Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Limitations on Individual Suspension are Satisfied

Example 1) An individual currently receiving benefits under age 75 (including contingent beneficiary)

Note: This calculation is the same for all groups.

Participant Information

(1) Date of birth 7/24/1951

(2) Age at end of month that includes proposed suspension date (May 31, 2019) 67 years 10 months

(3) Current monthly benefit $2,144.23

(4) Total years of service through proposed suspension date (May 1, 2019) 39.54

(5) Years of service through accrual freeze date (July 31, 2013) 39.54

Calculation of PBGC Guarantee (Participant's Benefit)

(6) Accrual rate for PBGC Guarantee = [(3) / (5)] $54.23

(7) PBGC guaranteed accrual rate = [100% of first $11 of (6) + 75% of (6) between $11 and $44] $35.75

(8) PBGC guaranteed benefit = [(5) x (7)] $1,413.56

(9) 110% of PBGC guaranteed benefit = [(8) x 110%] $1,554.91

(10) Is current monthly benefit below 110% of PBGC guarantee? No

Calculation of Proposed Suspension (Participant's Benefit) [if (10) is yes, then n/a otherwise proceed with calculations]

(11) Current level accrual rate = [(3) / (4)] $54.23

(12) Initial proposed revised level accrual rate = [lesser of (11) and $48.00] $48.00

(13) Initial proposed benefit under suspension = [(4) x (12)] $1,897.92

(14) Initial proposed reduction in benefit under suspension = [(3) - (13)] $246.31

(15) Maximum reduction in benefit under the 110% PBGC guarantee restriction = [(3) - (9)] $589.32

(16) Is 110% of PBGC guarantee restriction applicable? No

(17) Reduction in benefit before age-based limitations = [lesser of (14) and (15)] $246.31

(18) Months from age 80 (at suspension date) n/a

(19) Applicable percentage for age based limitation = [(18) / 60] n/a

(20) Final proposed reduction in benefit under suspension = [(17) x (19)] $246.31

(21) $1,897.92

Additional Calculations for Contingent Beneficiary 

(22) Joint and survivor percentage 50.00%

(23) Current monthly benefit payable to contingent beneficiary upon participant's death = [(3) x (22)] $1,072.12

(24) Accrual rate for PBGC Guarantee = [if (10) is yes, then n/a, otherwise (23) / (5)] $27.11

(25) PBGC guaranteed accrual rate = [if (10) is yes, then n/a, otherwise 100% of first $11 of (24) + 75% of (24) between $11 and $44] $23.09

(26) PBGC guaranteed benefit = [if (10) is yes, then n/a, otherwise (5) x (25)] $912.82

(27) 110% of PBGC guaranteed benefit = [if (10) is yes, then n/a, otherwise (26) x 110%] $1,004.10

(28) Initial proposed benefit under suspension = [if (10) is yes, then n/a, otherwise (21) x (22)] $948.96

(29) Initial proposed reduction in benefit under suspension = [if (10) is yes, then n/a, otherwise (23) - (28)] $123.16

(30)

$68.01

(31) Is 110% of PBGC guarantee restriction applicable? Yes

(32) Final proposed reduction in benefit under suspension = [if (10) is yes, then n/a, otherwise lesser of (29) and (30)] $68.01

(33)

$1,004.10

Final Benefit under Proposed Suspension Effective May 1, 2019 (Contingent Beneficiary's Benefit) = If (10) is yes, then (23) otherwise [(23) - 

(32)]

Final Benefit under Proposed Suspension Effective May 1, 2019 (Participant's Benefit) = If (10) is yes, then (3) otherwise [(3) - (20)]

Maximum reduction in benefit under the 110% PBGC guarantee restriction = [if (10) is yes, then n/a, otherwise (23) - (27) but no less than $0]

SMW0131
Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Limitations on Individual Suspension are Satisfied

Example 2) A future retiree under age 75

Note: This calculation is the same for all groups.

Participant Information

(1) Date of birth 12/27/1970

(2) Age at end of month that includes proposed suspension date (May 31, 2019) 48 years 5 months

(3) Current accrued monthly benefit payable at normal retirement date (NRD) $1,969.17

(4) Total years of service through proposed suspension date (May 1, 2019) 26.00

(5) Years of service through accrual freeze date (July 31, 2013) 20.28

Calculation of PBGC Guarantee 

(6) Accrual rate for PBGC Guarantee = [(3) / (5)] $97.10

(7) PBGC guaranteed accrual rate = [100% of first $11 of (6) + 75% of (6) between $11 and $44] $35.75

(8) PBGC guaranteed benefit = [(5) x (7)] $725.01

(9) 110% of PBGC guaranteed benefit = [(8) x 110%] $797.51

(10) Is current accrued monthly benefit payable at NRD below 110% of PBGC guarantee? No

Calculation of Proposed Suspension [if (10) is yes, then n/a otherwise proceed with calculations]

(11) Current level accrual rate = [(3) / (4)] $75.74

(12) Initial proposed revised level accrual rate = [lesser of (11) and $48.00] $48.00

(13) Initial proposed benefit under suspension = [(4) x (12)] $1,248.00

(14) Initial proposed reduction in benefit under suspension = [(3) - (13)] $721.17

(15) Maximum reduction in benefit under the 110% PBGC guarantee restriction = [(3) - (9)] $1,171.66

(16) Is 110% of PBGC guarantee restriction applicable? No

(17) Reduction in benefit before age-based limitations = [lesser of (14) and (15)] $721.17

(18) Months from age 80 (at suspension date) n/a

(19) Applicable percentage for age based limitation = [(18) / 60] n/a

(20) Final proposed reduction in benefit under suspension = [(17) x (19)] $721.17

(21) Final Accrued Benefit Payable at NRD under Proposed Suspension Effective May 1, 2019 = If (10) is yes, then (3) otherwise [(3) - (20)] $1,248.00

SMW0132
Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Limitations on Individual Suspension are Satisfied

Example 3) An individual currently receiving benefits between age 75 and 80 (including contingent beneficiary)

Note: This calculation is the same for all groups.

Participant Information

(1) Date of birth 7/24/1943

(2) Age at end of month that includes proposed suspension date (May 31, 2019) 75 years 10 months

(3) Current monthly benefit $1,157.31

(4) Total years of service through proposed suspension date (May 1, 2019) 15.00

(5) Years of service through accrual freeze date (July 31, 2013) 15.00

Calculation of PBGC Guarantee (Participant's Benefit)

(6) Accrual rate for PBGC Guarantee = [(3) / (5)] $77.15

(7) PBGC guaranteed accrual rate = [100% of first $11 of (6) + 75% of (6) between $11 and $44] $35.75

(8) PBGC guaranteed benefit = [(5) x (7)] $536.25

(9) 110% of PBGC guaranteed benefit = [(8) x 110%] $589.88

(10) Is current monthly benefit below 110% of PBGC guarantee? No

Calculation of Proposed Suspension (Participant's Benefit) [if (10) is yes, then n/a otherwise proceed with calculations]

(11) Current level accrual rate = [(3) / (4)] $77.15

(12) Initial proposed revised level accrual rate = [lesser of (11) and $48.00] $48.00

(13) Initial proposed benefit under suspension = [(4) x (12)] $720.00

(14) Initial proposed reduction in benefit under suspension = [(3) - (13)] $437.31

(15) Maximum reduction in benefit under the 110% PBGC guarantee restriction = [(3) - (9)] $567.44

(16) Is 110% of PBGC guarantee restriction applicable? No

(17) Reduction in benefit before age-based limitations = [lesser of (14) and (15)] $437.31

(18) Months from age 80 (at suspension date) 50

(19) Applicable percentage for age based limitation = [(18) / 60] 83.33%

(20) Final proposed reduction in benefit under suspension = [(17) x (19)] $364.43

(21) $792.89

Additional Calculations for Contingent Beneficiary 

(22) Joint and survivor percentage 50.00%

(23) Current monthly benefit payable to contingent beneficiary upon participant's death = [(3) x (22)] $578.66

(24) Accrual rate for PBGC Guarantee = [if (10) is yes, then n/a, otherwise (23) / (5)] $38.58

(25) PBGC guaranteed accrual rate = [if (10) is yes, then n/a, otherwise 100% of first $11 of (24) + 75% of (24) between $11 and $44] $31.68

(26) PBGC guaranteed benefit = [if (10) is yes, then n/a, otherwise (5) x (25)] $475.24

(27) 110% of PBGC guaranteed benefit = [if (10) is yes, then n/a, otherwise (26) x 110%] $522.77

(28) Initial proposed benefit under suspension = [if (10) is yes, then n/a, otherwise (21) x (22)] $396.44

(29) Initial proposed reduction in benefit under suspension = [if (10) is yes, then n/a, otherwise (23) - (28)] $182.21

(30)

$55.89

(31) Is 110% of PBGC guarantee restriction applicable? Yes

(32) Final proposed reduction in benefit under suspension = [if (10) is yes, then n/a, otherwise lesser of (29) and (30)] $55.89

(33)

$522.77

Final Benefit under Proposed Suspension Effective May 1, 2019 (Participant's Benefit) = If (10) is yes, then (3) otherwise [(3) - (20)]

Final Benefit under Proposed Suspension Effective May 1, 2019 (Contingent Beneficiary's Benefit) = If (10) is yes, then (23) otherwise [(23) - 

(32)]

Maximum reduction in benefit under the 110% PBGC guarantee restriction = [if (10) is yes, then n/a, otherwise (23) - (27) but no less than $0]

SMW0133
Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Limitations on Individual Suspension are Satisfied

Example 4) A future retiree under between age 75 and 80

Note: This calculation is the same for all groups.

Participant Information

(1) Date of birth 5/23/1942

(2) Age at end of month that includes proposed suspension date (May 31, 2019) 77 years 0 months

(3) Current accrued monthly benefit payable at normal retirement date (NRD) $309.45

(4) Total years of service through proposed suspension date (May 1, 2019) 17.00

(5) Years of service through accrual freeze date (July 31, 2013) 17.00

Calculation of PBGC Guarantee 

(6) Accrual rate for PBGC Guarantee = [(3) / (5)] $18.20

(7) PBGC guaranteed accrual rate = [100% of first $11 of (6) + 75% of (6) between $11 and $44] $16.40

(8) PBGC guaranteed benefit = [(5) x (7)] $278.84

(9) 110% of PBGC guaranteed benefit = [(8) x 110%] $306.72

(10) Is current accrued monthly benefit payable at NRD below 110% of PBGC guarantee? No

Calculation of Proposed Suspension [if (10) is yes, then n/a otherwise proceed with calculations]

(11) Current level accrual rate = [(3) / (4)] $18.20

(12) Initial proposed revised level accrual rate = [lesser of (11) and $48.00] $18.20

(13) Initial proposed benefit under suspension = [(4) x (12)] $309.45

(14) Initial proposed reduction in benefit under suspension = [(3) - (13)] $0.00

(15) Maximum reduction in benefit under the 110% PBGC guarantee restriction = [(3) - (9)] $2.73

(16) Is 110% of PBGC guarantee restriction applicable? No

(17) Reduction in benefit before age-based limitations = [lesser of (14) and (15)] $0.00

(18) Months from age 80 (at suspension date) 36

(19) Applicable percentage for age based limitation = [(18) / 60] 60.00%

(20) Final proposed reduction in benefit under suspension = [(17) x (19)] $0.00

(21) Final Accrued Benefit Payable at NRD under Proposed Suspension Effective May 1, 2019 = If (10) is yes, then (3) otherwise [(3) - (20)] $309.45

SMW0134
Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Limitations on Individual Suspension are Satisfied

Example 5) An individual currently receiving benefits over age 80 (including contingent beneficiary)

Note: This calculation is the same for all groups.

Participant Information

(1) Date of birth 4/9/1939

(2) Age at end of month that includes proposed suspension date (May 31, 2019) 80 years 1 month

(3) Current monthly benefit $503.17

(4) Total years of service through proposed suspension date (May 1, 2019) 10.00

(5) Years of service through accrual freeze date (July 31, 2013) 10.00

Calculation of PBGC Guarantee (Participant's Benefit)

(6) Accrual rate for PBGC Guarantee = [(3) / (5)] $50.32

(7) PBGC guaranteed accrual rate = [100% of first $11 of (6) + 75% of (6) between $11 and $44] $35.75

(8) PBGC guaranteed benefit = [(5) x (7)] $357.50

(9) 110% of PBGC guaranteed benefit = [(8) x 110%] $393.25

(10) Is current monthly benefit below 110% of PBGC guarantee? No

Calculation of Proposed Suspension (Participant's Benefit) [if (10) is yes, then n/a otherwise proceed with calculations]

(11) Current level accrual rate = [(3) / (4)] $50.32

(12) Initial proposed revised level accrual rate = [lesser of (11) and $48.00] $48.00

(13) Initial proposed benefit under suspension = [(4) x (12)] $480.00

(14) Initial proposed reduction in benefit under suspension = [(3) - (13)] $23.17

(15) Maximum reduction in benefit under the 110% PBGC guarantee restriction = [(3) - (9)] $109.92

(16) Is 110% of PBGC guarantee restriction applicable? No

(17) Reduction in benefit before age-based limitations = [lesser of (14) and (15)] $23.17

(18) Months from age 80 (at suspension date) 0

(19) Applicable percentage for age based limitation = [(18) / 60] 0.00%

(20) Final proposed reduction in benefit under suspension = [(17) x (19)] $0.00

(21) $503.17

Additional Calculations for Contingent Beneficiary 

(22) Joint and survivor percentage 50.00%

(23) Current monthly benefit payable to contingent beneficiary upon participant's death = [(3) x (22)] $251.59

(24) Accrual rate for PBGC Guarantee = [if (10) is yes, then n/a, otherwise (23) / (5)] $25.16

(25) PBGC guaranteed accrual rate = [if (10) is yes, then n/a, otherwise 100% of first $11 of (24) + 75% of (24) between $11 and $44] $21.62

(26) PBGC guaranteed benefit = [if (10) is yes, then n/a, otherwise (5) x (25)] $216.19

(27) 110% of PBGC guaranteed benefit = [if (10) is yes, then n/a, otherwise (26) x 110%] $237.81

(28) Initial proposed benefit under suspension = [if (10) is yes, then n/a, otherwise (21) x (22)] $251.59

(29) Initial proposed reduction in benefit under suspension = [if (10) is yes, then n/a, otherwise (23) - (28)] $0.00

(30)

$13.78

(31) Is 110% of PBGC guarantee restriction applicable? No

(32) Final proposed reduction in benefit under suspension = [if (10) is yes, then n/a, otherwise lesser of (29) and (30)] $0.00

(33)

$251.59

Final Benefit under Proposed Suspension Effective May 1, 2019 (Participant's Benefit) = If (10) is yes, then (3) otherwise [(3) - (20)]

Final Benefit under Proposed Suspension Effective May 1, 2019 (Contingent Beneficiary's Benefit) = If (10) is yes, then (23) otherwise [(23) - 

(32)]

Maximum reduction in benefit under the 110% PBGC guarantee restriction = [if (10) is yes, then n/a, otherwise (23) - (27) but no less than $0]

SMW0135
Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Limitations on Individual Suspension are Satisfied

Example 6) An individual currently receiving benefits below 110% of PBGC guarantee (including contingent beneficiary)

Note: This calculation is the same for all groups.

Participant Information

(1) Date of birth 2/24/1947

(2) Age at end of month that includes proposed suspension date (May 31, 2019) 72 years 3 months

(3) Current monthly benefit $205.67

(4) Total years of service through proposed suspension date (May 1, 2019) 12.00

(5) Years of service through accrual freeze date (July 31, 2013) 12.00

Calculation of PBGC Guarantee (Participant's Benefit)

(6) Accrual rate for PBGC Guarantee = [(3) / (5)] $17.14

(7) PBGC guaranteed accrual rate = [100% of first $11 of (6) + 75% of (6) between $11 and $44] $15.60

(8) PBGC guaranteed benefit = [(5) x (7)] $187.25

(9) 110% of PBGC guaranteed benefit = [(8) x 110%] $205.98

(10) Is current monthly benefit below 110% of PBGC guarantee? Yes

Calculation of Proposed Suspension (Participant's Benefit) [if (10) is yes, then n/a otherwise proceed with calculations]

(11) Current level accrual rate = [(3) / (4)] n/a

(12) Initial proposed revised level accrual rate = [lesser of (11) and $48.00] n/a

(13) Initial proposed benefit under suspension = [(4) x (12)] n/a

(14) Initial proposed reduction in benefit under suspension = [(3) - (13)] n/a

(15) Maximum reduction in benefit under the 110% PBGC guarantee restriction = [(3) - (9)] n/a

(16) Is 110% of PBGC guarantee restriction applicable? Yes

(17) Reduction in benefit before age-based limitations = [lesser of (14) and (15)] n/a

(18) Months from age 80 (at suspension date) n/a

(19) Applicable percentage for age based limitation = [(18) / 60] n/a

(20) Final proposed reduction in benefit under suspension = [(17) x (19)] n/a

(21) $205.67

Additional Calculations for Contingent Beneficiary 

(22) Joint and survivor percentage 50.00%

(23) Current monthly benefit payable to contingent beneficiary upon participant's death = [(3) x (22)] $102.84

(24) Accrual rate for PBGC Guarantee = [if (10) is yes, then n/a, otherwise (23) / (5)] n/a

(25) PBGC guaranteed accrual rate = [if (10) is yes, then n/a ,otherwise 100% of first $11 of (24) + 75% of (24) between $11 and $44] n/a

(26) PBGC guaranteed benefit = [if (10) is yes, then n/a, otherwise (5) x (25)] n/a

(27) 110% of PBGC guaranteed benefit = [if (10) is yes, then n/a, otherwise (26) x 110%] n/a

(28) Initial proposed benefit under suspension = [if (10) is yes, then n/a, otherwise (21) x (22)] n/a

(29) Initial proposed reduction in benefit under suspension = [if (10) is yes, then n/a, otherwise (23) - (28)] n/a

(30)

n/a

(31) Is 110% of PBGC guarantee restriction applicable? Yes

(32) Final proposed reduction in benefit under suspension = [if (10) is yes, then n/a, otherwise lesser of (29) and (30)] n/a

(33)

$102.84

Final Benefit under Proposed Suspension Effective May 1, 2019 (Participant's Benefit) = If (10) is yes, then (3) otherwise [(3) - (20)]

Final Benefit under Proposed Suspension Effective May 1, 2019 (Contingent Beneficiary's Benefit) = If (10) is yes, then (23) otherwise [(23) - 

(32)]

Maximum reduction in benefit under the 110% PBGC guarantee restriction = [if (10) is yes, then n/a, otherwise (23) - (27) but no less than $0]

SMW0136
Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Limitations on Individual Suspension are Satisfied

Example 7) A future retiree with current accrued benefit below 110% of PBGC guarantee

Note: This calculation is the same for all groups.

Participant Information

(1) Date of birth 11/2/1975

(2) Age at end of month that includes proposed suspension date (May 31, 2019) 43 years 6 months

(3) Current accrued monthly benefit payable at normal retirement date (NRD) $56.36

(4) Total years of service through proposed suspension date (May 1, 2019) 11.00

(5) Years of service through accrual freeze date (July 31, 2013) 5.25

Calculation of PBGC Guarantee 

(6) Accrual rate for PBGC Guarantee = [(3) / (5)] $10.74

(7) PBGC guaranteed accrual rate = [100% of first $11 of (6) + 75% of (6) between $11 and $44] $10.74

(8) PBGC guaranteed benefit = [(5) x (7)] $56.36

(9) 110% of PBGC guaranteed benefit = [(8) x 110%] $62.00

(10) Is current accrued monthly benefit payable at NRD below 110% of PBGC guarantee? Yes

Calculation of Proposed Suspension [if (10) is yes, then n/a otherwise proceed with calculations]

(11) Current level accrual rate = [(3) / (4)] n/a

(12) Initial proposed revised level accrual rate = [lesser of (11) and $48.00] n/a

(13) Initial proposed benefit under suspension = [(4) x (12)] n/a

(14) Initial proposed reduction in benefit under suspension = [(3) - (13)] n/a

(15) Maximum reduction in benefit under the 110% PBGC guarantee restriction = [(3) - (9)] n/a

(16) Is 110% of PBGC guarantee restriction applicable? Yes

(17) Reduction in benefit before age-based limitations = [lesser of (14) and (15)] n/a

(18) Months from age 80 (at suspension date) n/a

(19) Applicable percentage for age based limitation = [(18) / 60] n/a

(20) Final proposed reduction in benefit under suspension = [(17) x (19)] n/a

(21) Final Accrued Benefit Payable at NRD under Proposed Suspension Effective May 1, 2019 = If (10) is yes, then (3) otherwise [(3) - (20)] $56.36

SMW0137
Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Limitations on Individual Suspension are Satisfied

Example 8) An individual currently receiving benefits based on disability (pre-5/1/1995 disability award) (including contingent beneficiary)

Note: This calculation is the same for all groups.

Participant Information

(1) Date of birth 5/23/1945

(2) Age at end of month that includes proposed suspension date (May 31, 2019) 74 years 0 months

(3) Current monthly benefit $312.60

(4)

$312.60

(5) Amount of current monthly benefit that could be reduced under proposed suspension = [(3) - (4)] $0.00

(6) Total years of service through proposed suspension date (May 1, 2019) 14.00

(7) Years of service through accrual freeze date (July 31, 2013) 14.00

Calculation of PBGC Guarantee (Participant's Benefit)

(8) Accrual rate for PBGC Guarantee = [(3) / (7)] $22.33

(9) PBGC guaranteed accrual rate = [100% of first $11 of (8) + 75% of (8) between $11 and $44] $19.50

(10) PBGC guaranteed benefit = [(7) x (9)] $272.95

(11) 110% of PBGC guaranteed benefit = [(10) x 110%] $300.25

(12) Is current monthly benefit below 110% of PBGC guarantee? No

(13) Current level accrual rate = [(5) / (6)] $0.00

(14) Initial proposed revised level accrual rate = [lesser of (13) and $48.00] $0.00

(15) Initial proposed benefit under suspension = [(6) x (14)] $0.00

(16) Initial proposed reduction in benefit under suspension = [(5) - (15)] $0.00

(17) Maximum reduction in benefit under the 110% PBGC guarantee restriction = [(3) - (11)] $12.36

(18) Is 110% of PBGC guarantee restriction applicable? No

(19) Reduction in benefit before age-based limitations = [lesser of (16) and (17)] $0.00

(20) Months from age 80 (at suspension date) n/a

(21) Applicable percentage for age based limitation = [(20) / 60] n/a

(22) Final proposed reduction in benefit under suspension = [(19) x (21)] $0.00

(23)

$312.60

Additional Calculations for Contingent Beneficiary 

(24) Joint and survivor percentage 50.00%

(25) Current monthly benefit payable to contingent beneficiary upon participant's death = [(3) x (24)] $156.30

(26) Accrual rate for PBGC Guarantee = [if (12) is yes, then n/a otherwise (25) / (7)] $11.16

(27) PBGC guaranteed accrual rate = [if (12) is yes, then n/a otherwise 100% of first $11 of (26) + 75% of (26) between $11 and $44] $11.12

(28) PBGC guaranteed benefit = [if (12) is yes, then n/a otherwise (7) x (27)] $155.73

(29) 110% of PBGC guaranteed benefit = [if (12) is yes, then n/a otherwise (28) x 110%] $171.30

(30) Initial proposed benefit under suspension = [if (12) is yes, then n/a otherwise (23) x (24)] $156.30

(31) Initial proposed reduction in benefit under suspension = [if (12) is yes, then n/a otherwise (25) - (30)] $0.00

(32)

$0.00

(33) Is 110% of PBGC guarantee restriction applicable? No

(34) Final proposed reduction in benefit under suspension = [if (12) is yes, then n/a otherwise lesser of (31) and (32)] $0.00

(35)

$156.30

Final Benefit under Proposed Suspension Effective May 1, 2019 (Participant's Benefit, Including Disability Based Amounts) = If (12) is yes, 

then (3) otherwise [(4) + (5) - (22)]

Final Benefit under Proposed Suspension Effective May 1, 2019 (Contingent Beneficiary's Benefit) = If (12) is yes, then (25) otherwise [(25) - 

(34)]

Calculation of Proposed Suspension (Participant's Benefit, Excluding Disability Based Amounts) [if (12) is yes, then n/a, otherwise proceed with calculations]

Amount of current monthly benefit that is based on disability = [lesser or current monthly benefit and 100% of accrued monthly benefit]

Maximum reduction in benefit under the 110% PBGC guarantee restriction = [if (12) is yes, then n/a otherwise (25) - (29) but no less than $0]

SMW0138
Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Limitations on Individual Suspension are Satisfied

Example 9) An individual currently receiving benefits based on disability (post-5/1/1995 disability award)

Note: This calculation is the same for all groups.

Participant Information

(1) Date of birth 10/12/1958

(2) Age at end of month that includes proposed suspension date (May 31, 2019) 60 years 7 months

(3) Current monthly benefit $1,140.03

(4)

$919.57

(5) Amount of current monthly benefit that could be reduced under proposed suspension = [(3) - (4)] $220.46

(6) Total years of service through proposed suspension date (May 1, 2019) 10.00

(7) Years of service through accrual freeze date (July 31, 2013) 10.00

Calculation of PBGC Guarantee (Participant's Benefit)

(8) Accrual rate for PBGC Guarantee = [(3) / (7)] $114.00

(9) PBGC guaranteed accrual rate = [100% of first $11 of (8) + 75% of (8) between $11 and $44] $35.75

(10) PBGC guaranteed benefit = [(7) x (9)] $357.50

(11) 110% of PBGC guaranteed benefit = [(10) x 110%] $393.25

(12) Is current monthly benefit below 110% of PBGC guarantee? No

(13) Current level accrual rate = [(5) / (6)] $22.05

(14) Initial proposed revised level accrual rate = [lesser of (13) and $48.00] $22.05

(15) Initial proposed benefit under suspension = [(6) x (14)] $220.46

(16) Initial proposed reduction in benefit under suspension = [(5) - (15)] $0.00

(17) Maximum reduction in benefit under the 110% PBGC guarantee restriction = [(3) - (11)] $746.78

(18) Is 110% of PBGC guarantee restriction applicable? No

(19) Reduction in benefit before age-based limitations = [lesser of (16) and (17)] $0.00

(20) Months from age 80 (at suspension date) n/a

(21) Applicable percentage for age based limitation = [(20) / 60] n/a

(22) Final proposed reduction in benefit under suspension = [(19) x (21)] $0.00

(23)

$1,140.03

Calculation of Proposed Suspension (Participant's Benefit, Excluding Disability Based Amounts) [if (12) is yes, then n/a otherwise proceed with calculations]

Final Benefit under Proposed Suspension Effective May 1, 2019 (Participant's Benefit, Including Disability Based Amounts) = If (12) is yes, 

then (3) otherwise [(4) + (5) - (22)]

Amount of current monthly benefit that is based on disability = [lesser of current monthly benefit and 80% of accrued monthly benefit]

SMW0139
Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Limitations on Individual Suspension are Satisfied

Example 10) A future retiree with benefits based on disability

Note: This calculation is the same for all groups.

Participant Information

(1) Date of birth 12/31/1959

(2) Age at end of month that includes proposed suspension date (May 31, 2019) 59 years 4 months

(3) Current accrued monthly benefit payable at normal retirement date (NRD) $2,463.98

(4) Amount of current accrued monthly benefit payable at NRD that is based on disability = [80% of (3)] $1,971.18

(5) Amount of current accrued monthly benefit payable at NRD that could be reduced under proposed suspension = [(3) - (4)] $492.80

(6) Total years of service through proposed suspension date (May 1, 2019) 29.00

(7) Years of service through accrual freeze date (July 31, 2013) 29.00

Calculation of PBGC Guarantee (Participant's Benefit)

(8) Accrual rate for PBGC Guarantee = [(3) / (7)] $84.96

(9) PBGC guaranteed accrual rate = [100% of first $11 of (8) + 75% of (8) between $11 and $44] $35.75

(10) PBGC guaranteed benefit = [(7) x (9)] $1,036.75

(11) 110% of PBGC guaranteed benefit = [(10) x 110%] $1,140.43

(12) Is current accrued monthly benefit payable at NRD below 110% of PBGC guarantee? No

(13) Current level accrual rate = [(5) / (6)] $16.99

(14) Initial proposed revised level accrual rate = [lesser of (13) and $48.00] $16.99

(15) Initial proposed benefit under suspension = [(6) x (14)] $492.80

(16) Initial proposed reduction in benefit under suspension = [(5) - (15)] $0.00

(17) Maximum reduction in benefit under the 110% PBGC guarantee restriction = [(3) - (11)] $1,323.56

(18) Is 110% of PBGC guarantee restriction applicable? No

(19) Reduction in benefit before age-based limitations = [lesser of (16) and (17)] $0.00

(20) Months from age 80 (at suspension date) n/a

(21) Applicable percentage for age based limitation = [(20) / 60] n/a

(22) Final proposed reduction in benefit under suspension = [(19) x (21)] $0.00

(23)

$2,463.98

Calculation of Proposed Suspension (Participant's Benefit, Excluding Disability Based Amounts) [if (12) is yes, then n/a, otherwise proceed with calculations]

Final Accrued Benefit Payable at NRD under Proposed Suspension Effective May 1, 2019 (Participant's Benefit, Including Disability Based 

Amounts) = If (12) is yes, then (3) otherwise [(4) + (5) - (22)]

SMW0140
Sheet Metal Workers Local Pension Plan

Application for Proposed Benefit Suspension as of May 1, 2019

Demonstration that Limitations on Individual Suspension are Satisfied

Example 11) An individual currently receiving benefits that were increased for late retirement

Note: This calculation is the same for all groups.

Participant Information

(1) Date of birth 1/29/1945

(2) Age at end of month that includes proposed suspension date (May 31, 2019) 74 years 4 months

(3) Current monthly benefit $585.26

(4) Actuarial increase factor for delayed retirement 1.673

(5) Current monthly benefit without actuarial increase for delayed retirement = [(3) / (4)] $349.83

(6) Total years of service through proposed suspension date (May 1, 2019) 9.00

(7) Years of service through accrual freeze date (July 31, 2013) 9.00

Calculation of PBGC Guarantee (Participant's Benefit)

(8) Accrual rate for PBGC Guarantee = [(5) / (7)] $38.87

(9) PBGC guaranteed accrual rate = [100% of first $11 of (8) + 75% of (8) between $11 and $44] $31.90

(10) PBGC guaranteed benefit = [(7) x (9)] $287.12

(11) 110% of PBGC guaranteed benefit = [(10) x 110%] $315.83

(12) Is current monthly benefit below 110% of PBGC guarantee? No

Calculation of Proposed Suspension (Participant's Benefit) [if (12) is yes, then n/a otherwise proceed with calculations]

(13) Current level accrual rate = [(3) / (6)] $65.03

(14) Initial proposed revised level accrual rate = [lesser of (13) and $48.00] $48.00

(15) Initial proposed benefit under suspension = [(6) x (14)] $432.00

(16) Initial proposed reduction in benefit under suspension = [(3) - (15)] $153.26

(17) Maximum reduction in benefit under the 110% PBGC guarantee restriction = [(3) - (11)] $269.43

(18) Is 110% of PBGC guarantee restriction applicable? No

(19) Reduction in benefit before age-based limitations = [lesser of (16) and (17)] $153.26

(20) Months from age 80 (at suspension date) n/a

(21) Applicable percentage for age based limitation = [(20) / 60] n/a

(22) Final proposed reduction in benefit under suspension = [(19) x (21)] $153.26

(23) Final Benefit under Proposed Suspension Effective May 1, 2019 (Participant's Benefit) = If (12) is yes, then (3) otherwise [(3) - (22)] $432.00

SMW0141