Checklist Item #5 Resubmitted Application for Approval of a 

Suspension of Benefits Under MPRA

Iron Workers Local 17 Pension Fund EIN: 51-0161467

Plan No.: 001

Does the application 

include the plan actuary’s 

certification of critical and 

declining status and the 

supporting illustrations, 

including: 

• the year-by-year

projections

demonstrating

projected insolvency

during the relevant

period and

• separately

identifying the

available resources

(and the market

value of assets and

changes in cash

flow) during each of

those years.

See section 3.01.

The application filed on behalf of the Iron Workers 

Local 17 Pension Fund includes an Actuarial 

Certification of Plan Status as of May 1, 2015 

under IRC Section 432, which designated this 

Pension Fund as meeting the “critical and 

declining status” for the current Plan Year was filed 

on July 29, 2015, as required. This Certification is 

unchanged from the one submitted with the 

December 23, 2015 Application which is found at 

IW17PF_011 – IW17PF_025, so it is not being 

reproduced here. 

A Supplemental Report that includes year-by-year 

solvency projections also includes the market 

value of assets, contributions, investment 

earnings, separately identified benefit payments

and plan expenses. This new Report, which is 

based upon our interpretation of the requirements 

under Revenue Procedure 2016-27, Section 3.01, 

is attached as IW17PF_772 – IW17PF_777. 

IW17PF_771
Iron Workers Local 17 Pension Fund 

Supplemental Information to Actuarial Certification of 

Plan Status as of May 1, 2015 under IRC Section 432 

Copyright(!;) 2016 by The Segal Group, Inc. All rights reserved. 

IW1 7PF _772 
Supplemental Information to Actuarial Certification of Plan Status as of May 1, 2015 under IRC Section 432 for 

Iron Workers Local17 Pension Fund 

BIN 5 1-0161467/PN 00 1 

July 27, 2016 

APPLICATION UNDER ERISA SECTION 305(E)(9) AND IRC SECTION 432(E)(9)-

SUPPLEMENTAL INFORNIATION TO ACTUARIAL CERTIFICATION OF PLAN STATUS AS OF MAY 1, 2015 

As requested by the Trustees ofthe Iron Workers Local 17 Pension fund and required by ERISA Section 305(e)(9) and Internal Revenue 

Code (IRC) Section 432(e)(9) (taking into account regulation § 1.432( e)(9)-1 and Revenue Procedure 20 16-27), Sogal Consulting, a Member 

of The Segal Group, lnc. ("Segal") has prepared supplemental infonnation required as part or the application for proposed benefit 

suspensions penrutted under ERISA Section 305 and IRC Section 432 because ofthe Plan's critical and declining status. This infonnation 

is based on, and is in addition to, our Actuarial Certification of Plan Status as of May I. 2015 under IRC Section 432. dated July 29, 20 LS . 

The purpose is to provide information required under Revenue Procedure 2016-27, Section 3.01 not explicitly shown in that certification. 

This supplement may not othenvise be copied or reproduced in any fo nn without the consent of the Board of T rustees and may only be 

provided to other parties in its entirety. The measurements shown are not applicable for other purposes. Future actuarial measurements may 

differ significantly from the current measurements presented in this supplement due to such factors as the following: plan experience 

differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; differences 

in statutory interpretation; differences in methodology, changes in plan provisions and changes in applicable Jaw. Due to tbe legal 

requirements for this information, it does not include an anal ysis of such future measurements. 

Segal Consulting does not practice law and, therefore, cannot and does not provide legal advice. Any statutory interpretations on which the 

information shown in this supplement are based reflect Segal 's understanding as an actuarial firm. 

This supplement was based on the assumption that the Plan was qualified as a mul tiemployer plan for the year. 

Jam a member of the Ametican Academy of Actuaries and I meet the Qualification Standards of the American Academy of Actuades to 

render the actuarial opinion herein. To the best of my knowledge, the information supplied in th is supplement is complete and accurate. As 

required by IRC Section 432(b)(3)(B)(iii), the projected industry activity is based on infotmation provided by the plan sponsor. In my 

opinion, the proj ections are based on reasonable actuarial estimates, assumptions and methods that (other than projected industry activity) 

offer my best estimate of anticipated experience under the Plan. 

•vu-v-v-, . FCA 

Vice P dent and Consulting Actuary 

Enrolled Actuary No. 14-0595 1 

1 

IW17PF_773 
EXHIBIT I 

Solvency Projection 

The projected Market Value of Assets and Available Resources for the Plan Years beginning May 1, 2014 through April 30, 2033. 

Year Beginning May 1

2014 2015 2016 2017 2018

1. Market Value at beginning of year $86,864,772 $85,592,647 $84,342,594 $81,713,644 $78,477,495

2. Contributions 12,476,800 12,002,000 10,608,000 10,319,000 10,319,000

3. Withdrawal liability payments 317,757 317,758 317,758 317,758 317,758

4. Benefit payments

(a) New Entrants - - - - -

(b) Current Actives - 679,571 1,165,104 1,778,145 2,390,216 

(c) Current Inactive Vested - 90,543 251,676 397,966 434,938 

(d) Current In Pay Status 19,353,116 18,368,916 17,716,425 17,050,595 16,366,146 

(e) Total 19,353,116 19,139,030 19,133,205 19,226,706 19,191,300

5. Administrative expenses 556,130 575,000 425,000 437,750 450,883

6. Investment earnings 5,842,564 6,144,219 6,003,497 5,791,549 5,549,721

7. Market Value at end of year: 

(1)+(2)+(3)-(4e)-(5)+(6) $85,592,647 $84,342,594 $81,713,644 $78,477,495 $75,021,791

8. Available resources: 

(1)+(2)+(3)-(5)+(6) $104,945,763 $103,481,624 $100,846,849 $97,704,201 $94,213,091 

2019 2020 2021 2022 2023

1. Market Value at beginning of year $75,021,791 $71,053,566 $66,514,441 $61,596,293 $56,395,024

2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 10,319,000

3. Withdrawal liability payments 317,758 317,758 317,758 317,758 317,758

4. Benefit payments

(a) New Entrants - 1,092 2,013 2,749 3,938 

(b) Current Actives 3,031,071 3,624,684 4,164,738 4,577,717 4,909,255 

(c) Current Inactive Vested 715,219 1,067,587 1,253,837 1,451,819 1,619,869 

(d) Current In Pay Status 15,675,716 14,978,165 14,273,832 13,564,764 12,852,945 

(e) Total 19,422,006 19,671,528 19,694,420 19,597,049 19,386,007

5. Administrative expenses 464,409 478,341 492,691 507,472 522,696

6. Investment earnings 5,281,432 4,973,986 4,632,205 4,266,494 3,883,796

7. Market Value at end of year: 

(1)+(2)+(3)-(4e)-(5)+(6) $71,053,566 $66,514,441 $61,596,293 $56,395,024 $51,006,875

8. Available resources: 

(1)+(2)+(3)-(5)+(6) $90,475,572 $86,185,969 $81,290,713 $75,992,073 $70,392,882 

IW17PF_774
EXHIBIT I (continued)

Solvency Projection

Year Beginning May 1

2024 2025 2026 2027 2028

1. Market Value at beginning of year $51,006,875 $45,347,382 $39,647,886 $33,936,688 $28,157,936

2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 10,319,000

3. Withdrawal liability payments 317,758 317,758 317,758 317,758 317,758

4. Benefit payments

(a) New Entrants 5,130 6,520 8,260 10,338 12,885 

(b) Current Actives 5,224,101 5,494,757 5,691,790 5,887,581 6,088,746 

(c) Current Inactive Vested 1,872,289 1,923,717 2,013,635 2,150,065 2,171,129 

(d) Current In Pay Status 12,140,892 11,430,759 10,724,756 10,025,636 9,335,629 

(e) Total 19,242,412 18,855,753 18,438,441 18,073,620 17,608,389

5. Administrative expenses 538,377 554,528 571,164 588,299 605,948

6. Investment earnings 3,484,538 3,074,027 2,661,649 2,246,409 1,829,850

7. Market Value at end of year: 

(1)+(2)+(3)-(4e)-(5)+(6) $45,347,382 $39,647,886 $33,936,688 $28,157,936 $22,410,207

8. Available resources: 

(1)+(2)+(3)-(5)+(6) $64,589,794 $58,503,639 $52,375,129 $46,231,556 $40,018,596 

2029 2030 2031 2032

1. Market Value at beginning of year $22,410,207 $16,592,048 $10,761,361 $4,902,772

2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000

3. Withdrawal liability payments 317,758 317,758 317,758 317,758

4. Benefit payments

(a) New Entrants 16,110 20,449 26,039 33,618 

(b) Current Actives 6,243,354 6,392,157 6,537,928 6,674,727 

(c) Current Inactive Vested 2,325,921 2,409,623 2,492,120 2,559,740 

(d) Current In Pay Status 8,657,274 7,993,256 7,345,578 6,716,663 

(e) Total 17,242,659 16,815,485 16,401,665 15,984,748

5. Administrative expenses 624,126 642,850 662,136 682,000

6. Investment earnings 1,411,868 990,890 568,454 144,019

7. Market Value at end of year: 

(1)+(2)+(3)-(4e)-(5)+(6) $16,592,048 $10,761,361 $4,902,772 Insolvent

8. Available resources: 

(1)+(2)+(3)-(5)+(6) $33,834,707 $27,576,846 $21,304,437 $15,001,549 

IW17PF_775
EXHIBIT II

Projected Total Contribution Base Units and Contribution Rates 

Year Beginning

May 1

Total Contribution Base Units

(Hours) 

Contribution Rate

(Hourly)

2014 1,247,680 $10.00

2015 1,200,200 10.00

2016 1,060,800 10.00

2017 1,031,900 10.00

2018 1,031,900 10.00

2019 1,031,900 10.00

2020 1,031,900 10.00

2021 1,031,900 10.00

2022 1,031,900 10.00

2023 1,031,900 10.00

2024 1,031,900 10.00

2025 1,031,900 10.00

2026 1,031,900 10.00

2027 1,031,900 10.00

2028 1,031,900 10.00

2029 1,031,900 10.00

2030 1,031,900 10.00

2031 1,031,900 10.00

2032 1,031,900 10.00

Note: Projections of contributions in Exhibit I were based on contribution rate specified in the Preferred Schedule of the latest Rehabilitation Plan as 

elected by the individual participating employers and contribution base units as specified in the Actuarial Certification of Plan Status as of 

May 1, 2015, under IRC Section 432.

* Contributions for the Plan year beginning May 1, 2014 were based on preliminary financial information provided by the Fund Office.

IW17PF_776
EXHIBIT III

New Entrant Profile

New Entrants: New entrants are assumed to have a demographic mix consistent with recent entrants during the 

past five years, with an entry age ranging from age 18 through 51 and an average of 28.4. New 

entrants are assumed to be 95% male and 5% female. The following table shows the distribution 

of new entrants by entry age.

Age Range

Percentage of New 

Entrants

Below 20 7%

20 – 24 31%

25 – 29 21%

30 – 34 18%

35 – 39 11%

40 – 44 7%

45 and over 5%

The actuarial assumptions, methodology, and plan provisions are as used for the solvency projection in the Actuarial Certification of Plan 

Status as of May 1, 2015 under IRC Section 432, dated July 29, 2015. The calculations are based on a current understanding of the 

requirements of ERISA Section 305, IRC Section 432, regulation §1.432(e)(9)-1, and Revenue Procedure 2016-27. 

Segal Consulting (“Segal”) does not practice law and, therefore, cannot and does not provide legal advice. Any statutory interpretation on 

which these calculations are based reflects Segal’s understanding as an actuarial firm. Due to the complexity of the statute and the 

significance of its ramifications, Segal recommends that the Board of Trustees consult with legal counsel when making any decisions 

regarding compliance with ERISA and the Internal Revenue Code. 

Actuarial calculations were completed under the supervision of Henry Wong, ASA, MAAA, FCA, Enrolled Actuary.

5607204v1/01031.030

IW17PF_777
Checklist Item #6 Resubmitted Application for Approval of a 

Suspension of Benefits Under MPRA

Iron Workers Local 17 Pension Fund EIN: 51-0161467

Plan No.: 001

Does the application 

describe the assumptions 

used by the Actuary to 

determine the Plan’s 

status as critical and 

declining, including the 

new entrant profile, the 

total contribution base 

unites, and the average 

contribution rates? 

See section 3.01.

The application filed on behalf of Iron Workers 

Local 17 Pension Fund incudes a Supplemental 

Report to the Actuarial Status Certification as of 

May 1, 2015 under IRC Section 432 included as 

Checklist Item #5. This Supplemental Report sets 

forth the Actuarial Assumptions and Methodology 

used by the Fund Actuary in making the 

determination that the Pension Fund is in critical 

and declining status including the total contribution 

base units, average contribution rate and new 

entrant profile in Exhibits II and III. This Report, 

which is based upon our interpretation of the

requirements under Revenue Procedure 2016-27, 

Section 3.01, is on pages IW17PF_776 – 

IW17PF_777. 

IW17PF_778