Toledo Roofers Local No. 134 Pension Plan 

7142 Nightingale Mailing Address: P.O. Box 1330 

Suite 1 Holland, Ohio 43528-1330 

Holland, Ohio 43528 Tel. (419) 248-2401 , Option 7 

Fax: (419) 255-7136 

June 25, 20 18 

Electronic Submission to www.treasury.gov/mpra 

The Honorable Steven T. Mnuchin 

Secretary of the Treasury 

Depa1iment of the Treasury 

1500 Pennsylvan ia Avenue, N W 

Washington, DC 20220 

Re : Toledo Roofers Local No. 134 Pension Plan - Application for Suspension of Benefits 

Under the Mu ltiemployer Pension Relief Act of 2014 

Dear Secretary Mnuchin: 

The Board of Trustees fo r the Toledo Roofe rs Local No. 134 Pension Plan as the Plan Sponsor, 

respectfully subm it this application fo r approval of a proposed suspension of benefits pursuant to 

the Internal Revenue Code §432(e)(9) and the Employee Retirement Income Security Act of 1976 

§3 05( e )(9). 

The Board of Trustees hereby designates its Trustee, Mr. Frederi ck R. Christen, as its Authorized 

Representative Trustee for purposes of executing all documents necessary for this application. 

Respectfully Submitted By: 

Signed June 11 , 201 8 

TRPP134-000001
 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #2 – 2.02 Description of the Proposed Benefit Suspension 

Does the application include a description of the proposed benefit suspension – calculated as if 

no other limitations apply – that includes: 

• the suspension’s effective date (and its expiration date, if applicable); 

• whether the suspension provides for different treatment of participants and 

beneficiaries; 

• a description of the different categories or groups of individuals affected; and 

• how the suspension affects these individuals differently? 

See section 2.02 of Revenue Procedure 2017-43. 

Document 2.1 provides a description of the proposed benefit suspension under the Pension 

Plan. 

TRPP134-000002
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #2 – 2.02 Description of the Proposed Benefit Suspension 

Document 2.1 

Description of the Proposed Benefit Suspension 

The Board of Trustees of the Pension Plan proposed the following reduction of benefits, which 

will become effective on March 31, 2019, will remain in effect indefinitely, and will not expire 

by its own terms. 

In deciding whether the proposed reduction would be distributed fairly under the Pension Plan, 

the Board of Trustees took into account the following eight (8) factors: 

1. The age and life expectancy of the participant or beneficiary; 

2. The length of time that benefits have been in pay status; 

3. The amount of benefits; 

4. The type of benefit, such as survivor benefit, normal retirement benefit, or early 

retirement benefit; 

5. The extent to which a participant or beneficiary is receiving a subsidized benefit; 

6. The history of benefit increases and reductions for participants and beneficiaries; 

7. Any differences between active and retiree benefits; and 

8. The extent to which active participants are reasonably likely to withdraw support 

for the Pension Plan, accelerating employer withdrawals from the Pension Plan 

and increasing the risk of additional benefit reductions for participants in and out 

of pay status. 

While the Board of Trustees considered all of the above factors, the design chosen does not 

have any explicit differences between different groups. Rather, the suspension of benefits is 

accomplished through the formula set forth below, and is applicable to all participants and 

beneficiaries. Without these reductions, the Pension Plan is projected to become insolvent in 

the plan year beginning January 1, 2030. 

The proposed benefit suspension shall be accomplished by recalculating all accrued benefits 

and all benefits in pay status for all participants and beneficiaries via a two-step process as 

follows: 

Step 1: The elimination of any early retirement subsidy on the benefits of those 

participants, or their beneficiaries, who retired prior to the Plan’s Normal Retirement 

2.1 

TRPP134-000003
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #2 – 2.02 Description of the Proposed Benefit Suspension 

Age of 65. The elimination of any early retirement subsidy is accomplished by 

recalculating the benefit to apply the full early retirement actuarial reduction factors 

that would have been applicable to the benefit based on the participant’s age at 

retirement had the participant retired subject to the same Plan provisions that apply to 

benefits commencing after July 1, 2018 (the effective date of the final removal of all 

early retirement subsidies for retirement prior to the Normal Retirement Age of 65). 

As stated above, all early retirement subsidies have already been eliminated for 

participants with benefits commencing after July 1, 2018. This change was imposed as 

part of the 2018 update to the Plan’s Rehabilitation Plan. Therefore, the elimination of 

any early retirement subsidy on benefits already in pay status via Step 1 has the effect 

of placing all participants on equal footing with respect to early retirement subsidies: 

After Step 1, early retirement subsidies will be eliminated from all benefits, regardless of 

commencement date [save the “individual limitations” of IRC §432(e)(9)(D)(i), (ii) and 

(iii)]. 

Step 2: If, after the application of Step 1, the benefit is greater than 175% of the amount 

guaranteed by the PBGC, the benefit shall be further reduced to 175% of the amount 

guaranteed by the PBGC [save the “individual limitations” of IRC §432(e)(9)(D)(i), (ii) and 

(iii)]. 

The individual limitations are the only exceptions to this reduction: 

1. No reduction can apply to benefits based on disability under the Pension Plan’s terms. 

2. An individual’s age affects the amount of the reduction that may apply to the monthly 

benefit. For instance, no reduction applies to the benefits of an individual who has 

reached age 80 or older as of the end of the month of the benefit reduction’s effective 

date. For an individual who is between ages 75 and 80 as of the end of the month of the 

effective date of the reduction, the amount of the reduction that can apply to his or her 

benefit is reduced. The closer the individual is to age 80 as of that date, the smaller the 

reduction to the individual’s benefit can be. If the age-based limits on the amount of a 

reduction apply to a participant, then the same limits will continue to apply for any 

beneficiary of the participant after the participant’s death, regardless of the 

beneficiary’s age. These disability-based and age-based limitations are discussed in 

more detail in Checklist Item #8. 

3. Some participants’ benefits are already below the maximum reduction, 110% of their 

PBGC guaranteed benefit, and will not be subject to any reduction. 

Based on the individual limitations discussed above, the benefits of three (3) groups of 

participants and beneficiaries will not be cut or changed under the proposal: 

2.2 

TRPP134-000004
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #2 – 2.02 Description of the Proposed Benefit Suspension 

1. Participants and their beneficiaries who are/were receiving disability benefits under the 

terms of the Pension Plan at their initial commencement of benefits.1 

2. Participants, retirees and beneficiaries who are age 80 or older at the time the cuts are 

made (only partial cuts would be made for participants between ages 75 and 80). 

3. Participants whose benefits are already less than 110% of the PBGC-guaranteed benefit 

level at the time the cuts are made. 

In the first group, 39 participants and beneficiaries are/were receiving disability benefits under 

the terms of the Pension Plan at their initial commencement of benefits, and are not already 

over age 80. 

In the second group, 35 participants and beneficiaries will be age 80 or older by March 31, 

2019, if they are still alive (i.e., the end of the month of the benefit reduction’s effective date, 

which is expected to be March 31, 2019). 

The third protected group is comprised of any member whose benefit is already less than 110% 

of the PBGC-guaranteed benefit level. There are approximately 166 participants and 

beneficiaries in that group, based on benefits accrued through December 31, 2016. 

Given that there are three member groups whose benefits will not be reduced or changed 

under this proposal, there must be significant cuts in the groups of remaining participants and 

beneficiaries to avoid insolvency. See Checklist Item #12 for additional discussion and statistics 

on how members will be affected. 

1 The Board of Trustees eliminated all disability benefits under the Plan effective August 7, 2017. Further, the 

Board of Trustees elected to expand the application of the Disability-Based Limitation to include the beneficiaries 

of participants who qualified for the Disability-Based Limitation as permitted and described in V.A.2 of the 

preamble to the Final Regulations, Treas. Reg. §1.432(e)(9)-1, issued April 28, 2016. The purpose of the inclusion of 

the beneficiaries in the Disability-Based Limitation was ease of administration and implementation of the 

suspension of benefits after approval of this Application, to simplify the actuarial application of the DisabilityBased Limitation, and the protection of those individuals deemed to be uniquely vulnerable to changes in benefit 

amounts. 

2.3 

TRPP134-000005
Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #3 - 2.03 - Penalty of Perjury Statement 

Does the application include a penalties-of-perjury statement signed by an authorized trustee 

on behalf of the Board of Trustees? See Section 2.03 of Revenue Procedure 2017-43. 

Attached as Document 3.1 is a penalties-of-perjury statement signed by Mr. Frederick R. 

Christen, Authorized Trustee. 

Document #3 

TRPP134-000006
Toledo Roofers Local No. 134 Pension Plan 

Document 3.1 

PENALTY OF PERJURY STATEMENT 

Under penalties of perjury, I, Frederick R. Christen, Trustee and authorized representative of 

the Board of Trustees for the Toledo Roofers Local No. 134 Pension Plan, declare that I have 

examined this request, including accompanying documents, and, to the best of my knowledge 

and belief, the request contains all relevant facts relating to the request and such facts are true, 

Date:__~'--•_ZS_•_l"J____ 

correct and complete. 

Authorized Trustee Representative for the 

Toledo Roofers Local No. 134 Pension Plan 

Document 113 - 2 -

TRPP134-000007
Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #4 - 2.04 - Acknowledgment of Public Disclosure 

Does the application include a statement, signed by an authorized trustee on behalf of the 

Board of Trustees, acknowledging that the application and the application's supporting material 

will be publicly disclosed on the Treasury Department's website? See Section 2.04 of Revenue 

Procedure 2017-43. 

Attached as Document 4.1 is a statement signed by Mr. Frederick R. Christen, Authorized 

Trustee, acknowledging that the application and the application's supporting material will be 

publicly disclosed on the Treasury Department's website. 

Document #4 

TRPP134-000008
Toledo Roofers Local No. 134 Pension Plan 

Document 4.1 

ACKNOWLEDGMENT OF PUBLIC DISCLOSURE 

The Board of Trustees of the Toledo Roofers Local No. 134 Pension Plan, acknowledges that 

pursuant to § 432(e)(9)(G)(ii) of the Internal Revenue Code of 1986, as amended, this 

application for approval of the proposed suspension of benefits and all accompanying 

through publication the United States 

Date:___G_-_2._s_-_,_~-----

Authorized Trustee Representative for the 

Toledo Roofers Local No. 134 Pension Plan 

supporting material, will be publicly disclosed 

Frederick R. Christen 

Document #4 - 2 -

TRPP134-000009
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #5 – 3.01 Plan Actuary’s Certification of Critical and Declining Status as of 

January 1, 2018 

Does the application include the plan actuary’s certification of critical and declining status and 

the supporting illustrations, including: 

• the plan-year-by-plan-year projections demonstrating projected insolvency 

during the relevant period; and 

• separately identifying the available resources (and the market value of assets 

and changes in cash flow) during each of those years? 

See section 3.01 of Revenue Procedure 2017-43 

Document 5.1 provides the certification of critical and declining status of the Pension Plan’s 

actuary. 

Supplemental reports that include year-by-year solvency projections and the market value of 

assets, contributions, investment earnings, benefit payments and plan expenses are provided in 

Document 5.2, Exhibits I, II, III. The reports are based on the actuary’s interpretation of the 

requirements under Revenue Procedure 2017-43, Section 3.01. Please refer to the January 1, 

2018 actuarial certification in Document 5.1, page 5.4, the January 1, 2017 actuarial valuation 

report in Document 41.1, and Document 25.1 for a description of the assumptions used. 

TRPP134-000010
 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #5 – 3.01 Plan Actuary’s Certification of Critical and Declining Status as of July 

1, 2018 

Document 5.1 

Actuary’s Certification of 

Critical and Declining Status 

The following is the Pension Plan’s Actuarial Certification of Plan Status as of January 1, 2018, as 

required under Internal Revenue Code (IRC) §432. This certification, which designated the 

Pension Plan as meeting the “critical and declining status” for the current plan year, was filed 

on March 29, 2018. 

Note that the attached certification indicates a different insolvency date than the other 

sections of this application. This is due to updated projections and assumptions. 

5.1 

TRPP134-000011
 

 

 

 

March 29, 2018 

Board of Trustees 

United Actuarial 

Services, Inc. 

Ac tuarie s and consultan ts 

Toledo Roofers Local No. 134 Pension Plan 

Toledo, OH 

Re: 2018 Actuaiial Certification Under the Pension Protection Act 

Dear Trustees: 

The following information is intended to comply with the annual certification requirements of 

IRC section 432, with respect to the funded status of the Toledo Roofers Local No. 134 Pension 

Plan. 

Identifying Information 

Plan Name: Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179 Plan #: 001 

Plan year of Certification: year beginning January 1, 2018 

Plan Sponsor: Board of Trustees of Toledo Roofers Local No. 134 Pension Plan 

Sponsor Address: 7142 Nightingale, Ste. 1, Holland, Ohio 43528-7822 

Sponsor Telephone: (41 9) 248-2401 

Enrolled Actuary Name: Erika L. Creager 

Enrollment Number: 17-07288 

Actuary Address: 11590 N. Meridian St., Suite 610, Carmel, IN 46032 

Actuary Telephone: (317) 580-8631 

Certification of Plan Status 

I certify that the above-named Plan is in the following status(es) as of January I, 2018 (all that 

apply are checked): 

Safe--Neither Endangered nor Critical Status 

Safe--Neither Endangered nor Critical Status 

Due to Special Rule 

Endangered Status 

Seriously Endangered Status 

Projected to be in Critical Status within 5 years 

Critical Status 

Critical and Declining Status X 

11590 North Meridian Street, Suite 610 • Carmel, Indiana 46032-4529 • (317) 580-8670 • Fax (317) 580-8651 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #5 – 3.01 Plan Actuary’s Certification of Critical and Declining Status as of July 

1, 2018 

5.2 

TRPP134-000012
 

 

 

 

Board of Trustees -2-

This certification is based on the following results: 

• Projected funded ratio as of January 1, 2018: 54.3% 

• Previously emerged from critical status using IRC 

Section 432( e )( 4)(B)(ii)(I) special emergence 

rule?: No 

• First projected deficiency December 31, 2018 

• At least 8 years of benefit payments in plan 

assets?: Yes 

• Plan year of projected insolvency: 2031 

• Ratio of inactive to active participants: 2. 17 

Certification of Scheduled Progress 

March 29, 2018 

I certify that the above-named Plan has made scheduled progress as of January 1, 2018 as 

outlined in the 2009 rehabilitation plan (updated on June 8, 20 15). The Plan is not projected to 

emerge from Critical status by the end of the rehabilitation plan period as specified in the 

rehabilitation plan. This rehabilitation plan, however, includes the use of the "exhaustion of all 

reasonable measures" clause of IRC 432( e )(3)(A)(ii). Therefore, we interpret scheduled progress 

for this Plan to mean continued use of all reasonable measures to forestall insolvency. 

United Actuarial Services, Inc. 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #5 – 3.01 Plan Actuary’s Certification of Critical and Declining Status as of July 

1, 2018 

5.3 

TRPP134-000013
 

 

 

 

Board of Trustees -3- March 29, 2018 

Basis for Result 

The certifications utilize the assumptions, methods, plan provisions and demographic data as 

disclosed in the January 1, 2017 actuarial valuation report with the following exceptions: 

• Based on the December 31, 2017 unaudited financial statements provided by the plan 

administrator, the asset return for the 2017 plan year is assumed to be 17.17%. We also 

updated the contributions, benefit payments, and expenses for the 2017 plan year based 

on these financial statements. 

• No adjustments were made to the contribution rate assumption. 

• Based on information provided by the Trustees regarding projection of future industry 

activity, the following hours were assumed: 140,000 for the plan year beginning in 2018 

and for each year thereafter. For the 2017 plan year, our proj ections used actual hours of 

177,037. 

I am a member of the American Academy of Actuaries and meet the Qualification Standards of 

the American Academy of Actuaries to render the actuarial opinion contained herein. These 

certifications are intended to be in good faith compliance with the necessary disclosures for 

certification and represents my best estimate of the Plan's funded position. We are available to 

answer questions regarding these certifications. 

Sincerely, 

Erika L. Creager, EA, MAAA 

Consulting Actuary 

Enrollment Number: 17-07288 

Date of Signature: --'3"-'-/-=2-'- 9/'""2"'0..,_l-"- 8 __ 

cc: Secretary of the Treasury 

Rob Rasmusson, Senior Benefits Consultant 

Tori Mendoza, Administrative Manager 

Scott Newsom, Fund Counsel 

Lee Wunschel, Fund Auditor 

m:\docs\toledo roofers\db 02438\valuations\20180 10l\ppa\20180101 ppa cert.docx 

United Actuarial Services, Inc. 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #5 – 3.01 Plan Actuary’s Certification of Critical and Declining Status as of July 

1, 2018 

5.4 

TRPP134-000014
 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #5 – 3.01 Plan Actuary’s Certification of Critical and Declining Status as of January 1, 2018 

Document 5.2 

Supplemental Reports 

Exhibit I – Solvency Projection 

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning January 1, 2017 through December 31, 2031 

Plan Year 

Ending 

1. Beginning 

Assets 

2. Employer 

Contributions 

3. EWL 

Payments 

4. Benefit 

Payments 5. Expenses 

6. Investment 

Income 

7. Ending 

Assets 

8. Resources 

(1)+(2)+(3)-

(5)+(6) 

Solvency 

Ratio 

(8)/(4) 

12/31/2017 $22,372,575 $1,356,676 $0 $3,550,204 $215,995 $3,634,431 $23,597,483 $27,147,687 7.6468 

12/31/2018 $23,597,483 $1,138,928 $0 $3,835,469 $145,000 $1,663,450 $22,419,392 $26,254,861 6.8453 

12/31/2019 $22,419,392 $1,138,928 $0 $3,856,607 $145,000 $1,574,300 $21,131,013 $24,987,620 6.4792 

12/31/2020 $21,131,013 $1,138,928 $0 $3,875,633 $145,000 $1,476,959 $19,726,266 $23,601,900 6.0898 

12/31/2021 $19,726,266 $1,138,928 $0 $3,893,135 $145,000 $1,370,946 $18,198,005 $22,091,140 5.6744 

12/31/2022 $18,198,005 $1,138,928 $0 $3,888,237 $145,000 $1,256,510 $16,560,207 $20,448,443 5.2591 

12/31/2023 $16,560,207 $1,138,928 $0 $3,882,457 $145,000 $1,133,892 $14,805,570 $18,688,027 4.8135 

12/31/2024 $14,805,570 $1,138,928 $0 $3,849,586 $145,000 $1,003,527 $12,953,439 $16,803,025 4.3649 

12/31/2025 $12,953,439 $1,138,928 $0 $3,802,934 $145,000 $866,367 $11,010,799 $14,813,734 3.8953 

12/31/2026 $11,010,799 $1,138,928 $0 $3,752,461 $145,000 $722,561 $8,974,827 $12,727,288 3.3917 

12/31/2027 $8,974,827 $1,138,928 $0 $3,619,805 $145,000 $574,838 $6,923,788 $10,543,593 2.9128 

12/31/2028 $6,923,788 $1,138,928 $0 $3,492,033 $145,000 $425,802 $4,851,485 $8,343,518 2.3893 

12/31/2029 $4,851,485 $1,138,928 $0 $3,369,014 $145,000 $274,992 $2,751,391 $6,120,405 1.8167 

12/31/2030 $2,751,391 $1,138,928 $0 $3,250,619 $145,000 $121,925 $616,624 $3,867,244 1.1897 

12/31/2031 $616,624 $1,138,928 $0 $3,136,714 $145,000 -$33,911 insolvent $1,576,641 0.5026 

5.5 

TRPP134-000015
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #5 – 3.01 Plan Actuary’s Certification of Critical and Declining Status as of January 1, 2018 

EXHIBIT II – Breakdown of Benefit Payouts for Exhibit I 

Plan Year 

Ending Actives 

Vested 

Terminations Retired 

New 

Entrants 

12/31/2018 $107,971 $300,266 $3,427,232 $0 

12/31/2019 $172,250 $311,047 $3,373,310 $0 

12/31/2020 $230,657 $332,693 $3,312,283 $0 

12/31/2021 $286,532 $362,141 $3,244,462 $0 

12/31/2022 $352,091 $373,022 $3,163,124 $0 

12/31/2023 $411,335 $378,811 $3,092,311 $0 

12/31/2024 $452,044 $383,596 $3,013,946 $0 

12/31/2025 $464,688 $402,932 $2,935,314 $0 

12/31/2026 $491,079 $405,676 $2,855,706 $0 

12/31/2027 $425,092 $423,015 $2,771,698 $0 

12/31/2028 $379,752 $426,349 $2,685,932 $0 

12/31/2029 $333,504 $438,213 $2,597,297 $0 

12/31/2030 $312,252 $432,481 $2,505,886 $0 

12/31/2031 $293,843 $431,039 $2,411,832 $0 

5.6 

TRPP134-000016
 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #5 – 3.01 Plan Actuary’s Certification of Critical and Declining Status as of January 1, 2018 

Exhibit III – Projected Total Contribution Base Units and Average Contribution Rates 

Plan Year 

Ending 

Total 

Contribution 

Base Units 

Contribution 

Rate 

12/31/2017 177,037 $7.66 

12/31/2018 140,000 $8.14 

12/31/2019 140,000 $8.14 

12/31/2020 140,000 $8.14 

12/31/2021 140,000 $8.14 

12/31/2022 140,000 $8.14 

12/31/2023 140,000 $8.14 

12/31/2024 140,000 $8.14 

Plan Year 

Ending 

Total 

Contribution 

Base Units 

Contribution 

Rate 

12/31/2025 140,000 $8.14 

12/31/2026 140,000 $8.14 

12/31/2027 140,000 $8.14 

12/31/2028 140,000 $8.14 

12/31/2029 140,000 $8.14 

12/31/2030 140,000 $8.14 

12/31/2031 140,000 $8.14 

5.7 

TRPP134-000017
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #6 – 3.02 Plan Actuary’s Certification that the Plan is projected to avoid 

insolvency 

Does the application include the plan actuary’s certification that, taking into account the 

proposed suspension and, if applicable, a proposed partition, the plan is projected to avoid 

insolvency if the suspension takes effect, and the supporting illustrations, including: 

• the plan year-by-year projections demonstrating projected solvency during the relevant 

period, 

• separately identifying the available resources (and the market value of assets and 

changes in cash flow) during each of those years? 

See section 3.02 of Revenue Procedure 2017-43. 

Document 6.1 is the Actuarial Certification of Plan Solvency under ERISA § 305(e)(9)(c)(i) and 

IRC § 432(e)(9)(C)(i) as of the Proposed Benefit Suspension Effective Date of March 31, 2019. 

Document 6.2 includes supporting illustrations to this Actuarial Certification. This includes 

Exhibit II, which is a year-by-year solvency projection which demonstrates that the Pension 

Fund will become insolvent in the plan year beginning in 2030. Exhibit III demonstrates that the 

Pension Fund will avoid insolvency with the Proposed Benefit Suspensions taking effect March 

31, 2019. These Exhibits each separately identify the market value of assets, contributions, 

investment earnings, benefit payments and plan expenses. The Actuarial Certification in 

Document 6.1 and the supporting illustrations in Document 6.2 are based upon our 

interpretation of the requirements under Revenue Procedure 2017-43, Section 3.02. 

TRPP134-000018
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #6 – 3.02 Plan Actuary’s Certification that the Plan is projected to avoid 

insolvency 

Document 6.1 

Plan Actuary’s Certification that the Plan Is Projected to Avoid Insolvency 

This letter and the attached exhibits of Document 6.2 have been prepared by United Actuarial 

Services, Inc. at the request of the Board of Trustees of the Toledo Roofers Local No. 134 

Pension Plan. United Actuarial Services, Inc. certifies under IRC § 432(e)(9)(C)(i) that the Plan is 

projected to avoid insolvency within the meaning of IRC § 418E, taking into account the 

proposed benefit suspension effective March 31, 2019 and assuming such suspension continues 

indefinitely as demonstrated in Exhibit III. This certification is also intended to comply with 

regulation § 1.432(e)(9)-1 and Revenue Procedure 2017-43. A summary of the proposed 

benefit suspension can be found in Exhibit VI. 

The proposed benefit suspension does not materially exceed the level that is necessary to avoid 

a projected insolvency under IRC § 432(e)(9)(D)(iv) and regulation § 1.432(e)(9)-1(d)(5)(iii) as 

demonstrated in Exhibit IV. 

In accordance with generally accepted actuarial principles and practices, this certification is 

based on the January 1, 2017 actuarial valuation report dated August 3, 2017 [see Document 

41.1] and the January 1, 2018 actuarial certification dated March 29, 2018 [see Document 5.1]. 

Asset values have been updated to March 31, 2018 as required under regulation § 1.432(e)(9)-

1(d)(5)(iv)(C)(1) and actuarial assumptions have been updated as noted in Document 25.3. 

This certification is intended to demonstrate, as required under IRC § 432(e)(9) and regulation § 

1.432(e)(9)-1, that the proposed benefit suspensions are reasonably projected to avoid 

insolvency as described in IRC § 418E. The results are not applicable for any other purpose. 

Future actuarial measurements may differ significantly from the current measurements 

presented in this certification due to factors such as the following: plan experience differing 

from that anticipated by the economic or demographic assumptions, changes in economic or 

demographic assumptions, or changes in plan provisions. 

The results are based on my best interpretation of existing laws and regulations and are subject 

to revision based on future regulatory or other guidance. 

United Actuarial Services, Inc. does not provide, nor charge for, investment, tax or legal advice. 

None of the comments made herein should be construed as constituting such advice. We are 

not aware of any direct or material indirect financial interest or relationship that could create a 

conflict of interest that would impair the objectivity of our work. 

6.1 

TRPP134-000019
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #6 – 3.02 Plan Actuary’s Certification that the Plan is projected to avoid 

insolvency 

I am a member of the American Academy of Actuaries and meet the Qualification Standards of 

the American Academy of Actuaries to render the actuarial opinion contained herein. To the 

best of my knowledge, the information supplied is complete and accurate. As required by IRC § 

432(b)(3)(B)(iii), the projected industry activity is based on information provided by the plan 

sponsor. In my opinion, the projections are based on reasonable actuarial estimates, 

assumptions and methods that (other than projected industry activity) offer my best estimate 

of anticipated experience under the Plan. 

Certified by: 

Erika L. Creager, EA, MAAA 

Enrollment Number: 17-07288 

11590 N. Meridian St., Suite 610 

Carmel, IN 46032 

Phone: 317-580-8631 

June 25, 2018 

6.2 

TRPP134-000020
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #6 – 3.02 Plan Actuary’s Certification that the Plan is projected to avoid 

insolvency 

Document 6.2 

Actuarial Solvency Certification Contents 

EXHIBIT I Development of Projected March 31, 2018 Assets 

EXHIBIT II Deterministic Projection of Current Plan without Proposed Suspension 

EXHIBIT III Deterministic Projection of Proposed Suspension 

EXHIBIT IV Projection of Benefit Reduction Equal to the Greater of 5% of Current 

Proposed Reduction or 2% of Participant’s or Beneficiary’s Payment Without 

Regard to Proposed Reduction 

EXHIBIT V Projected Total Contribution Base Units and Average Contribution Rates 

EXHIBIT VI Proposed Benefit Suspensions 

EXHIBIT VII Breakdown of Benefit Payouts Under Proposed Suspension (Exhibit III) 

EXHIBIT VIII Breakdown of Benefit Payouts for Exhibit IV 

6.3 

TRPP134-000021
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #6 – 3.02 Plan Actuary’s Certification that the Plan is projected to avoid 

insolvency 

Exhibit I – Development of Projected March 31, 2018 Assets 

The estimated change in Market Value of Assets from January 1, 2017 through March 31, 2018 

is shown below. Contribution income, benefit payments, administrative expenses and 

investment income were based on the December 31, 2017 and March 31, 2018 unaudited 

financial statements provided by the plan administrator. 

From January 1, 2017 

through December 31, 2017 

1. Market Value at beginning of period $ 22,372,575 

2. Employer contributions 1,356,676 

3. Withdrawal liability payments 0 

4. Other income 0 

5. Benefit payments 3,550,204 

6. Administrative expenses 215,995 

7. Investment earnings/(loss) 3,634,431 

8. Market Value at end of period: 

(1)+(2)-(3)-(4)+(5) 

$ 23,597,483 

From January 1, 2018 

through March 31, 2018 

1. Market Value at beginning of period $ 23,597,483 

2. Employer contributions 166,226 

3. Withdrawal liability payments 0 

4. Other income 0 

5. Benefit payments 894,760 

6. Administrative expenses 41,247 

7. Investment earnings/(loss) (56,774) 

8. Market Value at end of period: 

(1)+(2)-(3)-(4)+(5) 

$ 22,770,928 

6.4 

TRPP134-000022
 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #6 – 3.02 Plan Actuary’s Certification that the Plan is projected to avoid insolvency 

Exhibit II – Deterministic Projection of Current Plan without Proposed Suspension 

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning January 1, 2017 through December 31, 2030 

Plan Year 

Ending 

1. Beginning 

Assets 

2. Employer 

Contributions 

3. EWL 

Payments 

4. Benefit 

Payments 5. Expenses 

6. Investment 

Income 

7. Ending 

Assets 

8. Resources 

(1)+(2)+(3)-

(5)+(6) 

Solvency 

Ratio 

(8)/(4) 

12/31/2017 $22,372,575 $1,356,676 $0 $3,550,204 $215,995 $3,634,431 $23,597,483 $27,147,687 7.6468 

12/31/2018* $23,597,483 $1,139,600 $0 $3,835,469 $247,900 $960,445 $21,614,159 $25,449,628 6.6353 

12/31/2019 $21,614,159 $1,138,928 $0 $3,738,367 $175,858 $1,264,356 $20,103,218 $23,841,585 6.3775 

12/31/2020 $20,103,218 $1,138,928 $0 $3,713,684 $153,875 $1,171,355 $18,545,942 $22,259,626 5.9939 

12/31/2021 $18,545,942 $1,138,928 $0 $3,694,935 $156,953 $1,074,519 $16,907,501 $20,602,436 5.5759 

12/31/2022 $16,907,501 $1,138,928 $0 $3,661,293 $160,092 $973,073 $15,198,118 $18,859,410 5.1510 

12/31/2023 $15,198,118 $1,138,928 $0 $3,644,278 $163,294 $866,672 $13,396,146 $17,040,424 4.6759 

12/31/2024 $13,396,146 $1,138,928 $0 $3,606,710 $166,559 $755,124 $11,516,928 $15,123,639 4.1932 

12/31/2025 $11,516,928 $1,138,928 $0 $3,561,351 $169,891 $638,990 $9,563,605 $13,124,955 3.6854 

12/31/2026 $9,563,605 $1,138,928 $0 $3,539,196 $173,288 $517,497 $7,507,546 $11,046,742 3.1213 

12/31/2027 $7,507,546 $1,138,928 $0 $3,512,852 $176,754 $467,655 $5,424,523 $8,937,375 2.5442 

12/31/2028 $5,424,523 $1,138,928 $0 $3,464,287 $180,289 $313,122 $3,231,996 $6,696,284 1.9329 

12/31/2029 $3,231,996 $1,138,928 $0 $3,406,816 $183,895 $150,707 $930,920 $4,337,736 1.2733 

12/31/2030 $930,920 $1,138,928 $0 $3,330,743 $187,573 -$19,154 Insolvent $1,863,121 0.5594 

* The first three months of this plan year is based on actual asset experience as shown in Exhibit I 

6.5 

TRPP134-000023
 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #6 – 3.02 Plan Actuary’s Certification that the Plan is projected to avoid insolvency 

Exhibit III – Deterministic Projection of Proposed Suspension 

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning January 1, 2017 through December 31, 2057 

Plan Year 

Ending 

1. Beginning 

Assets 

2. Employer 

Contributions 

3. EWL 

Payments 

4. Benefit 

Payments 5. Expenses 

6. Investment 

Income 

7. Ending 

Assets 

8. Resources 

(1)+(2)+(3)-

(5)+(6) 

Solvency 

Ratio 

(8)/(4) 

12/31/2017 $22,372,575 $1,356,676 $0 $3,550,204 $215,995 $3,634,431 $23,597,483 $27,147,687 7.6468 

12/31/2018* $23,597,483 $1,139,600 $0 $3,835,469 $247,900 $960,445 $21,614,159 $25,449,628 6.6353 

12/31/2019 $21,614,159 $988,400 $0 $3,008,506 $175,858 $1,282,460 $20,700,655 $23,709,161 7.8807 

12/31/2020 $20,700,655 $937,382 $0 $2,713,840 $153,875 $1,233,642 $20,003,965 $22,717,804 8.3711 

12/31/2021 $20,003,965 $937,382 $0 $2,710,543 $156,953 $1,190,109 $19,263,959 $21,974,503 8.1070 

12/31/2022 $19,263,959 $937,382 $0 $2,688,607 $160,092 $1,144,450 $18,497,093 $21,185,699 7.8798 

12/31/2023 $18,497,093 $937,382 $0 $2,680,187 $163,294 $1,096,687 $17,687,681 $20,367,868 7.5994 

12/31/2024 $17,687,681 $937,382 $0 $2,651,935 $166,559 $1,046,883 $16,853,452 $19,505,387 7.3552 

12/31/2025 $16,853,452 $937,382 $0 $2,623,270 $169,891 $995,540 $15,993,213 $18,616,483 7.0967 

12/31/2026 $15,993,213 $937,382 $0 $2,603,363 $173,288 $942,294 $15,096,237 $17,699,601 6.7987 

12/31/2027 $15,096,237 $937,382 $0 $2,584,945 $176,754 $1,064,045 $14,335,966 $16,920,910 6.5459 

12/31/2028 $14,335,966 $937,382 $0 $2,547,542 $180,289 $1,008,300 $13,553,817 $16,101,359 6.3204 

12/31/2029 $13,553,817 $937,382 $0 $2,510,580 $183,895 $950,895 $12,747,618 $15,258,199 6.0776 

12/31/2030 $12,747,618 $937,382 $0 $2,457,593 $187,573 $892,284 $11,932,118 $14,389,711 5.8552 

12/31/2031 $11,932,118 $937,382 $0 $2,395,012 $191,324 $833,332 $11,116,496 $13,511,508 5.6415 

12/31/2032 $11,116,496 $937,382 $0 $2,321,953 $195,151 $774,762 $10,311,537 $12,633,489 5.4409 

12/31/2033 $10,311,537 $937,382 $0 $2,243,427 $199,054 $717,194 $9,523,632 $11,767,059 5.2451 

12/31/2034 $9,523,632 $937,382 $0 $2,170,217 $203,035 $660,702 $8,748,465 $10,918,681 5.0311 

12/31/2035 $8,748,465 $937,382 $0 $2,089,573 $207,096 $605,442 $7,994,621 $10,084,193 4.8260 

12/31/2036 $7,994,621 $937,382 $0 $2,011,702 $211,238 $551,674 $7,260,737 $9,272,439 4.6093 

12/31/2037 $7,260,737 $937,382 $0 $1,933,515 $215,462 $499,413 $6,548,554 $8,482,070 4.3869 

12/31/2038 $6,548,554 $937,382 $0 $1,850,993 $219,772 $448,938 $5,864,109 $7,715,102 4.1681 

12/31/2039 $5,864,109 $937,382 $0 $1,766,759 $224,167 $400,604 $5,211,169 $6,977,928 3.9496 

12/31/2040 $5,211,169 $937,382 $0 $1,680,817 $228,650 $354,694 $4,593,778 $6,274,595 3.7331 

12/31/2041 $4,593,778 $937,382 $0 $1,594,634 $233,223 $311,457 $4,014,758 $5,609,394 3.5177 

6.6 

TRPP134-000024
 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #6 – 3.02 Plan Actuary’s Certification that the Plan is projected to avoid insolvency 

Exhibit III – Deterministic Projection of Proposed Suspension (Cont.) 

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning January 1, 2017 through December 31, 2057 

Plan Year 

Ending 

1. Beginning 

Assets 

2. Employer 

Contributions 

3. EWL 

Payments 

4. Benefit 

Payments 5. Expenses 

6. Investment 

Income 

7. Ending 

Assets 

8. Resources 

(1)+(2)+(3)-

(5)+(6) 

Solvency 

Ratio 

(8)/(4) 

12/31/2042 $4,014,758 $937,382 $0 $1,509,720 $237,888 $271,046 $3,475,578 $4,985,298 3.3021 

12/31/2043 $3,475,578 $937,382 $0 $1,423,032 $242,646 $233,686 $2,980,969 $4,404,000 3.0948 

12/31/2044 $2,980,969 $937,382 $0 $1,336,834 $247,499 $199,647 $2,533,665 $3,870,499 2.8953 

12/31/2045 $2,533,665 $937,382 $0 $1,251,038 $252,449 $169,138 $2,136,699 $3,387,736 2.7079 

12/31/2046 $2,136,699 $937,382 $0 $1,166,305 $257,497 $142,361 $1,792,639 $2,958,945 2.5370 

12/31/2047 $1,792,639 $937,382 $0 $1,082,780 $262,647 $119,502 $1,504,096 $2,586,876 2.3891 

12/31/2048 $1,504,096 $937,382 $0 $1,001,136 $267,900 $100,733 $1,273,175 $2,274,311 2.2717 

12/31/2049 $1,273,175 $937,382 $0 $921,726 $273,258 $86,198 $1,101,771 $2,023,497 2.1953 

12/31/2050 $1,101,771 $937,382 $0 $844,925 $278,724 $76,026 $991,530 $1,836,455 2.1735 

12/31/2051 $991,530 $937,382 $0 $771,085 $284,298 $70,325 $943,854 $1,714,939 2.2241 

12/31/2052 $943,854 $937,382 $0 $700,527 $289,984 $69,190 $959,915 $1,660,442 2.3703 

12/31/2053 $959,915 $937,382 $0 $633,483 $295,784 $72,699 $1,040,729 $1,674,212 2.6429 

12/31/2054 $1,040,729 $937,382 $0 $570,133 $301,699 $80,922 $1,187,200 $1,757,334 3.0823 

12/31/2055 $1,187,200 $937,382 $0 $510,628 $307,733 $93,920 $1,400,140 $1,910,769 3.7420 

12/31/2056 $1,400,140 $937,382 $0 $455,085 $313,888 $111,751 $1,680,301 $2,135,385 4.6923 

12/31/2057 $1,680,301 $937,382 $0 $403,547 $320,166 $134,469 $2,028,439 $2,431,986 6.0265 

* The first three months of this plan year is based on actual asset experience as shown in Exhibit I 

6.7 

TRPP134-000025
 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #6 – 3.02 Plan Actuary’s Certification that the Plan is projected to avoid insolvency 

Exhibit IV – Projection of Benefit Reduction Equal to the Greater of 5% of Current Proposed Reduction or 2% of Participant’s or 

Beneficiary’s Payment Without Regard to Proposed Reduction 

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning January 1, 2017 through December 31, 2043 

Plan Year 

Ending 

1. Beginning 

Assets 

2. Employer 

Contributions 

3. EWL 

Payments 

4. Benefit 

Payments 5. Expenses 

6. Investment 

Income 

7. Ending 

Assets 

8. Resources 

(1)+(2)+(3)-

(5)+(6) 

Solvency 

Ratio 

(8)/(4) 

12/31/2017 $22,372,575 $1,356,676 $0 $3,550,204 $215,995 $3,634,431 $23,597,483 $27,147,687 7.6468 

12/31/2018* $23,597,483 $1,139,600 $0 $3,835,469 $247,900 $960,445 $21,614,159 $25,449,628 6.6353 

12/31/2019 $21,614,159 $988,400 $0 $3,050,622 $175,858 $1,281,144 $20,657,222 $23,707,845 7.7715 

12/31/2020 $20,657,222 $937,382 $0 $2,769,353 $153,875 $1,229,193 $19,900,569 $22,669,922 8.1860 

12/31/2021 $19,900,569 $937,382 $0 $2,765,282 $156,953 $1,181,936 $19,097,652 $21,862,934 7.9062 

12/31/2022 $19,097,652 $937,382 $0 $2,742,567 $160,092 $1,132,369 $18,264,745 $21,007,311 7.6597 

12/31/2023 $18,264,745 $937,382 $0 $2,733,755 $163,294 $1,080,491 $17,385,569 $20,119,324 7.3596 

12/31/2024 $17,385,569 $937,382 $0 $2,705,113 $166,559 $1,026,340 $16,477,618 $19,182,732 7.0913 

12/31/2025 $16,477,618 $937,382 $0 $2,675,540 $169,891 $970,416 $15,539,986 $18,215,525 6.8082 

12/31/2026 $15,539,986 $937,382 $0 $2,655,455 $173,288 $912,340 $14,560,964 $17,216,420 6.4834 

12/31/2027 $14,560,964 $937,382 $0 $2,636,630 $176,754 $1,021,962 $13,706,923 $16,343,554 6.1987 

12/31/2028 $13,706,923 $937,382 $0 $2,598,603 $180,289 $959,207 $12,824,620 $15,423,223 5.9352 

12/31/2029 $12,824,620 $937,382 $0 $2,560,630 $183,895 $894,328 $11,911,804 $14,472,435 5.6519 

12/31/2030 $11,911,804 $937,382 $0 $2,506,483 $187,573 $827,764 $10,982,895 $13,489,377 5.3818 

12/31/2031 $10,982,895 $937,382 $0 $2,442,426 $191,324 $760,363 $10,046,889 $12,489,316 5.1135 

12/31/2032 $10,046,889 $937,382 $0 $2,367,775 $195,151 $692,823 $9,114,168 $11,481,943 4.8493 

12/31/2033 $9,114,168 $937,382 $0 $2,287,588 $199,054 $625,735 $8,190,643 $10,478,231 4.5805 

12/31/2034 $8,190,643 $937,382 $0 $2,212,735 $203,035 $559,134 $7,271,388 $9,484,124 4.2862 

12/31/2035 $7,271,388 $937,382 $0 $2,130,276 $207,096 $493,135 $6,364,534 $8,494,809 3.9877 

12/31/2036 $6,364,534 $937,382 $0 $2,050,631 $211,238 $427,958 $5,468,005 $7,518,636 3.6665 

12/31/2037 $5,468,005 $937,382 $0 $1,970,535 $215,462 $363,569 $4,582,959 $6,553,494 3.3257 

12/31/2038 $4,582,959 $937,382 $0 $1,886,077 $219,772 $300,202 $3,714,694 $5,600,771 2.9695 

12/31/2039 $3,714,694 $937,382 $0 $1,799,840 $224,167 $238,157 $2,866,226 $4,666,066 2.5925 

6.8 

TRPP134-000026
 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #6 – 3.02 Plan Actuary’s Certification that the Plan is projected to avoid insolvency 

Exhibit IV – Projection of Benefit Reduction Equal to the Greater of 5% of Current Proposed Reduction or 2% of Participant’s or 

Beneficiary’s Payment Without Regard to Proposed Reduction (Cont.) 

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning January 1, 2017 through December 31, 2043 

Plan Year 

Ending 

1. Beginning 

Assets 

2. Employer 

Contributions 

3. EWL 

Payments 

4. Benefit 

Payments 5. Expenses 

6. Investment 

Income 

7. Ending 

Assets 

8. Resources 

(1)+(2)+(3)-

(5)+(6) 

Solvency 

Ratio 

(8)/(4) 

12/31/2040 $2,866,226 $937,382 $0 $1,711,819 $228,650 $177,661 $2,040,800 $3,752,619 2.1922 

12/31/2041 $2,040,800 $937,382 $0 $1,623,541 $233,223 $118,899 $1,240,316 $2,863,858 1.7640 

12/31/2042 $1,240,316 $937,382 $0 $1,536,557 $237,888 $61,956 $465,209 $2,001,766 1.3028 

12/31/2043 $465,209 $937,382 $0 $1,447,790 $242,646 $6,980 Insolvent $1,166,925 0.8060 

* The first three months of this plan year is based on actual asset experience as shown in Exhibit I 

6.9 

TRPP134-000027
 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #6 – 3.02 Plan Actuary’s Certification that the Plan is projected to avoid insolvency 

Exhibit V – Projected Total Contribution Base Units and Average Contribution Rates 

Plan Year 

Ending 

Total 

Contribution 

Base Units 

Contribution 

Rate 

12/31/2017 167,861 $8.08 

12/31/2018 140,000 $8.14 

12/31/2019 140,000 $7.06 

12/31/2020 140,000 $6.70 

12/31/2021 140,000 $6.70 

12/31/2022 140,000 $6.70 

12/31/2023 140,000 $6.70 

12/31/2024 140,000 $6.70 

12/31/2025 140,000 $6.70 

12/31/2026 140,000 $6.70 

12/31/2027 140,000 $6.70 

12/31/2028 140,000 $6.70 

12/31/2029 140,000 $6.70 

12/31/2030 140,000 $6.70 

12/31/2031 140,000 $6.70 

12/31/2032 140,000 $6.70 

12/31/2033 140,000 $6.70 

12/31/2034 140,000 $6.70 

12/31/2035 140,000 $6.70 

12/31/2036 140,000 $6.70 

12/31/2037 140,000 $6.70 

12/31/2038 140,000 $6.70 

Plan Year 

Ending 

Total 

Contribution 

Base Units 

Contribution 

Rate 

12/31/2039 140,000 $6.70 

12/31/2040 140,000 $6.70 

12/31/2041 140,000 $6.70 

12/31/2042 140,000 $6.70 

12/31/2043 140,000 $6.70 

12/31/2044 140,000 $6.70 

12/31/2045 140,000 $6.70 

12/31/2046 140,000 $6.70 

12/31/2047 140,000 $6.70 

12/31/2048 140,000 $6.70 

12/31/2049 140,000 $6.70 

12/31/2050 140,000 $6.70 

12/31/2051 140,000 $6.70 

12/31/2052 140,000 $6.70 

12/31/2053 140,000 $6.70 

12/31/2054 140,000 $6.70 

12/31/2055 140,000 $6.70 

12/31/2056 140,000 $6.70 

12/31/2057 140,000 $6.70 

* The first three months of this plan year is based on actual asset experience as shown in Exhibit I. 

6.10 

TRPP134-000028
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #6 – 3.02 Plan Actuary’s Certification that the Plan is projected to avoid insolvency 

Exhibit VI – Proposed Benefit Suspensions 

The plan of benefits is as used in the January 1, 2017 actuarial valuation dated August 3, 2017, except as follows: 

Rehabilitation Plan Update Effective August 8, 2017, the temporary disability benefit was eliminated. 

Effective July 1, 2018, the early retirement subsidy for participants with at least 25 years of 

service was eliminated. 

Proposed Benefit Suspensions: Effective March 31, 2019, the Plan will recalculate accrued benefits via a two-step process as 

follows: 

Step 1: The elimination of any early retirement subsidy on the benefits of those participants, or 

their beneficiaries, who retired prior to the Plan’s Normal Retirement Age of 65. The elimination 

of any early retirement subsidy is accomplished by recalculating the benefit to apply the full 

early retirement actuarial reduction factors that would have been applicable to the benefit 

based on the participant’s age at retirement had the participant retired subject to the same Plan 

provisions that apply to benefits commencing after July 1, 2018 (the date of the final removal of 

all early retirement subsidies for retirement prior to the Normal Retirement Age of 65). 

As stated above, all early retirement subsidies have already been eliminated for participants 

with benefits commencing after July 1, 2018. This change was imposed as part of the 2018 

update to the Plan’s Rehabilitation Plan. Therefore, the elimination of any early retirement 

subsidy on benefits already in pay status via Step 1 has the effect of placing all participants on 

equal footing with respect to early retirement subsidies. After Step 1, early retirement subsidies 

will be eliminated from all benefits, regardless of commencement date [save the “individual 

limitations” of IRC §432(e)(9)(D)(i), (ii) and (iii)]. 

6.11 

TRPP134-000029
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #6 – 3.02 Plan Actuary’s Certification that the Plan is projected to avoid insolvency 

Exhibit VI – Proposed Benefit Suspensions (Cont.) 

Proposed Benefit Suspensions Step 2: If, after the application of Step 1, the benefit is greater than 175% of the amount 

(Cont.): guaranteed by the PBGC, the benefit shall be further reduced to 175% of the amount 

guaranteed by the PBGC [save the “individual limitations” of IRC §432(e)(9)(D)(i), (ii) and (iii)]. 

Based on the individual limitations discussed above, the benefits of three (3) groups of 

participants and beneficiaries will not be cut or changed under the proposal: 

1. Participants and their beneficiaries who are/were receiving disability benefits under the 

terms of the Pension Plan at their initial commencement of benefits. 

2. Participants, retirees and beneficiaries who are age 80 or older at the time the cuts are 

made (only partial cuts would be made for participants between ages 75 and 80). 

3. Participants whose benefits are already less than 110% of the PBGC-guaranteed benefit 

level at the time the cuts are made. 

6.12 

TRPP134-000030
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #6 – 3.02 Plan Actuary’s Certification that the Plan is projected to avoid insolvency 

EXHIBIT VII – Breakdown of Benefit Payouts Under Proposed Suspension (Exhibit III) 

Plan Year 

Ending Actives 

Vested 

Terminations Retired 

New 

Entrants 

12/31/2018 $107,971 $300,266 $3,427,232 $0 

12/31/2019 $89,539 $292,136 $2,626,831 $0 

12/31/2020 $78,373 $307,749 $2,327,718 $0 

12/31/2021 $99,484 $337,226 $2,273,833 $0 

12/31/2022 $133,368 $348,167 $2,207,072 $0 

12/31/2023 $175,472 $354,034 $2,150,681 $0 

12/31/2024 $205,945 $358,893 $2,087,097 $0 

12/31/2025 $219,533 $378,232 $2,025,505 $0 

12/31/2026 $258,970 $381,084 $1,963,309 $0 

12/31/2027 $288,243 $398,498 $1,898,204 $0 

12/31/2028 $313,069 $401,948 $1,832,525 $0 

12/31/2029 $331,258 $413,922 $1,765,400 $0 

12/31/2030 $352,264 $408,350 $1,696,979 $0 

12/31/2031 $360,494 $407,080 $1,627,438 $0 

12/31/2032 $363,956 $401,013 $1,556,984 $0 

12/31/2033 $363,240 $394,358 $1,485,829 $0 

12/31/2034 $366,545 $389,472 $1,414,200 $0 

12/31/2035 $365,394 $381,858 $1,342,321 $0 

12/31/2036 $366,223 $375,074 $1,270,405 $0 

12/31/2037 $368,458 $366,394 $1,198,663 $0 

12/31/2038 $366,300 $357,405 $1,127,288 $0 

12/31/2039 $362,690 $347,611 $1,056,458 $0 

12/31/2040 $357,203 $337,252 $986,362 $0 

12/31/2041 $351,119 $326,310 $917,205 $0 

6.13 

TRPP134-000031
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #6 – 3.02 Plan Actuary’s Certification that the Plan is projected to avoid insolvency 

EXHIBIT VII – Breakdown of Benefit Payouts Under Proposed Suspension (Exhibit III) (Cont.) 

Plan Year 

Ending Actives 

Vested 

Terminations Retired 

New 

Entrants 

12/31/2042 $344,080 $316,414 $849,226 $0 

12/31/2043 $336,009 $304,350 $782,673 $0 

12/31/2044 $327,269 $291,769 $717,796 $0 

12/31/2045 $317,489 $278,698 $654,851 $0 

12/31/2046 $306,971 $265,237 $594,097 $0 

12/31/2047 $295,534 $251,445 $535,801 $0 

12/31/2048 $283,525 $237,407 $480,204 $0 

12/31/2049 $270,966 $223,207 $427,553 $0 

12/31/2050 $257,904 $208,941 $378,080 $0 

12/31/2051 $244,382 $194,711 $331,992 $0 

12/31/2052 $230,467 $180,617 $289,443 $0 

12/31/2053 $216,230 $166,760 $250,493 $0 

12/31/2054 $201,766 $153,234 $215,133 $0 

12/31/2055 $187,200 $140,116 $183,312 $0 

12/31/2056 $172,668 $127,479 $154,938 $0 

12/31/2057 $158,293 $115,382 $129,872 $0 

6.14 

TRPP134-000032
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #6 – 3.02 Plan Actuary’s Certification that the Plan is projected to avoid insolvency 

EXHIBIT VIII – Breakdown of Benefit Payouts for Exhibit IV 

Plan Year 

Ending Actives 

Vested 

Terminations Retired 

New 

Entrants 

12/31/2018 $107,971 $300,266 $3,427,232 $0 

12/31/2019 $90,222 $293,442 $2,666,958 $0 

12/31/2020 $79,376 $309,428 $2,380,549 $0 

12/31/2021 $100,588 $338,883 $2,325,811 $0 

12/31/2022 $134,827 $349,801 $2,257,939 $0 

12/31/2023 $177,443 $355,644 $2,200,668 $0 

12/31/2024 $208,466 $360,475 $2,136,172 $0 

12/31/2025 $222,201 $379,785 $2,073,554 $0 

12/31/2026 $262,536 $382,607 $2,010,312 $0 

12/31/2027 $292,568 $399,989 $1,944,073 $0 

12/31/2028 $317,990 $403,405 $1,877,208 $0 

12/31/2029 $336,464 $415,343 $1,808,823 $0 

12/31/2030 $357,681 $409,733 $1,739,069 $0 

12/31/2031 $365,883 $408,421 $1,668,122 $0 

12/31/2032 $369,278 $402,311 $1,596,186 $0 

12/31/2033 $368,497 $395,611 $1,523,480 $0 

12/31/2034 $371,828 $390,677 $1,450,230 $0 

12/31/2035 $370,598 $383,012 $1,376,666 $0 

12/31/2036 $371,450 $376,175 $1,303,006 $0 

12/31/2037 $373,630 $367,439 $1,229,466 $0 

12/31/2038 $371,439 $358,391 $1,156,247 $0 

12/31/2039 $367,763 $348,537 $1,083,540 $0 

12/31/2040 $362,159 $338,115 $1,011,545 $0 

12/31/2041 $355,949 $327,109 $940,483 $0 

6.15 

TRPP134-000033
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #6 – 3.02 Plan Actuary’s Certification that the Plan is projected to avoid insolvency 

EXHIBIT VIII – Breakdown of Benefit Payouts for Exhibit IV (Cont.) 

Plan Year 

Ending Actives 

Vested 

Terminations Retired 

New 

Entrants 

12/31/2042 $348,800 $317,147 $870,610 $0 

12/31/2043 $340,582 $305,017 $802,191 $0 

6.16 

TRPP134-000034
 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #7 – 3.03 Plan Sponsor’s Determination of Projected Insolvency 

Does the application include the plan sponsor’s determination of projected insolvency that 

includes the documentation set forth in section 5 of Revenue Procedure 2017-43? 

See section 3.03 of Revenue Procedure 2017-43. 

Document 7.1 provides the documentation of the projected insolvency including the 

documentation set forth in section 5 of Revenue Procedure 2017-43. 

TRPP134-000035
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #7 – 3.03 Plan Sponsor’s Determination of Projected Insolvency 

Document 7.1 

Plan Sponsor’s Determination of Projected Insolvency 

The Board of Trustees determined after review of all of the available information and possible 

reasonable plan changes that the Pension Plan would become insolvent unless benefits are 

suspended as required under Code § 432(e)(9)(C)(ii). 

United Actuarial Services, Inc., the Pension Plan’s Actuary, determined that the Pension Plan 

was in critical and declining status for the plan year beginning on January 1, 2016. In that 

certification, the Plan’s Actuary determined that the Pension Plan was projected to become 

insolvent in the plan year beginning January 1, 2031. The Plan’s actuary determined this 

despite the fact that the Board of Trustees had taken all reasonable measures to avoid the 

insolvency. The most recent actuarial certification of critical and declining status (as of January 

1, 2018) is provided in response to Checklist Item #5. This application includes supporting 

documentation demonstrating the Plan's need to suspend benefits. 

The Board of Trustees has included the following documentation as required by Section 5 of 

Revenue Procedure 2017-43: 

• Measures taken to avoid insolvency. A detailed description of measures taken to avoid 

insolvency over the past 10 plan years immediately preceding the plan year in which the 

application is submitted. 

The requested description is provided in response to Checklist Item #17. 

• Plan factors. In accordance with § 432(e)(9)(C)(ii), the following specific information with 

respect to the plan: 

o For the 10 plan years immediately preceding the plan year in which the 

application is submitted: 

 Contribution levels. 

 Levels of benefit accruals, including any prior reductions in the rate of 

benefit accruals. 

 Prior reductions, if any, of adjustable benefits under § 432(e)(8). 

 Any prior suspension of benefits under § 432(e)(9). 

 Measures undertaken by the plan sponsor to retain or attract 

contributing employers. 

o The impact on plan solvency of the subsidies and ancillary benefits, if any, 

available to active participants. 

o Compensation levels of active participants relative to employees in the 

participants’ industry generally. 

7.1 

TRPP134-000036
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #7 – 3.03 Plan Sponsor’s Determination of Projected Insolvency 

o Competitive and other economic factors facing contributing employers. 

The requested information is provided in response to Checklist Item #18. 

• How plan factors were taken into account. For each of the factors listed under section 

5.02 of this revenue procedure and the factors described in § 432(e)(9)(C)(ii)(VIII) (the 

impact of benefit and contribution levels on retaining active participants and bargaining 

groups under the plan) and § 432(e)(9)(C)(ii)(IX) (the impact of past and anticipated 

contribution increases under the plan on employer attrition and retention levels), the 

application must describe how that factor was taken into account (or why that factor 

was not taken into account) in the plan sponsor’s determination that all reasonable 

measures have been taken to avoid insolvency. 

The requested description is provided in response to Checklist Item #19. 

• Other factors considered. If the plan sponsor took into account any other factors in its 

determination that all reasonable measures have been taken to avoid insolvency, then 

the application must discuss why those factors were relevant and how they were taken 

into account. 

The requested discussion is provided in response to Checklist Item #19. 

7.2 

TRPP134-000037
 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #8 – 4.01 Demonstration that Limitations on Individual Suspensions Satisfied 

Does the application include a demonstration that the limitations on individual suspensions are 

satisfied, including a description of each benefit based on disability, as defined under the plan, 

that is paid to an individual under the plan (without regard to whether the disability benefits are 

available to newly disabled participants) and calculations regarding: 

• the guarantee-based limitation, 

• the disability-based limitation, 

• the age-based limitation, taking into account the guarantee-based limitation, and 

• if applicable, the age-based limitation taking into account both the guarantee-based 

limitation and the disability-based limitation? 

See section 4.01 of Revenue Procedure 2017-43. 

Document 8.1 provides demonstrations that the proposed suspension satisfies the statutory 

limitations described in § 432(e)(9)(D)(i), (ii), and (iii). 

TRPP134-000038
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #8 – 4.01 Demonstration that Limitations on Individual Suspensions Satisfied 

Document 8.1 

Demonstrations that the Limitations on 

Individual Suspensions Are Satisfied 

The following calculations illustrate how the proposed suspension satisfies the 110% of PBGC 

guarantee limitation, the age-based limitation, and the disability-based limitation, as 

established under Code § 432(e)(9)(D)(i), (ii), and (iii), respectively. In particular, the proposed 

suspension does not reduce or change the benefit of any participant or beneficiary whose 

benefit amount is less than 110% of the PBGC guarantee. In addition, the proposed suspension 

does not affect any participant or beneficiary who will be age 80 or older as of March 31, 2019 

(the end of the month in which the March 31, 2019 effective date of the proposed suspension 

occurs). The proposed suspension only partially affects any participant or beneficiary who will 

be age 75-79 as of March 31, 2019 (with proportionally more of the current benefit being 

protected the closer the participant or beneficiary is to age 80). Lastly, the proposed suspension 

does not affect any participant (or their beneficiary) that was awarded a disability benefit under 

the Plan. 

The proposed suspension does not affect any participant (or their beneficiary) that was 

awarded a Disability Retirement Benefit. The Plan’s definition of what qualifies as a permanent 

and total disability, which is required to receive a Disability Retirement Benefit, the service and 

age requirements for the Plan’s Disability Retirement Benefit, and the amount of the Disability 

Retirement Benefit are explained in Section 3.4 of the plan document. Section 3.4 can be found 

in Checklist Item #37, document 37.2. Amendment No. 2 to the plan document eliminated the 

Disability Retirement Benefit unless the participant was eligible and applied prior to August 8, 

2017. Amendment No. 2 can be found in Checklist Item #37, document 37.2. 

Application of the limitation provisions is based on the total benefit payable to the participant 

or beneficiary. However, if a participant’s benefit is split with an alternate payee under the 

terms of a qualified domestic relations order (QDRO), then the determination of the 

guaranteed level for both parties is based on the terms of the QDRO. Generally, if the QDRO 

provides the alternate payee a shared interest with the participant, then the participant’s total 

benefit is used for purposes of determining the guaranteed amount for both parties. If the 

QDRO provides a separate interest for the alternate payee, then the alternate payee’s separate 

benefit level is used to determine the guaranteed amount. If there are multiple QDROs with 

multiple alternate payees, this determination is made separately with each applicable QDRO. 

Similarly, in the event that the age-based limitation applies to a participant that has a QDRO, 

then the type of QDRO will determine whether the Pension Plan uses the participant’s or 

alternate payee’s age. If the QDRO provides the alternate payee a shared interest with the 

participant, then the participant’s age is used for purposes of applying the age-based limitation 

as of the proposed suspension’s effective date. Alternatively, if the QDRO provides a separate 

8.1 

TRPP134-000039
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #8 – 4.01 Demonstration that Limitations on Individual Suspensions Satisfied 

interest for the alternate payee, then the alternate payee’s age is used to determine the 

application of the age-based limitation. If there are multiple QDROs with multiple alternate 

payees, the determination of whose age to use is determined separately for each applicable 

QDRO. 

The application of the age-based limitation for a participant who elected a joint and survivor 

benefit also is based on the age of the participant as of the effective date of the proposed 

suspension, unless he or she is deceased, in which case the surviving spouse’s age is used to 

determine the application of the age-based limitation. 

See the following pages for illustrations demonstrating that proposed suspension satisfies the 

above-mentioned statutory limitations. The illustrations represent the sample calculations 

requested by Revenue Procedure 2017-43 section 4.01 as follows: 

• Section 4.01(1) – Demonstration of the PBGC guarantee-based limitation 

o Illustration #1 – Individual currently receiving benefits 

o Illustration #2 – Individual currently receiving benefits with a contingent 

beneficiary 

o Illustration #3 – Future retiree 

• Section 4.01(2) – Demonstration of the disability-based limitation 

o Illustration #4 – Individual currently receiving benefits 

o Illustration #5 – Individual currently receiving benefits with a contingent 

beneficiary 

o Note: The disability-based limitation does not impact any future retirees. 

• Section 4.01(3) – Demonstration of the age-based limitation for each group identified in 

accordance with section 2.02(4) of Revenue Procedure 2017-43 that contains an 

individual who is over age 75. The terms of the proposed suspension do not explicitly 

apply differently to any groups. However, the Pension Plan’s accrual rate formula and 

early retirement reduction factors have changed multiple times, leading to different 

impacts of the proposed suspension depending on the periods during which members 

worked and when they retired. Sample calculations are shown for groups that contain 

an individual who is between age 75 and age 79 as of March 31, 2019. The specific 

characteristics of each group (R1-R35, I1-I12, and A1-A3) are described in Checklist Item 

#12, pages 12.4 and 12.5. 

o Illustration #6 – Group R9 individual currently receiving benefits 

o Illustration #7 – Group R21 individual currently receiving benefits 

o Illustration #8 – Group R24 individual currently receiving benefits 

o Illustration #9 – Group R24 individual currently receiving benefits with a 

contingent beneficiary 

o Illustration #10 – Group R25 individual currently receiving benefits with a 

contingent beneficiary 

o Illustration #11 – Group R26 individual currently receiving benefits 

8.2 

TRPP134-000040
 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #8 – 4.01 Demonstration that Limitations on Individual Suspensions Satisfied 

o Illustration #12 – Group R28 individual currently receiving benefits 

o Notes: 

 The age-based limitation does not impact any individuals who have not yet 

commenced benefits (groups I1-I12 and A1-A3). 

 Any group not represented in illustrations #6 through #12 does not contain 

an individual who is between age 75 and age 79. 

 Groups R9, R21, R26, and R28 do not contain an individual who is between 

age 75 and age 79 with a contingent beneficiary. 

 Group R25 does not contain an individual who is between age 75 and age 79 

without a contingent beneficiary. 

8.3 

TRPP134-000041
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #8 – 4.01 Demonstration that Limitations on Individual Suspensions Satisfied 

Illustration #1 

Participant Category: Individual Currently Receiving Benefits 

Suspension Limitation: 110% of PBGC Guaranteed Benefit 

Date of birth 

Date of retirement 

Age at retirement date 

Age at suspension date 

Disabled? 

Current monthly benefit 

Early retirement reduction factor (ERF) applied to current benefit 

Late retirement factor (LRF) applied to current benefit 

Total years of credited service as of July 1, 2008 

Form of pension 

Calculation of 110% and 175% of PBGC Guarantee 

Current monthly benefit, w/o regard to LRF 

PBGC accrual rate 

PBGC guaranteed accrual rate 

PBGC guaranteed benefit (no greater than current benefit) 

110% of PBGC guaranteed benefit (no greater than current benefit) 

175% of PBGC guaranteed benefit (no greater than current benefit) 

Calculation of Monthly Benefit under Proposed Suspension 

Current monthly benefit 

Current monthly benefit, w/o regard to ERF 

ERF to be applied under proposed suspension 

Step 1: Monthly benefit adjusted by proposed suspension ERF 

Step 2: Lesser of Step 1 benefit and 175% of PBGC guaranteed benefit 

Greater of Step 2 benefit and 110% of PBGC guaranteed benefit 

Months from age 80 (at suspension date, max 60 mos) 

Monthly benefit after age-based limitation 

Final Monthly Benefit under Proposed Suspension 

Summary of Applicable Federal Limitations 

110% of PBGC guaranteed limit? 

Disability limit? 

Age-based limit? 

8.4 

11/20/1952 

1/1/2007 

54 years 1 months 

66 years 4 months 

No 

3105.23 

0.9425 

1.0000 

34.00 

10 year certain & life 

3105.23 

91.33 

35.75 

1215.50 

1337.05 

2127.13 

3105.23 

3294.67 

0.3426 

1128.76 

1128.76 

1337.05 

60 

1337.05 

1337.05 

Yes 

No 

No 

TRPP134-000042
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #8 – 4.01 Demonstration that Limitations on Individual Suspensions Satisfied 

Illustration #2 

Participant Category: Individual Currently Receiving Benefits with Contingent 

Beneficiary 

Suspension Limitation: 110% of PBGC Guaranteed Benefit 

Date of birth 

Date of retirement 

Age at retirement date 

Age at suspension date 

Disabled? 

Current monthly benefit 

Spouse benefit after participant dies 

Early retirement reduction factor (ERF) applied to current benefit 

Late retirement factor (LRF) applied to current benefit 

Total years of credited service as of July 1, 2008 

Form of pension 

Calculation of 110% and 175% of PBGC Guarantee 

Current monthly benefit, w/o regard to LRF 

PBGC accrual rate 

PBGC guaranteed accrual rate 

PBGC guaranteed benefit (no greater than current benefit) 

110% of PBGC guaranteed benefit (no greater than current benefit) 

175% of PBGC guaranteed benefit (no greater than current benefit) 

Calculation of Monthly Benefit under Proposed Suspension 

Current monthly benefit 

Current monthly benefit, w/o regard to ERF 

ERF to be applied under proposed suspension 

Step 1: Monthly benefit adjusted by proposed suspension ERF 

Step 2: Lesser of Step 1 benefit and 175% of PBGC guaranteed benefit 

Greater of Step 2 benefit and 110% of PBGC guaranteed benefit 

Months from age 80 (at suspension date, max 60 mos) 

Monthly benefit after age-based limitation 

Final Monthly Benefit under Proposed Suspension 

Summary of Applicable Federal Limitations 

110% of PBGC guaranteed limit? 

Disability limit? 

Age-based limit? 

8.5 

8/22/1946 

9/1/2001 

55 years 0 months 

72 years 7 months 

No 

2919.42 

2919.42 

0.9400 

1.0000 

37.00 

joint & 100% survivor 

Current Benefit Survivor Benefit 

2919.42 2919.42 

78.90 78.90 

35.75 35.75 

1322.75 1322.75 

1455.03 1455.03 

2314.81 2314.81 

Current Benefit Survivor Benefit 

2919.42 2919.42 

3105.77 3105.77 

0.3714 0.3714 

1153.48 1153.48 

1153.48 1153.48 

1455.03 1455.03 

60 60 

1455.03 1455.03 

1455.03 1455.03 

Yes 

No 

No 

TRPP134-000043
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #8 – 4.01 Demonstration that Limitations on Individual Suspensions Satisfied 

Illustration #3 

Participant Category: Future Retiree 

Suspension Limitation: 110% of PBGC Guaranteed Benefit 

Date of birth 2/21/1972 

Age at suspension date 47 years 1 months 

Disabled? No 

Accrued monthly benefit 58.22 

Early retirement reduction factor (ERF) applied to current benefit 1.0000 

Late retirement factor (LRF) applied to current benefit 1.0000 

Total years of credited service as of July 1, 2008 7.00 

Calculation of 110% and 175% of PBGC Guarantee 

Accrued monthly benefit, w/o regard to LRF 58.22 

PBGC accrual rate 8.32 

PBGC guaranteed accrual rate 8.32 

PBGC guaranteed benefit (no greater than accrued benefit) 58.22 

110% of PBGC guaranteed benefit (no greater than accrued benefit) 58.22 

175% of PBGC guaranteed benefit (no greater than accrued benefit) 58.22 

Calculation of Monthly Benefit under Proposed Suspension 

Accrued monthly benefit 58.22 

Accrued monthly benefit, w/o regard to ERF 58.22 

ERF to be applied under proposed suspension 1.0000 

Step 1: Monthly benefit adjusted by proposed suspension ERF 58.22 

Step 2: Lesser of Step 1 benefit and 175% of PBGC guaranteed benefit 58.22 

Greater of Step 2 benefit and 110% of PBGC guaranteed benefit 58.22 

Months from age 80 (at suspension date, max 60 mos) 60 

Monthly benefit after age-based limitation 58.22 

Final Monthly Benefit under Proposed Suspension 58.22 

Summary of Applicable Federal Limitations 

110% of PBGC guaranteed limit? Yes 

Disability limit? No 

Age-based limit? No 

8.6 

TRPP134-000044
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #8 – 4.01 Demonstration that Limitations on Individual Suspensions Satisfied 

Illustration #4 

Participant Category: Individual Currently Receiving Benefits 

Suspension Limitation: Disability Benefit 

Date of birth 

Date of retirement 

Age at retirement date 

Age at suspension date 

Disabled? 

Current monthly benefit 

Early retirement reduction factor (ERF) applied to current benefit 

Late retirement factor (LRF) applied to current benefit 

Total years of credited service as of July 1, 2008 

Form of pension 

Calculation of 110% and 175% of PBGC Guarantee 

Current monthly benefit, w/o regard to LRF 

PBGC accrual rate 

PBGC guaranteed accrual rate 

PBGC guaranteed benefit (no greater than current benefit) 

110% of PBGC guaranteed benefit (no greater than current benefit) 

175% of PBGC guaranteed benefit (no greater than current benefit) 

Calculation of Monthly Benefit under Proposed Suspension 

Current monthly benefit 

Current monthly benefit, w/o regard to ERF 

ERF to be applied under proposed suspension 

Step 1: Monthly benefit adjusted by proposed suspension ERF 

Step 2: Lesser of Step 1 benefit and 175% of PBGC guaranteed benefit 

Greater of Step 2 benefit and 110% of PBGC guaranteed benefit 

Months from age 80 (at suspension date, max 60 mos) 

Monthly benefit after age-based limitation 

Final Monthly Benefit under Proposed Suspension 

Summary of Applicable Federal Limitations 

110% of PBGC guaranteed limit? 

Disability limit? 

Age-based limit? 

8.7 

8/5/1966 

12/1/2009 

43 years 3 months 

52 years 7 months 

Yes 

2187.36 

1.0000 

1.0000 

21.00 

5 year certain & life 

2187.36 

104.16 

35.75 

750.75 

825.83 

1313.81 

2187.36 

2187.36 

1.0000 

2187.36 

1313.81 

1313.81 

60 

1313.81 

2187.36 

No 

Yes 

No 

TRPP134-000045
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #8 – 4.01 Demonstration that Limitations on Individual Suspensions Satisfied 

Illustration #5 

Participant Category: Individual Currently Receiving Benefits with Contingent 

Beneficiary 

Suspension Limitation: Disability Benefit 

Date of birth 

Date of retirement 

Age at retirement date 

Age at suspension date 

Disabled? 

Current monthly benefit 

Spouse benefit after participant dies 

Early retirement reduction factor (ERF) applied to current benefit 

Late retirement factor (LRF) applied to current benefit 

Total years of credited service as of July 1, 2008 

Form of pension 

Calculation of 110% and 175% of PBGC Guarantee 

Current monthly benefit, w/o regard to LRF 

PBGC accrual rate 

PBGC guaranteed accrual rate 

PBGC guaranteed benefit (no greater than current benefit) 

110% of PBGC guaranteed benefit (no greater than current benefit) 

175% of PBGC guaranteed benefit (no greater than current benefit) 

Calculation of Monthly Benefit under Proposed Suspension 

Current monthly benefit 

Current monthly benefit, w/o regard to ERF 

ERF to be applied under proposed suspension 

Step 1: Monthly benefit adjusted by proposed suspension ERF 

Step 2: Lesser of Step 1 benefit and 175% of PBGC guaranteed benefit 

Greater of Step 2 benefit and 110% of PBGC guaranteed benefit 

Months from age 80 (at suspension date, max 60 mos) 

Monthly benefit after age-based limitation 

Final Monthly Benefit under Proposed Suspension 

Summary of Applicable Federal Limitations 

110% of PBGC guaranteed limit? 

Disability limit? 

Age-based limit? 

8.8 

10/31/1957 

11/1/2014 

57 years 0 months 

61 years 4 months 

Yes 

3536.59 

2652.44 

1.0000 

1.0000 

25.00 

joint & 75% survivor 

Current Benefit Survivor Benefit 

3536.59 2652.44 

141.46 106.10 

35.75 35.75 

893.75 893.75 

983.13 983.13 

1564.06 1564.06 

Current Benefit Survivor Benefit 

3536.59 2652.44 

3536.59 2652.44 

0.4454 0.4454 

1575.20 1181.40 

1564.06 1181.40 

1564.06 1181.40 

60 60 

1564.06 1181.40 

3536.59 2652.44 

No 

Yes 

No 

TRPP134-000046
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #8 – 4.01 Demonstration that Limitations on Individual Suspensions Satisfied 

Illustration #6 

Participant Category: Group R9 Individual Currently Receiving Benefits 

Suspension Limitation: Age 75-79 

Date of birth 

Date of retirement 

Age at retirement date 

Age at suspension date 

Disabled? 

Current monthly benefit 

Early retirement reduction factor (ERF) applied to current benefit 

Late retirement factor (LRF) applied to current benefit 

Total years of credited service as of July 1, 2008 

Form of pension 

Calculation of 110% and 175% of PBGC Guarantee 

Current monthly benefit, w/o regard to LRF 

PBGC accrual rate 

PBGC guaranteed accrual rate 

PBGC guaranteed benefit (no greater than current benefit) 

110% of PBGC guaranteed benefit (no greater than current benefit) 

175% of PBGC guaranteed benefit (no greater than current benefit) 

Calculation of Monthly Benefit under Proposed Suspension 

Current monthly benefit 

Current monthly benefit, w/o regard to ERF 

ERF to be applied under proposed suspension 

Step 1: Monthly benefit adjusted by proposed suspension ERF 

Step 2: Lesser of Step 1 benefit and 175% of PBGC guaranteed benefit 

Greater of Step 2 benefit and 110% of PBGC guaranteed benefit 

Months from age 80 (at suspension date, max 60 mos) 

Monthly benefit after age-based limitation 

Final Monthly Benefit under Proposed Suspension 

Summary of Applicable Federal Limitations 

110% of PBGC guaranteed limit? 

Disability limit? 

Age-based limit? 

8.9 

1/23/1942 

7/1/2016 

74 years 5 months 

77 years 2 months 

No 

254.25 

1.0000 

2.1189 

9.00 

5 year certain & life 

119.99 

13.33 

12.75 

114.74 

126.22 

200.80 

254.25 

254.25 

1.0000 

254.25 

200.80 

200.80 

34 

223.96 

223.96 

No 

No 

Yes 

TRPP134-000047
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #8 – 4.01 Demonstration that Limitations on Individual Suspensions Satisfied 

Illustration #7 

Participant Category: Group R21 Individual Currently Receiving Benefits 

Suspension Limitation: Age 75-79 (and 110% of PBGC Guaranteed Benefit) 

Date of birth 

Date of retirement 

Age at retirement date 

Age at suspension date 

Disabled? 

Current monthly benefit 

Early retirement reduction factor (ERF) applied to current benefit 

Late retirement factor (LRF) applied to current benefit 

Total years of credited service as of July 1, 2008 

Form of pension 

Calculation of 110% and 175% of PBGC Guarantee 

Current monthly benefit, w/o regard to LRF 

PBGC accrual rate 

PBGC guaranteed accrual rate 

PBGC guaranteed benefit (no greater than current benefit) 

110% of PBGC guaranteed benefit (no greater than current benefit) 

175% of PBGC guaranteed benefit (no greater than current benefit) 

Calculation of Monthly Benefit under Proposed Suspension 

Current monthly benefit 

Current monthly benefit, w/o regard to ERF 

ERF to be applied under proposed suspension 

Step 1: Monthly benefit adjusted by proposed suspension ERF 

Step 2: Lesser of Step 1 benefit and 175% of PBGC guaranteed benefit 

Greater of Step 2 benefit and 110% of PBGC guaranteed benefit 

Months from age 80 (at suspension date, max 60 mos) 

Monthly benefit after age-based limitation 

Final Monthly Benefit under Proposed Suspension 

Summary of Applicable Federal Limitations 

110% of PBGC guaranteed limit? 

Disability limit? 

Age-based limit? 

8.10 

11/25/1940 

7/1/1996 

55 years 7 months 

78 years 4 months 

No 

439.81 

0.4350 

1.0000 

25.00 

10 year certain & life 

439.81 

17.59 

15.94 

398.61 

438.47 

439.81 

439.81 

1011.06 

0.3918 

396.13 

396.13 

438.47 

20 

439.36 

439.36 

Yes 

No 

Yes 

TRPP134-000048
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #8 – 4.01 Demonstration that Limitations on Individual Suspensions Satisfied 

Illustration #8 

Participant Category: Group R24 Individual Currently Receiving Benefits 

Suspension Limitation: Age 75-79 (and 110% of PBGC Guaranteed Benefit) 

Date of birth 

Date of retirement 

Age at retirement date 

Age at suspension date 

Disabled? 

Current monthly benefit 

Early retirement reduction factor (ERF) applied to current benefit 

Late retirement factor (LRF) applied to current benefit 

Total years of credited service as of July 1, 2008 

Form of pension 

Calculation of 110% and 175% of PBGC Guarantee 

Current monthly benefit, w/o regard to LRF 

PBGC accrual rate 

PBGC guaranteed accrual rate 

PBGC guaranteed benefit (no greater than current benefit) 

110% of PBGC guaranteed benefit (no greater than current benefit) 

175% of PBGC guaranteed benefit (no greater than current benefit) 

Calculation of Monthly Benefit under Proposed Suspension 

Current monthly benefit 

Current monthly benefit, w/o regard to ERF 

ERF to be applied under proposed suspension 

Step 1: Monthly benefit adjusted by proposed suspension ERF 

Step 2: Lesser of Step 1 benefit and 175% of PBGC guaranteed benefit 

Greater of Step 2 benefit and 110% of PBGC guaranteed benefit 

Months from age 80 (at suspension date, max 60 mos) 

Monthly benefit after age-based limitation 

Final Monthly Benefit under Proposed Suspension 

Summary of Applicable Federal Limitations 

110% of PBGC guaranteed limit? 

Disability limit? 

Age-based limit? 

8.11 

8/29/1939 

10/1/1996 

57 years 1 months 

79 years 7 months 

No 

2043.48 

1.0000 

1.0000 

32.00 

5 year certain & life 

2043.48 

63.86 

35.75 

1144.00 

1258.40 

2002.00 

2043.48 

2043.48 

0.4490 

917.52 

917.52 

1258.40 

5 

1978.06 

1978.06 

Yes 

No 

Yes 

TRPP134-000049
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #8 – 4.01 Demonstration that Limitations on Individual Suspensions Satisfied 

Illustration #9 

Participant Category: Group R24 Individual Currently Receiving Benefits with Contingent 

Beneficiary 

Suspension Limitation: Age 75-79 (and 110% of PBGC Guaranteed Benefit) 

Date of birth 

Date of retirement 

Age at retirement date 

Age at suspension date 

Disabled? 

Current monthly benefit 

Spouse benefit after participant dies 

Early retirement reduction factor (ERF) applied to current benefit 

Late retirement factor (LRF) applied to current benefit 

Total years of credited service as of July 1, 2008 

Form of pension 

Calculation of 110% and 175% of PBGC Guarantee 

Current monthly benefit, w/o regard to LRF 

PBGC accrual rate 

PBGC guaranteed accrual rate 

PBGC guaranteed benefit (no greater than current benefit) 

110% of PBGC guaranteed benefit (no greater than current benefit) 

175% of PBGC guaranteed benefit (no greater than current benefit) 

Calculation of Monthly Benefit under Proposed Suspension 

Current monthly benefit 

Current monthly benefit, w/o regard to ERF 

ERF to be applied under proposed suspension 

Step 1: Monthly benefit adjusted by proposed suspension ERF 

Step 2: Lesser of Step 1 benefit and 175% of PBGC guaranteed benefit 

Greater of Step 2 benefit and 110% of PBGC guaranteed benefit 

Months from age 80 (at suspension date, max 60 mos) 

Monthly benefit after age-based limitation 

Final Monthly Benefit under Proposed Suspension 

Summary of Applicable Federal Limitations 

110% of PBGC guaranteed limit? 

Disability limit? 

Age-based limit? 

8.12 

11/9/1940 

12/1/1997 

57 years 0 months 

78 years 4 months 

No 

2198.24 

1099.12 

1.0000 

1.0000 

30.00 

joint & 50% survivor 

Current Benefit 

2198.24 

73.27 

35.75 

1072.50 

1179.75 

1876.88 

Current Benefit 

2198.24 1099.12 

2198.24 1099.12 

0.4454 0.4454 

979.10 489.55 

979.10 489.55 

1179.75 997.52 

20 20 

1858.74 1065.25 

1858.74 1065.25 

Yes 

No 

Yes 

Survivor Benefit 

1099.12 

36.64 

30.23 

906.84 

997.52 

1099.12 

Survivor Benefit 

TRPP134-000050
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #8 – 4.01 Demonstration that Limitations on Individual Suspensions Satisfied 

Illustration #10 

Participant Category: Group R25 Individual Currently Receiving Benefits with Contingent 

Beneficiary 

Suspension Limitation: Age 75-79 (and 110% of PBGC Guaranteed Benefit) 

Date of birth 

Date of retirement 

Age at retirement date 

Age at suspension date 

Disabled? 

Current monthly benefit 

Spouse benefit after participant dies 

Early retirement reduction factor (ERF) applied to current benefit 

Late retirement factor (LRF) applied to current benefit 

Total years of credited service as of July 1, 2008 

Form of pension 

Calculation of 110% and 175% of PBGC Guarantee 

Current monthly benefit, w/o regard to LRF 

PBGC accrual rate 

PBGC guaranteed accrual rate 

PBGC guaranteed benefit (no greater than current benefit) 

110% of PBGC guaranteed benefit (no greater than current benefit) 

175% of PBGC guaranteed benefit (no greater than current benefit) 

Calculation of Monthly Benefit under Proposed Suspension 

Current monthly benefit 

Current monthly benefit, w/o regard to ERF 

ERF to be applied under proposed suspension 

Step 1: Monthly benefit adjusted by proposed suspension ERF 

Step 2: Lesser of Step 1 benefit and 175% of PBGC guaranteed benefit 

Greater of Step 2 benefit and 110% of PBGC guaranteed benefit 

Months from age 80 (at suspension date, max 60 mos) 

Monthly benefit after age-based limitation 

Final Monthly Benefit under Proposed Suspension 

Summary of Applicable Federal Limitations 

110% of PBGC guaranteed limit? 

Disability limit? 

Age-based limit? 

8.13 

3/26/1943 

4/1/1998 

55 years 0 months 

76 years 0 months 

No 

2605.88 

2605.88 

0.9400 

1.0000 

33.00 

joint & 100% survivor 

Current Benefit 

2605.88 

78.97 

35.75 

1179.75 

1297.73 

2064.56 

Current Benefit 

2605.88 2605.88 

2772.21 2772.21 

0.3714 0.3714 

1029.60 1029.60 

1029.60 1029.60 

1297.73 1297.73 

48 48 

1559.36 1559.36 

1559.36 1559.36 

Yes 

No 

Yes 

Survivor Benefit 

2605.88 

78.97 

35.75 

1179.75 

1297.73 

2064.56 

Survivor Benefit 

TRPP134-000051
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #8 – 4.01 Demonstration that Limitations on Individual Suspensions Satisfied 

Illustration #11 

Participant Category: Group R26 Individual Currently Receiving Benefits 

Suspension Limitation: Age 75-79 

Date of birth 

Date of retirement 

Age at retirement date 

Age at suspension date 

Disabled? 

Current monthly benefit 

Early retirement reduction factor (ERF) applied to current benefit 

Late retirement factor (LRF) applied to current benefit 

Total years of credited service as of July 1, 2008 

Form of pension 

Calculation of 110% and 175% of PBGC Guarantee 

Current monthly benefit, w/o regard to LRF 

PBGC accrual rate 

PBGC guaranteed accrual rate 

PBGC guaranteed benefit (no greater than current benefit) 

110% of PBGC guaranteed benefit (no greater than current benefit) 

175% of PBGC guaranteed benefit (no greater than current benefit) 

Calculation of Monthly Benefit under Proposed Suspension 

Current monthly benefit 

Current monthly benefit, w/o regard to ERF 

ERF to be applied under proposed suspension 

Step 1: Monthly benefit adjusted by proposed suspension ERF 

Step 2: Lesser of Step 1 benefit and 175% of PBGC guaranteed benefit 

Greater of Step 2 benefit and 110% of PBGC guaranteed benefit 

Months from age 80 (at suspension date, max 60 mos) 

Monthly benefit after age-based limitation 

Final Monthly Benefit under Proposed Suspension 

Summary of Applicable Federal Limitations 

110% of PBGC guaranteed limit? 

Disability limit? 

Age-based limit? 

8.14 

12/22/1939 

11/1/2001 

10 

61 years months 

79 years 3 months 

No 

2257.93 

1.0000 

1.0000 

28.00 

5 year certain & life 

2257.93 

80.64 

35.75 

1001.00 

1101.10 

1751.75 

2257.93 

2257.93 

0.7137 

1611.48 

1611.48 

1611.48 

9 

2160.96 

2160.96 

No 

No 

Yes 

TRPP134-000052
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #8 – 4.01 Demonstration that Limitations on Individual Suspensions Satisfied 

Illustration #12 

Participant Category: Group R28 Individual Currently Receiving Benefits 

Suspension Limitation: Age 75-79 

Date of birth 

Date of retirement 

Age at retirement date 

Age at suspension date 

Disabled? 

Current monthly benefit 

Early retirement reduction factor (ERF) applied to current benefit 

Late retirement factor (LRF) applied to current benefit 

Total years of credited service as of July 1, 2008 

Form of pension 

Calculation of 110% and 175% of PBGC Guarantee 

Current monthly benefit, w/o regard to LRF 

PBGC accrual rate 

PBGC guaranteed accrual rate 

PBGC guaranteed benefit (no greater than current benefit) 

110% of PBGC guaranteed benefit (no greater than current benefit) 

175% of PBGC guaranteed benefit (no greater than current benefit) 

Calculation of Monthly Benefit under Proposed Suspension 

Current monthly benefit 

Current monthly benefit, w/o regard to ERF 

ERF to be applied under proposed suspension 

Step 1: Monthly benefit adjusted by proposed suspension ERF 

Step 2: Lesser of Step 1 benefit and 175% of PBGC guaranteed benefit 

Greater of Step 2 benefit and 110% of PBGC guaranteed benefit 

Months from age 80 (at suspension date, max 60 mos) 

Monthly benefit after age-based limitation 

Final Monthly Benefit under Proposed Suspension 

Summary of Applicable Federal Limitations 

110% of PBGC guaranteed limit? 

Disability limit? 

Age-based limit? 

8.15 

5/27/1941 

6/1/2004 

63 years 0 months 

10 

77 years months 

No 

2214.92 

0.9400 

1.0000 

18.00 

5 year certain & life 

2214.92 

123.05 

35.75 

643.50 

707.85 

1126.13 

2214.92 

2356.30 

0.8052 

1897.29 

1126.13 

1126.13 

26 

1743.11 

1743.11 

No 

No 

Yes 

TRPP134-000053
 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #9 – 4.02(1) Demonstration that Proposed Suspension is Reasonably Estimated 

to Enable the Plan to Avoid Insolvency 

Does the application include a demonstration that the proposed suspension is reasonably 

estimated to achieve the level necessary to avoid insolvency for the extended period, including 

illustrations regarding the plan's solvency ratio and available resources? 

See section 4.02(1) of Revenue Procedure 2017-43. 

Document 9.1 provides a demonstration that the proposed suspension is reasonably estimated 

to achieve the level necessary to avoid insolvency for the extended period. 

TRPP134-000054
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #9 – 4.02(1) Demonstration that Proposed Suspension is Reasonably Estimated 

to Enable the Plan to Avoid Insolvency 

Document 9.1 

Proposed Suspension is Reasonably Estimated 

To Enable the Pension Plan to Avoid Insolvency 

This application filed on behalf of the Pension Plan includes an actuarial certification of plan 

solvency under ERISA § 305(e)(9)(c)(i) and IRC Section 432(e)(9)(C)(i) as of the effective date of 

the proposed benefit suspension, which is March 31, 2019. See Document 6.1 of Checklist 

Item #6. 

Exhibit III of Checklist Item #6 provides an illustration based on the deterministic basis showing 

that the proposed suspension is reasonably estimated to avoid insolvency throughout the 

extended period. This illustration provides the market value and solvency ratio for the period 

beginning on July 1, 2016 and ending on June 30, 2063. 

The stochastic projections are not required for the Pension Plan. See Revenue Procedure 

2017-43, Section 4.02(2). 

Exhibit VI of Checklist Item #6 describes the actuarial assumptions and methodology used in the 

reports filed with this application, as required under Revenue Procedure 2017-43, 

Section 4.02(3). 

Document 9.1 

TRPP134-000055
 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #10 – 4.02(2) Illustration Utilizing Stochastic Projections 

Does the application include an illustration that the proposed suspension is reasonably 

estimated to achieve the level necessary to avoid insolvency for the extended period utilizing 

stochastic projections? (This illustration is optional if the plan is not required to appoint a 

retiree representative under § 432(e)(9)(B)(v)). 

See section 4.02(2) of Revenue Procedure 2017-43. 

The Toledo Roofers Local No. 134 Pension Plan has less than 10,000 participants and is not the 

type of Plan described in Section 432(e)(9)(B)(v). As a result, the Plan is not required to appoint 

a retiree representative. Stochastic projections were not required to make the determination; 

therefore, the application filed on behalf of the Plan does not include any stochastic 

projections. 

Document #10 

TRPP134-000056
 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #11 – 4.03 Demonstration that the Proposed Suspension is Reasonably 

Estimated to not Materially Exceed the Level Necessary to Avoid Insolvency 

Does the application include a demonstration that the proposed suspension is not projected to 

materially exceed the level necessary to avoid insolvency, including: 

• the plan-year-by-plan-year projections demonstrating projected insolvency during the 

relevant period, and 

• a separate identification of the available resources (and the market value of assets and 

changes in cash flow) during each of those years? 

See section 4.03 of Revenue Procedure 2017-43. 

Document 11.1 provides a demonstration that the proposed suspension is not projected to 

materially exceed the level necessary to avoid insolvency. 

TRPP134-000057
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #11 – Demonstration that the Proposed Suspension is Reasonably Estimated to 

not Materially Exceed the Level Necessary to Avoid Insolvency 

Document 11.1 

Proposed Suspension Will Not Materially Exceed 

the Level Necessary to Avoid Insolvency 

This application filed on behalf of the Pension Plan includes an actuarial certification of plan 

solvency under ERISA § 305(e)(9)(c)(i) and IRC Section 432(e)(9)(C)(i) as of the effective date of 

the proposed benefit suspension, which is March 31, 2019. 

Exhibit IV of Checklist Item #6 provides an illustration showing that the proposed suspension is 

reasonably estimated to avoid insolvency, but not to materially exceed the level needed to 

avoid insolvency throughout the extended period. Exhibit IV also includes a year-by year 

solvency projection with the solvency ratio and separately identifies the market value of assets, 

contributions, investment earnings, plan benefits and expenses. 

Exhibit IV requires that each participant’s and beneficiary’s proposed suspension benefit be 

reduced by the greater of 5% of the reduction in payment proposed for that participant or 

beneficiary or 2% of that participant’s or beneficiary’s payment determined without regard to 

the proposed reduction. 

Exhibit IV is based on the actuary’s interpretation of the requirements under Revenue 

Procedure 2017-43, Section 4.03. 

Checklist Item #25 describes each of the assumptions used, as required under Revenue 

Procedure 2017-43, Section 4.02(3). 

11.1 

TRPP134-000058
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Does the application include a demonstration that the proposed suspension is equitably 

distributed, including: 

• information on the effect of the suspension on the plan in the aggregate, 

• information on the effect of the suspension for different categories or groups, 

• a list of the factors taken into account, 

• an explanation of why none of the factors listed in § 432(e)(9)(D)(vi) were taken into 

account (if applicable), 

• for each factor taken into account that is not one of the factors listed in § 

432(e)(9)(D)(vi), an explanation why the factor is relevant, and 

• an explanation of how any difference in treatment among categories or groups of 

individuals results from a reasonable application of the relevant factors? 

See section 4.04 of Revenue Procedure 2017-43. 

Document 12.1 presents the Pension Plan’s demonstration, in consultation with its actuary, 

that the proposed suspension is equitably distributed. 

TRPP134-000059
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Document 12.1 

The Pension Plan’s Demonstration 

of Equitable Distribution 

The proposed benefit suspension is distributed equitably across the participant and beneficiary 

population via a two-step process as follows: 

Step 1: The elimination of any early retirement subsidy on the benefits of those 

participants, or their beneficiaries, who retired prior to the Plan’s Normal Retirement 

Age of 65. The elimination of any early retirement subsidy is accomplished by 

recalculating the benefit to apply the full early retirement actuarial reduction factors 

that would have been applicable to the benefit based on the participant’s age at 

retirement had the participant retired subject to the same Plan provisions that apply to 

benefits commencing after July 1, 2018 (the date of the final removal of all early 

retirement subsidies for retirement prior to the Normal Retirement Age of 65). 

As stated above, all early retirement subsidies have already been eliminated for 

participants with benefits commencing after July 1, 2018. This change was imposed as 

part of the 2018 update to the Plan’s Rehabilitation Plan. Therefore, the elimination of 

any early retirement subsidy on benefits already in pay status via Step 1 has the effect 

of placing all participants on equal footing with respect to early retirement subsidies: 

After Step 1, early retirement subsidies will be eliminated from all benefits, regardless of 

commencement date [save the “individual limitations” of IRC §432(e)(9)(D)(i), (ii) and 

(iii)]. 

Step 2: If, after the application of Step 1, the benefit is greater than 175% of the amount 

guaranteed by the PBGC, the benefit shall be further reduced to 175% of the amount 

guaranteed by the PBGC [save the “individual limitations” of IRC §432(e)(9)(D)(i), (ii) and 

(iii)]. 

The terms of the proposed suspension do not explicitly apply differently to any groups. 

However, the Pension Plan’s accrual rate formula and early retirement reduction factors have 

changed multiple times, leading to different impacts of the proposed suspension depending on 

the periods during which members worked and when they retired. 

12.1 

TRPP134-000060
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

A summary of the benefit accrual rate follows: 

• (A) $4.00 multiplied by such person's Years of Credited Service earned prior to May 

1, 1962, 

plus 

• (B) A percentage of the aggregate amount of Employer contributions contributing 

Employers were obligated to contribute to the Plan on such person's behalf for work 

performed prior to July 1, 2004, as follows: 

o (i) 2.2% for individuals who ceased being a Participant in the Plan prior to 

May 1, 1976, 

o (ii) 2.3% for individuals who ceased being a Participant in the Plan on or after 

May 1, 1976 and prior to January 1, 1978, 

o (iii) 2.5% for individuals who ceased being a Participant in the Plan on or after 

January 1, 1978 and prior to January 1, 1982, 

o (iv) 2.6% for individuals who ceased being a Participant in the Plan on or after 

January 1, 1982 and prior to January 1, 1984, 

o (v) 2.7% for individuals who ceased being a Participant in the Plan on or after 

January 1, 1984 and prior to January 1, 1986, 

o (vi) 2.9% for individuals who ceased being a Participant in the Plan on or after 

January 1, 1986 and prior to January 1, 1987, 

o (vii) 3.1% for individuals who ceased being a Participant in the Plan on or after 

January 1, 1987 and prior to January 1, 1989, 

o (viii) 3.2% for individuals who ceased being a Participant in the Plan on or after 

January 1, 1989 and prior to January 1, 1990, 

o (ix) 3.5% for individuals who ceased being a Participant in the Plan on or after 

January 1, 1990, 

plus 

• (C) $9.60 for each 100 hours for which contributing Employers were obligated to 

contribute to the Plan on such person's behalf for work performed on or after July 1, 

2004 and prior to July 1, 2008, 

plus 

• (D) $0 for any hours for which contributing Employers were obligated to contribute 

to the Plan on such person's behalf for work performed on or after July 1, 2008. 

12.2 

TRPP134-000061
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

The following tables are the Plan’s early retirement reduction factors, shown as a percentage of 

the Participant’s benefit that would have been payable if the Participant had retired at age 65: 

For Participants retiring with less than 25 years of vesting service at retirement: 

Date Individual Ceased to be a Participant in the Plan 

(I) (II) (III) 

Participant 

Age at 

Retirement 

Prior to 

1/1/1998 

On or after 1/1/1998 

and prior to 1/1/2010 

On or after 1/1/2010 

(full actuarial reduction factors) 

55 40% 70% 37.14% 

56 46% 73% 40.64% 

57 52% 76% 44.54% 

58 58% 79% 48.91% 

59 64% 82% 53.80% 

60 70% 85% 59.31% 

61 76% 88% 65.52% 

62 82% 91% 72.54% 

63 88% 94% 80.52% 

64 94% 97% 89.61% 

65 100% 100% 100.00% 

For Participants retiring with 25 or more years of vesting service at retirement: 

Date Individual Ceased to be a Participant in the Plan 

(IV) (V) (VI) (VII) (VIII) (IX) (X) 

Participant 

Age at 

Retirement 

Prior to 

1/1/1988 

On or after 

1/1/1988 

and prior to 

1/1/1995 

On or after 

1/1/1995 

and prior to 

1/1/1998 

On or after 

1/1/1998 

and prior to 

1/1/2001 

On or after 

1/1/2001 

and prior to 

1/1/2010 

On or after 

1/1/2010 

and prior to 

7/1/2018 

On or after 

7/1/2018 

(full actuarial 

reduction 

factors) 

54 N/A N/A N/A N/A 94% 61% 34.00% 

55 70% 82% 88% 94% 97% 67% 37.14% 

56 76% 88% 94% 97% 100% 73% 40.64% 

57 82% 94% 100% 100% 100% 79% 44.54% 

58 88% 100% 100% 100% 100% 85% 48.91% 

59 94% 100% 100% 100% 100% 91% 53.80% 

60 100% 100% 100% 100% 100% 94% 59.31% 

61 100% 100% 100% 100% 100% 97% 65.52% 

62 100% 100% 100% 100% 100% 100% 72.54% 

63 100% 100% 100% 100% 100% 100% 80.52% 

64 100% 100% 100% 100% 100% 100% 89.61% 

65 100% 100% 100% 100% 100% 100% 100.00% 

Attached are the following summaries of benefits: 

• Exhibit 12.1: Distribution of benefit suspensions in 10% increments for all participants. 

• Exhibit 12.2: Distribution of benefit suspensions by group under regulations. 

12.3 

TRPP134-000062
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

• Exhibits 12.3 and 12.4: Distributions of benefit suspensions by group under regulations 

for in pay status and not in pay status in 10% increments. 

Exhibits 12.1, 12.2, 12.3, and 12.4 contain the demonstrations required by Revenue Procedure 

2017-43, section 4.04. 

For the demonstrations requested by Revenue Procedure 2017-43, section 4.04, the Board of 

Trustees, in consultation with the Pension Plan’s actuary, relied on regulations at 26 C.F.R. § 

1.432(e)(9)-1(d)(6)(iv) and (v) to guide it in its selection of the relevant groups. The terms of the 

proposed suspension do not explicitly apply differently to any groups. However, the Pension 

Plan’s accrual rate formula and early retirement reduction factors have changed multiple times, 

leading to different impacts of the proposed suspension, depending on the periods during 

which members worked and when they retired. Based on the Board of Trustees’ best 

interpretation of the most relevant factors, and in consultation with the Pension Plan’s actuary, 

the Pension Plan has shown results for the following groups: 

Notes: 

• Retiree groups represent all participants in pay status, including surviving spouses and alternate payees. 

• A blank cell indicates that the criterion does not apply. For example, group I11 does not have entries in 

the columns for Formula Parts A and B because the participants in group I11 do not have any Years of 

Credited Service prior to May 1, 1962 (necessary to earn benefits under Formula Part A) or any 

contributions on behalf of work performed prior to July 1, 2004 (necessary to earn benefits under 

Formula Part B). Similarly, group R35 does not have an entry in the Early Retirement Factor Table column 

because participants in group R35 did not retire prior to the Plan’s Normal Retirement Age of 65. 

Group 

Participant 

Type 

Multiplier for 

Benefits 

Earned under 

Formula Part A 

Multiplier for 

Benefits 

Earned under 

Formula Part B 

Multiplier for 

Benefits 

Earned under 

Formula Part C 

Multiplier for 

Benefits 

Earned under 

Formula Part D 

Early Retirement 

Factor Table 

Applied to 

Benefit 

R1 Retiree $4.00 2.9% IV 

R2 Retiree $4.00 3.1% V 

R3 Retiree $4.00 3.2% V 

R4 Retiree $4.00 3.5% V 

R5 Retiree 2.2% I 

R6 Retiree 2.2% 

R7 Retiree 2.3% 

R8 Retiree 2.5% I 

R9 Retiree 2.5% 

R10 Retiree 2.6% I 

R11 Retiree 2.6% 

R12 Retiree 2.7% I 

R13 Retiree 2.7% 

R14 Retiree 2.9% I 

R15 Retiree 2.9% 

R16 Retiree 3.1% I 

R17 Retiree 3.1% V 

R18 Retiree 3.1% 

12.4 

TRPP134-000063
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

R19 Retiree 3.2% I 

R20 Retiree 3.2% V 

R21 Retiree 3.5% I 

R22 Retiree 3.5% II 

R23 Retiree 3.5% V 

R24 Retiree 3.5% VI 

R25 Retiree 3.5% VII 

R26 Retiree 3.5% VIII 

R27 Retiree 3.5% 

R28 Retiree 3.5% $9.60 II 

R29 Retiree 3.5% $9.60 VIII 

R30 Retiree 3.5% $9.60 

R31 Retiree 3.5% $9.60 $0.00 II 

R32 Retiree 3.5% $9.60 $0.00 III 

R33 Retiree 3.5% $9.60 $0.00 VIII 

R34 Retiree 3.5% $9.60 $0.00 IX 

R35 Retiree 3.5% $9.60 $0.00 

I1 Inactive Vested 2.3% 

I2 Inactive Vested 2.5% 

I3 Inactive Vested 2.6% 

I4 Inactive Vested 2.7% 

I5 Inactive Vested 2.9% 

I6 Inactive Vested 3.1% 

I7 Inactive Vested 3.2% 

I8 Inactive Vested 3.5% 

I9 Inactive Vested 3.5% $9.60 

I10 Inactive Vested 3.5% $9.60 $0.00 

I11 Inactive Vested $9.60 $0.00 

I12 Inactive Vested $0.00 

A1 Active 3.5% $9.60 $0.00 

A2 Active $9.60 $0.00 

A3 Active $0.00 

As discussed elsewhere in this proposal, and after careful consideration of the various factors, 

the Board of Trustees have decided that the most important of the statutory factors listed in § 

432(e)(9)(D)(vi) were the following: 

1. The age and life expectancy of the participant or beneficiary; 

2. The length of time that benefits have been in pay status; 

3. The amount of benefits; 

4. The type of benefit, such as survivor benefit, normal retirement benefit, or early 

retirement benefit; 

5. The extent to which a participant or beneficiary is receiving a subsidized benefit; 

6. The history of benefit increases and reductions for participants and beneficiaries; 

7. Any differences between active and retiree benefits; 

12.5 

TRPP134-000064
 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

8. The extent to which active participants are reasonably likely to withdraw support 

for the plan, accelerating employer withdrawals from the plan and increasing the 

risk of additional benefit reductions for participants in and out of pay status. 

Ultimately, since the proposed benefit suspension is the same formula applied to all 

participants and beneficiaries [save the “individual limitations” of IRC §432(e)(9)(D)(i), (ii) 

and (iii)], the factors taken into consideration for the purposes of this proposed benefit 

suspension are moot. 

12.6 

TRPP134-000065
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Exhibit 12.1 Distribution of Benefit Suspensions in 10% Increments for All Individuals 

Percentage of Benefit Percentage 

Reduction Count of Individuals 

0% 276 58.35% 

0.001% to 10% 23 4.86% 

10.001% to 20% 21 4.44% 

20.001% to 30% 23 4.86% 

30.001% to 40% 32 6.77% 

40.001% to 50% 44 9.30% 

50.001% to 60% 38 8.03% 

60.001% to 70% 16 3.38% 

70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 

12.7 

TRPP134-000066
 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Exhibit 12.2 Distribution of Benefit Suspensions by Category under Regulations 

Retirees 

Average Benefit Average Benefit PV Reduction in 

Group Count Before Suspension After Suspension Benefits 

R1 1 324 324 0 

R2 1 378 378 0 

R3 1 523 523 0 

R4 2 383 382 140 

R5 1 30 30 0 

R6 2 63 63 0 

R7 3 119 119 0 

R8 5 62 62 0 

R9 5 234 228 2,759 

R10 8 288 288 247 

R11 2 466 466 0 

R12 3 220 220 0 

R13 3 706 706 0 

R14 2 164 163 77 

R15 1 372 372 0 

R16 8 270 270 0 

R17 1 932 932 0 

R18 3 535 535 0 

R19 1 758 758 0 

R20 5 852 852 0 

R21 15 832 822 13,980 

R22 19 807 732 140,724 

R23 8 1,317 1,317 0 

R24 10 2,070 2,002 61,352 

R25 4 2,104 1,403 314,918 

R26 10 2,522 1,535 1,176,851 

R27 6 1,752 1,752 0 

R28 11 1,261 1,071 241,542 

R29 12 3,641 1,594 2,950,640 

R30 5 830 768 34,605 

R31 6 1,704 1,154 399,772 

R32 7 571 569 965 

R33 10 2,419 1,165 1,558,954 

R34 25 2,425 1,398 3,337,936 

R35 3 1,796 1,796 0 

Total 209 1,386 987 10,235,462 

Notes: 

Retirees include surviving spouses and alternate payees 

Present Value (PV) as of 1/1/2017 using assumptions specified in Checklist #25 

12.8 

TRPP134-000067
 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Exhibit 12.2 Distribution of Benefit Suspensions by Category under Regulations (continued) 

Inactive Vested 

Average Benefit Average Benefit PV Reduction in 

Group Count Before Suspension After Suspension Benefits 

I1 1 82 70 0 

I2 2 101 101 0 

I3 2 476 386 916 

I4 7 422 422 3,650 

I5 2 429 429 498 

I6 5 621 424 5,387 

I7 4 529 453 1,949 

I8 45 779 533 97,663 

I9 15 1,148 786 17,266 

I10 28 1,003 640 29,497 

I11 2 235 165 19 

I12 2 0 0 0 

Total 115 792 546 156,845 

Notes: 

Benefit amount based on benefit payable at Normal Retirement Age as a life annuity 

Present Value (PV) as of 1/1/2017 using assumptions specified in Checklist #25 

Actives 

Average Benefit Average Benefit PV Reduction in 

Group Count Before Suspension After Suspension Benefits 

A1 44 1,816 993 460,493 

A2 9 159 128 194 

A3 96 0 0 0 

Total 149 546 301 460,687 

Notes: 

Benefit amount based on benefit payable at Normal Retirement Age as a life annuity 

Present Value (PV) as of 1/1/2017 using assumptions specified in Checklist #25 

All Participants 

Average Benefit Average Benefit PV Reduction in 

Group Count Before Suspension After Suspension Benefits 

All 473 977 664 10,852,994 

Notes: 

Present Value (PV) as of 1/1/2017 using assumptions specified in Checklist #25 

12.9 

TRPP134-000068
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Exhibit 12.3 Distributions of Benefit Suspensions by Category and 10% Increments, 

In Payment 

Group: R1 Group: R2 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 1 100.00% 0% 1 100.00% 

0.001% to 10% 0 0.00% 0.001% to 10% 0 0.00% 

10.001% to 20% 0 0.00% 10.001% to 20% 0 0.00% 

20.001% to 30% 0 0.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

Group: R3 Group: R4 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 1 100.00% 0% 1 50.00% 

0.001% to 10% 0 0.00% 0.001% to 10% 1 50.00% 

10.001% to 20% 0 0.00% 10.001% to 20% 0 0.00% 

20.001% to 30% 0 0.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

12.10 

TRPP134-000069
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Exhibit 12.3 Distributions of Benefit Suspensions by Category and 10% Increments, 

In Payment (continued) 

Group: R5 Group: R6 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 1 100.00% 0% 2 100.00% 

0.001% to 10% 0 0.00% 0.001% to 10% 0 0.00% 

10.001% to 20% 0 0.00% 10.001% to 20% 0 0.00% 

20.001% to 30% 0 0.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

Group: R7 Group: R8 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 3 100.00% 0% 5 100.00% 

0.001% to 10% 0 0.00% 0.001% to 10% 0 0.00% 

10.001% to 20% 0 0.00% 10.001% to 20% 0 0.00% 

20.001% to 30% 0 0.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

12.11 

TRPP134-000070
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Exhibit 12.3 Distributions of Benefit Suspensions by Category and 10% Increments, 

In Payment (continued) 

Group: R9 Group: R10 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 4 80.00% 0% 7 87.50% 

0.001% to 10% 0 0.00% 0.001% to 10% 1 12.50% 

10.001% to 20% 1 20.00% 10.001% to 20% 0 0.00% 

20.001% to 30% 0 0.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

Group: R11 Group: R12 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 2 100.00% 0% 3 100.00% 

0.001% to 10% 0 0.00% 0.001% to 10% 0 0.00% 

10.001% to 20% 0 0.00% 10.001% to 20% 0 0.00% 

20.001% to 30% 0 0.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

12.12 

TRPP134-000071
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Exhibit 12.3 Distributions of Benefit Suspensions by Category and 10% Increments, 

In Payment (continued) 

Group: R13 Group: R14 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 3 100.00% 0% 1 50.00% 

0.001% to 10% 0 0.00% 0.001% to 10% 1 50.00% 

10.001% to 20% 0 0.00% 10.001% to 20% 0 0.00% 

20.001% to 30% 0 0.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

Group: R15 Group: R16 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 1 100.00% 0% 8 100.00% 

0.001% to 10% 0 0.00% 0.001% to 10% 0 0.00% 

10.001% to 20% 0 0.00% 10.001% to 20% 0 0.00% 

20.001% to 30% 0 0.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

12.13 

TRPP134-000072
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Exhibit 12.3 Distributions of Benefit Suspensions by Category and 10% Increments, 

In Payment (continued) 

Group: R17 Group: R18 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 1 100.00% 0% 3 100.00% 

0.001% to 10% 0 0.00% 0.001% to 10% 0 0.00% 

10.001% to 20% 0 0.00% 10.001% to 20% 0 0.00% 

20.001% to 30% 0 0.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

Group: R19 Group: R20 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 1 100.00% 0% 5 100.00% 

0.001% to 10% 0 0.00% 0.001% to 10% 0 0.00% 

10.001% to 20% 0 0.00% 10.001% to 20% 0 0.00% 

20.001% to 30% 0 0.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

12.14 

TRPP134-000073
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Exhibit 12.3 Distributions of Benefit Suspensions by Category and 10% Increments, 

In Payment (continued) 

Group: R21 Group: R22 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 11 73.33% 0% 11 57.89% 

0.001% to 10% 3 20.00% 0.001% to 10% 3 15.79% 

10.001% to 20% 1 6.67% 10.001% to 20% 3 15.79% 

20.001% to 30% 0 0.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 30.001% to 40% 2 10.53% 

40.001% to 50% 0 0.00% 40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

Group: R23 Group: R24 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 8 100.00% 0% 6 60.00% 

0.001% to 10% 0 0.00% 0.001% to 10% 3 30.00% 

10.001% to 20% 0 0.00% 10.001% to 20% 1 10.00% 

20.001% to 30% 0 0.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

12.15 

TRPP134-000074
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Exhibit 12.3 Distributions of Benefit Suspensions by Category and 10% Increments, 

In Payment (continued) 

Group: R25 Group: R26 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 0 0.00% 0% 2 20.00% 

0.001% to 10% 1 25.00% 0.001% to 10% 1 10.00% 

10.001% to 20% 0 0.00% 10.001% to 20% 0 0.00% 

20.001% to 30% 0 0.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 2 50.00% 30.001% to 40% 1 10.00% 

40.001% to 50% 1 25.00% 40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 50.001% to 60% 5 50.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 1 10.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

Group: R27 Group: R28 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 6 100.00% 0% 5 45.45% 

0.001% to 10% 0 0.00% 0.001% to 10% 0 0.00% 

10.001% to 20% 0 0.00% 10.001% to 20% 1 9.09% 

20.001% to 30% 0 0.00% 20.001% to 30% 3 27.27% 

30.001% to 40% 0 0.00% 30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 40.001% to 50% 2 18.18% 

50.001% to 60% 0 0.00% 50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

12.16 

TRPP134-000075
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Exhibit 12.3 Distributions of Benefit Suspensions by Category and 10% Increments, 

In Payment (continued) 

Group: R29 Group: R30 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 1 8.33% 0% 4 80.00% 

0.001% to 10% 0 0.00% 0.001% to 10% 0 0.00% 

10.001% to 20% 0 0.00% 10.001% to 20% 1 20.00% 

20.001% to 30% 0 0.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 40.001% to 50% 0 0.00% 

50.001% to 60% 4 33.33% 50.001% to 60% 0 0.00% 

60.001% to 70% 7 58.33% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

Group: R31 Group: R32 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 2 33.33% 0% 6 85.71% 

0.001% to 10% 0 0.00% 0.001% to 10% 1 14.29% 

10.001% to 20% 0 0.00% 10.001% to 20% 0 0.00% 

20.001% to 30% 0 0.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 2 33.33% 30.001% to 40% 0 0.00% 

40.001% to 50% 2 33.33% 40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

12.17 

TRPP134-000076
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Exhibit 12.3 Distributions of Benefit Suspensions by Category and 10% Increments, 

In Payment (continued) 

Group: R33 Group: R34 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 0 0.00% 0% 2 8.00% 

0.001% to 10% 0 0.00% 0.001% to 10% 0 0.00% 

10.001% to 20% 1 10.00% 10.001% to 20% 0 0.00% 

20.001% to 30% 1 10.00% 20.001% to 30% 1 4.00% 

30.001% to 40% 0 0.00% 30.001% to 40% 1 4.00% 

40.001% to 50% 3 30.00% 40.001% to 50% 16 64.00% 

50.001% to 60% 2 20.00% 50.001% to 60% 3 12.00% 

60.001% to 70% 3 30.00% 60.001% to 70% 2 8.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

Group: R35 

Percentage of Benefit Percentage 

Reduction Count of Individuals 

0% 3 100.00% 

0.001% to 10% 0 0.00% 

10.001% to 20% 0 0.00% 

20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 

12.18 

TRPP134-000077
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Exhibit 12.4 Distributions of Benefit Suspensions by Category and 10% Increments, 

Not In Payment 

Group: I1 Group: I2 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 0 0.00% 0% 2 100.00% 

0.001% to 10% 0 0.00% 0.001% to 10% 0 0.00% 

10.001% to 20% 1 100.00% 10.001% to 20% 0 0.00% 

20.001% to 30% 0 0.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

Group: I3 Group: I4 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 1 50.00% 0% 7 100.00% 

0.001% to 10% 0 0.00% 0.001% to 10% 0 0.00% 

10.001% to 20% 0 0.00% 10.001% to 20% 0 0.00% 

20.001% to 30% 1 50.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

12.19 

TRPP134-000078
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Exhibit 12.4 Distributions of Benefit Suspensions by Category and 10% Increments, 

Not In Payment (continued) 

Group: I5 Group: I6 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 2 100.00% 0% 3 60.00% 

0.001% to 10% 0 0.00% 0.001% to 10% 0 0.00% 

10.001% to 20% 0 0.00% 10.001% to 20% 0 0.00% 

20.001% to 30% 0 0.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 30.001% to 40% 1 20.00% 

40.001% to 50% 0 0.00% 40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 50.001% to 60% 1 20.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

Group: I7 Group: I8 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 3 75.00% 0% 18 40.00% 

0.001% to 10% 0 0.00% 0.001% to 10% 4 8.89% 

10.001% to 20% 0 0.00% 10.001% to 20% 3 6.67% 

20.001% to 30% 0 0.00% 20.001% to 30% 3 6.67% 

30.001% to 40% 1 25.00% 30.001% to 40% 6 13.33% 

40.001% to 50% 0 0.00% 40.001% to 50% 7 15.56% 

50.001% to 60% 0 0.00% 50.001% to 60% 3 6.67% 

60.001% to 70% 0 0.00% 60.001% to 70% 1 2.22% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

12.20 

TRPP134-000079
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Exhibit 12.4 Distributions of Benefit Suspensions by Category and 10% Increments, 

Not In Payment (continued) 

Group: I9 Group: I10 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 6 40.00% 0% 7 25.00% 

0.001% to 10% 0 0.00% 0.001% to 10% 2 7.14% 

10.001% to 20% 2 13.33% 10.001% to 20% 2 7.14% 

20.001% to 30% 0 0.00% 20.001% to 30% 5 17.86% 

30.001% to 40% 3 20.00% 30.001% to 40% 4 14.29% 

40.001% to 50% 2 13.33% 40.001% to 50% 4 14.29% 

50.001% to 60% 2 13.33% 50.001% to 60% 3 10.71% 

60.001% to 70% 0 0.00% 60.001% to 70% 1 3.57% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

Group: I11 Group: I12 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 1 50.00% 0% 2 100.00% 

0.001% to 10% 0 0.00% 0.001% to 10% 0 0.00% 

10.001% to 20% 0 0.00% 10.001% to 20% 0 0.00% 

20.001% to 30% 0 0.00% 20.001% to 30% 0 0.00% 

30.001% to 40% 1 50.00% 30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

12.21 

TRPP134-000080
 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Exhibit 12.4 Distributions of Benefit Suspensions by Category and 10% Increments, 

Not In Payment (continued) 

Group: A1 Group: A2 

Percentage of Benefit Percentage Percentage of Benefit Percentage 

Reduction Count of Individuals Reduction Count of Individuals 

0% 3 6.82% 0% 4 44.44% 

0.001% to 10% 2 4.55% 0.001% to 10% 0 0.00% 

10.001% to 20% 2 4.55% 10.001% to 20% 2 22.22% 

20.001% to 30% 9 20.45% 20.001% to 30% 0 0.00% 

30.001% to 40% 6 13.64% 30.001% to 40% 2 22.22% 

40.001% to 50% 6 13.64% 40.001% to 50% 1 11.11% 

50.001% to 60% 15 34.09% 50.001% to 60% 0 0.00% 

60.001% to 70% 1 2.27% 60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 90.001% to 100% 0 0.00% 

Group: A3 

Percentage of Benefit Percentage 

Reduction Count of Individuals 

0% 96 100.00% 

0.001% to 10% 0 0.00% 

10.001% to 20% 0 0.00% 

20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 

12.22 

TRPP134-000081
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Toledo Roofers Local No. 134 Pension Plan 

Document 12.2 

The Board of Trustees of the Toledo Roofers Local No. 134 Pension Plan propose a suspension of 

benefits formula that applies a uniform series of steps to recalculate each participant or beneficiary's 

accrued benefit, effective as of March 31, 2019, whether the participant or beneficiary is presently in pay 

status or has not yet commenced payment of benefits. After consideration of the factors set forth below, 

and several possible alternative designs, the Board of Trustees determined that the proposed suspension of 

benefits set forth in this application was equitable to the Plan's participants and beneficiaries and the 

preferred implementation for a suspension of benefits for this Plan. 

The first step of the recalculation is the application of the early retirement factors, a full actuarial 

reduction, that would have been applicable to the participant's age at retirement had the participant retired 

subject to the same Plan provisions that apply to monthly benefits with an annuity starting date after July 

1, 2018. Similarly, beneficiaries presently receiving monthly benefits would have their benefits 

recalculated to apply the early retirement factors that would have been applicable after July 1, 2018 to the 

accrued benefit of the participant on whom the beneficiary's benefit is based. 

The purpose of this first step is to place all individuals entitled to or receiving a benefit on equal footing 

and eliminate any subsidy that any participant or beneficiary may receive from the Plan for monthly 

benefits going forward. Thus, for any participant who retired after July 1, 2018, the first step would not 

result in any reduction of their monthly benefit because either no early retirement reduction was 

applicable due to retirement on or after age 65, or the participant or beneficiary would be or already has 

been subject to the early retirement reduction. 

If after the application of the first step, the benefit is greater than 175% of the amount guaranteed by the 

PBGC, the benefit shall be further reduced to 175% of the amount guaranteed by the PBGC. If 

application of the first step results in an adjusted benefit that is less than 175% of the PBGC guaranteed 

amount, there will be no further adjustment to the benefit amount. 

Each of the above steps is limited by the application of the guarantee-based limitation, described in 26 

C.F.R. §1.432(e)(9)-1(d)(2), the age-based limitation, described in 26 C.F.R. §1.432(e)(9)-1(d)(3), and the 

disability-based limitation, described in 26 C.F.R. §1.432(e)(9)-1(d)(4). 

Through the analysis, consideration and adoption of the proposed suspension of benefits, the Board of 

Trustees considered the following factors: 

Age and Life Expectancy 

The Board of Trustees considered the age and life expectancy of the participants and beneficiaries, noting 

the protection that the age-based limitation and the disability-based limitation provided by the 

Multiemployer Pension Reform Act of 2014, and the regulations promulgated thereunder. The Board of 

Trustees did not choose to advantage or disadvantage any participant or beneficiary based on their life 

expectancy other than the removal of the subsidies for those individuals who retired prior to age 65 or 

their beneficiaries and commenced benefits on or prior to July 1, 2018. 

TRPP134-000081.01
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

Amount of Benefit 

The Board of Trustees reviewed and considered the impact of the amount of benefit each participant had 

accrued. However, the Board of Trustees determined that a reduction to a uniform percentage of the 

amount guaranteed by the PBGC, after the elimination of the pre- July 1, 2018 subsidies for those 

participants who retired prior to attaining age 65 (subject to the various statutory limitations), resulted in a 

more equitable suspension of benefits than any reduction of historical accrual rate or flat dollar reduction 

targeted at any particular group of participants or beneficiaries. 

Type of Benefit: Survivor, Normal Retirement, Early Retirement 

The Board of Trustees reviewed the possible impact of distinguishing between the various types of 

benefits. As set forth above, the Board of Trustees resolved to remove any subsidy for retirement prior to 

age 65 (Normal Retirement Age), which resulted in the imposition of early reduction factors to the 

monthly benefit of those participants, or their beneficiaries, who retired on or prior to July 1, 2018 and 

had not attained age 65 at retirement. However, all participants, and their beneficiaries, who retired after 

July 1, 2018 were already subject to those same early reduction factors. Except for the elimination of 

early retirement subsidies, the Board of Trustees did not distinguish between the types of benefit that a 

participant or beneficiary received. 

Extent to which Participant or Beneficiary is Receiving a Subsidized Benefit 

The Board of Trustees determined that the Plan would remove all subsidies from early retirement before 

the imposition of additional reductions to participants' accrued benefits. The accrued benefit is the core 

promise of the Plan, and thus, the Board of Trustees determined that it would be inequitable to continue to 

provide costly subsidies to retirees that would result in more significant reductions to other participants' 

and beneficiaries' accrued benefits, particularly since many active participants have already worked an 

additional 10 years without any accrual. 

The Board of Trustees considered the fact that the Plan froze all additional accruals in 2008. Initially, this 

accrual was intended to be a temporary 6 month period, but extended to 1 year, and eventually, indefinite. 

Finally, as set forth in the final regulations, 26 C.F.R. §1.432(e)(9)-1(d)(6)(iv), the application of the 

uniform set of early retirement reduction factors through the elimination of the Plan's early retirement 

subsidy does not result in different pre-suspension or post-suspension benefit formulas; therefore, the 

post-suspension benefit formula is a straightforward equitable reduction of each participant's and 

beneficiary's monthly benefit amount to a uniform 175% of the amount guaranteed by the PBGC. 

History of Benefit Increases and Reductions 

The Board of Trustees also considered the Plan's history of benefit reductions. Prior to July 1, 2004, the 

benefit accrual rate was 3.5% of employer contributions made on behalf of the participant. The benefit 

accrual rate was reduced to $9.60 per 100 hours of service for which contributions were made on or after 

July 1, 2004. The Board of Trustees further reduced the benefit accrual rate to zero effective July 1, 2008. 

Along with consideration of the history of the reduction of the rate of benefit accrual, the Board of 

Trustees also considered the history of increases in the hourly contribution rate. Prior to July 1, 2004, the 

contribution rate was $3.20 per hour. The rate was incrementally raised over the years to the current rate 

TRPP134-000081.02
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

of $9.65 per hour. The $9.65 per hour employer contribution necessarily reduces the amount of money 

available for other compensation to the active participant. The impact of these years of non-accrual and 

increased financial obligation to the Plan led the Board of Trustees to adopt a reduction of the hourly 

employer contribution rate by $2.00 per hour under the revised rehabilitation plan to facilitate the 

allocation of that money to a retirement plan for the active members. 

Ultimately, the Board of Trustees decided that, subject to the various guarantee-based, age-based, and 

disability-based limitations required by law, each participant and beneficiary would have the same 

uniform reduction to 175% of the PBGC guarantee applied to their monthly accrued benefit following the 

application of the standardized early retirement reduction factors (if the monthly accrued Benefit was still 

in excess of 175% of the amount guaranteed by the PBGC after the removal of all early retirement 

subsidies). 

Any Discrepancies Between Active and Retiree Benefits 

This factor was considered and discussed in conjunction with, and with the same conclusion, as the 

history of benefit reductions set forth in the previous paragraph. 

Extent to Which Active Participants are Reasonably Likely to Withdraw Support for the Plan, 

Accelerating Employer Withdrawals from the Plan and Increasing the Risk of Additional Benefit 

Reductions for Participants In and Out of Pay Status 

As demonstrated in the history of benefit increases and reductions above, and the summary of the actions 

taken by the Board of Trustees to avoid insolvency detailed in the response to Checklist Item #17, the 

active participants have not received any accrual from the Plan since 2008 despite an increasing 

contribution obligation that necessarily limited wage growth and other retirement plan accruals. The 

Board of Trustees was concerned that any perceived additional unfair allocation of benefit reductions to 

active participants, and the absence of any reduction in the hourly employer contribution rate would result 

in a rejection of the proposed suspension of benefits. 

Ultimately, the Board of Trustees decided that after the application of standardized early retirement 

reduction factors, each participant and beneficiary should receive a uniform reduction to 175% of the 

amount guaranteed by the PBGC, subject to the various statutory age-based, guarantee-based, and 

disability-based limitations. 

Ease of Communication 

In addition to the statutory factors listed in Internal Revenue Code §432(e)(9)(D) set forth and described 

above, the Board of Trustees also considered the practical difficulties of communicating any adopted 

design for the suspension of benefits to the participants and beneficiaries of the Plan. 

The Board of Trustees considered various suspensions of benefits designs, including various maximum 

percentage or dollar reductions and the standardization of prior accrual rates, and concluded that the 

proposed design provided the most equitable allocation of benefit reductions and remained the best 

option. 

TRPP134-000081.03
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #12 – 4.04 Demonstration that the Proposed Benefit Suspension Is Distributed 

Equitably 

FACTORS THAT WERE NOT TAKEN INTO ACCOUNT 

Through the analysis, consideration and adoption of the proposed suspension of benefits, the Board of 

Trustees did not consider the following factors: 

Length of Time in Pay Status 

As set forth above, the Board of Trustees' proposed elimination of the early retirement subsidies that 

caused all participants and beneficiaries to be subject to the same early retirement reduction factors. After 

applying that reduction, the Board of Trustees did not make any further distinction regarding length of 

time in pay status. 

Extent to which Participant or Beneficiary has Received Post-Retirement Benefit Increases 

The Board of Trustees did not consider or take into account the extent to which participants or 

beneficiaries received any post-retirement benefit increases. The Plan has not had any accrual for the last 

ten years. The consideration or accounting for any historical post-retirement benefit increases would 

likely be limited to only a few individuals and have limited impact due to the age-based limitation. 

Years to Retirement for Active Employees 

The Board of Trustees did not make any distinction between the age or year of retirement of any active 

participants. All active participants are subject to the same terms and conditions for retirement, including 

early retirement reduction factors, as well as benefit accrual rate and employer hourly contribution rate. 

Extent to which Benefits are Attributed to Service with an Employer that Failed to Pay its Full 

Withdrawal Liability 

As a Plan that primarily covers individuals in the building and construction industry plan, an employer 

that ceases its obligation to contribute to the Plan and does not perform work in the jurisdiction of the 

collective bargaining agreement of the type for which contributions were due within 5 years of the 

cessation of the employer's obligation to contribute to the Plan would not owe withdrawal liability 

pursuant to ERISA §4203(b). As a result, only a few employers incurred a complete withdrawal and 

ultimately failed to pay the full amount of withdrawal liability assessed, whether due to the eventual 

bankruptcy of the employer, arbitration settlement, or other reasons. None of the failures to pay the full 

amount of assessed withdrawal liability resulted in a significant loss that compelled the Board of Trustees 

to consider imposing an additional reduction on the accrued benefit or monthly payments of participants 

who worked for such an employer. 

TRPP134-000081.04
 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #13 – 4.05(1) Notice 

Does the application include a copy of the notices (excluding personally identifiable information) 

that meet the requirements under § 432(e)(9)(F)? 

See section 4.05(1) of Revenue Procedure 2017-43. 

Document 13.1 provides copies of the actual notices (excluding personally identifiable 

information) that have been or will be given to participants, beneficiaries, employers that have 

an obligation to contribute to the Plan under ERISA § 4212(a), and the employee organization 

representing participants under the Plan. 

TRPP134-000082
 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #13 – 4.05(1) Actual Notices 

Document 13.1 

Actual Notices Distributed to Participants, Beneficiaries, 

Contributing Employers, and the Members’ Employee Organization 

See the following pages. 

13.1 

TRPP134-000083
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTICE OF A PROPOSED REDUCTION OF YOUR PENSION BENEFITS 

On June 25, 2018, the Board of Trustees of the Toledo Roofers Local No. 134 Pension Plan (“Plan”) 

submitted an application to the U.S. Treasury Department for approval to reduce benefits under the 

Plan. This type of benefit reduction is allowed by the Federal law called the Multiemployer Pension 

Reform Act of 2014. 

You are getting this notice because you have a pension benefit under the Plan. The end of this notice 

describes the proposed reduction of your monthly payments.1 This notice will also answer the 

following questions for you— 

1. Why is the Board of Trustees proposing to reduce benefits? 

2. What will happen if the Plan runs out of money? 

3. How did the Board of Trustees decide whose benefits to reduce and by how much? 

4. What are the proposed reductions in benefits? 

5. What comes next? 

1. Why is the Board of Trustees proposing to reduce benefits? 

The Plan's actuary estimated that, unless benefits are reduced, the Plan will not have enough money to 

pay benefits in the plan year beginning January 1, 2030. This estimate is based on how much money the 

actuary expects the Plan to receive and to pay out each year. The Plan's actuary estimated that, with the 

reduction of benefits that the Board of Trustees has proposed, the plan should not run out of money. 

2. What will happen if the Plan runs out of money? 

If the Plan does not have enough money to pay benefits, then only the amount guaranteed by the 

Pension Benefit Guaranty Corporation (“PBGC”) will be paid. You can find the amount of your benefit 

that is guaranteed by PBGC at the end of this notice. 

If the PBGC were to become insolvent, it would not be able to pay the guaranteed benefit. Whatever it 

could pay would be less than what the Pension Plan would pay if it were to become insolvent. 

Currently, the PBGC is projected to become insolvent in 2025. 

3. How did the Board of Trustees decide whose benefits to reduce and by how much? 

Under Federal law, the Board of Trustees must apply the following rules to the proposed reduction— 

• The total reduction in everybody's benefits must be estimated to be large enough to keep the 

plan from running out of money but not larger than needed to do that. 

• Your monthly benefit and the benefit of your beneficiary cannot be reduced below 110% of the 

amount guaranteed by PBGC. 

• Disability benefits (as defined under the Plan) cannot be reduced. 

• The benefits of people who are at least 80 years old on March 31, 2019 and their beneficiaries 

cannot be reduced. 

1 A version of this notice that does not include the estimate of the effect on your benefit is being sent to 

unions that represent Plan participants and to all contributing employers. 

13.2 

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• The benefits of people who are at least 75 years old on March 31, 2019 and their beneficiaries 

are partially protected, and the closer the person is to age 80 the less the benefits can be 

reduced. 

• The reduction of benefits must be spread fairly among the people who have a pension benefit 

under the plan. 

In deciding whether the proposed reduction is spread fairly, the Board of Trustees took into account the 

following: 

1. The age and life expectancy of the participant or beneficiary; 

2. The length of time that benefits have been in pay status; 

3. The amount of benefits; 

4. The type of benefit, such as survivor benefit, normal retirement benefit, or early 

retirement benefit; 

5. The extent to which a participant or beneficiary is receiving a subsidized benefit; 

6. The history of benefit increases and reductions for participants and beneficiaries; 

7. Any differences between active and retiree benefits; 

8. The extent to which active participants are reasonably likely to withdraw support 

for the plan, accelerating employer withdrawals from the plan and increasing the 

risk of additional benefit reductions for participants in and out of pay status. 

4. What are the proposed reductions in benefits? 

The Board of Trustees proposes a reduction for all participants following a two-step process as follows: 

• Step 1: The elimination of any early retirement subsidy on the benefits of those participants, or 

their beneficiaries, who retired prior to the Plan’s Normal Retirement Age of 65. The 

elimination of any early retirement subsidy is accomplished by recalculating the benefit to apply 

the full early retirement actuarial reduction factors that would have been applicable to the 

benefit based on the participant’s age at retirement had the participant retired subject to the 

same Plan provisions that apply to benefits commencing after July 1, 2018 (the date of the final 

removal of all early retirement subsidies for retirement prior to the Normal Retirement Age of 

65). 

The following table illustrates full early retirement actuarial reduction factors that apply to the 

benefits of those participants, or their beneficiaries, who retire (or retired) prior to age 65: 

Participant’s 

Age at 

Retirement 

Early Retirement Benefit 

Shown as a % of the Participant’s Benefit 

that Would Have Been Payable 

if the Participant Had Retired at Age 65 

54 34.00% 

55 37.14% 

56 40.64% 

57 44.54% 

58 48.91% 

13.3 

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59 53.80% 

60 59.31% 

61 65.52% 

62 72.54% 

63 80.52% 

64 89.61% 

65 100.00% 

If you retired on or after attaining age 65, this step will have no impact on you or your 

beneficiary, because anyone retires on or after attaining age 65 has no reduction to their benefit 

for early retirement. Also, if you retired after July 1, 2018 (or you have not yet retired), this step 

will have no impact on you or your beneficiary, because for anyone retiring early (prior to age 

65) after July 1, 2018, benefits will already have been reduced by a full actuarial early retirement 

reduction factor. 

• Step 2: If, after the application of Step 1, the benefit is greater than 175% of the amount 

guaranteed by the PBGC, the benefit shall be further reduced to 175% of the amount 

guaranteed by the PBGC. 

This reduction will remain in effect indefinitely. It will eliminate the projected insolvency and allow the 

Plan to pay all benefits indefinitely. Without this reduction, the Plan is projected to become insolvent in 

the plan year beginning January 1, 2030. 

The reduction will apply to all participants, beneficiaries, and Alternate Payees under a Qualified 

Domestic Relations Order that are otherwise not exempt due to their age or disability status as 

described above. No person will have his/her benefit reduced below 110% of the PBGC guaranteed 

level. No person will have his/her benefit increased due to the suspension. 

The following table counts the number of individuals who fall into each benefit percent reduction range 

noted. 68 individuals that are exempt from the suspension due to their age or disability status are 

excluded from this count. Also excluded are 186 individuals with no accrued benefit. 

Percent Reduction 

in Benefit 

Number of Individuals 

That Fall Into This Range 

Under a 10% reduction 124 

10% to 20% reduction 20 

20% to 30% reduction 22 

30% to 40% reduction 34 

40% to 50% reduction 53 

50% to 60% reduction 34 

60% to 70% reduction 17 

The average percent reduction for this group of participants is 24.6%. 158 participants would receive a 

full reduction in benefit as a result of the two-step process described above. Elimination of an early 

retirement subsidy in Step 1 would reduce the benefit of 40 of those participants to below 175% of their 

PBGC guaranteed benefit, so no further reduction would be made in Step 2. The remaining 118 

participants who would receive a full reduction would have their benefit reduced to 175% of their PBGC 

13.4 

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guaranteed benefit under Step 2. 43 participants are partially exempt from a full reduction because 

they are either between ages 75 and 79 and/or the application of Step 1 would reduce their benefit to 

below 110% of their PBGC guaranteed benefit. The remaining 103 participants in the group would not 

have their benefit reduced because either their benefit is already less than 110% of their PBGC 

guaranteed benefit or it does not include an early retirement subsidy and is already below 175% of their 

PBGC guaranteed benefit. 

5. What comes next? 

Approval or denial of the application by the Treasury Department 

The Treasury Department will review the application to see whether it meets all of the legal 

requirements under Federal law. If the application meets all of those requirements, the Treasury 

Department is required to approve the application. If the application does not meet the legal 

requirements, the Treasury Department will deny the application. The Treasury Department will have 

until February 5, 2019 to make a decision. 

You can get information from the Treasury Department 

More information about the proposed benefit reductions and a copy of the application is available 

at www.treasury.gov/mpra. 

The application will be available on that website within 30 days after the Treasury Department receives 

it. The application includes more information about the proposed reduction, including details about: 1) 

the Plan actuary's certification that the Plan will run out of money (that is, that the plan is in “critical and 

declining status”); 2) how the proposed reduction would satisfy the requirement that it be large enough 

so that the Plan is estimated not to run out of money, while not being larger than needed; and 3) the 

sensitivity of these estimates to the assumptions used. 

The application describes the steps the Board of Trustees has already taken to keep the Plan from 

running out of money and why the Board of Trustees believes that a benefit reduction is the only 

remaining option to keep the plan from running out of money. In addition, the application explains why 

the Board of Trustees believes that the proposed reduction is spread fairly among the people who have 

a pension benefit under the plan. 

The Treasury Department website will also provide updated information on the application, such as 

whether the application has been updated or withdrawn. 

For further information and assistance you can also write to the Treasury Department at the following 

address: 

Department of the Treasury 

Attn: MPRA Office, Room 1001 

1500 Pennsylvania Avenue, NW 

Washington, DC 20220 

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You can comment on the application to reduce benefits 

You can submit a comment on the application by going to www.treasury.gov/mpra. Comments may also 

be mailed to the Department of the Treasury, at the address listed above. All interested parties can 

make comments, and the comments will be publicly available. 

Retiree Representative 

If a plan has 10,000 or more participants, the Board of Trustees must select a retiree representative to 

advocate for the interests of retirees, beneficiaries, and deferred vested participants as part of this 

process. A plan is required to pay the reasonable expenses of the retiree representative. 

The Board of Trustees is not required to select a retiree representative, because the Plan has fewer than 

10,000 participants. The Board of Trustees has not chosen to select a retiree representative. 

Vote on the proposed benefit reduction 

If the application for the proposed reduction of benefits is approved by the Treasury Department, then 

you will have the opportunity to vote on the proposed reduction. Unless a majority of all participants 

and beneficiaries of the Plan vote to reject the reduction, the Treasury Department must allow the 

reduction of benefits to take effect. This means that not voting counts the same as a vote to approve the 

reduction. 

You may contact PBGC's Participant and Plan Sponsor Advocate by mail at Pension Benefit Guaranty 

Corporation, Attn: Participant and Plan Sponsor Advocate, 1200 K St., NW, Washington DC 20005; by 

telephone at (202) 326-4448; or by e-mail at advocate@PBGC.gov. 

Your right to see Plan documents 

You may want to review Plan documents to help you understand your rights and the proposed reduction 

to your benefits. The Plan administrator must respond to your request for the following documents 

within 30 days: 

• The Plan document (including any amendments adopted to reflect an authorized reduction of 

benefits), trust agreement, and other documents governing the Plan (such as collective 

bargaining agreements). 

• The Plan's most recent summary plan description (SPD or plan brochure) and any summary of 

material modifications. 

• The Plan's Form 5500 annual reports, including audited financial statements, filed with the U.S. 

Department of Labor during the last six years. 

• The annual funding notices furnished by the Plan during the last six years. 

• Actuarial reports, including reports prepared in anticipation of the benefit reduction, furnished 

to the Plan within the last six years. 

• The Plan's current rehabilitation plan, including contribution schedules and annual plan-sponsor 

determinations that all reasonable measures to avoid running out of money continue to be 

taken and that the Plan would run out of money if there were no benefit reductions. 

• Any quarterly, semi-annual or annual financial reports prepared for the Plan by an investment 

manager, fiduciary or other advisor and furnished to the Plan within the last six years. 

The Plan administrator may charge you the cost per page to the Plan for the cheapest way of copying 

documents, but cannot charge more than 25 cents per page. The Plan's Form 5500 Annual 

13.6 

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Return/Report of Employee Benefit Plan is also available free of charge at 

www.dol.gov/ebsa/5500main.html. Some of the documents also may be available for examination, 

without charge, at the Plan administrator's office, your worksite or union hall. 

Your right to challenge incorrect calculations 

If you think the Plan miscalculated the reduction to your benefits, then you have the right to submit a 

claim to the Plan to have the calculation corrected. The Plan's summary plan description (“SPD”) tells 

you how to submit a claim. The SPD also describes your right to have a court review the Plan's final 

decision on your claim. 

If you believe the information used to calculate your estimate at the end of this notice is wrong, please 

contact the Plan office at 7142 Nightingale Drive, Suite 1, Holland, OH 46528-7822 or by telephone at 

(419) 248-2401, option 7. 

13.7 

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1

Active, Full Reduction (175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC on 3/1/2031 is 

estimated to be $286.00 per month. However, the proposed reductions are projected to keep the Plan 

solvent indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit payable on 3/1/2031 as a monthly benefit for the rest of your life is 

$651.13. Under the proposed suspension terms, your monthly benefit in the same form would be 

reduced to $500.50 beginning on April 1, 20192

. This reduction lowers your benefit to 175% of your 

PBGC guaranteed benefit. 

To recap, here is how your benefit would change if you retired on 3/1/2031: 

Current Benefit: $651.13 

Benefit Under Proposed Reduction: $500.50 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $286.00 

All benefits calculated above are as of January 1, 2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 8 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You have 15 years of vesting service under the Plan as of January 1, 2018. You need at least 5 

years of vesting service to be 100% vested in your benefit. 

• You will be age 53.08 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history, you end up retiring before 3/1/2031, you become disabled or pass 

away, or a Qualified Domestic Relations Order (QDRO) is approved on your benefit. 

2 These amounts will be different if you take your benefit in a different form. For example, if you elect a benefit 

payable for your lifetime with the first 5 years guaranteed, your reduced monthly benefit would be $500.50. There 

are other forms of benefit available under the Plan as well. Please contact the Plan office for further information. 

13.8 

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2

Active with QDRO, Full Reduction (175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC on 3/1/2033 is 

estimated to be $250.25 per month. However, the proposed reductions are projected to keep the Plan 

solvent indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit payable on 3/1/2033 as a monthly benefit for the rest of your life is 

$503.98. Under the proposed suspension terms, your monthly benefit in the same form would be 

reduced to $437.94 beginning on April 1, 20192

. This reduction lowers your benefit to 175% of your 

PBGC guaranteed benefit. 

To recap, here is how your benefit would change if you retired on 3/1/2033: 

Current Benefit: $503.98 

Benefit Under Proposed Reduction: $437.94 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $250.25 

In determining these benefit calculations, the Plan considered the terms of your Qualified Domestic 

Relations Order (QDRO). All benefits calculated above are as of January 1, 2018. This is an estimate of 

the effect of the proposed reduction on your benefit. It is not a final benefit calculation. These benefit 

amounts may change if suspension effective date is after April 1, 2019. The proposed reduction is 

permanent. This estimate is also based on the following information from Plan records: 

• You have 7 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. This amount has been adjusted to account for the terms of your 

QDRO to calculate your PBGC guaranteed benefit. 

• You have 19 years of vesting service under the Plan as of January 1, 2018. You need at least 5 

years of vesting service to be 100% vested in your benefit. 

• Under the terms of the QDRO, your former spouse is entitled to 50% of your total vested benefit 

based on contributions received in the marital period from 10/16/1991 to 1/26/2010. 

• You will be age 51.11 as of March 31, 2019. 

2 These amounts will be different if you take your benefit in a different form. For example, if you elect a benefit 

payable for your lifetime with the first 5 years guaranteed, your reduced monthly benefit would be $437.94. There 

are other forms of benefit available under the Plan as well. Please contact the Plan office for further information. 

13.9 

TRPP134-000091
 

 

 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history, you end up retiring before 3/1/2033, you become disabled or pass 

away, or a new or modified Qualified Domestic Relations Order (QDRO) is approved on your benefit. 

13.10 

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3

Active, No Reduction (Benefit <175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC on 7/1/2040 is 

estimated to be $250.25 per month. However, the proposed reductions are projected to keep the Plan 

solvent indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit payable on 7/1/2040 as a monthly benefit for the rest of your life is $324.69. If the 

benefit suspension is approved, your monthly benefit is not expected to change2

. It is not expected to 

change because your current benefit of $364.91 payable on 7/1/2040 as a monthly benefit for the rest 

of your life is less than 175% of your PBGC guaranteed benefit. 

To recap, here is how your benefit would change if you retired on 7/1/2040: 

Current Benefit: $364.91 

Benefit Under Proposed Reduction: $364.91 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $250.25 

All benefits calculated above are as of January 1, 2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 7 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You have 12 years of vesting service under the Plan as of January 1, 2018. You need at least 5 

years of vesting service to be 100% vested in your benefit. 

• You will be age 43.82 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history, you end up retiring before 7/1/2040, you become disabled or pass 

away, or a Qualified Domestic Relations Order (QDRO) is approved on your benefit. 

2 These amounts will be different if you take your benefit in a different form. For example, if you elect a benefit 

payable for your lifetime with the first 5 years guaranteed, your reduced monthly benefit would be $355.39. There 

are other forms of benefit available under the Plan as well. Please contact the Plan office for further information. 

13.11 

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X

Alternate Payee, Full Reduction (175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $411.13 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $1,281.92 and is payable for the rest of your life. Under the proposed suspension 

terms, your monthly benefit would be reduced to $719.47 beginning on April 1, 2019. The change to 

your benefit is due to the following benefit suspension terms: 

[ ] Removal of your early retirement subsidy. 

[X] Reduction to 175% of your PBGC guaranteed benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $1,281.92 

Benefit Under Proposed Reduction: $719.47 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $411.13 

In determining these benefit calculations, the Plan considered the terms of your Qualified Domestic 

Relations Order (QDRO). All benefits calculated above are as of 1/1/2018. This is an estimate of the 

effect of the proposed reduction on your benefit. It is not a final benefit calculation. These benefit 

amounts may change if suspension effective date is after April 1, 2019. The proposed reduction is 

permanent. This estimate is also based on the following information from Plan records: 

• Your share of your former spouse’s years of credited service earned prior to the Plan freeze on 

benefit accruals effective July 1, 2008 are 11.5 years as of 1/1/2018. This amount has been 

adjusted to account for the terms of your QDRO to calculate your PBGC guaranteed benefit. 

• Under the terms of the QDRO, you are entitled to 50% of your former spouse’s vested benefit 

based on contributions received in the marital period from 10/1/1980 to 4/5/2002. 

• You will be age 60.00 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your former spouse’s work history. 

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X

Alternate Payee, Full Reduction (Removal of Early Retirement Subsidy) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $303.88 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $745.62 and is payable for the rest of your life with the first 10 years 

guaranteed. Under the proposed suspension terms, your monthly benefit would be reduced to $418.71 

beginning on April 1, 2019. The change to your benefit is due to the following benefit suspension terms: 

[X] Removal of your early retirement subsidy. 

[ ] Reduction to 175% of your PBGC guaranteed benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $745.62 

Benefit Under Proposed Reduction: $418.71 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $303.88 

In determining these benefit calculations, the Plan considered the terms of your Qualified Domestic 

Relations Order (QDRO). All benefits calculated above are as of 1/1/2018. This is an estimate of the 

effect of the proposed reduction on your benefit. It is not a final benefit calculation. These benefit 

amounts may change if suspension effective date is after April 1, 2019. The proposed reduction is 

permanent. This estimate is also based on the following information from Plan records: 

• Your share of your former spouse’s years of credited service earned prior to the Plan freeze on 

benefit accruals effective July 1, 2008 are 8.5 years as of 1/1/2018. This amount has been 

adjusted to account for the terms of your QDRO to calculate your PBGC guaranteed benefit. 

• Under the terms of the QDRO, you are entitled to 50% of your former spouse’s vested benefit 

based on contributions received in the marital period from 7/1/1991 to 10/2/2013. 

• You will be age 52.39 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your former spouse’s work history. 

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X

X

X

Alternate Payee, No Reduction (Disability Benefit) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $196.63 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $337.70 and is payable for the rest of your life. If the suspension is approved, 

your monthly benefit is not expected to change. It is not expected to change because of the following: 

[ ] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[ ] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[ ] You will be age 80 or older on March 31, 2019. 

[X] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $337.70 

Benefit Under Proposed Reduction: $337.70 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $196.63 

In determining these benefit calculations, the Plan considered the terms of your Qualified Domestic 

Relations Order (QDRO). All benefits calculated above are as of 1/1/2018. This is an estimate of the 

effect of the proposed reduction on your benefit. It is not a final benefit calculation. These benefit 

amounts may change if suspension effective date is after April 1, 2019. The proposed reduction is 

permanent. This estimate is also based on the following information from Plan records: 

• Your share of your former spouse’s years of credited service earned prior to the Plan freeze on 

benefit accruals effective July 1, 2008 are 5.5 years as of 1/1/2018. This amount has been 

adjusted to account for the terms of your QDRO to calculate your PBGC guaranteed benefit. 

• Under the terms of the QDRO, you are entitled to 50% of your former spouse’s vested benefit 

based on contributions received in the marital period from 10/23/1995 to 2/20/2008. 

• You will be age 52.51 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your former spouse’s work history. 

13.14 

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X

X

X

Alternate Payee, No Reduction (Benefit <110% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $215.45 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $235.93 and is payable for the rest of your life. If the suspension is approved, 

your monthly benefit is not expected to change. It is not expected to change because of the following: 

[X] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[ ] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[ ] You will be age 80 or older on March 31, 2019. 

[ ] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $235.93 

Benefit Under Proposed Reduction: $235.93 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $215.45 

In determining these benefit calculations, the Plan considered the terms of your Qualified Domestic 

Relations Order (QDRO). All benefits calculated above are as of 1/1/2018. This is an estimate of the 

effect of the proposed reduction on your benefit. It is not a final benefit calculation. These benefit 

amounts may change if suspension effective date is after April 1, 2019. The proposed reduction is 

permanent. This estimate is also based on the following information from Plan records: 

• Your share of your former spouse’s years of credited service earned prior to the Plan freeze on 

benefit accruals effective July 1, 2008 are 14 years as of 1/1/2018. This amount has been 

adjusted to account for the terms of your QDRO to calculate your PBGC guaranteed benefit. 

• Under the terms of the QDRO, you are entitled to 50% of your former spouse’s vested benefit 

based on contributions received in the marital period from 6/1/1970 to 6/1/1994. 

• You will be age 69.09 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your former spouse’s work history. 

13.15 

TRPP134-000097
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Alternate Payee 

No Reduction (Benefit has no Early Retirement Subsidy and is <175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $228.07 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $276.59 and is payable for the rest of your life with the first 10 years 

guaranteed. If the suspension is approved, your monthly benefit is not expected to change. It is not 

expected to change because of the following: 

[ ] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[X] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[ ] You will be age 80 or older on March 31, 2019. 

[ ] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $276.59 

Benefit Under Proposed Reduction: $276.59 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $228.07 

In determining these benefit calculations, the Plan considered the terms of your Qualified Domestic 

Relations Order (QDRO). All benefits calculated above are as of 1/1/2018. This is an estimate of the 

effect of the proposed reduction on your benefit. It is not a final benefit calculation. These benefit 

amounts may change if suspension effective date is after April 1, 2019. The proposed reduction is 

permanent. This estimate is also based on the following information from Plan records: 

• Your share of your former spouse’s years of credited service earned prior to the Plan freeze on 

benefit accruals effective July 1, 2008 are 7.5 years as of 1/1/2018. This amount has been 

adjusted to account for the terms of your QDRO to calculate your PBGC guaranteed benefit. 

• Under the terms of the QDRO, you are entitled to 50% of your former spouse’s vested benefit 

based on contributions received in the marital period from 9/19/1993 to 6/28/2007. 

• You will be age 56.39 as of March 31, 2019. 

13.16 

TRPP134-000098
 

 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your former spouse’s work history. 

13.17 

TRPP134-000099
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

Alternate Payee 

Partial Reduction (Removal of Early Retirement Subsidy Limited by 110% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $214.50 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $532.08 and is payable for the rest of your life with the first 5 years 

guaranteed. Under the proposed suspension terms, your monthly benefit would be reduced to $235.95 

beginning on April 1, 2019. The change to your benefit is due to the following benefit suspension terms: 

[X] Removal of your early retirement subsidy. 

[ ] Reduction to 175% of your PBGC guaranteed benefit. 

However, your benefit under the proposed reduction is partially protected, meaning it will not receive 

the full reduction impact of the suspension terms shown above. Your benefit is partially protected due 

to the following: 

[X] The proposed reduction cannot reduce your benefit to less than 110% of your PBGC 

guaranteed benefit. 

[ ] You will be between the ages of 75 and 80 on March 31, 2019. 

To recap, here is how your benefit would change: 

Current Benefit: $532.08 

Benefit Under Proposed Reduction: $235.95 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $214.50 

In determining these benefit calculations, the Plan considered the terms of your Qualified Domestic 

Relations Order (QDRO). All benefits calculated above are as of 1/1/2018. This is an estimate of the 

effect of the proposed reduction on your benefit. It is not a final benefit calculation. These benefit 

amounts may change if suspension effective date is after April 1, 2019. The proposed reduction is 

permanent. This estimate is also based on the following information from Plan records: 

13.18 

TRPP134-000100
 

 

 

 

 

 

 

 

• Your share of your former spouse’s years of credited service earned prior to the Plan freeze on 

benefit accruals effective July 1, 2008 are 6 years as of 1/1/2018. This amount has been 

adjusted to account for the terms of your QDRO to calculate your PBGC guaranteed benefit. 

• Under the terms of the QDRO, you are entitled to 50% of your former spouse’s vested benefit 

based on contributions received in the marital period from 3/20/1975 to 8/18/1994. 

• You will be age 63.44 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your former spouse’s work history. 

13.19 

TRPP134-000101
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

Beneficiary, Full Reduction (175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $679.25 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $1,334.90 and is payable until the guaranteed period of payment expires. Under 

the proposed suspension terms, your monthly benefit would be reduced to $1,188.69 beginning on 

April 1, 2019. The change to your benefit is due to the following benefit suspension terms: 

[ ] Removal of your early retirement subsidy. 

[X] Reduction to 175% of your PBGC guaranteed benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $1,334.90 

Benefit Under Proposed Reduction: $1,188.69 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $679.25 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• Your spouse had 19 years of credited service under the Plan earned prior to the Plan freeze on 

benefit accruals effective July 1, 2008. 

• You will be age 50.58 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your spouse’s work history. 

13.20 

TRPP134-000102
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

Beneficiary, Full Reduction (Removal of Early Retirement Subsidy) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $1,215.50 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $3,878.68 and is payable for the rest of your life. Under the proposed suspension 

terms, your monthly benefit would be reduced to $1,492.91 beginning on April 1, 2019. The change to 

your benefit is due to the following benefit suspension terms: 

[X] Removal of your early retirement subsidy. 

[ ] Reduction to 175% of your PBGC guaranteed benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $3,878.68 

Benefit Under Proposed Reduction: $1,492.91 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $1,215.50 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• Your spouse had 34 years of credited service under the Plan earned prior to the Plan freeze on 

benefit accruals effective July 1, 2008. 

• You will be age 70.09 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your spouse’s work history. 

13.21 

TRPP134-000103
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Beneficiary, No Reduction (Disability Benefit) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $750.75 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $1,149.33 and is payable for the rest of your life. If the suspension is approved, 

your monthly benefit is not expected to change. It is not expected to change because of the following: 

[ ] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[ ] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[ ] You will be age 80 or older on March 31, 2019. 

[X] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $1,149.33 

Benefit Under Proposed Reduction: $1,149.33 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $750.75 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• Your spouse had 21 years of credited service under the Plan earned prior to the Plan freeze on 

benefit accruals effective July 1, 2008. 

• You will be age 66.28 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your spouse’s work history. 

13.22 

TRPP134-000104
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Beneficiary, No Reduction (Age >80) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $324.43 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $324.43 and is payable for the rest of your life. If the suspension is approved, 

your monthly benefit is not expected to change. It is not expected to change because of the following: 

[ ] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[ ] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[X] You will be age 80 or older on March 31, 2019. 

[ ] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $324.43 

Benefit Under Proposed Reduction: $324.43 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $324.43 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• Your spouse had 32 years of credited service under the Plan earned prior to the Plan freeze on 

benefit accruals effective July 1, 2008. 

• You will be age 84.24 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your spouse’s work history. 

13.23 

TRPP134-000105
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Beneficiary, No Reduction (Benefit <110% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $40.58 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $40.58 and is payable for the rest of your life. If the suspension is approved, your 

monthly benefit is not expected to change. It is not expected to change because of the following: 

[X] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[ ] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[ ] You will be age 80 or older on March 31, 2019. 

[ ] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $40.58 

Benefit Under Proposed Reduction: $40.58 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $40.58 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• Your spouse had 18 years of credited service under the Plan earned prior to the Plan freeze on 

benefit accruals effective July 1, 2008. 

• You will be age 79.38 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your spouse’s work history. 

13.24 

TRPP134-000106
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Beneficiary 

No Reduction (Benefit has no Early Retirement Subsidy and is <175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $259.67 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $302.23 and is payable for the rest of your life. If the suspension is approved, 

your monthly benefit is not expected to change. It is not expected to change because of the following: 

[ ] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[X] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[ ] You will be age 80 or older on March 31, 2019. 

[ ] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $302.23 

Benefit Under Proposed Reduction: $302.23 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $259.67 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• Your spouse had 12 years of credited service under the Plan earned prior to the Plan freeze on 

benefit accruals effective July 1, 2008. 

• You will be age 56.28 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your spouse’s work history. 

13.25 

TRPP134-000107
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

Beneficiary 

Partial Reduction (Removal of Early Retirement Subsidy Limited by 110% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $911.27 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $1,119.70 and is payable for the rest of your life. Under the proposed suspension 

terms, your monthly benefit would be reduced to $1,002.40 beginning on April 1, 2019. The change to 

your benefit is due to the following benefit suspension terms: 

[X] Removal of your early retirement subsidy. 

[ ] Reduction to 175% of your PBGC guaranteed benefit. 

However, your benefit under the proposed reduction is partially protected, meaning it will not receive 

the full reduction impact of the suspension terms shown above. Your benefit is partially protected due 

to the following: 

[X] The proposed reduction cannot reduce your benefit to less than 110% of your PBGC 

guaranteed benefit. 

[ ] You will be between the ages of 75 and 80 on March 31, 2019. 

To recap, here is how your benefit would change: 

Current Benefit: $1,119.70 

Benefit Under Proposed Reduction: $1,002.40 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $911.27 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• Your spouse had 26 years of credited service under the Plan earned prior to the Plan freeze on 

benefit accruals effective July 1, 2008. 

• You will be age 72.42 as of March 31, 2019. 

13.26 

TRPP134-000108
 

 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your spouse’s work history. 

13.27 

TRPP134-000109
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

Beneficiary 

Partial Reduction (Removal of Early Retirement Subsidy Limited by 110% of PBGC Guarantee 

and Because Age 75-80) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $1,041.66 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $1,271.55 and is payable for the rest of your life. Under the proposed suspension 

terms, your monthly benefit would be reduced to $1,156.31 beginning on April 1, 2019. The change to 

your benefit is due to the following benefit suspension terms: 

[X] Removal of your early retirement subsidy. 

[ ] Reduction to 175% of your PBGC guaranteed benefit. 

However, your benefit under the proposed reduction is partially protected, meaning it will not receive 

the full reduction impact of the suspension terms shown above. Your benefit is partially protected due 

to the following: 

[X] The proposed reduction cannot reduce your benefit to less than 110% of your PBGC 

guaranteed benefit. 

[X] You will be between the ages of 75 and 80 on March 31, 2019. 

To recap, here is how your benefit would change: 

Current Benefit: 

Benefit Under Proposed Reduction: 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: 

$1,271.55 

$1,156.31 

$1,041.66 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

13.28 

TRPP134-000110
 

 

 

 

 

• Your spouse had 32 years of credited service under the Plan earned prior to the Plan freeze on 

benefit accruals effective July 1, 2008. 

• You will be age 75.47 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your spouse’s work history. 

13.29 

TRPP134-000111
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred Alternate Payee, Full Reduction (175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC beginning on 

7/1/2033 is estimated to be $232.38 per month. However, the proposed reductions are projected to 

keep the Plan solvent indefinitely, so your benefit would no longer be expected to drop to the PBGC 

guaranteed level. 

Your current benefit payable on 7/1/2033 as a monthly benefit for the rest of your life is 

$550.39. Under the proposed suspension terms, your monthly benefit in the same form would be 

reduced to $406.66 beginning on April 1, 2019. This reduction lowers your benefit to 175% of your PBGC 

guaranteed benefit. 

To recap, here is how your benefit would change if you retired on 7/1/2033: 

Current Benefit: $550.39 

Benefit Under Proposed Reduction: $406.66 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $232.38 

In determining these benefit calculations, the Plan considered the terms of your Qualified Domestic 

Relations Order (QDRO). All benefits calculated above are as of January 1, 2018. This is an estimate of 

the effect of the proposed reduction on your benefit. It is not a final benefit calculation. These benefit 

amounts may change if suspension effective date is after April 1, 2019. The proposed reduction is 

permanent. This estimate is also based on the following information from Plan records: 

• Your share of your former spouse’s years of credited service earned prior to the Plan freeze on 

benefit accruals effective July 1, 2008 are 6.50 years as of January 1, 2018. This amount has 

been adjusted to account for the terms of your QDRO to calculate your PBGC guaranteed 

benefit. 

• Under the terms of the QDRO, you are entitled to 50% of your former spouse’s vested benefit 

based on contributions received in the marital period from 9/13/1994 to 12/21/2010. 

• You will be age 51.53 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are changes to your former spouse’s work history or you start your benefit before or after 7/1/2033. 

13.30 

TRPP134-000112
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred Beneficiary, No Reduction (Benefit <175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC beginning on 

6/1/2019 is estimated to be $315.01 per month. However, the proposed reductions are projected to 

keep the Plan solvent indefinitely, so your benefit would no longer be expected to drop to the PBGC 

guaranteed level. 

Your current benefit payable on 6/1/2019 as a monthly benefit for the rest of your life is $339.34. If the 

benefit suspension is approved, your monthly benefit is not expected to change. It is not expected to 

change because your current benefit of $339.34 payable on 6/1/2019 as a monthly benefit for the rest 

of your life is less than 175% of your PBGC guaranteed benefit. 

To recap, here is how your benefit would change if you retired on 6/1/2019: 

Current Benefit: $339.34 

Benefit Under Proposed Reduction: $339.34 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $315.01 

All benefits calculated above are as of January 1, 2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• Your spouse had 22 years of credited service under the Plan earned prior to the Plan freeze on 

benefit accruals effective July 1, 2008. 

• Your spouse had 21 years of vesting service under the Plan as of January 1, 2018. You need at 

least 5 years of vesting service to be 100% vested in your benefit. 

• You will be age 56.53 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are changes to your spouse’s work history or you start your benefit before or after 6/1/2019. 

13.31 

TRPP134-000113
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred Beneficiary with Late Retirement 

No Reduction (Benefit <175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC beginning on 

1/1/2018 is estimated to be $52.94 per month. However, the proposed reductions are projected to 

keep the Plan solvent indefinitely, so your benefit would no longer be expected to drop to the PBGC 

guaranteed level. 

Your current benefit payable on 1/1/2018 as a monthly benefit for the rest of your life is $84.73. If the 

benefit suspension is approved, your monthly benefit is not expected to change. It is not expected to 

change because your current benefit of $84.73 payable on 1/1/2018 as a monthly benefit for the rest of 

your life is less than 175% of your PBGC guaranteed benefit. 

To recap, here is how your benefit would change if you retired on 1/1/2018: 

Current Benefit: $84.73 

Benefit Under Proposed Reduction: $84.73 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $52.94 

All benefits calculated above are as of January 1, 2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• Your spouse had 8 years of credited service under the Plan earned prior to the Plan freeze on 

benefit accruals effective July 1, 2008. 

• Your spouse had 8 years of vesting service under the Plan as of January 1, 2018. You need at 

least 5 years of vesting service to be 100% vested in your benefit. 

• Your assumed retirement date above of January 1, 2018 is considered a late retirement because 

it is past your spouse’s normal retirement age of 65. Due to this late retirement, your benefit 

was increased by 1.60036. This factor is not included in the calculation of your PBGC 

guaranteed benefit. 

• You will be age 67.69 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are changes to your spouse’s work history or you start your benefit before or after 1/1/2018. 

13.32 

TRPP134-000114
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Disabled, No Reduction (Disability Benefit) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $750.75 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $2,187.36 and is payable for the rest of your life with the first 5 years 

guaranteed. If the suspension is approved, your monthly benefit is not expected to change. It is not 

expected to change because of the following: 

[ ] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[ ] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[ ] You will be age 80 or older on March 31, 2019. 

[X] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $2,187.36 

Benefit Under Proposed Reduction: $2,187.36 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $750.75 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 21 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You will be age 52.65 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.33 

TRPP134-000115
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Disabled with J&S, No Reduction (Disability Benefit) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $822.25 per month. After you die, your spouse would then receive an estimated PBGC guaranteed 

benefit of $822.25 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $1,826.75 and is payable while you and your spouse are alive. After you die, your 

spouse would then receive a lifetime benefit of $1,370.06 per month. If the suspension is approved, 

your monthly benefit is not expected to change. It is not expected to change because of the following: 

[ ] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[ ] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[ ] You will be age 80 or older on March 31, 2019. 

[X] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

While You Are Both Alive Spouse Benefit After You Die 

Current Benefit: $1,826.75 $1,370.06 

Benefit Under Proposed Reduction: $1,826.75 $1,370.06 

Amount Guaranteed by PBGC if 

Proposed Reduction Is Rejected: $822.25 $822.25 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 23 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You will be age 65.23 as of March 31, 2019. 

13.34 

TRPP134-000116
 

 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.35 

TRPP134-000117
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Disabled with QDRO, No Reduction (Disability Benefit) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $303.88 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $436.51 and is payable for the rest of your life. If the suspension is approved, 

your monthly benefit is not expected to change. It is not expected to change because of the following: 

[ ] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[ ] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[ ] You will be age 80 or older on March 31, 2019. 

[X] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $436.51 

Benefit Under Proposed Reduction: $436.51 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $303.88 

In determining these benefit calculations, the Plan considered the terms of your Qualified Domestic 

Relations Order (QDRO). All benefits calculated above are as of 1/1/2018. This is an estimate of the 

effect of the proposed reduction on your benefit. It is not a final benefit calculation. These benefit 

amounts may change if suspension effective date is after April 1, 2019. The proposed reduction is 

permanent. This estimate is also based on the following information from Plan records: 

• You have 8.5 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. This amount has been adjusted to account for the terms of your 

QDRO to calculate your PBGC guaranteed benefit. 

• Under the terms of the QDRO, your former spouse is entitled to 50% of your total vested benefit 

based on contributions received in the marital period from 10/23/1995 to 2/20/2008. 

• You will be age 58.37 as of March 31, 2019. 

13.36 

TRPP134-000118
 

 

 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a new or modified Qualified Domestic Relations Order (QDRO) is 

approved on your benefit. 

13.37 

TRPP134-000119
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Disabled with QDRO and J&S, No Reduction (Disability Benefit) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $911.63 per month. After you die, your spouse would then receive an estimated PBGC guaranteed 

benefit of $911.63 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $2,936.72 and is payable while you and your spouse are alive. After you die, your 

spouse would then receive a lifetime benefit of $1,468.36 per month. If the suspension is approved, 

your monthly benefit is not expected to change. It is not expected to change because of the following: 

[ ] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[ ] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[ ] You will be age 80 or older on March 31, 2019. 

[X] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

While You Are Both Alive Spouse Benefit After You Die 

Current Benefit: $2,936.72 $1,468.36 

Benefit Under Proposed Reduction: $2,936.72 $1,468.36 

Amount Guaranteed by PBGC if 

Proposed Reduction Is Rejected: $911.63 $911.63 

In determining these benefit calculations, the Plan considered the terms of your Qualified Domestic 

Relations Order (QDRO). All benefits calculated above are as of 1/1/2018. This is an estimate of the 

effect of the proposed reduction on your benefit. It is not a final benefit calculation. These benefit 

amounts may change if suspension effective date is after April 1, 2019. The proposed reduction is 

permanent. This estimate is also based on the following information from Plan records: 

• You have 25.5 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. This amount has been adjusted to account for the terms of your 

QDRO to calculate your PBGC guaranteed benefit. 

13.38 

TRPP134-000120
 

 

 

 

 

 

• Under the terms of the QDRO, your former spouse is entitled to 50% of your total vested benefit 

based on contributions received in the marital period from 9/9/1995 to 6/6/2006. 

• You will be age 66.13 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a new or modified Qualified Domestic Relations Order (QDRO) is 

approved on your benefit. 

13.39 

TRPP134-000121
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

Inactive, Full Reduction (175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC on 11/1/2023 is 

estimated to be $429.00 per month. However, the proposed reductions are projected to keep the Plan 

solvent indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit payable on 11/1/2023 as a monthly benefit for the rest of your life is 

$1,229.39. Under the proposed suspension terms, your monthly benefit in the same form would be 

reduced to $750.75 beginning on April 1, 20192

. This reduction lowers your benefit to 175% of your 

PBGC guaranteed benefit. 

To recap, here is how your benefit would change if you retired on 11/1/2023: 

Current Benefit: $1,229.39 

Benefit Under Proposed Reduction: $750.75 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $429.00 

All benefits calculated above are as of January 1, 2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 12 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You have 9 years of vesting service under the Plan as of January 1, 2018. You need at least 5 

years of vesting service to be 100% vested in your benefit. 

• You will be age 60.48 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history, you end up retiring before 11/1/2023, you become disabled or 

pass away, or a Qualified Domestic Relations Order (QDRO) is approved on your benefit. 

2 These amounts will be different if you take your benefit in a different form. For example, if you elect a benefit 

payable for your lifetime with the first 5 years guaranteed, your reduced monthly benefit would be $750.75. There 

are other forms of benefit available under the Plan as well. Please contact the Plan office for further information. 

13.40 

TRPP134-000122
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

Inactive with QDRO, Full Reduction (175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC on 1/1/2030 is 

estimated to be $214.50 per month. However, the proposed reductions are projected to keep the Plan 

solvent indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit payable on 1/1/2030 as a monthly benefit for the rest of your life is 

$566.84. Under the proposed suspension terms, your monthly benefit in the same form would be 

reduced to $375.38 beginning on April 1, 20192

. This reduction lowers your benefit to 175% of your 

PBGC guaranteed benefit. 

To recap, here is how your benefit would change if you retired on 1/1/2030: 

Current Benefit: $566.84 

Benefit Under Proposed Reduction: $375.38 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $214.50 

In determining these benefit calculations, the Plan considered the terms of your Qualified Domestic 

Relations Order (QDRO). All benefits calculated above are as of January 1, 2018. This is an estimate of 

the effect of the proposed reduction on your benefit. It is not a final benefit calculation. These benefit 

amounts may change if suspension effective date is after April 1, 2019. The proposed reduction is 

permanent. This estimate is also based on the following information from Plan records: 

• You have 6 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. This amount has been adjusted to account for the terms of your 

QDRO to calculate your PBGC guaranteed benefit. 

• You have 9 years of vesting service under the Plan as of January 1, 2018. You need at least 5 

years of vesting service to be 100% vested in your benefit. 

• Under the terms of the QDRO, your former spouse is entitled to 50% of your total vested benefit 

based on contributions received in the marital period from 9/17/1988 to 1/27/1997. 

• You will be age 54.30 as of March 31, 2019. 

2 These amounts will be different if you take your benefit in a different form. For example, if you elect a benefit 

payable for your lifetime with the first 5 years guaranteed, your reduced monthly benefit would be $375.38. There 

are other forms of benefit available under the Plan as well. Please contact the Plan office for further information. 

13.41 

TRPP134-000123
 

 

 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history, you end up retiring before 1/1/2030, you become disabled or pass 

away, or a new or modified Qualified Domestic Relations Order (QDRO) is approved on your benefit. 

13.42 

TRPP134-000124
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

Inactive, No Reduction (Benefit <175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC on 12/1/2021 is 

estimated to be $298.91 per month. However, the proposed reductions are projected to keep the Plan 

solvent indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit payable on 12/1/2021 as a monthly benefit for the rest of your life is $365.54. If 

the benefit suspension is approved, your monthly benefit is not expected to change2

. It is not expected 

to change because your current benefit of $365.54 payable on 12/1/2021 as a monthly benefit for the 

rest of your life is less than 175% of your PBGC guaranteed benefit. 

To recap, here is how your benefit would change if you retired on 12/1/2021: 

Current Benefit: $365.54 

Benefit Under Proposed Reduction: $365.54 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $298.91 

All benefits calculated above are as of January 1, 2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 9 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You have 8 years of vesting service under the Plan as of January 1, 2018. You need at least 5 

years of vesting service to be 100% vested in your benefit. 

• You will be age 62.39 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history, you end up retiring before 12/1/2021, you become disabled or 

pass away, or a Qualified Domestic Relations Order (QDRO) is approved on your benefit. 

2 These amounts will be different if you take your benefit in a different form. For example, if you elect a benefit 

payable for your lifetime with the first 5 years guaranteed, your reduced monthly benefit would be $356.00. There 

are other forms of benefit available under the Plan as well. Please contact the Plan office for further information. 

13.43 

TRPP134-000125
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7

Inactive with Late Retirement, Full Reduction (175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC on 1/1/2018 is 

estimated to be $429.00 per month. However, the proposed reductions are projected to keep the Plan 

solvent indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit payable on January 1, 2018 as a monthly benefit for the rest of your life is 

$724.78. If the benefit suspension is approved, your monthly benefit is not expected to change2

. It is 

not expected to change because your current benefit of $724.78 payable on January 1, 2018 as a 

monthly benefit for the rest of your life is less than 175% of your PBGC guaranteed benefit. 

To recap, here is how your benefit would change if you retired on 1/1/2018: 

Current Benefit: $724.78 

Benefit Under Proposed Reduction: $724.78 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $429.00 

All benefits calculated above are as of January 1, 2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 12 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You have 9 years of vesting service under the Plan as of January 1, 2018. You need at least 5 

years of vesting service to be 100% vested in your benefit. 

• Your assumed retirement date above of January 1, 2018 is considered a late retirement because 

it is past your normal retirement age of 65. Due to this late retirement, your benefit was 

increased by 1.029815. This factor is not included in the calculation of your PBGC guaranteed 

benefit. 

• You will be age 66.57 as of March 31, 2019. 

2 These amounts will be different if you take your benefit in a different form. For example, if you elect a benefit 

payable for your lifetime with the first 5 years guaranteed, your reduced monthly benefit would be $703.62. There 

are other forms of benefit available under the Plan as well. Please contact the Plan office for further information. 

13.44 

TRPP134-000126
 

 

 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history, you become disabled or pass away, or a Qualified Domestic 

Relations Order (QDRO) is approved on your benefit. 

13.45 

TRPP134-000127
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

Inactive with QDRO, No Reduction (Benefit <175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC on 6/1/2021 is 

estimated to be $143.00 per month. However, the proposed reductions are projected to keep the Plan 

solvent indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit payable on 6/1/2021 as a monthly benefit for the rest of your life is $188.67. If the 

benefit suspension is approved, your monthly benefit is not expected to change2

. It is not expected to 

change because your current benefit of $188.67 payable on 6/1/2021 as a monthly benefit for the rest 

of your life is less than 175% of your PBGC guaranteed benefit. 

To recap, here is how your benefit would change if you retired on 6/1/2021: 

Current Benefit: $188.67 

Benefit Under Proposed Reduction: $188.67 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $143.00 

In determining these benefit calculations, the Plan considered the terms of your Qualified Domestic 

Relations Order (QDRO). All benefits calculated above are as of January 1, 2018. This is an estimate of 

the effect of the proposed reduction on your benefit. It is not a final benefit calculation. These benefit 

amounts may change if suspension effective date is after April 1, 2019. The proposed reduction is 

permanent. This estimate is also based on the following information from Plan records: 

• You have 4 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. This amount has been adjusted to account for the terms of your 

QDRO to calculate your PBGC guaranteed benefit. 

• You have 6 years of vesting service under the Plan as of January 1, 2018. You need at least 5 

years of vesting service to be 100% vested in your benefit. 

• Under the terms of the QDRO, your former spouse is entitled to 50% of your total vested benefit 

based on contributions received in the marital period from 11/8/1980 to 10/16/1995. 

• You will be age 62.90 as of March 31, 2019. 

2 These amounts will be different if you take your benefit in a different form. For example, if you elect a benefit 

payable for your lifetime with the first 5 years guaranteed, your reduced monthly benefit would be $183.75. There 

are other forms of benefit available under the Plan as well. Please contact the Plan office for further information. 

13.46 

TRPP134-000128
 

 

 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history, you end up retiring before 6/1/2021, you become disabled or pass 

away, or a new or modified Qualified Domestic Relations Order (QDRO) is approved on your benefit. 

13.47 

TRPP134-000129
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

Retiree, Full Reduction (175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $1,036.75 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $2,945.25 and is payable for the rest of your life. Under the proposed suspension 

terms, your monthly benefit would be reduced to $1,814.31 beginning on April 1, 2019. The change to 

your benefit is due to the following benefit suspension terms: 

[ ] Removal of your early retirement subsidy. 

[X] Reduction to 175% of your PBGC guaranteed benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $2,945.25 

Benefit Under Proposed Reduction: $1,814.31 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $1,036.75 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 29 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You will be age 63.06 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.48 

TRPP134-000130
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

Retiree with J&S, Full Reduction (175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $893.75 per month. After you die, your spouse would then receive an estimated PBGC guaranteed 

benefit of $893.75 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $4,098.33 and is payable while you and your spouse are alive. After you die, your 

spouse would then receive a lifetime benefit of $2,049.17 per month. Under the proposed suspension 

terms, your monthly benefit would be reduced to $1,564.06 beginning on April 1, 2019. Your spouse’s 

benefit, after you die, would be reduced to $983.13. The change to your benefit is due to the following 

benefit suspension terms: 

[ ] Removal of your early retirement subsidy. 

[X] Reduction to 175% of your PBGC guaranteed benefit. 

To recap, here is how your benefit would change: 

While You Are Both Alive Spouse Benefit After You Die 

Current Benefit: $4,098.33 $2,049.17 

Benefit Under Proposed Reduction: $1,564.06 $983.13 

Amount Guaranteed by PBGC if 

Proposed Reduction Is Rejected: $893.75 $893.75 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 25 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You will be age 67.74 as of March 31, 2019. 

13.49 

TRPP134-000131
 

 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.50 

TRPP134-000132
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

Retiree with Late Retirement, Full Reduction (175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $750.75 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $1,625.15 and is payable for the rest of your life. Under the proposed suspension 

terms, your monthly benefit would be reduced to $1,313.81 beginning on April 1, 2019. The change to 

your benefit is due to the following benefit suspension terms: 

[ ] Removal of your early retirement subsidy. 

[X] Reduction to 175% of your PBGC guaranteed benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $1,625.15 

Benefit Under Proposed Reduction: $1,313.81 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $750.75 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 21 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You retired after your normal retirement age of 65. Due to this late retirement, your benefit 

was increased by 1.165067. This factor is not included in the calculation of your PBGC 

guaranteed benefit. 

• You will be age 68.98 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.51 

TRPP134-000133
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

Retiree with QDRO, Full Reduction (175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $354.52 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $1,010.93 and is payable for the rest of your life. Under the proposed suspension 

terms, your monthly benefit would be reduced to $620.41 beginning on April 1, 2019. The change to 

your benefit is due to the following benefit suspension terms: 

[ ] Removal of your early retirement subsidy. 

[X] Reduction to 175% of your PBGC guaranteed benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $1,010.93 

Benefit Under Proposed Reduction: $620.41 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $354.52 

In determining these benefit calculations, the Plan considered the terms of your Qualified Domestic 

Relations Order (QDRO). All benefits calculated above are as of 1/1/2018. This is an estimate of the 

effect of the proposed reduction on your benefit. It is not a final benefit calculation. These benefit 

amounts may change if suspension effective date is after April 1, 2019. The proposed reduction is 

permanent. This estimate is also based on the following information from Plan records: 

• You have 9.9 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. This amount has been adjusted to account for the terms of your 

QDRO to calculate your PBGC guaranteed benefit. 

• Under the terms of the QDRO, your former spouse is entitled to 50% of your total vested benefit 

based on contributions received in the marital period from 10/23/1982 to 10/31/2004. 

• You will be age 65.23 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a new or modified Qualified Domestic Relations Order (QDRO) is 

approved on your benefit. 

13.52 

TRPP134-000134
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

Retiree, Full Reduction (Removal of Early Retirement Subsidy) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $929.50 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $3,833.03 and is payable for the rest of your life with the first 5 years 

guaranteed. Under the proposed suspension terms, your monthly benefit would be reduced to 

$1,386.42 beginning on April 1, 2019. The change to your benefit is due to the following benefit 

suspension terms: 

[X] Removal of your early retirement subsidy. 

[ ] Reduction to 175% of your PBGC guaranteed benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $3,833.03 

Benefit Under Proposed Reduction: $1,386.42 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $929.50 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 26 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You will be age 68.23 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.53 

TRPP134-000135
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

Retiree with J&S, Full Reduction (Removal of Early Retirement Subsidy) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $1,144.00 per month. After you die, your spouse would then receive an estimated PBGC guaranteed 

benefit of $1,037.50 per month. However, the proposed reductions are projected to keep the Plan 

solvent indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $2,532.01 and is payable while you and your spouse are alive. After you die, your 

spouse would then receive a lifetime benefit of $1,266.01 per month. Under the proposed suspension 

terms, your monthly benefit would be reduced to $1,411.28 beginning on April 1, 2019. Your spouse’s 

benefit, after you die, would be reduced to $1,141.25. The change to your benefit is due to the 

following benefit suspension terms: 

[X] Removal of your early retirement subsidy. 

[ ] Reduction to 175% of your PBGC guaranteed benefit. 

To recap, here is how your benefit would change: 

While You Are Both Alive Spouse Benefit After You Die 

Current Benefit: $2,532.01 $1,266.01 

Benefit Under Proposed Reduction: $1,411.28 $1,141.25 

Amount Guaranteed by PBGC if 

Proposed Reduction Is Rejected: $1,144.00 $1,037.50 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 32 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You will be age 62.86 as of March 31, 2019. 

13.54 

TRPP134-000136
 

 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.55 

TRPP134-000137
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

Retiree with QDRO, Full Reduction (Removal of Early Retirement Subsidy) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $643.50 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $2,143.19 and is payable for the rest of your life with the first 5 years 

guaranteed. Under the proposed suspension terms, your monthly benefit would be reduced to $775.20 

beginning on April 1, 2019. The change to your benefit is due to the following benefit suspension terms: 

[X] Removal of your early retirement subsidy. 

[ ] Reduction to 175% of your PBGC guaranteed benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $2,143.19 

Benefit Under Proposed Reduction: $775.20 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $643.50 

In determining these benefit calculations, the Plan considered the terms of your Qualified Domestic 

Relations Order (QDRO). All benefits calculated above are as of 1/1/2018. This is an estimate of the 

effect of the proposed reduction on your benefit. It is not a final benefit calculation. These benefit 

amounts may change if suspension effective date is after April 1, 2019. The proposed reduction is 

permanent. This estimate is also based on the following information from Plan records: 

• You have 18 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. This amount has been adjusted to account for the terms of your 

QDRO to calculate your PBGC guaranteed benefit. 

• Under the terms of the QDRO, your former spouse is entitled to 50% of your total vested benefit 

based on contributions received in the marital period from 12/25/1975 to 12/3/1997. 

• You will be age 63.74 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a new or modified Qualified Domestic Relations Order (QDRO) is 

approved on your benefit. 

13.56 

TRPP134-000138
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

Retiree with QDRO and J&S 

Full Reduction (Removal of Early Retirement Subsidy) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $661.38 per month. After you die, your spouse would then receive an estimated PBGC guaranteed 

benefit of $661.38 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $2,271.78 and is payable while you and your spouse are alive. After you die, your 

spouse would then receive a lifetime benefit of $2,271.78 per month. Under the proposed suspension 

terms, your monthly benefit would be reduced to $923.25 beginning on April 1, 2019. Your spouse’s 

benefit, after you die, would be reduced to $923.25. The change to your benefit is due to the following 

benefit suspension terms: 

[X] Removal of your early retirement subsidy. 

[ ] Reduction to 175% of your PBGC guaranteed benefit. 

To recap, here is how your benefit would change: 

While You Are Both Alive Spouse Benefit After You Die 

Current Benefit: $2,271.78 $2,271.78 

Benefit Under Proposed Reduction: $923.25 $923.25 

Amount Guaranteed by PBGC if 

Proposed Reduction Is Rejected: $661.38 $661.38 

In determining these benefit calculations, the Plan considered the terms of your Qualified Domestic 

Relations Order (QDRO). All benefits calculated above are as of 1/1/2018. This is an estimate of the 

effect of the proposed reduction on your benefit. It is not a final benefit calculation. These benefit 

amounts may change if suspension effective date is after April 1, 2019. The proposed reduction is 

permanent. This estimate is also based on the following information from Plan records: 

• You have 18.5 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. This amount has been adjusted to account for the terms of your 

QDRO to calculate your PBGC guaranteed benefit. 

13.57 

TRPP134-000139
 

 

 

 

 

 

• Under the terms of the QDRO, your former spouse is entitled to 50% of your total vested benefit 

based on contributions received in the marital period from 11/24/1973 to 5/31/1997. 

• You will be age 65.64 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a new or modified Qualified Domestic Relations Order (QDRO) is 

approved on your benefit. 

13.58 

TRPP134-000140
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Retiree, No Reduction (Age >80) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $500.50 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $757.98 and is payable for the rest of your life with the first 10 years 

guaranteed. If the suspension is approved, your monthly benefit is not expected to change. It is not 

expected to change because of the following: 

[ ] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[ ] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[X] You will be age 80 or older on March 31, 2019. 

[ ] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $757.98 

Benefit Under Proposed Reduction: $757.98 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $500.50 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 14 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You will be age 89.42 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.59 

TRPP134-000141
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Retiree with J&S, No Reduction (Age >80) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $624.80 per month. After you die, your spouse would then receive an estimated PBGC guaranteed 

benefit of $353.65 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $723.06 and is payable while you and your spouse are alive. After you die, your 

spouse would then receive a lifetime benefit of $361.53 per month. If the suspension is approved, your 

monthly benefit is not expected to change. It is not expected to change because of the following: 

[ ] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[ ] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[X] You will be age 80 or older on March 31, 2019. 

[ ] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

While You Are Both Alive Spouse Benefit After You Die 

Current Benefit: $723.06 $361.53 

Benefit Under Proposed Reduction: $723.06 $361.53 

Amount Guaranteed by PBGC if 

Proposed Reduction Is Rejected: $624.80 $353.65 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 30 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You will be age 88.80 as of March 31, 2019. 

13.60 

TRPP134-000142
 

 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.61 

TRPP134-000143
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Retiree with Late Retirement, No Reduction (Age >80) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $40.27 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $82.27 and is payable for the rest of your life. If the suspension is approved, your 

monthly benefit is not expected to change. It is not expected to change because of the following: 

[ ] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[ ] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[X] You will be age 80 or older on March 31, 2019. 

[ ] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $82.27 

Benefit Under Proposed Reduction: $82.27 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $40.27 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 9 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You retired after your normal retirement age of 65. Due to this late retirement, your benefit 

was increased by 2.043001. This factor is not included in the calculation of your PBGC 

guaranteed benefit. 

• You will be age 89.13 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.62 

TRPP134-000144
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Retiree with Late Retirement and J&S, No Reduction (Age >80) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $150.15 per month. After you die, your spouse would then receive an estimated PBGC guaranteed 

benefit of $84.40 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $168.79 and is payable while you and your spouse are alive. After you die, your 

spouse would then receive a lifetime benefit of $84.40 per month. If the suspension is approved, your 

monthly benefit is not expected to change. It is not expected to change because of the following: 

[ ] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[ ] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[X] You will be age 80 or older on March 31, 2019. 

[ ] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

While You Are Both Alive Spouse Benefit After You Die 

Current Benefit: $168.79 $84.40 

Benefit Under Proposed Reduction: $168.79 $84.40 

Amount Guaranteed by PBGC if 

Proposed Reduction Is Rejected: $150.15 $84.40 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 16 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You retired after your normal retirement age of 65. Due to this late retirement, your benefit 

was increased by 1.12418. This factor is not included in the calculation of your PBGC 

guaranteed benefit. 

13.63 

TRPP134-000145
 

 

 

• You will be age 80.76 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.64 

TRPP134-000146
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Retiree, No Reduction (Benefit <110% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $90.03 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $94.37 and is payable for the rest of your life. If the suspension is approved, your 

monthly benefit is not expected to change. It is not expected to change because of the following: 

[X] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[ ] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[ ] You will be age 80 or older on March 31, 2019. 

[ ] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $94.37 

Benefit Under Proposed Reduction: $94.37 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $90.03 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 7 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You will be age 58.06 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.65 

TRPP134-000147
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Retiree with J&S, No Reduction (Benefit <110% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $75.29 per month. After you die, your spouse would then receive an estimated PBGC guaranteed 

benefit of $75.29 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $75.29 and is payable while you and your spouse are alive. After you die, your 

spouse would then receive a lifetime benefit of $75.29 per month. If the suspension is approved, your 

monthly benefit is not expected to change. It is not expected to change because of the following: 

[X] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[ ] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[ ] You will be age 80 or older on March 31, 2019. 

[ ] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

While You Are Both Alive Spouse Benefit After You Die 

Current Benefit: $75.29 $75.29 

Benefit Under Proposed Reduction: $75.29 $75.29 

Amount Guaranteed by PBGC if 

Proposed Reduction Is Rejected: $75.29 $75.29 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 10 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You will be age 68.41 as of March 31, 2019. 

13.66 

TRPP134-000148
 

 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.67 

TRPP134-000149
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Retiree 

No Reduction (Benefit has no Early Retirement Subsidy and is <175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $477.52 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $585.36 and is payable for the rest of your life. If the suspension is approved, 

your monthly benefit is not expected to change. It is not expected to change because of the following: 

[ ] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[X] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[ ] You will be age 80 or older on March 31, 2019. 

[ ] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $585.36 

Benefit Under Proposed Reduction: $585.36 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $477.52 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 14 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You will be age 61.33 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.68 

TRPP134-000150
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Retiree with Late Retirement 

No Reduction (Benefit has no Early Retirement Subsidy and is <175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $385.21 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $514.64 and is payable for the rest of your life with the first 10 years 

guaranteed. If the suspension is approved, your monthly benefit is not expected to change. It is not 

expected to change because of the following: 

[ ] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[X] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[ ] You will be age 80 or older on March 31, 2019. 

[ ] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $514.64 

Benefit Under Proposed Reduction: $514.64 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $385.21 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 14 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You retired after your normal retirement age of 65. Due to this late retirement, your benefit 

was increased by 1.11327. This factor is not included in the calculation of your PBGC 

guaranteed benefit. 

• You will be age 77.24 as of March 31, 2019. 

13.69 

TRPP134-000151
 

 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.70 

TRPP134-000152
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Retiree with J&S 

No Reduction (Benefit has no Early Retirement Subsidy and is <175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $214.69 per month. After you die, your spouse would then receive an estimated PBGC guaranteed 

benefit of $214.69 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $238.58 and is payable while you and your spouse are alive. After you die, your 

spouse would then receive a lifetime benefit of $238.58 per month. If the suspension is approved, your 

monthly benefit is not expected to change. It is not expected to change because of the following: 

[ ] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[X] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[ ] You will be age 80 or older on March 31, 2019. 

[ ] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

While You Are Both Alive Spouse Benefit After You Die 

Current Benefit: $238.58 $238.58 

Benefit Under Proposed Reduction: $238.58 $238.58 

Amount Guaranteed by PBGC if 

Proposed Reduction Is Rejected: $214.69 $214.69 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 13 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You will be age 69.63 as of March 31, 2019. 

13.71 

TRPP134-000153
 

 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.72 

TRPP134-000154
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Retiree with Late Retirement and J&S 

No Reduction (Benefit has no Early Retirement Subsidy and is <175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $321.75 per month. After you die, your spouse would then receive an estimated PBGC guaranteed 

benefit of $206.63 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $485.00 and is payable while you and your spouse are alive. After you die, your 

spouse would then receive a lifetime benefit of $242.50 per month. If the suspension is approved, your 

monthly benefit is not expected to change. It is not expected to change because of the following: 

[ ] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[X] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[ ] You will be age 80 or older on March 31, 2019. 

[ ] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

While You Are Both Alive Spouse Benefit After You Die 

Current Benefit: $485.00 $242.50 

Benefit Under Proposed Reduction: $485.00 $242.50 

Amount Guaranteed by PBGC if 

Proposed Reduction Is Rejected: $321.75 $206.63 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 9 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

13.73 

TRPP134-000155
 

 

 

 

 

 

• You retired after your normal retirement age of 65. Due to this late retirement, your benefit 

was increased by 1.079507. This factor is not included in the calculation of your PBGC 

guaranteed benefit. 

• You will be age 72.10 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.74 

TRPP134-000156
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

X

Retiree with QDRO 

No Reduction (Benefit has no Early Retirement Subsidy and is <175% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $582.74 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $701.82 and is payable for the rest of your life. If the suspension is approved, 

your monthly benefit is not expected to change. It is not expected to change because of the following: 

[ ] Your benefit is less than 110% of your PBGC guaranteed benefit. 

[X] Your benefit does not include an early retirement subsidy and it is less than 175% of your PBGC 

guaranteed benefit. 

[ ] You will be age 80 or older on March 31, 2019. 

[ ] You are receiving a disability benefit. 

To recap, here is how your benefit would change: 

Current Benefit: $701.82 

Benefit Under Proposed Reduction: $701.82 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $582.74 

In determining these benefit calculations, the Plan considered the terms of your Qualified Domestic 

Relations Order (QDRO). All benefits calculated above are as of 1/1/2018. This is an estimate of the 

effect of the proposed reduction on your benefit. It is not a final benefit calculation. These benefit 

amounts may change if suspension effective date is after April 1, 2019. The proposed reduction is 

permanent. This estimate is also based on the following information from Plan records: 

• You have 20.5 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. This amount has been adjusted to account for the terms of your 

QDRO to calculate your PBGC guaranteed benefit. 

• Under the terms of the QDRO, your former spouse is entitled to 50% of your total vested benefit 

based on contributions received in the marital period from 9/19/1993 to 6/28/2007. 

• You will be age 63.13 as of March 31, 2019. 

13.75 

TRPP134-000157
 

 

 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a new or modified Qualified Domestic Relations Order (QDRO) is 

approved on your benefit. 

13.76 

TRPP134-000158
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

Retiree 

Partial Reduction (Reduction to 175% of PBGC Guarantee Limited Because Age 75-80) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $643.50 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $2,214.92 and is payable for the rest of your life with the first 5 years 

guaranteed. Under the proposed suspension terms, your monthly benefit would be reduced to 

$1,743.11 beginning on April 1, 2019. The change to your benefit is due to the following benefit 

suspension terms: 

[ ] Removal of your early retirement subsidy. 

[X] Reduction to 175% of your PBGC guaranteed benefit. 

However, your benefit under the proposed reduction is partially protected, meaning it will not receive 

the full reduction impact of the suspension terms shown above. Your benefit is partially protected due 

to the following: 

[ ] The proposed reduction cannot reduce your benefit to less than 110% of your PBGC 

guaranteed benefit. 

[X] You will be between the ages of 75 and 80 on March 31, 2019. 

To recap, here is how your benefit would change: 

Current Benefit: 

Benefit Under Proposed Reduction: 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: 

$2,214.92 

$1,743.11 

$643.50 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 18 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

13.77 

TRPP134-000159
 

 

 

• You will be age 77.84 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.78 

TRPP134-000160
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

Retiree with Late Retirement 

Partial Reduction (Reduction to 175% of PBGC Guarantee Limited Because Age 75-80) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $114.74 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $254.25 and is payable <for the rest of your life with the first 5 years 

guaranteed. Under the proposed suspension terms, your monthly benefit would be reduced to $223.96 

beginning on April 1, 2019. The change to your benefit is due to the following benefit suspension terms: 

[ ] Removal of your early retirement subsidy. 

[X] Reduction to 175% of your PBGC guaranteed benefit. 

However, your benefit under the proposed reduction is partially protected, meaning it will not receive 

the full reduction impact of the suspension terms shown above. Your benefit is partially protected due 

to the following: 

[ ] The proposed reduction cannot reduce your benefit to less than 110% of your PBGC 

guaranteed benefit. 

[X] You will be between the ages of 75 and 80 on March 31, 2019. 

To recap, here is how your benefit would change: 

Current Benefit: 

Benefit Under Proposed Reduction: 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: 

$254.25 

$223.96 

$114.74 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 9 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

13.79 

TRPP134-000161
 

 

 

 

 

 

• You retired after your normal retirement age of 65. Due to this late retirement, your benefit 

was increased by 2.118917. This factor is not included in the calculation of your PBGC 

guaranteed benefit. 

• You will be age 77.18 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.80 

TRPP134-000162
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

Retiree 

Partial Reduction (Removal of Early Retirement Subsidy Limited by 110% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $1,251.25 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $3,647.19 and is payable for the rest of your life with the first 10 years 

guaranteed. Under the proposed suspension terms, your monthly benefit would be reduced to 

$1,376.38 beginning on April 1, 2019. The change to your benefit is due to the following benefit 

suspension terms: 

[X] Removal of your early retirement subsidy. 

[ ] Reduction to 175% of your PBGC guaranteed benefit. 

However, your benefit under the proposed reduction is partially protected, meaning it will not receive 

the full reduction impact of the suspension terms shown above. Your benefit is partially protected due 

to the following: 

[X] The proposed reduction cannot reduce your benefit to less than 110% of your PBGC 

guaranteed benefit. 

[ ] You will be between the ages of 75 and 80 on March 31, 2019. 

To recap, here is how your benefit would change: 

Current Benefit: 

Benefit Under Proposed Reduction: 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: 

$3,647.19 

$1,376.38 

$1,251.25 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 35 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

13.81 

TRPP134-000163
 

 

 

• You will be age 64.41 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.82 

TRPP134-000164
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

Retiree with J&S 

Partial Reduction (Removal of Early Retirement Subsidy Limited by 110% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $1,179.75 per month. After you die, your spouse would then receive an estimated PBGC guaranteed 

benefit of $1,179.75 per month. However, the proposed reductions are projected to keep the Plan 

solvent indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $3,515.26 and is payable while you and your spouse are alive. After you die, your 

spouse would then receive a lifetime benefit of $3,515.26 per month. Under the proposed suspension 

terms, your monthly benefit would be reduced to $1,297.73 beginning on April 1, 2019. Your spouse’s 

benefit, after you die, would be reduced to $1,297.73. The change to your benefit is due to the 

following benefit suspension terms: 

[X] Removal of your early retirement subsidy. 

[ ] Reduction to 175% of your PBGC guaranteed benefit. 

However, your benefit under the proposed reduction is partially protected, meaning it will not receive 

the full reduction impact of the suspension terms shown above. Your benefit is partially protected due 

to the following: 

[X] The proposed reduction cannot reduce your benefit to less than 110% of your PBGC 

guaranteed benefit. 

[ ] You will be between the ages of 75 and 80 on March 31, 2019. 

To recap, here is how your benefit would change: 

While You Are Both Alive Spouse Benefit After You Die 

Current Benefit: $3,515.26 $3,515.26 

Benefit Under Proposed Reduction: $1,297.73 $1,297.73 

Amount Guaranteed by PBGC if 

Proposed Reduction Is Rejected: $1,179.75 $1,179.75 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

13.83 

TRPP134-000165
 

 

 

 

 

 

 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 33 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You will be age 67.12 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.84 

TRPP134-000166
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

Retiree with QDRO 

Partial Reduction (Removal of Early Retirement Subsidy Limited by 110% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $296.58 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $344.10 and is payable for the rest of your life with the first 5 years 

guaranteed. Under the proposed suspension terms, your monthly benefit would be reduced to $326.23 

beginning on April 1, 2019. The change to your benefit is due to the following benefit suspension terms: 

[X] Removal of your early retirement subsidy. 

[ ] Reduction to 175% of your PBGC guaranteed benefit. 

However, your benefit under the proposed reduction is partially protected, meaning it will not receive 

the full reduction impact of the suspension terms shown above. Your benefit is partially protected due 

to the following: 

[X] The proposed reduction cannot reduce your benefit to less than 110% of your PBGC 

guaranteed benefit. 

[ ] You will be between the ages of 75 and 80 on March 31, 2019. 

To recap, here is how your benefit would change: 

Current Benefit: $344.10 

Benefit Under Proposed Reduction: $326.23 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: $296.58 

In determining these benefit calculations, the Plan considered the terms of your Qualified Domestic 

Relations Order (QDRO). All benefits calculated above are as of 1/1/2018. This is an estimate of the 

effect of the proposed reduction on your benefit. It is not a final benefit calculation. These benefit 

amounts may change if suspension effective date is after April 1, 2019. The proposed reduction is 

permanent. This estimate is also based on the following information from Plan records: 

13.85 

TRPP134-000167
 

 

 

 

 

 

 

 

 

• You have 14 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. This amount has been adjusted to account for the terms of your 

QDRO to calculate your PBGC guaranteed benefit. 

• Under the terms of the QDRO, your former spouse is entitled to 50% of your total vested benefit 

based on contributions received in the marital period from 6/1/1970 to 6/1/1994. 

• You will be age 71.36 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a new or modified Qualified Domestic Relations Order (QDRO) is 

approved on your benefit. 

13.86 

TRPP134-000168
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

Retiree with QDRO and J&S 

Partial Reduction (Removal of Early Retirement Subsidy Limited by 110% of PBGC Guarantee) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $715.00 per month. After you die, your spouse would then receive an estimated PBGC guaranteed 

benefit of $665.52 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $1,628.04 and is payable while you and your spouse are alive. After you die, your 

spouse would then receive a lifetime benefit of $814.02 per month. Under the proposed suspension 

terms, your monthly benefit would be reduced to $786.50 beginning on April 1, 2019. Your spouse’s 

benefit, after you die, would be reduced to $732.07. The change to your benefit is due to the following 

benefit suspension terms: 

[X] Removal of your early retirement subsidy. 

[ ] Reduction to 175% of your PBGC guaranteed benefit. 

However, your benefit under the proposed reduction is partially protected, meaning it will not receive 

the full reduction impact of the suspension terms shown above. Your benefit is partially protected due 

to the following: 

[X] The proposed reduction cannot reduce your benefit to less than 110% of your PBGC 

guaranteed benefit. 

[ ] You will be between the ages of 75 and 80 on March 31, 2019. 

To recap, here is how your benefit would change: 

While You Are Both Alive Spouse Benefit After You Die 

Current Benefit: $1,628.04 $814.02 

Benefit Under Proposed Reduction: $786.50 $732.07 

Amount Guaranteed by PBGC if 

Proposed Reduction Is Rejected: $715.00 $665.52 

In determining these benefit calculations, the Plan considered the terms of your Qualified Domestic 

Relations Order (QDRO). All benefits calculated above are as of 1/1/2018. This is an estimate of the 

13.87 

TRPP134-000169
 

 

 

 

 

 

 

 

 

 

 

 

effect of the proposed reduction on your benefit. It is not a final benefit calculation. These benefit 

amounts may change if suspension effective date is after April 1, 2019. The proposed reduction is 

permanent. This estimate is also based on the following information from Plan records: 

• You have 20 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. This amount has been adjusted to account for the terms of your 

QDRO to calculate your PBGC guaranteed benefit. 

• Under the terms of the QDRO, your former spouse is entitled to 50% of your total vested benefit 

based on contributions received in the marital period from 3/20/1975 to 8/18/1994. 

• You will be age 66.17 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a new or modified Qualified Domestic Relations Order (QDRO) is 

approved on your benefit. 

13.88 

TRPP134-000170
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

X

Retiree 

Partial Reduction (Removal of Early Retirement Subsidy Limited Because Age 75-80) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $1,001.00 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $2,257.93 and is payable for the rest of your life with the first 5 years 

guaranteed. Under the proposed suspension terms, your monthly benefit would be reduced to 

$2,160.96 beginning on April 1, 2019. The change to your benefit is due to the following benefit 

suspension terms: 

[X] Removal of your early retirement subsidy. 

[ ] Reduction to 175% of your PBGC guaranteed benefit. 

However, your benefit under the proposed reduction is partially protected, meaning it will not receive 

the full reduction impact of the suspension terms shown above. Your benefit is partially protected due 

to the following: 

[ ] The proposed reduction cannot reduce your benefit to less than 110% of your PBGC 

guaranteed benefit. 

[X] You will be between the ages of 75 and 80 on March 31, 2019. 

To recap, here is how your benefit would change: 

Current Benefit: 

Benefit Under Proposed Reduction: 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: 

$2,257.93 

$2,160.96 

$1,001.00 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 28 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

13.89 

TRPP134-000171
 

 

 

• You will be age 79.27 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.90 

TRPP134-000172
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

Retiree 

Partial Reduction (Removal of Early Retirement Subsidy Limited by 110% of PBGC Guarantee 

and Because Age 75-80) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $1,144.00 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $2,043.48 and is payable for the rest of your life with the first 5 years 

guaranteed. Under the proposed suspension terms, your monthly benefit would be reduced to 

$1,978.06 beginning on April 1, 2019. The change to your benefit is due to the following benefit 

suspension terms: 

[X] Removal of your early retirement subsidy. 

[ ] Reduction to 175% of your PBGC guaranteed benefit. 

However, your benefit under the proposed reduction is partially protected, meaning it will not receive 

the full reduction impact of the suspension terms shown above. Your benefit is partially protected due 

to the following: 

[X] The proposed reduction cannot reduce your benefit to less than 110% of your PBGC 

guaranteed benefit. 

[X] You will be between the ages of 75 and 80 on March 31, 2019. 

To recap, here is how your benefit would change: 

Current Benefit: 

Benefit Under Proposed Reduction: 

Amount Guaranteed by PBGC if Proposed Reduction Is Rejected: 

$2,043.48 

$1,978.06 

$1,144.00 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

13.91 

TRPP134-000173
 

 

 

 

 

• You have 32 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You will be age 79.59 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.92 

TRPP134-000174
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X

Retiree with J&S 

Partial Reduction (Removal of Early Retirement Subsidy Limited by 110% of PBGC Guarantee 

and Because Age 75-80) 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay your benefit. If this happens, your monthly benefit would be reduced to the 

amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC is estimated to 

be $1,072.50 per month. After you die, your spouse would then receive an estimated PBGC guaranteed 

benefit of $906.84 per month. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so your benefit would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit is $2,198.24 and is payable while you and your spouse are alive. After you die, your 

spouse would then receive a lifetime benefit of $1,099.12 per month. Under the proposed suspension 

terms, your monthly benefit would be reduced to $1,858.74 beginning on April 1, 2019. Your spouse’s 

benefit, after you die, would be reduced to $1,065.25. The change to your benefit is due to the 

following benefit suspension terms: 

[X] Removal of your early retirement subsidy. 

[ ] Reduction to 175% of your PBGC guaranteed benefit. 

However, your benefit under the proposed reduction is partially protected, meaning it will not receive 

the full reduction impact of the suspension terms shown above. Your benefit is partially protected due 

to the following: 

[X] The proposed reduction cannot reduce your benefit to less than 110% of your PBGC 

guaranteed benefit. 

[X] You will be between the ages of 75 and 80 on March 31, 2019. 

To recap, here is how your benefit would change: 

While You Are Both Alive Spouse Benefit After You Die 

Current Benefit: $2,198.24 $1,099.12 

Benefit Under Proposed Reduction: $1,858.74 $1,065.25 

Amount Guaranteed by PBGC if 

Proposed Reduction Is Rejected: $1,072.50 $906.84 

13.93 

TRPP134-000175
 

 

 

 

 

 

 

 

 

All benefits calculated above are as of 1/1/2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have 30 years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You will be age 78.39 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history or a Qualified Domestic Relations Order (QDRO) is approved on 

your benefit. 

13.94 

TRPP134-000176
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No Accrued Benefit 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

Currently, you do not have a benefit earned under the Plan. However, as a Participant in the Plan, you 

will have the opportunity to vote on the proposed reduction as described in the attached notice. 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay benefits. If this happens, monthly benefits would be reduced to the amount 

guaranteed by PBGC. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so benefits would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit payable on 7/1/2040 as a monthly benefit for the rest of your life is $0. 

All benefits calculated above are as of January 1, 2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have no years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You have 1 years of vesting service under the Plan as of January 1, 2018. You need at least 5 

years of vesting service to be 100% vested in your benefit. 

• You will be age 43.79 as of March 31, 2019. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history, you end up retiring before 7/1/2040, you become disabled or pass 

away, or a Qualified Domestic Relations Order (QDRO) is approved on your benefit. 

13.95 

TRPP134-000177
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No Accrued Benefit, Unknown Date of Birth 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

«NAME» 

«ADDRESS1» 

«ADDRESS2» 

Currently, you do not have a benefit earned under the Plan. However, as a Participant in the Plan, you 

will have the opportunity to vote on the proposed reduction as described in the attached notice. 

How the proposed benefit reduction would affect you 

The Plan is projected to be insolvent in the plan year beginning January 1, 2030 and, at that time, would 

no longer be able to pay benefits. If this happens, monthly benefits would be reduced to the amount 

guaranteed by PBGC. However, the proposed reductions are projected to keep the Plan solvent 

indefinitely, so benefits would no longer be expected to drop to the PBGC guaranteed level. 

Your current benefit payable at age 65 as a monthly benefit for the rest of your life is $0. 

All benefits calculated above are as of January 1, 2018. This is an estimate of the effect of the proposed 

reduction on your benefit. It is not a final benefit calculation. These benefit amounts may change if 

suspension effective date is after April 1, 2019. The proposed reduction is permanent. This estimate is 

also based on the following information from Plan records: 

• You have no years of credited service under the Plan earned prior to the Plan freeze on benefit 

accruals effective July 1, 2008. 

• You have 1 years of vesting service under the Plan as of January 1, 2018. You need at least 5 

years of vesting service to be 100% vested in your benefit. 

If the proposed suspension is approved, the actual impact of the suspension may be different if there 

are any changes to your work history, you end up retiring before age 65, you become disabled or pass 

away, or a Qualified Domestic Relations Order (QDRO) is approved on your benefit. 

13.96 

TRPP134-000178
 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #14 – 4.05 Narrative Description to Contact Participants 

Does the application include a description of the efforts that are being taken to contact 

participants, beneficiaries in pay status, and alternate payees? 

See section 4.05(2) of Revenue Procedure 2017-43. 

Attached as Document 14.1 is a narrative description of the efforts of the Board of Trustees of 

the Toledo Roofers Local No. 134 Pension Plan to contact participants, beneficiaries in pay 

status, and alternate payees regarding this application for benefit suspension. 

Document #14 - 1 -

TRPP134-000179
 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #14 – 4.05 Narrative Description to Contact Participants 

Document 14.1 

The notices informing participants, beneficiaries and alternate payees required by 

Internal Revenue Code §432(e)(9)(F) and the regulations thereunder will be delivered solely by 

United States mail. 

The Plan's third-party administrator will work with the local union officials for additional 

information on any missing individuals, as well as utilize internet search tools to attempt to 

locate such individuals. In addition, the Board of Trustees has engaged the services of a 

commercial locator service, Life Status 360 (www.lifestatus360.com), to assist in the location of 

any remaining missing individuals using commercial and credit reporting databases. 

Document #14 - 2 -

TRPP134-000180
 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #15 – 4.05 Electronic Notices 

Does the application describe the steps the plan sponsor has taken to ensure that notices 

delivered electronically are reasonably accessible to the recipients? 

See section 4.05(3) of Revenue Procedure 2017-43. 

The third party administrator of the Toledo Roofers Local No. 134 Pension Plan does not use 

electronic delivery of plan notices or communications to Plan participants. The Plan is a 

building and construction industry plan and many of the covered employees lack access to a 

computer during the ordinary course of their employment. As a result, the Plan intends to send 

all notices and communications issued in connection with this Application for Benefit 

Suspension by U.S. regular mail consistent with previous Plan communications. 

Document #15 

TRPP134-000181
 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #16 – 4.05(4) List of Contributing Employers 

Does the application include a list of each employer who has an obligation to contribute under 

the plan and each employee organization representing participants under the Plan? 

See section 4.05(4) of Revenue Procedure 2017-43. 

Attached as Document 16.1 is a list of each employer who has an obligation to contribute under 

the Plan and each employee organization representing participants under the Plan. 

Document #16 - 1 -

TRPP134-000182
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #16 – 4.05(4) List of Contributing Employers 

Document 16.1 

List of employers who have an obligation to contribute to the Plan 

Employers who employ Local No. 134 Members on a full-time basis: 

1. Fred Christen & Sons 

2. MJ Weiss Roofing 

3. Nordmann Roofing 

4. Patriot Construction Group 

5. Roofers JAC 

6. Roofers Local Union No. 134 

7. Schreiber Roofing 

8. United Roofing 

9. Wolfes Roofing 

Other employers with an obligation to contribute to the Plan who occasionally (often limited) 

employ Local No. 134 Members [Many of these are not locally based employers]: 

1. Bloom Roofing 

2. Building Technicians 

3. CEI Michigan, LLC 

4. JD Chandler Roofing 

5. Kalkrueth Roofing & Sheet Metal 

6. Lutz Roofing 

7. McDonald Roofing & Sheet Metal 

8. MW Morss Roofing, Inc. 

9. Newton Crane Roofing 

10. North Roofing 

11. Quality Roofing 

12. Royal Roofing, Inc. 

13. Royal West Roofing 

14. TF Beck 

List of each employee organization representing participants under the Plan 

1. Local Union No. 134 of The United Union of Roofers, Waterproofers and Allied Workers 

Document #16 - 2 -

TRPP134-000183
 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/ Plan # 34-6682179/001 

Checklist Item #17 – 5.01 Measures Taken to Avoid Insolvency 

Does the application include information on past and current measures taken to avoid insolvency? 

See section 5.01 of Revenue Procedure 2017-43. 

A narrative description of the past and current measures taken to avoid insolvency is attached as the 

following Document 17.1. 

TRPP134-000184
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/ Plan # 34-6682179/001 

Checklist Item #17 – 5.01 Measures Taken to Avoid Insolvency 

Document 17.1 

The following sets forth a detailed description of measures taken by the Board of Trustees of the Toledo 

Roofers Local No. 134 Pension Plan ("Plan") in order to avoid insolvency over the past ten (10) Plan Years 

(2008 through 2017) immediately preceding the Plan Year (2018) in which this application is submitted. 

In addition, to provide additional context and information, some information has been provided for Plan 

Years prior to 2008 demonstrating the Board of Trustees and the bargaining parties' attempts to address 

the declining funded status of the Plan. 

2000 

At the beginning of the of the 2000 Plan Year, the Plan was funded 125% on a market basis. The 

journeyman hourly contribution rate was $3.20. The Plan had 231 active members, which was 50% of 

the 459 total participants and beneficiaries (including vested terminated participants, disability retirees 

and beneficiaries). Additionally, the 231 active members consisted of substantially experienced and 

long-time contributing members, with 123 active members (53%) with at least 10 years of service, 62 

active members (27%) with at least 20 years of service, and 73 members (31%) with less than 5 years of 

service. 

During the 2000 Plan Year, 275,788 hours worked for which contributions were due. The Plan's hours 

worked for which contributions were due remained at 282,695 in 2001 and 213,896 in 2002. Those were 

the last years in which the hours for which contributions were due exceeded 200,000. 

2004 

At the beginning of the of the 2004 Plan Year, the Plan was funded 92% on a market basis. The actuarial 

value of assets was $34,692,792. As of January 1, 2004, the Plan had 166 active members, with 106 

active members (64%) with at least 10 years of service, and 50 active members (30%) with at least 20 

years of service. 

During the 2004 Plan Year, 189,499 hours were worked for which contributions were due to the Plan. 

The market value investment return for the year was 9.47% and the actuarial value investment rate of 

return was 3.04%. 

The Normal Retirement Benefit was a lifetime monthly retirement benefit for five years certain and was 

the sum of $4.00 multiplied by Years of Credited Service earned through April 30, 1962, plus 3.5 percent 

of the aggregate amount of Employer contributions made on behalf of the participant for work 

performed. 

Effective July 1, 2004, the hourly contribution rate to the Pension Plan was raised from $3.20 per hour to 

$3.41 per hour for journeymen. In addition, the Board of Trustees adopted the 6th amendment, dated 

June 15, 2004 but effective as of July 1, 2004, to the 2000 restatement of the Plan document and 

amended the benefit accrual to be the sum of $4.00 multiplied by Years of Credited Service earned 

through April 30, 1962, plus 3.5 percent of the aggregate amount of Employer contributions made on 

behalf of the participant for work performed through June 30, 2004, and $9.60 for each 100 hours for 

TRPP134-000185
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/ Plan # 34-6682179/001 

Checklist Item #17 – 5.01 Measures Taken to Avoid Insolvency 

which contributing Employers were obligated to contribute to the Plan on the participant's behalf for 

work performed after June 30, 2004. 

2005 

At the beginning of the of the 2005 Plan Year, the Plan was funded 88% on a market basis. The actuarial 

value of assets was $34,382,711. As of January 1, 2005, the Plan had 157 active members. In contrast, 

138 retirees and beneficiaries were receiving benefits. 

During the 2005 Plan Year, 189,872 hours were worked for which contributions were due to the Plan. 

The market value investment return for the year was 4.45% and the actuarial value investment rate of 

return was 4.08%. 

After several meetings of the Board of Trustees, effective July 1, 2005, the hourly contribution rate to 

the Pension Plan was raised from $3.41 per hour to $5.41 per hour for journeymen. 

2006 

At the beginning of the of the 2006 Plan Year, the Plan was funded 84% based on an Actuarial Value of 

Assets. The actuarial value of assets was $34,390,778. The Plan had 148 active participants, 134 inactive 

participants, and 148 retirees and/ or beneficiaries receiving benefits. 

During the 2006 Plan year, 163,182 hours were worked for which contributions were due to the Plan. 

The market value investment return for the year was 14.38% and the actuarial value investment rate of 

return was 6.96%. 

Effective August 1, 2006, the hourly contribution rate to the Pension Plan was raised from $5.41 per 

hour to $6.58 per hour for journeymen. The increase of the hourly contribution rate occurred as a result 

of a special meeting and vote of the union membership to reduce their base compensation rate (the 

money on their check) by $1.17 per hour and allocate the amount to the Plan's hourly contribution rate. 

The union members had previously voted in May, 2006 to allocate a negotiated increase to their check; 

however, at the Board of Trustees meeting later than May, the Plan's actuary had reported that the Plan 

would fail the minimum funding requirements by the year 2008 if no further action was taken. The 

Board of Trustees took the extraordinary step of requesting the special meeting of the union 

membership to request the re-allocation of $1.17 towards the Plan's contribution rate. 

2007 

At the beginning of the of the 2007 Plan Year, the Plan was funded 82% based on an Actuarial Value of 

Assets. The actuarial value of assets was $35,256,157. The Plan had 131 active participants, with 86 

active members (66%) with at least 10 years of service, 51 active members (39%) with at least 20 years 

of service, and only 14 members (11%) with less than 5 years of service. 

During the 2007 Plan Year, 170,628 hours were worked for which contributions were due to the Plan. 

The market value investment return for the year was 4.26% and the actuarial value investment rate of 

return was 10.27%. 

TRPP134-000186
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/ Plan # 34-6682179/001 

Checklist Item #17 – 5.01 Measures Taken to Avoid Insolvency 

Effective July 1, 2007, the hourly contribution rate to the Pension Plan was raised from $6.58 per hour to 

$6.88 per hour for journeymen, and $1.35 per hour to $1.45 for Helpers. 

During the August, 2007 Board of Trustees meeting, it was noted that the Plan was estimated to have a 

funded percentage of 85%, within the Green "healthy" status under the new Pension Protection Act of 

2006. Despite this estimated funding status, the Board of Trustees took further action to maintain the 

funding status of the Plan. 

Effective August 1, 2007, the Plan was amended to remove the Plan's Temporary Benefit. The 

Temporary Benefit was an additional monthly payment of $10 per month multiplied by a participant's 

Years of Service up to a maximum Temporary Benefit of $250 per month for those participants who 

retired with an Early Retirement Benefit. No further Temporary Benefits were paid on or after August 1, 

2007. 

Further, the Plan was amended effective August 1, 2007 to adjust the future accrual of all participants' 

benefits to reflect the hourly contribution rate of each participant as compared to the journeyman's 

contribution rate. Those participants who had an hourly contribution rate to the Plan less than the 

applicable journeyman's hourly contribution rate would accrue a benefit equal to the $9.60 accrual for 

100 hours of service multiplied by a fraction, the numerator of which is the participant's applicable 

contribution rate and the denominator of which would be the journeyman's contribution rate. 

2008 

At the beginning of the of the 2008 Plan Year, the Plan was funded 85% based on an Actuarial Value of 

Assets. The actuarial value of assets was $37,296,911. 

During the 2008 Plan Year, 160,777 hours were worked for which contributions were due to the Plan. 

The market value investment return for the year was a significant -26.47% and the actuarial value 

investment rate of return was similarly dismal -12.68%. 

The Plan's actuary reported that the Plan would be certified as in Endangered funding status under the 

Pension Protection Act of 2006 for the 2008 Plan Year necessitating some action. The Board of Trustees 

considered various options to ensure that the Plan would return to Green funded status for the 2009 

Plan Year. The Board of Trustees adopted an amendment to the Plan effective July 1, 2008 that; 

(1) Temporarily suspended benefit accruals under the Plan for hours of service after June 

30, 2008 and prior to July 1, 2009; and, 

(2) For hours of service after June 30, 2009, reduce the benefit accrual rate to $8.40 for 

each 100 hours for which Employer were obligated to contribute to the Plan on the participant's 

behalf (from the previous $9.60 accrual rate), and, for those participants who had a contribution 

rate to the Plan less than the applicable journeyman's hourly contribution rate would accrue a 

benefit equal to the $8.40 accrual for 100 hours of service by a fraction, the numerator of which 

was the participant's applicable contribution rate and the denominator of which was the 

journeyman's contribution rate. 

TRPP134-000187
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/ Plan # 34-6682179/001 

Checklist Item #17 – 5.01 Measures Taken to Avoid Insolvency 

The Board of Trustees initially adopted a Funding Improvement Plan consisting of only benefit 

reductions as the preferred schedule and benefit accrual reduction for the default option. 

2009 

At the beginning of the of the 2009 Plan Year, the Plan was funded 68% based on an Actuarial Value of 

Assets. The actuarial value of assets was $31,039,961. The Plan had 156 active participants, with 80 

active members (51%) with at least 10 years of service, 49 active members (31%) with at least 20 years 

of service, and 55 members (35%) with less than 5 years of service, illustrating a trend towards an active 

membership of less experience. 

During the 2009 Plan Year, 104,492 hours were worked for which contributions were due to the Plan. 

The market value investment return for the year was 13.64% and the actuarial value investment rate of 

return was 12.14%. 

At the Board of Trustees April 24, 2009 meeting, the Trustees considered various options regarding the 

imminent Critical Funding status of the Plan. Initially, and prior to the adoption of a rehabilitation plan, 

the Board of Trustees resolved to extend the temporary benefit accrual freeze from June 30, 2009 until 

December 31, 2009. 

Effective June 1, 2009, the hourly contribution rate to the Pension Plan was raised from $1.45 per hour 

to $1.53 for Helpers. 

At the beginning of the year, the Board of Trustees reviewed the availability of funding relief under the 

Worker, Retiree, and Employer Recovery Act of 2008 ("WRERA"). In consultation with the Plan's actuary, 

and thoroughly discussed during a special meeting called for such purpose, the Board of Trustees 

elected to avail the Plan of the relief and extend the Plan's rehabilitation period from 10 years to 13 

years. 

The Board of Trustees held a series of special meetings to consider various alternatives to be adopted 

under the initial Rehabilitation Plan. 

Effective November 17, 2009, the Board of Trustees adopted the initial Rehabilitation Plan and preferred 

schedule. The changes to the Plan by the initial Rehabilitation Plan and amendment to the Plan 

incorporating the preferred schedule were as follows (effective for benefits that commenced on or after 

January 1, 2010): 

- Seven cumulative contribution rate increases of $0.69 on July 1 of each year from 2010 

through 2016; 

- The $0 benefit accrual rate in effect since July 1, 2008 would continue; 

- The normal form of benefit under the Plan was changed from a life annuity with a 5-year 

certain provision to a life-only annuity (other optional forms of benefit actuarially adjusted to 

reflect their value compared to a life-only annuity); 

TRPP134-000188
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/ Plan # 34-6682179/001 

Checklist Item #17 – 5.01 Measures Taken to Avoid Insolvency 

- Elimination of the 60-payment pre-retirement death benefit; 

- The requirement for an award of disability benefit from the Social Security Administration to 

qualify for disability pension benefits under the Plan; 

- The reduction of any disability pension benefit by the amount of any benefits received under 

workers' compensation programs; 

- The reduction of disability pension benefits to an amount actuarially equivalent based on the 

years prior to age 65 (or age 62 if the Participant has 25 or more years of service); and 

- The application of the following table to Early Retirement reductions, actuarially equivalent 

reductions for Participants with less than 25 Years of Service and a lesser reduction for those 

Participants with 25 or more Years of Service; 

Monthly Early Retirement Benefit 

(shown as a % of the Participant’s Normal Retirement Benefit) 

Retirement Benefit 

Commencement Age 

For Participants with 

5 to 25 Years of Service 

For Participants with 

25 or More Years of Service 

Younger than 54 Not Eligible Not Eligible 

54 Not Eligible 61% 

55 37.14% 67% 

56 40.64% 73% 

57 44.54% 79% 

58 48.91% 85% 

59 53.80% 91% 

60 59.31% 94% 

61 65.52% 97% 

62 72.54% 100% 

63 80.52% 100% 

64 89.61% 100% 

65 100.00% 100% 

A 5% employer surcharge was also effective for the 2009 Plan Year pending the ratification of the 

Rehabilitation Plan. 

2010 

At the beginning of the of the 2010 Plan Year, the Plan was funded 80% based on an Actuarial Value of 

Assets. The actuarial value of assets was $32,581,286. The Plan had 129 active participants, with 71 

active members (55%) with at least 10 years of service, 40 active members (31%) with at least 20 years 

of service, and 45 members (35%) with less than 5 years of service. 

TRPP134-000189
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/ Plan # 34-6682179/001 

Checklist Item #17 – 5.01 Measures Taken to Avoid Insolvency 

During the 2010 Plan Year, 111,955 hours were worked for which contributions were due to the Plan. 

The market value investment return for the year was 13.40% and the actuarial value investment rate of 

return was 4.35%. 

Effective July 1, 2010, the hourly contribution rate to the Pension Plan was raised from $6.88 per hour to 

$7.57 per hour for journeymen, and $1.53 per hour to $2.14 for Helpers in accordance with the 

Rehabilitation Plan. 

The employer surcharge increased to 10% on January 1, 2010. 

2011 

At the beginning of the of the 2011 Plan Year, the Plan was funded 77% based on an Actuarial Value of 

Assets. The actuarial value of assets was $31,676,781. The Plan had 117 active participants, with 64 

active members (54%) with at least 10 years of service, 34 active members (29%) with at least 20 years 

of service, and 35 members (30%) with less than 5 years of service. 

During the 2011 Plan Year, 153,678 hours were worked for which contributions were due to the Plan. 

The market value investment return for the year was -2.99% and the actuarial value investment rate of 

return was 2.06%. 

Effective July 1, 2011, the hourly contribution rate to the Pension Plan was raised from $7.57 per hour to 

$8.26 per hour for journeymen, $2.14 per hour to $2.83 for Helpers, and a $2.00 per hour contribution 

was implemented for a new classification titled "Probationary Helpers." 

At the request and expense of the Roofers International Union, the Board of Trustees previously 

permitted a separate actuarial firm to review the Plan's actuary and its recommendations. At a special 

meeting in February, 2011, Horizon Actuarial Services presented its findings. In addition to the review of 

the Plan's Rehabilitation Plan which generally confirmed the conclusions of the Plan's actuary, the 

Horizon actuaries cautioned that the lack of any benefit accrual for the current and new generation of 

active members of the union may cause members to cease to work as Union members. In the absence 

of any retirement plan accrual, the Union may be unable to organize new employers and the 

participating employers may have difficulty attracting and retaining new employees. Horizon also 

reviewed the potential for a managed mass withdrawal and termination of the Plan. 

2012 

At the beginning of the of the 2012 Plan Year, the Plan was funded 71% based on an Actuarial Value of 

Assets. The actuarial value of assets was $28,852,306. The Plan had 191 active participants, with 63 

active members (33%) with at least 10 years of service, 32 active members (16%) with at least 20 years 

of service, and 110 members (57%) with less than 5 years of service. 

During the 2012 Plan Year, 165,299 hours were worked for which contributions were due to the Plan. 

The market value investment return for the year was 11.64% and the actuarial value investment rate of 

return was -1.51%. 

TRPP134-000190
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/ Plan # 34-6682179/001 

Checklist Item #17 – 5.01 Measures Taken to Avoid Insolvency 

Effective July 1, 2012, the hourly contribution rate to the Pension Plan was raised from $8.26 per hour to 

$8.95 per hour for journeymen, and $2.83 per hour to $3.52 for Helpers, and a $2.83 per hour 

contribution was implemented for a new classification titled "Yardmen." 

The Board of Trustees reviewed the status of the Rehabilitation Plan adopted effective in 2010. The 

Plan's actuary reported that the Plan had made scheduled progress under the Rehabilitation Plan and 

was projected to emerge from critical status in 2022. The Board of Trustees resolved to continue the 

Rehabilitation Plan as previously adopted. 

2013 

At the beginning of the of the 2013 Plan Year, the Plan was funded 65% based on an Actuarial Value of 

Assets. The actuarial value of assets was $26,325,570. The Plan had 182 active participants, with 62 

active members (34%) with at least 10 years of service, 33 active members (18%) with at least 20 years 

of service, and 103 members (56%) with less than 5 years of service. 

During the 2013 Plan Year, 116,365 hours were worked for which contributions were due to the Plan. 

The market value investment return for the year was 16.10% and the actuarial value investment rate of 

return was 10.07%. 

Effective July 1, 2013, the hourly contribution rate to the Pension Plan was raised from $8.95 per hour to 

$9.30 per hour for journeymen, and $3.52 per hour to $3.87 for Helpers, and $2.83 per hour to $9.30 

per hour for Yardmen, and $2.00 per hour to $2.35 per hour for Probationary Helpers. 

During the May, 2013, Board of Trustees meeting, the Trustees began discussing the impact the 

continually increasing hourly contribution rate and lack of any benefit accrual was having on the 

competitiveness of signatory contributing employers, and the recruitment and retention of union 

members. The Board of Trustees requested further information from the Plan's actuary regarding the 

availability and impact of additional benefit reductions, and the invocation of exhaustion of all 

reasonable measures. 

At the August, 2013, Board of Trustees meeting, the Plan’s actuary presented the value and impact of 

the elimination of any remaining adjustable benefits (an ancillary disability benefit and an early 

retirement subsidy for members with 25 or more years of service). The ancillary disability benefit was 

determined to have no material impact on the Plan funding; however, the continuation of the early 

retirement subsidy would be costly. The Board of Trustees was concerned that the early retirement 

subsidy was viewed among the membership as the last remaining attainable benefit under the Plan for 

extended service, contrasted with the $0 benefit accrual rate, and its elimination would cause significant 

member morale and retention issues. 

The Board of Trustees reviewed a reduction of the hourly contribution rate from $0.69 to $0.35 effective 

July 1, 2013 through 2016. After further consultation and discussion with the Plan's actuary and legal 

counsel, and consideration of the impact of the current rate of hourly contribution rate increases and 

the lack of any benefit accrual on the competitiveness of signatory contributing employers and the 

recruitment and retention of union members, the Board of Trustees resolved to declare that it had 

exhausted all reasonable measures as described in Section 432(e)(3)(A)(ii) of the Internal Revenue Code 

TRPP134-000191
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/ Plan # 34-6682179/001 

Checklist Item #17 – 5.01 Measures Taken to Avoid Insolvency 

of 1986, as amended, and reduced the annual increase of the hourly contribution rate from $0.69 to 

$0.35 effective July 1, 2013 through 2016. The considerations of the Board of Trustees in the declaration 

of the exhaustion of all reasonable measures are detailed in the responses to Checklist Items # 19, 20 

and 21. 

2014 

At the beginning of the of the 2014 Plan Year, the Plan was funded 66% based on an Actuarial Value of 

Assets. The actuarial value of assets was $26,526,062. The Plan had 140 active participants, with 54 

active members (38%) with at least 10 years of service, 31 active members (22%) with at least 20 years 

of service, and significantly less than the prior year, 63 members (45%) with less than 5 years of service. 

During the 2014 Plan Year, 143,125 hours were worked for which contributions were due to the Plan. 

The market value investment return for the year was 2.82% and the actuarial value investment rate of 

return was 8.33%. 

Effective July 1, 2014, the hourly contribution rate to the Pension Plan was raised from $9.30 per hour to 

$9.65 per hour for journeymen, and $3.87 per hour to $4.22 for Helpers, and $9.30 per hour to $9.65 

per hour for Yardmen, and $2.35 per hour to $2.70 per hour for Probationary Helpers. 

The Board of Trustees continued to consider the impact that the $9.65 per hour employer contribution 

with no benefit accrual had on union member recruitment and retention, and employer 

competitiveness. Due to a shortage of available and willing workers and full employment of the current 

union active members, the Union requested a suspension of the Plan's suspension of benefits rules to 

permit retirees to temporarily return to work without impact on their pension benefits. The Board of 

Trustees resolved to suspend the Plan's suspension of benefits rules through the end of 2014, which was 

then extended through 2015 at the end of the year. 

2015 

At the beginning of the of the 2015 Plan Year, the Plan was funded 66% based on an Actuarial Value of 

Assets. The actuarial value of assets was $26,529,228. The Plan had 170 active participants, with 50 

active members (29%) with at least 10 years of service, 34 active members (20%) with at least 20 years 

of service, and 103 members (61%) with less than 5 years of service, 50 of those with less than 1 year of 

service (29%). 

During the 2015 Plan Year, 167,915 hours were worked for which contributions were due to the Plan. 

The market value investment return for the year was -2.73% and the actuarial value investment rate of 

return was 4.66%. 

Following the invocation of exhaustion of all reasonable measures, the Board of Trustees continued to 

examine the deterioration of the Plan's funding, and the detrimental impact on hours and contributions 

to the Plan that additional increases to the hourly contribution rate would have with no demonstrable 

benefit to the funding of the Plan. The Board of Trustees determined that additional increases would 

continue to complicate recruitment and retention of union members, organization of any new 

employers, disadvantage current signatory employers in competitive bidding for work, and cause further 

TRPP134-000192
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/ Plan # 34-6682179/001 

Checklist Item #17 – 5.01 Measures Taken to Avoid Insolvency 

dissatisfaction of members over significant contributions to the Plan with no benefit accrual. The Board 

of Trustees resolved to cease any further increases to the hourly contribution rate and deleted the $0.35 

increase due to be effective July 1, 2015 and July 1, 2016. The Board of Trustees further explored the 

possibility of providing some type of retirement plan accrual, possibly through a defined contribution 

vehicle. 

The Board of Trustees also charged its investment consultant to provide updated analysis and potential 

options regarding the Plan's investment policy and asset allocation. The Board of Trustees authorized 

the amendment of the investment policy's parameters to allow up to 70% equities. 

The Board of Trustees re-authorized the temporary suspension of the Plan's suspension of benefits rules 

for the 2016 Plan year. 

2016 

At the beginning of the of the 2016 Plan Year, the Plan was funded 61% based on an Actuarial Value of 

Assets. The actuarial value of assets was $25,516,804. The Plan had 191 active participants, with 47 

active members (25%) with at least 10 years of service, 30 active members (16%) with at least 20 years 

of service, and 121 members (63%) with less than 5 years of service, 59 of those with less than 1 year of 

service (30%). 

During the 2016 Plan Year, 134,634 hours were worked for which contributions were due to the Plan. 

The market value investment return for the year was 5.68% and the actuarial value investment rate of 

return was 5.93%. 

The Board of Trustees began actively monitoring the potential availability of filing an application under 

the Multiemployer Pension Reform Act of 2014, and awaiting the guidance that would arise out of the 

approval of an application for benefit suspension. 

The Board of Trustees re-authorized the temporary suspension of the Plan's suspension of benefits rules 

for the 2017 Plan year. 

2017 

At the beginning of the of the 2017 Plan Year, the Plan was funded 56% based on an Actuarial Value of 

Assets. The actuarial value of assets was $24,564,490. The Plan had 149 active participants, with 47 

active members (32%) with at least 10 years of service, 27 active members (18%) with at least 20 years 

of service, and 75 members (50%) with less than 5 years of service, 32 of those with less than 1 year of 

service (21%), illustrating the fact that the local industry now includes significant turnover and that 

approximately 33% of its contributing members are unlikely to continue beyond several years of service. 

During the Plan Year, 177,037 hours were worked for which contributions were due to the Plan. 

The Board of Trustees directed the Plan's actuary to begin the consideration of a possible application 

under the Multiemployer Pension Reform Act of 2014. 

TRPP134-000193
 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #18 – 5.02 Plan Factors 

Does the application include information regarding the plan factors described in § 

432(e)(9)(C)(ii), for the past 10 plan years immediately preceding the plan year in which the 

application is submitted? 

See section 5.02 of Revenue Procedure 2017-43. 

The information regarding the plan factors described in § 432(e)(9)(C)(ii) for the past 10 plan 

years immediately preceding the plan year in which the application is submitted is set forth in 

the attached Document 18.1. 

Document #18 - 1 -

TRPP134-000194
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #18 – 5.02 Plan Factors 

Document 18.1 

The information requested by Section 5.02 of Internal Revenue Service Revenue Procedure 

2017-43 is included as follows: 

(1) For the 10 Plan Years immediately preceding this Application for Benefit Suspension: 

(a) Contribution Levels 

Effective Date 

Hourly Contribution Rates 

Journeymen Helpers Yardmen 

Probationary 

Helpers 

07-01-1991 $3.20 $1.35 

07-01-2004 $3.41 $1.35 

07-01-2005 $5.41 $1.35 

08-01-2006 $6.58 $1.35 

07-01-2007 $6.88 $1.45 

06-01-2009 $6.88 $1.53 

07-01-2010 $7.57 $2.14 

07-01-2011 $8.26 $2.83 $2.00 

07-01-2012 $8.95 $3.52 $2.83 $2.00 

07-01-2013 $9.30* $3.87 $9.30 $2.35 

07-01-2014 

Through Present 

$9.65 $4.22 $9.65 $2.70 

Effective 04-01-

2019^ 

$7.65 $4.22 $7.65 $2.70 

*On August 26, 2013, the Board of Trustees determined that the Plan had exhausted all 

reasonable measures and that the continued increase in the hourly contribution rate would 

have a detrimental impact on the Plan's ability to forestall insolvency. As part of the Board of 

Trustees’ determination that the Plan had exhausted all reasonable measures, the Trustees 

resolved to reduce the annual $0.69 increase to the hourly contribution rate to $0.35 per year 

through June 30, 2016, effective July 1, 2013. On March 9, 2015, the Board of Trustees 

resolved to delete the $0.35 annual increase scheduled to take effect July 1, 2015 and July 1, 

2016. 

^The most recently approved Rehabilitation Plan includes a $2.00 per hour decrease to the 

hourly contribution rate for journeymen and helpers contingent upon the approval of this 

Application for Benefit Suspension. 

Document #18 - 2 -

TRPP134-000195
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #18 – 5.02 Plan Factors 

(b) Level of Benefit Accruals 

(1) $4.00 multiplied by the number of Years of Credited Service from May 1, 1947 

through April 30, 1962; plus 

(2) 3.5% of the total employer contributions made to the Plan on the Participant's 

behalf from May 1, 1962 through June 30, 2004, excluding employer 

contributions for any periods of participation prior to a Forfeiture of Service; plus 

(3) $9.60 for each 100 hours worked in covered employment from July 1, 2004 

through June 30, 2008; plus 

(4) $0.00 for all hours worked in covered employment on or after July 1, 2008. 

Initially, the $0.00 per hour benefit accrual rate was intended to be temporary from July 1, 2008 

through June 30, 2009, and a benefit accrual rate of $8.40 for each 100 hours worked in 

covered employment on and after July 1, 2009 effective thereafter. In April, 2009, the Board of 

Trustees extended the temporary $0.00 per hour benefit accrual rate until December 31, 2009, 

and a benefit accrual rate of $8.40 for each 100 hours worked in covered employment on and 

after January 1, 2010 effective thereafter. In November, 2009, the Board of Trustees extended 

the $0.00 per hour benefit accrual rate indefinitely, and as of this date permanently, as part of 

the initial Rehabilitation Plan. 

(c) Prior Reductions of Adjustable Benefits under §432(e)(8) 

The following adjustable benefits were removed from the Plan from 2008 

through the filing of this Application for Benefit Suspension [Year Action Taken]: 

(1) The temporary reduction of then-current benefit accrual rate of $9.60 for each 

100 hours worked in covered employment to $0.00 from July 1, 2008 through 

June 30, 2009, and a benefit accrual rate of $8.40 for each 100 hours worked in 

covered employment on and after July 1, 2009 effective thereafter. [2008] 

(2) The extension of the intended temporary $0.00 per hour benefit accrual rate 

until December 31, 2009, and a benefit accrual rate of $8.40 for each 100 hours 

worked in covered employment on and after January 1, 2010 effective 

thereafter. [2009] 

(3) The elimination of the benefit accrual rate of $8.40 for each 100 hours worked in 

covered employment on and after January 1, 2010. [2009] 

Document #18 - 3 -

TRPP134-000196
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #18 – 5.02 Plan Factors 

(4) The change of the normal form of benefit under the Plan from a life annuity with 

a 5-year certain provision to a life-only annuity (other optional forms of benefit 

actuarially adjusted to reflect their value compared to a life-only annuity). [2009] 

(5) Elimination of the 60-payment pre-retirement death benefit. [2009] 

(6) The addition of a requirement that a participant must be entitled to a disability 

benefit under the Old Age and Survivors Disability Insurance Program (OASDI) in 

order to qualify for a disability benefit under the plan. [2009] 

(7) The reduction of any disability benefit by the amount of any benefits received 

under workers' compensation programs. [2009] 

(8) The reduction of disability pension benefits that commence on or after January 

1, 2010 to an actuarially equivalent amount based on the years prior to age 65 

(or age 62 if the Participant has 25 or more Years of Service). [2009] 

(9) The application of the following table to Early Retirement reductions, actuarially 

equivalent reductions for Participants with less than 25 Years of Service and a 

lesser reduction for those Participants with 25 or more Years of Service: 

Monthly Early Retirement Benefit 

(shown as a % of the Participant’s Normal Retirement Benefit) 

Retirement Benefit 

Commencement Age 

For Participants with 

5 to 25 Years of Service 

For Participants with 

25 or More Years of Service 

Younger than 54 Not Eligible Not Eligible 

54 Not Eligible 61% 

55 37.14% 67% 

56 40.64% 73% 

57 44.54% 79% 

58 48.91% 85% 

59 53.80% 91% 

60 59.31% 94% 

61 65.52% 97% 

62 72.54% 100% 

63 80.52% 100% 

64 89.61% 100% 

65 100.00% 100% 

[2009] 

Document #18 - 4 -

TRPP134-000197
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #18 – 5.02 Plan Factors 

(10) Elimination of Disability Benefits effective as of August 7, 2017 (benefits in pay 

status or Participants who have incurred a total and permanent disability and 

applied prior to August 8 were not affected). [2017] 

(11) Elimination of any subsidy for early retirement for participants with 25 or more 

years of service and the application of an actuarially equivalent reduction for 

those participants who apply for benefits after June 30, 2018. [2018] 

(d) Any Prior Suspension of Benefits under §432(e)(9) 

The Board of Trustees has not applied for nor received approval for any prior suspension 

of benefits under §432(e)(9). 

(e) Measures Undertaken by Plan Sponsor to Retain or Attract Contributing Employers 

The recruitment and retention of contributing employers has been difficult over the past 10 

years due to economic conditions and recessions in the local construction industry. The local 

union undertook several sustained initiatives to attract new contributing employers through 

lines of covered work not traditionally performed by contributing employers, such as 

waterproofing and shingle installation. However, these efforts had little success due to the 

hourly contribution rate of the Plan and fear of significant possible withdrawal liability by 

prospective employers. 

The Board of Trustees continually weighed the imposition of increases against the competitive 

impact any increase may cause to contributing employers. Eventually, the Board of Trustees 

declared that it had exhausted all reasonable measures, due, in part, to the competitive 

disadvantage such increases caused to contributing employers' ability to bid for and win new 

construction projects, and the ability of the union to retain valuable experienced journeymen. 

The Board of Trustees has aggressively pursued withdrawal liability, including prevailing on 

substantial litigation against a significant employer up through the U.S. Circuit Court on issues 

of alter ego, to dissuade any other possible attempts to evade or avoid pension obligations. 

(2) The impact on plan solvency of the subsidies and ancillary benefits, if any, available to 

active participants. 

With the elimination of the disability benefit for disabilities incurred after August 7, 2017, the 

last of the ancillary benefits available to active participants has been eliminated. Similarly, with 

the elimination of the early retirement subsidy available for participants with 25 or more years 

of service for those participants who apply for benefits on or after July 1, 2018, the last 

remaining subsidy available to active participants has been eliminated. Therefore, there are no 

Document #18 - 5 -

TRPP134-000198
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #18 – 5.02 Plan Factors 

subsidies or ancillary benefits available to active participants that would have an impact on plan 

solvency. 

(3) Compensation Levels of Active Participants Relative to employees in the Participant's 

Industry Generally. 

Generally, compensation levels for active participants in the Plan were higher than non-union 

individuals employed in the same industry. However, continued required contribution increases 

allocated to the Plan have impeded wage growth for participants. The required pension 

contribution increases negated or significantly lowered negotiated wage package increases that 

would otherwise have been allocated to the participants’ checks. 

Presently, an active participant who works 1,500 hours of covered employment will contribute 

$14,475.00 per year (at $9.65 per hour) to the Plan and receive no benefit accrual. The $0 

benefit accrual rate was initially intended to be a six-month temporary occurrence to resume at 

a slightly lower benefit accrual rate of $8.40 for each 100 hours of covered employment. The 

Plan has now had a $0 benefit accrual rate for a full 10 years, and approximately 68% of the 

current active participants as of January 1, 2017 have less than 10 years of service, meaning 

that these individuals likely have not accrued any benefit under the Plan during their entire 

career. 

The Plan's contribution absorbs approximately 20% of the compensation package of an active 

participant. In contrast, a non-union roofer who works a prevailing wage job in the jurisdiction 

of the collective bargaining agreement would receive those contributed amounts either in the 

form of some benefit offered by the employer or on the employee's check. The latest 

Rehabilitation Plan attempts to lessen the impact of the Plan's hourly contribution rate by 

reducing the journeymen and helper hourly contribution rate by $2.00 per hour, for the 

purpose of allowing that money to be re-directed to a retirement benefit for the members. This 

will hopefully allow the contributing employers and union to recruit and retain more 

experienced members over the years. 

In comparison to this Plan's $9.65 per hour contribution rate and $0.00 benefit credit regardless 

of hours worked, the other Roofer pension funds within the State of Ohio each provide a higher 

benefit accrual, in most cases significantly. Similarly, other trades in the local jurisdiction of the 

Toledo Roofers Local No. 134 Pension Plan offer significantly higher benefits. 

Document #18 - 6 -

TRPP134-000199
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #18 – 5.02 Plan Factors 

Union / Craft Year Contribution Rate 

United Union of Roofers, 

Waterproofers and Allied 

Workers Local Union No. 86 

Pension Plan (Columbus, 

Ohio) 

2018 $7.20 per hour (for a 1.1% 

benefit credit), which would 

equal approximately $118.80 

annual benefit credit based 

on 1500 hours worked. 

Local No. 44 Roofers and 

Waterproofers Pension Plan 

(Cleveland, Ohio) 

2018 $7.80 per hour contribution 

rate (for a $60.00 per month 

benefit credit for 1000 hours), 

which would equal 

approximately $80.00 annual 

benefit credit based on 1500 

hours worked. 

Composition Roofers Local 42 

Pension Plan (Cincinnati, 

Ohio) 

2018 $5.00 per hour contribution 

rate (for a 1.0% benefit 

credit), which would equal 

approximately $75.00 annual 

benefit credit based on 1500 

hours worked. 

Roofers Local No. 75 Pension 

Fund (Dayton, Ohio) 

2018 $7.88 per hour contribution 

rate (for a 1.0% benefit 

credit), which would equal 

approximately $118.20 annual 

benefit credit based on 1500 

hours worked. 

Ohio Carpenters Pension Plan 2016 Between $7.18 – $8.53 per 

hour contribution rate (for a 

1.0% benefit credit), which 

would equal approximately 

between $107.70 – $127.95 

annual benefit credit based 

on 1500 hours worked. 

Document #18 - 7 -

TRPP134-000200
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #18 – 5.02 Plan Factors 

Union / Craft Year Contribution Rate 

Pension Plan for Local Union 

No. 3 International Union of 

Bricklayers and Allied 

Craftsmen (Toledo, Ohio) 

2016 $8.83 per hour contribution 

rate (for $4.90 benefit credit 

for each 100 hours), which 

would equal $73.50 annual 

benefit credit based on 1500 

hours worked. 

Toledo Painters' and Allied 

Trades Pension Plan 

2016 $3.81 per hour contribution 

rate (for $2.50 benefit credit 

for each 100 hours), which 

would equal $37.50 annual 

benefit credit based on 1500 

hours worked. 

(4) Competitive and Other Economic Factors Facing Contributing Employers. 

In the first few years of the new millennium, the Plan's annual hours worked for which 

contributions were paid were over 100,000 more than the Plan's current hours assumption. 

Increased competition and technological and methodological advances have combined to lower 

the amount of work performed in the jurisdiction of the type for which contributions are paid 

to the Plan. 

The increase in costs imposed by the Plan and various recessions in the local construction 

industry have, at least partially, resulted in the emergence of lower cost non-union competitors 

that rely on less skilled, inexpensive labor to compete on cost with contributing employers to 

the Plan. Similarly, the advancement of techniques and materials in the roofing industry, such 

as the transition from asphalt roofing systems to single-membrane roof systems, and more 

recently, self-adhered membrane roof systems, have significantly reduced the manpower and 

hours requirement for roofing installation and repair – in some cases by up to 75% for a 

standard proejct. Further, the improvement of materials utilized in the industry and 

advancement of techniques have extended the useful life of roofing systems; thus, lowering the 

need for maintenance and repair work. The common warranty duration of a newly installed 

commercial roof has extended from 10 years to often 15 and 20 year warranty periods. These 

combined pressures have lowered the amount of hours the Plan has received over the past 15 

years, and factored into the Plan's assumption for expected hours for which contributions are 

due going forward. 

Document #18 - 8 -

TRPP134-000201
 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN / Plan # - 34-6682179 / 001 

Checklist Item #19 – 5.03 All Reasonable Measures 

Does the application describe how the plan sponsor took into account – or did not take into 

account – the factors listed in Section 5.02 of Revenue Procedure 2017-43 in the determination 

that all reasonable measures were taken to avoid insolvency? 

See Section 5.03 of Revenue Procedure 2017-43. 

The narrative description of how the plan sponsor took into account – or did not take into 

account – the factors listed in Section 5.02 of Revenue Procedure 2017-43 in the determination 

that all reasonable measures were taken to avoid insolvency is attached as Document 19.1. 

Document #19 

TRPP134-000202
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN / Plan # - 34-6682179 / 001 

Checklist Item #19 – 5.03 All Reasonable Measures 

Document 19.1 

The Board of Trustees of the Toledo Roofers Local No. 134 Pension Plan determined that 

it had exhausted all reasonable measures in August, 2013. The factors set forth in Section 5.02 

of Internal Revenue Service Revenue Procedure 2017-43 were taken into account in the 

determination as follows (Note – a number of factors are addressed together): 

Contribution Levels 

The Impact of benefit and contribution levels on retaining active participants and bargaining 

groups under the Plan 

In 2013, the Board of Trustees began debating the possibility that the Plan had exhausted all 

reasonable measures to avoid insolvency and ceasing the continued increase of the hourly 

contribution rate. At that time, very little guidance or prior examples existed to inform the 

process and provide a template to utilize the sentence provided in Section 432(e)(3)(A)(ii) of the 

Internal Revenue Code of 1986, as amended. However, the Board of Trustees recognized that 

the continued hourly contribution rate increases required under the Rehabilitation Plan would 

have a detrimental impact on the future funding of the Plan, and requested alternatives to the 

current Rehabilitation Plan from the Plan's actuary. The rising hourly contribution rate and the 

need to retain active participants under the Plan were the primary factors considered in the 

determination. 

The debate commenced as a result of the unanimous certainty of the Board of Trustees that the 

expected increase of the hourly contribution rate from the then current $8.95 (effective July 1, 

2012) to the scheduled $9.64 (July 1, 2013), $10.33 (July 1, 2014), $11.02 (July 1, 2015), and 

$11.71 (July 1, 2016) as required under the Rehabilitation Plan, combined with the $0 benefit 

accrual rate, would accelerate the continued exodus of valuable active members and hinder 

current employers in bidding and obtaining necessary work, including staffing such work with 

experienced and efficient active members. 

The Union Trustees (including the current Business Manager) asserted that the hourly 

contribution rate significantly contributed to the difficulty of retaining young members beyond 

several years, limiting the Union's ability to replace experienced members over time. Upon 

review of the years of service data (and as illustrated in the response to Checklist Item #17), this 

assertion was supported by the decline in the number of experienced contributing active 

members and as a percentage of total contributing members. Similarly, the Union Trustees 

provided additional evidence that the increase of the hourly contribution rate was very 

unpopular among the current active members, particularly the lack of any benefit accrual 

resulting from the contribution to the Plan. At the time of the determination that all reasonable 

measures had been exhausted, the $0 benefit accrual rate had existed for approximately five 

(5) years and was assumed by the members, correctly, to be permanent. Since the $0 benefit 

Document #19 

TRPP134-000203
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN / Plan # - 34-6682179 / 001 

Checklist Item #19 – 5.03 All Reasonable Measures 

accrual rate was initially presented as temporary, it was and remains a sore point with the 

membership. The Union Trustees also provided anecdotal evidence of individual members 

citing the hourly contribution rate and lack of benefit accrual as one of the primary reasons 

from departing the local Union and/ or trade. 

At the initial determination that the Plan exhausted all reasonable measures in August, 2013, 

the Board of Trustees amended the Rehabilitation Plan in November, 2013 to reduce the 

increase of the hourly contribution rate from $0.69 per year to $0.35 for the four remaining 

annual increases. After two years, and discussions with the Plan's actuary of the impact the 

remaining $0.35 increases would have on the Plan's funded status, the Board of Trustees 

amended the Rehabilitation Plan in June, 2015, to cease any further increase to the Plan's 

hourly contribution rate, again balancing the scheduled hourly rate increases with the factors 

set forth in this response. 

The impact of past and anticipated contribution increases under the plan on employer attrition 

and retention levels 

There was significant concern among the Board of Trustees, particularly from the Employer 

Trustees, that continued increases in the hourly contribution rate would lead to further 

employer attrition from the Plan, causing some of the smaller employers to fail due to inability 

to compete and non-local employers choosing to not utilize Union labor. The Employer 

Trustees, which included representatives from 3 of the 4 largest contributing employers to the 

Plan, expressed concern that the rising hourly contribution rate would further hinder 

contributing employers' ability to bid and win work; thus, reducing hours for which 

contributions were due to the Plan. 

Prior Reductions of Adjustable Benefits under §432(e)(8) 

At the time of the determination that the Plan had exhausted all reasonable measures to avoid 

insolvency in August of 2013, the Board of Trustees had removed almost all adjustable benefits 

under §432(e)(8) (substantially all of the adjustable benefits were eliminated with the initial 

Rehabilitation Plan adopted in November, 2009 and effective January 1, 2010). Initially, in the 

discussion of the possibility to declare that the Plan had exhausted all reasonable measures to 

avoid insolvency, the Board of Trustees recognized a few adjustable benefits remained, 

including a subsidy for those members who retired early with at least 25 years of service and 

some ancillary disability benefits. The Board of Trustees directed the Plan's actuary to 

determine the impact to the Plan to remove the last of the adjustable benefits. The Plan's 

actuary illustrated the impact the removal of the remaining adjustable benefits in a 

memorandum that concluded the elimination of the ancillary disability benefit would have no 

material impact on the Plan's hourly contribution rate; however, the early retirement subsidy 

would remain costly. The Board of Trustees was concerned that the early retirement subsidy 

was viewed among the membership as the last remaining attainable benefit under the Plan for 

Document #19 

TRPP134-000204
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN / Plan # - 34-6682179 / 001 

Checklist Item #19 – 5.03 All Reasonable Measures 

extended service, contrasted with the $0 benefit accrual rate, and its elimination would cause 

significant member morale and retention issues. 

The Board of Trustees recognized that previously valued and popular options, such as a more 

expansive subsidized early retirement, an additional early temporary benefit of $25 per month 

multiplied by years of service, and subsidized total and permanent disability benefits had been 

eliminated as the Plan's funded status deteriorated and were no longer available to active 

members. 

Eventually, as the Board of Trustees prepared the Plan to apply for a suspension of benefits 

under the Multiemployer Pension Reform Act of 2014, and with an additional four (4) years of 

experience and perspective, the Board of Trustees began to discuss the potential of eliminating 

the remaining adjustable benefits and provide different incentives to active contributing 

members by adjusting the hourly contribution rate lower by a determined amount, and 

allowing those amounts to be re-directed to provide retention incentives in the form of a 

contribution to a different retirement plan. The Board of Trustees weighed the retention of 

younger members, many of whom had not accrued a benefit under the Plan, against the cost of 

retaining the early retirement subsidy and ancillary disability benefit. The Board of Trustees 

eliminated the remaining ancillary disability benefit in August, 2017, eliminated the availability 

of any early retirement subsidy for those participants who retire after July 1, 2018, and propose 

to eliminate all early retirement subsidies as part of the suspension of benefits described in 

Checklist Item #2. A $2.00 per hour reduction in the hourly contribution rate would allow for 

the active members to re-allocate those negotiated funds towards a contribution to one of the 

International Union's retirement plans. 

The Union held an informational meeting regarding the status of the Plan and the MPRA 

application process on February 3, 2018. As part of the meeting, a vote was taken of the Union 

membership on whether a $2.00 reduction in the hourly contribution rate, which would result 

in more significant cuts to accrued benefits and monthly benefits in pay status, to permit such 

funds to be re-directed to another retirement plan benefit (most likely additional contribution 

to the defined contribution plan). The proposal passed overwhelmingly 56-5. 

Levels of Benefit Accruals, including any prior reductions in the rate of benefit accruals 

Compensation Levels of Active Participants Relative to Employees in the Participants' Industry 

Generally 

The response to Checklist Item #18 illustrates the stark fact that the active members 

contributing to this Plan have a higher contribution obligation and receive much less ($0 since 

2008) than other employees in the participants' local construction industry and other Roofer 

plans in the State of Ohio. The absence of any benefit accrual and substantial hourly 

Document #19 

TRPP134-000205
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN / Plan # - 34-6682179 / 001 

Checklist Item #19 – 5.03 All Reasonable Measures 

contribution rate were the primary factors in declaring the exhaustion of all reasonable 

measures, as set forth above. 

Competitive and other Economic Factors Facing Contributing Employers 

The Board of Trustees considered the competitive and other economic factors facing 

contributing employers. Notably, advances in methods and technology in the industry have 

substantially reduced the number of hours required to perform standard tasks and installations, 

and extended the applicable warranty life of newly installed roof systems, reducing the 

frequency of repair and maintenance work as well. 

The Plan has a limited roster of contributing employers (See the response to Checklist Item #16) 

with only seven (7) contributing employers that employ roofers from Local No. 134 on a fulltime basis; however, the Board of Trustees includes representatives from three of the Plan's 

four top contributing employers (including the top two contributing employers), investing the 

Board of Trustees' discussions with significant insight from the contributing employer 

perspective. The perspectives of representatives of multiple generation roofing contracting 

companies on the ongoing competitiveness of the Plan's contributing employers weighed 

heavily in the discussions that an increased hourly contribution rate and departure of 

experienced active members would impede the contractors' ability to successfully bid work. 

Measures Undertaken by the Plan Sponsor to Retain or Attract Contributing Employers 

The Board of Trustees recognized the hourly contribution rate of the Plan and the threat of 

significant withdrawal liability from a Plan with critical under-funding issues were unsolvable 

obstacles to the attraction of new contributing employers for the foreseeable future. The 

ongoing and prior efforts of the local union to attract new contributing employers, such as 

through lines of covered work not traditionally performed by contributing employers 

(waterproofing and shingle installation), were not yielding material results. 

The Board of Trustees continually weighed the imposition of increases against the competitive 

impact any increase may cause to contributing employers. Eventually, the Board of Trustees 

declared that it had exhausted all reasonable measures, due, in part, to the competitive 

disadvantage such increases caused to contributing employers' ability to bid for and win new 

construction projects, and the ability of the union to retain valuable experienced journeymen 

necessary for the successful completion of those projects. 

The Impact on Plan Solvency of the Subsidies and Ancillary Benefits Available to Active 

Participants. 

The initial Rehabilitation Plan adopted by the Board of Trustees substantially eliminated any 

subsidies and ancillary benefits available to active participants. In 2013 and prior to determining 

that the Plan had exhausted all reasonable measures to avoid insolvency, the Plan posed the 

Document #19 

TRPP134-000206
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN / Plan # - 34-6682179 / 001 

Checklist Item #19 – 5.03 All Reasonable Measures 

specific question of the possible impact to the Plan of the removal of all remaining subsidies 

and ancillary benefits to the Plan actuary (an ancillary disability benefit and an early retirement 

subsidy available to those members with 25 or more years of service). The ancillary disability 

benefit was determined to have no material impact on the Plan funding; however, the 

continuation of the early retirement subsidy would be costly. The need to retain the early 

retirement subsidy (and the ancillary disability benefit) was debated at length, particularly the 

morale and retention of valuable active members. At the time of the initial determination that 

the Plan had exhausted all reasonable measures in 2013, the Board of Trustees felt that the 

elimination of the early retirement subsidy for those members with 25 years of service 

eliminated the last of the "value" the members felt the Plan provided. 

Eventually, as part of the determination to apply for a suspension of benefits, the Board of 

Trustees eliminated the last of the ancillary benefits (removing the disability benefit effective 

August 7, 2017) and adjustable benefits (the early retirement subsidy for those participants 

who apply for benefits after July 1, 2018). As part of the proposed suspension of benefits, the 

Board of Trustees proposes the elimination of all early retirement subsidies, and a reduction in 

the hourly contribution rate. 

* * * * * * * * * * * * * * * 

The factors set forth in Section 5.02 of Internal Revenue Service Revenue Procedure 

2017-43 that the Board of Trustees did not take into account in the determination, even 

nominally, is limited to the following: 

Any prior suspension of benefits under Internal Revenue Code §432(e)(9) 

The Board of Trustees declared that the Plan had exhausted all reasonable measures August, 

2013. At that time, the Multiemployer Pension Reform Act of 2014 had not yet been adopted, 

and, thus, no prior suspension of benefits under Internal Revenue Code §432(e)(9) occurred or 

was taken into account in the determination that all reasonable measures had been taken to 

avoid insolvency. 

* * * * * * * * * * * * * * * * 

The only other factor the Plan considered was the possibility that some legislative action would 

provide the Plan some additional methods or tools to address its funding deficiency; however, 

at the time of the determination that the Plan had exhausted all reasonable measures to avoid 

insolvency, this possibility seemed unlikely. 

* * * * * * * * * * * * * * * * 

Document #19 

TRPP134-000207
 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN / Plan # - 34-6682179 / 001 

Checklist Item #19 – 5.03 All Reasonable Measures 

In sum, the Board of Trustees determined that the Plan had exhausted all reasonable measures 

to avoid insolvency because the continued increase in the hourly contribution rate (at a rate 

much higher than other plans in the State of Ohio or other local trades' pension plan with no 

accrual to the active contributing members) would likely have an adverse impact on the Plan, 

and the competitiveness of its contributing employers. 

With this application, the Board of Trustees desires to reduce the current hourly contribution to 

assist in the retention of active members (through the re-allocation of those amounts to 

another retirement plan sponsored by the International Roofing Union) and provide a 

compensation package more comparable with other Roofer locals in the State of Ohio and 

trades in Northwest Ohio. 

Document #19 

TRPP134-000208
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #20 – 5.03 How Plan Factors Were Taken Into Account 

Does the application describe how the plan sponsor took into account – or did not take into account – in 

the determination that all reasonable measures have been taken to avoid insolvency, the impact of: 

• benefit and contribution levels on retaining active participants and bargaining groups under the 

plan; and 

• past and anticipated contribution increases under the plan on employer attrition and retention 

levels? 

See section 5.03 of Revenue Procedure 2017-43. 

Document 19.1 contains the description of how the Board of Trustees of the Toledo Roofers Local No. 

134 Pension Plan took into account the impact of: 

▪ benefit and contribution levels on retaining active participants and bargaining groups under the

plan; and 

▪ past and anticipated contribution increases under the plan on employer attrition and retention

levels 

in the determination that all reasonable measures have been taken to avoid insolvency. 

TRPP134-000209
 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #21 – 5.04 Other Factors Considered 

Does the application include a discussion of any other factors the plan sponsor took into account 

including how and why those factors were taken into account? 

See section 5.04 of Revenue Procedure 2017-43. 

Document 19.1 contains the description of all of the factors the Board of Trustees of the Toledo Roofers 

Local No. 134 Pension Plan took into account in the determination that all reasonable measures have 

been taken to avoid insolvency, including how and why such factors were taken into account. 

TRPP134-000210
 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #22 – 6.01 Ballot 

Does the application include a copy of the proposed ballot, excluding the information regarding 

the statement in opposition, the individualized estimate, and the voting procedures? 

See section 6.01 of Revenue Procedure 2017-43. 

A copy of the Proposed Ballot, excluding the statement in opposition, the individualized 

estimate, and the voting procedures is attached as Document 22.1. 

Document #22 - 1 -

TRPP134-000211
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #22 – 6.01 Ballot 

Document 22.1 

BALLOT FOR APPROVAL OF THE PROPOSED BENEFIT REDUCTION 

The "Proposed Benefit Reduction" for the Toledo Roofers Local No. 134 Pension Plan 

was submitted on June 25, 2018 by the Board of Trustees in accordance with the 

Multiemployer Pension Recovery Act of 2014 ("MPRA") and its regulations. 

On [Insert Date], the Proposed Benefit Reduction was approved by the United States 

Secretary of Treasury, in consultation with the Pension Benefit Guaranty Corporation and the 

United States Department of Labor. 

The next step is for all eligible voting participants to approve or reject the Proposed 

Benefit Reduction. The proposed suspension of benefits set forth in the Proposed Benefit 

Reduction will be effective for benefits paid after March 31, 2019 unless a majority of all eligible 

voters affirmatively vote to reject the Proposed Benefit Reduction. Therefore, an individual's 

failure to cast a vote has the same effect as a vote to approve the Proposed Benefit Reduction. 

This Ballot is required by Federal law to provide information and assistance to you in exercising 

your right to vote. 

The Board of Trustees Recommends the Approval of the Proposed Benefit Reduction 

The Board of Trustees strongly recommends the approval of the Proposed Benefit 

Reduction. The Proposed Benefit Reduction is designed to prevent the Plan from becoming 

insolvent and preserve your pension benefits as completely as possible. You have worked hard 

for your pension benefit. The intent of the Proposed Benefit Reduction is to avoid insolvency, 

stop the Plan's funding decline, and allow the Plan to continue to provide benefits going 

forward. 

Description of the Proposed Benefit Reduction 

You have already received an individual estimate illustrating the impact of the Proposed 

Benefit Reduction on your monthly benefit amount. 

The basic policy of the Proposed Benefit Reduction is that every person's monthly 

retirement benefit paid after March 31, 2019 would be recalculated as if the same reductions 

applicable under the current Plan provisions were applied based on their age at retirement. 

The reduction of your monthly benefit is determined in 2 steps: 

1 - If you retired on or before July 1, 2018 and had not reached age 65, the 

Proposed Benefit Reduction will apply the early retirement reduction factors that would have 

Document #22 - 2 -

TRPP134-000212
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #22 – 6.01 Ballot 

been applicable to your age at retirement had you retired subject to the same Plan provisions 

that apply to monthly benefits that commence after July 1, 2018. 

If you retired at age 65 or later, or retired after July 1, 2018, the first step of the 

reduction would not have any impact on your monthly benefit. You have already had this 

reduction applied to your monthly benefit. 

2 - All monthly benefits currently being paid and all Accrued Benefits not yet in pay 

status will be further reduced to 175% of the minimum guarantee benefit amount that would 

be provided by the Pension Benefit Guaranty Corporation if the Plan became insolvent. 

If you are a Beneficiary receiving a monthly benefit, your monthly benefit will be 

adjusted based on your Participant's recalculated benefit as described in steps 1 and 2 above. 

This is a one-time recalculation and will not impact accrued benefits earned after 

March 31, 2019. The recalculation will be applied to all Participants, Beneficiaries and Alternate 

Payees. The Proposed Benefit Reduction, if approved, will not reduce or take into account 

amounts already paid to individuals through March 31, 2019. 

Individuals who commenced their benefit pursuant to a Disability Pension under the 

Plan will not have their monthly benefit reduced. Individuals who have attained age 80 by 

March 31, 2019 will not have their monthly benefit reduced. Individuals who have attained age 

75, but have not attained age 80, by March 31, 2019, will be subject to smaller reductions. 

The Trustees have spent the last year evaluating possible alternatives in an attempt to 

create an equitable plan that satisfies the requirements of the MPRA. Some of the factors set 

forth in the MPRA that the Board of Trustees considered while attempting to craft an equitable 

allocation of the benefit reductions included: 

1 – The age and life expectancy of the participant and beneficiary; 

2 – The length of time that benefits have been in pay status; 

3 – The amount of benefits; 

4 – The type of benefit, such as survivor benefit, normal retirement benefit, or early 

retirement benefit; 

5 – The extent to which a participant or beneficiary is receiving a subsidized benefit; 

6 – The history of benefit increases and reductions for participants and beneficiaries; 

Document #22 - 3 -

TRPP134-000213
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #22 – 6.01 Ballot 

7 – Any differences between active and retiree benefits; and 

8 – The extent to which active participants are reasonably likely to withdraw support for 

the Pension Plan, accelerating employer withdrawals from the Pension Plan and 

increasing the risk of additional benefit reductions for participants in and out of pay 

status. 

If the Proposed Benefit Reduction is approved, the proposed suspension of benefits will 

remain in effect indefinitely. 

The Insolvency of the Toledo Roofers Local No. 134 Pension Plan 

Without the approval of the Proposed Benefit Reduction, the Plan is scheduled to 

become insolvent within the next 12 years (2030), and possibly sooner. The insolvency of the 

Plan would result in the reduction of benefits to the benefit guaranteed by the Pension Benefit 

Guaranty Corporation ("PBGC"). The PBGC is a Federal agency that acts as an insurance 

company for pensions and guarantees a minimum benefit to participants and beneficiaries. 

Federal law requires that our Proposed Benefit Reduction provide a benefit at least as much as 

110% of the guaranteed benefit from the PBGC; thus, all Participants, Beneficiaries and 

Alternate Payees' monthly benefit would be higher if the Proposed Benefit Reduction is 

approved than if the Plan is turned over to the PBGC. If the Proposed Benefit Reduction is 

rejected, the Plan will eventually become insolvent. As a result, all Participants, Beneficiaries 

and Alternate Payees would be reduced to the guaranteed amount by the PBGC. Individuals 

who retired on a Disability Pension and individuals who attained age 80 would be included in 

the reduction to the PBGC guaranteed benefit. 

The Plan's actuary has certified that the approval and implementation of the Proposed 

Benefit Reduction will avoid insolvency and allow the Plan to continue to pay the reduced 

benefits and future accrued benefits indefinitely. The actuary's projection is based on 

conservative estimates of future hours worked for which contributions are due and the future 

investment returns of the Plan, and, is therefore subject to some uncertainty. 

The Insolvency of the Pension Benefit Guaranty Corporation 

The Pension Benefit Guaranty Corporation is expected to become insolvent in 2025, 

several years before the insolvency of our Plan. The insolvency of the PBGC would mean that 

the PBGC would not have enough money to provide the guaranteed benefit and your monthly 

benefit provided through the PBGC would be reduced to almost nothing. The Proposed Benefit 

Reduction is structured to avoid the Plan's insolvency and the involvement of the PBGC, and 

ensure the continuation of your monthly benefit payments indefinitely. 

Document #22 - 4 -

TRPP134-000214
 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #22 – 6.01 Ballot 

For the foregoing reasons, the Board of Trustees recommends that you support and 

vote to approve the Proposed Benefit Reduction. 

Document #22 - 5 -

TRPP134-000215
 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #23 – Partition 

Does application indicate whether the plan sponsor is requesting approval from PBGC of a 

proposed partition under Section 4233 of ERISA? 

See section 6.02 of Revenue Procedure 2017-43. 

The Application filed on behalf of the Toledo Roofers Local No. 134 Pension Plan does not 

include a request for partition under Section 4223 of ERISA. 

Document #23 

TRPP134-000216
 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #24 – 6.02 Partition 

If the answer to item 23 is yes, does the application specify the effective date of the proposed 

partition and include a plan year-by-plan-year projection of the amount of the reduction in 

benefit payments attributable to the partition? 

See section 6.02 of Revenue Procedure 2017-43. 

Not Applicable. The answer to Checklist Item No. 23 indicated that no request would be made 

to the Pension Benefit Guaranty Corporation for a proposed partition. 

Document #24 

TRPP134-000217
Toledo Roofers Local No. 134 Pension Plan

EIN/Plan #: 34-6682179/001 

Checklist Item #25 – 6.03 Actuarial Assumptions and Methods used in Actuarial Certification 

of Plan Status as of January 1, 2018 

Does the application include: 

 a description of each of the assumptions used in the projections required under sections 

3.01, 3.02, 4.02(1), 4.02(2), and 4.03 of Revenue Procedure 2017-43, 

 supporting evidence for the selection of those assumptions, and 

 an explanation of any differences among the assumptions used for various purposes? 

See section 6.03 of Revenue Procedure 2017-43. 

Document 25.1 describes the assumptions used by the Pension Plan’s actuary for certifying the 

critical and declining status. Document 25.2 provides a supplemental report that provides the 

actuary’s rationale for the major assumptions made and is based on the actuary’s 

interpretation of the requirements under Revenue Procedure 2017-43, Section 6.03 and 

Appendix B. Document 25.3 describes the assumptions used for projections under sections 

3.02, 4.02(1), and 4.03. 

TRPP134-000218
Toledo Roofers Local No. 134 Pension Plan

EIN/Plan #: 34-6682179/001 

Checklist Item #25 – 6.03 Actuarial Assumptions used for Projections 

25.1 

Document 25.1

The following outlines the assumptions and methods used by the Plan’s Actuary in making the 

determination of Critical and Declining status as of January 1, 2018. 

______________________________________________________________________________ 

Assumptions 

ERISA rate of return used 

to value liabilities 7.50% per year after investment expenses

Investment return 17.17% for the Plan Year Ending 2017 based upon unaudited 

financial statements as of December 31, 2017. 7.50% assumed 

each year thereafter.

Operational expenses $145,000 per year excluding investment expenses

Mortality

Assumed plan mortality The RP-2014 Blue Collar Mortality Tables for employees and 

healthy annuitants adjusted backward to 2006 with the MP2014 projection scale and projected forward using the MP-2016 

projection scale.

Disability Rates shown below:

Disability Disability

Age Rate Age Rate

20 0.0006 38 0.0019

21 0.0007 39 0.0020

22 0.0007 40 0.0022

23 0.0008 41 0.0024

24 0.0008 42 0.0027

25 0.0009 43 0.0029

26 0.0009 44 0.0032

27 0.0009 45 0.0036

28 0.0010 46 0.0040

29 0.0010 47 0.0044

30 0.0011 48 0.0049

31 0.0012 49 0.0055

32 0.0012 50 0.0061

33 0.0013 51 0.0067

34 0.0014 52 0.0075

35 0.0015 53 0.0083

36 0.0016 54 0.0091

37 0.0017 55 0.0101

TRPP134-000219
Toledo Roofers Local No. 134 Pension Plan

EIN/Plan #: 34-6682179/001 

Checklist Item #25 – 6.03 Actuarial Assumptions used for Projections 

25.2 

Withdrawal

First four years of 

employment

According to the following schedule:

Year of Withdrawal

Employment Rate

 First .55

 Second .55

 Third .45

 Fourth .25

Ultimate T-6 Turnover Table from The Actuary’s Pension Handbook (less 

51 GA mortality) – specimen rates 

shown below:

Withdrawal

Age Rate

25 .0772

30 .0740

35 .0686

40 .0611

45 .0516

50 .0362

55 .0137

60 .0013

Future retirement rates

Active lives When eligible and according to the following schedule:

Age

Without

25 Years

With

25 Years

54 - .50

55 .10 .30

56-57 .10 .20

58-61 .10 .10

62 1.00 1.00

Resulting in an average expected retirement age of 57.7.

Inactive vested lives Age 55 or current age, if older.

Future hours worked 140,000 hours for the plan year beginning in 2018 and for 

each year thereafter. For the 2017 plan year, our 

projections used actual hours estimate of 177,037.

TRPP134-000220
Toledo Roofers Local No. 134 Pension Plan

EIN/Plan #: 34-6682179/001 

Checklist Item #25 – 6.03 Actuarial Assumptions used for Projections 

25.3 

Future hourly contribution 

rate

Based on individual’s average contribution rate from the 

previous year. (Max of $9.65)

Age of participants with 

unrecorded birth dates

Based on average entry age of participants with recorded birth 

dates and same vesting status.

Marriage assumptions 65% assumed married with the male spouse 1 year older than his 

wife.

Optional form assumption For the portion of non-retired participants, the following table 

shows the percent assumed to elect an optional form at 

retirement.

Optional form

Married

Participants

Single

Participants

Life annuity 30% 40%

Life-five year certain 0% 15%

Life-ten year certain 15% 45%

Joint & 50% survivor 20%

Joint & 75% survivor 15%

Joint & 100% survivor 20%

Benefits not valued Pre-retirement death benefits following disability.

Withdrawal liability 

payments

No withdrawal liability payments are assumed to be received in 

the future.

Projection Assumptions 

Assumed return on fund 

assets

7.50% 

Contribution Rate Increases None

New Entrant Profile No open group projections or specific new entrant 

profiles are used. A closed group valuation was included 

in projecting benefit payments for 10 years. The 

projection methodology uses implicit assumptions for 

future benefit payments beyond 10 years. New actives 

have a zero normal cost.

TRPP134-000221
Toledo Roofers Local No. 134 Pension Plan

EIN/Plan #: 34-6682179/001 

Checklist Item #25 – 6.03 Actuarial Assumptions used for Projections 

25.4 

Methods 

Funding method Traditional Unit Credit method, effective January 1, 2006

Population valued

Actives Eligible employees with at least one hour worked during the 

preceding plan year.

Inactive vested Vested participants with no hours reported during the 

preceding plan year.

Retirees Participants and beneficiaries in pay status as of the valuation 

date.

Asset valuation method Smoothed market value with each year’s gain (or loss) spread 

over a period of 5 years. The actuarial value can be no less than 

80% nor more than 120% of the market value as of the 

determination date.

Pension Relief Act of 2010 30-year amortization of net investment loss was elected with 

respect to the loss incurred during the plan year ended in 2008. 

The loss was allocated to future years using the “prospective 

method” of IRS Notice 2010-83.

TRPP134-000222
Toledo Roofers Local No. 134 Pension Plan

EIN/Plan #: 34-6682179/001 

Checklist Item #25 – 6.03 Actuarial Assumptions used for Projections 

25.5 

Document 25.2

The following provides the Plan Actuary’s justification for utilizing the main actuarial 

assumptions summarized above in Document 25.1. The non-prescribed actuarial assumptions 

were selected to provide a reasonable long term estimate of developing experience. The 

assumptions are reviewed annually, including a comparison to actual experience. The following 

describes the Plan’s Actuary’s rationale for the selection of each non-prescribed assumption 

that has a significant effect on the valuation results. 

ERISA rate of return used 

to value liabilities

Future rates of return were modeled based on the Plan’s current 

investment policy asset allocation and composite, long-term 

capital market assumptions taken from Horizon Actuarial’s 2016 

survey of investment consultants. 

The following is a summary of the Plan’s target portfolio 

allocation:

Asset Class Policy %

US Large Cap 26.00%

US Sm/Mid Cap 9.00%

Non-US Developed 23.00%

Non-US Emerging 7.00%

US Fixed – Core 20.00%

Hedge Funds 15.00%

Total 100.00%

Based on this analysis, we selected a final assumed rate of 

7.50%, which we feel is reasonable. This rate may not be 

appropriate for other purposes such as settlement of liabilities.

Mortality The RP-2014 Blue Collar Mortality Tables for employees and 

healthy annuitants adjusted backward to 2006 with the MP-2014 

projection scale and projected forward using the MP-2016 

projection scale was chosen as the base table for this population.

The blue collar table was chosen based on the industry of plan 

participants.

TRPP134-000223
Toledo Roofers Local No. 134 Pension Plan

EIN/Plan #: 34-6682179/001 

Checklist Item #25 – 6.03 Actuarial Assumptions used for Projections 

25.6 

Retirement Actual rates of retirement by age were studied for the period 

January 1, 2011 to December 31, 2015. The assumed future 

rates of retirement were selected based on the results of this 

study. No adjustments were deemed necessary at this time.

The following are the results of retirement studies prepared with 

the last 3 valuation reports.

Actives 

Inactive Vested 

Exposure Retired qx Exposure Retired qx Exposure Retired qx Exposure Retired qx Exposure Retired qx Exposure Retired qx

First Year Eligible - - - - - - - - - - - - - - - - - -

Other Eligibles by Age:

45 - - - - - - - - - - - - - - - - - - 

46 - - - - - - - - - - - - - - - - - - 

47 - - - - - - - - - - - - - - - - - - 

48 - - - - - - - - - - - - - - - - - - 

49 - - - - - - - - - - - - - - - - - - 

50 - - - - - - - - - - - - - - - - - - 

51 - - - - - - - - - - - - - - - - - - 

52 - - - - - - - - - - - - - - - - - - 

53 - - - - - - - - - - - - - - - - - - 

54 12 6 0.500000 - - - 8 14 0.571429 - - - 15 0.666667 10 - - - 

55 7 2 0.285714 7 - - 6 2 0.333333 - 11 - 4 - - - 10 - 

56 5 1 0.200000 7 - - 5 1 0.200000 6 - - 3 - - 7 - - 

57 6 2 0.333333 5 2 0.400000 5 1 0.200000 6 3 0.500000 4 - - 6 3 0.500000 

58 4 - - 3 - - 4 - - 3 - - 3 - - 1 - - 

59 4 1 0.250000 3 - - 3 - - 1 - - 1 1 1.000000 1 - - 

60 3 1 0.333333 - - - - - - - - - - - - - - - 

61 - - - - - - - - - - - - - - - 1 - - 

62 - - - - - - - - - 1 1 1.000000 - - - 1 1 1.000000 

63 - - - - - - - - - - - - - - - - - - 

64 - - - - - - - - - - - - - - - - - - 

65 - - - - - - - - - - - - - - - - - - 

66 - - - - - - - - - - - - - - - - - - 

67 - - - - - - - - - - - - - - - - - - 

68 - - - - - - - - - - - - - - - - - - 

69 - - - - - - - - - - - - - - - - - - 

70 - - - - - - - - - - - - - - - - - - 

>70 - - - - - - - - - - - - - - - - - - 

5 years ending 1/1/2017 5 years ending 1/1/2016 5 years ending 1/1/2015

25+ Years of Service <25 Years of Service 25+ Years of Service <25 Years of Service 25+ Years of Service <25 Years of Service Retirements $ Weighted

For From V $ Average Average

PYE Status Retiring Ret Age Ret Age

12/31/2016 3 1,821 62.0 64.4

12/31/2015 4 1,926 60.5 58.7

12/31/2014 10 11,829 58.3 56.9

12/31/2013 6 8,021 58.0 56.3

12/31/2012 4 4,809 60.8 57.1

Total 28,406 27 59.3 57.3

TRPP134-000224
Toledo Roofers Local No. 134 Pension Plan

EIN/Plan #: 34-6682179/001 

Checklist Item #25 – 6.03 Actuarial Assumptions used for Projections 

25.7 

Withdrawal Actual rates of withdrawal by age were studied for the period 

January 1, 2011 to December 31, 2015. The assumed future 

rates of withdrawal were selected based on the results of this 

study. No further adjustments were deemed necessary at this 

time.

The following are the results of withdrawal studies prepared 

with the last 3 valuation reports. Since we do not have an 

assumption for rehired participants, the withdrawal experience 

used for our analysis is net of rehires.

Marriage assumptions A review of participants retiring from 1/1/2012-1/1/2017

resulted in 35 married of 54 retirements. Therefore, a 65% 

marriage assumption was made.

The average attained age difference of the married retirees from 

1/1/2012 – 1/1/2017 was 1.42 years. Therefore, a 1 year age 

difference was assumed.

From To Rate From To Rate From To Rate

15 19 - 15 19 - 15 19 -

20 24 (1.5000) 20 24 (0.3333) 20 24 0.2727

25 29 0.2000 25 29 0.1111 25 29 0.1905

30 34 (0.0149) 30 34 0.0149 30 34 0.1013

35 39 0.0127 35 39 0.0260 35 39 0.0405

40 44 0.0196 40 44 (0.0200) 40 44 (0.0161) 

45 49 0.0777 45 49 0.0636 45 49 0.0721

50 54 0.0526 50 54 (0.0145) 50 54 (0.0100) 

55 59 (0.5000) 55 59 - 55 59 (0.2500) 

60 64 - 60 64 - 60 64 -

Select Calc'd Select Calc'd Select Calc'd

Period Exposure Rate Period Exposure Rate Period Exposure Rate

0 - - 0 - - 0 - - 

1 275 0.6473 1 209 0.5933 1 163 0.6074 

2 0.4941 85 2 0.4615 65 2 0.3099 71 

3 0.3250 40 3 0.2653 49 n/a n/a n/a

n/a n/a n/a n/a n/a n/a n/a n/a n/a

CALCULATED RATES:

5 years ending 12/31/2014

Age

CALCULATED RATES:

Age

5 years ending 12/31/2016

CALCULATED RATES:

5 years ending 12/31/2015

Age

TRPP134-000225
Toledo Roofers Local No. 134 Pension Plan

EIN/Plan #: 34-6682179/001 

Checklist Item #25 – 6.03 Actuarial Assumptions used for Projections 

25.8 

Optional forms A review of participants retiring from 1/1/2012-1/1/2017 is 

found below.

Future hours worked The Board of Trustees have reviewed the annual work hours 

since 2007. Benefit accruals were frozen in July 2008. Since 

then the hours have been volatile, but average close to 140,000 

hours over that time period. The Board believes that with 

changes made in the most recent Rehabilitation Plan update that 

the Plan will be able to maintain the level of membership and 

hours.

Withdrawal liability 

payments

Due to the Plan being a construction industry plan, it was 

assumed that no withdrawal liability payments would be 

received in the future.

Total retirements # elected % Elected total elected % Elected total elected % Elected

54 18 33.33% life 35 10 28.57% 19 8 42.11%

3 5.56% 5 yrs & life 0 0.00% 3 15.79%

14 25.93% 10 yrs & life 6 17.14% 8 42.11%

7 12.96% 50% J&S 7 20.00%

6 11.11% 75% J&S 6 17.14%

6 11.11% 100% J&S 6 17.14%

COMBINED TOTALS Form of 

Benefit

MARRIED NOT MARRIED

TRPP134-000226
Toledo Roofers Local No. 134 Pension Plan

EIN/Plan #: 34-6682179/001 

Checklist Item #25 – 6.03 Actuarial Assumptions used for Projections 

25.9 

Liability (Gain)/Loss Analysis We develop the annual experience (gain)/loss and usually look at 

some key experience results to justify the year’s (gain)/loss. The 

following is a summary for the last 10 years. They key results are 

below with the (gain)/loss on the next page.

Note that the expected number is based upon the assumptions 

from the corresponding valuation report and may differ from the 

current assumptions.

Decrements: Expected Actual % Error Decrements: Expected Actual % Error

-- retirement, 2017 plan year 1.5 -- net withdrawal, 2017 plan year 30.6

 2016 plan year 3 2.1 42.86% 2016 plan year 55.9 23.43% 69

 2015 plan year 6.0 3.0 100.00% 2015 plan year 20.6 44.0 113.59%

 2014 plan year 3.0 2.1 42.86% 2014 plan year 11.6 28.0 141.38%

 2013 plan year 2.0 2.1 (4.76)% 2013 plan year 20.0 62.0 210.00%

 2012 plan year 1.0 1.9 (47.37)% 2012 plan year 24.8 48.0 93.55%

 2011 plan year 4 2.8 42.86% 2011 plan year 1 6.8 (85.29)%

 2010 plan year 5.0 1.7 194.12% 2010 plan year 10.1 11.0 8.91%

 2009 plan year 8.0 4.0 100.00% 2009 plan year 13.7 30.0 118.98%

 2008 plan year 4.0 5.6 (28.57)% 2008 plan year 11.4 14.0 22.81%

 2007 plan year 2.0 2.6 (23.08)% 2007 plan year - 5.8 (100.00)%

-- death (actives), 2017 plan year 0.2 -- death (inactive vesteds), 2017 plan yr 0.7

 2016 plan year - 0.2 (100.00)% 2016 plan year 4 0.7 471.43%

 2015 plan year - 0.2 (100.00)% 2015 plan year 3.0 0.6 400.00%

 2014 plan year - 0.2 (100.00)% 2014 plan year 4.0 0.6 566.67%

 2013 plan year - 0.3 (100.00)% 2013 plan year - 0.6 (100.00)%

 2012 plan year 1.0 0.3 233.33% 2012 plan year - 0.6 (100.00)%

 2011 plan year - 0.2 (100.00)% 2011 plan year 1 0.6 66.67%

 2010 plan year - 0.2 (100.00)% 2010 plan year - 1.1 (100.00)%

 2009 plan year - 0.3 (100.00)% 2009 plan year 2.0 1.0 100.00%

 2008 plan year 1.0 0.3 233.33% 2008 plan year 1.0 0.9 11.11%

 2007 plan year 2.0 0.3 566.67% 2007 plan year 1.0 0.9 11.11%

-- disablement, 2017 plan year 0.4 -- death (retirees), 2017 plan year 5.3

 2016 plan year - 0.4 (100.00)% 2016 plan year 5.8 72.41% 10

 2015 plan year - 0.4 (100.00)% 2015 plan year 9.0 6.4 40.63%

 2014 plan year - 0.4 (100.00)% 2014 plan year 2.0 5.9 (66.10)%

 2013 plan year - 0.5 (100.00)% 2013 plan year 8.0 5.6 42.86%

 2012 plan year - 0.5 (100.00)% 2012 plan year 3.0 5.3 (43.40)%

 2011 plan year - 0.4 (100.00)% 2011 plan year 7 4.3 62.79%

 2010 plan year - 0.4 (100.00)% 2010 plan year 6.0 4.1 46.34%

 2009 plan year 2.0 0.9 122.22% 2009 plan year 6.0 4.0 50.00%

 2008 plan year 2.0 0.9 122.22% 2008 plan year 3.0 3.9 (23.08)%

 2007 plan year 1.0 0.9 11.11% 2007 plan year 8.0 4.1 95.12%

TRPP134-000227
Toledo Roofers Local No. 134 Pension Plan

EIN/Plan #: 34-6682179/001 

Checklist Item #25 – 6.03 Actuarial Assumptions used for Projections 

25.10

Liability (Gain)/Loss Analysis (Cont.)

Plan liability experience: $ Exp (Gain)/Loss Accrued Liability % of AL

 2016 plan year 118,951 41,677,849 0.29%

 2015 plan year 225,792 40,303,506 0.56%

 2014 plan year 21,055 40,356,862 0.05%

 2013 plan year (199,342) 40,485,621 -0.49%

 2012 plan year 298,924 40,791,218 0.73%

 2011 plan year (95,074) 41,030,864 -0.23%

 2010 plan year 318,620 41,153,631 0.77%

 2009 plan year (1,707,106) 47,153,347 -3.62%

 2008 plan year 326,414 45,585,802 0.72%

 2007 plan year 664,228 44,998,385 1.48%

TRPP134-000228
Toledo Roofers Local No. 134 Pension Plan

EIN/Plan #: 34-6682179/001 

Checklist Item #25 – 6.03 Actuarial Assumptions used for Projections 

25.11

Document 25.3 

IRC §1.432(e)(9)-1(d)(5)(iv)(B) requires us to explain all actuarial assumption changes from the 

January 1, 2018 certification of critical and declining status and the actuarial assumptions used 

for the projections used to demonstrate that the proposed benefit suspension is sufficient to 

avoid insolvency but not materially in excess of the suspension necessary to avoid insolvency. 

The differences in the data, actuarial assumptions, and methodology between the January 1, 

2018 certification of critical and declining status and the projections provided here are 

summarized and explained below. The calculations are based on a current understanding of 

the requirements of ERISA §305, IRC §432, final regulation 1.432(e)(9)-1 and Revenue 

Procedure 2017-43. 

Data: Supplemental data was provided by the Fund Office to calculate 

PBGC guaranteed benefits and to model the proposed benefit 

suspension. As early retirement benefit calculations were 

reviewed closely, some corrections were made to the presuspension amount in pay status and provided by the Fund 

Office.

Investment return The expected investment return for the 2018 plan year is 

4.34%. The expected investment return for the next eight

subsequent plan years is 6.25% and then 7.50% per year 

thereafter.

Rationale for change:

The Horizon Actuarial 2017 survey of investment consultants’

short-term capital market assumptions produced a median 

return of at least 6.25% in the short-term taking into account 

the Plan’s liquidity needs for negative cash flow. The expected 

return for the 2018 plan year is based on the actual estimated 

return for the first three months of the plan year plus an 

expected return at 6.25% per annum for the remaining nine 

months of the plan year.

The Plan’s “liquidity needs” for a given plan year are having two 

months of negative cash flow (=expected contributions –

expected benefit payments – expected operational expenses) 

on hand in cash equivalent investments at all times. The 

minimum percent investment in cash equivalents in a plan year 

equals the two months of negative cash flow divided by the 

average market value of assets at the beginning and end of the 

plan year in question. All other asset categories are adjusted 

proportionately lower.

TRPP134-000229
Toledo Roofers Local No. 134 Pension Plan

EIN/Plan #: 34-6682179/001 

Checklist Item #25 – 6.03 Actuarial Assumptions used for Projections 

25.12

Operational expenses $145,000 with 2% annual inflationary adjustments starting in 

2018 for the 2018 plan year and for each plan year thereafter. 

The 2018 plan year has an additional $100,000 and the 2019 

plan year has an additional $25,000 above and beyond this 

figure.

Rationale for change:

The additional expenses assumed in 2018 and 2019 are for 

special expenses related to this benefit suspension application.

Mortality 100% of the RP-2014 Blue Collar Mortality Tables for employees 

and healthy annuitants adjusted backward to 2006 with the 

MP-2014 projection scale and projected forward using the MP2017 projection scale. 

Rationale for change:

This change was made in order to reflect the latest mortality 

improvement data available.

Disability Disability rates were eliminated

Rationale for change:

The temporary Disability benefit was eliminated effective 

August 8, 2017, therefore disability rates were eliminated and 

future disabled participants are eligible for a deferred vested 

retirement benefit.

Withdrawal Ultimate withdrawal rates were adjusted to reflect disability 

rates between ages 45 and 55. The following is a summary of 

the ultimate rates between ages 45 and 55.

Withdrawal Withdrawal

Age Rate Age Rate

45 .055228 51 .038526

46 .053278 52 .034637

47 .051069 53 .030743

48 .048521 54 .027063

49 .045575 55 .023802

50 .042220

Rationale for change:

The withdrawal rates were adjusted due to the elimination of 

the disability benefit and to reflect a higher incidence of 

withdrawal due to disability for those older ages.

TRPP134-000230
Toledo Roofers Local No. 134 Pension Plan

EIN/Plan #: 34-6682179/001 

Checklist Item #25 – 6.03 Actuarial Assumptions used for Projections 

25.13

Future retirement rates The special retirement rates for participants with 25 or more 

years of service was eliminated as of January 1, 2019. This 

results in an average expected retirement age of 59.8.

Rationale for change:

The rehabilitation plan update includes the elimination of the

early retirement subsidy for participants with at least 25 years 

of service effective July 1, 2018. The elimination of the early 

retirement subsidy as of January 1, 2019 rather than on July 1, 

2018 is a simplifying assumption that should not have a 

material impact.

Future hourly contribution 

rate

Based on individual’s average contribution rate from the 

previous year. (Max of $7.65)

Rationale for change:

The rehabilitation plan update reflects a $2.00 decrease in the 

Journeyman rate, as of March 31, 2019, contingent on the 

approval of the proposed benefit suspension.

New Entrant Profile No open group projections or specific new entrant profiles are 

used. A closed group valuation was included in projecting 

benefit payments for the entire projection period. New actives 

have a zero normal cost due to no future benefit accruals.

TRPP134-000231
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #25 – 6.03 Actuarial Assumptions used for Projections 

Future retirement rates 

Future hourly contribution 

rate 

New Entrant Profile 

The special retirement rates for participants with 25 or more 

years of service was eliminated as of January 1, 2019. This 

results in an average expected retirement age of 59.8. 

Rationale for change: 

The rehabilitation plan update includes the elimination of the 

early retirement subsidy for participants with at least 25 years 

of service effective July 1, 2018. The elimination of the early 

retirement subsidy as of January 1, 2019 rather than on July 1, 

2018 is a simplifying assumption that should not have a 

material impact. 

Based on individual’s average contribution rate from the 

previous year. (Max of $7.65) 

Rationale for change: 

The rehabilitation plan update reflects a $2.00 decrease in the 

Journeyman rate, as of March 31, 2019, contingent on the 

approval of the proposed benefit suspension. 

No open group projections or specific new entrant profiles are 

used. A closed group valuation was included in projecting 

benefit payments for the entire projection period. New actives 

have a zero normal cost due to no future benefit accruals. 

25.13 

TRPP134-000231
 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #26 – 6.04 Ten-year Experience for Certain Critical Assumptions 

Does the application describe the plan's experience with certain critical assumptions, including a 

disclosure for each of the 10 plan years immediately preceding the application that separately 

identifies: 

• the total contributions; 

• the total contribution base units; 

• the average contribution rates; 

• the withdrawal liability payments; and 

• the rate of return on plan assets? 

See section 6.04 of Revenue Procedure 2017-43. 

Document 26.1 describes the Pension Plan's experience for certain critical assumptions with 

respect to the above-listed factors. 

TRPP134-000232
 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #26 – 6.04 Ten-year Experience for Certain Critical Assumptions 

Document 26.1 

Pension Plan's Ten-Year Experience for Certain Critical Assumptions 

Year 

Ending 

12/31 

Base 

Units 

(Hours) 

Average 

Hourly 

Rate 

Contributions 

Excluding 

Withdrawal Liability 

Payments 

Withdrawal 

Liability 

Payments 

Return on 

Assets 

(Market Basis) 

2007 170,628 $6.03 $1,029,147 $0 4.26% 

2008 160,777 $6.07 $975,285 $0 -26.47% 

2009 104,492 $6.34 $662,988 $0 13.64% 

2010 111,955 $6.49 $726,597 $0 13.40% 

2011 153,678 $6.41 $985,564 $0 -2.99% 

2012 165,299 $6.86 $1,134,767 $0 11.64% 

2013 116,365 $7.79 $906,119 $0 16.10% 

2014 143,125 $7.97 $1,140,851 $0 2.82% 

2015 167,915 $7.84 $1,315,703 $5,000 -2.73% 

2016 134,634 $8.66 $1,165,714 $64,816 5.68% 

2017 167,861 $8.08 $1,356,676 $0 17.17% 

26.1 

TRPP134-000233
 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #27 – 6.05 Demonstration of Sensitivity of Projections 

Does the application include deterministic projections of the sensitivity of the plan's solvency 

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

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

application? 

See Section 6.05 of Revenue Procedure 2017-43. 

Document 27.1 describes the deterministic projections of the sensitivity of the Pension Plan's 

solvency ratio throughout the extended period to certain key assumptions. 

TRPP134-000234
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #27 – 6.05 Demonstration of Sensitivity of Projections 

Document 27.1 

Pension Plan's Demonstration of Sensitivity of Projections 

The following exhibits provide four (4) separate solvency test scenarios: 

• Exhibit I projects the Pension Plan's solvency using a 5.25% rate of return for the first 

ten (10) years and 6.50% thereafter, instead of 6.25% for the first ten (10) years and 

7.50% thereafter; 

• Exhibit II projects the Pension Plan's solvency using a 4.25% rate of return for the first 

ten (10) years and 5.50% thereafter, instead of 6.25% for the first ten (10) years and 

7.50% thereafter; 

• Exhibit III projects the Pension Plan's solvency using a 0% contribution base unit trend 

(beginning with the plan year ending December 31, 2018), which is equal to the trend 

that the Pension Plan experienced over the prior ten (10) years, including employers 

that have withdrawn; and 

• Exhibit IV projects the Pension Plan's solvency using a -1.00% contribution base unit 

trend (beginning with the plan year ending December 31, 2018), which is a 1.0% 

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

Under the law, the proposed solution is not allowed to account for adverse experience as 

described above or it would fail the test at regulation §1.432(e)(9)-1(d)(5) that suspensions not 

materially exceed the level necessary to avoid insolvency. 

Going forward, the plan sponsor believes that no further recovery, but no contraction either, is 

the most appropriate assumption for future work. 

See pages 27.2-27.7 for the above Exhibits. 

27.1 

TRPP134-000235
 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #27 – 6.05 Demonstration of Sensitivity of Projections 

Exhibit I – Projections of Plan’s Solvency Ratio Assuming the Annual Rate of Return is 1.00% Lower than Used in the Actuarial 

Solvency Certification (5.25% rate of return for the 1st 10 years and 6.50% thereafter) 

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning January 1, 2018 through December 31, 2038 

Plan Year 

Ending 

1. Beginning 

Assets 

2. Employer 

Contributions 

3. EWL 

Payments 

4. Benefit 

Payments 5. Expenses 

6. Investment 

Income 

7. Ending 

Assets 

8. Resources 

(1)+(2)+(3)-

(5)+(6) 

Solvency 

Ratio 

(8)/(4) 

12/31/2017 $22,372,575 $1,356,676 $0 $3,550,204 $215,995 $3,634,431 $23,597,483 $27,147,687 7.6468 

12/31/2018* $23,597,483 $1,139,600 $0 $3,835,469 $247,900 $796,683 $21,450,397 $25,285,866 6.5926 

12/31/2019 $21,450,397 $988,400 $0 $3,008,506 $175,858 $1,068,669 $20,323,102 $23,331,608 7.7552 

12/31/2020 $20,323,102 $937,382 $0 $2,713,840 $153,875 $1,016,438 $19,409,207 $22,123,047 8.1519 

12/31/2021 $19,409,207 $937,382 $0 $2,710,543 $156,953 $968,467 $18,447,559 $21,158,103 7.8059 

12/31/2022 $18,447,559 $937,382 $0 $2,688,607 $160,092 $918,477 $17,454,720 $20,143,326 7.4921 

12/31/2023 $17,454,720 $937,382 $0 $2,680,187 $163,294 $866,493 $16,415,113 $19,095,301 7.1246 

12/31/2024 $16,415,113 $937,382 $0 $2,651,935 $166,559 $812,572 $15,346,573 $17,998,508 6.7869 

12/31/2025 $15,346,573 $937,382 $0 $2,623,270 $169,891 $757,142 $14,247,937 $16,871,206 6.4314 

12/31/2026 $14,247,937 $937,382 $0 $2,603,363 $173,288 $699,900 $13,108,567 $15,711,931 6.0352 

12/31/2027 $13,108,567 $937,382 $0 $2,584,945 $176,754 $792,974 $12,077,224 $14,662,169 5.6721 

12/31/2028 $12,077,224 $937,382 $0 $2,547,542 $180,289 $727,042 $11,013,817 $13,561,359 5.3233 

12/31/2029 $11,013,817 $937,382 $0 $2,510,580 $183,895 $659,009 $9,915,732 $12,426,313 4.9496 

12/31/2030 $9,915,732 $937,382 $0 $2,457,593 $187,573 $589,240 $8,797,189 $11,254,781 4.5796 

12/31/2031 $8,797,189 $937,382 $0 $2,395,012 $191,324 $518,451 $7,666,685 $10,061,698 4.2011 

12/31/2032 $7,666,685 $937,382 $0 $2,321,953 $195,151 $447,223 $6,534,186 $8,856,139 3.8141 

12/31/2033 $6,534,186 $937,382 $0 $2,243,427 $199,054 $376,040 $5,405,128 $7,648,554 3.4093 

12/31/2034 $5,405,128 $937,382 $0 $2,170,217 $203,035 $304,906 $4,274,164 $6,444,381 2.9695 

12/31/2035 $4,274,164 $937,382 $0 $2,089,573 $207,096 $233,887 $3,148,765 $5,238,337 2.5069 

12/31/2036 $3,148,765 $937,382 $0 $2,011,702 $211,238 $163,137 $2,026,345 $4,038,046 2.0073 

12/31/2037 $2,026,345 $937,382 $0 $1,933,515 $215,462 $92,589 $907,338 $2,840,854 1.4693 

12/31/2038 $907,338 $937,382 $0 $1,850,993 $219,772 $22,400 Insolvent $1,647,348 0.8900 

* The first three months of this plan year is based on actual asset experience as shown in Exhibit I of Checklist 6. 

27.2 

TRPP134-000236
 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #27 – 6.05 Demonstration of Sensitivity of Projections 

Exhibit II – Projections of Plan’s Solvency Ratio Assuming the Annual Rate of Return is 2.00% Lower than Used in the Actuarial 

Solvency Certification (4.25% rate of return for the 1st 10 years and 5.50% thereafter) 

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning January 1, 2018 through December 31, 2035 

Plan Year 

Ending 

1. Beginning 

Assets 

2. Employer 

Contributions 

3. EWL 

Payments 

4. Benefit 

Payments 5. Expenses 

6. Investment 

Income 

7. Ending 

Assets 

8. Resources 

(1)+(2)+(3)-

(5)+(6) 

Solvency 

Ratio 

(8)/(4) 

12/31/2017 $22,372,575 $1,356,676 $0 $3,550,204 $215,995 $3,634,431 $23,597,483 $27,147,687 7.6468 

12/31/2018* $23,597,483 $1,139,600 $0 $3,835,469 $247,900 $635,133 $21,288,847 $25,124,316 6.5505 

12/31/2019 $21,288,847 $988,400 $0 $3,008,506 $175,858 $858,247 $19,951,130 $22,959,636 7.6316 

12/31/2020 $19,951,130 $937,382 $0 $2,713,840 $153,875 $807,022 $18,827,819 $21,541,659 7.9377 

12/31/2021 $18,827,819 $937,382 $0 $2,710,543 $156,953 $759,288 $17,656,993 $20,367,536 7.5142 

12/31/2022 $17,656,993 $937,382 $0 $2,688,607 $160,092 $709,930 $16,455,606 $19,144,213 7.1205 

12/31/2023 $16,455,606 $937,382 $0 $2,680,187 $163,294 $658,984 $15,208,492 $17,888,678 6.6744 

12/31/2024 $15,208,492 $937,382 $0 $2,651,935 $166,559 $606,515 $13,933,894 $16,585,830 6.2542 

12/31/2025 $13,933,894 $937,382 $0 $2,623,270 $169,891 $552,886 $12,631,001 $15,254,271 5.8150 

12/31/2026 $12,631,001 $937,382 $0 $2,603,363 $173,288 $497,866 $11,289,598 $13,892,961 5.3365 

12/31/2027 $11,289,598 $937,382 $0 $2,584,945 $176,754 $570,935 $10,036,216 $12,621,161 4.8826 

12/31/2028 $10,036,216 $937,382 $0 $2,547,542 $180,289 $502,934 $8,748,700 $11,296,243 4.4342 

12/31/2029 $8,748,700 $937,382 $0 $2,510,580 $183,895 $433,041 $7,424,648 $9,935,228 3.9573 

12/31/2030 $7,424,648 $937,382 $0 $2,457,593 $187,573 $361,578 $6,078,443 $8,536,035 3.4733 

12/31/2031 $6,078,443 $937,382 $0 $2,395,012 $191,324 $289,158 $4,718,647 $7,113,659 2.9702 

12/31/2032 $4,718,647 $937,382 $0 $2,321,953 $195,151 $216,277 $3,355,202 $5,677,155 2.4450 

12/31/2033 $3,355,202 $937,382 $0 $2,243,427 $199,054 $143,344 $1,993,447 $4,236,874 1.8886 

12/31/2034 $1,993,447 $937,382 $0 $2,170,217 $203,035 $70,355 $627,933 $2,798,149 1.2893 

12/31/2035 $627,933 $937,382 $0 $2,089,573 $207,096 -$2,638 Insolvent $1,355,581 0.6487 

* The first three months of this plan year is based on actual asset experience as shown in Exhibit I of Checklist 6. 

27.3 

TRPP134-000237
 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #27 – 6.05 Demonstration of Sensitivity of Projections 

Exhibit III – Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues 

Under the Same Trend (0%) as the Plan Experienced Over the Past 10 Years (Including Withdrawn Employers) 

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning January 1, 2018 through December 31, 2057 

Plan Year 

Ending 

1. Beginning 

Assets 

2. Employer 

Contributions 

3. EWL 

Payments 

4. Benefit 

Payments 5. Expenses 

6. Investment 

Income 

7. Ending 

Assets 

8. Resources 

(1)+(2)+(3)-

(5)+(6) 

Solvency 

Ratio 

(8)/(4) 

12/31/2017 $22,372,575 $1,356,676 $0 $3,550,204 $215,995 $3,634,431 $23,597,483 $27,147,687 7.6468 

12/31/2018* $23,597,483 $1,139,600 $0 $3,835,469 $247,900 $960,445 $21,614,159 $25,449,628 6.6353 

12/31/2019 $21,614,159 $988,400 $0 $3,008,506 $175,858 $1,282,460 $20,700,655 $23,709,161 7.8807 

12/31/2020 $20,700,655 $937,382 $0 $2,713,840 $153,875 $1,233,642 $20,003,965 $22,717,804 8.3711 

12/31/2021 $20,003,965 $937,382 $0 $2,710,543 $156,953 $1,190,109 $19,263,959 $21,974,503 8.1070 

12/31/2022 $19,263,959 $937,382 $0 $2,688,607 $160,092 $1,144,450 $18,497,093 $21,185,699 7.8798 

12/31/2023 $18,497,093 $937,382 $0 $2,680,187 $163,294 $1,096,687 $17,687,681 $20,367,868 7.5994 

12/31/2024 $17,687,681 $937,382 $0 $2,651,935 $166,559 $1,046,883 $16,853,452 $19,505,387 7.3552 

12/31/2025 $16,853,452 $937,382 $0 $2,623,270 $169,891 $995,540 $15,993,213 $18,616,483 7.0967 

12/31/2026 $15,993,213 $937,382 $0 $2,603,363 $173,288 $942,294 $15,096,237 $17,699,601 6.7987 

12/31/2027 $15,096,237 $937,382 $0 $2,584,945 $176,754 $1,064,045 $14,335,966 $16,920,910 6.5459 

12/31/2028 $14,335,966 $937,382 $0 $2,547,542 $180,289 $1,008,300 $13,553,817 $16,101,359 6.3204 

12/31/2029 $13,553,817 $937,382 $0 $2,510,580 $183,895 $950,895 $12,747,618 $15,258,199 6.0776 

12/31/2030 $12,747,618 $937,382 $0 $2,457,593 $187,573 $892,284 $11,932,118 $14,389,711 5.8552 

12/31/2031 $11,932,118 $937,382 $0 $2,395,012 $191,324 $833,332 $11,116,496 $13,511,508 5.6415 

12/31/2032 $11,116,496 $937,382 $0 $2,321,953 $195,151 $774,762 $10,311,537 $12,633,489 5.4409 

12/31/2033 $10,311,537 $937,382 $0 $2,243,427 $199,054 $717,194 $9,523,632 $11,767,059 5.2451 

12/31/2034 $9,523,632 $937,382 $0 $2,170,217 $203,035 $660,702 $8,748,465 $10,918,681 5.0311 

12/31/2035 $8,748,465 $937,382 $0 $2,089,573 $207,096 $605,442 $7,994,621 $10,084,193 4.8260 

12/31/2036 $7,994,621 $937,382 $0 $2,011,702 $211,238 $551,674 $7,260,737 $9,272,439 4.6093 

12/31/2037 $7,260,737 $937,382 $0 $1,933,515 $215,462 $499,413 $6,548,554 $8,482,070 4.3869 

12/31/2038 $6,548,554 $937,382 $0 $1,850,993 $219,772 $448,938 $5,864,109 $7,715,102 4.1681 

12/31/2039 $5,864,109 $937,382 $0 $1,766,759 $224,167 $400,604 $5,211,169 $6,977,928 3.9496 

27.4 

TRPP134-000238
 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #27 – 6.05 Demonstration of Sensitivity of Projections 

Exhibit III – Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues 

Under the Same Trend (0%) as the Plan Experienced Over the Past 10 Years (Including Withdrawn Employers) (Cont.) 

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning January 1, 2018 through December 31, 2057 

Plan Year 

Ending 

1. Beginning 

Assets 

2. Employer 

Contributions 

3. EWL 

Payments 

4. Benefit 

Payments 5. Expenses 

6. Investment 

Income 

7. Ending 

Assets 

8. Resources 

(1)+(2)+(3)-

(5)+(6) 

Solvency 

Ratio 

(8)/(4) 

12/31/2040 $5,211,169 $937,382 $0 $1,680,817 $228,650 $354,694 $4,593,778 $6,274,595 3.7331 

12/31/2041 $4,593,778 $937,382 $0 $1,594,634 $233,223 $311,457 $4,014,758 $5,609,394 3.5177 

12/31/2042 $4,014,758 $937,382 $0 $1,509,720 $237,888 $271,046 $3,475,578 $4,985,298 3.3021 

12/31/2043 $3,475,578 $937,382 $0 $1,423,032 $242,646 $233,686 $2,980,969 $4,404,000 3.0948 

12/31/2044 $2,980,969 $937,382 $0 $1,336,834 $247,499 $199,647 $2,533,665 $3,870,499 2.8953 

12/31/2045 $2,533,665 $937,382 $0 $1,251,038 $252,449 $169,138 $2,136,699 $3,387,736 2.7079 

12/31/2046 $2,136,699 $937,382 $0 $1,166,305 $257,497 $142,361 $1,792,639 $2,958,945 2.5370 

12/31/2047 $1,792,639 $937,382 $0 $1,082,780 $262,647 $119,502 $1,504,096 $2,586,876 2.3891 

12/31/2048 $1,504,096 $937,382 $0 $1,001,136 $267,900 $100,733 $1,273,175 $2,274,311 2.2717 

12/31/2049 $1,273,175 $937,382 $0 $921,726 $273,258 $86,198 $1,101,771 $2,023,497 2.1953 

12/31/2050 $1,101,771 $937,382 $0 $844,925 $278,724 $76,026 $991,530 $1,836,455 2.1735 

12/31/2051 $991,530 $937,382 $0 $771,085 $284,298 $70,325 $943,854 $1,714,939 2.2241 

12/31/2052 $943,854 $937,382 $0 $700,527 $289,984 $69,190 $959,915 $1,660,442 2.3703 

12/31/2053 $959,915 $937,382 $0 $633,483 $295,784 $72,699 $1,040,729 $1,674,212 2.6429 

12/31/2054 $1,040,729 $937,382 $0 $570,133 $301,699 $80,922 $1,187,200 $1,757,334 3.0823 

12/31/2055 $1,187,200 $937,382 $0 $510,628 $307,733 $93,920 $1,400,140 $1,910,769 3.7420 

12/31/2056 $1,400,140 $937,382 $0 $455,085 $313,888 $111,751 $1,680,301 $2,135,385 4.6923 

12/31/2057 $1,680,301 $937,382 $0 $403,547 $320,166 $134,469 $2,028,439 $2,431,986 6.0265 

* The first three months of this plan year is based on actual asset experience as shown in Exhibit I of Checklist 6. 

27.5 

TRPP134-000239
 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #27 – 6.05 Demonstration of Sensitivity of Projections 

Exhibit IV – Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues Under the Same Trend 

(Including Withdrawn Employers) as the Plan Experienced Over the Past 10 Years Reduced by 1.00% 

(-1.00%) 

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning January 1, 2018 through December 31, 2041 

Plan Year 

Ending 

1. Beginning 

Assets 

2. Employer 

Contributions 

3. EWL 

Payments 

4. Benefit 

Payments 5. Expenses 

6. Investment 

Income 

7. Ending 

Assets 

8. Resources 

(1)+(2)+(3)-

(5)+(6) 

Solvency 

Ratio 

(8)/(4) 

12/31/2017 $22,372,575 $1,356,676 $0 $3,550,204 $215,995 $3,634,431 $23,597,483 $27,147,687 7.6468 

12/31/2018* $23,597,483 $1,139,600 $0 $3,835,469 $247,900 $960,445 $21,614,159 $25,449,628 6.6353 

12/31/2019 $21,614,159 $988,400 $0 $3,008,506 $175,858 $1,282,460 $20,700,655 $23,709,161 7.8807 

12/31/2020 $20,700,655 $909,541 $0 $2,713,840 $153,875 $1,232,772 $19,975,253 $22,689,093 8.3605 

12/31/2021 $19,975,253 $900,445 $0 $2,710,543 $156,953 $1,187,160 $19,195,363 $21,905,905 8.0817 

12/31/2022 $19,195,363 $891,441 $0 $2,688,607 $160,092 $1,138,727 $18,376,832 $21,065,439 7.8351 

12/31/2023 $18,376,832 $882,527 $0 $2,680,187 $163,294 $1,087,457 $17,503,335 $20,183,522 7.5306 

12/31/2024 $17,503,335 $873,701 $0 $2,651,935 $166,559 $1,033,372 $16,591,913 $19,243,849 7.2565 

12/31/2025 $16,591,913 $864,964 $0 $2,623,270 $169,891 $976,930 $15,640,647 $18,263,916 6.9623 

12/31/2026 $15,640,647 $856,315 $0 $2,603,363 $173,288 $917,726 $14,638,035 $17,241,400 6.6227 

12/31/2027 $14,638,035 $847,751 $0 $2,584,945 $176,754 $1,026,319 $13,750,407 $16,335,351 6.3194 

12/31/2028 $13,750,407 $839,274 $0 $2,547,542 $180,289 $960,704 $12,822,554 $15,370,096 6.0333 

12/31/2029 $12,822,554 $830,881 $0 $2,510,580 $183,895 $892,056 $11,851,016 $14,361,596 5.7204 

12/31/2030 $11,851,016 $822,572 $0 $2,457,593 $187,573 $820,733 $10,849,156 $13,306,748 5.4145 

12/31/2031 $10,849,156 $814,347 $0 $2,395,012 $191,324 $747,496 $9,824,663 $12,219,675 5.1021 

12/31/2032 $9,824,663 $806,203 $0 $2,321,953 $195,151 $672,955 $8,786,718 $11,108,670 4.7842 

12/31/2033 $8,786,718 $798,141 $0 $2,243,427 $199,054 $597,611 $7,739,989 $9,983,416 4.4501 

12/31/2034 $7,739,989 $790,160 $0 $2,170,217 $203,035 $521,408 $6,678,306 $8,848,522 4.0773 

12/31/2035 $6,678,306 $782,258 $0 $2,089,573 $207,096 $444,363 $5,608,259 $7,697,831 3.6839 

12/31/2036 $5,608,259 $774,436 $0 $2,011,702 $211,238 $366,587 $4,526,341 $6,538,044 3.2500 

12/31/2037 $4,526,341 $766,691 $0 $1,933,515 $215,462 $287,932 $3,431,987 $5,365,502 2.7750 

27.6 

TRPP134-000240
 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #27 – 6.05 Demonstration of Sensitivity of Projections 

Exhibit IV – Projections of Plan’s Solvency Ratio Assuming the Industry Level Assumption Continues Under the Same Trend 

(Including Withdrawn Employers) as the Plan Experienced Over the Past 10 Years Reduced by 1.00% 

(-1.00%) (Cont.) 

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning January 1, 2018 through December 31, 2041 

Plan Year 

Ending 

1. Beginning 

Assets 

2. Employer 

Contributions 

3. EWL 

Payments 

4. Benefit 

Payments 5. Expenses 

6. Investment 

Income 

7. Ending 

Assets 

8. Resources 

(1)+(2)+(3)-

(5)+(6) 

Solvency 

Ratio 

(8)/(4) 

12/31/2038 $3,431,987 $759,024 $0 $1,850,993 $219,772 $208,507 $2,328,753 $4,179,746 2.2581 

12/31/2039 $2,328,753 $751,434 $0 $1,766,759 $224,167 $128,479 $1,217,741 $2,984,499 1.6893 

12/31/2040 $1,217,741 $743,920 $0 $1,680,817 $228,650 $47,932 $100,125 $1,780,943 1.0596 

12/31/2041 $100,125 $736,481 $0 $1,594,634 $233,223 -$33,101 Insolvent $570,282 0.3576 

* The first three months of this plan year is based on actual asset experience as shown in Exhibit I of Checklist 6 

27.7 

TRPP134-000241
 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #28 – 6.06 Projection of Funded Percentage 

Does the plan include deterministic projections for each year in the extended period of: 

• the value of plan assets; 

• the plan's accrued liability; and 

• the plan's funded percentage? 

See section 6.06 of Revenue Procedure 2017-43. 

Document 28.1 describes the deterministic projection for each year in the extended period of 

the value of the Pension Plan's assets, its accrued liability, and its funded percentage 

TRPP134-000242
 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #28 – 6.06 Projection of Funded Percentage 

Document 28.1 

Pension Plan's Projection of 

Assets, Liabilities, and Funded Percentage 

Exhibit I projects the Pension Plan's funded percentage using the value of plan assets and 

accrued liabilities during the extended period of 2017 through 2057. The projection includes 

the impact of benefit suspensions and is made on the same basis as Exhibit III of Checklist Item 

#6. 

See the following page. 

28.1 

TRPP134-000243
 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #28 – 6.06 Projection of Funded Percentage 

Exhibit I – Projections of Plan’s Market Value of Assets, Accrued Liability, and Funded Percentage for the Plan Years Beginning 

January 1, 2017 through 2057 

As of 

Jan 1, 

1. Market 

Value of 

Assets 

2. Unit Credit 

Accrued 

Liability 

3. Funded 

Percentage 

(1)/(2) 

2017 $22,372,575 $43,892,051 51.0% 

2018 $23,597,483 $44,330,953 53.2% 

2019 $21,614,159 $29,701,095 72.8% 

2020 $20,700,655 $29,100,655 71.1% 

2021 $20,003,965 $28,467,595 70.3% 

2022 $19,263,959 $27,790,476 69.3% 

2023 $18,497,093 $27,085,332 68.3% 

2024 $17,687,681 $26,336,038 67.2% 

2025 $16,853,452 $25,559,858 65.9% 

2026 $15,993,213 $24,755,205 64.6% 

2027 $15,096,237 $23,910,856 63.1% 

2028 $14,335,966 $23,022,290 62.3% 

2029 $13,553,817 $22,105,887 61.3% 

2030 $12,747,618 $21,159,102 60.2% 

2031 $11,932,118 $20,196,282 59.1% 

2032 $11,116,496 $19,226,179 57.8% 

2033 $10,311,537 $18,259,116 56.5% 

2034 $9,523,632 $17,300,994 55.0% 

2035 $8,748,465 $16,346,969 53.5% 

2036 $7,994,621 $15,405,060 51.9% 

2037 $7,260,737 $14,473,299 50.2% 

2038 $6,548,554 $13,552,774 48.3% 

As of 

Jan 1, 

1. Market 

Value of 

Assets 

2. Unit Credit 

Accrued 

Liability 

3. Funded 

Percentage 

(1)/(2) 

2039 $5,864,109 $12,648,827 46.4% 

2040 $5,211,169 $11,764,476 44.3% 

2041 $4,593,778 $10,902,964 42.1% 

2042 $4,014,758 $10,066,253 39.9% 

2043 $3,475,578 $9,254,887 37.6% 

2044 $2,980,969 $8,472,608 35.2% 

2045 $2,533,665 $7,721,088 32.8% 

2046 $2,136,699 $7,002,218 30.5% 

2047 $1,792,639 $6,317,343 28.4% 

2048 $1,504,096 $5,667,760 26.5% 

2049 $1,273,175 $5,054,164 25.2% 

2050 $1,101,771 $4,476,935 24.6% 

2051 $991,530 $3,936,095 25.2% 

2052 $943,854 $3,431,302 27.5% 

2053 $959,915 $2,961,853 32.4% 

2054 $1,040,729 $2,526,753 41.2% 

2055 $1,187,200 $2,124,746 55.9% 

2056 $1,400,140 $1,754,325 79.8% 

2057 $1,680,301 $1,413,749 118.9% 

28.2 

TRPP134-000244
Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #29 - 6.07 - Certification of Amendment to Plan 

Does the application include the plan sponsor's representation that, if it receives the Treasury 

Department's final authorization to suspend and then chooses to implement the suspension, it 

will also amend the plan: 

• to provide that the suspension will cease upon the plan sponsor's failure to maintain a 

written record of its annual determination that (i) all reasonable measures continue to 

be taken to avoid insolvency; and (ii) that the plan would not be projected to avoid 

insolvency without a suspension; 

• to require that any future benefit improvements must satisfy§ 432(e)(9)(E); and 

• to specify that the plan sponsor will not modify these amendments, notwithstanding any 

other provision of the plan document. 

See Section 6.07 of Revenue Procedure 2017-43. 

Attached as Document 29.1 is a certification by the Board of Trustees of the Toledo Roofers 

Local No. 134 Pension Plan that if it receives the Treasury Department's final authorization to 

suspend and then chooses to implement the suspension, the Board of Trustees shall also 

amend the plan : 

• to provide that the suspension will cease upon the plan sponsor's failure to maintain a 

written record of its determination that (i) all reasonable measures continue to be taken 

to avoid insolvency; and (ii) that the plan would not be projected to avoid insolvency 

without a suspension; 

• to require that any future benefit improvements must satisfy§ 432(e)(9)(E); and 

• to specify that the plan sponsor will not modify these amendments, notwithstanding any 

other provision of the plan document. 

Attached as Document 29 .2 is a proposed amendment to the Toledo Roofers Local No. 134 

Pension Plan . 

Document #29 

TRPP134-000245
Toledo Roofers Local No. 134 Pension Plan 

Document 29.1 

Certiflcation 

The Board of Trustees of the Toledo Roofers local No. 134 Pension Plan certifies that if it 

receives the United States Treasury Department's flnal authorization to implement the 

proposed suspension set forth in this application and described In Section 432(e)(9)(H)(vi) of 

the Internal Revenue Code of 1986, as amended, and then chooses to implement the 

suspension, the Board of Trustees shall amend the Plan to adopt the suspension of benefits as 

described In this application. In addition, the Board of Trustees shall timely amend the Plan as 

follows: 

(1} The suspension of benefits shall cease upon the plan sponsor's failure to 

maintain a written record of its annual determination that: 

(a) All reasonable measures continue to be taken to avoid insolvency; and 

(b) The plan would not be projected to avoid insolvency unless the 

suspension of benefits continues. 

(2} Any future benefit improvements must satisfy § 432{e)(9}(E) of the Internal 

Revenue Code; and 

(3} The plan sponsor shall not modify these amendments, notwithstanding any 

other provision of the plan document. 

Authorized Trustee Representative for the 

Toledo Roofers local No. 134 Pension Plan 

Document #29.1 

TRPP134-000246
AMENDMENT TO THE 

TOLEDO ROOFERS LOCAL NO.134 PENSION PLAN 

Re: Suspension of Benefits under Multiemployer Pension 

Reform Act of 2014 

THIS AMENDMENT TO THE TOLEDO ROOFERS LOCAL NO. 134 PENSION 

PLAN ("Amendment") is made by the Board of Trustees of the Toledo Roofers Local No. 134 

Pension Plan ("Trustees") on this __ day of __, 201 _ . 

WHEREAS, the Trustees sponsor and maintain the Toledo Roofers Local No. 134 

Pension Plan, restated effective January 1, 2014 ("Plan"); 

WHEREAS, Section 6.1 of the Plan permits the Trustees to amend the Plan under certain 

circumstances; 

WHEREAS, the Plan was in critical and declining funding status as described by Section 

432(e)(9) of the Internal Revenue Code of 1986, as amended; 

WHEREAS, the Trustees applied to the Department of Treasury for permission to 

implement benefit suspensions under the Multiemployer Pension Reform Act of 2014 

("MPRA"); and 

WHEREAS, the Department of Treasury approved the Trustees' application for benefit 

suspensions under MPRA and the Secretary of Treasury has certified that a majority of 

participants has voted in favor of the benefit suspensions under Treas. Reg. § 1.432( e )(9)­

l (h)(2)(v). 

NOW, THEREFORE, the Plan is hereby amended to adopt and implement the 

requested benefit suspensions, effective March 31, 2019, unless otherwise stated, as follows: 

1. Effective March 31, 2019, the Plan is hereby amended by the addition of 

Section 4.12, Adjustment of Benefits and Implementation of Benefit Suspensions, which 

shall read as follows: 

"Section 4.12 - Adjustment of Benefits and Implementation of Benefit Suspensions 

Effective March 31, 2019, the monthly benefit earned through March 31, 2019 of any 

Participant, Beneficiary, or any other individual entitled to or receiving a benefit from the 

Plan shall be adjusted for payments after the effective date as follows: 

(a) Participants, Beneficiaries and Other Individuals that Commenced 

Payment from the Plan prior to April 1, 2019. 

(1) Elimination of Early Retirement Subsidy. The monthly benefit of 

any Participant, Beneficiary or other individual that commenced payment 

from the Plan prior to April 1, 2019, shall be recalculated to apply the 

Plan's provisions for benefits commencing after July 1, 2018, including, 

but not limited to, any actuarial reductions applicable for the 

commencement of benefits prior to Normal Retirement Date, and the 

elimination of any subsidies for years of service. 

Document #29.2 

TRPP134-000247
(2) Adjustment to 175% of PBGC Multiemployer Guarantee Benefit. 

For any Participant, Beneficiary or other individual that commenced 

payment from the Plan prior to April 1, 2019, following the application of 

subsection 4.12( a)(l ), if the monthly benefit of any Participant, 

Beneficiary or other individual exceeds 175% of the amount of payment 

the Participant, Beneficiary or other individual would receive from the 

Pension Benefit Guarantee Corporation under its multiemployer guarantee 

program under Section 4022A of ERISA if the Plan became insolvent, the 

monthly benefit of the Participant, Beneficiary or other individual shall be 

further reduced to 175% of the amount of payment the Participant, 

Beneficiary or other individual would receive from the Pension Benefit 

Guarantee Corporation under its multiemployer guarantee program under 

Section 4022A of ERISA if the Plan became insolvent. 

(b) Participants, Beneficiaries and Other Individuals that Commence Payment 

from the Plan after March 31 , 2019. 

(1) Adjustment to 175% of PBGC Multiemployer Guarantee Benefit. 

For any Participant, Beneficiary or other individual that commences 

payment from the Plan after March 31, 2019, if the monthly benefit of any 

Participant, Beneficiary or other individual exceeds 175% of the amount 

of payment the Participant, Beneficiary or other individual would receive 

from the Pension Benefit Guarantee Corporation under its multiemployer 

guarantee program under Section 4022A of ERISA if the Plan became 

insolvent, the monthly benefit of the Participant, Beneficiary or other 

individual shall be reduced to 175% of the amount of payment the 

Participant, Beneficiary or other individual would receive from the 

Pension Benefit Guaranty Corporation under its multiemployer guarantee 

program under Section 4022A of ERISA if the Plan became insolvent." 

2. The Plan is hereby amended by the addition of Section 4.13, Application of 

Benefit Suspensions to Qualified Domestic Relations Orders, which shall read as follows: 

"Section 4 .13 - Application of Benefit Suspensions to Qualified Domestic Relations 

Orders 

Section 4.12 shall be applied to any alternate payee with a separate interest pension, 

whether receiving a monthly benefit payment on or before March 31, 2019 or not yet 

receiving benefits under the terms of the qualified domestic relations order as of 

March 31, 2019, as an "other individual" as set forth in Section 4.12, including the 

application of any actuarial reductions applicable for the commencement of benefits prior 

to Normal Retirement Date, and the elimination of any early retirement subsidies. Any 

alternate payee shall be subject to a pro rata share of the reductions applied to the 

Participant's benefit under Section 4.12. " 

Document #29.2 2 

TRPP134-000248
3. The Plan is hereby amended by the addition of Section 4.14, Limitations on 

Applications of Benefit Suspensions, which shall read as follows: 

11 Section 4 .14 - Limitations on Application of Benefit Suspensions 

Notwithstanding Section 4.12, any reduction of any Participant, Beneficiary, or other 

individual's monthly benefit shall be limited by the following: 

(a) No Participant, Beneficiary or other individual's monthly benefit shall be 

reduced to less than to 110% of the amount of payment the Participant, 

Beneficiary or other individual would receive from the Pension Benefit Guaranty 

Corporation under its multiemployer guarantee program under ERISA §4022A if 

the Plan went insolvent, as described by and applied in compliance with Treas. 

Reg. § 1.432( e )(9)-1 ( d)(2); 

(b) No Participant, Beneficiary or other individual who has attained age 75 as 

of March 31, 2019, shall have his or her monthly benefit reduced below the 

applicable percentage as described by and in compliance with Treas. Reg. 

§1.432(e)(9)-l(d)(3); and 

(c) No Participant, or their Beneficiary, who received a Disability Benefit 

under Section 3 .4 of the Plan shall have his or her monthly benefit reduced under 

Section 4.12 pursuant to the limitations described in and imposed by Treas. Reg. 

§ 1.432( e )(9)-1 ( d)( 4). 11 

4. The Plan is hereby amended by the addition of Section 4.15, Cessation of 

Benefit Suspensions, which shall read as follows: 

"Section 4.15 - Cessation of Benefit Suspensions 

The suspension and reduction of benefits set forth in Sections 4 .12 through 4 .14 

of the Plan shall cease as of the first day of the first Plan Year following the Plan Year in 

which the Board of Trustees fails to maintain a written record of its determination that 

both: 

(a) All reasonable measures to avoid insolvency continue to be taken 

during the period of benefit suspension; and 

(b) The Plan would not be projected to avoid insolvency if no 

suspension of benefits were applied under Sections 4.12 through 4.14 of 

the Plan." 

Document #29.2 3 

TRPP134-000249
5. Effective March 31, 2019, the Plan is hereby amended by the addition of 

Section 4.16, Limitation of Future Benefit Improvements, which shall read as follows: 

"Section 4.16 - Limitation of Future Benefit Improvements 

Any future improvements to the Accrued Benefit of any Participant, Beneficiary or 

Alternate Payee shall satisfy the requirements of Section 432( e )(9) of the Code and the 

regulations promulgated thereunder." 

6. The Plan is hereby amended by the addition of Section 4.17, Modification of 

Amendments, which shall read as follows: 

"Section 4.17 - Modification of Amendments 

Notwithstanding any other provision of the Plan to the contrary, Sections 4.12 through 

Section 4.16 shall not be amended except in accordance with the cessation of the 

suspension of benefits pursuant to Section 432(e)(9) of the Code, and the regulations 

promulgated thereunder. " 

IN WITNESS WHEREOF, the Board of Trustees has approved this Amendment and 

has authorized its execution by duly authorized officers on this __ day of ___, 201 , 

effective as of March 31, 2019. 

TOLEDO ROOFERS LOCAL NO. 134 

PENSION PLAN 

By:_________________ 

Chairman 

By:__________ ________ 

Secretary 

Document #29.2 4 

TRPP134-000250
 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #30 – 6.08 Whether the Plan is a Plan Described in § 432(e)(9)(D)(vii) 

Does the application indicate whether the plan is a plan described in § 432(e)(9)(D)(vii) and, if it 

is, how that fact is reflected in the proposed benefit suspension? 

See section 6.08 of Revenue Procedure 2017-43. 

The Toledo Roofers Local No. 134 Pension Plan is not a Plan described in §432(e)(9)(D)(vii) of 

the Internal Revenue Code of 1986, as amended, and, as a result, the application does not 

contain any separate provisions relating to withdrawn employers. 

Document #30 

TRPP134-000251
 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #31 – 6.09 Narrative Statement of Reasons for Critical Declining Status 

Does the application include a narrative statement of the reasons the plan is in critical and 

declining status? 

See section 6.09 of Revenue Procedure 2017-43. 

Attached as Document 31.1 is a narrative statement of the reasons the Plan is in critical and 

declining status. 

31.1 

TRPP134-000252
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #31 – 6.09 Narrative Statement of Reasons for Critical Declining Status 

Document 31.1 

Narrative Statement of Reasons for Critical and Declining Status 

A gradual historical reduction of hours of service for which contributions are due, combined 

with ongoing legacy benefit costs, and investment returns that included a financial crisis 

resulted in an ongoing negative cash flow that has consistently lowered the Toledo Roofers 

Local No. 134 Pension Plan funding percentage, eventually resulting in critical and declining 

funded status. 

At the beginning of the 2000 Plan Year, the Toledo Roofers Local No. 134 Pension Plan was wellfunded at 125% on a market basis, with a robust local demand for roofing services requiring 

nearly 300,000 hours of service by experienced active union members. 

The advancement of roofing techniques and materials over the past 18 years significantly 

reduced the amount of hours of covered employment required for a standard roofing project. 

Further, the advancement of those techniques and materials have extended the useful life of 

such projects necessitating less maintenance and repair work. Further, a recession following the 

financial crisis in 2008 temporarily reduced hours of work for which contributions were due to 

slightly over 100,000 per year, depriving the Plan of needed contributions. Since that recession, 

hours for which contributions are due have improved but have not returned to the levels that 

existed 15 years earlier. 

In addition, costs of incurred benefit liabilities of the Plan remain significant. Despite 

substantially raising the hourly contribution rate, and ceasing benefit accruals in 2008, the Plan 

has not been able to overcome the annual cost of these liabilities. 

Lastly, the annual investment return has not been significant enough to eliminate or reverse 

the negative cash flow caused by the combination of lower hours and annual cost of incurred 

liabilities. The financial crisis and massive investment loss removed much needed assets of the 

Plan necessary to generate investment returns to offset the annual liability costs. 

Additional Information Relevant to the Application – Reduction of Hourly Contribution Report 

As part of this process, the Board of Trustees amended the Plan’s Rehabilitation Plan effective 

April 1, 2019 to lower the hourly contribution rate by $2.00 per hour for journeymen and 

helpers, contingent on the approval of this application. The reduction is designed to permit the 

re-allocation of the $2.00 per hour to another retirement plan as an incentive to retain current 

active members, many of whom have not received an accrual under the current Plan despite 

significant hourly contributions resulting from their work hours, without causing a detrimental 

increase in the hourly cost of employees that may harm the competitiveness of contributing 

employers’ ability to bid for and acquire covered work. 

31.1 

TRPP134-000253
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #31 – 6.09 Narrative Statement of Reasons for Critical Declining Status 

As illustrated in the description to Checklist Item #17, the roster of contributing active members 

has shifted to now include a substantial number of members who do not remain with the Union 

and/or the industry beyond the active members’ first several years. The Board of Trustees 

explored the addition of some accrual for active members under this Plan, but the cost and 

nominal resulting accrual combined with the general negative perception of the value of the 

Plan among the active members did not seem likely to induce a material retention of active 

members. 

This action is supported unanimously by the Board of Trustees, which includes the current 

business manager of the Union, a younger active member who has never accrued a benefit 

from the Plan, two more experienced Union members, representatives from the two largest 

contributing employers with decades of experience in the local construction industry, and a 

representative from the local contractors’ association. Further, at a meeting called for the 

purpose of discussing the wage package and this Plan, the Union membership overwhelmingly 

voted to support this proposal by a vote of 56-5. 

The Board of Trustees asserts that the reduction in the hourly contribution rate, which 

necessarily results in more substantial reductions of accrued benefits and monthly benefits of 

participants and retirees pursuant to this suspension of benefits, is an important tool for the 

Plan’s future survival that allows the Plan to attempt to address the retention issues with its 

roster of contributing active members. The retention of active members beyond five and ten 

years of service provides the contributing employers with the necessary experienced labor 

force to successfully compete and acquire work that supports the Plan’s continued survival. 

The Board of Trustees respectfully requests the approval of this application. 

31.1 

TRPP134-000254
 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #32 – 7.01 Plan Sponsor Identification and Contact Information 

Does the application include the required plan sponsor identification and contact information? 

See section 7.01 of Revenue Procedure 2017-43. 

Plan Sponsor Identification Information: 

Plan Sponsor: Board of Trustees of the Toledo Roofers Local No. 134 Pension Plan 

Address: P.O. Box 1330, 7142 Nightingale, Suite 1, Holland, Ohio 43528 

Telephone No.: (419) 248-2401 

Facsimile No.: (419) 255-7136 

Email: The Board of Trustees does not have a separate email address. Correspondence may be 

sent to the Fund Administrative Manager via electronic mail to tori@nwoadm.com. 

Employer Identification No.: 34-6682179 

Plan Number: 001 

Document #32 

TRPP134-000255
 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #33 – 7.02 Plan Identification 

Does the application include the required plan identification information? 

See section 7.02 of Revenue Procedure 2017-43. 

The required Plan identification information is: 

Plan Name: Toledo Roofers Local No. 134 Pension Plan 

Employer Identification No.: 34-6682179 

Plan Number: 001 

Document #33 

TRPP134-000256
 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #34 – 7.03 Retiree Representative 

Does the application include the required retiree representative information (if applicable)? 

See section 7.03 of Revenue Procedure 2017-43. 

Not Applicable. The Toledo Roofers Local No. 134 Pension Plan is not a plan described in 

Internal Revenue Code Section 432(e)(9)(B)(v)(I); thus, a retiree representative is not required 

to be appointed. 

Document #34 

TRPP134-000257
 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #35 – 7.04 Plan’s Enrolled Actuary 

Does the application include the required enrolled actuary information? 

See section 7.04 of Revenue Procedure 2017-43. 

Document 35.1 provides the required enrolled actuary information. 

TRPP134-000258
 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan #: 34-6682179/001 

Checklist Item #35 – 7.04 Plan’s Enrolled Actuary 

Document 35.1 

Enrolled Actuary Information 

Name of Actuary: Erika L. Creager, EA, MAAA 

Enrollment Number: 17-07288 

Contact Information: 

Address: United Actuarial Services, Inc. 

11590 North Meridian Street, Suite 610 

Carmel, Indiana 46032-4529 

Phone: (317) 580-8631 

Fax: (317) 580-8651 

Email: ecreager@unitedactuarial.com 

35.1 

TRPP134-000259
Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #36 

Does the application include a designation of power of attorney for each authorized 

representative who will represent the plan sponsor in connection with the appllcatlon? 

See Section 7.05 and Appendix C. 

The executed designation of power of attorney for two authorized representatives, Scott 

Newsom and Erika Creager, who will represent the Board of Trustees of the Toledo Roofers 

Local No. 134 Pension Plan in connection with this application is attached as Document 36.1. 

Document #36 

TRPP134-000260
Toledo Roofers Local No. 134 Pension Plan 

Document 36.1 

POWER OF ATTORNEY AND DECLARATION OF REPRESENTATIVE 

BEFORE THE DEPARTMENT OF THE TREASURY 

Applicant Information: 

Plan Name: Toledo Roofers Local No. 134 Pension Plan 

Plan Address: P.O. Box 1330 

7142 Nightingale, Suite 1 

Holland, Ohio 43528 

Plan Number: 001 

Employer 

Identification Number: 34-6682179 

Plan Contact: Frederick A. Christen, Authorized Trustee 

714 George Street 

Toledo, Ohio 43608 

P: 419-243-4161 

E: tpeatee@fredchristenandsons.com 

F: 419-243-1292 

Applicant hereby appoints the following representatives as attorney-in-fact to represent the 

taxpayer before the Department of the Treasury and perform acts related to the attached 

application dated June 25, 2018 for suspension of benefits under § 432(e}(9) of the Internal 

Revenue Code of 1986, as amended. 

Representative Information No. 1: 

Name: Scott D. Newsom 

Title: Partner 

Address: Shumaker, Loop & Kendrick, LLP 

1000 Jackson Street 

Toledo, Ohio 43604 

Employer 

Identification Number: 34-4339491 

Document #36 -2-

TRPP134-000261
Telephone Number: 419-241-9000 

E-Mail Address: snewsom@slk-law.com 

Fax Number: 419-241-6894 

Send copies of notices and communications to representative: Yes 

With the exception of the acts described below, I authorize my representative to receive and 

inspect my confidential tax information and to perform acts that I can perform with respect to 

the attached application dated June '2.i 2018 for suspension of benefits under§ 432(e)(9). 

For example, my representative shall have the authority to sign any agreements, consents, or 

similar documents. 

Specific acts not authorized: None 

Date:___G_•_n-_·_lll' ____ 

Frederick R. Christen, Authorized Trustee 

Board of Trustees of the Toledo Roofers 

Local No. 134 Pension Plan 

Declaration of Representative: 

Under penalties of perjury, by my signature below I declare that: 

• I am not currently suspended or disbarred from practice before the Internal 

Revenue Service; 

• I am authorized to represent the Applicant for the matter(s) specified in this 

Power of Attorney and Declaration of Representative; and 

I am an attorney and a member in good standing of the bar of the highest court 

of the jurisdiction shown below. 

Jurisdiction of license: State of Ohio; State of Indiana 

Bar Number.: 0067087;23699-76 

IRS CAF Number: 0200-46096R 

Document #36 - 3 -

TRPP134-000262
e: 

Scott D. Newsom, Esq. 

Shumaker, Loop & Kendrick, LLP 

Date: 6 ·/-:I· /'if 

Representative Information No, 2: 

Name: Erika L. Creager, EA, MAAA 

Address: United Actuarial Services, Inc. 

11590 N. Meridian Street, Suite 610 

Carmel, Indiana 46032 

Employer 

identification Number: 35-2156428 

Telephone Number: (317) 580-8631 

E-Mail Address: ecreager@unitedactuarial.com 

Fax Number: (317) 580-8651 

With the exception of the acts described below, I authorize my representative to receive and 

inspect my confidential tax information and to perform acts that I can perform with respect to 

the attached application dated June '1,,S , 2018 for suspension of benefits under § 432(e)(9). 

For example, my representative shall have the authority to sign any agreements, consents, or 

similar documents. 

Specific acts not authorized: None 

Date:,__..c.~_-_/_7._¥_/f./-'------

Frederick R. Christen, Authorized Trustee 

Board of Trustees of the Toledo Roofers 

Local No. 134 Pension Plan 

Document #36 - 4 -

TRPP134-000263
Declaration of Representative: 

Under penalties of perjury, by my signature below I declare that: 

• I am not currently suspended or disbarred from practice before the Internal 

Revenue Service; 

I am authorized to represent the Applicant for the matters specified in this 

Power of Attorney and Declaration of Representative; and 

• I am enrolled as an actuary by the Joint Board for the Enrollment of Actuaries 

under 29 U.S.C. 1242 (the authority to practice before the Internal Revenue 

Service is limited by Section 10.3(d) of Circular 230). 

Enrollment Number: 17-07288 

Date:_Lti_/_JL./~/J~O_/fl___ 

Document #36 - 5 -

TRPP134-000264
Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #37 – 7.06 Plan Documents 

Does the application include: 

 the required plan documents; 

 any recent amendments; 

 the summary plan description (SPD); 

 any summary of material modifications; and 

 the most recent determination letter? 

See section 7.06 of Revenue Procedure 2017-43 

The required documents are attached as the following documents: 

Document 37.1 – The most recent determination letter; 

Document 37.2 – The most recent Plan document and two (2) amendments; and 

Document 37.3 – The Summary Plan Description and three (3) Summaries of Material 

Modifications. 

Document #37 - 1 -

TRPP134-000265
Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #37 – 7.06 Plan Documents 

Document 37.1 

The most recent determination letter issued on the Toledo Roofers Local No. 134 Pension Plan, 

dated September 17, 2015. 

Document #37 - 2 -

TRPP134-000266
INTERNAL REVENUE SERVICE DEPARTMENT OF THE TREASURY 

P. O. BOX 2508 

CINCINNATI, OH 45201 

SEP 1 7 201'5 Employer Identification Number: 

Date: 34-6682179 

DLN: 

BOARD OF TRUSTEES OF THE TOLEDO 17007029112005 

ROOFERS LOCAL NO 134 PENSION PLAN Person to Contact: 

C/O SHUMAKER LOOP & KENDRICK LLP SHERRETTE LAZENBY ID# 52100 

SCOTT D NEWSOM Contact Telephone Number: 

1000 JACKSON ST (804) 916-8259 

TOLEDO, OH 43604 Plan Name: 

TOLEDO ROOFERS LOCAL NO 134 PENSION 

Plan Number: 001 

Dear Applicant: 

Based on the information you provided, we are issuing this favorable 

determination letter for your plan listed above. However, our favorable 

determination only applies to the status of your plan under the Internal 

Revenue Code and is not a determination on the effect of other federal or local 

statutes. To use this letter as proof of the plan's status, you must keep this 

letter, the application forms, and all correspondence with us about your 

application. 

Your determination letter does not apply to any qualification changes that 

become effective, any guidance issued, or any statutes enacted after the dates 

specified in the Cumulative List of Changes in Plan Requirements (the 

Cumulative List) for the cycle you submitted your application under, unless the 

new item was identified in the Cumulative List. 

Your plan's continued qualification in its present form will depend on its 

effect in operation (Section 1.401-l(b) (3) of the Income Tax Regulations). We 

may review the status of the plan in operation periodically. 

You can find more information on favorable determination letters in Publication 

794, Favorable Determination Letter, including: 

The significance and scope of reliance on this letter, 

The effect of any elective determination request in your application 

materials, 

The reporting requirements for qualified plans, and 

Examples of the effect of a plan's operation on its qualified status. 

You can get a copy of Publication 794 by visiting our website at 

www.irs.gov/formspubs or by calling 1-800-TAX-FORM (1-800-829-3676) to request 

a copy .. 

This determination letter applies to the amendments dated on 

11/10/14 & 11/14/11. 

This determination letter also applies to the amendments dated on 

Letter 5274 

Document #37

TRPP134-000267
-~-

BOARD OF TRUSTEES OF THE TOLEDO 

07/27/11 & 12/29/09. 

You can't rely on this letter after the end of the plan's first five-year 

remedial amendment cycle that ends more than 12 months after we received the 

application. This letter expires on January 31, 2020. This letter considered 

the 2013 Cumulative List of Changes in Plan Qualification Requirements. 

If you submitted a Form 2848, Power of Attorney and Declaration of 

Representative, or Form 8821, Tax Information Authorization, with your 

application and asked us to send your authorized representative or appointee 

copies of written communications, we will send a copy of this letter to him or 

her. 

If you have any questions, you can contact the person listed at the top of this 

letter. 

Sincerely, 

~ ·.~·•. 

Karen D. Ta.?LJ /lM,z? 

Director, EP Rulings & Agreements 

Addendum 

Document #37

Letter 5274 

TRPP134-000268
-3-

BOARD OF TRUSTEES OF THE TOLEDO 

This determination letter does not apply to any portions of the document that 

incorporate the terms of an auxiliary agreement (collective bargaining, 

reciprocity, or participation agreement), unless you append to the plan

document the exact language of the sections that you incorporated by reference. 

Document #37

Letter 5274 

TRPP134-000269
Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #37 – 7.06 Plan Documents 

Document 37.2 

The Toledo Roofers Local No. 134 Pension Plan, dated January 1, 2014, and two (2) 

amendments subsequently adopted. 

Document #37 - 3 -

TRPP134-000270
Document #37

TOLEDO ROOFERS LOCAL NO. 134 

PENSION PLAN 

as amended and restated 

effective January 1, 2014* 

*Except as otherwise noted. 

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TABLE OF CONTENTS 

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ARTICLE 1 - DEFINITIONS ............................................................................................................................................ 2 

Section 1. 1 - Accrued Benefit .......................................................................................................................................... 2 

Section 1.2 -Actuarial Value ........................................................................................................................................... 2 

Section 1.3 -Annuity Starting Date.................................................................................................................................. 2 

Section 1.4 -Association .................................................................................................................................................. 2 

Section 1.5 - Beneficiary .................................................................................................................................................. 2 

Section 1.6 - Board ofTn1stees ........................................................................................................................................ 3 

Section 1.7 - Break in Service .......................................................................................................................................... 3 

Section 1.8 - Code ............................................................................................................................................................ 3 

Section 1.9 - Collective Bargaining Agreement.. ............................................................................................................. 3 

Section 1.10 - Compensation............................................................................................................................................ 3 

Section 1.11 - Contiguous Non-Covered Employment...........................................................,. ....................................... 5 

Section 1.12 - Covered Employment ............................................,. ................................................................................. 5 

Section 1.13 - Early Retirement Date ............................................................................................................................... 5 

Section 1. 14 - Eligibility Computation Period ................................................................................................................. 5 

Section 1.15 - Employee................................................................................................................................................... 5 

Section 1. 16 - Employer ........................................................................................................... ., ...................................... 6 

Section 1.17 - ERISA ....................................................................................................................................................... 6 

Section 1.18 - Forfeiture of Service ................................................................................................................................. 6 

Section 1.19 - Former Participant. .................................................................................................................................... 6 

Section 1.20 - Hour of Work ............................................................................................................................................ 7 

Section 1.21 - Joint and Survivor Annuity ....................................................................................................................... 7 

Section 1.22 - Leased Employee ...................................................................................................................................... 8 

Section 1.23 - Liniitation Year ......................................................................................................................................... 8 

Section 1.24 - Non-Covered Employment ....................................................................................................................... 8 

Section 1.25 - Normal Retirement Age .............................. ,.. , ............................................ , ..... , ....................................... 8 

Section 1.26 - Normal Retirement Date ........................................................................................................................... 8 

Section 1.27 - Participant ................................................................................................................................................. 8 

Section 1.28 - Plan ............................................................................................................................................................ 8 

Section 1.29- Plan Year ................................................................................................................................................... 9 

Section 1.30 - Qualified Election ..................................................................................................................................... 9 

Section 1.31 - Qualified Military Service......................................................................................................................... 9 

Section 1.32 - Social Security Retirement Age ................................................................................................................ 9 

Section 1.33 - Straight Life Annuity ................................................................................................................................. 9 

Section 1.34 - Union ......................................................................................................................................................... 9 

Section 1.35 - Vesting Computation Period ................................................................................................................... 10 

Section 1.36 - Year of Credited Service ......................................................................................................................... I 0 

Section 1.37 - YearofVesting Service .......................................................................................................................... 10 

ARTICLE 2 - PAilTICIPATION .................................................................................................................................... 11 

Section 2.1 - Time of Participation ................................................................................................................................ 11 

Section 2.2 - Cessation of Participation ......................................................................................................................... I 1 

Section 2.3 - Reemployed Participant ..................... , ...................................................................................................... 11 

Section 2.4 - Transfer from Contiguous Non-Covered Employment ............................................................................ 11 

Section 2.5 - Self-Employed Individuals........................................................................................................................ 11 

Section 2,6 - Provisions Relating to Leased Employees ................................................................................................ 12 

ARTICLE 3 - BENEFIT ELIGIBILITY AND AMOUNTS ........................................................................................ 12 

Section 3. l - N onnal Retirement Benefit ....................................................................................................................... 12 

Section 3.2 - Early Retirement Benefit. .......................................................................................................................... 13 

Section 3.3 - Deferred Vested Benefit............................................................................................................................ 14 

Section 3.4 - Disability Retirement Benefit. ................................................................................................................... 16 

Section 3.5 - Form of Payment ....................................................................................................................................... 21 

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Section 3.6 - Pre-Retirement Death Benefit ................................................................................................................... 22 

Section 3.7 - Post-Retirement Death Benefit ................................................................................................................. 23 

Section 3.8 - Non-Duplication........................................................................................................................................ 24 

Section 3.9 - Payment of Small Benefit and Payment ofBenefit Pursuant to a Qualified Domestic Relations Order. 24 

Section 3.10 - Restrictions on Maximum Amount ofBenefit........................................................................................ 24 

ARTICLE 4 - APPLICATIONS. BENEFIT PAYMENTS, RETIREMENT AND BENEFIT SUSPENSIONS ... 35 

Section 4.1 -Applications .............................................................................................................................................. 35 

Section 4.2 - Information and Proof ............................................................................................................................... 36 

Section 4.3 -Action of Board of Trustees ...................................................................................................................... 36 

Section 4.4 - Right of Appeal ......................................................................................................................................... 36 

Section 4.5 - Benefit Payments Generally ...................................................................................................................... 36 

Section 4.6 - Distribution Requirements ........................................................................................................................ 37 

Section 4.7 - Suspension of Benefits Prior to January 1, 1995...................................................................................... 41 

Section 4.8 - Suspension of Benefits After December 31, 1994.................................................................................... 43 

Section 4.9 - Benefit Payments Following Periods of Suspension Prior to January l, 1995 ........................................ 45 

Section 4.10 - Benefit Payments Following Periods of Suspension After December 31, 1994.................................... 46 

Section 4.11 - Direct Rollovers ...................................................................................................................................... 47 

ARTICLE 5 - MISCELLANEOUS ................................................................................................................................. 49 

Section 5.1 - Non-Reversion .......................................................................................................................................... 49 

Section 5.2 - Limitation of Liability ............................................................................................................................... 49 

Section 5.3 - No Specific Interest................................................................................................................................... 49 

Section 5.4 - Participants' Rights .................................................................................................................................... 49 

Section 5.5 - Forfeitures ................................................................................................................................................. 49 

Section 5.6 - Duties of Board of Trustees with Respect to Ce1tain Payments............................................................... 49 

Section 5.7 - Valuation of Plan Assets ........................................................................................................................... 50 

Section 5.8 - Merger, Consolidation or Transfer of Assets............................................................................................ 50 

Section 5.9 - Inalienability of Benefits ........................................................................................................................... 50 

Section 5.10 - Governing Law........................................................................................................................................ 50 

Section 5.11 - Provisions Relating to Returning Veterans............................................................................................. 50 

Section 5.12 - Marriage Equality Requirement.............................................................................................................. 51 

Section 5.13 - Dispute Resolution Forum for Withdrawal Liability.................... ,......................................................... 51 

Section 5 .14 - Recovery and Offset for Overpayment or EIToneous Payment .............................................................. 51 

ARTICLE 6 - AMENDMENT AND TERMINATION ................................................................................................ 52 

Section 6. 1 - Amendment ............................................................................................................................................... 52 

Section 6.2 - Termination ............................................................................................................................................... 52 

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TRPP134-000273
Document #37

TOLEDO ROOFERS LOCAL NO. 134 

PENSION PLAN 

The Toledo Roofers Local No. 134 Pension Plan was adopted effective May 1, 1962, as a result of collective 

bargaining. The Plan was amended on several subsequent occasions, including amendments by restatement effective 

May 1, 1976, January 1, 1984, January 1, 1989, January 1, 2000, and January 1, 2009. 

The Trustees of the Plan desire to again amend the Plan by restatement to ensure its continuing qualification 

under section 401(a) of the Internal Revenue Code of 1986, as amended. Accordingly, the Plan is hereby amended by 

restatement effective January 1, 2014 ( except as otherwise stated herein) to provide as follows. 

The provisions of this amended and restated Plan shall apply only to individuals who are, or who become, 

participants on or after January 1, 2014, unless the provisions hereof specifically provide otherwise. Any rights and 

benefits of former participants shall be determined by the provisions of the Plan in effect on the date participation 

ceased. 

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ARTICLE 1 

DEFINITIONS 

Section 1.1 - Accrued Benefit 

"Accrued Benefit" means the monthly pension benefit that a Participant or Former Participant has earned at 

any particular time (expressed in terms of a lifetime monthly retirement benefit for 60 months certain beginning at 

the Normal Retirement Date), based on the benefit formula in section 3.1. Notwithstanding the foregoing, however, 

effective for benefit payments first beginning as of January l, 2010, "Accrued Benefit" means the monthly pension 

benefit that a Participant or Former Participant has earned at any particular time (expressed in terms of a Straight 

Life Annuity beginning at the Normal Retirement Date), based on the benefit formula in section 3.1. 

If a Participant or Former Participant incurs a Forfeiture of Service, the Accrued Benefit attributable to service 

prior to such event shall be zero. In addition, if a distribution is made pursuant to section 3.9, the Accrued Benefit 

attributable to service before such distribution shall be zero, subject to the repayment provisions of such section. 

Except to the extent benefits are suspended in accordance with Article IV, the amount of any form of benefit 

shall have the same Actuarial Value as the Participant's Accrued Benefit in the form of a lifetime monthly benefit for 60 

months certain beginning at the Normal Retirement Date. 

Section 1.2 - Actuarial Value 

"Actuarial Value'' means an amount or series of amounts of equivalent value determined by the assumptions in 

Exhibit A. 

For purposes of determining the amount of any lump sum distribution to be made pursuant to section 3.9, the 

Actuarial Value of an Accrued Benefit shall be calculated using the applicable interest rate and applicable mortality 

table specified in Exhibit A. 

Section 1.3 - Annuity Starting Date 

"Annuity Starting Date" means the first day of the first period for which an amount· is paid as an annuity or any 

other form. However, in no event shall the Annuity Starting Date be later than the required beginning date, as defined in 

section 4.6. 

Section 1 .4 - Association 

"Association" means the Toledo Area Roofing Contractors Association, Inc., any predecessor and any 

successor. 

Section 1.5 - Beneficiary 

"Beneficiary" means the person or entity properly designated to receive benefits which may be payable after 

death pursuant to the provisions hereof. If no valid beneficiary designation form has been filed with the Board of 

Trustees at the date of the death of the Participant or Former Participant (or if a deceased Participant or Former 

Participant is not survived by the Beneficiary he or she has designated), the Beneficiary shall be deemed to be the first in 

the following classes that is living at the date of death of the Participant or Former Participant: 

(a) The surviving spouse ofthe Participant or Former Participant. 

(b) The estate of the Participant or Former Participant. 

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Notwithstanding the foregoing, the Beneficiary of a Participant or Former Participant shall be the spouse to 

whom the Participant or Former Participant was married at death, subject to a Qualified Election. Furthermore, effective 

January 1, 2010, if a Participant or Former Participant designates his or her spouse as the Beneficiary, and the 

Participant or Fonner Participant and such spouse are legally divorced subsequent to the date of such designation, the 

designation of such spouse as a Beneficiary hereunder will be deemed null and void unless the Participant or Former 

Participant, subsequent to the legal divorce, reaffirms such designation by completing a new Beneficiary designation 

form. 

Section 1.6 - Board of Trustees 

"Board of Trustees" means the entity comprised of an equal number of union trustees and management 

trustees, as required by the Labor-Management Relations Act of 1947, as amended, which entity is responsible for 

administering the Plan. The Board of Trustees is the "administrator," as that term is used in ERISA. 

Section 1. 7 - Break in Service 

"Break in Service" means 

• prior to January 1, 1976, the loss of service for vesting and benefit accrual purposes based on the 

provisions of the Plan in effect at a particular time, and 

• after December 31, 1975, the failure to complete at least 435 Hours of Work during the Accrual 

Computation Period, the Eligibility Computation Period or the Vesting Computation Period, as the 

case maybe. 

Effective on and after December 12, 1994, no Participant shall incur a Break in Service as a result of a period 

of Qualified Military Service if he or she returns to Covered Employment with an Employer after such active military 

duty ends and within such time as his or her reemployment rights are guaranteed by federal law. 

Section L8 - Code 

"Code" means the Internal Revenue Code of 1986, as amended. 

Section 1.9 - Collective Bargaining Agreement 

"Collective Bargaining Agreement" means the written agreement which governs the wages, hours and working 

conditions of Employees working in Covered Employment. 

Section 1.10 - Compensation 

Compensation means wages, salaries, and fees for professional services and other amounts received 

(without regard to whether or not an amount is paid in cash) for personal services actually rendered in the course of 

employment with an Employer to the extent that the amounts are includible in gross income (including, but not 

limited to, commissions paid to salespersons, compensation for services on the basis of a percentage of profits, 

commissions on insurance premiums, tips, bonuses, fringe benefits, and reimbursements or other expense allowances 

under a nonaccountable plan [as described in section 1.62-2(c) of the regulations], and excluding the following: 

(I) employer contributions [other than elective contributions described in section 402(e)(3), 408{k)(6), 

408(p)(2)(A)(i), or 457(b) of the Code] to a plan of deferred compensation [including a simplified 

employee pension described in section 408(k) of the Code or a simple retirement account 

described in section 408(p) of the Code, and whether or not qualified] to the extent such 

contributions are not includible in the Employee's gross income for the taxable year in which 

contributed, and any distributions (whether or not includible in gross income when distributed) 

from a plan of deferred compensation (whether or not qualified), other than amounts received 

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during the year by an Employee pursuant to a nonqualified unfunded deferred compensation plan 

to the extent includible in gross income; 

(2) amounts realized from the exercise of a nonstatutory stock option [that is, an option other than a 

statutory stock option as defined in section 1.421 "l (b) of the regulations], or when restricted stock 

(or property) held by the Employee either becomes freely transferable or is no longer subject to a 

substantial risk of forfeiture; 

(3) amounts realized from the sale, exchange or other disposition of stock acquired under a statutory 

stock option; 

(4) other amounts that receive special tax benefits, such as premiums for group"term life insurance 

(but only to the extent that the premiums are not includible in the gross income of the Employee 

and are not salary reduction amounts that are described in section 125 of the Code); and 

(5) other items of remuneration that are similar to any of the items listed in ( 1) through (4) above. 

For any self"employed individual, Compensation shall mean earned income. 

Except as provided herein, Compensation for a Limitation Year is the Compensation actually paid or made 

available (or, if earlier, includible in gross income) during such Limitation Year. Compensation for a 

Limitation Year shall include amounts earned but not paid during the Limitation Year solely because of the 

timing of pay periods and pay dates, provided the amounts are paid during the first few weeks of the next 

Limitation Year, the amounts are included on a uniform and consistent basis with respect to all similarly 

situated Employees, and no Compensation is included in more than one Limitation Year. 

For Limitation Years beginning on or after July 1, 2007, Compensation for a Limitation Year shall also 

include Compensation paid by the later of 2 1/2 months after an Employee's Severance from Employment 

with an Employer or the end of the Limitation Year that includes the date of the Employee's Severance from 

Employment with an Employer, if the payment is regular Compensation for services during the Employee's 

regular working hours, or Compensation for services outside the Employee's regular working hours (such as 

overtime or shift differential), commissions, bonuses, or other similar payments, and, absent a Severance 

from Employment, the payments would have been paid to the Employee while the Employee continued in 

employment with an Employer. 

Any payments not described above shall not be considered Compensation if paid after Severance from 

Employment, even if they are paid by the later of 2 1/2 months after the date of Severance from 

Employment or the end of the Limitation Year that includes the date of Severance from Employment, 

except payments to an individual who does not currently perform services for an Employer by reason of 

qualified military service [within the meaning of section 414(u)(l) of the Code] to the extent these 

payments do not exceed the amounts the individual would have received if the individual had continued to 

perform services for an Employer rather than entering qualified military service. 

Back pay, within the meaning of section l.415(c)-2(g)(8) of the regulations, shall be treated as 

Compensation for the Limitation Year to which the back pay relates to the extent the back pay represents 

wages and compensation that would otherwise be included in this definition. 

Compensation paid or made available during such Limitation Year shall include amounts that would 

otherwise be included in Compensation but for an election under section 125(a), J32(f){4), 402(e)(3), 

402(h)(l){B), 402(k), or 457(b) of the Code. 

Compensation shall not include amounts paid as Compensation to a nonresident alien, as defined in section 

770l(b)(l)(B) of the Code, who is not a Participant to the extent the Compensation is excludible from gross 

income and is not effectively connected with the conduct of a trade or business within the United States. 

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The annual compensation of each participant taken into account in detennining benefit accruals in any plan 

year beginning after December 31, 2001, shall not exceed $200,000. Annual compensation means 

compensation during the plan year or such other consecutive 12-month period over which compensation is 

otherwise determined under the plan (the determination period). The $200,000 limit on annual 

compensation in paragraph 1 shall be adjusted for cost-of-living increases in accordance with section 

40l(a)(l7)(B) of the Code. The cost-of-living adjustment in effect for a calendar year applies to annual 

compensation for the detennination period that begins with or within such calendar year. 

For Plan Years beginning after December 31, 2008, any military differential pay paid to an Employee by an 

Employer shall be treated as Compensation. For this purpose, military differential pay consists of any 

payments by an Employer to an Employee for periods in which the Employee is on active military duty, 

representing the difference between (A) the wages the Employee would have received from an Employer if the 

Employee were performing services; and (B) the Employee's militmy compensation. 

Section 1.11 - Contiguous Non-Covered Employment 

"Contiguous Non-Covered Employment" means Non-Covered Employment which precedes or follows 

Covered Employment, provided no quit, discharge, or retirement occurs between such Covered Employment and NonCovered Employment. However, Contiguous Non-Covered Employment shall not include any service with a person or 

entity while such person or entity was not an Employer, as defined in section 1.16. 

Section 1.12 - Covered Employment 

"Covered Employment" means the classification of employment, as defined in the Collective Bargaining 

Agreement or other written agreement., requiring contributions by an Employer to the Plan. 

Section 1. 13 - Early Retirement Date 

"Early Retirement Date" means the first day of any month prior to the Normal Retirement Date as of which a 

Paiticipant attains (a) the age of at least 55 years and has completed at least five Years of Vesting Service or (b) the age 

of54 and has completed at least 25 Years of Vesting Service. 

Section 1.14 - Eligibility Computation Period 

(a) The initial "Eligibility Computation Period" means the 12 consecutive month period 

beginning with the day the Employee fast performs an Hour of Work for the Employer (the "employment 

commencement date"). 

(b) After the period described in subparagraph (a), "Eligibility Computation Period" means the 

12 consecutive month periods commencing with the first anniversary of the employment commencement date. 

Years of Eligibility Service and Breaks in Service for eligibility will be measured on the same Eligibility 

Computation Period. 

Section 1.15 - Employee 

"Employee" means any person whose legal status is that of a common-law employee, including Leased 

Employees to the extent provided in section 1.22. 

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Section 1.16 - Employer 

"Employer" means: 

(a) Any individual, firm, association, partnership or corporation which is a member of the 

Association (or is represented in collective bargaining by the Association), which is bound by the Collective 

Bargaining Agreement and in accordance therewith is obligated to make contributions to the Plan. 

(b) Any individual, firm, association, partnership or corporation which is not a member of nor 

represented in collective bargaining by the Association, but which has executed or is otherwise bound by the 

Collective Bargaining Agreement and in accordance therewith is obligated to make contributions to the Plan. 

(c) The Union to the extent that it acts in the capacity of an employer of its employees on whose 

behalf it is obligated to make contributions to the Plan in accordance with the Collective Bargaining Agreement 

or other written agreement. 

(d) The Board of Trustees to the extent that it acts in the capacity of an employer of its 

employees on whose behalf contributions to the Plan are required in accordance with the Collective Bargaining 

Agreement or other written agreement. 

(e) Any board of trustees, committee or other agency established to administer fringe benefit, 

apprenticeship or related funds or other programs established through collective bargaining with the Union to 

the extent such entity acts in the capacity of an employer of its employees on whose behalf contributions to the 

Plan are required in accordance with the Collective Bargaining Agreement or other written agreement. 

Section 1.17 - ERTSA 

''ERISA" means the Employee Retirement Income Security Act of 1974, as amended. 

Section 1.18 - Forfeiture of Service 

"Forfeiture of Service" means 

(a) prior to January 1, 1976, the loss of vesting and benefit accrual service based upon the 

provisions ofthe Plan in effect at a particular time; 

(b) after December 31, 1975, but prior to January 1, 1985, the occurrence of consecutive Breaks 

in Service which equal the number of Years of Vesting Service earned before the initial Break in Service; and 

(c) after December 31, 1984, the occurrence of five consecutive Breaks in Service. 

Notwithstanding the foregoing, a Participant or Former Participant who has a vested interest in his or her 

Accrued Benefit shall not incur a Forfeiture of Service. 

Section 1.19 - Former Participant 

"Former Participant" means a person ( other than a Beneficiary or an alternate payee under a qualified domestic 

relations order) whose participation in the Plan has ceased pursuant to section 2.2, but who is entitled to a benefit from 

the Plan, either currently or at a later date. 

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Section 1.20 - Hour of Work 

"Hour of Work" means: 

(a) each hour for which an Employee is paid, or entitled to payment, for the performance of 

duties for the Employer. These hours shall be credited to the Employee for the computation period in which 

the duties are performed; and 

(b) each hour for which back pay, irrespective of mitigation of damages, is either awarded or 

agreed to by the Employer. The same Hours of Work shall not be credited under subparagraph {a) and under 

this subparagraph. These hours shall be credited to the Employee for the computation period or periods to 

which the award or agreement pertains, rather than the computation period in which the award, agreement or 

payment is made. No more than 434 Hours of Work will be credited for payments of back pay, to the extent 

back pay is agreed to or awarded for a period of time during which the Employee did not or would not have 

performed duties. 

Hours of Work shall be credited for employment with other members ofan affiliated service group [under section 414(m) of the Code], a controlled group of corporations [under section 414(b) of the Code], or a group of trades or 

businesses under common control [under section 414(c) of the Code] ofwhich the Employer is a member, and any other 

entity required to be aggregated with the Employer pursuant to section 414(0) of the Code and the regulations 

thereunder. 

Hours of Work will also be credited for any individual considered an Employee for purposes of the Plan under 

section 414(n) of the Code or under section 414(0) of the Code and the regulations thereunder. 

Solely for purposes of determining whether a Break in Service has occurred for participation and vesting 

purposes in a computation period, an individual who is absent from work for maternity or paternity reasons shall receive 

credit for the Hours of Work which would otherwise have been credited to such individual but for such absence or, in 

any case in which such Hours of Work cannot be determined, eight Hours of Work per day of such absence. For 

purposes of this paragraph, an absence from work for maternity or paternity reasons means an absence (]) by reason of 

the pregnancy of the individual, (2) by reason ofa birth ofa child of the individual, (3) by reason of the placement ofa 

child with the individual in connection with the adoption of such child by such individual, or (4) for purposes of caring 

for such child for a period beginning immediately following such birth or placement. The Hours of Work credited under 

this paragraph shall be credited either in the computation period in which the absence begins (if the crediting is 

necessary to prevent a Break in Service in that period) or, in all other cases, the following computation period. 

However, the provisions of this paragraph shall not apply unless such individual was in the active service of an 

Employer immediately prior to such absence, norto any Plan Year which begins before January 1, 1985. 

If the Board of Trustees enters into a "money follows the man" reciprocity agreement, any money and hours 

transferred to the Plan pursuant to such reciprocity agreement shall be credited to the Participant in the manner 

determined by the Board of Trustees for the purpose of determining his or her Accrued Benefit. Any money and hours 

transferred from the Plan pursuant to such reciprocity agreement shall not be considered when determining the value of 

the affected person's Accrued Benefit nor the vested status thereof. 

Section 1.21 - Joint and Survivor Annuity 

"Joint and Survivor Annuity" means an immediate annuity providing monthly payments for life to the Former 

Participant and monthly payments for life to the spouse to whom the Fonner Participant was married at the time 

payments to the Former Participant commenced, equal to 50 percent, 75 percent, or 100 percent (as elected by the 

Former Participant prior to the commencement of his or her benefit) ofthe amount being paid to the Former Participant, 

provided such spouse survives the Fonner Participant. Ifno such election is made, the survivorship portion shall be 50 

percent. 

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Section 1.22 - Leased Employee 

"Leased Employee" means any person (other than an employee of the recipient) who pursuant to an agreement 

between the recipient and any other person ("leasing organization") has performed services for the recipient [or for the 

recipient and related persons detennined in accordance with section 414(n)(6) of the Code] on a substantially full-time 

basis for a period of at least one year, and such services are performed under the primary direction or control of the 

recipient employer ( or, prior to January 1, 1997, such services are of a type historically performed by employees in the 

business field of the employer). Contributions or benefits provided a Leased Employee by the leasing organization 

which are attributable to services performed for the recipient employer shall be treated as provided by the recipient 

employer. 

A Leased Employee shall not be considered an employee of the recipient if: (i) such employee is covered by a 

money purchase pension plan providing: (1) a non integrated employer contribution rate of at least 10 percent of 

compensation, as defined in section 415(c)(3) of the Code, but including amounts contributed pursuant to a salary 

reduction agreement that are excludable from the employee's gross income under section 125, section 402(e)(3), section 402(h) or section 403(b) of the Code, (2) immediate participation, and (3) full and immediate vesting; and 

(ii) Leased Employees do not constitute more than 20 percent of the recipient's nonhighly compensated workforce. 

Section 1.23 - Limitation Year 

"Limitation Year" means the Plan Year. 

Section 1.24 - Non-Covered Employment 

"Non-Covered Employment" means employment for which contributions by an Employer to the Plan are not 

required by either the Collective Bargaining Agreement or by any other written agreement permitting participation in the 

Plan. 

Section 1.25 - Normal Retirement Age 

"Normal Retirement Age" means the earlier of (a) the later of age 65 or the completion of five Years of Vesting 

Service or (b) the later of age 65 or the fifth anniversary of the participation commencement date. The anniversary date 

for Participants who first commenced participation in the Plan before January 1, 1988, shall be the earlier of (a) the tenth 

anniversary of the Participant's participation commencement date, or (b) the fifth anniversary of the participation 

commencement date beginning on or after January 1, 1988. For purposes of the foregoing, the participation 

commencement date shall be the first day of the first Plan Year in which the Employee became a Participant. In all 

cases, however, participation before a Forfeiture of Service shall be disregarded. 

Section 1.26 - Normal Retirement Date 

"Nonna! Retirement Date" means the first day ofthe month following the Normal Retirement Age. 

Section 1.27 - Participant 

"Participant" means an Employee who, at the particular time, has satisfied the eligibility requirements of 

article II for participation, and who has not ceased participation pursuant thereto. 

Section 1.28 - Plan 

"Plan" means the Toledo Roofers Local No. 134 Pension Plan, and any amendments thereto. 

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Section 1.29 - Plan Year 

"Plan Year" means (a) the 12-month period from May 1 through April 30 (through April 30, 1976), (b) the 

eight-month period from May 1, 1976, through December 31, 1976, and, thereafter, (c) the calendar year. 

Section 1.30 - Qualified Election 

"Qualified Election" means a waiver of the Joint and Survivor Annuity or the death benefit payment to the 

spouse in the event of death of the Participant or Former Participant, as the case may be. Any waiver of a Joint and 

Survivor Annuity or a death benefit payment shall not be effective unless (a) the Participant's spouse consents in writing 

to the election; (b) the election designates a specific alternate beneficiary, including any class of beneficiaries or any 

contingent beneficiaries, which may not be changed without spousal consent ( or the spouse expressly permits 

designations by the Participant without any further spousal consent); ( c) the spouse's consent acknowledges the effect of 

the election; and (d) the spouse's consent is witnessed by a Plan representative or notary public. Additionally, a 

Participant's waiver of the Joint and Survivor Annuity will not be effective unless the election designates a form of 

benefit payment which may not be changed without spousal consent ( or the spouse expressly permits designations by the 

Participant without any further spousal consent). Ifit is established to the satisfaction of a Plan representative that such 

written consent may not be obtained because there is no spouse or the spouse cannot be located, a waiver will be deemed 

a Qualified Election. If the spouse is legally incompetent, a Qualified Election may be given by the spouse's legal 

guardian (even if the Participant or Former Participant is the legal guardian). Finally, if the Participant or Former 

Participant is legally separated or has been abandoned (within the meaning of local law) and has a court order to that 

effect, spousal consent is not required for a Qualified Election, unless a qualified domestic relations order provides 

otherwise. 

Any consent by a spouse obtained under this provision ( or establishment that the consent of a spouse may not 

be obtained) shall be effective only with respect to such spouse. A consent that permits designations by the Participant 

without any requirement of further consent by such spouse must acknowledge that the spouse has the right to limit 

consent to a specific beneficiary, and a specific form of benefit where applicable, and that the spouse voluntarily elects 

to relinquish either or both of such rights. A revocation of a prior waiver may be made by a Participant without the 

consent of the spouse at any time prior to the commencement of benefits. The number of revocations shall not be 

limited. 

Section 1.31 - Qualified Military Service 

"Qualified Military Service" means any service in the United States uniformed services (as defined in Chapter 

43 of Title 38, United States Code) by any Employee if such Employee is entitled to reemployment rights under such 

chapter ofthe United States Code with respect to such service. 

Section 1.32 - Social Security Retirement Age 

"Social Security Retirement Age" means the age used as the retirement age for the Participant under section 216(1) of the Social Security Act, except that such section shall be applied without regard to the age increase factor, 

and as ifthe early retirement age under section 216(1)(2) of such Act were 62. 

Section 1.33 - Straight Life Annuity 

"Straight Life Annuity" means an annuity payable in equal installments for the life of the Former Participant 

that terminates upon his or her death. 

Section 1.34 - Union 

"Union" means Local Union No. 134 of the United Union of Roofers, Waterproofers and Allied Workers, as 

well as any successor. 

SLK_TOL: #25 l 3074v4 9 

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"- - -

Document #37

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Section 1.35 - Vesting Computation Period 

"Vesting Computation Period" means the Plan Year. 

Section 1.36 - Year of Credited Service 

"Year of Credited Service" means 

(a) the number of Plan Years from May 1, 1947, through April 30, 1962, during which an 

Employee worked as a member ofthe collective bargaining unit represented by the Union; 

(b) the number of Plan Years after April 30, 1962 in which the Employee worked in Covered 

Employment; and 

(c) service in the armed forces of the United States to the extent required by applicable law, 

provided the Participant or Former Participant returns to service with an Employer within such time as 

reemployment rights are guaranteed by law. 

No years of Credited Service earned after April 30, 1962 shall be taken into account in calculating 

that portion of the benefit payable to a Participant under section 3.1, section 3.2, section 3.3 or section 3.4 that 

is based on the $4 per Year of Credited Service benefit accrual rate. 

* * * 

Notwithstanding the foregoing, no periods of self-employment shall be taken into account when determining 

Years of Credited Service, and Years of Credited Service prior to a Forfeitw·e of Service shall be disregarded. 

Section 1.37 - Year ofVesting Service 

"Year ofVesting Service" means 

(a) the number of Plan Years from May 1, 1947, through April 30, 1962, during which the 

Employee worked as a member ofthe collective bargaining unit represented by the Union; 

(b) the number of Plan Years from May 1, 1962, through December 31, 1975, during which an 

Employer contribution was made to the Plan for the Employee; 

(c) the number of Plan Years beginning January 1, 1976, during which an Employee completed 

at least 435 Hours of Work in Covered Employment or in Contiguous Non-Covered Employment; and 

(d) service in the anned forces of the United States to the extent required by applicable law, 

provided the Participant or Fonner Participant returns to service with an Employer within such time as 

reemployment rights are guaranteed by law. 

* * * 

Notwithstanding the foregoing, an Employee shall be credited with one Year of Vesting Service for the Plan 

Year in which his or her participation begins. However, no periods of self-employment shall be taken into account when 

determining Years ofVesting Service, and Years of Vesting Service prior to a Forfeiture of Service shall be disregarded. 

SLK_TOL: #25l3074v4 10 

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ARTICLE2 

PARTICIPATION 

Section 2.1 - Time of Participation 

Each person who was participating in the Plan on January 1, 2014, shall remain a Participant until his or her 

participation ceases pursuant to section 2.2. 

Any other person on whose behalf a contribution is required by the Collective Bargaining Agreement or other 

written agreement shall become a Participant on the January 1 or July 1 following the end of an Eligibility Computation 

Period during which he or she completed at least 435 Hours of Work in Covered Employment, in Contiguous NonCovered Employment or in a combination of each, provided such person is working in Covered Employment at the time 

such participation could otherwise commence. Notwithstanding the preceding provisions of this paragraph, however, no 

person sha11 become a Participant if, prior to the date he or she would otherwise become a Participant, contributions on 

his or her behalf are to be reciprocated to another qualified plan. 

Section 2.2 - Cessation of Participation 

A person who has satisfied the participation requirements of section 2.1 shall cease participation in the Plan 

upon the occurrence of any of the following: 

(a) Death. 

(b) Retirement (including disability retirement). 

(c) Transferring to Non-Covered Employment. 

(d) Failing to earn one Year of Vesting Service during any two consecutive Plan Years. 

(e) The occurrence of an obligation by the Board of Trustees to reciprocate contributions to 

another qualified plan on behalfofsuch person. 

However, such person may thereupon become a Former Participant 

Section 2.3 - Reemployed Participant 

If an Employee satisfies the participation requirements of section 2.1, terminates employment with an 

Employer, and is later reemployed by an Employer, the Employee will become a Participant as of the day contributions 

to the Plan are first required for him or her pursuant to the Collective Bargaining Agreement or other written agreement 

unless, upon such reemployment, the Employee has incurred a Forfeiture of Service, in which case he or she shall be 

treated as a new hire and the eligibility provisions of section 2.1 shall apply anew. 

Section 2.4 - Transfer from Contiguous Non-Covered Employment 

If an Employee transfers from Contiguous Non-Covered Employment with an Employer to Covered 

Employment, Hours of Work in such Contiguous Non-Covered Employment will be taken into account to determine if 

the Employee has satisfied the participation requirements of section 2.1. 

Section 2.5 - Self-Employed Individuals 

Notwithstanding any provision in this article II, no person who is self-employed shall be a Participant. 

SLK_TOL: #2513074v4 11 

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Section 2.6 - Provisions Relating to Leased Employees 

(a) Safe-Harbor. Notwithstanding any other provisions of the Plan, for purposes of the pension 

requirements of section 414(n)(3) of the Code, employees of the Employer shall include individuals defined as 

Employees in section 1.22. 

(b) Participation and Accrual. A Leased Employee shall not become a Participant in, nor accrue 

benefits under, the Plan based on service as a Leased Employee unless the Collective Bargaining Agreement or 

other written agreement provides otherwise. 

ART1CLE3 

BENEFIT ELIGIBILITY AND AMOUNTS 

Section 3.1 - Normal Retirement Benefit 

Subject to section 3.5 and section 3.9, (1), a Participant who retires on his or her Normal Retirement Date 

after December 31, 2008, but prior to January 1, 2010, is entitled to a lifetime monthly benefit for five years certain 

and (2) a Participant who retires on his or her Nonna! Retirement Date after December 31, 2009, is entitled to a 

Straight Life Annuity equal to the sum of the fol1owing: 

• $4.00 multiplied by such person's Years of Credited Service. 

• 3.5 percent of the aggregate amount of Employer contributions contributing Employers were 

obligated to contribute to the Plan on such person's behalf for work performed prior to July 1, 2004, 

under the terms of the Collective Bargaining Agreement or other written agreement since his or her 

most recent Forfeiture of Service. 

• $9.60 for each 100 hours for which contributing Employers were obligated to contribute to the Plan 

on such person's behalf for work performed after June 30, 2004, and prior to July 1, 2008, under 

the tenns of the Collective Bargaining Agreement or other written agreement since his or her most 

recent Forfeiture of Service. Notwithstanding the foregoing, for work perfonned after July 31, 

2007, if a contributing Employer was obligated by the Collective Bargaining Agreement or other 

written agreement to contribute to the Plan on such person's behalf at less than the journeyman's 

contribution rate, the $9.60 rate for each 100 hours shall instead be an amount equal to $9.60 

multiplied by a fraction, the numerator of which is the applicable contribution rate and the 

denominator of which is the journeyman's contribution rate. [For purposes of the foregoing, the 

number of hours less than a multiple of 100 shall be expressed as a fraction, the numerator of 

which is the number of hours (less than 100) and the denominator of which is 100.] 

• $0 for any hours for which contributing Employers were obligated to contribute to the Plan on such 

person's behalf for work performed after June 30, 2008, under the terms of the Collective 

Bargaining Agreement or other written agreement. 

The Accrued Benefit shall be totally nonforfeitable at a Participant's Nonna! Retirement Age and at all times 

thereafter. 

If a Participant does not continue to work beyond his or her Normal Retirement Date and if the Annuity 

Starting Date is after the Normal Retirement Date, the monthly benefit will be the Accrued Benefit at the Normal 

Retirement Date, actuarially increased for each month for which benefits were not paid between the Normal Retirement 

Date and the Annuity Starting Date, and then converted as of the Annuity Starting Date to the fonn of benefit elected in 

the pension application or, if none, to the Joint and Survivor Annuity with a 50 percent survivorship feature. Actuarial 

increases for delayed retirement shall be based on the assumptions in Exhibit A. 

SLK_TOL: #2513074v4 12 

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Notwithstanding the preceding paragraph, if for administrative reasons, such as the need to obtain reliable 

infonnation to calculate benefits or to await formal approval for benefits, actual payments begin after the scheduled 

Annuity Starting Date, such delay shall not affect the Annuity Starting Date nor the benefit determination, provided, 

however, that when such payments actually begin, the Former Participant shall receive a payment to cover benefits due 

for aU months after the Annuity Starting Date. 

Employer contributions described in this section shall be detennined without reference to contributions made to 

an excess benefit plan, as described in section 3(36) ofERISA. 

Section 3.2 - Early Retirement Benefit 

(a) Prior to January 1, 2010. Subject to section 3.5 and section 3.9, a Participant who retires on the Early 

Retirement Date after December 31, 2008, but prior to January l, 2010, is entitled to a lifetime monthly retirement 

benefit for 60 months certain equal to the sum ofthe following: 

• $4.00 multiplied by such person's Years of Credited Service. 

• 3.5 percent of the aggregate amount of Employer contributions contributing Employers were 

obligated to contribute to the Plan on such person's behalf for work performed prior to July 1, 2004, 

under the terms ofthe CoUective Bargaining Agreement or other written agreement since his or her 

most recent Forfeiture of Service. 

• $9.60 for each 100 hours for which contributing Employers were obligated to contribute to the Plan 

on such person's behalf for work perfonned after June 30, 2004, and prior to July 1, 2008, under the 

terms of the Collective Bargaining Agreement or other written agreement since his or her most recent 

Forfeiture of Service. Notwithstanding the foregoing, for work perfonned after July 31, 2007, if a 

contributing Employer was obligated by the Collective Bargaining Agreement or other written 

agreement to contribute to the Plan on such person's behalf at less than the journeyman's contribution 

rate, the $9.60 rate for each 100 hours shall instead be an amount equal to $9.60 multiplied by a 

fraction, the numerator of which is the applicable contribution rate and the denominator of which is 

the journeyman's contribution rate. [For purposes of the foregoing, the number of hours less than a 

multiple of 100 shall be expressed as a fraction, the numerator of which is the number of hours (less 

than 100) and the denominator ofwhich is 100,] 

• $0 for any hours for which contributing Employers were obligated to contribute to the Plan on such 

person's behalf for work performed after June 30, 2008, under the terms ofthe Collective Bargaining 

Agreement or other written agreement. 

reduced by1⁄4 percent for each month by which the commencement ofthe Early Retirement Benefit precedes the Normal 

Retirement Date. However, such reduction shall not apply if at the time of early retirement, the Participant or Former 

Participant had attained the age of at least 56 years and had earned at least 25 Years of Vesting Service. (If at the time of 

early retirement such person had earned at least 25 Years of Vesting Service but had not attained the age of 56 years, 

such reduction shall apply only from age 56.) 

(b) After December 31, 2009. Subject to section 3.5 and section 3. 9, a Participant who retires on the 

Early Retirement Date after December 31, 2009, is entitled to a Single Life Annuity equal to the sum ofthe following: 

• $4.00 multiplied by such person's Years of Credited Service. 

• 3.5 percent of the aggregate amount of Employer contributions contributing Employers were 

obligated to contribute to the Plan on such person's behalf for work performed prior to July 1, 2004, 

under the tenns of the Collective Bargaining Agreement or other written agreement since his or her 

most recent Forfeiture of Service. 

SLK_TOL: #2513074v4 13 

TRPP134-000286
Document #37

• $9.60 for each 100 hours for which contributing Employers were obligated to contribute to the Plan 

on such person's behalf for work perfonned after June 30, 2004, and prior to July 1, 2008, under the 

terms of the Collective Bargaining Agreement or other written agreement since his or her most recent 

Forfeiture of Service. Notwithstanding the foregoing, for work performed after July 31, 2007, if a 

contributing Employer was obligated by the Collective Bargaining Agreement or other written 

agreement to contribute to the Plan on such person's behalf at less than the journeyman's contribution 

rate, the $9.60 rate for each 100 hours shall instead be an amount equal to $9.60 multiplied by a 

fraction, the numerator of which is the applicable contribution rate and the denominator of which is 

the journeyman's contribution rate. [For purposes of the foregoing, the number of hours less than a 

multiple of 100 shall be expressed as a fraction, the numerator of which is the number of hours (less 

than 100) and the denominator of which is 100.] 

• $0 for any hours for which contributing Employers were obligated to contribute to the Plan on such 

person's behalf for work performed after June 30, 2008, under the terms of the Collective Bargaining 

Agreement or other written agreement. 

but reduced as follows to provide the indicated percentage of his or her Accrued Benefit based upon such person's age 

and Years of Vesting Service (and interpolated for the month as of which the benefit begins): 

Years of Vestinv Service at Retirement 

A5,;e 5-25 Years 25+ Years 

65 100% 100% 

64 89.61% 100% 

63 80.52% 100% 

62 72.54% 100% 

61 65.52% 97% 

60 59.31% 94% 

59 53.80% 91% 

58 48.91% 85% 

57 44.54% 79% 

56 40.64% 73% 

55 37.14% 67% 

54 Not Eligible 61% 

<54 Not Eligible 

Section 3.3 - Deferred Vested Benefit 

(a) Prior to January 1, 2010. Subject to section 3.5 and section 3.9, a Participant who tenninates 

employment after December 31, 2008, with at least five Years of Vesting Service for any reason other than death, total 

and permanent disability, or early or normal retirement and whose benefit commences prior to January 1, 2010, is 

entitled to a lifetime monthly retirement benefit for 60 months certain equal to the sum ofthe following: 

• $4.00 multiplied by such person's Years of Credited Service. 

• 3.5 percent of the aggregate amount of Employer contributions contributing Employers 

were obligated to contribute to the Plan on such person's behalf for work performed prior 

to July I, 2004, under the terms of the Collective Bargaining Agreement or other written 

agreement since his or her most recent Forfeiture of Service. 

• $9.60 for each 100 hours for which contributing Employers were obligated to contribute 

to the Plan on such person's behalf for work performed after June 30, 2004, and prior to 

July 1, 2008, under the terms of the Collective Bargaining Agreement or other written 

agreement since his or her most recent Forfeiture of Service. Notwithstanding the 

foregoing, for work performed after July 31, 2007, if a contributing Employer was 

SLK_TOL: #2513074v4 14 

TRPP134-000287
Document #37

obligated by the Collective Bargaining Agreement or other written agreement to 

contribute to the Plan on such person's behalf at less than the journeyman's contribution 

rate, the $9.60 rate for each 100 hours shall instead be an amount equal to $9.60 

multiplied by a fraction, the numerator of which is the applicable contribution rate and 

the denominator of which is the journeyman's contribution rate. [For purposes of the 

foregoing, the number of hours less than a multiple of l 00 shall be expressed as a 

fraction, the numerator of which is the number of hours (less than 100) and the 

denominator of which is 100.] 

• $0 for any hours for which contributing Employers were obligated to contribute to the 

Plan on such person's behalf for work performed after June 30, 2008, under the terms of 

the Collective Bargaining Agreement or other written agreement. 

Payment of the Deferred Vested Benefit shall begin as ofthe Normal Retirement Date. However, at the written 

request of the Former Participant, such benefit shall commence as of the Early Retirement Date or as of the first day of 

any subsequent month prior to the Normal Retirement Date, in which case the Deferred Vested Benefit shall be reduced 

as provided in section 3.2. 

(b) After December 31, 2009. Subject to section 3.5 and section 3.9, a Participant who terminates 

employment after December 31, 2008, with at least five Years of Vesting Service for any reason other than death, total 

and permanent disability, or early or normal retirement and whose benefit commences on or after January 1, 2010, is 

entitled to a Straight Life Annuity equal to the sum of the following: 

• $4.00 multiplied by such person's Years of Credited Service. 

• 3.5 percent of the aggregate amount of Employer contributions contributing Employers were 

obligated to contribute to the Plan on such person's behalf for work performed prior to July 1. 

2004, under the te1ms of the Collective Bargaining Agreement or other written agreement since 

his or her most recent Forfeiture of Service. 

• $9.60 for each 100 hours for which contributing Employers were obligated to contribute to 

the Plan on such person's behalf for work performed after June 30, 2004, and prior to July 1, 

2008, under the terms of the Collective Bargaining Agreement or other written agreement 

since his or her most recent Forfeiture of Service. Notwithstanding the foregoing, for work 

performed after July 31, 2007, if a contributing Employer was obligated by the Collective 

Bargaining Agreement or other written agreement to contribute to the Plan on such person's 

behalf at less than the journeyman's contribution rate, the $9.60 rate for each 100 hours shall 

instead be an amount equal to $9.60 multiplied by a fraction, the numerator of which is the 

applicable contribution rate and the denominator of which is the journeyman's contribution 

rate. [For purposes of the foregoing, the number of hours less than a multiple of 100 shall be 

expressed as a fraction, the numerator of which is the number of hours (less than 100) and the 

denominator of which is 100.] 

• $0 for any hours for which contributing Employers were obligated to contribute to the Plan 

on such person's behalf for work performed after June 30, 2008, under the terms of the 

Collective Bargaining Agreement or other written agreement. 

Payment ofthe Deferred Vested Benefit shall begin as of the Normal Retirement Date. However, at the written 

request of the Former Participant, such benefit shall commence as of the Early Retirement Date or as of the first day of 

any subsequent month prior to the Normal Retirement Date, in which case the Deferred Vested Benefit shall be reduced 

as provided in section 3.2. 

SLK_TOL: #2513074v4 15 

TRPP134-000288
Document #37

Section 3.4 - Disability Retirement Benefit 

(a) Prior to January 1, 2010. A Participant who has at least 10 Years of Vesting Service, who is not 

eligible for an Early Retirement Benefit, who incurs a total and permanent disability and who files an application for a 

Disability Retirement Benefit after December 31, 2008, but prior to January 1, 2010, is entitled to a monthly Disability 

Retirement Benefit equal to 76 percent ofthe sum of the following: 

• $4.00 multiplied by such person's Years of Credited Service 

• 3.5 percent of the aggregate amount of Employer contributions contributing Employers were 

obligated to contribute to the Plan on such person's behalf for work perfonned prior to July 1, 2004, 

under the terms of the Collective Bargaining Agreement or other written agreement since his or her 

most recent Forfeiture of Service. 

• $9.60 for each 100 hours for which contributing Employers were obligated to contribute to the Plan 

on such person's behalf for work performed after June 30, 2004, and prior to July l, 2008, under the 

terms of the Collective Bargaining Agreement or other written agreement since his or her most recent 

Forfeiture of Service. Notwithstanding the foregoing, for work performed after July 31, 2007, if a 

contributing Employer was obligated by the Collective Bargaining Agreement or other written 

agreement to contribute to the Plan on such person's behalf at less than the journeyman's contribution 

rate, the $9.60 rate for each 100 hours shall instead be an amount equal to $9.60 multiplied by a 

fraction, the numerator of which is the applicable contribution rate and the denominator of which is 

the journeyman's contribution rate. [For purposes of the foregoing, the number of hours less than a 

multiple of 100 shall be expressed as a fraction, the numerator of which is the number of hours (less 

than 100) and the denominator of which is l 00.] 

• $0 for any hours for which contributing Employers were obligated to contribute to the Plan on such 

person's behalf for work performed after June 30, 2008, under the terms of the Collective Bargaining 

Agreement or other written agreement. 

A Participant who has at least 25 Years ofVesting Service, who is not eligible for an Early Retirement Benefit, 

who incurs a total and permanent disability and who files an application for a Disability Retirement Benefit after 

December 31, 2008, but prior to January 1, 2010 is entitled to a monthly Disability Retirement Benefit equal to 

100 percent ofthe sum ofthe following: 

• $4.00 multiplied by such person's Years of Credited Service 

• 3.5 percent of the aggregate amount of Employer contributions contributing Employers were 

ob ligated to contribute to the Plan on such person's behalf for work performed prior to July 1, 2004, 

under the terms of the Collective Bargaining Agreement or other written agreement since his or her 

most recent Forfeiture of Service. 

• $9.60 for each 100 hours for which contributing Employers were obligated to contribute to the Plan 

on such person's behalf for work performed after June 30, 2004, and prior to July 1, 2008, under the 

terms of the Collective Bargaining Agreement or other written agreement since his or her most recent 

Forfeiture of Service. Notwithstanding the foregoing, for work performed after July 31, 2007, if a 

contributing Employer was obligated by the Collective Bargaining Agreement or other written 

agreement to contribute to the Plan on such person's behalf at less than the journeyman's contribution 

rate, the $9.60 rate for each 100 hours shall instead be an amount equal to $9.60 multiplied by a 

fraction, the numerator of which is the applicable contribution rate and the denominator of which is 

the journeyman's contribution rate. [For purposes of the foregoing, the number of hours less than a 

multiple of 100 shall be expressed as a fraction, the numerator of which is the number of hours (less 

than 100) and the denominator ofwhich is 100.] 

SLK_TOL: #2513074v4 16 

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Document #37

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• $0 for any hours for which contributing Employers were obligated to contribute to the Plan on such 

person's behalf for work performed after June 30, 2008, under the tenns of the Collective Bargaining 

Agreement or other written agreement. 

The Disability Retirement Benefit shall commence as of the first day of the month following the month in 

which the Participant (a) has applied for the Disability Retirement Benefit or (b) is determined by the Board of Trustees 

to have become totally and permanently disabled, whichever occurs later. 

For purposes of this section, a Participant shall have a total and permanent disability ifhe or she has a physical 

or mental condition which totally disables and which is expected to and presumably will continuously, permanently and 

totally disable the Participant so that he or she is permanently prevented from engaging in any regular employment or 

gainful occupation for which he or she is or may be suited by education, training or experience, except such employment 

as is found by the Board of Trustees to be for the purpose of rehabflitation or to be compatible with the finding of 

disability. However, the Disability Retirement Benefit shall not be payable due to a disability which: 

(a) resulted from the addiction to narcotics or drugs; 

(b) was contracted, suffered or incurred while the Participant or Former Participant was 

engaged in or resulted from his or her having engaged in the commission of a felony of which he or she 

was convicted; 

(c) resulted from an intentionally self-inflicted injury; or 

(d) resulted from service in the armed forces of the United States of America for which a 

service-connected government disability pension is payable or from service in the armed forces of any 

other country. 

The Board of Trustees shall be the sole judge of total and permanent disability and of the entitlement to a 

Disability Retirement Benefit. The Board of Trustees may accept the certification of any duly licensed medical 

practitioner acceptable to the Board of Trustees that the applicant is totally and permanently disabled, or the Board of 

Trustees may require that the applicant submit to an examination by a physician or physicians selected by the Board of 

Trustees. Furthermore, the Board of Trustees may require a person receiving the Disability Retirement Benefit to 

submit to re-examination periodically (but not in excess of twice per year after the disability has existed for more than 

one year, nor after age 65) and to provide such evidence of earnings or compensation (or both) as the Board of Trustees 

may direct. The Board of Trustees may accept as evidence of total and pennanent disability a determination by the 

Social Security Administration that the applicant is entitled to a disability benefit under the Old Age and Survivors 

Disability Insurance (OASDI) program. 

The Disability Retirement Benefit shall immediately cease if 

(I) the Former Participant engages in any regular gainful occupation or employment for 

remuneration or profit ( except for purposes of rehabilitation as may have been previously approved by 

the Board ofTrustees); 

(2) the Board of Trustees determines on the basis of medical findings that the Former 

Participant is able to pursue a regular occupation or employment for profit or remuneration. However, if 

a F01mer Participant does, in fact, become gainfully employed in an effort at rehabilitation as determined 

by the Board of Trustees in an occupation not within the trade jurisdiction ofthe Union (and not requiring 

physical ability and dexterity equal to or greater than that required to perform work within the trade 

jurisdiction of the Union), the Disability Retirement Benefit shall not be terminated unless for any 

calendar year the Participant's earnings from such employment exceed an amount equal to the product of 

700 multiplied by the average base wage rate then in effect for journeymen roofers represented by the 

Union; 

SLK_TOL: #25l3074v4 17 

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Document #37

-'~• •- 0 •-•• ,_,_._••. 0 ••,_-•-: L -,-- ,• •--•- ••••,••_.::_ 

(3) the Former Participant, having become employed in an effort at rehabilitation as 

allowed hereunder, fails to provide evidence of earnings which is satisfactory to the Board of Trustees 

when requested by the Board of Trustees; 

(4) the Board of Trustees determines that the Participant is no longer disabled; or 

(5) the Former Participant fails to submit to a periodic re-examination when requested to 

do so by the Board of Trustees pursuant to the prior paragraph. 

Furthermore, the Disability Retirement Benefit shall cease with the payment due for the month immediately 

preceding the month in which the Former Participant would have been eligible for the Early Retirement Benefit in the 

absence of his or her total and permanent disability, as ofwhich time the Former Participant shall be deemed eligible for 

the Early Retirement Benefit which shall commence as ofthe following month. 

Employer contributions described in this section shall be dete1mined without reference to contributions made to 

an excess benefit plan, as described in section 3(36) ofERISA. 

(b) After December 31, 2009. A Participant who has at least l 0 but less than 25 Years of Vesting 

Service, who is not eligible for an Early Retirement Benefit, who incurs a total and permanent disability and files an 

application for a Disability Retirement Benefit after December 31, 2009, is entitled to a monthly Disability Retirement 

Benefit equal to the sum ofthe following: 

• $4.00 multiplied by such person's Years of Credited Service 

• 3.5 percent of the aggregate amount of Employer contributions contributing Employers were 

obligated to contribute to the Plan on such person's behalf for work performed prior to July 1, 2004, 

under the terms of the Collective Bargaining Agreement or other written agreement since his or her 

most recent Forfeiture of Service. 

• $9.60 for each 100 hours for which contributing Employers were obligated to contribute to the Plan 

on such person's behalf for work performed after June 30, 2004, and prior to July 1, 2008, under the 

terms of the Collective Bargaining Agreement or other written agreement since his or her most recent 

Forfeiture of Service. Notwithstanding the foregoing, for work performed after July 31, 2007, if a 

contributing Employer was obligated by the Collective Bargaining Agreement or other written 

agreement to contribute to the Plan on such person's behalf at less than the journeyman's contribution 

rate, the $9.60 rate for each 100 hours shall instead be an amount equal to $9.60 multiplied by a 

fraction, the numerator of which is the applicable contribution rate and the denominator of which is 

the journeyman's contribution rate. [For purposes of the foregoing, the number of hours less than a 

multiple of 100 shall be expressed as a fraction, the numerator of which is the number of hours (less 

than l 00) and the denominator of which is l 00.] 

• $0 for any hours for which contributing Employers were obligated to contribute to the Plan on such 

person's behalf for work performed after June 30, 2008, under the terms of the Collective Bargaining 

Agreement or other written agreement. 

Such amount shall then be reduced as follows to provide the following percentage of his or her Accrued 

Benefit based on such person's age and Years of Vesting Service (and interpolated for the month as of which the benefit 

begins) and also reduced by the amount of any benefits received as a result of eligibility for workers' compensation: 

SLK_TOL: #2513074v4 18 

TRPP134-000291
Document #37

•L- - • •• -_-_ ,_. - • - - -•• ••-•-.---.-•• - 0 

Monthly Disability Benefit 

(shown as a % of the Participant's Normal Retirement Benefit) 

Disability Benefit For Participants with 

Commencement Age 10 to 25 Years of Vesting Service 

> 10 Years of Vesting Service - Younger than 3 0 Actuarial Equivalent 

30 5.47% 

31 5.86% 

32 6.29% 

33 6.74% 

34 7.23% 

35 7.76% 

36 8.33% 

37 8.95% 

38 9.62% 

39 10,35% 

40 11.l4% 

41 11.99% 

42 12.92% 

43 13.93% 

44 15.04% 

45 16.24% 

46 17.55% 

47 18.99% 

48 20.57% 

49 22.30% 

50 24.20% 

51 26.30% 

52 28.61% 

53 31.16% 

54 34.00% 

55 or older Eligible for Early Retirement 

A Participant who has at least 25 Years of Vesting Service, who is not eligible for an Early Retirement Benefit, 

who both incurs a total and pennanent disability and files an application for a Disability Retirement Benefit after 

December 31, 2009, is entitled to a monthly Disability Retirement Benefit equal to the sum ofthe following: 

• $4.00 multiplied by such person's Years ofCredited Service. 

• 3.5 percent of the aggregate amount of Employer contributions contributing Employers were 

obligated to contribute to the Plan on such person's behalf for work performed prior to July 1, 2004, 

under the tenns of the Collective Bargaining Agreement or other written agreement since his or her 

most recent Forfeiture of Service. 

• $9.60 for each 100 hours for which contributing Employers were obligated to contribute to the Plan 

on such person's behalf for work performed after June 30, 2004, and prior to July 1, 2008, under the 

terms of the Collective Bargaining Agreement or other written agreement since his or her most recent 

Forfeiture of Service. Notwithstanding the foregoing, for work performed after July 31, 2007, if a 

contributing Employer was obligated by the Collective Bargaining Agreement or other written 

agreement to contribute to the Plan on such person's behalf at less than the journeyman's contribution 

rate, the $9.60 rate for each 100 hours shall instead be an amount equal to $9.60 multiplied by a 

fraction, the numerator of which is the applicable contribution rate and the denominator of which is 

the journeyman's contribution rate. [For purposes of the foregoing, the number of hours less than a 

SLK_TOL: #2513074v4 19 

TRPP134-000292
Document #37

multiple of 100 shall be expressed as a fraction, the numerator of which is the number of hours (less 

than 100) and the denominator of which is 100.] 

• $0 for any hours for which contributing Employers were obligated to contribute to the Plan on such 

person's behalf for work perfo1med after June 30, 2008, under the tenns of the Collective Bargaining 

Agreement or other written agreement. 

Such amount shall then be reduced as follows to provide the following percentage of his or her Accrued 

Benefit based on such person's age and Years of Vesting Service (and interpolated for the month as of which the benefit 

begins) and also reduced by the amount of any benefits received as a result of eligibility for workers' compensation: 

Monthly Disability Benefit 

(shown as a % of the Participant's Normal Retirement Benefit) 

Disability Benefit For Participants with 

Commencement A2:e 25 or More Years of Vesting Service 

Younger than 30 

30 

31 

32 

33 

34 >25 Years ofVesting Service- 35 Actuarial Equivalent 36 

37 

38 

39 

40 

41 

42 17.81% 

43 19.21% 

44 20.73% 

45 22.38% 

46 24.20% 

47 26.18% 

48 28.35% 

49 30.74% 

50 33.36% 

51 36.25% 

52 39.44% 

53 42.96% 

54 Eligible for Early Retirement 55 or older 

The Disability Retirement Benefit shall commence as of the first day of the month following the month in 

which the Participant (a) has applied for the Disability Retirement Benefit or (b) the effective date of his or her total and 

pennanent disability, as detennined by the Social Security Administration, whichever occurs later. 

For purposes of this section, a Participant shall have a total and pennanent disability if he or she has been 

determined by the Social Security Administration to be entitled to a disability benefit under the Old Age and Survivors 

Disability Insurance (OASDI) program. The effective date of his or her disability, as detennined by the Social Security 

Administration, whichever occurs later. 

SLK_TOL: #2513074v4 20 

TRPP134-000293
' -- '' - - - ~ ---

Document #37

.· '•>.c • •- •.> ,,c •"• • • u ,.u·a .. , L ,•, • _ .,. , • ._.--·• •·• -,·.•-• , 

The Disability Retirement Benefit shall immediately cease if the Fonner Participant is no longer eligible 

for disability benefit under the Old Age and Survivors Disability Insurance (OASDI) program. Furthennore, the 

Disability Retirement Benefit shall cease with the payment due for the month immediately preceding the month in 

which the Former Participant would have been eligible for the Early Retirement Benefit in the absence of his or her 

total and pennanent disability, as of which time the Fonner Participant shall be deemed eligible for the Early 

Retirement Benefit which shall commence as of the following month. 

Employer contributions described in this section shall be determined without reference to contributions made to 

an excess benefit plan, as described in section 3(36) ofERISA. 

Section 3.5 - Form of Payment 

(a) Joint and Survivor Annuity. Unless an optional fonn of benefit described in subparagraph (b) has been elected pursuant to a Qualified Election during the I 80 day period ( or 90 day period for 

notices given in Plan Years beginning prior to January 1, 2007) preceding the Annuity Starting Date or unless 

the Former Participant is eligible for the Disability Retirement Benefit, a Participant or Former Participant who 

is married on his or her Annuity Stmting Date shall receive benefits in the form of a Joint and Survivor 

Annuity. 

The Joint and Survivor Annuity and the optional fonns ofbenefits described in subparagraph (b) shall 

have the same Actuarial Value. 

(b) Optional Forms of Benefits. If a Participant or Former Participant is not married on his or 

her Annuity Starting Date or pursuant to a Qualified Election, a Participant or Former Participant ( other than a 

Participant or Former Pmticipant who is eligible for the Disability Retirement Benefit) may elect during the 

180 day period (or 90 day period for notices given in Plan Years beginning prior to January 1, 2007) preceding 

the Annuity Starting Date to receive retirement benefits in one ofthe following forms: 

(1) A benefit payable each month for life to the Former Participant with the provision 

that if the Former Participant dies before receiving 120 monthly payments, monthly payments in the 

amount being paid to the Former Participant shall be paid to the Beneficiary of the Former Participant 

until a total of 120 monthly payments has been made to the Fmmer Participant and Beneficiary in the 

aggregate. 

(2) A benefit payable each month for life to the Former Participant with the provision 

that if the Former Participant dies before receiving 60 monthly payments, monthly payments in the 

amount being paid to the Former Participant shall be paid to the Beneficiary of the Former Participant 

until a total of 60 monthly payments has been made to the Former Participant and Beneficiary in the 

aggregate. 

(3) . A Straight Life Annuity. 

(c) Disability Retirement Benefit. The Disability Retirement Benefit shall be paid in the form of 

a Straight Life Annuity, with a pre-retirement death benefit payable pursuant to section 3.6. 

For purposes of this section, no change in the form of payment shall be permitted after the Annuity Starting 

Date except to the extent required by a qualified domestic relations order [as defined in section 414(p) of the Code]. 

However, the Beneficiary of benefits that may be payable under subparagraph (b)(l) or subparagraph (b)(2) may be 

changed by the Former Participant at any time prior to his or her death (subject to a Qualified Election) by notifying the 

Board of Trustees in writing. 

SLK_TOL: #2513074v4 21 

TRPP134-000294
Document #37

Section 3.6 - Pre-Retirement Death Benefit 

(a) A death benefit shall be payable to the survIVmg spouse of a Participant or Former 

Participant who dies (i) with at least five Years of Vesting Service, (ii) at or after the date on which the 

Participant or Former Participant could have received the Early Retirement Benefit, but (iii) prior to the 

Annuity Starting Date. The death benefit payable to such surviving spouse shall be a monthly payment for life 

equal to 50 percent of the amount which would have been payable to the deceased Participant or Former 

Participant if he or she had begun to receive benefits in the form of the Joint and Survivor Annuity with a 50 

percent survivorship feature on the day before death. The payment of such benefit to the surviving spouse shall 

commence as of the first day of the month following the month in which the Participant or Former Participant 

dies and shall continue monthly thereafter, ceasing following the payment due for the month in which the death 

of such spouse occurs. If a Participant or Former Participant described above dies but has not satisfied 

(ii) solely because of the failure to meet the service requirement for the Early Retirement Benefit, the 

surviving spouse shall receive the benefit described in this subparagraph commencing as of the date the 

deceased Participant or Former Participant would have attained the Normal Retirement Date. If such 

spouse dies prior to having received monthly payments at least equal to the amount of Employer 

contributions made on behalf of the deceased Fonner Participant since his or her most recent Forfeiture of 

Service, the difference shall be paid in a lump sum to the estate of such surviving spouse. 

(b) If the Participant or Former Participant had not reached the earliest date on which he or she 

could have received the Early Retirement Benefit, but dies with at least five Years of Vesting Service, a death 

benefit shall also be payable to the surviving spouse. Such death benefit shall be a monthly payment to the 

surviving spouse for life equal to 50 percent of the amount which would have been payable to the deceased 

Participant or Former Participant if he or she had separated from service on the date of death, survived to the 

earliest date on which he or she could have received the Early Retirement Benefit, had retired with an 

immediate Joint and Survivor Annuity (with a 50 percent survivorship feature) and then had immediately died. 

The payment of such benefit to the surviving spouse shall commence as of the earliest date on which the 

deceased Participant or Former Participant could have elected to receive the Early Retirement Benefit but for 

death and shall continue monthly thereafter, ceasing following the payment due for the month in which the 

death of such spouse occurs. If a Participant or Former Participant described above dies but has not satisfied 

(ii) solely because of the failure to meet the service requirement for the Early Retirement Benefit, the 

surviving spouse shall receive the benefit described in this subparagraph commencing as of the date the 

deceased Participant or Former Participant would have attained the Normal Retirement Date. If such 

spouse dies prior to having received monthly payments at least equal to the amount of Employer 

contributions made on behalf of the deceased Former Participant since his or her most recent Forfeiture of 

Service, the difference shall be paid in a lump sum to the estate of such surviving spouse. If the surviving 

spouse dies before the date benefits are to commence under this subparagraph, no death benefit shall be 

payable. 

(c) If a Participant or Former Participant dies with at least five Years of Vesting Service but 

prior to the commencement of benefits ( other than the Disability Retirement Benefit) and if the Participant or 

Former Participant was not married at the date of death, a death benefit equal to 60 monthly payments of the 

decedent's Accrued Benefit shall be paid to the Beneficiary of the decedent, commencing with the month 

following the month in which such death occurred. Ifsuch Beneficiary dies before 60 monthly payments have 

been made, the Actuarial Value of the remaining monthly payments shall be paid in a Jump sum to the estate of 

the Beneficiary. Notwithstanding the foregoing, however, if the Beneficiary of the deceased Participant or 

Former Participant is his or her estate, the Actuarial Value of the 60 monthly payments shall be paid to such 

estate in a lump sum. However, if a Participant or Former Participant described in this subparagraph ( c) dies 

after December 31, 2009, no preretirement death benefit shall be payable under this subparagraph (c). 

(d) Upon the written waiver by the surviving spouse of the pre-retirement surviving spouse's 

benefit described in subparagraph (a) or subparagraph (b), as the case may be, the surviving spouse shall have 

the right to elect in writing to receive 60 monthly payments of the decedent's Accrued Benefit or to have some 

or all of such monthly benefits transferred directly to an eligible retirement plan in the manner described in 

section 4.11. If the Actuarial Value of the pre-retirement surviving spouse's benefit payable under 

SLK_TOL: #2513074v4 22 

TRPP134-000295
Document #37

subparagraph (a) or subparagraph (b ), as the case may be, is greater than the Actuarial Value of the alternate 

benefit elected by the surviving spouse under this subparagraph, the difference, expressed in terms of a monthly 

benefit for the life of the surviving spouse, shall also be paid to the surviving spouse in the manner described in 

subparagraph (a) or subparagraph (b), as the case may be. However, the surviving spouse of a Participant or 

Former Participant who dies after December 31, 2009, shall not be eligible for the benefits determined in this 

subparagraph ( d). 

(e) Any provision in this section and in section 3.7 to the contrary notwithstanding, if a Former 

Participant dies while receiving the Disability Retirement Benefit, he or she shall nonetheless be deemed to 

have been working in Covered Employment at the date of death for purposes of determining eligibility for the 

pre-retirement death benefit. 

(f) For purposes of this Article III, "surviving spouse" means the person to whom the 

Participant or Former Participant was legally married at the time ofthe Employee's death. 

(g) Notwithstanding the foregoing provisions of this section, if any Participant or Former 

Participant dies while performing Qualified Military Service, the Beneficiary of such Participant or Former 

Participant shall be entitled to any additional benefits (other than benefit accruals), including any applicable 

pre-retirement death benefit under this section 3 .6, provided by the Plan as if the Participant or Former 

Paiticipant had resumed Covered Employment and then terminated employment on account of death. 

Section 3.7 - Post-Retirement Death Benefit 

If a Former Participant dies after the Annuity Starting Date ( other than that relating to the Disability Retirement 

Benefit), any death benefit shall be governed by the survivorship provisions applicable to the form ofretirement benefit 

which the Former Pmticipant elected, or is deemed to have elected. 

(a) If such form of benefit is the Joint and Survivor Annuity, the spouse to whom the deceased 

Former Participant was married when monthly benefit payments to the Former Participant commenced shall 

receive monthly benefits for life, in an amount equal to 50 percent, 75 percent or 100 percent (as elected by the 

Former Participant prior to the commencement of his or her benefit) of the amount being paid to the Former 

Participant. Such benefits shall commence as of the first day of the month following the Former Participant's 

death and shall cease following the payment due for the month in which the death of such spouse occurs. If 

such spouse has predeceased the Former Participant, no further benefits shall be payable following the death of 

the Former Participant. 

(b) If the Former Participant was receiving lifetime monthly benefits for 120 months certain 

pursuant to section 3.5(b)(l), and dies before receiving 120 monthly payments, monthly payments in the 

amount being received by the Fonner Participant shall be paid to the Beneficiary of the Former Participant 

until a total of 120 monthly payments has been made to the Former Participant and Beneficiary in the 

aggregate. lfthe Former Participant and Beneficiary die prior to receiving a total of 120 monthly payments in 

the aggregate, the Actuarial Value of the remaining monthly payments shall be paid in a lump sum to the estate 

of the Beneficiary. If the Former Participant dies after receiving 120 monthly payments, no further benefits 

shall be payable. Notwithstanding the foregoing, if the Beneficiary of the Fonner Paiticipant is his or her 

estate, the Actuarial Value ofthe remaining monthly benefits shall be paid to such estate in a lump sum. 

(c) If the Former Participant was receiving lifetime monthly benefits for 60 months certain 

pursuant to section 3.5(b)(2), and dies before receiving 60 monthly payments, monthly payments in the amount 

being received by the Former Participant shall be paid to the Beneficiary of the Former Participant until a total 

of 60 monthly payments has been made to the Former Participant and Beneficiary in the aggregate. If the 

Former Participant and Beneficiary die prior to receiving a total of 60 monthly payments in the aggregate, the 

Actuarial Value of the remaining monthly payments shall be paid in a lump sum to the estate of the 

Beneficiary. If the Former Participant dies after receiving 60 monthly payments, no further benefits shall be 

payable. Notwithstanding the foregoing, if the Beneficiary of the Former Participant is his or her estate, the 

Actuarial Value of the remaining monthly benefits shall be paid to such estate in a lump sum. 

SLK_TOL: #2513074v4 23 

TRPP134-000296
Document #37

,,:..__, .: 

(d) If the Former Participant was receiving a Straight Life Annuity, no further payments shall be 

made. 

Section 3.8 - Non-Duplication 

Benefits available to a Participant or Fonner Participant shall be reduced to the extent necessaiy to prevent a 

duplication of benefits, other than a Disability Retirement Benefit. 

Section 3.9 - Payment of Small Benefit and Payment of Benefit Pursuant to a Qualified Domestic Relations Order 

If a Participant or Former Participant applies for a Nonna! Retirement Benefit, an Early Retirement Benefit, a 

Deferred Vested Benefit or a Disability Retirement Benefit, if he or she is eligible for such benefit and if the Actuarial 

Value of such benefit does not exceed $5,000, the Participant or Former Participant will receive a distribution of the 

Actuarial Value of the entire vested portion of such Accrued Benefit, and the nonvested portion will be treated as a 

forfeiture. However, in lieu of such distribution, the Former Participant may elect to have such amount transferred 

directly to an eligible retirement plan in the manner described in section 4.11. For purposes of the foregoing, if the 

Actuarial Value of a Fonner Participant's Accrued Benefit is zero, he or she shall be deemed to have received a 

distribution thereof. In the event of a mandatory distribution greater than $1,000 in accordance with the preceding 

provisions of this paragraph, ifthe Participant or Former Participant does not elect to have such distribution paid directly 

to an eligible retirement plan specified by the Participant or Fonner Participant in a direct rollover or to receive the 

distribution directly in accordance with this section 3.9, the Board of Trustees will cause the distribution to be paid in a 

direct rollover to an individual retirement plan designated by the Board of Trustees. 

If a Former Participant receives a distribution pursuant to the prior paragraph and again becomes a Participant, 

he or she shall have the right to restore his or her Accrued Benefit (including all optional forms ofbenefits and subsidies 

relating to such benefits) to the extent forfeited upon repayment to the Plan of the full amount of the distribution plus 

interest, compounded annually from the date of distribution at the rate determined for purposes of section 411 ( c )(2)(C) 

of the Code. Such repayment must be made before the earlier of five years after the first date on which such person 

subsequently becomes a Participant or the date such person incurs five consecutive Breaks in Service following the date 

of distribution. Notwithstanding the foregoing provisions of this paragraph, however, the Accrued Benefit of such a 

Participant who received a lump sum payment of his or her Disability Retirement Benefit shall be so restored without 

such repayment. 

lfthe Actuarial Value of the pre-retirement surviving spouse's benefit described in section 3.6 does not exceed 

$5,000, the Actuarial Value thereof shall be paid as soon as administratively feasible to the surviving spouse to whom 

the decedent was married at the date of death in full satisfaction of the Plan's obligation to such survivor or, if such 

surviving spouse so elects, shall instead be transferred directly to an eligible retirement plan in the manner described in 

section 4.11. 

If the Actuarial Value of the vested benefit assigned to an alternate payee under a qualified domestic relations 

order does not exceed $5,000 and if the qualified domestic relations order so provides, the Actuarial Value thereof shall 

be 

• distributed to the alternate payee in lump sum at such time as is provided in the order in lieu of any 

other benefit assigned by the qualified domestic relations order or provided by the Plan, or 

• if otherwise permissible, transferred directly to an eligible retirement plan in the manner described in 

section 4.11. 

Section 3.10 - Restrictions on Maximum Amount of Benefit 

The limitations of this section shall apply in Limitation Years beginning on or after July 1, 2007, except as 

otherwise provided herein. 

SLK_TOL: #2513074v4 24 

TRPP134-000297
Document #37

(a) Definitions. For the purpose of determining the benefit limitation set forth in this section, 

the following terms are defined: 

Annual Benefit means a benefit that is payable annually in the form of a Straight Life 

Annuity. Except as provided below, where a benefit is payable in a form other than a 

Straight Life Annuity, the benefit shall be adjusted to an actuarially equivalent Straight 

Life Annuity that begins at the same time as such other fonn of benefit and is payable on 

the first day of each month, before applying the limitations of this section. For a 

Participant who has or will have distributions commencing at more than one Annuity 

Starting Date, the Annual Benefit shall be determined as of each such Annuity Starting 

Date (and shall satisfy the limitations of this section as of each such date), actuarially 

adjusting for past and future distributions of benefits commencing at the other Annuity 

Starting Dates. For this purpose, the determination of whether a new starting date has 

occurred shall be made without regard to section 1.40l(a)•20, Q&A lO(d), and with 

regard to section l .415(b)· 1 (b )(1 )(iii)(B) and (C) of the regulations. 

No actuarial adjustment to the benefit shall be made for (i) survivor benefits payable to a 

surviving spouse under a qualified joint and survivor annuity to the extent such benefits 

would not be payable if the Participant's benefit were paid in another form; (ii) benefits 

that are not directly related to retirement benefits (such as a qualified disability benefit, 

preretirement incidental death benefits, and post-retirement medical benefits); or (iii) the 

inclusion in the form of benefit of an automatic benefit increase feature, provided the 

form of benefit is not subject to section 417(e)(3) of the Code and would otherwise 

satisfy the limitations of this section, and the Plan provides that the amount payable under 

the form of benefit in any Limitation Year shall not exceed the limits of this section 

applicable at the Annuity Starting Date, as increased in subsequent years pursuant to 

section 415( d) of the Code. For this purpose, an automatic benefit increase feature is 

included in a form of benefit if the form of benefit provides for automatic periodic 

increases to the benefits paid in that form. 

The determination of the Annual Benefit shall take into account Social Security 

supplements described in section 41 l(a)(9) of the Code and benefits transferred from 

another defined benefit plan, other than transfers of distributable benefits pursuant to 

section 1.411(d)-4, Q&A-3( c), of the regulations, but shall disregard benefits attributable 

to employee contributions or rollover contributions. 

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

determination of actuarial equivalence of fonns of benefit other than a Straight Life 

Annuity shall be made in accordance with (1) or (2) below: 

(1) Benefit Fonns Not Subject to Code Section 417(e)(3). The Straight Life Annuity 

that is actuarially equivalent to the Participant's form of benefit shall be 

determined under this subparagraph (1) if the form of the Participant's benefit is 

either (i) a nondecreasing annuity (other than a Straight Life Annuity) payable 

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

qualified preretirement survivor annuity, the life of the surviving spouse), or 

(ii) an annuity that decreases during the life of the Participant merely because of 

(a) the death of the survivor annuitant (but only if the reduction is not below 50 

percent of the benefit payable before the death of the survivor annuitant), or 

(b) the cessation or reduction of Social Security supplements or qualified 

disability payments [as defined in section 40l(a)(l 1) of the Code]. 

(i) Limitation Years beginning before July 1, 2007. For Limitation Years 

beginning before July 1, 2007, the actuarially equivalent Straight Life 

Annuity is equal to the annual amount of the Straight Life Annuity 

SLK_TOL: #2513074v4 25 

TRPP134-000298
Document #37

commencing at the same Annuity Starting Date that has the same 

actuarial present value as the Participant's fonn of benefit computed 

using whichever of the following produces the greater annual amount: 

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

specified in Exhibit A of the Plan for adjusting benefits in the 

same fonn; and 

B. a 5 percent interest rate assumption and the mortality table 

described in the model amendment to the Plan reflecting Rev. 

Rul. 2001-62 for that Annuity Starting Date. 

(ii) Limitation Years beginning on and after July 1, 2007. For Limitation 

Years beginning on and after July 1, 2007, the actuarially equivalent 

Straight Life Annuity is equal to the greater of: 

A. the annual amount of the Straight Life Annuity (if any) payable 

to the Participant under the Plan commencing at the same 

Annuity Starting Date as the Participant's form of benefit; and 

B. the annual amount of the Straight Life Annuity commencing at 

the same Annuity Starting Date that has the same actuarial 

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

using a 5 percent interest rate assumption and the mortality 

table described in the model amendment to the Plan reflecting 

Rev. Ru]. 2001-62 for that Annuity Starting Date. 

(2) Benefit Forms Subject to Code Section 417(e)(3). The Straight Life Annuity that 

is actuarially equivalent to the Participant's fonn of benefit shall be determined 

under this subparagraph (2) if the fonn of the Participant's benefit is other than a 

benefit form described in subparagraph (1) above. In this case, the actuarially 

equivalent Straight Life Annuity shall be determined as follows: 

(i) Annuity Starting Date in Plan Years Beginning After 2005. If the 

Annuity Starting Date of the Participant's form of benefit is in a Plan 

Year beginning after 2005, the actuarially equivalent Straight Life 

Annuity is equal to the greatest of 

A. the annual amount of the Straight Life Annuity commencing at 

the same Annuity Starting Date that has the same actuarial 

present value as the Participant's form of benefit, computed 

using the interest rate and the mortality table (or other tabular 

factor) specified in Exhibit A of the Plan for adjusting benefits 

in the same form; 

B. the annual amount of the Straight Life Annuity commencing at 

the same Annuity Starting Date that has the same actuarial 

present value as the Participant's form of benefit, computed 

using a 5.5 percent interest rate assumption and the mortality 

table mortality table described in the model amendment to the 

Plan reflecting Rev. Rul. 2001-62; and 

C. the annual amount of the Straight Life Annuity commencing at 

the same Annuity Starting Date that has the same actuarial 

present value as the Participant's form of benefit, using the 

SLK_TOL: #2513074v4 26 

TRPP134-000299
Document #37

(ii) 

Applicable Interest Rate described herein and the applicable 

mortality table described in the model amendment to the Plan 

reflecting Rev. Ru!. 2001-62, divided by 1.05. 

Annuity Starting Date in Plan Years Beginning in 2004 and 2005. Ifthe 

Annuity Starting Date of the Participant's form of benefit is in a Plan 

Year beginning in 2004 or 2005, the actuaria11y equivalent Straight Life 

Annuity is equal to the annual amount of the Straight Life Annuity 

commencing at the same Annuity Starting Date that has the same 

actuarial present value as the Participant's form of benefit, computed 

using whichever of the following produces the greater annual amount: 

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

specified in Exhibit A of the Plan for adjusting benefits in the 

same fonn; and 

B. 5.5 percent interest rate assumption and the mortality table 

described in the model amendment to the Plan reflecting Rev. 

Rul. 2001-62. 

Ifthe Annuity Starting Date of the Participant's benefit is on or after the 

first day of the first Plan Year beginning in 2004 and before 

December 31, 2004, the application of this subparagraph (2)(ii) shall 

not cause the amount payable under the Participant's form of benefit to 

be less than the benefit calculated under the Plan taking into account the 

limitations of this section, except that the actuarially equivalent Straight 

Life Annuity is equal to the annual amount of the Straight Life Annuity 

commencing at the same Annuity Starting Date that has the same 

actuarial present value as the Participant's form of benefit, computed 

using whichever of the following produces the greatest annual amount: 

C. the interest rate and the m011ality table (or other tabular factor) 

specified in Exhibit A of the Plan for adjusting benefits in the 

same form; 

D. the applicable interest rate in Exhibit A of the Plan and the 

mortality table described in the model amendment to the Plan 

reflecting Rev. Rul. 2001-62; and 

E. the applicable interest rate in Exhibit A of the Plan (as in effect 

on the last day of the last Plan Year beginning before 

January 1, 2004, under the provisions of the Plan then adopted 

and in effect) and the mortality table described in the model 

amendment to the Plan reflecting Rev. Ru!. 2001-62. 

SLK_TOL: #2513074v4 27 

TRPP134-000300
Document #37

Applicable Interest Rate means, for Plan Years beginning on or after January 1, 2000 

but prior to January I, 2008, the rate of interest on 30-year Treasury securities as 

specified by the Commissioner for the look-back month for the stability period. The 

look-back month applicable to the stability period is the calendar month preceding the 

first day of the stability period. The stability period is the successive period of one Plan 

Year that contains the Annuity Starting Date for the distribution and for which the 

Applicable Interest Rate remains constant. For Plan Years beginning after December 31, 

2007, Applicable Interest Rate shall instead mean the rate described in 

section 417 ( e )(3 )( C) of the Code ( and as amp 1ified by any guidance issued by the 

Commissioner) for the foregoing look-back month and stability period. 

A Plan amendment that changes the date for detennining the Applicable Interest Rate 

(including an indirect change such as the results of a change in Plan Year when the 

stability period is the Plan Year), shall not be given effect with respect to any distribution 

during the period commencing one year after the later of the amendment's effective date 

or adoption date, if, during such period and as a result of such amendment, the 

Participant's distribution would be reduced. 

Applicable Mortality Table means, on any date, the table according to the method set 

forth in section 417(e) of the Code, as amplified by Rev. Rul. 2007-67 and any future 

guidance issued by the Commissioner. 

Defined Benefit Compensation Limitation means 100 percent of a Participant's High 

Three-Year Average Compensation, payable in the fonn ofa Straight Life Annuity. 

In the case of a Participant who is rehired after a Severance from Employment, the 

Defined Benefit Compensation Limitation is the greater of 100 percent of the Participant's 

High Three-Year Average Compensation, as detennined prior to the Severance from 

Employment, or 100 percent of the Participant's High Three-Year Average 

Compensation, as determined after the Severance from Employment under the definition 

of High Three-Year Average Compensation. 

Defined Benefit Dollar Limitation means, effective for Limitation Years ending after 

December 31, 2001, $160,000, automatically adjusted under section 415(d) of the Code, 

effective January 1 of each year, as published in the Internal Revenue Bulletin, and 

payable in the fonn of a Straight Life Annuity. The new limitation shall apply to 

Limitation Years ending with or within the calendar year of the date of the adjustment, 

but a Participant's benefits shall not reflect the adjusted limit prior to January 1 of that 

calendar year. The automatic annual adjustment of the Defined Benefit Dollar Limitation 

under section 415( d) of the Code shall not apply to Participants who have had a 

Severance from Employment. 

Employer means, for purposes of this section, the Employer that adopts or contributes to 

this Plan, and all members of a controlled group of corporations [ as defined in section 

414(b) of the Code, as modified by section 415(h) of the Code], all commonly controlled 

trades or businesses [as defined in section 414(c) of the Code], as modified, except in the 

case of a brother-sister group of trades or businesses under common control, by section 

415(h) of the Code], or affiliated service groups [as defined in section 414(m) of the 

Code] of which the adopting or contributing Employer is a part, and any other entity 

required to be aggregated with the Employer pursuant to section 414(0) of the Code. 

SLK_TOL: #2513074v4 28 

TRPP134-000301
Document #37

Formerly Affiliated Plan means a plan that, immediately prior to the cessation of 

affiliation, was actually maintained by an Employer and immediately after the cessation 

of affiliation, is not actually maintained by an Employer. For this purpose, cessation of 

affiliation means the event that causes an entity to no longer be considered an Employer, 

such as the sale of a member of a controlled group of corporations, as defined in section 

414(b) of the Code, as modified by section 415(h) of the Code, to an unrelated 

corporation, or that causes a plan to not actually be maintained by the Employer, such as 

a transfer of plan sponsorship outside a controlled group. 

High Three-Year Average Compensation means the average Compensation for the 

three consecutive years of service (or if the Participant has less than three consecutive 

years of service, the Participant's longest consecutive period of service, including 

fractions of years, but not less than one year) with the Employer that produces the highest 

average. A year of service with an Employer is the 12-consecutive month period ending 

on the last day of each Limitation Year. ln the case of a Participant who is rehired by an 

Employer after a Severance from Employment, the Participant's High Three-Year 

Average Compensation shall be calculated by excluding all years for which the 

Participant performs no services for and receives no Compensation from an Employer 

(the break period) and by treating the years immediately preceding and following the 

break period as consecutive. A Participant's Compensation for a year of service shall not 

include Compensation in excess of the limitation under section 401 ( a)(l 7) of the Code 

that is in effect for the calendar year in which such year of service begins. 

Maximum Permissible Benefit means, except as otherwise provided in this section, the 

lesser of the Defined Benefit Dollar Limitation or the Defined Benefit Compensation 

Limitation (both adjusted where required, as provided below). 

(1) Adjustment for Less Than Ten Years of Participation or Years of Service. If the 

Participant has less than ten Years of Participation in the Plan, the Defined 

Benefit Dollar Limitation shall be multiplied by a fraction, (i) the numerator of 

which is the number of Years of Participation ( or part thereof, but not less than 

one year) in the Plan, and (ii) the denominator of which is ten. In the case of a 

Participant who has less than ten Years of Service with the Employers the 

Defined Benefit Compensation Limitation shall be multiplied by a fraction, 

(i) the numerator of which is the number of Years of Service (or part thereof, but 

not less than one year), and (ii) the denominator of which is ten. 

(2) Adjustment of Defined Benefit Dollar Limitation for Benefit Commencement 

Before Age 62 or After Age 65. Effective for benefits commencing in Limitation 

Years ending after December 31, 200 l, the Defined Benefit Dollar Limitation 

shall be adjusted if the Annuity Starting Date of the Participant's benefit is 

before age 62 or after age 65. If the Annuity Starting Date is before age 62, the 

Defined Benefit Dollar Limitation shall be adjusted under subparagraph (2)(i) 

below, as modified by subparagraph (2)(iii) below. If the Annuity Starting Date 

is after age 65, the Defined Benefit Dollar Limitation shall be adjusted under 

subparagraph (2)(ii) below, as modified by subparagraph (2)(iii) below. 

(i) Adjustment of Defined Benefit Dollar Limitation for Benefit 

Commencement Before Age 62. 

A. Limitation Years Beginning Before July 1, 2007. If the 

Annuity Starting Date for the Participant's benefit is prior to 

age 62 and occurs in a Limitation Year beginning before 

July 1, 2007, the Defined Benefit Dollar Limitation for the 

Participant's Annuity Starting Date is the annual amount of a 

SLK_TOL: #25l3074v4 29 

TRPP134-000302
Document #37

B. 

benefit payable in the form of a Straight Life Annuity 

commencing at the Participant's Annuity Starting Date that is 

the actuarial equivalent of the Defined Benefit Dollar 

Limitation [ adjusted under subparagraph (I) above for Years 

of Participation less than ten, if required], with actuarial 

equivalence computed using whichever of the following 

produces the smaller annual amount: (i) the interest rate and 

the mortality table (or other tabular factor) specified in the 

Plan for purposes of determining actuarial equivalence for 

early retirement benefits; or (ii) a 5 percent interest rate 

assumption and the Applicable Mortality Table. To the extent 

the Plan does not specify an interest rate and mortality table 

(or other tabular factor) or for ages for which no tabular factor 

is specified, a 5 percent interest rate and the Applicable 

Mortality Table shall be used to determine actuarial 

equivalence. 

Limitation Years Beginning On or After July 1, 2007. 

L Plan Does Not Have Immediately Commencing 

Straight Life Annuity Payable at Both Age 62 and the 

Age of Benefit Commencement. If the Annuity 

Starting Date for the Participant's benefit is prior to 

age 62 and occurs in a Limitation Year beginning on 

or after July 1, 2007, and the Plan does not have an 

immediately commencing Straight Life Annuity 

payable at both age 62 and the age of benefit 

commencement, the Defined Benefit Dollar 

Limitation for the Participant's Annuity Starting Date 

is the annual amount of a benefit payable in the form 

of a Straight Life Annuity commencing at the 

Participant's Annuity Starting Date that is the 

actuarial equivalent of the Defined Benefit Dollar 

Limitation [adjusted under subparagraph (1) above 

for Years of Participation less than ten, if required], 

with actuarial equivalence computed using a 5 

percent interest rate assumption and the Applicable 

Mortality Table for the Annuity Starting Date (and 

expressing the Participant's age based on completed 

calendar months as of the Annuity Starting Date). 

II. Plan Has Immediately Commencing Straight Life 

Annuity Payable at Both Age 62 and the Age of 

Benefit Commencement. If the Annuity Starting Date 

for the Pmticipant's benefit is prior to age 62 and 

occurs in a Limitation Year beginning on or after 

July 1, 2007, and the Plan has an immediately 

commencing Straight Life Annuity payable at both 

age 62 and the age of benefit commencement, the 

Defined Benefit Dollar Limitation for the 

Participant's Annuity Starting Date is the lesser of the 

limitation determined under subparagraph (2)(i)B.L 

above and the Defined Benefit Dollar Limitation 

[adjusted under subparagraph(]) above for Years of 

Participation less than ten, if required], multiplied by 

SLK~TOL: #2513074v4 30 

TRPP134-000303
Document #37

the ratio of the annual amount of the immediately 

commencing Straight Life Annuity under the Plan at 

the Participant's Annuity Starting Date to the annual 

amount of the immediately commencing Straight Life 

Annuity under the Plan at age 62, both determined 

without applying the limitations of this section. 

C. The provisions of this subparagraph (2) shall be modified as 

provided in section 415(b)(9) of the Code for Participants who 

are commercial airline pilots. 

D. Notwithstanding any other provision of this subparagraph (2), 

the age adjusted Defined Benefit Dollar Limitation applicable 

to a Participant does not decrease on account of an increase in 

age or the perfonnance of additional service. 

(ii) Adjustment of Defined Benefit Dollar Limitation for Benefit 

Commencement After Age 65: 

A. Limitation Years Beginning Before July 1, 2007. If the 

Annuity Starting Date for the Participant's benefit is after age 

65 and occurs in a Limitation Year beginning before July I, 

2007, the Defined Benefit Dollar Limitation for the 

Participant's Annuity Starting Date is the annual amount of a 

benefit payable in the form of a Straight Life Annuity 

commencing at the Participant's Annuity Starting Date that is 

the actuarial equivalent of the Defined Benefit Dollar 

Limitation [adjusted under subparagraph (1) above for Years 

of Participation less than ten, if required], with actuarial 

equivalence computed using whichever of the following 

produces the smaller annual amount: (i) the interest rate and 

the mortality table (or other tabular factor) specified in the 

Plan for purposes of determining actuarial equivalence for late 

retirement benefits; or (ii) a 5 percent interest rate assumption 

and the Applicable Mortality Table. 

B. Limitation Years Beginning On or After July 1, 2007. 

I. Plan Does Not Have Immediately Commencing 

Straight Life Annuity Payable at Both Age 65 and the 

Age of Benefit Commencement. If the Annuity 

Starting Date for the Participant's benefit is after age 

65 and occurs in a Limitation Year beginning on or 

after July 1, 2007, and the Plan does not have an 

immediately commencing Straight Life Annuity 

payable at both age 65 and the age of benefit 

commencement, the Defined Benefit Dollar 

Limitation at the Participant's Annuity Starting Date 

is the annual amount of a benefit payable in the form 

of a Straight Life Annuity commencing at the 

Participant's Annuity Starting Date that is the 

actuarial equivalent of the Defined Benefit Dollar 

Limitation [ adjusted under subparagraph (1) above 

for Years of Participation less than ten, if required], 

with actuarial equivalence computed using a 5 

SLK~TOL: #2513074v4 31 

TRPP134-000304
Document #37

(':. 

percent interest rate assumption and the Applicable 

Mortality Table for that Annuity Starting Date (and 

expressing the Participant's age based on completed 

calendar months as of the Annuity Starting Date). 

II. Plan Has Immediately Commencing Straight Life 

Annuity Payable at Both Age 65 and the Age of 

Benefit Commencement. If the Annuity Starting Date 

for the Participant's benefit is after age 65 and occurs 

in a Limitation Year beginning on or after July 1, 

2007, and the Plan has an immediately commencing 

Straight Life Annuity payable at both age 65 and the 

age of benefit commencement, the Defined Benefit 

Dollar Limitation at the Participant's Annuity Starting 

Date is the lesser of the limitation determined under 

subparagraph (2)(ii)B. I. above and the Defined 

Benefit Dol1ar Limitation [adjusted under 

subparagraph (1) above for Years of Participation 

less than ten, if required], multiplied by the ratio of 

the annual amount of the adjusted immediately 

commencing Straight Life Annuity under the Plan at 

the Participant's Annuity Starting Date to the annual 

amount of the adjusted immediately commencing 

Straight Life Annuity under the Plan at age 65, both 

determined without applying the limitations of this 

section. For this purpose, the adjusted immediately 

commencing Straight Life Annuity under the Plan at 

the Participant's Annuity Starting Date is the annual 

amount of such annuity payable to the Participant, 

computed disregarding the Participant's accruals after 

age 65 but including actuarial adjustments even if 

those actuarial adjustments are used to offset 

accruals; and the adjusted immediately commencing 

Straight Life Annuity under the Plan at age 65 is the 

annual amount of such annuity that would be payable 

under the Plan to a hypothetical Participant who is 

age 65 and has the same accrued benefit as the 

Participant. 

(iii) Notwithstanding the other requirements of this subparagraph (2), no 

adjustment shall be made to the Defined Benefit Dollar Limitation to 

reflect the probability of a Participant's death between the Annuity 

Starting Date and age 62, or between age 65 and the Annuity Starting 

Date, as applicable, if benefits are not forfeited upon the death of the 

Participant prior to the Annuity Starting Date. To the extent benefits are 

forfeited upon death before the Annuity Starting Date, such an 

adjustment shall be made. For this purpose, no forfeiture shall be 

treated as occurring upon the Participant's death if the Plan does not 

charge Participants for providing a qualified joint and survivor annuity, 

as defined in section 417(c) of the Code, upon the Participant's death. 

(3) Minimum Benefits Permitted. Notwithstanding anything else in this definition to 

the contrary, the benefit otherwise accrued or payable to a Participant under this 

Plan shall be deemed not to exceed the Maximum Permissible Benefit if: 

SLK_TOL: l/2513074v4 32 

TRPP134-000305
Document #37

(b) 

(i) the retirement benefits payable for a Limitation Year under any fonn of 

benefit with respect to such Participant under this Plan and under all 

other defined benefit plans (without regard to whether a plan has been 

terminated) ever maintained by the Employer do not exceed $10,000 

multiplied by a fraction, (1) the numerator of which is the Participant's 

number of Years of Service (or part thereof, but not less than one year) 

with the Employer (not to exceed ten), and (2) the denominator of 

which is 1O; and 

(ii) the Employer (or a Predecessor Employer) has not at any time 

maintained a defined contribution plan in which the Participant 

participated. [For this purpose, mandatory employee contributions 

under a defined benefit plan, individual medical benefit accounts under 

section 40l(h) of the Code, and accounts for post-retirement medical 

benefits established under section 4 I 9 A( d )(1) of the Code are not 

considered a separate defined contribution plan]. 

Predecessor Employer means, with respect to a Participant, a former employer if the 

Employer maintains a plan that provides a benefit which the Participant accrued while 

perfotming services for the former employer. Predecessor Employer also means, with 

respect to a Participant, a fonner entity that antedates the Employer if, under the facts and 

circumstances, the Employer constitutes a continuation of all or a portion of the trade or 

business of the fonner entity. 

Severance from Employment means an Employee has ceased to be an Employee of an 

Employer. An Employee does not have a Severance from Employment if, in connection 

with a change of employment, the Employee's new employer contributes to the plan with 

respect to the employee. 

Year of Participation means, for purposes of the definition of Maximum Permissible 

Benefit, one year (computed to fractional parts of a year) for each Plan Year for which 

the following conditions are met: 

(1) the Participant is credited with a year of service for benefit accrual purposes, and 

(2) the Participant is included as a Participant under the eligibility provisions of the 

Plan for at least one day of the Plan Year. 

If these two conditions are met, the portion of a Year of Participation credited to the 

Participant shall equal the amount of accrual service credited to the Participant for such 

Plan Year. A Pmticipant who is totally and pennanently disabled within the meaning of 

section 415(c)(3)(C)(i) of the Code for a Plan Year shall receive a Year of Participation 

with respect to that period. In addition, for a Participant to receive a Year of Participation 

( or part thereof) for a Plan Year, the Plan must be established no later than the last day of 

such Plan Year. In no event will more than one Year of Participation be credited for any 

12-month period. 

Year of Service means, for purposes of the definition of Maximum Permissible Benefit, 

one year (computed to fractional parts of a year) for each Plan Year for which the 

Participant is credited with at least the number of Hours of Service for benefit accrual 

purposes, taking into account only service with the Employer or a Predecessor Employer. 

The Annual Benefit otherwise payable to a Participant at any time will not exceed the 

Maximum Pennissible Benefit. If the benefit the Participant would otherwise accrue in a 

Limitation Year would produce an Annual Benefit in excess of the Maximum Permissible 

SLK_TOL: #2513074v4 33 

TRPP134-000306
! 

- - ~ -- • - .. • - - ~ • • • •••••• 

Document #37

••-.'.. ,•.,;•,•• • i • • ;,. •••,_, ••• ; •••:.•_• •-• •,. • , • • •·c • •• • ,_, O" n"o • • •••• • •• • • • •··••• • •.-·• , ••• '•"•" _, •~•.•_;: • •~•---=--

• ••,••c, •• •• 

Benefit, the benefit shall be limited (or the rate of accrual reduced) to a benefit that does 

not exceed the Maximum Permissible Benefit. 

(c) If the Participant is, or has ever been, a participant in another qualified defined benefit 

plan (without regard to whether the plan has been terminated) maintained by the 

Employer or a Predecessor Employer, the sum of the Participant's Annual Benefits from 

all such plans may not exceed the Maximum Permissible Benefit. Where the Participant's 

employer-provided benefits under all such defined benefit plans (determined as of the 

same age) would exceed the Maximum Permissible Benefit applicable at that age, the 

benefit shall be limited (or the rate of accrual reduced) in the plan most recently 

established to the extent necessary so that the sum of the Participant's Annual Benefits 

from all such plan(s) does not exceed the Maximum Permissible Benefit. 

(d) The application of the provisions of this section shall not cause the Maximum Permissible 

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

defined benefit plans of the Employer or a Predecessor Employer as of the end of the last 

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

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

the provisions of such defined benefit plans that were both adopted and in effect before 

April 5, 2007 satisfied the applicable requirements of statutory provisions, regulations, 

and other published guidance relating to section 415 of the Code in effect as of the end of 

the last Limitation Year beginning before July 1, 2007, as described in section l.415(a)-l 

(g)(4) of the regulations. 

(e) The limitations of this section shall be determined and applied taking into account the 

rules in (f) below. 

(f) Other Rules. 

(1) Benefits under Terminated Plans. If a defined benefit plan maintained by the 

Employer has terminated with sufficient assets for the payment of benefit 

liabilities of all plan participants and a participant in the plan has not yet 

commenced benefits under the plan, the benefits provided pursuant to the 

annuities purchased to provide the participant's benefits under the terminated 

plan at each possible annuity starting date shall be taken into account in applying 

the limitations of this section. Ifthere are not sufficient assets for the payment of 

ail participants' benefit liabilities, the benefits taken into account shall be the 

benefits that are actually provided to the participant under the terminated plan. 

(2) Benefits Transferred From the Plan. If a participant's benefits under a defined 

benefit plan maintained by the Employer are transferred to another defined 

benefit plan maintained by the Employer and the transfer is not a transfer of 

distributable benefits pursuant to section 1.41 l(d)-4, Q&A-3(c) of the 

regulations, the transferred benefits are not treated as being provided under the 

transferor plan (but are taken into account as benefits provided under the 

transferee plan). If a participant's benefits under a defined benefit plan 

maintained by the Employer are transfe1Ted to another defined benefit plan that 

is not maintained by the Employer and the transfer is not a transfer of 

distributable benefits pursuant to section 1.41 l(d)- 4, Q&A-3(c), of the 

regulations, the transferred benefits are treated by the Employer's plan as if such 

benefits were provided under annuities purchased to provide benefits under a 

plan maintained by the Employer that terminated immediately prior to the 

transfer with sufficient assets to pay all participants' benefit liabilities under the 

plan. If a participant's benefits under a defined benefit plan maintained by the 

Employer are transferred to· another defined benefit plan in a transfer of 

SLK_TOL: #25l3074v4 34 

TRPP134-000307
- ~ - - - -

Document #37

_ __ "C"~-i_••--=--•~- •- -•• r - ••• "•- • ••• r - ~.•,_-_- -~::..:•-- -,-,- -,-.-----------.-.--• •• <_•:~~~•:-~ 0c_ 

distributable benefits pursuant to section 1.41 l(d)- 4, Q&A-(c), of the 

regulations, the amount transferred is treated as a benefit paid from the transferor 

plan. 

(3) Formerly Affiliated Plans of the Employer. A Formerly Affiliated Plan of the 

Employer shall be treated as a plan maintained by the Employer, but the 

Formerly Affiliated Plan shall be treated as if it had terminated immediately 

prior to the cessation of affiliation with sufficient assets to pay participants' 

benefit liabilities under the plan and had purchased annuities to provide benefits. 

(4) Plans of a Predecessor Employer. If the Employer maintains a defined benefit 

plan that provides benefits accrued by a participant while performing services 

for a Predecessor Employer, the participant's benefits under a plan maintained by 

a Predecessor Employer shall be treated as provided under a plan maintained by 

the Employer. However, for this purpose, the plan of the Predecessor Employer 

shall be treated as if it had terminated immediately prior to the event giving rise 

to the Predecessor Employer relationship with sufficient assets to pay 

participants' benefit liabilities under the plan, and had purchased annuities to 

provide benefits; the Employer and the Predecessor Employer shall be treated as 

if they were a single employer immediately prior to such event and as unrelated 

employers immediately after the event; and if the event giving rise to the 

predecessor relationship is a benefit transfer, the transferred benefits shall be 

excluding in determining the benefits provided under the plan of the Predecessor 

Employer. 

(5) Special Rules. The limitations of this section shall be determined and applied 

taking into account the rules in section l.415(f)-l{d), (e), and (h) of the 

regulations. 

(6) Multiemployer Plans. 

(i) Only the benefits under this multiemployer plan shall be treated as 

benefits provided under a plan maintained by the Employer for 

purposes of this section. 

(ii) Effective for Limitation Years ending after December 31, 2001, any 

other multiemployer plan shall be disregarded for purposes of applying 

the compensation limitation of the Defined Benefit Compensation 

Limitation definition and subparagraph (1) of the Maximum 

Permissible Benefit definition in subparagraph (a) above to a plan that 

is not a multiemployer plan. 

ARTICLE4 

APPLICATIONS, BENEFIT PAYMENTS, 

RETIREMENT AND BENEFIT SUSPENSIONS 

Section 4.1 - Applications 

Application for a benefit must be filed in writing with the Board of Trustees on a form approved by the Board 

of Trustees. 

A pension shall not be payable for any month before the month an application has been filed, except as 

otherwise provided herein. 

SLK_TOL: #25l3074v4 35 

TRPP134-000308
Document #37

Section 4.2 - Information and Proof 

Each applicant shall furnish all information or proof reasonably required by the Board of Trustees to determine 

benefit rights. If the applicant knowingly makes a false statement that is material to the application or furnishes 

fraudulent information that is material to the claim, benefits may be denied, suspended or discontinued. The Board of 

Trustees shall have the right to recover any benefits paid in reliance on any false statement, information or proof 

submitted by an applicant (including withholding of material facts) plus interest and costs, without limitation ofrecovery 

through offset of benefit payments as permitted by this article. 

Section 4.3 -Action ofBoard of Trustees 

The Board of Trustees has discretionary authority to determine eligibility for benefits and to use its 

discretionary authority to interpret the Plan. Benefits under the Plan will be paid only if the Board of Trustees decides, in 

its discretion, that the applicant for the benefits is entitled to them. 

The Board of Trustees shall process a claim for benefits as quickly as is administratively feasible, subject to the 

receipt of adequate information and proofnecessary to establish the applicant's benefit rights. 

Section 4.4 - Right ofAppeal 

An applicant whose application for benefits has been denied in whole or in part shall be provided with 

adequate notice in writing setting forth the specific reasons for such denial and shall have the right to appeal the decision 

in accordance with the claims and review procedure in the summary plan description. 

Section 4.5 - Benefit Payments Generally 

(a) A Participant or Former Participant who is eligible to receive benefits and who makes 

application in accordance with the rules of the Plan shall be entitled to receive monthly benefits for life, except 

as otherwise provided herein. 

(b) Benefits shall be payable commencing with the month following the month in which the 

applicant has fulfilled all of the conditions for entitlement to benefits, including the requirement for the filing of 

an application with the Board of Trustees. A Participant or Former Participant may, however, elect in writing 

filed with the Board of Trustees to receive benefits first payable for a later month, subject, however, to 

section 4.6. 

(c) Unless the Participant or Former Participant elects otherwise, the payment of benefits to him 

or her shall begin no later than 60 days after the close ofthe Plan Year in which occurs the latest of: 

(i) the date such person attains the Normal Retirement Age, 

(ii) the tenth anniversary of the first day of the Plan Year in which such person began 

participation in the Plan (with participation prior to a Forfeiture of Service disregarded for purposes 

of determining the participation commencement date), or 

(iii) the date such person terminates service with all Employers. 

Notwithstanding the foregoing, the failure of a Participant or Former Participant (and, if applicable, 

the spouse) to consent to a distribution while a benefit is immediately distributable, within the meaning of 

section 5.6, shall be deemed to be an election to defer commencement of benefit payments sufficient to satisfy 

the foregoing. However, any such election shall be subject to section 4.6. If the Board of Trustees is unable to 

locate the Participant or Former Participant after making a reasonable effort to do so, a payment retroactive to 

the latest date for commencement of benefits may be made no later than 60 days after such person is eventually 

located. 

SLl(_TOL: #2513074v4 36 

TRPP134-000309
Document #37

(d) If the amount of the payment required to commence on the date determined under this 

section 4.5 cannot be determined by such date, or if it is not possible to make such payment on such date 

because the Board of Trustees has been unable to locate the Participant after making reasonable efforts to 

do so, a payment retroactive to such date may be made no later than 60 days after the earliest date on which 

the amount of such payment can be ascertained or on the date on which such person is located, as the case 

may be. 

(e) Payment of benefits shall include retroactive payment for any months for which the 

benefit is due and payable in accordance with paragraph (d) of this section, or in other cases where the 

Board of Trustees determines that retroactive payment is justified by extenuating circumstances (such as a 

delay in reviewing or approving the Participant's application for benefits). However, any such retroactive 

payment shall satisfy the following requirements: 

(i) The Participant shall receive a lump-sum make-up payment reflecting all months 

for which the Board of Trustees determine benefit payments were due but not made (with, for makeup payments to be made after December 31, 2001, an appropriate adjustment for interest from the 

date the missed payment would have been made, taking into account reasonable time for processing 

the payment, to the date the retroactive lump-sum payment is made). 

(ii) The Board of Trustees has provided the Participant with the written explanation of 

the Joint and Survivor Annuity described in section 5.6 no more than 180 days (90 days for 

explanations given in Plan Years beginning prior to January 1, 2007) prior to the date the retroactive 

payment is made to the Participant. 

(iii) The retroactive payment is made either (a) at least 30 days after this written 

explanation is provided, or (b) at least seven days after the notice is provided if the Participant has 

affirmatively consented in writing to an immediate distribution. 

The Participant's spouse (if any) on the date the retroactive payment is made has consented to the 

distribution to the extent required by section 5.6. 

Section 4.6 - Distribution Requirements 

Subject to the provisions of the Plan relating to the payment of the Joint and Survivor Annuity, the 

requirements of this section shall apply to any distribution of a Participant's or Fonner Participant's interest and 

wil1 take precedence over any inconsistent provisions of the Plan. All distributions required under this section 

shall be determined and made in accordance with the regulations under section 401(a)(9) of the Code. 

Time and Manner of Distribution 

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

distributed, to the Participant no later than the Participant's required beginning date. 

(b) Death of Participant Before Distributions Begin. Ifthe Participant dies before distributions 

begin, the Participant's entire interest will be distributed, or begin to be distributed, no later than as follows: 

(]) If the Participant's surviving spouse is the Participant's sole designated beneficiary, 

distributions to the surviving spouse wm begin by December 31 of the calendar year immediately 

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

which the Participant would have attained age 701⁄2, iflater. 

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

beneficiary, distributions to the designated beneficiary will begin by December 31 of the calendar 

year immediately following the calendar year in which the Participant died. 

SLK_TOL: #2513074v4 37 

TRPP134-000310
''"" · - - ' - "-' ' - ' - -

Document #37

~ ,-. -•' • ,- ,,-"-> .-••--.,_., _, ,-, .-~ .• -.-.-.-••-.-. ".-~-~~---,, ----• • -, ••• ,-. •• • .. -.• • '. ,.. •·• "-_.::___-•• '_:_:._ ., -_- ,•~ ::_ • 

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

year of the Participant's death, the Participant's entire interest will be distributed by December 31 of 

the calendar year containing the fifth anniversary of the Participant's death. 

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

and the surviving spouse dies after the Participant but before distributions to the surviving spouse 

begin, this section 4.6(b ), other than section 4.6(b )(1 ), will apply as if the surviving spouse were the 

Participant. For purposes of this section 4.6(b) and section 4.6(i)U) and (k), distributions are 

considered to begin on the Participant's required beginning date [(or, if section 4.6(b)(4) applies, the 

date distributions are required to begin to the surviving spouse under section 4.6(b)(l)]. If annuity 

payments irrevocably commence to the Participant before the Participant's required beginning date 

[(or to the Pmticipant's surviving spouse before the date distributions are required to begin to the 

surviving spouse under section 4.6(b)(l)], the date distributions are considered to begin is the date 

distributions actually commence. 

(c) Form of Distribution. Unless the Participant's interest is distributed in the form of an annuity 

purchased from an insurance company or in a single sum on or before the required beginning date, as of the 

first distribution calendar year distributions will be made in accordance with sections 4.6(d) through (k) of this 

article. If the Participant's interest is distributed in the form of an annuity purchased from an insurance 

company, distributions thereunder will be made in accordance with the requirements of section 401 (a)(9) of the 

Code and the Treasury regulations. Any part of the Participant's interest that is in the form of an individual 

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

section 401(a)(9) ofthe Code and the Treasury regulations that apply to individual accounts. 

Determination of Amount to be Distributed Each Year 

(d) General Annuity Requirements. If the Participant's interest is paid in the form of annuity 

distributions under the plan, payments under the annuity will satisfy the following requirements: 

(1) the annuity distributions will be paid in periodic payments made at intervals not 

longer than one year; 

(2) the distribution period will be over a life (or lives) or over a period certain not 

longer than the period described in sections 4.6(g) through (k); 

(3) once payments have begun over a period certain, the period certain will not be 

changed even ifthe period certain is shorter than the maximum permitted; 

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

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

percentage increase in a cost-of-living index that is based on prices of all items and issued by 

the Bureau of Labor Statistics; 

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

to provide for a survivor benefit upon death, but only ifthe beneficiary whose life was being 

used to determine the distribution period described in section 4.6(g), (h) dies or is no longer 

the Participant's beneficiary pursuant to a qualified domestic relations order within the 

meaning ofsection 414(p ); 

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

death; or 

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

•·• • -'•:--C•-·~ •.. _;,_ -·•.'~ ;-•..:"'- C •·•.•••'•." .. ·,• • • 

SLK_TOL: #2513074v4 38 

TRPP134-000311
Document #37

(e) Amount Required to be Distributed by Required Beginning Date. The amount that must be 

distributed on or before the Participant's required beginning date [(or, if the Participant dies before distributions 

begin, the date distributions are required to begin under section 4.6(b)(l) or (2)] is the payment that is required 

for one payment interval. The second payment need not be made until the end of the next payment interval 

even if that payment interval ends in the next calendar year. Payment intervals are the periods for which 

payments are received, e.g., bi monthly, monthly, semi-annually, or annually. All of the Participant's benefit 

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

of the annuity payments for payment intervals ending on or after the Participant's required beginning date. 

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

accruing to the Participant in a calendar year after the first distribution calendar year will be distributed 

beginning with the first payment interval ending in the calendar year immediately following the calendar year 

in which such amount accrues. 

Requirements For Annuity Distributions That Commence During Participant's Lifetime 

(g) Joint Life Annuities Where the Beneficiary Is Not the Participant's Spouse. If the 

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

Participant and a nonspouse beneficiary, annuity payments to be made on or after the Participant's required 

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

applicable percentage of the annuity payment for such period that would have been payable to the Participant 

using the table set forth in Q&A 2 of section 1.401(a)(9) 6T of the Treasury regulations. If the form of 

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

beneficiary and a period certain annuity, the requirement in the preceding sentence will apply to annuity 

payments to be made to the designated beneficiary after the expiration of the period certain. 

{h) Period Certain Annuities. Unless the Participant's spouse is the sole designated beneficiary 

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

commencing during the Participant's lifetime may not exceed the applicable distribution period for the 

Participant under the Uniform Lifetime Table set forth in section 1.40l(a)(9) 9 of the Treasury regulations for 

the calendar year that contains the annuity starting date. If the annuity starting date precedes the year in which 

the Participant reaches age 70, the applicable distribution period for the Participant is the distribution period for 

age 70 under the Uniform Lifetime Table set forth in section l.40l(a)(9) 9 of the Treasury regulations plus the 

excess of70 over the age of the Participant as of the Participant's birthday in the year that contains the annuity 

starting date. If the Participant's spouse is the Participant's sole designated beneficiary and the form of 

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

Participant's applicable distribution period, as determined under this section 4.6(h), or the joint life and last 

survivor expectancy of the Participant and the Participant's spouse as determined under the Joint and Last 

Survivor Table set forth in section 1.401 (a){9)---9 of the Treasury regulations, using the Participant's and 

spouse's attained ages as of the Participant's and spouse's birthdays in the calendar year that contains the 

annuity starting date. 

Requirements For Minimum Distributions Where Participant Dies Before Date Distributions Begin 

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

distribution of his or her interest begins and there is a designated beneficiary, the Participant's entire interest 

will be distributed, beginning no later than the time described in section 4.6(b )( 1) or (2), over the life of the 

designated beneficimy or over a period certain not exceeding: 

(I) unless the annuity starting date is before the first distribution calendar year, the life 

expectancy ofthe designated beneficiary determined using the beneficiary's age as of the beneficiary's 

birthday in the calendar year immediately following the calendar year ofthe Participant's death; or 

SLK~TOL: #2513074v4 39 

TRPP134-000312
- - ~

 

Document #37

;.:..::,.:~---~--:..· .__ .:.~. :.".: -:: 

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

expectancy of the designated beneficiary determined using the beneficiary's age as of the beneficiary's 

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

U) No Designated Beneficiary. If the Participant dies before the date distributions begin and 

there is no designated beneficiary as of September 30 of the year following the year of the Participant's death, 

distribution of the Participant's entire interest will be completed by December 31 of the calendar year 

containing the fifth anniversary ofthe Participant's death. 

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

Participant dies before the date distribution of his or her interest begins, the Participant's surviving spouse is the 

Pmticipant's sole designated beneficiary, and the surviving spouse dies before distributions to the surviving 

spouse begin, sections 4.6(i), U) and (k) will apply as if the surviving spouse were the Participant, except that 

the time by which distributions must begin will be determined without regard to section 4.6(b )( 1). 

Definitions 

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

section 1.5 of the plan and is the designated beneficiary under section 40l(a)(9) of the Internal Revenue Code 

and section l .401(a)(9) 1, Q&A 4, of the Treasury regulations. 

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

For distributions beginning before the Participant's death, the first distribution calendar year is the calendar 

year immediately preceding the calendar year that contains the Participant's required beginning date. For 

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

which distributions are required to begin pursuant to section 4.6(b). 

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

l.401(a)(9)--9 of the Treasury regulations. 

(o) Required Beginning Date. 

(1) General Rule. Except as specified otherwise in subparagraphs (2), (3) or (4) 

below, the required beginning date of a Participant or Former Participant is the first day of April of 

the calendar year following the later of the calendar year in which the Participant or Former 

Participant attains age 701⁄2 or the calendar year in which the Former Participant retires. 

(2) Prior to January I, 2000. The required beginning date of any Participant or Former 

Participant who attained age 701⁄2 before January 1, 2000, shall be the first day of April of the 

calendar year following the calendar year in which the attainment of age 70 1⁄2 occurred. 

(3) Transitional Rule. Any Participant or Former Participant who attains age 70-1/2 

between January I, 2000 and December 31, 2000 may elect to have his or her required beginning date 

determined under either the General Rule in subparagraph (1) or the old rule in subparagraph (2). 

(4) Treatment of 5 Percent Owner. The required beginning date of a Participant or 

Former Participant who is a 5 percent owner during any year beginning after December 31, 1979, is 

the first day of April following the later of: 

(A) the calendar year in which the Participant or Former Participant attains 

age 701⁄2, or 

(B) the earlier of the calendar year with or within which ends the Plan Year in 

which the Participant or Former Participant becomes a 5 percent owner, or the calendar year 

in which the Participant or Former Participant retires. 

SLK_TOL: #2513074v4 40 

TRPP134-000313
Document #37

(5) 5 Percent Owner. A Participant or Former Participant is treated as a 5 percent 

owner for purposes of this section if such Participant or Former Participant is a 5 percent owner as 

defined in section 4 l 6(i) of the Code ( determined in accordance with section 416 but without regard 

to whether the Plan is top-heavy) at any time during the Plan Year ending with or within the calendar 

year in which such owner attains age 661⁄2 or any subsequent Plan Year. 

(6) Continuation of Payments. Once distributions have begun to a 5 percent owner 

under this section, they must continue to be distributed, even if the Participant ceases to be a 5 percent 

owner in a subsequent year. 

Section 4.7 - Suspension of Benefits Prior to January 1, 1995. 

(a) Definition of Suspension. Prior to January 1, 1995, "Suspension of Benefits" means 

nonentitlement to benefits for the month, regardless of whether payment of such benefits has commenced. If 

benefits were paid for a month for which they should have been suspended, the overpayment shall be recovered 

through deductions from future pension payments, pursuant to subparagraph ( e )(ii). 

(b) Suspension Provisions. A Participant's or Former Participant's monthly benefit shall be 

suspended for any month prior to January l, 1995 ( other than a month which occurs after the Required 

Beginning Date) in which he or she completes at least 40 Hours of Work in Disqualifying Employment. For 

purposes hereof, "Disqualifying Employment" means employment or self-employment in an industry in which 

Participants covered by the Plan were employed and accrued benefits under the Plan as a result of such 

employment at the time the payment of benefits commenced (or would have commenced but for employment 

or reemployment), in the geographic area covered by the Plan at the time the payment of benefits commenced 

(or would have commenced but for employment or reemployment), and in the trade or craft in which the 

Participant or Former Participant worked under the Plan at any time. For purposes of the foregoing, 

(i) The term "industry" means the business activities of the types engaged in by any 

Employer, including, but not necessarily limited to, the building and construction industry. 

(ii) The geographic area covered by the Plan means any state in which contributions 

were made or were required to be made by an Employer, and the remainder of any Standard 

Metropolitan Statistical Area which falls in part within such state, determined as of the time the 

payment of benefits commenced (or would have commenced but for employment or reemployment). 

(iii) Trade or craft means the skill or skills learned during a significant period of 

training or practice which is applicable to the industry, including supervisory activities relating, either 

directly or indirectly, to such skills. 

(c) Notices. 

(i) A Former Participant shall notify the Board of Trustees in writing within 15 days 

after the month in which he or she started any work of a type that is or may be disqualifying under the 

provisions of the Plan, regardless of the number of hours of such work during that month. If a 

Participant or Former Participant has worked in Disqualifying Employment [as defined in 

subparagraph (b)] in any month prior to January of 1995 and has failed to give timely notice to the 

Board of Trustees of such employment, the Board of Trustees shal1 presume that he or she completed 

the number of Hours of Work necessary to effect a suspension of benefits during such month and any 

subsequent month prior to January of 1995 before the Participant or Former Participant gives notice 

that he or she has ceased such Disqualifying Employment. The Participant or Former Participant shall 

have the right to rebut such presumption by establishing that the work was not in fact an appropriate 

basis for suspension of benefits. 

SLK-TOL: #25 l3074v4 41 

TRPP134-000314
·=· 

Document #37

--,---.-._ ~~~=-•-_--.--.---------•-- -._._--.•· -----• -•·.·-· -·.·.-

If a Participant or Former Participant has worked in Disqualifying Employment [as defined 

in subparagraph (b)] for any number of hours at a building or construction site and has failed to give 

timely notice to the Board of Trustees of such employment or self-employment, the Board of Trustees 

shall presume that the Participant or Former Participant has engaged in such work for as long as the 

contractor has been and remains actively engaged at that site_ The Participant or Former Participant 

shall have the right to rebut such presumption by establishing that the work was not in fact an 

appropriate basis for suspension of benefits. 

(ii) A Participant or Former Participant whose monthly benefit has been suspended 

must notify the Board of Trustees in writing when Disqualifying Employment [as defined in 

subparagraph (b)] has ended and, as a condition for receiving benefits, must file the appropriate 

application or resumption form. The Board of Trustees shall have the right to withhold benefit 

payments until such form has been filed. 

(iii) A Participant or Former Participant may ask the Board of Trustees whether a 

particular type of employment is Disqualifying Employment. The Board of Trustees shall provide the 

Participant or Former Participant with its determination. 

(iv) The Board of Trustees shall inform a Participant or Former Participant of any 

suspension of benefits by notice given by personal delivery or first class mail during the first calendar 

month in which benefits are withheld. Such notice shall include a description of the specific reasons 

for the suspension, a general description of the Plan's suspension provisions, a copy of such 

provisions, reference to the applicable regulations of the Department of Labor and a statement of the 

procedure for securing a review of the suspension. In addition, the notice shall describe the procedure 

for the Participant or Former Participant to notify the Plan when Disqualifying Employment ends, a 

description of the procedure for filing a request for the commencement (or recommencement) of 

benefits and a copy of the appropriate form. Finally, the suspension notice shall explain the offset 

procedure and identify the amount expected to be recovered as well as the periods of employment to 

which they relate. Notwithstanding the foregoing provisions of this subparagraph, however, if the 

Plan's summary plan description contains information which is substantially the same as information 

described in this subparagraph, the suspension notification may refer to the relevant pages of the 

summary plan description as to a particular item, as long as the Participant or Former Participant is 

informed how to obtain a copy of the summary plan description ( or relevant pages thereof) and 

provided requests for referenced information are honored within a reasonable period of time, not to 

exceed 30 days. 

(d) Review. A Participant or Former Participant shall be entitled to a review of a determination 

suspending benefits in accordance with the claims and review procedure in the summary plan description. The 

same right shall apply to a determination that contemplated employment will be Disqualifying Employment. 

(e) Resumption of Benefit Payments. 

(i) Benefits suspended shall resume for months after the last month for which benefits 

were suspended, with payments beginning no later than the first day of the third month after the last 

calendar month for which the benefit was suspended, provided the Former Participant has complied 

with the applicable notification and filing requirements of subparagraph (c). The amount of the 

resumed payment shall be determined in accordance with the provisions of section 4.9. 

(ii) Overpayments attributable to payments made for any month or months for which 

the Participant or Former Participant engaged in Disqualifying Employment [as defined in subparagraph (b)] shall be deducted from benefit payments otherwise paid or payable subsequent to the 

period of suspension. Such deduction shall not exceed 25 percent of the benefit amount (before 

deduction), except for the first benefit payment made upon resumption after a suspension. Ifa Fonner 

Participant dies before recoupment of overpayments has been completed, deductions shall be made 

SLK_TOL: #2513074v4 42 

TRPP134-000315
- - - -

Document #37

.c.•••• •• • '"~"~-a • ~, ,,. ,-r-• r •·r••• ••• ,-, ,_, -•-• •••• -_,_ -. • • • .: 

from the benefits payable to the Beneficiary, subject to the 25 percent limitation on the rate of 

deduction. 

Section 4.8 • Suspension of Benefits After December 31, 1994 

(a) Definition of Suspension. After December 31, 1994, "Suspension of Benefits" means 

nonentitlement to benefits for the month, regardless of whether payment of such benefits has commenced. If 

benefits were paid for a month for which they should have been suspended, the overpayment shall be recovered 

through deductions from future pension payments, pursuant to subparagraph (t)(iv). 

(b) Suspension of Benefits After Normal Retirement Age. A Participant's or Former 

Participant's monthly benefit shall be suspended for any month after December 31, 1994 (other than a month 

which occurs after the required beginning date, as defined in section 4.6) in which he or she completes at least 

40 Hours of Work in Disqualifying Employment after his or her Nonna! Retirement Age. For purposes of this 

subparagraph, "Disqualifying Employment" means employment or self-employment in an industry in which 

Participants covered by the Plan were employed and accrued benefits under the Plan as a result of such 

employment at the time the payment of benefits commenced (or would have commenced but for employment 

or reemployment), in the geographic area covered by the Plan at the time the payment of benefits commenced 

(or would have commenced but for employment or reemployment), and in the trade or craft in which the 

Participant or Fonner Participant worked under the Plan at any time. For purposes of the foregoing, 

(i) The term "industry" means the business activities of the types engaged in by any 

Employer, including, but not necessarily limited to, the building and construction industry. 

(ii) The geographic area covered by the Plan means any state in which contributions 

were made or were required to be made by an Employer, and the remainder of any Standard 

Metropolitan Statistical Area which falls in part within such state, determined as of the time the 

payment ofbenefits commenced (or would have commenced but for employment or reemployment). 

(iii) Trade or craft means the type of work described in the applicable collective 

bargaining agreement with the Union, as well as supervisory activities relating, either directly or 

indirectly, to such work. 

(c) Suspension of Benefits Before Normal Retirement Age. A Participant's or Fonner 

Participant's monthly benefit shall be suspended for any month after December 31, 1994, in which he or she 

completes at least one Hour of Work in Disqualifying Employment after his or her Early Retirement Benefit (or 

any optional fonn thereof) has commenced, and for six additional months, but not beyond the Nonna! 

Retirement Date. If benefits which have initially been suspended pursuant to the prior sentence subsequently 

recommence, and if the Participant or Former Participant again engages in "Disqualifying Employment" prior 

to the Nonna! Retirement Age, his or her Early Retirement Benefit (or any optional form thereof) shall be 

suspended for any month in which he or she completes at least one Hour of Work in Disqualifying 

Employment and for 12 additional months, but not beyond the Normal Retirement Date. If benefits which have 

previously been suspended pursuant to the prior sentence for a period of 12 additional months (but not beyond 

the Normal Retirement Date) subsequently recommence, and if the Participant again engages in "Disqualifying 

Employment" prior to the Normal Retirement Age, his or her Early Retirement Benefit (or any optional form 

thereof) shall be suspended until his or her Nonna! Retirement Date. For purposes of this subparagraph, 

"Disqualifying Employment" means employment or self-employment in an industry in which Participants 

covered by the Plan were employed and accrued benefits under the Plan as a result of such employment at the 

time the payment of benefits commenced ( or would have commenced but for employment or reemployment), 

in the appropriate geographic area, and in the trade or craft in which the Participant or Former Participant 

worked under the Plan at any time. For purposes ofthe foregoing, 

(i) The term "industry" means the business activities of the types engaged in by any 

Employer, including, but not necessarily limited to, the building and construction industry. 

SLK_TOL: #2513074v4 43 

TRPP134-000316
Document #37

(ii) The appropriate geographic area means the State of Michigan, the State of Indiana 

or the State of Ohio. 

(iii) Trade or craft means the type of work described in the applicable collective 

bargaining agreement with the Union, as well as supervisory activities relating, either directly or 

indirectly, to such work. 

(d) Notices. 

(i) A Fonner Participant shall notify the Board of Trustees in writing within 15 days 

after the month in which he or she started any work of a type that is or may be disqualifying under the 

provisions of the Plan, regardless of the number of hours of such work during that month. Ifa Participant or Former Participant has worked in Disqualifying Employment [as defined in subparagraph (b) 

or subparagraph ( c ), as the case may be] in any month and has failed to give timely notice to the 

Board of Trustees of such employment, the Board of Trustees sha11 presume that he or she completed 

the number of Hours of Work necessary to effect a suspension of benefits during such month and any 

subsequent month before the Participant or Former Participant gives notice that he or she has ceased 

such Disqualifying Employment. The Participant or Former Participant shall have the right to rebut 

such presumption by establishing that the work was not in fact an appropriate basis for suspension of 

benefits. 

If a Participant or Former Participant has worked in Disqualifying Employment [as defined 

in subparagraph (b) or subparagraph (c), as the case may be] for any number of hours at a building or 

construction site and has failed to give timely notice to the Board of Trustees of such employment or 

self-employment, the Board of Trustees shall presume that the Participant or Former Participant has 

engaged in such work for as long as the contractor has been and remains actively engaged at that site. 

The Participant or Former Participant shall have the right to rebut such presumption by establishing 

that the work was not in fact an appropriate basis for suspension of benefits. 

(ii) A Participant or Fonner Participant whose monthly benefit has been suspended 

must notify the Board of Trustees in writing when Disqualifying Employment [as defined in 

subparagraph (b) or subparagraph (c), as the case may be] has ended and, as a condition for receiving 

benefits, must file the appropriate application or resumption form. The Board of Trustees shall have 

the right to withhold benefit payments until such form has been filed. 

(iii) A Participant or Fonner Participant may ask the Board of Trustees whether a 

particular type of employment is Disqualifying Employment. The Board of Trustees shall provide the 

Participant or Former Participant with its determination. 

(iv) The Board of Trustees shall inform a Participant or Former Participant of any 

suspension of benefits by notice given by personal delivery or first class mail during the first calendar 

month in which benefits are withheld. Such notice shall include a description of the specific reasons 

for the suspension, a general description of the Plan's suspension provisions, a copy of such 

provisions, reference to the app 1icable regulations of the Department of Labor and a statement of the 

procedure for securing a review of the suspension. In addition, the notice shall describe the procedure 

for the Participant or Fonner Participant to notify the Plan when Disqualifying Employment ends, a 

description of the procedure for filing a request for the commencement (or recommencement) of 

benefits and a copy of the appropriate form. Finally, the suspension notice shall explain the offset 

procedure and identify the amount expected to be recovered as well as the periods of employment to 

which they relate. Notwithstanding the foregoing provisions of this subparagraph, however, if the 

Plan's summary plan description contains information which is substantially the same as information 

described in this subparagraph, the suspension notification may refer to the relevant pages of the 

summary plan description as to a particular item, as long as the Participant or Former Participant is 

informed how to obtain a copy of the summary plan description (or relevant pages thereof) and 

SLK_TOL: #2513074v4 44 

TRPP134-000317
" -· --

Document #37

------,--- ,--,-,' ,-.-,-, ..-.-, .-..-,. ,---, --------;~-~.:.;

provided requests for referenced information are honored within a reasonable period of time, not to 

exceed 30 days. 

(e) Review. A Participant or Former Participant shall be entitled to a review ofa determination 

suspending benefits in accordance with the claims and review procedure in the summary plan description. The 

same right shall apply to a determination that contemplated employment will be Disqualifying Employment. 

(t) Resumption of Benefit Payments. 

(i) Benefits suspended pursuant to subparagraph (b) shall resume for months after the 

last month for which benefits were suspended, with payments beginning no later than the first day of 

the third month after the last calendar month for which the benefit was suspended, provided the 

Former Participant has complied with the applicable notification and filing requirements of 

subparagraph ( d). The amount of the resumed payment shall be determined in accordance with the 

provisions of section 4.10. 

(ii) Benefits suspended pursuant to subparagraph (c) shall resume with the payment 

due for the seventh month following the month in which the Participant or Former Participant last 

worked in Disqualifying Employment [as defined in such subparagraph (c)] or with the payment due 

for the month following the Normal Retirement Age [unless benefits are suspended pursuant to 

subparagraph (b)], whichever is sooner. However, if benefits had previously been suspended 

pursuant to subparagraph (c), had subsequently recommenced and then again suspended pursuant to 

subparagraph ( c ), benefits shall resume with the payment due for the l 3th month following the month 

in which the Participant or Former Participant last worked in Disqualifying Employment [as defined 

in such subparagraph (c)] or with the payment due for the month following the Normal Retirement 

Age [unless benefits are suspended pursuant to subparagraph (b)], whichever is sooner. Finally, if 

benefits which had previously been suspended pursuant to subparagraph (c) had recommenced with 

the payment due for the 13th month following the month in which the Participant or Former 

Participant last worked in Disqualifying Employment [as defined in such subparagraph (c)] are again 

suspended, such benefits shall resume as of the Normal Retirement Date, unless benefits are further 

suspended pursuant to subparagraph (b). 

(iii) Overpayments attributable to payments made for any month or months for which 

the Participant or Former Participant engaged in Disqualifying Employment [as defined in subparagraph (b)] after the Normal Retirement Age shall be deducted from benefit payments otherwise paid 

or payable subsequent to the period of suspension. Such deduction shall not exceed 25 percent of the 

benefit amount (before deduction), except for the first benefit payment made upon resumption after a 

suspension. If a Former Participant dies before recoupment of overpayments has been completed, 

deductions shall be made from the benefits payable to the Beneficiary, subject to the 25 percent 

limitation on the rate of deduction. 

(iv) Overpayments attributable to payments made for any month or months for which 

the Participant or Fonner Participant engaged in Disqualifying Employment [as defined in subparagraph (c)] before the Normal Retirement Age shall be deducted from benefit payments otherwise paid 

or payable subsequent to the period of suspension, provided, however, any such deduction after the 

Normal Retirement Age shall not exceed 25 percent of the benefit amount (before deduction), except 

for the first benefit payment made upon resumption after suspension, pursuant to subparagraph (i) of 

this subparagraph. If a Fo1mer Participant dies before recoupment of overpayments has been 

completed, deductions shall be made from the benefits payable to the Beneficiary, subject to the 

25 percent limitation on the rate of deduction. 

Section 4.9 - Benefit Payments Following Periods of Suspension Prior to January 1, 1995 

(a) Determination of Amount of Benefit Payment. The monthly amount of benefits following a 

suspension attributable to periods prior to January 1, 1995, shall be determined under subparagraph (b) of this 

SLK_TOL: #2513074v4 45 

TRPP134-000318
Document #37

section and shall be adjusted for any optional fonn of benefit as well as for any additional accruals earned 

during the period of suspension in accordance with subparagraph ( c) and subparagraph ( e) hereof. Nothing in 

this section shall be deemed to extend any benefit increase or adjustment effective after the initial retirement to 

any benefit upon resumption of payment, except to the extent that it may be expressly provided by other 

provisions of the Plan. 

(b) Amount of Resumed Benefit. When a Participant or Former Participant whose monthly 

benefit has been suspended pursuant to section 4.7 has filed the appropriate application or resumption form 

pursuant to section 4. 7( c )(ii), and if the Board of Trustees determines that such person's benefits are no longer 

suspendible, the amount of the monthly benefit upon its resumption shall be redetermined as if it were being 

determined for the first time, but on the basis of an adjusted age. The adjusted age shall be the age of the 

Former Participant at the beginning of the first month for which payment is resumed [determined pursuant to 

section 4.7(e)(i) or section 4.7(e)(ii), as the case may be], reduced by 

(i) the number of months, if any, for which such person received benefits which were 

properly suspendible under section 4.7, and 

(ii) the number of months for which benefits were suspended because such person 

worked in Disqualifying Employment [as defined in section 4.7(b), but regardless of whether he or 

she did so before or after the Normal Retirement Age], 

(c) Adjustments. The amount determined under subparagraph (b) shall be adjusted (using the 

factors in Exhibit A) for the Joint and Survivor Annuity or for any other form ofbenefit which is payable. 

(d) Effect Upon Form of Benefit. A Joint and Survivor Annuity in effect immediately prior to a 

suspension of benefits or any other form of benefit which provides payment to a survivor following the death of 

the Former Participant in effect immediately prior to a suspension of benefits shall remain effective if death 

occurs while benefits are suspended. 

(e) Additional Benefit Accruals. Any additional benefit accruals earned during a suspension of 

benefits shall be paid in addition to the amount determined pursuant to subparagraph (b) of this section. Such 

person shall be entitled to a new election as to the form ofbenefit, but only with respect to such benefit accruals 

earned during the period ofsuspension. 

Section 4.10 - Benefit Payments Following Periods of Suspension After December 31, 1994 

(a) Dete1mination of Amount of Benefit Payment. The monthly amount of benefits following a 

suspension attributable to periods after December 31, 1994, shall be determined under subparagraph (b) ofthis 

section and shall be adjusted for any optional form of benefit as well as for any additional accrnals earned 

during the period of suspension and any benefit increases adopted during such period. Nothing in this section 

shall be deemed to extend any benefit increase or adjustment effective after the initial retirement to any benefit 

upon resumption of payment, except to the extent that it may be expressly provided by other provisions of the 

Plan. 

(b) Amount of Resumed Benefit. When a Participant or Former Participant whose monthly 

benefit has been suspended pursuant to section 4.8 has filed the appropriate application or resumption form 

pursuant to section 4.8( d)(ii), and if the Board of Trustees determines that such person's benefits are no longer 

suspendible, the amount of the monthly benefit upon its resumption shall be redetermined as if it were being 

determined for the first time, but on the basis of an adjusted age. The adjusted age shall be the age of the 

Fonner Participant at the beginning of the first month for which payment is resumed [ determined pursuant to 

section 4.8(f)(i) or section 4.8(f)(ii), as the case may be], reduced by 

(i) the number of months, if any, for which such person received benefits which were 

properly suspendible under section 4.7, and 

SLK_TOL: #2513074v4 46 

TRPP134-000319
Document #37

(ii) the number of months for which benefits were suspended because such person 

worked in Disqualifying Employment [as defined in section 4.S(b), but regardless of whether he or 

she did so before or after the Normal Retirement Age] on or after January 1, 1995; but the adjusted 

age shall not be reduced by the number of months (if any) in which the Participant worked in 

Disqualifying Employment after both January 1, 2000 and attaining age 70-l/2. 

(c) Adjustments. The amount determined under subparagraph (b) shall be adjusted (using the 

factors in Exhibit A) for the Joint and Survivor Annuity or for any other form of benefit which is payable. 

(d) Effect Upon Form of Benefit. A Joint and Survivor Annuity in effect immediately prior to a 

suspension of benefits or any other form of benefit which provides payment to a survivor following the death of 

the Former Participant in effect immediately prior to a suspension of benefits shall remain effective if death 

occurs while benefits are suspended. 

(e) Additional Benefit Accruals. Any additional benefit accruals earned during a suspension of 

benefits shall be paid in addition to the amount determined pursuant to subparagraph (b) ofthis section. Such 

person shall be entitled to a new election as to the form of benefit, but only with respect to such benefit accruals 

earned during the period ofsuspension. 

(f) Trustee Action Regarding Suspension Rules. The Trustees, by action taken and notice duly 

given, may suspend and reinstate the operation of all or any portion ofthe provisions of this section. 

Section 4. l 1 - Direct Rollovers 

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

distributee's election under this section, a distributee may elect, at the time and in the manner prescribed by the 

Board of Trustees, to have any portion of an eligible rollover distribution paid directly to an eligible retirement 

plan specified by the distributee in a direct rollover. 

(b) Definitions. 

(i) Eligible rollover distribution: An eligible rollover distribution is any distribution of 

all or any portion of the balance to the credit of the distributee, except that an eligible rollover 

distribution does not include: any distribution that is one of a series of substantially equal periodic 

payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or 

the joint lives (or joint life expectancies) of the distributee and the distributee's designated beneficiary, 

or for a specified period of ten years or more; any distribution to the extent such distribution is 

required under section 40l(a)(9) of the Code; the portion of any distribution that is not includible in 

gross income ( determined without regard to the exclusion for net unrealized appreciation with respect 

to employer securities); and any hardship withdrawal of elective deferrals [within the meaning of 

section 401(k)(2)(B)(i)(IV) of the Code]. 

(ii) Eligible retirement plan: An eligible retirement plan is an individual retirement 

account described in section 408(a) of the Code, an individual retirement annuity described in section 408(b) of the Code, an annuity plan described in section 403(a) of the Code, an annuity contract 

described in section 403(b) of the Code, an eligible plan under section 457(b) of the Code which is 

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

amounts transferred into such plan from this Plan, or a qualified trust described in section 40l(a) of 

the Code, that accepts the distributee's eligible rollover distribution. 

(iii) Distributee: A distributee includes an employee or former employee. In addition, 

the employee's or former employee's surviving spouse and the employee's or former employee's 

spouse or former spouse who is the alternate payee under a qualified domestic relations order, as 

defined in section 414(p) of the Code, are distributees with regard to the interest of the spouse or 

former spouse. 

SLK_TOL: #2513074v4 47 

TRPP134-000320
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-

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---'~'-""~•~ .-.,.,-_-c_~_-,, ,-.-.- • ~:• »i --~----------.-.-.,-,-,,. ;-.c.-,-.c~-:-· •,- •

•~~c, 

(iv) Direct rollover: A direct rollover is a payment by the Plan to the eligible retirement 

plan specified by the distributee. 

(c) If a distribution is one to which section 40l(a)(l l) and section 417 ofthe Code do not apply, 

such distribution may commence less than 30 days after the notice required under section 1.41 l(a)-l l(c) ofthe 

regulations is given, provided that: 

(i) the Board of Trustees informs the distributee that he or she has a right to a period 

of at least 30 days after receiving the notice to consider the decision of whether or not to elect a 

distribution (and, if applicable, a particular distribution option), and 

(ii) the distributee, after receiving the notice, affirmatively elects a distribution. 

(d) Direct Rollover for Non-Spouse Beneficiary. Effective January 1, 2010, ff a Participant or 

Former Participant dies, and the Beneficiary (determined pursuant to section 1.5) is not the surviving spouse of 

the Participant or Former Participant and is entitled to receive an eligible rollover distribution, the Beneficiary 

may elect to receive the distribution of the full amount of the Participant or Former Participant's Accrued 

Benefit to which the Beneficiary is entitled in the form of a direct rollover pursuant to a direct trustee to trustee 

transfer to either (i) an individual retirement account as defined in section 408(a) of the Code, or (ii) an 

individual retirement annuity, as defined in section 408(b) of the Code, established for the purpose ofreceiving 

the distribution on behalfofthe Beneficiary. 

A direct rollover of a distribution by a non-spouse Beneficiary is a rollover of an eligible rollover 

distribution for purposes of section 402(c) of the Code only. Accordingly, the distribution is not subject to 

the direct rollover requirements of section 40l(a)(3 l) of the Code, the notice requirements of section 402(-t) 

of the Code, or the mandatory withholding requirements of section 3405(c) of the Code. If an amount is 

distributed from a Plan and is received by a non-spouse Beneficiary, the distribution is not eligible for 

rollover treatment. 

If, with respect to any portion of a distribution from the Plan of a deceased Participant's vested 

Accrued Benefit, a direct trustee-to-trustee transfer is made to an individual retirement plan as described in 

section 40l(c)(8)(B)(i) or (ii) of the Code, established for the purpose of receiving the distribution on behalf 

of an individual who is a Beneficiary of the deceased Participant and who is not his or her surviving Spouse 

or a Spouse or former Spouse who is an Alternate Payee under a Qualified Domestic Relations Order (1) the 

transfer shall be treated as an Eligible Rollover Distribution; (2) the individual retirement plan shall be 

treated as an inherited individual retirement account or individual retirement annuity [within the meaning of 

section 408(d)(3)(C)] of the Code; and (3) section 40l(a)(9)(B) of the Code [other than section 

401 ( a)(9)(B )(iv) of the Code] shall apply to such individual retirement plan. For purposes of this paragraph, 

to the extent provided in rules prescribed by the Secretary, a trust maintained for the benefit of one or more 

designed beneficiaries shall be treated in the same manner as a Beneficiary. 

(e) For distributions made after December 31, 2007, a Participant entitled to receive an eligible 

rollover distribution may also elect to have such eligible rollover distribution paid directly, as a direct rollover, 

to the custodian or trustee of a Roth Individual Retirement Account described in Section 408A of the Code; 

however, for taxable years beginning prior to January 1, 2010, the income restrictions that apply to a rollover 

from a traditional IRA with a Roth IRA shall continue to apply such payments. 

SLK_TOL: #25l3074v4 48 

TRPP134-000321
" 

Document #37

•-.!":••••• • :•- ;- •'••:•~•• • • ~ o•,_•,

ARTICLES 

MISCELLANEOUS 

Section 5.1 - Non-Reversion 

In no event shall any of the corpus or assets of the Plan revert to an Employer or the Association or be subject 

to any claims of any kind or nature by the Association or an Employer, except for the return of an erroneous contribution 

authorized by the Board of Trustees within the time limits prescribed by federal law. 

Section 5.2 - Limitation of Liability 

The Plan has been established on the basis of an actuarial calculation which has established that the 

contributions will, if continued, be sufficient to maintain the Plan on a permanent basis, fulfilling the funding 

requirements of ERISA. Except as otherwise provided by law, nothing in the Plan shall be construed to impose any 

obligation to contribute beyond the obligation of an Employer to make contributions as stipulated in the Collective 

Bargaining Agreement or other written agreement. 

There shall be no liability upon the Board of Trustees individually or collectively to provide the benefits 

established by the Plan if the Plan does not have sufficient assets to make such payments. 

Section 5,3 - No Specific Interest 

Nothing in this document shall be construed to give any Participant, Former Participant or Beneficiary any 

interest in the Plan, other than the right to receive payment in accordance with the provisions hereof 

Section 5.4 - Participants' Rights 

Each Participant, Former Participant and Beneficiary shall have only the rights, privileges and benefits which 

are provided hereunder. The Plan does not create any contract of employment with any person nor grant any person the 

right to continue employment. 

Section 5.5 - Forfeitures 

If a Participant or Former Participant incurs a Forfeiture of Service, or dies under such circumstances that no 

death benefits are payable, his or her Accrued Benefit shall be forfeited. Such forfeiture shall not be applied to increase 

the benefits any other person would otherwise receive under the provisions of the Plan, 

Section 5.6 - Duties of Board of Trustees with Respect to Certain Payments 

If the Actuarial Value of a Participant's vested Accrued Benefit exceeds $5,000, and the Accrued Benefit is 

immediately distributable, the Participant and the Participant's spouse ( or where either the Participant or the spouse has 

died, the survivor) must consent to any distribution of such Accrued Benefit. The consent of the Participant and the 

Pmticipant's spouse shall be obtained in writing within the period of at least 30 days and no more than 180 days ( or 90 

days for notices given in Plan Years beginning prior to January 1, 2007) ending on the Annuity Starting Date. The 

Board of Trustees shall notify the Participant and the Participant's spouse of the right to defer any distribution until the 

Participant's Accrued Benefit is no longer immediately distributable, Such notification shall include a general 

description of the material features, and an explanation of the relative values of, the optional forms of benefit available 

under the Plan in a manner that would satisfy the notice requirements of section 417(a)(3) of the Code, and shall be 

provided no less than 30 days and no more than 180 days (or 90 days for notices given in Plan Years beginning prior to 

January 1, 2007) prior to the Annuity Starting Date. Further, for notices given in Plan Years beginning after 

December 31, 2006, the written explanation provided to the Participant shall include a description of how much larger 

benefits will be if the commencement of distributions is deferred. 

SLK_J'OL: #2513074v4 49 

TRPP134-000322
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Document #37

,::-,_:.-L a••-• - ', •--•- • - '•" .a-•••••-•,--_-• .:,•--~=-~-~-~----.-.-.-.• ~L• --•-•:-

Notwithstanding the foregoing, only the Participant need consent to the commencement of a distribution in the 

form of a Joint and Survivor Annuity while the Accrued Benefit is immediately distributable. Neither the consent ofthe 

Participant nor the Participant's spouse shall be required to the extent that a distribution is required to satisfy section 40l(a)(9) or section 415 ofthe Code. 

Such distribution may commence less than 30 days after the notice required under section 1.411 (a)-11 ( c) ofthe 

regulations is given to the Participant, provided that: 

(i) the Board of Trustees informs the Participant that he or she has a right to a period of at least 

30 days after receiving the notice to consider the decision of whether or not to elect a distribution (and, if 

applicable, a particular distribution option), 

(ii) the Participant, after receiving the notice, affirmatively elects a distribution, and 

(iii) the distribution commences at least seven days after the Participant receives the notice. 

For purposes hereof, an Accrued Benefit is immediately distributable if any part of the Accrued Benefit could 

be distributed to the Participant ( or surviving spouse) before the Participant attains (or would have attained if not 

deceased) the later ofthe Normal Retirement Date or age 62. 

The foregoing shall not apply if the Actuarial Value of such person's vested Accrued Benefit does not exceed 

$5,000. 

Section 5.7 - Valuation of Plan Assets 

The Board of Trustees sha11 cause the assets of the Plan to be revalued at least annually (as of the last day of 

the Plan Year) at their fair market values. 

Section 5.8 - Merger, Consolidation or Transfer of Assets 

In the event of a merger or consolidation with, or transfer of assets or liabilities to, any other plan, each 

Participant in the Plan shall (ifthe Plan then terminated) receive a benefit immediately after the merger, consolidation or 

transfer which is equal to or greater than the benefit he or she would have been entitled to receive immediately before 

the merger, consolidation or transfer (ifthe Plan had then tenninated). 

Section 5.9 - Inalienability ofBenefits 

No benefit or interest available from the Plan will be subject to assignment or alienation, either voluntary or 

involuntary. However, this provision does not apply to the creation, assignment or recognition of a right to any benefit 

payable with respect to a Participant or Former Participant pursuant to a qualified domestic relations order, as defined in 

section 414(p) of the Code. To the extent provided in such order, the former spouse of a Participant or Former 

Participant shall be treated as such person's spouse. 

Section 5 .10 - Governing Law 

This document shall be administered, construed and enforced in accordance with ER ISA and, to the extent that 

ERISA has not preempted the laws of the State of Ohio, in accordance with the laws of the State of Ohio. 

Section 5.11 - Provisions Relating to Returning Veterans 

Notwithstanding any provision of this Plan to the contrary, effective on and after December 12, 1994, 

contributions, benefits and service credit with respect to Qualified Military Service will be provided in accordance with 

section 414(u) of the Code. 

SLK_TOL: #25l3074v4 50 

TRPP134-000323
-' ·-·-· ~-- - - - --

Document #37

·- ---:< .• --, ·.- -_,.,-,~ •·••• .-.~ '.- . • .~ 

Notwithstanding the foregoing provisions of this section, if any Participant or Fonner Participant dies while 

perfonning Qualified Military Service, the Beneficiary of such Participant or Fonner Participant shall be entitled to any 

additional benefits (other than benefit accruals), including any applicable pre-retirement death benefit under section 3.6, 

provided by the Plan as if the Participant or Former Participant had resumed Covered Employment and then tenninated 

employment on account of death. 

Section 5.12 - Marriage Equality Requirement 

1. The tenns "spouse," "husband and wife," "husband," and "wife" include an individual married to a person of 

the opposite or same sex if the individuals are lawfully married under state law, and the tenn "marriage" 

includes such a marriage between individuals ofthe opposite or same sex. 

2. · Any marriage that was validly entered into in any state is recognized by the Plan as a marriage, and the 

individuals in that marriage as spouses. 

Section 5.13 - Dispute Resolution Forum for Withdrawal Liability 

Effective November 10, 2014, the sole forum for arbitration of dispute with the Plan related to withdrawal 

liability shall be the American Arbitration Association subject to its Multiemployer Pension Plan Arbitration (MEPPA) 

Rules for Withdrawal Liability Disputes, as amended. 

Section 5 .14 - Recovery and Offset for Overpayment or Erroneous Payment 

Notwithstanding any provision of this Plan to the contrary and to supplement any other right to recovery or 

reimbursement contained in the Plan, the Plan Administrator shall have the right to recover any erroneous or 

overpayment of any benefits or funds to any participant, retired participant, beneficiary, alternate payee, or other 

individual, regardless of whether any such payment remains separately identifiable. The Plan Administrator shall 

have all rights in law and equity to recover such erroneous payments or overpayments, including, but not limited to, 

offset or reduction of any benefits owed to or due to be paid to such participant, retired participant, beneficiary, 

alternate payee, or other individual. 

SLK_TOL: #25 l 3074v4 51 

TRPP134-000324
Document #37

ARTICLE6 

AMENDMENT AND TERMINATION 

Section 6.1 - Amendment 

No part of the corpus or income of the Plan shall be used for purposes other than for the exclusive benefit of 

Participants, Fonner Participants and Beneficiaries, and for defraying reasonable expenses of administering the Plan. 

Otherwise, the Plan may be amended at any time by the Board of Trustees. Any amendment may be given retroactive 

effect. However, no amendment (including a change in the actuarial basis for determining optional or early retirement 

benefits) shall be effective to the extent it has the effect of decreasing an Accrued Benefit. However, the preceding 

provision shall not apply to the extent the reduction in the Accrued Benefit is permitted by section 412(c)(S) of the 

Code. For purposes of this section, an amendment which has the effect of(l) eliminating or reducing a retirement-type 

subsidy or (2) eliminating an optional form of benefit (with respect to benefits attributable to service before the 

amendment) shall be treated as reducing an Accrued Benefit. In the case of a retirement-type subsidy, the preceding 

sentence shall apply only with respect to a Participant or Former Participant who satisfies (either before or after the 

amendment) the pre-amendment conditions for the subsidy. In general, a retirement-type subsidy is a subsidy that 

continues after retirement, but does not include a qualified disability benefit, a medical benefit, a Social Security 

supplement or a death benefit (including life insurance). In addition, no amendment shall have the effect of decreasing a 

Participant's or Former Participant's vested interest determined without regard to such amendment as of the later of the 

date of such amendment is adopted or becomes effective. Notwithstanding this section 6.1, a Participant's Accrued 

Benefit, early retirement benefit, retirement-type subsidy, or optional form of benefit may be reduced by an amendment 

to the Plan adopted by the Board of Trustees to the extent permitted under section 412(c)(S) of the Code (for Plan Years 

beginning on or before December 31, 2007) or section 412(d)(2) (for Plan Years beginning after December 31, 2007), 

or to the extent permitted under sections 1.41 l(d)-3 and 1.41 l(d)-4 ofthe Treasury Regulations. 

If the Plan's vesting schedule is amended, or ifthe Plan is amended in any way that directly or indirectly affects 

the computation of the nonforfeitab le percentage, each affected person with at least three Years of Vesting Service may 

elect, within a reasonable period after the adoption of the amendment or change, to have the nonforfeitable percentage 

computed under the Plan without regard to such amendment or change if his or her nonforfeitable percentage under the 

Plan, as amended, is at any time less than the percentage determined without regard to such amendment. 

The period during which the election may be made shall commence with the date the amendment is adopted or 

deemed to be made, and shall end on the latest of the following: 

(1) 60 days after the amendment is adopted; 

(2) 60 days after the amendment becomes effective; or 

(3) 60 days after written notice ofthe amendment is issued by the Board of Trustees. 

An amendment to the Plan shall be evidenced by an instrument in writing signed by a majority of the number of 

the Board of Trustees, or by the Chairman and Secretary ofthe Board of Trustees. 

Section 6.2 - Tennination 

The Plan may be terminated at any time upon the written agreement of the Union and the Association. The 

Board of Trustees shall continue to act until the fund has been distributed according to the provisions of this document. 

When a tem1ination or partial termination of the Plan occurs, each Participant's Accrued Benefit shall be, to the 

extent funded as ofthe date of termination or partial termination, totally nonforfeitable. 

In the event of termination (including partial termination) of the Plan, the Board of Trustees shall allocate the 

assets of the Plan (available to provide benefits) among Participants, Former Participants and Beneficiaries in the 

manner provided by ERISA. 

SLK_TOL: #25 l3074v4 52 

TRPP134-000325
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Document #37

: .- __-_::-: . ::-,;--::-::- -: _,:::,.:-: -.::-~.-:: ----.-. ••-.----:, --;_-::<_;_:-,-.::•-.-

IN WITNESS WHEREOF, the Board of Trustees of the Toledo Roofers Local No. 134 Pension Plan has 

caused this document to be executed by duly authorized officers on this 1Olh day of November, 2014, but effective as of 

January 1, 2014, except as otherwise noted. 

~ 

SLK_TOL: #2513074v4 

TRPP134-000326
Document #37

EXHIBIT A 

Interest: 6.5 percent, except for purposes of valuing lump sum payments. 

Mortality: UP-1984, except for valuing lump sum payments. 

Lump Sum Payments: 

1. For valuing the lump sum payments to be made after December 31, 1999, the following 

"Applicable Interest Rate" and "Applicable Mortality Rate" shall be used: 

Applicable Interest Rate. The interest rate for lump sum calculation made during a Plan Year (the 

"stability period") shall be the rate on 30-year Treasury securities for the last month of the Plan 

Year (the "lookback month") preceding the Plan Year in which the distribution occurs (or such 

other date as may be prescribed by the Secretary of the Treasury in regulations). Notwithstanding 

the prior sentence, however, if the use ofa 7.5 percent interest assumption would result in a higher 

lump sum payment, such interest assumption shall be used. 

Applicable Mortality Table. The 1983 Group Annuity Mortality Table, adjusted to reflect a fixed 

blend of 50 percent male and 50 percent female rates shall be used, provided that, if the Secretary 

of the Treasury requires the use of another mortality table under section 417(e )(3) of the Code, 

such other mortality table shall be used. 

2. Notwithstanding any other Plan provisions to the contrary, for distributions with annuity starting 

dates on or after December 31, 2002, but prior to January 1, 2008, the applicable mortality table used for purposes of 

adjusting any benefit or limitation under section 415(b)(2)(B), (C), or (D) of the Internal Revenue Code as set forth 

in section 3.10 of the Plan and the applicable mortality table used for purposes of satisfying the requirements of 

section 417(e) of the Internal Revenue Code as set forth in Exhibit A of the Plan is the table prescribed in Rev. Rul. 

2001-62 

3. For valuing lump sum payments made after December 31, 2007, 

(a) Interest at the rate described in section 415(b)(2)(E) and section 4 l 7(e)(3) of the Code (as 

applicable), and as amplified by any guidance issued by the Commissioner, and 

(b) Mortality based on the table described in Rev. Rul. 2007-67, or such other mortality table 

prescribed by the Commissioner for purposes of section 415(6)(2)(E) and 

section 4 l 7(e)(3) of the Code. 

SLK_TOL: #2513074v4 

TRPP134-000327
AMENDMENT TO THE 

TOLEDO ROOFERS LOCAL NO. 134 PENSION PLAN 

Re: Disability Benefits 

THIS SECOND AMENDMENT TO THE TOLEDO ROOFERS LOCAL NO. 134 

PENSION PLAN ("Amendment") is made by the Board of Trustees of the Toledo Roofers 

Local No. 134 Pension Plan ("Trustees"). 

WHEREAS, the Trustees sponsor and maintain the Toledo Roofers Local No. 134 

Pension Plan, restated effective January I, 2014 ("Plan"); 

WHEREAS, the Trustees desire to amend the Plan to eliminate the Disability Benefit 

effective as of August 7, 2017; and 

WHEREAS, Section 7.1 of the Plan permits amendment thereof under ce1iain 

circumstances. 

NOW, THEREFORE, the Plan is hereby amended by restating subparagraph (b) the 

po1iion of Section 3.4 as follows: 

(b) After December 31. 2009 and prior to August 8, 2017. A Participant who has at least 10 but less 

than 25 Years of Vesting Service, who is not eligible for an Early Retirement Benefit, who incurs a total and permanent 

disability and files an application for a Disability Retirement Benefit after December 31, 2009 but prior to August 8, 

2017, is entitled to a monthly Disability Retirement Benefit equal to the sum ofthe following: 

• $4.00 multiplied by such person's Years of Credited Service 

• 3.5 percent of the aggregate amount of Employer contributions contributing Employers 

were obligated to conn·ibute to the Plan on such person's behalf for work performed prior to July I, 

2004, under the te1ms of the Collective Bargaining Agreement or other written agreement since his 

or her most recent Forfeiture of Service. 

• $9.60 for each 100 hours for which contributing Employers were obligated to contribute to the Plan 

on such person's behalf for work performed after June 30, 2004, and prior to July I, 2008, under the 

terms of the Collective Bargaining Agreement or other written agreement since his or her most 

recent Forfeiture of Service. Notwithstanding the foregoing, for work perfonned after July 31, 2007, 

if a contributing Employer was obligated by the Collective Bargaining Agreement or other written 

agreement to conn·ibute to the Plan on such person's behalf at less than the journeyman's contribution 

rate, the $9.60 rate for each 100 hours shall instead be an amount equal to $9.60 multiplied by a 

fraction, the numerator of which is the applicable contribution rate and the denominator of which is 

the journeyman's contribution rate. [For purposes of the foregoing, the number of hours less than a 

multiple of I 00 sha11 be expressed as a fraction, the numerator of which is the number ofhours (less 

than l00) and the denominator ofwhich is 100.] 

• $0 for any hours for which contributing Employers were obligated to contribute to the Plan on such 

person's behalf for work performed after June 30, 2008, under the tem1s of the Collective Bargaining 

Agreement or other written agreement. 

Such amount shall theu be reduced as follows to provide the following percentage of his or her Accrued 

Benefit based on such person's age and Years of Vesting Service (and interpolated for the month as of which the 

benefit begins) and also reduced by the amount of any benefits received as a result of eligibility for workers' 

compensation: 

Document #37

TRPP134-000328
Monthly Disability Benefit 

(shown as a % of the Particinant's Normal Retirement Benefit) 

Disability Benefit 

Commencement A!!e 

Younger than 30 

30 

31 

32 

33 

34 

35 

36 

37 

38 

39 

40 

41 

42 

43 

44 

45 

46 

47 

48 

49 

50 

51 

52 

53 

54 

55 or older 

For Participants with 

IO to 25 Years ofVcstiim Service 

> 10 Years of Vesting Service -

Actuarial Eauivalent 

5.47% 

5.86% 

6.29% 

6.74% 

7.23% 

7.76% 

8.33% 

8.95% 

9.62% 

10.35% 

11.14% 

11.99% 

12.92% 

13.93% 

15.04% 

16.24% 

17.55% 

18.99% 

20.57% 

22.30% 

24.20% 

26.30% 

28.61% 

31.16% 

34.00% 

EliPible for Early Retirement 

A Participant who has at least 25 Years of Vesting Service, who is not eligible for an Early Retirement 

Benefit, who both incurs a total and pernianent disability and files an application for a Disability Retirement Benefit 

after December 31, 2009 but prior to August 8, 2017, is entitled to a monthly Disability Retirement Benefit equal to the 

sum ofthe following: 

• $4.00 multiplied by such person's Years ofCredited Service. 

• 3.5 percent of the aggregate amount of Employer contributions cona-ibuting Employers 

were obligated to contribute to the Plan on such person's behalf for work performed prior to July I, 

2004, under the tenns of the Collective Bargaining Agreement or other written agreement since his 

or her most recent Forfeiture of Service. 

• $9.60 for each 100 hours for which contributing Employers were obligated to cona·ibute to the Plan 

on such person's behalf for work performed after June 30, 2004, and prior to July I, 2008, under the 

terms of the Collective Bargaining Agreement or other written agreement since his or her most 

recent Forfeiture of Service. Notwithstanding the foregoing, for work perfonned after July 31, 2007, 

if a contributing Employer was obligated by the Collective Bargaining Agreement or other written 

agreement to contribute to the Plan on such person's behalf at less than the journeyman's contribution 

rate, the $9.60 rate for each I 00 hours shall instead be an amount equal to $9.60 multiplied by a 

fraction, the numerator of which is the applicable contribution rate and the denominator of which is 

the journeyman's contribution rate. [For purposes of the foregoing, the number of hours less than a 

multiple of JOO shall be expressed as a fraction, the numerator of which is the number of hours (less 

than 100) and the denominator ofwhich is 100.] 

Document #37

TRPP134-000329
• $0 for any hours for which contributing Employers were obligated to contribute to the Plan on such 

person's behalf for work perfonned after June 30, 2008, under the te1ms of the Collective Bargaining 

Agreement or other written agreement. 

Such amount shall then be reduced as follows to provide the following percentage of his or her Accrued 

Benefit based on such person's age and Years of Vesting Service (and inteqJOlated for the month as of which the 

benefit begins) and also reduced by the amount of any benefits received as a result of eligibility for workers' 

compensation: 

Monthly Disability Benefit 

(shown as a % of the Particioant's Normal Retirement Benefit) 

Disability Benefit For Participants with 

Commencement Age 25 or More Years of Vesting Service 

Younger than 30 

30 

31 

32 

33 

34 

>25 Years of Vesting Service- 35 Actuarial Equivalent 36 

37 

38 

39 

40 

41 

42 17.81% 

43 19.21% 

·44 20.73% 

45 22.38% 

46 24.20% 

47 26.18% 

48 28.35% 

49 30.74% 

50 33.36% 

51 36.25% 

52 39.44% 

53 42.96% 

54 Eligible for Early Retirement 55 or older 

The Disability Retirement Benefit shall commence as of the first day of the month following the month in 

which the Pmticipant (a) has applied for the Disability Retirement Benefit or (b) the effective date of his or her total 

and permanent disability, as determined by the Social Security Administration, whichever occurs later. 

For purposes of this section, a Participant shall have a total and permanent disability if he or she has been 

determined by the Social Security Administration to be entitled to a disability benefit under the Old Age and Survivors 

Disability Insurance (OASDI) program. The effective date ofhis or her disability, as determined by the Social Security 

Administration, whichever occurs later. 

The Disability Retirement Benefit shall immediately cease if the Former Pa,ticipant is no longer eligible 

for disability benefit under the Old Age and Survivors Disability Insurance (OASDI) program. Furthermore, the 

Disability Retirement Benefit shall cease with the payment due for the month immediately preceding the month in 

which the Fom1er Pmticipant would have been eligible for the Early Retirement Benefit in the absence of his or 

her total and permanent disability, as of which time the Former Participant shall be deemed eligible for the Early 

Retirement Benefit which shall commence as ofthe following month. 

Document #37

TRPP134-000330
Employer conh·ibutions described in this section shall be detennined without reference to contributions made 

to an excess benefit plan, as described in section 3(36) ofERISA." · 

IN WITNESS WHEREOF, the Board of Trustees has approved this Amendment and 

has authorized its execution by duly authorized officers on this 7th day of August, 2017, effective 

as of such day. 

Document #37

TRPP134-000331
AMENDMENT TO 

TOLEDO ROOFERS LOCAL NO. 134 PENSION PLAN 

Re: Early Retirement Benefits 

THIS AMENDMENT TO THE TOLEDO ROOFERS LOCAL NO. 134 PENSION 

PLAN ("Amendment") is made by the Board of Trustees of the Toledo Roofers Local No. 134 

Pension Plan ("Trustees"). 

WHEREAS, the Trustees sponsor and maintain the Toledo Roofers Local No. 134 

Pension Plan, restated effective January 1, 2014 ("Plan"); 

WHEREAS, the Trustees desire to amend the Plan to eliminate any early retirement 

subsidy effective as of July 1, 2018; and 

WHEREAS, Section 6.1 of the Plan permits amendment thereof under certain 

circumstances. 

NOW, THEREFORE, the Plan is hereby amended as follows: 

1. Section 3.2 of the Plan is hereby restated in its entirety as follows: 

"Section 3.2 - Early Retirement Benefit 

(a) Prior to January 1, 2010. Subject to section 3.5 and section 3.9, a Participant who 

retires on the Early Retirement Date after December 31, 2008, but prior to January 1, 2010, is 

entitled to a lifetime monthly retirement benefit for 60 months certain equal to the sum of the 

following: 

• $4.00 multiplied by such person's Years of Credited Service. 

3.5 percent ofthe aggregate amount of Employer contributions contributing 

Employers were obligated to contribute to the Plan on such person's behalf for work 

performed prior to July 1, 2004, under the terms of the Collective Bargaining 

Agreement or other written agreement since his or her most recent Forfeiture of 

Service. 

$9.60 for each 100 hours for which contributing Employers were obligated to 

contribute to the Plan on such person's behalf for work performed after June 30, 

2004, and prior to July 1, 2008, under the terms of the Collective Bargaining 

Agreement or other written agreement since his or her most recent Forfeiture of 

Service. Notwithstanding the foregoing, for work performed after July 31, 2007, if 

a contributing Employer was obligated by the Collective Bargaining Agreement or 

other written agreement to contribute to the Plan on such person's behalf at less than 

the journeyman's contribution rate, the $9.60 rate for each 100 hours shall instead 

be an amount equal to $9.60 multiplied by a fraction, the numerator of which is the 

applicable contribution rate and the denominator of which is the journeyman's 

contribution rate. [For purposes of the foregoing, the number of hours less than a 

multiple of 100 shall be expressed as a fraction, the numerator of which is the 

number of hours (less than 100) and the denominator of which is 100.] 

Document #37

TRPP134-000332
$0 for any hours for which contributing Employers were obligated to contribute to 

the Plan on such person's behalf for work performed after June 30, 2008, under the 

terms of the Collective Bargaining Agreement or other written agreement. 

reduced by 1⁄4 percent for each month by which the commencement ofthe Early Retirement Benefit 

precedes the Normal Retirement Date. However, such reduction shall not apply if at the time of 

early retirement, the Participant or Former Participant had attained the age of at least 56 years and 

had earned at least 25 Years of Vesting Service. (If at the time of early retirement such person had 

earned at least 25 Years of Vesting Service but had not attained the age of 56 years, such reduction 

shall apply only from age 56.) 

(b) After December 31, 2009, and Prior to July 2, 2018. Subject to section 3.5 and 

section 3.9, a Participant who retires on the Early Retirement Date after December 31, 2009, but 

prior to July 2, 2018, is entitled to a Single Life Annuity equal to the sum ofthe following: 

• $4.00 multiplied by such person's Years of Credited Service. 

3.5 percent of the aggregate amount of Employer contributions contributing 

Employers were obligated to contribute to the Plan on such person's behalf for work 

performed prior to July 1, 2004, under the terms of the Collective Bargaining 

Agreement or other written agreement since his or her most recent Forfeiture of 

Service. 

$9.60 for each 100 hours for which contributing Employers were obligated to 

contribute to the Plan on such person's behalf for work performed after June 30, 

2004, and prior to July 1, 2008, under the terms of the Collective Bargaining 

Agreement or other written agreement since his or her most recent Forfeiture of 

Service. Notwithstanding the foregoing, for work performed after July 31, 2007, if 

a contributing Employer was obligated by the Collective Bargaining Agreement or 

other written agreement to contribute to the Plan on such person's behalf at less than 

the journeyman's contribution rate, the $9.60 rate for each 100 hours shall instead 

be an amount equal to $9.60 multiplied by a fraction, the numerator of which is the 

applicable contribution rate and the denominator of which is the journeyman's 

contribution rate. [For purposes of the foregoing, the number of hours less than a 

multiple of 100 shall be expressed as a fraction, the numerator of which is the 

number of hours (less than 100) and the denominator of which is 100.] 

$0 for any hours for which contributing Employers were obligated to contribute to 

the Plan on such person's behalf for work performed after June 30, 2008, under the 

terms of the Collective Bargaining Agreement or other written agreement. 

but reduced as follows to provide the indicated percentage of his or her Accrued Benefit based 

upon such person's age and Years of Vesting Service (and interpolated for the month as of which 

the benefit begins): 

Document #37

TRPP134-000333
Years ofVesting Service at Retirement 

Age 5-25 Years 25+ Years 

65 100% 100% 

64 89.61 % 100% 

63 80.52% 100% 

62 72.54% 100% 

61 65.52% 97% 

60 59.31 % 94% 

59 53.80% 91% 

58 48.91% 85% 

57 44.54% 79% 

56 40.64% 73% 

55 37.14% 67% 

54 Not Eligible 61% 

<54 Not Eligible 

(c) After July 1, 2018. Subject to section 3.5 and section 3.9, a Participant who retires 

on the Early Retirement Date after July 1, 2018, is entitled to a Single Life Annuity equal to the 

sum of the following: 

• $4.00 multiplied by such person's Years of Credited Service. 

3.5 percent of the aggregate amount of Employer contributions contributing 

Employers were obligated to contribute to the Plan on such person's behalf for work 

performed prior to July 1, 2004, under the terms of the Collective Bargaining 

Agreement or other written agreement since his or her most recent Forfeiture of 

Service. 

$9.60 for each 100 hours for which contributing Employers were obligated to 

contribute to the Plan on such person's behalf for work performed after June 30, 

2004, and prior to July 1, 2008, under the terms of the Collective Bargaining 

Agreement or other written agreement since his or her most recent Forfeiture of 

Service. Notwithstanding the foregoing, for work performed after July 31, 2007, if 

a contributing Employer was obligated by the Collective Bargaining Agreement or 

other written agreement to contribute to the Plan on such person's behalf at less than 

the journeyman's contribution rate, the $9.60 rate for each 100 hours shall instead 

be an amount equal to $9.60 multiplied by a fraction, the numerator of which is the 

applicable contribution rate and the denominator of which is the journeyman's 

contribution rate. [For purposes of the foregoing, the number of hours less than a 

multiple of 100 shall be expressed as a fraction, the numerator of which is the 

number of hours (less than 100) and the denominator of which is 100.] 

$0 for any hours for which contributing Employers were obligated to contribute to 

the Plan on such person's behalf for work performed after June 30, 2008, under the 

terms of the Collective Bargaining Agreement or other written agreement. 

but reduced as follows to provide the indicated percentage of his or her Accrued Benefit based 

upon such person's age and Years of Vesting Service ( and interpolated for the month as of which 

the benefit begins): 

Document #37

TRPP134-000334
Yea,w ofVesting Service at Retirement 

Age 5-25 Years 25+ Years 

65 100% ,. 100% 

64 89.61% 89.61% 

63 80.52% 80.52% 

62 72,54% 72.54% 

61 65~52% 65.52% 

60 5.9.31 % 59.31% 

59 53.80% 53,80% 

58 48,91% 48.91% 

57 44.54% 44.54% ·,~........ --····'•'•'~..........,,.....,... 

56 40.64% 40.64% 

55 37.14% 37.14% 

54 Not Eligible 34.00% 

<54 Not Eligible 

2. Except as otherwise amended herein, the provisions of the Plan are hereby 

confirmed and ratified. 

IN ·wrTNESS WHEREOF, the Board of Trustees has approved this Amendment and 

has authorized its execution by duly authol'ized officers on this ?'h day of May> 2018, effective as 

of July 1, 2018. 

Secretary 

'~ .

I 

Document #37

TRPP134-000335
Years ofVestin&i Service at Retirement 

Age 5-25 Years 25+ Years 

65 100% 100% 

64 89.61% 89.61% 

63 80.52% 80.52% 

62 72.54% 72.54% 

61 65.52% 65.52% 

60 59.31% 59.31% 

59 53.80% 53.80% 

58 48.91% 48.91% 

57 44.54% 44.54% 

56 40.64% 40.64% 

55 37.14% 37.14% 

54 Not Eligible 34.00% 

<54 Not Eligible 

2. Except as otherwise amended herein, the provisions of the Plan al'e hereby 

confirmed and ratified. 

IN WITNESS WHEREOF, the Board of Trustees has approved this Amendment and 

has authorized its execution by duly authorized officers on this i 11 day of May, 2018, effective as 

of July 1, 2018. 

--

Document #37

TRPP134-000336
Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #37 – 7.06 Plan Documents 

Document 37.3 

The most recent Summary Plan Description, dated December 1, 2016, and three (3) subsequent 

Summaries of Material Modifications. 

Document #37 - 4 -

TRPP134-000337
TOLEDO ROOFERS LOCAL NO. 134 

PENSION PLAN 

SUMMARY 

PLAN 

DESCRIPTION 

IMPORTANT NOTICE 

The question and answer outline of the Pension Plan which follows describes the Plan as in 

effect on December 1, 2016. If you were a former participant on December 1, 2016, or have 

become one since then, your rights, if any would be determined by the Plan in effect at the time 

you separated from employment. If you have any questions about your status as a participant, 

contact the Fund Office. 

Document #37

TRPP134-000338
TABLE OF CONTENTS 

Page 

SPECIAL NOTICE............................................................................................................................... 1 

INTRODUCTION ................................................................................................................................. 2 

THE BOARD OF TRUSTEES.............................................................................................................. 3 

GENERAL INFORMATION ............................................................................................................... 4 

PARTICIPATION, CREDITING, VESTING AND SEPARATION .................................................. 6 

WHO MAY BECOME A PARTICIPANT?.................................................................................................... 6 

WHAT IS AN ELIGIBILITY COMPUTATION PERIOD? ................................................................................ 6 

WHAT IS COVERED EMPLOYMENT? ...................................................................................................... 6 

WHAT IS NON-COVERED EMPLOYMENT? .............................................................................................. 7 

WHAT IS CONTIGUOUS NON-COVERED EMPLOYMENT?......................................................................... 7 

HOW DO I BECOME A PARTICIPANT? .................................................................................................... 7 

WHAT IS A PLAN YEAR?...................................................................................................................... 7 

WHAT IS A YEAR OF VESTING SERVICE?.............................................................................................. 7 

MAY YEARS OF VESTING SERVICE ONCE EARNED BE LOST? ................................................................ 7 

WHAT DOES IT MEAN TO BE VESTED? .................................................................................................. 8 

WHEN WOULD I BECOME A FORMER PARTICIPANT?.............................................................................. 8 

WHAT DOES IT MEAN TO BE A FORMER PARTICIPANT? ......................................................................... 9 

DOES SEPARATION FROM EMPLOYMENT AT THE TRADE DO ANYTHING TO MY VESTED RIGHTS?............ 9 

WHAT HAPPENS IF I SEPARATE AND THEN RETURN TO WORK IN THE BARGAINING UNIT FOR A 

CONTRIBUTING EMPLOYER?................................................................................................................. 9 

WHAT BENEFITS DOES THE PLAN PROVIDE?......................................................................................... 9 

ONCE I AM VESTED, AM I VESTED IN ALL OF THESE BENEFITS?............................................................. 9 

WHAT IS THE PRESENT ACCRUAL RATE FOR PENSION BENEFITS UNDER THE PLAN? .............................. 9 

NORMAL RETIREMENT BENEFITS ............................................................................................... 9 

WHEN AM I ELIGIBLE FOR A NORMAL RETIREMENT BENEFIT? ............................................................. 9 

HOW WILL MY NORMAL RETIREMENT BENEFIT BE PAID? .................................................................... 9 

WHAT IS A STRAIGHT LIFE ANNUITY FORM OF PAYMENT?................................................................. 10 

HOW IS THE STRAIGHT LIFE ANNUITY FORM OF PAYMENT CALCULATED? ......................................... 10 

WHAT IS A LIFE-FIVE YEAR CERTAIN FORM OF PAYMENT?................................................................ 11 

HOW IS THE LIFE-FIVE YEAR CERTAIN FORM OF PAYMENT CALCULATED? ........................................ 11 

WHAT IS A LIFE-TEN YEAR CERTAIN FORM OF PAYMENT?................................................................. 12 

HOW IS THE LIFE-TEN YEAR CERTAIN FORM OF PAYMENT CALCULATED? ......................................... 12 

WHAT IS A 50% JOINT AND SURVIVOR BENEFIT FORM OF PAYMENT? ................................................ 13 

HOW IS THE 50% JOINT AND SURVIVOR BENEFIT FORM OF PAYMENT CALCULATED? ......................... 13 

WHAT IS A 75% JOINT AND SURVIVOR BENEFIT FORM OF PAYMENT? ................................................ 14 

HOW IS THE 75% JOINT AND SURVIVOR BENEFIT FORM OF PAYMENT CALCULATED? ......................... 14 

WHAT IS A 100% JOINT AND SURVIVOR BENEFIT FORM OF PAYMENT?............................................... 15 

HOW IS THE 100% JOINT AND SURVIVOR BENEFIT FORM OF PAYMENT CALCULATED? ....................... 16 

ARE MY BENEFITS THE SAME IF I RETIRE AFTER MY NORMAL RETIREMENT AGE? .............................. 16 

WHEN AM I ELIGIBLE FOR AN EARLY RETIREMENT BENEFIT? ............................................................ 17 

HOW MUCH WILL MY EARLY RETIREMENT BENEFIT BE?..................................................................... 17 

RETURN TO WORK AFTER RETIREMENT ................................................................................ 18 

WHAT HAPPENS IF I RETURN TO WORK AFTER BEGINNING TO RECEIVE NORMAL OR EARLY 

RETIREMENT BENEFITS?.................................................................................................................... 18 

Document #37

TRPP134-000339
YOUR RESPONSIBILITIES ................................................................................................................... 19 

RESUMPTION OF BENEFITS ................................................................................................................ 19 

OVERPAYMENTS................................................................................................................................ 19 

MISCELLANEOUS............................................................................................................................... 19 

DIFFERENT RULES APPLY AFTER YOU REACH AGE 70 1⁄2...................................................................... 20 

DISABILITY RETIREMENT BENEFITS ........................................................................................ 20 

WHEN WOULD I BE ELIGIBLE FOR A DISABILITY RETIREMENT BENEFIT?............................................ 20 

WHAT DOES IT MEAN TO BE TOTALLY AND PERMANENTLY DISABLED?............................................. 20 

WHEN WILL MY DISABILITY RETIREMENT BENEFIT START?............................................................... 20 

HOW MUCH WILL MY DISABILITY BENEFIT BE? .................................................................................. 20 

HOW LONG WILL I RECEIVE MY DISABILITY RETIREMENT BENEFITS?.................................................. 21 

IF I AM RECEIVING DISABILITY RETIREMENT BENEFITS, WHAT HAPPENS WHEN I REACH EARLY 

RETIREMENT AGE?............................................................................................................................ 22 

SURVIVING SPOUSE BENEFITS AND DEATH BENEFITS ........................................................ 22 

IF I DIE AND AM SURVIVED BY MY SPOUSE, ARE ANY BENEFITS PAYABLE? ......................................... 22 

IF I AM VESTED AT THE TIME OF MY DEATH, WHAT BENEFIT WILL MY SURVIVING SPOUSE RECEIVE? .. 22 

IF I AM A DISABILITY RETIREE AT THE TIME OF MY DEATH, WHAT BENEFIT WILL MY SURVIVING SPOUSE 

RECEIVE? .......................................................................................................................................... 22 

IF I AM A FORMER PARTICIPANT AT THE TIME OF MY DEATH, WHAT BENEFIT WILL MY SURVIVING 

SPOUSE RECEIVE? .............................................................................................................................. 22 

IF I DIE WHILE VESTED, BUT BEFORE MY BENEFIT PAYMENTS HAVE STARTED, AND I AM NOT MARRIED, 

ARE ANY BENEFITS PAYABLE UPON MY DEATH?................................................................................. 22 

IF I DIE WHILE RECEIVING BENEFITS UNDER THE LIFE-FIVE YEAR CERTAIN FORM OF PAYMENT OR THE 

LIFE-TEN YEAR CERTAIN FORM OF PAYMENT, AND MY BENEFICIARY THEN DIES BEFORE FIVE (OR TEN) 

YEARS OF BENEFITS HAVE BEEN PAID, ARE ANY ADDITIONAL BENEFITS PAYABLE? ............................ 22 

DEFERRED VESTED BENEFITS .................................................................................................... 22 

HOW IS THE AMOUNT IN WHICH I AM VESTED DETERMINED?.............................................................. 22 

WHEN WILL I RECEIVE THE BENEFITS IN WHICH I AM VESTED?........................................................... 23 

QUALIFIED DOMESTIC RELATIONS ORDERS.......................................................................... 23 

IF I DIVORCE OR AM LEGALLY SEPARATED, WILL MY FORMER SPOUSE OR MY DEPENDENTS BE 

ENTITLED TO ANY OF MY PENSION BENEFITS? .................................................................................... 23 

VETERANS REEMPLOYMENT ...................................................................................................... 23 

WILL I BE CREDITED FOR TIME I SPEND IN MILITARY SERVICE? .......................................................... 23 

YOUR RESPONSIBILITIES ................................................................................................................... 24 

THE PLAN'S RESPONSIBILITIES .......................................................................................................... 24 

CLAIMS, APPEALS AND OTHER MATTERS ............................................................................... 25 

HOW IS A CLAIM FOR BENEFITS MADE? .............................................................................................. 25 

IF MY CLAIM IS DENIED, MAY I APPEAL? ............................................................................................ 25 

CAN I ASSIGN, PLEDGE OR SELL MY RIGHT TO BENEFITS?................................................................... 26 

HOW COULD THE PLAN BE AMENDED OR TERMINATED?..................................................................... 26 

WHAT HAPPENS IF THE PLAN TERMINATES?....................................................................................... 27 

ARE MY BENEFITS INSURED? ............................................................................................................. 27 

Document #37

TRPP134-000340
SPECIAL NOTICE 

It is extremely important that you keep the Fund Office informed of any change in address or change in 

beneficiary. This is your obligation and failure to fulfill this obligation could jeopardize your eligibility or 

benefits. 

The importance of a current, correct address on me in the Fund Office cannot be overstated. It is the 

ONLY way the Trustees can keep in touch with you regarding Plan changes and other developments 

affecting your interests under the Plan. 

If you designate your spouse as your beneficiary and then get divorced, the designation of that spouse as 

beneficiary will be void unless after your divorce you again name your ex-spouse as your beneficiary by 

completing a new beneficiary form and filing it with the Fund Office. 

Document #37

TRPP134-000341
INTRODUCTION 

To All Participants: 

We are pleased to provide you with this summary plan description of your Pension Plan. As you read 

through it, keep in mind that it is an effort to summarize simply the principal provisions of the formal 

Plan. 

It is not intended to cover every detail of the Plan or every situation which might occur. We have tried to 

make the summary accurate and complete, but it is not a substitute for the Pension Plan itself. If there is 

any conflict or difference between this summary and the formal Plan, the Plan and not this summary will 

control 

You should read this material carefully and keep it for reference. It will help you understand how the Plan 

works, what rights and benefits it provides for you and your beneficiaries, and how to obtain those 

benefits. 

If you have any question about any provision of the Plan or the summary or your rights under the Plan, do 

not hesitate to contact the Fund Office, preferably in writing, to have your question answered. 

Board of Trustees 

NOTE: The Board of Trustees has discretionary authority to determine eligibility for benefits and to use 

its discretionary authority to interpret the Plan. Benefits under the Plan will be paid only if the Board of 

Trustees decides, in its discretion, that the applicant for the benefits is entitled to them. Any interpretation 

or determination made by the Board of Trustees pursuant to this discretionary authority will be final and 

binding on all parties unless it is determined by a court that the interpretation or determination was 

arbitrary and capricious. 

Document #37

TRPP134-000342
Employer Trustees 

Frederick R. Christen 

Fred Christen & Sons 

714 George Street 

Toledo, OH 43608 

Robert MacKinnon 

Nordmann Roofing Company 

1722 Starr Avenue 

Toledo, OH 43605 

Michael Weis 

M.J. Roofing Company 

28439 Main Street 

Millbury, OH 43447 

Alternate 

Matthew Heyrman 

AGC of NW Ohio 

1845 Collingwood Boulevard 

Toledo, OH 43604 

THE BOARD OF TRUSTEES 

Union Trustees 

Michael Kujawa 

Toledo Roofers Local No. 134 

4652 Lewis Avenue 

Toledo, OH 43612 

Michael Lunsford 

Toledo Roofers Local No. 134 

601 Colchester Road 

Oregon, OH 43616 

Michael Spangenberg 

100 N. Tarr Street 

North Baltimore, OH 45872 

Alternate 

Michael Fincher 

Toledo Roofers Local No. 134 

305 Lester Street 

Northwood, OH 43619 

FUND OFFICE 

Toledo Roofers Local No. 134 Pension Plan 

Northwestern Ohio Administrators 

7142 Nightingale Drive, Suite 1 

Holland, OH 43528 

Telephone: (419) 248-2401 

Fax: (419) 255-7136 

OFFICE HOURS 

Monday through Friday – 8:00 a.m. to 4:30 p.m. 

AGENT DESIGNATED FOR SERVICE OF LEGAL PROCESS 

Toledo Roofers Local No. 134 Pension Plan 

c/o Northwestern Ohio Administrators 

7142 Nightingale Drive, Suite 1 

Holland, OH 43528 

Legal process may also be served on any of the Trustees listed on the previous page 

Document #37

TRPP134-000343
GENERAL INFORMATION 

The Toledo Roofers Local No. 134 Pension Plan was created through collective bargaining. 

It is sponsored and administered by a Board of Trustees. Half of the Trustees are designated by Local No. 

134 of the United Union of Roofers, Waterproofers and Allied Workers and half are designated by the 

Toledo Area Roofing Contractors Association. The Board of Trustees is the Plan Administrator and has 

entered into a contract with Northwestern Ohio Administrators, Inc. to manage the Plan on a day-to-day 

basis. 

The Plan has been assigned an Employer Identification Number by the Internal Revenue Service. It is 34-

6682179. The Plan Number is 001. 

The Plan is a defined benefit pension plan subject to the Employee Retirement Income Security Act of 

1974, as amended, usually referred to as ERISA. 

The Plan is funded through the Trust Fund, which receives contributions made by employers at a rate 

specified in the collective bargaining agreement between the Association and Local No. 134. Employees 

may not make contributions to the Fund. Any participant may receive, upon written request to the Fund 

Office, information about whether a particular employer is contributing to the Fund and, if so, the 

employer's address. 

The Plan is maintained pursuant to a collective bargaining agreement between Local Union No. 134 of 

the United Union of Roofers, Waterproofers and Allied Workers (Local Union No. 134) and the Toledo 

Area Roofing Contractors Association. A copy of the collective bargaining agreement is available for 

review by participants without charge at the Union Hall or at the Fund Office during normal business 

hours. However a reasonable charge may be made for copies. 

Copies of the collective bargaining agreement can be made available for examination at a work site if at 

least 50 participants are employed there. If you wish to examine the collective bargaining agreement at a 

work site where at least 50 participants work, contact the Fund Office. The collective bargaining 

agreement will be made available within 10 days. 

Document #37

TRPP134-000344
YOUR RIGHTS UNDER FEDERAL LAW 

As a participant in the Toledo Roofers Local No. 134 Pension Plan, you are entitled to certain rights and 

protections under the Employee Retirement Income Security Act of 1974, as amended (ERISA). ERISA 

provides that all plan participants shall be entitled to: 

Receive Information About Your Plan and Benefits 

 Examine, without charge, at the Plan Administrator's office and at other specified locations, such as 

worksites and union halls, all documents governing the Plan, including insurance contracts and 

collective bargaining agreements, and a copy of the latest annual report (Form 5500 Series) filed by 

the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the 

Employee Benefits Security Administration. 

 Obtain, upon written request to the Plan Administrator, copies of documents governing the operation 

of the Plan, including insurance contracts and collective bargaining agreements, and copies of the 

latest annual report (Form 5500 Series) and updated summary plan description. The Plan 

Administrator may make a reasonable charge for the copies. 

 Receive a summary of the Plan's annual funding notice. The Plan Administrator is required by law to 

furnish each participant with a copy of this notice. 

 Obtain a statement telling you whether you have a right to receive a pension at normal retirement age 

(age 65) and if so, what your benefits would be at normal retirement age if you stop working under 

the Plan now. If you do not have a right to a pension, the statement will tell you how many more 

years you have to work to get a right to a pension. This statement must be requested in writing and is 

not required to be given more than once every 12 months. The Plan must provide the statement free of 

charge. 

 Obtain a copy of any periodic actuarial report, a copy of any quarterly, semi-annual or annual 

financial report prepared by an investment advisor or other fiduciary or a copy of the application filed 

with the Secretary of the Treasury requesting an extension of amortization periods under Section 304 

of ERISA and the determination of such Secretary pursuant to such application. Requested reports 

must be in possession of the Plan for at least 30 days before the Plan Administrator is required to 

furnish the reports. These reports must be requested in writing and are not required to be given more 

than once every 12 months. The Plan Administrator may make a reasonable charge for the copies. 

Prudent Actions by Plan Fiduciaries 

In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are 

responsible for the operation of the employee benefit plan. The people who operate your Plan, called 

"fiduciaries" of the Plan, have a duty to do so prudently and in the interest of you and other Plan 

participants and beneficiaries. No one, including your employer, your union, or any other person, may fire 

you or otherwise discriminate against you in any way to prevent you from obtaining a pension benefit or 

exercising your rights under ERISA. 

Document #37

TRPP134-000345
Enforce Your Rights 

If your claim for a pension benefit is denied or ignored, in whole or in part, you have a right to know why 

this was done, to obtain copies of documents relating to the decision without charge, and to appeal any 

denial, all within certain time schedules. 

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy 

of Plan documents or the latest annual report from the Plan and do not receive them within 30 days, you 

may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide 

the materials and pay you up to $110 a day until you receive the materials, unless the materials were not 

sent because of reasons beyond the control of the Administrator. If you have a claim for benefits which is 

denied or ignored, in whole or in part, you may file suit in a state or Federal court. In addition, if you 

disagree with the Plan's decision or lack thereof concerning the qualified status of a domestic relations 

order or a medical child support order, you may file suit in Federal court. If it should happen that Plan 

fiduciaries misuse the Plan's money, or if you are discriminated against for asserting your rights, you may 

seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will 

decide who should pay court costs and legal fees. If you are successful the court may order the person you 

have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for 

example, if it finds your claim is frivolous. 

The Plan provides an internal appeals process to review and address denials of Participant claims. All 

internal appeals and procedures must be exhausted before you may file suit in a state or Federal Court. 

Assistance with Your Questions 

If you have any questions about your Plan, you should contact the Plan Administrator. If you have any 

questions about this statement or about your rights under ERISA, or if you need assistance in obtaining 

documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits 

Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of 

Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of 

Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain 

publications about your rights and responsibilities under ERISA by calling the publications hotline of the 

Employee Benefits Security Administration. 

PARTICIPATION, CREDITING, VESTING AND SEPARATION 

Who may become a participant? 

If you are represented by Local Union No. 134 of the United Union of Roofers, Waterproofers and Allied 

Workers and the collective bargaining agreement covering you requires that your employer contribute to 

the Plan, you may become a participant. 

What is an eligibility computation period? 

An eligibility computation period means the 12 consecutive month period beginning with the date you 

first complete an hour of work for an employer which has a collective bargaining agreement with Local 

Union No. 134, and anniversaries of such date. 

What is covered employment? 

Covered employment means employment with a contributing employer which, under the terms of a 

collective bargaining agreement or other written agreement, requires that employer to make contributions 

on your behalf to the Plan. 

Document #37

TRPP134-000346
What is non-covered employment? 

Non-covered employment means employment with a contributing employer which does not require that 

employer to make contributions on your behalf to the Plan. 

What is contiguous non-covered employment? 

Contiguous non-covered employment means non-covered employment with a contributing employer 

which precedes or follows covered employment with that employer provided no quit, discharge or 

retirement occurs between such covered employment and non-covered employment. 

How do I become a participant? 

You will become a participant on the January 1 or July 1 coincident with or next following your 

eligibility computation period, provided you have completed at least 435 hours of work in covered 

employment, in contiguous non-covered employment or in a combination of each, during the eligibility 

computation period, and provided you are working in covered employment at the time your participation 

could otherwise commence. 

What is a Plan Year? 

A Plan Year is a 12 consecutive month period beginning on January 1 and ending on December 31. All of 

the Plan's records are kept on a Plan Year basis. 

What is a Year of Vesting Service? 

Whether or not you are eligible for benefits is determined by the number of Years of Vesting Service you 

have earned. 

Your Years of Vesting Service are the sum of the following: 

(1) the number of Plan Years from May 1, 1947 through April 30, 1962, during which you 

worked as a member of the collective bargaining unit represented by Local Union No. 134, 

(2) the number of Plan Years from May 1, 1962 through April 30, 1975, during which 

employer contributions were made to the Pension Plan on your behalf, and 

(3) the number of Plan Years beginning May 1, 1976, during which you completed at least 

435 hours of work in each such year in covered employment for an employer which has a collective 

bargaining agreement with Local Union No. 134. 

You also earn a Year of Vesting Service (1) for each Plan Year in which you complete at least 435 hours 

of work in contiguous non-covered employment after 1975, or, to the extent required by applicable law, 

and (2) for service in the armed forces of the United States, provided you were working for a contributing 

employer immediately prior to your entry into the armed forces of the United States, and provided you 

return to work for a contributing employer within such time as reemployment rights are guaranteed by 

law. 

In any event, you will be given credit for one Year of Vesting Service for the Plan Year in which your 

participation begins, regardless of the number of hours of work completed during that Plan Year. 

May Years of Vesting Service once earned be lost? 

Yes. Each Plan Year in which you do not complete at least 435 hours of work with a contributing 

employer in either covered employment or, after 1975, in contiguous non-covered employment and, 

therefore, fail to earn a year of Vesting Service, is a Break in Service. After December 31, 1984, if you 

Document #37

TRPP134-000347
have five consecutive Breaks in Service and are not a vested participant you will have a Forfeiture of 

Service. This means that your Years of Vesting Service earned before the Forfeiture of Service are 

permanently lost. 

If you are absent from work due to paternity or maternity leave after December 31, 1984, and have given 

proper notice to the Fund Office, the hours you would have worked may be counted toward preventing a 

Forfeiture of Service. Under no circumstances, however, may your Years of Vesting Service be lost 

or canceled once you are vested under the terms of the Plan. 

Before January 1, 1985, the Forfeiture of Service rules are based on the provisions of the Plan in effect at 

a particular time. These provisions are: 

(1) Before January 1, 1976, you had a Forfeiture of Service if you either: 

(a) did not have employer contributions made to the Plan on your behalf for at least 

1,000 hours of work in covered employment within two years of your date of 

entry into covered employment or, 

(b) did not have employer contributions made to the Plan on your behalf for at least 

250 hours of work in covered employment in each of two consecutive calendar 

years. 

(2) Each Plan Year after December 31, 1975 and before January 1, 1985: 

(a) If you did not complete at least 435 hours of work with a contributing employer 

in either covered employment or in contiguous non-covered employment and. 

therefore fail to earn a Year of Vesting Service is a Break in Service. 

(b) You suffered a Forfeiture of Service if the number of your consecutive Breaks in 

Service equals the number of your Years of Vesting Service. 

At the time you have a Forfeiture of Service, your Years of Vesting Service and your pension benefits 

accrued are permanently canceled. 

When do I become vested? 

You become vested after you have earned five Years of Vesting Service. 

What does it mean to be vested? 

It means that you have earned the right to certain benefits which can never be taken away from you even 

if you stop working for contributing employers and leave the trade, the bargaining unit or the area. If you 

become a participant, upon application by you, the Plan will provide you with a statement showing the 

amount of the benefits in which you are vested. 

When would I become a former participant? 

If you do not earn a Year of Vesting Service during two consecutive Plan Years, you are considered to 

have separated from employment at the trade and are no longer a participant. If you are vested at that 

time, you become a former participant and your Years of Vesting Service are not canceled or lost. 

Document #37

TRPP134-000348
What does it mean to be a former participant? 

Generally, it means that the only benefits you are eligible to receive are those benefits in which you are 

vested. 

Does separation from employment at the trade do anything to my vested rights? 

No. If you are vested when you separate, you remain vested. 

What happens if I separate and then return to work in the bargaining unit for a contributing 

employer? 

If you have not had a Forfeiture of Service, you will become a participant again immediately upon your 

employment by an employer for whom you perform work which requires that employer to make 

contributions to the Pension Plan on your behalf. 

If you had a Forfeiture of Service before being reemployed, you will be treated as a new hire and must 

qualify as a new participant as if you previously had not participated in the Plan. 

What benefits does the Plan provide? 

There are five kinds of benefits for participants: Normal Retirement, Early Retirement, Disability 

Retirement, Death and Deferred Vested Benefits. If a participant dies and is survived by a spouse, there 

may also be a benefit payable to the surviving spouse. The eligibility requirements are not the same for 

these benefits. 

Once I am vested, am I vested in all of these benefits? 

No. You are vested, subject to the other eligibility requirements, in deferred vested benefits based upon 

the Normal or Early Retirement Benefit and the Death Benefit. You will not be vested in any form of 

Disability Retirement Benefit. Disability Retirement Benefits never vest. 

What is the present accrual rate for pension benefits under the Plan? 

Due to the Plan's current underfunded status, you do not earn any pension benefits for hours worked in 

covered employment from July 1, 2008 through the present. 

NORMAL RETIREMENT BENEFITS 

When am I eligible for a Normal Retirement Benefit? 

You are eligible for a Normal Retirement Benefit if you retire while you are a participant and are at least 

65 years old or, if later, after you reach the fifth anniversary of the date upon which you began 

participation. Periods of your participation before a Forfeiture of Service are disregarded. 

You are eligible for an unreduced Early Retirement Benefit if you are at least 62 years old and have 

earned at least 25 Years of Vesting Service. 

How will my Normal Retirement Benefit be paid? 

The monthly amount of your benefit depends upon whether or not you are married and the form of 

payment selected. 

If you are not married at retirement: 

Unless you select an alternative form of payment, the normal form of payment is a Straight Life 

Annuity. 

Document #37

TRPP134-000349
Alternatively, you may select to have your benefit paid in the form of a Life-Five Year Certain Benefit or 

a Life-Ten Year Certain Benefit. 

If you are married at retirement: 

Unless you and your spouse select an alternative form of payment, the normal form of payment is 

a 50% Joint and Survivor Benefit. 

However, you and your spouse may elect to have your benefit paid in the form of a 75% Joint and 

Survivor Benefit, 100% Joint and Survivor Benefit, a Straight Life Annuity, a Life-Five Year 

Certain Benefit, or a Life-Ten Year Certain Benefit. If you wish to select an option other than the 

50%, 75% or 100% Joint and Survivor Benefit, your spouse must agree to that choice in writing 

on a form supplied by the Plan. Also, if you name someone other than your spouse as beneficiary 

for the Life-Five Year Certain Benefit or the Life-Ten Year Certain Benefit, your spouse must 

also agree to that other person being named beneficiary on a form supplied by the Plan. 

Once the Plan has made a monthly benefit payment to you, no change in the form of benefit is 

allowed. 

What is a Straight Life Annuity form of payment? 

A Straight Life Annuity form of payment is the Plan's basic Normal Retirement Benefit formula amount. 

Your benefit is payable to you each month for the rest of your life and ends when you die. There is no 

guarantee of payment of a set number of payments. 

How is the Straight Life Annuity form of payment calculated? 

Your monthly Normal Retirement Benefit under this form of payment is equal to the sum of your Past 

Credited Service and your Future Credited Service, determined as follows: 

(1) Past Credited Service 

$4.00 multiplied by the number of Plan Years from May 1, 1947 through April 30, 1962, 

during which you worked as a member of the collective bargaining unit represented by 

Local Union No. 134 (with Plan Years before a Forfeiture of Service disregarded); and 

(b) Future Credited Service 

3.5% of the total employer contributions to the Plan on your behalf from May 1, 1962 

through June 30, 2004, excluding employer contributions for any periods of participation 

before a Forfeiture of Service; plus 

$9.60 for each 100 hours worked in covered employment from July 1, 2004 through June 

30, 2008; plus 

$0.00 for all hours worked in covered employment on or after July 1, 2008. 

Pension plans entering endangered or critical status may change future benefit accruals and reduce 

future benefits. You will be notified if the Plan enters endangered or critical status. 

EXAMPLE: 

Jack works in covered employment until January 1, 2016. On that date, Jack's age and service make him 

eligible to immediately retire from the Plan and begin receiving a Normal Retirement Benefit. 

Document #37

TRPP134-000350
Jack's work history is as follows: 

Work Period 

On or before April 30, 1962 Jack did not have any years of credited service before May 1, 1962. 

May 1, 1962 – June 30, 2004 Employers were required to contribute $50,000 to the Plan for work 

that Jack performed during this period. 

July 1, 2004 – June 30, 2008 Jack worked 400 hours during this period for which Employers were 

required to contribute to the Plan at the journeyman's contribution 

rate. 

On or after July 1, 2008 Jack worked 1,000 hours during this period for which Employers 

were required to contribute to the Plan at the journeyman's 

contribution rate. 

Jack's Normal Retirement Benefit, payable in the Straight Life Annuity form of payment, is 

Work 

Period 

Service / Contributions 

/ Hours 

Benefit 

Multiplier 

Monthly 

Benefit 

On or before April 

30, 1962 0 years $4.00 per year $ 0.00 

May 1, 1962 – June 

30, 2004 $50,000 in contributions 3.5% of contributions $1,750.00 

July 1, 2004 – June 

30, 2008 400 hours $9.60 per 100 hours $ 384.00 

On or after July 

1, 2008 1,000 hours $0.00 per 100 hours $ 0.00 

Total Monthly Normal Retirement Benefit payable in the Straight Life 

Annuity form of payment $2,134.00 

What is a Life-Five Year Certain form of payment? 

A Life-Five Year Certain Benefit is an optional form of payment to the Straight Life Annuity form of 

payment. A Life-Five Year Certain form of payment is a reduced benefit, calculated as described below, 

and is payable to you each month for the rest of your life. However, if you die before you have received 

60 monthly payments (five years' worth), your beneficiary will receive monthly payments in the same 

amount as was paid to you until the total number of monthly benefit payments made to you and your 

beneficiary is 60. If you are married, if you and your spouse choose this form of payment and if you name 

someone other than your spouse as beneficiary, your spouse must also agree to that other person being 

named beneficiary on a form supplied by the Plan. 

How is the Life-Five Year Certain form of payment calculated? 

Your monthly retirement benefit under this option is calculated by determining your monthly benefit paid 

in the Straight Life Annuity form of payment and reducing it by using a table which takes into account 

your age and life expectancy. 

The following table is an example of the table which is used in the calculation. It is for illustration 

purposes only. 

Document #37

TRPP134-000351
Age at Commencement Percent of Normal or 

of Benefit Payments Early Benefit Payable 

55 99.14% 

56 99.04% 

57 98.93% 

58 98.81% 

59 98.67% 

60 98.52% 

61 98.34% 

62 98.14% 

63 97.92% 

64 97.67% 

65 97.39% 

EXAMPLE: 

Assume that you retire at age 63, your Normal Retirement Benefit amount payable in the Straight Life 

Annuity form of payment would be $2,134.00 and you choose the Life-Five Year Certain Benefit. Your 

monthly benefit would be $2,089.61 (97.92% of $2,134.00), which you would receive for the rest of your 

life. If you died before you had received 60 monthly payments, your designated beneficiary would receive 

$2,089.61 per month until a total of 60 monthly payments had been made. If you died after you had 

received 60 monthly payments, no payments would be made to your beneficiary. 

What is a Life-Ten Year Certain form of payment? 

A Life-Ten Year Certain Benefit is an optional form of payment to the Straight Life Annuity form of 

payment. A Life-Ten Year Certain form of payment is a reduced benefit, calculated as described below, 

and is payable to you each month for the rest of your life. However, if you die before you have received 

120 monthly payments (ten years' worth), your beneficiary will receive monthly payments in the same 

amount as was paid to you until the total number of monthly benefit payments made to you and your 

beneficiary is 120. If you are married, if you and your spouse choose this form of payment and if you 

name someone other than your spouse as beneficiary, your spouse must also agree to that other person 

being named beneficiary on a form supplied by the Plan. 

How is the Life-Ten Year Certain form of payment calculated? 

Your monthly retirement benefit under this option is calculated by determining your monthly benefit paid 

in the Straight Life Annuity form of payment and reducing it by using a table which takes into account 

your age and life expectancy. 

The following table is an example of the table which is used in the calculation. It is for illustration 

purposes only. 

Age at Commencement Percent of Normal or 

of Benefit Payments Early Benefit Payable 

55 96.81% 

56 96.46% 

57 96.08% 

58 95.65% 

59 95.18% 

60 94.65% 

61 94.07% 

Document #37

TRPP134-000352
Age at Commencement Percent of Normal or 

of Benefit Payments Early Benefit Payable 

62 93.43% 

63 92.72% 

64 91.96% 

65 91.13% 

EXAMPLE: 

Assume that you retire at age 63, your Normal Retirement Benefit amount payable in the Straight Life 

Annuity form of payment would be $2,134.00 and you choose the Life-Ten Year Certain Benefit. Your 

monthly benefit would be $1,978.64 (92.72% of $2,134.00), which you would receive for the rest of your 

life. If you died before you had received 120 monthly payments, your designated beneficiary would 

receive $1,978.64 per month until a total of 120 monthly payments had been made. If you died after you 

had received 120 monthly payments, no payments would be made to your beneficiary. 

What is a 50% Joint and Survivor Benefit form of payment? 

This form of payment is only available if you are a married participant. It is a reduced benefit, calculated 

as described below, and is payable to you each month for the rest of your life. If your spouse survives 

you, your spouse will receive 50% of the amount you had been receiving for the rest of your spouse's life. 

If you survive your spouse, you will continue to receive the reduced monthly benefit under this 50% Joint 

and Survivor Benefit form for the rest of your life. If you survive your spouse, no additional benefits are 

paid after your death. 

It is important to understand that the only surviving spouse to whom the survivor portion of the 

benefit is payable is the person who was your legal spouse at the time your benefit payments 

started. 

How is the 50% Joint and Survivor Benefit form of payment calculated? 

Your monthly retirement benefit under this option is calculated by determining your monthly benefit paid 

in the Straight Life Annuity form of payment and reducing it by using a factor that takes into account the 

age and life expectancy of you and your spouse. 

The following table is an example of the table which is used in the calculation. It is for illustration 

purposes only. 

Table of Reduction Factors for the 

50% Joint and Survivor Benefit 

Age of Your Age at 

Spouse Your Retirement Age 

58 59 60 61 62 63 64 65 

55 .893 .885 .877 .868 .858 .848 .838 .827 

56 .897 .889 .880 .872 .862 .852 .842 .831 

57 .900 .893 .884 .876 .866 .857 .847 .836 

58 .904 .896 .888 .880 .871 .861 .851 .841 

59 .907 .900 .892 .884 .875 .866 .856 .845 

60 .911 .904 .896 .888 .879 .870 .861 .850 

61 .915 .908 .900 .892 .884 .875 .865 .855 

62 .918 .912 .904 .897 .888 .880 .870 .860 

63 .922 .915 .908 .901 .893 .884 .875 .866 

Document #37

TRPP134-000353
Table of Reduction Factors for the 

50% Joint and Survivor Benefit 

Age of Your Age at 

Spouse Your Retirement Age 

58 59 60 61 62 63 64 65 

64 .926 .919 .912 .905 .897 .889 .880 .871 

65 .929 .923 .916 .909 .902 .894 .885 .876 

To find the appropriate reduction factor, look at the column headed by your age, find your spouse's age in 

the column on the left and locate the factor shown where those two intersect. Your monthly benefit 

would then be your monthly benefit payable in the Straight Life Annuity form of payment multiplied by 

that factor. 

EXAMPLE: 

Assume that you are 65 and your spouse is 61 and that your monthly benefit payable in the Straight Life 

Annuity form of payment would be $2,134.00. Looking at the table, you go down the column labeled 

with your age (65) until you get to the line which corresponds with your spouse's age (61). There you will 

find a factor of .855. This means that if you choose the 50% Joint and Survivor Benefit, you would 

receive $1,824.57 each month (.855 times $2,134.00) and, upon your death, if your spouse survived you, 

your spouse would receive 50% of that amount, or $912.28 each month for the rest of your spouse's life. 

The factor tables are provided to the Plan by its actuary. In using the tables, the ages are those of the 

participant and the spouse at the effective date of retirement. If you wish to know the factor for a 

combination of ages not shown in the table, contact the Fund Office. 

What is a 75% Joint and Survivor Benefit form of payment? 

This form of benefit is only available if you are a married participant. It is a reduced benefit, calculated as 

described below, and is payable to you each month for the rest of your life. If your spouse survives you, 

your spouse will receive 75% of the amount you had been receiving for the rest of your spouse's life. If 

you survive your spouse, you will continue to receive the reduced monthly benefit under this 75% Joint 

and Survivor Benefit form for the rest of your life. If you survive your spouse, no additional benefits are 

paid after your death. 

It is important to understand that the only surviving spouse to whom the survivor portion of the 

benefit is payable is the person who was your legal spouse at the time your benefit payments 

started. 

How is the 75% Joint and Survivor Benefit form of payment calculated? 

Your monthly retirement benefit under this option is calculated by determining your monthly benefit paid 

in the Straight Life Annuity form of payment and reducing it by using a factor that takes into account the 

age and the life expectancy of you and your spouse. 

The following table is an example of the table which is used in the calculation. It is for illustration 

purposes only. 

Document #37

TRPP134-000354
Table of Reduction Factors for the 

75% Joint and Survivor Benefit 

Age of Your Age at 

Spouse Your Retirement Age 

58 59 60 61 62 63 64 65 

55 .848 .837 .826 .814 .801 .788 .775 .761 

56 .853 .842 .831 .819 .807 .794 .781 .767 

57 .858 .847 .836 .825 .812 .800 .786 .773 

58 .863 .852 .841 .830 .818 .805 .792 .779 

59 .868 .857 .847 .836 .824 .811 .798 .785 

60 .873 .863 .852 .841 .830 .817 .805 .791 

61 .878 .868 .858 .847 .835 .824 .811 .798 

62 .883 .873 .863 .853 .841 .830 .817 .805 

63 .888 .878 .869 .858 .848 .836 .824 .811 

64 .893 .884 .874 .864 .854 .842 .831 .818 

65 .898 .889 .880 .870 .860 .849 .837 .825 

To find the appropriate reduction factor, look at the column headed by your age, find your spouse's age in 

the column on the left and locate the factor shown where those two intersect. Your monthly benefit 

would then be your monthly benefit payable in the Straight Life Annuity form of payment multiplied by 

that factor. 

EXAMPLE: 

Assume that you are 65 and your spouse is 61 and that your monthly benefit payable in the Straight Life 

Annuity form of payment would be $2,134.00. Looking at the table, you go down the column labeled 

with your age (65) until you get to the line which corresponds with your spouse's age (61). There you will 

find a factor of .798. This means that if you choose the 75% Joint and Survivor Benefit, you would 

receive $1,702.93 each month (.798 times $2,134.00) and, upon your death, if your spouse survived you, 

your spouse would receive 75% of that amount, or $1,277.20 each month for the rest of your spouse's life. 

The factor tables are provided to the Plan by its actuary. In using the tables, the ages are those of the 

participant and the spouse at the effective date of retirement. If you wish to know the factor for a 

combination of ages not shown in the table, contact the Fund Office. 

What is a 100% Joint and Survivor Benefit form of payment? 

This form of benefit is only available if you are a married participant. It is a reduced benefit, calculated as 

described below, and is payable to you each month for the rest of your life. If your spouse survives you, 

your spouse will receive 100% of the amount you had been receiving for the rest of your spouse's life. If 

you survive your spouse, you will continue to receive the reduced monthly benefit under this 100% Joint 

and Survivor Benefit form for the rest of your life. If you survive your spouse, no additional benefits are 

paid after your death. 

It is important to understand that the only surviving spouse to whom the survivor portion of the 

benefit is payable is the person who was your legal spouse at the time your benefit payments 

started. 

Document #37

TRPP134-000355
How is the 100% Joint and Survivor Benefit form of payment calculated? 

Your monthly retirement benefit under this option is calculated by determining your monthly benefit paid 

in the Straight Life Annuity form of payment and reducing it by using a factor that takes into account the 

age and life expectancy of you and your spouse. 

The following table is an example of the table which is used in the calculation. It is for illustration 

purposes only. 

Table of Reduction Factors for the 

100% Joint and Survivor Benefit 

Age of your 

Spouse Your Retirement Age 

58 59 60 61 62 63 64 65 

55 .807 .794 .781 .766 .752 .737 .721 .705 

56 .813 .800 .787 .773 .758 .743 .727 .712 

57 .819 .806 .793 .779 .765 .750 .734 .718 

58 .825 .812 .799 .786 .771 .756 .741 .725 

59 .831 .819 .806 .792 .778 .763 .748 .733 

60 .837 .825 .812 .799 .785 .771 .756 .740 

61 .843 .831 .819 .806 .792 .778 .763 .748 

62 .849 .838 .826 .813 .799 .785 .771 .755 

63 .856 .844 .832 .820 .807 .793 .778 .763 

64 .862 .851 .839 .827 .814 .800 .786 .771 

65 .868 .857 .846 .834 .821 .808 .794 .780 

To find the appropriate reduction factor, look at the column headed by your age, find your spouse's age in 

the column on the left and locate the factor shown where those two intersect. Your monthly benefit would 

then be your monthly benefit payable in the Straight Life Annuity form of payment multiplied by that 

factor. 

EXAMPLE: 

Assume that you are 65 and your spouse is 61 and that your monthly benefit payable in the Straight Life 

Annuity form of payment would be $2,134.00. Looking at the table, you go down the column labeled 

with your age (65) until you get to the line which corresponds with your spouse's age (61). There you will 

find a factor of .748. This means that if you choose the 100% Joint and Survivor Benefit, you would 

receive $1,596.23 each month (.748 of $2,134.00) and, upon your death, if your spouse survived you, 

your spouse would receive 100% of that amount, or $1,596.23, each month for the rest of your spouse's 

life. 

The factor tables are provided to the Plan by its actuary. In using the tables, the ages are those of the 

participant and the spouse at the effective date of retirement. If you wish to know the factor for a 

combination of ages not shown in the table, contact the Fund Office. 

Are my benefits the same if I retire after my Normal Retirement Age? 

Not necessarily. The monthly benefit amount payable when you retire and begin to receive benefits will 

be the greater of: 

(1) the amount calculated under the benefit formula as of the time you begin to receive 

benefits; or 

Document #37

TRPP134-000356
(2) the value of the benefit amount calculated as of the date you reached your normal 

retirement age, but increased to reflect the later starting date for benefit payments. 

EARLY RETIREMENT BENEFITS 

When am I eligible for an Early Retirement Benefit? 

You are eligible for an Early Retirement Benefit if you have retired while you are an active participant, 

are at least 55 years old and have earned at least five Years of Vesting Service. 

How much will my early retirement benefit be? 

The same forms of benefit which are available as Normal Retirement Benefits are available as Early 

Retirement Benefits, and are subject to the same requirements if you are married at the time you choose to 

begin receiving benefits. The monthly amount of your benefit will depend upon the form in which the 

benefit is being paid. In determining how much is payable under any of the options, it is always necessary 

to first determine the Straight Life Annuity form of payment. 

Your monthly Early Retirement Benefit is calculated the same way as the Normal Retirement Benefit is 

and then reduced according to the table of factors below. The reduced monthly benefit is payable to you 

for the rest of your life. 

The following table will help to illustrate how the reduction works. It is for illustration purposes only. 

The Early Retirement Benefit for participants with less than 25 Years of Vesting Service will have an 

actuarially equivalent reduction applied based on the number of years before age 65 when retirement 

benefits commence. 

The Early Retirement Benefit for participants with 25 or more Years of Vesting Service will be reduced 

by factors based on the number of years before age 62 when retirement benefits commence. (Those 

factors are 3% per year from age 62 to 59 plus 6% from age 59 to age 54.) The following table illustrates 

the effect of the Early Retirement Benefit reduction factors: 

Monthly Early Retirement Benefit 

(shown as a % of the Participant's Normal Retirement Benefit) 

Retirement Benefit 

Commencement Age 

For Participants with 

5 to 25 Years of Service 

For Participants with 

25 or More Years of Service 

Younger than 54 Not Eligible Not Eligible 

54 Not Eligible 61% 

55 37.14% 67% 

56 40.64% 73% 

57 44.54% 79% 

58 48.91% 85% 

59 53.80% 91% 

60 59.31% 94% 

61 65.52% 97% 

62 72.54% 100% 

63 80.52% 100% 

64 89.61% 100% 

65 100.00% 100% 

Document #37

TRPP134-000357
EXAMPLE: 

Jack retires at age 55 with 10 years of service. Jack also has an accrued monthly benefit of $500.00 

payable at age 65. However, his monthly benefit at age 55 will be $185.70 (37.14% of $500.00) to reflect 

the reduction factors for the 10 years he is younger than age 65 when his benefits begin. 

If you select either the 50%, 75% or 100% Joint and Survivor or the Life-Five Year Certain or Life-Ten 

Year Certain, there is a further reduction based upon factors from the same tables used in calculating the 

Normal Retirement Benefits. 

If you are married at the time you retire and apply for Early Retirement Benefits, you will automatically 

receive a 50% Joint and Survivor Benefit unless you choose, with the written consent of your spouse, the 

Straight Life Annuity, Life-Five Year Certain or Life-Ten Year Certain Benefit forms of payment. You 

can select the 75% or 100% Joint and Survivor Benefit without spousal consent. 

RETURN TO WORK AFTER RETIREMENT 

What happens if I return to work after beginning to receive Normal or Early Retirement Benefits? 

Under certain conditions, your retirement benefits will be suspended upon your return to work after 

normal or early retirement. 

During some periods of high employment need, the Board of Trustees has temporarily suspended the 

suspension of benefits rules for a defined period of time. You may inquire with the Board of Trustees as 

to whether any work you will do will result in a suspension of your benefit. 

The following is a summary of the Plan's suspension of benefits provision: 

Suspension of the Normal Retirement Benefit 

Your Normal Retirement Benefit will be suspended for any month during which you complete all of the 

following: 

(1) at least 40 hours of work in the roofing trade (including work as a supervisor), 

(2) in the construction industry, and 

(3) in the State of Ohio or in any Standard Metropolitan Statistical Area which falls in part 

within the State of Ohio. 

These rules apply even if you work for a noncontributing employer or are self-employed. 

If you are discovered working under these circumstances, your benefit will be suspended for that month 

and for each subsequent month you continue this reemployment. 

Suspension of the Early Retirement Benefit 

Your Early Retirement Benefit will be suspended for any month during which you complete all of the 

following: 

(1) at least one hour of work in the roofing trade (including work as a supervisor), 

(2) in the construction industry, and 

Document #37

TRPP134-000358
(3) anywhere in Indiana, Michigan or Ohio. 

If you perform work which results in a suspension of your Early Retirement Benefit, your benefit will be 

suspended for each month you continue to do this type of work and for an additional six months. The 

second time you do this type of work, your benefit will be suspended for each month you continue to do 

this type of work and for an additional 12 months. The third time you do this type of work, your benefit 

will be suspended until your normal retirement date. (The normal retirement suspension rules will then 

apply.) 

Your Responsibilities 

You must notify the Board of Trustees in writing of any employment (including self-employment) or 

gainful pursuit within 15 days after the end of the month in which you have any earnings which results 

from suspendible employment. If you do not follow this rule and the Trustees learn that you have been 

engaged in any employment (including self-employment) or gainful pursuit which is suspendible 

employment, regardless of the amount you earned, your pension benefit will be suspended. The Board of 

Trustees also has the right to request from you reasonable information to verify your employment and to 

ask you to certify that you are not working or that you are doing the type of work which can result in a 

suspension of your pension benefit. The Board of Trustees has the right to withhold your pension benefit 

until you provide the requested information. 

If you are receiving benefits from the Plan and the Board of Trustees learns that you are doing the type of 

work which can result in a suspension of your pension benefit, and if you have not notified the Board of 

Trustees (as required by the previous paragraph), the Board of Trustees can assume that: (1) you have 

worked the number of hours during a month which can result in a suspension of your benefit and (2) you 

have been working at the job site as long as your employer had been working there. The Board of 

Trustees can then suspend your pension benefit accordingly. It will then be your responsibility to prove 

that these assumptions were incorrect. 

Resumption of Benefits 

Once pension benefits have been suspended, it is your responsibility to notify the Board of Trustees in 

writing when your pension benefit should again start. To do this, you should either write to the Board of 

Trustees or file another benefit application form with the Fund Office. 

Overpayments 

If you receive benefit payments during a month in which they should have been suspended, the excess 

payments will be recovered by using the "offset rule." Under the offset rule, when you are again eligible 

for benefit payments, the Trustees can withhold your benefit for up to three months. If this is not long 

enough to recover any overpayments, your future monthly benefits will be reduced by 25% until the 

excess payments have been fully recovered. 

Miscellaneous 

If you have any questions regarding the suspension of benefits rules, or if you would like to know in 

advance whether the type of work you do will cause a suspension of your pension benefit, contact the 

Fund Office. 

If you ask for a determination on the application of the rules or your pension payments are suspended, 

you will receive a written notice from the Fund Office. 

Document #37

TRPP134-000359
If you disagree with any actions taken by the Trustees in suspending benefits, you can file an appeal with 

the Fund Office. See the section entitled "Claims, Appeals and Other Matters" in this Summary Plan 

Description for how you may file an appeal. 

Different rules apply after you reach age 70 1⁄2 

Effective on the April 1 following the calendar year in which you become 701⁄2 years of age, benefits will 

not be suspended even if you work. 

If your benefit is suspended because you have worked in suspendible employment, you will be considered 

a retiree for purposes of a benefit increase granted to active participants, unless the Board of Trustees 

decides that a benefit increase should be provided to retirees. 

DISABILITY RETIREMENT BENEFITS 

When would I be eligible for a Disability Retirement Benefit? 

You would be eligible for a Disability Retirement Benefit if: 

(1) you become Totally and Permanently Disabled while you are an active Participant, 

(2) you are not eligible for an Early Retirement Benefit, and 

(3) you have at least ten Years of Vesting Service. 

What does it mean to be Totally and Permanently Disabled? 

In order to be considered Totally and Permanently Disabled, you must be totally unable, for the rest of 

your life, to engage in any regular occupation or employment for remuneration or profit for which you are 

or may be suited by education, training or experience, as evidenced by an award of disability from the 

Social Security Administration. 

When will my Disability Retirement Benefit start? 

Your monthly Disability Retirement Benefit will be payable to you as of the first day of the month 

following receipt of your disability application or, if later, the first day of the month after you have been 

determined to meet the definition of Totally and Permanently Disabled. 

How much will my disability benefit be? 

The Disability Retirement Benefit amount will have an actuarially equivalent reduction applied based on 

the number of years before age 65 (or age 62, if the participant has 25 or more Years of Vesting Service) 

when Disability Retirement Benefits begin, and will be further reduced to reflect the value of any workers 

compensation benefit the participant receives due to the disability. The following table illustrates the 

effect of the reduction factors: 

Monthly Disability Benefit 

(shown as a % of the Participant's Normal Retirement Benefit) 

Disability Benefit 

Commencement Age 

For Participants with 

10 to 25 Years of Service 

For Participants with 

25 or More Years of Service 

Younger than 30 >10 Years of Service Unlikely 

30 5.47% 

31 5.86% 

32 6.29% 

Document #37

TRPP134-000360
Monthly Disability Benefit 

(shown as a % of the Participant's Normal Retirement Benefit) 

Disability Benefit 

Commencement Age 

For Participants with 

10 to 25 Years of Service 

For Participants with 

25 or More Years of Service 

33 6.74% 

>25 Years of Service Unlikely 

34 7.23% 

35 7.76% 

36 8.33% 

37 8.95% 

38 9.62% 

39 10.35% 

40 11.14% 

41 11.99% 

42 12.92% 17.81% 

43 13.93% 19.21% 

44 15.04% 20.73% 

45 16.24% 22.38% 

46 17.55% 24.20% 

47 18.99% 26.18% 

48 20.57% 28.35% 

49 22.30% 30.74% 

50 24.20% 33.36% 

51 26.30% 36.25% 

52 28.61% 39.44% 

53 31.16% 42.96% 

54 34.00% Eligible for Early Retirement 

55 or Older Eligible for Early Retirement Eligible for Early Retirement 

If there are any associated workers compensation payments, the amount of the Disability Retirement 

Benefit will be further reduced to reflect the value of those payments. 

EXAMPLE 

Jack was Totally and Permanently Disabled at age 40 with 10 Years of Vesting Service. Jack also has an 

accrued monthly benefit of $500.00 payable at age 65. However, his monthly Disability Retirement 

Benefit payable beginning at age 40 will be $55.70 (11.14% of $500.00) to reflect the reduction factors 

for the 25 years he is younger than age 65 when his Disability Retirement Benefits begin. If there are any 

associated workers compensation payments, this amount will be further reduced to reflect the value of 

those payments. 

How long will I receive my disability retirement benefits? 

Your monthly Disability Retirement Benefit will be paid until (1) you die; (2) you reach age 54 with 25 or 

more Years of Vesting Service or age 55 with at least five but less than 25 Years of Vesting Service; or 

(3) you are no longer Totally and Permanently Disabled, whichever occurs first. 

However, your Disability Retirement Benefit will terminate before that date if the Social Security 

Administration determines that you are no longer eligible for a Social Security disability benefit. 

Document #37

TRPP134-000361
If I am receiving Disability Retirement Benefits, what happens when I reach Early Retirement Age? 

When you reach your Early Retirement Age, your Disability Retirement Benefits stop and you will begin 

receiving an Early Retirement Benefit paid in the form you have selected. 

SURVIVING SPOUSE BENEFITS AND DEATH BENEFITS 

If I die and am survived by my spouse, are any benefits payable? 

If at the time you die you have at least five Years of Vesting Service, a Pre-Retirement Death Benefit is 

payable to your surviving spouse. 

If I am vested at the time of my death, what benefit will my surviving spouse receive? 

a) If you have at least five Years of Vesting Service at the time of your death but are not yet eligible 

for Normal or Early Retirement Benefits, your surviving spouse will receive a benefit beginning 

on the date you would have become eligible to begin receiving Normal or Early Retirement 

Benefits if you had lived. The amount of this benefit will be equal to the survivorship portion of 

the 50% Joint and Survivor Benefit your spouse would have been entitled to if you retired under 

the Normal or Early Retirement provisions of the Plan and then immediately died. 

b) If you are eligible for Normal or Early retirement benefits at the time of your death, but have not 

started receiving them, your surviving spouse will receive a monthly benefit equal to the 

survivorship portion of the 50% Joint and Survivor Benefit commencing as of the first day of the 

month following your death. 

If I am a disability retiree at the time of my death, what benefit will my surviving spouse receive? 

Your surviving spouse's right to benefits will be the same as if you were an active participant at the time 

of your death. 

If I am a former participant at the time of my death, what benefit will my surviving spouse receive? 

Your surviving spouse's benefit will be calculated just as though you were an active participant. 

If I die while vested, but before my benefit payments have started, and I am not married, are any 

benefits payable upon my death? 

No. Effective for deaths on or after January 1, 2010, there is no benefit payable to a beneficiary other than 

a surviving spouse. 

If I die while receiving benefits under the Life-Five Year Certain form of payment or the Life-Ten Year 

Certain form of payment, and my beneficiary then dies before five (or ten) years of benefits have been 

paid, are any additional benefits payable? 

If this happens, the remaining monthly payments would continue to be paid to the estate of your 

beneficiary until the payment of the five (or ten) years of benefits is completed. 

DEFERRED VESTED BENEFITS 

How is the amount in which I am vested determined? 

When you have earned five Years of Vesting Service, you are 100% vested in a benefit calculated in the 

Straight Life Annuity Benefit form of payment at normal retirement age. For more detail, see the Section 

entitled Participation, Crediting, Vesting and Separation and the answer to the question What is a "Year 

of Vesting Service?" 

Document #37

TRPP134-000362
The benefit amount in which you are vested varies according to the amount of any past service benefit 

you may have earned for service before May 1, 1962 and the amount of employer contributions with 

which you are credited, based on the formula and eligibility requirements in effect at the time you became 

a former participant. 

When will I receive the benefits in which I am vested? 

You will be eligible for a monthly benefit payable when you reach age 65. The benefit will be governed 

by the Normal Retirement Benefit provisions of the Plan. 

At your option, you will be eligible to begin receiving a monthly benefit when you reach age 55. The 

benefit will be governed by the Early Retirement Benefit provisions of the Plan and may be appropriately 

reduced depending upon your age and number of Years of Vesting Service at early retirement. 

In both instances, your vested benefit is calculated in the Straight Life Annuity form of payment. If you 

are married at retirement, your benefit will be reduced and automatically paid under the 50% Joint and 

Survivor Benefit form, unless you choose, with the written consent of your spouse if necessary, one of the 

other optional forms. 

QUALIFIED DOMESTIC RELATIONS ORDERS 

If I divorce or am legally separated, will my former spouse or my dependents be entitled to any of my 

pension benefits? 

Perhaps. A Court may issue an order which, if it meets certain standards, would be a Qua1ified Domestic 

Relations Order ("QDRO") and could assign a portion of your pension benefits to your spouse, former 

spouse, child or other dependent. A QDRO is any order or judgment entered in your divorce, separation, 

custody, maternity or paternity case that clearly identifies the Plan and the benefits assigned and meets 

other requirements of federal law. A QDRO also may be an order or judgment entered to enforce your 

support obligations. A QDRO may, for example, assign to your former spouse a portion of your monthly 

benefit and/or provide for payment of surviving spouse benefits after your death. 

When the order or judgment is filed with the P1an, the Plan's attorney will decide whether the divorce 

and/or separation documents are a QDRO, and, if so, what portion of your benefits have been assigned to 

your spouse, former spouse, child or dependent. You will be sent a letter which will tell you whether your 

divorce and/or separation documents are a QDRO and describe the benefits assigned. You may obtain a 

copy of the Plan's procedures concerning QDROs by contacting the Fund Office. You may also obtain a 

sample QDRO through the Fund Office for assisting your attorney in expediently and efficiently drafting 

an order compliant with the Plan's procedures. 

VETERANS REEMPLOYMENT 

Will I be credited for time I spend in military service? 

Federal law clarifies the rights of individuals who leave the trade, serve in the military and then return to 

covered employment. The following rules apply to individuals who are released from military service 

after December 12, 1994. If you were released from military service before December 13, 1994, you 

should remember to indicate to the Fund Office that you served in the military before December 13, 1994. 

An earlier federal law may require the Plan to provide you with service for some or all of your time in the 

military. 

Document #37

TRPP134-000363
Your Responsibilities 

To protect your rights under the Plan, you must leave the jurisdiction of the Plan for service in the 

uniformed military service before you have a Break in Service and you must notify your employer (or the 

Fund Office) before you leave. The notification requirement is excused by federal law if you could not 

give advance notice because of military necessity or if giving the advance notice was impossible or 

unreasonable. 

To further protect your rights under the Plan, you must apply for work with a contributing employer 

within a certain period of time after you are released from military service under honorable conditions. 

The time period during which you must apply depends on how long you served in the military, as follows: 

If the period of your Military Service: The deadline for you to apply for work is: 

Lasted less than 31 days 

Lasted for more than 180 days Within 90 days after military service. 

Consisted solely of a physical or medical 

examination to verify fitness 

Lasted more than 30 days but less than 

181 days 

Ends while the participant is hospitalized 

or convalescing from an injury or illness 

incurred in military service 

By the beginning of the next regular work period. 

By the beginning of the next regular scheduled work period 

on a day following completion of military service, and at 

least eight hours after the period needed for the participant 

to return home from the place of military service. 

Within 14 days after completion of military service. 

After the participant has recovered, but not more than two 

years after the injury or illness. 

You must then notify the Fund Office in writing no later than 120 days after this deadline for applying for 

work with a contributing employer. The Fund Office will request you to provide written documentation 

regarding your military service. 

If you die while performing your military service, you will be entitled to any additional benefits (other 

than benefit accrual), including eligibility for any preretirement death benefit, as if you returned to 

covered employment and terminated employment on account of death. 

The Plan's Responsibilities 

If you have satisfied the requirements for protecting your rights as a veteran and have provided the Fund 

Office with the documentation it requests to verify your military service, you will receive credit for 

eligibility, vesting and benefits under the Plan, although benefit service will be limited to a maximum of 

five years and reduced by previous periods of military service. Generally speaking, your benefits will be 

based on the number of hours you worked during the 12-month period that immediately preceded your 

entry into military service. 

For purposes of federal law, your military service may be with the Armed Forces of the United States, the 

Army National Guard or the Air National Guard when engaged in active duty for training, inactive duty 

training or full-time National Guard duty, the Commissioned Corps of the Public Health Service and any 

other category designated by the President in time of war or emergency. "Service" means the performance 

Document #37

TRPP134-000364
of duty on a voluntary or involuntary basis, including active duty, active duty for training, initial active 

duty for training, inactive duty training, full-time National Guard duty, and a period for which you are 

absent from employment for a physical examination to determine your ability to perform military service. 

CLAIMS, APPEALS AND OTHER MATTERS 

How is a claim for benefits made? 

Whenever you wish to apply for benefits under the Plan, you should complete an application form 

approved by the Trustees. Copies of these forms can be obtained through the Fund Office, 7142 

Nightingale, Suite 1, Holland, Ohio 43528, (419) 248-2401, or your local union. 

Any questions you may have concerning the completion or submission of an application form can be

answered by inquiring at the Fund Office. 

In order to allow sufficient time to process your retirement application, it is suggested that you file your 

application well before the date on which you plan to retire. If you are married, you and your spouse may 

have some decisions to make regarding the form of your retirement benefit. Those decisions must, by law, 

be made within certain time periods. 

If your claim for a benefit is denied in whole or in part, you (your beneficiary in the case of a death 

benefit) or the authorized representative will be notified in writing with details spelled out clearly, 

including: 

 the specific reason or reasons for the denial; 

 specific references to the Plan provisions on which the denial is made; 

 a description of any additional material or information needed to perfect the claim and an 

explanation of why that material or information is needed; and 

 an explanation of the procedure for appealing the denial of the claim. 

The written explanation will normally be provided within 90 days after the claim is filed. However, if 

special circumstances require, the Board of Trustees may take up to an additional 90 days to notify you of 

its decision. The Board will notify you of this extension and the reason for the delay before the end of the 

initial 90-day period. 

If my claim is denied, may I appeal? 

Yes. Just write the reason you think the decision is wrong and mail or deliver your appeal to the Fund 

Office. No particular form is necessary, just be sure that it states your position clearly. The following 

rules apply to appeals of denied claims: 

(1) You will have 60 days following receipt of a notice of a denial of benefits within which 

to appeal the denial; 

(2) You will have the opportunity to submit written comments, documents, records and other 

information relating to the claim for benefits; 

(3) You will be provided, upon request and free of charge, reasonable access to, and copies 

of, all documents, records, and other information relevant to your claim for benefits. 

Document #37

TRPP134-000365
(4) The review on appeal will take into account all comments, documents, records, and other 

information submitted by you relating to the claim, without regard to whether that 

information was submitted or considered in connection with the claim denial. 

(5) The Board of Trustees may (but is not required to) hold a hearing at which you will be 

entitled to present the basis of your claims for review and at which you may be 

represented by an attorney. 

(6) The Board of Trustees will decide the appeal no later than the date of the meeting of the 

Board of Trustees that immediately follows the receipt by the Fund Office of a request 

for review, unless the request for review is filed 30 days or less before the date of such 

meeting. In that case, a decision may be made by no later than the date of the second 

meeting following the receipt by the Fund Office of the request for review. If special 

circumstances (such as the need to hold a hearing) require a further extension of time for 

processing, the appeal will be decided not later than the third meeting of the Board of 

Trustees following the receipt by the Fund Office of the request for review. If such an 

extension of time for review is required because of special circumstances, the Fund 

Office will provide you with written notice of the extension, describing the special 

circumstances and the date as of which the benefit determination will be made, prior to 

the commencement of the extension. The Plan Administrator will notify you of the 

benefit determination as soon as possible, but not later than five days after the benefit 

determination is made. 

(7) The Fund Office will provide you with the results of your appeal. If your appeal is 

denied, the notice will: 

(a) indicate the specific reason or reasons for the denial; 

(b) refer to the specific Plan provisions on which the benefit denial is based; 

(c) contain a statement that the you are entitled to receive, upon request and free of 

charge, reasonable access to, and copies of, all documents, records, and other 

relevant information relevant, to your claim for benefits; and 

(d) contain a statement of your right to bring an action under Section 502(a) of 

ERISA. 

Can I assign, pledge or sell my right to benefits? 

Generally speaking, your benefits cannot be assigned, pledged or sold to anyone, or used as security for a 

loan. One exception, called a Qualified Domestic Relations Order (QDRO) by federal law, is a court 

order dealing with divorce, alimony or child support which is determined by the Trustees to meet the 

requirement of the federal law. See Page ___. 

How could the Plan be amended or terminated? 

The Board of Trustees has the right to amend the Plan or to terminate the Plan, in whole or in part, in the 

event the Plan becomes insolvent. If amendments are made, you will be told about them. 

Document #37

TRPP134-000366
What happens if the Plan terminates? 

If the Plan should terminate, the Trustees must (1) make provision for the payments of any and all debts 

and obligations of the Plan, including benefits, (2) arrange for a final audit and financial report and (3) 

give the notices required by law and file any reports which may be due. 

At present, what happens if the Plan terminates wholly or partially is governed by federal law, which 

requires under certain circumstances that benefits, even vested and accrued benefits, be reduced. 

Upon termination, the value of the vested benefits and the value of the assets of the Plan must be 

calculated. If the value of the vested benefits is greater than the value of the assets, then the vested 

benefits must be reduced accordingly. 

In addition, the accrued benefits which are not vested must also be reduced to the level at which they are 

insured by the Pension Benefit Guaranty Corporation. 

Are my benefits insured? 

Your benefits are not provided by an insurance company but are paid directly from the Plan. 

However, in order to protect your pension benefits under this Plan, they are insured by the Pension 

Benefit Guaranty Corporation ("PBGC"), a federal insurance agency. A multiemployer plan is a 

collectively bargained pension agreement involving two or more unrelated employers, usually in a 

common industry. 

Under the multiemployer plan program, the PBGC provides financial assistance through loans to plans 

that are insolvent. A multiemployer plan is considered insolvent if the plan is unable to pay benefits (at 

least equal to the PBGC's guaranteed benefit limit) when due. 

The maximum benefit that the PBGC guarantees is set by law. Under the multiemployer program, the 

PBGC guarantee equals a participant's years of service multiplied by (1) 100% of the first $11 of the 

monthly benefit accrual rate and (2) 75% of the next $33. The PBGC's maximum guarantee limit is 

$35.75 per month times a participant's years of service. For example, the maximum annual guarantee for a 

retiree with 30 years of service would be $12,870. 

The PBGC guarantee generally covers: (1) normal and early retirement benefits; (2) disability benefits if 

you become disabled before the plan becomes insolvent; and (3) certain benefits for your survivors. 

The PBGC guarantee generally does not cover (1) benefits greater than the maximum guaranteed amount 

set by law; (2) benefit increases and new benefits based on plan provisions that have been in place for 

fewer than five years at the earlier of (i) The date the plan terminates or (ii) the time the plan becomes 

insolvent; (3) benefits that are not vested because you have not worked long enough; (4) benefits for 

which you have not met all of the requirements at the time the plan becomes insolvent; and (5) nonpension benefits, such as health insurance, life insurance, certain death benefits, vacation pay, and 

severance pay. 

For more information about the PBGC and the benefits it guarantees, ask the Plan Administrator or 

contact the PBGC's Technical Assistance Division, 1200 K Street N.W., Suite 930, Washington, D.C. 

20005-4026 or call (202) 326-4000 (not a toll-free number). TTY/TDD users may call the federal relay 

service toll-free at (800) 877-8339 and ask to be connected to (202) 326-4000. Additional information 

Document #37

TRPP134-000367
about the PBGC's pension insurance program is available through the PBGC's website on the Internet at 

http://www.pbgc.gov. 

=========================================================================== 

Only the Board of Trustees and/or its authorized agents are empowered to interpret the Plan of 

benefits described in this booklet. No employer, union, or any representative of an employer or 

union is authorized to interpret the Plan on behalf of the Board of Trustees, nor can any such 

person or entity act as an agent of the Board of Trustees. 

=========================================================================== 

Document #37

TRPP134-000368
Toledo Roofers Local No. 134 Pension Plan 

7142 Nightingale, Suite 1 

Holland, Ohio 43528 

Phone: (419) 248-2401 

NOTICE TO PARTICIPANTS 

SUMMARY OF MATERIAL MODIFICATIONS TO DISABILITY BENEFITS 

Please be advised that the Board of Trustees amended the Toledo Roofers Local No. 134 

Pension Plan (the “Plan”) effective as of August 7, 2017. The change is as follows: 

The Plan will no longer provide Disability Retirement Benefits for total and 

permanent disabilities incurred on or after August 8, 2017. If you are 

currently receiving disability benefit payments, this change will not affect you, 

and you will continue to receive your current benefits. 

You should keep a copy of this notice with your Summary Plan Description. 

Sincerely, 

BOARD OF TRUSTEES 

December 29, 2017 

Document #37

TRPP134-000369
Toledo Roofers Local No. 134 Pension Plan 

7142 Nightingale, Suite 1 

Holland, Ohio 43528 

Phone: (419) 248-2401 

NOTICE TO PARTICIPANTS 

SUMMARY OF MATERIAL MODIFICATIONS TO DISABILITY BENEFITS 

SUPPLEMENTAL NOTICE 

This notice is to clarify and supplement the previous Summary of Material Modifications 

previously sent to you regarding changes to the Disability Benefit provisions of the Toledo 

Roofers Local No. 134 Pension Plan (the “Plan”). 

Please be advised that the Board of Trustees amended the Toledo Roofers Local No. 134 

Pension Plan (the “Plan”) effective as of August 7, 2017. The change is as follows: 

The Plan will no longer provide Disability Retirement Benefits. If you are 

currently receiving disability benefit payments, or if you incurred a total and 

permanent disability AND filed an application for Disability Benefits with the 

Plan prior to August 8, 2017, this change will not affect you, and you will 

continue to receive your current benefits. 

You should keep a copy of this notice with your Summary Plan Description. 

Sincerely, 

BOARD OF TRUSTEES 

March 19, 2018 

Document #37

TRPP134-000370
TOLEDO ROOFERS LOCAL NO. 134 PENSION PLAN 

IMPORTANT NOTICE 

The Board of Trustees of the Toledo Roofers Local No. 134 Pension Plan ("Plan") is committed to 

assuring the security of your pension benefits. In light of this commitment to protecting your benefits, it 

has become necessary to make changes as of July 1, 2018. This notice is meant to describe these 

changes, and how it may affect benefits. 

PLEASE NOTE: Benefits already in or commencing pay status on 

July 1, 2018 will not be affected by the changes described in this 

notice. 

EARLY RETIREMENT REDUCTIONS 

Under current Plan provisions, the retirement benefit amount for participants with less than 25 years of 

service is an actuarially equivalent reduction applied based on the number of years prior to age 65 when 

retirement benefits commence. The retirement benefit amount for participants with 25 or more years of 

service is reduced by factors based on the number of years prior to age 62 when retirement benefits 

commence (3% per year from age 62 to 59 plus 6% from age 59 to age 54). The following table 

illustrates the current reduction factors: 

TABLE #1 – Retirements with benefits commencing on or before July 1, 2018 

Monthly Early Retirement Benefit 

(shown as a % of the Participant’s Normal Retirement Benefit) 

Retirement Benefit 

Commencement Age 

For Participants with 

5 to 25 Years of Service 

For Participants with 

25 or More Years of Service 

Younger than 54 Not Eligible Not Eligible 

54 Not Eligible 61% 

55 37.14% 67% 

56 40.64% 73% 

57 44.54% 79% 

58 48.91% 85% 

59 53.80% 91% 

60 59.31% 94% 

61 65.52% 97% 

62 72.54% 100% 

63 80.52% 100% 

64 89.61% 100% 

65 100.00% 100% 

Document #37

1 

TRPP134-000371
Effective for retirements that commence payment after July 1, 2018, all retirement benefit 

amounts shall be reduced by factors based on the number of years prior to age 65 when 

retirement benefits commence regardless of the Participants' years of service. 

Table #2 – Retirements with benefits commencing after July 1, 2018 

Monthly Early Retirement Benefit 

(shown as a % of the Participant’s Normal Retirement Benefit) 

Retirement Benefit 

Commencement Age 

For Participants with 

5 to 25 Years of Service 

For Participants with 

25 or More Years of Service 

Younger than 54 Not Eligible Not Eligible 

54 Not Eligible 34.00% 

55 37.14% 37.14% 

56 40.64% 40.64% 

57 44.54% 44.54% 

58 48.91% 48.91% 

59 53.80% 53.80% 

60 59.31% 59.31% 

61 65.52% 65.52% 

62 72.54% 72.54% 

63 80.52% 80.52% 

64 89.61% 89.61% 

65 100.00% 100.00% 

Example of how this change may affect benefit amounts: 

John retired prior to July 1, 2018 at age 55 with 25 years of service. John had an 

accrued monthly benefit of $500.00 payable at age 65. His monthly benefit payable at 

age 55 was $335.00 (67% of $500.00) to reflect the 10 years he was younger than age 65 

when his benefits began and consistent with the applicable table #1. 

Jack was not eligible to retire on or before July 1, 2018. At some point after July 1, 

2018, Jack retires at age 55 with 25 years of service. Jack also has an accrued monthly 

benefit of $500.00 payable at age 65. However, his monthly benefit at age 55 will be 

$185.70 (37.14% of $500.00) to reflect the new reduction factors for the 10 years he is 

younger than age 65 when his benefits begin and consistent with table #2. 

Please keep this notice with your current Summary Plan Description for future reference. If you have 

questions after reading this Notice, please contact the Fund Office. 

Board of Trustees 

May 31, 2018 

Document #37

2 

TRPP134-000372
 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #38 – 7.07 Collective Bargaining and Side Agreements 

Does the application include the required excerpts from the relevant collective bargaining 

agreements and side agreements? 

See section 7.07 of Revenue Procedure 2017-43. 

The required excerpts from the relevant collective bargaining agreements and side agreements 

are listed on Document 38.1. 

TRPP134-000373
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #38 – 7.07 Collective Bargaining and Side Agreements 

Document 38.1 

Excerpts from Collective Bargaining Agreements 

I. October 1994 Agreement between Local Union No. 134 of the United Union of 

Roofers, Waterproofers and Allied Workers and the Board of Trustees of the Toledo 

Roofers Local No. 134 Pension Plan. 

1. The Local hereby agrees to be bound by the terms and conditions of the current 

Bargaining Agreement to the extent they relate to the Plan, including all renewals, 

extensions and renegotiated provisions thereof. 

2. The Local hereby acknowledges that it is a party to the Amended Agreement and 

Declaration of Trust ("Trust Agreement") and all amendments thereto. 

3. The Local hereby designates as its representatives on the Board of Trustees of the 

Plan the employer trustees, together with their successors selected in the manner 

provided in the Trust Agreement. Furthermore, the Local hereby irrevocably waives 

and relinquishes any right to have any designee of the Local serve as an employer 

trustee at any time in the future. 

4. The Local agrees to make contributions to the Plan on behalf of its employees who 

have satisfied the eligibility requirements of the Plan and who are former members 

of the Bargaining Unit, in the amounts specified in the Bargaining Agreement. 

II. July 2017 Agreement between Toledo Area Roofing Contractors Association, Inc. and 

Local Union No. 134 of the United Union of Roofers, Waterproofers and Allied 

Workers. 

ARTICLE X 

FRINGE BENEFITS 

(69) General 

1. The fringe benefit provisions contained in Article X of this Agreement shall 

apply to all Employer members of the Association, as herein before defined, 

all Employers who become signatory or bound by this Agreement and all 

other Employers or Employer groups who become a party to an Agreement 

relating to the fringe benefit programs described herein. 

2. All Employers referred to in paragraph (69-1) of this Article (all of which 

Employers are hereinafter referred to as "Participating Employers") who are 

Document #38.1 

TRPP134-000374
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #38 – 7.07 Collective Bargaining and Side Agreements 

party to and bound by this Agreement acknowledge, accept and agree to be 

bound by the Agreement and Declaration of Trust, as hereinbefore and/or 

hereafter amended, establishing the: 

(a) Union Construction Worker Health Plan (labelled as "H&W" on the 

wage sheet); 

(b) Toledo Roofers Local No. 134 Pension Plan (labelled as "Pension" on 

the wage sheet); 

(c) Roofers Joint Apprenticeship Fund (labelled as "A&A" on the wage 

sheet); 

(d) Contractors Administrative Fund (labelled as "C.A.F." on the wage 

sheet); 

(e) Medical Reimbursement/Savings Account (labelled as "PAP" on the 

wage sheet); 

(f) Roofers and Waterproofers Research and Education Joint Trust Fund, 

also known as the International Training and Education Fund (labelled 

as "REF" on the wage sheet); and 

(g) National Roofing Industry Pension Plan (labelled as "NRIPP" on the 

wage sheet). 

And acknowledge, accept and agree to be bound by the Plan and Plan 

documents of each said employee benefit plan. The Participating Employers 

and the Union further acknowledge and agree that the Trustees shall have 

the sole and exclusive authority to determine the rules of eligibility to 

participate in said Plans and the benefits and coverages to be provided 

therein. No person shall have a vested right to participate in any Plan or to 

receive any benefits or coverage from any Plan except as expressly stated 

therein. The Participating Employers acknowledge and agree that copies of 

the Trust Agreements, Plans and Plan documents have been made available 

to them at the Northwestern Ohio Administrators, Inc. office for their review 

and inspection prior to the execution of this Agreement and shall be 

available to them during the term of this Agreement. 

3. All Participating Employers who are party to and bound by this Agreement 

shall be bound by the terms, provisions and conditions of all Rules, 

Regulations and Resolutions and amendments thereto promulgated by the 

Trustees of the aforesaid employee benefit plans in accordance with the 

aforesaid Trust Agreements, whether currently existing or promulgated 

during the term of this Agreement. 

4. All Participating Employers who are party to and bound by this Agreement 

hereby accept the designation of the Employer Trustees of all of said 

Document #38.1 

TRPP134-000375
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #38 – 7.07 Collective Bargaining and Side Agreements 

employee benefit plans and any successor Trustees appointed by the 

Association in accordance with the provisions of the Trust Agreements. 

(70) Contributions 

The Participating Employers shall contribute to each and every employee benefit plan 

(or to the successor of any of said plans) for all employees of each such Participating 

Employer who are members of a collective bargaining unit represented by the Union 

(whether or not the employees are members of the Union) as follows: 

(a) Union Construction Worker's Health Plan according to the wage sheet in Addendum 

A for every hour worked; 

(b) Local 134 Roofers Pension Plan and Trust according to the wage sheet in Addendum 

A for each hour worked; 

(c) Roofers Administration and Apprenticeship according to the wage sheet in 

Addendum A for each hour worked; 

(d) Contractors Administrative Fund according to the wage sheet in Addendum A for 

every hour worked; 

(e) Medical Reimbursement Savings Account or PAP according to the wage sheet in 

Addendum A for each hour worked; 

(f) National Roofing Industry Pension Plan according to the wage sheet in Addendum A 

for every hour worked; 

(g) Research and Education Fund (International Training and Education Fund) 

(1) There has been established a Trust Fund known as the Roofers and 

Waterproofers Research and Education Joint Trust Fund (referred to as the 

"Fund"). 

(2) Effective on the undersigned date of execution, the Employer agrees to pay 

to the Fund the sum of Three Cents ($.03) per hour earned for each 

bargaining unit employee covered by and working under this agreement for 

each hour or part thereof paid. The obligation to contribute shall continue 

during any period when a new collective bargaining agreement is being 

negotiated. 

Document #38.1 

TRPP134-000376
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #38 – 7.07 Collective Bargaining and Side Agreements 

(3) The payments referred to in Section 2 above shall be made on or before the 

15th day of the month following the month in which the payment 

determining the contribution was made or such other time(s) as shall be 

from time to time determined by the Trustees of the Fund. 

(4) The Employer agrees to be bound by the Agreement and Declaration of Trust 

creating the Fund and by any future amendments thereto, and hereby 

designates the present Employer Trustees as its representatives on the Board 

of Trustees, together with their successors selected in the manner provided 

in said Agreement and Declaration of Trust, as the same may be amended 

from time to time, and further agrees to be bound by all action taken by said 

Trustees pursuant to said Agreement and Declaration of Trust as amended 

from time to time. 

The Employer agrees to make available to the Trustees or their designee during normal 

business hours all payroll records and other employment records necessary to ascertain 

that contributions required under this Article have been paid correctly and in full. In any 

such case, the Employer will be given at least two (2) weeks advance notice of the date 

on which such records are to be made available. 

Any Employer who does not contribute into any industry promotion or contractor 

administration fund shall pay that amount into the Apprentice Training Trust Fund in 

addition to any other contractual amount payable to the Apprentice Training Fund. 

(73) Time of Payment of Contributions 

1. All Participating Employers shall remit all fringe benefit amounts due and 

owing on or before the Fringe Benefit Payment Date, which is hereby 

established as the 15th day of each calendar month (or the first business day 

thereafter if the 15th is not a business day), for all hours paid in the prior 

calendar month. If the Participating Employer remits his payment by mail and 

the envelope is posted with a postage stamp, if the stamp is cancelled by the 

U.S. Postal Service on or before the 15th day of the month (or the first 

business day thereafter if the 15th is not a business day), it shall be deemed 

to have been paid timely, regardless of the date of actual receipt. If the 

Participating Employer remits his payments by mail and his envelope is 

posted with an office postage meter, the payment must be received by the 

15th day of the month (or the first business day thereafter if the 15th is not a 

business day) to be deemed paid timely. If the Participating Employer causes 

the fringe benefit payments to be delivered to the Fund Office, it shall be 

stamped as to the date and time of receipt, and if it is receipted on or before 

Document #38.1 

TRPP134-000377
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #38 – 7.07 Collective Bargaining and Side Agreements 

the 15th day of the month (or the first business day thereafter if the 15th is 

not a business day), it shall be deemed timely paid. 

2. An Employer who is more than thirty (30) days delinquent in the timely 

remittance of fringe benefit payments shall be placed on a weekly payment 

schedule. Weekly contributions and all deductions are due on the same day 

of the week that payroll checks are issued to employees. This shall not be 

later than four (4) days after the close of the payroll week. The Employer 

shall remain on weekly pay status until all delinquency amounts and assessed 

liquidated damages have been paid. An Employer who has been placed on 

weekly payment of fringe benefits and fails to timely remit its weekly 

payment shall have its employees withdrawn until such time as said 

Employer has paid all delinquencies and assessed liquidated damages. 

3. If a Participating Employer has not remitted the total fringe benefit and 

payroll deductions due and owing to any Plan or Fund collected by the 

Northwestern Ohio Administrators, Inc. (NOA) and filed the official reporting 

forms by the Fringe Benefit Payment Date as aforesaid, the said Employer 

shall be liable to the Trustees of each employee benefit plan as to which the 

said Employer is in default for liquidated damages in such amount as shall be 

established by the Trustees of each such Plan by a promulgation of Rules and 

Regulations establishing and revising the liquidated damage charges and any 

terms, conditions and provisions thereof in advance of the enforcement's 

thereof; but by acceptance and participation in this Agreement, all 

Participating Employers shall be bound by such promulgations on and after 

their effective dates. 

4. If a Participating Employer is in violation of the provisions of paragraph (73) 

hereof, in addition to the provisions thereof, the Participating Employer shall 

be liable to the Trustees of each said employee benefit plan as to which said 

Employer is delinquent or in default for reasonable attorney fees in any court 

of law, arbitration proceedings, or federal or state administrative agency 

costs actually expended by the Trustees, Union or Association. Unless such 

Trustee, Union or Association have acted to the contrary with the provisions 

of this Agreement, the Rules and Regulations for Liquidated Damages 

adopted by the Trustees of the NOA, Inc. shall be applicable to all monies 

collected under this Bargaining Agreement by the NOA or any successor 

depository collection agency. 

5. In the event any Employer is delinquent in any payment to be paid into the 

NOA office, and after being advised in writing by the Union of the 

delinquency fails to remove said delinquency within twenty-four (24) hours, 

Document #38.1 

TRPP134-000378
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #38 – 7.07 Collective Bargaining and Side Agreements 

the Union shall not be bound by any grievance procedure herein or 

requirement to refrain from striking and shall be free to take any and all legal 

or economic actions necessary to make sure said delinquency is eliminated. 

6. Contributions shall not be duplicated. 

(77) GENERAL 

1. In the event any employee benefit plan provided for in this Agreement and 

paid for by Participating Employer contributions is reduced or eliminated 

because of governmental action, the net savings, if any, to said Employer 

attributable to said governmental action shall be paid to the employee as 

wages computed as an increase in the hourly rate of pay. The increase, if any, 

shall be effective as of the first day the governmental action is effective. Net 

savings is hereby defined to be the difference between the cost of the 

Participating Employer's contribution to Health and Welfare or Pension as 

the case may be, and the total cost to the Employer of the governmental 

program which caused the reduction in or elimination of the Health and 

Welfare program or Pension program, as the case may be. The Health and 

Welfare Maintenance Program funds shall, in the event of governmental 

action, always revert to the Participating Employer. Any savings caused by 

governmental action shall be distributed in inverse order as paid. 

2. If the federal government institutes wage controls in any form and any 

portion of this Collective Bargaining Agreement is deferred or cut back, the 

parties shall meet promptly; and if the action of the federal government 

which caused the deferral or cut back makes it legally permissible to do so, 

the parties shall attempt to reallocate the monetary equivalent of the 

deferred or cutback wages or benefits in a manner that complies legally with 

the action of the federal government. 

3. If it is not legally permissible to reallocate the deferred or cut back portion, 

the Employer shall commence paying the wage and/or benefit rate that was 

deferred or cut back when and if it becomes legally permissible to do so. 

4. To the fullest extent permitted by law, it is acknowledged and agreed by the 

parties that upon the making of all contributions required of them by this 

Agreement, Participating Employers shall have no other or further obligation 

or responsibility to pay for, provide or otherwise fund any fringe benefits; it 

being the acknowledged intention of all parties that benefits from all 

employee benefit plans shall be limited to those which can be financed from 

the respective Trust Funds. The Participating Employers shall not be liable or 

Document #38.1 

TRPP134-000379
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #38 – 7.07 Collective Bargaining and Side Agreements 

responsible for the failure of the Trustees to secure, pay or provide the 

benefits contemplated in the employee benefit plans for any participant or 

beneficiary. The obligation of the Participating Employers shall be and is 

hereby expressly limited to the payment of contributions to the Trust Funds 

and no more. If at any time any of the employee fringe benefit Trust Funds 

shall not be sufficient to pay out and provide all of the benefits provided for 

in the employee benefit plans, the Trustees shall take such action as may be 

necessary and desirable in connection with the reduction of the then existing 

benefits so that the cost of the benefits shall not be greater than that which 

can be paid from the Trust Fund. Without limiting the generality of the 

foregoing, it is expressly acknowledged and agreed that the Participating 

Employer shall have no responsibility or obligation to increase its 

contributions to the Trust Fund beyond that otherwise expressly provided for 

herein. It is expressly acknowledged, understood and agreed that the 

Participating Employer does not guarantee any benefits to any participant or 

beneficiary; the obligation and responsibility of the Participating Employer 

being expressly limited to its obligation to make agreed contributions into 

the Trust Fund. 

5. In the event the parties hereto desire to alter the allocation of funds from 

the overall economic wage package negotiated by the parties and reflected 

in this Agreement, to increase or decrease the amount of money being 

contributed to any or all of the existing employee benefit plans or 

deductions, they may do so upon the express conditions precedent that: 

(a) The Trustees of any plan affected acknowledge and agree in writing; 

and 

(b) The Union shall have the right to make changes in the deductions for 

Health and Welfare and Pension contributions and any such change 

shall amend this Agreement and become effective upon the date 

requested by the Union, provided the Employer is given a 30-day 

notice of such change. If the Union should decide to change its 

Vacation Plan deduction or dues deduction, changes shall become 

effective upon the date requested by the Union, provided the 

Employer is given a 30-day notice. 

[The wage sheets applicable to the Collective Bargaining Agreement provisions in II. above 

immediately follow.] 

Document #38.1 

TRPP134-000380
 

 

 

 

Base Rate $27.01 

H&W $7.05 

Pension $9.65 

NRIPP $1.00 

A&A $0.42 

C.A.F. $0.30 

PAP $1.65 

REF $0.03 

Total 47.11 

Package 

Apprentice Category 

ROOFERS U NION LOCAL 134 

4652 Lewis Aven ue. Toledo Ohio 43612 

Phone (419)478-3785 Fax (419)478-1201 

Helpers Probationa!}' Yardmen 

Helpers 

$14.86 $14.86 $14.86 

$7.05 $7.05 

$4.22 $2.70 $9.65 

$1.00 $1.00 $1.00 

$0.42 $0.42 $0.42 

$0.30 $0.30 $0.30 

* $1.65 

$0.03 $0.03 $0.03 

$27.88 $19.31 $34.96 

* Fringes same as a Tradesman 

Tradesman 

$ 22.96 

$7.05 

$9.65 

$1.00 

$0.42 

$0.30 

$1.10 

$0.03 

$42.51 

Wages 1'' Period- $15.53 (57.5%) 

4th Period - $17.56 (55.0%) 

2nd Period - $16.21 (60.0%) 

5th Period - $18.23 (67.5%) 

3'

d Period - $15.88 (62.5%) 

6th Period - $18.91 (70.0%) 

* The PAP rate is added to H&W on the Fringe Summary Sheet. 

Deductions: 

International Working Dues= 13 Cents per Hour. 

Building Fund = 27 Cents per Hour 

TCF = 17 Cents per Hour 

Dues -4.5% of Gross Wages 

Foreman Rate: 13.5% of Base Rate Premium 

Probationary Helpers : Hired prior to June 30 2015 are receive healthca re benefit s after 1000 hours. 

Probationary Helpers: Hired after to July 1 2015 are receive healthcare benefits after 1500 hours. 

REF= $0.03 Research and Education Fund (Fringe)- is to be paid with NRIPP $.50 + $0.03= $0.53 total. 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #38 – 7.07 Collective Bargaining and Side Agreements 

Document #38.1 

TRPP134-000381
 

 

 

 

Old Rate New Rate Change 

Journeyman {100%) 

Base Rate $26.41 $27.01 $0.60 

H&W $6.90 $7.05 $0.15 

Pension $9.65 $9.65 $0.00 

NRIPP $0.50 $1.00 $0.50 

A&A $0.42 $0.42 $0.00 

CAF $0.30 $0.30 $0.00 

PAP $1.65 $1.65 $0.00 

REF $0.03 $0.03 $0.00 

Total Package $45.86 $47.11 $1.25 

Helpers (55%) 

Base Rate (55%) $14.53 $14.86 $0.33 

H&W $6.90 $7.05 $0.15 

Pension $4.22 $4.22 $0.00 

NRIPP $0.50 $1.00 $0.50 

A&A $0.42 $0.42 $0.00 

CAF $0.30 $0.30 $0.00 

PAP $0.00 $0.00 $0.00 

REF $0.03 $0.03 $0.00 

Total Package $26.90 $27.88 $0.98 

Probationary Helpers {55%} 

Base Rate $14.53 $14.86 $0.33 

H&W $0.00 $0.00 $0.00 

Pension $2.70 $2.70 $0.00 

NRIPP $0.50 $1.00 $0.50 

A&A $0.42 $0.42 $0.00 

CAF $0.30 $0.30 $0.00 

PAP $0.00 $0.00 $0.00 

REF $0.03 $0.03 $0.00 

Total Package $18.48 $19.31 $0.83 

Yardman {55%) 

Base Rate $14.53 $14.86 $0.33 

H&W $6.90 $7.05 $0.15 

Pension $9.65 $9.65 $0.00 

NRIPP $0.50 $1.00 $0.50 

A&A $0.42 $0.42 $0.00 

CAF $0.30 $0.30 $0.00 

PAP $1.65 $1.65 $0.00 

REF $0.03 $0.03 $0.00 

Total Package $33.98 $34.96 $0.98 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #38 – 7.07 Collective Bargaining and Side Agreements 

Document #38.1 

TRPP134-000382
 

 

 

 

(85%} 

Base Rate $22.45 $22.96 $0.51 

H&W $6.90 $7.05 $0.15 

Pension $9.65 $9.65 $0.00 

NRIPP $0.50 $1.00 $0.50 

A&A $0.42 $0.42 $0.00 

CAF $0.30 $0.30 $0.00 

PAP $1.10 $1.10 $0.00 

REF $0.03 $0.03 $0.00 

Total Package $41.35 $42.51 $1.16 

Apprentice II 

**Wages and Fringes Based on Tradesman 

** Appprentice II PAP Based on Percentage of Tradesman PAP 

1ST. PERIOD (57.5o/c OLD NEW CHANGE 

Base Rate $15.19 $15.53 $0.34 

H&W $6.90 $7.05 $0.15 

Pension $9.65 $9.65 $0.00 

NRIPP $0.50 $1.00 $0.50 

A&A $0.42 $0.42 $0.00 

CAF $0.30 $0.30 $0.00 

PAP $1.10 $1.10 $0.00 

REF $0.D3 $0.03 $0.00 

Total Package $34.09 $35.08 $0.99 

2ND PERIOD (60%) OLD NEW CHANGE 

Base Rate $15.85 $16.21 $0.36 

H&W $6.90 $7.05 $0.1S 

Pension $9.65 $9.6S $0.00 

NRIPP $0.SO $1.00 $0.S0 

A&A $0.42 $0.42 $0.00 

CAF $0.30 $0.30 $0.00 

PAP $1.10 $1.10 $0.00 

REF $0.03 $0.03 $0.00 

Total Package $34.75 $35.76 $1.01 

3RD PERIOD (62.5% OLD NEW CHANGE 

Base Rate $16.51 $16.88 $0.37 

H&W $6.90 $7.05 $0.15 

Pension $9.65 $9.65 $0.00 

NRIPP $0.50 $1.00 $0.50 

A&A $0.42 $0.42 $0.00 

CAF $0.30 $0.30 $0.00 

PAP $1.10 $1.10 $0.00 

REF $0.03 $0.03 $0.00 

Total Package $35.41 $36.43 $1.02 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #38 – 7.07 Collective Bargaining and Side Agreements 

Document #38.1 

TRPP134-000383
 

 

 

 

PERIOD (65%) OLD NEW CHANGE 

Base Rate $17.17 $17.56 $0.39 

H&W $6.90 $7.05 $0.15 

Pension $9.65 $9.65 $0.00 

NRIPP $0.50 $1.00 $0.50 

A&A $0.42 $0.42 $0.00 

CAF $0.30 $0.30 $0.00 

PAP $1.10 $1.10 $0.00 

REF $0.03 $0.03 $0.00 

Total Package $36.07 $37.11 $1.04 

5TH PERIOD (67.5% OLD NEW CHANGE 

Base Rate $17.83 $18.23 $0.40 

H&W $6.90 $7.05 $0.15 

Pension $9.65 $9.65 $0.00 

NRIPP $0.50 $1.00 $0.50 

A&A $0.42 $0.42 $0.00 

CAF $0.30 $0.30 $0.00 

PAP $1.10 $1.10 $0.00 

REF $0.03 $0.03 $0.00 

Total Package $36.73 $37.78 $1.05 

6TH PERIOD {70%) OLD NEW CHANGE 

Base Rate $18.49 $18.91 $0.42 

H&W $6.90 $7.05 $0.15 

Pension $9.65 $9.65 $0.00 

NRIPP $0.50 $1.00 $0.50 

A&A $0.42 $0.42 $0.00 

CAF $0.30 $0.30 $0.00 

PAP $1.10 $1.10 $0.00 

$0.03 $0.03 $0.00 

Total Package $37.39 $38.46 $1.07 

Wages and PAP for the Apprentice II category based on a percentage of Tradesman wages and PAP 

1st period 65% , 2nd Perion 75%, 3rd Period 85% 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #38 – 7.07 Collective Bargaining and Side Agreements 

Document #38.1 

TRPP134-000384
 

 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Does the application include the required excerpts from the most recently filed Form 5500? 

See section 7.08 of Revenue Procedure 2017-43. 

The required excerpts from the most recently filed Form 5500 are attached as Document 39.1. 

Document #39.1 

TRPP134-000385
 

 

 

 

Department of lhe Treasuy 

Internal Revenue Service 

Department of Labor 

Employee Benefits Security 

AdminfstraUon 

Pension Benefii Guaranty Corporation 

Annual Return/Report of Employee Benefit Plan 

This form is required to be filed for employee benefit plans under sections 104 

and 4065 of the Employee Retirement Income Security Act of 1974 (ERISA) and 

sections 6057(b) and 6058(a) of the Internal Revenue Code (the Code). 

 complete all entries In accordance with 

the Instructions to the Form 5500. 

Part i I Annual Reoort Identification Information 

For calendar plan year 2016 or fiscal plan year begmnmg 01/01/2016 and ending 12/31/2016 

0MB Nos. 1210-0110 

1210-0069 

2016 

This Form Is Open to Public 

lnsoection 

A This return/report is for: 13] a mulliemployer plan D a multiple-employer plan (Filers checking this box must attach a list of 

D a single-employer plan 

participating employer information in accordance with the form instructions.) 

D a DFE (specify) _ 

8 This return/report is: D the first return/report 0 the final return/report 

0 an amended return/report 

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

D a short plan year return/report (less than 12 months) 

.. .  181 

D Check box if filing under: 18] Form 5558 D automatic extension D the DFVC program 

special extension (enter description) 

· Pait II Basic Plan Information-enter all requested information 

1 a Name of plan 1b Three-digit plan 

TOLEDO ROCFERS LOCAL NO 134 PENSION PLAN number PN  1c Effective date of plan 

05/01/1962 

001 

2a Plan sponsor's name (employer, if for a single-employer plan) 2b Employer Identification 

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

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

BOARD OF TRUSTEES TOLEDO ROOFERS LOCAL NO 134 PENSION 2c 

34-6682179 

Plan Sponsor's telephone 

PO BOX 1330 

HOLLAND, OH 43528-1330 

7142 NIGHTINGALE DR STE 1 

HOLLAND, OH 43528-7822 

2d 

number 

41 9-248-2401 

Business code (see 

instructions) 

238100 

Caution: A p enalty for the late o r incomplete filing of this return/report will be assessed unless reason able cause Is established. 

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

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

Filed with authorized/valid electronic signature. 10/11/2017 MICHAEL KUJAWA 

SI nature of plan administrator Date Enler name of individual si ni as Ian administrator 

Filed with authorized/valid electronic signature. 10/11/2017 FREDERICK CHRISTEN 

Signature of employer/plan sponsor Date Enter name of individual si nin as em lo er or Ian s onsor 

Si nature of DFE Date Enter name of individual si nin as DFE 

Preparers name (including firm name, if applicable) and address (include room or suite number) Preparer's lelephone number 

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

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000386
 

 

 

 

5500 (2016) Page 2 

3a Plan administrator's name and address [81 Same as Plan Sponsor 3b Administrator's EIN 

3c Administrator's telephone 

number 

4 If the name and/or EIN of the plan sponsor has changed since the last return/report filed for this plan, enter the name, 

EIN and the plan number from the last return/report: 

a Sponsor's name 

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

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

Ga(2), Sb, 6c, and Gd). 

4c PN 

a(1) Total number of active participants at the beginning of the plan year ................... ........................................................... .,.G_a~1 ....... _ _ _ ___ _ 19_1 

a(2) Total number of active participants at the end of the plan year ........................... .. .. ................................... 1-G_a~ 2-'+ ___ _____ 149__ 

b Retired or separated participants receiving benefits ........................... . Gb 

C Other retired or separated participants entitled to future benefits ... . Ge 

d Subtotal. Add lines 6a(2), 6b. and Sc ............ ..................... . Gd 

e Deceased participants whose beneficiaries are receiving or are entitled to receive benefits . .. . Ge 

Total. Add lines 6d and Ge ........................... ................................................................................................ . Gf 

g Number of participants with account balances as of the end of the plan year (only defined contribution plans 

complete this Item) ............ .. ......................... ............................. .. G 

h Number of participants that terminated employment during the plan year with accrued benefits that were 

less than 100% vested .. ............................... ,.......... ..................... .. ........................................... ....................... .. Gh 

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

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

1B 11 

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

9a Plan funding arrangement (check all that apply) 

(1) . Insurance 

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

(3) x Trust 

(4) General assets of the sponsor 

9b Plan benefit arrangement (check all that apply) 

(1) Insurance 

(2) 

(3) 

(4) 

Code section 412(e)(3) Insurance contracts 

X Trust 

General assets of the sponsor 

168 

115 

432 

41 

473 

0 

75 

14 

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

a Pension Schedules 

(1) 0 R (Retirement Plan Information) 

(2) 18] 

(3)  

MB (Multiemployer Defined Benefit Plan and Certain Money 

Purchase Plan Actuarial Information) - signed by the plan 

actuary 

SB (Single-Employer Defined Benefit Plan Actuarial 

Information) - signed by the ·plan actuary 

b General Schedules 

(1) 

(2) 

(3) 

(4) 

(5) 

(6) 

0 

 H (Financial Information) 

I (Financial Information - Small Plan) 

A (Insurance Information) 

C (Service Provider Information) 

D (DFE/Participating Plan Information) 

G (Financial Transaction Schedules) 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000387
 

 

 

 

MB 

(Form 5500) 

Dapartmenl of the Treasury 

Internal Revenue Sarviee 

Oepa,tment of Labor Efl"Poyee B8t'161lh Security Alfrlinlatratlon 

Pension Benenl GuBfanly Corporation 

Multiemployer Defined Benefit Plan and Certain 

Money Purchase Plan Actuarial Information 

This schedule Is required to be filed under secllon 104 of the Employee 

Rellrement Income Securtty Act of 1974 (ERJSA) and section 6059 of the 

Internal Revenue Code (the Code). 

 Filo as an attachment to Form 5500 or 6500-SF. 

For calendar plan year 2016 or fiscal plan year beginning Ol /01/2016 and ending 

 Round off amounts to nearest dollar. 

 Caution: A penally of $1.000 l',ill be assessed for late filing of this report unless reasonable cause Is established. 

A Name of plan B Three-digit 

0MB No. 1210.0110 

2016 

This Fcnm ts Open to Public 

Inspection 

12/31/2016 

Toledo Roofers Local No. 1 34 Pension Plan plan number(PN) 

C Plan sponso(s name as shown on line 2a of Fonm 5500 or 5500·SF 

Trustees of Toledo Roofers Local No. 134 Pension Pl an 

Employer Jdenllncallon Number (EIN) 

34-6682179 

E Type of plan: (1) l8J Mulllemployer Defined Benefit (2) 0 Money Purchase (see JnstrucUcns) 

1 a Enter the valuation date: 

b Assels 

Mcnth __ l __ Oay __ l __ Year~ 

(1) Current value cf assets............................................... ...................................................................... 1-..;.1"-b(,._1.,_)-+------2"-"-3.,_, "-5-"0-"0.,_,-'0-'0'--7 

(2) Actuarial value of assets for funding standard account....................................................................... 11-..;.1..;.b(,._2.,_1+--------'2=-5.,_, "5"1-"6.L.e8-'0'-'-4 

c (1) Accrued liability fer plan using Immediate gain methods .................................................................... ~-1_c(_1_) _,_==-====1'--, 4 _8=3~1 __ , ~2~8=9 

(2) Information for plans using spread gain methods: ~~:.y;::$~-kA\$}}"·t"fi~t:,lfo: . .,.~;.:~;;r,.~~}£'c 

(a) Unfunded liability for methods l',ith bases ..................................................................................... l-1_c'-(2'-)(_a'-) +----- ---- ---

(b) Accrued liablllty under enlry age normal method ............................................................................ l-1_c'-(2-'-)('-b'-) +------------

(c) Normal cost under entry age nonmal method................................................................. ,._1_c_(2_)(_c_) +------------

(3) Accrued liability under unit credit cost method..................................................................................... 1c(3) 41,831, 289 

d Jnfonmallon en current liabilities cf the plan: 

(1) Amount excluded from current liability altrlbutable to pre-partlclpallcn seivlce (see instructions) ......... ~ _1_d('-1~) --+====== = === = 

(2) "RPA '94" information: f~};}~f1~~t{tf.{~\~:U~~~'i 

(a) Current liablllty ............................................................................................................................... f-1d""('--2),._,(a;;,)-+ _ ___ __ 6c..8.c,_8_0_2.c,_l_l_O 

(b) Expected Increase In current liability due to benefits accruing during the plan year. ....................... ,__1_d('-2~)('-b'-) _,___ _ _________ _ O 

(c) Expected release from "RPA •94• current liability for the plan year ................................................. f-1'-d(,._2,_,_lf ,c)4 _ ___ ___ 3~, _5_0_6'-, _4_8_4 

(3) Expected plan disbursements fer the plan year.................................................................................... 1d(J) 3,56 3 , 990 

Statement by Enrolled Actuary To the best ot mt knowledge, the Wormallon suppi ed In this sct\oduie 8fld accompanying schedules, slatemeols end allachments. If any, Is COIJl>)elc end eccvrato. Eech prncl1bed assumpUon was eppllod 

in ICCOfdance with applicable law and cegulalons. In my oplrion, each olher essumptlon Is reasonable (laltlng lnlo accoonl th& expariencc of lhe plan an_d reasonable expectaUons) and such olh« 

assumpllons. in combination, offet my bes! Hllmate cf anllcipatocl expafienca under Iha plan. 

Erika L. Creager, , 

Type er print name of actuary 

United Actuarial Se rvices, Inc. 

Firm name 

11590 N. Me ridian Street, Suite 6 1 0 

Ca rme l Address of the firm 

IN 46032-4529 

Date 

17-07288 

Most recent enrollment number 

(317) 580-86 3 1 

Telephone number (Including area cede) 

If the actuary has not fully reflected any regulation er ruling promulgated ·under the statute In completing this schedule, check the box and see O 

Instructions 

For Paperwork Reduction Act Notice, see the Instructions fer Form 5500 or 6500-SF. Schedule MB (Form 5500) 2016 

v. 160205 

SCHEDULE 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000388
 

 

 

 

·, 

Schedule MB (Form 5500) 2016 Page2•D 

2 Operallonal lnfonnaUon as of beginning of !his plan year. 

a Current value of assels (see Instructions) ....................................................................... ··,c··.c.···"" .."" ..."' .. "' .•."' •• "' ••• "' •• ;.;; ••..c. ...c. ..cc ..:.:. •. e1 •• _2_a_1-____ _.:2:..:3:..:'.c5:...o:...o:.;,c.0:.:.0 7'-

b "RPA '94" currenl llablllty/particlpant count breakdown: (1 Number of participants (2 Current liablllty 

(1) For rellred participants and beneficiaries receiving payment................................... 2 08 49,031,563 

(2) For terminated vested participants.......................................................................... 118 8, 9 5 7, 1 O 4 

(3) For active participants: 

(a) Non.vested beneflls ................................................................. : ....................... . 59 821 

(b) Vested benefits ............................................................................................... .. 10 753 622 

(c) Total active ...................................................................................................... . 10 813 43 

(4) Total ............................................................................................................... , ...... . 68 802 1 10 

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

percentage ................................................................................. , ....................................................... . 2c 34 ,16% 

3 Conlnbullons made to the plan far the plan year by employer(s) and employees: 

(a)Date (b) Amount paid by (c) Amount paid by (a)Date (b) Amount paid by c) Amount paid by 

(MM•DD·YYYY) employer(s) employees (MM·DD·YYYY) employer(s) employees 

12/31/2016 l 230,53C 

"·' Totals  I 3(b) 1,230,530 3fcl I 0 

4 lnfonnallon on plan slalus: 

61.0 % a Funded percentage for monitoring plan's slatus (line 1b(2) divided by line 1c(3)) ..................... . ......... . .......... , 4a I 

b ~~~~ 1~0-~ .t~~n!~~= t.~~-.~ .~'~'.~~ .. '.s~~.ln.~'.'.u.~'.'.~~~. f~'. .~lt~.~~~~~l.~f .~~p~~.'.1.1~~. ~~l~~~~e .. ~f pl~~:•.~ta~~~). If ~-4- b_ ~_o _________ _ 

c Is Iha plan making the scheduled progress under eny applicable funding Improvement arrehabilitallon plan? ............................................................. ~ Yes D No 

d If the plan Is in critical status or crllical and decfinlng status, were any benefits reduced (see inslructions)? .................. .............................. Q Yes ~ No 

e If lined Is "Yes," enter the reduction in llabllily resulling from the reducllon In benefits (see Instructions). 

measured as of the valuation date ................................................................................................. ·.:;·············..... 4e 

If the rehabllllatlon plan projects emergence from crlllcal status or crlllcal and daclinlng status, enter the plan 

year in Which II Is projecled lo emerge. 

::;::i:~a:~~a:~;c~l~~r: -~·~'..•~.~~.f~.~s.l~lll~g.r.~.~~l~l.~.i~~~l~~.~.y:.~~l~'..t~.~l~~.1.~~r.l~.:h:~~_1~~~1.~~.~.c~s 

41 

5 Acluarlal cost melhod used as the basis for this plan year's funding standard accaunl computations (check all that apply): 

a D Attained age nomnal b 8 Entry age normal C ~ Accrued benefit (unll credit) 

e D Frozen lnlllal liabllily f Individual level premium g D Individual aggregate 

D Other (specify): 

d 

h 

2030 

B 

Aggregale 

Shortfall 

j If box h is checked, enler period of use of shortfall melhod ................................................................................. ~j _sJ_~-----------

k Has a changa been made In funding method for !his plan year? ................................................................................... : ................  Yes iji] No 

I If line k Is "Yes," was the change made pursuanl lo Revenue Procedure 2000-40 or other automallc approval? ................... ·······················D Yes D Na 

m ~~~r~!1~~ -,~:s;:~~~17~ i~~~l~~ ~:~~e;,t~ .. d.~·t·~··(~.~.·.°.°..~:.~.:.~ .. "f.l~~.~ll~g.l·•·l'.~r .. ~.~l~l.d·~·~l.~r.~I~.~.~) ··········· 1 ... _6_m_ ~ __________ _ 

, 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000389
 

 

 

 

e MB (Fenn 5500) 2016 Page 3 -0 

6 Checklist of certain acluartal assumptions: 

a lnleresl rate for "RPA '94" current llablllty ............................................................................................................................... .. 6a 3. 28 % 

Pre-retirement Post-retirement 

b Rates speclfled in Insurance or annuity contracts ................................. .. 

C Mortallty table code for valuation purposes: 

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

(2) Females ............................................................................... t-6-c"' (2-)-;-------A------t---- --A------

d Valuation liablllly lnteresl rate ......................................... ·............ 6d 8 . 00 % 8. 00 % t---- -1--------,----=---lf------...-- ----- e Expense loading ......................................................................... Se O . 8 % % NIA t-----1--- ---+--- ~---lbf Salary scale ............................. ................................................... c__s_,_ ..___ _ _ ___ •_r,_._ ___ ...,.__---.'I-'" 

g Estimated investment return on actuarial value of assets for year ending on the valuation dale.................... 6g 4 . 7 % 1---+----- --------- h Estimated Investment return on current value or assets for year ending on the valuatlon date.. 6h - 2 . 7 % 

7 New amortization bases established in the current plan year: 

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

1 1 , 07 5,813 

4 1 ,527 , 7 83 

8 Miscellaneous lnfonnalion: 

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

the ruling letter granting the approval .......................................................................................................... .. 

b(1) Is the plan required to provide a projection of expected benefit payments? (See the Instructions.) II "Yes," 

attach a schedule ..................................................................................................................................................... . 

b(2) Is the plan required to provide a Schedule of Active Participant bata? (See the Instructions.} If "Yes," attach a 

schedule....................................................... .. ..................................................................................... .. 

C Are any of the plan's amortization bases operating under an extension of lime under section 412(e) (as In effect 

116, 377 

1 65 , 269 

~ Yes O No 

~ Yes D No 

0 Yes ~ No prtor to 2008) or section 431(d) of the Code? .............................................................................................. .. 

d If line c Is "Yes," provide lhe following addltlonal Information: l}~ ~~,(:~ §~N12•~~*f'Jt~$t"t~*i 

(1) Was an extension granted automatic approval under section 431(d)(1) of the Code? ............................ _ _ ~ - --- - =~Ye_s~O~N_0_ 

(2) If line 8d(1) Is "Yes," enter the number of years by which the amortization period was extended ............ 1 Bd(2) 

(3) Was an extension approved by the Internal Revenue Service under section 412(e) (as In effect prior ~--~--- ---- - Y-e-.-- -N-oto 2008) or 431(d)(2) of the Code? .......................................................................................... , ............... r-----.-------------

(4) l~~ll~~i~ (~~;sn~:~; ~~t~;r~~;~~za;;a.'.~ .. b.y.".'.11.'.~~.l~~.~~~~iz.all~~.~ .. '.i~~ .~~~ ... ~en·d·e·d··(~.ol············~- B-d_(4

_)-f-- ----------

(5) If line Bd(3) Is "Yes," enter the date of the rullng letter approving the extension ...................................... .,__Bd(~5~) _ ~---------- --

(6) If line 8d(3) is ''Yes," Is the amortization base eligible for amortization using Interest rares applicable under D D section 8621(b) of the Code for years beginning after 2007? .................................................................. ;;. ... cc .. c;. .. •cc .. "-.. "-"·.,. · ___ _ _ _ __ Y_e_s __ N_o_ 

e If box 5h Is checked or llne 8c is "Yes," enter the difference between the minimum required contribution 

for the year and the minimum that would have been required without using the shortfall method or 8e 

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

9 Funding standard accounl statement for this plan year: 

Charges to funding standard account: 

a Prior year funding deficiency, If any ............................................................................................................. t---+-------- -----

b Employe~s normal cost for plan year as of valuation date ...................................... ~ ... _ .. _ ... _ .. _ .. _ ... _ .. _ ... _ .. _ ... _ .. _ ... _ .. _ .. _ ... ~ .. ~-9_b_...,.,= ===- === 1~3~9,.,=4=2~3= 

c Amortization charges as of valuation date: Outstanding balance Wil~i~~; ~{~f~~~~~~~f.~~%~ 

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

amortization period has been extended ............................................ ,_ __ +-___ ___ 2_6~9_1_0~,_4_6_7-+--------3~, _7_7_2~3-'3~2 

(2) Funding waivers ...................................................... ........................ f--9_c_(2-')-f _ __________ o+-----------~O 

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

extended .......................................................................................... ~ --~---- - --.--- -0-t-___ _ _ _______ O 

d Interest as applicable on lines 9a, 9b, and 9c ................................................................................................ ,__a_d_-+-_ _ _ _____ 3_1_2_,~9_4_0 

e Total charges. Add lines 9a through 9d ........................................................................................................ ~_9_•-~---- ---4~,_2_2_4~,~6_9_5 . 

Schedul 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000390
 

 

 

 

MB (Fonn 5500) 2016 Page4 

Credits to funding standard account 

f Prior year credit balance, If any ........................................................................................... .. 9f 

g Employer contributions. Total from column (b) of tine 3 .................................... .. ...... 9g 

Outstanding balance 

Full funding llmitallon (FFL) and credits: 

(1) ERISAFFL(accruedliabllllyFFL) .......................................................... 9)(1) 20,995,960 

t---;-----------

( 2) "RPA '94" override (90% current llablllty FFL) ....................................... ~9_)_(2_) ~----3_6~, 9__,9rl~, 9_4_3 

(3) FFL credit........................................................ ........................................ ....................... 9J(3) O 1----+----------- - k (1) Waived funding deficiency.................................. ............................................................. 9k(1) o i----+------------

( 2) other credits............................................................................ ........................................................... 9k(2) O 1----+------------ T o ta I credits. Add tines 9f1hrough 91, 9)(3), 9k(1), and 9k(2) ......................................................................... t-_9_1_t-_______ 4~,_9_7_7~,_5_9_9 

m Credit balance: If line 91 Is greater than line 9e, enter the difference.......................... .................................. 9m 7 52, 9 o 4 r----i-----------~- - 9 n n Funding deficiency: 1I llne 9e Is greater than line 91, enter the difference ..................................... . 

9 O Current year's· accumulated reconciliation account: 

(1) Due lo waived funding deficiency accumulated prior to the 2016 plan year ....................................... ~_so_(_1)_-t;:,,r:s;:; 0 

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

(a) Reconciliation outstanding balance as of valuation date ............................................................. ,_9_o_(2_)_(•_l _,... _ _ _ _ _ ___ _ _ _ _ O 

(b) Reconciliation amount (line 9c(3) balance minus line 9o(2)(a)J ................................................... l--9_o_(2_)_(b_)-+ ____________ O 

(3) Total as of valuation data.................................................................................................................. 9o(3) O 

10 Contribution necessary to avoid an accumulated funding deficiency. (See Instructions.)........................... 10 0 

11 Has a change been made in the actuartal assumptions for the current plan year? If "Yes," see Instructions.................. ~ Yes O No 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000391
 

 

 

 

ROOFERS LOCAL No. 134 PENSION PLAN 

EIN: 34-6682179/PN: 001 

ATTACHMENT TO 2016 SCHEDULE MB: LiNE 3 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, line 3 - Employer Contributions 

The employer contributions shown in line 3 of the Schedule MB were contributed or 

accrued throughout the plan year for work performed during the plan year. 

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000392
 

 

 

 

ROOFERS LOCAL NO. 134 PENSION PLAN 

EIN: 34-6682179/PN: 001 

ATTACHMENT TO 2016 SCHEDULE MB: LINE 4 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, line 4b a Illustration Supporting Actuarial Certification of 

Status 

The plan was certified in Critical and Declining status as of January 1, 2016. Refer to 

the attached PPA certification. This result is based on a funded ratio of63.7% and a 

projected deficiency at the end of the 2018 plan year (at the end of the third plan year 

succeeding the current plan year) as shown in the table below: 

Credit Balance/ 

As of (Fundin_q Deficiency} 

12/31/2016 841,000 

12/31/2017 774,000 

12/31/2018 (510,000) 

The plan is also projected to have an insolvency for the plan year ending December 31, 

2031 as shown in the table below: 

As of Assets 

12/31/2016 22,861,000 

12/31/2017 22,150,000 

12/31/2018 21,288,000 

12/31/2019 20,330,000 

12/31/2020 19,262,000 

12/31/2021 17,984,000 

12/31/2022 16,595,000 

12/31/2023 14,876,000 

12/31/2024 12,891,000 

12/31 /2025 10,939,000 

12/31/2026 9,011,000 

12/31/2027 7,099,000 

12/31/2028 5,193,000 

12/31/2029 3,284,000 

12/31/2030 1,364,000 

12/31/2031 (578,000) 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000393
 

 

 

 

arch 30, 2016 

United Actuarial 

Services, Inc. 

Actuaries ancl Consultants 

Board of Trustees 

Toledo Roofers Local No. 134 Pension Plan 

Toledo, OH 

Re: 2016 Actuarial Certification Under the Pension Protection Act 

Dear Tmstees: 

The following information is intended to comply with the annual certification requirements of 

IRC section 432, with respect to the funded status of the Toledo Roofers Local No. 134 Pension 

Plan. 

Identifying Information 

Plan Name: Toledo Roofers Local No. 134 Pension Plan 

EIN: 34-6682179 Plan#: 001 

Plan year of Certification: year beginning January I, 2016 

Plan Sponsor: Board of Trustees of Toledo Roofers Local No. 134 Pension Plan 

Sponsor Address: 7142 Nightingale, Ste. I, Holland, Ohio 43528-7822 

Sponsor Telephone: ( 4 I 9) 248-240 I 

Enrolled Actuary Name: Erika L. Creager 

Enrollment Number: 14-07288 

Actuary Address: 11590 N. Meridian St., Suite 610, Carmel, IN 46032 

Actuary Telephone: (317) 580-8631 

Certification of Plan Status 

I certify that the above-named Plan is in the following status as of January I, 201 6 (all that apply 

are checked): 

Safe--Neither Endangered nor Critical Status 

Safe Due to Special Rule 

Endangered Status 

Seriously Endangered Status 

Projected to be in Critical Status within 5 years 

Critical Status 

Critical and Declining Status X 

11 590 North Meridian Street, Suite 6 1 0 • Carmel. Indiana 46032-4529 • (317) 580-8670 • Fax (3 17) 580-8651 

...e,,. 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000394
 

 

 

 

Actuarial Services, Inc. 

Actuaries and Consultants 

Board of Trustees -2-

This certification is based on the following results: 

Projected fonded ratio as of January I, 2016: 63.7% 

Previously emerged from critical status using !RC Section No 

432(e)(4)(B)(2) special emergence rule: 

First projected deficiency: December 31, 2018 

Plan year of projected insolvency: 2031 

Ratio of inactive to active participants: 1.94 

Certification of Scheduled Progress 

March 30, 2016 

I certify that the above-named Plan has made the scheduled progress as outlined in the 2009 

rehabilitation plan (updated on June 8. 2015) as of January 1. 2016, Projections indicate that the 

Plan is not projected to emerge from Critical at the end of the rehabilitation plan period. This 

rehabilitation plan, however, includes the use of the "exhaustion of all reasonable measures" 

clause of !RC 432(e)(3)(A)(ii). Therefore, we interpret scheduled progress for this Plan to mean 

continued use of all reasonable measures to forestall insolvency. 

These certifications are intended to be in good faith compliance with the necessary disclosures 

for certification and represent my best estimate of the Plan's funded position. 

Basis for Result 

The certifications utilize the assumptions, methods, plan provisions and demographic data as 

disclosed in the January 1, 2015 actuarial valuation report with the following exceptions: 

• Based on the.December 31. 2015 unaudited financial statements provided by the plan 

administrator, the asset return for the 2015 plan year is assumed to be -2. 73%. We also 

updated the contributions, benefit payments, and expenses for the 2015 plan year based 

on these financial statements. 

• No adjustments were made to the contribution rate assumption. 

• Based on information provided by the Trustees regarding projection of future industry 

activity. the following hours were assumed: 142,618 for the plan year begiru1ing in 2016 

and for each plan year thereafter. For the 2015 plan year, our projections used actual 

hours of 174,456. 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000395
 

 

 

 

Actuarial Services, Inc. 

Actuaries and Consu ltants 

Board of Trustees -3- March 30, 2016 

I am a member of the American Academy of Actuaries and meet the Qualification Standards of 

the American Academy of Actuaries to render the actuarial opinion contained herein. We will 

have a full update of the Plan's funded position with the next valuation report. 

Erika L. Creager, EA, MAAA 

Consulting Actuary 

Enrollment Number: 14-07288 

Date of Signatme: J /J' 0 /Jo/ (.p 

cc: Secretary of the Treasury 

Rob Rasmusson, Senior Benefits Consultant 

Tori Mendoza, Administrative Manager 

Scott Newsom, Fund Counsel 

Lee Wunschel, Auditor 

m:\docs\tolcdo roorers\tlb 02438\volnntions\20160 l O I \ppn\20 I 60 IO 1 ppn ccrt.docx 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000396
 

 

 

 

ROOFERS LOCAL No. 134 PENSION PLAN 

EIN: 34-6682179/PN: 001 

ATTACHMENT TO 2015 SCHEDULE MB: LINE 4 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, line 4c - Documentation Regarding Progress Under Funding 

Improvement or Rehabil/tation Plan 

The Plan has made the scheduled progress as outlined in the 2009 rehabilitation plan 

(updated on June 8, 2015) as of January 1, 2017. This is based on the data, plan 

provisions, assumptions and methods as described in the attached certification dated 

March 31, 2017. Projections indicate that the Plan is not projected to emerge from 

Critical and Declining status at the end of the rehabilitation plan period. This 

rehabilitation plan, however, includes the use of the "exhaustion of all reasonable 

measures" clause of IRC 432(e)(3)(A}(ii). Therefore, we interpret scheduled progress for 

this Plan to mean continued use of all reasonable measures to forestall insolvency. Due 

to competitive pressures, the trustees do not believe any further contribution rate 

increase or benefit changes could be supported at this time without having a net 

negative impact on the Fund. The trustees continue to monitor this situation annually. 

Schedule MB, line 4f - Assumptions Used to Project Plan Year in which 

Insolvency is Expected 

The year of insolvency was calculated on the same basis as the 2017 PPA certification 

scheduled progress. Therefore, the date is different than in the line 4b display on the 

previous page, which was based on the 2016 PPA certification. 

Assumed return on fund 5.68% for the plan year ending 2016 

assets 8.0% thereafter 

Future total hours worked 141 ,752 for the plan year ending 2015 

156,923 thereafter 

Contribution rate None 

increases 

Plan changes None 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000397
 

 

 

 

31, 2017 

Board of Trustees 

United Actuarial 

Services, Inc. 

Actuaries and Consultants 

Toledo Roofers Local No. 134 Pension Plan 

Toledo, OH 

Re: 2017 Actuarial Certification Under the Pension Protection Act 

Dear Trustees: 

The following information is intended to comply with the annual certification requirements of 

JRC section 432, with respect to the funded status of the Toledo Roofers Local No. 134 Pension 

Plan. 

Identifying Information 

Plan Name: Toledo Roofers Local No. 134 Pension Plan 

EIN: 34-6682179 Plan#: 001 

Plan year of Certification: year beginning January 1, 2017 

Plan Sponsor: Board of Trustees of Toledo Roofers Local No. 134 Pension Plan 

Sponsor Address: 7142 Nightingale, Ste. 1, Holland, Ohio 43528-7822 

Sponsor Telephone: (419) 248-2401 

Enrolled Actuary Name: Erika L. Creager 

Enrollment Number: 14-07288 

Actuary Address: 11 590 N. Meridian St., Suite 610, Ca1mel, IN 46032 

Actuary Telephone: (317) 580-8631 

Certification of Plan Status 

I certify that the above-named Plan is in the following status(es) as of January I. 2017 (all that 

apply are checked): 

Safe--Neither Endangered nor Critical Status 

Safe Due to Special Rule 

Endangered Status 

Seriously Endangered Status 

Projected to be in Critical Status within 5 years 

Critical Status 

Critical and Declining Status X 

I 1590 North Meridian Street. Suite 6 IO • Carmel. Indiana 46032-4529 • /31 7) 580-8670 • Fax (3 17) 580-865 1 

•-<GI>-• 

March 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000398
 

 

 

 

Actuarial Services, Inc. 

Actuaries and Consultants 

Boa rd of Trustees -2- March 31, 2017 

This certification is based on the following results: 

• Projected funded ratio as ofJanuary I, 2017: 59.2% 

• Previously emerged from critical status using IRC 

Section 432(c)(4)(B)(ii)(l) special emergence No 

rule?: 

• First projected deficiency: December 31, 2018 

• At least 8 years of benefit payments in plan 

assets?: Yes 

• Plan year ofprnjected insolvency: 2030 

• Ratio of inactive to active participants: 1.71 

Certification of Scheduled Progress 

1 certify that the above-named Plan has made scheduled progress as of January 1. 2017 as 

outlined in the 2009 rehabilitation plan (updated on June 8, 2015). The Plan is not projected to 

emerge from Critical status by the end of the rehabilitation plan period as specified in the 

rehabilitation plan. This rehabilitation plan, however, includes the use of the "exhaustion of all 

reasonable measures" clause ofIRC 432(e)(3)(A)(ii). Therefore, we interpret scheduled progress 

for this Plan to mean continued use of all reasonable measures to forestall insolvency. 

United 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000399
 

 

 

 

Actuarial Services, Inc. 

Actuaries and Consultants 

Board of Trustees -3- March 31, 2017 

Basis for Result 

The certifications utilize the assumptions, methods, plan provisions and demographic data as 

disclosed in the January I, 2016 actuarial valuation report with the following exceptions: 

• Based on the December 31, 2016 unaudited financial statements provided by the plan 

administrator, the asset return for the 2016 plan year is assumed to be 5.68%. We also 

updated the contributions, benefit payments, and expenses for the 2016 plan year based 

on these financial statements. 

• No adjustments were made to the contribution rate assumption. 

Based 011 information provided by the Trustees regarding projection of future industry 

activity, 110 adjustments were made to the assumed futme work hours. For the 2016 plan 

year, our projections used actual hours of 141,752. 

I am a member of the American Academy of Actuaries and meet the Qualification Standards of 

the American Academy of Actuaries to render the actuarial opinion contained herein. This 

certification is intended to be in good faith compliance with the necessary disclosures for 

certification and represents my best estimate of the Plan's funded position. We are available to 

answer questions regarding this certification. 

Erika L. Creager, EA, MAAA 

Consulting Actuary 

Enl'ollment Number: 14-07288 

Date of Signature: J / J / /~ O/ 7 

cc: Secretary of the Treasury 

Rob Rasmusson, Senior Benefits Consultant 

Tori Mendoza, Administrative Manager 

Scott Newsom, Fund Counsel 

Lee Wunschel, Fund Auditor 

m:\docs\tolcdo roorcrs\db 02438\voluali~ns\201701 0J\ppa\20170!01 ppa ccrl.docx 

,-e, .. 

United 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000400
 

 

 

 

ROOFERS LOCAL No. 134 PENSION PLAN 

EIN: 34-6682179/PN: 001 

ATTACHMENT TO 2016 SCHEDULE MB: LINE 6 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, line 6 - Summary of Plan Provisions 

Attached is a summary of the plan provisions valued. The plan provisions are the same 

as those valued in the preceding year. 

Schedule MB, line 6 - Statement of Actuarial Assumptions/Methods 

Attached is a summary of the actuarial assumptions and methods used to perform the 

most recent valuation. 

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000401
 

 

 

 

edule MB, Line 6 - Summary of Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

PLAN HISTORY 

Origins/Purpose 

The Ohio State Roofers and Waterproofers District Council Pension Plan - Toledo Group 

was established effective May 1, 1962, as a result of collective bargaining between the 

Local Union No. 134 and the United Slate, Tile and Composition Roofers' Damp and 

Waterproof Workers Association and the Toledo Sheet Metal and Roofing Contractors 

Association. Incorporated in the Restated Pension Plan is the name change to the 

Toledo Roofers Local No. 134 Pension Plan. 

The Pension Plan is managed under the provisions of the Labor Management Relations 

Act by a Board of Trustees consisting of an equal number of representatives from Labor 

and from Management. 

The purpose of the pension plan is to provide Normal and Early Retirement Benefits, 

Temporary Early Retirement Benefits, Joint and Survivor Benefits, Optional Retirement 

Benefits, Total and Permanent Disability Benefits, Vested Benefits and Death benefits. 

Benefits first became payable on May 1, 1963. 

Employer Contributions 

The Pension Plan is financed entirely by contributions from the employers as specified in 

the Collective Bargaining Agreement. Shown below is the recent history of hourly 

contribution rates. 

Hourlv Contribution Rates 

Effective Probationary 

Date Journevmen Helpers Yardmen He/fJers 

07-01-1978 $1.00 

07-01-1979 $ 1.50 

07-01-1980 $ 2.00 

07-01-1983 $ 2.25 

04-01-1984 $ 2.25 $ 1.00 

11-01-1986 $ 2.50 $1 .25 

09-01 -1987 $ 2.75 $1 .25 

07-01-1988 $ 3.00 $ 1.35 

07-01-1991 $ 3.20 $1.35 

07-01-2004 $ 3.41 $ 1.35 

07-01-2005 $ 5.41 $ 1.35 

08-01 -2006 $ 6.58 $ 1.35 

07-01-2007 $ 6.88 $ 1.45 

06-01-2009 $ 6.88 $ 1.53 

07-01-2010 $ 7.57 $ 2.14 

07-01-2011 $ 8.26 $ 2.83 $ 2.00 

07-01-201 2 $ 8.95 $ 3.52 $ 2.83 $ 2.00 

07-01-2013 $ 9.30 $ 3.87 $ 9.30 $ 2.35 

07-01 -2014 $ 9.65 $ 4.22 $ 9.65 $2.70 

United Actuarial Services, Inc. Page A-2 

Sch 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000402
 

 

 

 

e MB, Line 6 - Summary of Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan E/N: 34-6682179/PN: 001 

January 1, 2016 

PLAN HISTORY (CONTINUED) 

Miscellaneous 

Effective December 31, 1980, Group Retirement Policy G-9320B was terminated and 

replaced by an Immediate Participation Guarantee contract G-9320C effective 

January 1, 1981 which in turn was terminated in July 1983. 

The Trust Agreement and the Pension Plan were initially filed with and approved by the 

District Director, Internal Revenue Service, as qualified and exempt from taxation. It is 

the intention of the Trustees to maintain the Trust Agreement and Pension Plan as 

qualified and exempt from taxation under the appropriate provisions of the Internal 

Revenue Code and the Rules and Regulations issued thereunder, as amended from 

time to time. 

Reciprocity 

The Plan has been amended to allow the Trustees to enter into Money Follows the Man 

Reciprocity Agreements with other Roofers Pension Plans. 

United Actuarial Services, Inc. Page A-3 

Schedul 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000403
 

 

 

 

MB, Line 6 - Summary of Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

Plan year 

Past service 

Future service 

One-year break in service 

Forfeited service 

Vested participant 

Non-vested participant 

Active participant 

Inactive participant 

United Actuarial Services, Inc. 

SUMMARY OF PLAN PROVISIONS 

The 8-month period beginning May 1, 1976 and ending 

December 31 , 1976. Thereafter, a plan year is the 12-

month period beginning January 1 and ending the 

following December 31. 

One year of past service is granted to an employee for 

each plan year that he worked in the jurisdiction of the 

union during the period May 1, 1947 to May 1, 1962. 

One year of future service is granted to an employee for 

each plan year during which he receives contribution 

credits on the records of the fund during the period 

May 1, 1962 to May 1, 1976. Beginning May 1, 1976 one 

year of future service is granted to an employee who has 

435 hours of work in a plan year. 

Beginning May 1, 1976 an employee shall suffer a 1-year 

break in service if he fails to work 435 hours during a plan 

year. 

All service and benefits credited to a non-vested 

employee shall be forfeited at the time he suffers 5 

consecutive 1-year breaks in service. A participant 

receiving total and permanent disability benefits or a 

vested participant cannot forfeit service. 

A participant who has at least 5 years of service. 

A participant who has less than 5 years of service. 

A participant who has not become retired, disabled or 

deceased and who has not suffered forfeited service and 

who has accrued at least 1 year of service out of the two 

preceding plan years. 

A participant who has not become retired, disabled or 

deceased and who has not suffered forfeited service and 

who has not accrued at least 1 year of service out of the 2 

preceding plan years. 

Page A-4 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000404
 

 

 

 

MB, Line 6 - Summary of Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

SUMMARY OF PLAN PROVISIONS {CONTINUED) 

Past service benefit $4.00 times the participant's years of past service. 

Future service benefit 3.5% of the contributions made on a participant's behalf 

between May 1, 1962 and June 30, 2004 and $9.60 per 

100 hours worked on or after July 1, 2004 through July 

31, 2007. Hours worked on or after August 1, 2007 and 

prior to June 30, 2008 are credited at $9.60 per 100 hours 

worked pro-rated for contributions less than the 

Journeyman rate. No benefits are accrued for hours 

worked on or after July 1, 2008. 

Normal retirement benefit 

Eligibility Age 65 and 5 years of service. 

Monthly amount Sum of participant's past service benefit and future 

service benefit. Payable for life. 

Early retirement benefit 

Eligibility Age 54 and 25 years of service. 

Monthly amount Normal, reduced by 1⁄4 of 1 % for each month under age 

62 and 1⁄2 of 1 % for each month under age 59. Payable 

for life. 

Or 

Eligibility 

Monthly amount 

Options 

United Actuarial Services, Inc. 

Ages 55 to 65 with 5 but less than 25 years of service. 

Normal, reduced to be actuarially equivalent to the benefit 

payable at age 65. Payable for life. 

Joint and 50% survivor 

Joint and 75% survivor 

Joint and 100% survivor 

Life-five year certain 

Life-ten year certain 

Page A-5 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000405
 

 

 

 

MB, Line 6 - Summary of Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

Total and permanent 

disability benefit 

Eligibility 

Monthly amount 

Eligibility 

Monthly amount 

Vested benefit 

Eligibility 

Monthly amount 

Pre-retirement surviving 

spouse benefit 

SUMMARY OF PLAN PROVISIONS (CONTINUED) 

Disabled while active. 10 but less than 25 years of 

service. 

Normal, reduced to be actuarially equivalent to the benefit 

payable at age 65. Payable until earlier of recovery or 

death. 

Disabled while active. 25 years of service. 

Normal, reduced to be actuarially equivalent to the benefit 

payable at age 62. Payable until earlier of recovery or 

death. 

Terminated. 5 years of service. 

Normal. Payable for life commencing at age 65. 

Eligibility Death of a participant eligible for normal or early. Eligible 

sp_ouse. 

Monthly amount 

Or 

Eligibility 

Monthly amount 

United Actuarial Services, Inc. 

50% of participant's joint and 50% survivor benefit. 

Payable to spouse for life. 

Death of vested participant before eligible for early. 

Eligible spouse. 

Same as above. Deferred monthly benefit payable to 

spouse for life commencing at participant's earliest 

retirement age. 

Page A-6 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000406
 

 

 

 

MB, Line 6 - Statement of Actuarial Assumptions/Methods 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

ACTUARIAL ASSUMPTIONS 

The following assumptions are used throughout this report except as specifically noted 

herein. 

Valuation date 

Interest rates 

ER/SA rate of return 

used to value liabilities 

Current liability 

Operational expenses 

Mortality 

Assumed plan morlality 

Current liability 

United Actuarial Services, Inc. 

January 1, 2016 

8.0% per year net of investment expenses. 

3.28% (in accordance with 431(c)(6) of the Internal 

Revenue Code). 

$145,000 per year excluding investment expenses. 

115% of the RP-2014 Blue Collar Mortality Tables for 

employees and healthy annuitants adjusted backward to 

2006 with the MP-2014 projection scale and projected 

forward using the MP-2015 projection scale. 

Separate annuitant and non-annuitant rates based on the 

RP-2000 Mortality Tables Report developed for males 

and females as prescribed by Section 431 (c)(6) of the 

Internal Revenue Code. 

Page 8-1 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000407
 

 

 

 

chedule MB, Line 6 - Statement of Actuarial Assumptions/Methods 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 20'16 

Withdrawal 

First four years of 

employment 

Ultimate 

Disability 

United Actuarial Services, Inc. 

ACTUARIAL ASSUMPTIONS (CONTINUED) 

According to the following schedule: 

Year of Annual 

Employment Withdrawal Rate 

First .55 

Second .55 

Third .45 

Fourth .25 

Ultimate rates according to T-6 Turnover Table from The 

Actuary's Pension Handbook (less 51 GA mortality) 

Specimen rates shown below: 

Withdrawal 

~ Rate 

25 .0772 

30 .0740 

35 .0686 

40 .0611 

45 ,0516 

50 .0362 

55 .0137 

60 .0013 

Specimen rates shown below: 

Disability 

~ Rate 

25 .0009 

30 .0011 

35 .0015 

40 .0022 

45 .0036 

50 '. 0061 

55 .0101 

Page B-2 

S 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000408
 

 

 

 

le MB, Line 6 - Statement of Actuarial Assumptions/Methods 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682'179/PN: 001 

January 1, 2016 

Future retirement rates 

Active lives 

Inactive vested lives 

Future hours worked 

All active lives 

Future hourly contribution 

rate 

ACTUARIAL ASSUMPTIONS (CONTINUED) 

When eligible and according to the following schedule: 

Without With 

&ill 25 Years 25 Years 

54 .50 

55 .10 .30 

56-57 .10 .20 

58-61 .10 .10 

62 1.00 1.00 

Resulting in an average expected retirement age of 57.4. 

Age 59 or current age, if older. Age 54 or current age, if · 

older with 25 or more years of service. 

Based on an individual's average hours worked over the 

preceding 3 years with a minimum of 200 hours assumed, 

0 after assumed retirement age. 

Based on individual's anticipated hourly contribution rate 

depending on the individual's classification as a 

Journeyman ($9.65), Yardman ($9.65), Helper ($4.22), or 

Probationary Helper ($2.70). Journeyman, Yardman, and 

Helper status determined based on the estimated individual 

average contribution rate from the previous year. 

Age of participants with Based on average entry age of participants with recorded 

unrecorded birth dates birth dates and same vesting status. 

Marriage assumptions 

Inactive vested lives over 

age 70 

United Actuarial Services, Inc. 

100% assumed married with the male spouse 3 years 

older than his wife. 

Continuing inactive vested participants over age 70 are 

assumed deceased and are not valued. 

Page B-3 

Schedu 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000409
 

 

 

 

MB, Line 6 - Statement of Actuarial Assumptions/Methods 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 20'16 

Section 415 limit 

assumptions 

Dollar limit 

Assumed form of 

payment for those limited 

by Section 415 

Benefits not valued 

United Actuarial Services, Inc. 

ACTUARIAL ASSUMPTIONS (CONTINUED) 

$210,000 per year. 

Qualified joint and 100% survivor annuity. 

Pre-retirement death benefits following disability. 

Page 8-4 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000410
 

 

 

 

MB, Une 6 - Statement of Actuarial Assumptions/Methods 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

RATIONALE FOR SELECTION OF ACTUARIAL ASSUMPTIONS 

The non prescribed actuarial assumptions were selected to provide a reasonable long 

term estimate of developing experience. The assumptions are reviewed annually, 

including a comparison to actual experience. The following describes our rationale for 

the selection of each non-prescribed assumption that has a significant effect on the 

valuation results. 

ERISA rate of return used 

to value liabilities 

Mortality 

Retirement 

Withdrawal 

Future hours worked 

United Actuarial Services, Inc. 

Future rates of return were modeled based on the Plan's 

current investment policy asset allocation and composite, 

long-term capital market assumptions taken from Horizon 

Actuarial's 2015 survey of investment consultants. 

Based on this analysis, we selected a final assumed rate 

of 8.00%, which we feel is reasonable. This rate may not 

be appropriate for other purposes such as settlement of 

liabilities. 

The RP-2014 Blue Collar Mortality Tables for employees 

and healthy annuitants adjusted backward to 2006 with 

the MP-2014 projection scale and projected forward using 

the MP-2015 projection scale was chosen as the base 

table for this population. 

The blue collar table was chosen based on the industry of 

plan participants. 

Finally, a 115% multiplier was applied. This was based on 

a study of data from larger plans in similar industries. 

Actual rates of retirement by age were studied for the 

period January 1, 2011 to · December 31, 2015. The 

assumed future rates of retirement were selected based 

on the results of this study. 

Actual rates of withdrawal by age were for the period 

January 1, 2011 to December 31, 2015. The assumed 

future rates of withdrawal were selected based on the 

results of this study. 

Based on review of recent plan experience. 

Page B,5 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000411
 

 

 

 

MB, Line 6 - Statement of Actuarial Assumptions/Methods 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682·179/PN: 001 

January 1, 2016 

Funding method 

Funding period 

ERISA Funding 

Population valued 

Actives 

Inactive vested 

Retirees 

Asset valuation method 

Actuarial value 

Unfunded vested 

benefits 

Pension Relief Act of 2010 

United Actuarial Services, Inc. 

ACTUARIAL METHODS 

Individual entry age normal with costs spread as a level 

dollar amount over service. 

Traditional unit credit cost method, effective January 1, 

2006. 

Eligible employees with at least one hour during the 

preceding plan year. 

Vested participants with no hours during the preceding 

plan year. 

Participants and beneficiaries in pay status as of the 

valuation date. 

Smoothed market value with each year's gain (or loss) 

spread over a period of 5 years. The actuarial value can 

be no less than 80% nor more than 120% of the market 

value as of the determination date. 

For the presumptive method, actuarial value, as 

described above, is used. 

30-year amortization of net investment loss was elected 

with respect to the loss incurred during the plan year 

ended in 2008. The loss was allocated to future years 

using the "prospective method" of IRS Notice 2010-83. 

The amount of each allocation is show in Appendix C. 

Page 8-6 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000412
 

 

 

 

ROOFERS LOCAL No. 134 PENSION PLAN 

EIN: 34-6682179/PN: 001 

ATTACHMENT TO 2016 SCHEDULE MB: LINE 8 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, line Bb(1) - Schedule of Projection of Expected Benefit 

Payments 

Below is the projected expected benefit payout from the most recent actuarial valuation. 

The projections exclude any future accruals, 

Plan Year Expected Annual 

Bealnnina Benefit Payments 

2016 $ 3,563,990 

2017 3 611,794 

2018 3,732,626 

2019 3,780,487 

2020 3,820,262 

2021 3 822 665 

2022 3,801,408 

2023 3,797,517 

2024 3,784,335 

2025 3 765,488 

Schedule MB, 1/ne Bb{2) - Schedule of Active Participant Data 

Attached is the required Schedule of Active Participant Data from the most recent 

actuarial valuation. 

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000413
 

 

 

 

age Under1 1 to 4 

Under 25 26 17 

25 to 29 18 13 

30 to 34 4 12 

35 to 39 5 9 

40 to 44 1 7 

45 to 49 3 3 

50 to 54 2 1 

55 to 59 0 0 

60 to 64 0 0 

65 to 69 0 0 

70 & up 0 0 

Schedule MB. Unv 8b{2) • Schec,u!P. of Active Pa,ticipant Data 

Toledo F?oofcrs Local No. 134 Pension Plan El/I/: 34-6G82'i79!PN: 001 

Jaouary 1, 21)-/{j 

Years of Service 

5 to 9 10to14 15 to 19 20 to 24 25 to 29 30 to 34 35 to 39 40 & up 

1 0 0 0 0 0 0 0 

1 0 0 0 0 0 0 0 

7 2 0 0 0 0 0 0 

6 3 2 0 0 0 0 0 

4 2 2 3 0 0 0 0 

3 3 2 3 4 1 0 0 

0 0 0 4 0 6 0 0 

1 1 0 2 3 1 2 0 

0 0 0 0 1 0 0 0 

0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 

Attained 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000414
 

 

 

 

ROOFERS LOCAL No. 134 PENSION PLAN 

EIN: 34-6682179/PN: 001 

ATTACHMENT TO 2016 SCHEDULE MB: LINE 9 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, lines 9c and 9h • Schedule of Funding Standard Account 

Bases 

Attached is a schedule of minimum funding amortization bases maintained pursuant to 

IRC Section 431. 

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000415
 

 

 

 

Roofers Local No. 134 Pension Plan 

EIN: 34-6682179/PN: 001 

Attachment to 2016 Schedule MB: Lines 9c and 9h 

Schedule of Funding Standard Account Bases 

111/2016 1/1/2016 

Date Source of Change in Original Original Remaining Period Out standing Amortization 

Established Unfunded Liabilit Amount Period Years Months Balance Payment 

Charges 

1/1/1978 Initial UAL 40 2 0 162,062 84,153 

1/111979 Amendment 40 3 0 112,550 40,430 

1/111980 Amendment 40 4 0 410,781 114,831 

111/1987 Amendment 30 0 88,957 88,957 

1/1/1988 Method 30 2 0 6,274 3,250 

1/1/1989 Amendment 30 3 0 78,420 28,173 

1/1/1990 Amendment 30 4 0 370,476 103,574 

1/1/1992 Assumptions 30 6 0 175,699 35,196 

1/1/1995 Amendment 65,405 30 9 0 36,207 5,365 

1/1/1995 Assumptions 423,347 30 9 0 234,277 34,727 

111/1996 Assumptions 2,110,725 30 10 0 1,255,894 173,300 

1/1/1998 Amendment 1,125,477 30 12 0 753,412 92,568 

111/1998 Assumptions 412,628 30 12 0 276,202 33,938 

1/111999 Amendment 29,600 30 13 0 20,755 2,435 

1/1/1999 Assumption 89,504 30 13 0 62,850 7,361 

1/1/2000 Assumptions 1,207,010 30 14 0 883,900 99,274 

1/1/2001 Amendment 829,817 30 15 0 630,938 68,250 

1/1/2001 Assumptions 459,487 30 15 0 349,358 37,792 

1/1/2002 Amendment 411,446 30 16 0 323,515 33,840 

1/1/2002 Experience 272,485 15 1 0 29,485 29,485 

1/112003 Assumption 457,516 30 17 0 370,699 37,630 

1/1/2003 Experience 3,040,006 15 2 0 633,361 328,854 

1/1/2005 Experience 2,388,780 15 4 0 924,350 258,407 

1/1/2006 Experience 2,427,444 15 5 0 1,132,324 262,590 

111/2007 Assumption 208,471 30 21 0 185,490 17,146 

111/2007 Experience 206,830 15 6 0 111,704 22,374 

1/1/2008 Assumption 27,672 . 15 7 0 16,841 2,993 

1/1/2009 Experience 333,680 15 8 0 224,021 36,096 

1/1/2009 Special 09 Relief 7,538,610 29 22 0 6,891,616 625,555 

1/1/2010 Special 1 O Relief 901,344 28 22 0 831,986 75,520 

1/1/2011 Experience 198,040 15 10 0 155,251 21,423 

1/1/2011 Special 11 Relief 1,269,454 27 22 0 1,184,196 107,490 

1/1/2012 Experience 183,595 15 11 0 153,129 19,860 

111/2012 Special 12 Relief 2,797,445 26 22 0 2,639,789 239,614 

111/2013 Experience 2,941,840 15 12 0 2,590,102 318,235 

Page C-1 

Toledo 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000416
 

 

 

 

Roofers Local No. 134 Pension Plan 

EIN: 34-6682179/PN: 001 

Attachment to 2016 Schedule MB: Lines 9c and 9h 

Schedule of Funding Standard Account Bases 

1/112016 1/112016 

Date Source of Change in Original Original Remaining Period Outstanding Amortization 

Established Unfunded Liabilit Amount Period Years Months Balance Payment 

1/1/2016 Assumption 1,527,783 15 15 0 1,527,783 165,269 

1/1/2016 Experience 1,075,813 15 15 0 1,075,813 116,377 

Total Charges: 26,91 0,467 3,772,332 

Credits 

1/1/2009 Combined Bases 9,977,166 9 2 0 2,848,126 1,478,835 

1/1/2010 Amendments 2,720,918 15 9 0 1,985,781 294,337 

1/1/2010 Assumption 3,735,386 15 9 0 2,726,167 404,077 

1/1/2010 Experience 1,349,280 15 9 0 984,730 145,959 

1/1/2011 Assumption 11,568 15 10 0 9,071 1,251 

1/1/2012 Assumption 415,627 15 11 0 346,649 44,961 

1/1/2014 Experience 720,978 15 13 0 665,748 77,992 

1/1/2015 Experience 62,207 15 14 0 59,917 6,729 

Total Credits: 9,626,189 2,454,141 

Net Charges: 17,284,278 1,318,191 

Less Credit Balance: 969,793 

Less Reconclliation Balance: 0 

Unfunded Actuarial Liabllity: 16,314,485 

Page C-2 

Toledo 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000417
 

 

 

 

ROOFERS LOCAL No. 134 PENSION PLAN 

EIN: 34-6682179/PN: 001 

ATTACHMENT TO 2016 SCHEDULE MB: LINE 11 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, line 11 - Justification for Change in Actuarial Assumptions 

The assumptions and methods differ from those used the preceding year in the following 

respects: 

• The assumed mortality rates were changed from the RP-2000 Combined Healthy 

Generational Mortality Table projected using scale AA with blue collar adjustment 

and a 2-year set forward to 115% of the RP-2014 Blue Collar Mortality Table for 

employees and healthy annuitants adjusted backward to 2006 with the MP-2014 

projection scale and projected forward using the MP-2015 projection scale. This 

change was made in order to better reflect anticipated improvements in mortality 

rates for each future year due to medical advances and lifestyle changes. 

• The assumed withdrawal rates were changed from the T-5 Turnover Table (less 51 

GA mortality) with 3 year select rates of 30%, 25% and 15% to the T-6 Turnover 

Table (less 51 mortality) with 4 year select rates of 55%, 55%, 45% and 25%. This 

change reflects our best estimate of future withdrawal patterns based on recent plan 

experience. 

• The assumed retirement rates were changed according lo the schedule in Appendix 

B to represent our best estimate of future retirement patterns based on recent plan 

experience. 

• The assumed retirement age for inactive vested participants was changed from age 

65 or 59 with at least 25 years of service to age 59 or 55 with at least 25 years of 

service. This change reflects our best estimate of future retirement patterns based 

on recent plan experience. 

• The current liability interest rate was changed from 3.51 % to 3.28%. The new rate is 

within established statutory guidelines. 

Actuary's Statement of Reliance 

In completing this Schedule MB, the enrolled actuary has relied upon the correctness of 

the financial information presented in the pension fund audit and upon the.accuracy and 

completeness of participant census data provided by the plan administrator. 

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000418
 

 

 

 

MB 

(Form 5500) 

Department ol lhe Treesury lnlemal Revenue Service 

Oepartmenl or Labor 

Employes Bene~ls Security Admlnlsltatlon 

Ponaion Bendt Guaranty Corporetlon 

Multiemployer Defined Benefit Plan and Certain 

Money Purchase Plan Actuarial Information 

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

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

Internal Revenue Code (the Code). 

 FIie as an attachment to Fonn 5500 or 5500-SF. 

For calendar plan year 2016 or fiscal plan year beginning O 1/ Ol / 2016 and ending 

 Round off amounts to nearest dollar. 

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

0MB No. 1210-0110 

2016 

This Form Is Open to Public 

Inspection 

12/31 /2016 

A Name of plan B Three-digit 

Toledo Roofers Loc al No. 1 34 Pe nsion Plan 

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

Trus tees of Tol edo Roofers Local No , 134 Pension Plan 

D Employer Identification Number (EIN) 

34-6682179 

E Type or plan: (1) 18] Mulliemployer Defined Benefll (2) 0 Money Purchase (see Instructions) 

1 a Enter the valuation date: Month __ 1__ Day __ 1__ Year~ 

b Assets 

(1) Current value of assels .................................................................................................................... . 1b(1) 23,500, 0 07 

(2) Actuarial value of assets for funding standard account... ................................................................... . 1b(2) 2 5 516 804 

c (1) Accrued llablllty for plan using lmmedlale gain melhods .................................................................... 1c(1) 41, 8 31 , 2 8 9 

(2) Information for plans using spread gain methods: {j~~tA\"1:<~l-\~~Yt~tt~[\~wtef.i\3⁄4f. 

(a) Unfunded liablllly for methods wilh bases ...................................................................................... l-1_c.;_(2.;_)(.:..a.:.. ) +---- - ---- ---

(b) Accrued II ability under entry age normal method ................ ............................................................ ,_1_c.:..(2_)(_b_) +------------

(c) Normal cost under entry age normal melhod ................................................................................. l-1_c.;_(2-'-)(.:..c.:..) +------------

(3) Accrued liability under unit credll cosl melhod ......................................... ............................................ 1 c(3) 41 ,831,289 

d lnfonnallon on current llabllllles of the plan: 

(1) Amount excluded from current liability allribulable to pre-participation service (see lnstruclions) ......... 1d(1) 

(2) 'RPA '94" Information: 

(a)Currentliabillty .......................................................................................................................... 1d(2)(a) 68 , 802,110 

(b) Expected Increase In current liability due to benefits accruing during lhe plan year. ....................... l-1-'-d(,c.2.,_)(,_b,._) +--- - - --- - - - -0 

(c) Expected release from "RPA '94" currenl liability for the plan year ................................................. ,_1_d.:..(2~)(~c~) +--------3_,.;_5_0_6.:.., _4_8_4 

(3) Expecled plan disbursements for lhe plan year........................................ ........................................... 1d(3) 3 ,563,990 

Statement by Enrolled Actuary To the bes I of my knowledgo, Iha lnfotmallon sup pied In lhts schedule ond accompanying scha<Ues, ste\ehi8nlJ arid allllCMMlnts, If 8"Y, Is complete and acetnle. Each prescribed 11u~llon was awl!ed 

in accord en co w!lh app!lcab!e law and regu!a6ons. In my opinion, each other enump!lon Is ree,onable (\al<iog Into ecoount tho experience of the plan and reaionable expectal!ons) aod 1uch othar 

assumptions. In comblnalion, offer mv b(is\ esUmate of anUtipated experlem:a undur the plan. 

Erika L. Creager, EA, 

Type or print name of acluary 

United Actuarial Services, Inc . 

Firm name 

1 1 590 N. Meridian Street, Suite 610 

Carmel 

Address of the firm 

IN 4 6032-4 529 

Date 

17- 07288 

Most recent enrollment number 

(317) 580 -8631 

Telephone number (Including area code) 

If the actuary has not fully reflected any regulation or ruling promulgaled under the slatule In completing lhls schedule, clieck the box and see 

instructions D 

For Paperwork Reduction Act Noli co, see the Instructions for Form 6500 or 6500-SF. Schedule MB (Fonn 5500) 2016 

v, 160205 

SCHEDULE 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000419
 

 

 

 

MB (Form 5500) 2016 Page 2-0 

2 Operational Information as of beginning of this plan year. 

a Current value of ass els (see Instructions) ......................................................................... r···-·-···-··-···-···-··-···-·-... -.. -.. -.. _ .._. ·~2_a_+-____ _ 2_3_,,_5_0_0~, 0_0_7 

b "RPA '94" current llabllllylparticlpant count breakdown: t-~1~) _N_um_be_r_o_f~pa_rt_lc~lp~a_n_ts_t-_~(2~)-'C'--u_rr.c.e.c.nt'--I-'-ia.c..bi-'-lit....._ __ 

(1) For retired participants and beneficiaries receiving paymenl ................................... t-________ 2_0_8+------4-'9_,,_0'--3'--l'--,'-5-'-6_3 

(2) For terminated vested participants....................... .................................................. 8, 9 5 7, 1 O 4 

(3) For active participants: tf'!ffi~/:~~Tt'.4f~gi;,;;t~~f~!t~ 

(a) Non-vested beneflls......................................... ................................................ 59, 82 1 

(b) Vested benems................................................................................................. 10 7 53 622 

(c) Tolal active ....................................................................................................... 1--------==+----~1=0~8~1~3~4~4= 

(4) Total .............. , ........... , .............. , ....................................................................... , ..... '-------~=.:+------'6"'8"-'-'8'-'0"'2'-'-'l"-'1"'0"-

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

ercenta e ......................................................................................................... , ...................... , ......... . 2c 34 . 16 % 

3 Conlrlbutlons made lo the plan for the plan year by emplaver(s) and employees: 

(a) Dale (b) Amount paid by (c) Amount paid by (a) Date (b) Amount paid by c) Amount paid by 

(MM-00-YYYY) employer(s) employees (MM-00-YYYY) employer(s) employees 

12/31/2016 1,230,53( 

Totals  I 3(b) 1,230,530 3(c) I 0 

4 Information on plan slatus: 

61. 0 % a Funded percentage for monitoring plan's slatus (line 1b(2) divided by line 1c(3)) ................................................ 1 4a 

b ~:::i~l~o-~_i~~nt~~l~t= ~l.•~·.s .st3.1~~.(s~•.ln.sl'.".ctl.~~~.f°.'..alt~.c~~.e".t.~f.•".~~°.~i~~ .. ~~.i~~~~~ .. ~'..p'.~n:~.~t•t~~). If ~4_b_~_o _ _ _ _ _____ _ 

C Is lhe plan making lhe scheduled progress under any applicable funding lmprovemenl orrehabilHallon plan? ............................................................. ~ Yes D No 

d If the plan Is In critical status or crlllcal and declining slalus, were any benefits reduced (see instructions)? ............................ ................... ,0 Yes ~ No 

e If lined Is "Yes," enter the reduclion in liability resulting from the reduction In benefits (see Instructions), 

measured as of the valuation dale ................... ,.................................................................................................. 4e 

If the rehabilitation plan projecls emargenco from critical status or critical and declining status, enter the plan 

yoar In which It Is projecled to emerge. 

:::::(::a~~~a:~:nl~~r: .b.~~.e~ .~~.f~'..~~.1~11'.~~. ~~.~~lb.l~.'.~.s~'.~~.~~~:.~~l",'.i.h.~.~l~~.~",~'.l~.:h.i.~~.'.~~~1.~e.n.c~s 

41 

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

a D Attained age normal b B Entry age normal c ~ Accrued benefit (unit credil) 

e O Frozen inlllal liability f Individual level premium g O Individual aggregate 

D Other (specify): 

d 

h 

2030 

B 

Aggregate 

Shortfall 

If box h Is checked, enter period of use of shortfall method .................. .............................................................. j~_5J_ ~ -----~- ~~-- k Has a change been made In funding method for this plan year? ................................................................................................................ ,0 Yes ~ No 

If line k Is NYes," was the change made pursuant to Revenue Procedure 2000-40 or other automatic approval? ......................... .................  Yes O No 

m ~~:!~~ ~:s~~:~~~I~~ ~~~l~~·~:~~:dlh·e··d·a·l~ .. (~.~~.~~.'.~:.~ .. ~.f.t~~.'.".'.l~g .. l.~.ll.er.(l.~~l~l.~"..~l.~r.~l~.s~) ....... ·····'~ _s_m_ ~ ---- - - ~ ----

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000420
 

 

 

 

MB (Form 5500) 2016 Page3 •D 

6 Checklist of certain actuarial assumpllons: 

a Interest rate for "RPA ·94" current llablllty ....................... .......................................................................................................... . 6a 3. 28 % 

Pre-rellrement Posl•retlrement 

b Rates specified In Insurance or annuity contracts ................................... . 

C Mortality table code for valuallon purposes: 

(1) Males ................................................................................... ,_6_c.:..(1.:..)__,_ ______ A ______ ,_ ____ ......:Acc._ ____ _ 

(2) Females ............................................................................... 1-G_c.:..(2.:..)-+-------'A.:...... _____ l--------'A"'------

d Valuation liability Interest rale ................................................... l-_6_d_+------~---8_. ~0_0_0

Y• _+-----~---8_. O_o_•_Y•_ 

e Expense loading ...... ... ... .. .. .................. .................... ............. ...... 6e 0.8% 

Salary scale................................................................................ 61 % 

NIA 

NIA 

% 

g Esllmated Investment return on actuarial value of assets for year ending on the valuallon date .................... 1-6-'g'----<l----------4_. 7_'_Y•_ 

h Esllmated Investment return on current value of assets for year ending on tile valuation date ...................... 6h -2. 7 % 

7 New amortization bases established In the current plan year· 

(1) Type of base (2) lnillal balance (3) Amortization ChamelCredll 

1 .1,075,813 116,377 

4 1,527,783 165,269 

8 Miscellaneous Information: 

a If a waiver of a funding deficiency has been approved for this plan year. enter lhe dale (MM .. oo .. YYYY) of ea the ruling teller granting the approval ........................................................................................................... . 

b(1) Is the plan required to provide a projection of expected benefit payments? (See the Instructions.) If "Yes,' 

attach a schedule .................................................................................................................................................... .. ~ Yes O No 

b(2} Is lhe plan required to provide a Schedule of Active Participant Data? (See lhe Instructions.) If-Yes." allach a 

schedule ................................................................................................................................................................. .. ~ Yes O No 

c Are any of the plan·s amortlzallon bases opera ling under an extension of time under section 412(e) (as In effect O Yes ~ No 

prior to 2008) or section 431 (d) of the Code? ................................................................................................................ _________ _ =-

d If llne c Is "Yes," provide the following addltlonal Information: ~t7IBf4~{J1·:l~~~Ji~1i%ffilf~{:,f~ 

(1) Was an extension granted aulomalic approval under section 431(d)(f) of the Code? .............................. _ _ _ ______ _ _,,O,,._Y_e_s--=O,,._N_o_ 

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

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

to 2008) or 431(d)(2) of the Code? .......................................................................................................... _ _________ .=O:c_Y_e_s_:;Q.:_N_o_ 

(4) l~~\:~i~~(:~~sn~~~-r~~~~~r~7nb~~~fJ»ars .. b~-~l·~-t~.~:~~l~.~t~~~.~~'.i~~.~~~.~~--~.d.~.d .. (~.~.t ........... ~_e_d_(4_)__, ___________ _ 

(5) If line 8d(3) is "Yes," enter the dale of the ruling letter approving the extension ...................................... L . .=8=.d(,::5,_) --'------- -----

(6) If tine 8d(3) is "Yes," Is the amortization base eligible for amortization using Interest rates applicable under D Yes O No 

section 6621(b) of the Code lor years beginning after 20077 ................................................................ ·= =="--- -----------

e If box 5h Is checked or fine 8c Is "Yes,u enter the difference between the minimum required conlrlbution 

for the year and the minimum that would have been required without using the shortfall method or 8e 

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

9 Funding standard account stalement for this plan year: 

Charges to funding standard account: 

a Prior year funding deficiency, If any ............................................................................................................. f-----1-------------=- b Employer's normal cost for plan year as of valuation date ...... 

c AmortizaUon charges as of valuation dale: 

139, 423 

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

amortization period has been extended .............................................. ~ _ 9

c_(_1 

)--l--- - --=2c..:6:.,..;9;.cl:c..;O::.,c..4.:....::6.:.7i-_ _ _ _ _ __ 3::.L.:.7.:.7:=2.L..::3c.:3c=..2 

(2) Funding waivers ................................................................................ ,_9_c_(2_)_... ___________ 0:;.c.. ___________ -=..0 

(3) Certain bases for which the amortization period has been 9c(J) 

extended ............................................................................................. L __ _, _ _ _ _ _ _____ _c:.0J--------------=- 0 

d Interest as applicable on lines 9a, 9b, and 9c ....................................................... . .. ................................. f-_9_d_+-- - - -----'3'-'l::;2::..,_, ::.9..;;4.::.:0 

e Total charges. Add lines 9a through 9d ....................................................................... ................................. '-_s_e_..1.. _______ 4:.,,c..:2:.:2:..4.:..c., .:.6::. 9:::..5 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000421
 

 

 

 

MB (Form 5500) 2016 Page4 

Credits to funding standard account: 

f Prior year credit balance, If any ...................... . 

g Employer contributions. Total from column (b) of line 3 ............................................................................... . 1,230,530 

Outstanding balance ::¥t~~it@Jf~ltil9Jl~~~f!l 

h Amortization credlls as of valuation date................................................ 9h 9,626,189 2 454,14 1 

Full funding llmllallon (FFL) and credits: 

(1) ERISA FFL (accwed liability FFL) ................•...................... 9J(1) 

(2) "RPA '94" override (90% current llablllty FFL) ........................................ ~9_J_(2_) ~----3_6~,_9,9_1_,~9_4-+3 _ 

(3) FFL credit............................................... ....................... ...................................... 9j(3) 0 

k (1) Waived funding deficiency................................................................................................................... 9k(1) o 

t---+--------------

( 2) Other credlls ........................................................................................................................................ 9k(2) o 

t---+--------------

1 Total credits. Add lines 91 through 91, 9j(3), 9k(1), and 9k(2)......................................................................... 91 4, 977, 599 

m Credi! balance: If line 91 ls greater than llrie 9e, enter the difference ............................................................. t--9-m-+----- ----~7-5-2~,-9- 0_4_ 

n Funding deficiency: If line 9e is greater than line 91, enter the difference.......................................... 9n 

9 O Current year's accumulated reconciliation account: 

(1) Due to waived funding deficiency accumulated prtor to the 2016 plan year ......... ............................. ~9_o_(1_) -1= 0 

(2) Due to amortization bases extended and amortized using the Interest rate under section 6621(b) or !he Code: 

(a) Reconclilallon outstanding balance as of valuation date ........................................................... l--9_o_(2_)_(a_)-+- ----- -----..c..O 

(b) Reconciliation amount (line 9c(3) balance minus line 9o(2)(a)J ................................................... l--9_o_(2_)(_b_)-+ _ ________ ___ O 

(3) Total as ofvaluatlondate ...................................................................... ,........................................... 9o(3) O 

10 Contribution necessary lo avoid an accumulated funding deficiency. (See Instructions.)........................... 10 0 

11 Has a change been made in the actuarial assumptions tor the current plan year? If "Yes," see instructions.................. igJ Yes O No 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000422
 

 

 

 

ROOFERS LOCAL NO. 134 PENSION PLAN 

EIN: 34-6682179/PN: 001 

ATTACHMENT TO 2015 SCHEDULE MB: LINE 4 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, line 4c - Documentation Regarding Progress Under Funding 

Improvement or Rehabilitation Plan 

The Plan has made the scheduled progress as outlined in the 2009 rehabilitation plan 

(updated on June 8, 2015) as of January 1, 2017. This is based on the data, plan 

provisions, assumptions and methods as described in the attached certification dated 

March 31, 2017. Projections indicate that the Plan is not projected to emerge from 

Critical and Declining status at the end of the rehabilitation plan period. This 

rehabilitation plan, however, includes the use of the "exhaustion of all reasonable 

measures" clause of IRC 432(e)(3)(A)(ii). Therefore, we interpret scheduled progress for 

this Plan to mean continued use of all reasonable measures to forestall insolvency. Due 

to competitive pressures, the trustees do not believe any further contribution rate 

increase or benefit changes could be supported al this time without having a net 

negative impact on the Fund. The trustees continue to monitor this situation annually. 

Schedule MB, tine 4f - Assumptions Used to Project Plan Year in which 

Insolvency is Expected 

The year of insolvency was calculated on the same basis as the 2017 PPA certification 

scheduled progress. Therefore, the date is different than in the line 4b display on the 

previous page, which was based on the 2016 PPA certification. 

Assumed return on fund 5.68% for the plan year ending 2016 

assets 8.0% thereafter 

Future total hours worked 141,752 for the plan year ending 2015 

156,923 thereafter 

Contribution rate None 

increases 

Plan changes None 

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000423