Form 5500

Department of the Treasury

Internal Revenue Service

Department of Labor

Employee Benefits Security

Administration

Pension Benefit Guaranty Corporation

Annual Return/Report of Employee Benefit Plan

This form is required to be filed for employee benefit plans under sections 104 

and 4065 of the Employee Retirement Income Security Act of 1974 (ERISA) and 

sections 6057(b) and 6058(a) of the Internal Revenue Code (the Code).

 Complete all entries in accordance with 

the instructions to the Form 5500.

OMB Nos. 1210-0110

1210-0089

2018

This Form is Open to Public 

Inspection

Part I Annual Report Identification Information

For calendar plan year 2018 or fiscal plan year beginning and ending 

A This return/report is for: X a multiemployer plan X a multiple-employer plan (Filers checking this box must attach a list of 

participating employer information in accordance with the form instructions.)

 X a single-employer plan X a DFE (specify) _C_

B This return/report is: X the first return/report X the final return/report

 X an amended return/report X a short plan year return/report (less than 12 months)

C If the plan is a collectively-bargained plan, check here. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . X

D Check box if filing under: X Form 5558 X automatic extension X the DFVC program

 X special extension (enter description) ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

Part II Basic Plan Information—enter all requested information

1a Name of plan

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

1b Three-digit plan 

number (PN)  001

1c Effective date of plan

YYYY-MM-DD

2a Plan sponsor’s name (employer, if for a single-employer plan)

 Mailing address (include room, apt., suite no. and street, or P.O. Box)

 City or town, state or province, country, and ZIP or foreign postal code (if foreign, see instructions)

2b Employer Identification 

Number (EIN)

012345678

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

D/B/A ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

c/o ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

123456789 ABCDEFGHI ABCDEFGHI ABCDE

123456789 ABCDEFGHI ABCDEFGHI ABCDE

CITYEFGHI ABCDEFGHI AB, ST 012345678901

UK 

2c Plan Sponsor’s telephone 

number

0123456789

2d Business code (see 

instructions)

012345

Caution: A penalty for the late or incomplete filing of this return/report will be assessed unless reasonable cause is established.

Under penalties of perjury and other penalties set forth in the instructions, I declare that I have examined this return/report, including accompanying schedules, 

statements and attachments, as well as the electronic version of this return/report, and to the best of my knowledge and belief, it is true, correct, and complete.

SIGN

HERE

YYYY-MM-DD ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

Signature of plan administrator Date Enter name of individual signing as plan administrator

SIGN

HERE

YYYY-MM-DD ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

Signature of employer/plan sponsor Date Enter name of individual signing as employer or plan sponsor

SIGN

HERE

YYYY-MM-DD ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

Signature of DFE Date Enter name of individual signing as DFE

For Paperwork Reduction Act Notice, see the Instructions for Form 5500. Form 5500 (2018) 

v. 171027

JOHN SARROUH

BUILDING MATERIAL DRIVERS LOCAL 436 PENSION FUND

216-328-0436

001

Filed with authorized/valid electronic signature.

237990

01/01/2018

12/26/1961

DENNIS M. KASHI, SR.

6051 CAREY DRIVE

VALLEY VIEW, OH 44125-4259

12/31/2018

X

Filed with authorized/valid electronic signature.

BOARD OF TRUSTEES OF BUILDING MATL DRIVERS LOCAL 436 PENSION FUND

X

34-6665225

10/10/2019

X

10/09/2019

GARY BONCELLA, ADMINISTRATOR

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0247
Form 5500 (2018) Page 2

3a Plan administrator’s name and address X Same as Plan Sponsor 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

c/o ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

123456789 ABCDEFGHI ABCDEFGHI ABCDE

123456789 ABCDEFGHI ABCDEFGHI ABCDE

CITYEFGHI ABCDEFGHI AB, ST 012345678901

UK 

3b Administrator’s EIN

012345678

3c Administrator’s telephone 

number

0123456789

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

enter the plan sponsor’s name, EIN, the plan name and the plan number from the last return/report:

4b EIN012345678

a Sponsor’s name

c Plan Name

4d PN

012

5 Total number of participants at the beginning of the plan year 5 123456789012

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

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

a(1) Total number of active participants at the beginning of the plan year .......................................................................................... 6a(1)

 

a(2) Total number of active participants at the end of the plan year ................................................................................................ 6a(2)..

b Retired or separated participants receiving benefits......................................................................................................................... 6b 123456789012

c Other retired or separated participants entitled to future benefits ................................................................................................6..... c 123456789012

d Subtotal. Add lines 6a(2), 6b, and 6c..................................................................................................................................... 6d 123456789012

e Deceased participants whose beneficiaries are receiving or are entitled to receive benefits. ........................................................... 6e 123456789012

f Total. Add lines 6d and 6e.............................................................................................................................................................. 6f 123456789012

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

 complete this item) ........................................................................................................................................................................ 6g 123456789012

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

 less than 100% vested ................................................................................................................................................................ 6h.... 123456789012

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

8a If the plan provides pension benefits, enter the applicable pension feature codes from the List of Plan Characteristics Codes in the instructions:

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

 

9a Plan funding arrangement (check all that apply) 9b Plan benefit arrangement (check all that apply)

(1) X Insurance (1) X Insurance

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

(3) X Trust (3) X Trust

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

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

a Pension Schedules b General Schedules

(1) X R (Retirement Plan Information) (1) X H (Financial Information)

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

Purchase Plan Actuarial Information) - signed by the plan 

actuary

(2) X I (Financial Information – Small Plan)

(3) X ___ A (Insurance Information)

(4) X C (Service Provider Information)

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

Information) - signed by the plan actuary

(5) X D (DFE/Participating Plan Information)

(6) X G (Financial Transaction Schedules)

1609

499

X

179

X

699

X

1647

1A

X

X

240

X

1369

X

171

X

37

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0248
Form 5500 (2018) Page 3

Part III Form M-1 Compliance Information (to be completed by welfare benefit plans)

11a If the plan provides welfare benefits, was the plan subject to the Form M-1 filing requirements during the plan year? (See instructions and 29 CFR 

2520.101-2.) ....................................... X Yes X No

 If “Yes” is checked, complete lines 11b and 11c.

11b Is the plan currently in compliance with the Form M-1 filing requirements? (See instructions and 29 CFR 2520.101-2.) ........... X Yes X No 

11c Enter the Receipt Confirmation Code for the 2018 Form M-1 annual report. If the plan was not required to file the 2018 Form M-1 annual report, enter the 

Receipt Confirmation Code for the most recent Form M-1 that was required to be filed under the Form M-1 filing requirements. (Failure to enter a valid 

Receipt Confirmation Code will subject the Form 5500 filing to rejection as incomplete.) 

 Receipt Confirmation Code______________________ 

 

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0249
SCHEDULE MB

(Form 5500)

Department of the Treasury

Internal Revenue Service

Department of Labor

Employee Benefits Security Administration

Pension Benefit Guaranty Corporation

Multiemployer Defined Benefit Plan and Certain 

Money Purchase Plan Actuarial Information

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

Retirement Income Security Act of 1974 (ERISA) and section 6059 of the 

Internal Revenue Code (the Code).

 File as an attachment to Form 5500 or 5500-SF.

OMB No. 1210-0110

2018

This Form is Open to Public 

Inspection

For calendar plan year 2018 or fiscal plan year beginning and ending 

Round off amounts to nearest dollar.

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

A Name of plan

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

B Three-digit

plan number (PN)  001

C Plan sponsor’s name as shown on line 2a of Form 5500 or 5500-SF

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

D Employer Identification Number (EIN)

012345678

E Type of plan: (1) X Multiemployer Defined Benefit (2) X Money Purchase (see instructions) 

1a Enter the valuation date: Month _________ Day _________ Year _________

 b Assets

(1) Current value of assets ...................................................................................................................... 1b(1)

(2) Actuarial value of assets for funding standard account....................................................................... 1b(2)

 c (1) Accrued liability for plan using immediate gain methods .................................................................... 1c(1)

(2) Information for plans using spread gain methods:

(a) Unfunded liability for methods with bases ................................................................................................ 1c(2)(a) ........... -123456789012345

(b) Accrued liability under entry age normal method................................................................................................ 1c(2)(b) . -123456789012345

(c) Normal cost under entry age normal method ................................................................................................ 1c(2)(c)...... -123456789012345

(3) Accrued liability under unit credit cost method ................................................................................................ 1c(3).......... -123456789012345

 d Information on current liabilities of the plan:

(1) Amount excluded from current liability attributable to pre-participation service (see instructions) .............................. 1d(1) -123456789012345

(2) “RPA ‘94” information:

(a) Current liability.................................................................................................................................................... 1d(2)(a) -123456789012345

(b) Expected increase in current liability due to benefits accruing during the plan year................................ 1d(2)(b) ............. -123456789012345

(c) Expected release from “RPA ‘94” current liability for the plan year................................................................ 1d(2)(c)...... -123456789012345

(3) Expected plan disbursements for the plan year................................................................................................ 1d(3)......... -123456789012345

Statement by Enrolled Actuary

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

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

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

SIGN

HERE

Signature of actuary Date

Type or print name of actuary Most recent enrollment number

Firm name Telephone number (including area code)

123456789 ABCDEFGHI ABCDEFGHI ABCDE

123456789 ABCDEFGHI ABCDEFGHI ABCDE

UK

Address of the firm

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

instructions

X

For Paperwork Reduction Act Notice, see the Instructions for Form 5500 or 5500-SF. Schedule MB (Form 5500) 2018

v. 171027

01

BUILDING MATERIAL DRIVERS LOCAL 436 PENSION FUND

30522845

34-6665225

001

01/01/2018

17-06992

173385066

312-629-8401

12/31/2018

01 2018

784064

30291189

CHEIRON, INC

10650418

116027947

JOSEPH MARA JR., ASA, EA

10/08/2019

9841813

200 W. MONROE, SUITE 1800, CHICAGO, IL 60606

BOARD OF TRUSTEES OF BUILDING MATL DRIVERS LOCAL 436 PENSION FUND

116027947

X

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0250
Schedule MB (Form 5500) 2018 Page 2 - 1- x

2 Operational information as of beginning of this plan year:

a Current value of assets (see instructions) .................................................................................................................................................................................

2a -123456789012345

b “RPA ‘94” current liability/participant count breakdown: (1) Number of participants (2) Current liability

(1) For retired participants and beneficiaries receiving payment ................................... 12345678 -123456789012345

(2) For terminated vested participants .......................................................................... 12345678 -123456789012345

(3) For active participants:

(a) Non-vested benefits.......................................................................................... -123456789012345

(b) Vested benefits................................................................................................. -123456789012345

(c) Total active....................................................................................................... -123456789012345

(4) Total ....................................................................................................................... 12345678 -123456789012345

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

percentage ...........................................................................................................................................................

2c 123.12%

3 Contributions made to the plan for the plan year by employer(s) and employees:

(a) Date 

(MM-DD-YYYY)

(b) Amount paid by 

employer(s)

(c) Amount paid by 

employees

(a) Date 

(MM-DD-YYYY)

(b) Amount paid by 

employer(s)

c) Amount paid by 

employees

Totals

Totals ► 3(b) 3(c)

4 Information on plan status:

 a Funded percentage for monitoring plan’s status (line 1b(2) divided by line 1c(3)) ............................................................. 4a %

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

code is “N,” go to line 5 ..............................................................................................................

4b

c Is the plan making the scheduled progress under any applicable funding improvement or rehabilitation plan? .............................................................X Yes X No

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

e If line d is “Yes,” enter the reduction in liability resulting from the reduction in benefits (see instructions), 

measured as of the valuation date ................................................................................................................................ 4e ... -123456789012345

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

year in which it is projected to emerge. 

 If the rehabilitation plan is based on forestalling possible insolvency, enter the plan year in which insolvency is 

expected and check here ........................................................................................................................ 

4f

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

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

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

i X Other (specify):_

____________________________________________________________________________ 

j If box h is checked, enter period of use of shortfall method............................................................................................... 5j YYYY-MM-DD

k Has a change been made in funding method for this plan year? ...................................................................................................................X Yes X No

l If line k is “Yes,” was the change made pursuant to Revenue Procedure 2000-40 or other automatic approval?...........................................X Yes X No

m If line k is “Yes,” and line l is “No,” enter the date (MM-DD-YYYY) of the ruling letter (individual or class) 

approving the change in funding method ..........................................................................................................................

5m YYYY-MM-DD

1

X

173385066

D

94946

47551

108419

02/15/2018

03/15/2018

04/15/2018

05/15/2018

548

01/15/2018

179

242070

26.1

06/15/2018

07/15/2018

08/15/2018

09/15/2018

20927748

10/15/2018

11/15/2018

12/15/2018

5223999

2022

943

X

50134825

X

1670

17.60

21169818

30522845

102080423

X

74202

106674

X

1563547

133847

87738

95246

106674

2764855

40300

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0251
Schedule MB (Form 5500) 2018 Page 3 - 1- x

6 Checklist of certain actuarial assumptions:

a Interest rate for “RPA ‘94” current liability............................................................................................................................................... 6a 123.12%

Pre-retirement Post-retirement

b Rates specified in insurance or annuity contracts.................................... X Yes X No X N/A X Yes X No X N/A

c Mortality table code for valuation purposes:

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

(2) Females ........................................................................................... 6c(2)

d Valuation liability interest rate ................................................................ 6d . 123.12% 123.12%

e Expense loading ..................................................................................... 6e 123.12% X N/A 123.12% X N/A

f Salary scale............................................................................................ 6f 123.12% X N/A 

g Estimated investment return on actuarial value of assets for year ending on the valuation date............................. 6g -123.1%

h Estimated investment return on current value of assets for year ending on the valuation date ............................... 6h -123.1%

7 New amortization bases established in the current plan year:

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

A -123456789012345 -123456789012345

A -123456789012345 -123456789012345

A -123456789012345 -123456789012345

8 Miscellaneous information:

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

the ruling letter granting the approval.................................................................................................................................

8a

YYYY-MM-DD

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

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

X Yes X No

b(2) Is the plan required to provide a Schedule of Active Participant Data? (See the instructions.) If “Yes,” attach a 

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

X Yes X No

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

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

X Yes X No

d If line c is “Yes,” provide the following additional information:

(1) Was an extension granted automatic approval under section 431(d)(1) of the Code?.................................................. X Yes X No

(2) If line 8d(1) is “Yes,” enter the number of years by which the amortization period was extended ................................ 8d(2). 12

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

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

X Yes X No

(4) If line 8d(3) is “Yes,” enter number of years by which the amortization period was extended (not 

including the number of years in line (2))......................................................................................................................

8d(4) 12

(5) If line 8d(3) is “Yes,” enter the date of the ruling letter approving the extension ........................................................... 8d(5) YYYY-MM-DD

(6) If line 8d(3) is “Yes,” is the amortization base eligible for amortization using interest rates applicable under 

section 6621(b) of the Code for years beginning after 2007? .......................................................................................

X Yes X No

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

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

extending the amortization base(s) ....................................................................................................................................

8e

-123456789012345

9 Funding standard account statement for this plan year:

Charges to funding standard account:

a Prior year funding deficiency, if any ................................................................................................................................ 9a ... -123456789012345

b Employer’s normal cost for plan year as of valuation date................................................................................................ 9b .. -123456789012345

c Amortization charges as of valuation date: Outstanding balance

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

amortization period has been extended ................................................................

9c(1) -123456789012345 -123456789012345

(2) Funding waivers ................................................................................................ 9c(2) ... -123456789012345 -123456789012345

(3) Certain bases for which the amortization period has been 

extended ..............................................................................................................

9c(3) -123456789012345 -123456789012345

d Interest as applicable on lines 9a, 9b, and 9c..................................................................................................................... 9d -123456789012345

e Total charges. Add lines 9a through 9d.............................................................................................................................. 9e -123456789012345

1

A

3.0

5

165.3

1624694

1

X

X

84512548

1347495

X

138269

-2574945

AF

X

24834614

12.9

2.98

X

10641398

X

X

AF

1075213

11493309

X

X

7.00

A

7.00

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0252
Schedule MB (Form 5500) 2018 Page 4

Credits to funding standard account:

f Prior year credit balance, if any................................................................................................................................ 9f .......... -123456789012345

 g Employer contributions. Total from column (b) of line 3................................................................................................ 9g ...... -123456789012345

Outstanding balance

h Amortization credits as of valuation date................................................................ 9h .... -123456789012345 -123456789012345

i Interest as applicable to end of plan year on lines 9f, 9g, and 9h ....................................................................................... 9i -123456789012345

j Full funding limitation (FFL) and credits:

(1) ERISA FFL (accrued liability FFL)................................................................9j(1) ...... -123456789012345

(2) “RPA ‘94” override (90% current liability FFL) ...................................................... 9j(2) -123456789012345

(3) FFL credit................................................................................................................................................................ 9j(3) ... -123456789012345

k (1) Waived funding deficiency................................................................................................................................ 9k(1).......... -123456789012345

(2) Other credits .............................................................................................................................................................. 9k(2) -123456789012345

l Total credits. Add lines 9f through 9i, 9j(3), 9k(1), and 9k(2)............................................................................................... 9l -123456789012345

m Credit balance: If line 9l is greater than line 9e, enter the difference................................................................................... 9m -123456789012345

n Funding deficiency: If line 9e is greater than line 9l, enter the difference................................................................ 9n............ -123456789012345

9 o Current year’s accumulated reconciliation account:

(1) Due to waived funding deficiency accumulated prior to the 2018 plan year................................................................ 9o(1) -123456789012345

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

(a) Reconciliation outstanding balance as of valuation date ...................................................................................... 9o(2)(a) -123456789012345

(b) Reconciliation amount (line 9c(3) balance minus line 9o(2)(a)) ................................................................ 9o(2)(b)............ -123456789012345

(3) Total as of valuation date ................................................................................................................................ 9o(3)........... -123456789012345

10 Contribution necessary to avoid an accumulated funding deficiency. (See instructions.).................................................... 10 -123456789012345

11 Has a change been made in the actuarial assumptions for the current plan year? If “Yes,” see instructions............................. X Yes X No

7137599

17697015

306953

9417188

0

X

81502513

130938198

5223999

1606647

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0253
SCHEDULE C

(Form 5500)

Department of the Treasury

Internal Revenue Service

Department of Labor

Employee Benefits Security Administration

Pension Benefit Guaranty Corporation

Service Provider Information

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

Retirement Income Security Act of 1974 (ERISA).

 File as an attachment to Form 5500.

OMB No. 1210-0110

2018

This Form is Open to Public 

Inspection.

For calendar plan year 2018 or fiscal plan year beginning and ending 

A Name of plan

ABCDEFGHI 

B Three-digit

plan number (PN)  001

C Plan sponsor’s name as shown on line 2a of Form 5500

ABCDEFGHI 

D Employer Identification Number (EIN)

012345678

Part I Service Provider Information (see instructions)

You must complete this Part, in accordance with the instructions, to report the information required for each person who received, directly or indirectly, $5,000 

or more in total compensation (i.e., money or anything else of monetary value) in connection with services rendered to the plan or the person's position with the 

plan during the plan year. If a person received only eligible indirect compensation for which the plan received the required disclosures, you are required to 

answer line 1 but are not required to include that person when completing the remainder of this Part. 

1 Information on Persons Receiving Only Eligible Indirect Compensation

a Check "Yes" or "No" to indicate whether you are excluding a person from the remainder of this Part because they received only eligible

 indirect compensation for which the plan received the required disclosures (see instructions for definitions and conditions).. . . . . . . . . . . . . . . X Yes X No

b If you answered line 1a “Yes,” enter the name and EIN or address of each person providing the required disclosures for the service providers who 

 received only eligible indirect compensation. Complete as many entries as needed (see instructions). 

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation 

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation

For Paperwork Reduction Act Notice, see the Instructions for Form 5500. Schedule C (Form 5500) 2018

v.180523

X

CHARLES SCHWAB

BUILDING MATERIAL DRIVERS LOCAL 436 PENSION FUND

34-6665225

001

01/01/2018

BOARD OF TRUSTEES OF BUILDING MATL DRIVERS LOCAL 436 PENSION FUND

12/31/2018

94-1737782

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0254
Schedule C (Form 5500) 2018 Page 2- 1 x 

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation 

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation 

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation

1

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0255
Schedule C (Form 5500) 2018 Page 3 - 1 x

2. Information on Other Service Providers Receiving Direct or Indirect Compensation. Except for those persons for whom you 

answered “Yes” to line 1a above, complete as many entries as needed to list each person receiving, directly or indirectly, $5,000 or more in total compensation 

(i.e., money or anything else of value) in connection with services rendered to the plan or their position with the plan during the plan year. (See instructions).

(a) Enter name and EIN or address (see instructions)

(b)

Service 

Code(s)

(c)

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest

(d)

Enter direct 

compensation paid 

by the plan. If none, 

enter -0-.

(e)

Did service provider 

receive indirect 

compensation? (sources 

other than plan or plan 

sponsor)

(f)

Did indirect compensation 

include eligible indirect 

compensation, for which the 

plan received the required 

disclosures?

(g)

Enter total indirect 

compensation received by 

service provider excluding 

eligible indirect 

compensation for which you 

answered “Yes” to element 

(f). If none, enter -0-.

(h)

Did the service 

provider give you a 

formula instead of 

an amount or 

estimated amount?

ABCDEFGHI

ABCDEFGHI

ABCD

123456789012

345 Yes X No X Yes X No X

123456789012345

Yes X No X

(a) Enter name and EIN or address (see instructions)

(b)

Service 

Code(s)

(c)

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest

(d)

Enter direct 

compensation paid 

by the plan. If none, 

enter -0-.

(e)

Did service provider 

receive indirect 

compensation? (sources 

other than plan or plan 

sponsor)

(f)

Did indirect compensation 

include eligible indirect 

compensation, for which the 

plan received the required 

disclosures?

(g)

Enter total indirect 

compensation received by 

service provider excluding 

eligible indirect 

compensation for which you 

answered “Yes” to element 

(f). If none, enter -0-.

(h)

Did the service 

provider give you a 

formula instead of 

an amount or 

estimated amount?

ABCDEFGHI

ABCDEFGHI

ABCD

123456789012

345 Yes X No X Yes X No X

123456789012345

Yes X No X

(a) Enter name and EIN or address (see instructions)

(b)

Service 

Code(s)

(c)

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest

(d)

Enter direct 

compensation paid 

by the plan. If none, 

enter -0-.

(e)

Did service provider 

receive indirect 

compensation? (sources 

other than plan or plan 

sponsor)

(f)

Did indirect compensation 

include eligible indirect 

compensation, for which the 

plan received the required 

disclosures?

(g)

Enter total indirect 

compensation received by 

service provider excluding 

eligible indirect 

compensation for which you 

answered “Yes” to element 

(f). If none, enter -0-.

(h)

Did the service 

provider give you a 

formula instead of 

an amount or 

estimated amount?

ABCDEFGHI

ABCDEFGHI

ABCD

123456789012

345 Yes X No XX Yes X No X Yes X No X

X

X

1

184282

FAULKNER, HOFFMAN & PHILLIPS

37833

CHEIRON INC

0

13-4215617

45-1540483

34-0210685

11

29

TEAMSTERS LOCAL UNION 436

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0256
Schedule C (Form 5500) 2018 Page 3 - 1 x

2. Information on Other Service Providers Receiving Direct or Indirect Compensation. Except for those persons for whom you 

answered “Yes” to line 1a above, complete as many entries as needed to list each person receiving, directly or indirectly, $5,000 or more in total compensation 

(i.e., money or anything else of value) in connection with services rendered to the plan or their position with the plan during the plan year. (See instructions).

(a) Enter name and EIN or address (see instructions)

(b)

Service 

Code(s)

(c)

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest

(d)

Enter direct 

compensation paid 

by the plan. If none, 

enter -0-.

(e)

Did service provider 

receive indirect 

compensation? (sources 

other than plan or plan 

sponsor)

(f)

Did indirect compensation 

include eligible indirect 

compensation, for which the 

plan received the required 

disclosures?

(g)

Enter total indirect 

compensation received by 

service provider excluding 

eligible indirect 

compensation for which you 

answered “Yes” to element 

(f). If none, enter -0-.

(h)

Did the service 

provider give you a 

formula instead of 

an amount or 

estimated amount?

ABCDEFGHI

ABCDEFGHI

ABCD

123456789012

345 Yes X No X Yes X No X

123456789012345

Yes X No X

(a) Enter name and EIN or address (see instructions)

(b)

Service 

Code(s)

(c)

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest

(d)

Enter direct 

compensation paid 

by the plan. If none, 

enter -0-.

(e)

Did service provider 

receive indirect 

compensation? (sources 

other than plan or plan 

sponsor)

(f)

Did indirect compensation 

include eligible indirect 

compensation, for which the 

plan received the required 

disclosures?

(g)

Enter total indirect 

compensation received by 

service provider excluding 

eligible indirect 

compensation for which you 

answered “Yes” to element 

(f). If none, enter -0-.

(h)

Did the service 

provider give you a 

formula instead of 

an amount or 

estimated amount?

ABCDEFGHI

ABCDEFGHI

ABCD

123456789012

345 Yes X No X Yes X No X

123456789012345

Yes X No X

(a) Enter name and EIN or address (see instructions)

(b)

Service 

Code(s)

(c)

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest

(d)

Enter direct 

compensation paid 

by the plan. If none, 

enter -0-.

(e)

Did service provider 

receive indirect 

compensation? (sources 

other than plan or plan 

sponsor)

(f)

Did indirect compensation 

include eligible indirect 

compensation, for which the 

plan received the required 

disclosures?

(g)

Enter total indirect 

compensation received by 

service provider excluding 

eligible indirect 

compensation for which you 

answered “Yes” to element 

(f). If none, enter -0-.

(h)

Did the service 

provider give you a 

formula instead of 

an amount or 

estimated amount?

ABCDEFGHI

ABCDEFGHI

ABCD

123456789012

345 Yes X No XX Yes X No X Yes X No X

X

X

2

4901 VINELAND ROAD

ORLANDO, FL 32811

20000

LOCAL 436 HEALTH & WELFARE PLAN

395000

ANDCO CONSULTING

12634

59-3676225

34-0821253

34-1595557

27

13

10

TRAMER SHORE & ZWICK

BENEFIT FUND

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0257
Schedule C (Form 5500) 2018 Page 3 - 1 x

2. Information on Other Service Providers Receiving Direct or Indirect Compensation. Except for those persons for whom you 

answered “Yes” to line 1a above, complete as many entries as needed to list each person receiving, directly or indirectly, $5,000 or more in total compensation 

(i.e., money or anything else of value) in connection with services rendered to the plan or their position with the plan during the plan year. (See instructions).

(a) Enter name and EIN or address (see instructions)

(b)

Service 

Code(s)

(c)

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest

(d)

Enter direct 

compensation paid 

by the plan. If none, 

enter -0-.

(e)

Did service provider 

receive indirect 

compensation? (sources 

other than plan or plan 

sponsor)

(f)

Did indirect compensation 

include eligible indirect 

compensation, for which the 

plan received the required 

disclosures?

(g)

Enter total indirect 

compensation received by 

service provider excluding 

eligible indirect 

compensation for which you 

answered “Yes” to element 

(f). If none, enter -0-.

(h)

Did the service 

provider give you a 

formula instead of 

an amount or 

estimated amount?

ABCDEFGHI

ABCDEFGHI

ABCD

123456789012

345 Yes X No X Yes X No X

123456789012345

Yes X No X

(a) Enter name and EIN or address (see instructions)

(b)

Service 

Code(s)

(c)

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest

(d)

Enter direct 

compensation paid 

by the plan. If none, 

enter -0-.

(e)

Did service provider 

receive indirect 

compensation? (sources 

other than plan or plan 

sponsor)

(f)

Did indirect compensation 

include eligible indirect 

compensation, for which the 

plan received the required 

disclosures?

(g)

Enter total indirect 

compensation received by 

service provider excluding 

eligible indirect 

compensation for which you 

answered “Yes” to element 

(f). If none, enter -0-.

(h)

Did the service 

provider give you a 

formula instead of 

an amount or 

estimated amount?

ABCDEFGHI

ABCDEFGHI

ABCD

123456789012

345 Yes X No X Yes X No X

123456789012345

Yes X No X

(a) Enter name and EIN or address (see instructions)

(b)

Service 

Code(s)

(c)

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest

(d)

Enter direct 

compensation paid 

by the plan. If none, 

enter -0-.

(e)

Did service provider 

receive indirect 

compensation? (sources 

other than plan or plan 

sponsor)

(f)

Did indirect compensation 

include eligible indirect 

compensation, for which the 

plan received the required 

disclosures?

(g)

Enter total indirect 

compensation received by 

service provider excluding 

eligible indirect 

compensation for which you 

answered “Yes” to element 

(f). If none, enter -0-.

(h)

Did the service 

provider give you a 

formula instead of 

an amount or 

estimated amount?

ABCDEFGHI

ABCDEFGHI

ABCD

123456789012

345 Yes X No XX Yes X No X Yes X No X

X

3

0

13727 NOEL ROAD STE 700

DALLAS, TX 75240

P.O. BOX 93885

CLEVELAND, OH 44101

10329

KEY BANK

6899

INVESCO NATIONAL TRUST COMPANY

7000

84-0591534

13-0429745

28 68

21

29

AMERICAN ARBITRATION

X X X

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0258
Schedule C (Form 5500) 2018 Page 4 - 1 x 

Part I Service Provider Information (continued)

3. If you reported on line 2 receipt of indirect compensation, other than eligible indirect compensation, by a service provider, and the service provider is a fiduciary 

or provides contract administrator, consulting, custodial, investment advisory, investment management, broker, or recordkeeping services, answer the following 

questions for (a) each source from whom the service provider received $1,000 or more in indirect compensation and (b) each source for whom the service

provider gave you a formula used to determine the indirect compensation instead of an amount or estimated amount of the indirect compensation. Complete as 

many entries as needed to report the required information for each source.

(a) Enter service provider name as it appears on line 2 (b) Service Codes

(see instructions)

(c) Enter amount of indirect 

compensation

(d) Enter name and EIN (address) of source of indirect compensation (e) Describe the indirect compensation, including any 

formula used to determine the service provider’s eligibility 

for or the amount of the indirect compensation.

(a) Enter service provider name as it appears on line 2 (b) Service Codes

(see instructions)

(c) Enter amount of indirect 

compensation

(d) Enter name and EIN (address) of source of indirect compensation (e) Describe the indirect compensation, including any 

formula used to determine the service provider’s eligibility 

for or the amount of the indirect compensation.

(a) Enter service provider name as it appears on line 2 (b) Service Codes

(see instructions)

(c) Enter amount of indirect 

compensation

(d) Enter name and EIN (address) of source of indirect compensation (e) Describe the indirect compensation, including any 

formula used to determine the service provider’s eligibility 

for or the amount of the indirect compensation.

1

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0259
Schedule C (Form 5500) 2018 Page 5 - 1 x 

Part II Service Providers Who Fail or Refuse to Provide Information

4 Provide, to the extent possible, the following information for each service provider who failed or refused to provide the information necessary to complete 

this Schedule.

(a) Enter name and EIN or address of service provider (see 

instructions)

(b) Nature of 

Service 

Code(s)

(c) Describe the information that the service provider failed or refused to 

provide

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD 10 11 

12 13

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

1234567890

(a) Enter name and EIN or address of service provider (see 

instructions)

(b) Nature of 

Service 

Code(s)

(c) Describe the information that the service provider failed or refused to 

provide

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD 10 11 

12 13

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

1234567890

(a) Enter name and EIN or address of service provider (see 

instructions)

(b) Nature of 

Service 

Code(s)

(c) Describe the information that the service provider failed or refused to 

provide

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD 10 11 12 

13

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

1234567890

(a) Enter name and EIN or address of service provider (see 

instructions)

(b) Nature of 

Service 

Code(s)

(c) Describe the information that the service provider failed or refused to 

provide

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD 10 11 12 

13

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

1234567890

(a) Enter name and EIN or address of service provider (see 

instructions)

(b) Nature of 

Service 

Code(s)

(c) Describe the information that the service provider failed or refused to 

provide

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD 10 11 12 

13

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

1234567890

(a) Enter name and EIN or address of service provider (see 

instructions)

(b) Nature of 

Service 

Code(s)

(c) Describe the information that the service provider failed or refused to 

provide

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

1234567890

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

1

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0260
Schedule C (Form 5500) 2018 Page 6 - 1 x 

a Name: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD b EIN: 123456789

c Position: ABCDEFGHI ABCDEFGHI ABCD

d Address: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

e Telephone: 1234567890

Explanation: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

a Name: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD b EIN: 123456789

c Position: ABCDEFGHI ABCDEFGHI ABCD

d Address: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

e Telephone: 1234567890

Explanation: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

a Name: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD b EIN: 123456789

c Position: ABCDEFGHI ABCDEFGHI ABCD

d Address: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

e Telephone: 1234567890

Explanation: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

a Name: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD b EIN: 123456789

c Position: ABCDEFGHI ABCDEFGHI ABCD

d Address: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

e Telephone: 1234567890

Explanation: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

a Name: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD b EIN: 123456789

c Position: ABCDEFGHI ABCDEFGHI ABCD

d Address: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

e Telephone: 1234567890

Explanation: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

Part III Termination Information on Accountants and Enrolled Actuaries (see instructions)

(complete as many entries as needed)

1

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0261
SCHEDULE D

(Form 5500)

Department of the Treasury

Internal Revenue Service

Department of Labor

Employee Benefits Security Administration

DFE/Participating Plan Information

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

Retirement Income Security Act of 1974 (ERISA).

 File as an attachment to Form 5500. 

OMB No. 1210-0110

2018

This Form is Open to Public 

Inspection.

For calendar plan year 2018 or fiscal plan year beginning and ending 

A Name of plan

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

B Three-digit

plan number (PN)  001

C Plan or DFE sponsor’s name as shown on line 2a of Form 5500

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

D Employer Identification Number (EIN)

012345678

Part I Information on interests in MTIAs, CCTs, PSAs, and 103-12 IEs (to be completed by plans and DFEs)

(Complete as many entries as needed to report all interests in DFEs)

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123

d Entity 

code 1

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123

d Entity 

code 1

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123

d Entity 

code 1

e Dollar value of interest in MTIA, CCT, PSA, or

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123

d Entity 

code 1

e Dollar value of interest in MTIA, CCT, PSA, or

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123

d Entity 

code 1

e Dollar value of interest in MTIA, CCT, PSA, or

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123

d Entity 

code 1

e Dollar value of interest in MTIA, CCT, PSA, or

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123

d Entity 

code 1

e Dollar value of interest in MTIA, CCT, PSA, or

103-12 IE at end of year (see instructions) -123456789012345

For Paperwork Reduction Act Notice, see the Instructions for Form 5500. Schedule D (Form 5500) 2018

v.171027

INVESCO EQUITY REAL ESTATE SEC TRST

1337873

BUILDING MATERIAL DRIVERS LOCAL 436 PENSION FUND

34-6665225

84-1258920-001

001

01/01/2018 12/31/2018

C

AMVESCAP NATIONAL TRUST COMPANY

BOARD OF TRUSTEES OF BUILDING MATL DRIVERS LOCAL 436 PENSION FUND

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0262
Schedule D (Form 5500) 2018 Page 2 - 1 x

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123

d Entity 

code 1

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123

d Entity 

code 1

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123

d Entity 

code 1

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123

d Entity 

code 1

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123

d Entity 

code 1

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123

d Entity 

code 1

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123

d Entity 

code 1

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123

d Entity 

code 1

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123

d Entity 

code 1

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123

d Entity 

code 1

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

1

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0263
Schedule D (Form 5500) 2018 Page 3 - 1 x

6

Part II Information on Participating Plans (to be completed by DFEs) 

(Complete as many entries as needed to report all participating plans)

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI

c EIN-PN

123456789-123

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI

c EIN-PN

123456789-123

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI

c EIN-PN

123456789-123

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI

c EIN-PN

123456789-123

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI

c EIN-PN

123456789-123

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI

c EIN-PN

123456789-123

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI

c EIN-PN

123456789-123

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI

c EIN-PN

123456789-123

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI

c EIN-PN

123456789-123

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI

c EIN-PN

123456789-123

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI

c EIN-PN

123456789-123

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI

c EIN-PN

123456789-123

1

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0264
SCHEDULE H

(Form 5500)

Department of the Treasury

Department of the Treasury

Internal Revenue Service

Department of Labor

Employee Benefits Security Administration

Pension Benefit Guaranty Corporation

Financial Information

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

Retirement Income Security Act of 1974 (ERISA), and section 6058(a) of the 

Internal Revenue Code (the Code).

 File as an attachment to Form 5500.

OMB No. 1210-0110

2018

This Form is Open to Public 

Inspection 

For calendar plan year 2018 or fiscal plan year beginning and ending 

A Name of plan

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

B Three-digit

plan number (PN)  001

C Plan sponsor’s name as shown on line 2a of Form 5500

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

D Employer Identification Number (EIN)

012345678

Part I Asset and Liability Statement

1 Current value of plan assets and liabilities at the beginning and end of the plan year. Combine the value of plan assets held in more than one trust. Report 

the value of the plan’s interest in a commingled fund containing the assets of more than one plan on a line-by-line basis unless the value is reportable on 

lines 1c(9) through 1c(14). Do not enter the value of that portion of an insurance contract which guarantees, during this plan year, to pay a specific dollar 

benefit at a future date. Round off amounts to the nearest dollar. MTIAs, CCTs, PSAs, and 103-12 IEs do not complete lines 1b(1), 1b(2), 1c(8), 1g, 1h, 

and 1i. CCTs, PSAs, and 103-12 IEs also do not complete lines 1d and 1e. See instructions.

Assets (a) Beginning of Year (b) End of Year

a Total noninterest-bearing cash ...................................................................... 1a -123456789012345 -123456789012345

b Receivables (less allowance for doubtful accounts):

(1) Employer contributions.......................................................................... 1b(1) -123456789012345 -123456789012345

(2) Participant contributions........................................................................ 1b(2) -123456789012345 -123456789012345

(3) Other..................................................................................................... 1b(3) -123456789012345 -123456789012345

c General investments:

(1) Interest-bearing cash (include money market accounts & certificates 

of deposit)............................................................................................ 1c(1) -123456789012345 -123456789012345

(2) U.S. Government securities .................................................................. 1c(2) -123456789012345 -123456789012345

(3) Corporate debt instruments (other than employer securities):

(A) Preferred ........................................................................................ 1c(3)(A) -123456789012345 -123456789012345

(B) All other.......................................................................................... 1c(3)(B) -123456789012345 -123456789012345

(4) Corporate stocks (other than employer securities):

(A) Preferred ........................................................................................ 1c(4)(A) -123456789012345 -123456789012345

(B) Common......................................................................................... 1c(4)(B) -123456789012345 -123456789012345

(5) Partnership/joint venture interests ......................................................... 1c(5) -123456789012345 -123456789012345

(6) Real estate (other than employer real property)..................................... 1c(6) -123456789012345 -123456789012345

(7) Loans (other than to participants) .......................................................... 1c(7) -123456789012345 -123456789012345

(8) Participant loans.................................................................................... 1c(8) -123456789012345 -123456789012345

(9) Value of interest in common/collective trusts ......................................... 1c(9) -123456789012345 -123456789012345

(10) Value of interest in pooled separate accounts ....................................... 1c(10) -123456789012345 -123456789012345

(11) Value of interest in master trust investment accounts ............................ 1c(11) -123456789012345 -123456789012345

(12) Value of interest in 103-12 investment entities....................................... 1c(12) -123456789012345 -123456789012345

(13) Value of interest in registered investment companies (e.g., mutual 

 funds).................................................................................... 1c(13) -123456789012345 -123456789012345

(14) Value of funds held in insurance company general account (unallocated 

contracts).............................................................................................. 1c(14) -123456789012345 -123456789012345

(15) Other..................................................................................................... 1c(15) -123456789012345 -123456789012345

For Paperwork Reduction Act Notice, see the Instructions for Form 5500. Schedule H (Form 5500) 2018

v.171027

1832889

BUILDING MATERIAL DRIVERS LOCAL 436 PENSION FUND

34-6665225

1337873

001

01/01/2018

1409994

27068041

1062680

12/31/2018

31613 29149

10774975

43881 6704

21910236

8925173

BOARD OF TRUSTEES OF BUILDING MATL DRIVERS LOCAL 436 PENSION FUND

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0265
Schedule H (Form 5500) 2018 Page 2

(5) Unrealized appreciation (depreciation) of assets: (A) Real estate........................ 2b(5)(A) -123456789012345

(B) Other ................................................................................................ 2b(5)(B) -123456789012345

(C) Total unrealized appreciation of assets. 

Add lines 2b(5)(A) and (B)................................................................

2b(5)(C) -123456789012345

1d Employer-related investments: (a) Beginning of Year (b) End of Year

(1) Employer securities .................................................................................. 1d(1) -123456789012345 -123456789012345

(2) Employer real property ............................................................................. 1d(2) -123456789012345 -123456789012345

1e Buildings and other property used in plan operation ....................................... 1e -123456789012345 -123456789012345

1f Total assets (add all amounts in lines 1a through 1e) ..................................... 1f -123456789012345 -123456789012345

Liabilities

1g Benefit claims payable.................................................................................... 1g -123456789012345 -123456789012345

1h Operating payables ........................................................................................ 1h -123456789012345 -123456789012345

1i Acquisition indebtedness ................................................................................ 1i -123456789012345 -123456789012345

1j Other liabilities................................................................................................ 1j -123456789012345 -123456789012345

1k Total liabilities (add all amounts in lines 1g through1j) .................................... 1k -123456789012345 -123456789012345

Net Assets

1l Net assets (subtract line 1k from line 1f)......................................................... 1l -123456789012345 -123456789012345

Part II Income and Expense Statement

2 Plan income, expenses, and changes in net assets for the year. Include all income and expenses of the plan, including any trust(s) or separately maintained 

fund(s) and any payments/receipts to/from insurance carriers. Round off amounts to the nearest dollar. MTIAs, CCTs, PSAs, and 103-12 IEs do not 

complete lines 2a, 2b(1)(E), 2e, 2f, and 2g.

Income (a) Amount (b) Total

a Contributions:

(1) Received or receivable in cash from: (A) Employers................................. 2a(1)(A) -123456789012345

(B) Participants....................................................................................... 2a(1)(B) -123456789012345

(C) Others (including rollovers)............................................................... 2a(1)(C) -123456789012345

(2) Noncash contributions .............................................................................. 2a(2) -123456789012345

(3) Total contributions. Add lines 2a(1)(A), (B), (C), and line 2a(2)................. 2a(3) -123456789012345

b Earnings on investments:

(1) Interest:

(A) Interest-bearing cash (including money market accounts and 

certificates of deposit).......................................................................

2b(1)(A) -123456789012345

(B) U.S. Government securities .............................................................. 2b(1)(B) -123456789012345

(C) Corporate debt instruments............................................................... 2b(1)(C) -123456789012345

(D) Loans (other than to participants)...................................................... 2b(1)(D) -123456789012345

(E) Participant loans ............................................................................... 2b(1)(E) -123456789012345

(F) Other ................................................................................................ 2b(1)(F) -123456789012345

(G) Total interest. Add lines 2b(1)(A) through (F).................................... 2b(1)(G) -123456789012345

(2) Dividends: (A) Preferred stock.................................................................. 2b(2)(A) -123456789012345

(B) Common stock.................................................................................. 2b(2)(B) -123456789012345

(C) Registered investment company shares (e.g. mutual funds)............. 2b(2)(C)

(D) Total dividends. Add lines 2b(2)(A), (B), and (C) 2b(2)(D) -123456789012345

(3) Rents........................................................................................................ 2b(3) -123456789012345

(4) Net gain (loss) on sale of assets: (A) Aggregate proceeds....................... 2b(4)(A) -123456789012345

(B) Aggregate carrying amount (see instructions) ................................... 2b(4)(B) -123456789012345

(C) Subtract line 2b(4)(B) from line 2b(4)(A) and enter result ................. 2b(4)(C) -123456789012345

500735

497193

39311591 35121617

6576274

6576274

39207989 35038298

103602

3542

83319

103602 83319

576678

576678

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0266
Schedule H (Form 5500) 2018 Page 3

(a) Amount (b) Total

(6) Net investment gain (loss) from common/collective trusts ......................... 2b(6) -123456789012345

(7) Net investment gain (loss) from pooled separate accounts ....................... 2b(7) -123456789012345

(8) Net investment gain (loss) from master trust investment accounts............ 2b(8) -123456789012345

(9) Net investment gain (loss) from 103-12 investment entities ...................... 2b(9) -123456789012345

(10) Net investment gain (loss) from registered investment 

companies (e.g., mutual funds).................................................................

2b(10) -123456789012345

 c Other income.................................................................................................. 2c -123456789012345

 d Total income. Add all income amounts in column (b) and enter total..................... 2d -123456789012345

Expenses

 e Benefit payment and payments to provide benefits:

(1) Directly to participants or beneficiaries, including direct rollovers.............. 2e(1) -123456789012345

(2) To insurance carriers for the provision of benefits..................................... 2e(2) -123456789012345

(3) Other........................................................................................................ 2e(3) -123456789012345

(4) Total benefit payments. Add lines 2e(1) through (3).................................. 2e(4) -123456789012345

 f Corrective distributions (see instructions) .......................................................

2f -123456789012345

 g Certain deemed distributions of participant loans (see instructions)................ 2g -123456789012345

 h Interest expense............................................................................................. 2h -123456789012345

 i Administrative expenses: (1) Professional fees.............................................. 2i(1) -123456789012345

(2) Contract administrator fees.......................................................................

2i(2) -123456789012345

(3) Investment advisory and management fees..............................................

2i(3) -123456789012345

(4) Other........................................................................................................

2i(4) -123456789012345

(5) Total administrative expenses. Add lines 2i(1) through (4)........................

2i(5) -123456789012345

 j Total expenses. Add all expense amounts in column (b) and enter total ........ 2j -123456789012345

Net Income and Reconciliation

 k Net income (loss). Subtract line 2j from line 2d ........................................................... 2k -123456789012345

 l Transfers of assets:

(1) To this plan............................................................................................... 2l(1) -123456789012345

(2) From this plan........................................................................................... 2l(2) -123456789012345

Part III Accountant’s Opinion

3 Complete lines 3a through 3c if the opinion of an independent qualified public accountant is attached to this Form 5500. Complete line 3d if an opinion is not 

attached.

a The attached opinion of an independent qualified public accountant for this plan is (see instructions):

(1) X Unqualified (2) X Qualified (3) X Disclaimer (4) X Adverse

b Did the accountant perform a limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)? X Yes X No

c Enter the name and EIN of the accountant (or accounting firm) below:

(1) Name: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD (2) EIN: 123456789

d The opinion of an independent qualified public accountant is not attached because:

(1) X This form is filed for a CCT, PSA, or MTIA. (2) X It will be attached to the next Form 5500 pursuant to 29 CFR 2520.104-50. 

Part IV Compliance Questions

4 CCTs and PSAs do not complete Part IV. MTIAs, 103-12 IEs, and GIAs do not complete lines 4a, 4e, 4f, 4g, 4h, 4k, 4m, 4n, or 5. 

103-12 IEs also do not complete lines 4j and 4l. MTIAs also do not complete line 4l.

During the plan year: Yes No Amount

a Was there a failure to transmit to the plan any participant contributions within the time 

period described in 29 CFR 2510.3-102? Continue to answer “Yes” for any prior year failures until 

fully corrected. (See instructions and DOL’s Voluntary Fiduciary Correction Program.).................... 4a

b Were any loans by the plan or fixed income obligations due the plan in default as of the 

close of the plan year or classified during the year as uncollectible? Disregard participant loans 

secured by participant’s account balance. (Attach Schedule G (Form 5500) Part I if “Yes” is 

checked.) ........................................................................................................................................ 4b X

9582068

8792589

409335

5412377

-2226153

-54555

250514

789479

39398

X

X

99301

30329

TRAMER, SHORE & ZWICK CPAS 34-1595557

8792589

X

-4169691

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0267
Schedule H (Form 5500) 2018 Page 4- 1 x

Yes No Amount

c Were any leases to which the plan was a party in default or classified during the year as 

uncollectible? (Attach Schedule G (Form 5500) Part II if “Yes” is checked.) ...................................... 4c -123456789012345

d Were there any nonexempt transactions with any party-in-interest? (Do not include transactions 

reported on line 4a. Attach Schedule G (Form 5500) Part III if “Yes” is 

checked.)........................................................................................................................................... 4d -123456789012345

e Was this plan covered by a fidelity bond? .......................................................................................... 4e -123456789012345

f Did the plan have a loss, whether or not reimbursed by the plan’s fidelity bond, that was caused by 

fraud or dishonesty? ......................................................................................................................... 4f -123456789012345

g Did the plan hold any assets whose current value was neither readily determinable on an 

established market nor set by an independent third party appraiser?................................................. 4g -123456789012345

h Did the plan receive any noncash contributions whose value was neither readily 

determinable on an established market nor set by an independent third party appraiser?.................. 4h -123456789012345

i Did the plan have assets held for investment? (Attach schedule(s) of assets if “Yes” is checked, and 

see instructions for format requirements.).......................................................................................... 4i

j Were any plan transactions or series of transactions in excess of 5% of the current 

value of plan assets? (Attach schedule of transactions if “Yes” is checked, and 

see instructions for format requirements.).......................................................................................... 4j

k Were all the plan assets either distributed to participants or beneficiaries, transferred to another 

plan, or brought under the control of the PBGC? ............................................................................... 4k

l Has the plan failed to provide any benefit when due under the plan?................................................. 4l -123456789012345

m If this is an individual account plan, was there a blackout period? (See instructions and 29 CFR 

2520.101-3.)...................................................................................................................................... 4m

n If 4m was answered “Yes,” check the “Yes” box if you either provided the required notice or one of 

the exceptions to providing the notice applied under 29 CFR 2520.101-3.......................................... 4n

5a Has a resolution to terminate the plan been adopted during the plan year or any prior plan year?........ X Yes X No 

If “Yes,” enter the amount of any plan assets that reverted to the employer this year ____________________________________.

5b If, during this plan year, any assets or liabilities were transferred from this plan to another plan(s), identify the plan(s) to which assets or liabilities were 

transferred. (See instructions.)

 5b(1) Name of plan(s) 5b(2) EIN(s) 5b(3) PN(s)

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

123456789 123

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

123456789 123

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

123456789 123

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

123456789 123

5c If the plan is a defined benefit plan, is it covered under the PBGC insurance program (See ERISA section 4021.)? ...... X Yes X No X Not determined 

 If “Yes” is checked, enter the My PAA confirmation number from the PBGC premium filing for this plan year________________________. (See instructions.)

1

X 500000

4151519

X

X

X

X

X

X

X

X

X

X

X

X

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0268
SCHEDULE R

(Form 5500)

Department of the Treasury

Internal Revenue Service

Department of Labor

Employee Benefits Security Administration

Pension Benefit Guaranty Corporation

Retirement Plan Information

This schedule is required to be filed under sections 104 and 4065 of the 

Employee Retirement Income Security Act of 1974 (ERISA) and section 

6058(a) of the Internal Revenue Code (the Code).

 File as an attachment to Form 5500.

OMB No. 1210-0110

2018

This Form is Open to Public 

Inspection.

For calendar plan year 2018 or fiscal plan year beginning and ending 

A Name of plan

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

B Three-digit

plan number 

(PN)  001

C Plan sponsor’s name as shown on line 2a of Form 5500

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

D Employer Identification Number (EIN)

012345678

Part I Distributions

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

instructions .................................................................................................................................................................................................. 1 -123456789012345

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

ERISA section 302, skip this Part.)

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

If you completed line 6c, skip lines 8 and 9.

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

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

authority providing automatic approval for the change or a class ruling letter, does the plan sponsor or plan 

administrator agree with the change? ..........................................................................................................................................................

 

X Yes X No X N/A 

Part III Amendments

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

year that increased or decreased the value of benefits? If yes, check the appropriate 

box. If no, check the “No” box................................................................................................................................. X ...................................... Increase X Decrease X Both X No

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

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

11 a Does the ESOP hold any preferred stock?................................................................................................................................. X Yes X No

b If the ESOP has an outstanding exempt loan with the employer as lender, is such loan part of a “back-to-back” loan? 

(See instructions for definition of “back-to-back” loan.)............................................................................................................... X Yes X No

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

For Paperwork Reduction Act Notice, see the Instructions for Form 5500. Schedule R (Form 5500) 2018

v. 171027

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

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

payors who paid the greatest dollar amounts of benefits):

EIN(s): _______________________________ _______________________________

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

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

year ............................................................................................................................................................................................................. 3

12345678

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

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

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

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

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

deficiency not waived)........................................................................................................................................................................... 6a -123456789012345

 b Enter the amount contributed by the employer to the plan for this plan year................................................................ 6b ........................... -123456789012345

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

 (enter a minus sign to the left of a negative amount) ................................................................................................ 6c.............................. -123456789012345

BUILDING MATERIAL DRIVERS LOCAL 436 PENSION FUND

34-6665225

001

01/01/2018

0

12/31/2018

X

BOARD OF TRUSTEES OF BUILDING MATL DRIVERS LOCAL 436 PENSION FUND

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0269
 Schedule R (Form 5500) 2018 Page 2 - 1- x

Part V Additional Information for Multiemployer Defined Benefit Pension Plans

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

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

a Name of contributing employer 

b EIN c Dollar amount contributed by employer 

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

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

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

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

(1) Contribution rate (in dollars and cents) _____________

(2) Base unit measure: X Hourly X Weekly X Unit of production X Other (specify): 

a Name of contributing employer 

b EIN c Dollar amount contributed by employer

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

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

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

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

(1) Contribution rate (in dollars and cents) _____________

(2) Base unit measure: X Hourly X Weekly X Unit of production X Other (specify): _______________________________

a Name of contributing employer 

b EIN c Dollar amount contributed by employer

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

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

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

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

(1) Contribution rate (in dollars and cents) _____________

(2) Base unit measure: X Hourly X Weekly X Unit of production X Other (specify): _______________________________

a Name of contributing employer

b EIN c Dollar amount contributed by employer

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

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

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

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

(1) Contribution rate (in dollars and cents) _____________

(2) Base unit measure: X Hourly X Weekly X Unit of production X Other (specify): _______________________________

a Name of contributing employer

b EIN c Dollar amount contributed by employer

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

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

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

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

(1) Contribution rate (in dollars and cents) _____________

(2) Base unit measure: X Hourly X Weekly X Unit of production X Other (specify): _______________________________

a Name of contributing employer

b EIN c Dollar amount contributed by employer

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

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

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

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

(1) Contribution rate (in dollars and cents) _____________

(2) Base unit measure: X Hourly X Weekly X Unit of production X Other (specify): _______________________________

X

1

12

09

12

10

08 2019

2019

2999

2019

333234

302857

167996

243924

185038

30

31

31

31

31

X

X

X

X

10.05

10.05

10.05

S.B. MORABITO TRUCKING CO., INC.

6.50

INDUSTRIAL FIRST, INC.

7.85

B.T.B. TRUCKING

REXEL USA, INC.

IBT LOCAL UNION NO. 436

2019

X

34-1352705

34-0210685

34-1459591

34-1022112

20-5021845

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0270
Schedule R (Form 5500) 2018 Page 3

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

of the participant for:

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

123456789012345

14a

b The plan year immediately preceding the current plan year..................................................................................... 14b 123456789012345

c The second preceding plan year ............................................................................................................................. 14c 123456789012345

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

employer contribution during the current plan year to:

a The corresponding number for the plan year immediately preceding the current plan year...................................... 15a 123456789012345

b The corresponding number for the second preceding plan year .............................................................................. 15b 123456789012345

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

a Enter the number of employers who withdrew during the preceding plan year ...................................................... 16a 123456789012345

b If line 16a is greater than 0, enter the aggregate amount of withdrawal liability assessed or estimated to be 

assessed against such withdrawn employers..........................................................................................................

16b

123456789012345

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

supplemental information to be included as an attachment. ....................................................................................................................... X

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

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

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

information to be included as an attachment ....................................................................................................................................................................... X

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

a Enter the percentage of plan assets held as: 

Stock: _____% Investment-Grade Debt: _____% High-Yield Debt: _____% Real Estate: _____% Other: _____%

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

 X 0-3 years X 3-6 years X 6-9 years X 9-12 years X 12-15 years X 15-18 years X 18-21 years X 21 years or more 

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

X Effective duration X Macaulay duration X Modified duration X Other (specify):

644

5.7

659

X

29.1

0.98

649

0.99

X

64.6 0.6

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0271
EXCAVATING, BUILDING MATERIAL

AND CONSTRUCTION DRIVERS

UNION LOCAL 436

PENSION FUND

FINANCIAL STATEMENTS

DECEMBER 31, 2018 AND 2017

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0272
23775 Commerce Park, Suite 1•Beachwood, Ohio 44122•Phone (216)765-8110•Fax (216)765-8166

INDEPENDENT AUDITORS’ REPORT

To The Board of Trustees 

Excavating, Building Material and 

Construction Drivers Union

Local 436 Pension Fund

Report on the Financial Statements

We have audited the accompanying financial statements of Excavating, Building Material and Construction Drivers 

Union Local 436 Pension Fund, which comprise the statements of net assets available for benefits as of December 31, 

2018 and 2017, and the related statements of changes in net assets available for benefits for the years then ended, and 

the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

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

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

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

statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

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

in accordance with auditing standards generally accepted in the United States of America. Those standards require 

that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of 

material misstatement.

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

statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of 

material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the 

auditor considers internal control relevant to the Plan’s preparation and fair presentation of the financial statements in 

order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an 

opinion on the effectiveness of the Plan’s internal control. Accordingly, we express no such opinion. An audit also 

includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting 

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

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

opinion.

Opinion

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

for benefits of Excavating, Building Material and Construction Drivers Union Local 436 Pension Fund as of December 

31, 2018 and 2017, and the changes in net assets available for benefits for the years then ended in accordance with 

accounting principles generally accepted in the United States of America.

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0273
Report on Supplementary Information

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

Supplemental Schedule of Administrative and Reimbursed Expenses, the supplemental Schedule H, Line 4i - Schedule

of Assets Held for Investment at End of Year, the supplemental Schedule H, Line 4j – Schedule of Reportable 

Transactions and the supplemental Schedule H, Line 4i – Schedule of Investment Assets Both Acquired and Disposed 

of Within the Plan Year, together referred to as “supplemental information,” are presented for the purpose of additional 

analysis and are not a required part of the financial statements but are supplemental information required by the 

Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income 

Security Act of 1974. Such information is the responsibility of the Plan’s management and was derived from and 

relates directly to the underlying accounting and other records used to prepare the financial statements. The 

information has been subjected to the auditing procedures applied in the audits of the financial statements and certain 

additional procedures, including comparing and reconciling such information directly to the underlying accounting 

and other records used to prepare the financial statements or to the financial statements themselves, and other 

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

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

Cleveland, Ohio

August 12, 2019

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0274
2018 2017

ASSETS

Investments at fair value:

Short-term investment funds $ 145,590 $ 17,091

Mutual Funds 21,910,236 27,068,041

 22,055,826 27,085,132

Investments at estimated fair value:

Real estate investment trusts 1,337,873 1,409,994

Total investments 23,393,699 28,495,126

Cash 923,794 1,859,679

Receivables and Prepaids:

Employers' contribution receivable 526,654 568,141

Withdrawal liability receivable 10,553,564 8,662,275

Litigation settlement receivable 20,446 22,869

Allowance for doubtful accounts (305,243) (305,243)

Miscellaneous receivable - 127

Prepaid insurance 8,703 8,617

Total receivables 10,804,124 8,956,786

Total Assets 35,121,617 39,311,591

LIABILITIES

Accrued expenses 68,636 75,051

Due to Local 436 Welfare Fund 14,683 28,551

Total Liabilities 83,319 103,602

NET ASSETS AVAILABLE FOR BENEFITS $ 35,038,298 $ 39,207,989

EXCAVATING, BUILDING MATERIAL AND CONSTRUCTION DRIVERS

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

DECEMBER 31, 2018 AND 2017

UNION LOCAL 436 PENSION FUND

Notes to these financial statement are an integral part of this report.

-4-

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0275
2018 2017

ADDITIONS TO NET ASSETS

Investment income:

Interest $ 3,542 $ 6,394

Dividends 576,678 565,572

Net appreciation (depreciation) in fair value of investments (2,280,708) 3,208,302

Other investment income - 2,936

Investment expenses (30,329) (32,309)

Net investment income (loss) (1,730,817) 3,750,895

Employers' contributions 2,674,039 2,742,065

Employer withdrawal 3,902,235 1,564,557

Litigation settlement 39,398 21,450

Interest income - withdrawal liability and litigation 497,193 216,185

TOTAL ADDITIONS 5,382,048 8,295,152

DEDUCTIONS FROM NET ASSETS

Benefits paid to participants 8,612,589 8,469,109

Death benefits 180,000 115,000

Actuarial fees 184,282 155,356

Legal fees 48,865 30,462

Accounting fees 4,733 3,356

Audit fees 12,180 11,210

Employer audit fees 454 1,078

Insurance expense 83,929 83,918

Other administrative expenses 424,707 426,685

TOTAL DEDUCTIONS 9,551,739 9,296,174

NET DECREASE IN ASSETS

AVAILABLE FOR BENEFITS (4,169,691) (1,001,022)

Net Assets Available for Benefits:

Beginning of Year 39,207,989 40,209,011

End of Year $ 35,038,298 $ 39,207,989

EXCAVATING, BUILDING MATERIAL AND CONSTRUCTION DRIVERS

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017

UNION LOCAL 436 PENSION FUND

Notes to these financial statements are an integral part of this report.

-5-

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0276
EXCAVATING, BUILDING MATERIAL AND CONSTUCTION

DRIVERS UNION LOCAL 436 PENSION FUND

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2018 and 2017

-6-

Note A – Description of the Plan

The following description of the Excavating, Building Material and Construction Drivers Union Local 436 

Pension Plan (the “Plan”) provides only general information. Participants should refer to the Plan 

document for a more complete description of the Plan’s provisions.

General

The Plan is a multiemployer defined benefit retirement plan which provides benefits for individuals 

represented by Excavating, Building Material, Construction Drivers, Race Track Employees, Public 

Employees, Manufacturing, Processing, Assembling and Installer Employees in Lake, Geauga, Cuyahoga 

Counties and vicinity, Ohio Local Union No. 436 (“Local Union 436”), are employed by employers under 

collective bargaining agreements requiring payment of contributions to the Plan by the employers. In 

addition, the Plan covers administrative personnel employed by Local Union 436 and the Excavating, 

Building Material and Construction Drivers Union Local 436 Welfare Fund (“Welfare Fund”). The Plan is 

subject to the Employee Retirement Income Security Act of 1974 (ERISA), as amended.

Pension benefits

For benefits earned on or after January 1, 2007, normal retirement is the earlier of the attainment of age 65

and the fifth anniversary of Plan membership or the attainment of age 65 and completion of 10 years of

credited service. Prior to a change in the Plan's provisions enacted in 2006 and effective in 2007, normal

retirement benefits were payable at age 62 with at least 10 years of service or age 65 after having reached

the fifth anniversary of participation in the Plan.

Benefits are paid for the retired participant's lifetime with 60 monthly payments guaranteed. Early

retirement benefits are payable after age 57 and 15 years of service, actuarially reduced for the younger

retirement age.

Death and disability benefits

A disability benefit is payable in the event of total and permanent disability incurred after completion of 15 

years of credited service. The basic disability benefit is guaranteed for the greater of the participant’s 

lifetime or 60 months. A $5,000 death benefit is payable to the beneficiary of a retired participant who 

dies.

Other

Although it has not expressed any intention to do so, the Board of Trustees has the right under the Plan to 

modify the benefits provided to active employees, to discontinue its contributions at any time, and to 

terminate the Plan subject to the provisions set forth in ERISA.

Note B -Summary of Significant Accounting Policies

Basis of Accounting

The accompanying financial statements are prepared on the accrual basis of accounting.

Investment Valuation, Income Recognition and Fair Value Measurements

The Plan investments are reported at fair value. Fair value is the price that would be received to sell an 

asset or paid to transfer a liability in an orderly transaction between market participants at the measurement 

date. See Note C for discussion on fair value measurements. 

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

accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan's gains 

and losses on investments bought and sold as well as held during the year.

Use of Estimates

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

required management to make estimates and assumptions that affect the amounts reported in the financial 

statements and accompanying notes. Actual results could differ from those estimates.

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0277
EXCAVATING, BUILDING MATERIAL AND CONSTUCTION

DRIVERS UNION LOCAL 436 PENSION FUND

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2018 and 2017

-7-

Note B -Summary of Significant Accounting Policies (continued)

Cash Equivalents

The Plan considers checking accounts to be cash equivalents. Other short-term liquid investments are 

considered to be investments.

Contributions

Contributions from employers are recorded in the period earned based upon hours worked by covered 

employees during the year and are determined by collective bargaining agreements.

Payment of benefits

Benefits are recorded when paid.

Receivables

Receivables from employers are recorded at the amount the Plan expects to collect on balances outstanding 

at year-end. The Administrator closely monitors outstanding balances and the Plan provides an allowance 

for uncollectible accounts which was $305,243 and $305,243 at December 31, 2018 and 2017, respectively.

Actuarial present value of accumulated plan benefits and actuarial assumptions applied

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

provisions for the services employees have rendered. Accumulated plan benefits include benefits expected 

to be paid to (a) retired or terminated employees or their beneficiaries, (b) beneficiaries of employees who 

have died, and (c) present employees or their beneficiaries. The accumulated plan benefits for active 

employees are based on their accrued credited service as of the date the benefit information is presented, 

January 1, 2018 and 2017. Benefits payable under all circumstances (retirement, death, disability and 

termination of employment) are included, to the extent they are deemed attributable to employee services 

rendered to the valuation date.

The actuarial present value of accumulated plan benefits has been determined by Cherion, who was the 

Plan Actuary at the time, and is that amount that results from applying actuarial assumptions to adjust the 

accumulated plan benefits to reflect the timePea value of money (through discounts for interest) and the 

probability of payment (by means of decrements such as for death, disability, withdrawal, or retirement) 

between the valuation date and the expected date of payment. Some significant actuarial assumptions used 

in the valuations as of January 1, 2018 and 2017 were:

Actuarial cost method – Unit Credit Actuarial Cost Method. Normal Cost and Actuarial Accrued Liability 

is determined as that portion of a participant’s benefit attributable to service expected to earned in the 

upcoming plan year.

Mortality rates – Healthy: RP-2014 adjusted to 2006 Blue Collar Mortality, projected using the MP-2016 

improvement scale with base year 2006 and generational mortality improvements, 

separate for males and females.

Disabled: RP-2014 Disabled Retiree Mortality Table, projected using the MP-2014 

improvement scale with base year 2014 and generational mortality improvements.

Retirement Age/Rates of Retirement – A graded scale for ages 57 to 66 based on experience

Net Investment Return – 7.00% per annum for funding; 2.98% per annum for Current Liability under RPA 

1994

Form of Payment – The accrued benefit is expressed in a straight life annuity for all active employees and 

for former participants with deferred vested benefits. Other actuarially equivalent alternative forms of 

payment are available. A married participant’s spouse must agree to any form that is not a 50% qualified 

Joint and Survivor Annuity.

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0278
EXCAVATING, BUILDING MATERIAL AND CONSTUCTION

DRIVERS UNION LOCAL 436 PENSION FUND

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2018 and 2017

-8-

Note B -Summary of Significant Accounting Policies (continued)

Marital Status – For participants not receiving benefits, 80% of the male participants and 50% of the female 

participants will have a surviving spouse with wives assumed to be three years younger than husbands. 

Actuarial Value of Assets – The valuation assets are determined as the market value less (1) 80% of the 

investment gain/ (loss) during the preceding year, less (2) 60% of the investment gain/ (loss) during the 

second preceding year, less (3) 40% of the investment gain/ (loss) during the third preceding year, less (4) 

20% of the investment gain/ (loss) for the fourth preceding year. For the purpose of this calculation, the

gain/ (loss) is defined as the difference between the actual and the expected return (based on the valuation 

interest rate) on the market value of assets during the year. The actuarial value is taken to be the adjusted 

market value as described above, but subject to a 20% corridor limit around the actual market value; that is, 

the actuarial value is never greater than 120% of market value, not less than 80% of market value.

Funding Standard Account Contribution Timing – Unless otherwise noted, contributions are paid 

periodically thought out the year pursuant to collective bargaining agreements. The interest credited in the 

Funding Standard Account is therefore assumed to be equivalent to a July 1 contribution date.

The foregoing actuarial assumptions are based on the presumption that the Plan will continue. Were the 

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

actuarial present value of accumulated plan benefits (See Note E).

Accumulated Plan benefits information is as follows:

January 1,

2018 2017

Actuarial present value of accumulated Plan benefits:

Vested benefits:

Participants currently receiving benefits $ 75,697,499 $ 73,437,892

Terminated vested participants 28,452,143 29,843,497

Active participants 11,739,809 12,347,980

Total 115,889,451 115,629,369

Non-vested benefits 138,496 608,060

Total actuarial present value of accumulated Plan benefits $ 116,027,947 $ 116,237,429

The accumulated Plan benefits as presented above changed between valuation dates as follows:

Years ended January 1,

2018 2017

Total actuarial present value of accumulated Plan

 benefits at beginning of year $ 116,237,429 $ 107,119,441

Increase (decrease) during the year attributable to:

Benefits accruals 433,214 511,698

Increase for interest 7,871,583 7,236,469

Benefits paid (8,584,109) (8,652,368)

Experience (gains)/losses 69,830 (839,789)

Changes in assumptions -0- 11,884,102

Plan amendments -0- (1,022,124)

Total actuarial present value of accumulated Plan

 benefits at end of year

 

$ 116,027,947 $ 116,237,429

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0279
EXCAVATING, BUILDING MATERIAL AND CONSTUCTION

DRIVERS UNION LOCAL 436 PENSION FUND

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2018 and 2017

-9-

Note C – Fair Value Measurements

The Plan’s investments are recorded at fair value in the accompanying statements of net assets available for 

benefits. The methods used to measure fair value may produce an amount that may not be indicative of net 

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

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

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

measurement at the reporting date.

The fair value measurement accounting literature establishes a fair value hierarchy that prioritizes the 

inputs to valuation techniques used to measure fair value. This hierarchy consists of three broad levels: 

Level 1 inputs consist of unadjusted quoted prices in active markets for identical assets and have the 

highest priority, Level 2 inputs are significant observables other than quoted prices in active markets, and 

Level 3 inputs are unobservable and have the lowest priority. The Plan uses appropriate valuation 

techniques based on the available inputs to measure the fair value of its investments. When available, the 

Plan measures fair value using Level 1 inputs because they generally provide the most reliable evidence of 

fair value. Level 2 inputs were used when Level 1 inputs were not available and Level 3 inputs were only 

used when Level 1 or Level 2 inputs were not available.

Level 1 Fair Value Measurements: The fair value of common stock and most mutual funds, most corporate 

bonds, and U.S. government securities are based on quoted market prices. 

Level 2 Fair Value Measurements: The fair values of the collective real estate securities trust are based on 

the underlying fair market values of the securities held by the trust at the end of the year. The fair value of 

the short-term investments and money market funds have interest rates and yield curves observable at 

commonly quoted intervals.

The following tables set forth, by level within the hierarchy, the Plan’s investments at fair value as of 

December 31, 2018 and 2017:

Fair Value Measurements at Reporting Date Using:

December 31, 2018 Fair Value

Quoted Prices

in Active 

Markets for 

Identical Assets

Level 1

Other 

Significant 

Observable 

Inputs

Level 2

Significant 

Unobservable 

Inputs

Level 3

Mutual Funds 21,910,236 21,910,236 -0- -0-

Short-term 

investments and 

money market funds 145,590 -0- 145,590 -0-

Collective real estate

securities trust 1,337,873 -0- 1,337,873 -0-

Total 23,393,699 21,910,236 1,483,463 -0-

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0280
EXCAVATING, BUILDING MATERIAL AND CONSTUCTION

DRIVERS UNION LOCAL 436 PENSION FUND

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2018 and 2017

-10-

Note C – Fair Value Measurements (continued)

Fair Value Measurements at Reporting Date Using:

December 31, 2017 Fair Value

Quoted Prices

in Active 

Markets for 

Identical Assets

Level 1

Other 

Significant 

Observable 

Inputs

Level 2

Significant 

Unobservable 

Inputs

Level 3

Mutual Funds $ 27,068,041 $ 27,068,041 $ -0- -0-

Short-term 

investments and 

money market funds 17,091 -0- 17,091 -0-

Collective real estate

securities trust 1,409,994 -0- 1,409,994 -0-

Total $ 28,495,126 $ 27,068,041 $ 1,427,085 -0-

Note D -Funding Policy

The Excavating, Building Material and Construction Drivers Union Local 436 – Pension Plan is a multiemployer defined benefit plan to which participating employers contribute. These contributions have been 

determined on an actuarial basis to provide the Plan with assets sufficient to meet the benefits to be paid to 

Plan members.

The contributions are designed to fund the Plan’s current service cost on a current basis and to fund the past 

service liabilities arising from qualifying service before the establishment of the Plan and each subsequent 

Plan amendment. The yield on investments of the Plan serves to reduce future contributions that would 

otherwise be required to provide for the defined level of benefits under the Plan.

Total contributions, including reciprocity received and paid, for the years ended December 31, 2018 and 

2017 were $2,674,039 and $2,742,065, respectively, which were in excess of the minimum funding 

requirements of the Employee Retirement Income Security Act of 1974 (ERISA) after application of a 

credit balance in the funding standards account.

Note E - Plan Termination

In the event the Plan terminates, the accrual of benefits and other further vesting under the Plan will be 

frozen. ERISA requires that the Plan continue for the purposes of paying out benefits accumulated prior to 

termination and receiving any additional contributions which employers may be obligated to contribute.

Subject to certain limitations, the Pension Benefit Guaranty Corporation (PBGC) guarantees the payment 

of those benefits that are vested if and when the Plan becomes insolvent. Whether all participants receive 

all their benefits, should the Plan be terminated at some future time, will depend on the sufficiency of the 

Plan’s net assets available to provide those benefits and on the level of benefits guaranteed by the PBGC. 

Some benefits may be fully or partially provided for by the then existing assets and the PBGC guaranty, 

while other benefits may not be provided at all.

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0281
EXCAVATING, BUILDING MATERIAL AND CONSTUCTION

DRIVERS UNION LOCAL 436 PENSION FUND

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2018 and 2017

-11-

Note F – Investments

The Plan’s investments are held by bank-administered trust funds, a private real estate investment trust, 

national collective trusts, and a brokerage custodial account. During 2018 and 2017, the Plan’s investments 

(including gains and losses, investments bought and sold, as well as held during the year) 

(depreciated)/appreciated in value by ($2,280,708) and $3,208,302, respectively, as follows:

Years ended December 31,

2018 2017

Net Increase

(Decrease)

In Value

During Year

Net Increase

(Decrease)

In Value

During Year

Investments, at fair value, as determined by

 quoted market prices:

Mutual Funds $ (2,226,153) $ 3,049,662

Real estate investment trust (54,555) 158,640

$ (2,280,708) $ 3,208,302

Note G - Related party transactions

The Plan has common trustees with and shares facilities, office and administrative staff and support,

printing, computer and other services under a cost allocation agreement with the Welfare Fund that has 

been reviewed and approved by the respective Board of Trustees. The Welfare Fund charges the Pension 

Fund an administration fee based upon the specified criteria as set forth in the cost allocation agreement. 

These criteria include hours worked, square footage, actual usage and other allocation methods as deemed 

appropriate by the administrator with the concurrence and ratification by the trustees. Total net reimbursed 

and reimbursable expenses for the years ended December 31, 2018 and 2017 amounted to $409,335 and 

$395,989, respectively.

Annually, an estimate of the costs allocable to the Pension Fund is calculated. The Pension Fund makes 

periodic payments to the Welfare Fund based on the estimated allocation. When the final allocation is 

calculated subsequent to the end of the year, any underpaid or overpaid amount is cleared as soon as 

possible after it is calculated. As of December 31, 2018, the Pension underpaid $14,683 to the Welfare 

Fund. For the year ended December 31, 2017, the Pension underpaid $28,551 to the Welfare Fund.

The Welfare Fund entered into an operating lease agreement with Local Union 436 for rental of the Funds'

office space and shared common areas of the building occupied. This lease provides for minimum annual

rentals of $43,740 through June 1, 2019. Allocation of the rent expense between the Welfare and Pension

Funds has been computed under the cost allocation agreement discussed above, resulting in $22,183

charged to the Pension Fund for the year ended December 31, 2018 and $22,241 for 2017.

An independent consulting study determined that certain employees of Local Union 436 spend a portion 

of their time on Pension Fund matters and that the Fund should reimburse the Union based on a time and 

cost allocation formula. The Board of Trustees adopted the policy of reimbursing Local Union 436 for 

costs incurred, subject to semiannual review of the cost allocation formula performed by an independent 

accountant. Reimbursements paid to Local Union 436 during the years ended December 31, 2018 and 

2017 totaled $-0- and $17,100, respectively.

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0282
EXCAVATING, BUILDING MATERIAL AND CONSTUCTION

DRIVERS UNION LOCAL 436 PENSION FUND

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2018 and 2017

-12-

Note H – Tax Status

The Fund obtained its latest determination letter on August 17, 2015 in which the Internal Revenue Service 

stated that the Plan, with its current amendments, was in compliance with the applicable requirements of 

Internal Revenue Code. The Trustees believe that the Fund currently is designed and being operated in 

compliance with the applicable requirements of the Internal Revenue Code and that, therefore, the Fund 

qualifies under Section 401(a) and the Fund is tax-exempt as of December 31, 2018 and 2017. Therefore, 

no provision for income taxes has been included in the Fund’s financial statements.

The plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any 

tax periods in progress. The plan administrator believes it is no longer subject to income tax examinations 

for years prior to 2015.

Note I – Concentration of Credit Risk

The Plan collects contributions under collective bargaining agreements negotiated with companies located 

throughout Ohio. Its reported revenues substantially depend on the level of employment and economic 

conditions affecting its employer companies as well as fluctuations in the market value of its investments.

Checking accounts are maintained at local commercial banks. The Federal Deposit Insurance Corporation 

guarantees accounts against loss up to $250,000 per account. From time to time during the year, the 

balance in the Plan’s checking accounts exceeded the FDIC insured limit.

Note J – Risks and Uncertainties

The plan invests in various investment securities. Investment securities are exposed to various risks such as 

interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, 

it is at least reasonably possible that changes in the values of investment securities will occur in the near 

term and that such change could materially affect the amounts reported in the statement of net assets 

available for benefits.

The actuarial present value of accumulated plan benefits is reported based on certain assumptions 

pertaining to interest rates, retirement age assumptions and employee demographics, all of which are 

subject to change. Due to uncertainties inherent in the estimations and assumptions process, it is at least 

reasonably possible that changes in these estimates and assumptions in the near term would be material to 

the financial statements.

Note K – Withdrawal Liability Contributions Receivable

ERISA provides that when there is a complete withdrawal from the Plan by a contributing employer the 

employer is obligated to pay a withdrawal liability to the Plan, the amount of which is calculated by an 

actuary in accordance with ERISA requirements. As permitted by the withdrawal liability calculation 

provisions, the withdrawing employer may elect to pay its obligation to the Plan in installments rather than 

a lump sum payment. The Plan’s net assets at December 31, 2018 and 2017 include the uncollected 

balance of accrued employer withdrawal liabilities in the amount of 10,553,564 and $8,662,275, 

respectively. Details of the uncollected withdrawal liability contributions as of December 31, 2018 and 

2017 are as follows:

2018 2017

Charles Svec, Inc. – balance due in 52 quarterly installments of 

$33,221, which include interest at 8.0% per annum, through 2021 $ 341,548 $ 486,885

 

Northern Ohio Lumber – balance due in 40 quarterly installments of 

$7,058, which include interest at 6.8% per annum, through 2022 –

past due, written off by trustees in 2018 -0- 193,017

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0283
EXCAVATING, BUILDING MATERIAL AND CONSTUCTION

DRIVERS UNION LOCAL 436 PENSION FUND

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2018 and 2017

-13-

Hach Excavating – balance due in 24 monthly installs of $1,000. 

Which include interest at 8.0% per annum, through June, 2015 – past 

due 3,588 3,588

Kenmore - balance due in 50 quarterly installments of $5,225, which 

include interest at 7.2% per annum, through 2026 123,028 134,466

Bruder, Inc. - balance due in 50 quarterly installments of $32,251, 

which include interest at 8% per annum, through 2033 1,193,575 1,225,481

RW Sidley - balance due in 45 quarterly installments of $23,510, 

which include interest at 8% per annum, through 2026 582,767 627,908

IBT Joint Council No. 41 - balance due in 50 quarterly installments of 

$5,260, which include interest at 8% per annum, through 2029 145,644 156,182

J&T Trucking – Reassessed in February 2017, balance due in 

monthly installments of $300 until paid in full 7,443 9,243

All Crane – Reassessed on April 4, 2018 – balance due in 24 

quarterly installments of $25,000, which include interest at 4% per 

annum, through 2024 515,726 660,279

Kurtz Bros., Inc. – Reassessed on March 30, 2018 – Balance paid in 

full in 2018 -0- 1,454,439

Ohio Bulk Transfer – balance due in 80 quarterly installments of 

$79,945.55, which include interest at 7% per annum, through 2038 3,578,753 N/A

Tech Ready Mix – Reassessed January 28, 2019, balance due in 54

quarterly payments of $61,537, which include interest at 7% per 

annum, through 2032

 

2,257,430

 

2,292,470

Employers withdrawn, in various stages of liability assessment 1,804,062 1,418,317

 Withdrawal liability receivable, end of year $ 10,553,564 $ 8,662,275

The employer may elect to pay the liability early by a lump sum payment at any time during the period that 

the withdrawal liability receivable is outstanding.

Note L – Subsequent Events

The Fund did not have any other subsequent events through August 12, 2019, which is the date the 

financial statements were available to be issued for events requiring recording or disclosure in the financial 

statements for the year ended December 31, 2018.

Note M - Prior year reclassifications

Certain prior year items have been reclassified to conform to the current year presentation.

*****

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0284
2018 2017

Net Expenses Reimbursed to the Welfare Fund

Salaries $ 205,374 $ 204,775

Payroll taxes 14,988 14,897

Employee benefits 86,103 85,509

Office supplies 1,391 495

Postage and delivery 5,524 2,632

Telephone 4,621 4,870

Printing and reproduction 4,957 4,215

Miscellaneous 76 -

Trustees' expense 600 302

Dues, subscriptions and publications 2,216 1,067

Seminars and conferences 16,359 5,449

Computer expense 20,456 23,553

Equipment rental 2,483 2,494

Equipment maintenance 4,396 3,232

Insurance - office 980 891

Building lease expense:

Rent 22,183 22,241

Real estate taxes 4,082 3,949

Cleaning and supplies 2,549 2,150

Utilities 3,502 3,504

Security 59 59

Outside services:

Payroll service 4,063 3,706

Delivery - -

Storage 1,886 5,573

Travel and mileage 487 426

Total expenses reimbursed to Welfare Fund 409,335 395,989

Administrative Expenses

Retiree search fee 1,379 513

Bank charges 7,459 5,786

Accounting fees - 700

Computer consulting 3,801 3,864

Insurance - office 2,733 2,733

Union Local 436 expense reimbursement - 17,100

Total administrative expenses 15,372 30,696

Total administrative and reimbursed expenses $ 424,707 $ 426,685

EXCAVATING, BUILDING MATERIAL AND CONSTRUCTION DRIVERS

UNION LOCAL 436 PENSION FUND

SUPPLEMENTAL SCHEDULE OF ADMINISTRATIVE AND REIMBURSED EXPENSES

FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017

- 14 -

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0285
UNION LOCAL 436 PENSION FUND (EIN:34-6665225 PN: 001)

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2018

(b) Identity of Issue, Borrower (c) Description of Investment including Maturity Date, (e) Current

(a) Lessor, or Similar Party Rate of Interest, Collateral, Par, or Maturity Value (d) Cost Value

Mutual Funds

Baird Short Term Bond Fund 321,775.852 units 3,100,289 3,079,395

Loomis Sayles Bond Fund 288,978.801 units 3,733,098 3,724,937

Blackrock Multi Asset 119,407.808 units 1,301,390 1,210,795

Sound Shore Fund 91,409.076 units 3,680,715 3,383,964

Vanguard S&P 500 ETF 16,107.8635 units 3,653,631 3,701,748

Vanguard Developed Markets Fund 262,255.868 units 2,231,728 2,428,489

Vanguard Small Cap Index Fund 30,657.897 units 1,645,565 1,937,886

Vanguard Mid Cap Fund 17,680 units 1,766,999 2,443,022

Money Funds

Schwab Government Money Fund 145,589.8200 units 145,590 145,590

Collective Trust

Invesco National Trust Company 9,615.335 Units Equity Real Estate Securities Trust 434,448 1,337,873

EXCAVATING, BUILDING MATERIAL AND CONSTRUCTION DRIVERS

- 15 -

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0286
EXCAVATING, BUILDING MATERIAL AND CONSTRUCTION DRIVERS

UNION LOCAL 436 PENSION FUND (EIN: 34-6665225 PN: 001)

SCHEDULE H, LINE 4j - SCHEDULE OF REPORTABLE TRANSACTIONS

FOR THE YEAR ENDED DECEMBER 31, 2018

( f ) Expense 

( c ) Purchase ( d ) Selling ( e ) Lease incurred with ( g ) Cost of 

(a) Identity of Party Involved (b) Description of Asset Price Price Rental Transaction Asset 

Individual Transactions in Excess of 5% of Plan Assets

NONE

Aggregate Transactions in Excess of 5% of Plan Assets

Charles Schwab 305,830.463 units of Metropolitan West Total Return

 Bond Fund Class I (5 Transactions) - 3,180,733 - - 3,330,634 

- 16 -

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)
UNION LOCAL 436 PENSION FUND (EIN: 34-6665225 PN: 001)

(a) Identity of Issue, Borrower, (b) Description of Investment including Maturity Date, Rate of Interest, (c) Costs o

Lessor, or Similar Party Collateral, Par, or Maturity Value Acquisition

Charles Schwab 23,764.259 units of Blackrock Multi Asset 259,1Charles Schwab 18,887.723 units of Baird Short Term Bond 181,9

EXCAVATING, BUILDING MATERIAL AND CONSTRUCTION DRIVERS

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (ACQUIRED AND DISPOSED OF WITHIN YEAR)

FOR THE YEAR ENDED DECEMEBER 31, 2018

- 17 -

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)
Plan Name: Building Material Drivers Local 436 Pension Fund 

Plan Sponsor EIN: 34-6665225 

Plan Number: 001 

Page 2 

 

Schedule MB, line 3 – Withdrawal Liability Amounts 

Date Withdrawal 

Liability 

Payment 

01/2018 $ 74,202

02/2018 87,738

03/2018 133,847

04/2018 1,563,547

05/2018 106,674

06/2018 40,300

07/2018 48,996

08/2018 106,674

09/2018 95,246

10/2018 108,419

11/2018 47,551

12/2018 94,946

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0289
Plan Name: Building Material Drivers Local 436 Pension Fund EIN/PN: 34-6665225/001 

Schedule MB, Line 4b – Illustration Supporting Actuarial Certification of Status

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0290
Plan Name: Building Material Drivers Local 436 Pension Fund EIN/PN: 34-6665225/001 

Schedule MB, Line 4b – Illustration Supporting Actuarial Certification of Status

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0291
Plan Name: Building Material Drivers Local 436 Pension Fund EIN/PN: 34-6665225/001 

Schedule MB, Line 4b – Illustration Supporting Actuarial Certification of Status

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0292
Plan Name: Building Material Drivers Local 436 Pension Fund EIN/PN: 34-6665225/001 

Schedule MB, Line 4b – Illustration Supporting Actuarial Certification of Status

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0293
Plan Name: Building Material Drivers Local 436 Pension Fund EIN/PN: 34-6665225/001 

Schedule MB, Line 4b – Illustration Supporting Actuarial Certification of Status

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0294
Plan Name: Building Material Drivers Local 436 Pension Fund EIN/PN: 34-6665225/001 

Schedule MB, Line 4b – Illustration Supporting Actuarial Certification of Status

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0295
Plan Name: Building Material Drivers Local 436 Pension Fund EIN/PN: 34-6665225/001 

Schedule MB, Line 4b – Illustration Supporting Actuarial Certification of Status

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0296
Plan Name: Building Material Drivers Local 436 Pension Fund EIN/PN: 34-6665225/001 

Schedule MB, Line 4b – Illustration Supporting Actuarial Certification of Status

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0297
Plan Name: Building Material Drivers Local 436 Pension Fund 

Plan Sponsor EIN: 34-6665225 

Plan Number: 001 

Page 3 

 

Schedule MB, line 4b – Illustration Supporting Actuarial Certification of Status 

The Plan is expected to have an accumulated funding deficiency for the current plan year or in 

any of the three succeeding plan years. Further support can be found on the attached actuarial 

certification. 

Schedule MB, line 4c – Documentation Regarding Progress Under Funding 

Improvement or Rehabilitation Plan 

IRC §432(e)(3)(A)(i) and (ii) require that a Critical and Declining plan (as defined in IRC 

§432(b)(2)) adopt a Rehabilitation Plan that projects, based on reasonable assumptions, it will 

emerge from Critical status by the end of its Rehabilitation Period, or that such plan take "all 

reasonable measures" which enable it to emerge at a later date or which forestall its possible 

insolvency. 

In the absence of guidance and direction from the Internal Revenue Service in this regard, the 

Plan’s Board of Trustees believes that its actions to date constitute “all reasonable measures.” 

Currently, all active employers have adopted this Rehabilitation Plan for the duration of their 

most recent collective bargaining agreement. On this basis we believe that the Fund is making 

scheduled progress in meeting the requirements of its Rehabilitation Plan as discussed in IRC 

§432(b)(3)(A)(ii). 

Schedule MB, line 4f – Cash Flow Projections 

Date Market Value 

of Assets 

Contributions Benefits & 

Expenses 

Investment 

Earnings 

01/2019 $ 24,322,707 $3,472,332 $10,089,298 $1,474,913 

01/2020 19,180,654 3,471,732 10,334,303 1,106,174 

01/2021 13,414,257 3,350,114 10,501,763 692,924 

01/2022 6,955,533 3,335,848 10,635,627 235,716 

01/2023 0 3,335,848 10,851,833 (258,610) 

01/2024 0 3,335,848 11,025,997 (264,603) 

01/2025 0 3,250,532 11,065,187 (268,887) 

01/2026 0

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0298
Plan Name: Building Material Drivers Local 436 Pension Fund 

Plan Sponsor EIN: 34-6665225 

Plan Number: 001 

Page 3 

 

Schedule MB, line 4b – Illustration Supporting Actuarial Certification of Status 

The Plan is expected to have an accumulated funding deficiency for the current plan year or in 

any of the three succeeding plan years. Further support can be found on the attached actuarial 

certification. 

Schedule MB, line 4c – Documentation Regarding Progress Under Funding 

Improvement or Rehabilitation Plan 

IRC §432(e)(3)(A)(i) and (ii) require that a Critical and Declining plan (as defined in IRC 

§432(b)(2)) adopt a Rehabilitation Plan that projects, based on reasonable assumptions, it will 

emerge from Critical status by the end of its Rehabilitation Period, or that such plan take "all 

reasonable measures" which enable it to emerge at a later date or which forestall its possible 

insolvency. 

In the absence of guidance and direction from the Internal Revenue Service in this regard, the 

Plan’s Board of Trustees believes that its actions to date constitute “all reasonable measures.” 

Currently, all active employers have adopted this Rehabilitation Plan for the duration of their 

most recent collective bargaining agreement. On this basis we believe that the Fund is making 

scheduled progress in meeting the requirements of its Rehabilitation Plan as discussed in IRC 

§432(b)(3)(A)(ii). 

Schedule MB, line 4f – Cash Flow Projections 

Date Market Value 

of Assets 

Contributions Benefits & 

Expenses 

Investment 

Earnings 

01/2019 $ 24,322,707 $3,472,332 $10,089,298 $1,474,913 

01/2020 19,180,654 3,471,732 10,334,303 1,106,174 

01/2021 13,414,257 3,350,114 10,501,763 692,924 

01/2022 6,955,533 3,335,848 10,635,627 235,716 

01/2023 0 3,335,848 10,851,833 (258,610) 

01/2024 0 3,335,848 11,025,997 (264,603) 

01/2025 0 3,250,532 11,065,187 (268,887) 

01/2026 0

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0299
Plan Name: Building Material Drivers Local 436 Pension Fund 

Plan Sponsor EIN: 34-6665225 Plan Number: 001 Page 9 

Schedule MB, line 6 – Statement of Actuarial Assumptions/Methods 

A. Actuarial Assumptions 1. Rates of Investment Return 

Funding and disclosure purposes: 7.00% compounded annually RPA ’94 Current Liability: 2.98% compounded annually All investment returns are net of investment expenses. 

2. Rates of Mortality 

Funding: Mortality for healthy participants is assumed to follow the RP-2014 adjusted to 2006 Blue Collar Mortality, projected using the MP-2016 improvement scale with base year 2006 and generational mortality improvements. Mortality for disabled participants is assumed to follow the RP-2014 Disabled Retiree Mortality Table, projected using the MP-2014 improvement scale with base year 2014 and generational mortality improvements. 

 RPA’94 Current Liability: Mortality under RPA’94 is  assumed to follow IRS 2018 Static Mortality. 3. Rates of Retirement 

Rates of retirement are assumed to be in accordance with annual rates as shown below for illustrative ages. 

Age Rate of Retirement 

57 to 59 60 to 61 

62 

63 to 64 

65 66 

1.0% 

2.5% 

20.0% 12.5% 17.5% 

100.0% 

Late Retirement: We have assum

Benefits Notices participants who Normal Retiremen

4. Rates of Turnover 

Sample rates for termination of other than death, disability, or reti

Age Rat

25 40 55 

5. Marital Status 

For participants not receiving beparticipants and 50% of the femasurviving spouse with wives asyounger than husbands 

6. Administrative Expenses 

$670,000 assumed payable at thFive years of administrative exdetermine the value of vested bWithdrawal Liability. 

7. Changes in Assumptions Since Last 

As required, the current liability were updated. The interest rate we

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)
Plan Name: Building Material Drivers Local 436 Pension Fund 

Plan Sponsor EIN: 34-6665225 Plan Number: 001 Page 10 

Schedule MB, line 6 – Statement of Actuarial Assumptions/Methods 

B. Actuarial Methods 

1. Asset Valuation Method 

The valuation assets are determined as the market value less (1) 80% of the investment gain/(loss) during the preceding year, less (2) 60% of the investment gain/(loss) during the second preceding year, less (3) 40% of the investment gain/(loss) during the third preceding year, less (4) 20% of the investment gain/(loss) for the fourth preceding year. However, the 2008 investment loss is recognized at a rate of 10% per Plan year due to PRA Funding Relief. For the purpose of this calculation, the gain/(loss) is defined as the difference between the actual and the expected return (based on the valuation interest rate) on the market value of assets during the year. The Actuarial Value is taken to be the adjusted market value as described above, but subject to a 20% corridor limit around the actual market value; that is, the actuarial value is never greater than 120% of market value, not less than 80% of market value. 

2. Funding Method: Unit Credit Cost Method 

The cost method for valuation of liabilities used for this valuation is the Unit Credit method. This is one of a family of valuation methods known as an accrued benefits method. The chief characteristic of an accrued benefits method is that the funding pattern follows the pattern of benefit accrual. Under the Unit Credit actuarial cost method, the normal cost is determined as that portion of each 

Participant’s benefit attributable earned in the upcoming plan yearwhich is determined for each valuation date, represents the actuParticipant’s current accrued bedate. One of the significant effects of thdepending on the demographics oCredit method tends to produce years. There is a possibility that aannual cost could increase over tim

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)
Plan Name: Building Material Drivers Local 436 Pension Fund 

Plan Sponsor EIN: 34-6665225 

Plan Number: 001 

Page 4 

Schedule MB, line 6 – Summary of Plan Provisions 

 

1. Participation 

Any Member of the Teamsters Union Local No. 436 becomes a participant on the first date 

contributions are made to the Pension Plan by the Employer. 

2. Credited Service 

Credited Service is earned as follows: 

Credited Hours in 

Covered Employment 

During Calendar Year 

Effective 

January 1, 1992 

Credited Service 

1,300 or more 1.0 

1,170 to 1,299 0.9 

1,040 to 1,169 0.8 

910 to 1,039 0.7 

780 to 909 0.6 

650 to 779 0.5 

0 to 649 0 

Effective January 1, 2007, one full year is credited for each Plan Year in which the 

participant is credited with at least 2,080 hours. Partial credit is given for hours greater than 

1,000 but less than 2,080 determined by dividing the number of hours worked by 2,080. 

3. Vesting Credit 

One year of service is credited for each plan year with at least 870 hours worked. Years of 

Service prior to January 1, 1976 are credited in accordance with the plan provisions then in 

effect.

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0302
Plan Name: Building Material Drivers Local 436 Pension Fund 

Plan Sponsor EIN: 34-6665225 

Plan Number: 001 

Page 5 

Schedule MB, line 6 – Summary of Plan Provisions 

 

4. Normal Pension 

a. Eligibility For benefits earned before January 1, 2007 eligibility is the earlier of the 

attainment of age 65 and the fifth anniversary of plan membership or the 

attainment of age 62 and completion of 10 years of Credited Service. 

 Effective January 1, 2007, eligibility is the earlier of the attainment of age 

65 and the fifth anniversary of Plan membership or the attainment of age 

65 and completion of 10 years of Credited Service. 

b. Amount The monthly benefit is calculated using the rates listed in the following 

table. 

Regular Plan 

Basic Monthly Benefit For employers at $30-$40 weekly contribution:

 $16.50 for each year of service up to 30 years plus 

$1.00 for each year of service in excess of 30 years

Supplement $250.00 per month

 

Lower Plan For employers at less than $30 weekly contribution:

 $5.50 for each year of service up to 30 years 

1992 Plan Effective in 1992, a lifetime monthly pension equal to: 

For employers at $40 weekly contribution:

 $27.00 for each year of service up to 10 years, 

$31.00 for each year of service between 10 and 20 years, 

$35.00 for each year of service between 20 and 30 years, 

$36.00 for each year of service between 30 and 32 years. 

 Maximum amount is $1,002 

 

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0303
Plan Name: Building Material Drivers Local 436 Pension Fund 

Plan Sponsor EIN: 34-6665225 

Plan Number: 001 

Page 6 

Schedule MB, line 6 – Summary of Plan Provisions 

 

1995 Plan Effective in 1995, a lifetime monthly pension equal to: 

For employers where ultimate Rehabilitation Plan contribution is 

$6.50 per hour: 

$35.10 for each year of service up to 10 years, 

$40.30 for each year of service between 10 and 20 years, 

$45.50 for each year of service between 20 and 30 years, 

$46.50 for each year of service between 30 and 32 years. 

Maximum amount is $1,302 

1997 Plan Effective in 1997, a lifetime monthly pension equal to: 

 For employers where ultimate Rehabilitation Plan contribution is 

$7.35 per hour: 

 $41.10 for each year of service up to 10 years, 

 $47.20 for each year of service between 10 and 20 years, 

 $53.30 for each year of service between 20 and 30 years, 

 $54.50 for each year of service between 30 and 32 years. 

Maximum amount is $1,525

 

1998 Plan Effective in 1998, a lifetime monthly pension equal to: 

For employers where ultimate Rehabilitation Plan contribution is 

$7.80 per hour: 

 $47.20 for each year of service up to 10 years, 

 $54.20 for each year of service between 10 and 20 years, 

 $61.10 for each year of service between 20 and 30 years, 

 $62.10 for each year of service between 30 and 32 years. 

Maximum amount is $1,750 

2000 Plan Effective in 2000, a lifetime monthly pension equal to: 

 For employers where ultimate Rehabilitation Plan contribution is 

$8.70 per hour:

 $56.70 for each year of service up to 10 years, 

 $65.00 for each year of service between 10 and 20 years, 

 $73.30 for each year of service between 20 and 30 years, 

 $75.00 for each year of service between 30 and 32 years. 

 Maximum amount is $2,100

 

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0304
Plan Name: Building Material Drivers Local 436 Pension Fund 

Plan Sponsor EIN: 34-6665225 

Plan Number: 001 

Page 7 

Schedule MB, line 6 – Summary of Plan Provisions 

 

2001 Plan Effective in 2001, a lifetime monthly pension equal to: 

 For employers where ultimate Rehabilitation Plan contribution is 

$9.15 per hour: 

 $62.10 for each year of service up to 10 years, 

 $71.20 for each year of service between 10 and 20 years, 

 $80.30 for each year of service between 20 and 30 years, 

 $82.00 for each year of service between 30 and 32 years. 

 Maximum amount is $2,300

For employers where ultimate Rehabilitation Plan contribution is 

$9.60 per hour: 

 $67.20 for each year of service up to 10 years, 

 $77.50 for each year of service between 10 and 20 years, 

 $87.50 for each year of service between 20 and 30 years, 

 $89.00 for each year of service between 30 and 32 years. 

 Maximum amount is $2,500

For employers where ultimate Rehabilitation Plan contribution is 

$10.05 per hour: 

 $72.60 for each year of service up to 10 years, 

 $83.70 for each year of service between 10 and 20 years, 

 $94.50 for each year of service between 20 and 30 years, 

 $96.00 for each year of service between 30 and 32 years. 

 Maximum amount is $2,700

5. Form of Payment 

The normal form of payment for accrued benefits is a straight life annuity for all active 

employees and for former participants with deferred vested benefits. Other actuarially 

equivalent alternative forms of payment are available. A married participant’s spouse must 

agree to any form that is not a 50% qualified Joint and Survivor Annuity. 

6. Early Retirement 

a. Eligibility For employers that have adopted the Rehabilitation Plan, eligibility is the 

attainment of age 62 and completion of 15 years of Credited Service. 

b. Amount Benefit is the actuarially reduced accrued benefit for commencement prior 

to normal retirement date.

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0305
Plan Name: Building Material Drivers Local 436 Pension Fund 

Plan Sponsor EIN: 34-6665225 

Plan Number: 001 

Page 8 

Schedule MB, line 6 – Summary of Plan Provisions 

 

7. Deferred Vested Retirement 

a. Eligibility Eligibility is the completion of 5 years of Vesting Service. 

b. Amount Benefit is the normal pension actuarially reduced if payments begin prior 

to age 65. 

8. Pre-Retirement Surviving Spouse Benefit 

If a vested participant is eligible for pension, but dies prior to 

commencement of benefits, the surviving spouse is entitled to the benefit 

the spouse would have received had the participant retired with the 50% 

Joint and Survivor form in effect, then died. 

If a vested participant is not eligible to begin receiving pension and dies 

prior to commencement of benefits, the surviving spouse is entitled to the 

benefit the spouse would have received had the participant terminated 

employment on the date of death with Deferred Vested Benefit, survived 

to the earliest possible eligibility date and then retired with the 50% Joint 

and Survivor form in effect, then died. 

9. Changes Since Last Valuation

None. 

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0306
Plan Name: Building Material Drivers Local 436 Pension Fund 

Plan Sponsor EIN: 34-6665225 Plan Number: 001 Page 11 

Schedule MB, line 8b(1) – Schedule of Projection of Expected Benefit Payments 

Schedule MB, line 8b(1) – Schedule of Projection of 

Expected Benefit Payments

Plan Year Expected Annual Benefit Payments 

2018 $ 8,792,589 2019 9,247,026 2020 9,462,009 2021 9,577,169 2022 9,667,791 2023 9,840,175 2024 9,973,845 2025 9,980,216 2026 9,875,083 2027 9,780,597 

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)
Plan Name: Building Material Drivers Local 436 Pension Fund 

Plan Sponsor EIN: 34-6665225 Plan Number: 001 Page 12 

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

Please note: Average Compensation has not been /provided as this is not a compensation-based plan. 

Age Under 1 1-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40+ 

Under 25 1 2 

25-29 3 3 30-34 1 2 35-39 1 3 2 1 40-44 1 4 3 3 45-49 7 5 2 1 3 1 1 50-54 5 9 7 2 4 4 3 1 55-59 8 3 5 6 4 4 7 6 1 60-64 2 4 8 4 3 5 9 5 2 1 65-69 1 2 1 1 2 

70 & up 

Total 30 37 25 15 19 14 20 13 3 3 

Average Age: 53.3 Average Service: 15.1

Years of Service at January 1, 2018

Count of Active Participants

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)
Plan Name: Building Material Drivers Local 436 Pension Fund 

Plan Sponsor EIN: 34-6665225 

Plan Number: 001 

Page 13 

 

Schedule MB, lines 9c and 9h – Schedule of Funding Standard Account Bases 

* The Remaining Amortization Years reflect a 5-year amortization extension under Section 431(d) for bases established 

before 2009. 

as of January 1, 2018

Beginning

Initial 1/1/2018 Remaining of Year

Date Initial Amortization Outstanding Amortization Amortization

Charge Bases Established Amount Years Balance Years* Amount

1. Initial Accrued Liability 1/1/1978 $ N/A 40 4,855,386 $ 5 1,106,714 $ 

2. Plan Amendment 1/1/1979 N/A 40 2,446,408 6 479,669 

3. Plan Amendment 1/1/1981 N/A 40 4,379,880 8 685,503 

4. Plan Amendment 1/1/1985 N/A 30 16,164 2 8,355 

5. Plan Amendment 1/1/1986 N/A 30 331,697 3 118,125 

6. Plan Amendment 1/1/1987 N/A 30 848,773 4 234,188 

7. Plan Amendment 1/1/1988 N/A 30 184,448 5 42,042 

8. Plan Amendment 1/1/1992 N/A 30 158,656 9 22,758 

9. Plan Amendment 1/1/1993 N/A 30 1,635,565 10 217,633 

10. Plan Amendment 1/1/1994 N/A 30 190,765 11 23,776 

11. Plan Amendment 1/1/1995 N/A 30 12,072 12 1,420 

12. Plan Amendment 1/1/1996 N/A 30 1,445,674 13 161,660 

13. Plan Amendment 1/1/1997 N/A 30 502,001 14 53,646 

14. Plan Amendment 1/1/1998 N/A 30 1,493,891 15 153,291 

15. Plan Amendment 1/1/1999 N/A 30 1,993,940 16 197,265 

16. Experience Loss 1/1/1999 N/A 15 36,450 1 36,450 

17. Plan Amendment 1/1/2000 N/A 30 660,286 17 63,206 

18. Experience Loss 1/1/2000 N/A 15 105,598 2 54,584 

19. Plan Amendment 1/1/2001 N/A 30 1,967,533 18 182,801 

20. Plan Amendment 1/1/2002 N/A 30 3,036,707 19 274,589 

21. Experience Loss 1/1/2002 N/A 15 394,447 4 108,833 

22. Plan Amendment 1/1/2003 N/A 30 1,730,758 20 152,683 

23. Assumption Change 1/1/2003 N/A 30 9,221,677 20 813,515 

Schedule of Amortizations Required for Minimum Required Contribution

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0309
Plan Name: Building Material Drivers Local 436 Pension Fund 

Plan Sponsor EIN: 34-6665225 

Plan Number: 001 

Page 14 

 

Schedule MB, lines 9c and 9h – Schedule of Funding Standard Account Bases 

* The Remaining Amortization Years reflect a 5-year amortization extension under Section 431(d) for bases established 

before 2009. 

as of January 1, 2018 (Continued)

Beginning

Initial 1/1/2018 Remaining of Year

Date Initial Amortization Outstanding Amortization Amortization

Charge Bases (continued) Established Amount Years Balance Years* Amount

24. Experience Loss 1/1/2003 N/A 15 $ 1,705,598 5 $ 388,766

25. Experience Loss 1/1/2004 N/A 30 770,639 21 66,469

26. Experience Loss 1/1/2004 N/A 15 1,415,934 6 277,623

27. Experience Loss 1/1/2005 N/A 30 484,524 22 40,938

28. Experience Loss 1/1/2005 N/A 15 865,890 7 150,158

29. Experience Loss 1/1/2006 $ 2,537,636 15 1,421,375 8 222,462

30. Experience Loss 1/1/2007 1,579,662 15 979,357 9 140,484

31. Plan Change 1/1/2008 75,028 15 50,754 10 6,753

32. Experience Loss 1/1/2008 1,103,099 15 746,265 10 99,300

33. Experience Loss 1/1/2009 9,404,102 15 5,021,199 6 984,511

34. Experience Loss 1/1/2011 2,235,704 15 1,484,863 8 232,399

35. Experience Loss 1/1/2012 4,149,340 15 2,996,675 9 429,859

36. Experience Loss 1/1/2013 706,186 15 547,999 10 72,918

37. Experience Loss 1/1/2014 2,736,150 15 2,259,668 11 281,628

38. Experience Loss 1/1/2015 66,206 15 57,736 12 6,794

39. Assumption Change 1/1/2015 9,398,219 15 8,195,850 12 964,368

40. Plan Amendment 1/1/2015 1,815,792 15 1,583,487 12 186,322

41. Experience Loss 1/1/2016 2,838,461 15 472,829 13 52,873

42. Assumption Change 1/1/2016 515,274 15 2,604,643 13 291,260

43. Experience Loss 1/1/2017 458,040 15 439,813 14 47,000

44. Assumption Change 1/1/2017 11,884,102 15 11,411,179 14 1,219,449

45. Experience Loss 1/1/2018 1,347,495 15 15 1,347,495 138,269

TOTAL CHARGES 84,512,548 $ 11,493,309 $ 

Schedule of Amortizations Required for Minimum Required Contribution

Beginning

Initial 1/1/2018 Remaining of Year

Date Initial Amortization Outstanding Amortization Amortization

Credit Bases Established Amount Years Balance Years Amount

1. Assumption Change 1/1/1991 N/A 30 11,672 3 4,157 

2. Assumption Change 1/1/1991 N/A 30 77,268 3 27,517 

3. Method Change 1/1/1996 N/A 30 492,866 8 77,139 

4. Plan Change 1/1/2007 3,155,623 $ 30 2,671,754 19 241,589 

5. Method Change 1/1/2007 1,665,055 30 1,409,740 19 127,473 

6. Assumption Change 1/1/2009 3,681,270 10 501,362 1 501,362 

7. Asset Method Change 1/1/2010 1,505,906 15 905,839 7 157,085 

8. Experience Gain 1/1/2011 3,256,530 15 2,162,854 8 338,512 

9. Plan Amendment 1/1/2013 251,199 15 202,384 10 26,930 

10. Plan Amendment 1/1/2017 1,022,124 15 981,449 14 104,882 

TOTAL CREDITS $ 1,606,647 9,417,188 $ 

NET CHARGE $ 9,886,662 75,095,360 $ 

Schedule of Amortizations Required for Minimum Required Contribution

as of January 1, 2018 (Continued)

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0310
Plan Name: Building Material Drivers Local 436 Pension Fund 

Plan Sponsor EIN: 34-6665225 

Plan Number: 001 

Page 15 

Schedule MB, line 11 – Justification for Change in Actuarial Assumptions

1. As required, the current liability interest rate and mortality tables were updated. The interest rate 

went from 3.05% to 2.98% (per IRS Notice 2010-5), and the mortality table was updated to the 2018 

Static Mortality Tables for annuitants and non-annuitants (per IRS Notice 2017-60).

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0311
UNION LOCAL 436 PENSION FUND (EIN:34-6665225 PN: 001)

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2018

(b) Identity of Issue, Borrower (c) Description of Investment including Maturity Date, (e) Current

(a) Lessor, or Similar Party Rate of Interest, Collateral, Par, or Maturity Value (d) Cost Value

Mutual Funds

Baird Short Term Bond Fund 321,775.852 units 3,100,289 3,079,395

Loomis Sayles Bond Fund 288,978.801 units 3,733,098 3,724,937

Blackrock Multi Asset 119,407.808 units 1,301,390 1,210,795

Sound Shore Fund 91,409.076 units 3,680,715 3,383,964

Vanguard S&P 500 ETF 16,107.8635 units 3,653,631 3,701,748

Vanguard Developed Markets Fund 262,255.868 units 2,231,728 2,428,489

Vanguard Small Cap Index Fund 30,657.897 units 1,645,565 1,937,886

Vanguard Mid Cap Fund 17,680 units 1,766,999 2,443,022

Money Funds

Schwab Government Money Fund 145,589.8200 units 145,590 145,590

Collective Trust

Invesco National Trust Company 9,615.335 Units Equity Real Estate Securities Trust 434,448 1,337,873

EXCAVATING, BUILDING MATERIAL AND CONSTRUCTION DRIVERS

- 15 -

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0312
EXCAVATING, BUILDING MATERIAL AND CONSTRUCTION DRIVERS

UNION LOCAL 436 PENSION FUND (EIN: 34-6665225 PN: 001)

SCHEDULE H, LINE 4j - SCHEDULE OF REPORTABLE TRANSACTIONS

FOR THE YEAR ENDED DECEMBER 31, 2018

( f ) Expense 

( c ) Purchase ( d ) Selling ( e ) Lease incurred with ( g ) Cost of 

(a) Identity of Party Involved (b) Description of Asset Price Price Rental Transaction Asset 

Individual Transactions in Excess of 5% of Plan Assets

NONE

Aggregate Transactions in Excess of 5% of Plan Assets

Charles Schwab 305,830.463 units of Metropolitan West Total Return

 Bond Fund Class I (5 Transactions) - 3,180,733 - - 3,330,634 

- 16 -

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)
UNION LOCAL 436 PENSION FUND (EIN: 34-6665225 PN: 001)

(a) Identity of Issue, Borrower, (b) Description of Investment including Maturity Date, Rate of Interest, (c) Costs o

Lessor, or Similar Party Collateral, Par, or Maturity Value Acquisition

Charles Schwab 23,764.259 units of Blackrock Multi Asset 259,1Charles Schwab 18,887.723 units of Baird Short Term Bond 181,9

EXCAVATING, BUILDING MATERIAL AND CONSTRUCTION DRIVERS

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (ACQUIRED AND DISPOSED OF WITHIN YEAR)

FOR THE YEAR ENDED DECEMEBER 31, 2018

- 17 -

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)
Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0315
Schedule MB (Form 5500) 2018 Page 2 - 1- x

2 Operational information as of beginning of this plan year:

a Current value of assets (see instructions) ............................................................................................................... 2a -123456789012345

b “RPA ‘94” current liability/participant count breakdown: (1) Number of participants (2) Current liability

(1) For retired participants and beneficiaries receiving payment ................................... 12345678 -123456789012345

(2) For terminated vested participants .......................................................................... 12345678 -123456789012345

(3) For active participants:

(a) Non-vested benefits.......................................................................................... -123456789012345

(b) Vested benefits................................................................................................. -123456789012345

(c) Total active....................................................................................................... -123456789012345

(4) Total ....................................................................................................................... 12345678 -123456789012345

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

percentage ........................................................................................................................................................... 2c 123.12%

3 Contributions made to the plan for the plan year by employer(s) and employees:

(a) Date 

(MM-DD-YYYY)

(b) Amount paid by 

employer(s)

(c) Amount paid by 

employees

(a) Date 

(MM-DD-YYYY)

(b) Amount paid by 

employer(s)

c) Amount paid by 

employees

Totals ► 3(b) 3(c)

4 Information on plan status:

 a Funded percentage for monitoring plan’s status (line 1b(2) divided by line 1c(3)) ................................................ 4a %

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

code is “N,” go to line 5 .............................................................................................................. 4b

 c Is the plan making the scheduled progress under any applicable funding improvement or rehabilitation plan? .............................................................X Yes X No

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

e If line d is “Yes,” enter the reduction in liability resulting from the reduction in benefits (see instructions), 

measured as of the valuation date ...................................................................................................................... 4e -123456789012345

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

year in which it is projected to emerge. 

 If the rehabilitation plan is based on forestalling possible insolvency, enter the plan year in which insolvency is 

expected and check here ........................................................................................................................ 

4f

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

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

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

i X Other (specify):_

____________________________________________________________________________ 

j If box h is checked, enter period of use of shortfall method................................................................................... 5j YYYY-MM-DD

k Has a change been made in funding method for this plan year? ...................................................................................................................X Yes X No

l If line k is “Yes,” was the change made pursuant to Revenue Procedure 2000-40 or other automatic approval?...........................................X Yes X No

m If line k is “Yes,” and line l is “No,” enter the date (MM-DD-YYYY) of the ruling letter (individual or class) 

approving the change in funding method .............................................................................................................. 5m YYYY-MM-DD

30,522,845

943 102,080,423

548 50,134,825

242,070

20,927,748

179 21,169,818

1,670 173,385,066

17.60

01/15/2018 74,202

02/15/2018 87,738

03/15/2018 133,847

04/16/2018 1,563,547

05/15/2018 106,674

06/15/2018 40,300

07/16/2018 2,764,855

08/15/2018 106,674

09/14/2018 95,246

10/15/2018 108,419

11/15/2018 47,551

12/14/2018 94,946

5,223,999 0

26.1

D

X

X

X

2022

X

X

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0316
Schedule MB (Form 5500) 2018 Page 3 - 1- x

6 Checklist of certain actuarial assumptions:

a Interest rate for “RPA ‘94” current liability..................................................................................................................................... 6a 123.12%

Pre-retirement Post-retirement

b Rates specified in insurance or annuity contracts.................................... X Yes X No X N/A X Yes X No X N/A

c Mortality table code for valuation purposes:

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

(2) Females ............................................................................... 6c(2)

d Valuation liability interest rate ..................................................... 6d 123.12% 123.12%

e Expense loading ......................................................................... 6e 123.12% X N/A 123.12% X N/A

f Salary scale................................................................................ 6f 123.12% X N/A 

g Estimated investment return on actuarial value of assets for year ending on the valuation date..................... 6g -123.1%

h Estimated investment return on current value of assets for year ending on the valuation date ....................... 6h -123.1%

7 New amortization bases established in the current plan year:

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

A -123456789012345 -123456789012345

A -123456789012345 -123456789012345

A -123456789012345 -123456789012345

8 Miscellaneous information:

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

the ruling letter granting the approval............................................................................................................ 8a YYYY-MM-DD

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

attach a schedule...................................................................................................................................................... X Yes X No

b(2) Is the plan required to provide a Schedule of Active Participant Data? (See the instructions.) If “Yes,” attach a 

 schedule................................................................................................................................................................... X Yes X No

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

prior to 2008) or section 431(d) of the Code?................................................................................................................ X Yes X No

d If line c is “Yes,” provide the following additional information:

(1) Was an extension granted automatic approval under section 431(d)(1) of the Code?............................. X Yes X No

(2) If line 8d(1) is “Yes,” enter the number of years by which the amortization period was extended ............ 8d(2) 12

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

to 2008) or 431(d)(2) of the Code?.......................................................................................................... X Yes X No

(4) If line 8d(3) is “Yes,” enter number of years by which the amortization period was extended (not 

including the number of years in line (2))................................................................................................. 8d(4) 12

(5) If line 8d(3) is “Yes,” enter the date of the ruling letter approving the extension ...................................... 8d(5) YYYY-MM-DD

(6) If line 8d(3) is “Yes,” is the amortization base eligible for amortization using interest rates applicable under 

section 6621(b) of the Code for years beginning after 2007? .................................................................................. X Yes X No

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

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

extending the amortization base(s) ...............................................................................................................

8e

-123456789012345

9 Funding standard account statement for this plan year:

Charges to funding standard account:

a Prior year funding deficiency, if any .............................................................................................................. 9a -123456789012345

b Employer’s normal cost for plan year as of valuation date............................................................................. 9b -123456789012345

c Amortization charges as of valuation date: Outstanding balance

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

amortization period has been extended ............................................ 9c(1) -123456789012345 -123456789012345

(2) Funding waivers ............................................................................... 9c(2) -123456789012345 -123456789012345

(3) Certain bases for which the amortization period has been 

extended .......................................................................................... 9c(3) -123456789012345 -123456789012345

d Interest as applicable on lines 9a, 9b, and 9c................................................................................................ 9d -123456789012345

e Total charges. Add lines 9a through 9d......................................................................................................... 9e -123456789012345

2.98

X X

A A

A A

7.00 7.00

165.3 X

X

3.0

12.9

1 1,347,495 138,269

X

X

X

X

5

X

-2,574,945

10,641,398

1,075,213

84,512,548 11,493,309

0 0

0 0

1,624,694

24,834,614

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0317
Schedule MB (Form 5500) 2018 Page 4 

Credits to funding standard account:

f Prior year credit balance, if any..................................................................................................................... 9f -123456789012345

 g Employer contributions. Total from column (b) of line 3................................................................................. 9g -123456789012345

Outstanding balance

h Amortization credits as of valuation date................................................ 9h -123456789012345 -123456789012345

i Interest as applicable to end of plan year on lines 9f, 9g, and 9h .................................................................. 9i -123456789012345

j Full funding limitation (FFL) and credits:

(1) ERISA FFL (accrued liability FFL)........................................................... 9j(1) -123456789012345

(2) “RPA ‘94” override (90% current liability FFL) ......................................... 9j(2) -123456789012345

(3) FFL credit.............................................................................................................................................. 9j(3) -123456789012345

k (1) Waived funding deficiency..................................................................................................................... 9k(1) -123456789012345

(2) Other credits ......................................................................................................................................... 9k(2) -123456789012345

l Total credits. Add lines 9f through 9i, 9j(3), 9k(1), and 9k(2).......................................................................... 9l -123456789012345

m Credit balance: If line 9l is greater than line 9e, enter the difference.............................................................. 9m -123456789012345

n Funding deficiency: If line 9e is greater than line 9l, enter the difference....................................................... 9n -123456789012345

9 o Current year’s accumulated reconciliation account:

(1) Due to waived funding deficiency accumulated prior to the 2018 plan year....................................... 9o(1) -123456789012345

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

(a) Reconciliation outstanding balance as of valuation date ............................................................. 9o(2)(a) -123456789012345

(b) Reconciliation amount (line 9c(3) balance minus line 9o(2)(a))................................................... 9o(2)(b) -123456789012345

(3) Total as of valuation date .................................................................................................................. 9o(3) -123456789012345

10 Contribution necessary to avoid an accumulated funding deficiency. (See instructions.)........................... 10 -123456789012345

11 Has a change been made in the actuarial assumptions for the current plan year? If “Yes,” see instructions.................. X Yes X No

0

5,223,999

9,417,188 1,606,647

306,953

81,502,513

130,938,198

0

0

0

7,137,599

17,697,015

0

0

0

0

0

X

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0318
34-6665225 Federal Statements

Building Material Drivers Local 436 Pension Fund

Plan: 001

Details supporting certification of status

Description

THE PLAN IS EXPECTED TO HAVE AN ACCUMULATED FUNDING DEFICIENCY FOR THE

CURRENT PLAN YEAR OR IN ANY OF THE THREE SUCCEEDING PLAN YEARS. FURTHER

SUPPORT CAN BE FOUND ON THE ATTACHED ACTUARIAL CERTIFICATION.

Exhibit 7.08 

Most recent Form 5500 (Checklist Item #39)

IBT436-0319