APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 2.4

Development of Minimum Required Contribution - Amortization Record

Date of First Outstanding Amortization
Initial Charge Remaining Balance Charge or
Amount or Credit Period* Beg. of Year Credit
1. tization Charges
a. Combined Bases $ 35,873,400 1/1/1989 2.000 $ 2,889,443 $ 1,493,579
b. 1991 Benefit Change 4,915,400 1/1/1991 9.000 2,048,411 293,835
c 1994 Assumption Change 1,093,800 1/1/1994 12.000 592,401 69,705
d. 1994 Benefit Change 3,785,300 1/1/1994 12.000 2,050,034 241,218
e 1995 Benefit Change 563,976 1/1/1995, 13.000 326,562 36,518
f. 1996 Benefit Change 12,056,033 1/1/1996 14.000 7,407,588 791,608
g. 1997 Benefit Change 3,069,392 1/1/1997 15.000 1,988,477 204,042
h. 1998 Benefit Change 9,903,744 1/1/1998 16.000 6,728,044 665,622
i, 1999 Assumption Change 6,110,025 1/1/1999 17.000 4,332,061 414,685
i 2000 Benefit Change 6,061,373 1/1/2000 18.000 4,466,764 415,002
k. 2001 Benefit Change 2,142,636 1/1/2001 19.000 1,635,183 147,858
I 2002 Benefit Change 198,863 1/1/2002 20.000 156,673 13,822
m. 2001 Actuarial Loss 4,022,217 1/1/2002 5.000 1,228,617 280,044
n 2002 Actuarial Loss 8,363,701 1/1/2003 6.000 3,127,284 613,169
0. 2003 Benefit Change 2,219,172 1/1/2003 21.000 1,843,615 159,015
p. 2003 Actuarial Loss 1,443,554 1/1/2004 7.000 636,349 110,351
q. 2004 Actuarial Loss 4,850,250 1/1/2005 8.000 2,452,183 383,797
4 2005 Benefit Change 1,123,349 1/1/2005 23.000 958,309 79,453
Ss. 2005 Actuarial Loss 2,883,606 1/1/2006 9.000 1,637,392 234,877
t. 2007 Assumption Change 3,258,771 1/1/2007 25.000 2,900,699 232,626
u 2008 Plan Change 571,064 1/1/2008 11.000 390,643 48,686
v. 2008 Actuarial Loss 17,178,277 1/1/2009 12.000 12,675,809 1,491,504
w. 2009 Plan Change 1,604,038 1/1/2009 12.000 1,183,612 139,271
x. 2009 Actuarial Loss 2,680,954 1/1/2010 13.000 2,115,008 236,508

* Remaining periods were increased by 5 years effective January 1, 2010 pursuant to an automatic extension of amortization periods under IRC Section 431(d).

The McKeogh Company -13- Iron Workers Local No. 16
Pension Plan

1W16-0453


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

PART V

DEMOGRAPHIC INFORMATION

1W16-0474


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)

2017 Actuarial Valuation

Section 4.2

Summary of Plan Assets*

IRONWORKERS LOCAL UNION 16 PENSION FUND

As of January 1,

2017 2016 2015 2014 2013

Pooled Funds $ 26,016,901 $ 28,469,859 $ 28,357,361 $ 20,969,435 $ 23,119,954
Common and Preferred Stocks 14,621,012 19,053,531 21,597,299 22,056,524 16,620,170
Mutual Funds 0 0 0 5,881,837 5,145,232
Limited Partnerships 25,714,689 22,580,414 24,711,179 25,646,415 20,298,383
Corporate Obligations 8,165,489 6,840,983 7,882,902 8,640,367 9,872,017
U.S. Government Agency Obligations 1,024,338 1,205,941 1,003,061 912,062 2,969,740
Short-term Investments 691,685 826,487 950,716 1,479,486 1,241,808
Cash and Cash Equivalents 2,235,070 1,810,030 1,350,143 2,178,119 2,404,015
Fixed Assets 99,139 101,912 104,685 107,458 110,231
Receivables and Prepaid Expenses 523,491 610,749 531,190 494,261 867,982
Accounts Payable and Other Liabilities (126,733) (204,670) (263,160) (136,690) (130,272)
Net Assets Available for Benefits $ 78,965,081 $ 81,295,236 $ 86,225,376 $ 88,229,274 $ 82,519,260
* Per Auditor's Reports

The McKeogh Company -28- Iron Workers Local No. 16

Pension Plan

1W16-0470


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

PART VI

ACTUARIAL BASIS

1W16-0479


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 1.7
Projections

(Continued)

Zone Projections

Projection of Credit Balance Showing Zones (§ millions)

As shown by the red checkered area on the graph to the right, the plan is in critical and
declining status as of 2017 and is projected to remain at that level for the duration of
the projection period. A plan is generally in critical and declining status if it is in
critical status and is projected to become insolvent within 15-20 years. In accordance
with the Multiemployer Pension Reform Act of 2014, the Section 431(d)(1)
amortization extension has been reflected for Plan Years beginning January 1, 2010 for
bases established on or before January 1, 2010, although the extension will not improve
the Plan’s funded status nor affect the Plan’s projected insolvency date. Actual future
credit balance values will differ from those projected to the extent that future
experience deviates from the Projection Assumptions. Again, this graph is based on the Projection Assumptions shown below.

th

Im

Bststese28

Projection Assumptions

The Plan’s assets, liabilities and funding standard account credit balance were projected forward from the January 1, 2017 valuation based on the
following assumptions:
¢ All valuation assumptions, other than investment return, are met during the projection period. The Plan’s investment return (net of investment
expenses) reflects a preliminary unaudited annualized 2017 investment return on the market value of assets of 9.47% and the assumption of 7.00%
per year from January 1, 2018 forward.
¢ 2017 Plan Year contributions of approximately $3.4 million, based on projected hours of 355,000 during the 2017 Plan Year and an effective
hourly contribution rate of $9.50.

© Expected benefit payments of $11.5 million during the 2017 plan year, gradually decreasing to $11.1 million during 2022, to $10.2 million during
2027, to $9.1 million during 2032, and to $7.1 million during 2039. These benefit payments are based on an open group projection, reflecting the

The McKeogh Company -B- Iron Workers Local No. 16
Pension Plan

1W16-0447


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

Pop-Up Benefit

Normal and Optional
Forms of Payment

Other Benefits
Postretirement Death

Benefit

13" Check

Changes from Prior Year

IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 7.1

Plan Provisions

(Continued)

The pension amount will be increased to the amount that would have been payable in the single life annuity form of
pension. This benefit is available for participants who commence on or after January 1, 1996 and elect the Joint and 50%
Survivor Option.

The basic pension benefits described above are payable as a single life annuity (single life annuity with 60
monthly payments guaranteed, for those retiring prior to June 1, 2012). Married employees receive a benefit which is the
basic benefit actuarially reduced to provide the spouse with a 50% contingent annuity benefit.

Prior to June 1, 2012, certain participants could elect a lump sum payment with respect to the portion of the benefit
attributable to Service Credits over 25 years.

Other optional forms of payment are: Joint and 50%, 75% or 100% to Survivor, and life with 60, 120 or 180 monthly
payments guaranteed. Married participants must have spousal consent to elect a form of payment other than the Joint and
50% to Surviving Spouse form.

At the death of a Participant receiving a pension benefit who dies prior to January 1, 2016, a single sum death benefit shall
be paid to the named beneficiary in an amount equal to $1,500. This benefit has been eliminated for deaths occurring on
or after January 1, 2016.

Pensioners on the rolls at December 31, 2007 shall be entitled to one additional monthly payment in January of each year
equal to the pensioner’s current monthly pension payment, with a minimum of $1,000. Participants who retired between
January 1, 2008 and December 31, 2009 were entitled to one additional monthly payment (without the $1,000 minimum)
in January of each year with the last such payment made in January 2013. Participants who retired after

December 31, 2009 are not eligible for this benefit. Beneficiaries of participants who retired before January 1, 2010 are
also eligible for the 13" check, equal to the beneficiary’s monthly pension payment (with a minimum of $1,000 if the
deceased pensioner retired prior to January 1, 2008).

There were no changes to the plan of benefits since the prior valuation.

The McKeogh Company

-44- Iron Workers Local No. 16
Pension Plan

1W16-0489


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

Eligibility for Benefits

Normal Pension
Early Retirement Pension

Service Pension

Disability Pension

Deferred Pension

Hours Bank

Preretirement Surviving
Spouse Benefit

Preretirement Lump Sum
Death Benefit

Pop-Up Benefit

IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 7.1

Retirement on or after NRD.
Retirement prior to NRD but after attaining age 55 and earning 10 or more Service Credits.

Retirement prior to June 1, 2012: Completion of 25 Service Credits if the participant earned at least one Service Credit
prior to September 1, 2004. Completion of 30 or more Service Credits and attainment of age 50 for all other participants.

Retirement after June 1, 2012: Completion of 30 or more Service Credits and attainment of age 55. If the participant
earned at least 25 Service Credits prior to June 1, 2012 (Grandfathered Participant), eligibility determined as described
above.

The Disability Pension was eliminated for Participants that become totally and permanently disabled on or after
January 1,2014, For onsets prior to January 1, 2014, eligibility was based on fifteen or more Service Credits as well as
certain hours and age requirements.

Termination of Covered Employment for reasons other than death or retirement after completing 5 or more years of
Vesting Service.

At retirement, a Participant may use the Hours Bank to provide full or partial Service Credit for a year in which the
Participant did not work sufficient hours to earn one Service Credit in that year. Specific rules and procedures exist in
order to calculate such additional Service Credits.

Participant dies after completing 5 or more years of Vesting Service and leaves a surviving spouse to
whom the Participant was married for at least one year at the time of the Participant’s death.

Participant dies prior to termination and retirement. Available only if the Preretirement Surviving Spouse benefit is not
payable or has been waived.

Married Participant who retires after January 1, 1996 with a 50% Joint and Survivor Annuity and who is predeceased by
his/her spouse.

The McKeogh Company

Iron Workers Local No. 16
Pension Plan

-42-

1W16-0487


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 7.1

Plan Provisions

(Continued)
Service Credits Service Credits are based on Hours of Service in Covered Employment during a Plan Year, according to the following
schedules:
Hours of Service
Service Apr. 1, 1960 — Jan. 1, 1993 — Jan. 1, 2008 — Jan. 1, 2011 — Jan. 1, 2015
Credits Dec. 31, 1992 Dec. 31, 2007 Dec. 31, 2010 Dec. 31, 2014 and later

0.00 Less than 500 Less than 262.50 Less than 300 Less than 500 Less than 400

0.25 500-699 262.50 — 524.25 300 —599 500 — 699 400 —799
0.50 700 — 999 524.50 — 787.25 600 — 899 700 —999 800 — 1,199
0.75 1,000 — 1,399 787.50 — 1,049.25 900 — 1,199 1,000 — 1,399 1,200 — 1,599
1.00 1,400 or more 1,050 or more 1,200 or more 1,400 or more 1,600 or more
Hours Bank A Participant’s Hours of Service in excess of 1,600 in a Plan Year earned on or after April 1, 1960 will be credited to the

Participant’s Hours Bank, A Participant’s Hours Bank will be limited to a maximum of 3,500 hours (2,800 hours prior to
January 1, 1998).

The McKeogh Company -40- Iron Workers Local No. 16
Pension Plan

1W16-0485


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 2.7

Estimated Maximum Deductible Contribution

1. Normal Cost for Plan Year Beginning January 1, 2017 $ 704,197
2. Unfunded Accrued Liability as of January 1, 2017, not less than 0 $ 53,476,657
3. Ten Year Amortization of Unfunded Accrued Liability $ 7,115,769
4, — Interest on (1) and (3) to End of Year $ 547,398
5. Limitation Under Section 404(a)(1)(A)(iii) of Internal Revenue Code $ 8,367,364

=(1)+(3)+ (4)

6. Minimum Required Contribution $ 0
7. Greater of (5) and (6) $ 8,367,364
8. Full Funding Limitation (See Section 2.8) $ 98,240,606
9. Excess of 140% of RPA '94 Current Liability over Actuarial Value of Assets $ 192,288,901

10. Limitation on Maximum Deductible Contribution for Plan Year Beginning January 1,2017  $ 192,288,901
= Lesser of (7) and (8), but not less than (9)

The McKeogh Company -17- Iron Workers Local No. 16
Pension Plan

1W16-0457


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 5.1

Historical Participant Information

Terminated All Other Ratio of

w/Deferred Disabled Retirees & Inactives to
January 1 Actives Benefits Retirees Beneficiaries Total Actives
2017 189 244 30 603 1,066 464.0%
2016 233 213 34 604 1,084 365.2%
2015 261 191 35 619 1,106 323.8%
2014 278 181 37 623 1,119 302.5%
2013 284 209 34 610 1,137 300.4%
2012 325 181 34 600 1,140 250.8%
2011 351 215 37 599 1,202 242.5%
2010 489 186 38 a7: 1,286 163.0%
2009 553 187 37 558 1,335 141.4%
2008 505 206 a7 548 1,296 156.6%
2007 417 220 37 537 1,211 190.4%
2006 440 208 not available 549 1,197 172.0%
2005 460 148 not available 554 1,162 152.6%

The McKeogh Company -32- Iron Workers Local No. 16

Pension Plan

1W16-0475


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

TABLE OF CONTENTS
(Continued)

Part III — Withdrawal Liability Information

ou
3.2
83:
3.4
3.5

Withdrawal Liability Information

Basic Withdrawal Liability Pools

Reallocated Withdrawal Liability Pools

Contribution History

Individual Employer Withdrawal Liability Estimate Worksheet

Part IV — Asset Information

4.1
42
43
44
45

Historical Asset Information

Summary of Plan Assets

Changes in Assets From Prior Valuation
Development of Actuarial Value of Assets
Investment Rates of Return

Part V — Demographic Information

5.1
5.2
53
5.4

Historical Participant Information

Active Participant Age/Service Distribution
Inactive Participant Information
Reconciliation of Participants

Part VI — Actuarial Basis

6.1
6.2

Actuarial Methods
Actuarial Assumptions

Part VII - Summary of Plan Provisions and Contribution Rates

Ta
72

Plan Provisions
Contribution Rates

Page

22
23
24
25
26

32
33
34
35

36
37

39
46

1W16-0438


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

PART IV

ASSET INFORMATION

1W16-0468


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 2.4

IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Development of Minimum Required Contribution - Amortization Record

Date of First Outstanding Amortization
Initial Charge Remaining Balance Charge or
Amount or Credit Period Beg. of Year Credit

1. Amortization Charges (continued)
y 2010 Actuarial Loss 1,170,736 1/1/2011 9.000 $ 837,474 $ 120,131
Zz 2011 Actuarial Loss 8,705,794 1/1/2012 10.000 6,713,487 893,317
aa. 2012 Actuarial Loss 9,155,033 1/1/2013 11.000 7,537,468 939,414
ab. 2016 Assumption Change 29,896 1/1/2016 14.000 28,706 3,068
ac. 2017 Assumption Change 9,779,476 WV/1/2017 15.000 9,779,476 1,003,490
ad. Total Charges $ 90,667,772 $ 11,756,215

2. Amortization Credits
a. 2012 Plan Change 5,059,966 6/1/2012 10.417 $ 3,852,368 $ 498,286
b. 2013 Actuarial Gain 1,082,325 1/1/2014 12.000 943,858 111,059
ec. 2014 Plan Change 2,911,822 1/1/2014 12.000 2,539,297 298,787
d. 2014 Actuarial Gain 3,371,072 1/1/2015 13.000 3,093,380 345,912
e 2015 Assumption Change 685,205 1/1/2015 13.000 628,762 70,310
f. 2015 Plan Change 571,573 1/1/2015 13.000 524,489 58,650
8 2015 Actuarial Gain 1,061,581 1/1/2016 14.000 1,019,336 108,931
h. 2016 Plan Change 926,045 1/1/2016 14,000 889,192 95,023
i 2016 Actuarial Gain 2,057,337 1/1/2017 15.000 2,057,337 211,107
Jj Total Credits $ 15,548,019 $ 1,798,065

3. Credit Balance $ 21,643,096

4. Balance Test = (1) - (2) - (3) $ 53,476,657

5. Unfunded Actuarial Accrued Liability $ 53,476,657

The McKeogh Company -14- Iron Workers Local No. 16

Pension Plan

1W16-0454


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 2.10

Presentation of ASC Topic 960 Disclosures

As of January 1,
Actuarial Present Value of Accumulated Plan Benefits 2017 2016 2015 2014 2013

1. Vested Benefits

a. Persons in Pay Status $ 108,075,051 $ 102,506,537 $ 105,879,757 $ 108,137,220 $ 106,722,853
b. Persons with Deferred Benefits 11,509,436 8,971,582 7,715,856 7,433,239 7,637,772
c. Active Participants 10,340,864 11,140,208 11,436,187 11,551,789 13,739,081
d. Total $ 129,925,351 $ 122,618,327 $ 125,031,800 $127,122,248 $ 128,099,706
2. Non-Vested Benefits $ 1,528,947 $ 1,751,303 $ 2,811,892 $ 4,989,212 $ 7,814,190
3. Total Actuarial Present Value of Accum. Plan Benefits $ 131,454,298 $ 124,369,630 $ 127,843,692 $132,111,460 $ 135,913,896
4. Market Value of Assets $ 78,965,081 $ 81,295,236 $ 86,225,376 $ 88,229,274 $ 82,519,260
Statement of Changes in Accumulated Plan Benefits
1, Actuarial Present Value of Accumulated Benefits, Beginning of Year $ 124,369,630 $ 127,843,692 $132,111,460 $ 135,913,896
2. Increase (Decrease) During the Year due to:
a. Benefits Accumulated * $ 331,451 $ 543,370 $ (40,198) $ 1,769,640
b. Decrease in the Discount Period 8,309,135 8,540,883 8,834,613 9,102,284
c. Benefits Paid (11,335,394) (11,662,166) (11,805,405) (11,762,538)
d. Plan Amendment 0 (926,045) (571,573) (2,911,822)
e. Change in Actuarial Assumptions 9,779,476 29,896 (685,205) 0
f. Net Increase (Decrease) $ 7,084,668 $ (3,474,062) $ (4,267,768) $ (3,802,436)
3. Actuarial Present Value of Accumulated Benefits, End of Year $ 131,454,298 $ 124,369,630 $ 127,843,692 $ 132,111,460
* Includes the effects of actuarial experience gains and losses,
The McKeogh Company -20- Iron Workers Local No. 16

Pension Plan

1W16-0460


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 2.6

Funding Standard Account Information

Plan Year Ending December 31

2017 2016 2015 2014 2013

Charges Prior Year Funding Deficiency $ 0 $ 0 $ 0 $ 0 0
Normal Cost for Plan Year 704,197 555,450 586,863 909,111 1,111,941
Amortization Charges 11,756,215 10,752,725 10,749,657 10,749,657 10,749,657
Interest 872,229 791,572 793,556 816,114 830,312
Other Charges 0 0 0 0 0
Total Charges $ 13,332,641 $ 12,099,747 $ 12,130,076 $ 12,474,882 12,691,910

Credits Prior Year Credit Balance $ 21,643,096 $ 26,907,740 $ 31,398,548 $ 34,176,422 33,803,727
Employer Contributions. 3,372,500 * 3,144,697 3,829,054 4,039,977 3,942,119
Amortization Credits 1,798,065 1,586,958 1,383,004 2,920,451 6,186,741
Interest 1,757,583 * 2,103,448 2,427,210 2,736,580 2,935,745
Full Funding Limitation Credit 0 0 0 0 0
Other Credits 0 0 0 0 0
Total Credits $ 28,571,244 * $ 33,742,843 $ 39,037,816 $ 43,873,430 46,868,332

Balance Credit Balance as of December 31 $ 15,238,603 * $ 21,643,096 $ 26,907,740 $ 31,398,548 34,176,422
= Credits Less Charges.

* Estimated.

The McKeogh Company -16- Iron Workers Local No. 16

Pension Plan

1W16-0456


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)

2017 Actuarial Valuation

Section 4.1

Historical Asset Information

Beginning Change in Market Value of Assets During Plan Year
Plan Year of Year Net End of Year End of Year
Ending Market Value Investment Benefit Market Value Actuarial Value
December 31 of Assets Contributions Return Payments Expenses of Assets of Assets
2016 $ 81,295,236 $ 3,144,697 $ 6,283,586 $ 11,335,394 $ 423,044 $ 78,965,081 $ 77,977,641
2015 86,225,376 3,829,054 3,319,217 11,662,166 416,245 81,295,236 79,123,179
2014 88,229,274 4,039,977 6,071,454 11,805,405 309,924 86,225,376 80,612,110
2013 82,519,260 3,942,119 13,835,458 11,762,538 305,025 88,229,274 80,647,479
2012 82,304,757 3,651,961 8,865,286 12,004,973 297,771 82,519,260 81,384,100
2011 89,220,278 3,556,900 1,516,875 11,715,686 273,610 82,304,757 91,841,977
2010 89,918,019 2,961,780 9,187,530 12,567,902 279,149 89,220,278 102,602,580
2009 92,869,795 4,248,121 5,146,934 12,030,107 316,724 89,918,019 107,901,622
2008 128,329,061 4,918,127 (28,738,463) 11,364,182 274,748 92,869,795 111,443,754
2007 128,034,557 4,271,053 7,054,791 10,755,590 275,750 128,329,061 124,708,399
2006 120,587,669 3,016,400 14,900,190 10,189,387 280,315 128,034,557 118,899,595
2005 118,949,769 2,964,018 8,675,894 9,752,891 249,121 120,587,669 116,156,093
2004 114,115,806 3,089,738 11,622,429 9,192,988 685,216 118,949,769 115,920,520
The McKeogh Company -27- Iron Workers Local No. 16

Pension Plan

1W16-0469


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 2.2

Actuarial RPA ‘94
Accrued Current
Number Liability Liability
Liabilities
Active 189 $ 11,869,811 $ 22,560,127 *
Inactive Vested 244 11,509,436 23,201,854
All Persons in Pay Status 633 108,075,051 147,564,144
Total 1,066 $ 131,454,298 $ 193,326,125
Expected Changes in Liabilities
Expected Increase in Liability Due to Benefits Accruing During Year $ 704,197 $ 1,002,358
Expected Disbursements During Year $ 11,977,626 $ 11,977,626
Assumptions
Assumed Interest Rate 7.00% 3.05%
’ RP-2014 Blue Collar, RP-2000, for 2017 large
Assumed Mortality Scale MP-2017 plan valuations
Assets and RPA '94 Funded Percentage
Actuarial Value of Assets as of January 1, 2017 $ 77,977,641
RPA °94 Funded Current Liability Percentage 40.3%
* Vested portion of RPA ’94 Current Liability for Actives is $19,682,895.
The McKeogh Company -ll- Iron Workers Local No. 16

Pension Plan

1W16-0451


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 1.4

Funded Status Under ASC Topic 960 and PPA '06

During the Plan Year ended December 31, 2016, the plan’s funded status for purposes of Accounting Standards Codification Topic 960 (defined as the
ratio of the market value of plan assets to the present value of accumulated plan benefits) decreased from 65.4% to 60.1%. In that same year, the plan's
funded status for purposes of the Pension Protection Act of 2006 (defined as the ratio of the actuarial value of plan assets to the present value of
accumulated plan benefits) decreased from 63.6% to 59.3%. A 13-year history of these measures is shown below.

Actuarial Funded Percentage

Assets Present Value (PPA '06)

Market Actuarial of Accumulated Market Actuarial
January 1 Value Value Plan Benefits Value Value
2017 $ 78,965,081 $ 77,977,641 $ 131,454,298 60.1% 59.3%
2016 81,295,236 79,123,179 124,369,630 65.4% 63.6%
2015 86,225,376 80,612,110 127,843,692 67.4% 63.1%
2014 88,229,274 80,647,479 132,111,460 66.8% 61.0%
2013 82,519,260 81,384,100 135,913,896 60.7% 59.9%
2012 82,304,757 91,841,977 141,260,205 58.3% 65.0%
2011 89,220,278 102,602,580 142,696,200 62.5% 11.9%
2010 89,918,019 107,901,622 145,028,413 62.0% 74.4%
2009 92,869,795 111,443,754 145,275,205 63.9% 76.7%
2008 128,329,061 124,708,399 141,251,264 90.9% 88.3%
2007 128,034,557 118,899,595 138,872,165 92.2% 85.6%
2006 120,587,669 116,156,093 133,344,781 90.4% 87.1%
2005 118,949,769 115,920,520 130,123,209 91.4% 89.1%

Note: Values shown prior to January 1, 2007 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company -4- Iron Workers Local No. 16
Pension Plan

1W16-0443


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 3.4

Contribution History

Year Withdrawn 5-Year Year Withdrawn 5-Year
Ended Total Plan Employer Adjusted Adjusted Ended Total Plan Employer Adjusted Adjusted
December 31 _ Contribs Contribs __Contribs*__Contribs** December 31 _ Contribs Contribs ___Contribs*__Contribs**
1993 0 0 0 n/a 2005 2,964,018 0 = 2,964,018 n/a
1994 0 0 0 n/a 2006 3,016,400 0 3,016,400 n/a
1995 0 0 0 n/a 2007 4,271,053 0 = 4,271,053 n/a
1996 0 0 0 n/a 2008 4,918,127 0 4,918,127 18,259,336
1997 0 0 0 n/a 2009 4,248,121 O 4,248,121 19,417,719
1998 0 0 0 n/a 2010 2,961,780 0 2,961,780 19,415,481
1999 0 0 0 n/a 2011 3,556,900 0 3,556,900 19,955,981
2000 0 0 0 n/a 2012 3,651,961 0 3,651,961 19,336,889
2001 0 0 0 nla 2013 3,942,119 0 3,942,119 18,360,881
2002 0 0 0 n/a 2014 4,039,977 0 4,039,977 18,152,737
2003 0 0 0 n/a 2015 3,829,054 0 3,675,665 18,866,622
2004 3,089,738 0 = 3,089,738 n/a 2016 3,144,697 0 2,983,417 18,293,139
* Total Plan contributions, adjusted for withdrawn employer contributions and starting January 1, 2015 adjusted for limitations placed by
Section 109 of MPRA.
** Total adjusted Plan contributions during the 5-year period ending with the December 31 of the year shown.
The McKeogh Company -25- Iron Workers Local No. 16

Pension Plan

1W16-0466


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 3.1

Withdrawal Liability Information

As of December 31,
1. Present Value of Vested Benefits 2016 2015 2014 2013 2012
a. Active Participants $ 10,340,864 $ 11,140,208 $ 11,436,187 $ 11,551,789 $ 13,739,081
b. Persons with Deferred Benefits 11,509,436 8,971,582 7,715,856 7,433,239 7,637,772
c. Retirees and Beneficiaries 108,075,051 102,506,537 105,879,757 108,137,220 106,722,853
d. Total $ 129,925,351 $ 122,618,327 $ 125,031,800 $ 127,122,248 $ 128,099,706
2. Market Value of Assets $ 78,965,081 $ 81,295,236 $ 86,225,376 $ 88,229,274 $ 82,519,260

3. Unfunded Vested Benefit Liability (UVB) $ 50,960,270 $ 41,323,091 $ 38,806,424 $ 38,892,974 $ 45,580,446

4,  Unamortized Balance of Affected Benefits

a, 2012 Base $ 3,309,612 $ 3,505,581 $ 3,688,730 $ 3,859,897 $ 4,019,866
b. 2014 Base 1,764,237 1,846,103 1,922,612 0 0
c. 2016 Base 507.423 0 0 0 0
d. Total $ 5,581,272 $ 5,351,684 $ 5,611,342 $ 3,859,897 $ 4,019,866

Withdrawal liabilities are determined using the presumptive method as described in ERISA Section 4211(b). PBGC Regulations require that plans
in critical status disregard certain benefit reductions (adjustable benefits) in determining withdrawal liability and prescribe simplified methods for
making these calculations, Therefore, for purposes of calculating withdrawal liability, the UVB shown above should be increased by the amortized
balance of affected benefits also shown above.

The plan of benefits for the December 31, 2016 calculation are the same as those described in Section 7.1 except as noted below:

1. Benefits which are first effective January 1, 2017 or later are not reflected in the UVB as of December 31, 2016.
2. Death benefits unrelated to pension benefits and disability benefits other than those in pay status are not included in the UVB.

The actuarial basis used in the calculation of the December, 31, 2016 UVB is the same as used in the January 1, 2017 actuarial valuation of the plan
as described in Section 6 except that, as indicated, the market value of assets is used in the determination of UVB.

The McKeogh Company -22- Iron Workers Local No. 16
Pension Plan

1W16-0463


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

Minimum Funding Requirement

PPA 706 Certification

Rehabilitation Plan

Covered Employment

Investments

Withdrawal Liability

IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 1.1

Valuation Highlights

The minimum funding requirement was $0 for the Plan Year ending December 31, 2016. The minimum funding
requirement for the Plan Year ending December 31, 2017 is also $0.

The Plan was certified to be in critical & declining status for the Plan Year beginning January 1, 2017. See
Section 1.7 for PPA’06 projections.

The Trustees originally adopted a Rehabilitation Plan in 2012 that called for reductions in benefits and increases
in the contribution rate. The Rehabilitation Plan was subsequently amended a few times to further reduce
benefits and increase contribution rates. Nevertheless, projections indicate that the Plan will become insolvent
during 2033 (see Section 1.7),

The Rehabilitation Plan was last amended on June 21, 2017 to reconfirm that it is in the best interest of all Plan
participants to resubmit an application for suspension of benefits with the Department of Treasury in the 2017
calendar year,

Contribution hours for the 2016 Plan Year were about 353,000, including net reciprocated hours of about 88,000.
Contribution hours for the 2017 Plan Year are projected to be about 355,000, including net reciprocated hours of
about 94,000.

The return on the actuarial value of assets (net of investment expenses) for the year ending December 31, 2016
was 9.98%, which is above the 7.00% assumption. The return on the market value of assets (net of investment
expenses) for the year ending December 31, 2016 was 8.16%.

Withdrawal liability is based, in part, on the unfunded vested benefit liability and the value of affected benefits.
Affected benefits are reductions in non-forfeitable benefits made in accordance with a Rehabilitation Plan.

The unfunded vested benefit liability increased from $41.3 million as of December 31, 2015 to $51.0 million as
of December 31, 2016. The unamortized balance of affected benefits increased from $5.4 million as of
December 31, 2015 to $5.6 million as of December 31, 2016 due to additional benefit reductions.

The McKeogh Company

-1- Iron Workers Local No. 16
Pension Plan

1W16-0440


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

PARTI

DISCUSSION OF PRINCIPAL VALUATION RESULTS

1W16-0439


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 2.3

Development of Minimum Required Contribution - Summary

Plan Year Ending December 31,

2017 2016 2015 2014 2013
Normal Cost $ 704,197 $ 555,450 $ 586,863 $ 909,111 $ 1,111,941
Net Amortization 9,958,150 9,165,767 9,366,653 7,829,206 4,562,916
Interest 746,364 680,485 696,746 611,682 397,240
Total Net Charges $ 11,408,711 $ 10,401,702 $ 10,650,262 $ 9,349,999 $ 6,072,097
Credit Balance with Interest $ 23,158,113 $ 28,791,282 $ 33,596,446 $ 36,568,772 $ 36,169,988
Full Funding Credit (See Section 2.5) $ 0 $ 0 $ 0 $ 0 $ 0
Minimum Required Contribution $ 0 $ 0 $ 0 $ 0 $ 0
The McKeogh Company -12- Iron Workers Local No. 16

Pension Plan

1W16-0452


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 1.3

Plan Experience During Prior Year

The plan enjoyed favorable investment experience during the year ended December 31, 2016 as it earned 8.16% on a market value basis and 9.98% on
an actuarial value basis as compared to the valuation interest rate assumption of 7.00%.

That “excess” return of 2.98% on an actuarial basis represents a gain in dollars of $2,225,346 which is combined with a net loss from liabilities of

$168,009. A 5-year history of actuarial gains/(losses) is shown below.

Plan Year Ending December 31,

2016

2015 2014 2013 2012

Investment Gain/(Loss) on an Actuarial Value Basis

In dollars $ 2,225,346 $
As a percentage of assets 3.0%

Net Gains/(Losses) from Other Sources

In dollars $ (168,009) $
As a percentage of actuarial liability 0.1%
Total Experience Gain/(Loss) $ 2,057,337 $

1,400,672 $ 2,671,725 $ 1,970,745 $ (7,939,091)
1.8% 3.5% 2.5% 9.1%

(339,091) $ 699,347 $ (888,420) $ (1,215,942)
0.3% 0.5% 0.7% 0.9%

1,061,581 $ 3,371,072 $ 1,082,325 $ (9,155,033)

The McKeogh Company 3

Tron Workers Local No. 16
Pension Plan

1W16-0442


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 2.8

Estimated Maximum Deductible Contribution - Full Funding Limitation

ERISA RPA ‘94
Accrued Current
Liability Liability
1. Liability (Beginning of Year) $ 131,454,298 $ 193,326,125
2. Normal Cost $ 704,197 $ 1,002,358
3. Expected Disbursements During Year $ 11,977,626 $ 11,977,626
4. Assumed Interest Rate 7.00% 3.05%
5. Projected Liability (End of Year) $ 129,019,837 $ 188,096,589
6. Applicable Percentage 100% 90%
7. Assets
a. Market Value $ 78,965,081 N/A
b. Actuarial Value $ 71,977,641 $ 77,977,641
c, Lesser of (a) and (b) $ 77,977,641 $ 77,977,641
8. Assets Projected to End of Year $ 71,046,324 $ 71,046,324
9. Full Funding Limitation (FFL) $ 57,973,513 $ 98,240,606
= (5) x (6) = (8)
10, IRC Section 404 Full Funding Limitation
= Greater of ERISA FFL and RPA '94 FFL $ 98,240,606
The McKeogh Company -18- Iron Workers Local No. 16

Pension Plan

1W16-0458


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

The McKeogh Company

Ironworkers Local Union No. 16
Pension Fund

Actuarial Valuation Report for Plan Year
Beginning January 1, 2017 and Ending December 31, 2017

November, 2017

1W16-0434


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation
Section 6.2

Actuarial Assumptions

Interest Rate (Net of Investment Expenses)

For RPA ’94 Current Liability 3.05% per year
For All Other Purposes 7.00% per year
Administrative Expenses $490,000 as of beginning of the year
Mortality -- Healthy lives RP-2014 Blue Collar, sex distinct, with separate rates for annuitants and non-
annuitants
-- Disabled lives RP-2014 Disabled Retiree, sex distinct
-- Mortality improvement Scale MP-2017 for healthy and disabled lives, with projection from 2014

RPA ‘94 Current Liability Mortality

-- Healthy lives RP-2000 Mortality Tables, with separate rates for annuitants and non-annuitants, as
issued by the IRS for 2017 valuations. Separate tables for males and females.
-- Disabled lives Mortality specified in Revenue Ruling 96-7 for Disabilities occurring post-1994
Retirement Age — Active Participants Age Rate
Less Than 30 Service Credits 30 or More Service Credits
55 0.15 0.50
56-59 0.10 0.25
60-61 0.20 1.00
62-64 0.25 1.00
65 1.00 1.00
Grandfathered Participants are assumed to retire upon completion of 28 years of
service.
The McKeogh Company -37- Iron Workers Local No. 16

Pension Plan

1W16-0481


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 1.6

Statement of Changes from Prior Valuation

Actuarial Basis -- The following changes in the actuarial basis were made from the prior year:
1. The interest rate for RPA '94 Current Liability purposes was changed from 3.28% to 3.05% effective January 1, 2017, for statutory compliance.

2. The mortality assumption for RPA '94 Current Liability purposes was updated for statutory compliance, from the RP-2000 Tables for 2016 large
plan valuations to the RP-2000 Tables for 2017 large plan valuations, with separate rates for annuitants and non-annuitants.

3. The mortality assumption for healthy retirees was changed from GAM 1983 with no mortality improvement to the RP-2014 Blue Collar table with
Scale MP-2017 Mortality Improvement generationally projected from 2014, to reflect expected future mortality rates.

4. The mortality assumption for disabled retirees was changed from 1971 GAM with no mortality improvement to the RP-2014 Disabled Retiree table
with Scale MP-2017 Mortality Improvement generationally projected from 2014, to reflect expected future mortality rates.

5. The retirement assumption for current deferred vested participants was changed from age 65 to the age-based table of retirement rates that applies
to active participants, as shown in Section 6.2, to better reflect the retirement patterns of the Plan's deferred vested participants.

6. The retirement assumption for future terminated vested participants was changed from age 65 to age 60, to better reflect anticipated experience.

7. The percent married assumption was changed from 75% to 50% to better reflect underlying plan population characteristics.

8. The form of payment election assumption was changed from all unmarried participants electing a straight life annuity and all married participants
electing a 50% J&S with pop-up to the following: 15% of all participants elect a 50% J&S with pop-up, 30% of all participants elect a 100% J&S,
20% of all participants elect a 10 C&C, and 35% of all participants elect a straight life annuity. This assumption better reflects the form of payment
election rates of retirements occurring over the past few years.

9. The administrative expense assumption was changed from $320,000 to $490,000 for the 2017 Plan Year. Assumed expenses decrease to
$335,000 for 2018, then decrease again to $320,000 for 2019, then are assumed to increase by 2% per year from the 2019 administrative expense
level. This assumption reflects the Plan's short-term increase of consulting fees due to special projects and a long-term inflation rate of 2%,

Plan of Benefits -- There were no changes to the plan of benefits for the Plan Year Beginning January 1, 2017.

The McKeogh Company ~6- Iron Workers Local No, 16
Pension Plan

1W16-0445


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 1.5

Summary of Investment Performance

A summary of the investment returns during the 14 years preceding the valuation date are shown below.

Average Return *

Plan Year Single-Year Return__ Over 5-Year Period

Ending Valuation Actuarial Market Actuarial Market

Dee 31, Assumption Value Value Value __Value
2016 7.00% 9.98% 8.16% 7.25% 9.59% 20%
2015 7.00% 8.84% 4.04% = 4.73% ~—8.26% 19% A
2014 7.00% 10.49% 7.21% 3.87% 9.64% ‘on
2013 7.00% 9.56% 17.63% 2.67% 9.35%
2012 7.00% -2.06% 11.37% 0.30% 0.46% = a
2011 7.00% 2.37% ~—'1.78% == 2.20% ~—--0.59% te ar |
2010 7.00% 4.45% 10.81% 4.49% 1.47% ome oe
2009 7.00% 424% 5.79% 4.89% 0.85% “tom |
2008 7.00% 5.39% — -23.00% 7.01% 2.94%
2007 7.00% 10.88% 5.66% 8.55% 7.81% 18% ee
2006 7.00% 9.07% 12.75% NIA N/A i a il ee aril
2008 1.00%, 6AM ina NIA NA age 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2004 7.00% 15.21% 17.19% N/A N/A
2003 7.00% 1.61% — -2.95% NIA N/A

* Time-Weighted Basis

Note: Values shown prior to January 1, 2007 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company -5- Iron Workers Local No, 16

Pension Plan

1W16-0444


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 5.3

Inactive Participant Information as of January 1, 2017

Terminated with Deferred Benefits Healthy Retirees *

Age Last Total Average Age Last Total Average
Birthday Count Annual Benefit Annual Benefit Birthday Count _Annual Benefit Annual Benefit
<55 22 $ 553,677 $ 25,167
<45 8 $ 858,957 $ 11,012 55-59 42 994,137 23,670
45-49 23 324,250 14,098 60-64 83 1,719,444 20,716
50-54 49 720,029 14,694 65-69 117 2,409,715 20,596
55-59 58 568,394 9,800 70-74 98 1,716,233 17,513
60-64 27 265,117 9,819 18-79 67 1,058,703 15,802
> 64 9 95,454 10,606 >79 80 1,066,394 13,330
Total 244 $ 2,832,201 $ 11,607 Total 509 $ 9,518,303 $ 18,700

Disabled Retirees * Beneficiaries *

Age Last Total Average Age Last Total Average
Birthday Count Annual Benefit _Annual Benefit Birthday Count Annual Benefit _Annual Benefit
<55 4 $ 72,828 $ 18,207 <55 6 $ 23,937 $ 3,990
55-59 3 41,232 13,744 55=59 8 52,377 6,547
60-64 7 126,984 18,141 60-64 8 91,420 11,428
65-69 4 64,164 16,041 65-69 15 144,592 9,639
70-74 6 83,388 13,898 70-74 20 139,971 6,999
18-79 0 0 0 3-79 12 72,449 6,037
>79 6 60,202 10,034 >79 25 154,986 6,199
Total 30 $ 448,798 $ 14,960 Total 94 §$ 679,732 $ 7,231

* Does not reflect the 13th check benefit, which totals $28,342 for disabled retirees, $590,472 for healthy retirees, and $67,609 for beneficiaries.

The McKeogh Company -34- Iron Workers Local No. 16
Pension Plan

1W16-0477


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 3.3

Reallocated Withdrawal Liability Pools

Year Reallocated Pools Year Reallocated Pools
Ended Original Unamortized Ended Original Unamortized
December 31 __ Balance Balance December 31 __ Balance Balance
1997 0 0 2007 0 0
1998 0 0 2008 0 0
1999 0 0 2009 0 0
2000 0 0 2010 0 0
2001 0 0 2011 0 0
2002 0 0 2012 0 0
2003 0 0 2013 0 0
2004 0 0 2014 0 0
2005 0 0 2015 0 0
2006 0 0 2016 0 0
The McKeogh Company -24- Iron Workers Local No. 16

Pension Plan

1W16-0465


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

Retirement — Current Terminated Vested Participants

Retirement — Future Terminated Vested Participants

Withdrawal Varying by Age as Illustrated:

Disability Incidence Varying by Age as Illustrated:

Future Benefit Accruals

Form of Payment

Percentage Married

Spouse Age

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 6.2

Actuarial Assumptions

(Continued)
Same as active participants.
Age 60.
Age Rate
20 0.0760
30 0.0441
40 0.0259
50 0.0076
Age Rate
20 0.0018
30 0.0033
40 0.0066
50 0.0182

Service credit is based on the average of the two years of hours prior to the valuation
date (if there are no hours in the second year preceding the valuation date, then the
service credit is based on the prior year hours only), multiplied by the accrual rate.

Form of payment assumed election rates for all participants as follows:

50% J&S with pop-up 0.15

100% J&S 0.30

10 Year Certain and Continuous 0.20

Straight Life Annuity 0.35
50%

Spouses of male/female Participants 3 years younger/older than the Participant.

The McKeogh Company

-38- Iron Workers Local No. 16
Pension Plan

1W16-0482


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)

2017 Actuarial Valuation

Section 3.2

Basic Withdrawal Liability Pools

Unfunded Unfunded
Year Vested Basic Pools Year Vested Basic Pools
Ended Benefit Original Unamortized Ended Benefit Original Unamortized
December 31 __ Liability Balance Balance December 31 __ Liability Balance Balance
1997 0 0 0 2007 0 0 0
1998 0 0 0 2008 38,301,079 38,301,079 22,980,647
1999 0 0 0 2009 40,075,544 3,689,519 2,398,187
2000 0 0 0 2010 41,338,363 3,362,349 2,353,644
2001 0 0 0 2011 48,236,529 9,165,813 6,874,360
2002 0 0 0 2012 45,580,446 69,855 55,884
2003 0 0 0 2013 38,892,974 (3,958,041) (3,364,335)
2004 0 0 0 2014 38,806,424 2,444,979 2,200,481
2005 0 0 0 2015 41,323,091 5,170,445 4,911,922
2006 0 0 0 2016 50,960,270 12,549,479 12,549,479
The McKeogh Company -23- Iron Workers Local No. 16

Pension Plan

1W16-0464


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 1.2

Comparison of Key Valuation Results With Those of Prior Valuations

Plan Year Beginning January 1,

2017 2016 2015 2014 2013
Contributions
Minimum Funding Requirement $ 0 $ 0 $ 0 $ 0 $ 0
Actual Employer Contributions 3,372,500 * 3,144,697 3,829,054 4,039,977 3,942,119
Maximum Deductible Contribution (Estimated) 192,288,901 192,886,289 191,837,444 199,488,457 202,113,108
Liabilities and Normal Cost
Actuarial Accrued Liability $ 131,454,298 $ 124,369,630 $ 127,843,692 $ 132,111,460 $ 135,913,896
Normal Cost 704,197 555,450 586,863 909,111 1,111,941
Present Value of Accumulated Plan Benefits 131,454,298 124,369,630 127,843,692 132,111,460 135,913,896
Present Value of Vested Plan Benefits 129,925,351 122,618,327 125,031,800 127,122,248 128,099,706
RPA '94 Current Liability 193,326,125 194,297,552 194,275,554 198,570,648 199,752,266
Assets
Market Value $ 78,965,081 $ 81,295,236 $ 86,225,376 $ 88,229,274 $ 82,519,260
Actuarial Value 77,977,641 79,123,179 80,612,110 80,647,479 81,384,100
Participant Counts
Active 189 233 261 278 284
Persons with Deferred Benefits 244 213 191 181 209
Disabled Persons in Pay Status 30 34 35 37 34
Retirees and Beneficiaries 603 604 619 623 610
Total 1,066 1,084 1,106 1,119 1,137
PPA '06 Certification Results
Plan Status Critical & Decl. Critical & Decl. Critical & Decl. Critical Critical
Funded Percentage (Actuarial Value Basis) 64.2% 63.6% 62.1% 61.4% 60.2%
* Estimated.
The McKeogh Company -2- Iron Workers Local No. 16

Pension Plan

1W16-0441


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 2.5

ERISA RPA ‘94
Accrued Current
Liability Liability
ly Liability (Beginning of Year) $ 131,454,298 $ 193,326,125
% Normal Cost $ 704,197 $ 1,002,358
3. Expected Disbursements During Year $ 11,977,626 $ 11,977,626
4. Assumed Interest Rate 7.00% 3.05%
Bi Projected Liability (End of Year) $ 129,019,837 $ 188,096,589
6. Applicable Percentage 100% 90%
% Assets
a. Market Value $ 78,965,081 N/A
b, Actuarial Value $ 77,977,641 $ 77,977,641
c. Lesser of (a) and (b) $ 71,977,641 $ 77,977,641
8. Credit Balance $ 21,643,096 N/A
9. Assets Projected to End of Year $ 47,888,211 $ 71,046,324
10. Initial Full Funding Limitation (FFL) $ 81,131,626 $ 98,240,606
= (5) x (6)-(9)
11, Full Funding Limitation, not less than RPA '94 FFL $ 98,240,606 N/A
12. Total Net Charges from Section 2.3 $ 11,408,711 N/A
13, Full Funding Credits $ 0 N/A
The McKeogh Company -15- Iron Workers Local No. 16

Pension Plan

1W16-0455


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Development of Actuarial Value of Assets

Exhibit 7.10b (Checklist Item #41)

2017 Actuarial Valuation

Section 4.4

1. Market Value of Assets as of January 1, 2016

2. — Contributions during year
3. Disbursements during year
4. Expected investment income at valuation rate of 7.00%
per annum, net of investment expense
5. Expected Market Value of Assets as of December 31, 2016
6. Actual Market Value of Assets as of December 31, 2016
7. Gain/(Loss) during year
8. Unrecognized Prior Gain/(Loss)
Year Ending Original Unrecognized — Unrecognized
December 31 Gain/(Loss) Percentage Amount
2016 $ 888,685 80% $ 710,948
2015 (2,433,466) 60% $ (1,460,080)
2014 172,471 40% $ 68,988
2013 8,337,919 20% $ 1,667,584
Total

9. Preliminary Actuarial Value of Assets as of January 1, 2017

= (6) - (8)

10. Actuarial Value of Assets as of January 1, 2017
= (9) but not more than 120% of (6) nor less than 80% of (6)

11, Actuarial Value of Assets as a Percentage of Market Value

FRA

n

$

$

$

81,295,236
3,144,697
11,758,438
5,394,901

78,076,396
78,965,081
888,685

987,440

77,977,641

77,977,641

98.7%

The McKeogh Company

-30-

Iron Workers Local No. 16

Pension Plan

1W16-0472


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 4.5

Investment Rates of Return

Plan Year Ending December 31,

2016 2015 2014 2013 2012
Market Value of Assets
Market Value as of Beginning of Year $ 81,295,236 $ 86,225,376 $ 88,229,274 $ 82,519,260 $ 82,304,757
Employer Contributions During Year $ 3,144,697 $ 3,829,054 $ 4,039,977 $ 3,942,119 $ 3,651,961
Disbursements During Year $ 11,758,438 $ 12,078,411 $ 12,115,329 $ 12,067,563 $ 12,302,744
Market Value as of End of Year $ 78,965,081 $ 81,295,236 $ 86,225,376 $ 88,229,274 $ 82,519,260
Investment Income (Net of Inv. Exp.) $ 6,283,586 $ 3,319,217 $ 6,071,454 $ 13,835,458 $ 8,865,286
Average Value of Assets $ 76,988,366 $ 82,100,698 $ 84,191,598 $ 78,456,538 $ 77,979,366
Rate of Return During Year 8.16% 4.04% 7.21% 17.63% 11.37%
Actuarial Value of Assets
Actuarial Value as of Beginning of Year $ 79,123,179 $ 80,612,110 $ 80,647,479 $ 81,384,100 $ 91,841,977
Employer Contributions During Year $ 3,144,697 $ 3,829,054 $ 4,039,977 $ 3,942,119 $ 3,651,961
Disbursements During Year $ 11,758,438 $ 12,078,411 $ 12,115,329 $ 12,067,563 $ 12,302,744
Actuarial Value as of End of Year $ 77,977,641 $ 79,123,179 $ 80,612,110 $ 80,647,479 $ 81,384,100
Investment Income (Net of Inv. Exp.) $ 7,468,203 $ 6,760,426 $ 8,039,983 $ 7,388,823 $ (1,807,094)
Average Value of Assets $ 74,816,309 $ 76,487,432 $ 76,609,803 $ 77,321,378 $ 87,516,586
Rate of Return During Year 9.98% 8.84% 10.49% 9.56% -2,06%
The McKeogh Company -31- Iron Workers Local No. 16

Pension Plan

1W16-0473


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation
Section 7.1

Plan Provisions

(Continued)

Benefits Paid Upon the Following Events

Normal Pension

Early Retirement Pension

Service Pension

Deferred Pension

Preretirement Surviving
Spouse Benefit

Preretirement Lump Sum

Accrued Monthly Pension as of NRD.

Accrued Monthly Pension as of early retirement date, reduced by 6 2/3% for each year that commencement precedes the
Participant’s NRD.

‘Accrued Monthly Pension as of normal retirement date, reduced by 6% per year that retirement precedes age 60. For
retirements occurring between January 1, 2014 and June 30, 2014, the 6% per year early retirement reduction applied
starting at age 57. Grandfathered Participants (i.e., those who have completed at least 25 Service Credits as of June 1,
2012) will be reduced 2% per year prior to age 60, with a maximum reduction of 10%.

Accrued Monthly Pension payable at NRD. A vested participant with at least 10 years of Service Credit may elect to have
benefits commence as early as age 55. The benefit shall be reduced by 6 2/3% per year for each year that commencement
precedes NRD.

Spouse receives a lifetime monthly pension equal to 50% of the benefit that would be payable if the Participant
separated from service on the date of death (or separation from service, if earlier), survived to the earliest retirement age,
retired with an immediate qualified joint and survivor annuity, and died on the day after the earliest retirement age.
Instead of the benefit described above, the surviving spouse may elect to receive the Preretirement Lump Sum Death
Benefit.

For participants with at least 10 years of Service Credit, $300 times Service Credits earned on and after

Death Benefit April 1, 1960, maximum of $7,500, Payment shall be made in a single lump sum or in 60 equal monthly installments, at
the option of the beneficiary. For all other participants, $2,500 payable in single lump sum.
The McKeogh Company -43- Iron Workers Local No. 16

Pension Plan

1W16-0488


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 2.11

Historical ASC Topic 960 Information

Actuarial Present Value of Market
Vested Accum, Plan Value
January 1, Benefits Benefits of Assets
2017 129,925,351 $ 131,454,298 $ 78,965,081 Heo
2016 122,618,327 124,369,630 81,295,236 $140m
2015 125,031,800 127,843,692 86,225,376
$120M
2014 127,122,248 132,111,460 88,229,274
$100M
2013 128,099,706 135,913,896 82,519,260
$80M
2012 130,942,916 141,260,205 82,304,757
2011 130,956,177 142,696,200 89,220,278 som
2010 130,382,882 145,028,413 89,918,019 pm A
2009 131,170,874 145,275,205 92,869,795 MV Homvented Pees
szom 4 mmm PV Vested Bens
2008 127,594,958 141,251,264 128,329,061 —Market Value
$omM
2007 123,233,745 138,872,165 128,034,557 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2006 118,912,190 133,344,781 120,587,669
2005 114,870,187 130,123,209 118,949,769

Note: Values shown prior to January 1, 2007 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company -21- Iron Workers Local No. 16
Pension Plan

1W16-0461


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

TABLE OF CONTENTS

Transmittal Letter

Part I — Discussion of Principal Valuation Results

NaAWUaLN HE

Valuation Highlights

Comparison of Key Valuation Results With Those of Prior Valuations
Plan Experience During Prior Year

Funded Status Under ASC Topic 960 and PPA ‘06

Summary of Investment Performance

Statement of Changes From Prior Valuation

Projections

Part II — Valuation Results

21
2.2
23)
24
2.5
2.6
2.7
2.8
2.9
2.10
211

Summary Statistics

Actuarial Accrued Liability and Current Liability

Development of Minimum Required Contribution — Summary
Development of Minimum Required Contribution — Amortization Record
Development of Minimum Required Contribution — Full Funding Limitation
Funding Standard Account Information

Estimated Maximum Deductible Contribution

Estimated Maximum Deductible Contribution — Full Funding Limitation
Development of Actuarial Gain/(Loss)

Presentation of ASC Topic 960 Disclosures

Historical ASC Topic 960 Information

E
:

AYAUaYNE

10
11

13
15
16
17

19
20
21

1W16-0437


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 6.1

Actuarial Methods

Actuarial Cost Method

‘The Actuarial Cost Method for determining the Actuarial Accrued Liability and Normal Cost is the Unit Credit Cost Method and is the same method used
in the prior valuation.

In connection with the Plan’s then-endangered status, the Trustees applied for and received an automatic 5-year extension of amortization periods pursuant
to Section 431(d) of the Internal Revenue Code effective January 1, 2010.

Asset Valuation Method

The Actuarial Value of Assets (AVA) is determined using an adjusted market value. Under this method, a preliminary AVA is determined as the market
value of assets on the valuation date less a decreasing fraction (4/5, 3/5, 2/5, 1/5) of the gain or loss in each of the preceding four years. The gain or loss
for a given year is the difference between the actual investment return (on a market-to-market basis) and the assumed investment return based on the
market value of assets at the beginning of the year and actual cash flow. The AVA is then the preliminary AVA subject to a minimum and maximum
value equal to 20% below and 20% above market value, respectively.

The McKeogh Company -36- Iron Workers Local No. 16
Pension Plan

1W16-0480


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)

2017 Actuarial Valuation

Section 5.4

Recon ‘ion of Participants

Terminated Retirees
With Deferred — Disabled and
Actives Benefits Participants Beneficiaries Total
Counts as of January 1, 2016 233 213 34 604 1,084
New Entrants 17 0 0 0 17
Rehired 9 (9) 0 0 0
Terminated without Vesting (16) 0 0 0 (16)
Terminated with Vesting (47) 47 0 0 0
Became Disabled 0 0 0 0 0
Retired (6) (6) 0 12 0
Died (1) (0) (5) (19) (26)
New Beneficiaries 0 0 0 7 7
Certain Period Expiration 0 0 0 (ep) ()
Data Corrections 0 0 1 0 1
Net Change (44) 31 (4) ql) (18)
Counts as of January 1, 2017 189 244 30 603 1,066
The McKeogh Company -35- Iron Workers Local No. 16

Pension Plan

1W16-0478


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 1.7

Projections
(Continued)

January 1, 2017 actuarial valuation and assuming the active population remains level in future years. Future new hires were assumed to have
demographics equal to new hires from the 2015 and 2016 plan years.

«The active plan participant count is assumed to remain level from year to year. The demographic characteristics of the active population as a
whole are dependent on the demographic characteristics of the assumed future new hires.

e Administrative expenses of $490,000 in 2017, $335,000 in 2018, $320,000 in 2019, and then increasing 2% per year thereafter.

e Current differences between the market value of assets and the actuarial value of assets are phased in during the projection period in accordance
with the regular operation of the asset valuation method.

© Contributions assumed to be made on the following hours of covered employment and the following effective contribution rates:

Plan Year Hours Effective Contribution Rate
2017 355,000 $9.59
2018 330,150 $9.59
2019 310,341 $9.59
2020+ 294,824 $9.59

The effective contribution rate is a weighted average of the Local 16 contribution rate and the average contribution rate for hours which are
expected to be reciprocated to the Plan (i.e., hours worked by Local 16 members outside of Local 16’s geographic area).

© The automatic 5-year extension of amortization periods pursuant to Section 43 1(d) of the Internal Revenue Code is reflected effective
January 1, 2010 for bases established on or before that date.

Actual future valuation results will differ from those projected to the extent that future experience deviates from these projection assumptions.

The McKeogh Company -9- Tron Workers Local No. 16
Pension Plan

1W16-0448


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)

2017 Actuarial Valuation

Section 7.2

IRONWORKERS LOCAL UNION 16 PENSION FUND

Contributions Employers make contributions to fund the plan in accordance with the terms of several collective bargaining agreements.
Employee contributions are neither required nor permitted. Recent hourly contribution rates are as follows:
Period Hourly Rate Period Hourly Rate
5/1/2005 — 4/30/2006 $3.84 4/1/2011 — 3/31/2012 $7.20
5/1/2006 — 4/30/2007 $4.24 4/1/2012 — 3/31/2013 $8.20
5/1/2007 — 4/30/2008 $4.34 4/1/2013 — 5/31/2014 $8.70
5/1/2008 — 4/8/2009 $4.80 6/1/2014 — 3/31/2015 $9.20
4/9/2009 — 3/31/2010 $5.70 4/1/2015 & later $9.70
4/1/2010 — 3/31/2011 $6.70
The McKeogh Company ~45- Iron Workers Local No. 16

Pension Plan

1W16-0490


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)

2017 Actuarial Valuation

Section 2.1

Summary Statistics

Plan Year Beginning January 1,

2017 2016 2015 2014 2013

Number of Plan Participants

Active 189 233 261 278 284

Persons with Deferred Benefits 244 213 191 181 209

All Persons In Pay Status 633 638 654 660 644

Total 1,066 1,084 1,106 1,119 1,137
Assets

Market Value $ 78,965,081 $ 81,295,236 $ 86,225,376 $ 88,229,274 $ 82,519,260

Actuarial Value 77,977,641 79,123,179 80,612,110 80,647,479 81,384,100
Liabilities and Normal Cost

Funding Method Unit Credit Unit Credit Unit Credit Unit Credit Unit Credit

Actuarial Accrued Liability $ 131,454,298 $ 124,369,630 $ 127,843,692 $ 132,111,460 $ 135,913,896

Normal Cost 704,197 555,450 586,863 909,111 1,111,941

RPA '94 Current Liability 193,326,125 194,297,552 194,275,554 198,570,648 199,752,266
Unfunded Actuarial Accrued Liability

Market Value Basis $ 52,489,217 $ 43,074,394 $ 41,618,316 $ 43,882,186 $ 53,394,636

Actuarial Value Basis 53,476,657 45,246,451 47,231,582 51,463,981 54,529,796
Contributions

Minimum Funding Requirement $ o $ os os o$ 0

Actual Employer Contributions 3,372,500 * 3,144,697 3,829,054 4,039,977 3,942,119

Maximum Deductible Contribution (Estimated) 192,288,901 192,886,289 191,837,444 199,488,457 202,113,108
* Estimated.

The McKeogh Company -10- Iron Workers Local No. 16

Pension Plan

1W16-0450


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

The McKeogh Company

This valuation has been prepared on an ongoing plan basis and the use of this report for purposes other than those
enumerated above may be inappropriate.

To the best of our knowledge and belief, all Plan participants as of January 1, 2017 and all Plan provisions in effect on that
date have been reflected in the valuation. Participant data were furnished by the Plan Administrator and financial
information was taken from the Plan’s audited financial statements.

We hereby certify that all of our calculations have been in conformity with generally accepted actuarial principles and
practices, and that the actuarial assumptions which are not mandated by federal law and regulations are reasonable and
represent our best estimate of the anticipated experience under the Plan.

We will be pleased to review this report at your convenience.

Respectfully submitted,

James J. McKeogh, F Boris Vaynblat, F.S.A.

NA1080.20171Valuation\ReportUIV16 Val 2017 docx

Four Tower Bridge « Suite 225 « 200 Barr Harbor Drive « West Conshohocken, PA 19428 « Phone: (484) 530-0692 « Facsimile (484) 530-0713
SN SS EE TY

IW16-0436


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

Market Value of Assets at Beginning of Year

Income During Year

Employer contributions
Investment income
Interest and dividends

Investment expenses
Total net investment income

IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 4.3

Changes in Assets from Prior Valuation*

Plan Year Ending December 31,
2016 2015 2014 2013 2012

$ 81,295,236 $ 86,225,376 $ 88,229,274 $ 82,519,260 $ 82,304,757

$ 3,144,697 $ 3,829,054 $ 4,039,977 $ 3,942,119 $ 3,651,961

$ 918,683 $ 927,524 $ 1,025,083 $ 1,139,955 $ 1,255,472

Recognized and unrecognized gains (losses) 5,712,626 2,899,216 5,562,222 13,160,234 8,091,645
(448,853) (519,947) (533,200) (481,912) (494,914)

$ 6,182,456 $ 3,306,793 $ 6,054,105 $ 13,818,277 $ 8,852,203

$ 101,130 $ 12,424 $ 17,349 $ 17,181 $ 13,083

Other Income
Total Income

Disbursements

Benefits
Administrative Expenses
Other

Total Disbursements

Market Value of Assets at End of Year

* Per Auditor's Reports

$ 9,428,283 $ 7,148,271

ef

10,111,431 $ 17,777,577 $ 12,517,247

$ 11,335,394 $ 11,662,166 $ 11,805,405 $ 11,762,538 $ 12,004,973
423,044 416,245 309,924 305,025 297,771
0 0 0 0 0

$ 11,758,438 $ 12,078,411 $ 12,115,329 $ — 12,067,563 $ — 12,302,744

$ 78,965,081 $ 81,295,236 $ 86,225,376 $ 88,229,274 $ 82,519,260

The McKeogh Company

-29- Iron Workers Local No. 16
Pension Plan

1w16-0471


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 2.9

Development of Actuarial Gain/(Loss)

Plan Year Ending December 31,

2016 2015 2014 2013 2012*
1. Unfunded accrued liability at beginning of year $ 45,246,451 $ 47,231,582 $ 51,463,981 $ 54,529,796 $ 49,418,228
Normal Cost for Plan Year $ 555,450 $ 586,863 $ 909,111 $ 1,111,941 $ 1,248,185
3. Interest on (1) and (2) to end of year $ 3,206,133 $ 3,347,291 $ 3,666,116 $ 3,894,922 $ 3,546,649
4. Contributions for Plan Year $ 3,144,697 $ 3,829,054 $ 4,039,977 $ 3,942,119 $ 3,651,961
5. Interest on (4) to end of Plan Year $ 108,819 $ 132,501 $ 139,799 $ 136,412 $ 126,372
6. Expected unfunded accrued liability at end of year $ 45,754,518 $ 47,204,181 $ 51,859,432 $ 55,458,128 $ 50,434,729
=(1) +2) +B)-(@)-()
7. Unfunded accrued liability as of December 31 $ 43,697,181 $ 46,142,600 $ 48,488,360 $ 54,375,803 $ 59,589,762
8. Gain/(Loss) = (6) — (7) $ 2,057,337 $ 1,061,581 $ 3,371,072 $ 1,082,325 $ (9,155,033)
9. Change in unfunded accrued liability due to:
a. Assumption Change $ 9,779,476 $ 29,896 $ (685,205) $ 0 $ 0
b. Plan Change $ 0 $ (926,045) $ (571,573) $ (2,911,822) $ (5,059,966)
c. Method Change $ 0 $ 0 $ 0 $ 0 $ 0
10. Unfunded accrued liability as of December 31 $ 53,476,657 $ 45,246,451 $ 47,231,582 $ 51,463,981 $ 54,529,796
= (7) + (9a) + (9b) + (9c)
* Reflects the changes to the plan of benefits under the Rehabilitation Plan, effective May 1, 2012, which were recognized on a pro rata basis for 2012 funding requirements.
The McKeogh Company -19- Iron Workers Local No. 16

Pension Plan

1W16-0459


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

The McKeogh Company
a SS ES
November 28, 2017
Board of Trustees of
Ironworkers Local Union No. 16 Pension Fund
c/o Zenith American Solutions
8600 LaSalle Road

Oxford Building — Suite 624
Towson, MD 21286

Dear Trustees:

This report presents the results of the actuarial valuation of the Ironworkers Local Union No. 16 Pension Fund as of
January 1, 2017. The primary purposes of the report are to:

= Determine the minimum funding requirements of ERISA and Sections 412 and 431 of the Internal Revenue Code
for the Plan Year ending December 31, 2017.

= Estimate the limitation on maximum deductible contributions.

= Compare the minimum funding requirement to the contributions expected to be paid by the contributing
employers.

= Develop information required to be disclosed in accordance with Accounting Standards Codification (ASC) Topic
960 and Schedule MB (Form 5500).

= Calculate the Unfunded Vested Benefit Liability (UVB) for withdrawal liability purposes under the
Multiemployer Pension Plan Amendments Act of 1980.

= Report on the Plan’s status with respect to the Pension Protection Act of 2006 (“PPA ’06”), as amended.

Four Tower Bridge « Suite 225 » 200 Barr Harbor Drive * West Conshohocken, PA 19428 « Phone: (484) 530-0692 « Facsimile (484) 530-0713

1W16-0435


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

PART VII

SUMMARY OF PLAN PROVISIONS AND CONTRIBUTION RATES

1W16-0483


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 3.5

Individual Employer Withdrawal Liability Estimate Worksheet

Unamortized Balances of Unamortized Contributions During 5-Year
Year Withdrawal Liability Pools Balance of _Period Ending in December 31, Allocated
Ended Basic Reallocated Affected Adjusted Individual Withdrawal
December 31 Pools Pools Total Benefits Plan Total Employer * Liability
(a) (b) () (d) (©) (f) (g) (h) = [@) + @)] x [(@) +O)
1997 0 0 0 na 0
1998 0 0 0 na 0
1999 0 0 0 wa 0
2000 0 0 0 wa 0
2001 0 0 0 wa 0
2002 0 0 0 na 0
2003 0 0 0 wa 0
2004 0 0 0 wa 0
2005 0 0 0 wa 0
2006 0 0 0 wa 0
2007 0 0 0 a 0
2008 22,980,647 0 22,980,647 Wa 18,259,336
2009 2,398,187 0 2,398,187 na 19,417,719
2010 2,353,644 0 2,353,644 nla 19,415,481
2011 6,874,360 0 6,874,360 na 19,955,981
2012 55,884 0 55,884 wa 19,336,889
2013 (3,364,335) 0 (3,364,335) n/a 18,360,881
2014 2,200,481 0 2,200,481 n/a 18,152,737
2015 4,911,922 0 4,911,922 wa 18,866,622
2016 12,549,479 0 12,549,479 5,581,272 18,293,139
1, Gross Liability (= Sum of Column (h))
2. De minimis Amount = 0.75% of UVB but not greater than $50,000 50,000
3. Deductible = $100,000 + (2) - (1), but not greater than (2) nor less than $0
4, ESTIMATED Net Withdrawal Liability = (1) - (3), but not less than $0

* For plan years ending after Dec, 31, 2014, contributions must be computed by multiplying employment hours by $9.20, the rate in effect as of Dec. 31, 2014

The McKeogh Company -26- Iron Workers Local No. 16

Pension Plan

1W16-0467


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 5.2

Active Participant Age/Service Distribution as of January 1, 2017

Years of Service Credits

Attained Age __ Under 1 1to4 5to9  10tol4  15to19 20to24 25to29 30 to34 35 to39 40 & Up Totals

Under 25 5 4 0 0 0 0 0 0 0 0 9
25 to 29 0 4 10 2 0 0 0 0 0 0 16
30 to 34 0 14 6 12 0 0 0 0 0 0 32
35 to 39 1 9 9 > 3 0 0 0 0 0 31
40 to 44 1 3) 3 5 7 2 0 0 0 0 21
45 to 49 0 4 3 4 8 2 6 0 0 0 27
50 to 54 0 2 3 0 8 2 9 1 0 0 25
55 to 59 0 0 2 1 4 0 11 5 0 0 23
60 to 64 0 0 0 0 0 0 2 2 0 0 4
65 to 69 0 0 1 0 0 0 0 0 0 1
70 & Up 0 0 0 0 0 0 0 0 0 0 0
Total v 40 36 34 30 6 28 8 0 0 189

Average Age: 42.1

Average Service: 13.2

The McKeogh Company -33- Iron Workers Local No. 16

Pension Plan

1W16-0476


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

PART III

WITHDRAWAL LIABILITY INFORMATION

1W16-0462


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 1.7

Projections

Credit Balance Projection

The Funding Standard Account Credit Balance is a measure of compliance with
ERISA’s minimum funding standards. A non-negative Credit Balance indicates that
minimum funding standards have been met. A negative Credit Balance indicates that
minimum funding standards have not been met.

The graph to the right shows an anticipated funding deficiency (negative credit
balance) by the end of the 2020 Plan Year. The graph reflects the amortization
extension under Section 431(d)(1) of the Internal Revenue Code.

This graph is based on the Projection Assumptions shown below. Actual future credit balance values will differ from those projected to the extent that

future experience deviates from the Projection Assumptions.

Funded Percentage Projection

The funded percentage is an important concept under funding reform. Under the
Pension Protection Act of 2006, a plan is generally considered “critical” (in the Red
Zone) if there is a funding deficiency projected within 4 years if the funded percentage
exceeds 65%, or within 5 years if the funded percentage falls below 65% (other factors
may apply). The funded percentage is measured by the actuarial value of assets divided
by the present value of accrued benefits (determined using funding assumptions). The
graph to the right illustrates that the Plan’s funded percentage is currently below 65%
(59%) and is anticipated to significantly decrease resulting in plan insolvency in 2033.

Credit Balance with 434(d) Extension (§ millions)

as.

ip x ee, ig Bhp My My yy Uy Uy yy ig %

%

20%

Projection of Funded Percentage (Actuarial Value)

or

a

MTATARACECE CECE CS

The McKeogh Company Hs

Tron Workers Local No.

16

Pension Plan

1W16-0446


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Section 7.1

Plan Provisions

The following is a brief summary of principal plan provisions as in effect on the valuation date, unless specified. Plan provisions which apply infrequently
or to a limited group of participants may be omitted from this summary. The plan document will govern if there is any discrepancy with this summary.

Effective Date July 19, 1960; amended and restated effective January 1, 2015. Most recent amendment effective January 1, 2016.

A person initially becomes an Active Participant on the earliest January | or July 1 following completion of 1,000 Hours
of Service in Covered Employment during a twelve consecutive month period.

Definitions

Plan Year Twelve-month period ending December 31.

Covered Employment Employment with an Employer who has agreed to contribute to the Fund for the Employee under a collective bargaining
agreement,

Hour of Service Hours worked in Covered Employment or other hours on behalf of which contributions are required to be made to the
Fund,

Vesting Service One year for each Plan Year in which the Participant earns 1,000 or more Hours of Service.

Normal Retirement Date The date the Participant attains age 65, or if later the fifth anniversary of plan participation.

The McKeogh Company -39- Iron Workers Local No. 16

Pension Plan

1W16-0484


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

Plan Provisions

(Continued)

Accrued Monthly Pension For active participants who retire on and after June 1, 2012, the Participant’s Service Credits in each period listed below,
times the applicable accrual rates listed below:

Accrual Rates
Service Credits Service Credits

Service Period up to 25 in excess of 25
Prior to January 1, 2006 87.00 116.00
January 1, 2006 to December 31, 2010 94.00 125.33
January 1, 2011 to May 31, 2012 94.00 94.00
June 1, 2012 to December 31, 2014 88.50 88.50
After January 1, 2015 50.00 50.00

For participants with at least one quarter Service Credit during 2007 or one full Service Credit on or after January 1, 2008
and prior to June 1, 2012 who retire on or after January 1, 2008 and prior to June 1, 2012, the Participant’s Service Credits
in each period listed below, times the applicable accrual rates listed below:

Accrual Rates
Service Credits Service Credits

Service Period up to 25 in excess of 25
Prior to January 1, 2006 90.00 120.00
January 1, 2006 to December 31, 2010 94.00 125.33
January 1, 2011 to May 31, 2012 94.00 94.00

For Participants who did not earn at least one quarter Service Credit after December 31, 2007, different formulas apply.

The McKeogh Company -41- Iron Workers Local No. 16
Pension Plan

1W16-0486


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10b (Checklist Item #41)
2017 Actuarial Valuation

PART II

VALUATION RESULTS

1w16-0449