Page 1 of 15

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

Exhibit 6.03

Actuarial Assumptions Used for Projections

This Exhibit details the information on actuarial assumptions and methods that, pursuant to Section 6.03 

of Revenue Procedure 2017-43, must be described in an application for approval of a proposed benefit 

suspension. The three parts of this Exhibit correspond to the subsections of Section 6.03 of Revenue 

Procedure 2017-43.

Part 1 - Actuarial assumptions and methods used for projections.

Provided is information regarding specific actuarial assumptions (per Revenue Procedure 2017-43) used 

in the cash flow projections included in the application, with the exception of the projections included in 

Exhibit 3.01 and Exhibit 7.10. The differences in the assumptions used for Exhibit 3.01 and Exhibit 7.10 are 

addressed in Part 3 of this Exhibit.

Investment returns

 Net investment return for deterministic projections:

o Assumed investment return of 12.52% for the 2017 calendar year

o Assumed investment return of 3.68% for the 2018 calendar year

o 6.30% per year during calendar years 2019-2027 and 7.30% per year during calendar years 

2028 and later

 Assumptions used for stochastic projections (if applicable): Not applicable

Mortality assumptions

 Healthy Lives: Society of Actuaries (SOA) baseline 2006 Headcount-weighted table with Blue Collar 

adjustment, gender distinct, with separate rates for pre-commencement and postcommencement. Mortality improvement: MP-2017 projection scale beginning in 2006.

 Disabled Lives: SOA baseline 2006 Headcount-weighted disabled retiree mortality, gender distinct. 

Mortality improvement: MP-2017 projection scale beginning in 2006.

Other demographic assumptions

 The complete list of disability, withdrawal, and retirement decrement rates is included as Exhibit 

6.03-1
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Assumptions regarding form and commencement age of benefits

 Form of payment election assumptions:

o For active and terminated vested participants at retirement:

 45% of all participants elect the straight life annuity

 40% of all participants elect the 50% joint and survivor annuity

 5% of all participants elect the 75% joint and survivor annuity

 10% of all participants elect the 100% joint and survivor annuity

o For active and terminated vested participants at disablement:

 50% of all participants elect the straight life annuity

 30% of all participants elect the 50% joint and survivor annuity

 20% of all participants elect the 100% joint and survivor annuity

 Assumptions regarding the probability of benefit commencement by age for participants who have 

terminated with deferred benefits or who are assumed to terminate with deferred benefits in the 

future are included in Exhibit 6.03-1.

 Assumptions regarding the probability of benefit commencement by age for participants who have 

become disabled or who are assumed to become disabled in the future are included in Exhibit 

6.03-1.

New entrant profile

 The following is a description of the composition of the new hire profile, including the weights

applicable to each assumed age of entry:

o The new hire profile is comprised of the 66 participants who were either first reported as 

plan participants or reported as participants returning to work during plan years 2009-

2018, grouped down to 11 records by accrued benefit, age and sex, weighted as follows:

Accrued Benefit = 0 Accrued Benefit > 0

Age Male Female Male Female

>20 0 1 0 0

20-24 51 0 0 0

25-29 3 0 0 0

30-34 8 0 0 0

35-39 0 0 1 0

40-44 2 0 0 0

45+ 0 0 0 0

Assumptions regarding missing or incomplete data

 Assumption regarding terminated vested participants beyond normal retirement age who, 

because they have not commenced receiving benefit payments, could be considered missing:

None. All such participants are included for valuation and cash flow projection purposes.

 Assumptions to fill in other missing data:

o Spouses of active male/female participants assumed to be 3 years younger/older than the 

participant.

o There are no other missing or incomplete data that would be considered material.
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Contribution rates

 An effective hourly contribution rate, reflecting non-reciprocated and net-reciprocated hours, of

$13.25 per hour according to the CBA and rehabilitation plan in place. The Trustees have indicated 

that they will, upon approval of the MPRA Application and affirmative vote by the membership, 

amend the Rehabilitation Plan to include a $0.25 per year contribution increase for each of 2020 

through 2024. The resulting 2024 contribution rate of $14.50 is assumed to continue thereafter 

without further increase. The tentative increases are used for projection purposes.

Contribution base units

 Contribution base units for projection purposes are equal to hours worked in covered

employment, including both non-reciprocated and net reciprocated hours.

 For purposes of calculating future Normal Costs, the assumption regarding number of hours 

associated with each active participant is the average of hours for the three years prior to the 

valuation date; however, only years for which the participant was active in the plan are used in the 

averaging. Each active participant’s average number of contribution base units is then adjusted to 

reflect the total expected number of contribution base units for the plan year versus the number 

of contribution base units reported for the given year.

 For purposes of calculating future employer contributions, it is assumed that 262,000 contribution 

base units (hours) will be worked for the current and all future plan years.

Withdrawal liability payments

 There are no current and no assumed future withdrawal liability payments.

Administrative expenses

 Administrative expenses, expressed as of the beginning of the year, are assumed to be prior year 

non-investment related expenses, and increasing by 2.5% for inflation each year thereafter. It is 

also expected that an additional $300,000 in 2018 and $150,000 in 2019 will be incurred. 

Administrative expenses are expected to return to the inflation adjusted 2017 amounts.

Projection methodology

 A description of any approximation or data grouping techniques that were used: Grouping was 

used on the new entrants file as indicated above. No other approximation or grouping techniques 

were used.

 A description of any changes to the cash flow projections that would normally be provided by the 

actuarial software, including both changes to the programming that affect the results generated 

by the software and modifications to the results generated by the software: None
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Part 2 - Supporting documentation for selection of certain assumptions

Investment Returns

 The assumed investment return of 6.30% over the short-term (2018 through 2027) is based upon 

advice of the Fund’s investment consultant reflecting the asset allocation of the Fund. Details on 

the expected allocation and 10 year return expectation are attached as Exhibit 6.03-2.

o This rate falls within the range of reasonable long-term assumptions provided in a national 

survey of investment consultants.

o The rate is also close to an assumption developed using current risk free rates and a 

building block approach consistent with Actuarial Standards of Practice.

 The assumed investment return of 6.80% over the long-term (2028 and later) is based upon advice 

of the Fund’s investment consultant reflecting the asset allocation of the Fund. Details on the 

expected allocation and 20 year return expectation are attached as Exhibit 6.03-2.

o This rate falls within the range of reasonable long-term assumptions provided in a national 

survey of investment consultants.

o The rate is also close to an assumption developed using current risk free rates and a 

building block approach consistent with Actuarial Standards of Practice.

 The target portfolio is comprised of the following, as detailed in the Fund’s Investment Policy 

Statement:

Asset Class Allocation

o US Equity – Large Cap 35.8%

o US Equity – Small/Mid Cap 4.0%

o Non-US Equity – Developed 9.1%

o Non-US Equity – Emerging 2.1%

o US Corporate Bonds – Core 13.5%

o US Corporate Bonds – Long Duration 2.8%

o US Corporate Bonds – High Yield 2.8%

o Non-US Debt – Developed 0.0%

o Non-US Debt – Emerging 2.9%

o US Treasuries (Cash Equiv.) 0.0%

o TIPS (Inflation Protected) 0.0%

o Real Estate 12.0%

o Hedge Funds 15.0%

o Commodities 0.0%

o Infrastructure 0.0%

o Private Equity 0.0%

o Total 100.0%

 The target portfolio is approximately the same allocation as the current portfolio of Fund assets.

 The mix of assets is expected to remain the same over time. Minor variances that will occur over 

time but are assumed to rebalance regularly to maintain allocations close to the target allocation.
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Demographic experience

 Provide any study of the plan’s demographic experience performed over the last ten years.

o Attached as Exhibit 6.03-3 are the results of the retirement rates experience study.

o Attached as Exhibit 6.03-3 are the results of the withdrawal rates experience study.

o Attached as Exhibit 6.03-3 are the results of the disability rates experience study.

o Attached as Exhibit 6.03-4 are the results of the form of payment experience study.

 Provide any liability gain or loss analysis performed over the last ten years. If the gain or loss 

analysis is by source, provide the results by source.

o No liability gain or loss analysis by demographic assumption has been performed. Cowden 

Associates, Inc. has been retained as the actuary starting with the work for the 2017 

Valuation.

 The percentage of the plan population that is married: According to data provided by the plan 

administrator, of the participants reported with a marriage status, 65% were married and 35% 

were either single or divorced.

 Distribution of each optional form of benefit selected at retirement and disablement for the last 

five years: Please see Exhibit 6.03-4

 Retirement rates by age for benefit commencements during the last 5 years, separately for active 

and terminated vested participants: Please see Exhibit 6.03-3.

Mortality assumptions

 The assumed mortality rates used for Healthy Participants are those from the RPH-2014 Blue Collar 

sex-distinct tables as issued by the Society of Actuaries (available at 

https://www.soa.org/experience-studies/2014/research-2014-rp/).

 Description of the process that was used to construct the mortality rates based on experience 

study data and the rationale for selecting that process: See the RP-2014 Mortality Tables Report.

 The assumed mortality improvement rates are those published in the SOA MP-2017 improvement 

scale. These mortality improvement rates are applied to the mortality rates starting with the 2006

year.
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Contribution base units and employer withdrawals

 For each year starting with the 2009 plan year, Exhibit 6.03-6 provides a table of employers that 

contributed 5% or more of the annual contributions to the plan. The exhibit includes the number 

of contribution base units, the average contribution rate, and the total contribution for each such 

employer.

 The historical trends experienced by the plan with respect to contribution base units and 

contribution rates is documented in several sections within the application, including Sections

5.01(II), 5.02(1)(e), 5.02(3), 5.02(4), and 6.04.

 The assumption of 262,000 hours worked (contribution base units) has been developed by 

reviewing several years of recent plan years of data. Total plan year contributions net of 

reciprocity was divided by the contribution rate to determine an approximate equivalent number 

of hours worked within IBEW Local 237’s jurisdiction. Trustees have advised that this looks to 

produce a reasonable expectation of the amount of contributions to the plan during the current 

and future plan years. 

 Contribution rates are assumed to remain constant at the current collectively bargained rate of 

$13.25 effective May 28, 2018. The Trustees have expressed their commitment to amending the 

Rehabilitation Plan for contribution increases should the Treasury approve this Application and 

the Union membership vote to approve the suspension. The Trustees have indicated their intent 

to increase contributions by $0.25 effective June 1 in 2020 through 2024. Contribution rates for 

projections are assumed to increase according to the indicated intent of the Trustees.

 The Plan has not had an employer withdrawal within, at least, any of the last 5 years. Since the 

Plan is a Construction Industry Plan, we have assumed that there will not be any future 

withdrawals.

Take-up rate with respect to selection of benefit/contribution schedules

 Description of the plan’s experience for take-up of each benefit/contribution schedule made 

available to bargaining units under the rehabilitation plan: Not applicable as only one schedule is 

available to employers.

Projection methodology

 No Approximation techniques were utilized in any of the projections.

 There were no changes to the cash flow projections that would normally be generated by the 

actuarial software, including both changes to the programming that affect the results generated 

by the software and modifications to the results generated by the software.
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Part 3 – Additional disclosures relating to use of different assumptions

 Deterministic projections: See Exhibit 6.03-5 for differences. Assumptions listed in italics

correspond with assumptions used in section 3.01 and assumptions not in italics correspond with 

assumptions used in section 4.02(1)

 Stochastic projections: Not applicable.
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Exhibit 6.03-1

Decrement Tables

Age

Disability 

Incidence*

Withdrawal 

Incidence Service < 5 Service >= 5 Service < 5 Service >= 5

15 0.000693 0.0435 - - - -

16 0.000693 0.0435 - - - -

17 0.000693 0.0435 - - - -

18 0.000693 0.0435 - - - -

19 0.000700 0.0435 - - - -

20 0.000709 0.0435 - - - -

21 0.000719 0.0435 - - - -

22 0.000731 0.0435 - - - -

23 0.000744 0.0435 - - - -

24 0.000760 0.0435 - - - -

25 0.000779 0.0373 - - - -

26 0.000800 0.0373 - - - -

27 0.000825 0.0373 - - - -

28 0.000853 0.0373 - - - -

29 0.000886 0.0373 - - - -

30 0.000925 0.0531 - - - -

31 0.000970 0.0531 - - - -

32 0.001022 0.0531 - - - -

33 0.001082 0.0531 - - - -

34 0.001152 0.0531 - - - -

35 0.001233 0.0471 - - - -

36 0.001327 0.0471 - - - -

37 0.001437 0.0471 - - - -

38 0.001564 0.0471 - - - -

39 0.001711 0.0471 - - - -

40 0.001882 0.0368 - - - -

41 0.002080 0.0368 - - - -

42 0.002311 0.0368 - - - -

43 0.002578 0.0368 - - - -

44 0.002888 0.0368 - - - -

45 0.003248 0.0442 - - - -

46 0.003665 0.0442 - - - -

47 0.004150 0.0442 - - - -

48 0.004712 0.0442 - - - -

49 0.005365 0.0442 - - - -

50 0.006122 0.0386 - - - -

51 0.007001 0.0386 - - - -

52 0.008021 0.0386 - - - -

53 0.009205 0.0386 - - - -

54 0.010579 0.0386 - - - -

55 0.012173 - - 0.15 - 0.25

56 0.014023 - - 0.10 - -

57 0.016171 - - 0.10 - -

58 0.018663 - - 0.05 - -

59 0.021554 - - 0.40 - -

60 0.024910 - - 0.25 - 0.50

61 0.028805 - - 0.30 - -

62 - - - 0.75 - 0.25

63 - - - 1.00 - -

64 - - - 1.00 - -

65 - - 1.00 1.00 1.00 1.00

*1973 Disability Model, Transactions of Society of Actuaries XXVI

Retirement Incidence 

from Active status

Retirement Incidence 

from terminated status
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Exhibit 6.03-2

Investment Return Assumption Documentation
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Exhibit 6.03-3

Experience Review - Decrements

Exposures Exposures

Age Count Count Observed Rate New Rate Age Count Count Observed Rate New Rate

55 53 8 15% 15% 55 26 4 15% 15%

56 41 4 10% 10% 56 20 1 5% 10%

57 35 4 11% 10% 57 18 2 11% 10%

58 27 2 7% 5% 58 14 1 7% 5%

59 21 6 29% 40% 59 10 4 40% 40%

60 13 3 23% 25% 60 6 1 17% 25%

61 7 2 29% 30% 61 5 2 40% 30%

62 4 3 75% 75% 62 2 2 100% 75%

63 1 1 100% 100% 63 1 1 100% 100%

64 0 0 0% 100% 64 0 0 0% 100%

65 0 0 0% 100% 65 0 0 0% 100%

66 0 0 0% 100% 66 0 0 0% 100%

67 0 0 0% 100% 67 0 0 0% 100%

68 0 0 0% 100% 68 0 0 0% 100%

69 0 0 0% 100% 69 0 0 0% 100%

 70+ 0 0 0% 100% 70+ 0 0 0% 100%

Retirement Experience for Active participants from 2014-2018

Actual Experience Actual Experience

Retirement Experience for Active participants from 2008-2018

Exposures Exposures

Age Count Count Observed Rate New Rate Age Count Count Observed Rate New Rate

55 29 4 14% 15% 55 16 1 6% 25%

56 23 2 9% 10% 56 18 0 0% 0%

57 21 2 10% 10% 57 15 0 0% 0%

58 16 1 6% 5% 58 12 0 0% 0%

59 12 5 42% 40% 59 7 1 14% 0%

60 10 2 20% 25% 60 8 0 0% 50%

61 5 2 40% 30% 61 5 0 0% 0%

62 3 2 67% 75% 62 5 1 20% 25%

63 1 1 100% 100% 63 4 0 0% 0%

64 0 0 0% 100% 64 3 0 0% 0%

65 0 0 0% 100% 65 1 0 0% 100%

66 0 0 0% 100% 66 1 0 0% 100%

67 0 0 0% 100% 67 0 0 0% 100%

68 0 0 0% 100% 68 0 0 0% 100%

69 0 0 0% 100% 69 0 0 0% 100%

 70+ 0 0 0% 100% 70+ 0 0 0% 100%

Actual Experience

Retirement Experience for Active participants from 2013-2018 Retirement Experience for Terminated participants from 2013-2018

Actual Experience Exposures Exposures

Age Count Count Observed Rate New Rate Age Count Count Observed Rate

<25 46 2 4.35% 4.35% <25 0 0 0.00%

25-29 161 6 3.73% 3.73% 25-29 46 0 0.00%

30-34 245 13 5.31% 5.31% 30-34 161 0 0.00%

35-39 255 12 4.71% 4.71% 35-39 245 0 0.00%

40-44 299 11 3.68% 3.68% 40-44 255 0 0.00%

45-49 339 15 4.42% 4.42% 45-49 299 0 0.00%

50-54 311 12 3.86% 3.86% 50-54 339 1 0.29%

55-59 5 0 0.00% 100% 55-59 311 2 0.64%

60-64 4 0 0.00% 100% 60-64 182 4 0.00%

65+ 2 1 0.00% 100% 65+ 29 0 0.00%

<Total> 1667 72 0.00% 100% <Total> 2 0 0.00%

Withdrawal Experience for Active participants from 2008-2018

Actual Experience

Disability Experience for Active participants from 2008-2018

Actual Experience
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Exhibit 6.03-4

Experience Review – Payment Form Election

Level income payment option is considered an accelerated form of payment and is not permitted under 

§432(f)(2)(A)(i).

Form of Payment

Number 

Electing

Percentage 

Electing

Election 

Assumption

Life Annuity 10 43.5% 45%

Joint and 50% Survivor 7 30.4% 40%

Joint and 50% Survivor w/ Popup 0 0.0% 0%

Joint and 75% Survivor 1 4.3% 5%

Joint and 75% Survivor w/ Popup 0 0.0% 0%

Joint and 100% Survivor 3 13.0% 10%

Joint and 100% Survivor w/ Popup 0 0.0% 0%

Level Income 2 8.7% 0%

23 100% 100%

Form of Payment

Number 

Electing

Percentage 

Electing

Election 

Assumption

Life Annuity 3 100.0% 50%

Joint and 50% Survivor 0 0.0% 30%

Joint and 50% Survivor w/ Popup 0 0.0% 0%

Joint and 75% Survivor 0 0.0% 0%

Joint and 75% Survivor w/ Popup 0 0.0% 0%

Joint and 100% Survivor 0 0.0% 20%

Joint and 100% Survivor w/ Popup 0 0.0% 0%

Level Income 0 0.0% 0%

3 100% 100%

Retirement Decrement Election

Disability Decrement Election
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Exhibit 6.03-5

Disclosures relating to use of different Assumptions

Mortality Healthy: Society of Actuaries (SOA) baseline 2006 Headcount-weighted table 

with Blue Collar adjustment, gender distinct, with separate rates for 

pre-commencement and post-commencement. Mortality 

improvement: MP-2017 projection scale beginning in 2006.

Disabled: SOA baseline 2006 Headcount-weighted disabled retiree mortality, 

gender distinct. Mortality improvement: MP-2017 projection scale 

beginning in 2006.

Healthy: RP-2014 Combined Healthy Blue Collar Headcount Weighted Mortality 

Table, with fully generational projection using scale MP-2015

Disabled: RP-2014 Disabled Retiree Headcount Weighted Mortality Table, with 

fully generational projection using scale MP-2015

Interest Rate Net investment return for deterministic projections:

 Assumed investment return of 12.52% for the 2017 calendar year

 Assumed investment return of 3.68% for the 2018 calendar year

 6.30% per year during calendar years 2019-2027 and 6.80% per year during 

calendar years 2028 and later

7.00%

Turnover Age Rate

<25 4.35%

25-29 3.73%

30-34 5.31%

35-39 4.71%

40-44 3.68%

45-49 4.42%

50-54 3.86%

55+ 100%

None
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Exhibit 6.03-5

Disclosures relating to use of different Assumptions

Retirement Based on age and service as follows:

If Active If Terminated

Age

Service

< 5

Service

>= 5

Service

< 5

Service

>= 5

3.01

Rates

55 - 0.15 - 0.25 0.10

56 - 0.10 - - 0.05

57 - 0.10 - - 0.05

58 - 0.05 - - 0.20

59 - 0.40 - - 0.10

60 - 0.25 - 0.50 0.75

61 - 0.30 - - 0.25

62 - 0.75 - 0.25 0.25

63 - 1.00 - - 0.25

64 - 1.00 - - 0.25

65 1.00 1.00 1.00 1.00 1.00

Expenses Administrative expenses, expressed as of the beginning of the year, are assumed to 

be prior year non-investment related expenses, and increasing by 2.5% for inflation 

each year thereafter. It is also expected that an additional $300,000 in 2018 and 

$150,000 in 2019 will be incurred. Administrative expenses are expected to return 

to the inflation adjusted 2017 amounts.

The normal cost is increased by $110,000 for non-investment related expenses.

Percent 

Married

65% of the participants are assumed to be married with the female spouse three 

years younger than the male spouse.

80% of the participants are assumed to be married with the female spouse three 

years younger than the male spouse.

Payment Form 

Election

For active and terminated vested participants at retirement:

 45% of all participants elect the straight life annuity

 40% of all participants elect the 50% joint and survivor annuity

 5% of all participants elect the 75% joint and survivor annuity

 10% of all participants elect the 100% joint and survivor annuity

For active and terminated vested participants at disablement:

 50% of all participants elect the straight life annuity

 30% of all participants elect the 50% joint and survivor annuity

 20% of all participants elect the 100% joint and survivor annuity

100% of participants were assumed to elect the straight life annuity
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Exhibit 6.03-5

Disclosures relating to use of different Assumptions

Incomplete 

Data

None.

Beneficiary date of birth is missing for one participant. The beneficiary is assumed to 

be three years younger than the participant.

Contribution 

Rates

An effective hourly contribution rate, reflecting non-reciprocated and netreciprocated hours, of $13.25 per hour according to the CBA and rehabilitation plan 

in place. The Trustees have indicated that they will, upon approval of the MPRA 

Application and affirmative vote by the membership, amend the Rehabilitation Plan 

to include a $0.25 per year contribution increase for each of 2020 through 2024. The 

resulting 2024 contribution rate of $14.50 is assumed to continue thereafter without 

further increase. The tentative increases are used for projection purposes.

An effective hourly contribution rate of $12.75 per hour according to the CBA and 

rehabilitation plan in place.
Page 15 of 15

Exhibit 6.03-6

Average Average

Number of Contribution Total Number of Contribution Total

Employer CBUs Rate Contributions Employer CBUs Rate Contributions

2009

Ferguson Electric 99,594 $8.30 $826,630 2014

Frey Electric 41,943 $8.30 $348,128 Ferguson Electric 107,637 $11.25 $1,210,918

CIR Electric 32,817 $8.30 $272,381 Frey Electric 63,198 $11.25 $710,977

Industrial Power and Lighting 24,048 $8.30 $199,601 CIR Electric 47,781 $11.25 $537,531

Cupertino Electric 82,751 $11.25 $930,954

2010

Cupertino Electric 82,906 $9.05 $750,296

Ferguson Electric 58,655 $9.05 $530,829 Ferguson Electric 106,240 $11.75 $1,248,324

Frey Electric 28,495 $9.05 $257,878 Frey Electric 25,234 $11.75 $296,503

Weydman Electric 30,729 $9.05 $278,093 CIR Electric 39,885 $11.75 $468,654

CIR Electric 24,413 $9.05 $220,934 Cupertino Electric 15,806 $11.75 $185,720

O'Connell Electric 17,534 $9.05 $158,680 O'Connell Electric 15,476 $11.75 $181,839

2011

Ferguson Electric 45,634 $9.55 $435,803 Ferguson Electric 83,748 $12.25 $1,025,911

O'Connell Electric 35,855 $9.55 $342,420 Frey Electric 31,739 $12.25 $388,806

Frey Electric 34,483 $9.55 $329,316 CIR Electric 55,167 $12.25 $675,801

Weydman Electric 28,810 $9.55 $275,137 Industrial Power & Lighting 15,507 $12.25 $189,963

CIR Electric 25,594 $9.55 $244,419 O'Connell Electric 18,379 $12.25 $225,145

Industrial Power & Lighting 20,633 $9.55 $197,047 The State Group Industrial 12,708 $12.25 $155,679

2012

Ferguson Electric 98,549 $10.05 $990,415 Ferguson Electric 63,479 $12.75 $809,343

CIR Electric 38,389 $10.05 $385,805 Frey Electric 26,198 $12.75 $334,019

Frey Electric 20,376 $10.05 $204,777 CIR Electric 71,511 $12.75 $911,769

Industrial Power & Lighting 13,771 $12.75 $175,579

2013 O'Connell Electric 14,867 $12.75 $189,556

Ferguson Electric 103,529 $10.55 $1,092,235 Suburban Electric 12,086 $12.75 $154,093

Frey Electric 77,026 $10.55 $812,622

CIR Electric 56,953 $10.55 $600,852

2015

2016

2017