APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

in the case of a Pre-Retirement Survivor Annuity, the life of the surviving spouse,
then the equivalent annual benefit shall be the greatest of (1) the equivalent annu-
al benefit computed using the Plan interest rate and Plan mortality table (or other
tabular factor), or (2) the equivalent annual benefit computed using five and one-
half percent (5.5%) and the applicable mortality table, or (3) the equivalent annual
benefit computed using the Applicable Interest Rate and the applicable mortality
table divided by 1.05.

(E) For purposes of Sections 5.01, 5.03(B) and 5.03(C), no adjust-
ments under Code Section 415(d) shall be taken into account before the limitation
year for which such adjustment first takes effect.

(F) In the case of a Participant who has had a severance from employ-
ment with the Employer, the defined benefit dollar limitation applicable to the
Participant in any limitation year beginning after the date of severance shall not
be automatically adjusted under Code Section 415(d).

(G) _ For purposes of Section 5.01, no actuarial adjustment to the benefit
is required for (1) the value of a qualified joint and survivor annuity, (2) benefits
that are not directly related to retirement benefits (such as a qualified disability
benefit, pre-retirement death benefits, and post-retirement medical benefits), and
(2) the value of post-retirement cost-of-living increases made in accordance with
Code Section 415(d) and Regulation 1.415-3(c)(2)(iii). The annual benefit does
not include any benefits attributable to Employee contributions or rollover contri-
butions, or the assets transferred from a qualified plan that was not maintained by
the Employer.

Section 5.04 Annual Benefit not in Excess of $10,000,

(A) _ This Plan may pay an annual benefit to any Participant in excess of
the Participant’s maximum annual benefit if the annual benefit derived from Em-
ployer contributions under this Plan and all other defined benefit plans maintained
by the Employer as a result of collective bargaining involving the same employee
representative as this multiemployer Plan does not in the aggregate exceed
$10,000 for the limitation year or for any prior limitation year and the Employer
has not at any time maintained a defined contribution plan, a welfare benefit fund
under which amounts attributable to post-retirement medical benefits are allocated
to separate accounts of key employees (as defined in Code Section 419(A)(d)(3)),
or an individual medical account in which the Participant participated. For pur-
poses of this paragraph, if this Plan provides for voluntary or mandatory Employ-
ee contributions, such contributions will not be considered a separate defined con-
tribution plan maintained by the Employer.

However, if a Participant has fewer than 10 years of service with the Em-
ployer, then the $10,000 threshold of the previous paragraph shall be multiplied

CM94:00661


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

APPENDIX A
PLASTERERS AND CEMENT MASONS LOCAL NO. 94 PENSION FUND
ACTUARIAL EQUIVALENCE FACTORS
FOR MONTHLY PENSION OPTIONS

(Normal Form: Employee-Only) (Life Only)

Participant Husband Husband
Retirement SYr. 10 Yr. Husband & 75% & 100%
Aget Guar. Guar. & Wife Wife Wife
70+ +9500 8750 -9000 -8500 -8000
69 .9550 8850 9025 8540 8050
68 -9600 8950 9050 8580 8100
67 -9650 -9050 9075 8620 8150
66 .9700 9150 9100 8660 -8200
65 9750 .9250 9125 .8700 -8250
64 9775 .9300 9150 8740 -8300
63 -9800 9350 9175 8780 -8350
62 +9825 9400 .9200 8820 8400
61 -9850 9450 9225 8860 8450
60 9875 .9500 9250 8900 8500
59 -9900 .9550 9275 8940 8550
58 9900 9600 -9300 8980 8600
37 -9900 .9650 9325 9020 8650
56 -9900 9700 .9350 9060 -8700
SS or 9900 9750 9375 9100 8750
younger
Adjustments to J&S$ for Age Difference of Par-
ticipant & Survivor: **
(Add for each whole year survivor is older) 0050 0060 0075
(Subtract for each year survivor is younger)
Maximum
Factor -9900 9750 9750 -9625 9500
Minimum
Factor -9500 8750 -8000 7500 -7000

*All age calculations shall be rounded to the nearest birthday. If the age at retirement, expressed in attained years and attained
months, contains six (6) attained months, the Participant's age shall be rounded up.

* The Participant’s age shall first be obtained through the rounding, process to obtain the age in the first table above. For the
Adjustments to Joint & Survivor Options for age difference between Participant and Survivor, enter the Participant's age pl
number of months (expressed in tenths) and the Survivor's age plus number of months (expressed in tenths) and use the di
ence to add or subtract for each WHOLE year between the age of the Participant and the Survivor.

ACTUARIAL EQUIVALENCE ASSUMPTIONS

Eacept fer the Table above, for purposes of lump-sum or any other actuarial equivalent calculation, the following assumptions
shall be utilized. (1) the Applicable Interest rate shall be the rate as defined in IRC Section 417(€)(3\(C); (2) the Applicable
Mortality Table shall be as defined in IRC Section 417(e)(3)(B): (3) the stability period is the Plan Year; and (4) the Lookback
month is the second full calendar month preceding the Plan Year.

CM94:00678


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

AMENDMENT 2015-1 TO THE AMENDED AND RESTATED PLAN
OF BENEFITS FOR THE PLASTERERS AND CEMENT MASONS
LOCAL NO. 94 PENSION FUND

THIS AGREEMENT, made and effective the 2TM day of September, 2015, by and be-
tween Local No. 592 of the Operative Plasterers and Cement Masons (hereinafter called the “Un-
ion”) and Keystone Contractors Association (hereinafter called the “Association”).

WITNESSETH:

THAT WHEREAS the parties have established, through an Amended and Restated Trust
Agreement, a Pension Plan of Benefits; and

WHEREAS the Amended and Restated Trust Agreement between the Union and the As-
sociation creating the Fund vested the parties with authority to amend the Plan of Benefits; and

WHEREAS, the Internal Revenue Service has requested an Amendment to the Plan in
connection with the Plan’s pending Application for Determination.

WHEREAS the parties wish to amend the Plan of Benefits.

NOW THEREFORE, in consideration of the foregoing premises and intending to be le-
gally bound, the parties agree as follows:

1. Section 1.01 of the Plan of Benefits is hereby amended to read as follows:

1.01 “Accrued Benefit” means the annual Pension benefit provided un-
der the Plan commencing at Normal Retirement Age. Notwithstanding the fore-
going, the term “Accrued Benefit” shall be interpreted in accordance with Section
411(a)(7) of the Code and the Treasury Regulations promulgate thereunder.

2. Section 1.08 of the Plan of Benefits is hereby amended to read as follows:

1,08 “Covered Employment/Employment” means employment under a
collective bargaining agreement or Participation Agreement which requires a
Covered Employer to submit contributions for all hours worked by Covered Em-
ployees.

3. Section 1: Definitions, of the Plan is hereby amended to add the following:

1.37 “Covered Employee/Employee” means any Apprentice Plasterer or
Cement Mason and Journeyman Plasterer or Cement Mason employed by a Cov-
ered Employer with respect to whom the Covered Employer is obligated under a

CM94:00655


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

58 -9900 -9600 .9300 -8980 8600
37 -9900 9650 9325 9020 -8650
56 .9900 -9700 -9350 9060 8700
55 or -9900 -9750 9375 -9100 8750
younger

‘Adjustments to J&S for Age Difference of
Participant & Survivor:*

(Add for each whole year survivor is older) 0050 .0060 .0075
(Subtract for each year survivor is younger)

Maximum

Factor -9900 .9750 9750 9625 -9500
Minimum

Factor -9500 8750 -8000 -7500 -7000

ACTUARIAL EQUIVALENCE ASSUMPTIONS FOR LUMP-SUM PAYMENTS

The lump-sum value of a participant’s monthly pension shall be actuarially computed on the basis of the
applicable interest rate, as that term is defined in IRC Section 417(e)(3)(A)(ii)(ID, and the applicable
Mortality Table, as that term is defined in IRC Section 417(e)(3)(A)(ii)(1). The stability period is the Plan
Year, and the Lookback Month is the second full calendar month preceding the Plan Year.

*All age calculations shall be rounded to the nearest birthday. If the age at retirement, expressed in at-
tained years and attained months, contains six (6) attained months, the Participant’s age shall be rounded

up.

2. Appendix B of the Plan of Benefits is hereby amended to read as follows:
APPENDIX B
PLASTERERS AND CEMENT MASONS LOCAL NO. 94 PENSION FUND

In order to be eligible for one of the following rates of benefits, a Participant's benefits
must commence after one of the following effective dates and before the next effective date. The
benefit paid the Participant will be based on that rate in effect between the two effective dates
unless there is a specific provision for a subsequent increase in the benefit rate. In the case of
survivor benefits, the rate is governed by that rate which was effective at the time the Covered
Employee's benefits commenced rather than the date on which the surviving Eligible Spouse's or
Beneficiary’s benefits commenced.

To qualify for any of the levels of benefits set out below, a Participant must have actually
worked in Covered Employment and accumulated the required Hours of Covered Employment
between the time a new level of benefits was put into effect and the time a higher level of bene-
fits was later put into effect; i.e., if a level of benefits requires a minimum number of Hours of

CM94:00665


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

their employers to withdraw from the Fund. Thus, the Fund’s Trustees concluded that a further
reduction in benefits would be inconsistent with the goal of presenting a viable plan with ongo-
ing value to active participants. Such action could also lead to increased employer withdrawals
or reductions in contributions, as the collective bargaining parties would see less benefit to ongo-
ing participation.

The Trustees therefore decided to adopt an Amended Rehabilitation Plan. The objective of the
Amended Rehabilitation Plan was to delay any insolvency so that potential improvements in in-
vestment return or other material events, including further applicable legislative reforms, can
provide an opportunity for the Fund to survive and continue to provide its promised benefits to
its participants.

Reduction in Rate of Future Benefit Accruals

Because of the limitations imposed by Section 432(e)(6) of the Internal Revenue Code, the De-
fault Schedule does not contain any reduction in the rate of future benefit accruals.

Reduction or Elimination of Adjustable Benefits

Because of the limitations imposed by Section 432(e)(6) of the Internal Revenue Code, the De-
fault Schedule does not contain any reduction and/or elimination of adjustable benefits.

Contribution Increase

The Default Schedule requires an increase in employer contributions from the present rate of
$8.10 per hour to $9.10 per hour.

V. SECOND AMENDED REHABILITATION PLAN

Having received the Fund’s May 1, 2012 actuarial valuation, having been notified by the Fund’s
actuary that the Fund continued to be in Critical Status as of July 27, 2012, and having been in-
formed by the Fund’s actuary that the Fund continued to be projected to never emerge from Crit-
ical Status, the Trustees decided to amend the Amended Rehabilitation Plan.

The Trustees reviewed the Fund’s contribution rates and the Fund’s benefits with a view to mak-
ing modifications to these so as to have the Fund emerge from Critical Status at a date subse-
quent to the end of the Rehabilitation Period or to further enable the Fund to forestall insolvency.
In considering contribution rate increases, the Trustees concluded that it would not be realistic to
increase the rate of contributions given the impact of the severe economic decline in the building
and construction industry.

The Board of Trustees found that:

CM94:00646


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

for all purposes, including for purposes of determining the applica-
ble interest rate and the applicable mortality table. However, in the
case of a form of benefit that would have been excepted from the
present value requirements of Regulation Section 1.417(c) 1(d)
under such Regulation Section 1.417(e) 1(d)(6) if the distribution
had actually commenced on the retroactive annuity starting date,
the requirement to apply Code Section 415 as of the date distribu-
tion commences set forth in this paragraph does not apply if the
date distribution commences is twelve months or less from the ret-
roactive annuity starting date.

(c) In the case of a form of benefit that would have
been subject to Code Section 417(c)(3) and Regulation Section
L4t7(e) Ud) if ibutions had commenced as of the retroactive
annuity starting date, the distribution is no less than the benefit
produced by applying the applicable interest rate and the applica-
ble mortality table determined as of the date the distribution com-
mences to the annuity form that corresponds to the annuity form
that was used to determine the benefit amount as of the retroactive
annuity starting date. Thus, for example, if a distribution paid pur-
suant to an election of a retroactive annuity starting date is a single
sum distribution that is based on the present value of the straight
life annuity payable at Normal Retirement Age, then the amount of
the distribution must be no less than the present value of the annui-
ty payable at Normal Retirement Age, determined as of the distri-
bution date using the applicable mortality table and applicable in-
terest rate that apply as of the distribution date. Likewise, if a dis-
tribution paid pursuant to an election of a retroactive annuity start-
ing date is a single sum distribution that is based on the present
value of the early retirement annuity payable as of the retroactive
annuity starting date, then the amount of the distribution must be
no less than the present value of the carly retirement annuity paya-
ble as of the distribution date, determined as of the distribution
date using the applicable mortality table and applicable interest
rate that apply as of the distribution date.

(3) Timing of notice and consent requirements in the case of

retroactive annuity starting dates. In the case of a retroactive annuity start-
ing date, the date of the first actual payment of benefits based on the retro-
active annuity starting date is substituted for the annuity starting date for
purposes of satisfying the timing requirements for giving consent and
providing an explanation of the qualified joint and survivor annuity pro-
vided in Regulation Section 1.417(e) 1(b)(3)(i) and (ii), except that the
substitution does not apply for purposes of Regulation Section 1.417(¢)
1(b)(3)(iii). Thus, the written explanation required by Code Section
417(a)(3)(A) must generally be provided no less than 30 days and no more

CM94:00676


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

by a fraction, (1) the numerator of which is the number of years (or part thereof)
of Credited Service with the Employer, and (2) the denominator of which is 10,
However, in no event shall such fraction be less than 1/10th.

6. Section 9.01 of the Plan is hereby amended to read as follows:

9.01 Military Service. Notwithstanding any provision of this Plan to the
contrary, contributions, benefits, and service credit with respect to qualified mili-
tary service will be provided in accordance with Code Section 414(u). Effective
January 1, 2007, the Beneficiary of a Participant on a leave of absence to perform
military service with reemployment rights described in Code Section 414(u)
where the Participant cannot return to employment on account of his or her death,
shall be entitled to any additional benefits (other than benefit accruals relating to
the period of qualified military service) that would be provided under the Plan had
the Participant died as an active Employee, in accordance with Code Section
401(a)(37).

IN WITNESS WHEREOF, the Union and the Association have hereunto set their hands
and seals on the date first above written.

LocaL No. 592 OF THE OPERATIVE PLAS- KEYSTONE CONTRACTORS ASSOCIATION:
TERERS AND CEMENT MASONS: Redacted by the U.S. Department of
the Treasury

Redacted by the U.S. Department
lof the Treasury

By

Terrence McDonough W/,

CM94:00662


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

ll. Effective May 1, 1988, for those who retire after that date who work and earn 300
hours of Credited Service after January 1, 1988, the amount of the monthly Employee-Only Pen-
sion benefit shall be the total of:

a. $10.00 per month per year of Credited Service prior to May 1, 1982, and

b. $45.00 per month per year of Credited Service after April 30, 1982, with a
maximum of 35 years of Credited Service.

12. Effective May 1, 1992, for those who retire after that date who work and earn 300
hours of Credited Service after May 1, 1991, the amount of the monthly Employee-Only Pension
benefit shall be the total of:

a. $10.00 per month per year of Credited Service prior to May 1, 1982, and

b. $47.50 per month per year of Credited Service after April 30, 1982, with a
maximum of 35 years of Credited Service.

13, Effective May 1, 1993, for those who retire after that date who work and earn 300
hours of Credited Service after that date, the amount of the monthly Employee Only Pension
benefit shall be the total of:

a. $10.00 per month per year of Credited Service prior to May 1, 1982, and

b. $50.00 per month per year of Credited Service after April 30, 1982, with a
maximum of 35 years of Credited Service.

14. Effective May 1, 1994, the amount of the monthly Employee-Only Pension Bene-
fit for Participants retiring after that date having earned 300 Hours of Covered Employment after
May 1, 1993, shall be the total of:

a. $10.00 for each year of Credited Service prior to May 1, 1982, and

b. $55.00 for each year of Credited Service after April 30, 1982, with a max-
imum of 35 years of Credited Service.

15. Effective May 1, 1995, the amount of the monthly Employee-Only Pension Bene-
fit for Participants retiring after that date having earned 300 Hours of Covered Employment after
May 1, 1995, shall be the total of:

a, $10.00 for each year of Credited Service prior to May 1, 1982, and

b. $60.00 for each year of Credited Service after April 30, 1982, with a max-
imum of 35 years of Credited Service.

CM94:00668


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/ PN: 23-6445411 / 001

Exhibit 5d

Plan Document with Plan Amendments

AMENDMENT 2016-1 TO THE AMENDED AND RESTATED PLAN
OF BENEFITS FOR THE PLASTERERS AND CEMENT MASONS
LOCAL NO. 94 PENSION FUND

THIS AGREEMENT, made and effective the 20" day of May, 2016, by and between Lo-
cal No. 592 of the Operative Plasterers and Cement Masons (hereinafter called the “Union”) and

Keystone Contractors Association (hereinafter called the “Association”).

THAT WHEREAS the parties have established, through an Amended and Restated Trust

WITNESSETH:

Agreement, a Pension Plan of Benefits; and

WHEREAS the Amended and Restated Trust Agreement between the Union and the As-
sociation creating the Fund vested the parties with authority to amend the Plan of Benefits; and

WHEREAS the parties wish to amend the Plan of Benefits.

NOW THEREFORE, in consideration of the foregoing premises and intending to be le-

gally bound, the parties agree as follows:

1 Appendix A of the Plan of Benefits is hereby amended to read as follows:

APPENDIX A

PLASTERERS AND CEMENT MASONS LOCAL NO. 94 PENSION FUND
ACTUARIAL EQUIVALENCE FACTORS
FOR MONTHLY PENSION OPTIONS

(Normal Form: Employee-Only) (Life Only)

Retirement
Age*

70+
69
68
67
66
65
64
63
62
61
60

Participant |

59

Husband
5 Yr. 10 Yr. Husband & 715%
Guar. Guar. & Wife Wife
-9500 8750 -9000 -8500
9550 8850 9025 8540
-9600 8950 9050 8580
-9650 9050 9075 8620
.9700 9150 .9100 8660
9750 9250 9125 -8700
9775 -9300 9150 8740
-9800 9350 9175 -8780
9825 -9400 -9200 -8820
9850 -9450 9225 8860
-9875 9500 .9250 -8900
-9900 9550 9275 8940

Husband
& 100%
Wife

8000
8050
8100
8150
-8200
-8250
-8300
-8350
-8400
8450
-8500
8550

CM94:00664


LocaL No
TERERS AND CEME]

By

APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

than 180 days before the date of the first payment of benefits and the elec-
tion to receive the distribution must be made after the written explanation
is provided and on or before the date of the first payment. Similarly, the
written explanation may also be provided less than 30 days prior to the
first payment of benefits if the requirements of Regulation Section
1.417(e) 1(b)(3)(ii) would be satisfied if the date of the first payment is
substituted for the annuity starting date.

Section 4.05(E)(2) is hereby amended to read as follows

(2) All Participants shall be sent a notice each year containing
the following: (i) a statement that his/her benefits will be suspended if the
Participant continues to work past Normal Retirement Age, and (ii) a gen-
eral description of the Plan provisions relating to the suspension of pay-
ments.

IN WITNESS WHEREOF, the Union and the Association have hereunto set their hands
and seals on the date first above written.

Redacted by the U.S. Department of the
Treasury

OF THE OPERATIVE PLAS- KEYSTONE CONTRACTORS ASSOCIATION?

iT MASONS Redacted by the U.S. Department of the

Treasury

By

ificss Manager

6n O’Brien, Executive Director

CM94:00677


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

(G) Effective for limitation years ending after December 31, 2001,
benefit increases resulting from the increase in the limitations of Code Section
415(b) on account of the Economic Growth and Tax Relief Reconciliation Act of
2001 (EGTRRA) will be provided to all Employees participating in the Plan who
have one Hour of Service on or after the first day of the first limitation year end-
ing after December 31, 2001.

Section 5,03 Adjustments to Annual Benefit and Limitations.

(A) _ Effective for limitation years ending after December 31, 2001, ifa
Participant has fewer than 10 years of participation in the Plan, then the Defined
Benefit Dollar Limitation of Section 5.02(A) shall be multiplied by a fraction, (1)
the numerator of which is the number of years (or part thereof) of participation in
the Plan and (2) the denominator of which is 10. However, in no event shall such
fraction be less than 1/10th.

For purposes of this Subsection (A), year of participation means each ac-
crual computation period for which the following conditions are met: (1) the Par-
ticipant is credited with at least the number of Hours of Service for benefit accrual
purposes, required under the terms of the Plan in order to accrue a benefit for the
accrual computation period, and (2) the Participant is included as a Participant
under the eligibility provisions of the Plan for at least one day of the accrual com-
putation period. If these two conditions are met, the portion of a year of participa-
tion credited to the Participant shall equal the amount of benefit accrual service
credited to the Participant for such accrual computation period. A Participant
who is permanently and totally disabled within the meaning of Code Section
415(c)(3)(C)(i) for an accrual computation period shall receive a year of participa-
tion with respect to the period. In addition, for a Participant to receive a year of
participation (or part thereof) for an accrual computation period, the Plan must be
established no later than the last day of such accrual computation period. In no
event will more than one year of participation be credited for any 12-month peri-
od.

(B) Effective for limitation years ending after December 31, 2001, if
the annual benefit of a Participant begins prior to age 62, the Defined Benefit Dol-
lar Limitation of Section 5.02(A) applicable to the Participant at the earlier age is
an annual benefit payable in the form of a straight life annuity beginning at the
earlier age that is the actuarial equivalent of the Defined Benefit Dollar Limitation
of Section 5.02(A) beginning at age 62 (adjusted under Section 5.03(A) above, if
required). For this purpose, the Defined Benefit Dollar Limitation of Section
5.02(A) applicable at an age prior to age 62 is determined by using the lesser of
(1) the actuarial equivalent (at such age) of the Defined Benefit Dollar Limitation
of Section 5.02(A) computed using the interest rate and mortality table (or other
tabular factor) specified in Section 1.02 the actuarial equivalent (at such age) of

CM94:00659


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

II. SCHEDULES

In the first year of the Rehabilitation Plan, one schedule must be a “default schedule” that identi-
fies reductions in benefits (subject to some minimum benefits) necessary to achieve the applica-
ble benchmarks, and includes only those contribution increases necessary, after these reductions,
to permit the Plan to emerge from critical status on a timely basis.

The March 25, 2011 Rehabilitation Plan contained a “default schedule,” a Preferred schedule,
and two Alternative schedules with varying reductions in benefits and increases in contributions
necessary to achieve the applicable benchmarks. The March 25, 2011 Rehabilitation Plan antici-
pated that the Fund would emerge from Critical Status within the 10 year Rehabilitation Period.

Subsequent to March 25, 2011, the Board of Trustees found that the economic conditions in the
building and construction trades had not improved and in fact had continued to decline. In an
effort to offset the impact of the decline in the economy and investment markets, the Board of
Trustees, on May 31, 2011, elected to adopt certain funding relief available to the Fund under the
Pension Relief Act of 2010. Although the relief obtained from the Pension Relief Act of 2010
did help to improve the measure of the Plan’s progress toward meeting its benchmarks, , this
improvement was not sufficient to allow the Fund to be projected to emerge from Critical Status
within the 10 year Rehabilitation Period.

The Trustees decided to amend the Rehabilitation Plan on October 21, 2011, after determining
that, based on reasonable actuarial assumptions and upon exhaustion of all reasonable measures,
it would be unreasonable to conclude that the Fund would emerge from Critical Status. The Trus-
tees reached this conclusion after consulting with the Fund’s Actuary, and taking into account
the economic condition of the building and construction industry covered by the Fund. In reach-
ing this conclusion, the Fund’s Trustees considered the near-impossibility of emerging from Crit-
ical Status at the end of the 10-year rehabilitation period in view of the significant investment
losses suffered by the Fund over the plan year ended on April 30, 2008. The collapse of the fi-
nancial markets in 2008 resulted in the Fund’s experiencing the worst investment losses in its 50-
year history. The collapse of the building and construction industry resulted from the collapse of
the financial markets in 2008. In addition, the magnitude of the employer contribution increases
needed to satisfy the requirements for a 10-year rehabilitation plan would almost certainly result
in lower negotiated wages for participants and/or decreased employer contributions to other ben-
efit plans covering these participants (such as the plan providing their health benefit coverage). If
participants perceive a significant decrease in value in their total overall compensation—
including wages, pension benefits and health benefits—the Fund’s Trustees concluded that they
would be likely to encourage their employers to withdraw from the Fund. Thus, the Fund’s Trus-
tees concluded that a further reduction in benefits would be inconsistent with the goal of present-
ing a viable plan with ongoing value to active participants. Such action could also lead to in-
creased employer withdrawals or reductions in contributions, as the collective bargaining parties
would see less benefit to ongoing participation. The objective of the October 21, 2011 Rehabili-
tation Plan was to delay any plan insolvency so that potential improvements in investment return

CM94:00651


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

Eligible Spouse to consent to a distribution while a benetit is immediately
distributable, shall be deemed to be an election to defer commencement of
payment of any benefit sufficient to satisfy this section, An Accrued Bene-
fit is immediately distributable if any part of the Accrued Benefit could be
distributed to the Participant (or surviving Eligible Spouse) before the Par-
ticipant attains (or would have attained if not deceased) the later of Nor-
mal Retirement Age or age 62.

(B) Notwithstanding anything in the Plan tothe contrary, effective as
of January 1, 2006, the Plan permits retroactive annuity starting dates in accord-

ance with the following provisions:

qd) For purposes of this Section, 2 retroactive annuity starting

date is an annuity starting date affirmatively elected by a Participant that
occurs on or before the date the written explanation required by Code Sec-
tion 417(a)(3) is provided to the Participant. If a Participant elects a retro-
active annuity starting date, then future periodic payments with respect to
the Participant must be the same as the future periodic payments, if any,
that would have been paid with respect to the Participant had payments ac-
tually commenced on the retroactive annuity starting date. The Participant
must receive a makeup payment to reflect any missed payment or pay-
ments for the period from the retroactive annuity starting date to the date
of the actual make up payment (with an appropriate adjustment for interest
from the date the missed payment or payments would have been made to
the date of the actual make up payment). Thus, the benefit determined as
of the retroactive annuity starting date must satisfy the requirements of
Code Section 417(e)(3), if applicable, and Code Section 415 with the ap-
plicable interest rate and applicable mortality table determined as of that
date. Similarly, a Participant is not permitted to elect a retroactive annuity
starting date that precedes the date upon which the Participant could have
otherwise started receiving benefits (e.g., in the case of an ongoing plan,
the earlier of the Participant's termination of employment or the Partici-
pant's Normal Retirement Age) under the terms of the Plan in effect as of
the retroactive annuity starting date. The Plan does not fail to treat a Par-
ticipant as having elected a retroactive annuity starting date as described in
this paragraph merely because the distributions are adjusted to the extent
necessary to satisfy the requirements of paragraphs (2)(b) or (2)(c) of this
Section relating to Code Sections 415 and 417(e)(3)

(a) If the Participant's Spouse as of the retroactive an-
nuity starting date would not be the Participant's Spouse deter-
mined as :f the date distributions commence was the Participant's
annuity starting date, consent of that former Spouse is not needed
to waive the qualified joint and survivor annuity with respect to the
retroactive annuity starting date, unless otherwise provided under a

i

CM94:00674


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

(e) ‘The Board may require the Disability Pensioner, un-
til he/she attains the age required for Normal Retirement Date Pen-
sion, to undergo physical examinations by a physician chosen by it
in order to determine the continuance of disability, but no more
frequently than once each year.

(f) The Fund shall treat a Participant who becomes
Permanently Disabled while performing qualified military service
as if the Participant resumed employment with an Employer in ac-
cordance with the Participant's reemployment rights under Chapter
43 of Title 38 of the United States Code on the day preceding the
date he or she became Permanently Disabled.

(2) A Disability Benefit shall not be payable to any Participant
who becomes Permanently Disabled with an effective date of Permanent
Disability on and after March 15, 2017.

2. Effective March 15, 2017, Section 4.01(D)(3) is hereby amended to read as fol-
lows:

@) Participant Who Became Permanently Disabled prior to March 15,
2017 After Having Earned Five Years of Future Service Credits

(a) If a Participant, who becomes a Disabled Participant prior
to March 15, 2017, having earned five (5) years of Future Service Credits,
dies, his/her Eligible Spouse will receive a death benefit in the form of a
monthly pension. The rate per month shall be one-half of that which the
Disabled Participant was receiving at the time of his/her death.

(b) Such benefit will commence after approval of an applica-
tion by the Board, effective on the first day of the month following such
Participant's death.

{c) The death benefit will terminate on the first day of the
month in which the Eligible Spouse dies, unless the Eligible Spouse is
survived by an eligible minor child of the Participant.

3. Effective March 15, 2017, Sections 4.02(B), (C) and (D) are hereby amended to
read as follows:

(B)  Husband-Wife Pension For Annuity Starting Dates on or after
March 15, 2017, the actuarial equivalent of the Employee-Only Pension, payable
for the life of the Participant and upon his/her death fifty (50%) percent of the
monthly pension benefit payable to his/her Eligible Spouse and thereafter until the
death of the Eligible Spouse, provided that the Eligible Spouse married to the Par-
ticipant at the time of his/her death must also have been married to the Participant
at the time his/her pension commenced.

CM94:00671


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

his/her Eligible Spouse will receive a death benefit in a form of a delayed monthly
pension. The monthly pension benefit to the Participant’s Eligible Spouse will
begin when the Participant would have reached age 55 and 15 years of Credited
Service. The rate per month for each year of service shall be fifty (50%) percent
of the amount such Participant would have received had he/she retired on his/her
5s birthday and elected a Husband-Wife 50% Pension, with an Early Retirement
reduction.

(3) Such benefit shall commence after approval of an application by the
Board, effective on the first day of the month following the Participant’s 55"
birthday.

(4) The death benefit will terminate on the first day of the month in which
the Eligible Spouse dies.

Amend Section 4.03(G), to read as follows:
(G) _ Early Retirement Pension - The Forms, Amounts, Options and Duration of
the Early Retirement Pension shall be as set forth in Section 4.02 and 4.03, with the fol-

lowing modifications:

(5) The Participant's Employee-Only Pension shall be reduced by 1/200"
for each full month which his/her early retirement date precedes his/her Normal
Retirement Date. The other forms of pension shall be actuarial reductions of the
amount thus calculated.

(6) The Early Retirement Pension shall commence on the later of retire-
ment, completion of age and service requirements, Section 4.01(B), or approval of
the Participant's application.

(7) The election or revocation of election or re-election of an optional
form of Early Retirement Pension may be made during the election period preced-
ing the commencement of an Early Retirement Pension.

Amend Appendix B by adding Paragraph 19, to read as follows:

19. Effective May 1, 2013, the amount of the monthly Employee-Only Pen-
sion Benefit for Active Participants retiring on or after May 1, 2013, shall be the total of:

a. $10.00 for each year of Credited Service prior to May 1, 1982, and
b. $77.50 for each year of Credited Service after April 30, 1982; and

c $33.00 for each year of Credited Service after May 1, 2013.

CM94:00648


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

e Many of the contributing employers to the Fund are small organizations that do not have
the financial resources to withstand the economic downturn. Of course, they are not
alone. Larger contributors are also undergoing considerable economic stress as a result
of the severe recession in the building and construction industry.

e In addition, the magnitude of the employer contribution increases required by this alter-
native would likely have resulted in lower negotiated wages for Participants and/or de-
creased employer contributions to other benefit plans covering these Participants (such as
the Fund providing their health benefit coverage). If Participants perceive a significant
decrease in value in their total overall compensation—including wages, pension benefits
and health benefits—the Board of Trustees concluded that they would be likely to leave
the building and construction industry.

For the foregoing reasons, the Board of Trustees determined that this alternative was not a rea-
sonable alternative.

The Trustees then reviewed the modification of benefits. After this review, the Board of Trus-
tees concluded that, by modifying certain benefits, the Trustees would be able to amend the
Fund’s Amended Rehabilitation Plan to reflect a more meaningful effort to forestall the Fund’s
insolvency. By amending the Fund’s monthly benefit multiplier; modifying the Fund’s Early
Retirement Pension reduction factor; and by modifying the Fund’s Death Benefits, the Fund’s
actuary projected a leveling and eventual increase in the Fund’s funded percentages and the
Standard Account Credit Balance as reflected on Exhibit A attached hereto. Exhibit A also
shows the steady decline in the Fund’s funded percentage and the Standard Account Credit Bal-
ance if no action was taken by the Trustees.

Updated Rehabilitation Plan Objectives
The Second Amended Rehabilitation Plan consists of reasonable measures adopted by the Board
of Trustees which, based on reasonable actuarial assumptions, will enable the Fund to forestall

insolvency.

The Fund’s Amended and Restated Plan of Benefits shall be amended to reflect the following
benefit modifications:

1. Amend Section 4.01(D)(1), to read as follows:
(D) Death Benefits
(1) Participant Who has Not Reached Early Retirement Age
(2) If a Participant, having five (5) years of Future Credited Service or

five (5) years of Vested Credits, who has not made a qualified election of pension
other than a Husband-Wife Pension, dies prior to reaching Early Retirement Age,

CM94:00647


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

the Defined Benefit Dollar Limitation of Section 5.02(A) computed using a 5 per-
cent (5.0%) interest rate and the applicable mortality table as defined in Section
1.02. Any decrease in the Defined Benefit Dollar Limitation of Section 5.02(A)
determined in accordance with this paragraph shall not reflect a mortality decre-
ment if benefits are not forfeited upon the death of the Participant. If any benefits
are forfeited upon death, the full mortality decrement is taken into account.

(C) Effective for limitation years ending after December 31, 2001, if
the benefit of a Participant begins after the Participant attains age 65, the Defined
Benefit Dollar Limitation of Section 5.02(A) applicable to the Participant at the
later age is the annual benefit payable in the form of a straight life annuity begin-
ning at the later age that is actuarially equivalent to the Defined Benefit Dollar
Limitation of Section 5.02(A) applicable to the Participant beginning at age 65
(adjusted under Section 5.03(A) above, if required). The actuarial equivalent of
the Defined Benefit Dollar Limitation of Section 5,02(A) applicable at an age af-
ter age 65 is determined by using the lesser of (1) the actuarial equivalent (at such
age) of the Defined Benefit Dollar Limitation of Section 5.02(A) computed using
the interest rate and mortality table (or other tabular factor) specified in Section
1.02 and (2) the actuarial equivalent (at such age) of the Defined Benefit Dollar
Limitation of Section 5.02(A) computed using a 5 percent (5%) interest rate as-
sumption and the applicable mortality table. For these purposes, mortality be-
tween age 65 and the age at which benefits commence shall be ignored.

(D) _ For purposes of adjusting the annual benefit to a straight life annui-
ty, the equivalent annual benefit shall be the greater of the equivalent annual ben-
efit computed using the Plan interest rate and Plan mortality table (or other tabular
factor) specified in Section 1.02 and the equivalent annual benefit computed using
a five percent (5%) interest rate assumption and the applicable mortality table. If
the annual benefit is paid in a form other than a nondecreasing life annuity paya-
ble for a period not less than the life of a Participant or, in the case of a Pre-
Retirement Survivor Annuity, the life of the surviving spouse, the Applicable In-
terest Rate shall be substituted for five percent (5%) in the preceding sentence.
With respect to Plan Years beginning after December 31, 2003 but not after De-
cember 31, 2005, for purposes of adjusting the annual benefit to a straight life
annuity, if the annual benefit is paid in any form other than a nondecreasing life
annuity payable for a period not less than the life of a Participant or, in the case of
a Pre-Retirement Survivor Annuity, the life of the surviving spouse, then the
equivalent annual benefit shall be the greater of (1) the equivalent annual benefit
computed using the Plan interest rate and Plan mortality table (or other tabular
factor), or (2) the equivalent annual benefit computed using five and one-half per-
cent (5.5%) and the applicable mortality table. With respect to Plan Years begin-
ning after December 31, 2005, for purposes of adjusting the annual benefit to a
straight life annuity, if the annual benefit is paid in any form other than a nonde-
creasing life annuity payable for a period not less than the life of a Participant or,

CM94:00660


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

2014 REHABILITATION PLAN
I. BACKGROUND

The Plasterers and Cement Masons Local No. 94 Pension Fund (the “Fund”) is a jointly-
administered, multiemployer defined benefit pension plan established by Local No. 592 of the
Operative Plasterers and Cement Masons (“Local No. 592” or the “Union”), and the Keystone
Contractors Association (the “Employers”). Employers also include those employers who have
not granted their collective bargaining rights to one of the associations, but who are a party to a
collective bargaining agreement or project labor agreement with Local No. 592. Local No. 592
and the Employers are parties to collective bargaining agreements, with the current Association
agreements effective through April 30, 2015. Local No. 592 and the Employers are referred to
jointly in this Plan as the “Collective Bargaining Parties” and the collective bargaining agree-
ment in effect at any given time now or in the future is referred to as the “CBA”.

On July 27, 2010, the Fund’s actuary first certified the Fund to be in “Critical Status” within the
meaning of the Pension Protection Act of 2006 (the “PPA”) for the Plan Year beginning on
May 1, 2010. Therefore, the Board of Trustees of the Fund was required to adopt and implement
a Rehabilitation Plan. On March 25, 2011, the Board of Trustees adopted a Rehabilitation Plan,
which they amended on October 21, 2011, February 26, 2013, and November 14, 2014.

II, REHABILITATION PLAN

A Rehabilitation Plan must prescribe actions, including recommended actions to be taken by the
bargaining parties that are expected to enable a plan to meet stated annual standards and emerge
from critical status by the end of the Rehabilitation Period, based on reasonably anticipated expe-
rience and on reasonable actuarial assumptions.

Under the PPA, the Rehabilitation Plan had to include one (1) or more schedules showing re-
vised benefit structures, revised contributions, or both, which, if adopted by the Board of Trus-
tees and agreed upon by the bargaining parties, would reasonably be expected to enable the Fund
to emerge from Critical Status by the end of the Fund’s rehabilitation period, or where that is not
reasonable, to either emerge from Critical Status at a later time or to forestall insolvency.

In March 2011, the Board of Trustees adopted a Rehabilitation Plan that contained four sched-
ules providing reductions in benefits, increases in contributions or both, that were reasonably ex-
pected to enable the Plan to emerge from critical status at the end of the Rehabilitation Period
(10-year period beginning on May 1, 2011). In October 2011, the Board of Trustees amended
the Rehabilitation Plan to include just one schedule, the Default Schedule, calling for increases in
contributions. In February 2013, the Board of Trustees amended the Rehabilitation Plan, provid-
ing reductions in benefits. This document (“2014 Rehabilitation Plan”) represents the fourth re-
vision to the Rehabilitation Plan. It includes one Default Schedule, calling for increases in con-
tributions and reductions in benefits.

CM94:00650


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

Covered Employment for qualification, the Participant must have actually worked and earned
those hours between the two dates.

1. Effective May 1, 1967, for those who accumulated 750 hours or more of Credited
Service after May 1, 1967:

a. Normal Pension and Disability Pension, $1.34 per month per year of Cred-
ited Service with a maximum of 30 years.

2. Effective May 1, 1968, for those who accumulated 750 hours or more of Credited
Service after May 1, 1967:

a. Normal Pension and Disability Pension, $2.26 per month per year of Cred-
ited Service with a maximum of 30 years.

3. Effective May 1, 1972, for those who accumulated 600 hours or more of Credited
Service after May 1, 1971:

a. Normal Pension, Disability Pension and Widow's death benefit, $4.20 per
month per year of Credited Service with a maximum of 30 years.

4, Effective May 1, 1975:

a. Normal Pension and Disability Pension, $5.86 per month per year of Cred-
ited Service with a maximum of 30 years.

b. Pensioners are to receive their pensions at the same rate.

c. Widow's death benefit, $4.20 per month per year of Credited Service with
a maximum of 30 years.

5. Effective May 1, 1978, for those who have accumulated 2,500 hours or more of
Credited Service after May 1, 1976 and S00 hours or more of Credited Service after May 1,
1978:

a. Normal Pension and Disability Pension, $6.31 per month per year of Cred-
ited Service with a maximum of 30 years.

b. Pensioners as of May 1, 1978 are to receive their pensions at the same
rate.

c. Widow's death benefit, $4.20 per month per year of Credited Service with
a maximum of 30 years.

CM94:00666


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

This date is referred to below as the "Default Schedule Implementation Date."

Once the Default Schedule is implemented with respect to a particular employer (and its employ-
ees), the Trustees shall only accept a subsequent collective bargaining agreement covering such
bargaining unit employees that contains terms consistent with the Preferred Schedule or an Al-
ternative Schedule then in effect. The benefits of participants that are subject to the Default
Schedule may be restored to the extent provided in the Preferred Schedule or an Alternative
Schedule, if they later become subject to such Schedule.

Employers to whom the Default Schedule does not apply remain subject to the surcharges im-
posed under the PPA until such time as they adopt provisions in their collective bargaining
agreements that contain terms consistent with this Default Schedule, or are party to a collective
bargaining agreement that contains provisions consistent with the Preferred Schedule or an Al-
ternative Schedule.

Reduction in Rate of Future Benefit Accruals

Because of the limitations imposed by Section 432(e)(5) of the Internal Revenue Code, the De-
fault Schedule does not contain any reduction in the rate of future benefit accruals.

Reduction or Elimination of Adjustable Benefits

Because of the limitations imposed by Section 432(e)(5) of the Internal Revenue Code, the De-
fault Schedule does not contain any reduction and/or elimination of adjustable benefits.

Contribution Increase

The Default Schedule requires an increase in employer contributions from the present rate of
$8.10 per hour to $15.15 per hour.

2. PREFERRED SCHEDULE

The changes described in this Preferred Schedule will be implemented on the effective date of a
collective bargaining agreement that adopts a contribution schedule that contains terms con-
sistent with this Preferred Schedule. This date is referred to below as the "Preferred Schedule
Effective Date."

Employers to whom the Preferred Schedule does not apply remain subject to the surcharges im-
posed under the PPA until such time as they are party to a collective bargaining agreement that
contains terms consistent with such Preferred Schedule, an Alternative Schedule, or they become
subject to the Default Schedule.

CM94:00642


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

V. NON-COLLECTIVELY BARGAINED PARTICIPANTS UNDER THE
REHABILITATION PLAN

In the case of an employer that contributes to the Fund on behalf of collectively bargained and
non-collectively bargained participants, the contributions for, and the benefits provided to, the
non-collectively bargained employees, including surcharges on those contributions, shall be de-
termined as if those non-collectively participants were covered under such employer’s first to
expire collective bargaining agreement that was in effect when the Fund entered Critical Status.

VI. ANNUAL STANDARDS AND UPDATING REHABILITATION PLAN
Pursuant to the PPA, the Fund has adopted the following procedures:
e The Fund’s actuary shall conduct an annual review of the Rehabilitation Plan, and
e The Fund’s actuary shall report to the Trustees the results of its annual review.

In consultation with the Fund’s actuary, the Trustees shall update annually, if necessary, the Re-
habilitation Plan and the contribution rates to reflect the experience of the Fund.

Notwithstanding the foregoing, the contribution rates provided by the Trustees and relied upon
by bargaining parties in negotiating a collective bargaining agreement shall remain in effect for
the duration of that collective bargaining agreement. Collective bargaining agreements that are
entered, renewed or extended after the date of any changes to the Rehabilitation Plan will be sub-
ject to the Rehabilitation Plan then in effect at the time of such entry, renewal or extension.

CM94:00653


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

or other material events, including further applicable legislative reforms, can provide an oppor-
tunity for the Fund to survive and continue to provide its promised benefits to its participants.
The October 21, 2011 Rehabilitation Plan eliminated all four schedules and replaced them with
one Default Schedule, which was designed to enable the Plan to forestall insolvency. The De-
fault Schedule called for an increase in the contribution rate from $8.10 per hour to $9.10 per
hour.

Having received the Fund’s May 1, 2012 actuarial valuation, having been notified by the Fund’s
actuary that the Fund continued to be in Critical Status as of July 27, 2012, and having been in-
formed by the Fund’s actuary that the Fund continued to be projected to never emerge from Crit-
ical Status, the Trustees decided to amend the Rehabilitation Plan effective February 26, 2013.
The Trustees reviewed the Fund’s contribution rates and the Fund’s benefits with a view to mak-
ing modifications to these so as to further enable the Fund to forestall insolvency. In considering
contribution rate increases, the Trustees concluded that it would not be realistic to increase the
rate of contributions given the impact of the severe economic decline in the building and con-
struction industry. The Trustees then reviewed the modification of benefits. After this review,
the Board of Trustees concluded that, by modifying certain benefits, the Trustees would be able
to amend the Rehabilitation Plan to reflect a more meaningful effort to forestall the Fund’s insol-
vency. By amending the monthly benefit multiplier; modifying the Early Retirement Pension
reduction factor; and by modifying the Pre-Retirement Death Benefit, the Fund’s actuary pro-
jected an improvement in the Fund’s funded percentages and the Funding Standard Account
Credit Balance, from the current projected levels if no action was taken by the Trustees. None-
theless, even with the benefit reductions, the Fund’s funded percentage and the Funding Standard
Account Credit Balance were projected to continue to decline.

Having received the Fund’s May 1, 2013 actuarial valuation, having been notified by the Fund’s
actuary that the Fund continued to be in Critical Status as of July 26, 2013 and July 28, 2014, and
having been informed by the Fund’s actuary that the Fund continued to be projected to never
emerge from Critical Status, the Trustees decided to amend the Rehabilitation Plan effective
May 1, 2014. In considering modification of benefits, the Trustees concluded that the reductions
made effective May 1, 2013 continued to be appropriate and reasonable. In considering contri-
bution rate increases, the Trustees agreed to increase the contribution rate from $9.10 per hour to
$9.30 per hour, effective May 1, 2014, as part of the Default Schedule.

IV. OPERATION OF THE PLAN DURING THE REHABILITATION PERIOD

During the Rehabilitation Period, the Plan may not be amended in any way that: (a) is incon-
sistent with the Rehabilitation Plan; or (2) increases benefits, including future benefit accruals,
unless the Fund Actuary certifies that such increase is paid for out of additional contributions not
contemplated by the Rehabilitation Plan, and, after taking into account the benefit increase, the
plan still is reasonably expected to emerge from critical status by the end of the rehabilitation
period on the schedule contemplated in the Rehabilitation Plan.

CM94:00652


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

AMENDMENT 2017-1 TO THE AMENDED AND RESTATED PLAN
OF BENEFITS FOR THE PLASTERERS AND CEMENT MASONS
LOCAL NO. 94 PENSION FUND

THIS AGREEMENT, made the 17" day of February, 2017, by and between Local No.
592 of the Operative Plasterers and Cement Masons (hereinafter called the “Union”) and Key-
stone Contractors Association (hereinafter called the “Association”)

WITNESSETH:

THAT WHEREAS the parties have established, through an Amended and Restated Trust
Agreement, a Pension Plan of Benefits; and

WHEREAS the Amended and Restated Trust Agreement between the Union and the As-
sociation creating the Fund vested the parties with authority to amend the Plan of Benefits; and

WHEREAS the parties wish to amend the Plan of Benefits.

NOW THEREFORE, in consideration of the foregoing premises and intending to be le-
gally bound. the parties agree as follows:

1 Appendix A is hereby amended to read as attached hereto.
2. Section 4.04 is hereby amended to read as follows:
4.04 Commencement of Benefits.

(A) The effective date of benefits (Annuity Starting Date) shall
be no later than the 60th day after the close of the Plan Year in which:

(1) The Participant attains age 65 (or Normal Retire-
ment Age, if earlier);

(2) occurs the Sth anniversary of the year in which the
Participant commenced participation in the Plan; or

(3) the Participant terminates Covered Employment
with the intention of Retiring.

Any benefit payments that are paid in a lump sum retroactive to the
Effective Date of Benefits shall bear interest at the rate of two (2%) per-
cent per annum

Notwithstanding any provision in the Plan to the contrary, any
Benefits to which a Participant is entitled shall commence no later than the
Participants Required Beginning Date. The failure of a Participant and

CM94:00673


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

(C) Husband-Wife 75% Pension For Annuity Starting Dates on or af-
ter March 15, 2017, the actuarial equivalent of the Employee-Only Pension, paya-
ble for the life of the Participant and upon his/her death seventy-five (75%) per-
cent of the monthly pension benefit payable to his/her Eligible Spouse and there-
after until the death of the Eligible Spouse, provided that the Eligible Spouse mar-
ried to the Participant at the time of his/her death must also have been married to
the Participant at the time his/her pension commenced.

(D) — Husband-Wite 100% Pension For Annuity Starting Dates on or
after March 15, 2017, the actuarial equivalent of the Employee-Only Pension,
payable for the life of the Participant and upon his/her death one hundred (100%)
percent of the monthly pension benefit payable to his/her Eligible Spouse and
thereafter until the death of the Eligible Spouse, provided that the Eligible Spouse
married to the Participant at the time of his/her death must also have been married
to the Participant at the time his/her pension commenced.

IN WITNESS WHEREOF, the Union and the Association have hereunto set their hands

and seals on the date first above written.

LOCAL NO. 592 OF THE OPERATIVE PLAS- KEYSTONE CONTRACTORS ASSOCIATION:
TERERS AND CEMENT MASONS:

on O’Brien, Executive Director

CM94:00672


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

Effective May 1, 2013, the Board of Trustees has amended the Fund’s Amended and Restated
Plan of Benefits to reduce the monthly benefit multiplier from $77.50 for each year of Credited
Service to $33.00 for each year of Credited Service.

Effective May 1, 2013, the Board of Trustees has amended the Fund’s Amended and Restated
Plan of Benefits to change the early retirement reduction from 1/360" for each month that your
retirement precedes your Normal Retirement Date to 1/200" for each month that your retirement
precedes your Normal Retirement Date.

Effective May 1, 2013, the Board of Trustees has amended the Fund’s Amended and Restated
Plan of Benefits to change the amount that would be payable to your Eligible Spouse if you die
after you complete five years of Future Service Credits, but before Normal Retirement Age. Pri-
or to the amendment, the Eligible Spouse’s pension was 50% of the amount you would have re-
ceived if you retired on the day prior to your death on an Employee-Only Pension without reduc-
tion for payment prior to Normal Retirement Age. After the amendment, the Eligible Spouse’s
pension will be 50% of the amount you would have received if you retired on the day prior to
your death on a Husband-Wife 50% Form, reduced for payment prior to Normal Retirement Age.

Non-Collectively Bargained Participants Under the Second Amended Rehabilitation Plan

In the case of an employer that contributes to the Fund on behalf of collectively bargained and
non-collectively bargained participants, the contributions for, and the benefits provided to, the
non-collectively bargained employees, including surcharges on those contributions, shall be de-
termined as if those non-collectively participants were covered under such employer’s first to
expire collective bargaining agreement that was in effect when the Fund entered Critical Status.

Annual Standards and Updating of Second Amended Rehabilitation Plan

Pursuant to the PPA, the Fund has adopted the following procedures:
The Fund’s actuary shall conduct an annual review of the Second Amended Rehabilitation Plan.
The Fund’s actuary shall report to the Trustees the results of its annual review.

In consultation with the Fund’s actuary, the Trustees shall update annually the Second Amended
Rehabilitation Plan and the contribution rates to reflect the experience of the Fund.

Notwithstanding the foregoing, the contribution rates provided by the Trustees and relied upon
by bargaining parties in negotiating a collective bargaining agreement shall remain in effect for
the duration of that collective bargaining agreement. Collective bargaining agreements that are
entered, renewed or extended after the date of any changes to the Second Amended Rehabilita-
tion Plan will be subject to the Second Amended Rehabilitation Plan then in effect at the time of
such entry, renewal or extension.

CM94:00649


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

AMENDMENT 2015-2 TO THE AMENDED AND RESTATED PLAN
OF BENEFITS FOR THE PLASTERERS AND CEMENT MASONS
LOCAL NO. 94 PENSION FUND

THIS AGREEMENT, made and effective the 13" day of November, 2015, by and be-
tween Local No. 592 of the Operative Plasterers and Cement Masons (hereinafter called the “Un-
ion”) and Keystone Contractors Association (hereinafter called the “Association”).

WITNESSETH:

THAT WHEREAS the parties have established, through an Amended and Restated Trust
Agreement, a Pension Plan of Benefits; and

WHEREAS the Amended and Restated Trust Agreement between the Union and the As-
sociation creating the Fund vested the parties with authority to amend the Plan of Benefits; and

WHEREAS the parties wish to amend the Plan of Benefits.

NOW THEREFORE, in consideration of the foregoing premises and intending to be le-
gally bound, the parties agree as follows:

1. Section 1.26 of the Plan of Benefits is hereby amended to read as follows:

“1,26 ‘Permanently Disabled’ means those disabilities which are the sub-
ject of an award from the Social Security Administration.”

IN WITNESS WHEREOF, the Union and the Association have hereunto set their hands
and seals on the date first above written.

LOCAL NO. 592 OF THE OPERATIVE PLAS- KEYSTONE CONTRACTORS ASSOCIATION:

CM94:00663


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/PN: 23-6445411 / 001

Exhibit 5d
oo Plan Document with Plan Amendments

16. — Effective January 1, 1998, the amount of the monthly Employee-Only Pension
Benefit for Active Participants retiring on or after January 1, 1998, shall be the total of:

a. $10,00 for each year of Credited Service prior to May 1, 1982, and
b. $68.00 for each year of Credited Service after April 30, 1982.

17. Each Pensioner and beneficiary of a Pensioner who is receiving benefits as of
March 1, 1999, shall be entitled to a one-time supplemental benefit payment of $350.00.

18. Effective January 1, 2000, the amount of the monthly Employee-Only Pension
Benefit for Active Participants retiring on or after January 1, 2000, shall be the total of:

a. $10.00 for each year of Credited Service prior to May 1, 1982, and
b. $75.50 for each year of Credited Service after April 30, 1982.

19. Effective March 1, 2001, the amount of the monthly Employee-Only Pension
Benefit for Active Participants retiring on or after May 1, 2000, shall be the total of:

a. $10.00 for each year of Credited Service prior to May 1, 1982, and
b $77.50 for each year of Credited Service after April 30, 1982.

20. Participants who were Pensioners as of April 30, 2000, shall receive a benefit
payment of $450.00.

21. Effective May 1, 2013, the amount of the monthly Employee-Only Pension Bene-
fit for Active Participants retiring on or after May 1, 2013, shall be the total of:

a. $10.00 for each year of Credited Service prior to May 1, 1982, and
b. $77.50 for each year of Credited Service after April 30, 1982; and
c. $33.00 for each year of Credited Service after May 1, 2013.

IN WITNESS WHEREOF, the Union and the Association have hereunto set their hands
and seals on the date first above written.

LOCAL No. 592 OF THE OPERATIVE PLAS- KEYSTONE CONTRACTORS ASSOCIATION:
. Redacted by the U.S.

Department of the Treasury

TEREBS AND MENT MASON
Redacted by the U.S.
Department of the Treasury

Terrence McDonough

CM94:00669


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

to emerge from Critical Status within the 10 year statutory period anticipated by the initial Reha-
bilitation Plan. On July 20, 2011, the Fund’s Actuary issued a certification that the Fund would
continue in Critical Status for the Plan Year beginning May 1, 2011.

Based on the foregoing, the Trustees have concluded that the Fund could not reasonably be ex-
pected to emerge from Critical Status by the end of the rehabilitation period.

IV. ALTERNATIVES CONSIDERED BY THE FUND’S TRUSTEES

The Fund’s Trustees devoted a considerable amount of time and attention to considering the ad-
vantages and disadvantages of the alternatives that would enable the Fund to emerge from Criti-
cal Status by the end of the 10-year rehabilitation period. Some of the alternatives that were con-
sidered by the Fund’s Trustees would have required unsupportable annual increases in all em-
ployer contribution rates to emerge from Critical Status by the end of the 10-year rehabilitation
period. The Trustees concluded that in view of the economic challenges facing the building and
construction industry, the prospect of these compound increases would cause the remaining par-
ticipating employers either to flee from the Fund or become unable to continue in business and
further undermine the Fund’s stability.

After considering each of these alternatives, the Fund’s Trustees concluded that each would be
unreasonable and would involve considerable risk to the long-term health (and even viability) of
the Fund.

The Fund’s Trustees further determined that, based on reasonable actuarial assumptions and up-
on exhaustion of all reasonable measures, it would be unreasonable to conclude that the Fund
would emerge from Critical Status. The Trustees reached this conclusion after consulting with
the Fund’s Actuary, and taking into account the economic condition of the building and con-
struction industry covered by the Fund. Accordingly, under the PPA, the Board of Trustees is
required to amend its Rehabilitation Plan and take reasonable measures to forestall the Fund’s
insolvency date.

In reaching this conclusion, the Fund’s Trustees considered the near-impossibility of emerging
from Critical Status at the end of the 10-year rehabilitation period in view of the significant in-
vestment losses suffered by the Fund over the plan year ended on April 30, 2008. The collapse of
the financial markets in 2008 resulted in the Fund’s experiencing the worst investment losses in
its 50-year history. The collapse of the building and construction industry resulted from the col-
lapse of the financial markets in 2008.

In addition, the magnitude of the employer contribution increases needed to satisfy the require-
ments for a 10-year rehabilitation plan would almost certainly result in lower negotiated wages
for participants and/or decreased employer contributions to other benefit plans covering these
participants (such as the plan providing their health benefit coverage). If participants perceive a
significant decrease in value in their total overall compensation—including wages, pension bene-
fits and health benefits—the Fund’s Trustees concluded that they would be likely to encourage

CM94:00645


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

Collective Bargaining Agreement to make contributions to the Fund, consistent
with this Agreement, to make contributions to the Fund.

1.38 “Covered Employer/Employer” means:

(A) An employer who is a member of, or who is represented in
collective bargaining by, the Association (‘Association Employer”), and
who is bound by a Collective Bargaining Agreement with the Union, and
the Collective Bargaining Agreement requires the Covered Employer to
make contributions for all hours worked by Covered Employees.

(B) An employer who is not a member of, nor represented in
collective bargaining by, the Association (“Non-Association Employer”),
but who has executed, has assented to, or is bound by a Collective Bar-
gaining Agreement with the Union, and the Collective Bargaining Agree-
ment requires the Covered Employer to make contributions for all hours
worked by Covered Employees.

(C) — Such other employer to which the Trustees may extend the
coverage of this Agreement upon such terms and conditions consistent
with this Agreement as the Trustees shall determine, provided such em-
ployer agrees in writing to conform to the terms and conditions of this
Agreement and such other terms and conditions as determined by the
Trustees.

1.39 “Participant” means any Covered Employee who has completed at
least one (1) Hour of service and is thereby eligible for participation under this
Plan.

4. Section 4.08(E)(6) of the Plan of Benefits is hereby amended to read as follows:

“(6) ‘Eligible Spouse.’ The spouse or surviving spouse of the Partici-
pant as defined in Section 1.13, provided that a former spouse will be treated as
the spouse or surviving spouse and a current spouse will not be treated as the
spouse or surviving spouse to the extent provided under a qualified domestic rela-
tions order as described in Code Section 414(p).”

CM94:00656


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

as of the end of the last limitation year beginning before July 1, 2007, as
described in Regulation Section 1.415(a)-1(g)(4).

Section 5.02 Maximum Annual Benefit.

(A) Notwithstanding the foregoing and subject to the exceptions and
adjustments below, effective for limitation years ending after December 31, 2001,
the maximum annual benefit payable to a Participant under this Plan in any limi-
tation year shall equal the Defined Benefit Dollar Limitation ($160,000 for limita-
tion years ending after December 31, 2001), as adjusted, effective January 1 of
each year, under Code Section 415(d) in such manner as the Secretary shall pre-
scribe, and payable in the form of a straight life annuity. Such dollar limitation as
adjusted under Code Section 415(d) will apply to limitation years ending with or
within the calendar year for which the adjustment applies.

(B) For purposes of applying the limitations of Code Section 415, the
limitation year shall be the Plan Year. All qualified plans maintained by the Em-
ployer must use the same limitation year. If the limitation year is amended to a
different twelve (12) consecutive month period, the new limitation year must
begin on a date within the limitation year in which the amendment is made.

(C) A multiemployer plan, as defined under Section 414(f) of the
Code, is not aggregated with any other multiemployer plan for purposes of any
Code Section 415 dollar or compensation limitations. For Plan Years beginning
on or after January 1, 2002, the Plan is no longer aggregated with any other non-
multiemployer plan for purposes of applying the Code Section 415(b)(1)(B) com-
pensation limit to the non-multiemployer plan.

(D) For the purpose of this Section, if the Employer is a member of a
controlled group of corporations, trades or businesses under common contro! (as
defined by Code Section 1563(a) or Code Section 414(b) and (c) as modified by
Code Section 415(h)) or is a member of an affiliated service group (as defined by
Code Section 414(m)), all Employees of such Employers shall be considered to be
employed by a single Employer.

(E) If this is a plan described in Code Section 413(c) (other than a plan
described in Code Section 414(f)), then all of the benefits or contributions at-
tributable to a Participant from all of the Employers maintaining this Plan shall be
taken into account in applying the limits of this Section with respect to such Par-
ticipant.

(F) Notwithstanding anything contained in this Section to the contrary,
the limitations, adjustments and other requirements prescribed in this Section
shall at all times comply with the provisions of Code Section 415 and the Regula-
tions thereunder.

CM94:00658


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

Contribution Increase

The Default Schedule requires an increase in employer contributions from the present rate of
$8.10 per hour to $11.75 per hour.

4, ALTERNATIVE SCHEDULE TWO

The changes described in this Alternative Schedule Two will take effect upon the effective date
of a collective bargaining agreement that contains terms that are consistent with this Alternative
Schedule.

Employers to whom the Alternative Schedule Two does not apply remain subject to the sur-
charges imposed under the PPA until such time as they are party to a collective bargaining
agreement that contains terms consistent with such Alternative Schedule Two, the Preferred
Schedule, Alternative Schedule One, or they become subject to the Default Schedule.

Future Benefit Accruals

The future benefit accruals of any employee whose employer is subject to the Alternative Sched-
ule Two will be reduced from $77.50 to $0.00.

Reduction or Elimination of Adjustable Benefits

The Preferred Schedule requires the elimination of the following benefits: Five-year guarantee
option; ten-year guarantee option; pop-up husband-wife pension; husband-wife 75% pension;
husband-wife 100% pension; disability benefits (if not yet in pay status); subsidized early retire-
ment pension; and subsidized qualified pre-retirement survivor annuity. The reduction and/or
elimination of adjustable benefits described in this Preferred Schedule shall be effective as of and
implemented on the Preferred Schedule Effective Date.

Contribution Increase

The Default Schedule requires an increase in employer contributions from the present rate of
$8.10 per hour to $11.25 per hour.

Il. AMENDED REHABILITATION PLAN

Subsequent to March 25, 2011, the Board of Trustees found that the economic conditions in the
building and construction trades have not improved and in fact have continued to decline. Addi-
tionally, the world investment markets had not improved. In an effort to offset the impact of the
decline in the economy and investment markets, the Board of Trustees of the Fund, on May 31,
2011, elected to adopt certain funding relief available to the Fund under the Pension Relief Act
of 2010. Although the relief obtained from the Pension Relief act of 2010 did help to improve
the Fund’s funding status, this improvement was not sufficient to allow the Fund to be projected

CM94:00644


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

6. Effective May 1, 1979, for those who have accumulated 3,000 hours or more of
Credited Service after May 1, 1976, 1,000 of which were accumulated after May 1, 1977, and
500 of which were accumulated after May 1, 1978:

a. Normal Pension and Disability Pension, $9.30 per month per year of Cred-
ited Service with a maximum of 30 years.

b. Widow's death benefit, $4.65 per month per year of Credited Service with
a maximum of 30 years.

7. Effective May 1, 1982, the amount of the monthly Employee-Only Pension bene-
fits shall be the total of:

a. $9.30 for each year of Credited Service prior to April 30, 1982, and

b. $13.00 for each year of Credited Service after May 1, 1982, with a maxi-
mum of 30 years of Credited Service.

8. Effective January 1, 1984, the amount of the monthly Employee-Only Pension
benefits shall be the total of:

a. $9.30 for each year of Credited Service prior to April 30, 1982, and

b, $18.62 for each year of Credited Service after April 30, 1982, with a maxi-
mum of 30 years of Credited Service.

9. Effective May 1, 1984, for those who work and earn 300 hours of Credited Ser-
vice after May 1, 1984, the amount of the monthly Employee-Only Pension benefits shall be the
total of:

a. $9.30 for each year of Credited Service prior to April 30, 1982, and

b. $20.85 for each year of Credited Service after April 30, 1982, with a maxi-
mum of thirty year of Credited Service.

10. Effective May 1, 1986, for those who retire after that date who work and earn 300
hours of Credited Service after January 1, 1986, the amount of the monthly Employee-Only Pen-
sion benefit shall be the total of:

a. $10.00 per month per year of Credited Service prior to May 1, 1982, and

b. $40.00 per month per year of Credited Service after April 30, 1982, with a
maximum of 30 years of Credited Service.

CM94:00667


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

Reduction in Rate of Future Benefit Accruals

There will be no reduction in the rate of future benefit accruals of any Covered Employee whose
employer is subject to the Preferred Schedule.

Reduction and/or Elimination of Adjustable Benefits

The Preferred Schedule requires the elimination of the following benefits: Five-year guarantee
option; ten-year guarantee option; pop-up husband-wife pension; husband-wife 75% pension;
husband-wife 100% pension; disability benefits (if not yet in pay status); subsidized early retire-
ment pension; and subsidized qualified pre-retirement survivor annuity. The reduction and/or
elimination of adjustable benefits described in this Preferred Schedule shall be effective as of and
implemented on the Preferred Schedule Effective Date.

Contribution Increase

The Default Schedule requires an increase in employer contributions from the present rate of
$8.10 per hour to $14.00 per hour.

3. ALTERNATIVE SCHEDULE ONE

The changes described in this Alternative Schedule will take effect upon the effective date of a
collective bargaining agreement that contains terms that are consistent with this Alternative
Schedule One.

Employers to whom the Alternative Schedule One does not apply remain subject to the surcharg-
es imposed under the PPA until such time as they are party to a collective bargaining agreement
that contains terms consistent with such Alternative Schedule One, the Preferred Schedule, Al-
ternative Schedule Two, or they become subject to the Default Schedule.

Future Benefit Accruals

The future benefit accruals of any employee whose employer is subject to the Alternative Sched-
ule One will be reduced from $77.50 to $10.00 per year of Credited Future Service.

Reduction or Elimination of Adjustable Benefits

The Preferred Schedule requires the elimination of the following benefits: Five-year guarantee
option; ten-year guarantee option; pop-up husband-wife pension; husband-wife 75% pension;
husband-wife 100% pension; disability benefits (if not yet in pay status); subsidized early retire-
ment pension; and subsidized qualified pre-retirement survivor annuity. The reduction and/or
elimination of adjustable benefits described in this Preferred Schedule shall be effective as of and
implemented on the Preferred Schedule Effective Date.

CM94:00643


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

qualified domestic relations order (as defined in Code Section
414(p)).

(b) A distribution payable pursuant to a retroactive an-
nuity starting date election is treated as excepted from the present
value requirements of Regulation Section 1.417(e) 1(d) under par-
agraph (d)(6) of such Regulation Section 1.417(e) 1(d)(6) if the
distribution form would have been described in paragraph (d)(6) of
such Regulation Section 1.417(e) 1(d)(6) had the distribution actu-
ally commenced on the retroactive annuity starting date. Similarly,
annuity payments that otherwise satisfy the requirements of a qual-
ified joint and survivor annuity under Code Section 417(b) will not
fail to be treated as a qualified joint and survivor annuity for pur-
poses of Code Section 415(b)(2)(B) merely because a retroactive
annuity starting date is elected and a makeup payment is made.
Also, for purposes of Code Section 72(t)(2)(A)(iv), a distribution
that would otherwise be one of a series of substantially equal peri-
odic payments will be treated as one of a series of substantially
equal periodic payments notwithstanding the distribution of a
makeup payment provided for in paragraph (a) of this Section.

(2) A distribution is permitted to have a retroactive annuity

starting date with respect to a Participant's benefit only if the following re-
quirements are met:

(a) The Participant's Spouse (including an alternate
payee who is treated as the Spouse under a qualified domestic rela-
tions order, as defined in Code Section 414(p)), determined as if
the date distributions commence were the Participant's annuity
starting date, consents to the distribution in a manner that would
satisfy the requirements of Code Section 417(a)(2). The spousal
consent requirement of this paragraph is satisfied if such Spouse
consents to the distribution under Regulation Section 1.417(c)
1(b)(2)(i).. The spousal consent requirement of this paragraph does
not apply if the amount of such Spouse's survivor annuity pay-
ments under the retroactive annuity starting date election is no less
than the amount that the survivor payments to such Spouse would
have been under an optional form of benefit that would satisfy the
requirements to be a qualified joint and survivor annuity under
Code Section 417(b) and that has an annuity starting date after the
date that the explanation was provided.

(b) The distribution (including appropriate interest ad-
justments) provided based on the retroactive annuity starting date
would satisty the requirements of Code Section 415 if the date the
distribution commences is substituted for the annuity starting date

CM94:00675


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

AMENDMENT 2016-2 TO THE AMENDED AND RESTATED PLAN
OF BENEFITS FOR THE PLASTERERS AND CEMENT MASONS
LOCAL NO. 94 PENSION FUND

THIS AGREEMENT, made the 18" day of November, 2016, by and between Local No.
592 of the Operative Plasterers and Cement Masons (hereinafter called the “Union”) and Key-
stone Contractors Association (hereinafter called the “Association”).

WITNESSETH:

THAT WHEREAS the parties have established, through an Amended and Restated Trust
Agreement, a Pension Plan of Benefits; and

WHEREAS the Amended and Restated Trust Agreement between the Union and the As-
sociation creating the Fund vested the parties with authority to amend the Plan of Benefits; and

WHEREAS the parties wish to amend the Plan of Benefits.

NOW THEREFORE, in consideration of the foregoing premises and intending to be le-
gally bound, the parties agree as follows:

1 Effective March 15, 2017, Section 4.01(C) is hereby amended to read as follows
(C) Disability Pension

(1) Any Disabled Participant may retire on a disability pension
provided:

(a) He/she has become Permanently Disabled, with an
effective date of Permanent Disability prior to March 15, 2017, as
the result of sickness or accident or mental illness which prevents
hinvher from carrying out the duties of his/her regular work while
an Active Participant or in his/her Extension Period. Such disabil-
ity may be required to be certified by a physician appointed by the
Board; and

(b) His/her disability has continued for six months; and

(c) He/she has completed five (5) or more years of Fu-
ture Service Credit and such years of Credited Service shall not
have been cancelled in accordance with Section 2.03(F); and

(d) He/she has made written application for disability
Pension on the form and in the manner prescribed by the Board
while an Active Participant or in his/her Extension Period.

CM94:00670


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

Projected Funded Percentage (AV Basis)

2011 2013 2018 2017 2019 2021 2023 2025

BA

CM94:00654


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

5 Section 5. Limitation on Contributions and Benefits, of the Plan is hereby re-
placed with the following:

SECTION 5: LIMITATIONS ON BENEFITS
Section 5.01 Annual Benefit and Final 415 Regulations.

(A) Annual Benefit. For purposes of this Section, annual benefit
means the benefit payable annually under the terms of the Plan (exclusive of any
benefit not required to be considered for purposes of applying the limitations of
Code Section 415 to the Plan) payable in the form of a straight life annuity with
no ancillary benefits. If the benefit under the Plan is payable in any other form,
the annual benefit shall be adjusted to the equivalent of a straight life annuity pur-
suant to Section 5.03(d).

(B) Final 415 Regulations. Notwithstanding anything in this Section to
the contrary, the following provisions apply for limitation years beginning on or
after July 1, 2007, except as otherwise provided in this Subsection (B).

(1) Incorporation by reference. The limitations, adjustments,
and other requirements prescribed in the Plan shall comply with the provi-
sions of Code Section 415 and the final Treasury Regulations promulgated
thereunder, the terms of which are specifically incorporated herein by ref-
erence for limitation years beginning on or after July 1, 2007, except
where an earlier effective date is otherwise provided in the final Treasury
Regulations or in this Subsection. However, where the final Treasury
Regulations permit the Plan to specify an alternative option to a default
option set forth in the Regulations, and the alternative option was available
under statutory provisions, Regulations, and other published guidance re-
lating to Code Section 415 as in effect prior to April 5, 2007, and the Plan
provisions in effect as of April 5, 2007 incorporated the alternative option,
said alternative option shall remain in effect as a Plan provision for limita-
tion years beginning on or after July 1, 2007 unless another permissible
option is indicated below.

(2) Grandfather provision. The application of the provisions of
this Subsection (B) shall not cause the maximum permissible benefit for
any Participant to be less than the Participant’s Accrued Benefit under all
the defined benefit plans of the Employer or a predecessor employer as of
the end of the last limitation year beginning before July 1, 2007 under
provisions of the plans that were both adopted and in effect before April 5,
2007. The preceding sentence applies only if the provisions of such de-
fined benefit plans that were both adopted and in effect before April 5,
2007 satisfied the applicable requirements of statutory provisions, Regula-
tions, and other published guidance relating to Code Section 415 in effect

CM94:00657