Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Proposed Suspension is Equitably Distributed

4.04(1) - Information for the Plan in Aggregate

Part a

Terminated 

Active Participants Vested Participants* Retirees Disabled Beneficiaries Alternate Payees** Total

Counts as of May 1, 2017 655 377 408 18 89 17 1,564

Average Monthly Benefit Before Proposed Suspension $594 $539 $993 $641 $367 $473 $671

Average Monthly Benefit After Proposed Suspension $473 $392 $856 $641 $355 $472 $549

Percentage Change in Average Monthly Benefit (all) -20% -27% -14% 0% -3% 0% -18%

Percentage Change in Average Monthly Benefit (only those impacted) -24% -35% -24% 0% -19% -1% -27%

Present Value of Benefits Before Proposed Suspension*** $31,514,352 $17,267,763 $48,958,646 $1,319,123 $3,460,534 $1,098,919 $103,619,337

Present Value of Benefits After Proposed Suspension*** $24,946,428 $13,002,250 $42,203,500 $1,319,123 $3,402,563 $1,097,922 $85,971,786

Reduction in Present Value of Benefits Due to Proposed Suspension*** $6,567,924 $4,265,513 $6,755,146 $0 $57,971 $997 $17,647,551

*Does not match counts shown in May 1, 2017 actuarial valuation as there is one terminated vested participant over age 70 that was excluded from the valuation.

**Excluding 9 alternate payees that are not in payment status. The average benefits and present value of benefits for these deferred alternate payees are included with the active and terminated vested participants.

Part b

Percentage reduction in benefits Number

No reduction^ 1,127

Greater than 0% but less than 10% 72

At least 10% but less than 20% 86

At least 20% but less than 30% 100

At least 30% but less than 40% 94

At least 40% but less than 50% 42

At least 50% but less than 60% 28

At least 60% but less than 70% 13

At least 70% but less than 80% 2

80% or more 0

Total number of participants impacted by proposed suspension 437

Grand total 1,564

***Estimated as of May 1, 2019 based on a 6.5% valuation interest rate and assumptions described in Exhibit K of the report titled "Report of Required Actuarial Information - Application for Proposed Benefit Suspensions as of May 1, 2019".

^Includes 154 actives with $0 accrued benefit, 440 participants with benefits below 110% of the PBGC guaranteed benefit (63 of which are 

over age 80), 18 disabled participants and 64 participants over age 80 (with benefits above 110% of the PBGC guaranteed benefit).

SMW0142
Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Proposed Suspension is Equitably Distributed

4.04(2) - Information for the Category 1 (Retired/Terminated between May 1, 1987 – April 30, 1990)

Part a

Terminated 

Active Participants Vested Participants Retirees Disabled Beneficiaries Alternate Payees Total

Counts as of May 1, 2017 0 1 1 0 0 0 2

Average Monthly Benefit Before Proposed Suspension $0 $169 $192 $0 $0 $0 $181

Average Monthly Benefit After Proposed Suspension $0 $169 $192 $0 $0 $0 $181

Percentage Change in Average Monthly Benefit (all) n/a 0% 0% n/a n/a n/a 0%

Percentage Change in Average Monthly Benefit (only those impacted) n/a 0% 0% n/a n/a n/a 0%

Present Value of Benefits Before Proposed Suspension* $0 $34,737 $1,469 $0 $0 $0 $36,206

Present Value of Benefits After Proposed Suspension* $0 $34,737 $1,469 $0 $0 $0 $36,206

Reduction in Present Value of Benefits Due to Proposed Suspension* $0 $0 $0 $0 $0 $0 $0

Part b

Percentage reduction in benefits Number

No reduction^ 2 ^Includes 2 participants with benefits below 110% of the PBGC guaranteed benefit (1 is over age 80).

Greater than 0% but less than 10% 0

At least 10% but less than 20% 0

At least 20% but less than 30% 0

At least 30% but less than 40% 0

At least 40% but less than 50% 0

At least 50% but less than 60% 0

At least 60% but less than 70% 0

At least 70% but less than 80% 0

80% or more 0

Total number of participants impacted by proposed suspension 0

Grand total 2

*Estimated as of May 1, 2019 based on a 6.5% valuation interest rate and assumptions described in Exhibit K of the report titled "Report of Required Actuarial Information - Application for Proposed Benefit Suspensions as of May 1, 2019".

SMW0143
Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Proposed Suspension is Equitably Distributed

4.04(2) - Information for the Category 2 (Retired/Terminated between May 1, 1984 – April 30, 1987)

Part a

Terminated 

Active Participants Vested Participants Retirees Disabled Beneficiaries Alternate Payees Total

Counts as of May 1, 2017 0 5 2 0 1 0 8

Average Monthly Benefit Before Proposed Suspension $0 $272 $237 $0 $212 $0 $256

Average Monthly Benefit After Proposed Suspension $0 $272 $237 $0 $212 $0 $256

Percentage Change in Average Monthly Benefit (all) n/a 0% 0% n/a 0% n/a 0%

Percentage Change in Average Monthly Benefit (only those impacted) n/a 0% 0% n/a 0% n/a 0%

Present Value of Benefits Before Proposed Suspension* $0 $272,578 $5,149 $0 $9,206 $0 $286,933

Present Value of Benefits After Proposed Suspension* $0 $272,578 $5,149 $0 $9,206 $0 $286,933

Reduction in Present Value of Benefits Due to Proposed Suspension* $0 $0 $0 $0 $0 $0 $0

Part b

Percentage reduction in benefits Number

No reduction^ 8 ^Includes 3 participants with benefits below 110% of the PBGC guaranteed benefit (all 3 are over age 80).

Greater than 0% but less than 10% 0

At least 10% but less than 20% 0

At least 20% but less than 30% 0

At least 30% but less than 40% 0

At least 40% but less than 50% 0

At least 50% but less than 60% 0

At least 60% but less than 70% 0

At least 70% but less than 80% 0

80% or more 0

Total number of participants impacted by proposed suspension 0

Grand total 8

*Estimated as of May 1, 2019 based on a 6.5% valuation interest rate and assumptions described in Exhibit K of the report titled "Report of Required Actuarial Information - Application for Proposed Benefit Suspensions as of May 1, 2019".

SMW0144
Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Proposed Suspension is Equitably Distributed

4.04(2) - Information for the Category 3 (Retired/Terminated between May 1, 1987 – April 30, 1990)

Part a

Terminated 

Active Participants Vested Participants Retirees Disabled Beneficiaries Alternate Payees Total

Counts as of May 1, 2017 0 1 5 0 3 0 9

Average Monthly Benefit Before Proposed Suspension $0 $200 $497 $0 $228 $0 $374

Average Monthly Benefit After Proposed Suspension $0 $200 $497 $0 $228 $0 $374

Percentage Change in Average Monthly Benefit (all) n/a 0% 0% n/a 0% n/a 0%

Percentage Change in Average Monthly Benefit (only those impacted) n/a 0% 0% n/a 0% n/a 0%

Present Value of Benefits Before Proposed Suspension* $0 $28,152 $24,988 $0 $48,180 $0 $101,320

Present Value of Benefits After Proposed Suspension* $0 $28,152 $24,988 $0 $48,180 $0 $101,320

Reduction in Present Value of Benefits Due to Proposed Suspension* $0 $0 $0 $0 $0 $0 $0

Part b

Percentage reduction in benefits Number

No reduction^ 9

Greater than 0% but less than 10% 0

At least 10% but less than 20% 0

At least 20% but less than 30% 0

At least 30% but less than 40% 0

At least 40% but less than 50% 0

At least 50% but less than 60% 0

At least 60% but less than 70% 0

At least 70% but less than 80% 0

80% or more 0

Total number of participants impacted by proposed suspension 0

Grand total 9

*Estimated as of May 1, 2019 based on a 6.5% valuation interest rate and assumptions described in Exhibit K of the report titled "Report of Required Actuarial Information - Application for Proposed Benefit Suspensions as of May 1, 2019".

^Includes 7 participants with benefits below 110% of the PBGC guaranteed benefit (all 7 are over age 80) and 1 participant over age 80 (with 

benefits above 110% of the PBGC guaranteed benefit).

SMW0145
Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Proposed Suspension is Equitably Distributed

4.04(2) - Information for the Category 4 (Retired/Terminated between May 1, 1990 – April 30, 1994)

Part a

Terminated 

Active Participants Vested Participants Retirees Disabled Beneficiaries Alternate Payees Total

Counts as of May 1, 2017 0 17 18 2 6 0 43

Average Monthly Benefit Before Proposed Suspension $0 $157 $497 $203 $297 $0 $321

Average Monthly Benefit After Proposed Suspension $0 $157 $497 $203 $297 $0 $321

Percentage Change in Average Monthly Benefit (all) n/a 0% 0% 0% 0% n/a 0%

Percentage Change in Average Monthly Benefit (only those impacted) n/a 0% 0% 0% 0% n/a 0%

Present Value of Benefits Before Proposed Suspension* $0 $277,734 $571,723 $39,870 $127,014 $0 $1,016,341

Present Value of Benefits After Proposed Suspension* $0 $277,734 $571,723 $39,870 $127,014 $0 $1,016,341

Reduction in Present Value of Benefits Due to Proposed Suspension* $0 $0 $0 $0 $0 $0 $0

Part b

Percentage reduction in benefits Number

No reduction^ 43

Greater than 0% but less than 10% 0

At least 10% but less than 20% 0

At least 20% but less than 30% 0

At least 30% but less than 40% 0

At least 40% but less than 50% 0

At least 50% but less than 60% 0

At least 60% but less than 70% 0

At least 70% but less than 80% 0

80% or more 0

Total number of participants impacted by proposed suspension 0

Grand total 43

*Estimated as of May 1, 2019 based on a 6.5% valuation interest rate and assumptions described in Exhibit K of the report titled "Report of Required Actuarial Information - Application for Proposed Benefit Suspensions as of May 1, 2019".

^Includes 25 participants with benefits below 110% of the PBGC guaranteed benefit (14 are over age 80), 2 disabled participants, and 10 

participants over age 80 (with benefits above 110% of the PBGC guaranteed benefit).

SMW0146
Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Proposed Suspension is Equitably Distributed

4.04(2) - Information for the Category 5 (Retired/Terminated between May 1, 1994 – April 30, 2003)

Part a

Terminated 

Active Participants Vested Participants Retirees Disabled Beneficiaries Alternate Payees Total

Counts as of May 1, 2017 0 35 96 9 38 3 181

Average Monthly Benefit Before Proposed Suspension $0 $507 $975 $358 $303 $312 $702

Average Monthly Benefit After Proposed Suspension $0 $400 $943 $358 $303 $312 $664

Percentage Change in Average Monthly Benefit (all) n/a -21% -3% 0% 0% 0% -5%

Percentage Change in Average Monthly Benefit (only those impacted) n/a -35% -12% 0% 0% 0% -21%

Present Value of Benefits Before Proposed Suspension* $0 $1,909,643 $9,085,885 $281,971 $1,090,605 $90,189 $12,458,292

Present Value of Benefits After Proposed Suspension* $0 $1,530,529 $8,763,316 $281,971 $1,090,605 $90,189 $11,756,610

Reduction in Present Value of Benefits Due to Proposed Suspension* $0 $379,113 $322,569 $0 $0 $0 $701,682

Part b

Percentage reduction in benefits Number

No reduction^ 151

Greater than 0% but less than 10% 11

At least 10% but less than 20% 7

At least 20% but less than 30% 3

At least 30% but less than 40% 3

At least 40% but less than 50% 2

At least 50% but less than 60% 3

At least 60% but less than 70% 1

At least 70% but less than 80% 0

80% or more 0

Total number of participants impacted by proposed suspension 30

Grand total 181

*Estimated as of May 1, 2019 based on a 6.5% valuation interest rate and assumptions described in Exhibit K of the report titled "Report of Required Actuarial Information - Application for Proposed Benefit Suspensions as of May 1, 2019".

^Includes 52 participants with benefits below 110% of the PBGC guaranteed benefit (27 are over age 80), 5 disabled participants, and 46 

participants over age 80 (with benefits above 110% of the PBGC guaranteed benefit).

SMW0147
Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Proposed Suspension is Equitably Distributed

4.04(2) - Information for the Category 6 (Retired/Terminated between May 1, 2003 – July 31, 2009)

Part a

Terminated 

Active Participants Vested Participants Retirees Disabled Beneficiaries Alternate Payees Total

Counts as of May 1, 2017 0 147 165 3 31 5 351

Average Monthly Benefit Before Proposed Suspension $0 $627 $1,142 $927 $404 $359 $848

Average Monthly Benefit After Proposed Suspension $0 $461 $912 $927 $402 $359 $671

Percentage Change in Average Monthly Benefit (all) n/a -26% -20% 0% -1% 0% -21%

Percentage Change in Average Monthly Benefit (only those impacted) n/a -35% -24% 0% -4% 0% -28%

Present Value of Benefits Before Proposed Suspension* $0 $7,819,807 $23,574,858 $329,811 $1,489,050 $227,134 $33,440,659

Present Value of Benefits After Proposed Suspension* $0 $5,997,819 $19,089,302 $329,811 $1,481,100 $227,134 $27,125,166

Reduction in Present Value of Benefits Due to Proposed Suspension* $0 $1,821,987 $4,485,556 $0 $7,950 $0 $6,315,493

Part b

Percentage reduction in benefits Number

No reduction^ 197

Greater than 0% but less than 10% 26

At least 10% but less than 20% 28

At least 20% but less than 30% 36

At least 30% but less than 40% 28

At least 40% but less than 50% 12

At least 50% but less than 60% 14

At least 60% but less than 70% 8

At least 70% but less than 80% 2

80% or more 0

Total number of participants impacted by proposed suspension 154

Grand total 351

*Estimated as of May 1, 2019 based on a 6.5% valuation interest rate and assumptions described in Exhibit K of the report titled "Report of Required Actuarial Information - Application for Proposed Benefit Suspensions as of May 1, 2019".

^Includes 67 participants with benefits below 110% of the PBGC guaranteed benefit (11 are over age 80), 3 disabled participants, and 7 

participants over age 80 (with benefits above 110% of the PBGC guaranteed benefit).

SMW0148
Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Proposed Suspension is Equitably Distributed

4.04(2) - Information for the Category 7 (Retired/Terminated on or after August 1, 2009)

Part a

Terminated 

Active Participants* Vested Participants Retirees Disabled Beneficiaries Alternate Payees** Total

Counts as of May 1, 2017 501 171 121 4 10 9 816

Average Monthly Benefit Before Proposed Suspension $777 $520 $917 $1,282 $591 $590 $742

Average Monthly Benefit After Proposed Suspension $618 $360 $794 $1,282 $497 $589 $592

Percentage Change in Average Monthly Benefit (all) -20% -31% -13% 0% -16% 0% -20%

Percentage Change in Average Monthly Benefit (only those impacted) -24% -35% -28% 0% -33% -1% -27%

Present Value of Benefits Before Proposed Suspension*** $31,514,352 $6,925,113 $15,694,574 $667,471 $696,480 $781,596 $56,279,586

Present Value of Benefits After Proposed Suspension*** $24,946,428 $4,860,700 $13,747,553 $667,471 $646,459 $780,599 $45,649,210

Reduction in Present Value of Benefits Due to Proposed Suspension*** $6,567,924 $2,064,413 $1,947,021 $0 $50,021 $997 $10,630,376

*Excluding 154 active participants that entered the Plan after July 31, 2013 because those participants have not earned any benefits under the Plan and thus, are not impacted by the proposed reduction.

**Excluding 9 alternate payees that are not in payment status. The average benefits and present value of benefits for these deferred alternate payees are included with the active and terminated vested participants.

Part b

Percentage reduction in benefits Number

No reduction^ 563

Greater than 0% but less than 10% 35

At least 10% but less than 20% 51

At least 20% but less than 30% 61

At least 30% but less than 40% 63

At least 40% but less than 50% 28

At least 50% but less than 60% 11

At least 60% but less than 70% 4

At least 70% but less than 80% 0

80% or more 0

Total number of participants impacted by proposed suspension 253

Grand total 816

***Estimated as of May 1, 2019 based on a 6.5% valuation interest rate and assumptions described in Exhibit K of the report titled "Report of Required Actuarial Information - Application for Proposed Benefit Suspensions as of May 1, 2019".

^Includes 284 participants with benefits below 110% of the PBGC guaranteed benefit (1 is over age 80) and 4 disabled participants. Excludes 

154 actives with $0 accrued benefits.

SMW0149