Four Tower Bridge  Suite 225  200 Barr Harbor Drive  West Conshohocken, PA 19428  Phone: (484) 530-0692  Facsimile (484) 530-0713 

December 27, 2017 

Board of Trustees 

Ironworkers Local Union No. 16 Pension Fund 

c/o Zenith American Solutions 

8600 LaSalle Road 

Oxford Building – Suite 624 

Towson, MD 21286 

Dear Trustees: 

ACTUARIAL PLAN SOLVENCY CERTIFICATION FOR PROPOSED BENEFIT 

SUSPENSIONS 

This letter and attached exhibits constitute the actuarial certification of plan solvency of the 

Ironworkers Local Union No. 16 Pension Fund under IRC Section 432, taking into account the 

proposed suspension of benefits effective October 1, 2018. This certification is intended to 

comply with the requirements of IRC Section 432(e)(9)(C)(i) and final regulation §1.432(e)(9)-1. 

Plan Solvency 

The Plan is projected to avoid insolvency within the meaning of section 418E, assuming the 

proposed suspensions of benefits begin October 1, 2018 and continue indefinitely. 

In accordance with final regulation §1.432(e)(9)-1(d)(5), the proposed suspension of benefits is 

at a level that is reasonably estimated to enable the plan to avoid insolvency and that is not 

materially in excess of the level that is necessary to enable the plan to avoid insolvency. 

Details of the certification tests are shown on the enclosed exhibits. 

Assumptions 

The Plan’s assets, liabilities and funding standard account credit balance were projected forward 

from the January 1, 2017 valuation results (the most recently completed valuation) based on the 

following: 

 September 30, 2017 market value of assets of approximately $78,078,000 from unaudited 

financial information provided by the investment manager and the fund administrator, 

which is equal to the fair market value of assets as of end of the most recent calendar 

quarter preceding the application for suspension of benefits, adjusted for receivable 

contributions. 

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 Exhibit 3.02 (Checklist Item #6)

 Solvency Certification

IW16-0045
December 27, 2017 

Page 2. 

 2017 Plan Year contributions of approximately $3.4 million, based on projected hours of 

355,000 during the 2017 Plan Year and an effective hourly contribution rate of $9.50. 

 Benefit payments are based on an open group projection, reflecting the January 1, 2017 

actuarial valuation (the most recently completed valuation) along with a change in the 

retirement decrements and census data updates for two participants as documented in 

Part 3 of Exhibit 6.03 of the suspension application. The active population is assumed to 

remain level in future years. Future new hires were assumed to have demographics 

similar to new hires from the past two plan years. Projected benefit payments for 2017 

were adjusted for actual unaudited cash flows that were reported during the January 1, 

2017 to September 30, 2017 period. Projections reflect the proposed benefit suspensions 

effective October 1, 2018 assuming the suspensions will continue indefinitely. The 

resulting benefit payments are expected to be $11.4 million during the 2017 plan year, 

decreasing to $11.2 million during 2018, to $9.3 million during 2019, and then gradually 

decreasing to $9.1 million during 2022, to $8.3 million during 2027, to $7.3 million 

during 2032, and continuing to decrease to $4.0 million during 2049. 

 Administrative expenses, expressed as of beginning of year, of $490,000 in 2017, 

$335,000 in 2018, $320,000 in 2019, and then increasing 2% per year thereafter. 

 Net investment return of 10.3% for the 2017 Plan Year, based on actual cash flows 

reported for the January 1, 2017 to September 30, 2017 period, actual unaudited assets as 

of September 30, 2017, preliminary investment returns for October and November that 

were provided by IPS, and an assumed December return of 0.53% (based on the 6.58% 

annual short term assumption). We have assumed that Plan assets will earn 6.58% per 

year (net of investment expenses) on a market value basis during the period from 

January 1, 2018 to December 31, 2027 and then 7.54% per year thereafter. 

 Current differences between the market value of assets and the actuarial value of assets 

are phased in during the projection period in accordance with the regular operation of the 

asset valuation method. 

 No changes in the Local 16 employer contribution rate from that in effect as of 

April 1, 2015 ($9.70 per hour). The effective hourly contribution rate for net 

reciprocated hours is projected to increase by $0.44 during 2017 (from $8.51 to $8.95 per 

hour) and by $0.23 during 2018 (from $8.95 to $9.18 per hour) and is then assumed to 

remain at that level for the duration of the projection period. This results in a Plan 

effective hourly contribution rate of $9.50 during 2017 and $9.56 during 2018, which is 

then assumed to remain at that level for the duration of the projection period. 

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 Exhibit 3.02 (Checklist Item #6)

 Solvency Certification

IW16-0046
December 27, 2017 

Page 3. 

 The active population as a whole will have similar demographic characteristics from year 

to year and the active plan participant count is assumed to remain level. 

 

 Regarding the projection of industry activity, we relied on information provided by the 

Trustees. The assumed contribution hours, including both Local 16 hours and net 

reciprocated hours, are as follows: 

Plan Year Hours 

2017 355,000 

2018 330,150 

2019 310,341 

 2020+ 294,824 

 Projections reflect the assumption that the suspension of benefits continues indefinitely. 

There were no significant events that occurred after January 1, 2017, the date of the most 

recently completed actuarial valuation. For this purpose, significant events are defined as: 

 Plan mergers or transfers, 

 Withdrawal or the addition of employers that changed projected cash flows relating to 

contributions, withdrawal liability payments, or benefit payments by more than five 

percent, 

 A plan amendment, a change in a collective bargaining agreement, or a change in a 

rehabilitation plan that changed projected cash flows relating to contributions, withdrawal 

liability payments, or benefit payments by more than five percent; or 

 Any other event or trend that resulted in a material change in the projected cash flows. 

The assumptions used for this Plan solvency certification are not the same as those used for the 

actuarial certification of the Plan’s critical and declining status for the 2017 Plan Year, which 

was filed on March 30, 2017. 

Differences in cash flow and investment assumptions used for this solvency certification and 

those used for the actuarial certification of status for the 2017 Plan Year are due, in part, to 

information received subsequent to the filing of the actuarial certification of status for the 2017 

Plan Year. Such information includes cash flow reports for the January 1, 2017 to 

September 30, 2017 period, asset statements as of September 30, 2017, and plan hours reported 

through August 2017. The prior pages of this letter describe the information and analysis used to 

develop these assumptions. Additionally, the investment return assumption used for this 

solvency certification reflects a short-term (first 10 years) assumption of 6.58% per year and a 

long-term assumption of 7.54% per year, as described in Part 2 of Exhibit 6.03 of the suspension 

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 Exhibit 3.02 (Checklist Item #6)

 Solvency Certification

IW16-0047
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

IRONWORKERS LOCAL UNION 16 PENSION FUND 

December 27, 2017 

Page4. 

EIN/PN: 52-6148924 / 001 

Exhibit 3.02 (Checklist Item #6) 

Solvency Certification 

The McKeogh • Company 

application, while the actuarial certification of status for the 2017 Plan Year was based on a 

7.00% per year retum in all years. 

The assumptions used in this solvency ce1tification also reflect the demographic assumption 

changes that were first reflected in the January 1, 2017 valuation report (as described in Section 

1.6 of that report). In addition, this certification reflects an additional change in demographic 

assumptions not reflected in the J anuaiy 1, 2017 valuation repo1t , relating to retirement 

decrements for active grandfathered paiticipants. See Exhibit 6.03 of the suspension application 

for additional details regarding the changes to demographic assumptions. 

I hereby ce1t ify that (a) the Plan is projected to avoid insolvency within the meaning of IRC 

Section 418E assuming the proposed suspension of benefits are effective October 1, 2018 and 

continue indefinitely, and (b) the projections are based on reasonable actuarial estimates, 

assumptions and methods that, other than the projected industiy activity supplied by the 

Tmstees, on an individual basis and in combination, offer my best estimate of anticipated 

experience under the Plan. 

Respectfully submitted, 

James J. McKeogh, F.S.A., E.A., M.A.A.A., F.C.A. 

JJM:mjr 

Enclosures 

cc (w/enclosures): Frank Maitorana, Esquire - Fund Counsel 

Kathy Cole - Fund Administrator 

N \1080\2017\Eleoe.fir Suspension.s\Appliution Exlu1>irs [WORK) - DK Submisslon'Bxhlbir 3.02 (Soh.•eocy Certification) Dec..doc 

IW16-0048 
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

IRONWORKERS LOCAL UNION 16 PENSION FUND 

EIN/PN: 52-6148924 / 001 

Exhibit 3.02 (Checklist Item #6) 

Solvency Certification 

Illustration 1 of 6 

Effective date of proposed suspension 

Last day of of extended period 

Oct 1, 2018 

Dec 31 , 2050 

Length of extended period 33 years 

I TRUE iPlan is projected to avoid insolvency under proposed suspension and meets the limitations on the aggregate 

size of suspensions !meets A and Bl. 

I TRUE IA. The plan is projected to avoid insolvency assuming the proposed suspension of benefits continues indefinitely. 

A plan is insolvent per IRC 418E(b)(1) if the plan's available resources are not sufficient to pay benefits under 

the plan when due for the plan year. As shown in the solid line ("Baseline") in the 'Projection of Available 

Resources' graph below, the plan's available resources are projected to remain positive during the projection 

period. 

Available resources are defined in IRC 418E(b)(3) as the plan's cash, marketable assets, contributions, 

withdrawal liability payments, and earnings, less reasonable administrative expenses and amounts owed 

for such plan year to the PBGC under section 4261 (b)(2) of the Employee Retirement Income Security Act 

of 1974. 

I TRUE Is. Proposed suspension of benefits meets the limitations on the aggregate size of suspension (meets I. and IL) 

(see next page for details) 

TRUE I. The aggregate size of proposed suspension of benefits is at a level that is reasonably estimated to 

enable the plan to avoid insolvency ("Baseline" in graph below) 

TRUE II. The aggregate size of proposed suspension of benefits is at a level that is not materially in excess of 

the level that is necessary to enable the plan to avoid insolvency ("5% Scenario" in graph below) 

The following graphs illustrate the projected solvency ratio and the projected available resources during the 

extended period, under the two scenarios described in B. above: 

20 

16 

12 

8 -

4 

0 

Projection of Solvency Ratio (as of 12131) 

During Extended Period 

_/" 

--------- csc=-~-

...... 

'°~., .:>~6' '°o.;o 

- Baseline 

'°q~ '°o .On .On 

" t?d' ".:> "6' - - - 5% Scenario 

$100M 

$90M 

$SOM 

$70M 

$60M 

$SOM 

$40M 

$30M 

$20M 

$10M 

SOM 

Projection of Available Resources (as of 12131) 

During Extended Period 

.... ........... -...... .............. -... .. _ ~ 

-... -c::a'l:I;~-

·- -

'°0760 '°~., <"~6' '°o.;0 <"o~ '°o.;60 '°o,,.., '°o,,.6' '°o.s-0 

-Baseline - - - 5% Scenario 

N:-\1080\2017\Prqeciioos\[rw 16 Proj post 2017 val repoct_for Dec suspension application v6 (Proval v8 = v5 plus Schmidt & Gauvin data chgs).ldsm]Susp Exh 1 

IW16-0049 
A PPLICAT ION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

IRONWORKERS LOCAL UNION 16 PENSION FUND 

EIN/PN: 52-6148924 / 001 

Exhibit 3.02 (Checklist Item #6) 

Solvency Certification 

Illustrat ion 2 of 6 

Effective date of proposed suspension 

Last day of of extended period 

Extended period (years) 

Oct 1, 2018 

Dec 31, 2050 

33years 

I TRUE IProposed suspension of benefits meets t he limitations on the aggregate size of suspension (meets I and Ill. 

I TRUE I 1. The aggregate size of proposed suspension of benefits is at a level that is reasonably estimated<1> to enable 

the plan to avoid insolvency (a, b, and care all True). 

TRUE a. Solvency ratio<2l projected on a deterministic basis is at least 1.0 during each year in extended period 

TRUE b. Probability of avoiding insolvency in extended period is more than 50%, using stochastic projections 

TRUE 1. Exempt from test if participant count < 10,000 

1,078 Participant count as of end of Plan Year for most recently filed Form 5500 

TRUE c. No decrease in solvency ratio and available resources during each of the last five years of the 

extended period (1 is True or both 2 and 3 are True) 

TRUE 1. Exempt from test if funded percentage at end of extended period exceeds 100% 

114 .8% Funded percentage at end of extended period 

TRUE 2. No decrease in solvency ratio during each of the last five years of the extended period 

TRUE 3. No decrease in available resources during each of the last five years of the extended pd. 

I TRUE ! 11. The aggregate size of proposed suspension of benefits is at a level that is not materially in excess of the level 

that is necessary to enable the plan to avoid insolvency under a scenario where the suspension amount for each 

participant and beneficiary is reduced by the greater of 5% of the proposed suspension amount or 2% of the 

pre-suspension benefit amount but not below zero (one or more of a, b, or c is False). 

TRUE a. Solvency ratio projected on a deterministic basis is at least 1.0 during each year in extended period 

TRUE b. Probability of avoiding insolvency in extended period is more than 50%, using stochastic projections 

TRUE 1. Exempt from test if participant count < 10,000 

1,078 Participant count as of end of Plan Year for most recently filed Form 5500 

FALSE c. No decrease in solvency ratio and available resources during each of the last five years of the 

extended period (1 is True or both 2 and 3 are True) 

FALSE 1. Exempt from requirement c. if funded percentage at end of extended period exceeds 100% 

68.3% Funded percentage at end of extended period 

TRUE 2. No decrease in solvency ratio during each of the last five years of the extended period 

FALSE 3. No decrease in available resources during each of the last five years of the extended pd. 

The graphs below illustrate the projection of solvency ratio and available resources during the last five years of the 

extended period, with respect to items l(c) and Il(c) above. 

Projection of Solvency Ratio (as of 12131) Projection of Available Resources (as of 12131) 

During Last Five Years of Extended Period During Last Five Years of Extended Period 

20 SSOM 

16 $40M 

12 $30M =-cm-s.e. -

8 

~-- ----- --------------- $20M 

4 $10M 

0 SOM 

2045 2046 2047 2048 2049 2050 2045 2046 2047 2048 2049 2050 

- Baseline = = = 5% Scenario - Baseline = = = 5% Scenario 

(1). Actuarial basis for projec ions detennined in accordance with 1.432(e)(9)-{5)(iv). 

(2). Solvency ratio defined in 1.432(e)(9)-1(d)(5)(ii)(B) as the ratio of the plan's available resources to the scheduled benefit payments for he plan year. 

N:\ 108"'2017\Projections\[IW 16 Pro; post 2017 val report_for Dec suspension application v6 (Proval v8 = v5 plus Schmidt & Gauvin data chgs ).xlsm )Susp Exh 2 

IW16-0050 
Illustration 3 of 6

Documentation of Solvency Ratio and Available Resources During Extended Period,

Reflecting Proposed Suspension of Benefits

Assumed Market Withdrawal 418E(b)(3) ▲ in ▲ in Actuarial

Period Period Rate of Value of Liability Benefit Admin Investment Available Available Solvency Solvency Value of Valua ion Funded

Beg. End. Return Assets (boy) Contributions Payments Payments Expenses Return Resources Resources Ratio Ratio Assets (boy) Liability (boy) Perc. (boy)

[A] [B] [C] [D] [E] [F] [G]=[A]+[B]+[C]-[E]+[F] [H]=[G]/[D] [I] [J] [K]=[I]/[J]

1/1/17 9/30/17 78,965,081 2,427,826 - 8,720,850 361,859 5,767,802 86,798,850

10/1/17 12/31/17 2.48% 78,078,000 944,674 - 2,715,209 152,693 1,915,443 80,785,424

1/1/18 12/31/18 6 58% 78,070,215 3,156,234 - 11,160,668 345,846 4,867,219 85,747,822 (3,758,451) 7.68 -0.14 76,264,284 128,480,734 59.4%

1/1/19 12/31/19 6 58% 74,587,155 2,966,860 - 9,319,493 330,360 4,691,981 81,915,636 (3,832,187) 8.79 1.11 73,059,676 101,998,343 71.6%

1/1/20 12/31/20 6 58% 72,596,143 2,818,517 - 9,207,956 336,555 4,559,555 79,637,660 (2,277,975) 8.65 -0.14 71,312,613 99,759,785 71.5%

1/1/21 12/31/21 6 58% 70,429,704 2,818,517 - 9,187,612 343,781 4,417,428 77,321,868 (2,315,792) 8.42 -0.23 69,876,808 97,475,621 71.7%

1/1/22 12/31/22 6 58% 68,134,256 2,818,517 - 9,062,929 351,008 4,270,190 74,871,956 (2,449,912) 8.26 -0.15 68,134,256 95,035,956 71.7%

1/1/23 12/31/23 6 58% 65,809,027 2,818,517 - 8,947,442 358,234 4,120,695 72,390,005 (2,481,951) 8.09 -0.17 65,809,027 92,557,036 71.1%

1/1/24 12/31/24 6 58% 63,442,563 2,818,517 - 8,781,348 365,461 3,970,125 69,865,744 (2,524,261) 7.96 -0.13 63,442,563 90,020,295 70.5%

1/1/25 12/31/25 6 58% 61,084,396 2,818,517 - 8,611,995 372,688 3,820,207 67,350,432 (2,515,312) 7.82 -0.14 61,084,396 87,481,893 69.8%

1/1/26 12/31/26 6 58% 58,738,437 2,818,517 - 8,487,055 379,914 3,669,654 64,846,694 (2,503,738) 7.64 -0.18 58,738,437 84,945,103 69.1%

1/1/27 12/31/27 6 58% 56,359,639 2,818,517 - 8,296,070 387,141 3,519,078 62,310,093 (2,536,600) 7.51 -0.13 56,359,639 82,360,203 68.4%

1/1/28 12/31/28 7 54% 54,014,023 2,818,517 - 8,106,331 397,177 3,862,867 60,298,231 (2,011,862) 7.44 -0.07 54,014,023 79,796,009 67.7%

1/1/29 12/31/29 7 54% 52,191,900 2,818,517 - 7,896,767 405,473 3,732,929 58,337,874 (1,960,358) 7.39 -0.05 52,191,900 77,251,299 67.6%

1/1/30 12/31/30 7 54% 50,441,107 2,818,517 - 7,715,140 413,769 3,607,335 56,453,190 (1,884,684) 7.32 -0.07 50,441,107 74,747,526 67.5%

1/1/31 12/31/31 7 54% 48,738,050 2,818,517 - 7,513,518 422,065 3,486,080 54,620,583 (1,832,607) 7.27 -0.05 48,738,050 72,251,885 67.5%

1/1/32 12/31/32 7 54% 47,107,065 2,818,517 - 7,285,525 430,361 3,371,236 52,866,457 (1,754,126) 7.26 -0.01 47,107,065 69,793,648 67.5%

1/1/33 12/31/33 7 54% 45,580,932 2,818,517 - 7,051,334 438,657 3,264,527 51,225,319 (1,641,138) 7.26 0.01 45,580,932 67,403,037 67.6%

1/1/34 12/31/34 7 54% 44,173,985 2,818,517 - 6,810,728 446,953 3,167,042 49,712,592 (1,512,728) 7.30 0.03 44,173,985 65,092,007 67.9%

1/1/35 12/31/35 7 54% 42,901,864 2,818,517 - 6,588,508 456,287 3,079,004 48,343,099 (1,369,493) 7.34 0.04 42,901,864 62,871,647 68.2%

1/1/36 12/31/36 7 54% 41,754,591 2,818,517 - 6,356,063 465,620 3,000,759 47,108,247 (1,234,852) 7.41 0.07 41,754,591 60,728,014 68.8%

1/1/37 12/31/37 7 54% 40,752,184 2,818,517 - 6,138,625 474,953 2,932,880 46,028,629 (1,079,618) 7.50 0.09 40,752,184 58,677,722 69.5%

1/1/38 12/31/38 7 54% 39,890,004 2,818,517 - 5,911,184 484,286 2,875,945 45,100,180 (928,449) 7.63 0.13 39,890,004 56,711,877 70.3%

1/1/39 12/31/39 7 54% 39,188,996 2,818,517 - 5,708,384 493,619 2,830,250 44,344,145 (756,036) 7.77 0.14 39,188,996 54,844,285 71.5%

1/1/40 12/31/40 7 54% 38,635,761 2,818,517 - 5,518,973 503,989 2,795,163 43,745,452 (598,693) 7.93 0.16 38,635,761 53,050,843 72.8%

1/1/41 12/31/41 7 54% 38,226,479 2,818,517 - 5,322,185 514,359 2,771,204 43,301,841 (443,611) 8.14 0.21 38,226,479 51,324,046 74.5%

1/1/42 12/31/42 7 54% 37,979,656 2,818,517 - 5,150,151 524,730 2,758,577 43,032,021 (269,820) 8.36 0.22 37,979,656 49,680,993 76.4%

1/1/43 12/31/43 7 54% 37,881,870 2,818,517 - 4,964,579 535,100 2,757,689 42,922,977 (109,044) 8.65 0.29 37,881,870 48,099,640 78.8%

1/1/44 12/31/44 7 54% 37,958,398 2,818,517 - 4,806,654 545,470 2,768,921 43,000,367 77,390 8.95 0.30 37,958,398 46,598,710 81.5%

1/1/45 12/31/45 7 54% 38,193,713 2,818,517 - 4,622,384 556,877 2,793,062 43,248,415 248,049 9.36 0.41 38,193,713 45,154,666 84.6%

1/1/46 12/31/46 7 54% 38,626,031 2,818,517 - 4,438,664 568,284 2,832,037 43,708,302 459,887 9.85 0.49 38,626,031 43,800,590 88.2%

1/1/47 12/31/47 7 54% 39,269,638 2,818,517 - 4,264,351 579,691 2,886,595 44,395,060 686,757 10.41 0.56 39,269,638 42,542,561 92.3%

1/1/48 12/31/48 7 54% 40,130,709 2,818,517 - 4,101,508 591,099 2,957,125 45,315,253 920,193 11.05 0.64 40,130,709 41,377,494 97.0%

1/1/49 12/31/49 7 54% 41,213,745 2,818,517 - 3,973,444 602,506 3,043,104 46,472,861 1,157,608 11.70 0.65 41,213,745 40,301,114 102.3%

1/1/50 12/31/50 7 54% 42,499,417 2,818,517 - 3,811,049 614,950 3,145,594 47,848,579 1,375,718 12.56 0.86 42,499,417 39,283,414 108.2%

1/1/51 12/31/51 7 54% 44,037,530 44,037,530 38,362,852 114.8%

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 Exhibit 3.02 (Checklist Item #6)

 Solvency Certification

IW16-0051
Illustration 4 of 6

Documentation of Solvency Ratio and Available Resources During Extended Period,

Reflecting a Scenario Where the Dollar Amount of the Proposed Suspension of Benefits

for Each Participant and Beneficiary is Reduced by Greater of 5% or 2% of the Pre-Suspension Benefit

Assumed Market Withdrawal 418E(b)(3) ▲ in ▲ in Actuarial

Period Period Rate of Value of Liability Benefit Admin Investment Available Available Solvency Solvency Value of Valuation Funded

Beg. End. Return Assets (boy) Contributions Payments Payments Expenses Return Resources Resources Ratio Ratio Assets (boy) Liability (boy) Perc. (boy)

[A] [B] [C] [D] [E] [F] [G]=[A]+[B]+[C]-[E]+[F] [H]=[G]/[D] [I] [J] [K]=[I]/[J]

1/1/17 9/30/17 78,965,081 2,427,826 - 8,720,850 361,859 5,767,802 86,798,850

10/1/17 12/31/17 2.48% 78,078,000 944,674 - 2,715,209 152,693 1,915,443 80,785,424

1/1/18 12/31/18 6.58% 78,070,215 3,156,234 - 11,204,763 345,846 4,865,826 85,746,429 (3,759,845) 7.65 -0.17 76,264,284 128,480,734 59.4%

1/1/19 12/31/19 6.58% 74,541,666 2,966,860 - 9,493,373 330,360 4,683,391 81,861,556 (3,884,873) 8.62 0.97 73,014,187 103,845,845 70.3%

1/1/20 12/31/20 6.58% 72,368,183 2,818,517 - 9,379,134 336,555 4,539,043 79,389,190 (2,472,367) 8.46 -0.16 71,084,653 101,556,749 70.0%

1/1/21 12/31/21 6.58% 70,010,056 2,818,517 - 9,356,274 343,781 4,384,385 76,869,177 (2,520,013) 8.22 -0.25 69,457,160 99,221,304 70.0%

1/1/22 12/31/22 6.58% 67,512,903 2,818,517 - 9,228,982 351,008 4,223,959 74,204,372 (2,664,805) 8.04 -0.18 67,512,903 96,729,373 69.8%

1/1/23 12/31/23 6.58% 64,975,390 2,818,517 - 9,110,728 358,234 4,060,586 71,496,258 (2,708,113) 7.85 -0.19 64,975,390 94,197,225 69.0%

1/1/24 12/31/24 6.58% 62,385,530 2,818,517 - 8,941,608 365,461 3,895,414 68,734,001 (2,762,257) 7.69 -0.16 62,385,530 91,606,393 68.1%

1/1/25 12/31/25 6.58% 59,792,393 2,818,517 - 8,769,108 372,688 3,730,137 65,968,360 (2,765,641) 7.52 -0.16 59,792,393 89,013,243 67.2%

1/1/26 12/31/26 6.58% 57,199,252 2,818,517 - 8,641,509 379,914 3,563,405 63,201,260 (2,767,100) 7.31 -0.21 57,199,252 86,421,129 66.2%

1/1/27 12/31/27 6.58% 54,559,751 2,818,517 - 8,447,159 387,141 3,395,784 60,386,912 (2,814,348) 7.15 -0.16 54,559,751 83,779,783 65.1%

1/1/28 12/31/28 7.54% 51,939,753 2,818,517 - 8,253,753 397,177 3,700,966 58,062,059 (2,324,853) 7.03 -0.11 51,939,753 81,158,672 64.0%

1/1/29 12/31/29 7.54% 49,808,306 2,818,517 - 8,040,183 405,473 3,547,853 55,769,204 (2,292,855) 6.94 -0.10 49,808,306 78,556,853 63.4%

1/1/30 12/31/30 7.54% 47,729,021 2,818,517 - 7,854,213 413,769 3,397,651 53,531,421 (2,237,783) 6.82 -0.12 47,729,021 75,996,118 62.8%

1/1/31 12/31/31 7.54% 45,677,208 2,818,517 - 7,648,344 422,065 3,250,258 51,323,918 (2,207,503) 6.71 -0.11 45,677,208 73,444,021 62.2%

1/1/32 12/31/32 7.54% 43,675,574 2,818,517 - 7,415,373 430,361 3,107,651 49,171,381 (2,152,537) 6.63 -0.08 43,675,574 70,929,768 61.6%

1/1/33 12/31/33 7.54% 41,756,008 2,818,517 - 7,176,205 438,657 2,971,461 47,107,329 (2,064,051) 6.56 -0.07 41,756,008 68,484,369 61.0%

1/1/34 12/31/34 7.54% 39,931,124 2,818,517 - 6,930,366 446,953 2,842,658 45,145,346 (1,961,983) 6.51 -0.05 39,931,124 66,119,865 60.4%

1/1/35 12/31/35 7.54% 38,214,980 2,818,517 - 6,702,862 456,287 2,721,336 43,298,547 (1,846,799) 6.46 -0.05 38,214,980 63,847,700 59.9%

1/1/36 12/31/36 7.54% 36,595,685 2,818,517 - 6,465,066 465,620 2,607,698 41,556,281 (1,742,266) 6.43 -0.03 36,595,685 61,654,103 59.4%

1/1/37 12/31/37 7.54% 35,091,215 2,818,517 - 6,242,217 474,953 2,502,164 39,936,943 (1,619,337) 6.40 -0.03 35,091,215 59,555,883 58.9%

1/1/38 12/31/38 7.54% 33,694,726 2,818,517 - 6,009,136 484,286 2,405,151 38,434,109 (1,502,835) 6.40 0.00 33,694,726 57,544,353 58.6%

1/1/39 12/31/39 7.54% 32,424,973 2,818,517 - 5,800,790 493,619 2,316,778 37,066,649 (1,367,460) 6.39 -0.01 32,424,973 55,633,712 58.3%

1/1/40 12/31/40 7.54% 31,265,859 2,818,517 - 5,606,083 503,989 2,236,204 35,816,591 (1,250,058) 6.39 0.00 31,265,859 53,799,944 58.1%

1/1/41 12/31/41 7.54% 30,210,508 2,818,517 - 5,403,885 514,359 2,163,731 34,678,397 (1,138,194) 6.42 0.03 30,210,508 52,035,477 58.1%

1/1/42 12/31/42 7.54% 29,274,512 2,818,517 - 5,226,880 524,730 2,099,325 33,667,625 (1,010,772) 6.44 0.02 29,274,512 50,357,713 58.1%

1/1/43 12/31/43 7.54% 28,440,745 2,818,517 - 5,036,257 535,100 2,043,131 32,767,293 (900,331) 6.51 0.07 28,440,745 48,744,361 58.3%

1/1/44 12/31/44 7.54% 27,731,036 2,818,517 - 4,873,494 545,470 1,995,260 31,999,343 (767,950) 6.57 0.06 27,731,036 47,214,418 58.7%

1/1/45 12/31/45 7.54% 27,125,849 2,818,517 - 4,684,277 556,877 1,956,210 31,343,700 (655,643) 6.69 0.13 27,125,849 45,744,333 59.3%

1/1/46 12/31/46 7.54% 26,659,423 2,818,517 - 4,496,185 568,284 1,927,582 30,837,238 (506,462) 6.86 0.17 26,659,423 44,367,512 60.1%

1/1/47 12/31/47 7.54% 26,341,053 2,818,517 - 4,317,622 579,691 1,909,764 30,489,642 (347,595) 7.06 0.20 26,341,053 43,089,667 61.1%

1/1/48 12/31/48 7.54% 26,172,020 2,818,517 - 4,150,972 591,099 1,902,765 30,302,204 (187,438) 7.30 0.24 26,172,020 41,907,794 62.5%

1/1/49 12/31/49 7.54% 26,151,232 2,818,517 - 4,019,655 602,506 1,905,636 30,272,880 (29,324) 7.53 0.23 26,151,232 40,817,369 64.1%

1/1/50 12/31/50 7.54% 26,253,225 2,818,517 - 3,853,189 614,950 1,919,027 30,375,820 102,940 7.88 0.35 26,253,225 39,788,005 66.0%

1/1/51 12/31/51 7.54% 26,522,631 26,522,631 38,859,175 68.3%

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 Exhibit 3.02 (Checklist Item #6)

 Solvency Certification

IW16-0052
Illustration 5 of 6

Expected Benefit Payment Detail

Reflecting Proposed Suspension of Benefits

Period Period Benefit Payments

Beg. End. Fut Entrants Active Term Vest Rets/Bene Total

[D] [D] [D] [D] [D]

1/1/17 9/30/17 8,720,850

10/1/17 12/31/17 2,715,209

1/1/18 12/31/18 8 270,922 224,870 10,664,867 11,160,668

1/1/19 12/31/19 21 273,555 258,967 8,786,950 9,319,493

1/1/20 12/31/20 33 361,156 313,779 8,532,988 9,207,956

1/1/21 12/31/21 44 528,159 387,829 8,271,580 9,187,612

1/1/22 12/31/22 58 593,091 462,479 8,007,301 9,062,929

1/1/23 12/31/23 70 678,465 529,012 7,739,895 8,947,442

1/1/24 12/31/24 82 736,364 580,083 7,464,819 8,781,348

1/1/25 12/31/25 318 799,370 624,909 7,187,398 8,611,995

1/1/26 12/31/26 870 878,353 708,387 6,899,445 8,487,055

1/1/27 12/31/27 1,851 926,390 753,257 6,614,572 8,296,070

1/1/28 12/31/28 3,196 987,340 787,926 6,327,869 8,106,331

1/1/29 12/31/29 4,867 1,031,134 818,039 6,042,727 7,896,767

1/1/30 12/31/30 7,316 1,108,423 842,554 5,756,847 7,715,140

1/1/31 12/31/31 9,867 1,154,432 878,313 5,470,906 7,513,518

1/1/32 12/31/32 13,127 1,195,165 891,618 5,185,615 7,285,525

1/1/33 12/31/33 17,081 1,226,864 905,722 4,901,667 7,051,334

1/1/34 12/31/34 21,436 1,252,878 916,647 4,619,767 6,810,728

1/1/35 12/31/35 26,826 1,293,792 927,209 4,340,681 6,588,508

1/1/36 12/31/36 32,828 1,324,266 933,729 4,065,240 6,356,063

1/1/37 12/31/37 39,566 1,363,679 941,051 3,794,329 6,138,625

1/1/38 12/31/38 47,749 1,393,765 940,765 3,528,905 5,911,184

1/1/39 12/31/39 56,971 1,440,051 941,389 3,269,973 5,708,384

1/1/40 12/31/40 68,765 1,489,026 942,639 3,018,543 5,518,973

1/1/41 12/31/41 81,437 1,528,109 937,061 2,775,578 5,322,185

1/1/42 12/31/42 95,774 1,577,374 935,014 2,541,989 5,150,151

1/1/43 12/31/43 111,387 1,607,912 926,718 2,318,562 4,964,579

1/1/44 12/31/44 132,780 1,649,761 918,164 2,105,949 4,806,654

1/1/45 12/31/45 156,925 1,661,572 899,224 1,904,663 4,622,384

1/1/46 12/31/46 182,851 1,654,073 886,667 1,715,073 4,438,664

1/1/47 12/31/47 212,877 1,644,804 869,212 1,537,458 4,264,351

1/1/48 12/31/48 247,278 1,628,222 854,052 1,371,956 4,101,508

1/1/49 12/31/49 281,246 1,629,233 844,412 1,218,553 3,973,444

1/1/50 12/31/50 317,528 1,606,301 810,129 1,077,091 3,811,049

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 Exhibit 3.02 (Checklist Item #6)

 Solvency Certification

IW16-0053
Illustration 6 of 6

Expected Benefit Payment Detail

Reflecting a Scenario Where the Dollar Amount of the Proposed Suspension of Benefits

for Each Participant and Beneficiary is Reduced by Greater of 5% or 2% of the Pre-Suspension Benefit

Period Period Benefit Payments

Beg. End. Fut Entrants Active Term Vest Rets/Bene Total

[D] [D] [D] [D] [D]

1/1/17 9/30/17 8,720,850

10/1/17 12/31/17 2,715,209

1/1/18 12/31/18 8 271,410 224,870 10,708,475 11,204,763

1/1/19 12/31/19 21 275,527 258,967 8,958,858 9,493,373

1/1/20 12/31/20 33 363,116 313,798 8,702,187 9,379,134

1/1/21 12/31/21 44 530,184 388,120 8,437,926 9,356,274

1/1/22 12/31/22 58 595,100 463,290 8,170,534 9,228,982

1/1/23 12/31/23 70 680,458 530,336 7,899,864 9,110,728

1/1/24 12/31/24 82 738,338 581,961 7,621,227 8,941,608

1/1/25 12/31/25 318 801,373 627,367 7,340,050 8,769,108

1/1/26 12/31/26 870 880,359 712,315 7,047,965 8,641,509

1/1/27 12/31/27 1,851 928,344 758,092 6,758,872 8,447,159

1/1/28 12/31/28 3,196 989,233 793,618 6,467,706 8,253,753

1/1/29 12/31/29 4,867 1,032,992 824,352 6,177,972 8,040,183

1/1/30 12/31/30 7,316 1,110,246 849,366 5,887,285 7,854,213

1/1/31 12/31/31 9,867 1,156,213 885,933 5,596,331 7,648,344

1/1/32 12/31/32 13,127 1,196,906 899,505 5,305,835 7,415,373

1/1/33 12/31/33 17,081 1,228,564 914,047 5,016,513 7,176,205

1/1/34 12/31/34 21,436 1,254,534 925,305 4,729,091 6,930,366

1/1/35 12/31/35 26,826 1,295,399 936,272 4,444,365 6,702,862

1/1/36 12/31/36 32,828 1,325,823 943,221 4,163,194 6,465,066

1/1/37 12/31/37 39,566 1,365,183 950,966 3,886,502 6,242,217

1/1/38 12/31/38 47,749 1,395,215 950,891 3,615,281 6,009,136

1/1/39 12/31/39 56,971 1,441,443 951,797 3,350,579 5,800,790

1/1/40 12/31/40 68,765 1,490,358 953,519 3,093,441 5,606,083

1/1/41 12/31/41 81,437 1,529,378 948,200 2,844,870 5,403,885

1/1/42 12/31/42 95,774 1,578,578 946,716 2,605,812 5,226,880

1/1/43 12/31/43 111,387 1,609,048 938,735 2,377,087 5,036,257

1/1/44 12/31/44 132,780 1,650,826 930,516 2,159,372 4,873,494

1/1/45 12/31/45 156,925 1,662,565 911,583 1,953,204 4,684,277

1/1/46 12/31/46 182,851 1,654,991 899,370 1,758,973 4,496,185

1/1/47 12/31/47 212,877 1,645,647 882,127 1,576,971 4,317,622

1/1/48 12/31/48 247,278 1,628,990 867,356 1,407,348 4,150,972

1/1/49 12/31/49 281,246 1,629,926 858,388 1,250,095 4,019,655

1/1/50 12/31/50 317,528 1,606,920 823,683 1,105,058 3,853,189

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

 IRONWORKERS LOCAL UNION 16 PENSION FUND

 EIN/PN: 52-6148924 / 001

 Exhibit 3.02 (Checklist Item #6)

 Solvency Certification

IW16-0054