Checklist Item #26 Application for Approval of a Suspension of 

Benefits Under MPRA

Iron Workers Local 17 Pension Fund EIN: 51-0161467

Plan No.: 001

Does the application 

describe the plan’s 

experience with certain 

critical assumptions, 

including a disclosure for 

each of the 10 plan years 

immediately preceding the 

application that separately 

identifies 

• total contributions,

• total contribution

base units,

• average

contribution rates,

• withdrawal liability

payments, and

• the rate of return on

plan assets.

See section 6.03.

The application filed on behalf of the Iron Workers 

Local 17 Pension Fund includes an Actuarial 

Report prepared by the Fund Actuary provided in 

Checklist Item #7. A supplemental report entitled 

Application under ERISA Section 305(e)(9) and 

IRC Section 432(e)(9)- Additional Information is 

included as pages IW17PF_263-285 to this 

Checklist Item #26. This Report provides the total 

contributions, total contribution base units, 

average contribution rates and rate of return. 

Since this Pension Fund is under the building and 

construction industry rules, it has had very few 

employers trigger withdrawal liability. Exhibit I to 

the Report, which is based upon our interpretation 

of the requirements under Revenue Procedure 

2015-34, Section 6.03, is included on page

IW17PF_269. 

The Actuarial Valuation for the Plan Year 

beginning May 1, 2015 is also included as pages 

IW17PF_286-353 to provide necessary funding 

information. 

IW17PF_262
Iron Workers Local 17 Pension Fund 

Application under ERISA Section 305(e)(9) and IRC Section 432(e)(9) – Additional Information . Copyright © 2015 by The Segal Group, Inc. All rights reserved. 

IW17PF_263
101 East Ninth Street, Suite 1900 Cleveland, OH 44114 

T 216.687.4400 www.segalco.com December 23, 2015 Board of Trustees Iron Workers Local 17 Pension Fund Cleveland, Ohio Dear Trustees: As requested by the Trustees and required by ERISA Section 305(e)(9) and Internal Revenue Co(taking into account temporary regulation §1.432(e)(9)-1T, proposed regulation §1.432(e)(9)-1 an

34), we have performed additional projections required as part of the application for proposed bunder ERISA Section 305 and IRC Section 432 because of the Plan’s critical and declining stataddition to our certification that the proposed suspensions of benefits are reasonably estimated insolvency within the meaning of ERISA Section 4245 and IRC Section 418E, assuming the suspindefinitely and both the benefit accrual reductions and other plan changes become effective upon 2016 suspension effective date. These projections were performed in accordance with the Multiemployer Pension Reform Act of exhibits outline the projections performed in accordance with the proposed regulations. These projbased on the Actuarial Valuation as of May 1, 2015, the Actuarial Certification of Plan Status as Section 432, and the Actuarial Certification of Plan Solvency under ERISA Section 305(e432(e)(9)(C)(i) of Proposed Benefit Suspensions as of December 1, 2016, in accordance with gprinciples and practices and a current understanding of the law. The actuarial calculations supervision of Henry Wong, ASA, MAAA, FCA, EA. 

IW17PF_264
Segal Consulting (“Segal”) does not practice law and, therefore, cannot and does not provide 

interpretation on which the certification is based reflects Segal’s understanding as an actuarial firthe statute and the significance of its ramifications, Segal recommends that the Board of Trusteewhen making any decisions regarding compliance with ERISA and the Internal Revenue Code.Sincerely, Segal Consulting, a Member of the Segal Group By: _____ ___ __ 

Megan K. Kelly, CEBS Harold S. Cooper, FSA, MAAA, EA Henry Wong

Vice President and Benefits Consultant Vice President and Actuary Vice Preside

5555198v2/01031.030

IW17PF_265 Redacted by the U.S. Department of the Treasury Redacted by the U.S. Department of the Treasury Redacted 

Departme
Application Under ERISA Section 305(e)(9) and IRC Section 432(e)(9) for the Iron Workers Local 17 Pension Fu

Additional Information 

EIN 5

December 23, 2015 

APPLICATION UNDER ERISA SECTION 305(E)(9) AND IRC SECTION 432(E)(9) 

ADDITIONAL INFORMATION 

This is to certify that Segal Consulting, a Member of The Segal Group, Inc. (“Segal”), has performed actuarial proje

Section 305(e)(9) and Internal Revenue Code Section 432(e)(9), taking into account temporary regulation §1.432

regulation §1.432(e)(9)-1 and Revenue Procedure 2015-34, for the Iron Workers Local 17 Pension Fund based on pApril 30, 2015 and asset values as of September 30, 2015 in accordance with generally accepted actuarial principles 

been prepared at the request of the Board of Trustees to assist in meeting filing and compliance requirements unparticular the application requirements for a benefit suspension. This certification may not otherwise be copied or reprwithout the consent of the Board of Trustees and may only be provided to other parties in its entirety. The measurements shown in this actuarial certification are not applicable for other purposes. Future actuarial measusignificantly from the current measurements presented in this report due to such factors as the following: plan experithat anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; difinterpretation; differences in methodology, changes in plan provisions and changes in applicable law. Due to the legthis certification, it does not include an analysis of such future measurements. This certification is based on the May 1, 2015 actuarial valuation, dated December 21, 2015, the Actuarial Certificatiof May 1, 2015 under IRC Section 432, dated July 29, 2015, and the Actuarial Certification of Plan Solvency un305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) of Proposed Benefit Suspensions as of December 1, 2016, dated Deceinformation described in Exhibit I is based on information provided by the Fund Office. This certification reflects the 

made by the Multiemployer Pension Reform Act of 2014 (MPRA), taking into account temporary regulation §1.432regulation §1.432(e)(9)-1 and Revenue Procedure 2015-34. Additional assumptions required for the projections (inMPRA), and sources of financial information used are summarized in Exhibit VII. A summary of the proposed beincluded in the Actuarial Certification of Plan Solvency referenced above. Segal Consulting does not practice law and, therefore, cannot and does not provide legal advice. Any statutory interthis certification is based reflect Segal’s understanding as an actuarial firm. Based on discussions with legal understanding that the proposed benefit suspensions satisfy the requirements for such as set forth in MPRA. This certification was based on the assumption that the Plan was qualified as a multiemployer plan for the year. 

IW17PF_266
Application Under ERISA Section 305(e)(9) and IRC Section 432(e)(9) for the Iron Workers Local 17 Pension Fu

Additional Information 

EIN 5

I am a member of the American Academy of Actuaries and I meet the Qualification Standards of the American Acadrender the actuarial opinion herein. To the best of my knowledge, the information supplied in this actuarial certificat

accurate. The assumptions and methodology used, with the exception of those specifically identified and described referenced above, are prescribed by law in proposed regulation 1.432(e)(9)-1 (Exhibits II, III, IV and V for the 

analyses). 

__ _________ Henry Wong, ASA, MAAA, FCA Vice President and Consulting Actuary Enrolled Actuary No. 14-05951 

IW17PF_267 Redacted by the U.S. Department of the Treasury
Application Under ERISA Section 305(e)(9) and IRC Section 432(e)(9) for the Iron Workers Local 17 Pension Fu

Additional Information 

EIN 5

 Certificate Contents 

EXHIBIT I Past Experience for Certain Critical Assumptions EXHIBIT II Projections of Plan’s Solvency Ratio Assuming the Annual Rate of Return 

is 1.00% Lower than Used in the Actuarial Solvency Certification (5.50%)

EXHIBIT III Projections of Plan’s Solvency Ratio Assuming the Annual Rate of Return 

is 2.00% Lower than Used in the Actuarial Solvency Certification (4.50%)

EXHIBIT IV Projections of Plan’s Solvency Ratio Assuming the Industry Level 

Assumption Continues Under the Same Trend as the Plan Experienced Over the Past 10 Years (-0.11%) 

EXHIBIT V Projections of Plan’s Solvency Ratio Assuming the Industry Level 

Assumption Continues Under the Same Trend as the Plan Experienced Over the Past 10 Years, Reduced By 1.00% (-1.11%) 

EXHIBIT VI Projection of Funded Percentage EXHIBIT VII Actuarial Basis 

IW17PF_268
Application Under ERISA Section 305(e)(9) and IRC Section 432(e)(9) for the Iron Workers Local 17 Pension Fu

Additional Information 

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EXHIBIT I Past Experience for Certain Critical Assumptions 

Year Total Contributions

Total Contribution 

Base Units (hours) 

Average Hourly 

Contribution Rate 

Rate of 

2005 $10,447,836 1,285,888 $8.12 2006 12,239,213 1,332,159 9.19 

2007 11,965,371 1,259,513 9.50 2008 11,468,721 1,207,234 9.50 2009 8,343,042 878,215 9.50 

2010 9,718,103 1,022,958 9.50 

2011 12,140,786 1,277,977 9.50 2012 11,580,815 1,219,033 9.50 2013 11,690,443 1,169,044 10.00 2014 12,736,277 1,273,628 10.00 

Average Trend From 2005 to 2014 -0.11%

Note: The total contribution base units are estimated based on total contributions divided by the average hourly contribution rate f

IW17PF_269
Application Under ERISA Section 305(e)(9) and IRC Section 432(e)(9) for the Iron Workers Local 17 Pension Fu

Additional Information 

EIN 5

EXHIBIT II Projections of Plan’s Solvency Ratio Assuming the Annual Rate of Return is 1.00% Lower than Used in the ActCertification (5.50% Per Year): Proposed Regulation 1.432(e)(9)-1 (d)(5)(vi)(B)(1) and Revenue Procedure 2015-The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning May 1, 2015 through April 30, 

Year Beginning May 1 

2015 2016 2017 2018 

1. Market Value at beginning of year $85,351,315 $75,099,192 $71,051,323 $68,839,381 2. Contributions 12,002,000 10,608,000 10,319,000 10,319,000 3. Benefit payments 19,689,924 18,067,440 15,824,975 15,891,827 4. Administrative expenses 650,000 500,000 450,000 463,500 5. Investment earnings -1,914,199* 3,911,571 3,744,033 3,620,167 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $75,099,192 $71,051,323 $68,839,381 $66,423,221 

7. Available resources: 

(1)+(2)-(4)+(5) $94,789,116 $89,118,763 $84,664,356 $82,315,048 

8. Solvency ratio: (7) ÷ (3) 4.814 4.933 5.350 5.180 

2020 2021 2022 2023 

1. Market Value at beginning of year $63,645,120 $60,541,776 $57,201,703 $53,732,875 2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 3. Benefit payments 16,254,354 16,303,879 16,235,207 16,096,333 4. Administrative expenses 491,727 506,479 521,673 537,323 5. Investment earnings 3,323,737 3,151,285 2,969,052 2,781,655 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $60,541,776 $57,201,703 $53,732,875 $50,199,874 

7. Available resources: 

(1)+(2)-(4)+(5) $76,796,130 $73,505,582 $69,968,082 $66,296,207 

8. Solvency ratio: (7) ÷ (3) 4.725 4.508 4.310 4.119 *Based on actual experience for the five-month period ended September 30, 2015 and 5.50% for the remaining seven months of the Plan Year. 

IW17PF_270
Application Under ERISA Section 305(e)(9) and IRC Section 432(e)(9) for the Iron Workers Local 17 Pension Fu

Additional Information 

EIN 5

EXHIBIT II (continued) Projections of Plan’s Solvency Ratio Assuming the Annual Rate of Return is 1.00% Lower than Used in the ActCertification (5.50%): Proposed Regulation 1.432(e)(9)-1 (d)(5)(vi)(B)(1) and Revenue Procedure 2015-34 6.04(1) 

Year Beginning May 1 

2025 2026 2027 2028 

1. Market Value at beginning of year $46,574,076 $42,917,015 $39,241,498 $35,553,327 

2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 

3. Benefit payments 15,801,154 15,606,260 15,404,218 15,169,557 

4. Administrative expenses 570,046 587,147 604,761 622,904 

5. Investment earnings 2,395,139 2,198,890 2,001,808 1,804,913 

6. Market Value at end of year:

(1)+(2)-(3)-(4)+(5) $42,917,015 $39,241,498 $35,553,327 $31,884,779 

7. Available resources:

(1)+(2)-(4)+(5) $58,718,169 $54,847,758 $50,957,545 $47,054,336 

8. Solvency ratio: (7) ÷ (3) 3.716 3.514 3.308 3.102 

2030 2031 2032 2033 

1. Market Value at beginning of year $28,214,312 $24,552,664 $20,907,617 $17,248,884 

2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 

3. Benefit payments 14,732,064 14,500,082 14,297,869 14,033,161 

4. Administrative expenses 660,839 680,664 701,084 722,117 

5. Investment earnings 1,412,255 1,216,699 1,021,220 826,691 

6. Market Value at end of year:

(1)+(2)-(3)-(4)+(5) $24,552,664 $20,907,617 $17,248,884 $13,639,297 

7. Available resources:

(1)+(2)-(4)+(5) $39,284,728 $35,407,699 $31,546,753 $27,672,458 

8. Solvency ratio: (7) ÷ (3) 2.667 2.442 2.206 1.972 

IW17PF_271
Application Under ERISA Section 305(e)(9) and IRC Section 432(e)(9) for the Iron Workers Local 17 Pension Fu

Additional Information 

EIN 5

EXHIBIT II (continued) Projections of Plan’s Solvency Ratio Assuming the Annual Rate of Return is 1.00% Lower than Used in the ActCertification (5.50%): Proposed Regulation 1.432(e)(9)-1 (d)(5)(vi)(B)(1) and Revenue Procedure 2015-34 6.04(1) 

Year Beginning May 1 

2035 2036 2037 2038

1. Market Value at beginning of year $10,042,770 $6,561,812 $3,223,435 $83,4782. Contributions 10,319,000 10,319,000 10,319,000 10,319,000

3. Benefit payments 13,478,269 13,130,192 12,734,714 12,403,155

4. Administrative expenses 766,094 789,077 812,749 837,131

5. Investment earnings 444,405 261,892 88,506 N/A 

6. Market Value at end of year:

(1)+(2)-(3)-(4)+(5) $6,561,812 $3,223,435 $83,478 Insolvent

7. Available resources:

(1)+(2)-(4)+(5) $20,040,081 $16,353,627 $12,818,192 $9,565,347

8. Solvency ratio: (7) ÷ (3) 1.487 1.245 1.007 0.771

IW17PF_272
Application Under ERISA Section 305(e)(9) and IRC Section 432(e)(9) for the Iron Workers Local 17 Pension Fu

Additional Information 

EIN 5

EXHIBIT III Projections of Plan’s Solvency Ratio Assuming the Annual Rate of Return is 2.00% Lower than Used in the ActCertification (4.50%): Proposed Regulation 1.432(e)(9)-1 (d)(5)(vi)(B)(2) and Revenue Procedure 2015-34 6.04(2) The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning May 1, 2015 through April 30, 

Year Beginning May 1 

2015 2016 2017 2018 

1. Market Value at beginning of year $85,351,315 $74,667,102 $69,888,594 $66,943,596 2. Contributions 12,002,000 10,608,000 10,319,000 10,319,000 3. Benefit payments 19,689,924 18,067,440 15,824,975 15,891,827 4. Administrative expenses 650,000 500,000 450,000 463,500 5. Investment earnings -2,346,289* 3,180,932 3,010,977 2,876,644 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $74,667,102 $69,888,594 $66,943,596 $63,783,913 

7. Available resources: 

(1)+(2)-(4)+(5) $94,357,026 $87,956,034 $82,768,571 $79,675,740 

8. Solvency ratio: (7) ÷ (3) 4.792 4.868 5.230 5.014 

2020 2021 2022 2023 

1. Market Value at beginning of year $60,254,107 $56,393,852 $52,294,162 $48,064,667 2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 3. Benefit payments 16,254,354 16,303,879 16,235,207 16,096,333 4. Administrative expenses 491,727 506,479 521,673 537,323 5. Investment earnings 2,566,826 2,391,668 2,208,385 2,020,830 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $56,393,852 $52,294,162 $48,064,667 $43,770,841 

7. Available resources: 

(1)+(2)-(4)+(5) $72,648,206 $68,598,041 $64,299,874 $59,867,174 

8. Solvency ratio: (7) ÷ (3) 4.469 4.207 3.961 3.719 *Based on actual experience for the five-month period ended September 30, 2015 and 4.50% for the remaining seven months of the Plan Year. 

IW17PF_273
Application Under ERISA Section 305(e)(9) and IRC Section 432(e)(9) for the Iron Workers Local 17 Pension Fu

Additional Information 

EIN 5

EXHIBIT III (continued) Projections of Plan’s Solvency Ratio Assuming the Annual Rate of Return is 2.00% Lower than Used in the ActCertification (4.50%): Proposed Regulation 1.432(e)(9)-1 (d)(5)(vi)(B)(2) and Revenue Procedure 2015-34 6.04(2) 

Year Beginning May 1 

2025 2026 2027 2028 

1. Market Value at beginning of year $39,384,817 $34,968,759 $30,535,772 $26,091,878 2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 3. Benefit payments 15,801,154 15,606,260 15,404,218 15,169,557 4. Administrative expenses 570,046 587,147 604,761 622,904 5. Investment earnings 1,636,142 1,441,420 1,246,085 1,050,982 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $34,968,759 $30,535,772 $26,091,878 $21,669,399 

7. Available resources: 

(1)+(2)-(4)+(5) $50,769,913 $46,142,032 $41,496,096 $36,838,956 

8. Solvency ratio: (7) ÷ (3) 3.213 2.957 2.694 2.428 

2030 2031 2032 2033 

1. Market Value at beginning of year $17,246,786 $12,834,826 $8,441,258 $4,035,863 2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 3. Benefit payments 14,732,064 14,500,082 14,297,869 14,033,161 4. Administrative expenses 660,839 680,664 701,084 722,117 5. Investment earnings 661,943 468,178 274,558 N/A 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $12,834,826 $8,441,258 $4,035,863 Insolvent 

7. Available resources: 

(1)+(2)-(4)+(5) $27,566,890 $22,941,340 $18,333,732 $13,632,746 

8. Solvency ratio: (7) ÷ (3) 1.871 1.582 1.282 0.971 

IW17PF_274
Application Under ERISA Section 305(e)(9) and IRC Section 432(e)(9) for the Iron Workers Local 17 Pension Fu

Additional Information 

EIN 5

EXHIBIT IV Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues Under the Same Tre(-0.11% -- See Exhibit I) as the Plan Experienced Over the Past 10 Years: Proposed Regulation 1.432(e)(9)-1 (d)Revenue Procedure 2015-34 6.04(3) The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning May 1, 2015 through April 30, 

Year Beginning May 1 

2015 2016 2017 2018 

1. Market Value at beginning of year $85,351,315 $75,529,578 $73,646,553 $73,994,485 2. Contributions 12,002,000 11,988,798 11,975,610 11,962,437 3. Benefit payments 19,689,924 18,067,440 15,824,975 15,891,827 4. Administrative expenses 650,000 500,000 450,000 463,500 5. Investment earnings -1,483,813* 4,695,617 4,647,297 4,666,873 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $75,529,578 $73,646,553 $73,994,485 $74,268,468 

7. Available resources: 

(1)+(2)-(4)+(5) $95,219,502 $91,713,993 $89,819,460 $90,160,295 

8. Solvency ratio: (7) ÷ (3) 4.836 5.076 5.676 5.673 

2020 2021 2022 2023 

1. Market Value at beginning of year $74,316,506 $74,180,809 $73,956,369 $73,759,015 2. Contributions 11,936,134 11,923,004 11,909,889 11,896,788 3. Benefit payments 16,254,354 16,303,879 16,235,207 16,096,333 4. Administrative expenses 491,727 506,479 521,673 537,323 5. Investment earnings 4,674,250 4,662,914 4,649,637 4,640,388 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $74,180,809 $73,956,369 $73,759,015 $73,662,535 

7. Available resources: 

(1)+(2)-(4)+(5) $90,435,163 $90,260,248 $89,994,222 $89,758,868 

8. Solvency ratio: (7) ÷ (3) 5.564 5.536 5.543 5.576 *Based on actual experience for the five-month period ended September 30, 2015 and 6.50% for the remaining seven months of the Plan Year. 

IW17PF_275
Application Under ERISA Section 305(e)(9) and IRC Section 432(e)(9) for the Iron Workers Local 17 Pension Fu

Additional Information 

EIN 5

EXHIBIT IV (continued) Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues Under the Same Tre(-0.11% -- See Exhibit I) as the Plan Experienced Over the Past 10 Years: Proposed Regulation 1.432(e)(9)-1 (d)Revenue Procedure 2015-34 6.04(3) 

Year Beginning May 1 

2025 2026 2027 2028 

1. Market Value at beginning of year $73,648,284 $73,788,584 $74,107,777 $74,623,910 

2. Contributions 11,870,630 11,857,572 11,844,529 11,831,500 

3. Benefit payments 15,801,154 15,606,565 15,405,262 15,171,568 

4. Administrative expenses 570,046 587,147 604,761 622,904 

5. Investment earnings 4,640,870 4,655,333 4,681,627 4,721,758 

6. Market Value at end of year:

(1)+(2)-(3)-(4)+(5) $73,788,584 $74,107,777 $74,623,910 $75,382,696 

7. Available resources:

(1)+(2)-(4)+(5) $89,589,738 $89,714,342 $90,029,172 $90,554,264 

8. Solvency ratio: (7) ÷ (3) 5.670 5.749 5.844 5.969 

2030 2031 2032 2033 

1. Market Value at beginning of year $76,376,882 $77,632,346 $79,172,569 $80,984,169 

2. Contributions 11,805,485 11,792,499 11,779,527 11,766,569 

3. Benefit payments 14,736,930 14,507,360 14,308,096 14,048,112 

4. Administrative expenses 660,839 680,664 701,084 722,117 

5. Investment earnings 4,847,748 4,935,748 5,041,253 5,166,352 

6. Market Value at end of year:

(1)+(2)-(3)-(4)+(5) $77,632,346 $79,172,569 $80,984,169 $83,146,861 

7. Available resources:

(1)+(2)-(4)+(5) $92,369,276 $93,679,929 $95,292,265 $97,194,973 

8. Solvency ratio: (7) ÷ (3) 6.268 6.457 6.660 6.919 

IW17PF_276
Application Under ERISA Section 305(e)(9) and IRC Section 432(e)(9) for the Iron Workers Local 17 Pension Fu

Additional Information 

EIN 5

EXHIBIT IV (continued) Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues Under the Same Tre(-0.11% -- See Exhibit I) as the Plan Experienced Over the Past 10 Years: Proposed Regulation 1.432(e)(9)-1 (d)Revenue Procedure 2015-34 6.04(3) 

Year Beginning May 1 

2035 2036 2037 2038 

1. Market Value at beginning of year $85,643,924 $88,597,709 $92,057,738 $96,105,353 2. Contributions 11,740,697 11,727,782 11,714,882 11,701,995 3. Benefit payments 13,505,421 13,165,167 12,777,327 12,456,468 4. Administrative expenses 766,094 789,077 812,749 837,131 5. Investment earnings 5,484,603 5,686,491 5,922,809 6,195,121 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $88,597,709 $92,057,738 $96,105,353 $100,708,870 

7. Available resources: 

(1)+(2)-(4)+(5) $102,103,130 $105,222,905 $108,882,680 $113,165,338 

8. Solvency ratio: (7) ÷ (3) 7.560 7.993 8.522 9.085 

2040 2041 2042 2043 

1. Market Value at beginning of year $105,947,938 $111,832,527 $118,418,359 $125,776,000 2. Contributions 11,676,265 11,663,421 11,650,592 11,637,776 3. Benefit payments 11,758,639 11,410,441 11,037,258 10,671,826 4. Administrative expenses 888,112 914,755 942,198 970,464 5. Investment earnings 6,855,075 7,247,607 7,686,505 8,175,293 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $111,832,527 $118,418,359 $125,776,000 $133,946,779 

7. Available resources: 

(1)+(2)-(4)+(5) $123,591,166 $129,828,800 $136,813,258 $144,618,605 

8. Solvency ratio: (7) ÷ (3) 10.511 11.378 12.396 13.551 

IW17PF_277
Application Under ERISA Section 305(e)(9) and IRC Section 432(e)(9) for the Iron Workers Local 17 Pension Fu

Additional Information 

EIN 5

EXHIBIT IV (continued) Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues Under the Same Tre(-0.11% -- See Exhibit I) as the Plan Experienced Over the Past 10 Years: Proposed Regulation 1.432(e)(9)-1 (d)Revenue Procedure 2015-34 6.04(3) 

Year Beginning May 1 

2045 2046 2047 2048 

1. Market Value at beginning of year $142,993,059 $152,919,221 $163,804,215 $175,688,439 2. Contributions 11,612,187 11,599,413 11,586,654 11,573,909 3. Benefit payments 9,970,890 9,623,470 9,296,373 9,004,516 4. Administrative expenses 1,029,565 1,060,452 1,092,266 1,125,034 5. Investment earnings 9,314,430 9,969,503 10,686,209 11,466,690 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $152,919,221 $163,804,215 $175,688,439 $188,599,488 

7. Available resources: 

(1)+(2)-(4)+(5) $162,890,111 $173,427,685 $184,984,812 $197,604,004 

8. Solvency ratio: (7) ÷ (3) 16.337 18.021 19.899 21.945 

2050 2051 2052 2053 

1. Market Value at beginning of year $202,603,603 $217,737,469 $234,051,574 $251,627,747 2. Contributions 11,548,460 11,535,757 11,523,068 11,510,392 3. Benefit payments 8,452,120 8,213,260 7,968,386 7,759,528 4. Administrative expenses 1,193,549 1,229,355 1,266,236 1,304,223 5. Investment earnings 13,231,075 14,220,963 15,287,727 16,435,319 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $217,737,469 $234,051,574 $251,627,747 $270,509,707 

7. Available resources: 

(1)+(2)-(4)+(5) $226,189,589 $242,264,834 $259,596,133 $278,269,235 

8. Solvency ratio: (7) ÷ (3) 26.761 29.497 32.578 35.862 

IW17PF_278
Application Under ERISA Section 305(e)(9) and IRC Section 432(e)(9) for the Iron Workers Local 17 Pension Fu

Additional Information 

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EXHIBIT V Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues Under the Same Tre

(-0.11% -- See Exhibit I) as the Plan Experienced Over the Past 10 Years Reduced By 1.00% (-1.11%): Proposed 1.432(e)(9)-1 (d)(5)(vi)(C)(2) and Revenue Procedure 2015-34 6.04(4) The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning May 1, 2015 through April 30, 

Year Beginning May 1 

2015 2016 2017 2018 

1. Market Value at beginning of year $85,351,315 $75,529,578 $73,522,632 $73,616,179 

2. Contributions 12,002,000 11,868,778 11,737,034 11,606,753 

3. Benefit payments 19,689,924 18,067,440 15,824,975 15,891,827 

4. Administrative expenses 650,000 500,000 450,000 463,500 

5. Investment earnings -1,483,813* 4,691,716 4,631,488 4,630,723 

6. Market Value at end of year:

(1)+(2)-(3)-(4)+(5) $75,529,578 $73,522,632 $73,616,179 $73,498,328 

7. Available resources:

(1)+(2)-(4)+(5) $95,219,502 $91,590,072 $89,441,154 $89,390,155 

8. Solvency ratio: (7) ÷ (3) 4.836 5.069 5.652 5.625 

2020 2021 2022 2023 

1. Market Value at beginning of year $73,009,628 $72,184,330 $71,108,937 $69,890,218 

2. Contributions 11,350,513 11,224,523 11,099,931 10,976,721 

3. Benefit payments 16,254,354 16,303,879 16,235,207 16,096,333 

4. Administrative expenses 491,727 506,479 521,673 537,323 

5. Investment earnings 4,570,270 4,510,442 4,438,230 4,359,014 

6. Market Value at end of year:

(1)+(2)-(3)-(4)+(5) $72,184,330 $71,108,937 $69,890,218 $68,592,297 

7. Available resources:

(1)+(2)-(4)+(5) $88,438,684 $87,412,816 $86,125,425 $84,688,630 

8. Solvency ratio: (7) ÷ (3) 5.441 5.361 5.305 5.261 

*Based on actual experience for the five-month period ended September 30, 2015 and 6.50% for the remaining seven months of the Plan Year. 

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Application Under ERISA Section 305(e)(9) and IRC Section 432(e)(9) for the Iron Workers Local 17 Pension Fu

Additional Information 

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EXHIBIT V (continued) Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues Under the Same Tre(-0.11% -- See Exhibit I) as the Plan Experienced Over the Past 10 Years Reduced By 1.00% (-1.11%): Proposed 1.432(e)(9)-1 (d)(5)(vi)(C)(2) and Revenue Procedure 2015-34 6.04(4) 

Year Beginning May 1 

2025 2026 2027 2028 

1. Market Value at beginning of year $67,186,222 $65,733,321 $64,246,241 $62,730,589 

2. Contributions 10,734,391 10,615,239 10,497,410 10,380,888 

4. Benefit payments 15,801,154 15,606,538 15,405,150 15,171,299 

5. Administrative expenses 570,046 587,147 604,761 622,904 

6. Investment earnings 4,183,908 4,091,366 3,996,849 3,901,556 

7. Market Value at end of year:

(1)+(2)+(3)-(4)-(5)+(6) $65,733,321 $64,246,241 $62,730,589 $61,218,830 

8. Available resources:

(1)+(2)+(3)-(5)+(6) $81,534,475 $79,852,779 $78,135,739 $76,390,129 

9. Solvency ratio: (8) ÷ (4) 5.160 5.117 5.072 5.035 

2030 2031 2032 2033 

1. Market Value at beginning of year $59,689,611 $58,153,800 $56,618,947 $55,054,723 

2. Contributions 10,151,712 10,039,028 9,927,594 9,817,398 

4. Benefit payments 14,736,041 14,505,918 14,305,886 14,044,770 5. Administrative expenses 660,839 680,664 701,084 722,117 

6. Investment earnings 3,709,357 3,612,701 3,515,152 3,417,699 

7. Market Value at end of year:

(1)+(2)+(3)-(4)-(5)+(6) $58,153,800 $56,618,947 $55,054,723 $53,522,933 

8. Available resources:

(1)+(2)+(3)-(5)+(6) $72,889,841 $71,124,865 $69,360,609 $67,567,703 

9. Solvency ratio: (8) ÷ (4) 4.946 4.903 4.848 4.811 

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EXHIBIT V (continued) Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues Under the Same Tre(-0.11% -- See Exhibit I) as the Plan Experienced Over the Past 10 Years Reduced By 1.00% (-1.11%): Proposed 1.432(e)(9)-1 (d)(5)(vi)(C)(2) and Revenue Procedure 2015-34 6.04(4) 

Year Beginning May 1 

2035 2036 2037 2038 

1. Market Value at beginning of year $51,987,783 $50,551,438 $49,241,960 $48,117,792 2. Contributions 9,600,662 9,494,094 9,388,710 9,284,495 4. Benefit payments 13,498,540 13,155,692 12,764,722 12,439,926 5. Administrative expenses 766,094 789,077 812,749 837,131 6. Investment earnings 3,227,627 3,141,197 3,064,593 2,997,898 7. Market Value at end of year: 

(1)+(2)+(3)-(4)-(5)+(6) $50,551,438 $49,241,960 $48,117,792 $47,123,128 

8. Available resources: 

(1)+(2)+(3)-(5)+(6) $64,049,978 $62,397,652 $60,882,514 $59,563,054 

9. Solvency ratio: (8) ÷ (4) 4.745 4.743 4.770 4.788 

2040 2041 2042 2043 

1. Market Value at beginning of year $46,311,600 $45,665,729 $45,212,019 $44,989,854 2. Contributions 9,079,523 8,978,741 8,879,077 8,780,519 4. Benefit payments 11,732,452 11,378,255 10,998,328 10,624,790 5. Administrative expenses 888,112 914,755 942,198 970,464 6. Investment earnings 2,895,170 2,860,559 2,839,284 2,832,862 7. Market Value at end of year: 

(1)+(2)+(3)-(4)-(5)+(6) $45,665,729 $45,212,019 $44,989,854 $45,007,981 

8. Available resources: 

(1)+(2)+(3)-(5)+(6) $57,398,181 $56,590,274 $55,988,182 $55,632,771 

9. Solvency ratio: (8) ÷ (4) 4.892 4.974 5.091 5.236 

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EXHIBIT V (continued) Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues Under the Same Tre(-0.11% -- See Exhibit I) as the Plan Experienced Over the Past 10 Years Reduced By 1.00% (-1.11%): Proposed 1.432(e)(9)-1 (d)(5)(vi)(C)(2) and Revenue Procedure 2015-34 6.04(4) 

Year Beginning May 1 

2045 2046 2047 2048 

1. Market Value at beginning of year $45,293,602 $45,814,340 $46,610,104 $47,679,621 2. Contributions 8,586,673 8,491,361 8,397,107 8,303,899 4. Benefit payments 9,904,174 9,544,389 9,203,281 8,894,766 5. Administrative expenses 1,029,565 1,060,452 1,092,266 1,125,034 6. Investment earnings 2,867,804 2,909,244 2,967,957 3,043,409 7. Market Value at end of year: 

(1)+(2)+(3)-(4)-(5)+(6) $45,814,340 $46,610,104 $47,679,621 $49,007,129 

8. Available resources: 

(1)+(2)+(3)-(5)+(6) $55,718,514 $56,154,493 $56,882,902 $57,901,895 

9. Solvency ratio: (8) ÷ (4) 5.626 5.884 6.181 6.510 

2050 2051 2052 2053 

1. Market Value at beginning of year $50,611,580 $52,480,214 $54,610,612 $57,028,092 2. Contributions 8,120,576 8,030,437 7,941,299 7,853,151 4. Benefit payments 8,303,413 8,041,582 7,771,634 7,534,920 5. Administrative expenses 1,193,549 1,229,355 1,266,236 1,304,223 6. Investment earnings 3,245,020 3,370,898 3,514,051 3,674,781 7. Market Value at end of year: 

(1)+(2)+(3)-(4)-(5)+(6) $52,480,214 $54,610,612 $57,028,092 $59,716,881 

8. Available resources: 

(1)+(2)+(3)-(5)+(6) $60,783,627 $62,652,194 $64,799,726 $67,251,801 

9. Solvency ratio: (8) ÷ (4) 7.320 7.791 8.338 8.925 

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EXHIBIT VI - (Proposed Regulation 1.432(e)(9)-1 (d)(5)(vi)(D) and Revenue Procedure 2015-34 6.05) 

Projection of Funded Percentage The projected Market Value of Assets and Funded Percentage for the Plan Years beginning May 1, 2016 through 2055

Year Beginning May 1 

2016 2017 2018 2019 

1. Value of Plan assets $75,529,578 $72,220,879 $70,765,692 $69,132,954 

2. Unit credit accrued liability 206,383,873 202,451,395 200,534,418 198,375,291 

3. Funded Percentage: (1) ÷ (2) 36.6% 35.7% 35.3% 34.8% 

2021 2022 2023 2024 

1. Value of Plan assets $64,893,615 $62,409,373 $59,818,871 $57,187,215 

2. Unit credit accrued liability 192,881,663 189,669,630 186,291,542 182,816,821 

3. Funded Percentage: (1) ÷ (2) 33.6% 32.9% 32.1% 31.3% 

2026 2027 2028 2029 

1. Value of Plan assets $51,779,241 $49,079,566 $46,394,835 $43,759,151 

2. Unit credit accrued liability 175,534,492 171,806,835 168,030,575 164,236,884 

3. Funded Percentage: (1) ÷ (2) 29.5% 28.6% 27.6% 26.6% 

2031 2032 2033 2024 

1. Value of Plan assets $38,589,109 $36,077,648 $33,590,644 $31,193,579 

2. Unit credit accrued liability 156,532,864 152,633,828 148,675,043 182,816,821 

3. Funded Percentage: (1) ÷ (2) 24.7% 23.6% 22.6% 17.1% 

2036 2037 2038 2039 

1. Value of Plan assets $26,675,850 $24,692,503 $22,964,128 $21,440,569 

2. Unit credit accrued liability 136,823,296 133,016,671 129,373,742 125,837,389 

3. Funded Percentage: (1) ÷ (2) 19.5% 18.6% 17.8% 17.0% 

2041 2042 2043 2044 

1. Value of Plan assets $19,157,480 $18,416,583 $17,995,569 $17,913,619 

2. Unit credit accrued liability 119,220,173 116,144,363 113,267,585 110,604,009 

3. Funded Percentage: (1) ÷ (2) 16.1% 15.9% 15.9% 16.2% 

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Application Under ERISA Section 305(e)(9) and IRC Section 432(e)(9) for the Iron Workers Local 17 Pension Fu

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EXHIBIT VI - (Proposed Regulation 1.432(e)(9)-1 (d)(5)(vi)(D) and Revenue Procedure 2015-34 6.05) (continued) Projection of Funded Percentage 

Year Beginning May 1 

2046 2047 2048 2049 

1. Value of Plan assets $18,829,171 $19,852,267 $21,271,067 $23,085,651 

2. Unit credit accrued liability 105,959,638 103,990,684 102,263,757 100,768,991 

3. Funded Percentage: (1) ÷ (2) 17.8% 19.1% 20.8% 22.9% 

2051 2052 2053 2054 

1. Value of Plan assets $27,948,030 $30,999,636 $34,495,791 $38,434,825 

2. Unit credit accrued liability 98,480,062 97,666,008 97,087,567 96,729,699 

3. Funded Percentage: (1) ÷ (2) 28.4% 31.7% 35.5% 39.7% 

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EXHIBIT VII Actuarial Basis 

Unless noted otherwise, the projections in this report are based on the data, assets, and assumptions described in the Acof Plan Solvency under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) of Proposed Benefit SuspensioDecember 1, 2016, dated December 23, 2015. Historical contribution amounts, contribution base units, and rates of return shown in Exhibit I were extracted from the actuarial valuation report. For purposes of the projection of assets and liabilities for calculation of funded percentages: projected assets are the vadeterministic solvency projection for the proposed suspension in the Actuarial Certification of Plan Solvency under ER305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i), projected liabilities following the proposed benefit suspension are esti

discounting the projected future benefit payments at each year at the 6.5% valuation interest rate. Segal Consulting (“Segal”) does not practice law and, therefore, cannot and does not provide legal advice. Any statutorwhich the certification is based reflects Segal’s understanding as an actuarial firm. Due to the complexity of the statute significance of its ramifications, Segal recommends that the Board of Trustees consult with legal counsel when making regarding compliance with ERISA and the Internal Revenue Code.

5555198v2/01031.030 

IW17PF_285
This report has been prepared at the request of the Board of Trustees to assist in administering the Fund and meeting filing requirements of fe

valuation report may not otherwise be copied or reproduced in any form without the consent of the Board of Trustees and may only be provideThe measurements shown in this actuarial valuation may not be applicable for other purposes. Copyright © 2015 by The Segal Group, Inc. All rights reserved. 

Iron Workers Local 17 Pension Fund Actuarial Valuation and Review as of May 1, 2015 

IWE17PF_286
1300 East Ninth Street, Suite 1900 Cleveland, OH 44114 

T 216.687.4400 www.segalco.com 

 Benefits, Compensation and HR Consulting. Member of The Segal Group. Offices throughout the United States and Ca

December 21, 2015 Board of Trustees Iron Workers Local 17 Pension Fund Cleveland, Ohio Dear Trustees: We are pleased to submit the Actuarial Valuation and Review as of May 1, 2015. It establishes the funding requireand analyzes the preceding year’s experience. It also summarizes the actuarial data and includes the actuarial inforbe filed with Form 5500 to federal government agencies. The census information upon which our calculations were based was prepared by the Fund Office, under the direcThat assistance is gratefully acknowledged. The actuarial calculations were completed under the supervision of He

FCA, Enrolled Actuary. We look forward to reviewing this report with you at your next meeting and to answering any questions you may hav

Sincerely, Segal Consulting, a Member of the Segal Group By: 

Megan K. Kelly, CEBS Harold S. Cooper, FSA, MAAA, EA 

Vice President and Benefits Consultant Vice President and Actuary 

IWE17PF_287 Redacted by the U.S. Department of the Treasury Redacted by the U.S. Department of the Treasury
Table of Contents Iron Workers Local 17 Pension Fund Actuarial Valuation and Review as of May 1, 2015 

Section 1: Actuarial Valuation Summary

Introduction .............................................................................................................................................

Important Information about Actuarial Valuations ...................................................................................A. Developments Since Last Valuation ................................................................................................B. Funded Percentage and Funding Standard Account ......................................................................C. Solvency Projections .......................................................................................................................D. Withdrawal Liability ..........................................................................................................................Summary of Key Valuation Results ........................................................................................................Comparison of Funded Percentages ......................................................................................................

Section 2: Actuarial Valuation Results

Participant Information ............................................................................................................................

Financial Information ..............................................................................................................................Actuarial Experience ...............................................................................................................................Actuarial Assumptions ............................................................................................................................Plan Provisions .......................................................................................................................................Funding Standard Account .....................................................................................................................Funding Concerns ..................................................................................................................................Pension Protection Act of 2006 ..............................................................................................................Solvency Projection ................................................................................................................................Withdrawal Liability Overview .................................................................................................................Disclosure Requirements .......................................................................................................................

IWE17PF_288
Section 3: Supplementary Information

Exhibit A - Table of Plan Coverage ........................................................................................................Exhibit B - Participant Population ...........................................................................................................Exhibit C - Employment History ..............................................................................................................Exhibit D - Summary Statement of Income and Expenses on an Actuarial Basis ..................................Exhibit E - Financial Information Table ...................................................................................................Exhibit F - Investment Return – Actuarial Value vs. Market Value .........................................................Exhibit G - Annual Funding Notice for Plan Year Beginning May 1, 2015 and Ending April 30, 2016 ...Exhibit H - Funding Standard Account ...................................................................................................Exhibit I - Maximum Deductible Contribution ..........................................................................................Exhibit J - Pension Protection Act of 2006 .............................................................................................Exhibit K - Section 415 Limitations .........................................................................................................

Section 4: Certificate of Actuarial Valuation

Certificate of Actuarial Valuation ............................................................................................................

Exhibit 1 - Summary of Actuarial Valuation Results ...............................................................................Exhibit 2 - Information on Plan Status as of May 1, 2015 .......................................................................Exhibit 3 - Schedule of Active Participant Data ......................................................................................Exhibit 4 - Funding Standard Account ....................................................................................................Exhibit 5 - Current Liability ......................................................................................................................

Exhibit 6 - Actuarial Present Value of Accumulated Plan Benefits .........................................................Exhibit 7 - Statement of Actuarial Assumptions/Methods .......................................................................Exhibit 8 - Summary of Plan Provisions .................................................................................................

IWE17PF_289
Section 1: Actuarial Valuation Summary as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Section 1: Actuarial Valuation Summary Introduction There are several ways of evaluating funding adequacy for a pension plan. In monitoring the Plan’s financial positio

keep in mind all of these concepts. 

Funding Standard Account 

The ERISA Funding Standard Account (FSA) measures the cumulative difference between acminimum required contributions. If actual contributions exceed the minimum required contributhe credit balance. If actual contributions fall short of the minimum required contributions, a fu

Zone Information 

The Pension Protection Act of 2006 (PPA’06) called on plan sponsors to actively monitor the balance, the funded percentage (the ratio of the actuarial value of assets to the present value and cash flow sufficiency. Based on these measures, plans are then categorized as critical (R

(Yellow Zone), or neither (Green Zone). The Multiemployer Pension Reform Act of 2014 (MPRmade the zone provisions permanent. 

Solvency Projections 

Pension plan funding anticipates that, over the long term, both contributions and investment ecover benefit payments and expenses. To the extent that contributions are less than benefit pearnings and fund assets will be needed to cover the shortfall. In some situations, a plan may assets to cover its current obligations and may need assistance from the Pension Benefit GuaMPRA provides options for some plans facing insolvency. 

Withdrawal Liability 

ERISA provides for assessment of withdrawal liability to employers who withdraw from a mult

unfunded vested benefit liabilities. A separate report is available. 

IWE17PF_290
Section 1: Actuarial Valuation Summary as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Important Information about Actuarial Valuations An actuarial valuation is a budgeting tool with respect to the financing of future uncertain obligations of a pension pl

forecast the precise future contribution requirements or the precise future stream of benefit payments. In any event, i— the actual cost of the plan will be determined by the benefits and expenses paid, not by the actuarial valuation. In order to prepare a valuation, Segal Consulting (“Segal”) relies on a number of input items. These include: 

Plan Provisions 

Plan provisions define the rules that will be used to determine benefit payments, and those rules, omay change over time. Even where they appear precise, outside factors may change how they opemay require the award of a Social Security disability pension as a condition for receiving a disability changes in the Social Security law or administration may change the plan’s costs without any chanitself. It is important for the Trustees to keep Segal informed with respect to plan provisions and adto review the plan summary included in our report to confirm that Segal has correctly interpreted th

Participant Information 

An actuarial valuation for a plan is based on data provided to the actuary by the plan. Segal does ncompleteness or accuracy, other than reviewing it for obvious inconsistencies compared to prior da

appears unreasonable. For most plans, it is not possible nor desirable to take a snapshot of the actvaluation date. It is not necessary to have perfect data for an actuarial valuation: the valuation is an 

prediction. The uncertainties in other factors are such that even perfect data does not produce a “pNotwithstanding the above, it is important for Segal to receive the best possible data and to be infoincomplete or inaccurate data. 

Financial Information 

Part of the cost of a plan will be paid from existing assets – the balance will need to come from futuinvestment income. The valuation is based on the asset values as of the valuation date, typically replans include assets, such as private equity holdings, real estate, or hedge funds, that are not subjeto transactions in the marketplace. A snapshot as of a single date may not be an appropriate value year’s contribution requirement, especially in volatile markets. Plan sponsors often use an “actuariafrom market value to gradually reflect year-to-year changes in the market value of assets in determrequirements. 

Actuarial Assumptions 

In preparing an actuarial valuation, Segal starts by developing a forecast of the benefits to be paid 

for the rest of their lives and the lives of their beneficiaries. This requires actuarial assumptions as t

disability, withdrawal, and retirement of participants in each year, as well as forecasts of the plan’s 

events. The forecasted benefits are then discounted to a present value, typically based on an estimwill be achieved on the plan’s assets. All of these factors are uncertain and unknowable. Thus, therreasonable assumptions, and the results may vary materially based on which assumptions the actu

That is, there is no right answer (except with hindsight). It is important for any user of an actuarial v

accept this constraint. The actuarial model may use approximations and estimates that will have an results and will have no impact on the actual cost of the plan (the total of benefits and expenses pa

the actuarial assumptions may change over time, and while this can have a significant impact on th

not mean that the previous assumptions or results were unreasonable or wrong. 

IWE17PF_291
Section 1: Actuarial Valuation Summary as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Given the above, the user of Segal’s actuarial valuation (or other actuarial calculations) needs to keep the following i The actuarial valuation is prepared for use by the Trustees. It includes information for compliance with federal filing requirem

auditor. Segal is not responsible for the use or misuse of its report, particularly by any other party. 

 An actuarial valuation is a measurement at a specific date — it is not a prediction of a plan’s future financial condition. Accor

perform an analysis of the potential range of financial measurements, except where otherwise noted. 

 Actuarial results in this report are not rounded, but that does not imply precision.  Critical events for a plan include, but are not limited to, decisions about changes in benefits and contributions. The basis for s

consider many factors such as the risk of changes in employment levels and investment losses, not just the current valuation 

 ERISA requires a plan’s enrolled actuary to provide a statement for inclusion in the plan’s annual report disclosing any event 

has not taken into account, if, to the best of the actuary’s knowledge, such an event or trend may require a material increase contribution rates. If the Trustees are currently aware of any event that was not considered in this valuation and that may maof the Plan, they must advise Segal, so that we can evaluate it and take it into account. 

 A certification of “zone” status under PPA’06 is a separate document from the actuarial valuation.  Segal does not provide investment, legal, accounting, or tax advice. This valuation is based on Segal’s understanding of app

areas and of the plan’s provisions, but they may be subject to alternative interpretations. The Trustees should look to their otin these areas. 

 While Segal maintains extensive quality assurance procedures, an actuarial valuation involves complex computer models an

event that an inaccuracy is discovered after presentation of Segal’s valuation, Segal may revise that valuation or make an apthe next valuation. 

 Segal’s report shall be deemed to be final and accepted by the Trustees upon delivery and review. Trustees should notify Se

questions or concerns about the final content. 

As Segal Consulting has no discretionary authority with respect to the management or assets of the Plan, it is not a fiactuaries and consultants with respect to the Plan. 

IWE17PF_292
Section 1: Actuarial Valuation Summary as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

ACTUARIAL VALUATION OVERVIEW 

Participant 

Information Financial Information

Funding 

Standard Account

Withdrawal 

Liability

Actuarial 

Assumptions

Zone 

Information Disclosures

Experience

Plan 

Provisions

Scheduled Cost

Actuarial 

Modeling

IWE17PF_293
Section 1: Actuarial Valuation Summary as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

This May 1, 2015 actuarial valuation report is based on financial and demographic information as of that date. Changdate are not reflected unless specifically identified, and could affect future results. Segal is prepared to work with the effects of any subsequent developments. The current year’s actuarial valuation results follow. 

A. Developments Since Last Valuation 1. On December 16, 2014, the Multiemployer Pension Reform Act of 2014 (MPRA) was enacted. MPRA 

expanded and clarified various zone status rules, increased the PBGC premiums, made changes to withdrawal liability rules for plans in the red or yellow zones, enabled suspension of benefits for deeply troubled plans, and granted PBGC flexibility in facilitating plan mergers and approving partitions. 

2. A withdrawn employer has recently received a judgment that it was not required to make any 

withdrawal liability payments and the prior withdrawal liability payments shall be refunded with interest. We have estimated the amount of refund due as of the valuation date to be approximately $405,000 and included this amount as an account payable for valuation purposes. 

3. The active population increased by 3.5% from 632 to 654. 4. The rate of return on the market value of plan assets was 7.0% for the 2014 plan year. Given the low 

fixed income interest rate environment, target asset allocation and expectations of future investment returns for various asset classes, we have reduced the long-term investment return assumption for this valuation. 

5. The following assumption changes were made: 

 The valuation interest rate was decreased from 7.50% to 6.50%.  The mortality assumption for healthy participants was changed from the RP-2000 Combined Healthy Blue C

projected generationally using scale AA, with the basic rates applied to the 2011 Plan year to:  RP-2014 Blue Collar Employee Mortality Table, projected generationally using scale MP-2014 for non-r RP-2014 Blue Collar Healthy Annuitant Mortality Table, projected generationally using scale MP-2014 f

disabled pensioners. 

 The mortality assumption for disabled pensioners who retired on or after May 1, 1997 was changed from the 

Retiree Mortality Table to the RP-2014 Disabled Retiree Mortality Table, projected generationally using scal

IWE17PF_294
Section 1: Actuarial Valuation Summary as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

 The mortality assumption for disabled pensioners who retired before May 1, 1997 was changed from the RP-

Blue Collar Mortality Table, projected generationally with scale AA, with the basic rates applied to the 2011 

blend of the mortality assumption applied to non-disabled pensioners and the mortality assumption applied to retired on or after May 1, 1997. 

 The retirement age assumption for inactive vested participants was changed from the earliest age eligible for 

 Age 62 for participants eligible for an unreduced pension at that age; 

 Age 60 for participants eligible to retire before age 65 for a reduced pension; and 

 Age 65 for other participants. 

 The benefit election assumption for married participants was changed from electing the more valuable of the 

annuity or single life annuity to half electing the 50% joint and survivor annuity and the other half electing th

 The annual administrative expense assumption was increased from $375,000 to $650,000, payable monthly. 

6. The 2015 certification, issued on July 29, 2015, based on the liabilities calculated in the 2014 actuarial valuation

2015, and estimated asset information as of April 30, 2015, classified the Plan as critical and declining status bec

determinined to be in critical status due to a projected funding deficiency at the end of the year, and the Plan, wit

actives at least 2 to 1, was projected to become insolvent within 20 years. 

IWE17PF_295
Section 1: Actuarial Valuation Summary as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

B. Funded Percentage and Funding Standard Account 1. Based on this May 1, 2015 actuarial valuation, the funded percentage as of that date is 32.4%. 

This will be reported on the 2015 Annual Funding Notice. 

2. The funding deficiency in the Funding Standard Account as of April 30, 2015 was $50,158,794, an 

increase of $20,872,170 from the prior year. PPA’06 requires plan sponsors to monitor the projected credit balance/funding deficiency. 

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Section 1: Actuarial Valuation Summary as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

C. Solvency Projections The Plan is projected to be unable to pay benefits during the year beginning May 1, 2026, assuming experience is consistent with the assumptions used for the May 1, 2015 valuation and the following assumptions:  Future contributions will match the industry activity assumption projected by the plan 

sponsor for the 2015 actuarial status certification (details are in Section 2, Pension Protection Act of 2006). 

 Annual administrative expenses for the Plan year beginning May 1, 2016 will reduce from 

$650,000 to $500,000 for the year beginning May 1, 2016, $450,000 for the year beginning May 1, 2017 and then increase by 3% per year thereafter. 

 No future changes to plan of benefits, contribution rate, laws/regulations or other actuarial 

assumptions. 

IWE17PF_297
Section 1: Actuarial Valuation Summary as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

D. Withdrawal Liability 1. The actuarial present value of vested plan benefits for withdrawal liability purposes is not the same figure as 

determined for FASB ASC 960 purposes because the two calculations involve different benefit provisions and different actuarial assumptions. 

2. A detailed report on withdrawal liability will be available. 

IWE17PF_298
Section 1: Actuarial Valuation Summary as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Summary of Key Valuation Results 

2014 

Certified Zone Status N/A Demographic Data:  Number of active participants 632  Number of inactive participants with vested rights1 302  Number of retired participants and beneficiaries2 1,037 Assets:  Market value of assets (MVA)3 $86,864,772  Actuarial value of assets (AVA)3 86,864,772  AVA as a percent of MVA 100.0% Cash Flow:  Projected employer contributions4 $10,319,0005  Actual contributions 12,656,837  Projected benefit payments and expenses 19,707,504  Insolvency projected in Plan Year beginning 20295 Statutory Funding Information:  Minimum funding standard $63,290,262  Maximum deductible contribution 429,665,922  Annual Funding Notice percentage 39.2%  Funding Standard Account deficiency as of valuation date 29,286,624 Cost Elements on an ERISA Funding Basis:  Normal cost, including administrative expenses $1,286,081  Actuarial accrued liability 221,801,140  Unfunded actuarial accrued liability (based on AVA) 134,936,368 

1Includes 18 beneficiaries of deceased participants eligible for deferred benefits in 2015 and none in 2014 but excludes 22 alternate payees elig

2015 and 30 in 2014 

2Excludes 43 alternate payees receiving benefit under QDRO in 2015 and 30 in 2014

3Net of estimated withdrawal liability refund of $405,000 as of April 30, 2015 and excludes withdrawal liability receivable of $5,024,938 as of Ap

4Based on 706 actives in 2015 and 607 active in 2014, with each active working 1,700 hours 5Restated to exclude withdrawal liability receivable from a withdrawn employer 

IWE17PF_299
Section 1: Actuarial Valuation Summary as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Comparison of Funded Percentages1

Funded Percentages 

as of May 1 2015 

2014 2015 Liabilities Ass

1. Present Value of Future Benefits 37.9% 31.3% $272,718,244 $85,352. PPA’06 Liability and Annual Funding Notice 39.2% 32.4% 263,168,880 85,353. Accumulated Benefits Liability 39.2% 32.4% 263,168,880 85,354. Current Liability 23.9% 23.1% 368,899,591 85,35

Notes: 

1. Includes the value of benefits earned through the valuation date (accrued benefits) plus the value of benefits projected to be 

based on 654 active participants. Used to develop the actuarial accrued liability, based on long-term funding investment retu6.50% and the actuarial value of assets. The funded percentage using market value of assets is 37.9% for 2014 and 31.3% 

7.5% investment return in 2014. 

2. Measures present value of accrued benefits using the current participant census and financial data. As defined by the PPA’0

funding investment return assumption of 6.50% and the actuarial value of assets in 2015 and a funding interest rate of 7.50% 

3. Provides present value of accrued benefits for disclosure in the audited financial statements, based on long-term funding inv

assumption of 6.50%, and the market value of assets and a funding interest rate of 7.50% in 2014. 

4. Used to determine maximum tax-deductible contributions and is reported on Schedule MB to Form 5500. Based on the pres

benefits, using a prescribed mortality table and investment return assumption of 3.61% for 2014 and 3.37% for 2015, and thassets. The funded percentage is also shown on the Schedule MB if it is less than 70%. 

1These measurements are not necessarily appropriate for assessing the sufficiency of Plan assets to cover the estimated cost of settling the 

the need for or the amount of future contributions. 

2Asset reduced by an estimated $405,000 refund of withdrawal liability payments made prior to May 1, 2015 with interest. 

IWE17PF_300
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Section 2: Actuarial Valuation Results Participant Information  The Actuarial Valuation and Review considers the number and demographic characteristics of covered participan

More detailed information for this valuation year, and the preceding year can be found in Section 3, Exhibit A.

654

Active Participants

2971Inactive 

Vested Participants

1,017

2

Pensioners and Beneficiaries 

1 Including 18 beneficiaries of deceased participants with rights to deferred payment but excluding 22 alternate payees eligible for deferred benefi2 Excluding 43 alternate payees receiving a portion of a participants benefit under a Qualified Domestic Relations Order. 

Actives

Beneficiaries

Inactive 

Vesteds Pensioners

IWE17PF_301
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

0

200400600800

1,0001,2001,400

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Active Inactive Vested In Pay Status

0.000.501.001.502.002.503.00

2006 2007 2008 2009 2010 2011 20

Changes in Population Over Time  Between 2006 and 2010, the number of active participants declined gradually and reached its lowest point of less 

the number of actives has increased gradually. During the last 10 years, the number in pay status decreased by 16

 Although the ratio of non-actives to actives decreased gradually since 2010, there are still more than two non-act

active participant as of April 30, 2015. 

 More details on the historical information are included in Section 3, Exhibit

B. 

POPULATION AS OF 

APRIL 30 

RATIO OF NON-ACTIVES T

AS OF APRIL 30 

IWE17PF_302
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

0

20406080

100120

0

20406080

100120140160

Active Participants  There were 654 active participants in this year’s valuation compared to 632 in the prior year.  The age and service distribution is included in Section 4, Exhibit 3. 

DISTRIBUTION BY AGE 

AS OF APRIL 30, 2015 

DISTRIBUTION BY BENEFI

AS OF APRIL 30, 20

Average age 44.2 Average benefit credits 

Prior year average age 43.9 Prior year average benefit credits 

Difference 0.3 Difference 

IWE17PF_303
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

0

500

1,0001,5002,0002,500

2006 2007 2008 2009 2010 2011 2

0.000.200.400.600.801.001.201.40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Millions 

Historical Employment  The total and average hours for each of the last 10 years is shown below. More details on the historical informati

3, Exhibit C.

 The industry activity assumption used for the 2015 actuarial zone certification was 1.20 million hours for the cur

million hours for the following Plan year, and 607 actives each working 1,700 hours per year for Plan years begithereafter, as provided by the plan sponsor. On the average, contributions were assumed to be made for 1,700 hoThe experience in recent years has shown a trend of higher per capita hours. For this valuation, the assumption hfor each active participant. We look to the Trustees for guidance as to whether this continues to be reasonable for 

TOTAL HOURS1 AVERAGE HOUR

Historical Average Total Hours Historical Average Hours 

Last year 1,273,628 Last year 1,9Last 5 years 1,192,528 Last 5 years 1,8Last 10 years 1,192,565 Last 10 years 1,8Long-term assumption2 1,031,900 Long-term assumption 1,7

1The total hours of contributions are based on total contributions divided by the average contribution rate for the year, which may differ from t

Office. 

2Based on 607 actives

IWE17PF_304
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

0

1020304050607080

0

20406080

100120

Inactive Vested Participants  A participant who is not currently active and has satisfied the requirements for, but has not yet commenced, a pen

“inactive vested” participant. 

 There were 279 inactive vested participants in this year’s valuation compared to 302 in the prior year.  In addition, there were 18 beneficiaries of deceased participants eligible for deferred benefits in this valuation as 

prior year. There were also 22 alternate payees eligible for deferred benefit in this valuation compared to 30 in th

DISTRIBUTION BY AGE 

AS OF APRIL 30, 2015

DISTRIBUTION BY MONTHLY A

APRIL 30, 2015

Average age 50.7 Average amount 

Prior year average age 50.0 Prior year average amount 

Difference 0.7 Difference 

IWE17PF_305
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

New Pensions Awarded  During the fiscal year ended April 30, 2015, there were 16 pensions awarded, as detailed in this chart. The avera

awarded, after adjustment for optional forms of payment, was $2,059. The chart below presents both the number amount of pensions awarded in each of the years shown, by type and in total. 

Total Regular Service Early Disability 

Year 

Ended 

Apr 30 Number 

Average 

Amount Number 

Average 

Amount Number 

Average 

Amount Number 

Average 

Amount Number 

Average 

Amoun

2006 34 $1,821 2 $1,330 12 $2,901 5 $1,550 12 $1,331 2007 44 2,077 1 660 10 2,695 17 2,452 10 1,303 2008 31 2,200 7 1,042 16 3,026 6 1,728 2 1,065 2009 68 2,143 6 1,076 39 2,907 17 1,246 4 888 2010 7 1,216 2 1,125 – – 4 1,525 – – 2011 17 953 4 688 – – 2 1,368 7 1,387 2012 14 1,619 3 1,340 – – 4 2,665 5 1,456 2013 12 1,675 2 892 2 2,748 3 1,072 5 1,920 2014 14 1,756 2 1,614 3 3,157 5 1,333 2 2,576 2015 16 2,059 – – 2 3,194 7 2,136 6 1,734 

IWE17PF_306
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

0

20406080

100120140160180200

Regular Service Early Disability Pro rata

0

20406080

100120140160180

Regular Service Early 

Pay Status Information 

April 30, 2014 vs. April 30, 2015 

876 pensioners and 161 beneficiaries 

 857 pensioners and 160 b

$1,608,007 total monthly benefits 

 $1,598,519 total month

 There were also 43 alternate payees receiving benefits under a Qualified Domestic Relations Order in 2015 and 4Distribution of Pensioners 

PENSIONERS BY TYPE AND BY AGE AS OF 

APRIL 30, 2015

PENSIONERS BY TYPE A

AMOUNT AS OF APR

IWE17PF_307
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Progress of Pension Rolls Over the Past Ten Years 

IN PAY STATUS AT YEAR END 

Year Number 

Average 

Age 

Average 

Amount Terminations1 Additions2

2006 975 67.5 $1,474 21 34 2007 976 67.6 1,518 43 44 2008 954 67.7 1,578 53 31 2009 988 67.7 1,634 35 69 2010 962 68.2 1,658 33 7 2011 939 68.7 1,660 40 17 2012 912 69.2 1,683 41 14 2013 889 69.9 1,692 36 13 2014 876 70.5 1,700 28 15 2015 857 70.9 1,754 35 16 

1Terminations include pensioners who died or were suspended during the prior plan year. 2Additions to the pension rolls include new pensions awarded and suspended pensioners who have been reinstated. 

IWE17PF_308
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

05

10152025

2006 2007 2008 2009 2010 2011 2012 2013 2

$ Millions 

Net Contributions Benefits Paid

Financial Information  Pension plan funding anticipates that, over the long term, both contributions (less administrative expenses) and in

investment fees) will be needed to cover benefit payments. 

 A summary of these transactions for the valuation year and the prior year, including investment activity on an ac

in Section 3, Exhibit D. 

 Contributions net of administrative expenses were $12,035,198 for the year.  Benefit payments during the year totaled $19,353,116. They are projected to increase to approximately $20.7 mil

COMPARISON OF NET EMPLOYER CONTRIBUTIONS 

AND BENEFITS PAID 

IWE17PF_309
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

0

20406080

100120140

2006 2007 2008 2009 2010 2011 2012 2013 

$ Millions 

Actuarial Value Market Value

Asset History  Both the actuarial value and the market value of assets are representations of the Plan’s financial status.  The actuarial value is significant because it is subtracted from the Plan’s total actuarial accrued liability to determ

funded and is used to determine the PPA’06 funded percentage. 

 Amortization of the unfunded accrued liability is an important element in the contribution requirements of the Pl Actuarial value of assets has been set equal to market value since April 30, 2011. 

ACTUARIAL VALUE OF ASSETS VS. MARKET VALUE OF ASSETS 

IWE17PF_310
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Actuarial Experience  To calculate the cost requirements of the Plan, assumptions are made about future events that affect the amount a

be paid and assets to be accumulated. For contribution requirements to remain stable, assumptions should approxexpectations for the future, which may require adjustments in the assumptions from time to time. 

 Each year actual experience is measured against the assumptions and differences are reflected in the contribution 

assumptions are changed, the contribution requirement is adjusted to take into account a change in experience anyears. 

 Taking account of experience gains or losses in one year without making a change in assumptions reflects the be

was a short-term development and that, over the long run, experience will return to assumed levels. 

 The net experience variation for the year ending April 30, 2015, was less than 1% of the projected actuarial accru

prior valuation, and was not significant when compared to that liability. 

ACTUARIAL EXPERIENCE FOR THE YEAR ENDED APRIL 30, 201

1 Net loss from investments -$435,9752 Net loss from administrative expenses -246,9393 Net loss from other experience -1,471,8374 Net experience loss: 1 + 2 + 3 -$2,154,751

IWE17PF_311
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Actuarial Value Investment Experience  The actuarial rate of return for a given year is the investment income net of investment expenses, expressed as a 

actuarial value of assets during the year. 

 Net investment income consists of interest and dividend income at the actuarially assumed rate of return, and the 

value changes. Investment expenses are subtracted. 

ACTUARIAL INVESTMENT EXPERIENCE FOR THE YEAR ENDED APRIL 3

1 Net investment income $5,804,4612 Average actuarial value of assets 83,205,8133 Rate of return: 1 

 2 6.98%

4 Assumed rate of return 7.50%5 Expected net investment income: 2 x 4 $6,240,4366 Actuarial loss: 1 - 5 -$435,975

IWE17PF_312
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

-30%-20%-10%

0%

10%20%30%40%50%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 201

Actuarial Value Market Value

Historical Investment Returns  As expected, the experience in the past few years has shown both higher and lower rates of return than the long-t

However, actuarial planning is long term, as the obligations of a pension plan are expected to continue for the lifinactive participants. 

 Based upon this experience, the current asset allocation, and future expectations, we have lowered the assumed lo

6.50%. We will continue to monitor the Plan’s actual and anticipated investment. 

ACTUARIAL RATES OF RETURN FOR YEARS ENDED APRIL 30 

Average Rates of Return Actuarial Value Market Value 

Most recent year return: 6.98% 6.98%Most recent five-year average return: 8.83% 9.00%Most recent 10-year average return: 6.15% 6.68%20-year average return: 8.00% 7.47%

IWE17PF_313
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Non-Investment Experience Administrative Expenses  Administrative expenses for the year ended April 30, 2015 of $613,836 resulted in a loss of $246,939 for the yea The administrative expenses for the coming year are expected to increase due to the increase in PBGC premium 

Mortality Experience  Mortality experience (fewer or more than expected deaths) yields actuarial gains or losses.  The average number of deaths for nondisabled pensioners over the past four years was 19.8 per year compared to 

per year. The average number of deaths for disabled pensioners over the past four years was 14.5 per year compadeaths per year. 

 Based on past experience and estimated future experience, we have updated our mortality assumption for this valOther Experience There are other differences between projected and actual experience that appear when a new valuation is compared w

previous valuation. These include the extent of turnover among the participants, retirement experience (earlier or latenumber of disability retirements. Net Liability Experience The net loss from mortality and other experience amounted to $1,471,837 for the last plan year, which is 0.7% of the accrued liability. This was primarily due to less deaths than expected among pensioners. 

IWE17PF_314
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Actuarial Assumptions  The actuarial assumption changes made for this valuation are summarized below: 

 The valuation interest rate was decreased from 7.50% to 6.50%.  The mortality assumption for healthy participants was changed from RP-2000 Combined Healthy Blue Colla

projected generationally using scale AA, with the basic rates applied to the 2011 Plan year to:  RP-2014 Blue Collar Employee Mortality Table, projected generationally using scale MP-2014 for non-r RP-2014 Blue Collar Healthy Annuitant Mortality Table, projected generationally using scale MP-2014 f

disabled pensioners. 

 The mortality assumption for disabled pensioners who retired on or after May 1, 1997 was changed from the 

Retiree Mortality Table to the RP-2014 Disabled Retiree Mortality Table, projected generationally using scal

 The mortality assumption for disabled pensioners who retired before May 1, 1997 was changed from the RP-

Blue Collar Mortality Table, projected generationally with scale AA, with the basic rates applied to the 2011 

blend of mortality assumption applied to healthy pensioners and the mortality assumption applied to disabled 

or after May 1, 1997. 

 The retirement age assumption for inactive vested participants was changed from the earliest age eligible for 

 Age 62 for participants eligible for an unreduced pension at that age; 

 Age 60 for participants eligible to retire before age 65 for a reduced pension; and 

 Age 65 for other participants. 

 The benefit election assumption for married participants was changed from electing the more valuable of the 

annuity or single life annuity to half electing the 50% joint and survivor annuity and the other half electing th

 The annual administrative expense assumption was increased from $375,000 to $650,000, payable monthly. 

 The actuarial assumptions and methods can be found in Section 4, Exhibit 7.

IWE17PF_315
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Plan Provisions  There were no changes in plan provisions since the prior valuation.  A summary of all plan provisions can be found in Section 4, Exhibit 8. 

IWE17PF_316
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Funding Standard Account  A summary of the ERISA minimum funding requirements, including the exceptions that can apply, is included in  On April 30, 2015, the Funding Standard Account had a preliminary funding deficiency of $50,158,794, a summ

Section 3, Exhibit H. Contributions meet the legal requirement on a cumulative basis if that account shows no dein critical status under PPA’06, employers will generally not be penalized if a funding deficiency develops, provtheir obligations in accordance with the Rehabilitation Plan developed by the Trustees and the negotiated bargainthat Rehabilitation Plan. 

 Based on 706 active participants working an average of 1,700 hours each (approximately 1.2 million hours per th

industry activity), the contributions projected for the year beginning May 1, 2015 is $12,002,000. 

 The minimum funding standard for the year beginning May 1, 2015 is $89,999,095. The projected contributions 

IWE17PF_317
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Funding Concerns  The imbalance between the benefit levels in the Plan and the resources available to pay for them must be address We have been and will continue to work with the Trustees to develop alternatives that will address this situation.  The actions already taken to address this issue include the Trustees adopting a Rehabilitation Plan in 2008 and co

update the Rehabilitation Plan as necessary. 

IWE17PF_318
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Pension Protection Act of 2006 2015 Actuarial Status Certification  PPA’06 requires trustees to actively monitor their plans’ financial prospects to identify emerging funding challen

addressed effectively. Details are shown in Section 3, Exhibit J. 

 The 2015 certification, completed on July 29, 2015, was based on the liabilities calculated in the May 1, 2014 ac

for subsequent events and projected to May 1, 2015, and estimated asset information as of April 30, 2015. The Tindustry activity projection, which was 1.20 million hours for the Plan year beginning May 1, 2015, 1.06 million beginning May 1, 2016, and 607 actives each working 1,700 hours per year for Plan years beginning May 1, 201on that information, the number of active participants was assumed to be 706 as of May 1, 2015, 624 as of May 12017, and remain level thereafter. On the average, contributions were assumed to be made for 1,700 hours per ac

 This Plan was classified as critical and declining status because the Plan was determinined to be in critical status 

funding deficiency at the end of the year, and the Plan, with the ratio of inactives to actives at least 2 to 1, was p

insolvent within 20 years. 

Rehabilitation Plan Update  Section 432(e)(3)(B) requires that the Trustees annually update the Rehabilitation Plan and Schedules.  The Plan’s rehabilitation period began May 1, 2010 and will end on April 30, 2026.  The annual standards in the Rehabilitation Plan require the Plan to be solvent on May 1, 2026.  Based on the results and assumptions used in the valuation, projections show the Plan is expected to meet the ann

is projected to be solvent on May 1, 2026 (details shown on Section 2, Solvency Projection). 

 Segal will continue to assist the Trustees to evaluate and update the Rehabilitation Plan and prepare the required 

Progress in meeting the requirements of the Rehabilitation Plan. 

IWE17PF_319
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

0

50

100150200250300

2006 2007 2008 2009 2010 2011 2012 2013 

$ Millions 

PVAB Actuarial Value of Assets

0%5%

10%15%20%25%30%35%40%45%50%

2006 2007 2008 2009 2010 2011 2012 2013 20

PPA’06 Funded Percentage Historical Information 

PRESENT VALUE OF ACCRUED BENEFITS (PVAB) VS. 

ACTUARIAL VALUE OF ASSETS AS OF MAY 1 

PPA ’06 FUNDED PERCENTAGE AS OF MAY 1 

IWE17PF_320
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

0

102030405060708090

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 

$ Millions 

Solvency Projection  PPA’06 requires Trustees to monitor plan solvency - the ability to pay benefits and expenses when due. MPRA f

are projected to become insolvent with 15 or 20 years as “critical and declining.” See Section 3, Exhibit J for mo

 Based on this valuation, the chart below illustrates that assets are projected to be exhausted during the Plan year b The projection is completed assuming experience is consistent with the assumption used for the May 1, 2015 val

assumptions:  Future contributions will match the industry activity assumption projected by the plan sponsor for the 2015 a

certification (details shown on Section 2, Pension Protection Act of 2006); 

 Annual administrative expenses for the Plan year beginning May 1, 2016 will reduce from $650,000 to $500

beginning May 1, 2016, $450,000 for the year beginning May 1, 2017 and then increase by 3% per year there

reduction in administrative expenses in the next two years is because some of the current expenses are expect

 The Plan is operating under a Rehabilitation Plan that is intended to forestall insolvency. Accordingly, this repor

term “Scheduled Cost” measure that the Trustees could use to evaluate whether benefit levels are sustainable givcontribution rates. 

PROJECTED ASSETS AS OF APRIL 30 

Additional scenarios would demonstrate sensitivity to 

investment return, employment and other alternative assumptions. 

IWE17PF_321
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Withdrawal Liability Overview  The actuarial present value of vested plan benefits for withdrawal liability purposes is not the same figure as dete

960 purposes because the two calculations involve different benefit provisions and different actuarial assumption

 A detailed report on withdrawal liability will be available. 

IWE17PF_322
Section 2: Actuarial Valuation Results as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Disclosure Requirements Annual Funding Notice  PPA’06 requires the annual funding notice to be provided to participants, employers, unions and government age

sent by 120 days after the end of the plan year. The actuarial information to be provided in the annual funding no

Section 3, Exhibit G.

 The value of plan benefits earned to date as of May 1, 2015 is $263,168,880 using the long-term funding interest 

actuarial value of assets is $85,351,315, the Plan’s funded percentage is 32.4%, compared to 39.2% in the prior y

percentage is one measure of a plan’s funded status. It is not indicative of how well funded a plan may be in the fevent of plan termination. 

Current Liability  ERISA also requires the disclosure by the actuary of the funding percentage based on "current liability" assumpti

of assets, if it is less than 70%. The Plan’s current liability as of May 1, 2015 is $368,899,591 using an interest ra30-year U.S. Treasury security rates. As the market value of assets is $85,351,315, this funded current liability pe

will be disclosed on the 2015 Schedule MB of IRS Form 5500. Details are shown in Section 4, Exhibit 5. 

Accounting Information  The Financial Accounting Standards Board (FASB) requires determination of the present value of accumulated p

single-sum value of the benefits, vested or not, earned by participants as of the valuation date. Additional details 

the accumulated plan benefits can be found in Section 4, Exhibit 6.

 These present values are determined based on the plan of benefits reflected for Funding Standard Account purpo

the actuarial assumptions used to determine the ERISA funding costs of the ongoing Plan. These are not approprmeasurements for other purposes such as if the Plan were to terminate. 

IWE17PF_323
Section 3: Supplementary Information as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Section 3: Supplementary Information 

EXHIBIT A - TABLE OF PLAN COVERAGE 

Year Ended April 30 

Category 2014 2015 

Participants in Fund Office tabulation 671 69Less: Participants with less than one benefit credit 39 3

Active participants in valuation: 

 Number 632 65 Average age 43.9 44 Average benefit credits 17.0 16 Total active vested participants 534 55Inactive participants with rights to a pension:  Number 302 27 Average age 50.0 50 Average monthly benefit $1,192 $1,15 Beneficiaries with rights to deferred payments 0  Alternate payees with rights to deferred payments 30 2

Pensioners: 

 Number in pay status 876 85 Average age 70.5 70 Average monthly benefit $1,700 $1,75

 Number of alternate payees in pay status 41 4

Beneficiaries:  Number in pay status 161 16 Average age 75.4 75 Average monthly benefit $590 $59

IWE17PF_324
Section 3: Supplementary Information as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT B - PARTICIPANT POPULATION 

Year Ended 

April 30 

Active 

Participants 

Inactive Vested 

Participants* 

Pensioners and 

Beneficiaries* 

Ratio of Non-Act

to Actives 

2006 791 228 1,181 1.78 2007 702 265 1,197 2.08 2008 678 277 1,158 2.12 2009 652 273 1,189 2.24 2010 546 365 1,156 2.79 2011 607 316 1,142 2.40 2012 650 300 1,117 2.18 2013 640 285 1,056 2.10 2014 632 302 1,037 2.12 2015 654 297 1,017 2.01 

*Beginning with 2013, alternate payees eligible for a deferred benefit or receiving a portion of a participant’s benefit 

a Qualified Domestic Relations Order are excluded. 

IWE17PF_325
Section 3: Supplementary Information as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT C - EMPLOYMENT HISTORY 

Total Hours of Contributions1 Active Participants Average Ho

Contribut

Year Ended 

April 30 Number Percent Change Number Percent Change Number Per

2006 1,285,888 0.6% 791 -2.0% 1,626 2007 1,332,159 3.6% 702 -11.3% 1,898 2008 1,259,513 -5.5% 678 -3.4% 1,858 2009 1,207,234 -4.2% 652 -3.8% 1,852 2010 878,215 -27.3% 546 -16.3% 1,608 2011 1,022,958 16.5% 607 11.2% 1,685 2012 1,277,977 24.9% 650 7.1% 1,966 2013 1,219,033 -4.6% 640 -1.5% 1,905 2014 1,169,044 -4.1% 632 -1.3% 1,850 2015 1,273,628 8.9% 654 3.5% 1,947 

Five-year average hours: 1,871 Ten-year average hours: 1,820 

1The total hours of contributions are based on total contributions divided by the contribution rate for the year, which may differ fr

reported to the Fund Office. 

IWE17PF_326
Section 3: Supplementary Information as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT D - SUMMARY STATEMENT OF INCOME AND EXPENSES 

ON AN ACTUARIAL (MARKET) BASIS 

Year Ended April 30, 2014 Year Ended April 30

Contribution income:  Employer contributions $11,690,443 $12,736,277 Withdrawal liability income 79,440 317,757 Less withdrawal liability refundable 

0 -397,197

 Less administrative expenses -540,999 -613,836Net contribution income $11,228,884 $

Other income/(expense) 0 

Investment income:  Interest and dividends $945,691 $992,688 Capital appreciation 8,671,440 5,040,976 Less investment fees -250,013 -229,203Net investment income 9,367,118 Total income available for benefits $20,596,002 $1Less benefit payments -$19,453,719 -$Change in reserve for future benefits $1,142,283 -$

*Estimated interest on withdrawal liability payments refundable. 

IWE17PF_327
Section 3: Supplementary Information as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT E - FINANCIAL INFORMATION TABLE 

As of April 30, 2014 As of April 30, 2

Cash equivalents $1,627,123 Accounts receivable:  Employer contributions $1,030,428 $1,350,493 Accrued interest and dividends 73,064 51,843 Prepaid Expenses 5,598 15,763 Due from fringe benefit funds 383,182 204,981Total accounts receivable 1,492,272 Investments: 83,942,660 Total assets $87,062,055 $Less accounts payable:  Accounts payable -$197,283 -$145,906 Due to broker 

0 -64,808

 Estimated withdrawal liability refundable 

0 -405,000

Total accounts payable -$197,283 Net assets at market value $86,864,772* $8Net assets at actuarial value $86,864,772* $8* Excludes withdrawal liability payments receivable of $5,024,938 as of April 30, 2014. **Net of estimated withdrawal liability refundable of $405,000. 

IWE17PF_328
Section 3: Supplementary Information as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT F - INVESTMENT RETURN – ACTUARIAL VALUE VS. MARKET V

Actuarial Value 

Investment Return* 

Market Value 

Investment Return 

Actuarial Value 

Investment Return* 

Year Ended 

April 30 Amount Percent Amount Percent 

Year Ended 

April 30 Amount Percent 

1996 $8,936,500 10.58% $20,118,996 21.22% 2006 $4,534,187 3.96% 1997 36,591,039 42.04% 15,032,414 13.84% 2007 8,948,658 8.13% 1998 12,946,081 11.03% 29,515,823 25.15% 2008 11,007,763 9.96% 1999 13,765,611 11.11% 10,964,742 7.81% 2009 -8,662,987 -7.73% 2000 15,014,735 11.49% 13,471,622 9.32% 2010 6,031,125 6.56% 2001 14,101,384 10.17% 2,869,316 1.90% 2011 11,602,969 13.46% 2002 10,646,305 7.47% -8,044,348 -5.61% 2012 499,138 0.57% 2003 -3,954,686 -2.80% -8,321,136 -6.72% 2013 9,772,404 12.17% 2004 4,363,247 3.44% 18,681,692 17.75% 2014 9,367,118 11.48% 2005 2,572,760 2.12% 5,957,397 5.26% 2015 5,804,461 6.98% 

Total $173,887,812 

Most recent five-year average return**: 8.83% Most recent 10-year average return**: 6.15% 20-year average return**: 8.00% 

* The actuarial returns for 1997 and 2011 include the effect of change in asset valuation method. ** Each year’s yield is weighted by the average asset value in that year. 

IWE17PF_329
Section 3: Supplementary Information as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT G - ANNUAL FUNDING NOTICE FOR PLAN YEAR 

BEGINNING MAY 1, 2015 AND ENDING APRIL 30, 2016 

2015 

Plan Year 

2014 

Plan Year 

P

Actuarial valuation date May 1, 2015 May 1, 2014 Funded percentage 32.4% 39.2% Value of assets $85,351,315* $86,864,772** Value of liabilities 263,168,880 221,801,140 Fair Market value of assets as of plan year end Not available 85,351,315* 

Critical or Endangered Status The Plan was in critical and declining status in the plan year because the Plan was determinined to be in critical statu

funding deficiency at the end of the year, and the Plan, with the ratio of inactives to actives at least 2 to 1, was proje

within 20 years. *Net of estimated withdrawal liability refundable of $405,000.**Excludes withdrawal liability receivable of $5,024,938. 

IWE17PF_330
Section 3: Supplementary Information as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT H - FUNDING STANDARD ACCOUNT 

 ERISA imposes a minimum funding standard that requires the Plan to maintain a Funding Standard Account. Th

contributions in excess of the minimum required contributions is called the Funding Standard Account credit balcontributions fall short on a cumulative basis, a funding deficiency has occurred. For a plan that is in critical statuemployers will generally not be penalized if a funding deficiency develops, provided the parties fulfill their oblig

the Rehabilitation Plan developed by the Trustees and the negotiated bargaining agreements reflect that Rehabili

 The Funding Standard Account is charged with the normal cost and the amortization of increases in the unfunded 

liability due to plan amendments, experience losses, and changes in actuarial assumptions and funding methods. Account is credited with employer contributions, withdrawal liability payments, and the amortization of decreaseactuarial accrued liability due to plan amendments, experience losses, and changes in actuarial assumptions and f

 Increases or decreases in the unfunded actuarial accrued liability are amortized over 15 years except that short-te

checks, are amortized over the scheduled payout period and the effect of funding method changes is amortized ov

FUNDING STANDARD ACCOUNT FOR THE YEAR ENDED APRIL 30, 2

Charges Credits 

1 Prior year funding deficiency $29,286,624

6 Prior year credit balance 

2 Normal cost, including administrative expenses 1,286,081

7 Employer contributions 

3 Total amortization charges 29,636,691

8 Total amortization credits 

4 Interest to end of the year 4,515,705

9 Interest to end of the year 

5 Total charges $64,725,101 10 Full-funding limitation credit 

11 Total credits Credit balance/(funding deficiency): 11 - 5 

IWE17PF_331
Section 3: Supplementary Information as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT I - MAXIMUM DEDUCTIBLE CONTRIBUTION 

 Employers that contribute to defined benefit pension plans are allowed a current deduction for payments to such 

measures of a plan’s funded level that are considered in the development of the maximum deductible contributio

 One of the limits is the excess of 140% of “current liability” over assets. “Current liability” is one measure of the 

of all benefits earned by the participants as of the valuation date. This limit is significantly higher than the curren

 Contributions in excess of the maximum deductible amount are not prohibited; only the deductibility of these con

challenge and may have to be deferred to a later year. In addition, if contributions are not fully deductible, an exc

equal to 10% of the non-deductible contributions may be imposed. 

 The Trustees should review the interpretation and applicability of all laws and regulations concerning any issues 

contribution amounts with Fund Counsel. 

1 Normal cost, including administrative expenses 2 Amortization of unfunded actuarial accrued liability 3 Preliminary maximum deductible contribution: 1 + 2, with interest to the end of the plan year 4 Full-funding limitation (FFL) 5 Preliminary maximum deductible contribution, adjusted for FFL: lesser of 3 and 4 6 Current liability, projected to the end of the plan year 7 Actuarial value of assets, projected to the end of the plan year 8 Excess of 140% of current liability over projected assets at end of plan year: [140% of (6)] - (7), not less than zero 9 End of year minimum required contribution Maximum deductible contribution: greatest of 5, 8, and 9 

IWE17PF_332
Section 3: Supplementary Information as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT J - PENSION PROTECTION ACT OF 2006 

PPA’06 Zone Status 

 Based on projections of the credit balance in the Funding Standard Account, the funded percentage, and cash flow 

are categorized in one of three “zones”: critical status, endangered status, or neither. 

 The funded percentage is determined using the actuarial value of assets and the present value of benefits earned t

actuary’s best estimate assumptions. 

Critical Status (Red Zone) 

A plan is classified as being in critical status (the Red Zone) if:  The funded percentage is less than 65%, and either there is a projected Funding Standard Account de

the plan is projected to be unable to pay benefits within seven years, or 

 There is a projected Funding Standard Account deficiency within four years, or  There is a projected inability to pay benefits within five years, or  The present value of vested benefits for inactive participants exceeds that for actives, contributions are 

current year’s benefit accruals plus interest on existing unfunded accrued benefit liabilities, and there is 

Standard Account deficiency within five years, or 

 As permitted by the Multiemployer Pension Reform Act of 2014, the plan is projected to be in the Red Z

the plan sponsor elects to be in critical status. 

A critical status plan is further classified as being in critical and declining status if:  The ratio of inactives to actives is at least 2 to 1, and there is an inability to pay benefits projected withi

 The funded percentage is less than 80%, and there is an inability to pay benefits projected within 20 ye There is an inability to pay benefits projected within 15 years. The Trustees are required to adopt a formal Rehabilitation Plan, designed to allow the plan to emerge fro

of the rehabilitation period. If they determine that such emergence is not reasonable, the Rehabilitation P

emerge as of a later time or to forestall possible insolvency. Trustees of Red Zone plans have tools, such as the ability to reduce or eliminate early retirement subsidie

Accelerated forms of benefit payment (such as lump sums) are prohibited. However, unless the plan is cr

Trustees may not reduce benefits of participants who retired before being notified of the plan’s critical sta

recent benefit increases) or alter core retirement benefits payable at normal retirement age. 

IWE17PF_333
Section 3: Supplementary Information as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Endangered Status (Yellow Zone) 

A plan not in critical status (Red Zone) is classified as being in endangered status (the Yellow Zone) if: 

 The funded percentage is less than 80%, or  There is a projected Funding Standard Account deficiency within seven years. 

A plan that has both of the endangered conditions present is classified as seriously endangered. Trustees of a plan that was in the Green Zone in the prior year can elect not to enter the Yellow Zone in t

otherwise required to do so) if the plan’s current provisions would be sufficient (with no further action) to afrom the Yellow Zone within 10 years. The Trustees are required to adopt a formal Funding Improvement Plan, designed to improve the current 

avoid a funding deficiency as of the emergence date. 

Green Zone A plan not in critical status (the Red Zone) nor in endangered status (the Yellow Zone) is classified as beEarly Election of Critical Status 

Trustees of a Green or Yellow Zone plan that is projected to enter the Red Zone within five years must elthe Red Zone for the current year. 

IWE17PF_334
Section 3: Supplementary Information as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT K - SECTION 415 LIMITATIONS 

 Section 415 of the IRC specifies in terms of pay or dollars the maximum benefit that may be paid to an individua

plan and the maximum amount that may be allocated each year to an individual’s account in a defined contributi

 If an individual is covered only by multiemployer plans, the plans’ benefits do not have to be combined. If the in

multiemployer and a single-employer plan, the benefits from all plans maintained by the same employer are complan benefits do not need to be combined with single-employer plan benefits in testing the pay-based limit but ardollar-based limit. 

 A qualified pension plan may not pay benefits in excess of the IRC Section 415 limits. Non-compliance can resu

the plan; the plan could lose its tax-exempt status, employers could lose their deductions and active participants cvested benefits. 

 Section 415(b) as amended by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) lim

benefit payable to a dollar limit of $160,000 indexed for inflation. The dollar limit indexed for inflation has rema$210,000 for 2014 and 2015. The limits must be adjusted based on each participant’s circumstances for such thinand form of benefits chosen. 

 While the actual determination of the exact limits applicable to each participant’s benefit can only be determined 

retires and applies for benefits, the overall impact of the Section 415 dollar limits has been reflected in this valuamaximum funding purposes, based on our understanding of the requirements of IRC Sections 404, 412, 415, and available to us. 

 The Trustees should review the interpretation and applicability of the law and regulations in this area with Fund 

IWE17PF_335
Section 4: Certificate of Actuarial Valuation as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Section 4: Certificate of Actuarial Valuation 

DECEMBER 21, 2015 

CERTIFICATE OF ACTUARIAL VALUATION 

This is to certify that Segal Consulting, a Member of The Segal Group, Inc. (“Segal”) has prepared an actuarial vLocal 17 Pension Fund as of May 1, 2015 in accordance with generally accepted actuarial principles and practicerequest of the Board of Trustees to assist in administering the Fund and meeting filing requirements of federavaluation report may not otherwise be copied or reproduced in any form without the consent of the Board of Trusteto other parties in its entirety. The measurements shown in this actuarial valuation may not be applicable for other purposes. Future actuarisignificantly from the current measurements presented in this report due to such factors as the following: plan eanticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; increpart of the natural operation of the methodology used for these measurements (such as the end of an amortization contribution requirements based on the plan's funded status); and changes in plan provisions or applicable law. The valuation is based on the assumption that the Plan is qualified as a multiemployer plan for the year and on draf

auditor with respect to contributions and assets and reliance on the Plan Administrator with respect to the participannot audit the data provided. The accuracy and comprehensiveness of the data is the responsibility of those supplyican, however, Segal does review the data for reasonableness and consistency. Based on our review of the data, we substantial accuracy of the information on which we have based this report and we have no reason to believe there awould affect the validity of these results. Adjustments for incomplete or apparently inconsistent data were made Exhibit 7. I am a member of the American Academy of Actuaries and I meet the Qualification Standards of the American Acthe actuarial opinion herein. To the best of my knowledge, the information supplied in this actuarial valuation is 

prescribed assumption for the determination of Current Liability was applied in accordance with applicable law aneach other assumption is reasonable (taking into account the experience of the plan and reasonable expectations) ancombination, offer my best estimate of anticipated experience under the plan. _ ___________ Henry Wong, ASA, MAAA, FCA Vice President and Consulting Actuary Enrolled Actuary No. 14-05951 

IWE17PF_336 Redacted by the U.S. Department of the Treasury
Section 4: Certificate of Actuarial Valuation as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT 1 - SUMMARY OF ACTUARIAL VALUATION RESULTS 

The valuation was made with respect to the following data supplied to us by the Plan Administrator: 

Pensioners as of the valuation date (including 160 beneficiaries in pay status)1 Participants inactive during year ended April 30, 2015 with vested rights (including 18 beneficiaries eligible for deferred pension)2Participants active during the year ended April 30, 2015 

 Fully vested 552  Not vested 102 

Total participants 

The actuarial factors as of the valuation date are as follows: 

Normal cost, including administrative expenses Actuarial accrued liability  Pensioners and beneficiaries1 $179,514,0 Inactive participants with vested rights2 23,332,3 Active participants 60,322,4Actuarial value of assets ($85,351,3153 at market value as reported by Tramer, Shore, & Zwick) Unfunded actuarial accrued liability 

1Liabilities for 43 alternate payees currently collecting benefits under a Qualified Domestic Relations Order are included for the valuation but 

participant counts. 

2Liabilities for 22 alternate payees eligible for deferred pensions under a Qualified Domestic Relations Order are included for the valuation bu

participant counts. 

3Net of estimated withdrawal liability refundable of $405,000. 

IWE17PF_337
Section 4: Certificate of Actuarial Valuation as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT 2 - INFORMATION ON PLAN STATUS AS OF MAY 1, 2015 

Plan status (as certified on July 29, 2015, for the 2015 zone certification) Scheduled progress (as certified on July 29, 2015, for the 2015 zone certification) Actuarial value of assets for Funding Standard Account Accrued liability under unit credit cost method Funded percentage for monitoring plan's status 

IWE17PF_338
Section 4: Certificate of Actuarial Valuation as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT 3 - SCHEDULE OF ACTIVE PARTICIPANT DATA 

(SCHEDULE MB, LINE 8b) 

The participant data is for the year ended April 30, 2015 

Benefit Credits 

Age Total 1 - 4 5 - 9 10 - 14 15 - 19 20 - 24 25 - 29 30 - 34 35 - 

Under 25 24 23 1 – – – – – 25 - 29 56 41 15 – – – – – 30 - 34 62 32 21 8 1 – – – 35 - 39 89 24 29 18 17 1 – – 40 - 44 102 15 12 23 25 19 7 1 45 - 49 103 11 13 19 16 19 17 8 50 - 54 88 2 3 6 14 16 25 14 55 - 59 104 1 3 4 5 11 13 13 60 - 64 25 1 1 1 3 3 – 1 65 - 69 1 – – – – 1 – – Total 654 150 98 79 81 70 62 37 

Note: Excludes 37 participants with less than one benefit credit. 

IWE17PF_339
Section 4: Certificate of Actuarial Valuation as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT 4 - FUNDING STANDARD ACCOUNT 

The table below presents the Funding Standard Account for the Plan Year ending April 30, 2016. 

Charges Credits 

1 Prior year funding deficiency $50,158,794

6 Prior year credit balance 

2 Normal cost, including administrative expenses 1,885,453

7 Amortization credits 

3 Amortization charges 33,753,928

8 Interest on 6 and 7 

4 Interest on 1, 2 and 

3 5,576,881

9 Full-funding limitation credit 

5 Total charges $91,375,056 10 Total credits Minimum contribution with interest required to avoid a funding deficiency: 5 - 10, not less than zero Full funding limitations (FFL) and credits: ERISA FFL (accrued liability FFL) RPA’94 override (90% current liability FFL) FFL credit 

IWE17PF_340
Section 4: Certificate of Actuarial Valuation as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT 4 - FUNDING STANDARD ACCOUNT (CONTINUED)

Schedule of Funding Standard Account Bases (Charges) (Schedule MB, Line 9c)

Type of Base 

Date 

Established 

Amortization 

Amount 

Years 

Remaining 

O

Combined Bases 05/01/2004 $23,637,580 2.37 Change in Assumptions 05/01/2005 8,618 20 Experience Loss 05/01/2005 925,787 5 Change in Assumptions 05/01/2006 25,316 21 Experience Loss 05/01/2006 762,924 6 Experience Loss 05/01/2008 44,579 8 Change in Assumptions 05/01/2008 251,869 8 Experience Loss 05/01/2009 2,056,829 9 Experience Loss 05/01/2010 138,433 10 Experience Loss 05/01/2011 232,927 11 Change in Assumptions 05/01/2011 538,511 11 Experience Loss 05/01/2012 685,718 12 Experience Loss 05/01/2015 256,329 15 Change in Assumptions 05/01/2015 4,229,660 15 Total $33,753,928 

IWE17PF_341
Section 4: Certificate of Actuarial Valuation as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT 4 - FUNDING STANDARD ACCOUNT (CONTINUED)

Schedule of Funding Standard Account Bases (Credits) (Schedule MB, Line 9h)

Type of Base 

Date 

Established 

Amortization 

Amount 

Years 

Remaining 

O

Change in Asset Method 05/01/2011 $770,698 6 Experience Gain 05/01/2013 314,708 13 Experience Gain 05/01/2014 206,576 14 Total $1,291,982 

IWE17PF_342
Section 4: Certificate of Actuarial Valuation as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT 4 - FUNDING STANDARD ACCOUNT (CONTINUED)

Equation of Balance 1 Net outstanding balance of bases 2 Credit balance/(funding deficiency) 3 Unfunded actuarial accrued liability: 1 - 2 

IWE17PF_343
Section 4: Certificate of Actuarial Valuation as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT 5 - CURRENT LIABILITY1

The table below presents the current liability for the Plan Year beginning May 1, 2015. 

Item Am

Retired participants and beneficiaries receiving payments Inactive vested participants Active participants 

 Non-vested benefits $4,920,220 Vested benefits 97,417,122 Total active 

Total Expected increase in current liability due to benefits accruing during the plan year Expected release from current liability for the plan year Expected plan disbursements for the plan year, including administrative expenses of $650,000 Current value of assets Percentage funded for Schedule MB 

1 The actuarial assumptions used to calculate these values are shown in Exhibit 7. 

IWE17PF_344
Section 4: Certificate of Actuarial Valuation as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT 6 - ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BE

The actuarial present value of accumulated plan benefits calculated in accordance with FAS ASC 960 is shown below 

as of May 1, 2015. In addition, the factors that affected the change between the two dates follow. 

Benefit Information 

May 1, 2014 

Actuarial present value of vested accumulated plan benefits:  Participants currently receiving payments $156,729,197  Other vested benefits 64,354,611  Total vested benefits $221,083,808 

Actuarial present value of non-vested accumulated plan benefits 717,332 

Total actuarial present value of accumulated plan benefits $221,801,140 

Factors 

Ch

P

Accum

Benefits accumulated, net experience gain or loss, changes in data Benefits paid Changes in actuarial assumptions1 Interest Total 

1The changes in actuarial assumptions are noted in Exhibit 7. 

IWE17PF_345
Section 4: Certificate of Actuarial Valuation as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT 7 - STATEMENT OF ACTUARIAL ASSUMPTIONS/METHOD

(SCHEDULE MB, LINE 6) 

Mortality Rates Non-Retired Participants: RP-2014 Blue Collar Employee Mortality Table with generational proje

2014 Beneficiaries and non-disabled pensioners: RP-2014 Blue Collar Healthy Annuitant Mortality Ta

projection using Scale MP-2014 Disabled pensioners retired on or after May 1, 1997: RP-2014 Disabled Retiree Mortality Table projection using Scale MP-2014 Disabled pensioners retired before May 1, 1997: 50/50 blend of mortality rates for non-disabled 

mortality rates for disabled pensioners retired on or after May 1, 1997 The underlying tables reasonably reflect the mortality experience of the Plan as of the measurem

table was then adjusted for future years with generational projection using Scale MP-2014 to animprovement. The mortality rates were based on historical and current demographic data, adjusted to reflect eexperience and professional judgment. As part of the analysis, a comparison was made betweedeaths and the projected number based on the prior years' assumption over the most recent fou

IWE17PF_346
Section 4: Certificate of Actuarial Valuation as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Termination Rates before Retirement 

Rate (%) 

Mortality1

Age Male Female Disability2 Withd

20 0.05 0.02 0.15 7.25 0.06 0.02 0.15 7.30 0.06 0.03 0.15 7.35 0.07 0.03 0.18 6.40 0.08 0.05 0.27 6.45 0.12 0.08 0.54 5.50 0.21 0.13 1.20 3.55 0.36 0.20 2.55 1.60 0.60 0.30 5.22 0.

1Mortality rates shown for current year. 2Disability rates cut out when early retirement benefit exceeds the disability benefit. 3Withdrawal rates do not apply at or beyond early retirement age. 

The termination rates and disability rates were based on historical and current deadjusted to reflect estimated future experience and professional judgment. As pacomparison was made between the actual number of terminations and disability projected number based on the prior years' assumption over the most recent four 

IWE17PF_347
Section 4: Certificate of Actuarial Valuation as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Retirement Rates 

Age 

Annual Retirement Rates 

58 5% 59 3% 

60 – 61 15% 62 – 64 40%* 

65 100% 

*Participants eligible for the Service Pension before age 65 are assumed to retire at a rate 

The retirement rates were based on historical and current demographic data, adjestimated future experience and professional judgment. As part of the analysis, a between the actual number of retirements by age and the projected number baseassumption over the most recent four years. 

Description of Weighted Average Retirement Age 

Age 62, determined as follows: The weighted average retirement age for each participant is calcthe product of each potential current or future retirement age times the probability of surviving frage and then retiring at that age, assuming no other decrements. The overall weighted retiremethe individual retirement ages based on all the active participants included in the May 1, 2015 a

Retirement Age for Inactive Vested Participants 

62 for those eligible for an unreduced pension at that age; 60 for others who are eligible to retire before age 65 for a reduced pension; and 65 for all others The retirement age for inactive vested participants was based on historical and current demograreflect and estimated future experience and professional judgment. As part of the analysis, a cobetween the actual average retirement age of each group of inactive vested participants and the the prior years' assumption over the most recent four years. 

Future Benefit Accruals 

0.85 benefit credits per year per active participant included in the valuation The future benefit accruals were based on historical and current demographic data, adjusted to experience and professional judgment. As part of the analysis, a comparison was made betweeactual benefit accruals over the most recent four years. 

Unknown Data for Participants 

Same as those exhibited by participants with similar known characteristics. If not specified, part

be male 

IWE17PF_348
Section 4: Certificate of Actuarial Valuation as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Definition of Active Participants 

Those who have earned at least 1⁄4 benefit credit in the most recent plan year, and who have acbenefit credit, excluding those who have retired as of the valuation date. 

Percent Married 80% Age and Gender of Spouse/Beneficiaries 

The spouse and designated beneficiaries of a male participant is assumed to be four years younand the spouse of a female participant is assumed to be four years older than the participant. If not provided, the spouse is assumed to be the opposite gender of the participant. 

Benefit Election 50% of married participants elect the 50% joint and survivor annuity. The other 50% of married 

married participants elect the single life annuity. The benefit elections were based on historical and current demographic data, adjusted to reflecestimated future experience and professional judgment. As part of the analysis, a comparison wassumed and the actual option election patterns over the most recent four years. 

Net Investment Return 6.50% 

The net investment return assumption is a long-term estimate derived from historical data, curreexpectations, and professional judgment. As part of the analysis, a building block approach was inflation expectations and anticipated risk premiums for each of the portfolio’s asset classes as SegalRogerscasey, as well as the Plan’s target asset allocation. 

Annual Administrative Expenses 

$650,000, payable monthly, for the year beginning May 1, 2015 (equivalent to $628,305 payable 

year) The annual administrative expenses were based on historical and current data, adjusted to refleexperience and professional judgment. 

Actuarial Value of Assets 

At market value 

Actuarial Cost Method Unit Credit Actuarial Cost Method. Normal Cost and Actuarial Accrued Liability are calculated on Benefits Valued Unless otherwise indicated, includes all benefits summarized in Exhibit 8. Current Liability Assumptions 

Interest: 3.37%, within the permissible range prescribed under IRC Section 431(c)(6)(E) Mortality: Mortality prescribed under IRS Regulations 1.431(c)(6)-1 and 1.430(h)(3)-1: RP-2000 to the valuation year plus seven years for annuitants and 15 years for nonannuitants 

IWE17PF_349
Section 4: Certificate of Actuarial Valuation as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Justification for Change in Actuarial Assumptions (Schedule MB, line 11) 

For purposes of determining current liability, the current liability interest rate was changed from a change in the permissible range and recognizing that any rate within the permissible range saof IRC Section 413(c)(6)(E) and the mortality tables were changed in accordance with IRS Reguand 1.430(h)(3)-1. Based on past experience and future expectations, the following actuarial assumptions were ch2015: 

 Net investment return, previously 7.5%  Mortality for non-retired participants, beneficiaries, non-disabled pensioners and disable

before May 1, 1997, previously RP-2000 Combined Healthy Blue Collar Mortality Table, using scale AA, with the basic rates applied to the 2011 Plan year 

 Mortality for disabled pensioners retired on or after May 1, 1997, previously RP-2000 Dis

Table 

 Annual administrative expenses, previously $375,000 payable monthly  Retirement age for inactive vested participants, previously earliest age eligible for an un Benefit election of married participants, previous the 50% joint and survivor annuity or si

whichever is more valuable 

Estimated Rate of Investment Return 

On actuarial value of assets (Schedule MB, line 6g): 7.0%, for the Plan Year ending April 30, 20On current (market) value of assets (Schedule MB, line 6h): 7.0%, for the Plan Year ending Apr

Funding Standard Account Contribution Timing (Schedule MB, line 3a) 

Unless otherwise noted, contributions are paid periodically throughout the year pursuant to colleagreements. The interest credited in the Funding Standard Account is therefore assumed to be November 1 contribution date. 

IWE17PF_350
Section 4: Certificate of Actuarial Valuation as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

EXHIBIT 8 - SUMMARY OF PLAN PROVISIONS 

(SCHEDULE MB, LINE 6) 

This exhibit summarizes the major provisions of the Plan included in the valuation. It is not intended to be, nor shoucomplete statement of all plan provisions. Plan Year May 1 through April 30 Pension Credit Year May 1 through April 30 Plan Status Ongoing plan Regular Pension  Age Requirement: 65 or, if later, the age of the participant on the fifth anniversary of participation 

 Service Requirement: 5 benefit credits if participant earns one hour of service on or after May 1, 

benefit credits 

 Amount: $100.00 per month per benefit credit earned prior to November 1, 2004, $50.00 per mon

earned thereafter. 

Service Pension  Age Requirement: 62 

 Service Requirement: 30 years of vesting service  Amount: Regular pension accrued, unreduced for early retirement 

Early Retirement  Age Requirement: 58 

 Service Requirement: 10 benefit credits  Amount: Regular pension accrued reduced by 3% for each year of age between ages 65 and 62. 

between age 62 and 58, benefit is actuarially reduced to be equivalent to early retirement benefit 

Disability  Age Requirement: None 

 Service Requirement: 10 benefit credits or 10 years of vesting service, worked in covered employ

475 hours in the 24 months prior to becoming totally and permanently disabled, and have been aSecurity Disability Benefit. 

 Amount: 80% of regular pension accrued. 

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Section 4: Certificate of Actuarial Valuation as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

Deferred/Vested Pension 

 Age Requirement: None  Service Requirement: 5 years of vesting service  Amount: Regular or early pension accrued 

Pre-Retirement Death Benefit 

 Age Requirement: None  Service Requirement: 5 years of vesting service  Amount: The designated beneficiary is eligible for 50% of the benefit the participant would have r

she retired the day before the date of death and elected the 50% joint and survivor option. If the pto eligibility for an early retirement pension, the designated beneficiary’s benefit is deferred to the retirement age. Benefit is available to all participants regardless of marital status. 

Post-Retirement Death Benefit 

If married, pension benefits are paid in the form of a 50% joint and survivor annuity unless this form 

participant and spouse. If not rejected, the benefit amount otherwise payable is reduced to reflect th

coverage. If not rejected, and the spouse predeceases the participant, the participant’s benefit amobe increased to the unreduced amount payable had the joint and survivor coverage been rejected (rejected, or not married, benefits are payable for the life of the participant. Benefits may also be pay

available optional form elected by the participant in an actuarially equivalent amount. 

Optional Forms of Benefits 

The following forms of payment are generally available for married participants: 

 Single Life Annuity  75% Joint and Survivor Annuity without pop-up provision

Participation First day of the month following completion of 475 hours of work in covered employmentBenefit Credit For plan years after April 30, 2006: 

475-949 hours equals one-quarter credit, 950-1,424 hours equals one-half credit, 1,425-1,899 hourquarters credit, 1,900 or more hours equals one credit. Hours worked in excess of 1,900 are bankeof hours that can be banked is 1,900. Banked hours will be converted to additional benefit credits at For the plan year covering May 1, 2005 through April 30, 2006: 300-599 hours equals one-quarter credit, 600-899 hours equals one-half credit, 900-1,199 hours eqcredit, 1,200 or more hours equals one credit. For plan years before May 1, 2005: 300-599 hours equals one-quarter credit, 600-899 hours equals one-half credit, 900-1,199 hours eqcredit, 1,200-1,749 hours equals one credit, 1,750-1,999 equals one and one-quarter credits and 2,equals one and one-half credits. In order to earn more than one benefit credit, banked hours must eFor plan years covering May 1, 1965 through April 30, 2006, hours worked in excess of 1,200 are b

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Section 4: Certificate of Actuarial Valuation as of May 1, 2015 for the Iron Workers Local 17 Pension Fund 

were used to earn additional benefit credits for the plan year during which they were worked. Maximthat can be banked is 1,200. Banked hours will be converted to additional benefit credits at retireme

Vesting Service One year of vesting service for each pension credit year during the contribution period in which a pa

hours or more. One-quarter year shall be granted for 300 but less than 600 hours, and one-half yeathan 900 hours. 

Contribution Rate $10.00 per hour effective May 1, 2013 5553038v3/01031.004

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