Bricklayers & Allied Craftsmen Local No. 7 Pension Phtn 

Checklist Item #27 

Does the application include dctcnninistic projections of the sensitivity of the plan's solvency ratio 

throughout the extended period by taking into account more conservative assumptions of 

investment experience and future contribution base units than assumed elsewhere in the 

upplication? See section 6.04. 

Document 27. 1 describes the dete1ministic projections of the sensitivity of the Pension Plan's 

solvency ratio tlu·oughout the extended period to certain key assumptions. 

27. I 
6.04 Demonstration of Sensitivity of Projections 

Document 27.1 

Pension Plan's Demonstration of Sensitivity of Pr·ojcctions 

The following exhibits provide four (4) separate solvency te.st scenarios: 

• Exhibit I projects the Pension Plan's solvency using a 5.50% rate of return for the 

lirst ten (I 0) years and 6.50% thereafter, instead of 6.50% for the first ten (I 0) years 

and 7.50% thereafter; 

• Exhibit 11 projects the Pension Plan's solvency using a 4.50% rate of return tor the 

lirst ten ( I 0) years and 5.50% thereafter, instead of 6.50% for the tirst ten (I 0) years 

and 7.50% thereafter; 

• Exhibit Ill projects the Pension Plan's solvency using a -4.56% contribution base 

unit trend (beginning with the plan year ending April 30, 20 19), which is equal to 

the trend that the Pension Plan experienced over the prior ten (I 0) years; and 

Exhibit IV projects the Pension Plan's solvency using a -5.56% contribution base 

unit trend (begirming with the plan year ending April30, 20 19), which is a 1.0% 

decrease over the contribution base unit assumption in Exhibit Ill above. 

The applicable provisions of Revenue Procedure 2016-27 were somewhat unclear as to the 

starti ng point lbr the adjusted trend in contribution base units, so the Board of Trustees, on the 

advice ofthe Pension Plan's actuary, chose to start with the long-term assumption of 140,000 hours 

for plan year ending April 30, 20 18 and thereafter, with the tirst decreased base units lo r the plan 

year ending April 30, 2019. 

Under the law, tlH:: proposed solution is not allowed to account f~>r adverse experience as 

described above or it would titil the test at aggregate limit on suspensions at J.432(c)(9)- l(d)(5) 

that suspensions not materially exceed the level necessary to avoid insolvency. In addition, the 

trend in contribution base units is very sensitive to the period selected. If instead a 9-year period 

starting after the economic decline in2008-2009 was used, the trend would he about -1.8%. During 

that same 9-year period, hours have gone down and hack up and averaged 139,362, very ncar the 

Board ofTrustees' long-term assumption. For more nl~m tion, see Checklist ltem #26. 

Sec the following pages. 

27.2 
"' "' "' 

Exhibit I - Projections of Plan's Solvency Ratio Assuming the Annual Rate of Return is 1.00% Lower than U>cd in the 

Acmarial Solvency Certification (5.50% rate of return for the 1" 10 years and 6.50% thereafter) 

Brickl3yers & Allied Craftsmen Local No. 7 Pension Plan 

Tbe Projected :\larkct Va lue of Assets and Solvency Ratio for the Plan Years Beginning 1ay 1, 2015 b April30, 2042 

I. 

2. 

j 3. 

4. 

5. 

6. 

-

i 7. 

I R. 

cPYB 5/112015 511/2016 511/2017 S/1/2018 5/112019 

PYE 4/30/201;;- - - 4/3012017 413012018 4/J0/2019 - 413012020 

.luc3t beg. of yr. 17.411.864 14,626.261 17,659,980 12.165 526 _ 11.~91.269 

'ns 895.158 848.542 964.833 978.833 992.833 

I1DCOts 2.!!!!6,190 3,305.351 2,~3.836 1,971 713 1 963,424 

nive expenses 232.064 240.000 120.000 t- 120,000 12Q,OOO 

earnings _ (562.507) 730,523 664,549 638,623 613,152 

lue at end of yr. , 

.\itarkct Vatu 

Comrihuti 

Benefit pa 

Administra 

lnvestmen 

Market Va 

( 1) •(2)_:(3 

Available 

-(4)+(5) 14,626 261 12,659,980 12,165,526 11.6\11,269 1 !.,.213.830 

:sources J 

)~(5) 1i,5 12,45 1 15,965,331 14,169.362 13,662.982 13,177,254 

ratio: <1)/(3) -- · - 6.o7 4.83 7.07 6.93 - 6.71 

PYn 511/2020 5111202 1 I 5/ 112022 511[2023 2024_ 

PYE 4/30/2021 4/30/2022 4/3012023 4/30/2024 4/30/2025 

I. Market Value at beg. of yr. 11,213.830 _ 1Q.741,712 10.276.606 978 1,147 9.222 092 

? . Contributions - 1,006.833 1.020 833 1,022,000 1.022.000 1,()22.000 

3. Benel1t payments 1.946.689 1.92~593 1.934.404 1,969.777 I 1,954.957 - 4. Administrative exnen~.:s 120,000 120,000 120,000 120,000 -- 120.000 ~- -- . .. . 5. lnvcstmcnt ean1ings 587.738 562,654 536.945 so8.72L - 478.382 

6. :\1arkct Value at end of )T. 

(I )+(2)-{3)-{4)-(5) 10,74 1,712 1 0,2 76,6061 9,781,147 1 9,222.092 8.647.51 7 

7. A vailablc resources 

(I )-(2)-(4)+(5) 12.688401 12.205.199 1 11,715.551 . 11.1.21,~7Q I 0.602.474 - , 8. Solvency rntio: (7)/(3) 6.52 6.33 I 6.06 5.68 5 . .22 

*Based on actual e.>periencejar the year. -
"' ._, 

:.. 

Exhihit I (cont.) - Projections of Plan's Solvency Ratio Assuming the Annual Rate of Return is 1.00% Lower til an Used in the 

Actuarial Solvency Certification (5.50% rate of refuru fot·tbc 1" 10 years and 6.50% thereafter) 

Bricklayers & Allied Craftsmen Local No.7 Pension Plan 

PYB 5/1/2025 5/lf2026 5/1/2027 511/2028 ' 5nnii29 

PYE 4/30/2026 4/30/2027 4/30/2028 . 4/30/2029 4/30/2030 ----- I. :VIarket Value at beg. of yr. 8,647.5 17 ' s,o76,3so I 1,sso,o27 I 7.036.447 6,519,835 - ~ 

2. Conrributions l,022,90Q ! 1,022,000 1,022,000 I 0?2,000 1,022,000 

:>. Benefit pavments [,920,8?4 I 1.920,336 l 874,860 1,845,464 1,817,228 

4. Administrative expenses 120,000 120.000 120.000 l 120,000 ; 120,000 

5. lnvcsuncm earnings 447,717 492,0 12 459,279 426,:!52 394,190 

6. .VIarkct Value a\ end of' yr. I 

8.076.350 7,036,447 6.5 19,835 5.998,796 ( J )+(2)-(3)-(4)-(5) 7,550,027 

, 7. /\vailahlc resources 

• 

I (I i+(2)-(4)+(5) _8,91 1,30~ ,365,~98 7,816,025 1 9,997,234 9,470,363 

I 8. Solvency ratio: (7)/(3) 5.20 4.93 4.75 4.53 4.30 ------

PYB ! S/1/2030 5/1!2031 511/2032 5/1/2033 511/2034 

PYE I 4/30/203 1 4130/2032 4130/2033 4/30/2034 4/30/2035 

I. fv!arket Value at he~?. of vr. I 5,998,796 5,457,379 4.903 634 4,370,603 3,8?4.63? 

2. Contributions J ,022.000 1.022,000 . 1.022,000 1,022,000 1,022,000 

3. Benefit p;,J_ymen~ _!.&04,165 1,7l:>2,0l9 1,727,097 1,706,074 ! 1,693,258 

'L Administrative ex~nses 120,000 120,000 120,000 120.000 i 120.000 

5. lnvestment eamines 360.747 326,274 292,066 258.!0? ! 223,03 J 

6. Market Value at end of yr. 

( I )-(2)-(3)-(4)+(5) 5,457.379 4,903.634 4,370,603 3,824,632 1 3,256,404 

7. A v3ilablc resources I <W(2HW(5) 7,261 ,..543 i 6,685,653 6,097,700 5,530,706 4,949,663 

8. Solvencv ratio: (7)!(3) 4.021 3.75 3.53 3.24 2.92 
"' ,.., 

V> 

Exhibit I (cont.)- Proj ections of Plan's Solvency Ratio Assuming the Annual Rate of Return is 1.00% Lo\\ cr than Used in the 

A.ctuarial Solvency Certification (5.50°/o rate of r eturn for the 1'' 10 years and 6.50% thereafter) 

Bricklayers & Allied Craftsmen Local :-lo. 7 J'cusion f'bn 

PYB 5/112035 5/112036 5/ 1/2037 5/112038 - 5/1/2039 J 

PY£ 4/3012036 4/30/2037 4/3012038 413012039 4/3012040 

I. Mark.:-t Value at 1><.-g. of ~T. 3.256.404 2.707,879 2,165,066 1.647.716 1, 115.530 

2. Contributions 1.022.000 1,02?.000 1,022,000 1.022,000 I ,022,000 

_L_Bcoefit pa)11lctlts 1.638,404 1,598.340 1,539,506 1.521.257 1,482.159 

, 4. Administrath·e expenses 120.000 120.000 120.000 120.000 120,000 ~ - , 5. lnvesnnent eaminl!s 187,8-9 153.517 120.156 87. 121 53,!!03 

6. Mark<!l Value at end of yr. 

(I )+('"')-(3)-(4)-t (5) 2.707,8-9 ?,165.066 I ,647. 716 1.115.580 589,224 

7. A\ai1ab1c resources 

( 1)+(1)-(.;)+(5) I 4.346.283 3.763,406 3.:87,?22 2,636 837 2,07 1,383 

8 Solvency ratio: (7)/(3) I 2.65 2.35 2.07 1.73 1.40 

- 511/2040 I 5/U2041 I I I PYB I 

PYE ' 4/30/204 1 4/30/2042 I 

I. Mm·kc::l Val ue:: at bc::g. t>f yr. ss9,224 I 75,713 I I I 

2. Contributions 1.022,ooo I 1,022,000 

3. Benefit payments I 436,5Si1 1,406, 124 

4. AdministraLi ve exnen,;es 120 000 120.000 .L - - •. -- 5. Investment earnings 2 1.071 -11.317 -- 6. yJarkct Value at end of yr. 

( l )- (2)-{3 )-(4)-{5} 75.713 Insolvent I 

7. Available resources 

(I }-(2}-(4)-(5) 1.512.295 l 966.396 ' 8. Solvency ratio: (7)1(3) 1.05 0.69 I I 

-- ' -
,.., 

_, 

:,. 

F:<hihit Tl - Projections of Plan•, Soh·rncy Ratio A.suming the Annual Ratt of Return is 2.00o/. Lol\er tb~n Used in tb~ .-\ctuariol 

Solvency CcnifiC3tlon (450% nte of rrturn for the 1'' 10 years and 5.50% thenafkr) 

Brickht) en & Allktl C raftsmen Local No. 7 Pension Plan 

Th~ P•·ojccted 1\Jarkct Value of Assets 3nd Solvcucy Ratio for the Plan Ye;lrS Beginning Jllay I, 2015 th•·ougb April 30, 2036 

-- PYB 51112015 I S/1(2016 5/112017 5!1120 18 5/1/2019 

PYE /30/ 201 6• 1 4/30/2017 -t/30120 I tl 4/30/2019 4/3012020 

I. :-tarket Value at beg,_'!!jr. 17.4 I 1.8<\4 14.626.261 12,527 156 11.905.898 1 I 1.303.845 

~- Contributions 895.158 I 4~.542 \/C>4,S33 978.833 '192.8:13 

l. flenetit 00\1ncnts 2 886 190 3,305,_35 I 2 .003.836 1,971.713 1. 963.42-t I 

.!. :\dmuu;.tr:lllvc c.wonses 2J2.(J64 240.000 120.000 120,000 120.000 

5. ln'c>lrncnt earnings (562.507) 597,705 537.745 5 10.8'>6 4_1!4,~2-1 

6. :-1•:-ket Value at end ,)f yr. ! 

! I H2!::iJ H 4)-( 5 I 14.626.21\1 12.527,156 11.905.S98 I :.303.845 J 0.697 4'JO 

7. vai1able~urces(l)i(2i

(.;J-(5) I 17.512.45 1 I ,~32, ()S I 13.909.735 13 275.558 I:! 660 914 

8. Solv~:ncy rnt io: { 7)1(3) I 6.07 4 .79 I 6.9~ 6.73 6.45 J 

I PYil I 5!112020 5/ 112021 S/1/2022 1 Sll/2023 I 5/l/2024 I 

PYF. 4/3012021 4/30/2022 4/30/2023 4/30/2024 I 4!3012025 

-. - Market V:llue at beg. of yr. 10.697.490 I 10,095,275 I 9,498,779 I 8,870,691 I S.l 78. 171 

2. Contributions 1 I OOI!,XJ3 1,020.833 1- . I ,022,0001 l,(l?2,000 1,022.000 

3. Benefit pa>ntems 1,946,1iS9 ,92S.59~ I, 934,404 I 1,969,777 1,954,957 I 

4. 1\dlllinistr:uive expenses 120.005 120.000 120.000 I 120.000 120.000 

5. hn~tment e.~minl!:> i 457,641 I 431.263 I 404.31 i I 375.257 I 3-4.427 

6. Market V:tlue at end of yr. , I I [ (1)+{2H3H-Il+(5l 10.095.275 9.49S,7i9 8.870.691 8,178.171 7.~Q.~I 

8. Soh<"'c~ ratio· (7)/(3) 6.19 J 5.93 I 5.5Q I 5.15 I 4.8~ 

i. Available n:sourcc« (1 }+(2)- I I I (4)~(5) - - 12 ~1 ,9(>4_ I I ,4:?7,371 . 10.805,095 I 10,147,941! 9.424,5981 

• Ba.wd on m·rualt•'r('l"rit~nre.for the .vear. 
.., 

..., 

:_, 

Exhibit II (com.)- Projections of Plan's Solvency R 3riO Assuming the Annual Rate of Return is 2.00% Lower than Gsed in rhe 

Actuarial Solvency Certification (4.50¥o rate ol r eturn for the 1" 10 rears and 5.50% thereafter) 

llrickbycr< & Allied Craftsmen Local No. 7 Pension Plan 

PYB ; 5/ 112025 5/1/2026 5/1/2027 5/1/2028 5/Ul029 

...., __ PYE . 4/30/2026 4/3U/2U27 4/30/202!1 4{30/2029 4/30/2030 

~Market Value nt beg. of yr. 7.469.641 6,764,066 6,089.873 5,425,326 4,754.433 

2. Contnburions I ,022,000 1,022,000 1,022.000 . 1.022,000 1,022!000 

3. Benetir payments 1.920.884 l ,920,336 I ,874.860 \ ,845,464 l,ln7.22S 

4. Admtm~trJtive expenses 120.000 12o,ooo I 120.000 - 120,000 120.000 

5. investment c:tmlng..;; 313,310 344, 143 3083 12 ?72,571 236.448 

6. Mark<:t Value ut I.'TlU of yr. 

(I )+{2)-(3}{4)+(5) 6,764.066 6,089,873 5.-!25,326 4,754A33 4.075.653 

; . A "ailablc rcsour~ 

(I H2)-{_4}-(5) - 8,684,950 . 8,010,?09 7,300,185 6.599.89?...._ 5.892.881 

3. Sohency r.~tio: (7}{3) 4.5:! I 4.17 3.89 3.58 3.24 

PYB 5/ 1/2030 51112031 511/2032 5/ 112033 5111203~ - PYE /3 !0 1 4/30/2032 4/30/2033 4/3012034 4130/2035 

1. Market V!illl<: Hl bt'!!. of vr. 4,075.653 3,372,963 2,654,380 1.952,706 1.234.043 

i 2. Contributiuns ~· - -·- ' 1.022,000 1,022,000 I 1,022,000 1,022.000 1.022.000 

3. Benefit payments 1.804 lli5 I ,782,019 I ,7?7,097 1.706.074 I 693 25£ 

4. Administrative expenses 120,000 l?o,ooo I 120.000 120.000 120 000 

5. Investment earning< r- 199.474 161,436 ! 123.424 85.410 46.236 

6. Market Value at end of yr. ! 

r- (1)+(2)-(3)-(4)•(5) 3,372.96:3 2,654.380 1.952.706 1,234.()43 489,020 - 7. Avatlable resources 

(I )+(2)-t4) •(5) 5.177.127 4,436.398 3,679.1!03 ? ,940.116 2.11!2,27'1 

. 8. Soh·ency ratio: (7)1(3) 2.!ii : 2.49 2.13 1.72 1 ~ 
':::l 

Oo 

Ex.bibit lJ (cont.) - Projections of Plan's Solvency Ratio Assuming the Annual R3te of Return is 2.00% Lower than I; sed in I he 

Actuarial Solvcnc~ Certificalion (4.50% r ate of rttum for tltc I" 10 years a nd 5.50% thereafter) 

Bricklayers & Allied Craftsmen Local :-lo. 7 Pension l'lan 

r- PYB 5/1/2035 I 

PYE 4/30/2036 

~ - Markel Value at beg. of yr. 489,020 ! - 2. Contributions I ,022.000 I -

-- • ' 

:3. Benefit payments I 1.63ll.404 I 

4. Administrative ~;xpenses 120,000 - 5. ln,csllncnl earnings 6 768 1--

I 6. Market Value at end of }'T. 

(I )+(2)·(3)·(-1) t (5) lnsolve:ll 

I -- 7. Available re-<(lurc'" 

(I )+{2)-(4)+{5) 1.397 7'l8 l I - 8. Soh en c.:} rauo: (7)i(3) I O.S5 I ' 
..., 

.... 

<o 

I 

I 

Exhibit Ill - Projections of Plan's Solvency Ratio A•suming the Industry Level Assumption Contin ues 

Under the Same Trend (-4.56%) as the Plan Experienced Over tbe Past 10 Years 

"Bricklayers & Allied Craftsmen Locnll'\o. 7 Pension Plan 

Tbe Projected :\l:lrket V:~lue of Assets nnd Solwncy Ratio for the Plan Years Beginning )'lay I, 2015 through April30. 2~0 

PYB 5/ tnots 5/lnOI6 5/112017 5/l/2018 S/112019 

PVE 4t3onol6* 4130/2017 4/30/2018 4/30/2019 4/30/2020_1 

I. yJarket Value at beg. of yr. !7.41 Ul64 14,6~6;>61 1?,792,803 12,428,703 12.042.84-; I 

2. Contributions S95.158 848.5421 964,833 934.199 904,351 I 

.3 . Bc:ndit payrru:nl!> _12 886.190) (3,305,35!) (~.002.972) ( 1,970.485) ( 1.961. 772) 

4. Admini,tr.rtive expen•eo; (232.064) (240.000) (!20.00Q) (120.000) (120.000) 

5. Investment earnings (562507) 863.352 794.038 770.~32 744.664 

6. Market Value ~tend •>f yr. 14.626.26 1 12.792.803 12,428,703 12,042.848 11.610.091 

(I )+(2)-(3 )-( 4)-r( 5) 

7. Avail2ble resources I 17.512,45 1 16,098. 154 1 14,431 ,674 14.013,333 13.571.864 1 

(1)+(')-(4)+(5) 

8. Solventy mtio: (7)1(3) 6.07 4 .87 7.2 1 7.11 6.92 : 

I'YJ3 51112020 5/1/2021 5/1/2022 5/112023 5/J/2024 

I'YJ<: 4/30/202 1 4/30/2022 4/30/2023 4/3012024 4/30/2025 

I. Market Value nt beg. ofvr. 11,610,09 1 ll. l3 i,035 10,623.473 10,032,731 9,330,5ll0 

2. Contributions 875.284 846,987 809.288 772.384 737,164 

3. Benefit payments ( 1.944J492)- (I ,925.645) (1 ,930,366) (1,964,175) (I ,947,4852 

4. Admlnislrativc expenses ( 120,000) (1 20.000) (120,000) ( 120,000) ( 120,0()0) 

5. lnvestrn~nt cam in gs 7 16, 152 685,096 650,336 609 640 563.398 

6. Marker Value at end of yr. 11 , 137.035 I 0,623,4 13 10,032.731 9,330,580 S,563.657 

( 1 )+(?)-(3)-(4)+(5) 

7_ Available resources 13.081.52f - 12.549.118 11,963.097 11.294,755 10.511,141 

(I )-{2)-(4)-(5) I I -- S. Soh cncy r.llio: (7}'(3) 6.73 6.52 1 6.20 5.75! 5.40 

• Bas!~d Qt: ac!luJ/ ~.~xpf.:ri(•nc<~fur tire: ."'<•or. 
"' :-' 

0 

fxhibit Ill (coni.)- Projections of Plan's Solvent) Ratio Assuming the Industry Lent Assumption Continues 

l.:ndcr the Same Trend (-4.56%) as the Plan l!:xpcrienced Over the Past 10 Years 

Rricklaycrs & AWed Cr aftsmen Loc:~ll'o. 7 Pension Plan 

PYB_ 511 /2025 5/1/2026 5/1/ 2027 5/ 112028 I 

l'YE 4/30/2026 4/3012027 413012028 4/30/2029 1 

I. Market Val uc at beg. of yr. 8,563 657 7,749,671 6,923,983 - 6,0~5.0S2 j 

2. Contributior1s 703,549 671,467 640,848 611.6?6 f 

3. Oencfit pnymcnts {1,911,170) (I ,907,690) (I ,859 034) l l.&25,784l I ->. Adm ini ~trative expenses (120.000) - .{_120,000) ( 120.000) (120,000) I 

T 63:- 5. lnvc~tmt:nt eamings ) .3 • • ' - _} 30,535 469.285 404.268 I 

6. Markc: Value U! end of yr. 7,749.6i1 6,923,983 6,055.082 5, 125,192 

( li-{2}-(:U-(4}+(5) 

1 7. A vailablc rc;ourccs 9,660.841 8.831,673 7,914.116 1 6,950.976 

(IH2H-IH5l 

I 8. Soh C11C} r<Jtio: t7)1(3) 5.05 - 4.63 4.26 3.81 

I PYB 5/1/::!030 5/1/2031 5/ 1/2032 511/2033 . 

PYE 4/30/2031 .t/30/2032 4/30/2U33 4/30/2034 - - 1. Mark~t Vulue at be11,. of yr. 4,130.528_ 3.052,676 1.896 63 I 691 .639 

2. Contributions ' 557,117 53L713 I 507 466 484,326 

3. £3endi t J):1VIl1Cnts (1 '774. 764) ( 1,741\,RlO) I {1,686 172\ ( I ,658,043) 

. 4. Auministmrive expens~:s (120.000) (120,000) (1 20,000) ( !20,000) 

5. Investment camini!S 259,796 179,05? 93.714 3.526 

6. Market Value At end o: )'T. 3,052,6-6 1,896.631 691.639 Insolvent 

I )+(2)-_(3 )-( -1)+(5) ' 

7. A vat! able rcsoun.:cs 4.827.4-11 3.643.441 . 2.37i.81 ' I .059.492 

tiJ+(2)-(4)+{5) ' - ' 

8. Soh·er~tio: (7)'(3) 2.72 2.09 1.41 . 0.64 ·---- . 

5/ 1/2029 

4/301203() 1 

5,\25.1 92 j 

51$3.735 

( 1.793 106) 

(120.000) 

334,706 

.t.l3o,s2s I 

5,923.633 

3.30 I 

---

---

-
., 

:--> 

Exhibit J\'- Projections of Plan's Soh·ency Ratio Assuming the Industry Lc:,·cl Assumption Continues 

Under the Same Trend ns the Plan E:~opcricnccd O ver the Past 10 Vcars Reduced by 1.00% (-556%) 

Bricklayers & Allied Cr:lftsmen Local 'lo. 7 Pension Plan 

The Projected Market Value of Assets and Solvency Ratio for the I'! an Years Begin niDI! J\lay 1, 2015 through April30, 2037 

I-- I'YR I 5/J/2015 s/J/2016 r 5/112017 S/1/ 2018 I 5/1/20 19 

PYF.. I --· -- 4/3012016* 4/30/2017 . 4/3012011:1 4/30£.2_019 4/30/21120 

~ Market Value at beg. of yr. 17,4 11 ,864 14,626,261 12,792,803 12,428,703 12.032.741 

~· Contributions S95, 15R 848,542 964.833 924.410 885.499 

3. Ocncfit p:t}1ncnts f2,1Jl!6.190) (3.305,351 ) (2,002 972) ( 1,970,485) ( 1.961,754) 

4. Administrative ex11enscs (232.064) (240.000) (120,000) (120,000) (120.000) 

. 5. ln' t:stmcm c:;~:nin~s (562.507) 863..352 794.03!1 770,11-1 743.395 

· 6. Market Vatu~ at end of yr. 14.626.2ol 12,792.803 12.428.703 12.03::?..74: I I ,579.ll<j2 

~(I )_!12)-(3)-( 4)_1.(_5) 

7. A\ailable resources 17.512.451 16.098.154 14.431.67-1 1.!,003.2.27 1 13,541.636 

(1)1(2)·(4)~{?) -- - 1-- 8. Solvency rntio: (7)!(3) 6.07 4.87 7.21 7.1 t 6.90 I '- ~ - PYB 5/1/2020 5/112021 511/2022 5/lf2023 1/202~ 

4/30/202l - • -- - PY.E 4/30/2022 4/3012023 4/30/2024 4/30/2025 

I. Murk<!t Value :ol heg. <lf yr. 1 1.579.8~2 11,076,824 10.523 443 9,883,680 9,1 23,613 

12. Ccmtrihutions 848,058 812.042 767.769 ns,os1 I 684,767 

3. Bcnclit pa~mc:nl~ (I .944,422) (1.925.475) (I 930,028) (I , 963.5R2) I ( 1,946.564) 

4. Administrative expenses I (120.000) (120.000) (120,000) (120,000) ( 120.000) 

5. lnve;tm<:nl c:~mings 713.306 680.052 0-12.-196 598,433 - 5,j8.272 

6. ~larkct Value m end of yr. ll ,()76.~ 4 10.523.443 9,883.680 9,123,613 8.290.088 

(I )-(2)·(3)-(1)-(5) _ _, 7. t\\'ailablc resources 13.021.246 12.441!,919 . t 1,813,709 11.087.195 10.236.652 

I (I ).,.(2)-{-1)+(5) 

8. Soi\'CJlCY rntiQ:_{7) (~)_ __ .. . 6.70 6.47 1 6.12 5.65 5.26 

• Based m1 acwal experirnc.: for I he year. 
.., 

:-' 

.., 

Exhibit I\' (cont.) - Projections of Plan's Solvency Ratio Assuming the lndustry Level Assumption Continues 

Under the Same Trend us lhc Plan R'pcricnccd 0\'cr the Past 10 Years Reduced by 1.00% (-5.56%) 

Bricklay<:r> & AJljcd r:~ ts n1 n l.oc31 Ko. 7 Pension Plan 

i PVR 5/Jn ozs s11n oz6 5!1/2!n7 s11 n 028 I . I - PYF. 4f:lll'202ti 413Qn027 4130/2!n8 413onoz9 - I. \iarket Value at p_eg. of ~T. 8.290.0li8 7.400.983 6,488,048 5,522 484 

2. Contributions 646.694 • 6 10.738 576.781 544,712 

3. Benetit payments (l.909,847) (I ,905.848) ( I ,856,622) (I ,822.693) 

1 4. Admmtstmti\t: .:.~ pen~cs (120,000) (120.000) (110,000) (120,000) 

I 5. lnvcsuncnt cammg, 4<>4.049 502,1 15 434.277 361,930 -

6. .\1arkcl Value at end of yr. 7,400,9'l3 6,488,048 5,522.484 4,486.432 

Ol+Gl-(3l-( -tl-:( 51 - - 7. Available resources 9,310,830 8.393,896 7,379, I 06 6,309,125 

I (I )+(2}-(4)+(5) 

I 8. Sol,ency r'Jtio: (7)1(3) 4.88 4.40 3.97 3.46 

.- PYB 5/1/2030 5/1/2031 . 5/tn032 

4/30/203 1 ~ 

.I'YE 4/30/2032 4/30/2033 -

I. Markt:t Valut: ~t bt:.!.l. v!' yr. 3.375,958 2,172,486 ~!; ,739 

2. Contributions 485,824 458,8 12 433,302 

3. Bcncllt payments ! I, 770,004) ( I, 74 I ,078) (I ,6 79,50 I) 

4. Administrative expenses (1 20,000) (PO,OOO) (170,000) 

5. Investment eornings 200,708 ll0,5J9 14,991 

• - - 6. Market Value at end of \T. 2.172,4R6 8S0,739 Insolvent 

( l )•(2}-(3 )-( 4 )+(5) . - ,7. va l~b e resources 3.942.490 2 .621.817 1.209.03 1 

(1 )-(2}-(4) (5) 

8. Solvency ratio: (7)i(:;) 2.23_L 1.51 0.72[ I 

s11n029 . 

4/JonoJo 

4,486,432 

514,4J6 . 

(I, 789,244) 

( 120,000) 

2&4,345 . 

3,375,958 

5,165,202 

2.89 

I 

I 

I 

-

-