receive the distribution directly, then the Administrator shall pay the distribution in a direct 

rollover to an individual retirement plan designated by the Administrator. 

8.5 DISTRIBUTION OF BENEFITS UPON DEATH 

Unless otherwise elected as provided below, a Participant who dies before the annuity 

starting date and who has a surviving Spouse shall have his death benefit paid to his surviving 

Spouse in the fonn of a Pre-Retirement Survivor Annuity. The Participant's Spouse may direct that 

payment of the Pre-Retirement Survivor Annuity commence within a reasonable period after the 

Participant's death. If the Spouse does not so direct, payment of such benefit will commence at the 

time the Participant would have attained the later of his Normal Retirement Age or age 62. 

However, the Spouse may elect a later commencement date. 

The Pre-Retirement Survivor Annuity shall be a monthly benefit equal to one hundred 

(100%) percent of the amount which would have been payable to the Participant during his lifetime, 

if he had survived to his Normal Retirement Date and commenced to receive the Qualified Joint 

and Survivor Annuity form of retirement benefit as described in 8.1 above, reduced for early 

payment in the same manner as an early retirement benefit payable under Section 7.2 above. 

If the present value of the Pre-Retirement Survivor Annuity does not exceed $5,000.00 and 

has never exceeded $5,000.00 at the time of any prior distribution, the Plan Administrator shall 

direct the immediate distribution of such amount to the Participant's Spouse. No distribution may 

be made under the preceding sentence after the annuity starting date unless the Spouse consents in 

writing. 

Notwithstanding the above, effective March 22, 2005, in the event of a mandatory 

distribution greater than $1,000 that is made in accordance with the provisions of the Plan 

providing for an automatic distribution to a Participant without the Participant's consent, if the 

Participant does not elect to have such distribution paid directly to an "eligible retirement plan" 

specified by the Participant in a direct rollover (in accordance with the direct rollover provisions 

of the Plan) or to receive the distribution directly, then the Administrator shall pay the 

distribution in a direct rollover to an individual retirement plan designated by the Administrator. 

Upon the death of a Participant before his annuity starting date who is not survived by a 

Spouse, or upon the death of the Participant's surviving Spouse who was receiving a PreRetirement Survivor Annuity, there shall be paid to the Paiiicipant's Beneficiary a lump sum PreRetirement Death Benefit in an amount equal to the sum of contributions made to the Fund on 

the Participant's behalf attributable to Pension Service accrued by the Participant through the 

date of his death, reduced by the sum of the payments, if any, paid to the surviving Spouse under 

the Pre-Retirement Survivor Annuity, or paid to the Participant under a Disability Pension prior 

to his death. If the sum of the payments made to the surviving Spouse or to the Participant under 

the Disability Pension exceed Employer contributions made on the Participant's behalf, then no 

Pre-Retirement Death Benefit shall be paid hereunder. For purposes of this benefit, Pension 

Service shall only include Pension Service in which the Participant had a vested interest at the 

time of his death. 

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31 
If a Participant dies ( or, if a Participant's benefit is being paid in the fonn of a Joint and 

Survivor Annuity, when he and his wife have died), his designated Beneficiary shall be entitled 

to a lump sum Post-Retirement Death Benefit. The amount of the Post-Retirement Death Benefit 

is the excess, if any, of the amount of the Pre-Retirement Death Benefit to which he was entitled 

at his annuity starting date (except that any contributions received on the Participant's behalf for 

work perfonned after his annuity starting date shall also be included in computing the amount of 

his Post-Retirement Death Benefit) over the sum of the benefit payments made to him (or to him 

and his surviving Spouse) since his annuity starting date. 

Effective September 23, 2013, if a Participant dies after the date the notice of the Plan's 

critical status was sent, the Pre-Retirement or Post-Retirement Death Benefit to which the 

Participant's Beneficiary is entitled under this Section 8.5 shall be paid to the Beneficiary in 120 

equal monthly installments, or until the Beneficiary' s death, if sooner. However, in no event will 

the Beneficiary's monthly payment exceed the monthly amount payable under a single life 

annuity (plus any social security supplements described in the last sentence of Code section 

41 l(a)(9)). 

8.6 DESIGNATED BENEFICIARY 

The Beneficiary of a Participant shall be that person or persons designated by him in writing 

from time to time in the fonn and manner prescribed by the Plan Administrator. A Participant may 

at any time revoke his designation or change in designation by filing a written notice of such 

revocation with the Plan Administrator. Any designation or change in designation shall require the 

consent of the Participant's Spouse. In the event no valid designation of Beneficiary exists at the 

time of the Paiiicipant's death, the death benefit shall be payable to his estate. 

8.7 DISTRIBUTION OF BENEFITS 

Distributions upon the death of a Participant shall be made in accordance with Code Section 

401(a)(9) and the Regulations thereunder as set forth in Article IX, below. 

8.8 DISTRIBUTION FOR MINOR BENEFICIARY 

In the event a distiibution is to be made to a minor, then the Administrator may direct that 

such distribution be paid to the legal guardian, or if none, to a parent of such Beneficiary or a 

responsible adult with whom the Beneficiary maintains his residence, or to the custodian for such 

Beneficiary under the Unifonn Gift to Minors Act or Gift to Minors Act, if such is pennitted by the 

laws of the state in which said Beneficiary resides. Such a payment to the legal guardian, custodian 

or parent of a minor Beneficiary shall fully discharge the Trustees, Employer, and Plan from further 

liability on account thereof. 

8.9 LOCATION OF PARTICIPANT OR BENEFICIARY UNKNOWN 

In the event that all, or any portion, of the distribution payable to a Participant or his 

Beneficiary hereunder shall, at the later of the Participant's attainment of age 62 or his Normal 

Retirement Age, remain unpaid solely by reason of the inability of the Plan Administrator, after 

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32 
sending a registered letter, return receipt requested, to the last known address, and after further 

diligent effort, to ascertain the whereabouts of such Participant or his Beneficiary, the amount so 

distributable shall be forfeited and shall be used to reduce the cost of the Plan. In the event a 

Participant or Beneficiary is located subsequent to his benefit being forfeited, such benefit shall be 

restored. 

8.10 DIRECT ROLLOVER 

(a) This Section 8.10 applies to distributions made on or after January 1, 1993. 

Notwithstanding any provision of the Plan to the contrary that would otherwise limit 

a distributee's election under this Section, a distributee may elect, at the time and in 

the manner prescribed by the Plan Administrator, to have any portion of an eligible 

rollover distribution paid directly to an eligible retirement plan specified by the 

distributee in a direct rollover. 

(b) For purposes of this Section the following definitions shall apply: 

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( 1) An Eligible Rollover Distribution means any distribution described in 

Code Section 402(c)(4) and generally includes any distribution of all or 

any portion of the balance to the credit of the distributee, except that an 

Eligible Rollover Distribution does not include: any distribution that is 

one of a series of substantially equal periodic payments (not less frequently 

than annually) made for the life ( or life expectancy) of the distributee or 

the joint lives ( or joint life expectancies) of the distributee and the 

distributee's designated beneficiary, or for a specified period of ten (10) 

years or more; any distribution to the extent such distribution is required 

under Code Section 401(a)(9); and the portion of any distribution that is 

not includible in gross income (detennined without regard to the exclusion 

for net unrealized appreciation with respect to employer securities); for 

distributions made after December 31, 1999, any hardship distribution as 

defined in Code Section 401 (k)(2)(B)(i)(IV), which are attributable to the 

Participant's elective contributions under Treasury Regulation Section 

1.40l(k)-l(d)(2)(ii); and any other distribution reasonably expected to total 

less than $200 during a year. 

Effective January 1, 2002 a portion of a distribution shall not fail to be an 

Eligible Rollover Distribution merely because the portion consists of aftertax employee contributions, which are not includible in gross income. 

However, such portion may be paid only to an individual requirement 

account or annuity described in section 408(a) or (b) of the Code, or to a 

qualified defined contribution plan described in section 40l(a) or 403(a) of 

the Code that agrees to separately account for amounts so transferred, 

including separately accounting for the portion of such distribution which 

is includible in gross income and the portion of such distribution which is 

not so includible. 

33 
(2) An Eligible Retirement Plan is an individual retirement account described 

in Code Section 408(a), and individual retirement annuity described in 

Code Section 408(b ), an annuity plan described in Code Section 403(a), or 

a qualified trust described in Code Section 401(a) that accepts the 

distributee's Eligible Rollover Distribution. However, in the case of an 

Eligible Rollover Distribution to the surviving Spouse, an Eligible 

Retirement Plan is an individual retirement account or individual 

retirement annuity. 

Effective January 1, 2002 an Eligible Retirement Plan shall also mean an 

annuity contract described in section 403(b) of the Code and an eligible 

plan under section 457(b) of the Code which is maintained by a state, 

political subdivision of a state, or any agency or instrumentality of a state 

or political subdivision of a state and which agrees to separately account 

for amounts transferred into such plan from this Plan. The definition of 

Eligible Retirement Plan shall also apply in the case of a surviving spouse, 

or to a spouse or fmmer spouse who is the alternate payee under a 

Qualified Domestic Relations Order, as defined in section 414(p) of the 

Code. 

(3) A distributee includes an Employee or fonner Employee. In addition, the 

Employee's or former Employee's surviving Spouse and the Employee's or 

fonner Employee's Spouse or fonner Spouse who is the alternate payee 

under a qualified domestic relations order, as defined in Code Section 

4 l 4(p ), are distributees with regard to the interest of the Spouse or fonner 

Spouse. 

( 4) A direct rollover is a payment by the Plan to the eligible retirement plan 

specified by the distributee. 

(c) For distributions after December 31, 2009, a non-spouse beneficiary who is a 

"Designated Beneficiary" under Code Section 401 ( a)(9)(E) and the regulations 

thereunder, may (by a direct trustee-to-trustee transfer ("direct rollover"), roll over 

all or any portion of his or her distribution to an Individual Retirement Account 

(IRA) the beneficiary establishes for purposes of receiving the distribution. In 

order to be able to roll over the distribution, the distribution otherwise must 

satisfy the definition of an "eligible rollover distribution" under Code Section 

401(a)(31). 

(d) Although a non-spouse beneficiary may roll over directly a distribution as 

provided in paragraph (c) of this Section, the distribution is not subject to the 

direct rollover requirements of Code Section 401 ( a)(3 l ), the notice requirements 

of Code Section 402(£) or the mandatory withholding requirements of Code 

Section 3405(c). If a non-spouse beneficiary receives a distribution from the Plan, 

the distribution is not eligible for a 60-day (non-direct) rollover. If the 

Participant's named beneficiary is a trust, the Plan may make a direct rollover to 

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34 
an IRA on behalf of the trust, provided the trust satisfies the requirements to be a 

Designated Beneficiary within the meaning of Code Section 401 ( a)(9)(E). 

(e) A non-spouse beneficiary may not roll over an amount that is a required minimum 

distribution, as determined under applicable Treasury regulations and other 

Internal Revenue Service guidance. If the Participant dies before his or her 

required beginning date and the non-spouse beneficiary rolls over to an IRA the 

maximum amount eligible for rollover, the beneficiary may elect to use either the 

5-year rule or the life expectancy rule, pursuant to Treasury regulation section 

1.401 (a)(9)-3, A-4( c), in determining the required minimum distributions from the 

IRA that receives the non-spouse beneficiary's distribution. 

8.11 QUALIFIED DOMESTIC RELATIONS ORDER DISTRIBUTION 

All rights and benefits, including elections, provided to a Participant in this Plan shall be 

subject to the rights afforded to any "alternate payee" under a "qualified domestic relations order." 

Furthennore, a distribution to an "alternate payee" shall be permitted if such distribution is 

authorized by a "qualified domestic relations order," even if the affected Participant has not 

separated from service and has not reached the "earliest retirement age" under the Plan. For the 

purposes of this Section, "alternate payee," "qualified domestic relations order" and "earliest 

retirement age" shall have the meaning set forth under Code Section 4 l 4(p ). 

Effective April 6, 2007, a domestic relations order that otherwise satisfies the 

requirements for a QDRO will not fail to be a QDRO: (i) solely because the order is issued after, 

or revises, another domestic relations order or QDRO; or (ii) solely because of the time at which 

the order is issued, including issuance after the annuity starting date or after the Participant's 

death. 

8.12 HEART ACT 

(a) In the case of a death occurring on or after January 1, 2007, if a Participant dies 

while performing qualified military service (as defined in Code § 414(u)), the 

Participants Beneficiary is entitled to any additional benefits ( other than benefit 

accrnals relating to the period of qualified military service) provided under the Plan 

as if the Participant had resumed employment and then tenninated employment on 

account of death. Moreover, the Plan will credit the Paiticipant's qualified military 

service as service for vesting purposes, as though the Participant had resumed 

employment under USERRA immediately prior to the Participant's death. 

(b) For years beginning after December 31, 2008; (i) an individual receiving a 

differential wage payment, as defined by Code Section 3401(h)(2), is treated as an 

Employee of the Employer making the payment; (ii) the differential wage payment 

is treated as compensation for purposes of Code § 415( c )(3) and Treasury Reg. § 

l.415(c)-2 (e.g., for purposed of Code §415, top-heavy provisions of Code §416, 

determination of highly compensated employees under Code §414( q), and 

applying the gateway requirement under the Code §401(a)(4) regulations);, and 

(iii) the Plan is not treated as failing to meet the requirements of any provision 

#2505297-v2 

50300.0016 

35 
described in Code Section 414(u)(l)(C) (or corresponding Plan provisions) by 

reason of any contribution or benefit which is based on the differential wage 

payment. 

This section 8.12(b) applies only if all employees of the Employer perfonning 

service in the unifonned services described in Code §3401(h)(2)(A) are entitled to 

receive differential wage payments (as defined in Code §3401(h)(2)) on reasonably 

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

Employer, to make contributions or receive benefits based on the payments on 

reasonably equivalent tenns (taking into account Code §§(b)(3),(4), and (5)). 

ARTICLE IX 

REQUIRED DISTRIBUTIONS 

9.1 GENERAL 

(a) Effective Date. The provisions of this Article 9 shall apply for purposes of 

determining required minimum distributions for calendar years beginning with the 

2002 calendar year. 

(b) Coordination with the Minimum Distribution Requirements Previously in Effect. 

If the total amount of 2002 required minimum distributions under the Plan made 

to the distributee prior to the effective date of this Article equals or exceeds the 

required minimum distributions determined under this Article, then no additional 

distributions will be required to be made for 2002 on or after such date to the 

distributee. If the total amount of 2002 required minimum distributions under the 

plan made to the distributee prior to the effective date of this Article is less than 

the amount detennined under this Article, then required minimum distributions 

for 2002 on and after such date will be determined so that the total amount of 

required minimum distributions for 2002 made to the distributee will be the 

amount detennined under this Article. 

(c) Precedence. The requirements of this Article will take precedence over any 

inconsistent provisions of the Plan. 

( d) Requirements of Treasmy Regulations Incorporated. All distributions required 

under this Article will be detennined and made in accordance with the Treasury 

regulations under section 401(a)(9) of the Internal Revenue Code. 

( e) TEFRA Section 242(b)(2) Elections. Notwithstanding the other provisions of this 

Article, other than paragraph ( d) above, distributions may be made under a 

designation made before January 1, 1984, in accordance with Section 242(b )(2) of 

the Tax Equity and Fiscal Responsibility Act (TEFRA) and the provisions of the 

Plan that relate to Section 242(b )(2) of TEFRA. 

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36 
(t) Continuation of RMDs. Notwithstanding the provisions of the Plan relating to required 

minimum distributions under Code §401(a)(9), a Participant or Beneficiary who would 

have been required to receive required minimum distributions for 2009 but for the 

enactment of Code §40l(a)(9)(H) ("2009 RMDs"), and who would have satisfied that 

requirement by receiving distributions that are ( 1) equal to the 2009 RMDs or (2) one or 

more payments in a series of substantially equal distributions (that include the 2009 

RMDs) made at least annually and expected to last for the life ( or life expectancy) of the 

Participant, the joint lives (or joint life expectancy) of the Participant and the 

Participant's designated Beneficiary, or for a period of at least 10 years ("Extended 2009 

RMDs"), will receive those distributions for 2009 unless the Participant or Beneficiary 

chooses not to receive such distributions. Participants and Beneficiaries described in the 

preceding sentence will be given the opportunity to elect to stop receiving the 

distributions described in the preceding sentence._ 

9.2 TIME AND MANNER OF DISTRIBUTION 

(a) Required Beginning Date. The Participant's entire interest will be distributed, or 

begin to be distributed, to the Participant no later than the Participant's Required 

Beginning Date. 

(b) Death of Participant Before Distributions Begin. If the Participant dies before 

distributions begin, the Participant's entire interest will be distributed, or begin to 

be distributed, no later than as follows: 

#2505297-v2 

50300.0016 

(1) If the Participant's surviving spouse is the Participant's sole designated 

beneficiary, then distributions to the surviving spouse will begin by 

December 31 of the calendar year immediately following the calendar year 

in which the Participant died, or by December 31 of the calendar year in 

which the Participant would have attained age 70 1⁄2, if later. 

(2) If the Participant's surviving spouse is not the Participant's sole designated 

beneficiary, then distributions to the designated beneficiary will begin by 

December 31 of the calendar year immediately following the calendar year 

in which the Participant died. 

(3) If there is no designated beneficiary as of September 30 of the year 

following the year of the Participant's death, the Participant's entire 

interest will be distributed by December 31 of the calendar year containing 

the fifth anniversary of the Participant's death. 

(4) If the Participant's surviving spouse is the Participant's sole designated 

beneficiary and the surviving spouse dies after the Participant but before 

distributions to the surviving spouse begin, this paragraph (b ), other than 

subparagraph (b )(i), will apply as if the surviving spouse were the 

Participant. 

37 
For purposes of this paragraph 9.2(b), and Section 9.5, distributions are 

considered to begin on the Participant's required beginning date (or, if 

subparagraph (4) above applies, the date distributions are required to begin 

to the surviving spouse under subparagraph (b )(1 )). If annuity payments 

irrevocably commence to the Participant before the Participant's required 

beginning date (or to the Participant's surviving spouse before the date 

distributions are required to begin to the surviving spouse under 

subparagraph (b )(1) ), the date distributions are considered to begin is the 

date distributions actually commence. 

(c) Fonn of Distribution. Unless the Participant's interest is distributed in the fonn of 

an annuity purchased from an insurance company or in a single sum on or before 

the required beginning date, as of the first distribution calendar year distributions 

will be made in accordance with 9.3, 9.4, and 9.5 of this Article. If the 

Participant's interest is distributed in the form of an annuity purchased from an 

insurance company, distributions thereunder will be made in accordance with the 

requirements of section 401 ( a)(9) of the Code and the Treasury regulations. Any 

part of the Participant's interest which is in the form of an individual account 

described in section 4 l 4(k) of the Code will be distributed in a manner satisfying 

the requirements of section 401 ( a)(9) of the Code and the Treasury regulations 

that apply to individual accounts. 

9.3 AMOUNT TO BE DISTRIBUTED EACH YEAR 

(a) General Annuity Requirements. If the Participant's interest is paid in the fonn of 

annuity distributions under the Plan, payments under the annuity will satisfy the 

following requirements: 

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50300.0016 

( 1) the annuity distributions will be paid m periodic payments made at 

intervals not longer than one year; 

(2) the distribution period will be over a life (or lives) or over a period certain 

not longer than the period described in Section 9.4 or 9.5; 

(3) once payments have begun over a period ce1iain, the period certain will 

not be changed even if the period certain is shorter than the maximum 

pennitted; 

(4) payments will either be nonincreasing or increase only as follows: 

(i) by an annual percentage increase that does not exceed the annual 

percentage increase in a cost-of-living index that is based on prices 

of all items and issued by the Bureau of Labor Statistics; 

(ii) to the extent of the reduction in the amount of the Participant's 

payments to provide for a survivor benefit upon death, but only if 

38 
the beneficiary whose life was being used to determine the 

distribution period described in Section 9 .4 dies or is no longer the 

Participant's beneficiary pursuant to a qualified domestic relations 

order within the meaning of section 414(p ); 

(iii) to provide cash refunds of employee contributions upon the 

Participant's death; or 

(iv) to pay increased benefits that result from a plan amendment. 

(b) Amount Required to be Distributed by Required Beginning Date. The amount 

that must be distributed on or before the Participant's required beginning date (or, 

if the participant dies before distributions begin, the date distributions are required 

to begin under subparagraphs 9 .2(b )(1) or (2)) is the payment that is required for 

one payment interval. The second payment interval ends in the next calendar 

year. Payment intervals are the periods for which payments are received, e.g., bimonthly, monthly, semi-monthly, or annually. All of the Participant's benefit 

accruals as of the last day of the first distribution calendar year will be included in 

the calculation of the amount of the annuity payments for payment intervals 

ending on or after the Participant's required beginning date. 

( c) Additional Accruals After First Distribution Calendar Year. Any additional 

benefits accruing to the Participant in a calendar year after the first distribution 

calendar year will be distributed beginning with the first payment interval ending 

in the calendar year immediately following the calendar year in which such 

amount accrues. 

9.4 ANNUITY DISTRIBUTIONS THAT COMMENCE DURING LIFETIME 

(a) Joint Life Annuities Where the Beneficiary is not the Participant's Spouse. If the 

Participant's interest is being distributed in the form of a joint and survivor 

annuity for the joint lives of the Participant and a nonspouse beneficiary, annuity 

payments to be made on or after the Participant's required beginning date to the 

designated beneficiary after the Participant's death must not at any time exceed 

the applicable percentage of the annuity payment for such period that would have 

been payable to the Participant using the table set forth in Q&A-2 of section 

1.401 ( a)(9)-6T of the Treasury regulations. If the fonn of distribution combines a 

joint and survivor annuity for the joint lives of the Participant and a nonspouse 

beneficiary and a period certain annuity, the requirements in the preceding 

sentence will apply to annuity payments to be made to the designated beneficiary 

after the expiration of the period certain. 

(b) Period Certain Annuities. Unless the Participant's spouse is the sole designated 

beneficiary and the form of distribution is a period certain and no life annuity, the 

period certain for an annuity distribution commencing during the Participant's 

lifetime may not exceed the applicable distribution period for the Participant 

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39 
under the Uniform Lifetime Table set forth in section l.401(a)(9)-9 of the 

Treasury regulations for the calendar year that contains the annuity starting date. 

If the annuity starting date precedes the year in which the Participant reaches age 

70, the applicable distribution period for the Paiiicipant is the distribution period 

for age 70 under the Uniform Lifetime Table set fmih in section 1.401 ( a)(9)-9 of 

the Treasury regulations plus the excess of 70 over the age of the Participant as of 

the Participant's birthday in the year that contains the annuity starting date. If the 

Participant's spouse is the Participant's sole designated beneficiary and the form 

of distribution is a period certain and no life annuity, the period certain may not 

exceed the longer of the Participant's applicable distribution period, as detennined 

under this Section 9 .4(b ), or the joint life and last survivor expectancy of the 

Participant and the Participant's spouse as dete1mined under the Joint and Last 

Survivor Table set forth in section 1.401 ( a)(9)-9 of the Treasury regulations, using 

the Participant's and spouse's attained ages as of the Participant's and spouse's 

birthdays in the calendar year that contains the annuity starting date. 

9.5 REQUIREMENTS FOR MINIMUM DISTRIBUTIONS WHERE PARTICIPANT DIES 

BEFORE DISTRIBUTIONS BEGIN 

( a) Participant Survived by Designated Beneficiary. If the Participant dies before the 

date distribution of his or her interest begins and there is a designated beneficiary, 

the Participant's entire interest will be distributed, beginning no later than the time 

described in Section 9.2(b )(1) and (2), over the life of the designated beneficiary 

or over a period certain not exceeding: 

( 1) unless the annuity starting date is before the first distribution calendar 

year, the life expectancy of the designated beneficiary determined using 

the beneficiary's age as of the beneficiary's birthday in the calendar year 

immediately following the calendar year of the Participant's death; or 

(2) if the annuity starting date is before the first distribution calendar year, the 

life expectancy of the designated beneficiary determined using the 

beneficiary's age as of the beneficiary's birthday in the calendar year that 

contains the annuity starting date. 

(b) No Designated Beneficiary. If the Paiiicipant dies before the date distributions 

begin and there is no designated beneficiary as of September 30 of the year 

following the year of the Participant's death, distribution of the Participant's 

entire interest will be completed by December 31 of the calendar year containing 

the fifth anniversary of the Participant's death. 

(c) Death of Surviving Spouse Before Distributions to Surviving Spouse Begin. If 

the Participant dies before the date distribution of his or her interest begins, the 

Participant's surviving spouse is the Participant's sole designated beneficiary, and 

the surviving spouse dies before distributions to the surviving spouse begin, this 

Section 8.05 will apply as if the surviving spouse were the Participant, except that 

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40 
the time by which distributions must begin will be detennined without regard to 

subparagraph 8.02(b )( 1 ). 

9.6 DEFINITIONS 

(a) Designated Beneficiary. The individual who is designated as the beneficiary 

under Section 8.6 of the Plan and is the designated beneficiary under section 

40l(a)(9) of the Internal Revenue Code and section 1.401(a)(9)-1, Q&A-4, of the 

Treasury regulations. 

(b) Distribution Calendar Year. A calendar year for which a minimum distribution is 

required. For distributions beginning before the Participant's death, the first 

distribution calendar year is the calendar year immediately preceding the calendar 

year which contains the Participant's required beginning date. For distributions 

beginning after the Participant's death, the first distribution calendar year is the 

calendar year in which distributions are required to begin pursuant to 9 .2(b ). 

( c) Life Expectancy. Life expectancy as computed by use of the Single Life Table in 

Section 1.401 (a)(9)-9 of the Treasury regulations. 

(d) Required Beginning Date. The date by which distributions to a Paiiicipant must 

begin, as set forth in Section 7.7(a), above. 

ARTICLEX 

CODE SECTION 415 LIMITATIONS 

10.1 EFFECTIVE DA TE 

The limitations of this Article X shall apply in Limitation Years beginning on or after 

July 1, 2007, except as otherwise provided herein. The Limitation Year is the Plan Year. 

10.2 GRANDFATHER PROVISIONS 

The application of the provisions of this Article X shall not cause the maximum 

pennissible benefit for any Participant to be less than the Participant's accrued benefit under all 

the defined benefit plans of the employer or a predecessor employer as of the end of the last 

Limitation Year beginning before July 1, 2007 under provisions of the plans that were both 

adopted and in effect before April 5, 2007. The preceding sentence applies only if the provisions 

of such defined benefit plans that were both adopted and in effect before April 5, 2007 satisfied 

the applicable requirements of statutory provisions, regulations, and other published guidance 

relating to Code Section 415 in effect as of the end of the last Limitation Year beginning before 

July 1, 2007, as described in section 1.415(a)-l(g)(4) of the Treasury regulations. 

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50300.0016 

41 
10.3 INCORPORATION BY REFERENCE 

Notwithstanding anything contained in the Plan to the contrary, the limitations, 

adjustments, and other requirements prescribed in the Plan shall comply with the provisions of 

Code Section 415 and the final regulations promulgated thereunder, the tenns of which are 

specifically incorporated herein by reference as of the effective date of this Article X, except 

where an earlier effective date is otherwise provided in the final regulations or in this 

Amendment. However, where the final regulations permit the Plan to specify an alternative 

option to a default option set forth in the regulations, and the alternative option was available 

under statutory provisions, regulations, and other published guidance relating to Code Section 

415 as in effect prior to April 5, 2007, and the Plan provisions in effect as of April 5, 2007 

incorporated the alternative option, said alternative option shall remain in effect as a plan 

provision for Limitation Years beginning on or after July 1, 2007 unless another pennissible 

option is set forth in this Article X. 

In detennining the maximum pennissible amount of Annual Benefits under the Plan, if a 

Participant has Pension Credit attributable to work performed for more than one Employer, his 

Annual Benefit under the Plan, and the limitations thereon, shall be detennined separately with 

respect to each Employer. The Annual Benefit under the Plan attributable to a particular 

Employer shall be equal to the total Annual Benefit under the Plan multiplied by the ratio of 

Pension Credit attributable to such Employer to total Pension Credit. 

10.4 ADJUSTMENT TO DOLLAR LIMIT AFTER SEVERANCE 

In the case of a Participant who has had a severance from employment with an Employer, 

the defined benefit dollar limitation applicable to the Participant in any Limitation Year 

beginning after the date of severance shall be automatically adjusted under Code Section 415( d). 

10.5 COMPENSATION PAID AFTER SEVERANCE FROM EMPLOYMENT 

For Limitation Years beginning on or after July 1, 2007, or such earlier date as specified 

below, compensation for a Limitation Year, within the meaning of Code Section 415( c)(3), shall 

also include the following types of compensation paid by the later of 2 1⁄2 months after a 

Participant's severance from employment with the employer maintaining the plan or the end of 

the Limitation Year that includes the date of the Participant's severance from employment with 

the employer maintaining the plan. Any other payment of compensation paid after severance of 

employment that is not described in the following types of compensation is not considered 

compensation within the meaning of Code Section 415( c )(3 ), even if payment is made within the 

time period specified above. 

(a) Regular pay after severance from employment. Compensation shall include 

regular pay after severance of employment if: 

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(1) The payment is regular compensation for services during the Participant's 

regular working hours, or compensation for services outside the 

42 
Participant's regular working hours (such as overtime or shift differential), 

commissions, bonuses, or other similar payments; and 

(2) The payment would have been paid to the Participant prior to a severance 

from employment if the Participant had continued in employment with the 

employer. 

(b) Leave cashouts and deferred compensation. Leave cashouts and defe1Ted 

compensation shall be included in compensation, if those amounts would have 

been included in the definition of compensation if they were paid prior to the 

Participant's severance from employment with the Employer maintaining the 

Plan, and the amounts are either: 

( 1) Payment for unused accrued bona fide sick, vacation, or other leave, but 

only if the Participant would have been able to use the leave if 

employment had continued; or 

(2) Received pursuant to a nonqualified unfunded defeITed compensation 

plan, but only if the payment would have been paid to the if the Participant 

had continued in employment with the employer and only to the extent 

that the payment is includible in the Participant's gross income. 

10.6 ADMINISTRATIVE DELAY 

Compensation for a Limitation Year shall not include amounts earned but not paid during 

the Limitation Year solely because of the timing of pay periods and pay dates. 

10.7 OPTION TO APPLY COMPENSATION PROVISIONS EARLY 

The rules in Sections 10.5 and 10.6 shall apply for Limitation Years beginning on or after 

July 1, 2007. 

10.8 ANNUAL COMPENSATION LIMIT 

For Plan Years beginning on or after May 1, 1994, the amount of a Participant's 

compensation from any single Employer that may be taken into account for any Plan purpose in any 

Plan Credit Year is $150,000, as that amount may be adjusted from time to time by the Secretary of 

Treasury under Internal Revenue Code Section 401(a)(l 7). For Plan Years beginning after 

December 31, 2001, the annual compensation of each participant taken into account for any Plan 

purpose shall not exceed $200,000, as adjusted for cost-of-living increases in accordance with 

Section 401(a)(l 7)(B) of the Code. 

10.9 DEFINITION OF COMPENSATION 

For purposes of this Article, "Compensation" is defined as wages, salaries, and fees for 

professional services and other amounts received (without regard to whether or not an amount is 

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43 
paid in cash) for personal services actually rendered in the course of employment with the 

employer maintaining the plan to the extent that the amounts are includible in gross income 

(including, but not limited to, commissions paid salesmen, compensation for services on the 

basis of a percentage of profits, commissions on insurance premiums, tips, bonuses, fringe 

benefits, and reimbursements, or other expense allowances under a non-accountable plan (as 

described in l.62-2(c)), and excluding the following: (a) Employer contributions to a plan of 

deferred compensation which are not includible in the employee's gross income for the taxable 

year in which contributed, or employer contributions under a simplified employee pension to the 

extent such contributions are deductible by the employee, or any distributions from a plan of 

deferred compensation; (b) Amounts realized from the exercise of a nonqualified stock option, or 

when restricted stock ( or property) held by the employee either becomes freely transferable or is 

no longer subject to a substantial risk of forfeiture; ( c) Amounts realized from the sale, exchange 

or other disposition of stock acquired under a qualified stock option; and ( d) Other amounts 

which received special tax benefits, or contributions made by the employer (whether or not under 

a salary reduction agreement) towards the purchase of an annuity contract described in § 403(b) 

of the Internal Revenue Code (whether or not the contributions are actually excludable from the 

gross income of the employee). 

For any self-employed individual, Compensation will mean earned income. 

For Limitation Years beginning after December 31, 1991, Compensation for a Limitation 

Year is the Compensation actually paid or made available during such Limitation Year. For 

Limitation Years beginning after December 31, 1997, Compensation paid or made available 

during such Limitation Year shall include any elective deferral ( as defined in Code § 402(g)(3 )), 

and any amount which is contributed or defe1Ted by the employer at the election of the employee 

and which is not includible in the gross income of the employee by reason of§§ 125 or 457. For 

Limitation Years beginning after December 31, 2000, Compensation shall also include any 

elective amounts that are not includible in the gross income of the employee by reason of § 

132(t)(4). 

10.10 AGGREGATION WITH OTHER EMPLOYER PLANS 

This Section 10.10 shall apply to any Participant who is covered, or has ever been 

covered, by another plan maintained by an Employer. If a Participant is, or has ever been, 

covered under more than one defined benefit plan maintained by an Employer, the sum of the 

Participant's Annual Benefits from all such plans of that Employer may not exceed the maximum 

pennissible benefit permitted under Code Section 415. For this purpose, all qualified defined 

benefit plans (without regard to whether a plan has been terminated) maintained by an Employer 

will be treated as one defined benefit plan, except that multiemployer plans (as defined in Section 

414(t) of the Code), such as the Plan, shall not be aggregated with other multiemployer plans. 

10.11 PENSION FUNDING EQUITY ACT 

Effective for distributions in Plan Years beginning after December 31, 2003, for purposes 

of applying the limits under Code Section 415, the required determination of actuarial 

equivalence of fonns of benefit other than a straight life annuity shall be made in accordance 

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44 
with this Section 10.11. For purposes of this Section 10.11, the "applicable mortality table" 

means the table prescribed by the Secretary of the Treasury 

(a) Benefit Fonns Not Subject to the Present Value Rules of Code Section 417(e)(3). 

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The straight life annuity that is actuarially equivalent to the Participant's fonn of 

benefit shall be determined under this Section 10.11 ( a) if the fonn of the 

Participant's benefit is either: 

(1) A nondecreasing annuity ( other than a straight life annuity) payable for a 

period of not less than the life of the Participant ( or, in the case of a qualified 

pre-retirement survivor annuity, the life of the surviving spouse), or 

(2) An ammity that decreases during the life of the Participant merely because 

of: 

(i) The death of the survivor annuitant (but only if the reduction is not 

below 50% of the benefit payable before the death of the survivor 

annuitant), or 

(ii) The cessation or reduction of Social Security supplements or 

qualified disability payments (as defined in Code Section 

401(a)(l l)). 

For Limitation Years beginning before July 1, 2007, the actuarially equivalent 

straight life annuity is equal to the annual amount of the straight life annuity 

commencing at the same annuity starting date that has the same actuarial present 

value as the Participant's fonn of benefit computed using whichever of the 

following produces the greater annual amount: 

(i) the interest rate and the mortality table ( or other tabular factor) 

specified in the Plan for adjusting benefits in the same fonn; and 

(ii) a 5 percent interest rate assumption and the "applicable mortality 

table" defined in the Plan for that annuity starting date. 

For Limitation Years beginning on or after July 1, 2007, the actuarially equivalent 

straight life annuity is equal to the greater of: 

(i) The annual amount of the straight life annuity (if any) payable to 

the Participant under the Plan commencing at the same annuity 

starting date as the Participant's form of benefit; and 

(ii) The annual amount of the straight life annuity commencing at the 

same annuity starting date that has the same actuarial present value 

as the Participant's fonn of benefit, computed using a 5 percent 

45 
interest rate assumption and the "applicable mortality table" 

defined in the Plan for that annuity starting date. 

(b) Benefit Fonns Subject to the Present Value Rules of Code Section 417(e)(3). The 

straight life annuity that is actuarially equivalent to the Participant's fonn of benefit 

shall be detennined as indicated under this Section 7.1 l(b) if the fonn of the 

Participant's benefit is other than a benefit form described in Section 7.11 (a). 

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If the annuity starting date of the Participant's fonn of benefit is in a Plan Year 

beginning after December 31, 2005, the actuarially equivalent straight life annuity is 

equal to the greatest of: 

( 1) The annual amount of the straight life annuity commencing at the same 

annuity starting date that has the same actuarial present value as the 

Participant's fonn of benefit, computed using the interest rate and the 

mortality table ( or other tabular factor) specified in the Plan for adjusting 

benefits in the same fonn; 

(2) The annual amount of the straight life annuity commencing at the same 

annuity starting date that has the same actuarial present value as the 

Participant's fonn of benefit, computed using a 5.5 percent interest rate 

assumption and the applicable mortality table for the distribution under 

section 1.417( e )-1 ( d)(2) of the Treasury regulations; and 

(3) The annual amount of the straight life annuity commencing at the same 

annuity starting date that has the same actuarial present value as the 

Participant's form of benefit, computed for the distribution under section 

1.417( e)-1 ( d)(3) of the Treasury regulations and the applicable mortality 

table for the distribution under section 1.417( e )-1 ( d)(2) of the Treasury 

regulations, divided by 1.05. 

If the annuity starting date of the Participant's fonn of benefit is in a Plan Year 

beginning in 2004 or 2005, except as provided below, if applicable, the actuarially 

equivalent straight life annuity is equal to the annual amount of the straight life 

annuity commencing at the same annuity starting date that has the same actuarial 

present value as the Participant's fonn of benefit, computed using whichever of the 

following produces the greater annual amount: 

(i) The interest rate and the mortality table ( or other tabular factor) 

specified in the Plan for adjusting benefits in the same fonn; and 

(ii) A 5.5 percent interest rate assumption and the applicable mortality 

table for the distribution under section 1.417( e )-1 ( d)(2) of the 

Treasury regulations. 

46 
If the annuity starting date of the Participant's benefit is on or after the first day of 

the first Plan Year beginning in 2004 and before December 31, 2004, then the 

application of this Section shall not cause the amount payable under the 

Participant's fonn of benefit to be less than the benefit calculated under the Plan 

taking into account the limitations of this Article, except that for purposes of 

detennining the actuarially equivalent straight life annuity, the applicable interest 

rate shall be the applicable interest rate in effect as of the last day of the last Plan 

Year beginning before January 1, 2004, under the provisions of the Plan then 

adopted and in effect. 

10.12 BENEFIT RESTRICTIONS UNDER THE PENSION PROTECTION ACT 

(a) Effective Date and Application of this Section 10.12. 

( 1) Effective Date. The provisions of this Section 10.12 apply to Plan Years 

beginning after December 31, 2007. 

(b) Endangered Status 

( 1) During any funding plan adoption period as defined by Code section 

432(c)(8), no amendment of the Plan which increases the liabilities of the 

Plan by reason of any increase in benefits, any change in the accrual of 

benefits, or any change in the rate at which benefits become nonforfeitable 

under the Plan may be adopted unless the amendment is required as a 

condition of qualification under part I of subchapter D of chapter 1 of the 

Code or to comply with other applicable law. 

(2) The Plan may not be amended after the adoption of a funding 

improvement plan under Code section 432(c)(3), so as to be inconsistent 

with the funding improvement plan or to increase benefits, including 

future benefit accruals, unless the Plan actuary certifies that the benefit 

increase is consistent with the funding improvement plan and is paid for 

out of contributions not required by the funding improvement plan to meet 

the applicable benchmark in accordance with the schedule contemplated in 

the funding improvement plan. 

(c) Critical Status 

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( 1) During any rehabilitation plan adoption period as defined by Code section 

432(e)(4), no amendment of the Plan which increases the liabilities of the 

Plan by reason of any increase in benefits, any change in the accrual of 

benefits, or any change in the rate at which benefits become nonforfeitable 

under the Plan may be adopted unless the amendment is required as a 

condition of qualification under part I of subchapter D of chapter 1 of the 

Code or to comply with other applicable law. 

47 
(2) The Plan may not be amended after the date of the adoption of a 

rehabilitation plan under Code section 432( e )(3) so as to be inconsistent 

with the rehabilitation plan or so as to increase benefits, including future 

benefit accruals, unless the Plan 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 r 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. 

(3) Effective on the date the notice of certification of the Plan's critical status 

for the initial critical year under Code Section 432(b )(3)(D) is sent, and 

notwithstanding Code section 41 l(d)(6), the Plan shall not pay-

(i) any payment, in excess of the monthly amount paid under a single life 

annuity (plus any social security supplements described in the last sentence 

of Code section 41 l(a)(9)), to a participant or beneficiary whose annuity 

starting date ( as defined in Code section 41 7 ( f)(2) ) occurs after the date 

such notice is sent, 

(ii) any payment for the purchase of an irrevocable commitment from an 

insurer to pay benefits, and 

(iii) any other payment specified by the Secretary by regulations. 

(4) Paragraph (3) shall not apply to a benefit which under section 41 l(a)(l 1) 

may be immediately distributed without the consent of the Participant or to 

any makeup payment in the case of a retroactive annuity starting date or 

any similar payment of benefits owed with respect to a prior period. 

ARTICLE XI 

EMPLOYEE RIGHTS 

11.1 GENERAL RIGHTS OF EMPLOYEES AND BENEFICIARIES 

The Plan is established and trust assets are held for the exclusive purpose of providing 

benefits for Employees and their Beneficiaries, as have qualified to participate under the terms of 

the Plan. Such benefits may be payable upon retirement, death, disability or tennination of 

employment with a participating Employer, subject to the specific provisions of the Plan. 

Every Employee and Beneficiary receiving benefits under the Plan is entitled to receive, on 

a regular basis, a current, comprehensible and detailed written account of his personal benefit status 

and of the relevant terms of the Plan, which provide these benefits. 

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48 
11.2 REGULAR REPORTS AND DISCLOSURE REQUIREMENTS 

Every Employee covered under the Plan and every Beneficiary receiving benefits under the 

Plan shall receive a summary plan description, summary of the latest annual report of the Plan or 

such other information as may be required to be furnished by law, under any of the following 

circumstances: 

(a) When the Plan is established or any material modification or amendment 1s 

proposed or adopted; 

(b) Within 90 days after he becomes an Employee or begins to receive benefits under 

the Plan; 

( c) Within 210 days after the close of the Plan's fiscal year. 

11.3 INFORMATION GENERALLY AVAILABLE 

The Administrator shall make copies of the Plan description and the latest annual report of 

any bargaining agreement, trust agreement, contract or other instruments under which the Plan was 

established or is operated, available for examination by any Employee or Beneficiary in the 

principal office of the Administrator and such other locations as may be necessary to make such 

infonnation reasonably accessible to all interested parties, and, subject to a reasonable charge to 

defray the cost of furnishing such copies, the Plan Administrator shall, upon written request of any 

Employee or Beneficiary, furnish a copy of the latest updated summary plan description, and the 

latest annual report, any tenninal report, any bargaining agreement, trust agreement, contract or 

other instruments under which this Plan is established or operated, to the party making such request. 

11.4 SPECIAL DISCLOSURES 

Upon written request to the Plan Administrator once during any twelve month period, an 

Employee or Beneficiary shall be furnished with a written statement, based on the latest available 

infonnation, of the total benefits accrued, or the earliest date on which such benefits will become 

non-forfeitable. 

Prior to the distribution to any benefits to which any Employee or Beneficiary may be 

entitled, he must be provided with a written explanation of the tenns and conditions of the various 

distribution options that are available and must, in tum, file a written election with the Plan 

Administrator. 

Upon tennination of employment, an Employee who has been an Employee in the Plan is 

entitled to a written explanation of an accounting for any vested deferred benefits, which have 

accrued to his account and of any applicable options regarding the disposition of those benefits. 

Such information will also be provided to the Social Security Administration by the Internal 

Revenue Service on the basis of information required to be reported by the Plan Administrator. 

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49 
11.5 EMPLOYEE RIGHT TO COMMENT 

Pursuant to rights granted by the Employee Retirement Income Security Act of 1974 (PL 

93-406) and the Regulations issued pursuant to that authority, any Employee may be entitled to 

comment on the application of the Plan for a ruling regarding: 

(a) initial qualification detennination under the requirements of the internal Revenue 

Code; 

(b) any material amendment to the Plan; 

( c) any partial or complete tennination of the Plan. 

11.6 CLAIMS PROCEDURE 

Each Participant who thinks he is entitled to a claim under the Plan shall look only to the 

assets of the Trust fund in satisfaction thereof. The following procedures shall be followed in 

filing a claim for benefits: 

(a) Application for benefits must be made in writing in the fonn, manner and time 

prescribed by the Trustees and, except for Disability Retirement Benefits, must be filed with the 

Fund in advance of the first month for which benefits are payable. In no event shall benefits be 

payable for any period preceding the date of the filing of the application for benefits. 

(b) The Trustees shall notify the claimant within ninety (90) days after receipt of the 

claim (excluding a claim for disability benefits) if the claim has been denied or modified. If 

special circumstances require additional time for processing the claim, the Trustees shall infonn 

the claimant in writing indicating the special circumstances requiring an extension of time and 

the date by which a determination will be rendered. The additional time shall not exceed ninety 

(90) days. 

(c) The Trustees shall notify the claimant within forty-five (45) days after receipt of a 

claim for a Disability Retirement Benefit if the claim has been denied or modified. If the 

Trustees detennine that an extension of time is necessary for processing the claim ( due to 

circumstances beyond the control of the Fund), the 45-day period will be extended for an 

additional 30 days, if additional time is still needed to make a detennination, there may be an 

additional extension of 30 days. In such case the Trustees must notify the claimant (within the 

initial 45-day period or prior to the expiration of the first 30-day extension) of the circumstances 

requiring the extension, the date by which the Plan expects to render a determination, the 

standard, on which entitlement to benefits is based, the unresolved issues that prevent a decision 

on the claim and additional infonnation needed to resolve those issues. The claimant will have 

45 days from receipt of the notice to provide the Trustees with any additional infonnation 

needed. 

( d) In the event a claim is denied in whole or in part, ("an adverse benefit 

determination") the claimant will be provided with written notification including: 

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50 
(i) The specific reason or reasons for the adverse benefit detennination and reference 

to the specific Plan provisions on which the determination is based; 

(ii) A description of any additional material or information needed to complete the 

claim (including an explanation of why the infonnation is needed); 

(iii) A statement that you will be provided, upon written request and free of charge, 

with reasonable access to (and copies of) all documents, records and other information relevant 

to your claim; and 

(iv) A description of the Plan's appeal procedure and applicable time limits, as well as 

a statement of the claimants rights to bring suit under federal law (Section 502(a) of ERISA) 

following an adverse detennination on appeal. 

In addition to the above notification requirements, notification with regards to a Disability 

Retirement Benefit claim shall also include: 

(i) A discussion of the decision, including any reasons for disagreeing with the views 

of the claimant, any treating professionals, medical or vocational experts consulted, or a Social 

Security Administration detennination; and 

(ii) A description of any internal rule, guideline or similar standard that the Fund 

relied on in making a decision based on medical necessity, experimental treatment or a similar 

limitation, or statement that such explanation will be provided (without charge) upon the 

claimant's request; and 

(iii) A description of any scientific or clinical judgment that the Fund relied on in 

making a decision based on medical necessity, experimental treatment or a similar limitation, or 

a statement that such explanation will be provided (without charge) upon the claimant's request. 

11. 7 CLAIMS REVIEW PROCEDURES 

If a claim is denied (in whole or in part), the claimant shall thereafter have sixty (60) days 

for claims other than disability and one hundred eighty ( 180) days for Disability Retirement 

Benefit claims within which to appeal the determination to the Trustees. In the case of an adverse 

benefit determination regarding a rescission of coverage, the claimant must request a review 

within 90 days of the notice. Such appeal shall be in writing, shall be delivered to the Trustees, 

and shall specify in detail the basis for the objection to the their detennination. The Board of 

Trustees shall thereby afford the claimant or his duly authorized representative the opportunity to 

review (free of charge) all documents, records and other information pertinent to the claim, to 

submit issues and comments in writing and discuss such documents and issues with the Trustees. 

For Disability Retirement Benefit claims, a different person will review your claim than 

the one who originally denied the claim and the reviewer will not be a subordinate of the person 

who originally denied the claim. You will be advised of the identity of any medical or vocational 

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51 
expert who were consulted in connection with the initial denial. The reviewer will not give 

deference to the initial adverse benefit detennination. The decision will be made on the basis of 

the record, including such additional documents and comments that may be submitted by you. In 

addition, if your claim was denied on the basis of a medical judgment, a health care professional 

who has appropriate training and experience in a relevant field of medicine will be consulted. 

The health care professional will not be the same person who was consulted with respect to the 

initial adverse benefit determination ( or a subordinate of such person). 

The Trustees shall act upon the appeal as soon as possible but no later than the date of the 

first Board meeting following the date the Plan receives a request for review, unless the request 

for review is filed within thirty (30) days prior to the date of such meeting. In such case, a 

detennination will be made no later than the date of the second Board meeting following the date 

the Plan receives a request for review. If special circumstances (such as the need to hold a 

hearing) require a further extension of time for processing, the Trustees shall notify the claimant 

in writing describing the special circumstances and the date by which a detennination will be 

rendered. The determination shall be rendered no later than the date of the third Board meeting 

following the date the Plan receives a request for review. 

If the Trustees consider, rely upon or create any new or additional evidence during the 

review of the adverse benefit detennination, they will provide such new or additional evidence to 

the claimant, free of charge, as soon as possible and sufficiently in advance of the time within 

which a detennination on review is required to allow the claimant time to respond. 

Before the Trustees issue an adverse benefit detennination on review that is based on a 

new or additional rationale, the claimant must be provided a copy of the rationale at no cost to 

the claimant. The rationale must be provided as soon as possible and sufficiently in advance of 

the time within which a final detennination on appeal is required to allow the claimant time to 

respond. 

The Trustees shall notify the claimant of their determination as soon as possible but no 

later than five (5) days after the detennination is made. Such notification shall include all of the 

information described in subsection ( d) of this Article. 

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52 
11.8 ACTION OF TRUSTEES 

( a) The Trustees shall, subject to the requirements of the law, be the sole judges of the 

standard of proof required in any case and the application and interpretation of this 

Plan, and decisions of the Trustees shall be final and binding on all parties. The 

Trustees shall have the exclusive right and discretionary authority to construe the 

tenns of the Plan, to resolve any ambiguities, and to determine any questions which 

may arise with the Plan's application or administration, including, but not limited to, 

detennination of eligibility for benefits. Wherever in the Plan the Trustees are given 

discretionary powers, the Trustees shall exercise such powers in a uniform and nondiscriminatory manner. The Trustees shall process a claim for benefits as speedily 

as is feasible, consistent with the need for adequate information and proof necessary 

to establish the claimant's benefit rights and to commence the payment of benefits. 

(b) The Trustees shall have the right to recover by all legal and equitable means any 

amounts paid to anyone in error, plus interest on same, and the 1ight to recover by 

all legal and equitable means any amounts paid to which the recipient was not 

rightfully entitled under the tenns of this Plan, plus interest on same. This right to 

recovery shall include, but shall not be limited to, the right to adjust future payments 

actuarially, or otherwise, to recoup such amounts from any future benefits to be paid 

to or on behalf of the Participant, retiree, or Beneficiary and the right to recoup such 

amounts from any benefits to be paid to or on behalf of any survivors of the 

Participant, retiree, or Beneficiary. 

11.9 PROTECTION FROM REPRISAL 

No Employee or Beneficiary may be discharged, fined, suspended, expelled, disciplined or 

otherwise discriminated against for exercising any right to which he is entitled or for cooperation 

with any inquiry or investigation under the provisions of this Plan or any governing law or 

regulations. 

No person shall, directly or indirectly, through the use of threatened use of fraud, force or 

violence, restrain, coerce or intimidate any Employee or Beneficiary for the purpose of interfering 

with or preventing the exercise of or enforcement of any right, remedy or claim to which he is 

entitled under the tenns of this Plan or any relevant law or regulations. 

ARTICLE XII 

AMENDMENT, TERMINATION AND MERGERS 

12.1 AMENDMENT 

(a) The Trustees shall have the right at any time to amend the Plan, subject to the 

limitations of this Section. Any such amendment shall become effective as 

provided therein upon its execution. 

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53 
(b) No amendment to the Plan shall be effective if it authorizes or pennits any part of 

the Trust Fund ( other than such part as is required to pay taxes and administration 

expenses) to be used for or diverted to any purpose other than for the exclusive 

benefit of the Participants or their Beneficiaries or estates; or causes any reduction in 

the amount credited to the account of any Participant; or causes or pennits any 

portion of the Trust Fund to revert to or become property of the Employer. 

(c) Except as permitted by Regulations, no Plan amendment or transaction having the 

effect of a Plan amendment (such as a merger, plan transfer or similar transaction) 

shall be effective to the extent it eliminates or reduces any "Section 411 ( d)( 6) 

protected benefit" or adds or modifies conditions relating to "Section 411 ( d)(6) 

protected benefits" the result of which is a further restriction on such benefit unless 

such protected benefits are preserved with respect to benefits accrued as of the later 

of the adoption date or effective date of the amendment. "Section 41 l(d)(6) 

protected benefits" are benefits described in Code Section 411 ( d)( 6)(A), early 

retirement benefits and retirement-type subsidies, and optional fonns of benefit. 

12.2 TERMINATION 

(a) The Trustees shall have the right to terminate the Plan by written notice to the 

Employer and Administrator when there is no longer in force and effect a Collective 

Bargaining Agreement requiring contributions to the Plan. Upon any full or partial 

tennination, all amounts credited to the affected Participants' Accounts shall be and 

remain 100% Vested as provided in Section 3 .4 and shall not thereafter be subject to 

forfeiture, and all unallocated amounts shall be allocated to the accounts of all 

Participants in accordance with the provisions hereof. 

(b) Upon the full tennination of the Plan, the Trustees shall direct the distribution of the 

assets of the Trust Fund to Participants in a manner, which is consistent with and 

satisfies the provisions of Section 8.3. Distributions to a Participant shall be made 

in cash or through the purchase of irrevocable nontransferable deferred 

commitments from an insurer. Except as pennitted by Regulations, the tennination 

of the Plan shall not result in the reduction of "Section 411 ( d)( 6) protected benefits" 

in accordance with Section 11.1 ( c ). 

12.3 MERGER OR CONSOLIDATION 

This Plan may be merged or consolidated with, or its assets and/or liabilities may be 

transferred to any other plan and trust only if the benefits which would be received by a Participant 

of this Plan, in the event of a tennination of the plan immediately after such transfer, merger or 

consolidation, are at least equal to the benefits the Participant would have received if the Plan had 

tenninated immediately before the transfer, merger or consolidation, and such transfer, merger or 

consolidation does not otherwise result in the eliminated or reduction of any "Section 411 ( d)( 6) 

protected benefits" in accordance with Section 11.1 ( c ). 

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54 
13.1 PARTICIPANT'S RIGHTS 

ARTICLE XIII 

MISCELLANEOUS 

This Plan shall not be deemed to constitute a contract between the Employer and any 

Participant or to be a consideration or an inducement for the employment of any Participant or 

Employee. Nothing contained in this Plan shall be deemed to give any Participant or Employee the 

right to be retained in the service of the Employer or to interfere with the right of the Employer to 

discharge any Participant or Employee at any time regardless of the effect which such discharge 

shall have upon him as a Participant of this Plan. 

13.2 ALIENATION 

(a) Subject to the exceptions provided below, no benefit which shall be payable out of 

the Trust Fund to any person (including a Participant or his Beneficiary) shall be 

subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, 

encumbrance, or charge, and any attempt to anticipate, alienate, sell, transfer, assign, 

pledge, encumber, or charge the same shall be void; and no such benefit shall in any 

manner be liable for, or subject to, the debts, contracts, liabilities, engagements, or 

torts of any such person, nor shall it be subject to attachment or legal process for or 

against such person, and the same shall not be recognized by the Trustees, except to 

such extent as may be required by law. 

(b) This provision shall not apply to a "qualified domestic relations order" defined in 

Code Section 4 l 4(p ), and those other domestic relations orders permitted to be so 

treated by the Administrator under the provisions of the Retirement Equity Act of 

1984. The Administrator shall establish a written procedure to detennine the 

qualified status of domestic relations order and to administer distributions under 

such qualified orders. Further, to the extent provided under a "qualified domestic 

relations order", a fonner spouse of a Participant shall be treated as the spouse or 

surviving spouse for all purposes under the Plan. 

13.3 CONSTRUCTION OF PLAN 

This Plan shall be construed and enforced according to the Act and the laws of the State of 

New York, other than its laws respecting choice of law, to the extent not preempted by the Act. 

13.4 GENDERANDNUMBER 

Wherever any words are used herein in the masculine, feminine or neuter gender, they shall 

be construed as though they were also used in another gender in all cases where they would so 

apply, and whenever any words are used herein in the singular or plural form, they shall be 

construed as though they were also used in the other fonn in all cases where they would so apply. 

13.5 LEGAL ACTION 

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In the event any claim, suit, or proceeding is brought regarding the Trust and/or Plan 

established hereunder to which the Trustees or the Administrator may be a party, and such claim 

suit, or proceeding is resolved in favor of the Trustees or Administrator, they shall be entitled to be 

reimbursed from the Trust Fund for any and all costs, attorney's fees, and other expenses pertaining 

thereto incurred by them for which they shall have become liable. 

13.6 PROHIBITION AGAINST DIVERSION OF FUNDS 

(a) Except as provided below and otherwise specifically permitted by law, it shall be 

impossible by operation of the Plan or of the Trust, by termination of either, by 

power of revocation or amendment, by the happening of any contingency, by 

collateral arrangement or by any other means, for any part of the corpus of income 

of any trust fund maintained pursuant to the Plan or any funds contributed thereto to 

be used for, or diverted to, purposes other than the exclusive benefit of Participants, 

Retired Participants, or their Beneficiaries. 

(b) In the event the Employer shall make an excessive contribution under a mistake of 

fact pursuant to Act Section 403(c)(2)(A), the Employer may demand repayment of 

such excessive contribution at any time within one (1) year following the time of 

payment and the Trustees shall return such amount to the Employer within the one 

(1) year period. Earnings of the Plan attributable to the excess contributions may 

not be returned to the Employer but any losses attributable thereto must reduce the 

amount so returned. 

13.7 BONDING 

Every Fiduciaiy, except a bank or an insurance company, unless exempted by the Act and 

regulations thereunder, shall be bonded in an amount not less than 10% of the amount of the funds 

such Fiduciary handles; provided, however, that the minimum bond shall be $1,000 and the 

maximum bond, $500,000. The amount of funds handled shall be determined at the begi1ming of 

each Plan Year by the amount of funds handled by such person, group, or class to be covered and 

their predecessors, if any, during the preceding Plan Year, or if there is no preceding Plan Year, 

then by the amount of the funds to be handled during the then current year. The bond shall provide 

protection to the Plan against any loss by reason of acts of fraud or dishonesty by the Fiduciary 

alone or in connivance with others. The surety shall be a corporate surety company (as such tennis 

used in Act Section 412(a)(2)), and the bond shall be in a fonn approved by the Secretary of Labor. 

Notwithstanding anything in the Plan to the contrary, the cost of such bonds shall be an expense of 

and shall be paid from the Trust Fund. 

13.8 EMPLOYERS' AND TRUSTEES' PROTECTIVE CLAUSE 

Neither the Employer nor the Trustees, nor their successors, shall be responsible for the 

validity of any Contract issued hereunder or for the failure on the part of the insurer to make 

payments provided by any such Contract, or for the action of any person which may delay payment 

or render a Contract null and void or unenforceable in whole or in part. 

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56 
13.9 INSURER'S PROTECTIVE CLAUSE 

Any insurer who shall issue Contracts hereunder shall not have any responsibility for the 

validity of this Plan or for the tax or legal aspects of this Plan. The insurer shall be protected and 

held hannless in acting in accordance with any w1itten direction of the Trustees, and shall have no 

duty to see to the application of any funds paid to the Trustees, nor be required to question any 

actions directed by the Trustees. Regardless of any provision of this plan, the insurer shall not be 

required to take or pennit any action or allow any benefit or privilege contrary to the tenns of any 

Contract which it issues hereunder, or the rules of the insurer. 

13 .10 RECEIPT AND RELEASE FOR PAYMENTS 

Any payment to any Participant, his legal representative, Beneficiary, or to any guardian or 

committee appointed for such Participant or Beneficiary in accordance with the provisions of the 

Plan, shall, to the extent thereof, be in full satisfaction of all claims hereunder against the Trustees, 

who may require such Participant, legal representative, Beneficiary, guardian or committee, as a 

condition precedent to such payment, to execute a receipt and release thereof in such fonn as shall 

be detennined by the Trustees. 

13.11 ACTION BY THE TRUSTEES 

Whenever the Trustees under the tenns of the Plan are permitted or required to do or 

perfonn any act or matter of thing, it shall be done and performed by a person duly authorized by its 

legally constituted authority. 

13.12 NAMED FIDUCIARIES AND ALLOCATION OF RESPONSIBILITY 

The "named Fiduciaries" of this Plan are ( 1) the Administrator and (2) the Trustees. The 

named Fiduciaries shall have only those specific powers, duties, responsibilities, and obligations as 

are specifically given them under the Plan. The Administrator shall have the sole responsibility for 

the administration of the Plan, which responsibility is specifically described in the Plan. The 

Trustees shall have the sole responsibility to amend or terminate the Plan and to manage the assets 

held under the Trust, except those assets, the management of which has been assigned to an 

Investment Manager, who shall be solely responsible for the management of the assets assigned to 

it, all as specifically provided in the Plan. Each named Fiduciary warrants that any directions given, 

information furnished, or action taken by it shall be in accordance with the provisions of the Plan, 

authorizing or providing for such direction, information or action. Furthermore, each named 

Fiduciary may rely upon any such direction, information or action of another named Fiduciary as 

being proper under the Plan, and is not required under the Plan to inquire into the propriety of any 

such direction, infonnation or action. It is intended under the Plan that each named Fiduciary shall 

be responsible for the proper exercise of its own powers, duties, responsibilities and obligations 

under the Plan. No named Fiduciary shall guarantee the Trust Fund in any manner against 

investment loss or depreciation in asset value. Any person or group may serve in more than one 

Fiduciary capacity. In the furtherance of their responsibilities hereunder, the "named Fiduciaries" 

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57 
shall be empowered to interpret the Plan and Trust and to resolve ambiguities, inconsistencies and 

omission, which findings shall be binding, final and conclusive. 

13.13 HEADINGS 

The headings and subheadings of this Plan have been inserted for convenience of reference 

and are to be ignored in any construction of the provisions hereof. 

13 .14 AP PROV AL BY INTERNAL REVENUE SERVICE 

(a) Notwithstanding anything herein to the contrary, contributions to this Plan are 

conditioned upon the initial qualification of the Plan under Code Section 401. If the 

Plan receives an adverse detennination with respect to its initial qualification, the 

Plan may return such contributions to the Employer within one year after such 

detennination, provided the application for the detennination is made by the time 

prescribed by law for filing the Employer's return for the taxable year in which the 

Plan was adopted, or such later date as the Secretary of the Treasury may prescribe. 

(b) Notwithstanding any provisions to the contrary, any contribution by the Employer to 

the Trust Fund is conditioned upon the deductibility of the contribution by the 

Employer under the Code and, to the extent any such deduction is disallowed, the 

Employer may, within one (1) year following the disallowance of the deduction, 

demand repayment of such disallowed contribution and the Trustees shall return 

such contribution within one ( 1) year following the disallowance of the deduction, 

demand repayment of such disallowed contribution within one ( 1) year following 

the disallowance. Earnings of the Plan attributable to the excess contribution may 

not be returned to the Employer, but any losses attributable thereto must reduce the 

amount so returned. 

13.15 UNIFORMITY 

All provisions of this Plan shall be interpreted and applied in a uniform, nondiscriminatory 

manner. In the event of any conflict between the terms of this Plan and any Contract purchased 

hereunder, the Plan provisions shall control. 

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58 
IN WITNESS WHEREOF, this Plan has been executed the day and year first above w1itten. 

EMPLOYER TRUSTEES: 

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UNION TRUSTEES: 

59 
SUMMARY PLAN DESCRIPTION

I.B.E.W. Local Union No. 237 

Pension Fund

Dated: January 1, 2017
IBEW Local Union No. 237 Pension Fund Summary Plan Description

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TABLE OF CONTENTS

SECTION DESCRIPTION PAGE

I GENERAL INFORMATION 2

II COLLECTIVE BARGAINING AGREEMENTS 3

III PARTICIPATION 3

IV HOW YOUR SERVICE COUNTS TOWARDS

RETIREMENT 4

V VESTING SERVICE 5

VI PENSION SERVICE 5

VII VESTED BENEFITS 6

VIII WHEN YOU MAY RETIRE 6

IX HOW YOUR BENEFITS WILL BE PAID 7

X DEATH BENEFITS 9

XI SUSPENSION OF BENEFITS 10

XII MISCELLANEOUS 10

XIII CLAIMS BY PARTICIPANTS AND BENEFICIARIES 12

XIV STATEMENT OF ERISA RIGHTS 13

XV AMENDMENT AND TERMINATION OF YOUR PLAN 14

XVI PLAN INTERPRETATIONS AND DETERMINATIONS 15

Every effort has been made to provide you with clear, accurate, understandable information about the I.B.E.W. Local No. 237 

Pension Plan. This summary is based on information in the legal plan documents that govern the Plan. If there is a difference 

between the legal documents and this summary, the language contained in the Plan document shall govern.

Also, this is a description of the Plan under current law. Because laws are subject to change, the Plan may also change.
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While the Trustees intend to maintain the Pension Plan described in this summary indefinitely, the funding of benefits under the 

Plan is dependent on the continued contributions of employers as required by collective bargaining agreements with the Union. 

Therefore, the Trustees reserve the right to end, suspend, or amend the Plan at any time, in whole or in part. 

I GENERAL INFORMATION

Name of Plan: I.B.E.W. Local Union No. 237 Pension Fund

Effective Date: January 1, 1976

Plan Year: January 1 – December 31

Type of Plan: Defined Benefit Pension Plan

Plan Number: 001

Plan Sponsor: Board of Trustees

I.B.E.W. Local Union No. 237 Pension Fund

8803 Niagara Falls Blvd.

P.O. Box 120

Niagara Falls, NY 14304-0120

(716) 297-3899

Employer Identification Number: 16-6094914

Type of Administration: Jointly Administered Trust Fund

Fund Administrator: Jessica Woodward

I.B.E.W. Local Union No. 237 Pension Fund

8803 Niagara Falls Blvd.

P.O. Box 120

Niagara Falls, NY 14304-0120\

Union: IBEW Local Union No. 237

Trustees:

Union Trustees:

Russell Quarantello

IBEW Local No. 237

8803 Niagara Falls Blvd.

Niagara Falls, NY 14303-0120

(716) 297-3650

Employer Trustees:

Kevin Mislin

Ferguson Electric Const. Co. Inc.

333 Ellicott Street

Buffalo, New York 14202

(716) 852-2010
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Fred Dumais

IBEW Local No. 237

8803 Niagara Falls Blvd.

Niagara Falls, NY 14303-01

(716) 297-3650

John Scherer

IBEW Local No. 237

8803 Niagara Falls Blvd.

Niagara Falls, NY 14303-01

(716) 297-3650

Rose Haensly

NECA

303 Cayuga Rd.

Suite 110

Cheektowaga, NY 14225

(716) 810-1664

Richard Lombard

Industrial Power and Lighting

701 Seneca Street

Buffalo, New York 14210

(716) 854-1811

Agent for Service of Legal Process: Service of legal process may be made on any of the 

Trustees at the Pension Fund office.

Legal Counsel: Lipsitz Green Scime Cambria LLP

42 Delaware Avenue, Suite 120

Buffalo, New York 14202

Accountants: Chiampou Travis Besaw & Kershner LLP

45 Bryant Woods North

Amherst, New York 14228

Actuary: Frank Iannucci

123 Preakness Drive

Mt. Laurel, New York 08054
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II COLLECTIVE BARGAINING AGREEMENTS

This Plan is maintained pursuant to one or more Collective Bargaining Agreements. A copy of the 

Collective Bargaining Agreement between the Union and your Employer, and a list of contributing 

employers, may be obtained upon written request to the Pension Fund Office, and is also available for 

examination at the Pension Fund Office.

III PARTICIPATION

Before you become a member or a "Participant" in the Plan, there are certain participation rules which 

you must meet. These rules are explained in this section.

Participation Requirements

You will participate in the Plan as of the first day of the Plan Year in which you complete at least 500 

hours of Vesting Service during a Plan Year after January 1, 1976.

Alternate Commencement of Participation 

If you earn at least 1000 Hours of Service during a 12 consecutive month period ending after January 1, 

1976, you will become a Participant in the Plan on the January 1 or July 1 next following the 12 month 

period.

Included Employees

For purposes of the above, you become an Employee when you begin to work for an Employer who 

has a Collective Bargaining Agreement with the Union requiring contributions to the Plan. You can 

also become an Employee by working for the Union or for the Fund itself, if the Trustees agree.
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IV HOW YOUR SERVICE COUNTS TOWARD RETIREMENT

Years of Service

A Year of Service is the basis for determining your benefit under the Pension Plan. Years of Service are 

used to determine:

 Whether you have a nonforfeitable or "vested" right to a benefit, and

 The amount of the benefit which you are entitled to under the Plan.

Your Years of Service figure differently for determining your vested rights and for determining the 

amount of your benefit.

Hours of Service

An Hour of Service is the basic unit by which service under the Plan is measured. For purposes of 

determining a Year of Service and your Vesting you will be credited with one (1) Hour of Service for 

each hour:

 You are paid or are entitled to be paid, for the performance of duties;

 You are paid or are entitled to be paid, for reasons such as vacation, sickness or 

disability, other than for the performance of duties, up to a maximum of 501 Hours in 

one continuous period;

 You have been awarded or given back pay by your Employer (these hours will be 

credited to you for the period during which you put in the hours rather than the period 

in which you received the back-pay).

Breaks in Service

You incur a Break in Service if you complete less than 501 Hours of Service in a Plan Year. However, 

for purposes of avoiding a Break in Service only, you will be credited with Hours of Service for periods 

in which you are:

 absent from work because of maternity, paternity or adoption leave;

 absent from work because of military leave;

 absence from work granted by an Employer pursuant to a uniform non-discriminatory 

policy;

 absent from work because of strikes or lock-outs; or
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 absent from work because of a leave of absence granted by the Employer pursuant to 

the Family and Medical Leave Act of 1993. 

If you incur a Break in Service, you will cease to be a Participant in the Plan, and if you are not vested, 

you will lose your years of Vesting and Pension Service completed before the Break in Service. 

However, your years of Vesting and Pension Service will be reinstated if:

 you are re-employed and complete an additional year of Vesting Service; and 

 you have less than five (5) one-year Breaks in Service; or

 you have more than five (5) one-year Breaks in Service, but the number of 

your years of Vesting Service completed before the Breaks in Service is 

greater than the number of such Breaks in Service.

Interrupted Pension Service

If you incur a Break in Service, your Pension Service and Vesting Service may be classed as Interrupted 

Pension Service. This occurs when you have experienced five (5) consecutive years in which you do 

not complete at least 501 Hours of Service. (Prior to January 1, 2005, three (3) consecutive years in 

which you did not complete at least 501 Hour of Service created a segment of Interrupted Pension 

Service.) If you have already become vested in your benefit before your Interrupted Pension Service, 

you will not “lose” those credits, but that prior service will not experience any subsequent benefit 

increases. The time earned before the five (5) consecutive break years essentially becomes “frozen” at 

the benefit level as of the time you incurred your first break in service. 

V VESTING SERVICE

Vesting Service is used to determine whether you have a nonforfeitable or "vested" right to your 

retirement benefit.

Prior to January 1, 1976, you will earn 1 year of Vesting Service for each Plan Year in which you 

complete 5/8ths or more of a year of Pension Service.

On and after January 1, 1976, you will be credited with 1 year of Vesting Service for each Plan Year in 

which you complete 1,000 Hours of Service.
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VI PENSION SERVICE

Pension Service is used to calculate the amount of your retirement benefit under the Plan. You earn 

Pension Service according to the table set forth below.

Time Period Years of Pension Service Earned

Prior to May 1, 1966 1 year of Pension Service for each Plan Year in which 

you complete 500 Hours of Service.

May 1, 1966 - December 31,1975 1 year of Pension Service for each Plan Year in which 

you complete 1400 Hours of Service. 1/8th of a year 

of Pension Service for each 175 Hours of Service 

worked.

January 1, 1976 - December 31, 2008 .001 of a year of Pension Service for each Hour of 

Service completed during the Plan Year.

On or after January 1, 2009 .1 of a year of Pension Service for every 100 Hours of 

Service completed during the Plan Year, but no more 

than 1.4 years of Pension Service in a single Plan Year. 

Participants working at less than the Basic 

Journeyman’s hourly rate will be credited with that

proportion of an Hour of Service as his hourly 

contribution rate bears to the hourly contribution rate 

for a Basic Journeyman.

VII VESTED BENEFITS

You will be 100% vested in your accrued pension benefits under the Plan on the earliest of the 

following:

 You satisfy the age and service requirements for a Normal or Early Pension;

 You have completed at least 15 years of Pension Service, including at least 2 years of 

Pension Service earned on or after January 1, 1976;

 You have completed at least 5 years of Vesting Service; or

 You have been a Participant in the Plan for at least 5 years and are performing work

under the Collective Bargaining Agreement on or after attaining age 65.
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VIII WHEN YOU MAY RETIRE AND HOW MUCH YOU WILL RECEIVE

Normal Retirement

You will be entitled to a Normal Retirement Benefit on or after your 60th birthday, providing you have 

completed 5 years of Vesting Service. You are also entitled to a Normal Retirement Benefit on or after 

your 65th birthday if you are vested in your accrued pension benefit as provided in Section VII. The date 

on which you are first eligible for a Normal Retirement Benefit is your Normal Retirement Date.

Unless you have a segment of Interrupted Pension Service, your Normal Retirement Benefit will be a 

monthly benefit equal to $85.00 for each year of Pension Service that you have earned prior to 

December 31, 2008, and $80.00 for each year of Pension Service that you have earned on or after 

January 1, 2009.

If at any time you have incurred a Break in Service and, as a result, accumulated a segment of 

Interrupted Service, the benefit rate applicable to the segment of Interrupted Pension Service will be 

determined according to the following schedule:

Date Segment Ended Applicable Unit Monthly Benefit Rate

Before 1976 $ 3.30

During 1976 4.00

During 1977 5.00

During 1978 or 1979 7.00

During 1980 9.00

During 1981 10.00

During 1982 11.00

During 1983 11.85

During 1984 14.30

During 1985 16.30

During 1986 17.55

During 1987 or 1988 19.00

During 1989 21.30

During 1990 or 1991 25.50

During 1992 30.00

During 1993 31.15

During 1994 or 1995 32.10

During 1996 35.90

During 1997 46.40

During 1998 56.00

During 1999 71.00

During 2000 to 2008 85.00

During 2009 and later 80.00
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Early Retirement

You may retire on an Early Retirement Date, which is any time after your 55th birthday, providing you 

have completed at least 15 years of Pension Service or 5 years of Vesting Service. The Early Retirement 

benefit will be equal to your Normal Retirement Benefit, reduced by .25% (.5% if you retired prior to 

January 1, 2000) for each month that your Early Retirement Date precedes your Normal Retirement 

Date.

If you retire on or after June 1, 2014, your Early Retirement benefit will be equal to your Normal 

Retirement benefit reduced by .5% for each month that you retire prior to age 58 and .25% for each 

month that you retire after age 58, but prior to age 60. 

Effective as to retirements on or after March 1, 2015, if your retire prior to age 58 your Early 

Retirement benefit will be equal to your Normal Retirement Benefit reduced by .5% for each month 

that your Early Retirement Date precedes age 60. If you retire on or after age 58, your Early 

Retirement Benefit will be equal to your Normal Retirement Benefit reduced by .25% for each month 

that your Early Retirement Date precedes age 60.

Disability Retirement

Regardless of your age, if you become totally and permanently disabled, you may retire, provided:

 You are not yet eligible for a Normal Retirement Benefit; and

 You have completed 7 years of Pension Service or 7 years of Vesting Service.

You will be considered totally and permanently disabled if you are incapable of continuing any gainful 

occupation and you qualify for a New York disability or workers compensation benefit, or a Social 

Security Disability benefit.

A Disability Retirement benefit will be equal to the Participant’s accrued benefit as of his or her 

Disability Retirement Date and will be subject to the distribution rules as described in Section IX below. 

A disabled retiree will be classified as such until he or she is no longer disabled, dies, or becomes eligible 

for a Normal Retirement Benefit, which ever occurs first.
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IX HOW YOUR BENEFITS WILL BE PAID

Your retirement benefits will be paid in one of the following ways:

 If you are married when you retire, a Married Couple Benefit;

 If you are not married, a Straight-Life Annuity;

 A Level Income Option.

If the vested portion of your retirement benefits is less than $5,000, the Trustees may distribute your 

benefits in the form of a lump sum payment without the consent or you and your spouse. If your 

vested benefit exceeds $5,000, no distribution can be made without your consent and your spouse's 

consent if you are married.

Straight Life Annuity

If you do not have a Spouse, or if you are married and elect not to receive the Married Couple Benefit, 

you will receive your pension in the form of a Straight Life Annuity. This form provides a monthly 

benefit for your lifetime only. If you are married, your spouse must consent to your election to receive 

this form of benefit.

Married Couple Benefit

If you are married when your retirement benefits begin, your accrued monthly benefit will be paid in the 

form of Married Couple Benefit, unless you elect otherwise and your Spouse consents to that election 

in writing. The Married Couple Benefit is equal in value to the Straight Life Annuity, but is actuarially 

adjusted to provide a monthly income for your lifetime with additional monthly payments equal to 

100% of your monthly benefit continuing to your surviving Spouse for the remainder of his or her 

lifetime. Your monthly benefit is reduced in order to pay a monthly benefit to your Spouse.

You may also elect an alternative Married Couple Benefit providing a monthly income for your lifetime 

with additional monthly payments equal to 50% or 75% of your monthly benefit continuing to your 

surviving spouse for the remainder of his or her lifetime.

If you are married and elect not to receive a Married Couple Benefit, you and your Spouse must 

complete an election form available from the Plan Office within ninety (90) days of your retirement 

date. Your election is only effective if your Spouse consents, and his or her signature on the form must 

be either notarized or witnessed by a representative of the Plan.
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Level Income Option

As an alternative to the Married Couple Benefit or the Straight Life Annuity form of benefit, you may 

elect to receive a Level Income form of benefit if you retire prior to attaining age 60. Under this form 

of benefit, you monthly payment is increase by an amount not to exceed 50% of your Social Security 

benefit and upon reaching your Social Security Retirement Age is reduced to an amount that will 

provide the you with a total benefit equal to the actuarial equivalent of the Straight Life or Married 

Couple benefit, as applicable. This option will not affect the survivor benefit payable to your spouse 

that would otherwise be payable upon your death. It is the intent of the Trustees that this option may 

be used by you to increase your monthly benefit prior to age 60, so that when you do reach age 60, your 

benefits from the Fund, together with the portion of your Social Security benefit utilized in this option, 

will be equal to your monthly benefit received prior to your Social Security Retirement Age.

Distribution Rules

When you are about to receive any distribution, the Administrator will explain the various forms of 

benefit to you in greater detail. You will be given the option of waiving the Married Couple Benefit or 

the life annuity form of payment during the 90day period before the annuity is to begin. IF YOU ARE 

MARRIED, YOUR SPOUSE MUST IRREVOCABLY CONSENT IN WRITING TO THE 

WAIVER IN THE PRESENCE OF A NOTARY OR A PLAN REPRESENTATIVE. You may 

revoke any waiver. The Administrator will provide you with forms to make these elections. Since your 

spouse participates in these elections, you must immediately inform the Administrator of any change in 

your marital status.

GENERALLY, WHENEVER A DISTRIBUTION IS TO BE MADE TO YOU ON OR AS OF A 

RETIREMENT DATE, IT MAY BE MADE ON SUCH DATE OR AS SOON THEREAFTER AS 

IS PRACTICABLE. HOWEVER, UNLESS YOU ELECT IN WRITING TO DEFER THE 

RECEIPT OF BENEFITS, NO DISTRIBUTION MAY BEGIN LATER THAN THE 60TH DAY 

AFTER THE CLOSE OF THE PLAN YEAR IN WHICH THE LATEST OF THE FOLLOWING 

EVENTS OCCURS:

 the date on which you reach age 65;

 the 5th anniversary of the year in which you became a participant in the Plan;

 the date you terminated employment with an Employer.

Regardless of whether you elect to delay the receipt of benefits, there are other rules which generally 

require minimum payments to begin no later than the April 1st following the year in which you reach 

age 70 1/2. You should see the Administrator if you feel you may be affected by this rule.
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X DEATH BENEFITS

You must have a vested right to a benefit under the Plan in order for your Beneficiary to receive a 

benefit at your death.

Before Retirement

If you have been married for at least one (1) full year at the time of your death, your spouse will be 

entitled to a Pre-Retirement Survivor Annuity.

The Pre-Retirement Survivor Annuity is a monthly benefit equal to the reduced amount which would 

have been paid to you for your lifetime if you had terminated employment, survived to your earliest 

retirement date and then began receiving a 100% Married Couple Benefit. The Pre-Retirement 

Survivor Annuity shall begin on the first of a month following your death as your spouse may select. If 

your spouse elects to begin receiving benefits under the Pre-Retirement Survivor Annuity prior to your 

earliest retirement date, the amount of the Pre-Retirement Survivor Annuity will be reduced to a benefit 

of equivalent value. If upon your spouse’s death, the sum of the monthly payments from the Plan is less 

than the sum of contributions made to the Plan on your behalf attributable to your accrued Pension 

Service, then the balance of such contributions will be paid to your Beneficiary in a lump sum.

If you are not married at the time of your death, or are married for less than one full year, your 

Beneficiary will receive a lump sum Pre-Retirement Death Benefit in an amount equal to the sum of 

contributions made to the Plan on your behalf attributable to Pension Service accrued by you through 

the date of your death.

If you are married at the time of your death, your spouse will be the beneficiary of the death benefit, 

unless you otherwise elect in writing on a form to be furnished to you by the Administrator. IF YOU 

WISH TO DESIGNATE A BENEFICIARY OTHER THAN YOUR SPOUSE, HOWEVER, 

YOUR SPOUSE MUST IRREVOCABLY CONSENT TO WAIVE ANY RIGHT TO THE 

DEATH BENEFIT. YOUR SPOUSE'S CONSENT MUST BE IN WRITING, BE WITNESSED 

BY A NOTARY OR A PLAN REPRESENTATIVE AND ACKNOWLEDGE THE SPECIFIC 

NONSPOUSE BENEFICIARY.

If your designated beneficiary is a person (rather than your estate or most trusts) then minimum 

distributions of your death benefit must generally begin within one year of your death and must be paid 

over a period not extending beyond your beneficiary's life expectancy. If your spouse is the beneficiary, 

the start of payments may be delayed until the year in which you would have attained age 70 1/2. 

Generally, if your beneficiary is not a person, then your entire death benefit must be paid within five 

years after your death.

Since your spouse has certain rights in the death benefit, you should immediately report any change in 

your marital status to the Administrator.

After Retirement
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If you are receiving a Married Couple Benefit, and your spouse survives you, then, upon your death, 

your spouse will receive the monthly benefit provided under the form of Married Couple Benefit that 

you selected. If upon your spouse’s death, the sum of the monthly payments from the Plan during your 

joint lifetimes is less than the sum of contributions made to the Plan on your behalf attributable to your 

accrued Pension Service, then the balance of such contributions will be paid to your Beneficiary in a 

lump sum.

If you are receiving a Straight Life Annuity form of benefit, and you die prior to receiving monthly 

benefits equal to the sum of contributions made to the Plan on your behalf attributable to your accrued 

Pension Service, then the balance of such contributions will be paid to your Beneficiary in a lump sum.

Effective September 23, 2013, any death benefit payable to your Beneficiary will be paid to your 

Beneficiary in 120 equal monthly installments, or until the Beneficiary’s death, if sooner. In no event 

will the Beneficiary’s monthly payment exceed the monthly amount that would have been payable 

under a single life annuity.
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XI SUSPENSION OF BENEFITS

Your pension may be suspended for any month in which you return to work (whether or not with a 

Contributing Employer) in the same industry, trade or craft, and geographic area covered by the Plan 

(called “Disqualifying Employment”). Your pension will be suspended for any month in which you 

work forty (40) or more hours in such Disqualifying Employment. However, your benefits will not be 

suspended after the April 1st following the year in which you attain age seventy and one-half (70 1⁄2). 

You must report any work that is or may be disqualifying to the Plan Administrator within fifteen (15) 

days after starting such work, regardless of the number of hours worked (that is, whether or not less 

than 40 hours in a month). You may request an advanced determination as to whether a particular type 

of employment is disqualifying. If you fail to notify the Plan, the Trustees will presume that you are 

working for at least forty (40) hours in such month and any subsequent month until such proper notice 

is given. You may overcome the presumption of the Trustees by establishing to the satisfaction of the 

Trustees that his work did not meet the standards of disqualifying employment. Any overpayment 

attributable to a month in which your benefits should have been suspended but were not so suspended 

due to your failure to properly notify the Plan will be deducted from your future monthly benefits. If 

you die before the Plan can recoup the overpayment, then they will be deducted from the benefits 

payable to your spouse or beneficiary. 

You will be notified by the Plan of any suspension of benefits during the first month in which your 

benefits are withheld. You may request a review of the decision to suspend benefits by filing with the 

Trustees written request within 180 days of the notice from the Plan. The request for review will be 

processed in the same manner as an appeal of a pension denial.

You must notify the Plan Administrator, in writing, once your employment in the industry has 

ended. Your benefits will be suspended until such notice is received. Your pension will resume at 

the same rate being paid prior to its suspension, unless you returned to work for a sufficient time to 

complete a Year of Pension Service, in which case your pension will be recomputed for the 

additional service.
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XII MISCELLANEOUS

Treatment of Distributions From Your Plan

You will normally receive a monthly benefit from the Plan. Whenever you receive a distribution, it will 

normally be subject to income taxes. 

However, the Plan provides that if you retire and the value of your vested retirement benefit from the 

Plan does not exceed $5,000, then a lump sum distribution will be made to you as soon as 

administratively practicable following your retirement. You may elect whether to receive the 

distribution or to roll over the distribution to another retirement plan such as an individual retirement 

account (“IRA”). At the time of your retirement, the Administrator will provide you with further 

information regarding your distribution rights. 

If upon your death the value of your death benefit is less than $5,000, a lump sum distribution will be 

made to your Beneficiary.

If the amount of the distribution is more than $1,000 and you (or your spouse, if the benefit is payable 

at your death and she is your Beneficiary) do not elect either to receive or to roll over the distribution, 

then under the law, your distribution must be rolled over to an IRA. The IRA provider will invest the 

rollover funds in a type of investment designed to preserve principal and provide a reasonable rate of 

return and liquidity. The IRA provider will charge your account for any expenses associated with the 

establishment and maintenance of the IRA and with the IRA investments. You may transfer the IRA 

funds, at any time and without cost, to any other IRA you choose. You may contact the Administrator 

for further information. 

Any distribution that is eligible for rollover and is not directly rolled over will be subject to 20% federal 

income tax withholding. The Plan will not withhold income tax from amounts that a Participant elects 

to have transferred directly to an IRA or to another retirement plan.

On all other distributions, the Plan is generally required to withhold federal income tax from your 

pension benefits unless you choose to have no withholding. If the Plan does not receive your written 

directions, on the appropriate form, as to whether you want withholding, and the amounts to withhold, 

it will withhold the specific amount required by federal tax law.

Please contact a qualified tax advisor for more information regarding the tax treatment of your benefits.

WHENEVER YOU RECEIVE A DISTRIBUTION, THE ADMINISTRATOR WILL DELIVER 

TO YOU A MORE DETAILED EXPLANATION OF THESE OPTIONS. HOWEVER, THE 

RULES WHICH DETERMINE WHETHER YOU QUALIFY FOR FAVORABLE TAX 

TREATMENT ARE VERY COMPLEX. YOU SHOULD CONSULT WITH QUALIFIED TAX 

COUNSEL BEFORE MAKING A CHOICE.
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Domestic Relations Order

As a general rule, your interest in your account, including your "vested interest," may not be alienated. 

This means that your interest may not be sold, used as collateral for a loan, given away or otherwise 

transferred. In addition, your creditors may not attach, garnish or otherwise interfere with your 

account.

There is an exception, however, to this general rule. The Administrator may be required by law to 

recognize obligations you incur as a result of court ordered child support or alimony payments. The 

Administrator must honor a "qualified domestic relations order." A "qualified domestic relations 

order" is defined as a decree or order issued by a court that obligates you to pay child support or 

alimony, or otherwise allocates a portion of your assets in the Plan to your spouse, former spouse, child 

or other dependent. If a qualified domestic relations order is received by the Administrator, all or a 

portion of your benefits may be used to satisfy the obligation. The Administrator will determine the 

validity of any domestic relations order received.

Pension Benefit Guaranty Corporation

Your pension benefits under this multiemployer plan are insured by the Pension Benefit Guaranty 

Corporation (PBGC), a federal insurance agency. A multiemployer plan is a collectively bargained 

pension arrangement involving two or more unrelated employers, usually in a common industry.

Under the multiemployer plan program, the PBGC provides financial assistance through loans to 

plans that are insolvent. A multiemployer plan is considered insolvent if the plan is unable to pay 

benefits (at least equal to the PBGC’s guaranteed benefit limit) when due.

The maximum benefit that the PBGC guarantees is set by law. Under the multiemployer program, 

the PBGC guarantee equals a participant’s years of service multiplied by (1) 100% of the first $11 of 

the monthly benefit accrual rate and (2) 75% of the next $33. 

The PBGC guarantee generally covers: (1) Normal and early retirement benefits; (2) disability 

benefits if you become disabled before the plan becomes insolvent; and (3) certain benefits for your 

survivors.

The PBGC guarantee generally does not cover: (1) benefits greater than the maximum guaranteed 

amount set by law; (2) benefit increases and new benefits based on plan provisions that have been in 

place for fewer than 5 years at the earlier of: (i) the date the Plan terminates or (ii) the time the plan 

becomes insolvent; (3) benefits that are not vested because you have not worked long enough; (4) 

benefits for which you have not met all of the requirements at the time the plan becomes insolvent; 

and (5) non-pension benefits, such as health insurance, life insurance, certain death benefits, 

vacation pay and severance pay.

For more information about the PBGC and the benefits it guarantees, ask your plan administrator 

or contact the PBGC’s Technical Assistance Division, 1200 K Street, N.W., Suite 930, Washington, 

D.C. 20005-4026 or call 1-202-326-4000 (not a toll-free number). TTY/TDD users may call the 

federal relay service toll-free at 1-800-877-8339 and ask to be connected to 1-202-326-4000. 

Additional information about the PBGC’s pension insurance program is available through the 

PBGC’s website on the Internet at http://www.pbgc.gov
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XIII CLAIMS BY PARTICIPANTS AND BENEFICIARIES

Each Participant who thinks he is entitled to a claim under the Plan shall look only to the assets of 

the Trust fund in satisfaction thereof. The following procedures shall be followed in filing a claim 

for benefits:

(a) Claims for benefits shall be made to the Fund Administrator in writing and shall set 

forth the basis of the claim and shall authorize the Fund Administrator to conduct such 

examinations as may be necessary to facilitate the payment of any benefits to which the claimant 

may be entitled under the terms of the Plan;

(b) The Fund Administrator shall notify the claimant within ninety(90) days after receipt 

of the claim (excluding a claim for disability benefits) if the claim has been denied or modified. If 

special circumstances require additional time for processing the claim, the Fund Administrator shall 

inform the claimant in writing indicating the special circumstances requiring an extension of time 

and the date by which a determination will be rendered. The additional time shall not exceed 

ninety(90) days. 

(c) The Fund Administrator shall notify the claimant within forty-five (45) days after 

receipt of the claim for disability benefits if the claim has been denied or modified. If the Fund 

Administrator determines that an extension of time is necessary for processing the claim (due to 

circumstances beyond the control of the Fund), the 45-day period will be extended for an additional 

30 days, if additional time is still needed to make a determination, there may be an additional 

extension of 30 days. In such case the Fund Administrator must notify the claimant (within the 

initial 45-day period or prior to the expiration of the first 30-day extension) of the circumstances 

requiring the extension, the date by which the Plan expects to render a determination, the standard, 

on which entitlement to benefits is based, the unresolved issues that prevent a decision on the claim 

and additional information needed to resolve those issues. The claimant will have 45 days from 

receipt of the notice to provide the Fund Administrator with any additional information needed.

(d) In the event a claim is denied in whole or in part, (“an adverse benefit 

determination”) the claimant will be provided with written notification including:

(i) The specific reason or reasons for the adverse benefit determination and reference to 

the specific Plan provisions on which the determination is based;

(ii) A description of any additional material or information needed to complete the claim 

(including an explanation of why the information is needed);

(iii) A description of the Plan’s appeal procedure and applicable time limits, as well as a 

statement of the claimants rights to bring suit under federal law (Section 502(a) of 

ERISA) following an adverse determination on appeal;
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In addition to the above notification requirements, notification with regards to a Disability 

claim shall also include:

(i) A description of any internal rule, guideline or similar standard that the Fund 

relied on in making a decision based on medical necessity, experimental 

treatment or a similar limitation, or statement that such explanation will be 

provided (without charge) upon the claimant’s request; and

(ii) A description of any scientific or clinical judgment that the Fund relied on in 

making a decision based on medical necessity, experimental treatment or a 

similar limitation, or a statement that such explanation will be provided 

(without charge) upon the claimant’s request.

If the claim is denied (in whole or in part), the claimant shall thereafter have sixty (60) days for 

claims other than disability and one hundred eighty (180) days for disability claims within which to 

appeal the Fund Administrator’s determination to the Trustees. Such appeal shall be in writing, shall 

be delivered to the Trustees, and shall specify in detail the basis for the objection to the Fund 

Administrator’s determination. The Board of Trustees shall thereby afford the claimant or his duly 

authorized representative the opportunity to review (free of charge) all documents, records and 

other information pertinent to the claim, to submit issues and comments in writing and discuss such 

documents and issues with the Trustees; and

The Trustees shall act upon the appeal as soon as possible but no later than the date of the first 

Board meeting following the date the Plan receives a request for review, unless the request for 

review is filed within thirty (30) days prior to the date of such meeting. In such case, a 

determination will be made no later than the date of the second Board meeting following the date 

the Plan receives a request for review. If special circumstances (such as the need to hold a hearing) 

require a further extension of time for processing, the Fund Administrator shall notify the claimant 

in writing describing the special circumstances and the date by which a determination will be 

rendered. The determination shall be rendered no later than the date of the third Board meeting 

following the date the Plan receives a request for review. The Fund Administrator shall notify the 

claimant of the Trustees determination as soon as possible but no later than five (5) days after the 

determination is made. Such notification shall include all of the information described in subsection 

(d) of this Article, as well as a statement that the claimant is entitled to receive, upon request and 

free of charge, reasonable access to and copies of all documents. In addition to this requirement, 

notification with regards to a Disability claim shall also include the following statement: “You and 

your Plan may have other voluntary alternative dispute resolution options, such as mediation. One 

way to find out what may be available is to contact your local U.S. Department of Labor Office and 

your State insurance agency.”
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XIV STATEMENT OF ERISA RIGHTS

Your Rights Under ERISA

As a participant in the Plan you are entitled to certain rights and protections under the Employee 

Retirement Income Security Act of 1974, as amended ("ERISA"). ERISA provides that all Plan 

participants shall be entitled to: 

Receive Information About Your Plan and Benefits

Examine, without charge, at the Plan Administrator's office and at other specified locations, such as 

worksites and union halls, all documents governing the Plan, including insurance contracts and 

collective bargaining agreements, and a copy of the latest annual report (Form 5500 Series) filed by the 

Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Pension 

and Welfare Benefit Administration.

Obtain, upon written request to the Plan Administrator, copies of documents governing the operation 

of the Plan, including insurance contracts and collective bargaining agreements, and copies of the latest 

annual report (Form 5500 Series) and updated summary plan description. The administrator may make 

a reasonable charge for the copies.

Receive a summary of the Plan's annual financial report. The Plan Administrator is required by law to 

furnish each participant with a copy of this summary annual report.

Prudent Actions by Plan Fiduciaries

In addition to creating rights for Plan participants ERISA imposes duties upon the people who are 

responsible for the operation of the employee benefit plan. The people who operate your Plan, called 

"fiduciaries" of the Plan, have a duty to do so prudently and in the interest of you and other Plan 

participants and beneficiaries. No one, including your employer, your union, or any other person, may 

fire you or otherwise discriminate against you in any way to prevent you from obtaining a pension 

benefit or exercising your rights under ERISA.

Enforce Your Rights

If your claim for a pension benefit is denied or ignored, in whole or in part, you have a right to know 

why this was done, to obtain copies of documents relating to the decision without charge, and to appeal 

any denial, all within certain time schedules.

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a 

copy of Plan documents or the latest annual report from the Plan and do not receive them within 30 

days, you may file suit in a Federal court. In such a case, the court may require the Plan Administrator 

to provide materials and pay you up to $110 a day until you receive the materials, unless the materials 

were not sent because of reasons beyond the control of the administrator. If you have a claim for 

benefits, which is denied or ignored, in whole or in part, you may file suit in a state or Federal court. In 

addition, if you disagree with the Plan's decision or lack thereof concerning the qualified status of a 

domestic relations order, you may file suit in Federal court. If it should happen that Plan fiduciaries 
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misuse the Plan's money, or if you are discriminated against for asserting your rights, you may seek 

assistance form the U.S. Department of Labor, or you may file suit in a Federal court. The court will 

decide who should pay court costs and legal fees. If you are successful the court may order the person 

you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and 

fees, for example, if it finds your claim is frivolous.

Assistance with Your Questions

If you have any questions about your Plan, you should contact the Plan Administrator. If you have any 

questions about this statement or about your rights under ERISA, or if you need assistance in obtaining

documents from the Plan Administrator, you should contact the nearest office of the Pension Benefits 

Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division 

of Technical Assistance and Inquiries, Pension and Welfare Benefits Administration, U.S. Department 

of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain 

publications about your rights and responsibilities under ERISA by calling the publications hotline of 

the Pension and Welfare Benefits Administration.

XV AMENDMENT AND TERMINATION OF YOUR PLAN

Amendment

The Trustees reserve the right, in their sole and absolute discretion to amend or modify your Plan at any 

time, in whole or in part, for any reason, and with respect to Participants who are or may become 

covered and their beneficiaries. In no event, however, will any amendment:

(a) authorize or permit any part of the Plan assets to be used for purposes other than the 

exclusive benefit of Participants or their beneficiaries; or

(b) cause any reduction in your accrued benefit. 

Termination

The Trustees have the right to terminate the Plan when there is no longer a collective 

bargaining agreement in force between the Union and an Employer requiring contributions to the Plan 

or in the event that the Union and Contributing Employers signatory to such agreements agree to 

terminate the Plan. Upon termination, you will become fully vested in your accrued benefit. 

If the Plan is amended, modified or terminated, in whole or in part the ability of Employees to 

participate in the Plan and/or receive benefits thereunder, as well as the type of benefits provided under 

the Plan, may be modified or terminated.
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XVI PLAN INTERPRETATIONS AND DETERMINATIONS

The Board of Trustees and/or its duly authorized designee(s) has the exclusive right, power, and 

authority, in its sole and absolute discretion, to administer, apply and interpret the Plan, including this 

booklet, the trust agreement and any other Plan documents, and to decide all matters arising in 

connection with the operation or administration of the Plan or trust underlying it. Without limiting the 

generality of the foregoing, the Board of Trustees and/or its duly authorized designee(s) shall have the 

sole and absolute discretionary authority to:

 Take all actions and make all decisions with respect to the eligibility for, and the amount of, 

benefits payable under the Plan;

 Formulate, interpret and apply rules, regulations and policies necessary to administer the 

Plan in accordance with the terms of the Plan;

 Decide questions, including legal or factual questions, relating to the calculation and 

payment of benefits under the Plan;

 Resolve and/or clarify any ambiguities, inconsistencies and omissions arising under the 

Plan, including this booklet, the trust agreement, any collective bargaining agreement or 

participation agreement or other Plan documents;

 Process and approve or deny benefit claims; and

 Determine the standard of proof required in any case. 

All determinations and interpretations made by the Board of Trustees and/or its duly 

authorized designee(s) shall be final and binding upon all Participants, beneficiaries and any other 

individuals claiming benefits under the Plan, and shall be given deference in all courts of law to the 

greatest extent permitted by applicable law.
INTERNAL REVENUE SERVICE 

P. 0. BOX 2508 

CINCINNATI, OH 45201 

Date: JAN 2 5 

TRUSTEES IBEW LOCAL NO 237 PENSION 

FUND 

C/O LIPSITZ GREEN SCIME CAMBRIA LLP 

MARK L STULMAKER 

42 DELAWARE AVENUE SUITE 120 

BUFFALO, NY 14202-3924 

Dear Applicant: 

DEPARTMENT OF THE TREASURY 

Employer Identification Number: 

16-6094914 

DLN: 

17007317059004 

Person to Contact: 

RUDOLPH A BOLDREGHINI 

Contact Telephone Number: 

(513) 263-3967 

Plan Name: 

ID# 31070 

I BEW LOCAL NO 237 PENSION PLAN 

Plan Number: 001 

We have made a favorable determination on the plan identified above based 

on the information you have supplied. Please keep this letter, the application 

forms submitted to request this letter and all correspondence with the Internal 

Revenue Service regarding your application for a determination letter in your 

permanent records. You must retain this information to preserve your reliance 

on this letter. 

Continued qualification of the plan under its present form will depend 

on its effect in operation. See section 1.401-l(b) (3) of the Income Tax 

Regulations. We will review the status of the plan in operation periodically. 

The enclosed Publication 794 explains the significance and the scope of 

this favorable determination letter based on the determination requests 

selected on your application forms. Publication 794 describes the information 

that must be retained to have reliance on this favorable determination letter. 

The publication also provides examples of the effect of a plan's operation on 

its qualified status and discusses the reporting requirements for qualified 

plans. Please read Publication 794. 

This letter relates only to the status of your plan under the Internal 

Revenue Code. It is not a determination regarding r:he effect of other federal 

or local statutes. 

This determination letter gives no reliance for any qualification change 

that becomes effective, any guidance published, or any statutes enacted, after 

the issuance of the Cumulative List (unless the item has been identified in the 

Cumulative List) for the cycle under which this application was submitted. 

This letter considered the 2013 Cumulative List of Changes in Plan 

Qualification Requirements. 

This determination letter is applicable for the amendment(s) executed 

on 01-20-14 & 09-23-13. 

This determination letter is also applicable for the amendment(s) dated 

Letter 2002 
-2-

TRUSTEES IBEW LOCAL NO 237 PENSION 

on 03-19-12 & 04-25-11. 

This determination letter is also applicable for the amendment(s) dated on 

09-20-10. 

This determination is subject to your adoption of the proposed amendments 

submitted in your letter dated 11-10-14. The proposed amendments 

should be adopted on or before the date prescribed by the regulations under 

Code section 401(b). 

This letter supersedes our letter dated on or about March 16, 2015. 

The information on the enclosed addendum is an integral part of 

this determination. Please be sure to read and keep it with this letter. 

If you have questions concerning this matter, please contact the person 

whose name and telephone number are shown above. 

Enclosures: 

Publication 794 

Addendum 

Sincerely, 

Karen D. Truss 

Director, EP Rulings & Agreements 

Letter 2002 
-3-

TRUSTEES IBEW LOCAL NO 237 PENSION 

This determination letter does not provide reliance for any portion(s) of 

the document that incorporates the terms of an auxiliary agreement (collective 

bargaining, reciprocity and/or participation agreement), unless the exact 

language of the section(s) that is being incorporated by reference to the 

auxiliary agreement has been appended to the document. 

Letter 2002 
.,) 

PENSION FUND 

N.E.B.F. 

AMF 

May 28, 2018 - $13.25 PER HOUR 

3% OF THE GROSS PAY PER MONTH 

$0.65 PER HOUR 

$0.28 PER HOUR 

(ADMINISTRATIVE MAINTENANCE FUND) 

UNITED WAY $0.05 PER HOUR 

**NLMCC $0.0 I PER HOUR 

(NATIONAL LABOR MANAGEMENT COOPERATION COMMITTEE) 

**Each Employer shall contribute one cent ($0.01) per hour worked under this Agreement up to a 

maximum of 150,000 hours per year. 

WORKING DUES 

WORK RECOVERY 

PAYROLL SAVINGS 

Community Action Program - CAP4.5% OF GROSS WAGE (Deduction) 

1.5% OF GROSS WAGE (Deduction) 

7% Gross Payroll (Voluntary Deduction) 

$.04 PER HOUR (Voluntary Deduction) 

APPRENTICE RA TES 

EFFECTIVE MAY 281 2018 

YEAR PERIOD OJT HOURS % RATE 

1

st 1 0-1000 40 $13.91 

1

st 2 1001-2000 45 $15.65 

2nd 3 2001-3500 50 $17.39 

3rd 4 3501-5000 60 $20.87 

4th 5 5001-6500 70 $24.35 

5th 6 6501-8000 85 $29.56 

2 
TO ALL CONTRACTORS: 

INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS 

LOCAL UNION #237 

8803 NIAGARA FALLS BLVD., LPO BOX 120, NIAGARA FALLS, NY 14304 

(716) 297-3650 

Increase Effective May 28, 2018 - $1.40 per hour 

Distribution- $0.78 Rate Increase 

$0.50 Pension 

$0.12 Annuity 

Effective May 27, 2019 - Increase of$1.55 per hour - (increase determined after distribution) 

Effective June 1, 2020 - Increase of $1.75 per hour - (increase determined after distribution) 

Effective May 31, 2021 - Increase of $2.00 per hour - (increase determined after distribution) 

EIGHT (8) HOUR WORKDAY. FORTY (40) HOUR WORK WEEK 

THE MINIMUM RA TES OF WAGES SHALL BE: 

JOURNEYMAN'S RA TE - EFFECTIVE MAY 28, 2018- $ 34.78 

SUB-FOREMAN: 

SUB-FOREMAN CAN WORK ON ANY JOB REQUIRING THREE (3) JOURNEYMEN AND ONE SHALL BE 

DESIGNATED "SUB- FOREMAN" AT NOT LESS THAN 6% ABOVE THE JOURNEYMAN'S RA TE. 

May 28, 2018 - $36.87 

FOREMAN: 

4 JOURNEYMEN ON THE JOB INCLUDING THE FOREMAN, 

NOT LESS THAN 13% ABOVE THE JOURNEYMAN'S RA TE. 

May 28, 2018 - $39.30 

GENERAL FOREMAN: 

NOT LESS THAN 26% AN HOUR ABOVE THE JOURNEYMAN'S 

RATE. 

May 28, 2018 - $43.82 

CABLE SPLICER: 

NOT LESS THAN I 0% ABOVE THE JOURNEYMAN'S RA TE. 

May 28, 2018 - $38.26 

HEALTH & WELFARE FUND 

* ANNUITY FUND 

Voluntary Annuity 

(Voluntary Annuity is stated 

on the employee job referral) 

1 

May 28, 2018 -$12.04 PER HOUR (no change) 

May 28, 2018 - $ 1.00 PER HOUR 

Election B - $ I .00 per Hour 

Election C - $2.00 per Hour 

Election D - $3.00 per Hour 

Election E - $4.00 per Hour 

Election F - $5.00 per Hour 

Election G - $6.00 per Hour 

Election H - $7 .00 per Hour 

Election I - $8.00 per Hour 
.,) 

PENSION FUND 

N.E.B.F. 

AMF 

May 28, 2018 - $13.25 PER HOUR 

3% OF THE GROSS PAY PER MONTH 

$0.65 PER HOUR 

$0.28 PER HOUR 

(ADMINISTRATIVE MAINTENANCE FUND) 

UNITED WAY $0.05 PER HOUR 

**NLMCC $0.0 I PER HOUR 

(NATIONAL LABOR MANAGEMENT COOPERATION COMMITTEE) 

**Each Employer shall contribute one cent ($0.01) per hour worked under this Agreement up to a 

maximum of 150,000 hours per year. 

WORKING DUES 

WORK RECOVERY 

PAYROLL SAVINGS 

Community Action Program - CAP4.5% OF GROSS WAGE (Deduction) 

1.5% OF GROSS WAGE (Deduction) 

7% Gross Payroll (Voluntary Deduction) 

$.04 PER HOUR (Voluntary Deduction) 

APPRENTICE RA TES 

EFFECTIVE MAY 281 2018 

YEAR PERIOD OJT HOURS % RATE 

1

st 1 0-1000 40 $13.91 

1

st 2 1001-2000 45 $15.65 

2nd 3 2001-3500 50 $17.39 

3rd 4 3501-5000 60 $20.87 

4th 5 5001-6500 70 $24.35 

5th 6 6501-8000 85 $29.56 

2 
APPRENTICE HEALTH & WELFARE RA TES (no change): 

l ST YEAR, 1 ST PERIOD*** 

1 ST YEAR, 2ND PERIOD*** 

2ND YEAR, 3RD PERIOD - 3RD YEAR, 4TH PERIOD 

4TH YEAR, 5TH PERIOD - 5TH YEAR, 6TH PERIOD -

UNIDENTURED APPRENTICE -

$10.34 

$10.34 

$11.11 

$11.28 

$11.53 

$11.79 

$ 1.00 

*** 1ST YEAR APPRENTICES ( 0 - 2000 HOURS) DO NOT PARTICIPATE IN THE 

PENSION OR ANNUITY FUNDS. THEY ARE PARTICIPANTS IN THE 

HEALTH/WELFARE FUND AND THE NEBF 

IN ADDITION - FOR THE NEW OR OUT OF TOWN CONTRACTOR 

WORKMAN'S COMPENSATION INSURANCE 

UNEMPLOYMENT INSURANCE 

NEW YORK STA TE DISABILITY INSURANCE 

PAYMENT BOND REQUIRED FOR FUNDS. THE FOLLOWING AMOUNTS APPLY: 

Number of Employees 

1-5 

6-10 

11-20 

Over20 

3 

Amount of Bond 

$20,000 Bond/Cash 

$40,000 Bond/Cash 

$70,000 Bond/Cash 

$100,000 Bond/Cash 
AGREEMENT 

AGREEMENT BY AND BETWEEN THE NIAGARA DIVISION OF WESTERN NEW 

YORK ST A TE CHAPTER, NATIONAL ELECTRICAL CONTRACTORS ASSOCIATION 

(NIAGARA DIVISION) AND LOCAL UNION NO. 237 OF THE INTERNATIONAL 

BROTHERHOOD OF ELECTRICAL WORKERS. 

IT SHALL APPLY TO ALL FIRMS WHO SIGN A LETTER OF ASSENT TO BE BOUND 

BY THE TERMS OF THIS AGREEMENT. 

AS USED HEREINAFTER IN THIS AGREEMENT, THE TERM CHAPTER SHALL MEAN 

THE NIAGARA DIVISION OF WESTERN NEW YORK ST A TE CHAPTER, NATIONAL 

ELECTRICAL CONTRACTORS ASSOCIATION (NIAGARA DIVISION) AND THE TERM 

"UNION" SHALL MEAN LOCAL UNION NO. 237 INTERNATIONAL BROTHERHOOD 

OF ELECTRICAL WORKERS. 

THE TERM "EMPLOYER" SHALL MEAN AN INDIVIDUAL FIRM WHO HAS BEEN 

RECOGNIZED BY AN ASSENT TO THIS AGREEMENT. 

BASIC PRINCIPLES 

THE EMPLOYER AND THE UNION HA VE A COMMON AND SYMPATHETIC 

INTEREST IN THE ELECTRICAL INDUSTRY. THEREFORE, A WORKING SYSTEM 

AND HARMONIOUS RELATIONS ARE NECESSARY TO IMPROVE THE 

RELATIONSHIP BETWEEN THE EMPLOYER, THE UNION, AND THE PUBLIC. 

PROGRESS IN INDUSTRY DEMANDS A MUTUALITY OF CONFIDENCE BETWEEN 

THE EMPLOYER AND THE UNION. ALL WILL BENEFIT BY CONTINUOUS PEACE 

AND BY ADJUSTING ANY DIFFERENCES BY RATIONAL, COMMON SENSE 

METHODS. NOW, THEREFORE, INCONSIDERATION OF THE MUTUAL PROMISES 

AND AGREEMENTS HEREIN CONTAINED, THE PARTIES HERETO AGREE AS 

FOLLOWS: 

ARTICLE I 

EFFECTIVE DATE-CHANGES-GRIEVANCES-DISPUTES 

SECTION 1.01 THIS AGREEMENT SHALL TAKE EFFECT JUNE 1, 2015 AND SHALL 

REMAIN IN EFFECT UNTIL SUNDAY, MAY 27, 2018, UNLESS OTHERWISE 

SPECIFICALLY PROVIDED HEREIN. IT SHALL CONTINUE IN EFFECT FROM YEAR 

TO YEAR THEREAFTER, FROM THE MONDAY FOLLOWING THE LAST SUNDAY OF 

MAY THROUGH THE LAST SUNDAY IN MAY OF THE FOLLOWING YEAR, UNLESS 

CHANGED OR TERMINATED IN THE WAY LATER PROVIDED FOR HEREIN. 

SECTION 1.02 (a) EITHER PARTY OR AN EMPLOYER WITHDRAWING 

REPRESENTATION FROM THE CHAPTER OR NOT REPRESENTED BY THE CHAPTER, 
SECTION 6.05 (b) - PENSION FUND - THERE SHALL BE ESTABLISHED A PENSION 

FUND KNOWN AS THE IBEW LOCAL NO. 237 PENSION FUND FOR THE PURPOSE 

OF CREATING A PENSION PLAN COVERING PENSIONS AND RELATED BENEFITS, 

AS ENACTED FROM TIME TO TIME BY THE TRUSTEES, FOR THE BENEFIT OF 

ELIGIBLE EMPLOYEES COVERED BY THE COLLECTIVE BARGAINfNG 

AGREEMENT. 

THERE SHALL BE ESTABLISHED AN AGREEMENT AND DECLARATION OF TRUST 

COMPOSED OF AN EQUAL NUMBER OF EMPLOYER AND EMPLOYEE TRUSTEES. 

THE TRUSTEES SHALL HAVE THE AUTHORITY TO ESTABLISH THE PENSION PLAN, 

ADMINISTER THE FUND AND THE PLAN, INCLUDING THE PAYMENT OF BENEFITS 

AND COSTS OF ADMINISTRATION FOR THE BENEFIT OF THE EMPLOYEES 

COVERED BY THE COLLECTIVE BARGAINlNG AGREEMENT. 

IT IS ALSO AGREED THAT THE EMPLOYER WILL SUBMIT ON FORMS FURNlSHED 

BY THE ADMINISTRATOR TO THE ADMINlSTRA TION OFFICE, A WEEKLY 

ELECTRICAL WORKERS PAYROLL SCHEDULE, SHOWING ELECTRlCIANS AND 

APPRENTlCES EMPLOYED, AMOUNT EARNED AND AMOUNT PAID TO THE 

HEAL TH & WELFARE, ANNUITY AND PENSlON FUNDS. ALL EXPENSES INCURRED 

IN THE SETTING UP OF THESE FUNDS AND THE CONTINUAL OPERATION OF 

THESE FUNDS SHALL BE COVERED BY A STANDARD TRUST AGREEMENT. 

THE EMPLOYER MEMBER OF ASSOCIATION HEREIN OR ANY EMPLOYER 

SIGNATORY HERETO SHALL CONTRIBUTE THE SUM: 

EFFECTIVE JUNE 1, 2015- $11.75 PER HOUR 

EFFECTIVE MAY 30, 2016 - AMOUNT TO BE DETERMINED 

EFFECTIVE MAY 29, 2017- AMOUNT TO BE DETERMINED 

PER HOUR TO THE IBEW LOCAL NO. 237 PENSION FUND FOR EACH EMPLOYEE 

COVERED BY THE LABOR AGREEMENT OVER AND ABOVE THE BASE RA TE OF 

WAGES, TO BE PAID WEEKLY. 

SECTION 6.06 ENFORCEMENT OF CONTRIBUTIONS TO THE HEAL TH & WELFARE 

FUND, ANNUITY FUND, PENSION FUND, SAVINGS AND WORKING DUES 

DEDUCTIONS. 

(a) ALL CONTRIBUTIONS BY THE EMPLOYERS TO THE ABOVE 

FUNDS SHALL BE PAID AT THE PREY AILING RA TE PER HOUR FOR EACH MAN 

HOUR WORKED. 

(b) SHOULD ANY EMPLOYER FAIL TO MAKE PAYMENTS TO THE 

HEAL TH & WELFARE, ANNUITY FUND AND PENSION FUNDS SPECIFIED IN 

SECTION 6.04, AND SECTION 6.05 HEREOF, THE UNION HAS THE RIGHT TO 

TERMINATE THIS AGREEMENT AS IT RELATES TO THE DELINQUENT EMPLOYER 

UNTIL THE EMPLOYER HAS MADE SUCH PAYMENTS. THE EMPLOYER SHALL BE 

REQUIRED TO PAY WAITING TIME, NOT TO EXCEED TWO (2) DAYS, STRAIGHT 

31 
TIME AND NOT TO INCLUDE SATURDAYS, SUNDAYS OR HOLIDAYS, TO ALL 

MEMBERS OF THE UNIT WHOSE WORK SHALL HA VE BEEN TERMINATED AS 

RESULT OF SUCH FAILURE TO MAKE PAYMENTS HEREIN SPECIFIED. 

(c) THE UNION AND/OR THE TRUSTEES OF THE HEALTH & 

WELFARE FUND, ANNUITY FUND AND PENSION FUND OR ANY AUTHORIZED 

AGENT OF THE TRUSTEES SHALL HA VE THE RIGHT AFTER 72 HOURS NOTICE TO 

EXAMINE AND COPY, THE BOOKS, RECORDS, PAPERS, PAYROLL REPORTS, W-2 

FORMS, W-4 FORMS, S.S. QUARTERLY REPORTS FORM NO. 941 AND SUCH OTHER 

REPORTS REQUIRED BY THE FEDERAL AND STATE GOVERNMENTS RE PAYROLL 

OF THE EMPLOYER AS MAY BE NECESSARY TO DETERMINE THE HOURS OF 

WORK DONE AND THE PLACE WHERE THE WORK WAS DONE BY THE EMPLOYEES 

COVERED 

BY THE LABOR AGREEMENT; AND TO PERMIT THE TRUSTEES AND/OR UNION TO 

DETERMINE WHETHER SAID EMPLOYER IS MAKING FULL PAYMENT TO THE 

ABOVE NAMED FUNDS IN THE AMOUNT REQUIRED BY THE COLLECTIVE 

BARGAINING AGREEMENT. 

(d) THE FUNDS ARE DUE WEEKLY, AT THE FUNDS OFFICE, ONE (I) 

WEEK FOLLOWING THE END OF THE PAYROLL PERIOD, HOWEVER, IF AN 

EMPLOYER HAS BEEN CURRENT WITH THEIR FUNDS TRANSMITTALS FOR SIX 

CONTINUOUS MONTHS, THEY MAY ELECT MONTHLY PAYMENTS. IF THE 

EMPLOYER FAILS TO HAVE PAYMENTS AT THE 1.B.E.W. FUNDS OFFICE ONE (I) 

WEEK FOLLOWING THE CALENDAR MONTH END PERIOD, HE MUST REVERT BACK 

TO WEEKLY PAYMENTS. 

THE EMPLOYER'S FAILURE TO MAKE THE REQUIRED CONTRIBUTIONS TO THE 

ABOVE FUNDS, INCLUDING SAVINGS AND WORKING DUES DEDUCTIONS, SHALL 

MAKE THE EMPLOYER LIABLE TO: 

l. FAILURE TO PAY CONTRIBUTIONS AND DEDUCTIONS WITHIN ONE ( 1) DAY 

FOLLOWING THE ENDING OF THE NEXT PAYROLL PERIOD, MAKES THE 

EMPLOYER AUTOMATICALLY LIABLE FOR 10% DAMAGES. 

2. DAMAGES IN THE AMOUNT OF 10% OF THE AMOUNT DUE; PLUS 

3. 6% INTEREST FROM THE DA TE OF THE CONTRIBUTIONS AND DEDUCTIONS 

WERE DUE; PLUS 

4. ATTORNEY'S FEES, COURT COSTS, C.P.A. COSTS AND OTHER COSTS 

INCURRED BY THE ABOVE NAMED FUNDS FOR THE COLLECTION OF THE 

DELINQUENT ACCOUNTS. 

(c) THE PROVISIONS OF THE GRIEVANCE PROCEDURE SHALL NOT 

APPLY TO THE LIABILITY OF THE EMPLOYER TO MAKE THE REQUIRED 

CONTRIBUTIONS AND DEDUCTIONS TO THE ABOVE NAMED FUNDS, NOR TO THE 

32 
ENFORCEMENT PROVISIONS FOR COLLECTING DELINQUENT ACCOUNTS 

PROVIDED BY FEDERAL OR ST ATE LAWS. 

(t) NOTHING HEREIN CONTAINED SHALL BE CONSTRUED TO 

RESTRICT ANY OTHER LAWFUL METHOD OF COLLECTING CONTRIBUTIONS TO 

THE HEALTH & WELFARE FUND, ANNUITY FUND, AND/OR PENSION FUND, 

SA VIN GS OR WORKING DUES OR OTHER DEDUCTIONS OWING BY THE 

EMPLOYER. EACH EMPLOYER SIGNATORY TO THIS AGREEMENT SHALL BE 

REQUIRED TO POST A PAYMENT BOND USING THE FOLLOWING FORMULA: 

1 - 5 EMPLOYEES 

6 - 10 EMPLOYEES 

11- 20 EMPLOYEES 

OVER 20 EMPLOYEES 

$20,000 

$40,000 

$70,000 

$100,000 

BOND/CASH 

BOND/CASH 

BOND/CASH 

BOND/CASH 

THIS IS TO INSURE PAYMENT OF THE ABOVE CONTRIBUTIONS AND DEDUCTIONS. 

IN THE EVENT THAT ANY EMPLOYER FAILS TO TRANSMIT THE REQUIRED 

CONTRIBUTIONS AND DEDUCTIONS TO THE LOCAL #237 FUNDS OFFICE BY ONE 

(I) WEEK FOLLOWING THE END OF THE PAYROLL PERIOD, HE SHALL BE 

REQUIRED TO INCREASE HIS PAYMENT BOND BY 50% AT THE OPTION OF THE 

BUSINESS MANAGER. 

(g) THE TRUSTEES OF THE ABOVE FUNDS HA VE ENTERED INTO AN 

AGREEMENT WITH THE UNION THAT FOR THE PURPOSES OF ADMINISTERING 

THE ABOVE TRUST, THE UNION SHALL BE CONSIDERED AN EMPLOYER FOR THE 

PURPOSES OF CONTRIBUTING TO THE TRUSTEED FUNDS ON ALL FULL-TIME 

EMPLOYEES OF THE UNION. 

ARTICLE VII 

INDUSTRY FUND 

SECTION 7.01 EACH INDIVIDUAL EMPLOYER SHALL CONTRIBUTE AN AMOUNT 

NOT TO EXCEED ONE PERCENT (I %) NOR LESS THAN .2 OF 1 % OF THE 

PRODUCTIVE ELECTRICAL PAYROLL, AS DETERMINED BY EACH LOCAL 

CHAPTER AND APPROVED BY THE TRUSTEES, WITH THE FOLLOWING 

EXCLUSIONS: 

(1) TWENTY-FIVE PERCENT (25%) OF ALL PRODUCTIVE ELECTRICAL 

PAYROLL IN EXCESS OF 75,000 MAN-HOURS PAID FOR ELECTRICAL WORK IN ANY 

ONE CHAPTER AREA DURING ANY ONE CALENDAR YEAR, BUT NOT EXCEEDING 

150,000 MAN-HOURS. 

33 
SEPARABILITY CLAUSE 

SHOULD ANY PROVISION OF THIS AGREEMENT BE DECLARED ILLEGAL BY ANY 

COURT OF COMPETENT JURISDICTION. SUCH PROVISIONS SHALL IMMEDIATELY 

BECOME NULL AND VOID, LEAVING THE REMAINDER OF THE AGREEMENT IN 

FULL FORCE AND EFFECT AND THE PARTIES SHALL, THEREUPON, SEEK TO 

NEGOTIATE SUBSTITUTE PROVISIONS WHICH ARE IN CONFORMllY WITH THE 

APPLICABLE LAWS. 

SUBJECT TO THE APPROVAL OF THE INTERNATIONAL PRESIDENT, J.B.E.W. 

SIGNED, 

NIAGARA DIVISION OF WESTERN NEW YORK STATE CHAPTER, 

NATIONAL ELECTRICAL WORKERS ASSOCIATION 

DATE 5-J.lo-{5 

SIGNED, 

LOCAL UNION NO. 237 

ICAL WORKERS 

DATE"5C_ 

APPROVED 

INTERNATIONAL OFACE -1.8,E.W. 

08/05/2015 

I omie Stephenson, President 

This approval does not make the 

International a party to this agreemenL 
Form 5500

Department of the Treasury

Internal Revenue Service

Department of Labor

Employee Benefits Security

Administration

Pension Benefit Guaranty Corporation

Annual Return/Report of Employee Benefit Plan

This form is required to be filed for employee benefit plans under sections 104 

and 4065 of the Employee Retirement Income Security Act of 1974 (ERISA) and 

sections 6057(b) and 6058(a) of the Internal Revenue Code (the Code).

 Complete all entries in accordance with 

the instructions to the Form 5500.

OMB Nos. 1210-0110

1210-0089

2016

This Form is Open to Public 

Inspection

Part I Annual Report Identification Information

For calendar plan year 2016 or fiscal plan year beginning and ending 

A This return/report is for: X a multiemployer plan X a multiple-employer plan (Filers checking this box must attach a list of 

participating employer information in accordance with the form instructions.)

 X a single-employer plan X a DFE (specify) _C_

B This return/report is: X the first return/report X the final return/report

 X an amended return/report X a short plan year return/report (less than 12 months)

C If the plan is a collectively-bargained plan, check here. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . X

D Check box if filing under: X Form 5558 X automatic extension X the DFVC program

 X special extension (enter description) ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

Part II Basic Plan Information—enter all requested information

1a Name of plan

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

1b Three-digit plan 

number (PN)  001

1c Effective date of plan

YYYY-MM-DD

2a Plan sponsor’s name (employer, if for a single-employer plan)

 Mailing address (include room, apt., suite no. and street, or P.O. Box)

 City or town, state or province, country, and ZIP or foreign postal code (if foreign, see instructions)

2b Employer Identification 

Number (EIN)

012345678

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

D/B/A ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

c/o ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

123456789 ABCDEFGHI ABCDEFGHI ABCDE

123456789 ABCDEFGHI ABCDEFGHI ABCDE

CITYEFGHI ABCDEFGHI AB, ST 012345678901

UK 

2c Plan Sponsor’s telephone 

number

0123456789

2d Business code (see 

instructions)

012345

Caution: A penalty for the late or incomplete filing of this return/report will be assessed unless reasonable cause is established.

Under penalties of perjury and other penalties set forth in the instructions, I declare that I have examined this return/report, including accompanying schedules, 

statements and attachments, as well as the electronic version of this return/report, and to the best of my knowledge and belief, it is true, correct, and complete.

SIGN

HERE

YYYY-MM-DD ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

Signature of plan administrator Date Enter name of individual signing as plan administrator

SIGN

HERE

YYYY-MM-DD ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

Signature of employer/plan sponsor Date Enter name of individual signing as employer or plan sponsor

SIGN

HERE

YYYY-MM-DD ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

Signature of DFE Date Enter name of individual signing as DFE

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

For Paperwork Reduction Act Notice, see the Instructions for Form 5500. Form 5500 (2016) 

v. 160205

IBEW LOCAL UNION NO. 237 PENSION PLAN

X

01/01/2016

8803 NIAGARA FALLS BLVD.

NIAGARA FALLS, NY 14304

IBEW LOCAL 237 PENSION PLAN BOARD OF TRUSTEES

X

Filed with authorized/valid electronic signature.

X

8803 NIAGARA FALLS BLVD.

NIAGARA FALLS, NY 14304-1987

05/01/1967

716-297-3899

12/31/2016

16-6094914

10/13/2017

001

525100

JESSICA M. WESTPHAL
Form 5500 (2016) Page 2

3a Plan administrator’s name and address X Same as Plan Sponsor 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

c/o ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

123456789 ABCDEFGHI ABCDEFGHI ABCDE

123456789 ABCDEFGHI ABCDEFGHI ABCDE

CITYEFGHI ABCDEFGHI AB, ST 012345678901

UK 

3b Administrator’s EIN

012345678

3c Administrator’s telephone 

number

0123456789

4 If the name and/or EIN of the plan sponsor 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

53

61

X

X

367

26

X

393

X

X

X

182

136

406

170

1B

X
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. 

For calendar plan year 2016 or fiscal plan year beginning O 1 / O 1 / 2 O 16 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. 

0MB No. 1210-0110 

2016 

This Form is Open to Public 

Inspection 

12/31/2016 

A Name of plan B Three-digit I 

I . B. E.W. Local 237 Pension Plan l--~p_la_n_n_um_b_e_r(~P_N~) ___ •_---1 __ .:...:. 0 0~l :....__ 

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

I.B.E . W. Local 237 Pension Plan 

D Employer Identification Number (EIN) 

16-6094914 

E Type of plan: (1) [gl Multiemployer Defined Benefit (2) D Money Purchase (see instructions) 

1 a Enter the valuation date: 

b Assets 

Month ____ l ___ _ Day 1 Year 2016 

(1) Current value of assets ...................................................................................... ..................... .... ... ... . 

(2) 

C (1) 

(2) 

Actuarial value of assets for funding standard account.. .................................................................... . 

Accrued liability for plan using immediate gain methods ................................. .................................. . 

Information for plans using spread gain methods: 

1b(1) 18 , 954 , 169 

1b(2) 23 , 478 , 943 

1c(1) 66 , Oll , 450 

(a) Unfunded liability for methods with bases ...... ......................................................................... ······· 1-1_c..:..(2.:.)(.:...a..:..) +------------0 

(b) Accrued liability under entry age normal method ........ .............................................. ...................... l-1_c.:.(2..:.)..:..(b..:.)-+ ____________ O 

(c) Normal cost under entry age normal method .. ······························· ··········· ········· ······················· ··· 1--1_c..:..(2..:.)..:.. (c..:..)-+ ____________ O

(3) Accrued liability under unit credit cost method ........ ... ........................................................................ .. L.__1_c..:..(3-'-)--1--______ 6_6..:.,_0_l_l....:..., _4_5_0 

d Information on current liabilities of the plan: 

(1) Amount excluded from current liability attributable to pre-participation service (see instructions) ......... .___1_d_,_(1_,_)_-1--------------

(2) "RPA '94" information: 

(a) Current liability ............................................................................................................................... f-1_d(.,_2..:.)(:....a.:...) +-------1_2_9....:..... , _1_9_9...:.,_8_4_. l 

(b) Expected increase in current liability due to benefits accruing during the plan year. ....................... f-1_d.,_(2_,_).,_(b_,_)-+-_______ 2.....:..., _6_8_0_,:....3_1_7 

(c) Expected release from "RPA ·94• current liability for the plan year ........................................... ...... f-1_d.,_(2..,__)(:....c,_) +------------0 

(3) Expected plan disbursements for the plan year.................................................................................... 1d(3) 5 , 065 , 216 

Statement by Enrolled Actuary To the best of my knowledge, the info on supplied in this sdledule and accompanying schedules, statements and attachments, if any, is complete and accurate. Each prescribed assumption was applied 

in accordance with applicable I nd ulati . In my opinion, each other assumption is reasonable (taking into account the experience of the plan and reasonable expectations) and such other 

assumptions, in oombina · , offer best te of antici xperience under the plan. 

Type or print name of actuary 

Summit Actuarial Services , LLC 

115 N. Church Street 

Moorestown 

Firm name 

Address of the fim, 

NJ 08057 

10/10/2017 

Date 

17- 05241 

Most recent enrollment number 

(856)234 - 8801 

Telephone number (including area code) 

If the actuary has not fully reflected any regulation or ruling promulgated under the statute in completing this schedule, check the box and see D 

instructions 

For Paperwork Reduction Act Notice, see the Instructions for Form 5500 or 5500-SF. Schedule MB (Form 5500) 2016 

V. 160205 
Schedule MB (Form 5500) 2016 Page2-0 

2 Operational information as of beginning of this plan year: 

a Current value of assets (see instructions) .......... ························································ ······· ~···.::.··.::.·.:.:. ···.::.··.::.··.::. ··.:.:. ···.::.··.::.··.:.:. ···:.:.··:.:.·:.:. ··.:.:. ··:.:. ··.:i. ·I _2_a_+-_ _ ____ l_8__:_,_9_5_4_,:__l _6_9 

b "RPA '94" current liability/participant count breakdown: 1---..i.. (1:.L)...:.N.:..:u.:.:.m __ b.::.e=-r_o_f.!.p_a_rt_ic...!.ip_a_n_ts_+-----'-(2_,_)_C_u_rr_e_n_t _lia_b_il_it~y __ _ 

(1) For retired participants and beneficiaries receiving payment .................................. . 169 52,725 , 680 

(2) For terminated vested participants .................................................... .... ................. . 61 17 , 934 , 406 

(3) For active participants: 

(a) Non-vested benefits....................................................................................... ... 512 , 8 9 8 

(b) Vested benefits............... ................ ................................... ............................ .. 58 , 026 , 857 

(c) Total active.................. ... ............................................. .. ........... .. ..................... 1------------'1'-7'-0"+---------'5"-8=-<--=5-=3~9~ 7-'-=5~5 

(4) Total ..................................... ................................................. ......... ........................ L---- ---~-=-4~0~0+-------=1.:::. 2..::. 9.L.-=l ..::. 9..::9..L..:::8-'4=1 

C ~;~:e~:;~:nt~9.~ .r~·u·lti~~. ~~~ . ~iv.i~i~9.. li·n·e· ·2·a· ~~ ·H·n·e· ·2·b·(·4 ) .... c~l~~n. ?): . '.s .. I.es~ .t~a·n· .7.0°/o.'__e.nt~r. ~~~~ ............... I 2c 14 . 67 % 

3 Contributions made to the plan for the plan year by employer(s) and employees· 

(a) Date (b) Amount paid by (c) Amount paid by (a) Date (b) Amount paid by c) Amount paid by 

(MM-DD-YYYY) employer(s) employees (MM-DD-YYYY) employer(s) employees 

06/30/2016 2 , 823 ,5 9S 0 

01/31/2017 275 , 267 0 

Totals • I 3(b) 3 , 098 , 866 3(c> I 0 

4 Information on plan status: 

a Funded percentage for monitoring plan 35 . 6 % 's status (line 1b(2) divided by line 1c(3)) •····················· ······· ·····1 4a I 

b ~:: i':-~~ .t~~nt~:~ t~n.·~ .s'.a·t·u~ .<~~. in.~t~.c~~~s. f°.~ a~~.c~~~~~. °.~ ~~.~:.°.rt.i~g.~~.i~~.~~e. °.f .pla.n:~. ~~atu·s·). If L._4b __ c.__c __________ _ 

C Is the plan making the scheduled progress under any applicable funding improvement or rehabilitation plan? ................. . 

d If the plan is in critical status or critical and declining status, were any benefits reduced (see instructions)? ..... . 

e If lined is "Yes," enter the reduction in liability resulting from the reduction in benefits (see instructions), 

measured as of the valuation date ...................... ....................... .. .. . . ......... ............ ................. ............................. 4e 

f If the rehabilitation plan projects emergence from critical status or critical and declining status, enter the plan 

year in which it is projected to emerge. 

If the rehabilitation plan is based on forestalling possible insolvency, enter the plan year in which insolvency is 

expected and check here ............... ..... ............ ................ .. ...................................................................... ~ 

4f 

5 Actuarial cost method used as the basis for this plan year's funding standard account computations (check all that apply): 

a D Attained age normal b D Entry age normal c ~ Accrued benefit (unit credit) 

e D Frozen initial liability f D Individual level premium g D Individual aggregate 

D Other (specify): 

j If box h is checked, enter period of use of shortfall method ................................................. .... ..... .... ................ .. . Sj 

.......................... ~ Yes D No 

. ..... ........ .. ....... .... .•Yes ~ No 

2032 

d D Aggregate 

h D Shortfall 

k Has a change been made in funding method for this plan year? .. .. ...... ........................ ... .. .......... ~-~--.. -... -.. -.. -.. -... -.. -.. -.. -... _,,•,,-Y-es---c~=--N-o1 If line k is "Yes," was the change made pursuant to Revenue Procedure 2000-40 or other automatic approval? .......................................... • Yes D No 
Schedule MB (Fonn 5500) 2016 Page3-0 

6 Checklist of certain actuarial assumptions: 

a Interest rate for "RPA '94" current liability ........................................ .................... ........................................................ •············1 6a I 3 . 25 % 

Pre-retirement Post-retirement 

b Rates specified in insurance or annuity contracts .................................. . 0 Yes ~ No O N/A 0 Yes ~ No O N/A 

C Mortality table code for valuation purposes: 

(1) Males .................... ····························································· 1--:..:..!..:.!.._.J--- -----=--------l----- ---6 ______ _ 6c(1) 6 

(2) Females ........................................................ ··········•···········1--:...::..'.:=.'..__ 6c(2) +-------=::__-------+------ 6 6=----6-=--------

d Valuation liability interest rate ... .................... ....... ···•·······•···········1------+-------~---7-·_0_0_ 0A_o-+---------,----7--:.=0:-0_ 0_Y

0

_ 

e Expense loading ......................................................................... 0 NIA O. 0 % I O N/A 

6d 

6e 11. 5% I 

f Salary scale .................. .............................................................. 6f 0.00% I 0 N/A 

g Estimated investment return on actuarial value of assets for year ending on the valuation date .................... 69 1---+--------------

0 . 6 % 

h Estimated investment return on current value of assets for year ending on the valuation date ...................... 6h - 4 . 5 % 

7 New amortization bases established in the current plan year· 

(1) Type of base (2) Initial balance (3) Amortization Charge/Credit 

1 - 712 , 577 - 73 , 119 

4 3 , 159 , 250 324 , 176 

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 aa 

the ruling letter granting the approval ................................................................................................. . 

b(1) Is the plan required to provide a projection of expected benefit payments? (See the instructions.) If "Yes." 

attach a schedule .................. ................................................................... ............. ........ ..... ...................................... . ~ Yes D No 

b(2) Is the plan required to provide a Schedule of Active Participant Data? (See the instructions.) If "Yes." attach a 

schedule ..................................................................................................................... .... ............ ........................... . ~ Yes D 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? ........................... ......... ........................ ............ ............ .. .. .. ............. . D Yes ~ 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? ············· ················~----,---- ----------

(2) If line 8d(1) is "Yes." enter the number of years by which the amortization period was extended ............ ! 8d(2) 

(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? ············································•··•························· ·································~--~-----------

(4) i~~\:~i~~(;~~sn~~; r~~t;~;~~nb~~zr(~~a·~··b~.~.i~~.t~~.~~°.rtiz~ti~~.~~ri.°.d .. ~~~.~~·e·n·d·e~.(.not············f -ad_(_4_)--t--------------

(5) If line 8d(3) is "Yes," enter the date of the ruling letter approving the extension ...................................... L. _8_d.,_(5..:.)_L._ ____________ _ 

(6) If line 8d(3) is "Yes," is the amortization base eligible for amortization using interest rates applicable under D Yes D No 

section 6621 (b) of the Code for years beginning after 2007? ····· ·························· ···· ··· ···· ························r·· ·_··_··_··_··_··_··,· _____________ _ 

0 Yes O No 

0 Yes O 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 8e 

extending the amortization base(s) .. ........................................................................................................... . 

9 Funding standard account statement for this plan year: 

Charges to funding standard account: 

a Prior year funding deficiency, if any ....................................................... ..................................................... . 9a 0 

b Employer's nonnal cost for plan year as of valuation date............................................................................ 9b 955 , 799 ~---------'-----1---------------

c Amortization charges as of valuation date: Outstanding balance 

(1) All bases except funding waivers and certain bases for which the 9c(1) 

amortization period has been extended ...................... ······················t-----t-------5-2-','--9_9_5-','-2_ 6_5+-________ 7--'-,_0_4_2--'-, _1_8_8_ 

0 0 (2) Funding waivers ... ......... ............ .......... ........ .................................. 9c(2) 

(3) Certain bases for which the amortization period has been t--

9

-c(-

3

-)--t-------- ---- --t--------------

extended .. . ......... ........................... .... .. ... ................ .. . . . . ...... .. . .. . ...... 0 O '-----'----------.-----1-------------- d Interest as applicable on lines 9a, 9b, and 9c. ....... .......................... .................................... .. . ............. ......... 9d 5 5 6 , O O 9 

J-----+------------'---

e Total charges. Add lines 9a through 9d ................................................................................. ....................... . 9e 8 , 553 , 996 
Schedule MB (Form 5500) 2016 Page4 

Credits to funding standard account: 

f Prior year credit balance, if any .......................................................................... .............................. . 9f 850 , 274 

g Employer contributions. Total from column (b) of line 3 ............. •·············· ·· ········· ···~··_··_···_··_··_··_··_·· ·_··_··_··_···_··_··_··_·· ·_··....1. · _9_9_----1 _________ 3_,_0_9_8_, _8_6_6 

I Outstanding balance 

h Amortization credits as of valuation date ......................... ...................... ! 9h I 9 , 612 , 4 8 4 1 , 7 4 1 , 7 31 L-----'-------"----'------ ---1------------'---~--

l n t ere st as applicable to end of plan year on lines 9f, 9g, and 9h ....... ······· ·· ········ ·· ······························ ·········c__9·_

1 _L_ _________ 2_ 8_0_,_2_6_6 

Full funding limitation (FFL) and credits: 

(1) ERISA FFL (accrued liability FFL) .. ....................................................... 1 9j(1) 49 , 521 , 720 

1--------+--------------l 

(2) "RPA ·94" override (90% current liability FFL) ............................. ......... . 1 9j(2) 9 7 , 4 3 6 , 4 6 0 L__ __ __._ _____ --'--~ -----'---1---------------

( 3) FFL credit....................... ............... ..... .............. ................ ................ ... ..... .. . ............ .. . ............. ......... 9j(3) 0 

1--------+-------------

k (1) W a iv ed funding deficiency ............................................................................ ....................................... 1---9_k_(_1_)-+ _________ ____ 0 

(2) Other credits . . . .... ........... .. . ....................... .. .. . . .. . .. . ...... .. ........ .. . . . ......... ............... .. . . ... . . .. ....... .. ...... . ...... 9k(2) O 1------+---- ---------- T o ta I credits. Add lines 9f through 9i, 9j(3), 9k(1 ). and 9k(2) ............................ ............... .............. ................ f--9_1_+----------'5-",_9_7_1__,_, _1_3_7 

m Credit balance: If line 91 is greater than line 9e, enter the difference.......................... ..................... ....... 9m 

n Funding deficiency: If line 9e is greater than line 91, enter the difference ...................................................... .____s_n _ _,_ ________ 2-',-'5_ 8_2~,_8_5_ 9 

9o Current year·s accumulated reconciliation account: 

(1) Due to waive,d funding deficiency accumulated prior to the 2016 plan year .................... .•• . .. ............ 9o(1) 0 

(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) 0 

(b) Reconciliation amount (line 9c(3) balance minus line 9o(2)(a)) ............... ... .. .............. ...... .......... 9o(2)(b) 0 

(3) Total as of valuation date ................... ............ ............... .................................................................... 9o(3) 0 

10 Contribution necessary to avoid an accumulated funding deficiency. (See instructions.) ........................... 10 2 , 582 , 859 

11 Has a change been made in the actuarial assumptions for the current plan year? If "Yes," see instructions ................. . gJ Yes D No 
Attachment to 2016 Form 5500 

Schedule MB, line 4a - Illustration Supporting Actuarial Certification of Status 

Plan Name I. B. E . W. Local 237 Pension Plan EIN: 16- 6094914 

Plan Sponsor's Name I . B. E . w. Local 237 Pension Plan PN: 001 

Illustrate the details providing the actuarial certification of status. 

The Plan is considered to be in critical status becaus e it is projected to have a 

funding deficiency in the next sev en years . The Pension Fund is approximatel y 36 % 

funded. 
Attachment to 2016 Form 5500 

Schedule MB, line 4c - Documentation Regarding Progress Under Funding Improvement or 

Rehabilitation Plan 

Plan Name I . B. E. W. Local 237 Pension Plan EIN: 16- 6094914 

Plan Sponsor's Name I.B . E. W. Local 237 Pension Plan PN: 001 

Compare the current status of the plan to the scheduled progress under the applicable funding 

improvement or rehabilitation plan to this Schedule MB. 

Based upon the actuarial and financial status of the IBEW Local 237 Pension Plan , 

as mandated by the Pension Protection Act , the Trustees updated the Reasonable 

Measures Rehabilitation Plan to include contribution increases called for under 

the current funding improvement plan, $ . 50 per hour through May 31 , 2017 , and then 

increase employer contributions by $.25 per hour beginning June 1 , 2018 and for 

each of the following ten years.In addition , effective June 1 , 2014 , there will be 

a 6% per year reduction to benefits from age 60 if retirement occurs at ages 55 , 

56 or 57 . The 3% reduction will remain for retirements at age 58 or 59 . Although 

this preferred plan does not project the Pension Fund to emerge from critical 

status, it does forestall insolvency of the Pension Fund. 
BENEFITS: 

Type 

Normal Pension 

Early Pension 

Disability Pension 

ATTACHMENT TO SCHEDULE MB 

LINE 6 - SUMMARY OF PLAN PROVISIONS 

LOCAL 237 PENSION FUND 

E.I.N. -16-6094914 

Amount 

$80.00 for each year of 

pension service earned after 

2008 and $85 for each year 

earned prior to 2009 

same as normal but reduced 

1 /2 of 1 % for each month prior 

to normal pension date for 

retirement ages 55-57; 1/4 of 

1 % for each month prior to 

normal pension date for 

retirement ages 58-59 

same as normal pension 

Lump Sum Death Benefit Employer contributions less 

pension payments received 

Pre-Pension Surviving 

Spouse Pension 

Post-Pension Surviving 

Spouse Pension 

married couple benefit 

married couple benefit 

OPTIONS AT NORMAL AND EARLY PENSION AGE: 

Type Amount 

Life Only same as normal 

Married Couple actuarially reduced with 

100%, 75% or 50% payable 

to surviving spouse 

Level Income 

actuarially equivalent to a 

normal or early pension under 

the life only option 

life of 

spouse 

life 

Duration 

life 

life 

life 

Lump sum 

life 

life 

Duration 

life 

both pensioner and 
ATTACHMENT TO SCHEDULE MB 

LINE 6-STATEMENT OF ACTUAIRIAL ASSUMPTIONS 

LOCAL 237 PENSION FUND 

E.I.N. -16-6094914 

1. MORTALITY. The mortality table we have employed in this valuation is the 1983 Group Annuity 

Mortality Table for males; set back 6 years for females for post-pension experience. 

2. INVESTMENT YIELD FOR VALUATION PURPOSES. We have assumed that the plan funds 

will earn 7% annual compound interest in the future. 

3. INVESTMENT YIELD FOR THE PURPOSES OF ACCUMULATED PLAN BENEFITS 

AND EMPLOYER WITHDRAWAL LIABILITY. We have used the investment yield 

utilized for valuation purposes, 7%. 

4. TURNOVER. We have assumed that no terminations of employment, other than death, 

disability or pension, will occur in the future. 

5. DISABILITY. We have employed the 1973 Disability Model, Transactions of Society of 

Actuaries, XXVI, in assuming the rate of disability in the future. 

6. FUTURE WORK YEAR. We have assumed that each active participant will work 1,400 hours 

of pension service in each year in the future. 

7. AGE AT PENSION. We have assumed that 67% of the active participants will elect pension 

as soon as eligible for normal pension but not before one year if already eligible, and that the 

remaining 33% will elect pension as soon as eligible for early pension but not before age 58. 

8. ADMINISTRATION EXPENSES. We have assumed $110,000. will be the annual cost of 

administration. 

9. NUMBER OF ACTIVE PARTICIPANTS. We have assumed that the number of active 

participants will remain constant from here forward with replacements being made immediately 

upon pension, death or disability. For vested active participants that earned no pension credit in 

the prior fiscal year, we only valued their accrued benefit. Furthermore, for this group of active 

participants, we assumed no future contributions or normal cost. Finally, non-vested participants 

that earned no pension credit in the prior fiscal year were not included in the valuation. 

10. PARTICIPANT DATA. The participant data provided by the Fund Office to complete 

the January 1, 2016 actuarial valuation was as of December 31 , 2016. This information 

was recently revealed and there was not enough time to gather data as of January 1, 

2016 and re-run the liabilities for the 2016 Schedule MB. 
IBEW Local 237 Pension Fund - Funding Study 

Benefits & 

Jan 1st BOY Assets Contributions Administration EOY Assets 

2016 $18,954,200 $3,098,866 $5,165,000 $18,142,545 

2017 $18,142,545 $3,227,666 $5,216,650 $17,353,925 

2018 $17,353,925 $3,356,466 $5,268,817 $16,589,417 

2019 $16,589,417 $3,420,866 $5,321 ,505 $15,783,515 

2020 $15,783,515 $3,485,266 $5,374,720 $14,932,777 

2021 $14,932,777 $3,549,666 $5,428,467 $14,033,512 

2022 $14,033,512 $3,614,066 $5,482,752 $13,081 ,768 

2023 $13,081,768 $3,678,466 $5,537,579 $12,073,310 

2024 $12,073,310 $3,742,866 $5,592,955 $11 ,003,600 

2025 $11 ,003,600 $3,807,266 $5,648,884 $9,867,777 

2026 $9,867,777 $3,871 ,666 $5,705,373 $8,660,634 

2027 $8,660,634 $3,936,066 $5,762,427 $7,376,595 

2028 $7,376,595 $4,000,466 $5,820,051 $6,009,686 

2029 $6,009,686 $4,000,466 $5,878,252 $4,486,855 

2030 $4,486,855 $4,000,466 $5,937,034 $2,796,587 

2031 $2,796,587 $4,000,466 $5,996,405 $926,552 

2032 $926,552 $4,000,466 $6,056,369 -$1, 136,449 

Assumptions : 

1. Based on Market Value@ 12.31.2015 earning 7.0%/year net of investment expenses 

2. Contributions will Increase Based on the adopted FIP and revised RP 

contribution increases of $0.50 per hour thru 5/31/2017 and $0.25 per hour thru 5/31/2027 

3. Benefits and Admin. based on unaudited 2016 info. thru 12/31/2016 and 

increase on avg by 1 % per year thereafter 

4. Hours worked after 2015 will be based on assumed 1,400 hours 

5. Benefit Accrual Rate of $80 for all years of pension service but 

RA equal 60 with a 6%/yr reduction if retire at age 55, 56 or 57 and 3%/yr 

if retire at age 58 or 59 
!SECTION 2. PLAN DESCRIPTION (CONT'D) 

CENSUS OF ACTIVE PARTICIPANTS 

Table 3. depicts the active participants as of 1/1/2016. 

TABLE 3. 

CENSUS OF ACTIVE PARTICIPANTS 

AGE 

GROUP 

20-24 .................... ..... .. ............................................. .. .... ... . 

25-29 

45-49 .. .................. ............... ......................................... . 

50-54 ......................................... . .. .................... .. .. ........ .. 

55-59 ............. ........... ......... ................... ....... .................. . 

Unknown 

Total 

IBEW Local 237 Pension Plan 

0-4 

9 

6 

2 

2 

0 

0 

20 

5-9 10-14 

1 

9 3 

7 7 

3 9 

1 0 

0 2 

2 1 

0 2 

23 24 

YEARS OF PENSION SERVICE TO 12/31/15 

15-19 20-24 25-29 30-34 

2 

4 6 3 1 

5 5 2 3 

3 4 5 7 

2 4 6 2 

2 1 4 1 

16 22 20 14 

35-39 40& TOTAL 

OVER 

10 

18 

18 

28 

1 1 18 

4 4 29 

3 9 30 

9 19 

8 23 170 

5 
SCHEDULE B ATTACHMENT LINE #7 

LOCAL 237 I.B.E.W. PENSION PLAN 

E.I.N. 16-6094914 PLAN NUMBER 001 

AMORTIZATION RECORD IN SUPPORT OF FUNDING STANDARD ACCOUNT FOR 2016 

OUTSTANDING 

DATE OF FIRST YEARS BALANCE AMORTIZATION 

AMORTIZATION CHARGES CHARGE OR CREDIT REMAINING BEGINNING OF YEAR CHARGE OR CREDIT 

Combined IRC 412 Base 01/01/2002 11 26,581 ,305 3,312,898 

Actuarial Loss 01/01/2002 6 4,840,358 949,053 

Actuarial Loss 01/01/2003 7 3,421,462 593,330 

Actuarial Loss 01/01/2005 9 2,260,701 324,287 

Actuarial Loss 01/01/2006 10 1,115,330 148,409 

Actuarial Loss 01/01/2007 6 1,009,166 197,868 

ENIL Loss 01/01/2009 22 3,159,367 266,939 

Actuarial Loss 01/01/2009 8 454,599 71,150 

Actuarial Loss 01/01/2010 9 1,190,136 170,719 

Actuarial Loss 01/01/2011 10 799,042 106,323 

Actuarial Loss 01/01/2012 11 1,854,977 231,191 

Actuarial Loss 01/01/2013 12 660,535 77,722 

Actuarial Loss 01/01/2014 13 430,299 48,117 

Actuarial Loss 01/01/2015 14 2,058,739 220,006 

Assumotion Change 01/01/2016 15 3,159,250 324,176 

Total Charges 52,995,265 7,042,188 

Assumption Change 01/01/2003 22 841,843 71,129 

Asset Valuation Method Change 01/01/2003 2 961,477 496,996 

Actuarial Gain 01/01/2004 8 1,091,624 170,852 

Funding Method Change 01/01/2005 4 1,774,543 489,622 

Actuarial Gain 01/01/2008 7 965,371 167,409 

Special Asset Valuation 01/01/2009 23 2,064,870 171,199 

ENIL Gain 01/01/2010 22 1,200,178 101,405 

Actuarial Gain 01/01/2016 15 712,577 73,119 

Total Credits 9,612,484 1,741 ,731 
Schedule MB (2016), Line 11 

Justification of Change in Actuarial Assumptions 

IBEW Local 23 7 Pension Plan 

EIN: 16-6094914 PN: 001 

The interest rate assumption was changed from 7.5% per year to 7.0% per year. We modified 

this assumption to better reflect future plan experience. 
SCHEDULE R

(Form 5500)

Department of the Treasury

Internal Revenue Service

Department of Labor

Employee Benefits Security Administration

Pension Benefit Guaranty Corporation

Retirement Plan Information

This schedule is required to be filed under sections 104 and 4065 of the 

Employee Retirement Income Security Act of 1974 (ERISA) and section 

6058(a) of the Internal Revenue Code (the Code).

 File as an attachment to Form 5500.

OMB No. 1210-0110

2016

This Form is Open to Public 

Inspection.

For calendar plan year 2016 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, see the Instructions for Form 5500. Schedule R (Form 5500) 2016

v. 160205

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

IBEW LOCAL UNION NO. 237 PENSION PLAN

001

0

01/01/2016

IBEW LOCAL 237 PENSION PLAN BOARD OF TRUSTEES

X

16-6094914

X

12/31/2016

X
 Schedule R (Form 5500) 2016 Page 2 - 1- x

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): _______________________________

X

X

X

X

05

05

2018

1

2018

2018

2018

05

2018

05

05

05

12.25

12.25

98-0361702

16-0950645

16-1361161

16-1068755

16-0747878

16-0430730

12.25

12.25

12.25

12.25

X

X

FERGUSON ELECTRIC

FREY ELECTRIC

24

27

O'CONNELL ELECTRIC

27

27

THE STATE GROUP INDUSTRIAL

CIR ELECTRIC

27

INDUSTRIAL POWER & LIGHTING

27

675801

189963

225145

155679

1025911

388806

2018
Schedule R (Form 5500) 2016 Page 3

14 Enter the number of participants on whose behalf no contributions were made by an employer as an employer 

of the participant for:

a The current year................................................................................................................................................

123456789012345

14a

b The plan year immediately preceding the current plan year.............................................................................. 14b 123456789012345

c The second preceding plan year ...................................................................................................................... 14c 123456789012345

15 Enter the ratio of the number of participants under the plan on whose behalf no employer had an obligation to make an 

employer contribution during the current plan year to:

a The corresponding number for the plan year immediately preceding the current plan year............................... 15a 123456789012345

b The corresponding number for the second preceding plan year ....................................................................... 15b 123456789012345

16 Information with respect to any employers who withdrew from the plan during the preceding plan year:

a Enter the number of employers who withdrew during the preceding plan year ............................................... 16a 123456789012345

b If line 16a is greater than 0, enter the aggregate amount of withdrawal liability assessed or estimated to be 

assessed against such withdrawn employers................................................................................................... 16b 123456789012345

17 If assets and liabilities from another plan have been transferred to or merged with this plan during the plan year, check box and see instructions regarding 

supplemental information to be included as an attachment. ....................................................................................................................... X

Part VI Additional Information for Single-Employer and Multiemployer Defined Benefit Pension Plans

18 If any liabilities to participants or their beneficiaries under the plan as of the end of the plan year consist (in whole or in part) of liabilities to such participants 

and beneficiaries under two or more pension plans as of immediately before such plan year, check box and see instructions regarding supplemental 

information to be included as an attachment .......................................................................................................................................................................X

19 If the total number of participants is 1,000 or more, complete lines (a) through (c)

a Enter the percentage of plan assets held as: 

Stock: _____% Investment-Grade Debt: _____% High-Yield Debt: _____% Real Estate: _____% Other: _____%

b Provide the average duration of the combined investment-grade and high-yield debt: 

 X 0-3 years X 3-6 years X 6-9 years X 9-12 years X 12-15 years X 15-18 years X 18-21 years X 21 years or more 

c What duration measure was used to calculate line 19(b)?

X Effective duration X Macaulay duration X Modified duration X Other (specify):

Part VII IRS Compliance Questions

20a Is the plan a 401(k) plan? If “No,” skip b ..................................................................................................... X Yes X No

20b How did the plan satisfy the nondiscrimination requirements for employee deferrals under section

401(k)(3) for the plan year? Check all that apply: ......................................................................................

X Design-based 

safe harbor X “Prior year” ADP test

X “Current year” 

ADP test X N/A

21a What testing method was used to satisfy the coverage requirements under section 410(b) for the plan 

year? Check all that apply: ........................................................................................................................ X

Ratio 

percentage 

test

X Average 

benefit test X N/A

21b Did the plan satisfy the coverage and nondiscrimination requirements of sections 410(b) and 401(a)(4) 

for the plan year by combining this plan with any other plan under the permissive aggregation rules? ....... X Yes X No

22a If the plan is a master and prototype plan (M&P) or volume submitter plan that received a favorable IRS opinion letter or advisory letter, enter the date of 

the letter _____/_____/_____ and the serial number ______________.

22b If the plan is an individually-designed plan that received a favorable determination letter from the IRS, enter the date of the most recent determination 

letter _____/_____/______.
1683721v1

50300.0010

1

REHABILITATION PLAN OF THE

IBEW LOCAL 237 PENSION FUND

To: IBEW Local 237

Western New York Chapter—NECA Inc.

(the “Bargaining Parties”)

Dated: December 3, 2013

Background

On March 30, 2013, the actuary for IBEW Local 237 Pension Fund (the “Pension Fund”) certified 

the Pension Fund to be in critical status under the Pension Protection Act (the “PPA”). This means 

that the Pension Fund is projected to be less than 65% funded and is projected to have an 

accumulated funding deficiency within the next five years. As a result, the PPA requires the 

Pension Fund’s Trustees to adopt a plan of action aimed at restoring the financial health of the 

Pension Fund or, after exhausting all alternatives, forestalling insolvency of the Pension Fund.

Effective Dates

This Rehabilitation Plan consists of two schedules, the preferred schedule and the default schedule. 

These schedules set forth the alternative benefit and contribution amounts that will be required 

under the Pension Fund. The Bargaining Parties are ultimately responsible for selecting which 

schedule will apply to employers and their employees. For purposes of the Rehabilitation Plan, an

employer includes any employer that is a member of the Western New York Chapter-NECA, Inc. 

and any other employer who is required to make contributions to the Pension Fund under a 

collective bargaining agreement, participation agreement, or other agreement.

Because the current bargaining agreement does not expire until May 15, 2015, the new contribution 

levels specified under these Rehabilitation Plan schedules do not take effect until June 1, 2015. 

However, both schedules assume a $.50 per hour increase effective June 1, 2014 as required under 

the collective bargaining agreement. The 10% surcharge continues through May 31, 2015 under the 

preferred plan but continues indefinitely under the default plan.

Default Plan

Under the requirements of the PPA, if the Bargaining Parties do not agree on the preferred schedule, 

a default schedule will be implemented. This default schedule requires that benefits be reduced to 

the maximum extent allowed by law and that employer contributions then be increased to a 

sufficient extent for the Pension Fund to emerge from critical status within the ten years ending 

May 31, 2025.

Benefit accruals are currently less than 1% of employer contributions, which is the lowest rate to 

which benefits may be reduced. However, all early retirement subsidies and disability benefits 
1683721v1

50300.0010

2

would be eliminated under the default plan. In other words, participants would only receive a full 

pension at age 65, and the early retirement reduction would be increased to 7% for each year a 

participant retired prior to age 65.

Under the default plan, employer contributions would increase to $13.30 per hour effective June 1, 

2015, plus a 10% surcharge.

Preferred Schedule

The Trustees feel that the default schedule involves considerable risk to the long-term health (and 

even viability) of the Pension Fund and the industry. It would create a large incentive for 

participants to retire early and put the competitive position of employers at risk.

For that reason, the Trustees decided to recommend a preferred plan which would continue the 

contribution increases called for under the current funding improvement plan, $.50 per hour through 

May 31, 2017, and then increase employer contributions by $.25 per hour beginning June 1, 2018 

and for each of the following ten years.

In addition, effective June 1, 2014, there will be a 6% per year reduction to benefits from age 60 if 

retirement occurs at ages 55, 56 or 57. The 3% reduction will remain for retirements at age 58 or 

59.

Although this preferred plan does not project the Pension Fund to emerge from critical status, it 

does forestall insolvency of the Pension Fund through to the year 2044.

Note that the 10% surcharge becomes effective January 1, 2014 and will remain in effect through 

May 31, 2015.

BOARD OF TRUSTEES

IBEW LOCAL 237 PENSION FUND
I.B.E.W. Local Union No. 237 Pension Plan

Actuarial Report

January 1, 2017

Cowden Associates, Inc.

Four Gateway Center 444 Liberty Avenue, Suite 605 Pittsburgh, PA 15222

412.394.9330 888.889.9432 www.cowdenassociates.com

INTEGRITY EXPERTISE RESULTS EMPLOYEES COMMUNITY
Table of Contents

Page

Remarks..........................................................................................................................................................2

Actuarial Certification.....................................................................................................................................3

Reconciliation of Fund Balance ......................................................................................................................4

Development of Actuarial Asset Value...........................................................................................................5

Investment Return..........................................................................................................................................6

Summary of Participant Activity.....................................................................................................................7

Normal Cost and Actuarial Accrued Liability ..................................................................................................8

Contributions - Minimum...............................................................................................................................9

Contributions - Maximum ............................................................................................................................10

Present Value of Accrued Benefits...............................................................................................................11

Funding Standard Account ...........................................................................................................................12

Actuarial Gain or Loss...................................................................................................................................13

Schedule of Actuarial Liabilities and Amortization Payments......................................................................14

Full Funding Credit........................................................................................................................................16

Full Funding Limitation.................................................................................................................................17

APPENDICES

APPENDIX A – Plan Provisions.................................................................................................................... A-1

APPENDIX B – Actuarial Methods and Assumptions.................................................................................. B-1

APPENDIX C – Justification for Significant Assumptions ............................................................................ B-1
I.B.E.W. Local 237 - 2017 Actuarial Valuation 2

Remarks

Plan Changes

None

Method Changes

The methods of the prior actuary have been reviewed, and the following changes made:

 Beginning in 2017, Cowden Associates, Inc. has been selected to replace Summit Actuarial 

Services, LLC as the Plan Actuary. The change of actuary is considered a change in method. This 

change is granted automatic under IRS Announcement 2015-3.

 A pre-retirement death benefit for terminated vested participants has been included for valuation 

purposes, as required under the Retirement Equity Act of 1984. This change is granted automatic

under Revenue Procedure 2000-40.

Assumption Changes

The assumptions have been reviewed, and the following changes made:

 Expected annual hours has been increased from 238,000 to 262,000 beginning in 2017.

 The retirement assumption has been updated. Please see Appendix B for more details.

 The mortality assumption has been changed from the 1983 Group Annuity Mortality Table for 

males and the 1983 Group Annuity Mortality Table set back 6 years for females to the Society of 

Actuaries’ RPH-2014 Blue Collar Headcount-weighted Mortality Table with scale MP-2015 for 

healthy members and RPH-2014 Disabled Retiree Headcount-weighted Mortality Table with scale 

MP-2015 for disabled members.

 The interest rate used to calculate RPA ’94 current liability has been changed from 3.28% to 3.05% 

to fall within prescribed limitations that fluctuate yearly. The mortality assumption for RPA ’94 

current liability has also been updated as mandated.
Actuarial Certification 

I certify that I have performed an actuarial valuation of the above plan as of January 1, 2017 in 

accordance with generally accepted actuarial principles applied consistently with the preceding 

valuation. 

Participant data was provided by the Administrator. Asset information was provided by the Fund's 

auditor, Chiampou Travis Besaw & Kershner, LLP. 

I certify that the actuarial assumptions described in the "Actuarial Methods and Assumptions" section of 

this report and used in the valuation of plan liabilities for minimum funding standards under IRC §412(b) 

are either individually reasonable or result in total plan contribution equivalent to that obtained if each 

assumption were individually reasonable. I also certify that the assumptions are reasonably related to 

the experience of the plan and to reasonable expectations and represent my best estimate of 

anticipated experience under the plan. I meet the Qualification Standards of the American Academy of 

Actuaries to render this actuarial opinion. 

Where applicable, interest rates and mortality tables were used to meet constraints specified by the 

Internal Revenue Code, as interpreted by the IRS and the actuary. 

To the best of our knowledge this report is complete and accurate. 

Certified by: 

i i o\ b 

D te 

~ 

\ I t. I '7 f ~. <.) 

I.B.E.W. Local 237 - 2017 Actuarial Valuation 3 
I.B.E.W. Local 237 - 2017 Actuarial Valuation 4

Reconciliation of Fund Balance

The following summarizes the transactions in the fund for the period beginning January 1, 2016 and 

ending December 31, 2016.

Market Value at Beginning of Year $ 19,834,494

Receipts

 Employer Contributions 3,098,866

 Interest, Dividends & Other Investment Net Income 384,699

 Realized and Unrealized Investment Gains 1,106,304

Total Receipts 4,589,869

Disbursements

 Benefit Payments 5,065,216

 Administrative Expenses 85,457

 Investment Expenses 131,259

Total Disbursements 5,281,932

Market Value at End of Year $ 19,142,431
I.B.E.W. Local 237 - 2017 Actuarial Valuation 5

Development of Actuarial Asset Value

To reduce volatility in required contributions caused by market fluctuations, a smoothed asset value is 

used in funding calculations. The Actuarial Methods and Assumptions portion of this report describes in 

detail the method used to produce the smoothed value which is calculated below.

Market Value of Assets, January 1, 2016 $ 19,834,494

Employer Contributions 3,098,866

Benefit Payments and Administrative Expenses 5,150,673

Expected Interest at 7.00% 1,296,043

Expected Market Value of Assets, December 31, 2016 19,078,730

Market Value of Assets, December 31, 2016 19,142,431

Investment Gain or (Loss) 63,701

Adjustments

80% of Current Year Gain or (Loss) 50,961

60% of Prior Year Gain or (Loss) (1,566,260)

40% of Second Prior Year Gain or (Loss) (275,695)

20% of Third Prior Year Gain or (Loss) 189,272

0% of Fourth Prior Year Gain or (Loss) 0

10% of Eighth Prior Year Gain or (Loss) (789,883)

Total (2,391,605)

Preliminary Actuarial Value of Plan Assets, December 31, 2016 21,534,036

Actuarial Value of Plan Assets, December 31, 2016, 

not less than 80% and no more than 120% of Market Value $ 21,534,036
I.B.E.W. Local 237 - 2017 Actuarial Valuation 6

Investment Return

Plan Year January 1, 2016 to December 31, 2016

Comparing actual to expected investment return is useful when reviewing the sources of experience 

gains and losses. Various measures of rate of return are available. Below are two such measures; a 

dollar weighted rate of return and a simplified version required for IRS reporting. The dollar weighted 

rate of return adjusts for the timing of contributions, while the simplified calculation assumes all 

transactions are spread uniformly through the year.

Dollar-Weighted Rate of Return on Actuarial Value of Assets

 Interest rate 7.00%

 Actuarial Value of Assets at beginning of the year 23,478,943

 Interest on Actuarial Value of Assets to end of the year 1,643,526

 Employer and employee contributions for the period 3,098,866

 Interest on contributions from date paid (or deemed 

paid) to the end of the year 102,676

 Disbursements for period 5,150,673

 Interest on disbursements from date of payment to the 

end of the year 180,274

 Expected Actuarial Value of Assets at the end of the year 22,993,064

 Actuarial Value of Assets at end of the year 21,534,036

 Interest gain or (loss) (1,459,028)

 Excess gain (+) or loss (-) rate (6.52%)

 Total return 0.48%

Time-Weighted Rate of Return (used for Schedule MB reporting)

 Actuarial Value of Assets at beginning of the year 23,478,943

 Actuarial Value of Assets at end of the year 21,534,036

 Dollar Investment Return under Asset Valuation method 106,900

 Rate of Return 0.48%

Time-Weighted Rate of Return on Market Value

 Market Value of Assets at beginning of the year 19,834,494

 Market Value of Assets at end of the year 19,142,431

 Dollar Investment Return, Net of Investment Expenses 1,359,744

 Rate of Return 7.23%
I.B.E.W. Local 237 - 2017 Actuarial Valuation 7

Summary of Participant Activity

Plan Year January 1, 2016 to December 31, 2016

The following table traces the number of participants by category from the prior valuation date to the 

current valuation date. This table is based on census data provided by the plan sponsor.

Active

Terminated 

Vested Retired

Surviving 

Spouse Disabled Total

Participants at the

Beginning of the Year 170 61 120 24 25 400

New Participants 1 0 0 0 0 1

Return to Work

From Vested

From Nonvested

From Disabled

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Nonvested 

terminations 0 0 0 0 0 0

Vested Terminations 0 0 0 0 0 0

Disabilities 0 0 0 0 0 0

Retirements (1) 0 1 0 0 0

Deaths 0 0 (2) (1) (2) (5)

New Beneficiaries 0 0 0 3 0 3

Cashed Out 0 0 0 0 0 0

Adjustments 0 0 1 0 0 1

Participants at the

End of the Year 170 61 123 26 23 400
I.B.E.W. Local 237 - 2017 Actuarial Valuation 8

Normal Cost and Actuarial Accrued Liability

Plan Year January 1, 2017 to December 31, 2017

The unit credit actuarial cost method develops normal cost and actuarial accrued liability separately for 

each individual in the plan. The normal cost is the present value of that portion of the individual’s 

projected benefits allocated to the current year. The individual’s actuarial accrued liability is the portion 

of the individual’s present value of projected benefits that will not be covered by this year’s normal cost 

and the present value of future normal costs.

The table below presents the sum of these items over all individuals covered by the valuation, including 

the expense allowance added to the total normal costs attributable to benefits.

Current Year Prior Year

Actuarial Present Value of Projected Benefits

 Active $ 30,297,014

 Benefit Recipients 46,100,714

 Terminated Vested 6,507,340

Total $ 82,905,068

Normal Cost

 Benefits $ 953,188 $ 845,799

 Expenses 110,000 110,000

Total $ 1,063,188 $ 955,799

Actuarial Accrued Liability

 Active $ 21,436,722 $ 18,404,098

 Benefit Recipients 46,100,714 41,969,020

 Terminated Vested 6,507,340 5,638,332

Total $ 74,044,776 $ 66,011,450
I.B.E.W. Local 237 - 2017 Actuarial Valuation 9

Contributions - Minimum

Plan Year January 1, 2017 to December 31, 2017

The following table develops the minimum required contribution for the plan years shown below. If the 

full funding limitation applies, the minimum contribution is reduced or eliminated.

Current Prior

Plan Year Plan Year

Minimum Contribution

 Normal Cost $ 1,063,188 $ 955,799

 Net Amortization Payments 6,242,413 5,300,457

 Funding Standard Account Credit Balance 2,582,859 (850,274)

 Net Interest to end of plan year 692,192 378,419

 Full Funding Credit 0 0

 Minimum Contribution Payable at end of Plan Year $ 10,580,652 $ 5,784,401
I.B.E.W. Local 237 - 2017 Actuarial Valuation 10

Contributions - Maximum

Plan Year January 1, 2017 to December 31, 2017

The following table develops the maximum deductible contribution for the contributing employers’ 

fiscal years. Since deductibility of contributions can be affected by factors not considered in this 

valuation, the contributing employers should seek the advice of tax counsel with respect to the 

consequences of any contribution. The deduction limit is calculated for the plan year; each employer is 

responsible for application of the limit to the appropriate fiscal year.

Current

Plan Year

Maximum Contribution

 Normal Cost $ 1,063,188

 Amortization Payments 6,987,241

 Interest to the end of plan year 563,530

Subtotal 8,613,959

 Minimum Contribution 10,580,652

 Full Funding Limitation (FFL) 89,496,797

 Maximum Contribution at End of Fiscal Year 

without regard to Unfunded Current Liability: 

Greater of Subtotal and Minimum Contribution, 

but not more than FFL 10,580,652

 Contribution to Fund 140% of Current Liability 149,183,069

 Maximum Contribution at End of Fiscal Year $ 149,183,069
I.B.E.W. Local 237 - 2017 Actuarial Valuation 11

Present Value of Accrued Benefits

Plan Year January 1, 2016 to December 31, 2016

The following table shows the benefits accrued by the plan participants on a “going-concern” basis. If 

the plan were terminated, all benefits would become fully vested; payment of all benefits would then be 

as described in the plan document and as specified by PBGC and IRS regulations; and present values 

might differ from the amounts shown below. The present values shown are based on the actuarial 

assumptions outlined in the “Actuarial Methods and Assumptions” section.

Current Prior

Plan Year Plan Year

Present Value of Accrued Plan Benefits

Vested Benefits

 Active $ 20,155,697 $ 18,242,850

 Benefit Recipients 46,100,714 41,969,020

 Terminated Vested 6,507,340 5,638,332

Subtotal $ 72,763,751 $ 65,850,202

Nonvested Benefits 1,281,025 161,248

Total $ 74,044,776 $ 66,011,450

Market Value of Assets 19,142,431 19,834,494

Benefit Security Ratio 25.85% 30.05%

Change in Present Value of Accrued Plan Benefits

Present Value at Beginning of the Year $ 66,011,450

Increase (decrease) due to

 Decrease in discount period 4,446,517

 Benefits Paid (5,065,216)

 Change in Actuarial Assumptions 5,153,079

 Plan Amendments 0

 Benefits accumulated and plan experience 3,498,946

Subtotal 8,033,326

Present Value at End of the Year $ 74,044,776
I.B.E.W. Local 237 - 2017 Actuarial Valuation 12

Funding Standard Account

Plan Year January 1, 2016 to December 31, 2016

The following develops the funding standard account as of December 31, 2016. The funding standard 

account demonstrates that the plan has met the minimum funding requirements through the prior plan 

year.

Prior Year Credit Balance $ 850,274

Increases

 Employer Contributions 3,098,866

 Amortization Credits 1,741,731

 Interest 284,116

 Total Increases 5,124,713

Decreases

 Normal Cost (955,799)

 Amortization Charges (7,042,188)

 Interest (559,859)

Total Decreases (8,557,846)

Credit Balance $ (2,582,859)
I.B.E.W. Local 237 - 2017 Actuarial Valuation 13

Actuarial Gain or Loss

Plan Year January 1, 2016 to December 31, 2016

The following table develops the actuarial gain or loss for the prior plan year. The gain or loss measures 

the difference between actual experience and that expected based upon the actuarial assumptions in 

effect for the prior plan year and unfunded actuarial accrued liability determined under the entry age 

actuarial cost method. Other changes in the unfunded actuarial accrued liability are not considered 

gains or losses and are treated separately. Gains or losses and other changes are amortized over varying 

periods.

Unfunded Amount at Beginning of the Year $ 42,532,507

 Normal Cost 955,799

 Interest 3,044,181

 Employer Contributions 3,098,866

 Interest on Employer Contributions from Date Paid 102,676

 Subtotal 43,330,945

 Additional Liability due to

 Plan Amendments 0

 Method Changes 0

 Assumption Changes 5,153,079

Total 5,153,079

Expected Unfunded Amount at End of the Year $ 48,484,024

Unfunded Amount at End of the Year

 Actuarial Accrued Liability $ 74,044,776

 Actuarial Value of Assets 21,534,036

 Unfunded Amount 52,510,740

Actuarial (Gain) or Loss $ 4,026,716

(difference between actual and expected unfunded amounts)
I.B.E.W. Local 237 - 2017 Actuarial Valuation 14

Schedule of Actuarial Liabilities and Amortization Payments

MINIMUM FUNDING

Initial Date Remaining

Amount Established Period Balance Payment

Charges

Combined Charges 1/1/2002 10.0 $ 24,897,195 $ 3,312,898

Experience Loss 02 1/1/2002 5.0 4,163,696 949,053

Experience Loss 03 1/1/2003 6.0 3,026,101 593,330

Experience Loss 05 1/1/2005 8.0 2,071,963 324,287

Experience Loss 06 1/1/2006 9.0 1,034,605 148,409

Experience Loss 07 1/1/2007 5.0 868,089 197,868

ENIL Loss 1/1/2009 21.0 3,094,898 266,939

Experience Loss 09 1/1/2009 7.0 410,290 71,150

Experience Loss 10 1/1/2010 8.0 1,090,776 170,719

Experience Loss 11 1/1/2011 9.0 741,209 106,323

Experience Loss 12 1/1/2012 10.0 1,737,451 231,191

Experience Loss 13 1/1/2013 11.0 623,610 77,722

Experience Loss 14 1/1/2014 12.0 408,935 48,117

Experience Loss 15 1/1/2015 13.0 1,967,445 220,006

Assumption Change $ 3,159,250 1/1/2016 14.0 3,033,529 324,176

Assumption Change 17 5,153,079 1/1/2017 15.0 5,153,079 528,767

Experience Loss 17 4,026,716 1/1/2017 15.0 4,026,716 413,189

Subtotal $ 58,349,587 $ 7,984,144

Credits

Assumption Change 1/1/2003 1.0 $ 496,996 $ 496,996

Asset Valuation Method Change 1/1/2003 0 21.0 824,664 71,129

Experience Gain 04 1/1/2004 0 7.0 985,226 170,852

Funding Method Change 05 1/1/2005 0 3.0 1,374,865 489,622

Experience Gain 08 1/1/2008 0 6.0 853,819 167,409

Special Asset Valuation 1/1/2009 0 22.0 2,026,229 171,199

ENIL Gain 10 1/1/2010 0 21.0 1,175,687 101,405

Experience Gain 16 1/1/2016 0 14.0 684,220 73,119

Subtotal $ 8,421,706 $ 1,741,731

Net Amortization Balance and Payment $ 49,927,881 $ 6,242,413

Credit Balance as of January 1, 2017 (2,582,859)

Unfunded Liability $ 52,510,740
I.B.E.W. Local 237 - 2017 Actuarial Valuation 15

Schedule of Actuarial Liabilities and Amortization Payments (Continued)

MAXIMUM FUNDING

Initial

Amount Payment Balance

Limit

Adjustment

Amortization Bases

Fresh Start 2017 $ 52,510,740 $ 6,987,241 $ 52,510,740 $ 6,987,241

Subtotal $ 52,510,740 $ 6,987,241
I.B.E.W. Local 237 - 2017 Actuarial Valuation 16

Full Funding Credit

Plan Year January 1, 2017 to December 31, 2017

Plans affected by the full funding limitation must develop a full funding credit to be used when 

calculating the minimum contribution. Additional interest, if any, will be determined at the end of the 

plan year, and may increase the full funding credit.

Charges

 Normal Cost $ 1,063,188

 Amortization and Waiver Charge Payments 7,984,144

 Interest 633,313

 Additional Funding Charge 0

Total Charges 9,680,645

Credits

 Amortization Credit Payments 1,741,731

 Interest 121,921

 Other Credits 0

Total Credits 1,863,652

Full Funding Limitation for Minimum Contribution

 Based on Unit Credit Actuarial Cost Method 57,119,461

 RPA ’94 Full Funding Limitation Floor 89,496,797

Full Funding Credit

 Based on Unit Credit Method: 0

 Based on Current Liability: 0
I.B.E.W. Local 237 - 2017 Actuarial Valuation 17

Full Funding Limitation

Plan Year January 1, 2017 to December 31, 2017

Development of Full Funding Limits – Minimum Contribution Basis

100% Actuarial Accrued Liability Full Funding Limit (FFL)

 Actuarial Accrued Liability at Beginning of the Year $ 74,044,776

 Normal Cost 1,063,188

 Value of Assets at Beginning of the Year

 Lesser of Actuarial and Market Value 19,142,431

 Credit Balance (2,582,859)

 Adjusted Plan Assets 21,725,290

 Interest at 7.00% to End of Year

 On Actuarial Accrued Liability and Normal Cost 5,257,557

 Adjusted Plan Assets 1,520,770

100% Actuarial Accrued Liability FFL 57,119,461

Estimated RPA ’94 Current Liability as of End of Year

 Current Liability at Beginning of the Year

 Active Vested $ 41,552,058

 Active Non-vested 1,917,379

 In Pay Status 62,935,406

 Terminated Vested 11,928,472

Total 118,333,315

 Current Liability Normal Cost 2,093,101

 Estimated Benefit Payments 4,916,507

 Interest at 3.05% to End of Year

 On Current Liability and Current Liability Normal Cost 3,949,986

 On Estimated Benefit Payments 87,350

Estimated RPA ’94 Current Liability as of End of Year 119,372,545

Estimated Assets for 90% RPA ’94 Current Liability FFL

 Actuarial Value of Assets at Beginning of the Year $ 21,534,036

 Estimated Benefit Payments 4,916,507

 Estimated Interest at 7.00% to End of Year

 On Actuarial Value of Assets 1,507,383

 On Estimated Benefit Payments 186,418

Estimated Assets as of End of Year 17,938,494

90% RPA ’94 Current Liability FFL Floor

90% of Current Liability as of End of Year 107,435,291

90% Current Liability Full Funding Limit Floor $ 89,496,797
I.B.E.W. Local 237 - 2017 Actuarial Valuation 18

Full Funding Limitation (Continued)

Plan Year January 1, 2017 to December 31, 2017

Development of Full Funding Limits – Maximum Contribution Basis

100% Actuarial Accrued Liability FFL

 Actuarial Accrued Liability at Beginning of the Year $ 74,044,776

 Normal Cost 1,063,188

 Value of Assets at Beginning of the Year

 Lesser of Actuarial and Market Value 19,142,431

 Contributions included in Assets but not yet deducted 0

 Applicable Assets 19,142,431

 Interest at 7.00% to End of Year

 On Actuarial Accrued Liability and Normal Cost 5,257,557

 Adjusted Plan Assets 1,339,970

100% Actuarial Accrued Liability FFL 59,883,120

Estimated RPA ’94 Current Liability as of End of Year

 Current Liability at Beginning of the Year $ 118,333,315

 Current Liability Normal Cost 2,093,101

 Estimated Benefit Payments 4,916,507

 Interest at 3.05% to End of Year

 On Current Liability and Current Liability Normal Cost 3,949,986

 On Estimated Benefit Payments 87,350

Estimated RPA ’94 Current Liability as of End of Year 119,372,545

Estimated Assets for 100% RPA ’94 Current Liability FFL

 Actuarial Value of Assets at Beginning of the Year $ 21,534,036

 Contributions Included in Assets but not yet deducted 0

 Estimated Benefit Payments 4,916,507

 Estimated Interest at 7.00% to End of Year

 On Actuarial Value of Assets 1,507,383

 On Estimated Benefit Payments 186,418

Estimated Assets as of End of Year 17,938,494

90% RPA ’94 Current Liability FFL Floor

90% of Current Liability as of End of Year 107,435,291

90% Current Liability Full Funding Limit Floor 89,496,797

Contributions to Fund 140% of End of Year Current Liability $ 149,183,069
IBEW Local 573 - 2017 Actuarial Report A - 1

APPENDIX A

Plan Provisions

Effective January 1, 1976

The following is a summary of the major provisions of the plan as of January 1, 2017. Refer to the plan 

document for a more complete description of the most recent plan provisions.

Participation The first day of the Plan Year in which at least 500 hours of Vesting Service is 

earned.

Credited 

Employment

Prior to May 1, 1966, one year of Pension Service for each Plan Year with at least 

500 Hours of Service.

From May 1, 1966 through December 31, 1975, one year of Pension Service for 

each Plan Year with at least 1,400 Hours of Service. If less than 1,400 Hours of 

Service, 1/8 year of Pension Service for each 175 Hours of Service.

From January 1, 1976 through December 31, 2008, 0.001 years of Pension service 

for each Hour of Service.

After January 1, 2008, 0.1 year of Pension Service for every 100 Hours of Service, 

limited to 1.4 years of Pension Service per Plan Year. For members earning less 

than the Basic Journeyman’s hourly rate, service is credited on a proportional basis.

Accrued

Benefit

A monthly benefit equal to $85 for each year of Pension Service earned prior to 

January 1, 2009 and $80 for each year of Pension Service earned thereafter.

Normal 

Retirement

Eligibility: Age 65.

Benefit: The Accrued Benefit.

Early 

Retirement

Eligibility: Age 55 with 15 years of Pension Service or 5 years of Vesting Service.

Benefit: The Accrued Benefit reduced by 0.5% for each month from retirement age 

to age 58 and 0.25% for each month from the greater of retirement age and age 58 

to age 60.
IBEW Local 573 - 2017 Actuarial Report A - 2

APPENDIX A

Plan Provisions (continued)

Vested 

Termination

Eligibility: Five Years of Vesting Service.

Benefit: The Accrued Benefit payable in full at Normal Retirement Date or in a 

reduced amount under the Early Retirement provisions.

Disability 

Retirement

Eligibility: Total and Permanent Disability at any age with at least 7 years of 

Pension Service or Vesting Service with eligibility based on Social Security approval.

Benefit: The Accrued Benefit at the date of disability payable immediately without 

reduction.

Pre-Retirement 

Death

Upon the death of an active participant before retirement but after eligibility for 

early retirement, the surviving spouse will receive 50% of the amount the 

participant would have received, had the participant retired and elected this 

option.

Upon the death of an active participant who was ineligible for, or who waived 

rights to the benefit in the previous paragraph, the beneficiary shall receive the 

excess of 100% of contributions over the total amount of any pension payments 

made prior to death.

Method of 

Payment

The normal form of benefit is a Straight-Life Annuity. A level Income Option and 

50%, 75%, and 100% Joint and Survivor Annuity benefits are provided on an 

actuarially reduced basis.

Contributions The projections reflect the contribution rates included in the current Collective 

Bargaining Agreement as follows:

Effective June 1, 2015 - $11.75

Effective May 30, 2016 - $12.25

Effective May 29, 2017 - $12.75
IBEW Local 573 - 2017 Actuarial Report B - 1

APPENDIX B

Actuarial Methods and Assumptions

As of January 1, 2017

Interest Rates Current Year Prior Year

Minimum/Maximum Funding 7.00% 7.00%

Present Value of Accrued Benefits 7.00% 7.00%

Full Funding Limitation

Maximum Basis 3.05% 3.28%

RPA Current Liability 3.05% 3.28%

Mortality Healthy: RP-2014 Combined Healthy Blue Collar Headcount Weighted Mortality 

Table, with fully generational projection using scale MP-2015

Disabled: RP-2014 Disabled Retiree Headcount Weighted Mortality Table, with 

fully generational projection using scale MP-2015

Last year’s valuation used 1983 Group Annuity Mortality Table (male rates) with a 

6-year setback for females.

Turnover None.

Retirement Based on age as follows:

Age Rate

55 10%

56-57 5

58 20

59 10

60 75

61-64 25

65 100

Terminated vested participants are assumed to retire at age 65. Last year rates 

were 100% at age 60.

Disability 1973 Disability Model, Transactions of Society of Actuaries, XXVI. Sample rates are 

as follows:

Age Rate

25 0.0008

35 0.0012

45 0.0032

55 0.0122
IBEW Local 573 - 2017 Actuarial Report B - 2

APPENDIX B

Actuarial Methods and Assumptions (continued)

Expenses The normal cost is increased by $110,000 for non-investment related expenses.

Percent 

Married

80% of the participants are assumed to be married with the female spouse three 

years younger than the male spouse.

Asset Valuation Plan assets are carried at market value with a 5 year averaging of the difference 

between actual and expected investment performance. The Actuarial Value of 

Assets is subject to limits of 80% and 120% of Market Value.

Funding 

Method

Unit Credit. The unit credit actuarial cost method develops normal cost and 

actuarial accrued liability separately for each individual in the plan. The normal 

cost is the present value of the individual’s benefits expected to be earned in the 

current year. The individual’s actuarial accrued liability is the present value of the 

individual’s benefits earned in previous years.

Incomplete 

Data

Beneficiary date of birth is missing for one participant. The beneficiary is assumed 

to be three years younger than the participant.

Benefit Accrual 

Rate

Pension credits and expected contributions were projected on the assumption that 

all active participants would work annual hours equal to the average of the prior 

three years, with contribution rates set forth in the current collective bargaining 

agreement(s).

Calculation of 

Actuarial 

Present Value 

of Accrued Plan 

Benefits

The actuarial present value of accrued benefits has been calculated as of the 

valuation date, based upon the Plan specifications then in effect and upon each 

participant’s age and service as of that date. These calculations consider the same 

actuarial assumptions as were used in the actuarial valuation.
IBEW Local 573 - 2017 Actuarial Report C - 1

APPENDIX C

Justification for Significant Assumptions

Mortality – 

Base Table

The plan population is too small to be considered statistically credible. The 

assumption was set by considering recent mortality studies.

Mortality – 

Projection

The plan population is too small to be considered statistically credible. The 

assumption was set by considering recent mortality studies.

Retirement The assumption was selected based upon a study of recent plan experience.

Turnover The assumption was set by the prior actuary.

Funding 

Interest Rates

This assumption is set based upon expectations of the Fund manager for, both, the 

current and long-term expectations of return on plan investments, based upon the 

current asset allocation.

Administrative 

Expenses

The prior year's administrative expenses reduced for irregularly occurring items are 

the most recent experience, self-adjusting annually, and, as such, were considered 

the best indication of the next year expense level.

This list constitutes the significant assumptions used in the valuation of plan obligations.
1.8.E.W. LOCAL 237 

PENSION PLAN 

ACTUARIAL VALUATION REPORT 

EFFECTIVE JANUARY 1, 2016 
To: Trustees, 

SUMMIT 

ACTUARIAL SERVICES, LLC 

123 Preakness Dr. 

Mount Laurel, NJ 08054 

856-802-9130 

1.8.E.W. Local 237 Pension Fund 

Re: Report On Actuarial Valuation Of Plan As Of January 1, 2016 

Date: April 2017 

The following is our report to you dealing with the actuarial valuation we have made of the 

1.8.E.W. Local 237 Pension plan as of January 1, 2016. 

Actuarial Status 

Keep in mind, as you review this report, that the actuarial position of the pension plan as of 

January 1, 2016 was directly related to the investment rate of return experienced for the years 

prior to 2016. We have subjected the plan to measurement by several yardsticks. These tests 

and results are: 

1. Management of unfunded actuarial accrued liability: currently does not fund based on 

actuarial value of assets. 

2. Benefit security ratio: 30% (36% based on the provisions of the Pension Protection Act) 

3. Compliance with federal minimum funding requirements: accumulated surplus. 

4. Unfunded vested liability for employer withdrawal liability purposes: $46,015,708. 

5. Compliance with federal tax deductibility limits for expected employer contributions for 

2016. 

Items Of Note 

1. The market value investment yields of -3.73% for 2011, -19.45% for 2008, -14.69% for 

2002 and -19. 72% for 2001 continue to be the major reasons for the resulting position of 

the Pension Fund for the year ending 12/31/2015. 

IBEW Local 237 Pension Plan 
2. Long-term financial and actuarial stability is contingent upon future investment rates of 

return, employer contributions and work hours. As noted above, this is due primarily 

to the investment rates of return experienced by the Pension Fund over the last ten 

year period arid, specifically, the investment rates of return during 2001, 2002, 

2008 and 2011. 

We appreciate the opportunity to have made this study for you. We are available to discuss 

possible options. If there are items that you would like included in future reports, please do not 

hesitate to contact us. 

IBEW Local 237 Pension Plan 
CONTENTS 

SECTION DESCRIPTION PAGE 

1. 

2. 

3. 

4. 

5. 

6. 

7. 

INTRODUCTION ............................................................................ .. .. . 

PLAN DESCRIPTION ..................................................................... .... . 

RECENT FISCAL ACTIVITY ................................................. ............ .. . 

ACTUARIAL STATUS ................................................ ... ....... ............... . 

EMPLOYER WITHDRAWAL LIABILITY ............................................. .. 

FEDERAL MINIMUM FUNDING REQUIREMENTS ............................ . 

ACTUARIAL CERTIFICATION .................................. ..... ... ...... .. .. ........ . 

IBEW Local 237 Pension Plan 

1 

2 

7 

10 

20 

21 

23 
TABLES 

TABLE DESCRIPTION PAGE 

1. 

2. 

2. 

4. 

5. 

6. 

7. 

8. 

9. 

10. 

11. 

12. 

13. 

PLAN PROVISIONS ........ ................ ........... ............................................ . 

BENEFIT ELIGIBILITY ............................................................................ . 

CENSUS OF ACTIVE PARTICIPANTS ........... .. ...................... .. ............. . 

RECONCILIATION OF PARTICIPANT DATA ..... ..................... ............. .. . 

PLAN FISCAL ACTIVITY: FIVE YEARS ........ ....................... .. .. ............. . 

MATHEMATICAL ANALYSIS OF PLAN INVESTMENT YIELD: 

FIVE YEARS .............................................................................. .......... .. . . 

ACTUARIAL ACCRUED LIABILITY: FIVE YEARS ................................. . 

DETAILS OF CHANGE IN UNFUNDED ACTUARIAL ACCRUED 

LIABILITY FROM 1/1/2015 TO 1/1/2016 ........................................ ........ . 

FUTURE ANNUAL FISCAL ACTIVITY: ONE YEAR .......... ........ ............. . 

PRESENT VALUE OF ACCUMULATED PLAN BENEFITS: 

FIVE YEARS .................................................................................. ........ .. 

DETAILS OF CHANGE IN ACTUARIAL PRESENT VALUE OF 

ACCUMULATED PLAN BENEFITS FROM 1/1/2015 TO 1/1/2016 .. ...... .. 

VALUE OF UNFUNDED VESTED BENEFITS FOR EMPLOYER 

WITHDRAWAL LIABILITY PURPOSES ................................................. .. 

FUNDING STANDARD ACCOUNT ......................................... .. ............. . 

IBEW Local 237 Pension Plan 

2 

4 

5 

6 

8 

9 

11 

14 

16 

17 

18 

20 

22 
SECTION 1. INTRODUCTION 

PURPOSE OF ACTUARIAL VALUATION 

The valuation of the pension plan is intended to reveal the relationship between the plan's 

liabilities and its assets so that the Tr,ustees can be made aware of how well they are performing 

the task of using pension plan monies for the maximum membership benefits with reasonable 

assurance that such benefits will, indeed, be provided. The valuation lets the Trustees know if a 

modification in the plan's benefits is called for when matched against the developing experience 

of the entire program. 

SPONSORSHIP 

The valuation was sponsored by the Trustees. The valuation and this report were directed by 

Frank Iannucci, a member of the American Academy of Actuaries and the Society of Pension 

Actuaries. He is also the plan's "enrolled actuary" (retained in compliance with ERISA). 

EFFECTIVE DATE 

The effective date of the valuation is January 1, 2016; the effective date of the data provided to 

our firm is the same. Actuarial valuations are performed annually. 

ACCOUNTING BASIS 

The accounting basis employed in this report is, unless specifically stated otherwise, the 

"accrual" basis employed by the plan's independent auditor. 

ASSET VALUATION METHOD 

Assets are valued using an actuarial method that spreads gains and losses over a five-year 

period. 

INVESTMENT YIELD CALCULATION METHOD 

Investment yield is shown on the "total return" basis which includes the effect of appreciation or 

depreciation in the value of the plan's assets, whether realized or not. 

ROUNDING 

In some tables in this report details may not add to the total (or subtotal) shown due to rounding. 

"YEAR" 

Plan records are kept on a "plan year" basis. The plan year is the 12 consecutive month period 

that starts with January 1st and ends with the following December 31st. In this report, when a 

calendar year is associated with a plan year in a column heading or otherwise, the calendar 

year designation refers to the plan year ending within that calendar year. For example, "2015" 

refers to the plan year ending 12/31/2015. 

IBEW Local 237 Pension Plan 
SECTION 2. PLAN DESCRIPTION 

IN GENERAL 

The plan is funded through employer contributions and investment yield on the plan funds. 

Coverage is afforded participants working in the Local 237 jurisdiction for employers with 

collective bargaining agreements providing for contributions to the plan. 

PLAN PROVISIONS 

A summary of the major plan provisions in effect as of 1/1/2016 is contained in Table 1. 

TABLE 1. 

PLAN PROVISIONS 

VESTING SERVICE: 

Time Period Years Of Vesting Service Earned 

After1975 one year for each year in which at least 1,000 hours of 

pension service or related service is earned 

ELIGIBILITY FOR BENEFITS: 

Type Of Benefit Age Requirement Service Requirement 

Normal Pension 60 5 years of vesting service 

Early Pension 55 5 years of vesting service 

Disability Pension Under normal pension age 7 years of pension or vesting 

service and receiving Social 

Security disability benefit 

Lump Sum Death Benefit none some pension service 

Pre-Pension Surviving none vested and married for one 

Spouse Pension year 

Vesting none 100% vested with at least 5 

years of vesting service 

IBEW Local 237 Pension Plan 2 
SECTION 2. PLAN DESCRIPTION (CONT'D) 

BENEFITS: 

Type 

Normal Pension 

Early Pension 

Disability Pension 

Lump Sum Death Benefit 

Pre-Pension Surviving 

Spouse Pension 

Post-Pension Surviving 

Spouse Pension 

Amount 

$80.00 for each year of 

pension service earned after 

2008 and $85 for each year 

earned prior to 2009 

same as normal but reduced 

1 /2 of 1 % for each month 

prior to age 58 and 1⁄4 of 1 % 

prior to normal pension date 

same as normal pension 

Employer contributions less 

pension payments received 

married couple benefit 

married couple benefit 

OPTIONS AT NORMAL AND EARLY PENSION AGE: 

Type Amount 

Life Only same as normal 

Married Couple actuarially reduced with 

100%, 75% or 50% payable 

to surviving spouse 

Level Income 

actuarially equivalent to a 

normal or early pension 

under the life only option 

IBEW Local 237 Pension Plan 

life of 

spouse 

life 

Duration 

life 

life 

life 

Lump sum 

life 

life 

Duration 

life 

both pensioner and 

3 
SECTION 2. PLAN DESCRIPTION (CONT'D) 

PARTICIPANTS 

It is important to remember that the plan has a liability for those already receiving benefits and 

also a liability for the earned pensions of those participants who are not yet on pension. 

As of January 1, 2016 there were 169 pensioners, 170 active participants and 61 separated 

vested participants included in the valuation. 

Table 2. indicates how many of the active participants are currently eligible for the several types 

of benefits in the plan, based on pension service earned as of 12/31/2015. 

TABLE 2. 

BENEFIT ELIGIBILITY: ACTIVE PARTICIPANTS AT 1/1/2016 

NUMBER NUMBER NOT 

TYPE OF BENEFIT ELIGIBLE ELIGIBLE 

Normal Pension ................. .......................... 0 170 

Early Pension ....... .... ...... .............................. 19 151 

Disability Pension ............. ................. ........... 140 30 

Vesting ... .................. .. ................. .. .. ............. 149 21 

Surviving Spouse Pension ..................... ... ... 149 21 

The average age of the active participants as of 1/1/2016 is 41 years, their average accrued 

pension service is 21 years and the average hours worked during 2015 was approximately 

1,188 hours for the 158 active participants who earned pension service in 2015. 

IBEW Local 237 Pension Plan 4 
!SECTION 2. PLAN DESCRIPTION (CONT'D) 

CENSUS OF ACTIVE PARTICIPANTS 

Table 3. depicts the active participants as of 1/1/2016. 

TABLE 3. 

CENSUS OF ACTIVE PARTICIPANTS 

AGE 

GROUP 

20-24 ··········•······································································· 

25-29 ······························································•··················· 

30-34 ···•····•·•···· ············· .................... ................................. . 

35-39 ·················································································· 

40-44 .......................... ....................................................... . 

45-49 ................................................................................. . 

50-54 .................... ................... .... , ..................................... . 

55-59 ································ ................................................. . 

60-64 ................................................................................. . 

65-69 ··········································•······································· 

Unknown 

Total .. ................................................................................. . 

IBEW local 237 Pension Plan 

0-4 5-9 

9 1 

6 9 

2 7 

2 3 

0 

0 0 

2 

0 

20 23 

YEARS OF PENSION SERVICE TO 12/31/15 

10-14 15-19 20-24 25-29 30-34 

3 

7 2 

9 4 6 3 

0 5 5 2 3 

2 3 4 5 7 

2 4 6 2 

2 2 1 4 

24 16 22 20 14 

35-39 40 & TOTAL 

OVER 

10 

18 

18 

28 

18 

4 4 29 

3 9 30 

9 19 

8 23 170 

5 
SECTION 2. PLAN DESCRIPTION (CONT'D) 

RECONCILIATION OF PARTICIPANT DATA 

The accuracy of an actuarial valuation is dependent upon the accuracy of the participant data used to generate the liability and future 

income estimates. 

In an effort to ensure reliability and consistency between valuations, we have performed a reconciliation consisting of an accounting 

for all the exits from, and entries into, each of the three participant groups (actives, separated vesteds and retirees) as well as for the 

participant group as a whole. 

Table 4. depicts the results of this reconciliation between 1/1/2015 and 1/1/2016. 

TABLE 4. 

RECONCILIATION OF PARTICIPANT DATA BETWEEN 1/1/2015 AND 1/1/2016 

6 

VALUATION GROUP 

ITEM SEPARATED PENSIONED 

ACTIVE VESTED PARTICIPANTS AND 

PARTICIPANTS PARTICIPANTS BENEFICIARIES 

1. Included In 1/1/15 Actuarial Valuation ............................ 199 53 164 

2. Died: 

(a) With Entitled Spouse ....... ..........................•.............. 0 0 0 

(b) Without Entitled Spouse .. ........•........•..........•............. 0 0 15 

3. Retired ...................................... .................•................... 24 1 0 

4. Return To Active (Subtraction) ••.......•....•........................ 0 0 0 

5. Left Valuation Group For Other Reasons: 

(a) With Vested Benefits ...........•.................................... 11 0 0 

(b) Without Vested Benefits ............................. ·-······--···· 6 0 0 

6. New Entrants To Valuation Group .................................. 12 11 25 

7. Data Correction (Subtraction) ......................................... Q l _§ 

8. As Reported In 1/1/16 Actuarial Valuation: 

(1 )-(2)-(3)+(4 )-(5)+(6)+(7) ............. ·•·· .............................. 170 61 169 

IBEW Local 237 Pension Plan 

ALL 

PARTICIPANTS 

416 

0 

15 

25 

0 

11 

6 

48 

2 

400 

6 
SECTION 3. RECENT FISCAL ACTIVITY 

OPERA TING RESULTS 

Table 5. portrays the fiscal activity of the pension plan during the last five years. 

INVESTMENT RESULTS 

Managing the plan assets is an important responsibility of the Trustees. The assets are in various types of investments. 

Table 6. shows the market value investment yield results for the last five years. The method used in determining this figure is to divide the 

investment yield by the investment base. The investment base is the beginning-of-the-year balance plus 1/2 of the net capital additions 

(consisting of employer contributions less benefit payments and administration expenses). Investment fees are not considered administration 

expenses but, rather, a reduction in the investment yield. In addition, we have also shown the actuarial value investment return from 2006. The 

actuarial value of assets spreads market value investment gains (in excess of 7.5%) and losses over a five-year period. 

CONTRIBUTIONS 

The sources of capital for the plan are the employer contributions. These are required to be made by employers who hire members of the 

bargaining unit in positions that call for contributions to the pension plan in accordance with the terms of collective bargaining agreements 

between such employers and the union or Pension Fund. There are several rates of contributions in effect (and these change from time to 

time). 

IBEW Local 237 Pension Plan 7 
SECTION 3. RECENT FISCAL ACTIVITY 

TABLE 5. 

PLAN FISCAL ACTIVITY: FIVE YEARS 

AMOUNT IN YEAR ENDING IN 

ITEM 

2015 2014 2013 2012 2011 

Income 

Contributions ............ ................ $2,773,727. $3,739,668. $2,811,957. $2,076,778. $2,289,494. 

Investment Yield ....................... -978,584. 970,805. 2,406,557. 1,861,766. -909,896. 

Total ......................................... 1,795,143. 4,710,473. 5,218,514. 3,938,544. 1,379,598. 

Outgo 

Benefits .................................... 4,565,314. 4,436,952. 4,298,849. 4,113,624. 4,011,796. 

Administration Expenses .......... 98,257. 106,258. 92,955. 126,845. 121,171. 

Total ......................................... 4,663,571 . 4,543,210. 4,391,804. 4,240,469. 4,132,967. 

Net Operating Surplus ............. .. -2,868,428. 167,263. 826,710. - 301,925. -2,753,369. 

Year-End Market Value Assets 19,834,494. 22,702,922. 22,535,659. 21,692,580. 21,994,505. 

Year-End Actuarial Value of 

Assets 23,478,943. 25,221,394. 25,623,098. 26,031,096. 26,388,101 . 

IBEW Local 237 Pension Plan 8 
SECTION 3. RECENT FISCAL ACTIVITY (CONT'D) 

TABLE 6. 

MATHEMATICAL ANALYSIS OF PLAN INVESTMENT YIELD: FIVE YEARS 

AMOUNT IN YEAR ENDING IN 

ITEM 

2015 2014 2013 2012 2011 

1. Opening Balance ............................................ .. ........ .... . 22,702,922. 22,535,659. 21 ,592,580. 21,994,505. 24,747,874. 

2. Closing Balance ............................................................. 19,834,494. 22,702,922. 22,519,290 .. 21 ,692,580. 21,994,505. 

3. Net Capital Additions During Year .................................. -1 ,889,844. -803,541 . -1 ,579,847. -2, 163,691 . -1,843,473. 

4. Calculation Base (1 . Plus 1/2 x 3.) ................................. 21,758,000. 22,133,889. 20,802,657. 20,912,660. 23,826,138. 

5. Investment Yield 

5.1 Interest & Dividends ... ..... .. ............... ........................ 496,822 .. 914,172. 550,923. 583,070. 523,277. 

5.2 Appreciation ................................................... .. ........ -1,475,406. 56,633. 1,855;634. 1,278,696. -1 ,412,603. 

5.3 Total. ........................................................................ -978,584. 970,805. 2,406,557. 1,861 ,766. -889,326. 

6. Market Value Investment Yield % 

6.1 Interest & Dividends ..................... ............................ 2.28% 4.13% 2.65% 2.79% 2.20% 

6.2 Appreciation ...................................................... .... ... -6.78% 0.26% 8.92% 6.11% -5.93% 

6.3 Total. ... ..................................................................... -4.50% 4.39% 11 .57% 8.90% -3.73% 

7. Actuarial Value Investment Total Yield% 0.61% 1.59% 4.64% 7.13% 0.81% 

IBEW Local 237 Pension Plan 9 
SECTION 4. ACTUARIAL STATUS 

ACTUARIAL FUNDING METHOD 

We have employed the "accrued benefit unit credit" cost method in establishing the normal cost 

and actuarial accrued liability for the participants. 

The reason that we have used the accrued benefit normal method, and recommend its 

continued use, unless an overriding reason were present, is that it is intended to express costs 

as a cost per participant. 

NORMAL COST 

In this method an active participant's pension benefit earned for the current fiscal year is 

determined on a present value basis. This current pension cost is an annual cost (called the 

"normal cost" in this method). Normal costs are levied for active participants only. 

ACTUARIAL ACCRUED LIABILITY 

One of the calculations made in the course of the actuarial valuation is the estimate of the plan's 

"actuarial accrued liability" on the valuation date. In general, this term means the present worth, 

expressed in a single sum, of the benefits yet to be paid, for each of the three major classes of 

plan participants: 

1. those already receiving pension benefits; 

2. those who have separated from active service, are vested in their accrued benefits, are 

still living, and are not yet receiving pension benefits; and 

3. those who are in active service in employment covered by the plan. 

The benefits taken into account in making this calculation, for pensioned and for separated 

vested participants, are those which are already accrued by the valuation date. For active 

participants, we take into account not only their accrued benefits, but, also, the benefits they are 

anticipated to accrue in the future before pension age; the value of the yet-to-be-accrued 

benefits is reduced by the present value of the future "normal costs" for the plan. 

The results of our calculation of the plan's actuarial accrued liability as of the current valuation 

date is shown in Table 7. 

IBEW Local 237 Pension Plan 10 
ISECTION 4. ACTUARIAL STATUS (CONT'D) 

LIABILITIES - CONTINUING STATUS 

The following table contains an analysis of the plan's actuarial accrued liability as of 1/1/2016 and the preceding four plan years. 

TABLE 7. 

ACTUARIAL ACCRUED LIABILITY: AT START OF FIVE YEARS 

ITEM 1/1/2016 1/1/2015 1/1/2014 1/1/2013 1/1/2012 

Pensioner Liability ........................ $41,969,020. $38,267,260. $37,302,410. $37,289,440. $35,778,400. 

Separated Vested Liability .... ........ 5,638,332. 5,313,579. 4,913,692. 5,132,634. 4,500,979. 

Active Liability ............................... 18,404,098. 19,587,059. 20,370,523. 19,515,777. 19,930,909. 

Total Actuarial Accrued Liability .... 66,011,450. 63,167,898. 62,586,625. 61,937,851 . 60,210,288. 

Assets ...................................... .... 23,478,943. 25,221,394. 25,623,093. 26,031,096. 26,388,101. 

Unfunded Actuarial Accrued 

Liability ............................... ... ....... 42,532,507. 37,946,504. 36,963,532. 35,906,755. 33,822,187. 

IBEW Local 237 Pension Plan 11 
SECTION 4. ACTUARIAL STATUS (CONT'D) 

CHANGE IN UNFUNDED ACTUARIAL ACCRUED LIABILITY 

The amount by which the actuarial accrued liability exceeds the plan assets on the valuation 

date is also shown in Table 7. In a well-funded plan future employer contributions are 

anticipated to amortize this "unfunded actuarial accrued liability" over a reasonable period of 

time. 

There are a number of factors that can operate to influence the change in the size of the plan's 

unfunded actuarial accrued liability from one actuarial valuation to the next. The following is a 

description of the particular factors that could have such an influence in the plan: 

Contribution 

When the plan's contributions exceed the plan's normal cost, the excess is applied toward 

reducing the plan's unfunded actuarial accrued liability. 

During the plan year ending 2015, there was no such excess. 

Plan Change 

When a change in benefits takes place, an increase or decrease in the plan's unfunded 

actuarial accrued liability and other costs may take place. 

No plan change has taken place since the 1/1/2015 valuation. 

Change In Assumptions 

When experience, or other factor, calls for a change in assumptions, at the time such a change 

is made an increase or decrease in the plan's liability and other costs may take place. 

A change in assumptions that has taken place since the 1/1/2015 actuarial valuation has 

caused an increase in the unfunded actuarial accrued liability. 

Change In Actuarial Method 

When a change in actuarial method takes place, an increase or decrease in the plan's liability 

and other costs may take place. 

No change in actuarial method has been made since the 1/1/2015 valuation. 

IBEW Local 237 Pension Plan 12 
SECTION 4. ACTUARIAL STATUS (CONT'D) 

Actuarial Gain Or Loss 

The assumptions underlying the actuarial valuation are just that, i.e. estimates as to economic 

and demographic experience in the future. Although an attempt is made to choose each 

assumption on a reasonable basis, it is sufficient that the combined set of assumptions be 

reasonably related to the experience of the plan and its expectations and represent our best 

estimate of future experience. 

During the year ending 2015, there was an actuarial loss. 

Summary of Factors 

Table 8. shows the details of the change in the unfunded actuarial accrued liability of the plan 

between 1/1/2015 and 1/1/2016. 

IBEW Local 237 Pension Plan 13 
SECTION 4. ACTUARIAL STATUS (CONT'D) 

TABLE 8. 

DETAILS OF CHANGE IN UNFUNDED ACTUARIAL ACCRUED 

LIABILITY FROM 1/1/2015 TO 1/1/2016 

ITEM 

NO. DESCRIPTION AMOUNT 

1. Unfunded Actuarial Accrued Liability 

On 1/1/2015 ...... ..... .............. .. ... .. .. ... ..... ... ........... .. ......... .. ... $37,946,504. 

2. Increase Due To Contributions Not In Excess Of Normal 

Costs ················ ··········· ········· ··································· ·· ········ 959,888. 

3. Change Due To Change In Plan Of Benefits ............. ......... 0. 

4. increase Due To Change In Assumptions ........... ................ 3,159,250. 

5. Change Due To Change In Actuarial Method ....... .............. 0. 

6. Increase Due To Actuarial Loss .............. .. ............ ..... ..... .... 466,865. 

7. Increase In Unfunded Actuarial Accrued Liability 

(Items 2. Through 6.) ......... .... ............................. ................ 4,586,003. 

8. Unfunded Actuarial Accrued Liability 

On 1/1/2016 ...... ...... ................... .. ..... ................. .......... ....... 42,532,507. 

IBEW Local 237 Pension Plan 14 
SECTION 4. ACTUARIAL STATUS 

AMORTIZATION OF UNFUNDED ACTUARIAL ACCRUED LIABILITY 

Table 9. contains our analysis of how future _employer contributions will be used. Note that a 

portion of such contributions will be used for the normal costs of the plan and the balance will be 

used to amortize the plan's unfunded actuarial accrued liability. 

ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS 

One of the components of the actuarial accrued liability displayed in Table 7. is the actuarial 

present value of the benefits earned to date. 

A comparison of assets with the actuarial present value of accumulated plan benefits provides 

another measure of the funded status of the plan, sometimes referred to as the "benefit 

security" ratio. The actuarial present value of accumulated plan benefits is the liability, based on 

only mortality and interest rate assumptions, for just the pension benefits that have been earned 

on the basis of each participant's service history as of the valuation date. As a result ancillary 

benefits for active participants are not included in this liability. 

Table 10. portrays the present value of all participants' earned benefits as of 1/1/2016. 

CHANGE IN ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS 

There are a number of factors which affect the change in the size of the actuarial present value 

of accumulated plan benefits from one actuarial valuation to the next. Table 8. depicts the 

effects of each of these factors. This information may be of particular interest to tbe plan's 

auditor. 

IBEW Local 237 Pension Plan 15 
SECTION 4. ACTUARIAL STATUS (CONT'D) 

ESTIMATE FOR FUTURE 

The following is our estimate of the future annual fiscal activity of the plan as of 1/1/2016. Contributions were based on the prior year audit report 

and averaged over the 170 active participants as of 1/1/2016 and 1,400 hours worked per year. 

TABLE 9. 

FUTURE ANNUAL FISCAL ACTIVITY: ONE YEAR 

1/1/2015 

ITEM AVERAGE 

AMOUNT DOLLARS 

PER HOUR 

Employer Contributions ........... $2,773,727 $11 .65 

Normal Cost 

Pension Service .. .................... 845,799 3.55 

Administration ......... ........... ..... 110,000 .46 

Total .. ...................................... 955,799 4.01 

Annual Amount Toward 

Unfunded Actuarial Accrued 

Liability ..................... ........ ....... 1,817,928 7.64 

Years To Full Funding ............. Does Not Fund 

IBEW Local 237 Pension Plan 16 
SECTION 4. ACTUARIAL STATUS (CONT'D) 

TABLE 10. 

PRESENT VALUE OF ACCUMULATED PLAN BENEFITS: AT START OF FIVE YEARS 

ACTUARIAL PRESENT VALUE 

ITEM 1/1/2016 1/1/2015 1/1/2014 1/1/2013 1/1/2012 

Vested Benefits 

Pensioned .................... ........ ... ....... $41,969,020. $38,267,260. $37,302,410. $37,289,440. $35,778,400. 

Separated Vested ........................... 5,638,332. 5,313,579. 4,913,692. 5,132,634. 4,500,979. 

Active ............................................. 18,242,850. 19,260,950. 18,690,510. 17,751,720. 18,767,520. 

Total ........................ ............... .. ... .... 65,850,202 62,841,789. 60,906,612. 60,173,794. 59,046,899. 

Market Value Of Assets .. .............. ... 19,834,494. 22,709,922. 22,519,290. 21,692,580. 21,990,084. 

Ratio Of Assets To Present Value 30% 36% 37% 36% 37% 

Of Vested Benefits ............ ............... 

Non-Vested Benefits ...... .................. 161,248. 326,109. 273,084. 386,777. 317,154. 

Present Value Of Total Benefits .. ..... 66,011,450. 63,167,898. 61, 179,696. 60,560,571 . 59,364,053. 

For PPA purposes the Pension Plan is 36% funded as of 1/1/2016 

IBEW Local 237 Pension Plan 17 
SECTION 4. ACTUARIAL STATUS (CONT'D) 

TABLE 11 . 

DETAILS OF CHANGE IN ACTUARIAL PRESENT VALUE 

OF ACCUMULATED PLAN BENEFITS FROM 1/1/2015 TO 1/1/2016 

ITEM 

NO. DESCRIPTION AMOUNT 

1. Actuarial Present Value Of Accumulated Plan Benefits 

On 1/1/2015 .. .... ....... ........................... .................... $63,167,898. 

2. Net Decrease (Including Benefits Accumulated and the 

Effect Of Non-Investment Experience and Retirements) ..... -316,777. 

3. Decrease Due To Benefits Paid .... .. .. .. ...... ........ ........ ........ .. -4,565,314. 

4. Change Due To Change In Plan Of Benefits ... ................... 0. 

5. Increase Due To Change In Assumptions ........................ ... 3,159,250. 

6. Increase Due To Decrease In Discount Period ................... 4,566,393. 

7. Increase In Actuarial Present Value Of Accumulated 

Plan Benefits (Items 2. Through 6.) .. ........................ ........ .. 2,843,552. 

8. Actuarial Present Value Of Accumulated Plan Benefits 

On 1/1/2016 ... .... ... ...... ............ ..... .... ..... ......... ... ...... . 66,011,450. 

IBEW Local 237 Pension Plan 18 
SECTION 4. ACTUARIAL STATUS (CONT'D) 

ASSUMPTIONS 

We suggest and have used in this valuation the following assumptions: 

1. MORTALITY. The mortality table we have employed in this valuation is the 1983 Group 

Annuity Mortality Table for males; set back 6 years for females for post-pension experience. 

2. INVESTMENT YIELD FOR VALUATION PURPOSES. We have assumed that the plan funds 

will earn 7% annual compound interest in the future. Prior to the 1/1/2016 valuation we utilized 

7.5%. 

3. INVESTMENT YIELD FOR THE PURPOSES OF ACCUMULATED PLAN BENEFITS AND 

EMPLOYER WITHDRAWAL LIABILITY. We have used the investment yield utilized for 

valuation purposes, 7 1/2%. 

4. TURNOVER. We have assumed that no terminations of employment, other than death, 

disability or pension, will occur in the future. 

5. DISABILITY. We have employed the 1973 Disability Model, Transactions of Society of 

Actuaries, XXVI, in assuming the rate of disability in the future. 

6. FUTURE WORK YEAR. We have assumed that each active participant will work 1,400 hours 

of pension service in each year in the future. 

7. AGE AT PENSION. We have assumed that 67% of the active participants will elect pension 

as soon as eligible for normal pension but not before one year if already eligible, and that the 

remaining 33% will elect pension as soon as eligible for early pension but not before age 58. 

8. ADMINISTRATION EXPENSES. We have assumed $110,000. will be the annual cost of 

administration. 

9. NUMBER OF ACTIVE PARTICIPANTS. We have assumed that the number of active 

participants will remain constant from here forward with replacements being made immediately 

upon pension, death or disability. For vested active participants that earned no pension credit in 

the prior fiscal year, we only valued their accrued benefit. Furthermore, for this group of active 

participants, we assumed no future contributions or normal cost. We assumed non-vested 

participants that earned no pension credit in the prior fiscal year were not included in the 

valuation. Finally, prior to the January 1, 2016 actuarial valuation pension credits earned pre 

2009 and post 2008 were not provided separately. As a result for actuarial valuations prior to 

January 1, 2016, we estimated the post 2008 credits based on the data provided for valuation 

purposes. 

IBEW Local 237 Pension Plan 19 
SECTION 5. EMPLOYER WITHDRAWAL LIABILITY 

For purposes of "employer withdrawal liability" under the Multiemployer Pension Plan 

Amendments Act of 1980 we have made a calculation of the value of unfunded vested benefits 

as of the end of the plan year. 

The pertinent assumptions are the same as those we have used for the basic actuarial 

valuations themselves for determining the present value of accumulated plan benefits. In 

addition, for this purpose, assets are valued at market value. The following table shows the 

results of this calculation since 12/31/79. When the value of unfunded vested benefits is less 

than zero, it is treated as zero for employer withdrawal liability calculations. 

TABLE 12. 

VALUE OF UNFUNDED VESTED BENEFITS FOR 

EMPLOYER WITHDRAWAL LIABILITY PURPOSES 

UNFUNDED VESTED LIABILITY 

FOR EMPLOYER WITHDRAWAL 

DATE LIABILITY CALCULATIONS 

12/31/79 $626,149. 

12/31/80 681,698. 

12/31/81 228,901. 

12/31/82 - 12/31/93 0. 

12/31/94 860,229. 

12/31/95-12/31/00 0. 

12/31/01 11 ,689,107. 

12/31/02 18,298,656. 

12/31/03 17,790,717. 

12/31/04 22,425,970. 

12/31/05 21,935,166. 

12/31/06 23,218,396. 

12/31/07 23,408,032. 

12/31/08 32,829,363. 

12/31/09 33,570,073. 

12/31/10 32,793,741 . 

12/31/11 37,056,815. 

12/31/12 38,481 ,214. 

12/31/13 38,387,322. 

12/31/14 40,131 ,867. 

12/31/15 46,015,708. 

The valuation indicates that if an employer "withdrew" from the plan during the 12-month period 

starting 1/1/2016, the Trustees would have to make a study to determine it they were entitled to 

seek any employer withdrawal liability. 

IBEW Local 237 Pension Plan 20 
SECTION 6. FEDERAL MINIMUM FUNDING REQUIREMENTS 

MINIMUM FUNDING STANDARD 

In an effort to minimize the likelihood of plan termination at a time when the assets of the 

pension fund are not sufficient to provide for the vested benefits, each pension plan must satisfy 

minimum funding requirements that will be established when the pension plan comes under 

coverage of the Employee Retirement Income Security Act (ERISA). In the case of the I.B.E.W 

Local 237 Pension Plan, this means that the minimum funding requirement was required to be 

observed for the first time for the year beginning 1 /1 /76. 

Essentially, on a cumulative basis, the amounts that are required to be paid to the plan in order 

to meet this standard are the sum of the following: 

A. the normal cost of the plan for the year; 

B. the amount necessary to fund the unfunded actuarial accrued liability as of the date on 

which the plan must first comply with this section of ERISA, over a period of 40 years 

(currently 10 years); 

C. any net increase in unfunded liability that arises from a plan amendment made after 

1/1/76, funded over 40 years (over 30 years for plan amendments adopted through 2008 

and 15 years thereafter); 

D. any net experience loss occurring after 1/1/76, funded over 20 years (over 15 years for a 

loss occurring currently); 

E. any loss resulting from a change in actuarial assumptions made after 1/1/76, funded over 

30 years (15 years after 2008); 

F. any waived funding deficiency occurring after 1/1/76, funded over 15 years. 

In the event that, on a cumulative basis, there is a deficiency in this funding, the employers 

contributing are required, in effect, to make it up immediately unless a waiver is secured. 

COMPLIANCE WITH REQUIREMENTS 

The plan's enrolled actuary must certify, to government agencies, annually, whether or not the 

plan satisfies these requirements. The following table portrays recent activity in the funding 

standard account. 

IBEW Local 237 Pension Plan 21 
SECTION 6. FEDERAL MINIMUM FUNDING REQUIREMENTS (CONT'D) 

TABLE 13. 

FUNDING STANDARD ACCOUNT 

CONTRIBUTIONS ACCUMULATED SURPLUS 

(& OTHER CREDITS) CHARGES FOR EXCESS FOR IN FUNDING STANDARD 

YEAR FOR YEAR YEAR YEAR ACCOUNT AT END OF YEAR 

1996 $4,938,813. 

1997 3,024,517. 2,165,399. 859,118. 5,797,931. 

1998 3,681,139. 2,595,426. 1,085,713. 6,883,644. 

1999 4,258,006. 2,873,837. 1,384,169. 8,267,813. 

2000 5,461,662. 3,702,460. 1,759,202. 10,027,015. 

2001 5,490,471. 4,935,515. 553,956. 10,580,971 . 

2002 5,912,166. 6,415,480. - 503,314. 10,077,657. 

2003 6,721 ,667. 6,966,050. - 244,383. 9,833,274. 

2004 6,881,417. 6,864,565. 16,852. 9,850,126. 

2005 8,070,981 . 7,868,293. 202,688. 10,052,814. 

2006 7,748,812. 7,713,291. 35,521. 10,088,335. 

2007 5,804,018. 6,877,594. - 1,073,576. 9.014,759. 

2008 6,137,297. 7,124,267. - 986,970. 8,027,789. 

2009 6,261 ,976. 7,266,701 . -1 ,004,725. 7,023,064. 

2010 6,780,306. 7,476,902. -696,596. 6,326,468. 

2011 6,599,775. 7,706,646. -1 ,106,871 . 5,219,597. 

2012 6,303,340, 7,914,770. -1,611,430. 3,608,167. 

2013 6,944,346. 7,864,222. - 919,876. 2,688,281. 

2014 7,834,842. 8,053,987. -219,145. 2,469,146. 

2015 6,733,809. 8,352,681. -1,618,872. 850,274. 

IBEW Local 237 Pension Plan 22 
SECTION 7. ACTUARIAL CERTIFICATION 

To: Trustees, 

SUMMIT 

ACTUARIAL SERVICES, LLC 

123 Preakness Dr. 

Mount Laurel, NJ 08054 

856-802-9130 

I.B.E.W Local 237 Pension Plan 

Re: Actuarial Certification 

This is to certify that we have performed an actuarial valuation of the I.B.E.W. Local 237 

Pension Plan as of January 1, 2016 based upon the rules and regulations in effect on such 

date. 

A summary of the results of that valuation is attached. 

Frank Iannucci, MSPA, MAAA 

Enrolled Actuary No. 14-05241 

IBEW Local 237 Pension Plan 23 
SECTION 8. ACTUARIAL CERTIFICATION (CONT'D) 

1.8.E.W. LOCAL 237 PENSION PLAN 

SUMMARY 

ACTUARIAL VALUATION: 1/1/2016 

1. Number Of Participants Included: 

1.1 Pensioner: 

1.2 Separated Vested: 

1.3 Active: 

1.4 Total: 

2. Actuarial Accrued Liability: 

2.1 Pensioner: 

2.2 Separated Vested: 

2.3 Active: 

2.4 Total: 

3. Actuarial Value of Assets: 

169 

61 

170 

400 

$41,969,020. 

5,638,332. 

18,404,098. 

66,011,450. 

4. Unfunded Actuarial Accrued Liability: 

$23,478,943. 

42,532,507. 

5. Estimate For Future: 

5.1 Estimated Annual Contributions To Plan: 

5.2 Normal Costs: 

2,773,727. 

955,799. 

5.3 Annual Excess: 1,817,928. 

6. Major Assumptions: 

6.1 Interest: 

6.2 Mortality: 

6.3 Turnover: 

6.4 Disability: 

6.5 Future Work Year: 

6.6 Age At Pension: 

6. 7 Administration Expenses: 

7. Costing Method: 

8. Asset Valuation Method 

!BEW Local 237 Pension Plan 

7% 

1983 Group Annuity Mortality Table for males with a 6-

year setback for females for post-pension experience 

none 

1973 Disability Model, Transactions of Society of 

Actuaries, XXVI 

1,400 hours (for active participants who earned pension 

service in the prior fiscal year) 

as soon as eligible for normal pension but not before one 

year 

if already eligible for 67% of the active participants, and at 

age 58, if eligible, for the remaining 33% of the active 

participants 

$110,000. Annually 

Accrued Benefit Unit Credit 

Actuarial Value with five-year smoothing of market value 

investment gains and losses (in excess of or less than 

7.5% through 2014 and 7.0% in 2015) 

24 
APPENDIXD 

CHECKLIST - IS THE SUBMISSION COMPLETE? 

Instructions. The application must include a completed checklist placed on top of the application. This 

will help ensure that the application is complete. Answer each question in the checklist by circling Y for 

yes, N for no or N/A for not applicable, as appropriate, in the blank next to the item. Also insert in the 

appropriate blank next to each item the page number or numbers where the item appears in the 

application. 

Response Item 

number 

Yes 1. 

2. 

Yes 

Yes 3. 

4. 

Yes 

5. 

Yes 

Yes 6. 

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

THE I.B.E. W. LOCAL UNION NO. 237 PENSION PLAN 

Description of item 

Does the application include an original signature of the plan sponsor or 

an authorized representative of the plan sponsor? See section 2.01 of 

this revenue procedure. 

Does the application include a description of the proposed benefit 

suspension - calculated as if no other limitations apply- that includes: 

• the suspension's effective date (and its expiration date, if 

applicable), 

• whether the suspension provides for different treatment of 

participants and beneficiaries, 

• a description of the different categories or groups of individuals 

affected, and 

• how the suspension affects these individuals differently? 

See section 2.02 of this revenue procedure. 

Does the application include a penalties-of-perjury statement signed by 

an authorized trustee on behalf of the board of trustees? See Section 

2.03 of this revenue procedure. 

Does the application include a statement, signed by an authorized 

trustee on behalf of the board of trustees, acknowledging that the 

application and the application's supporting material will be publicly 

disclosed on the Treasury Department's website? See section 2.04 of this 

revenue procedure. 

Does the application include the plan actuary's certification of critical and 

declining status and the supporting illustrations, including: 

• the plan-year-by-plan-year projections demonstrating projected 

insolvency during the relevant period, and 

• separately identifying the available resources (and the market 

value of assets and changes in cash flow) during each of those 

years? 

See section 3.01 of this revenue procedure. 

Does the application include the plan actuary's certification that, taking 

Page number 

in application 

3 

4 

5 

6 

8 and 

Exhibit 3.01 

8 and 
into account the proposed suspension and, if applicable, a proposed Exhibit 3.02 

partition, the plan is projected to avoid insolvency if the suspension takes 

effect, and the supporting illustrations, including: 

• the plan-year-by-plan-year projections demonstrating projected 

solvency during the relevant period, 

• separately identifying the available resources (and the market 

value of assets and changes in cash flow) during each of those 

years? 

See section 3.02 of this revenue procedure. 

7. Does the application include the plan sponsor's determination of 8-13 

Yes projected insolvency that includes the documentation set forth in section 

5 of the revenue procedure? See section 3.03 of this revenue procedure. 

8. Does the application include a demonstration that the limitations on 14and 

individual suspensions are satisfied, including a description of each Exhibit 4.01 

benefit based on disability, as defined under the plan, that is paid to an 

individual under the plan (without regard to whether the disability 

benefits are available to newly disabled participants) and calculations 

regarding: 

• the guarantee-based limitation, Yes 

• the disability-based limitation, 

• the age-based limitation, taking into account the guaranteebased limitation, and 

• if applicable, the age-based limitation taking into account both 

the guarantee-based limitation and the disability-based 

limitation? 

See section 4.01 of this revenue procedure. 

9. Does the application include a demonstration that the proposed 15 and 

suspension is reasonably estimated to achieve the level necessary to Exhibit 4.02 

Yes avoid insolvency for the extended period, including illustrations 

regarding the plan's solvency ratio and available resources? See section 

4.02(1) of this revenue procedure. 

10. Does the application include an illustration that the proposed suspension 

is reasonably estimated to achieve the level necessary to avoid 

N/A insolvency for the extended period utilizing stochastic projections? (This 

illustration is optional if the plan is not required to appoint a retiree 

representative under§ 432(e)(9)(B)(v)(I).) See section 4.02(2) of this 

revenue procedure. 

11. Does the application include a demonstration that the proposed 15 and 

suspension is not projected to materially exceed the level necessary to Exhibit 4.03 

avoid insolvency, including: 

• the plan-year-by-plan-year projections demonstrating projected 

Yes insolvency during the relevant period, and 

• a separate identification of the available resources (and the 

market value of assets and changes in cash flow) during each of 

those years? 

See section 4.03 of this revenue procedure. 
12. 

Yes 

13. 

Yes 

14. 

Yes 

N/A 15. 

16. 

Yes 

Yes 17. 

18. 

Yes 

19. 

Yes 

Yes 20. 

Does the application include a demonstration that the proposed 

suspension is equitably distributed, including: 

• information on the effect of the suspension on the plan in the 

aggregate, 

• information on the effect of the suspension for different 

categories or groups, 

• a list of the factors taken into account, 

• an explanation of why none of the factors listed in § 

432(e)(9)(D)(vi) were taken into account (if applicable), 

• for each factor taken into account that is not one of the factors 

listed in§ 432(e)(9)(D)(vi), an explanation why the factor is 

relevant, and 

• an explanation of how any difference in treatment among 

categories or groups of individuals results from a reasonable 

application of the relevant factors? 

See section 4.04 of this revenue procedure. 

Does the application include a copy of the notices (excluding personally 

identifiable information) that meet the requirements under 

§ 432(e)(9)(F)? See section 4.05(1) of this revenue procedure. 

Does the application include a description of the efforts that are being 

taken to contact participants, beneficiaries in pay status, and alternate 

payees? See section 4.05(2) of this revenue procedure. 

Does the application describe the steps the plan sponsor has taken to 

ensure that notices delivered electronically are reasonably accessible to 

the recipients? See section 4.05(3) of this revenue procedure. 

Does the application include a list of each employer who has an 

obligation to contribute under the plan and each employee organization 

representing participants under the plan? See section 4.05(4) of this 

revenue procedure. 

Does the application include information on past and current measures 

taken to avoid insolvency? See section 5.01 of this revenue procedure. 

Does the application include information regarding the plan factors 

described in § 432 (e)(9)(C)(ii), for the past 10 plan years immediately 

preceding the plan year in which the application is submitted? See 

section 5.02 of this revenue procedure. 

Does the application describe how the plan sponsor took into account -

or did not take into account - the factors listed in section 5.02 of this 

revenue procedure in the determination that all reasonable measures 

were taken to avoid insolvency? See section 5.03 of this revenue 

procedure. 

Does the application describe how the plan sponsor took into account -

or did not take into account - in the determination that all reasonable 

16-17 

and 

Exhibit 4.04 

17 and 

Exhibit 4.05a 

17 

17 and 

Exhibit 4.05b 

18 

18 

18 

18 
measures have been taken to avoid insolvency, the impact of: 

• benefit and contribution levels on retaining active participants 

and bargaining groups under the plan, and 

• past and anticipated contribution increases under the plan on 

employer attrition and retention levels? 

See section 5.03 of this revenue procedure. 

Yes 21. Does the application include a discussion of any other factors the plan 18 

sponsor took into account including how and why those factors were 

taken into account? See section 5.04 of this revenue procedure. 

22. Does the application include a copy of the proposed ballot, excluding the 19 and 

Yes information regarding the statement in opposition, the individualized Exhibit 6.01 

estimated, and the voting procedures? See section 6.01 of this revenue 

procedure. 

23. Does the application indicate whether the plan sponsor is requesting 19 

Yes approval from PBGC of a proposed partition under section 4233 of 

ERISA? See section 6.02 of this revenue procedure. 

24. If the answer to item 23 is yes, does the application specify the effective 

N/A date of the proposed partition and include a plan0year0by-plan-year 

projection of the amount of the reduction in benefit payments 

attributable to the partition? See section 6.02 of this revenue procedure. 

25. Does the application include: 19 and 

• a description of each of the assumptions used in the projections Exhibit 6.03 

required under sections 3.01, 3.02, 4.02(1), 4.02(2), and 4.03 of 

Yes this revenue procedure, 

• supporting evidence for the selection of those assumptions, and 

• an explanation of any differences among the assumptions used 

for various purposes? 

See section 6.03 and Appendix B of this revenue procedure. 

26. Does the application describe the plan's experience with certain critical 19 and 

assumptions, including a disclosure for each of the 10 plan years Exhibit 6.04 

immediately preceding the application that separately identifies: 

• the total contributions, Yes 

• the total contribution base units, 

• the average contribution rates, 

• the withdrawal liability payments, and 

• the rate of return of plan assets? 

See section 6.04 of this revenue procedure. 

27. Does the application include deterministic projections of the sensitivity 20 and 

of the plan's solvency ratio throughout the extended period by taking Exhibit 6.05 

Yes into account the more conservative assumptions of investment 

experience and future contribution base units than assumed elsewhere 

in the application? See section 6.05 of this revenue procedure. 

Yes 28. Does the plan include deterministic projections for each year in the 20 and 
extended period of: 

• the value of plan assets, 

• the plan's accrued liability, and 

• the plan's funded percentage? 

See section 6.06 of thisr evenue procedure. 

29. Does the application include the plan sponsor's representation that, if it 

receives the Treasury Department's final authorization to suspend and 

then chooses to implement the suspension, it will also amend the plan: 

• to provide that the suspension will cease upon the plan 

sponsor's failure to maintain a written record of its annual 

determination that (i) all reasonable measures continue to be 

Yes taken to avoid insolvency and (ii) the plan would not be 

projected to avoid insolvency without a suspension, 

• to require that any future benefit improvements must satisfy § 

432(e)(9)(E), and 

• to specify that the plan sponsor will not modify these 

amendments, notwithstanding any other provision of the plan 

document? 

See section 6.07 of this revenue procedure. 

Yes 30. Does the application indicate whether the plan is a plan described in § 

432(e)(9)(D)(vii) and, if it is, how that is reflected in the proposed benefit 

suspension? See section 6.08 of this revenue procedure. 

31. Does the application include a narrative statement of the reasons the 

Yes plan is in critical and declining status? See section 6.09 of this revenue 

procedure. 

Yes 32. Does the application include the required plan sponsor identification and 

contact information? See section 7.01 of this revenue procedure. 

Yes 33. Does the application include the required plan identification 

information? See section 7.02 of this revenue procedure. 

Yes 34. Does the application include the required retiree representative 

information (if applicable)? See section 7.03 of this revenue procedure. 

Yes 35. Does the application include the required enrolled actuary information? 

See section 7.04 of this revenue procedure. 

36. Does the application include a designation of power of attorney for each 

Yes authorized representative who will represent the plan sponsor in 

connection with the application? See section 7.05 and Appendix C of this 

revenue procedure. 

Yes 37. Does the application include: 

• the required plan documents 

Exhibit 6.06 

21 

22 

22 and 

Exhibit 6.09 

23 

23 

23 

23 

24and 

Exhibit 7.05 

24 and 

Exhibit 7 .06 
• any recent amendments 

• the summary plan description (SPD) 

• any summary of material modifications, and 

• the most recent determination letter? 

See section 7.06 of this revenue procedure. 

Yes 38. Does the application include the required excerpts from the relevant 

collective bargaining agreements and side agreements? See section 7.07 

of this revenue procedure. 

Yes 39. Does the application include the required excerpts from the most 

recently filed Form 5500? See section 7 .08 of this revenue procedure. 

Yes 40. Does the application include the most recently updated rehabilitation 

plan? See section 7.09 of this revenue procedure. 

Yes 41. Does the application include the two most recent actuarial valuation 

reports? See section 7.10 of this revenue procedure. 

Yes 42. Does the application include this checklist, completed and placed on top 

of the application? See section 7.11 of this revenue procedure and this 

Appendix D. 

43. If the application is being submitted for resubmission review, does the 

application include: 

• cross-references to information in the prior application with 

respect to information that has not changed from the prior 

YN/A application, 

• a statement that the application is being submitted for 

resubmission review, and 

• the date on which the Treasury Department indicated that the 

application is a candidate for resubmission review? 

See section 8 of this revenue procedure. 

. , Signatur Date ~ ~71/f3 

Typed or printed name of person signing checklist 

Russell Quarantello 

24 and 

Exhibit 7.07 

24 and 

Exhibit 7.08 

24 and 

Exhibit 7.09 

24 and 

Exhibit 7.10