Redacted by the U.S. Department of the Treasury Redacted by the U.S. Department of the Treasury Redacted by the U.S. Department of the Treasury
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 6047(e), 6057(b), and 6058(a) of the Internal Revenue Code (the Code). 

 Complete all entries in accordance with 

the instructions to the Form 5500. 

OMB Nos. 1210-0110 

1210-0089 

2014 

This Form is Open to Public 

Inspection 

Part I Annual Report Identification Information

For calendar plan year 2014 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); or 

 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 and address; include room or suite number (employer, if for a single-employer plan) 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 

012

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 

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

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHIABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHIABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHIABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI

Preparer’s telephone number 

(optional) 

For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 5500. Form 5500 (2014) 

v. 140124

12/31/2014

X

00

07/19/1960

238900

001

01/01/2014

BOARD OF TRUSTEES IRONWORKERS LOCAL 16 PENSION FUND

IRONWORKERS LOCAL #16 PENSION PLAN

SALTER & COMPANY, LLC

8600 LASALLE ROAD

SUITE 624

TOWSON, MD 21286-2014

52-6148924

4600 EAST-WEST HIGHWAY, SUITE 300

BETHESDA, MD 20814-3415

8600 LASALLE ROAD

SUITE 624

TOWSON, MD 21286-2014

PETER P. OSMAN, CPA

X

X

Filed with authorized/valid electronic signature.

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500

Redacte

d by the 

U.S. 

Departm

ent of 

the 

Treasury

Redacted 

by the 

U.S. 

Departme

nt of the 

Treasury
3a Plan administrator’s name and address XSame 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 has changed since the last return/report filed for this plan, enter the name, 

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

4b EIN

012345678

a Sponsor’s name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

4c 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.......................................................................................... 6c 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 that 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)

X

X

1053

144

344

X

X

1128

X

X

X

330

1

85

89

1B

X

72

565

X

1142

X

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
Part III Form M-1 Compliance Information (to be completed by welfare benefit plans)

11a If the plan provides welfare benefits, was the plan subject to the Form M-1 filing requirements during the plan year? (See instructions and 29 CFR 

2520.101-2.) ....................................... Yes No

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

11b Is the plan currently in compliance with the Form M-1 filing requirements? (See instructions and 29 CFR 2520.101-2.) ........... Yes No 

11c Enter the Receipt Confirmation Code for the 2014 Form M-1 annual report. If the plan was not required to file the 2014 Form M-1 annual report, 

enter the Receipt Confirmation Code for the most recent Form M-1 that was required to be filed under the Form M-1 filing requirements. (Failure to 

enter a valid Receipt Confirmation Code will subject the Form 5500 filing to rejection as incomplete.) 

Receipt Confirmation Code______________________ 

 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500

Redacted by the 

U.S. Department of 

the Treasury

Redacted by the U.S. 

Department of the Treasury Redacted by the U.S. Department 

of the Treasury

Redacted by the U.S. 

Department of the Treasury

Redacted by the U.S. 

Department of the Treasury

Redacted by the 

U.S. Department 

of the Treasury
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
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

2014

This Form is Open to Public 

Inspection

For calendar plan year 2014 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

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

B Three-digit

plan number (PN)  001

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

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

D Employer Identification Number (EIN)

012345678

E Type of plan: (1) X Multiemployer Defined Benefit (2) X 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) -123456789012345

(b) Accrued liability under entry age normal method............................................................................... 1c(2)(b) -123456789012345

(c) Normal cost under entry age normal method .................................................................................... 1c(2)(c) -123456789012345

(3) Accrued liability under unit credit cost method ........................................................................................ 1c(3) -123456789012345

 d Information on current liabilities of the plan:

(1) Amount excluded from current liability attributable to pre-participation service (see instructions) ............ 1d(1) -123456789012345

(2) “RPA ‘94” information:

(a) Current liability.................................................................................................................................. 1d(2)(a) -123456789012345

(b) Expected increase in current liability due to benefits accruing during the plan year........................... 1d(2)(b) -123456789012345

(c) Expected release from “RPA ‘94” current liability for the plan year.................................................... 1d(2)(c) -123456789012345

(3) Expected plan disbursements for the plan year....................................................................................... 1d(3) -123456789012345

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

X

For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 5500 or Form 5500-SF. Schedule MB (Form 5500) 2014

v. 140124

THE MCKEOGH COMPANY

12/31/2014

01

52-6148924

132111460

12345580

01/01/2014

IRONWORKERS LOCAL #16 PENSION PLAN

BOARD OF TRUSTEES IRONWORKERS LOCAL 16 PENSION FUND

88229274

09/17/2015

001

80647479

132111460

01

1714996

14-02963

2014

X

198570648

JAMES J. MCKEOGH, F.S.A.

FOUR TOWER BRIDGE, SUITE 225, WEST CONSHOHOCKEN, PA 19428-2977

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500

Redacted by the U.S. 

Department of the 

Treasury
 Schedule MB (Form 5500) 2014 Page 2- 1 x

 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:

 

 

 Totals ► 3(b) 3(c) 

 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 Reorganization j X Other (specify): ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI AB ABCDEFGHI 

ABCDEFGHI ABCDEFGHI C ABCDEFGHI ABCDEFGHI ABCDEFGHI DE

 k If box h is checked, enter period of use of shortfall method ......................................................................................... 5k YYYY-MM-DD

 l Has a change been made in funding method for this plan year? ...................................................................................................................... X Yes X No

 m If line l is “Yes,” was the change made pursuant to Revenue Procedure 2000-40 or other automatic approval? ............................................. X Yes X No

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

approving the change in funding method ..................................................................................................................... 5n YYYY-MM-DD

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: 

2 Operational information as of beginning of this plan year:

(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

4 Information on plan status:

 a 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. ............................................................................................................................................. 4a 

 b Funded percentage for monitoring plan’s status (line 1b(2) divided by line 1c(3)) .................................................... 4b 123.1%

 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, were any adjustable benefits reduced? ............................................................................................................. X Yes X No

 e If line d is “Yes,” enter the reduction in liability resulting from the reduction in adjustable benefits, measured as 

of the valuation date........................................................................................................................ 4e -123456789012345

f If the rehabilitation plan projects emergence from critical 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):

15783695

2034

X

61.1

30840233

X

C

01/15/2014

02/15/2014

331159

03/15/2014

04/15/2014

05/15/2014

06/15/2014

07/15/2014

278

08/15/2014

23756073

09/15/2014

336664

X

4039977

336664

336664

336665

336665

336665

336665

336665

88229274

336665

1

10/15/2014

11/15/2014

12/15/2014

3.64

151946720

X

198570648

336665

336665

X

336665

660

X

X

X

7084160

44.43

181

1119

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
Schedule MB (Form 5500) 2014 Page 3 - 1 x

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

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

X

7F

7

-111059

-298787

5

10550341

0

1

1

3

17.6

-1082325

X

-2911822

X

96190744

92607980

7

9.6

27.5

12474882

X

10749657

X

2736580

909111

816114

34176422

7.00

4039977

2920451

0

7F

7.00

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
Schedule MB (Form 5500) 2014 Page 4 

 (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 2014 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

31398548

X

101984567

43873430

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
Redacted by the U.S. Department of the Treasury Redacted by the U.S. Department of the 

Treasury



Ironworkers Local Union No. 16 Pension Plan 

EIN: 52-6148924 

Plan Number: 001 

Attachment A to 2014 Schedule MB of Form 5500

Line 3a – Contributions to the Plan

Contributions are made by participating employers on a regular basis and, for Schedule MB 

purposes, are assumed to have been made in equal installments on the 15th of each month during 

the Plan Year. 

N:\1080\2014\Government Forms\2014 Schedule MB\A - Contributions to the Plan.doc 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan 

EIN: 52-6148924 

Plan Number: 001 

Attachment B to the 2014 Schedule MB of Form 5500

Schedule MB, Line 4a – Illustration Supporting Actuarial Certification of Status

Actuarial Certification for the 2014 Plan Year 

Attached is a copy of the actuarial certification of the status of the Ironworkers Local Union No. 16 

Pension Plan under IRC Section 432 for the Plan Year beginning January 1, 2014 and ending 

December 31, 2014. 

N:\1080\2014\Government Forms\2014 Schedule MB\B - Illustration Supporting Actuarial Certification of Status.doc 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500


Redacted by the U.S. Department of the Treasury
Redacted by the U.S. Department of the Treasury



Ironworkers Local Union No. 16 Pension Plan 

EIN: 52-6148924 

Plan Number: 001 

Attachment C to the 2014 Schedule MB of Form 5500

Schedule MB, Line 4c – Documentation Regarding Progress Under Funding Improvement 

or Rehabilitation Plan

The Plan was first certified to be in critical status for the 2012 Plan Year. In April 2012, the 

Trustees adopted a rehabilitation plan aimed at restoring the financial health of the Plan. The 

rehabilitation plan included schedules that increased employer contributions and reduced 

benefits. The Plan’s rehabilitation period began on January 1, 2013 and is scheduled to end on 

December 31, 2022. 

In September 2013 and March 2014, the Trustees amended the rehabilitation plan to further 

reduce benefits and increase employer contributions. However, hours of covered employment 

have continued to deteriorate during 2014 and after careful consideration, the board of trustees 

determined to also lower the future outlook regarding hours of covered employment. 

Based on the assumption of reduced future hours of covered employment and other assumptions, 

as specified in the actuarial certification filed in 2015 (the Plan Year in which this 2014 Schedule 

MB is filed), the Plan was certified to be in critical and declining status. The plan was projected 

to become insolvent in 19 years, during the 2034 calendar year. 

In September 2015, the Trustees reviewed the rehabilitation plan and determined that based on 

reasonable actuarial assumptions and upon exhaustion of all reasonable measures, the Fund 

would never emerge from Critical Status. This determination also reflected Trustees’ view of the 

economic conditions of the building and construction industry covered by the Fund. The 

Trustees amended the rehabilitation plan to reflect the objective of forestalling insolvency and to 

explore whether the suspension of benefits for certain participants, as allowed for under the 

Multiemployer Pension Reform Act of 2014, could enable the pension fund to potentially avoid 

future insolvency. During this review and update of the rehabilitation plan, the Trustees 

determined that the Plan was meeting its goal to forestall insolvency and that the Trustees have 

taken all reasonable steps to forestall insolvency. 

N:\1080\2014\Government Forms\2014 Schedule MB\C - Documentation Regarding Progress Under Funding Improvement Plan.doc 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan 

EIN: 52-6148924 

Plan Number: 001 

Attachment D to 2014 Schedule MB of Form 5500 

Schedule MB, lines 5l and 5m – Change in Funding Method 

The valuation software for the plan has changed since the previous valuation. The criteria for 

automatic approval of this method change under Revenue Procedure 2000-40 were met and are 

outlined below: 

a. The underlying method is unchanged and is consistent with the information contained in 

the prior actuarial valuation report and prior Schedule MB of Form 5500. 

b. The net charge to the funding standard account for the prior year determined using the 

new software does not differ from the net charge to the funding standard account 

determined using the old software (all other factors being held constant) by more than 

2%. 

c. The new valuation software system is designed to produce results that are no less 

accurate than the results produced by the prior valuation software. 

d. A change in valuation software requiring approval was not made for the prior plan year. 

Because all criteria above were met and since there were no assumption changes reflected in this 

year's valuation, the effect of the change in method is treated as an actuarial gain/(loss) in 

accordance with the Revenue Procedure. 

N:\1080\2014\Government Forms\2014 Schedule MB\D - Change in Funding Method.doc

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan 

EIN: 52-6148924 

Plan Number: 001 

Attachment E to 2014 Schedule MB of Form 5500 

Schedule MB, line 6 – Statement of Actuarial Assumptions/Methods

Actuarial Cost Method The Actuarial Cost Method for determining the Actuarial Accrued Liability and Normal Cost is the Unit Credit Cothe same method used in the prior valuation. Asset Valuation Method The Actuarial Value of Assets (AVA) is determined using an adjusted market value. Under this method, a prelimi

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 gof the preceding four years. The gain or loss for a given year is the difference between the actual investment retur

market basis) and the assumed investment return based on the market value of assets at the beginning of the year aThe AVA is then the preliminary AVA subject to a minimum and maximum value equal to 20% below and 20% arespectively. Actuarial Assumptions

Interest Rate (Net of Investment Expenses)  For RPA ’94 Current Liability 3.64% per year  For All Other Purposes 7.00% per year Administrative Expenses $250,000 as of beginning of the year Mortality -- Healthy lives 1983 Group Annuity Mortality Table (GAM 83) for ma

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER  IRONWORKERS LOCAL UNION 16 PENSION FUND  EIN/PN: 52-6148924 / 001  Exhibit 7.08 (Checklist Item #39)  Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan 

EIN: 52-6148924 

Plan Number: 001 

Attachment E to 2014 Schedule MB of Form 5500 

Schedule MB, line 6 – Statement of Actuarial Assumptions/Methods

(continued) 

 -- Disabled lives 1971 Group Annuity Mortality Table for males  -- Mortality improvement No future mortality improvements were assumed beyond thRPA ‘94 Current Liability mortality  -- Healthy lives  -- Disabled lives 

RP-2000 Mortality Tables, with separate rates for annuitantannuitants, as issued by the IRS for 2014 valuations. Separand females. Mortality specified in Revenue Ruling 96-7 for Disabilities 1994 

Retirement Age Grandfathered Active Participants are assumed to retire upo

years of service. Non-grandfathered Active Participants are assumed to retirfor a Service Pension (generally age 55 with 30 years of serRetirement Age if earlier. Deferred Vested Participants are assumed to retire at Norm

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER  IRONWORKERS LOCAL UNION 16 PENSION FUND  EIN/PN: 52-6148924 / 001  Exhibit 7.08 (Checklist Item #39)  Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan 

EIN: 52-6148924 

Plan Number: 001 

Attachment E to 2014 Schedule MB of Form 5500 

Schedule MB, line 6 – Statement of Actuarial Assumptions/Methods

(continued) 

Withdrawal Varying by Age as Illustrated: Age Rate 

 20 0.0760  30 0.0441  40 0.0259  50 0.0076 Disability Incidence Varying by Age as Illustrated: Age Rate 

20 0.0018 

 30 0.0033  40 0.0066  50 0.0182 

Future Benefit Accruals Based on the average of the prior two years of hours Form of Payment Married participants: 50% J&S annuity 

Unmarried participants: Single life annuity 

Percentage Married 75% Spouse Age Spouses of male/female Participants 3 years younger/

Participant. 

N:\1080\2014\Government Forms\2014 Schedule MB\E - Actuarial Assumption Methods.doc 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER  IRONWORKERS LOCAL UNION 16 PENSION FUND  EIN/PN: 52-6148924 / 001  Exhibit 7.08 (Checklist Item #39)  Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan 

EIN: 52-6148924 

Plan Number: 001 

Attachment F to 2014 Schedule MB of Form 5500 

Schedule MB, line 6 – Summary of Plan Provisions 

(continued) 

Hours Bank At retirement, a Participant may use the Hours Bank to provide full or partial Serv

which the Participant did not work sufficient hours to earn one Service Credit in tand procedures exist in order to calculate such additional Service Credits. 

Preretirement Surviving Participant dies after completing 5 or more years of Vesting Service and leaves a Spouse Benefit whom the Participant was married for at least one year at the time of the Participa

Preretirement Lump Sum Participant dies prior to termination or retirement. Available only if the PreretiremDeath Benefit benefit is not payable or has been waived. Pop-Up Benefit Participant who retires after January 1, 1996 with a Joint and Survivor Annuity an

his/her spouse. 

Benefits Paid Upon the Following Events Normal Pension Accrued Monthly Pension as of NRD. Early Retirement Pension Accrued Monthly Pension as of early retirement date, reduced by 6% for each yea

precedes the Participant’s NRD. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER  IRONWORKERS LOCAL UNION 16 PENSION FUND  EIN/PN: 52-6148924 / 001  Exhibit 7.08 (Checklist Item #39)  Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan 

EIN: 52-6148924 

Plan Number: 001 

Attachment F to 2014 Schedule MB of Form 5500 

Schedule MB, line 6 – Summary of Plan Provisions 

(continued) 

Service Pension Accrued Monthly Pension as of early retirement date, reduced by 6% per year that r

57. Participants who have completed at least 25 Service Credits as of June 1, 2012 eligible for an unreduced Service Pension.

Deferred Pension Accrued Monthly Pension payable at NRD. A vested participant with at least 10 ye

may elect to have benefits commence as early as age 55. The benefit shall be reduceach year that commencement precedes NRD. 

Preretirement Surviving Spouse receives a lifetime monthly pension equal to 50% of the benefit that would bSpouse Benefit Participant separated from service on the date of death (or separation from service, i

the earliest retirement age, retired with an immediate qualified joint and survivor anday after the earliest retirement age. Instead of the benefit described above, the surv

to receive the Preretirement Lump Sum Death Benefit. 

Preretirement Lump Sum For participants with at least 10 years of Service Credit, $300 times Service Credits Death Benefit April 1, 1960, maximum of $7,500. Payment shall be made in a single lump sum or 

installments, at the option of the beneficiary. For all other participants, $2,500 payasum. 

Pop-Up Benefit The pension amount will be increased to the amount that would have been payable i

annuity form of pension. 

Normal and Optional The basic pension benefits described above are payable as a single life annuity (singForms of Payment monthly payments guaranteed prior to June 1, 2012). Married employees receive a 

basic benefit actuarially reduced to provide the spouse with a 50% contingent annui

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER  IRONWORKERS LOCAL UNION 16 PENSION FUND  EIN/PN: 52-6148924 / 001  Exhibit 7.08 (Checklist Item #39)  Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan 

EIN: 52-6148924 

Plan Number: 001 

Attachment F to 2014 Schedule MB of Form 5500 

Schedule MB, line 6 – Summary of Plan Provisions 

(continued) 

 Prior to June 1, 2012, certain participants could elect a lump sum payment with respect to th

benefit attributable to Service Credits over 25 years. 

 Other optional forms of payment are: Joint and 50%, 75% or 100% to Survivor, and life wi

monthly payments guaranteed. Married participants must have spousal consent to elect a fothan the Joint and 50% to Surviving Spouse form. 

Other Benefits Postretirement At the death of a Participant receiving a pension benefit, a single sum death benefit shall be Death Benefit named beneficiary in an amount equal to $1,500. 13th Check Pensioners on the rolls at December 31, 2007 shall be entitled to one additional monthly pa

each year equal to the pensioner’s current monthly pension payment, with a minimum of $1who retired between January 1, 2008 and December 31, 2009 were entitled to one additiona(without the $1,000 minimum) in January of each year with the last such payment made in 

Participants who retired after December 31, 2009 are not eligible for this benefit. 

Future Changes in Benefits The following changes to the plan of benefits were made in connection with the revised Reh

Plan, effective June 1, 2014. These changes will be reflected for the first time in the Januar

Service Pension For retirements occurring after June 30, 2014, the 6% per year early retirement reduction w

60, rather than at age 57. Participants who have completed at least 25 Service Credits as of continue being eligible for an unreduced Service Pension. 

Accrued Monthly Pension For Service Credits earned after January 1, 2015, the accrual rate was changed from $88.50 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER  IRONWORKERS LOCAL UNION 16 PENSION FUND  EIN/PN: 52-6148924 / 001  Exhibit 7.08 (Checklist Item #39)  Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan 

EIN: 52-6148924 

Plan Number: 001 

Attachment F to 2014 Schedule MB of Form 5500 

Schedule MB, line 6 – Summary of Plan Provisions 

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

discrepancy with this summary. Effective Date July 19, 1960; amended and restated effective January 1, 2015.Participation A person initially becomes an Active Participant on the earliest January 1 or July 1 following 

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 u

bargaining agreement.

Hour of Service Hours worked in Covered Employment or other hours on behalf of which contributions are r

the Fund. 

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

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER  IRONWORKERS LOCAL UNION 16 PENSION FUND  EIN/PN: 52-6148924 / 001  Exhibit 7.08 (Checklist Item #39)  Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan 

EIN: 52-6148924 

Plan Number: 001 

Attachment F to 2014 Schedule MB of Form 5500 

Schedule MB, line 6 – Summary of Plan Provisions 

(continued) 

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

Service Credits Service Credits are based on Hours of Service in Covered Employment during a Plan Year, 

following schedules: 

April 1, 1960 through December 31, 1992: January 1, 2008 through Dece

Hours of Service Service Credit Hours of Service 

Less than 500 0.00 Less than 300.00 

500 – 699 0.25 300 – 599 

700 – 999 0.50 600 – 899 1,000 – 1,399 0.75 900 – 1,199 1,400 or more 1.00 1,200 or more January 1, 1993 through December 31, 2007: January 1, 2011 and later: 

Hours of Service Service Credit Hours of Service 

Less than 262.50 0.00 Less than 500.00 

262.50 – 524.25 0.25 500 – 699 524.50 – 787.25 0.50 700 – 999 787.50 – 1,049.25 0.75 1,000 – 1,399 1,050 or more 1.00 1,400 or more 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER  IRONWORKERS LOCAL UNION 16 PENSION FUND  EIN/PN: 52-6148924 / 001  Exhibit 7.08 (Checklist Item #39)  Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan 

EIN: 52-6148924 

Plan Number: 001 

Attachment F to 2014 Schedule MB of Form 5500 

Schedule MB, line 6 – Summary of Plan Provisions 

(continued) 

Hours Bank A Participant’s Hours of Service in excess of 1,600 in a Plan Year earned on or after April 1, 

credited to the Participant’s Hours Bank. A Participant’s Hours Bank will be limited to a maxhours (2,800 hours prior to January 1, 1998). 

Accrued Monthly Pension For active participants who retire on and after June 1, 2012, the Participant’s Service Credits 

below, times the applicable accrual rates listed below: 

 Accrual Rates 

Service Period 

Service 

Credits 

up to 25

Service Credits 

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 After June 1, 2012 88.50 88.50 

For participants with at least one quarter Service Credit during 2007 or one full Service Credi

1, 2008 and prior to June 1, 2012 who retire on or after January 1, 2008 and prior to June 1, 2

Participant’s Service Credits in each period listed below, times the applicable accrual rates lis

 Accrual Rates 

Service Period 

Service 

Credits 

up to 25

Service Credits 

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 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER  IRONWORKERS LOCAL UNION 16 PENSION FUND  EIN/PN: 52-6148924 / 001  Exhibit 7.08 (Checklist Item #39)  Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan 

EIN: 52-6148924 

Plan Number: 001 

Attachment F to 2014 Schedule MB of Form 5500 

Schedule MB, line 6 – Summary of Plan Provisions 

(continued) 

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

Eligibility for Benefits Normal Pension Retirement on or after NRD.Early Retirement Pension Retirement prior to NRD but after attaining age 55 and earning 10 or more Service CService Pension Retirement prior to June 1, 2012: Completion of 25 Service Credits if the participant 

Service Credit prior to September 1, 2004. Completion of 30 or more Service Crediage 50 for all other participants.

Retirement after June 1, 2012: Completion of 30 or more Service Credits and attainm

participant earned at least 25 Service Credits prior to June 1, 2012, eligibility determabove. 

Disability Pension The Disability Pension was eliminated for Participants that become totally and perm

after January 1, 2014. For onsets prior to January 1, 2014, eligibility was based on Service Credits as well as certain hours and age requirements. 

Deferred Pension Termination of Covered Employment for reasons other than death or retirement afte

more years of Vesting Service. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER  IRONWORKERS LOCAL UNION 16 PENSION FUND  EIN/PN: 52-6148924 / 001  Exhibit 7.08 (Checklist Item #39)  Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan 

EIN: 52-6148924 

Plan Number: 001 

Attachment F to 2014 Schedule MB of Form 5500 

Schedule MB, line 6 – Summary of Plan Provisions 

(continued) 

Service Credits The number of covered employment hours needed to attain a partial or full Service Cred

has been changed as shown below: 

Hours of Service Service Credit 

Less than 400.00 0.00 400 – 799 0.25 800 – 1,199 0.50 1,200 – 1,599 0.75 1,600 or more 1.00 

Contributions Employers make contributions to fund the plan in accordance with the terms of several c

agreements. Employee contributions are neither required nor permitted. Recent hourly follows: 

Period Hourly Rate Period Hourly Rate 

5/1/2007 – 4/30/2008 $4.34 4/1/2012 – 3/31/2013 $8.20 5/1/2008 – 4/8/2009 $4.80 4/1/2013 – 5/31/2014 $8.70 4/9/2009 – 3/31/2010 $5.70 6/1/2014 – 3/31/2015 $9.20 4/1/2010 – 3/31/2011 $6.70 4/1/2015 & later $9.70 4/1/2011 – 3/31/2012 $7.20 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER  IRONWORKERS LOCAL UNION 16 PENSION FUND  EIN/PN: 52-6148924 / 001  Exhibit 7.08 (Checklist Item #39)  Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan 

EIN: 52-6148924 

Plan Number: 001 

Attachment F to 2014 Schedule MB of Form 5500 

Schedule MB, line 6 – Summary of Plan Provisions 

(continued) 

Changes in the Plan of Benefits The following changes to the plan of benefits were made in connection with the 20Since Prior Valuation 

1) For retirements occurring after December 31, 2013, the Service Pension will be 

year that retirement precedes age 57. There was no reduction at any age prior tParticipants who have completed at least 25 Service Credits as of June 1, 2012 eligible for an unreduced Service Pension. 

2) The Disability Pension (Regular and Alternative) was eliminated for Participan

and permanently disabled on or after January 1, 2014. 

N:\1080\2014\Government Forms\2014 Schedule MB\F - Summary of Plan Provisions.doc 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER  IRONWORKERS LOCAL UNION 16 PENSION FUND  EIN/PN: 52-6148924 / 001  Exhibit 7.08 (Checklist Item #39)  Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan

EIN: 52-6148924

Plan Number: 001

Attachment G to 2014 Schedule MB of Form 5500

Schedule MB, Line 8b – Schedule of Active Participant Data

Years of Credited Service

Attained Age Under 1 1 to 4 5 to 9 10 to 14 15 to 19 20 to 24 25 to 29 30 to 34 35 to 39 40 

Under 25 2 5 3 0 0 0 0 0 0 

 

25 to 29 2 11 15 5 0 0 0 0 0 

 

30 to 34 1 11 25 12 1 0 0 0 0 

 

35 to 39 0 10 6 15 9 0 0 0 0 

 

40 to 44 2 1 7 12 7 8 0 0 0 

 

45 to 49 0 4 3 9 9 9 6 0 0 

 

50 to 54 0 3 5 2 8 7 13 0 0 

 

55 to 59 0 0 3 2 2 7 5 2 0 

 

60 to 64 1 0 3 0 0 1 0 1 

 

1

65 to 69 0 1 0 0 1 0 0 0 0 

 

70 & Up 0 0 0 0 0 0 0 0 0 

Total 8 46 68 60 37 31 25 2 1 

 

Average Age: 41.2 

 Average Service: 12.3

N:\1080\2014\Government Forms\2014 Schedule MB\[G - Active Participant Data.xlsx]Actives

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER  IRONWORKERS LOCAL UNION 16 PENSION FUND  EIN/PN: 52-6148924 / 001  Exhibit 7.08 (Checklist Item #39)  Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan 

EIN: 52-6148924 

Plan Number: 001 

Attachment H to 2014 Schedule MB of Form 5500

Schedule MB, Line 8c – Extension of Amortization Charges

None of the Plan’s amortization bases are operating under an extension of time under Section 

412(e) of the Code (as in effect prior to 2008). 

During 2010, the Plan Sponsor applied for a 5-year extension of all amortization charge bases in 

effect as of January 1, 2010. The Commissioner granted automatic approval of this extension 

pursuant to Section 431(d) of the Code. 

The minimum required contribution for the 2014 Plan Year, after reflecting the credit balance, 

was $0 with the amortization extension, and would have been $0 without regard to the 

amortization extension. 

N:\1080\2014\Government Forms\2014 Schedule MB\H - Extension of Amortization Charges.doc 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan

EIN: 52-6148924

Plan Number : 001

Attachment I to the 2014 Schedule MB of Form 5500

Schedule MB, Lines 9c and 9h -- Schedule of Funding Standard Account Charges and Credits

Date of First Outstanding 

Initial Charge Remaining Balance 

Amount or Credit Period Beg. of Year 

1. Amortization Charges*

a. Combined Bases $ 35,873,400 1/1/1989 5.000 $ 6,552,643 

b. 1991 Benefit Change 4,915,400 1/1/1991 12.000 2,497,207 

c. 1994 Assumption Chng. 1,093,800 1/1/1994 15.000 679,309 

d. 1994 Benefit Change 3,785,300 1/1/1994 15.000 2,350,783 

e. 1995 Benefit Change 563,976 1/1/1995 16.000 369,115 

f. 1996 Benefit Change 12,056,033 1/1/1996 17.000 8,269,647 

g. 1997 Benefit Change 3,069,392 1/1/1997 18.000 2,196,144 

h. 1998 Benefit Change 9,903,744 1/1/1998 19.000 7,361,167 

i. 1999 Assumption Chng. 6,110,025 1/1/1999 20.000 4,700,695 

j. 2000 Benefit Change 6,061,373 1/1/2000 21.000 4,811,543 

k. 2001 Benefit Change 2,142,636 1/1/2001 22.000 1,749,984 

l. 2002 Benefit Change 198,863 1/1/2002 23.000 166,704 

m. 2001 Actuarial Loss 4,022,217 1/1/2002 8.000 1,789,286 

n. 2002 Actuarial Loss 8,363,701 1/1/2003 9.000 4,274,585 

o. 2003 Benefit Change 2,219,172 1/1/2003 24.000 1,951,456 

p. 2003 Actuarial Loss 1,443,554 1/1/2004 10.000 829,318 

q. 2004 Actuarial Loss 4,850,250 1/1/2005 11.000 3,079,421 

r. 2005 Benefit Change 1,123,349 1/1/2005 26.000 1,005,371 

s. 2005 Actuarial Loss 2,883,606 1/1/2006 12.000 1,996,139 

t. 2007 Assumption Chng. 3,258,771 1/1/2007 28.000 3,021,053 

u. 2008 Plan Change 571,064 1/1/2008 14.000 455,593 

v. 2008 Actuarial Loss 17,178,277 1/1/2009 15.000 14,535,406 

w. 2009 Plan Change 1,604,038 1/1/2009 15.000 1,357,255 

x. 2009 Actuarial Loss 2,680,954 1/1/2010 16.000 2,390,595 

y. 2010 Actuarial Loss 1,170,736 1/1/2011 12.000 1,020,958 

z. 2011 Actuarial Loss 8,705,794 1/1/2012 13.000 7,988,655 

aa. 2012 Actuarial Loss 9,155,033 1/1/2013 14.000 

8,790,712

ab. Total Charges $ 

96,190,744 

* The Plan Sponsor applied for, and received, an automatic 5-year extension of amortization periods for all amortization charge bases in effect as of January 1, 2010.

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER  IRONWORKERS LOCAL UNION 16 PENSION FUND  EIN/PN: 52-6148924 / 001  Exhibit 7.08 (Checklist Item #39)  Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan

EIN: 52-6148924

Plan Number : 001

Attachment I to the 2014 Schedule MB of Form 5500

Schedule MB, Lines 9c and 9h -- Schedule of Funding Standard Account Charges and Cre

Date of First Outstand

Initial Charge Remaining Balanc

Amount or Credit Period Beg. of Y

2. Amortization Credits

a. Combined Credits $ 26,391,210 1/1/2009 0.346 $ 

2,0

b. 2012 Plan Change 5,059,966 6/1/2012 13.417 4,5

c. 2013 Actuarial Gain 1,082,325 1/1/2014 15.000 1,0d. 2014 Plan Change 2,911,822 1/1/2014 15.000 

2,9

e. Total Credits $ 

10,5

3. Credit Balance $ 34,1

4. Balance Test = (1) - (2) - (3) $ 51,4

5. Unfunded Actuarial Accrued Liability $ 51,4

N:\1080\2014\Government Forms\2014 Schedule MB\[I - Schedule of Amortization Bases.xlsx]Credits

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER  IRONWORKERS LOCAL UNION 16 PENSION FUND  EIN/PN: 52-6148924 / 001  Exhibit 7.08 (Checklist Item #39)  Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan

EIN: 52-6148924

Plan Number : 001

Attachment J to the 2014 Schedule MB of Form 5500

Schedule MB, line 11 – Justification for Change in Actuarial Assumptions

Actuarial Basis - Mandated Changes -- There were two changes in the actuarial basis from the prior year:

1.2.

N:\1080\2014\Government Forms\2014 Schedule MB\[J ‐ Justification for Change in Actuarial Assumptions.xlsx]Changes

The interest rate for RPA '94 Current Liability purposes was changed from 3.78% to 3.64% effective January 1, 2014.The mortality assumption for RPA '94 Current Liability purposes was updated from the RP-2000 Tables for 2013 large pl2000 Tables for 2014 large plan valuations as set forth in Internal Revenue Notice 2013-49.

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER  IRONWORKERS LOCAL UNION 16 PENSION FUND  EIN/PN: 52-6148924 / 001  Exhibit 7.08 (Checklist Item #39)  Selected Schedules from Form 5500
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 section 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

2014

This Form is Open to Public 

Inspection.

For calendar plan year 2014 or fiscal plan year beginning and ending 

A Name of plan

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

B Three-digit

plan number 

(PN)  001

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

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

D Employer Identification Number (EIN)

012345678

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 -123456789012345

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

ERISA section 302, skip this Part)

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?...................................... X Yes X No X 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?.................................................................................................................

 

X Yes X No X 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......................................................................................... X Increase X Decrease X Both X 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? ............. X Yes X No 

11 a Does the ESOP hold any preferred stock?................................................................................................................................. X Yes X 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.)............................................................................................................... X Yes X No

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

For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 5500. Schedule R (Form 5500) 2014

v. 140124

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 12345678

4 Is the plan administrator making an election under Code section 412(d)(2) or ERISA section 302(d)(2)?......................... X Yes X No X 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 -123456789012345

 b Enter the amount contributed by the employer to the plan for this plan year................................................... . 6b -123456789012345

 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 -123456789012345

12/31/2014

52-6148924

01/01/2014

IRONWORKERS LOCAL #16 PENSION PLAN

X

X

BOARD OF TRUSTEES IRONWORKERS LOCAL 16 PENSION FUND

001

X

24

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
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): _______________________________

2015

2015

2015

2015

46-1601901

52-1592867

47-0640263

72-1515465

52-0529450

BSE ERECTORS

GENESIS STEEL SERVICE

KIEWIT INFRASTRUCTURE

STONE AND WEBSTER

WHITING-TURNER

1

31

31

31

31

31

9.20

9.20

9.20

9.20

9.20

X

X

X

X

X

03

03

03

03

03

440870

771253

435814

355072

383892

2015

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
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............................................................................................................................................... 14a 123456789012345

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):

 

2.0 19.0

X

X

47.0 8.0 24.0

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
1 

IRONWORKERS LOCAL UNION NO. 16 PENSION FUND 

REHABILITATION PLAN 

Revised Effective June 1, 2014 

Introduction 

The Pension Protection Act of 2006 (“PPA”) requires the Trustees of a multiemployer pension 

plan that has been certified by the plan’s actuary as being in critical status to develop a 

Rehabilitation Plan. 

On March 16, 2012, the Ironworkers Local Union No. 16 Pension Fund (“Fund” or “Plan”) was 

certified by its Actuary to be in Critical Status for the Plan Year beginning January 1, 2012, 

pursuant to Internal Revenue Code (“IRC”) Section 432(b)(3)(A) and ERISA Section 

305(b)(3)(A). On March 29, 2013, the Plan was certified to be in Critical Status for the Plan 

Year beginning January 1, 2013. On March 28, 2014 the Plan was once again certified by the 

Fund Actuary as being in Critical Status for the Plan Year beginning January 1, 2014. Notice of 

the Fund’s status was provided to the bargaining parties, employers, participants and 

beneficiaries, Pension Benefit Guaranty Corporation and the Secretary of Labor on or about 

April 28, 2014 pursuant to IRC Section 432(b)(3)(D) and ERISA Section 305(b)(3)(D). 

Rehabilitation Plan 

A Rehabilitation Plan must prescribe actions, including recommended actions to be taken by the 

bargaining parties that are expected to enable a plan to meet stated annual standards and emerge 

from critical status by the end of the Rehabilitation Period, based on reasonably anticipated 

experience and on reasonable actuarial assumptions. 

If it is determined, based on reasonable actuarial assumptions and upon exhaustion of all 

reasonable measures, that the Plan cannot reasonably be expected to emerge from critical status 

by the end of the Rehabilitation Period, the Rehabilitation Plan must contain reasonable 

measures to emerge from critical status at a later time or to forestall possible insolvency. 

In 2012, the Fund, through its plan sponsor – the Board of Trustees - adopted a Rehabilitation 

Plan (“2012 Rehabilitation Plan”) that contained three schedules providing reductions in 

benefits, increases in contributions or both, that were reasonably expected to enable the Plan to 

emerge from critical status at the end of the Rehabilitation Period (10-year period beginning on 

January 1, 2013). The bargaining parties agreed to adopt Schedule 3, the recommended 

alternative schedule. This document (“2014 Rehabilitation Plan”) represents the second revision 

to this Plan. 

Rehabilitation Period 

The Rehabilitation Period is the 10-year period beginning January 1, 2013 and ending 

December 31, 2022. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
2 

If the Fund Actuary certifies before the end of this period that the Fund is no longer in critical 

status before the end of the 10-year Rehabilitation Period, the period shall end with the plan year 

preceding the plan year for which the certification is made. The Fund Actuary must certify that 

the Fund is not projected to have an accumulated funding deficiency for the plan year or any of 

the 9 succeeding plan years, without regard to the use of the shortfall method but taking into 

account any extension of amortization periods under IRC Section 431(d). 

Annual Updating of Rehabilitation Plan 

Each year the Fund Actuary will review and certify the status of the Fund under the PPA funding 

rules and whether the Fund is making the scheduled progress toward the requirement of 

emerging from critical status by the end of the Rehabilitation Period. If the Board of Trustees 

determines that it is necessary in light of updated information, they will revise the Rehabilitation 

Plan and the schedules. Notwithstanding subsequent changes in contribution schedules, a 

schedule of contribution rates provided by the Board of Trustees and relied upon by the 

bargaining parties in negotiating a collective bargaining agreement shall remain in effect for the 

duration of that collective bargaining agreement. 

On March 28, 2014, the Fund Actuary certified that the Plan was in Critical Status for the Plan 

Year beginning January 1, 2014. At their March 20, 2014 meeting, the Board of Trustees 

determined that, based on current and anticipated economic conditions and industry outlook, the 

scheduled contribution rates in the 2013 Rehabilitation Plan would no longer be sustainable. 

Accordingly, the Board of Trustees took action to update the 2013 Rehabilitation Plan as 

summarized below. The 2014 Rehabilitation Plan was finalized at the June 12, 2014 Board of 

Trustees meeting. 

Schedules 

The Rehabilitation Plan must contain schedules of plan changes and/or contribution changes that 

if adopted by the bargaining parties, are projected to enable the Plan to meet certain annual 

standards and enable the Plan to emerge from critical status in accordance with the Rehabilitation 

Plan, by the end of the Rehabilitation Period. Pursuant to the IRC Section 432(e), the 

Rehabilitation Plan must include one or more schedules with revised benefit structures, revised 

contributions or both which, if adopted, may reasonably be expected to enable the Plan to 

emerge from critical status in the period of time permitted by law. 

In the first year of the Rehabilitation Plan, one schedule must be a “default schedule” that 

identifies reductions in benefits necessary to achieve the applicable benchmarks reduced to the 

maximum extent permitted by law, and only includes those contribution increases necessary, 

after these reductions, to permit the Plan to emerge from critical status on a timely basis. This 

schedule was eliminated in the 2013 Rehabilitation Plan, and again has not been included in this 

2014 Rehabilitation Plan, since the bargaining parties adopted Schedule 3 in 2012. 

The 2012 Rehabilitation Plan also contained an alternative schedule providing increases in 

contributions necessary to achieve the applicable benchmarks, assuming no amendments 

reducing future benefit accruals under the Plan. This schedule was also eliminated in the 2013 

Rehabilitation Plan, and again has not been included in this 2014 Rehabilitation Plan, since the 

bargaining parties adopted Schedule 3 in 2012. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
3 

The 2012 Rehabilitation Plan also included an additional alternative schedule providing for a 

combination of contribution rates and benefit reductions that could have been adopted by the 

bargaining parties to achieve the applicable benchmarks. In September 2013, this Schedule 3 

was modified by the Board of Trustees as part of the 2013 Rehabilitation Plan and was renamed 

the “Rehabilitation Schedule.” The Rehabilitation Schedule included changes in adjustable 

benefits and contribution rates. The bargaining parties adopted a contribution schedule and 

terms for the successor to their collective bargaining agreement, which expired on March 31, 

2013, consistent with the Rehabilitation Schedule. The Board of Trustees modified the 2013 

Rehabilitation Plan and its Rehabilitation Schedule on March 20, 2014 and June 12, 2014, 

adopting additional changes to adjustable benefits and future contribution rates. This revised 

Rehabilitation Schedule has been provided to the bargaining parties who have adopted the 

contribution rates set forth in the schedule in their most recent collective bargaining agreement, 

which is a three-year agreement expiring on March 31, 2017. 

Rules for Operation of the Plan During the Rehabilitation Period

During the Rehabilitation Period, the Plan may not be amended in any way that: (a) is 

inconsistent with the Rehabilitation Plan; or (2) increases benefits, including future benefit 

accruals, unless the Fund Actuary certifies that such increase is paid for out of additional 

contributions not contemplated by the Rehabilitation Plan, and, after taking into account the 

benefit increase, the plan still is reasonably expected to emerge from critical status by the end of 

the rehabilitation period on the schedule contemplated in the Rehabilitation Plan. 

Restrictions on Lump Sum and Similar Benefits 

Once the notice of the Fund Actuary’s certification of critical status is sent, the Plan shall not pay 

any amount in excess of the monthly amount paid under a single life annuity whose annuity 

starting date if after the date such notice is sent, except that small amount lump sum payments 

distributable without the permission of the participant and retroactive annuity starting date 

payments are permitted. 

By motion duly adopted, the Board of Trustees of the Ironworkers Local Union No. 16 Pension 

Fund on the 12th day of June, 2014, hereby adopts this 2014 Rehabilitation Plan, including the 

Rehabilitation Schedule attached hereto. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
4 

Ironworkers Local Union No. 16 Pension Fund 

Rehabilitation Plan 

For Plan Year January 1, 2014 

REHABILITATION SCHEDULE 

(Formerly Alternative Schedule 3, Revised effective September 1, 2013 and April 1, 2014) 

This Schedule provides for a combination of benefit reductions and contribution increases as 

follows. These adjustments are effective on and for the dates identified below: 

 Change the Service Pension for Participants Retiring between January 1, 2014 and June 

30, 2014 as follows: 

o A Participant who, on or before May 31, 2012 and with regard to his Hours Bank 

as of that date, has not earned at least twenty-five (25) years of Service Credit, 

will be eligible for a Service Pension when he or she earns at least thirty (30) 

years of Service Credits and reaches the age of fifty-seven (57) years or older. If 

the Participant is age fifty-five (55) or fifty-six (56) and earned at least thirty (30) 

years of Service Credit on his benefit Effective Date, he shall be entitled to a 

Reduced Service Pension. The Reduced Service Pension will be reduced by onehalf of 1% for each month (6% per year) that retirement precedes age fifty-seven 

(57), as follows: 

Service Pension as Percent of Normal Retirement Pension 

Retirement 

Age 

Retire on or before 

December 31, 2013 

Retire after 

December 31, 2013 but 

before July 1, 2014 

55 100% 88% 

56 100% 94% 

57 100% 100% 

58-65 100% 100% 

 Change the Service Pension for Participants Retiring on or after July 1, 2014 as follows: 

o A Participant who, on or before May 31, 2012 and with regard to his Hours Bank 

as of that date, has not earned at least twenty-five (25) years of Service Credit, 

will be eligible for a Service Pension when he or she earns at least thirty (30) 

years of Service Credits and reaches the age of sixty (60) or older. If the 

Participant is between the ages of fifty-five (55) and sixty (60) and earned at least 

thirty (30) years of Service Credit on his benefit Effective Date, he shall be 

entitled to a Reduced Service Pension. The Reduced Service Pension will be 

reduced by one-half of 1% for each month (6% per year) that retirement precedes 

age sixty (60), as follows: 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
5 

Service Pension as Percent of Normal Retirement Pension 

Retirement 

Age 

Retire after 

December 31, 2013 but 

before July 1, 2014 

Retire on or 

After July 1, 2014 

55 88% 70% 

56 94% 76% 

57 100% 82% 

58 100% 88% 

59 100% 94% 

60-65 100% 100% 

 Reduce the benefit credit awarded for Service Credits earned prior to January 1, 2006 

from $90.00 to $87.00 for Service Credits up to 25 years, and from $120 to $116 for 

Service Credits in excess of 25 years for all Participants (including pensioners and 

beneficiaries who became such between January 1, 2008 and June 1, 2012); 

 Reduce the benefit credit awarded for Service Credit earned between June 1, 2012 and 

December 31, 2014 from $94 to $88.50 for each such year of Service Credit; 

 Reduce the benefit credit awarded for all Service Credit earned on or after January 1, 

2015 from $88.50 to $50.00 of each such year of Service Credit; 

 For Plan Years beginning January 1, 2015, a Participant must work 1600 hours in Covered 

Employment to earn one year of Service Credit. A Participant working less than 1600 hours 

in a calendar year shall earn Service Credit on the following basis providing the Participant 

works at least 400 hours: 

1200 - 1599 hours ....................... three quarters 

800 - 1199 hours......................... two quarters 

400 - 799 hours ........................... one quarter 

Less than 400 hours .................... no quarters 

 Reduce the amount of the thirteenth benefit payment payable in January 2013 to the 

lesser of (1) the amount of his or her current monthly benefit payment, or (2) $1,000 for 

any pensioner or beneficiary who first became a pensioner or beneficiary in 2008 or 

2009. Eliminate the thirteenth benefit payment for payment dates after January 2013 for 

any pensioner or beneficiary who first became a pensioner or beneficiary in 2008 or 

2009; 

 Change the normal form of payment for unmarried participants from a Single Life 

Pension with a Sixty (60) Month Guarantee to a Single Life Pension (without any 

guaranteed payments). In addition, change the benefits payable under the plan’s optional 

forms of payment to be actuarially equivalent to the Single Life Pension (without any 

guaranteed payments); 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
6 

 Eliminate the lump sum options with respect to all pension benefits effective for those 

individuals retiring on or after March 23, 2012; 

 Eliminate the Disability Pension (Regular and Alternative) for Participants that become 

totally and permanently disabled on or after January 1, 2014. To be entitled to a 

Disability Pension, a Participant must have become totally and permanently disabled 

prior to January 1, 2014, and have met all other eligibility requirements for a Disability 

Pension prior to that date; and 

 Increase the hourly contribution rate to the Fund as follows: 

o From $8.70 per hour to $9.20 per hour effective June 1, 2014, 

o From $9.20 per hour to $9.70 per hour effective April 1, 2015, and 

o From $9.70 per hour to $10.10 per hour effective April 1, 2016, with no 

additional increases through the end of the Rehabilitation Period. 

242673_1 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan 

Schedule R, Summary of Rehabilitation Plan 

On March 28, 2014, the Ironworkers Local Union No. 16 Pension Plan was certified to be in 

critical status (i.e., the Red Zone) for the Plan Year beginning January 1, 2014 and ending 

December 31, 2014. This attachment summarizes the Rehabilitation Plan adopted by the 

Trustees in April 2012, and implemented by the bargaining parties, as well as updates to the Plan 

occurring prior to December 31, 2014. 

Plan Name Ironworkers Local Union No. 16 Pension Plan 

Plan Sponsor: Board of Trustees, 

Ironworkers Local Union No. 16 Pension Plan 

Plan EIN/PN 52-6148924/001 

Rehabilitation 

Period: 

January 1, 2013 – December 31, 2022 

Rehabilitation 

Plan: 

See attached document 

Schedule of Expected Progress: 

Expected progress is measured by projected emergence from critical 

status by December 31, 2022, the end of the Rehabilitation Period. 

N:\1080\2015\Word\Letters\Schedule R Attachment 1 of 2 - 2014 plan year.doc 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
Ironworkers Local Union No. 16 Pension Plan 

Schedule R, Update of Rehabilitation Plan 

On March 28, 2014, the Ironworkers Local Union No. 16 Pension Plan was certified to be in 

critical status (i.e., the Red Zone) for the Plan Year beginning January 1, 2014 and ending 

December 31, 2014. This attachment summarizes the updates made to the Rehabilitation Plan 

during the Plan Year beginning January 1, 2014. 

Plan Name Ironworkers Local Union No. 16 Pension Plan 

Plan Sponsor: Board of Trustees, 

Ironworkers Local Union No. 16 Pension Plan 

Plan EIN/PN 52-6148924/001 

Rehabilitation 

Period: 

January 1, 2013 – December 31, 2022 

Updates to Plan: The following changes were made to the benefits: 

1. Service Credits: The number of hours needed for a full Service 

Credit was increased from 1,400 to 1,600, effective January 1, 2015. 

2. Accruals: The benefit credit awarded for each Service Credit earned 

on or after January 1, 2015 was reduced from $88.50 to $50.00. 

3. Service Pension: The Service Pension was changed such that for 

retirements occurring after July 1, 2014, the Service Pension will be 

reduced by 6% per year that retirement precedes age 60. Participants 

who have completed at least 25 Service Credits as of June 1, 2012 

will continue being eligible for a Service Pension based on the rules 

in effect prior to June 1, 2012. 

N:\1080\2015\Word\Letters\Schedule R Attachment 2 of 2 - 2014 plan year.docx 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.08 (Checklist Item #39) 

 Selected Schedules from Form 5500
1 

IRONWORKERS LOCAL UNION NO. 16 PENSION FUND 

2016 REHABILITATION PLAN 

Revised effective January 1, 2016 

Introduction 

The Pension Protection Act of 2006 (“PPA”) requires the Trustees of a multiemployer pension 

plan that has been certified by the plan’s actuary as being in critical status to develop a 

Rehabilitation Plan. 

On March 16, 2012, the Ironworkers Local Union No. 16 Pension Fund (“Fund” or “Plan”) was 

certified by its Actuary to be in Critical Status for the Plan Year beginning January 1, 2012, 

pursuant to Internal Revenue Code (“IRC”) Section 432(b)(3)(A) and ERISA Section 

305(b)(3)(A). On March 29, 2013 and March 28, 2014, the Plan was certified to be in Critical 

Status for the Plan Years beginning January 1, 2013 and January 1, 2014, respectively. On 

March 30, 2015 and March 18, 2016, the Plan was certified to be in Critical and Declining Status 

for the Plan Year beginning January 1, 2015 and January 1, 2016, respectively. Notice of the 

Fund’s status for January 1, 2016 will be provided to the bargaining parties, employers, 

participants and beneficiaries, Pension Benefit Guaranty Corporation and the Secretary of Labor 

on or about April 15, 2016 pursuant to IRC Section 432(b)(3)(D) and ERISA Section 

305(b)(3)(D). 

Rehabilitation Plan 

A Rehabilitation Plan must prescribe actions, including recommended actions to be taken by the 

bargaining parties that are expected to enable a plan to meet stated annual standards and emerge 

from critical status by the end of the Rehabilitation Period, based on reasonably anticipated 

experience and on reasonable actuarial assumptions. 

If it is determined, based on reasonable actuarial assumptions and upon exhaustion of all 

reasonable measures, that the Plan cannot reasonably be expected to emerge from critical status 

by the end of the Rehabilitation Period, the Rehabilitation Plan must contain reasonable 

measures to emerge from critical status at a later time or to forestall possible insolvency. 

In 2012, the Fund, through its plan sponsor – the Board of Trustees - adopted a Rehabilitation 

Plan (“2012 Rehabilitation Plan”) that contained three schedules providing reductions in 

benefits, increases in contributions or both, that were reasonably expected to enable the Plan to 

emerge from critical status at the end of the Rehabilitation Period (10-year period beginning on 

January 1, 2013). The bargaining parties agreed to adopt Schedule 3, the recommended 

alternative schedule. The Rehabilitation Plan was updated effective September 1, 2013, June 1, 

2014, October 1, 2015 and January 1, 2016 to reflect additional reductions in benefits and 

changes in future contribution rates. This document (“2016 Rehabilitation Plan”) represents the 

fourth revision to this Plan. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.09 (Checklist Item #40) 

 Rehabilitation Plan
2 

Rehabilitation Period 

The Rehabilitation Period is the 10-year period beginning January 1, 2013 and ending 

December 31, 2022. 

If the Fund Actuary certifies before the end of this period that the Fund is no longer in critical 

status before the end of the 10-year Rehabilitation Period, the period shall end with the plan year 

preceding the plan year for which the certification is made. The Fund Actuary must certify that 

the Fund is not projected to have an accumulated funding deficiency for the plan year or any of 

the 9 succeeding plan years, without regard to the use of the shortfall method but taking into 

account any extension of amortization periods under IRC Section 431(d). 

Annual Updating of Rehabilitation Plan 

Each year the Fund Actuary will review and certify the status of the Fund under the PPA funding 

rules and whether the Fund is making the scheduled progress toward the requirement of 

emerging from critical status by the end of the Rehabilitation Period. If the Board of Trustees 

determines that it is necessary in light of updated information, they will revise the Rehabilitation 

Plan and the schedules. Notwithstanding subsequent changes in contribution schedules, a 

schedule of contribution rates provided by the Board of Trustees and relied upon by the 

bargaining parties in negotiating a collective bargaining agreement shall remain in effect for the 

duration of that collective bargaining agreement. 

On March 28, 2014, the Fund Actuary certified that the Plan was in Critical Status for the Plan 

Year beginning January 1, 2014. At their March 20, 2014 meeting, the Board of Trustees 

determined that, based on current and anticipated economic conditions and industry outlook, the 

scheduled contribution rates in the 2013 Rehabilitation Plan would no longer be sustainable. 

Accordingly, the Board of Trustees took action to update the 2013 Rehabilitation Plan. The 

2014 Rehabilitation Plan was finalized at the June 12, 2014 Board of Trustees meeting. 

On March 30, 2015, the Fund Actuary certified that the Plan was in Critical and Declining Status 

for the Plan Year beginning January 1, 2015. At their May 5, 2015 meeting, the Trustees 

determined that, based on reasonable actuarial assumptions and upon exhaustion of all 

reasonable measures, it would be unreasonable to conclude that the Fund would emerge from 

Critical Status. The Trustees reached this conclusion after consulting with the Fund’s Actuary, 

and taking into account the economic condition of the building and construction industry covered 

by the Fund. In reaching this conclusion, the Fund’s Trustees considered the near-impossibility 

of emerging from Critical Status at the end of the 10-year rehabilitation period in view of the 

significant investment losses suffered by the Fund over the 2008 plan year and compounded by 

the immense decrease in hours of covered employment. The collapse of the building and 

construction industry in the Baltimore metropolitan and surrounding areas started with the 

collapse of the financial markets in 2008 and the industry continued to worsen after that date. 

The Fund experienced over 60% decline in hours reported to it by its contributing employers 

from 2008 to 2014. In addition, the magnitude of the employer contribution increases needed to 

satisfy the requirements for a 10-year rehabilitation plan would almost certainly result in lower 

negotiated wages for participants and/or decreased employer contributions to other benefit plans 

covering these participants (such as the plan providing their health benefit coverage). If 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.09 (Checklist Item #40) 

 Rehabilitation Plan
3 

participants perceive a significant decrease in value in their total overall compensation—

including wages, pension benefits and health benefits—the Fund’s Trustees concluded that they 

would be likely to look for other work with non-contributing employers or encourage their 

employers to withdraw from the Fund. Thus, the Fund’s Trustees concluded that a further 

reduction in benefits would be inconsistent with the goal of presenting a viable plan with 

ongoing value to active participants. Such action could also lead to increased employer 

withdrawals or reductions in contributions, as the collective bargaining parties would see less 

benefit to ongoing participation. Accordingly, the Board of Trustees took action to update the 

2014 Rehabilitation Plan to reflect the objective of delaying any plan insolvency so that potential 

improvements in investment return or other material events, including further applicable 

legislative reforms, can provide an opportunity for the Fund to survive and continue to provide 

its promised benefits to its participants. The 2015 Rehabilitation Plan was finalized and 

approved by the Trustees on September 22, 2015. 

The Board of Trustees agreed on additional reductions in adjustable benefits at their 

November 20, 2015 meeting. The 2016 Rehabilitation Plan was finalized and approved at the 

March 15, 2016 Board of Trustees meeting to reflect these reductions. On March 18, 2016, the 

Fund Actuary certified that the Plan was in Critical and Declining Status for the Plan Year 

beginning January 1, 2016, despite these reductions in adjustable benefits. 

Schedules 

The Rehabilitation Plan must contain schedules of plan changes and/or contribution changes that 

if adopted by the bargaining parties, are projected to enable the Plan to meet certain annual 

standards and enable the Plan to emerge from critical status in accordance with the Rehabilitation 

Plan, by the end of the Rehabilitation Period. Pursuant to the IRC Section 432(e), the 

Rehabilitation Plan must include one or more schedules with revised benefit structures, revised 

contributions or both which, if adopted, may reasonably be expected to enable the Plan to 

emerge from critical status in the period of time permitted by law. 

In the first year of the Rehabilitation Plan, one schedule must be a “default schedule” that 

identifies reductions in benefits necessary to achieve the applicable benchmarks reduced to the 

maximum extent permitted by law, and only includes those contribution increases necessary, 

after these reductions, to permit the Plan to emerge from critical status on a timely basis. This 

schedule was eliminated in the 2013 Rehabilitation Plan, and has not been included in any of the 

subsequent versions of the Rehabilitation Plan, since the bargaining parties adopted Schedule 3 

in 2012. 

The 2012 Rehabilitation Plan also contained an alternative schedule providing increases in 

contributions necessary to achieve the applicable benchmarks, assuming no amendments 

reducing future benefit accruals under the Plan. This schedule was also eliminated in the 2013 

Rehabilitation Plan, and again has not been included in either the 2014 or 2015 Rehabilitation 

Plan, since the bargaining parties adopted Schedule 3 in 2012. 

The 2012 Rehabilitation Plan also included an additional alternative schedule providing for a 

combination of contribution rates and benefit reductions that could have been adopted by the 

bargaining parties to achieve the applicable benchmarks. In September 2013, this Schedule 3 

was modified by the Board of Trustees as part of the 2013 Rehabilitation Plan and was renamed 

the “Rehabilitation Schedule.” The Rehabilitation Schedule included changes in adjustable 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.09 (Checklist Item #40) 

 Rehabilitation Plan
4 

benefits and contribution rates. The bargaining parties adopted a contribution schedule and 

terms for the successor to their collective bargaining agreement, which expired on 

March 31, 2013, consistent with the Rehabilitation Schedule. The Board of Trustees modified 

the 2013 Rehabilitation Plan and its Rehabilitation Schedule on March 20, 2014 and 

June 12, 2014, adopting additional changes to adjustable benefits and future contribution rates. 

This Schedule was further modified on September 22, 2015 to eliminate any future increases in 

contribution rates. This revised Rehabilitation Schedule has been provided to the bargaining 

parties who have adopted the contribution rates set forth in the schedule in their most recent 

collective bargaining agreement, which is a three-year agreement expiring on March 31, 2017. 

Additional changes to adjustable benefits were added to the Schedule effective January 1, 2016. 

These changes included elimination of a post-retirement lump sum death benefit and increased 

reductions for early retirement. 

Rules for Operation of the Plan During the Rehabilitation Period

During the Rehabilitation Period, the Plan may not be amended in any way that: (a) is 

inconsistent with the Rehabilitation Plan; or (2) increases benefits, including future benefit 

accruals, unless the Fund Actuary certifies that such increase is paid for out of additional 

contributions not contemplated by the Rehabilitation Plan, and, after taking into account the 

benefit increase, the plan still is reasonably expected to emerge from critical status by the end of 

the rehabilitation period on the schedule contemplated in the Rehabilitation Plan. 

Restrictions on Lump Sum and Similar Benefits 

Once the notice of the Fund Actuary’s certification of critical status is sent, the Plan shall not pay 

any amount in excess of the monthly amount paid under a single life annuity whose annuity 

starting date if after the date such notice is sent, except that small amount lump sum payments 

distributable without the permission of the participant and retroactive annuity starting date 

payments are permitted. 

By motion duly adopted, the Board of Trustees of the Ironworkers Local Union No. 16 Pension 

Fund on the 15th day of March, 2016, hereby adopts this 2016 Rehabilitation Plan, including the 

Rehabilitation Schedule attached hereto. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.09 (Checklist Item #40) 

 Rehabilitation Plan
5 

Ironworkers Local Union No. 16 Pension Fund 

Rehabilitation Plan 

For Plan Year January 1, 2016 

REHABILITATION SCHEDULE 

(Formerly Alternative Schedule 3, 

Revised effective September 1, 2013 

Revised effective April 1, 2014 

Revised effective October 1, 2015 

Revised effective January 1, 2016) 

This Schedule provides for a combination of benefit reductions and contribution increases as 

follows. These adjustments are effective on and for the dates identified below: 

 Change the Service Pension for certain Participants Retiring between January 1, 2014 and 

June 30, 2014 as follows: 

o A Participant who, on or before May 31, 2012 and with regard to his Hours Bank 

as of that date, has not earned at least twenty-five (25) years of Service Credit, 

will be eligible for a Service Pension when he or she earns at least thirty (30) 

years of Service Credits and reaches the age of fifty-seven (57) years or older. If 

the Participant is age fifty-five (55) or fifty-six (56) and earned at least thirty (30) 

years of Service Credit on his benefit Effective Date, he shall be entitled to a 

Reduced Service Pension. The Reduced Service Pension will be reduced by onehalf of 1% for each month (6% per year) that retirement precedes age fifty-seven 

(57), as follows: 

Service Pension as Percent of Normal Retirement Pension 

Retirement 

Age 

Retire on or before 

December 31, 2013 

Retire after 

December 31, 2013 but 

before July 1, 2014 

55 100% 88% 

56 100% 94% 

57 100% 100% 

58-65 100% 100% 

 Change the Service Pension for certain Participants Retiring on or after July 1, 2014 as 

follows: 

o A Participant who, on or before May 31, 2012 and with regard to his Hours Bank 

as of that date, has not earned at least twenty-five (25) years of Service Credit, 

will be eligible for a Service Pension when he or she earns at least thirty (30) 

years of Service Credits and reaches the age of sixty (60) or older. If the 

Participant is between the ages of fifty-five (55) and sixty (60) and earned at least 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.09 (Checklist Item #40) 

 Rehabilitation Plan
6 

thirty (30) years of Service Credit on his benefit Effective Date, he shall be 

entitled to a Reduced Service Pension. The Reduced Service Pension will be 

reduced by one-half of 1% for each month (6% per year) that retirement precedes 

age sixty (60), as follows: 

Service Pension as Percent of Normal Retirement Pension 

Retirement 

Age 

Retire after 

December 31, 2013 but 

before July 1, 2014 

Retire on or 

After July 1, 2014 

55 88% 70% 

56 94% 76% 

57 100% 82% 

58 100% 88% 

59 100% 94% 

60-65 100% 100% 

 Change the Service Pension for certain Participants Retiring on or after January 1, 2016 

as follows: 

o A Participant who, on or before May 31, 2012 and with regard to his Hours Bank 

as of that date, has earned at least twenty-five (25) years of Service Credit, will be 

eligible for a Service Pension at any age, provided that his benefit will be reduced 

2% per year that retirement precedes age 60, but no more than 10% in total. 

Participants retiring prior to January 1, 2016 received an unreduced benefit. 

 Increase the early retirement reduction for active and terminated Participants not eligible 

for a Service Pension and retiring on or after January 1, 2016 from 6% per year to 6 2/3% 

per year that retirement precedes the normal retirement age; 

 Reduce the benefit credit awarded for Service Credits earned prior to January 1, 2006 

from $90.00 to $87.00 for Service Credits up to 25 years, and from $120 to $116 for 

Service Credits in excess of 25 years for all Participants (including pensioners and 

beneficiaries who became such between January 1, 2008 and June 1, 2012); 

 Reduce the benefit credit awarded for Service Credit earned between June 1, 2012 and 

December 31, 2014 from $94 to $88.50 for each such year of Service Credit; 

 Reduce the benefit credit awarded for all Service Credit earned on or after January 1, 

2015 from $88.50 to $50.00 of each such year of Service Credit; 

 For Plan Years beginning January 1, 2015, a Participant must work 1600 hours in Covered 

Employment to earn one year of Service Credit. A Participant working less than 1600 hours 

in a calendar year shall earn Service Credit on the following basis providing the Participant 

works at least 400 hours: 

1200 - 1599 hours ....................... three quarters 

800 - 1199 hours......................... two quarters 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.09 (Checklist Item #40) 

 Rehabilitation Plan
7 

400 - 799 hours ........................... one quarter 

Less than 400 hours .................... no quarters 

 Reduce the amount of the thirteenth benefit payment payable in January 2013 to the 

lesser of (1) the amount of his or her current monthly benefit payment, or (2) $1,000 for 

any pensioner or beneficiary who first became a pensioner or beneficiary in 2008 or 

2009. Eliminate the thirteenth benefit payment for payment dates after January 2013 for 

any pensioner or beneficiary who first became a pensioner or beneficiary in 2008 or 

2009; 

 Change the normal form of payment for unmarried participants from a Single Life 

Pension with a Sixty (60) Month Guarantee to a Single Life Pension (without any 

guaranteed payments). In addition, change the benefits payable under the plan’s optional 

forms of payment to be actuarially equivalent to the Single Life Pension (without any 

guaranteed payments); 

 Eliminate the lump sum options with respect to all pension benefits effective for those 

individuals retiring on or after March 23, 2012; 

 Eliminate the Disability Pension (Regular and Alternative) for Participants that become 

totally and permanently disabled on or after January 1, 2014. To be entitled to a 

Disability Pension, a Participant must have become totally and permanently disabled 

prior to January 1, 2014, and have met all other eligibility requirements for a Disability 

Pension prior to that date; 

 Eliminate the lump sum death benefit of $1,500 for deaths occurring after 

December 31, 2015; and 

 Increase the hourly contribution rate to the Fund as follows: 

o From $8.70 per hour to $9.20 per hour effective June 1, 2014, and 

o From $9.20 per hour to $9.70 per hour effective April 1, 2015. 

o No further increases beyond April 1, 2015 are anticipated. 

In light of the Multiemployer Pension Reform Act of 2014 (MPRA), enacted on December 16, 

2014, the Trustees are planning on submitting an application to the U.S. Treasury in late March 

2016 with proposed suspension of benefits for certain participants, as allowed for under MPRA, 

to provide the Fund with the best opportunity, given the current projections, to avoid future 

insolvency. 

242673_1 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.09 (Checklist Item #40) 

 Rehabilitation Plan