DB1/ 88552986.1

The New York State Teamsters Conference Pension and Retirement Fund

Application for Suspension of Benefits under MPRA

EXHIBIT 18
I 

Form5500 

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 197 4 (ERISA) and 

sections 6047(e), 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 

2015 

This Form is Open to Public 

Ins ection 

and ending 12/31/2015 

A 0 a multiple-employer plan (Filers checking this box must attach a list of This return/report is for: I8J a multiemployer plan; 

0 a single-employer plan; 

0 the first return/report; 

participating employer information in accordance with the form instructions); or 0 a DFE (specify)_ 

B This return/report is: 0 the final return/report; 

0 an amended return/report; 0 a short plan year return/report (less than 12 months). 

C If the plan is a collectively-bargained plan, check here ............................................................ ~ 18] 

D Check box if filing under: 18] Form 5558; 0 automatic extension; 0 the DFVC program; 

n special extension (enter description) 

Part II I Basic Plan Information-enter all requested information 

1b Three-digit plan I 074 number (PN) ~ 

1 a Name of plan 

NEW YORK STATE TEAMSTERS CONFERENCE PENSION & RETIREMENT FUND 

1c Effective date of plan 

01/01/1954 

2a Plan sponsor's name (employer, if for a single-employer plan) 2b Employer Identification 

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

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

TRUSTEES OF NYS TEAMSTERS CONFERENCE 2c 

16-6063585 

Plan Sponsor's telephone 

PO BOX4928 

SYRACUSE, NY 13221-4928 

151 NORTHERN CONCOURSE 

SYRACUSE, NY 13221-4928 

2d 

number 

315-455-9790 

Business code (see 

instructions) 

484120 

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 Filed with authorized/valid electronic signature. 08/11/2016 JOHN A BULGARO, UNION TRUSTEE 

HERE 

Signature of plan administrator Date Enter name of individual sian ina as Plan administrator 

SIGN 

HERE 

Signature of emolover/olan soonsor Date Enter name of individual sian ina as em plover or plan sponsor 

SIGN 

HERE 

Sianature of DFE Date Enter name of individual siQninQ as DFE 

Preparer's name (including firm name, if applicable) and address (include room or suite number) Preparer's telephone number 

For Paperwork Reductfon Act Notice and OMB Control Numbers, see the mstruct1ons for Form 5500. Form 5500 (2015) 

v. 150123 
Form 5500 (2015) Page 2 

3a Plan administrator's name and address ~Same as Plan Sponsor 

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

EIN and the plan number from the last return/report: 

a Sponsor's name 

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

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

6a(2), Gb, Gc, and Gd). 

3b Administrator's EIN 

3c Administrator's telephone 

number 

4b EIN 

4c PN 

5 34526 

a(1) Total number of active participants at the beginning of the plan year. ................................................................................. l-6=ael.('1.:..1)'-l----------

a(2) Total number of active participants at the end of the plan year ......................................................................................... t-6=a.>:C2::.n'-l----------

b Retired or separated participants receiving benefits ................................................................................................................ }-.::6..::b:__l-------1_1_5_7_6 

C Other retired or separated participants entitled to future benefits ............................................................................................ }-.::6..:c:__l---------

d Subtotal. Add lines 6a(2), Gb, and 6c. ·····································································································································r-6..:..d~+-------11_5_7_6 

e Deceased participants whose beneficiaries are receiving or are entitled to receive benefits .................................................. l---=6-=e'--l-------1_2_6_2_3 

f Total. Add lines Gd and Ge ...................................................................................................................................................... l-...;;6-"f-1 _______ 2_4_1_9_9 

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

complete this item) ................................................................................................................................................................... l---"6..._9+---------

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

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

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

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

1B 

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) 

(1) Insurance 

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

(3) X Trust 

(4) General assets of the sponsor 

9b Plan benefit arrangement (check all that apply) 

(1) Insurance 

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

(3) ~ Trust 

1- (4) General assets of the sponsor 

3313 

175 

10 Check all applicable boxes in 1 Oa and 1 Ob to indicate which schedules are attached, and, where indicated, enter the number attached. (See instructions) 

a Pension Schedules 

(1) ~ R (Retirement Plan Information) 

(2) 

(3) 

~ MB (Multiemployer Defined Benefit Plan and Certain Money 

Purchase Plan Actuarial Information) - signed by the plan 

actuary 

0 SB (Single-Employer Defined Benefit Plan Actuarial 

Information) -signed by the plan actuary 

b General Schedules 

(1) 

(2) 

(3) 

(4) 

(5) 

(6) 

H (Financial Information) 

I (Financial Information -Small Plan) 

A (Insurance Information) 

C (Service Provider Information) 

D (DFE/Participating Plan Information) 

G (Financial Transaction Schedules) 
Form 5500 (2015) Page 3 

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

11 a 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.) ....................................... 0 Yes 0 No 

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

11 b Is the plan currently in compliance with the Form M-1 filing requirements? (See instructions and 29 CFR 2520.1 01-2.) ........... 0 Yes 0 No 

11 C Enter the Receipt Confirmation Code for the 2015 Form M-1 annual report. If the plan was not required to file the 2015 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 _________ _ 
SCHEDULE MB 

(Form 5500) 

Department of the Treasury 

lntemal Revenue Service 

Multiemployer Defined Benefit Plan and Certain 

Money Purchase Plan Actuarial Information 

OMB No. 1210-0110 

2015 

Department of Labor 

Employee Benefits Security Administration 

Pension Benefit Guaranty Corporation 

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

Retirement Income Security Act of 197 4 (ERISA) and section 6059 of the 

Internal Revenue Code (the Code). This Form is Open to Public 

Inspection 

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

For calendar plan year 2015 or fiscal plan year beginning 01/01/2015 and ending 12/31/2015 

~ 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 B Three-digit I 

NEW YORK STATE TEAMSTERS CONFERENCE PENSION & RETIREMENT FUND plan number (PN) ~ 074 

r---~----~~~----~---------

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

TRUSTEES OF NYS TEAMSTERS CONFERENCE 

D Employer Identification Number (EIN) 

16-6063585 

E Type of plan: (1) 181 Multiemployer Defined Benefit (2) 0 Money Purchase (see instructions) 

1 a Enter the valuation date: 

b Assets 

Month 01 Day ----'0"-'1'----- Year .,2_0"-1_..5..__ __ 

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

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

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

(2) Information for plans using spread gain methods: 

1b(1) 1561393592 

1b(2) 1576692214 

1c(1) 3218165990 

(a) Unfunded liability for methods with bases ............................................................................................ t--1_c_(2-')..;.(a..;.)-t------------

(b) Accrued liability under entry age normal method ................................................................................. t--1_c_(2-')..;.(b...;.)-t------------

(c) Normal cost under entry age normal method ....................................................................................... t--1_c_(_2);..;(_c)'--t-------------

(3) Accrued liability under unit credit cost method ........................................................................................... .___1_c...;.(3-')-+-_______ 3_2_18_1_6_5_9_90_ 

d Information on current liabilities of the plan: 

(1) Amount excluded from current liability attributable to pre-participation service (see instructions) ............. .___1_d_,(~1,_) -1--------------

(2) "RPA '94" information: 

(a) Current liability ..................................................................................................................................... t--1_d_,_(2_,_)"-(a'"-) -+--------5_85_3_9_9_65_1_5 

(b) Expected increase in current liability due to benefits accruing during the plan year ........................... l-1_d_,(_2),_,(_b),__l-________ 4_4_59_4_2_6_4 

(c) Expected release from "RPA '94" current liability for the plan year ..................................................... l-1_d_,{2_,)'-'-(c_,_)-+--------2-98_7_6_9_5_88_ 

(3) Expected plan disbursements for the plan year......................................................................................... 1d(3) 281705635 

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 

JAMES M. LOCEY 

Signature of actuary 

Type or print name of actuary 

HORIZON ACTUARIAL SERVICES, LLC 

Firm name 

8601 GEORGIA AVENUE SUITE 700, SILVER SPRING, MD 20910 

Address of the firm 

Date 

14-03981 

Most recent enrollment number 

240-247-4600 

Telephone number (including area code) 

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 0 

For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 5500 or Form 5500-SF. Schedule MB (Form 5500) 2015 

v. 150123 
Schedule MB (Form 5500) 2015 Page 2-IIJ 

2 Operational information as of beginning of this plan year: 

a Current value of assets (see instructions) ......................................................................... ·,.;.· ·.:.;·.:.;· ·.;.;.··.:.;···.:.;··.;.;.··.;.;.···.:.;··c.:··.;.;.··.;.;.··:..:··:..:· ·c.:··.;.;.· .-'J.I_2_a_+-_______ ..;.15.:..6.:..1;..;3;.:9;.:3..:.5.:..92::. 

b "RPA '94" current liability/participant count breakdown: I--'-(1_,).;.;.N..;.u.:.;m.;.;.:..be.;.;.r_o:..:f-"p"-a..;.rt;..;ic-'ip:..:a.;.;.n.;.;.ts=--+----'-(2_,):..:C.:..u:::.:r.:cre:..:n.c:t..:.:li.::.a::..cbi"-lit:t..y __ _ 

(1) For retired participants and beneficiaries receiving payment .................................... 1----------1_6_06_4_+-________ 36_6_7_7_0_8_3_76_ 

(2) For terminated vested participants ........................................................................... . 6784 569054431 

(3) For active participants: 

(a) Non-vested benefits ........................................................................................... . 246599219 

(b) Vested benefits .................................................................................................. . 1370634489 

(c) Total active ......................................................................................................... . 11678 1617233708 

(4) Total .......................................................................................................................... . 34526 5853996515 

26.67% 

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

(a) Date (b) Amount paid by (c) Amount paid by (a) Date (b) Amount paid by (c) Amount paid by 

(MM-DD-YYYY) employer(s) employees (MM-DD-YYYY) employer(s) employees 

134768957 

Totals .,. I 3(b) 134768957 3(c) I 

4 Information on plan status: 

a Funded percentage 4a 49.0% for monitoring plan's status (line 1 b(2) divided by line 1 c(3)) ................................................... ! 

b Z~~=ri~?,~~· ~~~~i~~~e t.'_~_n:~. ~ta.tu·s· -~ s·~·e· .i~-~~r~~ti~~~ .f~r. ~~~~~~-~-~~-t -~f -~·u·p·~-~-~i·~-~- ·e·~-i~~-n~~. ~~- ~~~~·-~. -~~~~-~~):.If ... . :~~~b~:~~~~~~~~~~~~~~~~~~~~~~~~= c 

c Is the plan making the scheduled progress under any applicable funding improvement or rehabilitation plan? ............................................................. [8] Yes D 

d If the plan is in critical status or critical and declining status, were any benefits reduced (see instructions)? .................................................. 0 Yes [8] 

e If lined is "Yes," enter the reduction in liability resulting from the reduction in benefits (see instructions), 

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

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 ........................................................................................................................... 12Sl 

4f 

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

a 0 Attained age normal b 0 Entry age normal C [8] Accrued benefit (unit credit) 

e 0 Frozen initial liability f 0 Individual level premium g 0 Individual aggregate 

0 Reorganization 0 Other (specify): 

d 0 Aggregate 

h 0 Shortfall 

No 

No 

9999 

k If box his checked, enter period of use of shortfall method ........................................................................................ ,_ _ __, _____ -=;----;:::;---

Has a change been made in funding method for this plan year? ...................................................................................................................... 0 Yes [8] No 

m If line I is "Yes," was the change made pursuant to Revenue Procedure 2000-40 or other automatic approval? ............................................. 0 Yes 0 No 

n If line I is "Yes," and line m is "No," enter the date (MM-DD-YYYY) of the ruling letter (individual or class) 

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

6 Checklist of certain actuarial assumptions: 

a Interest rate for "RPA '94" current liability ............................................................................................................................................ ! 6a I 3.51 % 

Pre-retirement Post-retirement 

b Rates specified in insurance or annuity contracts..................................... 0 Yes [8] No 0 N/A 0 Yes [8] No 0 N/A 

C Mortality table code for valuation purposes: 
Schedule MB (Form 5500) 2015 Page 3 -II] 

(1) Males........................................................................................ 6c(1) A ~~~~--------------------~----------------------~ A 

(2) Females .. .... .. .. .......... .............. ............ .... .......... .......... .... ...... ... 6c(2) A ~~~~--------------------~----------------------~ A 

d Valuation liability interest rate......................................................... 6d 8.50% 8.50% 

~--~---------.----~---+--------~-----=.--- 9 Expense loading............................................................................. 6e 53.0% 0 N/A %1 ~ N/A 

f Salary scale.................................................................................... 6f % 181 N/A 

g Estimated investment return on actuarial value of assets for year ending on the valuation dale ........................ j 6g ~~+-----------------------

h Estimated investment return on current value of assets for year ending on the valuation date .......................... 1 6h 

8.8% 

6.1% 

7 New amortization bases established in the current plan year: 

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

4 98717630 

1 -170445463 

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 ............................................................................................................................ .. 

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

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

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

schedule. 

c Are any of the plan's amortization bases operating under an extension of lime under section 412(e) (as in effect prior to 

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

d If line cis "Yes," provide the following additional information: 

10956334 

-18917162 

181 Yes D No 

~ Yes D No 

D Yes 181 No 

(1) Was an extension granted automatic approval under section 431(d)(1) of the Code? ........................................ i----,---------'==---..!::::!.--

(2) If line 8d(1) is "Yes," enter the number of years by which the amortization period was extended ...................... JL_B_d_(_2)_L-__________ _ 

0 Yes 0 No 

(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? ........................................................................................................................... r-----,..------------------

(4) ~~~nneu~d~;~ ~~ ~~~~~· i~~i~~ ~~;.~~~.~~. :.~~r~ .~: .. ~~i~~ .~~~.~~~~iz·a·ti·~·n··p·e·ri·~·d· ~~~.~~.~~·~·~·~·~· .~~~~ .i~~.~.~.d~~~······lf-B-d_(__) +-----------

(5) If line 8d(3) is "Yes," enter the date of the ruling letter approving the extension ................................................. L. ,:B.::d.!.:(5:L)_L-__________ _ 

0 Yes 0 No 

(6) If line 8d(3) is "Yes," is the amortization base eligible for amortization using interest rates applicable under section 0 Yes 0 No 

6621 (b) of the Code for years beginning after 2007? .......................................................................................... ·;:.: ..:.:.. :.:. .. ::.:. :.:.. _,_-----=::._--==---

9 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 Be 

amortization base(s) ................................................................................................................................................. . 

9 Funding standard account statement for this plan year: 

Charges to funding standard account: 

a Prior year funding deficiency, if any ........................................................................................................................... f--9_a_-+ _______ 4_6_32_8_0_7_5_o_ 

b Employer's normal cost for plan year as of valuation date ................................................ ,_ .._ .._ ... _ .. _ .._ .._ ... _ .. _ .._ ... _ .. _ .._ .._ ... _ .. _ .._ .. _ .. t___9_b_+ ________ 20_2_1_4_6_4_7_ 

C Amortization charges as of valuation date: Outstanding balance 

(1) All bases except funding waivers and certain bases for which the 9c(1) 

amortization period has been extended ...................................................... l----t--------1_9_68_5_5_1_5_0_8+--------3_0_6_88_6_8_6_9_ 

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

~----r-------------------4-------------------

(3) Certain bases for which the amortization period has been extended .. ....... 9c(3) L-----~-------------r----4-------------------

d Interest as applicable on lines 9a, 9b, and 9c ........................................................................................................... l-_9_d_-+--------6_7_18_2_4_9_3_ 

9 Total charges. Add lines 9a through 9d..................................................................................................................... 9e 857564759 L-----~-----------------

Credits to funding standard account: 

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

~----~----------------- g Employer contributions. Total from column (b) of line 3 ............................................................................................ 9g .--------------L----4------------------- 134768957 

0utstanding balance 

h Amortization credits as of valuation date.......................................................... 9h 790358482 118337929 L-----~-------------r----4-------------------

Interest as applicable to end of plan year on lines 9f, 9g, and 9h ............................................................................ . L_ ____ 9i L_ ________________ 15786405 _ 
9o 

10 

Schedule MB (Form 5500) 2015 Page 4 

Full funding limitation (FFL) and credits: 

(1) ERISA FFL (accrued liability FFL)............................................................ 9j(1) 1819530944 

(2) "RPA '94" override (90% current liability FFL) ......................................... 9j(2) 3821115117 L-----L-------~~~~~--4-------------------

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

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

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

~----~----------------- Total credits. Add lines 9fthrough 9i, 9j(3), 9k(1), and 9k(2) ..................................................................................... 1-_9_1_+-_____ _..:2;.:;6.;:.88::..:9;.:;3~2.;:.91.:...... 

m Credit balance: If line 91 is greater than line 9e, enter the difference ........................................................................ 9m 

~----~----------------- n Funding deficiency: If line 9e is greater than line 91, enter the difference.................................................................. 9n 588671468 

L-----~-----------------

Current year's accumulated reconciliation account: 

(1) Due to waived funding deficiency accumulated prior to the 2015 plan year ............................... 9o(1) 

(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) 

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

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

Contribution necessary to avoid an accumulated funding deficiency. (See instructions.) ...................................... 10 588671468 

11 Has a change been made in the actuarial assumptions for the current plan year? If "Yes," see instructions ....................... . ~ Yes 0 No 
SCHEDULER 

(Form 5500) 

Retirement Plan Information OMB No. 1210-0110 

Department of the Treasury 

Internal Revenue Service 

Department of Labor 

This schedule is required to be filed under section 1 04 and 4065 of the 

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

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

2015 

Employee Benefits Security Administration ~ File as an attachment to Form 5500. Pension Benefit Guaranty Corporation 

For calendar plan year 2015 or fiscal plan year beginning 01/01/2015 

A Name of plan 

NEW YORK STATE TEAMSTERS CONFERENCE PENSION & RETIREMENT FUND 

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

TRUSTEES OF NYS TEAMSTERS CONFERENCE 

I Part I I Distributions 

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

This Form is Open to Public 

Inspection. 

and ending 12/31/2015 

B Three-digit 

plan number 

(PN) ~ 074 

D Employer Identification Number (EIN) 

16-6063585 

1 ~~\~~~:~~~ ~~ ~i~t~i~~ti~~-s .. p·a·i~. i~. ~r~~~·rt·y· ~t.~~r. _th·~-~- ·i·n· _c~~~. ~r- ~~~. f~~-~-s. ~f. ~r_o~-e-~y- _s~~~~fi·e·d· ·i·n· ~~-e ................... I 0 

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 2 

year .......................................................................................................................................................................... . 

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

ERISA section 302, skip this Part) 

4 Is the plan administrator making an election under Code section 412(d)(2) or ERISA section 302(d)(2)? ........................... 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 

If you completed line 5, complete lines 3, 9, and 10 of Schedule MB and do not complete the remainder of,_t_h_is_sc_h.,.-e_d_u_l_e. _________ _ 

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

deficiency not waived) ..................................................................................................................................... . 

~--~------------------- b Enter the amount contributed by the employer to the plan for this plan year .................................................. .. r---~------------

6b 

Sa 

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) ......................................................................................... ...__6_c_..__ __________ __ 

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? ........................................... . 0 Yes 0 No 0 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? ....................................................................................................................... . 

Part Ill I Amendments 

9 

0 Yes 0 No ~ N/A 

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. 

1 0 Were unallocated employer securities or proceeds from the sale of unallocated securities used to repay any exempt loan? ............... . No 

11 a Does the ESOP hold any preferred stock? .................................................................................................................................. .. 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? 0 Yes 

(See instructions for definition of "back-to-back" loan.) ................................................................................................................ .. No 

12 Does the ESOP hold any stock that is not readily tradable on an established securities market? ........................................................ 0 Yes No 

For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 5500. ScheduleR (Form 5500) 2015 

v. 150123 
ScheduleR (Form 5500) 2015 Page 2 -[I:] 

I Part V I 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 UNITED PARCEL SERVICE 

b EIN 36-2407381 C Dollar amount contributed by employer 85850799 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box 0 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month 07 Day 31 Year 2018 

e Contribution rate information (If more than one rate applies, check this box [81 and see Instructions regarding required atlac;ilrmml. 01/i&lwi<;&, 

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

(1) Contribution rate (in dollars and cents 

(2) Base unit measure: X Hourly Unit of production 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 D 

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 D 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: Hourly Unit of production 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 0 

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

e Contribution rate information (If more than one rate applies, check this box 0 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: Hourly Unit of production 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 0 

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 D 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: Hourly Unit of production 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 0 

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 D 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: Hourly Unit of production 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 D 

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 D 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: Hourly Unit of production Other (specify): 
ScheduleR (Form 5500) 2015 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 .................................................................................................................................................. f-1_4_a-+ _________ 9_2_4_8_ 

b The plan year immediately preceding the current plan year ................................................................................ f-1_4_b--li-----------9_6_2_2_ 

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

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: 

7410 

a The corresponding number for the plan year immediately preceding the current plan year ............................... f-1_5_a_f-_________ 9_G_.1_1_ 

b The corresponding number for the second precedirJg plan year......................................................................... 15b 124.80 

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 ................................................ l-1_6_a_l------------

b If line 16a is greater than 0, enter the aggregate amount of withdrawal liability assessed or estimated to be 1Gb 

assessed against such withdrawn employers .................................................................................................... . 3595315 

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. ....................................................................................................................... 0 

Part VI I 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 ............................................................................................................................................................................ 0 

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: 5.8% Investment-Grade Debt: __ 1_._8% High-Yield Debt: % Real Estate: 

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

0.1% Other: 92.3% 

0 0-3years l8]3-6years 0 6-9years 0 9-12years 0 12-15years 0 15-18years 0 18-21 years 0 21 years or more 

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

18] Effective duration 0 Macaulay duration 0 Modified duration 0 Other (specify): 

I Part VII I IRS Compliance Questio·ns 

20a Is the plan a 401 (k) plan? ......................................................................................................................................... . 

20b If "Yes," how does the 401 (k) plan satisfy the nondiscrimination requirements for employee deferrals and 

employer matching contributions (as applicable) under sections 401 (k)(3) and 401 (m)(2)? ................................... . 

20c If the ADPIACP test is used, did the 401 (k} plan perform ADPIACP testing for the plan year using the "current 

year testing method" for non highly compensated employees (Treas. Reg sections 1.401 (k)-2(a)(2)(ii) and 

1.401 (m)-2(a)(2)(ii))? ............................................................................................................................................... . 

21 a Check the box to indicate the method used by the plan to satisfy the coverage requirements under section 

410(b): ······································································································································································ 

21 b Does the plan satisfy the coverage and nondiscrimination tests of sections 41 O(b) and 401 (a)(4) by combining 

this plan with any other plans under the permissive aggregation rules? ................................................................ .. 

22a Has the plan been timely amended for all required tax law changes? ..................................................................... . 

0 Yes 0 No 

O Design-based 

safe harbor 0 ADPIACP test 

method 

0 Yes 0 No 

Ratio Average 0 percentage 0 

test benefit test 

0 Yes 0 No 

0 Yes 0 No 0 NIA 

22b Date the last plan amendmenUrestatement for the required tax law changes was adopted __ 1 __ 1 __ . Enter the applicable code ___ (See 

instructions for tax law changes and codes). 

22c If the plan sponsor is an adopter of a pre-approved master and prototype (M&P) or volume submitter plan that is subject to a favorable IRS opinion or 

advisory letter, enter the date of that favorable letter I I and the letter's serial number 

22d If the plan is an individually-designed plan and received a favorable determination letter from the IRS, enter the date of the plan's last favorable 

determination letter I I 

23 Is the Plan maintained in a U.S. territory (i.e., Puerto Rico (if no election under ERISA section 1022(i)(2) has 

been made), American Samoa, Guam, the Commonwealth of the Northern Mariana Islands or the U.S. Virgin 0 Yes 0 No 

Islands?...... .................. ................ . .............. . 
Trustees 

New York State Teamsters Conference 

Pension and Retirement Fund 

Repor·t on the Financial Statements 

1)/\r<~angelo&C~o.,,, .i' 

()·.rtifierl J'ublic Accounlants ,><s_ Cotl!'Hilanh 

IL:O I.omoml Courl, nic8, N.Y. J:Ei(J:!-~930 

:JJ5-Ui-5216 Fax: 315-735-~LlO 

Independent Auditor's Report 

We have audited the ae1:olllpanying financial statements of New York State Teamsters Conference Pension and Retirement Fund, 

which comprise tlw :;tatcmcnts of net assets available for benefits as of December 31, 2015 and 2014, and the related statements of 

changes in net ns•;ets availnblc 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 tht: preparation and Jhir presentation of these financi~l statements in accordance with accounting 

principles generally accepted in the United :-antes of America; this includes the design, implementation, and maintenmJce of internal 

control relevant to the preparation and l11ir presentation of linMJcial statemeuts that are fi·ee 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 from material misstatement. 

An audit involves perfonning procedures to obtain audit evidence about the amounts and disclosures in the fiuancial statt:mcnts. The 

procedures selected depend on the auditor's judgment, including the assessment of the risks ofmaterial misstatement ofthe financial 

statements, whether due to fi·aud or enor. In making those risk assessments, the auditor consider.; intemal control relevant to the 

Plan's preparation and l~tir presentation of the financial statcmcnu: in order In design amlil procedmcx that arc appropriar.e in the 

drcmnslanccs, but not for the purpose of cxpre.~sing an opinion on the cfl(:ctivcues~ of I he Plan's internal coutrol. Accordingly, we 

expn~::;s no sueh opinion. Ali audit also includos evaluating the appropriateness llf'accutlllling policies used ;md the reasonableness 

of sign i llt:flnl nccounl.ing estimates mnde by management, as well ns evaluating the ovemll 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 opinhJI), lh.e financial stalenwnts referred to nbovc present lhii'ly, in all llWterial respects, !ni(Hnmtioll regarding New York 

State Teamsters Conll:rcncc Pcnsiuu and Retirement Fund'~ net asset~ available lor bcuclits of as of Dccelllbcr 31, 2015 and the 

changes therein for the year then ended ami iJs llnancinl stntt1s ll:> of December 3 I, 20 I t1 and (he changes ihcmin tor the year then 

ended in nccordam:e with m:countiug principles gcnemlly ;Jcccptcd in lhc U11it~~d Stales of/\nwrien. 

\lid·lludson • Uicu/Rome • Weslehestcr 

~· 
Redacted by the U.S. Department of the Treasury
Schedule MB, Line 6 

Summary of Plan Provisions 

Plan Name New York State Teamsters Conference Pension and Retirement Fund 

Plan Sponsor Trustees of the New York State Teamsters Conference Pension and Retirement 

Fund 

E/N I PN 16-6063585 I 074 

Effective Date and Most The original effective date of the Plan is January 1, 1954. 

Recent Amendment 

Plan Year 

Employers 

Participants 

Past Service Credit 

The most recent restatement of the Plan is effective January 1, 2015. 

The twelve-month period beginning January 1 and ending December 31. 

A participating Employer is any person or entity that has been accepted for 

participation in the Plan and that is required to contribute to the Plan pursuant 

to a collective bargaining agreement or participation agreement. 

All employees who are employed by an employer that is required to contribute 

to the Fund become participants as of the date they complete one hour of 

service. 

Past Service Credit is granted for service rendered by a Participant with a 

participating employer prior to the time it became a contributing employer 

subject to certain minimum earnings requirements. 

Limits imposed on the amount of Past Service Credit are as follows: 

Date of Participation 

Prior to 1/1/1959 

1/1/1959 through 12/31/1973 

1/1/1974 through 12/31/1975 

1/1/1976 and la!_er (!2l1/1976 for Brewe_r:y _ _y-.J<Jrkers). 

Past Service Limit 

Unlimited 

20 years 

15 years 

5 years . 

Past service is granted only after 5 years of Future Service Credit. Then one 

year of Past Service Credit is awarded for each of the 6th through lOth years of 

Future Service Credit. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 llonzon 
Schedule MB, Line 6 (cont.) 

Summary of Plan Provisions 

Future Service Credit 

Break-In-Service 

For service rendered as a Participant after 1975, one-tenth of a year of Future 

Service Credit for each 100 hours worked subject to a maximum of one year of 

Future Service Credit in any one calendar year. For service prior to 1976, a year of 

Future Service Credit is granted according to the following schedule: 

Amount of Contribution 

Required for One Year of 

;--~-~---Y~ea_r~s~-------~_lo_u_rl~y_C~o_n~tr~ib_u_ti_o_n_R~a_te~------~C~r~e~dl~t---

1960 and Prior Any $75.00 

1961-1963 Up to 7.5(/; 75.00 

1961- 1963 7.5(/; and over 120.00 

1964-1975 Up to 7.5(/; 75.00 

1964-1975 7.5(/; to 12.5(/; 120.00 

1964-1975 12.5(/; to 17.5(/; 180.00 

1964-1975 17.5(/; to 22.5(/; 240.00 

1964-1975 22.5(/; to 27.5(/; 300.00 

1964 -1975 27.5(/; to 32.5(/; 360.00 

1964-1975 32.5(/; to 37.5(/; 420.00 

1964-1975 37.5(/; to 42.5(/; 480.00 

1964 -1975 42.5(/; to 47.5(/; 540.00 

1964-1975 47.5(/; to 52.5(/; 600.00 

1964-1975 52.5(/; and over 660.00 ·····---~~····-·~····~--~~ '" ... --·---· ... , .. ~~-----~ 

Completion of less than 500 hours of service in a Plan Year. 

Note: For non-vested benefits, cancellation of Pension Credit occurs after the 

greater of (i) five consecutive Break-in-Service years or (ii) the number of 

aggregate Plan Years for which the employee has received Past or Future Service 

Credit. 

Normal Retirement Age The later of (a) age 65 and (b) the earlier of 5 years of Future Service or the fifth 

anniversary of participation. 

Normal Pension- Normal Retirement Age 

Eligibility 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 I tonzon 
Schedule MB, Line 6 (cont.) 

Summary of Plan Provisions 

Normal Pension -

Amount of Benefit 

The monthly amount of a Normal Pension equals the sum of a past service 

benefit plus a future service benefit. 

Past Service Benefit: If the date on which a Participant's employer becomes 

required to contribute to the Fund is before January 1, 2004, the appropriate 

benefit factor from Column C of the table below multiplied by the number of 

years of Past Service. If the date on which a participant's employer becomes 

required to contribute to the Fund is on or after January 1, 2004, then $1 for 

every $.05 of the employer's contribution rate on the date the employer became 

required to contribute multiplied by the number of years of past service. 

, For Retirements Effective 04/o:i./2001 through 12/31/2003 *-

r:-=-~::~i,C~(offOnRato~=-~f:,n:'"'~ Ho,,:J~:~~~::::~~;:~: I 1 1 Contribution Rate I or Future Service 

I -~~~~~~t -~B~!sl£1 71~<1!1 -- 1 8,ooo 

1 

~~~~~ I $0,075 $0.150 8,000 $3.00 

$0.150 $0.225 8,000 $5.00 

$0.225 $0.250 8,000 $6.00 

$0.250 $0.300 8,000 $7.00 

$0.300 $0.325 8,000 $9.00 

$0.325 $0.350 8,000 $10.00 

$0.350 $0.550 8,000 $12.00 

$0.550 $0.700 8,000 $16.00 

$0.700 $0.850 8,000 $20.00 

$0.850 $1.150 8,000 $35.00 

$1.150 $1.750 8,000 $65.00 

$1.750 $2.350 2,000 $75.00 

$2.350 $4.095 2,000 $100.00 

$4.095 and higher 2,000 $110.00 

$4.095 and higher 4,000 $120.00 

S~:Q~~~-d high~--- 6,ooo $150.oo 

*The above benefit factors are applicable only to Active Participants on and after 

April 1, 2001 whose retirement dates are effective on or after April 1, 2001 but 

before January 1, 2004. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 llonzon 
Schedule MB, line 6 (cont.) 

Summary of Plan Provisions 

Normal PensionAmount of Benefit 

(cont.) 

Future Service Benefit for Future Service prior to January 1, 2004: For each year 

of Future Service Credit, the greater of (1) 2.6% of the employer contributions for 

the year, or (2) the appropriate benefit factor from Column C in the table above 

multiplied by the Future Servic~ Credit earned for that year. 

In no event shall any year's accrual for the Future Service Benefit exceed 

$199.83. Unless otherwise specified, 0% of any negotiated increase beyond 

$3.695 per hour is used for benefit accruals. 

As of January 1, 2000, the $199.83 amount is increased to $210 if a Participant's 

contribution rate is $4.095 or higher for at least 6,000 hours and to $220 if a 

Participant's contribution rate is $4.345 or higherfor at least 4,000 hours. Such 

increases are prorated based on 2,080 hours reported per year. 

Future Service Benefit for Future Service on or after January 1, 2004: For each 

year of Future Service Credit, 1.3% of the employer contributions for the year. 

For those participants reaching the earlier of the midpoint between unreduced 

retirement date and Social Security Normal Retirement Age, or 5 years beyond 

unreduced retirement date, the Future Service Benefit is equal to 1. 73% of 

employer contributions for the year. 

Future Service Benefit for Future Service for Participants subject to collective 

bargaining agreements that commence in 2009 or later: 

• Preferred Schedule: For each year of Future Service Credit, 1.30% of the 

employer contributions for the year. For those participants reaching the 

earlier of the midpoint between unreduced retirement date and Social 

Security Normal Retirement Age, or 5 years beyond unreduced 

retirement date, the Future Service Benefit is equal to 1. 73% of 

employer contributions for the year. 

• Alternative Schedule: For each year of Future Service Credit, 0.90% of 

the employer contributions for the year. For those participants reaching 

the earlier of the midpoint between unreduced retirement date and 

Social Security Normal Retirement Age, or 5 years beyond unreduced 

retirement date, the Future Service Benefit is equal to 1.20% of 

employer contributions for the year. 

• Default Schedule: For each year of Future Service Credit, 0.50% of the 

employer contributions for the year. For those participants reaching the 

earlier of the midpoint between unreduced retirement date and Social 

Security Normal Retirement Age, or 5 years beyond unreduced 

retirement date, the Future Service Benefit is equal to 0.67% of 

employer contributions for the year. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 llonzon 
Schedule MB, line 6 (cont.) 

Summary of Plan Provisions 

Normal Pension -

Amount of Benefit 

(cont.) 

Regular Pension 

Early Retirement 

PensionEligibility 

Early Retirement 

PensionAmount of Benefit 

Effective January 1, 2011, the Future Service Benefit for Future Service for 

Participants is as follows: 

• Default Schedule -1.00% of contributions. Required contribution 

increases after Januaty 1, 2011 are nol considered for benefit accruals 

• Schedule A- 0.30% of contributions. Required contribution increases 

after January 1, 2011 are not considered for benefit accruals. 

• Schedule B- 0.50% of contributions. Required contribution increases 

after January 1, 2011 are not considered for benefit accruals. 

• Schedule C- 0.30% of contributions. Required contribution increases 

after January 1, 2011 are not considered for benefit accruals. 

• ScheduleD- 0.50% of contributions. 1% of required contribution 

increases after January 1, 2011 are considered for benefit accruals. 

• Schedule E- 0.50% of contributions. 1% of required contribution 

increases after January 1, 2011 are considered for benefit accruals. 

• Schedule G- 0.25% of contributions. Required contribution increases 

after January 1, 2011 are not considered for benefit accruals 

Under each Schedule, contribution increases in excess of the Rehabilitation Plan 

required increases are considered for benefit accruals. 

Effective January 1, 2011, the Regular Pension has been eliminated under the 

Rehabilitation Plan. 

Any age with at least 15 years of Credited Service, at least 5 of which are Future 

Service Credit. 

The benefit as determined for Normal Pension, based on service and 

contributions as of retirement and is actuarially reduced if benefits commence 

before age 65. 

The benefit is reduced as follows: 

• Default Schedule, Schedule A and Schedule G- Actuarial equivalent 

reductions from age 65. 

• Schedules B, C, D, E- Reductions of 6% per year (or actuarial equivalent, 

if reduction is less) for each year that age at commencement is less than 

age 65. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 I tonzon 
Schedule MB, line 6 (cont.) 

Summary of Plan Provisions 

30 Year PensionEligibility At the following age with at least 30 years of Credited Service. 

• Default Schedule- The 30 Year Pension has been eliminated 

• Schedule A- Age 65 with transition protection for those participants 

with at least 25 years of Credited Service at January 1, 2011 

• Schedule B- Age 62 with transition protection for those participants with 

at least 25 years of Credited Service at January 1, 2011 

• Schedule C-Age 60 with transition protection for those participants with 

at least 25 years of Credited Service at January 1, 2011 

• ScheduleD- Age 57 with transition protection for those participants 

with at least 25 years of Credited Service at January 1, 2011 

• Schedule E- Age 55 with transition protection for those participants with 

at least 25 years of Credited Service at January 1, 2011 

• Schedule G- The 30 Year Pension has been eliminated 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 llonzon 
Schedule MB, Line 6 (cont.) 

Summary of Plan Provisions 

30 Year PensionAmount of Benefit 

The benefit as determined for Normal Pension, based on service and 

contributions as of retirement, reduced as follows: 

• Default Schedule- The 30 Year Pension has been eliminated. 

• Schedule A- For participants that retire before age 65 with 30 years of 

Credited Service, the benefit reduction is actuarially equivalent. 

• Schedule B- For participants that retire before age 62 with 30 years of 

Credited Service, the benefit reduction is 6% per year for each year 

commencement is less than age 62. 

• Schedule C- For participants that retire before age 60 with 30 years of 

Credited Service, the benefit reduction is 6% per year for each year 

commencement is less than age 60. 

• ScheduleD- For participants that retire before age 57 with 30 years of 

Credited Service, the benefit reduction is 6% per year for each year 

commencement is less than age 57. 

• Schedule E- For participants that retire before age 55 with 30 years of 

Credited Service, the benefit reduction is 6% per year for each year 

commencement is less than age 55. 

• Schedule G- The 30 Year Pension has been eliminated. 

Transition protection applies the following benefit reductions from the 

unreduced age for those participants with at least 25 years of Credited Service at 

January 1, 2011: 

• At least 30 years of service at January 1, 2011-0% reduction per year 

from unreduced age 

• At least 29 but less than 30 years of service at January 1, 2011-1% 

reductions per year from unreduced age 

• At least 28 but less than 29 years of service at January 1, 2011- 2% 

reductions per year from unreduced age 

• At least 27 but less than 28 years of service at January 1, 2011-3% 

reductions per year from unreduced age 

• At least 26 but less than 27 years of service at January 1, 2011-4% 

reductions per year from unreduced age 

• At least 25 but less than 26 years of service at January 1, 2011-5% 

reductions per year from unreduced age 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 llonzon 
Schedule MB, Line 6 (cont.) 

Summary of Plan Provisions 

Social Security 

SupplementEligibility 

Social Security 

SupplementAmount of Benefit 

Vested Pension -

Eligibility 

Vested Pension -

Amount of Benefit 

Disability Benefit 

The Social Security Supplement is frozen effective January 1, 2011. 

Hired prior to October 15, 2009 and eligible for an unreduced benefit. 

The amount of the Supplemental Benefit will equal a percentage, as shown 

below, of a participant's annual accrued benefit as of his Unreduced Retirement 

Date (the later of January 1, 2004 and the date a participant could retire after 30 

years of service at any age, or age 60 after 15 or more years of service including 5 

years of Future Service Credit). If more than 500 hours but less than 1,000 hours 

were worked in any deferred year, this amount shall be prorated accordingly. 

This benefit shall be paid for as many months as the Participant defers 

retirement past his Unreduced Retirement Date, but will stop upon a 

Participant's death or upon the date the Participant becomes eligible for 

unreduced Social Security benefits. 

Year Worked after the ! Unreduced Retirement 

L Date 

i 1" Year 

2"d Year 

3'd Year 

41

h Year 

5th Year 

Each Additional Year 

Percentage of Annu.al 

Accrued Benefit Earned 

10% 

15% 

25% 

25% 

25% 

20% pery~~--

Total Percentage of 

Accrued Benefit Earned 

During that Year 

10% 

25% 

50% 

75% 

100% 

Total+ 20% 

A Participant who earns the Supplemental Benefit may choose to receive the 

Supplemental Benefit in the form of a lump sum payment equal to the present 

value of the monthly Supplemental Benefit to be otherwise paid to the 

Participant. 

As a result of a Critical Status certification for the 2011 Plan Year, this benefit is 

currently not payable as a lump sum. 

5 years of Future Service Credit. 

The benefit as determined for Normal Pension, based on service and 

contributions as of retirement and is actuarially reduced if benefits commence 

before age 65. 

Effective January 1, 2011, the Disability Pension has been eliminated. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585/ 074 I Plan Year Beginning January 1, 2015 I fonzon 
Schedule MB, Line 6 (cont.) 

Summary of Plan Provisions 

Lump Sum Benefit 

Pre-Retirement Death 

Benefits (Married)-

Eligibility 

Pre-Retirement Death 

Benefits {Married)-

Amount of Benefit 

Pre-Retirement Death 

Benefits (Non-Married)-

Eligibility 

Pre-Retirement Death 

Benefits (Non-Married)-

Amount of Benefit 

Forms of Payment 

Brewery Workers 

Pension Fund 

Effective April 30, 2010, the Lump Sum Benefit for participants who qualify for 

Social Security disability award has been eliminated. 

Payable to the surviving spouse of a deceased vested participant. 

The benefit that would be payable, under the joint and 50% survivor annuity 

form of payment, based on service and contributions as of date of death, is 

payable immediately if the participant was eligible for an immediate pension at 

his death or deferred to the participant's earliest retirement date. 

Payable to the beneficiary of a deceased non-married participant who increased 

his or her contribution rate to cover the cost of the benefit. 

The benefit that would be payable, based on service and contributions as of date 

of death, immediately if the participant was eligible for an immediate pension at 

his death or deferred to the participant's earliest retirement date. The benefit is 

payable as an annuity for 60 months. 

The normal form of payment is a single life annuity payable for the lifetime of the 

Participant only. If a Participant is married, however, the normal form of 

payment is a joint and 50% survivor annuity. 

Other forms of payment include pensions payable for life with the first 60 or 120 

months of payment guaranteed, and joint and survivor annuities, with and 

without pop-up, with 50%, 75% or 100% of the benefit continuing after the 

participant's death. Effective January 1, 2011, other forms of payment were 

eliminated for participants covered under the Default Schedule. 

The Brewery Workers Pension Fund was established June 21, 1949 and merged 

into this Plan effective December 1, 1976. Any employee employed by a 

contributing employer of the Brewery Workers Pension Fund prior to the merger 

has special eligibility and benefit provisions detailed in the formal plan 

document. The Rehabilitation Plan provisions supersede any of the special 

eligibility and benefit provisions of these participants. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 ! lonzon 
Schedule MB, Line 6 (cont.) 

Summary of Plan Provisions 

Loca/294 Pension Fund 

Loca/478 Pension Fund 

Loca/264 Bakery Drivers 

Fund 

P&C Foods Pension Fund 

P&C Foods Maintenance 

Employees 

The Pension Fund of the Albany Area Trucking and Allied Industries Local294 was 

established August 1, 1953 and merged into this Plan effective July 31, 1997. Any 

employee employed by a contributing employer of the Pension Fund of the 

Albany Area Trucking and Allied Industries Local 294 prior to the merger has 

special eligibility and benefit provisions detailed in the formal plan document. 

The Rehabilitation Plan provisions supersede any of the special eligibility and 

benefit provisions of these participants. 

The Local478 Trucking and Allied Industries Pension Fund was established 

January 1, 1957 and merged into this Plan effective January 1, 2000. Any 

employee employed by a contributing employer of the Local478 Trucking and 

Allied Industries Pension Fund prior to the merger has special eligibility and 

benefit provisions detailed in the formal plan document. The Rehabilitation Plan 

provisions supersede any of the special eligibility and benefit provisions of these 

participants. 

The Teamsters Local No. 264- Bakery Drivers Division Pension Plan was 

established January 1, 1976 and merged into this Plan effective January 1, 2000. 

Any employee employed by a contributing employer of the Teamsters Local No. 

264 Bakery Drivers Division Pension Plan prior to the merger has special eligibility 

and benefit provisions detailed in the formal plan document. The Rehabilitation 

Plan provisions supersede any of the special eligibility and benefit provisions of 

these participants. 

The P&C Foods Pension Fund for Represented Employees was merged into this 

Plan effective April15, 2001, retroactive to January 1, 2001. Any employee listed 

in Exhibit A to the P&C Plan Merger Agreement has special eligibility and benefit 

provisions detailed in the formal plan document. The Rehabilitation Plan 

provisions supersede any of the special eligibility and benefit provisions of these 

participants. 

Certain participants in the Penn Traffic Company Cash Balance Pension Plan 

became participants in this Plan effective January 1, 2003. Any employee listed in 

Exhibit A to the Memorandum of Understanding has special eligibility and benefit 

provisions detailed in the formal plan document. The Rehabilitation Plan 

provisions supersede any of the special eligibility and benefit provisions of these 

participants. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 llonzon 
Schedule MB, Line 6 (cont.) 

Summary of Plan Provisions 

Local264 Brewery 

Division Pension Fund 

Local 791 Brewery and 

Related Workers Pension 

Plan 

Local264 Milk, Ice 

Cream Drivers, and Dairy 

Employees Income 

Replacement Plan 

Actuarial Equivalence 

Changes in Plan 

Provisions 

The Teamster Local No. 264 Brewery Division Pension Plan was established May 

1, 1976 and merged into this Plan effective January 1, 2003. Any employee 

employed by a contributing employer of the Teamsters Local No. 264 Brewery 

Division Pension Plan prior to the merger has special eligibility and benefit 

provisions detailed in the formal plan document. The Rehabilitation Plan 

provisions supersede any of the special eligibility and benefit provisions of these 

participants. 

The Brewery and Related Workers Pension Plan of the Rochester, N.Y. Area was 

merged into this Plan effective September 2, 2005. Any employee employed by a 

contributing employer of the Teamsters Union Local791 Brewery and Related 

Workers Pension Plan prior to the merger has special eligibility and benefit 

provisions detailed in the formal plan document. There is a minimum benefit of 

$70 per year of service prior to April 30, 2004. The Rehabilitation Plan provisions 

supersede any of the special eligibility and benefit provisions of these 

participants. 

The Income Replacement Plan for the Milk, Ice Cream Drivers and Dairy 

Employees of Local264 merged into this Plan effective December 31, 2005. Any 

employee employed by a contributing employer of the Income Replacement Plan 

for the Milk, Ice Cream Drivers and Dairy Employees of Local264 prior to the 

merger has special eligibility and benefit provisions detailed in the formal plan 

document. The Rehabilitation Plan provisions supersede any of the special 

eligibility and benefit provisions of these participants. 

Benefits under optional forms of payment are converted from the amount 

payable under the Life Annuity, based on assumptions of 7.0% interest and the 

UP-1984 Non Insured Pension Mortality Table. 

There have been no changes to the plan provisions from the prior valuation. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 l fonzon 
CATEGORY 

INTFHEST BE/IRING CAST-I 

!Nil'.RES'I BlARING CASH 

INTEREST BEARING Ct\SI I 

INTU<LSI' BEARING CASH 

INTEREST BEARING CASH 

INTEREST GEARING CASH 

INTEREST BEARING CASH 

INTEREST BEARING CASH 

INTEREST BEARING CASH 

INTEREST BEAR:NG CASH 

INTEREST BEARING CASH 

INTEREST BEARING CASH 

INTEREST BEARING CASH 

INTEREST BEARING CASH 

INTEREST BEARING C1\SH 

INTEREST BEARING CASH 

INTEREST BEARING CASH 

INTEREST BEARING CASH 

INTERFST BEARING CASH 

INTEREST BEARING CAS! [ 

OTHER 

OTHER 

OTHER 

OTI-IER 

OTHER 

U S GOVERNMENT SECURJTJES 

U S GOVERNMENT SECURITIES 

\l S GOVERNMENT SECURITIES 

CORP. DEBT JNSTR. - PREFERRED 

CORP DEBT JNSTR -PREFERRED 

CORP DEBT INSTR. -PREFERRED 

CORP DEBTJNSTR -PREFERRED 

CORP DEBT INSTR -PREFERRED 

CORP DEBT INSTR. - PREfERRED 

CORP DEBT INSTR. -PREFERRED 

CORP DEBT lNSTR - PREFERRED 

CORP DEBT INSTR_- PREFERRED 

CORP DEBT INSTR.- ALL OTHER 

CORP DEBT JNSTR. -ALL OTHER 

CORP. DEBT TNSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT !NSTR -ALL OTHER 

CORP. DEBT INSTR -/ILL OTHER 

CORP DEBT INSTR - ALL OTHER 

CORP DEBT JNSTR. -ALL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP DEBT lNSTR - 1\LL OTHER 

CORP DEBT lNSTR -ALL OTHER 

CORP_ DEBT INSTR - ALL OTHER 

CORP_ DEBT JNSTR.- ALL OTHER 

CORP DEBT JNSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT lNSTR.- ALL OTHER 

CORP_ DCBT INSTR - ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

NEW YORK STATE TL\:\lSTEHS CONFEHENCE PENSION AND HETIHEi\IENT FF'\D 

PENSION AND HETJHEMENT fTND 

SCH!WliLE OF ASSETS (IIELD AT END OF YEAH) 

ATTACHi\IF.NT FOH SCHEDULE II, PAin IV, LINE 4i 

Decem her 31, 2015 

SECUHITY DESCHIPTION 

CANADJ!1N DULLAP 

CANADIAN DOLLAR 

SWISS FRANC 

EUROCURRENCY 

EUROCURRENCY 

EUROCURRENCY 

POUND STERLING 

SOUTH KOREAN WON 

GOVERNMENT STTF I 8 

GOVERNMENT STIF [8 

GOVERNMENT STJf 18 

GOVERNMENT STIF 18 

GOVERNMENT STIF 18 

GOVERNMENT STIF 18 

GOVERNMENT STIF 18 

STATE STREET BANK+ TRUST CO SHORT TERM INVESTMEN 

US DOLLAR 

US DOLLAR 

US DOLLAR 

US DOLLAR 

llELLENJC REPUBLIC 

HELLENIC REPUBLIC 

BONDS REGS 02/35 VAR 

BONDS REGS 02/36 VAR 

HELLENIC REPUBLIC BONDS REGS 02/41 VAR 

MEX BONOS DESARR l'JX RT SR UNSECURED 11/38 8 5 

FED REPUBLIC OF BRAZil_ SR UNSECURED 0 l/28 I 0_25 

US TREASURY NIB 12/17 I 

US TREASURY NIB 09/17 0.625 

US TREASURY N/B 05/16 0.375 

EUROPEAN BK RECON + DEV SR UNSECURED 03/16 6 

INTI, RK RECON + DEVELOP SR UNSECURED 08117 4 5 

PETROLEOS MEXICAN OS COMPANY GUAR 11/26 7 47 

AMERICA MOVJL SAB DE CV COMPANY GUAR 12/36 8 46 

AMERJCA MOVJL SAB DE CV COMPANY GUAR 12/36 8 46 

CHESAPEAKE ENERGY CORP COMPANY GUAR 05/37 2.5 

HERCULES JNC JR SUBORDINA 06/29 6 5 

INTL FINANCE CORP 

LENNARCORP 

CAM MORTGAGE TRUST 

SR UNSECURED 06/19 7.8 

COMPANY GUAR 144A 11/21 3 25 

CAMMT 2015 I M 144A 

CJTJGROUP MORTGAGE LOAN TRUST ClvlLTI 2005 11 A2A 

GSR MORTGAGE LOAN TRUST GSR 2004 14 SA 1 

NEW YORK MORTGAGE TRUST NYMT 2006 1 2A2 

lNTL BK RECON e DEVELOP SR UNSECURFD 02/16 4 25 

RED OAK POWER LLC SR SECURED 11/i 9 8 54 

AES CORP/VA SR UNSECURED 04/25 5_5 

AMC NETWORKS INC COMPANY GUAR 12/22 4 75 

WILLIAMS PARTNERS/ACMP SR UNSF.CURI:D 03124 4.875 

AERCAP JRELAND CAP LTD/A COMPANY GlJAR 05/21 4 5 

AIR CASTLE LTD SR lJNSECURFD 02/22 5.5 

NEW ALBERTSONS INC SR UNSECURED 06/28 6.625 

NEW ALBERTSONS INC SR UNSECURED 06/26 7.75 

ALCOA INC SR UNSECURED 02/27 5.9 

ALLY FINANCIAL INC SR UNSECURED 09/24 5 125 

ALLY FJNANCIAL JNC SR UNSECURED 03/20 4 125 

ALLY FINANCIAL INC SR UNSECURED 03/25 4 625 

ALCOA INC SR UNSECURED 01/28 6.75 

c\MERJCAN HOMES 4 RENT AH4R 2014 SFRI E 144A 

See Independent Auditor's Report 

16 

55011 

REVALUED 

COST 

I 196 

10<1 

(0) 

0 

3,739 

420,597 

71 

I ,474 

896_<)49 

464_417 

384,194 

838,672 

124,215 

155,651 

5_462_328 

34,80R 

299,987 

I ,960,410 

(4,524) 

1,282.795 

12,317,083 

4,668 

4,654 

2,312 

490,233 

192,329 

I 39,672 

53(),852 

539,665 

1,913,386 

126,601 

287,533 

139,439 

272,165 

68,041 

63,131 

216,000 

284,044 

_,_ 145,500 

1,602,455 

99,000 

37,690 

101,1 II 

74,611 

133,545 

9,351 

29,5!3 

133,000 

35,700 

150,375 

148,856 

131,175 

129,775 

141,588 

71,050 

36,231 

282,688 

73,098 

94,541 

FUND 

I\IAHKET 

VAI.UF. 

863 

C::9 

(0] 

0 

3,193 

420,596 

70 

1,425 

896,949 

464_4 17 

384,194 

838,672 

124,215 

155,651 

5,462,328 

34,808 

299,987 

1_960,410 

(4,524] 

I ,282,795 

12,326,148 

6,182 

6,121 

3,094 

397,526 

I I 1,444 

139,808 

536,269 

539,739 

1,740,234 

I I6,148 

271,665 

106,645 

220,718 

55,180 

30,550 

202,800 

252,794 

156)29 

],412,829 

99,026 

37,714 

I 00,975 

74,863 

114,316 

9,110 

26,475 

140,000 

32,050 

152,438 

148,625 

132.825 

133,400 

119,275 

71,663 

34,825 

291,313 

6! ,750 

95,842 

IINRF.ALIZED 5500 

REVALUED 

GAJN/LOSS 

(333) 

16) 

(546) 

(I) 

(I) 

(49) 

(935) 

l ,514 

1,467 

782 

(92.706) 

(80,885) 

136 

(3,584) 

____ __,124 

(173,152) 

(10,453) 

(15,868) 

(32,794) 

(51,447) 

(12,862) 

(32,581) 

(13,200) 

(31,249) 

________ I 0,829 

(189,626) 

16 

24 

( 135) 

252 

(19,229) 

(241) 

(3,038) 

7,000 

(3,650) 

2,063 

(231) 

1,650 

3,625 

(22.313) 

613 

(1,406) 

R,625 

([1,348) 

1,302 
CATEC;ORY 

COPP DEBT INSTH - ,\LL OTHER 

COR!' DEBlii~STR.- ALL O'T!IER 

COHP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR.- ALL OTIIER 

CORP DEBT INSTR -!ILL OTHER 

CORP. DEBT INSTR -ALL OTf-IFR 

CORP. DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT JNSTR. -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT JNSTR -ALL OTIIER 

CORP DEBTTNSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBTIN:STR -ALL OTHER 

CORP DEBT JNSTR -ALL OTHER 

CORP DEBT INSTR - AI.L OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP. DEBT INSTR. -ALL OTIIER 

CORP DEBT INSTR - ALL OTHER 

CORP DEBT INSTR -ALL OTIIER 

CORP. DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR -ALL OTIIER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR - t\LL OTHER 

CORP DEBT INSTR. -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR.- 1\LL OTHER 

CORP. DEBT INSTR.- ALL OTIIER 

CORP DEBT INSTR.- ALL OTHER 

CORP. DEBT INSTR -ALL OTI-IER 

CORP DEBT INSTR -ALL OTHER 

CORP, DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR - ALL OTHER 

CORP. DEBT INSTR - ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR. -AI .L OTHER 

CORP DEBT INSTR. -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR. -ALI. OTHER 

CORP DEBT INSTR - ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR. -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR -AI .I. OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

:-lEW YORK STXrF: TL\MSTEHS C:Ol\FEHENCE PE:"<SIOI" AND RETIHE'm:-<T FliND 

PENSION .'\1'\D RETJREI\1ENT Fli7':D 

SCHEDULE OF ASSETS {!lEU) AT END OF YEAR) 

ATTACIII\IENT FOil SCIIEIHILE II, PART IV, LINE -li 

December 31, 2015 

SECURITY DESCHIPTJO]'; 

AMERICAN INTL GROUP If( SUBOIWINA 03/37 6.25 

AlvlSURG CORP COivii'I\NY GUJ\1( 07/22 5 ti25 

ANTERO RESOURCES COFP COMPANY GUAR 11/21 5 375 

ANTERO RESOURCES CORP COMPANY GUAR 12/22 5 125 

ARCELORMilTAI SR UNSECURED 03/41 VAR 

ATRJUM WINDOWS~ DOORS SR SECURED 144,\ US/19 7 75 

BAI.L CORP COMPANY GUAR 12/20 4 375 

BA YTEX ENERGY CORP COMPANY GU,\R 144A 06/21 5 I 

BA YTEX ENERGY CORP COMPANY GUAR 144A 06124 56 

BIOt\~ARTN PHARMACEUTICAL SR SUBORDINA !Oil R 0 75 

RIOMARIN PHARMACElJIICAL SR SUBORD!NA I 0/20 I 5 

BLACKBOARD INC SR UNSECURED 1441\ 11/19 7 75 

BONANZA CJUTK J.:NERGY INC 

BONANZA CREEK ENERGY INC 

BROCADE COMMUNICATIONS 

BUILDERS FIRSTSOURCE INC 

CCO J-ILDGS LLC/CAP CORP 

CCO HLDGS LLC/CAP CORP 

CCO 11LIJGS LLCICAP CORP 

OUTl'RONT MEDIA CAP LLC'C 

COMPANY GUAR 04/21 6.75 

COMPANY G\JAR 02/23 5 75 

COMPANY GUAR 144A 0!12 

SR SECURED 144A 06/21 7.625 

COMPANY GUAR 02/23 5 125 

COMPANY GUAR 01/24 5.75 

COMPANY GUAR 144A 05/23 5 

COMPANY GUAR 0212" 5 25 

CHS/COMMUNITY HEAI.Til SYS COMPANY GlJAR 02/22 6.81 

CNO FINANCI1\L GROUP INC SR IJN~ECUHED 05/25 5 25 

CSC TIOLDINGS LLC SR UNSECURED 02118 7 875 

CSC HOLDINGS LLC 

CSC HOLDINGS I.LC 

CSC HOLDINGS LLC 

CVS HEALTH CORP 

SR UNSECURED 07/18 7.625 

SR UNSECURED 11121 6 75 

SR UNSECURED 06124 5 25 

SR UNSECURED 144A 12122 4 75 

CVS HE!\LTH CORP SR UNSFCURED 144A 12/24 5 

CALIFORNIA RESOURCES CRP COMPANY GUAR 01/20 5 

CALIFORNIA RESOURCES CRP COMPANY GUAR 0912l 55 

CALIFORNIA RESOURCES CRP COMPANY GUAR 11/24 6 

CENTURYLINK INC 

CENTURYLINK INC 

SR UNSECURED 01/28 6.875 

SR UNSECURED 04/25 5.625 

CHESAPEAKE ENERGY CORP 

CHESAPEAKE ENERGY CORP 

CHESAPEAKE ENERGY CORP 

COMPANY GUAR 11/20 6.875 

COMPANY GUAR 02/21 6.125 

COMPANY GUAR 06/21 5 375 

CHESAPEAKE ENEHGY CORP COMPANY CiUAR 03/23 5 75 

CHESAPEAKE ENERGY CORP COMPANY GUAR 04/22 4 875 

CINC BELL TEL COMPANY GUAR 12/28 6 3 

FRONTIER COMM\JNIC!ITIONS SR UNSeCURED 11/25 7 

CLEAR CHANNEL WORLDWIDE COMPANY GUAR lli22 6.5 

CLEAR CHANNEL WORlDWIDE COMPANY GUAR 11/22 6.5 

HCA INC COMPANY GUAR 07/36 7 75 

HCA INC COMPANY G\.JAR 12/27 7 05 

COMMERZBANK AG SUBORDINATED 1441109/23 8 125 

COMMSCOPE TECH FINANCE L SR UNSECURED 144A 06/25 

COMMSCOPE INC COMPANY GUAR 144/106/21 5 

COMMSCOPE INC SR SECURED 144/\ 06/20 4 375 

CONCHO RESOUJ(CES INC COMPANY GUAR 10/22 5.5 

CONCHO RESOURCES INC 

CONSOL ENERGY INC 

CONTINENTAL RESOURCES 

CONTINENTAL RESOURCES 

OS SERVICES OF AMERICA I 

DEUTSCHE BANK AG 

COMPANY GUAR 04/23 5.5 

COMPANY GUJ\1\ 04122 5.875 

COMPANY GUAR 04/23 4 5 

COMPANY GU;\R 06/24 3 8 

SECURED 144A 09/21 10 

SUBORDINATED 04/25 4 5 

DIAMOND OFFSHORE DRILL SR UNSECURED I 1/43 4.875 

DILLARDS INC SR UNSECURED 07/26 7 75 

DILLARDS INC 

DJSH DBS CORP 

DISH DBS COI\P 

DISH DBS CORP 

DISH DBS CORP 

SR UNSECURED 05/27 7 75 

COMPANY GUAR 07/22 5 875 

COMPANY GU/\R 03/23 5 

COMPANY GUAR 05/20 5 125 

COMPANY GUAR 11/24 5.875 

DREAMWORKS ANIMATION SKCi COMPANY GUAR 144A 08 

See lndepcndenl Auditor's Report 

17 

5500 

REVAU!ED 

COST 

Ill ,595 

~~.~ 38 

18,275 

106,913 

328.250 

239.400 

165,000 

37,600 

175,350 

28,215 

102,021 

111,278 

50,381 

50.2I3 

15,000 

179,375 

241 ,ss3 

70,700 

89,756 

10,275 

169,501 

I 05,000 

141,075 

36,773 

10,400 

102,031 

11,183 

I I ,330 

10,000 

124,400 

50,238 

115,000 

36,675 

64,500 

10,819 

4,997 

6,000 

143,150 

28,200 

63,050 

111,925 

174,406 

561,750 

35,525 

232,194 

67,358 

137.900 

10,000 

15,150 

44,727 

I 50,275 

33,290 

I 03,450 

I 03,950 

187,788 

13,021 

66,750 

89,400 

4,788 

135,813 

141,050 

81,175 

69,300 

FliND UNREALIZED 5500 

MARI<ET REVALUED 

VAUJE GAIN/LOSS 

I 09.250 (2.145) 

Y~I.UUU (·/.lB) 

16.000 <2,275) 

87,400 ( 19.513) 

2I9,781 (I 08.469) 

210,900 (2R,500) 

167.579 2,579 

30,263 (7,338) 

140.700 (34.650) 

30,810 2,595 

I 10,909 8,887 

96,015 (15)63) 

36,300 ( 14,081) 

33,800 ( 16.413) 

14,400 (600) 

184,188 4,313 

245.306 3.4 I 9 

71,925 I ,125 

90,000 244 

10,225 (SO) 

!51 ,800 (17.701) 

I 06,838 I ,838 

141,088 I ,013 

36,838 65 

9,825 (575) 

100,913 (1 ,119) 

10,715 (468) 

10,819 (512) 

3,563 (6,438) 

39,375 (85.025) 

16,775 (33.463) 

85,675 (29,325) 

38,025 I ,350 

17,100 (47,400) 

4.230 (6.589) 

I ,350 {3,647) 

2,900 {3, 100) 

5 I ,349 (91 ,801) 

27,150 (1.050) 

50,700 (12.350) 

106,150 (5,775) 

170,625 (3,781) 

556,500 (5,~50) 

35.263 (263) 

229,542 (2,652) 

67,3 75 18 

134,225 (3,675) 

!0,075 75 

13,650 (I ,500) 

41.625 (3.102) 

93,000 (57.275) 

25,146 (8.144) 

88,054 (15,396) 

102,150 (1,800) 

I 83,982 (3.806) 

12,142 (879) 

69,361 2.611 

93,042 3,642 

4,663 (125) 

121,450 (14,363) 

138,600 (2,450) 

75,650 {5,525) 

68,950 (350) 
CATEGOHY 

CORP DEBT INSTR -.AI I. OTHEr< 

CCliiP DEBT IN~TR -.All OTHFR 

CORP. DEBT INSTR -.ALL OTHER 

CORP DEBTINSTR -ALL OTHER 

CORP DEBT lNSTR -ALL OTHER 

COKP DCBT lNSTR -ALL OTHEr< 

CORP DEBT INSTR - A l. l. OTHER 

CORP DEBT INSTR -ALL CJTIIER 

CORP. DEBT INSTR -AI .I. OTIIER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT JNSTR -ALl OTHER 

CORP. DEBT JNSTR -ALL OTHER 

CORP DEBT JNSTR.- .ALL OTIIER 

CORP DEBT lNSTR -.ALL O'HIER 

CORP DEBT INSTR - t\LL OH1ER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTIIFR 

CORP. DEBT !NSTR -ALL OTHER 

CORP. DEBT INSTR -1\LL OTHER 

CORP DEBT lNSTR -ALL OTHER 

CORP DEBT INnR -ALL CJTIIER 

CORP DEBT lNSTI< -ALL OTHER 

CORP. DEBT lNSTR -.AU. OTHER 

CORP. DI:BT JNSTR - ,t>,I.L OTHER 

CORP DEBT INSTR -ALL OTIIER 

CORP. DEBT INSTR - t\I.L OTHER 

CORP DEBT lNSTR -ALL OTIIER 

CORP. DEBT lNSTR- ALL OTHER 

CORP DEBT INSTR -ALL OTIIER 

CORP DEBT lNSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTliLR 

CORP DEBT INSTR -ALL OHlER 

CORP DFBT lNSTR -ALL OTIILR 

CORP. DEBT JNSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT lNSTR -ALL OTHER 

CORP DEBT JNSTR -.ALL OTHER 

CORP. DEBT !NSTR.- ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT JNSTR -ALL OTIIER 

CORP DEBT INSTR -AU. OTHER 

CORP. DEBT INSTR -ALL UTHLR 

CORP. DEBT lNSTR - ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT JNSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP. DCI:lT lNSTR.- ALL OTIIER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT lNSTR - i\LL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP DEBT TNSTR -ALL OTHER 

CORP DEBT lNSTR -ALL OTHER 

'lEW YORK STATE TE.\MSTEHS CONFEHENCE PE'ISION .\ND RETIHE~IENT HIND 

PENSION AND RETIHEMENT FUND 

SCHEDULE OF ASSETS (II ELl) AT END OF YEAH) 

ATTACIIMF.:'-IT FOH SCHEDULE II, PART JV, LINE 4i 

Dccrmllcr31, 2015 

SECUnlTY DESCRIPTION 

DYNE(jY INC COMPANY GUAR 11/22 7 375 

TTl I PSI: RFSOI TJWFS C()RI' \:()MPANY f<l IAH 144t\ 07iJ\ R 

KINDER MORG.'\N ENFR PART COMPANY GUAR 11/42 4 7 

Etv!BRAER NETHERLANDS FIN .A COMPANY GUAR 06/25 50: 

LNEL SPA JR SUBORDlNA 144A 09/73 VJ\R 

ENTEGRlS TNC COMPANY GUAR 144A 04/22 6 

F<)UINIX INC SR UNSECURED 04/20 4 875 

EQ\J!NIX INC SR UNSECURED 01/22 5375 

EQUINIX INC SR UNSECURED 01/26 5 875 

ESSAR STEEL ALGOMA INC SR SECURED 1441\ 11/19 9 5 

EXAMWCJRKS GROUP INC COlviPANY GUAR 04/23 5 625 

DOLL!\R THEE lNC COMPANY GUAR 144A 03/23 5 75 

1-LLCOR LODGING LP SR SECURED 03/23 5.625 

FREEPORT MClvlORAN INC COMPANY GUAR 03/43 545 

FREEPORT MCMORi\N INC COMPANY GUAR II /24 4 55 

FRONTIER COMM\JNlCATlONS SR UNSECURED 144A 09/22 

(jf'L ENVIRONMENTAL INC COMPANY GUAR 144A 04/20 7 

GLP CAPlTAL LP I FIN 11 COMPANY GUAR I J/20 4.875 

GLP CAPITAL LP I FlN ff COMPANY GUAR ll/23 5.375 

1\EROJET ROCKETDYNE HLDG SECURED 03/21 7 125 

GENER.AL MOTORS FlNL CO COMPANY GUAR 05/23 4 25 

lilBSON ENERGY INC COMPANY GUAR 144A 07/21 6.75 

GLOBAL MARINE lNC SR UNSECURED 06/28 7 

GOODYEAR T)[(E + RURRER 

GROUP I AUTOMOTIVE INC 

H1\LCON RESOURCES CORP 

!·!ALCON RESOURCES CORP 

II1\LCON RESOURCES CORP 

HILTON WORLDWTDEFlN LLC 

COMPANY GUAR 11/23 5.125 

COMPANY GUAR 144A 12/23 5 

COMPANY G\JAR 07/20 9 75 

COMPANY GUI\R 05/21 8 875 

SECURED l44A 02/20 8.625 

COMPANY GUAR I 0/21 5.625 

HOLCJGlC lNC COMPANY GUAR 1441\ 07/22 5 25 

HORNBECK OFFSHORE SERV COMPANY GUAR 09/19 I 5 

K HOVNANTAN ENTERPRISES SR SECURED ll/21 5 

ISTARINC SRUNSECURED07il95 

JSTAR INC SR UNSECURED I 1/17 4 

!CAHN ENTERPRJSES/FlN COMPANY GUAR 03/19 4.875 

lCAHN FNTERPRJSES!FlN COMPANY GUAR 02/22 5.875 

IHS INC COMPANY GUAR 11/22 5 

lNTL LEASE FINANCE CORP 

INTL LEASE FINANCE CORP 

SR UNSECURED 01/22 8 625 

SR UNSECURED 08/22 5 R75 

INTERVAL ACQUISITION CDR COMPANY GUAR 144A 04/23 

JAR DEN CORP COMPANY GUAR 03/34 1.125 

JEFFERIES GHOUP LLC 

JEFFERIES GROUP LLC 

SR UNSECURED 01/36 6.25 

SR UNSECURED 01/23 5 125 

NINE WEST HOI DIN SR UNSECURED 11134 6 125 

KLX INC COMPANY GUAR 144A 12!22 5.875 

KINDER MORGAN ENER PART COMPANY GUAR 02/23 3.45 

KlNDER MORGAN ENER PART COMPANY G\JAR 03/43 5 

KINDER MORGAN ENER PART COMPANY GUM\ 09/23 3 5 

KINDRED HEALTHCARE lNC COMPANY GUAR 01/20 R 

KINDRED HEALTHCARE INC COMPANY GUAR 01/23 8.75 

LADDER CAP FIN LLLPICORP COMPANY GU.AR 144A 08121 5 

LENNAR CORP COMPANY GUAR 05125 4 75 

LEVEL 3 COMMUNICATJONS SR UNSECURED 12/22 5 75 

LEVEL 3 FINANCING !NC COMPANY GUAR 01/21 6.125 

LEVEL 3 FINANCING INC 

LEVEL 3 FINANCING lNC 

LEVEL 3 FlNANClNG lNC 

ALCATEL LUCENT USA lNC 

ALCATEL LUCENT USA lNC 

MEG ENERGY CDI<P 

MEG ENERGY CORP 

MGM RESORTS INTL 

MGM RESORTS INTL 

COMPANY GUAR 08/22 5.375 

COMPANY GUAR 144A 05/23 5.12 

COMPANY GUAR 144A 05/25 5 37 

SR UNSECURED 01/28 6.5 

SR UNSECURED 03/29 6.45 

COMPANY GUAR 144A 01/23 6 375 

COMPANY GUAR 144A 03124 7 

COMPANY GUAR 03/22 7. 75 

COMPANY GUAR 03/23 6 

See Independent Auditor's Report. 

18 

5500 

REVALUED 

COST 

SO,OOO 

I 0 I ,?'i? 

13,910 

27,350 

272.894 

70,875 

(1-'1,675 

60.564 

10,000 

35.263 

70,138 

45,000 

(>5,794 

7,863 

206,645 

55,000 

44,770 

65,813 

68,213 

10,563 

129,604 

39,938 

3,238 

40,000 

130,000 

21,850 

48.913 

8,925 

235.125 

30,000 

49,875 

199,750 

135,800 

68.075 

69,825 

162,303 

102,725 

136,400 

43.794 

60,000 

124,845 

I 76,899 

I 06,735 

51,000 

50,500 

7,863 

3,688 

11,850 

25,000 

70,000 

185,250 

280,000 

64,425 

139,725 

69,790 

28,363 

9,500 

52,938 

549,125 

178,500 

18,100 

132,900 

70,350 

FliNO UN REA I .IZEO SSllU 

MARKET REVALUED 

VAI.IJE GAIN/LOSS 

(!9,600 1 I 0.400) 

'if!, I}~ l'i I, I I 'i) 

1·1,073 163 

27.300 (50) 

2(>7.606 (5,288) 

70,875 

67,5(,g 2.8'l3 

61,500 936 

10.300 300 

2,100 (33, 163) 

69.650 (·188) 

46,575 1.575 

G5,975 181 

7,800 (63) 

125,950 (80.695) 

54,794 (~06) 

44,550 (220) 

63,700 (2. 113) 

68,250 38 

10,400 ( 163) 

128.588 ( 1,016) 

38,300 (I ,638) 

2,425 (813) 

41,000 1,000 

128,700 (1.300) 

8,700 ( 13,150) 

I 8,850 (30,063) 

6,900 (2,025) 

233,156 (1,969) 

30,600 600 

33,975 ( 15.900) 

157,450 (42,300) 

135,975 175 

68,635 560 

69,370 (455) 

156,400 (5,903) 

106,313 3,588 

133,100 (3,300) 

47,925 (869) 

59,550 (450) 

134,957 10.112 

166,277 (I 0.622) 

104.173 (2,562) 

II ,900 (39,100) 

47,500 (3,000) 

8,305 442 

3,704 16 

12,437 587 

23,375 (I ,625) 

64,400 (5,600) 

177_450 (7,800) 

273.700 (6,300) 

66,463 2,038 

139,725 

71,050 1,260 

29,775 1,413 

9,950 450 

55,275 2,338 

582,188 33,063 

137,000 (41,500) 

14,200 (3,900) 

127,500 (5,400) 

69,475 (S75) 
CATEGOHY 

COl\!' DEBT INSTR - Al.L OT!IER 

CORP DEBT IHSTR -ALL OTIIUZ 

CORP. DEi3T INSTR -ALL OTHER 

CORP DEBT INSTR ·ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL CJTJ IER 

CORP DFBT INSTR -ALL OTHER 

COR\' DFBT INSTR -AU. OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DFRT INSTR - Al.L OTHER 

CORP DEBT INSTR - 1\LL OTHER 

CORP DFBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR ·ALL OTIIER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR -ALL OTJ-!ER 

CORP DEBT lNSTR -ALL OTHER 

CORP DEBT INSTR - Al.L OTHER 

CORP DEBT 1NSTR -1\LL OTHER 

CORP DEBT IN:iTR -ALL OTHER 

CORP DEBT INSTR - i\LL OTHER 

CORP DEBT 1NSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DE8T INSTR -ALL OTHER 

CORP DEBT JNSTR. -ALL OTHER 

CORP DEBT INSTR - i\LL OTHER 

CORP DEBT INSTR -ALL OTHFR 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT JNSTR.- 1-\LL OTHER 

CORP DEBT INSTR -ALl. OTJ-JER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -1\LL OTHER 

CORP DEBT !NSTR ·ALL OTHER 

CORP DEBT 1NSTR - A!.!. OTJ-JER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR. - i\LL OT!IER 

CORP DEBT INSTR - ALL OTHER 

CORP DEBT 1NSTR -ALL OTHER 

CORP DEBT INSTR. -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT 1NSTR -ALL OTIIER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR - ALL OTHER 

CORP DEBT JNSTR. ·ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR ·ALL OTHER 

CORP. DEBT INSTR - ALL OTHER 

CORP DEBT 1NSTR. - ALL OTHER 

CORP. DEBT !NSTR - ,\LL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR- ALL OTHER 

NEW YORK STKT'E TEAMSTERS CO:"\FEHEc-;CE PENSION .-\ND RETIHE:\IENT FUND 

PENSION AND HETIHE\1ENT HIND 

SCHEDULE OF ASSETS (liEU) AT END OF YEAR) 

ATTACIII\1ENT FOil SCIIEOl'LE II, PAHT IV, LINE ~i 

Decem bet· 31, 2015 

SECURITY DESCRIPTION 

MPLXLP COMP!\NY GU!\R 144A 12124-1 R75 

iviASCO CORP SR UNSECURED 08/29 7 7.i 

MASCO CORP SR UNSECURED 08i32 6 5 

Mi\SCO CORP SR UNSECURED 03!22 5 95 

Mi\T/\T)()R RESOURCES CO COM!'!\ NY C\J!\1( 04/23 6 875 

MECCANICA HOLDINGS USA COMPANY CiUI\R 1441\ 01/40 

MEDN1\X INC COMPANY GlL<\R 14-li\ 1:2/23 S 25 

MICRON TECHNOLOGY INC SR UNSECURED i 1/43 3 

MICRON TECHNOI.OGY INC 

MICRON TECHNOLOGY INC 

SR UNSECURLD O:'t:C5 55 

SR UNSECURFD 144/\08/23 5 

MICRON TECHNOLOGY !NC SR UNSECURLD 144A Oli24 5 

MICRON TECHNOLOGY INC SR UNSECURED 144A 01!26 5 

MIDAS INT HOLDCO lf/F!N COMPANY GUAR 144;\ I 0/22 7 8' 

NGL ENRGY PART LP/FIN CO COMPANY GUAR 10.'21 6 875 

NGL ENRGY PART LP/FIN CO 

NEWFIELD EXPLORATION CO 

COMPANY GUAR 07/I9 5 125 

SR UNSECURED 07/24 5 625 

NOBLE HOLDING INTI. LTD COMPANY GliAl< 03/42 5 25 

NOBLE ENERGY INC COMPANY GU1\R 06/22 5.&75 

NUANCE COMMUNICATIONS SR UNSECURED 1 I 135 1.5 

OASIS PETROLEUM INC COMPANY GUAR 02i19 7 25 

OASIS PETROLEUM INC COMPANY GUAR 03/22 6 875 

PACIFIC EXPLORATION AND COMPANY GUAR 144A 01/19 .' 

PARAGON OFFSHORE PLC L:OMPANY GUAR 144!\ 07/22 6 

PARAGON OFFSHORE PLC COMPANY GUAR 144A 08i24 7 

PARKER DRILLING CO COMPANY GUAR 07i22 6 75 

JC PENNEY CORP INC COMPANY GUAR 021!8 5 75 

PETROBRAS GLOBAL FIN1\NCE COMPANY GUAR 01/40 6 87 

PETROBRAS GLOBAL FINANCE COMPANY (ilJAH 01/41 6 75 

PETROBRAS GLOBAL FINANCE COMPANY GUAR 05143 5 62 

PETROBRAS GLOBAL FINANCE COMPANY GUAR 03/44 7 25 

PETROBRAS GLOBAL FINANCE COMPANY GUAR 03/24 6.25 

PIONEER ENERGY SERVICES COMPANY GUAR 03122 6 125 

PULTE GROUP INC COMPANY GUAR 05/33 6 375 

PULTE GROUP INC COMPANY GUAR 02/35 6 

QEP RESOURCES INC SR UNSECURED 10/22 5 375 

QEP RESOURCES INC SH UNSECURED 05!23 5.25 

QORVO INC COMPANY GUAR 144A 12/23 6 75 

QUICKEN LOANS lNC COMPANY GU/\R 144A 05/25 5 75 

RTIINTERNATIONALMETALS COMPANYGUAR 10i19 I 625 

RWT HOLDINGS INC COMPANY GUAR 11/19 5 625 

RSP PERMIAN INC COMPANY GUAR 10/22 6 625 

HSP PERMIAN INC COMPANY GUAR 144A 10/22 6 625 

REGENCY ENERGY PARTNERS COMPANY GUAR 11/23 4 5 

HEGENCY ENEHGY PART/FIN/\ COMPANY GUAR 03in 5 87' 

REX ENERGY CORP COMPANY CUAR 08/22 6 25 

HEYNOLDS GRP ISS/REYNOLD COMPANY GUAR 02/21 8 25 

R!ALTO HLDS LLC/CORP COMPANY GUAR 144A 12118 7 

RICE ENERGY INC COMPANY GUAR 05/22 6 25 

ROSE ROCK MlDSTREAMiF!N COMPANY GUAR 07/22 5 625 

ROVI CORP SR UNSECURED 144A 03/20 0.5 

ROYAL BK SCOTLND GRP PLC SUBORDINATED 12/23 6 

ROYAL BK SCOTLND GRP Pl.C SUilORD!NATED 12/22 6 125 

NAVIENT CORP SR UNSECURED 01123 55 

Ni\VIENTCORP 

SM ENERGY CO 

SM ENERGY CO 

SM ENERGY CO 

SR UNSECURED 03/24 6 125 

SR UNSECURED 01/24 5 

SR UNSECURED I I /22 6. 125 

SR UNSECURED 06/25 5 625 

SABINE PASS LIQUEFACTION SR SECURED 02/21 5.625 

SABINE PASS LIQUEFACTION SR SECURED 144A 03/25 5 625 

SANCHEZ ENERGY CORP COMPANY GUAR 01123 6.125 

SERVICEMASTER COMPANY LL SR UNSECURED 08/27 7 45 

SIGN ODE INDUSTRIAL GROUP COMPANY GUAR 144A 05/22 

SOUTHWESTERN ENERGY CO SR UNSECURED 01/25 4.95 

See Independent Auditor's Report 

19 

5500 

REYALll[]) 

COST 

112,766 

3,750 

132,925 

33,300 

20,000 

137,750 

IO,!JOO 

4),952 

37,125 

I 8.400 

70,000 

Ill ,716 

83,438 

71031 

67.188 

16,911 

23,838 

261,703 

20,111 

63,563 

81.838 

116,303 

45,750 

51,000 

11,250 

34,800 

46,613 

205,168 

26,400 

18,575 

123,700 

106,400 

335,000 

286,500 

179,550 

98, I 75 

70,000 

147,825 

66,616 

I 4,202 

69,450 

14.888 

64,225 

134,663 

223,450 

97_625 

139,055 

210,313 

130,900 

I 33,528 

118,399 

288,429 

114,900 

19,000 

30,450 

50,350 

13,3 75 

I 18,950 

179,263 

100,000 

62,075 

136,500 

59,869 

FUND liNHEALJZED 5500 

MAHI<ET REVALUED 

VALlJE GAIN/LOSS 

103_213 (9,554) 

3,550 (200) 

131,300 (1,625) 

32,400 (900) 

18,600 (1.400) 

134,125 (3,625) 

I 0,050 50 

41,563 (4,389) 

34,800 (2,325) 

17,950 (450) 

61,600 {8,400) 

99,475 (12.241) 

76,075 (7,363) 

5:',500 ( 18.531) 

55,300 (II ,888) 

17,050 139 

22,178 (1,659) 

233,069 (28,634) 

22.536 2,425 

46,638 (16,925) 

57,600 (24,238) 

25,650 (90,653) 

10,500 (35,250) 

11,900 (39,100) 

I 0,275 (975) 

36,700 1,900 

48,750 2,138 

188,800 (16,368) 

27,338 938 

20,250 1,675 

93,275 (30,425) 

65,100 (41 ,300) 

340,025 5,025 

294,000 7,500 

136,800 (42,750) 

74,550 (23.625) 

71,400 I,400 

142,875 (4,950) 

66,503 (I 13) 

I3,856 (346) 

64,400 (5,050) 

I3.800 (I ,088) 

60,560 (3,665) 

127.246 (7,417) 

45,000 (178,450) 

96,250 (1,375) 

139,055 

151,200 (59.113) 

99,400 (31,500) 

122,325 (I I ,203) 

I 18,472 74 

288,506 77 

96,000 (18,900) 

16,300 (2,700) 

22,750 (7,700) 

36,750 ( 13,600) 

9,900 (3,475) 

II9,600 650 

152,325 (26.938) 

54,000 (46,000) 

64,675 2,600 

119,000 (17,500) 

37,800 (22.069) 
CATEGOHY 

CORP DEBT INSTR -ALL OTHFR 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR - 1\l .I, OTHER 

CORP DEBT INSTR -ALL OTITER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -/ILL OTHER 

CORP DEBT INSTR -ALL OTIIER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR - ALL OTHER 

CORP DEBT lNSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT lNSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTllER 

CORP. DEBT INSTR -ALL OTHER 

CORP fJEBT INSTR - 1'\LL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR - ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR - ALL OTIIER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT lNSTR -ALL OTHER 

CORP. DEBT INSTR - 1\LL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT lNSTR -ALL OTHER 

CORP, DEBT INSTR.- ALL OTHER 

CORP. DEBT lNSTR - ALL OTHER 

CORP DEBT lNSTR - ALL OTHER 

CORP. DEBT lNSTR -ALL OTHER 

CORP. DEBT INSTR. -ALL OTHER 

CORP. DEBT INSTR. -ALL OTHER 

CORP. DEBT JNSTR. - ALL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP DEBT lNSTR.- ALL OTHER 

CORP. DEBT INSTR - ALL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR- ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT JNSTR.- ALL OTHER 

COJW DEBT INSTR -ALL OTHER 

CORP DEBT lNSTR -ALL OTHER 

CORPORATE STOCKS- PREFERRED 

CORPORATE STOCKS -PREFERRED 

CORPORATE STOCKS-PREFERRED 

CORPORATE STOCKS-PREFERRED 

CORPORATE STOCKS- PREFERRED 

CORPORATE STOCKS- PREFERRED 

CORPORATE STOCKS- PREFERRED 

CORPORATE STOCKS-PREFERRED 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

NEW \'OHJ( STATE TL\1\JSTEHS CONFEH£:\CE PENSION AND HETIHE~IEI\T ITXD 

PENSION A:\D HETIHD'IIcNT FtJND 

SCIIEDliLE OF ASSETS (HELD AT END OF YEA I{) 

ATTACHMENT FOR SCHEDULE ll, PART IV, LINE 4i 

December 31, 2015 

SECUHITY DESCHIPTION 

SPHJNGLL1\F FINANCE CORP COMPAN'\' CiUAR 10/21 7 75 

SI'IZINCil.l-.t\1· I·INANCI: L'OI\1' COM\' ANY C.tJAJ{ IIJ/23 g 2:> 

SPRINT CAPIT;\L CORP COMPANY GUAR I IllS 6.875 

CALATL!\NTIC GROUP INC COMPANY GUAR Oli2l ~ 375 

CiiL/\TLANTIC GROUP INC COMPANY GUf\f\ 11124 5 875 

STEARNS HOLDINGS I LC SR SITLJRED 144A 08/20 9 375 

STRUCTURED ASSET SECURITIES CO SASC 2005 9XS 2A2 

SUPERV/\LU INC SR UNSECURED 11!22 7 75 

TENET 1-lE/\LTliCARE CORP SR SECURED 10/20 6 

T MO[l]LE USA INC COMP.ANY G\1>\R 04/22 6 731 

T MOBILE USA INC COiv:PANY Ci\JAR 01122 6 125 

T!\ll.G,/\ RESOURCES p;,TnNFRS 

TARGA RESOURCES PARTNERS 

TARGA RESOURCES PARTNERS 

TARGA RESOURCES Pl\RTNERS 

TARGA RESOURCES PARTNERS 

TARGA RESOURCES PARTNERS 

TEl ITOIVIITALIA CAPITAL 

TELEFONICA EMISIONES SA\J 

TENET HEr\LTHCARL CORP 

TENET HL/\L THCARE CORP 

TESORO LOGISTICS LP/CORI' 

TESORO LOGISTICS LPICORP 

COMPANY GUAR 02121 6.81 

COMPANY GU/\R 08/22 6 31 

COMPANY GUAR 05/23 5.25 

COMPANY GUAR 11/23 4.25 

COMPANYGUr\R 11/19412 

COMPANY GUi\ll. 144A 01/1 

COMPANY GUAR 09/34 6 

COMPANY GUAR 06/36 7.045 

SR UNSECURED 11131 6 875 

SR UNSECURED 06i23 6 75 

COMPANYGUAR 144/\101195 

COMPANY GUAR 144A 10122 6 

Tl\i\NSDlGM INC 

TRI'\NSDIGM INC 

BROADSPECTRUM LTD 

TR;\NSOCEAN INC 

COMPANY GU/\R 07/24 6.5 

COMPANY GUAR 144A 05/25 6 5 

COMPANY GUAR 144A 05/20 8.3 

COMPANY GUAR 10/22 4 3 

UNITED RENTALS NORTH AM COMPANY GUAR 11/24 5.75 

UNITYMEDIA GMBH SR SECURED 144A 01/25 6.125 

UNIVERSAL HEALTH SVCS SR SECURED 144A 08119 3.75 

SR SECURED 144A OH/22 4.75 

COMPANY GUAR 144A 02/2 

COMPANY GUAR 144A 03/; 

COMPANY GUAR 144A 05/: 

COMPANY GUAR 144A 121: 

COMPANY GUAR 144!\ 03/: 

COMPANY GUAR 144A 01/25 5 

UNIVERSAL HEALTH SVC:S 

URBI DESARROLLOS URBANOS 

VALEANT PHARMACEUTICALS 

VALEANT PHARMACEUTICALS 

VAl .EANT PHARMACEUTICALS 

VALEANT PHARMACEUTICALS 

VIRGIN MEDIA fiNANCE PLC 

VULCAN MATERIALS CO SR UNSECURED 04/25 4 5 

WA VF HOLDCO LLC!CORP 

WELLCARE HEALTH PLANS IN 

WESTERN REflNJNG!WNRL Fl 

TRI POINTE GROUP I HOMES 

WHITING PETROLEUM CORP 

WHITING PETROLEUM CORP 

:SR UNSECURED 144/107/19 8.2 

SR UNSECURED I I !20 5 75 

COMPANY GUAR 02123 7 5 

COMPANY GUAR 06i19 4.375 

COMPANY GUAR 03119 5 

COMPANY GUAR 03/21 5.75 

WlllTlNG PETROLEUM CORP COMPANY GUAR J44A 04/20 

MORGAN STANLEY SR UNSECURED 03i16 7 625 

5500 

REVALUED 

COST 

207,200 

6'/,200 

110,880 

45,300 

95,000 

93,000 

57,047 

19,600 

67,990 

73.725 

65,975 

20,450 

55,688 

81,100 

13,188 

42,497 

65,000 

215,000 

223,632 

149,613 

114,425 

54,575 

55,388 

78,963 

58,950 

117,150 

II ,675 

88,350 

266,750 

50,000 

95,000 

40,000 

210,000 

383,900 

4,319 

65,194 

185,750 

75,000 

50,250 

140,525 

25,000 

143,396 

19,188 

51,013 

218,093 

236, I 07 

GLENCORE FINANCE CAN AD;\ COMPANY CiUAR 144A I 0/4 ---~.J.ll 

ALCOAJNC PREFERRED STOCK I 0/17 5 375 

ALLY FINANCI,\L INC PREFERRED STOCK VAR 

CHESAPEAKE ENERGY CORP PREFERRED STOCK 5 75 

CHESAPEAKE ENERGY CORP PREFERRED STOCK 5 75 

Cl!ESAPEIIKE ENERGY CORP PREFERRED STOCK 5 75 

DOMINION RESOURCES INC PREFERRED STOCK 04116 6 12 

DOMINION RESOURCES INC 

DOMINION RESOURCES INC 

PREFERRED STOCK 07117 6.37 

PREFERRED STOCK 07/16 6 

UBS GROUP AG REG COMMON STOCK CHF l 

ISS A/S COMMON STOCK DKK I 0 

COMPASS GROUP PLC COMMON STOCK GBP I 0625 

ORKLA ASA COMMON STOCK NOK 1.25 

Sec Independent Auditor's Report 

20 

24.013,481 

115,198 

59,217 

8,861 

99,449 

2,207 

82,034 

87,533 

36,553 

491,052 

I ,541,547 

1,163.254 

776,582 

535,763 

FLIND 

MARJ<ET 

VALUE 

182,225 

60,600 

87,885 

46,400 

99,275 

92,070 

57,304 

18,150 

68,413 

72,975 

66,788 

18,100 

47,438 

68,850 

II ,550 

37,463 

60,125 

198,338 

204,298 

129,600 

106,663 

53,350 

52,113 

79,560 

58,125 

113,850 

7,950 

89,100 

271,741 

50,875 

95,950 

400 

197,400 

383,775 

4,600 

66,000 

192,500 

74,250 

48,250 

139,050 

23,875 

141,738 

15,100 

40,095 

136,000 

201 ,437 

----- 21 ,240 

21,666,129 

81,243 

56,749 

3,120 

28,120 

721 

72,560 

80,919 

___ 32,,~ 

356,064 

I ,523,438 

I ,455,064 

783,412 

6 I 5,978 

UNHEALIZED 5501) 

REVALUED 

GAIN/LOSS 

(24,975) 

(6,600) 

{2:2,995) 

L\00 

4,275 

(930) 

257 

I I ,450) 

423 

(750) 

813 

(2,350) 

(8,250) 

( 12,250) 

( 1,638) 

(5,034) 

(4,875) 

( 16,663) 

(19.334) 

(20,013) 

(7,763) 

(1,225) 

(3,275) 

598 

(825) 

(3,300) 

(3,725) 

750 

4,991 

875 

950 

(39,600) 

1 12,600) 

( 125) 

281 

806 

6,750 

(750) 

(2,000) 

(I ,475) 

(1,125) 

(1,659) 

(4,088) 

(10.918) 

(82,093) 

(34,671) 

(933) 

(2,347 •. 1~2) 

(33,955) 

(2,467) 

(5,741) 

(71,329) 

(I ,486) 

(9,473) 

(6,614) 

---- (3,922) 

(134,988) 

( 18,110) 

291.810 

6,830 

80,215 
CATEGOHY 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORJ\TE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

COPPOR;\TE STOCKS- COMMON 

CORPORA lT STOCKS- COMMON 

CORPORATL STOCKS- COMMON 

CORI'OR;\ TE STOCKS- COMMON 

CORPOR;\TE STOCKS- COMMON 

CORPOR;\TE STOCKS- COMMON 

CORPOPATE STOCKS- COMMON 

CORPORAlT STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORA Tf' STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

COR PORt\ TE STOCI'S- COMMON 

CORPORATE ST(ICKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CO}(PORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPOR;\TE STOCKS- COMMON 

CORI'ORATI:. STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATC: STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

COHI'ORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORi\TE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

'lEW YOHK STATE TEA\,ISTERS CO'IFEHE:\'CE l'E:\'SION A:'ID RETIREME:'IT FliNil 

PENSION AND RETIHEMENT ITND 

SCHI':OULE OF ASSETS (IH:LO AT END OF YEAR) 

,\TTACIIMENT FOR SCIIE11liLE !1, PART IV, l.INF ~i 

December 31. 2015 

SECURITY DESCHIPT!ON 

ROY;\L RANK Of SCOTLAND COHOUP COMMON STOCK GBPI 

ALl.[i\(iAN PLC COMMON STOCK USD 0033 

t\ON PLC COMMON STOCK USD 0 I 

i\RCH CAPTTAL GROUP LTD COMMON STOCK USD OJ 

ATL;\S FIN/1NCJAL HOlDINGS INC COMMON STOCK 

FFRROGLOBE PLC COMMON STOCK USD7 5 

HELEN OF TROY LTD COMMON STOCK USD I 

MALLINCKRODT PLC COMMON STOCK USD 2 

MEDTRONIC PLC COMMON STOCK USD I 

MEDTRONIC PLC COMMON STOCK USD I 

PENTr\lR PLC COMMON STOCK USD OJ 

TE CONNECTIVITY LTD COMMON STOCK CHF.57 

AZZ INC COMMON STOCK USDI 

AMEC FOSTER WHEELER PLC COMMON STOCK GBP 5 

ADVANCED ENERGY INDUSTRIES COMMON STOCK USD 00 

ALAMO GROUP INC COMMON STOCK USD I 

ALBANY INTI, CORP CL A COMMON STOCK USD 001 

ALL"ETE INC COMMON STOCK 

AI 1 Y FINANCIAL INC 

ALPHABET INC CL C 

.ALPHABET INC CL A 

COMMON STOCK US D. I 

COMMON STOCK USD 001 

COMMON STOCK lJSD 001 

ALTRA INDUSTRJAL MOTION CORP COMMON STOCK USD.OO 

DlAGEO PLC COMMON STOCK CiBP 2893518 

AMERICAN CAMPUS COMMUNITIES REIT USD.OI 

AMERICAN EXPRESS CO 

,'IMERICAN EXPRESS CO 

AMERlC;\N TOWER CORP 

;\MERIPRISE FINANCIAL INC 

COMMON STOCK USD,2 

COMMON STOCK USD.2 

REITUSD 01 

COMMON STOCK liSD.OI 

APPLE INC COMMON STOCK USD.OOOOI 

APPLIED MATERJALS INC COMMON STOCK USD.Ol 

ARGt\N INC COMMON STOCK USD,I5 

ARMSTRONG WORLD INDUSTRIES COMMON STOCK USD 0 I 

ARRIS GROUP INC COMMON STOCK USD 01 

A ViS BUDGET GROUP INC 

BWX TECHNOLOGIES INC 

COMMON STOCK USDOI 

COMMON STOCK USD.OI 

BABCOCK+ WILCOX ENTERPR COMMON STOCK USD 01 

BA lDU INC SPON ADR 

BANCORPSOUTH INC 

ADR USD 00005 

COMMON STOCK USD2 5 

BANK OF NEW YORK MELLON CORP COMMON STOCK USD 0 

BARNES+ NOB! .E EDUCATION INC COMMON STOCK USD,OI 

BARNES+ NOBLE INC COMMON STOCK USD.OOl 

BELDEN INC COMMON STOCK lJSDOI 

LLOYDS BANKING GROUP PLC COMMON STOCK 

TESCO PLC COMMON STOCK GBP 05 

BIOMED REALTY TRUST INC REIT USD,OI 

BOEING CO/THE COMMON STOCK USD5. 

BOOZ ALLEN HAMILTON HOLDINGS COMMON STOCK USD 0 

BOULDER BRANDS INC COMMON STOCK VSD 0001 

BPI STOW GROUP INC COMMON STOCK USD 01 

BRYN MAWR FlANK CORP 

CSG SYSTEMS INTL INC 

COMMON STOCK USDL 

COMMON STOCK USD,OI 

CVB FJNANClAL CORP COMMON STOCK 

CABOT CORP COMMON STOCK USDI 

CAUX INC COMMON STOCK 

CARMJKE CINEMAS JNC COMMON STOCK USD.03 

CARROLS RESTAURANT GROUP INC COMMON STOCK USD.O 

CAT ALENT INC COMMON STOCK USD 01 

CATHAY GENERAL BANCORP COMMON STOCK USD.OI 

CHEVRON CORP COMMON STOCK USD.75 

CIIUBB CORP COMMON STOCK USD i 

CHURCHILL DOWNS INC COMMON STOCK 

CISCO SYSTEMS INC 

CJTIGROUP INC 

COMMON STOCK USD.OOI 

COMMON STOCK USD.OI 

See Independent Auditor's Peport 

21 

:i51)1) 

rtEVALLIFD 

COST 

2,734.560 

765.11 () 

756.933 

1.728,033 

9.438 

62,025 

4·US1 

344,646 

562,751 

1.88 I _444 

597,522 

8:'2.693 

25,524 

817,576 

50,994 

29,161 

64,621 

113.699 

627,649 

350,147 

488,922 

45,821 

679,006 

75.399 

638,894 

I.444,644 

448,447 

687,897 

661,066 

1.431.036 

44,979 

56,385 

70,859 

61.798 

65,075 

78,474 

840.415 

IOI,686 

2,339,157 

30,240 

36,684 

109.861 

1.049,110 

I ,824.546 

77,953 

491,032 

g I ,223 

25,098 

83,228 

55,041 

49.945 

82,172 

42,I93 

36, !32 

63.678 

22,431 

82,931 

II3,382 

859,101 

1,370.460 

78,337 

1.7I5,7I3 

537.168 

FLI'II) liNI<L\LIZED SSOIJ 

:VJAHJ(ET HEVALIIFD 

V•\LlJE GAIN/LOSS 

2,056.311 (678.24')) 

3(>8.750 103.6 iO 

736.020 (20.913) 

2,025.680 297.646 

10.209 770 

42,635 ( 19.391) 

45,523 942 

394.046 49,400 

579,669 16.91 R 

I ,934, 769 53.324 

470.040 (127.'!82) 

340.3 X2 17,691/ 

30.230 4,706 

427,091 (390.4 85) 

56,658 .\.664 

31,364 2.203 

6:::!, 172 (2,449) 

104.811 (8.887'! 

534,222 (93.427) 

506.173 156.025 

711,879 222.957 

40,479 (5,342) 

644.6I7 (34,339) 

75,363 (36) 

573.092 (65.802) 

1.087,136 (357.508) 

444.031 (4,416) 

558,173 ( 129,724) 

628.402 (32,664) 

1.093,539 (33 7.497) 

38.783 (6.197) 

50,440 (5,945) 

79,054 8,195 

36,762 (25,036) 

95.787 30.711 

90.680 1~.206 

I ,042,934 202.519 

107.571 5,885 

2,378.550 39,402 

23,601 (6,639) 

~2,524 (14.160) 

66.466 143.395) 

955,715 (93,394) 

1.370,799 (453,748) 

85.734 7,78I 

542,213 51.180 

Sl6.22i 14_998 

33.083 7,985 

37.892 (45,336) 

53.505 ( 1.535) 

71,996 22.051 

86.055 3,883 

39.327 (2,867) 

28,379 (7.753) 

55.607 (8.072) 

32,156 9,725 

70,259 (12.672) 

138.761 25.379 

865,415 6,314 

I ,756,817 386.357 

116,305 37,968 

I ,675,002 (40.711) 

516.465 (20.703) 
CATEGOHY 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COJvlfvlON 

CORPORATE STOCKS- COMMON 

CORPORA TF STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- CO:V1MON 

COFPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPOR/1TE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

COFPORA TE STOCKS- COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS- COMMON 

COFPORr\ I'E STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPOR;\ TE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPOR;\ TE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

COI\PORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

COR POE ATE STOCKS- COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

COFPORA TE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORA l'lo STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

COR PO FATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

COR POFA TE STOCKS - COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

1'\EW YOHJ( STATE TEAMSTEHS CONFEHE:-ICE PENSION A:\'D HETJREMENT ITND 

PENSION AND RETIREMENT HIND 

SCIIEDULE OF ASSETS (fiELD AT END OF YEAR) 

ATTACI!'\IENT FOR SCJIJ:Dl!LE H, !'ART IV, LINE 4i 

December 31,2015 

SECIJHITY DESCHli'TION 

CITlGROUP INC COMMON STOCK USD 01 

CITIZENS FINANCIAL GROUP COfvllv!ON STOCK USD OJ 

COMCAST CORP CLASS A COMMON STUCK USU 01 

CONVERGYS CORP COMMON STOCK 

CORE MARK HOLDING CO INC COMMON STOCK lJSD 01 

COTT CORPORATION COMMON STOCK 

CRACKER BARRELOI.DCOUNTRY COMMON STOCK USDOI 

CREDIT 1\CCEI'TANCE CORP COMMON STOCK USD.OJ 

CROWN CASTLE INTL CORP RUT USD 01 

Cl.ll3ESMART RFIT USD 0 I 

CYNOSURE INC A 

DST SYSTEMS INC 

COMMON STOCK USD 001 

COMMON STOCK USD 01 

DEL FRISCO S RESTAURANT GROLl COMMON STOCK USD 001 

DELTA AIR LINES INC COMMON STOCK USD 0001 

DIAMOND RESORTS INTERNAT10Nc\ COMMON STOCK USD 0 

DIGI INTERNATIONAL INC COMMON STOCK USD OJ 

DIGJTAT.GT.OBE fNC COMMON STOCK USD 001 

DIODES INC COMMON STOCK USD 6&7 

DISCOVERY COMMUNICATIONS C COMMON STOCK USD OJ 

DOLLAR GENERAL CORP COMMON STOCK USD 875 

EMPLOYERS IIOLDINGS INC COMMON STOCK USD OJ 

ENERSYS COMMON STOCK USD 01 

EURONET WORLDWIDE INC COMtv10N STOCK USD 02 

EXPRESS SCRIPTS HOLDING CO COMMON STOCK USD 0 I 

HI CONSULTING INC COMMON STOCK USD OJ 

FAIRPOINT COMMUNIC/ITIONS INC CAl.!. FXP 24.11\N I 8 

FEDERAL AGRJC MTG CORP CL C COMMON STOCK USD I 

FNFV GROUP TJ\ACKJNG STK USD.OOO I 

FIRST FINL BANKSI-IARES INC COMMON STOCK USD 01 

FIRST FINANCIAL BANCORP COMMON STOCK 

FOX FACTORY HOLDING CORP COMMON STOCK USD 001 

FRED S INC CLASS A COMMON STOCK 

GENERAL ELECTRIC CO WiD COMMON STOCK USD 06 

GENESCO INC COfv!MON STOCK USO 1. 

GENESEE+ WYOMING INC CL A COMMON STOCK USD 01 

GOLDMAN SACI-!S GROUP INC COMMON STOCK USD 01 

GRUPO TELEVISA SA SPON ADR ADR 

H+E EQUIPMENT SERVICES INC COMMON STOCK USD 01 

HSN INC COMMON STOCK USD.OI 

HP INC COMMON STOCK USD.OI 

HALYARD HEALTH INC COMMON STOCK USD 01 

CARLSBERG AS B COMMON STOCK DKK20 

HAYNES INTERNATIONAL INC COMMON STOCK USD 001 

HELIX ENERGY SOLUTlONS GROUP COMMON STOCK 

HERCULES OFFSHORE INC COMMON STOCK USD 01 

I-IERCULFS CAPITAL INC COMMON STOCK USD 001 

HERSHA llOSPITALITY TRUST REIT USD 01 

HOMF RANCSHARES INC COMMON STOCK USD 01 

HONEYWEI.I.INTERNATIONAL INC COMMON STOCK lJSDI 

HORIZON GLOBAL CORP CUMMON STOCK USD 01 

HOUGHTON MIFFUN HARCOURT CO COMMON STOCK USD.O 

HURON CONSULTING GROUP INC COMMON STOCK USD 01 

!STAR INC PUBLIC 

!STAR JNC PUBLIC 

!STAR INC PUBLIC 

IBERIABANK CORP COMMON STOCK USDI 

lCONIX BRAND GFOUP INC SR S\JBORDINA 03118 I 5 

IMPERIAl. OIL LTD COMMON STOCK 

INTEL CORP COMMON STOCK USD 001 

INTERCONTINENTAL EXCHANGE IN COMMON STOCK USD 0 

J + .J SNACK FOODS COR!' COMMON STUCK 

.1 ALEXANDER S HOLDINGS COMMON STOCK USD 001 

JARDEN CORP COMMON STOCK USDOI 

See Independent Auditor's Report 

22 

5500 

HEVALIJEf) 

COST 

2,075,003 

991,509 

562,541 

71.336 

61 ,I 87 

68.529 

32,234 

16,915 

387,179 

92.341 

34,302 

86,179 

22,666 

276,016 

88.046 

:13,106 

73,291 

58,993 

399,545 

254,071 

111,737 

50,919 

83,393 

329,499 

76,141 

436 

33,435 

57,843 

71,281 

95,524 

60,262 

44,407 

417,571 

98,457 

72,634 

492,328 

358,154 

60,870 

79,648 

248,086 

8 I ,952 

935,076 

76,567 

116,(!96 

44,982 

61,440 

59,178 

66,807 

541,566 

37,330 

27,945 

11,900 

127,823 

73,950 

5,456 

I 07,979 

92,761 

1.294,557 

271,438 

556,481 

24,473 

21,040 

64,925 

FU:\'0 liNHEALIZED 5500 

MARKET HEVALUED 

VAUJE GAIN/LOSS 

2.oco, 165 (54,839) 

I ,043,960 52,450 

546,:!42 ( 16,299) 

87.165 15,829 

80,957 19.770 

83,062 14,533 

29,044 (3,190) 

26,538 9,624 

413.231 26,052 

128,114 35,773 

55,882 21,580 

I 04,365 18,186 

25.103 2,438 

333,033 57,018 

80,663 (7,383) 

37,918 4,812 

49,517 (23,774) 

52,302 (6,691) 

334,922 (64,624) 

271,669 17.598 

128,283 16,546 

46,142 (4,777) 

110,021 26,628 

340.025 10,526 

69,008 (7,133) 

127 (309) 

34,790 I ,355 

62,169 4,327 

73,042 I ,761 

93,386 (2. 138) 

61 ,376 1,114 

42,447 (1,960) 

514,287 96,715 

73,027 (25,430) 

49,395 (23,239) 

457,784 (34,544) 

286,793 (7I,361) 

43,980 (16,890) 

53,102 (26,546) 

213,475 (34,611) 

68,223 (13,729) 

1,079,440 144,364 

60,649 (15,918) 

30,266 (85,830) 

1,584 (43,398) 

50,333 (11.107) 

56.163 (3,015) 

79,419 12,612 

56 I ,349 19,783 

31 ,504 (5,826) 

32,822 4,877 

10,336 (1,564) 

118,818 (9,005) 

69,300 (4,650) 

5,153 (304) 

91 ,25I (16,728) 

49,250 (43.511) 

975,495 (319,063) 

320,041 48,602 

627,837 71,356 

26,251 1,778 

23,729 2,689 

77,455 12,529 
CATEGORY 

CORPORATE STOCKS COMMON 

CORI'ORt\Tl STOCKS - COivllviON 

CORPORATE STOCKS- COMMON 

CORPURATl::. STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

ccm.PORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMtdON 

COEPORA TE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORA TF STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

COH.l'ORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORAT!: STOCKS -COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATe STOCKS- COMMON 

:-lEW YORK STATE TLDISTERS CONFERE:-ICE PE:\SION .·\ND RETIHEi\IEI"T FLI:"'D 

l'E:\SION A:"'D HETlHE:\'IENT Ft::'\0 

SCIIEOULE OF ASSETS (IlLLO AT END OF YEAH) 

ATTACII~H:f\T FOR SCIIED\!LE II, PAHT IV, LJT\E 4i 

Deccmllrr 31,2015 

SEC\JHITY DF.SCHII'TION 

JOHN BEAN TECHNOl.OCiiES CORP COMMON STOCK USD 01 

.101 IN SON ' .101 n~:;oN COMMON ~;TOCI~ u:m1 

JOHNSON CONTI<OLS INC COMMON STOCK USD 01388 

JOY GLOBAL INC COMMON STOCK USDI 

Ki\R AUCTION SERVICES INC COM1\WN STOCK LJSD 0 I 

KJMBA LL IN"ITRNATIONAL B COMMON STOCK \JSD 05 

KIRBY CORP COMMON STOCK LISD I 

KNOLL. INC COMMON STOCK USD 0 I 

KRJSPY KREME DOUGI-IN\JTS INC COMMON STOCK 

LASVEGASSANDSCORP COMMON STOCK USD 001 

J.EGACYTEXAS FINANCIAL (;ROUI' COMMON STOCK USD 01 

LIBBEY INC COMMON STOCK USD 01 

LlBERTY VENTURES SFR A 

LIBERTY MEDIA CORP C 

COMMON STOCK. U::iD OJ 

COMMON STOCK USD OJ 

J.ITTELFUSE INC COMMON STOCK USD 01 

MYR GROUP INC/DE LA WARE COMMON STOCK USD.OI 

MACQU.AHIE INFRASTRUCTURE SR UNSECURED 07il9 2.87: 

MA.CQUARIE INFRASTRUCTURE COR COMMON STOCK USD.( 

Mi\RINEMAX INC COMMON STOCK USD 001 

MARKET AXESS HOLDINGS INC COMMON STOCK USD.003 

Mf\RR!OTT VAC:;\TIONS WORLD COMMON STOCK USD 01 

MARSH f MC:J.ENN;\N COS COMMON STOCK USDI 

MASONITE !NTfRNA TIONAL CORP COMMON STOCK 

MCKESSON CORP COfviMON STOCK USDOI 

MERCADOI.IRRE JNC SR UNSECURED 07119 2 25 

METALDYNE PERFORMANCE GROUP COMMON STOCK USD 

METHODE ELECTRONICS INC COMMON STOCK LJSD 5 

MICROSOFT CORP COMMON STOCK \JSD 00000625 

Mlfl .AMLRICA AI';\RTMENT COMM REIT USD 01 

MINERALS TECHNOLOGIES JNC COMMON STOCK USD I 

MONSANTO CO COMMON STOCK USD 0 I 

MOSAIC COiTHE COMMON STOCK USD 01 

NATIONAL CINEMEDI/IlNC COMMON STOCK USD 01 

N/\TIONAL RETAIL PROPERTIES REIT USD 01 

NATURAL GAS SERVICES GROUP COMMON STOCK USD.OI 

NEW MEDIA INVESTMENT GROIJP COMMON STOCK USD OJ 

NEW ORIENTAL EDUCATJO SP ADR ADR IJSD 01 

KJA MOTORS CORP COMMON STOCK KRWSOOO 0 

NEXTEI(A eNERGY INC 

NORTIJERN TRUST CORP 

NORTHWESTERN CORP 

COMMON STOCK USD 0 I 

COMMON STOCK US!J1.667 

COMMON STOCK USD 01 

NOVARTJS 1\G SPONSORED ADR ADR 

OCCJDENTAL PETROLEUM CORP COMMON STOCK USD.2 

SAMSUNG l':l.ECTRONICS CO LTD COMMON STOCK KRW50C 

OLD DOMINION FREIGHT LINE COMMON STOCK USD I 

OMNJCOM GROUP COMMON STOCK USD 15 

OMEGA HEALTl-ICARE INVESTORS REJT LJSD I 

ORACLE CORP 

ORACLE CORP 

TOKYO ELECTRON LTD 

COMMON STOCK \JSD 01 

COMMON STOCK LJSD 01 

COM!V10N STOCK 

PNC FINANCIAL SERVICES GROUP COMMON STOCK USD5. 

PACWEST BANCORP COMMON STOCK 

PARKER DRILLING CO COMMON STOCK USD.I67 

PATRICK INDUSTRIES JNC COMMON STOCK 

GROUPE BRUXELLES LAMBERT SA COMMON STOCK 

Al313 I .TD REG 

ADECCO S/1 REG 

PFRFJCJENT INC 

COMMON STOCK CHF.86 

COMMON STOCK CHFI 0 

COMMON STOCK USD 001 

lNG GROEP NY CY A DUTCH CERT EUR24 

PHARMERICA CORP COMMON STOCK LJSD OJ 

PINNACLE FINANCIAL. PARTNERS COMMON STOCK USDI 

POPULAR INC 

POST HOLDINGS INC 

COMMON STOCK LJSD 01 

COMMON STOCK USD 01 

See Independent Auditor's Reporl 

23 

5500 

REVALUED 

COST 

85,239 

1.950.0]5 

619,576 

803,556 

101,906 

27,004 

34,484 

57,] 16 

40,398 

566,786 

44,567 

70,398 

40,662 

216,337 

122,191 

69,456 

I J ,363 

67,487 

33,517 

31,983 

92,877 

I ,652,667 

66,714 

62 I ,034 

70,877 

54,556 

62,472 

J ,952,647 

87,376 

94,60] 

806,626 

452,157 

71,394 

55,394 

43,981 

124,430 

579,936 

872,991 

43,113 

520,624 

110.329 

702,910 

536,134 

2,024,998 

75,388 

624,119 

44,188 

732,571 

3,194,308 

92,291 

496,480 

113,036 

9,870 

25,183 

I ,023,486 

I ,660,587 

60,767 

56,822 

1,02R,494 

39,678 

78,052 

I 05,577 

88,555 

FliND UNHEALIZED 5501! 

MARKET REVALUE() 

VALUE GAIN/LOSS 

129,259 44.020 

1 ,94].462 (6.573) 

516,529 ( I03.047j 

~68.240 (535.31 (J) 

I 08,905 7.000 

28,929 1.025 

23,205 (11.279) 

51,211 (5,905) 

40,779 382 

469.088 (97.698) 

40,632 (3,935) 

47.394 (23,004) 

48,629 7,966 

233,050 16.712 

135,26 I 13.070 

54.534 (14,922) 

II, J 81 (18 J) 

69,043 1.555 

31,369 (2,147) 

49,769 17.786 

70,960 (21.91 7) 

I ,603,337 (49.330) 

66,679 {35) 

654,804 33,770 

78.007 7,130 

53,828 (728) 

57,931 (4.541) 

2,340,757 388,1 J 0 

106,248 18,872 

62,828 (31,773) 

674,862 (131.764) 

285,557 (166,601) 

79,493 8,098 

56,350 957 

43,128 (853) 

I 04.909 (19.521) 

772,110 192,174 

823,037 (49,954) 

46,023 2,91 I 

556,535 35,911 

I 06,384 (3,945) 

626,371 (76.539) 

453,663 (82,471) 

],816,042 (208,956) 

57,357 ( J 8,031) 

620,412 (3.707) 

39,562 (4,626) 

622,106 (110,465) 

2,612,808 (581 ,500) 

73,040 (19,250) 

520,393 23,912 

107,190 (5,846) 

5,851 (4,019) 

27)18 2,135 

1,026,312 2,826 

1,446,901 (213,686) 

60)65 (402) 

52,353 (4,469) 

J ,061,425 32,930 

42,910 3,232 

101,385 23,333 

88,42] (17.156) 

130,434 4U7R 
NEW YOHK STATE TEA\'ISTEHS CONI'EH.ENCE PENSIO:\' AI"D HETlHE\IE:'IIT Ftl)';J) 

PENSION AND RETIHEMENT FUND 

CATEGORY 

CORPORATE STOCKS- COMMON 

CORI'ORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPOR;\TE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CCWPORATC STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATC STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORA Tf. STOCKS - COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COM!>.~ ON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORAT!c STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

PARTN./JOINT VENTURE INTERESTS 

PARTN/JOJNT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PARTN.IJOINT VENTURE INTERESTS 

PARTN./JOJNT VENTURE INTERESTS 

SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

ATTACili\IENT FOR SCIIEDULE H, I'AIU IV, LINE 4i 

December 31,2015 

SEClJIHTY DESCHII'TION 

PROi\SSURANCE CORP COMMON STOCK USD 01 

I'RUGIU:SSIVE l'Ul\1' COMMON 01 UCK USUI 

PROSPERITY RANCSHARES INC COMMON STOCK USDI 

QEP RESOURCES INC 

QU;\LCOMM INC 

RPC: INC 

I<PX CORP 

COMMON STOCK USD 01 

COMMON STOCK USD 0001 

COMMON STOCK USD I 

COMMON STOCK USD.OOOJ 

RA YEN INDUSTRIES INC COMMON STOCK USDl 

RllC BEARINGS INC COMMON STOCK USD OJ 

REINSURANCE GROUP OF AMERICA COMMON STOCK USD 0 

RETAIL OPPORTUNITY INVESTMEN RETT USD 000! 

ROGERS CORP COMMON STOCK USDJ 

SABRA HEALTH CARE RE!T INC REIT USDO I 

SAFEGUARD SCIENTIFJCS INC COMMON STOCK USD! 

SALLY BEAUTY HOLDINGS INC COMMON STOCK USD 01 

EW SCHIPPS COfi'HE A COMMON STOCK USD OJ 

SEMTECH CORP 

SIGNATURE BANK 

COMMON STOCK USD.Ol 

COMMON STOCK USD.OI 

SIX FLAGS ENTERTAINMENT CORP COMMON STOCK 

SOVRAN SELF STORAGE INC REIT USD 01 

SP;\RTANNASI-1 CO 

STJFEL FINANCIAL CORP 

COMMON STOCK 

COMMON STOCK USD 15 

SUMMIT MATERIAl.$ INC CL A COMMON STOCK USD OJ 

SUNCOKEENERGYJNC COMMON STOCK USD.Ol 

SUR MODIC'S INC COMMON STOCK USD 05 

SYNCHRONOSS TECHNOLOGIES INC COMMON STOCK USD 0 

SYNERGY RESOURCES CORP COMMON STOCK USD 00 I 

TALMER BANCORP INC CL A COMMON STOCK USDJ 0 

TF.LEFON!CJ\ BRASIL ADR ADR 

TELEFLEX INC COMMON STOCK USD I. 

TENNECO INC 

TERADYNE INC 

COMMON STOCK USD 01 

COMMON STOCK USD. 125 

TEVA PHARMACEUTICAL SP ADR ADR 

TEXAS CAPITAL BANCSl-lARES INC COMMON STOCK USD.Ol 

TEXAS INSTRUMENTS INC COMMON STOCK USDI. 

TIME INC COMMON STOCK USD.OJ 

TRIM AS CORP COMMON STOCK USD.Ol 

TRIUMPH BANCORP INC COMMON STOCK USD 01 

lJNTTF.D RENTALS INC COMMON STOCK USD.Ol 

UNITED TECHNOLOGIES CORP COMMON STOCK lJSDl. 

VWR CORP COMMON STOCK USD.Ol 

VERIFONE SYSTEMS lNC COMMON STOCK USD 01 

VERINT SYSTEMS INC COMMON STOCK USD.OOI 

VJJ\l) CORP COMMON STOCK USDI.5 

VISH.'\ Y INTERTECIINOLOG Y INC COMMON STOCK USD. I 

VODAFONE GROUP l'LC SP ADR ADR 

WASTE CONNECTIONS INC COMMON STOCK USD 0 I 

WELLCARE HEALTH PLANS INC COMMON STOCK USD OJ 

WF.STCORP 

WEXINC 

COMMON STOCK USD.OOJ 

COMMON STOCK USD 01 

WHIRLPOOL CORP COMMON STOCK USDI. 

WILEY (JOHN)+ SONS CLASS A COMMON STOCK lJSD I 

\VINTRUST F!Ni\NCIAL CORP COMMON STOCK 

ZEBRA TECHNOLOGJ ES CORP CL A COMMON STOCK USD 0 I 

FORWARD CONTRACTS 

MSoulh Equity Pmtners II 

MSouth Equity Pmtners Ill 

Southern Cross Latm America 

Accomplice Fund I 

Act is Emerging Markets 3 

Act is Energy Ill 

See Jndependenl Auditor's Report 

24 

5500 

HEVAI.UED 

COST 

79,139 

9l/,'l Ill 

I 07,035 

(12,433 

2.128.163 

1~. 7A5 

54,155 

7 3,651 

93,964 

95.169 

115,999 

118,264 

29,094 

36,989 

51,024 

77,684 

44,250 

125,456 

88.328 

78,324 

87,893 

104,019 

64,901 

83,202 

30,167 

79,357 

53,098 

79,643 

1,577,337 

69.122 

57,958 

67,128 

415,407 

67,261 

219,451 

37,481 

52,438 

27,204 

62,022 

859,824 

74,218 

50,655 

86,313 

48,788 

41,757 

431.344 

57,749 

60,531 

11 I ,039 

105,419 

702,808 

75,472 

I 04,980 

58,438 

85,583,388 

3,855,199 

I 84.337 

4,254,21 i 

503,737 

ll ,430,000 

I ,740,000 

FUND liN REALIZED 5500 

1\>!AHKET HEVAU;]-:D 

VALI'E GAIN/LOSS 

83,229 4.090 

1,0'12,LJ) 164,719 

91.795 ( 15,240) 

44.006 (18.427) 

I _474,508 (653.656) 

37,750 2,985 

43.230 (10,925) 

49,920 (23,731) 

93.785 1179) 

92,82~ (2,34 7) 

123,063 7,064 

77,819 140.445) 

19,380 (9,714) 

27,453 (9,536) 

46,019 (5,005) 

76,S74 (310) 

30,367 ( 13,883) 

152.757 27.300 

112,462 24.134 

96,364 18.041 

71,931 (15 %!) 

86,372 (17.647) 

62,283 (2,618) 

15,081 (68, 121) 

27,669 (2,498) 

70,883 (8,474) 

40.947 (12, 151) 

101,670 22,026 

1.141.356 (•135,982) 

79,133 10.011 

51' 190 (6,769) 

70,113 2,985 

416. !58 751 

Gl ,182 (6,079) 

225.817 6,367 

23.865 (13.6 16) 

39,557 (12,881) 

34,683 7,4 79 

44,104 (17,918) 

908,342 48,517 

84,930 10.712 

49,707 (947) 

60,069 (26,243) 

51,661 2,873 

35,560 (6,197) 

408.799 (22.546) 

71 '188 13,439 

58,032 (2,500) 

77,134 (33,905) 

95,207 (I 0,213) 

538,279 ( 164.529) 

57.368 (18,104) 

I 08,394 3,414 

50,427 (8,01 i) 

3,167 3,167 

81,380,345 ( 4,203,044) 

4, 148;169 292,970 

184,337 

2,256,132 (I ,998,079) 

573,711 69,974 

g,g28,000 (2,602,000) 

1,902,000 162,000 
:>lEW \'OHI< STATE TE.\MSTEHS CONFEHEI"CE PEi'I:SION A :>ill HYTIHEMENT FUND 

PE:>ISION AND HETIHEMENT FUND 

SCJIEDULE OF ASSETS (HELD AT END OF YEAH) 

ATTACH~·If.NT FOH SCHEDULE II, PART IV, LINE .Ji 

Dl'ccmher 31,2015 

5500 

RE\'ALUED 

FliND !.INRJ.:,\LIZED SSOO 

1\lARKET HEVAUJED 

CATEGOHY COST VALUE GAJN/LOSS SECURITY DE,,::S:.::C:..:'R.::I:.::l':..:'l_:'I.::O~N:_' -----------'="-'-------'==:=_---===="----

PARTN /JOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

I'ARTN/.IOINT VENTURE iNTERESTS 

PARTN /.lOINT VENTURE INTERESTS 

Pi\RTN /JOINT VENTURE INTERESTS 

Pt\RTN.!JOINT VENTURE INTERESTS 

Pr\RTN./JOJNT VENTURE INTERESTS 

Pi\l<TN.iJOJNT VENTURE INTERESTS 

Pi\RTN !JOINT VENTURE INTERESTS 

PI\RTN /JOINT VCNTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PAR TN iJOINT VENTURE INTERESTS 

P;\RTN./JOJNT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PARTN/JOJNT VENTURE INTERESTS 

f'AHTN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN.iJOJNT VENTURE INTERESTS 

PI\RTNIJCJINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN IJOJNT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN.IJOINT VENTURE INTERESTS 

PARTN.IJOINT Vl:.NTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PAR TN /JOJNT VENTURE INTERESTS 

PARlN /.JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARlN./JOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PARTN./JOJNT VENTURE INTERESTS 

PARTN./.IOINT VENTURE .INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN/JOINT VENTURF INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

Pi\ RTN./JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTN./JO!NT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PARTN.iJOlNT VENTURE INTERESTS 

PARTN/JOlNT VENTUHE INTERESTS 

PARTN./JOJNT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

PARTN/JOJNT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN./JOlNT VENTURE INTERESTS 

1'1\RTN./JOJNT VENTURE INTERESTS 

PARTN.IJOJNT VENTURE INTERESTS 

P;\RTN./JOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN./JOJNT VENTURE INTERESTS 

PARTN./JOJNT VENTURE INTERESTS 

PARTN./JOJNT VENTURE INTERESTS 

Actis Infrastructure 2 

Ai:'.W Value Investors Fund 

J\G Core Plus Realty Fund 

AG Core Plus Realty Fund II 

Altnda Infrastructure Fund I 

A linda Infrnstrucmre Fund II 

;\lmanac Realty IV (lka Five Arrows) 

Almnnuc Really V (fkr~ f1vc Arrows) 

Amc11can SecUJ itics P~n tners V 

ARES US Real Estate Fund VIII 

Atlas Venture IX 

Atlas Venture Vlll 

Atlas Venture X 

Audax Mezzanine JJ I 

Audax Private Eywty Fund IV 

Avalon Bay Value Added Fund 

Blackstone Propertys Partners 

Capital International Private Equity Fund V 

Caryle Realiy Partners 

Charlesbank 

Chequers Capital 

Clearwater Capital Partners Fund !II 

DBAG FundVJ 

ElF Oregon LLC 

ElF US Power 

En Cap Energy Capital Fund IX 

EnCap Energy Capital Fund Vlll 

Energy and Mineral Fund Ill 

Energy Capital II 

Energy Capital I'm tilers Ill 

Energy Ventures IV 

Gil de Buy-Out fund IV 

Global Infrastructure Partners 

Global Jnti'astructure Panners IT 

Hancock Timberland VJIJ 

Harvest Pm1ners V 

HIG M1ddlc Market 

Hitech Vision 

Homestead Capital USA Farmland l-und 

Hony Capital 

JFM Global Infrastructure 

Jnfracapi tal Parlners 

Jnfracapital Partners II 

Insight Venture Partners IX, LP 

Institutional Venture Partners 

lSQ 

JLL Partners Fund VI 

JMJ Equity Fund 

Khosla Ventures JJJ 

Khosla Ventures IV 

Khosla Ventures Seed 

Khosla Ventures Seed B 

Khosla Ventures Seed C 

Khosla Ventures V 

KPS Special Situations Fund Ill (lnvestoJ 29) 

KPS Special Situations Fund Ill (Supplemental) 

KPS Special Situations Funu IV 

Lone Star Fund VI (U.S.) 

Lone Star Real Estate (U.S) 

Lone Starl Fund VII (U.S) 

Macquarie Jnfraslructure Partners 

Macquarie Infrastructure Partners Feeder 

MBK Partners Jll 

See Independent Auditor's Report 

25 

I ,616,000 

96),300 

12.113,049 

487,910 

15,888,516 

2,993,950 

4,552,471 

6.177,525 

II ,382,353 

J .859,462 

3,803,801 

18,575,516 

159,464 

1,! 07,839 

4.513,889 

825,050 

:5,064,548 

2,835,724 

2.928,204 

5.672,619 

968,964 

7,192,846 

I ,607,182 

5,004,003 

2.974,270 

2,303,215 

2,253,870 

2,718,821 

I ,943,228 

608,230 

933,919 

796,255 

15,538,308 

3,606,573 

30,120,861 

3,388,760 

160,572 

3,287,661 

3,101,943 

2,287,190 

6.178.970 

8,909,923 

979,201 

1,236,807 

2,919,673 

364,023 

14,25G,788 

1,547,613 

3,031,709 

I ,831,796 

831,050 

1,113,905 

710,773 

I ,741,685 

4.531 ,liS 

2,881,554 

189,699 

2,764,869 

432,914 

I ,216,323 

21,658,7B6 

3.191,305 

2.302,684 

786,000 (830,000) 

J ,059,689 94,)89 

J 18,752 (II ,994,297) 

742.294 254,384 

16,927,744 I ,039,228 

3,986,630 99c,6SO 

28,817 (4,523,654) 

5,318,655 (858,870) 

7,565,517 (3,816,836) 

I ,931,157 71,695 

5,943,571 2,139,770 

20,723,342 2,147,826 

159,464 

1,071,414 (36,425) 

5,085,203 571)14 

9,025 (816,025) 

15,932,250 867,702 

2,00 I ,426 (834,298) 

3,237,643 309,439 

4,330,738 (1,341,881) 

705,555 (263,408) 

7,192,846 

1,749,277 142,095 

5,976,430 972,427 

2,916,800 (57,470) 

2.568,279 265.064 

1,222,937 ( J ,030,933) 

2,718,821 

963,601 (979,627) 

679,252 71.022 

593,464 (340,455) 

796,628 373 

22,467,599 6,929,291 

3,924,629 318,056 

31,705.4!4 1,584,553 

3,152,846 (235,914) 

160,572 

2,182,275 (l,I05,386) 

3,184,379 82,436 

3,100,471 813,2!il 

6,274,194 95,224 

9,148,046 238,124 

1,368,715 389,514 

I ,236,807 

3,181,403 261,730 

468,009 103,986 

16,842,921 2,586,133 

1,621,918 74,305 

2,689,395 (342,3 14) 

2,568,900 737, I 04 

1 ,O~!i,224 257,174 

I ,275,971 162,066 

710,773 

I ,800,037 58,352 

3,643,918 (887,1 97) 

2,655,647 (225,907) 

301,773 112,074 

2,367,737 (397,132) 

503,282 70,368 

967,072 (249,251) 

21,658,786 

2,921,924 (269,381) 

2,479,683 J 76,999 
:--lEW YORK STATE TEAMSTERS CONFERENCE PENSION ".1\D HETIHEi\IEI'T FllNO 

PENSION -\NO RETlRl,MENT FUND 

SCHEDULE OF ASSETS (IIELO AT ENO OF YEAR) 

ATTACHMENT FOR SCHEDULE H, PART IV, LINE .Ji 

Deccmhcr31, 2015 

_____ _::C::.A:_cl,_,'E::.:'G:e."O=H,_,Y ____________ SECl!HITY IJESC!tii'TION 

5500 

REVALUED 

COST 

PARTN./JOlNT VENTURE INTERESTS 

PARTN /JOINT VFNTURE INTERESTS 

PARTN./JOINT VENTURE INTEHFSTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

I'ARTN /JOINT VENTURE INTERISrS 

PARTN./JOINT VENTURE INTERESTS 

I'ARTN.!JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTF.RPSTS 

PARTN !JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTFHFSTS 

l'ARTN /JOINT VENTUHE INTERESTS 

PARTN./JOINT VENTURP INTERESTS 

PARTN./JOINT VENTURE INTERE:OTS 

PARTN./JOINT VENTURE INTERESTS 

PARTN/JOJNT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

PARTN.IJOINT VENTURE INTERESTS 

PARTN/JOINT VENTURE INTERE:OTS 

PARTN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN/JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTNIJOINT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

PARTN.IJOINT VENTURE INTERESTS 

PARTN.IJOINT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

PARTN.IJOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN/JOINT VENTURE INTERESTS 

PARTN.IJOJNT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN/JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

P.A.RTN /JOINT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTN.!JOJNT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTNJJOlNT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

PARTN./JOJNT VENTURE INTERESTS 

PARTN.iJOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENT\ IRE INTERESTS 

PARTN./JOJNT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

PARTN.!JOJNT VENTURE INTERESTS 

PARTN.IJO!NT VENTURE INTERESTS 

PARTN./JO!NT VENTURE INTEHESTS 

PAR TN/JOINT VENTURE INTERESTS 

COMMON/COLLECTIVE TRUSTS 

Merit rllC"Ig)' l! 

Ment Energy l 

Ne\VS!onc Capital Partners 

No1 thslal i\rlezzan1ne Partners V 

Oak tree Opporlunilles Ftmd Vlllb 

OCM Opportunrues Fund Vllb 

OCM Oppnllruutres Fund VIII 

Oncap Ill 

Oncx Pa11ncrs 

Pactik Road Resources 

Pag Asia F ceder Fund 

Patna-Bnmllan Pnvate EqUJty Fund IV. L P 

Patna-Bn.1.Z1!ian Pnvatc Lqu1ty l;und V, L P 

Paul Caprtal I leal til care Ill 

QUintana Energy Partners ll 

Resource Capital Fund V 

Resomce Caprtal Fund VI 

Hesource Land Fund IV 

Rrdgemont lquity Par1ners I 

Rrdgemonl Equrty Partners ll 

Rrdgewood lncrgy Or! & Gas II 

Ridgewood Energy Oil & Gas Ill 

River VI Ltd Parincrshrp 

Rrvcrside Capital Appreciatron Fund V 

Rrvcr srJe Europe Fund Ill 

Riverside Europe Fund IV 

R1vers1de Fund V 

Rrvcrside Micro Cap Fund Ill 

Sentient Global Reources 

Sentinel Capital Par1ners IV 

Sentinel Caprtal Parlnets V 

Silver Lake Partners Ill 

Star Amenca 

Sterling Unrted Properties I 

Teays River 

Tcnaska Power Fund ll 

Third Rock Ventures II 

Third Rock Ventures Ill 

TowerBrook lnvcswrs Ill 

T owerBrook Investors IV 

Trilantic Capital Partners 

Turnbrudge Capital Partners 

US Fam1rng Realty Tmst ll 

Veritas Capital Fund IV 

Veritas Capi1al Fund V, L P., The 

Vista Equities Partners IV 

Vista Equitres Partners V 

Vitruvian Investment Partnership l 

Vitmvian Investment Partnership ll 

\Vaud Capital Partners 

Way7ata Opportunities fund II 

White Deer Energy 

White Deer Energy ll 

Yucaipa Corporate !nitiatrves Fund ll 

QUELLOS ALPHA TRANSPORT TRUST 

BENCHMARK PLUS OVERSEAS NEW SERIES 

BPIP LARGECAP+/\LPHA 201507 

l:li'JP LARGECAP+ALPllA 201504 

flPTP LARGECAP ALPHA FUND 

FRONTIER SMALL CAP GROUP 

AEW GLOBAL PROPERTY SEC FD 

BENCHMARK PLUS OVERSF 

BENCHMARK PLUS OVERSE 

BENCHMARK PLUS OVERSE 

LIMITED PARTNERSHIP 

See Independent Auditor's Report 

26 

4,691.327 

100.119 

l.l70.866 

6.748,442 

1.569.255 

I ,960.}64 

930,096 

823,726 

6.08 I ,880 

!.989,657 

I ,683,2 I 8 

757,283 

65,137 

2.248,250 

1.88 I ,028 

2,096,891 

2,459,929 

3,749,n3 

4.142.565 

123,910 

2.180,116 

3,830 

1,398.349 

6,801,106 

5.340,406 

1,272,973 

2,086,597 

2,094.177 

3,814,997 

5,148.143 

1,55 I ,304 

10,849_556 

393,203 

891,286 

3.1!1,903 

4,359,922 

2,968,800 

1,119,407 

5,851,336 

634.439 

I ,715.338 

803,049 

4,185,328 

3,915,744 

2,688,448 

!.857,841 

3.294,264 

16,378,668 

l ,583,336 

2, I 08,256 

5.822,908 

3.589,515 

928,280 

4,684,32 I 

438,289 

52,034,018 

314,956 

1.616,114 

1,616,!14 

__ 1),2.5_7 '462 

539,788,355 

33,729,379 

FUND UNHE.<\l.IZEO 5500 

MAI<KET RE\'t\Ll!ED 

VALUE GAIN/LOSS 

•1,69 I ,327 

!00 139 

761,891 (408.975) 

6,7!5,701 (32.741) 

I ,270,198 (299 057) 

1,31 1.329 (649.035) 

719,092 1211,004) 

1,049,727 226.001 

6,750,246 668..166 

994,739 (994.9 I 8) 

I ,656,8 I 5 (26,403) 

757,283 

65, !37 

2,248,250 

696,549 (1,184,479) 

1,755,584 (341 ,307) 

2,087,669 (372,260) 

4,046,954 297,171 

3.781,060 (361.)05) 

123,910 

I ,652,686 (527.430) 

3_830 

I ,357,997 (40,352) 

5,512,876 (I ,288,230) 

4,103,042 (1,237,364) 

I ,590,340 317.366 

1,558,049 (528.548) 

2,468,628 374,451 

6,827,692 3,012,695 

6,397,833 1,249,690 

I ,584,859 33.555 

9,539,040 (1 ,310.516) 

488,544 95,341 

827.754 (63,532) 

3,029,558 (82.345) 

3,474,321 (885.601) 

4,160,224 I, 191,424 

2,449,613 I ,330,201i 

4,935,031 (916,305) 

865,788 231,349 

I ,667,159 (48.!79) 

668.049 ( 135.000) 

4,307,462 122.134 

4,000.819 85,075 

2,688,448 

2,4 I 6,995 559.154 

4,072,413 778.149 

I 7, I 45,844 767,176 

l ,807,409 224,073 

2,108,256 

3,648.028 (2, 17~,880) 

3,310,482 (279.033) 

827,349 (100,931) 

4,193,797 (490,524) 

497,507 59.218 

54,657,295 2,623,277 

322,000 7.044 

I ,658,20 I 42,087 

1,697,590 81,476 

11,170,650 (786,813) 

527,865,948 (II ,922,407) 

34,187,981 458,602 
NEW YOHK STATE TL\:\•ISTERS COI'\FERENCE PENSIO:"i AND HETIHEMENT HIND 

PI:;'>ISIOI'> AND HETIREME7'/T HIND 

SCIIELHILE OF ASSETS (IIELD AT END OFVEAR) 

i\TI',\Cfll\1ENT FOR SCHEDULE II, PART IV, LINE ·li 

December 31,2015 

5500 

REVALUED 

FUND UNH!oALIZED 5500 

MARKET REVALUED 

---~~_, CATEGORY SECUHITY DESCRIPTION COST VALliE GAINILOSS _ __;;_:.;_:...:cc:;_::;_.::__::..:c:_ ___________ .,;c...:-=...=-"-'-"-'-'--'-'--"'---'-"-'--"''-"-'"'--'-----~~---.....=..c=--=..cc__ ____ __:_::c__ __ ..::..;.:..;.;_'-"'-'=.;:-

COMMON/COLLECTIVE TRUSTS 

C'OMMONiCOI.l.ECTIVE TRUSTS 

COMMON/COLLECTIVE TRIISTS 

COiv1MON/COI I ECTIVE TRUSTS 

COlv1MON/COLLFCTIVE TRUSTS 

COMMON/COLLECTIVE TRUSTS 

COMMONtCOLLECTIVE TRUSTS 

COMMON'COLLECTIVE TRUSTS 

COMMON/COLLECTIVE TRUSTS 

LOOMIS SA YLFS SENIOR LOAN FUND 

CTF EMERGING LOCAL DEBT 

FULL ACTIVE PASSIVE FUND LNDG 

TIPS INDEX FUND TP 

ROSSFI.I. 1000 INDEX NON LENDING MUTU,\L l'UND 

ABERDEEN DBT EMERGING MKTS EMERGING MARKETS E( 

STATFSTRFET BANK TR PASS BOND MKT INDEX FD 

STAND!SI I EM ERG MKT DT LOC CUR MUTUAL l'UND 

CiLORAI. N1\ TUR RESOURCES ST INDX NL fUND (ZVB5) 

REGISTERED INVESTMFNT COMPANY DFA EMERGING MARKETS SMALL CAP DFA EMERGING MARK 

REGISTERED INVESTMENT COMPANY NEUBERGEr\ BERMAN INTERNATIONAL NEUBER(iER BFRMAI 

REGISTERED INVESTMENT C'OMPANY VONTOBEL GLOBAL EMERGJNG MKTS FUND 

See Independent Aud11or's ReporL 

27 

37,783,328 

57,207,172 

32.174.855 

43_156,5 I 2 

43,740. Is I 

93,279,668 

62,71lJ,544 

48,968,141 

. 9,737,531 

462,4%,310 

38,346,024 

25,4 76,568 

78.289,050 

142,111,642 

1,270,327,15~ 

38,317,824 534,496 

47.847,119 ( 9,360.053) 

32,135.300 (39,555) 

~2.530,925 (625.587) 

44,122,770 382,589 

81,085,416 ( 12, i 94252) 

63,087,055 367.510 

41.203,453 {7,764,688) 

~----L09·1 ,2 7 3 (2,1>43)58) 

431.612,115 (30,884, 1 ?S) 

34,031 '172 (4.314,851) 

25,687,879 211,310 

___ Z1_2_7_ll_,625 (6,718,425) 

13 I ,289,676 (10,821,966) 

__ I ,209,649,489 ~~~-J,~!,!,,677,664) 
Schedule MB, line 8b(2) 

Schedule of Active Participant Data 

Distribution of Active Participants 

Measurement Date: January 1, 2015 [Form 5500 Sch. MB, Line 8b(2)] 

Years of Credited Service 

~ Underl 1-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40+ Total ---- ---

Under25 200 435 20 655 

25·29 97 536 352 17 1,012 

30-34 400 829 353 251 16 1,849 

35-39 48 315 321 247 226 15 1,172 

40-44 57 207 229 296 323 245 15 1,372 

45-49 42 208 228 247 247 379 396 17 1,764 

50-54 32 154 234 260 251 292 451 139 10 1,823 

55-59 14 123 149 171 192 244 304 103 69 7 1,376 

60-64 6 40 72 102 83 89 87 47 41 13 580 

65-69. 1 7 17 16 10 3 4 4 3 6 71 

70+ 1 2 1 4 

Total 897 2,855 1,975 1,619 1,349 1,267 1,257 310 123 26 11,678 

Males 10,780 Average Age 43.2 

Females 898 Average Credited Service 12.3 

Unknown 0 

Total 11,678 Number Fully Vested 7,926 

Number Partially Vested 0 

Notes 

• As of January 1, 2015, there were 1,034 active participants with unknown dates of birth in the data. We assumed 

that these participants had entered the plan at the same age as the other active participants. 

• Active participants with unknown gender were assumed to be male for the valuation. 

• The active count as of January 1, 2014 includes 985 employees of certain Rehabilitation Plan withdrawn employers 

who have yet to incur a three year break in service. The active count as of January 1, 2015 includes 1,040 

employees of certain Rehabilitation Plan withdrawn employers who have yet to incur a three year break in 

service. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585/ 074 I Plan Year Beginning January 1, 2015 llonzon 
Schedule MB, Line 8b(1) 

Schedule of Projection of Expected Benefit Payments 

[Form 5500 Sch. MB, Line 8b(1)] 

Plan Year Beginning Expected Annual 

January 1 Benefit Payments 

2015 285,904,666 

2016 286,520,287 

2017 287,649,406 

2018 289,435,647 

2019 290,619,273 

2020 293,166,742 

2021 295,383,159 

2022 296,791,653 

2023 297,532,562 

2024 297,482,896 

Notes 

• Expected benefit payments assume no additional accruals, no new entrants to the plan in the future, and 

experience consistent with the valuation assumptions. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 I fonzon 
Schedule MB, Line 4f 

Documentation Regarding Emergence from Critical Status and 

Forestalling Possible Insolvency 

The Plan was originally certified in critical status for the plan year beginning January 1, 2010, and the Board 

of Trustees adopted a Rehabilitation Plan effective January 1, 2011, as required under Code section 432(e). 

The Plan's rehabilitation period, as defined under Code section 432(e)(4), began on January 1, 2013. 

Based on a projection of the January 1, :LOl~ actuarial valuat1on and future contnbut1on mcreases required 

under the Rehabilitation Plan, the Plan is projected to emerge from Critical Status after the rehabilitation 

period. Emergence is projected to occur beyond a 20-year period following the valuation date and the Plan 

is not projected to become insolvent during the projection period. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 llonzon 
Schedule MB, Line 4b 

Illustration Supporting Actuarial Certification of Status 

Funded Percentage Date Funded Percentage 

01/01/2015 45.60% 

Funding Deficiency A funding deficiency is expected for the 2015 Plan Year. 

The plan is in critical status for the 2015 Plan Year. However, it is not in critical and declining status for the 

2015 Plan Year because it is not projected to go insolvent in the current or next 19 plan years. Because the 

Plan's ratio of inactive participants to active participants is at least 2 to 1 and its funded percentage is less than 

80% the applicable solvency projection period is the current and next 19 plan years rather than the current and 

next 14 plan years. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585/074 I Plan Year Beginning January 1, 2015 llonzon 
Schedule MB, Line 4b (cont.) 

Illustration Supporting Actuarial Certification of Status 

Exhibit 1 -Endangered Status Tests 

Section 432(b)(1): Endangered Status Plan Ye-ar Beginning January 1, 2015 

Section 432(b)(1}(A) measures: 

Valuation interest rate 

Actuarial value of assets 

Actuarial accrued liability under Lmit credit cost method 

Funded percentaee [threshold= 80.00h] 

Section 432{b)(1)(B) measures: 

First projected fLmding deficiency within current or next six plan years 

Rt~[fecting extensions of cmwrtiwtion periods under section 4'J1(d) 

Section 432{b)(5h Sp~i(IIRufe 

Certification status for preceding plan year 

Certification status for current plan year disregarding special rule 

8.50% 

$1,422,301,£:-39 

$ 3,119,448,360 

4S.6~~ 

12/31/201S 

Plan Year Be_ginning Januaryl, 2015 

Criticill 

Critical 

Projected results at end of tenth plan year ending after the current pkm year 

Measurement date 

Section 432{b)(1)!A) measures: 

Actuarial value of assets 

Actuarial accrued liability under unit credit cost method 

Funded percentage [threshold= 80.00/o) 

Section 432(b){1){B) measures: 

Funding standard account credit balance or (funding deficiency) 

First projected funding deficiency within curnmt or next six plan years 

Reflecting extensions of amortization periods under section 431(d) 

The- special wle under section 432(b)(5) does not apply. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 

N/A 

N/A 

N/A 

N/A 

Nli\ 

N/A 

llonzon 
Schedule MB, Line 4b (cont.) 

Illustration Supporting Actuarial Certification of Status '~~~ 

Section 432(b)(2}: Critical Status Plan YPar BPginning January l, 2015 

Section 432(bj{2)(A) measures: 

Funded percentage [threshold= 65.0"/oj 

First projected d<Jte of insolvency within current or next six plan years 

Section 432(b)I2)(B) measures: 

Funded percentage !threshold= 65.0%] 

First projected funding deficiency within current or next four plan years 

Disregarding extensions of amortization periods under seGiion 431(d) 

Section 432(b){2){C) measures: 

Normal cost (unit credit cost method, with interest to end of plan year) 

Interest on unfunded actuarial accrued liability to end of plan year 

Expected contributions during plan year (with interest to end of plan year) 

Present value of non-forfeitable benefits for active participants 

Present value of non-f01feitable benefits for inactive participants 

First projected funding deficiency within current or next four plan years 

Disregarding extensions of amortization pe6ods under section 431(d) 

Section 431(b){2)(0) measures: 

45.6% 

None 

45.6% 

12/31/2015 

$ 13,841,948 

144,214,967 

124,802,737 

476,262,378 

2,488, 161,793 

12/31/2015 

First projected d<1te of insolvency within current or next four pl<ln years None 

Section 432(b}{4}: Election to be in Critical Status Plan Year Be!'inning January 1, 2015 

Projected status certifications: 

Current plan year 

First succeeding pl<!n year 

Second succeeding plan year 

Third succeeding plan year 

Fourth succeeding plan year 

Fifth succeeding plan year 

The Plan is in critical status for the current plan year. 

As a result, the election to be in critical status does not apply. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 

Plan Year Projected 

Beginning St<Jtus 

1/1/2015 Critical 

1/1/2016 Critical 

1/1/2017 Critical 

1/1/2018 Critical 

1/1/2019 Critical 

1/1/2020 Critical 

llonzon 
Schedule MB, Line 4b (cont.) 

Illustration Supporting Actuarial Certification of Status 

P~ior Current Cu;rent +-1 Cur rene+ 2 

Plan year beginnmg ~/J./2014 1/:/ZOlS. l/1/2016 1/1/>01? 

Plan year ending 12/31/2014 12/31/2015 12/31i2D16 12/31/2017 

Valuation 1me-:~trete 8!-0% 8.50Y, 8.50% 8.50¥~ 

Funded rerc~ntog"e 

Actuarial valtJ€{)f as$~;..>15 1,463,844,225 1,422,801,689 1,347.181,266 1)95.7-46.734 

Ar:cuar\al accruE<tliabiliW {umt credi"t metl~od) 3.14-4.311908 i-,119 44~.3t0 ~~ U~Y,,U:.!,019 3 Ll/8,0!,\l ;;~ 

Funded percentagt: <1& s-r. -l:':.E.?'o 4349-'t 420% 

Funcling srondw rt BUOHil t 

Charg~ 

1<1 Prior year fi.lf'1ding defiCiency, 1t any 339,745.'J9.l 4G3,280,751 510.513,~ 70 766,326,069 

{h) Employer's normal wst tor pi illl year 18,B&4,JR:l 19,757,556 19)<l3;073 19,53.3,51:2 

1,1 Amortiratlonchargcs us ofvuh!titiOA date 

[1) Bases for which exlensJons do nor aopi')' ::87,079,32& 7.74,969,.569 275,603,840 270,563,388 

{2) fundingwaivers 

(3) Bas~ fer which .extensJons: .apply 

(d) _l.n_~~"~E.!!s~Js._t_o end .~.P!2n yecr 54.459,531 - 6<1,·130,669 71,044,874 89,.795 952. 

fe] Total char.goe!~ 69"5.147,132 812,438,5:;5 983,45S,157 1,146,21.13,92.1 

tre<iitJ. 

~~ Prior year credit balance, if any 

{g) Employer contributions l25,lSO,Jn 119,714,855 1?.6,395,784 131,031,947 

fhl .Amortlzanon cr~l~ a;S: ofvaJuanD>o date ~H.~$7,5?9 80.297,179 78,674,178 52,265,425 

fi) lntere:sr as appl i<::a ble- to !'!nd of plan '(ear 13~25S.S.;:!? 11,913,141 12,059,126 10,096,419 

OJ Full fund in£ llmltHtor. credit 

!k) Wa.ivi!.d funding defJdeJlcy or other credit~ ----~· 

ft) Total credill 131,865,381 211,925,175 217,l2S,D88 195,393,792 

(m) .Credit bal am:.e 

(n} Fund!ngdc:ric.lem.~ l\63,2.8(},751 610/)13,370 766)26,-069 95D,BZ5,129 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 

Current • 5 

l/l/2018 

12/31/2018 

s sor~ 

1,1:28.779,225 

j,O~~,~YO,tHHJ 

402% 

950,825,129 

19,')46,679 

:l28,115.7SS 

101,873,443 

1,300,359,006 

139,854,253 

49,B97,51.3 

10,18>,1)95 

-----

199,936,<161 

1,100,422)45 

Currem-+4 ~ Current+ 5 Current ... 6 

lil/1019 l/1[2020 ljl/2021 

12}31/2019 12/ll/2020 12/31/2021 

8.50% s.sor. B 50% 

1,]62.578,284 1.097,021,107 1,020,197.798 

S-.01:9 012,&18 2,999 09S 3SS 1,9&3,491 783. 

38..3% 36.5, 34<:l'to 

1)00,422,145 1 ,252})04 ,925 1,399,045,.-317 

1.9,416,]68 19,107,724 18,745,242 

216,289,709 19fi,779,120 180550,742 

113.570,882 124,821 800 135,8.S9,011 

1,449,698,904 1,593,313,5-69 1,734,200,312 

!37,127,168 134,280,037 131,:S15,S83 

49,897,513 50.028,850 50,162,216 

10,069,198 £f,959,355 9,844,713 

_> ______ 

197,093,979 194,268,.252 191,322,812 

1,252,604.925 1,399,045,..311 1,542.&77 ,500 

llonzon 
R

e

d

a

c

t

e

d 

b

y 

t

h

e 

U

.

S

. 

D

Redacted by the U.S. Department of the Treasury
Schedule MB, lines 9c and 9h 

Schedule of Funding Standard Account Bases ·=··=-.... ~'="'"'= •"-" 

Funding Standard Account Amortization Bases 

Charges [Schedule MB, Line 9c] 

Date Initial Initial Outstanding at 1/1/2015 

__ T~ Established Period Balance Period 

Initial Liab 1/1/1978 40.00 $318,438,460 3.00 

Initial Liab 1/1/1979 40.00 24,216,879 4.00 

Amendment 1/1/1980 40.00 27,795,010 5.00 

Amendment 1/1/1987 30.00 346,909 2.00 

Amendment 1/1/1989 30.00 19,281,556 4.00 

Amendment 1/1/1990 30.00 70,139,629 5.00 

Amendment 1/1/1991 30.00 69,427,453 6.00 

Amendment 1/1/1992 30.00 76,438,645 7.00 

Assumption 1/1/1992 30.00 7,252,048 7.00 

Amendment 1/1/1993 30.00 10,210,838 8.00 

Amendment 1/1/1994 30.00 5,742,369 9.00 

Amendment 1/1/1995 30.00 3,124,282 10.00 

Amendment 1/1/1996 30.00 3,048,055 11.00 

Amendment 1/1/1997 30.00 84,319,661 12.00 

Amendment 7/31/1997 30.00 7,989,677 12.58 

Amendment 1/1/1998 30.00 6,181,892 13.00 

Amendment 1/1/1999 30.00 55,702,760 14.00 

Amendment 1/1/2000 30.00 156,080,069 15.00 

Exper Loss 1/1/2002 15.00 54,593,617 2.00 

Amendment 1/1/2002 30.00 103,225,493 17.00 

Exper Loss 1/1/2003 15.00 171,614,374 3.00 

Amendment 1/1/2003 30.00 43,017,244 18.00 

Exper Loss 1/1/2004 15.00 84,512,070 4.00 

Exper Loss 1/1/2005 15.00 103,776,503 5.00 

Amendment 1/1/2005 30.00 14,114,857 20.00 

Exper Loss 1/1/2006 15.00 93,945,544 6.00 

Amendment 1/1/2006 30.00 9,486,103 21.00 

Exper Loss 1/1/2007 15.00 24,063,977 7.00 

Amendment 1/1/2007 30.00 7,506,622 22.00 

Assumption 1/1/2007 30.00 143,629,272 22.00 

Exper Loss 1/1/2008 15.00 31,119,681 8.00 

Amendment 1/1/2008 15.00 6,799,772 8.00 

Exper Loss 1/1/2009 15.00 605,849,890 9.00 

Exper Loss 1/1/2011 15.00 197,394,258 11.00 

Amendment 1/1/2012 15.00 3,611 12.00 

See the comments following this Exhibit. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 

Balance 

$ 68,188,186 

6,682,408 

9,259,833 

55,198 

5,711,084 

25,060,529 

28,739,286 

35,656,396 

3,382,870 

5,260,256 

3,217,465 

1,881,270 

1,953,580 

57,073,490 

5,468,829 

4,386,697 

41,212,931 

119,847,680 

11,552,495 

84,404,098 

52,456,193 

36,125,490 

33,184,403 

49,099,052 

12,409,185 

51,439,321 

8,505,637 

14,832,403 

6,852,095 

131,105,827 

21,132,532 

4,617,537 

446,426,765 

165,654,901 

3,194 

Annual 

Payment 

$ 24,606,775 

1,880,238 

2,165,740 

28,720 

1,606,936 

5,861,293 

5,816,913 

6,420,426 

609,132 

859,728 

484,618 

264,257 

258,363 

7,161,953 

667,604 

525,687 

4,742,048 

13,301,487 

6,011,731 

8,814,742 

18,929,638 

3,676,823 

9,337,139 

11,483,554 

1,208,563 

10,411,465 

812,900 

2,670,779 

643,775 

12,317,775 

3,453,868 

754,684 

67,241,219 

21,908,118 

401 

llonzon 
Schedule MB, Lines 9c and 9h (cont.) 

Schedule of Funding Standard Account Bases 

Charges [Schedule MB, Line 9c] 

Date Initial Initial Outstanding at 1/1/1015 

Type Established Period Balance Period Balance 

Exper Loss 1/1/2012 15.00 $200,887,679 12.00 $ 177,675,205 

Exper Loss 1/1/2013 15.00 150,428,988 13.00 139,319,55 7 

Assumption 1/1/2015 15.00 98,717,630 15.00 98,717,630 

Tota I Charges $1,968,551,508 

See the comments following this Exhibit. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 

Annual 

Payment 

$ 22,295,841 

16,695,602 

10,956,334 

$ 306,886,869 

I lonzon 
Schedule MB, lines 9c and 9h (cont.) 

Schedule of Funding Standard Account Bases 

Credits [Schedule MB, Line 9h] 

Date Initial I nitia I Outstandinq at 1/1/2015 

Type Established Period Balance Period Balance 

Assumption 1/1/1987 30.00 $ 30,973,406 2.00 $ 4,927,662 

Assumption 1/1/1988 30.00 28,492,274 3.00 6,561,754 

Assumption 1/1/1997 30.00 58,929,911 12.00 39,887,920 

Exper Gain 1/1/2001 15.00 14,764,441 1.00 1,622,997 

Amendment 1/1/2004 30.00 44,723,528 19.00 38,473,232 

Assumption 1/1/2007 30.00 145,626,370 22.00 132,928,791 

Method 1/1/2007 10.00 175,583,218 2.00 47,395,431 

Assumption 1/1/2008 15.00 11,042,334 8.00 7,498,553 

Assumption 1/1/2010 15.00 6,478,315 10.00 5,118,651 

Exper Gain 1/1/2010 15.00 179,795,378 10.00 142,060,024 

Amendment 1/1/2011 15.00 188,860,348 11.00 158,493,174 

Amendment 1/1/2014 15.00 1,859 14.00 1,793 

Exper Gain 1/1/2014 15.00 36,226,185 14.00 34,943,037 

Exper Gain 1/1/2015 15.00 170,445,463 15.00 170,445,463 

Tota I Credits $ 790,358,482 

Net Total $1,178,193,026 

See the comments following this Exhibit. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 

Annual 

Payment 

$ 2,564,274 

2,367,913 

5,005,396 

1,622,997 

3,826,098 

12,489,048 

24,663,811 

1,225,551 

719,006 

19,954,878 

20,960,968 

206 

4,020,621 

18,917,162 

$ 118,337,929 

$ 188,548,940 

I tonzon 
Schedule MB, lines 9c and 9h (cont.) 

Schedule of Funding Standard Account Bases 

The table above shows the outstanding amortization bases in the funding standard account as of the 

valuation date. The amortization bases are grouped as charges, which represent increases in the unfunded 

actuarial liability, and credits, which represent decreases in the unfunded actuarial liability. 

Different types of amortization bases are as follows: 

Abbreviation 

Initial Liab 

Exper Loss 

Exper Gain 

ENIL (2008) 

Amendment 

Assumption 

Method 

Combined 

Offset 

Other 

Description 

Initial unfunded actuarial accrued liability 

Actuarial experience loss (charge only) 

Actuarial experience loss (credit only) 

Eligible net investment loss under the Pension Relief Act of 2010 

Plan amendment 

Change in actuarial assumptions 

Change in the cost method, actuarial valuation method, or asset valuation method 

Combined charge base or combined credit base 

Combined and offset charge and credit bases 

.. -~().Jl1~i~.edEharge base or combined credit base of merged plans---·· 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 llonzon 
Schedule MB, Line 11 

Justification for Change in Actuarial Assumptions 

Changes in Assumptions Since the prior valuation, the following assumptions have been changed: 

• The non-disabled mortality assumption was changed from the RP-2000 

Male Blue Collar Mortality Table with a 1-year set-forward for males and a 

4-year set-back for females, with no future improvement in mortality 

rates beyond any included in the published table, to the sex distinct RP2000 Blue Collar Mortality Tables projected to 2006 with Scale BB. 

• The disabled mortality assumption was changed from the sex distinct RP2000 Disabled Mortality Tables, with no future improvement in mortality 

rates beyond any included in the published table, to the sex distinct RP2000 Disabled Mortality Tables projected to 2006 with Scale BB. 

• The expected operating expense was changed from $5,500,000 to 

$7,000,000. 

• The Current Liability interest rate was decreased from 3.64% to 3.51%, 

and the Current Liability mortality table was changed in accordance with 

the change in the IRS mandated legislative changes. 

Justification for The changes in the actuarial assumptions described above were made to better 

Changes in Assumptions reflect anticipated Plan experience. 

and Methods 

The changes in the interest rate and mortality tables used to determine the RPA 

'94 current liability were mandated legislative changes. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 I fonzon 
Schedule MB, Line 6 

Statement of Actuarial Assumptions/Methods 

Plan Name 

Plan Sponsor 

EIN/PN 

Interest Rates 

Retirement Age 

New York State Teamsters Conference Pension and Retirement Fund 

Trustees of the New York State Teamsters Conference Pension and Retirement 

Fund 

16-6063585/074 

8.50% per annum, compounded annually, net of investment expense for 

determining costs and liabilities 

3.51% per annum for determining Current Liability 

The valuation interest rate was chosen based on the Plan's asset allocation, past 

~~~pgd®ce,di.SJ:tJssions wKhJheelaJJ:s_Ln1'estme ntadvisor,_a nd .the res u lts_oL __ 

Horizon Actuarial's 2015 Survey of Capital Market Assumptions. 

The following sample rates are effective on or after 1/1/2011 in conjunction 

with the Rehabilitation Plan: 

Retirement Rates 

Default Schedule and Schedule G -~·- ·-

Less than 30 On or After 30 Years of Service 

Years of Service as of 1/1/2011 

Age Serv~e ___ < 25 3_? __ _3~~ _ -----~? ___ ~ -~ ___ ~ 30 --~~ 32 36 

55 .10 .10 .10 .10 .10 .10 .10 .10 .10 .10 .10 

56-59 .02 .02 .02 .02 .02 .02 .02 .02 .02 .02 .02 

60-61 .OS .OS .OS .OS .OS .05 .OS .OS .OS .OS .OS 

62 

63 

64 

65-66 

67 

.2S 

.30 

.40 

.so 

1.00 

.2S .2S .2S .2S .2S .2S .2S .25 .25 .25 

.30 .30 .30 .30 .30 .30 .30 .30 .30 .30 

.40 .40 .40 .40 .40 .40 .40 .40 .40 .40 

.so .so .so .50 .so .so .50 .so .50 .50 

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585/074 I Plan Year Beginning January 1, 2015 llonzon 
Schedule MB, line 6 (cont.) 

Statement of Actuarial Assumptions/Methods 

Retirement Age (cont.) Schedule A 

Age 

55 

56-59 

60-61 

62 

63 

64 

65-66 

67 

less than 30 

Years of 

Service 

.10 

.02 

.OS 

.25 

.30 

.40 

.so 

1.00 

Schedule B 

r -

I Age 

~--55 

56-59 

60-61 

62 

63 

64 

65-66 

67 

Less than 30 

Years of 

Service 

.10 

.02 

.OS 

.25 

.30 

.40 

.50 

1.00 

Schedule C 

Age 

Less than 30 

Years of 

Service ··----·---·--"···~ 

55 .10 

56-59 .02 

60-61 .OS 

62 .25 

63 .30 

64 .40 

65-66 .so 

67 1.00 

< 25 

.10 

.02 

.OS 

.25 

.30 

25 

.12 

.05 

.08 

.30 

.33 

On or After 30 Years of Service 

Service as of 1/1/2011 

26 27, 28 29 30 31 32 361 

.12 .14 .16 .18 .20 .22 .15 

.05 .08 .11 .14 .17 .21 .15 

.08 .11 .14 .17 .20 .23 .15 

30 .34 38 .42 .46 .50 50 

.33 .36 .39 .42 .46 50 50 

:~~I .35J 

.so 1 

.so 

.40 .41 .41 .42 .44 .46 .48 .50 .so .50 

.50 .50 .50 .50 .so .so .50 .50 .50 .so 

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 

- --

On or After 30 Years of Service 

Service as of 1/1/2011 

<25 25 26 27 28 29 30 31 32 36 

.10 .12 .12 .14 .16 .18 .20 .22 .15 .35 

.02 .05 .OS .08 .11 .14 .17 .21 .15 .35 

.05 .08 .08 .11 .14 .17 .20 .23 .15 .35 

.so .50 .so .50 .50 .so .so .so .50 .50 

.50 .50 .50 .50 .50 .50 .50 .50 .50 .50 

.50 .50 .50 .50 .50 .50 .50 .so .50 .so 

.50 .50 .50 .50 .50 .so .so .so .50 .50 

1.oo 1.oo 1.oo 1.oo 1.00 1.oo 1.oo 1.oo 1.oo 1.oo 1 

On or After 30 Years of Service I 

' 25 25 ... 26 . ~~'ice2~' of :~1120~~ "'-· 32 3~,1 .10 .12 .12 .14 .16 .18 .20 .22 .15 .351 

.02 .05 .05 .08 .11 .14 .17 .21 .15 .35 

.so .so .so .so .so .so .so .so .so .so I .so .so .so .so .so .so .so .so .so .so 1 

.so .so .so .so .so .so .so .so .so 50 1 

.so .so .so .so .so .so .so .so 50 .so I 

.50 .50 .SO .50 .50 .SO .50 .50 .50 .50 I 

I 

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1:00 1.00 i 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 I lonzon 
Schedule MB, line 6 (cont.) 

Statement of Actuarial Assumptions/Methods 

Retirement Age (cont.) 

Operating Expenses 

Hours Worked 

Contribution Income 

ScheduleD -

Less than 30 On or After 30 Years of Service 

Years of Service as of 1/1/2011 

Age Service < 25 25 26 27 _28_ 29 30 J1 32 36 ... 

55 .10 .10 .12 .12 .14 .16 .18 .20 .22 .15 .35 

56 .02 .02 .05 .05 .08 .11 .14 .17 .21 .15 .35 

57-59 .02 .50 .50 .so .50 .50 .50 .50 .50 .50 .so 

60-61 .05 .50 .50 .50 .50 .50 .50 .50 .50 .50 .50 

62 .25 .50 .50 .50 .50 .50 .50 .50 .50 .50 .50 

63 .30 .50 .50 .50 .50 .50 .50 .so .50 .so .50 

64 .40 .50 .50 .50 .50 .50 .50 .50 .50 .50 .50 

65-66 .50 .50 .50 .50 .50 .50 .50 .50 .so .50 .so 

67 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 ~~,~-----·--~---· ··~-·-.. ···-

Schedule E 

- ----· - ---~···--~-~--· 

Less than 30 Oh or After 30 Years.of Service 

Years of Service as ofl/1/2011 

Age 

55 

56-59 

60-61 

62 

_s····e···rv······i_c .. e......... <_2_? ___ ~~- ~~-- 27'--_,2=8'----"'2=9 30 31 32 36 

.10 .so .5o .so .5o .so .5o · .so·····-:sa .so .5o 1 

.02 

.05 

.25 

.30 

.40 

.50 

.50 .SO .so .50 .50 .50 .50 .50 .50 .50 I 

.50 .50 .50 .50 .50 .50 .50 .50 .50 .50 ' 

.50 .50 .50 .50 .50 .50 .50 .50 .50 .50 l 

63 

64 

.50 .50 .50 .50 .50 .50 

.50 .50 .50 .50 .50 

.50 .50 .50 .50 .50 

.50 

.50 

.50 

.50 

.50 

.50 

.50 

.50 

.50 

.50 

.50 

.sol 

.50 li 

65-66 .50 

67 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .1_.0_0_]Jl0_ ~.00 _[ 

Inactive vested participants: Age 65. 

The amount included this year for Administrative Expenses is $7,000,000. 

Average of a participant's actual hours worked in the 3 plan years preceding the 

valuation date used for future benefit accruals and expected contributions. 

Total contributions expected for the 2015 plan year are assumed to be 

$109,420,387. This amount is based on the expected hours worked and the 

expected contribution rate for each participant and does not include expected 

withdrawal liability payments. 

New York State Teamsters Conference Pension and Retirement Fund 

ElN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 I lonzon 
Schedule MB, line 6 (cont.) 

Statement of Actuarial Assumptions/Methods 

Active Participant For valuation purposes, an active participant is a participant who has worked at 

least 500 hours in at least one of the prior three plan years and was not retired 

as of the valuation date. 

The active count as of January 1, 2014 includes 985 employees of certain 

Rehabilitation Plan withdrawn employers who have yet to incur a three year 

break in service. The active count as of January 1, 2.015 includes 1,040 

employees of certain Rehabilitation Plan withdrawn employers who have yet to 

incur a three year break in service. 

Non-Disabled Mortality Participants and Beneficiaries: 

Disabled Mortality 

Disability 

-·-··-~-~ 

The sex distinct RP-2000 Blue Collar Mortality Tables projected to 2006 with Scale 

BB. 

For determining the RPA '94 current liability, the mortality tables prescribed by 

the Pension Protection Act of 2.006 were used. 

The sex distinct RP-2000 Disabled Mortality Tables projected to 2006 with Scale 

BB. 

For determining the RPA '94 current liability, the mortality tables prescribed by 

the Pension Protection Act of 2.006 were used. 

Illustrations of the annual rates of disablement are shown in the table below for 

selected ages (the same rates are used for males and females): 

Representative Disability Rates 

Attained Rate(%) f~~~-~-~---~-

20 0.04% 

25 0.06% 

30 0.07% 

35 0.10% 

40 0.15% 

45 0.24% 

so 0.41% 

55 0.67% 

60 1.09% ~-------

~-------~-

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 llonzon 
Schedule MB, Line 6 (cont.) 

Statement of Actuarial Assumptions/Methods 

Withdrawal 

Reemployment 

Form of Payment 

Marriage 

Spouse Ages 

Cost Method 

Illustrations of the annual rates of withdrawal (for reasons other than mortality or 

disablement) are shown in the table below for selected ages (the same rates are 

used for males and females): 

Representative Withdrawal Rates 

Attained Age Rate(%) 

20 22.00% 

25 17.00% 

30 12.00% 

35 7.82% 

40 6.92% 

45 6.02% 

I 50 5.12% 

I 55 4.22% 

60 3.32% 

It is assumed that participants will not be reemployed following a break in service. 

Participants are assumed to elect the normal form. 

80% of non-retired participants are assumed to be married. 

Female spouses are assumed to be three years younger than male spouses. 

The Unit Credit Cost Method is used to determine the normal cost and the 

actuarial accrued liability. The actuarial accrued liability is the present value of 

the accrued benefits as of the beginning of the year for active participants and is 

the present value of all benefits for other participants. The normal cost is the 

present value of the difference between the accrued benefits as ofthe 

beginning and end of the year. The normal cost and actuarial accrued liability for 

the plan are the sums ofthe individually computed normal costs and actuarial 

accrued liabilities for all plan participants. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 llonzon 
Schedule MB, Line 6 (cont.) 

Statement of Actuarial Assumptions/Methods 

Asset Valuation Method The actuarial value of assets is determined by adjusting the market value of assets 

to reflect the investment gains and losses (the difference between the actual 

investment return and the expected investment return) during each of the last 

fivP YPilrs ilt the rote of 20% per year. Expected investment return is calculated 

using the net market value of assets as of the beginning of the plan year and the 

benefit payments, employer contributions and operating expenses, weighted 

based on the timing of the transactions during the year. The actuarial value is 

subject to a restriction that it be not less than 80% nor more than 120% of the 

market value. 

Participant Data 

Missing or Incomplete 

Participant Data 

Financial Information 

Benefits Not Included in 

Valuation 

Participant census data as of January 1, 2015 was provided by the Fund Office. 

There were 1,034 active participants without a date of birth. We assumed that 

these participants had entered the plan at the same age as the other active 

participants. There were 106 terminated vested participants without a date of 

birth. We assumed these participants had the same age as the average 

terminated vested participant. 

There were 51 terminated vested participants who were over age 72 as of the 

valuation date who had not yet applied for a pension. It is extremely unlikely 

that these participants will ever collect a pension. Thus, they were excluded 

from the valuation. The impact ofthese data adjustments on plan liabilities was 

negligible. 

Assumptions were made to adjust for participants and beneficiaries with missing 

or incomplete data, based on those exhibited by participants with similar known 

characteristics. 

Financial information was obtained from the audited financial statements filed 

with the 2014 Form 5500. 

We believe that we have reflected all significant assumptions and plan 

provisions in this valuation. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585/ 074 I Plan Year Beginning January 1, 2015 I tonzon 
Schedule MB, Line 6 (cont.) 

Statement of Actuarial Assumptions/Methods ~~=~.0 ··= ===================="=============~ 

Nature of Actuarial 

Calculations 

The valuation results presented in this report are estimates. The results are 

based on data that may be imperfect and on assumptions made about future 

events. Certain plan provisions may be approximated or deemed immaterial for 

the purposes of the valuation. Assumptions may be mr1rlP r1hn11t mi<;<;ing nr 

incomplete participant census data or other factors. Reasonable efforts were 

made to ensure that significant items and factors are included in the valuation 

and treated appropriately. A range of results different from those presented in 

this report could also be considered reasonable. 

The actuarial assumptions selected for this valuation- including the valuation 

interest rate- generally reflect average expectations over the long term. If 

overall future demographic or investment experience is less favorable than 

assumed, the relative level of plan costs determined in this valuation will likely 

increase in future valuations. Investment returns and demographic factors may 

fluctuate significantly from year to year. The deterministic actuarial models 

used in this valuation do not take into consideration the possibility of such 

volatility. 

Changes in Assumptions Since the prior valuation, the following assumptions have been changed: 

• The non-disabled mortality assumption was changed from the RP-2000 

Male Blue Collar Mortality Table with a 1-year set-forward for males and a 

4-year set-back for females, with no future improvement in mortality 

rates beyond any included in the published table, to the sex distinct RP2000 Blue Collar Mortality Tables projected to 2006 with Scale BB. 

• The disabled mortality assumption was changed from the sex distinct RP2000 Disabled Mortality Tables, with no future improvement in mortality 

rates beyond any included in the published table, to the sex distinct RP2000 Disabled Mortality Tables projected to 2006 with Scale BB. 

• The expected operating expense was changed from $5,500,000 to 

$7,000,000. 

• The Current Liability interest rate was decreased from 3.64% to 3.51%, 

and the Current Liability mortality table was changed in accordance with 

the change in the IRS mandated legislative changes. 

Justification for The changes in the actuarial assumptions described above were made to better 

Changes in Assumptions reflect anticipated Plan experience. 

and Methods 

The changes in the interest rate and mortality tables used to determine the RPA 

'94 current liability were mandated legislative changes. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 ! lonzon 
Schedule MB, Line 4c 

Documentation Regarding Progress Under Rehabilitation Plan 

As indicated on line 4c, the Plan is making scheduled progress under its adopted Rehabilitation Plan. 

The Plan was originally certified in critical status for the plan year beginning January 1, 2010, and the Board 

of Trustees adopted a Rehabilitation Plan effective January 1, 2011, as required under Code section 432(e). 

The Plan's rehabilitCition reriorl, as defined under Code section 432(e)(4), began on January 1, 2013. 

The Board of Trustees has determined, based on reasonable actuarial assumptions and upon exhaustion of 

all reasonable measures, that the Plan cannot reasonably be expected to emerge from critical status by the 

end of the rehabilitation period. Therefore, as described in Code section 432(e)(3)(A)(ii) of the Code, the 

Rehabilitation Plan consists of actions to forestall possible insolvency. 

As the Board of Trustees has taken significant actions to forestall possible insolvency, and the Plan continues 

to pay its full benefit obligations, the Plan is making scheduled progress in meeting the requirements of its 

adopted Rehabilitation Plan. 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 llonzon 
Schedule MB Attachments 

Statement by the Enrolled Actuary 

Plan Sponsor Trustees of the New York State Teamsters Conference Pension and Retirement 

Fund 

EIN / PN 16-6063585 I 074 

Plan Year Beginning January 1, 2.015 and ending December 31, 2015 

Plan Name 

Enrolled Actuary 

Enrollment Number 

New York State Teamsters Conference Pension and Retirement Fund 

James M. Locey, M.A.A.A. 

14-03981 

Actuarial assumptions: The actuarial assumptions and methods are individually reasonable and, in 

combination, represent the enrolled actuary's best estimate of anticipated experience under the Plan. 

Census data and financial information: The actuarial valuation, on which the information in this Schedule MB 

is based, has been prepared in reliance upon the employee and financial data furnished by the plan 

administrator and the trustees. The enrolled actuary has not made a rigorous check of the accuracy of this 

information but has accepted it after reviewing it and concluding it is reasonable in relation to similar 

information furnished in previous years. The amounts of contributions and dates paid shown in Line 3 of 

Schedule MB were listed in reliance on information provided by the plan administrator and/or plan's 

accountant. 

Status under Pension Protection Act of 2006 ("PPA"}: As indicated on Line 4a of the Schedule MB, the Plan 

remained in critical status for the Plan Year. 

Scheduled Progress under Rehabilitation Plan: As indicated on Line 4c, the Plan is making scheduled 

progress under its adopted Rehabilitation Plan. The attachment for Line 4c provides detail regarding 

scheduled progress under the Rehabilitation Plan. 

Weighted Average Retirement Age: 60, based on the weighted average of the individual retirement ages of 

all the active participants included in the January 1, 2015 actuarial valuation. 

U:\NYST\RET\2016\GOV\2015 Schedule MB\2015 Sch MB Attachments NYST.docx 

New York State Teamsters Conference Pension and Retirement Fund 

EIN I PN: 16-6063585 I 074 I Plan Year Beginning January 1, 2015 I fonzon 
NEW YORK STATE 

TEAMSTERS 

CONFERENCE 

PENSION AND 

RETJREMENT FUND 

For the Year Ended 

December 3 I, 2015 

FINANCIAL STATEMENTS 

AND SUPPLEMENTAL 

SCHEDULES 
NEW YORK STATE TEAMSTERS CONFERENCE PENSION AND RETIREMENT FUND 

TABLE OF CONTENTS 

INDEPENDENT AUDITOR'S REPORT 

FINANCIAL STATEMENTS 

Statements ofNet Assets Available for Benefits 

Statements of Changes in Net Assets Available for Benefits 

Notes to Financial Statements 

SUPPLEMENTAL SCHEDULES 

Schedule of Assets Held For Investment Purposes at End of YearAttachment for Schedule 1-l, !'art IV, Line 4i 

Schedule of Assets Acquired and Disposed - Attachment for 

Schedule H, Part IV, Line 4i 

Schedule ofRep01table Transactions- Attachment for Schedule H, 

Part IV, Line 4j 

1-2 

3 

4 

5-15 

16-27 

28 

29 
Trustees 

New York State Teamsters Conference 

Pension and Retirement Fund 

Report on the Financinl Statements 

[)i\r'CEUlgelo&C~o.,,,,,. 

Certified Public Accounlnnts & Cnnsull;:nL>-< 

!20 Lomond Coul'l. llica, :\ .Y. 1:Ei02·~(1]0 

3.15 7:JS52W I'm· :315-i:35-52JO 

Independent Auditor's Report 

We have audited till! accompanying financial statements of New York State Teamsters Conference Pension and Retirement Fund, 

which compris(: the stlltcmcnl~ of net assets available for benefits as of December 31, 2015 ilnd 2014, and the related statements of 

changes in nd ;:~;!;Cis available for benefits for the years then ended, and the reliltcd notes to the financial statements. 

Management's Responsibility for the Financial Statements 

Plan manllgement is responsible for the preparation and fair presentation of these financial statements in accordance with accounting 

principles gencn:illy accepted in the Un)led Stntcs of Amcriq; this includes Ihe design, implementation, and maintenance of internal 

control relevant to the preparation and fair presentation of tlnnndal statements that are free from material misstatement, whether due 

to fraud or etTOL 

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 

cJUdit to obtain reasonable assurance abmlt whether the financial statements are fi·ee from material misstatement. 

An ::mdit involves pcrfonning 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 ofthc fimmcial 

statements, wlwther due to fi·aud or error. In making those risk assessments, the auditor considers internal control relevant to the 

Plan's preparation <Uld liti1' pre~ent<llion of the financial stalcnH:nts in mdcr to design audit pwccdurcs thai are appropriate in the 

cii'GIIIIISlilllCt::;, but not for lht: purpose or expressing nn opinion on the.: clll;ctivcm!!lS or the Plan's iutemal t:t\litrol. Accordingly, we 

ex pre~$ nn such opinion. An audit <ll~;o includes evaluating the appropl'iutcness of acnHnHillg pulicics 11scd and the reasonableness 

of signi lic;ml uc.cuuming estimates mode by rnanagcn·Jc.:nt, as well <1~ evaluating the overall presentation of the financial statements. 

W~ 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 rdernJd lo above present f~tirly, in all rnatcrinlrcspccts, infiJl'lllillion regarding New York 

State Teumst.crs Coufcrcnt~e Pension and Rclirmnent Fund's ucl !lSSl)IS nvailablc for benefits of as or DecenJbcr 31. 2015 and the 

changes tlwrein for the year then ended ami it!\ fimmcinl swtus as of Dcccmher 31, 2014 nnd I he chnnges then; in to~ the year then 

ended in acrordauce will1 acc:uunling principles t•.cm·rally accepted in lite. Uuite.d Stales of t\nwriea. 

Mlrl-l!uds:m • Uicu/Rorne • Wt\skhestcr 
Redacted by the U.S. Department of the Treasury
NEW YORK STATE TEAMSTERS CONFERENCE PENSJON AND RETIREMENT FUND 

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS 

December 31,2015 and 2014 

2015 2014 

Assets 

Investments at Fair Value 

Short-Term Investments and Commingled Bank Trusts $ 12,326,148 $ 12,211,951 

U.S. Government, Agency, and Other Government Securities 1,126,349 2,067,184 

Corporate Debt Securities 20,959,085 21,608,311 

Corporate Equity Securities 65,239,993 121,643,650 

Common and Collective Trusts and Commingled Punds 632,407,526 765,928,816 

Hedge Funds 497,507 2,099,169 

Private Market Equities 457,862,706 422,073,267 

Securities Pledged to Creditors 19.230,175 25.675,851 

Totallnvestments at Fair Value 1,209,649.489 1373 308199 

Receivables 

Employer Contributions Receivable, Net I 1,747,663 11,120,143 

Withdrawn Employer Contributions Receivable, Net 135,281,551 151,400,307 

Accrued I nvcstmcnt I nco me 551,125 514,265 

Foreign Currency Exchange Receivable 1,913,769 2,164,044 

Receivable for Securities Sold 483,357 124.846 

Total Receivables 149 977 465 165 323.605 

Operating Cash 16,434,302 9,256,597 

Collateral Held Under Securiry Lending Program 19,819,802 26,288,920 

Property Used in Operations 845,533 889,520 

Prepaid Benefits 19,861,314 19,688,909 

Other Assets 313 072 316 872 

Total Assets I 416.900.977 I ,595.072,622 

Liabilities 

Accounts Payable and Accrued Expenses 1,976,537 1,012,229 

Escrow Account 11,717,161 4,257,537 

Due to Health Fund 443 422 

Foreign Currency Exchange Payable 1,914,130 2,010,085 

Payable for Securities Purchased 172,662 109,837 

Obligation to Refund Collateral Under Securities Lending Program 19,819,802 26 288 920 

Total Liabilities 35 600 735 33.679.030 

Net Assets Available for Benefits $ l 381 3QQ 212 $ 1,561,323 522 

The Accompanying Notes are an Integral Part of These Financial Statements. 

J 
NEW YORK STATE TEAMSTERS CONFERENCE PENSION AND RETIREMENT FUND 

STATEMENTS OF CHANGES IN NET ASSETS AV AIJ~ABLE FOR BENEFITS 

Fo•· the Years Ended December 31,2015 and 2014 

Additions 

Investment Income 

Net Appreciation (Depreciation) in Fair Value oflnvestments 

Interest, Dividends and Other Investment Income 

Investment Income (Loss) 

Less Investment Fees 

Net Investment Income (Loss) 

Employer Contributions 

Withdrawn Employer Contributions 

Payroll Audit and Collection Fees 

Legal Settlements 

Other Income 

Total Additions 

Deductions 

Benefits Paid 

Administrative Expenses 

Total Deductions 

Net lnuease (Decrease) 

Net Assets Available for Benefits, Beginning of Year 

Net Assets Available for Benefits, End of Yea•· 

2015 

$ (63,192,435) 

~~~~ 63,557.533 

365,098 

I 0,284.Q84_ 

(9,918,986) 

115,286,154 

3,361,815 

35,684 

8,028 

50.011 

--~JQ.!i,822. 70(~ 

280,144,632 

8.771,424 

288.916 05{5 

(180,093,350) 

1 .561.393.592 

$ 1 3 81 30(),242 

The Accompanying Notes are an Integral Part of These Financial Statements. 

4 

2014 

$ 50,976,943 

--·-~-~1.201.78§ 

102,178,729 

9.977 490 

92,201,239 

I 08,586,434 

160,722,281 

78,259 

48,367 

61 089 

--~·].01 ,697.669 

279,523,846 

6 475,729 

285,949,575 

75,748,094 

__ l_/!it5,645,498 

$ 1 561 ,::123 522 
NEW YORK STATE TEAMSTERS CONFERENCE PENSION AND RETIREMENT FLJND 

NOTES TO FINANCIAL STATEMENTS 

NOTE I StJMMARY OF SIGNIFICANT ACCOUNTING POLIClES 

Operations 

The New York State Teamsters Conference Pension and Retirement Fund (the Fund/Plan) is a multi-employer collectively bargained 

employee benefit plan. Its purpose is to provide pension benefits to members with union agreements calling for contributions to the 

Fund. The Fund is located in Syracuse, New York, and covers participants in the central, upstate, and western regions of New York 

State and northern New Jersey. 

Description of Plan 

The following description of the Plan provides only general information. Participants should refer to the Plan agreement or Plan 

booklet for a complete description of' !he Plan's benefit vesting requirements and other Plan provisions. 

The New York State Teamsters Conference Pension and Retirement Fund is a defined benefit pension plan. The Plan provides 

pension benefits at normal retirement, early retirement, total and permanent disability, vested termination, and preretirement death 

benefits. Participants are fully vested after five years of service. To receive the basic benefits by the Fund, a participant must 

accumulate pension credit. The amount of an employee's pension is based on the benefit rates, which correspond to each year of 

pension credit. The benefits are determined by the hourly contribution rates contained in collective bargaining agreements, which 

correspond to each year of pension credit. Benefits earned will vary by participant. The Plan is subject to the provisions of the 

Employee Retirement Income Security Act of 1974 (ERISA). 

Financing of the Plan comes from employer contributions and investment earnings. Employers make contributions to the Fund at 

rates specified in the applicable collective bargaining agreement. Contributions are collected monthly based upon employment 

information repmis submitted by employers. Employer withdrawal liability is based on employers' allocated share of unfunded 

liabilities for vested benefits and is assessed by the Fund upon employer withdrawal from the Pension plan. All benefits provided by 

the Plan are paid by the Fund from net assets available for plan benefits. 

Actuarial Certification of Plan Status 

The New York State Teamsters Conference Pension and Retirement Fund was certified by its actuaries to be in "Critical Status; 

Making Scheduled Progress under Rehabilitation Plan" as defined by the Pension Protection Act (PPA) for the plan year beginning 

Janumy l, 2015. This annual certification by the Plan Actuary is required under Section 432 ofthe Internal Revenue Code. 

The Board of Trustees, as plan sponsor of a "Critical Status" pension plan, timely adopted a Rehabilitation Plan effective January I, 

201 I. As required by law, the Trustees updated the Rehabilitation Plan effective January 1, 2013. The Board of Trustees has 

determined, based on reasonable actuarial assumptions and upon exhaustion of all reasonable measures, that the Plan cannot 

reasonably be expected to emerge from critical status by the end of the rehabilitation period. Therefore, as described in section 

432(e)(3)(A)(ii) ofthe Internal Revenue Code, the Rehabilitation Plan consists of actions to forestall the possible insolvency. As the 

Trustees have taken significant actions to forestall possible insolvency, and the Plan continues to pay its full benefit obligations, the 

Plan is making scheduled progress in meeting the requirements of its adopted Rehabilitation Plan. 

Basis of Accounting 

The accompanying financial statements have been prepared on the accrual basis of accounting and present the net assets available 

for benefits and changes in those net assets. 

Contributions Receivable 

Contributions receivable from pmiicipating employers are valued at cost and are accrued based upon contribution reports received 

subsequent to the year-end, which include contributions due in the current year. 

Allowance fo1· Uncollectible Accounts 

A provision for losses on receivables is made in order to maintain an adequate allowance to cover anticipated uncollectible amounts. 

The allowance, determined by management, is based on review of employer contributions and withdrawn employer contributions 

receivables, and the likelihood of uncollectibility. At December 31, 2015 and 2014, the allowances were $178,055,228 and 

$205,274,591, respectively. 

5 
NEW YORK STATE TEAMSTERS CONFERENCE PENSION AND RETIREMENT FUND 

NOTES TO FINANCIAL STATEMENTS 

NOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

Use of Estimates 

The preparation of llmutcial state111ents in conformity with accounting principles generally accepted in the United States of America 

requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of 

contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the 

repotiing period. Actual results could differ from those estimates. 

Revenue Recognition 

Employer contribution revenue is recognized in the period for which the employee benefits petiain. Employer withdrawal liability 

revenue (see Note 3) is recognized when assessed; however, an allowance for uncollectibles has been established since the ultimate 

realization of withdrawal liability assessments are generally subject to arbitration, litigation, and bankruptcy proceedings. 

Investment Valuation and Income Recognition 

Investments are recorded at fair value. l'air 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 5 for discussion of fair value measurements. 

Purchases and sales of securities are recorded on a trade-date basis. Interest on debt securities and cash deposits is recorded when 

earned. Dividends on equity securities are recorded when declared. Net appreciation (depreciation) in the statements of changes in 

net assets available for benefits includes the Fund's gains and losses on investments bought and sold as well as held during the year. 

Property Used in Operations 

The Fund's equity in the office building and its interest in related furniture and equipment are valued at cost which approximates fair 

value. The capitalization policy requires any purchased property with a cost or fair market value exceeding $500 to be recorded as a 

capital asset. Depreciation is recorded using the straight-line method over estimated useful lives as follows: 

Building and Improvements 

Furniture, f-ixtures, and Equipment 

Estimated Life . 

5-40 Years 

3-7 Years 

The carrying value and accumulated depreciation of Fund property at December 31, 2015 and 2014, are as follows: 

Land, Building, and Improvements 

Furniture, f-ixtures, and Equipment 

Less: Accumulated Depreciation 

Net Property and Equipment 

$ 

2015 

1,465,290 

120,708 

1,548,018 

~~---'-7 40,465 

$ 845.333 

2014 

$ 1,444,141 

I 03.877 

I ,548,018 

658,498 

$~. ==~8~89~5~2~0 

The Fund recorded depreciation expense of $81 ,968 and $83,940 for the years ended December 31, 2015 and 2014, respectively. 

Escrow Account 

The Pension Fund is holding certain amounts in escrow that relate to various disputed liabilities involving participating employers, 

former participating employers and/or other entities. These amounts may be released from escrow, in whole or in part, once those 

disputed liabilities are resolved by the Pension Fund. 

Funding Policy 

The funding policy, as established by the Tntstees, is to monitor the expected ultimate level of benefits to ensure that expected 

contributions each year will exceed an actuarially determined required contribution which is: 

• The amount necessa1y to fund the current year's normal cost, plus 

• If the actuarial accrued liability is not fully funded, an amount that will amoiiize the shortfall in level dollar payments over a 

rolling IS-year schedule. 

6 
NEW YORK STATE TEAMSTERS CONFERENCE PENSION AND RETIREMENT FUND 

NOTES TO FINANCIAL STATEMENTS 

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLIC1F:S (Continued) 

The fi.mding policy followed by the Fund is directed toward maintaining long-term stability of contribution rates to the greatest 

extent possible. At December 31, 2015 and 2014, the Fund had minimum funding deficiencies. However, since the Fund is in 

critical status and has adopted a Rehabilitation Plan, no funding related excise taxes or other penalties apply at this time. 

Payments of Benefits 

Benefits are recorded as deductions when paid. Prefunded ACH deposits are recorded as prepaid benefits. 

Change in Accounting Standards 

In July 2015, the FASB issued ASU 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution 

Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part 1) Ful~y Benefit-Responsive Investment Contrac/s, 

(l'arl II) l'/anlnveslment Disclosures, (Part Ill) Measuremenl })ate Practical Expedient. Part I and Part Ill are not applicable to the 

Fund. Part II eliminates the requirements to disclose individual investments that represent 5 percent or more of net assets available 

for benefits and the net appreciation or depreciation in fair value of investments by general type. Part II also simplifies the level of 

disaggregation of investments that are measured using fair value. Plans will continue to disaggregate investments thal are measured 

using fair value by general type; however, plans are no longer required to also disaggregate investments by nature, characteristics 

and risks. Further, the disclosure of information about fair value measurements shall be provided by general type of plan asset. The 

ASU is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. Part II is to be applied 

retrospectively. Management has elected to adopt Part II early. Such adoption has no effect on the net assets available for benefits 

and changes in net assets available for benefits for each of the years presented. Rather, the adoption eliminates certain disclosures 

relating to investments as described above. 

In May 2015, the F ASB issued ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities 

!hal Calculate Net Asset Value per Share (or Its Equivalent). This ASU removes the requirement to categorize within the fair value 

hierarchy table all investments for which fair value is measured using net asset value per share. Disclosure information will still be 

required to help users understand the nature and risks of these investments. The ASU is effective for fiscal years beginning alter 

December 15, 2016, with early adoption permitted which management has elected. 

Reclassification 

Cer1ain amounts in the prior-year financial statements have been reclassified for comparative purposes to conform with the 

presentation in the current year financial statements. 

NOTE2 CONCENTRATIONS OF CREDIT RISK 

Contributing employers primarily represent companies employing Teamster members in central, upstate, and western regions of New 

York State and northern New Jersey. Contributions are pursuant to collective bargaining agreements, and no collateral is required. 

One of the Fund's contributing employers comprises approximately 70% of total employer contributions. 

The Fund invests in various types of investment securities. Investment securities are exposed to various market risks, such as 

interest rate, market, and credit risk. 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 statements of net assets available for benefits. 

The actuarial present value of accumulated plan bene tits is reported based on certain assumptions pertaining to interest rates, retiree 

demographics, 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. 

NOTE3 CONTRIBUTIONS FROM WITHDRAWN EMPLOYERS 

The Multi-Employer Pension Plan Amendments Act of 1980 (MPPAA) established provrs10ns under which certain contributing 

employers who have withdrawn from a multi-employer pension fund are required to pay their proportionate share of the Fund's 

unfunded liability upon withdrawal. MPPAA permits such payments to be made on an installment basis. Management assesses the 

credit quality of all withdrawn employers when determining the allowance for uncollectibles and imputing interest on cash flows 

7 
NEW YORK STATE TEAMSTERS CONFERENCE PENSION AND RETIREMENT FUND 

NOTES TO FINANCIAL STATEMENTS 

NOTE3 CONTRIBUTIONS FROM WITHDRAWN EMPLOYERS (Continued) 

fi·om future installments. The Fund's policy is to impute interest on future installment payments for low credit risk employers based 

on the following schedule of US Treasury Y teld Curve rates at December 31, 2015 and 2014, respectively: 

Rate 

Remaining Annual Payments Note Duration 2015 

0-5 Years 5 Year Treasury 1.76% 

6-8 Years 7 Year Treasury 2.09% 

9-15 Years 10 Year Treasury 2.27% 

16-25 Years 20 Year Treasury 2.67% 

Expected annual collections of withdrawn employers contributions receivable are as follows: 

NOTE4 

2015 

2016 

2017 

2018 

2019 

Thereafter 

Total Expected Collections 

Less: Unearned Interest 

Withdrawn Employers Contributions Receivable, Net 

INVESTMENTS 

$ 9,785,811 

9,717,987 

9,701,767 

9,628,925 

9,628,925 

123.899,168 

172,362,583 

37081032 

$.~, . )]2,281.551 

]014 

1.65% 

1.97% 

2.17% 

2.47% 

At December 31, 2015 and 2014 State Street Bank and Trust Company served as custodian for the Fund's securities in accordance 

with a custodial agreement. Investments are directed by various investment advisors in accordance with the terms of discretionaty 

investment management agreements entered into by the Fund, subject to investment policy guidelines adopted by the Trustees. 

NOTES FAIR VALUE MEASUREMENTS 

The Financial Accounting Standards Board authoritative gtJidance on fair value measurements establishes a framework for 

measuring fair value. That fi'amework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to 

measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or 

liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the 

fair value hierarchy are described as follows: 

Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the 

Fund has the ability to access. 

Level 2: Inputs to the valuation methodology include the following: 

• Quoted prices for similar assets or liabilities in active markets. 

• Quoted prices for identical or similar assets or liabilities in inactive markets. 

• Inputs other than quoted prices that are observable for the asset or liability. 

Inputs that are derived principally from, or corroborated by, observable market data by correlation or other means. 

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the 

asset or liability. 

Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. 

The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is 

significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize 

the use of unobservable inputs. 

8 
NEW YORK STATE TEAMSTERS CONFERENCE PENSION AND RETIREMENT FUND 

NOTES TO FINANCIAL STATEMENTS 

NOTES FAIR VALlJE MEASlJREMENTS (Continued) 

The following is 8 description of the valuation methodologies used for assets measured at fair value. There have been no changes in 

the methodologies used at December 3 I, 2015 and 2014: 

Short-Term Investments and Commingled Bank Trusts: Valued at amortized cost which approximates fair value. 

U.S. Government, Agency, and Other Government Securities: Fair values of securities traded on a national securities 

exchange are based on the last reported sales price on the last business day of the year; bonds, notes, and government 

securities for which no sale was reported on that date are valued at the last reported bid price. 

Corporate Debt Securities: Certain corporate debt securities are valued at the closing price reported in the active market in 

which the bond is traded. Other corporate bonds and listed securities for which no sale was reported on that date are valued 

at the last reported bid price. 

Corporate Eouitv Securities: Fair values of securities traded on a national securities exchange are based on the last reported 

sales price on the last business day of the year. 

Common and Collective Trusts <HELCommingled Funds and Hedge Fu)lds: The fair value of investments in the common 

and collective trusts and commingled funds are determined by its sponsor. 

Private Markel Equities: The Fund has investments in various limited partnerships and joint ventures which are classified 

as private market equities. The estimated fair value of the private equities is based on quarterly financial information 

received from investment advisors and/or general partners. 

Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts represent obligations to buy or sell a 

specific amount of underlying currency for an agreed-upon rate at a future date and are carried at fair value. The Fund's 

investment advisors utilize forward foreign currency exchange contracts to hedge the underlying portfolio. Fair value is 

based on similar secmities traded in an active market. 

Receivables/Payables for Securities Sold and Purchased: The fair value of reccivables/payables for securities sold and 

purchased is determined based on the specific inputs at the end of the year. Changes in valuation are a result of timing from 

the point of purchase or sale and the actual delivery of the securities. Generally the fair value is based on similar securities 

traded in an active market. 

Collateral Held Under Security Lending Program: At net asset value which represents the fair value of the securities held. 

The net asset value is calculated as a weighted average of interests in both duration and liquidity portfolios. 

All assets have been valued using a market approach except for certain Level 3 assets which have been valued using a combination 

of market approach and income approach. 

The Board of Trustees has appointed an outside investment advisor with discretionary control over certain Level 3 investments. 

Upon advisement from the investment advisor, the Board of Trustees monitors plan composition, weighting, and valuation 

procedures on an ongoing basis. The investment advisor periodically throughout the year provides the Board of Trustees reports that 

disclose items such as Level 3 investment pricing, risk management, and fair value measurement. 

The Board is provided annual reports sufficient to evaluate the testing procedures and pricing models used to determine Level 3 fair 

values such as support from the individual asset managers, quarterly capital reports, and most importantly annual independent audits 

and appraisals. 

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective 

of future fair 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. 

9 
NEW YORK STATE TEAMSTERS CONFERENCE PENSION AND RETIREMENT FUND 

NOTES TO FINANCIAL STATEMENTS 

NOTES FAIR VALUE MEASUREMENTS (Continued) 

The following table sets forth by level, within the fair value hierarchy, the Fund's assets and liabilities measured at fair value on a 

recurring basis as of December 31,2015 and 2014: 

Fair Value Measurements at 

December 31 2015 

Assets: ~till. ___ (l.cvcll) (Level 2} _f_!&y~U.1 ___ 

Short-Term J nvestments and Commingled Bank Trusts $ 12,326,148 $ 12,326,148 $ 0 $ 0 

U.S. Government, Agency, and Other Government Securities 1,740,234 0 1,740,234 0 

Corporate Debt Securities 23,217,396 0 23,217,396 0 

Corporate Equity Securities 81,597,972 81,597,972 0 0 

Common Collective Trusts and Commingled Funds (a) 632,407,526 0 0 0 

Hedge Funds (a) 497,507 0 0 0 

Private Market Equities (a) 444.336,632 ---····-··--····_Q .. Q 0 

Total Investments at Fair Value 1.196.123.415 93 924.120 24,957,630 () 

Foreign Currency Exchange Receivable 1,913,769 0 1,913,769 0 

Receivable for Securities Sold 483,357 0 483,357 0 

Collateral Held Under Security Lending Program 19.819~- 0 ·~J.2.JU 9,802 0 

Total Assets at Fair Value $ 1.218,340,343 $ .. 93,924,120 $ 47 174 558 $. 0 

Liabilities: 

Foreign Currency Exchange Payable $ 1,914,130 $ 0 $ 1,914,130 $ 0 

Payable for Securities Purchased 172,662 0 172,662 0 

Obligation to Refund Collateral under Securities Lending 19,819.802 ____ 0 19,819,802 0 

Total Liabilities at Fair Value $ 21 9Q6.594 $ $ 21,906.594 $ 0 

Fair Value Measurements at 

-~,--~-~-

December 31. 20 I 'L. 

Assets: Total (Level I} (Level 2} (Level 3} 

Short-Term Investments and Commingled Bank Trusts $ 12,211,951 $ 12,211,951 $ 0 $ 0 

U.S. Government, Agency, and Other Government Securities 2,067,184 0 2,067,184 0 

Corporate Debt Securities 22,378,098 0 22,378,098 0 

Corporate Equity Securities 146,549,714 146,549,714 0 0 

Common Collective Trusts and Commingled Funds (a) 765,928,816 0 0 0 

Hedge Funds (a) 2,099,169 0 0 0 

Private Market Equities (a) 422,073,267 0 --.-~Q 0 

Total Investments at Fair Value 1 ,373,308,199 158.761.66~. 24,445,282 0 

Foreign Currency Exchange Receivable 2,164,044 0 2,164,044 0 

Receivable for Securities Sold 124,846 0 124,846 0 

Collateral Held Under Security Lending Program 26.288.920 0 26,288,920 0 

Total Assets at Fair Value $1 ,401 ,886 009 $ $. 53.023 092 $. 0 

Liabilities: 

Foreign Currency Exchange Payable $ 2,010,085 $ 0 $ 2,010,085 $ 0 

Payable for Securities Purchased 109,837 0 109,837 0 

Obligation to Refund Collateral under Securities Lending 26.288.920 0 ~88,920 0 

Total Liabilities at Fair Value $ 28,408,842 $ 0 $ 28,408,842 $ 0 

(a) In accordance with Subtopic 820-10, cet1ain investments that are measured at fair value using net asset value per share (or its equivalent) 

practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to 

pennit reconciliation ofthc fair value hierarchy to the amounts presented in the statements of net assets available for benefits. 

JO 
NEW YORK STATE TEAMSTERS CONFERENCE PENSION AND RETIREMENT FUND 

NOTES TO FINANCIAL STATEMENTS 

NOTES FAIR VALUE MEASUREMENTS (Continued) 

The following sets forth additional disclosures of the Fund's investments whose fair value is estimated using net asset value per 

share or its equivalent at December 31, 2015 and 2014: 

Common Collective Trusts and Commingled Funds 

Domestic Equity Assets- Invested assets in this category include replicating or exceeding returns of the S&P 500 and Russell 1000 

indexes and seeking long-term capital appreciation by owning small capitalization stocks believed to have catalysts to drive growth 

over an intermediate time frame. These investments have no unfunded commitments and redemption restrictions range from 0 to 60 

days. 

International Developed Markets Equity Assets - Invested assets in this category seek to outperform the MSCI EAFE index by 

actively managing both a bottom-up and top-down international equity portfolio. These investments have no unfunded commitments 

and redemptions can only be done twice a month. 

Emerging Markets Equity Assets -Invested assets in this category include investing in large, medium, and small capitalization 

companies in developing nations. These investments have no unfunded commitments and no redemption restrictions. 

Investment Grade Bond Assets- Invested assets in this category seek to replicate the returns of the Barclays Aggregate and Barclays 

Universal indexes by investing in various fixed income instrument securities, both domestic and foreign, with varying maturities and 

an average quality of"BBB" or better. These investments have no unfunded commitments and no redemption restrictions. 

Treasury Inflation Protected Securities- Invested assets in this category seek to match the return of the Barclays U.S. TIPS Index by 

investing in a portfolio of inflation-protected securities. These investments have no unfunded commitments and no redemption 

restrictions. 

Senior Loan Fund - Invested assets in this category seek to provide access to higher quality senior secured floating rate notes of 

leveraged companies. The portfolios are structured to be broadly diversified by sector and industry, having exposure to over 200 

loan issuers. These investments have no unfunded commitments and redemptions can only be done once a month 

Real Estate Assets- These assets are designed to provide investors with broad exposure to all major sectors of the public property 

markets throughout North America, Europe, and Australia/Asia with the objective of achieving above-average income and long-term 

growth of capital These investments have no unfunded commitments and redemption restrictions range from annually to semiannually. 

Hedge Funds 

Invested assets in this category attempt to create portfolios designed to produce consistent returns with a low correlation to major 

equity and fixed income market movements. This is accomplished by concentrating on event-driven and relative value strategies, 

while excluding more directional and volatile strategies. These investments have no unfunded commitments and redemption 

restrictions range from annually to semi-annually. 

Private Market Equities 

All of the Private Market Equities are invested in closed end funds. Redemptions are not permitted during the life of these 

investments. When underlying assets of the individual funds are sold, the proceeds, Jess any incentives due to the fund sponsor will 

be distributed to the investors. The sale of the underlying assets is subject to each fund's manager discretion. Unfunded 

commitments for private market equity investments were approximately $229,000,000 at December 31, 2015. The various 

investment strategies are as follows: 

Real Estate Assets - Invested assets in this category seek capital appreciation and income by acquiring, developing, managing, and 

otherwise dealing in and with real estate investments including industrial, retail, corporate office, and residential facilities. The real 

estate related assets are primarily in the United States but are also in other geographic locations including Nmih America, Europe, 

and Japan. 

II 
NEW VORK STATE TEAMSTERS CONFERENCE PENSION AND RETIREMENT FUND 

NOTES TO FINANCIAL STATEMENTS 

NOTES FAIR VALUE MEASUREMENTS (Continued) 

Infrastructure Assets - Invested assets in this category seek capital appreciation and income by acqumng, holding, financing, 

refinancing, and disposing of infrastrut:ture investments and related assets such as roadways, waterways, storage facilities, 

transportation facilities, and power and energy assets. The intJ·astructure mvestments are focused in the geographic locations of 

North America, Europe and Australia. 

Natural Resource and Commodity Assets -Invested assets in this category pursue returns by acquiring, open1ting, managing, and 

otherwise dealing with debt or equity interests in agriculture, oil, gas, and other energy related assets primarily in North America. 

Private Debt Funds - Invested assets in this category pursue returns by investing in entities experiencing financial difficulties in 

various geographic sectors, but primarily in the United States. This usually includes investing in debt or equity securities in 

connection with leveraged buyouts, reorganization due to bankruptcy, debt restructuring, or recapitalization and later-stage growth 

financings. 

Buyout Funds - Invested assets in this category use fund capital to purchase the equity or equity related securities of existing, 

established businesses in various industry sectors for the purpose of generating income and capital appreciation. The equity related 

investments are in companies with geographic areas primarily in the United States and Europe, with some having primary business 

activities in emerging markets. 

Special Situation Funds - Investments in companies with a specific purpose in order to achieve capital appreciation. Two of the 

funds in this category invest in companies which manufacture goods or provide services, are in financial trouble, and are likely to 

have a unionized workforce with geographic locations of the United States and United Kingdom. The third fund in this category has 

underlying investments in royalty interests, revenue interests, debt, and equity for the purpose of financing various uses related to 

healthcare products. 

Venture Capital Funds -Invested assets in this category intend to achieve capital appreciation through investments in venture capital 

technology, life sciences, biotechnology, and medical device companies in the seed stage and beyond. Investments are primarily in 

North American and European companies. 

NOTE6 SECURITIES LENDING 

The Fund has entered into certain securities lending transactions during the years ended December 31, 2015 and 2014, and accepts 

cash collateral for these transactions. The Fund requires collateral at a I 02.0% to 106.0% of the daily market value of securities 

being lent to cover possible default. The Fund does not sell or repledge the collateral. The securities loaned and collateral held at 

December 31 are as follows: 

Market Value of Securities Loaned to Borrowers: 

Corporate Equity Securities 

US Government Securities 

Corporate Debt Securities 

Collateral Held: 

__ 2Qlj __ 

$ 16,357,979 

613,885 

2,258,311 

$ 19.23_0._175 

2014 

$ 24,906,064 

769,787 

0 

$ 25.675.851 

Fair Value of Collateral under Security Lending Program $ 19,819,802 $ 26 288,920 

NOTE7 ACTUARIAL VALUATION 

The Fund's consulting actuaries performed an actllarial valuation of the Fund as of January 1, 2015 and 2014. The significant 

actuarial assumptions used in those valuations were as follows: 

Non-Disabled Mortality The sex district RP-2000 Male Blue Collar Mortality Tables 

projected to 2006 with scale BB. For determining the RPA '94 

current liability, the mortality tables prescribed by the Pension 

Protection Act of2006 were used. 

12 
NEW YORK STATE TEAMSTERS CONFERENCE PENSION AND RETIREMENT FUND 

NOTES TO FINANCIAL STATEMENTS 

NOTE7 ACTUARIAL VALUATION (Continued) 

Disabled Mortality 

Net Investment Return 

Discount Rate 

Administrative Expenses 

Rate of Retirement 

Changes in Assumptions 

The sex district RP-2000 Disabled Mortality Tables projected to 

2006 with scale BB. For determining the RPA '94 current liability, 

the mortality tables pre>CI iued uy tire Pension Pt otection Act of 2006 

were used. 

8.50% 

3.51% (3.64% for 20 14) 

$7,000,000 annually ($5,500,000 tor 2014) 

Based on Plan experience 

Since the prior valuation, the following assumptions were changed 

The non-disabled mortality assumption was changed from the RP-2000 

Male Blue Collar Mortality Table with a !-year set-forward for males and a 

4-year set-back for females, with no future improvement in mortality rates 

beyond any included in the published table, to the sex distinct RP-2000 Blue 

Collar Mortality Tables projected to 2006 with Scale BB. 

The disabled mortality assumption was changed from the sex distinct RP2000 Disabled Mmiality Tables, with no future improvement in mortality 

rates beyond any included in the published table, to the sex distinct RP-2000 

Disabled Mortality Tables projected to 2006 with Scale BB. 

The expected operating expense was changed trom $5,500,000 to 

$7,000,000. 

The Current Liability interest rate was decreased from 3.64% to 3.51%, and 

the Current Liability mortality table was changed in accordance with the 

change in the IRS mandated legislative changes. 

The foregoing actuarial assumptions are based on the presumption that the Fund will continue. Were the Fund to terminate, different 

actuarial assumptions and other factors might be applicable in determining the actuarial present value of accumulated plan benefits. 

NOTES ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS 

The actuarial present value of accumulated plan benefits are those future periodic payments, including lump-sum distributions that 

are attributable under the Plan's provisions to services rendered by employees to the valuation date. Accumulated plan benefits 

include benefits expected to be paid to retired employees or their beneficiaries and present employees or their beneficiaries. 

Benefits payable under all circumstances (retirement, death, and disability) are included to the extent they are deemed attributable to 

employee services rendered to the valuation date. 

The Fund's consulting actuaries determine the actuarial present value of accumulated plan benefits, which is the amount that results 

from applying actuarial assumptions to adjust the accumulated plan benefits to reflect the time 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. 

13 
NEW YORK STATE TEAMSTERS CONFERENCE PENSION AND RETIREMENT FUND 

NOTES TO FINANCIAL STATEMENTS 

NOTES ACTUARIAL PRESENT VALUE OF ACCliiVIliLATED PLAN BENEFITS (Continued) 

The actuarial present value of accumulated plan benefit information as of January 1, 2015 and 2014, (dates of last actuarial 

valuations) are as follows: 

Actuarial Present Value of Accumulated Plan Benefits: 

J anual}'_,1.l, ~~~~· 

Vested Benefits 

Participating Employees 

Deferred Vested 

Retirees and Beneficiaries 

Total V csted Accumulated Benefits 

Nonvested Benefits 

Total Accumulated Benefits 

Net Assets Available for Benefits on Valuation Date 

2015 

$ 496,629,393 

222,009,476 

2.341,911.621 

3,060,550,490 

157,615,500 

$ 3~18.Hi5.C>?Q 

$ . U61.121.?92 

A summary of the changes in the total actuarial present value of accumulated plan benefits is presented below: 

Actuarial Present Value at Start of Prior Year 

Increase (Decrease) During Year Resulted From: 

Plan Amendment 

Changes to Actuarial Assumptions 

Benefits Accumulated and Actuarial (Gains)/Losses 

Decrease in Discount Period 

Benefits Paid 

Net Increase 

Actuarial Present Value at Start of Current year 

NOTE9 TAX STATUS 

2015 

$ __ 3,144,311 ,908 

0 

98,717,630 

( 1 ,862,406) 

256,522,704 

(279,523,846) 

73 854 082 

$ ~J-218.16_5.990 

$ 

$ 

2014 

479,534,560 

I 95,966, I 49 

2 293.620,303 

2,969,121,012 

I 75.190 896 

3 144JJJ,908 

2014 

(I ,859) 

0 

42,211,721 

254,966,552 

(278.945,463) 

18.230 951 

$ ____ ].,l44,1U,908 

The Plan obtained its latest determination letter on December 4, 2015, in which the Internal Revenue Service stated that the Plan 

remains qualified under Section 40l(a) of the Internal Revenue Code (IRC), and the related trust remains exempt from Federal 

income taxes under Section 50l(a) of the IRC. The Fund's management and tax counsel believe that the Plan is currently designed 

and being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been 

included in the Fund's financial statements. 

NOTE 10 PLAN TERMINATION 

In the event of Plan termination, the net assets of the Plan will be allocated as prescribed by the provision of Section 4041 (A) of 

ERISA and regulations pursuant thereto. Benefits are guaranteed by the Pension Benefit Guaranty Corporation to the extent 

provided by ERISA. 

NOTE 11 PLAN AMENDMENTS 

The fund's Board of Trustees adopted certain administrative plan amendments during the year ended December 31, 2015. The 

amendments will be reflected in the January 1, 2016, reconciliation of actuarial present value of accumulated plan benefits. 

NOTE 12 PARTIES-IN-INTEREST AND RELATED-PARTY INFORMATION 

The Fund holds title to its principal operating office building, located at 3 Northern Concourse, Syracuse, New York, jointly with the 

New York State Teamsters Council Health and Hospital Fund (Health Fund). Ownership and occupancy costs are shared equally by 

the two related benefit funds. 

Substantially all common expenses of Fund operations (including supplies, utilities, repairs, maintenance, equipment maintenance, 

taxes, and security) are shared equally between the Pension and Health Funds. Salary and wage expenses and related employment 

14 
NE\V YORK STATE TEAMSTERS CONFERENCE PENSION AND RETIREMENT FUND 

NOTES TO FINANCIAL STATEMENTS 

NOTE 12 PARTIES-IN-INTEREST AND RELATED-PARTY INFORMATION (Continued) 

costs are allocated based on the actual cost of employees working exclusively for each Fund. The cost of employees providing 

services to both Funds is shared equally. In addition, certain contributions were held in escrow as a due from the Health Fund. As a 

result, the Pension fund has a net payable of $443 and $422 to the Health Fund at December 31, 2015 and 2014, respectively. 

An administrative cost sharing agreement exists between the Pension and Health Funds and the newly formed New York State 

Teamsters Council - United Parcel Service ("UPS") Retiree Health Fund (UPS Retiree Health Fund) for the costs of shared 

personnel as well as other shared office administrative expenses. For the year ended December 31, 20 I 5 and initial seven month 

period ended December 31, 20 I 5 the UPS Retiree Health Fund reimbursed the Pension Fund $36,077 and $30,555, respectively for 

its share of administrative expenses. 

A party-in-interest is defined under the Department of Labor regulations as any fiduciary of the Fund, any party rendering services to 

the Fund or an employer whose employees arc covered by the Fund. The Fund pays expenses related to Fund operations and 

investment activity to various service providers. Therefore, payments to such service providers by the Fund qualify as party-ininterest transactions. 

Certain Fund investments are shares of collective trusts managed by State Street Global Advisors (SSGA). SSGA is an investment 

arm of State Street Bank and Trust Company which provides custody and accounting services for some of the Fund's investments. 

At December 31, 2015 and 20 I4, the fair value of the Fund's investments managed by SSGA was $156,835,022 and $242, I 67,442, 

respectively. The Fund also invests in Bank of America, which provides banking services to the Fund. 

NOTE 13 COMMITMENTS AND CONTINGENCIES 

The Fund has investment agreements with various limited patinerships and investment funds (Private Market Equities) requiring 

ongoing capital contribution commitments. At December 31, 2015, the Fund has remaining unfunded commitments of 

approximately $229,000,000. 

NOTE 14 RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500: 

Net Assets Available for Benefits Per the Financial Statements 

Add: Fair Value Adjustment for Property Used in Operations 

Net Assets Available for Benefits Per the form 5500 

NOTE 15 SUBSEQUENT EVENTS 

2015 

$ I ,381,300,242 

53 180 

$=_L381 ,353,422 

2014 

$ I ,561,393,592 

0 

$ I 561 393 592 

The most recent annual certification by the Fund's Actuary, which is available as of the date on which the financial statements were 

available to be issued, states that the for the plan year beginning January 1, 2016 the Fund is in "Critical and Declining Status" as 

defined by the Multiemployer Pension Retorm Act. 

Management has evaluated subsequent events through .June 9, 2016, the date on which the financial statements were available to be 

issued. 

15 
CATEGORY 

INTEREST BEARING CASII 

!HI EI\LST 81:/\RING CAS! I 

INTEREST BEARING CASH 

INlLRISl BLARING C/\Sll 

INTERt:ST BEARING CASH 

INTCRISI BE!\RING CASH 

INTEREST BEAI\ING CASH 

INTLREST BEARING C/\Sl-1 

INTEREST BEARING CASH 

INTEREST BEARING CASH 

INTEREST BEARING C/,SH 

INTEREST BEARING CASH 

INTEREST BEARING CASH 

INTEREST BEARING CASH 

INTEREST BEMUNG CASH 

INTEREST BEAI~ING CASH 

INTEREST BE/\ RING CASH 

INTEREST BEARING CASH 

INTEREST BEARING CASH 

INTEREST BEARING CASH 

OTHER 

OTHER 

OTJ!ER 

OTHER 

OTHER 

!IS GOVFRNMENT SFCURlTIES 

U S GOVEHNMENT SECURITIES 

lJ S GOVERNMENT SECURITIES 

CORP DEBT INSTR -PREFERRED 

CORP DEBT INSTR -PREFERRED 

CORP DEBT INSTR.- PREFERRED 

COT<P DEBT lNSTR -PREFERRED 

CORP DEBT INSTR -PREFERRED 

CORP DEBT INSTR. - PREFERRED 

CORP l)[BT INSTR -PREFERRED 

CORP. DEBT INSTR -PREFERRED 

CORP DEBT INSTR -PREFERRED 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR - ALL OTHER 

CORP DEHT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OT!IER 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR_- ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT lNSTR -ALL OTHER 

CORP DEBT lNSTR - ALL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP. DEBT lNSTR.- ALL OTilER 

CORP. DEBT INSTR.- ALI. OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR- ALL OTHER 

CORP DEBT INSTR.- ALL OTHER 

:"'EW YOHK STi\TE TE \lVISTERS CONFF.RF.:"'CE l'ENSIO'< .\Nil RETII<E\IENT Fl'ND 

I'ENSIO:\' .-\ND RETIREME!\T Ft:ND 

SCHEDULE OF ASSETS (UELD AT END OF YEAR) 

ATTACIIi\IENT FQI{ SCHEDULE ll, PAHT IV, LINE 4i 

Dcccmbr•· 31, 2015 

St::Ct!RITY DESCRIPTION 

CANM)I/\N DOI.L~R 

CANADIAN DOLLAR 

SWISS FJU,NC 

EUROCURRENCY 

f'.\JRO CURRENCY 

EUROCURRENCY 

POUND STERLING 

SOUTH KOREAN \VON 

GOVERNMENT STIF IS 

GOVERNMENT STIF 18 

GOVERNMENT STIF I R 

GOVERNMENT STIF IS 

GOVERNMENT STIF 18 

GOVERNMENT STIF 18 

GOVERNMENT STIF 18 

STi\TE STREET BANK+ TRUST CO SHORT TERM INVFSTMEN 

US DOLLAR 

US DOLLAR 

US DOLLAR 

US DOLLi\R 

HELLENIC REPUBLIC 

HELLENIC REPUBLIC 

BONDS REGS 02/35 VAR 

RONDS REGS 02/36 VAR 

HELLENIC REPUBLIC BONDS REGS 02/41 VAR 

MEX BONOS DESARR FIX RT SR UNSECURED 11/38 U 

FED REPUBLIC OF BRAZIL SR UNSECURED Olin 10 25 

US TREASURY NIB 12/17 I 

US TREASURY NIB 

US TREASURY NiB 

09!l7 0 625 

05/16 0.375 

EUROPEAN BK RECON + DEV 

lNTL BK RECON +DEVELOP 

PETROLEOS MEXlCANOS 

AMERICA MOVIL SAB DE CV 

AMERICA MOVIL S1\ B DE CV 

SR UNSECURED 03/16 6 

SR UNSECURED 08/17 4 5 

COMPANY G1JAR 11/26 7 47 

COMPANY GUAR 12/36 8 46 

COMPANY GUM< 12/36 8 46 

CHESAPEAKE ENERGY CORP COMPANY GUAR 05137 2.5 

HERCULES INC JR SUBORDINA 06/29 6 5 

JNTL FINANCE CORP SR UNSECURED 06/19 7 8 

LENNAR CORP COMPANY GUAR 1441\ 11!21 3 25 

CAM MORTGAGE TRUST CAMMT 2015 I M l44A 

CJTIGROUP MORTGAGE LOAN TRUST CMLTI 2005 ll A2A 

GSR MORTGAGE LOAN TRUST GSR 2004 14 SA 1 

NEW YORK MORTGAGE TRUST NYMT 2006 I 2!\2 

JNTL BK RECON +DEVELOP 

RED OAK POWER LLC 

SR UNSECURED 02!16 4 25 

SR SECURED 11119 8 54 

AES CORP/VA SR UNSECURED 04/25 5.5 

AMC NETWORKS INC COMPANY GUAR 12/22 4 75 

WILLIAMS PARTNERS/ACMP SR UNSECURED 03/24 4.875 

AERCAP IRELAND CAP LTD/A COMPANY GUAR 05/21 4 5 

AIRCASTLE LTD SR UNSECURED 02122 55 

NEW ALBEIUSONS INC SR UNSECURED 06/28 6 625 

NEW ALBERTSONS INC SR UNSECURED 06/26 7 75 

ALCOA INC SR UNSECURED 02/27 5 9 

ALLY FlNANCfAL INC 

ALLY FINANCIAL INC 

ALLY FINANCIAL INC 

ALCOA INC 

SR UNSECURED 09/24 5 125 

SR UNSECURED 03/20 4 125 

SR UNSECURED 03/25 4 625 

SR UNSECURED 01/28 6.75 

AMERICAN l-IOMES 4 RENT Al-14R2014SFR1 E 144A 

See Independent Auditor's Report 

16 

5500 

HEVALUED 

COST 

196 

I 04 

(0) 

0 

3.739 

.J20,597 

71 

I ,474 

8%.949 

464.417 

381,194 

838.672 

124,215 

155,651 

5.462,328 

34,XOS 

299,987 

1,960_41 0 

(4,524) 

---·~~nz.795 

12,317,083 

4,668 

4,654 

2,312 

490,233 

192.329 

13'J,h72 

539,852 

___ 539,665 

1,913,386 

126,601 

287,533 

139,439 

272,165 

68.041 

63,131 

216.000 

284,044 

_____ !i5,500 

1,(.02,455 

99,000 

37,690 

101,111 

74.611 

133,545 

9,351 

29,513 

133,000 

35,700 

150,375 

148,856 

!31 ,175 

129,775 

141,588 

71,050 

36.231 

282,688 

73,098 

94,541 

FLINn 

MARKET 

VALliE 

863 

99 

(0) 

0 

3,193 

420,596 

70 

1,425 

896,949 

464,417 

384,194 

838,672 

124.215 

155,651 

5.462,328 

34,808 

2Q0,9R7 

1,960,410 

(4,524) 

I ,2R2.795 

!2,32lo,l48 

6,182 

6,121 

3.094 

397,526 

I I I ,444 

139,808 

536,269 

~539,789 

]. 740,234 

I 16,148 

271,665 

I 06.645 

220,718 

55,180 

30,550 

202,800 

252,794 

156,329 

1,412,829 

99,026 

37,714 

I 00,975 

74,863 

114,316 

9,110 

26,475 

140,000 

32,050 

152,438 

148,625 

132,825 

133,400 

J 19,275 

71,663 

34,825 

291,313 

61,750 

95,842 

llf"REALIZED 5500 

REVALUED 

GAIN/LOSS 

(333) 

(6) 

(546) 

(IJ 

(I) 

(49) 

(935) 

I ,514 

I ,467 

782 

(92,706) 

(80.885) 

136 

(3,584) 

124 

(173.152) 

(10,453) 

( 15,868) 

(32, 794) 

(51,447) 

(12,862) 

(32,581) 

(13.200) 

(31 ,249) 

10,829 

(189,626) 

26 

24 

(135) 

252 

(I 9,229) 

(24 I) 

(3,038) 

7,000 

(3,650) 

2,063 

(231) 

I ,650 

3,625 

(22.313) 

613 

(1,406) 

8,625 

(11,348) 

I ,302 
CATEGORY 

COI<P DEBT IN~TR -ALL OTJIE[( 

CUIW IJ!OfH IN~ I R.- ALL OIHFR 

CORP DEBT INSTR - AI,L OTHER 

COHP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR - t\LL OTHER 

COHP DEBT INSTR -ALL OTHER 

CORP DEBT TNSTR - ;'.LL OTHER 

CORP DEBT INSTR. -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR- ALL OTHER 

CORP DEBT TNSTR -ALL OTHER 

CORP DEBT JNSTR- ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT JNSTR -ALL OTHER 

CORP. DEBT INSTR - 1\LL OTHER 

CORP. DEBT INSTR -ALL OTI!ER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP. DEBT JNSTR -ALL OTHER 

CORP DEBT INSTR - ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTIIER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT TNSTR -ALL OTHER 

CORP. DEBT JNSTR - ALL OTHER 

CORP DEBT JNSTR.- ALL OTHER 

CORP. DEBT JNSTR -ALL OTHER 

CORP DEBT TNSTR -ALL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR.- ALL OHlER 

CORP. DEBT INSTR.- ALL OTHER 

CORP. DEBT JNSTR -ALL OTTJER 

CORP DEBT INSTR.- ALL OTHER 

CORP DEBT JNSTR -ALL OTHER 

CORP DEBT TNSTR -ALL OTHER 

CORP. DEBT JNSTR - ALL OTHEH 

CORP. DEBT TNSTR -ALL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP. DEBT JNSTR -ALL OTHER 

CORP. DEBT JNSTR- ALL OTHER 

CORP. DEBT TNSTR.- ALL OTHER 

CORP. DEBT INSTR.- ALL OTI-IER 

CORP DEBT JNSTR - ALL OTHER 

CORP. DEBT JNSTR -ALL OTHER 

CORP. DEBT INSTR. -ALL OTHER 

CORP. DEBT INSTR - ALL OTHER 

CORP. DEBT TNSTR. - ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR - ALL OTHER 

CORP. DEBT TNSTR. -ALL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP. DEBT JNSTR.- ALL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR - ALL OTHER 

CORP DEBT INSTR -ALL OTliER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT TNSTR.- ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR. -ALL OTHER 

CORP DEBT TNSTR -ALL OTHER 

NEW YORK STATE TEA;\·ISTEHS CONFERENCE. PENSION AND RETIHF.;\JENT FCNO 

PENSION AND RETIHEii'IEJ'iT FUND 

SUIEillJLE OF ASSETS (HELD AT Ei\0 OF YEAR) 

ATTACIL\-IE:'o/T FOR SCIIEDllLE 11, PAin IV, LIKE 4i 

Octemhrr 31, 2015 

AMERICAN TNTL. CiHOUP .IR SUBORDINII 03/87 6 25 

AlviSURG CURl' COfviPANY GUAR 07/22 5 (>25 

ANTERO RESOURCES CORP COMPANY C>UAR 11/21 5J75 

ANTERO RESOURCES CORP COMPANY GUAR 12/22 5 125 

ARCELORMITTJ\1_ SR UNSEClJRED 03/41 V AR 

ATRIUM WINDOWS 'DOOI~S SR SECURED 1441\05/19 7 75 

Bt\LL CORP COMPANY GUi\1~ 12i20 4 375 

BA YTEX ENERGY CORP COMP,\NY GUM< 144A 06/21 5 I 

B/, YTEX ENERGY CORP COMPANY GUAR 1441\06/24 5.6 

BIUMARIN Pl-!1\RMACEUTTCAL SR SUBORDINA I 0/18 0 75 

810Mi\HIN P!-1;\RMACEUT!C/\L ~R SIJBORD1NA !0120 l 5 

BLI\CKBOARD INC SR UNSECURED 144A 11/1{) 7 75 

BONANZA CREEK !CNf'f~GY INC COMPANY GUAl~ 04/21 6.75 

BONANZ1\ CREEK ENERGY INC 

BROCADE COMMUNICATIONS 

BUTLDEHS FIRSTSOURCE INC 

CCO l-ILDGS Ll.c:/CAP CORP 

CCO HLDGS LLC/CAP CORP 

CCO HLDGS I.! .ctCAP CORP 

COMPANY GUAR 02/23 5 75 

COMPANY GUAR 144A 0!/2 

SR SECURED 144A 06/21 7.625 

COMPANY GU/\R 02123 5 125 

COMPANY GUAR 01/24 5.75 

COMPANY GIJAR 144A 05/23 5. 

OUTFRONT MEDII\ CAP LLC!C COMPANY GIJAR 02/22 5 25 

CHS/COivfMUNITY HEAL TIT SYS COMPANY GUAR 02/22 6.81 

CNO FINANCIAL GROUP INC SR UNSECURED 05/25 5.25 

CSC HOLDINGS LLC 

CSC HOLDINGS LLC 

CSC HOLDINGS LLC 

CSC HOLDINGS LLC 

CVS HEALTll COIH' 

CVS HEt\L TH CORP 

SR UNSECURED 02/18 7 875 

SR UNSECURED 07/I 8 7.625 

SR UN:SECURED 11121 6 75 

SR UNSECURED 06/24 5.25 

SR UNSECURED 144A 12122 4 75 

SR UNSECURED 144A 12/24 5 

CALIFORNIA RESOURCES CRP 

CALIFORNIA RESOURCES CRP 

COMPANY GUAR 01/20 5 

COMPANY GUAR 09/2! 55 

CALIFORNIA RESOURCES CRP COMPANY GU/\R ll/24 6 

CENTURYUNK INC SR UNSECURED 0!128 6 875 

CENTURYLINK INC SR UNSECURED 04125 5 625 

CHESAPEAKE ENERGY CORP COMPANY GUAR 11/20 6 875 

CHESAPEAKE ENERGY CORP 

CHESAPEAKE ENERGY CORP 

CHESAPEAKE ENERGY CORP 

CHESAPEAKE ENERGY CORP 

COMPANY GUAR 02/21 6 l 25 

COMPANY GUI\R 06/21 5 375 

COMPANY GUAR 03/23 5.75 

COMPANY GUAR 04122 4.875 

CJNC BELL TEL COlvJPANY GUAR 12/28 6 3 

FRONTIER COMMIJN!CA TICJNS SR UNSECURED 11/25 7 

CLEAR CHANNEL WORLDWIDE COI\1PANY GUAH. 11/22 6 5 

CLEAR CHANNEL WORLDW1DE COMPANY GUAR 11/22 6 5 

HCA INC COMPANY GUAR 07!36 7.75 

HCAINC COMPANY GUI\R 12/27 7.05 

COMMERZBANK AG SUBORDINATED 144A 09/23 8.!25 

COM!v\SCOPE TECH FINANCE L SR UNSLCURED 144A 06/25 

COMMSCOPE lNC COMPANY GUAR 144A 06121 5 

COMMSCOPE INC SR SECURED l 44A 06120 4 375 

CONCHO RESOUT<CES INC COMPANY GUAR I 0!22 55 

CONCHO RESOURCES INC: COMPANY GUAR 04123 5.5 

CON SOL ENERGY INC COMP/\NY GUAR 04122 5.875 

CONTINENTAL RESOURCES 

CONTINENTAL RESOURCES 

COMPANY GUAR 04/23 4 5 

COMPANY GUAR 06/24 3.8 

DS SERVICES OF AMERICA 1 SECURED 144A 09/21 10 

DEUTSCHE BANK AG SUBORDINATED 04/25 4.5 

DIAMOND OFf'SHORE DRILL SR UNSECURED 11143 4,875 

DILLARDS INC SR UNSECURED 07/26 7 75 

DILLARDS INC 

DISH DBS CORP 

DISH DBS CORP 

DJSH DBS CORP 

DISH DBS CORP 

SR UNSECURED 05/27 7 75 

COMPt\NY GUAR 07/22 5 875 

COMPANY GUAR 03123 5 

COMPANY GUAR 05/20 5.125 

COMPANY GUAR I I/24 5.875 

DREAMWORKS ANIMA TTON SKG COMPANY GUAR 144A 08 

See Independent Auditor's Report 

17 

551)0 

HEVALUED 

COST 

Ill ,595 

99,738 

I ~.275 

106,9!3 

328,250 

239,400 

) 65,000 

37,600 

175,350 

28,2 !5 

102,021 

111,278 

50,381 

50,213 

15,000 

179,375 

241,888 

70.700 

89,756 

10,275 

169,501 

105,000 

141,075 

36,773 

I 0.400 

102,031 

11,! 83 

IT ,330 

10,000 

) 24,400 

50,238 

115,000 

36,675 

64,500 

I 0,819 

4,997 

6,000 

143,150 

28,200 

63,050 

111,925 

!74,406 

561,750 

35,525 

232,194 

67,358 

137,900 

10,000 

15,150 

44,727 

150,275 

33,290 

I 03,450 

103,950 

J 87,78H 

13,021 

66,750 

89.400 

4,788 

135,813 

141,050 

81.175 

69,300 

Flli\'0 UNREALIZED 551HJ 

1\'lAHI(F:T HEVALUED 

VA LifE GAIN/LOSS 

109,250 (2,345) 

99,000 (7Jg) 

16,000 (2,275) 

87,400 (!~_513) 

219,781 (I 08,469) 

210,900 (28,500) 

167,579 ].,579 

30,263 (7,338) 

!40.700 {34.650) 

30,8!0 2.595 

110.909 8,887 

96,015 {15,263) 

36,300 {14 081) 

33,800 (16.41)) 

14,400 (600) 

184,188 4,813 

245,306 3,419 

71,925 I .225 

90,000 244 

10,225 (50) 

151,800 (17,70 1) 

106,838 1,338 

142,088 1,013 

36,838 65 

9,825 (575) 

100,913 (I ,119) 

10,715 (468) 

10,819 (512) 

3,563 (6,438) 

39,375 (85.025) 

I6,775 (33.463) 

85,675 (29,325) 

38,025 1,350 

17,100 (47.400) 

4,230 (6,589) 

1,350 (3,647) 

2,900 (3,100) 

5 I ,349 (91,801) 

27,150 (1 ,050) 

50,700 (12,350) 

106,150 (5,775) 

170,625 (3,781) 

556,500 (5,250) 

35,263 (263) 

229,542 (2,652) 

67,375 18 

134,225 (3,675) 

10,075 75 

13,650 (I ,500) 

41,625 (3,1D2) 

93,000 (57.275) 

25,146 (8,144) 

88,054 ( 15,396) 

102,!50 (I ,800) 

183,982 (3,806) 

12,142 (879) 

69.361 2,611 

93,042 3,642 

4,663 (125) 

121,450 ( 14,363) 

138,600 (2.450) 

75,650 (5,525) 

68,950 (350) 
CATEGORY 

CORP Dt:BT TNSTF -1\LL OTIIER 

CORP DEBT INSTR -ALL 0! IIER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -/,LL OTIIJ::R 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -AI. I. OTIIU< 

CORP DEBT INSTR -ALL OTJ-IFR 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -AI .L OTHER 

COl< I' DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR - 1\L.L OTHER 

CORP DEBT INSTR - 1\LL OTHER 

CORP. DEBT INSTR - 1\LL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR - ALL OTHER 

CORP. DEBT INSTR -ALl, OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR - ;\LL OTHER 

COHP DEBT INSTR -ALL OTHEH 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTH -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR - ALL OTI-IEH 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT JNSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -AU. OTHFR 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR. -A 1.1. OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR - ALL OTI1ER 

CORP DEBT INSTR -ALL OTHER 

COHP DEBT INSTR -ALL OTIIER 

COHP. DEBT INSTR - 1\LL OTHER 

CORP DEBT INSTR.- ALL OTIIER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTIIER 

COHP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR. -ALL OTHER 

CORP, DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR- ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR. - ALL OTHER 

CORP DEBT INSTR - AI.J. OTHER 

CORP. DEBT INSTR -ALL OTHER 

NEW YORK STATE TEA:VISTERS COJ\FEHF.NCE l'ENSIOI" AND RETIREMENT FUND 

PENSION AND RETIHEMDIT FUND 

SCHEDULE OF ASSETS (HELD AT END OF YEAH) 

ATfACIIii'IENT FOn SCJIEDULE II, PART IV, LINE 4i 

December 31,2015 

SECURITY DESCRIPTION 

DYNEGY JNC COMPANY GUi\R lli22 7 375 

ECLIPSE RESOURCES CORP COMPANY GUAR 144A 07/23 8 

KINDER MORGAN ENFR PART COMPANY GUAR 11/42 'I 7 

EMBRAER NETHERLANDS !'INA COMPANY GUAR 06/25 50' 

ENEL SPA JR SUBORDINA 144A 09!73 V 1\R 

ENTEGRIS INC COMPANY GUAR 144A 04122 6 

EQUINIX INC SR UNSECURED 04/20 4 875 

EQUINJX INC SR UNSECURED 01/22 5.375 

EQlJINIX INC SR UNSECURED 01/26 5 R75 

ESSAR STEEL ALGOMA INC SR SECURED 144A 11/19 9 5 

EXAMWOHKS GROUP INC 

DOLLAR TREE INC 

FELCOR LODGING LP 

FREEPORT MCMORAN INC 

COMPANY GUAR 04/23 5 625 

COMPANY GU;\R I 44A 03/23 5 75 

SR SECURED 03/23 5.625 

COMPANY GUAR 03/43 5 45 

FREEPORT MCMORAN INC COMPANY GUAR 11/24 4 55 

FRONTIER COMMUNICATIONS SR UNSECURED 144A 09i22 

(;FL ENVIRONMENTAL JNC COMPANY CiUAR 144A 04/20 7 

GLP CAPITAL LP I FIN II COMPANY GUAR 11/20 4.875 

GLP CAPJT AL LP I FIN II COMPANY GUAR 11123 5_375 

AEROJET ROCKETDYNE HLDG SECURED 03121 7.125 

GENERc\L MOTORS FINL CO COMPANY GUAR 05123 4 25 

GIBSON ENERGY INC 

GLOflAL MARINE INC 

GOODYEAR TIRE+ RUBBER 

GROUP I AUTOMOTIVE INC 

J-IALCON RESOURCES CORP 

flALCON T<ESOURCES CORP 

HALCON RESOURCES CORP 

COMPANY GUAR 144A 07/21 6.75 

SR UNSECURED 06/28 7 

COMPANY GUAR 11/23 5.125 

COMPANY GUAR 144A 12/23 5 

COMPANY GUAR 07/20 9.75 

COMPANY GUAR 05/21 8.875 

SECURED 144A 02/20 8 625 

JllLTON WORLDWIDE FIN LLC COfvlPANY GUAR I 0/21 5.625 

HOLOGTC INC COMPANY GUAR 144A 07/2'2 5.25 

llORNBECK OFFSHORE SERV COMPANY GUAR 09/19 I 5 

K HOVNANIAN ENTERPRISES SR SECURED I 1/21 5 

!STAR INC SR UNSECURED 07/19 5 

IST.".R INC SR UNSECURED 11/17 4 

!CAl-IN ENTERPRISES/FIN COMPANY GUAR 03/19 4.875 

ICAHN ENTERPRISES/FIN COMPANY GUAR 02122 5.875 

IHS INC COMPANY GUAR 11/22 5 

INTL LEASE FINANCE CORP SR UNSECURED 01/22 8 625 

INTL LEASE FINANCE CORP SR UNSECURED 08/22 5 875 

INTERVAL ACQUISJTJON COR COMPANY GUAR 144A 04/23 

JAlWEN CORP COMPANY GUAR 03/34 1.125 

JEFFERIES GROUP LLC SR UNSECURED 01/36 6 25 

JEFFERIES GROUP LLC SR UNSECURED 01/23 5.I25 

NINE WEST HOLDIN SR UNSECURED 11/34 6.125 

KLX INC COMPANY GUAR 144A 12122 5.875 

KINDER MORGAN ENER PART 

KINDER MORGAN ENER PART 

KINDER MORGAN ENER PART 

KINDRED HEALTHCARE INC 

KINDRED 1-IEALTHCARF INC 

COMPANY GUAR 02/23 3.45 

COMPANY GUAR 03/43 5 

COMPANY GUAR 09/23 J 5 

COMPANY GUAR 01/20 8 

COMPANY GUAR 01/23 8.75 

LADDER CAP FiN LLLPICORP COMPANY GUAR 144A 08/21 5 

LENNAR CORP COMPANY GUAR 05/25 4 75 

LEVEL 3 COMMUNICATIONS SR UNSECURED 12/22 5 75 

LEVEL 3 FINANCJNG INC 

LEVEL 3 FINANCING INC 

LEVEL 3 FINANCING INC 

LEVEL 3 FINANCING INC 

ALCATFL LUCENT USA INC 

ALCATEL LUCENT USA JNC 

MEG ENERGY CORP 

MEG ENERGY CORP 

MGM RESORTS INTL 

MGM RESORTS INTL 

COMPANY GUAR 01/21 6 I 25 

COMPANY GUAR 08/22 5.375 

COMPANY GUAR 144A 05/23 5.12 

COMPANY GUAR 144A 05/25 5 37 

SR UNSECURED Oli28 6.5 

SH UNSECURED 03/29 6.45 

COMPANY GUAR 144A 01/23 6.375 

COMPANY GUAR 144A 03/24 7 

COMPANY GUAR 03/22 7.75 

COMPANY GUAR 03/23 6 

See Independent Auditor's Report. 

18 

550ll 

HEVALUED 

COST 

80,000 

101,252 

13.910 

:>7 ,350 

272,894 

70,875 

C>4,675 

60,564 

10,000 

35,263 

70,138 

45,000 

65,794 

7,863 

206,645 

55,000 

44,770 

65,813 

68,213 

I 0,563 

129,604 

39,938 

3,238 

40,000 

130,000 

21,850 

48,913 

8,925 

235,125 

30,000 

49,875 

199.750 

135,ROO 

68,075 

69,825 

I 62,303 

I 02,725 

136,400 

48,794 

60,000 

I 24,845 

176,899 

I 06,735 

51,000 

50,500 

7,863 

3,688 

11,850 

25,000 

70.000 

185,250 

280,000 

64,425 

139,725 

69,790 

28,363 

9,500 

52,938 

549,125 

178,500 

18,100 

132,900 

70,350 

Fll:'l/[) t:NHEALIZED 5500 

MARKET REVAUJED 

VALUE GAIN/I .OSS 

61),600 ( 10400) 

50,138 [51' 115) 

14,073 163 

27.300 (50) 

267.606 ( 5,288) 

70.875 

67,568 ~.893 

61.500 936 

10.300 300 

2,100 (33.163) 

69J,50 (488) 

46,575 1.575 

65,975 181 

7.800 (63) 

125,950 (80.695) 

54.79·1 (206) 

<14 ,550 (220) 

63,700 (2.1 I 3) 

68,250 38 

10,400 ( 163) 

128.588 ( 1.016) 

38,300 (1 ,638) 

2,425 ( 813) 

41,000 1,000 

128,700 (l ,300) 

8,700 ( 13 ISO) 

18,850 (30,063) 

6,900 (2.025) 

233,156 (1.969) 

30,600 600 

33,975 (15 900) 

157,450 (42,300) 

135,975 175 

68,635 560 

69,370 (455) 

156.400 (5,903) 

106,313 3,588 

133. I 00 (3,300) 

47,925 (869) 

59,550 (450) 

134.957 10.112 

166,277 (10,622) 

104,173 (2,562) 

II ,900 (39.1 00) 

47,500 (3,000) 

8.305 442 

3,704 16 

12,437 587 

23,375 (I ,625) 

64,400 (5,600) 

177.450 (7,800) 

273,700 (6,300) 

66,463 2,038 

139,725 

71,050 1,260 

29,775 1,413 

9,950 450 

55,275 2,338 

582,188 33,063 

137,000 (41,500) 

14,200 (3,900) 

127,500 (5,400) 

69.4 75 (875) 
CATEGORY 

COHP DEBT INSTR -ALL OTHEH 

CORP. IJEIJT INSTR -ALL OTHER 

CORP DEBT INSTR. -1\LL OTHER 

COR I' DU3T JNSTR -AU .. OTHER 

CORP DEBT INSTR -ALL OTTIER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT TNSTR -tiLL OTHER 

CORP DFBT INSTR -ALL OTIIER 

CORP DEBT INSTR -ALL OTHER 

CORP DCBT INSTR.- ;ILL O"rf-IER 

CORP DEBT iNSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHFR 

CORP DEBT INSTR -ALL OTllER 

CORP D!:oilT INSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEflT INSTR -ALL OTHER 

CORP. DEBT INSTH - AI.L OTHER 

CORP lJEllT INSTR -ALL OTHER 

CORP. DEBT TNSTR -ALL OTHER 

CORP DEBT TNSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR - ALL OTI-IER 

CORP DEBT lNSTR ·ALL OTHER 

CORP DE13T JNSTR -ALL OTHER 

CORP DEBT INSTR - ALL OTHER 

CORP DEBT INSTR ·ALL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR ·ALL OTHER 

CORP DEBT !NSTR,- ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT lNSTR - ;\LL 0Tl-1FR 

CORP DEBT !NSTR -ALL OTHER 

CORP DEBT JNSTR -ALL OTHFR 

CORP DEBT !NSTR -ALL OTHER 

CORP DEBT !NSTR -ALL OTHER 

COR!' DEBT INSTR - ;\LL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT lNSTR. -ALL OTHER 

CORP. DEBT INSTR ·ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR - ALL OTHER 

CORP DEBT lNSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP DEBT lNSTR -ALL OTl-lER 

CORP DEBT lNSTR -ALL OTHER 

CORP DEBT INSTR. ·ALL OTHER 

CORP DEBT JNSTR - ALL OTHER 

CORP. DEBT JNSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR ·ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR ·ALL OTHER 

CORP DEBT 1NSTR -ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR. - ALL OTHER 

CORP DEBT TNSTR -ALL OTHER 

CORP DEBT INSTR. -ALL OTHER 

NEW YOHK STATE TL\MSTFRS COJ\FEHENCE PL:'-/SI0:'-1 AND RETIHE~IE:'\T FtiND 

PENSlOI" Ar\0 HET!nF.:\1ENT Ft:i\'0 

SGIEDULE OF ASSETS (fiELD AT END OF YEAR) 

i\TTACIIMENT FOH SCIIEOl:Uc II. PAin IV, LINE 4i 

December 31, 2015 

5500 

RE\'ALUcD 

FUND UNREALIZED 5500 

MARKET HEVAUIEO 

SECURITY DESCHIP'l:~·l~O::_N:..____ ________ _____:=~---____:_=~:__--~~~~~- COST VALUE GAIN/LOSS 

MPLXl.P 

MASCOCORP 

COMPANY liUAR 144A 12/24 4 R75 

SR UNSECURED 08129 7 75 

MASCO CORP SR UNSl:CURED 08/32 6 5 

MASCO CORP SR UNSECURED 03122 5 95 

MATADOR RESOURCES CO COM/',\ NY GUAR 04123 6 875 

MECCANICA HOLDINGS USA COMPANY Gl!AH 144;\ Olt40 

MEDNAX INC COMPANY GU;\R 14-lA 12/23 5 25 

MICRON TECHNOLOGY INC SR UN:; Eel TRFD 11/43 3 

MICRON TECHNOLOGY INC SR UNSECURED 02125 55 

MlCRON TECHNOLOGY INC SR UNSEC1JRED 1441\ OR/2:\ 5 

MlCRON TECHNOLOGY INC SR UNSECURED \44A 01124 5 

MICRON TECHNOLOGY INC SR UNSECURED 144A 01i2c 5 

MlDAS !NT I IOLDCO li/FIN COMPANY GUAR 144A 10/22 7 8' 

NGL ENRGY PART LP/FIN CO COMPANY GUAf< I On I 6 875 

NGL ENRGY PART LP/FIN CO COMPANY GUAR 07il9 5 125 

NEWFIELD EXPLORATION CO SR UNSECURED 07/24 5 625 

NOBLE HOLDING JNTL LTD COMPANY GU/\R 03/42 5 25 

NOBLE ENERGY INC COMPANY GUAR 06!22 'i 875 

NUANCE COMMUNICATIONS SR UNSECURED 11135 I 5 

OASJS PETROLEUM lNC COMPANY GUAR D2il9 7 25 

OASIS PETROLEUM JNC COMPANY GUAR 03122 6 875 

COMPANY CiUAR 144A Olil'l ~ 

COMPANY GUAR 144A 07122 6 

COMPANY GIJAH 144A 08/24 7 

PAClFIC EXPLORATTON AND 

PARAGON OFFSI !ORE PLC 

PARAGON OFFSHORE PLC 

PARKER DRTLUNG CO COMPANY GUAR 07/22 6 75 

JC PENNEY CORP INC COMPANY GUAR 02/18 5 75 

PETROIJRAS GLOBAL FINANCE COMPANY GUAR 01/40 6 87 

PETROBRAS GLOBAL FINANCE COMPANY GUAR 01141 6 75 

PETROBRAS GLOBAL FINANCE COMPANY GUAR 05143 5 62 

PETROBRAS GLOBAL FINANCE COMPANY GUAR 03/44 7 25 

PETRCJBRAS GLOBAL FINANCE COMPANY GUAR 03124 6 25 

PIONEER ENERGY SERVICES COMPANY GUAR 03122 ~ 125 

PULTE GROUP INC COMPANY GliAR 05/33 6 375 

PULTE GROUP INC COMPANY GUAR 02/35 6 

QEP RESOURCES INC SR UNSECURED !0/22 5.375 

QEP RESOURCES INC SR \JNSFCURED 05123 5.25 

QORVO INC COMPANY GUAR 144A I 2/23 6 75 

QUICKEN LOANS INC COMPANY G11AR 144A 05/25 5 75 

RTI INTERNATIONAL METALS COMPANY GUAH IO!l9 1 625 

RWT HOLDINGS INC 

RSP PERMIAN INC 

COMPANY GUAR 11/19 5 625 

COMPANY GUAR 10/22 6 625 

RSP PERMIAN INC COMPANY (i1JAR 144A I 0/22 6 625 

REGENCY ENERGY PARTNERS COMPANY GUAR 11/23 4 5 

REGENCY ENERGY PARTIFINA COMPANY GUAH 03/22 5 87: 

REX ENERGY CORP COMPANY GUAR 08/22 6 25 

REYNOLDS GRP ISS/REYNOLD COMPANY GUAR 02/21 8 25 

RIALTO IILDS LLC/CORP COMPANY GUAR 144A 12/18 7 

RICE ENERGY INC COMPANY GUAR 05/22 6 25 

ROSE ROCK MIDSTREAM/FIN COMPANY GUAR 07/22 5 625 

ROY! CORP SR UNSECURED 144A 03/20 0 5 

ROYAL BK SCOTLND GRP PLC SUBORDINATED 12/23 6 

ROYAL BK SCOTLND GRP PLC SUBORDINATED 12/22 6 125 

NA VIENT CORP 

NA VIENT CORP 

SR UNSECURED 01/23 5.5 

.SR lJNSECl !RED 03/24 6 125 

SM ENERGY CO SR UNSECURED 01/24 5 

SM ENERGY CO SR UNSECURED 11/22 6 125 

SM ENERGY CO SR UNSECURED 06/25 5 625 

SAillNE PASS UQUEF ACTION SR SECURED 02/21 5 625 

SABJNE PASS LIQUEFACTION SR SECURED 144A 03/25 5.625 

SANCHEZ ENERGY CORP COMPANY GUAR 01/23 6.125 

SERVICEMASTER COMPANY LL SR l..JNSECURED 08/27 7 45 

SJCiNODF.lNDUSTRIAL GROUP COMPANY GUAR 144A 05/22 

SOUTHWESTERN ENERGY CO SR UNSECURED 01/25 4 95 

See Independent Auditor's Report 

19 

I I ",766 103.2].) (9.554) 

5,750 5,550 (200) 

132,925 IJJ,JOO (1,625) 

3 3,300 32,400 (900) 

20.000 1 R.600 (1,400) 

l.l7,750 134,125 (3,625) 

10.000 10.050 50 

4:5,952 <)} ,563 (4,389) 

37,125 34,800 (2,325) 

18.400 17,950 (450) 

70,000 61 ,AGO (8,400) 

I 11.716 99,475 (12,241) 

83,438 76,075 (7,363) 

71 ,OJJ 52,500 (18.531) 

67.188 55,300 (!1,888) 

16,911 17,050 139 

23,838 22.178 (1,659) 

261 ,703 233,069 (28,634) 

20,111 22,536 2,425 

63,563 46,638 (16.925) 

81,338 57,600 (24,238) 

116,303 25,650 (90,653) 

45,750 I 0,500 (35,250) 

51,000 I 1,900 (39, I 00) 

II ,250 10,275 (975) 

34,800 36,700 1,900 

46,613 48,750 2.138 

205,168 188,800 (16,368) 

26,400 27,338 938 

18,575 20,250 1,675 

123,700 93,275 (30,425) 

1 0(•,400 65.100 (41300) 

335,000 340,025 5,025 

286,500 294,000 7,50() 

179,550 136,800 (42,750) 

98.175 74,550 (23,625) 

70,000 71,400 1,400 

147,825 142,875 (4,950) 

66,616 66,503 (ll3'i 

14,202 13,856 (346) 

69,450 64,400 (5,050) 

14,888 13,800 (I ,088) 

64,225 60,560 (3,665) 

134,663 I 27,246 (7,417) 

223,450 45,000 ( 178,450) 

97,625 96,250 (I ,375) 

139.055 139,055 

210,313 151,200 (59,113) 

130,900 99,400 (31,500) 

133,528 !22,325 (11.203) 

118,399 118,472 74 

288,429 288,506 77 

114,900 96,000 (J 8,900) 

19,000 16,300 (2,700) 

30,450 22,750 (7 ,700) 

50,350 36,750 (13,600) 

13,375 9,900 (3,475) 

118,950 119,600 650 

179,263 152,325 (26,938) 

100,000 54,000 (46,000) 

62,075 64,675 2,600 

136,500 119.000 (17,500) 

59,869 37,800 (22.069) 
NEW YOHK STATE TE.\MSTEH.S CONFFIH::'ICF: l'FNSION Ai':D HETIHE:\IENT IT:'ID 

PENSION A:"D RETIHEMENT FliN[) 

CATEGOHY 

CORP DEBT INSTR -AI I. OTIIER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTIIER 

CORP DEBT INSTR - ALL OTHER 

CORP DEBT INSTR -ALL OTl!ER 

CORP. DEBT INSTR -ALL OTHER 

COPP DEBT INSTR -ALL OTl!ER 

CORP DEBT INSTR -ALL OTHER 

CORP DEBT INSTR - Al.L OTIIER 

CORP. DEBT INSTR -ALL OTHER 

CORP DEBTINSTR- ALL OTIIER 

COHP DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR.- ALL OTJ-IER 

CORP DEBT INSTR - ALL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR - ALL OTHER 

CORP DEBT INSTR.- AI.L OTHER 

CORP. DEBT INSTR -ALL OTI IER 

CORP. DEBT INSTR. -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR- 1\Ll. OTHER 

CORP DEBT INSTR -ALL OTf-IER 

CORP. DEBT INSTR.- ALL OTHER 

CORP. DEBT INSTR. - AI. I. OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT lNSTR- ALL OTHER 

CORP. DEBT INSTR - r\LL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP. DEBT JNSTR - ALL OTHER 

CORP DEBT !NSTR -ALL OT!!ER 

CORP. DEBT INSTR. - ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR. - ALL OTHER 

CORP. DEBT INSTR - ALL OTHER 

CORP. DEBT !NSTR -ALL OTHER 

CORP DEBT INSTR.- ALL OTHER 

CORP. DEBT INSTR- ALL OTHER 

CORP DEBT INSTR. -ALL OTHER 

CORP. DEBT INSTR. - ALL OTHER 

CORP. DEBT INSTR.- ALL OTHER 

CORP DEBT INSTR -ALL OTHER 

CORP. DEBT INSTR -ALl. OTHER 

CORP DEBT INSTR. -ALL OTI IER 

CORP. DEBT INSTR. -ALL OTHER 

CORPORATE STOCKS-PREFERRED 

CORPORATE STOCKS - PREFERRED 

CORPORATE STOCKS- PREFERRED 

CORPORATE STOCKS-PREFERRED 

CORPORATE STOCKS- PREFERRED 

CORPORATE STOCKS-PREFERRED 

CORPORATE STOCKS-PREFERRED 

CORPORATE STOCKS - PREFERRED 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS-COMMON 

SCIIEDtiLE OF ASSETS (HELD AT END OF YEAR) 

ATTACHMENT FOR SCIIEDULE ll, PART IV, Ll>'iE 4i 

OcccmhcJ·3l, 20I5 

SECURITY DESCRIPTION 

SPR!NGLEM r:JNANCJ::: CORP COMPANYCiUAR 10/21775 

:ii'RINGLE!\1. FINANCE CORP COMPM<Y GUAI\ 10/23 flY· 

SPRINT CAPITAL CORP COMPANY Gl!f\R 11/28 6.875 

CALATLANT!C GROUP INC COMPANY GUAR Ol/21 S 375 

CALATLJ\NTIC GROUP INC: COMPANY G\JAR 11124 5 S75 

STEARNS HOl.DINCiS LLC: SR SECURED 144A 08/20 9 375 

STRUCTURED ASSET SECURITIES CO SASC 2005 9XS 2A2 

SUPERV;\1.\J INC SR UNSECURED 11/22 7 75 

TENET 1-\EALTIICARE CORP SR SECURED 10/20 6 

T MOBILE USA INC COMPANY GUAR 04/22 6 731 

T MOBILE USA INC COMPANY GUAR 0\!22 6 125 

TARGA RESOURCES PARTNI'I<S COMPANY C!\JAR 02/21 6 8/ 

TARGA RESOURCES PARTNERS 

TARCiA RESOURCES PARTNERS 

TARGA RESOURCES PARTNERS 

TAF<GA RESOURCES PARTNERS 

COMPANY G\JAR 08/22 6 3i 

COMPANY GUAR 05/23 5.25 

CO!v!Pt\NY GUAR I J/23 4.25 

COMPANY GUAR I 1/19412 

TARGA RESOURCES PARTNERS COMPANY GUAR 144A 011\ 

TELECOM IT ALIA CAPITAL COMPANY GUAR 09134 6 

TELEFONICA EMISIONES St\U COMPANY GUAR 06/36 7 045 

TENET I IEALT!-ICARI: CORP SR UNSECURED 11/31 6 875 

TENET HEAL THCARE CORP SR UNSECURED 06!23 6 75 

TESOROLOGISTICSLP/CORI' COMPANY GUM\ 144A !0/195 

TESORO LOGISTICS LP/CORP COMPANY GUAR 144A J0/22 6 

TRANSDIGM INC COMPANY GUAR 07!24 6.5 

TRANSDIGM INC COMPANY GUAR 144A 05/25 6 5 

BROADSPEC:TRUM LTD COMPANY GUAR 144A 05/20 8 3 

TRANSOCEAN INC COMPANY GUAR I 0/22 4.3 

UNITED RENTALS NORTH AM COMPANY CiUAR I 1/24 5 75 

UNITYMED!A GMBH SR SECURED 144A 01/25 6.125 

UNIVERSAL HEALTH SVCS SR SECURED 144A 08/19 3 75 

UNIVERSAL HEALTH SVCS SR SECURED 144A 08/22 4 75 

URBI DESARROLLOS URBANOS COMPANY GUAR 1441\0212 

VALEANT l'HARMACFUTICALS COMPANY GUAR 144A 03/: 

VALEANT PHARMACEUTICALS 

VALEANT PHARMACEUTICALS 

VAI_EANT PHARMACEUTICALS 

VIRGIN MEDIA FINANCE PLC 

VULCAN MATERIALS CO 

WAVE HOLDCO LLC/CORP 

WELLCARE HEALTH PLANS IN 

WESTERN RUINING/WNRL Fl 

TRI POINTE GROUP! HOMES 

Wli!TING PETROLEUM CORP 

COMPANY GUAR 144A 05/: 

COMPANY GUAR 144A 121: 

COMPANY GUAR 1441\03/: 

COMPANY G\JAR 144A 01/25 5 

SR UNSECURED 04/25 4 5 

SR UNSECURED 144A 07/J9 8 2 

SR UNSECURED 11/20 5 75 

COMPANY GUAR 02/23 7 5 

COMPANY GUJ\R 06/19 4.375 

COMPANY GUAR 03/19 5 

W!IITING PETROLEUM CORP COMPANY GUAR 03/21 5 75 

WIIJ"rJNG PETROLEUM CORP COMPANY GUAR 144A 04/20 

MORGAN STANLEY SR UNSECURED 03/16 7 625 

GLENCORE FJNANCE CANADA COMPANY GUAR 144A 10/4 

ALCOA INC PREFERRED STOCK 10!17 5 375 

ALLY FINANCIAL INC PREFERRED STOCK VAR 

CHESAPEAKE ENERGY CORP PREFERRED STOCK 5 75 

Cl!ESAPEAK E ENF.RG Y CORP 

CHESAPEAKE ENERGY CORP 

DOMINION RESOURCES INC 

DOMINION RESOURCES INC 

DOMINION RESOURCES INC 

PREFERRED STOCK 5 75 

PREFERRED STOCK 5 75 

PREFERRED STOCK 04/16 6.12 

PREFERRED STOCK 07117 6.37 

PREFERRED STOCK 07/16 6. 

UBS GROUP AG REG COMMON STOCK CHF 1 

ISS A/S COMMON STOCK DKK 10 

COMPASS CiROlJP PLC COMMON STOCK GBP 10625 

ORKI.A ASA COMMON STOCK NOK I 25 

Sec Independent Auditor's Report. 

20 

5500 

REVALUED 

COST 

207,200 

67,200 

110,880 

45,300 

95,000 

93.000 

57,047 

19,600 

67,990 

73,725 

65,975 

:C0,450 

55.688 

81,100 

13,] 88 

42,497 

65,000 

215,000 

223,632 

149,613 

I 14,425 

54,575 

55,388 

78,963 

58,950 

I 17,150 

1!,675 

88,350 

266,750 

50,000 

95,000 

40,000 

210,000 

383,900 

4,319 

65,!94 

185,750 

75,000 

50,250 

140,525 

25,000 

143,396 

19,188 

51,013 

218,093 

236,107 

2:C,J7~. 

24,013,481 

115,198 

59,217 

8,861 

99,449 

2,207 

82,034 

87,533 

36,553 

491,051 

1,541,547 

!.163.254 

776,582 

535,763 

FUND UNREALIZED 5500 

MARKET REVALUED 

VALliE GAIN/LOSS 

18:',225 (24,975) 

60,600 (( •. (,00) 

87,885 (22,995) 

46.400 1.100 

9~.275 4,] 75 

92.070 (030) 

57,304 !_57 

18,150 ( 1.450) 

68,413 423 

72,975 (750) 

66,788 81 J 

18,100 (2,350) 

47.438 ( B.250) 

68,850 ( 12.250) 

I I ,550 (1.638) 

37,463 (5,034) 

60,125 (4,875) 

198.338 (16,663) 

204,298 !19,334) 

129,600 (20.013) 

106,663 (7,763) 

53,350 (1.225) 

52,1 13 (3.275) 

79,560 598 

58,!25 (825) 

113,850 (3,300) 

7,950 (3,725) 

89,100 750 

271,741 4,991 

50,875 875 

95,950 950 

400 (39,600) 

197,400 (12,600) 

383,775 (125) 

4,600 281 

66,000 806 

192,500 6,750 

74,250 (750) 

48,250 (2,000) 

139,050 (1.475) 

23,875 (I ,125) 

141,738 (1.659) 

15,!00 (4,088) 

40,095 (10,918) 

136,000 (82.093) 

201.437 (34.671) 

21,240 ,,(9.1,3) 

21,666,129 (2,347,352) 

81,243 {33,955) 

56,749 {2.467) 

3,!20 (5.74!) 

28,120 (7\.329) 

721 (1,486) 

71,560 (9.473) 

80,919 (6,614) 

32,631 (3,922) 

356,064 (134,988) 

J ,523,438 ( 18.1 10) 

I ,455,064 291.810 

783,412 6,830 

615,978 80,215 
CATI•:GOHY 

CORPORATE STOCKS COMMON 

CORPORATE STOCKS- COMMON 

CORPORA nc STOCKS- COMMON 

COPPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- n_1MMON 

CORPORATE STOCKS- COMMON 

CORPOIV\TE STOCJ.:S- COMMON 

CORPORATE STOCKS- COMMON 

CORPORA 1T STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

COT\PORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPOl\ATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORA TF. STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

i'>EW YOHK STATE TEA:\·lSTEHS COi'>FEHE!':CE l'ENSIO:-; AND RETIHEMENT Flll\D 

PE:'>ISION A I'D HETIHEMEI'T FllND 

SCIIEIHJLE OF ASSETS (IIELD AT END OF YEAR) 

;\'ITACHMENT FOR SCHEDl'LE II, PART IV, LINE 4i 

December 31, 2015 

SECURITY DESCRIPTION 

ROYAL 13ANK OF SCOTLAND GROUP COMMON STOCK GBPI 

ALL!:::RGAN PLC COMMON STOCK USU 0033 

AON PI.C COMMON STOCK USD 0 I 

ARCH CAPITAL GROUP LTD COMMON STOCK USD 0 I 

ATLAS FINANC1;\L l!OLDINGS INC COMMON STOCK 

FERROGLOBf:. PLC 

HELEN OF TROY LTD 

MALUNCKRODT PLC 

fv1EDTRONIC PLC 

MEDTRONIC PLC 

COMMON STOCK USD7 5 

COMMON STOCK USD I 

COMMON STOCK I lSD 2 

COMMON STOCK USD. I 

COMMON STOCK 11SD I 

PENTA!R I'LC COMMON STOCK USD 0 I 

TE CONNECT1VITY LTD COMMON STOCK CHF 57 

AZZ INC COMMON STOCK USDI 

AMEC I-OSTER WHEELER PLC COMMON STOCK GBP 5 

ADVANCED ENERGY INDUSTRIES COMMON STOCK USD 00 

ALAMO GROUP INC COMMON STOCK USD I 

ALBANY !NTL CORP CL A COMMON STOCK USD.OOI 

ALLETE INC COMMON STOCK 

ALLY FINANCIAL INC COMMON STOCK USD.I 

ALPHt\BET INC CL C 

ALPHt\BET INC CL .A 

COMMON STOCK USD 001 

COMMON STOCK USD 00 I 

AL TRA INDUSTRIAL MOT10N CORP COMMON STOCK USD.IJO 

DIAGEO PLC COMMON STOCK GBP 289351 X 

AMERICAN CAMPUS COMMUNITIES REIT USD.OI 

AMERICAN EXPRESS CO COMMON STOCK USD 2 

AMERICAN EXPRESS CO 

AMERICAN TOWER CORP 

COMMON STOCK USD.2 

REITUSD.OI 

AMERIPR!SE FINANCIAL INC COMMON STOCK USD.OI 

APPLE INC COMMON STOCK USD.OOOOI 

APPLIED MATERIALS INC COMMON STOCK USD.OI 

ARGAN INC COMMON STOCK USD 15 

;\RMSTRONG WORLD INDUSTRIES COMMON STOCK USD.OI 

ARRIS GROUP INC COMMON STOCK USD 01 

;\VIS BUDGET GROUP INC 

13\VX TECHNOLOGIES INC 

COMMON STOCK USDOI 

COMMON STOCK USD.OI 

BABCOCK+ WILCOX ENTERPR COMMON STOCK USD 01 

BAIDU INC SPON ADR ADR USD.00005 

BANCORPSOUTH INC COMMON STOCK USD2.5 

B/1NK OF NEW YORK MELLON CORP COMMON STOCK \lSD 0 

BARNES+ NOBLE EDUCATION INC COMMON STOCK USD.OI 

BARNES+ NOBLE 1NC COMMON STOCK USD.001 

BELDEN INC COMMON STOCK USD.Ol 

LLOYDS BANKJNG GIW\JP PLC COMMON STOCK 

TESCO Pl.C COMMON STOCK GBP.05 

BIOMED REALTY TRUST INC REIT USD 01 

BOEING CO/THE COMMON STOCK USD5 

BOOZ ALLEN HAMIL TON HOLDINGS COMMON STOCK USD 0 

801 JI.DF.R BRANDS INC 

BRISTOW GROUP INC 

BRYN MAWR BANK CORP 

CSG SYSTEMS INTL INC 

COMMON STOCK USD.OOOI 

COMMON STOCK lJSD.01 

COMMON STOCK USD1 

COMMON STOCK USD.OI 

CVB fiNANCIAL COIU' COMMON STOCK 

CABOT CORP COMMON STOCK USD1 

CALIX INC COMMON STOCK 

CARMIKE CINEMAS INC COMMON STOCK US0.03 

CARROLS RESTAURANT GROUP INC COMMON STOCK USD 0 

CATALENTINC COMMON STOCK USD 01 

CATHAY GENERAL BANCORP COMMON STOCK USD.OI 

CHEVRON CORP COMMON STOCK USD.75 

CHUBB CORP COMMON STOCK USD1 

CHURCHILL DOWNS INC COMMON STOCK 

CJSCO SYSTEMS 1NC COMMON STOCK USD 001 

CITIGROlJP INC COMMON STOCK USDOI 

See Independent Auditor's Report 

21 

ssoo 

REVALl'ED 

COST 

2,734,560 

765, 11(1 

756,933 

I ,728,033 

9.438 

62,025 

44.581 

344,64(> 

562,751 

I.RSI ,444 

597,522 

822,693 

25,524 

817,576 

50,994 

29,161 

64.621 

113,699 

627,649 

350,147 

488.922 

45,821 

679,006 

75,399 

638,894 

1,444,644 

448,447 

687.897 

661,066 

I ,431,036 

44,979 

56,385 

70,859 

61,798 

65,075 

78,474 

840,415 

I 01,686 

2,339,157 

30,240 

36,684 

109,861 

1,049,110 

1,824,546 

77,953 

491,032 

81,223 

25,098 

83,228 

55,041 

49.945 

82,172 

42,193 

36,132 

63,678 

22,431 

82,931 

113,382 

859,101 

I ,3 70,460 

78,337 

I ,715,713 

537,168 

FUND liNREALIZED 5500 

MARKET REVALUED 

VALUE G:\JN/LOSS 

2,056.311 (fi78,249) 

~68.750 I 03.("10 

736,020 120,913) 

2,025,680 297.646 

10.209 770 

42,635 (10,391) 

45.523 942 

394,046 49,400 

579.669 16.918 

!,934.769 53.324 

-!70,040 ( 127.482) 

8·10,382 17,690 

30,230 4,706 

427.091 ( 390.485) 

56.658 5,664 

31 ,364 2,203 

62,172 (2,449) 

104,811 (8.887) 

534,222 (93,427) 

506.173 156.025 

711,879 :222.957 

40.4 79 (5,342) 

644,617 (34,339) 

75,363 (36) 

573.092 (65.802) 

1,087,136 (357.508) 

444,031 (4,416) 

558.173 (129,724) 

628,402 (32,664) 

I ,093,539 (337.497) 

38,7H3 {6,197) 

50,-140 (5.945) 

79,054 8.195 

36,762 (2.'i,036) 

95,787 30.711 

90,680 12.206 

I ,042,934 202,519 

107,571 5,885 

2,378.559 39,402 

23,601 (6,639) 

22.524 (14.160) 

66,466 (43.395) 

955,715 (93,394) 

I ,370,799 (453,748) 

85,734 7,781 

542.213 51,180 

96,221 14.998 

33,083 7,985 

37,892 ( 45,336) 

53,505 {I ,535) 

71,996 22,051 

86,055 3,883 

39,327 (2,867) 

28,3 79 (7,753) 

55,607 {8,072) 

32,156 9,725 

70,259 ( 12.672) 

138,761 25.379 

865,415 6,314 

I ,756,817 386,357 

116,305 37,968 

I ,675,002 (40,711) 

516,465 (20,703) 
CATEGOHY 

CORPOHATE STOCKS- COMMON 

CORPORATE :STOCKS- COMMON 

CORI'ORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPOT<A TE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CURI'ORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPOR;\ TE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- CO!viMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPOl\ATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPOl\1\TE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS -COMMON 

CORPORt\ TE STOCKS- COMMON 

COR PORt\ TE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

NEW \'OI~K STATE TEAMSTERS CONFERENCE PENSION AND RETIREMENT FLTND 

PE:'o/SION AND RETIREMENT FliND 

SCHEDULE OF ASSETS (IIELD AT END OF YEAR) 

ATTACI!ME:'-IT FOR SCHEDULE II, PAHT IV, LINE -li 

December 31,2015 

SECUHlTY DESCRIPTION 

CIT! GROUP INC COMfviON STOCK USD 01 

CITIZENS FINANCIAL GROUP COMMON STOCK U:SD 01 

COMCAST CORP CLASS/\ COMMON STUCK USD 0 I 

CONVERGYS CORP COMMON STOCK 

CORE MARK l!OLDING CO INC COMMON STOCK USD 01 

COTT CORPORATION COMMON STOCK 

CRACKER BAH HE!. 01..0 COUNTRY COMMON STOCK USD.OI 

CREDIT ACCEPTANCE CORP COMMON STOCK USD.O I 

CROWN CASTl.E INTL CORP REIT lJSD 01 

CUBESMART REIT USD 01 

CYNOSUHF.TNC A 

DST SYSTEMS INC 

COMMON STOCK \JSD 001 

COMMON STOCK USD 0 I 

DFI. FRISCO S RESTAURANT GROU COMMON STOCK \JSD 001 

DELTA AIR LINES INC COMMON STOCK USD 000! 

DTAMOND RESORTS INTERNATIONA COMMON STOCK USD 0 

DJGIINTERNA TIONAL INC COMMON STOCK \JSD 01 

DlGTTALGLOBE JNC 

DIODES INC 

COMMON STOCK USD 001 

COMMON STOCK USD 667 

DISCOVERY COMMUN!CATlONS C COMMON STOCK 11SD OJ 

DOLLAR GENERAL CORP COMMON STOCK USD 875 

EMPLOYERS llOLDINGS JNC COMMON STOCK USD 01 

ENERSYS COMMON STOCK \JSD 01 

E\IRONET WORLDWIDE INC COMMON STOCK USD 02 

EXPRESS SCRIPTS 1-IOLDJNG CO COMMON STOCK USD.OI 

HI CONSULTING INC COMMON STOCK USD 01 

FAIRPOINT COMMUNICATIONS INC CAL!. F.Xf' 24.1ANI8 

FEDERAl. AGH1C MTG CORP CL C COMMON STOCK USDI 

FNFV GROUP TRACKING STK IJSD.OOOI 

FIRST FJNL BANKSI-IARES INC COMMON STOCK USD 01 

FIRST FINANCJAL BANCORP COMMON STOCK 

FOX FACTORY HOLDING CORP COMMON STOCK USD 001 

FRED S INC CLASS A COMMON STOCK 

GENERAL ELECTRIC CO WiD COMMON STOCK USD 06 

GENESCO INC COMMON STOCK USDI, 

GENESEE+ WYOMJNG INC CL A COMMON STOCI< USD 01 

GOLDMAN SACHS GROUP INC COMMON STOCK USD 01 

GRUPO TELEVISA SA SPON ADR ADR 

ll+E EQUIPMENT SERVICES INC COMMON STOCK USD 01 

HSN INC COMMON STOCK USD 01 

HP INC COMMON STOCK USD.OI 

HAL YARD HEALTH INC COMMON STOCK USD 01 

CARLSBERG AS B COMMON STOCK DK K20 

HAYNES INTERNATIONAL INC COMMON STOCK \JSD 001 

HEUX ENERGY SOLUTIONS GROUP COMMON STOCK 

HERCULES OJ.FSHORE INC COMMON STOCK USD 01 

HERCULES CAPITAL INC COMMON STOCK USD 001 

HERSH A HOSPITALITY TRUST REIT USD 01 

HOME BANCSIIARES INC COMMON STOCK USD.OI 

HONEYWELL INTERNATIONAL INC COMMON STOCK USD1 

HORIZON GLOBAL CORP COMMON STOCK USD 01 

BOUGHTON MIFFLIN HARCOURT CO COMMON STOCK \JSD 0 

HURON CONSULTING GROUP INC COMMON STOCK USD.OI 

1ST AR INC PUBLIC 

!STAR INC 

!STAR INC 

PUBLIC 

PUBLIC 

IBERJABANK COl\P COMMON STOCK USDI. 

I CONI X BRAND GROUP INC SR SUBORDINA 03/18 I 5 

IMPERIAL OJL LTD COMMON STOCK 

INTEL CORP COMMON STOCK USD 001 

INTERCONTINENTAL EXCHANGE IN COMMON STOCK USD 0 

J + .1 SNACK FOODS CORP COMMON STOCK 

J ALEXANDER S HOLDINGS COMMON STOCK USD 001 

.!ARDEN CORP COMMON STOCK USD 0 I 

See Independent All(htor's Report 

22 

ssuo 

fU:VAUIED 

COST 

c.o7s.oo3 

991,500 

562,541 

71.336 

61.187 

68.529 

32,234 

16.915 

387.179 

92.341 

34,302 

86,179 

22,666 

276.016 

88,046 

33,106 

73,291 

58.993 

399,545 

254,071 

i 11,737 

50,919 

83,393 

329,499 

76,141 

436 

33,435 

57,843 

71,281 

95,524 

60,262 

44,407 

417,571 

98,457 

72,634 

492.328 

358,154 

60,870 

79,648 

248,086 

81.952 

935,076 

76,567 

116,096 

44.982 

61,440 

59.178 

66,807 

541,566 

37.330 

27,945 

11.900 

127,823 

73,950 

5,456 

I 07.979 

92,761 

1.294.557 

271,438 

556,481 

24,473 

21,040 

64,925 

Flii\'J) UNREALIZED 5500 

MAHI(ET REVALUED 

VALUE GAIN/LOSS 

2JJ20, 165 (54,839) 

I ,043,960 52,450 

546,242 ( 16,299) 

87.165 15.829 

80,957 19.770 

8J,062 14,533 

29.044 (3,190) 

26.538 9,624 

413,231 26.052 

128.114 35.773 

55,882 21,580 

104.365 18,186 

25,103 2,43S 

333.033 57.018 

80,663 (7,383) 

37,918 4,812 

49,517 (23,774) 

52,302 (6.691) 

334,922 (64.624) 

271,669 17.598 

128,2Sl 16.546 

46,142 (4,777) 

110,021 26.628 

340,025 10,526 

69,008 (7,133) 

127 (309) 

34,790 I ,355 

62.169 4,327 

73,042 1,761 

93.386 (2,138) 

61,376 1.114 

42,447 (1,960) 

514,287 96,715 

73,027 (25,430) 

49,395 (23,239) 

457,784 (34,544) 

286.793 (71,361) 

43,980 (16.890) 

53,102 (26,546) 

213,475 (34,611) 

68,223 (13.729) 

I ,079,440 144.364 

60,649 (15,918) 

30,266 (85,830) 

1,584 (43,398) 

50,333 (II. I 07) 

56,163 (3.015) 

79,419 12,612 

561,349 19,783 

31.504 (5,826) 

32,822 4,877 

10,336 (1,564) 

118,818 (9,005) 

69,300 (4,650) 

5,153 (304) 

91,251 ( 16,728) 

49,250 (43.511) 

975,495 (319.063) 

320,041 48,602 

627.837 71,356 

26,251 I,778 

23,729 2,689 

77,455 12.529 
CATEGORY 

CORPORATE STOCKS- COMMON 

CC lRPORAI"l·. STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPOI<.t\TE STOCKS- COMMON 

CORPORATF STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCK~- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORA Tto STOCKS -COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPOR..". TE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS- COMMON 

CORPORI\TE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORA TF. STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORA TF. STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE: STOCKS- COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS -COMMON 

CORPOR/1 TE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS- COMMON 

NEW YO HI< STATE TEAMSTERS CONFERENCE PENSION Af\D HETllU::\IENT Fllf\1) 

I'Ef\SION MW HETIREME:"'T Fli:"/D 

SCIIEOULE OF ASSETS (HELD AT END Of YEAR) 

ATL\Clli\IENT FOR SCllEOlJLE II, PAHT IV, LINE 4i 

Jlrcrm he•· 31, 2015 

SECURITY D ES:..:C:::I~U:.:_P_:T_:H::.:).:._N:..__ ___ _ 

JOHN BEAN TECHNOLOGIES COFP COMMON STOCK USD 01 

.IOIINSON ·~JOHNSON COMiviON STOCK USDI 

JOHNSON CONTROLS INC COMMON STOCK IISD.013RR 

JOY GL.OI3AL INC COMMON STOCK \JSDI 

KAR AUCTION SERVICES INC COMMON STOCK USD.UI 

KIM13ALL INTERNATIONAL B COMMON STOCK USD 05 

KIRBY CORP 

KNOLL. INC 

COMIVION STOCK USn I 

COMMON STOCK llSD 01 

KRISPY KREME DOUGHNUTS INC COMMON STOCK 

LAS VEGAS SANDS CORP COMMON STOCK USD 001 

LEGACY1 EX,\S f!NANCJAL CiRO\JP COMMON STOCK USD 01 

LIBBEY INC COMMON STOCK USD 01 

LIBERTY VENTURJ::S SERA COMMON STOCK USD01 

LIBERTY MEDIA CORP C COMMON STOCK USD 01 

I.JTTEI.F\JSE INC COMMON STOCK USD OJ 

MYR GROUP INC/DELAWARE COMMON STOCK USD 01 

MACQUIIT\IE INFRIISTRlJCTURF SR UNSECUHED 07/lq 2 87: 

MACQUARIE !NFR/,STRUCTURE COR COMMON STOCK USD 1 

MARJNEMAX INC COMMON STOCK USD 001 

MARKETAXESS HOLDINGS INC COMMON STOCK USD 003 

MARRIOTT VACATIONS WORLD COMMON STOCK USD 0 I 

MARSH+ MCLENNAN COS COMMON STOCK \JSDI 

MASONITE INTERNATIONAL. CORP COMMON STOCK 

tvtCKESSON CORP COMMON STOCK USD 01 

MERCIIDOI.IRRE INC SR UNSECURED 07/19 2 25 

MFTALDYNE PERFORMANCE GROUP COMMON STOCK USD 

MF.THOnE ELECTRONICS INC COMMON STOCK USD 5 

MICROSOfT CORP COMMON STOCK USD 00000625 

MID AMERICA APARTMENT COMM RE!T \JSD.OJ 

MINERALS TECHNOLOGIES JNC COMMON STOCK USD. I 

MONSANTO CO COMMON STOCK USD OJ 

MOSAIC CO/THE COMMON STOCK llSD 01 

NATIONAL CINEMEDIA INC COMMON STOCK USD.OI 

NATIONAL RETAIL PROPERTIES REIT usn 01 

NATURAL GAS SERVICES GROUP COMMON STOCK USD.OJ 

NEW MEDIA INVESTMENT GROUP COMMON STOCK USD 01 

NEWORIENTAI.EDUCATIOSPADR ADRUSDOI 

KIA MOTORS CORP COMMON STOCK KHW5000 0 

NEXTl:RA ENERGY INC 

NORTHERN TRUST CORP 

NORTHWESTERN CORP 

COMMON STOCK USD 01 

COMMON STOCK USDI.667 

COMMON STOCK USD OJ 

NOV;\RTIS AG SPONSORED ADR ADR 

OCCIDENTAL PETROLEUM CORP COMMON STOCK USD 2 

SAMSUNG ELECTRONICS COL TD COMMON STOCK KRW50( 

OLD DOMINION I'REIGHT LINE COMMON STOCK USD I 

OMN!COM GROUP COMMON STOCK USD 15 

OMEGA HEALTHCARE INVESTORS REIT USD I 

ORACLE CORP COMMON STOCK USD OJ 

OR;\CLE CORP COMMON STOCK USD 01 

TOKYO ELECTRON I.TD COMMON STOCK 

PNC FINANCIAL SERVICES GROUP COMMON STOCK USD5 

PACWEST BAN CORP COMMON STOCK 

PARKER DRILLING CO COMMON STOCK USD.I67 

PATRICK INDUSTRIES INC COMMON STOCK 

GROUPE BR\JXEL.LES LAMBERT SA COMMON STOCK 

ABB I.TD REG 

ADECCO SA REG 

PFRFICJENT INC 

lNG GROEP NV CVA 

PHARMERICA CORP 

COMMON STOCK CHF.86 

COMMON STOCK CHF I 0 

COMMON STOCK USD DOl 

DUTCH CERT EUR.24 

COMMON STOCK USD.Ol 

PINNACLE FINANCIAL PARTNERS COMMON STOCK USDI. 

POPULAR INC COMMON STOCK \JSD 01 

POST HOLDINGS INC COMMON STOCK \JSD OJ 

See Independent Auditor's Report 

23 

551)0 

REVALUED 

COST 

85,239 

I ,950,035 

619,576 

803,556 

101,906 

27,004 

34,484 

57,116 

40,398 

566,781i 

44,567 

70,398 

40,662 

216,337 

122,191 

69,456 

I 1,363 

67,487 

33,517 

3 I ,983 

92,877 

I ,652,667 

66,714 

621,034 

70,877 

54,556 

62,472 

1,952,647 

87,376 

94,601 

806,626 

452,157 

71,394 

55,394 

43,981 

124,430 

579,936 

872,991 

43,113 

520,6:24 

I 10,329 

702,910 

536,134 

2,024,993 

75,388 

624,119 

44,188 

732,571 

3,194,308 

92,29! 

496,480 

I 13,036 

9,870 

25,183 

I ,023,486 

I ,660,587 

60,767 

56,822 

I ,028,494 

39,678 

78.052 

105,577 

88,555 

FUND U:'\REALIZED 5501) 

MARKET HEVAI.l.iED 

VALliE GAIN/LOSS 

129,25CJ 44.020 

1,943..462 (6.573) 

516,529 ( 103.()<171 

268,240 (535.316) 

I 08,905 7.000 

28,929 1,925 

23,205 (ll,279i 

5i ,211 (5,905) 

40,779 382 

469~088 [97MS) 

40,632 (3,935) 

47_:1')4 (23,004) 

48,629 7,966 

233,050 16.712 

135,261 13.070 

54,534 (14,922) 

I I ,I 81 ( 181) 

(19,043 I ,555 

3 I ,369 (2,147) 

49,769 17,786 

70,960 (21 .917) 

I ,603,337 ( 49,330) 

66.679 (35) 

654,804 33,770 

78,007 7.130 

53,828 (728) 

57,931 (4~541) 

2,340,757 388, II 0 

106,248 18,872 

62,828 (31.773) 

674,862 (131.764) 

285,557 (166,601) 

79,493 8,098 

56,350 957 

43,128 (853) 

l 04,909 (19.521"1 

772,110 192,174 

823,037 (49,954) 

46,023 2,911 

556,535 35,911 

I 06,384 (3,945) 

626,3 71 (76.539) 

453,663 (82,471) 

I ,816,042 (208,956) 

57,357 ( 18,031) 

620,412 (3,707) 

39,562 (4,626) 

622, I 06 (ll 0.465) 

2,612,808 (581 ,500) 

73,040 (19,250) 

520.393 23,912 

107,190 (5,846) 

5,851 (4,019) 

27,318 2,135 

I ,026,3 !2 2.826 

I ,446,901 (213,686) 

60,365 (402) 

52,353 (4,469) 

1,061,425 32,930 

42,910 3,232 

101,385 23,333 

88,421 (17,156) 

130,434 41.878 
CATEGOHV 

NEW YORK S'L\ TE TEAIVISTERS COT'\FERE:"CE PENSION A:\'D l<ETiltE~IE:\T FliNO 

PENSION AND RETIHEMENT FUND 

SCHEDULE OF ASSETS (IIELO AT Ei':D OF YEAR) 

ATTACHMENT FOH SCIIEDIJLE II, I'AHT IV, LJI\[ -li 

December 31, 2015 

SECliRlTV DESCRil'TION 

PROASSUR1\Nct-: CORP 

I'RUvKl:-,CiiVE CORP 

COMMON STOCK USD 01 

l'OMMON STOCK USDI 

PROSPERITY 13ANCS!IARES INC COMMON STOCK USDI 

QEP RESOURCES INC COMMON STOCK USD 0 I 

QUALCOMM INC COI\lMON STOCK USD 0001 

RPC INC COMMON STOCK USD I 

RPX CORP COMMON STOCK USD 0001 

RAVEN INDUSTRIES INC COMMON STOCK USDI 

RI3C BEARINGS INC COMMON STOCK USD 01 

REINSURANCE GROUP OF AMERICA COMMON STOCK \JSD 0 

RET!\IL OPPORTUNITY INVESTMEN REJT USD 0001 

ROGERS CORP COMMON STOCK USDI 

SABRA HEALTII CARL REJT INC REIT USD.OI 

SAF\OGUARD SCIENTIFICS INC COMMON STOCK l iSD I 

SALLY BEAUTY IIOLDJNGS INC COMMON STOCK USD OJ 

EW SCRIPPS COff'HE A COMMON STOCK USD.OI 

SEMTECH CORP COMMON STOCK USD 01 

SJGN/\lURE BANK COMMON STOCK USD.OI 

SIX FLAGS ENTERTAINMENT CORP COMMON STOCK 

SOVRAN SELF STORAGE INC REIT USD.OI 

SPARTANNASJ-1 CO COMMON STOCK 

STIFEL FINANCIJ\l. CORP COMMON STOCK USD 15 

SUMMIT MATERIALS INC CL A COMMON STOCK USD OJ 

SUN COKE ENERGY INC COMMON STOCK USD.O I 

SURMODICS INC COMMON STOCK USD.05 

SYNCHRONOSS TECHNOLOGIES INC COMMON STOCK USD 0 

SYNERGY RESOURCES CORP COMMON STOCK USD 001 

TM.MER BANCORP INC CL A COMMON STOCK USDI 0 

TELEfONJCA BRASIL ADR ADR 

TELEFLEX INC COMMON STOCK USD I. 

TENNECO INC COMMON STOCK USD.01 

TERADYNE INC COMMON STOCK USD.125 

TEVA PHARMACEUTICAL SP ADR ADR 

TEXAS CAPITAl. RANCSHARES INC COMMON STOCK USD.OI 

TEXAS INSTRUMENTS INC COMMON STOCK USDI 

TIME INC COMMON STOCK USD OJ 

TRIM/IS CORP COMMON STOCK USD.OI 

TRIUMPH BANCORP INC COMMON STOCK USD OJ 

UNITED RENTALS INC COMMON STOCK USD.Ol 

UNITED TECHNOLOGIES CORP COMMON STOCK USDJ 

VWR CORP COMMON STOCK USD.OI 

VERIFONE SYSTEMS INC 

VERINT SYSTEMS INC 

COMMON STOCK USD 01 

COMMON STOCK USD.OOI 

VI AD CORP COMMON STOCK USDI 5 

VIS I lAY INTERTECHNOLOGY INC COMMON STOCK USD.I 

VODAFONE GROUP PLC SP ADR /\DR 

WASTE CONNECTIONS INC COMMON STOCK USD 01 

WFLLCARE HEALTH PLANS INC COMMON STOCK USD.OI 

WEST CORP COMMON STOCK USD.OOI 

WEXlNC 

WHIRLPOOL CORP 

COMMON STOCK USD.OI 

COMMON STOCK USDI. 

WILEY (JOliN)+ SONS CLASS A COMMON STOCK USDI 

WINTRUST FINANCIAL CORP COMMON STOCK 

5500 

HEVALLIED 

COST 

7'),139 

927.516 

107,035 

62,433 

2.128.163 

3·1,765 

54.155 

73,651 

93.964 

95,169 

115.999 

118,264 

29.094 

36,989 

51,024 

77,684 

44,250 

125,456 

88,328 

78,324 

87.893 

104.019 

64,901 

83.202 

30.167 

79,357 

53,098 

79,643 

I ,577,337 

69,122 

57,958 

67,128 

415,407 

67,261 

219,451 

37,481 

52,438 

27,204 

62.022 

859,824 

74,218 

50,655 

86,3 I 3 

48.788 

41,757 

431.344 

57,749 

60,531 

II 1,039 

105,419 

702,808 

75,472 

I 04,980 

58,438 

FUND 

1\JARJ(ET 

VAL(IE 

}\3,229 

1.002,235 

91,795 

44.006 

1.47~.508 

37,750 

43,230 

4'1,9211 

93.785 

92.X22 

123.063 

77,8 Ill 

19,380 

27,453 

46.019 

7(•,874 

30.367 

152,757 

I 12.462 

96,364 

71.931 

86,372 

62,233 

15,081 

n.669 

70,883 

40,947 

101.670 

1,14U56 

79,133 

5 I ,190 

70,113 

416,158 

61,J 82 

225.817 

23.865 

W,557 

34.683 

44,104 

908.342 

84,930 

49,707 

60,069 

51,661 

35,560 

408,799 

71, I 88 

58,032 

77,134 

95,207 

538.279 

57,368 

I 08,394 

50,427 

CORPORATE STOCKS- COMMON 

l'URI·'UKA It:. ~·1 UCK~- CUMMUN 

CORI'OR/\TE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COiviMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORt\ TE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS - COMMON 

CORPORATE STOCKS- COMMON 

CORPOHATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPOR/\Tl STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORA Tl STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS -COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

CORPORATE STOCKS- COMMON 

ZEI3R/\ TECHNOLOGIES CORP CL A COMMON STOCK USD Ol 

f'OR WARD CONTRACTS ----~ 

P/\RTN./JOJNT VENTURE JNTERESTS 

1'/\RTN./JOINT VCNTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

Pi\RTN.IJOJNT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

MSouth Equity l'm1ncrs II 

MSoulh Equity Panners Ill 

Southern Cross Latin America 

Accomplice Fund I 

Act is Emerging Markets 3 

Act is Energy Ill 

Sec Independent Auditor's Report 

24 

85,583,388 

3,855,J 99 

184,337 

4,254,211 

503,737 

II ,430.000 

1,740,000 

81,380,345 

4,148,!69 

184.337 

2,256,132 

573.711 

8.828,000 

I ,902,000 

l'NREALIZED 5500 

nEVALUED 

GAIN/LOSS 

4.090 

I (•4,71 9 

(15,140) 

(18.427) 

(653,656) 

2.985 

(I 0,925) 

(23,731) 

1179) 

(2.347) 

7,064 

(40,445) 

(9,714) 

(9.536) 

(5.005) 

(810) 

(13.883) 

27,300 

24.134 

18.041 

( 15.961) 

( 17,647) 

(2,61 8) 

(68, 121) 

(2,498) 

(8,474) 

( 12,151) 

22,026 

(435,982) 

10.01 J 

(6.769) 

2,985 

751 

(6.079) 

(J,367 

(13.616) 

( 12,881) 

7.4 79 

(17,918) 

48,517 

10.712 

(947) 

(26,243) 

2,873 

(6,197) 

(22.546) 

13.439 

(2,500) 

(33.905) 

( 10,213) 

( 164.529) 

(I 8.104) 

3.414 

(R,OII) 

____ "_3,167 

(4,203,044) 

292.970 

(I ,998,079) 

69,974 

12.602,000) 

I 62.000 
NEW YORI< STATE TE.-\MSTERS COTWEHENCE PENSION .•\Nil RETIREMENT FUND 

PENSION A>"D HETIREMENT ITND 

CATEGORY 

PAR'\'N /JOINT VENTURE INTFRESTS 

PARTN.iJOIIH VENTURE INTERESTS 

I'ARTN./JOINT VENTURE INTERESTS 

PARTN iJOINT VC:NTURE INTERESTS 

P.'\RTN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

Pi\RTN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENTtJRE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTNlJOINT VENTURE INTERESTS 

P.'\RTN.IJOINT VENTURE INTERESTS 

PARTN.!JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTN./JOiNT VENTURE INTERESTS 

PARTNJJOINT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

P/\lnN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PARTN.IJOINT VENTURE INTERESTS 

PAR TN !JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

i'ARTN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PAR TN !JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PA RTNJJOINT VENTURE INTERESTS 

Pt\RTN !JOINT VENTURE INTERESTS 

PARTNJJOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN/JOJNT VENTURE INTERESTS 

I'ARTN./JOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN.IJOINT VENTURE INTERESTS 

PARTNJ.IOlNT VENTURE INTERESTS 

PARTN.!JOINT VENTURE INTERESTS 

PARTN !JOINT VENTURE INTERESTS 

SCHEDULE OF ASSETS (III:LD AT ENn OF YEAH) 

ATL\Cl!MENT FO!< SCIIEDUI .t: II, PART IV, LINE .fi 

DcccmlnT 31, 201 S 

SECURITY DESCRIPTION 

1\ctis Infrastructure 2 

J\EW Value Investors Fund 

AG Core Plus Really Fund 

AG Core Plus Really Fund ll 

A linda Infrastructure fund I 

A limb lnfrastrucltlle Fund II 

Almanac Realty IV (fka Five Arrows) 

Almanac Realty V (fka frve ;\tl'llWS) 

J\mcncan Securities Partners V 

ARES US Real Estate Fund VIII 

Atlas Venture IX 

Atlas Venture Vlll 

Atlas Venture X 

Audax Mezzunme Ill 

AuJax Private Equity fund IV 

Avalon Bay Value Added fund 

Blackstone Propcrtys Partners 

Capital International Privnte F.quily Fund V 

Carylc Realty Partners 

Charlesbank 

Chcqucrs Capital 

Clearwater Capital Partners Fund lll 

DBAG Fund VI 

ElF Oregon LLC 

ElF US Power 

EnCap Energy Capital Fund IX 

EnCap Energy Capital Fund Vlll 

Energy and Mineral Fund I1I 

Energy Capital II 

Energy Capital Partners IIJ 

Energy Ventures l V 

Gil de Buy-Out Fund IV 

Global Infrastructure Partners 

Globallnti·astructure Partners II 

Hancock Timberland Vlfl 

Harvest Panners V 

HIG Middle Market 

Hitech Vision 

Homestead Capital USA Fan11land FunJ 

Hony Capital 

IFM Global I nliastr ueture 

lnfracapital Partners 

Infraeapital Partners II 

Insight Venture Partners IX, LP 

lnstjtutional Venture Partners 

ISQ 

JLL Partners Fund Vl 

JMI Equity Fund 

Khosla Ventmes lll 

Khosla Ventures IV 

Khosla Ventures Seed 

Khosla Ventures Seed B 

Khosla Ventures Seed C 

Khosla Ventures V 

KPS Special SituaTions Fund ll I (Investor 29) 

KPS Special Situations Fund Ill (Supplemental) 

KPS Special Situations Fund IV 

Lone Star Frrnd VI (U.S.) 

Lone Star Real Estate (U S ) 

Lone Start Fund VIJ (U.S) 

lv!acquarie Infrastructure Partners 

Macquarie JnfrastJucture Partners Feeder 

MBK Partners III 

See Independent Auditor's Report 

25 

551)0 

HEVALUED 

COST 

1.616.000 

%'>,300 

12.113,049 

487,910 

15.888,516 

2.993,950 

4.552,471 

6,177,525 

I I ,382,353 

1.859,462 

3,803,80 I 

18,575,516 

159,464 

1.107,839 

4.513,889 

825,050 

15,064.548 

2,835,724 

2.928,204 

5.672,619 

968,964 

7,192,846 

I ,607,182 

5,004,003 

2.974,270 

2.303,215 

2,153,870 

2,718,821 

I ,943,228 

608,230 

933,919 

796,255 

15,538,308 

3,606,573 

10,120,861 

3,388,760 

160,572 

3,187,661 

3,101,943 

2,287,190 

6.178,970 

8,909.923 

979,201 

I ,236,807 

2.919,673 

364,023 

14,256,78H 

1,547,613 

3,031,709 

I ,831,796 

831.050 

1,113,905 

710,773 

I ,741,685 

4,531,115 

2,881,554 

189,699 

2.764,869 

432,914 

I ,216,323 

21,658,786 

3.191,305 

2.302,684 

FUND UNREALIZED 5500 

MARKET REVALUED 

VAUJE GAI:-.1/LOSS 

786,000 (830.000) 

1.059,689 94,389 

II 8,752 (I I ,994.297) 

742,294 254.384 

16,927,744 I ,039,228 

3,986.630 992,680 

28,817 (4,523.654) 

5,318,655 (858,870) 

7,565,517 {3,816,836) 

I ,931,157 71.695 

5,943,571 2,139,770 

20.n3,342 2,147,826 

159.464 

1,071,414 (36.425) 

5,085,203 571) 14 

9,025 (816,025) 

15,932,250 867,702 

2,00 I ,426 (834,298) 

3,237,643 309,439 

4,330,738 (1,341,881) 

705,555 (263,40R) 

7,192,846 

I ,749,277 142,095 

5,976,430 972,427 

2,916,800 (57,470) 

2,568,279 265.064 

I ,222,937 (I ,030,933) 

2,718,821 

963,601 (979,627) 

679,252 71.022 

593,464 (340,455) 

796,628 373 

22,467,599 6,929,291 

3,924,629 318,056 

31,705,414 I ,584,553 

3,152,846 (235.914) 

160,572 

2,182.275 (1,105,386) 

3,184,379 82.436 

3,100,471 813,281 

6,274,194 95.224 

9,148,046 238,124 

I ,368,715 389,514 

I ,236,807 

3,181 ,403 261,730 

468,009 I 03.986 

16,842.921 2,586,133 

1,621,918 74,305 

2,689,395 (342,314) 

2,568,900 737,104 

I ,088,224 257,174 

I ,275.971 162,066 

710,773 

I ,800,037 58,352 

3,643,918 (887,197) 

2,655,647 (225,907) 

301,773 112.074 

2,367,737 (397, 132) 

503,282 70,368 

967,072 (249,251) 

21,658,786 

2,921,924 (269,381) 

2,479,683 176.999 
NEW YORJ< STATE TEA\ISTERS CONFERENCE PENSION AND HETinE~Il:NT HIND 

PENSION AND HETIHEMENT Flic-ID 

CATEGORY 

PARTN /JOINT VENTlli<F INTEI~FSTS 

PARTN.!JOINT VENTURI: INTLRLSIS 

PAR TN./JOINT VENTURE INTERESTS 

PARTN./JOlNT VLNTURC INTLRlSI S 

PARTN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTUI<E lNTUU::STS 

PARTN /JOINT VFNTURE INTERESTS 

PARTN r.IOJNT VCNTURJ:: INTLcRESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN IJOINTVENTURl: INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURI:: INTERESTS 

PARTN.!JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PAl<TN./JOlNT VENTURE INTERESTS 

PARTNJJOlNT VENTURE INTERESTS 

PARTNJJOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PI\RTN.IJOINT VENTURE fNTFRESTS 

PARTN !.JOINT VENTURE INTERESTS 

PJ\RTN /JOINT VENTURE INTERESTS 

1'1\FlTN/JOINT VENTURE INTERESTS 

Pi\RTNlJOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTlJRF INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PARTN/JOfNT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PAR TN/JOINT VENTURE INTERESTS 

PAR TN./JOINT VENTURE JNTEHlcSTS 

PARTN./JOINT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

PAR TN iJOINT VENTURE fNTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTNJJOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

PARTN./JOJNT VENTURE INTERESTS 

PARTN /JOINT VENTURE INTERESTS 

PI\RTN./JOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

Pi\RTN /JOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

1'1\RTN./JOINT VENTURE INTERESTS 

PARTN.IJOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PAR TN./JOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PARTN./JOINT VENTURE INTERESTS 

PAR TN /JOINT VENTURE INTERESTS 

COMMON/COLLECTIVE TRUSTS 

SCHEIWLE OF ASSETS (IIELD AT END OF YEAH) 

ATI'ACIIi\IENT FOH SCHEDULE II, PAHT IV, LINE 4i 

0t'ccmher31, 2015 

SEUJRITY DESCHIPTION 

Ment I:nergy 1-1 

Men! Enc·tgv I 

News\ one Capital Partne1 s 

Northstar Mezzann1e Parlne1s V 

Oak tree Opportuniues Fund Vlllb 

OCM OpporlUnlllcs Fund Vllb 

OCM OpportUillllcs l'und Vl!l 

Oncap Ill 

One\ Prulncrs 

Pact1'1c Road Resources 

Pag As1a Feeder Fund 

PZ1lna-8raztltan P11vaLe b.jUrly FunJ lV, l. P 

Patna-R1a71hrm Private Fql!lt)' Fund V, L P 

Paul C<~pit<JI HcalLhcare iII 

QtuntamJ Energy Partners ll 

Resource Cap1tal Fund V 

Resource Capital Fund VI 

Resource Land Fund IV 

Ridgemont Equity Partners l 

RtdgcmonJ Equity Panne1 s II 

Ridgewood Energy 011 & Gas II 

Ridgewood Energy Oil & Gas lll 

R1ver Vl Lid Pa11nersh1p 

R1vcrside Capital Appreciation Fund V 

R1vc1 side Europe Fund Ill 

Riverside Europe Fund IV 

Riverside Fund V 

Riverside M 1cro Cap Fund Ill 

Sentient Global Reourccs 

Sentinel Capital Partners IV 

Sent1nel CapJtal PnrtneJs \1 

Silver Lake Partners Ill 

Star Amenca 

Sterling Untted Prope1ties I 

Teays River 

Tenaska Power fund II 

Third Rock Ventures II 

Third Rock Venlllres Ill 

TowcrBrook lnveoto1s Ill 

TowerBrook Investors IV 

Trilantic Caprtal Pa1lners 

Turnhrudge Capttal Partners 

US farmmg Realty Trust ll 

Veritas Capital Fund IV 

Ve1itas Capital Fund V. L P, The 

Vista Equ111es Panners IV 

VISta Equilies Partners V 

VJtruviun fnvcstrnent Partnership I 

Vitmvwn Invcslmenl Partnership II 

Waud Capital Partners 

Wayzat>J Oppununities Fund ll 

White Deer Energy 

White Deer Energy II 

Yucaipa CorporaJe ln1ttat1ves Fund ll 

QUELLOS ALPHA TRANSPORT TRUST 

BENCHMARK PLUS OVI:-.RSJ:AS NEW SERIES 

l3PTP LA RGECAP+ ALPHA 20 J 507 BENCHMARK Pl JJS OVFRSE 

BPIP LARGECAP+ALPHA 201504 BENCHMARK PLUS OVERSE 

BPIP LARGECAP ALPHA FUND BENCHMARK PLUS OVERSE 

FRONTIER SMALL CJ\P GROUP LIMITED PARTNERSHIP 

AEW GLOBAL PROPERTY SEC FD 

See lndependcnl Audilor's Report. 

26 

551)() 

REVALUED 

COST 

4,69 I ,327 

100,139 

I, 170,866 

6.748.442 

1.569,255 

1.960.364 

q30.096 

823,726 

6.081,880 

1.989.657 

l ,683,218 

757.283 

65,137 

2.248,250 

1.88 I ,028 

2,096,891 

2.459,929 

3,749,783 

4.I42,565 

123,910 

2.I80,1l6 

3,830 

I ,398_349 

6,801,106 

5.340,406 

1.272,973 

2,086.597 

2,094,177 

3.814,997 

5.148,143 

1.551,304 

I 0,849,556 

393,203 

891,286 

3.111.903 

4.359,922 

2.968,800 

I,l19,407 

5,851,336 

634,439 

1.715,338 

803.049 

4,185,328 

3,915,744 

2,688,448 

1.857,841 

3.294,264 

16,378,668 

l ,583.336 

2, l 08,256 

5.822,908 

3,589,515 

92R.280 

4,684,321 

438,289 

52,034,018 

314.956 

1.616,114 

1,616,114 

! 1_957,46", 

539,788,355 

33,729,379 

Fl'ND UNREALIZED SSIJIJ 

MAHKET llF.VALl!ED 

VALLIE GAIN/LOSS 

4,691)27 

100.139 

761,891 (408,975) 

6.715,701 (32.741) 

1 ,270, I 98 (299057) 

I ,311,329 (649 035) 

719,092 (21 1.(104) 

1.049,727 226.001 

6,7'>0.246 668.366 

994,739 (994,918) 

l ,656.815 (26.'103) 

757.283 

65.137 

2,248,250 

696,549 ( I , I 84.4 79) 

l ,755,584 (341 ,307) 

2.087,669 (372,260) 

4,046,954 297,171 

3.7Hl,060 (361.505) 

123.910 

I .652,686 (527.430) 

J,g3o 

1.357.997 (40.352) 

5,512,876 (I ,288,230) 

4,103,042 (1.237,364) 

1,590.340 J 17.366 

I ,558,049 (528.548) 

2,468,628 374,451 

6,827,692 3,012,695 

6,397.833 I .249,690 

1,584,859 .B.555 

9,539,040 (1,310.516) 

488,544 95,341 

827.754 (63,532) 

3,029,558 (82.345) 

3,474,321 (885.601) 

4,160,224 1,191,424 

2,449,613 1.330.206 

4,935,031 (916,305) 

865,788 231,349 

I ,667,159 (48.179) 

668,049 ( 135.000) 

4,307,462 122,134 

4,000,819 85,075 

2,688,448 

2,416,995 559.154 

4.072,413 778.149 

17,145,844 767.176 

I ,807,409 224.073 

2, l 08,256 

3,648,028 (2, I 74,880) 

3.310,482 (279.033) 

827,349 (l 00,931) 

4, 193,797 (490,524) 

497,507 59,2 I 8 

54,657,295 2,623.277 

322,000 7,044 

1.658,201 42.087 

1.697,590 81,476 

l 1,170.650 --~-- (786.813) 

527,865,9-18 (II ,922,407) 

34,187,981 458,602 
:'lEW YOHK STATE TEAiVISTEH.S CONFEHENCE PENSION AND HETlRE~IE:>IT FUND 

PENSION AND RETIHEMENT FUND 

CATEGORY 

COMMON/COLLECT! VE TRUSTS 

COMMON/COLLECTIVE TRUSTS 

COMMONiCOI.LECTiV[ TRUSTS 

COMMON/COLLECT! VE TRUSTS 

COMMON/COLLECTIVF TRUSTS 

COMMON/COL! ECTJVE TRUSTS 

COMMON/COLLECTIVE TRUSTS 

COMMON/COLLECTIVE TRUSTS 

COMMON/COLLECTIVE TRUSTS 

SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

ATTACHMENT FOR SCHEDULE II, PART IV, LINE 4i 

December 31, 2015 

SECURITY DESCRIPTION 

LOOMIS SAYLES SENIOR LOAN FUND 

CIT EMERGING LOCAL DEBT 

FULL ACTIVE PASSIVE FUND LNDG 

TIPS INDEX FUND TP 

RUSSELL 1000 INDEX NON LENDING MUTUAL FUND 

ABERDEEN DBT EMERGING MKTS EMERGING MARKETS EC 

STATESTREET BANK TR PASS BOND MKT INDEX FD 

STANDISH EM ERG MKT DT LOC CUR MUTUAL FUND 

GLOBAL NATUR RESOURCES ST INDX NL l'UND (ZVB5) 

REGISTERED INVESTMENT COMPANY DFA EMERGING MARKETS SMALL CAP DFA EMERGING MARK 

REGISTERED INVESTMENT COMPANY NEUBERGER BERMAN INTERNATIONAL NEUBERGER BERMI\l 

REGISTERED INVESTMENT COMPANY VONTOBEL GLOBAL EMERGING MKTS FUND 

See Independent Auditor's Report. 

27 

5500 

REVALUED 

COST 

37,783,328 

57,207. I 72 

32. I 74,855 

43,156,5 I 2 

43,740,181 

93,279,668 

62,719_544 

48,968,141 

•l.737. '31 

462,496,310 

38,346,024 

25,476,568 

78,289 050 

142,01,642 

1,270,327,153 

FUND UNREALIZED 551)0 

MARKET REVALUED 

VALUE GAIN/LOSS 

38,317,824 534,496 

47,847,119 ( 9,360,053) 

32,135,300 (39.555) 

42,530,925 (625.587) 

44,122,770 382,589 

81,085,416 (12,194,252) 

63,087,055 367,510 

4) ,203,453 (7,764,688) 

7,0Y4,273 (2,~43,2~) 

431,612,115 (.IU,RS4,195) 

34,031,172 (4,314.851) 

25,687,879 2 I I ,310 

71,570,625 .~,(~.718.425) 

131,289,676 (1 0,821 ,966) 

1,209,649,489 -~-~~)!i77,664) 
NEW YORK STATE TEAMSTERS CONFERENCE PENSION AND RETIREMENT FUND 

SCHEDULE OF ASSETS (ACQUIRED AND DISPOSED OF WITHIN YEAR) 

ATTACHMENT FOR SCHEDULE H, PART IV, LINE 4i 

(a) 

IDENTITY OF ISSUER 

For the Year Ended December 31,2015 

(b) 

SECURITY DESCRIPTION 

NONE 

See Independent Auditor's Report. 

28 

(c) 

COST 

(d) 

PROCEEDS 
NEW YORK STATE TEAMSTERS CONFERENCE PENSION AND RETIREMENT FUND 

SCHEDULE OF REPORTABLE TRANSACTIONS 

ATTACHMENT FOR SCHEDULE H, PART IV, LINE 4j 

For the Year Ended December 31, 20!5 

(a) 

IDENTITY OF PARTY 

(b) 

DESCRIPTION OF ASSET 

(c) (d) (g) (h) (i) 

PURCHASE PRICE SELLING PRICE COST OF ASSET CURRENT VALUE GAIN/LOSS 

SINGLE TRANSACTION IN EXCESS OF S'Yo OF ASSET VALUE 

NONE 

SERIES OF TRANSACTIONS IN EXCESS OF 5% OF ASSET VALUE 

35299A905 RUSSELL 1000 INDEX NON LENDING 103,137,951 

I 

124,405,553 

See Independent Auditor's Report. 

29 

120,781,544 227,543,503 3,624,009 
Redacted by the U.S. Department of the 

Treasury

Redacted by the U.S. Department of the 

Treasury
Form 5500 (2015} Page 2 

3a Plan administrator's name and address~ Same as Plan Sponsor 3b Administrator's EIN 

3c Administrator's telephone number 

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

EIN and the plan number from the last return/report: 

4b EIN 

a Sponsor's name 4c PN 

5 

6 

Total number of participants at the beginning of the plan year 5 34 52fi 

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 

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

.. ..................................... 1-:::6_'!.{-:::'1+-------

.............................. t-=6:..:::a~(!2"!-----:-:----=:-=-:-

b Retired or separated participants receiving benefits ............................... . 6b 11 576 . ........................................... 1-:::"'-t-------"=-=-1...:::=.~ 

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

d Subtotal. Add lines 6a(2), 6b, and 6c .. .. .. ... .... .. .... . ............. . 6d 11 576 

e Deceased participants whose beneficiaries are receiving or are entitled to receive benefits ................................ t-6-:::

6 

e-=f-+-----'1=-=2:...L..-"6'-'2=-=3 

f Total. Add lines 6d and 6e .................... .... ......... .. ..... .... .................. . ... ... ......... ... .... ...................... ......... 2 4 19 9 

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

complete this item} ...................................................................... . .............................................................. 1---'-6""'-g+-------

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

100% vested ................................................................................................................................................... 6h 3 313 

7 Enter the total number of employers obligated to contribute to the plan (only multiemployer plans 

complete this item)· ......................................................................................................................................... . 7 175 

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

1B 

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) Insurance (1) Insurance 

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

(3) ~ Trust (3) ~ Trust 

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

10 Check all applicable boxes in 1 Oa and 1 Ob to indicate which schedules are attached, and, where indicated, enter the number attached. 

(See instructions) 

a ~1~nsio~S~ed~~:~irement Plan Information) 

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

Purchase Plan Actuarial Information) · signed by the plan 

actuary 

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

Information) · signed by the plan actuary 

518402 

12-07-15 

b General Schedules 

(1) H (Financial Information) 

(2) (Financial Information · Small Plan) 

(3) A (Insurance Information) 

(4) c (Service Provider Information) 

(5) D (DFE!Participating Plan Information} 

(6) G Financial Transaction Schedules 
~~rm 5500 (2015) Page 3 

I Part Ill I Form M-1 Compliance Information (to be complet~d by welfare benefit plans) 

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

CFR 2520.101-2.) ................... D Yes U No 

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

11 b Is the plan currently in compliance wtth the Form M- I filing requirements? (See Instructions and 29 CFR 2520.1 01-2.) I I Yes I I No 

11 c Enter the Receipt Confirmation Code for the 2015 Form M-1 annual report. If the plan was not required to file the 2015 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 

518403 

12-07-15 
NEW YORK STATE TEAMSTERS CONFERENCE PENSION AND RETIREMENT FUND 

SCHEDULE OF REPORT ABLE TRANSACifiONS 

ATTACHMENT l"OR SCHEDULE H, PART 1'\', LINE 4j I 

I 

For the Year Ended December 31,2015 I 

(a) 

IDENTITY OF PARTY 

(b) 

DESCRIPTION OF ASSET 

(c) (d) 1 (g) (h) (i) 

PURCHASE PRICE SELLING PRICE COST OF ASSET CURRENT VALUE GAIN/LOSS 

SINGLE TRANSACTION IN EXCESS OF 5% OF ASSET VALUE 

NONE 

SERIES OF TRANSACTIONS IN EXCESS OF 5% OF ASSET VALUE 

35299A905 RUSSELL 1000 INDEX NON LENDING 103,137,951 124,405,553 

See Independent Auditor's Report. 

29 

120,78 I ,544 227,543,503 3,624,009 
Redacted by the U.S. Department of the Treasury
Schedule MB (Form 5500) 2015 Page2-CJ 

2 Operalional information as of beginning of this plan year: 

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

b "RPA '94" current liability/participant count breakdown: 

(1) For retired participants and beneficiaries receiving payment. .................................. . 

(1) Number of participants (2) Current liability 

,~,8-(:c+---~==!=,,=,,_=,==,;-,,--

(2) For terminated vested participants .......................................................................... .. 

(3) For actlv<J parlit:ip<tnt~. ---------------

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

(b) Vested benefits .... . 

(c) Total active .............. . 1 i 1 '· ; 8 I j -~ J I ;} p 

~-------------_::_,~,;, .. · .•. /"/,. __------~~~~~~~~-- (4) Total.............................................................................................................................. ~, 85 3, ') '16, '; :. '; 

__ c_~~~~~~~:n.ta.~~-r~~~~ti-~-g .. ~~~-~-~~~~~i-~:..~~~-~-~~-~:.-~i-~-~--~-~.:~~:.~~~~~~-:-~.~:.~~--~~-~~-~~~-~-~-0%, enters _u_c_h-'-'==·.:.:F,._ -~-~~-L..-- 3 Contributions made to the plan for the plan year by employer(s) and employees: ------------ ------- .. ----· ------· (a)Oate (b) Amount paid by (c) Amount paid by (a) Date (b) Amount paid by (c) Amount paid by (MM-00-YYYY) employer(s) employees (MM-DD-YYYY) employer(s) employees 

1:~~1, '7(13, gs·/ 

-----·-· --~·-

- Totals .... J 3(b) .. ' . ._, -; 7 f'8 / (: :J / J(c) I :·! 

4 Information on plan status: 

a Funded percentage for mon1toring plan's status (line 1 b(2) divided by line 1c(3)) .......... , ..................................... ~-48-+---------·l_.~_-_9_•_1·~ 

b !~:r.~~Z~- ~~~~~~~~e t~~:~ .. ~-~~-~~-s .. :~.e-~--i·~-~~~~-~-~i-~-~-~-~~:..~~~~-~~-~~~-~~-~~:.:.~~-~~: .. ~.~~~~~~-~--~~-:..'.~-n~.s status) If L4-b-"---------------

C Is the plan making the scheduled progress under any applicable funding improvement or rehabilitation plan?. 

d If the pian is in critical status or critical and declining status, were any benefits reduced (see instructions)? ......... 

e If lined is "Yes," enter the reduction in liability resulting from the reduction in benefits (see instructions), 

measured as of the valuation date ............................................................................................................................. .. 

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

year in which 1t is projected to emerge. 

If the rehabilitation plan is based on forestalling possible insolvency, enter the plan year in which insolvency 1s 4f 

expected and check here ........ , .... , ..................... ., ...................................................................................... 0 

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

a 0 Attained age normal b 0 Entry age normal C @ Accrued benefit (unit credit) 

e 0 Frozen initial liability f 0 Individual level premium 9 0 Individual aggregate 

0 Reorganization 0 Other (specify}: 

Yes 0 No 

Yes ~ No 

d 0 Aggregate 

h 0 Shortfall 

k If box his checked, enter period of use of shortfall method ......................................................................................... ! 5k 

~--~------~---~----- Has a change been made in funding method for this plan year? ....................................................................................................................... Q Yes ~ No 

m If line I is "Yes," was the change made pursuant to Revenue Procedure 2000-40 or other automatic approval? .............................................. 0 Yes O No 

n If line I is "Yes," and line m Is "No; enter the date (MM-DD-YYYY) of the ruling letter (individual or class) 

approving the change in funding method ............................................................ ~ ...................................................... ~·· 

6 Checklist of certain actuarial assumptions: 

a Interest rate for "RPA '94" current liability ........................................... ,. .................................................................................................. j 6a j ~ _ S 1 % 

Pre-retirement Post-retirement 

b Rates specified in insurance or annuity contracts ..................................... , Q Yes ~ No 0 N/A 0 Yes ~ No 0 N/A 

C Mortality table code for valuation purposes: 
Schedule MB (Form 5500) 2015 Page 3 -[=:J 

(1) Males........................................................................... 6c(1) l !\ 

(2) Femaies.................... ................................................................. 6c(2) . '· ;~:; '· :· 

~~-r--------------------~----------~--------

d Valuation liability interest rate····~-···············--······················ .. ··········· 6d 8 .. ~J 0 % R. :,o % 

~--+--------.----<R---~--------.---~.-- e Expense loading ............................................................................... 1--_G_e ___ +-- __ '_· ._, _· _l)_•_fo_t-l ____ .;:O~N_I_A, ______ o;._.~IL_ __ --...!g]=. L_N_IA_ 

f Salary scale ..................................................................................... '---6-f _ _,_ ____ ......c.%_...__ I __ _.J;~+-Ni_A-+-------------

g Estimated investment return on actuari81 value of assets for year ending on the valuation date ...... 

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

l 

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 

6g 

6h 

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

b(1) Is the plan required to provide a projection of expected benefit payments? (See the instructions.} If "Yes," attach a schedule ........... - .................................................................................................................................................................. .. 

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

schedule. 

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? ....................................................................................................................................... . 

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

8. 8% 

-18,917,1(:2 

0 Yes 0 No 

~ Yes 0 No 

0 Yes 0 No 

(1} Was an extension granted automatic approval under section 431(d)(1} of the Code? ......................................... r----.-----=--=--

(2) If line Bd(1) is "Yes," enter the number of years by which the amortization period was extended ....................... .._l_a_d_{_2_) -'------------

0 Yes 0 No 

(3) Was an extension approved by the Internal Revenue Service under section 412(e) (as in effect prior to 0 Yes 0 No 2008) or 431(d}(2} of the Code? .............................................................................................................................. r---.-----------

(4} ~~~nneu~d~!: ~~ ~~~~~· i~~~~~ l~Jl.~-~~-~~.:.~~~~-~:..~~~-c-~ .:~e .. ~~~~.t~~~~~~~.:.~~~~-~.:~~.~~~~~~~.~.:.~.~.~-i-~.~-~~.d~~~ ....... ,r_B_d_(_41 

_-+-----------

(5) If line 8d(3} is "Yes: enter the date of the ruling letter approving the extension ................................................... ':':. :-Bd_(,_5,_)__, _____ =------ (8) If line 8d(3) is "Yes." is the amortization base eligible for amortization using interest rates applicable under section 0 Yes 0 No 

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

e If box 5h is checked or line 8c is "Yes," enter the difference between the minimum required contribution for the r-·- - ~~~~~~li~~ ::s}:.~~~:-~~~~~-~~~~-~~~~-~~.:.u.i~~-~-.:~.~-~-~.~~~-~~-·t·~·~-~.~-~.~~~~:.~~~~~-~~--~-~~~-~-~-i~~ .. t·~-~ ............. 1 Be -·----------

9 Funding standard account statement for this plan year: 

Charges to funding standard account: 

a Prior year funding deficiency, if any .............................................................................................................................. j 9a 4 6 3, ?. 8 0, 7:; c r----r--------~--~--- b Employer's normal cost for plan year as of valuation date .................................................................. ,,.,. ........ ,.,. ...... j 9b 2 0, 21 4 1 6 q 7 

r-----------~----~--------~--~-- c Amortization charges as of valuation date: Outstanding balance 

(1) All bases except funding waivers and certain bases for which the 9c(1) 

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

(2) Funding waivers.................................................................... ....................... 9c(2) :.1 o r----T------------------+---------------~ (3) Certain bases for which the amortization period has been extended.......... 9c(3) 'i 

~~~----------.---4-------------~ d Interest as applicable on lines 9a, 9b, and 9c ............................................................................................................... ! 9d 6 7, :. 8 2 , 4 ') 3 ~---+------~~~~~ 

e Total charges. Add lines 9a through 9d ........................................................................................................... , .......... ~ 9e 8S7 1 561,759 

~---+--------~~~~ 

Credits to funding standard account: 

f Prior year credit balance, if any ................................................................................................................................... ! 9f '.'j 

~---+----------------- 9 Employer contributions. Total from column (b) of line 3 ............................................................................................... j 9g 1 :J '1, 7 fi 8, ):) "i r-----------~----~---------~~~~ Outstanding balance 

h Amortization credits as of valuation dale ................................. , ... , ..... -............... 9h 7 9 .J, 3 ';. 0, 4 8 ;.( :l: 3, ~~ T 1 1 9 ;> :) ~--~--------~~--4-----~~~~~ 

Interest as applicable to end of plan year on lines 9f, 9g, and 9h ............................................................................... j 9i l 'J , '; 8 S, 4!) s ~--~--------~--~---
Schedule MB (Form 5500) 2015 Page4 

Full funding limitation (FFL) and credits: 

(1) ERISA FFL (accrued liability FFL) ................... " ....................................... j 9j(1) I 1 , 8 ~ 9 1 _::, 3 (1 • ~~4 .j ~----4---------~~~-------1 

(2) "RPA '94" override (90% current liability FFL) .......................................... j 9j(2) j 3, 1J 2:., ll ~i 1 J 1 '] ~~J-----~~~~~~--------------

(3) FFL credit ..................................................................... ,......................................................................................... 9j(3) ~...:.;....:_-+------

k (1) Waivetl funtling deflcienc.y .............................. .. . ....................................................................................... I--D_k(:_1)~·--

(2) Other credits ..................................................... .. .. ...................................................................................... _9_k:_(2'-) -+--- '..' 

Total credits. Add lines 9f through 9i, 9j(3), 9k(1), and 9k(2) ........................................................................................ !-_91_+-----·:.:.;.,:::.s.!..'.::8.::0:..:· :~::.c' ~;,-:...··:...q.::.l 

m Credit balance: If line 91 is greater than line 9e, enter the difference........................................................................... 9m 

r--~---------------- n Funding deficiency: If line 9e is greater than line 91, enter the difference.................................................................... 9n ~ S 2 , ;, J J , ,; <, '·~ 

L_ __ J_------~--~---

9 0 Current year's accumulated reconciliation account: 

(1) Due to waived funding deficiency accumulated prior to the 2015 plan year ................................ ~.__9_o(:....1)=----+--------~o 

(2) Due to amortization bases extended and amortized using the interest rale under section 6621 (b) of the Cod;.:::e:.:.: ____ l-- _____ ------

(a) Reconciliation outstanding balance as of valuation date ............................. , ................. ., ............................ l-_9_o..:.(2....:)..:.(a....:)_i----------.....::. 

(b) Reconciliation amount (line 9c(3) balance minus line 9c(2)(a)) ................................................................ l-_9_o(.:..2.;..)(.:..b.:..)-l---------_:::,O 

(3) Total as of valuation date ............................................................................................. , ............... _.................... 9o(3) c 

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

11 Has a change been made in the actuarial assumptions for the current plan year? If "Yes," see instructions ...................... .. jgJ Yes 0 No 
DB1/ 88552986.1

The New York State Teamsters Conference Pension and Retirement Fund

Application for Suspension of Benefits under MPRA

EXHIBIT 19
APPENDIX F

REHABILITATION PLAN FOR THE

NEW YORK STATE TEAMSTERS CONFERENCE

PENSION AND RETIREMENT FUND

Effective January 1, 2011

Amended and Restated January 1, 2015

I. INTRODUCTION

Under the Pension Protection Act of 2006 (“PPA”), a multiemployer pension plan’s actuary must

certify a plan’s funded status for a plan year within 90 days after the start of that plan year.

As indicated in the April 30, 2012 Notice of Critical Status, the actuary for the New York State

Teamsters Conference Pension and Retirement Fund (the “Plan” or “Fund”) has certified the

Plan as remaining in “critical status” (sometimes referred to as the “red zone”) for the Plan Year

beginning January 1, 2012. The Fund’s Board of Trustees (the “Trustees”), as the plan sponsor

of a critical status pension plan, timely adopted a Rehabilitation Plan on May 6, 2010. As

required by law, the Trustees review the Rehabilitation Plan annually and update it periodically.

Effective June 1, 2012, the Rehabilitation Plan was amended to include a new Schedule F.

Effective January 1, 2013, the Trustees are adding a new Alternative Schedule G for certain

Employers.

A Rehabilitation Plan contains one or more schedules showing revised benefits, contributions, or

both, that are designed to have the Fund emerge from critical status by the end of the ten-year

rehabilitation period as defined by the PPA, or where that is not reasonable, to emerge from

critical status at a later time or to forestall possible insolvency (the “Schedule” or “Schedules”).

The Trustees must provide the Schedule or Schedules to the Fund’s Contributing Employers,

Local Unions, and other parties responsible for bargaining over agreements requiring

contributions to the Fund (“Bargaining Parties”). Trustees of plans in critical status must

include one Schedule for reductions in the amount of future benefit accruals and other benefits

necessary to allow the plan to emerge from critical status, assuming no contribution increases

other than those necessary after future benefit accruals and “Adjustable Benefits” (described

below) have been reduced as much as possible under the law (the “Default Schedule”). A

Rehabilitation Plan may also include an additional schedule or schedules.

Each Rehabilitation Plan schedule must reduce or eliminate “Adjustable Benefits” to the extent

necessary to meet the legal requirements of the PPA. Adjustable Benefits include: (1) any early

retirement benefit or retirement-type subsidy and any benefit payment option (other than the

qualified joint and survivor annuity); (2) benefits and features, including post-retirement death

benefits, disability benefits not in pay status, and similar benefits; and (3) benefit increases

adopted or effective fewer than 60 months before a plan entered critical status.
2

Effective April 30, 2010, the Fund ceased making all lump sum payments (except those less than

or equal to $5,000 under Section 6.08 of the Plan document) as required by law, and the

elimination of all such lump sum payments under the Plan shall continue under this

Rehabilitation Plan.

The Trustees have the power, authority, and discretion to amend, construe and apply the

provisions of this Rehabilitation Plan including the Schedules.

II. TRUSTEES’ DETERMINATION TO UTILIZE ALTERNATIVE MEASURES TO

EMERGE FROM CRITICAL STATUS

Under the PPA, a Rehabilitation Plan is intended to enable a pension fund to emerge from

critical status by the end of its rehabilitation period. The PPA, however, provides the Board of

Trustees with an alternative option if it “determines that, based on reasonable actuarial

assumptions and upon exhaustion of all reasonable measures,” the fund is not reasonably

expected to emerge from critical status by the close of the plan’s rehabilitation period. In such

case, the trustees are permitted to adopt a Rehabilitation Plan that includes reasonable measures

designed to allow the pension fund to emerge from critical status at a later time or forestall

possible insolvency under Section 4245 of the Employee Retirement Income Security Act of

1974, as amended (ERISA).

After consideration of various alternatives and exhaustion of all reasonable measures, the

Trustees have determined that it would not be reasonably possible for the Fund to emerge from

critical status under the PPA by the end of its rehabilitation period. This conclusion is based on

the advice and recommendation of the Fund’s actuaries and their use of reasonable actuarial

assumptions.

A. Alternatives Considered

The Trustees considered numerous alternatives (including combinations of contribution

rate increases and benefit adjustments) that were projected to enable the Fund to emerge from

critical status by the end of its rehabilitation period. The Fund’s actuary projected that in order

for the Fund to emerge from critical status by the end of its rehabilitation period, the Trustees

would need to adopt a schedule (or a similar schedule) that would require a minimum

contribution rate increase of more than 20% each year through 2022, even with the maximum,

legally-required benefit reductions for all Participants and assuming the contribution increases

did not generate future benefit accruals.

B. Rationale for Rejecting Alternatives

After careful consideration, the Trustees concluded that utilizing any and all possible

measures to emerge from critical status by the end of the Fund’s rehabilitation period would be

unreasonable and would involve considerable risk to the Fund and to Participants. The Trustees

determined that adopting a Rehabilitation Plan that would require the Fund’s Contributing

Employers to increase their contribution rates at levels of more than 20% each year through 2022

would likely result in a significant number of employer withdrawals from the Fund and an
3

increase in employer bankruptcy filings, further jeopardizing its funding status. In making these

determinations, the Trustees considered, among other things, the financial conditions of many

contributing employers, noting in particular that the second largest group of contributing

employers, YRC Worldwide, Inc. companies, is experiencing serious financial difficulties.

III. DESCRIPTION OF SCHEDULES

A. Introduction

The Rehabilitation Plan as of January 1, 2013 includes a Default Schedule and seven

Alternative Schedules (A – G). A Participant may qualify for benefits under one or more of the

Schedules. A Participant who qualifies for benefits will select a benefit commencement date and

form of payment for his entire benefit. Once benefits commence, no changes are permitted to be

made with respect to the timing or form of payment and a Participant may not defer any portion

of that benefit until a later date.

1. Selection and Approval of a Schedule

Until one of the Schedules in this Rehabilitation Plan takes effect with respect to a

Contributing Employer, the current Schedule continues to apply. Prior to negotiations, the

Bargaining Parties must request in writing from the Fund Office contribution rate sequences that

will conform to one of the Schedules. Subsequent to negotiations, the Bargaining Parties must

submit all contribution rate sequences in any renewal or extension of a collective bargaining

agreement or other agreement requiring contributions to the Fund (“CBA”) to the Fund Office

for approval. Subject to the sole discretion of the Trustees, a Schedule is adopted when the

Trustees receive substantiation that a CBA includes terms consistent with the requirements of a

Schedule. In general, the Trustees will consider the Bargaining Parties to have adopted a

particular Schedule, and will consider the terms of a CBA to be consistent with this

Rehabilitation Plan, when a CBA is adopted in accordance with the Schedule’s requirements.

Notwithstanding the foregoing, as always, regardless of whether or not a CBA complies with the

Rehabilitation Plan, the Trustees reserve the right to reject a CBA that is determined to be

detrimental to the actuarial soundness of the Fund.

Notwithstanding anything herein to the contrary, effective January 1, 2013, the monthly amount

of any Early, Thirty Year, or Vested Pension for an Employee who first becomes an Active

Participant on or after October 15, 2009 and before January 1, 2013, will be the greater of such

Participant’s accrued benefit as of December 31, 2012, payable as a monthly benefit at age 65,

and reduced by 6% for each year the benefit commences before age 65; and the Early, Thirty

Year, or Vested Pension calculated in accordance with the applicable Alternative Schedule,

based upon such Participant’s Credited Service as of the Benefit Commencement Date.

2. Adjustable Benefits

Effective January 1, 2011, the following Adjustable Benefits were eliminated for

all Participants:
4

a) The Regular Pension (age 60);

b) Disability Benefits, including the Disability Pension and Lump

Sum Disability Benefit;

c) Death Benefits, including but not limited to, the Lump Sum Death

Benefit and 60-month pre-retirement death benefit;

d) Supplemental Social Security Benefit – Participants shall not earn

any future accruals towards this benefit on or after January 1,

2011; and

e) All Reciprocal Pensions to the extent any such pension is tied to

one or more of the Adjustable Benefits listed above.

Effective January 1, 2011, Participants covered under the Default Schedule also had the

following Adjustable Benefits eliminated:

a) The Thirty-Year Pension;

b) As of October 1, 2007, the benefit accrual rate of 1.3 percent of

Employer Contributions was increased to 1.73 percent following

the earlier of: (i) the midpoint of the period between a Participant’s

Unreduced Retirement Date and the Participant’s Unreduced

Social Security Retirement Date; or (ii) 5 years following a

Participant’s Unreduced Retirement Date (“Supplemental Accrual

Rate”). This Supplemental Accrual Rate is eliminated for any

accruals earned on or after January 1, 2011.

c) The following Benefit Payment options:

1) Five Year Certain Annuity;

2) Ten Year Certain Annuity;

3) Qualified 100% Joint and Survivor Annuity;

4) 50%, 75% and 100% Joint and Survivor Annuity with PopUp.

5) Voluntary lump sum payments equal to $5,000 or more.
5

Notwithstanding these benefit eliminations, there have been no changes to the Normal Pension

benefit, and nothing shall be construed to reduce the level of a Participant’s accrued benefit

payable at Normal Retirement Age.

3. Thirty-Year Pension and Special Transition Benefit Under

Alternative Schedules A-F

a. Age Requirement For Thirty-Year Pension

A Participant who has not begun receiving benefits by December 31, 2010

will not be able to retire with an unreduced Thirty-Year Pension solely due to the accrual of 30

years of Credited Service. However, Participants will be eligible to receive an unreduced ThirtyYear Pension upon attaining a certain age prior to retirement (“Unreduced Age”) in addition to

accruing 30 years of Credited Service. The Unreduced Age for each Schedule is described

below.

b. Transition Benefit

Generally, if a Participant retires with 30 years of Credited Service but

prior to the attainment of the Unreduced Age applicable to his or her Schedule, that Participant’s

benefits will be reduced accordingly (as described under each Schedule). However, all of the

Alternative Schedules provide a transition benefit. Under the transition benefit, Participants with

at least 25 years of Credited Service as of January 1, 2011 who retire after earning at least 30

years of Credited Service but prior to attaining the applicable Unreduced Age will not have their

Thirty-Year Pension benefit reduced by as much as otherwise described under each Schedule.

Such Participants will have the following early reduction factors applied to their benefit:

Years of Service

as of January 1, 2011

Reduction Per Year

from Unreduced Age

30 0%

29 1%

28 2%

27 3%

26 4%

25 5%

4. The Extent to Which Contribution Rate Increases Impact Accruals

As described below, contribution rate increases under each of the Schedules,

except for Schedules F and G, are either “non-benefit bearing” or “one-percent (1%) bearing.”

Non-benefit bearing means that the contribution rate that is used to calculate benefits for each

year in the future shall be the contribution rate in effect in 2010. Any subsequent contribution

rate increases will not be taken into account for the purpose of calculating future benefit accruals.

One-percent (1%) bearing means that the contribution rate that is used to calculate benefits for
6

each year in the future shall be the contribution rate in effect in 2010, increased by one-percent

(1%) for each year beyond 2010.

Regardless of this distinction, any contribution rate increases above those required by a specific

Schedule will be “benefit bearing,” which means that all of the contributions above those

required under a Schedule shall be multiplied by the percentage provided under the specific

Schedule to calculate future benefit accruals for the Normal Pension. In accordance with Section

305(f)(1)(B) of ERISA, such an increase in benefit accruals is paid for out of additional

contributions not contemplated by the Rehabilitation Plan, and the Fund’s actuary has certified

that these additional contributions improve the Fund’s actuarial measures after taking their

benefit bearing nature into account.

Contributions made under Schedule F are 100% benefit bearing. Contributions under Schedule

G are .25% benefit bearing; however, no future rate increases required under Schedule G are

non-benefit bearing.

The Schedules adopted by the Trustees as of January 1, 2013 are set forth below. Unless

otherwise indicated, all capitalized terms used in these Schedules shall have the definitions and

meanings assigned to them in the Plan.

B. Rehabilitation Plan Schedules

1. Default Schedule

The Default Schedule shall apply to Participants whose Contributing Employers

agree to comply with this Default Schedule (or who become subject to the Default Schedule

imposed by law due to a failure to achieve an agreement to accept any of the Alternative

Schedules within the time period prescribed by Section 305(c)(3)(C) of ERISA).

a. Contributions

Compliance with the Default Schedule requires the Contributing

Employer’s contribution rate to increase by 6.00% annually.

b. Future Benefit Accruals

For Participants covered under the Default Schedule, the future benefit

accrual for the Normal Pension will be 1.0% of the Employer Contributions required to be made

on behalf of the Participant. However, increases in a Contributing Employer’s contribution rate

required under the Default Schedule will be non-benefit bearing.

c. Adjustable Benefits

Participants covered under the Default Schedule shall have all of the

Adjustable Benefits listed above in Section III.A.2. eliminated. In addition, the Early and Vested

Pensions shall equal the Actuarial Equivalent of the monthly amount of the Normal Pension to
7

which a Participant would have been entitled upon attaining age sixty-five (65) based upon his

Credited Service as of the date of his early retirement.

2. Alternative Schedule A

a. Contributions

Compliance with Alternative Schedule A requires the Contributing

Employer’s contribution rate to increase by 6.00% annually.

b. Future Benefit Accruals

For Participants covered under Alternative Schedule A, the future benefit

accrual for the Normal Pension will be 0.30% of the Employer Contributions required to be

made on behalf of the Participant. However, increases in a Contributing Employer’s

contribution rate required under Alternative Schedule A will be non-benefit bearing.

c. Adjustable and Transition Benefits

Participants covered under Alternative Schedule A shall have all of the

Adjustable Benefits listed above in Section III.A.2. eliminated. The Supplemental Accrual Rate

is also eliminated under Alternative Schedule A for any accruals earned on or after January 1,

2011. In addition, the Early and Vested Pensions shall equal the Actuarial Equivalent of the

monthly amount of the Normal Pension to which a Participant would have been entitled upon

attaining age sixty-five (65) based upon his Credited Service as of the date of his early

retirement.

Participants with at least 25 years of Credited Service as of January 1, 2011 will be eligible for

the transition benefit and will have their Thirty-Year Pension reduced by the transition benefit’s

early reduction factors based on an Unreduced Age of 65. For example, if a Participant who had

earned 28 years of Credited Service by January 1, 2011 is covered by Alternative Schedule A

and begins receiving benefits at the age of 60 after having earned 30 years of Credited Service,

that Participant’s benefits will be reduced by 10% (2% x 5 years) – rather than being reduced by

approximately 42% as they would be for an Early Pension benefit.

3. Alternative Schedule B

a. Contributions

Compliance with Alternative Schedule B requires the Contributing

Employer’s contribution rate to increase by 6.50% annually.

b. Future Benefit Accruals

For Participants covered under Alternative Schedule B, the future benefit

accrual for the Normal Pension will be 0.50% of the Employer Contributions required to be
8

made on behalf of the Participant. However, increases in a Contributing Employer’s

contribution rate required under Alternative Schedule B will be non-benefit bearing.

c. Adjustable and Transition Benefits

Participants covered under Alternative Schedule B shall have all of the

Adjustable Benefits listed above in Section III.A.2. eliminated. The Supplemental Accrual Rate

is also eliminated under Alternative Schedule B as of January 1, 2011 for any Participants who

are not eligible for that rate prior to January 1, 2011. In addition, the Early and Vested Pensions

shall be calculated by reducing the Normal Pension benefit by 6% for each year prior to the age

of 65 that a Participant begins receiving benefits. However, if the Actuarial Equivalent of the

monthly amount of the Normal Pension to which a Participant would have been entitled upon

attaining age 65 based upon his Credited Service as of the date of his retirement results in a

greater benefit, he will receive the Actuarial Equivalent.

For the Thirty-Year Pension, the Unreduced Age for Participants under Schedule B is 62. As a

result, Participants will need to attain Age 62 and accrue 30 years of Credited Service in order to

retire with an unreduced Thirty-Year Pension. Generally, if a Participant retires after earning 30

years of Credited Service without attaining the Unreduced Age, benefits are reduced by 6% for

each year prior to the Unreduced Age that a Participant begins receiving benefits. However,

Participants with at least 25 years of Credited Service as of January 1, 2011 will be eligible for

the transition benefit and will have their Thirty-Year Pension reduced, if at all, by the transition

benefit’s early reduction factors based on an Unreduced Age of 62. For example, if a Participant

who had earned 28 years of Credited Service by January 1, 2011 is covered by Alternative

Schedule B and begins receiving benefits at the age of 57 after having earned 30 years of

Credited Service, that Participant’s benefits will be reduced by 10% (2% x 5 years) – rather than

being reduced by 30% (6% x 5 years) as otherwise provided under this Schedule.

4. Alternative Schedule C

a. Contributions

Compliance with Alternative Schedule C requires the Contributing

Employer’s contribution rate to increase by 6.75% annually.

b. Future Benefit Accruals

For Participants covered under Alternative Schedule C, the future benefit

accrual for the Normal Pension will be 0.30% of the Employer Contributions required to be

made on behalf of the Participant. However, increases in a Contributing Employer’s

contribution rate required under Alternative Schedule C will be non-benefit bearing.

c. Adjustable and Transition Benefits

Participants covered under Alternative Schedule C shall have all of the

Adjustable Benefits listed above in Section III.A.2. eliminated. The Supplemental Accrual Rate
9

is also eliminated under Alternative Schedule C as of January 1, 2011 for any Participants who

are not eligible for that rate prior to January 1, 2011. In addition, the Early and Vested Pensions

shall be calculated by reducing the Normal Pension benefit by 6% for each year prior to the age

of 65 that a Participant begins receiving benefits. However, if the Actuarial Equivalent of the

monthly amount of the Normal Pension to which a Participant would have been entitled upon

attaining age 65 based upon his Credited Service as of the date of his retirement results in a

greater benefit, he will receive the Actuarial Equivalent.

For the Thirty-Year Pension, the Unreduced Age for Participants under Schedule C is 60. As a

result, Participants will need to attain Age 60 and accrue 30 years of Credited Service in order to

retire with an unreduced Thirty-Year Pension. Generally, if a Participant retires after earning 30

years of Credited Service without attaining the Unreduced Age, benefits are reduced by 6% for

each year prior to the Unreduced Age that a Participant begins receiving benefits. However,

Participants with at least 25 years of Credited Service as of January 1, 2011 will be eligible for

the transition benefit and will have their Thirty-Year Pension reduced, if at all, by the transition

benefit’s early reduction factors based on an Unreduced Age of 60. For example, if a Participant

who had earned 28 years of Credited Service by January 1, 2011 is covered by Alternative

Schedule C and begins receiving benefits at the age of 55 after having earned 30 years of

Credited Service, that Participant’s benefits will be reduced by 10% (2% x 5 years) – rather than

being reduced by 30% (6% x 5 years) as otherwise provided under this Schedule.

5. Alternative Schedule D

a. Contributions

Compliance with Alternative Schedule D requires the Contributing

Employer’s contribution rate to increase by 7.75% annually.

b. Future Benefit Accruals

For Participants covered under Alternative Schedule D, the future benefit

accrual for the Normal Pension will be 0.50% of the Employer Contributions required to be

made on behalf of the Participant. Increases in a Contributing Employer’s contribution rate

required under Alternative Schedule D will be one-percent (1%) bearing.

c. Adjustable and Transition Benefits

Participants covered under Alternative Schedule D shall have all of the

Adjustable Benefits listed above in Section III.A.2. eliminated. The Supplemental Accrual Rate

is also eliminated under Alternative Schedule D as of January 1, 2011 for any Participants who

are not eligible for that rate prior to January 1, 2011. In addition, the Early and Vested Pensions

shall be calculated by reducing the Normal Pension benefit by 6% for each year prior to the age

of 65 that a Participant begins receiving benefits. However, if the Actuarial Equivalent of the

monthly amount of the Normal Pension to which a Participant would have been entitled upon

attaining age 65 based upon his Credited Service as of the date of his retirement results in a

greater benefit, he will receive the Actuarial Equivalent.
10

For the Thirty-Year Pension, the Unreduced Age for Participants under Schedule D is 57. As a

result, Participants will need to attain Age 57 and accrue 30 years of Credited Service in order to

retire with an unreduced Thirty-Year Pension. Generally, if a Participant retires after earning 30

years of Credited Service without attaining the Unreduced Age, benefits are reduced by 6% for

each year prior to the Unreduced Age that a Participant begins receiving benefits. However,

Participants with at least 25 years of Credited Service as of January 1, 2011 will be eligible for

the transition benefit and will have their Thirty-Year Pension reduced, if at all, by the transition

benefit’s early reduction factors based on an Unreduced Age of 57. For example, if a Participant

who had earned 28 years of Credited Service by January 1, 2011 is covered by Alternative

Schedule D and begins receiving benefits at the age of 52 after having earned 30 years of

Credited Service, that Participant’s benefits will be reduced by 10% (2% x 5 years) – rather than

being reduced by 30% (6% x 5 years) as otherwise provided under this Schedule.

6. Alternative Schedule E

a. Contributions

Compliance with Alternative Schedule E requires the Contributing

Employer’s contribution rate to increase by 8.25% annually.

b. Future Benefit Accruals

For Participants covered under Alternative Schedule E, the future benefit

accrual for the Normal Pension will be 0.50% of the Employer Contributions required to be

made on behalf of the Participant. Increases in a Contributing Employer’s contribution rate

required under Alternative Schedule E will be one-percent (1%) bearing.

c. Adjustable and Transition Benefits

Participants covered under Alternative Schedule E shall have all of the

Adjustable Benefits listed above in Section III.A.2. eliminated. The Supplemental Accrual Rate

is also eliminated under Alternative Schedule E as of January 1, 2011 for any Participants who

are not eligible for that rate prior to January 1, 2011. In addition, the Early and Vested Pensions

shall be calculated by reducing the Normal Pension benefit by 6% for each year prior to the age

of 65 that a Participant begins receiving benefits. However, if the Actuarial Equivalent of the

monthly amount of the Normal Pension to which a Participant would have been entitled upon

attaining age 65 based upon his Credited Service as of the date of his retirement results in a

greater benefit, he will receive the Actuarial Equivalent.

For the Thirty-Year Pension, the Unreduced Age for Participants under Schedule E is 55. As a

result, Participants will need to attain Age 55 and accrue 30 years of Credited Service in order to

retire with an unreduced Thirty-Year Pension. Generally, if a Participant retires after earning 30

years of Credited Service without attaining the Unreduced Age, benefits are reduced by 6% for

each year prior to the Unreduced Age that a Participant begins receiving benefits. However,

Participants with at least 25 years of Credited Service as of January 1, 2011 will be eligible for
11

the transition benefit and will have their Thirty-Year Pension reduced, if at all, by the transition

benefit’s early reduction factors based on an Unreduced Age of 55. For example, if a Participant

who had earned 28 years of Credited Service by January 1, 2011 is covered by Alternative

Schedule E and begins receiving benefits at the age of 50 after having earned 30 years of

Credited Service, that Participant’s benefits will be reduced by 10% (2% x 5 years) – rather than

being reduced by 30% (6% x 5 years) as otherwise provided under this Schedule.

7. Alternative Schedule F

Alternative Schedule F is first available effective June 1, 2012 to Contributing

Employers who, subject to the approval of the Board of Trustees, withdraw from the Fund, pay

the Fund 80% of the present value of their statutorily-required withdrawal liability as a lump sum

and return to the Fund immediately as a Renewed Contributing Employer. An Employer may

also negotiate to pay its withdrawal liability, with interest, in periodic installments over a period

not to exceed five years. A Renewed Contributing Employer shall have its withdrawal liability

calculated under the Direct Attribution Method, for which the Trustees have amended the Plan to

adopt (subject to necessary governmental approval) as applicable only to Renewed Contributing

Employers.

Upon the effective date of the Employer’s return as a Renewed Contributing Employer, the

Employer shall contribute to the Fund at a rate that is 15% less than the Contributing Employer’s

rate under the Applicable Schedule. For the purposes of the Rehabilitation Plan, “Applicable

Schedule” shall mean the Schedule that the Contributing Employer and its participants were

covered under immediately preceding the withdrawal.

Alternative Schedule F is also available to Contributing Employers who, subject to the approval

of the Board of Trustees, withdraw from the Fund, return immediately as a Renewed

Contributing Employer, and pay amounts that are equivalent to the 80% and 15% figures found

in this subsection. Equivalent amounts are to be determined by the Board of Trustees. Once an

Employer becomes covered under Alternative Schedule F, that Employer must remain under

such Schedule for a period of at least five years.

However, in the event that the Employer, or the Employer’s successors, assigns or purchasers of

the Employer’s assets under ERISA §4204, if any, completely withdraws from the Fund within

ten years of the effective date of the withdrawal described in the previous paragraph, for any

reason other than those agreed to by the Trustees and the Employer in advance, the Employer or

the Employer’s successors, assigns or purchasers of the Employer’s assets under ERISA §4204,

if any, shall pay the Fund an amount equal to: (1) the difference between 100% of the present

value of the Employer’s statutorily-required withdrawal liability at the time of the withdrawal

that allowed it to come under this Schedule F, and the amount that the Employer actually paid,

plus (2) the difference between the amount of contributions paid by the Employer under

Alternative Schedule F through the effective date of complete withdrawal from the Fund and the

amount of contributions that would have otherwise been made by the Employer under the

Applicable Schedule, taking into account any discounts on contribution rates or holidays on

contribution rate increases provided by Alternative Schedule F.
12

a. Contributions

Compliance with Alternative Schedule F requires the Contributing

Employer’s contribution rate to equal an amount 15% less than the Contributing Employer’s last

rate immediately preceding the Employer’s withdrawal under the Applicable Schedule for the

first year, no contribution rate increases for the succeeding four years and then the applicable rate

increases under the Applicable Schedule.

b. Future Benefit Accruals

For Participants covered under Alternative Schedule F, the future benefit

accrual for the Normal Pension will be 1.00% of the Employer Contributions required to be

made on behalf of the Participant. Contributions made under Schedule F, including any future

increases, will be 100% benefit bearing.

c. Adjustable and Transition Benefits

Participants covered under Alternative Schedule F shall be subject to the

provisions under the “Adjustable and Transition Benefits” section of their Applicable Schedule.

8. Alternative Schedule G

Alternative Schedule G is first available effective January 1, 2013 for

Contributing Employers that have been specifically accepted and approved by the Trustees, in

their sole discretion, as satisfying the following conditions:

1) the common stock of the Contributing Employer or its parent

corporation (or other affiliate under 80% or more common control with

the Contributing Employer) is publicly traded and registered pursuant to

the securities laws of the United States;

2) the Contributing Employer submits to a review of its financial

condition and operations by the Fund Office and outside experts and

consultants, and agrees to reimburse the Fund for all fees and expenses

incurred by the Fund in this review (including, but not limited to,

reimbursement to the Fund for the time devoted by the Fund Office to any

such review, with this reimbursement to be made at market rates for

comparable services performed by the Fund Office);

3) on the basis of this financial and operational review, the Trustees

determine that (a) the Contributing Employer is not able to contribute to

the Fund at the higher rate required by its current or most-recent

Participation Agreement, and (b) acceptance of a proposed new

Participation Agreement and collective bargaining agreement that meet the

requirements of Alternative Schedule G is in the best interest of the Fund
13

under all the circumstances and advances the goals of this Rehabilitation

Plan; and

4) the Contributing Employer must not have any outstanding

liabilities owed to the Fund and must be current in its contributions.

Note: If a Contributing Employer becomes subject to this Alternative Schedule

G with respect to a particular Bargaining Unit, the Fund will not accept from that Contributing

Employer any Participation Agreements or Collective Bargaining Agreements which are covered

by Alternative Schedules A-F, except as determined by the Trustees in their sole discretion.

a. Contributions

Compliance with Alternative Schedule G requires the Contributing

Employer’s contribution rate to have been specifically accepted and approved by the Trustees, in

their sole discretion, but in no case shall the contribution rate ever be less than 25% of the last

contribution rate required to be paid by the Contributing Employer.

Additionally, compliance with Alternative Schedule G requires the Contributing Employer’s

contribution rate to increase by 6.00% annually. Alternatively, subject to the approval of the

Trustees, the required 6.00% increase in the annual contribution rate, or any portion thereof, may

be satisfied for the duration of the collective bargaining agreement through a reduction of the

0.25% future benefit accrual rate by the actuarial equivalent of the required 6% increase or any

part thereof or by a reduction of the bearing portion of the contribution rate as determined by the

Trustees.

b. Future Benefit Accruals

For Participants covered under Alternative Schedule G, the future benefit

accrual for the Normal Pension will be 0.25% of the Employer Contributions required to be

made on behalf of the Participant or other percentage as determined by the Trustees. However,

increases in a Contributing Employer’s contribution rate required under Alternative Schedule G

will be non-benefit bearing.

c. Adjustable and Transition Benefits

Participants covered under Alternative Schedule G shall have all of the

Adjustable Benefits listed above in Section III.A.2. eliminated including those under the Default

Schedule. In addition, the Early and Vested Pensions shall equal the Actuarial Equivalent of the

monthly amount of the Normal Pension to which a Participant would have been entitled upon

attaining age sixty-five (65) based upon his Credited Service as of the date of his early

retirement.

d. Employer Withdrawal Liability
14

If a Contributing Employer that elected Alternative Schedule G withdraws

from the Fund, the employer withdrawal liability shall be calculated as if Alternative Schedule G

had not been elected and instead shall be calculated as if the Contributing Employer continued to

be covered by the Schedule applicable to it prior to becoming covered by Alternative Schedule

G. The contribution rates used to calculate withdrawal liability shall be the rates, including any

increases, required by the Contributing Employer’s Participation Agreement prior to becoming

covered by Alternative Schedule G. The contribution base units shall be the greater of the actual

contribution base units while participating in Alternative Schedule G or an average of the

contribution base units during the three years immediately prior to becoming covered by

Alternative Schedule G, which will be imputed for each year of participation in said Schedule.

In addition, if a Contributing Employer that elected Alternative Schedule G withdraws from the

Plan with any gap in the contribution history due to, among other reasons, a temporary

termination or cessation of contributions, the Contributing Employer’s contributions shall be

imputed for any such gap period solely for the purpose of calculating withdrawal liability. The

imputed contributions, which shall be treated as contributions required to be made under the

Fund by the Contributing Employer, shall be calculated using the rates, including any increases,

required by the Contributing Employer’s Participation Agreement immediately prior to

becoming covered by Alternative Schedule G. The contribution base units used in calculating

withdrawal liability during the gap period shall be based on the average of the contribution base

units during the three years immediately prior to the gap period.

Notwithstanding anything in the Section (d), the employer withdrawal liability for a Contributing

Employer that elected Alternative Schedule G and later withdraws from the Fund shall be

calculated in accordance with the assumptions and methods used by the Fund’s actuary.

C. Summary of All Schedules

The following chart summarizes the annual contribution rate increases, future benefit

accrual rates, and the unreduced age at which a participant may retire with an unreduced benefit

upon the attainment of 30 years of service, for each Schedule.

Schedule Annual Contribution

Rate Increases

Future Benefit

Accruals as a %

of Contributions

Unreduced Age

for Transitional

Benefit

Contribution

Increases Benefit

Bearing

Default 6.00% each year

Non-benefit bearing

1.00% N/A 1.00% accrual on

amount above required

Alternative

Schedule

A

6.00% each year

Non-benefit bearing

0.30% 65 0.30% accrual on

amount above required

Alternative

Schedule

B

6.50% each year

Non-benefit Bearing

0.50% 62 0.50% accrual on

amount above required

Alternative

Schedule

C

6.75% each year

Non-benefit bearing

0.30% 60 0.30% accrual on

amount above required

Alternative 7.75% each year 0.50% 57 0.50% accrual on
15

Schedule

D

1.00% Bearing amount above required

Alternative

Schedule

E

8.25% each year

1.00% Bearing

0.50% 55 0.50% accrual on

amount above required

Alternative

Schedule

F

15.00% reduction first

year; 0.00% increase for 4

years; Applicable

Schedule Thereafter

100% Bearing

1.00% Applicable Schedule 1.00% accrual on all

contributions

Alternative

Schedule

G

6.00% each year

Non-benefit bearing

0.25% N/A 0.25% accrual on

amount above required

D. Inactive Vested Participants

Inactive vested participants shall be covered under the terms of the Default Schedule.

For these purposes, an “inactive vested participant” is a Participant who is vested under the Plan

but who has not earned at least one (1) Hour of Service in this Fund on or after January 1, 2011.

E. Participant Benefits Under a Schedule

Once a Participant becomes covered under one of these Schedules by earning one Hour

of Service under that Schedule, the provisions included in that Schedule shall govern the

determination of that individual’s benefits. This includes any Participants who previously

participated in plans that merged into the Fund. Any benefits, rights and features provided under

those merged-in plans that may have been included in the Fund’s Plan document will be

superseded by the applicable Schedule to the extent permitted by law.

In order to qualify for the unreduced early retirement provisions of a particular Schedule, a

participant must earn 5,000 Hours of Service under that Schedule, with no more than 1,000

Hours of Service being taken into account for that purpose in any particular plan year (“Hours

Requirement”). If an Employer becomes covered under Alternative Schedule F, Hours of

Service that a participant has earned under an Applicable Schedule will be combined with Hours

of Service earned under Alternative Schedule F to satisfy the Hours Requirement. Any accruals

under a Schedule for which the Hours Requirement has not been met will be at the Schedule’s

accrual rate, but will be based on the Default Schedule’s early retirement reduction provisions.

In addition, benefits accrued as of December 31, 2010 will “attach” to the eligibility

requirements of the highest Schedule under which a Participant has satisfied the Hours

Requirement. Notwithstanding the foregoing, Participants who earned 25 of more Years of

Credited Service as of December 31, 2010, are not subject to the Hours Requirement, but will

qualify for the provisions of a Schedule after earning one Hour of Service under that Schedule.

However, if a Participant who has earned 25 or more years of Credited Service as of December

31, 2010, does not qualify for benefits under a particular Schedule by August 20, 2014, such

Participant must earn 1,000 Hours of Service under that Schedule before the Participant will

qualify for benefits that are calculated and paid pursuant to that Schedule.

F. Rehabilitation Plan Withdrawal
16

Notwithstanding anything herein to the contrary, subject to applicable law and the discretion of

the Trustees, any Bargaining Units (and any non-Bargaining Unit employee groups participating

in the Fund) whose Contributing Employers incur a Rehabilitation Plan Withdrawal on or after

June 1, 2012 shall have their Adjustable Benefits listed in Section III.A.2 eliminated or reduced

to the extent indicated below.

1. Adjustable Benefits Eliminated or Reduced

Subject to the provisions indicated in this Section F, effective June 1, 2012, all

Adjustable Benefits listed in Section III.A.2, including those under the Default Schedule, shall be

eliminated or reduced with respect to any Participant whose benefit commencement date with the

Fund is on or after June 1, 2012 and who (i) has earned or earns an Hour of Service while

employed with a Contributing Employer (or any predecessor or successor entity) that at any time

on or after June 1, 2012 incurs a Rehabilitation Plan Withdrawal, and (ii) whose last year of

Credited Service prior to the Rehabilitation Plan Withdrawal was earned while a member of a

Bargaining Unit ultimately incurring such Withdrawal. In addition, the Early and Vested

Pensions shall equal the Actuarial Equivalent of the monthly amount of the Normal Pension to

which a Participant would have been entitled upon attaining age sixty-five (65) based upon his

Credited Service as of the date of his early retirement.

Provided, however, that any Pensioner otherwise subject to the elimination of Adjustable Benefit

due to a Rehabilitation Plan Withdrawal pursuant to this section, who has a benefit

commencement date one year or more prior to the earlier of: (i) the date of such Rehabilitation

Plan Withdrawal, or (ii) the date of the expiration of the last CBA requiring Employer

Contributions under Schedules A – G prior to such Withdrawal, shall not be subject to the

elimination of Adjustable Benefits.

And provided that the spouse of any Participant otherwise subject to the elimination of

Adjustable Benefits due to a Rehabilitation Plan Withdrawal shall not incur a loss of Adjustable

Benefits with respect to any surviving spouse benefits for which such spouse has a benefit

commencement date prior to the date of the Rehabilitation Plan Withdrawal.

2. Rehabilitation Plan Withdrawal

Subject to the discretionary authority of the Board of Trustees indicated in this

Section F.2., a “Rehabilitation Plan Withdrawal” occurs on the date a Contributing Employer is

no longer required to make Employer Contributions to the Fund under one or more of its CBAs

as a result of actions by members of a Bargaining Unit (or its representatives) or the Contributing

Employer, which actions include, but are not limited to the following:

(1) decertification or other removal of the Union as a bargaining agent;

(2) ratification or other acceptance of a CBA which permits withdrawal of the

Bargaining Unit, in whole or in part, from the Fund;
17

(3) administrative termination of the Contributing Employer with respect to

any or all of its CBAs due to: (i) a violation of the Fund’s rules with

respect to the terms of a CBA; or (ii) a violation of any other Fund rule or

policy; or

(4) any transaction or other event whereby all or a portion of the operations

for which the Contributing Employer has an obligation to contribute are

continued (whether by the Contributing Employer or by another party) in

whole or in part without maintaining the obligation to contribute to the

Fund under the same or better terms (including, for example, as to the

number of participants and contribution rate) as existed before the

transaction.

Provided, however, that with respect to the circumstances described in subparagraphs (3)(ii) or

(4) above, the Board of Trustees shall have full discretionary authority to consider, weigh and

balance the following factors in determining whether a Rehabilitation Plan Withdrawal has

occurred:

(i) the extent to which the affected Bargaining Unit or its bargaining

representative participated in or controlled, or could have controlled or

prevented, through bargaining, grievance procedures, NLRB proceedings,

litigation or other means, the cessation of Employer Contributions;

(ii) the extent to which the affected Bargaining Unit benefited, directly or

indirectly, from the cessation of Employer Contributions;

(iii) the extent to which the affected Bargaining Unit, or its bargaining

representative, resisted or attempted to resist, or acquiesced in, the

cessation of Employer Contributions;

(iv) the extent to which the affected Bargaining Unit, or any of its members,

become engaged as employees or independent contractors in the service of

operations that were or are in whole or in part a successor of the

operations of the Contributing Employer who incurred the cessation of

Employer Contributions; and

(v) the extent of the hardship that might be incurred by members of the

affected Bargaining Unit by the elimination of Adjustable Benefits.

Notwithstanding anything in this subsection 2 to the contrary, a Rehabilitation Plan Withdrawal

shall not occur at the time a Contributing Employer withdraws from the Fund pursuant to

Alternative Schedule F.

3. Restoration of Adjusted Benefits
18

Any Participant who incurs a benefit adjustment or elimination under the terms of

this Section III.F. may have those affected benefits restored if, subsequent to the event causing

the benefit adjustment, the Participant (i) permanently ceases all employment with, and

performance of services in any capacity for, the Contributing Employer (and any successors or

trades or businesses under common control with such Employer within the meaning of ERISA §

4001(b)(1)) within 60 days of the occurrence of such Rehabilitation Plan Withdrawal, and (ii)

subsequently earns one year of Credited Service with a Contributing Employer while that

Employer is in compliance with one of the Alternative Schedules described herein.

G. Surcharges for Noncompliant Contracts

Under the PPA, if Bargaining Parties fail to submit a CBA which the Trustees have

determined to comply with one of the Schedules, a Contributing Employer is subject to monthly

surcharges equal to a percentage of contributions owed to the Fund every month. The monthly

surcharge will continue until the Trustees approve a CBA submitted by the Bargaining Parties

that meets the requirements of one of the Schedules (or the Default Schedule is imposed in

accordance with the PPA as explained above). A Contributing Employer’s failure to make a

surcharge payment is treated as a delinquent contribution. Participants will not accrue any

benefits as a result of the payment of these surcharges.

H. Annual Review of Rehabilitation Plan and Schedules

The Trustees will review the Rehabilitation Plan and its Schedules annually with the

assistance of the Fund’s actuary, as they find necessary. If, for example, the Fund’s actual

experience does not reflect the assumptions used to develop the Rehabilitation Plan and its

Schedules, the Trustees may amend or modify the Rehabilitation Plan and/or its Schedules,

based on the advice of the Fund’s actuary, to reflect the Fund’s experience over the preceding

plan year(s). However, if the Bargaining Parties have adopted a CBA that complies with one of

the Schedules, the contribution rate requirements in the Schedules will continue for the duration

of that CBA.
DB1/ 88552986.1

The New York State Teamsters Conference Pension and Retirement Fund

Application for Suspension of Benefits under MPRA

EXHIBIT 20
The New York State 

Teamsters Conference 

Pension and Retirement 

Fund

Information Required by Section 7.09 of 

Revenue Procedure 2016-27 for Benefit 

Suspensions Effective July 1, 2017

August 31, 2016 

Atlanta  Cleveland  Los Angeles  Miami  Washington, D.C.
Actuarial Statement

New York State Teamsters Conference Pension and Retirement Fund

Information Required by Section 7.09 of Revenue Procedure 2016-27

This report provides the information required by Section 7.09 of Revenue Procedure 2016-27: Application 

Procedures for Approval of Benefit Suspensions for Certain Multiemployer Defined Benefit Pension Plans 

under § 432(e)(9). This information is applicable to the New York State Teamsters Conference Pension and 

Retirement Fund (the “Plan”) assuming an effective date for benefit suspensions as of July 1, 2017. 

Under Section 432(e)(9) of the Internal Revenue Code (“Code”), the plan sponsor of a multiemployer 

defined benefit pension plan in critical and declining status may submit to the Secretary of the Treasury a 

proposal to suspend benefits in certain situations. The Plan was certified as being in critical and declining 

status for the 2016 Plan Year. The results of this certification are detailed in a separate report sent to the 

Board of Trustees on January 7, 2016. 

In preparing this report including information required by Section 7.09 of Revenue Procedure 2016-27, we 

have relied upon information and data provided to us by the Board of Trustees of the Plan, the Plan 

administrator, and other persons or organizations designated by the Board of Trustees. We did not 

perform an audit of the financial and participant census data provided to us, but we have reviewed the data 

for reasonableness for the purpose of the measurement. We have relied on all of the information, 

including plan provisions and asset information, as complete and accurate. 

Note that this report includes only some of the information required by Section 7.09 of Revenue Procedure 

2016-27. There may be additional information required in the application that will be compiled by the Plan 

administrator and/or other persons or organizations designated by the Board of Trustees. 

Note that the information required by Section 7.09 of Revenue Procedure 2016-27 is not actuarial in 

nature. As such, this report does not include any actuarial information, just a summary of historical data. 

There is no relationship between the Board of Trustees of the Plan and Horizon Actuarial Services, LLC that 

affects our objectivity. 

Stanley I. Goldfarb, FSA, EA, MAAA

Actuary and Managing Consultant

James M. Locey, EA, MAAA

Consulting Actuary

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

Treasury
Table of Contents

New York State Teamsters Conference Pension and Retirement Fund

Information Required by Section 7.09 of Revenue Procedure 2016-27

Page

Revenue Procedure 2016-27 Section 7.09: 

Identification and Background Information on the Plan

Contributions by Rehabilitation Plan Schedule 1
Revenue Procedure 2016-27 Section 7.09: 

Identification and Background Information on the Plan

New York State Teamsters Conference Pension and Retirement Fund

Information Required by Section 7.09 of Revenue Procedure 2016-27

1

Rehabilitation Plan

Under Section 7.09 of Revenue Procedure 2016-27, if the Rehabilitation Plan includes more than one 

contribution or benefit schedule, then the application must specify the extent to which each schedule 

applies, expressed as a percentage of the total contributions for the most recent year for which the 

information is available.

 

Revenue Procedure 2016-27, Section 7.09: Contributions by Rehabilitation Plan Schedule

Rehabilitation Contributions

Plan As a Percent 

Schedule Of Total

Default 9.3%

Schedule A 0.1%

Schedule B 27.6%

Schedule C 3.3%

Schedule D 0.6%

Schedule E 57.1%

Schedule G 2.0%

Based on contributions for the year ended December 31, 2015.
DB1/ 88552986.1

The New York State Teamsters Conference Pension and Retirement Fund

Application for Suspension of Benefits under MPRA

EXHIBIT 21
New York State 

Teamsters Conference 

Pension and Retirement 

Fund 

Actuarial Valuation as of 

January 1, 2015

November 2, 2015 

Atlanta  Cleveland  Los Angeles  Miami  Washington, D.C.
Actuarial Statement

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

As requested by the Board of Trustees, this report documents the results of an actuarial valuation of the 

New York State Teamsters Conference Pension and Retirement Fund (the “Plan”) as of January 1, 2015. This 

valuation is based on the Plan that was established on January 1, 1954, and last amended and restated 

effective January 1, 2015. 

In preparing this valuation, we have relied on information and data provided to us by the Board of Trustees 

and other persons or organizations designated by the Board of Trustees. We did not perform an audit of the 

financial and participant census data provided to us, but we have reviewed the data for reasonableness for 

the purpose of the valuation. We have relied on all information provided, including plan provisions and 

asset information, as being complete and accurate. 

The valuation summarized in this report involves actuarial calculations that require assumptions about 

future events. We believe that the assumptions and methods used in this report are reasonable and 

appropriate for the purposes for which they have been used. However, other assumptions and methods 

could also be reasonable and could result in materially different results. 

In our opinion, all methods, assumptions and calculations are in accordance with requirements of the 

Internal Revenue Code (the “Code”) and the Employee Retirement Income Security Act of 1974 (“ERISA”), 

as amended by the Pension Protection Act of 2006 (“PPA”), the Pension Relief Act of 2010 (“PRA”), and the 

Multiemployer Pension Reform Act of 2014 (“MPRA”). Further, in our opinion, the procedures followed and 

presentation of results are in conformity with generally accepted actuarial principles and practices. The 

Board of Trustees was responsible for the selection of the actuarial cost and asset valuation methods. 

The Internal Revenue Service (“IRS”) has yet to issue final guidance with respect to certain aspects of the 

PPA and the PRA. It is possible that such guidance may conflict with our understanding of these laws and 

could therefore affect results shown in this report. 

This valuation report may not be reproduced or distributed without the consent of the Board of Trustees, 

other than to assist in the Plan’s administration and to meet the filing requirements of federal government 

agencies, and may be distributed only in its entirety. The results in this valuation may not be applicable for 

purposes other than those described in this report. 

The undersigned consultants of Horizon Actuarial Services, LLC (“Horizon Actuarial”) with actuarial 

credentials meet the Qualification Standards of the American Academy of Actuaries to render the actuarial 

opinions contained herein. There is no relationship between the Board of Trustees and Horizon Actuarial 

that affects our objectivity. 

Stanley I. Goldfarb, F.S.A., E.A., M.A.A.A.

Actuary and Managing Consultant

James M. Locey, E.A., M.A.A.A.

Consulting Actuary

Robert B. Sherwood, Jr.

Senior Consultant

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

the Treasury

Redacted by the U.S. Department of the 

Treasury
Table of Contents 

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

1

Page

1. Introduction

1.1 Summary of Key Results 2

1.2 Commentary 4

1.3 Participant Demographic Summary 8

2. Actuarial Liabilities

2.1 Summary of Actuarial Liabilities 9

2.2 Actuarial Liabilities by Benefit Type 10

3. Plan Assets

3.1 Market Value of Assets 11

3.2 Actuarial Value of Assets 13

4. Contributions

4.1 Statutory Contribution Range 15

4.2 Funding Standard Account Amortization Bases 16

4.3 Contribution Margin 19

5. ASC 960 Information

5.1 Present Value of Accumulated Plan Benefits 20

6. Withdrawal Liability

6.1 Unfunded Vested Benefits for Withdrawal Liability 21

7. Plan Experience

7.1 Historical Experience Gains and (Losses) 22

7.2 Historical Investment Experience 23

7.3 Historical Hours 24

7.4 Historical Plan Cash Flows 25

Appendix A: Additional Demographic Exhibits

A.1 Distribution of Active Participants 26

A.2 Distribution of Inactive Participants 27

A.3 Reconciliation of Participants by Status 28

Appendix B: Actuarial Assumptions and Methods 29

Appendix C: Summary of Plan Provisions 37

Appendix D: Current Liability (for Form 5500 Schedule MB) 48

Appendix E: Glossary 49

u:\nyst\ret\2015\2015 val\reports\nyst_2015_report_v2.docx
1. Introduction 

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

2

Notes

 Item A: More information on the value of assets can be found in Section 3.

 Item B: The Actuarial Value Funded Percentage shown in B.3. may differ from the funded percentage reported in 

the PPA certification report, since the PPA certification is based on preliminary assets and benefit liabilities. 

Percentages have been rounded down to the nearest 0.1%.

 Item C: The PPA certification statuses for the current and prior plan years are shown for reference. The 

determination of the PPA certification status is documented in a separate report. 

 Item D: See Section 4 for more information on contribution requirements and the credit balance. 

 Item E: The “contribution margin” is the amount by which expected employer contributions exceed actuarial 

costs for the plan year. See Section 4 for more information.

Plan Year Beginning

1/1/2015 1/1/2014

A. Asset Values

As of the First Day of the Plan Year

1. Market Value of Assets

a. Excluding Receivable Withdrawal Liability Payments $ 1,409,993,285 $ 1,485,645,498

b. Including Receivable Withdrawal Liability Payments $ 1,561,393,592 $ 1,485,645,498

c. Prior Year Net Investment Return 6.1% 8.5%

2. Actuarial Value of Assets

a. Including Receivable Withdrawal Liability Payments $ 1,576,692,214 $ 1,463,844,225

b. Prior Year Net Investment Return 8.8% 13.3%

B. Funded Percentages

As of the First Day of the Plan Year

1. Unit Credit Actuarial Accrued Liability $ 3,218,165,990 $ 3,144,311,908

2. Market Value Funded Percentage

a. Excluding Rec. Withdrawal Liability Payments (A.1.a. / B.1.) 43.8% 47.2%

b. Including Rec. Withdrawal Liability Payments (A.1.b. / B.1.) 48.5% 47.2%

3. Actuarial Value Funded Percentage (A.2. / B.1.) 48.9% 46.5%

C. PPA Certification Status

For the Plan Year "Red Zone" "Red Zone"

(Critical) (Critical)

D. Statutory Contributions

As of the Last Day of the Plan Year

1. Prior Year Credit Balance (Funding Deficiency) $ (463,280,750) $ (339,745,091)

2. ERISA Minimum Required Contribution 729,168,106 593,854,212

3. IRS Maximum Tax-Deductible Contribution 6,724,545,981 6,823,876,558

E. Contribution Margin

For the Plan Year

1. Expected Employer Contributions $ 109,420,387 $ 109,737,824

2. Actuarial Cost 187,735,538 190,286,802

3. Contribution Margin (E.1 - E.2.) $ (78,315,151) $ (80,548,978)

Figures include interest adjustments to reflect payments at the middle of the year.

Exhibit 1.1 - Summary of Key Results
1. Introduction 

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

3

Notes

 Item F: More information on participant demographics can be found in Appendix A.

 Item G: More information on actuarial liabilities can be found in Section 2. The normal cost in item G.2. includes 

assumed operating expenses.

 Item I: Line I.6. shows cash flow as a percent of the average market value of assets during the plan year. See 

Section 7 for additional information regarding historical Plan experience.

 Item J: See Section 6 for more information.

Plan Year Beginning

1/1/2015 1/1/2014

F. Participant Counts

As of the First Day of the Plan Year

1. Active Participants 11,678 11,896

2. Inactive Vested Participants 6,784 6,546

3. Retired Participants and Beneficiaries 16,064 16,197

4. Total 34,526 34,639

G. Actuarial Liabilities

As of the First Day of the Plan Year

Valuation Interest Rate 8.50% 8.50%

Actuarial Cost Method Unit Credit Unit Credit

1. Present Value of Future Benefits $ 3,312,137,120 $ 3,240,778,030

2. Normal Cost 20,214,647 18,864,184

3. Actuarial Accrued Liability 3,218,165,990 3,144,311,908

H. Unfunded Actuarial Liability

As of the First Day of the Plan Year

1. Market Value Unfunded Liability (G.3. - A.1.b.) $ 1,656,772,398 $ 1,658,666,410

2. Actuarial Value Unfunded Liability (G.3. - A.2.) 1,641,473,776 1,680,467,683

I. Prior Plan Year Experience

During Plan Year Ending 12/31/2014 12/31/2013

1. Total Hours Paid 14,402,599 17,017,292

2. Contributions Received $ 125,250,323 $ 121,912,364

3. Benefits Paid (279,523,846) (278,945,463)

4. Operating Expenses Paid (6,425,729) (5,437,173)

5. Net Cash Flow (I.2. + I.3. + I.4.) $ (160,699,252) $ (162,470,272)

6. Net Cash Flow as a Percentage of Assets -10.85% -11.25%

J. Unfunded Vested Benefits for Withdrawal Liability

Measurement Date 12/31/2014 12/31/2013

For Employer Withdrawals in the Plan Year Beginning 1/1/2015 1/1/2014

1. Present Value of Vested Benefits $ 6,202,251,883 $ 6,317,421,837

2. Asset Value 1,561,393,592 1,485,645,498

3. Unfunded Vested Benefits (J.1. - J.2.) $ 4,640,858,291 $ 4,831,776,339

Exhibit 1.1 - Summary of Key Results (Cont.)
1. Introduction 

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

4

Exhibit 1.2 – Commentary

Valuation Highlights

 We have determined funded percentages under three different methodologies, as described below. 

o Disregarding receivable withdrawal liability payments, the Plan’s accrued benefit funded 

percentage on the basis of the market value of assets is 43.8% as of January 1, 2015, as 

compared to 47.2% as of January 1, 2014. The decrease in the Plan’s funded percentage is 

primarily attributable to the lower than assumed investment return during 2014 and the 

changes to the mortality assumption.

o Reflecting receivable withdrawal liability payments, the Plan’s accrued benefit funded 

percentage on the basis of the market value of assets is increased to 48.5%. 

o On the basis of the actuarial value of assets (which includes receivable withdrawal liability 

payments), the Plan’s accrued benefit funded percentage increased from 46.5% to 48.9%. 

This increase was due mostly to the inclusion of receivable withdrawal liability payments, 

offset by the continued recognition of prior years’ gains/(losses).

 The Plan’s minimum funding deficiency increased from $340 million as of December 31, 2013 to 

$463 million as of December 31, 2014. This increase is attributable to the actual contributions 

received being less than the minimum required contribution.

 Contributions were made on participants’ behalf for 14,402,599 hours in 2014, lower than the 

projected 17,947,736 hours. This decrease is primarily due to the withdrawal of certain employers. 

The impact of the slower than expected recovery of work levels on the valuation results will 

continue to be monitored.

 In 2014, the Plan’s investment return was 6.05%, on a market value basis. The return on the 

actuarial value of assets, which reflects the “smoothing” of prior years’ gains and losses, was 8.83%. 

 The actuarial gain from sources other than investments was $14,495,263 or 0.45% of the actuarial 

accrued liability. This gain is within a reasonable range and indicates that the actuarial assumptions 

are producing a reasonably accurate measurement of the Plan’s benefit liabilities.

 For employers where the Plan is not accepting contributions on participants’ behalf, participants 

who have not incurred a three year break in service as of the valuation date are considered active 

participants for this valuation without any hours paid or contributions received for the 2014 Plan 

Year. 

 For some employers who are subject to a Rehabilitation Plan withdrawal, we assume active 

participants immediately retire or terminate under the Default Schedule of the Rehabilitation Plan

based on their eligibility as of the valuation date.
1. Introduction 

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

5

Exhibit 1.2 – Commentary (Cont.)

Pension Protection Act of 2006

The Plan was certified in critical status (“Red Zone”) for 2010. In April 2010, the Trustees adopted a 

Rehabilitation Plan, as required under the Pension Protection Act of 2006 (“PPA”), to improve the Plan’s 

long term funding health. The Rehabilitation Plan was designed to allow the pension fund to emerge from 

critical status at a later time after the Rehabilitation Period is over or to forestall possible insolvency under 

Section 4245 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

Purpose of the Valuation

This report presents the results of the actuarial valuation of the New York State Teamsters Conference 

Pension and Retirement Fund as of January 1, 2015. The purposes of this report include the following: 

 Determine whether the negotiated contributions are sufficient to fund the Plan’s benefits.

 Determine the minimum required contribution amount for the Plan Year under the ERISA funding 

basis.

 Determine the maximum tax-deductible contribution for the Plan Year.

 Review the actuarial assumptions in view of experience during the prior Plan Year.

 Determine the unfunded vested liability for computation of withdrawal liability under the 

Multiemployer Pension Plan Amendments Act of 1980 (“MPPAA”).

 Develop information for disclosure in Form 5500 Schedule MB.

 Determine the contribution margin for the Plan Year.

 Develop the benefit liabilities that will serve as the basis for the Plan’s 2016 status certification 

under the PPA.

 Determine the information required for the Plan’s Accounting Standards of Codification (“ASC”) 960 

financial reporting.

Participant Data

The participant census data needed to perform the actuarial valuation was provided by the Pension Fund 

Manager of the Fund Office. Participant demographics are summarized in Exhibit 1.3 and reviewed in more 

detail in Appendix A.

Plan Assets

D'Arcangelo & Co., LLP supplied us with the audited financial statements for the Plan Year ending December 

31, 2014, which sets forth the assets of the Plan. A reconciliation of the Market Value of Assets can be found 

in Exhibit 3.1. The development of the Actuarial Value of Assets is shown in Exhibit 3.2.
1. Introduction 

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

6

Exhibit 1.2 – Commentary (Cont.)

Actuarial Assumptions and Methods

There have been no changes in the actuarial assumptions and methods from those used in the previous 

valuation, except as follows:

Funding:

 The non-disabled mortality assumption was changed from the RP-2000 Male Blue Collar Mortality Table 

with a 1-year set-forward for males and a 4-year set-back for females, with no future improvement in 

mortality rates beyond any included in the published table, to the sex distinct RP-2000 Blue Collar 

Mortality Tables projected to 2006 with Scale BB.

 The disabled mortality assumption was changed from the sex distinct RP-2000 Disabled Mortality Tables,

with no future improvement in mortality rates beyond any included in the published table, to the sex 

distinct RP-2000 Disabled Mortality Tables projected to 2006 with Scale BB.

 The assumption for expected operating expenses has changed from $5,500,000 to $7,000,000. We 

have included an additional amount for the increased PBGC premiums under the MPRA.

 The impact of these assumption changes resulted in an increase in the actuarial accrued liability of 

$98,717,630.

Unfunded Vested Benefits for Withdrawal Liability:

 The interest rate was changed from 3.00% for the first 20 years and 3.31% following to 3.10% for the 

first 20 years and 3.29% following in accordance with the change in the PBGC interest rates used to 

determine the present value of vested benefits.

Current Liability:

 The interest rate and mortality assumptions used to determine the RPA ’94 current liability were 

updated in accordance with the changes in the IRS prescribed assumptions.

The actuarial assumptions and methods used in the valuation are described in more detail in Appendix B.

For employers where the Plan is not accepting contributions on participants’ behalf, participants who have 

not incurred a three year break in service as of the valuation date are considered active participants for this 

valuation without any hours paid or contributions received for the 2014 Plan Year. 

For some employers who are subject to a Rehabilitation Plan withdrawal, we assume active participants

immediately retire or terminate under the Default Schedule of the Rehabilitation Plan based on their 

eligibility as of the valuation date.
1. Introduction 

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

7

Exhibit 1.2 – Commentary (Cont.)

Plan Provisions

There have been no changes to the plan provisions from the prior valuation. 

Appendix C describes the principal provisions of the Plan being valued. 

Actuarial Gain or Loss

An experience gain/(loss) is the difference between the actual and the expected unfunded actuarial liability. 

The expected unfunded liability is the amount projected from the previous year, based on the actuarial 

assumptions. 

The Plan had a net actuarial experience gain of $170,445,463 for the plan year ended December 31, 2014. 

The components of this gain are a gain of $155,950,200 on Plan assets and a gain of $14,495,263 from 

sources related to benefit liabilities.

The gain on Plan assets was primarily due to the inclusion of $151,400,307 of receivable withdrawal liability 

payments in the development of the actuarial value of assets. A gain of $4,549,893 on Plan assets results 

from the continued recognition of prior years’ gains/(losses). 

The small gain on liabilities (which represented about 0.45% of accrued liabilities) was primarily due to the 

assumed termination of active employees of Rehabilitation Plan withdrawal employers offset by fewer 

retiree deaths than expected. We will monitor trends as they emerge and evaluate possible updates to the 

assumptions as needed.

Actuarial gains and losses for the last seven years are shown in Exhibit 7.1.

Hours Experience

As noted in the Valuation Highlights above, contributions were made on participants’ behalf for 14,402,599

hours in 2014, lower than the assumed 17,947,736 for the year. This decrease is primarily due to the 

withdrawal of certain employers. The current and projected funding results for the Plan are sensitive to the 

number of hours worked (and contributed on), thus we will continue to closely monitor the Plan’s reported 

hours.

PPA Certification Status

Horizon Actuarial Services, LLC, acting as actuary to the Plan, issued a certification to the Internal Revenue 

Service on March 31, 2015 indicating that the Plan is in critical status under Section 432 of the Internal 

Revenue Code (i.e., in the “Red Zone”) for the 2015 Plan Year. 

The calculations, data, assumptions, and methods used in the certification are documented in a separate 

report that was sent to the Board of Trustees on March 31, 2015.
1. Introduction 

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

8

Participants are generally classified into the following categories for valuation purposes:

 Active participants: Those participants who have worked at least 500 hours in at least one of the prior 

three plan years preceding the valuation date, and who were not retired as of the valuation date. The 

active count as of January 1, 2014 includes 985 employees of certain Rehabilitation Plan withdrawn 

employers who have yet to incur a three year break in service. The active count as of January 1, 2015 

includes 1,040 employees of certain Rehabilitation Plan withdrawn employers who have yet to incur a 

three year break in service.

 Inactive vested participants: Those participants who worked less than 500 hours in each of the last 

three plan years preceding the valuation date and who are entitled to receive a deferred vested 

pension. Vested Inactive participants age 72 or older are excluded from the valuation on the 

assumption that they are deceased or otherwise will not claim benefits under the Plan.

 Participants and beneficiaries receiving benefits: Those participants and beneficiaries who were 

entitled to receive a pension under the Plan as of the valuation date and retired. Included in this 

category are non-disabled pensioners, disabled pensioners, and beneficiaries. 

A summary of basic demographic statistics is shown above. Additional demographic information can be 

found in Appendix A.

Measurement Date 1/1/2015 1/1/2014

A. Active Participants

1. Count 11,678 11,896

2. Average Age 43.2 43.0

3. Average Credited Service 12.3 12.3

4. Average Prior Year Hours 1,233 1,431

B. Inactive Vested Participants

1. Count 6,784 6,546

2. Average Age 51.7 51.5

3. Average Monthly Benefit $ 787 $ 778

C. Retired Participants and Beneficiaries

1. Count 16,064 16,197

2. Average Age 72.3 71.8

3. Average Monthly Benefit $ 1,450 $ 1,435

D. Total Participants 34,526 34,639

Exhibit 1.3 - Participant Demographic Summary
2. Actuarial Liabilities

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

9

The table above summarizes the key actuarial benefit liabilities as of the current and preceding valuation 

dates. The present value of future benefits (item A.) represents the liability for benefits earned as of the 

valuation date plus the benefits expected to be earned in all future plan years. The normal cost (item B.) 

represents the cost of benefit accruals (item B.1.) expected to be earned during the plan year plus expected 

operating expenses during the plan year (item B.2.). The actuarial accrued liability is the liability for benefits 

earned through the valuation date, based on the unit credit cost method (item C.). 

The Plan’s contribution requirements for the plan year are a function of the normal cost and the portion of 

the actuarial accrued liability not funded by the actuarial value of assets. All amounts shown above are 

measured as of the beginning of the plan year. The actuarial accrued liability based on the unit credit cost 

method is also used to determine the PPA funded percentage.

Measurement Date 1/1/2015 1/1/2014

Valuation Interest Rate 8.50% 8.50%

Actuarial Cost Method Unit Credit Unit Credit

A. Present Value of Future Benefits

1. Active Participants $ 747,072,737 $ 749,630,646

2. Inactive Vested Participants 222,009,476 195,966,149

3. Retired Participants and Beneficiaries 2,343,054,907 2,295,181,235

4. Total $ 3,312,137,120 $ 3,240,778,030

B. Normal Cost

1. Cost of Benefit Accruals $ 13,214,647 $ 13,364,184

2. Assumed Operating Expenses 7,000,000 5,500,000

3. Total $ 20,214,647 $ 18,864,184

C. Actuarial Accrued Liability

1. Active Participants $ 653,101,607 $ 653,164,524

2. Inactive Vested Participants 222,009,476 195,966,149

3. Retired Participants and Beneficiaries 2,343,054,907 2,295,181,235

4. Total $ 3,218,165,990 $ 3,144,311,908

D. Expected Benefit Payments for the Plan Year

1. Active Participants $ 7,780,538 $ 6,716,209

2. Inactive and Retired Participants 278,124,128 277,068,040

3. Total $ 285,904,666 $ 283,784,249

Exhibit 2.1 - Summary of Actuarial Liabilities
2. Actuarial Liabilities

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

10

The present value of future benefits reflects both benefits earned through the valuation date and benefits 

expected to be earned in the future by active participants. The present value of future benefits and the 

actuarial accrued liability shown in the table above are measured as of the valuation date. The normal cost 

and assumed operating expenses shown in the table above are payable as of the beginning of the year.

Measurement Date 1/1/2015

Valuation Interest Rate 8.50%

Actuarial Cost Method Unit Credit

Present Value of Actuarial Accrued

Future Benefits Liability Normal Cost

A. Active Participants

1. Retirement Benefits $ 631,551,384 $ 550,815,046 $ 10,815,630

2. Termination Benefits 87,127,572 77,764,630 1,828,637

3. Disability Benefits 19,978,070 17,245,558 405,479

4. Death Benefits 8,415,711 7,276,373 164,901

5. Total $ 747,072,737 $ 653,101,607 $ 13,214,647

B. Inactive Vested Participants

1. Retirement Benefits $ 216,761,950 $ 216,761,950

2. Death Benefits 5,247,526 5,247,526

3. Total $ 222,009,476 $ 222,009,476

C. Retired Participants and Beneficiaries

1. Non-Disabled Retirees $ 2,083,835,719 $ 2,083,835,719

2. Disabled Retirees 68,764,981 68,764,981

3. Beneficiaries 190,454,207 190,454,207

4. Total $ 2,343,054,907 $ 2,343,054,907

D. Assumed Operating Expenses $ 7,000,000

E. Grand Total $ 3,312,137,120 $ 3,218,165,990 $ 20,214,647

Exhibit 2.2 - Actuarial Liabilities by Benefit Type
3. Plan Assets

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

11

Asset figures shown above are based on the Fund’s audited financial statements including information 

regarding expected future payments from withdrawal liability. The Fund’s market value of assets, as 

reported on its audited financial statements (item A.3.), includes the value of future payments expected to 

be received from Employers who have permanently withdrawn from the Fund (item A.2.).

Plan Year Ending 12/31/2014 12/31/2013

A. Market Value of Assets at End of Plan Year

1. Basic Market Value of Assets $ 1,409,993,285 $ 1,485,645,498

2. Value of Receivable Withdrawal Liability Payments 151,400,307 0

3. Market Value of Assets for ERISA Funding $ 1,561,393,592 $ 1,485,645,498

B. Reconciliation of Market Value of Assets 

1. Market Value of Assets at Beginning of Plan Year $ 1,485,645,498 $ 1,525,394,369

2. Contributions

a. Employer Contributions 108,586,434 108,206,048

b. Withdrawal Liability Payments 16,663,889 13,706,316

c. Total 125,250,323 121,912,364

3. Benefit Payments (279,523,846) (278,945,463)

4. Operating Expenses (6,425,729) (5,437,173)

5. Transfers 0 0

6. Investment Income

a. Total Investment Income 95,024,529 138,498,811

b. Investment Related Expenses (9,977,490) (15,777,410)

c. Net Investment Income 85,047,039 122,721,401

7. Adjustment for Receivable Withdrawal Liability Payments 151,400,307 0

8. Market Value of Assets at End of Plan Year $ 1,561,393,592 $ 1,485,645,498

B. Net Investment Return on Market Value of Assets

1. Expected Return 8.50% 8.50%

2. Actual Return [Schedule MB, Line 6h] 6.05% 8.50%

Exhibit 3.1 - Market Value of Assets
3. Plan Assets

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

12

The Trustees have approved an actuarial asset valuation method that gradually adjusts to market value, as 

follows:

 The actuarial value of assets is equal to the market value of assets less unrecognized returns in each of 

the last five years. The unrecognized return for a year is equal to the difference between the actual 

market return and the expected return on the market value of assets, phased in at the rate of 20% per 

year.

 To comply with IRS regulations, the actuarial value of assets is not less than 80%, nor more than 120%, 

of the market value of assets.

Under this valuation method, recognition of the full value of any market fluctuations is spread over five years 

and as a result, the actuarial cost of the Plan is more stable than if the actuarial cost was determined on a 

market value basis. The difference between the actuarial value of assets and the market value of assets (the 

“adjustment”) is referred to as a write-up or write-down. The development of the actuarial value of assets is 

shown on the next page.

In determining the actuarial value of assets, the amount by which the adjustment changes from one year to 

the next is treated as income, which may be positive or negative. Realized gains and losses and unrealized 

gains and losses are treated the same and, therefore, sales of assets have no immediate effect on the actuarial 

value of assets. This delays recognition of the impact that sales of assets may have on the determination of 

the actuarial cost of the Plan.

The actuarial value of assets is subtracted from the Plan's total actuarial accrued liability to determine the 

unfunded actuarial accrued liability (the portion of the Plan’s liabilities that is not funded). Amortization of the 

unfunded actuarial accrued liability is an important element in the calculation of the actuarial cost of the Plan.

See Appendix B for more information regarding the Actuarial Value of Assets.
3. Plan Assets

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

13

Measurement Date 1/1/2015

A. Net Investment Gain/(Loss)

1. Expected Net Investment Return $ 119,450,149

2. Actual Net Investment Return (Exhibit 3.1 line B.6.c) 85,047,039

3. Net Investment Gain/(Loss) $ (34,403,110)

B. Development of Actuarial Value of Assets

1. Market Value of Assets as of December 31, 2014 $ 1,561,393,592

2. Prior Year Deferred Gains/(Losses) 

Plan Year Net Investment Percent Recognized Amount Recognized Amt. to be Recognized

Ending Gain/(Loss) to Date Future Years in Prior Plan Year in Future Years

12/31/2014 $ (34,403,110) 20% 80% $ (6,880,622) $ (27,522,488)

12/31/2013 (32,134) 40% 60% (6,427) (19,280)

12/31/2012 82,941,290 60% 40% 16,588,258 33,176,516

12/31/2011 (104,666,852) 80% 20% (20,933,370) (20,933,370)

12/31/2010 69,644,733 100% 0 % 13,928,947 0

Total $ 2,696,786 $ (15,298,622)

3. Adjusted Value of Assets as of January 1, 2015 (1. - 2. Total) $ 1,576,692,214

4. Actuarial Value of Assets Corridor

a. 80% of Market Value of Assets $ 1,249,114,874

b. 120% of Market Value of Assets $ 1,873,672,310

5. Actuarial Value of Assets as of January 1, 2015

a. Actuarial Value of Assets, after Adjustment for Corridor $ 1,576,692,214

b. Actuarial Value as a Percentage of Market Value 101.0%

C. Prior Year Investment Return on Actuarial Value of Assets

1. Expected Return 8.50%

2. Actual Return [Schedule MB, Line 6g] 8.83%

Exhibit 3.2 - Actuarial Value of Assets
4. Contributions

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

14

Minimum Required Contribution

The ERISA minimum required contribution consists of the normal cost, plus payments to amortize the 

components of the unfunded actuarial accrued liability over various time periods, less the “credit balance” in 

the “funding standard account” as of the end of the prior Plan Year (all adjusted with interest to the end of 

the Plan Year). 

The funding standard account is used to determine the minimum required contribution. The credit balance in 

the funding standard account is the accumulated amount by which contributions made in prior Plan Years 

exceeded the ERISA minimum contribution requirements in those years. The credit balance acts as a reserve 

that may be drawn upon if employer contributions do not cover the net charges to the funding standard 

account.

Charges to the funding standard account include the normal cost and payments to amortize increases in the 

unfunded actuarial accrued liability. Credits to the funding standard account include employer contributions 

and payments to amortize decreases in the unfunded actuarial accrued liability. If the credits to the funding 

standard account – including employer contributions and applicable interest – exceed the charges, then there 

is a positive credit balance. On the other hand, if charges exceed the credits, there is a negative credit 

balance, also known as an accumulated “funding deficiency,” in the funding standard account.

Under the Pension Protection Act of 2006 (“PPA”), portions of unfunded actuarial accrued liability recognized 

during or after the Plan Year beginning in 2008 are generally amortized in the funding standard account over 

15 years. Although the funding standard account is used to determine the amount of the ERISA minimum 

required contribution each Plan Year, the Plan’s long-term financial status can also be measured on the basis 

of a separate amortization schedule adopted by the Board of Trustees. The contribution developed on that 

basis is shown as the “actuarial cost” in Exhibit 4.3 (“Contribution Margin”).

Detail on the amortization bases in the funding standard account can be found in Exhibit 4.2.

Maximum Deductible Contribution

Generally, the IRS permits the deduction of contributions made to fund benefits accruing under a qualified

pension plan. However, there are certain limits that specify the maximum contribution that is permitted to be 

made and deducted in a given plan year. The maximum tax-deductible contribution for the current and 

preceding Plan Years, as determined under Section 404 of the Code, is shown in the following table. This 

amount is significantly greater than the expected contributions for the Plan Year. Accordingly, all employer 

contributions for the Plan Year are expected to be tax deductible.
4. Contributions

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

15

See Appendix D for information regarding the current liability referred to in item D.1. above.

Plan Year Ending 12/31/2015 12/31/2014

A. Funding Standard Account

1. Charges to Funding Standard Account

a. Prior Year Funding Deficiency, if any $ 463,280,750 $ 339,745,091

b. Normal Cost 20,214,647 18,864,184

c. Amortization Charges 306,886,869 303,040,293

d. Interest on a., b., and c. 67,182,493 56,240,213

e. Total Charges $ 857,564,759 $ 717,889,781

2. Credits to Funding Standard Account

a. Prior Year Credit Balance, if any $ 0 $ 0

b. Employer Contributions TBD 125,250,323

c. Amortization Credits 118,337,929 114,318,497

d. Interest on a., b., and c. TBD 15,040,211

e. Total Credits TBD $ 254,609,031

3. Credit Balance or Funding Deficiency (2.e. - 1.e.) TBD $ (463,280,750)

B. Minimum Required Contribution

As of the Last Day of the Plan Year

1. Before Reflecting Credit Balance $ 226,508,492 $ 225,230,788

2. After Reflecting Credit Balance 729,168,106 593,854,212

C. Amortization Bases for Form 5500 Schedule MB

As of the First Day of the Plan Year

1. Outstanding Balance of Amortization Charges $ 1,968,551,508 $ 2,026,389,494

2. Outstanding Balance of Amortization Credits 790,358,482 685,666,902

D. Maximum Deductible Contribution

As of the Last Day of the Plan Year

1. 140% of Current Liability at end of year $ 8,129,606,419 $ 8,110,334,963

2. Actuarial Value of Assets at end of year 1,405,060,438 1,286,458,405

3. Maximum Deductible Contribution (1. - 2.) $ 6,724,545,981 $ 6,823,876,558

E. Other Items for Form 5500 Schedule MB

1. ERISA Full Funding Limitation [Sch. MB, Line 9j(1)] $ 1,819,530,944 $ 1,843,775,076

2. "RPA '94" Override [Sch. MB, Line 9j(2)] 3,821,115,117 3,927,328,357

3. Full Funding Limitation Credit [Sch. MB, Line 9j(3)] 0 0

Exhibit 4.1 - Statutory Contribution Range
4. Contributions

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

16

See the comments following this Exhibit 4.2.

Charges [Schedule MB, Line 9c]

Date Initial Initial Outstanding at 1/1/2015 Annual

Type Established Period Balance Period Balance Payment

Initial Liab 1/1/1978 40.00 $318,438,460 3.00 $ 68,188,186 $ 24,606,775

Initial Liab 1/1/1979 40.00 24,216,879 4.00 6,682,408 1,880,238

Amendment 1/1/1980 40.00 27,795,010 5.00 9,259,833 2,165,740

Amendment 1/1/1987 30.00 346,909 2.00 55,198 28,720

Amendment 1/1/1989 30.00 19,281,556 4.00 5,711,084 1,606,936

Amendment 1/1/1990 30.00 70,139,629 5.00 25,060,529 5,861,293

Amendment 1/1/1991 30.00 69,427,453 6.00 28,739,286 5,816,913

Amendment 1/1/1992 30.00 76,438,645 7.00 35,656,396 6,420,426

Assumption 1/1/1992 30.00 7,252,048 7.00 3,382,870 609,132

Amendment 1/1/1993 30.00 10,210,838 8.00 5,260,256 859,728

Amendment 1/1/1994 30.00 5,742,369 9.00 3,217,465 484,618

Amendment 1/1/1995 30.00 3,124,282 10.00 1,881,270 264,257

Amendment 1/1/1996 30.00 3,048,055 11.00 1,953,580 258,363

Amendment 1/1/1997 30.00 84,319,661 12.00 57,073,490 7,161,953

Amendment 7/31/1997 30.00 7,989,677 12.58 5,468,829 667,604

Amendment 1/1/1998 30.00 6,181,892 13.00 4,386,697 525,687

Amendment 1/1/1999 30.00 55,702,760 14.00 41,212,931 4,742,048

Amendment 1/1/2000 30.00 156,080,069 15.00 119,847,680 13,301,487

Exper Loss 1/1/2002 15.00 54,593,617 2.00 11,552,495 6,011,731

Amendment 1/1/2002 30.00 103,225,493 17.00 84,404,098 8,814,742

Exper Loss 1/1/2003 15.00 171,614,374 3.00 52,456,193 18,929,638

Amendment 1/1/2003 30.00 43,017,244 18.00 36,125,490 3,676,823

Exper Loss 1/1/2004 15.00 84,512,070 4.00 33,184,403 9,337,139

Exper Loss 1/1/2005 15.00 103,776,503 5.00 49,099,052 11,483,554

Amendment 1/1/2005 30.00 14,114,857 20.00 12,409,185 1,208,563

Exper Loss 1/1/2006 15.00 93,945,544 6.00 51,439,321 10,411,465

Amendment 1/1/2006 30.00 9,486,103 21.00 8,505,637 812,900

Exper Loss 1/1/2007 15.00 24,063,977 7.00 14,832,403 2,670,779

Amendment 1/1/2007 30.00 7,506,622 22.00 6,852,095 643,775

Assumption 1/1/2007 30.00 143,629,272 22.00 131,105,827 12,317,775

Exper Loss 1/1/2008 15.00 31,119,681 8.00 21,132,532 3,453,868

Amendment 1/1/2008 15.00 6,799,772 8.00 4,617,537 754,684

Exper Loss 1/1/2009 15.00 605,849,890 9.00 446,426,765 67,241,219

Exper Loss 1/1/2011 15.00 197,394,258 11.00 165,654,901 21,908,118

Amendment 1/1/2012 15.00 3,611 12.00 3,194 401

Exhibit 4.2 - Funding Standard Account Amortization Bases
4. Contributions

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

17

See the comments following this Exhibit 4.2.

Charges [Schedule MB, Line 9c]

Date Initial Initial Outstanding at 1/1/2015 Annual

Type Established Period Balance Period Balance Payment

Exper Loss 1/1/2012 15.00 $200,887,679 12.00 $ 177,675,205 $ 22,295,841

Exper Loss 1/1/2013 15.00 150,428,988 13.00 139,319,557 16,695,602

Assumption 1/1/2015 15.00 98,717,630 15.00 98,717,630 10,956,334

Total Charges $1,968,551,508 $ 306,886,869

Credits [Schedule MB, Line 9h]

Date Initial Initial Outstanding at 1/1/2015 Annual

Type Established Period Balance Period Balance Payment

Assumption 1/1/1987 30.00 $ 30,973,406 2.00 $ 4,927,662 $ 2,564,274

Assumption 1/1/1988 30.00 28,492,274 3.00 6,561,754 2,367,913

Assumption 1/1/1997 30.00 58,929,911 12.00 39,887,920 5,005,396

Exper Gain 1/1/2001 15.00 14,764,441 1.00 1,622,997 1,622,997

Amendment 1/1/2004 30.00 44,723,528 19.00 38,473,232 3,826,098

Assumption 1/1/2007 30.00 145,626,370 22.00 132,928,791 12,489,048

Method 1/1/2007 10.00 175,583,218 2.00 47,395,431 24,663,811

Assumption 1/1/2008 15.00 11,042,334 8.00 7,498,553 1,225,551

Assumption 1/1/2010 15.00 6,478,315 10.00 5,118,651 719,006

Exper Gain 1/1/2010 15.00 179,795,378 10.00 142,060,024 19,954,878

Amendment 1/1/2011 15.00 188,860,348 11.00 158,493,174 20,960,968

Amendment 1/1/2014 15.00 1,859 14.00 1,793 206

Exper Gain 1/1/2014 15.00 36,226,185 14.00 34,943,037 4,020,621

Exper Gain 1/1/2015 15.00 170,445,463 15.00 170,445,463 18,917,162

Total Credits $ 790,358,482 $ 118,337,929

Net Total $1,178,193,026 $ 188,548,940

Exhibit 4.2 - Funding Standard Account Amortization Bases (Cont.)
4. Contributions

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

18

The table above shows the outstanding amortization bases in the funding standard account as of the 

valuation date. The amortization bases are grouped as charges, which represent increases in the unfunded 

actuarial liability, and credits, which represent decreases in the unfunded actuarial liability. 

Different types of amortization bases are as follows:

Abbreviation Description

Initial Liab Initial unfunded actuarial accrued liability

Exper Loss Actuarial experience loss (charge only)

Exper Gain Actuarial experience gain (credit only)

ENIL (2008) Eligible net investment loss under the Pension Relief Act of 2010

Amendment Plan amendment

Assumption Change in actuarial assumptions

Method Change in the actuarial cost method or asset valuation method

Combined Combined charge base or combined credit base

Offset Combined and offset charge and credit bases

Other Combined charge base or combined credit base of merged plans
4. Contributions

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

19

Contribution Margin

A key purpose of the actuarial valuation is to determine whether the expected contributions are sufficient 

to fund the Plan’s benefits. The valuation develops an “actuarial cost,” which includes the cost of benefits 

accruing during the plan year (item B.1.a.), expected operating expenses (item B.1.b.), and an amortization 

payment of the unfunded actuarial accrued liability (item B.2.). The amortization payment is based on the 

20-year funding policy established by the Trustees.

If expected employer contributions (item C.3.) exceed the actuarial cost for the plan year (item B.3.), the 

Plan’s contribution “margin” is positive. A positive margin usually (but not always) indicates that the Plan’s 

funding levels will improve over time. A negative margin usually indicates that the Plan’s funding levels will 

decline over time (or grow at a slower rate than expected under the assumed amortization period).

Notes

 If the market value of assets had been used in the above calculations, the margin as of 1/1/2015 would be $(5.16) 

per hour. As of 1/1/2014, the margin would be $(4.36) per hour.

Plan Year Beginning 1/1/2015 1/1/2014

Valuation Interest Rate 8.50% 8.50%

Asset Value Actuarial Value Actuarial Value

Unfunded Liability Amortization Period 20 Years 20 Years

A. Unfunded Actuarial Accrued Liability

1. Actuarial Accrued Liability $ 3,218,165,990 $ 3,144,311,908

2. Asset Value 1,576,692,214 1,463,844,225

3. Unfunded Liability $ 1,641,473,776 $ 1,680,467,683

B. Actuarial Cost

1. Normal Cost

a. Cost of Benefit Accruals $ 13,776,269 $ 13,932,162

b. Assumed Operating Expenses 7,297,500 5,733,750

c. Total $ 21,073,769 $ 19,665,912

2. Unfunded Liability Amortization Payment 166,661,769 170,620,890

3. Total Actuarial Cost for Plan Year $ 187,735,538 $ 190,286,802

C. Expected Employer Contributions

1. Expected Hours 15,478,238 17,947,736

2. Average Expected Contribution Rate per Hour $ 7.07 $ 6.11

3. Expected Contributions $ 109,420,387 $ 109,737,824

D. Contribution Margin

1. Contribution Margin for Plan Year (C.3. - B.3.) $ (78,315,151) $ (80,548,978)

2. Contribution Margin per Hour (D.1. / C.1.) $ (5.06) $ (4.49)

Cost and contribution figures include interest adjustments to reflect payments at the middle of the year.

Exhibit 4.3 - Contribution Margin
5. ASC 960 Information

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

20

The present value of accumulated benefits as of the last day of the plan year is disclosed in the Plan’s financial 

statements, in accordance with the Accounting Standards Codification (“ASC”) Topic Number 960. 

The present value of accumulated benefits is determined based on the unit credit cost method. The same 

actuarial assumptions that were used to determine the actuarial accrued liability as of the beginning of the 

plan year (e.g., January 1, 2015) were used to determine the actuarial present value of accumulated 

benefits as of the end of the prior plan year (e.g., December 31, 2014). See Appendix B for more 

information.

The present value of vested benefits includes qualified pre-retirement survivor annuity death benefits, 

which are excluded from the present value of vested benefits for withdrawal liability (see Section 6).

Measurement Date 12/31/2014 12/31/2013

Interest Rate Assumption 8.50% 8.50%

A. Participant Counts

1. Vested Participants

a. Retired Participants and Beneficiaries 16,064 16,197

b. Inactive Vested Participants 6,784 6,546

c. Active Vested Participants 7,926 8,296

d. Total Vested Participants 30,774 31,039

2. Non-Vested Participants 3,752 3,600

3. Total Participants 34,526 34,639

B. Present Value of Accumulated Plan Benefits

1. Vested Benefits

a. Retired Participants and Beneficiaries $ 2,341,911,621 $ 2,293,620,303

b. Inactive Vested Participants 222,009,476 195,966,149

c. Active Vested Participants 496,629,393 479,534,560

d. Total Vested Benefits $ 3,060,550,490 $ 2,969,121,012

2. Non-Vested Accumulated Benefits 157,615,500 175,190,896

3. Total Accumulated Benefits $ 3,218,165,990 $ 3,144,311,908

C. Changes in Present Value of Accumulated Plan Benefits

1. Present Value at End of Prior Plan Year $ 3,144,311,908 $ 3,126,080,957

2. Increase (Decrease) during the Plan Year due to:

a. Plan Amendment(s) $ 0 $ (1,859)

b. Change(s) to Actuarial Assumptions 98,717,630 0

c. Benefits Accumulated and Actuarial (Gains)/Losses (1,862,406) 42,211,721

d. Interest due to Decrease in the Discount Period 256,522,704 254,966,552

e. Benefits Paid (279,523,846) (278,945,463)

f. Merger or Transfer 0 0

g. Net Increase (Decrease) $ 73,854,082 $ 18,230,951

3. Present Value at End of Plan Year (Measurement Date) $ 3,218,165,990 $ 3,144,311,908

Exhibit 5.1 - Present Value of Accumulated Plan Benefits
6. Withdrawal Liability

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

21

The Multiemployer Pension Plan Amendments Act of 1980 (“MPPAA”) provides that an employer who 

withdraws from a Plan after September 26, 1980 may be obligated to the plan for its share of any unfunded 

liability for vested benefits as of the last day of the plan year preceding the withdrawal.

The actuarial assumptions that were used to determine the present value of vested benefits were based on 

PBGC plan termination assumptions. See Appendix B for more information.

The present value of vested benefits reflects the plan provisions in effect on the measurement date. Plan 

benefits that are not considered to be vested for withdrawal liability – such as disability benefits (in excess of 

the value of deferred vested benefits) and death benefits– are not included in the calculation of the present 

value of vested benefits. 

Unfunded vested benefits represent the shortfall between the Plan’s asset value and the present value of 

vested benefits. Unfunded vested benefits are allocated among participating employers according to the

presumptive method, as described under Section 4211(b) of ERISA. The asset value is the market value of 

assets.

The table below shows the calculation of the unfunded vested benefits as of December 31, 2014, which will be 

allocated to employers withdrawing during the plan year beginning January 1, 2015. Calculations for the prior 

year are also shown, for reference.

Effective January 1, 2011, certain “adjustable benefits” (including subsidized early retirement benefits) 

were reduced or eliminated as part of the Rehabilitation Plan adopted by the Trustees. The unamortized 

balance of Affected Benefits shown above reflects a 15-year amortization of the present value of the

original adjustable benefit reductions under the Rehabilitation Plan. Note that the PBGC expenses are 

calculated without consideration of the unamortized balance of affected benefits.

Measurement Date 12/31/2014 12/31/2013

For Employer Withdrawals in the Plan Year Beginning 1/1/2015 1/1/2014

PBGC Immediate Interest Rate 3.10% 3.00%

PBGC Deferred Interest Rate 3.29% 3.31%

A. Present Value of Vested Benefits

1. Active Participants $ 1,425,467,211 $ 1,477,620,354

2. Inactive Vested Participants 600,882,823 571,739,389

3. Retired Participants and Beneficiaries 3,864,195,374 3,939,094,621

4. Unamortized Balance of Affected Benefits 271,805,341 289,094,274

5. Total $ 6,162,350,749 $ 6,277,548,638

B. PBGC Expenses $ 39,901,134 $ 39,873,199

C. Total Present Value of Vested Benefits with Expenses $ 6,202,251,883 $ 6,317,421,837

D. Unfunded Vested Benefits

1. Present Value of Vested Benefits $ 6,202,251,883 $ 6,317,421,837

2. Asset Value 1,561,393,592 1,485,645,498

3. Unfunded Vested Benefits/(Surplus) (B.1. - B.2.) $ 4,640,858,291 $ 4,831,776,339

Exhibit 6.1 - Unfunded Vested Benefits for Withdrawal Liability
7. Plan Experience

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

22

An experience gain or loss is the difference between the actual and the expected unfunded actuarial accrued 

liability. The expected unfunded accrued liability is the amount predicted from the previous year, based on 

the actuarial assumptions.

To further analyze the experience, the aggregate gain or loss is broken down between the gain or loss due to 

investment experience and the gain or loss due to other sources (principally the demographic experience).

The experience gains (losses) have been as follows during the last seven Plan Years:

Notes

 The gain from investment experience for the plan year ended December 31, 2014 includes a gain of $151,400,307 

due to receivable withdrawal liability payments.

 The actuarial assumptions for this valuation are summarized in Appendix B.

Plan Year Ended From Investment From Other Total Experience Percent Gain/(Loss)

December 31 Experience Sources Gain / (Loss) from Other Sources*

2014 155,950,200 14,495,263 170,445,463 0.45%

2013 64,923,371 (28,697,186) 36,226,185 -0.91%

2012 (123,680,219) (26,748,769) (150,428,988) -0.86%

2011 (159,218,879) (41,668,801) (200,887,680) -1.34%

2010 (139,965,285) (57,428,973) (197,394,258) -1.82%

2009 246,467,460 (66,672,082) 179,795,378 -1.94%

2008 (573,799,583) (32,050,307) (605,849,890) -0.96%

5-Year Average (40,398,162) (28,009,693) (68,407,856)

7-Year Average (75,617,562) (34,110,122) (109,727,684)

* As a percent of Actuarial Accrued Liability

Exhibit 7.1 - Historical Experience Gains and (Losses)
7. Plan Experience

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

23

Investment income consists of: interest, dividends, rental and real estate income, and adjustment for market 

value changes, net of investment expenses. The rate of return is the net investment income as a percentage 

of the average value of assets during the year.

The assumed rate of Plan earnings, net of investment expenses, used in this valuation is 8.50%. The actual 

rates of return earned during the past ten plan years are shown below for both the actuarial value of assets 

and the market value of assets.

The rates of return on the actuarial value of assets are compared against the Plan’s actuarially assumed 

return. Comparisons of performance with other funds, investment institutions and market indexes are 

generally based on rates of return that reflect the market value of assets. The market value rates of return by 

themselves do not, however, necessarily indicate the relative success of the Plan’s investment policy. 

For plan years ending December 31, 2011 or before, Employer Withdrawal Liability collections are not used 

in asset reconciliations and determinations of asset returns, but they are used in the determination of the 

Funding Standard Account.

Net Investment Returns

Plan Year Ended Expected 

December 31 Return Actuarial Value Market Value

2014 8.50% 8.83% 6.05%

2013 8.50% 13.26% 8.50%

2012 8.50% 0.38% 14.40%

2011 8.50% 0.08% 1.78%

2010 8.50% 1.14% 13.00%

2009 8.50% 23.53% 26.23%

2008 8.50% -17.38% -30.50%

2007 8.50% 8.47% 8.35%

2006 8.00% 9.72% 14.45%

2005 8.00% 6.24% 9.57%

5-Year Annualized Return 4.60% 8.65%

10-Year Annualized Return 4.92% 6.08%

Exhibit 7.2 - Historical Investment Experience
7. Plan Experience

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

24

A summary of employment activity and the average number of hours of contributions received per active 

participant is shown below for the last seven years. We look to the Trustees for guidance as to the 

reasonableness of the hours assumption.

Plan Year Ended TOTAL Hours for ALL Participants

December 31 Total % Change Total % Change

2014 14,402,599 -15.4% 1,233 -13.8%

2013 17,017,292 -1.9% 1,431 0.8%

2012 17,349,070 1.7% 1,420 2.7%

2011 17,057,157 0.3% 1,383 4.2%

2010 16,999,199 -10.4% 1,327 -2.9%

2009 18,973,387 -12.1% 1,367 -6.3%

2008 21,578,497 -1.6% 1,459 1.4%

5-Year Average 16,565,063 1,359

7-Year Average 17,625,314 1,374

Exhibit 7.3 - Historical Hours

AVERAGE Hours for ACTIVE Participants & 

Working Retirees
7. Plan Experience

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

25

A ten-year summary of the Plan’s cash flow is provided in the table below.

Notes

 For the plan years ending December 31, 2010 or before, Employer Withdrawal Liability collections are not 

included.

Market Value Net Cash Flow

Plan Year Ended Employer Benefit Operating of Assets as a Percent

December 31 Contributions Payments Expenses at End of Year of Market Value*

2014 125,250,323 279,523,846 6,425,729 1,561,393,592 -10.9%

2013 121,912,364 278,945,463 5,437,173 1,485,645,498 -11.3%

2012 119,016,822 278,996,627 5,717,396 1,525,394,369 -11.8%

2011 92,564,876 279,617,619 5,578,636 1,488,656,600 -11.3%

2010 84,188,914 265,972,421 6,785,715 1,653,586,788 -12.2%

2009 85,925,231 254,499,556 5,899,116 1,641,037,299 -12.7%

2008 100,561,100 244,678,370 5,913,849 1,456,386,276 -6.8%

2007 101,062,928 236,814,862 8,599,099 2,278,568,619 -6.7%

2006 95,523,862 227,784,679 5,451,932 2,241,836,916 -6.8%

2005 95,166,404 214,142,941 5,097,852 2,087,898,032 -6.3%

5-Year Average 108,586,660 276,611,195 5,988,930 -11.5%

10-Year Average 102,117,282 256,097,638 6,090,650 -9.7%

* Based on the average Market Value of Assets for the Plan Year

Exhibit 7.4 - Historical Plan Cash Flows
Appendix A: Additional Demographic Exhibits

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

26

Notes

 As of January 1, 2015, there were 1,034 active participants with unknown dates of birth in the data. We assumed 

that these participants had entered the plan at the same age as the other active participants.

 Active participants with unknown gender were assumed to be male for the valuation.

 The active count as of January 1, 2014 includes 985 employees of certain Rehabilitation Plan withdrawn employers 

who have yet to incur a three year break in service. The active count as of January 1, 2015 includes 1,040 

employees of certain Rehabilitation Plan withdrawn employers who have yet to incur a three year break in 

service.

Measurement Date: January 1, 2015 [Form 5500 Sch. MB, Line 8b]

Years of Credited Service

Age Under 1 1 - 4 5 - 9 10 - 14 15 - 19 20 - 24 25 - 29 30 - 34 35 - 39 40 + Total

Under 25 200 435 2 0 - - - - - - - 655

25 - 29 9 7 536 352 2 7 - - - - - - 1,012

30 - 34 400 829 353 251 1 6 - - - - - 1,849

35 - 39 4 8 315 321 247 226 1 5 - - - - 1,172

40 - 44 5 7 207 229 296 323 245 1 5 - - - 1,372

45 - 49 4 2 208 228 247 247 379 396 1 7 - - 1,764

50 - 54 3 2 154 234 260 251 292 451 139 1 0 - 1,823

55 - 59 1 4 123 149 171 192 244 304 103 6 9 7 1,376

60 - 64 6 4 0 7 2 102 8 3 8 9 8 7 4 7 4 1 1 3 580

65 - 69 1 7 1 7 1 6 1 0 3 4 4 3 6 7 1

70 + - 1 - 2 1 - - - - - 4

Total 897 2,855 1,975 1,619 1,349 1,267 1,257 310 123 2 6 11,678

Males 10,780 Average Age 43.2

Females 898 Average Credited Service 12.3

Unknown 0

Total 11,678 Number Fully Vested 7,926

Number Partially Vested 0

Exhibit A.1 - Distribution of Active Participants
Appendix A: Additional Demographic Exhibits

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

27

Notes

 As of January 1, 2015, there were 106 inactive vested participants with unknown dates of birth in the data. These 

participants were assumed to have the same age as the average terminated vested participant.

 Inactive vested participants with unknown gender were assumed to be male for the valuation.

 The count of inactive vested participants age 65 and over in the table above excludes 51 participants over age 72

who were included in the data but are assumed to be deceased for valuation purposes.

Measurement Date: January 1, 2015

Inactive Vested Participants

Total Annual Average Monthly

Attained Age Count Benefits Benefits

Under 40 802 $ 4,856,721 $ 505

40-44 786 7,041,582 $ 747

45-49 1,045 11,667,418 $ 930

50-54 1,427 15,270,144 $ 892

55-59 1,408 14,456,413 $ 856

60-64 1,109 9,580,284 $ 720

65 and Over 207 1,214,241 $ 489

Total 6,784 $ 64,086,803 $ 787

Participants and Beneficiaries Receiving Benefits

Total Annual Average Monthly

Attained Age Count Benefits Benefits

Under 55 510 $ 10,150,489 $ 1,659

55-59 1,179 35,026,020 $ 2,476

60-64 1,891 49,943,072 $ 2,201

65-69 3,056 60,822,474 $ 1,659

70-74 3,182 55,255,584 $ 1,447

75-79 2,765 38,284,963 $ 1,154

80-84 1,870 18,551,272 $ 827

85 and Over 1,611 11,460,999 $ 593

Total 16,064 $ 279,494,873 $ 1,450

Exhibit A.2 - Distribution of Inactive Participants
Appendix A: Additional Demographic Exhibits

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

28

Notes

 The 21 Inactive Vested Adjustments include participants verified by the Fund staff as having vested benefits less 

terminated vested participants who became older than age 72.

 The active count as of January 1, 2014 includes 985 employees of certain Rehabilitation Plan withdrawn employers 

who have yet to incur a three year break in service. The active count as of January 1, 2015 includes 1,040 

employees of certain Rehabilitation Plan withdrawn employers who have yet to incur a three year break in 

service.

Inactive Non-Disabled Disabled

Active Vested Retirees Retirees Beneficiaries Total

A. Count as of January 1, 2014 11,896 6,546 12,530 519 3,148 34,639

B. Status Changes During Plan Year

1. Nonvested Terminations (569) (569)

2. Vested Terminations (451) 451 0

3. Retirement (175) (161) 385 (49) 0

4. Disabled (1) (2) (1) 4 0

5. Deceased (18) (41) (547) (6) (123) (735)

6. Certain Period Ended (18) (18)

7. Lump Sum (2) (2)

8. Rehires 2 8 (28) 0

9. New Entrants 968 968

10. New Beneficiaries 217 217

11. Adjustments 2 1 5 2 6

12. Net Increase (Decrease) Net Increase (Decrease) (218) 238 (158) (51) 7 6 (113)

C. Count as of January 1, 2015 11,678 6,784 12,372 468 3,224 34,526

Exhibit A.3 - Reconciliation of Participants by Status
Appendix B: Actuarial Assumptions and Methods

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

29

Plan Name New York State Teamsters Conference Pension and Retirement Fund

Plan Sponsor Trustees of the New York State Teamsters Conference Pension and Retirement 

Fund

EIN / PN 16-6063585 / 074

Interest Rates 8.50% per annum, compounded annually, net of investment expense for 

determining costs and liabilities

3.51% per annum for determining Current Liability

Retirement Age The following sample rates are effective on or after 1/1/2011 in conjunction 

with the Rehabilitation Plan:

Retirement Rates

Default Schedule and Schedule G

Less than 30 

Years of 

Service 

On or After 30 Years of Service

Service as of 1/1/2011

Age < 25 25 26 27 28 29 30 31 32 36

55

56-59

60-61

62

63

64

65-66

67

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

Schedule A

Less than 30 

Years of 

Service

On or After 30 Years of Service

Service as of 1/1/2011

Age < 25 25 26 27 28 29 30 31 32 36

55

56-59

60-61

62

63

64

65-66

67

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.12

.05

.08

.30

.33

.41

.50

1.00

.12

.05

.08

.30

.33

.41

.50

1.00

.14

.08

.11

.34

.36

.42

.50

1.00

.16

.11

.14

.38

.39

.44

.50

1.00

.18

.14

.17

.42

.42

.46

.50

1.00

.20

.17

.20

.46

.46

.48

.50

1.00

.22

.21

.23

.50

.50

.50

.50

1.00

.15

.15

.15

.50

.50

.50

.50

1.00

.35

.35

.35

.50

.50

.50

.50

1.00
Appendix B: Actuarial Assumptions and Methods

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

30

Retirement Age (cont.) Schedule B

Less than 30 

Years of 

Service 

On or After 30 Years of Service

Service as of 1/1/2011

Age < 25 25 26 27 28 29 30 31 32 36

55

56-59

60-61

62

63

64

65-66

67

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.50

.50

.50

.50

1.00

.12

.05

.08

.50

.50

.50

.50

1.00

.12

.05

.08

.50

.50

.50

.50

1.00

.14

.08

.11

.50

.50

.50

.50

1.00

.16

.11

.14

.50

.50

.50

.50

1.00

.18

.14

.17

.50

.50

.50

.50

1.00

.20

.17

.20

.50

.50

.50

.50

1.00

.22

.21

.23

.50

.50

.50

.50

1.00

.15

.15

.15

.50

.50

.50

.50

1.00

.35

.35

.35

.50

.50

.50

.50

1.00

Schedule C

Less than 30 

Years of 

Service 

On or After 30 Years of Service

Service as of 1/1/2011

Age < 25 25 26 27 28 29 30 31 32 36

55

56-59

60-61

62

63

64

65-66

67

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.50

.50

.50

.50

.50

1.00

.12

.05

.50

.50

.50

.50

.50

1.00

.12

.05

.50

.50

.50

.50

.50

1.00

.14

.08

.50

.50

.50

.50

.50

1.00

.16

.11

.50

.50

.50

.50

.50

1.00

.18

.14

.50

.50

.50

.50

.50

1.00

.20

.17

.50

.50

.50

.50

.50

1.00

.22

.21

.50

.50

.50

.50

.50

1.00

.15

.15

.50

.50

.50

.50

.50

1.00

.35

.35

.50

.50

.50

.50

.50

1.00

Schedule D

Less than 30 

Years of 

Service

On or After 30 Years of Service

Service as of 1/1/2011

Age < 25 25 26 27 28 29 30 31 32 36

55

56

57-59

60-61

62

63

64

65-66

67

.10

.02

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.50

.50

.50

.50

.50

.50

1.00

.12

.05

.50

.50

.50

.50

.50

.50

1.00

.12

.05

.50

.50

.50

.50

.50

.50

1.00

.14

.08

.50

.50

.50

.50

.50

.50

1.00

.16

.11

.50

.50

.50

.50

.50

.50

1.00

.18

.14

.50

.50

.50

.50

.50

.50

1.00

.20

.17

.50

.50

.50

.50

.50

.50

1.00

.22

.21

.50

.50

.50

.50

.50

.50

1.00

.15

.15

.50

.50

.50

.50

.50

.50

1.00

.35

.35

.50

.50

.50

.50

.50

.50

1.00
Appendix B: Actuarial Assumptions and Methods

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

31

Retirement Age (cont.) Schedule E

Less than 30 

Years of 

Service 

On or After 30 Years of Service 

Service as of 1/1/2011

Age < 25 25 26 27 28 29 30 31 32 36

55

56-59

60-61

62

63

64

65-66

67

.10

.02

.05

.25

.30

.40

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

Inactive vested participants: Age 65.

Operating Expenses The amount included this year for Administrative Expenses is $7,000,000.

Hours Worked Average of a participant’s actual hours worked in the 3 plan years preceding the 

valuation date used for future benefit accruals and expected contributions.

Contribution Income Total contributions expected for the 2015 plan year are assumed to be

$109,420,387. This amount is based on the expected hours worked and the 

expected contribution rate for each participant and does not include expected 

withdrawal liability payments.

Active Participant For valuation purposes, an active participant is a participant who has worked at 

least 500 hours in at least one of the prior three plan years and was not retired 

as of the valuation date.

The active count as of January 1, 2014 includes 985 employees of certain 

Rehabilitation Plan withdrawn employers who have yet to incur a three year 

break in service. The active count as of January 1, 2015 includes 1,040 

employees of certain Rehabilitation Plan withdrawn employers who have yet to 

incur a three year break in service.
Appendix B: Actuarial Assumptions and Methods

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

32

Non-Disabled Mortality Participants and Beneficiaries:

The sex distinct RP-2000 Blue Collar Mortality Tables projected to 2006 with Scale 

BB.

For determining the RPA ’94 current liability, the mortality tables prescribed by 

the Pension Protection Act of 2006 were used.

Disabled Mortality The sex distinct RP-2000 Disabled Mortality Tables projected to 2006 with Scale 

BB.

For determining the RPA ’94 current liability, the mortality tables prescribed by 

the Pension Protection Act of 2006 were used.

Disability Illustrations of the annual rates of disablement are shown in the table below for 

selected ages (the same rates are used for males and females):

Representative Disability Rates

Attained Age Rate (%)

20

25

30

35

40

45

50

55

60

0.04%

0.06%

0.07%

0.10%

0.15%

0.24%

0.41%

0.67%

1.09%
Appendix B: Actuarial Assumptions and Methods

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

33

Withdrawal Illustrations of the annual rates of withdrawal (for reasons other than mortality or 

disablement) are shown in the table below for selected ages (the same rates are 

used for males and females):

Representative Withdrawal Rates

Attained Age Rate (%)

20

25

30

35

40

45

50

55

60

22.00%

17.00%

12.00%

7.82%

6.92%

6.02%

5.12%

4.22%

3.32%

Reemployment It is assumed that participants will not be reemployed following a break in service.

Form of Payment Participants are assumed to elect the normal form.

Marriage 80% of non-retired participants are assumed to be married.

Spouse Ages Female spouses are assumed to be three years younger than male spouses.

Cost Method The Unit Credit Cost Method is used to determine the normal cost and the 

actuarial accrued liability. The actuarial accrued liability is the present value of

the accrued benefits as of the beginning of the year for active participants and is 

the present value of all benefits for other participants. The normal cost is the 

present value of the difference between the accrued benefits as of the

beginning and end of the year. The normal cost and actuarial accrued liability for 

the plan are the sums of the individually computed normal costs and actuarial 

accrued liabilities for all plan participants.
Appendix B: Actuarial Assumptions and Methods

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

34

Asset Valuation Method The actuarial value of assets is determined by adjusting the market value of assets

to reflect the investment gains and losses (the difference between the actual 

investment return and the expected investment return) during each of the last 

five years at the rate of 20% per year. Expected investment return is calculated 

using the net market value of assets as of the beginning of the plan year and the 

benefit payments, employer contributions and operating expenses, weighted 

based on the timing of the transactions during the year. The actuarial value is 

subject to a restriction that it be not less than 80% nor more than 120% of the 

market value.

Participant Data Participant census data as of January 1, 2015 was provided by the Fund Office.

There were 1,034 active participants without a date of birth. We assumed that 

these participants had entered the plan at the same age as the other active 

participants. There were 106 terminated vested participants without a date of 

birth. We assumed these participants had the same age as the average

terminated vested participant.

There were 51 terminated vested participants who were over age 72 as of the 

valuation date who had not yet applied for a pension. It is extremely unlikely 

that these participants will ever collect a pension. Thus, they were excluded 

from the valuation. The impact of these data adjustments on plan liabilities was 

negligible.

Missing or Incomplete 

Participant Data

Assumptions were made to adjust for participants and beneficiaries with missing 

or incomplete data, based on those exhibited by participants with similar known 

characteristics.

Financial Information Financial information was obtained from the audited financial statements filed

with the 2014 Form 5500.

Benefits Not Included in 

Valuation

We believe that we have reflected all significant assumptions and plan 

provisions in this valuation.
Appendix B: Actuarial Assumptions and Methods

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

35

Nature of Actuarial 

Calculations

The valuation results presented in this report are estimates. The results are 

based on data that may be imperfect and on assumptions made about future 

events. Certain plan provisions may be approximated or deemed immaterial for 

the purposes of the valuation. Assumptions may be made about missing or 

incomplete participant census data or other factors. Reasonable efforts were 

made to ensure that significant items and factors are included in the valuation 

and treated appropriately. A range of results different from those presented in 

this report could also be considered reasonable. 

The actuarial assumptions selected for this valuation – including the valuation 

interest rate – generally reflect average expectations over the long term. If 

overall future demographic or investment experience is less favorable than 

assumed, the relative level of plan costs determined in this valuation will likely 

increase in future valuations. Investment returns and demographic factors may 

fluctuate significantly from year to year. The deterministic actuarial models 

used in this valuation do not take into consideration the possibility of such 

volatility.

Unfunded Vested 

Benefits for Employer 

Withdrawals

For purposes of determining the Unfunded Vested Benefits for Employer 

Withdrawal Liability, the same assumptions as presented in this Appendix are 

used with the exception of the following:

 The mortality assumption described in 29 CFR 4044, Appendix A, 

effective on the measurement date 

 The interest rate assumption described in 29 CFR 4044, Appendix B, 

effective on the measurement date

 The administrative expense assumption described in 29 CFR 4044, 

Appendix C
Appendix B: Actuarial Assumptions and Methods

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

36

Changes in Assumptions Since the prior valuation, the following assumptions have been changed:

 The non-disabled mortality assumption was changed from the RP-2000 

Male Blue Collar Mortality Table with a 1-year set-forward for males and a 

4-year set-back for females, with no future improvement in mortality 

rates beyond any included in the published table, to the sex distinct RP2000 Blue Collar Mortality Tables projected to 2006 with Scale BB.

 The disabled mortality assumption was changed from the sex distinct RP2000 Disabled Mortality Tables, with no future improvement in mortality 

rates beyond any included in the published table, to the sex distinct RP2000 Disabled Mortality Tables projected to 2006 with Scale BB.

 The expected operating expense was changed from $5,500,000 to 

$7,000,000.

 The Current Liability interest rate was decreased from 3.64% to 3.51%,

and the Current Liability mortality table was changed in accordance with 

the change in the IRS mandated legislative changes.

Justification for 

Changes in Assumptions 

and Methods

The changes in the actuarial assumptions described above were made to better 

reflect anticipated Plan experience. 

The changes in the interest rate and mortality tables used to determine the RPA 

’94 current liability were mandated legislative changes.
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

37

This appendix summarizes the major provisions of the Plan that were reflected in the actuarial valuation. This 

summary of provisions is not intended to be a comprehensive statement of all provisions of the Plan.

Plan Name New York State Teamsters Conference Pension and Retirement Fund

Plan Sponsor Trustees of the New York State Teamsters Conference Pension and Retirement 

Fund

EIN / PN 16-6063585 / 074

Effective Date and Most 

Recent Amendment

The original effective date of the Plan is January 1, 1954. 

The most recent restatement of the Plan is effective January 1, 2015.

Plan Year The twelve-month period beginning January 1 and ending December 31.

Employers A participating Employer is any person or entity that has been accepted for 

participation in the Plan and that is required to contribute to the Plan pursuant 

to a collective bargaining agreement or participation agreement. 

Participants All employees who are employed by an employer that is required to contribute 

to the Fund become participants as of the date they complete one hour of 

service.

Pension Service Credit Past Service Credit is granted for service rendered by a Participant with a 

participating employer prior to the time it became a contributing employer 

subject to certain minimum earnings requirements.

Limits imposed on the amount of Past Service Credit are as follows:

Date of Participation Past Service Limit

Prior to 1/1/1959 Unlimited

1/1/1959 through 12/31/1973 20 years

1/1/1974 through 12/31/1975 15 years

1/1/1976 and later (12/1/1976 for Brewery Workers) 5 years

Past service is granted only after 5 years of Future Service Credit. Then one 

year of Past Service Credit is awarded for each of the 6th through 10th years of 

Future Service Credit.
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

38

Future Service Credit For service rendered as a Participant after 1975, one-tenth of a year of Future 

Service Credit for each 100 hours worked subject to a maximum of one year of 

Future Service Credit in any one calendar year. For service prior to 1976, a year of 

Future Service Credit is granted according to the following schedule:

Years Hourly Contribution Rate

Amount of Contribution 

Required for One Year of 

Credit

1960 and Prior Any $75.00

1961 – 1963 Up to 7.5₵ 75.00

1961 – 1963 7.5₵ and over 120.00

1964 – 1975 Up to 7.5₵ 75.00

1964 – 1975 7.5₵ to 12.5₵ 120.00

1964 – 1975 12.5₵ to 17.5₵ 180.00

1964 – 1975 17.5₵ to 22.5₵ 240.00

1964 – 1975 22.5₵ to 27.5₵ 300.00

1964 – 1975 27.5₵ to 32.5₵ 360.00

1964 – 1975 32.5₵ to 37.5₵ 420.00

1964 – 1975 37.5₵ to 42.5₵ 480.00

1964 – 1975 42.5₵ to 47.5₵ 540.00

1964 – 1975 47.5₵ to 52.5₵ 600.00

1964 – 1975 52.5₵ and over 660.00

Break-In-Service Completion of less than 500 hours of service in a Plan Year.

Note: For non-vested benefits, cancellation of Pension Credit occurs after the 

greater of (i) five consecutive Break-in-Service years or (ii) the number of 

aggregate Plan Years for which the employee has received Past or Future Service 

Credit.

Normal Retirement Age The later of (a) age 65 and (b) the earlier of 5 years of Future Service or the fifth 

anniversary of participation.

Normal PensionEligibilityNormal Retirement Age
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

39

Normal Pension –

Amount of Benefit

The monthly amount of a Normal Pension equals the sum of a past service 

benefit plus a future service benefit.

Past Service Benefit: If the date on which a Participant’s employer becomes 

required to contribute to the Fund is before January 1, 2004, the appropriate 

benefit factor from Column C of the table below multiplied by the number of 

years of Past Service. If the date on which a participant’s employer becomes 

required to contribute to the Fund is on or after January 1, 2004, then $1 for 

every $.05 of the employer’s contribution rate on the date the employer became 

required to contribute multiplied by the number of years of past service.

For Retirements Effective 04/01/2001 through 12/31/2003*

Hourly Contribution Rate

At Least But Less Than

Minimum Hours at 

Contribution Rate

Benefit Factor for 

Each Year of Past 

or Future Service 

Credit

$0.000 $0.075 8,000 $1.50

$0.075 $0.150 8,000 $3.00

$0.150 $0.225 8,000 $5.00

$0.225 $0.250 8,000 $6.00

$0.250 $0.300 8,000 $7.00

$0.300 $0.325 8,000 $9.00

$0.325 $0.350 8,000 $10.00

$0.350 $0.550 8,000 $12.00

$0.550 $0.700 8,000 $16.00

$0.700 $0.850 8,000 $20.00

$0.850 $1.150 8,000 $35.00

$1.150 $1.750 8,000 $65.00

$1.750 $2.350 2,000 $75.00

$2.350 $4.095 2,000 $100.00

$4.095 and higher 2,000 $110.00

$4.095 and higher 4,000 $120.00

$4.095 and higher 6,000 $150.00

*The above benefit factors are applicable only to Active Participants on and after 

April 1, 2001 whose retirement dates are effective on or after April 1, 2001 but 

before January 1, 2004.
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

40

Normal Pension –

Amount of Benefit 

(cont.)

Future Service Benefit for Future Service prior to January 1, 2004: For each year 

of Future Service Credit, the greater of (1) 2.6% of the employer contributions for 

the year, or (2) the appropriate benefit factor from Column C in the table above 

multiplied by the Future Service Credit earned for that year.

In no event shall any year’s accrual for the Future Service Benefit exceed 

$199.83. Unless otherwise specified, 0% of any negotiated increase beyond 

$3.695 per hour is used for benefit accruals.

As of January 1, 2000, the $199.83 amount is increased to $210 if a Participant’s 

contribution rate is $4.095 or higher for at least 6,000 hours and to $220 if a 

Participant’s contribution rate is $4.345 or higher for at least 4,000 hours. Such 

increases are prorated based on 2,080 hours reported per year.

Future Service Benefit for Future Service on or after January 1, 2004: For each 

year of Future Service Credit, 1.3% of the employer contributions for the year.

For those participants reaching the earlier of the midpoint between unreduced 

retirement date and Social Security Normal Retirement Age, or 5 years beyond 

unreduced retirement date, the Future Service Benefit is equal to 1.73% of 

employer contributions for the year.

Future Service Benefit for Future Service for Participants subject to collective 

bargaining agreements that commence in 2009 or later: 

 Preferred Schedule: For each year of Future Service Credit, 1.30% of the 

employer contributions for the year. For those participants reaching the 

earlier of the midpoint between unreduced retirement date and Social 

Security Normal Retirement Age, or 5 years beyond unreduced 

retirement date, the Future Service Benefit is equal to 1.73% of 

employer contributions for the year.

 Alternative Schedule: For each year of Future Service Credit, 0.90% of 

the employer contributions for the year. For those participants reaching 

the earlier of the midpoint between unreduced retirement date and 

Social Security Normal Retirement Age, or 5 years beyond unreduced 

retirement date, the Future Service Benefit is equal to 1.20% of 

employer contributions for the year.

 Default Schedule: For each year of Future Service Credit, 0.50% of the 

employer contributions for the year. For those participants reaching the 

earlier of the midpoint between unreduced retirement date and Social 

Security Normal Retirement Age, or 5 years beyond unreduced 

retirement date, the Future Service Benefit is equal to 0.67% of 

employer contributions for the year.
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

41

Normal Pension –

Amount of Benefit 

(cont.)

Effective January 1, 2011, the Future Service Benefit for Future Service for 

Participants is as follows: 

 Default Schedule – 1.00% of contributions. Required contribution 

increases after January 1, 2011 are not considered for benefit accruals

 Schedule A – 0.30% of contributions. Required contribution increases 

after January 1, 2011 are not considered for benefit accruals.

 Schedule B – 0.50% of contributions. Required contribution increases 

after January 1, 2011 are not considered for benefit accruals.

 Schedule C – 0.30% of contributions. Required contribution increases 

after January 1, 2011 are not considered for benefit accruals.

 Schedule D – 0.50% of contributions. 1% of required contribution 

increases after January 1, 2011 are considered for benefit accruals. 

 Schedule E – 0.50% of contributions. 1% of required contribution 

increases after January 1, 2011 are considered for benefit accruals.

 Schedule G – 0.25% of contributions. Required contribution increases 

after January 1, 2011 are not considered for benefit accruals

Under each Schedule, contribution increases in excess of the Rehabilitation Plan 

required increases are considered for benefit accruals.

Regular Pension Effective January 1, 2011, the Regular Pension has been eliminated under the 

Rehabilitation Plan.

Early Retirement

Pension –

Eligibility

Any age with at least 15 years of Credited Service, at least 5 of which are Future 

Service Credit.

Early Retirement

Pension –

Amount of Benefit

The benefit as determined for Normal Pension, based on service and 

contributions as of retirement and is actuarially reduced if benefits commence 

before age 65.

The benefit is reduced as follows:

 Default Schedule, Schedule A and Schedule G – Actuarial equivalent 

reductions from age 65.

 Schedules B, C, D, E – Reductions of 6% per year (or actuarial equivalent, 

if reduction is less) for each year that age at commencement is less than 

age 65.
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

42

30 Year Pension –

Eligibility

At the following age with at least 30 years of Credited Service.

 Default Schedule – The 30 Year Pension has been eliminated

 Schedule A - Age 65 with transition protection for those participants 

with at least 25 years of Credited Service at January 1, 2011

 Schedule B - Age 62 with transition protection for those participants with 

at least 25 years of Credited Service at January 1, 2011

 Schedule C - Age 60 with transition protection for those participants with 

at least 25 years of Credited Service at January 1, 2011

 Schedule D - Age 57 with transition protection for those participants 

with at least 25 years of Credited Service at January 1, 2011

 Schedule E - Age 55 with transition protection for those participants with 

at least 25 years of Credited Service at January 1, 2011

 Schedule G – The 30 Year Pension has been eliminated
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

43

30 Year Pension –

Amount of Benefit

The benefit as determined for Normal Pension, based on service and 

contributions as of retirement, reduced as follows:

 Default Schedule – The 30 Year Pension has been eliminated.

 Schedule A – For participants that retire before age 65 with 30 years of 

Credited Service, the benefit reduction is actuarially equivalent.

 Schedule B – For participants that retire before age 62 with 30 years of 

Credited Service, the benefit reduction is 6% per year for each year 

commencement is less than age 62.

 Schedule C – For participants that retire before age 60 with 30 years of 

Credited Service, the benefit reduction is 6% per year for each year 

commencement is less than age 60.

 Schedule D – For participants that retire before age 57 with 30 years of 

Credited Service, the benefit reduction is 6% per year for each year 

commencement is less than age 57.

 Schedule E – For participants that retire before age 55 with 30 years of 

Credited Service, the benefit reduction is 6% per year for each year 

commencement is less than age 55.

 Schedule G – The 30 Year Pension has been eliminated.

Transition protection applies the following benefit reductions from the 

unreduced age for those participants with at least 25 years of Credited Service at 

January 1, 2011:

 At least 30 years of service at January 1, 2011 – 0% reduction per year 

from unreduced age

 At least 29 but less than 30 years of service at January 1, 2011 – 1% 

reductions per year from unreduced age

 At least 28 but less than 29 years of service at January 1, 2011 – 2% 

reductions per year from unreduced age

 At least 27 but less than 28 years of service at January 1, 2011 – 3% 

reductions per year from unreduced age

 At least 26 but less than 27 years of service at January 1, 2011 – 4% 

reductions per year from unreduced age

 At least 25 but less than 26 years of service at January 1, 2011 – 5% 

reductions per year from unreduced age
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

44

Social Security 

Supplement –

Eligibility

The Social Security Supplement is frozen effective January 1, 2011.

Hired prior to October 15, 2009 and eligible for an unreduced benefit.

Social Security 

Supplement –

Amount of Benefit

The amount of the Supplemental Benefit will equal a percentage, as shown 

below, of a participant’s annual accrued benefit as of his Unreduced Retirement 

Date (the later of January 1, 2004 and the date a participant could retire after 30 

years of service at any age, or age 60 after 15 or more years of service including 5 

years of Future Service Credit). If more than 500 hours but less than 1,000 hours 

were worked in any deferred year, this amount shall be prorated accordingly. 

This benefit shall be paid for as many months as the Participant defers 

retirement past his Unreduced Retirement Date, but will stop upon a 

Participant’s death or upon the date the Participant becomes eligible for 

unreduced Social Security benefits.

Year Worked after the 

Unreduced Retirement 

Date

Percentage of Annual 

Accrued Benefit Earned

Total Percentage of 

Accrued Benefit Earned 

During that Year

1

st Year 10% 10%

2

nd Year 15% 25%

3

rd Year 25% 50%

4

th Year 25% 75%

5

th Year 25% 100%

Each Additional Year 20% per year Total + 20%

A Participant who earns the Supplemental Benefit may choose to receive the 

Supplemental Benefit in the form of a lump sum payment equal to the present 

value of the monthly Supplemental Benefit to be otherwise paid to the 

Participant.

As a result of a Critical Status certification for the 2011 Plan Year, this benefit is 

currently not payable as a lump sum.

Vested Pension –

Eligibility

5 years of Future Service Credit.

Vested Pension –

Amount of Benefit

The benefit as determined for Normal Pension, based on service and 

contributions as of retirement and is actuarially reduced if benefits commence 

before age 65.

Disability Benefit Effective January 1, 2011, the Disability Pension has been eliminated.
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

45

Lump Sum Benefit Effective April 30, 2010, the Lump Sum Benefit for participants who qualify for 

Social Security disability award has been eliminated.

Pre-Retirement Death 

Benefits (Married) –

Eligibility

Payable to the surviving spouse of a deceased vested participant.

Pre-Retirement Death 

Benefits (Married) –

Amount of Benefit

The benefit that would be payable, under the joint and 50% survivor annuity 

form of payment, based on service and contributions as of date of death, is 

payable immediately if the participant was eligible for an immediate pension at 

his death or deferred to the participant’s earliest retirement date.

Pre-Retirement Death 

Benefits (Non-Married) –

Eligibility 

Payable to the beneficiary of a deceased non-married participant who increased 

his or her contribution rate to cover the cost of the benefit.

Pre-Retirement Death 

Benefits (Non-Married) –

Amount of Benefit

The benefit that would be payable, based on service and contributions as of date 

of death, immediately if the participant was eligible for an immediate pension at 

his death or deferred to the participant’s earliest retirement date. The benefit is 

payable as an annuity for 60 months.

Forms of Payment The normal form of payment is a single life annuity payable for the lifetime of the 

Participant only. If a Participant is married, however, the normal form of 

payment is a joint and 50% survivor annuity.

Other forms of payment include pensions payable for life with the first 60 or 120 

months of payment guaranteed, and joint and survivor annuities, with and 

without pop-up, with 50%, 75% or 100% of the benefit continuing after the 

participant’s death. Effective January 1, 2011, other forms of payment were 

eliminated for participants covered under the Default Schedule. 

Brewery Workers 

Pension Fund

The Brewery Workers Pension Fund was established June 21, 1949 and merged 

into this Plan effective December 1, 1976. Any employee employed by a 

contributing employer of the Brewery Workers Pension Fund prior to the merger 

has special eligibility and benefit provisions detailed in the formal plan 

document. The Rehabilitation Plan provisions supersede any of the special 

eligibility and benefit provisions of these participants.
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

46

Local 294 Pension Fund The Pension Fund of the Albany Area Trucking and Allied Industries Local 294 was 

established August 1, 1953 and merged into this Plan effective July 31, 1997. Any 

employee employed by a contributing employer of the Pension Fund of the 

Albany Area Trucking and Allied Industries Local 294 prior to the merger has 

special eligibility and benefit provisions detailed in the formal plan document. 

The Rehabilitation Plan provisions supersede any of the special eligibility and 

benefit provisions of these participants.

Local 478 Pension Fund The Local 478 Trucking and Allied Industries Pension Fund was established 

January 1, 1957 and merged into this Plan effective January 1, 2000. Any 

employee employed by a contributing employer of the Local 478 Trucking and 

Allied Industries Pension Fund prior to the merger has special eligibility and 

benefit provisions detailed in the formal plan document. The Rehabilitation Plan 

provisions supersede any of the special eligibility and benefit provisions of these 

participants.

Local 264 Bakery Drivers 

Fund

The Teamsters Local No. 264 – Bakery Drivers Division Pension Plan was 

established January 1, 1976 and merged into this Plan effective January 1, 2000. 

Any employee employed by a contributing employer of the Teamsters Local No. 

264 Bakery Drivers Division Pension Plan prior to the merger has special eligibility 

and benefit provisions detailed in the formal plan document. The Rehabilitation

Plan provisions supersede any of the special eligibility and benefit provisions of 

these participants.

P&C Foods Pension Fund The P&C Foods Pension Fund for Represented Employees was merged into this 

Plan effective April 15, 2001, retroactive to January 1, 2001. Any employee listed 

in Exhibit A to the P&C Plan Merger Agreement has special eligibility and benefit 

provisions detailed in the formal plan document. The Rehabilitation Plan 

provisions supersede any of the special eligibility and benefit provisions of these 

participants.

P&C Foods Maintenance 

Employees

Certain participants in the Penn Traffic Company Cash Balance Pension Plan 

became participants in this Plan effective January 1, 2003. Any employee listed in 

Exhibit A to the Memorandum of Understanding has special eligibility and benefit 

provisions detailed in the formal plan document. The Rehabilitation Plan 

provisions supersede any of the special eligibility and benefit provisions of these 

participants.
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

47

Local 264 Brewery 

Division Pension Fund

The Teamster Local No. 264 Brewery Division Pension Plan was established May 

1, 1976 and merged into this Plan effective January 1, 2003. Any employee 

employed by a contributing employer of the Teamsters Local No. 264 Brewery 

Division Pension Plan prior to the merger has special eligibility and benefit 

provisions detailed in the formal plan document. The Rehabilitation Plan 

provisions supersede any of the special eligibility and benefit provisions of these 

participants.

Local 791 Brewery and 

Related Workers Pension 

Plan

The Brewery and Related Workers Pension Plan of the Rochester, N.Y. Area was 

merged into this Plan effective September 2, 2005. Any employee employed by a 

contributing employer of the Teamsters Union Local 791 Brewery and Related 

Workers Pension Plan prior to the merger has special eligibility and benefit 

provisions detailed in the formal plan document. There is a minimum benefit of 

$70 per year of service prior to April 30, 2004. The Rehabilitation Plan provisions 

supersede any of the special eligibility and benefit provisions of these 

participants.

Local 264 Milk, Ice 

Cream Drivers, and Dairy 

Employees Income 

Replacement Plan

The Income Replacement Plan for the Milk, Ice Cream Drivers and Dairy 

Employees of Local 264 merged into this Plan effective December 31, 2005. Any 

employee employed by a contributing employer of the Income Replacement Plan 

for the Milk, Ice Cream Drivers and Dairy Employees of Local 264 prior to the 

merger has special eligibility and benefit provisions detailed in the formal plan 

document. The Rehabilitation Plan provisions supersede any of the special 

eligibility and benefit provisions of these participants.

Actuarial Equivalence Benefits under optional forms of payment are converted from the amount 

payable under the Life Annuity, based on assumptions of 7.0% interest and the 

UP-1984 Non Insured Pension Mortality Table. 

Changes in Plan 

Provisions 

There have been no changes to the plan provisions from the prior valuation.
Appendix D: Current Liability (for Form 5500 Schedule MB)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

48

The primary use for current liability is to determine the amount of the maximum tax-deductible 

contribution for the plan year. Current liability is also reported on the Schedule MB to the Form 5500; 

however, it rarely affects the determination of the ERISA minimum required contribution.

Current liability is calculated similarly to the actuarial accrued liability under the unit credit cost method, 

but based on interest and mortality assumptions that are mandated by the Internal Revenue Service (“IRS”). 

The current liability interest rate assumption is based on Treasury rates and does not reflect the expected 

return on plan assets. 

Current liability and the expected increase in current liability attributable to benefits accruing during the 

plan year are shown above, as of the valuation date. Also shown above are the expected benefit payments 

for the plan year, based the same actuarial assumptions used to measure current liability.

Measurement Date 1/1/2015 1/1/2014

Current Liability Interest Rate 3.51% 3.64%

A. Number of Participants

1. Retired Participants and Beneficiaries 16,064 16,197

2. Inactive Vested Participants 6,784 6,546

3. Active Participants

a. Non-Vested Benefits 3,752 3,600

b. Vested Benefits 7,926 8,296

c. Total Active 11,678 11,896

4. Total 34,526 34,639

B. Current Liability Normal Cost

1. Cost of Benefit Accruals $ 37,594,264 $ 38,490,715

2. Assumed Operating Expenses 7,000,000 5,500,000

3. Total $ 44,594,264 $ 43,990,715

C. Current Liability

1. Retired Participants and Beneficiaries $ 3,667,708,376 $ 3,663,383,416

2. Inactive Vested Participants 569,054,431 519,343,377

3. Active Participants

a. Non-Vested Benefits $ 246,599,219 $ 277,750,471

b. Vested Benefits 1,370,634,489 1,370,442,686

c. Total Active $ 1,617,233,708 $ 1,648,193,157

4. Total $ 5,853,996,515 $ 5,830,919,950

D. Current Liability Expected Benefit Payments $ 286,495,885 $ 284,777,854

E. Additional Information for Form 5500 Schedule MB

1. Current Liability Normal Cost [Sch. MB Line 1d(2)(b)] $ 44,594,264 $ 43,990,715

2. Expected Release [Sch. MB Line 1d(2)(c)] 298,769,588 295,661,011

3. Expected Disbursements [Sch. MB Line 1d(3)] 281,705,635 278,168,276

Exhibit D.1 - "RPA '94" Current Liability

and Additional Information for Form 5500 Schedule MB
Appendix E: Glossary

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2015

49

Actuarial Accrued Liability: This is computed differently under different actuarial cost methods. The Actuarial 

Accrued Liability generally represents the portion of the cost of the participants’ anticipated retirement, 

termination, death and disability benefits allocated to the years before the current plan year.

Actuarial Cost: This is the contribution required for a plan year in accordance with the Trustees’ funding

policy. It consists of the Normal Cost plus an amortization payment to pay interest on and amortize the 

Unfunded Actuarial Accrued Liability based on the amortization schedule adopted by the Trustees.

Actuarial Gain or Loss: From one plan year to the next, if the experience of the plan differs from that 

anticipated using the actuarial assumptions, an actuarial gain or loss occurs. For example, an actuarial gain 

would occur if the assets in the trust earned 12% for the year while the assumed rate of return used in the 

valuation was 8.5%.

Actuarial Value of Assets: This is the value of cash, investments and other property belonging to a pension 

plan, as used by the actuary for the purposes of an actuarial valuation. It may be equal to the market value, or 

a smoothed value that recognizes changes in market value systematically over time.

Credit Balance: The Credit Balance represents the historical excess of actual contributions over the minimum 

required contributions under ERISA. The Credit Balance is also equal to the cumulative excess of credits over 

charges to the Funding Standard Account.

Current Liability: This is computed the same as the Present Value of Accumulated Benefits, but using interest 

rate and mortality assumptions specified by the IRS. This quantity is used in the calculation to determine the 

maximum tax deductible contribution to the plan for the year.

Funding Standard Account: This is the account which a plan is required to maintain in compliance with the 

minimum funding standards under ERISA. It consists of annual charges and credits needed to fund the Normal 

Cost and amortize the cost of plan amendments, actuarial method and assumption changes, and experience 

gains and losses.

Normal Cost: The Normal Cost is computed differently under different actuarial cost methods. The Normal 

Cost generally represents the portion of the cost of the participants’ anticipated retirement, termination, 

death and disability benefits allocated to the current plan year. Employer Normal Cost generally also includes 

the cost of anticipated operating expenses.

Present Value of Accumulated Benefits: The Present Value of Accumulated Benefits is computed in 

accordance with ASC 960. This quantity is determined independently from the plan’s actuarial cost method. 

This is the present value of a participant’s accrued benefit as of the valuation date, assuming the participant 

will earn no more credited service and will receive no future salary.

Present Value of Future Benefits: This is computed by projecting the total future benefit cash flow from the 

plan, using actuarial assumptions, and then discounting the cash flow to the valuation date.

Present Value of Vested Benefits: This is the portion of the Present Value of Accumulated Benefits in which 

the employee would have a vested interest if the employee were to separate from service with the employer 

on the valuation date. It is also referred to as Vested Benefit Liability.

Unfunded Actuarial Accrued Liability: This is the amount by which the Actuarial Accrued Liability exceeds the 

Actuarial Value of Assets.

Withdrawal Liability: This is the amount an employer is required to pay upon certain types of withdrawal 

from a pension plan. It is an employer’s allocated portion of the unfunded Present Value of Vested Benefit.
New York State

Teamsters Conference

Pension and Retirement

Fund

Actuarial Valuation as of

January 1, 2014

August 18, 2014

Atlanta  Cleveland  Los Angeles  Miami  Washington, D.C.
Actuarial Statement

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

As requested by the Board of Trustees, this report documents the results of an actuarial valuation of the 

New York State Teamsters Conference Pension and Retirement Fund (the “Plan”) as of January 1, 2014. This 

valuation is based on the Plan that was established on January 1, 1954, and last amended, effective January 

1, 2014. 

In preparing this valuation, we have relied on information and data provided to us by the Board of Trustees 

and other persons or organizations designated by the Board of Trustees. We did not perform an audit of the 

financial and participant census data provided to us, but we have reviewed the data for reasonableness for 

the purpose of the valuation. We have relied on all information provided, including plan provisions and 

asset information, as being complete and accurate. 

The valuation summarized in this report involves actuarial calculations that require assumptions about 

future events. We believe that the assumptions and methods used in this report are reasonable and 

appropriate for the purposes for which they have been used. However, other assumptions and methods 

could also be reasonable and could result in materially different results. 

In our opinion, all methods, assumptions and calculations are in accordance with requirements of the 

Internal Revenue Code and ERISA, as amended by the Pension Protection Act of 2006 (“PPA”) and the 

Pension Relief Act of 2010 (“PRA”). Further, in our opinion, the procedures followed and presentation of 

results are in conformity with generally accepted actuarial principles and practices. The Board of Trustees 

was responsible for the selection of the actuarial cost and asset valuation methods. 

The IRS has yet to issue final guidance with respects to certain aspects of the PPA and the PRA. It is possible 

that such guidance may conflict with our understanding of these laws and could therefore affect results 

shown in this report. 

This valuation report may not be reproduced or distributed without the consent of the Board of Trustees, 

other than to assist in the Plan’s administration and to meet the filing requirements of federal government 

agencies, and may be distributed only in its entirety. The results in this valuation may not be applicable for 

purposes other than those described in this report. 

The undersigned consultants of Horizon Actuarial Services, LLC (“Horizon Actuarial”) with actuarial 

credentials meet the Qualification Standards of the American Academy of Actuaries to render the actuarial 

opinions contained herein. There is no relationship between the Board of Trustees and Horizon Actuarial 

that affects our objectivity. 

Stanley I. Goldfarb, F.S.A., E.A., M.A.A.A.

Actuary and Managing Consultant

James M. Locey, E.A., M.A.A.A.

Consulting Actuary

Robert B. Sherwood, Jr.

Senior Consultant

Redacted by the U.S. Department of the 

Treasury Redacted by the U.S. Department of the Treasury Redacted by the U.S. Department of the Treasury
Table of Contents 

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

1

Page

1. Introduction

1.1 Summary of Key Results 2

1.2 Commentary 4

1.3 Participant Demographic Summary 9

2. Actuarial Liabilities

2.1 Summary of Actuarial Liabilities 10

2.2 Actuarial Liabilities by Benefit Type 11

3. Plan Assets

3.1 Market Value of Assets 12

3.2 Actuarial Value of Assets 14

4. Contributions

4.1 Statutory Contribution Range 16

4.2 Funding Standard Account Amortization Bases 17

4.3 Contribution Margin 21

5. ASC 960 Information

5.1 Present Value of Accumulated Plan Benefits 22

6. Withdrawal Liability

6.1 Unfunded Vested Benefits for Withdrawal Liability 23

7. Plan Experience

7.1 Historical Experience Gains and (Losses) 24

7.2 Historical Investment Experience 25

7.3 Historical Hours 26

7.4 Historical Plan Cash Flows 27

Appendix A: Additional Demographic Exhibits

A.1 Distribution of Active Participants 

A.2 Distribution of Inactive Participants

A.3 Reconciliation of Participants by Status

28

29

30

Appendix B: Actuarial Assumptions and Methods 31

Appendix C: Summary of Plan Provisions 38

Appendix D: Current Liability (for Form 5500 Schedule MB) 49

Appendix E: Glossary 50

u:\nyst\ret\2014\val\report\nyst_2014_valuation_final_ereport.docx
1. Introduction 

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

2

Notes

 Item A: More information on the value of assets can be found in Section 3.

 Item B: The Actuarial Value Funded Percentage shown in B.3. may differ from the funded percentage reported in 

the PPA certification report, since the PPA certification is based on preliminary assets and benefit liabilities. 

Percentages have been rounded down to the nearest 0.1%.

 Item C: The PPA certification statuses for the current and prior plan years are shown for reference. The 

determination of the PPA certification status is documented in a separate report. 

 Item D: See Section 4 for more information on contribution requirements and the credit balance. 

 Item E: The “contribution margin” is the amount by which expected employer contributions exceed actuarial 

costs for the plan year. See Section 4 for more information.

Plan Year Beginning

1/1/2014 1/1/2013

A. Asset Values

As of the First Day of the Plan Year

1. Market Value of Assets $ 1,485,645,498 $ 1,525,394,369

Prior Year Net Investment Return 8.5% 14.4%

2. Actuarial Value of Assets $ 1,463,844,225 $ 1,445,434,205

Prior Year Net Investment Return 13.3% 0.4%

B. Funded Percentages

As of the First Day of the Plan Year

1. Unit Credit Actuarial Accrued Liability $ 3,144,311,908 $ 3,126,080,957

2. Market Value Funded Percentage (A.1. / B.1.) 47.2% 48.7%

3. Actuarial Value Funded Percentage (A.2. / B.1.) 46.5% 46.2%

C. PPA Certification Status

For the Plan Year "Red Zone" "Red Zone"

(Critical) (Critical)

D. Statutory Contributions

As of the Last Day of the Plan Year

1. Prior Year Credit Balance (Funding Deficiency) $ (339,745,091) $ (203,375,889)

2. ERISA Minimum Required Contribution 593,854,212 466,838,730

3. IRS Maximum Tax-Deductible Contribution 6,823,876,558 6,692,469,792

E. Contribution Margin

For the Plan Year

1. Expected Employer Contributions $ 109,737,824 $ 103,607,812

2. Actuarial Cost 190,286,802 190,132,019

3. Contribution Margin (E.1 - E.2.) $ (80,548,978) $ (86,524,207)

Figures include interest adjustments to reflect payments at the middle of the year.

Exhibit 1.1 - Summary of Key Results
1. Introduction 

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

3

Notes

 Item F: More information on participant demographics can be found in Appendix A.

 Item G: More information on actuarial liabilities can be found in Section 2. The normal cost in item G.2. includes 

assumed operating expenses.

 Item I: Line I.6. shows cash flow as a percent of the average market value of assets during the plan year. See 

Section 7 for additional information regarding historical Plan experience.

 Item J: See Section 6 for more information.

Plan Year Beginning

1/1/2014 1/1/2013

F. Participant Counts

As of the First Day of the Plan Year

1. Active Participants 11,896 12,217

2. Inactive Vested Participants 6,546 6,352

3. Retired Participants and Beneficiaries 16,197 16,327

4. Total 34,639 34,896

G. Actuarial Liabilities

As of the First Day of the Plan Year

Valuation Interest Rate 8.50% 8.50%

Actuarial Cost Method Unit Credit Unit Credit

1. Present Value of Future Benefits $ 3,240,778,030 $ 3,224,198,397

2. Normal Cost 18,864,184 18,698,271

3. Actuarial Accrued Liability 3,144,311,908 3,126,080,957

H. Unfunded Actuarial Liability

As of the First Day of the Plan Year

1. Market Value Unfunded Liability (G.3. - A.1.) $ 1,658,666,410 $ 1,600,686,588

2. Actuarial Value Unfunded Liability (G.3. - A.2.) 1,680,467,683 1,680,646,752

I. Prior Plan Year Experience

During Plan Year Ending 12/31/2013 12/31/2012

1. Total Hours Worked 17,017,292 17,349,070

2. Contributions Received $ 121,912,364 $ 119,016,822

3. Benefits Paid (278,945,463) (278,996,627)

4. Operating Expenses Paid (5,437,173) (5,717,396)

5. Net Cash Flow (I.2. + I.3. + I.4.) $ (162,470,272) $ (165,697,201)

6. Net Cash Flow as a Percentage of Assets -11.25% -11.79%

J. Unfunded Vested Benefits for Withdrawal Liability

Measurement Date 12/31/2013 12/31/2012

For Employer Withdrawals in the Plan Year Beginning 1/1/2014 1/1/2013

1. Present Value of Vested Benefits $ 6,317,421,837 $ 6,344,168,047

2. Asset Value 1,485,645,498 1,525,394,369

3. Unfunded Vested Benefits (J.1. - J.2.) $ 4,831,776,339 $ 4,818,773,678

Exhibit 1.1 - Summary of Key Results (Cont.)
1. Introduction 

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

4

Exhibit 1.2 – Commentary

Valuation Highlights

 As of the January 1, 2014 valuation date, the Plan’s accrued benefit funded percentage is 46.5%, as 

compared to 46.2% as of January 1, 2013. The increase in the Plan’s funded percentage is primarily 

attributable to the increase in the actuarial value of assets as gains from the previous plan years are

recognized.

 This valuation reflects the plan amendment, effective January 1, 2014, which includes the following 

changes for participants hired on or after October 15, 2009:

o The reduction factors for each schedule for the Early Retirement Pension are the same as 

for those participants hired prior to October 15, 2009.

o The 30 Year Pension is available under each applicable benefit schedule. 

 The Plan’s minimum funding deficiency increased from $203 million as of December 31, 2012 to 

$340 million as of December 31, 2013. This increase is attributable to the actual contributions 

received being less than the minimum required contribution.

 17,017,292 hours were worked in 2013, lower than the projected 18,219,289 hours. The impact of 

the slower than expected recovery of work levels on the valuation results will continue to be 

monitored.

 In 2013, the Plan’s investment return was 8.50%, on a market value basis. The return on the 

actuarial value of assets, which reflects the “smoothing” of prior years’ gains and losses, was 

13.26%. 

 The actuarial loss from sources other than investments was $28,697,185 or 0.91% of the actuarial 

accrued liability. This loss is within a reasonable range and indicates that the actuarial assumptions 

are producing a reasonably accurate measurement of the Plan’s benefit liabilities.

 The valuation does not reflect the impact of the withdrawal of Wegmans during the 2014 plan year. 

The participants employed by Wegmans during the prior plan year are considered active 

participants for this valuation. The impact of this withdrawal will first be recognized in the January 

1, 2015 actuarial valuation.

Pension Protection Act of 2006

The Plan was certified in critical status (red zone) for 2010. In April 2010, the Trustees adopted a 

Rehabilitation Plan, as required under the Pension Protection Act of 2006 (PPA), to improve the Plan’s long 

term funding health. The Rehabilitation Plan was designed to allow the pension fund to emerge from critical 

status at a later time after the Rehabilitation Period is over or to forestall possible insolvency under Section 

4245 of the Employee Retirement Income Security Act of 1974, as amended (ERISA).
1. Introduction 

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

5

Exhibit 1.2 – Commentary (Cont.)

Purpose of the Valuation

This report presents the results of the actuarial valuation of the New York State Teamsters Conference 

Pension and Retirement Fund as of January 1, 2014. The purposes of this report include the following: 

 Determine whether the negotiated contributions are sufficient to fund the Plan’s benefits.

 Determine the minimum required contribution amount for the Plan Year under the Employee 

Retirement Income Security Act of 1974 (“ERISA”) funding basis.

 Determine the maximum tax-deductible contribution for the Plan Year.

 Review the actuarial assumptions in view of experience during the prior Plan Year.

 Determine the unfunded vested liability for computation of withdrawal liability under the 

Multiemployer Pension Plan Amendments Act of 1980.

 Develop information for disclosure in Form 5500 Schedule MB.

 Determine the contribution margin for the Plan Year.

 Develop the benefit liabilities that will serve as the basis for the Plan’s 2014 status certification 

under the Pension Protection Act of 2006.

 Determine the information required for the Plan’s ASC 960 financial reporting.

Participant Data

The participant census data needed to perform the actuarial valuation was provided by the Pension Fund 

Manager of the Fund Office. Participant demographics are summarized in Exhibit 1.3 and reviewed in more 

detail in Appendix A.

Plan Assets

D'Arcangelo & Co., LLP supplied us with the audited financial statements for the Plan Year ending December 

31, 2013, which sets forth the assets of the Plan. A reconciliation of the Market Value of Assets can be found 

in Exhibit 3.1. The development of the Actuarial Value of Assets is shown in Exhibit 3.2.
1. Introduction 

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

6

Exhibit 1.2 – Commentary (Cont.)

Actuarial Assumptions and Methods

There have been no changes in the actuarial assumptions and methods from those used in the previous 

valuation, except as follows:

Funding:

 The assumption for expected operating expenses has changed from $5,700,000 to $5,500,000.

 For participants hired on or after October 15, 2009, the rates of retirement were adjusted as a result of 

the amendment effective January 1, 2014 (as described on the following page)

Unfunded Vested Benefits for Withdrawal Liability:

 The interest rate was changed from 3.07% for the first 20 years and 3.00% following to 3.00% for the 

first 20 years and 3.31% following in accordance with the change in the PBGC interest rates used to 

determine the present value of vested benefits.

 For participants hired on or after October 15, 2009, the rates of retirement were adjusted as a result of 

the amendment.

Current Liability:

 The interest rate and mortality assumptions used to determine the RPA ’94 current liability were 

updated in accordance with the changes in the IRS prescribed assumptions.

 For participants hired on or after October 15, 2009, the rates of retirement were adjusted as a result of 

the amendment.

The actuarial assumptions and methods used in the valuation are described in more detail in Appendix B.

The valuation does not reflect the impact of the withdrawal of Wegmans during the 2014 plan year. The 

participants employed by Wegmans during the prior plan year are considered active participants for this 

valuation. The impact of this withdrawal will first be recognized in the January 1, 2015 actuarial valuation.
1. Introduction 

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

7

Exhibit 1.2 – Commentary (Cont.)

Plan Provisions

There has been a change to the plan provisions from the prior valuation. This plan change was effective 

January 1, 2014, and includes the following:

 For participants hired on or after October 15, 2009, the reduction factors for each schedule for the Early 

Retirement Pension are the same as for those participants hired prior to October 15, 2009.

 For participants hired on or after October 15, 2009, the 30 Year Pension is available under each

applicable benefit schedule. 

This change resulted in a decrease in the actuarial accrued liability of $1,859 primarily due to the change in 

early retirement factors under the Default Schedule for those participants hired on or after October 15, 

2009.

Appendix C describes the principal provisions of the Plan being valued. 

Actuarial Gain or Loss

An experience gain/(loss) is the difference between the actual and the expected unfunded actuarial liability. 

The expected unfunded liability is the amount projected from the previous year, based on the actuarial 

assumptions. 

The Plan had a net actuarial experience gain of $36,226,185 for the plan year ended December 31, 2013. 

The components of this gain are a gain of $64,923,370 on Plan assets and a loss of $28,697,185 from 

sources related to benefit liabilities. The gain on Plan assets results from the continued recognition of prior 

years’ gains/(losses). 

The small loss on liabilities (which represented about 0.91% of accrued liabilities) was due to lower than 

expected termination and retirement at ages lower than expected. We will monitor trends as they emerge 

and evaluate possible updates to the assumptions as needed.

Actuarial gains and losses for the last five years are shown in Exhibit 7.1.

Hours Experience

As noted in the Valuation Highlights above, 17,017,292 hours were worked by all participants in 2013, lower 

than the assumed 18,219,289 for the year. The current and projected funding results for the Plan are 

sensitive to the number of hours worked (and contributed on), thus we will continue to closely monitor the 

Plan’s reported hours.
1. Introduction 

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

8

Exhibit 1.2 – Commentary (Cont.)

PPA Certification Status

Horizon Actuarial Services, LLC, acting as actuary to the Plan, issued a certification to the Internal Revenue 

Service on March 31, 2014 indicating that the Plan is in critical status under Section 432 of the Internal 

Revenue Code (i.e., in the “Red Zone”) for the 2014 Plan Year. 

The calculations, data, assumptions, and methods used in the certification are documented in a separate 

report that was sent to the Board of Trustees on March 31, 2014.
1. Introduction 

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

9

Participants are generally classified into the following categories for valuation purposes:

 Active participants: Those participants who have worked at least 500 hours in at least one of the prior 

three plan years preceding the valuation date, and who were not retired as of the valuation date. The 

valuation does not reflect the impact of the withdrawal of Wegmans during the 2014 plan year. The 

participants employed by Wegmans during the prior plan year are considered active participants for this 

valuation. The impact of this withdrawal will first be recognized in the January 1, 2015 actuarial 

valuation.

 Inactive vested participants: Those participants who worked less than 500 hours in each of the last 

three plan years preceding the valuation date and who are entitled to receive a deferred vested 

pension. Vested Inactive participants age 72 or older are excluded from the valuation on the 

assumption that they are deceased or otherwise will not claim benefits under the Plan.

 Participants and beneficiaries receiving benefits: Those participants and beneficiaries who were 

entitled to receive a pension under the Plan as of the valuation date and retired. Included in this 

category are healthy pensioners, disabled pensioners, and beneficiaries. 

A summary of basic demographic statistics is shown above. Additional demographic information can be 

found in Appendix A.

Measurement Date 1/1/2014 1/1/2013

A. Active Participants

1. Count 11,896 12,217

2. Average Age 43.0 42.6

3. Average Credited Service 12.3 12.1

4. Average Prior Year Hours 1,431 1,420

B. Inactive Vested Participants

1. Count 6,546 6,352

2. Average Age 51.5 51.3

3. Average Monthly Benefit $ 778 $ 769

C. Retired Participants and Beneficiaries

1. Count 16,197 16,327

2. Average Age 71.8 71.5

3. Average Monthly Benefit $ 1,435 $ 1,422

D. Total Participants 34,639 34,896

Exhibit 1.3 - Participant Demographic Summary
2. Actuarial Liabilities

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

10

The table above summarizes the key actuarial benefit liabilities as of the current and preceding valuation 

dates. The present value of future benefits (item A.) represents the liability for benefits earned as of the 

valuation date plus the benefits expected to be earned in all future plan years. The normal cost (item B.) 

represents the cost of benefit accruals (item B.1.) expected to be earned during the plan year plus expected 

operating expenses during the plan year (item B.2.). The actuarial accrued liability is the liability for benefits 

earned through the valuation date, based on the unit credit cost method (item C.). 

The Plan’s contribution requirements for the plan year are a function of the normal cost and the portion of 

the actuarial accrued liability not funded by the actuarial value of assets. All amounts shown above are 

measured as of the beginning of the plan year. The actuarial accrued liability based on the unit credit cost 

method is also used to determine the PPA funded percentage.

Measurement Date 1/1/2014 1/1/2013

Valuation Interest Rate 8.50% 8.50%

Actuarial Cost Method Unit Credit Unit Credit

A. Present Value of Future Benefits

1. Active Participants $ 749,630,646 $ 726,595,260

2. Inactive Vested Participants 195,966,149 184,213,117

3. Retired Participants and Beneficiaries 2,295,181,235 2,313,390,020

4. Total $ 3,240,778,030 $ 3,224,198,397

B. Normal Cost

1. Cost of Benefit Accruals $ 13,364,184 $ 12,998,271

2. Assumed Operating Expenses 5,500,000 5,700,000

3. Total $ 18,864,184 $ 18,698,271

C. Actuarial Accrued Liability

1. Active Participants $ 653,164,524 $ 628,477,820

2. Inactive Vested Participants 195,966,149 184,213,117

3. Retired Participants and Beneficiaries 2,295,181,235 2,313,390,020

4. Total $ 3,144,311,908 $ 3,126,080,957

D. Expected Benefit Payments for the Plan Year

1. Active Participants $ 6,716,209 $ 5,973,568

2. Inactive and Retired Participants 277,068,040 276,688,741

3. Total $ 283,784,249 $ 282,662,309

Exhibit 2.1 - Summary of Actuarial Liabilities
2. Actuarial Liabilities

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

11

The present value of future benefits reflects both benefits earned through the valuation date and benefits 

expected to be earned in the future by active participants. The present value of future benefits and the 

actuarial accrued liability shown in the table above are measured as of the valuation date. The normal cost 

and assumed operating expenses shown in the table above are payable as of the beginning of the year.

Measurement Date 1/1/2014

Valuation Interest Rate 8.50%

Actuarial Cost Method Unit Credit

Present Value of Actuarial Accrued

Future Benefits Liability Normal Cost

A. Active Participants

1. Retirement Benefits $ 641,157,826 $ 558,306,773 $ 10,889,595

2. Termination Benefits 78,045,414 68,461,743 1,883,379

3. Disability Benefits 20,119,472 17,444,487 395,957

4. Death Benefits 10,307,934 8,951,521 195,253

5. Total $ 749,630,646 $ 653,164,524 $ 13,364,184

B. Inactive Vested Participants

1. Retirement Benefits $ 190,171,427 $ 190,171,427

2. Death Benefits 5,794,722 5,794,722

3. Total $ 195,966,149 $ 195,966,149

C. Retired Participants and Beneficiaries

1. Healthy Retirees $ 2,035,396,646 $ 2,035,396,646

2. Disabled Retirees 75,863,981 75,863,981

3. Beneficiaries 183,920,608 183,920,608

4. Total $ 2,295,181,235 $ 2,295,181,235

D. Assumed Operating Expenses $ 5,500,000

E. Grand Total $ 3,240,778,030 $ 3,144,311,908 $ 18,864,184

Exhibit 2.2 - Actuarial Liabilities by Benefit Type
3. Plan Assets

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

12

Asset figures shown below are based on the Plan’s audited financial statements. 

*As reported on Form 5500 Schedule MB line 6h. 

Plan Year Ending 12/31/2013 12/31/2012

A. Reconciliation of Market Value of Assets 

1. Market Value of Assets at Beginning of Plan Year $ 1,525,394,369 $ 1,488,656,600

2. Contributions

a. Employer Contributions 108,206,048 101,196,818

b. Withdrawal Liability Payments 13,706,316 17,820,004

c. Total 121,912,364 119,016,822

3. Benefit Payments (278,945,463) (278,996,627)

4. Operating Expenses (5,437,173) (5,717,396)

5. Transfers 0 0

6. Investment Income

a. Total Investment Income 138,498,811 214,643,366

b. Investment Related Expenses (15,777,410) (12,208,396)

c. Net Investment Income 122,721,401 202,434,970

7. Market Value of Assets at End of Plan Year $ 1,485,645,498 $ 1,525,394,369

B. Net Investment Return on Market Value of Assets

1. Expected Return 8.50% 8.50%

2. Actual Return [Schedule MB, Line 6h]* 8.50% 14.40%

Exhibit 3.1 - Market Value of Assets
3. Plan Assets

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

13

The Trustees have approved an actuarial asset valuation method that gradually adjusts to market value, as 

follows:

 The actuarial asset value is equal to the market value of assets less unrecognized returns in each of 

the last five years. Unrecognized return is equal to the difference between the actual market return 

and the projected return on the market value, phased in at the rate of 20% per year.

 To comply with IRS regulations, the actuarial value is, in any event, not less than 80%, nor more than 

120%, of current market value.

Under this valuation method the full value of market fluctuations is not recognized and as a result, the asset 

value and the actuarial cost are more stable. The adjustment in the asset value is referred to as a write-up or 

write-down. The development of the actuarial value of assets is shown on the next page.

In determining the actuarial value of assets, the amount of the adjustment to market value is treated as 

income, which may be positive or negative. Realized gains and losses and unrealized gains and losses are 

treated equally and, therefore, the sale of assets has no immediate effect on the actuarial value. This removes 

any consideration of the impact that sales of assets may have on the determination of the actuarial cost of the 

Plan.

This asset value is subtracted from the Plan's total actuarial accrued liability to determine the portion that is 

not funded. Amortization of the unfunded actuarial accrued liability is an important element in the actuarial 

cost of the Plan.

See Appendix B for more information regarding the Actuarial Value of Assets.
3. Plan Assets

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

14

Measurement Date 1/1/2014

A. Net Investment Gain/(Loss)

1. Expected Net Investment Return $ 122,753,535

2. Actual Net Investment Return (Exhibit 3.1 line A.6.c) 122,721,401

3. Net Investment Gain/(Loss) $ (32,134)

B. Development of Actuarial Value of Assets

1. Market Value of Assets as of December 31, 2013 $ 1,485,645,498

2. Prior Year Deferred Gains/(Losses) 

Plan Year Net Investment Percent Recognized Amount Recognized Amt. to be Recognized

Ending Gain/(Loss) to Date Future Years in Prior Plan Year in Future Years

12/31/2013 $ (32,134) 20% 80% $ (6,427) $ (25,707)

12/31/2012 82,941,290 40% 60% 16,588,258 49,764,774

12/31/2011 (104,666,852) 60% 40% (20,933,370) (41,866,741)

12/31/2010 69,644,733 80% 20% 13,928,947 13,928,947

12/31/2009 242,746,752 100% 0 % 48,549,350 0

Total $ 58,126,758 $ 21,801,273

3. Adjusted Value of Assets as of January 1, 2014 (1. - 2. Total) $ 1,463,844,225

4. Actuarial Value of Assets Corridor

a. 80% of Market Value of Assets $ 1,188,516,398

b. 120% of Market Value of Assets $ 1,782,774,598

5. Actuarial Value of Assets as of January 1, 2014

a. Actuarial Value of Assets, after Adjustment for Corridor $ 1,463,844,225

b. Actuarial Value as a Percentage of Market Value 98.5%

C. Prior Year Investment Return on Actuarial Value of Assets

1. Expected Return 8.50%

2. Actual Return [Schedule MB, Line 6g] 13.26%

Exhibit 3.2 - Actuarial Value of Assets
4. Contributions

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

15

Minimum Required Contribution

The ERISA minimum required contribution consists of the normal cost, plus payments to amortize the 

components of the unfunded actuarial liability over various time periods, less the “credit balance” in the 

“funding standard account” as of the end of the prior Plan Year (all adjusted for interest through the end of 

the Plan Year). 

The funding standard account is used to determine the minimum required contribution. The credit balance in 

the funding standard account is the accumulated amount by which contributions made in prior Plan Years 

exceeded the ERISA minimum contribution requirements in those years. The credit balance acts as a reserve 

that may be drawn upon if employer contributions do not cover the net charges to the funding standard 

account.

Charges to the funding standard account include the normal cost and payments to amortize increases in the 

unfunded actuarial liability. Credits to the funding standard account include employer contributions and 

payments to amortize decreases in the unfunded actuarial liability. If the credits to the funding standard 

account – including employer contributions and the credit balance with applicable interest – exceed the 

charges, there will be a positive credit balance. On the other hand, if charges exceed the credits, there will be 

a negative credit balance, also known as an accumulated “funding deficiency” in the funding standard 

account.

Under the Pension Protection Act of 2006 (“PPA”), portions of unfunded actuarial liability recognized during

or after the Plan Year beginning in 2008 are generally amortized in the funding standard account over 15 

years. Although the funding standard account determines the amount of the ERISA minimum required 

contribution each Plan Year, the Plan’s long-term financial status can also be measured on the basis of a 

different amortization schedule adopted by the Board of Trustees. The contribution developed on that basis 

is shown as the “actuarial cost” in Exhibit 4.3 (“Contribution Margin”).

The special minimum contribution under section 418 of the Internal Revenue Code (the “Code”) does not 

apply, because the Plan is not in reorganization. The IRS has yet to issue guidance regarding section 418 of 

the Code. Such guidance may conflict with our understanding of the calculation of the reorganization index 

and, therefore, the determination of the minimum required contribution.

Detail on the amortization bases in the funding standard account can be found in Exhibit 4.2.

Maximum Deductible Contribution

Generally, the IRS permits the deduction of contributions to fund benefits accruing under a qualified pension 

plan. However, there are certain limits that specify the maximum contribution that is permitted to be made 

and deducted. The maximum tax-deductible contribution for the current and preceding plan years, as 

determined under section 404 of the Code is shown in the following table. This amount is significantly greater 

than the expected contributions for the plan year. Accordingly, all employer contributions for the plan year 

are expected to be tax deductible.
4. Contributions

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

16

See Appendix D for information regarding the current liability referred to in item D.1. above.

Plan Year Ending 12/31/2014 12/31/2013

A. Funding Standard Account

1. Charges to Funding Standard Account

a. Prior Year Funding Deficiency, if any $ 339,745,091 $ 203,375,889

b. Normal Cost 18,864,184 18,698,271

c. Amortization Charges 303,040,293 318,598,226

d. Interest on a., b., and c. 56,240,213 45,957,153

e. Total Charges $ 717,889,781 $ 586,629,539

2. Credits to Funding Standard Account

a. Prior Year Credit Balance, if any $ 0 $ 0

b. Employer Contributions TBD 121,912,364

c. Amortization Credits 114,318,497 110,406,276

d. Interest on a., b., and c. TBD 14,565,808

e. Total Credits TBD $ 246,884,448

3. Credit Balance or Funding Deficiency (2.e. - 1.e.) TBD $ (339,745,091)

B. Minimum Required Contribution

As of the Last Day of the Plan Year

1. Before Reflecting Credit Balance $ 225,230,788 $ 246,175,890

2. After Reflecting Credit Balance 593,854,212 466,838,730

C. Amortization Bases for Form 5500 Schedule MB

As of the First Day of the Plan Year

1. Outstanding Balance of Amortization Charges $ 2,026,389,494 $ 2,186,238,301

2. Outstanding Balance of Amortization Credits 685,666,902 708,967,438

D. Maximum Deductible Contribution

As of the Last Day of the Plan Year

1. 140% of Current Liability at end of year $ 8,110,334,963 $ 7,959,905,947

2. Actuarial Value of Assets at end of year 1,286,458,405 1,267,436,155

3. Maximum Deductible Contribution (1. - 2.) $ 6,823,876,558 $ 6,692,469,792

E. Other Items for Form 5500 Schedule MB

1. ERISA Full Funding Limitation [Sch. MB, Line 9j(1)] $ 1,843,775,076 $ 1,843,789,350

2. "RPA '94" Override [Sch. MB, Line 9j(2)] 3,927,328,357 3,849,646,240

3. Full Funding Limitation Credit [Sch. MB, Line 9j(3)] 0 0

Exhibit 4.1 - Statutory Contribution Range
4. Contributions

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

17

See the comments following this Exhibit 4.2.

Charges [Schedule MB, Line 9c]

Date Initial Initial Outstanding at 1/1/2014 Annual

Type Established Period Balance Ext. Period Balance Payment

Initial Liab 1/1/1978 40.00 $318,438,460 - 4.00 $ 87,453,029 $ 24,606,775

Initial Liab 1/1/1979 40.00 24,216,879 - 5.00 8,039,140 1,880,238

Amendment 1/1/1980 40.00 27,795,010 - 6.00 10,700,149 2,165,740

Assumption 1/1/1985 30.00 7,230,599 - 1.00 593,802 593,802

Amendment 1/1/1987 30.00 346,909 - 3.00 79,594 28,720

Amendment 1/1/1989 30.00 19,281,556 - 5.00 6,870,608 1,606,936

Amendment 1/1/1990 30.00 70,139,629 - 6.00 28,958,555 5,861,293

Amendment 1/1/1991 30.00 69,427,453 - 7.00 32,304,735 5,816,913

Amendment 1/1/1992 30.00 76,438,645 - 8.00 39,283,464 6,420,426

Assumption 1/1/1992 30.00 7,252,048 - 8.00 3,726,985 609,132

Amendment 1/1/1993 30.00 10,210,838 - 9.00 5,707,890 859,728

Amendment 1/1/1994 30.00 5,742,369 - 10.00 3,450,023 484,618

Amendment 1/1/1995 30.00 3,124,282 - 11.00 1,998,146 264,257

Amendment 1/1/1996 30.00 3,048,055 - 12.00 2,058,898 258,363

Amendment 1/1/1997 30.00 84,319,661 - 13.00 59,764,248 7,161,953

Amendment 7/31/1997 30.00 7,989,677 - 13.58 5,707,999 667,604

Amendment 1/1/1998 30.00 6,181,892 - 14.00 4,568,726 525,687

Amendment 1/1/1999 30.00 55,702,760 - 15.00 42,726,316 4,742,048

Amendment 1/1/2000 30.00 156,080,069 - 16.00 123,760,178 13,301,487

Other 1/1/2000 15.00 57,009,285 - 1.00 6,255,564 6,255,564

Other 1/1/2000 15.00 2,373,072 - 1.00 260,392 260,392

Exper Loss 1/1/2002 15.00 54,593,617 - 3.00 16,659,192 6,011,731

Amendment 1/1/2002 30.00 103,225,493 - 18.00 86,606,538 8,814,742

Exper Loss 1/1/2003 15.00 171,614,374 - 4.00 67,276,360 18,929,638

Amendment 1/1/2003 30.00 43,017,244 - 19.00 36,972,206 3,676,823

Exper Loss 1/1/2004 15.00 84,512,070 - 5.00 39,921,843 9,337,139

Exper Loss 1/1/2005 15.00 103,776,503 - 6.00 56,736,136 11,483,554

Amendment 1/1/2005 30.00 14,114,857 - 21.00 12,645,600 1,208,563

Exper Loss 1/1/2006 15.00 93,945,544 - 7.00 57,820,978 10,411,465

Amendment 1/1/2006 30.00 9,486,103 - 22.00 8,652,197 812,900

Exper Loss 1/1/2007 15.00 24,063,977 - 8.00 16,341,197 2,670,779

Amendment 1/1/2007 30.00 7,506,622 - 23.00 6,959,070 643,775

Assumption 1/1/2007 30.00 143,629,272 - 23.00 133,152,638 12,317,775

Exper Loss 1/1/2008 15.00 31,119,681 - 9.00 22,930,856 3,453,868

Amendment 1/1/2008 15.00 6,799,772 - 9.00 5,010,479 754,684

Exhibit 4.2 - Funding Standard Account Amortization Bases
4. Contributions

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

18

See the comments following this Exhibit 4.2.

Charges [Schedule MB, Line 9c]

Date Initial Initial Outstanding at 1/1/2014 Annual

Type Established Period Balance Ext. Period Balance Payment

Exper Loss 1/1/2009 15.00 $605,849,890 - 10.00 $ 478,694,459 $ 67,241,219

Exper Loss 1/1/2011 15.00 197,394,258 - 12.00 174,585,446 21,908,118

Amendment 1/1/2012 15.00 3,611 - 13.00 3,344 401

Exper Loss 1/1/2012 15.00 200,887,679 - 13.00 186,051,790 22,295,841

Exper Loss 1/1/2013 15.00 150,428,988 - 14.00 145,100,724 16,695,602

Total Charges $2,026,389,494 $ 303,040,293

Charge Base Subtotals:

(i) All Other Bases - $2,026,389,494 $ 303,040,293

(ii) Funding Waivers [w] 0 0

(iii) Extended Amortization Periods [x] 0 0

Exhibit 4.2 - Funding Standard Account Amortization Bases (Cont.)
4. Contributions

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

19

See the comments following this Exhibit 4.2.

Credits [Schedule MB, Line 9h]

Date Initial Initial Outstanding at 1/1/2014 Annual

Type Established Period Balance Period Balance Payment

Assumption 1/1/1987 30.00 $ 30,973,406 3.00 $ 7,105,898 $ 2,564,274

Assumption 1/1/1988 30.00 28,492,274 4.00 8,415,613 2,367,913

Assumption 1/1/1997 30.00 58,929,911 13.00 41,768,456 5,005,396

Exper Gain 1/1/2000 15.00 135,768,595 1.00 14,897,726 14,897,726

Exper Gain 1/1/2001 15.00 14,764,441 2.00 3,118,851 1,623,001

Amendment 1/1/2004 30.00 44,723,528 20.00 39,285,298 3,826,098

Assumption 1/1/2007 30.00 145,626,370 23.00 135,004,062 12,489,048

Method 1/1/2007 10.00 175,583,218 3.00 68,346,236 24,663,811

Assumption 1/1/2008 15.00 11,042,334 9.00 8,136,660 1,225,551

Assumption 1/1/2010 15.00 6,478,315 11.00 5,436,656 719,006

Exper Gain 1/1/2010 15.00 179,795,378 11.00 150,885,776 19,954,878

Amendment 1/1/2011 15.00 188,860,348 12.00 167,037,626 20,960,968

Amendment 1/1/2014 15.00 1,859 15.00 1,859 206

Exper Gain 1/1/2014 15.00 36,226,185 15.00 36,226,185 4,020,621

Total Credits $ 685,666,902 $ 114,318,497

Net Total $1,340,722,592 $ 188,721,796

Exhibit 4.2 - Funding Standard Account Amortization Bases (Cont.)
4. Contributions

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

20

The table above shows the outstanding amortization bases in the funding standard account as of the 

valuation date. The amortization bases are grouped as charges, which represent increases in the unfunded 

actuarial liability, and credits, which represent decreases in the unfunded actuarial liability. 

Different types of amortization bases are as follows:

Abbreviation Description

Initial Liab Initial unfunded actuarial accrued liability

Exper Loss Actuarial experience loss (charge only)

Exper Gain Actuarial experience loss (credit only)

ENIL (2008) Eligible net investment loss under the Pension Relief Act of 2010

Amendment Plan amendment

Assumption Change in actuarial assumptions

Method Change in the cost method, actuarial valuation method, or asset valuation method

Combined Combined charge base or combined credit base

Offset Combined and offset charge and credit bases

Other Combined charge base or combined credit base of merged plans

Charge bases subject to an extension of the amortization period as described under Section 431(d) of the 

Code are designated by [x]. Charge bases subject to a funding waiver are designated by [w].
4. Contributions

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

21

Contribution Margin

A key purpose of the actuarial valuation is to determine whether the expected contributions are sufficient 

to fund the Plan’s benefits. The valuation develops an “actuarial cost,” which includes the cost of benefits 

accruing during the plan year (item B.1.a.), expected operating expenses (item B.1.b.), and an amortization 

payment of the unfunded actuarial accrued liability (item B.2.). The amortization payment is based on the 

20-year funding policy established by the Trustees.

If expected employer contributions (item C.3.) exceed the actuarial cost for the plan year (item B.3.), the 

Plan’s contribution “margin” is positive. A positive margin usually (but not always) indicates that the Plan’s 

funding levels will improve over time. A negative margin usually indicates that the Plan’s funding levels will 

decline over time (or grow at a slower rate than expected under the assumed amortization period).

Notes

 If the market value of assets had been used in the above calculations, the margin as of 1/1/2014 would be $(4.36) 

per hour. As of 1/1/2013, the margin would be $(4.30) per hour.

 For the development of expected contributions, the participants employed by Wegmans during the 

prior plan year are considered active participants. 

Plan Year Beginning 1/1/2014 1/1/2013

Valuation Interest Rate 8.50% 8.50%

Asset Value Actuarial Value Actuarial Value

Unfunded Liability Amortization Period 20 Years 20 Years

A. Unfunded Actuarial Accrued Liability

1. Actuarial Accrued Liability $ 3,144,311,908 $ 3,126,080,957

2. Asset Value 1,463,844,225 1,445,434,205

3. Unfunded Liability $ 1,680,467,683 $ 1,680,646,752

B. Actuarial Cost

1. Normal Cost

a. Cost of Benefit Accruals $ 13,932,162 $ 13,550,698

b. Assumed Operating Expenses 5,733,750 5,942,250

c. Total $ 19,665,912 $ 19,492,948

2. Unfunded Liability Amortization Payment 170,620,890 170,639,071

3. Total Actuarial Cost for Plan Year $ 190,286,802 $ 190,132,019

C. Expected Employer Contributions

1. Expected Hours 17,947,736 18,219,289

2. Average Expected Contribution Rate per Hour $ 6.11 $ 5.69

3. Expected Contributions $ 109,737,824 $ 103,607,812

D. Contribution Margin

1. Contribution Margin for Plan Year (C.3. - B.3.) $ (80,548,978) $ (86,524,207)

2. Contribution Margin per Hour (D.1. / C.1.) $ (4.49) $ (4.75)

Cost and contribution figures include interest adjustments to reflect payments at the middle of the year.

Exhibit 4.3 - Contribution Margin
5. ASC 960 Information

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

22

The present value of accumulated benefits as of the last day of the plan year is disclosed in the Plan’s financial 

statements, in accordance with the Accounting Standards Codification (ASC) Topic Number 960. 

The present value of accumulated benefits is determined based on the unit credit cost method. The same 

actuarial assumptions that were used to determine the actuarial accrued liability as of the beginning of the 

plan year (e.g., January 1, 2013) were used to determine the actuarial present value of accumulated 

benefits as of the end of the plan year (e.g., December 31, 2013). See Appendix B for more information.

The present value of vested benefits includes disability benefits and qualified pre-retirement survivor 

annuity death benefits, which are excluded from the present value of vested benefits for withdrawal liability 

(see Section 6).

Measurement Date 12/31/2013 12/31/2012

Interest Rate Assumption 8.50% 8.50%

A. Participant Counts

1. Vested Participants

a. Retired Participants and Beneficiaries 16,197 16,327

b. Inactive Vested Participants 6,546 6,352

c. Active Vested Participants 8,296 8,492

d. Total Vested Participants 31,039 31,171

2. Non-Vested Participants 3,600 3,725

3. Total Participants 34,639 34,896

B. Present Value of Accumulated Plan Benefits

1. Vested Benefits

a. Retired Participants and Beneficiaries $ 2,293,620,303 $ 2,311,291,116

b. Inactive Vested Participants 195,966,149 184,213,117

c. Active Vested Participants 479,534,560 460,891,171

d. Total Vested Benefits $ 2,969,121,012 $ 2,956,395,404

2. Non-Vested Accumulated Benefits 175,190,896 169,685,553

3. Total Accumulated Benefits $ 3,144,311,908 $ 3,126,080,957

C. Changes in Present Value of Accumulated Plan Benefits

1. Present Value at End of Prior Plan Year $ 3,126,080,957 $ 3,112,407,133

2. Increase (Decrease) during the Plan Year due to:

a. Plan Amendment(s) $ (1,859) $ 0

b. Change(s) to Actuarial Assumptions 0 0

c. Benefits Accumulated and Actuarial (Gains)/Losses 42,211,721 38,946,243

d. Interest due to Decrease in the Discount Period 254,966,552 253,724,208

e. Benefits Paid (278,945,463) (278,996,627)

f. Merger or Transfer 0 0

g. Net Increase (Decrease) $ 18,230,951 $ 13,673,824

3. Present Value at End of Plan Year (Measurement Date) $ 3,144,311,908 $ 3,126,080,957

Exhibit 5.1 - Present Value of Accumulated Plan Benefits
6. Withdrawal Liability

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

23

The Multiemployer Pension Plan Amendments Act of 1980 (MPPAA) provides that an employer who 

withdraws from a Plan after September 26, 1980 may be obligated to the plan for its share of any unfunded 

liability for vested benefits as of the last day of the plan year preceding the withdrawal.

The actuarial assumptions that were used to determine the present value of vested benefits were based on 

PBGC plan termination assumptions. See Appendix B for more information.

The present value of vested benefits reflects the plan provisions in effect on the measurement date. Plan 

benefits that are not considered to be vested for withdrawal liability – such as disability benefits (in excess of 

the value of deferred vested benefits) and death benefits– are not included in the calculation of the present 

value of vested benefits. 

Unfunded vested benefits represent the shortfall between the Plan’s asset value and the present value of 

vested benefits. Unfunded vested benefits are allocated among participating employers according to the

presumptive method, as described under section 4211(b) of ERISA. The asset value is the market value of 

assets.

The table below shows the calculation of the unfunded vested benefits as of December 31, 2013, which will be 

allocated to employers withdrawing during the plan year beginning January 1, 2014. Calculations for the prior 

year are also shown, for reference.

Effective January 1, 2011, certain “adjustable benefits” (including subsidized early retirement benefits) 

were reduced or eliminated as part of the Rehabilitation Plan adopted by the Trustees. The unamortized 

balance of Affected Benefits shown above reflects a 15-year amortization of the present value of the

original adjustable benefit reductions under the Rehabilitation Plan. Note that the PBGC expenses are 

calculated without consideration of the unamortized balance of affected benefits.

Measurement Date 12/31/2013 12/31/2012

For Employer Withdrawals in the Plan Year Beginning 1/1/2014 1/1/2013

PBGC Immediate Interest Rate 3.00% 3.07%

PBGC Deferred Interest Rate 3.31% 3.00%

A. Present Value of Vested Benefits

1. Active Participants $ 1,477,620,354 $ 1,492,491,605

2. Inactive Vested Participants 571,739,389 543,446,570

3. Retired Participants and Beneficiaries 3,939,094,621 3,962,128,680

4. Unamortized Balance of Affected Benefits 289,094,274 305,703,873

5. Total $ 6,277,548,638 $ 6,303,770,728

B. PBGC Expenses $ 39,873,199 $ 40,397,318

C. Total Present Value of Vested Benefits with Expenses $ 6,317,421,837 $ 6,344,168,047

D. Unfunded Vested Benefits

1. Present Value of Vested Benefits $ 6,317,421,837 $ 6,344,168,047

2. Asset Value 1,485,645,498 1,525,394,369

3. Unfunded Vested Benefits/(Surplus) (D.1. - D.2.) $ 4,831,776,339 $ 4,818,773,678

Exhibit 6.1 - Unfunded Vested Benefits for Withdrawal Liability
7. Plan Experience

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

24

An experience gain or loss is the difference between the actual and the expected unfunded actuarial accrued 

liability. The expected unfunded accrued liability is the amount predicted from the previous year, based on 

the actuarial assumptions.

To evaluate the effectiveness of the actuarial assumptions, the aggregate gain or loss is broken down between 

the gain or loss due to investment experience and the gain or loss due to other sources (principally the 

demographic experience).

The experience gains (losses) have been as follows during the last six Plan Years:

The actuarial assumptions for this valuation are summarized in Appendix B.

Plan Year Ended From Investment From Other Total Experience Percent Gain/(Loss)

December 31 Experience Sources Gain / (Loss) from Other Sources*

2013 64,923,371 (28,697,186) 36,226,185 -0.91%

2012 (123,680,219) (26,748,769) (150,428,988) -0.86%

2011 (159,218,879) (41,668,801) (200,887,680) -1.34%

2010 (139,965,285) (57,428,973) (197,394,258) -1.82%

2009 246,467,460 (66,672,082) 179,795,378 -1.94%

2008 (573,799,583) (32,050,307) (605,849,890) -0.96%

5-Year Average (22,294,710) (44,243,162) (66,537,873)

6-Year Average (114,212,189) (42,211,020) (156,423,209)

* As a percent of Actuarial Accrued Liability

Exhibit 7.1 - Historical Experience Gains and (Losses)
7. Plan Experience

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

25

Investment income consists of: interest, dividends, rental and real estate income, and adjustment for market 

value changes, net of investment expenses. The rate of return is the net investment income as a percentage 

of the average value of assets during the year.

The assumed rate of Plan earnings, net of investment expenses, used in this valuation is 8.50%. The actual 

rates of return earned during the past ten plan years are shown below for both the actuarial value of assets 

and the market value of assets.

The rates of return on the actuarial value of assets are compared against the Plan’s actuarially assumed 

return. Comparisons of performance with other funds, investment institutions and market indexes are 

generally based on rates of return that reflect the market value of assets. The market value rates of return by 

themselves do not, however, necessarily indicate the relative success of the Plan’s investment policy. 

For plan years ending December 31, 2011 or before, Employer Withdrawal Liability collections are not used 

in asset reconciliations and determinations of asset returns, but they are used in the determination of the 

Funding Standard Account.

Net Investment Returns

Plan Year Ended Expected 

December 31 Return Actuarial Value Market Value

2013 8.50% 13.26% 8.50%

2012 8.50% 0.38% 14.40%

2011 8.50% 0.08% 1.78%

2010 8.50% 1.14% 13.00%

2009 8.50% 23.53% 26.23%

2008 8.50% -17.38% -30.50%

2007 8.50% 8.47% 8.35%

2006 8.00% 9.72% 14.45%

2005 8.00% 6.24% 9.57%

2004 8.00% 4.83% 12.13%

5-Year Annualized Return 7.29% 12.50%

10-Year Annualized Return 4.53% 6.67%

Exhibit 7.2 - Historical Investment Experience
7. Plan Experience

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

26

A summary of employment activity and the average number of hours of contributions received per active 

participant is shown below for the last six years. We look to the Trustees for guidance as to the 

reasonableness of the hours assumption.

Plan Year Ended TOTAL Hours for ALL Participants

December 31 Total % Change Total % Change

2013 17,017,292 -1.9% 1,431 0.8%

2012 17,349,070 1.7% 1,420 2.7%

2011 17,057,157 0.3% 1,383 4.2%

2010 16,999,199 -10.4% 1,327 -2.9%

2009 18,973,387 -12.1% 1,367 -6.3%

2008 21,578,497 -1.6% 1,459 1.4%

5-Year Average 17,479,221 1,386

6-Year Average 18,162,434 1,398

Exhibit 7.3 - Historical Hours

AVERAGE Hours for ACTIVE Participants
7. Plan Experience

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

27

A ten-year summary of the Plan’s cash flow is provided in the table below.

For the plan years ending December 31, 2010 or before, Employer Withdrawal Liability collections are not

included.

Market Value Net Cash Flow

Plan Year Ended Employer Benefit Operating of Assets as a Percent

December 31 Contributions Payments Expenses at End of Year of Market Value*

2013 121,912,364 278,945,463 5,437,173 1,485,645,498 -11.3%

2012 119,016,822 278,996,627 5,717,396 1,525,394,369 -11.8%

2011 92,564,876 279,617,619 5,578,636 1,488,656,600 -11.3%

2010 84,188,914 265,972,421 6,785,715 1,653,586,788 -12.2%

2009 85,925,231 254,499,556 5,899,116 1,641,037,299 -12.7%

2008 100,561,100 244,678,370 5,913,849 1,456,386,276 -6.8%

2007 101,062,928 236,814,862 8,599,099 2,278,568,619 -6.7%

2006 95,523,862 227,784,679 5,451,932 2,241,836,916 -6.8%

2005 95,166,404 214,142,941 5,097,852 2,087,898,032 -6.3%

2004 84,244,575 204,043,019 4,482,960 2,024,271,093 -6.7%

5-Year Average 100,721,641 271,606,337 5,883,607 -11.9%

10-Year Average 98,016,708 248,549,556 5,896,373 -9.3%

* Based on the average Market Value of Assets for the Plan Year

Exhibit 7.4 - Historical Plan Cash Flows
Appendix A: Additional Demographic Exhibits

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

28

Notes

 As of January 1, 2014, there were 1,542 active participants with unknown dates of birth in the data. We assumed 

that these participants had entered the plan at the same age as the other active participants.

 Active participants with unknown gender were assumed to be male for the valuation.

 The valuation does not reflect the impact of the withdrawal of Wegmans during the 2014 plan year. 

The participants employed by Wegmans during the prior plan year are considered active participants for 

this valuation. The impact of this withdrawal will first be recognized in the January 1, 2015 actuarial 

valuation.

Measurement Date: January 1, 2014 [Form 5500 Sch. MB, Line 8b]

Years of Credited Service

Age Under 1 1 - 4 5 - 9 10 - 14 15 - 19 20 - 24 25 - 29 30 - 34 35 - 39 40 + Total

Under 25 113 375 3 5 - - - - - - - 523

25 - 29 9 1 461 361 1 7 - - - - - - 930

30 - 34 424 1,085 340 288 1 6 - - - - - 2,153

35 - 39 3 4 246 509 267 261 1 3 - - - - 1,330

40 - 44 3 3 206 243 351 327 269 3 0 - - - 1,459

45 - 49 2 2 175 221 296 266 424 381 1 8 - - 1,803

50 - 54 3 2 136 204 285 248 338 429 121 1 4 - 1,807

55 - 59 1 4 105 122 197 180 244 268 9 4 5 9 3 1,286

60 - 64 6 3 3 6 2 109 7 4 7 1 7 2 4 9 3 9 1 4 529

65 - 69 1 5 1 9 1 1 9 8 2 3 6 6 7 0

70 + 1 2 - 2 - - - - 1 - 6

Total 771 2,829 2,116 1,823 1,381 1,367 1,182 285 119 2 3 11,896

Males 11,010 Average Age 43.0

Females 886 Average Credited Service 12.3

Unknown 0

Total 11,896 Number Fully Vested 8,296

Number Partially Vested 0

Exhibit A.1 - Distribution of Active Participants
Appendix A: Additional Demographic Exhibits

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

29

Notes

 As of January 1, 2014, there were 106 inactive vested participants with unknown dates of birth in the data. These 

participants were assumed to have the same age as the average terminated vested participant. 

 As of January 1, 2014, there were 0 inactive vested participants with unknown gender in the data. 

 The count of inactive vested participants age 65 and over in the table above excludes 48 participants over age 72

who were included in the data but are assumed to be deceased for valuation purposes.

Measurement Date: January 1, 2014

Inactive Vested Participants

Total Annual Average Monthly

Attained Age Count Benefits Benefits

Under 40 806 $ 5,017,032 $ 518.72

40-44 810 7,385,121 759.79

45-49 1,031 11,784,029 952.48

50-54 1,277 14,307,823 933.69

55-59 1,351 13,092,828 807.60

60-64 1,012 8,343,853 687.08

65 and Over 259 1,210,871 389.60

Total 6,546 $ 61,141,557 $ 778.36

Participants and Beneficiaries Receiving Benefits

Total Annual Average Monthly

Attained Age Count Benefits Benefits

Under 55 603 $ 13,081,381 $ 1,807.82

55-59 1,299 37,686,541 2,417.66

60-64 1,946 51,122,456 2,189.21

65-69 3,031 59,224,320 1,628.29

70-74 3,263 54,931,973 1,402.90

75-79 2,667 35,102,289 1,096.81

80-84 1,813 16,922,943 777.85

85 and Over 1,575 10,759,080 569.26

Total 16,197 $ 278,830,983 $ 1,434.58

Exhibit A.2 - Distribution of Inactive Participants
Appendix A: Additional Demographic Exhibits

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

30

Notes

 The 33 Inactive Vested Adjustments include participants verified by the Fund staff as having vested benefits less 

terminated vested participants who became older than age 72.

 The valuation does not reflect the impact of the withdrawal of Wegmans during the 2014 plan year. 

The participants employed by Wegmans during the prior plan year are considered active participants for 

this valuation. The impact of this withdrawal will first be recognized in the January 1, 2015 actuarial 

valuation.

Inactive Healthy Disabled

Active Vested Retirees Retirees Beneficiaries Total

A. Count as of January 1, 2013 12,217 6,352 12,688 572 3,067 34,896

B. Status Changes During Plan Year

1. Nonvested Terminations (561) (561)

2. Vested Terminations (426) 426 0

3. Retirement (151) (184) 378 (43) 0

4. Disabled (1) (2) (1) 4 0

5. Deceased (18) (42) (546) (14) (120) (740)

6. Certain Period Ended (19) (19)

7. Lump Sum (1) (1)

8. Rehires 3 7 (36) (1) 0

9. New Entrants 799 799

10. New Beneficiaries 221 221

11. Adjustments 3 3 1 2 (1) 4 4

12. Net Increase (Decrease) Net Increase (Decrease) (321) 194 (158) (53) 8 1 (257)

C. Count as of January 1, 2014 11,896 6,546 12,530 519 3,148 34,639

Exhibit A.3 - Reconciliation of Participants by Status
Appendix B: Actuarial Assumptions and Methods

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

31

Plan Name New York State Teamsters Conference Pension and Retirement Fund

Plan Sponsor Trustees of the New York State Teamsters Conference Pension and Retirement 

Fund

EIN / PN 16-6063585 / 074

Interest Rates 8.50% per annum, compounded annually, net of investment expense for 

determining costs and liabilities

3.64% per annum for determining Current Liability

Retirement Age The following sample rates are effective on or after 1/1/2011 in conjunction 

with the Rehabilitation Plan:

Retirement Rates

Default Schedule and Schedule G

Less than 30 

Years of 

Service 

On or After 30 Years of Service

Service as of 1/1/2011

Age < 25 25 26 27 28 29 30 31 32 36

55

56-59

60-61

62

63

64

65-66

67

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

Schedule A

Less than 30 

Years of 

Service

On or After 30 Years of Service

Service as of 1/1/2011

Age < 25 25 26 27 28 29 30 31 32 36

55

56-59

60-61

62

63

64

65-66

67

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.25

.30

.40

.50

1.00

.12

.05

.08

.30

.33

.41

.50

1.00

.12

.05

.08

.30

.33

.41

.50

1.00

.14

.08

.11

.34

.36

.42

.50

1.00

.16

.11

.14

.38

.39

.44

.50

1.00

.18

.14

.17

.42

.42

.46

.50

1.00

.20

.17

.20

.46

.46

.48

.50

1.00

.22

.21

.23

.50

.50

.50

.50

1.00

.15

.15

.15

.50

.50

.50

.50

1.00

.35

.35

.35

.50

.50

.50

.50

1.00
Appendix B: Actuarial Assumptions and Methods

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

32

Retirement Age (cont.) Schedule B

Less than 30 

Years of 

Service 

On or After 30 Years of Service

Service as of 1/1/2011

Age < 25 25 26 27 28 29 30 31 32 36

55

56-59

60-61

62

63

64

65-66

67

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.05

.50

.50

.50

.50

1.00

.12

.05

.08

.50

.50

.50

.50

1.00

.12

.05

.08

.50

.50

.50

.50

1.00

.14

.08

.11

.50

.50

.50

.50

1.00

.16

.11

.14

.50

.50

.50

.50

1.00

.18

.14

.17

.50

.50

.50

.50

1.00

.20

.17

.20

.50

.50

.50

.50

1.00

.22

.21

.23

.50

.50

.50

.50

1.00

.15

.15

.15

.50

.50

.50

.50

1.00

.35

.35

.35

.50

.50

.50

.50

1.00

Schedule C

Less than 30

Years of 

Service 

On or After 30 Years of Service

Service as of 1/1/2011

Age < 25 25 26 27 28 29 30 31 32 36

55

56-59

60-61

62

63

64

65-66

67

.10

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.50

.50

.50

.50

.50

1.00

.12

.05

.50

.50

.50

.50

.50

1.00

.12

.05

.50

.50

.50

.50

.50

1.00

.14

.08

.50

.50

.50

.50

.50

1.00

.16

.11

.50

.50

.50

.50

.50

1.00

.18

.14

.50

.50

.50

.50

.50

1.00

.20

.17

.50

.50

.50

.50

.50

1.00

.22

.21

.50

.50

.50

.50

.50

1.00

.15

.15

.50

.50

.50

.50

.50

1.00

.35

.35

.50

.50

.50

.50

.50

1.00

Schedule D

Less than 30 

Years of 

Service

On or After 30 Years of Service

Service as of 1/1/2011

Age < 25 25 26 27 28 29 30 31 32 36

55

56

57-59

60-61

62

63

64

65-66

67

.10

.02

.02

.05

.25

.30

.40

.50

1.00

.10

.02

.50

.50

.50

.50

.50

.50

1.00

.12

.05

.50

.50

.50

.50

.50

.50

1.00

.12

.05

.50

.50

.50

.50

.50

.50

1.00

.14

.08

.50

.50

.50

.50

.50

.50

1.00

.16

.11

.50

.50

.50

.50

.50

.50

1.00

.18

.14

.50

.50

.50

.50

.50

.50

1.00

.20

.17

.50

.50

.50

.50

.50

.50

1.00

.22

.21

.50

.50

.50

.50

.50

.50

1.00

.15

.15

.50

.50

.50

.50

.50

.50

1.00

.35

.35

.50

.50

.50

.50

.50

.50

1.00
Appendix B: Actuarial Assumptions and Methods

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

33

Retirement Age (cont.) Schedule E

Less than 30 

Years of 

Service 

On or After 30 Years of Service 

Service as of 1/1/2011

Age < 25 25 26 27 28 29 30 31 32 36

55

56-59

60-61

62

63

64

65-66

67

.10

.02

.05

.25

.30

.40

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

.50

.50

.50

.50

.50

.50

.50

1.00

Inactive vested participants: Age 65.

Operating Expenses The amount included this year for Administrative Expenses is $5,500,000.

Hours Worked Average of a participant’s actual hours worked in the 3 plan years preceding the 

valuation date used for future benefit accruals and expected contributions.

Contribution Income Total contributions expected for the 2014 plan year are assumed to be

$109,737,824. This amount is based on the expected hours worked and the 

expected contribution rate for each participant and does not include expected 

withdrawal liability payments.

Active Participant For valuation purposes, an active participant is a participant who has worked at 

least 500 hours in at least one of the prior three plan years, and was not retired 

as of the valuation date.

The participants employed by Wegmans during the prior plan year are 

considered active participants for this valuation. The impact of this withdrawal 

will first be recognized in the January 1, 2015 actuarial valuation.

Healthy Mortality Participants and Beneficiaries:

The RP-2000 Male Blue Collar Mortality table with a 1-year set-forward for males 

and a 4-year set-back for females, with no future improvement in mortality rates 

beyond any included in the published table.

For determining the RPA ’94 current liability, the mortality tables prescribed by 

the Pension Protection Act of 2006 were used.
Appendix B: Actuarial Assumptions and Methods

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

34

Disabled Mortality The sex distinct RP-2000 Disabled Mortality Tables, with no future improvement 

in mortality rates beyond any included in the published table.

For determining the RPA ’94 current liability, the mortality tables prescribed by 

the Pension Protection Act of 2006 were used.

Disability Illustrations of the annual rates of disablement are shown in the table below for 

selected ages (the same rates are used for males and females):

Representative Disability Rates

Attained Age Rate (%)

20

25

30

35

40

45

50

55

60

0.04%

0.06%

0.07%

0.10%

0.15%

0.24%

0.41%

0.67%

1.09%

Withdrawal Illustrations of the annual rates of withdrawal (for reasons other than mortality or 

disablement) are shown in the table below for selected ages (the same rates are 

used for males and females):

Representative Withdrawal Rates

Attained Age Rate (%)

20

25

30

35

40

45

50

55

60

22.00%

17.00%

12.00%

7.82%

6.92%

6.02%

5.12%

4.22%

3.32%

Reemployment It is assumed that participants will not be reemployed following a break in service.

Form of Payment Participants are assumed to elect the normal form.
Appendix B: Actuarial Assumptions and Methods

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

35

Marriage 80% of non-retired participants are assumed to be married.

Spouse Ages Female spouses are assumed to be three years younger than male

spouses.

Cost Method The Unit Credit Cost Method is used to determine the normal cost and the 

actuarial accrued liability. The actuarial accrued liability is the present value of

the accrued benefits as of the beginning of the year for active participants and is 

the present value of all benefits for other participants. The normal cost is the 

present value of the difference between the accrued benefits as of the

beginning and end of the year. The normal cost and actuarial accrued liability for 

the plan are the sums of the individually computed normal costs and actuarial 

accrued liabilities for all plan participants.

Asset Valuation Method The actuarial value of assets is determined by adjusting the market value of assets

to reflect the investment gains and losses (the difference between the actual 

investment return and the expected investment return) during each of the last 

five years at the rate of 20% per year. Expected investment return is calculated 

using the net market value of assets as of the beginning of the plan year and the 

benefit payments, employer contributions and operating expenses, weighted 

based on the timing of the transactions during the year. The actuarial value is 

subject to a restriction that it be not less than 80% nor more than 120% of the 

market value.

Participant Data Participant census data as of January 1, 2014 was provided by the Plan Office.

There were 1,542 active participants without a date of birth. We assumed that 

these participants had entered the plan at the same age as the other active 

participants. There were 106 terminated vested participants without a date of 

birth. We assumed these participants had the same age as the average 

terminated vested participant.

There were 48 terminated vested participants who were over age 72 as of the 

valuation date who had not yet applied for a pension. It is extremely unlikely 

that these participants will ever collect a pension. Thus, they were excluded 

from the valuation. The impact of these data adjustments on plan liabilities was 

negligible.
Appendix B: Actuarial Assumptions and Methods

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

36

Missing or Incomplete 

Participant Data

Assumptions were made to adjust for participants and beneficiaries with missing 

or incomplete data, based on those exhibited by participants with similar known 

characteristics.

Financial Information Financial information was obtained from the audited financial statements filed

with the 2013 Form 5500.

Benefits Not Included in 

Valuation

We believe that we have reflected all significant assumptions and plan 

provisions in this valuation.

Nature of Actuarial 

Calculations

The valuation results presented in this report are estimates. The results are 

based on data that may be imperfect and on assumptions made about future 

events. Certain plan provisions may be approximated or deemed immaterial for 

the purposes of the valuation. Assumptions may be made about missing or 

incomplete participant census data or other factors. Reasonable efforts were 

made to ensure that significant items and factors are included in the valuation 

and treated appropriately. A range of results different from those presented in 

this report could also be considered reasonable. 

The actuarial assumptions selected for this valuation – including the valuation 

interest rate – generally reflect average expectations over the long term. If 

overall future demographic or investment experience is less favorable than 

assumed, the relative level of plan costs determined in this valuation will likely 

increase in future valuations. Investment returns and demographic factors may 

fluctuate significantly from year to year. The deterministic actuarial models 

used in this valuation do not take into consideration the possibility of such 

volatility.

Unfunded Vested 

Benefits for Employer 

Withdrawals

For purposes of determining the Unfunded Vested Benefits for Employer 

Withdrawal Liability, the same assumptions as presented in this Appendix are 

used with the exception of the following:

 The mortality assumption described in 29 CFR 4044, Appendix A, 

effective on the measurement date 

 The interest rate assumption described in 29 CFR 4044, Appendix B, 

effective on the measurement date

 The administrative expense assumption described in 29 CFR 4044, 

Appendix C
Appendix B: Actuarial Assumptions and Methods

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

37

Changes in Assumptions Since the prior valuation, the following assumptions have been changed:

 The expected operating expense was changed from $5,700,000 to 

$5,500,000 to better reflect expected expenses paid from the Plan.

 For participants hired on or after October 15, 2009, the rates of 

retirement were adjusted as a result of the amendment that was 

effective January 1, 2014.

 The Current Liability interest rate was decreased from 3.78% to 3.64%

and the Current Liability mortality table was changed in accordance with 

the change in the IRS mandated legislative changes.

Justification for 

Changes in Assumptions 

and Methods

The changes in the actuarial assumptions described above were made to better 

reflect anticipated Plan experience. 

The changes in the interest rate and mortality tables used to determine the RPA 

’94 current liability were mandated legislative changes.
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

38

Plan Name New York State Teamsters Conference Pension and Retirement Fund

Plan Sponsor Trustees of the New York State Teamsters Conference Pension and Retirement 

Fund

EIN / PN 16-6063585 / 074

Effective Date and Most 

Recent Amendment

The original effective date of the Plan is January 1, 1954. 

The most recent amendment to the Plan is effective January 1, 2014.

Plan Year The twelve-month period beginning January 1 and ending December 31.

Employers A participating Employer is any person or entity that has been accepted for 

participation in the Plan and that is required to contribute to the Plan pursuant 

to a collective bargaining agreement or participation agreement. 

Participants All employees who are employed by an employer that is required to contribute 

to the Fund become participants as of the date they complete one hour of 

service.

Pension Service Credit Past Service Credit is granted for service rendered by a Participant with a 

participating employer prior to the time it became a contributing employer 

subject to certain minimum earnings requirements.

Limits imposed on the amount of Past Service Credit are as follows:

Date of Participation Past Service Limit

Prior to 1/1/1959 Unlimited

1/1/1959 through 12/31/1973 20 years

1/1/1974 through 12/31/1975 15 years

1/1/1976 and later (12/1/1976 for Brewery Workers) 5 years

Past service is granted only after 5 years of Future Service Credit. Then one 

year of Past Service Credit is awarded for each of the 6th through 10th years of 

Future Service Credit.
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

39

Future Service Credit For service rendered as a Participant after 1975, one-tenth of a year of Future 

Service Credit for each 100 hours worked subject to a maximum of one year of 

Future Service Credit in any one calendar year. For service prior to 1976, a year of 

Future Service Credit is granted according to the following schedule:

Years Hourly Contribution Rate

Amount of Contribution 

Required for One Year of 

Credit

1960 and Prior Any $75.00

1961 – 1963 Up to 7.5₵ 75.00

1961 – 1963 7.5₵ and over 120.00

1964 – 1975 Up to 7.5₵ 75.00

1964 – 1975 7.5₵ to 12.5₵ 120.00

1964 – 1975 12.5₵ to 17.5₵ 180.00

1964 – 1975 17.5₵ to 22.5₵ 240.00

1964 – 1975 22.5₵ to 27.5₵ 300.00

1964 – 1975 27.5₵ to 32.5₵ 360.00

1964 – 1975 32.5₵ to 37.5₵ 420.00

1964 – 1975 37.5₵ to 42.5₵ 480.00

1964 – 1975 42.5₵ to 47.5₵ 540.00

1964 – 1975 47.5₵ to 52.5₵ 600.00

1964 – 1975 52.5₵ and over 660.00

Break-In-Service Completion of less than 500 hours of service in a Plan Year.

Note: For non-vested benefits, cancellation of Pension Credit occurs after the 

greater of (i) five consecutive Break-in-Service years or (ii) the number of 

aggregate Plan Years for which the employee has received Past or Future Service 

Credit.

Normal Retirement Age The later of (a) age 65 and (b) the earlier of 5 years of Future Service or the fifth 

anniversary of participation.

Normal PensionEligibilityNormal Retirement Age
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

40

Normal Pension –

Amount of Benefit

The monthly amount of a Normal Pension equals the sum of a past service 

benefit plus a future service benefit.

Past Service Benefit: If the date on which a Participant’s employer becomes 

required to contribute to the Fund is before January 1, 2004, the appropriate 

benefit factor from Column C of the table below multiplied by the number of 

years of Past Service. If the date on which a participant’s employer becomes 

required to contribute to the Fund is on or after January 1, 2004, then $1 for 

every $.05 of the employer’s contribution rate on the date the employer became 

required to contribute multiplied by the number of years of past service.

For Retirements Effective 04/01/2001 through 12/31/2003*

Hourly Contribution Rate

At Least But Less Than

Minimum Hours at 

Contribution Rate

Benefit Factor for 

Each Year of Past 

or Future Service 

Credit

$0.000 $0.075 8,000 $1.50

$0.075 $0.150 8,000 $3.00

$0.150 $0.225 8,000 $5.00

$0.225 $0.250 8,000 $6.00

$0.250 $0.300 8,000 $7.00

$0.300 $0.325 8,000 $9.00

$0.325 $0.350 8,000 $10.00

$0.350 $0.550 8,000 $12.00

$0.550 $0.700 8,000 $16.00

$0.700 $0.850 8,000 $20.00

$0.850 $1.150 8,000 $35.00

$1.150 $1.750 8,000 $65.00

$1.750 $2.350 2,000 $75.00

$2.350 $4.095 2,000 $100.00

$4.095 and higher 2,000 $110.00

$4.095 and higher 4,000 $120.00

$4.095 and higher 6,000 $150.00

*The above benefit factors are applicable only to Active Participants on and after 

April 1, 2001 whose retirement dates are effective on or after April 1, 2001 but 

before January 1, 2004.
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

41

Normal Pension –

Amount of Benefit 

(cont.)

Future Service Benefit for Future Service prior to January 1, 2004: For each year 

of Future Service Credit, the greater of (1) 2.6% of the employer contributions for 

the year, or (2) the appropriate benefit factor from Column C in the table above 

multiplied by the Future Service Credit earned for that year.

In no event shall any year’s accrual for the Future Service Benefit exceed 

$199.83. Unless otherwise specified, 0% of any negotiated increase beyond 

$3.695 per hour is used for benefit accruals.

As of January 1, 2000, the $199.83 amount is increased to $210 if a Participant’s 

contribution rate is $4.095 or higher for at least 6,000 hours and to $220 if a 

Participant’s contribution rate is $4.345 or higher for at least 4,000 hours. Such 

increases are prorated based on 2,080 hours reported per year.

Future Service Benefit for Future Service on or after January 1, 2004: For each 

year of Future Service Credit, 1.3% of the employer contributions for the year.

For those participants reaching the earlier of the midpoint between unreduced 

retirement date and Social Security Normal Retirement Age, or 5 years beyond 

unreduced retirement date, the Future Service Benefit is equal to 1.73% of 

employer contributions for the year.

Future Service Benefit for Future Service for Participants subject to collective 

bargaining agreements that commence in 2009 or later: 

 Preferred Schedule: For each year of Future Service Credit, 1.30% of the 

employer contributions for the year. For those participants reaching the 

earlier of the midpoint between unreduced retirement date and Social 

Security Normal Retirement Age, or 5 years beyond unreduced 

retirement date, the Future Service Benefit is equal to 1.73% of 

employer contributions for the year.

 Alternative Schedule: For each year of Future Service Credit, 0.90% of 

the employer contributions for the year. For those participants reaching 

the earlier of the midpoint between unreduced retirement date and 

Social Security Normal Retirement Age, or 5 years beyond unreduced 

retirement date, the Future Service Benefit is equal to 1.20% of 

employer contributions for the year.

 Default Schedule: For each year of Future Service Credit, 0.50% of the 

employer contributions for the year. For those participants reaching the 

earlier of the midpoint between unreduced retirement date and Social 

Security Normal Retirement Age, or 5 years beyond unreduced 

retirement date, the Future Service Benefit is equal to 0.67% of 

employer contributions for the year.
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

42

Normal Pension –

Amount of Benefit 

(cont.)

Effective January 1, 2011, the Future Service Benefit for Future Service for 

Participants is as follows: 

 Default Schedule – 1.00% of contributions. Required contribution 

increases after January 1, 2011 are not considered for benefit accruals

 Schedule A – 0.30% of contributions. Required contribution increases 

after January 1, 2011 are not considered for benefit accruals.

 Schedule B – 0.50% of contributions. Required contribution increases 

after January 1, 2011 are not considered for benefit accruals.

 Schedule C – 0.30% of contributions. Required contribution increases 

after January 1, 2011 are not considered for benefit accruals.

 Schedule D – 0.50% of contributions. 1% of required contribution 

increases after January 1, 2011 are considered for benefit accruals. 

 Schedule E – 0.50% of contributions. 1% of required contribution 

increases after January 1, 2011 are considered for benefit accruals.

 Schedule G – 0.25% of contributions. Required contribution increases 

after January 1, 2011 are not considered for benefit accruals

Under each Schedule, contribution increases in excess of the Rehabilitation Plan 

required increases are considered for benefit accruals.

Regular Pension Effective January 1, 2011, the Regular Pension has been eliminated under the 

Rehabilitation Plan.

Early Retirement

Pension –

Eligibility

Any age with at least 15 years of Credited Service, at least 5 of which are Future 

Service Credit.

Early Retirement

Pension –

Amount of Benefit

The benefit as determined for Normal Pension, based on service and 

contributions as of retirement and is actuarially reduced if benefits commence 

before age 65.

The benefit is reduced as follows:

 Default Schedule, Schedule A and Schedule G – Actuarial equivalent 

reductions from age 65.

 Schedules B, C, D, E – Reductions of 6% per year (or actuarial equivalent, 

if reduction is less) for each year that age at commencement is less than 

age 65.
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

43

30 Year Pension –

Eligibility

At the following age with at least 30 years of Credited Service.

 Default Schedule – The 30 Year Pension has been eliminated

 Schedule A - Age 65 with transition protection for those participants 

with at least 25 years of Credited Service at January 1, 2011

 Schedule B - Age 62 with transition protection for those participants with 

at least 25 years of Credited Service at January 1, 2011

 Schedule C - Age 60 with transition protection for those participants with 

at least 25 years of Credited Service at January 1, 2011

 Schedule D - Age 57 with transition protection for those participants 

with at least 25 years of Credited Service at January 1, 2011

 Schedule E - Age 55 with transition protection for those participants with 

at least 25 years of Credited Service at January 1, 2011

 Schedule G – The 30 Year Pension has been eliminated
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

44

30 Year Pension –

Amount of Benefit

The benefit as determined for Normal Pension, based on service and 

contributions as of retirement, reduced as follows:

 Default Schedule – The 30 Year Pension has been eliminated.

 Schedule A – For participants that retire before age 65 with 30 years of 

Credited Service, the benefit reduction is actuarially equivalent.

 Schedule B – For participants that retire before age 62 with 30 years of 

Credited Service, the benefit reduction is 6% per year for each year 

commencement is less than age 62.

 Schedule C – For participants that retire before age 60 with 30 years of 

Credited Service, the benefit reduction is 6% per year for each year 

commencement is less than age 60.

 Schedule D – For participants that retire before age 55 with 30 years of 

Credited Service, the benefit reduction is 6% per year for each year 

commencement is less than age 57.

 Schedule E – For participants that retire before age 55 with 30 years of 

Credited Service, the benefit reduction is 6% per year for each year 

commencement is less than age 55.

 Schedule G – The 30 Year Pension has been eliminated.

Transition protection applies the following benefit reductions from the 

unreduced age for those participants with at least 25 years of Credited Service at 

January 1, 2011:

 At least 30 years of service at January 1, 2011 – 0% reduction per year 

from unreduced age

 At least 29 but less than 30 years of service at January 1, 2011 – 1% 

reductions per year from unreduced age

 At least 28 but less than 29 years of service at January 1, 2011 – 2% 

reductions per year from unreduced age

 At least 27 but less than 28 years of service at January 1, 2011 – 3% 

reductions per year from unreduced age

 At least 26 but less than 27 years of service at January 1, 2011 – 4% 

reductions per year from unreduced age

 At least 25 but less than 26 years of service at January 1, 2011 – 5% 

reductions per year from unreduced age

Social Security 

Supplement –

Eligibility

The Social Security Supplement is frozen effective January 1, 2011.

Hired prior to October 15, 2009 and eligible for an unreduced benefit.
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

45

Social Security 

Supplement –

Amount of Benefit

The amount of the Supplemental Benefit will equal a percentage, as shown 

below, of a participant’s annual accrued benefit as of his Unreduced Retirement 

Date (the later of January 1, 2004 and the date a participant could retire after 30 

years of service at any age, or age 60 after 15 or more years of service including 5 

years of Future Service Credit). If more than 500 hours but less than 1,000 hours 

were worked in any deferred year, this amount shall be prorated accordingly. 

This benefit shall be paid for as many months as the Participant defers 

retirement past his Unreduced Retirement Date, but will stop upon a 

Participant’s death or upon the date the Participant becomes eligible for 

unreduced Social Security benefits.

Year Worked after the 

Unreduced Retirement 

Date

Percentage of Annual 

Accrued Benefit Earned

Total Percentage of 

Accrued Benefit Earned 

During that Year

1

st Year 10% 10%

2

nd Year 15% 25%

3

rd Year 25% 50%

4

th Year 25% 75%

5

th Year 25% 100%

Each Additional Year 20% per year Total + 20%

A Participant who earns the Supplemental Benefit may choose to receive the 

Supplemental Benefit in the form of a lump sum payment equal to the present 

value of the monthly Supplemental Benefit to be otherwise paid to the 

Participant.

As a result of a Critical Status certification for the 2011 Plan Year, this benefit is 

currently not payable as a lump sum.

Vested Pension –

Eligibility

5 years of Future Service Credit.

Vested Pension –

Amount of Benefit

The benefit as determined for Normal Pension, based on service and 

contributions as of retirement and is actuarially reduced if benefits commence 

before age 65.

Disability Benefit Effective January 1, 2011, the Disability Pension has been eliminated.

Lump Sum Benefit Effective April 30, 2010, the Lump Sum Benefit for participants who qualify for 

Social Security disability award has been eliminated.
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

46

Pre-Retirement Death 

Benefits (Married) –

Eligibility

Payable to the surviving spouse of a deceased vested participant.

Pre-Retirement Death 

Benefits (Married) –

Amount of Benefit

The benefit that would be payable, under the joint and 50% survivor annuity 

form of payment, based on service and contributions as of date of death, is 

payable immediately if the participant was eligible for an immediate pension at 

his death or deferred to the participant’s earliest retirement date.

Pre-Retirement Death 

Benefits (Non-Married) –

Eligibility 

Payable to the beneficiary of a deceased non-married participant who increased 

his or her contribution rate to cover the cost of the benefit.

Pre-Retirement Death 

Benefits (Non-Married) –

Amount of Benefit

The benefit that would be payable, based on service and contributions as of date 

of death, immediately if the participant was eligible for an immediate pension at 

his death or deferred to the participant’s earliest retirement date. The benefit is 

payable as an annuity for 60 months.

Forms of Payment The normal form of payment is a single life annuity payable for the lifetime of the 

Participant only. If a Participant is married, however, the normal form of 

payment is a joint and 50% survivor annuity.

Other forms of payment include pensions payable for life with the first 60 or 120 

months of payment guaranteed, and joint and survivor annuities, with and 

without pop-up, with 50%, 75% or 100% of the benefit continuing after the 

participant’s death. Effective January 1, 2011, other forms of payment were 

eliminated for participants covered under the Default Schedule. 

Brewery Workers 

Pension Fund

The Brewery Workers Pension Fund was established June 21, 1949 and merged 

into this plan effective December 1, 1976. Any employee employed by a 

contributing employer of the Brewery Workers Pension Fund prior to the merger 

has special eligibility and benefit provisions detailed in the formal plan 

document. The Rehabilitation Plan provisions supersede any of the special 

eligibility and benefit provisions of these participants.
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

47

Local 294 Pension Fund The Pension Fund of the Albany Area Trucking and Allied Industries Local 294 was 

established August 1, 1953 and merged into this Plan effective July 31, 1997. Any 

employee employed by a contributing employer of the Pension Fund of the 

Albany Area Trucking and Allied Industries Local 294 prior to the merger has 

special eligibility and benefit provisions detailed in the formal plan document. 

The Rehabilitation Plan provisions supersede any of the special eligibility and 

benefit provisions of these participants.

Local 478 Pension Fund The Local 478 Trucking and Allied Industries Pension Fund was established 

January 1, 1957 and merged into this Plan effective January 1, 2000. Any 

employee employed by a contributing employer of the Local 478 Trucking and 

Allied Industries Pension Fund prior to the merger has special eligibility and 

benefit provisions detailed in the formal plan document. The Rehabilitation Plan 

provisions supersede any of the special eligibility and benefit provisions of these 

participants.

Local 264 Bakery Drivers 

Fund

The Teamsters Local No. 264 – Bakery Drivers Division Pension Plan was 

established January 1, 1976 and merged into this Plan effective January 1, 2000. 

Any employee employed by a contributing employer of the Teamsters Local No. 

264 Bakery Drivers Division Pension Plan prior to the merger has special eligibility 

and benefit provisions detailed in the formal plan document. The Rehabilitation 

Plan provisions supersede any of the special eligibility and benefit provisions of 

these participants.

P&C Foods Pension Fund The P&C Foods Pension Fund for Represented Employees was merged into the 

Plan effective April 15, 2001, retroactive to January 1, 2001. Any employee listed 

in Exhibit A to the P&C Plan Merger Agreement has special eligibility and benefit 

provisions detailed in the formal plan document. The Rehabilitation Plan 

provisions supersede any of the special eligibility and benefit provisions of these 

participants.

P&C Foods Maintenance 

Employees

Certain participants in the Penn Traffic Company Cash Balance Pension Plan 

became participants in the Fund effective January 1, 2003. Any employee listed 

in Exhibit A to the Memorandum of Understanding has special eligibility and 

benefit provisions detailed in the formal plan document. The Rehabilitation Plan 

provisions supersede any of the special eligibility and benefit provisions of these 

participants.
Appendix C: Summary of Plan Provisions

(Form 5500 Schedule MB, line 6)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

48

Local 264 Brewery 

Division Pension Fund

The Teamster Local No. 264 Brewery Division Pension Plan was established May 

1, 1976 and merged into this Fund effective January 1, 2003. Any employee 

employed by a contributing employer of the Teamsters Local No. 264 Brewery 

Division Pension Plan prior to the merger has special eligibility and benefit 

provisions detailed in the formal plan document. The Rehabilitation Plan 

provisions supersede any of the special eligibility and benefit provisions of these 

participants.

Local 791 Brewery and 

Related Workers Pension 

Plan

The Brewery and Related Workers Pension Plan of the Rochester, N.Y. Area was 

merged into this Fund effective September 2, 2005. Any employee employed by 

a contributing employer of the Teamsters Union Local 791 Brewery and Related 

Workers Pension Plan prior to the merger has special eligibility and benefit 

provisions detailed in the formal plan document. There is a minimum benefit of 

$70 per year of service prior to April 30, 2004. The Rehabilitation Plan provisions 

supersede any of the special eligibility and benefit provisions of these 

participants.

Local 264 Milk, Ice 

Cream Drivers, and Dairy 

Employees Income 

Replacement Plan

The Income Replacement Plan for the Milk, Ice Cream Drivers and Dairy 

Employees of Local 264 merged into this Fund effective December 31, 2005. Any 

employee employed by a contributing employer of the Income Replacement Plan 

for the Milk, Ice Cream Drivers and Dairy Employees of Local 264 prior to the 

merger has special eligibility and benefit provisions detailed in the formal plan 

document. The Rehabilitation Plan provisions supersede any of the special 

eligibility and benefit provisions of these participants.

Actuarial Equivalence Benefits under optional forms of payment are converted from the amount 

payable under the Life Annuity, based on assumptions of 7.0% interest and the 

UP-1984 Non Insured Pension Mortality Table. 

Changes in Plan 

Provisions 

There has been a change to the plan provisions from the prior valuation.

 For participants hired on or after October 15, 2009, the reduction factors 

for each schedule for the Early Retirement Pension are the same as for 

those participants hired prior to October 15, 2009.

 For participants hired on or after October 15, 2009, the 30 Year Pension is 

available under each applicable benefit schedule. 
Appendix D: Current Liability (for Form 5500 Schedule MB)

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

49

The primary use for current liability is to determine the amount of the maximum tax-deductible 

contribution for the plan year. Current liability is also reported on the Schedule MB to the Form 5500; 

however, it rarely affects the determination of the ERISA minimum required contribution.

Current liability is calculated similarly to the actuarial accrued liability under the unit credit cost method, 

but based on interest and mortality assumptions that are mandated by the Internal Revenue Service (IRS). 

The current liability interest rate assumption is based on Treasury rates and does not reflect the expected 

return on plan assets. 

Current liability and the expected increase in current liability attributable to benefits accruing during the 

plan year are shown above, as of the valuation date. Also shown above are the expected benefit payments 

for the plan year, based the same actuarial assumptions used to measure current liability.

Measurement Date 1/1/2014 1/1/2013

Current Liability Interest Rate 3.64% 3.78%

A. Number of Participants

1. Retired Participants and Beneficiaries 16,197 16,327

2. Inactive Vested Participants 6,546 6,352

3. Active Participants

a. Non-Vested Benefits 3,600 3,725

b. Vested Benefits 8,296 8,492

c. Total Active 11,896 12,217

4. Total 34,639 34,896

B. Current Liability Normal Cost

1. Cost of Benefit Accruals $ 38,490,715 $ 37,053,360

2. Assumed Operating Expenses 5,500,000 5,700,000

3. Total $ 43,990,715 $ 42,753,360

C. Current Liability

1. Retired Participants and Beneficiaries $ 3,663,383,416 $ 3,655,552,302

2. Inactive Vested Participants 519,343,377 475,552,022

3. Active Participants

a. Non-Vested Benefits $ 277,750,471 $ 267,825,573

b. Vested Benefits 1,370,442,686 1,321,024,540

c. Total Active $ 1,648,193,157 $ 1,588,850,113

4. Total $ 5,830,919,950 $ 5,719,954,437

D. Current Liability Expected Benefit Payments $ 284,777,854 $ 283,615,258

E. Additional Information for Form 5500 Schedule MB

1. Current Liability Normal Cost [Sch. MB Line 1d(2)(b)] $ 43,990,715 $ 42,753,360

2. Expected Release [Sch. MB Line 1d(2)(c)] 295,661,011 294,891,046

3. Expected Disbursements [Sch. MB Line 1d(3)] 278,168,276 277,290,283

Exhibit D.1 - "RPA '94" Current Liability

and Additional Information for Form 5500 Schedule MB
Appendix E: Glossary

New York State Teamsters Conference Pension and Retirement Fund

Actuarial Valuation as of January 1, 2014

50

Actuarial Accrued Liability: This is computed differently under different actuarial cost methods. The Actuarial 

Accrued Liability generally represents the portion of the cost of the participants’ anticipated retirement, 

termination, death and disability benefits allocated to the years before the current plan year.

Actuarial Cost: This is the contribution required for a plan year in accordance with the Trustees’ funding

policy. It consists of the Normal Cost plus an amortization payment to pay interest on and amortize the 

Unfunded Actuarial Accrued Liability based on the amortization schedule adopted by the Trustees.

Actuarial Gain or Loss: From one plan year to the next, if the experience of the plan differs from that 

anticipated using the actuarial assumptions, an actuarial gain or loss occurs. For example, an actuarial gain 

would occur if the assets in the trust earned 12% for the year while the assumed rate of return used in the 

valuation was 8.5%.

Actuarial Value of Assets: This is the value of cash, investments and other property belonging to a pension 

plan, as used by the actuary for the purposes of an actuarial valuation. It may be equal to the market value, or 

a smoothed value that recognizes changes in market value systematically over time.

Credit Balance: The Credit Balance represents the excess of actual contributions over the minimum required 

contributions under ERISA. The Credit Balance is also equal to the cumulative excess of credits over charges to 

the Funding Standard Account.

Current Liability: This is computed the same as the Present Value of Accumulated Benefits, but using interest 

rate and mortality assumptions specified by the IRS. This quantity is used in the calculation to determine the 

maximum tax deductible contribution to the plan for the year.

Funding Standard Account: This is the account which a plan is required to maintain in compliance with the 

minimum funding standards under ERISA. It consists of annual charges and credits needed to fund the Normal 

Cost and amortize the cost of plan amendments, actuarial method and assumption changes, and experience 

gains and losses.

Normal Cost: The Normal Cost is computed differently under different actuarial cost methods. The Normal 

Cost generally represents the portion of the cost of the participants’ anticipated retirement, termination, 

death and disability benefits allocated to the current plan year. Employer Normal Cost generally also includes 

the cost of anticipated operating expenses.

Present Value of Accumulated Benefits: The Present Value of Accumulated Benefits is computed in 

accordance with ASC 960. This quantity is determined independently from the plan’s actuarial cost method. 

This is the present value of a participant’s accrued benefit as of the valuation date, assuming the participant 

will earn no more credited service and will receive no future salary.

Present Value of Future Benefits: This is computed by projecting the total future benefit cash flow from the 

plan, using actuarial assumptions, and then discounting the cash flow to the valuation date.

Present Value of Vested Benefits: This is the portion of the Present Value of Accumulated Benefits in which 

the employee would have a vested interest if the employee were to separate from service with the employer 

on the valuation date. It is also referred to as Vested Benefit Liability.

Unfunded Actuarial Accrued Liability: This is the amount by which the Actuarial Accrued Liability exceeds the 

Actuarial Value of Assets.

Withdrawal Liability: This is the amount an employer is required to pay upon certain types of withdrawal 

from a pension plan. It is an employer’s allocated portion of the unfunded Present Value of Vested Benefit.
DB1/ 88552986.1

The New York State Teamsters Conference Pension and Retirement Fund

Application for Suspension of Benefits under MPRA

EXHIBIT 22
Section 5.03

Employer Name Pension Rate - 08/01/2015

ABC SUPPLY CO. INC. 4.1225

ABF FREIGHT SYSTEM INC 13.6299

AIRBORNE FREIGHT CORPORATION 8.6070

ALBANY CONCRETE CO 4.6300

ALLIED WASTE SERVICES OF NORTH 1.6800

ALLIED WASTE SYSTEMS OF NA INC 1.2271

B. GIAMBRONE & COMPANY, INC. 4.2200

BARR TRANSPORTATION CORP 4.9500

BATTENFELD-AMERICAN, INC. 2.0782

BENLIN DISTRIBUTION SVCS INC 3.4500

BILKAY'S EXPRESS CO 6.5950

BINGHAMTON GREENE TRUCK LINES 12.0731

BONDED CONCRETE INC 4.0700

BONDED NORTH, CORP. 4.4200

BONDED SOUTH 2.4118

BOROUGH OF ELKLAND 3.0100

BOROUGH OF ELKLAND 4.0500

BOROUGH OF MANSFIELD 2.3500

BOROUGH OF TOWANDA 1.8300

BOROUGH OF WELLSBORO 3.6700

BOROUGH OF WESTFIELD 3.8100

C & M FORWARDING CO INC 0.0500

C & M FORWARDING CO INC 0.2500

C & M FORWARDING CO INC 0.5000

C & M FORWARDING CO INC 0.7500

C & M FORWARDING CO INC 1.0000

C & M FORWARDING CO INC 1.2500

C & M FORWARDING CO INC 1.5000

C & M FORWARDING CO INC 6.3300

C D PERRY & SONS INC 9.5900

C.P. WARD, INC 8.9000

CALLANAN INDUSTRIES INC 4.2900

CALLANAN INDUSTRIES INC 4.9600

CALLANAN INDUSTRIES INC 5.1200

CALLANAN INDUSTRIES INC 9.5900

CANADA DRY-HACKENSACK 1.0341

CANADA DRY-HACKENSACK 7.4076

CANADA DRY-SOUTH PLAINFIELD 1.0341

CANADA DRY-SOUTH PLAINFIELD 7.8521

CATSKILL CONCRETE COMPANY 1.4100

CITY OF JAMESTOWN BOARD OF 3.2546

CLEMENTE LATHAM CONCRETE CORP. 4.1600

New York State Teamsters Conference Pension & Retirement Fund

Pension Rates as of August 1, 2015
CLEMENTE LATHAM NORTH 4.8700

CLOVER LEAF NURSERIES, INC 9.1300

CLOVER LEAF NURSERIES, INC 9.5900

COCA COLA ENTERPRISES INC. 1.6375

COCA COLA ENTERPRISES INC. 1.7375

COEYMANS LANDING MARINE SERVIC 9.1287

COMMUNICATIONS WORKERS 2.7500

COPE BESTWAY EXPRESS INC. 4.5993

CORTLAND READY MIX INC 4.0000

COYNE INTERNATIONAL ENTER CORP 2.6100

COYNE INTERNATIONAL ENTER CORP 3.9856

CRANESVILLE BLOCK & READY MIX 5.7100

CRANESVILLE BLOCK CO INC 0.9875

CRANESVILLE BLOCK CO INC 3.2200

CRANESVILLE BLOCK/MIRON 2.4250

CROSSETT INC 0.3000

CROSSETT INC 0.4316

CROSSETT INC 2.2298

CROSSETT INC 2.3017

D.A. COLLINS CONSTRUCTION 9.5900

DAY & ZIMMERMANN NPS, INC 10.7500

DOMINE BUILDERS SUPPLY 6.6200

ECONOMY PAVING COMPANY, INC. 6.6700

ECONOMY PAVING COMPANY, INC. 7.0200

ECONOMY PAVING COMPANY, INC. 7.3700

ECONOMY PAVING COMPANY, INC. 7.5000

ECONOMY PAVING COMPANY, INC. 8.2800

ELDERLEE, INC. 2.6000

EMPIRE MERCHANTS NORTH LLC 4.9840

ESCRO TRANSPORT LTD 1.5549

FIRST TRANSIT, INC. 2.0800

FIRST TRANSIT, INC. 4.1300

FLETCHER GRAVEL COMPANY INC 4.4300

FLETCHER GRAVEL COMPANY INC 7.8900

FOREST MATERIALS INC. 4.8513

FORT EDWARD EXPRESS CO INC 1.8140

FORT EDWARD EXPRESS CO INC 3.5561

FRIENDSHIP DAIRIES LLC 2.2747

FULTON-OSWEGO MOTOR EXPRESS 12.2055

G & T AIR EXPEDITING SERVICE 3.3100

GEORGE C MILLER BRICK 5.7500

GEORGE C MILLER BRICK 6.9033

GLENS FALLS READY MIX 3.1200

GLENS FALLS READY MIX 4.5500

GRAYMONT MATERIALS (NY) INC 4.3500

GRAYMONT MATERIALS (NY) INC 4.5300

GRAYMONT MATERIALS (NY) INC 7.3500
GRIMM BUILDING MATERIALS CO 1.6500

H P HOOD, LLC 3.0014

H P HOOD, LLC 3.3500

H P HOOD, LLC 3.6719

H P HOOD, LLC 3.9570

HANSON AGGREGATES NY LLC 0.2500

HANSON AGGREGATES NY LLC 0.5000

HANSON AGGREGATES NY LLC 0.7500

HANSON AGGREGATES NY LLC 1.0000

HANSON AGGREGATES NY LLC 1.5000

HANSON AGGREGATES NY LLC 2.0000

HANSON AGGREGATES NY LLC 2.4300

HANSON AGGREGATES NY LLC 2.5000

HANSON AGGREGATES NY LLC 3.3761

HANSON AGGREGATES NY LLC 3.4200

HANSON AGGREGATES NY LLC 5.4001

HANSON AGGREGATES NY LLC 5.4500

HANSON AGGREGATES NY LLC 5.8100

HIGH FALLS BREWING COMPANY LLC 0.5000

HIGH FALLS BREWING COMPANY LLC 2.1600

HIGH FALLS BREWING COMPANY LLC 3.0300

HIGH FALLS BREWING COMPANY LLC 4.1800

INTERNATIONAL CHIMNEY 2.3034

J A CARMAN TRUCKING CO INC 3.5217

J H WATTLES INC 2.6000

JAMES DESIDERIO INC 2.3340

JAMES H MALOY INC 9.1300

JAMES H MALOY INC 9.5900

JOEY'S BROKERAGE 1.6200

JONES MOTOR COMPANY INC 13.5410

JOSEPH A CIMINO FOOD BRKRS INC 1.2700

JOSEPH A CIMINO FOOD BRKRS INC 3.3700

KEELER CONSTRUCTION CO INC 3.5800

KEELER CONSTRUCTION CO INC 4.2300

KEELER CONSTRUCTION CO INC 8.9000

KELLOGG SALES COMPANY D/B/A 2.1034

LAKE BEVERAGE CORPORATION 0.0530

LAKE BEVERAGE CORPORATION 0.2300

LAKE BEVERAGE CORPORATION 0.3000

LAKE BEVERAGE CORPORATION 0.4700

LAKE BEVERAGE CORPORATION 0.5000

LAKE BEVERAGE CORPORATION 0.6900

LAKE BEVERAGE CORPORATION 0.7500

LAKE BEVERAGE CORPORATION 1.0000

LAKE BEVERAGE CORPORATION 2.2600

LAKE BEVERAGE CORPORATION 4.3500

LARNED TRUCKING 5.2200
LARNED TRUCKING 7.5300

LINDE GAS USA LLC 3.5795

LINDE GAS USA LLC 3.6470

MANITOU CONSTRUCTION CO INC 0.2500

MANITOU CONSTRUCTION CO INC 4.1400

MANITOU CONSTRUCTION CO INC 5.1800

MANITOU CONSTRUCTION CO INC 5.9000

MANITOU CONSTRUCTION CO INC 6.9900

MATT BREWING COMPANY 1.9400

MICHELS CORPORATION 5.2000

MID-STATE RACEWAY, INC. 1.3833

MURZAK ENTERPRISES, INC. 7.2201

N Y STATE TEAMSTERS COUNCIL 2.5500

N Y STATE TEAMSTERS COUNCI 3.5500

N Y STATE TEAMSTERS COUNCIL 4.5500

N Y STATE TEAMSTERS COUNCIL 5.5500

N Y STATE TEAMSTERS COUNCIL 6.5500

N Y STATE TEAMSTERS COUNCIL 12.1529

NEW PENN MOTOR EXPRESS INC 2.2457

NIAGARA FRONTIER FOOD TERM INC 2.6800

PALLETTE STONE CORP 1.7500

PALLETTE STONE CORP 4.4200

PECKHAM MATERIALS CORP 5.1300

PECKHAM MATERIALS CORP 5.1300

PENNZOIL-QUAKER STATE CO D/B/A 3.2600

PENNZOIL-QUAKER STATE CO D/B/A 7.4000

PENSKE TRUCK LEASING CO LP 2.8000

PENSKE TRUCK LEASING CO LP 3.4100

PERRAS-ENVIRONMENTAL 6.1500

PERRAS-ENVIRONMENTAL 7.8600

POLLIO DAIRY PRODUCTS CORP/ 2.4400

QUALA SYSTEMS INC 4.2847

QUALA SYSTEMS INC 4.6543

RICHMOND TOWNSHIP 4.5300

RIDGEWAY TRUCKING CORP 3.9900

RIDGEWAY TRUCKING CORP 8.4000

RIFENBURG CONTRACTING CORP. 7.9600

RIFENBURG CONTRACTING CORP. 9.5900

ROBERT H. LAW, INC. 4.6000

ROBERT H. LAW, INC. 7.8900

ROBISON & SMITH OF POTSDAM INC 1.3000

ROCHESTER AREA CONSTRUCTION & 1.2600

ROTONDO TRUCKING & WAREHOUSING 3.5400

RUSSO PRODUCE CO INC 3.3900

SAINT LAWRENCE INDUSTRIAL 6.9100

SAINT LAWRENCE INDUSTRIAL 7.8600

SAM-SON DISTRIBUTION CENTER IN 0.5000
SAM-SON DISTRIBUTION CENTER IN 0.7500

SAM-SON DISTRIBUTION CENTER IN 1.0000

SAM-SON DISTRIBUTION CENTER IN 2.6501

SAUNDERS CONCRETE CO INC 3.8600

SAUNDERS CONCRETE CO INC 4.7100

SEVENSON ENVIRONMENTAL 7.8900

STAPLES BUSINESS ADVANTGE-ROCH 5.9620

STROEHMANN BAKERIES, INC. 3.9231

SYRACUSE BANANA COMPANY 3.3900

SYRACUSE BANANA COMPANY 11.5200

SYRACUSE BANANA COMPANY 14.3900

SYRACUSE TEACHERS ASSOCIATION 5.8200

SYSCO FOOD SERVICES-ALBANY 0.4028

SYSCO FOOD SERVICES-ALBANY 3.2436

SYSCO FOOD SERVICES-ALBANY 5.2364

TEAMSTERS LOCAL UNION NO 118 6.1370

TEAMSTERS LOCAL UNION NO 118 7.0800

TEAMSTERS LOCAL UNION NO 118 7.6850

TEAMSTERS LOCAL UNION NO 118 14.3900

TEAMSTERS LOCAL UNION NO 264 6.0730

TEAMSTERS LOCAL UNION NO 264 12.3370

TEAMSTERS LOCAL UNION NO 294 9.3649

TEAMSTERS LOCAL UNION NO 294 10.9767

TEAMSTERS LOCAL UNION NO 294 13.4100

TEAMSTERS LOCAL UNION NO 294 13.8650

TEAMSTERS LOCAL UNION NO 317 3.7100

TEAMSTERS LOCAL UNION NO 317 14.3601

TEAMSTERS LOCAL UNION NO 449 13.0090

TEAMSTERS LOCAL UNION NO 449 15.6858

TEAMSTERS LOCAL UNION NO 529 12.8000

TEAMSTERS LOCAL UNION NO 687 11.8480

TEAMSTERS LOCAL UNION NO 687 13.8650

TEAMSTERS LOCAL UNION NO 693 3.8810

TEAMSTERS LOCAL UNION NO 693 10.6230

THE DE PERNO FIRM PC 4.8912

THE L C WHITFORD COMPANY INC 3.6900

THRUWAY BLDRS OF ORCHARD PARK 2.6300

TRANSERVICE LOGISTICS, INC. 1.8337

UCC CONSTRUCTORS INC 7.1762

UNITED PARCEL SERVICE - FULL TIME 14.6650

UNITED PARCEL SERVICE - PART- TIME 11.3270

UPSTATE NIAGARA COOPERATIVE,IN 1.9197

UPSTATE NIAGARA COOPERATIVE,IN 2.4066

USF HOLLAND INC 2.2457

VAN AUKEN EXPRESS INC 6.6922

W J W LOGISTICS SERVICE INC 6.6103

WECKESSER BRICK COMPANY INC 2.0000
WECKESSER BRICK COMPANY INC 6.1800

WHITACRE ENGINEERING CO 4.2800

WILLIAM B MORSE LUMBER CO 0.4288

WILLIAM B MORSE LUMBER CO 2.0042

WM J. KELLER & SONS CONST CORP 9.5900

WM LARNED & SONS INC 9.5900

WNYCOSH 3.7000

Y R C W 1.1489

Y R C W 2.2457

YANK WASTE CO., INC. 0.9101