Sf-fEET ""1ET.A.L I AlR i FlA.tL I TAANSPOATATIC>N 

AGREEMENT 

by and between 

WHEELING AREA SHEET METAL & 

ROOFING CONTRACTORS' ASSOCIATION 

DIVISION OF THE OHIO VALLEY 

CONSTRUCTION EMPLOYERS COUNCIL, INC. 

and 

INTERNATIONAL ASSOCIATION OF SHEET METAL, AIR, RAIL 

AND TRANSPORTATION WORKERS LOCAL UNION NO. 33 

WHEELING DISTRICT 

Juiy 1, 2015 to June 30, 2019 

0312
SHEET METAL WORKERS' LOCAL UNION NO. 33 

WHEELING DISTRICT AGREEMENT 

Preamble 

This Agreement entered into this 1st day of July, 2015 by and between 

the WHEELING AREA SHEET METAL & ROOFING CONTRACTORS' ASSOCIATION, 

Division of the OHIO VALLEY CONSTRUCTION EMPLOYERS COUNCIL, Inc., 

hereinafter referred to as the "Employer" and LOCAL UNION NO. 33 -

WHEELING DISTRICT of THE INTERNATIONAL ASSOCIATION OF SHEET METAL, 

AIR, RAIL AND TRANSPORTATION WORKERS, hereinafter referred to as the 

"Union" having jurisdiction over Brooke, Hancock, Marshall and Ohio 

Counties in West Virginia; Belmont, Jefferson, Harrison and Monroe 

Counties in Ohio. 

ARTICLE I 

SCOPE OF WORK 

SECTION 1. This Agreement covers the rates of pay and conditions of 

employment of all employees of the Employer engaged in but not limited 

to the {a) manufacture, fabrication, assembling, handling, erection, 

installation, dismantling, conditioning, adjustment, alteration, 

repairing and servicing of all ferrous or non-ferrous metal work and 

all other materials used in lieu thereof and of all air-veyor systems 

and air-handling systems regardless of materials used including the 

setting of all equipment and all reinforcements in connection 

therewith; {b) all lagging over insulation and all duct lining; {c) 

testing, servicing and balancing of all HVAC air-handling equipment 

and duct work; (d} the preparation of all shop and field sketches, 

{whether manually drawn or computer assisted) used in fabrication and 

erection, including those taken from original architectural and 

engineering drawings or sketches; {e) metal roofing; and {f) all other 

work included in the jurisdictional claims of the International 

Association of Sheet Metal, Air, Rail and Transportation Workers. 

ARTICLE II 

SUBCONTRACTING 

SECTION 1. No Employer shall subcontract or assign any of the work 

described herein which is to be performed at a job site to any 

contractor, sub-contractor or other person or party who fails to agree 

in writing to comply with the conditions of employment contained 

herein including, without limitations, those relating to union 

security, rates of pay and working conditions, hiring and other 

matters covered hereby for the duration of the project. 

SECTION 2. Subject to other applicable provisions of this Agreement, 

the Employer agrees that when subcontracting for prefabrication of 

materials covered herein, such prefabrication shall be subcontracted 

to fabricators who pay their employees engaged in such fabrication not 

4 

0313
Virginia; Belmont, Jefferson, Harrison and Monroe Counties in Ohio, 

shall have preference for maintenance of their jobs and be the last to 

be laid off. 

ADDENDUM G 

Bonding & Benefit Language 

SECTION 1. General: 

(1) If at any time during the term of this Agreement an Employer 

should pay an employee covered by this Agreement by a check which, for 

one reason or another, fails to clear through the bank, said Employer 

is required to pay cash in the future. 

(2) The fringe benefit provisions contained in the following 

paragraphs of this Agreement shall apply to all Employer members of 

the Association as hereinbefore mentioned, all Employers who become 

signatory or bound by this Agreement, and all other Employers or 

Employers groups who become a party to an Agreement relating to the 

fringe benefit programs described herein. 

(3) All Employers referred to in paragraph (1) of this Article (all of 

which Employers are hereinafter referred to as "Participating 

Employers") who are party to and bound by this Agreement acknowledge, 

accept and agree to be bound by this Agreement and Declaration of 

Trusts, as here before and/or hereafter amended, establishing the 

(a) Tri County Health and Welfare 

{b) National Pension Fund 

{c) International Training Institute 

{d) SASMI 

{e) NEMI 

{f) Annuity 

(g) Local Apprentice Fund/Jymn Upgrade 

{h) SMW Wheeling District LMCC, Inc. 

{i) Orientation Fund 

{j) C.A. P. 

(k) Project Best 

(1) S.M.O.H.I.T. 

(m) Sheet Metal Scholarship Fund 

{n) Local Pension Fund 

{o) Administrative Dues 

- hours worked 

- hours worked 

- hours worked 

- 3% of gross 

- hours worked 

- hours worked 

- hours worked 

- hours worked 

- hours worked 

- hours worked 

- hours worked 

- hours worked 

- hours worked 

- hours worked 

- hours worked 

acknowledge, accept and agree to be bound by the Plan and Plan 

documents of each of said employee benefit plans. The participating 

Employers acknowledge and agree that copies of the Trust Agreements, 

plans and plan documents have been made available to them at the 

respective fund offices for their review and inspection prior to the 

27 

0314
execution of this Agreement and shall be available to them during the 

term of this Agreement. 

( 4) 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 Agreement, whether currently 

existing or promulgated during the terms of this Agreement. 

(5) All participating Employers who are party to and bound by this 

Agreement hereby accept the designations of the Employer Trustees of 

all said employee benefit plans and any successor Trustees appointed 

by the Association in accordance with the provisions of the Trust 

Agreement. 

SECTION 2. Contribution: 

( 1) The Participating Employers shall contribute to each and every 

employee benefit plans (or to the successor of any of said plans) for 

all employees of each such Participating Employer who are members of 

the collective bargaining unit represented by the Union (whether or 

not the employees are members of the Union) as follows: 

(a) TRI-COUNTY HEALTH AND WELFARE: Seven dollars and nineteen 

cents ($7.19)per hour for each hour an employee works. This includes 

other hours for which payment is required by the collective bargaining 

agreement. (Subject to change). 

(b) NATIONAL PENSION FUND: Five dollars and nineteen cents 

($5.19) per hour for each hour an employee works. This includes 

vacation time, overtime hours, sickness absences and other hours for 

which payment is required by the collective bargaining agreement. 

(Subject to change). 

This Addendum G, Section (b) relates to the Employer's obligation to 

contribute to the Sheet Metal Workers' National Pension Fund ("NPF" or 

"Fund). The parties adopt the First Alternative Schedule in this 

Collective Bargaining Agreement ("Agreement"). The parties 

acknowledge receipt of the First Alternative Schedule, the 

Rehabilitation Plan and NPF Trust Document. This Agreement 

incorporates by reference the First Alternative Schedule, the 

Rehabilitation Plan, the Fund's Trust Document and Plan Document. The 

Employer agrees to contribute consistent with the timing and amount of 

the Contribution Rate increases established in this Agreement and as 

required under the First Alternative Schedule as amended from time-totime. The Employer will increase its NPF Contribution Rate on or 

before the date, and in the amounts, required in the First Alternative 

Schedule. 

28 

0315
1. For the duration of this Agreement and any renewals or extensions 

thereof, the Employer shall make monthly NPF contributions at the 

hourly Contribution Rate provided for under this Agreement and as 

required by the FIP, including the FIP Option selected hereunder. The 

Employer shall contribute for each Hour of Work, worked by each 

employee for whom contributions are due under this Agreement. 

2. An Employer shall start contributing on an employee starting with 

the employee's first hour of employment with the Employer, with the 

exception of acceptable probationary periods provided under the 

various fringe Trust Documents. 

3. The Employer shall contribute at such time and in such manner as 

the Fund requires. Contributions for each Covered Employee shall be 

due the Fund on or before the twentieth {20th ) day of each month, based 

on the Covered Employee's Hours of Work in the preceding month. 

Contributions and remittance data shall be transmitted electronically 

via the National Benefit Funds' secure online Internet Payment System 

( "IPS"), accessible at www. smwnbf. org { contact the IPS Support Team 

via email at ips@smwnbf.org or by calling 1-800-231-4622}. Failure to 

pay and timely file reports shall constitute a delinquency in 

violation of the Employer's obligation under this Agreement, the FIP, 

the Trust Document and the Employee Retirement Income Act of 1974, as 

amended { "ERISA") . A delinquent Employer is liable for payment of 

additional charges for interest, liquidated damages, attorney's fees 

and collection costs in accordance with the Trust Document. 

Notwithstanding any other provision of this Agreement to the contrary, 

the Fund's Trustees may take whatever steps they deem necessary or 

appropriate to collect delinquencies or enforce their terms of the 

FIP, the Plan Document, or Trust Document, including but not limited 

to legal action, recommendation for the withdrawal of labor, and 

termination of the Employer's status as a Contributing Employer to the 

Fund. 

4. If at any time the Fund deems it necessary or appropriate, it may 

examine the Employer's financial, payroll, wage, job or project 

records to determine the accuracy of contributions due to the Fund and 

the Employer's ability to meet its contributions, the employer agrees 

to pay auditors' fees, interest, liquidated damages, and any legal 

fees and costs incurred in collection, in accordance with the Trust 

Document. Failure to submit to an examination(s), or provide complete 

access to the requested records, will subject the Employer to all 

costs incurred to compel the Employer to comply in addition to all 

other amounts due under the Trust Document. 

5. Should the Fund notify the Local Union that the 

delinquent in any payments due the Fund, the Local 

withdraw labor upon 24 hours notice to the Employer. 

29 

Employer is 

Union shall 

0316
6. Notwithstanding the payment of Employer contributions, eligibility 

for NPF benefits is determined under the provisions of the NPF Plan 

Document. 

{c) INTERNATIONAL TRAINING INSTITUTE: Twelve cents ($0.12) cents 

for hours worked by each employee of the Employer covered by this 

Agreement. Payment shall be made on or before the 20 th day of the 

succeeding month and shall be remitted as designated by the Trustees 

of the Fund, or for purposes of collection and transmittal through 

(Name of local transmittal office). 

{d) S.A.S.M.I.: Three (3%) percent of the gross earnings of its 

Building and Construction Journeymen, Apprentice, Industrial 

Residential and Specialty Employees to the Stabilization Agreement of 

Sheet Metal Industry Trust Funds, hereinafter referred to as SASMI, 

established and administered jointly by the International Association 

of Sheet Metal, Air, Rail and Transportation Workers and the Sheet 

Metal Contractors with an equal number of Union and Employer Trustees 

to provide benefits pursuant to a qualified plan ( copy of which is 

attached hereto) during periods of unemployment. The Employer agrees 

to forward these Funds to the Sheet Metal Workers' National Benefits 

Funds. 

{e) NEMI: Three cents ($0.03) for each hour worked 

employee of the Employer covered by this Agreement. Payment 

made on or before the 20th day of the succeeding month and 

remitted as designated by the Trustees of the Fund, or 

purposes of collection and transmittal 

(Name of local transmittal office). 

by each 

shall be 

shall be 

for the 

through 

(f) SHEET METAL WORKERS LOCAL 33 PROFIT SHARING ANNUITY PLAN ("Annuity 

Fund") . The Employer agrees to pay three dollars and thirty cents 

( $3. 30) per hour worked, which sum or sums shall be paid each month 

into the Annuity Fund by the Employer not later than the 20th day of 

the following month. The Fund is to be jointly administered by the 

Trustees of the Annuity Fund as provided for in the Trust Agreement 

covering the subject matter. All Employer contributions into the 

Annuity Fund will be made on an hourly basis based upon hours worked. 

The contribution rate for apprentices shall be as provided for in 

Article XI and Addendum I of the Collective Bargaining Agreement, 

regardless of seniority. 

(g) LOCAL APPRENTICE FUND/JOURNEYMAN UPGRADE FUND: Forty-two cents 

($0.42) per hour for each hour an employee works thirty-five cents 

30 

0317
($.35) for Local Apprentice Fund and seven cents ($.07)Journeyman 

Upgrade Fund. 

(h) SHEET METAL WORKERS WHEELING DISTRICT LMCC, INC: 

($.09) per hour for each hour an employee works. 

Nine cents 

SECTION 1: Wheeling District apprentices may receive a per diem, set 

by the SMWLMCC, plus a Health and Welfare contribution based on forty 

(40) hours at the current hourly rate for the week that the apprentice 

is attending their regular scheduled apprenticeship classes. 

SECTION 2: Each 2nd 

reimbursed up to $100 

Addendum H, Tool List). 

year 

for 

Wheeling District apprentices will be 

required tool expenses upon proof (see 

(i) ORIENTATION FUND: Two cents ($.02) per hour for each hour an 

employee works. 

(j) CONSTRUCTION ADVANCEMENT PROGRAM: There has been established 

a Trust known as "The Construction Advancement Program of the Ohio 

Valley Construction Employers Council, Inc." referred to herein as the 

"Fund." The Fund shall be administered solely and exclusively by the 

Trustees appointed pursuant to the provisions of the Trust instrument, 

and the activities of the Fund shall be financed as set forth below. 

The Employers signatory to this Agreement and/or performing work 

in accordance with the terms hereof, shall pay to the Fund the sum of 

eighteen cents ( $0 .18) per hour for each hour worked per employee 

covered by this Agreement 

Said contributions to be paid to the Trustees appointed by the 

Ohio Valley Construction Employers Council, Inc., in the amount under 

the terms hereof as reported on a combined fund reporting form to be 

established hereunder. Contributions to the Fund shall be 

administered by the Construction Advancement Program of the Ohio 

Valley Construction Employers Council, Inc., pursuant to the 

provisions of the Declaration of Trust dated the 21st day of July, 

1961, a copy of which is available for inspection by interested 

parties and which Declaration of Trust is incorporated by reference 

and made part of this Agreement. 

The Construction Advancement Program of the Ohio Valley 

Construction Employers Council, Inc., is created out of recognition by 

Employers of construction labor of the responsibility of collectively 

sharing in defraying the cost of conducting, administering and 

servicing every phase of Labor/Management relations. 

Specifically, the monies collected by the Fund shall be used as 

follows: 

31 

0318
1) Employer expenses incurred in the promotion of stability of 

relations between labor and management. 

2) Employer expenses incurred in maintaining facilities for the 

adjustment of grievances. 

3) Employer 

assisting 

funds. 

expenses 

in the 

incurred in maintaining 

joint administration of 

facilities 

all fringe 

for and 

benefit 

4) Employer expenses incurred in maintaining facilities for and 

assisting in the joint administration of apprenticeship, 

manpower training, education and other job up-grading programs. 

5) Employer expenses incurred in maintaining facilities for and 

conducting of safety education and accident prevention programs. 

6) Employer expenses incurred in 

activities such as legitimate 

contracts and research. 

promoting other Employer 

markets, standardization of 

7) Employer expenses incurred in maintaining facilities for 

assuring that the users of construction service and the general 

public obtains the highest standards of such construction 

service. 

The Fund shall not be used for lobbying in support of anti-labor 

legislation or to subsidize contractors during a period of any work 

stoppage or strike. 

It is specifically understood that the Union will not be required 

nor called upon to enforce the collection of the foregoing Fund. It 

is further understood and agreed that the Employer will serve and hold 

the Union harmless from any litigation connected or any way affected 

with the foregoing Fund. 

It is agreed by and between the parties that any Employer not 

desiring to contribute to the Construction Advancement Program 

established in this Agreement, shall, as an alternative, contribute 

the equal amount of monies to the Local Joint Apprenticeship Funds. 

(k) CONSTRUCTION INDUSTRY LABOR/MANAGEMENT COOPERATION COMMITTEE 

(PROJECT BEST) : 

SECTION 1. The parties 

Industry Labor/Management 

authority of Section 6 (b) 

1978, 29 U.S.C. S 175 (a) 

agree to participate in the Construction 

Cooperation Committee (Project Best), under 

of the Labor/Management Cooperation Act of 

and Section 302 (c) (9) of the Taft-Hartley 

32 

0319
Act, 29 U.S.C. S 186(c) (9). 

Committee include the following: 

The permissible purposes of this 

Effective as of the date of this Agreement, the Employers signatory to 

this Agreement shall, through mutual agreement, contribute the amount 

of fifteen cents ($0.15) per hour worked under this Agreement on a 

monthly basis to the Construction Industry Labor/Management 

Cooperation Committee (Project Best). Payment shall be made monthly on 

or before the 20th day of the succeeding month and shall be remitted as 

designated by the Trustees of the institute, or for purposes of 

collection and transmittal through 

(Name of Company) 

1) To improve communication between representatives of labor and 

management, and engender cooperative and harmonious relations between 

labor and management in the construction industry; 

2) To provide workers and Employers with opportunities to study 

and explore new and innovative joint approaches to achieving 

organizational effectiveness; 

3) To provide a forum for open and honest discussion of problems 

confronting employees and Employers in the construction industry; 

4) To study and explore ways of increasing productivity of both 

labor and management, and of eliminating potential problems which 

reduce the competitiveness and inhibit the economic development in the 

construction industry; 

5) To enhance the involvement of workers in making decisions that 

affect their working lives, and to improve the quality of work life 

for employees in the construction industry; 

6) To expand and improve working relationships between workers 

and managers; 

7) To avoid disputes between labor and management before they 

arise, and to assist in promptly and fairly resolving disputes when 

they do arise; 

8) To promote the use of safe, efficient, high quality 

construction services in development, maintenance, and rehabilitation 

of industrial and commercial facilities; 

9) To seek to maintain a productive dialogue with users of 

construction services; 

10) To foster the development of craft skills and high quality 

training in the construction industry; 

33 

0320
11) To foster improvements in occupational safety and health and 

other working conditions in the construction industry; 

12) To engage in other lawful activities incidental or related to 

the accomplishment of these purposes. 

SECTION 2. The Committee shall function in accordance with, and as 

provided in, the governing documents of the Committee and subsequent 

amendments thereto. 

SECTION 3. The Employers party to this Collective Bargaining Agreement 

shall, through mutual agreement, contribute the amount of fifteen 

cents ($0.15) per hour worked under this Agreement on a monthly basis 

to the Construction Industry Labor/Management Cooperation Committee 

(Project Best). The monies of the Committee shall be at all times 

segregated from other Union or Employer assets, and shall not be used 

or controlled by the Unions or Employers party to this Agreement, but 

shall be administered solely by the Committee and its duly authorized 

representatives for the purposes permitted. 

SECTION 4. 

a. To implement good cost effectiveness and practices, the 

Employer and the Union shall take the steps necessary to foster such 

changes in accordance with the general goals and concepts developed by 

the Committee to increase competition in the industry. 

b. The Committee shall have the authority to consider complaints 

filed under Article 9A by construction users and/or by signatory 

Unions or Employers and make findings on compliance with this 

Agreement. 

(1) S.M.O.H.I.T.: Two cents ($0.02) per hour for each hour worked 

by each employee of the Employer covered by this Agreement until the 

Institute Trustees determine that the Trust is financially selfsufficient. Payment shall be made on or before the 20th day of the 

succeeding month and shall be remitted as designated by the Trustees 

of the Trust, or for purposes of collection and transmittal through 

(Name of local transmittal office) 

(m) SHEET METAL SCHOLARSHIP FUND: One cent ($0.01) per hour for 

each hour an employee works. 

(n) LOCAL PENSION FUND: Four dollars and Sixty cents ($4.60) per 

hour for each hour for which an employee works. (Subject to change). 

This Addendum pertains to the Employer's obligation to contribute to 

the Sheet Metal Workers' Local Pension Fund ("LPF" or "Fund"), and is 

intended to implement the additional funding rules under the Employee 

34 

0321
Retirement Income Security Act of 1974, as amended, that apply to the 

LPF because its actuary has certified that it is in Critical Status. 

The Employer will contribute to the LPF the amounts as set forth in 

this Agreement per hour for each hour of Covered Employment by an 

Employee of the Employer. Payment shall be made on or before the 20 th 

day of the succeeding month and shall be remitted to the LPF office as 

designated by the Fund Trustees. The Parties agree to be bound by the 

terms of the plan and trust documents governing the LPF, including the 

Rehabilitation Plan or any Funding Improvement Plan, as well as 

schedules and amendments to the foregoing. 

The Parties have adopted the LPF's 2009 Alternative Schedule and agree 

to contribute consistent with the Contribution Rate requirements, 

including required increases set forth below or in the Alternative 

Schedule. The 2009 Alternative Schedule is incorporated by reference 

into this Agreement. For each year during the term of this Agreement, 

the Employer's LPF Contribution Rate will be increased by the 1st day 

of April of each such year and in the amount required for such year in 

the 2009 Alternative Schedule. 

(o) ADMINISTRATIVE DUES: The Employer agrees to deduct one dollar 

and ninety-five cents ($1. 95) per hour for each hour worked by an 

employee, (Subject to change). 

The parties agree to be bound by separate Agreements and Declarations 

of Trust establishing the International Training Institute for the 

Sheet Metal and Air Conditioning Industry, the National Energy 

Management Institute Committee, the Sheet Metal Occupational Health 

Institute Trust, and the separate agreements and declarations of trust 

of all other local or national programs to which it has been agreed 

that contributions will be made. In addition, the parties agree to be 

bound by any amendments to said trust agreements as may be made from 

time to time and hereby designate as their representatives on the 

Board of Trustees such Trustees as are named together with any 

successors who may be appointed pursuant to said agreements. 

The parties authorize the Trustees of all national funds to 

cooperatively establish uniform collection procedures to provide for 

efficient and effective operation of the various national trusts. 

SECTION 3. Reporting Forms: 

( 1) All participating Employers shall report to the Administrator (s) 

of the aforesaid employee benefit plans, or such other duly appointed 

depository, for all hours paid (or otherwise contributed for) by all 

employees participating in the employee benefit plans on forms 

provided by the Trustees of the Plans. It shall be the obligation of 

the Employers to have and use the official reporting forms. If an 

Employer maintains his payroll records and information on computer or 

other electronic equipment and desires to use and submit such forms, 

35 

0322
Retirement Income Security Act of 1974, as amended, that apply to the 

LPF because its actuary has certified that it is in Critical Status. 

The Employer will contribute to the LPF the amounts as set forth in 

this Agreement per hour for each hour of Covered Employment by an 

Employee of the Employer. Payment shall be made on or before the 20th 

day of the succeeding month and shall be remitted to the LPF office as 

designated by the Fund Trustees. The Parties agree to be bound by the 

terms of the plan and trust documents governing the LPF, including the 

Rehabilitation Plan or any Funding Improvement Plan, as well as 

schedules and amendments to the foregoing. 

The Parties have adopted the LPF's 2009 Alternative Schedule and agree 

to contribute consistent with the Contribution Rate requirements, 

including required increases set forth below or in the Alternative 

Schedule. The 2009 Alternative Schedule is incorporated by reference 

into this Agreement. For each year during the term of this Agreement, 

the Employer's LPF Contribution Rate will be increased by the 1st day 

of April of each such year and in the amount required for such year in 

the 2009 Alternative Schedule. 

(o) ADMINISTRATIVE DUES: The Employer agrees to deduct one dollar 

and ninety-five cents ($1.95)per hour for each hour worked by an 

employee, (Subject to change). 

The parties agree to be bound by separate Agreements and Declarations 

of Trust establishing the International Training Institute for the 

Sheet Metal and Air Conditioning Industry, the National Energy 

Management Institute Committee, the Sheet Metal Occupational Heal th 

Institute Trust, and the separate agreements and declarations of trust 

of all other local or national programs to which it has been agreed 

that contributions will be made. In addition, the parties agree to be 

bound by any amendments to said trust agreements as may be made from 

time to time and hereby designate as their representatives on the 

Board of Trustees such Trustees as are named together with any 

successors who may be appointed pursuant to said agreements. 

The parties authorize the Trustees of all national funds to 

cooperatively establish uniform collection procedures to provide for 

efficient and effective operation of the various national trusts. 

SECTION 3. Reporting Forms: 

( 1) All participating Employers shall report to the Administrator ( s) 

of the aforesaid employee benefit plans, or such other duly appointed 

depository, for all hours paid (or otherwise contributed for) by all 

employees participating in the employee benefit plans on forms 

provided by the Trustees of the Plans. It shall be the obligation of 

the Employers to have and use the official reporting forms. If an 

Employer maintains his payroll records and information on computer or 

other electronic equipment and desires to use and submit such forms, 

35 

0323
subject to rejection by the administrators along with the official 

reporting forms. 

(2) All reports shall be for the full calendar month last preceding. 

However, an Employer may use other reporting periods subject to 

rejection by the Administrator. 

SECTION 4. Time of Payment of Contributions: 

(1) All Participating Employees shall remit all fringe benefit amounts 

due and owing on or before the Fringe Benefit Payment date, which is 

hereby established as the 20th day of each calendar month {or the first 

business day thereafter if the 20th day of the month is not a business 

day), for all hours 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 20th day of the month {or the first business day 

thereafter if the 20th day of the month is not a business day), it 

shall be deemed to have been paid timely, regardless of the date of 

the 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 20th day of the month (or the first 

business day thereafter if the 20th day of the month is not a business 

day) to be deemed paid timely. If the Participating Employer causes 

the fringe benefit payments to be delivered to the Union office, it 

shall be stamped as to the date and time of receipt, and if it is 

stamped by the Union office or postmarked on or before the 20th day of 

the month (or business day), it shall be deemed paid timely. 

(2) An Employer who is delinquent in the timely remittance of fringe 

benefit payments more than once per calendar year or more than thirty 

(30) days late at the time shall make future payments and deductions 

on a weekly basis within seven { 7) days following the close of the 

work week for a period of one (1) year. 

(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 International Association of Sheet Metal, Air, Rail 

and Transportation Workers, Local No. 33 - Wheeling District 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 Plan by a promulgation of Rules and Regulations, in 

accordance with the Trust Agreements. The Trustees shall notify all 

Participating Employers of all promulgation's of Rules and Regulations 

establishing and revising the liquidated damage of charges and any 

terms, conditions and provisions thereof in advance of the enforcement 

thereof; but by acceptance and participation in this promulgation's on 

and after their effective dates. 

36 

0324
{ 4) If a Participating Employer is in violation of the provisions 

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 attorneys' fee in any court of law, arbitration proceedings 

and/or federal or state administrative agency and cost actually 

expended by the Trustees to enforce the said Employers' compliance 

with the provisions of this Agreement. Unless such Trustees, Unions 

or Associations have acted to the contrary, the liquidated damages 

shall be considered ten percent {10%) of all monies owed which must be 

collected by Local No. 33 - Wheeling District and/or National/Local 

Pension Plan or any successor depository collection agent. All such 

liquidated damages and delinquent contributions which remain unpaid 

shall also accrue interest at an interest rate of twelve percent (12%) 

per annum until such time as they are paid. 

(5) The contributions for the above plans shall be paid to Sheet Metal 

Workers' Local 33 Funds, P.O. Box 636945, Cincinnati, OH 45263-6945. 

SECTION 5. Employers Delinquency Control: 

(1) The Trustees of the several employee benefit plans may establish 

Payroll Audit Programs, which shall be binding upon the parties. The 

Trustees shall also have the right to determine who shall bear the 

cost of the audit, provided however that if the audit fails to 

disclose any current or past deficiencies, the Fund shall pay the cost 

of the audit. The Trustees shall notify the Participating Employer, 

in writing, of their desire to audit, and allow sufficient notice for 

the Participating Employer to make available in his premises those 

payroll records and other records, reports and data reasonably 

necessary to conduct the audit in accordance with generally accepted 

auditing standards. The Trustees and their agents and employees shall 

conduct the audits at such time and place and manner as to minimize 

the inconvenience to the Participating Employer; and they shall 

preserve the confidentiality of all information obtained. 

(2) All Employers shall furnish evidence of bonding by an insurance 

company in the amount of eight thousand dollars ($8,000.00) at the 

office of the International Association of Sheet Metal, Air, Rail and 

Transportation Workers Local No. 33 - Wheeling District to assure 

prompt payment by the Employees to said fringe funds: Health and 

Welfare, Pension and other funds as required by this Agreement. Such 

bond shall be issued exclusively for the purpose of securing payment 

of said fringe benefits. Those Employers employing three to five men 

shall be required to furnish a ten thousand dollar ($10,000.00) bond. 

Those Employers employing six to ten men shall be required to furnish 

a twelve thousand dollar ($12,000.00) bond. Those Employers employing 

eleven to fourteen men shall be required to furnish a fourteen 

thousand dollar ($14,000.00) bond. Those Employers employing fifteen 

men shall be required to furnish a sixteen thousand dollar 

($16,000.00) bond, and shall also be required to furnish an additional 

37 

0325
eight thousand dollar ($8,000.00) bond for each additional five men 

who have employed members of the Union during the preceding twentyfour (24) month period. Employers, who have made all of the payments 

as aforementioned without default, are hereby exempt from furnishing a 

bond, until such time as they become in default. Upon becoming in 

default, an Employer will be required to furnish a bond which will be 

released at the expiration of the first twenty-four (24) month period 

during which there has been no default. Any Employer who has provided 

written notification to Local No. 33 - Wheeling District that he has 

ceased employment within the jurisdiction of this Agreement shall be 

entitled to a release of the bond ninety (90) days after the payment 

of the aforementioned payments. 

( 3) In the event of a violation of this Section by an Employer, the 

Union shall withdraw its men from said Employer until such time as 

said Employer complies with the requirements of this Section. The 

Union shall also have the right to picket over this violation. 

(4) Right to Work Stoppage and Payment of Waiting Time. Upon five (5) 

days' notice in writing by certified mail to the Employer given by the 

Union that he is delinquent in any contributions and/ or deductions 

under this Agreement and, citing all penalties, that his men will be 

withdrawn in order to enforce the payment of contributions and/ or 

deductions due under this Agreement, employees will be withdrawn from 

the job to effect collection of delinquent contributions and/or 

deductions and shall be paid a full day's wages for each day they are 

off the job until the Employer brings his payment current. 

(5) This remedy shall be in addition to all other remedies available 

to the Union and the Trustees and may be exercised by the Union, 

anything in this collective bargaining agreement to the contrary 

notwithstanding. Such withdrawal of employees to collect 

contributions to the Trusts Funds and deductions for the Savings 

Program and Working Dues/Assessments shall not be considered a 

violation of this Agreement on the part of the Union and it shall not 

be a subject of arbitration. The provisions of this Section shall not 

be applicable to the collection of contributions to the Labor 

Relations Division of the Builders Exchange for the Employer. 

(6) The grievances and arbitration provisions provided in this 

Agreement shall not limit Local No. 33 - Wheeling District's ability 

to take economic action against a delinquent Employer, including, but 

not limited to, picketing, withholding men and leafleting. 

SECTION 6. Additional Provisions: 

(1) In the event that any employee benefit plan provided for in this 

Agreement 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 and/or Employer (in reverse order) as wages 

38 

0326
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 the funds, 

and the total cost to the Employer of the Governmental program which 

caused the reduction in or elimination of the program. The Employer 

agrees that in the event the cost of benefits provided by the National 

Pension Fund shall be increased as a result of passage of Federal or 

State legislation mandating changes in funding and/or vesting 

requirements, it will increase its contributions in an amount 

sufficient, in the judgment of an actuary selected by the Trustees of 

the Pension Fund, to maintain at the current level and on a sound 

actuarial basis all benefits then being provided for present and 

prospective covered employees, said increase in contribution to 

commence on the first {1st ) day of the month following the effective 

date of the aforementioned legislation. Any increase shall be 

deducted from the total wage package. If all or any part of any 

fringe benefit {except Industry Fund) is dropped, it shall revert to 

wages. 

{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 cutback make 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 

cutback 

benefit 

legally 

it is not legally permissible to reallocate the 

portion, the Employer shall commence paying the 

rate that was deferred or cutback when and if 

permissible to do so. 

deferred or 

wage and/or 

it becomes 

(4) It is acknowledged and agreed by the parties that upon the making 

of all contributions required of them by this Agreement, Participating 

Employer 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 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, unless 

otherwise provided by law. 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 

39 

0327
connection with the reduction of the then existing benefits in order 

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 that 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 and/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; (b) The Union shall have 

the right to make changes for Health and Welfare and Pension 

contributions and any such change amends this Agreement and becomes 

effective upon the date requested by the Union, provided the Employer 

gives a sixty (60) day notice of such change. 

( 6) If the International Association of Sheet Metal, Air, Rail and 

Transportation Workers, National Pension, or other funds fall below 

predetermined safe financial level of operation, then the contribution 

rate shall be increased by the amount determined to be needed by the 

Trustees, or benefits would be reduced to protect the safe financial 

level. Any increase shall be deducted from the total wage package. 

( 7) For all employees who perform work covered by this 

bargaining agreement (unit should be specified or 

identifiable), who are participants in the National Pension 

"Fund"), by virtue of work for the Employer or any other 

contributions shall begin on t.he first day of employment, 

otherwise expressly provided below. 

collective 

readily 

Fund (the 

employer, 

except as 

In the case of any employee who is employed by the Employer and 

who performs work for such Employer which is not construction work, 

the Employer shall not make contributions for such employee during the 

first days (not to exceed 90). Of his employment with the 

Employe~hether or not such days of employment are consecutive, and 

such employee shall not become a covered employee in the Fund until 

the day after the end of such 90 days of employment. 

The Employer shall report to the Fund all hours worked by every 

employee covered by the collective bargaining agreement (or if 

40 

0328
specific classification, the classification should be specified) and 

remit contributions not later than the 20th day of the month following 

the month in which any covered work is performed. The Employer will 

provide any and all information about employees working under this 

agreement, whether Fund participants or not, upon request of the Fund 

and will otherwise agree to abide by the Fund's Agreement and 

Declaration of Trust, which is incorporated by reference herein. The 

Employer agrees to designate truthfully those employees who do not 

perform construction work, and the Employer further acknowledges that 

the Fund intends to rely on such designation for all purposes under 

the Fund Plan and Trust contribution 

ADDENDUM H 

Tools 

SECTION 1. There shall be no restriction.s on the full use of tools and 

equipment and slowdowns, standby crews and/or featherbedding practices 

will not be tolerated. 

SECTION 2. No employee shall furnish or rent to the Employer any 

tools, scaffolds, trucks or equipment other than specified in Article 

IX. Journeymen and Apprentice and classified Sheet Metal Workers 

covered by this Agreement shall provide for themselves the following 

necessary hand tools. 

Tool Box 

Screw Drivers 

Tongs 

Straight Snips 

Small Whitney Punch 

6' Folding Rule 

Crescent Wrench 

Dividers 

Combination Square 

Tinner Hammer 

Pop Rivet Gun 

Scratch Awl 

Drift pin 

Vice Grips 

Level 

Pliers 

25' Pull Tape 

Chisels 

Aviation Snips (left and right) 

Center Punch 

Standard 3/8 drive socket set 

Tool Protection: It is agreed that the Employer will provide a safe 

place with a lock for the storage of employee's tools and equipment on 

any job lasting more than one work day. 

It is further agreed that the Employer will provide a heated place for 

the men to eat lunch and change clothes between October 1st and April 

1st on any job lasting more than five (5) days. 

Composite Crew: When working in a composite crew the Employer will 

furnish tools for the Sheet Metal Worker. When a composite crew is 

41 

0329
AGREEMENT 

SHEET METAL WORKERS' 

LOCAL UNION NO. 33 

AKRON DISTRICT 

Agreement between 

EAST CENTRAL OHIO SMACNA 

and 

INTERNATIONAL ASSOCIATION OF 

SHEET METAL, AIR, RAIL AND 

TRANSPORTATION WORKERS 

LOCAL UNION NO. 33 - AKRON DISTRICT 

SHEET METAL I AIR I RAIL I TRANSPORTATION 

Effective: June 1, 2017 

Expires: May 31, 2022 

0330
CONTENTS 

Article Subject Page 

Standard Form (As Modified) .•....................... 

I Scope of Work ..................•......•............ 

II Sub-Contracting ..•.................•........•...... 

ill Work To Be Performed .........•.............•...... 

IV Furnishing Manpower ................•.............. 

V Membership ..•..............................•...... 

VI Work Day ......................................... . 

VII Travel ........................................... . 

Vill Payment of Wages ......•......•..................... 

VIII Purchased Items (Sec 3) ............•...•............. 

VIII Two-Man Rule (Sec 6). . . . • . . . . . . . . . . . . . . . . . . . . • . . . . . . 

VIII Fringe Funds (Sec 8) ................................ . 

vm Show Up Time (Sec 11) ..•.....•.......•............. 

IX Tools/fransportation .....••......................... 

X Grievance Procedure ....•............................ 

XI Apprentices ........................................ . 

XII Signature Page ..................................... . 

4 

0331
STANDARD FORM OF 

UNION AGREEMENT 

(As Modified) 

Sheet Metal, Roofing, Ventilating and Air Conditioning Contracting Divisions of the 

Construction Industry. 

This Agreement, entered into this 1st day of June, 2017 by and between the Akron, Canton, 

Mansfield Roofing and Sheet Metal Contractors' Association, Inc., dba East Central Ohio SMACNA 

whether represented by a Contractors' Association or not, hereinafter referred to as the "Employer", 

and Local Union No. 33 - Akron District of International Association of Sheet Metal, Air, Rail and 

Transportation Workers, hereinafter referred to as the "Union", having jurisdiction over Ashland, 

Carroll, Coshocton, Crawford, Holmes, Medina, Portage, Richland, Stark, Summit, Tuscarawas, and 

Wayne Counties in Ohio. 

ARTICLE I 

Scope of Work 

Section 1: This Agreement covers the rates of pay and conditions of employment of all employees 

of the Employer engaged in, but not limited to, the a) manufacture, fabrication, assembling, handling, 

erection, installation, dismantling, conditioning, adjustment, alteration, repairing and servicing of all 

ferrous or nonferrous metal work and all other materials used in lieu thereof and of all HV AC systems, 

air-veyor systems, exhaust systems, and air handling systems regardless of material used, including 

the setting of all equipment and all reinforcements in connection therewith; (b) all lagging over 

insulation and all duct-lining; ( c) testing, servicing, and balancing of all air-handling equipment and 

duct work; ( d) the preparation of all shop and field sketches, whether manually drawn or computer 

assisted, used in fabrication and erection, including those taken from original architectural and 

engineering drawings or sketches, and (e) metal roofing; and (f) all other work included in the 

jurisdictional claims of the International Association of Sheet Metal, Air, Rail and Transportation 

Workers. 

Section 2: Market Preservation and Recovery: With the rise of non-union competition and 

infringements by other craft unions, sheet metal workers and signatory contractors in recent years 

have suffered significant declines in the share of the market of work within the jurisdiction of the 

International Association of Sheet Metal, Air, Rail and Transportation Workers. It is the intent ofall 

parties of this Agreement to take strong measures to reverse these trends and provide for the long term 

health of the union employing industry, by making it mandatory that the signatory contractor exhaust 

all efforts for the purchase of all distribution of air products, specifically, but not limited to, VA V 

boxes, fan (powered or not), make up of air units, fans, air distribution devices, grills and diffusers, 

and assign them completely to the sheet metal workers employed by him. 

Section 3: The Employer also agrees to furnish within ten (10) days of request by the Union, 

completed forms as required by State and/or Federal Department of Labor for purposes of prevailing 

wage surveys by county. Occasional or out-of-town contractors shall complete and submit to the 

Union, said forms immediately upon start of a job within the bounds of Local No. 33. 

0332
by this Agreement shall be paid at least the established minimum wage scale specified in Section l 

of this Article but in no case less than the established wage scale of the local Agreement covering the 

territory in which such work is performed or supervised, plus all necessary transportation, travel time, 

board and expenses while employed in that area, and the Employer shall be otherwise governed by 

the established working conditions of that local Agreement. If employees are sent into an area where 

there is no local Agreement of the International Association of Sheet Metal, Air, Rail and 

Transportation Workers covering the area, then the minimum conditions of the home Local Union 

shall apply. 

Section 7: In applying the provisions of Sections 2, 5, and 6 of this Article VIII, the term "wage scale" 

shall include the value of all applicable hourly contractual benefits in addition to the hourly wage rate 

provided in said Sections. 

Section 8: Fringe benefit contributions shall not be duplicated. When sheet metal workers are 

employed temporarily outside the jurisdiction of their home local union, the parties signatory to this 

Agreement agree to arrange, through the Health and Welfare Trust Fund to transmit health and 

welfare contributions made on behalf of the employee to the Health and Welfare Trust Fund in the 

employee's home local union. 

The parties to this Agreement agree to establish a system for continuing health and welfare coverage 

for employees working temporarily outside the jurisdiction of the local collective bargaining 

agreement when health and welfare contributions are transmitted on their behalf by trust funds from 

other areas. 

When sheet metal workers are temporarily employed outside the jurisdiction of their home local 

union, the parties signatory to this agreement shall arrange to transmit any 401(k) contributions 

required to be made to a 401 (k) plan where the work is performed to a 401 (k) plan established for the 

employee's home local union, and/or to the National Supplemental Savings Fund. 

Section 9: Withholding taxes and social security deductions shall be based on the gross hourly wage. 

The hourly working dues shall be deducted from the gross hourly wages of ALL employees, Welfare, 

Pensions, Apprentice Fund, International Trust Institute, Construction Industry Development Board 

and N.E.M.I. contributions are Employer contributions and are not to be included as part of the taxable 

wage. 

Section 10: Wages at the established rates specified herein shall be paid by payroll check, direct 

deposit, or cash in the shop or on the job at or before quitting time on Friday of each week and no 

more than five (5) days' pay will be withheld. However, employees when laid off shall be paid one 

(1) hour before layoff When employees are laid off or discharged, they shall be paid by all 

employers in payroll check or other legal tender on the job immediately. Any wages owed will be 

mailed and postmarked within twenty-four (24) hours on the next regular work day after 

termination. Any sheet metal employee laid off or terminated who is not paid in full within twentyfour hours (determination will be the official U.S. Postal Service postmark) will receive fifty 

dollars ($50.00) pay, plus an additional fifty dollars ($50.00) pay for each day his check is not 

received or postmarked. There will be a seventy-five dollar ($75.00) penalty fee for any check 

that is given to a member from an employer with insufficient funds and the employer must pay 

any additional charges incurred by the employee as a result of those insufficient funds. 

6 

0333
(72) hours of any accident. 

Section 7: The SMART Code of Excellence was adopted by the membership. 

ADDENDUMK 

Shop or Job Steward 

Section 1: A Steward shall be promptly appointed by the Business Manager or his Representative, 

who shall notify the Employer or his Representative of such appointment within twenty four (24) 

hours by phone and confirmed within one (1) week by mail. The Steward shall be an employee who 

is working on the job and shall be a member of Local Union No. 33, Akron District. The Steward 

shall be retained as long as one (1) or more men are working on any operation, such job or shop, so 

long as he is qualified to perform such available work. The Steward shall not be interfered within the 

reasonable performance of his Union duties. 

Section l{a): Stewards shall have no authority whatsoever to call, order, or create a strike or work 

stoppage. The Steward shall report all serious matters to the Union Officers. 

Section 2: The job or shop Steward shall be a working steward and shall perform the duties of a 

journeyman sheet metal worker and shall report to the Business Representative or to the office of 

Local Union No. 33 - Akron District, any violations of this Agreement. When employed at a 

construction site, the Steward shall be given adequate time on the job to check for any reported 

infraction of this Agreement. or work being done under the jurisdiction of the International 

Association of Sheet Metal, Air, Rail and Transportation Workers. Before the steward leaves his 

work assignment, he must report to his Foreman. 

Section 3: In the event the Employer wishes to discharge or transfer a Steward, the Steward shall 

notify the Union. If the Business Manager or his Representative and the Employer or his 

Representative, cannot agree on discharge or transfer of the Steward, the Union shall, within fortyeight ( 48) hours, refer the matter to the Local Joint Adjustment Board, as provided in Section 2 of 

Article X. If this dispute is not settled by the Local Joint Adjustment Board, Section 3 and Section 4 

of Article X shall be applicable to such dispute. 

Section 4: When the Employer has three (3) or more journeymen sheet metal workers working 

overtime on a job site or shop, the Steward shall be one of the journeymen working overtime. 

Section S: The job or shop steward shall report to the office of Local Union No. 33 - Akron District 

all requests of Employers for overtime work and the names of journeymen and apprentices working 

overtime. 

Section 6: The Steward is obligated to see if all employees on the job are in good standing with Local 

Union No. 33 - Akron District, and check to see whether all employees have the necessary hand tools 

as provided in Article IX, Section 1. 

ADDENDUML 

Bonding/Benefit Language 

21 

0334
Section 1: General: 

(1) The fringe benefit provisions contained in the following paragraphs of this Agreement shall apply 

to all Employer members of the Association as hereinbefore mentioned, all Employers who become 

signatory or bound by this Agreement, and all other Employers or Employers groups who become 

party to an Agreement relating to the fringe benefit programs described herein. 

A check-off of dues and assessments, when approved by Local Union No. 33 - Akron District 

membership, will be made at anniversary dates of contract, plus a maximum of one more time per 

year if necessary. A forty-five (45) day notice is required. It shall be the Central Depository's duty 

to disperse the monies to the proper funds. This option shall also apply to Employer contribution to 

the Industry Fund. 

(2) All Employers referred to in paragraph (1) of this Article (all of which Employers are hereinafter 

referred to as "Participating Employers") who are party to and bound by this Agreement 

acknowledge, accept and agree to be bound by this Agreement and Declaration of Trusts, as 

herebefore and/or hereafter amended, establishing the following, if applicable: 

(a) National Pension Fund 

(b) International Trust Institute 

(c)NEMI 

(d) SMOHIT 

(e) SMWISF 

(f) Local Pension Fund 

(g) Annuity Fund 

(h) Health & Welfare Fund 

(i) Local Apprentice Fund 

0) Working Dues 

(k) CIDB 

(I) C.A.T. Reimbursement Fund 

(hours worked) 

(hours worked) 

(hours worked) 

(hours worked) 

(hours worked) 

(hours worked) 

(hours worked) 

(hours worked) 

(hours worked) 

(hours worked) 

(hours worked) 

(hours worked) 

acknowledge, accept and agree to be bound by the Plan and Plan documents of each of said employee 

benefit plans. The participating Employers acknowledge and agree that copies of the Trust 

Agreements, Plans and Plan documents have been made available to them at the respective fund 

offices 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 Agreement, whether currently existing or promulgated during the terms of this Agreement. 

(4) All participating Employers who are party to and bound by this Agreement hereby accept the 

designations of the Employer Trustees of all said employee benefit plans and any successor Trustees 

appointed by the Association in accordance with the provisions of the Trust Agreement. 

22 

0335
Section 2: Contributions: 

(1) The Participating Employers shall contribute to each and every employee benefit plans ( or to the 

successor of any of said plans) for all employees of each such Participating Employer who are 

members of the Collective Bargaining Unit represented by the Union (whether or not the employees 

are members of the Union) as follows: 

(a) NATIONAL PENSION FUND: The Employer agrees, in addition to wages contained in 

this Agreement, to contribute the amount of seven dollars and seventy-one cents ($7. 71) per hour for 

each hour worked effective to all employees covered by this Agreement, subject to change. 

This Addendum L, Section 2(a) relates to the Employer's obligation to contribute to the Sheet 

Metal Workers' National Pension Fund ("NPF" or "Fund"). The parties adopt the First Alternative 

Schedule in the Collective Bargaining Agreement ("Agreement"). The parties acknowledge 

receipt of the First Alternative Schedule, the Rehabilitation Plan and NPF Trust Document. This 

Agreement incorporates by reference the First Alternative Schedule, the Rehabilitation Plan, the 

Fund's Trust Document and Plan Document. The Employer agrees to contribute consistent with 

the timing and amount of the Contribution Rate increases established in this Agreement and as 

required under the First Alternative Schedule as amended from time-to-time. The Employer will 

increase its NPF Contribution Rate on or before the date, and in the amounts required in the First 

Alternative Schedule. 

1. For the duration of this Agreement and any renewals or extensions thereof, the Employer 

will contribute to the NPF the negotiated rate per this Agreement and as required by the 

First Alternative Schedule in effect at the time the increases are due and the Trust 

Document, for each hour or part of an hour for which an Employee covered by this 

Agreement receives the basic hourly wage rate. Contributions for those hours for which 

wages are paid at time and one-half or double time wage rates will be made to the Fund at 

one and one-half (1 1⁄2) or two (2) times the hourly NPF Contribution Rate respectively, 

unless this Agreement does not require the contributions for any other fund to be increased 

at one and one-half, or two times the hourly contribution rate respectively, for such hours. 

The Employer shall contribute for hours for which payment is due to the employees under 

this Agreement such as vacation time, sickness, absences, and school, unless no funds for 

which cents-per-hour contributions are due under this Agreement require payment for 

hours for which a Covered Employee is paid but does not perform services. 

2. Contributions shall be paid starting with the employee's first day of Covered Employment 

(as defined in the Plan Document). 

3. All contributions shall be made at such time and in such manner, as the Trustees require. 

Employers shall submit a remittance report and the required contributions to the Fund 

Office no later than the twentieth (20th) of the month following the month when Covered 

Employment was performed. Employers should report and contribute via the Fund's online reporting and remittance system at www.smwnpf.org. 

4. The Fund may audit the Employer's financial, payroll, wage, job or project records for 

determining the accuracy of Fund contributions and the Employer's ability to meet its 

23 

0336
contribution obligations. If the audit reveals that an Employer made inaccurate 

contributions or failed to pay contributions in full, Employer agrees to pay interest, 

liquidated damages and fees, as the Trust Document requires. Failure to timely pay and 

file remittance reports constitutes a delinquency in violation of the Employer's obligation 

under this Agreement, the Trust Document and ERISA. The Trustees may take whatever 

steps they deem necessary, including legal action and termination of the Employer and/or 

termination of Covered Employment for service with the Employer, to collect such 

delinquent payments, notwithstanding any other provisions of this Collective Bargaining 

Agreement. 

(b) INTERNATIONAL TRAINING INSTITUTE: Twelve cents ($0.12) for hours worked 

by each employee of the Employer covered by this Agreement. 

(c) N.E.M.I.: Three cents ($0.03) for each hour worked by each employee of the Employer 

covered by this Agreement 

(d) S.M.O.H.I.T.: Two cents ($0.02) per hour for each hour worked by each employee of the 

Employer covered by this Agreement until the Institute Trustees determine that the Trust is financially 

self-sufficient. 

(e) S.M.W.I.S.F.: One cent ($0.01) per hour for each hour for which an employee receives 

pay. 

(f) LOCAL PENSION FUND: The Employer agrees, in addition to wages contained in this 

Agreement, to contribute the amount of five dollars and eighteen ($5 .18) cents per hour for each hour 

worked to all employees covered by this Agreement, subject to change. 

This Addendum L, Section 1 pertains to the Employer's obligation to contribute to the Sheet Metal 

Workers' Local Pension Fund ("LPF" or "Fund"), and is intended to implement the additional 

funding rules under the Employee Retirement Income Security Act of 1974, as amended, that apply 

to the LPF because its actuary has certified that it is in Critical Status. 

The Employer will contribute to the LPF the amounts as set forth in this Agreement per hour for 

each hour of Covered Employment by an Employee of the Employer. Payment shall be made on 

or before the 20th day of the succeeding month and shall be remitted to the LPF office as designated 

by the Fund Trustees. The Parties agree to be bound by the terms of the plan and trust documents 

governing the LPF, including the Rehabilitation Plan or any Funding Improvement Plan, as well 

as schedules and amendments to the foregoing. 

The Parties have adopted the LPF's 2011-2024 Preferred Schedule and agree to contribute 

consistent with the Contribution Rate requirements, including required increases set forth below 

or in the Alternative Schedule. The 2011-2024 Preferred Schedule is incorporated by reference 

into this Agreement. For each year during the term of this Agreement, the Employer's LPF 

Contribution Rate will be determined by the 1st day of June of each such year and in the amount 

required for such year in the 2011-2024 Preferred Schedule. 

(g) ANNUITY FUND: The Employer agrees in addition to wages contained in this 

Agreement to contribute five dollars and thirty cents ($5.30) per hour for each hour worked to all 

24 

0337
employees covered by this Agreement, and fifty (50%) percent of the applicable amount to 

apprentices, as reflective on the wage sheet. 

(h) HEALTH AND WELFARE: The Employer agrees in addition to wages contained in 

this Agreement to contribute the amount of seven dollars and sixty-five cents ($7.65) per hour for 

each hour worked by all employees covered by this Agreement; subject to change. 

(i) LOCAL JOINT APPRENTICE AND TRAINING COMMITTEE FUND: Eighty 

cents ($0.80) per hour for each hour an employee works. To be administered by the J.A.T.C. 

G) WORKING DUES ASSESSMENT: The Employer agrees to deduct _____ per 

hour for each hour worked by every employee for Local Union No. 33, working dues assessment. 

Subject to change. 

(k) CONSTRUCTION INDUSTRY DEVELOPMENT BOARD (CIDB), formally the 

Labor Relations Division (LRD): It is hereby agreed between the parties that all Employers (including 

balance contractors) shall deposit twenty-nine ($0.29) cents per hour for all hours worked by 

journeymen and apprentices. It is hereby agreed that over the course of the contract term, East Central 

Ohio SMACNA may vote to increase the contribution up to, but no more than thirty-seven cents 

($0.37) per hour for all hours worked. 

The Construction Industry Development Board (CIDB) is employer funded and organized for the 

purpose of, but not limited to improving business conditions, for, and the advancement of, employers 

in the construction industry in the State of Ohio in accordance with the CIDB Trust Agreement. 

Payments to the fund shall be in accordance with the instructions on the monthly contribution forms. 

If an Employer does not make this contribution, in lieu of it, he must contribute the same amount to 

the Local Apprenticeship Fund. 

(I) C.A.T. REIMBURSEMENT FUND: Twenty cents ($0.20) per hour for each hour an 

employee works. To be administered by the J.A.T.C 

(2) The parties agree to be bound by separate Agreements and Declarations of Trust establishing the 

International Training Institute for the Sheet Metal and Air Conditioning Industry, the National 

Energy Management Institute Committee, the Sheet Metal Occupational Health Institute Trusts, and 

the separate Agreements and Declarations of Trust of all other local or national programs to which it 

has been agreed that contributions will be made. In addition, the parties agree to be bound by any 

amendments to said trust agreements as may be made from time to time and hereby designate as their 

representatives on the Board of Trustees such Trustees as are named together with any successors 

who may be appointed pursuant to said Agreements. 

The parties authorize the Trustees of all national funds to cooperatively establish unifonn collection 

procedures to provide for efficient and effective operation of the various national trusts. 

Section 3: Reporting Forms: (1) All participating Employers shall report to the Administrator(s) of 

the aforesaid employee benefit plans, or such other duly appointed depository, for all hours paid (or 

25 

0338
otherwise contributed for) by all employees participating in the employee benefit plans on fonns 

provided by the Trustees of the Plans. It shall be the obligation of the Employers to have and use the 

official reporting forms. If an employer maintains his payroll records and information on computer 

or other electronic equipment and desires to use and submit such forms, subject to rejection by the 

administrators, along with the official reporting forms. 

(2) All reports shall be for the full calendar month last proceeding. However, an Employer may 

use other reporting periods subject to rejection by the Administrator. 

Section 4: Time of Payment: (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 day of the month is not a 

business day), for all hours 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 canceled by the U. 

S. Postal Service on or before the 15th day of the month (or the first business day thereafter if the 15th 

day of the month is not a business day), it shall be deemed to have been paid timely, regardless of the 

date of the 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 day of the month is not a business day) to be deemed paid 

timely. If the Participating Employer causes the fringe benefit payments to be delivered to the Union 

office or postmarked on or before the 15th day of the month (or business day), it shall be deemed paid 

timely. 

*** A "wire transfer" provision shall be a voluntary provision. For those Contractors who use wire 

transfer money is due on the 20th (paying with check, money will be due on the Ifh). 

(2) An Employer who is delinquent in the timely remittance of fringe benefit payments more than 

once per calendar year or more than thirty (30) days late at the time shall make future payments and 

deductions on a weekly basis within seven (7) days following the close of the work week for a period 

of one (1) year. 

(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 International Association of Sheet Metal, Air, Rail 

and Transportation Workers, Local 33 - Akron District 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 Plan by a promulgation of Rules and 

Regulations, in accordance with the Trust Agreements. The Trustees shall notify all Participating 

Employers of all promulgation's of Rules and Regulations establishing and revising the liquidated 

damage of charges and any terms, conditions and provisions thereof in advance of the enforcement 

thereof; but by acceptance and participating in this promulgation's on and after their effective dates. 

(4) If a Participating Employer is in violation of the provisions 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 Employers delinquent or in default, for reasonable attorney's fee in any court oflaw, 

arbitration proceedings and/or federal or state administrative agency and cost actually expended by 

26 

0339
the Trustees to enforce the said Employer's compliance with the provisions of this Agreement. Unless 

such Trustees, Unions or Associations have acted to the contrary, the liquidated damages shall be 

considered ten percent (10%) of all monies owed which must be collected by Local No. 33 - Akron 

District and/or National/Local Pension Plan or any successor depository collection agent. All such 

liquidate damages and delinquent contributions which remain unpaid shall also accrue interest at an 

interest rate of twelve percent (12%) per annum until such time as they are paid. 

(5) The contributions for the above plans shall be paid to Local Union No. 33 - Akron District at 

the Sheet Metal Workers' Benefit Funds, 12515 Corporate Drive, Parma, Ohio 44130. Contributions 

for the Pension Fund or any other Sheet Metal Workers' National Benefit Fund should be paid to 

Sheet Metal Workers' National Benefit Funds, --------------

Section 5: Employers Delinquency Control: (1) The Trustees of the several employee benefit plans 

may establish Payroll Reviews and/or Audit Programs, which shall be binding upon the parties, to 

permit a review of a Participating Employer's records by the Fund or an Agent of the Funds. The 

Trustees shall also have the right to determine who shall bear the cost of the review, provided, 

however, that if the review fails to disclose any current or past deficiencies, the Fund shall pay the 

cost of the review. The Trustees shall notify the Participating Employer, in writing, of their desire to 

review the Participating Employer's records, and allow sufficient notice for the Participating 

Employer to make available in his premises those payroll records and other records, reports and data 

reasonably necessary to conduct a review in order to determine whether contributions are being made 

in accordance with the collective bargaining agreement. The Trustees and their agents and employees 

shall conduct the review at such time and place and manner as to minimize the inconvenience to the 

Participating Employer; and they shall preserve the confidentiality of all information obtained. 

(2) All Employers shall furnish evidence of bonding by an insurance company in the amount of twelve 

thousand dollars ($12,000.00) at the office of the International Association of Sheet Metal, Air, Rail 

and Transportation Workers, Local Union No. 33 - Akron District, to assure prompt payment by the 

Employers to said fringe funds: Health and Welfare, Pension and other funds as required by this 

Agreement. Such bond shall be issued exclusively for the purpose of security payment of said fringe 

benefits. Those Employers employing three (3) to five (5) men shall be required to furnish a fifteen 

thousand dollars ($15,000.00) bond. Those Employers employing six (6) to ten (10) men shall be 

required to furnish an eighteen thousand dollars ($18,000.00) bond. Those Employers employing 

eleven (11) to fifteen (15) men shall be required to furnish a twenty thousand dollar ($20,000.00) 

bond and shall also be required to furnish an additional twelve thousand dollar ($12.000.00) bond for 

each additional five (5) men in excess of fifteen (15) men, provided, however, that those Employers 

who have employed members of the Union during the preceding twenty-four (24) month period and 

who have made all of the payments aforementioned without default, are hereby exempt from 

furnishing a bond, until such time as they become in default. Upon becoming in default, an Employer 

will be required to furnish a bond which will be released at the expiration of first twenty-four (24) 

month period during which there has been no default. Any Employer who has provided written 

notification to Local Union No. 33 - Akron District that he has ceased employment within the 

jurisdiction of this Agreement shall be entitled to a release of the bond ninety (90) days after the 

payment of the aforementioned payments. 

(3) In the event of a violation of this Section by an Employer, the Union shall withdraw its men 

from said Employer until such time as said Employer complies with the requirements of this Section. 

27 

0340
The Union shall also have the right to picket over this violation. 

(4) Rightto Work Stoppage and Payment of Waiting Time: Upon five (5) days' notice in writing 

by certified mail to the employer given by the Union that he is delinquent in any contributions and/or 

deductions under this Agreement and, citing all penalties, that his men will be withdrawn in order to 

enforce the payment of contributions and/or deductions due under this Agreement, employees will be 

withdrawn from the job to effect collection of delinquent contributions and/or deductions, and shall 

be paid a full day's wages for each day they are off the job until the Employer brings his payment 

current. 

This remedy shall be in addition to all other remedies available to the Union and the Trustees may be 

exercised by the Union, anything in this Collective Bargaining Agreement to the contrary 

notwithstanding. Such withdrawal of employees to collect contributions to the Trusts Funds and 

Working Dues/ Assessments shall not be considered a violation of this Agreement on the part of the 

Union and it shall not be a subject of arbitration. The provisions of this Section shall not be applicable 

to the collection of contributions of the Construction Industry Development Board. 

(5) The grievances and arbitration provisions provided in this Agreement shall not limit Local Union 

No. 33 - Akron District's ability to take economic action against a delinquent Employer, including, 

but not limited to, picketing, withholding men and leafleting. 

Section 6: Additional Provisions: (1) In the event that any employee benefit plan provided for in 

this Agreement paid for by Participating Employer Contributions is reduced because of Governmental 

action, the net savings, if any, to said Employer attributable to said action shall be paid to the employee 

and/or Employer (in reverse order) 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 action is effective. Net savings is hereby 

defined to be the difference between the cost of the Participating Employer's contribution to the funds, 

and the total cost of the Employer of the action which caused the reduction of the program. The 

Employer agrees that in the event the cost of benefits provided by the National Pension Fund shall be 

increased as a result of passage of federal or state legislation mandating changes in funding and/or 

vesting requirements, it will increase its contributions in an amount sufficient in the judgment of an 

actuary selection by the Trustees of the Pension Fund, to maintain at the current level and on a sound 

actuarial basis all benefits then being provided for present and prospective covered employees, said 

increase in contribution to commence on the first (I5~ day of the month following the effective date 

of the aforementioned legislation. Any increase shall be deducted from the total wage package. If all 

or any part of any fringe benefit ( except Industry Fund) is dropped, it shall revert back to wages. 

(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 cause the deferral or cutback make 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 cutback portion, the Employer shall 

commence paying the wage and/or benefit rate that was deferred or cutback when and if it becomes 

legally permissible to do so. 

28 

0341
( 4) 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 

responsible for the failure of the Trustees to secure, pay or provide the benefits contemplated in the 

employee benefit plan for any participants 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, unless otherwise provided by law. 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 in order 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 that 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 and/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, (b) the Union shall have the right to make 

changes for Health and Welfare and Pension contributions and any such change amends this 

Agreement and becomes effective upon the date requested by the Union, provided the Employer is 

given a forty-five (45) day notice of such change. 

(6) If the International Association of Sheet Metal, Air, Rail and Transportation Workers, National 

Pension, or other funds fall below predetermined safe financial level of operation, then the 

contribution rate shall be increased by the amount determined to be needed by the Trustees, or benefits 

would be reduced to protect the safe financial level. Any increase shall be deducted from the total 

wage package, as per paragraph 2 of Section 1 of this Article. 

ADDENDUMM 

Business Representative 

The Business Manager, or his Representative, shall have the privilege during working hours to enter 

any shop, or to go on any job to transact whatever business they may have to perform, upon 

notification to the Company or the job site superintendent. 

ADDENDUMN 

Union Shop/Owner Member 

Section 1: A sheet metal shop or sheet metal business shall not be considered a union sheet metal 

shop or union sheet metal business unless the owners sign and remain parties to this Agreement, or 

29 

0342
Form5500 

Department or the Treasu,y 

Internal Revenue Service 

Department of Labor Employee Benefits Secuity 

AdministraUon 

Pension Benefit Guaranty Corporation 

Part I 

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. 

0MB Nos. 1210-0110 

1210-0089 

2017 

This Form Is Open to Public 

Ins action 

2017 and endin 04 30 2018 

A This return/report is for: Eg a multiemployer plan 

0 a single-employer plan 

B This return/report is: 0 the first return/report 

0 an amended return/report 

0 a multiple-employer plan (Filers checking this box must attach a list of 

participating employer information in accordance with the form instructions.) 

0 a DFE (specify) _ 

0 the final return/report 

0 a short plan year return/report (less than 12 months) 

C If the plan is a collectively-bargained plan. check here ..................................... . ................. • ~ 

D Check box if filing under: ~ Form 5558 0 automatic extension 

n special extension (enter description) 

I Part II I Basic Plan Information-enter all requested information 

1 a Name of plan 

SHEET METAL WORKERS LOCAL PENSION PLAN 

2a Plan sponsor's name (employer, if for a single-employer plan) 

Mailing address (include room, apt., suite no. and street, or P.O. Box) 

City or town, state or province, country, and ZIP or foreign postal code (if foreign. see instructions) 

BOARD OF TRUSTEES SHEET METAL WORKERS LOCAL PENSION PLAN 

1890 VENTURE CIRCLE SE 

MASSILLON OH 44646 

0 the DFVC program 

1 b Three-digit plan I 

number <PN\ • O O l 

1 C Effective date of plan 

05/18/1961 

2b Employer Identification 

Number (EIN) 

34-6666753 

2c Plan Sponsor's telephone 

number 

330-833-2888 

2d Business code (see 

instructions) 

238220 

Caution: A penalty for the late or incomplete filing of this return/report will be assessed unless reasonable 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, 

statements and attachments, as well as the electronic version of this return/report, and to the best of my knowledge and belief, it is true, correct, and complete. 

SIGN 

HERE 

Si1:1nature of Plan administrator Date 

SIGN 

HERE 

Si1:1nature of emplover/olan sponsor Date 

SIGN 

HERE 

Siqnature of DFE Date 

For Paperwork Reduction Act Notice, see the Instructions for Form 5500. 

TOM WIANT 

Enter name of individual sianina as olan administrator 

JOE STELLA 

Enter name of individual sianina as emoloyer or olan soonsor 

Enter name of individual signino as DFE 

Form 5500 (2017) 

V. 170203 

0343
Form 5500 (2017) Page 2 

3a Plan administrator's name and address 0 Same as Plan Sponsor 3b Administrator's EIN 

BOARD OF TRUSTEES SHEET METAL WORKERS LOCAL PENSION PLAN 34-6666753 

3c Administrator's telephone 

number 1890 VENTURE CIRCLE SE 330-833-2888 

MASSILLON OH 44646 

4 If the name and/or EIN of the plan sponsor or the plan name has changed since the last return/report filed for this plan, 4b EIN 

enter the plan sponsor's name, EIN, the plan name and the plan number from the last return/report: 

a Sponsor's name 4d PN 

C Plan Name 

5 Total number of participants at the beginning of the plan year 5 

6 Number of participants as of the end of the plan year unless otherwise stated (welfare plans complete only lines 6a(1 }, 

6a(2), 6b, 6c, and Gd}. 

a(1) Total number of active participants at the beginning of the plan year ........................ ...................................................... 6al1) 

a(2) Total number of active participants at the end of the plan year ................................................................... , ................. , . 6al2l 

b Retired or separated participants receiving benefits ...................................................................................... , ....................... 6b 

C Other retired or separated participants entitled to future benefits .......................................................................................... 6c 

d Subtotal. Add lines 6a(2), Gb, and 6c ............................................................................................................. , ...................... 6d 

e Deceased participants whose beneficiaries are receiving or are entitled to receive benefits ................................................. 6e 

f Total. Add lines 6d and Ge .................................................................................................................................................. 6f 

g Number of participants with account balances as of the end of the plan year (only defined contribution plans 

complete this item) ............................................................................................................................................................. 6a 

h Number of participants who terminated employment during the plan year with accrued benefits that were 

fess than 100% vested ......................................................................................................................................................... 6h 

7 Enter the total number of employers obligated to contribute to the plan (only muftiemployer plans complete this item) ......... 7 

Sa If the plan provides pension benefits, enter the applicable pension feature codes from the List of Plan Characteristics Codes in the instructions: 

lB 1I 

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) 9b Plan bene~t arrangement (check all that apply) 

(1) ~ Insurance 

(2) Code section 412(e)(3) insurance contracts 

(1) IJ< Insurance 

(2) Code section 412(e)(3) insurance conlracts 

(3) ~ Trust (3) IJ< Trust 

(4) General assets of the sponsor (4) General assets of the sponsor 

1,598 

675 

679 

425 

370 

1,474 

90 

1,564 

75 

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 b General Schedules 

(1) ~ R (Retirement Plan Information) (1) ~ H (Financial Information) 

~ 

(2) D I (Financial Information - Small Plan) 

(2) MB (Mulliemployer Defined Benefit Plan and Certain Money (3) ~ l A (Insurance Information) Purchase Plan Actuarial Information) - signed by the plan 

actuary (4) ~ C (Service Provider Information) 

(3) D SB (Single-Employer Defined Benefit Plan Actuarial (5) ~ D (DFE/Participating Plan Information) 

Information) - signed by the plan actuary (6) D G (Financial Transaction Schedules) 

0344
SCHEDULE MB 

(Form 5500) 

Departrnenl of lhe Treasury 

lnlemal Revenue Service 

Department or Labor 

Employee Benefits Security Administrallon 

Pension Benefit Guaranty Corporation 

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 of 1974 (ERISA) and section 6059 of the 

Internal Revenue Code (the Code). 

• File as an attachment to Form 5500 or 5500-SF. 

For calendar plan year 2017 or fiscal plan year beginning O 5 / O 1 / 2 O 1 7 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 

2017 

This Form is Open to Public 

Inspection 

04/30/2018 

001 

A Name of plan B Three-digit I 

SHEET METAL WORKERS LOCAL PENS ION PLAN plan number (PN) • 

f-----'------'---'C.......---.L.....-----

C Plan sponsors name as shown on line 2a of Form 5500 or 5500-SF 

BOARD OF TRUSTEES SHEET METAL WORKERS LOCAL PENSION PLAN 

D Employer Identification Number (EIN) 

34-6666753 

E Type of plan: (1) ~ Mulliemployer Defined Benefit (2) 0 Money Purchase (see instructions) 

1 a Enter the valuation date: Month _o .. s__ Day 01 Year 2017 

b Assets 

(1) Current value of assets ...................................................................................................................... 1b(1) 41,435,167 

(2) Actuarial value of assets for funding standard account.. ..................................................................... 1b(2) 44,766,006 

C (1) Accrued liability for plan using immediate gain methods .................................................................... 1c(1) 103,036,617 

(2) Information for plans using spread gain methods: 

(a) Unfunded liability for methods with bases ...................................................................................... 1c(2)(a) 

(b) Accrued liability under entry age normal method ............................................................................ 1c(2)(b) 

(c) Normal cost under entry age normal method ................................................................................. 1c(2}(c) 

(3) Accrued liability under unit credit cost method ..................................................................................... 1c(3) 103,036,617 

d Information on current liabilities of the plan: 

(1) Amount excluded from current liability attributable to pre-participation service (see instructions) ......... 1d(1) 

(2) "RPA '94" information: 

(a} Current liability ............................................................................................................................... 1d(2)(a} 157,774,941 

(b) Expected increase in current liability due to benefits accruing during the plan year ........................ 1d(2}(b) 0 

(c) Expected release from "RPA '94" current liability for the plan year ................................................. 1d(2)(c) 5,884,737 

(3) Expected plan disbursements for lhe plan year .................................................................................... 1d(3) 6,384,737 

Statement by Enrolled Actuary To the besl of my knowledge, the information supplied in !his schedule and accompaniing schedules. slalemonts and attachments, ii any, Is complelo and ae,;wate. Each presc,tbed assumption was applied 

tn accordance with applicable law and regulations. tn my opinion, each other assumption is reasonable (taking Into accounl the experience of lhe plan and reasonable expectations) and such other 

assul\l)llons, in comblnaUon. otrer my best estimate of anticipated experience under Iha plan. 

SIGN I 

HERE KEVIN M. CAMPE 

Signature of actuary 

KEVIN M. CAMPE, EA, MAAA 

Type or print name of actuary 

MILLIMAN, INC. 

Firm name 

71 S. WACKER DRIVE, 31ST FLOOR 

CHICAGO IL 60606 

Address of the firm 

01/25/2019 

Dale 

1705356 

Most recent enrollment number 

312-726-0677 

Telephone number (Including area code) 

If the actuary has not fully reflected any regulation or ruling promulgated under the statute in completing this schedule, check the box and see 

instructions • 

For Papeiwork Reduction Act Notice, see the Instructions for Form 5500 or 5500-SF. Schedule MB (Form 5500) 2017 

0345
Schedule MB (Fomi 5500) 2017 Page2 •D 

2 Operational infomiation as of beginning of this plan year. 

a Current value of assets (see instructions) .............................................................................................................. J 2a 41, 4 3 5 , 16 7 

~--------------------- b "RPA '94" current liability/participant count breakdown: (1) Number of participants (2) Current liability r--'--'----~-~---+---'--'-----~'----

(1) For retired participants and beneficiaries receiving payment................................... t----------5_3_0+-______ 7_0.c.,_7_8_7...;'c...2_3_1 

(2) For terminated vested participants .......................................................................... r----------3_7_8+-______ 3_0_,_1_4_6_,_4_9_5 

(3) For active participants: 

(a) Non-vested benefits ......................................................................................... . 1,765,362 

(b) Vested benefits ................................................................................................ . 55,075,853 

(c) Total active ...................................................................................................... . 655 56,841,215 

(4) Total....................................................................................................................... 1, 563 157,774,941 ~--------.---+-----------

c ~~~c:~~;~:~'.~~~.'.~~·~·l·t'.~~.~~~.~'.~'.~'.~~.l·i·~·~·~~.~:..'.i.~.~ .. ~~.(~).' .. ~~l~~~.?'.'..'.~.~~~~ .. ~~.~.n .. ~.~.:.•.' .. ~.~.t.~~.~~~~ ................ I 2

c 26. 26 % 

3 Contributions made to the plan for 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 

10/31/2017 3,973,912 0 

Totals • J 3(b) 3,973,912 31c1 I 

4 lnfomiation on plan status: 

a Funded percentage for monitoring plan's status (line 1b(2) divided by line 1c(3)) ................................................ 1 4a 43.4 

b ~:~: D i~~:::.,!;::~i~: t~•.s .~'.~t.~~ .~~~~.'.~~t~.~ti.~~~. f~.~ .~'.'~.~h.~~~:. ~~~u.p:.o.~.i~g.~~'.~.~.n~~.~~.pl~.n:s.~.t~t~~~· If .__4

_b _ _._ _______ _ 

C Is the plan making the scheduled progress under any applicable funding improvement or rehabilitation plan? ............................................................. ~ 

d If the plan is in critical status or critical and declining status, were any benefits reduced (see instructions)? ................................................. Q 

e If lined is "Yes," enter the reduction in liability resulting from the reduction in benefits (see instructions). 

measured as of the valuation date ... . .. . . .. . ... .. . . .. .. .. .... .. . .. .. ... .............. ........ ....... .. .. . ... .. .. ... ... .. .. . ... .. ....... .. . .... ... .. .. .. 4e 

f If the rehabilitation plan projects emergence from critical status or critical and declining status, enter the plan 

year in which it is projected to emerge. 

Yes 

Yes 

D 

IBl 

% 

No 

No 

If the rehabilitation plan is based on forestalling possible insolvency, enter the plan year in which insolvency is 4f 2033 

expected and check here ........................................................................................................................ ~ 

5 Actuarial cost method used as the basis for this plan year's funding standard account computations (check all that appty): 

a O Attained age normal b O Entry age nomial c ~ Accrued benefit (unit credit) 

e O Frozen initial liability f D Individual level premium g D Individual aggregate 

d O Aggregate 

h O Shortfall 

0 

0346
Schedule MB (Fonn 5500) 2017 Page3 D 

0 Other (specify): 

j If box h is checked, enter period of use of shortfall method.................................................................................. 5j 

~-~-------------- k Has a change been made in funding method for this plan year? .................................................................................................................. ,0 Yes ~ No 

I lfline k is "Yes," was the change made pursuant to Revenue Procedure 2000-40 or other automatic approval? ........................................... Q Yes O No 

m ~~~r~~~~ ·;~:s~:~~~i7ne iu~~i~:·~:~~~dt~·~· .~~·!·~ .. :~.~.~~~.~~~'. .. ~~.'.~~.~~'.~~ .. I.~.~~~.?~~'.~'.~.~.~~.~'..~'.~~.~'. ............. I 5m I 

6 Checklist of certain actuarial assumptions: 

a Interest rate for "RPA '94" current liability .................................................................................................................................... j 6a I 3. 05 % 

Pre-retirement Post-retirement 

b Rates specified in insurance or annuity contracts ................................... . 0 Yes O No IBJ NIA 0 Yes O No ~ NIA 

C Mortality table code for valuation purposes: 

(1) Males ................................................................................... 6c(1) 1\ A 1-------------------11-------------- ( 2) Females .......................................................... .... ................. 6c(2) A A 1-------------------11-------------- d Valuation liability interest rate..................................................... 6d 6.50% 6 .50 % 1-----------.--------11--------,------c:---- e Expense loading......................................................................... 6e 11 . O % I O NIA %1 pq NIA 

f Salary scale................................................................................ Sf % I NIA 

g Estimated investment return on actuarial value of assets for year ending on the valuation date.................... 6g 2.3% f----+-------------

h Estimated investment return on current value of assets for year ending on the valuation date ... ................... Sh 9.1 % 

7 New amortization bases established in the current plan year: 

(1) Type of base (2) Initial balance (3) Amortization Charge/Credit 

1 1,851,006 184,845 

4 17,759,604 1,773,505 

8 Miscellaneous infonnation: 

a If a waiver of a funding deficiency has been approved for this plan year, enter the date (MM-DD-YYYY) of Sa 

the ruling letter 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 • No 

b{2) Is the plan required to provide a Schedule of Active Participant Data? {See the instructions.) If "Yes," attach a 

schedule .................................................................................................................................................................. . ~ Yes • No 

c Are any of the plan's amortization bases operating under an extension of time under section 412(e) (as in effect 

prior to 2008) or section 431(d) of the Code? ................................................................................................................ ...-__________ • _ Yes ~ No 

d If line c is "Yes; provide the following additional information: 

(1) Was an extension granted automatic approval under section 431(d)(1) of the Code? ............................. •...----.--------"'"-----:c------

(2) If line 8d(1) is "Yes," enter the number of years by which the amortization period was extended ............ 1 8d(2) 

---~-------------

0 Yes D No 

( 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? ............................................................................................................... ---.-------------

(4) i~:\:~,~~(~~sn~~~~r ~1;~:~:~~:~;;t.~ .. b:..~~~~.'.~~.~~.~.~i.~~'.i~~.:.~~~.~.~~~.~~·t·~·~~~~.<.~~'. ............ 11--B_d_(_4J_t--------------

(5) If line 8d(3) is "Yes," enter the date of the ruling letter approving the extension ........................................... _Bd_(,._5.,_) _... ___________ _ 

0 Yes O No 

(6) If line 8d(3) is "Yes," is the amortization base eligible for amortization using interest rates applicable under O Yes O No 

section 6621(b) of the Code for years beginning after 2007? .................................................................. r ... _ .. _ •. _ ... _ .. _ .. _ .. ,--___________ _ 

e If box Sh is checked or line 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 Be 

extending the amortization base(s) .............................................................................................................. . 

9 Funding standard account stafement for this plan year: 

Charges to funding standard account: 

a Prior year funding deficiency, if any ... ....................................... ............... ..... ............................... ................. 9a 2 , O 91, 0 3 7 f-----1-------------- b Employer's normal cost for plan year as of valuation date ............................................................................. J 9b 484,502 ---------'------~------------

0347
Schedule MB (Form 5500) 2017 Page4 

c Amortization charges as of valuation date: Outstanding balance 

(1) All bases except funding waivers and certain bases for which the Sc(1

) 

amortization period has been extended ............................................ 1-----+-------7-3_,_1_6_7_, _3_7_0+-------9-• _s_2_1_,_a_6_1 __ _ 

(2} Funding waivers .......... ................................................... .... .............. 9c(2) f----+------------+------------- ( 3) Certain bases for which the amortization period has been Sc(3) 

extended ......................................................................................... . 

d Interest as applicable on lines 9a. 9b, and 9c ............................................... -... -.. -.. -... -.. -.. '-... -.. -... -.. -.. -... -.. -.. -... -.. -.. -... -.. -.. -... -.. .,.]--9-d-+--------8-0_5_, _8_3_1 __ _ 

e Total charges. Add lines 9a through 9d ........................................................................................................ .1 9e 13 , 2 O 3 , 2 31 '----\=====~====== 

Credits to funding standard account: 

f Prior year credit balance, if any .................................................................................................................... .l 9f o l---+------------ 9 Employer contributions. Total from column {b) of line 3 ................................................................................. 1 9g 3,973, 912 .-----------l----l-------'---'----- 0 u ts tan ding balance 

h Amortization credits as of valuation date................................................ 9h 16 , 9 8 7 , 7 9 6 5 , 4 3 4 , 4 5 3 

Interest as applicable to end of plan year on lines 9f, 9g, and 9h .................................................................. ! 91 4 8 O , 3 5 8 '----...L--------=------

j Full funding limitation {FFL) and credits: 

(1) ERISAFFL(accruedliabilityFFL) ......................................................... j 9j(1) I 66,117,942 

(2) "RPA '94" override (90% current liability FFL) ........................................ j 9j(2) I 99,859, 7 04 

(3) FFL credit ............................................................................................................................................ . 9j(3) 0 f---+------------- k (1) Waived funding deficiency ................................................................................................................... . f---+------------- 9k(1) 0 

( 2) Other credits ....................................................................................................................................... . !---+------------- 9k(2) 0 

Total credits. Add lines 9f through 91, 9j(3), 9k(1), and 9k(2) ........................................................................ . 91 9,888,723 1----+--------------

m Credit balance: If line 91 is greater than line 9e, enter the difference ............................................................ . 1----+-------------- 9m 

n Funding deficiency: If line 9e is greater than line 91, enter the difference .................................................... .. .__ __ 9n __._ ____________ 3,314,508 _ 

9o Current year's accumulated reconciliation account: 

(1) Due to waived funding deficiency accumulated prior to the 2016 plan year ....................................... 9o(1) 0 

(2) Due to amortization bases extended and amortized using the interest rate under section 6621 (b) of the Code: 

(a) Reconciliation oulstanding balance as of valuation date ............................................................. 9o(2){a) 0 

(b) Reconciliation amount (line 9c(3) balance minus line 9o{2)(a)) ................................................... 9o{2)(b) 0 

(3) Total as of valuation dale .................................................................................................................. 9o(3) 0 

10 Contribution necessary to avoid an accumulated funding deficiency. (See instructions.) ........................... 10 3,314,508 

11 Has a change been made in the actuarial assumptions for the current plan year? If "Yes." see instructions ................. . ~ Yes O No 

0348
SCHEDULER 

(Form 5500) 

Department or the Treasu,y 

Internal Revenue Ser'Jic.e 

Department of Labor 

Employee Benefits Securily Administration 

Pension Benent Guaranty Corporation 

Retirement Plan Information 

This schedule is required to be filed under sections 104 and 4065 of the 

Employee Retirement Income Security Act of 197 4 (ERISA) and section 

6058(a) of the Internal Revenue Code (the Code). 

• File as an attachment to Form 5500. 

0MB No. 1210-0110 

2017 

This Form Is Open to Public 

Inspection. 

For calendar plan year 2017 or fiscal plan year beginning 05/01/2017 and ending 04/30/2018 

A Name of plan 8 Three-digit 

SHEET METAL WORKERS LOCAL PENSION PLAN plan number 

(PN) • 001 

C Plan sponsor's name as shown on line 2a of Form 5500 D Employer Identification Number (EIN) 

BOARD OF TRUSTEES 34-6666753 SHEET METAL WORKERS LOCAL PENSION PLAN 

Part I I Distributions 

All references to distributions relate only to payments of benefits during the plan year. 

1 

2 

~:~:::~~~ ~~.~'.~.t~b·~·t·i~~~.:.~i·~··i·~·:.~.~:.~~~.~t~~~.'.~~~.'.~.~~~.~r.'.~~.f~~s .. o?.~~P.~~ .. s:.~~i.fi.~~.i~.t~~················'~---'------------o 

Enter the EIN(s) of payor(s) who paid benefits on behalf of the plan to participants or beneficiaries during the year (If more than two, enter EINs of the two 

payors who paid the greatest dollar amounts of benefits): 

EIN(s): 34 -03 833 4 7 

Profit-sharing plans, ESOPs, and stock bonus plans, skip line 3. 

3 Number of participants {living or deceased) whose benefits were distributed in a single sum, during the plan 3 

year .................................................................................................................................................................... . 

Part II Funding Information (If the plan is not subject to the minimum funding requirements of section 412 of the Internal Revenue Code or 

ERISA section 302, skip this Part.) 

0 

4 Is the plan administrator making an election under Code section 412{d)(2) or ERISA section 302{d){2)? ......................... . 0 Yes IE! No 0 NIA 

If the plan is a defined benefit plan, go to line 8. 

5 If a waiver of the minimum funding standard for a prior year is being amortized in this 

plan year, see instructions and enter the date of the ruling letter granting the waiver. Date: Month ___ _ Day ___ _ Year ___ _ 

If you completed line 5, complete lines 3, 9, and 10 of Schedule MB and do not complete the remainder of~t_h_is_sc..,h_e_d_u_le_. ________ _ 

6 a Enter the minimum required contribution for this plan year (include any prior year accumulated funding Ga 

deficiency not waived) .................................................................................................... , ............................. . f--.----,f------------- b Enter the amount contributed by the employer to the plan for this plan year ................................................... !--G_b--Jf------------

c Subtract the amount in line 6b from the amount in line 6a. Enter the result 

(enter a minus sign to the left of a negative amount) ...................................................................................... .___G_c_~-----------

If you completed line Ge, skip lines 8 and 9. 

7 Will the minimum funding amount reported on line 6c be met by the funding deadline? ......................................... .. 0 Yes 0 No • NIA 

8 If a change in actuarial cost method was made for this plan year pursuant to a revenue procedure or other 

authority providing automatic approval for the change or a class ruling letter, does the plan sponsor or plan 

administrator agree with the change? .................................................................................................................. .. 

Part Ill I Amendments 

0 Yes • No IE! NIA 

Part IV J ESOPs {see instructions). If this is not a plan described under section 409(a) or 4975(e){7) of the Internal Revenue Code, skip this Part. 

1 0 Were unallocated employer securities or proceeds from the sale of unallocated securities used to repay any exempt loan?................ 0 Yes O No 

11 a 

b 

Does the ESOP hold any preferred stock? ................................................................................................................................ . 0 Yes O No 

0 Yes O No If the ESOP has an outstanding exempt loan with the employer as lender, is such loan part of a "back-to-back" loan? 

{See instructions for definition of "back-to-back" loan.) .............................................................................................................. . 

12 Does the ESOP hold any stock that is not readily tradable on an established securities market?....................................................... 0 Yes O No 

For Paperwork Reduction Act Notice, see the Instructions for Form 5500. Schedule R (Form 5500) 2017 

v. 170203 

0349
Schedule R {Form 5500) 2017 Page2-LJ 

I Part V Additional Information for Multiemployer Defined Benefit Pension Plans 

13 Enter the following informalion for each employer that contributed more than 5% of total contributions to the plan during the plan year {measured in 

dollars). See instructions. Complete as many entries as needed to report all applicable employers. 

a Name of contributing employer EAST COAST METAL SYSTEMS, INC. 

b EIN 55-0702472 c Dollar amount contributed by employer 573,852 

d 

e 

Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box 0 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month O 6 Day 3 O Year 2 O 19 

Contribution rate information (If more than one rate applies, check this box O and see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).) 

(1) Contribulion rate (in dollars and cents) ____ 4_. 6_0 

(2) Base unit measure: liq Hourly O Weekly O Unit of production 0 Other (specify): 

a Name of contributing employer THE K COMPANY, INC. 

b EIN 3 4 -1113 BO 3 c Dollar amount contributed by employer 434,593 

d 

e 

a 

b 

d 

e 

a 

b 

d 

e 

Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box 0 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month O 5 Day 31 Year 2 O 2 2 

Contribution rate information (If more than one rate applies, check this box O and see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).) 

(1) Contribution rate (in dollars and cents) 5. 18 

(2) Base unit measure: liq Hourly O Weekly • Unit of production n Other (specify): 

Name of contributing employer R G SMITH co. , INC. 

EIN 3 4 - 0 6 7 8 4 6 3 c Dollar amount contributed by employer 338,298 

Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box 0 

and see instructions regarding required attachment. Otherwise. enter the applicable date.) Month O 5 Day 31 Year 2 O 2 2 

Contribution rate information (If more than one rate applies, check this box n and see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).) 

(1) Contribution rate (in dollars and cents) ____ 5_._l-=-8 

(2) Base unit measure: liq Hourly O Weekly O Unit of production 0 Other (specify): 

Name of contributing employer METAL MASTERS, INC. 

EIN 34-1594389 c Dollar amount contributed by employer 285,354 

Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box 0 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month O 5 Day 31 Year 2 O 2 2 

Contribution rate information (If more than one rate applies, check this box O and see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).) 

(1) Contribution rate (in dollars and cents) 5. 18 

(2) Base unit measure: liq Hourly O Weekly n Unit of production n Other (specify): 

a Name of contributing employer 

b EIN c Dollar amount contributed by employer 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box 0 

and see instructions regarding required attachment. Otherwise, enter/he applicable date.) Month Day Year 

e Contribution rate information (If more than one rate applies, check this box O and see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).) 

(1) Contribution rate (in dollars and cents) _____ _ 

(2) Base unit measure: 0 Hourly • Weekly O Unit of production n Other (specify): 

a Name of contributing employer 

b EIN c Dollar amount contributed by employer 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box 0 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month Day Year 

e Contribution rate information (If more than one rate applies, check this box O and see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).) 

(1) Contribution rate (in dollars and cents) _____ _ 

(2) Base unit measure: 0 Hourly • Weekly n Unit of production O Other (specify): 

0350
Schedule R (Form 5500) 2017 Page 3 

14 Enter the number of participants on whose behalf no contributions were made by an employer as an employer 

of the participant for· 

a The current year ................. , ......................... , ................ ................................................ , ......... , ....................... 14a 

b The plan year immediately preceding the current plan year ............................................................................. 14b 

C The second preceding plan year ........ , ............................................................................................................. 14c 

15 Enter the ratio of the number of participants under the plan on whose behalf no employer had an obligation to make an 

employer contribution during the current plan year to: 

a The corresponding number for the plan year immediately preceding the current plan year ............................... 15a 1.00 

b The corresponding number for the second preceding plan year ....................................................................... 15b 0.99 

16 Information with respect to any employers who withdrew from the plan during the preceding plan year: 

a Enter lhe number of employers who withdrew during the preceding plan year ..... , ....................... , ...... 16a .......... 

b If line 16a is greater than 0, enter the aggregate amount of withdrawal liability assessed or estimated to be 

assessed aQainst such withdrawn employers ........ , ....................................................... , .................................. 16b 

17 If assets and liabilities from another plan have been transferred lo or merged with this plan during the plan year, check box and see instructions regarding 

supplemental information to be included as an attachment. ....................................................................................................................... 0 

I Part VI I Additional Information for Single-Employer and Multiemployer Defined Benefit Pension Plans 

18 If any liabilities to participants or their beneficiaries under the plan as of the end of the plan year consist (in whole or in part) of liabilities to such participants 

and beneficiaries under two or more pension plans as of immediately before such plan year, check box and see instructions regarding supplemental 

information to be included as an attachment ....................................................................................................................................................................... Q 

19 If the total number of participants is 1,000 or more, complete lines (a) through (c) 

a Enter the percentage of plan assets held as: 

Stock: ~•;. Investment-Grade Debt: ~ % High-Yield Debt: O • 5 % Real Estate: 0 . O % Other: 3 O . 5 % 

b Provide the average duration of the combined investment-grade and high-yield debt: 

0 0-3years §g 3.6years O 6-9years O 9-12years O 12-15years O 15-18years O 18-21years O 21yearsormore 

c What duration measure was used to calculate line 19(b)? 

§i;j Effective duration O Macaulay duration O Modified duration O Other (specify): 

0351
Attachment to 2017 Form 5500 

Schedule MB, Line 4b - Illustration Supporting Actuarial Certification of Status 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

The plan was certified in Critical and Declining status as of May 1, 2017. Refer to the attached PPA 

certification and projection of cash flows. This result is based on projected insolvency in the plan year 

beginning May 1, 2031 and a funded ratio of 43.0%. There is an existing funding deficiency, and the Plan 

is projected to remain in negative funding at the end of the 2017-2018 plan year as shown below. 

0352
• 

Attachment to 2017 Form 5500 

Schedule MB, Line 4b - Illustration Supporting Actuarial Certification of Status 

Sheet Metal Workers Local Pension Plan 

Milliman 

July 28, 2017 

Internal Revenue Service 

Employee Plans Compliance Unit 

Group 7602 (TEGE:EP:EPCU) 

230 S. Dearborn Street 

Room 1700, 17th Floor 

Chicago, Illinois 60604 

EIN/PN: 34-6666753/001 

71 South Wacker Drive 

31" Floor 

Chicago, IL 60606 

USA 

Tel +1 312 726 0677 

Fax +1 312 499 5695 

milliman.com 

Re: Pension Protection Act (PP A) Actuarial Certification for Plan Year Beginning 

May 1, 2017 -Sheet Metal Workers Local Pension Plan 

In accordance with IRC Section 432(b)(3)(A), we have prepared and attached an actuarial 

certification for the plan year beginning May 1, 2017 for Sheet Metal Workers Local Pension 

Plan. 

In our opinion, the assumptions used for the actuarial certification are individually reasonable 

based on the experience of the plan and on reasonable expectations of anticipated experience 

under the plan. The projections in this report are dependent on the assumptions used. 

Differences between our projections and actual amounts depend on the extent to which future 

experience conforms to the assumptions made for this analysis. It is certain that actual 

experience will not conform exactly to the assumptions used in these projections. Actual results 

will differ from projected amounts to the extent that actual experience is better or worse than 

expected. 

On the basis of the foregoing and as a member of the American Academy of Actuaries (AM) 

who meets the Qualification Standards of the AAA to render the actuarial opinion contained 

herein, I hereby certify that, to the best of my knowledge and belief, this letter is complete and 

accurate and has been prepared in accordance with generally recognized and accepted actuarial 

principles and practices.· 

p, 

Principal and Consulting Actuary 

cc: Board of Trustees 

Mr. Michael Novara 

Mr. Paul Newcomer 

Ms. Mary Weir 

Mr. Rick Bogucki 

M:\SMA\66\PPA Certification 2017.docx. 

Offices in Principal Cities Worldwide 

0353
Attachment to 2017 Form 5500 

Schedule MB, Line 4b - Illustration Supporting Actuarial Certification of Status 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

Sheet Metal Workers Local Pension Plan 

PPA Actuarial Certification for Plan Year Beginning Mav 1, 2017 

Funding Status Projection Results 

_P_l_a_n....,Y-e_a_r~i'" --Fu~n_d_e_d_.,_,, __ , _______ .....,,,. 1-=c=-r-ed""". i,_.(=B,_a.,,..la-n-~-~-• 

:J!.~.i~nb~J PerstnJage .,,,,.._;..,.,,,;;C;,;;;o;;;;n.;;;;;tr..,ib..,u;;;;t;;;;.io.n;;;;;s ........ ! -=a,.,,t E.,,..n=d=o=f-.1.':J=,ea~r--1 

5/112016 I 

5/1/2017 

5/1/2018 i 

5/1/2019 

5/1/2020 I 

5/1/2021 

5/1/2022 

5/1/2023 

5/1/2024 

5/1/2025 

5/1/2026 

53.3% 3,915,000 43 .0 ~--3,~85-0-,0-0_0 _, 

40.8 3,850,000 

40.0 3,115,000 

38.3 3,115,000 

37.1 3,115,000 

35.5 3,325,000 

33.7 3,325,000 

31.6 3,325,000 

29.1 3,325,000 

26.3 3,325,000 

(2,155,000) 

(3,393,000) 

(7,670,000) 

(12,578,000) 

(17,284,000) 

(21,990,000) 

(26,610,000) 

(30,784,000) 

(35,475,000) 

(41,297,000) 

(47,382,000) 

An accumulated funding deficiency is projected to occur for the plan year ending April 30, 2017. 

The funded percentage as of May 1, 2017 is projected to be 43.0%. 

The Plan fails Critical Tests 2 and 3 (refer to the Appendix), as described under IRC Section 

432(6)(2). 

The Plan is projected to become insolvent in the plan year beginning May 1, 2031. 

PP A Certification 

Based on the actuarial assumptions and methods, financial and part1c1pant data, and Plan 

provisions, as used for the actuarial valuation for the Plan year ended April 30, 2017, I hereby 

certify that the Sheet Metal Workers Local Pension Plan is "critical and declining" for the plan 

year beginning May I, 2017 as defined in the Pension Protection Act of 2006 as amended by the 

Multiemployer Pension Reform Act of 2014 ("MPRA"). 

Further, I hereby certify that to the best of my knowledge and belief, the actuarial assumptions 

employed in preparing this certification are individually reasonable and represent my best 

estimate of future experience. Additionally, the "projected industry activity" assumption, as 

required under IRC Section 432(b)(3)(B)(iii), has been provided by the Board of Trustees. 

MILLIMAN 

0354
Attachment to 2017 Form 5500 

Schedule MB, Line 4b - Illustration Supporting Actuarial Certification of Status 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

Sheet Metal Workers Local Pension Plan 

PPA Actuarial Certification for Plan Year Beginning May 1, 2017 

Scheduled Progress 

The Pension Protection Act (PP A) requires the actuary to certify whether the plan is making 

scheduled progress in meeting the requirements of its Rehabilitation Plan. The Rehabilitation 

Plan for the Sheet Metal Workers Local Pension Plan reduced certain benefits and increased the 

Plan's contribution rates. The Trustees determined using reasonable actuarial assumptions and 

methods that they were unable to adopt a Rehabilitation Plan that would enable the Plan to 

emerge from critical status by the end of the 13-year Rehabilitation Period on April 30, 2024 

which began on May 1, 2011 (as extended three additional years under the Worker, Retiree, and 

Employer Recovery Act of 2008). 

As a result, the Trustees adopted a Rehabilitation Plan that, in their judgment, consisted of all 

reasonable measures to either emerge from critical status by a later date than the 13-year period 

mentioned above or forestall insolvency. As required under the PPA, the Trustees have been and 

will continue to review the Rehabilitation Plan annually. Based on implementation of the 

Rehabilitation Plan, assumed future contracts adopted by the bargaining parties and reflecting the 

Plan's experience through April 30, 2017, I hereby certify that the Plan is making scheduled 

progress as of May 1, 2017 as required under IRC Section 432(b )(3)(A)(ii). 

July 28, 2017 

Date 

2 

MILLIMAN 

0355
Attachment to 2017 Form 5500 

Schedule MB, Line 4b - Illustration Supporting Actuarial Certification of Status 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

Sheet Metal Workers Local Pension Plan 

PPA Actuarial Certification for Plan Year Be!!inning May 1, 2017 

Summary of Assumptions/Methods 

l. Our forecast of future minimum funding requirements is based on: 

May 1, 2016 participant data and preliminary May I, 2016 actuarial valuation results. 

• April 30, 2017 unaudited asset return provided by the Fund's .administrator. The results 

reflect an estimated rate of return on market assets of 8.67% (net of investment-related 

administrative expenses) for the plan year ended September 30, 2017 and an assumed 

rate of return on market assets of 6.50% (net of investment-related administrative 

expenses) for every year after the plan year ended April 30, 2017. No future asset gains 

or losses other than the gains or losses related to the asset smoothing method are 

reflected. 

• Input from the Fund's Board of Trustees that hours worked will be: 

1,100,000 hours for years ending April 30, 2018 and April 30, 2019, 

890,000 hours for the years ending April 30, 2020 through April 30, 2022, and 

950,000 hours for each year thereafter. 

The assumption of a stable active population for each plan year after April 30, 2016. 

• Plan provisions identical to those used in the preliminary May 1, 2016 actuarial 

valuation. 

• All other actuarial assumptions and methods being the same as those used to determine 

preliminary May 1, 2016 actuarial valuation results except for the following: 

• Mortality was updated to RP2014 Blue Collar Employee and Annuitant Mortality 

Tables adjusted to reflect Mortality Improvement Scale MP-2016 from the 2006 base 

year and projected forward using MP-2016 on a generational basis effective 

May I, 2017. 

• The investment return assumption was lowered to 6.50% per annum effective 

May I, 2017. 

• Administrative expenses are assumed to increase by 2.5% for each plan year after 

April 30, 2017. 

2. This actuarial certification is based on 1) the proposed Multiemployer Plan Funding 

Guidance provided by the IRS on March 18, 2008, 2) the December 2007 Practice Note 

issued by the Multiemployer Plans Subcommittee of the Pension Committee of the American 

Academy of Actuaries, and 3) action taken by the Board of Trustees on or before July 20, 

2017. 

3 

MILLIMAN 

0356
Attachment to 2017 Form 5500 

Schedule MB, Line 4b - Illustration Supporting Actuarial Certification of Status 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

Sheet Metal Workers Local Pension Plan 

PPA Actuarial Certification for Plan Year Beginning May 1, 2017 

Plan Identification 

Name: 

EIN: 

Plan Number: 

Address: 

Telephone Number: 

Sheet Metal Workers Local Pension Plan 

34-6666753 

001 

1890 Venture Circle SE 

Massillon, OH 44646 

(330) 833-2888 

Enrolled Actuary Identification 

Name: 

Enrollment Number: 

Address: 

Telephone Number: 

Mr. Kevin M. Campe 

17-5356 

Milliman, Inc. 

71 S. Wacker Drive 

31 st Floor 

Chicago, IL 60606 

(312) 726-0677 

4 

MILLIMAN 

0357
Attachment to 2017 Form 5500 

Schedule MB, Line 4b - Illustration Supporting Actuarial Certification of Status 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

Sheet Metal Workers Local Pension Plan 

PPA Actuarial Certification for Plan Year Beginning Mav 1, 2017 

Summary of Zone Status Definitions Under PP A as Amended by MPRA 

Critical ("Red Zone") Status - IRC Section 432(6)(2) and 432(6)(4) 

Any one of four tests under IRC Section 432(6)(2): 

Appendix 

Test 1 Less than 65% funded and market value of assets plus contributions for current year plus 

next following 6 plan years is less than present value of projected benefit payments and 

administrative costs over that 7-year period or 

Test 2 Projected funding deficiency in current year or next following 3 plan years (4 plan years 

if 65% funded or less) 1 or 

Test 3 Present value of vested benefits (actives) is less than present value of benefits (inactives ), 

and present value of projected contributions is less than the unit credit nonnal cost plus 

interest on the unfunded present value of accrued benefits and projected funding 

deficiency in current or next 4 plan years 1 or 

Test 4 Market assets plus projected contributions over current year plus next 4 plan years is less 

than the present value of benefit payments plus administrative costs over same 5 year 

period. 

Within 30 days after the date of this certification, a plan that is not in critical status but is projected 

to be in critical status in any of the succeeding 5 plan years may elect under IRC Section 432(6)(4) to 

be in critical status effective for the current plan year. 

Critical and Declining ("Deep Red Zone") Status -IRC Section 432(b)(6) 

In critical status and either: 

• Projected insolvency in current year or any of the 14 following plan years or 

• Projected insolvency in current year or any of the 19 following plan years if: 

o Ratio of ratio of inactive participants to active participants exceeds 2 to 1 or 

o Less than 80% funded 

Endangered ("Yellow Zone") Status - IRC Section 432(6)(1) 

Not in critical status and either: 

• Less than 80% funded or 

• Projected funding deficiency in current plan year or next following 6 plan years 2 

Seriously Endangered ("Orange Zone") Status - IRC Section 432(b)(l) 

Not in critical status and both: 

• Less than 80% funded and 

• Projected funding deficiency in current plan year or next following 6 plan years2 

1 Not taking into account an extension of amortization periods under IRC Section 43 l(d), if any 2 Taking into account an extension of amortization periods under IRC Section 431 ( d), if any 

5 

MILLIMAN 

0358
Plan year beginning May 1 

1. Market value of assets (beginning of year) 

2. Employer contributions 

3. Withdrawal liability payments 

4. Benefit payments 

5. Administrative expenses 

6. Investment returns 

7. Market value of assets (end of year) 

(1) + (2) + (3) - (4) - (5) + (6) 

Plan year beginning May 1 

1. Market value of assets (beginning of year) 

2. Employer contributions 

3. Withdrawal liability payments 

4. Benefit payments 

5. Administrative expenses 

6. Investment returns 

7. Market value of assets (end of year) 

(1) + (2) + (3) - (4) - (5) + (6) 

2016 2017 2018 2019 

$39,751,795 $41,448,047 $41,654,170 $41,585,151 

3,914,858 3,850,000 3,850,000 3,115,000 

0 0 0 0 

5,349,550 5,903,342 6,175,754 6,402,410 

352,156 359,199 366,383 373,711 

3,483,100 2,618,664 2,623,118 2,587,308 

$41,448,047 $41,654,170 $41,585,151 $40,511,338 

2024 2025 2026 2027 

$32,698,166 $29,734,424 $26,411,941 $22,648, 125 

3,325,000 3,325,000 3,325,000 3,325,000 

0 0 0 0 

7,845,204 7,997,901 8,207,870 8,324,495 

412,607 420,859 429,276 437,862 

1,969,069 1,771,277 1,548,330 1,299,676 

$29,734,424 $26,411,941 $22,648,125 $18,510,444 

2020 

$40,511,338 

3,115,000 

0 

6,635,513 

381,185 

2,509,815 

$39,119,455 

2028 

$18,510,444 

3,325,000 

0 

8,426,656 

446,619 

1,027,179 

$13,989,348 

2021 2022 

$39,119,455 $37,343,994 

3,115,000 3,325,000 

0 0 

6,911,909 7,303,086 

388,809 396,585 

2,410,257 2,288,901 

$37,343,994 $35,258,224 

2029 2030 

$13,989,348 $ 9,082,882 

3,325,000 3,325,000 

0 0 

8,506,387 8,505,708 

455,551 464,662 

730,472 411,282 

$ 9,082,882 $ 3,848,794 

2023, 

$35,258,224 

3,325,000 

0 

7,623,368 

404,517 

2,142,827 

$32,698,166 

2031 

$ 3,848,794 

3,325,000 

0 

8,514,787 

473,955 

70,478 

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0359
Attachment to 2017 Form 5500 

Schedule MB, Line 6 - Summary of Plan Provisions 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

This summary of plan provisions is intended to only describe the essential features of the plan. All eligibility 

requirements and benefit amounts shall be determined in strict accordance with the plan document itself. 

Definitions 

Effective Date: January 1, 1961. The plan was last restated as of May 1, 2010. 

Plan Year: Twelve month period beginning May 1st and ending the following April 30th. 

Union: The Sheet Metal Workers Union No. 33 of Northern Ohio and West Virginia 

Employers Included: 

• The Akron-Canton-Mansfield Sheet Metal and Roofing Contractors Association 

• The Wheeling/Stuebenville Area Sheet Metal and Roofing Contractors Association. 

• Any employer that is performing work in the sheet metal trade and has entered into a collective 

bargaining agreement with the Union. 

• Any employer that makes contributions on former collectively bargained employees and has entered 

into a collective bargaining agreement with the Trustees. 

Employees Included: Any person covered by collective bargaining agreements between the Employer and 

the Union who is engaged in employment with respect to which the Employer is obligated to make 

contributions to the Pension Fund. 

All Employees shall become participants when they first perform an hour of work while employed by an 

Employer for which the Employer is obligated to make contributions to the Pension Fund. 

Years of Service 

SeNice prior to May 1, 1976: 

• Past Service is earned for each Plan Year from May 1, 1946 to May 1, 1961 that the employee 

worked in the jurisdiction of the Union. 

• Future Service is earned for each Plan Year after May 1, 1961 during which an Employer contributes 

to the Fund on the participant's behalf. 

Service from and after May 1, 1976: One year of service shall be granted for each Plan Year during which an 

Employee has at least 435 hours worked. 

Accrued Benefit 

The accrued benefit is the monthly benefit equal to the sum of the Past Service Benefit and Future Service 

Benefit defined as follows: 

• Past Service Benefit is equal to the Years of Service during May 1, 1946 to May 1, 1961 multiplied by: 

o $3.50 if the Participant is not eligible for pension benefits under the Sheet Metal Workers 

National Pension Plan 

o $2.00 if the Participant is eligible for pension benefits under the Sheet Metal Workers 

National Pension Plan 

0360
Attachment to 2017 Form 5500 

Schedule MB, Line 6 - Summary of Plan Provisions 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

• Future Service Benefit is equal to a percentage of the Employer contributions on the Participant's 

behalf after May 1, 1961 according to the following schedule: 

Prior to May 1, 1982 2.20% 

May 1, 1982 through April 30, 1983 2.40 

May 1, 1983 through April 30, 1984 2.60 

May 1, 1984 through April 30, 1987 2.80 

May 1, 1987 through April 30, 1990 3.00 

May 1, 1990 through April 30, 1994 3.50 

May 1, 1994 through April 30, 2003 3.65 

Notwithstanding the above, an active participant that retires on or after May 1, 2003, the Future Service 

Benefit shall be equal to 3.65% of Employer contributions made on the Participant's behalf for hours worked 

prior to May 1, 2003, plus 2.20% of Employer contributions made on the Participant's behalf for hours worked 

between May 1, 2003 and April 30, 2006, plus 0.36% of Employer contributions made on the Participant's 

behalf for hours after May 1, 2006. 

Effective August 1, 2013, accruals were suspended as part of the Rehabilitation Plan. 

Effective May 1, 1998 each retired Participant, Beneficiary, spouse of a deceased retired Participant, or 

disabled Participant in pay status at May 1, 1998 received a 6% increase in monthly benefit. 

Employer contributions were required to be raised 10% in 2009, 2010, and 2011, and 14% in 2012 as part of 

the Rehabilitation Plan. 

Normal Retirement 

Eligibility for Normal Retirement occurs at the earlier of: 

(1) The attainment of age 62 with at least 5 years of Vesting Service, or 

(2) The later of age 65 or the age of the participant as of the 5th anniversary of participant in the Plan. 

Eligibility for Normal Retirement for Active participants who retire on or after January 1, 1999 occurs at the 

earlier of: 

(1) The attainment of age 61 with at least 5 years of Vesting Service, or 

(2) The later of age 65 or the age of the participant as of the 5th anniversary of participant in the Plan. 

Participants who retire after Normal Retirement eligibility will receive the greater of the accrued benefit earned 

at the time of retirement or the actuarial equivalent of the accrued benefit earned at Normal Retirement age. 

Normal Form of Annuity and Options 

Before August 1, 2009, the normal form was a 5-year certain and life annuity. 

0361
Attachment to 2017 Form 5500 

Schedule MB, Line 6 - Summary of Plan Provisions 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

Effective August 1, 2009, the normal form was changed to a single life annuity without a certain period as part 

of the Rehabilitation Plan. 

The other available optional forms of payment are: 50% joint and survivor annuity with and without pop-up 

feature, 75% joint and survivor annuity with and without pop-up feature, and a 10-year certain and life annuity. 

A mandatory lump sum will be paid for lump sum values not in excess of $5,000. 

Effective August 1, 2009, the pop-up subsidy was eliminated as part of the Rehabilitation Plan. 

Early Retirement 

Eligibility occurs upon termination after five or more years of service and attainment of age 55. 

A participant's Early Retirement benefit is based on a single-life annuity computed in the same manner as for 

Normal Retirement reduced by 3% for each year the commencement date precedes Normal Retirement. 

Effective August 1, 2009, the early retirement subsidy was eliminated as part of the Rehabilitation Plan. 

Total and Permanent Disability Benefit 

Eligibility occurs upon total and permanent disability at any age prior to 55, after ten or more years of benefit 

eligibility service, has at least one year of service in the prior three Plan Years, and is eligible for a Social 

Security disability benefit. 

A participant's Disability Retirement benefit is equal to 80% of the Accrued Benefit. The benefit is payable 

beginning on the first day of the month following receipt of disability application by the Trustees and ending on 

the earlier of death, recovery, or age 55. 

Effective September 1, 2013, the disability benefit was eliminated as part of the Rehabiliation Plan. 

Vested Benefit 

Eligibility occurs upon termination after five or more Years of Service and the participant has ceased to be 

employed by an Employer within the same geographic area covered by the Fund as when such benefits 

commence. 

A participant's Vested Benefit is equal to either the Normal Retirement or Early Retirement benefit depending 

on the age of the participant on the date of retirement and payable in any of the optional forms. 

Death Benefit 

Eligibility occurs upon being eligible for a Vested Benefit and death prior to the first month of receiving a 

pension benefit. 

Death Prior to Age 55 

Married Participant - The monthly benefit will be equal to the benefit if the participant had terminated 

employment on the earlier of the date of death or actual date of termination, retired upon reaching 

age 55 with a 50% joint and survivor benefit, then died on the last day of the month in which age 55 

was reached. The benefit will be payable for the spouse's lifetime. The spouse may also elect to 

receive the benefit for unmarried participants under age 55. 

0362
Attachment to 2017 Form 5500 

Schedule MB, Line 6 - Summary of Plan Provisions 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

Unmarried Participant - If the participant was not receiving the Disability Benefit at the time of death, 

the beneficiary will receive an amount equal to the Normal Retirement Benefit for 60 months payable 

the first of the month following death. 

Death At or After Age 55 

Married Participant - The monthly benefit will be equal to the benefit if the participant had retired on 

the day prior to death with a 50% joint and survivor benefit. The benefit will be payable for the 

spouse's lifetime. The spouse may also elect to receive the benefit for unmarried participants under 

age 55. 

Unmarried Participant - The beneficiary will receive an amount equal to the Normal Retirement 

Benefit for 60 months payable the first of the month following death. 

Effective August 1, 2009, the 60 month pre-retirement benefit was eliminated as part of the Rehabilitation 

Plan. 

Changes in Plan Provisions During Year 

There were no plan changes that affected the liability during the year. 

Significant Events 

To the best of our knowledge, no significant events occurred during the year. 

0363
Attachment to 2017 Form 5500 

Schedule MB, line 6 - Statement of Actuarial Assumptions/Methods 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

The ultimate cost of a pension plan is the excess of actual benefits and administrative expenses paid over 

actual net investment return on plan assets during the plan's existence until the last payment has been made 

to the last participant. The plan's "actuarial cost method" determines the expected incidence of actuarial costs 

by allocating portions of the ultimate cost to each plan year. The cost method is thus a budgeting tool to help 

ensure that the plan will be adequately and systematically funded and accounted for. There are several 

commonly-used cost methods which differ in how much of the ultimate cost is assigned to each prior and 

future year. 

Actuarial Cost Method 

The actuarial cost method used for determining the plan's ERISA funding requirements is the unit credit cost 

method. Under this method, an accrued benefit is determined for each participant. The plan's normal cost is 

the sum of the present value of the accruals that each active participant is expected to earn during the year. 

The plan's accrued liability is the sum of the present value of the accrued benefit for each participant. 

The actuarial cost method used for determining the plan sponsor's FASS ASC Topic 960 accounting 

requirements and for current liability purposes (RPA '94) is the unit credit method. 

Asset Valuation Method 

Five-year smoothing method. The actuarial value of assets is equal to the market value of assets adjusted to 

recognize differences between the expected value of assets and the actual market value of assets over 5 

years at a rate of 20% per year. The expected value of assets for the year is the market value of assets at the 

valuation date for the prior year brought forward with interest at the valuation rate to the current year plus 

contributions minus administrative expenses and benefit payments, all adjusted with interest at the valuation 

rate to the valuation date for the current year. The actuarial value of assets cannot be less than 80% or more 

than 120% of the market value of assets. 

0364
Attachment to 2017 Form 5500 

Schedule MB, line 6 - Statement of Actuarial Assumptions/Methods 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

Interest Rates 

• Minimum funding: 6.5% per year net of inv.estment-related expenses. 

• FASB ASC Topic 960 plan accounting: Same as minimum funding. 

• Withdrawal liability: Same as minimum funding. 

Rationale: In setting the the above interest rate, the plan's historical investment performance along 

with expected returns for each asset class is considered based on forward-looking data, including 

projections of inflation and total return growth. 

• Current liability (RPA '94): 3.05% per year. 

Mortality 

• Minimum funding: RP- 2014 Blue Collar Employee and Annuitant Mortality Tables adjusted to 2006 

and projected forward using MP-2016 on a generational basis. 

• FASB ASC Topic 960 plan accounting and withdrawal liability: Same as minimum funding. 

• Current liability (RPA '94): IRS RP-2000 Annuitant and Non-Annuitant Mortality Tables (male and 

female rates) with projection for mortality improvement, updated annually, as mandated by the IRS. 

Termination 

Sample rates used are shown below. Rates are based on a select rates of 30% for the first two years of 

service then 15% for the next two years of service, and an ultimate rates based on age after four years of 

service. Ultimate rates are based on the T-5 Table. 

20 

30 

40 

50 

60 

Retirement from Active Service 

Rates as shown below: 

55-60 

61 

62-64 

10% 

20 

50 

7.88% 

7.11 

4.93 

2.41 

0.00 

0365
Attachment to 2017 Form 5500 

Schedule MB, line 6 - Statement of Actuarial Assumptions/Methods 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

65 and over 100 

The weighted average retirement age using the retirement rates above is 60.5. 

Commencement of Deferred Benefits 

If a participant terminated before May 1, 1999, assumed to retire at 62. If a participant terminated on or after 

May 1, 1999, assumed to retire at 60. 

Disability 

None assumed. 

Form of Payment 

Single life annuity 

Load for Pop-up 

Liabilities for retired participants with a joint and survivor pop-up option are increased 1 .40%. 

Marital Status 

100% of non-retired participants are assumed to be married. Males are assumed to be three years older than 

females. 

Administrative Expenses 

$500,000 payable mid-year. Expected administrative expenses payable from the trust are explicitly loaded to 

the normal cost. 

Future Hours 

Active participants are assumed to work at least 435 hours and earn year of service each year. 

Terminated Vested 

Terminated vested participants over age 70 at the valuation date are assumed to be deceased with no benefit 

payable. 

Changes in Assumptions from prior Valuation 

For minimum funding, FASB ASC Topic 960 plan accounting, and withdrawal liability, the interest rate 

assumption was changed from 8.0% to 6.5% per year net of investment-related expenses. 

For Current Liability purposes, the interest rate was changed from 3.22% to 3.05% in accordance with 

IRS guidance. (The statutory mortality tables also have been updated as required by law). 

• For minimum funding, FASB ASC Topic 960 plan accounting and withdrawal liability, the mortality 

assumption was changed from RP-2000 Combined Healthy Generational Mortality Table using scale 

AA with blue collar adjustment. set forward 1 year for males and females to RP- 2014 Blue Collar 

Employee and Annuitant Mortality Tables adjusted to 2006 and projected forward using MP-2016 on 

a generational basis. 

• The administrative expense assumption was changed from $270,000 to $500,000, payable mid-year. 

0366
Attachment to 2017 Form 5500 

Schedule MB, Line 8b{2) - Schedule of Active Participant Data 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

Number of Participants by Age and Service Groups 

<25 0 41 1 0 0 0 0 0 0 0 42 

25-29 0 44 19 3 0 0 0 0 0 0 66 

30-34 0 24 22 16 1 0 0 0 0 0 63 

35-39 0 20 22 28 18 0 0 0 0 0 88 

' 40-44 0 19 19 20 29 12 0 0 0 0 99 

45-49 0 10 10 11 20 32 15 2 0 0 100 

50-54 0 3 3 8 22 23 21 14 0 0 94 

55-59 0 5 6 6 11 7 11 12 21 0 79 

60-64 0 1 4 2 3 2 2 0 5 2 21 

65-69 0 0 0 0 0 0 1 0 1 0 2 

70+ Q Q Q Q Q Q Q Q Q ! ! 

Total 0 167 106 94 104 76 50 28 27 3 655 

0367
Attachment to 2017 Form 5500 

Schedule MB, Line 9c and 9h - Schedule of Funding Standard Account Bases 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

Charges and Credits for Funding Standard Account 

The amortization charges and credits for the Funding Standard Account for the plan year beginning 

May 1, 2017 are determined below. 

1. Charges as of May 1, 2017 

Date Amortization Years Outstanding 

Established Description Amount Remaining Balance 

a. 5/01/1978 Initial UAL $188,608 1 $188,608 

b. 5/01/1979 Plan Amendment 29,368 2 56,943 

C, 5/01/1988 Assumption Change 23,815 1 23,815 

d. 5/01/1990 Plan Amendment 235,380 3 663,919 

e. 5/01/1991 Assumption Change 30,063 4 109,683 

f. 5/01/1992 Assumption Change 60,677 5 268,544 

g. 5/01/1994 Assumption Change 83,080 7 485,271 

h. 5/01/1994 Plan Amendment 39,493 7 230,682 

i. 5/01/1995 Assumption Change 68,631 8 445,040 

j. 5/01/1996 Assumption Change 383,209 9 2,716,474 

k. 5/01/1997 Assumption Change 112,868 10 864,131 

I. 5/01/1997 Plan Amendment 82,245 10 629,675 

m. 5/01/1998 Assumption Change 212,184 11 1,737,535 

n. 5/01/1998 Plan Amendment 58,804 11 481,535 

0. 5/01/1999 Assumption Change 173,427 12 1,506,914 

p. 5/01/1999 Plan Amendment 82,769 12 719,182 

q. 5/01/2001 Assumption Change 94,848 14 910,521 

r. 5/01/2002 Assumption Change 23,771 15 238,044 

s. 5/01/2002 EGGTRA 721 15 7,219 

t. 5/01/2003 Actuarial Loss 686,109 1 686,109 

u. 5/01/2003 Assumption Change 278,801 16 2,900,277 

V. 5/01/2004 Actuarial Loss 429,371 2 832,537 

w. 5/01/2004 Assumption Change 123,400 17 1,328,737 

X. 5/01/2005 Actuarial Loss 320,706 3 904,591 

y. 5/01/2006 Actu aria I Loss 256,866 4 937,171 

z. 5/01/2007 Actuarial Loss 110,602 5 489,501 

aa. 5/01/2008 Actuarial Loss 214,146 6 1,104,070 

bb. 5/01/2008 Assumption Change 495,270 6 2,553,452 

cc. 5/01/2009 Actuarial Loss 169,541 7 990,289 

dd. 5/01/2009 Funding Relief 1,098,426 21 13,201,442 

ee. 5/01/2010 Assumption Change 3,726 8 24,160 

ff. 5/01/2010 Funding Relief 25,398 21 305,252 

0368
Attachment to 2017 Form 5500 

Schedule MB, Line 9c and 9h - Schedule of Funding Standard Account Bases 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

Date Amortization Years Outstanding 

Established Description Amount Remaining Balance 

gg. 5/01/2011 Assumption Change 36,200 9 256,614 

hh. 5/01/2011 Funding Relief 44,028 21 529,154 

ii. 5/01/2012 Actuarial loss 679,165 10 5,199,755 

jj. 5/01/2012 Assumption Change 10,457 10 80,059 

kk. 5/01/2012 Funding Relief 24,274 21 291,737 

II. 5/01/2013 Funding Relief 120,660 21 1,450,151 

mm. 5/01/2014 Funding Relief 53,591 21 644,083 

nn. 5/01/2015 Actuarial loss 322,584 13 2,954,460 

00. 5/01/2015 Assumption Change 5,176 13 47,410 

pp. 5/01/2016 Actuarial Loss 371,053 14 3,562,014 

qq. 5/01/2017 Actuarial Loss 184,845 15 1,851,006 

rr. 5/01/2017 Assumption Change 1,773,505 15 17,759,604 

ss. Total 9,821,861 73,167,370 

2. Credits as of May 1, 2017 

Date Amortization Years Outstanding 

Established Description Amount Remaining Balance 

a. 5/01/2009 Combined Bases $3,424,469 1 $3,424,469 

b. 8/01/2009 Plan Amendment 693,060 7.25 4,162,315 

c. 5/01/2010 Actuarial Gain 662,237 8 4,294,291 

d. 5/01/2011 Actuarial Gain 303,228 9 2,149,507 

e. 5/01/2013 Actuarial Gain 172,896 11 1,415,820 

f. 5/01/2013 Plan Amendment 20,282 11 166,082 

g. 5/01/2014 Actuarial Gain 146,859 12 1,276,068 

h. 5/01/2014 Assumption Change 526 12 4,571 

i. 5/01/2014 Plan Amendment 10,896 12 94,673 

j. Total 5,434,453 16,987,796 

3. Net outstanding balance [(lss) - (2j)] 56,179,574 

4. Credit Balance as of May 1, 2017 (2,091,037) 

s. Waived funding deficiency 0 

6. Balance test result ((3) - (4) - (5)] 58,270,611 

7. Unfunded Actuarial Accrued Liability as of May 1, 2017 58,270,611 

0369
Attachment to 2017 Form 5500 

Schedule MB, Line 11 - Justification for Change in Actuarial Assumptions 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

There were no changes made in the actuarial assumptions, methods or plan provisions for the current plan 

year, except as follows: 

a For minimum funding, FASB ASC Topic 960 plan accounting, and withdrawal liability, the interest rate 

assumption was changed from 8.0% to 6.5% per year net of investment-related expenses. 

• For Current Liability purposes, the interest rate was changed from 3.22% to 3.05% in accordance with 

IRS guidance. (The statutory mortality tables also have been updated as required by law). 

• For minimum funding, FASB ASC Topic 960 plan accounting and withdrawal liability, the mortality 

assumption was changed from RP-2000 Combined Healthy Generational Mortality Table using scale 

AA with blue collar adjustment, set forward 1 year for males and females to RP- 2014 Blue Collar 

Employee and Annuitant Mortality Tables adjusted to 2006 and projected forward using MP-2016 on 

a generational basis. 

• The administrative expense assumption was changed from $270,000 to $500,000, payable mid-year. 

0370
Attachment to 2017 Form 5500 

Schedule R- Summary of Rehabilitation Plan 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34"6666753/001 

Summary of Rehabilitation Plan 

Rehabilitation Plan for 2017 

The Rehabilitation Plan was adopted on July 1, 2009, and subsequently updated on March 1, 2018. 

The rehabilitation period was established to be from May 1, 2011 to April 30, 2024. As outlined in 

· the PPA Actuarial Certification for the plan year beginning May 1, 2017, the plan status for 2017 is 

Critical and Declining. The preferred schedule in effect as of April 30, 2018, is as follows. 

Preferred Schedule 

Benefit Changes For all benefits: 

effective August 1 , 2009 • Change the normal form of benefit payment from a 5-year 

certain and life annuity to life-only annuity. Amounts payable 

under optional payment forms will be actuarially adjusted to 

reflect their value relative to a life-only annuity. 

• Increase early retirement reduction factors from 3% per year 

prior to normal retirement age to actuarially equivalent 

reductions for the number of years prior normal retirement age. 

• Eliminate the fully subsidized pop-up feature on joint & survivor 

payment forms. Participants who wish to elect a pop-up 

feature as part of a joint & survivor payment form will pay for 

the feature with an actuarial reduction to their benefit. 

• Eliminate the single lump-sum and 60-payment pre-retirement 

death benefits. The only pre-retirement death benefit offered 

will be the 50% survivor annuity payable to a surviving spouse 

of a deceased vested participant (payable beginning when the 

participant would have reached retirement age). 

Benefit Changes Benefit accruals for contributions on or after August 1, 2013 are 

effective August 1, 2013 suspended subject to annual review. 

Benefit Changes Temporary Disability Benefits are eliminated for applications received 

effective Sept. 1, 2013 i on or after September 1, 2013. 

Funding Changes • Cumulative annual contribution rate increases of 10.0% in 

2009, 2010, 2011. 

• A 14.0% contribution rate increases of 14.0% in 2012 . 

• No future additional contribution rate increases are currently 

affordable. 

On July 1, 2009, the 13-year rehabilitation plan period was elected under WRERA of 2008. 

Effective May 1, 2010, the trustees elected the 10-year smoothing with respect to the loss incurred 

during the plan year ended in 2009 and elected an amortization extension (30 years) for the net 

investment loss that occurred during the plan year ending in 2009 under PRA of 2010. 

0371
Attachment to 2017 Form 5500 

Schedule R - Summary of Rehabilitation Plan 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

Exhaustion of all Reasonable Measures Under IRC 432(e)(3)(A)(ii) 

The benefit reductions in the above Preferred Schedule include all adjustable benefit reductions, 

including a suspension of future accruals. 

The required contribution rate increases in the original rehabilitation plan has resulted in significant 

wage deferments to the Plan by members of the Union. The Trustees believe that additional 

contribution rate increases will result in a loss of members by the Union and will make it extremely 

difficult for the Union to attract new members. This would result in a decrease in contributions to the 

Plan and inevitably would cause a net decrease in future funding of the Plan. 

The Trustees continue to monitor the situation annually. 

The Trustees reasonably believe, based upon the information and projections received from the 

Plan's actuary, that the Plan meets the criteria for forestalling insolvency. 

Expected Annual Progress 

The expected progress under the rehabilitation plan is summarized in the table below, with 

expected funded percentages and a credit balance projection. 

5/1/2017 

5/1/2018 

5/1/2019 

5/1/2020 

5/1/2021 

5/1/2022 

5/1/2023 

43.4% 

4 .4 

40.6 

39.6 

39.0 

38.0 

36.6 

3,889,000 (3,403,000) 

3,850,000 7,671,000) 

3,500,000 (12,057,000) 

3,500,000 (16,201,000) 

3,500,000 (20,299,000) 

3,325,000 (24,660,000) 

3,325,000 (28,549,000) '----~----------__;._,._--'---'-----,__-'-----'---'--

The data, plan provisions, assumptions and methods used for the above projections are 

summarized in the PPA Actuarial Certification dated July 28, 2018. 

0372
SCHEDULE MB 

(Form 5500) 

Department of the Treasury 

Internal Revenue Service 

Department or Labor 

Employee Benefits SectJrily Administralion 

Pension Benefit Guaranty Corporation 

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 of 1974 (ERISA) and section 6059 of the 

Internal Revenue Code (the Code). 

• File as an attachment to Form 5500 or 5500-SF. 

For calendar plan year 2017 or fiscal plan year beginning O 5/0l/201 7 and ending 

• Round off amounts to nearest dollar. 

• Caution: A penalty of $1,000 will be assessed for late filing of this report unless reasonable cause is established. 

A Name of plan B Three-digit 

0MB No. 1210-0110 

2017 

This Form is Open to Public 

Inspection 

04/30/2018 

SHEET METAL WORKERS LOCAL PENSION PLAN plan number (PN) • I 001 

C Plan sponsor's name as shown on line 2a of Form 5500 or 5500-SF 

BOARD OF TRUSTEES SHEET METAL WORKERS LOCAL PENSION PLAN 

D Employer Identification Number (EIN) 

34-6666753 

E Type of plan: (1) eg Multiemployer Defined Benefit (2) 0 Money Purchase (see instructions) 

1 a Enter the valuation date: Month __ S __ Day 1 Year 2017 

b Assets 

(1) Current value of assets ........ ·••··········································"'·'·•······ .. •··························"'····················· 1b(1) 41,435,167 

(2) Actuarial value of assets for funding standard account .................. ., ................................................... 1b(2J 44,766,006 

C (1) Accrued liability for plan using immediate gain methods .................................................................... 1c(1) 103,036,617 

(2) Information for plans using spread gain methods: 

(a) Unfunded liability for methods with bases ...................................................................................... 1c(2)(a) 

(b) Accrued liability under entry age normal method ............................................................................ 1c(2)(b) 

(c) Normal cost under entry age normal method ................................................................................. 1c(2)(c) 

(3) Accrued liability under unit credit cost method ..................................................................................... 1c(3) 103,036,617 

d Information on current liabilities of the plan: 

(1) Amount excluded from current liabilily attributable to pre-participation service (see instructions) ......... 1d(1) 

(2) "RPA '94" information: 

(a) Current liability ............................................................................................................................... 1d(2)(a) 157,774,941 

(b) Expected increase in current liability due to benefits accruing during the plan year ........................ 1d(2)(b) o 

(c) Expected release from "RPA '94" current liability for the plan year ................................................. 1d(2)(c) 5,884,737 

(3) Expected plan disbursements for the plan year .................................................................................... 1d(3) 6,384,737 

Statement by Enrolled Actuary To the bast of my knowledge, the information supplied in this schedule ond accompanying schedules, statements and attachments, if any, is complete and acctJtate. Each presaibed assumption was applied 

in accordance with applicable law and regulations. In my opinion, each other assumption is reasonable (laking inlo account the experience of the plan and reasonable expectations) and such other 

assumptions. In combination, offer rny best estimate or anUcipaled experience un<1er the plan. 

SIGN I ------------------- HERE _ 01;2s;2019 

Kevin M. Campe, EA, MAAA 

Type or print name of actuary 

Milliman, Inc. 

Firm name 

71 S. Wacker Drive, 31st Floor 

Chicago 

Address of the firm 

IL 60606 

Date 

17-05356 

Most recent enrollment number 

(312) 726-0677 

Telephone number (including area code) 

If the actuary has not fully reflected any regulation or ruling promulgated under the statute in completing this schedule, check the box and see 

instructions • 

For Paperwork Reduction Act Notice, see the Instructions for Form 5500 or 5500-SF. Schedule MB (Form 5500) 2017 

v.170203 

0373
Schedule MB (Form 5500) 2017 Page2 -0 

2 Operational information as of beginning of this plan year: 

a Current value of assets (see instructions) ....................................... .. .................................................................. I 2a 41, 4 3 5, 167 r-------_..J'-----4------------ b "RPA '94" current liability/participant count breakdown: (1) Number of participants (2) Current liability 1----'-'-'-'-':..:.C....:...CC..C.:..::.C:.:.c.=..;;__:_--+---'-=:,_;:_::;;_::.:.;.:.;.:.;;;c=L...--

(1) For retired participants and beneficiaries receiving payment ................................... 1----------5_3_0-1--______ 7_0_,_7_8_7_,_2_3_1 

(2) For terminated vested participants ........................................................................ . 378 30,146,495 

(3) For active participants: 

(a) Non-vested benefits ......................................................................................... . 1,765,362 

(b) Vested benefils ...................................................................................... . 55,075,853 

(c) Total active ...................................................................................................... . 655 56,841,215 

(4) Total . .... . .. . ... ... .... . ................... ... . ... ... ... .. ... ... . . . .................. ....... .... .. ............ ... .... ... ... L-.--------,1::..,,...:5:...:6:..:34-___ ____cl::..5=--7'-',:....7...:7:....4:..:.,...:9...:4.=l 

c ~e~c:~~;~:n'.~9.~.r~~·u·l·t'.~:.:~~~.~iv'.~'.~9..l.i.n~.~~.~:._l_i~·e·~~~~~.· .. ~~l~~~,'.~'.:.'.~ .. l~~~ .. th·a·~··~·o·•~_' .. e.~.t~r .. ~~~~········· ... · .. · I 2c 26.26% 

3 Contributions made to the plan for 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 

10/31/2017 3,973,912 

Totals • I 3(b) 3,973,912 3(cJ T 0 

4 Information on plan status: 

a Funded percentage for monitoring plan's status (line 1b(2) divided by line 1c(3)) ............................................... I 4a I 43.4 % 

b ~~~S: i~~~~.!~~~~~i~~ ~l~n.•~ .st~.t~s .. (.~e.~.'.~.s'.~cU.o~s. :o.~ .~tt~~~~~~·t· ~~ .s~~:.~.~.i~g. ~v.i~en~e. ~'. .~~~.n:~. ~.t~t~~). If ,___4_b_..1._D __________ _ 

c Is the plan making the scheduled progress under any applicable funding improvement or rehabilitation plan? ............................................................. 18J Yes O No 

d If the plan is in critical status or critical and declining status, were any benefits reduced (see instructions)? ................................................. 0 Yes ~ No 

e If lined is "Yes," enter the reduction in liability resulting from the reduction in benefits (see instructions), 

measured as of the valuation date ........................................................................................................ . 4e 

f If the rehabilitation plan projects emergence from critical status or critical and declining status. enter the plan 

year in which it is projected to emerge. . 

:;::i:~a:~~a;~enl~:r: b~~.~~ .~~ .~~'.~s.t~l.l'.n.~. ~~.s~.i.bl~. i~~~'.~e·n·~:. ~~'.~r ~.~~. :,~~~. :.~~~. '.~.~.~,~~-'.~~~'.~.~~it 4f 

5 Actuarial cost method used as the basis for this plan year's funding standard account computations (check all that apply): 

a 0 Attained age normal b • Entry age normal C ~ Accrued benefit (unit credit) 

e 0 Frozen initial liability f • Individual level premium g 0 Individual aggregate 

0 Other (specify): 

2033 

d O Aggregate 

h O Shortfall 

j If box h is checked, enter period of use of shortfall method ................................................................................. I'-_5::..j __,_ ___________ _ 

k Has a change been made in funding method for this plan year? .................................................................................................................. 0 Yes ~ No 

If line k is "Yes." was the change made pursuant to Revenue Procedure 2000-40 or other automatic approval? .......................................... o Yes O No 

m ~~::~~~ .. t~!si~:~:~i7; ~~~,i~~•~:~~~t~.-~.a.t~. ·(·~-~~.°.~.~~~.~~). ~'..~~~.~li·n·~ .I~~~~ .. (i~~i~i.d.ual.~~. ~!8.s.~~·-·· ........ '-I _s_m_...1.... __________ _ 

0374
Schedule MB (Form 5500) 2017 Page3-0 

6 Checklist of certain actuarial assumptions: 

a Interest rate for "RPA '94" current liability .................................................................................................................................... j Ga ! 3. 05 % 

Pre-retirement Post-retirement 

b Rates specified in insurance or annuity contracts .................................. . • Yes • No 18] NIA • Yes • No [gj N/A 

c Mortality table code for valuation purposes: 

(1) Males................................................................................ Gc(1) A 

(2) Females ................................... · ............................................ 1--G-c-(2-)-+-------A-------1--------- 1-------+--------------1----------

A 

A 

d Valuation liability interest rate .. . ... . .. ... .. .. . . . . . . . . .. .. .. . . .. .. . . .. . .. . .. . . .. . . . Gd 6. 50 % 6. 50 % 

e Expense loading......................................................................... Ge 11 . 0 % 0 NIA %1 g) N/A 

f Salary scale................................................................................ Gf % ~ NIA 

g Estimated investment return on actuarial value of assets for year ending on the valuation date. . .... 1 6g f----+----------- h Estimated investment return on current value of assets for year ending on the valuation dale ..................... I 6h 

2.3 % 

9. 1 % 

7 New amortization bases established in the current plan year: 

(1) Type of base (2) Initial balance (3) Amortization Charge/Credit 

1 1,851,006 184,845 

4 17,759,604 1,773,505 

8 Miscellaneous information: 

a If a waiver of a funding deficiency has been approved for this plan year, enter the date (MM-DD-YYYY) of Sa 

the ruling letter 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 ............................................................................................................................................. . gJ Yes • No 

b(2) Is the plan required to provide a Schedule of Active Participant Data? (See the instructions.) If "Yes," attach a 

schedule .................................................................................................................................................................. . ~ Yes • No 

c Are any of the plan's amortization bases operating under an extension of time under section 412(e) (as in effect 

prior to 2008) or section 431(d) of the Code? ............................................................................................................... ___________ 0 _ Yes ~ No 

d If line c is "Yes," provide the following additional information: 

(1) Was an extension granted automatic approval under section 431 (d)(1) of the Code? ............................ ,_------,-------=---=---

(2) If line 8d(1) is "Yes," enter the number of years by which the amortization period was extended ........... J,__a_d_(_2)_.,J,__ ___________ _ 

0 Yes 0 No 

(3) Was an extension approved by the Internal Revenue Service under section 412(e) (as in effect prior 

to 2008) or431(d)(2) of the Code? .......................................................................................................... ,------,-------------

(4) /~~il~~l~~(~~sn~~~;r ~~t;~;r~~:~~:a;t~ .. ~•y·~·i·c~.t~~.~~~~i.z.ati~~ .~~r'.~~ .~~~ ~~t~·~·d·~.:.n.o~····· ...... f _s_d_(_4_) -+--------------

(5) lfline 8d(3) is "Yes," enter the date of the ruling letter approving the extension ...................................... . L ...;.8...cd.,_(5..,_)_,.____ ___________ _ 

0 Yes O No 

(6) If line 8d(3) is "Yes," is the amortization base eligible for amortization using interest rates applicable under O Yes O No 

section 6621 (b) of the Code for years beginning after 2007? ............................................................... ,.. .. _ ... _ .. _ .. _ .._ ... _ .. r-------------

e If box Sh is checked or line Be 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 Be 

extending the amortization base(s) ............................................................................................................. . 

9 Funding standard account statement for this plan year: 

Charges to funding standard account: 

a Prior year funding deficiency, if any ..... 9a 2,091,037 

b Employer's normal cost for plan year as of valuation date ......................................................................... .. ,--------------'------JI-------------- 9b 484,502 

C Amortization charges as of valuation date: Outstanding balance 

(1) All bases except funding waivers and certain bases for which the 9c(1) 

amortization period has been extended ............................................ f----+------7_3--','---1_6_7-'-,_3_7_0+---------9--',_8_2_1......:.., _8_6_1 

(2) Funding waivers ... . ... .. . ......... .............. ................. ...... .. ...... ......... .... . 9c(2) f-----+--------------+------------- ( 3) Certain bases for which the amortization period has been 9c(3) 

extended .......................................................................................... '--__ __.__ _______ __,,-----+------------

d Interest as applicable on lines 9a, 9b, and 9c.. ........... ... .... ... ........ ... .. .... . ...... ......... ..... .... ...................... ........ 9d 8 0 5, 8 31 f----+------------- e Total charges. Add lines 9a through 9d....................................... .......... ...................................................... 9e 13,203, 2 31 '----....L..-------------

0375
Schedule MB (Form 5500) 2017 Page 4 ---------'-----'--------------------------"---------------- ~------------

Credits to funding standard account: 

f Prior year credit balance, if any .................................................................................................................... 1 9f 0 !-----l-------------

9 Employer contributions. Total from column (b) of line 3 ................................................................................ .[ 9g 3, 9 7 3, 912 ,-----------'----+------------- ! Outstanding balance 

h Amortization credits as of valuation date ............................................... ! 9h I 16, 9 8 7 , 7 9 6 5, 4 3 4 , 4 5 3 '-----'----------,---+------------- I n t ere st as applicable to end of plan year on lines 9f, 9g, and 9h ................................................................. ! 9i 4 8 0 , 3 5 8 '-----'-------------

Full funding limitation (FFL) and credits: 

(1) ERISA FFL (accrued liability FFL) ......................................................... ._ f __ 9j(1) ....._ I _________ 6 6, 11 7, 9 4 2 ..., 

(2) "RPA '94" override (90% current liability FFL) ....................................... / 9j(2) I 9 9, 8 5 9, 7 0 4 '---....l....------,-----1--------------- ( 3) FFL credit... ....................................................................................................................................... . 9j(3) 0 

k (1) Waived funding deficiency ............................................... ." .................................................................. . 9k(1) 0 

(2) Other credits ........................................................................................................................................ . 9k(2) 0 

Total credits. Add lines 9fthrough 91, 9j(3), 9k(1). and 9k(2) ......................................................................... . 91 9,888,723 

m Credit balance: If line 91 is greater than line 9e. enter the difference ............................................................ .. 9m 

n Funding deficiency: If line 9e is greater than line 91, enter the difference ..................................................... . ......... __ 9n ....,_ ___________ 3,314,508 _

9o Current year's accumulated reconciliation account: 

(1) Due to waived funding deficiency accumulated prior to the 2017 plan year ..................... ·•··············· 9o(1) 0 

(2) Due to amortization bases extended and amortized using the interest rate under section 6621(b) of the Code: 

{a) Reconciliation outstanding balance as of valuation date ............................................................. 9o(2)(a) 0 

(b) Reconciliation amount (line 9c(3) balance minus line 9o(2)(a)) ................................................... 9o(2)(b) 0 

(3) Total as of valuation date .................................................................................................................. 9o(3) 0 

10 Contribution necessary lo avoid an accumulated funding deficiency. (See instructions.) ........................... 10 3,314,508 

11 Has a change been made in the actuarial assumptions for the current plan year? If "Yes," see instructions ................. . ~ Yes D No 

0376
Attachment to 2017 Form 5500 

Schedule MB, Line 4c - Documentation Regarding Progress Under Funding 

Improvement or Rehabilitation Plan 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

The Pension Protection Act (PPA) requires the actuary to certify whether the plan is making scheduled 

progress in meeting the requirements of its Rehabilitation Plan. The Rehabilitation Plan for the Sheet Metal 

Workers Local Pension Plan reduced certain benefits and increased the Plan's contribution rates. The 

Trustees determined using reasonable actuarial assumptions and methods that they were unable to adopt 

a Rehabilitation Plan that would enable the Plan to emerge from critical status by the end of the 13-year 

Rehabilitation Period on April 30, 2024 which began on May 1, 2011 (as extended three additional years 

under the Worker, Retiree, and Employer Recovery Act of 2008). 

As a result, the Trustees adopted a Rehabilitation Plan that, in their judgment, consisted of all reasonable 

measures to either emerge from critical status by a later date than the 13-year period mentioned above or 

forestall insolvency. As required under the PPA, the Trustees have been and will continue to review the 

Rehabilitation Plan annually. Based on implementation of the Rehabilitation Plan, assumed future contracts 

adopted by the bargaining parties and reflecting the Plan's experience through April 30, 2018, I hereby certify 

that the Plan is making scheduled progress as of May 1, 2018 as required under IRC Section 432(b)(3){A)(ii). 

Funding Status Projection Results 

i 

I 

I 

j 

i 

Plan Year 

B i .. gnnmg 

5/1/2017 

5/1/2018 

5/1/2019 

5/1/2020 

5/1/2021 

5/1/2022 

5/1/2023 

5/1/2024 

' 

Funded 

p ercen ta ge 

43.4% 

41.4 

40.6 

39.6 

39.0 

38.0 

36.6 

34.9 ·~-··-··•-.···--

C onn t .b u ti ons 

l 3,889,000 

3,850,000 

3,500,000 

3,500,000 

3,500,000 

3,325,000 

3,325,000 

3,325,000 

s. a, ;n, .o .. ear 

I Credit'Balance 

1 tE d fY I 

- ) 

(3,403,000) f 

(7,671,000) 

(12,057,000) 

(16,201,000) 

(20,299,000) 

(24,660,000) 

(28,549,000) 

(32,929,000) ! 

The data, plan provisions, assumptions and methods used for the above projections are summarized in 

the PPA Actuarial Certification dated July 27, 2018. 

0377
Attachment to 2017 Form 5500 

Schedule MB, Line 8b(1) - Schedule of Projection of Expected Benefit Payments 

Sheet Metal Workers Local Pension Plan 

EIN/PN: 34-6666753/001 

2017 5,879,340 

2018 6,124,465 

2019 6,340,669 

2020 6,593,253 

2021 6,918,340 

2022 7,252,739 

2023 7,559,187 

2024 7,777,847 

2025 7,930,555 

2026 8,132,773 

0378
SHEET METAL WORKERS 

LOCAL PENSION PLAN 

FINANCIAL REPORT 

APRIL 30, 2018 and 2017 

0379
SHEET METAL WORKERS LOCAL PENSION PLAN 

CONTENTS 

INDEPENDENT AUDITORS' REPORT 

FINANCIAL STATEMENTS 

Statements of net assets available for benefits 

Statements of changes in net assets available for benefits 

Notes to financial statements 

SUPPLEMENTAL SCHEDULES 

Schedules of administrative expenses 

Schedule H, line 4i - schedule of assets (held at end of year) as of April 30, 2018 

Schedule H, line 4j - schedule of reportable transactions for the year ended 

April 30, 2018 

1.2 

3 

4 

5.15 

16 

* 

* 

*Refers to Section of Form 5500 (Annual Return/Report of Employee Benefit Plan) for the 

Plan year ended April 30, 2018 which material is incorporated herein by reference. 

0380
.r:::-.1 .\,!u11sop SlrL't'! .\:\V .'\t!!t~· i()~ ! l.::111lP!L {lhin ! L"i1l 

ii :nn.:H~<1.:J•~O(l F :Ll(i.~liiC.:-:.;n ! \V 111~tl1n1l_'~.·iF1'.·or11y.cn1n 

Independent Auditors' Report 

To the Board of Trustees 

Sheet Metal Workers Local Pension Plan 

Massillon, Ohio 

iv1aloney 

~raloncy :-iovorny ,. ' 

We have audited the accompanying financial statements of Sheet Metal Workers Local Pension 

Plan (the "Plan"), which comprise the statements of net assets available for benefits as of April 

30, 2018 and 2017, and the related statements of changes in net assets available for benefits for 

the years then ended, and the related notes to the financial statements. 

Management's Responsibility for the Financial Statements 

Management is responsible for the preparation and fair presentation of these financial statements 

in accordance with accounting principles generally accepted in the United States of America; this 

includes the design, implementation, and maintenance of internal control relevant to the 

preparation and fair presentation of financial statements that are free from material misstatement, 

whether due to fraud or error. 

Auditors' Responsibility 

Our responsibility is to express an opinion on these financial statements based on our audits. We 

conducted our audits in accordance with auditing standards generally accepted in the United 

States of America. Those standards require that we plan and perform the audit to obtain 

reasonable assurance about whether the financial statements are free from material misstatement. 

An audit involves performing procedures to obtain audit evidence about the amounts and 

disclosures in the financial statements. The procedures selected depend on the auditors' 

judgment, including the assessment of the risks of material misstatement of the financial 

statements, whether due to fraud or error. In making those risk assessments, the auditors 

consider internal control relevant to the entity's preparation and fair presentation of the financial 

statements in order to design audit procedures that are appropriate in the circumstances, but not 

for the purpose of expressing an opinion on the effectiveness of the entity's internal control. 

Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness 

of accounting policies used and the reasonableness of significant accounting estimates made by 

management, as well as evaluating the overall presentation of the financial statements. 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a 

basis for our audit opinion. 

-ICle\'elaml Canton Columl.>Lt,, Ddaware Elyria 

0381
Opinion 

In our opinion, the financial statements referred to above present fairly, in all material respects, 

information regarding the Plan's net assets available for benefits as of April 30, 2018 and 

changes therein for the year then ended, and its financial status as of April 30, 2017 and changes 

therein for the year then ended in accordance with accounting principles generally accepted in 

the United States of America. 

Report on Supplementary Information 

Our audits were conducted for the purpose of forming an opinion on the financial statements as a 

whole. The supplemental schedules of administrative expenses, assets (held at end of year), and 

reportable transactions are presented for purposes of additional analysis and are not a required 

part of the financial statements, but the schedules of assets (held at end of year) and reportable 

transactions are supplementary information required by the Department of Labor's Rules and 

Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act 

of 1974. Such information is the responsibility of the Plan's management and was derived from 

and relates directly to the underlying accounting and other records used to prepare the financial 

statements. The information has been subjected to the auditing procedures applied in the audits 

of the financial statements and certain additional procedures, including comparing and 

reconciling such information directly to the underlying accounting and other records used to 

prepare the financial statements or to the financial statements themselves, and other additional 

procedures in accordance with auditing standards generally accepted in the United States of 

America. In our opinion, the information is fairly stated in all material respects in relation to the 

financial statements as a whole. 

Canton, Ohio 

February 8,2019 

-2-

0382
SHEET METAL WORKERS LOCAL PENSION PLAN 

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS 

April 30, 2018 and 2017 

2018 

ASSETS 

Investments at fair value: 

Private equity and hedge funds $ 19,304,755 $ 

Mutual funds 12,442,453 

Insurance company separate account 

Common stocks 8,455,142 

Money market funds 1,064,114 

Total investments 41,266,464 

Receivables: 

Employers' contributions 526,646 

Insurance company experience credit 69,906 

Total receivables 596,552 

Cash 456,250 

Total assets 42,319,266 

LIABILITIES 

Accounts payable 186,035 

NET ASSETS AVAILABLE FOR BENEFITS $ 42,133,231 $ 

The accompanying notes are an integral part of these financial statements. 

-3-

2017 

19,329,618 

11,023,037 

1,871,380 

7,838,016 

512,579 

40,574,630 

441,280 

56,899 

498,179 

475,283 

41,548,092 

112,925 

41,435,167 

0383
SHEET METAL WORKERS LOCAL PENSION PLAN 

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS 

Years Ended April 30. 2018 and 2017 

2018 2017 

ADDITIONS AND INVESTMENT ACTIVITY 

Investment activity: 

Net appreciation in fair value of investments $ 2,519,360 $ 3,214,940 

Dividends and interest 421,668 432,013 

2,941,028 3,646,953 

Less: Investment expenses (75,599) (87,779) 

2,865,429 3,559,174 

Employers' contributions 4,005,017 3,930,394 

Insurance company experience credit and other income 72,274 57,032 

Total additions and investment activity 6,942,720 7,546,600 

DEDUCTIONS 

Benefits paid directly to participants 5,473,636 5,349,550 

Administrative expenses 739,915 479,659 

Reciprocity paid 31, l 05 34,019 

Total deductions 6,244,656 5,863,228 

NET INCREASE 698,064 1,683,372 

NET ASSETS AVAILABLE FOR BENEFITS -

BEGINNING OF YEAR 41,435,167 39,751,795 

END OF YEAR $ 42,133,231 $ 4 I ,435, I 67 

The accompanying notes are an integral part of these financial statements. 

-4-

0384
Note 1. 

SHEET METAL WORKERS LOCAL PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS 

Description of Plan 

The following brief description of the Sheet Metal Workers Local Pension Plan (the 

P!an) is provided for general information purposes only. Participants should refer 

to the Plan agreement for a more comprehensive description of the Plan's 

provisions. 

General: 

The Plan is a multi-employer defined benefit pension plan covering 

substantially all members within certain districts of Sheet Metal Workers 

Local No. 33 located in Northern Ohio and West Virginia. It is subject to the 

provisions of the Employee Retirement Income Security Act of 1974 

(ERISA), as amended. 

The Plan is subject to the Pension Protection Act of 2006 (Act), as amended 

by the Multiemployer Pension Reform Act of 2014. The Act revised 

minimum funding rules and expanded the reporting and disclosure 

requirements for multiemployer plans. The Act requires an annual actuarial 

certification of the Plan's funded status. The Plan's actuary has certified the 

Plan as being in "critical and declining" status as of May 1, 2017 and 2016. In 

accordance with the Act, the Plan has adopted a "rehabilitation plan" in an 

effort to improve its funded status. The rehabilitation plan includes the use of 

the "exhaustion of all reasonable measures" clause in Section 432 of the 

Internal Revenue Code. The Plan's actuary has certified that the Plan has 

made the scheduled progress as outlined in the rehabilitation plan. 

Benefit accruals for contributions on or after August 1, 2013 are suspended. 

Pension Benefits: 

Participants with five or more years of service are entitled to annual pension 

benefits beginning at normal retirement age of 61 equal to the sum of the 

participants' past service benefit and future service benefit. 

The Plan permits early retirement at ages 55-60 for those participants with at 

least five years of service. The amount of the early retirement is equal to the 

normal retirement benefit reduced at an actuarial equivalent factor for each 

year younger than age 61. 

The normal and early retirement benefits to which a participant is entitled may 

be payable in the form of a joint and 50% survivor benefit, a joint and 75% 

survivor benefit, and/or five or ten year certain life benefit. 

-5-

0385
Note 1. 

SHEET METAL WORKERS LOCAL PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 

Description of Plan (continued) 

A participant who terminates employment after obtaining five or more years 

of service shall be l 00% vested in his accrued benefit and thus will become 

eligible for a normal or early retirement benefit at such time as he/she reaches 

normal or early retirement age. 

A mandatory lump sum will be paid for lump-sum values not in excess of 

$5,000. 

Death Benefits: 

A surviving spouse of a deceased participant who elected the 50% or 75% 

survivor benefit and who would have been eligible to receive or was receiving 

retirement benefits prior to death will receive 50% or 75% of the retirement 

benefit for life. 

A surviving spouse of a deceased participant who elected to waive the 50% or 

75% survivor benefit and elected a five year certain benefit will receive 

monthly payments equal to the amount received at the time of the participant's 

death for the remainder of the five year period. 

Funding Policy: 

Employers in the Akron/Canton/Mansfield area are required under collective 

bargaining agreements to make monthly contributions to the Plan at $5. 18 and 

$0.76 for each hour worked by journeymen and apprentices, respectively. 

Employers in the Wheeling, West Virginia area contribute $4.60 per hour for 

the journeymen and $0.30 per hour for apprentices. The rate for the 

Production Shops and Industrial workers is $0.61 per hour. The rate for the 

Residential workers is $0. 77 per hour. The minimum funding testing 

requirements of the Pension Protection Act were not met for the years ended 

April 30, 20 l 8 and 2017. As noted above, the Plan's actuary has certified that 

the Plan has made the scheduled progress as outlined in the rehabilitation 

plan. 

-6-

0386
Note 2. 

SHEET METAL WORKERS LOCAL PENSION PLAN 

NOTES TO FINANCIAL ST A TEMENTS (CONTINUED) 

Summary of Significant Accounting Policies 

A summary of the Plan's significant accounting policies consistently applied in the 

preparation of the accompanying financial statement follows: 

Actuarial Present Value of Accumulated Plan Benefits: 

Accumulated plan benefits are those future periodic payments, including 

lump-sum distributions that are attributable under the Plan's provisions to the 

service which participants have rendered. Accumulated plan benefits include 

benefits expected to be paid to (a) retired or terminated participants or their 

beneficiaries, (b) beneficiaries of participants who have died, and (c) present 

participants or their beneficiaries. Benefits under the Plan are based upon 

years of service prior to the inception of the Plan and employer contributions 

made on the participant's behalf subsequent to the inception of the Plan. 

Benefits payable under all circumstances (retirement, death, disability, and 

termination) are included, to the extent they are deemed attributable to 

participant service rendered through July 31, 2013. 

The actuarial present value of accumulated plan benefits is determined by an 

actuary from Milliman, Inc. as of May 1, 2017 and May I, 2016, and is the 

amount that results from applying actuarial assumptions to adjust the 

accumulated plan benefits to reflect the time value of money (through 

discounts for interest) and the probability of payment (by means of 

decrements such as for death, disability, withdrawal, or retirement) between 

the valuation date and the expected date of payment. 

The assumptions underlying the actuarial computations used in the valuation 

as of May l, 2017 are the same as those used in the prior year's valuation, 

except for revisions as noted below. Some of the more significant actuarial 

assumptions used are as follows: 

Assumed Rate of Return of 

Investments 

Normal Retirement Age 

6.5% per year after investment expenses (2017) 

8.0% per year after investment expenses (2016) 

55-60: 10% 

61-64: 20%-50% retired 

65+: I 00% retired 

-7-

0387
Note 2. 

SHEET METAL WORKERS LOCAL PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 

Summary of Significant Accounting Policies (continued) 

Mortality Basis 

Asset Valuation Method 

Actuarial Cost Method 

Operational Expenses 

(2017) RP 2014 Blue Collar Employee 

and Annuitant Mortality Tables adjusted 

to 2006 and projected forward using 

· MP-2016 on a generational basis. 

(2016) RP 2000 Combined Healthy 

Generational Mortality Table using 

scale AA with blue collar adjustment. 

Smoothed market value - 5 year 

amortization. 

Unit credit 

$500,000 (2017) and $270,000 (2016) 

The foregoing actuarial assumptions are based on the presumption that the Plan will 

continue. Were the Plan to terminate, different actuarial assumptions and other 

factors might be applicable in determining the actuarial value of accumulated plan 

benefits. The computations of the actuarial present value of accumulated plan 

benefits were made as of May 1, 2017 and 2016. Had the valuations been 

performed as of April 30, there would be no material differences. 

Valuation of Investments and Income Recognition: 

Investments are reported at fair value. Fair value is defined as the price that 

would be received to sell an asset or would be paid to transfer a liability in an 

orderly transaction between market participants at the measurement date. In 

accordance with the policy of stating investments at fair value, net 

appreciation or depreciation for the year, which consists of realized gains and 

losses and unrealized appreciation and depreciation, is reflected in the 

statements of changes in net assets available for benefits. Purchases and sales 

of securities are recorded on a trade-date basis. Dividends are recorded on the 

ex-dividend date. Interest is recorded when earned. 

Payment of Benefits: 

Benefit payments to participants are generally recorded upon distribution. 

-8-

0388
Note 2. 

Note 3. 

SHEET METAL WORKERS LOCAL PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 

Summary of Significant Accounting Polices (continued) 

Use of Estimates: 

The preparation of financial statements in conformity with accounting 

principles generally accepted in the United States of America requires the plan 

administrator to make estimates and assumptions that affect certain reported 

amounts of assets, liabilities and changes therein, disclosure of contingent 

assets and liabilities, and the actuarial present value of accumulated plan 

benefits at the date of the financial statements, and changes therein. Actual 

results could differ from those estimates. 

Basis of Accounting: 

The accompanying financial statements are prepared on the accrual basis of 

accounting. 

Subsequent Events: 

The Plan has evaluated subsequent events through February 8, 2019 which is 

the date the financial statements were available to be issued. 

Investments 

Individual investment management companies manage the Plan's investments. 

These assets were held by non-insured bank trusts at Morgan Stanley Smith Barney 

and Comerica Bank. One of the Plan's investment funds, Pinehurst Institutional 

Ltd. Ser B 1/1, requires investors to provide 100 day prior written notice to the fund 

to redeem part of its shares as of the. last day of any calendar quarter. Six of the 

Plan's investments, Blackstone Tactical Opportunities, Goldman Sachs Vintage VI, 

American Core Realty Fund, LP, McMorgan · Infrastructure Fund I, LP, 

Metropolitan Real Estate Partners, and Carlyle Structured Credit Fund are 

considered illiquid. 

The fair value of private equity and hedge funds include the following at April 30: 

Pinehurst Institutional Ltd. 

Blackstone Tactical Opportunities 

Goldman Sachs Vintage VI 

McMorgan Infrastructure Fund I, LP 

American Core Realty Fund, LP 

ACL Alternative Fund SAC Limited 

Carlyle Structured Credit Fund 

Metropolitan Real Estate Partners 

-9-

2018 

$ 7,283,859 

1,896,999 

1,730,180 

1,646,666 

4,276,097 

2,022,582 

288,622 

159,750 

2017 

$6,939,702 

2,141,446 

2,245,048 

1,299,958 

4,703,464 

2,000,000 

0389
Note 3. 

Note 4. 

SHEET METAL WORKERS LOCAL PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 

Investments (continued) 

Pinehurst Institutional Ltd. may invest in equity and debt securities of U.S. and non 

U.S. corporations, U.S. government securities, non U.S. government securities, 

futures contracts, options, options on futures, other derivatives including swaps, 

forward contracts, currencies and physical commodities, partnership interests, 

money market instruments, and derivatives on securities. 

Blackstone Tactical Opportunities is a private equity fund that may invest in a 

variety of private equity opportunities. 

Goldman Sachs Vintage VI is a private equity fund that may invest both 

domestically and internationally across all sections of the private equity market. 

McMorgan Infrastructure Fund I, LP is a private equity fund that may invest in 

large-scale global infrastructure assets. 

American Core Realty Fund, LP is a private equity fund that may invest in core 

stable institutional quality office, retail, industrial and multi-family residential 

properties. 

ACL Alternative Fund SAC Limited is a hedge fund that may invest in a variety of 

commodity opportunities. 

Carlyle Structured Credit Fund is a private equity fund that may invest in the debt 

and equity of collateralized loan obligations backed by United States and/or 

European senior-secured loans. 

Metropolitan Real Estate Partners is a private equity fund that may invest in 

secondary investments in real estate private equity funds and direct property coinvestments. 

The Plan was obligated at April 30, 2018 to invest additional funds in Blackstone 

Tactical Opportunities ($301,227), Goldman Sachs Vintage VI ($819,688), 

McMorgan [nfrastructure Fund I, LP ($1,383,928), Carlyle Structured Credit Fund 

($1,672,871), and Metropolitan Real Estate Partners ($2,840,250). The Plan was 

also obligated at April 30, 20 ! 8 to invest in a new fund, Entrust Special 

Opportunities Fund HI ($3,000,000). 

Fair Value of Investments 

The Plan estimates the fair value of financial instruments using available market 

infonnation and other generally accepted valuation methodologies. The inputs used 

to measure fair value are classified into three levels: 

-l 0-

0390
Note 4. 

SHEET METAL WORKERS LOCAL PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 

Fair Value of Investments (continued) 

• Level 1 - Quoted market prices in active markets for identical assets and 

liabilities 

• Level 2 - Observable market-based inputs or unobservable inputs that are 

corroborated by market data 

• Level 3 - Unobservable inputs in which little or no market data exists 

The following is a description of the valuation methodologies used for assets of the 

Plan measured at fair value at April 30, 2018 and 2017. 

Money market funds: 

Valued based on reported net asset value, which is based on market value of 

underlying investments. These assets are considered Level 2. 

Common stocks: 

Valued at quoted prices from national securities exchanges for identical assets 

in active markets. These assets are considered Level l. 

Insurance company separate account: 

Certain investments are stated at fair value as determined by annual 

appraisals. Other investment values are determined by discounting future 

contractual cash flows to present value using interest rates and anticipated 

returns a market participant would incur with similar risk and terms. This 

fund primarily invests in real estate, real estate joint ventures, lines of credit 

and debt and adjustment to investment commitments. This account is 

considered Level 3. 

Private equity and hedge funds: 

Valued at fair value using the net asset value (''NAV") per share (or its 

equivalent) practical expedient and, therefore, have not been classified in the 

fair value hierarchy. The Plan uses amounts reported by the investment 

manager and as validated through consideration of the audited financial 

statements of the funds. Accordingly, the Plan does not use separate 

quantitative data to value these investments. 

Mutual funds: 

Valued at fair value based on quoted market prices, which represents the net 

asset value of shares held by the Plan at year end. These assets are considered 

Levell. 

-11-

0391
Note 4. 

SHEET METAL WORKERS LOCAL PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 

Fair Value oflnvestments (continued) 

The methods described above may produce a fair value calculation that may not be 

indicative of net realizable value or reflective of future fair values. There have been 

no changes in methodologies used from 2017 to 2018. Furthermore, while the Plan 

believes its valuation methods are appropriate and consistent with other market 

participants, the use of different methodologies or assumptions to determine the fair 

value of certain financial instruments could result in a different fair value 

measurement at the reporting date. 

The following table sets forth by level the Plan's assets at fair value: 

Investments: 

Money market funds 

Common stocks 

Mutual funds 

Total assets in the fair 

value hierarchy 

Investments measured at NA V: 

As of April 30.2018 

Level 1 Level 2 Level 3 

$ $1,064,114 $ 

8,455,142 

12,442,453 

$20,897.595 $1,064,114 $ ===== 

Private equity and hedge funds 

As of April 30, 2017 

Level l Level2 Level3 

Investments: 

Money market funds $ $512,579 $ 

Common stocks 7,838,016 

Insurance company separate 

account - real estate 1,871,380 

Mutual funds 11.023.037 

Total assets in the fair 

value hierarchy $ I 8,86 I ,053 $ 512.579 $ l,8:Zl.330 

Investments measured a NA V: 

Private equity and hedge funds 

-12-

$ 1,064,114 

8,455,142 

12.442,453 

21,961,709 

19.304,755 

$ 41,266,464 

$ 512,579 

7,838,016 

1,871,380 

I 1.023.037 

21,245,012 

19,329.618 

$ 40,574.630 

0392
Note 4. 

Note 5. 

SHEET METAL WORKERS LOCAL PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 

Fair Value of Investments (continued) 

Changes in assets measured at fair value on a recurring basis using significant 

unobservable inputs (Level 3 inputs) are as follows: 

Balance at April 30, 2016 

Return of capital 

Purchases 

Gain 

Balance at April 30, 2017 

Return of capital 

Purchases 

Gain 

Balance at April 30, 2018 

Accumulated Plan Benefits 

Insurance company 

separate accountreal estate 

$7,072,097 

(6,734,249) 

1,533.532 

1,871,380 

(1,898,848) 

27,468 

$=== 

The actuarial present values of accumulated plan benefits as of May l were as 

follows: 

Vested benefits: 

Participants currently receiving payments 

Other participants 

Total vested benefits 

Nonvested benefits 

Total actuarial present value of 

accumulated plan benefits 

-13-

$ 53,533,921 $45,567,746 

47,955,221 37,840,067 

101,489,142 83,407,813 

1,547,475 1.444,336 

$103,036.611 $ 841852, 149 

0393
Note 5. 

Note 6. 

Note 7. 

SHEET METAL WORKERS LOCAL PENSION PLAN 

NOTES TO FfNANCIAL STATEMENTS (CONTfNUED) 

Accumulated Plan Benefits (continued) 

The changes in accumulated plan benefits for the year ended May l, 2017 were as 

follows: 

Actuarial present value of accumulated plan 

benefits - beginning of year 

Increase (decrease) during the year attributable to: 

Change in actuarial assumptions (interest rate and 

mortality) 

Benefits accumulated and actuarial experience 

gain or loss 

Decrease in discount period 

Benefits paid 

Net increase 

Actuarial present value of accumulated plan 

benefits - end of year I 

Insurance Company Experience Credit 

$ 84,852, 149 

17,759,604 

(803,892) 

6,578,306 

(5.349.550) 

18.184,468 

$103,036,617 

Prudential Financial insures certain group annuity contracts on the Plan's behalf. 

Under the terms of the contracts, Prudential Financial is responsible for the 

payment of such benefits. Each June 30th, Prudential Financial adjusts the contracts 

for interest earned, expenses charged and the mortality experienced, and at their 

discretion, may issue an experience credit to the Plan. Accordingly, experience 

credits received or receivable for the years ended April 30, 2018 and 2017 are 

$69,906 and $56,899, respectively. 

Plan Termination 

In the event the Plan terminates, its net assets generally will not be available on a 

pro-rata basis to provide participant benefits and will be allocated as prescribed by 

ERISA and its related regulations. Whether a particular participant's accumulated 

plan benefits will be paid depends on the priority of those benefits, the level of 

benefits guaranteed by the Pension Benefit Guaranty Corporation (PBGC), and the 

PBGC's financial condition at the time. Some benefits may be fully or partially 

provided for based on the then existing assets and the PBGC guaranty while other 

benefits may not be provided for at all. Participants should refer to the Plan 

agreement for detailed information regarding Plan termination. 

-14-

0394
Note 8. 

Note 9. 

Note 10. 

SHEET METAL WORKERS LOCAL PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS (CONTfNUED) 

Tax Status 

The Internal Revenue Service has advised that the Plan is qualified under Section 

40 I (a) of the Internal Revenue Code and, as such, is exempt from federal income 

tax. The Plan obtained its latest determination letter on December 15, 20 l 5 in 

which the Internal Revenue Service stated that the Plan, as then designed, was in 

compliance with the applicable requirements of the Internal Revenue Code. 

The plan administrator has analyzed the tax positions taken by the Plan and has 

concluded that as of April 30, 2018, there are no uncertain positions taken or 

expected to be taken that would require such recognition or disclosure in the 

financial statements. 

Risks and Uncertainties 

The Plan invests in various investment securities. Investment securities are exposed 

to various risks such as interest rate, market, and credit risks. Due to the level of 

risk associated with certain investment securities, it is at least reasonably possible 

that changes in the values of investment securities will occur in the near term and 

that such changes could materially affect the amounts reported in the statement of 

net assets available for benefits. 

Plan contributions are made and the actuarial present value of accumulated plan 

benefits is reported based on certain assumptions pertaining to interest rates, 

inflation rates, and employee demographics, all of which are subject to change. 

Due to uncertainties inherent in the estimations and assumptions process, it is at 

least reasonably possible that changes in these estimates and assumptions in the 

near term would be material to the financial statements. 

Related Party and Party in Interest Transactions 

The Plan pays certain expenses related to plan operations and investment activity to 

various service providers. Certain of these transactions are party in interest 

transactions under ERISA. 

-15-

0395
SUPPLEMENTAL SCHEDULES 

0396
SHEET METAL WORKERS LOCAL PENSION PLAN 

SCHEDULES OF ADMINISTRATIVE EXPENSES 

Years Ended April 30, 2018 and 2017 

2018 

Consulting fees - investments $ 92,954 

Administrative fees - Benesys 104,558 

Collection service fees 10,786 

Consulting fees - actuary 78,455 

Actuary MPRA fees 207,919 

Conferences 9,791 

Insurance 62,940 

Legal 116,851 

Auditing and accounting 20,000 

Printing and reproduction 4,488 

Postage 4,777 

Dues 1,205 

Trust fees 17,215 

Storage expense 2,369 

Miscellaneous expenses 5,607 

Total administrative expenses $ 739,915 

-16-

2017 

$ 97,359 

96,492 

10,394 

60,123 

6,108 

58,722 

98,738 

20,000 

4,823 

6,318 

1,150 

14,348 

2,361 

2,723 

$ 479,659 

0397
Form550O 

Oepartmanl of lhe Treasury 

lr.lernru Revenue Ser-.ico 

Department of Labor 

E'm:,loyee Benafils Security 

Adl'llnistratio:i 

Pension Benefit GuaranlyCorpo:ation 

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 t 974 (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 Annual Re ort Identification Information 

0MB Nos. 1210-0110 

1210-0089 

2017 

This Form is Open to Public 

Inspection 

For calendar plan year 2017 or fiscal plan year beginning O 5 / O l / 2 O l 7 and ending O 4 / 3 O / 2 O 18 

A This return/report is for: ~ a multiemployer plan O a multiple-employer plan {Filers checking this box must attacll a list of 

parlicipating employer information in accordance with the form instructions.) 

0 a DFE {specify)_ 

B This return/report is: 

0 a single-employer plan 

0 the first return/report 0 the final return/report 

0 an amended return/report 0 a short plan year return/report (less than 12 months) 

C If the plan is a collectively-bargained plan, check here ...... . 

D Check box if filing under: ® Form 5556 0 automatic eKtension 

n special extension (enter description) 

Part II I Basic Plan lnformation-nter all requested information 

1 a Name of plan 

SHEET METAL WORKERS LOCAL PENSION PLAN 

2a Plan sponsor's name (employer, if for a single-employer plan) 

Mailing address {include room, apL. suite no. and street, or P.O. Box) 

City or town, state or province, country, and ZIP or foreign postal code (if foreign, see instructions) 

BOARD OF TRUSTEES SHEET METAL WORKERS LOCAL PENSION PLAN 

1890 VENTURE CIRCLE SE 

MASSILLON OH '14646 

•~ 

D the OFVC program 

1 b Three-digit plan I 

number(PNl • 001 

1 c Effective date of plan 

05/18/1961 

2b Employerldenlification 

Number (EIN) 

34-6666753 

2c Plan Sponsor's telephone 

number 

330-833-2888 

2d Business code (see 

instructions) 

238220 

Caution: A penalty for the late or incomplete filing of this return/report will be assessed unless reasonable 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. 

statements and attachments. as well as the electronic version of this return/report, and to the best of my knowledge and belief, it is true, correct, and complete. 

SIGN 

HERE 

SIGN 

HERE 

SIGN 

HERE 

I - - - I 

z. \\-\'\ 

Si nature of Ian administrator Date 

Signature of employer/plan sponsor Date 

Signature of DFE Dale 

For Papetwork Reduction Act Notice, see the Instructions for Form 5500. 

TOM WI.l\.NT 

Enter name of individual si nin as Ian administrator 

JOE STELLA 

Enter name of individual si nin as emplo er or Ian s onsor 

Enter name of individual si nin as OFE 

Form 5500 (2017) 

V. 170203 

0398
Form 5500 

Department of the Treasury 

Internal Revenue SerJice 

Department or Labor 

Employee Benefits Security 

Administration 

Pension Benelil Guaranty Corporahon 

Annual Return/Report of Employee Benefit Plan 

This form is required lo 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 Annual Re ort Identification Information 

OMS Nos. 1210-0110 

1210-0089 

2017 

This Form is Open to Public 

Inspection 

For calendar plan year 2017 or fiscal plan year beginning O 5 / 01/20 1 7 and ending O 4 / 3 O / 2 O 18 

A This return/report is for: igj a multiemployer plan O a multiple-employer plan (Filers checking this box must attach a list of 

participating employer information in accordance with the form instructions.) 

0 a DFE (specify)_ 

B This return/report is: 

0 a single-employer plan 

0 the rrrst return/report 0 the rrnal return/report 

0 an amended return/report 

C If the plan is a collectively-bargained plan. check here. 

0 a short plan year return/report (less than 12 months) 

D Check box if filing under: IBJ Form 5558 0 automatic extension 

n special extension (enter description) 

I Part II I Basic Plan Information-enter all requested information 

1 a Name of plan 

SHEET METAL vlORKERS LOCAL PENS ION PLAN 

2a Plan sponsor's name (employer. if for a single-employer plan) 

Mailing address (include room. apt., suite no. and street, or P.O. Box) 

City or town. state or province. country, and ZIP or foreign postal code (if foreign, see instructions) 

BOARD OF TRUSTEES SHEET fviETAL WORKERS LOCAL PENS ION PLAN 

1890 VENTURE CIRCLE SE 

MASSILLON OH 446<!6 

. > ~ 

0 the DFVC program 

1 b Three-digit plan I 

number (PN) • 001 

1 C Effective date of plan 

05/18/1961 

2b Employer Identification 

Number (EIN) 

34-6666753 

2c Plan Sponsor's telephone 

number 

330-833-288B 

2d Business code (see 

instructions) 

238220 

Caution; A penalty for the late or Incomplete filing of this return/report will be assessed unless reasonable 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, 

statements and atlachments, as well as the electronic version of this return/report, and to the best of my knowledge and belief, it is true, correct, and complete. 

SIGN 

HERE 

Si nature of plan administrator Date 

TOM \'/IA.NT 

Enter name of individual si nin as Ian adminislrator 

SIGN 

HERE .) · /} · Jc 1Cf JOE STELLA 

SIGN 

HERE 

s· nature of employer/plan sponsor Dale 

Signature of DFE Date 

For Paperworl< Reduction Act Notice, see the Instructions ior Form 5500. 

Enter name of individual si nin as emplo er or plan sponsor 

Enter name of individual sign in as DFE 

Form 5500 (2017) 

v. 170203 

0399
Form 5500 (20 I 7) Page 2 

3a Plan administrator's name and address • Same as Pian Sponsor 3b Administrator's EIN 

BOARD OF TRUSTEES S~EET METAL WORKERS LOCAL !?ENS ION PLAi\T 34-6666753 

3c Administrator's telephone 

number 1390 VENTURE CIRCLE SE 330-833-2888 

MASSILLON OH 44646 

4 If the name and/or EIN of the plan sponsor or the plan name has changed since the last return/report nled for this plan. 4b EIN 

enter the plan sponsor's name, EIN, the plan name and the plan number from the last return/report 

a Sponsor's name 4d PN 

C Plan Name 

5 Total number of participants at the beginning of the plan year 5 

6 Number of participants as of the end of the plan year unless otherwise stated (welfare plans complete only lines 6a(1 ), 

6a(2), Sb, 6c, and Sd). 

a(1) Total number of active participants at the beginning of the plan year . .... ············· .. ..... ....... .. .................... 6a(1) 

a(2) Total number of active participants al the end of the plan year . ......... . .,,, .. ········"····"·"······ .. ........ . ...... 6a(2) 

b Retired or separated participants receiving benefits ........... , ...... ••·······"··········· . ...... . .. , .......... .......... . ...... 6b 

C Other retired or separated participants entitled to future benefits ... ········""''"'''' ......... ..... ······•""'"''• 6c 

d Subtotal. Add lines 6a(2), Sb, and Ge ........... ...... . .............. ............... , ... ..... .. ...... ······ ....... ..... . ........ ···-···· 6d 

e Deceased participants whose beneficiaries are receiving or are entitled to receive benefits ... .................... ··············· 6e 

f Total. Add lines Gd and 6e. ....... ............ .............. , ............. , .................. .......... .................. , .. . ................ . ... 6f 

9 Number of participants with account balances as of the end of the plan year (only defined contribution plans 

complete this item) ..... ....... .. ............ ................... . ............... , .. ....... ...... . . . . . . . . . . .......... ., ... ···•·••"··" .. . . .................. 6q 

h Number of participants who terminated employment during the plan year with accrued benefits that were 

less than 100% vested ................................. ............... , ........................................... ······························· . . . . . . . ' . . . . . . . . ' . ' . .. .... 6h 

7 Enter the total number of employers obligated to contribute to the plan (only mulUemployer plans complete this item) .. ...... 7 

Ba If the plan provides pension benefits, enter the applicable pension feature codes from the list of Plan Characteristics Codes in the instructions: 

1B 1I 

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) IX Insurance 1-

(2) Code section 412(e)(3) insurance contracts 

(3) ~ Trust 

{4) General assets of the sponsor 

9b Plan benefit arrangement (check all that apply) 

(·1) X Insurance 

{2) 

(3) 

(4) 

Code section 4'12(e)(3) insurance contracts 

X Trust 

General assets of the sponsor 

1,598 

67 5 

679 

425 

370 

1,474 

90 

1,564 

74 

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 b General Schedules 

(1) ~ R (Retirement Plan Information) (1) ~ H (Financial Information) 

[gJ (2) D I (Financial Information - Small Plan) 

(2) MB (Multiemployer Defined Benefit Plan and Certain lvloney 

(3) ~ 1 A (Insurance Information) Purchase Plan Actuarial Information). signed by the plan 

actuary (4) ~ C (Service Provider Information) 

(3) D SB (Single-Employer Derined Benefit Plan Actuarial (5) ~ D (OFE/Participating Plan Information) 

Information) - signed by the plan actuary (6) • G (Financial Transaction Schedules) 

0400
Form 5500 (2017) Page 3 

Part Ill I Form M-·J Compliance information (to be completed by welfare benefit plans) 

1 ·1 a If the plan provides welfare benefits. was the plan subject lo the Form M-1 filing requirements during the plan year? (See instructions and 29 CFR 

2520 101-2.). ............ ........ . . ...... 0 Yes O No 

If .. Yes·· is checl<ed, complete lines 11b and 1 lc. 

11 b Is the plan currently in compnance with the Form M-1 filing requirements? (See instructions and 29 CFR 2520.101-2.). . .. ... 0 Yes O No 

·t 'IC Enter the Receipt Confirmation Code for the 2017 Form M-1 annual report. If the plan was not required to file the 2017 Form M-1 annual report, enter the 

Receipt Confirmation Code for the most recent Form M-1 that was required to be filed under the Form M-·1 filing requirements. (Failure to enter a valid 

Receipt Confirmation Code will subject the Form 5500 tiling to rejeclion as incomplete.) 

Receipt Confirmation Code ________ _ 

0401
(a) 

1 

~-

, '-

(b)(c) 

SHEET METAL WORKERS LOCAL PENSION PLAN 

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

APRIL 30, 2018 

(d) (e) 

ASSET 

DESCRIPTION 

UNIT 

PRICE 

MARKET 

VALUE 

UNREALIZED YIELD AT 

UNITS 

3,211.2 

SHORT TERM INVESTMENTS 

SHORT TERM INVESTMENTS 

MORGAN STANLEY BANK DEP PROGRAM 

061871901 

CASH 

DUE TO BROKERS 

TOTAL CASH 

TOTAL SHORT TERM INVESTMENTS 

SHORT TERM INVESTMENTS 

SHORT TERM INVESTMENTS 

5 47 MORGAN STANLEY BANK DEP PROGRAM 

061871901 

TOTAL SHORT TERM INVESTMENTS 

COST 

3,211.20 

8,721.83 

4.83-

8,717.00 

11,928.20 

5.47 

5.47 

GAIN/LOSS MARKET 

3,211.20 0.00 0.000 

8,721.83 0.00 0.000 

4.83- 0.00 0.000 

8,717.00 0.00 

11,928.20 0.00 

5.47 . 0.00 0.000 

5.47 0.00 

0402
0403
(a) 

l 

i, 

(b)( c) 

SHEET MET AL WORKERS LOCAL PENSION PLAN 

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

APRIL 30, 20 l 8 

(d) (e) 

UNITS 

ASSET 

DESCRIPTION COST 

UNIT 

PRICE 

MARKET 

VALUE 

UNREALIZED YIELD AT 

GAIN/LOSS MARKET 

SHORT TERM INVESTMENTS 

SHORTTERMINVESTMENTS 

1 , 882. 67 MORGAN STANLEY BANK OEP PROGRAM 

061871901 

434,521.54 

CASH 

DUE TO BROKERS 

TOTAL CASH 

TOTAL SHORT TERM INVESTMENTS 

SHORT TERM INVESTMENTS 

SHORT TERM INVESTMENTS 

MORGAN STANLEY BANK DEP PROGRAM 

061871901 

CASH 

DUE TO BROKERS 

TOTAL CASH 

TOTAL SHORT TERM INVESTMENTS. 

1,882.67 

0.60 

0.60-

0.00 

1,882.67 

434,521.54 

190.78 

190.78-

0.00 

434,521.54 

1,882.67 0.00 0.000 

0.60 0.00 0.000 

0.60- 0.00 0.000 

0.00 0.00 

1,882.67 0.00 

434,521.54 0.00 0.000 

190.78 0.00 0.000 

190.78- 0.00 0.000 

0.00 0.00 

434,521.54 0.00 

0404
(a) 

UNITS 

l 44,033.38 

i 1,043.76 

SHEET METAL WORKERS LOCAL PENSION PLAN 

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

APRIL 30, 2018 

(b)(c) (d) (e) 

ASSET UNIT MARKET UNREALIZED 

DESCRIPTION COST PRICE VALUE GAIN/LOSS 

SHORT TERM INVESTMENTS 

SHORT TERM INVESTMENTS 

MORGAN ·STANLEY BANK DEP PROGRAM 44,033.38 44,033.38 0.00 

061871901 

CASH 6.69 6.69 0.00 

DUE TO BROKERS 6.69- 6.69- 0.00 

TOTAL CASH 0.00 0.00 0.00 

TOTAL SHORT TERM INVESTMENTS 44.033.38 44.033.3B 0.00 

SHORTTERMINVESTMENTS 

SHORT TERM INVESTMENTS 

MORGAN STANLEY BANK DEP PROGRAM 1,043.76 1,043.76 0.00 061871901 

CASH 0.34 0.34 0.00 

DUE TO BROKERS 0.34- 0.34- 0.00 

TOTAL CASH 0.00 0.00 0.00 

TOTAL SHORT TERM INVESTMENTS 1,043.76 1,043.76 0.00 

YIELD AT 

MARKET 

0.000 

0.000 

0.000 

0.000 

0.000 

0.000 

0405
(a) 

'7f_ 

SHEET METAL WORKERS LOCAL PENSION PLAN 

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

EMPLOYER NO. 34-6666753 

UNITS 

(b)(c) 

ASSET 

DESCRIPTION 

EQUITY SECURITIES 

OPEN END MF - EQUITY 

257,036.19 CAUSEWAY !NTL VALUE INS 

14949P208 

SHORTTERMINVESTMENTS 

SHORT TERM INVESTMENTS 

456. 32 MORGAN STANLEY BANK DEP PROGRAM 

061871901 

CASH 

DUE TO BROKERS 

TOTAL CASH 

TOTALSHORTTERMINVESTMENTS 

Total Assets 

(d) 

COST 

4,145,206.26 

456.32 

0. :15 

0.15-

0.00 

456.32 

4.145,662.58 

PLAN NO. 001 

APRIL 30, 2018 

UNIT 

PRICE 

17.04 

(e) 

MARKET 

VALUE 

4,379,896.68 

456.32 

0.15 

0. 15-

0.00 

456.32 

4,380,353.00 

UNREALIZED YIELD AT 

GAIN/LOSS MARKET 

234,690.42 1.854 

0.00 0.000 

0.00 0.000 

0.00 0.000 

0.00 

0.00 

234,690.42 

0406
(a) 

UNITS 

1,583 

2,656 

276 

2,042 

891 

2,294 

{ 78,663.48 

SHEET METAL WORKERS LOCAL PENSION PLAN 

SCHEDULE H, LINE 4i-SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

APRIL 30, 2018 

(b)(c) (d) (e) 

ASSET UNIT MARKET UNREALIZED 

DESCRIPTION COST PRICE VALUE GAIN/LOSS 

REAL ESTATE INVESTMENT TRUSTS 

APPLE HOSPITALITY REIT INC 31,003.41 17.99 28,478.17 2,525.24-

03784Y200 

CARETRUST REIT INC 39,667.43 13.21 35,085.76 4,581.67-

14174T107 

EPR PPTYS 15,348.58 55.02 15,185.52 163.06-

26884U109 

LEXINGTON CORP PPTY TRUST REIT 16,640.37 8.04 16,417.68 222.69-

529043101 

OMEGA HEALTHCARE INVESTORS 29,571.63 25.98 23,148.18 6,423.45-

681936100 

PIEDMONT OFFICE RL TY TR INC CL A 40,810.03 17.92 41,108.48 298.45 

720190206 

TOTAL REAL ESTATE INVESTMENT TRUSTS 173,041.45 159,423.79 13,617.66-

TOTAL EQUITY SECURITIES 1,854,290.41 2,227,116.22 372,825.81 

SHORT TERM INVESTMENTS 

SHORT TERM INVESTMENTS 

MORGAN STANLEY BANK DEP PROGRAM 78,663.48 78,663.48 0.00 

061871901 

CASH 318.03 318,03 0.00 

DUE TO BROKERS 318.03- 318.03- 0.00 

ACCRUED INCOME 1,223.68 1,223.68 0.00 

TOTAL CASH 1,223.68 1,223.68 0.00 

YIELD AT 

MARKET 

6.670 

6.207 

7.852 

8.831 

10.046 

4.688 

0.000 

0.000 

0.000 

0.000 

0407
SHEET MET AL WORKERS LOCAL PENSION PLAN 

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

APRIL 30, 2018 

(a) (b )( c) (d) (e) 

ASSET UNIT MARKET UNREALIZED YIELD AT 

UNITS ')ESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET 

752 TENNECO INC 37,943.27 44.69 33,606.88 4,336.39- 2.238 

880349105 

365 THOR IND INC 24,362.62 106. 14 38,741.10 14,378.48 1.394 

885160101 

832 TUPPERWARE CORP 47,073.79 44.56 37,073.92 9,999.87- 6.104 

899896104 

984 II-VI INC 22,409.91 38.10 37,490.40 15,080.49 0.000 

902104108 

627 WESCO INTERNATIONAL INC 39,722.27 59.55 37,337.85 2,384.42- 0.000 

95082P105 

1,469 WORLD FUEL SERVICES CORP 50,190.19 21.47 31,539.43 18,650.76- 1. 118 

981475106 

TOTAL COMMON STOCK 1,577,430.23 1,931,261.09 353,830.86 

FOREIGN STOCK 

1,655 ARRIS INTERNATIONAL PLC 41,594.40 27.00 44,685.00 3,090.60 0.000 

G0551A103 

539 HELEN OF TROY L TO 37,483.94 89.15 48,051.85 10.567.91 r..;;.,;,.s... 

G4388N106 

TOTAL FOREIGN STOCK 79,078.34 92,736.85 13,658.51 

ADR 

893 WNS HLDGS LTD SPONSORED ADR 24,740.39 48.93 43,694.49 18,954.10 0.000 

92932M101 

0408
SHEET METAL WORKERS LOCAL PENSION PLAN 

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

APRIL 30, 2018 

(a) (b)(c) (d) (e) 

UNIT MARKET UNREALIZED YIELD AT 

ASSET COST PRICE VALUE GAIN/LOSS MARKET 

UNITS DESCRIPTION 

2,252 HOPE BANCORP INC 35,946.95 17.29 38,937.08 2,990.13 3.008 

43940T109 

489 IBERIABANK CORP 31,346.19 74.95 36,650.55 5,304.36 2.028 

450828108 

487 IDACORPINC 32,258.72 93.00 45,291.00 13,032.28 2.538 

451107106 

608 INNOSPEC INC 31,818.19 72.70 44,201.60 12,383.41 1.073 

45768S105 

863 INNOPHOS HLDGS INC 40,159.36 41.38 35,710.94 4,448.42- 4.640 

45774N108 

264 JONES LANG LASALLE INC 26,708.65 169.51 44 .750 .64 18,041.99 0.437 

480200107 

913 MB FINANCIAL INC 32,204.25 42.62 38,912.06 6,707.81 2.252 

55264U108 

2,272 NAVJGANT CONSUL TING CO 45,570.76 21.39 48,598.08 3,027.32 0.000 

63935N107 

506 NEENAH PAPER INC 39,691.36 78.00 39,468.00 223.36- 2.103 

640079109 

535 REGAL BELOIT CORP WISCONSIN 34,793.46 71.20 38,092.00 3,298.54 1 .461 

758750103 

1,097 SCANSOURCE INC 40,702.02 34.30 37,627.10 3,074.9?.- 0.000 

806037107 

715 SCHWEITZER-MAUDUIT JNTL INC 23,345.03 39.03 27,906.45 4,561.42 4.407 

808541106 

754 SELECTIVE INSURANCE GROUP INC 23,849.02 59.20 44,636.80 20,787.78 1. 216 

816300107 

780 SYNAPTICS INC 44,510.32 43.52 33,945.60 10,564.72- 0.000 

87157D109 

2,030 TCF FINL CORP 33,110.59 24.83 50,404.90 17,294.31 2.416 

872275102 

0409
SHEET METAL WORKERS LOCAL PENSION PLAN 

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

APRIL 30, 2018 

(a) (b )(c) (d) (e) 

ASSET UNIT MARKET UNREALIZED YIELD AT 

UNITS DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET 

1,321 DIME CMNTY BANCORP INC 21,575.46 19.75 26,089.75 4,514.29 2.835 

253922108 

556 DRIL-QUIP INC 35,560.70 41 .45 23,046.20 12,514.50- 0.000 

262037104 

619 ENERSYS 33,245.25 68.56 42,438.64 9,193.39 1.021 

29275Y102 

1,497 ENSIGN GROUP INC 21,086.64 27.87 41,721.39 20,634.75 0.646 

29358P101 

811 ENTERPRISE FINL SVCS CORP 33,296.50 50.85 41,239.35 7,942.85 0.865 

293712105 

436 EVERCORE PARTNERS INC 22,386.96 

29977A105 

101 .25 44,145.00 21,758.04 1. 975 

377 FBL FINL GROUP INC CL A 16,156.18 77.75 29,311.75 13,155.57 2.367 30239F106 

2,880 F N BCORP PA 39,606.91 

302520101 

13.00 37,440.00 2,166.91- 3.692 

533 FEDERAL AGRIC MTG CORP CL C 19,324.60 85.51 45,576.83 26,252.23 2.713 313148306 

982 GENTHERM INC 37,686.02 33.80 33,191.60 4,494.42- 0.000 37253A103 

974 GREENBRIER CORP 43,814.69 

393657101 

43.85 42,709.90 1.104.79- 2.281 

660 GREIF INC CL A 34,353.89 58.52 38,623.20 4,269.31 2.871 397624107 

680 HCI GROUP INC 23,564.81 41.89 28,485.20 4,920.39 3.581 40416E103 

838 HAIN CELESTIAL GROUP INC 28,058.83 29.13 24,410.94 3,647.89- 0.000 

405217100 

692 HEARTLAND FINANCIAL USA INC 17,403.80 53.65 37,125.80 19,722.00 0.969 

42234Q102 

0410
SHEET METAL WORKERS LOCAL PENSION PLAN 

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

APRIL 30, 2018 

(a) (b )(c) (d) (e) 

ASSET UNIT MARKET UNREALIZED YIELD AT 

UNITS DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET 

EQUITY SECURITIES 

COMMON STOCK 

980 AMN HEALTHCARE SVCS INC 35,918.38 66.85 65,513.00 29,594.62 0.000 

001744101 

648 ASGNINC 25,044.46 80.63 52,248.24 27,203.78 0.000 

00191U102 

863 AARON'S INC 23,743.32 41.77 36,047.51 12,304.19 0.287 

002535300 

436 ALLETEINC 34,123.50 76.41 33,314.76 808 .74- 2.932 

018522300 

1,004 ASTRONICS CORP 35,941.50 36.58 36,726.32 784.82 0.000 

046433108 

2,476 BGC PARTNERS INC CL A 16,903.90 13.36 33,079.36 16,175.46 5.389 

05541T101 

1,085 BANKUNITED INC COM 35,356.53 39. 61 42,976.85 7,620.32 2. 121 

06652K103 

593 BELDEN CDT INC 40,436.14 61.60 36,528.80 3,907.34- 0.325 

077454106 

2.233 BROOKLINE BANCORP INC 22,501.73 16.60 37,067.80 14,566.07 2.410 

11373M107 

1,051 CATHAY BANCORP INC 29,415.93 40,01 42,050.51 12,634.58 2.399 

149150104 

944 CIRRUS LOGIC INC 24,886.60 36.47 34,427.68 9,541.08 0.000 

172755100 

1. 107 COOPER TIRE & RUBBER 28,422.08 24.45 27,066.15 1,355.93- 1. 718 

216831107 

1,198 DELEK US HLDGS INC NEW 27,776.15 47.37 56,749.26 28. 973 .11 1. 689 

24665A103 

598 DELUXE CORPORATION 32,121.85 68.54 40,986.92 8,865.07 1. 751 

248019101 

0411
SHEET METAL WORKERS LOCAL PENSION PLAN 

SCHEDULE H, LINE 4i-- SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

APRIL 30, 2018 

(a) (b_)(c) (d) (e) 

ASSET UNIT MARKET UNREALIZED YIELD AT 

UNITS DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET 

SHORT TERM INVESTMENTS 

SHORT TERM INVESTMENTS 

:cJk 248,802.96 MORGAN STANLEY BANI< DEP PROGRAM 248,802.96 248,802.96 0.00 0.000 

061671901 

CASH 21,657.41- 21 ,657.41- 0.00 0.000 

DUE FROM BROKERS 21,734.56 21,734.56 0.00 0.000 

DUE TO BROKERS 77 .15- 77 .15- 0.00 0.000 

ACCRUED INCOME 913.20 913.20 0.00 0.000 

TOTAL CASH 913.20 913.20 0.00 

DEBT SECURITIES 

OPEN END MF - FIXED INC TAX 

413,004.377 BAIRD CORE PLUS BO FD INSTL CL 4,540,137.21 10.89 4,497.617 67 42,519.54- 2.957 

SHS 

057071870 

SHORT TERM INVESTMENTS 

SHORTTERMINVESTMENTS 

* 3,411.41 MORGAN STANLEY BANK DEP PROGRAM 3,411.41 3,411.41 0.00 0.000 

061871901 

CASH 1.09 1.09 0.00 0.000 

DUE TO BROKERS 1.09° 1 .09- 0.00 0.000 

TOTAL CASH 0.00 0.00 0.00 

TOTALSHORTTERMINVESTMENTS 3,411.41 3,411.41 0.00 

Total Assets 4,543,548.62 4,501,029.08 42,519.54-

0412
SHEET MET AL WORKERS LOCAL PENSION PLAN 

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

APRIL 30, 2018 

(a) (b)(c) (d) (e) 

UNIT MARKET UNREALIZED YIELD AT 

ASSET COST PRICE VALUE GAIN/LOSS MARKET 

Uf\llTS nF.SCRIPTION 

775 UNIVERSAL HEAL TH SVCS INC CL 8 69,333.36 114 .20 88,505.00 19.171.64 0.350 

913903100 

3,390 VISTRA ENERGY CORP 59,370.94 22.85 77.461.50 18,090.56 10.153 

92840M102 

2,050 ZAYO GROUP HLDGS INC 74,922.31 36.30 74,415.00 507.31- 0.000 

98919V105 

1,100 AXALTA COATING SYSTEMS LTD 28,289.65 30.90 33,990.00 5,700.35 0.000 

G0750C108 

TOTAL COMMON STOCK 2,457,298.05 2.697,678.47 240,380.42 

FOREIGN STOCK 

2.750 INVESCO LTD 79,571.84 28.97 79,667.50 95.66 4.142 

G4918T108 

126 WHITE MOUNTAINS INSURANCE 82,924.67 865.29 109,026.54 26,101.87 0.116 

G9618E107 

TOTAL FOREIGN STOCK 162,496.51 188,694.04 26,197.53 

REAL ESTATE INVESTMENT TRUSTS 

900 RYMAN HOSPITALITY PPTYS INC 37,680.67 78.38 70,542.00 32,861.33 4.338 

78377T107 

3,240 STORE CAP CORP 68,126.19 25.23 81,745.20 13,619.01 4.915 

862121100 

1,260 VENTAS INC REITS 70,547.65 51.42 64,789.20 5, 75B.45- 6.145 

92276F100 

2,882 WEYERHAEUSER CO 82,732.82 36.78 105,999.96 23,267.14 3.480 

962166104 

TOTAL REAL ESTATE INVESTMENT TRUSTS 259,087.33 323,076.36 63,989.03 

TOTAL EQUITY SECURITIES 2,878,881.89 3,209,448.87 330,566.98 

0413
SHEET MET AL WORKERS LOCAL PENSION PLAN 

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

APRIL 30, 2018 

(a) (b)(c) (d) (e) 

ASSET UNIT MARKET UNREALIZED YIELD AT 

UNITS DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET 

370 F5 NETWORKS INC 46,536.58 

315616102 

163.09 60,343.30 13,806.72 0.000 

2,120 FIFTH THIRD BANCORP COM 31,150.81 33 .17 70,320.40 39,169.59 1. 929 316773100 

3,170 GENTEX CORP 52,639.76 

371901109 

22.74 72,085.80 19,446.04 1 9-3.5. 

525 INGREDION INC 68,746.13 121.09 63,572.25 5, 173.88- 1. 982 

457187102 

4,040 INTERPUBUC GROUP COS INC 85,136.23 23.59 95,303.60 10,167.37 3.561 

460690100 

1,700 KAR AUCTION SVCS INC 70,972.62 51.99 88,383.00 17,410.38 2.693 

48238T109 

1,040 LOEWS CORP 50,613.94 52.46 54,558.40 3,944.46 0.477 

540424108 

5,260 MICHAELS COS INC THE 109,220.93 18.62 97,941.20 11,279.73- 0.000 

594080106 

2,230 NATIONAL OILWELL VARCO INC 79,362.33 38.67 86,234.10 6,871.77 0.517 

637071101 

3,700 NEWFIELD EXPLORATION CO 115,544.52 29.80 110,260.00 5,284.52- 0.000 

651290108 

2,260 NiSOURCE INC 50,595.34 24.39 55,121.40 4,526.06 3.198 

65473P105 

710 NORTHERN TRUST CORP 50,259.62 106.75 75,792.50 25,532.88 1. 574 

665859104 

665 JM SMUCl<ER COMPANY-NEW 70,209.70 114.08 75,863.20 5,653.50 2.735 

832696405 

590 SNAP ON INC 87,977.74 145.25 85,697.50 2.280.24- 2.258 

833034101 

880 STERICYCLE INC 51,743.21 58.71 51,664.80 78.41- 0.000 

858912108 

2,150 UGI CORP 102,064.31 48.39 104,038.50 1,974.19 2. 149 

902681105 

0414
SHEET METAL WORKERS LOCAL PENSION PLAN 

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

APRIL 30, 2018 

(a) (b)(c) (d) (e) 

ASSET UNIT MARKET UNREALIZED YIELD AT 

UNITS DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET 

1,890 APACHE CORP 103,386.08 40.95 77,395.50 25,990.58- 2.442 

037411105 

1,840 ARAMARK HLDGS CORP 70,600.16 37.39 68,797.60 1,802.56- 1.123 

03B52U106 

2,920 ARCONIC INC 66,893.70 17.81 52,005.20 14,888.50- 1.348 

03965L100 

837 BOK FINL CORP COM NEW 58,042.34 100.68 84,269.16 26,226.82 1. 788 

055610201 

910 BORG WARNER 30,620.31 48.94 44,535.40 13,915.09 1. 389 

099724106 

1,970 BRINKER !NTL INC 80,090.29 43.59 85,872.30 5,782.01 3.487 

109641100 

510 CARLISLE COMPANIES INC 50,353.42 107.73 54,942.30 4,588.88 1 .374 

142339100 

2,410 CITIZENS FINL GROUP INC 63,340.07 41.49 99,990.90 36,650.83 2.121 

174610105 

950 COGNIZANT TECHNOLOGY SOLUTIONS 50,872.82 81.82 77,729.00 26,856.18 0.794 

192446102 

4,160 DISCOVERY COMMUNICATIONS INC NEW 116,438.79 23.65 98,384.00 18,054.79- 0.000 

SERA 

25470F104 

1,515 EQT CORP 85,819.58 50.19 76,037.85 9,781.73- 0.239 

26884L109 

1,460 ENCOMPASS HEAL TH CORP 56,902.52 60.82 88,797.20 31,894.68 1.644 

29261A100 

755 ENTERGY CORP NEW 55,476.54 81.59 61,600.45 6,123.91 4.363 

29364G103 

600 EXPRESS SCRIPTS HLDG CO 40,557.06 75.70 45,420.00 4,862.94 0.000 

30219G108 

0415
SHEET MET AL WORKERS LOCAL PENSION PLAN 

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

APRIL 30, 2018 

(a) (b)(c) (d) (e) 

ASSET UNIT MARKET UNREALIZED YIELD AT 

UNITS DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET 

SHORT TERM INVESTMENTS 

SHORT TERM INVESTMENTS 

J- 232,949.47 MORGAN STANLEY BANK DEP PROGRAM 232,949.47 232,949.47 0.00 0.000 

061871901 

CASH 18,486.21- 18,486.21- 0.00 0.000 

DUE FROM BROKERS 18,559.56 18,559.56 0.00 0.000 

DUE TO BROKERS 73.35- 73.35- 0.00 0.000 

ACCRUED INCOME 3,606.32 3,606.32 0.00 0.000 

TOTAL CASH 3,606.32 3,606.32 0.00 

TOTAL SHORT TERM INVESTMENTS 236,555.79 236,555.79 0.00 

Total Assets 2,899,093.67 3,255,133.07 356,039.40 

EQUITY SECURITIES 

COMMON STOCK 

2,260 AEROJET ROCKETDYNE HLDGS INC 68,448.27 27.94 63, 144.40 5,303.87- 0.000 007800105 

288 AMERCO INC 104,766.07 

023586100 

337.52 97,205.76 7,560.31- 0.000 

0416
(a) 

UNITS 

3,645 

1,390 

2,190 

2,570 

4,080 

765 

665 

2,671 

SHEET METAL WORKERS LOCAL PENSION PLAN 

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

APRIL 30, 2018 

(b)(c) (d) (e) 

ASSET UNIT MARKET UNREALIZED 

DESCRIPTION COST PRICE VALUE GAIN/LOSS 

ADR 

ABB LTD SPON ADR SPONSORED ADR 75,713.03 23.27 84,819.15 9,106.12 

000375204 

BRITISH AMERN TOB PLC SPONSORED 93. 131.97 54.62 75,921.80 17,210.17-

ADR 

110448107 

ROYAL DUTCH SHELL PLC ADR-8 113,491.43 72.42 158,599.80 45,108.37 

780259107 

SANOFI-AVENTIS 104,196.96 39.32 101,052.40 3, 144.56-

80105N105 

VODAFONE GROUP PLC ADR 132,483.64 29.41 119,992.80 12,490.84-

92857W308 

TOTALADR 519,017.03 540,385.95 21.368.92 

REAL EST ATE INVESTMENT TRUSTS 

NATIONAL HEAL TH INVS INC 49,843.96 68.27 52,226.55 2,382.59 

636330104 

RYMAN HOSPITALITY PPTYS INC 31,053.26 78.38 52,122.70 21,069.44 

78377T107 

WEYERHAEUSER CO 80,200.30 36.78 105,595.38 25,395.08 

962166104 

TOTAL REAL ESTATE INVESTMENT TRUSTS 161,097.52 209,944.63 48,847.11 

TOTAL EQUID' SECURITIES 2,662,537.88 3,018,577.28 356,039.40 

YIELD AT 

MARKET 

3.434 

4.938 

5 .192 

3.187 

5.896 

5.859 

4.338 

3.480 

0417
SHEET METAL WORKERS LOCAL PENSION PLAN 

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

APRIL 30, 2018 

(a) (b)(c) (d) (e) 

UNIT MARKET UNREALIZED YIELD AT 

ASSET COST PRICE VALUE GAIN/LOSS MARKET 

UNITS DESCRIPTION 

2,495 M D C HLDGS INC 64,532.03 29.01 72,379.95 7,847.92 4 .137 

552676108 

2,480 OLD REP !NTL CORP 51,003.51 20 .40 50,592.00 411 .51- 3.824 

680223104 

3,620 PFIZER INC 113,756.23 36.61 132.528.20 18,771.97 3.715 

717081103 

795 PHILIP MORRIS INTL INC 85,602.59 82.00 65,190.00 20,412.59- 5.220 

718172109 

675 PROCTER & GAMBLE CO 51,619.06 72.34 48,829.50 2.789.56- 3.966 

742718109 

1,785 QUALCOMM INC 93,543.92 51.01 91,052.85 2,491.07- 4.862 

747525103 

1,100 TARGET CORP 67,945.24 72.60 79,860.00 11,914.76 3.416 

87612E106 

500 WESTROCKCO 21,069.59 59.16 29,580.00 8,510.41 2.907 

961450105 

TOTAL COMMON STOCK 1 , 785 , 580 .45 2,068,168.95 282,588.50 

FOREIGN STOCK 

2,225 BCE INC 97,105.82 42.45 94,451.25 2,654.57- 5.640 

055348760 

800 EATON CORP PLC 44,384.66 75.03 60,024.00 15,639.34 3.519 

G29183103 

1,450 NIELSEN HOLDINGS PLC 55,352.40 31.45 45,602.50 9,749.90- 4. 452 

G6518L 108 

TOTAL FOREIGN STOCK 196,842.88 200,077.75 3,234.87 

0418
SHEET METAL WORKERS LOCAL PENSION PLAN 

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

APRIL 30, 2018 

(a) (b )(c) (d) (e) 

ASSET UNIT MARKET UNREALIZED YIELD AT UNITS DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET 

EQUITY SECURITIES 

COMMON STOCK 

3,765 AT&T INC 133,711.55 32.70 123.115.50 10,596.05- 6.116 00206R102 

685 ABBVIE INC 30,743.82 

00287Y109 

96.55 66,136.75 35,392.93 3.977 

5,030 AMERICAN EAGLE OUTFITTERS 69,248.90 20.68 104,020.40 34,771.50 2.660 

02553E106 

800 CHEVRON CORPORATION 91,469.86 125.11 100,088.00 8,618.14 3.581 

166764100 

2,745 CINEMARK HLDGS INC COM 99,303.49 39. "17 107,521.65 8,218.16 3.268 

17243V102 

2,960 CISCO SYS INC 70,995.11 44.29 131,098.40 60,103.29 2.980 

17275R102 

5,460 EXTENDED STAY AMER INC 91,385.47 19.58 106,906.80 15,521.33 4.494 

30224P200 

935 EXXON MOBIL CORPORATION 76,452.63 77. 75 72,696.25 3,756.38- 4.219 

30231G102 

7,930 F NB CORP PA 101,825.37 13.00 103,090.00 1,264.63 3.692 

302520101 

1,230 FIRST AMERN FINL CORP 49,577.66 51.11 62,865.30 13,287.64 2.974 

31847R102 

5,625 FLOWERS FOODS INC 88,458.71 22.61 127,181.25 38,722.54 3.008 

343498101 

2,880 GENERAL MTRS CO 97,149.72 36.74 105,811.20 8,661.48 4 .137 

37045V100 

2,560 INTEL CORP 73.701.12 51.62 132,147.20 58,446.08 2.325 

458140100 

730 IBM CORP 115,363.65 144. 96 105,820.80 9,542.85- 4.332 

459200101 

2,105 INTERPUBLIC GROUP COS INC 47,121.22 23.59 49,656.95 2,535.73 3.561 

460690100 

0419
(a) 

* 

SHEET METAL WORKERS LOCAL PEN Sf ON PLAN 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

Schedule H, line 4i -- Schedule of Assets (Held at End of Year) 

April 30. 20 I 8 

Description of Investment, 

Identity of Issue, Including Maturity Date, 

Borrower, Lessor Rate of Interest, Collateral, 

(b) or Similar Party (c) Par or Maturity Value (d) Cost 

Blackstone Blackstone Tactical $ 1,171,007 

Opportunities Fund 

Goldman Sachs Goldman Sachs Vintage VI $ 1,144,610 

McMorgan McMorgan Infrastructure $ 1,333,785 

Fund I, LP 

American Core Realty American Core Realty Fund, LP $ 3,750,000 

Abbey Capital Limited ACL Alternative Fund SAC $ 2,000,000 

Limited 

Carlyle Carlyle Structured Credit Fund $ 292,440 

Metropolitan Metropolitan Real Estate Partners $ 159,750 

Pinehurst Pinehurst Institutional Ltd. $ 5,529,967 

Ser B 1/1 

Wells Fargo Wells Fargo Absolute Return $ 2,070,231 

Fund - I (200,408 shares) 

First Pacific Advisors FP A Crescent Fund $ 1,082,772 

(37,105 shares) 

Indicates party-in-interest to the Plan. 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

See the following pages for additional investments held by Comerica Bank and Trust, N.A. 

Current 

(e) Value 

1,896,999 

1,730,180 

1,646,666 

4,276,097 

2,022,582 

288,622 

159,750 

7,283,859 

2,286,657 

1,278,281 

0420
SHEET MET AL WORKERS LOCAL PENSION PLAN 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

Schedule H, line 4j -- Schedule of Reportable Transactions 

For the year ended April 30. 2018 

(a) Identity of Party Involved (b) Description of Assets 

Category (iii) -- Series of Transactions in Excess of 5% of the Current Value of Plan Assets 

Morgan Stanley Bank Deposit Program 

471 purchases 

128 sales 

(A) Commissions, taxes and other expenses incurred with the transaction are capitalized on 

purchases and charged against proceeds on sales. 

0421
Purchase 

(c) Price 

8,789,065 

NIA 

Selling 

(d) Price 

NIA 

8,349,937 

SHEET METAL WORKERS LOCAL PENSION PLAN 

EMPLOYER NO. 34-6666753 

PLAN NO. 001 

Schedule H, line 4j -- Schedule of Reportable Transactions 

For the vear ended April 30, 2018 

Lease 

(e) Rental 

NIA 

NIA 

(A) 

Expenses 

Incurred With 

(f) Transaction 

NIA 

NIA 

Cost of 

(g) Asset 

NIA 

8,349,937 

Current 

Value of 

Asset on 

Transaction 

(h) Date 

8,789,065 

8,349,937 

Net Gain 

or 

(i) (Loss) 

NIA 

0422