BAC 7:188 Exhibit 28A

6.7 Re-Employment After Termination of Total and Permanent Disability Benefit. 

(/\) In the event Total and Pennanent Disability Benefits under this Plan are tenninated, 

and a Participant re-retires in the future, the reinst,1ted benefits shall be determined 

as follows: 

( I) Disability Benefits - The new Total and Pem1anent Disability Benefit shall 

be equal to the amount the Participant was previously receiving plus any 

additional Future Service Benefit eamed after re-employment. 

(2) Early Retirement - The Early Retiree who bad previously received Total and 

Pemrnnent Disability Benefits will have hisiher benefits determined on the 

basis of the amount of his/her Accrned Benefit prior to his.,1,er receiving 

Total and Pennanent Disability Benefits, plus any additional Future Service 

Benefit earned atter re-employment, the sum of which will be reduced by 

his/her Early Retirement reduction factor. 

(3) Nonna! Retirement - The Nom,al Retirement benefit will be the mnount of 

hiSlher Accrued Bendit prior to his,11er receiving Total mid Permanent 

Disability benefits, plus any additional Future Service Benefit earned after 

re-employment. 

31 
BAC 7:189 Exhibit 28A

ARTICLE VTI - VESTING 

7.1 Vesting Schedule: 

(A) A Vested Pmticipant who has not attained his/her Nonna! or Early Retirement age 

shall be eligible to receive a V c.~ted Benefit in accordm1ce with Section 7 .2 provided: 

(1) Non-Collectively Bargained Employees who retired prior to May 1, 1989 

and Collectively Bargained Employees who retired ptior to May I, 1997 

should refer to the Plan document in effect at the time of retirement for the 

applicable vesting schedule. 

(2) Effective May I, 1989, for a Participant wl10 thereafl.er em11S Service as a 

Non-Collectively Bargained Employee who completely retires from Covered 

Service empk1)111ent with all Employers within the jurisdiction of this Fund 

and has at least 5 Years of Service since his/her date of participation and is 

not eligible for any other type ofbene!it under the Plan shall be I 00% vested 

in his/her Accrued Benefit according to the schedule provided in 7.2(B) 

helow and will become eligible for a Vested Benefit at such time as he/she 

reaches Nom1al Retirement Age, or if cligihle based upon hisiher Service at 

Early Retirement Age. as defined hy the Plan provisions i.11 effect at the time 

heishc was an Active Participant, provided be/she has completely retired 

from Covered Service employ1nent with all of the Employers within the 

jurisdiction of this Fund; or 

(3) Eflective May 1, 1997, a Participant who earns l Hour of Service after that 

date as a Collectively Bargained Employee mid becomes a Tcnninated 

Vested Participant aller earning at ie<1st 5 Years of Service since his.:11er <late 

of participation and is not eligible for any other type of benefit under the 

Plan shall be 100% vested in his.:11cr Accrued Benefit according to the 

schedule provided in 7.2(8) below and will become eligible for a Vested 

Benefit at such time as he/she reaches Nonnal Retirement Age, or if eligible 

based upon his;her Service at Early Retirement Age, as defined by the Plan 

provisions in effect at the time he/she was an Active Participant, provided 

heishe has completely retired from Covered Ser,ice empk1)1neut with all of 

the Employers within the jurisdiction of this Fund. 

7.2 Calculation of Benefit for Terminated Vested Patticipants. 

(A) The provisions of the Plan that are in effect at the time a Paiticipant first becomes a 

Terminated Vested Participant shall apply to any benefit calculation at the time the 

Participant becomes eligible io receive a Normal, Early, Vested or Qualified Joint 

and 50%, 75% or I 00% Survivor Benefit. 

(B) In the event a Terminated Vested Pmticipm1t subsequently returns to Covered 

Service, the Plan provi~ions in effect after the Tcnninatcd Vested Participant returns 

32 
BAC 7:190 Exhibit 28A

to Coven:d Service shall apply only to Service earntxl after bis/her return to Covered 

Service and for the purpose of calculating any benefit, the Accrued Benefo earned 

prior to the Participant becoming a Terminated Vested Participant shall be added to 

the Accrued Benefit earned alter hiS!her return to Covered Sen;ce. 

33 
BAC 7:191 Exhibit 28A

ARTICLE VIII: DEATH RE~EFITS 

8.1 Pre-Retirement Death Benefit 

(A) Subject lo sub-paragraph (C), a Death Benefit shall be payable to the surviving 

Spou~e of a Participant or fonncr Participant who dies (1) after August 22, 1984, 

with at least 5 Years of Service, (2) on or after the earliest date on which the 

Participant or fom1er Participant could have elected to receive benefits from the 

Plan, but (3) prior to the commencement of benefits (4) and coverage has not been 

waived. The amount of the Death Benefit shall be a monthly payment to the 

surviving Spouse for Ii fe equal to 1⁄2 of the amount which would have been 

payable to the deceased Participant or former Participant if heishe had begun lo 

receive benefits in the form of the Qualified Joint and 50% Survivor Benefit on 

the date before his/her death. The payment of such benefit lo the surviving 

Spouse shall commence as of the first day of the month next following the month 

in which the Participant dies, and shall be paid monthly thereafter, ceasing with 

the month in which the death of such Spouse occurs. 

(B) Subject to sub-paragraph (C), if the Pmticipant had not reached the earliest date 

on which he/she could have elected to receive benefits from the Plan, but dies 

after August 22, 1984 with at least 5 Years of Service and has not waived 

coverage, a Death 13enefit shall also be payable to the surviving Spouse. Subject 

to sub-paragraph (C), such Death Benefit sh,111 be a monthly payment to the 

surviving Spouse for life, et1ual to one-half of the amount which would have been 

payable to the deceased Participant if hcishc had separated ti-om Service on the 

date of death, survived to the earliest date on which, under the Plan, he/she could 

have elected to receive retirement benefits, had retired with an immediate 

Qualified Joint and 50% Survivor Benefit at that time. and then had immediately 

died. The payment of such benefit to the surviving Spouse shall commence as of 

the earliest date nn which, under the Plan, the dccease-d Participant could have 

elected to receive benefits and shall be paid monthly thereafter, ceasing with the 

month in which the death of such Spouse occurs. 

(C) Effective May I, 2009. any Pre-Retirement Death Benefit that has not yet 

commenced and coverage has not been waived, a charge will be implemented for 

such coverage that entitles the surviving spow;e to receive 50% of your Joint and 

Survivor Benefit for the rest of hisil1er lifetime. Such coverage may be 

maintained with a reduction in benefits for each month the coverage is in effect. 

(D) The reduction in a Pa1ticipant's monthly benefit will depend upon the 

Particip,mt's age at which he/she elect coverage and the number of months heishe 

chose to be covered. The following table provides the cost of the Pre-Retirement 

Death Benefit coverage: 

34 
BAC 7:192 Exhibit 28A

Cost of Pre-Retirement Death Benefit Coverage 

Age Range Percent Reduction in Accrned Benefit Per 

35-44 

45-49 

50-54 

55-59 

60-65 

Month Covered Within Age Range 

0.002% 

0.004% 

0.008% 

0.0 17% 

0.045% 

(E) Effective :V!ay I, 2009 a Paiticipant's monthly benefit shall be reduced to cover the 

cost of providing the Pre-Retirement Death Benefit for each month the benefit 

coverage is in effect. To elect out of the Pre-Retirement Death Benefit the 

Pacticipant must follow the election waiver mies, including written spousal consent, 

under ERISA Section 205(c) and any applicable regulation. The Pa1t icipant may 

reinstate the Pre-Retirement Death Benefit at any time. 

(F) Acn1arial Equivalent of Death Benefit. Notwithstac1ding the foregoing provisions of 

this Article, if the Actuarial Equivalent, as defined in Section l .3(C), of the PreRetirement De<1th Benefit does not exceed $5,000 ac1d the Participant's death 

occun-ed after August 22, 1984, the Actuarial Equivalent may, at the discretion of 

the Board ofTrnstccs, be paid to the surviving Spouse/Beneficiary in a lump sum. 

(G) In the case of a qualified preretirement survivor annuity as described above, the 

plan administrator shall provide each participant within the applicable period for 

such participant, a written explanation of the qualified preretiremeot survivor 

ammity in such tcnns and in such a manner as would be comparable to the 

explanation provided for meeting the requirements of section 5.3(8) applicable to 

a qualified joint an<l survivor awmity. 

(H) The applicable period for a participant is whichever of the following periods ends 

last: 

(I) the period beginning with the first day of the plan year in which the 

participant attains age 32 and ending with the close of the plan year 

preceding the plan year in which the participant attains age 35; 

(2) a reasonable period ending a11er the individual becomes a participant; 

(3) a reasonable period ending alter Paragraph (L), below, ceases to apply to 

the participant; 

(4) a reasonable period ending after this mticle first applies to the participant. 

(1) Notwithstanding the foregoing, notice must be provided within a reasonable 

period ending after separation of service in case of a participant who separates 

rrom service before attaining age 35. 

35 
BAC 7:193 Exhibit 28A

(J) For purposes of the preceding paragraph, a reasonable period ending after the 

enumerated events descrihed in (2), (3) and (4) is the end of the two year period 

beginning one year prior to the date the applicable event occurs and ending one 

year after that date. 

(K) In tl1e case of a pmiicipant who separates from service hefore the plan year in 

which age 35 is attained, notice shall he provided within the two year period 

hcginning one year prior to separation and ending one year after separation. If 

such a participant thereafter returns to employment with the employer, the 

applicable period for such participant shall be rcdetem,ined. 

(L) Notwithstanding the other requirements of this section, the respoctive notices 

prcscrihcd by this section need not be given to a particip,mt if (I) the plan "fully 

subsidizes" the costs of a qualified joint and survivor annuity or qualified 

preretirement survivor annuity, and (2) the plan does not allow the participant to 

waive the qualified joint and survivor annuity or quali lied preretire11-1ent survivor 

annuity and does not allow a manied participant to designate a nonspouse 

beneficiary. 

(I) For purposes of this Paragraph (L), a plan fully subsidizes the costs of a 

benefit if under the plan no increase in cost or decrease in benefits to the 

participant may result from the participant's failure to elect another 

benefit. Prior to the time the plan allows the participant to waive the 

qualified prcrctirement survivor annuity, the pla11 may not charge the 

participant l<.lr the cost of such benefit by reducing the participant's 

benefits under the plan or by any other method. 

8.2 Post Retirement Death Benefits. 

(A) If a Pa1ticipant dies after receiving at least one monthly benefit from the Plan, the 

Death Benefit shall be dependent upon the fonn of benefit which had been 

received hy the Participant prior to hisiher death. 

(B) If the Pmticipant was receiving one of the Qualified Joint and Survivor Benefits, 

the surviving Spouse to whom the deceased Participant was married upon the 

commencement of his,1,er henefits shall receive monthly benefits for life in an 

amount equal lo the percentage of the amount which had been elected by the 

Participant nnd Surviving Spouse. Such benefits shall commence as of the first 

day of the month coincident with or next following the Participant's death, and 

shall tcnninatc in the month in which the Spouse's death occurs. If such Spouse 

has predeceased the Pai1icipant. no further benefits shall be payable. 

(C) If the Pa1ticipant retired prior to l\fay I, 2009 and was roceiving a lifetime 

monthly benefit and hisil1er death occurs prior to the receipt of 60 monthly 

payments under the Plan, the Beneficiary shall receive the remainder of the 

payments, commencing as of the first day of the month following the month in 

which the Pa1ticipant's death occurred, and payahle as of the first day of each 

36 
BAC 7:194 Exhibit 28A

suhsequent month Ulltil 60 monthly payments have been made to the deceased 

Participant and to the Beneficiary in the aggregate. If the deceased Participant 

had received at least 60 monthly benefits as of the date of death, no Death 

Benefits shall he payable. 

(D) Ir the Pmticipm1t retires on or after May I, 2009 the death benefit shall depend upon 

whether or not the Participant has elected the 60 month guarantee with a monthly 

reduction in benefit pLLrsuant to Section 3.3, Section 4.3 or Section 5.9. 

(E) Actuarial Equivalent of Death Benefit. Notwithstanding the foregoing pro,isions of 

this Article, if the Actuarial Equivalent, as defined in Section I .3(C), of the PostRetirernent Death Benefit does not exceed SS,000.00 and the death of the Participant 

occurred after Aui,'llst 22, 1984, the Actuarial Equivalent may, at the discretion of 

the Board ofTmstces, he paid to the surviving Spouse.il3eneficiary in a lump sum. 

8.3 Failure to Designate A Beneficimy 

(A) \v11en a Participant dies without designating a Beneficiary, the Death Benefit, if any, 

shall be paid to such Participant's legal Spouse, if any. If the Participant's legal 

Spouse shall have a pre-deceased him or has ceased to he his/her legal Spouse, the 

De.ath Benefit shall be paid to the Participant's legal child or children, in equal 

shares. Ifno legal Spouse oflcgal child or children m·e alive, the Death Benefit ~hall 

be paid to the Executor or Administmtive Manager of the deceased Participant's 

Estate. 

8.4 Application for Death Benefits 

(A) No Death Benefit payable under this Pension Plan shall be made to any Participant's 

Bcncficiary(ies) unless application ,md claim therefore is made to the Board of 

Tnistees within 12 months after the date of death of the Participant. 

(B) However, the Trnstees may in any cases wht:re the circtunstances appear to warrant 

such action, liberalize the foregoing condition. 

37 
BAC 7:195 Exhibit 28A

ARTICLE IX: SUSPENSION OF BENEFITS 

9.1 Suspension of Benefit Rules. 

(A) Retirement Benefits shall be suspended for Participams who are receiving benefits 

but who meet all of the conditions as set forth below in subparagraph (0). 

(B) Retirement Benefits shall be suspended if a retiree satisfies all of the following 

requirements. 

(I) 

(2) 

40 HOUR RULE: 

( a) 111c retiree is re-employed for 40 or more hours during any four or 

five-week payroll period which falls within a calendar month. Reemployment shall include self-employment. 

SAME 1:--JDUSTRY: 

(a) The retiree is re-employed in the "same industry", which shall be 

defined as returning to work within the Brick and Masonry Industry 

and as in accordance with the definitions contained within the 

Collective Bargaining and Trust Agreement. 

(3) SAME TRADE OR CR.AFT: 

(a) The retiree is re-employed in the "same trade or craft'', which shall 

be defined as reruming to work in a trade or craft in which he/she 

was employed at any time prior to his/her retirement under the Plan 

and shall include any supervisory or managerial activity that is 

reasonably related to the underlying skills associated with the trade 

or craft for which the retiree was trained or in which he/she acquired 

his,11cr work expe1ience. 

(4) SAME GEOGRA.PHIC AREA: 

(a) The retiree is re-employed in the "same geographic area'', which 

shall be defined to cover the entire State of Ohio and portions of 

those states located as a pari of the Standard Metropolitan Statistical 

Area, as defined by the U.S. Census Bureau. 

9.2 Reinstatement of Retirement Benefits 

(A) Upon tenni.nation of re-employment which resulted in the suspension of Retirement 

Uenefits, provided the Participant has submitted a request to the Board of Trustee; 

for the resumption of his/her benefit on an appropriate form furnished and approved 

38 
BAC 7:196 Exhibit 28A

by the Trustees, the Participant's retirement benefit shall he resumed on the first day 

of the calendar month following the receipt of the required notice ;i;; set forth below: 

(I) 

(2) 

NORMAL RETIRE:VlENT BENEFIT: 

(a) If a retiree was receiving a Nonna] Retirement Benefit at the time of 

the suspension of that benefit, the reinstated benefit shall be in the 

amount the retiree was receiving prior to the suspension ofbenetit in 

addition to any amoLLI1t realized for Service resulting from such 

reemplo11mmt. 

EARLY RETIREMEI\T BE:--.JEFIT: 

(a) If a Retiree was receiving an Early Retirement Benefit at the time 

of the suspension of that benefit, the reinstated benefit shall be in 

the amount the retiree was receiving prior to the suspension of the 

benefit, plus any amount realized for service as a result of the 

reemployment, reduced by the Early Retirement factor applicable 

to the Retiree's current age at the time of reinstatement. 

(B) Upon resumption o f benefit payments, the reinstated benefit shall be the same 

fo1111 of benefit that was being received before the suspension plus any amount 

realized for service as a result of the reemployment and the new benefit amount 

shall be based on the Retiree's age at the time of reinstatement. 

(C) If hene lit payments in any form are suspended pursuant to Article IX of the Plan for 

an Employee who continues in service without a separation and who docs not 

receive a benefit payment, the reconuuencement of benefit payments shall be treated 

as a new benefit staiting date. 

9.3 Active Participants Who Work Beyond l\onnal Retirement Age. 

(A) The Suspension of Benefit Rules as set fo1th in this A.tticle shall be applied to those 

Participants who continue to work after reaching the :--.Jonna) Retirement Age. No 

retirement benefits shall be paid for such months in which the Participant is 

employed for 40 or more hours in the Same Industry, Same Trade or Craft and in the 

Same Geographic Area. Any benefits which ai·e suspended during such months 

shall not be paid at any later date. lf the Participant continues to work after reaching 

Nonna! Retirement Age hut works less than 40 hours per month in the Same 

Industry, Same Trade or Craft and in the Same Geographic Area, no retirement 

benefits shall be paid while the Patiicipant is employed. Upon the Participant's 

retirement, any benefits which were suspended and to which he/she is entitled shall 

he restored in accordance with the regular Plan provisions. Such provisions shall 

provide benefit credit for all work perfonned under the Plan prior to the Participant's 

actual date of retirement. 

39 
BAC 7:197 Exhibit 28A

9.4 Notification and Presumption. 

(A) The Participant shall he required to notify the Board of Trustees at such time as 

he/she becomes re-employed by filing a Notice of Return to Work. The Doard of 

Trnstees may act on the basis of a presumption that the Participant has exceeded the 

allowable hours of rc-cmploymenl. The Pmticipant's benefit shall be suspended 

immediately and the Participant shall be notified accordingly. The Board of 

Trustees shall have the right to apply the Suspension of Benefit Rules retroactively 

to the initiation of work by the Participant\ Employer at the job site. The Board of 

Trustees may, in addition, request infonuation from the Participant concerning such 

re-employment activity. including tax withholding statements in any given period 

related to the Pm1icipant's re-employment and any other reasonable information for 

the purpose of verification of such re-employment provided, however, no pa1,mmt 

shall he withheld hy the Plan pursuant to this Section unless the Plan notifies the 

Participant by personal delivery or first class mail during the first calend,u· month or 

payToll period in which the Plan withholds pa)ments that hi&'11er or her benefits are 

suspended. Such notifications shall contain a description of the specific reasons why 

benefit payments are being suspended, a description of the Plan provision relating to 

the suspension of pa1ments, a copy of such provisions, and a statement to the effect 

that applicable Depat1ment of Labor regulations may be fi.iund in Section 2530.203-

3 of the Code of Federal Regulations. 

(B) In addition, the notice shall intimn the Employee of the Plan's procedures for 

affording a review of the suspension of benefits. Request~ for such reviews may be 

considered in accordance with the claims procedure under A1iicle X!Il and during 

that procedure the Participant shall he given the opportunity to come forward and 

demonstrate the fact that he/she did not work the minimum number of hours of 

rclcvam service for the period in which his/her benefits were suspended. 

9.5 Advm,ce Detemlination. 

(A) The Pruticipant shall have Lhe right to request that an advance determination be 

made concerning the eftect of hiS1l1er re-employment on hiS111cr retirement benefit. 

The Participant shall be required to submit hisil1cr request to the Board ofTl'llstecs 

on an appropriate fom1 approved and provided hy the Trustees and in accordance 

with the procedures established by the Trustees. 

9.6 ResLL1nption of Benefits. 

(A) The Participant may request resumption of benefits at such time as he/she no longer 

meets the conditions of re-employment, as set fotth in this A1ticle. TI1e Particip,mt 

shall submit hisiher request for resumption of benefits on a form approved and 

provided by the Board ofTl'llstccs. 

40 
BAC 7:198 Exhibit 28A

9.7 Recovery of Overpayments - Offset Rule. 

(A) [n the event pay111cnts have been issued to a retiree for any period during which 

his.:11cr benefit should have h~n suspended, the retiree shall be liable for the foll 

amount of any overpayment(s). The maimer and the amount of recovery of the 

overpayment(s) shall be provided to the retiree in the Suspension Notice fomished to 

him at such time as hisihcr benefit is suspended. 

(B) The Board of Trustees may delay the resumption of payment of the. retiree's foll 

retirement benefit until the earlier of the recovery of the overpaymcnt(s) or the 

first day of the third calendar month (or four or five-week payroll period) after the 

retiree is entitled to the resumption ofhisiher benefit. 

(C) If the Trnstees have not recovered the full amount of any overpayment by (A) 

above, the Trnstees may deduct up to 25% of the retiree's subsequent benefit 

payment each month until the payment is completely recovered. 

41 
BAC 7:199 Exhibit 28A

A.RTICT ,EX: QUALIFJED DOlVIESTIC RELATIONS ORDER 

I 0.1 Qualified Domestic Relations Order. 

(A) A Qualified Domestic Relations Order shall include any Dorne1;tic Relations Order 

which cTeales 1)r recognizes the existence of an Alternate Payee's right to, or assigns 

to an Alternate Payee the right to, receive all or a portion of the benefits payable 

with respect to a Participant or fonncr Participant, which clearly specifies: 

(]) the name and the lw;t known mailing address (if any) of the Paiticipant or 

former Pacticipant. ai1d the name and the mailing address of each Allemate 

Payee covered by the Order; 

(2) the amount or percentage of the Participai1t's or former Participant's benefits 

to be paid by the Plan to each such Altcmatc Payee, or the manner in which 

such amount or percentage is lo he delem,ined. 

(3) the number of pa)~nents or period to which such order applies: and 

( 4) each Plan to which such order applies. 

(B) In addition, a Domestic Relations Order will be considered a Qualified Domestic 

Relations Order only if such order: 

(I) docs not require the Plan to provide any type or fonn of benefit, or any 

option, not otherwise provided under the Plan; 

(2) does not require the Plan to provide increased benefits (determined on the 

basis of actuarial value): and 

(3) does not require the payment of benefits to an Alternate Payee which arc 

required to be paid to another Alternate Payee llllder another Domestic 

Relations Order previously determined to be a Qualified Domestic Relations 

Order. 

(C) A Oomestic Relation~ Order otherwise satisfying the provisions hereof shall be a 

Qualified Domestic Relations Order even though such order requires pa~ncnt of 

benefits to be made to an Altcmatc Payee on or after the date the Participant or 

fonner Participant attains (or would have attained) the earlie.~l date on which, under 

the Plan, the Participant or ti.mner Participant could elect to receive retirement 

benefits as if the Pmticip,mt or fonner Paiticipant had retired on the date on which 

such payment is to begin under such order (but taking into account the present value 

of any Plan suhsidy for Early Retirement): and in any Conn in which such benefits 

other than in the lbnn of a Qualified Joint and Survivor Benefit with respect to the 

Alternate Payee and his/her or her subsequent Spouse. The prior sentence shall 

42 
BAC 7:200 Exhibit 28A

apply notwithstanding any prov1s1ons in the Plan requmng a tennination of 

emplo1rnent prior to the eligibility fbr the payment of benefits. 

I0.2 Alternate Payee. 

(A} An "Alternate Payee" shall include any Spouse, fonner Spouse, child or other 

dependent of a Paiticip,mt or forn1er P,uticipant who is recognized by a Domestic 

Relations Order as having a right to receive all, or a portion of, the benefits payable 

under the Plan with respect to such Participant or fonner Participant. 

I 0.3 Spendtlu'ift Exception for Qualified Domestic Relations Orders. 

(A) The creation, assignment or recognition of a light to any benefit payable with respect 

to a Participant pursuimt to a Qualified Domestic Relations Order shall not be treated 

as an assignment or alienation prohibited by ERISA. This exception to the 

Spendthrift Provisions shall apply only to Qualified Domestic Relations Orders m1d 

shall not be applicable to those which have been detern1ined not to be a Qualified 

Domestic Relations Order. 

I 0.4 Procedures for Notice and Dctcnnination by Plan Administrative Manager. 

(A) The procedures e,~tablished by the Board of Trustees ti.1r the detennination of the 

qualified status of Domestic Relations Orders and notification to the payees shall be 

those set fo1th in the Resolution to the Plan. 

43 
BAC 7:201 Exhibit 28A

ARTICLE XJ: PLAl\' ADMINISTRATION AND BENEl•IT DISTRlBUTlO~ 

I 1.1 Responsibility for Administration. 

(A) The Plan shall be administered by the Trustees, who are Fiduciaries under the Plan, 

in accordance with the powers gnmted to them by the Trust Agreement. The named 

Fiduciary may employ one or more persons to render advice with regard to any 

responsibility such Fiduciary has under the Plan. The Tmstees shall make such rules 

and prescribe such procedures for administration of the Pliu1 as they shall deem 

necessary and responsible. The decision of the Trustees in all manners pertaining to 

the administration of the Plan shall be final. 

11.2 Fiduciary Duties. 

(A) A Fiduciruy shall discharge his/her duties with respect to the Plan solely in the 

interest of the ParticipanL~ and Beneficiaries for the ex.elusive purpose of providing 

benefits to Participw1ts and Beneficiaries and defraying reasonable expenses of 

administering the Plan. 

(B} Fiduciaries shall discharge their duties with respect to the Plan witb care, skill, 

prudence and diligence under the circumstances prevailing that a prndent mru1 acting 

in a like capacity and familiar with such matters would use in the conduct of an 

enterprise of a like character and with like aims. 

(C) TI1c Fiduciaries shall diversify the investrnenL~ oflhe Plan so as to minimize the risk 

if large losses. TI,e Fiduciaries shall discharge their duties in accordance with the 

documents and instruments governing the Plan. 

11.3 Limitation on Rights to Benefits 

(A) No Participant, fom1er Participant, retired Participant, Beneficiary or ru1y person 

claiming by or through any such person, shall have any right, interest or title to any 

benefits under the Trnst Agreement, the Pension Plan or the Trust Fund, except as 

such right, interest or title shall have been specifically granted pLtrsuanl to the terms 

of this Pension Plan. 

11.4 Benefits Limited By Pension Plai1. 

(A} All benefits under the Pension Plan shall be paid by the Board of Trustees or an 

agent under the Trustees acting on their authority. Notwithstanding any <)ther 

provisions of this Plan, no benefits shall be paid except those can be provided under 

the Plan unless otherwise required by law. 

44 
BAC 7:202 Exhibit 28A

I 1.5 Assignment of Benefits. 

(A) No money, property, equity or interest of any nature whatsoever in the TrlL~t Fund, 

group arnrnity or other contract, or any benefits or monie1; payable therefrom shall be 

subject to assignment or alienation, either voluntary or involw1tary. However this 

provision shall not apply to the creation, assignment or recognition of a right to any 

benefit payable with respect to a Pmticipant or former Participant pursuant to the 

prnvisions of the Retirement Equity /\cl of 1984 concerning a Qualified Domestic 

Relations Order. 

11.6 Forfeitures. 

(A) Notwithstanding any other provisions of this Plan, any amounts that might be 

fo1ieit.ed by a Participant or former Participant shall not be used to increase the 

benefits of any other remaining Participants. 

I I. 7 Delinite Bene lit. 

(A) Except to the extent a Participant's benefits arc suspended in accordance with A.1ticle 

IX, the amount of any fonn of benefit under the tenns of this Plan will be the 

Actuarial Equivalent of the Participant's Accrued Benefit in the normal fonn 

commencing at No1111al Retirement Age. Actuarial Equivalence will be determined 

as is defined in Section 1.3. 

11.8 Limitation of Benefits. 

(A) The limitation of benefits as imposed by the Internal Revenue Code are set forth in 

Article XII. 

I I. 9 Rollovers. 

(A) The Plan Administrative Manager shall provide a written explanation to all 

recipients of distributions under the Plan considered to be eligible for rollover 

treatment. The explanation shall include a notice that ( I) the distribution shall not 

he currently taxed to the extent transfen-ed to another qualified Plan or individual 

retirement account within 60 days after the date on which the recipient receives 

the distribution and (2) of the ten-year income averaging and capital gains 

provisions, if applicable. 

(B) Effoctive January I, 1993, the following applies to distributions involving direct 

rollovers: 

(I) Notwithstanding any prov1s10n of the Plan lo the. contrary that would 

otherwise limil a dislributee's election under this part, a distributcc may 

elect, at the time and in the manner prescribed by the Plan Administrative 

Manager, to have any portion of an eligible rollover distribution that is 

45 
BAC 7:203 Exhibit 28A

equal to at least $500.00 paid directly to an eligible retirement plan 

specified by the distributee in a direct rollover. 

(2) Eligible retirement plan: An eligible retirement plan is an individual 

retirement account de.scribed in Section 408(a) of tbe Code, a Roth IRA 

described in Section 408(A) of the Code, m1 individual retirement annuity 

described in Section 408(b) of tbe Code. an annuity plan described in 

Section 403(a) of the Code, or a qualified plan described in Section 40 I (a) 

of the Code, that accepts the distributee's eligible rollover distribution. 

However, in the case of an eligible rollover distribution to the surviving 

spo1L~e, an digible retirement plan is an individual retirement account or 

individual retirement annuity. For distributions made after December 31 , 

2001, for purposes of the direct rollover provisions in Section 11.9 oftbe 

Plan, an eligible retirement plan shall also mean an annuity contract 

descri bed in Section 403(b) of the Code and an eligible plan under Section 

457(b) of the Code which is maintained hy a state, political subdivision of 

a state, or any agency or instrumentality of a state and which agrees to 

separately account for amounts transferred into such plan rrom this Plan. 

n ,e definition of eligible retirement plan shall also apply in the case of a 

distribution to a surviving Spouse, or to a Spouse or ti.1rmer Spouse who is 

the Alternate Payee under a Qualified Domestic Relations Order, as 

defined in Section 4 14(p) of the Code. An individual who rolls over from 

this Plan to a Roth IRA described in Code Section 408(A) must include in 

gross income any po1tion of the conversion amount that would be 

includible in gross income if the amount were dist,ibuted without being 

rolled over. Rollovers to Roth IRA 's are subj ect to an adjusted gross 

income restriction through 2009. 

(3) Distrihutee: A d istributee includes an Employee or fonner Employee. In 

addition, the Employee's or fo1mcr Employee's surviving Spouse and the 

Employee's or former Employee's Spouse or fonner spouse who is the 

Alternate Payee under a qualified domestic relations order, as detined in 

Section 414(p) of the Code, are distributccs with regard lo the interest of 

the Spouse or fonner Spouse. For distributions alter April 30, 2008, an 

Eligible Rollover Distribution can be made to a non-spouse Beneficiary's 

individual retirement account or individual retirement annuity. 

(C) Effective January 1, 1993, any distribution under this Plan which is an eligible 

rollover distribution which is not in accordance with Section 11.9(13), shall be 

subject to a 20% mandatory withholding. 

11.10 Forfoitahility of Benefits. 

(A) The Plan Administrative Manager shall furn ish Active Pmticipants and to tcnninated 

Plan Participants with a Vested Benefit a statement of Acenicd Benefits, including a 

46 
BAC 7:204 Exhibit 28A

notice that cert.ain benefits may be forfoitable, if the Pat1icipant's death occurs prior 

to a specific date, if applicable to the provisions of the Platt. 

I I. I I Procedures for Qualified Domestic Relations Orders. 

(A) In the event the Plan shall receive a Domestic Relations Order, the Board of 

Trnstees shall act in accordance with any administrative procedures adopted by the 

Board of Trustees. Such procedures shall be fom.ished to the Participant and Spouse 

or their representatives upon request. 

I I. 12 Incapacity. 

(A) In the event the Board of Trustees determines that a Participant, retired Participant 

or any other payee is mentally or physically unable to give a valid receipt for any 

benefit due him under the Plan, such pa)111ent may, unless claim shall have been 

made therefore by a legally appointed guardian, conunittec or other legal 

representative, be paid to any person or institution then in the judgment of the 

Trnstees providing for the care and maintenance or such Participant, retired 

Participant or payee. Any such pa)1T11mt shall be considered a payment for the 

account or the Participant, retired Pmticipant or payee and shall be a complete 

discharge of any liability of the Phm or the Trustees therefore 

I 1.13 Death Benefits Payable to Minors. 

(A) Any Death Benefit payable to minor children may be paid, at the discretion of the 

Bom·d of Trustees, to the legally appointed guardian of the minor, or if there be no 

such gua.rdim1, to such adults as the Com1 having legal jurisdiction direcL,. 

11.14 lnfonnation Required. 

(A) As a condition precedent to the pa)1nent of any benefit under the Plan, the Trustees 

shall have the right to require, on forms prescribed by the Tntstees, all infonnation 

which they reasonably deem necessary, including, hut not limited to, records of 

employment, proof of dates of birth and death, and evidence of existence and no 

benetit dependent in any way upon information shall be payable unless and until 

such infonnation so required be fomished. Such evidence shall be fumished by the 

Union, Employers, Participants, retired Participant and Beneficiaries, as applicable. 

I 1. 15 l\ o Reversion to Employers. 

(A) The Employers shall have no tight, title or interest in the contributions made by 

them to the Pension Fund and no part of the Pension Fund shall revc1t to the 

Employers. 

47 
BAC 7:205 Exhibit 28A

I 1.16 Duplication of Benefits. 

(A) A Participant may receive a pension benefit as a Spouse of a deceased Participant. 

11.17 Freezing Benefits at the Time the Individual Tem1inates Employment. 

(A) The pension benefit to which a Participant is entitled shall be determined hy the 

terms in effect in the Plan at the time the Participant becomes a Tenninated Vested 

Participant. 

l l. I 8 Gender. 

(A) The masculine gender as stated herein shall include the feminine gender, wherever 

applicable. 

11. 19 Commencement of Benefits and Method of Payment 

(A) The conunencement date for pension pa}~nent.s shall be in accordance with the 

appropriate Plan provisions. A Participant's benefits shall be distributed t(> him 

not later than April l" of the calendar year following the later of: 

(1) the calendar year in which the Participant attains age 70 1⁄2; or 

(2) the calendar year in which the Participant ceases to be employed in 

covered employment where contributions are being paid to the Plan on 

his111er behalf. 

(a) In the case of an Employee to whom paragraph (2) applies who 

retires in a calendar year after the calendar year in which the 

Employee attains age 70 1⁄2, the Employee's accrued benefit shall be 

actuarially increased to take into account the pe>iod after age 70 1⁄2 in 

which the Employee was not receiving ,uiy benefits under the plan. 

(B) ln the case of a Participant who is or was a 5% owner at any time during his/her 

participation in the Plan, such Participant shall commence his/her benefit not later 

than April 1st of the calendar year following the calendar year in which the 

Participant attains age 70 1⁄2, regard less of whether he or she is retired. 

(C) Unless the mode of distribution is a single sum payment, distributions will be made 

each year in one of the following ways: 

( l) over the life of the Pai1icipant, 

(2) over the life ol' the Participant and a designated Beneficiary, 

48 
BAC 7:206 Exhibit 28A

(3) over a period certain not extending beyond the life expectancy or the 

Participant, or 

(4) over a period certain not extending beyond the joint lite and last survivor 

expectancy of the Participant and a designated Beneficiary. 

(D) If a distribution is considered to have commenced in accordance with the Internal 

Revenue Service Regulations (IRS Regulations) before the Participant's death, the 

remaining interest will be distributed at lea;1 as rapidly as under the method of 

distribution being used as of the date of the Participant's death. 

(E) If the Participant dies hefore the time when distribution is considered to have 

commenced in accordance with the IRS Regulations, it shall satisfy the following 

requirements: (I) any remaining portion of the Participant's interest that is not 

payable to a Beneficiary designated by the Participant will be distributed within five 

years after the Participants death; and (2) ,my portion of the Pmticipant's interest that 

is payable to a Beneficiary designated by the Participant will be distributed either (a) 

within five years after the Participant's death, or (b) over the life of the Beneficiary 

or over a period certain not extending beyond the lifo expectancy of the lleneficiary, 

commencing not later than the end of the l.tlend,u- year following the calendar year 

in which the Participant died (or, if the designated I3eneficiary is the Participant's 

surviving spouse, commencing not la.ter than the end of the calendar year following 

the calendar year in which the Pm1icipant would have attained age 70 1⁄2). 

(F) The requirements of Section 401 (a)(9) of the Internal Revenue Code of 1986 are 

incorporated by reference. Any distribution required under the incidental death 

benefit requirements of Code Section 40 I (a)(9) shall be treated as a distribution 

required under Code Section 401(a)(9)(G). Distributions will be made in 

accordance with Code Section 401(a)(9) and Code of Federal Regulations §§ 

1.401 (a)(9)-2 through L.40l(a)(9)-9 as well as any other rules or regulations 

promulgated by the Commissioner. l11is paragraph, which rellects Code Section 

401(a)(9). overrides any distribution options in the Plan inconsistent with Code 

Section 40 I (a)(9). 

11.20 Retroactive Annuity Sta11ing Dates 

(A) To the extent payment of a pern;ion benefit is commenced after the nonnal 

annuity ~tarting date (i.e. the 1 s, day of the month following receipt of the 

Participant's complete retirement application) the Plan shall pay the retroactive 

monthly payments along with interest in an amount equivalent to the Actuarial 

Equivalent interest rate set forth in Section 1.3. Such payments shall be made in 

lump-sum fonn. 

49 
BAC 7:207 Exhibit 28A

I l.21 Relative Value of Benefits. 

(A) Every optional fonn of benefit has an approximate equal value to the reg11lar or 

nonnal fom1 of payment. 

11.22 Consequences of Deferral 

(A) Effective May I, 2007, noticcsiforrns that relate to distributions will include a 

description of a Participant's right (if any) to defer receipt of a distrihution and 

will describe the consequence-s of failing to defer receipt of the distribution 

pursuant to the Regulations and other guidance provided by the Treasury andior 

Labor. 

I 1.23 Trustee Discretionary Authority 

(A) TI1c decisions of the Board of Trustees in all matters pertaining to the 

administration of the Plan shall be final. The Board of Trustees, as the 

administrator of the Plan, shall have complete control of the administration of the 

Plan, subject to the provisions hereo1: with all powers necessary to enable it to 

properly carry out its duties in that respect. Not in limitation, hut in amplification 

of the foregoing, the Board shall have full authority and discretion to construe, 

interpret and apply all provisions of the Plan and to dete1mine nil questions that 

may rise hereunder, including all questions relating to the eligibility of 

Participants to participate in the Plan, the amount of any benefit to which any 

Participant, Beneficiary, spouse, or contingent annuitant may hecome entitled 

hereunder and to detennine all appeals subsequent to any detennination upon 

application for benefits. Specifically, the Board shall have full and complete 

authority and discretion to make any detem1inatio1ls or findings of fact regarding 

any claims and appeals of any henefit determinations. Its decision upon all 

matters within the scope or its authority shall be final 

11.24 HEART Act Provisions 

(A) Differential Wage Payment 

(I) Effective May 1, 2009, (i) ,m individual rccc1vmg a differential wage 

pa)1nent shall be treated as an employee of the employer making the 

pa)ment; (ii) the differential wage pa)1nent shall be treated as compensation; 

and (iii) the plan shall not he treated as foiling to meet the requirements of 

any provision described in Code Section 414(u)( l)(C) hy reason of any 

contribution or benefit which is based on the differential wage payment. 

(2) This provision shall be applicable only if all employees of an employer are 

entitled to receive difforential wage payments on reasonably equivalent 

tenns and, if eligible to participate in a retirement plan maintained by the 

so 
BAC 7:208 Exhibit 28A

employer, and arc so pcnnined by the plan, to make conui butions based on 

the pa)•mcnts on reasonably equivalent tem1s. 

(3) Di llerential Wage Pa)111ent shall mean any payment which (i) is mHde by an 

employer to an individual with respect to any period du1i.ng which the 

individual is pcrfonning service in the unifonned services, as defined in 

chapter 43 of Lille 38, Uuited States Code, while on active duty for a period 

of more than 30 days, and (ii) represents all or a portion of the wages the 

individual would have received from the employer if the individual were 

pcrfonning service for the employer. 

(B) Special Rule for Distributions 

(I) Effective May I, 2009, for purposes of Code Sections 401(k)(2)(B)(i)(I), 

403(b)(7)(A)(ii), 403(b)(l I)(A), or 457(d)(l)(A)(ii), an individual shall be 

treated as having been severed from employment during ,my period the 

individual is pcrfonning service in the unifonned services described in Code 

Section 340 1(h)(2)(A). 

(C) Death Benefits 

( I) With respect to deaths and disabilities occuJTing on or after January I, 2007, 

in the case of a participmlt who dies while performing qualified militmy 

service, as defined in Code Section 414(u), the survivors of the pmticipant 

are entitled to any additional benefits, other than benefit accruals relating to 

the period of qualified military service, provided under the plan had the 

pa1ticipant resumed and then tenninated employment on account of death. 

51 
BAC 7:209 Exhibit 28A

ARTICLE XII: LUVUTATIO:'.'1 OF BE~EFITS 

12.1 Compensation 

(A) For purposes of the maximum benefit limitations of Code Section 415, 

"Compensation" includes: 

(I) An Employee's wages, salaries, fees for professional services, and other 

amounts received (without regard to whether or not an amount is paid in 

cash) li.>r personal services actually rendered in the course of cmplo)~11ent 

with an Employer, to the extent that the amounts are includible in gross 

income (or to the extent amounts would have been received and includiblc 

in gross income but fix an election under Code sections 125(a), 132(f)(4), 

402(e)(3), 402(h)(i)(B), 402(k), or 457(b)). These amounts include, but 

are not limited to, commissions paid to salespersons, compensation for 

services on the basis of a percentage of profits, commissions on insurance 

premiums, tips, bonuses, fringe benefits, and reimbursements or other 

expense allowances under a non-accountable plan as described in 

Regulation section l.62-2(c). 

(2) In the case of an Employee who is an Employee within the meaning of 

Code section 40!(c)(l) and regulations promulgated under Code section 

40l(c)(l), the Employee's earned income (as described in Code section 

40l(c)(2) and regulations promulgated under Code section 401 (c)(2)), plus 

amounts deferred at the election of the employee that would be includiblc 

in gross income but for the rules of Code sections 402(e)(3), 402(h)(l)(B), 

402(k), or 457(b). 

(U) "Compensation" does not include: 

(I) Contrihutions (other than elect.ive contributions described in Code sections 

402(e)(3), 408(k)(6), 408lp)(2)(A)(i), or 457(b)) made by the Employer to 

a plan of deferred compensation (including a simplified employee pension 

described in Code section 408(k) or a simple retirement account described 

in Code section 408(p), and whether or not qualified) to the extent that the 

contributions are not includible in the gross income of the Employee for 

the taxable year in which contributed. In addition, any distrihutions from a 

plan of deferred compensation (whether or not quali ried) are not 

considered as compensation for Code section 415 purposes, regardless of 

whether such amounts are includible in the gross income of the Employee 

wheo distributed. 

(2) Amounts realized from the exercise of a non-statutory option (which is an 

option other than a statutory option as defined in Regulation section 1.421 -

1 (b )), or when restricted stock or other property held by an Employee 

either becomes freely trnnsforable or is no longer subj ect to a substantial 

52 
BAC 7:210 Exhibit 28A

risk of forfeiture (see Code section 83 and regulations promulgated under 

Code section 83 ). 

(3) Amounts realized from the sale, exchange, or other disposition of stock 

acquired under a statutory stock option (as defined in Regulation section 

1.421-l(b)). 

(4) Other amounts that receive special tax benefits, such as premiums for 

group-term Ii re insurance (but only to the extent that the premiums are not 

includible i.n the gross income of the Employee and are not salary 

reduction amounts that arc described in Code section 125). 

(5) Other items of remuneration that are similar to any of the items listed in 

paragraphs (B)(l) through (B)(4) of this section. 

12.2 Maximum Benefit Limitation. 

(A) The limits imposed by Code Section 41 5 arc incorporated hy reference. There 

may be no accruals or benefit distributions in excess of the Code Section 415 

limitations. No annual benefit exceeding the Code Section 415(b) limitation will 

he accrued or payable in any optional form of benefit payable under !he Plan, 

including the nonnal form of benefit. Employer discretion is also precluded. 

(B) Amrnal adjustments to the Code Section 41 5 limitations made pursuant to Code 

Section 41 S(d) arc incorporated hy reference. 

(C) The combination an<Vor aggregation of plans as provided in Code Section 

415(f)(l) ,md 415(g) shall not apply to this Plan in detem1ining the limitations 

under Code Section 4 1 S(b) inasmuch as this Plan is a multi-employer plan as 

defined in Code Section 4 14(1). 

53 
BAC 7:211 Exhibit 28A

ARTICL1£ XIII: BENEFIT PROCF.DURES 

13.1 Application for Retirement Benefits, Vested Benefits and Death J3enefits 

(A) All applications for benefits under this Plan, whether on account of retirement, 

vesting or death, and all elections and designations made by Pmticipants and 

Beneficiaries under this Plan shall he made in writing to the Board ofTrustees in the 

form and manner prescribed by the Trustees. 

(B) The Trustees shall have the right to require submission of all necessaiy infom1ation 

before any benefit is paid, including records of emplo}1ncnt proofa of date of bi.tth, 

marriage and death. No benefit dependent in any way upon such infonnation shall 

he payable unless and until the required information has been furnished. Upon 

receipt of such information, the Trustees shall determine the eligibility of the 

applicant for such benefit, and shall notify the applicant of their detem1.ination and 

the amount of any benefit payable. 

(C) Timely Submission of Applications i<)r Benefits. 

(I) Participants, Beneficiaries and surviving Spouses shall be able t.o apply for 

benefits under the Plan at any time after the date of 2 years preceding the 

date such applicant would first become eligible for the benefit, or as 

otherwise specifically set forth in this Plan. 

13.2 Election of Benefits. 

(A) All necessary questions concerning the applicant's election of any patiicular benefit 

under the Plan shall be explained and a written explanation shall be provided to the 

applicant of the tenns and conditions of the election. 

(B) Effective May I, 2007, not more than 180 days or less than 30 days prior to the 

Participant's benefit commencement date under a Qualified Joint and Survivor 

Benefit, the Plan's Administrative Manager shall deliver to such person (either by 

first-class mail or personally) a written explanation of the terms, conditions and 

effects of the Qualified Joint and Survivor Benefit. However, the Board ofTntstees 

need not only comply with more than one request made by a pacticulaJ person. 

(C) Notice Exemption. 

(I) The Plan shall not be required to provide notice of the right to waive the 

Qualified Joint and Survivor Benefit, or the Qualified Pre-Retirement 

Survivor Benefit if the Plan fully subsidizes the cost of the benefit. The 

Plan shall be considered to fully subsidize the cost of the benefit only if 

the failure to waive the benefit hy a Plan Participant or JJeneficiary does 

not result in either (a) a decrease in any Plan benefits with respect to the 

Paiticipant, or (h) increased Plan contributions by the Participant. 

54 
BAC 7:212 Exhibit 28A

13.3 Notification of Approval or Non-approval of Application. 

(A) The Board of Trustees shall make all determinations regarding the validity of the 

claim. Upon any paitial or total adverse benefit detennination. the Fund shall 

deliver or mail a l\oticc of Denial to the Claimant within 90 days of the filing of 

the claim, except in the case of a disability retirement benefit claim. In the case of 

a claim for disability retirement benefits, the Administrative l'vlanager shall notify 

the Claimant of the Plan's adverse benefit detennination within a reasonable 

period of time, but not later than 45 days after receipt of the claim by the Plan. 

This 45 day period may be ex.tended by the Plan for up to 30 days, provided that 

the Admi1listrative Manager both determines that such an ex.tension is necessary 

due to matters beyond the control of the Plan and notifies the Claimant, prior to 

the expiration of the initial 45-day period, of the circumstances requiting the 

extension of time and the date by which the Plan expects to render a decision. 11: 

prior to the end of the first 30-day extension period, the Administrative Manager 

detenuines that. due to matters beyond the control of the Plan, a decision cannot 

be rendered within that extension period, the period for making the determination 

may be extended for up to an additional 30 days, provided that the Administrative 

Manager notifies the Claimant. prior to the expiration of the first 30-day extension 

period, of the circumstances requiring the extension and the date as of which the 

Plan expects to render a decision. In the case of any extension under this 

paragraph, the notice of extension shall specifically explain the standards on 

which entitlement to a benefit is based, the unresolved issues that prevent a 

dec.ision on the claim, and the additional infonnation needed to resolve those 

issues, and the Claimant shall be afforded at least 45 days within which to provide 

the specified infonnation. 

(B) Tite period of time within which a benefit dctcnnination is required to be made 

will begin at the time the claim is filed in accordance with the rcasonahle 

procedures of the Plan, without regard to whether all information necessary to 

make a benefit determination accompanies the filing. If additional infrmnation is 

necessary lo make a benefit determination, the period of time for making the 

benelit dete1minatio11 shall be tolled from the date the notification for additional 

infonnation is requested until the Claimant responds to the request for additional 

information. 

(C) The notice shall be written in a manner ca!cL1lated to be understood by the 

Claimant, and shall contain: 

( l) the specific reason or reasons for the adverse dctcnnination; 

(2) specific reference to pertinent plan provisions 011 which the dctcnnination 

was based; 

55 
BAC 7:213 Exhibit 28A

(3) a description of any additional material or information necessary for the 

Claimant to perfect his/her claim and an explanation of why such material 

or infocmation is necessary; 

(4) a description of the plan's review procedures and the time limits 

applicable to such procedures, including a statement of the Claimant's 

right to bring a civil action under Section 502(a) of ERISA following an 

advel'$e benefit detennination on review; 

(5) in the case of an adverse benefit detennination hy the Plan regarding 

disability retiremem benefits, 

(a) If an internal rule, guideline, protocol, or other similar criterion 

was relied upon in making the adverse detennination, either the 

specific rule, guideline, protocol, or other similar criterion; or a 

statement that such a rule, guideline, protocol, or other similar 

criterion was relied upon in making the adverse detem1ination and 

that a copy of such rule, guideline, proto<X>l, or other criterion will 

he provided free of charge to the Claimant upon request; or 

(b) If the adverse benefit determination is based on a medical necessity 

or experimental treatment or similar exclusion or limit, either an 

explanation of the scientific or clinical judgment for the 

detem1ination, applying the tem,s of the Plan to the Claimant's 

medical cLrcumstances, or a statement that such explanation will be 

provided free to the Claimant upon request. 

(D) Except in the case of a disability retirement benefit claim, the Claimant or his/her 

authorized representative may appeal the decision of the Fund by written notice 

received by the Board of Trustees within 60 days of the mailing of the notice of 

an adverse benefit determination. In the case of a disability retirement benefit 

claim the Claimant may appeal the decision within 180 clays of the mailing of the 

notice of an adverse benefit detem1ination. The written notice only needs to state 

the Claimant's name, address, and the fact that the Claimant is appealing from the 

decision of the Board of Trustees, giving the date of the decision appealed from. 

The appeal shall be addressed as follows: 

Bricklayers & Allied Craftsmen Local No. 7 Pension Fund 

c!o BeneSys, Inc. 

33 Fitch Blvd. 

Austintown, Ohio 44515 

56 
BAC 7:214 Exhibit 28A

(E) The Plan shall 

(I) provide Claimants the opportunity to submit written comments, 

documents, records, and other information relating to the claim I-or 

benefits: 

(2) provide that a Claimant shall be provided, upon request and free of charge, 

reasonable access to, and copies of, all documents, records and other 

infonnation relevant to his111cr claim for benefits: and 

(3) provide for a review that takes into account all comments, documents, 

records, and other infonnation submitted by the Claimant relating to the 

claim, without regard to whether such infonnation was submitted or 

considered in the initial benefit detemiination. 

(F) In the case of a disability retirement benefit claim, the Plan shall: 

(I) provide for a review that does not afford deference to the initial adverse 

benefit detem1i.nation and that is conducted by an appropriate named 

fiduciary of the Plan who is neither the individual who made the adverse 

benefit detcnnination that is the subject of the appeal, nor the subordinate 

of such individual; 

(2) provide that, in deciding any appeal of an adverse benefit detennination 

that is based in whole or in part on a medical judgment, including 

detcnninations with regard to whether a particular treatment, drug, or 

other item is experimental, investigational, or not medically necessary or 

appropriate, the appropriate named fiduciary shall consult with a health 

care professional who has appropriate training experience in the field of 

medicine involved in the medical judgment; 

(3) provide for the identification of medical or vocational expe1ts whose 

advice was obtained on behalf oftl1e Plan in connection with a Claimant's 

adverse benefit determination, without regard to whether the advice wa;; 

relied upon in making the benefit determination; and 

(4) provide that the health care professional engaged for purposes of a 

consultation under paragraph (F)(2) of this Section shall be an individual 

who is neither an individual who was consulted in connection with the 

adverse benefit determination that i~ the subject of the appeal, nor the 

subordinate of any such individual. 

(G) Prior to a determination on the appeal, the Claimant or his/her authorized 

representative may have an opportunity LO review necessary and pertinent 

documents upon which the denial in whole or in part is based and may submit 

written issues and conunents pertinent to the appeal. 

57 
BAC 7:215 Exhibit 28A

(H) Except in the case of a disability retirement benefit claim, the Board of Tnistees 

shall consider the Claimant's appeal of an adverse benefit dctennination no later 

than its regular quarterly meeting which immediately follows the receipt of the 

notice of appea l, unle-ss sucl1 notice was filed within 30 days preceding the date of 

such meeting. If the notice of appeal was received within 30 days prior to the 

next regular quarterly meeting, the Board ofTrnstccs may consider the appeal at 

the second regular quarterly meeting following the receipt of the notice of appeal. 

In the case of a disability retirement benefit claim the Board of Trustees shall 

consider such an appeal within 45 days following receipt of the appeal. 

(I) If special circumstances exist regarding a benefit claim, the Board of Trnstees 

may take an extension of time, to the next regularly scheduled meeting, to review 

the claim, provided that the Claimant or hisil1cr representative arc given a notice 

describing the special circumstances prior lo the expiration of the original review 

period. 

(J) Atlcr consideration of the appeal as above, the Board of Trustees shall advise the 

Claimant or hisiher representative of its decision, in writing, within 5 days 

following the meeting at which the appeal was considered. The decision of the 

Board of Trustees shall set forth specific reasons for their conclusions and shall be 

written in a manner calculated to be understood by the Claimant and shall make 

references to the pertinent Plan provision(s) upon which the decision is based. 

The decision shall be linal and binding upon the Claimant unless further appealed 

as provided in Section (K) below. Notification of an adverse benefit 

determination, upon appeal, shall contain: 

( l) the spcci fie reason or reasons for the adverse benefit dctcnnination; 

(2) reference to specific Plan provisions on which the detennination is based; 

(3) a statement that the Claimant is entitled to receive, upon request and free 

of charge, reasonable access to, and copies of, all documents, records and 

other infomiation relevant to his/her claim for benefits; 

(4) a description of the Plan's procedures regarding a hearing before the 

Board of Trustees and the time limits applicable to such procedures, 

including a statement of the Claimant's right to bring civil action under 

ERISA Section 502(a) following an adverse benefit detem1ination from 

the Board of Trustees; and 

(5) the i<.>llowing statement "You and your plan may have other voluntary 

alternative dispute resolution options, such as mediation. One way to find 

out what may be available is to contact your local U.S. Department of 

Labor Office and your state insurance regulatory agency. 

58 
BAC 7:216 Exhibit 28A

(K) A full hearing bel<.>re the Board of Trustees shall be held when: 

(I) lhe Board of Tmstccs determines, prior to making a decision on appeal, 

that a hearing is necessary. In such event, the Board of Trnstccs shall 

noti ly the Claimant or his,11er representative of the date, time, and place 

set for a full hearing on the Claimant's appeal by regular mail addressed to 

the Claimant as shown on the notice or appeal. 

(2) The Claimant or his/her representative requests a full hearing before the 

Board of Trustees by written notice within 15 days alter receipt of the 

Board of Trustees' decision on appeal. The written notice needs to state 

only the Claimant\ name, address, and the fact that you arc requesting a 

full hearing before the Board ofTrnstccs, giving the date of the decision of 

the Board of Trustees. 

(3) In no case shall the date for the hearing set fotih in (K)(J) or (K)(2), be set 

for a time later than the third regular meeting of the Board of' Trustees 

following the receipt of the original notice of appeal. If a hearing is held 

under section (K)( I), the Claimant is shall not be entitled to a hearing 

under (K)(2). 

The Hearing: 

(4) A full written report shall he kept of the proceedings of the hearing. 

(a) In conducting the hearing, the Board ofTrnstccs shall not be bound 

by the usual conunon law or starutory mies of evidence. 

(b) The Claimant or his/her attorney shall have the right to review the 

written record of the hearing, make a copy of it and file objections 

to it. 

(c) There shall be copies made or all documeots and records 

introduced at the hearing, attached to the record of the hearing, and 

made a part of it. 

(d) All information upon which the Board or Trustees based its 

original decision shall be disclosed to the Claimant or his/her 

representative ai the hearing. 

(e) In the event that additional evidence is introduced by the Board of 

Trustees which was not made available to the Claimant prior to the 

hearing, the Claimant shall be granted a continuance of as much 

time as the Claimant desires, not to exceed 30 days. 

59 
BAC 7:217 Exhibit 28A

(I) TI1c Claimam shall he afforded the opportunity of presenting any 

evidence in his/her behalf If you offer new evidence, the heaiing 

may be adjourned for a period of not more than 30 days so the 

Board of Tnistccs may. if they wish, investigate the accuracy of 

the Claimant's new evidence or detem,ine whether additional 

evidence should be introduced. 

(L) After consideration of the appeal after a hearing, the Board or Trustees shall 

advise the Claimant or his1her representative of its decision in writing within 5 

days following the hearing at which the appeal was considered. The decision of 

the Board ofTrnstees shall set forth specific reasons for their conclusion, shall be 

written in a manner calculated to he understood hy the Claimant and shall make 

reference to the pertinent Plan provisions upon which the decision is based. This 

decision shall be fin<1l and binding upon the Claimant. 

(M) Effective June 6, 2014, no legal action regarding an applicmlt's benefit may be 

commenced or fi led against the Board of Trustees or the Plan more than I year 

after the mailing of the Board of Tnistees' decision on appeal as speci tied in 

J 3.3(J) or (L), whichever is later. 

60 
BAC 7:218 Exhibit 28A

ARTICLE XIV: FUNDING OF BENEFITS 

14.1 Source of Comributions. 

(A) Contributions to the Pension Fund shall be made only by Employers on behalf of 

Pa1ticipancs. Neither contributions by a Participant nor contributions by an 

Employer on his,11cr own behalf shall he pe1mitted under this Plan. 

14.2 No Reversion to Employers. 

(A) Participating Employers shall have no right, title or interest in contributions made by 

them to tl1e Pension Fund, and no palt of the Pension Fund shall revert tn the 

Employers. 

14.3 Investment and Funding Policy. 

(A) An investment policy shall be established that has as its goal the maintemmce of 

sufficient liquidity to assure the timely pa)ments of benefits and the selection of 

investments, which will produce a long-tem1 rate of return assumed by the Acn1ary 

in making his/her detemunation of funding requirements. The Board ofTn~lees 

may appoint an Investment Manager(s) to provide investment counsel. 

l 4.4 Actuarial Valuations and Plan Review. 

(A) The rules, regulations, ,md the benefits provided under the Plan have been adopted 

by the Bom·d of Trustees on the basis of actuarial estimates which have been 

established to the extent sufficient to support the Plan on a pe1manent basis. 

However, it is recognized that in the future, the income and/or liabilities of the 

Pension Fund may he substantiall y diflerent than those previously anticipated. TI1e 

Board of Trustees shall have prepared at least amrnally an actuarial valuation of the 

Pension Fund. Upon the basis of all facts and circumstances, the Board of Trustees 

may from time to time amend these rules, regulations and henefi ts provided for 

thereby, including any increase or decrease in benefit m11ounts. Ko such decrease 

may operate lo reduce any vested benefits. 

14.5 PPA Required Valuations 

(A) Effective ,\fay I, 2008, purwant to the Pension Protection Act of2006 ("PPA"), 

this Plan will undergo a full actuarial evaluation each Plan Y car. If the Plan is i.n 

Endangered Stanis, as defined by the PPA, the Plan will fol low the PPA 

procedures for adopting a Funding Improvement Plan, as defined by the PPA. If 

the Plan is in Critical Status, as defined by the PPA, the Plan will follow the PPA 

procedures for adopting a Rehabilitation Plan, as defined by the PPA. 

61 
BAC 7:219 Exhibit 28A

ARTICLE XV: TOP-HEAVY PROVlSIO~S 

l5.l Top Heavy Provisions 

(A) TI1is Section shall apply for purposes of detennining whether the Plan is a topheavy plan Ltnder Section 4'16(g) of the Code for Plan Years beginning after 

December 31, 200 I, and whether the Plan satisfies the minimum bencfi ts 

requirements of Section 4l6(c) of the Code for such years. 

(I) Key Employee. 

(a) Key Employee means any Employee or Fonner Employee 

(including any deceased Employee) who at any time during the 

Plan Year that includes the determination date was an officer of the 

Employer having annual Compensation greater than S 130,000.00 

(as adj usted under Section 416(i)(l) or the Code for Plan Yem·s 

beginning afler December 31, 2002), a 5% owner of the Employer, 

or a 1% owner of the Employer having aimual Compensation of 

more than $ l 50,000.00. For this purpose, annual Compensation 

means Compensation as defined in Section 12.1. The 

dctenninalion or who is a Key Employee will be made in 

accordance with Section 416(i)(l) of the Code and the applicable 

regulations and other guidance of genera] applicability issued 

thereunder. 

(2) Dctcnnination of present value.sand amounts. 

(a) Distributions during year ending on the determination date 

(i) The present values of the amounts of account balances of 

an Employee as of the detem1ination date shall be increased 

by the distributions made witb respect to the Employee 

under the Plan and any Plan aggregated with the Plan under 

Section 416(g)(2) of the Code during the I year period 

ending on the detem1ination dale. The preceding sentence 

shall also apply to distributions under a terminated plan 

which, had it not been terminated, would have been 

aggregated with the Plan under Section 4 I 6(g)(2}(A}(i) of 

the Code. In the case or a distribution made for a reason 

other than severance from service, death, or disability, this 

provision shall be applied by substituting "5 year period" 

for "I year period". 

62 
BAC 7:220 Exhibit 28A

(b) Employees not perfom1ing services duri11g year ending on the 

dctennination date. 

(i) The accrued benefits and accounts of any individual who 

has not perfom1ed services for the Employer during the I 

year pe1iod ending on the determination date shall not be 

t.aken into account. 

(3) Minimum Benefits. 

(a) For purposes of satisfying the minimum benefit requi.rements of 

Section 4 l 6(e)( I) of the Code and the Plan, in determ.ining years of 

service with the Employer, any service with the Employer shall be 

disregarded to the extent that such service occurs during a Plan 

Year when the Plan benefits (within the meaning of Section 4 10(b) 

of the Code) no key employee or fonner key employee. 

63 
BAC 7:221 Exhibit 28A

ARTICLE XVI: AMENDMENT AND TF.RM.lNATION 01• PLAN 

16.1 Plan Amendments. 

(A) Any amendment lo this Plan may be made retroactively by the majority action of the 

Board of Trustees present and voling in order lo bring th.is Plan in compliance with 

£RISA and any subsequent amendments. It is the desire of the Trnstees lo maintain 

this Plan as a qualified Phui and Trnst under Sections 401(d) and SO!(a) of the 

United States lnte1ual Revenue Code of 1954, as amended by ERISA and to lhe 

extent it is necessruy to maintain said qualification the Trnstees may amend this Plan 

retroactively. 

(B) The Trustees who are present and voting may amend this Plru1 by majority action as 

evidenced by an instrnmcnt in writing executed by the Trnstccs provided, however: 

(I) No amendment shall deprive any Participant, retired Pmticipant, fonner 

Participant or any Beneficiary of any vested rights to which he/she is entitled 

under this Plan; 

(2) No amendment shall provide for the use of the Trust Fund for any purpose 

other than for the benefit of the Participants and their beneficiaries; and 

(3) :--lo amendment shall cause any funds contributed to this Plan or any assets of 

the trnst fund to revert to or be made available to an Employer. 

( 4) No an,endment shall be effective to the extent that it has the effect of 

decreasing the Participant's Accrued Benefit. 

16.2 Termination or Discontinuance of the Plan. 

(A) The Plan and Trnst can be tenninatcd or di~C<mlinued by the Trnstecs upon the 

happening of any one or more of the following events: 

(I) In the event the Trust Fund shall, in the opinion of the Trustees, be 

inadequate to cm-ry out the intent and puq,ose of the Trust Agreement, or be 

inadequate to meet the paymenL, due or to become due under the Trust 

Agreement and under the Plan of Benefits to Participants and Beneficiaries 

already drawing benefits; or 

(2) In the event there arc no individuab living who can qualify as Employees 

hereunder; or 

(3) \\'hen there is no longer in effect a collective bar.gaining agreement requiring 

Employers to contribute to the Fund. 

(4) In the event oftennination by action of the Union and Lhe Employers; or 

64 
BAC 7:222 Exhibit 28A

(5) In the event oftennination as may be otherwise provided by law. 

16.3 Procedures In Event ofTermination or Disconti nuance. 

(A) In the event o f'te1mination, the Trustees shall: 

(!) Make provision out of the Trust FLL11d for the payment of ,my and all 

obligations of the Plan and Trust, including expenses inctll1'ed up to the date 

of tennination of the Plan and the expenses incidental to such tenni.nation; 

and 

(2) Arrange for a final audit m1d report of their transactions and accounts tor the 

purpose of termination of their Tnistccship: and 

(3) Give any notice and prepare and file ,my reports which may be required by 

law; and 

(4) After payment of the expenses as set forth in Section (I) above the 

remaining assets shall he allocated among Participants and l3eneficiaries in a 

manner approved by the Board mid in accordance with applicable law. 

16.4 Missing Pmiicipants. 

(A) In case of a Plan covered hy Title IV of the Employee Retirement Income 

Security act of l 974, a trust fonning part of such Plan shall not be treated as 

foiling to constitute a qualified Trust under this section merely because the Plan of 

which such Trust is a pa11, upon its tennination, transfers benefits of missing 

Pmticipants to the Pension Benefit Guaranty Corporation in accordance with 

Section 4050 of such Act. 

16.5 VestingonTemunation. 

(A) Notwithstanding an}1hing to the contrary C(lntained in this Article and for the sole 

purpose of complying with the provisions of Section 41 J(d)(J) of the Internal 

Revenue Code, in the event of termination or pat1ial tcnnination of this Plan, the 

interests in this Plan, of all Participants affected by such tennination or prutial 

termination shall be fully vested and nonforfoitable to the extent funded as of the 

date of such tem1ination or partial tennination and that the provisions of the 

foregoing Sections of this A.i,icle do not comply fully with said Section 41 l(d)(J) 

without the application of this paragraph. For purposes of this Section, no event 

shall be deemed to be a "partial tenn ination" unless: (A) the. Trustees have so 

designated such event in a writing deli vered to the Pmticipating Employers; or (B) 

such event has been finally mid expressly determined to be a partial te1mination 

within the meaning of Section 4 11 (d) of the Internal Revenue Code of 1954, as 

amended, in an administrative or judicial proceeding t(l which both the Ttustce and 

the Commissioner ol' lntemal Revenue or his/her delegate were pru1ics. 

65 
BAC 7:223 Exhibit 28A

16.6 Merger or Consolidation of the Plan. 

(A) In the case of any merger or consolidation of this Plan, or to the Pension Fund 

with, or transfer of the assets or li ahilities ol'the Plan andior Pension Fund to, any 

other plan, the tcnns of such merger, consolidation, or transfer shall be such that 

each Participant would receive (in the event of termination of the Plan, or its 

successor immediately thereafter) a benefit which is no less than he/she would 

have received in the event of termination o r this Plan immediately before such 

merger, consolidation or transfer, merger, consolidation or transfer. 

66 
BAC 7:224 Exhibit 28A

SlG:'IIATllRE PAGE 

~ \VTTNESS WHEREOF, this Amended and Restated Plan has been executed by the 

Trnstccson this 19'~dayofDecemher, 2014. 

~lANAGEMENT TRUSTEES UNION TRUSTEES 
BAC 7:225 Exhibit 28B

AME~DMEl\T NO. _L TO THE 

BRICKLAYERS AND ALLIED CRAFTS'.\'IE~ LOCAL NO. 7 

PENSION PLAN 

WHEREAS, this Plan wa::; amentle<l and rt!state<l ef1ed1ve f\fay 1, 2014; and 

WHEREAS. Article XVll, Section 16.1 permits the Tmstccs to amend or modify tl1is 

Plan al any time by majority vote, retroactively if necessary, to meet the 4ualification and 

exemption requirements of the Code or to meet any of the requirements of the Act or 

co1Tespon<ling provisions of any subseqllent or amendatory federal legislation which is 

applicable; and 

\VHEREAS, the Tmstee.s desire to amend the Plan pursuant to an IRS lnforrnation 

Request dated July 17, 2015. 

NOW THEREFORE, the Board of Trnstees has declared and agreed that the Plan shall be 

amended as l<.,llows: 

A. Effective May 1, 2014; Section 1.10 shnU he amended to state as follows: 

I . IO Contributions 

(A) The tenn "Contributions" means payment to the Trust Fund by an Employer as 

required under applicable Collective Bargaining Agreements or oll1er written 

agreements. The relevant portions of the Collective Bargaining Agreement are 

attached and incorporated hy rderent:e as Addendum 1. 
BAC 7:226 Exhibit 28B

B. Except as herein e;,..-pressly amended or modified herein, all of tJ1e terms and 

provisions of the PLAN urc hereby affirmed. 

TN \\-1ThESS WHEREOF, this Amendment No. 1 has been excclltcd by the Trustee!; on this 25:.h 

day of September, 2015. 

MANAGEMENT TRUSTEES 

~ 

~~

Ul'\ION TRUSTEES 
BAC 7:227 Exhibit 28B

ADDENDUMl 
BAC 7:228 Exhibit 28B

85 1 23/2012 05:52 253195? 

Bricklayers and Allied 

Craftworkers' 

Agreement 

2011 - 2014 

OHIO ADMINISTRATIVE 

DISTRICT COUNCIL- LOCAL# 7 

AKRON, OHIO 

.....-----------~----------. 

-

Union of Bricklayers and Allied 

_/ 

International Union of 

Bricklayers & Allied Craftworkers 

Of America, AFL - CIO 

AND 

THE ASSOCIATION OF UNION MASON CONTRACTORS 

ARKON, OHIO 

P.:.GE tl l 
BAC 7:229 Exhibit 28B

05 ! 23/2012 u5: 5~ ·:.531950 FRIC:l<Lt.·/ERS LDC~L SE 

ARTICLE IV 

Wage Rates/Fringe Benefits, Dues, Other Contributions and Deductions 

Hourly Deductions l Effective Dates 

Section A: Wages and fringe benefits of the Bncklayers, effective June 1, ~W11 . 

Hourly Rate Healtn Fund 

$28.26 +$6.14 

Savings Program 

-$1 .50 

Effective June 1, 2012 

Effective .June ·1, 2013 

Local Pension Int l Pension 

+$2.00 +$0 80 

~3.61 {LPR) +~0.12 {IPF PPA) 

$5.61 $0.92 

AUMC 

+$.05 

Union Dues 

-$ 1.51 

f,pprentice Fund .l.Ml 

+$0.20 $.42 

Gross Wage 

$41 .60 

$0.75 per hour increase 

$0 75 per hour increase 

P/'..GE 06 

Section B: Residential rate of wages and fringe benefits of the Bricklayers. effective 

June 1, 2011 . 

Houri}' Rate Hecllth Fund Local eension lnt'I Pension Apprentice Fund I.M.I. 

$25 43 +$6.14 +$5.61 +SO 92 +$0.20 -t$.42 

Savings Program 

-$1.50 

Effective June 1, 2012 

i:fteclive June 1, :2013 

8.T.C. 

-$0.02 

Union Dues 

-$1.41 

Gross Wage 

$38.77 

$0.75 per hour increase 

$0. 7 5 per hour increase 

f,UMC 

+$.05 

(I) Residential Scope of Work: The scope of work covered by the residential rate 

will include all units built primarily for single-family residence not to exceed two stories in 

style, but does not include any residential unit or project covered by the Dav,s-Bacon 

Act 

Section C'. The rate of the Sewer Bricklayers will be fifty cents ($.50) per hour above 

the Building Bricklayers· rate. Men working from cable or rope hung scaffold shall 

receive fifty cents ($. 50) per hour above the Building Bricklayers' rate. This provision 

does not apply to the '·Pahmt Scaffold Company" type scaffold hung from steel out-rigger 

beams. 

3 
BAC 7:230 Exhibit 28B

05/23/2012 05: 52 2531 '::'SF.! ~ ,.c..,_ - - •---,- - - ~--•·· 

Section B; Health Fund 

BRE!ICA'lERS LO•:;;:'.,'_ SE 

•-• ---• • • ••• ••-•- . ..._ - •r 

The contribution to the Ohio Bricklayers He alth & Welfare Fund shall be c1 tot;:il of 

$6.14 for each hour or portiM thereof for which a covered employee receives ray. The 

payments requjred above shall be made to the Ohio Bricklayers Health & 1/Ve lfare Fund 

which was established under an Agreement and Declaration of Trust. dated June 17. 

1977. 

Section C: Local Pension 

The contribution to the Bricklayers and Allied Craftworkers No. 7, Pension fe\md 

shall be a totoif of Five dollars and sixty ant'! cents ($5.61} for each hour or portion 

thereor. for which a covered employee received pay Two dollars ($2.00) per hour is 

allocated to pension and Three dollars and sixty one cents {$3.61) is aflocated to 

pension recovery. The payments required above shall be made to the Bricklayers and 

Allied Craftworkers-Local No. 7, Pension Fund, which was established under an 

Agreernent and Declaration of Trust, dated February t, 1968. 

Section D: International Pension Fund (IPF} 

(a) Tho contribution to the Bricklayers nnd Trowel Trades International 

Pension Fund (!PF) shall be a total of eighty cents (:S.B0) (IPF) for each hour or portion 

thereof and twelve cents (0.12) (PPA}, for which covered employee receives pay. 

(b) The payments required above shall be made to the Bricklayers 

and Trowel Trades International Pension Fund {IPF), which was established under an 

Agreement and Declaration of Trust, dated 1 July 1972. 

Section E: Association of Union Mason Contractors (A.U,M,C.) 

There shall be a five cents ($. 05} contribution for each hour worked to the 

A . U.M.C. for drug and alcohol testing costs remitted once each month as per instructions 

on the multi-reporting form. Proposed that the Contractors be responsible for the 

printing of the Collective Bargaining Agreements to all affected parties. 

Section F: Vacation/Savings Fund 

One dollar and fifty cents ($1.50} Sl"iall be dedL1ctad from the employee's 

wages for each hour worked and rern,tted as instructed on the multi-!!mproyer reporting 

form. 

SecUon G: Apprenticeship Fund 

Effective June 1, 2009 through May 31 st 201 t the hourly contribution shall be 

twenty cents {$0.20} per each straight time hour. 

Section H: lntemationaf. Masonry Institute {IMI) 

The contrfbution to the International Masonry Institute shall be Forty two cems 

($0.42) for each hour or portion thereof for which a covered employee receives pay. The 

employer's lotal contribution for MCh hour or po.rtio11 thereof for which an employee 

receives pay Sholl be allocated as follows: 

1. Tt,e payments required above shall be rnadc to thP. International Masonry 

Institute, which was established under an Agreement and Declaration of Trust, March 

14. 1981, as the SLJccessor trust to the predecessor International Masonry Institute 

(Establishecl under an Agreement and Declaration of T rust, July 22. 1970) and the 

predecessor rnternational Masonry Apprenticeship Trust November 6 1974. 

6 
BAC 7:231 Exhibit 28B

AMEND'.:\lEN1' NO. _L TO THE 

BRICKI.AYERS A.~D ALLIED CRAFTSMEN LOCAL NO. 7 

PENSION PLAN 

\VHEREAS, this Plan was amended and restated effective May l 1 2014; an<l 

WHEREAS, Article XVII, Se<.:tion 16. l permits the Trustees to amend or modify this 

Plan at any time by majority vote, retroactively if nect'.ssury, to meet the qualification and 

exemption requirements llf the Code or to meet any of the requirements of the Act or 

(.:onesponding provisions of any subsequt;!nt or amendatory federal legislation which is 

applicable; and 

\VHEREAS, the Trustees desire to mt1end the Plan pursuant to the Multiemploycr 

Pension Reform Act of 2014. 

NOW THEREFORE, the Board ofTrnstccs has declart:d and agreed that the Plan shall be 

amended as f'ollow~: 

A. Effective August 1, 2fll 6, Section 11.25 shall he added to state as follo,,·s: 

11 .25 Multicmployer Pension Rctbrm Act of 2014 

(A) Tf tile Phm qualifies pursuant to tht: Multiemployer Pension Rcfom, Act of 2014 

("MPH.A''), the Plan may pursue reductions in vested bcnelits, hut only to the 

extent and in accord with the procedures set forth in MPRA. 

R. Effective August l, 2016, Section 14.4 shall be amended to state as follo ... vs: 

14.4 A(.:tuarial Valuati.ons and Plan Review. 

(A) The rules, regulations, and the benefits provided under the Plan have been 

adopted by the Board of Trustees on the hasi.-; of actuarial estimates which have 

bt:en established to the extent sufficient to support the Plan on a pcn11anent basis. 

Bmvever, it is recognized that in the future, the income andior liabilities of the 

Pension Fund may be substantially different than those previously anticipated. 

'TI1.e Board of Trustees shall have prepared at least annually an actuarial valuation 

nf th~ Pension Fund. Upon the basis of all fa(.:ts and circ1m1stanccs, the Bourd of 

Trustees. may from time to time amend these ru les, regulations imd benefits 

provided for thereby, 1r1cluding any increase or decrease in benefit amounts. No 

such decrease may operate to redL1cc any veskd benefits unless permitted 

pursuant to MPRA. 
BAC 7:232 Exhibit 28B

C. Effective August 1, 2016. Section 16.1 shall be amended to state as follo,"·s: 

16. l Plan Amendments. 

(A) Any amendment to thts Plan may be made retroactively by the majority adion of 

the Board of Trustees present and voting in order to bring t!1is Plan in compliance 

\vith ERTSA and any subsequent arncntlments. It is the desire or the Trnstccs to 

maintain this Plan as a qualified Plan and Trust under Sections 401(d) and 501 (a) 

of the United States lnkmul Revenue Code of 1954, as amended by ER ISA and 

to the extenl it is necessary to maintain said qualification the Trustees may amend 

this Plan retroactively. 

(8) The Truslecs who an: present and voting may amend this Plan by majority action 

as evidenced by an instrument in writing executed by the Trustees provided, 

however: 

(I) No amendment shall deprive any Participant, retired Patiicipant, former 

Participant or any Ucncficiary of any vested rights to which he/she is 

entitled under this Plan unless permitted pursuant to :'v1PRA; 

(2) No amendment shall provide for the use of t11c Trnst Fund for any purpose 

other than for the benefit of the Participants and their beneficiaries; <1nd 

(3) No amendment shall cause any Cunds contributed to this Plan or any assets 

of the trust fund to revert to or be made available to an Employer. 

(4) l\'o amendment shall be effective to the extent that it has the e.ffoct of 

decreasing the Pmiicipant's Accmed Benefit unless permitted pursuant to 

MPRA. 

2 
BAC 7:233 Exhibit 28B

D. E~cept as herein expressly amended or modified herein, all of the terms and 

provisions of the PLA~ are hc1·cby affirmed. 

lN WlT>iESS \.VHEREOF, this Amendment No. 2 has been executed by the Trustees on this 9

th 

day of December. 2016. 

MANAGEMENT TRL'STE.ES UNION TRUSTEES 

- ~;:y,?_--- - - / I ,,,-"' --} ' J , 

'-~-~>l~1( / -~--~~~----- - -
BAC 7:234 Exhibit 28B

A:\'IENDMENT NO. i._ TO THE 

BRICKLAYERS AND ALLIED CRAFTSrt'JE~ LOCAL NO. 7 

PF.NSTON PLAN 

WHEREAS, this Plan was amended and restated effective May I, 2014; an<l 

\.VHEREAS, Article XVll. Section 16. 1 permits the Trustees to amend or modify this Plan 

at any time by majority vote, retroactively i r· nece-'>sary, to meet the qualification and exemption 

requirements orthe Cn<le or lo meet any of the requirements of the Act or cotTcsponding provisions 

of any subsequent or amendatory federal legislation which is applicable; and 

WHEREAS, the Trnstecs desire to amend the Plan regarding benefit applications and the 

Plan's Claims & Appeals Procedure . 

.:JO\V TUEREFORE, the Board of Trustees has declaretl and agreed that the Plan shall be 

amended as follows: 

A. Effective April J, 2018, Section 13.3 shall be amended to read as follows: 

13.3 Claims and Appeals Procedure 

(A) A Participant, Beneficiary or their authorized representative may file with the 

Fund's Custodian or the Fund office a claim fbr hendits under the Plan. The claim 

shall be in ,vriting, stating the hasis of the claim, and autJ10rizing the Fund's 

Custodia11 lo conduct all nt:cessary investigations into the claim. 

(B) If a claim is wholly or partially denied, the plan administrator shall notify the 

claimant, in accor<lam:e with paragraph (C) of this section, of the plan's adverse 

benefit detern1ination within a reasonable period of time, but not later than 90 days 

after receipt of the claim by the plan, unless the plan administrator detennines that 

special circumstances require an extension of lime for processing the claim. If the 

plan administrator determines that an extension of time for processing is required, 

wrillen notice of lhe extension shall be furnished to the claimant prior to tbe 

knnination of the initial 90-day period. ln no event shall such extension exceed a 

period of 90 days from the end of such initial period. The extension notice shall 

indicate the special circurnstanees requiring an extension of time and the date hy 

which the plan expe<.:ls to render the benefit determination. 

(C) Manner and contenl or noti Ii cat.ion of benefit determination. 

(1) The plan a<lrnini:slrator shal 1 provide a clai1mmt ,vith ,vritten or clccLronic 

nnli fication of any adverse benefit determination. Any ehictronic 

notifo;ation shall comply with the standards imposed by 29 CFR 

2520.104b-l(c)(l)(i), (iii), and (iv). The nolil1calio11 shal l set forth, in a 

marrnel' calculated Lo he under.stood by the claimant -
BAC 7:235 Exhibit 28B

(a) The specitic reason or reasons for the adverse determination~ 

(h) Reference to the specific plan provisions on which the dcLcnnination 

is bast:el; 

(c) A description of any additional material or information necessary 

for the claimant to perfect the claim and an explanation of why such 

material or infom1ation is necessary; 

(d) The address lo where the appeal must be submitted; and 

(c) /\ dcsc1iption or Lhe plan's review procedures and the time limits 

applit:ahlt: to such procedures. including a state1nenl of the 

claimant's right to bring a civil action under section 502(a) of the 

Act following an adverse bcne li t <.k:termination on review. 

(2) Benefit claim determinations shall he made in ;-H;conlance with governing 

plan docllments and plan provisions shull be applied consistently wilh 

respect to similarly situated claimants unless extenuating circumstances 

apply. 

(D) Appeal of adverse heneCit <letern,inations 

(1) lngencral. 

(a) Claimants shall have the right to designate a representative lo 

l"C['.'>rcscnt them in the daims and appeals process. Any reference t(.) 

claimants shall include designated representatives. 

(b) Claimants sha11 have at least 60 days following receipt of u 

noLification uf un adverse benefit determination within which to 

uppeal the determination; 

(c) Claimants shall have the oppo1tunity to submit written comments, 

documents, records, and other 1nfom1ation rnlating to the claim for 

benefits. 

(d) Claimants shall be provided, upon request .ind free of charge, 

reasonable access to. and copies ot all docu1nents, records, and 

other inkinnalion relevant to the claimant's claim for benefits. 

(i) A document, n:conl, or other infonnation shall be considered 

"relevunt" to a claimant's claim if such document, record, or 

other information: 

(A) \Vas relied upon in making lhe benefit tletermination; 

2 
BAC 7:236 Exhibit 28B

(B) \Vas submitted, considered, or generated in the 

course of making the benefit detem1inatio11, without 

regard to whether such document, record, or other 

infonnalion \Vas relied upon in making the benefit 

detennim1tion; 

(C) Demonstraks compliance with the administrative 

proct.:Sses and safeguards required pursuant lo 

paragraph (C)t2) of this section in making the benefit 

determination. 

(c) Any review shall take into accoun1 all comments, documents. 

records, an<l other ini<.mnation submitted by the claimant relating to 

the clairri, without regard to v, .. hcthcr such infom,ation was 

submitted or considered in the initial benefit determination. 

(E) Timing of notification of benefit determination on review 

(1) ln general. 

(a) This Plan's Board of Trustees meets at least quarterly. The Plan's 

Board of Trustees or designated committee shall make a benefit 

determination no later than the dale ol"tbe meeting of the conunittec 

or board that immediately follows the pla11's receipt of a request for 

review, unless the request for review is filed within 30 days 

prect!ding the date of such meeting. In such case, a benefit 

determim1tion may be made by no later than the date of the second 

meeting following the plan's receipt or the request for review. If 

special circumstances (such as the need to hold a hearing, if the 

plan's procedun:s provide for a hearing) require a further extension 

of time ror pro<.:essing, a benefit determination shall be rendered not 

later than the third meeting of the committee or board following the 

plan's receipt of the request for review. If such a11 extension of time 

for review is rcqufrcd because or special t:irwmstances, the plan 

administrator shall provide the claimant with written notice of the 

extension, describing the special circumstances and the date as nf 

which the benefit determination will be made, prior to the 

commencement of the extension. The plan administrator shall notify 

the clairnant, in acconlanct! with paragraph (F) of this section, oftbc 

benefit delermination as soon as possible, but not later than 5 <lays 

after the benefit determination is made. 

(2) Cakulating time periods. For purposes of paragraph (E) of this sedion, the 

period of time \Vi thin which a benefit dctcnnination on review is required 

to be made shall begin at the time an appeal is filed in a<.:cordance with the 

reasonable procedures of' a plan, without regard to whether all the 

infomrntion necessary to make a benefit determination on review 

3 
BAC 7:237 Exhibit 28B

a(x:<.>mpanies the filing. In the event that a period or time is extended as 

permitted pursuant to paragraph (E)( I )(a) of this section due to a claimant's 

failure to submit information necessary to decide a claim, the period i!Jr 

making the bencl'il dekm1ination on review shall be tolled from the date on 

wl1ich the noti Ii.cation of the extension is sent to the claimant until the date 

on which the claimant responds to the request for additional information. 

(3) Furnishing documents. ln the case of an adverse benefi t dett:rmination on 

revie\V, the plan administrator shall provide such access to, and copies of~ 

documents. recMds, and other information described in paragraph (F)( 1 )(c) 

or this sedion us is appropriate. 

(4) The Board's decision on revie\.v shall be final and binding. 

(F) \llanner and conlenl of notifo;ation of benefit determination on review. 

(1) The plan administrator shall provide a claimant with written or electronic 

notifa:atitm of a plan's benefit determination on review. Any electronic 

notification shall comply with the standards imposed by 29 CFR 

2520.104b-l{c)(l)(i}. (id}, aml (iv). In the case of an adverse benefit 

determination, the no Li Ii cation shul I set forth. in a manner calculated lo be 

underslOt)d hy the cla i tnant -

(a) The specilic mason or reasons for the adverse determination; 

(b) Reference to the speci tic plan provisions on which the btmefit 

determination is based; 

(e) A statement that the claimant is entitled to receive, upon request and 

!'rec of charge, remmnable access to, and copies of all documents. 

re<.:ords, a nd other information relevant to the claiman1'.s claim for 

benefits; 

(i) A document. record, or other infonnation shall he considered 

··relevant'' to a claimant's claim if such document, record, or 

other infonnaLion: 

{A) Was relied upon in making the benefit determination; 

{B) \Vas suhmilted, considered, or generated in the 

course (If making the benefit determination, withou1 

regard to whether such document. record. or other 

information was relied upon in making the benefit 

determination: 

(C) Demonstrates compliam::e with the administrative 

processes antl :;a le guards required pursuant to 

4 
BAC 7:238 Exhibit 28B

paragraph (C)(2) of this section in making the be;:n.efit 

determination. 

(u) A statement of the claimant's right to bring an action under section 

502(a) of the Act; and 

(e) The limitation imposed by Section I 3.3(G), 

(G) Effective June 6. 2014, no legal action regarding an applicant's benefit may be 

commenced or filed agai.nst the Boa1·d u !'Trustees or the Plan more than l year al1er 

the mailing of the Board of Trustees' decision on appeal as specified in Section 

I 3.3(E). 

5 
BAC 7:239 Exhibit 28B

B. Except as herein expressly amended or modified herein, all of the terms and 

provisions of the PLAN are hereby affirmed. 

IN WITNESS WHEREOF, this Amendment !\'o. 3 has been cxccLHcd by the Trustees on this 16th 

day of March, 2018. 

MANAGEMENT TRl!STEES 

f) '(7 (} -~_L;tz.J l c~ 

·-----------

~ 

U~ION TRUSTEES 
BAC 7:240 Exhibit 28B

( 

AMENDMENT NO. _L TO THE 

BRICKLAYERS AND ALLIED CRAFTSMEN LOCAL NO. 7 

PENSION PLAN 

WHEREAS, this Plan was amended and restated effective May 1, 2014; and 

WHEREAS, Article XVII, Section 16.1 permits the Trustees to amend or modify this Plan 

at any time by majority vote, retroactively if necessary, to meet the qualification and exemption 

requirements of the Code or to meet any of the requirements of the Act or corresponding provisions 

of any subsequent or amendatory federal legislation which is applicable; and 

WHEREAS, the Trustees desire to amend the Plan regarding forum selection. 

NOW THEREFORE, the Board of Trustees has declared and agreed that the Plan shall be 

amended as follows: 

A. Effective January 1, 2019, Section 13.3(H) shall be added to read as follows: 

(H) Effective for any suit brought in Court against this Plan or this Plan's Board of 

Trustees on or after January 1, 2019, such suit must be filed in the United States 

District Court for the Northern District of Ohio. If such matter is not pre-empted 

or is subject to the exclusive jurisdiction of the state, the suit must be brought in 

Summit County Common Pleas Court in AJ{:ron, Ohio. 
BAC 7:241 Exhibit 28B

B. Except as herein expressly amended or modified herein, all of the terms and 

provisions of the PLAN are hereby affirmed. 

IN WITNESS WHEREOF, this Amendment No. 4 has been executed by the Trustees on this 14th 

day of December, 2018. 

MANAGEMENT TRUSTEES UNION TRUSTEES 

PJ,zwclx.~ 
BAC 7:242 Exhibit 28B

( 

( 

AMENDMENT NO. _i_ TO THE 

BRICKLAYERS AND ALLIED CRAFTSMEN LOCAL NO. 7 

PENSION PLAN 

WHEREAS, this Plan was amended and restated effective May 1, 2014; and 

WHEREAS, Article XVII, Section 16.1 permits the Trustees to amend or modify this Plan 

at any time by majority vote, retroactively if necessary, to meet the qualification and exemption 

requirements of the Code or to meet any of the requirements of the Act or corresponding provisions 

of any subsequent or amendatory federal legislation which is applicable; and 

WHEREAS, the Trustees desire to amend the Plan's benefit formula. 

NOW THEREFORE, the Board of Trustees has declared and agreed that the Plan shall be 

amended as follows: 

A. Effective May 1, 2016, Section 3.2(A)(2)(f) shall be amended to read as foJlows: 

(f) For Active Participants who retire on or after May 1, 1999, the 

Future Service Benefit shall be equal to 4.10% of the Employer 

Contributions made to the Trust Fund on the Participant's behalf for 

hours worked from February 1, 1968 through April 30, 2003 plus 

3.0% of Employer Contributions made to the Trust Fund on the 

Participant's behalf for hours worked from May 1, 2003 through 

April 30, 2005 plus 1.0% of the Employer Contributions made to 

the Trust Fund on the Participant's behalf for hours worked from 

May 1, 2005 through May 31, 2006 plus 1.0% of the first $2.00 of 

the Employer Contributions made to the Trust Fund on the 

Participant's behalf for hours worked from June 1, 2006 through 

April 30, 2016, plus 0.3% of the first $6.66 of the Employer 

Contributions made to the Trust Fund on the Participant's behalf for 

hours worked on or after May 1, 2016 plus 1.0% of the Employer 

Contributions in excess of $6.66 made to the Trust Fund on the 

Participant's behalf on or after May 1, 2016. 
BAC 7:243 Exhibit 28B

B. Except as herein expressly amended or modified herein, all of the terms and 

provisions of the PLAN are hereby affirmed. 

IN WITNESS WHEREOF, this Amendment No. 5 has been executed by the Trustees on this 21st 

day of June, 2019. 

MANAGEMENT TRUSTEES UNION TRUSTEES 

~]~ 

~fii, ~ 
BAC 7:244 Exhibit 28B

( 

( 

AMENDMENT NO.~ TO THE 

BRICKLAYERS AND ALLIED CRAFfSMEN LOCAL NO. 7 

PENSION PLAN 

WHEREAS the BOARD OF TRUSTEES ("Board") of the BRICKLAYERS AND 

ALLIED CRAFfSMEN LOCAL NO. 7 PENSION PLAN ("Plan") currently administers and 

maintains the Plan as amended and restated effective May 1, 2014; and 

WHEREAS Article IX of the Plan provides rules pertaining to retired participants who 

return to work but continue to receive benefits; and 

WHEREAS the Board wishes to temporarily amend the rules pertaining to suspensions of 

benefits; 

NOW, THEREFORE, the Board advances the following amendment to the Plan. 

A. Effective June 21, 2019, Section 9.1 of the Plan shall be amended to add Section 9.l(C), 

which shall read as follows. 

(C) Effective July 1, 2019 and ending June 30, 2020 (the "Critical Employment 

Period"): 

(1) A retiree may be re-employed for up to 1,000 hours within the Critical 

Employment Period without having his or her benefit suspended. Reemployment shall include self-employment. 

(2) Where a retiree is re-employed for more than 1,000 hours within the Critical 

Employment Period, he or she will be subject to the rules inSection 

9.l(A)-(B). 

(3) For purposes of this Section 9.l(C), the increased hours of the Critical 

Employment Period shall only if apply if the retiree: 

(a) Returns to work for a signatory Employer; 

(b) Returns to work within the Same Geographic Area as defined in 

Section 9.l(B)(4); and 

(c) Returns to work in the Same Industry, Same Trade, or Craft defined 

in Sections 9.l(B)(2) and (3). 

B. Effective June 21, 2019, Section 9.3(A) of the Plan shall be amended to read as follows: 

(A) The Suspension of Benefit Rules as set forth in this Article shall be applied to those 

Participants who continue to work after reaching the Normal Retirement Age. No 

retirement benefits shall be paid for such months in which the Participant is 

employed for 40 or more hours in the Same Industry, Same Trade or Craft and in 

the Same Geographic Area, subject to Section 9.l(C) regarding a Critical 
BAC 7:245 Exhibit 28B

( Employment Period. Any benefits which are suspended during such months shall 

not be paid at any later date. If the Participant continues to work after reaching 

Normal Retirement Age but works less than 40 hours per month in the Same 

Industry, Same Trade or Craft and in the Same Geographic Area, no retirement 

benefits shall be paid while the Participant is employed. Upon the Participant's 

retirement, any benefits which were suspended and to which he/she is entitled shall 

be restored in accordance with the regular Plan provisions. Such provisions shall 

provide benefit credit for all work performed under the Plan prior to the 

Participant1

s actual date of retirement. 

2 
BAC 7:246 Exhibit 28B

C. Except as expressly amended or modified herein, all of the terms and provisions of 

the Plan are hereby affirmed. 

IN WITNESS WHEREOF, this Amendment No. 6 has been executed by the Trustees on tbis 13th 

day ofDecember, 2019. 

MANAGEMENT TRUSTEES UNION TRUSTEES 
BAC 7:247 Exhibit 28B

AMENDMENT NO . ..J_ TO THE 

BRICKLAYERS AND ALLIED CRAFTSMEN LOCAL NO. 7 

PENSION PLAN 

WHEREAS the BOARD OF TRUSTEES ("Board") of the BRJCKLA YERS AND 

ALLIED CRAFTSMEN LOCAL NO. 7 PENSION PLAN ("Plan") currently administers and 

maintains the Plan as amended and restated effective May 1, 2014; and 

WHEREAS Article IX of the Plan provides rules pertaining to retired participants who 

return to work but continue to receive benefits; and 

WHEREAS the Board wishes to comply with the SECURE Act; 

NOW, THEREFORE, the Board advances the following amendment to the Plan. 

A. Effective January 1, 2020, Section 11.19 is amended to read as follows: 

11.19 Commencement of Benefits and Method of Payment 

(A) For Participants who attain age 701⁄2 prior to January 1, 2020 

(1) The commencement date for pension payments shall be in accordance with 

the appropriate Plan provisions. A Participant's benefits shall be distributed 

to him not later than April 1st of the calendar year following the later of: 

(a) the calendar year in which the Participant attains age 701⁄2; or 

(b) the calendar year in which the Participant ceases to be employed in 

covered employment where contributions are being paid to the Plan 

on his/her behalf. 

(i) In the case of an Employee to whom paragraph (A)(l)(b) 

applies who retires in a calendar year after the calendar year 

in which the Employee attains age 701⁄2, the Employee's 

accrued benefit shall be actuarially increased to take into 

account the period after age 701⁄2 in which the Employee was 

not receiving any benefits under the plan. 

(2) In the case of a Participant who is or was a 5% owner at any time during 

his/her participation in the Plan, such Participant shall commence his/her 

benefit not later than April 1st of the calendar year following the calendar 

year in which the Participant attains age 701⁄2, regardless of whether he or 

she is retired. 

(3) Unless the mode of distribution is a single sum payment, distributions will 

be made each year in one of the following ways: 

(a) over the life of the Participant, 
BAC 7:248 Exhibit 28B

(b) over the life of the Participant and a designated Beneficiary, 

( c) over a period certain not extending beyond the life expectancy of the 

Participant, or 

( d) over a period certain not extending beyond the joint life and last 

survivor expectancy of the Participant and a designated Beneficiary. 

(4) If a distribution is considered to have commenced in accordance with the 

Internal Revenue Service Regulations (IRS Regulations) before the 

Participant's death, the remaining interest will be distributed at least as 

rapidly as under the method of distribution being used as of the date of the 

Participant's death. 

(5) If the Participant dies before the time when distribution is considered to 

have commenced in accordance with the IRS Regulations, it shall satisfy 

the following requirements: (1) any remaining portion of the Participant's 

interest that is not payable to a Beneficiary designated by the Participant 

will be distributed within five years after the Participants death; and (2) any 

portion of the Participant's interest that is payable to a Beneficiary 

designated by the Participant will be distributed either (a) within five years 

after the Participant's death, or (b) over the life of the Beneficiary or over a 

period certain not extending beyond the life expectancy of the Beneficiary, 

commencing not later than the end of the calendar year following the 

calendar year in which the Participant died (or, if the designated Beneficiary 

is the Participant's surviving spouse, commencing not later than the end of 

the calendar year following the calendar year in which the Participant would 

have attained age 701⁄2). 

(B) For Participants who attain age 701⁄2 on or after January 1, 2020 

( 1) The commencement date for pension payments shall be in accordance with 

the appropriate Plan provisions. A Participant's benefits shall be distributed 

to him not later than April 1st of the calendar year following the later of: 

(a) the calendar year in which the Participant attains age 72; or 

(b) the calendar year in which the Participant ceases to be employed in 

covered employment where contributions are being paid to the Plan 

on his/her behalf. 

(i) In the case of an Employee to whom paragraph (B)(l)(b) 

applies who retires in a calendar year after the calendar year 

in which the Employee attains age 72, the Employee's 

accrued benefit shall be actuarially increased to take into 

account the period after age 72 in which the Employee was 

not receiving any benefits under the plan. 

2 
BAC 7:249 Exhibit 28B

(2) In the case of a Participant who is or was a 5% owner at any time during 

his/her participation in the Plan, such Participant shall commence his/her 

benefit not later than April 1st of the calendar year following the calendar 

year in which the Participant attains age 72, regardless of whether he or she 

is retired. 

(3) Unless the mode of distribution is a single sum payment, distributions will 

be made each year in one of the following ways: 

(a) over the life of the Participant, 

(b) over the life of the Participant and a designated Beneficiary, 

( c) over a period certain not extending beyond the life expectancy of the 

Participant, or 

( d) over a period certain not extending beyond the joint life and last 

survivor expectancy of the Participant and a designated Beneficiary. 

( 4) If a distribution is considered to have commenced in accordance with the 

Internal Revenue Service Regulations (IRS Regulations) before the 

Participant's death, the remaining interest will be distributed at least as 

rapidly as under the method of distribution being used as of the date of the 

Participant's death. 

(5) If the Participant dies before the time when distribution is considered to 

have commenced in accordance with the IRS Regulations, it shall satisfy 

the following requirements: (1) any remaining portion of the Participant's 

interest that is not payable to a Beneficiary designated by the Participant 

will be distributed within five years after the Participants death; and (2) any 

portion of the Participant's interest that is payable to a Beneficiary 

designated by the Participant will be distributed either (a) within five years 

after the Participant's death, or (b) over the life of the Beneficiary or over a 

period certain not extending beyond the life expectancy of the Beneficiary, 

commencing not later than the end of the calendar year following the 

calendar year in which the Participant died (or, if the designated Beneficiary 

is the Participant's surviving spouse, commencing not later than the end of 

the calendar year following the calendar year in which the Participant would 

have attained age 72). 

(C) The requirements of Section 401(a)(9) of the Internal Revenue Code of 1986 are 

incorporated by reference. Any distribution required under the incidental death 

benefit requirements of Code Section 401(a)(9) shall be treated as a distribution 

required under Code Section 401(a)(9)(G). Distributions will be made in 

accordance with Code Section 401(a)(9) and Code of Federal Regulations §§ 

l.401(a)(9)-2 through l.401(a)(9)-9 as well as any other rules or regulations 

promulgated by the Commissioner. This paragraph, which reflects Code Section 

3 
BAC 7:250 Exhibit 28B

401(a)(9), overrides any distribution options in the Plan inconsistent with Code 

Section 401(a)(9). 

4 
BAC 7:251 Exhibit 28B

B. Except as expressly amended or modified herein, all of the terms and provisions of 

the Plan are hereby affirmed. 

IN WI1NESS WHEREOF, this Amendment No. 7 has been approved by the Trustees on this 17th 

day of April, 2020. 

MANAGEMENT TRUSTEES UNION TRUSTEES 

Bob Cailor Shawn Bolyard 

Doug Crowe Tom Dieringer 

. Mike Rohr Rich Nagle 
BAC 7:252 Exhibit 28B

4 

Section 40l(a)(9)(G). Distributions will be made in 

accordance with Code Section 40l(a)(9) and Code of 

Federal Regulations §§ 1.40l(a)(9)-2 through 1.40l(a) 

(9)-9 as well as any other rules or regulations 

promulgated by the Commissioner. This paragraph, 

which reflects Code Section 40l(a)(9), overrides any 

distribution options in the Plan inconsistent with Code 

Section 40l(a)(9). 

B. Except as expressly amended or modified herein, all 

of the terms and provisions of the Plan are hereby 

affirmed. 

IN WITNESS WHEREOF, this Amendment No. 7 has been 

approved by the Trustees on this 17"' day of April, 2020. 

MANAGEMENT TRUSTEES UNION TRUSTEES 

Bob Cailor Shawn Bolyard 

.,.__,,. 

- ------- ,.- Q___,---

Doug Crowe TomDie'er 

Mike Rohr Rich Nagle 

4 
BAC 7:253 Exhibit 28B

B. Except as expressly amended or modified herein, all of the terms and provisions of 

the Plan are hereby affirmed. 

IN WITNESS WHEREOF, this Amendment No. 7 has been approved by the Trustees on this 171h 

day of April, 2020. 

MANAGEMENT TRUSTEES UNION TRUSTEES 

Bob Cailor 

Doug Crowe Tom Dieringer 

Mike Rohr Rich Nagle 

5 
BAC 7:254 Exhibit 28B

B. Except as expressly amended or modified herein, all of the terms and provisions of 

the Plan are hereby affirmed. 

IN WITNESS WHEREOF, this Amendment No. 7 has been approved by the Trustees on this 171h 

day of April, 2020. 

~TRUSTEES 

~ 

UNION TRUSTEES 

Bob Cailor Shawn Bolyard 

Doug Crowe Tom Dieringer 

Mike Rohr Rich Nagle 

5 
BAC 7:255 Exhibit 28B

B. Except u expressly amended or modified herein, all of the terms and provisions of 

the Plan are hereby affirmed. 

IN WITNESS WHEREOF, this Amendment No. 7 has been approved by the Trustees on this 17°' 

day of April, 2020. 

MANAGEMENT TRUSTEES UNION TRUSTEES 

Bob Cailor Shawn Bolyard 

Doug Crowe Tom Dieringer 

Mike Rohr 
BAC 7:256 Exhibit 28B

B. Except as expressly amended or modified herein, all of the terms and provisions of 

the Plan are hereby affirmed. 

IN WITNESS WHEREOF, this Amendment No. 7 has been approved by the Trustees on this 17th 

day of April, 2020. 

MANAGEMENT TRUSTEES UNION TRUSTEES 

Bob Cailor Shawn Bolyard 

Tom Dieringer 

Mike Rohr Rich Nagle 
BRICKLAYERS & ALLIED CRAFTSMEN LOCAL 7 

PENSION FUND 

SUMMARY PLAN DESCRIPTION 

Effective May 1, 2019*

* Except as Otherwise Noted

BAC 7:257 Exhibit 28C
To: Participants, Surviving Spouses & Beneficiaries 

We are pleased to distribute this Summary Plan Description, or SPD, to you. 

This SPD summarizes the eligibility rules for participation in the Plan, the benefits provided to 

those who are eligible and the procedures which must be followed when applying for a benefit. 

Also included is important information concerning the administration of the Plan and your rights 

as a Participant. 

Please READ THIS SPD CAREFULLY. A number of changes have occurred in this Plan since 

the last SPD was printed. Generally, this SPD applies to Active Participants who have one Hour 

of Service on or after May 1, 2019, unless otherwise stated. Participants who do not have one 

Hour of Service on or after May 1, 2019 should consult the prior SPDs covering the period they 

last had an Hour of Service or contact the Fund Office. 

From time to time, other changes in the Plan might be made. If there are any differences 

between the language in this SPD and the Agreement and Declaration of Trust or the Pension 

Plan Document, these latter documents will govern. 

This is your SPD describing your Plan. Please be certain to keep the SPD in a safe place for 

future reference. You may obtain any form mentioned in this SPD from the Fund Office (i.e. 

application forms, waiver forms, etc.) If you have questions about your Pension Plan, please do 

not hesitate to contact the Fund Office for assistance. 

Sincerely, 

Board of Trustees 

BRICKLAYERS & ALLIED CRAFTSMEN LOCAL NO. 7 PENSION FUND 

BAC 7:258 Exhibit 28C
BRICKLAYERS & ALLIED CRAFTSMEN LOCAL NO. 7 PENSION FUND 

BOARD OF TRUSTEES 

Management Trustees Union Trustees

Doug Crowe Anthony Gradisher

Robert Cailor Shawn Bolyard

Michael Rohr Tom Dieringer

ADMINISTRATIVE MANAGER 

BeneSys, Inc. 

33 Fitch Boulevard 

Austintown, OH 44515 

(330) 779-8857 

FUND COUNSEL 

Timothy P. Piatt 

Macala & Piatt, LLC 

601 S. Main St. 

North Canton, Ohio 44720

(330) 493-1570 

SPECIAL NOTICE 

It is extremely important that you keep the Fund informed of any change in address or desired 

change in beneficiary. This is your obligation and failure to fulfill this obligation could 

jeopardize your eligibility or benefits. The importance of a current, correct address ON FILE AT 

THE FUND OFFICE cannot be overstated. It is the ONLY WAY the Trustees can keep in touch 

with you regarding Plan changes and other developments affecting your interests under the Plan. 

If any of your information, like address, marital status, or desired beneficiary, changes, you 

MUST contact the Fund Office IMMEDIATELY. 

BAC 7:259 Exhibit 28C
TABLE OF CONTENTS 

I. DEFINITIONS .................................................................................................................. 1

II. ELIGIBILITY FOR PARTICIPATION IN THE PENSION PLAN......................... 13

III. CREDITING OF SERVICE .......................................................................................... 13

IV. TYPES OF BENEFITS .................................................................................................. 14

V. COMMENCEMENT OF BENEFITS AFTER NORMAL RETIREMENT AGE ... 28

VI. MAXIMUM BENEFIT LIMITS ................................................................................... 28

VII. TAXATION OF BENEFIT PAYMENTS .................................................................... 28

VIII. SUSPENSION OF BENEFITS ...................................................................................... 29

IX. NON-COVERED BARGAINING-UNIT EMPLOYMENT SANCTIONS ............... 31

X. MISCELLANEOUS INFORMATION ......................................................................... 31

XI. HOW TO APPLY FOR BENEFITS ............................................................................. 32

XII. STATEMENT OF YOUR RIGHTS UNDER ERISA ................................................. 35

XIII. ADDITIONAL INFORMATION REQUIRED BY ERISA ....................................... 37

BAC 7:260 Exhibit 28C
1

I. DEFINITIONS

1. Accrued Benefit - The term "Accrued Benefit" means a lifetime monthly benefit beginning 

at Normal Retirement Age earned by a Participant and is in effect at any particular time 

based on such person's Years of Credited Service and the benefit formula established under 

the Plan. 

2. Active Participant - The term "Active Participant" means a Participant who has not yet 

become a retired, disabled or deceased Participant, who has not yet suffered a Forfeiture of 

Service, and who has accrued at least one Year of Service out of the two (2) preceding Plan 

Years. 

3. Actuarial Value - The term "Actuarial Value" means an amount or series of amounts of 

equivalent value. Unless otherwise specified herein, this value will be determined based 

upon the assumption and methods provided by the Plan’s Actuary. 

4. Alternate Payee - The term "Alternate Payee" means a Spouse, former Spouse, child or 

other dependent of a Participant who is recognized by a Domestic Relations Order as having 

a right to receive all, or a portion of, the benefits under this Plan, with respect to the 

Participant. 

5. Association - The term “Association” means the Association of Union Masonry Contractors. 

6. Beneficiary - The term "Beneficiary" means the person or entity designated to receive 

benefits which may be payable after death. 

When a Participant or former Participant dies, his Beneficiary shall be the Spouse to whom 

the Participant or former Participant was married at the time of death unless such Spouse has 

consented in writing to the designation of a non-Spouse Beneficiary, the consent 

acknowledges the effect of the designation and the consent is witnessed by a Plan 

representative or a notary public. 

The term "Beneficiary" for an unmarried person means the person(s) designated by the 

Participant's latest written notice to the Board of Trustees prior to his death. 

In the event no valid Beneficiary designation has been filed with the Trustees at the date of 

death of an unmarried Participant, or if the Participant is not survived by the Beneficiary 

designated, the Beneficiary shall be deemed to be the first in the following classes which is 

living at the date of the Participant’s or Former Participant’s death: 

A. Participant’s or Former Participant’s legal Spouse, if any; 

B. Participant’s or Former Participant’s legal child or children, in equal shares; 

C. If no legal Spouse or legal child/children are surviving, the death benefit will be paid to 

the Executor or Administrator of the Participant’s or Former Participant’s estate. The 

benefit will be distributed to such persons then living who would receive the Participant’s 

BAC 7:261 Exhibit 28C
2

or Former Participant’s personal property either under his will or according to the laws of 

the state of legal domicile of the Participant or former Participant at the time of his death. 

7. Board of Trustees - The term “Board of Trustees” means the entity comprised of an equal 

number of Union Trustees and Management Trustees, as required by the Labor-Management 

Relations Act of 1947, as amended, and which is responsible for administering the Plan. The 

Board of Trustees shall be the Administrator as that term is used under ERISA. 

8. Break in Service - The term "Break in Service" means a Plan Year in which an eligible 

Participant fails to acquire four hundred thirty-five (435) hours worked. 

It shall not be considered a Break in Service if a Participant is unable to maintain a Year of 

Service because of an accident or illness or as a result of service in Qualified Military 

Service, provided the Fund Office is notified of the accident, illness or service in Qualified 

Military Service on a form satisfactory to the Trustees. 

A Participant who has an absence from work with an Employer due to: 

A. the Participant’s pregnancy; 

B. the birth of a child of the Participant; 

C. placement of a child with the Participant in connection with the adoption of such child by 

the Participant (including placement with the Participant for a trial period prior to 

adoption); or 

D. caring for such child for a period beginning immediately following such birth or 

placement 

shall be credited with Hours of Service. But the Participant must furnish to the Trustees such 

timely information as the Trustees may reasonably require to establish that the absence from 

work is for one of the reasons referred to above and the number of days for which there was 

such an absence. The Hours of Service shall be credited only to the Plan Year in which the 

period of absence begins if, but for such crediting, there would be a one-year Break in 

Service in such Plan Year. In any other case, the Hours of Service shall be credited to the 

next following Plan Year. The Hours of Service to be credited are the Hours of Service 

which otherwise would normally have been credited to the Participant but for such absence. 

If the number of such hours cannot be determined, eight (8) hours shall be credited per day of 

such absence. In no event, however, shall more than 435 Hours of Service be credited for 

such period of absence. Hours of Service shall be credited solely for purposes of preventing 

the occurrence of a Break in Service. 

In the case of a Participant who is entitled to a Vested Benefit but who has suffered a Break 

in Service and returns to Covered Service with an Employer, the Participant shall participate 

in the Plan immediately upon returning to such Covered Service. If a Participant who is not 

vested sustains a Break in Service, but not a Forfeiture of Service, the Participant shall 

participate immediately upon returning to Covered Service with an Employer. 

BAC 7:262 Exhibit 28C
3

9. Brick and Mason Industry - The term "Brick and Masonry Industry" means any and all 

types of work covered by Collective Bargaining Agreements to which the Union is a party or 

under the trade jurisdiction of the Union, as that trade jurisdiction is described in the 

International Union's Constitution, or any other work to which a bricklayer has been 

assigned, referred or can perform because of his skills and training. The term "Brick and 

Mason Industry" shall not include employment in a related building trade unless such 

employment is on referral by and authorized by the Union. 

10. Collective Bargaining Agreement - The term “Collective Bargaining Agreement” means 

the written agreement between the Union and the signatory Employers which governs the 

wages, hours and conditions of Employees working in Covered Employment. 

11. Compensation - The term “Compensation” shall include only that compensation which is 

actually paid to the Participant during the determination period or Plan Year. 

12. Computation Period for Eligibility to Participate - The term "Computation Period" is the 

period for commencement of eligibility to participate in the Plan. It begins on the first day 

the Employee earns an Hour of Service for an Employer who is required to make 

contributions to the Plan pursuant to a written agreement and ends on the last day of the 

payroll period twelve (12) consecutive months thereafter. 

13. Contiguous Non-covered Service - The term "Contiguous Non-covered Service" means 

Non-covered Service with the same single Employer which immediately precedes or 

immediately follows Covered Service where no quit, discharge, lay-off or retirement occurs 

between such Covered Service and Non-covered Service. 

14. Contributions - The term "Contributions" means payments to the Fund by an Employer as 

required under applicable Collective Bargaining Agreements or other written agreements. 

The relevant portions of the Collective Bargaining Agreement are attached and incorporated 

by reference to the Plan Document. 

15. Covered Service - The term "Covered Service" means Service with an Employer(s) 

maintaining a Plan that is within a job classification or class of Employees covered under the 

Plan for which compensation is paid, or for which the Participant is entitled to payment, in 

accordance with the Collective Bargaining Agreement or other written agreement. 

16. Domestic Relations Order - The term "Domestic Relations Order" means a judgment, 

decree or order (including approval of a property settlement agreement) that relates to the 

provision of child support, alimony payments or marital property rights to a Participant’s or 

Former Participant’s Spouse, former Spouse, child or other dependent and is made pursuant 

to a state domestic relations law, including a community property law. 

17. Early Retirement Age - The term "Early Retirement Age" means the age prior to the 

Participant's sixty-second (62nd) birthday when he reaches age fifty-five (55), or is credited 

with ten (10) Years of Service, whichever is later. 

18. Employee - The term "Employee" means: 

BAC 7:263 Exhibit 28C
4

A. All Employees represented for the purpose of collective bargaining by the Union who 

perform more than 50% of his work as bargaining unit work for an Employer who is 

required to make contributions to the Trust Fund in accordance with the collective 

bargaining agreement. These Employees shall be referred to as Collectively Bargained 

Employees. 

B. All Employees who are former Collectively Bargained Employees who are performing 

work for an Employer which is a party to a collective bargaining agreement or is/are 

Employees of the Union. These Employees shall be referred to as Bargaining Unit 

Alumni. Their participation in the Plan is permitted only if the Plan does not treat 

Bargaining Unit Alumni more favorably than similarly situated Collectively Bargained 

Employees and no more than 5% of the Participants in the Plan are Non-collectively 

Bargained Employees. For purposes of vesting and benefit accrual for Service earned on 

or after May 1, 1989, these Employees shall be considered Non-collectively Bargained 

Employees. 

C. All other Employees of the Union who are not Bargaining Unit Alumni who participate 

on a non-discriminatory basis and are not treated more favorably than similarly situated 

Collectively Bargained Employees or Bargaining Unit Alumni. These Employees shall 

be referred to as Non-collectively Bargained Employees. Effective January 1, 1993, 

Employee shall also mean all Employees who were previously employed by Bricklayers 

and Allied Craftsmen Local No. 7 who as of that date became Employees of the Ohio 

Northern District Council of Bricklayers and Allied Craftsmen, now known as Northern 

Ohio Administrative District Council, as a result of the merger of Bricklayers and Allied 

Craftsmen Local 7 into that Council. 

The term "Employee" shall not include partners or self-employed persons no matter how 

designated and such Persons are excluded from the benefits provided in this Plan. 

An Employee shall not be ineligible to participate in the benefits of this Plan because of his 

participation in a labor dispute or because of his absence from work due to such labor dispute 

or because of his being locked out by his Employer. 

19. Employer - The term "Employer" means: 

A. Employers who are parties to Collective Bargaining Agreements with the Union as a 

result of their affiliation with the Association. 

B. Any other individual, firm, association, partnership or corporation who is performing 

work within the Brick and Masonry Industry and who is bound by Collective Bargaining 

Agreements with the Union and agrees to participate in and contribute to the Trust Fund. 

The participation of Employers shall be on terms which the Trustees shall determine. 

C. If the Trustees provide and if it is not judicially determined to be a violation of any law or 

statute, the "Employer" may also include the Union and may also include the Trustees, if 

applicable, as their Employees, provided these organizations become contractually 

obligated to make contributions on behalf of their Employees, sign a copy of the 

Agreement or, in some other manner acceptable to the Trustees, consent in writing to be 

BAC 7:264 Exhibit 28C
5

bound by the terms of the Agreement, and who have been accepted for participation in 

the Fund by the Trustees on terms which, in their absolute discretion, they shall 

determine. Employer shall also include any individual, firm, association, partnership, or 

corporation who has a collective bargaining agreement with the Trustees, makes 

contributions according to that agreement to the Trust Fund on Bargaining Unit Alumni 

employed by it subject to the restrictions of number 18, above. 

20. ERISA - The term “ERlSA” means the Employee Retirement Income Security Act of 1974, 

as amended. 

21. Forfeited Service - The term "Forfeited Service" means the number of Years of Service 

credited to a non-vested Participant that becomes forfeited. 

For Plan Years prior to May 1, 1985, all Service credited to a non-vested Participant shall be 

forfeited at the time the Participant suffers consecutive one (1) year Breaks in Service equal 

to or exceeding his total Years of Service. 

For Plan Years commencing on or after May 1, 1985, all Service credited to a non-vested 

Participant shall be forfeited at the time such Participant suffers consecutive one-year Breaks 

in Service equaling or exceeding the greater of five (5) or the Participant's total Years of 

Service preceding such Breaks in Service. 

No Plan benefits shall be based on hours worked for which Years of Service were credited 

that later become Forfeited Service. 

22. Former Participant - The term "Former Participant" means an individual whose 

participation has ceased but who has not incurred a Forfeiture of Service. It shall also mean 

an individual, other than a Beneficiary, who is receiving a benefit from the Plan. 

23. Future Service - The term "Future Service" means the Participant's Years of Service 

subsequent to the later of February 1, 1968, or the date the Employee becomes a Participant 

in the Plan. 

24. Hours of Service/Hours Worked -For purposes of participation, vesting and benefit accrual, 

the term "Hours of Service" or "Hours Worked" means: 

A. Each hour for which an Employee is paid or entitled to payment for the performance of 

duties for an Employer and hours for which back pay, irrespective of mitigation of 

damages, is awarded or agreed to by an Employer, to the extent that such award or 

agreement is intended to compensate an Employee for periods during which the 

Employee would have been engaged in the performance of duties for the Employer. 

B. Each hour for which an Employee is absent from work due to a maternity or paternity 

leave of absence, as defined in the Plan, for the sole purpose of determining whether a 

Break in Service has occurred. Hours of Service shall be credited only to the extent that 

they would have been credited but for such absence or if such numbers of Hours of 

Service credited under this provision exceed the minimum number of Hours of Service 

needed to prevent the occurrence of a Break in Service in the Plan Year such absence 

BAC 7:265 Exhibit 28C
6

begins. However, if in the Plan Year in which such absence begins the Employee has a 

sufficient number of Hours of Service to prevent the occurrence of a Break in Service 

without regard to this provision, the Employee shall be credited with the minimum 

number of Hours of Service needed to prevent the occurrence of a Break in Service 

during the Plan Year which immediately follows the Plan Year in which the absence 

begins. No Hours of Service under this provision shall be credited unless the Employee 

furnishes to the Board of Trustees timely information as the Trustees may reasonably 

require to establish: (1) the Employee's absence from work is due to the reasons referred 

to above and (2) the number of days for which there was such an absence. 

C. Effective December 12, 1994, as required by the Uniformed Services Employment and 

Reemployment Rights Act of 1994 (USERRA), each hour for which an Employee is 

absent from work due to Qualified Military Service, as defined in Paragraph 27 of this 

section, for the sole purpose of determining whether a Break in Service has occurred. 

Hours of Service pursuant to this sub-paragraph (C) shall be credited only to the extent 

they would have been credited but for such absence, or if such number of Hours of 

Service cannot be determined, at the rate of eight Hours of Service per day of absence. In 

no event, however, shall the number of Hours of Service credited pursuant to this subparagraph (C) exceed the minimum number of Hours of Service needed to prevent the 

occurrence of a Break in Service in the Plan Year such absence begins. Notwithstanding 

the foregoing, no Hours of Service shall be credited under this sub-paragraph unless the 

Employee was in the active service of an Employer prior to such an absence due to 

Qualified Military Service, such absence did not exceed the minimum requirements of 

the Uniformed Services and Reemployment Rights Act of 1994, and any related 

regulations, and the Employee fulfills the notice requirements set forth in Paragraph 27. 

There shall be no duplication of crediting Hours of Service. Department of Labor 

Regulations Section 2530.200b-2(b) and Section 2530.200(b) are incorporated by reference. 

25. Inactive Participant - The term "Inactive Participant" means a Participant who has not yet 

become a retired, disabled or deceased Participant, has not yet suffered a Forfeiture of 

Service, and who has not accrued at least one Year of Service out of the two (2) preceding 

Plan Years. 

26. Jurisdiction of the Fund - The term "Jurisdiction of the Fund" means the industry, trade or 

craft in the geographical area over which the Bricklayers & Allied Craftsmen Local No. 7 has 

jurisdiction. 

27. Qualified Military Service - The term "Qualified Military Service" means any absence from 

work by reason of active duty in the Armed Forces of the United States. A Participant shall 

be given full credit for benefit accrual, Hours of Service, participation, vesting and Years of 

Vesting Service for time periods, not to exceed the minimum requirements of the Uniformed 

Services Employment and Reemployment Rights Act of 1994, and any related regulations, in 

which he was absent from work due to the Qualified Military Service. 

A. The time period limitation indicated above shall not include any service: 

BAC 7:266 Exhibit 28C
7

i. That is required beyond five years to complete an initial period of obligated service; 

ii. During which the individual was unable to obtain orders releasing him from service 

in the uniformed services before expiration of the five (5) year period, and such 

inability was through no fault of the individual; 

iii. Performed as required pursuant to the ready reserve training requirements, required 

drills and field exercises and/or participation in field exercises, or to fulfill additional 

training requirements determined and certified in writing by the Secretary of the 

military department concerned to be necessary for professional development or for 

completion of skill training or retraining; 

iv. Performed by a member of a uniformed service who is: 

a. Ordered to or retained on active duty as a reserve pursuant to certain provisions of 

federal law or as a recall to duty or detention beyond terms of enlistment (in the 

case of the Coast Guard pursuant to certain provisions of federal law (i.e., war or 

national emergency); 

b. Ordered to or retained on active duty (other than for training) under any provision 

of law during a war or during a national emergency declared by the President or 

the Congress; 

c. Ordered to active duty (other than for training) in support, as determined by the 

Secretary of the military department concerned, of an operational mission for 

which reserve personnel have been ordered to active duty under federal law; 

d. Ordered to active duty in support, as determined by the Secretary of the military 

department concerned, of a critical mission or requirement of the uniformed 

services, or; 

e. Called into federal service as a member of the National Guard pursuant to federal 

law in the case of an insurrection, invasion, rebellion and/or danger of rebellion. 

B. Contributions shall be made for the above leave of absence by the Pension Plan or as 

otherwise determined at the discretion of the Board of Trustees of the Plan, in compliance 

with federal law. Said contributions shall be based upon the average hours reported 

monthly to the Fund over the lesser of thirty-six (36) months or the period of 

Participant’s participation immediately prior to Qualified Military Service.

C. In order for a Participant to receive continuing benefits as outlined above, said Participant 

shall notify the respective Employer with advance written or verbal notice of such 

service. A Participant upon the completion of a period of service in the uniformed 

services shall notify the Employer, as referred to in such subsection below, of the 

Participant's intent to return to a position of employment with such Employer as follows: 

i. In the case of a Participant whose period of service in the uniformed services was less 

than thirty-one (31) days, by reporting to the Employer: 

BAC 7:267 Exhibit 28C
8

a. not later than the beginning of the first full regularly scheduled work period on the 

first full calendar day following the completion of the period of service and 

expiration of eight (8) hours after a period allowing for the safe transportation of 

the Participant from the place of that service to the Employee's residence; or 

b. as soon as possible after the expiration of the eight (8) hour period referred to in 

clause (a), unless reporting within the period referred to in such clause is 

impossible or unreasonable through no fault of the person. 

ii. In the case of a Participant who is absent from a position of employment for a period 

of any length for the purposes of an examination to determine the Employee's fitness 

to perform service in the uniformed services, by reporting in the manner and time 

referred to in sub-paragraph (C)(i) above. 

iii. In the case of a Participant whose period of service in the uniformed services was for 

more than thirty (30) days but less than one hundred eighty one (181) days, by 

submitting an application for reemployment with the Employer not later than fourteen 

(14) days after the completion of the period of service, or if submitting such 

application with such period is impossible or unreasonable through no fault of the 

Participant, the next first full calendar day when submission of such application 

becomes possible. 

iv. In the case of a Participant whose period of service in the uniformed services is for 

more than one hundred eighty (180) days, by submitting an application for 

reemployment with the Employer not later than ninety (90) days after the completion 

of the period of service. 

D. Furthermore, in order to restore the above pension rights, the Participant must notify the 

Fund Office in writing, within sixty (60) days of his discharge, of his intent to return to 

work. 

E. Upon a Participant's honorable discharge from Qualified Military Service, the Employee's 

eligibility status under the Plan will be restored to the status that existed when he entered 

Qualified Military Service, provided the Participant fulfills the notice and documentation 

requirements outlined above. In addition to said notice, the Participant shall also supply 

the Fund Office with copies of his discharge papers showing the date of his induction or 

enlistment in Qualified Military Service and the date of his discharge. Failure on the part 

of the Participant to file such documentation with the Fund Office and/or provide the 

above notice may be deemed an indication that the Participant does not wish to restore 

his eligibility status under the Plan. 

F. A Participant who is hospitalized for, or convalescing from, an illness or injury incurred 

in, or aggravated during, the performance of service in the uniformed services shall, at 

the end of the period that is necessary for the person to recover from such illness or 

injury, report to the person's Employer (in the case of a person described in subparagraph (C)(i) or (C)(ii) above), or submit an application for reemployment with such 

Employer (in the case of a person described in sub-paragraph (C)(iii) or (C)(iv) above). 

BAC 7:268 Exhibit 28C
9

The period of recovery may not exceed two years. However, this shall be extended by 

the minimum time period to accommodate the circumstances beyond such person's 

control which make reporting within the period specified above impossible or 

unreasonable. 

28. Non-covered Employment - The term "Non-covered Employment" means self-employment 

in the Brick and Masonry Industry or employment for an Employer which does not have a 

Collective Bargaining Agreement between the Union and the Employer. 

29. Non-covered Service - The term "Non-covered Service" means Service with an Employer 

maintaining the Plan which is not Covered Service. 

30. Non-vested Participant - The term "Non-vested Participant" means a Participant who has 

less than five (5) Years of Service. 

31. Normal Retirement Age - The term “Normal Retirement Age” means the earlier of:

A. The time the Participant attains age sixty-two (62) and has been credited with five (5) or 

more Years of Service; or 

B. The later of: 

i. Age sixty-five (65); or 

ii. The fifth (5th) anniversary of the time the Participant first commenced participation in 

the Plan. 

32. Normal Retirement Date - The term “Normal Retirement Date” means the first day of the 

month coincident with or immediately following the Participant's Normal Retirement Age. 

33. Participant - The term “Participant” means an Employee who is eligible to participate in the 

Plan. 

34. Plan - The term “Plan” means the Bricklayers & Allied Craftsmen Local No. 7 Pension Plan 

and any amendments thereto. 

35. Plan Year - The term “Plan Year” means the twelve-month period beginning May 1 and 

ending the following April 30. 

36. Qualified Domestic Relations Order - 

A. The term "Qualified Domestic Relations Order" means a Domestic Relations Order 

which creates or recognizes the existence of an Alternate Payee's right to, or assigns to an 

Alternate Payee the right to, receive all or a portion of the benefits payable with respect 

to a Participant under the Plan which clearly specifies: 

BAC 7:269 Exhibit 28C
10

i. The name and the last known mailing address (if any) of the Participant or Former 

Participant, the name and mailing address of each Alternate Payee covered by the 

Order; 

ii. The amount or percentage of the Participant's or former Participant's benefits to be 

paid by the Plan to each such Alternate Payee, or the manner in which such amount or 

percentage is to be determined. 

iii. The number of payments or period to which such Order applies; and 

iv. Each Plan to which such Order applies. 

B. In addition, a Domestic Relations Order will be considered a Qualified Domestic 

Relations Order only if such Order: 

i. Does not require the Plan to provide any type or form of benefit, or any option, not 

otherwise provided under the Plan; 

ii. Does not require the Plan to provide increased benefits (determined on the basis of 

actuarial value) and; 

iii. Does not require the payment of benefits to an Alternate Payee which are required to 

be paid to another Alternate Payee under another Domestic Relations Order 

previously determined to be a Qualified Domestic Relations Order. 

C. The Plan maintains an internal procedure for the processing of all Qualified Domestic 

Relations Orders. You may obtain a copy of such procedure from the Administrative 

Manager. 

37. Qualified Joint and Survivor Annuity - The term "Qualified Joint and Survivor Annuity 

means a form of benefit which provides monthly payments to the Retired Participant for life, 

with a Survivor Benefit for the life of the Spouse, if surviving upon the Retired Participant's 

death, in an amount equal to either 50%, 75% or 100% of the amount paid to the Retired 

Participant, depending on the benefit chosen. 

38. Qualified Pre-retirement Survivor Annuity - The term "Qualified Pre-retirement Survivor 

Annuity" means a survivor annuity for the life of the Surviving Spouse of the Participant and 

payable in accordance with the Plan provisions. 

39. Reciprocity Hours Worked - If the Board of Trustees enters into money-follows-the-man 

reciprocity agreements, such agreements shall be a part of this Plan and all hours transferred 

into this Plan under such agreements shall be credited as hours worked for crediting Service 

under this Plan. 

40. Same Geographic Area - The term "Same Geographic Area" means the State of Ohio and 

portions of those states located as a part of a Standard Metropolitan Statistical Area, as 

defined by the U.S. Census Bureau. 

BAC 7:270 Exhibit 28C
11

41. Same Industry - The term "Same Industry" is defined as work within the Brick and Masonry 

Industry and as in accordance with the definitions contained within the Collective Bargaining 

Agreement. 

42. Same Trade or Craft - The term "Same Trade or Craft" means a trade or craft in which a 

Participant was employed at any time prior to his retirement under the Plan and shall include 

any supervisory or managerial activity as contained in the provisions of the Collective 

Bargaining Agreement. 

43. Spouse or Eligible Spouse - The term "Spouse" or "Eligible Spouse" means the Participant’s

legal Spouse who has been married to the Participant for at least one year at the time a Preretirement Death Benefit is first payable, or the Participant’s legal Spouse who has been 

married to the Participant at least one year at the first time the Participant commences 

receiving retirement benefits provided by this Plan. 

44. Terminated Participant - The term “Terminated Participant" means a Vested Employee who 

has not accrued at least one (1) Year of Service during the two (2) preceding Plan Years. 

45. Total and Permanent Disability - Effective May 1, 2009, the term “Total and Permanent 

Disability” means the Participant must be disabled before May 1, 2009 as determined by the 

Social Security Administration. 

A Participant shall be considered totally and permanently disabled if the Trustees find, on the 

basis of medical evidence, a physical or mental condition of a Participant which completely 

prevents such Participant from engaging in work for wage or profit within the same industry, 

trade or craft and, in the opinion of the medical examiner, the disability will be permanent 

and continuous during the remainder of the Participant's life. No Participant, however, shall 

be deemed to be totally and permanently disabled under the Plan if his incapacity consists of 

addiction to narcotics or, if such disability was contracted, suffered or incurred while he was 

engaged in a felonious enterprise, or resulted therefrom, or resulted from an intentionally 

self-inflicted injury, or from an injury, wound or disability suffered or arising out of a state of 

war, declared or undeclared. 

46. Trustees - The term "Trustees" means any person designated as a Trustee in accordance with 

the Amended Agreement and Declaration of Trust or his successor(s). The Trustees 

collectively means the Administrator, as that term is used in ERISA. The term "Employer 

Trustees" means the Trustees selected by the Association. The term "Union Trustees" means 

the Trustees selected by the Union. The designation of Employer Trustee or Union Trustee 

does not affect or alter the duty of each Trustee appointed to act in a fiduciary capacity. 

47. Union - The term "Union" means the Bricklayers & Allied Craftsmen Local No. 7. 

48. Vested Participant - The term "Vested Participant" means a Participant who has met the 

Plan's eligibility requirements to be entitled to a non-forfeitable benefit upon retirement. 

However, the Plan may pursue a reduction in vested benefits, but only to the extent and in 

accordance with the procedures set forth in the Multiemployer Pension Reform Act of 2014 

(“MPRA”). Such a reduction would require a vote of participants and beneficiaries in 

BAC 7:271 Exhibit 28C
12

accordance the rules and procedures of the United States Departments of Treasury and Labor, 

and the Pension Benefit Guarantee Corporation. 

49. Vesting and Benefit Accrual Computation Period - The term "Vesting and Benefit 

Accrual Computation Period" means the Plan Year. 

50. Year of Service - The term "Year of Service" or "Service" means the number of years for 

which a Participant receives credit on the records of the Fund. Service shall be equal to the 

number of Years of Past Service plus the number of Years of Future Service and shall be 

used for Participation, Vesting, and Eligibility for Benefits and Benefit Accrual. 

A. Past Service: Past Service shall be granted to a Participant who worked in the 

jurisdiction of the Union on or before February 1, 1968. One (1) Year of Past Service 

shall be granted to a Participant for each Plan Year that the Participant worked in the 

jurisdiction of the Union during the period of February 1, 1948 to February 1, 1968. Any 

Past Service as otherwise granted shall be canceled upon the Employee suffering a 

Forfeiture of Service after February 1, 1968. If a Participant performs at least one hour of 

non-covered brick and masonry employment within the same geographical area of the 

Fund on or after May 1, 1994, then he shall lose all Past Service for the purpose of 

calculating his benefit amount, provided that such loss of Past Service credits shall not 

decrease the Participant's accrued Normal Retirement Benefit to an amount less than his 

accrued Normal Retirement Benefit. 

B. Future Service: Future Service shall be granted to a Participant after February 1, 1968. 

Prior to May 1, 1976, one (1) Year of Future Service shall be granted to a Participant for 

each Plan Year during which he receives contribution credits on the records of the Fund. 

Service on and after May 1, 1976: On and after May 1, 1976, one Year of Service shall be 

granted to a Participant who has met the requirements for initial eligibility to participate in 

this Plan. Subsequent Years of Service shall be earned by a Participant who has four 

hundred thirty-five (435) hours of work within a Plan Year beginning with the Plan Year 

which includes the first anniversary of the Participant's employment commencement date. 

The total Service of the Participant shall not include any Years of Breaks in Service. 

A Participant shall be credited Qualified Military Service to the extent required by applicable 

law, but only if the Participant returns to service with an Employer within such time as 

reemployment rights are guaranteed by law. Otherwise, service in the Armed Forces of the 

United States shall be disregarded in computing Years of Vesting Service. 

For purposes of determining Years of Service, all Covered Service and all Contiguous Noncovered Service with an Employer maintaining the Plan shall be taken into account; 

provided, however, no Contiguous Non-covered Service shall be credited to the Fund unless 

the Employer or Participant notifies the Administrator of the hours worked by the participant 

in Non-covered Service within ninety (90) days after the date of participation or the Plan 

Year, whichever is later. 

BAC 7:272 Exhibit 28C
13

II. ELIGIBILITY FOR PARTICIPATION IN THE PENSION PLAN 

If you were a Participant in the original Plan prior to May 1, 1976, you will be a Participant in 

the Plan as of May 1, 1976. 

Each person who becomes an Employee on or after May 1, 1976 must work 435 hours within the 

Computation Period for Eligibility. Once he does that, he will become a Participant upon the earlier 

of (1) November 1, or (2) the beginning of the following Plan Year. If an Employee does not 

become a Participant within the first Computation Period for Eligibility, the Employee must meet 

the requirements of participation within subsequent twelve-month periods as if he were a new 

Employee first beginning to work for an Employer. 

For example, if you become an Employee on March 1, 2020 and you reach 435 hours worked on 

August 1, 2020, you will become a Participant in the Bricklayers & Allied Craftsmen Local No. 

7 Pension Fund on November 1, 2020 (Since November 1, 2020 is earlier than May 1, 2021, 

which is the beginning of the following plan year). 

Once you become a Participant, your eligibility for continued participation will be measured by 

Service within a Plan Year (each May 1 through April 30). In the event you suffer Forfeited 

Service, when you return to the status of an Employee, you will be required to meet the 

foregoing requirements before again becoming a Participant. 

III. CREDITING OF SERVICE 

For service before May 1, 1976: See prior Summary Plan Descriptions, or the Plan Document. 

You may also contact the Fund Office for this information. 

For service on and after May 1, 1976: On and after May 1, 1976, one Year of Service will be 

granted to you if you have met the requirements for initial eligibility to participate in the Plan. 

You will earn subsequent Years of Service for each Plan Year during which you have a total of 

four hundred thirty-five (435) hours of work in Covered Employment. 

If you work less than four hundred thirty-five (435) hours in Covered Employment within a Plan 

Year, you will have a Break in Service. Your total Service will not include any Years of Breaks 

in Service. If, after May 1, 1985, you have consecutive one-year Breaks in Service which equal 

or exceed the greater of five (5) or your Years of Service credited before your Breaks in Service, 

your Years of Service prior to your Breaks in Service will be forfeited. For example, if you have 

three (3) Years of Service and then fail to work four hundred thirty-five (435) hours in Covered 

Employment each of the following five (5) Plan Years, your three (3) Years of Service prior to 

the Breaks in Service will be Forfeited Service. Your total Service will not include any Years of 

Forfeited Service. In addition, no Plan benefits will be based on contributions for which Years 

of Service were credited that later became Forfeited Service. If you are a Vested Participant, you 

cannot forfeit Service under this Plan, subject to potential reductions pursuant to MPRA (see 

pages 11-12 of this SPD, defining the term Vested Participant). 

For purposes of determining a Year of Service, all of your Covered Service with an Employer 

and all Contiguous Non-covered Service with an Employer maintaining the Plan shall be taken 

into account. However, no Contiguous Non-covered Service shall be credited to the Fund unless 

BAC 7:273 Exhibit 28C
14

the Employer or Participant notifies the Administrator of the hours worked by the Participant in 

Non-covered Service within ninety (90) days after the date of participation or the Plan Year, 

whichever is later. 

All of your Years of Continuous Service will count in the determination of your eligibility for 

benefits and vesting. 

IV. TYPES OF BENEFITS 

The different benefits available are: 

A. Normal Retirement Benefits 

B. Early Retirement Benefits 

C. Total and Permanent Disability Benefits 

D. Death Benefits 

E. Deferred Vested Benefits 

No Participant shall be eligible for more than one class of benefits at the same time. 

To the extent payment of a pension benefit commences after the 1st day of the month following 

receipt of the completed retirement application, the Plan will pay retroactive monthly payments 

along with interest pursuant to IRS Regulations. 

Normal Retirement Benefits 

Eligibility for Normal Retirement Benefit: You will be eligible to apply for a Normal 

Retirement Benefit provided you have reached your Normal Retirement Age and have retired 

from employment with all Employers in the jurisdiction of this Plan. 

Amount of Normal Retirement Benefit: The amount of your Normal Retirement Benefit will 

be equal to your Past Service Benefit, if any, plus your Future Service Benefit, as follows: 

Past Service Benefit - Your Past Service Benefit will be determined based on your 

Countable Years of Past Service multiplied by One Dollar ($1.00). 

Future Service Benefit - At the time of your retirement, your Future Service Benefit will 

be equal to a percentage of Employer contributions made on your behalf to the Fund on 

or after February 1, 1968 and based on the Future Service crediting rate in effect at the 

time you were last considered to be an Active Participant of the Plan. 

For Active Participants who retire on or after May 1, 2006, the Future Service Benefit is 

as follows: 

 4.1% of Employer contributions for work from 02/01/1968 – 04/30/2003, plus 

 3.0% of Employer contributions for work from 05/01/2003 – 04/30/2005, plus 

BAC 7:274 Exhibit 28C
15

 1.0% of Employer contributions for work from 05/01/2005 – 04/30/2006, plus 

1.0% of the first $2.00 of Employer contributions for work from 05/01/2006 –

04/30/2016, plus 

0.3% of the first $6.66 of Employer contributions plus 1.0% of Employer 

contributions in excess of $6.66 for work after 05/01/2016.

For example, if you retire on July 1, 2020 at sixty two (62) years of age with at least five 

(5) years of service and at least one (1) year of service after May 1, 1997, after having 

worked in the jurisdiction of Bricklayers & Allied Craftsmen Local No. 7, since 1979 

with the following contributions made on your behalf: 

Work Period Amount of Contributions

February 1, 1979 – April 30, 2003 $ 50,000.00

May 1, 2003 – April 30, 2005 $ 5,000.00

May 1, 2005 – April 30, 2006 $ 3,000.00

May 1, 2006 – April 30, 2016 $ 2,000.00 2

May 1, 2016 – June 30, 2020 at 

$6.66/hour

$ 4,000.00 3

Your monthly benefit will be calculated as follows: 

$50,000 x 4.1% = $ 2,050.00

$5,000 x 3.0% = $ 150.00

$3,000 x 1.0% = $ 30.00

$2,000 x 1.0% = $ 20.00

$4,000 x 0.3% = $ 12.00

Normal Retirement Benefit = $ 2,262.00

Commencement of Normal Retirement Benefit: Upon meeting the eligibility requirements for 

the Normal Retirement Benefit, you will become entitled to receive your Normal Retirement 

 

2 This represents only the “credited” portion of contributions (1.0% of the first $2.00 of 

Employer contributions) for work during this period. 

3 This represents only the “credited” portion of contributions (.3% of the first $6.66 of 

contributions) for work during this period. An additional 1% of contributions in excess of $6.66 

will be added for work during this period. 

BAC 7:275 Exhibit 28C
16

Benefit effective with the first day of the month following receipt of your application. You will 

continue to receive your benefit monthly for life. 

Unless you elect otherwise or if you do not have a surviving Spouse, the Normal Retirement Benefit 

will be paid as a Qualified Joint and 50% Survivor Benefit. 

If, as of May 1, 2009, you have not commenced receiving pension benefits, the sixty (60) month 

guarantee of benefit payments has been changed to a life only benefit. This benefit is payable to a 

Participant over his lifetime. 

If you retire on or after May 1, 2009, you can elect the sixty (60) month guarantee with a monthly 

reduction in benefit. The reduction in the monthly benefit will depend upon the retirement age of 

the participant as provided in the following table: 

Cost of 60 Month Guarantee Optional Benefit Form

Age % Reduction

62 1.86%

63 2.08%

64 2.33%

65 2.61%

66 2.92%

67 3.25%

68 3.61%

69 4.00%

If you become eligible for Normal Retirement and do not apply for your benefit by the 60th day 

after the close of the Plan Year during which you become eligible, the Fund Office will notify 

you of your eligibility. If the Fund Office does not thereafter receive your application, you will 

be deemed to have elected to postpone commencement of your benefits. 

Note: Your Normal Retirement Benefit may not exceed the maximum benefit allowed by law. 

Early Retirement Benefits 

Eligibility for Early Retirement Benefit: You will be eligible to apply for an Early Retirement 

Benefit provided you are at least age fifty-five (55), but younger than your Normal Retirement 

Age, have ten (10) Years of Service and have retired from employment in the Brick and Masonry 

Industry within the jurisdiction of the Plan. 

Form of Benefit: Unless the Participant elects otherwise or has no surviving Spouse, the Early 

Retirement Benefit will be paid as a Joint & 50% Survivor Benefit. 

For a Participant who has not yet commenced receiving pension benefits, the sixty (60) month 

guarantee of benefit payments has been changed to a life only benefit. This benefit is payable to a 

Participant over his lifetime. 

BAC 7:276 Exhibit 28C
17

A Participant who retired on or after May 1, 2009 can elect the sixty (60) month guarantee with a 

monthly reduction in benefit. The reduction in the monthly benefit will depend upon the retirement 

age of the participant as provided in the following table: 

Cost of 60 Month Guarantee Optional Benefit Form

Age % Reduction Age % Reduction

55 0.86% 63 2.08%

56 0.96% 64 2.33%

57 1.07% 65 2.61%

58 1.19% 66 2.92%

59 1.33% 67 3.25%

60 1.48% 68 3.61%

61 1.66% 69 4.00%

62 1.86%

Amount of Early Retirement Benefits: For Participants who were eligible to retire prior to 

May 1, 2009, the Early Retirement Benefit shall be a monthly benefit equal to the Participant’s 

Normal Retirement Benefit, as described above, reduced at the rate of one-third (1/3) of one 

percent (1%) for each month the Participant is younger than age sixty two (62) on the 

commencement date of his Early Retirement 

For Participants who were not eligible to retire prior to May 1, 2009, the Early Retirement 

Benefit shall be a monthly benefit equal to the Participant’s Normal Retirement Benefit, as 

described above, reduced at the rate at 7% per year or .583% for each month the Participant is 

younger than age 62 on the commencement date of his Early Retirement Benefit. 

Based upon the example under the Normal Retirement Benefit, assuming you were not eligible 

to retire prior to May 1, 2009, if your benefit accrued at Normal Retirement Age is $2,262.00 per 

month, but you elect to retire at age fifty-five (55), your Early Retirement Benefit would be 

calculated as follows: 

Normal Retirement Benefit 

(prior to reduction for Early 

Retirement):

= $ 2,262.00

Early Retirement reduction of 

49% (7% per year under age 

62)

= ($1,108.38)

Early Retirement Benefit: = $ 1,153.62

Commencement of Early Retirement Benefit: Upon meeting the eligibility requirements for 

an Early Retirement Benefit you will become entitled to receive your Early Retirement Benefit 

BAC 7:277 Exhibit 28C
18

effective as of the first day of the month following the receipt of your application. You will 

continue to receive your benefit monthly for your remaining lifetime. 

Note: Your Early Retirement Benefit may not exceed the maximum benefit allowed by law. 

Total and Permanent Disability Benefits 

Effective May 1, 2009, to be eligible for Permanent Total Disability Benefit, you must be 

disabled before May 1, 2009 as determined by the Social Security Administration. Disability 

benefits are eliminated for Participants who become disabled on or after May 1, 2009. For those 

Participants who have retired under the Total and Permanent Disability Benefit prior to May 1, 

2009, your benefits are not affected. 

Amount of Total and Permanent Disability Benefit: Your Total and Permanent Disability 

Benefit will be a monthly benefit equal to seventy percent (70%) of your total accrued benefit, as 

calculated for a Normal Retirement Benefit. For example, if the Social Security Administration 

determines that you became disabled on April 1, 2009 and your total accrued benefit is 

$2,262.00, your Total and Permanent Disability Benefit is $1,583.40 ($2,262.00 x 70%). 

Commencement of Total and Permanent Disability Benefit: You will become entitled to 

receive your Total and Permanent Disability Benefit effective as of the first day of the month 

next following receipt of your application by the Trustees. You will receive your benefit 

monthly during continued eligibility for disability benefits, with the last payment to be made on 

the earlier of the first day of the calendar month following the month you attain age fifty-seven 

(57) or the first day of the calendar month preceding your death. 

Termination of Total and Permanent Disability Benefit: Your Total and Permanent 

Disability Benefits will be terminated if: 

A. You engage in or perform work within the Same Industry, as contained in the provisions 

of the Collective Bargaining Agreement. 

B. The Trustees determine on the basis of medical findings that you have sufficiently 

recovered to resume a regular occupation or employment for profit or remuneration 

within the Same Industry, Trade or Craft, 

C. You refuse to undergo a medical examination requested by the Trustees; provided, 

however, this may not be required more frequently than once per year, or 

D. You attain fifty-seven (57) years of age. 

At such time as a Participant who is receiving a Total and Permanent Disability Benefit from the 

Plan reaches the age of fifty-seven (57), his benefit will be terminated. Thereafter, the disabled 

Participant will be offered the right to receive an Early Retirement Benefit as a straight-life form 

of payment or to defer the commencement of future benefits until his Normal Retirement Age. 

BAC 7:278 Exhibit 28C
19

A married Participant and Spouse at that time also will be offered the right not to receive a 

Qualified Joint and Survivor Benefit. 

Reemployment after Termination of Total and Permanent Disability Benefits: In the event 

your Total and Permanent Disability Benefit is terminated under the Plan, and you retire under 

the Plan in the future, the calculation of your reinstated benefits will include any additional 

benefits earned during your period of reemployment. 

Normal Form of Benefit for Married Participants (Qualified Joint and Survivor Benefit) 

Qualified Joint and Survivor Benefit -The Qualified Joint and 50% Survivor Benefit provides 

a reduced monthly income to the Retired Participant for his lifetime, with a Survivor Benefit for 

the life of the Spouse, if surviving at the time of the Retired Participant's death, which is equal to 

fifty percent (50%) of the amount that is payable to the Retired Participant. 

An optional Qualified Joint and 100% Survivor Benefit is also available which provides a 

reduced monthly income to the Retired Participant for his lifetime, with a Survivor Benefit for 

the life of the Spouse, if surviving at the time of the Retired Participant's death, which is equal to 

one hundred percent (100%) of the amount that is payable to the Retired Participant. 

An optional Qualified Joint and 75% Survivor Benefit is also available which provides a reduced 

monthly income to the Retired Participant for his lifetime, with a Survivor Benefit for the life of 

the Spouse, if surviving at the time of the Retired Participant's death, which is equal to 75% of 

the amount that is payable to the Retired Participant. 

Eligibility for Qualified Joint and Survivor Benefit: If you have a Spouse at the date of your 

retirement, your Normal or Early Retirement Benefit to which you are entitled will be payable in 

the form of a Qualified Joint and Survivor Benefit, unless both you and your Spouse elect not to 

receive your benefit in this form. 

Right of Election: Qualified Joint and Survivor Benefit: In lieu of the Qualified Joint and 

Survivor Benefit, a Participant may waive the Qualified Joint and Survivor Benefit. In order that 

each Participant may have an adequate opportunity to make an election, an election period is 

established under the Plan which in the case of the Qualified Joint and Survivor Benefit shall 

begin no more than one hundred eighty (180) days or less than thirty (30) days prior to the 

Participant's benefit commencement date. During the election period each Participant shall have 

the right to receive a written explanation of: (a) the terms and conditions of the Qualified Joint 

and Survivor Benefit and the relative value of optional forms of benefits; (b) the Participant's 

right to make an election to waive the Qualified Joint and Survivor Benefit; (c) the right of the 

Participant's Spouse to consent to any election to waive the Qualified Joint and Survivor Benefit; 

(d) the right of the Participant to revoke such election and effect of such revocation; and (e) any 

other explanation required under Section 401(a)(11)(E) or 417(a)(3)(A) of the Internal Revenue 

Code and any regulations thereunder. 

The Participant, with proper spousal consent, may elect to waive the thirty (30) day notice 

requirement and elect to commence benefits under this Plan at least seven (7) days after the 

explanation of benefits has been provided to them. 

BAC 7:279 Exhibit 28C
20

Any election to waive the Qualified Joint and Survivor Benefit shall not take effect unless one of 

the following conditions is satisfied: 

A. The Spouse of the Participant consents in writing to such election, the Spouse's consent 

acknowledges the effect of such election and is witnessed by a Plan representative or a 

notary public. 

B. It is established to the satisfaction of a Plan representative that the consent required under 

sub-section (A) above may not be obtained because there is no Spouse, because the 

Spouse cannot be located, or because of such other circumstances as the Secretary of 

Treasury regulations prescribe. 

Any consent by a Spouse, or establishment that the consent of a Spouse cannot be obtained, shall 

be effective only with respect to such Spouse. 

A Participant may revoke any election previously made if made prior to the commencement of 

the payment of benefits under this Plan. The number of revocations shall not be limited. An 

election may not be revoked after payment of benefits has commenced. All elections and 

revocations must be made on the appropriate forms available from the Fund Office and shall be 

effective only upon completing, signing and filing of the form with the Administrative Manager. 

Amount of Qualified Joint and Survivor Benefit: The Qualified Joint and Survivor Benefit 

provides a reduced monthly benefit that represents the actuarial equivalent of the Normal or 

Early Retirement Benefit to which the Participant is otherwise entitled. The factors needed to 

determine the reduced amount of monthly income is obtained from a Table of Factors that has 

been prepared by the Plan actuary and is based on the age of the Participant and the Participant's 

Spouse. The amount of the monthly benefit will be calculated by multiplying the appropriate 

factor from the Table of Factors by the monthly amount of the Normal or Early Retirement 

Benefits. 

In accordance with the Qualified Joint and 50% Survivor Benefit provisions, upon the death of 

the Participant, fifty percent (50%) of the monthly benefit (or 75% or 100% of the monthly 

benefit under the optional Qualified Joint and 75% or 100% Survivor Benefit), which had been 

payable to the Participant shall be continued to the Participant's Surviving Spouse for her 

remaining lifetime. 

If the Retired Participant's Spouse should pre-decease the Retired Participant, the amount of the 

Retired Participant's benefit will be increased to the amount of the benefit that would have been 

payable if the Retired Participant had not elected the Qualified Joint and Survivor Benefit to be 

effective on the first day of the month following the Spouse’s death. 

For example, if your Normal Retirement Benefit is $2,262.00 per month and you are age sixtytwo (62) and your Spouse is age sixty (60), your Qualified Joint and 50% Survivor Benefit 

would be calculated as follows: 

Normal Retirement Benefit = $2,262.00/month

Qualified Joint & 50% Survivor Benefit = $1,967.94/month 

BAC 7:280 Exhibit 28C
21

(87% factor) (Retired Participant’s Benefit)

50% Spouse’s Benefit 

(if surviving upon Participant’s death)

= $983.97/month 

(50% of $1,967.94)

If your Spouse should pre-decease you, your benefit would be increased to $2,262.00 per month 

for your remaining lifetime, to be effective on the first day of the month following your Spouse's 

death. 

For Retired Participants who have elected the optional Qualified Joint and 75% Survivor Benefit, 

your Qualified Joint and 75% Survivor Benefit would be calculated as follows based on your age 

of sixty-two (62) and your Spouse's age of sixty (60): 

Normal Retirement Benefit = $2,262.00/month

Qualified Joint & 75% Survivor Benefit 

(81% factor)

= $1,832.22/month 

(Retired Participant’s Benefit)

50% Spouse’s Benefit 

(if surviving upon Participant’s death)

= $1,374.17/month 

(75% of $1,832.22)

If your Spouse should pre-decease you, your benefit would be increased to $2,262.00 per month 

for your remaining lifetime, to be effective on the first day of the month following your Spouse's 

death. 

For Retired Participants who have elected the optional Qualified Joint and 100% Survivor 

Benefit, your Qualified Joint and 100% Survivor Benefit would be calculated as follows based 

on your age of sixty-two (62) and your Spouse's age of sixty (60): 

Normal Retirement Benefit = $2,262.00/month

Qualified Joint & 100% Survivor Benefit 

(76% factor)

= $1,719.12/month 

(Retired Participant’s Benefit)

100% Spouse’s Benefit 

(if surviving upon Participant’s death)

= $1,719.12/month 

(100% of $1,719.12)

If your Spouse should pre-decease you, your benefit would be increased to $2,262.00 per month 

for your remaining lifetime, to be effective on the first day of the month following your Spouse's 

death. 

Commencement of Qualified Joint and Survivor Benefit: You will become entitled to receive 

your Qualified Joint and Survivor Benefit effective as of the first day of the month next 

following the receipt of your application by the Trustees. 

All monthly benefits under the Qualified Joint and Survivor Benefit provisions will continue for 

the lifetime of the Participant, with the last payment to be made on the first day of the calendar 

BAC 7:281 Exhibit 28C
22

month preceding the Participant's death. Monthly benefits will be continued thereafter to the 

Spouse in accordance with the Plan provisions. 

Note: Your Qualified Joint and Survivor Benefit may not exceed the maximum benefit allowed 

by law. 

Death Benefits 

Qualified Pre-retirement Survivor Benefits: 

A. If you have reached age fifty-five (55) and completed at least five (5) Years of Service 

prior to your death, a death benefit will be payable to your Surviving Spouse as of the 

first day of the month following receipt of application by the Trustees, with payment to 

be made retroactive to the first day of the month following the date of your death. 

The benefits payable to your Surviving Spouse will be equal to the amount which she 

would have received had you retired under the Qualified Joint and 50% Survivor Benefit 

on the day before the date of your death. Payment of such benefit to the Surviving 

Spouse shall commence on the earliest date on which, under the Plan, the deceased 

Participant could have elected to receive benefits and should be paid monthly thereafter, 

ceasing with the month in which the death of such spouse occurred. 

B. If you are a Vested Participant with at least five (5) Years of Service and you die prior to 

attaining age fifty-five (55), a Qualified Pre-retirement Survivor Benefit will be payable 

to your Surviving Spouse. The Qualified Pre-retirement Survivor Benefit is equal to the 

benefit that would have been paid to your Spouse under the following circumstances: 

i. You had separated from Service on the date of your death; 

ii. You had survived to the first day of the month after your attainment of age fifty-five 

(55); and 

iii. You had commenced receiving payments under the Qualified Joint and 50% Survivor 

Benefit provisions on the first day of the month after your attainment of age fifty-five 

(55) and then immediately died. 

Payment of such benefit to the Surviving Spouse shall commence on the earliest date on 

which, under the Plan, the deceased Participant could have elected to receive benefits and 

should be paid monthly thereafter, ceasing with the month in which the death of such 

spouse occurred. 

C. Effective May 1, 2009, for any Pre-Retirement Death Benefit that has not yet commenced 

and coverage has not been waived, a charge will be implemented for such coverage that 

entitles the surviving spouse to receive 50% of your Joint and Survivor Benefit for the 

rest of her lifetime. Such coverage may be maintained with a reduction in benefits for 

each month the coverage is in effect. 

BAC 7:282 Exhibit 28C
23

The reduction in a Participant’s monthly benefit will depend upon the Participant’s age at 

which he elects coverage and the number of months he chose to be covered. The 

following table provides the cost of the Pre-Retirement Death Benefit coverage: 

Cost of Pre-Retirement Death Benefit Coverage

Age Range Percent Reduction in Accrued Benefit Per 

Month Covered Within Age Range

35-44 0.002%

45-49 0.004%

50-54 0.008%

55-59 0.017%

60-65 0.045%

Effective May 1, 2009 a Participant’s monthly benefit shall be reduced to cover the cost of 

providing the Pre-Retirement Death Benefit for each month the benefit coverage is in effect. 

To elect out of the Pre-Retirement Death Benefit the Participant must follow the election 

waiver rules, including written spousal consent, under ERISA Section 205(c) and any 

applicable regulation. The Participant may reinstate the Pre-Retirement Death Benefit at 

any time. 

D. Actuarial Equivalent of Death Benefit: Notwithstanding the foregoing provisions of this 

Article, if the Actuarial Equivalent of the Pre-Retirement Death Benefit does not exceed 

Five Thousand Dollars ($5,000.00) and the death of the Participant has occurred after 

August 22, 1984, the Actuarial Equivalent may, at the discretion of the Board of Trustees, 

be paid to the surviving Spouse/Beneficiary.

Note: Under the Unemployment Compensation Act, the Plan is required to withhold twenty 

percent (20%) of federal income tax from benefits paid to a Surviving Spouse of a deceased 

Participant in the form of Pre-retirement Death Benefits unless the payments are made over the 

life expectancy of the Surviving Spouse, such as the Survivor Benefit described in Items A and B 

of this section. 

In general, the twenty percent (20%) withholding requirement applies also to former Spouses 

who are "Alternate Payees". An individual is an Alternate Payee if the Payee's interest in the 

Plan results from a Qualified Domestic Relations Order, which is an order issued by a court 

usually in connection with a divorce or legal separation. 

Distributions under the Plan to individuals other than the Participant's Spouse (or former Spouse 

as an Alternate Payee) do not constitute eligible rollover distributions under this Plan and are 

BAC 7:283 Exhibit 28C
24

therefore not subject to the twenty percent (20%) mandatory income tax withholding 

requirements. 

Post-retirement Death Benefits: 

A. If a Participant dies after receiving at least one monthly benefit from the Plan, the Death 

Benefit shall be dependent upon the form of benefit which had been received by the 

Participant prior to his/her death. 

B. If the Participant was receiving one of the Qualified Joint and Survivor Benefits, the 

surviving Spouse to whom the deceased Participant was married upon the 

commencement of his/her benefits shall receive monthly benefits for life in an amount 

equal to the percentage of the amount which had been elected by the Participant and 

Surviving Spouse. Such benefits shall commence as of the first day of the month 

coincident with or next following the Participant's death, and shall terminate in the month 

in which the Spouse's death occurs. If such Spouse has predeceased the Participant, no 

further benefits shall be payable. 

C. If the Participant retired prior to May 1, 2009 and was receiving a lifetime monthly 

benefit and his/her death occurs prior to the receipt of sixty (60) monthly payments under 

the Plan, the Beneficiary shall receive the remainder of the payments, commencing as of 

the first day of the month following the month in which the Participant's death occurred, 

and payable as of the first day of each subsequent month until 60 monthly payments have 

been made to the deceased Participant and to the Beneficiary in the aggregate. If the 

deceased Participant had received at least 60 monthly benefits as of the date of death, no 

Death Benefits shall be payable. 

D. If the Participant retired on or after May 1, 2009 the death benefit shall depend upon 

whether or not the Participant has elected the 60 month guarantee with a monthly reduction 

in benefit pursuant to Section 3.3, Section 4.3 or Section 5.9.

E. Actuarial Equivalent of Death Benefit. Notwithstanding the foregoing provisions of this 

Article, if the Actuarial Equivalent of the Post-Retirement Death Benefit does not exceed 

five thousand dollars ($5,000.00) and the death of the Participant has occurred after August 

22, 1984, the Actuarial Equivalent may, at the discretion of the Board of Trustees, be paid to 

the surviving Spouse/Beneficiary in a lump sum. 

Beneficiary Designation: If you are married at the time of your death, your Spouse will be 

considered to be your Beneficiary unless your Spouse has consented in writing to a Non-Spouse 

Beneficiary and the consent has been witnessed by a Plan representative or by a notary public. If 

you are not married, you may designate any person as your Beneficiary, but you must do so on a 

form supplied by the Board of Trustees. 

BAC 7:284 Exhibit 28C
25

If you die without designating a Beneficiary, the Death Benefit, if any, will be paid to your legal 

Spouse, if any. If your legal Spouse has pre-deceased you, or has ceased to be your legal 

Spouse, the death benefit will be paid to your legal child or children, in equal shares. If no legal 

Spouse or legal child/children is alive, the Death Benefit will be paid to the Executor or 

Administrator of your Estate. 

Right of Election - Qualified Pre-retirement Survivor Benefit: The election period during 

which you and your Spouse may waive the Qualified Pre-retirement Survivor Benefit begins on 

the first day of the Plan Year in which you attain age thirty-five (35) and ends on the date of your 

death. The Plan is required to provide a notice to Participants regarding their rights to decline a 

Qualified Pre-retirement Survivor Benefit before the applicable election period. This notice is to 

be provided within the period beginning on the first day of the Plan Year in which the Participant 

attains age thirty-two (32) and ends with the close of the Plan Year preceding the Plan Year in 

which the Participant attains age thirty-five (35). The notice is comparable to the notice required 

with respect to the Qualified Joint and Survivor Benefit. 

Application for Death Benefits: No death benefits payable under this Plan will be made to any 

Participant's Beneficiary(ies) unless application for the benefit is made within twelve (12) 

months after the date of the Participant's death. The Trustees may in any cases where the 

circumstances appear to warrant such action liberalize the foregoing requirement. 

Distributions by Reason of Participant’s Death: In the event of the Participant’s death 

occurring after his benefit distribution has commenced but before the entire benefit has been 

paid, the remaining portion of the benefit will be distributed at least as rapidly as under the 

method of distribution being utilized as of the date of death. 

If the Participant dies before distribution of his or her interest begins, distribution of the 

Participant’s entire interest shall be completed by December 31 of the calendar year containing 

the fifth anniversary of the Participant’s death except to the extent that an election is made to 

receive distributions in accordance with (A) or (B) below: 

A. if any portion of the Participant’s interest is payable to a designated Beneficiary, 

distributions may be made over the life or over a period certain not greater than the life 

expectancy of the designated Beneficiary commencing on or before December 31, of the 

calendar year immediately following the calendar year in which the Participant died; and 

B. if the designated Beneficiary is the Participant’s Surviving Spouse, the date distributions are 

required to begin in accordance with (a) above shall not be earlier than the later of (1) 

December 31, of the calendar year immediately following the calendar year in which the 

Participant died and (2) December 31 of the calendar year in which the Participant would 

have attained age 70 1⁄2. 

If the Participant has not made an election pursuant to this Section by the time of his or her death, 

the Participant’s designated Beneficiary must elect the method of distribution no later than the 

earlier of (1) December 31 of the calendar year in which the distributions would be required to 

begin under this section, or (2) December 31 of the calendar year which contains the fifth 

anniversary of the date of death of the Participant. If the Participant has no designated Beneficiary, 

BAC 7:285 Exhibit 28C
26

or if the designated Beneficiary does not elect a method of distribution, distribution of the 

Participant’s entire interest must be completed by December 31 of the calendar year containing the 

fifth anniversary of the Participant’s death. 

Forfeiture of Non-mandatory Death Benefits: Your performance of Non-covered Brick and 

Masonry employment within the Same Geographic Area on or after May 1, 1994 will result in 

the loss of eligibility for non-mandatory death benefits. 

Deferred Vested Benefits 

Eligibility for Vested Benefit: You will be eligible to apply for a Vested Benefit if you are no 

longer employed by an Employer within the jurisdiction of the Fund and provided you are vested 

according to the schedule below. If you meet these eligibility requirements upon termination, 

you will be vested in a specific percentage of your Accrued Benefit as noted in the schedule. 

Your Vested Benefit will be payable when you reach your Early or Normal Retirement Age 

based on the Plan provisions and the Future Service Crediting rate in effect on the date you were 

last considered to be an Active Participant of the Plan. 

Years of Service Required for Vesting: 

A. If you are covered by a Collective Bargaining Agreement, have at least one Hour of 

Service on or after May 1, 1997, and have at least five (5) Years of Service, you will be 

one hundred percent (100%) vested in your Accrued Benefit. 

B. If you are covered by a Collective Bargaining Agreement, have not had at least one Hour 

of Service on or after May 1, 1997, and have earned at least five (5) Years of Service, 

you will be vested in the following specific percentage of your Accrued Benefit: 

Years of Service Percent of Accrued Benefit

5 Years but less than 6 50%

6 Years but less than 7 60%

7 Years but less than 8 70%

8 Years but less than 9 80%

9 Years but less than 10 90%

10 Years or more 100%

C. If you are not covered by a Collective Bargaining Agreement, in order to be vested, you 

must earn at least five (5) Years of Service and have at least one (1) Hour of Service after 

May 1, 1989. 

When A Participant Returns to Work: In the event a Participant returns to employment with 

an Employer before benefit payments commence, then additional Service will be credited on his 

behalf from the date he returns to employment and Employer Contributions are again made on 

his behalf. 

In the event a Terminated Vested Participant subsequently returns to employment with an 

Employer before benefit payments commence, the Plan provisions in effect after the Terminated 

BAC 7:286 Exhibit 28C
27

Vested Participant returns to covered service shall apply to all service earned after his return to 

covered service. 

BAC 7:287 Exhibit 28C
28

V. COMMENCEMENT OF BENEFITS AFTER NORMAL RETIREMENT AGE 

Generally, if you have retired from Covered Employment under the Plan, your benefits must 

commence no later than sixty (60) days following the close of the Plan Year that contains your 

Normal Retirement Age. If you become eligible for Normal Retirement and do not apply for 

your benefit by the 60th day after the close of the Plan Year during which you become eligible, 

the Fund Office will notify you of your eligibility. 

If you elect to continue working beyond your Normal Retirement Age, you will not receive 

retirement benefits during the period you are working. 

When a Participant who continues to work after his Normal Retirement Age and thereafter 

decides to retire, his Normal Retirement Benefit will be determined in accordance with regular 

Plan provisions. Such provisions give benefit credit for all work performed under the Plan prior 

to actual retirement. Benefit credit is earned for work performed both before and after Normal 

Retirement Age. There is a minimum monthly benefit at your late retirement age equal to the 

Actuarial Equivalent value of your Accrued Benefit earned as of your Normal Retirement Age.

Required Minimum Distribution: Regardless of whether or not you continue working, after 

your Normal Retirement Age, the law requires you to begin receiving your pension payments by 

April 1st following the calendar year in which you attain age seventy and one-half (70 1⁄2). 

However, once you reach age seventy and one-half (70 1⁄2), unless you are a five percent (5%) 

owner of an Employer, you will generally not be required to commence receipt of benefits until 

you stop working. However, you still have the option of beginning to receive payments 

beginning on April 1st following the close of the calendar year in which you reach age seventy 

and one-half (70 1⁄2), even if you continue working. 

VI. MAXIMUM BENEFIT LIMITS 

Current provisions of federal income tax laws (known as Section 415 limitations) provide 

for maximum annual benefit limits. These rules may restrict the benefit to which you 

would be entitled under the Plan's benefit provisions. 

Generally, you cannot receive a monthly pension payment that exceeds the federal limit on the 

dollar amount of your benefit. This dollar limit varies depending on your year of birth, age at 

pension commencement and year of retirement. IF YOUR EARNED BENEFIT EXCEEDS 

THIS LIMIT, YOUR BENEFIT MUST BE REDUCED. 

An accurate calculation of your maximum benefit limit cannot be done until you retire. 

However, an approximate preliminary determination can be made prior to your retirement. If 

you wish to have this preliminary calculation made, please contact the Fund Office. The Fund 

Office is not required to provide this estimate more often than on an annual basis. 

VII. TAXATION OF BENEFIT PAYMENTS 

Your pension benefits are subject to federal (and possibly state) income taxes. Under federal 

law, income tax will be withheld automatically, unless you elect otherwise in writing. You will 

be sent an income tax form on which you may elect or reject the automatic withholding of taxes 

BAC 7:288 Exhibit 28C
29

at the time your benefit application is received. You may also use this form to specify an amount 

other than the mandatory amount to be withheld. If, during the year, you should wish to change 

your election for the withholding of income tax, please contact the Fund Office. 

If you receive a lump-sum distribution that is not rolled over to another tax-qualified plan or an 

individual retirement account (IRA), the payment will be subject to a mandatory twenty percent 

(20%) withholding and possibly other IRS penalties. 

VIII. SUSPENSION OF BENEFITS 

If you are receiving any of the following types or forms of payment: 

A. Normal Retirement Benefit 

B. Early Retirement Benefit 

C. Deferred Vested Benefit (as provided under Normal or Early Retirement or as paid as a 

50%, 75% or 100% Qualified Joint and Survivor Benefit) 

your benefit shall be suspended at such time as all of the conditions set forth below are met: 

Conditions: 

A. You are reemployed for forty (40) or more hours during any four (4) or five (5) week 

payroll period which falls within the calendar months of November through April in the 

Same Industry, Trade or Craft within the Same Geographical Area. 

i. The Same Industry is defined as returning to work within the Brick and Mason 

Industry as defined in the Collective Bargaining Agreement. 

ii. The Same Trade or Craft is defined as the trade or craft from which you were 

employed at any time during your participation in the Plan and includes any 

supervisory or managerial activity that is reasonably related to the underlying skills 

associated with the trade or craft for which you were trained or in which you acquired 

your work experience. 

iii. The Same Geographic Area is defined as the State of Ohio and portions of those 

states located as a part of a Standard Metropolitan Statistical Area, as defined by the 

U.S. Census Bureau. 

Notification and Presumption: You are required to notify the Fund Office at such time as you 

become reemployed under the conditions set forth hereinbefore. In the event that you fail to 

comply with the Plan's notification requirements (by filing a Notice of Return to Work form), the 

Trustees may act on the basis of a presumption that you have exceeded the hours of 

reemployment allowable. Your benefit will be suspended immediately; and you will be notified 

accordingly. The Trustees shall have the right to apply the suspension retroactively to the 

initiation of work by your Employer at the job site. The Trustees may, in addition, request 

information from you concerning your reemployment activity, including tax withholding 

BAC 7:289 Exhibit 28C
30

statements in any given period related to the suspected reemployment and any other reasonable 

information for the purpose of verifying such employment. 

Upon application of the Presumption Rule, you shall be given the opportunity to come forward at 

a Suspension Review Proceeding and demonstrate that, in fact, you did not work the minimum 

number of hours of relevant service for the period in which your benefits were suspended. 

Advance Determination: You shall have the right to request that an advance determination be 

made concerning the effect your reemployment will have on your retirement benefits. You must 

submit your request to the Fund Office on an appropriate form approved and provided by the 

Trustees and in accordance with the procedures established by the Trustees. 

Resumption of Benefits: You may request resumption of your benefits at such time as you no 

longer meet the conditions of reemployment, as previously stated in this section. You must 

submit your request for resumption of your benefit on a form approved and provided by the 

Trustees. 

Recovery of Overpayments: In the event that payments have been issued to you for any period 

during which your benefit should have been suspended, you shall be liable for the full amount of 

any overpayment(s). The manner and amount of the recovery of the overpayment(s) shall be 

provided to you in the Suspension Notice furnished to you at such time as your benefit is 

suspended. 

Reinstatement of Retirement Benefits: Upon your termination of reemployment which resulted 

in the suspension of your retirement benefits, providing you have given the Fund Office a request 

for the resumption of your benefit on an appropriate form as approved and furnished by the 

Trustees, your retirement benefit shall be resumed on the first day of the calendar month 

following the receipt of the required notice, as follows: 

NORMAL RETIREMENT BENEFIT - If you were receiving a Normal Retirement 

Benefit at the time of the suspension of your benefit, the reinstated benefit shall be in the 

amount you were receiving prior to the suspension of your benefit, in addition to any 

amount realized for service resulting from such reemployment. 

EARLY RETIREMENT BENEFIT - If you were receiving an Early Retirement Benefit 

at the time of the suspension of your benefit, the reinstated benefit shall be in the amount 

you were receiving prior to the suspension of your benefit, plus any amount realized for 

service resulting from such reemployment, reduced by the Early Retirement factor 

applicable to your current age. 

DEFERRED VESTED BENEFIT - If you were receiving a Vested Benefit at the time of 

the suspension of your benefit, the reinstated benefit shall be in the amount as determined 

under the applicable type of retirement benefit you were receiving prior to the suspension 

of your benefit. 

Non-violation of Mandatory Commencement: The Plan's Suspension of Benefit Rules will not 

be applied in such a manner as to violate the rules related to mandatory commencement of your 

benefits. In particular, if you are working in Covered Employment, the required minimum 

BAC 7:290 Exhibit 28C
31

distribution will not be suspended beginning with the April 1st payment following the close of 

the Plan Year in which you attain age seventy and one-half (70 1⁄2). Any amount above the 

required minimum distribution will be suspended during the period that you are working in 

Covered Employment. 

IX. NON-COVERED BARGAINING-UNIT EMPLOYMENT SANCTIONS 

The following non-covered bargaining-unit sanctions will be applied with respect to Participants 

who terminate their status as Employees covered under a Collective Bargaining Agreement 

and/or perform bargaining-unit work outside the scope of the Collective Bargaining Agreement. 

PAST SERVICE BENEFITS - Any non-bargaining unit work in the industry on or after May 1, 

1994, will result in the loss of eligibility for Past Service Benefits. 

DISABILITY BENEFITS - Any non-bargaining unit work in the Industry on or after May 1, 

1994, will result in the loss of eligibility for Disability Benefits. 

PRE-RETIREMENT DEATH BENEFITS - Any non-bargaining unit work in the Industry on or 

after May 1, 1994 will result in the loss of eligibility for non-mandatory death benefits. 

X. MISCELLANEOUS INFORMATION 

A. Non-assignment of Benefits/Qualified Domestic Relations Orders (QDRO's): 

Generally, your pension benefits are not assignable. You cannot borrow on them and 

your creditors may not attach them. However, as part of a divorce settlement, a court 

may assign part or all of your benefits to an "Alternate Payee" (generally your former 

Spouse and/or dependent children) through a Qualified Domestic Relations Order 

(QDRO). The Trustees must honor the terms of any valid QDRO which is submitted to 

them. You may obtain a copy of the Fund’s procedures concerning QDROs by sending 

in a written request to the Fund Office. 

B. Your Pension Plan is subject to economic and mortality fluctuations; however, every 

possible effort will be made by the Trustees to make certain that the maximum benefits 

which are actuarially allowable will be paid. Actuarial calculations will be made under 

the Plan on an annual basis to assure a smooth flow of benefits and establishment of 

adequate reserves. 

C. It is intended that at all times this Plan will be fully qualified by the Director of Internal 

Revenue and authority has been given to the Trustees to amend or change the terms and 

provisions of the Trust Agreement and/or Pension Plan as may be required to maintain 

this qualified status. 

D. A Participant may not receive more than one type of benefit at the same time except that 

a Participant may receive a benefit as the Spouse or the Beneficiary of a deceased 

Participant. 

E. The amount of all benefits payable under this Plan will be calculated according to the 

provisions of the Pension Plan in effect at the time the Vested Participant separates from 

BAC 7:291 Exhibit 28C
32

all employment with all Employers. A Vested Participant will be considered to have 

separated from all employment with all Employers when he fails to accrue at least one 

Year of Service out of two (2) consecutive Plan Years. 

F. The Trustees shall have full discretionary authority to determine eligibility for benefits or 

to construe the terms of the Plan and may adopt rules and regulations thereto. The 

decisions of the Trustees in all matters pertaining to the administration of the Trust shall 

be final. The Board of Trustees, as the administrator of the Plan and Trust, shall have 

complete control of the administration of the Plan and Trust, subject to the provisions 

hereof, with all powers necessary to enable it to properly carry out its duties in that 

respect. Not in limitation, but in amplification of the foregoing, the Trustees shall have 

full authority and discretion to construe, interpret and apply all provisions of the Trust 

and Plan to determine all questions that may rise hereunder, including all questions 

relating to the eligibility of Participants to participate in the Plan, the amount of any 

benefit to which any Participant, Beneficiary, Spouse, or contingent annuitant may 

become entitled hereunder and to determine all appeals subsequent to any determination 

upon application for benefits. Specifically, the Trustees shall have full and complete 

authority and discretion to make any determinations or findings of fact regarding any 

claims and appeals of any benefit determinations. Its decision upon all matters within the 

scope of its authority shall be final. 

XI. HOW TO APPLY FOR BENEFITS 

General Information 

If you believe you are eligible to receive any type of benefit from this Plan, you should first 

contact the Fund Office and obtain a benefit application. 

You must file an application for benefits on the form approved by the Board of Trustees and 

once you complete the application it should be returned to the Fund Office along with proof of 

your age (birth certificate, baptismal record, passport, etc.). If you are a married Participant, 

during the application process, the Fund Office will provide you with an explanation of the 

QJSA. 

Applying for Retirement Benefits 

A written application for retirement benefits must be filed at least thirty days prior to the date 

you wish to retire. You must provide all of the requested documentation along with the 

completed and signed application before your claim for benefits will be considered. 

In some cases, the Administrative Manger may need additional information in order to make a 

determination on your claim for benefits. If you are asked to provide more information, you will 

have to respond to the request in order to be considered for retirement benefits. 

You will receive a decision on your application for retirement benefits within ninety (90) days 

from the date the Fund receives your completed application. 

Applying for Disability Benefits 

BAC 7:292 Exhibit 28C
33

A written application for disability benefits must be filed as soon as you meet the eligibility 

requirements and wish to commence Disability Benefits. You must provide all of the requested 

documentation along with the completed and signed application before your claim for benefits 

will be considered. 

In some cases, the Administrative Manager may request that you submit to an independent 

medical review to determine whether you are eligible for a disability retirement benefit. You 

must submit to this medical review, if requested. The cost of this review will be paid by the 

Fund. 

You will generally receive a decision regarding your claim for disability benefits within 45 days 

of the date you file your completed application. The Plan may delay making a decision for two 

additional thirty-day periods provided you are given notice in advance of that extension.

Applying for Death Benefits 

A written application for a death benefit must be filed by the Beneficiary prior to the date he

wishes to receive the distribution. He must provide all of the requested documentation including 

a certified copy of the death certificate along with the completed and signed application before 

the claim for benefits will be considered. 

In some cases, the Administrative Manger may need additional information in order to make a 

determination on the application for benefits. If the Beneficiary is asked to provide more 

information, he will have to respond to the request in order to be considered for the death benefit. 

The Beneficiary will receive a decision on his/her application for the death benefit within ninety 

(90) days from the date the Fund receives the completed application. 

If the Beneficiary’s application is approved, he will receive a notice stating the amount and 

duration of the benefit. 

NOTICE OF AN ADVERSE BENEFIT DETERMINATION 

Should the Administrative Manager find that you are not entitled to the requested benefit, you 

will be provided with a written notice of the denial. This notice will include the following 

important information: 

A. The specific reason for the denial; 

B. Reference to specific Plan Document and/or Summary Plan Description provisions upon 

which the determination was based; 

C. A description of additional information which you may be able to provide that is 

necessary for your application for benefits and why it is necessary; 

D. The address to where an appeal must be submitted; and 

BAC 7:293 Exhibit 28C
34

E. A description of the Plan’s review procedures and time limits applicable to such 

procedures, including a statement of your right to bring a civil action under Section 

502(a) of ERISA following an adverse determination on review. 

Procedure for filing an Appeal with the Board of Trustees 

You must file a written notice that you wish to appeal the denial of your application for benefits. 

You have the right to designate a representative to represent you in this appeal process. Your 

written notice of appeal must be received by the Fund Office within sixty (60) days from the date 

of the Notice of the Adverse Benefit Decision. Your written notice of appeal must include your 

name, current address and the date of the decision you are appealing. You may also send any 

comments, documents or other information you feel will assist the Trustees in making a decision 

on appeal. You have the right to request copies of any documents relevant to your application 

for benefits free of charge from the Plan. 

For appeal purposes, a document, record, or other information is “relevant” if

- it was relied upon in making the determination; 

- it was submitted, considered, or generated in the course of making the determination, 

without regard to whether it was relied upon; or 

- it demonstrates compliance with the administrative processes and safeguards required 

pursuant to the Plan and/or the Code of Federal Regulations. 

An appeal must be addressed as follows: 

 Bricklayers & Allied Craftsmen Local No. 7 Pension Fund 

 BeneSys, Inc. 

 33 Fitch Boulevard 

 Austintown, OH 44515 

 (330) 779-8857 

Your appeal of an adverse benefit determination on your application for benefits will be considered 

by the Board of Trustees no later than at its regular quarterly meeting, which immediately follows 

the receipt of the notice of appeal, unless such notice was filed within thirty (30) days preceding the 

date of such meeting. If the notice of appeal was received within thirty (30) days prior to the next 

regular quarterly meeting, the Board of Trustees may consider the appeal at the second regular 

quarterly meeting following the receipt of the notice of appeal. 

You will receive written notice of this decision by the Trustees, within five (5) days of the 

meeting. In the event that your appeal is denied, you will receive a Notice of the Adverse Benefit 

Decision on Appeal which includes the following important information: 

A. The specific reason for the denial; 

B. The sections in the Plan Document and/or Summary Plan Description upon which the 

denial was based; 

BAC 7:294 Exhibit 28C
35

C. A statement advising you of your right to receive, upon request and free of charge, 

reasonable access to, and copies of all documents, records, and other information relevant 

to your claim for benefits. For purposes of this provision, a document, record, or other 

information is “relevant” if it was relied upon, submitted, considered, or generated in the 

course of making the determination upon review, or demonstrates compliance with the 

administrative processes and safeguards required pursuant to the Plan and/or the Code of 

Federal Regulations; 

D. A notice of your right to file suit under Section 502(a) of ERISA; and 

E. Notice of the following limitation: No legal action regarding your application for any 

benefit under this Plan may be commenced or filed against the Board of Trustees or the 

Plan more than one (1) year after the mailing of the Board of Trustees’ decision on 

appeal. 

This plan does not offer any voluntary arbitration provisions. The decision of the Board of 

Trustees under this procedure is final and binding upon the parties. You must exhaust this claim 

procedure prior to having the claim reviewed through any other means, including litigation. 

Furthermore, should you choose to file any lawsuit against the Plan or the Board of Trustees, 

such suit must be filed in the United States District Court for the Northern District of Ohio. If 

such matter is not pre-empted or is subject to the exclusive jurisdiction of the state, the suit must 

be brought in the Summit County Common Pleas Court in Akron, Ohio. 

If you have any questions regarding the filing of a claim for benefits 

under this procedure, please contact BeneSys, Inc., the 

Administrative Manager, at (330) 779-8857. 

XII. STATEMENT OF YOUR RIGHTS UNDER ERISA 

As a participant in the Bricklayers & Allied Craftsmen Local No. 7 Pension Plan, you are 

entitled to certain rights and protections under the Employee Retirement Income Security Act of 

1974 (ERISA). ERISA provides that all plan participants shall be entitled to: 

Receive Information About Your Plan and Benefits 

Examine, without charge, at the Plan’s Administrative Manager's office and at other specified 

locations, such as worksites and union halls, all documents governing the plan, including 

insurance contracts and collective bargaining agreements, and a copy of the latest annual report 

(Form 5500 Series) filed by the plan with the U.S. Department of Labor and available at the 

Public Disclosure Room of the Pension and Welfare Benefit Administration. 

Obtain, upon written request to the Plan’s Administrative Manager, copies of documents 

governing the operation of the plan, including insurance contracts and collective bargaining 

agreements, and copies of the latest annual report (Form 5500 Series) and updated summary plan 

description. The administrator may make a reasonable charge for the copies. 

Receive a summary of the plan's annual financial report. The Plan’s Administrative Manager is 

BAC 7:295 Exhibit 28C
36

required by law to furnish each participant with a copy of this summary annual report. 

Obtain a statement telling you whether you have a right to receive a pension at normal retirement 

age (age 62) and if so, what your benefits would be at normal retirement age if you stop working 

under the plan now. If you do not have a right to a pension, the statement will tell you how many 

more years you must work to get a right to a pension. This statement must be requested in 

writing and is not required to be given more than once every twelve (12) months. The plan must 

provide the statement free of charge. 

Prudent Actions by Plan Fiduciaries 

In addition to creating rights for plan participants ERISA imposes duties upon the people who 

are responsible for the operation of the employee benefit plan. The people who operate your 

plan, called “fiduciaries” of the plan, have a duty to do so prudently and in the interest of you 

and other plan participants and beneficiaries. No one, including your employer, your union, or 

any other person, may fire you or otherwise discriminate against you in any way to prevent you 

from obtaining a pension benefit or exercising your rights under ERISA. 

Enforce Your Rights

If your claim for a pension benefit is denied or ignored, in whole or in part, you have a right to 

know why this was done, to obtain copies of documents relating to the decision without charge, 

and to appeal any denial, all within certain time schedules. 

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you 

request a copy of plan documents or the latest annual report from the plan and do not receive 

them within 30 days, you may file suit in a Federal court. In such a case, the court may require 

the Plan’s Administrative Manager to provide the materials and pay you up to $110 a day until 

you receive the materials, unless the materials were not sent because of reasons beyond the 

control of the administrator. If you have a claim for benefits which is denied or ignored, in whole 

or in part, you may file suit in a state or Federal court. In addition, if you disagree with the plan's 

decision or lack thereof concerning the qualified status of a domestic relations order or a medical 

child support order, you may file suit in Federal court. If plan fiduciaries misuse the plan's 

money, or if you are discriminated against for asserting your rights, you may seek assistance 

from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide 

who should pay court costs and legal fees. If you are successful the court may order the person 

you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs 

and fees, for example, if it finds your claim is frivolous. 

Assistance with Your Questions 

If you have any questions about your plan, you should contact the Plan’s Administrative 

Manager. If you have any questions about this statement or about your rights under ERISA, or if 

you need assistance in obtaining documents from the Plan’s Administrative Manager, you should 

contact the nearest office of the Employee Benefits Security Administration, U.S. Department of 

Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, 

Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution 

Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your 

BAC 7:296 Exhibit 28C
37

rights and responsibilities under ERISA by calling the publications hotline of the Employee 

Benefits Security Administration.

XIII. ADDITIONAL INFORMATION REQUIRED BY ERISA 

A. Name of Plan: Bricklayers & Allied Craftsmen Local No. 7 Pension Plan. 

B. Plan established and maintained by: Board of Trustees, Bricklayers & Allied Craftsmen 

Local No. 7 Pension Fund, c/o BeneSys, Inc., 33 Fitch Boulevard, Austintown, Ohio 

44515 (telephone: (330) 270-0453 or (330) 779-8857). 

C. Sponsoring Employers: Upon written request to the Fund Office, you may receive 

information as to whether a particular Employer is a sponsor of this Plan. If he is, the 

Fund Office will furnish his address. 

D. Employer Identification Number (EIN): 34-6666798 

E. Plan Number: 001 

F. Type of Pension Plan: The Bricklayers & Allied Craftsmen Local No. 7 Pension Plan is 

referred to as a Defined Benefit plan. This means that the dollar amount of benefits 

provided is based on either Years of Service or the amount of contributions paid on 

behalf of the Participant. 

The exact dollar amount of the contributions is determined by collective bargaining between 

the Union and the Employers. The level of benefits is determined actuarially considering 

contribution income, mortality rates, turnover of Employees, general economic conditions 

and other factors affecting fund income and costs. Actuarial valuations are performed by the 

enrolled actuaries retained by the Trustees on the Participant's behalf. Cost projections and 

determining benefit levels are done in consultation with the actuary. Although the Trustees 

and professional advisors make every effort to fix benefit levels accurately, benefit levels are 

subject to adjustments depending on changes in economic conditions, results of collective 

bargaining and other necessary changes related to actuarial assumptions. 

G. Type of Administration of the Plan: Although this Plan technically is administered and 

maintained by the Joint Board of Trustees for the Bricklayers & Allied Craftsmen Local 

No. 7 Pension Plan, the Trustees have delegated certain administrative functions to a 

professional administrator, who is known as the Administrative Manager. Address all 

communications with the Board of Trustees to: 

Board of Trustees 

Bricklayers & Allied Craftsmen Local No. 7 Pension Fund 

c/o BeneSys, Inc. 

33 Fitch Boulevard 

Austintown, OH 44515 

Telephone: (330) 270-0453 or (330) 779-8857 

BAC 7:297 Exhibit 28C
38

H. Agent for Service of Legal Process: Service of legal process may be made upon Timothy 

P. Piatt, Macala & Piatt, LLC, 601 S. Main St., North Canton, Ohio 44720. 

Service of legal process may also be made upon the Board of Trustees or any individual Trustee. 

I. Name, Title and Address of Principal Place of Business of Each Trustee: 

Management Trustees Union Trustees

Doug Crowe

Crowe Construction

1985 Echo Road, P.O. Box 1535

Stow, Ohio 44224

Anthony Gradisher

908 N. Main St.

Akron, Ohio 44310

Robert Cailor

United Construction Systems, Ltd

1920 South Main Street

Akron, Ohio 44301

Shawn Bolyard

908 N. Main St.

Akron, Ohio 44310

Michael Rohr

GMR Builders, Inc.

4183 Beaumont Ave NW

Massillon, Ohio 44647

Tom Dieringer

908 N. Main St.

Akron, Ohio 44310

J. Collective Bargaining Agreement: This Plan is maintained pursuant to a Collective 

Bargaining Agreement between the Bricklayers & Allied Craftsmen Local No. 7 Pension 

Fund and the various participating Employers. You may obtain a copy of the Collective 

Bargaining Agreement by writing to the Plan Administrative Manager, or you may 

examine it at the Fund Office. 

K. Sources of Contributions: This Plan is funded through contributions by the Employers on 

behalf of their Employees, under the terms of a Collective Bargaining Agreement, and by 

investment income earned on a portion of the Plan's assets. The Plan is subject to periodic 

actuarial review to assure that the relationship between income and benefit costs meet the 

funding standards required by ERISA. 

L. Funding Medium for the Accumulation of Plan Assets: Assets are accumulated and 

benefits are provided by the Trust Fund. Some Plan assets are invested. These 

investments are made only after consultation with professional investment managers 

employed by the Plan and in accordance with the investment policy and guidelines 

established by the Board of Trustees. 

M. Date of Plan's Fiscal Year End: April 30. 

N. Statement of Plan Termination Insurance: 

Your pension benefits under this multiemployer plan are insured by the Pension Benefit 

Guaranty Corporation (PBGC), a federal insurance agency. A multiemployer plan is a 

BAC 7:298 Exhibit 28C
39

collectively bargained pension arrangement involving two or more unrelated employers, 

usually in a common industry. 

Under the multiemployer plan program, the PBGC provides financial assistance through 

loans to plans that are insolvent. A multiemployer plan is considered insolvent if the plan 

is unable to pay benefits (at least equal to the PBGC's guaranteed benefit limit) when due. 

The maximum benefit that the PBGC guarantees is set by law. Under the multiemployer 

program, the PBGC guarantee equals a participant's years of service multiplied by (1) 

100% of the first $5 of the monthly benefit accrual rate and (2) 75% of the next $15. The 

PBGC's maximum guarantee limit is $16.25 per month times a participant's years of 

service. For example, the maximum annual guarantee for a retiree with 30 years of 

service would be $5,850. 

The PBGC guarantee generally covers: (1) Normal and early retirement benefits; (2) 

disability benefits if you become disabled before the plan becomes insolvent; and (3) 

certain benefits for your survivors. 

The PBGC guarantee generally does not cover: (1) Benefits greater than the maximum 

guaranteed amount set by law; (2) benefit increases and new benefits based on plan 

provisions that have been in place for fewer than 5 years at the earlier of: (i) The date the 

plan terminates or (ii) the time the plan becomes insolvent; (3) benefits that are not vested 

because you have not worked long enough; (4) benefits for which you have not met all of 

the requirements at the time the plan becomes insolvent; and (5) non-pension benefits, 

such as health insurance, life insurance, certain death benefits, vacation pay, and 

severance pay. 

For more information about the PBGC and the benefits it guarantees, ask your Plan’s 

Administrative Manager or contact the PBGC's Technical Assistance Division, 1200 K 

Street, N.W., Suite 930, Washington, D.C. 20005-4026 or call 202-326-4000 (not a tollfree number). TTY/TDD users may call the federal relay service toll-free at 1-800-877-

8339 and ask to be connected to 202-326-4000. Additional information about the PBGC's 

pension insurance program is available through the PBGC's website on the Internet at 

http://www.pbgc.gov. 

BAC 7:299 Exhibit 28C
BAC 7:300 Exhibit 28D

I NTERNAL REVENUE SERVICE 

P. . 0. BOX 2508 

CI NCINNATI, OH 15201 

Date: AUG O 7 2015 

BOARD OF TRUSTEES- BRI CKLAY8RS 7 AND 

.1.\T.,LIED CRAFTSMEN LOCAL NO 7 

C/0 MACALA & PIATT LLC 

TIMOTHY P PIA'l"l' 

601 S MAIN ST 

NORTH CANTON, OH 44720 

Dear Appli cant: 

DEPIIRTMEN'l' OF THE TREASURY 

Empl oyer Identif icat ion Ntunber: 

3•! - 6666798 

DLN: 

17007023 066035 

Person t o Contact: 

DAV ID BECKERMAN 

contact Telephone Number: 

(626) 927 -1425 

P.l an Name: 

l Dtl 95065 

BRICKLAYERS & ALLIED CRAFTSMEN 

LOCI\L 7 PENSION 

Plan Nwnber : 001 

Based on the information you provided, we are issuing this favorable 

determi nation l ett er f or your plan l isted above . However, our favorable 

det ermi nation onl y appl i es to the status of your pl an under the I nternal 

Revenue code and is not a det ermination on t he effect of o ther federa l or local 

statutes. To use this l etter as proof of the pl an's s tatus, you must keep t his 

let t er, the application forms, and a l l cor respondence wltll us abou t your 

appl i cati on . 

You r determinati on l etter docs not apply to any qual ifi cation changes that 

become e f fective , any guidru1ce issued, or any statutes enacted after the dates 

specified in the cumul a tive List of Changes in Plan Requi rements (the 

cumulative List) for the cycle you submitted your application under, unless the 

new i tem was i denti fied in the Cumul ative Lis t . 

Your pl an's conti nued qualification in its present form will depend on its 

effect in operat ion (Section 1. 401-l(b) (3) of the I ncome Tax Regulations). We 

may review the s tatus of the pl a n i n operati on periodically. 

You can find more i nf orma t i on on favorable det ermination letters i n Publication 

'79 4, l:'avo r able Determi nation Let ter, i ncludi ng : 

The significance and scope of rel i ance on this letter 

The efiect of any elective determination r equest in your appl ication 

mate.ri a l s 

The reporting requirements for qualified p lans 

Examples of the eff ect of a pl an' s oper a t ion on it qual i f ied status. 

You can get a copy of Publ i cation 794 by visit ing our website a t 

www.irs. gov/formspubs or by calling 1 - 800-TAX-FORM (1-800- 829- 3676) to r equest 

a copy. 

This deter mi nation letL.er applies t o the amendments elat ed on 

2/11/11 & 12/13/13. 

This determinati on l etter a l.so app lies to the amendment s dated on 

Lett er 5271 
BAC 7:301 Exhibit 28D

- 2 -

BOARD OF TRUSTEES-BRICKLAYERS 7 AND 

6/6/14 & 3/9/12. 

This determination letter a l so applies to the amendments dat ed on 

12/19/14. 

we made this determi nati on on the condition that you adopt the pr oposed 

amendments you submit ted in your letter dated 7/24/15, on or 

before the date the Income Tax Regulations provide under Section 110(b) of the 

Internal Revenue Code . 

You can't rely on this l etter after the end of the plan's first five -year 

remedial amendment cycle t hat ends more t han 12 mont hs after we received the 

application . This l ett er expires on January 31, 2020. Thi s letter considered 

the 2013 Cumulative List of Changes in Plan Qualification Requi rements. 

'.l'he i nformation on the enclosed addendum is an integral part of t his 

determi nation. Ple<tse be sure to read it and keep i t with thi s lett er. 

If you submitted a Form 2848, Power of Attor ney and Dec l aration of 

Representative, or Form 8821., Tax lnf.ormati on Authorization, wit h your 

appli cation and asked us to send your authorized representative or appoi ntee 

copies of written communications, we will send a copy of this lett er to h i m or 

he r. 

If you have any questions, you can contact the person listed at the top of this 

letter. 

sincerely, 

Karen 

~~~~ D. Truss 

Director, EP Rulings & Agreements 

Addendum 

L,etter 5274 
BAC 7:302 Exhibit 28D

- 3 · 

BOARD OF' TRUSTEES-BRICKLAYERS 7 AND 

This determi nation letter does not appl y to any portions of the document that 

incorporate the terms of an auxiliary agreement (col lective bargaining, 

reciproci ty, or parti cipati on agreement), unless you append to the plan 

document the exact language of the sections that you incorpor ated by r eference. 

Letter 5274 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

BRICKLAYERS AND ALLIED CRAFTSMEN LOCAL 7 PENSION FUND 

EIN/PN: 34-6666798 / 001 

EXHIBIT 29 

CBA Provisions 

Excerpts from the relevant collective bargaining agreements/side agreements are attached as 

Exhibit 29A (BAC 7:304). 

BAC 7:303
 Bricklayers and Allied 

Agreement 

2019 2024 

OHIO - KENTUCKY ADMINISTRATIVE 

DISTRICT COUNCIL LOCAL # 7 

AKRON, OHIO

International Union of 

Bricklayers & Allied Craftworkers 

Of America, AFL CIO

AND 

THE ASSOCIATION OF UNION MASON CONTRACTORS 

Akron, OHIO 

BAC 7:304

Craftworkers' 

-

- n ftl 

C .., 

~ 0 ;;a ·-....., 

ftl ~ C 0 

I. .., 

cu _._.. ....., tD C .., - en 
3

ARTICLE III

Traveling Contractors 

 When the Employer has any work specified in Article I of this agreement to be 

performed outside of the area covered by this agreement and within the area covered by 

an agreement with another affiliate of International Union of Bricklayers and Allied 

Craftworkers, then the Employer agrees to abide by the full term and conditions of the 

agreement in effect in the jobsite area. The Employer shall in all other matters be 

governed by provisions established in the jobsite local agreement. If employees are 

sent to work on a project in an area where there is no local agreement covering the work 

specified in Article I of this agreement, the full terms and conditions of this agreement 

shall apply. 

Article IV 

Subcontracting 

All subletting, assigning or transferring by the Employer of any work in connection with 

employment that is covered by this Agreement must be subcontracted, assigned or 

transferred to a person, firm or corporation which recognizes the Bricklayers and Allied 

Craftworkers or one of its Local Unions as the collective bargaining representative of its 

employees and agrees that all such work shall be done under the terms of this 

Agreement. A violation of this provision will be deemed a breach of this Agreement. 

All charges of violations of this Article shall be considered as a dispute, and shall be 

processed in accordance with the provisions of Article XX of this Agreement covering 

the procedure for handling of grievances, and the final and binding resolution of 

disputes. 

ARTICLE V 

Wage Rates/Fringe Benefits, Dues, Other Contributions and Deductions 

Hourly Deductions / Effective Dates 

Section A: Wages and fringe benefits of the Bricklayers, effective June 1, 2019. 

Hourly Rate Health Fund Local Pension Apprentice Fund I.M.I. AUMC BAC Save

 $31.79 +$8.13 +$2.34 +$0.80 +$0.20 $.50 + .05 +$1.00 

 $4.46 (LPR) +$0.48 (IPF PPA)

 $6.80 $1.28 

Savings Program B.T.C. ACT Union Dues Gross Wage

 -$1.25 -$0.02 -$.05 +$.05 -$2.84 $49.75 

Effective June 1, 2019 $1.25 per hour increase 

Effective December 1, 2019 $ .50 per hour increase 

Effective June 1, 2020 $1.75 per hour increase 

Effective June 1, 2021 $1.25 per hour increase 

Effective June 1, 2022 $1.25 per hour increase 

Effective June 1, 2023 $1.25 per hour increase 

BAC 7:305

_________ lnt'I Pension 
4

Section B: Residential rate of wages and fringe benefits of the Bricklayers, effective 

June 1, 2019. 

Hourly Rate Health Fund Local Pension Apprentice Fund I.M.I. AUMC 

 $22.22 +$7.00 +$6.80 +$1.08 +$0.20 +$.37 +$.05 

Savings Program B.T.C. ACT Union Dues Gross Wage

 -$1.50 -$0.02 -$.03 -$1.98 $37.72 

(I) Residential Scope of Work: The scope of work covered by the residential rate 

will include all units built primarily for single-family residence not to exceed two stories in 

style, but does not include any residential unit or project covered by the Davis-Bacon 

Act. 

(2) Residential wages shall be seventy percent (70%) of the commercial base wage 

rounded to the next .5 cents plus year 2017 full commercial fringes. 

Section C: The rate of the Sewer Bricklayers will be fifty cents ($.50) per hour above 

receive fifty cents ($.50) per hour above the Building sion 

fold hung from steel outrigger beams 

.ARTICLE VI 

 Work Day, Show up Time, Commercial/Residential Construction 

Section A: Work day

 Eight hours pay will be received for 8 hours work. The eight hours will be worked 

between the hours of 7:00 a.m. and 4:30 p.m., with a 30 minute unpaid break for lunch. 

Workers will arrive at the shanty for lunch at 12p.m, and leave the shanty at 12:30p.m. 

Lunch may be taken at 12:30 by mutual agreement between the foreman and the 

steward. A 5 minute break in the morning and 5 minute break in the afternoon may be 

combined for a 10-minute "coffee" break in the morning. During inclement and cold 

weather (November through April), a reasonable amount of time will be allowed for 

bricklayers to walk to an appropriate shelter to take "coffee" break. Any work in excess 

of 8 hours (overtime) will necessitate an additional afternoon break of 10 minutes, to be 

taken at normal quitting time. 

 More than one (1) shift may be worked any 24-hour period, and the start 

time will be at the discretion of the foreman. Second shift workers are to receive 8-hours 

pay for 7 1/2 hours work, including a 1/2 hour lunch period. Third shift will receive 8-

hours pay for 7-hours work, which includes a 1/2- hour lunch period. Any job wishing to 

work overtime or alternate shifts will report to the local Bricklayer Union Field 

Representative. Any job wishing to work overtime shall report to the Bricklayer Union 

office. 

BAC 7:306

_____________ lnt'I Pension 

the Building Bricklayers' rate. Men working from cable or rope hung scaffold shall 

Bricklayers' rate. This provi 

does not apply to the "Patent Scaffold Company" type scaf 
6

two (2) times the regular rate of pay. Any holidays mentioned in this 

agreement shall be celebrated by the employees covered herein on the 

date observed by the Federal Government.

ARTICLE VII 

Pay Regulations 

Bricklayers shall be paid in cash or payroll checks not later than quitting time on 

Friday of each week. If a bricklayer is required to wait on the job for his pay after quitting 

time on Friday, he shall be paid at the straight time hourly rate for waiting. In the event 

the employer pays by check and one of these is found to be N.S.F. the employer will 

lose the privilege to pay by check. Not more than three (3) days pay will be held back 

from the regular weekly pay. If sent home by the employer on Friday, or if the 

bricklayers cannot work on Friday, because of weather, they shall be paid not later than 

weather permitting, shall receive four (4) hours time for reporting on the job. Bricklayers 

wishing to leave the employ of the employer shall be paid in full at four-thirty (4:30) p.m. 

of the previous day (if the bricklayer requests). When bricklayers are laid off or 

discharged, they shall be paid one-half (1/2) hour before termination. Every employee 

working under this agreement shall be furnished a summary attached to his check 

showing the number of hours worked along with the gross amount of pay and all the 

deductions. If a bricklayer reports for his pay on Friday and is laid off upon so reporting, 

two (2) hours show up time will be paid to this man laid off. Bricklayers will be provided 

with a separation slip indicating the reason for separation. 

ARTICLE VIII 

Fringe Benefits / Other Deductions 

Section A:

In addition to the wages and other payments herein provided for, the employer 

agrees, beginning June 1, 2019 and for the duration of this agreement and for any 

renewals or extensions thereof, to pay the specified contributions to the following 

designated funds. 

Section B: Health Fund 

The contribution to the Ohio Bricklayers Health & Welfare Fund, or the 

appropriate successor to such funds administration, shall be a total of eight dollars and 

thirteen cents ($8.13) for each hour or portion thereof for which a covered employee 

receives pay. The payments required above shall be made to the Ohio Bricklayers 

Health & Welfare Fund, or its appropriate successor which was established under an 

Agreement and Declaration of Trust, dated June 17, 1977. 

Section C: Local Pension 

The contribution to the Bricklayers and Allied Craftworkers No. 7, Pension Fund 

shall be a total of two dollars and thrity-four cents ($2.34) for each hour or portion 

thereof, for which a covered employee received pay. The payments required above shall 

be made to the Bricklayers and Allied Craftworkers Local No. 7, Pension Fund, which 

was established under an Agreement and Declaration of Trust, dated February 1, 1968. 

Section D: Non-Accrued Benefit Clause

 Due to the extreme volatility in the financial markets, if Local 7 Pension Fund 

Trustees find themselves in the position that they must impose guidelines that a portion 

of the pension fund hourly contributions are contributed as a non-accrued benefit, then 

this non-accrued benefit contribution amount, when implemented, will apply to all man 

BAC 7:307

ten o'clock (10:00) a.m. Bricklayers hired by the employer, and not put to work that day, 
7

hours worked and collected in this jurisdiction, and will not be reciprocated to any 

traveling BAC members home local fund for worked hours generated in the jurisdiction of 

BAC Local No. 7 Ohio. Providing there is no violation of applicable Federal and State 

laws and or signed reciprocal agreements. 

Section E: Contractor Contribution (Local Pension Protection Plan) 

 The Contractor agrees to contribute four-dollars and forty-six cents ($4.46) per 

bricklayer hour paid in Local 7 Ohio's jurisdiction towards the Pension Recovery. 

Section F: International Pension Fund (IPF) 

(a) The contribution to the Bricklayers and Trowel Trades International 

Pension Fund (IPF) shall be a total of eighty cents ($.80) (IPF) for each hour paid or 

portion thereof and in accordance with the mandates of the Pension Protection Act of 

2006 (PPA) the Employers agree to contribute forty eight cents (0.48) (PPA), for each 

hour or portion thereof which covered employee receives pay. Future increases shall be 

per the IPF Trustees recommended funding schedule and shall derive from negotiated 

increases. 

 (b) The payments required above shall be made to the Bricklayers and 

Trowel Trades International Pension Fund (IPF), which was established under an 

Agreement and Declaration of Trust, dated 1 July 1972. 

Section G: BAC Save Local Employer contribution rate and optional employee 

Contribution (401(k) and annuity) 

The employer hereby agrees to participate in BAC SAVE - The Bricklayers and Trowel 

Trades International Retirement Savings Plan (the Plan) on behalf of all employees 

represented for purposes of collective bargaining under this Agreement and other 

employees as permitted under the Plan. 

Effective June 1st, 2019, the employer will contribute $1.00 per hour, for each hour paid, 

to BAC SAVE (the plan). If employees elect to contribute additional amounts out of their 

own pay, the employer, upon appropriate employee authorization wil make cause to be 

made pre-tax payroll reductions from participating wages, in accordance 

with ERISA and relevant tax code provisions. The employer will forward the hourly 

contributions and any withheld sum to the BAC SAVE Retirement Savings Plan (RSP) 

office, or its successor at such time and in such form and manner as required pursuant to 

the plan and declaration of trust.

Section H: Association of Union Mason Contractors (A.U.M.C.) 

There shall be a five cents ($.05) contribution for each hour worked to the 

A.U.M.C. for drug and alcohol testing costs remitted once each month as per instructions 

on the multi-reporting form. Proposed that the Contractors be responsible for the 

printing of the Collective Bargaining Agreements to all affected parties. 

Section I: Vacation/Savings Fund 

One dollar and twenty-five cents ($1.25) shall be deducted from the 

wages for each hour worked and remitted as instructed on the multi-employer reporting 

form.

Section J: Apprenticeship Fund 

Effective June 1, 2014, the hourly contribution shall be twenty cents ($0.20) per 

each straight time hour. 

BAC 7:308

employee's 

employee's 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

BRICKLAYERS AND ALLIED CRAFTSMEN LOCAL 7 PENSION FUND 

EIN/PN: 34-6666798 / 001 

EXHIBIT 30 

Form 5500 

The required Form 5500 excerpts are attached as Exhibit 30A (BAC 7:310). 

BAC 7:309
Form 5500

Department of the Treasury

Internal Revenue Service

Department of Labor

Employee Benefits Security

Administration

Pension Benefit Guaranty Corporation

Annual Return/Report of Employee Benefit Plan

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

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

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

 Complete all entries in accordance with 

the instructions to the Form 5500.

OMB Nos. 1210-0110

1210-0089

2018

This Form is Open to Public 

Inspection

Part I Annual Report Identification Information

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

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

participating employer information in accordance with the form instructions.)

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

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

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

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

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

 X special extension (enter description) ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

Part II Basic Plan Information—enter all requested information

1a Name of plan

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

1b Three-digit plan 

number (PN)  001

1c Effective date of plan

YYYY-MM-DD

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

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

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

2b Employer Identification 

Number (EIN)

012345678

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

D/B/A ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

c/o ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

123456789 ABCDEFGHI ABCDEFGHI ABCDE

123456789 ABCDEFGHI ABCDEFGHI ABCDE

CITYEFGHI ABCDEFGHI AB, ST 012345678901

UK 

2c Plan Sponsor’s telephone 

number

0123456789

2d Business code (see 

instructions)

012345

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

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

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

SIGN

HERE

YYYY-MM-DD ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

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

SIGN

HERE

YYYY-MM-DD ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

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

SIGN

HERE

YYYY-MM-DD ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

Signature of DFE Date Enter name of individual signing as DFE

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

v. 171027

BRICKLAYERS & ALLIED CRAFTSMEN LOCAL 7 PENSION

330-270-0453

001

Filed with authorized/valid electronic signature.

238100

05/01/2018

06/12/1968

SHAWN BOLYARD

33 FITCH BOULEVARD

AUSTINTOWN, OH 44515

04/30/2019

X

BOARD OF TRUSTEES - BRICKLAYERS 7 AND ALLIED CRAFTSMAN LOCAL NO 7

X

34-6666798

X

01/31/2020

BAC 7:310

I 

• 

• 

• 

• 

• n 

• 

• 

• 

• 

• 

• 

• 

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

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

c/o ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

123456789 ABCDEFGHI ABCDEFGHI ABCDE

123456789 ABCDEFGHI ABCDEFGHI ABCDE

CITYEFGHI ABCDEFGHI AB, ST 012345678901

UK 

3b Administrator’s EIN

012345678

3c Administrator’s telephone 

number

0123456789

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

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

4b EIN012345678

a Sponsor’s name

c Plan Name

4d PN

012

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

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

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

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

 

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

(1) X Insurance (1) X Insurance

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

(3) X Trust (3) X Trust

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

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

a Pension Schedules b General Schedules

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

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

Purchase Plan Actuarial Information) - signed by the plan 

actuary

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

(3) X ___ A (Insurance Information)

(4) X C (Service Provider Information)

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

Information) - signed by the plan actuary

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

(6) X G (Financial Transaction Schedules)

427

105

X

99

X

180

X

429

1B

X

X

43

X

384

X

99

30

BAC 7:311

... 

... 

• 

• 

• 

• 

• 

• 

• 

• 

• 

• 
SCHEDULE MB

(Form 5500)

Department of the Treasury

Internal Revenue Service

Department of Labor

Employee Benefits Security Administration

Pension Benefit Guaranty Corporation

Multiemployer Defined Benefit Plan and Certain 

Money Purchase Plan Actuarial Information

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

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

Internal Revenue Code (the Code).

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

OMB No. 1210-0110

2018

This Form is Open to Public 

Inspection

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

Round off amounts to nearest dollar.

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

A Name of plan B Three-digit

plan number (PN) 

C Plan sponsor’s name as shown on line 2a of Form 5500 or 5500-SF D Employer Identification Number (EIN)

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

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

 b Assets

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

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

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

(2) Information for plans using spread gain methods:

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

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

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

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

 d Information on current liabilities of the plan:

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

(2) “RPA ‘94” information:

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

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

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

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

Statement by Enrolled Actuary

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

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

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

SIGN

HERE

Signature of actuary Date

Type or print name of actuary Most recent enrollment number

Firm name Telephone number (including area code)

Address of the firm

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

instructions

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

v. 171027

05

BRICKLAYERS & ALLIED CRAFTSMEN LOCAL 7 PENSION

11528839

34-6666798

001

05/01/2018

17-05379

65312402

317-580-8688

04/30/2019

01 2018

218425

11927811

UNITED ACTUARIAL SERVICES, INC.

3172095

40642848

KATHYRN A. GARRITY, FSA, EA, MAAA

01/03/2020

3125371

11590 N. MERIDIAN STREET, SUITE 610, CARMEL, IN 46032-4529

BOARD OF TRUSTEES - BRICKLAYERS 7 AND ALLIED CRAFTSMAN LOCAL NO 7

40642848

X

BAC 7:312

I 

• • 

• 
2 Operational information as of beginning of this plan year:

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

2a -123456789012345

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

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

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

(3) For active participants:

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

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

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

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

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

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

2c 123.12%

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

(a) Date

(MM-DD-YYYY)

(b) Amount paid by

employer(s)

(c) Amount paid by

employees

(a) Date

(MM-DD-YYYY)

(b) Amount paid by

employer(s)

c) Amount paid by

employees

Totals

Totals ► 3(b) 3(c)

4 Information on plan status:

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

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

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

4b

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

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

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

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

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

year in which it is projected to emerge. 

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

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

4f

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

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

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

i X Other (specify):_

____________________________________________________________________________

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

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

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

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

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

5m YYYY-MM-DD

1

X

65312402

D

112

04/30/2019

115

89446

29.3

12501305

723439

2022

214

X

16085173

X

441

17.65

12590751

11528839

36636478

X

723439

X

BAC 7:313

• 

• 

• 

• 

• 

• 

• 

I 

• 

I 

I 

I 

I I 

• 

• 

• • 

• • 

• • 

• • 
6 Checklist of certain actuarial assumptions:

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

Pre-retirement Post-retirement

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

c Mortality table code for valuation purposes:

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

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

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

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

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

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

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

7 New amortization bases established in the current plan year:

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

A -123456789012345 -123456789012345

A -123456789012345 -123456789012345

A -123456789012345 -123456789012345

8 Miscellaneous information:

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

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

8a

YYYY-MM-DD

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

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

X Yes X No

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

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

X Yes X No

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

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

X Yes X No

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

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

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

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

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

X Yes X No

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

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

8d(4) 12

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

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

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

X Yes X No

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

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

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

8e

-123456789012345

9 Funding standard account statement for this plan year:

Charges to funding standard account:

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

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

c Amortization charges as of valuation date: Outstanding balance

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

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

9c(1) -123456789012345 -123456789012345

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

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

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

9c(3) -123456789012345 -123456789012345

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

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

1

A

4.8

54.1

1455884

1

X

20595195

4

155801

1567670

X

15987

AF

160861

22254216

8.6

2.99

X

17247928

X

X

AF

214303

3336101

X

X

7.00

A

7.00

BAC 7:314

I I 

• • • • • • 

• I • 

• 

• • 

• • 

• • 

• • 

• • 

• • 
Credits to funding standard account:

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

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

Outstanding balance

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

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

j Full funding limitation (FFL) and credits:

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

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

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

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

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

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

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

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

9 o Current year’s accumulated reconciliation account:

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

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

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

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

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

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

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

2043505

20210711

110021

9128086

20210711

X

31381436

48488174

723439

1210045

BAC 7:315

I 

• • 
SCHEDULE R

(Form 5500)

Department of the Treasury

Internal Revenue Service

Department of Labor

Employee Benefits Security Administration

Pension Benefit Guaranty Corporation

Retirement Plan Information

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

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

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

 File as an attachment to Form 5500.

OMB No. 1210-0110

2018

This Form is Open to Public 

Inspection.

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

A Name of plan B Three-digit

plan number 

(PN) 

C Plan sponsor’s name as shown on line 2a of Form 5500 D Employer Identification Number (EIN)

Part I Distributions

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

instructions ................................................................................................................................................................ 1

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

ERISA section 302, skip this Part.)

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

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

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

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

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

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

 

 Yes No N/A 

Part III Amendments

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

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

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

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

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

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

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

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

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

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

v. 171027

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

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

payors who paid the greatest dollar amounts of benefits):

EIN(s): _______________________________ _______________________________

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

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

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

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

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

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

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

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

deficiency not waived)................................................................................................................................................................ 6a

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

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

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

34-6666798

X

BRICKLAYERS & ALLIED CRAFTSMEN LOCAL 7 PENSION

34-6666798

001

05/01/2018

0

04/30/2019

X

X

BOARD OF TRUSTEES - BRICKLAYERS 7 AND ALLIED CRAFTSMAN LOCAL NO 7

BAC 7:316

I 

• • • 

• • • 

• • • 

• • • • 

• • 

• • 

• • 

• • 
Part V Additional Information for Multiemployer Defined Benefit Pension Plans

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

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

a Name of contributing employer 

b EIN c Dollar amount contributed by employer 

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

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

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

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

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

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

a Name of contributing employer 

b EIN c Dollar amount contributed by employer

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

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

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

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

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

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

a Name of contributing employer 

b EIN c Dollar amount contributed by employer

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

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

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

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

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

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

a Name of contributing employer

b EIN c Dollar amount contributed by employer

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

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

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

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

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

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

a Name of contributing employer

b EIN c Dollar amount contributed by employer

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

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

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

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

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

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

a Name of contributing employer

b EIN c Dollar amount contributed by employer

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

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

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

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

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

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

1

05

05

05

05 2019

2019

2019

160262

49276

48848

44073

31

31

31

31

X

X

X

X

6.80

6.80

VALENTINE CONTRACTORS

6.80

LENCYK MASONRY CO

6.80

LOU RITENOUR DECORATORS

FOTI CONSTRUCTION

2019

34-1092625

34-1432884

20-3598333

34-1972581

BAC 7:317

D 

D 

D 

D 

D 

D 

D 

D 

D 

D 

D 

D 

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

of the participant for:

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

123456789012345

14a

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

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

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

employer contribution during the current plan year to:

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

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

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

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

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

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

16b

123456789012345

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

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

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

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

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

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

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

a Enter the percentage of plan assets held as: 

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

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

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

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

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

BAC 7:318

• 

• 

• 

• 

• • 

• 

• 

• 

• • • 

• 
BAC 7:319

Bricklayers and Allied Craftsman Local No. 7 

Pension Fund 

Report on Audit of Financial Statements 

And Supplementary Information 

Years Ended April 30, 2019 and 2018 

Y urchyk & Davis 

Certified Public Accountants, Inc. 

3701 Boardman-Canfield Road, Suite 2 

Canfield, Ohio 44406 

Telephone: (330) 533-5000 
BAC 7:320

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

For The Years Ended April 30, 2019 and 2018 

TABLE OF CONTENTS 

Independent Auditor's Report.................................................................................................. 2 - 3 

Financial Statements: 

Statements of Net Assets Available for Benefits..................................................................... 4 

Statements of Changes in Net Assets Available for Benefits....................................................... 5 

Notes to Financial Statements.......................................................................................... 6 - 13 

Supplementary Information: 

Schedules of Administrative Expenses... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 

Schedule of Assets Held for Investment.......................................................................... 16 - 27 

Schedule of Reportable Transactions................................................................................. 28 
BAC 7:321

3701 Boardman Canfield Road, P: 330 533.5000 

Suite 2 • Canfield, Ohio 44406 F 330.533.5161 

INDEPENDENT AUDITOR'S REPORT 

Board of Trustees 

Bricklayers and Allied Craftsman Local No. 7 

Pension Fund 

Report on Financial Statements 

www.ydcpa com 

We have audited the accompanying financial statements of Bricklayers and Allied Craftsmen Local No. 7 

Pension Fund, which comprise the statements of net assets available for benefits as of April 3 0, 2019 and 

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

and the related notes to the financial statements. 

Management's Responsibility for the Financial Statements 

Management is responsible for the preparation and fair presentation of these financial statements in 

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

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

presentation of the financial statements that are free from material misstatement, whether due to fraud or 

error. 

Auditor's Responsibility 

Our responsibility is to express an opm10n on these financial statements based on our audits. We 

conducted our audits in accordance with auditing standards generally accepted in the United States of 

America. Those standards require that we plan and perform that audit to obtain reasonable assurance 

about whether the financial statements are free of material misstatement. 

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

the financial statements. The procedures selected depend on the auditor's judgment, including the 

assessment of the risks of material misstatement of the fmancial statements, whether due to fraud or error. 

In making those risk assessments, the auditor considers internal control relevant to the Plan's preparation 

and fair presentation of the financial statements in order to design audit procedures that are appropriate in 

the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan's 

internal control. Accordingly, we express no such opinion. An audit also includes evaluating the 

appropriateness of accounting policies used and the reasonableness of significant accounting estimates 

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

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

our audit opinion. 

2 

A member of the American Institute of Certified Public Accountants 

Earning your trust since 1990. 
BAC 7:322

Opinion 

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

information regarding Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 's net assets available 

for benefits as of April 30, 2019 and changes therein for the year then ended and its financial status as of 

April 30, 2018, and changes therein for the year then ended in accordance with accounting principles 

generally accepted in the United States of America. 

Report on Supplemental Information 

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

The supplemental schedules of administrative expenses as of April 30, 2019 and 2018 are presented for 

the purpose of additional analysis and are not a required part of the financial statements. The 

supplemental schedules of assets held for investment and reportable transactions as of April 30, 2019 are 

presented for the purpose of additional analysis and are not a required pmi of the financial statements but 

are supplemental information required by the Department of Labor's Rules and Regulations for Reporting 

and Disclosure under the Employee Retirement Income Security Act of 1974. Such information is the 

responsibility of the Plan's management and was derived from and relates directly to the underlying 

accounting and other records used to prepare the financial statements. The information has been subjected 

to the auditing procedures applied in the audits of the financial statements and certain additional 

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

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

other additional procedures in accordance with auditing standards generally accepted in the United States 

of America. In our opinion, the inf01mation is fairly stated in all material respects in relation to the 

financial statements as a whole. 

Yurchyk & Davis CPA' s, Inc. 

Canfield, Ohio 

September 24, 2019 

3 
BAC 7:323

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

Statements of Net Assets Available for Benefits 

April 30, 2019 and 2018 

2019 

ASSETS 

Investments, at Fair Value: 

Money Market Funds $ 86,452 

US Government Securities 607,574 

Corporate Bonds 344,632 

Common Stocks 3,283,768 

Preferred Stocks 2,047 

Exchange Traded Funds 2,511,280 

Mutual Funds 2,174,167 

Total Investments 9,009,920 

Receivables: 

Employer Contributions 174,707 

Interest and Dividends 6,361 

Total Receivables 181,068 

Prepaid Assets 10,052 

Cash and Cash Equivalents 404,871 

Total Assets 9,605,911 

LIABILITIES 

Accounts Payable - Administration 2,710 

Accounts Payable - Reciprocity 68,025 

Accounts Payable - Other 1,520 

Total Liabilities 72,255 

Net Assets Available for Benefits $ 9,533,656 

The accompanying notes are an integral part of these financial statements 

4 

2018 

$ 98,335 

683,844 

416,039 

3,705,181 

3,021,055 

2,892,040 

10,816,494 

165,420 

8,067 

173,487 

12,192 

583,413 

11,585,586 

58 

56,228 

461 

56,747 

$ 11,528,839 
BAC 7:324

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

Statements of Changes in Net Assets Available for Benefits 

For the Years Ended April 30, 2019 and 2018 

2019 

Additions to Net Assets: 

Investment Income: 

Net Appreciation of 

Fair Value oflnvestments $ 180,963 $ 

Interest and Dividends 292,402 

Subtotal 473,365 

Less: Investment Expenses (58,664) 

Net Investment Income 414,701 

Contributions: 

Employer Contributions 1,160,361 

Less: Reciprocity Paid (436,922) 

Total Contributions 723,439 

Total Additions to Net Assets 1,138,140 

Deductions from Net Assets: 

Benefits Paid Directly to Participants 3,002,546 

Administrative Expenses 130,777 

Total Deductions from Net Assets 3,133,323 

Net Decrease (1,995,183) 

Net Assets Available for Benefits: 

Beginning of Year 11,528,839 

End of Year $ 9,533,656 $ 

The accompanying notes are an integral part of these financial statements 

5 

2018 

797,906 

262,189 

1,060,095 

(53,156) 

1,006,939 

1,168,388 

(418,913) 

749,475 

1,756,414 

3,012,873 

108,525 

3,121,398 

(1,364,984) 

12,893,823 

11,528,839 
BAC 7:325

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

Notes to Financial Statements 

April 30, 2019 and 2018 

NOTE A - DESCRIPTION OF PLAN 

The following brief description of the Bricklayers and Allied Craftsmen Local No. 7 Pension Fund (the "Plan") 

is provided for general information purposes only. Participants should refer to the Plan Document for more 

complete information. 

General 

The Plan is a multiemployer defined benefit pension plan covering substantially all members of Bricklayers and 

Allied Craftsmen Local No. 7, in Akron, Ohio. It is subject to the provisions of the Employee Retirement 

Income Security Act of 1974 ("BRISA"), as amended. 

Normal Retirement Benefits 

Participants with five (5) years or more of service who have reached Normal Retirement Age (62) are eligible 

for Normal Retirement Benefits. Normal Retirement Benefits are a monthly benefit equal to the sum of the 

participant's Past Service Benefit ($ 1.00 per each year's service prior to the adoption of the pension plan in 

1968 up to a maximum of twenty years) and his Future Service Benefit. For active participants who retire on or 

after May 1, 2005, the Future Service Benefit shall be equal to 4.10% of the employer contributions made to the 

Plan on the participant's behalf for hours worked from February 1, 1968 through April 30, 2003 plus 3 .0% of 

employer contributions made to the Plan on the participant's behalf for hours worked from May 1, 2003 through 

April 30, 2005 plus 1.0% of employer contributions made to the Fund on the participant's behalf for hours 

worked on or after May 1, 2005 and before May 1, 2006 plus 1.0% of $2.00 of employer contributions made on 

and after May 1, 2006 and before May 1, 2016, plus 0.30% of the first $6.66 and 1.0% of contributions over 

$6.66 for employer contributions made on and after May 1, 2016 which is payable for life. 

Early Retirement Benefits 

Participants who have completely retired from the Brick and Masonry Industry within the jurisdiction of the 

Plan and are between the ages of 55 and 62, with at least ten (10) years of service, are eligible for Early 

Retirement Benefits. Effective May 1, 2009, these benefits equal the participant's Normal Retirement Benefit 

reduced by (.5833%) for each month the participant is younger than age 62. Participants who are at least age 55 

and have at least 10 years of service on or before May 1, 2009 will have benefits that are equal to the 

participant's Normal Retirement Benefit reduced by one-third of one percent (.33%) for each month the 

participant is younger than age 62. 

Disability Benefits 

Effective May 1, 2009, the total and permanent disability benefit is no longer available to participants. For the 

years April 30, 2009 and earlier, disability benefits were made available for participants. An active participant 

shall be eligible to receive disability benefits if he is totally and permanently disabled (as defined by the Plan), 

has at least ten ( 10) years of service, and has accrued at least forty ( 40) hours of service out of the two (2) 

preceding plan years. The disability benefit has been reduced from 100% of the accrued normal retirement 

benefit to 70% of the accrued normal payable to age 57, at which time the benefit converts to an early retirement 

benefit. 

Joint and 50% Survivor Benefits 

The retirement or disability benefits to which a participant may otherwise be entitled are payable in the form of 

a Joint and 50% Survivor Benefits, unless the participant has elected otherwise. Under this form of benefit, a 

participant receives a reduced monthly benefit that is the actuarial equivalent of the Normal or Early Retirement 

Benefit to which the participant is otherwise entitled. Upon the death of the participant, 50% of the monthly 

benefit shall continue to the surviving spouse until death. 

6 
BAC 7:326

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

Notes to Financial Statements 

April 30, 2019 and 2018 

NOTE A - DESCRIPTION OF PLAN (CONTINUED) 

Death Benefits 

Effective May 1, 2009, death benefits are no longer available to participants. For the years ended April 30, 2009 

and earlier, death benefits were made available for surviving spouses or beneficiaries of deceased participants. A 

surviving spouse of a deceased participant who would have been eligible to receive an Early or Normal 

Retirement Benefit shall have the right to select a Joint and 50% Survivor Benefit as though the deceased 

participant had applied for such benefit the day immediately prior to death. If the surviving spouse waives the 

joint and 50% Survivor Benefit, then the spouse will receive a Five Year Certain Benefit. 

If a participant is unmarried at the time of death, a benefit under the Five Year Certain provision shall be 

similarly provided to the designated beneficiary of the participant. 

If a participant who is receiving Normal, Early, or Disability Retirement Benefits (and who has waived the Joint 

and 50% Survivor Benefit or is unmarried at the time of death) dies prior to receiving a total of sixty (60) 

monthly payments, the participant's beneficiary shall be eligible to receive a post-retirement death benefit. This 

death benefit shall be equal to the continuation of the deceased participant's retirement benefit until a total of 

sixty (60) monthly payments have been received by the deceased participant and beneficiary. 

Vested Benefits 

A participant who has attained the Normal Retirement Age or has five (5) or more years of service, whichever 

occurs first, shall have a vested right in an accrued benefit payable at N01mal or Early Retirement age. A 

participant who terminates employment after five (5) or more years of service shall be 100% vested in the 

accrued benefit and thus will become eligible for a Normal or Early Retirement Benefit at such time as the 

participant reaches Normal or Early Retirement Age. 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

Basis of Accounting 

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

Use of Estimates 

The preparation of financial statements in accordance with accounting principles generally accepted in the 

United States of America requires the plan administrator to make estimates and assumptions that affect reported 

amounts of assets, liabilities and changes therein; disclosures of contingent assets and liabilities, and the 

actuarial present value of accumulated plan benefits at the date of the financial statements, and changes therein. 

Actual results could differ from those estimates. 

Investment Valuation and Income Recognition 

Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to 

transfer a liability in an orderly transaction between market participants at the measurement date. The Plan's 

trustees determine the Plan's valuation policies utilizing information provided by the investment advisors and 

custodians. See Note H for a discussion of fair value measurements. 

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

basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the plan's gains and losses on 

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

7 
BAC 7:327

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

Notes to Financial Statements 

April 30, 2019 and 2018 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 

Actuarial Present Value of Accumulated Plan Benefits 

Accumulated plan benefits are those future periodic payments, including lump-sum distributions that are 

attributable under the Plan's provisions to the service participants have rendered. Accumulated plan benefits 

include benefits expected to be paid to (a) retired or terminated participants or their beneficiaries, (b) 

beneficiaries or participants who have died, and ( c) present participants or their beneficiaries. Benefits under the 

Plan are based upon years of service prior to the inception of Plan and employer contributions made on 

participants' behalf subsequent to the inception of the Plan. Benefits payable under all circumstances -

retirement, death, disability, and termination - are included to the extent they are deemed attributable to 

participant service rendered to the valuation date. 

The actuarial present value of accumulated plan benefits is determined by an actuary engaged by the Plan and is 

the amount that results from applying actuarial assumptions to adjust the accumulated plan benefits to reflect the 

time value of money (through discounts for interest) and the probability of payment (by means of decrements 

such as for death, disability, withdrawal, or retirement) between the valuation date and the expected date of 

payment. The actuarial cost method used is the individual entry age n01mal method, and significant actuarial 

assumptions used in the valuations as of April 30, 2018 and 2017 included: (a) life expectancy of participants 

utilizing the RP-2014 Blue Collar Mortality Table for employees and healthy annuitants adjusted backward to 

2006 with the MP-2014 projection scale and projected forward using the MP-2017 and MP-2016 projection 

scales for 2018 and 2017, respectively, (b) estimates of pre-retirement terminations resulting from death, 

withdrawal, or disability, (c) retirement age assumptions (the assumed retirement age was 100% at 62), (d) an 

assumed future rate of investment return of 7.00% and 7.5% for 2018 and 2017, respectively, (e) an assumed 

administrative expense amount of $120,000 for 2018 and 2017 and (f) an assumed current liability interest rate 

of 2.99%, down from 3 .05% in 2017. The foregoing actuarial assumptions are based on the presumption that the 

Plan will continue. Were the Plan to terminate, different actuarial assumptions and other factors might be 

applicable in determining the actuarial present value of accumulated Plan benefits. The computations of the 

actuarial present value of accumulated plan benefits were made as of May 1, 2018 and 2017. Had the valuations 

been performed as of April 30, there would be no material differences. 

Payment of Benefits 

Benefit payments to participants are recorded upon distribution. 

Employer Contributions 

The Plan is financed entirely by contributions from the employers as specified in the collective bargaining 

agreements. Employers are required to make contributions of $6.80 for each hour paid as of May 1, 2017 

through April 3 0, 2019. 

Administrative Expenses 

The Plan's expenses are paid by the Plan as provided by the plan document. Expenses incurred in connection 

with the general administration of the Plan and investment related expenses that are paid by the Plan are 

recorded as deductions in the statement of changes in net assets available for benefits. 

Reciprocity 

The Trustees of the Plan have entered into various reciprocity agreements whereby a participant who transfers 

employment between signatories to such agreements will not lose pension credits. 

8 
BAC 7:328

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

Notes to Financial Statements 

April 30, 2019 and 2018 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 

Subsequent Events 

The Plan has evaluated subsequent events through September 24, 2019, the date the financial statements were 

available to be issued. 

NOTE C - MINIMUM FUNDING REQUIREMENTS 

The Plan is financed by contributions from employers based on each hour paid as specified in the collective 

bargaining agreements. The Plan's actuary has determined that insufficient contributions have been made to the 

Plan to keep it funded in accordance with the minimum funding requirements of ERISA for the years ending 

April 3 0, 2018 and 2017. The fund is currently operating under a rehabilitation plan to remedy its funding status. 

See Note L for additional information regarding the rehabilitation plan. 

NOTE D - INVESTMENTS 

The Plan's Investments are held in an administered trust fund. 

NOTE E - RELATED PARTY AND PARTY IN INTEREST TRANSACTIONS 

Certain Plan assets are invested in funds managed by custodians of the Plan. As described in Note B, the Plan 

paid certain expenses related to plan operations and investment activity to various service providers. These 

transactions are party in interest transactions under ERISA. 

NOTE F - ACCUMULATED PLAN BENEFITS 

The actuarial present value of accumulated plan benefits as of April 30, 2018 and 2017 were as follows: 

Vested Benefits 

Participants currently receiving benefits 

Expenses on parts. currently rec. benefits 

Other participants 

Expenses on other participants 

Total Vested Benefits 

Non-Vested Benefits 

Non-vested benefits 

Expenses on non-vested benefits 

Total Non-Vested Benefits 

Accumulated Plan Benefits 

9 

$ 

2018 

25,785,852 

1,933,939 

14,823,951 

1,111,796 

43,655,538 

33,045 

2,478 

35,523 

$ 43,691,061 

$ 

2017* 

24,780,991 

1,858,574 

14,513,519 

1,088,514 

42,241,598 

36,887 

2,767 

39,654 

$ 42,281,252 
BAC 7:329

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

Notes to Financial Statements 

April 30, 2019 and 2018 

NOTE G - CHANGES IN ACCUMULATED PLAN BENEFITS 

The changes in the actuarial present value of accumulated plan benefits for the year ended April 30, 2018 was as 

follows: 

Actuarial Present Value of Accumulated Plan Benefits -

Beginning of Period* 

Increase (decrease) during the period attributable to: 

P Ian amendment 

Changes in actuarial assumptions 

Benefits accumulated and actuarial experience gain or loss 

Interest due to decrease in discount period 

Benefits Paid 

Operational expenses paid 

Net Increase 

Actuarial Present Value of Accumulated P Ian Benefits -

End of Period 

$ 42,281,252 

1,685,244 

(325,131) 

3,171,094 

(3,012,873) 

(108,525) 

1,409,809 

$ 43,691,061 

* The 2017 present value of accumulated benefits (PVAB) column has been restated from the 2017 

valuation to include an operational expense load of 7.50%. this change resulted in an increase of 

$2,949,855 to the 2017 PVAB. 

NOTE H - FAIR VALUE MEASUREMENTS 

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation 

techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in 

active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3 ). 

The three levels of the fair value hierarchy are described as follows: 

Level 1 - Inputs in to valuation methodology are unadjusted quoted prices for identical assets or liabilities in 

active markets that the Plan has ability to access. 

Level 2 - Inputs to the valuation methodology include: 

• Quoted prices for similar assets or liabilities in active markets; 

• Quoted prices for identical or similar assets or liabilities in active markets; 

• Inputs other than quoted prices that are observable for the asset or liability; 

10 
BAC 7:330

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

Notes to Financial Statements 

April 30, 2019 and 2018 

NOTE H - FAIR VALUE MEASUREMENTS (CONTINUED) 

• Inputs that are derived principally from or corroborated by observable market data by correlation or 

other means. 

If an asset or liability has a specified ( contractual) term, the level 2 input must be observable for substantially 

the full term of the asset or liability. 

Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement. 

The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level 

of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant 

observable inputs and minimize the use of unobservable inputs. 

Following is a description of the valuation of the method used for assets measured at fair value. There have been 

no changes on the methodologies used at April 30, 2019 and 2018. 

The methods used to estimate fair values of financial instruments, including nonreadily marketable securities are 

as follows: the fair values of money market, common stock, preferred stock, U.S. government securities, 

corporate bonds, exchange traded funds, and mutual funds are based on quoted market prices. 

The following table sets forth, by level within the fair value hierarchy, the Plan's investments at fair value as of 

April 30, 2019 and 2018. 

Assets at Fair Value as of A2ril 30, 2019 

Level 1 Total 

Mone~ Market Funds $ 86,452 $ 86,452 

US Government Securities 607,574 607,574 

Cor2orate Bonds 344,632 344,632 

Common Stocks 3,283,768 3,283,768 

Preferred Stocks 2,047 2,047 

Exchange Traded Funds 2,511,280 2,511,280 

Mutual Funds 2,174,167 2,174,167 

$ 9,009,920 $ 9,009,920 

Assets at Fair Value as of A2ril 30, 2018 

Level 1 Total 

Mone~ Market Funds $ 98,335 $ 98,335 

US Government Securities 683,844 683,844 

Corporate Bonds 416,039 416,039 

Common Stocks 3,705,181 3,705,181 

Preferred Stocks 

Exchange Traded Funds 3,021,055 3,021,055 

Mutual Funds 2,892,040 2,892,040 

$ 10,816,494 $ 10,816,494 

11 
BAC 7:331

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

Notes to Financial Statements 

April 30, 2019 and 2018 

NOTE I - PLAN TERMINATION 

In the event the Plan terminates, the net assets of the Plan will be allocated, as prescribed by ERISA and its 

related regulations, generally to provide the following benefits in the order indicated: 

a. Benefits attributable to employee contributions, taking into account those paid out before termination. 

b. Annuity benefits former employees or their beneficiaries have been receiving for at least three years, or that 

employees eligible to retire for that three-year period would have been receiving if they had retired with 

benefits in the normal form of annuity under the Plan. The priority amount is limited to the lowest benefit 

that was payable ( or would have been payable) during those three years. The amount is further limited to the 

lowest benefit that would be payable under Plan provisions in effect at any time during the five years 

preceding Plan termination. 

c. Other vested benefits insured by the Pension Benefit Guaranty Corporation (the "PBGC"), a U.S. 

government agency, up to the applicable limitations as discussed below. 

d. All other vested benefits (that is, vested benefits not insured by the PBGC). 

e. All nonvested benefits. 

Certain benefits under the Plan are insured by the PBGC if the Plan terminates. Generally, the PBGC guarantees 

most vested normal retirement benefits, early retirement benefits, and certain disability and survivor's pension. 

However, the PBGC does not guarantee all types of benefits under the Plan, and the amount of benefit 

protection is subject to certain limitations. Vested benefits under the Plan are guaranteed at the level in effect on 

the date of the Plan's termination. However, there is a statutory ceiling on the amount of an individual's monthly 

benefit that the PBGC guarantees, which is adjusted periodically. That ceiling applies to those pensioners who 

elect to receive benefits in the form of a single-life annuity and are at least 65 years o Id at the time of retirement 

or plan termination (whichever comes later). For younger annuitants or for those who elect to receive their 

benefits in some form more valuable than a single-life annuity, the corresponding ceilings are actuarially 

adjusted downward. 

Whether all participants receive their benefits should the Plan terminate at some future time will depend upon 

the sufficiency, at the time, of the Plan's net assets to provide those benefits and may also depend on the level of 

benefits guaranteed by and the financial condition of the PBGC. Some benefits may be fully or partially 

provided for by the then existing assets and the PBGC guaranty while other benefits may not be provided for at 

all. 

12 
BAC 7:332

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

Notes to Financial Statements 

April 30, 2019 and 2018 

NOTEJ-TAXSTATUS 

The Plan obtained its latest determination letter on August 7, 2015, in which the Internal Revenue Service states 

that the Plan, as designed, was in compliance with the applicable requirements of the Internal Revenue Code 

(IRC). The Plan has been amended since receiving the determination letter. However, the Plan's administrator 

believes that the Plan is currently designed and being operated, in compliance with the applicable requirements 

of the IRC. 

Accounting principles generally accepted in the United States of America require plan management to evaluate 

tax positions taken by the Plan and recognize a tax liability if the plan has taken an uncertain position that more 

likely than not would not be sustained upon examination by the Internal Revenue Service. The Plan is subject to 

routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The 

plan administrator believes the Plan is no longer subject to income tax examinations for years prior to April 30, 

2016. 

NOTE K - RISKS AND UNCERTAINTIES 

The Plan invests in various investment securities. Investment securities are exposed to various risks such as 

interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is 

at least reasonably possible that changes in the values of investment securities will occur in the near term and 

such changes could materially affect the amounts reported in the statements of net assets available for benefits. 

Plan contributions are made and the actuarial present value of accumulated plan benefits is reported based on 

certain assumptions pertaining to interest rates, inflation rates, and employee demographics, all of which are 

subject to change. Due to uncertainties inherent in the estimations and assumptions process, it is at least 

reasonably possible that changes in these estimates and assumptions in the near term would be material to the 

financial statements. 

NOTE L - REHABILITATION PLAN 

In an effort to improve the Plan's funding situation, the Trustees adopted a rehabilitation plan based on the 

Plan's 2008 critical status. The rehabilitation period is from May 1, 2009 through April 30, 2019 or the date the 

Fund's Actuary certifies it has emerged from critical status. The schedule implemented under the rehabilitation 

plan required benefit changes effective May 1, 2009 as detailed in the Notice of Benefit Changes. 

13 
BAC 7:333

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

Supplementary Information 

Schedule of Administrative Expenses 

Schedule of Assets Held for Investment 

Schedule of Reportable Transactions 
BAC 7:334

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

Schedules of Administrative Expenses 

For the Years Ended April 30, 2019 and 2018 

2019 

Administration Fees $ 40,800 

Audit and Accounting Fees 8,400 

Actuarial Fees 42,740 

Insurance 8,620 

Insurance - PBGC 12,012 

International Foundation Conference and Dues 1,033 

Legal Fees 12,945 

Office Supplies and Expense 27 

Bank Service Fees 1,695 

Meetings Expense 349 

Postage, Printing and Other 2,132 

Miscellaneous Expense 24 

Total Administrative Expenses $ 130,777 

15 

2018 

$ 40,800 

8,400 

13,400 

8,636 

12,012 

1,005 

19,377 

1,511 

251 

3,114 

19 

$ 108,525 
BAC 7:335

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

EIN: 34-6666798 PN: 001 

Schedule of Assets Held for Investment 

(Schedule H, Line 4i) 

April 30, 2019 

Par Interest Due Current 

Description Value Rate Date Cost Value 

U.S. Government Securities 

Federal National Mtg Assn Pool BM1285 108,000 4.500% 5/1/2047 $ 90,594 $ 74,002 

Federal National Mtg Assn Pool MA3210 98,000 3.500% 12/1/2047 95,369 89,539 

Federal National Mtg Assn Pool MA3527 55,000 5.000% 11/1/2048 56,958 53,986 

Federal National Mtg Assn Pool MA3385 1,000 4.500% 4/1/2048 1,008 923 

FHLMC 30 YR Gold 060440 159,000 3.500% 3/1/2046 124,302 113,733 

FHLMC 30 YR Gold 008737 64,000 3.000% 12/1/2046 61,448 52,492 

'Federal National Mortgage Assn 13,000 6.625% 11/15/2030 17,489 17,840 

United States Treasury Notes 57,000 2.625% 8/31/2020 56,754 57,203 

United States Treasury Notes 37,000 2.125% 9/30/2021 36,500 36,890 

United States Treasury Notes 18,000 2.750% 2/15/2028 17,691 18,382 

United States Treasury Bond 55,000 3.000% 5/15/2045 53,048 55,812 

United States Treasury Bond 40,000 2.500% 2/15/2046 34,876 36,772 

Total U.S. Government Securities $ 646,037 $ 607,574 

Corporate Bonds 

Bank of America Corp 36,000 4.125% 1/22/2024 $ 37,340 $ 37,723 

Citigroup Inc. 29,000 3.668% 7/24/2028 28,365 29,079 

Comcast Corp 26,000 4.150% 10/15/2028 27,631 27,520 

Enterprise Products Oper 19,000 4.800% 2/1/2049 18,373 20,221 

General Electric Capital Corp 27,000 5.875% 1/14/2038 30,591 29,135 

Goldman Sachs Group Inc. 28,000 4.000% 3/3/2024 29,089 28,947 

JP Morgan Chase & Co 37,000 4.203% 7/23/2029 37,376 38,598 

Mircosoft Corp 34,000 4.250% 2/6/2047 36,309 37,231 

Shell International Finance BV 29,000 2.875% 5/10/2026 27,827 28,761 

V erison Communications 35,000 5.150% 9/15/2023 38,036 38,302 

Wells Fargo & Company 29,000 3.584% 5/22/2028 28,339 29,115 

Total Corporate Bonds $ 339,276 $ 344,632 

16 
BAC 7:336

NUMBER OF 

SHARES 

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

EIN: 34-6666798 PN: 001 

Schedule of Assets Held for Investment 

(Schedule H, Line 4i) 

April 30, 2019 

DESCRIPTION COST 

COMMON STOCKS 

46 3M Company $ 8,165 

822 ABB LTD. 17,410 

229 ACI Worldwide Inc. 5,261 

67 Adidas AG 7,815 

63 Adobe Systems 6,786 

58 Advanced Energy Ind Inc. 1,903 

103 Advansix Inc 3,287 

150 Aecom 4,464 

112 Aercap Holdings N.V. 5,188 

330 AGNC Invt Corp Com 5,892 

455 AIA Group LTD Spon ADR 9,977 

195 Air Liquide ADR 3,895 

440 Akbank Turk Anomin Sirketi ADR 1,294 

456 Akzo Nobel NV ADR 13,742 

98 Alaska Air Group Incorporated 5,974 

303 Alfa Laval AB Unspons ADR 5,336 

51 Alibaba Group Holdings LTD 9,238 

10 Alleghany CP Delaware 3,947 

69 Allergan PLC SHS 14,577 

80 Alliant Energy CP 2,698 

715 Allianz SE Ads 11,942 

164 Allstate Corp 15,155 

112 Ally Financial Inc. 2,501 

28 Alphabet Inc. CL A 27,938 

94 Altice USA Inc Class A 2,175 

1,927 Ambev S A Sponsored ADR 9,074 

48 AMC Networks Inc CL A 2,454 

331 Amer Intl GR In New 15,110 

46 American Express Co 4,717 

635 Antero Resource Corp Com 9,885 

107 AO Smith Corp 5,608 

51 AON PLC Shares Class A 8,390 

148 Apergy Corp 6,375 

103 Apple Inc. 13,777 

595 Aramark Holdings Corporation 22,194 

66 Arch Capital Group LTD 1,834 

243 Array Biopharma Inc 4,021 

209 Arrowhead Pharmaceuticals Inc 2,857 

298 Aspen Pharmacare Holdings LTD ADR 6,299 

310 Astrazeneca PLC ADS 9,004 

17 

MARKET 

VALUE 

$ 8,717 

16,983 

8,134 

8,612 

18,223 

3,177 

3,114 

5,085 

5,560 

5,871 

18,678 

5,195 

882 

12,934 

6,066 

7,090 

9,464 

6,569 

10,143 

3,778 

17,246 

16,246 

3,328 

33,571 

2,215 

9,076 

2,804 

15,746 

5,393 

4,604 

5,625 

9,187 

5,874 

20,669 

18,493 

2,229 

5,494 

3,758 

2,113 

11,675 
BAC 7:337

NUMBER OF 

SHARES 

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

EIN: 34-6666798 PN: 001 

Schedule of Assets Held for Investment 

(Schedule H, Line 4i) 

April 30, 2019 

DESCRIPTION COST 

COMMON STOCKS - Continued 

417 Atlas Copco AS A ADR A NEW $ 9,268 

33 AutoLiv Inc. 2,863 

168 A very Dennison Corporation 14,690 

1,084 A viva Plc Adr 13,808 

149 Axalta Coating Systems LTD. 4,911 

148 Axis Capital Holdings LTD. 7,513 

65 Azul SAADR 2,099 

189 Baidu Inc ADS 34,214 

405 Balfour Beatty PLC Spon ADR 2,876 

178 Ball Corporation 10,623 

1,896 Banco Bilbao Viz Arg SA ADS 12,252 

489 Banco Do Brasil SA Spon ADR 3,058 

55 BancoColumbia SA 2,830 

995 Bank of America Corp 19,781 

1,704 Barclays Pie Adr 16,203 

165 Barlow Rand LTD ADR 1,432 

428 Barrick Gold Corp 5,806 

897 BASF SE SP ADR 20,270 

209 Bayerische Motoren Werke AG 6,072 

103 BB & TCorp 5,213 

94 Becton Dickinson & CO 18,230 

29 Beigene LTD 4,754 

165 Berkshire Hathaway Class B New 33,847 

132 Berry Global Group Inc. 6,352 

52 Bidvest Group Ltd Spons ADR 1,338 

12 Biogen Inc Com 2,798 

47 Bluebird Bio Inc 5,736 

470 BNP Paribas SP ADR 13,838 

23 Boeing Co 8,217 

340 BP PLC ADS 11,963 

122 Braskem SA ADR 3,520 

25 Bright Horizons Family Solutions 2,910 

438 British Amer Tob Spon ADR 24,163 

175 Brixmor Property Group Inc 2,763 

232 Broadridge Fin Solu. LLC 18,050 

252 Brookdale Senior Living Inc 1,956 

5 Cable One Inc Com 3,708 

15 CACI International Inc Class A 2,258 

5,160 Caixabank Unspon ADR 6,657 

131 Canadian Natl Railway Co 7,970 

18 

MARKET 

VALUE 

$ 13,181 

2,590 

18,589 

12,244 

4,020 

8,414 

1,687 

31,417 

2,657 

10,669 

11,547 

6,176 

2,790 

30,427 

14,586 

1,549 

5,444 

18,308 

5,934 

5,274 

22,630 

3,603 

35,757 

7,762 

1,590 

2,751 

6,666 

12,521 

8,687 

14,868 

2,983 

3,204 

17,170 

3,129 

27,406 

1,557 

5,303 

2,924 

5,212 

12,154 
BAC 7:338

NUMBER OF 

SHARES 

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

EIN: 34-6666798 PN: 001 

Schedule of Assets Held for Investment 

(Schedule H, Line 4 i) 

April 30, 2019 

DESCRIPTION COST 

COMMON STOCKS - Continued 

201 Canadian Natural Resources LTD $ 5,453 

114 Carnival PLC 6,506 

751 Carrefour SA Sponsored ADR 2,887 

33 Casey's General Store Inc. 3,439 

116 CDK Global Inc Com 5,990 

53 CDN Impl BK Commerce 4,441 

485 Cemex SAB DE CV 2,968 

327 Charles Schwab New 10,017 

153 Check Point Software Tech LTD 13,809 

1,257 Chesapeak Energy Corp 4,536 

148 Chevron Corp 17,312 

330 China Mobile LTD 16,561 

90 Cina National Building Matl Co LTD 3,640 

113 China Overseas Lan Unspn ADR 2,135 

99 Chubb LTD 12,575 

61 Chugai Pharmaceutical Unspn ADR 8,002 

40 Chunghwa Telecom LTD ADR 1,402 

379 Church & Dwight Co Inc. 18,409 

33 Churchill Downs Inc 3,003 

97 Cigna Corp 19,583 

76 Ciramex Energy Co 6,599 

636 Cisco Systems Inc 28,753 

115 CIT Group Inc New 3,445 

353 Citigroup Inc New 24,263 

67 Coca Cola European Partners P 2,887 

67 Cognex Corp 3,593 

790 Colony Cap Inc Class A 4,476 

202 Columbia Ppty Tr Inc Com new 4,287 

681 Comcast Corp Class A 23,398 

411 Compagni Fin Richemontag ADR 2,685 

74 Compass Minerals Inter Inc 4,063 

46 Concho Resources Inc 6,060 

177 ConocoPhillips 12,918 

79 Constellation Brands Inc Class A 14,118 

400 Contra Micro FCS D071 G 

155 Copart Inc. 4,837 

146 Corelogic Inc. 5,995 

53 Cornerstone On Demand Inc Com 2,686 

59 Costco Wholesale Corp New 10,261 

209 Coty Inc Com Class A 2,597 

49 Crane Co 4,104 

19 

MARKET 

VALUE 

$ 6,026 

6,158 

2,951 

4,368 

6,997 

4,464 

2,231 

14,970 

18,476 

3,658 

17,769 

15,731 

4,231 

2,105 

14,375 

7,699 

1,442 

28,406 

3,328 

15,407 

5,218 

35,584 

6,126 

24,957 

3,606 

3,379 

4,061 

4,587 

29,644 

2,996 

4,247 

5,307 

11,172 

16,722 

10,040 

10,435 

5,929 

2,896 

14,486 

2,261 

4,167 
BAC 7:339

NUMBER OF 

SHARES 

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

EIN: 34-6666798 PN: 001 

Schedule of Assets Held for Investment 

(Schedule H, Line 4i) 

April 30, 2019 

DESCRIPTION COST 

COMMON STOCKS - Continued 

14 CrediCorp LTD $ 3,493 

149 CRHPLCADR 4,491 

166 CVS Health Corp Com 12,294 

296 Danone Sponsored ADR 4,377 

58 Dassault Systems 5,073 

193 DBS Group Holdings LTD SP 9,446 

65 Delek US Holdings Inc 2,141 

163 Delta Air Lines Inc New 8,389 

44 Dentsply Sirona Inc 1,929 

105 Dentsu Inc Unsponsored ADR 4,858 

274 Deutsche Post AG Sponsored ADR 8,616 

61 Diageo PLC Spon ADR New 9,600 

67 Diamondback Energy Inc. 6,114 

138 Diebold NXDF Inc 2,019 

131 Discover Financial Services 9,676 

100 Dish Network Corp Class A 2,504 

114 Dolby CLA A Com Stk 5,686 

22 Dominos Pizza Inc. 4,665 

82 Dover Corp 6,848 

82 Dow Inc 4,729 

246 Dow Dupont Inc 9,361 

80 Dunkin Brands Group Inc. 4,219 

203 DXC Technology Company 15,783 

36 Dycom Ind Inc 3,035 

74 E*Trade Financial Corp New Com 3,555 

804 East Japan RY CO ADR 11,906 

125 Eaton Corp PLS Shares 9,949 

169 Ebay Inc 5,708 

220 Echostar Corporation 10,377 

124 Ecolab Inc 15,397 

91 Edison International 5,792 

82 Emcor Group Inc 5,232 

1,585 Encana Corp 13,721 

135 Engie Spons ADR 1,852 

177 Entegris Inc. 2,656 

65 Envestnet Inc 3,822 

368 Epiroc Aktiebolag ADR 3,389 

129 EQT Corporation Com New 2,496 

238 Equity Commonwealth Com SH BEN INT 7,211 

71 Equity Residential 4,452 

14 Essex Property Trust Inc 3,588 

20 

MARKET 

VALUE 

$ 3,317 

5,014 

9,027 

4,801 

9,213 

16,102 

2,409 

9,501 

2,250 

4,360 

9,532 

10,287 

7,128 

1,392 

10,675 

3,512 

7,375 

5,953 

8,039 

4,652 

9,459 

5,970 

13,345 

1,785 

3,749 

12,591 

10,353 

6,549 

8,767 

22,826 

5,803 

6,899 

10,984 

1,998 

7,232 

4,614 

3,816 

2,638 

7,568 

5,426 

3,955 
BAC 7:340

NUMBER OF 

SHARES 

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

EIN: 34-6666798 PN: 001 

Schedule of Assets Held for Investment 

(Schedule H, Line 4i) 

April 30, 2019 

DESCRIPTION COST 

COMMON STOCKS - Continued 

85 Etsy Inc Com $ 3,794 

38 Evercore Partners Inc Class A 2,995 

28 Everest Re Group LTD 5,919 

309 Exelixis Inc 6,656 

915 Fanuc Corporation 14,969 

76 Fedex Corp 14,669 

103 Fibrogen Inc 5,474 

48 Firstrand LTD Unsponsored 2,172 

57 FMC Corp New 4,161 

58 Fomento Economico Mexicano 4,981 

68 Foot Locker Inc. 3,118 

62 Fortinet Inc. 2,596 

111 Fox Corp Class A 4,227 

523 Fuchs Petrolub AG Unspon ADR 6,028 

350 Galp Energia SA Lisboa ADR 2,851 

74 Gaming & Leisure Pptys Inc Com 2,228 

76 GCI Liberty Inc Class A 3,637 

38 Genomic Health Inc 2,852 

284 Gildan Activewear Inc 7,581 

28 Givaudan SA ADR 1,277 

120 Graco Inc 5,214 

271 Grifols SA ADR 4,579 

16 Grupo Aeroportuaria Del 1,427 

80 Grupo Financiero Banorte SAB 2,122 

94 Grupo Superviele SA Class B ADR 724 

49 Guidewire Software Inc. 2,643 

451 Gulfport Energy Corp New 4,488 

196 HDFC Bank Ltd ADR 20,536 

263 Helix Energy Solutions Group Inc 2,630 

206 Henry Schein Inc. 12,852 

369 Hewlett Packard Enterprise 5,687 

231 Hlth Care Svs Grp 10,039 

311 Houghton Mifflin Harcourt Co. 3,063 

155 HSBC Holdings PLC Spon ADR New 6,522 

117 Huazhu Group LTD ADR 2,007 

33 IAC Interactivecorp Com 2,658 

37 ICF Intl Inc 2,757 

704 ICICI Bank LTD 4,958 

302 Immunomedics 5,008 

605 Industrial & Coml BK China ADR 9,250 

640 Infineon Technologies AG 13,938 

21 

MARKET 

VALUE 

$ 5,741 

3,702 

6,594 

6,075 

17,092 

14,399 

4,813 

2,365 

4,506 

5,660 

3,890 

5,792 

4,328 

5,682 

2,914 

2,988 

4,531 

2,445 

10,471 

1,450 

6,150 

5,187 

1,622 

2,523 

478 

5,219 

2,954 

22,471 

2,057 

13,196 

5,834 

7,819 

2,217 

6,753 

4,961 

7,420 

2,881 

8,061 

4,838 

9,084 

15,149 
BAC 7:341

NUMBER OF 

SHARES 

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

EIN: 34-6666798 PN: 001 

Schedule of Assets Held for Investment 

(Schedule H, Line 4i) 

April 30, 2019 

DESCRIPTION COST 

COMMON STOCKS - Continued 

269 Infosys Limited ADR $ 2,001 

511 ING Groep NV ADR 6,189 

760 Investors Bancorp Inc New 9,622 

918 ltau Unibanco Multiple ADR 4,838 

39 Jack Henry & Associates Inc 5,182 

329 Japan Airlines LTD ADR 4,960 

300 Jefferies Finl Group Inc 7,184 

302 Jetblue Airways Corp 5,661 

167 JGC Corp Unsponsored ADR 6,639 

244 Johnson & Johnson 32,454 

44 Kansas City Southern Ind New 4,878 

117 KAR Auction Services 6,068 

61 Kasikornbank Pub Co Ltd Unspon 1,224 

1,095 KDDI Corp Unspon ADR 15,293 

194 Komatsu LTD Sponsored ADR New 5,484 

111 Kubota CP ADR 8,326 

112 L Brands Inc Com 3,000 

270 L Oreal Co ADR 10,178 

114 Laboratory CP Amer Hldgs new 15,673 

106 Las Vegas Sands Corporation 5,877 

154 Legg Mason Inc 5,586 

107 Leidos Holdings Inc 6,444 

107 Liberty Expedia Hold Ser A 4,638 

234 Liberty Global PLC C New 5,759 

110 Liberty Media Corp Ser C 4,068 

119 Linde PLC 19,144 

19 Lithia Motors Inc A 1,560 

150 Live Nation Entertainment Inc. 6,349 

135 LKQ Corporation 3,686 

2,159 Lloyds Banking Group PLC 6,162 

116 Loma Negra C.I.A.S.A. 1,447 

336 Lonza Group AG Zuerich ADR 8,776 

35 Lowes Companies Inc 3,657 

255 Magnolia Oil & Gas Corp Class A 2,937 

23 ManPowerGroup Inc Com 2,157 

546 Manulife Financial Corp 8,350 

78 Mastercard Inc CL A 7,941 

30 Maximus Inc. 1,846 

233 MBIA Inc 2,149 

149 McCormick and Co Non Voting 14,800 

268 McDermott International Inc. 4,640 

22 

MARKET 

VALUE 

$ 2,894 

6,520 

8,930 

7,941 

5,813 

5,276 

6,171 

5,602 

4,782 

34,453 

5,418 

6,608 

1,456 

12,729 

4,991 

8,408 

2,872 

14,876 

18,231 

7,107 

5,151 

7,862 

4,967 

6,119 

4,269 

21,451 

2,157 

9,801 

4,064 

7,017 

1,160 

10,387 

3,960 

3,361 

2,209 

10,052 

19,831 

2,210 

2,253 

22,942 

2,168 
BAC 7:342

NUMBER OF 

SHARES 

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

EIN: 34-6666798 PN: 001 

Schedule of Assets Held for Investment 

(Schedule H, Line 4i) 

April 30, 2019 

DESCRIPTION COST 

COMMON STOCKS - Continued 

36 Mckesson Corp $ 4,658 

71 Mednax Inc 3,100 

163 Medtronic PLC SHS 14,518 

13 Mercadolibre Inc. 1,728 

94 Methode Elec Inc. 2,221 

911 MF A Financial Inc 7,147 

331 Micro FCS Int 8,991 

176 Microsoft Corp 10,131 

14 Microstrategy Inc 2,116 

43 Molina Healthcare Inc 5,747 

57 Molson Coors Brewing Co Class B 3,541 

168 Modelez Intl Inc Com 7,956 

45 Mondi PLC ADR 2,204 

569 Mr Cooper Group Inc 7,085 

208 Naspers Limited ADR 6,789 

209 National Cinemedia 1,597 

168 NCR Corporation 5,554 

216 Nestle Spon Adr Rep Reg Shr 16,373 

460 NET Ueps Technologies Inc New 3,581 

18 Netease.com Inc ADS 1,331 

27 New Oriental Ed & Tech Group ADR 2,084 

508 News Corporation CL A 6,713 

56 New Relic, Inc 5,106 

135 Nielsel Holdings PLC 3,549 

370 Noble Energy Inc 9,446 

49 Nordson CP 3,639 

232 Novartis AG ADR 16,487 

61 Novo Nordisk A/S ADR 2,852 

121 Novozymes A/S Unspons APR 6,408 

113 Nutanix Inc CL A 3,133 

201 Nutrien LTD 10,871 

45 NXP Semiconductors NV 4,075 

218 Oracle Corp 10,222 

89 Owens Coming Inc. 4,466 

229 Park24 Co LTD Sponsored 6,793 

147 Patterson Companies Inc 4,226 

172 Paypal Holdings Inc Com 6,897 

157 Pepsico Inc NC 17,119 

43 Perrigo Co LTD 2,136 

417 Pfizer Inc 18,115 

125 PICC Property & Casualty Co LTD 3,626 

23 

MARKET 

VALUE 

$ 4,293 

1,986 

14,476 

6,294 

2,774 

6,842 

8,305 

22,986 

2,096 

5,574 

3,659 

8,543 

2,018 

4,893 

10,702 

1,459 

4,864 

20,850 

1,642 

5,122 

2,577 

6,309 

5,893 

3,447 

10,012 

7,152 

19,077 

2,990 

5,647 

4,880 

10,890 

4,753 

12,062 

4,563 

4,818 

3,210 

19,396 

20,104 

2,061 

16,934 

3,519 
BAC 7:343

NUMBER OF 

SHARES 

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

EIN: 34-6666798 PN: 001 

Schedule of Assets Held for Investment 

(Schedule H, Line 4 i) 

April 30, 2019 

DESCRIPTION COST 

COMMON STOCKS - Continued 

666 Ping An Insurance ADR $ 14,932 

34 Pioneer Natural Resources Co 4,925 

146 PJSC Lukoil Sponsored ADR 9,422 

184 Portola Pharmaceuticals Inc 3,866 

38 Post Holdings Inc 3,045 

49 Power Integrations Inc. 2,307 

180 Proctor & Gamble 16,761 

415 Prudential PLC ADR 15,945 

364 PT BK Mandiri Persero TBK Unsp 1,932 

110 PT Telekomunikasi Indonesia 2,083 

40 Qorvo Inc Com 2,635 

78 Qualys Inc Com 6,885 

58 Quest Diagnostics Inc 4,888 

128 Qurate Retail Inc Series A 2,163 

150 Radian Group Inc 1,516 

133 Rayonier Advanced Materials Inc 2,688 

45 Reinsurance Group of America 5,697 

198 Relx PLC Sponsored ADR 4,341 

168 Retail Opportunity Invst Corp 3,275 

92 Rio Tinto PLC Sponsored ADR 5,729 

889 Roche Holdings 27,942 

1,181 Rolls Royce Holdings PLC 14,190 

392 Royal Dutch Shell PLC CL B 20,243 

249 Royal Dutch Shell PLC 16,160 

38 Ryanair Holdings PLC ADR 2,859 

23 SP Plus Corporation 713 

48 Sage Therapeutics Inc 7,674 

282 SAP AG 26,618 

144 Sasol Ltd 4,493 

286 Sberbank Russia Sponsored ADR 1,868 

130 Schlumberger Ltd 9,857 

84 Semtech Corp 4,347 

225 SGS SAADR 5,739 

265 Shenzhou Instl Group Holdings LTD 3,543 

65 Sinopharm Group Co LTD ADR 1,426 

521 SK Telecom Co LTD 11,155 

74 SL Green Realty CP 6,688 

195 Sonova Hldg AG 5,426 

43 South Street Corp Com 2,762 

136 Southwest Airlines 7,792 

60 Spectrum Brands Holdings Inc 3,299 

24 

MARKET 

VALUE 

$ 16,144 

5,660 

12,484 

6,495 

4,286 

3,872 

19,166 

18,945 

3,968 

2,943 

3,024 

7,040 

5,590 

2,182 

3,513 

1,974 

6,818 

4,542 

2,948 

5,419 

29,390 

14,302 

25,437 

15,819 

2,950 

794 

8,075 

36,339 

4,752 

4,133 

5,548 

4,525 

5,948 

3,535 

1,270 

12,296 

6,537 

7,870 

3,253 

7,375 

3,694 
BAC 7:344

NUMBER OF 

SHARES 

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

EIN: 34-6666798 PN: 001 

Schedule of Assets Held for Investment 

(Schedule H, Line 4 i) 

April 30, 2019 

DESCRIPTION COST 

COMMON STOCKS- Continued 

66 Splunk Inc $ 4,756 

250 SS&C Technologies Holdings Inc. 12,488 

797 SSE PLC Spon ADR 14,814 

244 Starbucks Corp Washington 13,282 

222 Stars Group Inc 5,523 

56 Stericycle Inc 3,381 

52 Steris PLC 5,560 

131 Stewart Information Services 5,206 

80 Stoneridge Inc 2,201 

974 Sumitomo Mitsui TR Hldgs Inc 7,250 

81 Suntrust BKS 5,240 

118 Supemus Pharmaceuticals Inc. 2,004 

335 Symrise AG Unspons ADR 5,160 

41 Syneos Health Inc CL A 1,785 

119 Synopsyslnc 7,066 

241 Sysmex Corp Unspon Adr 7,168 

970 Taiwan SMCNDCTR MFG Co 25,811 

1,205 Takeda Pharmaceutical Co LTD 28,219 

56 Target Corporation 3,826 

153 Techtronic Ind LTD Sponsored ADR 4,962 

31 Teladoc Health Inc 2,314 

47 Temenos AG Sponsored ADR 7,000 

50 Tenaris S.A. 1,392 

426 Tencent Holdings LTD Unsponsored ADR 19,268 

125 Ternium S.A. ADR 3,558 

47 Texas Cap BNCSHS Inc 2,686 

256 The Michaels Companies Inc 4,900 

121 The Mosaic Co New 4,482 

461 Tivo Inc 8,695 

60 Toll Brothers 2,169 

178 Total SA Sponsored ADR 10,180 

86 Total System Services 3,651 

69 Tractor Supply Co 5,105 

192 Trinity Ind 4,224 

106 TripAdvisor Inc Com 4,958 

61 Tyson Foods Inc Class A 3,309 

695 Unicharm Corp Unsponsored ADR 4,469 

2,936 Unicredit SP A - ADR 25,282 

62 Unilever NV NY SH New 3,553 

172 Unilever PLC (New) ADS 7,806 

74 Union Pacific Corp 11,249 

25 

MARKET 

VALUE 

$ 9,111 

16,915 

11,955 

18,954 

4,194 

3,270 

6,811 

5,569 

2,514 

7,100 

5,304 

4,334 

8,063 

1,924 

14,409 

6,869 

42,505 

22,027 

4,336 

5,539 

1,763 

7,846 

1,387 

20,976 

3,081 

3,042 

2,877 

3,159 

4,320 

2,286 

9,909 

8,793 

7,142 

4,140 

5,642 

4,576 

4,611 

20,317 

3,752 

10,458 

13,101 
BAC 7:345

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

EIN: 34-6666798 PN: 001 

Schedule of Assets Held for Investment 

(Schedule H, Line 4i) 

April 30, 2019 

NUMBER OF MARKET 

SHARES DESCRIPTION COST VALUE 

COMMON STOCKS- Continued 

74 United Natural Foods Inc $ 2,718 $ 956 

61 United Parcel Ser Inc Class B 6,669 6,479 

49 United Rentals Inc 3,771 6,905 

135 United Technologies Corp 17,326 19,252 

23 United Therapeutics Corp 2,381 2,359 

23 United Health Group Inc 5,530 5,361 

167 Uniti Group Inc 3,944 1,835 

97 Univar Inc 2,146 2,166 

187 US Foods Holding Corp 5,861 6,835 

69 Valero Energy CP Dela New 6,363 6,255 

212 Vedenta LTD Sponsored ADR 2,130 2,027 

54 Veeva System Inc. CL A 1,563 7,553 

435 Vereit, Inc. 3,072 3,593 

342 Verizon Communications 20,445 19,559 

127 Viacom Inc New Class B 3,209 3,672 

215 Viking Therapeutics Inc 3,125 1,683 

498 Vodafone Group PLC 13,145 9,223 

1,489 Volkswagen AG Spon ADR 22,262 26,616 

168 V onage Holdings Corp 732 1,633 

151 Walt Disney Co Holding Co 15,078 20,683 

136 Waste Management Inc 13,544 14,598 

60 Weibo Corporation 4,332 4,110 

27 Wellcare Health Plans Inc 8,056 6,975 

359 Wells Fargo & Co New 18,542 17,379 

101 West Pharmaceuticals Svcs Inc 9,063 12,503 

93 Western Alliance Bancorp 4,632 4,443 

7 White Mountain Grp Bermuda 2,806 6,573 

69 World Fuel Services Corp 2,143 2,129 

276 WPX Energy Inc 4,737 3,834 

209 Wright Medical Group 5,628 6,180 

103 Wyndham Destinations Inc 3,728 4,487 

74 Wyndham Hotels & Resorts Inc 3,720 4,123 

169 YandexN.V A 4,531 6,326 

93 Zayo Group Holdings 2,155 2,910 

156 Zoetis Inc Class A 8,059 15,887 

Total Common Stocks $ 2,905,483 $ 3,283,768 

26 
BAC 7:346

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

EIN: 34-6666798 PN: 001 

Schedule of Assets Held for Investment 

(Schedule H, Line 4i) 

April 30, 2019 

NUMBER OF MARKET 

SHARES DESCRIPTION COST VALUE 

PREFERRED STOCKS 

172 Telefonica Brasil SA Spon ADR $ 2,144 $ 2,047 

Total Preferred Stocks $ 2,144 $ 2,047 

EXCHANGE TRADED FUNDS 

7,119 iShares US Treasury Bond ETF $ 177,263 $ 178,616 

3,334 iShares Core MSCI Emerging 173,033 176,169 

1,528 iShares TIPS Bond ETF 170,752 173,153 

13,188 iShares Russell 1000 Value ETF 1,846,716 1,983,343 

Total Exchange Traded Funds $ 2,367,763 $ 2,511,280 

MONEY MARKET FUNDS 

86,452 Morgan Stanley Bank NA $ 86,452 $ 86,452 

Total Money Market Funds $ 86,452 $ 86,452 

MUTUAL FUNDS 

32,874 Blackstone Alt Mult Strat Inst $ 343,866 $ 356,684 

25,408 Doubleline Total Return I 266,026 266,788 

18,224 E V Income Fund of Boston I 176,777 177,141 

12,656 Matthews Asian Japan INV 242,608 271,463 

13,574 Victory Trivlnt Intl Sml CAP Y 201,307 178,909 

14,863 Western Asset SMASH Series C 144,175 140,901 

40,892 Western Asset SMASH Series EC 374,426 367,210 

37,563 Western Asset SMASH Series M 396,578 415,071 

Total Mutual Funds $ 2,145,762 $ 2,174,167 

Total Investments $ 8,492,917 $ 9,009,920 

Summary of Investments 

U.S. Government Securities $ 646,037 $ 607,574 

Corporate Bonds 339,276 344,632 

Preferred Stocks 2,144 2,047 

Common Stocks 2,905,483 3,283,768 

Exchange Traded Funds 2,367,763 2,511,280 

Money Market Funds 86,452 86,452 

Mutual Funds 2,145,762 2,174,167 

Total Investments $ 8,492,917 $ 9,009,920 

27 
BAC 7:347

Bricklayers and Allied Craftsmen Local No. 7 Pension Fund 

Schedule of Reportable Transactions 

EIN: 34-6666798 PN: 001 

Schedule H, Line 4j 

For the Year Ended April 30, 2019 

(f) Expense Curre

(c) (d) Incurred (g) Cost of A

(a) Identity of Party Involved Purchase Selling With of Tran

(b) Description of Security Price Price Transaction Asset D

Purchases: 

Vanguard Total Stock Market ETF $ 2,077,765 $ - $ - $ 2,077,765 $ 2,

Morgan Stanley Bank N .A. 1,820,433 - - 1,820,433 1,

Sales: 

Morgan Stanley Bank N.A. - 1,797,442 - 1,797,442 1,

iShares Russell 1000 Growth ETF - 1,387,394 953,086 1,

iShares Russell 1000 Value ETF - 1,511,037 - 1,235,047 1,

$ 3,898,198 $ 4,695,873 $ - $ 7,883,773 $ 8,

28 
BAC 7:348

BRICKLAYERS LOCAL NO. 7 PENSION PLAN 

EIN: 34-6666798/PN: 001 

ATTACHMENT TO 2018 SCHEDULE MB: LINE 4B 

STATEMENT BY ENROLLED ACTUARY 

The plan was certified in Critical and Declining status as of May 1, 2018. Refer to the 

attached PPA certification. This result is based on a funded ratio of 30.3% and an existing 

funding deficiency, which is projected to remain negative at the end of the 2018-19 plan 

year as shown in the table below: 

Credit Balance/ 

As of (Funding Deficiency) 

4/30/2018 (17,279, 0DO) 

4/30/2019 (20,327, 000) 
BAC 7:349 BRICKLAYERS LOCAL NO. 7 PENSION PLAN EIN: 34-6666798/PN: 001 

ATTACHMENT TO 2018 SCHEDULE MB: LINE 4B CASH FLOW PROJECTIONS 

The plan is also projected to have an insolvency for the plan year ending April 30, 2023 as shown in the cash flow tables bel

PYB 4/30/2017 4/30/2018 4/30/2019 4/30/2020 

PYE 4/30/2018 4/30/2019 4/30/2020 4/30/2021 

Market Value at beg. of yr. 12,893,823 11,481,687 9,396,496 7,068,708 

Contributions 719,831 612,000 612,000 612,000 

Administrative expenses (109,913) (120,000) (120,000) (120,000) 

Benefit payments (3,012,873) (3,185,420) (3,299,483) (3,334,653) 

Investment earnings 990,819 608,229 479,695 338,973 

Market Value at end ofyr. 11,481,687 9,396,496 7,068,708 4,565,028 

PYB 4/30/2022 

PYE 4/30/2023 

Market Value at beg. of yr. 1,899,905 

Contributions 612,000 

Administrative expenses (120,000) 

Benefit payments (3,373,956) 

Investment earnings 27,666 

Market Value at end of yr. (954,385) 
BAC 7:350

BRICKLAYERS LOCAL NO. 7 PENSION PLAN 

EIN: 34-6666798/PN: 001 

ATTACHMENT TO 2018 SCHEDULE MB: LINE 6 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, line 6 - Summary of Plan Provisions 

Attached is a summary of the plan provisions valued. The plan provisions are the same 

as those valued in the preceding year. 

Schedule MB, line 6 - Statement of Actuarial Assumptions/Methods 

Attached is a summary of the actuarial assumptions and methods used to perform the 

most recent valuation. 
BAC 7:351

Schedule MB, line 6 - Summary of Plan Provisions 

Bricklayers Local No. 7 Pension Plan EIN:34-6666798/PN:001 

May 1, 2018 

PLAN H ISTORY 

Origins/Purpose 

The Bricklayers and Masons Local Union No. 7 Pension Plan was established effective 

February 1, 1968 as a result of a Collective Bargaining Agreement between the 

Associated General Contractors of America, Akron Chapter, the General Contractors 

Association of Akron and Akron Masons Contractors Association and the Bricklayers' 

and Masons' Local No. 7, Ohio of Bricklayers, Masons and Plasterers International 

Union of America. The Bricklayers' and Masons Local No. 23 became a Participating 

Union under the Plan as of July 1, 1969 and the Bricklayers' and Masons' Local No. 13 

became a Participating Union under the Plan as of April 22, 1970. Both Locals have 

since merged into Local No. 7. 

The Pension Plan is managed under the provisions of the Labor Management Relations 

Act by a Board of Trustees consisting of an equal number of representatives from Labor 

and from Management. 

The purpose of the pension plan is to provide Normal and Early Retirement Benefits, 

Joint and Survivor Benefits, Deferred Vested Benefits and Death benefits. Benefits first 

became payable on February 1, 1968. 

Employer Contributions 

The Pension Plan is financed entirely by contributions from the employers as specified in 

the Collective Bargaining Agreements. The history of recent hourly contribution rates is 

shown in the following table: 

I Effective Date Hourly Contribution Rate * 

May 1, 1979 

June 1, 1981 

June 19, 1982 

June 1, 1983 

June 1, 1984 

June 1, 1990 

June 1, 1996 

June 1, 2006 

June 1, 2007 

Sept. 1, 2008 

June 1, 2009 

June 1, 2010 

June 1, 2011 

June 1, 2012 

June 1, 2013 

June 1, 2014 

June1,2015 

June 1, 2016 

$ 0.80 

1.05 

1.25 

2.00 

3.00 

3.27 

3.30 

3.55 

4.01 

4.41 

4.81 

5.21 

5.61 

6.01 

6.41 

6.46 

6.66 

6.80 

* Effective May 1, 2006 to April 30, 2016, $2.00 of the hourly rate will be used to 

calculate benefits. 

Reciprocity 

The Trustees have entered into various money follows the man reciprocity agreements 

whereby a participant who transfers employment between signatories to such 

agreements will not lose pension credits. 

United Actuarial Services, Inc. Page A-1 
BAC 7:352

Schedule MB, line 6 - Summary of Plan Provisions 

Bricklayers Local No. 7 Pension Plan EIN:34-6666798/PN:oo·t 

May 1, 2018 

Participation 

Year of service 

Break in service 

Forfeited service 

Normal retirement benefit 

Eligibility 

Monthly amount 

Early retirement benefit 

Eligibility 

Monthly amount 

Optional forms of 

payment 

United Actuarial Services, Inc. 

SUMMARY OF PLAN PROVISIONS 

May 1 following completion of 435 hours during a twelve 

consecutive month period, or prior November 1, if earlier. 

Plan year with at least 435 hours. 

Plan year with less than 435 hours. 

A non-vested participant with a number of consecutive 

breaks in service equaling the greater of 5 or his years of 

service. A vested participant cannot forfeit his years of 

service. 

Age 62 and 5 years of service or, if earlier, age 65 and 5 

years of participation. 

$1.00 per year of past service plus 4.10% of employer 

contributions made on and after February 1, 1968 and 

before May 1, 2003; plus 3.00% of employer contributions 

made on and after May 1, 2003 and before May 1, 2005; 

plus 1.00% of employer contributions made on and after 

May 1, 2005 and before May 1, 2006; · plus 1.00% of 

$2.00 of employer contributions made on and after May 1, 

2006 and before May 1, 2016; plus 0.30% of the first 

$6.66 and 1.0% of contributions over $6.66 for employer 

contributions made on and after May 1: 2016. 

Payable for life. 

Age 55 and 10 years of service. 

Normal, reduced by .5833% for each month under age 

62. Payable for life. 

* Normal, reduced by 1/3 of 1% for each month under age 

62 for benefits of participants who. were at least age 55 

and had at least 10 years of service on May 1, 2009. 

• 60 month certain and life 

• Joint and 50% survivor* 

• Joint and 75% survivor* 

• Joint and 100% survivor* 

* If spouse pre-deceases participant, amount in pay 

status pops-up to amount that would have been 

payable if the participant had not elected the joint and 

survivor. The pop-up feature is not subsidized. 

Page A-2 
BAC 7:353

Schedule MB, line 6 - Summary of Plan Provisions 

Bricklayers Local No. 7 Pension Plan EIN:34-6666798/PN:001 

May 1, 2018 

Total and permanent 

disability benefit 

Eligibility 

Deferred vested benefit 

Eligibility 

Monthly amount 

Pre-retirement surviving 

spouse benefit* 

Eligibility 

Monthly amount 

Eligibility 

Monthly amount 

Pre-retirement 5 year 

certain death benefit 

Eligibility 

United Actuarial Services, Inc. 

SUMMARY OF PLAN PROVISIONS (CONTINUED) 

No longer available as of May 1, 2009. 

5 years of service, termination of covered employment. 

100% of normal, payable at normal or at early with 

reduction. Payable for life. 

Death of participant with eligible spouse after becoming 

eligible for, but prior to, retirement. 

50% of participant's joint and 50% survivor annuity 

payable to spouse for life commencing the first day of the 

month following participant's death. 

Death of participant with eligible spouse prior to earliest 

retirement age. 

50% of participant's joint and 50% survivor annuity 

payable to spouse for life commencing at participant's 

earliest retirement date. 

* The cost of the pre-retirement surviving spouse benefit 

is paid by the participant. 

Benefit eliminated for deaths on or after May 1, 2009, 

effective May 1, 2009. 

Page A-3 
BAC 7:354

BRICKLAYERS LOCAL NO. 7 PENSION PLAN 

EIN: 34-6666798/PN: 001 

ATTACHMENT TO 2018 SCHEDULE MB: LINE 6 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, line 6 - Summary of Plan Provisions 

Attached is a summary of the plan provisions valued. The plan provisions are the same 

as those valued in the preceding year. 

Schedule MB, line 6 - Statement of Actuarial Assumptions/Methods 

Attached is a summary of the actuarial assumptions and methods used to perform the 

most recent valuation. 
BAC 7:355

Schedule MB, line 6 - Statement of Actuarial Assumptions/Methods 

Bricklayers Local No. 7 Pension Plan EIN:34-6666798/PN:001 

May 1, 2018 

ACTUARIAL ASSUMPTIONS 

The following assumptions are used throughout this report except as specifically noted 

herein. 

Valuation date 

Interest rates 

ER/SA rate of return 

used to value liabilities 

Current liability 

Operational expenses 

Mortality 

Assumed plan mortality 

Current liability 

Future retirement rates 

Active lives 

Inactive vested lives 

United Actuarial Services, Inc. 

May1,2018 

7. 00% per year net of investment expenses. 

2.99% (in accordance with Section 431 (c)(6) of the 

Internal Revenue Code). 

$120,000 per future year. For the present value of 

expenses for ASC 960, a 7.50% load was applied to the 

ASC 960 liabilities. This load was calculated by taking 3 

years of actual expenses divided by 3 years of actual 

benefit payments. 

100% of the RP-2014 Blue Collar Mortality Tables for 

employees and healthy annuitants adjusted backward to 

2006 with the MP-2014 projection scale and projected 

forward using the MP-2017 projection scale. 

Separate annuitant and non-annuitant rates based on the 

RP-2000 Mortality Tables Report developed for males 

and females as required by Section 431 (c)(6) of the 

Internal Revenue Code. 

When eligible and according to the following schedule: 

Age 

55 

56-57 

58 

59 

60 

61 

62+ 

Retirement 

Rate 

.15 

.05 

.10 

.20 

.30 

.40 

1.00 

Resulting in an average expected retirement age of 60.2. 

If terminated prior to 5/1 /99, later of normal retirement age 

or age on valuation date. If terminated after 5/1 /99, later 

of age 59 or age on valuation date. 

Page B-1 
BAC 7:356

Schedule MB, line 6 - Statement of Actuarial Assumptions/Methods 

Bricklayers Local No. 7 Pension Plan EIN:34-6666798/PN:001 

May 1, 2018 

Withdrawal 

Future annual work hours 

Vested lives 

Non-Vested lives 

ACTUARIAL ASSUMPTIONS (CONTINUED) 

T-8 Turnover Table from The Actuary's Pension 

Handbook (less GAM 51) adjusted after age 49 -

specimen rates shown below: Assumed rate during 

second year of employment is 35%* and 20% for next 

year. 

. Withdrawal 

Age Rate 

25 .1162 

30 .1121 

35 .1055 

40 .0940 

45 .0754 

50 .0531 

55 .0190 

60 .0100 

62 .0100 

* All newly reported participants are considered to have 

already worked their first year of employment. 

1,100 hours, 0 after assumed normal retirement age. 

650 hours, 0 after assumed normal retirement age. 

Future hourly contribution $6.80 

rate 

Age of participants with Based on average entry age of participants with recorded 

unrecorded birth dates birth dates and same vesting status. 

Spouse assumptions 100% assumed married with the male spouse 3 years 

older than his wife. 

Optional form assumption All non-retired participants assumed to elect the life only 

form of benefit. 

Inactive vested lives over Continuing inactive vested participants over age 70 are 

age 70 assumed deceased and are not valued . 

United Actuarial Services, Inc. Page 8-2 
BAC 7:357

Schedule MB, line 6 - Statement of Actuarial Assumptions/Methods 

Bricklayers Local No. 7 Pension Plan EIN:34-6666798/PN:001 

May 1, 2018 

QDRO benefits 

Section 415 limit 

assumptions 

Dollar limit 

Assumed form of 

payment for those limited 

by Section 415 

Benefits not valued 

United Actuarial Services, Inc. 

ACTUARIAL ASSUMPTIONS (CONTINUED) 

Benefits to alternate payee included with participant's 

benefit until payment commences. 

$220,000 per year. 

Qualified joint and 100% survivor annuity. 

Pre-retirement death benefits following withdrawal or 

disability for active participants. 

Page B-3 
BAC 7:358

Schedule MB, line 6 - Statement of Actuarial Assumptions/Methods 

Bricklayers Local No. 7 Pension Plan EIN:34-6666798/PN:001 

May 1, 2018 

RATIONALE FOR SELECTION OF ACTUARIAL ASSUMPTIONS 

The non prescribed actuarial assumptions were selected to provide a reasonable long 

term estimate of developing experience. The assumptions are reviewed annually, 

including a comparison to actual experience. The following describes our rationale for 

the selection of each non-prescribed assumption that has a significant effect on the 

valuation results. 

ERISA rate of return used 

to value liabilities 

Mortality 

Retirement 

Withdrawal 

Future work hours 

United Actuarial Services, Inc. 

Future rates of return were modeled based on the Plan's 

current investment policy asset allocation and composite, 

long-term capital market assumptions taken from Horizon 

Actuarial's 2018 survey of investment consultants. 

Based on this analysis, we selected a final assumed rate 

of 7.00%, which we feel is reasonable. This rate may not 

be appropriate for other purposes such as settlement of 

liabilities. 

The RP-2014 Blue Collar Mortality Tables for employees 

and healthy annuitants adjusted backward to 2006 with 

the MP-2014 projection scale and projected forward using 

the MP-2017 projection scale was chosen as the base 

table for this population. 

The blue collar table was chosen based on the industry of 

plan participants 

Actual rates of retirement by age were studied for the 

period May 1, 2012 to April 30, 2017. The assumed future 

rates of retirement were selected based on the results of 

this study. 

Actual rates of withdrawal by age were studied for the 

period May 1, 2012 to April 30, 2017. The assumed future 

rates of withdrawal were selected based on the results of 

this study. 

Based on review of recent plan experience adjusted for 

anticipated future changes in workforce. 

Page B-4 
BAC 7:359

Schedule MB, line 6 -· Statement of Actuarial Assumptions/Methods 

Bricklayers Local No. 7 Pension Plan EIN:34-6666798/PN:00·t 

May 1, 2018 

Funding method 

ER/SA Funding 

Funding period 

Population valued 

Actives 

Inactive vested 

Retirees 

Asset valuation method 

Actuarial value 

Unfunded vested 

benefits 

United Actuarial Services, Inc. 

ACTUARIAL METHODS 

Traditional unit credit cost method, effective May 1, 2007. 

Individual entry age normal with costs spread as a level 

dollar amount over service. 

Employees who have satisfied the plan's eligibility 

requirements (435 hours worked in a plan year) and who 

had at least one hour during the preceding plan year. 

Vested participants with no hours during the preceding 

plan year. 

Participants and beneficiaries in pay status as of the 

valuation date. 

Smoothed Market Value Method with phase in effective 

May 1, 1996. Each year's gain (or loss) is spread over a 

period of 5 years. The actuarial value is limited to not 

less than 80% and not more than 120% of the actual 

market value of assets in any plan year. 

For the presumptive method, actuarial value, as 

described above, is used. 

Page B-5 
BAC 7:360

Attained 

age Under 1 1 to 4 5 to 9 

Under 25 0 4 0 

25 to 29 1 5 1 

30 to 34 0 11 3 

35 to 39 0 6 4 

40 to 44 0 3 7 

45 to 49 0 8 4 

50 to 54 0 3 1 

55 to 59 0 2 1 

60 to 64 0 0 2 

65 to 69 0 1 1 

70 & up 0 0 0 

May contain values based on estimated data 

Schedule MB, Line Bh(2) - Scfwdule of l\ctive Participant Data 

Briclrfiwers Local No. 7 Piinsion Plan EJN.- 34-6666798/f3N: 00·1 

May 'I, 201 iJ 

Years of Service 

10 to 14 15 to 19 20 to 24 25 to 29 30 to 34 35 to 39 40 & up 

0 0 0 0 0 0 0 

0 0 0 0 0 0 0 

1 1 0 0 0 0 0 

1 1 0 0 0 0 0 

5 0 0 0 0 0 0 

0 4 4 1 0 0 0 

2 1 5 0 0 0 0 

2 2 6 3 1 2 0 

0 0 2 2 1 0 0 

0 0 0 0 0 0 0 

0 0 0 0 0 0 0 
BAC 7:361

BRICKLAYERS LOCAL No. 7 PENSION PLAN 

EIN: 34-6666798/PN: 001 

ATTACHMENT TO 2018 SCHEDULE MB: LINE 9 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, lines 9c and 9h - Schedule of Funding Standard Account 

Bases 

Attached is a schedule of minimum funding amortization bases maintained pursuant to 

IRC Section 431. 
BAC 7:362

Date Source of Change in 

Established Unfunded Liability 

Charges 

5/1/1979 Plan Amendment 

5/1/1989 Plan Amendment 

5/1/1990 Assumptions 

5/1/1994 Assumptions 

5/1/1996 Assumptions 

5/1/1996 Plan Amendment 

5/1/1997 Assumptions 

5/1/1997 Plan Amendment 

5/1/1998 Plan Amendment 

5/1/1999 Plan Amendment 

5/1/2000 Assumptions 

5/1/2000 Plan Amendment 

5/1/2002 Amendment 

5/1/2002 Assumptions 

5/1/2004 Experience Loss 

5/1/2005 Experience Loss 

5/1/2006 Experience Loss 

5/1/2007 Assumptions 

5/1/2008 Experience Loss 

5/1/2009 Experience 

5/1/2011 Experience 

5/1/2012 Assumptions 

5/1/2012 Experience 

5/1/2013 Experience 

5/1/2015 Assumptions 

5/1/2016 Experience 

5/1/2017 Assumptions 

5/1/2017 Experience Loss 

5/1/2018 Assumption 

5/1/2018 Experience 

Bricklayers Local No. 7 Pension Plan 

EIN: 34-6666798/PN: 001 

Attachment to 2018 Schedule MB: Lines 9c and 9h 

Schedule of Funding Standard Account Bases 

5/1/2018 

Original Original Remaining Period Outstanding 

Amount Period Years / Months Balance 

40 0 49,512 

30 0 54,013 

30 2 0 40,146 

513,413 30 6 0 209,262 

475,139 30 8 0 241 ,229 

366,610 30 8 0 186,153 

302,027 30 9 0 166,877 

2,024,332 30 9 0 1,118,437 

1,046,114 30 10 0 620,927 

1,094,569 30 11 0 691 ,284 

481,195 30 12 0 320,864 

208,860 30 12 0 139,275 

20,726 30 14 0 15,122 

685,458 30 14 0 500,139 

1,064,453 15 0 114,518 

2,241,650 15 2 0 464,540 

1,908,358 15 3 0 571,600 

30,385 30 19 0 25,841 

296,362 15 5 0 137,568 

6,709,219 15 6 0 3,606,394 

1,462,111 15 8 0 977,244 

532,014 15 9 0 386,596 

1,652,462 15 9 0 1,200,784 

923,614 15 10 0 721 ,017 

800,095 15 12 0 701,665 

1,522,690 15 13 0 1,401,719 

2,901,933 15 14 0 2,790,826 

1,474,632 15 14 0 1,418,172 

1,567,670 15 15 0 1,567,670 

155,801 15 15 0 155,801 

Total Charges: 20,595,195 

Page C-1 

5/1/2018 

Amortization 

Payment 

49,512 

54,013 

20,752 

41,030 

37,755 

29,135 

23,938 

160,435 

82,622 

86,157 

37,755 

16,388 

1,616 

53,447 

114,518 

240,125 

203,560 

2,337 

31,357 

707,109 

152,950 

55,455 

172,247 

95,941 

82,562 

156,745 

298,240 

151,552 

160,861 

15,987 

3,336,101 
BAC 7:363

Date Source of Change in 

Established Unfunded Liability 

Credits 

5/1/1989 Assumptions 

5/1/1992 Assumptions 

5/1/1993 Assumptions 

5/1/1995 Plan Amendment 

5/1/2003 Assumption 

5/1/2003 Plan Amendment 

5/1/2005 Assumptions 

5/1/2005 Plan Amendment 

5/1/2006 Plan Amendment 

5/1/2007 Experience Gain 

5/1/2009 Plan Amendments 

5/1/2010 Assumptions 

5/1/2010 Experience Gain 

5/1/2011 Assumptions 

5/1/2014 Experience Gain 

5/1/2015 Experience 

5/1/2016 Assumptions 

Bricklayers Local No. 7 Pension Plan 

EIN: 34-6666798/PN: 001 

Attachment to 2018 Schedule MB: Lines 9c and 9h 

Schedule of Funding Standard Account Bases 

Original Original Remaining Period 

Amount Period Years I Months 

30 0 

30 4 0 

30 5 0 

158,607 30 7 0 

113,096 30 15 0 

2,117,342 30 15 0 

41,563 30 17 0 

3,412,714 30 17 0 

652,500 30 18 0 

382,876 15 4 0 

2,291,241 15 6 0 

68,862 15 7 0 

2,238,307 15 7 0 

44,153 15 8 0 

632,588 15 11 0 

212,291 15 12 0 

449,009 15 13 0 

Total Credits: 

Net Charges: 

Less Credit Balance: 

Less Reconciliation Balance: 

Unfunded Actuarial Liability: 

Page C-2 

5/1/2018 

Outstanding 

Balance 

26,200 

2,579 

75,121 

72,888 

85,685 

1,604,142 

33,577 

2,756,021 

541,465 

147,413 

1,231,612 

41,693 

1,355,204 

29,510 

525,464 

186,175 

413,337 

9,128,086 

11,467,109 

-17,247,928 

0 

28,715,037 

5/1/2018 

Amortization 

Payment 

26,200 

712 

17,123 

12,640 

8,792 

164,604 

3,214 

263,819 

50,307 

40,673 

241,483 

7,230 

235,012 

4,619 

65,490 

21,906 

46,221 

1,210,045 

2,126,056 
BAC 7:364

BRICKLAYERS LOCAL No. 7 PENSION PLAN 

EIN: 34-6666798/PN: 001 

ATTACHMENT TO 2018 SCHEDULE MB: LINE 11 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, line 11 - Justification for Change in Actuarial Assumptions 

The assumptions and methods differ from those used the preceding year in the following 

respects: 

• The mortality projection scale was updated from MP-2016 to MP-2017 but the mortality 

rate multiplier remained 100%. These changes were made in order to reflect the latest 

mortality improvement data available and to better match the standard tables to 

specific plan experience. 

• The ERISA rate of return assumption used to value liabilities was changed from 7.50% 

to 7.00% to provide our best estimate of the future rate of net investment return based 

on the Plan's current investment policy and asset allocation. 

• The current liability interest rate was changed from 3.05% to 2.99%. The new rate is 

within established statutory guidelines. 

Actuary's Statement of Reliance 

In completing this Schedule MB, the enrolled actuary has relied upon the correctness of 

the financial information presented in the pension fund audit and upon the accuracy and 

completeness of participant census data provided by the plan administrator. 
BAC 7:365

BRICKLAYERS LOCAL ~O. 7 PENSION PLAN 

EIN: 34-6666798/PN: 001 

ATTACHMENT TO 2018 SCHEDULE MB: LINE 4C AND 4F 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, line 4c - Documentation Regarding Progress Under Funding 

Improvement or Rehabilitation Plan 

The Plan has made the scheduled progress as of May 1, 2019 as outlined in the 2009 

rehabilitation plan, which was updated on December 7, 2017. This is based on the data, 

plan provisions, assumptions and methods as described in the attached certification dated 

July 29, 2018. Projections indicate that the Plan is not projected to emerge from Critical 

and Declining at the end of the rehabilitation plan period. This rehabilitation plan, however, 

includes the use of the "exhaustion of all reasonable measures" clause of I RC 

432(e)(3)(A)(ii). Therefore, we interpret scheduled progress for this Plan to mean 

continued use of all reasonable measures to forestall insolvency. Due to competitive 

pressures, the trustees do not believe any further contribution rate increase or benefit 

changes could be supported at this time without having a net negative impact on the Fund. 

The trustees continue to monitor this situation annually. 

Schedule MB, line 4f- Cash Flow Projections/Assumptions Used to Project 

Plan Year of Emergence from Critical and Declining Status 

The year of insolvency was calculated on the same basis as the 2019 PPA certification 

scheduled progress. 

The cash flow projections in the following tables are based on the below assumptions: 

Assumed return on fund 6.00% per year for the period May 1, 2019 through April 30, 

assets 2028; 7.00% per year thereafter 

Future total hours worked 90,000 for the plan year ending 2020 and thereafter 

Contribution rate None 

increases 

Plan changes None