reasonably consistent and comparable with information used for other purposes. 

The results depend on the integrity of this information. If any of this information is incomplete or inaccurate, our 

results may be different and our calculations may need to be revised. 

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 Report of Required Actuarial Information – Application for Proposed Benefit Suspensions 

Report of Required Actuarial Information – Application for Proposed Benefit Suspensions 

Arizona Bricklayers’ Pension Trust Fund 

Table of Contents 

A. Summary of Key Information and Results ......................................................................................................1

B. Supplemental Information for 2020 Critical & Declining Actuarial Certification ..............................................2

C. Response to Revenue Procedure 2017-43 Sections 6.03, 6.04 and Appendix B ..........................................3

D. Proposed Benefit Suspensions .................................................................................................................... 16

E. Proposed Partition ........................................................................................................................................ 17

F. Projection Exhibits ........................................................................................................................................ 18

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Report of Required Actuarial Information – Application for Proposed Benefit Suspensions 1 

Arizona Bricklayers’ Pension Trust Fund 

A. Summary of Key Information and Results 

The application filed on behalf of the Arizona Bricklayers’ Pension Trust Fund sets forth the following 

proposed benefit suspension to be effective January 1, 2022. The suspension is expected to continue 

indefinitely. 

The application proposes that there shall be a reduction in monthly benefits such that the revised monthly 

amount is 110% of the participant’s PBGC guaranteed benefit. The proposed reductions are subject to the 

individual limitations described in §432(e)(9)(D)(i), (ii), and (iii) and aggregate limitations described in 

§432(e)(9)(D)(iv). 

An application for partition financial assistance from the PBGC has also been submitted and is reflected in 

this application. 

The following summary shows the results of the tests required to certify that the proposed suspensions meet 

the requirements set forth by the law. 

1. Key Information

a. Projected year of insolvency without consideration of proposed suspension Year Beginning 

January 1, 2035

b. Proposed effective date of suspension of benefits January 1, 2022

c. End of extended period December 31, 2052

d. Projected funded percentage under IRC §432(j)(2) at end of extended period 100.2%

e. Number of Plan active participants (based on January 1, 2019 actuarial 

valuation) 54

f. Is the proposed suspension in combination with a partition? Yes

g. Proposed effective date of the partition January 1, 2022

2. Limitation on Aggregate Size of Suspension

a. We certify that the proposed suspension is reasonably estimated to enable the Plan to avoid 

insolvency, as required under regulation §1.432(e)(9)-1(d)(5)(ii)(A) based on the following 

analysis. 

i. The solvency ratio is projected on a deterministic basis to be at least 1.0 for each plan year 

throughout the extended period. 

ii. The Plan’s projected funded percentage at the end of the extended period exceeds 100%. 

b. Because the proposed suspension is in combination with a partition a demonstration that the 

benefit suspension is reasonably estimated to not materially exceed the amount necessary to 

enable the plan to avoid insolvency is not required. 

The proposed suspension satisfies the limitations on aggregate size of suspension set forth in Regulation 

§1.432(e)(9)-1(d)(5). 

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Arizona Bricklayers’ Pension Trust Fund 

 The unit credit accrued liability for purposes of calculating the funded percentage is loaded with the 

present value of administrative expenses over the next 30 years. 

Projection Methodology 

 No data grouping techniques were used to produce projections. 

 No changes or adjustments were made to cash flow projections produced by our valuation software. 

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Arizona Bricklayers’ Pension Trust Fund 

Part 3 – Additional Disclosures Relating to Use of Different Assumptions 

The following assumptions differed between the projections produced under Section 3.01 and Sections 3.02, 

4.02(1), 4.03, 6.05 and 6.06. An explanation for the difference is included. 

 Asset information as of December, 31, 2019 – For purposes of the projections included in Section 3.01, we 

used unaudited asset information as of December 31, 2019 provided by the Plan administrator and an 

estimated investment return of 18.9% provided by the investment manager. The projections described in 

Sections 3.02, 4.02(1), 4.03, 6.05 and 6.06 were developed using the audited December 31, 2019 financial 

statements, which resulted in an investment return of 19.16% for the plan year ended December 31, 2019. 

 Investment returns after December 31, 2019 - For the purpose of the projections included in Section 3.01, we 

assumed 6.50% annual returns for plan years after December 31, 2020. The investment return assumption 

used to develop the projections described in Sections 3.02, 4.02(1), 4.03, 6.05 and 6.06 were developed 

using the estimated investment return of -1.1% for January 1, 2020 through June 30, 2020 provided by the 

investment manager, and the plan’s target asset allocations and the expected returns (arithmetic) shown in 

Exhibit 15 of the 2020 edition of the Horizon Survey of Capital Market Assumptions. 

 Liability discount rate - For the purpose of the projections included in Section 3.01, we assumed a 6.50% 

liability discount rate. The liability discount rate used to develop the projections described in Sections 3.02, 

4.02(1), 4.03, 6.05 and 6.06 was lowered to reflect the investment return assumption used to project future 

assets. 

 Form of benefit - For the purpose of the projections included in Section 3.01, we assumed 25% elect the 

single life annuity and 75% elect the 100% joint and survivor with pop-up. The form of benefit assumption 

used to develop the projections described in Sections 3.02, 4.02(1), 4.03, 6.05 and 6.06 was updated to 

closer match the actual experience of the Plan over the past five years. 

 New entrant profile - For the purposes of the projections included in Section 3.01, we assumed that new 

entrants would have similar characteristics to those newly hired between January 1, 2016 and December 31, 

2018. The new entrant profile assumption used to develop the projections described in Sections 3.02, 4.02(1), 

4.03, 6.05 and 6.06 were updated to reflect those newly hired and/or returned to work between January 1, 

2015 and December 31, 2019, and also refined to include earned service at entry. 

 Contribution base units – For the purposes of the projections included in Section 3.01, we assumed projected 

contribution base units of 68,000 hours for the plan year beginning January 1, 2020, 62,000 hours for the plan 

year beginning January 1, 2021, 56,000 hours for the plan year beginning January 1, 2022, and 50,000 hours 

for the plan year beginning January 1, 2023 and each year thereafter, including a 40% load on contributions 

for reciprocity. The contribution base units assumption used to develop the projections described in Sections 

3.02, 4.02(1), 4.03, 6.05 and 6.06 reflect the negative impact of COVID-19 on hours for the plan years 

beginning January 1, 2020 and January 1, 2021. 

 Administrative expenses – For the purposes of the projections included in Section 3.01, we assumed that 

administrative expenses would be $525,000 for the plan year beginning January 1, 2020, $400,000 for the 

plan year beginning January 1, 2021, $285,000 for the plan year beginning January 1, 2022, and then 

increase by 2% per year thereafter. The administrative expense assumption was refined for the projections 

described in Sections 3.02, 4.02(1), 4.03, 6.05 and 6.06 to better reflect expected expenses after 2021, to 

reflect lower expenses upon insolvency, to reflect an additional expense under a partition, and to reflect costsharing of expenses between the Original Plan and Successor Plan under a partition. 

 Administrative expenses load - For the purposes of the projections included in Section 3.01, we did not 

include a load on the unit credit liability. For the projections described in Sections 3.02, 4.02(1), 4.03, 6.05 

and 6.06, a load was added to recognize that over time expenses are projected to become a significant 

percentage of the Plan’s cash outflow once benefit payments reach their peak and start to decline. 

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Arizona Bricklayers’ Pension Trust Fund 

D. Proposed Benefit Suspensions 

The application filed on behalf of the Arizona Bricklayers’ Pension Trust Fund sets forth the following proposed 

benefit suspension to be effective January 1, 2022. The suspension is expected to continue indefinitely. 

The application proposes that there shall be a maximum reduction in monthly benefits such that the revised 

monthly amount is 110% of the PBGC guaranteed benefit. The proposed reductions are subject to the individual 

limitations described in §432(e)(9)(D)(i), (ii), and (iii) and aggregate limitations described in §432(e)(9)(D)(iv). 

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Arizona Bricklayers’ Pension Trust Fund 

E. Proposed Partition 

The Trustees of the Arizona Bricklayers’ Pension Trust Fund have applied for a partition effective January 1, 

2022. Under the proposed partition, the guaranteed amounts for 188 terminated vested participants would be 

partitioned to the Successor Plan and paid for through financial assistance provided by the Pension Benefit 

Guaranty Corporation. Our analysis indicates that the level of financial assistance requested reasonably allows for 

the Plan to avoid insolvency. 

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Arizona Bricklayers’ Pension Trust Fund 

F. Projection Exhibits 

Below are the following projection exhibits: 

 Checklist Item #5: Solvency Projection Supporting January 1, 2020 Critical and Declining PPA Status 

Certification 

 Checklist Item #6: Original Plan Projection without Suspension or Partition 

 Checklist Items #6 and #28: Original Plan Projection with Suspension and Partition 

 Checklist Item #24: Projection of Amount of Reduction in Benefit Payments Attributable to Partition 

 Checklist Item #27: Original Plan Projection with Suspension and Partition Assuming 1% Lower 

Investment Returns 

 Checklist Item #27: Original Plan Projection with Suspension and Partition Assuming 2% Lower 

Investment Returns 

 Checklist Item #27: Original Plan Projection with Suspension and Partition Assuming 10-Year 

Contribution Base Unit Trend of -6% Per Year 

 Checklist Item #27: Original Plan Projection with Suspension and Partition Assuming 10-Year 

Contribution Base Unit Trend Minus 1%, or -7% Per Year 

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Report of Required Actuarial Information – Application for Proposed Benefit Suspensions 19 

Arizona Bricklayers’ Pension Trust Fund 

MPRA Application Checklist Item #5: Solvency Projection Supporting January 1, 2020 Critical and Declining PPA Status Certification

Market Value Administrative Investment Investment Market Value Available

Plan Year Beginning of Year Contributions Active Retiree Terminated Vested Beneficiary New Entrant Expenses Return (%) Return ($) End of Year Resources

2019 26,730,380 113,000 0 0 0 0 2,128,450 334,535 18.90% 4,839,573 29,219,968 31,348,418

2020 29,219,968 85,680 28,412 1,815,230 240,665 308,201 1 525,000 6.50% 1,808,712 28,196,851 30,589,360

2021 28,196,851 78,120 41,859 1,764,867 307,256 291,186 2 400,000 6.50% 1,745,561 27,215,363 29,620,532

2022 27,215,363 70,560 49,544 1,711,844 372,082 274,233 2,584 285,000 6.50% 1,685,038 26,275,674 28,685,961

2023 26,275,674 63,000 61,663 1,656,291 454,921 257,446 3,436 290,700 6.50% 1,622,783 25,237,001 27,670,757

2024 25,237,001 63,000 69,619 1,598,358 520,881 240,919 4,011 296,514 6.50% 1,555,082 24,124,780 26,558,569

2025 24,124,780 63,000 77,965 1,538,208 586,686 224,742 4,571 302,444 6.50% 1,482,650 22,935,814 25,367,986

2026 22,935,814 63,000 87,729 1,476,016 647,879 209,000 5,320 308,492 6.50% 1,405,373 21,669,750 24,095,695

2027 21,669,750 63,000 94,265 1,411,992 690,512 193,769 8,266 314,663 6.50% 1,323,750 20,343,034 22,741,838

2028 20,343,034 63,000 98,989 1,346,375 737,419 179,118 9,903 320,956 6.50% 1,238,175 18,951,448 21,323,253

2029 18,951,448 63,000 105,347 1,279,430 788,764 165,104 11,401 327,375 6.50% 1,148,213 17,485,241 19,835,287

2030 17,485,241 63,000 111,939 1,211,435 827,671 151,769 13,051 333,923 6.50% 1,053,794 15,952,247 18,268,113

2031 15,952,247 63,000 114,109 1,142,697 867,127 139,143 15,098 340,601 6.50% 955,141 14,351,614 16,629,788

2032 14,351,614 63,000 114,459 1,073,553 904,005 127,244 19,084 347,413 6.50% 852,156 12,681,012 14,919,357

2033 12,681,012 63,000 116,047 1,004,349 932,646 116,068 21,801 354,361 6.50% 744,862 10,943,601 13,134,513

2034 10,943,601 63,000 118,840 935,433 946,852 105,593 24,425 361,449 6.50% 633,615 9,147,625 11,278,767

2035 9,147,625 63,000 120,198 867,154 969,448 95,794 27,075 368,678 6.50% 518,292 7,280,570 9,360,239

2036 7,280,570 63,000 122,792 799,870 971,476 86,652 29,867 376,051 6.50% 398,905 5,355,766 7,366,424

2037 5,355,766 63,000 121,936 733,963 983,902 78,147 33,149 383,573 6.50% 275,458 3,359,554 5,310,652

2038 3,359,554 63,000 120,732 669,839 987,964 70,253 36,117 391,244 6.50% 147,576 1,293,981 3,178,886

2039 1,293,981 63,000 123,122 607,902 998,579 62,946 39,098 399,069 6.50% N/A Insolvent Insolvent

Comments/Notes

-Cash flow information for 2019 Plan Year based on December 31, 2019 unaudited financial statements. Total benefit payments for 2019 are shown under New Entrants column.

-Estimated 18.90% return for 2019 Plan Year provided by Investment Consultant.

-No future withdrawal liability payments are assumed.

-Plan is projected to become insolvent in plan year beginning January 1, 2039.

Benefit Payments by Status

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Arizona Bricklayers’ Pension Trust Fund 

MPRA Application Checklist Item #6: Original Plan Projection without Suspension or Partition

Market Value Administrative Investment Investment Market Value Available Solvency Accrued Funded 

Plan Year Beginning Contributions Active Retiree Terminated Vested Beneficiary New Entrant Expenses Return (%) Return ($) Ending Resources Ratio Liability Percentage

2019 26,730,380 115,394 0 0 0 0 2,128,450 303,790 19.16% 4,908,124 29,321,658 31,450,108 14.78 38,580,897 69.3%

1/1/2020-6/30/2020 29,321,658 33,567 0 0 0 0 1,061,586 168,286 -1.10% -315,940 27,809,413 29,246,367 12.19 38,070,969 77.0%

7/1/2020-12/31/2020 27,809,413 28,398 0 0 0 0 1,338,121 356,714 2.61% 703,684 26,846,660 N/A N/A N/A N/A

2021 26,846,660 70,560 42,708 1,764,303 313,345 294,236 11 400,000 4.98% 1,269,467 25,372,084 27,786,687 11.51 37,269,541 72.0%

2022 25,372,084 70,560 50,449 1,711,721 378,805 278,255 635 250,000 4.98% 1,199,593 23,972,372 26,392,237 10.91 36,539,221 69.4%

2023 23,972,372 63,000 62,714 1,656,944 462,578 262,287 1,630 254,713 4.98% 1,128,939 22,463,444 24,909,598 10.18 35,914,193 66.7%

2024 22,463,444 63,000 70,698 1,600,070 528,921 246,444 2,195 259,515 4.98% 1,053,623 20,872,224 23,320,551 9.53 35,218,849 63.8%

2025 20,872,224 63,000 79,079 1,541,201 595,006 230,831 2,964 264,341 4.98% 974,243 19,196,044 21,645,125 8.84 34,478,722 60.5%

2026 19,196,044 63,000 88,898 1,480,458 656,282 215,539 3,976 269,290 4.98% 890,744 17,435,345 19,880,497 8.13 33,689,529 57.0%

2027 17,435,345 63,000 95,395 1,417,991 698,485 200,653 6,525 274,332 4.98% 803,579 15,608,541 18,027,592 7.45 32,852,297 53.1%

2028 15,608,541 63,000 100,038 1,353,983 745,054 186,251 9,884 279,467 4.98% 713,065 13,709,928 16,105,139 6.72 31,987,072 48.8%

2029 13,709,928 63,000 106,361 1,288,634 796,154 172,399 12,322 284,698 4.98% 618,861 11,731,223 14,107,092 5.94 31,089,678 44.1%

2030 11,731,223 63,000 112,924 1,222,166 834,501 159,146 15,365 289,989 5.88% 615,285 9,775,416 12,119,518 5.17 30,154,259 38.9%

2031 9,775,416 63,000 114,952 1,154,836 873,434 146,523 18,551 295,379 5.88% 501,166 7,735,907 10,044,203 4.35 29,191,855 33.5%

2032 7,735,907 63,000 115,121 1,086,939 909,750 134,551 22,477 300,868 5.88% 382,227 5,611,428 7,880,266 3.47 28,205,872 27.4%

2033 5,611,428 63,000 116,571 1,018,790 937,677 123,233 27,036 306,419 5.88% 258,466 3,403,168 5,626,475 2.53 27,199,016 20.6%

2034 3,403,168 63,000 119,272 950,721 950,880 112,560 31,053 312,112 5.88% 130,160 1,119,731 3,284,216 1.52 26,177,949 13.0%

2035 1,119,731 63,000 53,221 389,976 429,591 45,274 15,645 254,684 5.88% N/A Insolvent Insolvent 0.44 25,155,637 4.5%

Comments/Notes

-Information for 2019 Plan Year based on December 31, 2019 audited financial statements. Total benefit payments for 2019 are shown under New Entrants column.

-No future withdrawal liability payments are assumed.

-Accrued liability includes expense loading equal to present value of future expenses (30 years), calculated at 5.5% discount rate.

-Plan is projected to become insolvent in plan year beginning January 1, 2035.

Benefit Payments by Status

-Information for 2020 Plan Year bifurcated between January 1, 2020 to June 30, 2020 and July 1, 2020 to December 31, 2020. Non-investment cash flows for the first half of the year are based on information provided by the plan administrator and assuming -

1.1% rate of return. Non-investment cash flows for the second half of the year are estimated such that the full year's expectation is met. In addition, the investment return was solved for such that the full year's return would match the assumption of 1.39%. 

Total benefit payments for the two periods of 2020 are shown under New Entrants column.

AZ BRK 000051
Milliman 

 

 Report of Required Actuarial Information – Application for Proposed Benefit Suspensions 

 

Report of Required Actuarial Information – Application for Proposed Benefit Suspensions 21 

Arizona Bricklayers’ Pension Trust Fund 

MPRA Application Checklist Item #6 and #28: Original Plan Projection with Suspension and Partition

Market Value Administrative Investment Investment Market Value Available Solvency Accrued Funded 

Plan Year Beginning Contributions Active Retiree Terminated Vested Beneficiary New Entrant Expenses Return (%) Return ($) Ending Resources Ratio Liability Percentage

2019 26,730,380 115,394 0 0 0 0 2,128,450 303,790 19.16% 4,908,124 29,321,658 31,450,108 14.78 37,804,523 70.7%

1/1/2020-6/30/2020 29,321,658 33,567 0 0 0 0 1,061,586 168,286 -1.10% -315,940 27,809,413 29,246,367 12.19 37,240,689 78.7%

7/1/2020-12/31/2020 27,809,413 28,398 0 0 0 0 1,338,121 356,714 2.61% 703,684 26,846,660 N/A N/A N/A N/A

2021 26,846,660 70,560 42,708 1,764,303 313,345 294,236 11 400,000 4.98% 1,269,467 25,372,084 27,786,687 11.51 36,384,101 73.8%

2022 25,372,084 70,560 47,289 1,605,959 31,466 265,247 635 187,769 4.98% 1,212,667 24,516,947 26,467,542 13.57 24,703,185 102.7%

2023 24,516,947 63,000 58,832 1,551,980 38,854 249,563 1,630 190,608 4.98% 1,171,049 23,659,528 25,560,388 13.45 23,967,484 102 3%

2024 23,659,528 63,000 66,388 1,496,056 45,168 234,025 2,194 193,477 4.98% 1,129,681 22,814,900 24,658,732 13.37 23,237,060 101.8%

2025 22,814,900 63,000 74,243 1,438,313 51,733 218,736 2,964 196,076 4.98% 1,088,978 21,984,812 23,770,802 13.31 22,524,354 101 3%

2026 21,984,812 63,000 83,501 1,378,891 58,068 203,790 3,975 198,853 4.98% 1,048,992 21,169,725 22,897,951 13.25 21,828,111 100.7%

2027 21,169,725 63,000 89,715 1,317,967 63,336 189,272 6,525 201,665 4.98% 1,009,842 20,374,087 22,040,902 13.22 21,147,926 100.1%

2028 20,374,087 63,000 94,123 1,255,746 69,680 175,261 9,884 204,519 4.98% 971,677 19,599,551 21,204,244 13.21 20,488,251 99.4%

2029 19,599,551 63,000 100,110 1,192,454 81,332 161,822 12,321 207,424 4.98% 934,427 18,841,515 20,389,554 13.17 19,850,577 98.7%

2030 18,841,515 63,000 106,248 1,128,337 91,111 149,006 15,365 210,198 5.88% 1,060,433 18,264,683 19,754,750 13.26 19,231,015 98.0%

2031 18,264,683 63,000 108,163 1,063,673 105,262 136,843 18,550 213,027 5.88% 1,028,102 17,710,267 19,142,759 13.36 18,632,338 98.0%

2032 17,710,267 63,000 108,355 998,772 145,642 125,352 22,477 211,397 5.88% 996,474 17,157,746 18,558,344 13.25 18,055,966 98.1%

2033 17,157,746 63,000 109,755 933,958 179,554 114,536 27,035 214,164 5.88% 964,942 16,606,687 17,971,524 13.17 17,481,477 98.1%

2034 16,606,687 63,000 112,285 869,562 201,253 104,382 31,053 217,263 5.88% 933,791 16,067,682 17,386,215 13.19 16,908,141 98 2%

2035 16,067,682 63,000 113,452 805,911 231,687 94,874 35,427 220,516 5.88% 903,081 15,531,897 16,813,247 13.12 16,346,599 98 3%

2036 15,531,897 63,000 115,836 743,339 244,281 85,993 39,887 223,708 5.88% 872,992 15,014,846 16,244,181 13.21 15,787,947 98.4%

2037 15,014,846 63,000 114,931 682,199 267,953 77,721 45,008 227,096 5.88% 843,695 14,506,632 15,694,444 13.21 15,247,691 98 5%

2038 14,506,632 63,000 113,702 622,862 285,127 70,036 50,617 230,989 5.88% 815,016 14,011,315 15,153,659 13.27 14,715,848 98.6%

2039 14,011,315 63,000 116,033 565,684 309,838 62,916 55,646 234,903 5.88% 786,712 13,516,006 14,626,124 13.18 14,197,474 98.7%

2040 13,516,006 63,000 114,541 510,995 330,081 56,335 60,894 239,147 5.88% 758,545 13,025,558 14,098,405 13.14 13,680,026 98.8%

2041 13,025,558 63,000 112,887 459,064 341,951 50,268 66,165 243,774 5.88% 730,805 12,545,254 13,575,589 13.18 13,168,453 98 9%

2042 12,545,254 63,000 113,750 410,102 354,132 44,684 71,840 248,846 5.88% 703,454 12,068,355 13,062,862 13.14 12,668,035 99.0%

2043 12,068,355 63,000 111,258 364,274 367,330 39,552 77,810 254,427 5.88% 676,244 11,592,948 12,553,171 13.07 12,172,019 99.1%

2044 11,592,948 63,000 108,327 321,701 364,523 34,838 83,328 260,584 5.88% 649,489 11,132,135 12,044,853 13.20 11,678,534 99 3%

2045 11,132,135 63,000 112,046 282,465 366,879 30,520 88,947 267,383 5.88% 623,119 10,670,014 11,550,871 13.11 11,200,732 99.4%

2046 10,670,014 63,000 108,215 246,597 364,628 26,577 94,517 263,429 5.88% 597,230 10,226,281 11,066,816 13.17 10,722,693 99 5%

2047 10,226,281 63,000 106,410 214,070 358,282 22,994 100,698 252,969 5.88% 572,545 9,806,403 10,608,857 13.22 10,264,170 99.6%

2048 9,806,403 63,000 102,413 184,790 355,133 19,755 107,246 243,534 5.88% 549,089 9,405,621 10,174,958 13.23 9,830,603 99.8%

2049 9,405,621 63,000 97,816 158,627 347,729 16,847 113,083 233,344 5.88% 526,840 9,028,016 9,762,117 13.30 9,417,203 99 9%

2050 9,028,016 63,000 94,272 135,423 339,769 14,255 119,013 224,201 5.88% 505,810 8,669,893 9,372,625 13.34 9,028,040 100.0%

2051 8,669,893 63,000 89,317 114,993 331,233 11,962 124,845 215,183 5.88% 485,895 8,331,256 9,003,605 13.39 8,659,389 100.1%

2052 8,331,256 63,000 84,252 97,137 322,102 9,949 130,577 206,510 5.88% 467,055 8,010,783 8,654,800 13.44 8,311,233 100 2%

Comments/Notes

-Information for 2019 Plan Year based on December 31, 2019 audited financial statements. Total benefit payments for 2019 are shown under New Entrants column.

-No future withdrawal liability payments are assumed.

-Maximum suspension and partition effective January 1, 2022.

-Administrative expenses expected to increase by 5% due to partition and are pro-rated between Original Plan and Successor Plan based on projected headcounts.

-Original Plan is projected to remain solvent with suspension and partition and become 100% funded at the end of the extended period.

-Accrued liability includes expense loading equal to present value of future expenses (30 years), calculated at 5.5% discount rate.

Benefit Payments by Status

-Information for 2020 Plan Year bifurcated between January 1, 2020 to June 30, 2020 and July 1, 2020 to December 31, 2020. Non-investment cash flows for the first half of the year are based on information provided by the plan administrator and assuming -

1.1% rate of return. Non-investment cash flows for the second half of the year are estimated such that the full year's expectation is met. In addition, the investment return was solved such that the full year's return would match the assumption of 1.39%. Total 

benefit payments for the two periods of 2020 are shown under New Entrants column.

AZ BRK 000052
Milliman 

 

 Report of Required Actuarial Information – Application for Proposed Benefit Suspensions 

 

Report of Required Actuarial Information – Application for Proposed Benefit Suspensions 22 

Arizona Bricklayers’ Pension Trust Fund 

MPRA Application Checklist Item #24: Projection of Amount of Reduction in Benefit Payments Attributable to Partition

Year Active Retiree Terminated Vested Beneficiary New Entrant

2022 0 0 293,844 0 0

2023 0 0 362,724 0 0

2024 0 0 416,882 0 0

2025 0 0 470,368 0 0

2026 0 0 519,356 0 0

2027 0 0 553,153 0 0

2028 0 0 589,599 0 0

2029 0 0 624,365 0 0

2030 0 0 650,086 0 0

2031 0 0 671,856 0 0

2032 0 0 664,687 0 0

2033 0 0 656,734 0 0

2034 0 0 647,915 0 0

2035 0 0 638,145 0 0

2036 0 0 627,336 0 0

2037 0 0 615,399 0 0

2038 0 0 602,246 0 0

2039 0 0 587,792 0 0

2040 0 0 571,956 0 0

2041 0 0 554,672 0 0

2042 0 0 535,887 0 0

2043 0 0 515,576 0 0

2044 0 0 493,745 0 0

2045 0 0 470,448 0 0

2046 0 0 445,785 0 0

2047 0 0 419,900 0 0

2048 0 0 392,984 0 0

2049 0 0 365,262 0 0

2050 0 0 336,998 0 0

2051 0 0 308,484 0 0

2052 0 0 280,031 0 0

Benefit Payments by Status

AZ BRK 000053
Milliman 

 

 Report of Required Actuarial Information – Application for Proposed Benefit Suspensions 

 

Report of Required Actuarial Information – Application for Proposed Benefit Suspensions 23 

Arizona Bricklayers’ Pension Trust Fund 

MPRA Application Checklist Item #27: Original Plan Projection with Suspension and Partition Assuming 1% Lower Investment Returns

Market Value Administrative Investment Investment Market Value Available Solvency Accrued Funded 

Plan Year Beginning Contributions Active Retiree Terminated Vested Beneficiary New Entrant Expenses Return (%) Return ($) Ending Resources Ratio Liability Percentage

2019 26,730,380 115,394 0 0 0 0 2,128,450 303,790 19.16% 4,908,124 29,321,658 31,450,108 14.78 37,804,523 70.7%

1/1/2020-6/30/2020 29,321,658 33,567 0 0 0 0 1,061,586 168,286 -1.10% -315,940 27,809,413 28,967,401 12.19 37,240,689 78.7%

7/1/2020-12/31/2020 27,809,413 28,398 0 0 0 0 1,338,121 356,714 1.57% 424,718 26,567,694 N/A N/A N/A N/A

2021 26,567,694 70,560 42,708 1,764,303 313,345 294,236 11 400,000 3.98% 1,003,321 24,826,972 27,241,575 11.28 36,384,101 73.0%

2022 24,826,972 70,560 47,289 1,605,959 31,466 265,247 635 187,769 3.98% 947,366 23,706,534 25,657,129 13.15 24,703,185 100.5%

2023 23,706,534 63,000 58,832 1,551,980 38,854 249,563 1,630 190,608 3.98% 903,547 22,581,613 24,482,473 12.88 23,967,484 98.9%

2024 22,581,613 63,000 66,388 1,496,056 45,168 234,025 2,194 193,477 3.98% 859,843 21,467,147 23,310,979 12.64 23,237,060 97.2%

2025 21,467,147 63,000 74,243 1,438,313 51,733 218,736 2,964 196,076 3.98% 816,576 20,364,657 22,150,647 12.40 22,524,354 95.3%

2026 20,364,657 63,000 83,501 1,378,891 58,068 203,790 3,975 198,853 3.98% 773,780 19,274,358 21,002,584 12.15 21,828,111 93.3%

2027 19,274,358 63,000 89,715 1,317,967 63,336 189,272 6,525 201,665 3.98% 731,541 18,200,419 19,867,234 11.92 21,147,926 91.1%

2028 18,200,419 63,000 94,123 1,255,746 69,680 175,261 9,884 204,519 3.98% 689,966 17,144,172 18,748,865 11.68 20,488,251 88.8%

2029 17,144,172 63,000 100,110 1,192,454 81,332 161,822 12,321 207,424 3.98% 648,987 16,100,696 17,648,735 11.40 19,850,577 86.4%

2030 16,100,696 63,000 106,248 1,128,337 91,111 149,006 15,365 210,198 4.88% 746,241 15,209,672 16,699,739 11.21 19,231,015 83.7%

2031 15,209,672 63,000 108,163 1,063,673 105,262 136,843 18,550 213,027 4.88% 704,078 14,331,232 15,763,724 11.00 18,632,338 81.6%

2032 14,331,232 63,000 108,355 998,772 145,642 125,352 22,477 211,397 4.88% 662,019 13,444,256 14,844,854 10.60 18,055,966 79.4%

2033 13,444,256 63,000 109,755 933,958 179,554 114,536 27,035 214,164 4.88% 619,530 12,547,785 13,912,622 10.19 17,481,477 76.9%

2034 12,547,785 63,000 112,285 869,562 201,253 104,382 31,053 217,263 4.88% 576,824 11,651,813 12,970,346 9.84 16,908,141 74.2%

2035 11,651,813 63,000 113,452 805,911 231,687 94,874 35,427 220,516 4.88% 533,918 10,746,865 12,028,215 9.39 16,346,599 71.3%

2036 10,746,865 63,000 115,836 743,339 244,281 85,993 39,887 223,708 4.88% 490,934 9,847,756 11,077,091 9.01 15,787,947 68.1%

2037 9,847,756 63,000 114,931 682,199 267,953 77,721 45,008 227,096 4.88% 447,977 8,943,824 10,131,636 8.53 15,247,691 64.6%

2038 8,943,824 63,000 113,702 622,862 285,127 70,036 50,617 230,989 4.88% 404,867 8,038,358 9,180,702 8.04 14,715,848 60.8%

2039 8,038,358 63,000 116,033 565,684 309,838 62,916 55,646 234,903 4.88% 361,363 7,117,700 8,227,818 7.41 14,197,474 56.6%

2040 7,117,700 63,000 114,541 510,995 330,081 56,335 60,894 239,147 4.88% 317,231 6,185,938 7,258,785 6.77 13,680,026 52.0%

2041 6,185,938 63,000 112,887 459,064 341,951 50,268 66,165 243,774 4.88% 272,675 5,247,504 6,277,839 6.09 13,168,453 47.0%

2042 5,247,504 63,000 113,750 410,102 354,132 44,684 71,840 248,846 4.88% 227,621 4,294,772 5,289,279 5.32 12,668,035 41.4%

2043 4,294,772 63,000 111,258 364,274 367,330 39,552 77,810 254,427 4.88% 181,819 3,324,940 4,285,163 4.46 12,172,019 35.3%

2044 3,324,940 63,000 108,327 321,701 364,523 34,838 83,328 260,584 4.88% 135,488 2,350,126 3,262,844 3.57 11,678,534 28.5%

2045 2,350,126 63,000 112,046 282,465 366,879 30,520 88,947 267,383 4.88% 88,522 1,353,408 2,234,265 2.54 11,200,732 21.0%

2046 1,353,408 63,000 108,215 246,597 364,628 26,577 94,517 263,429 4.88% 40,949 353,394 1,193,929 1.42 10,722,693 12.6%

2047 353,394 63,000 106,410 214,070 358,282 22,994 100,698 252,969 4.88% N/A Insolvent Insolvent 0.20 10,264,170 3.4%

Comments/Notes

-Information for 2019 Plan Year based on December 31, 2019 audited financial statements. Total benefit payments for 2019 are shown under New Entrants column.

-No future withdrawal liability payments are assumed.

-Maximum suspension and partition effective January 1, 2022.

-Administrative expenses expected to increase by 5% due to partition and are pro-rated between Original Plan and Successor Plan based on projected headcounts.

-Accrued liability includes expense loading equal to present value of future expenses (30 years), calculated at 5.5% discount rate.

-Original Plan is projected to become insolvent in the plan year beginning January 1, 2047 if returns are 1% lower than the baseline scenario.

Benefit Payments by Status

-Information for 2020 Plan Year bifurcated between January 1, 2020 to June 30, 2020 and July 1, 2020 to December 31, 2020. Non-investment cash flows for the first half of the year are based on information provided by the plan administrator and assuming -

1.1% rate of return. Non-investment cash flows for the second half of the year are estimated such that the full year's expectation is met. In addition, the investment return was solved such that the full year's return would match the assumption of 0.39%. Total 

benefit payments for the two periods of 2020 are shown under New Entrants column.

AZ BRK 000054
Milliman 

 

 Report of Required Actuarial Information – Application for Proposed Benefit Suspensions 

 

Report of Required Actuarial Information – Application for Proposed Benefit Suspensions 24 

Arizona Bricklayers’ Pension Trust Fund 

MPRA Application Checklist Item #27: Original Plan Projection with Suspension and Partition Assuming 2% Lower Investment Returns

Market Value Administrative Investment Investment Market Value Available Solvency Accrued Funded 

Plan Year Beginning Contributions Active Retiree Terminated Vested Beneficiary New Entrant Expenses Return (%) Return ($) Ending Resources Ratio Liability Percentage

2019 26,730,380 115,394 0 0 0 0 2,128,450 303,790 19.16% 4,908,124 29,321,658 31,450,108 14.78 37,804,523 70.7%

1/1/2020-6/30/2020 29,321,658 33,567 0 0 0 0 1,061,586 168,286 -1.10% -315,940 27,809,413 28,688,506 12.19 37,240,689 78.7%

7/1/2020-12/31/2020 27,809,413 28,398 0 0 0 0 1,338,121 356,714 0.54% 145,823 26,288,799 N/A N/A N/A N/A

2021 26,288,799 70,560 42,708 1,764,303 313,345 294,236 11 400,000 2.98% 742,820 24,287,576 26,702,179 11.06 36,384,101 72.3%

2022 24,287,576 70,560 47,289 1,605,959 31,466 265,247 635 187,769 2.98% 693,186 22,912,958 24,863,553 12.75 24,703,185 98.3%

2023 22,912,958 63,000 58,832 1,551,980 38,854 249,563 1,630 190,608 2.98% 652,804 21,537,294 23,438,154 12.33 23,967,484 95.6%

2024 21,537,294 63,000 66,388 1,496,056 45,168 234,025 2,194 193,477 2.98% 612,610 20,175,595 22,019,427 11.94 23,237,060 92.7%

2025 20,175,595 63,000 74,243 1,438,313 51,733 218,736 2,964 196,076 2.98% 572,849 18,829,378 20,615,368 11.54 22,524,354 89.6%

2026 18,829,378 63,000 83,501 1,378,891 58,068 203,790 3,975 198,853 2.98% 533,545 17,498,844 19,227,070 11.13 21,828,111 86.3%

2027 17,498,844 63,000 89,715 1,317,967 63,336 189,272 6,525 201,665 2.98% 494,761 16,188,125 17,854,940 10.71 21,147,926 82.7%

2028 16,188,125 63,000 94,123 1,255,746 69,680 175,261 9,884 204,519 2.98% 456,579 14,898,491 16,503,184 10.28 20,488,251 79.0%

2029 14,898,491 63,000 100,110 1,192,454 81,332 161,822 12,321 207,424 2.98% 418,942 13,624,970 15,173,009 9.80 19,850,577 75.1%

2030 13,624,970 63,000 106,248 1,128,337 91,111 149,006 15,365 210,198 3.88% 497,188 12,484,893 13,974,960 9.38 19,231,015 70.8%

2031 12,484,893 63,000 108,163 1,063,673 105,262 136,843 18,550 213,027 3.88% 454,005 11,356,380 12,788,872 8.93 18,632,338 67.0%

2032 11,356,380 63,000 108,355 998,772 145,642 125,352 22,477 211,397 3.88% 410,863 10,218,248 11,618,846 8.30 18,055,966 62.9%

2033 10,218,248 63,000 109,755 933,958 179,554 114,536 27,035 214,164 3.88% 367,337 9,069,584 10,434,421 7.65 17,481,477 58.5%

2034 9,069,584 63,000 112,285 869,562 201,253 104,382 31,053 217,263 3.88% 323,600 7,920,388 9,238,921 7.01 16,908,141 53.6%

2035 7,920,388 63,000 113,452 805,911 231,687 94,874 35,427 220,516 3.88% 279,663 6,761,185 8,042,535 6.28 16,346,599 48.5%

2036 6,761,185 63,000 115,836 743,339 244,281 85,993 39,887 223,708 3.88% 235,624 5,606,766 6,836,101 5.56 15,787,947 42.8%

2037 5,606,766 63,000 114,931 682,199 267,953 77,721 45,008 227,096 3.88% 191,565 4,446,422 5,634,234 4.74 15,247,691 36.8%

2038 4,446,422 63,000 113,702 622,862 285,127 70,036 50,617 230,989 3.88% 147,343 3,283,432 4,425,776 3.87 14,715,848 30.2%

2039 3,283,432 63,000 116,033 565,684 309,838 62,916 55,646 234,903 3.88% 102,763 2,104,174 3,214,292 2.90 14,197,474 23.1%

2040 2,104,174 63,000 114,541 510,995 330,081 56,335 60,894 239,147 3.88% 57,642 912,823 1,985,670 1.85 13,680,026 15.4%

2041 912,823 63,000 112,887 459,064 341,951 50,268 66,165 243,774 3.88% N/A Insolvent Insolvent 0.72 13,168,453 6.9%

Comments/Notes

-Information for 2019 Plan Year based on December 31, 2019 audited financial statements. Total benefit payments for 2019 are shown under New Entrants column.

-No future withdrawal liability payments are assumed.

-Maximum suspension and partition effective January 1, 2022.

-Administrative expenses expected to increase by 5% due to partition and are pro-rated between Original Plan and Successor Plan based on projected headcounts.

-Accrued liability includes expense loading equal to present value of future expenses (30 years), calculated at 5.5% discount rate.

-Original Plan is projected to become insolvent in the plan year beginning January 1, 2041 if returns are 2% lower than the baseline scenario.

Benefit Payments by Status

-Information for 2020 Plan Year bifurcated between January 1, 2020 to June 30, 2020 and July 1, 2020 to December 31, 2020. Non-investment cash flows for the first half of the year are based on information provided by the plan administrator and assuming -

1.1% rate of return. Non-investment cash flows for the second half of the year are estimated such that the full year's expectation is met. In addition, the investment return was solved such that the full year's return would match the assumption of -0.61%. Total 

benefit payments for the two periods of 2020 are shown under New Entrants column.

AZ BRK 000055
Milliman 

 

 Report of Required Actuarial Information – Application for Proposed Benefit Suspensions 

 

Report of Required Actuarial Information – Application for Proposed Benefit Suspensions 25 

Arizona Bricklayers’ Pension Trust Fund 

MPRA Application Checklist Item #27: Original Plan Projection with Suspension and Partition Assuming 10-Year Contribution Base Unit Trend of -7.9% Per Year

Market Value Administrative Investment Investment Market Value Available Solvency Accrued Funded 

Plan Year Beginning Contributions Active Retiree Terminated Vested Beneficiary New Entrant Expenses Return (%) Return ($) Ending Resources Ratio Liability Percentage

2019 26,730,380 115,394 0 0 0 0 2,128,450 303,790 19.16% 4,908,124 29,321,658 31,450,108 14.78 37,804,523 70.7%

1/1/2020-6/30/2020 29,321,658 33,567 0 0 0 0 1,061,586 168,286 -1.10% -315,940 27,809,413 29,290,986 12.21 37,240,689 78.7%

7/1/2020-12/31/2020 27,809,413 72,711 0 0 0 0 1,338,121 356,714 2.61% 703,991 26,891,280 N/A N/A N/A N/A

2021 26,891,280 97,882 42,708 1,764,303 313,345 294,236 11 400,000 4.98% 1,272,361 25,446,920 27,861,523 11.54 36,384,101 73 9%

2022 25,446,920 90,149 47,289 1,605,959 31,466 265,247 635 187,769 4.98% 1,216,876 24,615,581 26,566,176 13.62 24,703,185 103.0%

2023 24,615,581 83,027 58,832 1,551,980 38,854 249,563 1,630 190,608 4.98% 1,176,453 23,783,594 25,684,453 13.51 23,967,484 102.7%

2024 23,783,594 76,468 66,388 1,496,056 45,168 234,025 2,194 193,477 4.98% 1,136,191 22,958,944 24,802,776 13.45 23,237,060 102.4%

2025 22,958,944 70,427 74,243 1,438,313 51,733 218,736 2,964 196,076 4.98% 1,096,334 22,143,639 23,929,629 13.40 22,524,354 101 9%

2026 22,143,639 64,864 83,501 1,378,891 58,068 203,790 3,975 198,853 4.98% 1,056,947 21,338,370 23,066,597 13.35 21,828,111 101.4%

2027 21,338,370 59,739 89,715 1,317,967 63,336 189,272 6,525 201,665 4.98% 1,018,160 20,547,790 22,214,605 13.33 21,147,926 100 9%

2028 20,547,790 55,020 94,123 1,255,746 69,680 175,261 9,884 204,519 4.98% 980,131 19,773,728 21,378,421 13.32 20,488,251 100 3%

2029 19,773,728 50,673 100,110 1,192,454 81,332 161,822 12,321 207,424 4.98% 942,798 19,011,736 20,559,775 13.28 19,850,577 99.6%

2030 19,011,736 46,670 106,248 1,128,337 91,111 149,006 15,365 210,198 5.88% 1,069,969 18,428,111 19,918,178 13.37 19,231,015 98 9%

2031 18,428,111 42,983 108,163 1,063,673 105,262 136,843 18,550 213,027 5.88% 1,037,131 17,862,707 19,295,198 13.47 18,632,338 98 9%

2032 17,862,707 39,588 108,355 998,772 145,642 125,352 22,477 211,397 5.88% 1,004,759 17,295,058 18,695,656 13.35 18,055,966 98 9%

2033 17,295,058 36,460 109,755 933,958 179,554 114,536 27,035 214,164 5.88% 972,246 16,724,763 18,089,600 13.25 17,481,477 98 9%

2034 16,724,763 33,580 112,285 869,562 201,253 104,382 31,053 217,263 5.88% 939,882 16,162,429 17,480,962 13.26 16,908,141 98 9%

2035 16,162,429 30,927 113,452 805,911 231,687 94,874 35,427 220,516 5.88% 907,723 15,599,213 16,880,563 13.17 16,346,599 98 9%

2036 15,599,213 28,484 115,836 743,339 244,281 85,993 39,887 223,708 5.88% 875,950 15,050,604 16,279,939 13.24 15,787,947 98.8%

2037 15,050,604 26,234 114,931 682,199 267,953 77,721 45,008 227,096 5.88% 844,732 14,506,660 15,694,473 13.21 15,247,691 98.7%

2038 14,506,660 24,161 113,702 622,862 285,127 70,036 50,617 230,989 5.88% 813,893 13,971,382 15,113,725 13.23 14,715,848 98.6%

2039 13,971,382 22,252 116,033 565,684 309,838 62,916 55,646 234,903 5.88% 783,183 13,431,796 14,541,914 13.10 14,197,474 98.4%

2040 13,431,796 20,494 114,541 510,995 330,081 56,335 60,894 239,147 5.88% 752,362 12,892,659 13,965,506 13.02 13,680,026 98 2%

2041 12,892,659 18,875 112,887 459,064 341,951 50,268 66,165 243,774 5.88% 721,712 12,359,138 13,389,472 13.00 13,168,453 97 9%

2042 12,359,138 17,384 113,750 410,102 354,132 44,684 71,840 248,846 5.88% 691,189 11,824,357 12,818,865 12.89 12,668,035 97.6%

2043 11,824,357 16,011 111,258 364,274 367,330 39,552 77,810 254,427 5.88% 660,536 11,286,254 12,246,477 12.75 12,172,019 97.1%

2044 11,286,254 14,746 108,327 321,701 364,523 34,838 83,328 260,584 5.88% 630,057 10,757,754 11,670,472 12.79 11,678,534 96.6%

2045 10,757,754 13,581 112,046 282,465 366,879 30,520 88,947 267,383 5.88% 599,673 10,222,769 11,103,625 12.61 11,200,732 96.0%

2046 10,222,769 12,508 108,215 246,597 364,628 26,577 94,517 263,429 5.88% 569,468 9,700,782 10,541,316 12.54 10,722,693 95 3%

2047 9,700,782 11,520 106,410 214,070 358,282 22,994 100,698 252,969 5.88% 540,154 9,197,033 9,999,487 12.46 10,264,170 94 5%

2048 9,197,033 10,610 102,413 184,790 355,133 19,755 107,246 243,534 5.88% 511,740 8,706,512 9,475,848 12.32 9,830,603 93.6%

2049 8,706,512 9,772 97,816 158,627 347,729 16,847 113,083 233,344 5.88% 484,189 8,233,027 8,967,128 12.22 9,417,203 92 5%

2050 8,233,027 9,000 94,272 135,423 339,769 14,255 119,013 224,201 5.88% 457,500 7,772,594 8,475,326 12.06 9,028,040 91 2%

2051 7,772,594 8,289 89,317 114,993 331,233 11,962 124,845 215,183 5.88% 431,548 7,324,898 7,997,248 11.89 8,659,389 89.8%

2052 7,324,898 7,634 84,252 97,137 322,102 9,949 130,577 206,510 5.88% 406,277 6,888,282 7,532,299 11.70 8,311,233 88.1%

Comments/Notes

-Information for 2019 Plan Year based on December 31, 2019 audited financial statements. Total benefit payments for 2019 are shown under New Entrants column.

-No future withdrawal liability payments are assumed.

-Maximum suspension and partition effective January 1, 2022.

-Administrative expenses expected to increase by 5% due to partition and are pro-rated between Original Plan and Successor Plan based on projected headcounts.

-Original Plan is projected to remain solvent with suspension and partition but not projected to be 100% funded at the end of the extended period.

-Accrued liability includes expense loading equal to present value of future expenses (30 years), calculated at 5.5% discount rate.

Benefit Payments by Status

-Information for 2020 Plan Year bifurcated between January 1, 2020 to June 30, 2020 and July 1, 2020 to December 31, 2020. Non-investment cash flows for the first half of the year are based on information provided by the plan administrator and assuming -

1.1% rate of return. Non-investment cash flows for the second half of the year are estimated such that the full year's expectation is met. In addition, the investment return was solved such that the full year's return would match the assumption of 1.39%. Total 

benefit payments for the two periods of 2020 are shown under New Entrants column.

AZ BRK 000056
Milliman 

 

 Report of Required Actuarial Information – Application for Proposed Benefit Suspensions 

 

Report of Required Actuarial Information – Application for Proposed Benefit Suspensions 26 

Arizona Bricklayers’ Pension Trust Fund 

MPRA Application Checklist Item #27: Original Plan Projection with Suspension and Partition Assuming 10-Year Contribution Base Unit Trend Minus 1%, or -8.9% Per Year

Market Value Administrative Investment Investment Market Value Available Solvency Accrued Funded 

Plan Year Beginning Contributions Active Retiree Terminated Vested Beneficiary New Entrant Expenses Return (%) Return ($) Ending Resources Ratio Liability Percentage

2019 26,730,380 115,394 0 0 0 0 2,128,450 303,790 19.16% 4,908,124 29,321,658 31,450,108 14.78 37,804,523 70.7%

1/1/2020-6/30/2020 29,321,658 33,567 0 0 0 0 1,061,586 168,286 -1.10% -315,940 27,809,413 29,289,825 12.21 37,240,689 78.7%

7/1/2020-12/31/2020 27,809,413 71,557 0 0 0 0 1,338,121 356,714 2.61% 703,983 26,890,118 N/A N/A N/A N/A

2021 26,890,118 95,768 42,708 1,764,303 313,345 294,236 11 400,000 4.98% 1,272,251 25,443,534 27,858,137 11.54 36,384,101 73 9%

2022 25,443,534 87,245 47,289 1,605,959 31,466 265,247 635 187,769 4.98% 1,216,636 24,609,050 26,559,646 13.62 24,703,185 103.0%

2023 24,609,050 79,480 58,832 1,551,980 38,854 249,563 1,630 190,608 4.98% 1,176,041 23,773,103 25,673,963 13.51 23,967,484 102.7%

2024 23,773,103 72,406 66,388 1,496,056 45,168 234,025 2,194 193,477 4.98% 1,135,569 22,943,769 24,787,601 13.44 23,237,060 102 3%

2025 22,943,769 65,962 74,243 1,438,313 51,733 218,736 2,964 196,076 4.98% 1,095,468 22,123,133 23,909,123 13.39 22,524,354 101 9%

2026 22,123,133 60,091 83,501 1,378,891 58,068 203,790 3,975 198,853 4.98% 1,055,809 21,311,954 23,040,181 13.33 21,828,111 101.4%

2027 21,311,954 54,743 89,715 1,317,967 63,336 189,272 6,525 201,665 4.98% 1,016,722 20,514,940 22,181,755 13.31 21,147,926 100.8%

2028 20,514,940 49,871 94,123 1,255,746 69,680 175,261 9,884 204,519 4.98% 978,369 19,733,967 21,338,660 13.30 20,488,251 100.1%

2029 19,733,967 45,433 100,110 1,192,454 81,332 161,822 12,321 207,424 4.98% 940,689 18,964,625 20,512,664 13.25 19,850,577 99.4%

2030 18,964,625 41,389 106,248 1,128,337 91,111 149,006 15,365 210,198 5.88% 1,067,046 18,372,796 19,862,863 13.33 19,231,015 98.6%

2031 18,372,796 37,705 108,163 1,063,673 105,262 136,843 18,550 213,027 5.88% 1,033,726 17,798,709 19,231,200 13.43 18,632,338 98.6%

2032 17,798,709 34,350 108,355 998,772 145,642 125,352 22,477 211,397 5.88% 1,000,844 17,221,907 18,622,506 13.30 18,055,966 98.6%

2033 17,221,907 31,293 109,755 933,958 179,554 114,536 27,035 214,164 5.88% 967,795 16,641,994 18,006,831 13.19 17,481,477 98 5%

2034 16,641,994 28,507 112,285 869,562 201,253 104,382 31,053 217,263 5.88% 934,868 16,069,573 17,388,107 13.19 16,908,141 98.4%

2035 16,069,573 25,970 113,452 805,911 231,687 94,874 35,427 220,516 5.88% 902,119 15,495,797 16,777,147 13.09 16,346,599 98 3%

2036 15,495,797 23,659 115,836 743,339 244,281 85,993 39,887 223,708 5.88% 869,729 14,936,142 16,165,477 13.15 15,787,947 98.1%

2037 14,936,142 21,553 114,931 682,199 267,953 77,721 45,008 227,096 5.88% 837,866 14,380,652 15,568,464 13.11 15,247,691 98.0%

2038 14,380,652 19,635 113,702 622,862 285,127 70,036 50,617 230,989 5.88% 806,352 13,833,306 14,975,650 13.11 14,715,848 97.7%

2039 13,833,306 17,888 116,033 565,684 309,838 62,916 55,646 234,903 5.88% 774,938 13,281,111 14,391,229 12.96 14,197,474 97.4%

2040 13,281,111 16,296 114,541 510,995 330,081 56,335 60,894 239,147 5.88% 743,380 12,728,793 13,801,640 12.86 13,680,026 97.1%

2041 12,728,793 14,845 112,887 459,064 341,951 50,268 66,165 243,774 5.88% 711,959 12,181,489 13,211,824 12.82 13,168,453 96.7%

2042 12,181,489 13,524 113,750 410,102 354,132 44,684 71,840 248,846 5.88% 680,631 11,632,290 12,626,798 12.70 12,668,035 96 2%

2043 11,632,290 12,320 111,258 364,274 367,330 39,552 77,810 254,427 5.88% 649,135 11,079,095 12,039,318 12.54 12,172,019 95.6%

2044 11,079,095 11,224 108,327 321,701 364,523 34,838 83,328 260,584 5.88% 617,774 10,534,790 11,447,509 12.54 11,678,534 94 9%

2045 10,534,790 10,225 112,046 282,465 366,879 30,520 88,947 267,383 5.88% 586,466 9,983,242 10,864,099 12.33 11,200,732 94.1%

2046 9,983,242 9,315 108,215 246,597 364,628 26,577 94,517 263,429 5.88% 555,292 9,443,886 10,284,420 12.24 10,722,693 93.1%

2047 9,443,886 8,486 106,410 214,070 358,282 22,994 100,698 252,969 5.88% 524,960 8,921,909 9,724,363 12.12 10,264,170 92.0%

2048 8,921,909 7,731 102,413 184,790 355,133 19,755 107,246 243,534 5.88% 495,479 8,412,247 9,181,584 11.93 9,830,603 90.8%

2049 8,412,247 7,043 97,816 158,627 347,729 16,847 113,083 233,344 5.88% 466,808 7,918,653 8,652,753 11.79 9,417,203 89 3%

2050 7,918,653 6,416 94,272 135,423 339,769 14,255 119,013 224,201 5.88% 438,940 7,437,076 8,139,808 11.58 9,028,040 87.7%

2051 7,437,076 5,845 89,317 114,993 331,233 11,962 124,845 215,183 5.88% 411,749 6,967,137 7,639,487 11.36 8,659,389 85 9%

2052 6,967,137 5,325 84,252 97,137 322,102 9,949 130,577 206,510 5.88% 385,174 6,507,109 7,151,125 11.10 8,311,233 83.8%

Comments/Notes

-Information for 2019 Plan Year based on December 31, 2019 audited financial statements. Total benefit payments for 2019 are shown under New Entrants column.

-No future withdrawal liability payments are assumed.

-Maximum suspension and partition effective January 1, 2022.

-Administrative expenses expected to increase by 5% due to partition and are pro-rated between Original Plan and Successor Plan based on projected headcounts.

-Original Plan is projected to remain solvent with suspension and partition but not projected to be 100% funded at the end of the extended period.

-Accrued liability includes expense loading equal to present value of future expenses (30 years), calculated at 5.5% discount rate.

Benefit Payments by Status

-Information for 2020 Plan Year bifurcated between January 1, 2020 to June 30, 2020 and July 1, 2020 to December 31, 2020. Non-investment cash flows for the first half of the year are based on information provided by the plan administrator and assuming -

1.1% rate of return. Non-investment cash flows for the second half of the year are estimated such that the full year's expectation is met. In addition, the investment return was solved such that the full year's return would match the assumption of 1.39%. Total 

benefit payments for the two periods of 2020 are shown under New Entrants column.

AZ BRK 000057
Arizona Bricklayers' Pension Trust Fund

MPRA Application Checklist Item #6: Original Plan Projection without Suspension or Partition

Market Value Administrative Investment Investment Market Value Available Solvency Accrued Funded 

Plan Year Beginning Contributions Active Retiree Terminated Vested Beneficiary New Entrant Expenses Return (%) Return ($) Ending Resources Ratio Liability Percentage

2019 26,730,380 115,394 0 0 0 0 2,128,450 303,790 19.16% 4,908,124 29,321,658 31,450,108 14.78 38,580,897 69.3%

1/1/2020-6/30/2020 29,321,658 33,567 0 0 0 0 1,061,586 168,286 -1.10% -315,940 27,809,413 29,246,367 12.19 38,070,969 77.0%

7/1/2020-12/31/2020 27,809,413 28,398 0 0 0 0 1,338,121 356,714 2.61% 703,684 26,846,660 N/A N/A N/A N/A

2021 26,846,660 70,560 42,708 1,764,303 313,345 294,236 11 400,000 4.98% 1,269,467 25,372,084 27,786,687 11.51 37,269,541 72.0%

2022 25,372,084 70,560 50,449 1,711,721 378,805 278,255 635 250,000 4.98% 1,199,593 23,972,372 26,392,237 10.91 36,539,221 69.4%

2023 23,972,372 63,000 62,714 1,656,944 462,578 262,287 1,630 254,713 4.98% 1,128,939 22,463,444 24,909,598 10.18 35,914,193 66.7%

2024 22,463,444 63,000 70,698 1,600,070 528,921 246,444 2,195 259,515 4.98% 1,053,623 20,872,224 23,320,551 9.53 35,218,849 63.8%

2025 20,872,224 63,000 79,079 1,541,201 595,006 230,831 2,964 264,341 4.98% 974,243 19,196,044 21,645,125 8.84 34,478,722 60.5%

2026 19,196,044 63,000 88,898 1,480,458 656,282 215,539 3,976 269,290 4.98% 890,744 17,435,345 19,880,497 8.13 33,689,529 57.0%

2027 17,435,345 63,000 95,395 1,417,991 698,485 200,653 6,525 274,332 4.98% 803,579 15,608,541 18,027,592 7.45 32,852,297 53.1%

2028 15,608,541 63,000 100,038 1,353,983 745,054 186,251 9,884 279,467 4.98% 713,065 13,709,928 16,105,139 6.72 31,987,072 48.8%

2029 13,709,928 63,000 106,361 1,288,634 796,154 172,399 12,322 284,698 4.98% 618,861 11,731,223 14,107,092 5.94 31,089,678 44.1%

2030 11,731,223 63,000 112,924 1,222,166 834,501 159,146 15,365 289,989 5.88% 615,285 9,775,416 12,119,518 5.17 30,154,259 38.9%

2031 9,775,416 63,000 114,952 1,154,836 873,434 146,523 18,551 295,379 5.88% 501,166 7,735,907 10,044,203 4.35 29,191,855 33.5%

2032 7,735,907 63,000 115,121 1,086,939 909,750 134,551 22,477 300,868 5.88% 382,227 5,611,428 7,880,266 3.47 28,205,872 27.4%

2033 5,611,428 63,000 116,571 1,018,790 937,677 123,233 27,036 306,419 5.88% 258,466 3,403,168 5,626,475 2.53 27,199,016 20.6%

2034 3,403,168 63,000 119,272 950,721 950,880 112,560 31,053 312,112 5.88% 130,160 1,119,731 3,284,216 1.52 26,177,949 13.0%

2035 1,119,731 63,000 53,221 389,976 429,591 45,274 15,645 254,684 5.88% N/A Insolvent Insolvent 0.44 25,155,637 4.5%

Comments/Notes

-Information for 2019 Plan Year based on December 31, 2019 audited financial statements. Total benefit payments for 2019 are shown under New Entrants column.

-No future withdrawal liability payments are assumed.

-Accrued liability includes expense loading equal to present value of future expenses (30 years), calculated at 5.5% discount rate.

-Plan is projected to become insolvent in plan year beginning January 1, 2035.

Benefit Payments by Status

-Information for 2020 Plan Year bifurcated between January 1, 2020 to June 30, 2020 and July 1, 2020 to December 31, 2020. Non-investment cash flows for the first half of the year are based on information provided by the plan administrator and assuming -1.1% 

rate of return. Non-investment cash flows for the second half of the year are estimated such that the full year's expectation is met. In addition, the investment return was solved for such that the full year's return would match the assumption of 1.39%. Total 

benefit payments for the two periods of 2020 are shown under New Entrants column.

AZ BRK 000058
Arizona Bricklayers' Pension Trust Fund

MPRA Application Checklist Item #6 and #28: Original Plan Projection with Suspension and Partition

Market Value Administrative Investment Investment Market Value Available Solvency Accrued Funded 

Plan Year Beginning Contributions Active Retiree Terminated Vested Beneficiary New Entrant Expenses Return (%) Return ($) Ending Resources Ratio Liability Percentage

2019 26,730,380 115,394 0 0 0 0 2,128,450 303,790 19.16% 4,908,124 29,321,658 31,450,108 14.78 37,804,523 70.7%

1/1/2020-6/30/2020 29,321,658 33,567 0 0 0 0 1,061,586 168,286 -1.10% -315,940 27,809,413 29,246,367 12.19 37,240,689 78.7%

7/1/2020-12/31/2020 27,809,413 28,398 0 0 0 0 1,338,121 356,714 2.61% 703,684 26,846,660 N/A N/A N/A N/A

2021 26,846,660 70,560 42,708 1,764,303 313,345 294,236 11 400,000 4.98% 1,269,467 25,372,084 27,786,687 11.51 36,384,101 73.8%

2022 25,372,084 70,560 47,289 1,605,959 31,466 265,247 635 187,769 4.98% 1,212,667 24,516,947 26,467,542 13.57 24,703,185 102.7%

2023 24,516,947 63,000 58,832 1,551,980 38,854 249,563 1,630 190,608 4.98% 1,171,049 23,659,528 25,560,388 13.45 23,967,484 102.3%

2024 23,659,528 63,000 66,388 1,496,056 45,168 234,025 2,194 193,477 4.98% 1,129,681 22,814,900 24,658,732 13.37 23,237,060 101.8%

2025 22,814,900 63,000 74,243 1,438,313 51,733 218,736 2,964 196,076 4.98% 1,088,978 21,984,812 23,770,802 13.31 22,524,354 101.3%

2026 21,984,812 63,000 83,501 1,378,891 58,068 203,790 3,975 198,853 4.98% 1,048,992 21,169,725 22,897,951 13.25 21,828,111 100.7%

2027 21,169,725 63,000 89,715 1,317,967 63,336 189,272 6,525 201,665 4.98% 1,009,842 20,374,087 22,040,902 13.22 21,147,926 100.1%

2028 20,374,087 63,000 94,123 1,255,746 69,680 175,261 9,884 204,519 4.98% 971,677 19,599,551 21,204,244 13.21 20,488,251 99.4%

2029 19,599,551 63,000 100,110 1,192,454 81,332 161,822 12,321 207,424 4.98% 934,427 18,841,515 20,389,554 13.17 19,850,577 98.7%

2030 18,841,515 63,000 106,248 1,128,337 91,111 149,006 15,365 210,198 5.88% 1,060,433 18,264,683 19,754,750 13.26 19,231,015 98.0%

2031 18,264,683 63,000 108,163 1,063,673 105,262 136,843 18,550 213,027 5.88% 1,028,102 17,710,267 19,142,759 13.36 18,632,338 98.0%

2032 17,710,267 63,000 108,355 998,772 145,642 125,352 22,477 211,397 5.88% 996,474 17,157,746 18,558,344 13.25 18,055,966 98.1%

2033 17,157,746 63,000 109,755 933,958 179,554 114,536 27,035 214,164 5.88% 964,942 16,606,687 17,971,524 13.17 17,481,477 98.1%

2034 16,606,687 63,000 112,285 869,562 201,253 104,382 31,053 217,263 5.88% 933,791 16,067,682 17,386,215 13.19 16,908,141 98.2%

2035 16,067,682 63,000 113,452 805,911 231,687 94,874 35,427 220,516 5.88% 903,081 15,531,897 16,813,247 13.12 16,346,599 98.3%

2036 15,531,897 63,000 115,836 743,339 244,281 85,993 39,887 223,708 5.88% 872,992 15,014,846 16,244,181 13.21 15,787,947 98.4%

2037 15,014,846 63,000 114,931 682,199 267,953 77,721 45,008 227,096 5.88% 843,695 14,506,632 15,694,444 13.21 15,247,691 98.5%

2038 14,506,632 63,000 113,702 622,862 285,127 70,036 50,617 230,989 5.88% 815,016 14,011,315 15,153,659 13.27 14,715,848 98.6%

2039 14,011,315 63,000 116,033 565,684 309,838 62,916 55,646 234,903 5.88% 786,712 13,516,006 14,626,124 13.18 14,197,474 98.7%

2040 13,516,006 63,000 114,541 510,995 330,081 56,335 60,894 239,147 5.88% 758,545 13,025,558 14,098,405 13.14 13,680,026 98.8%

2041 13,025,558 63,000 112,887 459,064 341,951 50,268 66,165 243,774 5.88% 730,805 12,545,254 13,575,589 13.18 13,168,453 98.9%

2042 12,545,254 63,000 113,750 410,102 354,132 44,684 71,840 248,846 5.88% 703,454 12,068,355 13,062,862 13.14 12,668,035 99.0%

2043 12,068,355 63,000 111,258 364,274 367,330 39,552 77,810 254,427 5.88% 676,244 11,592,948 12,553,171 13.07 12,172,019 99.1%

2044 11,592,948 63,000 108,327 321,701 364,523 34,838 83,328 260,584 5.88% 649,489 11,132,135 12,044,853 13.20 11,678,534 99.3%

2045 11,132,135 63,000 112,046 282,465 366,879 30,520 88,947 267,383 5.88% 623,119 10,670,014 11,550,871 13.11 11,200,732 99.4%

2046 10,670,014 63,000 108,215 246,597 364,628 26,577 94,517 263,429 5.88% 597,230 10,226,281 11,066,816 13.17 10,722,693 99.5%

2047 10,226,281 63,000 106,410 214,070 358,282 22,994 100,698 252,969 5.88% 572,545 9,806,403 10,608,857 13.22 10,264,170 99.6%

2048 9,806,403 63,000 102,413 184,790 355,133 19,755 107,246 243,534 5.88% 549,089 9,405,621 10,174,958 13.23 9,830,603 99.8%

2049 9,405,621 63,000 97,816 158,627 347,729 16,847 113,083 233,344 5.88% 526,840 9,028,016 9,762,117 13.30 9,417,203 99.9%

2050 9,028,016 63,000 94,272 135,423 339,769 14,255 119,013 224,201 5.88% 505,810 8,669,893 9,372,625 13.34 9,028,040 100.0%

2051 8,669,893 63,000 89,317 114,993 331,233 11,962 124,845 215,183 5.88% 485,895 8,331,256 9,003,605 13.39 8,659,389 100.1%

2052 8,331,256 63,000 84,252 97,137 322,102 9,949 130,577 206,510 5.88% 467,055 8,010,783 8,654,800 13.44 8,311,233 100.2%

Comments/Notes

-Information for 2019 Plan Year based on December 31, 2019 audited financial statements. Total benefit payments for 2019 are shown under New Entrants column.

-No future withdrawal liability payments are assumed.

-Maximum suspension and partition effective January 1, 2022.

-Administrative expenses expected to increase by 5% due to partition and are pro-rated between Original Plan and Successor Plan based on projected headcounts.

-Original Plan is projected to remain solvent with suspension and partition and become 100% funded at the end of the extended period.

-Accrued liability includes expense loading equal to present value of future expenses (30 years), calculated at 5.5% discount rate.

Benefit Payments by Status

-Information for 2020 Plan Year bifurcated between January 1, 2020 to June 30, 2020 and July 1, 2020 to December 31, 2020. Non-investment cash flows for the first half of the year are based on information provided by the plan administrator and assuming -1.1% 

rate of return. Non-investment cash flows for the second half of the year are estimated such that the full year's expectation is met. In addition, the investment return was solved such that the full year's return would match the assumption of 1.39%. Total benefit 

payments for the two periods of 2020 are shown under New Entrants column.

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