APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

1. Amortization Charges
Combined Bases

1991 Benefit Change

1994 Benefit Change
1995 Benefit Change
1996 Benefit Change
1997 Benefit Change
1998 Benefit Change

2000 Benefit Change
2001 Benefit Change
2002 Benefit Change
2001 Actuarial Loss
2002 Actuarial Loss
2003 Benefit Change
2003 Actuarial Loss
2004 Actuarial Loss
2005 Benefit Change
2005 Actuarial Loss

2008 Plan Change
2008 Actuarial Loss
2009 Plan Change
2009 Actuarial Loss

i a a i i i re

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 2.4

IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Development of Minimum Required Contribution - Amortization Record

1994 Assumption Chng.

1999 Assumption Chng.

2007 Assumption Chng.

Date of First Outstanding Amortization
Initial Charge Remaining Balance Charge or
Amount or Credit Period* Beg. of Year Credit

35,873,400 1/1/1989 3.000 $ 4,193,993 § 1,493,579
4,915,400 1/1/1991 10.000 2,208,238 293,835
1,093,800 1/1/1994 13,000 623,351 69,705
3,785,300 1/1/1994 13.000 2,157,138 241,218
563,976 1/1/1995 14,000 341,716 36,518
12,056,033 1/1/1996 15,000 7,714,587 791,608
3,069,392 1/1/1997 16,000 2,062,432 204,042
9,903,744 1/1/1998 17,000 6,953,514 665,622
6,110,025 1/1/1999 18.000 4,463,340 414,685
6,061,373 1/1/2000 19.000 4,589,548 415,002
2,142,636 1/1/2001 20.000 1,676,066 147,858
198,863 1/1/2002 21.000 160,245 13,822
4,022,217 1/1/2002 6.000 1,428,284 280,044
8,363,701 1/1/2003 7.000 3,535,864 613,169
2,219,172 1/1/2003 22.000 1,882,020 159,015
1,443,554 1/1/2004 8.000 705,070 110,351
4,850,250 1/1/2005 9.000 2,675,557 383,797
1,123,349 1/1/2005 24.000 975,069 79,453
2,883,606 1/1/2006 10.000 1,765,150 234,877
3,258,771 1/1/2007 26.000 2,943,560 232,626
571,064 1/1/2008 12.000 413,773 48,686
17,178,277 1/1/2009 13.000 13,338,054 1,491,504
1,604,038 1/1/2009 13.000 1,245,450 139,271
2,680,954 1/1/2010 14,000 2,213,151 236,508

* Remaining periods were increased by 5 years effective January 1, 2010 pursuant to an automatic extension of amortization periods under IRC Section 431(d).

The McKeogh Company

-13-

Tron Workers Local No. 16
Pension Plan

1W16-0395


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

PARTV

DEMOGRAPHIC INFORMATION

1W16-0416


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 4.2

Summary of Plan Assets*

As of January 1,

2016 2015 2014 2013 2012

Pooled Funds $ 28,469,859 $ 28,357,361 $ 20,969,435 $ 23,119,954 $ 22,514,278
Common and Preferred Stocks 19,053,531 21,597,299 22,056,524 16,620,170 17,142,542
Mutual Fund 0 0 5,881,837 5,145,232 4,948,222
Limited Partnerships 22,580,414 24,711,179 25,646,415 20,298,383 23,177,769
Corporate Obligations 6,840,983 7,882,902 8,640,367 9,872,017 8,701,431
U.S. Government Agency Obligations 1,205,941 1,003,061 912,062 2,969,740 2,772,446
Short-term Investments 826,487 950,716 1,479,486 1,241,808 832,713
Cash and Cash Equivalents 1,810,030 1,350,143 2,178,119 2,404,015 1,644,246
Fixed Assets 101,912 104,685 107,458 110,231 113,004
Receivables and Prepaid Expenses 610,749 531,190 494,261 867,982 599,030
Accounts Payable and Other Liabilities (204,670) (263,160) (136,690) (130,272) (140,924)
Net Assets Available for Benefits $ 81,295,236 $ 86,225,376 $ 88,229,274 $ 82,519,260 $ 82,304,757
* Per Auditor's Reports

The McKeogh Company -28- Iron Workers Local No. 16

Pension Plan

1W16-0412


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

PART VI

ACTUARIAL BASIS

Iw16-0421


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001
Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 1.7

Projections
(Continued)

Zone Projections

As shown by the red checkered area on the graph to the right, the plan is in critical and
declining status beginning in 2016. A plan is generally in critical and declining status if
it is in critical status and is projected to become insolvent within 15-20 years. In
accordance with the Multiemployer Pension Reform Act of 2014, the Section 431(d)(1)
amortization extension has been reflected for Plan Years beginning January 1, 2015 and
later, although the extension will not improve the Plan’s funded status nor affect the
Plan’s projected insolvency date. Actual future credit balance values will differ from
those projected to the extent that future experience deviates from the Projection
Assumptions. Again, this graph is based on the Projection Assumptions shown below.

Projection Assumptions

The Plan’s assets, liabilities and funding standard account credit balance were projected forward from the January 1, 2016 valuation based on the

following assumptions:

¢ All valuation assumptions, other than investment return, are met during the projection period, The Plan’s investment return (net of investment
expenses) reflects the preliminary unaudited 2016 investment return on the market value of assets of 7.7% and the assumption of 7.00% per year
from January 1, 2017 forward.

* 2016 Plan Year contributions of approximately $3.3 million, from unaudited contribution information provided by the fund administrator.

¢ Expected benefit payments of $11.5 million during the 2017 plan year, gradually decreasing to $10.6 million during 2021, to $9.5 million during
2026, to $8.4 million during 2031, and to $6.2 million during 2039. These benefit payments are based on an open group projection, reflecting the
January 1, 2016 actuarial valuation and assuming the active population remains level in future years. Future new hires were assumed to have
demographics equal to new hires from the 2015 plan year.

The McKeogh Company -8- Iron Workers Local No. 16
Pension Plan

1W16-0389


Pop-Up Benefit

Normal and Optional
Forms of Payment

Other Benefits

Postretirement Death
Benefit

13" Check

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Plan Provisions

(Continued)

The pension amount will be increased to the amount that would have been payable in the single life annuity form of
pension.

The basic pension benefits described above are payable as a single life annuity (single life annuity with 60
monthly payments guaranteed, for those retiring prior to June 1, 2012). Married employees receive a benefit which is the
basic benefit actuarially reduced to provide the spouse with a 50% contingent annuity benefit.

Prior to June 1, 2012, certain participants could elect a lump sum payment with respect to the portion of the benefit
attributable to Service Credits over 25 years.

Other optional forms of payment are: Joint and 50%, 75% or 100% to Survivor, and life with 60, 120 or 180 monthly
payments guaranteed, Married participants must have spousal consent to elect a form of payment other than the Joint and
50% to Surviving Spouse form.

At the death of a Participant receiving a pension benefit who dies prior to January 1, 2016, a single sum death benefit shall
be paid to the named beneficiary in an amount equal to $1,500. This benefit has been eliminated for deaths occurring on
or after January 1, 2016.

Pensioners on the rolls at December 31, 2007 shall be entitled to one additional monthly payment in January of each year
equal to the pensioner’s current monthly pension payment, with a minimum of $1,000. Participants who retired between
January 1, 2008 and December 31, 2009 were entitled to one additional monthly payment (without the $1,000 minimum)
in January of each year with the last such payment made in January 2013. Participants who retired after

December 31, 2009 are not eligible for this benefit. Beneficiaries of participants who retired before January 1, 2010 are
also eligible for the 13" check, equal to the beneficiary’s monthly pension payment (with a minimum of $1,000 if the
deceased pensioner retired prior to January 1, 2008).

The McKeogh Company

-44- Iron Workers Local No. 16
Pension Plan

1W16-0431


lity for Benefits

Normal Pension
Early Retirement Pension

Service Pension

Disability Pension

Deferred Pension

Hours Bank

Preretirement Surviving
Spouse Benefit

Preretirement Lump Sum
Death Benefit

Pop-Up Benefit

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Plan Provisions

(Continued)

Retirement on or after NRD.
Retirement prior to NRD but after attaining age 55 and earning 10 or more Service Credits.

Retirement prior to June 1, 2012: Completion of 25 Service Credits if the participant earned at least one Service Credit
prior to September 1, 2004, Completion of 30 or more Service Credits and attainment of age 50 for all other participants.

Retirement after June 1, 2012: Completion of 30 or more Service Credits and attainment of age 55. If the participant
earned at least 25 Service Credits prior to June 1, 2012 (Grandfathered Participant), eligibility determined as described
above.

The Disability Pension was eliminated for Participants that become totally and permanently disabled on or after
January 1, 2014. For onsets prior to January 1, 2014, eligibility was based on fifteen or more Service Credits as well as
certain hours and age requirements.

Termination of Covered Employment for reasons other than death or retirement after completing 5 or more years of
Vesting Service.

At retirement, a Participant may use the Hours Bank to provide full or partial Service Credit for a year in which the
Participant did not work sufficient hours to earn one Service Credit in that year. Specific rules and procedures exist in
order to calculate such additional Service Credits.

Participant dies after completing 5 or more years of Vesting Service and leaves a surviving spouse to
whom the Participant was married for at least one year at the time of the Participant’s death.

Participant dies prior to termination and retirement. Available only if the Preretirement Surviving Spouse benefit is not
payable or has been waived.

Married Participant who retires after January 1, 1996 with a 50% Joint and Survivor Annuity and who is predeceased by
his/her spouse.

The McKeogh Company

-42- Iron Workers Local No. 16

Pension Plan

1W16-0429


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 7.1

Service Credits Service Credits are based on Hours of Service in Covered Employment during a Plan Year, according to the following
schedules:

Hours of Service

Service | Apr. 1, 1960~— Jan. 1, 1993 — Jan. 1, 2008 — Jan. 1, 2011 = Jan. 1, 2015
Credits Dec. 31, 1992 Dec. 31, 2007 Dec. 31, 2010 Dec. 31, 2014 and later
0.00 Less than 500 Less than 262.50 Less than 300 Less than 500 Less than 400
0.25 500 — 699 262.50 — 524.25 300 — 599 500 — 699 400-799
0.50 700 —999 524.50 — 787.25 600 — 899 700 — 999 800 — 1,199
0.75 1,000 — 1,399 787.50 — 1,049.25 900 — 1,199 1,000 — 1,399 1,200 — 1,599
1.00 | 1,400 or more 1,050 or more 1,200 or more 1,400 or more 1,600 or more
Hours Bank A Participant’s Hours of Service in excess of 1,600 in a Plan Year earned on or after April 1, 1960 will be credited to the

Participant’s Hours Bank. A Participant’s Hours Bank will be limited to a maximum of 3,500 hours (2,800 hours prior to
January 1, 1998).

The McKeogh Company -40- Tron Workers Local No. 16
Pension Plan

1W16-0427


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 2.7

Estimated Maximum Deductible Contribution

1. Normal Cost for Plan Year Beginning January 1, 2016

2. Unfunded Accrued Liability as of January 1, 2016, not less than 0
3. Ten Year Amortization of Unfunded Accrued Liability

4, Interest on (1) and (3) to End of Year

5. Limitation Under Section 404(a)(1)(A)(iii) of Internal Revenue Code
=()+G)+ (4)

6. Minimum Required Contribution

7. Greater of (5) and (6)

8. Full Funding Limitation (See Section 2.8)

9. — Excess of 140% of RPA '94 Current Liability over Actuarial Value of Assets

10. Limitation on Maximum Deductible Contribution for Plan Year Beginning January 1, 2016
= Lesser of (7) and (8), but not less than (9)

$

$

$

555,450

45,246,451

6,020,632

460,326

7,036,408

7,036,408

98,227,368

192,886,289

192,886,289

The McKeogh Company -17-

Tron Workers Local No. 16
Pension Plan

IW16-0399


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND

Exhibit 7.10a (Checklist Item #41)

EIN/PN: 52-6148924 / 001

2016 Actuarial Valuation

Section 5.1

Historical Participant Information

Terminated All Other Ratio of

w/ Deferred Disabled Retirees & Tnactives to
January 1 Actives Benefits Retirees Beneficiaries Total Actives
2016 233 213 34 604 1,084 365.2%
2015 261 191 35 619 1,106 323.8%
2014 278 181 37 623 1,119 302.5%
2013 284 209 34 610 1,137 300.4%
2012 325 181 34 600 1,140 250.8%
2011 351 215 37 599 1,202 242.5%
2010 489 186 38 573 1,286 163.0%
2009 553 187 37 558 1,335 141.4%
2008 505 206 37 548 1,296 156.6%
2007 417 220 37 537 1,211 190.4%
2006 440 208 not available 549 1,197 172.0%
2005 460 148 not available 554 1,162 152.6%

The McKeogh Company -32- Tron Workers Local No. 16

Pension Plan

1W16-0417


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

TABLE OF CONTENTS
(Continued)

Part Il — Withdrawal Liability Information

3.1
32
3.3
3.4
3.5

Withdrawal Liability Information

Basic Withdrawal Liability Pools

Reallocated Withdrawal Liability Pools

Contribution History

Individual Employer Withdrawal Liability Estimate Worksheet

Part IV — Asset Information

Historical Asset Information

Summary of Plan Assets

Changes in Assets From Prior Valuation
Development of Actuarial Value of Assets
Investment Rates of Return

Part V — Demographic Information

5.1
5.2
53
34

Historical Participant Information
Active Participant Age/Service Distribution
Inactive Participant Information
Reconciliation of Participants

Part VI — Actuarial Basis

6.1
6.2

Actuarial Methods
Actuarial Assumptions

Part VII - Summary of Plan Provisions and Contribution Rates

7A
72

Plan Provisions
Contribution Rates

Page

22

24
25

27
28
29
30
31

32
33
34

36
37

39
46

1W16-0380


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

PART IV

ASSET INFORMATION

1W16-0410


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 2.4

Development of um Required Contribution - Amortization Record

Date of First Outstanding Amortization
Initial Charge Remaining Balance Charge or
Amount or Credit Period Beg. of Year Credit
Amortization Charges (continued
y. 2010 Actuarial Loss $ 1,170,736 V/1/2011 10.000 $ 902,817 $ 120,131
Zz 2011 Actuarial Loss 8,705,794 1/1/2012 11.000 7,167,604 893,317
aa. 2012 Actuarial Loss 9,155,033 1/1/2013 12.000 7,983,777 939,414
ab, 2016 Assumption Change 29,896 1/1/2016 15.000 29,896 3,068
ac. Total Charges $ 86,349,264 $ 10,752,725
Amortization Credits
a. 2012 Plan Change $ 5,059,966 6/1/2012 11.417 $ 4,098,630 $ 498,286
b. 2013 Actuarial Gain 1,082,325 1/1/2014 13.000 993,169 111,059
c. 2014 Plan Change 2,911,822 1/1/2014 13.000 2,671,962 298,787
d. 2014 Actuarial Gain 3,371,072 1/1/2015 14.000 3,236,921 345,912
e. 2015 Assumption Change 685,205 1/1/2015 14.000 657,938 70,310
f. 2015 Plan Change 571,573 1/1/2015 14.000 548,827 58,650
g. 2015 Actuarial Gain 1,061,581 1/1/2016 15.000 1,061,581 108,931
h, 2016 Plan Change 926,045 1/1/2016 15.000 926,045 95,023
i. Total Credits $ 14,195,073 $ 1,586,958
Credit Balance $ 26,907,740
Balance Test = (1) - (2) - (3) 8 45,246,451
Unfunded Actuarial Accrued Liability $ 45,246,451
The McKeogh Company -14- Tron Workers Local No. 16

Pension Plan

1W16-0396


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 2.10

Presentation of ASC Topic 960 Disclosures

As of January 1,

Actuarial Present Value of Accumulated Plan Benefits 2016

1. Vested Benefits

a, Persons in Pay Status $ 102,506,537
b. Persons with Deferred Benefits 8,971,582
c. Active Participants 11,140,208
d, Total $ 122,618,327
2. Non-Vested Benefits $1,751,303
3. Total Actuarial Present Value of Accum, Plan Benefits $ 124,369,630
4, Market Value of Assets $ 81,295,236

Statement of Changes in Accumulated Plan Benefits

1. Actuarial Present Value of Accumulated Benefits, Beginning of Year
2. Increase (Decrease) During the Year due to:

Benefits Accumulated *

Decrease in the Discount Period

Benefits Paid

Plan Amendment

Change in Actuarial Assumptions

meaoge

. Net Increase (Decrease)
3. Actuarial Present Value of Accumulated Benefits, End of Year

* Includes the effects of actuarial experience gains and losses.

2015 2014 2013 2012
$ 105,879,757 $ 108,137,220 $ 106,722,853 $ 107,409,052
7,715,856 7,433,239 7,637,772 6,824,184
11,436,187 __ 11,551,789 __ 13,739,081 16,709,680
$ 125,031,800 $ 127,122,248 $ 128,099,706 $ 130,942,916
$ 2,811,892 $ 4,989,212 $ 7,814,190 $ 10,317,289
$ 127,843,692 $ 132,111,460 $ 135,913,896 $ 141,260,205
$ 86,225,376 $ 88,229,274 $ 82,519,260 $ 82,304,757
$ 127,843,692 $ 132,111,460 $ 135,913,896 $ 141,260,205
$ 543,370 $ (40,198) $ 1,769,640 $ 2,250,590
8,540,883 8,834,613 9,102,284 9,468,040
(11,662,166) (11,805,405) (11,762,538) (12,004,973)
(926,045) (571,573) (2,911,822) (5,059,966)
29,896 (685,205) 0 0

$ (3,474,062) $ (4,267,768) $ (3,802,436) $ (5,346,309)
$ 124,369,630 $ 127,843,692 $ 132,111,460 $ 135,913,896

The McKeogh Company -20-

Tron Workers Local No. 16
Pension Plan

1w16-0402


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 2.6

Funding Standard Account Information

Plan Year Ending December 31,

2016 2015 2014 2013 2012

Charges Prior Year Funding Deficiency o $ 0 $ 0 $ 0 0
Normal Cost for Plan Year 555,450 586,863 909,111 1,111,941 1,248,185
Amortization Charges 10,752,725 10,749,657 10,749,657 10,749,657 9,810,243
Interest 791,572 793,556 816,114 830,312 774,090
Other Charges 0 0 0 0 )
Total Charges 12,099,747 $ 12,130,076 $ 12,474,882 $ — 12,691,910 11,832,518

Credits Prior Year Credit Balance 26,907,740 $ 31,398,548 $ 34,176,422 $ 33,803,727 33,136,634
Employer Contributions 3,279,000 * 3,829,054 4,039,977 3,942,119 3,651,961
Amortization Credits 1,586,958 1,383,004 2,920,451 6,186,741 5,982,910
Interest 2,108,095 * 2,427,210 2,736,580 2,935,745 2,864,740
Full Funding Limitation Credit 0 0 0 0 0
Other Credits 0 0 0 0 0
Total Credits 33,881,793 * $ 39,037,816 $ 43,873,430 $ 46,868,332 45,636,245

Balance Credit Balance as of December 31 21,782,046 * $ 26,907,740 $ 31,398,548 $ 34,176,422 33,803,727
= Credits Less Charges

* Estimated.

The McKeogh Company -16- Tron Workers Local No. 16

Pension Plan

1W16-0398


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 4.1

Historical Asset Information

Beginning Change in Market Value of Assets During Plan Year
Plan Year of Year Net End of Year End of Year
Ending Market Value Investment Benefit Market Value Actuarial Value
December 31 ___ of Assets Contributions Return Payments Expenses of Assets of Assets

2015 $ 86,225,376 $ 3,829,054 $ 3,319,217 $ 11,662,166 $ 416,245 $ 81,295,236 $ 79,123,179

2014 88,229,274 4,039,977 6,071,454 11,805,405 309,924 86,225,376 80,612,110
2013 82,519,260 3,942,119 13,835,458 11,762,538 305,025 88,229,274 80,647,479
2012 82,304,757 3,651,961 8,865,286 12,004,973 297,771 82,519,260 81,384,100
2011 89,220,278 3,556,900 1,516,875 11,715,686 273,610 82,304,757 91,841,977
2010 89,918,019 2,961,780 9,187,530 12,567,902 279,149 89,220,278 102,602,580
2009 92,869,795 4,248,121 5,146,934 12,030,107 316,724 89,918,019 107,901,622
2008 128,329,061 4,918,127 (28,738,463) 11,364,182 274,748 92,869,795 111,443,754
2007 128,034,557 4,271,053 7,054,791 10,755,590 275,750 128,329,061 124,708,399
2006 120,587,669 3,016,400 14,900,190 10,189,387 280,315 128,034,557 118,899,595
2005 118,949,769 2,964,018 8,675,894 9,752,891 249,121 120,587,669 116,156,093
2004 114,115,806 3,089,738 11,622,429 9,192,988 685,216 118,949,769 115,920,520
The McKeogh Company -27- Tron Workers Local No. 16

Pension Plan

Iw16-0411


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 2.2

Actuarial Accrued Liability and Current Liability as of January 1, 2016

Actuarial RPA ‘94
Accrued Current
Number Liability Liability
Liabilities
Active 233 $ 12,891,511 $ 25,616,703 *
Inactive Vested 213 8,971,582 20,242,587
All Persons in Pay Status 638 102,506,537 148,438,262
Total 1,084 $ 124,369,630 $ 194,297,552
Expected Changes in Liabilities
Expected Increase in Liability Due to Benefits Accruing During Year $ 555,450 $ 901,603
Expected Disbursements During Year $ 12,087,213 $ 12,087,213
Assumptions
Assumed Interest Rate 7.00% 3.28%
Assumed Mortality GAM '83 RP-2000, for 2016

large plan valuations

Assets and RPA '94 Funded Percentage
Actuarial Value of Assets as of January 1, 2016 $ 79,123,179
RPA °94 Funded Current Liability Percentage 40.7%

* Vested portion of RPA °94 Current Liability for Actives is $23,277,501.

The McKeogh Company -ll- Tron Workers Local No. 16
Pension Plan

1W16-0393


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 1.4

Funded Status Under ASC Topic 960 and PPA '06

During the Plan Year ended December 31, 2015, the plan’s funded status for purposes of Accounting Standards Codification Topic 960 (defined as the
ratio of the market value of plan assets to the present value of accumulated plan benefits) decreased from 67.4% to 65.4%. In that same year, the plan's
funded status for purposes of the Pension Protection Act of 2006 (defined as the ratio of the actuarial value of plan assets to the present value of
accumulated plan benefits) increased from 63.1% to 63.6%. A 12-year history of these measures is shown below.

‘Actuarial Funded Percentage

Assets Present Value (PPA '06)

Market Actuarial of Accumulated Market Actuarial
January 1 Value Value Plan Benefits Value Value
2016 $ 81,295,236 $ 79,123,179 $ 124,369,630 65.4% 63.6%
2015 86,225,376 80,612,110 127,843,692 67.4% 63.1%
2014 88,229,274 80,647,479 132,111,460 66.8% 61.0%
2013 82,519,260 81,384,100 135,913,896 60.7% 59.9%
2012 82,304,757 91,841,977 141,260,205 58.3% 65.0%
2011 89,220,278 102,602,580 142,696,200 62.5% 11.9%
2010 89,918,019 107,901,622 145,028,413 62.0% 74.4%
2009 92,869,795 111,443,754 145,275,205 63.9% 16.1%
2008 128,329,061 124,708,399 141,251,264 90.9% 88.3%
2007 128,034,557 118,899,595 138,872,165 92.2% 85.6%
2006 120,587,669 116,156,093 133,344,781 90.4% 87.1%
2005 118,949,769 115,920,520 130,123,209 91.4% 89.1%

Note: Values shown prior to January 1, 2007 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company -4- Iron Workers Local No. 16
Pension Plan

IW16-0385


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52-6148924 / 001
Exhibit 7.10a (Checklist Item #41)

2016 Actuarial Valuation

Section 3.4

Contribution History

Year Withdrawn 5-Year Year Withdrawn 5-Year
Ended Total Plan Employer Adjusted Adjusted Ended = Total Plan. Employer Adjusted Adjusted
December 31 Contribs ___Contribs__Contribs*__Contribs** December 31 Contribs ___Contribs___Contribs*__Contribs**
1992 0 0 0 nia 2004 3,089,738 0 3,089,738 nia
1993 ) ) 0 nla 2005 2,964,018 0 2,964,018 nla
1994 0 0 0 nia 2006 3,016,400 0 3,016,400 n/a
1995 0 0 0 na 2007 4,271,053 0 4,271,053 nla
1996 0 0 0 nia 2008 4,918,127 0 4,918,127 18,259,336
1997 0 0 0 nia 2009 4,248,121 0 4,248,121 19,417,719
1998 0 0 0 na 2010 2,961,780 0 2,961,780 19,415,481
1999 0 0 0 wa 2011 3,556,900 0 3,556,900 19,955,981
2000 0 0 0 nia 2012 3,651,961 0 3,651,961 19,336,889
2001 0 0 0 nla 2013 3,942,119 0 3,942,119 18,360,881
2002 0 0 0 na 2014 4,039,977 0 4,039,977 18,152,737
2003 0 0 0 n/a 2015 3,829,054 0 3,675,665 18,866,622

* Total Plan contributions, adjusted for withdrawn employer contributions and starting January 1, 2015 adjusted for limitations placed by

Section 109 of MPRA.

** Total adjusted Plan contributions during the 5-year period ending with the December 31 of the year shown.

The McKeogh Company

-25-

Tron Workers Local No. 16
Pension Plan

1W16-0408


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 3.1

Withdrawal Liability Information

As of December 31,
1. Present Value of Vested Benefits 2015 2014 2013 2012 2011
a. Active Participants $ 11,140,208 $ 11,436,187 $ 11,551,789 $ 13,739,081 $ 16,709,680
b. Persons with Deferred Benefits 8,971,582 7,715,856 7,433,239 7,637,772 6,772,449
c. Retirees and Beneficiaries 102,506,537 105,879,757 108,137,220 106,722,853 107,059,157
d. Total $ 122,618,327 $ 125,031,800 $ 127,122,248 $ 128,099,706 $ 130,541,286
2. Market Value of Assets $ 81,295,236 $ 86,225,376 $ 88,229,274 $ 82,519,260 $ 82,304,757

3. Unfunded Vested Benefit Liability(UVB) $ 41,323,091 $ 38,806,424 $ 38,892,974 $ 45,580,446 $ 48,236,529

4. Unamortized Balance of Affected Benefits

a. 2012 Base $ 3,505,581 $ 3,688,730 $ 3,859,897 $ 4,019,866 n/a
b. 2014 Base 1,846,103 1,922,612 0 0 n/a
c. Total $ 5,351,684 $ 5,611,342 $ 3,859,897 $ 4,019,866 n/a

Withdrawal liabilities are determined using the presumptive method as described in ERISA Section 4211(b). PBGC Regulations require that plans
in critical status disregard certain benefit reductions (adjustable benefits) in determining withdrawal liability and prescribe simplified methods for
making these calculations. Therefore, for purposes of calculating withdrawal liability, the UVB shown above should be increased by the amortized
balance of affected benefits also shown above.

The plan of benefits for the December 31, 2015 calculation are the same as those described in Section 7.1 except as noted below:

1. Benefits which are first effective January 1, 2016 or later are not reflected in the UVB as of December 31, 2015.
2. Death benefits unrelated to pension benefits and disability benefits other than those in pay status are not included in the UVB.

The actuarial basis used in the calculation of the December, 31, 2015 UVB is the same as used in the January 1, 2016 actuarial valuation of the plan
as described in Section 6 except that, as indicated, the market value of assets is used in the determination of UVB.

The McKeogh Company -22- Tron Workers Local No. 16
Pension Plan

1W16-0405


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 1.1

Valuation Highlights

Minimum Funding Requirement —_ The minimum funding requirement was $0 for the Plan Year ending December 31, 2015. The minimum funding

Contribution Level

Covered Employment

PPA 706

Rehabilitation Plan

Investments

Withdrawal Liability

requirement for the Plan Year ending December 31, 2016 is also $0.

Projections indicate that the current level of contribution rates ($9.70 per hour) in combination with the projected
covered employment hours, are not sufficient to fully fund the Plan over the projection period. In fact, the plan is
projected to become insolvent during 2035 (see Section 1.7).

Contribution hours for the 2015 Plan Year were about 402,000, including incoming reciprocated hours of about
62,000. Contribution hours for the 2016 Plan Year were about 354,000, including incoming reciprocated hours
of about 87,000.

The Plan was certified to be in critical & declining status for the Plan Year beginning January 1, 2016. See
Section 1.7 for PPA’06 projections.

The Trustees adopted an amended Rehabilitation Plan effective October 1, 2015 to eliminate any future increases
in employer contribution rates and to indicate that the ‘Trustees were exploring whether suspension of benefits for
certain participants could enable the Fund to potentially avoid insolvency.

An application for suspension of benefits was submitted to the U.S. Treasury in March 2016. That application
was denied in November 2016 on the basis of assumptions regarding future hours and mortality.

The return on the actuarial value of assets (net of investment expenses) for the year ending December 31, 2015
was 8.84%, which is above the 7.00% assumption. The return on the market value of assets (net of investment
expenses) for the year ending December 31, 2015 was 4.04%,

Withdrawal liability is based, in part, on the unfunded vested benefit liability and the value of affected benefits.
Affected benefits are reductions in non-forfeitable benefits made in accordance with a Rehabilitation Plan.

The unfunded vested benefit liability increased from $38.8 million as of December 31, 2014 to $41.3 million as
of December 31, 2015. The unamortized balance of affected benefits decreased from $5.6 million as of
December 31, 2014 to $5.4 million as of December 31, 2015.

The McKeogh Company

-1- Iron Workers Local No. 16
Pension Plan

1W16-0382


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

PARTI

DISCUSSION OF PRINCIPAL VALUATION RESULTS

1W16-0381


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 2.3

Development of Minimum Required Contribution - Summary

Plan Year Ending December 31,

2016 2015 2014 2013 2012
Normal Cost $ 555,450 $ 586,863 $ 909,111 $ 1,111,941 $ 1,248,185
Net Amortization 9,165,767 9,366,653 7,829,206 4,562,916 3,827,333
Interest 680,485 696,746 611,682 397,240 355,286
Total Net Charges $ 10,401,702 $ 10,650,262 $ 9,349,999 $ 6,072,097 $ 5,430,804
Credit Balance with Interest $ 28,791,282 $ 33,596,446 $ 36,568,772 $ 36,169,988 $ 35,456,198
Full Funding Credit (See Section 2.5) $ 0 $ 0 $ 0 $ 0 $ 0
Minimum Required Contribution $ 0 $ 0 $ 0 $ 0 $ 0
The McKeogh Company -12- Iron Workers Local No. 16

Pension Plan

1W16-0394


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 1.3

Plan Experience During Prior Year

The plan had mixed investment experience during the year ended December 31, 2015 as it earned 4.04% on a market value basis and 8.84% on an
actuarial value basis as compared to the valuation interest rate assumption of 7.00%.

That “excess” return of 1.84% on an actuarial basis represents a gain in dollars of $1,400,672 which is combined with a net loss from liabilities of

$339,091. A 5-year history of actuarial gains/(losses) is shown below.

Plan Year Ending December 31,

2015

2014 2013 2012 2011

Investment Gain/(Loss) on an Actuarial Value Basis

In dollars $ 1,400,672 $
‘As a percentage of assets 1.8%

Net Gains/(Losses) from Other Sources

2,671,725 $ 1,970,745 $ (7,939,091) $ (9,220,942)
3.5% 2.5% -9.1% -9.4%

In dollars $ (339,091) $ 699,347 $ (888,420) $ (1,215,942) $ 515,148
As a percentage of actuarial liability -0.3% 0.5% -0.7% -0.9% 0.4%
Total Experience Gain/(Loss) $ 1,061,581 $ 3,371,072 $ 1,082,325 $ (9,155,033) $ (8,705,794)
The McKeogh Company -3- Iron Workers Local No. 16

Pension Plan

1W16-0384


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 2.8

Estimated Maximum Deductible Contribution - Full Funding Limitation

ERISA RPA ‘94
Accrued Current
Liability Liability
1. Liability (Beginning of Year) $ 124,369,630 $ 194,297,552
2. Normal Cost $ 555,450 $ 901,603
3. Expected Disbursements During Year $ 12,087,213 $ 12,087,213
4. Assumed Interest Rate 7.00% 3.28%
5. Projected Liability (End of Year) $ 121,166,725 $ 189,317,843
6. Applicable Percentage 100% 90%
7. Assets
a. Market Value $ 81,295,236 N/A
b. Actuarial Value $ 79,123,179 $ 79,123,179
c. Lesser of (a) and (b) $ 79,123,179 $ 79,123,179
8. Assets Projected to End of Year $ 72,158,691 $ 72,158,691
9. Full Funding Limitation (FFL) $ 49,008,034 $ 98,227,368
= (5) x (6)-(8)
10, IRC Section 404 Full Funding Limitation
= Greater of ERISA FFL and RPA '94 FFL $ 98,227,368
The McKeogh Company -18- Tron Workers Local No. 16

Pension Plan

1w16-0400


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

The McKeogh Company
a

Ironworkers Local Union No. 16
Pension Fund

Actuarial Valuation Report for Plan Year
Beginning January 1, 2016 and Ending December 31, 2016

June, 2017

1W16-0376


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 6.2

Actuarial Assumptions

Interest Rate (Net of Investment Expenses)

For RPA °94 Current Liability 3.28% per year
For All Other Purposes 7.00% per year
Administrative Expenses $320,000 as of beginning of the year
Mortality -- Healthy lives 1983 Group Annuity Mortality Table (GAM 83) for males and females
-- Disabled lives 1971 Group Annuity Mortality Table for males
-- Mortality improvement No future mortality improvements were assumed beyond the valuation date

RPA ‘94 Current Liability Mortality

-- Healthy lives RP-2000 Mortality Tables, with separate rates for annuitants and non-annuitants, as
issued by the IRS for 2016 valuations. Separate tables for males and females.
-- Disabled lives Mortality specified in Revenue Ruling 96-7 for Disabilities occurring post-1994
Retirement Age — Active Participants Age Rate
Less Than 30 Service Credits 30 or More Service Credits
55 0.15 0.50
56-59 0.10 0.25
60-61 0.20 1.00
62-64 0.25 1.00
65 1.00 1.00
Grandfathered Participants are assumed to retire upon completion of 28 years of
service.
The McKeogh Company -37- Tron Workers Local No. 16

Pension Plan

1W16-0423


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 1.6

Statement of Changes from Prior Valuation

Actuarial Basis -- The following changes in the actuarial basis were made from the prior year:

1. The interest rate for RPA '94 Current Liability purposes was changed from 3.51% to 3.28% effective January 1, 2016, for statutory compliance.

2. The mortality assumption for RPA '94 Current Liability purposes was updated for statutory compliance, from the RP-2000 Tables for 2015 large
plan valuations to the RP-2000 Tables for 2016 large plan valuations, with separate rates for annuitants and non-annuitants.

3. The form of payment assumption for active and terminated vested participants was changed from a Straight Life Annuity, loaded by the value of
the pop-up provision for all married and non-married participants, to a Straight Life Annuity for non-married participants and a 50% Joint and
Survivor with pop-up annuity for married participants, to produce a more refined projection of expected benefit payments.

Plan of Benefits -- The following changes to the plan of benefits were made in connection with the Rehabilitation Plan and reflected as
of January 1, 2016:

1. For retirements occurring after December 31, 2015, the 6% per year early retirement reduction will be increased to 6 2/3% per year.

2. Service Pension for Grandfathered Participants (i.e., those who have completed at least 25 Service Credits as of June 1, 2012) retiring after
December 31, 2015 will be reduced 2% per year prior to age 60, with a maximum reduction of 10%.

3. The $1,500 death benefit has been eliminated for deaths occurring after December 31, 2015.

The McKeogh Company -6- Iron Workers Local No. 16
Pension Plan

1W16-0387


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 1.5

Summary of Investment Performance

A summary of the investment returns during the 13 years preceding the valuation date are shown below.

Average Return *

Plan Year Single-Year Return _ Over 5-Year Period
Ending Valuation Actuarial Market Actuarial Market
Dec 31, Assumption __Value____ Value ___Value__Value
2015 7.00% 8.84% 4.04% 4.23% 8.26% ae
2014 7.00% 10.49% 7.21% 3.87% 9.64% 1%
2013 7.00% 9.56% 17.63% 2.67% 9.35% tom
2012 7.00% -2.06% 11.37% — -0.30% 0.46%
2011 7.00% -2.37% 1.78% 2.20% —-0.59% &
2010 7.00% 4.45% 10.81% 4.49% 1.47% =
2009 7.00% 4.24% 5.79% 4.89% 0.85% 5%
2008 7.00% 5.39% — -23.00% 7.01% 2.94% 40%
2007 7.00% 10.88% 5.66% 8.55% 7.81%
2006 7.00% 9.07% 12.75% NIA N/A 18% ——
—e®— Actuarial Value Return
-20% ———— ee
2005 7.00% 647% 7.52% NIA N/A Market Value Return
— Assumption
2004 7.00% 15.21% 17.19% N/A N/A 25%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
2003 7.00% 1.61% — -2.95% N/A N/A

* Time-Weighted Basis
Note: Values shown prior to January 1, 2007 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company

-5- Tron Workers Local No. 16
Pension Plan

IW16-0386


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 5.3

Inactive Participant Information as of January 1, 2016

Terminated with Deferred Benefits Healthy Retirees *

Age Last Total Average Age Last Total Average
Birthday Count Annual Benefit__ Annual Benefit Birthday Count, Annual Benefit _Annual Benefit
<55 33 $ 842,123 $ 25,519
<45 65 $ 655,635 $ 10,087 55-59 40 981,773 24,544
45-49 21 236,910 11,281 60-64 82 1,774,981 21,646
50-54 43 529,384 12,311 65-69 124 2,444,769 19,716
55-59 51 432,115 8,473 70-74 86 1,511,056 17,570
60-64 24 202,583 8,441 15-79 69 1,063,984 15,420
> 64 9 84,633 9,404 >79 68 925,053 13,604
Total 213 $ 2,141,262 $ 10,053 Total 502 $ 9,543,738 $ 19,011

Disabled Retirees * Beneficiaries *

Age Last Total Average Age Last Total Average
Birthday Count Annual Benefit. _Annual Benefit Birthday Count Annual Benefit _Annual Benefit
<55 4 $ 72,828 $ 18,207 <55 6 $ 24,195 $ 4,033
55-59 4 58,188 14,547 55-59 6 27,519 4,586
60-64 8 143,922 17,990 60-64 10 84,989 8,499
65-69 3 47,226 15,742 65-69 7 154,739 9,102
70-74 8 116,647 14,581 70-74 19 135,505 7,132
75-79 2 14,463 7,232 75-79 15 75,808 5,054
>79 5 69,090 13,818 >79 29 167,691 5,782
Total 34 $ 522,365 $ 15,364 Total 102 $ 670,446 $ 6,573

* Does not reflect the 13th check benefit, which totals $32,539 for disabled retirees, $596,136 for healthy retirees, and $86,842 for beneficiaries.

The McKeogh Company -34- Tron Workers Local No. 16
Pension Plan

1w16-0419


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 3.3

Reallocated Withdrawal Liability Pools

Year Reallocated Pools Year Reallocated Pools
Ended Original Unamortized Ended Original — Unamortized
December 31 __ Balance Balance December 31 __ Balance Balance
1996 0 0 2006 0 0
1997 0 0 2007 0 0
1998 0 0 2008 0 0
1999 0 0 2009 0 0
2000 0 0 2010 0 0
2001 0 0 2011 0 0
2002 0 0 2012 0 0
2003 0 0 2013 0 0
2004 0 0 2014 0 0
2005 0 0 2015 0 0
The McKeogh Company -24- Tron Workers Local No. 16

Pension Plan

1W16-0407


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 6.2

Actuarial Assumptions

(Continued)

Retirement — Terminated Vested Participants Retirement at Normal Retirement Age

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

Disability Incidence Varying by Age as Illustrated: Age Rate
20 0.0018
30 0.0033
40 0.0066
50 0.0182

Future Benefit Accruals

Form of Payment

Percentage Married

Spouse Age

Based on the average of the prior two years of hours

Married participants: 50% J&S Annuity with pop-up
Unmarried participants: Single Life Annuity

15%

Spouses of male/female Participants 3 years younger/older than the Participant,

The McKeogh Company

-38- Tron Workers Local No. 16
Pension Plan

1w16-0424


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)

2016 Actuarial Valuation

Section 3.2

Basic Withdrawal Liability Pools

Unfunded Unfunded

Year Vested Basic Pools Year Vested Basic Pools

Ended Benefit Original Unamortized Ended Benefit Original © Unamortized

December 31 __ Liability Balance Balance December 31 __ Liability Balance Balance
1996 0 0 0 2006 0 0 0
1997 0 0 0 2007 0 0 0
1998 0 0 0 2008 38,301,079 38,301,079 24,895,701
1999 0 0 0 2009 40,075,544 3,689,519 2,582,663
2000 0 0 0 2010 41,338,363 3,362,349 2,521,762
2001 0 0 0 2011 48,236,529 9,165,813 7,332,651
2002 0 0 0 2012 45,580,446 69,855 59,377
2003 0 0 0 2013 38,892,974 (3,958,041) (3,562,237)
2004 0 0 0 2014 38,806,424 2,444,979 2,322,730
2005 0 0 0 2015 41,323,091 5,170,445 5,170,445
The McKeogh Company -23- Tron Workers Local No. 16

Pension Plan

1W16-0406


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 1.2

Comparison of Key Valuation Results With Those of Prior Valuations

Plan Year Beginning January 1,

2016 2015 2014 2013 2012*

Contributions

Minimum Funding Requirement $ 0 $ 0 $ 0 $ 0 $ 0

Actual Employer Contributions 3,279,000 ** 3,829,054 4,039,977 3,942,119 3,651,961

Maximum Deductible Contribution (Estimated) 192,886,289 191,837,444 199,488,457 202,113,108 181,794,677
Liabilities and Normal Cost

Actuarial Accrued Liability $ 124,369,630 $ 127,843,692 $ 132,111,460 $ 135,913,896 $ 141,260,205

Normal Cost 555,450 586,863 909,111 1,111,941 1,248,185

Present Value of Accumulated Plan Benefits 124,369,630 127,843,692 132,111,460 135,913,896 141,260,205

Present Value of Vested Plan Benefits 122,618,327 125,031,800 127,122,248 128,099,706 130,942,916

RPA '94 Current Liability 194,297,552 194,275,554 198,570,648 199,752,266 192,833,366
Assets

Market Value $ 81,295,236 $ 86,225,376 $ 88,229,274 $ 82,519,260 $ 82,304,757

Actuarial Value 79,123,179 80,612,110 80,647,479 81,384,100 91,841,977
Participant Counts

Active 233 261 278 284 325

Persons with Deferred Benefits 213 191 181 209 181

Disabled Persons in Pay Status 34 35 37 34 34

Retirees and Beneficiaries 604 619 623 610 600

Total 1,084 1,106 1,119 1,137 1,140
PPA '06 Certification Results

Plan Status Critical & Deel. Critical & Decl. Critical Critical Critical

Funded Percentage (Actuarial Value Basis) 63.6% 62.1% 61.4% 60.2% 64.6%

* Reflects the changes to the plan of benefits under the Rehabilitation Plan, effective May 1, 2012, which were recognized on a pro rata

basis for 2012 funding requirements.
** Estimated.

The McKeogh Company

Iron Workers Local No. 16

Pension Plan

IW16-0383


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 2.5

Development of Minimum Required Contribution - Full Funding Limitation

ERISA RPA ‘94
Accrued Current
Liability Liability
1. Liability (Beginning of Year) $ 124,369,630 $ 194,297,552
2. Normal Cost $ 555,450 $ 901,603
3. Expected Disbursements During Year $ 12,087,213 $ 12,087,213
4, Assumed Interest Rate 7.00% 3.28%
5. Projected Liability (End of Year) $ 121,166,725 $ 189,317,843
6. Applicable Percentage 100% 90%
7. Assets
a. Market Value $ 81,295,236 N/A
b. Actuarial Value $ 79,123,179 $ 79,123,179
c. Lesser of (a) and (b) $ 79,123,179 $ 79,123,179
8. Credit Balance $ 26,907,740 N/A
9. Assets Projected to End of Year $ 43,367,409 $ 72,158,691
10. Initial Full Funding Limitation (FFL) $ 77,799,316 $ 98,227,368
=(5)x (6)—-(9)
11. Full Funding Limitation, not less than RPA '94 FFL $ 98,227,368 N/A
12. Total Net Charges from Section 2.3 $ 10,401,702 N/A
13. Full Funding Credits $ 0 N/A
The McKeogh Company -15- Tron Workers Local No. 16

Pension Plan

1W16-0397


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 4.4

Development of Actuarial Value of Assets

1. Market Value of Assets as of January 1, 2015 $ 86,225,376
2. Contributions during year $ 3,829,054
3. Disbursements during year $ 12,078,411
4. Expected investment income at valuation rate of 7.00% $ 5,752,683
per annum, net of investment expense
5. Expected Market Value of Assets as of December 31, 2015 $ 83,728,702
6. Actual Market Value of Assets as of December 31, 2015 $ 81,295,236
7. Gain/(Loss) during year $ (2,433,466)
8. Unrecognized Prior Gain/(Loss)
Year Ending Original Unrecognized — Unrecognized
December 31 Gain/(Loss) Percentage Amount
2015 $ (2,433,466) 80% $ (1,946,773)
2014 172,471 60% $ 103,483
2013 8,337,919 40% $ 3,335,168
2012 3,400,894 20% $ 680,179
Total $ 2,172,057
9. Preliminary Actuarial Value of Assets as of January 1, 2016 $ 79,123,179
= (6) - (8)
10. Actuarial Value of Assets as of January 1, 2016 $ 79,123,179
= (9) but not more than 120% of (6) nor less than 80% of (6)
11. Actuarial Value of Assets as a Percentage of Market Value 97.3%
The McKeogh Company -30- Tron Workers Local No. 16

Pension Plan

1w16-0414


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 4.5

Investment Rates of Return

Plan Year Ending December 31

2015 2014 2013 2012 2011
Market Value of Assets
Market Value as of Beginning of Year $ 86,225,376 $ 88,229,274 $ 82,519,260 $ 82,304,757 $ 89,220,278
Employer Contributions During Year $ 3,829,054 $ 4,039,977 $ 3,942,119 $ 3,651,961 $ 3,556,900
Disbursements During Year $ 12,078,411 $ 12,115,329 $ 12,067,563 $ 12,302,744 $ 11,989,296
Market Value as of End of Year $ 81,295,236 $ 86,225,376 $ 88,229,274 $ 82,519,260 $ 82,304,757
Investment Income (Net of Inv, Exp.) $ 3,319,217 $ 6,071,454 $ 13,835,458 $ 8,865,286 $ 1,516,875
Average Value of Assets $ 82,100,698 $ 84,191,598 $ 78,456,538 $ 71,979,366 $ 85,004,080
Rate of Return During Year 4.04% 7.21% 17.63% 11.37% 1.78%
Actuarial Value of Assets
Actuarial Value as of Beginning of Year $ 80,612,110 $ 80,647,479 $ 81,384,100 $ 91,841,977 $ 102,602,580
Employer Contributions During Year $ 3,829,054 $ 4,039,977 $ 3,942,119 $ 3,651,961 $ 3,556,900
Disbursements During Year $ 12,078,411 $ 12,115,329 $ 12,067,563 $ 12,302,744 $ 11,989,296
Actuarial Value as of End of Year $ 79,123,179 $ 80,612,110 $ 80,647,479 $ 81,384,100 $ 91,841,977
Investment Income (Net of Inv. Exp.) $ 6,760,426 $ 8,039,983 $ 7,388,823 $ (1,807,094) $ (2,328,207)
Average Value of Assets $ 76,487,432 $ 76,609,803 $ 77,321,378 $ 87,516,586 $ 98,386,382
Rate of Return During Year 8.84% 10.49% 9.56% 2.06% -2.37%
The McKeogh Company -31- Iron Workers Local No. 16

Pension Plan

IW16-0415


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 7.1

Plan Provisions

(Continued)

Benefits Paid Upon the Following Events

Normal Pension

Early Retirement Pension

Service Pension

Deferred Pension

Preretirement Surviving
Spouse Benefit

Preretirement Lump Sum
Death Benefit

‘Accrued Monthly Pension as of NRD.

Accrued Monthly Pension as of early retirement date, reduced by 6 2/3% for each year that commencement precedes the
Participant’s NRD.

Accrued Monthly Pension as of normal retirement date, reduced by 6 2/3% per year that retirement precedes age 60. For
retirements occurring between January 1, 2014 and June 30, 2014, the 6% per year early retirement reduction applied
starting at age 57. Grandfathered Participants (i.c., those who have completed at least 25 Service Credits as of June 1,
2012) will be reduced 2% per year prior to age 60, with a maximum reduction of 10%.

Accrued Monthly Pension payable at NRD. A vested participant with at least 10 years of Service Credit may elect to have
benefits commence as early as age 55. The benefit shall be reduced by 6 2/3% per year for each year that commencement
precedes NRD.

Spouse receives a lifetime monthly pension equal to 50% of the benefit that would be payable if the Participant
separated from service on the date of death (or separation from service, if earlier), survived to the earliest retirement age,
retired with an immediate qualified joint and survivor annuity, and died on the day after the earliest retirement age.
Instead of the benefit described above, the surviving spouse may elect to receive the Preretirement Lump Sum Death
Benefit.

For participants with at least 10 years of Service Credit, $300 times Service Credits earned on and after
April 1, 1960, maximum of $7,500. Payment shall be made in a single lump sum or in 60 equal monthly installments, at
the option of the beneficiary. For all other participants, $2,500 payable in single lump sum,

The McKeogh Company

-43- Tron Workers Local No. 16
Pension Plan

1W16-0430


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 2.11

Historical ASC Topic 960 Information

Actuarial Present Value of Market
Vested Accum. Plan Value
January 1, Benefits Benefits of Assets
2016 122,618,327 $ 124,369,630 $ 81,295,236 wieom
2015 125,031,800 127,843,692 86,225,376 $140M
2014 127,122,248 132,111,460 88,229,274
$120M
2013 128,099,706 135,913,896 82,519,260
$100M
2012 130,942,916 141,260,205 82,304,757
$80
2011 130,956,177 142,696,200 89,220,278
2010 130,382,882 145,028,413 89,918,019 $60M
2009 131,170,874 145,275,205 92,869,795 $4om
2008 127,594,958 141,251,264 128,329,061
$20m mmm PV Vested Bens
2007 123,233,745 138,872,165 128,034,557 — Market Value
som
2006 118,912,190 133,344,781 120,587,669 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2005 114,870,187 130,123,209 118,949,769

Note: Values shown prior to January 1, 2007 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company -21- Iron Workers Local No. 16

Pension Plan

1W16-0403


Contributions

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 7.2

Contribution Rates

IRONWORKERS LOCAL UNION 16 PENSION FUND

Employers make contributions to fund the plan in accordance with the terms of several collective bargaining agreements.
Employee contributions are neither required nor permitted. Recent hourly contribution rates are as follows:

Period

5/1/2005 — 4/30/2006
5/1/2006 — 4/30/2007
5/1/2007 — 4/30/2008
5/1/2008 — 4/8/2009
4/9/2009 — 3/31/2010
4/1/2010 — 3/31/2011

Hourly Rate
$3.84
$4.24
$4.34
$4.80
$5.70
$6.70

Period

4/1/2011 — 3/31/2012
4/1/2012 — 3/31/2013
4/1/2013 — 5/31/2014
6/1/2014 — 3/31/2015
4/1/2015 & later

Hourly Rate
$7.20
$8.20
$8.70
$9.20
$9.70

The McKeogh Company

-46-

Tron Workers Local No. 16
Pension Plan

IW16-0433


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

TABLE OF CONTENTS

Transmittal Letter

Part I— Discussion of Principal Valuation Results

Valuation Highlights

Comparison of Key Valuation Results With Those of Prior Valuations
Plan Experience During Prior Year

Funded Status Under ASC Topic 960 and PPA ‘06

Summary of Investment Performance

Statement of Changes From Prior Valuation

Projections

Part If — Valuation Results

21
2.2
2.3
24
2.5
2.6
27
28
29
2.10
2.11

Summary Statistics

Actuarial Accrued Liability and Current Liability

Development of Minimum Required Contribution — Summary
Development of Minimum Required Contribution — Amortization Record
Development of Minimum Required Contribution — Full Funding Limitation
Funding Standard Account Information

Estimated Maximum Deductible Contribution

Estimated Maximum Deductible Contribution — Full Funding Limitation
Development of Actuarial Gain/(Loss)

Presentation of ASC Topic 960 Disclosures

Historical ASC Topic 960 Information

E
:

NAURYN=

1W16-0379


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 6.1

Actuarial Methods

Actuarial Cost Method

The Actuarial Cost Method for determining the Actuarial Accrued Liability and Normal Cost is the Unit Credit Cost Method and is the same method used
in the prior valuation.

In connection with the Plan’s then-endangered status, the Trustees applied for and received an automatic 5-year extension of amortization periods pursuant
to Section 431(d) of the Internal Revenue Code effective January 1, 2010.

Asset Valuation Method

The Actuarial Value of Assets (AVA) is determined using an adjusted market value. Under this method, a preliminary AVA is determined as the market
value of assets on the valuation date less a decreasing fraction (4/5, 3/5, 2/5, 1/5) of the gain or loss in each of the preceding four years. The gain or loss
for a given year is the difference between the actual investment return (on a market-to-market basis) and the assumed investment return based on the
market value of assets at the beginning of the year and actual cash flow. The AVA is then the preliminary AVA subject to a minimum and maximum
value equal to 20% below and 20% above market value, respectively.

The McKeogh Company -36- Tron Workers Local No. 16
Pension Plan

1W16-0422


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

Counts as of January 1, 2015
New Entrants
Rehired
Terminated without Vesting
Terminated with Vesting
Became Disabled
Retired
Died
New Beneficiaries
Certain Period Expiration
Data Corrections

Net Change

Counts as of January 1, 2016

EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 5.4

Reconciliation of Participants

IRONWORKERS LOCAL UNION 16 PENSION FUND

Terminated Retirees
With Deferred Disabled and
Actives Benefits Participants Beneficiaries Total
261 191 35 619 1,106
1s 0 0 0 15
7 (0) 0 0 0
(16) 0 0 0 (16)
(32) 32 0 0 0
0 0 0 0 0
(2) (5) 0 7 0
0 (4) (1) (25) (30)
0 0 0 7 7
0 0 0 (4) (4)
0 6* 0 0 6
(28) 22 (an) (is) (22)
233 213 34 604 1,084

* Includes five alternate payees who are entitled to a future benefit, reported by the fund office for the first time.

The McKeogh Company

-35-

Tron Workers Local No. 16
Pension Plan

1w16-0420


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 1.7

Projections
(Continued)

* The active plan participant count is assumed to remain level from year to year. The demographic characteristics of the active population as a
whole are dependent on the demographic characteristics of the assumed future new hires.

‘* Administrative expenses of $320,000 per year starting January 1, 2017 and increasing 3% per year thereafter.

© Current differences between the market value of assets and the actuarial value of assets are phased in during the projection period in accordance
with the regular operation of the asset valuation method.

* Contributions assumed to be made on the following hours of covered employment and the following effective contribution rates:

Plan Year Hours Effective Contribution Rate
2017 336,000 $9.46
2018 319,000 $9.51
2019 303,000 $9.54
2020+ 303,000 $9.56

The effective contribution rate is a weighted average of the Local 16 contribution rate and the average contribution rate for hours which are
expected to be reciprocated to the Plan (i.e., hours worked by Local 16 members outside of Local 16°s geographic area).

© The automatic 5-year extension of amortization periods pursuant to Section 43 1(d) of the Internal Revenue Code is reflected effective
January 1, 2010.

Actual future valuation results will differ from those projected to the extent that future experience deviates from these projection assumptions.

The McKeogh Company ~9- Iron Workers Local No. 16
Pension Plan

IW16-0390


Changes from Prior Year

Early Retirement Pension

Deferred Pension

Service Pension

Postretirement
Death Benefit

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 7.1

Plan Provisions

Continued

The following changes to the plan of benefits were adopted on November 20, 2015 and are being reflected for the first
time in this valuation.

For retirements occurring after December 31, 2015, the 6% per year early retirement reduction will be increased to 6 2/3%
per year.

For retirements occurring after December 31, 2015, the 6% per year early retirement reduction will be increased to 6 2/3%
per year.

Service Pension for Grandfathered Participants (i.e., those who have completed at least 25 Service Credits as of June 1,
2012) retiring after December 31, 2015 will be reduced 2% per year prior to age 60, with a maximum reduction of 10%.

The $1,500 death benefit has been eliminated for deaths occurring after December 31, 2015.

The McKeogh Company

-45- Tron Workers Local No. 16
Pension Plan

1W16-0432


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 2.1

Summary Statistics

Plan Year Beginning January 1,

2016 2015 2014 2013 2012

Number of Plan Participants

Active 233 261 278 284 325

Persons with Deferred Benefits 213 191 181 209 181

All Persons In Pay Status 638 654 660 644 634

Total 1,084 1,106 1,119 1,137 1,140
Assets

Market Value $ 81,295,236 $ 86,225,376 $ 88,229,274 $ 82,519,260 $ 82,304,757

Actuarial Value 79,123,179 80,612,110 80,647,479 81,384,100 91,841,977
Liabilities and Normal Cost

Funding Method Unit Credit Unit Credit Unit Credit Unit Credit Unit Credit

Actuarial Accrued Liability $ 124,369,630 $ 127,843,692 $ 132,111,460 $ 135,913,896 $ 141,260,205

Normal Cost 555,450 586,863 909,111 1,111,941 1,248,185

RPA '94 Current Liability 194,297,552 194,275,554 198,570,648 199,752,266 192,833,366
Unfunded Actuarial Accrued Liability

Market Value Basis $ 43,074,394 $ 41,618,316 $ 43,882,186 $ 53,394,636 $ 58,955,448

Actuarial Value Basis 45,246,451 47,231,582 51,463,981 54,529,796 49,418,228
Contributions

Minimum Funding Requirement $ 0 $ 0 $ 0 $ 0 $ 0

Actual Employer Contributions 3,279,000 * 3,829,054 4,039,977 3,942,119 3,651,961

Maximum Deductible Contribution (Estimated) 192,886,289 191,837,444 199,488,457 202,113,108 181,794,677
* Estimated.

The McKeogh Company -10- Tron Workers Local No. 16

Pension Plan

1W16-0392


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

The McKeogh Company

This valuation has been prepared on an ongoing plan basis and the use of this report for purposes other than those
enumerated above may be inappropriate

To the best of our knowledge and belief, all Plan participants as of January 1, 2016 and all Plan provisions in effect on that
date have been reflected in the valuation. Participant data were furnished by the Plan Administrator and financial
information was taken from the Plan’s audited financial statements.

We hereby certify that all of our calculations have been in conformity with generally accepted actuarial principles and
practices, and that the actuarial assumptions which are not mandated by federal law and regulations are reasonable and
represent our best estimate of the anticipated experience under the Plan.

We will be pleased to review this report at your convenience.

Respectfully submitted,

James J. McKeogh, F.S.A. Boris Vaynblat, F.S.A.

Four Tower Bridge Suite 225 » 200 Barr Harbor Drive « West Conshohocken, PA 19428 « Phone: (484) 530-0692 « Facsimile (484) 530-0713
SS

IW16-0378


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND

Changes in Assets from Prior Valuation*

EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)

2016 Actuarial Valuation

Section 4.3

Plan Year Ending December 31,

2015 2014 2013 2012 2011
Market Value of Assets at Beginning of Year $ 86,225,376 $ 88,229,274 $ 82,519,260 $ 82,304,757 $ 89,220,278
Income During Year
Employer contributions $ 3,829,054 $ 4,039,977 $ 3,942,119 $ 3,651,961 $ 3,556,900
Investment income
Interest and dividends $ 927,524 $ 1,025,083 $ 1,139,955 $ 1,255,472 $ 1,210,987
Recognized and unrecognized gains (losses) 2,899,216 5,562,222 13,160,234 8,091,645 815,210
Investment expenses (519,947) (533,200) (481,912) (494,914) (511,572)
Total net investment income $ 3,306,793 $ 6,054,105 $ 13,818,277 $ 8,852,203 $ 1,514,625
Other Income $ 12,424 $ 17,349 $ 17,181 $ 13,083 $ 2,250
Total Income $ 7,148,271 $ 10,111,431 $ 17,777,577 $ 12,517,247 $ 5,073,775
Disbursements
Benefits $ 11,662,166 $ 11,805,405 $ 11,762,538 $ 12,004,973 $ 11,715,686
Administrative Expenses 416,245 309,924 305,025 297,771 273,610
Other 0 0 0 0 0
Total Disbursements $ 12,078,411 $ 12,115,329 $ 12,067,563 $ 12,302,744 $ 11,989,296
Market Value of Assets at End of Year $ 81,295,236 $ 86,225,376 $ 88,229,274 $ 82,519,260 $ 82,304,757
* Per Auditor's Reports
The McKeogh Company -29- Tron Workers Local No. 16

Pension Plan

1W16-0413


w

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

2016 Actuarial Valuation

Section 2.9

Development of Actuarial Gain/(Loss)

Unfunded accrued liability at beginning of year
Normal Cost for Plan Year

Interest on (1) and (2) to end of year
Contributions for Plan Year

Interest on (4) to end of Plan Year

Expected unfunded accrued liability at end of year
= (1) + 2) + B)=(4)-(5)

Unfunded accrued liability as of December 31
Gain/(Loss) = (6) — (7)

Change in unfunded accrued liability due to:

a. Assumption Change

b. Plan Change

c. Method Change

10. Unfunded accrued liability as of December 31

= (7) + (9a) + (Ob) + Oc)

Exhibit 7.10a (Checklist Item #41)

IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Plan Year Ending December 31,

2015 2014 2013 2012* 2011
$ 47,231,582 $ 51,463,981 $ 54,529,796 $ 49,418,228 $ 40,093,620
$ 586,863 $ 909,111 $ 1,111,941 $ 1,248,185 $ 1,394,620
$ 3,347,291 $ 3,666,116 $ 3,894,922 $ 3,546,649 $ 2,904,177
$ 3,829,054 $ 4,039,977 $ 3,942,119 $ 3,651,961 $ 3,556,900
$ 132,501 $ 139,799 $ 136,412 $ 126,372 $ 123,083
$ 47,204,181 $ 51,859,432 $ 55,458,128 $ 50,434,729 $ 40,712,434
$ 46,142,600 $ 48,488,360 $ 54,375,803 $ 59,589,762 $ 49,418,228
$ 1,061,581 $ 3,371,072 $ 1,082,325 $ (9,155,033) $ (8,705,794)
$ 29,896 $ (685,205) $ 0 $ 0 $ 0
$ (926,045) $ (571,573) $ (2,911,822) $ (5,059,966) $ 0
$ 0 $ 0 $ 0 $ 0 $ 0
$ 45,246,451 $ 47,231,582 $ 51,463,981 $ 54,529,796 $ 49,418,228

* Reflects the changes to the plan of benefits under the Rehabilitation Plan, effective May 1, 2012, which were recognized on a pro rata basis for 2012 funding requirements.

The McKeogh Company

-19-

Tron Workers Local No. 16

Pension Plan

1w16-0401


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

The McKeogh Company
a a SY
June 19, 2017
Board of Trustees of
Ironworkers Local Union No. 16 Pension Fund
c/o GEMGroup L.P.
8600 LaSalle Road
Oxford Building — Suite 624
Towson, MD 21286
Dear Trustees:

This report presents the results of the actuarial valuation of the Ironworkers Local Union No. 16 Pension Fund as of
January 1, 2016. The primary purposes of the report are to:

= Determine the minimum funding requirements of ERISA and Sections 412 and 431 of the Internal Revenue Code
for the Plan Year ending December 31, 2016.

"Estimate the limitation on maximum deductible contributions.

* Compare the minimum funding requirement to the contributions expected to be paid by the contributing
employers,

* Develop information required to be disclosed in accordance with Accounting Standards Codification (ASC) Topic
960 and Schedule MB (Form 5500).

* Calculate the Unfunded Vested Benefit Liability (UVB) for withdrawal liability purposes under the
Multiemployer Pension Plan Amendments Act of 1980.

«Report on the Plan’s status with respect to the Pension Protection Act of 2006 (“PPA *06”), as amended.

Four Tower Bridge « Suite 225 » 200 Barr Harbor Drive « West Conshohocken, PA 19428 « Phone: (484) 530-0692 « Facsimile (484) 530-0713

a a a a

1W16-0377


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

PART VII

SUMMARY OF PLAN PROVISIONS AND CONTRIBUTION RATES

1W16-0425


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 3.5

Individual Employer Withdrawal Liability Estimate Worksheet

Unamortized Balances of Unamortized Contributions During 5-Year
Year Withdrawal Liability Pools Balance of _ Period Ending in December 31 Allocated
Ended Basic Reallocated Affected Adjusted Individual Withdrawal
December 31___ Pools Pools Total Benefits __ Plan Total Employer * Liability
(a) (b) (©) (d) (©) (f) (g) (h) = [@) + ©] x [(@) =)
1996 0 ) 0 na 0 a
1997 0 0 0 wa 0
1998 0 0 0 n/a 0 -
1999 0 0 0 na 0 _ _
2000 0 0 0 nla 0
2001 0 0 0 na 0
2002 0 0 0 wa 0
2003 ) 0 0 Wa 0
2004 0) 0 0 na 0
2005 0 0 0 nia 0 -
2006 0 0 0 nla oO
2007 0 ) 0 Wa 0 an
2008 24,895,701 0 24,895,701 wa 18,259,336
2009 2,582,663 0 2,582,663 wa 19,417,719 -
2010 2,521,762 0 2,521,762 nia 19,415,481
2011 7,332,651 0 7,332,651 na 19,955,981 _
2012 59,377 0 59,377 Wa 19,336,889
2013 (3,562,237) 0 G,562,237) Wa 18,360,881
2014 2,322,730 0 2,322,730 n/a 18,152,737
2015 5,170,445 0 5,170,445 5,351,684 18,866,622
1. Gross Liability (= Sum of Column (h))
2. De minimis Amount = 0.75% of UVB but not greater than $50,000 50,000
3. Deductible = $100,000 + (2) - (1), but not greater than (2) nor less than $0
4. ESTIMATED Net Withdrawal Liability = (1) - (3), but not less than $0

* For plan years ending after Dec. 31, 2014, contributions must be computed by multiplying employment hours by $9.20, the rate in effect as of Dec. 31, 2014

The McKeogh Company -26-

Iron Workers Local No. 16
Pension Plan

1w16-0409


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 5.2

Active Participant Age/Service Distribution as of January 1, 2016

Years of Service Credits

Attained Age Under 1 lto4 Sto9 10tol4 15to19 20to24 25to29 30to34 35t039 40 & Up Totals
Under 25 1 4 0 0 0 0 0 0 0 0 5
25 to 29 0 14 10 0 0 0 0 0 0 0 24
30 to 34 3 9 21 14 0 0 0 0 0 0 47
35 to 39 1 9 5 9 6 0 0 0 0 0 30
40 to 44 0 5 6 6 9 2 3 0 0 0 31
45 to 49 0 3 4 3 13 1 6 0 0 0 30
50 to 54 0 1 2 4 6 4 13 0 0 0 30
55 to 59 2 0 2 3 6 2 11 3 0 0 29
60 to 64 0 0 1 2 0 1 1 1 0 0 6
65 to 69 0 0 0 0 1 0 0 0 0 0 1
70 & Up 0 0 0 0 0 0 0 0 0 0 0
Total 7 45 51 4l 4l 10 34 4 0 0 233
Average Age: 42.4
Average Service: 12.9
The McKeogh Company -33- Tron Workers Local No. 16

Pension Plan

1W16-0418


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

PART III

WITHDRAWAL LIABILITY INFORMATION

1w16-0404


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 1.7

Projections

Credit Balance Projection

The Funding Standard Account Credit Balance is a measure of compliance with
ERISA’s minimum funding standards. A non-negative Credit Balance indicates that
minimum funding standards have been met. A negative Credit Balance indicates that
minimum funding standards have not been met.

‘The graph to the right shows an anticipated funding deficiency (negative credit
balance) by the end of the 2021 Plan Year. The graph reflects the amortization
extension under Section 431(d)(1) of the Internal Revenue Code.

This graph is based on the Projection Assumptions shown below. Actual future credit balance values will differ from those projected to the extent that

future experience deviates from the Projection Assumptions,

Funded Percentage Projection

The funded percentage is an important concept under funding reform. Under the
Pension Protection Act of 2006, a plan is generally considered “critical” (in the Red
Zone) if there is a funding deficiency projected within 4 years if the funded
percentage exceeds 65%, or within 5 years if the funded percentage falls below 65%
(other factors may apply). The funded percentage is measured by the actuarial value
of assets divided by the present value of accrued benefits (determined using funding
assumptions). The graph to the right illustrates that the Plan’s funded percentage is
currently below 65% (63%) and is anticipated to significantly decrease resulting in
plan insolvency in 2035.

Credit Balance with 431(d) Extension ($ millions)

‘$40m
$20M

som
eszam [pM Me Ma My Me Mey Ree ey ey He Me Ve
-$40M
-$60M —

-$80M
100M

Projection of Funded Percentage (Actuarial Value)

° Rag My Mp Mig Yn Yn Vey Me Hn Ye Wo My by Ye Ye

The McKeogh Company 7-

Iron Workers Local No. 16
Pension Plan

1W16-0388


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 7.1

Plan Provisions

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

Effective Date

Participation

Definitions

Plan Year

Covered Employment

Hour of Service

Vesting Service

Normal Retirement Date

July 19, 1960; amended and restated effective January 1, 2015. Most recent amendment effective January 1, 2016.

A person initially becomes an Active Participant on the earliest January 1 or July 1 following completion of 1,000 Hours

of Service in Covered Employment during a twelve consecutive month period.

Twelve-month period ending December 31.

Employment with an Employer who has agreed to contribute to the Fund for the Employee under a collective bargaining
agreement.

Hours worked in Covered Employment or other hours on behalf of which contributions are required to be made to the
Fund.

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

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

The McKeogh Company

-39- Iron Workers Local No. 16
Pension Plan

1W16-0426


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

Section 7.1

Plan Provisions

(Continued)

Accrued Monthly Pension For active participants who retire on and after June 1, 2012, the Participant’s Service Credits in each period listed below,
times the applicable accrual rates listed below:

Accrual Rates
Service Credits Service Credits

Service Period up to 25 in excess of 25
Prior to January 1, 2006 87.00 116.00
January 1, 2006 to December 31, 2010 94.00 125.33
January 1, 2011 to May 31, 2012 94.00 94.00
June 1, 2012 to December 31, 2014 88.50 88.50
After January 1, 2015 50.00 50.00

For participants with at least one quarter Service Credit during 2007 or one full Service Credit on or after January 1, 2008
and prior to June 1, 2012 who retire on or after January 1, 2008 and prior to June 1, 2012, the Participant’s Service Credits
in each period listed below, times the applicable accrual rates listed below:

Accrual Rates
Service Credits Service Credits

Service Period up to 25 in excess of 25
Prior to January 1, 2006 90.00 120.00
January 1, 2006 to December 31, 2010 94.00 125.33
January 1, 2011 to May 31, 2012 94.00 94.00

For Participants who did not earn at least one quarter Service Credit after December 31, 2007, different formulas apply.

The McKeogh Company -41- Tron Workers Local No. 16
Pension Plan

1W16-0428


APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER
IRONWORKERS LOCAL UNION 16 PENSION FUND
EIN/PN: 52-6148924 / 001

Exhibit 7.10a (Checklist Item #41)
2016 Actuarial Valuation

PART I

VALUATION RESULTS

1W16-0391