Checklist Item #26 Resubmitted Application for Approval of a 

Suspension of Benefits Under MPRA

Iron Workers Local 17 Pension Fund EIN: 51-0161467

Plan No.: 001

Does the application 

describe the plan’s 

experience with certain 

critical assumptions, 

including a disclosure for 

each of the 10 plan years 

immediately preceding the 

application that separately 

identifies 

• total contributions, 

• total contribution 

base units, 

• average 

contribution rates, 

• withdrawal liability 

payments, and 

• the rate of return on 

plan assets. 

See section 6.03.

The application filed on behalf of the Iron Workers 

Local 17 Pension Fund includes an Actuarial 

Report prepared by the Fund Actuary provided in 

Checklist Item #7. A supplemental report entitled 

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

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

This Report provides the total contributions, total 

contribution base units, average contribution rates 

and rate of return. Since this Pension Fund is 

under the building and construction industry rules, 

it has had very few employers trigger withdrawal 

liability. Currently there is only one employer with 

a contested withdrawal liability assessment. The 

arbitrator reviewing the assessment determined 

that the withdrawal liability was not owed. The 

matter is currently pending before the U.S. District 

Court for the Northern District of Ohio. Exhibit I to 

the Report, which is based upon our interpretation 

of the requirements under Revenue Procedure 

2016-27, Section 6.03, is included on page 

IW17PF_860. 

IW17PF_853
Iron Workers Local 17 Pension Fund 

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

Section 432(e)(9) – Additional Information

. 

Copyright © 2016 by The Segal Group, Inc. All rights reserved.

IW17PF_854
101 East Ninth Street, Suite 1900 Cleveland, OH 44114

T 216.687.4400 www.segalco.com

July 27, 2016 

Board of Trustees 

Iron Workers Local 17 Pension Fund 

Cleveland, Ohio

Dear Trustees:

As requested by the Trustees and required by ERISA Section 305(e)(9) and Internal Revenue Code (IRC) Section 432(e)(9)

(taking into account regulation §1.432(e)(9)-1 and Revenue Procedure 2016-27), we have performed additional projections 

required as part of the application for proposed benefit suspensions permitted under ERISA Section 305 and IRC Section 432

because of the Plan’s critical and declining status. These projections are in addition to our certification that the proposed 

suspensions of benefits are reasonably estimated to enable the Plan to avoid insolvency within the meaning of ERISA Section 

4245 and IRC Section 418E, assuming the suspensions of benefits continue indefinitely and both the benefit accrual reductions 

and other plan changes become effective upon the proposed February 1, 2017 suspension effective date.

These projections were performed in accordance with the Multiemployer Pension Reform Act of 2014 (MPRA). The attached 

exhibits outline the projections performed in accordance with the regulations. These projections have been prepared based on 

the Actuarial Valuation as of May 1, 2015, the Actuarial Certification of Plan Status as of May 1, 2015 under IRC Section 432, 

and the Actuarial Certification of Plan Solvency under ERISA Section 305(e)(9)(c)(i) and IRC Section 432(e)(9)(C)(i) of 

Proposed Benefit Suspensions as of February 1, 2017, in accordance with generally accepted actuarial principles and 

practices and a current understanding of the law. The actuarial calculations were completed under the supervision of Henry 

Wong, ASA, MAAA, FCA, EA.

IW17PF_855
Segal Consulting (“Segal”) does not practice law and, therefore, cannot and does not provide legal advice. Any statutory 

interpretation on which the certification is based reflects Segal’s understanding as an actuarial firm. Due to the complexity of 

the statute and the significance of its ramifications, Segal recommends that the Board of Trustees consult with legal counsel 

when making any decisions regarding compliance with ERISA and the Internal Revenue Code.

Sincerely,

Segal Consulting, a Member of the Segal Group 

By: ________________________________ ____________________________ ________________________________ 

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

Vice President and Benefits Consultant Vice President and Actuary Vice President and Consulting Actuary 

5605637v1/01031.030

IW17PF_856
July 27, 2016 

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

ADDITIONAL INFORMATION

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

Section 305(e)(9) and Internal Revenue Code Section 432(e)(9), taking into account regulation §1.432(e)(9)-1 and Revenue Procedure 

2016-27, for the Iron Workers Local 17 Pension Fund based on participant data as of April 30, 2015 and asset values as of September 30, 

2015 in accordance with generally accepted actuarial principles and practices. It has been prepared at the request of the Board of Trustees 

to assist in meeting filing and compliance requirements under federal law, in particular the application requirements for a benefit 

suspension. This certification may not otherwise be copied or reproduced in any form without the consent of the Board of Trustees and 

may only be provided to other parties in its entirety. 

The measurements shown in this actuarial certification are not applicable for other purposes. Future actuarial measurements may differ 

significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from 

that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; differences in statutory 

interpretation; differences in methodology, changes in plan provisions and changes in applicable law. Due to the legal requirements for 

this certification, it does not include an analysis of such future measurements.

This certification is based on the May 1, 2015 actuarial valuation, dated December 21, 2015, the Actuarial Certification of Plan Status as 

of May 1, 2015 under IRC Section 432, dated July 29, 2015, and the Actuarial Certification of Plan Solvency under ERISA Section 

305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) of Proposed Benefit Suspensions as of February 1, 2017, dated July 27, 2016. The 

information described in Exhibit I is based on information provided by the Fund Office. This certification reflects the changes in the law 

made by the Multiemployer Pension Reform Act of 2014 (MPRA), taking into account regulation §1.432(e)(9)-1 and Revenue Procedure 

2016-27. Additional assumptions required for the projections (including those under MPRA), and sources of financial information used 

are summarized in Exhibit VII. A summary of the proposed benefit suspensions is included in the Actuarial Certification of Plan Solvency 

referenced above.

Segal Consulting does not practice law and, therefore, cannot and does not provide legal advice. Any statutory interpretations on which 

this certification is based reflect Segal’s understanding as an actuarial firm. Based on discussions with legal counsel, it is our 

understanding that the proposed benefit suspensions satisfy the requirements for such as set forth in MPRA. 

This certification was based on the assumption that the Plan was qualified as a multiemployer plan for the year. 

IW17PF_857
I am a member of the American Academy of Actuaries and I meet the Qualification Standards of the American Academy of Actuaries to 

render the actuarial opinion herein. To the best of my knowledge, the information supplied in this actuarial certification is complete and 

accurate. The assumptions and methodology used, with the exception of those specifically identified and described in the certifications 

referenced above, are prescribed by law in regulation 1.432(e)(9)-1 (Exhibits II, III, IV and V for the required sensitivity analyses). 

_______________________________ 

Henry Wong, ASA, MAAA, FCA

Vice President and Consulting Actuary

Enrolled Actuary No. 14-05951 

IW17PF_858
Certificate Contents

EXHIBIT I Past Experience for Certain Critical Assumptions

EXHIBIT II Development of Projected April 30, 2016 Assets

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

is 1.00% Lower than Used in the Actuarial Solvency Certification

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

is 2.00% Lower than Used in the Actuarial Solvency Certification

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

Assumption Continues Under the Same Trend as the Plan Experienced 

Over the Past 10 Years (-0.11%)

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

Assumption Continues Under the Same Trend as the Plan Experienced 

Over the Past 10 Years, Reduced By 1.00% (-1.11%)

EXHIBIT VII Projection of Funded Percentage

EXHIBIT VIII Actuarial Basis

IW17PF_859
EXHIBIT I 

Past Experience for Certain Critical Assumptions

Year Total Contributions

Total Contribution

Base Units (hours)

Average Hourly 

Contribution Rate 

Rate of Return on Plan 

Assets

2005 $10,447,836 1,285,888 $8.12 12.16%

2006 12,239,213 1,332,159 9.19 11.54%

2007 11,965,371 1,259,513 9.50 -0.43%

2008 11,468,721 1,207,234 9.50 -20.39%

2009 8,343,042 878,215 9.50 28.80%

2010 9,718,103 1,022,958 9.50 14.31%

2011 12,140,786 1,277,977 9.50 0.57%

2012 11,580,815 1,219,033 9.50 12.17%

2013 11,690,443 1,169,044 10.00 11.48%

2014 12,736,277 1,273,628 10.00 6.96%

Average Trend From 2005 to 2014 -0.11%

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

IW17PF_860
EXHIBIT II

Development of Projected April 30, 2016 Assets

The actual change in Market Value of Assets from May 1, 2015 through September 30, 2015 is shown below. Contribution income, 

benefit payments, and administrative expenses for the period beginning May 1, 2015 and ending September 30, 2015, and the value of 

non-invested assets as of September 30, 2015 was based on an unaudited financial statement provided by the Fund Office. The value of 

invested assets as of September 30, 2015 was provided by the Investment Manager. In addition, the value of assets was reduced by the 

estimated value of withdrawal liability payments refundable to a withdrawn employer. 

Year Beginning May 1, 2015

From

May 1, 2015 Through

September 30, 2015

Projected from

October 1, 2015 Through

April 30, 2016

Total for

Plan Year

1. Market Value at beginning of period $85,351,315 $78,486,182 $85,351,315 

2. Contributions 5,643,325 6,358,675 12,002,000

3. Benefit payments 7,998,551 11,691,373 19,689,924

4. Administrative expenses 197,505 452,495 650,000

5. Investment earnings/(loss) -4,312,402 1,732,069 -2,580,333

6. Market Value at end of period: 

(1)+(2)-(3)-(4)+(5) $78,486,182 $74,433,058 $74,433,058 

Note: Investment earnings/(loss) based on actual experience for the five-month period ended September 30, 2015 and 3.96% for the remaining seven months of the Plan Year.

IW17PF_861
EXHIBIT III 

Projections of Plan’s Solvency Ratio Assuming the Annual Rate of Return is 1.00% Lower than Used in the Actuarial Solvency 

Certification: Regulation 1.432(e)(9)-1(d)(5)(vi)(B)(1) and Revenue Procedure 2016-27 6.04(1)

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning May 1, 2015 through April 30, 2036. 

Year Beginning May 1

2015* 2016 2017 2018 2019

1. Market Value at beginning of year $78,486,182 $73,998,300 $67,960,649 $64,792,562 $61,683,936 

2. Contributions 6,358,675 10,608,000 10,319,000 10,319,000 10,319,000 

3. Benefit payments 11,691,373 18,758,392 15,863,006 15,928,419 16,135,929 

4. Administrative expenses 452,495 500,000 450,000 463,500 477,405 

5. Investment earnings 1,297,311 2,612,741 2,825,919 2,964,293 3,002,936 

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $73,998,300 $67,960,649 $64,792,562 $61,683,936 $58,392,538 

7. Available resources: 

(1)+(2)-(4)+(5) $86,719,041 $80,655,568 $77,612,355 $74,528,467 

8. Solvency ratio: (7) ÷ (3) 4.623 5.085 4.873 4.619 

2020 2021 2022 2023 2024

1. Market Value at beginning of year $58,392,538 $54,899,676 $51,252,692 $47,526,525 $43,764,956 

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

3. Benefit payments 16,287,864 16,335,745 16,265,360 16,124,708 16,007,948 

4. Administrative expenses 491,727 506,479 521,673 537,323 553,443 

5. Investment earnings 2,967,729 2,876,240 2,741,866 2,581,462 2,397,982 

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $54,899,676 $51,252,692 $47,526,525 $43,764,956 $39,920,547 

7. Available resources: 

(1)+(2)-(4)+(5) $71,187,540 $67,588,437 $63,791,885 $59,889,664 $55,928,495 

8. Solvency ratio: (7) ÷ (3) 4.371 4.137 3.922 3.714 3.494 

* For the period October 1, 2015 through April 30, 2016 and an assumed investment return of 2.96% over that period.

IW17PF_862
EXHIBIT III (continued)

Projections of Plan’s Solvency Ratio Assuming the Annual Rate of Return is 1.00% Lower than Used in the Actuarial Solvency 

Certification: Regulation 1.432(e)(9)-1(d)(5)(vi)(B)(1) and Revenue Procedure 2016-27 6.04(1)

Year Beginning May 1

2025 2026 2027 2028 2029 

1. Market Value at beginning of year $39,920,547 $36,196,783 $32,437,529 $28,640,774 $24,831,706 

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

3. Benefit payments 15,825,798 15,628,968 15,424,960 15,188,317 14,973,152 

4. Administrative expenses 570,046 587,147 604,761 622,904 641,591 

5. Investment earnings 2,353,080 2,137,861 1,913,966 1,683,153 1,446,386 

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $36,196,783 $32,437,529 $28,640,774 $24,831,706 $20,982,349 

7. Available resources: 

(1)+(2)-(4)+(5) $52,022,581 $48,066,497 $44,065,734 $40,020,023 $35,955,501 

8. Solvency ratio: (7) ÷ (3) 3.287 3.075 2.857 2.635 2.401 

2030 2031 2032 2033 2034

1. Market Value at beginning of year $20,982,349 $17,143,705 $13,269,047 $9,321,854 $5,360,300 

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

3. Benefit payments 14,746,900 14,513,026 14,309,000 14,042,589 13,813,427 

4. Administrative expenses 660,839 680,664 701,084 722,117 743,781 

5. Investment earnings 1,250,095 1,000,032 743,891 484,152 221,374 

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $17,143,705 $13,269,047 $9,321,854 $5,360,300 $1,343,466 

7. Available resources: 

(1)+(2)-(4)+(5) $31,890,605 $27,782,073 $23,630,854 $19,402,889 $15,156,893 

8. Solvency ratio: (7) ÷ (3) 2.163 1.914 1.651 1.382 1.097 

IW17PF_863
EXHIBIT III (continued)

Projections of Plan’s Solvency Ratio Assuming the Annual Rate of Return is 1.00% Lower than Used in the Actuarial Solvency 

Certification: Regulation 1.432(e)(9)-1(d)(5)(vi)(B)(1) and Revenue Procedure 2016-27 6.04(1)

Year Beginning May 1

2035

1. Market Value at beginning of year $1,343,466 

2. Contributions 10,319,000 

3. Benefit payments 13,484,697 

4. Administrative expenses 766,094 

5. Investment earnings N/A

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) Insolvent

7. Available resources: 

(1)+(2)-(4)+(5) $10,896,372 

8. Solvency ratio: (7) ÷ (3) 0.808

IW17PF_864
EXHIBIT IV

Projections of Plan’s Solvency Ratio Assuming the Annual Rate of Return is 2.00% Lower than Used in the Actuarial Solvency 

Certification: Regulation 1.432(e)(9)-1(d)(5)(vi)(B)(2) and Revenue Procedure 2016-27 6.04(2)

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning May 1, 2015 through April 30, 2033. 

Year Beginning May 1

2015* 2016 2017 2018 2019

1. Market Value at beginning of year $78,486,182 $73,561,779 $66,815,393 $62,959,303 $59,163,452 

2. Contributions 6,358,675 10,608,000 10,319,000 10,319,000 10,319,000 

3. Benefit payments 11,691,373 18,758,392 15,863,006 15,928,419 16,135,929 

4. Administrative expenses 452,495 500,000 450,000 463,500 477,405 

5. Investment earnings 860,790 1,904,006 $2,137,916 $2,277,068 $2,313,473 

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $73,561,779 $66,815,393 $62,959,303 $59,163,452 $55,182,591 

7. Available resources: 

(1)+(2)-(4)+(5) $85,573,785 $78,822,309 $75,091,871 $71,318,520 

8. Solvency ratio: (7) ÷ (3) 4.562 4.969 4.714 4.420 

2020 2021 2022 2023 2024

1. Market Value at beginning of year $55,182,591 $50,997,511 $46,655,818 $42,232,952 $37,772,682 

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

3. Benefit payments 16,287,864 16,335,745 16,265,360 16,124,708 16,007,948 

4. Administrative expenses 491,727 506,479 521,673 537,323 553,443 

5. Investment earnings $2,275,511 $2,181,531 $2,045,167 $1,882,761 $1,697,923 

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $50,997,511 $46,655,818 $42,232,952 $37,772,682 $33,228,214 

7. Available resources: 

(1)+(2)-(4)+(5) $67,285,375 $62,991,563 $58,498,312 $53,897,390 $49,236,162 

8. Solvency ratio: (7) ÷ (3) 4.131 3.856 3.596 3.343 3.076 

* For the period October 1, 2015 through April 30, 2016 and an assumed investment return of 1.96% over that period.

IW17PF_865
EXHIBIT IV (continued)

Projections of Plan’s Solvency Ratio Assuming the Annual Rate of Return is 2.00% Lower than Used in the Actuarial Solvency 

Certification: Regulation 1.432(e)(9)-1(d)(5)(vi)(B)(2) and Revenue Procedure 2016-27 6.04(2)

Year Beginning May 1

2025 2026 2027 2028 2029 

1. Market Value at beginning of year $33,228,214 $28,775,581 $24,280,873 $19,742,128 $15,184,688 

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

3. Benefit payments 15,825,798 15,628,968 15,424,960 15,188,317 14,973,152 

4. Administrative expenses 570,046 587,147 604,761 622,904 641,591 

5. Investment earnings $1,624,211 $1,402,407 $1,171,976 $934,781 $692,032 

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $28,775,581 $24,280,873 $19,742,128 $15,184,688 $10,580,977 

7. Available resources: 

(1)+(2)-(4)+(5) $44,601,379 $39,909,841 $35,167,088 $30,373,005 $25,554,129 

8. Solvency ratio: (7) ÷ (3) 2.818 2.554 2.280 2.000 1.707 

2030 2031 2032

1. Market Value at beginning of year $10,580,977 $5,956,754 $1,286,190 

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

3. Benefit payments 14,746,900 14,513,026 14,309,000 

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

5. Investment earnings $464,516 $204,126 N/A

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $5,956,754 $1,286,190 Insolvent

7. Available resources: 

(1)+(2)-(4)+(5) $20,703,654 $15,799,216 $10,904,106 

8. Solvency ratio: (7) ÷ (3) 1.404 1.089 0.762 

IW17PF_866
EXHIBIT V 

Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues Under the Same Trend 

(-0.11% -- See Exhibit I) as the Plan Experienced Over the Past 10 Years: Regulation 1.432(e)(9)-1(d)(5)(vi)(C)(1) and Revenue 

Procedure 2016-27 6.04(3)

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning May 1, 2015 through April 30, 2055. 

Year Beginning May 1

2015* 2016 2017 2018 2019

1. Market Value at beginning of year $78,486,182 $74,433,058 $70,526,381 $69,846,121 $69,339,259

2. Contributions 6,358,675 11,988,798 11,975,610 11,962,437 11,949,278

3. Benefit payments 11,691,373 18,758,392 15,863,006 15,928,419 16,135,929

4. Administrative expenses 452,495 500,000 450,000 463,500 477,405

5. Investment earnings 1,732,069 3,362,917 3,657,136 3,922,620 4,107,543

6. Market Value at end of year:

(1)+(2)-(3)-(4)+(5) $74,433,058 $70,526,381 $69,846,121 $69,339,259 $68,782,746

7. Available resources:

(1)+(2)-(4)+(5) $89,284,773 $85,709,127 $85,267,678 $84,918,675

8. Solvency ratio: (7) ÷ (3) 4.760 5.403 5.353 5.263

2020 2021 2022 2023 2024

1. Market Value at beginning of year $68,782,746 $68,173,122 $67,571,280 $67,064,541 $66,710,605

2. Contributions 11,936,134 11,923,004 11,909,889 11,896,788 11,883,702

3. Benefit payments 16,287,864 16,335,745 16,265,360 16,124,708 16,007,948

4. Administrative expenses 491,727 506,479 521,673 537,323 553,443

5. Investment earnings 4,233,833 4,317,378 4,370,405 4,411,307 4,441,652

6. Market Value at end of year:

(1)+(2)-(3)-(4)+(5) $68,173,122 $67,571,280 $67,064,541 $66,710,605 $66,474,568

7. Available resources:

(1)+(2)-(4)+(5) $84,460,986 $83,907,025 $83,329,901 $82,835,313 $82,482,516

8. Solvency ratio: (7) ÷ (3) 5.186 5.136 5.123 5.137 5.153

* For the period October 1, 2015 through April 30, 2016.

IW17PF_867
EXHIBIT V (continued)

Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues Under the Same Trend 

(-0.11% -- See Exhibit I) as the Plan Experienced Over the Past 10 Years: Regulation 1.432(e)(9)-1(d)(5)(vi)(C)(1) and Revenue 

Procedure 2016-27 6.04(3)

Year Beginning May 1

2025 2026 2027 2028 2029 

1. Market Value at beginning of year $66,474,568 $66,688,197 $67,122,351 $67,793,799 $68,747,287

2. Contributions 11,870,630 11,857,572 11,844,529 11,831,500 11,818,485

3. Benefit payments 15,825,798 15,629,273 15,426,004 15,190,328 14,976,428

4. Administrative expenses 570,046 587,147 604,761 622,904 641,591

5. Investment earnings 4,738,843 4,793,002 4,857,684 4,935,220 5,026,934

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $66,688,197 $67,122,351 $67,793,799 $68,747,287 $69,974,687

7. Available resources: 

(1)+(2)-(4)+(5) $82,513,995 $82,751,624 $83,219,803 $83,937,615 $84,951,115

8. Solvency ratio: (7) ÷ (3) 5.214 5.295 5.395 5.526 5.672

2030 2031 2032 2033 2034

1. Market Value at beginning of year $69,974,687 $71,671,281 $73,720,242 $76,110,456 $78,931,394

2. Contributions 11,805,485 11,792,499 11,779,527 11,766,569 11,753,626

3. Benefit payments 14,751,766 14,520,304 14,319,227 14,057,540 13,833,663

4. Administrative expenses 660,839 680,664 701,084 722,117 743,781

5. Investment earnings 5,303,714 5,457,430 5,630,998 5,834,026 6,069,776

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $71,671,281 $73,720,242 $76,110,456 $78,931,394 $82,177,352

7. Available resources: 

(1)+(2)-(4)+(5) $86,423,047 $88,240,546 $90,429,683 $92,988,934 $96,011,015

8. Solvency ratio: (7) ÷ (3) 5.858 6.077 6.315 6.615 6.940

IW17PF_868
EXHIBIT V (continued)

Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues Under the Same Trend 

(-0.11% -- See Exhibit I) as the Plan Experienced Over the Past 10 Years: Regulation 1.432(e)(9)-1(d)(5)(vi)(C)(1) and Procedure 

2016-27 6.04(3)

Year Beginning May 1

2035 2036 2037 2038 2039

1. Market Value at beginning of year $82,177,352 $85,983,350 $90,413,832 $95,558,312 $101,411,815

2. Contributions 11,740,697 11,727,782 11,714,882 11,701,995 11,689,123

3. Benefit payments 13,511,849 13,170,325 12,781,378 12,459,572 12,095,056

4. Administrative expenses 766,094 789,077 812,749 837,131 862,245

5. Investment earnings 6,343,244 6,662,102 7,023,725 7,448,211 7,931,207

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $85,983,350 $90,413,832 $95,558,312 $101,411,815 $108,074,844

7. Available resources: 

(1)+(2)-(4)+(5) $99,495,199 $103,584,157 $108,339,690 $113,871,387 $120,169,900

8. Solvency ratio: (7) ÷ (3) 7.364 7.865 8.476 9.139 9.935

2040 2041 2042 2043 2044

1. Market Value at beginning of year $108,074,844 $115,569,935 $123,987,812 $133,415,464 $143,923,462

2. Contributions 11,676,265 11,663,421 11,650,592 11,637,776 11,624,974

3. Benefit payments 11,760,298 11,411,581 11,037,995 10,672,258 10,296,563

4. Administrative expenses 888,112 914,755 942,198 970,464 999,578

5. Investment earnings 8,467,236 9,080,792 9,757,253 10,512,944 11,368,534

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $115,569,935 $123,987,812 $133,415,464 $143,923,462 $155,620,829

7. Available resources: 

(1)+(2)-(4)+(5) $127,330,233 $135,399,393 $144,453,459 $154,595,720 $165,917,392

8. Solvency ratio: (7) ÷ (3) 10.827 11.865 13.087 14.486 16.114

IW17PF_869
EXHIBIT V (continued)

Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues Under the Same Trend 

(-0.11% -- See Exhibit I) as the Plan Experienced Over the Past 10 Years: Regulation 1.432(e)(9)-1(d)(5)(vi)(C)(1) and Revenue 

Procedure 2016-27 6.04(3)

Year Beginning May 1

2045 2046 2047 2048 2049

1. Market Value at beginning of year $155,620,829 $168,535,116 $182,784,187 $198,469,580 $215,650,228

2. Contributions 11,612,187 11,599,413 11,586,654 11,573,909 11,561,177

3. Benefit payments 9,970,949 9,623,428 9,296,271 9,004,381 8,712,028

4. Administrative expenses 1,029,565 1,060,452 1,092,266 1,125,034 1,158,785

5. Investment earnings 12,302,614 13,333,538 14,487,276 15,736,154 17,103,137

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $168,535,116 $182,784,187 $198,469,580 $215,650,228 $234,443,729

7. Available resources: 

(1)+(2)-(4)+(5) $178,506,065 $192,407,615 $207,765,851 $224,654,609 $243,155,757

8. Solvency ratio: (7) ÷ (3) 17.903 19.994 22.349 24.949 27.910

2050 2051 2052 2053 2054

1. Market Value at beginning of year $234,443,729 $254,966,429 $277,310,348 $301,624,688 $328,026,730

2. Contributions 11,548,460 11,535,757 11,523,068 11,510,392 11,497,731

3. Benefit payments 8,451,971 8,213,117 7,968,254 7,759,409 7,574,982

4. Administrative expenses 1,193,549 1,229,355 1,266,236 1,304,223 1,343,350

5. Investment earnings 18,619,760 20,250,634 22,025,762 23,955,282 26,081,861

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $254,966,429 $277,310,348 $301,624,688 $328,026,730 $356,687,990

7. Available resources: 

(1)+(2)-(4)+(5) $263,418,400 $285,523,465 $309,592,942 $335,786,139 $364,262,972

8. Solvency ratio: (7) ÷ (3) 31.167 34.764 38.853 43.275 48.088

IW17PF_870
EXHIBIT VI 

Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues Under the Same Trend 

(-0.11% -- See Exhibit I) as the Plan Experienced Over the Past 10 Years Reduced By 1.00% (-1.11%): Regulation 1.432(e)(9)-

1(d)(5)(vi)(C)(2) and Revenue Procedure 2016-27 6.04(4)

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning May 1, 2015 through April 30, 2055. 

Year Beginning May 1

2015* 2016 2017 2018 2019

1. Market Value at beginning of year $78,486,182 $74,433,058 $70,403,511 $69,471,720 $68,577,144

2. Contributions 6,358,675 11,868,778 11,737,034 11,606,753 11,477,918

3. Benefit payments 11,691,373 18,758,392 15,863,006 15,928,419 16,135,929

4. Administrative expenses 452,495 500,000 450,000 463,500 477,405

5. Investment earnings 1,732,069 3,360,067 3,644,181 3,890,590 4,046,378

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $74,433,058 $70,403,511 $69,471,720 $68,577,144 $67,488,106

7. Available resources: 

(1)+(2)-(4)+(5) $89,161,903 $85,334,726 $84,505,563 $83,624,035

8. Solvency ratio: (7) ÷ (3) 4.753 5.379 5.305 5.182

2020 2021 2022 2023 2024

1. Market Value at beginning of year $67,488,106 $66,191,582 $64,738,126 $63,204,150 $61,635,494

2. Contributions 11,350,513 11,224,523 11,099,931 10,976,721 10,854,880

3. Benefit payments 16,287,864 16,335,745 16,265,360 16,124,708 16,007,948

4. Administrative expenses 491,727 506,479 521,673 537,323 553,443

5. Investment earnings 4,132,554 4,164,245 4,153,126 4,116,654 4,055,974

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $66,191,582 $64,738,126 $63,204,150 $61,635,494 $59,984,957

7. Available resources: 

(1)+(2)-(4)+(5) $82,479,446 $81,073,871 $79,469,510 $77,760,202 $75,992,905

8. Solvency ratio: (7) ÷ (3) 5.064 4.963 4.886 4.822 4.747

* For the period October 1, 2015 through April 30, 2016.

IW17PF_871
EXHIBIT VI (continued)

Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues Under the Same Trend 

(-0.11% -- See Exhibit I) as the Plan Experienced Over the Past 10 Years Reduced By 1.00% (-1.11%): Regulation 1.432(e)(9)-

1(d)(5)(vi)(C)(2) and Revenue Procedure 2016-27 6.04(4)

Year Beginning May 1

2025 2026 2027 2028 2029 

1. Market Value at beginning of year $59,984,957 $58,541,486 $57,081,882 $55,605,989 $54,140,660

2. Contributions 10,734,391 10,615,239 10,497,410 10,380,888 10,265,661

4. Benefit payments 15,825,798 15,629,246 15,425,892 15,190,059 14,975,908

5. Administrative expenses 570,046 587,147 604,761 622,904 641,591

6. Investment earnings 4,217,982 4,141,550 4,057,350 3,966,746 3,870,149

7. Market Value at end of year: 

(1)+(2)+(3)-(4)-(5)+(6) $58,541,486 $57,081,882 $55,605,989 $54,140,660 $52,658,971

8. Available resources: 

(1)+(2)+(3)-(5)+(6) $74,367,284 $72,711,128 $71,031,881 $69,330,719 $67,634,879

9. Solvency ratio: (8) ÷ (4) 4.699 4.652 4.605 4.564 4.516

2030 2031 2032 2033 2034

1. Market Value at beginning of year $52,658,971 $51,291,221 $49,930,179 $48,540,435 $47,183,486

2. Contributions 10,151,712 10,039,028 9,927,594 9,817,398 9,708,425

4. Benefit payments 14,750,877 14,518,862 14,317,017 14,054,198 13,828,809

5. Administrative expenses 660,839 680,664 701,084 722,117 743,781

6. Investment earnings 3,892,254 3,799,456 3,700,763 3,601,968 3,504,035

7. Market Value at end of year: 

(1)+(2)+(3)-(4)-(5)+(6) $51,291,221 $49,930,179 $48,540,435 $47,183,486 $45,823,356

8. Available resources: 

(1)+(2)+(3)-(5)+(6) $66,042,098 $64,449,041 $62,857,452 $61,237,684 $59,652,165

9. Solvency ratio: (8) ÷ (4) 4.477 4.439 4.390 4.357 4.314

IW17PF_872
EXHIBIT VI (continued)

Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues Under the Same Trend 

(-0.11% -- See Exhibit I) as the Plan Experienced Over the Past 10 Years Reduced By 1.00% (-1.11%): Regulation 1.432(e)(9)-

1(d)(5)(vi)(C)(2) and Revenue Procedure 2016-27 6.04(4)

Year Beginning May 1

2035 2036 2037 2038 2039

1. Market Value at beginning of year $45,823,356 $44,562,427 $43,429,853 $42,481,717 $41,668,084

2. Contributions 9,600,662 9,494,094 9,388,710 9,284,495 9,181,437

4. Benefit payments 13,504,968 13,160,850 12,768,773 12,443,030 12,074,075

5. Administrative expenses 766,094 789,077 812,749 837,131 862,245

6. Investment earnings 3,409,471 3,323,259 3,244,676 3,182,033 3,131,524

7. Market Value at end of year: 

(1)+(2)+(3)-(4)-(5)+(6) $44,562,427 $43,429,853 $42,481,717 $41,668,084 $41,044,725

8. Available resources: 

(1)+(2)+(3)-(5)+(6) $58,067,395 $56,590,703 $55,250,490 $54,111,114 $53,118,800

9. Solvency ratio: (8) ÷ (4) 4.300 4.300 4.327 4.349 4.399

2040 2041 2042 2043 2044

1. Market Value at beginning of year $41,044,725 $40,592,840 $40,345,520 $40,341,911 $40,594,769

2. Contributions 9,079,523 8,978,741 8,879,077 8,780,519 8,683,055

4. Benefit payments 11,734,111 11,379,395 10,999,065 10,625,222 10,240,491

5. Administrative expenses 888,112 914,755 942,198 970,464 999,578

6. Investment earnings 3,090,815 3,068,089 3,058,577 3,068,025 3,102,053

7. Market Value at end of year: 

(1)+(2)+(3)-(4)-(5)+(6) $40,592,840 $40,345,520 $40,341,911 $40,594,769 $41,139,808

8. Available resources: 

(1)+(2)+(3)-(5)+(6) $52,326,951 $51,724,915 $51,340,976 $51,219,991 $51,380,299

9. Solvency ratio: (8) ÷ (4) 4.459 4.545 4.668 4.821 5.017

IW17PF_873
EXHIBIT VI (continued)

Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues Under the Same Trend 

(-0.11% -- See Exhibit I) as the Plan Experienced Over the Past 10 Years Reduced By 1.00% (-1.11%): Regulation 1.432(e)(9)-

1(d)(5)(vi)(C)(2) and Revenue Procedure 2016-27 6.04(4)

Year Beginning May 1

2045 2046 2047 2048 2049

1. Market Value at beginning of year $41,139,808 $41,946,020 $43,058,748 $44,487,067 $46,218,007

2. Contributions 8,586,673 8,491,361 8,397,107 8,303,899 8,211,726

4. Benefit payments 9,904,233 9,544,347 9,203,179 8,894,631 8,584,040

5. Administrative expenses 1,029,565 1,060,452 1,092,266 1,125,034 1,158,785

6. Investment earnings 3,153,337 3,226,166 3,326,657 3,446,706 3,590,744

7. Market Value at end of year: 

(1)+(2)+(3)-(4)-(5)+(6) $41,946,020 $43,058,748 $44,487,067 $46,218,007 $48,277,652

8. Available resources: 

(1)+(2)+(3)-(5)+(6) $51,850,253 $52,603,095 $53,690,246 $55,112,638 $56,861,692

9. Solvency ratio: (8) ÷ (4) 5.235 5.511 5.834 6.196 6.624

2050 2051 2052 2053 2054

1. Market Value at beginning of year $48,277,652 $50,665,747 $53,383,995 $56,466,866 $59,908,531

2. Contributions 8,120,576 8,030,437 7,941,299 7,853,151 7,765,981

4. Benefit payments 8,303,264 8,041,439 7,771,502 7,534,801 7,319,514

5. Administrative expenses 1,193,549 1,229,355 1,266,236 1,304,223 1,343,350

6. Investment earnings 3,764,332 3,958,605 4,179,310 4,427,538 4,709,239

7. Market Value at end of year: 

(1)+(2)+(3)-(4)-(5)+(6) $50,665,747 $53,383,995 $56,466,866 $59,908,531 $63,720,887

8. Available resources: 

(1)+(2)+(3)-(5)+(6) $58,969,011 $61,425,434 $64,238,368 $67,443,332 $71,040,401

9. Solvency ratio: (8) ÷ (4) 7.102 7.639 8.266 8.951 9.706

IW17PF_874
EXHIBIT VII - (Regulation 1.432(e)(9)-1(d)(5)(vi)(D) and Revenue Procedure 2016-27 6.05)

Projection of Funded Percentage

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

Year Beginning May 1

2016 2017 2018 2019 2020

1. Value of Plan assets $74,433,058 $69,112,789 $66,655,978 $64,272,991 $61,725,670

2. Unit credit accrued liability 207,283,873 202,696,487 200,756,175 198,573,681 195,986,101

3. Funded Percentage: (1) ÷ (2) 35.9% 34.1% 33.2% 32.4% 31.5%

2021 2022 2023 2024 2025

1. Value of Plan assets $58,997,084 $56,135,681 $53,217,350 $50,287,445 $47,299,525

2. Unit credit accrued liability 193,033,504 189,798,439 186,397,590 182,900,466 179,273,518

3. Funded Percentage: (1) ÷ (2) 30.6% 29.6% 28.6% 27.5% 26.4%

2026 2027 2028 2029 2030 

1. Value of Plan assets $44,489,150 $41,678,501 $38,867,869 $36,084,780 $33,303,493

2. Unit credit accrued liability 175,574,739 171,826,252 168,029,837 164,216,728 160,362,874

3. Funded Percentage: (1) ÷ (2) 25.3% 24.3% 23.1% 22.0% 20.8%

2031 2032 2033 2024 2035

1. Value of Plan assets $30,607,814 $27,930,421 $25,237,516 $22,591,557 $19,956,342

2. Unit credit accrued liability 156,476,229 152,560,147 148,585,080 144,614,302 140,612,569

3. Funded Percentage: (1) ÷ (2) 19.6% 18.3% 17.0% 15.6% 14.2%

2036 2037 2038 2039 2040 

1. Value of Plan assets $17,435,002 $15,056,710 $12,879,272 $10,852,264 $9,027,824

2. Unit credit accrued liability 136,688,311 132,867,586 129,210,784 125,660,634 122,269,067

3. Funded Percentage: (1) ÷ (2) 12.8% 11.3% 10.0% 8.6% 7.4%

2041 2042 2043 2044 2045

1. Value of Plan assets $7,391,460 $5,973,316 $4,814,342 $3,933,237 $3,358,126

2. Unit credit accrued liability 119,015,440 115,925,145 113,033,357 110,354,111 107,911,663

3. Funded Percentage: (1) ÷ (2) 6.2% 5.2% 4.3% 3.6% 3.1%

IW17PF_875
EXHIBIT VII - (Regulation 1.432(e)(9)-1 (d)(5)(vi)(D) and Revenue Procedure 2016-27 6.05) (continued)

Projection of Funded Percentage

Year Beginning May 1

2046 2047 2048 2049 2050 

1. Value of Plan assets $3,066,858 $3,106,725 $3,481,536 $4,191,611 $5,252,753

2. Unit credit accrued liability 105,675,904 103,688,551 101,942,091 100,426,556 99,146,840

3. Funded Percentage: (1) ÷ (2) 2.9% 3.0% 3.4% 4.2% 5.3%

2051 2052 2053 2054 2055

1. Value of Plan assets $6,666,823 $8,437,734 $10,596,589 $13,143,296 $16,087,795

2. Unit credit accrued liability 98,091,980 97,252,848 96,647,688 96,261,350 96,087,977

3. Funded Percentage: (1) ÷ (2) 6.8% 8.7% 11.0% 13.7% 16.7%

IW17PF_876
EXHIBIT VIII 

Actuarial Basis

Unless noted otherwise, the projections in this report are based on the data, assets, and assumptions described in the Actuarial Certification 

of Plan Solvency under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) of Proposed Benefit Suspensions as of 

February 1, 2017, dated July 27, 2016. 

Historical contribution amounts, contribution base units, and rates of return shown in Exhibit I were extracted from the May 1, 2015 

actuarial valuation report. 

For purposes of the projection of assets and liabilities for calculation of funded percentages: projected assets are the values used for the 

deterministic solvency projection for the proposed suspension in the Actuarial Certification of Plan Solvency under ERISA Section 

305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i), projected liabilities following the proposed benefit suspension are estimated by 

discounting the projected future benefit payments at each year at the 6.5% valuation interest rate. 

Segal Consulting (“Segal”) does not practice law and, therefore, cannot and does not provide legal advice. Any statutory interpretation on 

which the certification is based reflects Segal’s understanding as an actuarial firm. Due to the complexity of the statute and the 

significance of its ramifications, Segal recommends that the Board of Trustees consult with legal counsel when making any decisions 

regarding compliance with ERISA and the Internal Revenue Code.

5605637v1/01031.030

IW17PF_877
Checklist Item #27 Resubmitted Application for Approval of a 

Suspension of Benefits Under MPRA

Iron Workers Local 17 Pension Fund EIN: 51-0161467

Plan No.: 001

Does the application include 

deterministic projections of 

the sensitivity of the plan’s 

solvency ratio throughout 

the extended period by 

taking into account more 

conservative assumptions of 

investment experience and 

future contribution base 

units than assumed 

elsewhere in the application. 

See section 6.04.

The application filed on behalf of the Iron Workers 

Local 17 Pension Fund includes an Actuarial 

Report prepared by the Fund Actuary provided in 

Checklist Item #7. A supplemental report entitled 

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

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

included as Checklist Item #26. This Report 

provides four separate solvency test scenarios as 

follows:

• Exhibit III projects the Pension Fund’s

solvency using a 1.0% lower rate of return;

• Exhibit IV projects the Pension Fund’s

solvency using a 2.0% lower rate of return;

• Exhibit V projects the Pension Fund’s

solvency using the more conservative

industry level assumption based upon the -

0.11% that the Pension Fund experienced

over the prior 10 years; and

• Exhibit VI projects the Pension Fund’s

solvency using -1.11% which is a 1.0%

decrease over the contribution assumption

in Exhibit V.

These Exhibits to the Report, which are based upon 

our interpretation of the requirements under 

Revenue Procedure 2016-27, Section 6.04, 

are included as pages IW17PF_862 – 

IW17PF_874. 

IW17PF_878
Checklist Item #28 Resubmitted Application for Approval of a

Suspension of Benefits Under MPRA

Iron Workers Local 17 Pension Fund EIN: 51-0161467

Plan No.: 001

Does the plan include 

deterministic projections 

for each year in the 

extended period of 

• the value of plan

assets,

• the plan’s accrued

liability, and

• the plan’s funded

percentage.

See section 6.05.

The application filed on behalf of the Iron Workers 

Local 17 Pension Fund includes an Actuarial 

Report prepared by the Fund Actuary provided in 

Checklist Item #7. A supplemental report entitled 

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

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

included as Checklist Item #26. This Report 

provides Exhibit VII which projects the Pension 

Fund’s funded percentage using the value of plan 

assets and accrued liabilities during the extended 

period of 2016 through 2055.

This Exhibit to the Report, which is based upon our 

interpretation of the requirements under Revenue 

Procedure 2016-27, Section 6.05, is included as 

pages IW17PF_875 – W17PF_876. 

IW17PF_879