APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 3.01a (Checklist Item #5) 

 Actuarial Certification of Status for the 2017 Plan Year

IW16-0035
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 3.01a (Checklist Item #5) 

 Actuarial Certification of Status for the 2017 Plan Year

IW16-0036
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 3.01a (Checklist Item #5) 

 Actuarial Certification of Status for the 2017 Plan Year

IW16-0037
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

IRONWORKERS LOCAL UNION 16 PENSION FUND 

March 30, 2017 

Page4. 

EIN/PN: 52-6148924 / 001 

Exhibit 3.01a (Checklist Item #5) 

Actuarial Certification of Status for the 2017 Plan Year 

' The McKeogh Company 

o Service Pension: Service Pension for Grandfathered Participants (i.e., those who 

have completed at least 25 Service Credits as of June 1, 2012) retfring after 

December 31, 2015 will be reduced 2% per year prior to age 60, with a maximum 

reduction of I 0%. 

o Postretirement Death Benefit: The $1,500 death benefit has been eliminated for 

deaths occurring after December 31, 20 15. 

• The determination of whether the plan is in critical and declining status and the 

determination of whether the plan is projected to be in critical status within the 

succeeding 5 years were both based on the above assumptions. 

This certification is for the 20 I 7 Plan Year only. Actual valuation results will differ from 

projected valuation results to the extent that future experience deviates from the above 

assumptions. 

In my opinion, the projections are based on reasonable actuarial estimates, assumptions and 

methods that, other than the projected industry activity supplied by the Trustees, offer my best 

estimate of anticipated experience under the Plan. 

Sincerely, 

James J. McKeogh, F.S.A. 

JJM:cc 

Enclosures 

cc (w/cnclosures): Frank Martorana, Esquire - Fund Counsel 

Peter Osman, CPA, Fund Auditor 

Richard S. Larimer - Fund Administrator 

N \ 1080\l017\Ctnification\IWl6 Ccninc.allOfl Ltttu-2011 doc 

·~· 

IW16-0038 
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

IRONWORKERS LOCAL UNION 16 PENSION FUND 

EIN/PN: 52-6148924 I 001 

Exhibit 3.01a (Checklist Item #5) 

Actuarial Certification of Status for the 2017 Plan Year 

ACTUAlUAL CERTIFICATION OF PLAN STATUS UNDER IRC SECTION 432 

To: 

Plan 

T he Secr etary of tbe Tr easury 

Internal Revenue Service 

Employee Plans Compliance Unit 

Group 7602 (SE:TEGE:EP) 

Room 1700 - 1 ?1h Floor 

230 S. Dearborn Street 

Chicago, IL 60604 

Identification : Plan Name: 

EIN/PN: 

Plan Sponsor: 

The Plan Sponsor 

Board of Trustees 

Ironworkers Local Union No. 16 

Pension Fund 

c/o GEM Group L. P. 

8600 LaSalle Road 

Oxford Building- Suite 624 

Towson, MD 21286 

410-828-5282 

Ironworkers Local Union No. 16 

Pension Plan 

52-6148924/001 

See Above 

Certification for Plan Year: January 1, 2017 - December 31, 2017 

l nfol'mation 

on Plan 

Status: 

The Plan is in critical and declining status for the Plan Year referenced above. 

The Plan is projected to be in critical status for at least one of the succeeding 5 

Plan Years. 

E nrolled 

Actuar y Name: 

Identification: 

Address: 

Telephone Number: 

Enrollment Identification Number: 

James J. McKeogh, F.S.A. 

The McKeogh Company 

Four Tower Bridge, Suite 225 

200 Barr Harbor Drive 

West Conshohocken, PA 19428 

484-530-0692 

I hereby certify that, to the best of my knowledge, the information provided in this certification is 

com lete and accurate. 

This ce1tification is intended to comply with the requirements ofIRC Section 432(b)(3) and 

proposed regulation §l.432(b)-J(d). 

N:\IOI0\2017\Certlfiet.lionU\Vl6 Ct-nili.<:.t1tio1t 1Antr 20 17 doc 

IW16-0039 
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 3.01a (Checklist Item #5) 

 Actuarial Certification of Status for the 2017 Plan Year

IW16-0040
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 3.01a (Checklist Item #5) 

 Actuarial Certification of Status for the 2017 Plan Year

IW16-0041
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 3.01a (Checklist Item #5) 

 Actuarial Certification of Status for the 2017 Plan Year

IW16-0042
Exhibit 3.01b (Checklist Item #5)

Supporting Information for Critical & Declining Status Certification for the Plan Year Beginning in 2017

Documentation of Projected Insolvecy During Relevant Period

Market Withdrawal 418E(b)(3) ▲ in ▲ in

Plan Year Valuation Value of Liability Benefit Admin Investment Available Available Solvency Solvency

Beginning Rate Assets Contributions Payments Payments Expenses Return Resources Resources Ratio Ratio

[A] [B] [C] [D] [E] [F] [G]=[A]+[B]+[C]-[E]+[F] [H]=[G]/[D]

2017 7.00% 78,71 6,286 3,178,560 - 11,505,531 331,011 5,212,859 86,776,694 7.54

2018 7.00% 75,271,163 3,033,690 - 11,277,253 340,320 4,974,221 82,938,754 (3,837,940) 7.35 -0.19

2019 7.00% 71,661,501 2,890,620 - 11,043,259 349,630 4,724,325 78,926,817 (4,011,938) 7.15 -0.21

2020 7.00% 67,883,558 2,896,680 - 10,804,126 359,974 4,467,951 74,888,215 (4,038,602) 6.93 -0.22

2021 7.00% 64,084,089 2,896,680 - 10,648,005 370,318 4,207,004 70,817,455 (4,070,760) 6.65 -0.28

2022 7.00% 60,169,450 2,896,680 - 10,416,742 380,662 3,940,581 66,626,049 (4,191,406) 6.40 -0.25

2023 7.00% 56,209,307 2,896,680 - 10,185,183 392,041 3,670,947 62,384,893 (4,241,156) 6.13 -0.27

2024 7.00% 52,199,710 2,896,680 - 9,947,210 403,419 3,398,072 58,091,043 (4,293,850) 5.84 -0.29

2025 7.00% 48,143,833 2,896,680 - 9,677,068 414,798 3,123,064 53,748,779 (4,342,264) 5.55 -0.29

2026 7.00% 44,071,711 2,896,680 - 9,526,999 427,211 2,842,752 49,383,932 (4,364,847) 5.18 -0.37

2027 7.00% 39,856,933 2,896,680 - 9,305,606 439,623 2,554,908 44,868,898 (4,515,034) 4.82 -0.36

2028 7.00% 35,563,292 2,896,680 - 9,098,515 452,036 2,261,052 40,268,987 (4,599,911) 4.43 -0.40

2029 7.00% 31,170,472 2,896,680 - 8,872,489 465,484 1,960,869 35,562,537 (4,706,450) 4.01 -0.42

2030 7.00% 26,690,048 2,896,680 - 8,621,939 478,931 1,655,397 30,763,195 (4,799,343) 3.57 -0.44

2031 7.00% 22,141,256 2,896,680 - 8,414,869 492,378 1,343,644 25,889,202 (4,873,993) 3.08 -0.49

2032 7.00% 17,474,333 2,896,680 - 8,125,101 506,860 1,026,431 20,890,584 (4,998,618) 2.57 -0.51

2033 7.00% 12,765,483 2,896,680 - 7,843,948 521,342 705,988 15,846,809 (5,043,775) 2.02 -0.55

2034 7.00% 8,002,861 2,896,680 - 7,535,418 536,858 382,686 10,745,369 (5,101,440) 1.43 -0.59

2035 7.00% 3,209,951 2,896,680 - 7,247,528 552,374 56,554 5,610,811 (5,134,558) 0.77 -0.65

2036 7.00% (1,636,717) 2,896,680 - 6,994,471 568,924 (274,575) 416,464 (5,194,347) 0.06 -0.71

2037 7.00% (6,578,007) 2,896,680 - 6,756,859 585,475 (612,859) (4,879,660) (5,296,125) -0.72 -0.78

2038 7.00% (11,636,519) 2,896,680 - 6,482,707 602,025 (958,091) (10,299,956) (5,420,296) -1.59 -0.87

2039 7.00% (16,782,663) 2,896,680 - 6,238,612 619,610 (1,310,527) (15,816,121) (5,516,165) -2.54 -0.95

2040 7.00% (22,054,733) 2,896,680 - 6,021,824 637,195 (1,672,718) (21,467,966) (5,651,845) -3.57 -1.03

2041 7.00% (27,489,790) 2,896,680 - 5,764,619 655,815 (2,044,963) (27,293,888) (5,825,922) -4.73 -1.17

2042 7.00% (33,058,507) 2,896,680 - 5,564,142 675,468 (2,428,551) (33,265,847) (5,971,959) -5.98 -1.24

2043 7.00% (38,829,989) 2,896,680 - 5,357,882 695,122 (2,826,134) (39,454,565) (6,188,718) -7.36 -1.39

2044 7.00% (44,812,447) 2,896,680 - 5,154,850 715,810 (3,238,632) (45,870,210) (6,415,645) -8.90 -1.53

2045 7.00% (51,025,060) 2,896,680 - 4,956,258 736,499 (3,667,394) (52,532,272) (6,662,062) -10.60 -1.70

2046 7.00% (57,488,530) 2,896,680 - 4,781,460 758,221 (4,114,570) (59,464,641) (6,932,369) -12.44 -1.84

2047 7.00% (64,246,101) 

N:\1080\2017\Projections\[IW 16 Proj from 2016 val for 2017 Certification v6 (exhibit 3.01b for suspension application).xlsm]Solvency Cert 3

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52 ‐ 6148924 / 001

IW16-0043
Exhibit 3.01b (Checklist Item #5)

Supporting Information for Critical & Declining Status Certification for the Plan Year Beginning in 2017

Expected Benefit Payment Detail

Period Period Benefit Payments

Beg. End. Rets/Bene Term Vest Active Fut Entrants 

[A] [B] [C] [D] 

1/1/17 12/31/17 10,994,732 108,272 402,527 ‐ 

1/1/18 12/31/18 10,656,200 154,758 466,261 34 

1/1/19 12/31/19 10,316,601 191,973 534,634 51 

1/1/20 12/31/20 9,968,203 229,260 606,593 70 

1/1/21 12/31/21 9,613,932 300,047 733,935 91 

1/1/22 12/31/22 9,254,552 356,403 805,675 112 

1/1/23 12/31/23 8,892,934 406,901 885,212 136 

1/1/24 12/31/24 8,520,587 481,974 944,489 160 

1/1/25 12/31/25 8,146,624 532,053 998,206 185 

1/1/26 12/31/26 7,760,805 673,735 1,088,955 3,504 

1/1/27 12/31/27 7,379,630 772,137 1,143,104 10,735 

1/1/28 12/31/28 6,997,650 890,793 1,193,114 16,958 

1/1/29 12/31/29 6,621,557 992,377 1,234,276 24,279 

1/1/30 12/31/30 6,247,190 1,045,880 1,296,525 32,344 1/1/31 12/31/31 5,875,812 1,106,952 1,390,999 41,106 1/1/32 12/31/32 5,508,727 1,119,937 1,441,810 54,627 1/1/33 12/31/33 5,147,315 1,148,332 1,478,846 69,455 1/1/34 12/31/34 4,792,956 1,149,282 1,511,011 82,169 1/1/35 12/31/35 4,447,002 1,154,464 1,550,832 95,230 1/1/36 12/31/36 4,110,736 1,170,411 1,604,553 108,771 1/1/37 12/31/37 3,785,368 1,199,809 1,645,905 125,777 

1/1/38 12/31/38 3,471,997 1,201,527 1,666,967 142,216 

1/1/39 12/31/39 3,171,585 1,201,197 1,706,526 159,304 1/1/40 12/31/40 2,884,982 1,207,792 1,751,942 177,108 

1/1/41 12/31/41 2,612,883 1,181,988 1,773,659 196,089 1/1/42 12/31/42 2,355,792 1,185,873 1,805,427 217,050 1/1/43 12/31/43 2,114,060 1,197,961 1,806,378 239,483 1/1/44 12/31/44 1,887,903 1,187,516 1,816,570 262,861 1/1/45 12/31/45 1,677,387 1,168,846 1,817,512 292,513 1/1/46 12/31/46 1,482,494 1,141,969 1,832,421 324,576 

N:\1080\2017\Benefit Suspensions\Application Exhibits [WORK] - Dec Submission\[Section 3.01(3) - 2017 Cert Benpay Projs w New Entrants xlsx]Exhibit

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

‐ 6148924 / 001