Milliman - Report of Required Actuarial Information 

Issued September 2020 

Arizona Bricklayers’ Pension Trust Fund 

Report of Required Actuarial Information - 

Application for Proposed Partition as of January 1, 2022 

Prepared by: 

Kevin Campe, EA, MAAA 

Principal and Consulting Actuary 

Grant Camp, FSA, EA, MAAA 

Principal and Consulting Actuary

Milliman, Inc. 

71 South Wacker Drive, Suite 3100 

Chicago, Illinois 60606 

Tel +1 312 726 0677 

Fax +1 312 726 5225 

milliman.com 

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Report of Required Actuarial Information - Application for Proposed 

Partition as of January 1, 2022 for the Arizona Bricklayers’ Pension Trust 

Fund 

This report includes the Actuarial Certification of Plan Solvency and a presentation of additional actuarial 

information required for the application to suspend benefits for the Arizona Bricklayers’ Pension Trust Fund (the 

“Plan”). This report has been completed in accordance with our understanding of IRC §432(e)(9) and ERISA 

Regulations Section 4233. 

Purpose of the Report 

The Plan was certified as “critical and declining” for the plan year beginning January 1, 2020. The Trustees have 

chosen to pursue benefit suspensions which are allowed to such plans under §432. Because benefit suspensions 

alone cannot eliminate the Plan’s projected insolvency, the Trustees are applying for partition financial assistance 

from the Pension Benefit Guaranty Corporation. 

We have completed our analysis of the Trustees’ proposed benefit suspensions and partition and determined that 

the combined impact of both measures would likely enable the Plan to avoid insolvency (as defined in IRC §418E) 

assuming the suspensions and partition occur no later than January 1, 2022 and continue indefinitely. 

This report also includes additional information required for the application for partition. Specifically, this report 

contains the materials required in ERISA Regulations Section 4233.6, 4233.7, 4233.8, and 4233.9. 

Limited Distribution 

Milliman’s work is prepared solely for the internal business use of the Board of Trustees Arizona Bricklayers’ 

Pension Trust Fund (the “Plan Sponsor”) and may not be provided to third parties without our prior written 

consent. Milliman does not intend to benefit or create a legal duty to any third party recipient of its work product. 

Milliman’s consent to release its work product to any third party may be conditioned on the third party signing a 

release, subject to the following exceptions: 

 The Plan Sponsor may provide a copy of Milliman’s work, in its entirety, to the Plan’s professional service 

advisors who are subject to a duty of confidentiality and who agree to not use Milliman’s work for any purpose 

other than to benefit the Plan. 

 The Plan Sponsor may distribute certain work product that Milliman and the Plan Sponsor mutually agree is 

appropriate as may be required by law. 

Any third party recipient of this work product who desires professional guidance should not rely upon Milliman’s 

work product, but should engage qualified professionals for advice appropriate to its own specific needs. 

Reliance 

In preparing the report, we relied on our January 1, 2019 Actuarial Valuation, and, without audit, information 

(some oral and some in writing) supplied by the Plan’s administrator, auditor, and investment consultant. This 

information includes, but is not limited to, plan documents and provisions, participant data, and financial 

information. In general, the participant data used for purposes of this application are the same data used for the 

January 1, 2019 Actuarial Valuation. Additional individual participant information was supplied by the Plan 

administrator subsequent to the January 1, 2019 valuation to refine the benefit payment projections. 

We found this information to be reasonably consistent and comparable with information used for other purposes. 

The results depend on the integrity of this information. If any of this information is incomplete or inaccurate, our 

results may be different and our calculations may need to be revised. 

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Table of Contents 

A. Summary of Key Information and Results ......................................................................................................1

B. Supplemental Information for 2020 Critical & Declining Actuarial Certification ..............................................2

C. Response to Sections 4233.7(a)(3)-(10) and (c) of ERISA Regulations ........................................................3

D. Proposed Partition ........................................................................................................................................ 17

E. Proposed Benefit Suspensions .................................................................................................................... 18

F. Projection Exhibits ........................................................................................................................................ 19

G. Significant Risks and Assumptions .............................................................................................................. 27

H. Census Data ................................................................................................................................................. 28

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A. Summary of Key Information and Results 

The application filed on behalf of the Arizona Bricklayers’ Pension Trust Fund proposes effective January 1, 2022, 

the guaranteed benefits for 188 terminated vested participants is partitioned to the Successor Plan and paid for 

through financial assistance provided by the Pension Benefit Guaranty Corporation. Our analysis indicates that 

the level of financial assistance requested, when combined with maximum benefit suspensions, reasonably allows 

for the Plan to avoid insolvency. 

The following summary shows the results of the tests required to certify that the proposed partition meet the 

requirements set forth by the law. 

Key Information

a. Projected year of insolvency without consideration of proposed suspension 

and partition 

Year Beginning 

January 1, 2035 

b. Proposed effective date of suspension and partition January 1, 2022

c. Projected year of insolvency with proposed suspensions only Year Beginning 

January 1, 2037 

d. Proposed population to partition 188 terminated 

vested participants 

e. End of 30-year projection period December 31, 2052

f. Projected funded percentage at end of projection period reflecting proposed 

suspension and partition 100.2% 

g. Present value of PBGC financial assistance without partition $18,478,258

h. Present value of PBGC financial assistance under partition 14,579,352

i. Estimated amount of financial assistance requested for first year of partition 369,000

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Withdrawal Liability Payments 

 No withdrawal liability payments are currently being made and no future withdrawal liability payments are 

assumed. 

Administrative Expenses (Other than Investment-Related Expenses) 

 $525,000 for 2020, $400,000 for 2021, $250,000 for 2022, and then 2% annual increases thereafter. 

Downward adjustments are made to reflect the Fund’s projected decline in headcount. Upon insolvency, 

expenses are projected to decrease by 20% in addition to the elimination of PBGC premiums. Upon 

partition, expenses are projected to increase by 5% due to increased administrative complexity and 

projected to decrease after 10 years due to the elimination of PBGC Premium for the partitioned group. In 

addition, total expenses under a partition are allocated between the Original Plan and Successor Plan by 

projected headcount. Under all scenarios annual expenses are limited to the greater of $100,000 or 30% 

of annual expected benefit payments. 

 The unit credit accrued liability for purposes of calculating the funded percentage is loaded with the 

present value of administrative expenses over the next 30 years. 

Projection Methodology 

 No data grouping techniques were used to produce projections. 

 No changes or adjustments were made to cash flow projections produced by our valuation software. 

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Part 3 – Additional Disclosures Relating to Use of Different Assumptions 

In response to Section 4233.7(c)(2) of ERISA Regulations, the following assumptions differed between the 

January 1, 2019 Actuarial Valuation, the projections produced for purposes of the January 1, 2020 Critical & 

Declining Actuarial Status Certification, and the projections produced to meet the requirements of Sections 

4233.7(a)(3)-(10). An explanation for the difference is included. 

 Mortality assumptions (for all purposes except for calculating present value of financial assistance) – For 

purposes of the 2019 Actuarial Valuation, we assumed the RP-2014 Blue Collar Mortality Tables, projected 

generationally with Scale MP-2015. For purposes of the 2020 Critical & Declining Certification and the 

projections produced to meet the requirements of Sections 4233.7(a)(3)-(10), we assumed the latest publicly 

available mortality assumptions for private sector retirement released by the Society of Actuaries at the time 

this application was submitted (Pri-2012 Mortality Tables and MP-2019 Improvement Scales as of September 

2020). 

 Asset information as of December 31, 2019 – For purposes of the 2019 Actuarial Valuation and the 2020 

Critical & Declining Certification, we used unaudited asset information as of December 31, 2019 provided by 

the Plan administrator and an estimated investment return of 18.9% provided by the investment manager. 

The projections produced to meet the requirements of Sections 4233.7(a)(3)-(10) were developed using the 

audited December 31, 2019 financial statements, which resulted in an investment return of 19.16% for the 

plan year ended December 31, 2019. 

 Investment returns after December 31, 2019 - For the purpose of the 2019 Actuarial Valuation and 2020 

Critical & Declining Certification, we assumed 6.50% annual returns for plan years after December 31, 2020. 

The investment return assumption used to develop the projections produced to meet the requirements of 

Sections 4233.7(a)(3)-(10) were developed using the estimated investment return of -1.1% for January 1, 

2020 through June 30, 2020 provided by the investment manager, and the plan’s target asset allocations and 

the expected returns (arithmetic) shown in Exhibit 15 of the 2020 edition of the Horizon Survey of Capital 

Market Assumptions. 

 Liability discount rate (for all purposes except for calculating present value of financial assistance) - For the 

purpose of the 2019 Actuarial Valuation and 2020 Critical & Declining Certification, we assumed a 6.50% 

liability discount rate. The liability discount rate used to develop the projections produced to meet the 

requirements of Sections 4233.7(a)(3)-(10) was lowered to 5.5% to reflect the investment return assumption 

used to project future assets. 

 Form of benefit - For purposes of the 2019 Actuarial Valuation and 2020 Critical & Declining Certification, we 

assumed 25% of participants elect the single life annuity and 75% elect the 100% joint and survivor with popup. The form of benefit assumption used to develop the projections produced to meet the requirements of 

Sections 4233.7(a)(3)-(10) was updated to closer match the actual experience of the Plan over the past five 

years. 

 New entrant profile - For purposes of the 2020 Critical & Declining Certification, we assumed that new 

entrants would have similar characteristics to those newly hired between January 1, 2016 and December 31, 

2018. The new entrant profile assumption used to develop the projections produced to meet the requirements 

of Sections 4233.7(a)(3)-(10) were updated to reflect those newly hired and/or returned to work between 

January 1, 2015 and December 31, 2019, and also refined to include earned service at entry. No new entrant 

assumption was made for purposes of the 2019 Actuarial Valuation. 

 Contribution base units – For the purposes of the 2020 Critical & Declining Certification, we assumed 

projected contribution base units of 68,000 hours for the plan year beginning January 1, 2020, 62,000 hours 

for the plan year beginning January 1, 2021, 56,000 hours for the plan year beginning January 1, 2022, and 

50,000 hours for the plan year beginning January 1, 2023 and each year thereafter, including a 40% load on 

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contributions for reciprocity. The contribution base units assumption used to develop the projections produced 

to meet the requirements of Sections 4233.7(a)(3)-(10) reflect the negative impact of COVID-19 on hours for 

the plan years beginning January 1, 2020 and January 1, 2021. No explicit contribution base unit assumption 

was made for purposes of the 2019 Actuarial Valuation. 

 Administrative expenses – For purposes of the 2020 Critical & Declining Certification, we assumed that 

administrative expenses would be $525,000 for the plan year beginning January 1, 2020, $400,000 for the 

plan year beginning January 1, 2021, $285,000 for the plan year beginning January 1, 2022, and then 

increase by 2% per year thereafter. The administrative expense assumption was refined for the projections 

produced to meet the requirements of Sections 4233.7(a)(3)-(10) to better reflect expected expenses after 

2021, to reflect lower expenses upon insolvency, to reflect an additional expense under a partition, and to 

reflect cost-sharing of expenses between the Original Plan and Successor Plan under a partition. 

 Administrative expenses load - For purposes of the 2019 Actuarial Valuation and 2020 Critical & Declining 

Certification, we did not include a load on the unit credit liability. For the projections produced to meet the 

requirements of Sections 4233.7(a)(3)-(10), a load was added to recognize that over time expenses are 

projected to become a significant percentage of the Plan’s cash outflow once benefit payments reach their 

peak and start to decline. 

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D. Proposed Partition 

The application filed on behalf of the Arizona Bricklayers’ Pension Trust Fund sets forth the following proposed 

partition effective January 1, 2022. The partition is expected to continue indefinitely. 

The application proposes that the guaranteed amounts for 188 terminated vested participants would be 

partitioned to the Successor Plan and paid for through financial assistance provided by the Pension Benefit 

Guaranty Corporation. Our analysis indicates that the level of financial assistance requested reasonably allows for 

the Plan to avoid insolvency in combination with a maximum benefit suspension. 

The partitioned group would consist of the 188 oldest terminated vested participants included in the 1/1/2019 

actuarial valuation. Terminated vested participants were chosen because there is a possibility that those 

participants will never apply for a benefit; and hence, potentially requiring a lesser amount of financial assistance 

from the PBGC. The oldest of the terminated vested participants were chosen because they are assumed to 

commence benefits earlier than the younger terminated vested participants and, therefore, stress the Fund’s cash 

flows more. 

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E. Proposed Benefit Suspensions 

The Trustees of the Arizona Bricklayers’ Pension Trust Fund have applied for a benefit suspension effective 

January 1, 2022. The suspension is expected to continue indefinitely. 

The application for benefit suspension proposes that there shall be a maximum reduction in monthly benefits such 

that the revised monthly amount is 110% of the PBGC guaranteed benefit. The proposed reductions are subject 

to the individual limitations described in §432(e)(9)(D)(i), (ii), and (iii) and aggregate limitations described in 

§432(e)(9)(D)(iv). 

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F. Projection Exhibits 

Below are the following projection exhibits required by Sections 4233.7(a)(3)-(10) of ERISA Regulations: 

 Solvency Projection of Current Plan without Suspension or Partition [4233.7(a)(3)] 

 

 Solvency Projection of Current Plan with Maximum Suspension but no Partition [4233.7(a)(7)] 

 Solvency Projection of Original Plan with Suspension and Partition [4233.7(a)(5)] 

 Projection of Benefit Payments and Expenses after Insolvency and Statement of Present Value of All 

Future Financial Assistance [4233.7(a)(4)] 

 Projection of Benefit Payments and Expenses of Successor Plan and Statement of Present Value of All 

Future Financial Assistance [4233.7(a)(8)] 

 Projection of PBGC Guaranteed Benefit Payments of Pre-Partition Original Plan (Closed Group, No New 

Entrants after 2021) [4233.7(a)(9)] 

 Projection of Maximum Suspension of Pre-Partition Original Plan (Open Group) [4233.7(a)(10)] 

For the Plan actuary’s certification under Section 305(e)(9)(C)(i) of ERISA [4233.7(a)(6)], please refer to the copy 

of the Plan’s application for the proposed benefit suspensions effective January 1, 2022. 

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Solvency Projection of Current Plan without Suspension or Partition [4233.7(a)(3)]

Market Value Administrative Investment Investment Market Value Funded Percentage

Plan Year Beginning of Year Contributions Active Retiree Terminated Vested Beneficiary New Entrant Expenses Return (%) Return ($) End of Year Beginning of Year

2019 26,730,380 115,394 0 0 0 0 2,128,450 303,790 19.16% 4,908,124 29,321,658 69 3%

2020 29,321,658 61,965 29,037 1,814,604 245,943 310,120 2 525,000 1.39% 387,744 26,846,660 77.0%

2021 26,846,660 70,560 42,708 1,764,303 313,345 294,236 11 400,000 4.98% 1,269,467 25,372,084 72.0%

2022 25,372,084 70,560 50,449 1,711,721 378,805 278,255 635 250,000 4.98% 1,199,593 23,972,372 69.4%

2023 23,972,372 63,000 62,714 1,656,944 462,578 262,287 1,630 254,713 4.98% 1,128,939 22,463,444 66.7%

2024 22,463,444 63,000 70,698 1,600,070 528,921 246,444 2,195 259,515 4.98% 1,053,623 20,872,224 63 8%

2025 20,872,224 63,000 79,079 1,541,201 595,006 230,831 2,964 264,341 4.98% 974,243 19,196,044 60.5%

2026 19,196,044 63,000 88,898 1,480,458 656,282 215,539 3,976 269,290 4.98% 890,744 17,435,345 57.0%

2027 17,435,345 63,000 95,395 1,417,991 698,485 200,653 6,525 274,332 4.98% 803,579 15,608,541 53.1%

2028 15,608,541 63,000 100,038 1,353,983 745,054 186,251 9,884 279,467 4.98% 713,065 13,709,928 48 8%

2029 13,709,928 63,000 106,361 1,288,634 796,154 172,399 12,322 284,698 4.98% 618,861 11,731,223 44.1%

2030 11,731,223 63,000 112,924 1,222,166 834,501 159,146 15,365 289,989 5.88% 615,285 9,775,416 38 9%

2031 9,775,416 63,000 114,952 1,154,836 873,434 146,523 18,551 295,379 5.88% 501,166 7,735,907 33.5%

2032 7,735,907 63,000 115,121 1,086,939 909,750 134,551 22,477 300,868 5.88% 382,227 5,611,428 27.4%

2033 5,611,428 63,000 116,571 1,018,790 937,677 123,233 27,036 306,419 5.88% 258,466 3,403,168 20 6%

2034 3,403,168 63,000 119,272 950,721 950,880 112,560 31,053 312,112 5.88% 130,160 1,119,731 13.0%

2035 1,119,731 63,000 110,140 778,599 870,446 91,173 34,594 254,684 N/A N/A Insolvent Insolvent

2036 Insolvent 63,000 104,176 644,277 791,780 74,943 37,520 259,777 N/A N/A Insolvent Insolvent

2037 Insolvent 63,000 103,388 592,986 802,566 68,074 41,087 264,973 N/A N/A Insolvent Insolvent

2038 Insolvent 63,000 102,304 542,957 806,335 61,638 44,829 270,272 N/A N/A Insolvent Insolvent

2039 Insolvent 63,000 104,399 494,504 815,768 55,623 47,708 275,678 N/A N/A Insolvent Insolvent

2040 Insolvent 63,000 103,080 447,926 819,879 50,015 50,467 281,191 N/A N/A Insolvent Insolvent

2041 Insolvent 63,000 101,607 403,478 815,052 44,802 52,771 286,815 N/A N/A Insolvent Insolvent

2042 Insolvent 63,000 102,412 361,368 809,136 39,965 54,837 292,552 N/A N/A Insolvent Insolvent

2043 Insolvent 63,000 100,186 321,770 802,748 35,486 57,042 298,403 N/A N/A Insolvent Insolvent

2044 Insolvent 63,000 97,562 284,824 780,419 31,344 58,660 304,371 N/A N/A Insolvent Insolvent

2045 Insolvent 63,000 100,958 250,631 761,441 27,524 60,131 310,458 N/A N/A Insolvent Insolvent

2046 Insolvent 63,000 97,521 219,255 737,024 24,017 61,277 316,667 N/A N/A Insolvent Insolvent

2047 Insolvent 63,000 95,898 190,700 707,764 20,815 62,666 323,001 N/A N/A Insolvent Insolvent

2048 Insolvent 63,000 92,304 164,913 680,466 17,908 64,319 305,973 N/A N/A Insolvent Insolvent

2049 Insolvent 63,000 88,174 141,802 648,559 15,289 65,237 287,718 N/A N/A Insolvent Insolvent

2050 Insolvent 63,000 84,998 121,249 615,646 12,949 66,066 270,272 N/A N/A Insolvent Insolvent

2051 Insolvent 63,000 80,543 103,106 581,974 10,874 66,539 252,911 N/A N/A Insolvent Insolvent

2052 Insolvent 63,000 75,988 87,211 547,813 9,050 66,590 235,996 N/A N/A Insolvent Insolvent

Comments/Notes

-Information for 2019 Plan Year based on December 31, 2019 audited financial statements. Total benefit payments for 2019 are shown under New Entrants column.

-Plan is projected to become insolvent in plan year beginning January 1, 2035 without a suspension or partition. 

-Upon insolvency:

(1) Benefits are reduced to PBGC Guaranteed Benefit amount.

(2) Future benefit accruals cease.

(3) Administrative expenses decrease by 20% plus the projected PBGC premiums.

-Funded percentage is ratio of market value of assets to present value of benefit payments and present value of future expenses (30 years), calculated at 5.5% discount rate.

Benefit Payments by Status

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Solvency Projection of Current Plan with Maximum Suspension but no Partition [4233.7(a)(7)]

Market Value Administrative Investment Investment Market Value Funded Percentage

Plan Year Beginning of Year Contributions Active Retiree Terminated Vested Beneficiary New Entrant Expenses Return (%) Return ($) End of Year Beginning of Year

2019 26,730,380 115,394 0 0 0 0 2,128,450 303,790 19.16% 4,908,124 29,321,658 69 2%

2020 29,321,658 61,965 29,037 1,814,604 245,943 310,120 2 525,000 1.39% 387,744 26,846,660 76 9%

2021 26,846,660 70,560 42,708 1,764,303 313,345 294,236 11 400,000 4.98% 1,269,467 25,372,084 71 9%

2022 25,372,084 70,560 47,289 1,605,959 325,310 265,247 635 250,000 4.98% 1,203,908 24,152,112 75.0%

2023 24,152,112 63,000 58,832 1,551,980 401,578 249,563 1,630 254,713 4.98% 1,142,381 22,839,196 72 6%

2024 22,839,196 63,000 66,388 1,496,056 462,050 234,025 2,194 259,515 4.98% 1,076,950 21,458,917 70.1%

2025 21,458,917 63,000 74,243 1,438,313 522,101 218,736 2,964 264,341 4.98% 1,008,201 20,009,418 67 3%

2026 20,009,418 63,000 83,501 1,378,891 577,424 203,790 3,975 269,290 4.98% 936,110 18,491,655 64 2%

2027 18,491,655 63,000 89,715 1,317,967 616,488 189,272 6,525 274,332 4.98% 861,081 16,921,437 60 8%

2028 16,921,437 63,000 94,123 1,255,746 659,279 175,261 9,884 279,467 4.98% 783,389 15,294,067 57 2%

2029 15,294,067 63,000 100,110 1,192,454 705,697 161,822 12,321 284,698 4.98% 702,756 13,602,721 53.1%

2030 13,602,721 63,000 106,248 1,128,337 741,197 149,006 15,365 289,989 5.88% 731,240 11,966,819 48.7%

2031 11,966,819 63,000 108,163 1,063,673 777,118 136,843 18,550 295,379 5.88% 635,930 10,266,023 44 2%

2032 10,266,023 63,000 108,355 998,772 810,330 125,352 22,477 300,868 5.88% 536,897 8,499,766 39 2%

2033 8,499,766 63,000 109,755 933,958 836,288 114,536 27,035 306,419 5.88% 434,147 6,668,922 33.7%

2034 6,668,922 63,000 112,285 869,562 849,168 104,382 31,053 312,112 5.88% 327,925 4,781,286 27.4%

2035 4,781,286 63,000 113,452 805,911 869,832 94,874 35,427 317,911 5.88% 218,125 2,825,005 20.4%

2036 2,825,005 63,000 115,836 743,339 871,617 85,993 39,887 323,775 5.88% 104,747 812,306 12 6%

2037 812,306 63,000 107,313 623,319 830,034 78,700 36,377 264,200 N/A N/A Insolvent Insolvent

2038 Insolvent 63,000 102,304 542,957 806,335 68,074 41,318 269,484 N/A N/A Insolvent Insolvent

2039 Insolvent 63,000 104,399 494,504 815,768 61,638 45,208 274,874 N/A N/A Insolvent Insolvent

2040 Insolvent 63,000 103,080 447,926 819,879 55,623 49,015 280,371 N/A N/A Insolvent Insolvent

2041 Insolvent 63,000 101,607 403,478 815,052 50,015 52,531 285,979 N/A N/A Insolvent Insolvent

2042 Insolvent 63,000 102,412 361,368 809,136 44,802 56,045 291,698 N/A N/A Insolvent Insolvent

2043 Insolvent 63,000 100,186 321,770 802,748 39,965 59,336 297,532 N/A N/A Insolvent Insolvent

2044 Insolvent 63,000 97,562 284,824 780,419 35,486 61,588 303,483 N/A N/A Insolvent Insolvent

2045 Insolvent 63,000 100,958 250,631 761,441 31,344 63,779 309,552 N/A N/A Insolvent Insolvent

2046 Insolvent 63,000 97,521 219,255 737,024 27,524 65,744 315,743 N/A N/A Insolvent Insolvent

2047 Insolvent 63,000 95,898 190,700 707,764 24,017 68,000 322,058 N/A N/A Insolvent Insolvent

2048 Insolvent 63,000 92,304 164,913 680,466 20,815 70,288 308,636 N/A N/A Insolvent Insolvent

2049 Insolvent 63,000 88,174 141,802 648,559 17,908 71,636 290,424 N/A N/A Insolvent Insolvent

2050 Insolvent 63,000 84,998 121,249 615,646 15,289 72,993 273,052 N/A N/A Insolvent Insolvent

2051 Insolvent 63,000 80,543 103,106 581,974 12,949 74,142 255,814 N/A N/A Insolvent Insolvent

2052 Insolvent 63,000 75,988 87,211 547,813 10,874 75,008 239,069 N/A N/A Insolvent Insolvent

Comments/Notes

-Information for 2019 Plan Year based on December 31, 2019 audited financial statements. Total benefit payments for 2019 are shown under New Entrants column.

-Maximum suspension effective January 1, 2022.

-Plan is projected to become insolvent in plan year beginning January 1, 2037 with suspension but without partition.

-Upon insolvency:

(1) Benefits are reduced to PBGC Guaranteed Benefit amount.

(2) Future benefit accruals cease.

(3) Administrative expenses decrease by 20% plus the projected PBGC premiums.

-Funded percentage is ratio of market value of assets to present value of benefit payments and present value of future expenses (30 years), calculated at 5.5% discount rate.

Benefit Payments by Status

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Solvency Projection of Original Plan with Suspension and Partition [4233.7(a)(5)]

Market Value Administrative Investment Investment Market Value Funded Percentage

Plan Year Beginning of Year Contributions Active Retiree Terminated Vested Beneficiary New Entrant Expenses Return (%) Return ($) End of Year Beginning of Year

2019 26,730,380 115,394 0 0 0 0 2,128,450 303,790 19.16% 4,908,124 29,321,658 70.7%

2020 29,321,658 61,965 29,037 1,814,604 245,943 310,120 2 525,000 1.39% 387,744 26,846,660 78.7%

2021 26,846,660 70,560 42,708 1,764,303 313,345 294,236 11 400,000 4.98% 1,269,467 25,372,084 73 8%

2022 25,372,084 70,560 47,289 1,605,959 31,466 265,247 635 187,769 4.98% 1,212,667 24,516,947 102.7%

2023 24,516,947 63,000 58,832 1,551,980 38,854 249,563 1,630 190,608 4.98% 1,171,049 23,659,528 102 3%

2024 23,659,528 63,000 66,388 1,496,056 45,168 234,025 2,194 193,477 4.98% 1,129,681 22,814,900 101 8%

2025 22,814,900 63,000 74,243 1,438,313 51,733 218,736 2,964 196,076 4.98% 1,088,978 21,984,812 101 3%

2026 21,984,812 63,000 83,501 1,378,891 58,068 203,790 3,975 198,853 4.98% 1,048,992 21,169,725 100.7%

2027 21,169,725 63,000 89,715 1,317,967 63,336 189,272 6,525 201,665 4.98% 1,009,842 20,374,087 100.1%

2028 20,374,087 63,000 94,123 1,255,746 69,680 175,261 9,884 204,519 4.98% 971,677 19,599,551 99.4%

2029 19,599,551 63,000 100,110 1,192,454 81,332 161,822 12,321 207,424 4.98% 934,427 18,841,515 98.7%

2030 18,841,515 63,000 106,248 1,128,337 91,111 149,006 15,365 210,198 5.88% 1,060,433 18,264,683 98.0%

2031 18,264,683 63,000 108,163 1,063,673 105,262 136,843 18,550 213,027 5.88% 1,028,102 17,710,267 98.0%

2032 17,710,267 63,000 108,355 998,772 145,642 125,352 22,477 211,397 5.88% 996,474 17,157,746 98.1%

2033 17,157,746 63,000 109,755 933,958 179,554 114,536 27,035 214,164 5.88% 964,942 16,606,687 98.1%

2034 16,606,687 63,000 112,285 869,562 201,253 104,382 31,053 217,263 5.88% 933,791 16,067,682 98 2%

2035 16,067,682 63,000 113,452 805,911 231,687 94,874 35,427 220,516 5.88% 903,081 15,531,897 98 3%

2036 15,531,897 63,000 115,836 743,339 244,281 85,993 39,887 223,708 5.88% 872,992 15,014,846 98.4%

2037 15,014,846 63,000 114,931 682,199 267,953 77,721 45,008 227,096 5.88% 843,695 14,506,632 98.5%

2038 14,506,632 63,000 113,702 622,862 285,127 70,036 50,617 230,989 5.88% 815,016 14,011,315 98 6%

2039 14,011,315 63,000 116,033 565,684 309,838 62,916 55,646 234,903 5.88% 786,712 13,516,006 98.7%

2040 13,516,006 63,000 114,541 510,995 330,081 56,335 60,894 239,147 5.88% 758,545 13,025,558 98 8%

2041 13,025,558 63,000 112,887 459,064 341,951 50,268 66,165 243,774 5.88% 730,805 12,545,254 98 9%

2042 12,545,254 63,000 113,750 410,102 354,132 44,684 71,840 248,846 5.88% 703,454 12,068,355 99.0%

2043 12,068,355 63,000 111,258 364,274 367,330 39,552 77,810 254,427 5.88% 676,244 11,592,948 99.1%

2044 11,592,948 63,000 108,327 321,701 364,523 34,838 83,328 260,584 5.88% 649,489 11,132,135 99 3%

2045 11,132,135 63,000 112,046 282,465 366,879 30,520 88,947 267,383 5.88% 623,119 10,670,014 99.4%

2046 10,670,014 63,000 108,215 246,597 364,628 26,577 94,517 263,429 5.88% 597,230 10,226,281 99.5%

2047 10,226,281 63,000 106,410 214,070 358,282 22,994 100,698 252,969 5.88% 572,545 9,806,403 99 6%

2048 9,806,403 63,000 102,413 184,790 355,133 19,755 107,246 243,534 5.88% 549,089 9,405,621 99 8%

2049 9,405,621 63,000 97,816 158,627 347,729 16,847 113,083 233,344 5.88% 526,840 9,028,016 99 9%

2050 9,028,016 63,000 94,272 135,423 339,769 14,255 119,013 224,201 5.88% 505,810 8,669,893 100.0%

2051 8,669,893 63,000 89,317 114,993 331,233 11,962 124,845 215,183 5.88% 485,895 8,331,256 100.1%

2052 8,331,256 63,000 84,252 97,137 322,102 9,949 130,577 206,510 5.88% 467,055 8,010,783 100 2%

Comments/Notes

-Information for 2019 Plan Year based on December 31, 2019 audited financial statements. Total benefit payments for 2019 are shown under New Entrants column.

-Maximum suspension and partition effective January 1, 2022.

-Administrative expenses expected to increase by 5% due to partition and are pro-rated between Original Plan and Successor Plan based on projected headcounts.

-Original Plan is projected to remain solvent with suspension and partition.

-Funded percentage is ratio of market value of assets to present value of benefit payments and present value of future expenses (30 years), calculated at 5.5% discount rate.

Benefit Payments by Status

AZ BRK 000160
Milliman 

 

 Report of Required Actuarial Information – Application for Proposed Partition 

 

Report of Required Actuarial Information – Application for Proposed Partition 23 

Arizona Bricklayers’ Pension Trust Fund 

Projection of Benefit Payments and Expenses after Insolvency and Statement of Present Value of All Future Financial Assistance [4233.7(a)(4)]

Year Discount Rate Present Value Factor Active Retiree Terminated Vested Beneficiary New Entrant Expenses Present Value

2022 1.98% 0.990244631 0 0 0 0 0 0 0

2023 1.98% 0.971018465 0 0 0 0 0 0 0

2024 1.98% 0.952165586 0 0 0 0 0 0 0

2025 1.98% 0.933678747 0 0 0 0 0 0 0

2026 1.98% 0.91555084 0 0 0 0 0 0 0

2027 1.98% 0.897774898 0 0 0 0 0 0 0

2028 1.98% 0.880344085 0 0 0 0 0 0 0

2029 1.98% 0.863251701 0 0 0 0 0 0 0

2030 1.98% 0.846491176 0 0 0 0 0 0 0

2031 1.98% 0.830056066 0 0 0 0 0 0 0

2032 1.98% 0.813940053 0 0 0 0 0 0 0

2033 1.98% 0.798136941 0 0 0 0 0 0 0

2034 1.98% 0.782640656 0 0 0 0 0 0 0

2035 1.98% 0.76744524 58,110 418,560 449,145 49,701 19,047 254,684 958,729

2036 1.98% 0.752544852 106,112 691,541 804,770 80,745 37,619 259,777 1,490,463

2037 1.98% 0.737933764 105,460 635,987 816,353 73,190 41,215 264,973 1,429,509

2038 1.98% 0.723606358 104,487 581,213 820,749 66,103 44,987 270,272 1,366,032

2039 1.98% 0.709557127 106,658 527,707 830,553 59,478 47,897 275,678 1,311,241

2040 1.98% 0.69578067 105,386 475,844 834,780 53,271 50,688 281,191 1,253,213

2041 1.98% 0.68227169 103,926 426,054 829,766 47,457 53,021 286,815 1,191,956

2042 1.57% 0.671725598 104,697 378,778 823,281 42,057 55,110 292,552 1,139,566

2043 1.57% 0.661342521 102,370 334,311 815,917 37,068 57,330 298,403 1,088,172

2044 1.57% 0.651119938 99,578 292,855 792,257 32,442 58,953 304,371 1,029,066

2045 1.57% 0.641055368 102,723 254,631 771,471 28,161 60,413 310,458 979,441

2046 1.57% 0.63114637 98,992 219,797 744,783 24,251 61,532 316,667 925,274

2047 1.57% 0.621390539 97,011 188,347 712,804 20,717 62,872 323,001 872,899

2048 1.57% 0.611785506 93,002 160,217 682,318 17,524 64,452 305,973 809,689

2049 1.57% 0.602328942 88,394 135,330 646,836 14,660 65,273 287,718 745,810

2050 1.57% 0.593018551 84,687 113,524 610,057 12,130 65,975 270,272 685,913

2051 1.57% 0.583852073 79,670 94,627 572,351 9,921 66,291 252,911 628,091

2052 1.57% 0.574827285 74,530 78,378 534,097 8,002 66,154 235,996 573,193

18,478,258

Comments/Notes

-Discount rate based on ERISA 4044 Annuity Rates applicable for July 2020 - September 2020 (1.98% for years 0-20 and 1.57% after year 20).

-Benefit payment projection reflects ERISA 4044 Mortality applicable for 2020.

-Benefits and expenses are assumed to be paid mid-year.

-Present value of PBGC future assistance under insolvency is $18,478,258.

Benefit Payments by Status

AZ BRK 000161
Milliman 

 

 Report of Required Actuarial Information – Application for Proposed Partition 

 

Report of Required Actuarial Information – Application for Proposed Partition 24 

Arizona Bricklayers’ Pension Trust Fund 

Projection of Benefit Payments and Expenses of Successor Plan and Statement of Present Value of All Future Financial Assistance [4233.7(a)(8)]

Year Discount Rate Present Value Factor Active Retiree Terminated Vested Beneficiary New Entrant Expenses Present Value

2022 1.98% 0.990244631 0 0 294,454 0 0 74,731 365,584

2023 1.98% 0.971018465 0 0 363,636 0 0 76,856 427,725

2024 1.98% 0.952165586 0 0 418,226 0 0 79,043 473,483

2025 1.98% 0.933678747 0 0 472,244 0 0 81,530 517,047

2026 1.98% 0.91555084 0 0 521,874 0 0 83,968 554,679

2027 1.98% 0.897774898 0 0 556,447 0 0 86,468 577,193

2028 1.98% 0.880344085 0 0 593,757 0 0 89,024 601,083

2029 1.98% 0.863251701 0 0 629,479 0 0 91,632 622,501

2030 1.98% 0.846491176 0 0 656,260 0 0 94,437 635,459

2031 1.98% 0.830056066 0 0 679,160 0 0 97,291 644,498

2032 1.98% 0.813940053 0 0 673,227 0 0 98,076 627,795

2033 1.98% 0.798136941 0 0 666,482 0 0 101,102 612,638

2034 1.98% 0.782640656 0 0 658,816 0 0 103,952 596,973

2035 1.98% 0.76744524 0 0 650,103 0 0 106,768 580,857

2036 1.98% 0.752544852 0 0 640,210 0 0 109,729 564,363

2037 1.98% 0.737933764 0 0 629,017 0 0 112,621 547,280

2038 1.98% 0.723606358 0 0 616,399 0 0 115,183 529,377

2039 1.98% 0.709557127 0 0 602,232 0 0 117,816 510,915

2040 1.98% 0.69578067 0 0 586,400 0 0 120,259 491,680

2041 1.98% 0.68227169 0 0 568,781 0 0 122,461 471,615

2042 1.57% 0.671725598 0 0 549,279 0 0 124,366 452,505

2043 1.57% 0.661342521 0 0 527,855 0 0 125,914 432,365

2044 1.57% 0.651119938 0 0 504,512 0 0 127,042 411,217

2045 1.57% 0.641055368 0 0 479,282 0 0 127,687 389,101

2046 1.57% 0.63114637 0 0 452,263 0 0 122,467 362,739

2047 1.57% 0.621390539 0 0 423,649 0 0 113,737 333,926

2048 1.57% 0.611785506 0 0 393,664 0 0 105,162 305,174

2049 1.57% 0.602328942 0 0 362,613 0 0 96,465 276,516

2050 1.57% 0.593018551 0 0 330,883 0 0 87,718 248,239

2051 1.57% 0.583852073 0 0 298,889 0 0 79,067 220,671

2052 1.57% 0.574827285 0 0 267,060 0 0 70,704 194,156

14,579,352

Comments/Notes

-Discount rate based on ERISA 4044 Annuity Rates applicable for July 2020 - September 2020 (1.98% for years 0-20 and 1.57% after year 20).

-Benefit payment projection reflects ERISA 4044 Mortality applicable for 2020.

-Benefits and expenses are assumed to be paid mid-year.

-Present value of PBGC future assistance under partition is $14,579,352.

Benefit Payments by Status

AZ BRK 000162
Milliman 

 

 Report of Required Actuarial Information – Application for Proposed Partition 

 

Report of Required Actuarial Information – Application for Proposed Partition 25 

Arizona Bricklayers’ Pension Trust Fund 

Projection of PBGC Guaranteed Benefit Payments of Pre-Partition Original Plan (Closed Group, No New Entrants after 2021) [4233.7(a)(9)]

Year Active Retiree Terminated Vested Beneficiary New Entrant

2022 42,181 1,350,851 293,979 219,833 622

2023 52,242 1,306,962 363,356 207,030 1,112

2024 58,644 1,261,518 418,382 194,406 1,112

2025 65,089 1,214,609 473,031 182,039 1,113

2026 72,412 1,166,331 523,383 169,995 1,168

2027 77,086 1,116,807 558,964 158,328 1,892

2028 80,270 1,066,179 597,939 147,090 2,528

2029 84,544 1,014,607 640,215 136,319 2,535

2030 89,294 962,262 672,574 126,043 2,551

2031 90,805 909,340 705,322 116,277 2,556

2032 90,899 856,063 735,615 107,026 2,958

2033 91,945 802,666 759,321 98,283 3,270

2034 94,125 749,398 771,141 90,033 3,254

2035 95,123 696,512 790,041 82,259 3,238

2036 97,045 644,277 791,780 74,943 3,214

2037 96,202 592,986 802,566 68,074 3,632

2038 95,108 542,957 806,335 61,638 3,987

2039 96,225 494,504 815,768 55,623 3,938

2040 94,935 447,926 819,879 50,015 3,884

2041 93,380 403,478 815,052 44,802 3,824

2042 93,879 361,368 809,136 39,965 3,969

2043 91,699 321,770 802,748 35,486 4,063

2044 89,149 284,824 780,419 31,344 3,977

2045 92,109 250,631 761,441 27,524 3,885

2046 88,825 219,255 737,024 24,017 3,783

2047 86,854 190,700 707,764 20,815 3,918

2048 83,317 164,913 680,466 17,908 3,999

2049 79,415 141,802 648,559 15,289 3,865

2050 76,376 121,249 615,646 12,949 3,723

2051 72,197 103,106 581,974 10,874 3,575

2052 67,937 87,211 547,813 9,050 3,462

Comments/Notes

-New Entrant benefit payment represents those that enter the Plan on or after January 1, 2019 but before January 1, 2022.

Benefit Payments by Status

AZ BRK 000163
Milliman 

 

 Report of Required Actuarial Information – Application for Proposed Partition 

 

Report of Required Actuarial Information – Application for Proposed Partition 26 

Arizona Bricklayers’ Pension Trust Fund 

Projection of Maximum Suspension of Pre-Partition Original Plan (Open Group) [4233.7(a)(10)]

Year Active Retiree Terminated Vested Beneficiary New Entrant

2022 47,289 1,605,959 325,310 265,247 635

2023 58,832 1,551,980 401,578 249,563 1,630

2024 66,388 1,496,056 462,050 234,025 2,194

2025 74,243 1,438,313 522,101 218,736 2,964

2026 83,501 1,378,891 577,424 203,790 3,975

2027 89,715 1,317,967 616,488 189,272 6,525

2028 94,123 1,255,746 659,279 175,261 9,884

2029 100,110 1,192,454 705,697 161,822 12,321

2030 106,248 1,128,337 741,197 149,006 15,365

2031 108,163 1,063,673 777,118 136,843 18,550

2032 108,355 998,772 810,330 125,352 22,477

2033 109,755 933,958 836,288 114,536 27,035

2034 112,285 869,562 849,168 104,382 31,053

2035 113,452 805,911 869,832 94,874 35,427

2036 115,836 743,339 871,617 85,993 39,887

2037 114,931 682,199 883,352 77,721 45,008

2038 113,702 622,862 887,373 70,036 50,617

2039 116,033 565,684 897,630 62,916 55,646

2040 114,541 510,995 902,038 56,335 60,894

2041 112,887 459,064 896,623 50,268 66,165

2042 113,750 410,102 890,019 44,684 71,840

2043 111,258 364,274 882,906 39,552 77,810

2044 108,327 321,701 858,269 34,838 83,328

2045 112,046 282,465 837,327 30,520 88,947

2046 108,215 246,597 810,413 26,577 94,517

2047 106,410 214,070 778,182 22,994 100,698

2048 102,413 184,790 748,117 19,755 107,246

2049 97,816 158,627 712,992 16,847 113,083

2050 94,272 135,423 676,768 14,255 119,013

2051 89,317 114,993 639,716 11,962 124,845

2052 84,252 97,137 602,133 9,949 130,577

Benefit Payments by Status

AZ BRK 000164
Milliman 

 

 Report of Required Actuarial Information – Application for Proposed Partition 

 

Report of Required Actuarial Information – Application for Proposed Partition 27 

Arizona Bricklayers’ Pension Trust Fund 

G. Significant Risks and Assumptions 

In response to Section 4233.6(c), the following are the significant risks and assumptions relating to the proposed 

partition and the projections provided in support of the application. 

Investment risk 

The potential that future returns will be different than expected. 

The projections produced in support of the application assume investment returns of 1.39% for 2020, 4.98% for 

2021-2029, and 5.88% after 2029. 

If actual investment returns are lower than assumed, the Plan may become insolvent even if the partition and 

suspension are approved. 

Administrative expense risk 

The potential that future administrative expenses will be different than expected. 

The projections produced in support of the application assume expenses of $525,000 for 2020, $400,000 for 

2021, $250,000 for 2022, and then 2% annual increases thereafter. Downward adjustments are made to reflect 

the Fund’s projected decline in headcount. Upon insolvency, expenses are projected to decrease by 20% in 

addition to the elimination of PBGC premiums. Upon partition, expenses are projected to increase by 5% due to 

increased administrative complexity and projected to decrease after 10 years due to the elimination of PBGC 

Premium for the partitioned group. In addition, total expenses under a partition are allocated between the Original 

Plan and Successor Plan by projected headcount. Under all scenarios annual expenses are limited to the greater 

of $100,000 or 30% of annual expected benefit payments. 

If actual expenses returns are higher than assumed, the Plan may become insolvent even if the partition and 

suspension are approved. 

PBGC insolvency risk 

The potential that PBGC becomes insolvent. 

The projections produced in support of the application assume that PBGC will be able to provide the financial 

assistance requested. 

If PBGC cannot provide the financial assistance due to insolvency, the Plan may become insolvent. 

Demographic risk 

The potential that mortality or other demographic experience will be different than expected. 

The projections produced in support of the application assume that participants will follow patterns of 

demographic experience (e.g., mortality, withdrawal, disability, retirement, form of payment, etc.). The most 

significant assumption is the mortality assumption, which is the Pri-2012 Blue Collar mortality table. 

If actual demographic experience is worse than expected (for example, fewer deaths than expected), the Plan 

may become insolvent even if the partition and suspension are approved. 

Future employment and contribution risk 

The potential that actual future hours and contributions deviate from expected future hours and contributions. 

The projections produced in support of the application assume future hours for purposes of projecting 

contributions of 51,000 hours for 2020, 56,000 hours for 2021, 56,000 hours for 2022, and 50,000 hours each 

year after 2022. In addition, load for reciprocal contributions of 35% for 2020 and 40% for 2021 and later is 

assumed. 

If actual hours and contributions are lower than expected, the Plan may become insolvent even if the partition and 

suspension are approved. 

AZ BRK 000165
Milliman 

 

 Report of Required Actuarial Information – Application for Proposed Partition 

 

Report of Required Actuarial Information – Application for Proposed Partition 28 

Arizona Bricklayers’ Pension Trust Fund 

H. Census Data 

Enclosed is the census data required by Section 4233.8 of ERISA Regulations. 

AZ BRK 000166
Arizona Bricklayers' Pension Trust Fund

MPRA Application Checklist Item #24: Projection of Amount of Reduction in Benefit Payments Attributable to Partition

Year Active Retiree Terminated Vested Beneficiary New Entrant

2022 0 0 293,844 0 0

2023 0 0 362,724 0 0

2024 0 0 416,882 0 0

2025 0 0 470,368 0 0

2026 0 0 519,356 0 0

2027 0 0 553,153 0 0

2028 0 0 589,599 0 0

2029 0 0 624,365 0 0

2030 0 0 650,086 0 0

2031 0 0 671,856 0 0

2032 0 0 664,687 0 0

2033 0 0 656,734 0 0

2034 0 0 647,915 0 0

2035 0 0 638,145 0 0

2036 0 0 627,336 0 0

2037 0 0 615,399 0 0

2038 0 0 602,246 0 0

2039 0 0 587,792 0 0

2040 0 0 571,956 0 0

2041 0 0 554,672 0 0

2042 0 0 535,887 0 0

2043 0 0 515,576 0 0

2044 0 0 493,745 0 0

2045 0 0 470,448 0 0

2046 0 0 445,785 0 0

2047 0 0 419,900 0 0

2048 0 0 392,984 0 0

2049 0 0 365,262 0 0

2050 0 0 336,998 0 0

2051 0 0 308,484 0 0

2052 0 0 280,031 0 0

Benefit Payments by Status

AZ BRK 000167
Arizona Bricklayers' Pension Trust Fund

MPRA Application Checklist Item #27: Original Plan Projection with Suspension and Partition Assuming 1% Lower Investment Returns

Market Value Administrative Investment Investment Market Value Available Solvency Accrued Funded 

Plan Year Beginning Contributions Active Retiree Terminated Vested Beneficiary New Entrant Expenses Return (%) Return ($) Ending Resources Ratio Liability Percentage

2019 26,730,380 115,394 0 0 0 0 2,128,450 303,790 19.16% 4,908,124 29,321,658 31,450,108 14.78 37,804,523 70.7%

1/1/2020-6/30/2020 29,321,658 33,567 0 0 0 0 1,061,586 168,286 -1.10% -315,940 27,809,413 28,967,401 12.19 37,240,689 78.7%

7/1/2020-12/31/2020 27,809,413 28,398 0 0 0 0 1,338,121 356,714 1.57% 424,718 26,567,694 N/A N/A N/A N/A

2021 26,567,694 70,560 42,708 1,764,303 313,345 294,236 11 400,000 3.98% 1,003,321 24,826,972 27,241,575 11.28 36,384,101 73.0%

2022 24,826,972 70,560 47,289 1,605,959 31,466 265,247 635 187,769 3.98% 947,366 23,706,534 25,657,129 13.15 24,703,185 100.5%

2023 23,706,534 63,000 58,832 1,551,980 38,854 249,563 1,630 190,608 3.98% 903,547 22,581,613 24,482,473 12.88 23,967,484 98.9%

2024 22,581,613 63,000 66,388 1,496,056 45,168 234,025 2,194 193,477 3.98% 859,843 21,467,147 23,310,979 12.64 23,237,060 97.2%

2025 21,467,147 63,000 74,243 1,438,313 51,733 218,736 2,964 196,076 3.98% 816,576 20,364,657 22,150,647 12.40 22,524,354 95.3%

2026 20,364,657 63,000 83,501 1,378,891 58,068 203,790 3,975 198,853 3.98% 773,780 19,274,358 21,002,584 12.15 21,828,111 93.3%

2027 19,274,358 63,000 89,715 1,317,967 63,336 189,272 6,525 201,665 3.98% 731,541 18,200,419 19,867,234 11.92 21,147,926 91.1%

2028 18,200,419 63,000 94,123 1,255,746 69,680 175,261 9,884 204,519 3.98% 689,966 17,144,172 18,748,865 11.68 20,488,251 88.8%

2029 17,144,172 63,000 100,110 1,192,454 81,332 161,822 12,321 207,424 3.98% 648,987 16,100,696 17,648,735 11.40 19,850,577 86.4%

2030 16,100,696 63,000 106,248 1,128,337 91,111 149,006 15,365 210,198 4.88% 746,241 15,209,672 16,699,739 11.21 19,231,015 83.7%

2031 15,209,672 63,000 108,163 1,063,673 105,262 136,843 18,550 213,027 4.88% 704,078 14,331,232 15,763,724 11.00 18,632,338 81.6%

2032 14,331,232 63,000 108,355 998,772 145,642 125,352 22,477 211,397 4.88% 662,019 13,444,256 14,844,854 10.60 18,055,966 79.4%

2033 13,444,256 63,000 109,755 933,958 179,554 114,536 27,035 214,164 4.88% 619,530 12,547,785 13,912,622 10.19 17,481,477 76.9%

2034 12,547,785 63,000 112,285 869,562 201,253 104,382 31,053 217,263 4.88% 576,824 11,651,813 12,970,346 9.84 16,908,141 74.2%

2035 11,651,813 63,000 113,452 805,911 231,687 94,874 35,427 220,516 4.88% 533,918 10,746,865 12,028,215 9.39 16,346,599 71.3%

2036 10,746,865 63,000 115,836 743,339 244,281 85,993 39,887 223,708 4.88% 490,934 9,847,756 11,077,091 9.01 15,787,947 68.1%

2037 9,847,756 63,000 114,931 682,199 267,953 77,721 45,008 227,096 4.88% 447,977 8,943,824 10,131,636 8.53 15,247,691 64.6%

2038 8,943,824 63,000 113,702 622,862 285,127 70,036 50,617 230,989 4.88% 404,867 8,038,358 9,180,702 8.04 14,715,848 60.8%

2039 8,038,358 63,000 116,033 565,684 309,838 62,916 55,646 234,903 4.88% 361,363 7,117,700 8,227,818 7.41 14,197,474 56.6%

2040 7,117,700 63,000 114,541 510,995 330,081 56,335 60,894 239,147 4.88% 317,231 6,185,938 7,258,785 6.77 13,680,026 52.0%

2041 6,185,938 63,000 112,887 459,064 341,951 50,268 66,165 243,774 4.88% 272,675 5,247,504 6,277,839 6.09 13,168,453 47.0%

2042 5,247,504 63,000 113,750 410,102 354,132 44,684 71,840 248,846 4.88% 227,621 4,294,772 5,289,279 5.32 12,668,035 41.4%

2043 4,294,772 63,000 111,258 364,274 367,330 39,552 77,810 254,427 4.88% 181,819 3,324,940 4,285,163 4.46 12,172,019 35.3%

2044 3,324,940 63,000 108,327 321,701 364,523 34,838 83,328 260,584 4.88% 135,488 2,350,126 3,262,844 3.57 11,678,534 28.5%

2045 2,350,126 63,000 112,046 282,465 366,879 30,520 88,947 267,383 4.88% 88,522 1,353,408 2,234,265 2.54 11,200,732 21.0%

2046 1,353,408 63,000 108,215 246,597 364,628 26,577 94,517 263,429 4.88% 40,949 353,394 1,193,929 1.42 10,722,693 12.6%

2047 353,394 63,000 106,410 214,070 358,282 22,994 100,698 252,969 4.88% N/A Insolvent Insolvent 0.20 10,264,170 3.4%

Comments/Notes

-Information for 2019 Plan Year based on December 31, 2019 audited financial statements. Total benefit payments for 2019 are shown under New Entrants column.

-No future withdrawal liability payments are assumed.

-Maximum suspension and partition effective January 1, 2022.

-Administrative expenses expected to increase by 5% due to partition and are pro-rated between Original Plan and Successor Plan based on projected headcounts.

-Accrued liability includes expense loading equal to present value of future expenses (30 years), calculated at 5.5% discount rate.

-Original Plan is projected to become insolvent in the plan year beginning January 1, 2047 if returns are 1% lower than the baseline scenario.

Benefit Payments by Status

-Information for 2020 Plan Year bifurcated between January 1, 2020 to June 30, 2020 and July 1, 2020 to December 31, 2020. Non-investment cash flows for the first half of the year are based on information provided by the plan administrator and assuming -1.1% 

rate of return. Non-investment cash flows for the second half of the year are estimated such that the full year's expectation is met. In addition, the investment return was solved such that the full year's return would match the assumption of 0.39%. Total benefit 

payments for the two periods of 2020 are shown under New Entrants column.

AZ BRK 000168
Arizona Bricklayers' Pension Trust Fund

MPRA Application Checklist Item #27: Original Plan Projection with Suspension and Partition Assuming 2% Lower Investment Returns

Market Value Administrative Investment Investment Market Value Available Solvency Accrued Funded 

Plan Year Beginning Contributions Active Retiree Terminated Vested Beneficiary New Entrant Expenses Return (%) Return ($) Ending Resources Ratio Liability Percentage

2019 26,730,380 115,394 0 0 0 0 2,128,450 303,790 19.16% 4,908,124 29,321,658 31,450,108 14.78 37,804,523 70.7%

1/1/2020-6/30/2020 29,321,658 33,567 0 0 0 0 1,061,586 168,286 -1.10% -315,940 27,809,413 28,688,506 12.19 37,240,689 78.7%

7/1/2020-12/31/2020 27,809,413 28,398 0 0 0 0 1,338,121 356,714 0.54% 145,823 26,288,799 N/A N/A N/A N/A

2021 26,288,799 70,560 42,708 1,764,303 313,345 294,236 11 400,000 2.98% 742,820 24,287,576 26,702,179 11.06 36,384,101 72.3%

2022 24,287,576 70,560 47,289 1,605,959 31,466 265,247 635 187,769 2.98% 693,186 22,912,958 24,863,553 12.75 24,703,185 98.3%

2023 22,912,958 63,000 58,832 1,551,980 38,854 249,563 1,630 190,608 2.98% 652,804 21,537,294 23,438,154 12.33 23,967,484 95.6%

2024 21,537,294 63,000 66,388 1,496,056 45,168 234,025 2,194 193,477 2.98% 612,610 20,175,595 22,019,427 11.94 23,237,060 92.7%

2025 20,175,595 63,000 74,243 1,438,313 51,733 218,736 2,964 196,076 2.98% 572,849 18,829,378 20,615,368 11.54 22,524,354 89.6%

2026 18,829,378 63,000 83,501 1,378,891 58,068 203,790 3,975 198,853 2.98% 533,545 17,498,844 19,227,070 11.13 21,828,111 86.3%

2027 17,498,844 63,000 89,715 1,317,967 63,336 189,272 6,525 201,665 2.98% 494,761 16,188,125 17,854,940 10.71 21,147,926 82.7%

2028 16,188,125 63,000 94,123 1,255,746 69,680 175,261 9,884 204,519 2.98% 456,579 14,898,491 16,503,184 10.28 20,488,251 79.0%

2029 14,898,491 63,000 100,110 1,192,454 81,332 161,822 12,321 207,424 2.98% 418,942 13,624,970 15,173,009 9.80 19,850,577 75.1%

2030 13,624,970 63,000 106,248 1,128,337 91,111 149,006 15,365 210,198 3.88% 497,188 12,484,893 13,974,960 9.38 19,231,015 70.8%

2031 12,484,893 63,000 108,163 1,063,673 105,262 136,843 18,550 213,027 3.88% 454,005 11,356,380 12,788,872 8.93 18,632,338 67.0%

2032 11,356,380 63,000 108,355 998,772 145,642 125,352 22,477 211,397 3.88% 410,863 10,218,248 11,618,846 8.30 18,055,966 62.9%

2033 10,218,248 63,000 109,755 933,958 179,554 114,536 27,035 214,164 3.88% 367,337 9,069,584 10,434,421 7.65 17,481,477 58.5%

2034 9,069,584 63,000 112,285 869,562 201,253 104,382 31,053 217,263 3.88% 323,600 7,920,388 9,238,921 7.01 16,908,141 53.6%

2035 7,920,388 63,000 113,452 805,911 231,687 94,874 35,427 220,516 3.88% 279,663 6,761,185 8,042,535 6.28 16,346,599 48.5%

2036 6,761,185 63,000 115,836 743,339 244,281 85,993 39,887 223,708 3.88% 235,624 5,606,766 6,836,101 5.56 15,787,947 42.8%

2037 5,606,766 63,000 114,931 682,199 267,953 77,721 45,008 227,096 3.88% 191,565 4,446,422 5,634,234 4.74 15,247,691 36.8%

2038 4,446,422 63,000 113,702 622,862 285,127 70,036 50,617 230,989 3.88% 147,343 3,283,432 4,425,776 3.87 14,715,848 30.2%

2039 3,283,432 63,000 116,033 565,684 309,838 62,916 55,646 234,903 3.88% 102,763 2,104,174 3,214,292 2.90 14,197,474 23.1%

2040 2,104,174 63,000 114,541 510,995 330,081 56,335 60,894 239,147 3.88% 57,642 912,823 1,985,670 1.85 13,680,026 15.4%

2041 912,823 63,000 112,887 459,064 341,951 50,268 66,165 243,774 3.88% N/A Insolvent Insolvent 0.72 13,168,453 6.9%

Comments/Notes

-Information for 2019 Plan Year based on December 31, 2019 audited financial statements. Total benefit payments for 2019 are shown under New Entrants column.

-No future withdrawal liability payments are assumed.

-Maximum suspension and partition effective January 1, 2022.

-Administrative expenses expected to increase by 5% due to partition and are pro-rated between Original Plan and Successor Plan based on projected headcounts.

-Accrued liability includes expense loading equal to present value of future expenses (30 years), calculated at 5.5% discount rate.

-Original Plan is projected to become insolvent in the plan year beginning January 1, 2041 if returns are 2% lower than the baseline scenario.

Benefit Payments by Status

-Information for 2020 Plan Year bifurcated between January 1, 2020 to June 30, 2020 and July 1, 2020 to December 31, 2020. Non-investment cash flows for the first half of the year are based on information provided by the plan administrator and assuming -1.1% 

rate of return. Non-investment cash flows for the second half of the year are estimated such that the full year's expectation is met. In addition, the investment return was solved such that the full year's return would match the assumption of -0.61%. Total benefit 

payments for the two periods of 2020 are shown under New Entrants column.

AZ BRK 000169
Arizona Bricklayers' Pension Trust Fund

MPRA Application Checklist Item #27: Original Plan Projection with Suspension and Partition Assuming 10-Year Contribution Base Unit Trend of -7.9% Per Year

Market Value Administrative Investment Investment Market Value Available Solvency Accrued Funded 

Plan Year Beginning Contributions Active Retiree Terminated Vested Beneficiary New Entrant Expenses Return (%) Return ($) Ending Resources Ratio Liability Percentage

2019 26,730,380 115,394 0 0 0 0 2,128,450 303,790 19.16% 4,908,124 29,321,658 31,450,108 14.78 37,804,523 70.7%

1/1/2020-6/30/2020 29,321,658 33,567 0 0 0 0 1,061,586 168,286 -1.10% -315,940 27,809,413 29,290,986 12.21 37,240,689 78.7%

7/1/2020-12/31/2020 27,809,413 72,711 0 0 0 0 1,338,121 356,714 2.61% 703,991 26,891,280 N/A N/A N/A N/A

2021 26,891,280 97,882 42,708 1,764,303 313,345 294,236 11 400,000 4.98% 1,272,361 25,446,920 27,861,523 11.54 36,384,101 73.9%

2022 25,446,920 90,149 47,289 1,605,959 31,466 265,247 635 187,769 4.98% 1,216,876 24,615,581 26,566,176 13.62 24,703,185 103.0%

2023 24,615,581 83,027 58,832 1,551,980 38,854 249,563 1,630 190,608 4.98% 1,176,453 23,783,594 25,684,453 13.51 23,967,484 102.7%

2024 23,783,594 76,468 66,388 1,496,056 45,168 234,025 2,194 193,477 4.98% 1,136,191 22,958,944 24,802,776 13.45 23,237,060 102.4%

2025 22,958,944 70,427 74,243 1,438,313 51,733 218,736 2,964 196,076 4.98% 1,096,334 22,143,639 23,929,629 13.40 22,524,354 101.9%

2026 22,143,639 64,864 83,501 1,378,891 58,068 203,790 3,975 198,853 4.98% 1,056,947 21,338,370 23,066,597 13.35 21,828,111 101.4%

2027 21,338,370 59,739 89,715 1,317,967 63,336 189,272 6,525 201,665 4.98% 1,018,160 20,547,790 22,214,605 13.33 21,147,926 100.9%

2028 20,547,790 55,020 94,123 1,255,746 69,680 175,261 9,884 204,519 4.98% 980,131 19,773,728 21,378,421 13.32 20,488,251 100.3%

2029 19,773,728 50,673 100,110 1,192,454 81,332 161,822 12,321 207,424 4.98% 942,798 19,011,736 20,559,775 13.28 19,850,577 99.6%

2030 19,011,736 46,670 106,248 1,128,337 91,111 149,006 15,365 210,198 5.88% 1,069,969 18,428,111 19,918,178 13.37 19,231,015 98.9%

2031 18,428,111 42,983 108,163 1,063,673 105,262 136,843 18,550 213,027 5.88% 1,037,131 17,862,707 19,295,198 13.47 18,632,338 98.9%

2032 17,862,707 39,588 108,355 998,772 145,642 125,352 22,477 211,397 5.88% 1,004,759 17,295,058 18,695,656 13.35 18,055,966 98.9%

2033 17,295,058 36,460 109,755 933,958 179,554 114,536 27,035 214,164 5.88% 972,246 16,724,763 18,089,600 13.25 17,481,477 98.9%

2034 16,724,763 33,580 112,285 869,562 201,253 104,382 31,053 217,263 5.88% 939,882 16,162,429 17,480,962 13.26 16,908,141 98.9%

2035 16,162,429 30,927 113,452 805,911 231,687 94,874 35,427 220,516 5.88% 907,723 15,599,213 16,880,563 13.17 16,346,599 98.9%

2036 15,599,213 28,484 115,836 743,339 244,281 85,993 39,887 223,708 5.88% 875,950 15,050,604 16,279,939 13.24 15,787,947 98.8%

2037 15,050,604 26,234 114,931 682,199 267,953 77,721 45,008 227,096 5.88% 844,732 14,506,660 15,694,473 13.21 15,247,691 98.7%

2038 14,506,660 24,161 113,702 622,862 285,127 70,036 50,617 230,989 5.88% 813,893 13,971,382 15,113,725 13.23 14,715,848 98.6%

2039 13,971,382 22,252 116,033 565,684 309,838 62,916 55,646 234,903 5.88% 783,183 13,431,796 14,541,914 13.10 14,197,474 98.4%

2040 13,431,796 20,494 114,541 510,995 330,081 56,335 60,894 239,147 5.88% 752,362 12,892,659 13,965,506 13.02 13,680,026 98.2%

2041 12,892,659 18,875 112,887 459,064 341,951 50,268 66,165 243,774 5.88% 721,712 12,359,138 13,389,472 13.00 13,168,453 97.9%

2042 12,359,138 17,384 113,750 410,102 354,132 44,684 71,840 248,846 5.88% 691,189 11,824,357 12,818,865 12.89 12,668,035 97.6%

2043 11,824,357 16,011 111,258 364,274 367,330 39,552 77,810 254,427 5.88% 660,536 11,286,254 12,246,477 12.75 12,172,019 97.1%

2044 11,286,254 14,746 108,327 321,701 364,523 34,838 83,328 260,584 5.88% 630,057 10,757,754 11,670,472 12.79 11,678,534 96.6%

2045 10,757,754 13,581 112,046 282,465 366,879 30,520 88,947 267,383 5.88% 599,673 10,222,769 11,103,625 12.61 11,200,732 96.0%

2046 10,222,769 12,508 108,215 246,597 364,628 26,577 94,517 263,429 5.88% 569,468 9,700,782 10,541,316 12.54 10,722,693 95.3%

2047 9,700,782 11,520 106,410 214,070 358,282 22,994 100,698 252,969 5.88% 540,154 9,197,033 9,999,487 12.46 10,264,170 94.5%

2048 9,197,033 10,610 102,413 184,790 355,133 19,755 107,246 243,534 5.88% 511,740 8,706,512 9,475,848 12.32 9,830,603 93.6%

2049 8,706,512 9,772 97,816 158,627 347,729 16,847 113,083 233,344 5.88% 484,189 8,233,027 8,967,128 12.22 9,417,203 92.5%

2050 8,233,027 9,000 94,272 135,423 339,769 14,255 119,013 224,201 5.88% 457,500 7,772,594 8,475,326 12.06 9,028,040 91.2%

2051 7,772,594 8,289 89,317 114,993 331,233 11,962 124,845 215,183 5.88% 431,548 7,324,898 7,997,248 11.89 8,659,389 89.8%

2052 7,324,898 7,634 84,252 97,137 322,102 9,949 130,577 206,510 5.88% 406,277 6,888,282 7,532,299 11.70 8,311,233 88.1%

Comments/Notes

-Information for 2019 Plan Year based on December 31, 2019 audited financial statements. Total benefit payments for 2019 are shown under New Entrants column.

-No future withdrawal liability payments are assumed.

-Maximum suspension and partition effective January 1, 2022.

-Administrative expenses expected to increase by 5% due to partition and are pro-rated between Original Plan and Successor Plan based on projected headcounts.

-Original Plan is projected to remain solvent with suspension and partition but not projected to be 100% funded at the end of the extended period.

-Accrued liability includes expense loading equal to present value of future expenses (30 years), calculated at 5.5% discount rate.

Benefit Payments by Status

-Information for 2020 Plan Year bifurcated between January 1, 2020 to June 30, 2020 and July 1, 2020 to December 31, 2020. Non-investment cash flows for the first half of the year are based on information provided by the plan administrator and assuming -1.1% 

rate of return. Non-investment cash flows for the second half of the year are estimated such that the full year's expectation is met. In addition, the investment return was solved such that the full year's return would match the assumption of 1.39%. Total benefit 

payments for the two periods of 2020 are shown under New Entrants column.

AZ BRK 000170
Arizona Bricklayers' Pension Trust Fund

MPRA Application Checklist Item #27: Original Plan Projection with Suspension and Partition Assuming 10-Year Contribution Base Unit Trend Minus 1%, or -8.9% Per Year

Market Value Administrative Investment Investment Market Value Available Solvency Accrued Funded 

Plan Year Beginning Contributions Active Retiree Terminated Vested Beneficiary New Entrant Expenses Return (%) Return ($) Ending Resources Ratio Liability Percentage

2019 26,730,380 115,394 0 0 0 0 2,128,450 303,790 19.16% 4,908,124 29,321,658 31,450,108 14.78 37,804,523 70.7%

1/1/2020-6/30/2020 29,321,658 33,567 0 0 0 0 1,061,586 168,286 -1.10% -315,940 27,809,413 29,289,825 12.21 37,240,689 78.7%

7/1/2020-12/31/2020 27,809,413 71,557 0 0 0 0 1,338,121 356,714 2.61% 703,983 26,890,118 N/A N/A N/A N/A

2021 26,890,118 95,768 42,708 1,764,303 313,345 294,236 11 400,000 4.98% 1,272,251 25,443,534 27,858,137 11.54 36,384,101 73.9%

2022 25,443,534 87,245 47,289 1,605,959 31,466 265,247 635 187,769 4.98% 1,216,636 24,609,050 26,559,646 13.62 24,703,185 103.0%

2023 24,609,050 79,480 58,832 1,551,980 38,854 249,563 1,630 190,608 4.98% 1,176,041 23,773,103 25,673,963 13.51 23,967,484 102.7%

2024 23,773,103 72,406 66,388 1,496,056 45,168 234,025 2,194 193,477 4.98% 1,135,569 22,943,769 24,787,601 13.44 23,237,060 102.3%

2025 22,943,769 65,962 74,243 1,438,313 51,733 218,736 2,964 196,076 4.98% 1,095,468 22,123,133 23,909,123 13.39 22,524,354 101.9%

2026 22,123,133 60,091 83,501 1,378,891 58,068 203,790 3,975 198,853 4.98% 1,055,809 21,311,954 23,040,181 13.33 21,828,111 101.4%

2027 21,311,954 54,743 89,715 1,317,967 63,336 189,272 6,525 201,665 4.98% 1,016,722 20,514,940 22,181,755 13.31 21,147,926 100.8%

2028 20,514,940 49,871 94,123 1,255,746 69,680 175,261 9,884 204,519 4.98% 978,369 19,733,967 21,338,660 13.30 20,488,251 100.1%

2029 19,733,967 45,433 100,110 1,192,454 81,332 161,822 12,321 207,424 4.98% 940,689 18,964,625 20,512,664 13.25 19,850,577 99.4%

2030 18,964,625 41,389 106,248 1,128,337 91,111 149,006 15,365 210,198 5.88% 1,067,046 18,372,796 19,862,863 13.33 19,231,015 98.6%

2031 18,372,796 37,705 108,163 1,063,673 105,262 136,843 18,550 213,027 5.88% 1,033,726 17,798,709 19,231,200 13.43 18,632,338 98.6%

2032 17,798,709 34,350 108,355 998,772 145,642 125,352 22,477 211,397 5.88% 1,000,844 17,221,907 18,622,506 13.30 18,055,966 98.6%

2033 17,221,907 31,293 109,755 933,958 179,554 114,536 27,035 214,164 5.88% 967,795 16,641,994 18,006,831 13.19 17,481,477 98.5%

2034 16,641,994 28,507 112,285 869,562 201,253 104,382 31,053 217,263 5.88% 934,868 16,069,573 17,388,107 13.19 16,908,141 98.4%

2035 16,069,573 25,970 113,452 805,911 231,687 94,874 35,427 220,516 5.88% 902,119 15,495,797 16,777,147 13.09 16,346,599 98.3%

2036 15,495,797 23,659 115,836 743,339 244,281 85,993 39,887 223,708 5.88% 869,729 14,936,142 16,165,477 13.15 15,787,947 98.1%

2037 14,936,142 21,553 114,931 682,199 267,953 77,721 45,008 227,096 5.88% 837,866 14,380,652 15,568,464 13.11 15,247,691 98.0%

2038 14,380,652 19,635 113,702 622,862 285,127 70,036 50,617 230,989 5.88% 806,352 13,833,306 14,975,650 13.11 14,715,848 97.7%

2039 13,833,306 17,888 116,033 565,684 309,838 62,916 55,646 234,903 5.88% 774,938 13,281,111 14,391,229 12.96 14,197,474 97.4%

2040 13,281,111 16,296 114,541 510,995 330,081 56,335 60,894 239,147 5.88% 743,380 12,728,793 13,801,640 12.86 13,680,026 97.1%

2041 12,728,793 14,845 112,887 459,064 341,951 50,268 66,165 243,774 5.88% 711,959 12,181,489 13,211,824 12.82 13,168,453 96.7%

2042 12,181,489 13,524 113,750 410,102 354,132 44,684 71,840 248,846 5.88% 680,631 11,632,290 12,626,798 12.70 12,668,035 96.2%

2043 11,632,290 12,320 111,258 364,274 367,330 39,552 77,810 254,427 5.88% 649,135 11,079,095 12,039,318 12.54 12,172,019 95.6%

2044 11,079,095 11,224 108,327 321,701 364,523 34,838 83,328 260,584 5.88% 617,774 10,534,790 11,447,509 12.54 11,678,534 94.9%

2045 10,534,790 10,225 112,046 282,465 366,879 30,520 88,947 267,383 5.88% 586,466 9,983,242 10,864,099 12.33 11,200,732 94.1%

2046 9,983,242 9,315 108,215 246,597 364,628 26,577 94,517 263,429 5.88% 555,292 9,443,886 10,284,420 12.24 10,722,693 93.1%

2047 9,443,886 8,486 106,410 214,070 358,282 22,994 100,698 252,969 5.88% 524,960 8,921,909 9,724,363 12.12 10,264,170 92.0%

2048 8,921,909 7,731 102,413 184,790 355,133 19,755 107,246 243,534 5.88% 495,479 8,412,247 9,181,584 11.93 9,830,603 90.8%

2049 8,412,247 7,043 97,816 158,627 347,729 16,847 113,083 233,344 5.88% 466,808 7,918,653 8,652,753 11.79 9,417,203 89.3%

2050 7,918,653 6,416 94,272 135,423 339,769 14,255 119,013 224,201 5.88% 438,940 7,437,076 8,139,808 11.58 9,028,040 87.7%

2051 7,437,076 5,845 89,317 114,993 331,233 11,962 124,845 215,183 5.88% 411,749 6,967,137 7,639,487 11.36 8,659,389 85.9%

2052 6,967,137 5,325 84,252 97,137 322,102 9,949 130,577 206,510 5.88% 385,174 6,507,109 7,151,125 11.10 8,311,233 83.8%

Comments/Notes

-Information for 2019 Plan Year based on December 31, 2019 audited financial statements. Total benefit payments for 2019 are shown under New Entrants column.

-No future withdrawal liability payments are assumed.

-Maximum suspension and partition effective January 1, 2022.

-Administrative expenses expected to increase by 5% due to partition and are pro-rated between Original Plan and Successor Plan based on projected headcounts.

-Original Plan is projected to remain solvent with suspension and partition but not projected to be 100% funded at the end of the extended period.

-Accrued liability includes expense loading equal to present value of future expenses (30 years), calculated at 5.5% discount rate.

Benefit Payments by Status

-Information for 2020 Plan Year bifurcated between January 1, 2020 to June 30, 2020 and July 1, 2020 to December 31, 2020. Non-investment cash flows for the first half of the year are based on information provided by the plan administrator and assuming -1.1% 

rate of return. Non-investment cash flows for the second half of the year are estimated such that the full year's expectation is met. In addition, the investment return was solved such that the full year's return would match the assumption of 1.39%. Total benefit 

payments for the two periods of 2020 are shown under New Entrants column.

AZ BRK 000171