SUMMARY PLAN DESCRIPTION

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

Pension Fund

Dated: January 1, 2017
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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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14

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;
IBEW Local Union No. 237 Pension Fund Summary Plan Description

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15

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.”
IBEW Local Union No. 237 Pension Fund Summary Plan Description

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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 
IBEW Local Union No. 237 Pension Fund Summary Plan Description

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17

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.
IBEW Local Union No. 237 Pension Fund Summary Plan Description

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18

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 DEPARTMENT OF THE TREASURY

P. O. BOX 2508

CINCINNATI, OH 45201

Date:

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

Employer Identification Number:

16-6094914

DLN:

17007317059004

Person to Contact:

RUDOLPH A BOLDREGHINI ID# 31070

Contact Telephone Number:

(513) 263-3967

Plan Name:

I B E W LOCAL NO 237 PENSION PLAN

Plan Number: 001

Dear Applicant:

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 1.401-1(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

P.~v~enuc Code. It is nc~c a ~ecennination regazding r..he effect cif 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
~~

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.

Sincerely,

~`~ ~ p

8 ~Y'~

Karen D. Truss

Director, EP Rulings & Agreements

Enclosures:

Publication 794

Addendum

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

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 

2017 

This Form is Open to Public 

Inspection 

Part I Annual Report Identification Information

For calendar plan year 2017 or fiscal plan year beginning and ending 

A This return/report is for: X a multiemployer plan X a multiple-employer plan (Filers checking this box must attach a list of 

participating employer information in accordance with the form instructions.)

 X a single-employer plan X a DFE (specify) _C_

B This return/report is: X the first return/report X the final return/report

 X an amended return/report X a short plan year return/report (less than 12 months)

C If the plan is a collectively-bargained plan, check here. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . X 

D Check box if filing under: X Form 5558 X automatic extension X the DFVC program

 X special extension (enter description) ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

Part II Basic Plan Information—enter all requested information

1a Name of plan 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

1b Three-digit plan 

number (PN)  001

1c Effective date of plan 

YYYY-MM-DD

2a Plan sponsor’s name (employer, if for a single-employer plan) 

 Mailing address (include room, apt., suite no. and street, or P.O. Box) 

 City or town, state or province, country, and ZIP or foreign postal code (if foreign, see instructions) 

2b Employer Identification 

Number (EIN) 

012345678

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

D/B/A ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

c/o ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

123456789 ABCDEFGHI ABCDEFGHI ABCDE 

123456789 ABCDEFGHI ABCDEFGHI ABCDE 

CITYEFGHI ABCDEFGHI AB, ST 012345678901 

UK 

2c Plan Sponsor’s telephone 

number 

0123456789

2d Business code (see 

instructions) 

012345

Caution: A penalty for the late or incomplete filing of this return/report will be assessed unless reasonable cause is established.

Under penalties of perjury and other penalties set forth in the instructions, I declare that I have examined this return/report, including accompanying schedules, 

statements and attachments, as well as the electronic version of this return/report, and to the best of my knowledge and belief, it is true, correct, and complete. 

SIGN 

HERE 

YYYY-MM-DD ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

Signature of plan administrator Date Enter name of individual signing as plan administrator 

SIGN 

HERE 

YYYY-MM-DD ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

Signature of employer/plan sponsor Date Enter name of individual signing as employer or plan sponsor 

SIGN 

HERE 

YYYY-MM-DD ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

Signature of DFE Date Enter name of individual signing as DFE 

For Paperwork Reduction Act Notice, see the Instructions for Form 5500. Form 5500 (2017) 

v. 170203

 

IBEW LOCAL UNION NO. 237 PENSION PLAN

X

01/01/2017

8803 NIAGARA FALLS BLVD.

NIAGARA FALLS, NY 14304

IBEW LOCAL 237 PENSION PLAN BOARD OF TRUSTEES

JESSICA M. WESTPHAL

X

Filed with authorized/valid electronic signature.

X

8803 NIAGARA FALLS BLVD.

NIAGARA FALLS, NY 14304-1987

05/01/1967

716-297-3899

12/31/2017

10/09/2018

16-6094914

10/09/2018

Filed with authorized/valid electronic signature.

001

525100

JESSICA M. WESTPHAL
Form 5500 (2017) 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 or the plan name has changed since the last return/report filed for this plan, 

enter the plan sponsor’s name, EIN, the plan name and the plan number from the last return/report:

4b EIN012345678

a Sponsor’s name 

c Plan Name 

4d PN 

012

5 Total number of participants at the beginning of the plan year 5 123456789012

6 Number of participants as of the end of the plan year unless otherwise stated (welfare plans complete only lines 6a(1), 

 6a(2), 6b, 6c, and 6d). 

a(1) Total number of active participants at the beginning of the plan year .................................................................................. 6a(1)

 

a(2) Total number of active participants at the end of the plan year .......................................................................................... 6a(2)

 

b Retired or separated participants receiving benefits ................................................................................................................. 6b 123456789012

c Other retired or separated participants entitled to future benefits ............................................................................................. 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 who terminated employment during the plan year with accrued benefits that were 

 less than 100% vested .............................................................................................................................................................. 6h 123456789012

7 Enter the total number of employers obligated to contribute to the plan (only multiemployer plans complete this item) .......... 7 

8a If the plan provides pension benefits, enter the applicable pension feature codes from the List of Plan Characteristics Codes in the instructions: 

b If the plan provides welfare benefits, enter the applicable welfare feature codes from the List of Plan Characteristics Codes in the instructions: 

 

9a Plan funding arrangement (check all that apply) 9b Plan benefit arrangement (check all that apply) 

(1) X Insurance (1) X Insurance 

(2) X Code section 412(e)(3) insurance contracts (2) X Code section 412(e)(3) insurance contracts 

(3) X Trust (3) X Trust 

(4) X General assets of the sponsor (4) X General assets of the sponsor 

10 Check all applicable boxes in 10a and 10b to indicate which schedules are attached, and, where indicated, enter the number attached. (See instructions) 

a Pension Schedules b General Schedules 

(1) X R (Retirement Plan Information) (1) X H (Financial Information) 

(2) X MB (Multiemployer Defined Benefit Plan and Certain Money 

Purchase Plan Actuarial Information) - signed by the plan 

actuary 

(2) X I (Financial Information – Small Plan)

(3) X ___ A (Insurance Information) 

(4) X C (Service Provider Information) 

(3) X SB (Single-Employer Defined Benefit Plan Actuarial 

Information) - signed by the plan actuary 

(5) X D (DFE/Participating Plan Information) 

(6) X G (Financial Transaction Schedules)

X

56

60

X X

373

26

X

399

X

X

X

170

143

393

170

1B

X
Form 5500 (2017) Page 3 

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

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

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

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

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

11c Enter the Receipt Confirmation Code for the 2017 Form M-1 annual report. If the plan was not required to file the 2017 Form M-1 annual report, enter the 

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

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

 Receipt Confirmation Code______________________ 

 
SCHEDULE MB 

(Form 5500) 

Department of the Treasury 

Internal Revenue Service

Department of Labor 

Employee Benefits Security Administration 

Pension Benefit Guaranty Corporation 

Multiemployer Defined Benefit Plan and Certain 

Money Purchase Plan Actuarial Information 

This schedule is required to be filed under section 104 of the Employee 

Retirement Income Security Act of 1974 (ERISA) and section 6059 of the 

Internal Revenue Code (the Code). 

 File as an attachment to Form 5500 or 5500-SF. 

OMB No. 1210-0110 

2017 

This Form is Open to Public 

Inspection 

For calendar plan year 2017 or fiscal plan year beginning and ending 

Round off amounts to nearest dollar.

Caution: A penalty of $1,000 will be assessed for late filing of this report unless reasonable cause is established.

A Name of plan 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

B Three-digit 

plan number (PN)  001

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

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

D Employer Identification Number (EIN) 

012345678

E Type of plan: (1) X Multiemployer Defined Benefit (2) X Money Purchase (see instructions) 

1a Enter the valuation date: Month _________ Day _________ Year _________ 

 b Assets 

 (1) Current value of assets ........................................................................................................................ 1b(1) 

 (2) Actuarial value of assets for funding standard account ........................................................................ 1b(2) 

 c (1) Accrued liability for plan using immediate gain methods ..................................................................... 1c(1) 

 (2) Information for plans using spread gain methods: 

 (a) Unfunded liability for methods with bases .......................................................................................... 1c(2)(a) -123456789012345

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

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

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

 d Information on current liabilities of the plan:

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

(2) “RPA ‘94” information: 

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

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

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

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

Statement by Enrolled Actuary 

To the best of my knowledge, the information supplied in this schedule and accompanying schedules, statements and attachments, if any, is complete and accurate. Each prescribed assumption was applied 

in accordance with applicable law and regulations. In my opinion, each other assumption is reasonable (taking into account the experience of the plan and reasonable expectations) and such other 

assumptions, in combination, offer my best estimate of anticipated experience under the plan. 

SIGN 

HERE 

Signature of actuary Date 

Type or print name of actuary Most recent enrollment number 

Firm name Telephone number (including area code) 

123456789 ABCDEFGHI ABCDEFGHI ABCDE 

123456789 ABCDEFGHI ABCDEFGHI ABCDE 

UK 

Address of the firm 

If the actuary has not fully reflected any regulation or ruling promulgated under the statute in completing this schedule, check the box and see 

instructions 

X

For Paperwork Reduction Act Notice, see the Instructions for Form 5500 or 5500-SF. Schedule MB (Form 5500) 2017 

v. 170203

4916507

01

IBEW LOCAL UNION NO. 237 PENSION PLAN

X

412-394-9980

19142431

17-07217

21534036

001

01

01/01/2017

74044776

FOUR GATEWAY CENTER, SUITE 605, PITTSBURGH, PA 15222

COWDEN ASSOCIATES, INC.

IBEW LOCAL 237 PENSION PLAN BOARD OF TRUSTEES 16-6094914

2093101

12/31/2017

118333315

74044776

4916507

2017

BRADFORD L. RIGBY
Schedule MB (Form 5500) 2017 Page 2 - 1- x

2 Operational information as of beginning of this plan year:

 a Current value of assets (see instructions) ............................................................................................................... 2a -123456789012345

 b “RPA ‘94” current liability/participant count breakdown: (1) Number of participants (2) Current liability 

(1) For retired participants and beneficiaries receiving payment .................................... 12345678 -123456789012345

(2) For terminated vested participants ............................................................................ 12345678 -123456789012345

(3) For active participants:

 (a) Non-vested benefits ............................................................................................ -123456789012345

 (b) Vested benefits ................................................................................................... -123456789012345

 (c) Total active .......................................................................................................... -123456789012345

(4) Total........................................................................................................................... 12345678 -123456789012345

 c If the percentage resulting from dividing line 2a by line 2b(4), column (2), is less than 70%, enter such 

percentage ................................................................................................................................................................ 2c 123.12%

3 Contributions made to the plan for the plan year by employer(s) and employees:

(a) Date 

(MM-DD-YYYY)

(b) Amount paid by 

employer(s)

(c) Amount paid by 

employees

(a) Date 

(MM-DD-YYYY)

(b) Amount paid by 

employer(s)

c) Amount paid by 

employees

 

 

 Totals ► 3(b) 3(c) 

4 Information on plan status:

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

 b Enter code to indicate plan’s status (see instructions for attachment of supporting evidence of plan’s status). If 

code is “N,” go to line 5 .............................................................................................................. 4b 

 c Is the plan making the scheduled progress under any applicable funding improvement or rehabilitation plan? ............................................................. X Yes X No

 d If the plan is in critical status or critical and declining status, were any benefits reduced (see instructions)? ................................................... X Yes X No

 e If line d is “Yes,” enter the reduction in liability resulting from the reduction in benefits (see instructions), 

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

f If the rehabilitation plan projects emergence from critical status or critical and declining status, enter the plan 

year in which it is projected to emerge. 

 If the rehabilitation plan is based on forestalling possible insolvency, enter the plan year in which insolvency is 

expected and check here ........................................................................................................................ 

4f 

5 Actuarial cost method used as the basis for this plan year’s funding standard account computations (check all that apply):

 a X Attained age normal b X Entry age normal c X Accrued benefit (unit credit) d X Aggregate

 e X Frozen initial liability f X Individual level premium g X Individual aggregate h X Shortfall

 i X Other (specify):_ 

____________________________________________________________________________ 

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

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

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

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

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

X

19142431

D

2030

1917379

X

170

1

43469437

16.18

X

2981401

61

2981401

118333315

169 62935406

29.1

X

41552058

X

400

06/30/2017

11928472
Schedule MB (Form 5500) 2017 Page 3 - 1- x

6 Checklist of certain actuarial assumptions:

 a Interest rate for “RPA ‘94” current liability......................................................................................................................................... 6a 123.12% 

Pre-retirement Post-retirement 

 b Rates specified in insurance or annuity contracts ..................................... X Yes X No X N/A X Yes X No X N/A 

 c Mortality table code for valuation purposes: 

(1) Males ...................................................................................... 6c(1) 

(2) Females ................................................................................. 6c(2) 

 d Valuation liability interest rate ....................................................... 6d 123.12% 123.12%

 e Expense loading ........................................................................... 6e 123.12% X N/A 123.12% X N/A

 f Salary scale .................................................................................. 6f 123.12% X N/A 

 g Estimated investment return on actuarial value of assets for year ending on the valuation date ...................... 6g -123.1%

 h Estimated investment return on current value of assets for year ending on the valuation date ........................ 6h -123.1%

7 New amortization bases established in the current plan year:

(1) Type of base (2) Initial balance (3) Amortization Charge/Credit

A -123456789012345 -123456789012345

A -123456789012345 -123456789012345

A -123456789012345 -123456789012345

8 Miscellaneous information:

 a If a waiver of a funding deficiency has been approved for this plan year, enter the date (MM-DD-YYYY) of 

the ruling letter granting the approval ............................................................................................................... 8a 

YYYY-MM-DD

 b(1) Is the plan required to provide a projection of expected benefit payments? (See the instructions.) If “Yes,” 

attach a schedule. ......................................................................................................................................................... X Yes X No

 b(2) Is the plan required to provide a Schedule of Active Participant Data? (See the instructions.) If “Yes,” attach a 

 schedule. ...................................................................................................................................................................... X Yes X No

 c Are any of the plan’s amortization bases operating under an extension of time under section 412(e) (as in effect 

prior to 2008) or section 431(d) of the Code?.................................................................................................................... X Yes X No

 d If line c is “Yes,” provide the following additional information:

(1) Was an extension granted automatic approval under section 431(d)(1) of the Code? .............................. X Yes X No

(2) If line 8d(1) is “Yes,” enter the number of years by which the amortization period was extended ............. 8d(2) 12

(3) Was an extension approved by the Internal Revenue Service under section 412(e) (as in effect prior 

to 2008) or 431(d)(2) of the Code? ............................................................................................................. X Yes X No

(4) If line 8d(3) is “Yes,” enter number of years by which the amortization period was extended (not 

including the number of years in line (2)) ................................................................................................... 8d(4) 12

(5) If line 8d(3) is “Yes,” enter the date of the ruling letter approving the extension ........................................ 8d(5) YYYY-MM-DD

(6) If line 8d(3) is “Yes,” is the amortization base eligible for amortization using interest rates applicable under 

section 6621(b) of the Code for years beginning after 2007? ..................................................................................... X Yes X No

 e If box 5h is checked or line 8c is “Yes,” enter the difference between the minimum required contribution 

for the year and the minimum that would have been required without using the shortfall method or 

extending the amortization base(s) ..................................................................................................................

8e 

-123456789012345

9 Funding standard account statement for this plan year:

Charges to funding standard account:

 a Prior year funding deficiency, if any .................................................................................................................. 9a -123456789012345

 b Employer’s normal cost for plan year as of valuation date ............................................................................... 9b -123456789012345

 c Amortization charges as of valuation date: Outstanding balance

 (1) All bases except funding waivers and certain bases for which the 

amortization period has been extended .............................................. 9c(1) -123456789012345 -123456789012345

 (2) Funding waivers .................................................................................. 9c(2) -123456789012345 -123456789012345

 (3) Certain bases for which the amortization period has been 

extended ............................................................................................. 9c(3) -123456789012345 -123456789012345

 d Interest as applicable on lines 9a, 9b, and 9c .................................................................................................. 9d -123456789012345

 e Total charges. Add lines 9a through 9d ............................................................................................................ 9e -123456789012345

13

528767

X

413189

13

5153079

10.3

4026716

1

4

X

1063188

7.00

305.00

X

1

2582859

12444304

814113

13

0.5

13

7.2

58349587 7984144

X

X

7.00
Schedule MB (Form 5500) 2017 Page 4

 

Credits to funding standard account:

 f Prior year credit balance, if any ........................................................................................................................ 9f -123456789012345

 g Employer contributions. Total from column (b) of line 3 ................................................................................... 9g -123456789012345

Outstanding balance 

 h Amortization credits as of valuation date .................................................. 9h -123456789012345 -123456789012345

 i Interest as applicable to end of plan year on lines 9f, 9g, and 9h .................................................................... 9i -123456789012345

 j Full funding limitation (FFL) and credits: 

 (1) ERISA FFL (accrued liability FFL) ............................................................ 9j(1) -123456789012345

 (2) “RPA ‘94” override (90% current liability FFL) ......................................... 9j(2) -123456789012345

 (3) FFL credit ................................................................................................................................................. 9j(3) -123456789012345

 k (1) Waived funding deficiency ........................................................................................................................ 9k(1) -123456789012345

 (2) Other credits ............................................................................................................................................. 9k(2) -123456789012345

 l Total credits. Add lines 9f through 9i, 9j(3), 9k(1), and 9k(2) ............................................................................ 9l -123456789012345

 m Credit balance: If line 9l is greater than line 9e, enter the difference ............................................................... 9m -123456789012345

 n Funding deficiency: If line 9e is greater than line 9l, enter the difference ......................................................... 9n -123456789012345

9 o Current year’s accumulated reconciliation account:

 (1) Due to waived funding deficiency accumulated prior to the 2017 plan year ........................................ 9o(1) -123456789012345

 (2) Due to amortization bases extended and amortized using the interest rate under section 6621(b) of the Code:

 (a) Reconciliation outstanding balance as of valuation date ............................................................... 9o(2)(a) -123456789012345

 (b) Reconciliation amount (line 9c(3) balance minus line 9o(2)(a)) ..................................................... 9o(2)(b) -123456789012345

 (3) Total as of valuation date ..................................................................................................................... 9o(3) -123456789012345

10 Contribution necessary to avoid an accumulated funding deficiency. (See instructions.) ............................ 10 -123456789012345

11 Has a change been made in the actuarial assumptions for the current plan year? If “Yes,” see instructions. ................. X Yes X No

1741731

209531

57119461

0

7511641

8949697

4932663

2981401

X

8421706

7511641
SCHEDULE C 

(Form 5500) 

Department of the Treasury 

Internal Revenue Service

Department of Labor 

Employee Benefits Security Administration 

Pension Benefit Guaranty Corporation 

Service Provider Information 

This schedule is required to be filed under section 104 of the Employee 

Retirement Income Security Act of 1974 (ERISA). 

 File as an attachment to Form 5500. 

OMB No. 1210-0110 

2017 

This Form is Open to Public 

Inspection. 

For calendar plan year 2017 or fiscal plan year beginning and ending 

A Name of plan 

ABCDEFGHI 

B Three-digit 

plan number (PN)  001 

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

ABCDEFGHI 

D Employer Identification Number (EIN) 

012345678

Part I Service Provider Information (see instructions)

You must complete this Part, in accordance with the instructions, to report the information required for each person who received, directly or indirectly, $5,000 

or more in total compensation (i.e., money or anything else of monetary value) in connection with services rendered to the plan or the person's position with the 

plan during the plan year. If a person received only eligible indirect compensation for which the plan received the required disclosures, you are required to 

answer line 1 but are not required to include that person when completing the remainder of this Part. 

1 Information on Persons Receiving Only Eligible Indirect Compensation 

a Check "Yes" or "No" to indicate whether you are excluding a person from the remainder of this Part because they received only eligible 

 indirect compensation for which the plan received the required disclosures (see instructions for definitions and conditions).. . . . . . . . . . . . . . . X Yes X No 

b If you answered line 1a “Yes,” enter the name and EIN or address of each person providing the required disclosures for the service providers who 

 received only eligible indirect compensation. Complete as many entries as needed (see instructions). 

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation 

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation 

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation 

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation 

For Paperwork Reduction Act Notice, see the Instructions for Form 5500. Schedule C (Form 5500) 2017

v.170203

IBEW LOCAL UNION NO. 237 PENSION PLAN

84-0591534

12/31/2017

16-6094914

INVESCO NATIONAL TRUST COMPANY

X

01/01/2017

001

IBEW LOCAL 237 PENSION PLAN BOARD OF TRUSTEES
Schedule C (Form 5500) 2017 Page 2- 1 x

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation 

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation 

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation 

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation 

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation 

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation 

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation

1
Schedule C (Form 5500) 2017 Page 3 - 1 x

2. Information on Other Service Providers Receiving Direct or Indirect Compensation. Except for those persons for whom you 

answered “Yes” to line 1a above, complete as many entries as needed to list each person receiving, directly or indirectly, $5,000 or more in total compensation 

(i.e., money or anything else of value) in connection with services rendered to the plan or their position with the plan during the plan year. (See instructions).

(a) Enter name and EIN or address (see instructions)

(b) 

Service 

Code(s)

(c)

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest

(d)

Enter direct 

compensation paid 

by the plan. If none, 

enter -0-.

(e) 

Did service provider 

receive indirect 

compensation? (sources 

other than plan or plan 

sponsor)

(f) 

Did indirect compensation 

include eligible indirect 

compensation, for which the 

plan received the required 

disclosures?

(g) 

Enter total indirect 

compensation received by 

service provider excluding 

eligible indirect 

compensation for which you 

answered “Yes” to element 

(f). If none, enter -0-.

(h) 

Did the service 

provider give you a 

formula instead of 

an amount or 

estimated amount?

ABCDEFGHI 

ABCDEFGHI 

ABCD

123456789012

345 Yes X No X Yes X No X

123456789012345 

Yes X No X

(a) Enter name and EIN or address (see instructions)

(b) 

Service 

Code(s)

(c)

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest

(d)

Enter direct 

compensation paid 

by the plan. If none, 

enter -0-.

(e) 

Did service provider 

receive indirect 

compensation? (sources 

other than plan or plan 

sponsor)

(f) 

Did indirect compensation 

include eligible indirect 

compensation, for which the 

plan received the required 

disclosures?

(g) 

Enter total indirect 

compensation received by 

service provider excluding 

eligible indirect 

compensation for which you 

answered “Yes” to element 

(f). If none, enter -0-.

(h) 

Did the service 

provider give you a 

formula instead of 

an amount or 

estimated amount?

ABCDEFGHI 

ABCDEFGHI 

ABCD

123456789012

345 Yes X No X Yes X No X

123456789012345 

Yes X No X

(a) Enter name and EIN or address (see instructions)

(b) 

Service 

Code(s)

(c)

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest

(d)

Enter direct 

compensation paid 

by the plan. If none, 

enter -0-.

(e) 

Did service provider 

receive indirect 

compensation? (sources 

other than plan or plan 

sponsor)

(f) 

Did indirect compensation 

include eligible indirect 

compensation, for which the 

plan received the required 

disclosures?

(g) 

Enter total indirect 

compensation received by 

service provider excluding 

eligible indirect 

compensation for which you 

answered “Yes” to element 

(f). If none, enter -0-.

(h) 

Did the service 

provider give you a 

formula instead of 

an amount or 

estimated amount?

ABCDEFGHI 

ABCDEFGHI 

ABCD

123456789012

345 Yes X No X Yes X No X Yes X No X 

17

15 38

COWDEN ASSOCIATES

16-0834222

NONE

NONE

25-1750131

13-2646110

1

8803 NIAGARA FALLS BLVD

NIAGARA FALLS, NY 14304

X

X

SEGAL MARCO ADVISORS

IBEW LOCAL 237 HEALTH & WELFARE FUN

44695

50151

56889 0
Schedule C (Form 5500) 2017 Page 3 - 1 x

2. Information on Other Service Providers Receiving Direct or Indirect Compensation. Except for those persons for whom you 

answered “Yes” to line 1a above, complete as many entries as needed to list each person receiving, directly or indirectly, $5,000 or more in total compensation 

(i.e., money or anything else of value) in connection with services rendered to the plan or their position with the plan during the plan year. (See instructions).

(a) Enter name and EIN or address (see instructions)

(b) 

Service 

Code(s)

(c)

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest

(d)

Enter direct 

compensation paid 

by the plan. If none, 

enter -0-.

(e) 

Did service provider 

receive indirect 

compensation? (sources 

other than plan or plan 

sponsor)

(f) 

Did indirect compensation 

include eligible indirect 

compensation, for which the 

plan received the required 

disclosures?

(g) 

Enter total indirect 

compensation received by 

service provider excluding 

eligible indirect 

compensation for which you 

answered “Yes” to element 

(f). If none, enter -0-.

(h) 

Did the service 

provider give you a 

formula instead of 

an amount or 

estimated amount?

ABCDEFGHI 

ABCDEFGHI 

ABCD

123456789012

345 Yes X No X Yes X No X

123456789012345 

Yes X No X

(a) Enter name and EIN or address (see instructions)

(b) 

Service 

Code(s)

(c)

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest

(d)

Enter direct 

compensation paid 

by the plan. If none, 

enter -0-.

(e) 

Did service provider 

receive indirect 

compensation? (sources 

other than plan or plan 

sponsor)

(f) 

Did indirect compensation 

include eligible indirect 

compensation, for which the 

plan received the required 

disclosures?

(g) 

Enter total indirect 

compensation received by 

service provider excluding 

eligible indirect 

compensation for which you 

answered “Yes” to element 

(f). If none, enter -0-.

(h) 

Did the service 

provider give you a 

formula instead of 

an amount or 

estimated amount?

ABCDEFGHI 

ABCDEFGHI 

ABCD

123456789012

345 Yes X No X Yes X No X

123456789012345 

Yes X No X

(a) Enter name and EIN or address (see instructions)

(b) 

Service 

Code(s)

(c)

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest

(d)

Enter direct 

compensation paid 

by the plan. If none, 

enter -0-.

(e) 

Did service provider 

receive indirect 

compensation? (sources 

other than plan or plan 

sponsor)

(f) 

Did indirect compensation 

include eligible indirect 

compensation, for which the 

plan received the required 

disclosures?

(g) 

Enter total indirect 

compensation received by 

service provider excluding 

eligible indirect 

compensation for which you 

answered “Yes” to element 

(f). If none, enter -0-.

(h) 

Did the service 

provider give you a 

formula instead of 

an amount or 

estimated amount?

ABCDEFGHI 

ABCDEFGHI 

ABCD

123456789012

345 Yes X No X Yes X No X Yes X No X 

29

10

WILMINGTON TRUST

16-1468002

NONE

NONE

16-1486454

NONE

16-0905097

X

2

45 BRYANT WOODS N

AMHERST, NY 14228

X

X

LIPSITZ, GREEN, SCIME, AND CAMBRIA

CHIAMPOU TRAVIS BESAW & KERSHNER

5916

12678

22050
Schedule C (Form 5500) 2017 Page 3 - 1 x

2. Information on Other Service Providers Receiving Direct or Indirect Compensation. Except for those persons for whom you 

answered “Yes” to line 1a above, complete as many entries as needed to list each person receiving, directly or indirectly, $5,000 or more in total compensation 

(i.e., money or anything else of value) in connection with services rendered to the plan or their position with the plan during the plan year. (See instructions).

(a) Enter name and EIN or address (see instructions)

(b) 

Service 

Code(s)

(c)

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest

(d)

Enter direct 

compensation paid 

by the plan. If none, 

enter -0-.

(e) 

Did service provider 

receive indirect 

compensation? (sources 

other than plan or plan 

sponsor)

(f) 

Did indirect compensation 

include eligible indirect 

compensation, for which the 

plan received the required 

disclosures?

(g) 

Enter total indirect 

compensation received by 

service provider excluding 

eligible indirect 

compensation for which you 

answered “Yes” to element 

(f). If none, enter -0-.

(h) 

Did the service 

provider give you a 

formula instead of 

an amount or 

estimated amount?

ABCDEFGHI 

ABCDEFGHI 

ABCD

123456789012

345 Yes X No X Yes X No X

123456789012345 

Yes X No X

(a) Enter name and EIN or address (see instructions)

(b) 

Service 

Code(s)

(c)

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest

(d)

Enter direct 

compensation paid 

by the plan. If none, 

enter -0-.

(e) 

Did service provider 

receive indirect 

compensation? (sources 

other than plan or plan 

sponsor)

(f) 

Did indirect compensation 

include eligible indirect 

compensation, for which the 

plan received the required 

disclosures?

(g) 

Enter total indirect 

compensation received by 

service provider excluding 

eligible indirect 

compensation for which you 

answered “Yes” to element 

(f). If none, enter -0-.

(h) 

Did the service 

provider give you a 

formula instead of 

an amount or 

estimated amount?

ABCDEFGHI 

ABCDEFGHI 

ABCD

123456789012

345 Yes X No X Yes X No X

123456789012345 

Yes X No X

(a) Enter name and EIN or address (see instructions)

(b) 

Service 

Code(s)

(c)

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest

(d)

Enter direct 

compensation paid 

by the plan. If none, 

enter -0-.

(e) 

Did service provider 

receive indirect 

compensation? (sources 

other than plan or plan 

sponsor)

(f) 

Did indirect compensation 

include eligible indirect 

compensation, for which the 

plan received the required 

disclosures?

(g) 

Enter total indirect 

compensation received by 

service provider excluding 

eligible indirect 

compensation for which you 

answered “Yes” to element 

(f). If none, enter -0-.

(h) 

Did the service 

provider give you a 

formula instead of 

an amount or 

estimated amount?

ABCDEFGHI 

ABCDEFGHI 

ABCD

123456789012

345 Yes X No X Yes X No X Yes X No X 

11

20-3838633

NONE

X

3

SUMMIT ACTUARIAL SERVICES

5000
Schedule C (Form 5500) 2017 Page 4 - 1 x 

Part I Service Provider Information (continued)

3. If you reported on line 2 receipt of indirect compensation, other than eligible indirect compensation, by a service provider, and the service provider is a fiduciary 

or provides contract administrator, consulting, custodial, investment advisory, investment management, broker, or recordkeeping services, answer the following 

questions for (a) each source from whom the service provider received $1,000 or more in indirect compensation and (b) each source for whom the service 

provider gave you a formula used to determine the indirect compensation instead of an amount or estimated amount of the indirect compensation. Complete as 

many entries as needed to report the required information for each source. 

(a) Enter service provider name as it appears on line 2 (b) Service Codes 

(see instructions)

(c) Enter amount of indirect 

compensation

 

 (d) Enter name and EIN (address) of source of indirect compensation (e) Describe the indirect compensation, including any 

formula used to determine the service provider’s eligibility 

for or the amount of the indirect compensation.

(a) Enter service provider name as it appears on line 2 (b) Service Codes 

(see instructions) 

(c) Enter amount of indirect 

compensation 

 

 (d) Enter name and EIN (address) of source of indirect compensation (e) Describe the indirect compensation, including any 

formula used to determine the service provider’s eligibility 

for or the amount of the indirect compensation.

(a) Enter service provider name as it appears on line 2 (b) Service Codes 

(see instructions) 

(c) Enter amount of indirect 

compensation 

 

 (d) Enter name and EIN (address) of source of indirect compensation (e) Describe the indirect compensation, including any 

formula used to determine the service provider’s eligibility 

for or the amount of the indirect compensation.

 

 

1
Schedule C (Form 5500) 2017 Page 5 - 1 x 

Part II Service Providers Who Fail or Refuse to Provide Information

4 Provide, to the extent possible, the following information for each service provider who failed or refused to provide the information necessary to complete 

this Schedule.

(a) Enter name and EIN or address of service provider (see 

instructions) 

(b) Nature of 

Service 

Code(s)

(c) Describe the information that the service provider failed or refused to 

provide 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD 10 11 

12 13

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

1234567890

(a) Enter name and EIN or address of service provider (see 

instructions)

(b) Nature of 

Service 

Code(s)

(c) Describe the information that the service provider failed or refused to 

provide

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD 10 11 

12 13

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

1234567890

(a) Enter name and EIN or address of service provider (see 

instructions)

(b) Nature of 

Service 

Code(s)

(c) Describe the information that the service provider failed or refused to 

provide

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD 10 11 12 

13

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

1234567890

(a) Enter name and EIN or address of service provider (see 

instructions)

(b) Nature of 

Service 

Code(s)

(c) Describe the information that the service provider failed or refused to 

provide

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD 10 11 12 

13

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

1234567890

(a) Enter name and EIN or address of service provider (see 

instructions)

(b) Nature of 

Service 

Code(s)

(c) Describe the information that the service provider failed or refused to 

provide

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD 10 11 12 

13

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

1234567890

(a) Enter name and EIN or address of service provider (see 

instructions)

(b) Nature of 

Service 

Code(s)

(c) Describe the information that the service provider failed or refused to 

provide

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

1234567890

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE

1
Schedule C (Form 5500) 2017 Page 6 - 1 x 

a Name: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD b EIN: 123456789 

c Position: ABCDEFGHI ABCDEFGHI ABCD

d Address: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

e Telephone: 1234567890

 Explanation: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

a Name: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD b EIN: 123456789 

c Position: ABCDEFGHI ABCDEFGHI ABCD

d Address: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

e Telephone: 1234567890

 Explanation: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

a Name: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD b EIN: 123456789 

c Position: ABCDEFGHI ABCDEFGHI ABCD

d Address: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

e Telephone: 1234567890

 Explanation: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

a Name: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD b EIN: 123456789 

c Position: ABCDEFGHI ABCDEFGHI ABCD

d Address: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

e Telephone: 1234567890

 Explanation: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

a Name: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD b EIN: 123456789 

c Position: ABCDEFGHI ABCDEFGHI ABCD

d Address: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

e Telephone: 1234567890

 Explanation: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI 

Part III Termination Information on Accountants and Enrolled Actuaries (see instructions) 

(complete as many entries as needed) 

856-234-8801

SUMMIT ACTUARIAL SERVICES LLC 20-3838633

1

ENROLLED ACTUARY

115 N. CHURCH STREET

MOORESTOWN, NJ 08057

ACTUARY INDICATED THAT THEY NO LONGER WANTED TO CONTINUTE TO SERVICE THE TAXPAYER DUE TO THE GEOGRAPHIC

DISTANCE AND INCONVENIENCE IN TRAVEL BETWEEN THE CLIENT'S LOCATION IN NIAGARA FALLS, NY AND THE ACTUARY'S

OFFICES IN NEW JERSEY,
SCHEDULE D 

(Form 5500)

Department of the Treasury 

Internal Revenue Service 

Department of Labor 

Employee Benefits Security Administration 

DFE/Participating Plan Information 

This schedule is required to be filed under section 104 of the Employee 

Retirement Income Security Act of 1974 (ERISA). 

 File as an attachment to Form 5500. 

OMB No. 1210-0110 

2017 

This Form is Open to Public 

Inspection. 

For calendar plan year 2017 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 or DFE 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 Information on interests in MTIAs, CCTs, PSAs, and 103-12 IEs (to be completed by plans and DFEs) 

(Complete as many entries as needed to report all interests in DFEs) 

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123 

d Entity 

code 1 

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123 

d Entity 

code 1 

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123 

d Entity 

code 1 

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123 

d Entity 

code 1 

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123 

d Entity 

code 1 

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123 

d Entity 

code 1 

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123 

d Entity 

code 1 

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

For Paperwork Reduction Act Notice, see the Instructions for Form 5500. Schedule D (Form 5500) 2017 

v.170203

IBEW LOCAL UNION NO. 237 PENSION PLAN

27-6230536-002

27-6230536-003

27-6230536-001

001

01/01/2017

SEGAL ADVISORS INC.

SEGAL ADVISORS INC.

SEGAL ADVISORS INC.

IBEW LOCAL 237 PENSION PLAN BOARD OF TRUSTEES 16-6094914

MARCO FIXED INCOME GROUP TRUST

MARCO EQUITY GROUP TRUST

12/31/2017

E

E

E

2899775

3944311

MARCO ALTERNATIVES GROUP TRUST

9359979
Schedule D (Form 5500) 2017 Page 2 - 1 x

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123 

d Entity 

code 1 

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123 

d Entity 

code 1 

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123 

d Entity 

code 1 

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123 

d Entity 

code 1 

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123 

d Entity 

code 1 

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123 

d Entity 

code 1 

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123 

d Entity 

code 1 

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123 

d Entity 

code 1 

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123 

d Entity 

code 1 

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

a Name of MTIA, CCT, PSA, or 103-12 IE: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD

b Name of sponsor of entity listed in (a):

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI

c EIN-PN 123456789-123 

d Entity 

code 1 

e Dollar value of interest in MTIA, CCT, PSA, or 

103-12 IE at end of year (see instructions) -123456789012345

1
Schedule D (Form 5500) 2017 Page 3 - 1 x 6 

Part II Information on Participating Plans (to be completed by DFEs) 

(Complete as many entries as needed to report all participating plans) 

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

c EIN-PN

123456789-123 

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

c EIN-PN

123456789-123 

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

c EIN-PN

123456789-123 

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

c EIN-PN

123456789-123 

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

c EIN-PN

123456789-123 

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

c EIN-PN

123456789-123 

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

c EIN-PN

123456789-123 

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

c EIN-PN

123456789-123 

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

c EIN-PN

123456789-123 

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

c EIN-PN

123456789-123 

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

c EIN-PN

123456789-123 

a Plan name

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

b Name of 

plan sponsor

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI 

c EIN-PN

123456789-123 

1
SCHEDULE H 

(Form 5500) 

Department of the Treasury 

Department of the Treasury 

Internal Revenue Service

Department of Labor 

Employee Benefits Security Administration 

Pension Benefit Guaranty Corporation 

Financial Information 

This schedule is required to be filed under section 104 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 

2017 

This Form is Open to Public 

Inspection 

For calendar plan year 2017 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 Asset and Liability Statement 

1 Current value of plan assets and liabilities at the beginning and end of the plan year. Combine the value of plan assets held in more than one trust. Report 

the value of the plan’s interest in a commingled fund containing the assets of more than one plan on a line-by-line basis unless the value is reportable on 

lines 1c(9) through 1c(14). Do not enter the value of that portion of an insurance contract which guarantees, during this plan year, to pay a specific dollar 

benefit at a future date. Round off amounts to the nearest dollar. MTIAs, CCTs, PSAs, and 103-12 IEs do not complete lines 1b(1), 1b(2), 1c(8), 1g, 1h, 

and 1i. CCTs, PSAs, and 103-12 IEs also do not complete lines 1d and 1e. See instructions.

Assets (a) Beginning of Year (b) End of Year

 a Total noninterest-bearing cash ....................................................................... 1a -123456789012345 -123456789012345

 b Receivables (less allowance for doubtful accounts):

(1) Employer contributions ........................................................................... 1b(1) -123456789012345 -123456789012345

(2) Participant contributions ......................................................................... 1b(2) -123456789012345 -123456789012345

(3) Other ....................................................................................................... 1b(3) -123456789012345 -123456789012345

 c General investments: 

(1) Interest-bearing cash (include money market accounts & certificates 

of deposit) ............................................................................................. 1c(1) -123456789012345 -123456789012345

(2) U.S. Government securities .................................................................... 1c(2) -123456789012345 -123456789012345

(3) Corporate debt instruments (other than employer securities): 

(A) Preferred .......................................................................................... 1c(3)(A) -123456789012345 -123456789012345

(B) All other ............................................................................................ 1c(3)(B) -123456789012345 -123456789012345

(4) Corporate stocks (other than employer securities): 

(A) Preferred .......................................................................................... 1c(4)(A) -123456789012345 -123456789012345

(B) Common .......................................................................................... 1c(4)(B) -123456789012345 -123456789012345

(5) Partnership/joint venture interests .......................................................... 1c(5) -123456789012345 -123456789012345

(6) Real estate (other than employer real property) ..................................... 1c(6) -123456789012345 -123456789012345

(7) Loans (other than to participants) ........................................................... 1c(7) -123456789012345 -123456789012345

(8) Participant loans ..................................................................................... 1c(8) -123456789012345 -123456789012345

(9) Value of interest in common/collective trusts .......................................... 1c(9) -123456789012345 -123456789012345

(10) Value of interest in pooled separate accounts ........................................ 1c(10) -123456789012345 -123456789012345

(11) Value of interest in master trust investment accounts ............................ 1c(11) -123456789012345 -123456789012345

(12) Value of interest in 103-12 investment entities ....................................... 1c(12) -123456789012345 -123456789012345

(13) Value of interest in registered investment companies (e.g., mutual 

 funds) ...................................................................................... 1c(13) -123456789012345 -123456789012345

(14) Value of funds held in insurance company general account (unallocated 

contracts) ................................................................................................ 1c(14) -123456789012345 -123456789012345

(15) Other ....................................................................................................... 1c(15) -123456789012345 -123456789012345

For Paperwork Reduction Act Notice, see the Instructions for Form 5500. Schedule H (Form 5500) 2017 

v.170203

IBEW LOCAL UNION NO. 237 PENSION PLAN

208967

1250000

001

1165507

1843

1319569

01/01/2017

16204065

44138

IBEW LOCAL 237 PENSION PLAN BOARD OF TRUSTEES 16-6094914

1211536

426398

4268

134014

15948303

503363

12/31/2017

2756

275267
Schedule H (Form 5500) 2017 Page 2

(5) Unrealized appreciation (depreciation) of assets: (A) Real estate ....................... 2b(5)(A) -123456789012345

(B) Other ................................................................................................. 2b(5)(B) -123456789012345 

(C) Total unrealized appreciation of assets. 

Add lines 2b(5)(A) and (B) ................................................................ 2b(5)(C) -123456789012345

1d Employer-related investments: (a) Beginning of Year (b) End of Year

(1) Employer securities .................................................................................. 1d(1) -123456789012345 -123456789012345

(2) Employer real property ............................................................................. 1d(2) -123456789012345 -123456789012345

1e Buildings and other property used in plan operation ....................................... 1e -123456789012345 -123456789012345

1f Total assets (add all amounts in lines 1a through 1e) ..................................... 1f -123456789012345 -123456789012345

Liabilities 

1g Benefit claims payable .................................................................................... 1g -123456789012345 -123456789012345

1h Operating payables ......................................................................................... 1h -123456789012345 -123456789012345

1i Acquisition indebtedness ................................................................................ 1i -123456789012345 -123456789012345

1j Other liabilities ................................................................................................. 1j -123456789012345 -123456789012345

1k Total liabilities (add all amounts in lines 1g through1j) .................................... 1k -123456789012345 -123456789012345

Net Assets 

1l Net assets (subtract line 1k from line 1f) ......................................................... 1l -123456789012345 -123456789012345

Part II Income and Expense Statement 

2 Plan income, expenses, and changes in net assets for the year. Include all income and expenses of the plan, including any trust(s) or separately maintained 

fund(s) and any payments/receipts to/from insurance carriers. Round off amounts to the nearest dollar. MTIAs, CCTs, PSAs, and 103-12 IEs do not 

complete lines 2a, 2b(1)(E), 2e, 2f, and 2g.

Income (a) Amount (b) Total

 a Contributions:

(1) Received or receivable in cash from: (A) Employers ................................ 2a(1)(A) -123456789012345

(B) Participants ....................................................................................... 2a(1)(B) -123456789012345 

(C) Others (including rollovers) ............................................................... 2a(1)(C) -123456789012345 

(2) Noncash contributions .............................................................................. 2a(2) -123456789012345

(3) Total contributions. Add lines 2a(1)(A), (B), (C), and line 2a(2) ............... 2a(3) -123456789012345

 b Earnings on investments:

(1) Interest: 

(A) Interest-bearing cash (including money market accounts and 

certificates of deposit) ....................................................................... 2b(1)(A) -123456789012345 

(B) U.S. Government securities .............................................................. 2b(1)(B) -123456789012345 

(C) Corporate debt instruments ............................................................... 2b(1)(C) -123456789012345

(D) Loans (other than to participants) ..................................................... 2b(1)(D) -123456789012345

(E) Participant loans ................................................................................ 2b(1)(E) -123456789012345

(F) Other ................................................................................................. 2b(1)(F) -123456789012345

(G) Total interest. Add lines 2b(1)(A) through (F) ................................... 2b(1)(G) -123456789012345

(2) Dividends: (A) Preferred stock .................................................................. 2b(2)(A) -123456789012345

(B) Common stock .................................................................................. 2b(2)(B) -123456789012345 

(C) Registered investment company shares (e.g. mutual funds) ............ 2b(2)(C) 

(D) Total dividends. Add lines 2b(2)(A), (B), and (C) 2b(2)(D) -123456789012345

(3) Rents ......................................................................................................... 2b(3) -123456789012345

(4) Net gain (loss) on sale of assets: (A) Aggregate proceeds ..................... 2b(4)(A) -123456789012345

(B) Aggregate carrying amount (see instructions) .................................. 2b(4)(B) -123456789012345 

(C) Subtract line 2b(4)(B) from line 2b(4)(A) and enter result ................ 2b(4)(C) -123456789012345

2981401

94841

2343861

19142431

140134

19282565

761

94841

2981401

8200

140134

19417429

52

7387

19322588

2343861
Schedule H (Form 5500) 2017 Page 3

 

(a) Amount (b) Total

(6) Net investment gain (loss) from common/collective trusts ......................... 2b(6) -123456789012345

(7) Net investment gain (loss) from pooled separate accounts ....................... 2b(7) -123456789012345

(8) Net investment gain (loss) from master trust investment accounts ........... 2b(8) -123456789012345

(9) Net investment gain (loss) from 103-12 investment entities ...................... 2b(9) -123456789012345

(10) Net investment gain (loss) from registered investment 

companies (e.g., mutual funds) .................................................................. 2b(10) -123456789012345

 c Other income .................................................................................................... 2c -123456789012345

 d Total income. Add all income amounts in column (b) and enter total ..................... 2d -123456789012345

Expenses 

 e Benefit payment and payments to provide benefits: 

(1) Directly to participants or beneficiaries, including direct rollovers .............. 2e(1) -123456789012345

(2) To insurance carriers for the provision of benefits ..................................... 2e(2) -123456789012345

(3) Other .......................................................................................................... 2e(3) -123456789012345

(4) Total benefit payments. Add lines 2e(1) through (3) .................................. 2e(4) -123456789012345

 f Corrective distributions (see instructions) ........................................................ 2f -123456789012345

 g Certain deemed distributions of participant loans (see instructions) ................ 2g -123456789012345

 h Interest expense ............................................................................................... 2h -123456789012345

 i Administrative expenses: (1) Professional fees .............................................. 2i(1) -123456789012345

(2) Contract administrator fees ........................................................................ 2i(2) -123456789012345 

(3) Investment advisory and management fees .............................................. 2i(3) -123456789012345 

(4) Other .......................................................................................................... 2i(4) -123456789012345 

(5) Total administrative expenses. Add lines 2i(1) through (4) ......................... 2i(5) -123456789012345

 j Total expenses. Add all expense amounts in column (b) and enter total........ 2j -123456789012345

Net Income and Reconciliation 

 k Net income (loss). Subtract line 2j from line 2d ............................................................. 2k -123456789012345

 l Transfers of assets:

(1) To this plan ................................................................................................. 2l(1) -123456789012345

(2) From this plan ............................................................................................ 2l(2) -123456789012345

 Part III Accountant’s Opinion 

3 Complete lines 3a through 3c if the opinion of an independent qualified public accountant is attached to this Form 5500. Complete line 3d if an opinion is not 

attached.

a The attached opinion of an independent qualified public accountant for this plan is (see instructions): 

 (1) X Unqualified (2) X Qualified (3) X Disclaimer (4) X Adverse

b Did the accountant perform a limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)? X Yes X No

c Enter the name and EIN of the accountant (or accounting firm) below:

(1) Name: ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCD (2) EIN: 123456789

d The opinion of an independent qualified public accountant is not attached because: 

 (1) X This form is filed for a CCT, PSA, or MTIA. (2) X It will be attached to the next Form 5500 pursuant to 29 CFR 2520.104-50. 

 Part IV Compliance Questions 

4 CCTs and PSAs do not complete Part IV. MTIAs, 103-12 IEs, and GIAs do not complete lines 4a, 4e, 4f, 4g, 4h, 4k, 4m, 4n, or 5. 

103-12 IEs also do not complete lines 4j and 4l. MTIAs also do not complete line 4l.

During the plan year: Yes No Amount 

a Was there a failure to transmit to the plan any participant contributions within the time 

period described in 29 CFR 2510.3-102? Continue to answer “Yes” for any prior year failures until 

fully corrected. (See instructions and DOL’s Voluntary Fiduciary Correction Program.) ..................... 4a 

b Were any loans by the plan or fixed income obligations due the plan in default as of the 

close of the plan year or classified during the year as uncollectible? Disregard participant loans 

secured by participant’s account balance. (Attach Schedule G (Form 5500) Part I if “Yes” is 

checked.) ............................................................................................................................................ 4b 

X

85040

16-1468002

4929863

X

X

5338732

228712

CHIAMPOU TRAVIS BESAW & KERSHNER LL

5158575

5270

59249

X

84423

4929863

180157
Schedule H (Form 5500) 2017 Page 4- 1 x

Yes No Amount 

c Were any leases to which the plan was a party in default or classified during the year as 

uncollectible? (Attach Schedule G (Form 5500) Part II if “Yes” is checked.) ....................................... 4c -123456789012345

d Were there any nonexempt transactions with any party-in-interest? (Do not include transactions 

reported on line 4a. Attach Schedule G (Form 5500) Part III if “Yes” is 

checked.) ............................................................................................................................................... 4d -123456789012345

e Was this plan covered by a fidelity bond? ............................................................................................. 4e -123456789012345

f Did the plan have a loss, whether or not reimbursed by the plan’s fidelity bond, that was caused by 

fraud or dishonesty? ............................................................................................................................. 4f -123456789012345

g Did the plan hold any assets whose current value was neither readily determinable on an 

established market nor set by an independent third party appraiser? .................................................. 4g -123456789012345

h Did the plan receive any noncash contributions whose value was neither readily 

determinable on an established market nor set by an independent third party appraiser? ................... 4h -123456789012345

i Did the plan have assets held for investment? (Attach schedule(s) of assets if “Yes” is checked, and 

see instructions for format requirements.) ............................................................................................. 4i 

j Were any plan transactions or series of transactions in excess of 5% of the current 

value of plan assets? (Attach schedule of transactions if “Yes” is checked, and 

see instructions for format requirements.) ............................................................................................. 4j 

k Were all the plan assets either distributed to participants or beneficiaries, transferred to another 

plan, or brought under the control of the PBGC? .................................................................................. 4k

l Has the plan failed to provide any benefit when due under the plan? .................................................. 4l -123456789012345

m If this is an individual account plan, was there a blackout period? (See instructions and 29 CFR 

2520.101-3.) .......................................................................................................................................... 4m 

n If 4m was answered “Yes,” check the “Yes” box if you either provided the required notice or one of 

the exceptions to providing the notice applied under 29 CFR 2520.101-3. .......................................... 4n

5a Has a resolution to terminate the plan been adopted during the plan year or any prior plan year?........ X Yes X No 

 If “Yes,” enter the amount of any plan assets that reverted to the employer this year ____________________________________. 

5b If, during this plan year, any assets or liabilities were transferred from this plan to another plan(s), identify the plan(s) to which assets or liabilities were 

transferred. (See instructions.) 

 5b(1) Name of plan(s) 5b(2) EIN(s) 5b(3) PN(s)

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

123456789 123

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

123456789 123

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

123456789 123

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 

ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI

123456789 123

5c If the plan is a defined benefit plan, is it covered under the PBGC insurance program (See ERISA section 4021.)? ...... X Yes X No X Not determined 

 If “Yes” is checked, enter the My PAA confirmation number from the PBGC premium filing for this plan year________________________. (See instructions.)

X

X

X

1

X

X

5000000

X

X

X

X

X

X

X
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 

2017 

This Form is Open to Public 

Inspection. 

For calendar plan year 2017 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 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) 2017 

v. 170203

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

01/01/2017

IBEW LOCAL 237 PENSION PLAN BOARD OF TRUSTEES

X

16-6094914

X

12/31/2017

X
 Schedule R (Form 5500) 2017 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

12.75

12.75

16-0978284

16-0950645

16-1361161

16-1068755

16-0747878

16-0430730

12.75

12.75

12.75

12.75

X

X

FERGUSON ELECTRIC

FREY ELECTRIC

27

27

O'CONNELL ELECTRIC

27

27

SUBURBAN ELECTRIC OF

CIR ELECTRIC

27

INDUSTRIAL POWER & LIGHTING

27

911769

175579

189556

154093

809343

334019

2018
 Schedule R (Form 5500) 2017 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

2

05

12.75

16-0803337

WEYDMAN ELECTRIC INC

27

158893

2018
Schedule R (Form 5500) 2017 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):
I.B.E.W. LOCAL UNION NO. 237 

PENSION PLAN 

Financial Statements for the Years Ended 

December 31, 2017 and 2016 

and Supplemental Schedules 

as of and for the Year Ended December 31, 2017 

with 

Independent Auditors’ Report 
I.B.E.W. LOCAL UNION NO. 237 PENSION PLAN 

TABLE OF CONTENTS _____ 

Page

INDEPENDENT AUDITORS’ REPORT 1 - 2 

FINANCIAL STATEMENTS: 

 Statements of Net Assets Available for Benefits 3 

 Statements of Changes in Net Assets Available for Benefits 4 

 Statement of Accumulated Plan Benefits 5 

 Statement of Changes in Accumulated Plan Benefits 6 

 Notes to Financial Statements 7 - 16 

SUPPLEMENTAL SCHEDULES: 

 

 Operating Expenses 17 

 Form 5500: Schedule H, Line 4i - Schedule of Assets (Held at End of Year) 18 

 Form 5500: Schedule H, Line 4j - Schedule of Reportable Transactions 19 - 23 
INDEPENDENT AUDITORS’ REPORT 

To the Trustees of the 

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

Niagara Falls, New York 

We have audited the accompanying financial statements of I.B.E.W. Local Union No. 237 Pension Plan the 

“Plan”), which comprise the statements of net assets available for benefits as of December 31, 2017 and 2016, the 

related statements of changes in net assets available for benefits for the years then ended, the statement of 

accumulated plan benefits as of December 31, 2016, and the related statement of changes in accumulated plan 

benefits for the year then ended, and the related notes to the financial statements. 

Management’s Responsibility for the Financial Statements 

Management is responsible for the preparation and fair presentation of these financial statements in accordance 

with accounting principles generally accepted in the United States of America; this includes the design, 

implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial 

statements that are free from material misstatement, whether due to fraud or error. 

Auditors’ Responsibility 

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our 

audits in accordance with auditing standards generally accepted in the United States of America. Those standards 

require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements 

are free from material misstatement. 

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the 

financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the 

risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk 

assessments, the auditor considers internal control relevant to the Plan’s preparation and fair presentation of the 

financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the 

purpose of expressing an opinion on the effectiveness of the Plan’s internal control. Accordingly, we express no 

such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the 

reasonableness of significant accounting estimates made by management, as well as evaluating the overall 

presentation of the financial statements. 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit 

opinion. 

Opinion 

In our opinion, the financial statements referred to above present fairly, in all material respects, information 

regarding the I.B.E.W. Local Union No. 237 Pension Plan’s net assets available for benefits as of December 31, 

2017 and 2016, and changes therein for the years then ended and its financial status as of December 31, 2016, and 

changes therein for the year then ended in accordance with accounting principles generally accepted in the United 

States of America. 
Funding Status of the Plan 

As discussed in Note 7 to the financial statements, the Plan's actuary has certified that the Plan is in Critical 

Status because it is below the minimum funding level, there was a funding deficiency in the current year and 

there is a projected insolvency within 20 years. The Plan projects that it will become insolvent in approximately 

2030. Our opinion has not been modified with respect to this matter. 

Report on Supplemental Information 

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The 

supplemental schedules included in the table of contents, referred to as "supplemental information" are presented 

for the purpose of additional analysis and are not a required part of the financial statements. The Schedule of 

Assets (Held at End of Year) and Schedule of Reportable Transactions are supplemental information required by 

the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement 

Income Security Act of 1974. Such information is the responsibility of the Plan's management and was derived 

from and relates directly to the underlying accounting and other records used to prepare the financial statements. 

The information has been subjected to the auditing procedures applied in the audits of the financial statements 

and certain additional procedures, including comparing and reconciling such information directly to the 

underlying accounting and other records used to prepare the financial statements or to the financial statements 

themselves, and other additional procedures in accordance with auditing standards generally accepted in the 

United States of America. In our opinion, the information is fairly stated in all material respects in relation to the 

fmancial statements as a whole. 

October 9, 2018 
I.B.E.W. LOCAL UNION NO. 237 PENSION PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

DECEMBER 31, 2017 AND 2016

2017 2016

ASSETS

 INVESTMENTS AT FAIR VALUE:

 Common Collective Trust Funds 16,204,065 $ 15,948,303 $ 

 Multi Employer Property Trust 1,319,569 1,250,000 

 INDURE Build-to-Core Fund, LLC 1,022,927 951,292 

 The Endowment TEI Fund, L.P. 188,609 214,215 

 Cash and money market funds 79,859 193,676 

 Mutual funds 4,268 - 

 Total investments 18,815,029 18,561,754 

 CASH 443,701 173,246 

 RECEIVABLES:

 Employer contributions 426,398 275,267 

 Accrued interest and dividends 71 280 

 Other receivables 2,685 1,563 

 Total receivables 429,154 277,110 

 Total assets 19,417,429 19,282,565 

LIABILITIES

 Due to other funds - reciprocal agreements 63,043 45,154 

 Payroll withholdings - 93,140 

 Due to related organization 31,798 1,840 

 Total liabilities 94,841 140,134 

NET ASSETS AVAILABLE FOR BENEFITS $ 19,142,431 19,322,588 $ 

See notes to financial statements.

3
I.B.E.W. LOCAL UNION NO. 237 PENSION PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016

2017 2016

ADDITIONS TO NET ASSETS ATTRIBUTED TO:

 INVESTMENT INCOME:

 Interest and dividends 8,200 $ 384,564 $ 

 Net appreciation in fair value of investments 2,343,861 1,106,304 

 Net investment income 2,352,061 1,490,868 

 Less: investment fees (59,249) (131,259) 

 Net investment income 2,292,812 1,359,609 

 EMPLOYER CONTRIBUTIONS 2,981,401 3,098,866 

 OTHER INCOME 5,270 135 

 Total additions 5,279,483 4,458,610 

DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:

 Benefit payments 4,929,863 5,065,216 

 Operating expenses 169,463 85,457 

 Total deductions 5,099,326 5,150,673 

NET INCREASE (DECREASE) 180,157 (692,063) 

NET ASSETS AVAILABLE FOR BENEFITS:

 Beginning of year 19,142,431 19,834,494 

 End of year $ 19,142,431 19,322,588 $ 

See notes to financial statements.

4
I.B.E.W. LOCAL UNION NO. 237 PENSION PLAN

STATEMENT OF ACCUMULATED PLAN BENEFITS

AS OF DECEMBER 31, 2016

 VESTED BENEFITS:

 Participants currently receiving payments 46,100,714 $ 

 Active participants 20,155,697

 Separated vested participants 6,507,340

 Total vested benefits 72,763,751

 NONVESTED BENEFITS 1,281,025

ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS $ 74,044,776

See notes to financial statements.

5
I.B.E.W. LOCAL UNION NO. 237 PENSION PLAN

STATEMENT OF CHANGES IN ACCUMULATED PLAN BENEFITS

FOR THE YEAR ENDED DECEMBER 31, 2016

$ 66,011,450

 INCREASE (DECREASE) DURING THE YEAR:

 Benefits accumulated and actuarial losses 3,498,946 

 Adjustment of interest due to the decrease in the discount period 4,446,517

 Adjustment of interest due to the change in assumptions 5,153,079

 Benefits paid (5,065,216)

 Net increase 8,033,326

$ 74,044,776

See notes to financial statements.

ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS, January 1, 2016

ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS, December 31, 2016

6
7 

I.B.E.W. LOCAL UNION 237 PENSION PLAN

NOTES TO FINANCIAL STATEMENTS 

FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016 

1. DESCRIPTION OF PLAN 

The following brief description of the I.B.E.W. Local Union No. 237 Pension Plan (the “Plan”) is 

provided for general information purposes only. Participants should refer to the Plan agreement for more 

complete information. 

 General – The Plan is a defined benefit multiemployer health and welfare benefit plan created under an 

agreement and declaration of trust dated May 1, 1966. The Plan, which covers all eligible members of 

I.B.E.W. Local Union No. 237 (the “Union”) and any person working under the jurisdiction of the Union, 

is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”). 

Participation – A member becomes a participant in the Plan on the first day of the Plan year after he or 

she completes at least 500 hours of vesting service during a Plan year. Alternatively, if the participant 

earns at least 1,000 hours of pension service during a consecutive 12-month period they will become a 

participant in the Plan on the next January 1 or July 1 following the 12-month period. Apprentices do not 

participate in the Plan until their second year of apprenticeship. 

Administration – The Plan is administered by a Joint Board of Trustees consisting of members appointed 

by both employers and the Union. Segal Marco Advisors is the investment advisor to the Plan. M&T 

Bank (“M&T”) is the custodian of the Plan’s investments. Merrill Lynch was the primary custodian of 

the Plan through January 2017. 

Employer Contributions – Contributions to the Plan are provided by employers signatory to the 

collective bargaining agreement with the Union. Contributions are generally based on hours worked by 

covered participants at the following rates per hour: 

June 1, 2015 – May 31, 2016 $11.75 

June 1, 2016 – May 28, 2017 $12.25 

May 29, 2017 – December 31, 2017 $12.75 

Employer contributions reported in the statements of changes in net assets available for benefits are stated 

net of $371,389 and $314,601 paid and payable to other funds under reciprocal agreements for the years 

ended December 31, 2017 and 2016, respectively. 

Contributions which apply to the current year that are received in the following year are reported as 

employer contributions receivable at year end. 

 
8 

1. DESCRIPTION OF PLAN (continued) 

 

 Vesting – Prior to January 1, 1976, a participant will earn one year of vesting service for each Plan year in 

which he or she completes 5/8ths or more of a year of pension service. On or after January 1, 1976, a 

participant will be credited with one year of vesting service for each Plan year in which he or she 

completes 1,000 hours of service. A participant is 100% vested in their pension benefit at the earliest of 

the following: 

1. The participant satisfies the age and service requirements for a normal or early pension; 

2. Completion of at least fifteen years of pension service, including at least two years of future pension 

service; 

3. Completion of at least five years of vesting service; or 

4. The participant has attained age 65 (normal retirement age). 

 Pension service is earned as follows: 

 Time period Years of pension service earned 

Prior to May 1, 1966 One year is earned for each Plan year in which a 

participant completes 500 hours of service. 

May 1, 1966 – December 31, 1975 One year is earned for each Plan year in which a 

participant completes 1,400 hours of service. 

1/8th of a year is earned for each 175 hours of 

service worked. 

January 1, 1976 – December 31, 2008 .001 of a year is earned for each hour of service 

completed during the Plan year. 

On or after January 1, 2009 .10 of a year of pension credit is earned for 

every 100 hours of service worked with a 

maximum of 1.4 years of pension credit that can 

be earned per year. 

Pension Benefits, Normal Retirement – Under the Plan a member may retire with a normal pension 

benefit at age 65 with at least five years of vesting service. Participant’s normal retirement benefit will be 

a monthly benefit equal to $80 for each year of pension service that a participant earned after 2008. 

Participants should refer to the Plan of Benefits for the unit monthly benefit rate for hours worked prior to 

2009. 

 Pension Benefits, Early Retirement – The Plan provides for early retirement at attainment of age 55,

providing the participant has completed at least 15 years of pension service or five years of vesting 

service. The early retirement benefit will be equal to the participant’s normal retirement benefit, reduced 

by 1/4 of 1% for each month that the participant’s early retirement date precedes their normal retirement 

date. Effective January 19, 2015, the Plan was amended to reduce the early retirement benefit by 1/2 of 

1% for each month the participant’s early retirement date precedes age 58 (remains at 1/4 of 1% for 

participants who are age 58 and 59). 
9 

1. DESCRIPTION OF PLAN (continued)

 Pension Benefits, Disability – If a participant has become totally and permanently disabled and has 

qualified for a Social Security disability benefit, he or she is entitled to receive a disability pension 

provided they have not yet attained normal retirement age and has completed seven years of pension 

service or seven years of vesting service. The monthly benefit will be equal to the participant’s accrued 

benefit as of his or her disability retirement date. 

 Pension Benefits, Death – The Plan provides for a pre-retirement survivor annuity to the spouse of a 

participant if the participant is eligible for early retirement and has been married for at least one year at 

the time of death. The eligible spouse will receive benefit payments equal to the actuarial equivalent of 

100% of the monthly benefit that would have been payable to the participant under the married couple 

benefit based on the member’s years of service on the date of death. For deaths occurring after the notice 

of the Plan’s critical status (see Note 7), such benefit is payable over 120 months. 

 Pension Benefits, Other – The Plan has several optional forms of benefits at normal and early retirement 

age including an actuarially reduced married couple option of 100%, 75%, and 50% payable to a 

surviving spouse for life, as well as a level income option that is calculated based on the participant’s 

projected Social Security benefit. 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

Basis of Accounting – The accompanying financial statements are stated on the accrual basis of 

accounting and include all material accounts receivable and payable, all other significant liabilities, and 

deferred items. 

Use of Estimates – The Trustees use estimates and assumptions in preparing financial statements. These 

estimates and assumptions affect the reported amounts of assets and liabilities, disclosure of contingent 

assets and liabilities, and reported additions and deductions from Plan net assets available for benefits. 

Actual results could differ from these estimates. 

Investment Valuation and Income Recognition – The Plan determines the fair value of assets and 

liabilities, which are subject to be reported at fair value based on accounting principles generally accepted 

in the United States of America. These standards establish a hierarchy for the determination of fair value, 

as well as disclosure requirements relative to those assets and liabilities. The hierarchy identifies three 

levels of input. Level 1 inputs are generally quoted market prices for identical assets or liabilities, which 

are actively traded on an exchange. Level 2 inputs generally consist of market prices for identical assets 

which are not actively traded or market prices of similar assets or liabilities which are actively traded, on 

an exchange. Level 3 inputs are referred to as unobservable inputs and consist primarily of information 

derived by management where Level 1 and Level 2 inputs are not available. These may include such 

things as present value of expected future cash flows or other valuation methodologies. Under the 

hierarchy, Level 1 inputs are the most preferred, followed by Level 2, and Level 3 is to be used only 

where neither Level 1 nor Level 2 inputs are available. 

An investment’s fair value measurement level within the fair value hierarchy is based on the lowest level 

of any input that is significant to the fair value measurement. Valuation techniques used need to 

maximize the use of observable inputs and minimize the use of unobservable inputs. 
10 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 

Following is a description of the valuation methodologies used for investments measured at fair value. 

Money Market Funds: Valued at amortized costs, which approximate fair value. Under the amortized 

cost valuation method, discount or premium is accreted or amortized on a constant basis to the maturity of 

the security. 

Common Collective Trust Funds: The fair value of the collective trust funds is based on the net asset 

value (“NAV”) of the underlying assets of the fund and has been measured at fair value using the NAV 

practical expedient as of December 31, 2017 and 2016. These funds generally have no redemption 

restrictions or unfunded capital commitments.

 

Multi-Employer Property Trust: Multi Employer Property Trust (“MEPT”) is a core, open-end private 

equity real estate equity fund which invests in a diversified portfolio of institutional-quality real estate 

assets across more than 20 major U.S. metropolitan markets. The fund’s research-driven investment 

strategy focuses on office, industrial, retail, and multifamily assets in U.S. primary markets and seeks to 

produce stable income and superior risk-adjusted total returns. Valued based on the net asset value of the 

underlying real estate assets of the trust and has been measured at fair value using the NAV practical 

expedient and generally has no redemption restrictions or unfunded capital commitments.

INDURE Build-to-Core Fund, LLC: The Fund invests in a wide range of commercial and residential real 

estate and real estate related assets in the United States and Canada. The types of real estate in which the 

fund may invest include equity and debt investments in new development projects, existing properties that 

require repositioning, and stabilized properties. The objective of the Fund is to generate both current 

income and capital appreciation, and a return in excess of the National Property Index. Valued based on 

the net asset value of the underlying assets of the fund and has been measured at fair value using the NAV 

practical expedient and generally has no redemption restrictions or unfunded capital commitments.

The Endowment TEI Fund, L.P: The Fund’s investment objective is to preserve capital and to generate 

consistent long-term appreciation and returns across a market cycle (which is estimated to be five to 

seven years). The fair value of the Endowment TEI Fund L.P. (“TEI Fund”) is based on the net asset 

value of the underlying assets of the TEI Fund and has been measured at fair value using the NAV 

practical expedient and generally has no redemption restrictions or unfunded capital commitments. 

Mutual funds: Valued based on quoted market prices, which represent the net asset values of the shares 

held by the Plan at year-end. 

The preceding methods described may produce a fair value calculation that may not be indicative of net 

realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation 

methods are appropriate and consistent with other market participants, the use of different methodologies 

or assumptions to determine the fair value of certain financial instruments could result in different fair 

value measurements at the reporting date. 

The Plan presents in the statements of changes in net assets available for benefits the net appreciation in 

fair value of investments, which includes unrealized and realized gains and losses on investments that 

were held or sold during the year. Purchases and sales of securities are recorded on a trade date basis. 

Interest income is recorded on the accrual basis. Dividend income is recognized on the ex-dividend date. 

Employer and Participant Contributions Receivable – Accrued based on analysis of subsequent 

employer reports and remittances. 
11 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Benefits Paid to Participants – Benefit payments to participants are recorded upon distribution. 

Subsequent Events – Management of the Plan has evaluated the effects of all subsequent events through 

October 9, 2018, the date which the financial statements were available to be issued, to determine if 

events or transactions occurring through that date require potential adjustment or disclosure in the 

financial statements. 

3. ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS

Accumulated plan benefits are those future periodic payments, including lump-sum distributions, that are 

attributable under the Plan’s provisions to the service employees have rendered. Accumulated plan 

benefits include benefits expected to be paid to (a) retired or terminated employees or their beneficiaries, 

(b) beneficiaries of employees who have died, and (c) present employees or their beneficiaries. Benefits 

under the Plan are accumulated based on employee’s compensation during each year of credited service. 

The accumulated plan benefits for active employees will equal the accumulation, with interest, of the 

annual benefit accruals as of the benefit information date. Benefits payable under all circumstances - 

retirement, death, disability and termination of employment - are included, to the extent they are deemed 

attributable to employee service rendered to the valuation date. 

The actuarial present value of accumulated plan benefits is determined by an independent actuary and is 

that amount that results from applying actuarial assumptions to adjust the accumulated plan benefits to 

reflect the time value of money (through discounts for interest) and the probability of payment (by means 

of decrements such as for death, disability, withdrawal, or retirement) between the valuation date and the 

expected date of payment. The significant actuarial assumptions used in the valuations as of January 1, 

2017 and 2016, were as follows: 

 Actuarial Assumptions________________________________ 

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. 

 Prior to January 1, 2017: 1983 Group Annuity Mortality Table 

for males, set back six years for females for post-pension 

experience. 

Investment Yield 7% 

Turnover No terminations of employment other than death, disability or 

 pension will occur in the future. 

Disability 1973 Disability Model, Transactions of Society of Actuaries, 

 XXVI. 

Costing Method Accrued Benefit Unit Credit 
12 

3. ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS (Continued)

 Actuarial Assumptions________________________________ 

Asset Valuation Method 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. 

Future Work Year Each active participant will work 1,400 hours of pension service 

in each future year. 

Age at Pension 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. 

Prior to January 1, 2017, rates were 100% at age 60. 

Administrative Expenses $110,000 

Number of Active Participants Assumed that the number will remain constant from here 

forward with replacements being made immediately upon 

pension, death or disability. 

Percent Married 80% of the participants are assumed to be married with the 

female spouse three years younger than the male spouse. 

4. PLAN TERMINATION 

 

In the event of the termination of the I.B.E.W. Local Union No. 237 Pension Plan by the Trustees, all 

amounts credited to the affected participants’ accounts shall be and remain 100% vested 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 in the Plan. 

Upon the full termination of the Plan, the Trustees shall direct the distribution of the assets of the Trust 

Fund to participants in a manner that is consistent with and satisfies the provisions of the Plan. 

Distributions to a participant shall be made in cash or through the purchase of irrevocable nontransferable 

deferred commitments from an insurer. 
13 

4. PLAN TERMINATION (continued) 

Certain benefits under the Plan are guaranteed by the Pension Benefit Guaranty Corporation (“PBGC”) 

should the Plan become insolvent. Only those benefits which are non-forfeitable prior to termination or 

insolvency of the Plan are guaranteed. Benefits or benefit improvements (as discussed in Note 1) in effect 

fewer than 60 months prior to termination or insolvency are not guaranteed. As a general rule, for each 

year of credited service under the Plan, the maximum guarantee of monthly benefits is limited to 100% of 

the first $11 of the employee’s accrual rate, plus 75% of the next $33 for each year of credited service or 

a maximum of $35.75 per year of credited service. Whether all participants receive their benefits should 

the Plan terminate at some future time, will depend on the sufficiency, at that time, of the Plan’s net assets 

to provide those benefits and may also depend on the level of benefits guaranteed by the PBGC. 

5. FAIR VALUE MEASUREMENTS

The Plan uses fair value measurements to record fair value adjustments to certain assets and to determine 

fair value disclosures (as discussed in Note 2). The following table sets forth, by level within the fair 

value hierarchy, the Plan’s assets that are measured at fair value as of December 31, with the exception of 

Collective Trust Funds, the Endowment TEI Fund, L.P., the Multi Employer Property Trust, and the 

INDURE Build-to-Core Fund, LLC which are measured at fair value using the NAV practical expedient. 

The fair value for the other investments is provided below to permit reconciliation of the fair value 

hierarchy to the amounts presented in the statements of net assets available for benefits.

 2017 2016 

 Level 1:

 Cash $ - $ 9,837 

 Mutual funds - 4,268 

 - 14,105 

 Level 2: 

 Money market funds 79,859 183,839 

 Investments measured at net asset value:

 Common Collective Trust Funds 16,204,065 15,948,303 

 Multi Employer Property trust 1,319,569 1,250,000 

 INDURE Build-to-Core Fund, LLC 1,022,927 951,292 

 The Endowment TEI Fund, L.P. 188,609 214,215 

 18,735,170 18,363,810 

 Total investments at fair value $ 18,815,029 $ 18,561,754 

6. ACTUARIAL VALUATION 

The latest actuarial valuation of the Plan is as of January 1, 2017. The actuarial present value of 

accumulated plan benefits as of December 31, 2016, is reported in the statement of accumulated plan 

benefits and the changes therein since the previous valuation (January 1, 2016) is reported in the 

statement of changes in accumulated plan benefits. As disclosed in the statement of changes in 

accumulated plan benefits, the actuarial present value of accumulated plan benefits increased by 

$8,033,326 in the plan year ended December 31, 2016. 
14 

6. ACTUARIAL VALUATION (continued)

The actuarial cost method used in establishing the normal cost and actuarial accrued liability for 

participants is known as the “accrued benefit unit credit.” The actuarial study showed that, at January 1, 

2017, the actuarial accrued liability exceeded the actuarial fair value of Plan net assets by $54,902,345. 

The study also disclosed the Plan’s benefits security ratio (funded percentage), which is the ratio of 

current fair value of the Plan’s net assets to the present value of vested benefits as of the valuation date, 

was 29%, compared to 36% as of the January 1, 2016 valuation date. 

The Plan has unfunded vested benefits as of January 1, 2017 of $52,510,740. As a result, any employer 

withdrawing from the Plan during the plan year ended December 31, 2017 may incur a withdrawal 

liability. 

7. CRITICAL STATUS 

As required by the Pension Protection Act of 2006, the Plan’s actuary completed the actuarial 

certification under Internal Revenue Code Section 432 as of January 1, 2017, and determined that the 

Plan is in “critical” status (red zone). The critical status occurs when a plan’s funded ratio is less than 

65% and the Plan is projected to have an accumulated funding deficiency during the seven-year period 

beginning with the date the funding improvement plan (“FIP”) was adopted and based on the terms of the 

FIP. Because the Plan is in critical status, the Board of Trustees is required to adopt a rehabilitation plan 

whereby the Plan will cease to be critical by the end of the rehabilitation period, which generally is 10 

years. A rehabilitation plan was adopted by the Trustees in November 2013 whereby the hourly 

contribution rate would increase by $ .50 through May 31, 2017, then increase by $ .25 beginning June 1, 

2018, and for each of the following years. The rehabilitation plan also reduces benefits by 6% per year 

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 rehabilitation plan does not project the Plan to emerge from critical status, it 

does forestall insolvency of the Plan through to the year 2032. The Plan’s actuary certified that the 

Pension Plan remains in “critical” (red zone) status for the Plan year beginning January 1, 2017. 

ERISA imposes a minimum funding standard that requires the Plan to maintain a Funding Standards 

Account. Contributions meet the legal requirement on a cumulative basis if that account shows no 

deficiency. The accumulation of the actual contributions in excess of the minimum required contributions 

under ERISA is called the credit balance; whereas, should contributions fall below the minimum levels, a 

funding deficiency results. 

The minimum funding requirements of ERISA were not met for 2017. However, the Plan is not required 

to meet minimum funding requirement as the Plan is in critical status and has adopted a rehabilitation 

plan and complied with such rehabilitation plan. The funding deficiency for 2017 was $7,511,641. 
15 

8. RELATED PARTY TRANSACTIONS 

Related party transactions as of and for the years ended December 31, 2017 and 2016 were as follows: 

(a) An employee of I.B.E.W. Local Union No. 237 and employees of the I.B.E.W. Local Union No. 237 

Health and Welfare Plan (“Health and Welfare Plan”) perform various administrative and clerical 

functions for the Pension Plan and the I.B.E.W. Local Union No. 237 Annuity Plan (“Annuity Plan”). 

In addition, the Health and Welfare Plan pays certain allocable administrative expenses which are 

reimbursed by the Pension Plan and the Annuity Plan periodically during the year. All such expenses 

are allocated among the funds based on management estimates. The Pension Plan’s share of allocated 

expenses totaled $56,889 and $28,342 for the years ended December 31, 2017 and 2016, respectively. 

At December 31, 2017 and 2016, the Pension Plan’s unpaid balance of allocated costs due to the 

Health and Welfare Plan totaled $31,798 and $1,840, respectively. 

9. PARTY-IN-INTEREST TRANSACTIONS 

Merrill Lynch provided investment advisory and custodial services to the Plan. Fees paid by the Plan to 

Merrill Lynch for investment advisory and custodial services amounted to $83,122 for the year ended 

December 31, 2016. 

Manning and Napier Advisors, Inc. (“Manning”) provided investment advisory services to the Plan. Fees 

paid by the Plan to Manning for investment advisory services amounted to $19,430 for the year ended 

December 31, 2016. 

Marco Consulting Group (“Marco”) was hired in 2016 and provides investment advisory and custodial 

services to the Plan. The Plan maintains a portion of its investments in various Marco Consulting Group 

common collective trust funds. At December 31, 2017 and 2016, the value of the Plan’s investments held 

in such common collective trusts totaled $16,204,065 and $15,948,303, respectively. Such amounts 

represent 86.12% and 85.92% of the Plan’s total investments at December 31, 2017 and 2016, 

respectively. Fees paid by the Plan to Marco for investment advisory services amounted to approximately 

$50,000 and $26,000 for the years ended December 31, 2017 and 2016, respectively. 

10. TAX STATUS 

The Plan obtained its latest relevant determination letter in January 2017, in which the Internal Revenue 

Service (“IRS”) stated that the Plan, as then designed, was in compliance with the applicable requirements 

of the Internal Revenue Code (“IRC”). The Plan administrator and the Plan’s legal counsel believe that 

the Plan is currently designed and being operated in compliance with the applicable requirements of the 

IRC. Therefore, no provision for income taxes has been inc1uded in the Plan's financial statements. 

Accounting principles generally accepted in the United States of America require plan management to 

evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain 

position that more likely than not would be sustained upon examination by the IRS. The Plan 

administrator has analyzed the tax positions taken by the Plan, and has concluded as of December 31, 

2017 that there are no uncertain tax positions taken or expected to be taken that would require recognition 

of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by 

taxing jurisdictions and the DOL. The Plan administrator believes it is no longer subject to income tax 

examinations for years prior to 2014. 
16 

11. RISKS AND UNCERTAINTIES 

 

The Plan invests in various investments. Investments are exposed to various risks, such as interest rate, 

market, and credit risks. Due to the level of risk associated with certain investments, it is at least 

reasonably possible that changes in values of investments will occur in the near term and that such 

changes could materially affect the amounts reported in the statements of net assets available for benefits. 

Plan contributions are made and the actuarial present value of accumulated plan benefits are reported 

based on certain assumptions pertaining to interest rates, inflation rates and employee demographics, all 

of which are subject to change. Due to uncertainties inherent in the estimations and assumptions process, 

it is at least reasonably possible that changes in these estimates and assumptions in the near term would be 

material to the financial statements. 

12. CONTINGENCIES 

 

During the 2012 plan year, a participating employer withdrew from the Plan and was assessed a 

withdrawal liability in the amount of $202,000. Subsequent to the date of the assessment, the employer 

requested to be reinstated as a contributing employer, and in 2013 such request was granted. Terms of the 

reinstatement require the employer to make minimum monthly contributions in lieu of the immediate 

withdrawal liability assessment. The Fund Administrator will monitor the employer’s contributions to 

ensure the terms are adhered to. No accrual for withdrawal liability at December 31, 2017 or 2016 was 

recorded. 

 * * * * * * 
I.B.E.W. LOCAL UNION NO. 237 PENSION PLAN

OPERATING EXPENSES

FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016

2017 2016

 Shared administrative expenses 56,889 $ 28,342 $ 

 Actuarial services 49,695 11,250 

 Professional fees 34,728 14,805 

 Insurance 23,437 23,283 

 Office supplies 3,509 2,227 

 Dues and subscriptions 1,205 5,550 

 Total operating expenses 169,463 $ 85,457 $ 

17
I.B.E.W. LOCAL UNION NO. 237 PENSION PLAN

EIN# 16-6094914

PLAN #001

FORM 5500: SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2017

(a.) (b.) (c.) (d.) (e.)

Description of investment

Identity of issuer, including maturity date,

borrower, lessor rate of interest, collateral, Current

or similar party par or maturity value Cost value

Cash and money market funds:

M&T Money Market Fund $ 79,859 $ 79,859

Common Collective trust funds:

* Marco Consulting Group Trust Equity Participation 382,229 Shares 7,801,938 9,359,979

* Marco Consulting Group Trust Fixed Income Participation 302,019 Shares 3,734,203 3,944,311

* Marco Consulting Group Trust Alternatives Participation 221,786 Shares 2,700,000 2,899,775

Multi Employer Property Trust:

Multi Employer Property Trust 123 shares 1,250,645 1,319,569

INDURE Build-to-Core Fund, LLC 545 units 936,678 1,022,927

Endowment TEI Fund, L.P. 1,668 Shares 180,462 188,609

* Represents a party-in-interest.

18


	
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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.

I.B.E.W. Local 237 Pension Plan 

EIN: 16-6094914; Plan Number: 001 

Attachment to 2017 Schedule MB, line 6 – Summary of Plan Provisions
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

I.B.E.W. Local 237 Pension Plan 

EIN: 16-6094914; Plan Number: 001 

Attachment to 2017 Schedule MB, line 6 – Summary of Plan Provisions
I.B.E.W. LOCAL UNION NO. 237 PENSION PLAN

EIN# 16-6094914

PLAN #001

FORM 5500: SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2017

(a.) (b.) (c.) (d.) (e.)

Description of investment

Identity of issuer, including maturity date,

borrower, lessor rate of interest, collateral, Current

or similar party par or maturity value Cost value

Cash and money market funds:

M&T Money Market Fund $ 79,859 $ 79,859

Collective trust funds:

Endowment TEI Fund, L.P. 1,668 Shares 180,462 188,609

* Marco Consulting Group Trust Equity Participation 382,229 Shares 7,801,938 9,359,979

* Marco Consulting Group Trust Fixed Income Participation 302,019 Shares 3,734,203 3,944,311

* Marco Consulting Group Trust Alternatives Participation 221,786 Shares 2,700,000 2,899,775

Multi Employer Property Trust:

Multi Employer Property Trust 123 shares 1,250,645 1,319,569

Real estate:

INDURE Build-to-Core Fund, LLC 545 units 936,678 1,022,927

* Represents a party-in-interest.

18
I.B.E.W. Local 237 Pension Plan

EIN: 16-6094914; Plan Number: 001

Attachment to 2017 Schedule MB, line 8b(2) – Summary of Active Participant Data

Attained Years of Service (elapsed time service from hire)

Age < 1 1-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40+ Total

< 25 - 6 - - - - - - - - 6

25-30 - 6 11 2 - - - - - - 19

30-35 - 3 8 8 - 1 - - - - 20

35-40 - 1 3 7 3 5 2 - - - 21

40-45 - 1 1 2 6 7 3 1 1 1 23

45-50 - - - 1 3 3 5 8 4 3 27

50-55 - 1 2 2 2 5 5 4 3 7 31

55-60 - - - 1 2 1 5 1 - 11 21

60-65 - - - 1 - - - - - 1 2

65-70 - - - - - - - - - - -

70+ - - - - - - - - - - -

unknown - - - - - - - - - - -

Total - 18 25 24 16 22 20 14 8 23 170
I.B.E.W. Local 237 Pension Plan

EIN: 16-6094914; Plan Number: 001

Attachment to 2017 Schedule MB, line 4a – Illustration Supporting Actuarial Certification of Status

Illustrate the details providing the actuarial certification of status

The Plan is considered to be in critical and declining status because it is projected to be insolvent within 

the next 19 years. The Pension Fund is approximately 29% funded.

Further detail regarding the certification of the 2017 zone status was not provided by the former 

actuary, who completed the certification.
I.B.E.W. Local 237 Pension Plan

EIN: 16-6094914; Plan Number: 001

Attachment to 2017 Schedule MB, line 4c – Illustration Supporting Actuarial Certification of Status

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.
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 Pension Plan 

EIN: 16-6094914; Plan Number: 001 

Attachment to 2017 Schedule MB, line 9c and 9h - Schedule of Funding Standard Account Bases
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.

I.B.E.W. Local 237 Pension Plan 

EIN: 16-6094914; Plan Number: 001 

Attachment to 2017 Schedule MB, line 11 - Justification for Change in Actuarial Assumptions
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

I.B.E.W. Local 237 Pension Plan 

EIN: 16-6094914; Plan Number: 001 

Attachment to 2017 Schedule MB, line 6 – Statement of Actuarial Assumptions
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.

I.B.E.W. Local 237 Pension Plan 

EIN: 16-6094914; Plan Number: 001 

Attachment to 2017 Schedule MB, line 6 – Statement of Actuarial Assumptions
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.

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.




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

2 Operational information as of beginning of this plan year:

a Current value of assets (see instructions) .................................................................................................................................................................................

2a -123456789012345

b “RPA ‘94” current liability/participant count breakdown: (1) Number of participants (2) Current liability

(1) For retired participants and beneficiaries receiving payment ................................... 12345678 -123456789012345

(2) For terminated vested participants .......................................................................... 12345678 -123456789012345

(3) For active participants:

(a) Non-vested benefits.......................................................................................... -123456789012345

(b) Vested benefits................................................................................................. -123456789012345

(c) Total active....................................................................................................... -123456789012345

(4) Total ....................................................................................................................... 12345678 -123456789012345

c If the percentage resulting from dividing line 2a by line 2b(4), column (2), is less than 70%, enter such 

percentage ...........................................................................................................................................................

2c 123.12%

Totals

4 Information on plan status:

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

 b Enter code to indicate plan’s status (see instructions for attachment of supporting evidence of plan’s status). If 

code is “N,” go to line 5 ..............................................................................................................

4b

c Is the plan making the scheduled progress under any applicable funding improvement or rehabilitation plan? .............................................................X Yes X No

d If the plan is in critical status or critical and declining status, were any benefits reduced (see instructions)? .................................................X Yes X No

e If line d is “Yes,” enter the reduction in liability resulting from the reduction in benefits (see instructions), 

measured as of the valuation date ................................................................................................................................

...

4e -123456789012345

f If the rehabilitation plan projects emergence from critical status or critical and declining status, enter the plan 

year in which it is projected to emerge. 

 If the rehabilitation plan is based on forestalling possible insolvency, enter the plan year in which insolvency is 

expected and check here ........................................................................................................................ 

4f

5 Actuarial cost method used as the basis for this plan year’s funding standard account computations (check all that apply):

a X Attained age normal

e X Frozen initial liability

b X Entry age normal

f X Individual level premium

c X Accrued benefit (unit credit)

g X Individual aggregate

d X Aggregate

h X Shortfall

3 Contributions made to the plan for the plan year by employer(s) and employees:

Totals ► 3(b) 3(c)

(a) Date 

(MM-DD-YYYY)

(b) Amount paid by 

employer(s)

(c) Amount paid by 

employees

(a) Date 

(MM-DD-YYYY)

(b) Amount paid by 

employer(s)

(c) Amount paid by 

employees

2017

19,142,431

169 62,935,406

61 11,928,472

1,917,379

41,552,058

170 43,469,437

400 118,333,315

16.17

06/30/2017 2,981,401 0

2,981,401 0

29.1

D

X

X

X

2030

X
Schedule MB (Form 5500) 2017 Page 3 - 1- x

6 Checklist of certain actuarial assumptions:

a Interest rate for “RPA ‘94” current liability............................................................................................................................................... 6a 123.12%

Pre-retirement Post-retirement

b Rates specified in insurance or annuity contracts.................................... X Yes X No X N/A X Yes X No X N/A

c Mortality table code for valuation purposes:

(1) Males ............................................................................................... 6c(1)

(2) Females ........................................................................................... 6c(2)

d Valuation liability interest rate ................................................................

.

6d 123.12% 123.12%

e Expense loading ..................................................................................... 6e 123.12% X N/A 123.12% X N/A

f Salary scale............................................................................................ 6f 123.12% X N/A 

g Estimated investment return on actuarial value of assets for year ending on the valuation date............................. 6g -123.1%

h Estimated investment return on current value of assets for year ending on the valuation date ............................... 6h -123.1%

8 Miscellaneous information:

a If a waiver of a funding deficiency has been approved for this plan year, enter the date (MM-DD-YYYY) of 

the ruling letter granting the approval................................................................................................................................

.

8a

YYYY-MM-DD

 b(1) Is the plan required to provide a projection of expected benefit payments? (See the instructions.) If “Yes,” 

attach a schedule...........................................................................................................................................................

X Yes X No

b(2) Is the plan required to provide a Schedule of Active Participant Data? (See the instructions.) If “Yes,” attach a 

 schedule.................................................................................................................................................................................................

.......

X Yes X No

c Are any of the plan’s amortization bases operating under an extension of time under section 412(e) (as in effect 

prior to 2008) or section 431(d) of the Code?....................................................................................................................

.

X Yes X No

d If line c is “Yes,” provide the following additional information:

(1) Was an extension granted automatic approval under section 431(d)(1) of the Code?................................

..................

X Yes X No

(2) If line 8d(1) is “Yes,” enter the number of years by which the amortization period was extended ................................

.

8d(2) 12

(3) Was an extension approved by the Internal Revenue Service under section 412(e) (as in effect prior 

to 2008) or 431(d)(2) of the Code?...............................................................................................................................

X Yes X No

(4) If line 8d(3) is “Yes,” enter number of years by which the amortization period was extended (not 

including the number of years in line (2))......................................................................................................................

8d(4) 12

(5) If line 8d(3) is “Yes,” enter the date of the ruling letter approving the extension ........................................................... 8d(5) YYYY-MM-DD

(6) If line 8d(3) is “Yes,” is the amortization base eligible for amortization using interest rates applicable under 

section 6621(b) of the Code for years beginning after 2007? .......................................................................................

X Yes X No

e If box 5h is checked or line 8c is “Yes,” enter the difference between the minimum required contribution 

for the year and the minimum that would have been required without using the shortfall method or 

extending the amortization base(s) ................................................................................................................................

....

8e

-123456789012345

9 Funding standard account statement for this plan year:

Charges to funding standard account:

a Prior year funding deficiency, if any ................................................................................................................................

...

9a -123456789012345

b Employer’s normal cost for plan year as of valuation date................................................................................................

..

9b -123456789012345

...

..............

7 New amortization bases established in the current plan year:

(1) Type of base (2) Initial balance (3) Amortization Charge/Credit

A -123456789012345 -123456789012345

A -123456789012345 -123456789012345

A -123456789012345 -123456789012345

i X Other (specify):________________________________________________________________________________

 ________________________________________________________________________________

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

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

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

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

approving the change in funding method ..........................................................................................................................

5m YYYY-MM-DD

X

X

3.05

X X

13 13

13 13

7.00 7.00

10.3 0.0

0.00

.5

7.2

4 5,153,079 528,767

1 4,026,716 413,189

X

X

X

2,582,859

1,063,188
Schedule MB (Form 5500) 2017 Page 4

Credits to funding standard account:

f Prior year credit balance, if any................................................................................................................................

..........

9f -123456789012345

 g Employer contributions. Total from column (b) of line 3................................................................................................

......

9g -123456789012345

Outstanding balance

h Amortization credits as of valuation date................................................................

....

9h -123456789012345 -123456789012345

i Interest as applicable to end of plan year on lines 9f, 9g, and 9h ....................................................................................... 9i -123456789012345

j Full funding limitation (FFL) and credits:

(1) ERISA FFL (accrued liability FFL)................................................................

......

9j(1) -123456789012345

(2) “RPA ‘94” override (90% current liability FFL) ...................................................... 9j(2) -123456789012345

(3) FFL credit................................................................................................................................................................

...

9j(3) -123456789012345

k (1) Waived funding deficiency................................................................................................................................

..........

9k(1) -123456789012345

(2) Other credits .............................................................................................................................................................. 9k(2) -123456789012345

l Total credits. Add lines 9f through 9i, 9j(3), 9k(1), and 9k(2)............................................................................................... 9l -123456789012345

m Credit balance: If line 9l is greater than line 9e, enter the difference................................................................

...................

9m -123456789012345

n Funding deficiency: If line 9e is greater than line 9l, enter the difference ................................................................

............

9n -123456789012345

9 o Current year’s accumulated reconciliation account:

(1) Due to waived funding deficiency accumulated prior to the 2016 plan year................................................................ 9o(1) -123456789012345

(2) Due to amortization bases extended and amortized using the interest rate under section 6621(b) of the Code:

(a) Reconciliation outstanding balance as of valuation date ................................................................

......................

9o(2)(a) -123456789012345

(b) Reconciliation amount (line 9c(3) balance minus line 9o(2)(a)) ................................................................

............

9o(2)(b) -123456789012345

(3) Total as of valuation date ................................................................................................................................

...........

9o(3) -123456789012345

10 Contribution necessary to avoid an accumulated funding deficiency. (See instructions.)................................

....................

10 -123456789012345

11 Has a change been made in the actuarial assumptions for the current plan year? If “Yes,” see instructions...........................

..

X Yes X No

c Amortization charges as of valuation date: Outstanding balance

(1) All bases except funding waivers and certain bases for which the 

amortization period has been extended ................................................................

9c(1) -123456789012345 -123456789012345

(2) Funding waivers ................................................................................................ 9c(2) -123456789012345 -123456789012345

(3) Certain bases for which the amortization period has been 

extended ................................................................................................

9c(3) -123456789012345 -123456789012345

d Interest as applicable on lines 9a, 9b, and 9c..................................................................................................................... 9d -123456789012345

e Total charges. Add lines 9a through 9d.............................................................................................................................. 9e -123456789012345

58,349,587 7,984,144

0 0

0 0

814,113

12,444,304

2,981,401

8,421,706 1,741,731

209,531

57,119,461

89,496,797

0

0

0

4,932,663

7,511,641

0

0

0

0

7,511,641

X
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, 2018

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 ..............................................................................C-1
I.B.E.W. Local 237 - 2018 Actuarial Valuation 2

Remarks

Plan Changes

None. This valuation does not reflect any plan changes that are part of the MPRA application filed in 

September 2018.

Method Changes

None

Assumption Changes

The assumptions have been reviewed, and the following changes made:

• The retirement rate assumption has been updated. Please see Appendix B for more details.

• The termination rate assumption has been updated. Please see Appendix B for more details.

• The mortality assumption updated to the Society of Actuaries’ RPH-2014 Blue Collar Headcountweighted Mortality Table with scale MP-2017 for healthy members and RPH-2014 Disabled 

Retiree Headcount-weighted Mortality Table with scale MP-2017 for disabled members.

• Form of payment election assumptions:

o For active and terminated vested participants at retirement:

 45% of all participants elect the straight life annuity

 40% of all participants elect the 50% joint and survivor annuity

 5% of all participants elect the 75% joint and survivor annuity

 10% of all participants elect the 100% joint and survivor annuity

o For active and terminated vested participants at disablement:

 50% of all participants elect the straight life annuity

 30% of all participants elect the 50% joint and survivor annuity

 20% of all participants elect the 100% joint and survivor annuity

• Administrative expenses, expressed as of the beginning of the year, are assumed to be prior year 

non-investment related expenses, and increasing by 2.5% for inflation each year thereafter. It is 

also expected that an additional $230,000 will be incurred in 2018 connected to the MPRA 

application process. Administrative expenses are expected to return to the inflation adjusted 

2017 amounts.

• The interest rate used to calculate RPA ’94 current liability has been changed from 3.05% to 2.98%

to fall within prescribed limitations that fluctuate yearly. The mortality assumption for RPA ’94 

current liability has also been updated as mandated.

I.B.E.W. Local 237 - 2018 Actuarial Valuation 4

Reconciliation of Fund Balance

The following summarizes the transactions in the fund for the period beginning January 1, 2017 and 

ending December 31, 2017.

Market Value at Beginning of Year $ 19,142,431

Receipts

• Employer Contributions 2,981,401

• Interest, Dividends & Other Investment Net Income 13,470

• Realized and Unrealized Investment Gains 2,343,861

Total Receipts 5,338,732

Disbursements

• Benefit Payments 4,929,863

• Administrative Expenses 169,463

• Investment Expenses 59,249

Total Disbursements 5,158,575

Market Value at End of Year $ 19,322,588
I.B.E.W. Local 237 - 2018 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, 2017 $ 19,142,431

Employer Contributions 2,981,401

Benefit Payments and Administrative Expenses 5,099,326

Expected Interest at 7.00% 1,234,725

Expected Market Value of Assets, December 31, 2017 18,259,231

Market Value of Assets, December 31, 2017 19,322,588

Investment Gain or (Loss) 1,063,357

Adjustments

80% of Current Year Gain or (Loss) 850,686

60% of Prior Year Gain or (Loss) 38,221

40% of Second Prior Year Gain or (Loss) (1,044,174)

20% of Third Prior Year Gain or (Loss) (137,847)

0% of Fourth Prior Year Gain or (Loss) 0

Total (293,114)

Preliminary Actuarial Value of Plan Assets, December 31, 2017 19,615,702

Actuarial Value of Plan Assets, December 31, 2017, 

not less than 80% and no more than 120% of Market Value $ 19,615,702
I.B.E.W. Local 237 - 2018 Actuarial Valuation 6

Investment Return

Plan Year January 1, 2017 to December 31, 2017

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 21,534,036

• Interest on Actuarial Value of Assets to end of the year 1,507,383

• Employer and employee contributions for the period 2,981,401

• Interest on contributions from date paid (or deemed 

paid) to the end of the year 87,610

• Disbursements for period 5,099,326

• Interest on disbursements from date of payment to the 

end of the year 178,476

• Expected Actuarial Value of Assets at the end of the year 20,832,628

• Actuarial Value of Assets at end of the year 19,615,702

• Interest gain or (loss) (1,216,926)

• Excess gain (+) or loss (-) rate (6.01%)

• Total return 0.99%

Time-Weighted Rate of Return (used for Schedule MB reporting)

• Actuarial Value of Assets at beginning of the year 21,534,036

• Actuarial Value of Assets at end of the year 19,615,702

• Dollar Investment Return under Asset Valuation method 199,591

• Rate of Return 0.97%

Time-Weighted Rate of Return on Market Value

• Market Value of Assets at beginning of the year 19,142,431

• Market Value of Assets at end of the year 19,322,588

• Dollar Investment Return, Net of Investment Expenses 2,298,082

• Rate of Return 12.71%
I.B.E.W. Local 237 - 2018 Actuarial Valuation 7

Summary of Participant Activity

Plan Year January 1, 2017 to December 31, 2017

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 26 23 400

New Participants 12 0 0 0 0 12

Return to Work

From Vested

From Nonvested

From Disabled

0

3

0

0

0

0

0

0

0

0

0

0

0

0

0

0

3

0

Nonvested

terminations (3) 0 0 0 0 (3)

Vested Terminations (3) 3 0 0 0 0

Disabilities (3) (1) 0 0 4 0

Retirements (2) (1) 4 0 (1) 0

Deaths 0 0 (6) 0 (1) (7)

New Beneficiaries 0 0 0 5 0 5

Cashed Out 0 0 0 0 0 0

Adjustments 0 6 0 0 0 6

Participants at the

End of the Year 174 68 118 31 25 416
I.B.E.W. Local 237 - 2018 Actuarial Valuation 8

Normal Cost and Actuarial Accrued Liability

Plan Year January 1, 2018 to December 31, 2018

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 $ 27,583,921 $ 30,297,014

• Benefit Recipients 44,391,169 46,100,714

• Terminated Vested 6,890,532 6,507,340

Total $ 78,865,622 $ 82,905,068

Normal Cost

• Benefits $ 849,582 $ 953,188

• Expenses 400,000 110,000

Total $ 1,249,582 $ 1,063,188

Actuarial Accrued Liability

• Active $ 21,059,420 $ 21,436,722

• Benefit Recipients 44,391,169 46,100,714

• Terminated Vested 6,890,532 6,507,340

Total $ 72,341,121 $ 74,044,776
I.B.E.W. Local 237 - 2018 Actuarial Valuation 9

Contributions – Minimum

Plan Year January 1, 2018 to December 31, 2018

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 $ 1,249,582 $ 1,063,188

• Net Amortization Payments 6,582,446 6,242,413

• Funding Standard Account Credit Balance 7,511,641 2,582,859

• Net Interest to end of plan year 1,074,057 692,192

• Full Funding Credit 0 0

• Minimum Contribution Payable at end of Plan Year $ 16,417,726 $ 10,580,652
I.B.E.W. Local 237 - 2018 Actuarial Valuation 10

Contributions – Maximum

Plan Year January 1, 2018 to December 31, 2018

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 Prior

Plan Year Plan Year

Maximum Contribution

• Normal Cost $ 1,249,582 $ 1,063,188

• Amortization Payments 7,015,807 6,987,241

• Interest to the end of plan year 578,577 563,530

Subtotal 8,843,966 8,613,959

• Minimum Contribution 16,417,726 10,580,652

• Full Funding Limitation (FFL) 96,815,589 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 16,417,726 10,580,652

• Contribution to Fund 140% of Current Liability 159,314,245 149,183,069

• Maximum Contribution at End of Fiscal Year $ 159,314,245 $ 149,183,069
I.B.E.W. Local 237 - 2018 Actuarial Valuation 11

Present Value of Accrued Benefits

Plan Year January 1, 2017 to December 31, 2017

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 $ 20,109,773 $ 20,155,697

• Benefit Recipients 44,391,169 46,100,714

• Terminated Vested 6,890,532 6,507,340

Subtotal $ 71,391,474 $ 72,763,751

Nonvested Benefits 949,647 1,281,025

Total $ 72,341,121 $ 74,044,776

Market Value of Assets 19,322,588 19,142,431

Benefit Security Ratio 26.71% 25.85%

Change in Present Value of Accrued Plan Benefits

Present Value at Beginning of the Year $ 74,044,776

Increase (decrease) due to

• Decrease in discount period 5,013,507

• Benefits Paid (4,929,863)

• Change in Actuarial Assumptions (2,136,614)

• Plan Amendments 0

• Benefits accumulated and plan experience 349,315

Subtotal (1,703,655)

Present Value at End of the Year $ 72,341,121
I.B.E.W. Local 237 - 2018 Actuarial Valuation 12

Funding Standard Account

Plan Year January 1, 2017 to December 31, 2017

The following develops the funding standard account as of December 31, 2017. The funding standard 

account demonstrates that the plan has met the minimum funding requirements through the prior plan 

year.

Prior Year Credit Balance $ (2,582,859)

Increases

• Employer Contributions 2,981,401

• Amortization Credits 1,741,731

• Interest 28,731

• Total Increases 4,751,863

Decreases

• Normal Cost (1,063,188)

• Amortization Charges (7,984,144)

• Interest (633,313)

Total Decreases (9,680,645)

Credit Balance $ (7,511,641)
I.B.E.W. Local 237 - 2018 Actuarial Valuation 13

Actuarial Gain or Loss

Plan Year January 1, 2017 to December 31, 2017

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 $ 52,510,740

• Normal Cost 1,063,188

• Interest 3,750,175

• Employer Contributions 2,981,401

• Interest on Employer Contributions from Date Paid 87,610

• Subtotal 54,255,092

• Additional Liability due to

• Plan Amendments 0

• Method Changes 0

• Assumption Changes (2,136,614)

Total (2,136,614)

Expected Unfunded Amount at End of the Year $ 52,118,478

Unfunded Amount at End of the Year

• Actuarial Accrued Liability $ 72,341,121

• Actuarial Value of Assets 19,615,702

• Unfunded Amount 52,725,419

Actuarial (Gain) or Loss $ 606,941

(difference between actual and expected unfunded amounts)
I.B.E.W. Local 237 - 2018 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 9.0 $ 23,095,198 $ 3,312,898

Experience Loss 02 1/1/2002 4.0 3,439,668 949,053

Experience Loss 03 1/1/2003 5.0 2,603,065 593,330

Experience Loss 05 1/1/2005 7.0 1,870,013 324,287

Experience Loss 06 1/1/2006 8.0 948,230 148,409

Experience Loss 07 1/1/2007 4.0 717,136 197,868

ENIL Loss 1/1/2009 20.0 3,025,916 266,939

Experience Loss 09 1/1/2009 6.0 362,880 71,150

Experience Loss 10 1/1/2010 7.0 984,461 170,719

Experience Loss 11 1/1/2011 8.0 679,328 106,323

Experience Loss 12 1/1/2012 9.0 1,611,698 231,191

Experience Loss 13 1/1/2013 10.0 584,100 77,722

Experience Loss 14 1/1/2014 11.0 386,075 48,117

Experience Loss 15 1/1/2015 12.0 1,869,760 220,006

Assumption Change 16 $ 3,159,250 1/1/2016 13.0 2,899,008 324,176

Assumption Change 17 5,153,079 1/1/2017 14.0 4,948,014 528,767

Experience Loss 17 4,026,716 1/1/2017 14.0 3,866,474 413,189

Experience Loss 18 606,941 1/1/2018 15.0 606,941 62,279

Subtotal $ 54,497,965 $ 8,046,423

Credits

Asset Valuation Method Change 1/1/2003 20.0 $ 806,282 $ 71,129

Experience Gain 04 1/1/2004 6.0 871,380 170,852

Funding Method Change 05 1/1/2005 2.0 947,210 489,622

Experience Gain 08 1/1/2008 5.0 734,459 167,409

Special Asset Valuation 1/1/2009 21.0 1,984,882 171,199

ENIL Gain 10 1/1/2010 20.0 1,149,482 101,405

Experience Gain 16 1/1/2016 13.0 653,878 73,119

Assumption Change 18 $ 2,136,614 1/1/2018 15.0 2,136,614 219,242

Subtotal $ 9,284,187 $ 1,463,977

Net Amortization Balance and Payment $ 45,213,778 $ 6,582,446

Credit Balance as of January 1, 2018 (7,511,641)

Unfunded Liability $ 52,725,419
I.B.E.W. Local 237 - 2018 Actuarial Valuation 15

Schedule of Actuarial Liabilities and Amortization Payments (continued)

MAXIMUM FUNDING

Initial

Amount Payment Balance

Limit

Adjustment

Amortization Bases

Fresh Start 2018 $ 52,725,419 $ 7,015,807 $ 52,725,419 $ 7,015,807

Subtotal $ 52,725,419 $ 7,015,807
I.B.E.W. Local 237 - 2018 Actuarial Valuation 16

Full Funding Credit

Plan Year January 1, 2018 to December 31, 2018

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 $ 1,249,582

• Amortization and Waiver Charge Payments 8,046,423

• Interest 650,720

• Additional Funding Charge 0

Total Charges 9,946,725

Credits

• Amortization Credit Payments 1,463,977

• Interest 102,478

• Other Credits 0

Total Credits 1,566,455

Full Funding Limitation for Minimum Contribution

• Based on Unit Credit Actuarial Cost Method 50,029,427

• RPA ’94 Full Funding Limitation Floor 96,815,589

Full Funding Credit

• Based on Unit Credit Method: 0

• Based on Current Liability: 0
I.B.E.W. Local 237 - 2018 Actuarial Valuation 17

Full Funding Limitation

Plan Year January 1, 2018 to December 31, 2018

Development of Full Funding Limits – Minimum Contribution Basis

100% Actuarial Accrued Liability Full Funding Limit (FFL)

• Actuarial Accrued Liability at Beginning of the Year $ 72,341,121

• Normal Cost 1,249,582

• Value of Assets at Beginning of the Year

• Lesser of Actuarial and Market Value 19,322,588

• Credit Balance (7,511,641)

• Adjusted Plan Assets 26,834,229

• Interest at 7.00% to End of Year

• On Actuarial Accrued Liability and Normal Cost 5,151,349

• Adjusted Plan Assets 1,878,396

100% Actuarial Accrued Liability FFL 50,029,427

Estimated RPA ’94 Current Liability as of End of Year

• Current Liability at Beginning of the Year

• Active Vested $ 43,341,259

• Active Non-vested 1,312,182

• In Pay Status 65,743,323

• Terminated Vested 13,538,380

Total 123,935,144

• Current Liability Normal Cost 2,490,168

• Estimated Benefit Payments 5,112,943

• Interest at 2.98% to End of Year

• On Current Liability and Current Liability Normal Cost 3,767,474

• On Estimated Benefit Payments 82,531

Estimated RPA ’94 Current Liability as of End of Year 124,997,312

Estimated Assets for 90% RPA ’94 Current Liability FFL

• Actuarial Value of Assets at Beginning of the Year $ 19,615,702

• Estimated Benefit Payments 5,112,943

• Estimated Interest 7.00% to End of Year

• On Actuarial Value of Assets 1,373,099

• On Estimated Benefit Payments 193,866

Estimated Assets as of End of Year 15,681,992

90% RPA ’94 Current Liability FFL Floor

90% of Current Liability as of End of Year 112,497,581

90% Current Liability Full Funding Limit Floor $ 96,815,589
I.B.E.W. Local 237 - 2018 Actuarial Valuation 18

Full Funding Limitation (continued)

Plan Year January 1, 2018 to December 31, 2018

Development of Full Funding Limits – Maximum Contribution Basis

100% Actuarial Accrued Liability FFL

• Actuarial Accrued Liability at Beginning of the Year $ 72,341,121

• Normal Cost 1,249,582

• Value of Assets at Beginning of the Year

• Lesser of Actuarial and Market Value 19,322,588

• Contributions included in Assets but not yet deducted 0

• Applicable Assets 19,322,588

• Interest at 7.00% to End of Year

• On Actuarial Accrued Liability and Normal Cost 5,151,349

• Adjusted Plan Assets 1,352,581

100% Actuarial Accrued Liability FFL 58,066,883

Estimated RPA ’94 Current Liability as of End of Year

• Current Liability at Beginning of the Year $ 123,935,144

• Current Liability Normal Cost 2,490,168

• Estimated Benefit Payments 5,112,943

• Interest at 2.98% to End of Year

• On Current Liability and Current Liability Normal Cost 3,767,474

• On Estimated Benefit Payments 82,531

Estimated RPA ’94 Current Liability as of End of Year 124,997,312

Estimated Assets for 100% RPA ’94 Current Liability FFL

• Actuarial Value of Assets at Beginning of the Year $ 19,615,702

• Contributions Included in Assets but not yet deducted 0

• Estimated Benefit Payments 5,112,943

• Estimated Interest at 7.00% to End of Year

• On Actuarial Value of Assets 1,373,099

• On Estimated Benefit Payments 193,866

Estimated Assets as of End of Year 15,681,992

90% RPA ’94 Current Liability FFL Floor

90% of Current Liability as of End of Year 112,497,581

90% Current Liability Full Funding Limit Floor 96,815,589

Contributions to Fund 140% of End of Year Current Liability $ 159,314,245
IBEW Local 237 - 2018 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, 2018. 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 237 - 2018 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 237 - 2018 Actuarial Report B - 1

APPENDIX B

Actuarial Methods and Assumptions

As of January 1, 2018

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 2.98% 3.05%

RPA Current Liability 2.98% 3.05%

Mortality Healthy: RP-2014 Combined Healthy Blue Collar Headcount Weighted Mortality 

Table, with fully generational projection using scale MP-2017

Disabled: RP-2014 Disabled Retiree Headcount Weighted Mortality Table, with 

fully generational projection using scale MP-2017

Prior Valuation used future mortality projection scale MP-2015

Turnover Age Rate Age Rate

<25 4.35% 40-44 3.68%

25-29 3.73% 45-49 4.42%

30-34 5.31% 50-54 3.86%

35-39 4.71% 55+ 100%

Retirement Based on age and service as follows:

If Active If Terminated

Age

Service

< 5

Service

>= 5

Service

< 5

Service

>= 5

Prior

Rates

55 - 0.15 - 0.25 0.10

56 - 0.10 - - 0.05

57 - 0.10 - - 0.05

58 - 0.05 - - 0.20

59 - 0.40 - - 0.10

60 - 0.25 - 0.50 0.75

61 - 0.30 - - 0.25

62 - 0.75 - 0.25 0.25

63 - 1.00 - - 0.25

64 - 1.00 - - 0.25

65 1.00 1.00 1.00 1.00 1.00
IBEW Local 237 - 2018 Actuarial Report B - 2

APPENDIX B

Actuarial Methods and Assumptions (continued)

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

Expenses Administrative expenses, expressed as of the beginning of the year, are assumed to 

be prior year non-investment related expenses, and increasing by 2.5% for inflation 

each year thereafter. It is also expected that an additional $230,000 will be 

incurred in 2018 related to the MPRA Application.

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

None.

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).
IBEW Local 237 - 2018 Actuarial Report B - 3

APPENDIX B

Actuarial Methods and Assumptions (continued)

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 237 - 2018 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 selected based upon a study of recent plan experience.

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.
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.

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.