Schedule G (Form 5500) 2015 : _ Page 3 ~

2. Information on Other Service Providers Receiving Direct or Indirect Compensation. except for those persons for whom
you answered *Yos* to line 1a on page 2, complete as many entries as neaded to list each person receiving, directly or Indirectly, $5,000 or-mora
in total compensation (.¢., money oF anything else af valua) in connaction with services rendered to the plan or their position with the plan during
the plan year. {See instructions). _

SEE STATEMENT 1

{@) Enter name and EIN or address (see instructions)
STATE STREET GLOBAL ADVISORS
ONE LINCOLN STREET .

BOSTON MA 02111-2900.
0) @- @. @ mo) ; @
Service | Relationship to | Enter direct | Did service provider Did Indirect Enter total indirect Did the service
* Code(s) | employer, employee | compensation receive indirect compensation include | compensation received by provider give you
organization, or | paid by the compensation? eligible indirect service provider excluding | a formula instead
,| person known.to be | plan. if none, (sources other compensation, for eligible Indirect of an amount or
aparty-ininterest | anter-0- than plan or which the plan | compensation for which you | gstimated amount?
plan sponsor) received the answered "Yes® to element
required disclosures? |___ (9), none, enter -0-.
INVESTMENT MANAGER 4 .
. 25,000.} Yes LJ no fal Yes OJ wo | Yes O ne

Brea

(2) Enter name and EIN or address (see instructions)

COOKE & BIELER RE OW A ae
(6) @ (a (e) Go) (g)
Ssivice | Relationshipto | Enter direct “| Did service provider Did indirect Enter total indirect Did the service
Code(s) | employer, employes | compensation | receive indirect | compensation include | compensation received by | provider give you
organization, or paid by the compensation? aligible indirect service provider excluding | a formula instead
person known to be | plan, ifnone, | Sources other compensation, for eligible indirect of an amount or
aparty-in-interest | enter-0-. ‘than plan or which the plan | compensation for which you | ostimated amount?
plan sponser) received the answered "Yes" to element : °
required disclosures? | °__(): Ifnone, entér-0-.
51 |INVESTMENT MANAGER . .
24,403.| “ves fx no [] vos x} no “0. Yes 0) wo QJ
{@) Enter name and EIN or address’ (saa-instructioné)
FIRST TENNESSEE BANK RRR RR Re,

(b) © () : (e) |. (9) “)
Service | Relationship to | Enter direct | Did service provider Did indirect Enter total indirect Did the service
Code(s} | empioyer, employes.| compensation | receive indirect | compensation include | compensation received by | provider give you

organization, or paid by the compensation? eligible indirect service provider excluding -| a formula instead
person known to be | plan, ff none, (sources other compensation, for eligible Indirect of an amount or
aparty-ininterest | enter-0-, than plan or which the plan | compensation for which you|  ¢stimated amount?
plan sponsor) roceived the answered "Yas" to element
required disclosures? | _ (9. It none, enter -0-.
99 \BANK ACCOUNT : ;
20,599.} Yes [] no fxl Yes ia no [I Yes 0 wf

18459
12-07-15

12

46200618 FHORIR ALIA NAN, DATE. NINAN THITMEN BTNTMTIDE wADVRDS DE NEI19 AFT


Plan Name: United Furniture Workers Pension Fund A
Plan Sponsor EIN/PN: 13-551 1877 / 001
Schedule MB, Line 4a - Illustrations Supporting Actuarial Certification of Status

APPENDIX IV - ~ METHODOLOGY AND ASSUMPT 1 TONS

A. Actuarial Assumptions

1. Investment Return (net of investment expenses)
Funding purposes: 7.50% per year
2. Administrative Expenses .
Average expenses from the most recent two years rounded to the nearest $5,000,
_ increasing
3% per year.

3, Rates of Mortality ; .
- Healthy Lives: RP2000 with blue-collar adjustment projected 5-years with
: scale AA

- Disabled Lives: same with ages set-forward five years
Terminated Vested Participants over age 80 are assumed to be deceased.

Tn accordance with Actuarial Standard of Practice #35, we have considered the effect of
mortality improvement, prior to and subsequent to the measurement date in developing .
this assumption.

4, Rates of Turnover
Terminations of employment for reasons other than death, disability or retirement are.
assumed to be in accordance with annual rates as shown below for illustrative ages.

noe cs
25 20.5% 20.5% 19.0% .. 15.0% :
35 16.9 16.9 16.9 11.3 ;
45 150 - 15.0 124 78 |.
55 15.0 15.0 7.0 70° 4
en

5, Rates of Disability
Illustrative rates of disablement are shown below.

35 0.065 |

45 0.244
55 0.406
65 0,080



May 31, 2009, then the Default Schedule will be imposed on that Contributing Employer on the
earlier of 180 days aftet March 1, 2009 or the date that the Secretary of Labor declares an impasse in
bargaining, If 2 Contributing Employer and a Local Union do have a collective bargaining
agreement (or other written agreement requiring contributions to the Pension Fund) in effect as of
March 1, 2009, and if, upon expiration of that agreement the Bargaining Parties do not accept the
Preferred Schedule within the earlier of 180 days after such expiration or the date the Secretary of
Labor declares an impasse in bargaining, then the Default Schedule will be imposed, as required by
the PPA on the Contributing Bmmployer. The Pension Fund hereby reserves the right to impose, to
the greatest extent permitted by applicable law, the Default Schedule upon any Contributing.
Employer whose collective bargaining agreement (or other written agreement requiring
conttibutions to the Pension Fund) expires and who fails or refuses to accept the Preferred Schedule
within 180 days of such expitation. For purposes of this Rehabilitation Plan, in the event that a
Contributing Employer is required to contribute to the Pension Fund pursuant to an agreement to
contribute for indefinite périod of time, such Contributing Employer will be required to adopt the
Rehabilitation Plan on or before May 31, 2009, or will be subject to having the Default Schedule
imposed upon it within 180 days thereafter.

A Preferred Schedule (Preserves Some Adjustable Benefits: Eliminates Others)

2009-2035; Inctease contributions by 5.5% each year.

Effective immediately upon the expiration ofa collective bargaining agreement (or
other agreement requiring contributions to the Pension Fund), each Contributing Employer who
elects to contribute to the Pension Fund under the Preferred Schedule set forth above shall be
required to increase its contributions to the Pension Fund each year by an amount equal to 5.5% of

{i) the contributions required under its prior collective bargaining agreement and (ii) the amount of
: 7

COS548/0142980/1498652.8


FEB 04 2011

The United Furniture Workers Pension Fund A

The Plan
Effective MARCH 1, 1962
As Amended through October 30, 2009

This Plan, established pursuant to collective bargaining agreements reached between the
Conimunications Workers of America, AFL-CIO or through any of its affiliated Local Unions,
and employers in the furniture, piano, bedding, and allied trades, participating in the Plan, is to
provide Pensions for employees represented by the Union or any of its affiliated Local Unions
who are and shall be employed by the employers participating in the Plan. Responsibility for the
general administration of the Plan is placed in a Board of Trustees having equal representation
from the Union and any of its affiliated Local Unions and the employers participating in the
Plan. Afl contributions are paid over to the Board of Trustees to be held in trust, invested, and
disbursed for the exclusive benefit of participants in the Plan and Pensioners. Effective March I,
2009, the Board of Trustees adopted a Rehabilitation Plan, as amended, which is set forth in
Appendix A hereto and which is fully incorporated into this Plan document. [Amended
December 2008}. .

Section L
DEFINITIONS

di) “Employee” means a person who is in a collective bargaining unit represented
by the Union or any of its affiliated Local Unions and who is in the employ of any one of the
participating employers.

Any Employee of the Union, this Fund, or any related organization shall be deemed to be
an Employee as of the first day for which his employer makes a contribution to this Fund with
respect to such employee.

(Q) “Participating Employer” means anyone of the employers in the furniture, piano,
bedding and allied trades having collective bargaining agreements with the Union or any of its
affiliated Local Unions and authorized by the Board of Trustees to participate in the Plan upon
appropriate action by the Employer acceptable to the Board of Trustees.

The Union, as hereinafter defined, this Pension Fund or any other related organizations
shall be deemed to be Participating Employers hereunder solely and exclusively for the purpose
of permitting said Union, Fund or other related organizations to contribute to this Pension Fund
on behalf of all its employees. :

(3) “The Union” means the Communications Workers of America, AFL-CIO or any
of its-affiliated Local Unions ora substituted or successor International Union or Local Union.
Any action under the Plan by the Union, shall be as certified by the President of the Union, and
the Board of Trustees shall be fully protected in acting upon such certification.

(4) “Board of Trustees” means the Board of Trustees provided for in the Plan which
is responsible far the administration of the Plan, including among other things, the collection,

COATES ERO L298!



Plan Name: United Furniture Workers Pension Fund A
Plan Sponsor EIN/PN: 13-5511877 /001
Schedule MB, Line 4a - Illustrations Supporting Actuarial Certification of Status

Board of Trstees
May 29, 2015
Page if

Future analysis may differ significantly from those presented in this certification letter due to
such factors as the following: plan experience differing from that anticipated by ihe assumptions;
changes in assumptions; and changes in plan provisions or applicable law.

The attached appendices show the results for the statutory tests and describe the methodologies
and assumptions used to perform the tests. Please contact the undersigned with any questions.

Sincerely,

Redacted by the U.S. Department of the
Treasury

Zein Kalwarski, FSA, EA fRedacte J Christian Benjaminsoh, FSA, EA BRedact 9

Attachments: Appendix I: Tests of Fund Status
Appendix [: Detail for Actuarial Certification
Appendix OI; Scheduled Progress
Appendix IV: Methodology and Assumptions

cc: Secretary of the Treasury



SCHEDULE MB Multiemployer Defined Benefit Plan and Certain
{Form 5500) . Money Purchase Plan Actuarial Information OMB No, 4210-0410
epormantof be Tesauy This schedule is required to be filed under section 104 of the Employes 2015
ama Fvenwe Service Retirement Income Security Act of 1974 (ERISA) and section 6059 of the
Employee Sea eect Acrinistration | Internal Revenue Code (the Code). Thk Form WOpento
__Pension Benet Gusianty Corporation . } File as en attachment to Form 5500 or 5500-SF. Public Inspection
For calandar plan year 2015 or fiscal plan yezr beginning 03/01/2015 a andending 02/29/2016.

> 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
plan number{PN) >> oor

UNITED FURNITURE WORKERS. PENSION FUND A

© Pian sponsor's name as shown on line 2a of Form §500 or §500-SF D Employer Identification Number (EIN)
PMITED FURNITURE. WORKERS PENSION FUND A. ihaketallekiahal
E typeof plan: (1 1] wutticinployer Defined Benefit__(2) | |_ Money Purchase [séa Instructions) :
Ya Entorthe valuation date: === Month _03 - Day _O1 Year 2015
b Assets . : . ;
(1) Current value of assote- 4b(4) - 70,887,468

(2) Actuarial value of assets for funding standard account 42). 69,965, 653
© (4) Accrued Ilability for plan using immediate gain methods sex Acti), “181,564, 343
{2) Information for plans using sproad gain methods: :
(a) Unfunded liability for methods with bases _..,. ‘4c(2)la)
(b) Accrued liability under entry age normal method 4e(2)(b)
_(c) Normal cost under entry age normal method Ac(2){c)
(3) Acorued liability under unit credit cost method .. 16(3) 181,564, 343

i Information on current liabilities of the plan:
(1) Amount excluded from current lability ettrbutable to pre-participation service (see instructions) {aac
(2) "RPA'94" information:

(a) Current liability |, cenuannsce Adi2yay 290,549, 936
{b)_ Expected increase in current liability due to benefits accruing during the plan year 44(2){b) 1,768, 880
(c) Expected release from "RPA '94” current liability for the plan yoar : ta(2\{c) 13,876,667
*{8). Expoctod’ plan disbursements for the pilan your’... 44(3) 14,788,131

‘Statoment by Enrolled Actuary

To the best of my Knowledge, the Information supplied in this schedule and eocompenying schedules, statements and aitachments, If ony, is complete and accurate. Each prescribed essurrption
‘was applied in acoordance with applicable law and regulations. In my opinion, each other assumption Is reasonable (teking Into account the experience of the pian and reasonable expectations)

_end such other: mons i in combination, olfer my best estimate of en! yd experience under the plen,
SIGN ° ; -
(HERE) 06/13/2016
. ‘Signature of actuaty ~ Date
CHRISTIAN E. BENJAMINSON, FSA, EA . dact iy
Type or print name of actuary : Most recent enroliment.number

CHEIRON, INC. 703-893-1456

Firm name * Telephone number (including area code)
1000 ATRIUM WAY, SUITE 403
MOUNT. LAUREL ___Nd_08054

7 Address of the firm

if the actuary has not fully reflected aly regulation or ruling promulgated under the statute in completing this schedule,

check the box and see instructions . ial

For Papervork Reduction Act Notice and OMB Control Humbers, see the instrutione for Farm 8500 ot Form 6500-SF. Schedule MB {Form 5500) 2015
v.180128

518521
12-07-15

21

4£2QNG1E TRORWA ARWD-AND QNAR NINAN wHEETMEN EIOMTMTIME wAnYENA AM Aran na


United Furniture Workers
Pension Fund A
. Financial Statements

February 29, 2016 and February 28, 2015


purposes of satisfying the requirements of Section 4] 7(e) as set forth in Section 1(8) of the Plan
is the table prescribed in Revenue Rule 2001-62, [Amended January 2003].

Section VI.
CONTRIBUTIONS

A. Employer Contributions are to provide the cost of benefits currently accruing under the
Plan, to liquidate the cost of the credits granted for Past Service, and to pay the administrative
expenses of the Plan. .

B, Each Participating Employer shall pay over to.the Trustees on or before the tenth day of
each month the Contributions on behalf of Employees in the collective bargaining unit during the
preceding calendar month. Such payments shall be accompanied by reports on forms prescribed
by the Trustees.

CUA Participating Employer who withdraws from this Plan in complete or partial
withdrawal is not liable to the Plan if the Participating Employer:

(1). First had an obligation to contribute to the Plan after September 26, 1980; and

2) Had an obligation to contribute to the Plan for no more than six consecutive plan
years preceding the date on which the employer withdraws:

(3) Was required to make. contributions to the Plan for each such plan year in an
. amourit equal to less than two percent of the sum of all employer contributions made to the Plan
for each such year; and

(4 Has never avoided withdrawal liability because of the application of this section
with respect to the Plan.

Benefits of employees accrued on the basis of service for such an employer before the
employer was required to contribute to the Plan shall not be payable if the employer ceases
contributions to the Plan.

D. In the event any Participating Employer shall become delinquent in the contributions to
the Plan, the Participating Employer shall be liable to the Plan for the said unpaid contributions,
and for (i) interest on the unpaid contributions at the rate of one percent (1%) per month of
delinquency or the prevailing prime interest rate plus two percent (2%) per annum, whichever is
greater, commencing on the date the said contributions were due, and (ii) liquidated damages in
an amount equal to the greater of the interest specified in Section VI(D) (i) or twenty percent
(20%) of the said unpaid contributions, and (iii) the attorneys’ fees and costs incurred by the Plan
ia any action to collect unpaid contributions. Payment of interest and liquidated damages on
delinquent contributions is mandatory, such that the Participating Employer will not be deemed
to have met its obligations to the Plan if such amounts are not paid, notwithstanding payment by
the Participating Employer of all contributions.

0554480 142980/1526126.6


Plan Name: United Furniture Workers Pension Fund A

Plan Sponsor] EINPN: 13-5511877 / 001
Schedule MB, line 6 — Statement of Actuarial Assumptions/Methods

8.

9

Justification for Economic Assumptions

In accordance with Actuarial Standard of Practice No. 27, ©

the rationale for our 6.75% discount rate is based on the
Trustees’ risk preference, .the Fund’s current asset
allocation, and the investment manager’s capital market

outlook.

Based on the current asset allocation, the investment
manager’s 10-year projected real retum is 3.46%. Using

Cheiron’s long term price inflation of 3.25% increases the .

expected return to 6.71%. Furthermore, it is expected that a
30- -year forecast may provide for higher returns,

Changes in Assumptions Since the Last Valuation

The RPA’ °94 current liability interest rate “was changed
from 3.63% to 3.44% to comply with appropriate guidance.

The RPA °94 current liability mortality table changed from
the 2014 static mortality table to the 2015 static mortality
table to comply with appropriate guidance.

The investment retum assumption was reduced from 7.50%
to 6.75% to better ‘reflect future investment expectation
given the current risk tolerance.

The investment retum assumption for withdrawal liability
purposes was-reduced from 7.00% to 6.25%.

Attachment C to 2015 Form 5500 Schedule MB

B, Actuarial Metheds -

1. Actuarial Cost Method

The cost method for determining liabilities for this
valuation is the Unit Credit Cost method. This is one of a
family of valuation methods known as accrued benefit
methods. The chief characteristic of accrued benefit
methods is that the funding pattern follows the pattern of
benefit accrual. The normal cost is determined .as ‘that
portion of each participant’s benefit attributable to service
expected to be eamed in the upcoming plan year.- The
Actuarial Liability, which is determined. for each
participant as of each valuation date, represents the
actuarial present value of the portion of each participant’s
benefit attributable to service earned prior to the valuation
date. :

2. Asset Valuation Method

The actuarial value of assets is determined in accordance
with Section 3.16 of Revenue Procedure 2000-40 using a
five-year smoothing period. Specifically, the actuarial value
of assets as of March 1, 2007 is set equal to the market
value of assets. For each subsequent plan year, the actuarial
value shall be the market value minus a decreasing fraction
* (4/5, 3/5, 2/5, 1/5) of each gain or loss for each of the
preceding four plan years. Gains or losses.prior to March 1,
2007 are ignored. The resulting actuarial, value of assets is
then limited to be-no greater than 120% and no less than
80% of the market value of assets on the valuation date.


Schedule R (Form 5500) 2015 : Page 8+

74 Enter the number of participants on whose behalt no contributions were made by an employer as an
‘employer of the participant tor:
@ The ourrentyear

14a 7,327
The plan year immediately preceding the current plan year 14b 7,509

G The second preceding planyoar: 14c 7,247
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: .

@ The corresponding number for the plan year immediately preceding the current plan year
__.__b The sorrésponiting number for the second pracsding plan year -_.
16 Information with respect to any employers who withdrew from the plan during the preceding plan year:

15a 99.46
1b . 99.89

@ Enter the number of employers who withdrew during the preceding plan year spite ., 16a 3
. _ b Ifline 16a fs greater than 0, enter the aggregate amount of withdrawal liability assessed or estimated
a. to be.assessed. aginst such withdrawn employers. .swedecre nese 16b 344,615

17 if assets and liabllities from another plan have been transferred ‘to or merged with this plan during the plan year,
heok box and see instructions teqerding supplémental intormation-to be inéludod as an attachment.
EM |: Additional Information for Single-Employer and Multiemployer Defined Benefit Pension Plans
"18 If any liabilities to participants or their benaficlaries 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, chgck box and see instructions regarding supplemental information to be included as an attachment
49. if the total number of participants Is 1,000-or more, complete lines (a) through (0)
‘@ Enter the percentage of plan assets held as:
Stook: 46.5 % — Investment-Grade Debt: 9.7% High-Yield Debt: 14.0 9 Realestate: 14.9 % other: 14.9%
b Provide the average duration of the combined investment-grade and high-yield deb’
fx! 0-3 years 36 years 6-9 years 9-12 years j2A5years []15t8years [] 1821 yoars []21 years or more
© What duration measure was used to calotilate line 19(b)? .
Eifootive duration | |hiacaulayduration 1'] Modttiod duration [| otter (pect _
[PartMir] IRS Compliance Questions
20a _ is the plan a 401K) plan? LT yes LIne
20b if "Yes," how does the 401{k) plan satisfy the nondiscrimination requirements for employee deferrals and Dasign-hased
: safe harbor
compléiyaf midtofiliia contributions (as xppllo##si8) under sections 401 (kj(3) and 401 (r2y? en mathod. | | ADP/AOP test
20c¢ ifthe ADP/ACP test Is used, did the 401 (K) pian perform ADP/ACP testing for the plan year using the
“current year testing method" for nonhighly compensated employees (Treas. Reg sections
tao 2 eyiily and 1-401 tmhaeheiiny?

21a Check the box to indicate the method used by the plan to satisfy the coverage requirements under

[yes . {1 no

Ratio

A ; percentage Average
‘sootion 440(6) [1 fear benefit ost
2ib Does the plan satisfy the coverage and nondiscrimination tests of seotions 410(b) and 401 (a4) by _ os
“GoinBinthd this plat ith aAy-Gthor plang under the peritiléslveraygregation rules? Yes

22a _Has tho plan been timaly amended fof all required tax law ofiinges? Yes.

22b Date the last plan amendmenVrestatement for the required tax law changes was adopted . Enter the applicable code
(Sse instructions for tax law changes and codes). _

22c If the plan sponsor is an adopter of a pre-approved master and prototype (MAP) ot volume submitter plan that is subject to a favorable 1RS
opinion or advisory etter, enter the date of that favorable letter - andthe letter's serial number

22d ifthe Plan is an individually-designed plan and received a favorable determination letter from the IRS, enter the date of the plan's last

==. - favorable determination letter. ae :

23  |s the Plan maintained in a U.S, territory (i.e, Puerto Rico (if no election under ERISA section 10220) (2)
has been made), American Samoa, Guam, the Commonwealth of the Northern Mariana Islands or the

irgin Islands).

[1 yes (CL tvo

518533,
V2-0715
27

arqencic Teor Ie AEI419 ANA DATE NAAR ema eaten manna mn nena as


i.)

13

To the extent permitied by law, the application of the provisions of this
Section 3.4 shall not catise the benefit that is accrued, distributed or
otherwise payable for any Participant to be less than the Participant’s
accrued benefit as of December 31, 2006 under the provisions of the Plan
that were both adopted and in effect before April 5, 2007 and that satisfied
limitations under Section 415 of the Code and the Treasury Regulations
thereunder as in effect as of January 1, 2008,

Ifa Participant in the Plan also participates in a single-employer plan
maintained by an Employer, only those benefits accrued under the Plan as
a result of service with that Employer shall be aggregated with the benefits
accrued under the single-employer plan. In the everit that the aggregate
benefit accrued in any Plan Year by a Participant exceeds the limits under
Section 415 of the Code and the Treasury Regulations thereunder as a
result of the mandatory ageregation of the benefits under this Plan with the
benefits under another plan maintained by an Employer, The benefits of
the other plan shall be reduced to the extent necessary to comply with
Section 415 of the Code and the Treasury Regulations thereunder.

Dana Carstensen

Redacted by the U.S. Department of the
Treasury



“UNITED FURNITURE WORKERS PENSION FUND 4
Supplemental Schedule of Assets Held For Investments

February 29, 2016
Number “Market
Common tmst funds of Sliaros Cost Value
JPMCB Strategic Property Fund. 2,976 5,932,483 "8,369,863
Wellington Global Total Return Fund - 195,833 2,002,836 2,157,366,
State Street Global Advisors - MSCI 281,616 5,070,341 4,282,529
State Street Global Advisors - Daily 196,238 4,927,037 4,941,275
Rothchild SMID Fund 3,867,178 3,867,172 3218,s40
Loomis Sayles 7000,000 7,000,000 6,390,235
ei 28,799,869 $ 29,359,808,
BlackStone BPIF Non-Taxable LP, $ “5451311 ; $ 8,202,128
Investment in United Furniture Workers
Building Corporation $ 554,233 % 4,350,000,
Registered investment companies
PIMCO Total Return Fund 410,877 4.468490 4,133,425
Robeco BP All Cap Value Fund Inst 14,126 3,009,445, 3,616,237
vanguard Growth Fund 78,604 4.324.363 3,837,697
$ 14.802.298 $ 11,587,359
Total Investments Ey 49,789,459 3 53,941,449

See independent. auditors’ report on supplemental information

~23-


7. How may | proviele a pension for my spouse ifshe
survives ne?

The Plan has a benefit called the Joint and Survivor An-
nuity Benefit under which you receiye a reduced benefit
for as Jong as you live and your spouse will receive
either 50% or 75% of that benefit, depending upon the
election made prior to commencement of the benefit, for
as long as she lives if she survives you,

Under this option, the benefit you eamed covers two
people, and therefore, your pension is reduced by a
small percentage, depending on your age and your
spouse’s age at retirement, For example, if'you are 65
and your wile is 62 at your retirement, under the Plan’s
Qualified Joint and Survivor Annuity Option, your
pension would be reduced by 0.1151, and your spouse ~
would get one-half of wiiat you were getting if she
survives you.

Based on the example in Question 6, John S,’s Qualified
Joint and Survivor Annuity Benefit would be $530.94,
and if his wife survives him, she would get one-half of
his monthly benefit which would be $265.47 for he:
Jifetime, .

Ifyou are married when you retire, your pension will
automatically be paid to you as a Joint and Survivor
Annuity Benefit unless you reject this form of benefit in
writing, with the written consent of the spouse.

8. How will my benefits be caleulated ifTretire with an
Early Pension Benefit?

If you-were an active Participant in the Plan upon your
retirement and your employer had elected the Preferred
Schedule under the Rehabilitation Plan, then your Early
Pension benefit will be computed in the same way as.
your Normal Pension benefit, and then will then be
reduced for each month that you are less than 65 years
old, by applying a formula similar to the one the Sovial
Security Administration uses, At age 62, your Early
Pension Benefit would be equivalent to 80% of the
Normal Pension. This is considered to be a subsidized
benefit. For all others, an Early Pension Benefit will not
be subsidized, but will be actuarially reduced to account
for your receipt of that benefit at an carlier time,

|
!
|
|

9. How will my pension benefit be calculated if I relive
with a Disability Pension?

If you were actively employed and contributions were
being made to the Plan immediately preceding your
disability, and your employer had elected the Preferred
Schedule under the Rehabilitation Plan, then your Dis-
ability Pension benefit will be computed in the same
Way as your Normal Pension benefit. This is considered
to be a subsidized benefit. For all others, a Disability
Pension will not be subsidized, but will be actuarially
reduced to account for your receipt of that benefit at an
earlier time.

10. What benefits may I get if] stop work before Iam
eligible for an Early Pension benefit?

Ifyou leave the industry before retirement age and have
at that point accumulated at least $ years of credited
service, (10 years of credited service if you did not have
‘one hour of service on or after March 1, 1998), includ-
ing 36 months of contributions, you are entitled to a
pension benefit which you may begin to receive al age
55 or later. You may elect the date on which your pen-
sion will begin,

1. What if eave the industry before I have satisfied
the eligibility requirement for a vested ‘pension, as indi-
cated in Question 10? :

You will not be eligible for any benefit from the Plan,
‘While the Plan had previously provided a Withdrawal
Benefit for non-vested participants, the Board elimi-
nated any and all withdrawal benefits on March 1,

2009 through its adoption of the Rehabilitation Plan,
Non-vested Participants who filed a Withdrawal Benefit
application prior to March {, 2009 may be eligible for
a Withdrawal Benefit in accordance with the terms of
Section IV.G of the Plan,

12. What benefits do my beneficiaries ger if I die before
retiring?

If you are married and at your death have 5 years of
credited service, (10 years of credited service if: you did
not have ‘one hour of service on or after March |, 1998)
which iricludes 36 months of contributions made on
your behalf by a Participating Employer, and are at least



SCHEDULE H - : :
OMB No. 1210-0140
(Form 5500) Financial Information _
Department atthe Tressury This schedule is required to be filed under section 104 of the Employee 2015
Intacnal Revenue Service Retirement Income Security Act of 1974 (ERISA), and section 6058(a) of the
“Department of Labor Internal Revenua Code (the Coda).
Eee neon
ni . This Form is Open
Pension Benefil Gwranly Corperation D> File as an attachment to Form 6500. to Public Inspection

For calondar plari year 2015 or fiscal plan yoar boaintiig O3701 / 2015" andending 02/29/2016

A Name of plan

DNMITED: FURNITURE WORKERS PENSION FUND A -

B  Threo-digit
plan number (PN} > OoL

CG Plan sponsor's nama as shown on line 2a of Form 5500

UNITED FURNITURE WORKERS PENSION FUND A _

D_ Employar identification Number (EIN)

Ow kk ke

[BartiT” Asset and Liability Statement

7 Current value of plan assets and liabilities at the beginning and end of the plan year. Comibins the value of plan assets held in more than one
trust, Report the value of the plan's interest in a commingled fund containing the assets of more than one plan on a line-bysline basis unless the
value is reportable on lines 16(9) through 1c(14), Do not enter the value of that portion of an insurance contract which guarantees, during this
plan year, to pay a specific dollar benefit at a future date. Round off amounts to the nearest dollar. MTIAs, CCTs, PSAs, and 103-12 IEs donot
complete lines 1b(1), 1b), 1¢(8), 1g, 1h, and 1i, CCTs, PSAs, and 103-12 IEs also do not ot complate lines 1d and 4e, See instructions.

Assets mas {a)_ Beginning of Year “(by End of Year

@ Total noninterest-bearing cash, da 1,292,443 1,089,377
b Receivables (less allowanos for doubtful accounts): 4

(1) Employer contributions b(t) 1,276,000) 859,000

* (2) Participant contributions

(3) Other _. 13,475) 10,004
© General investments: . . :

(4) Interest-bearing cash (incl. money market accounts & certificates of deposit) | io(7)_| 264, 333 242,895

(2) US. Government securities ,
(3) Corporate debt instrurrients (ether than employer secuttios
{A) Preferred ..

{B) All other

(4) Corporate stocks (other than employer securities):
{A) Proterred ..

{B) Common

(5) Partnership/joint venture interests
(6) Real estate (other than employer real property)
{7) Loans (other than to participants)
(8) Participant loans oa.
{9) Value of interest in commonvoaliective tusts
(10) Value of interest in pooled separate accounts
(11) Value of interest in master trust investment accounts
(42) Value of interest in 103-12 investment entities

_ (13) Value of interast in registered investment companies (@.g,, mutual funds)
(14) Value of funds held In insurance co, general account (unallocated contracts) .

5,234,786 3,199, 259

4e(7) 1,260,000 1,350,000

yoo | 34,607,312] 29,359, 808

[actia, | 17,302,862) 14,587, 359

115)_Olfor. ue. , SER, STATEMENT._3. _|ic(t5) 8,231,939 8,202,128
For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions far Form 5500 -Schedule H (Form 5500) 2015
v. 150123

518504
12-07-15

1629Ne15 TRORIA NRIWAD ANN

17

ON1R NQAAN THAITMER PIEMTMTIDE MAevEDE Bm NEI19 AI


UNITED FURNITURE WORKERS PENSION FUND A

Plan Amendment
October 30, 2009 FEB 4 20H

ie Section I (16) of the Plan is hereby amended effective October 30, 2009 to read in
its entirety as follows:

‘Tf compensation is used to determine contributions to the Plan on or behalf of a Participant,
the term “Compensation” shall mean; the amount as defined in Treasury Regulation Section
1,415(c)-(2)(d)(4) (e.g., amounts reported in Box 1 of Form W-2, plus amounts that would be
reported as wages but for an election under Code Section 125(a),.132((4), 402(e)(3),
402(h)(1)(B), 402(k) or 457(b)), but not in excess of $230,000 (as adjusted in accordance with
Section 415(d) of the Code) for any Plan Year or calendar year, as applicable, Such amount shall
not include any severance pay, whether paid before or after a Parlicipant’s termination of
employment. In addition, such amount shall not include other compensation paid after an
individual’s termination of employment, except that to the extent that the following amounts are
otherwise included in the definition of compensation and are paid no later than the date which is 2
¥% months after termination of employment, such amounts paid after a Participant’s termination of
employment shall be deemed compensation: regular pay, including compensation for services
during regular working hours, overtime, shift differential, commissions, bonuses or other similar
payments, and payment for unused accrued sick, vacation or other leave, but only if the Participant
would have been able to use the leave if employment had continued.

The rules described above with respect to post-employment payments shall not apply to
payments to an individual who does not currently perform services for he Employer by reason of
qualified military service, to the extent such payments do not exceed the compensation such
individual would have received from the Employer if he or she had continued to perform services
for the Employer.

Dated as of October 30,
Z
Redacted by the U.S. Department of the Treasury

Redacted by the U.S. Department of

i
S. Department of



Schedule H (Form 5500) 2015

Page 4 ~|

© Were any leases to which the plan was a party in default or classified during the year as
uncoilectible? (Attach Schedule G (Form 5500) Part Il if *Yes* is checked.)

+d Ware there any nonexempt transactions with any party-ininterast? (Do not include
transactions reported on line 48. Attach Schedule G Form 5500) Pait ffl if "Yes" Is
checked.) -

© Was this plan coverad by a fidelity bond?
4 Did the plan have a loss, whether or not reimbursed: by the plan's fidelity bond, that
was caused by fraud or dishonesty?

J ‘Did the plan hold any assets whose curtent value was neither read ly determinatsle on,
__ anestablished market nor set by an independent third party appraiser?
Did the plan receive any nonoash contributions whose value was neither readily
determinable on an established market nor set by an independent third party
appraiser? ...,

i Did the plan have assets held for investment? (Attach schedule(6) Of assate "Yoo" is
checked, and see instructions for format requirements)... ase

J Were any plan transactions or series of transactions in excess of 5% of the current
value of plan assets? (Attach schedule of transactions if "Yes" is checked, and see
Instructions for format requirements),

Kc Were ail the plan assets ether distibuted to participants or boneticaries, trancfetrad
to another plan, or brought under the contro! of the PBGC?

Has the plan failed to provide any benefit when due under the plan?

M_ [f this is an individual account plan, was there a blackout period? (See instructions
and 29 CFR 2520.101-3.)

1 if 4m was answered “Yes,” check the "Yes" box if you ther provided the raquired
notice or one of the exceptions to providing the notice applied under 29
CFR 2520.101-3 |

© Did the plan trust incur unrelated business taxable income?

P._Were in-service distributions made duting the planyéar?’

Yes | No |N/A Amount
4c xX)
4d x
40 |X 500,000
Af x
Ag : x
anf 1% :
4 | &
4 | x con
4k xX
4 x
4m x
4n x
4o
4p

5a Hasa resolution to terminate the plan been adopted during the plan year or any prior plan year? Hf "Yes," enter the amount of any plan assets

that reverted to the employer this year Yes

I} No Amount:

5b jf, during this plan year, any assets or liabilities were transferred from this plan to another Plant), identity the ptan(s) to which assets or liabilities

were transferred. {Sse'instructions!)

‘Sb{t] Nama ol-plan(e) ~Bb(2] EING) ‘5y(3) PNG)
5.6 “ithe platvis-a dotined banat, Js it coverod-undar the: PROC insu/tnes-program Lee ERISA section 4021)? [Tves [Two | [Not determined
(Part V|_“ Trust Information: ;
6a Name of trust 6b Trust's EIN

“6c Name of trustee or custodian

Sd _ Trustee's or custodian's telephone number

sieso4
42-07-15,

20

VE29NE1R TRAE NID ANA ONT NAAAN TeTTMON orremTmMDD wADyEDA nm AeD19 Ad


UNITED FURNITURE WORKERS PENSION FUND A
Supplemental Schedules of Reportable (5%) Transactions
For the Year Ended February 29, 2016

Deseription Purchase. - Selling
of Asset Pelee Price.

Single Transaetior

Venguard Growth Fund . 5230
Intech Inst'l Large CAP Growth Fund
Fidelity Growth International Fund

State Street Global Advisors - Daily - 27.55

State Street Global Advisors - MSCI 17,93

Series..of Transactions

Van guard Growth Fund

Intech Inst'l Large CAP Growth Fund

State Street Cobal Advisors - Daily

B15

38.44

51.80
31.83
562d

3.09
3.05
3.05
312
3.06

Crat.of
Asgol.

4,894,640

2,518,693

“2,855,716

3,456,667

3,085,461

110,
104,885
100,756
Wedge
119,960

262,604

111,667
115,127

81,295
306,719

110,618

Current Value
of Asset on
Transaction

Date

4,894,640
4,894,640
4,973,577
3,456,667

3,085,461

100,000
300,000
100,000
100,000
100,000
100,000

s0d,a00 ©

100,000
100.000
309,100
100,600

£9,000
115,667

See independent auditors’ report on supplemental information

24.

Net Gain
or (Loss)

2,375,947
2,117,860

(10,618)
10,554)
1,885)
(756)
(6,486)
(10,960)



Plan Name: United Fumiture Workers Pension Fund:A
Plan Sponsor EIN/PN: 13-5511877 / 001°

7, Early Retirement

Eligibility, Age 55 and five years of service (ten years of .

service if the participant did not have at least one hour of
service after March 1, 1998).

Benefit: The normal retirement benefit described above
reduced by 5/9 of 1% for each month the Participant is less
than 65 and by 5/12 of 1% for each month the Participant is

less than 62.

Effective March 1, 2009, the subsidized reduction described
above is only applied to Participants retiring from active status.
All other retirements will be actuarially reduced to reflect early
commencement of benefits.

. Disability Retirement

Eligibility, Five years of service (ten years of service if the
participant did not have at least one hour of service after
March 1, 1998) and awarded a Social Security Disability
Award. :

Benefit:. The normal retirement benefit eamed to date will-be
payable without reduction for age.

. Deferred Vested Pension

Eligibility: Five years of service (ten years of service if thé
participant did not have at least one hour of’ service after
March 1, 1998).

Benefit: Accrued benefit payable at normal retirement.

10,

11.

Attachment B to 2015 Form 5500 Schedule MB

Schedule MB, line 6 —Summary of Plan Provisions

Joint & Survivor Annuity Benefit

Eligibility: Participant must be eligible for early, normal or
disability pension on their date of death.

Benefit: The actuarial equivalence of 50% or 75% of the
accrued benefit with reduction for early retirement if
applicable.

Normal Form

Tf Single: Straight Life Annuity

12,

If Married: 50% Joint & Survivor, actuarial equivalence.
Changes to Plan Provisions Since Last Valuation

None,



BOARD OF TRUSTEES UNITED FURNITURE

This determination is subject to your adoption of the proposed amendments
submitted in-your letter dated February 15, 2013. The proposed amendments
should be adopted on or before the date prescribed by the regulations under
Code section 401(b).

The information on the enclosed addendum is an integral part of
this determination. Please be sure to read and keep it with this letter.

We have sent a copy of this letter to your’ representative as indicated in
the Form 2848 Power of Attorney or appointee’as indicated by the Form 8821 Tax
Information Authorization.

If you have questions concerning this matter, please contact the person
whose name and telephone number are shown above.

Sincerely,
Redacted by the U.S. Department of the Treasury

Andrew E. Zuckerman
Director, EP Rulings & Agreements

Enclosures:
Publication 794
Addendum

Letter 2002 (DO/cG)


“UNITED FURNITURE WORKERS PENSION FUND A
. Notes to Financial Statements
February 29, 2016 and February 28, 2015

B, ” SUMMARY OF ACCOUNTING POLICIES (eontinued)
8. PENSION COsTs

The Fund does not reflect the unfunded amount of past service pension liability nor the annual
normal pension cost in the accompanying statements. Pension costs are charged on a paid basis,

g. “PROPERTY AND EQUIPMENT

Office furniture and equiprnent, leasehold improvements and computer equipment are carried at
cost. Major additions are capitalized while replacements, maintenance, and repairs, which do ‘not
improve or extend the lives of the respective assets, are expensed: currently, Depreciation is computed
by the straight line method over recovery periods of the assets,

10, ADMINISTRATIVE EXPENSES

The Plan’s administrative expenses are paid by the Plan, as provided by the plan document.
Expenses incurred in connection with the general administration of the Plan are recorded’as deductions
in the accompanying statement of changes in net, assets available for benefits, In addition, certain
investment related expenses‘are included in net appreciation of fair value of investments presented i in the
accompanying statement of changes in net assets available for benefits.

WITHLPARTIBSIN-INTEREST :

. The Plan and other related entities occupy, space in the building owned by the UFWA, AFL-CIO
Building Corp, Each tenant bears its pro rata share of the operatiiig costs of such building, Expenses
allocated to the Plan by the UFWA, AFL-CIO Building Corp. amounted to $36,212 in 2016 rand $35,311
in 2015, respectively,

Fees paid during the period for services rendered by parties-in-interest were based on customary
and reasonable rates for such services.

D, CREDIT RISK CONCENTRATION

The Plan maintains accounts in-banks located in the Nashville area. For interest bearing bank
accounts, cash balances may at times exceed the federally insured deposit Jimit of $250,000.


Survivor Annuity Benefit ina single lump sum payment and dies before the commencement of
the monthly Pre-Retirement Survivor Annuity Benefit, the amount by which the Death Benefit
was reduced shall be payable to the beneficiary of the surviving spouse:

(2) Three Year Cerlain Upon Retirement

(a) Ifa Pensioner in receipt ofa pension benefit from this Fund other than a
Joint and Survivor Annuity Pension should die prior to receiving 36 monthly pension payments, ,
then a lump sum benefit equal to the balance of the 36 monthly pension payments shall become
payable to his Beneficiary, as herein defined.

: (b) For purposes of this subsection’E. (2) only, and unmarried Participant or

- married Participant who had rejected the Joint and Survivor Annuity Pension who fulfills all the

requirements for a Normal Pension Benefit but dies prior to making application for any benefits
provided by this Fund, shall be considered a Pensioner in receipt of a Normal Pension Benefit
and his Beneficiary shall be entitled to a lump sim benefit equal to the monthly pension benefit,
calculated as if the deceased had made application therefore on the day preceding the date of
death, multiplied by 36.

(3) If the Pensioner is in receipt of a Joint and Survivor Annuity Pension, then upon
the death of the last survivor of the Joint Life, a Death Benefit shall be payable to the Beneficiary
of the last survivor equal to either the Death Benefit as defined in paragraphs (1) b. or 36 times
the monthly pension the Pensioner would have received if he had not elected the Joint and
‘Survivor Annuity Pension option, minus the aggregate pension payments made to thé Pensioner
and the Survivor Annuitant.

(4) For purposes of this subsection E., an Employee who is eligible for a Deferred
Pension Benefit as defined in Section IV.C., is deemed to be a Participant.

(5) Notwithstanding (1) ~ (4) above, consistent with the terms and conditions of the
Rehabilitation Plan, as amended (Appendix A hereto), effective for the death of a Participant
occurring on or afier March 1, 2009, there shall be no Death Benefit payable from the Plan .
except as required in Section IV F. [Amended December 2008].

F Joint and Survivor Annuity Benefit

(i) A Participant or former Participant who is eligible for a Normal, Early, or
Disability Award Pension Benefit will receive a Joint and Survivor Annuity Benefit, ifhe has a
spouse on his date of retirement. His spouse will then be considered his Survivor Annuitant.
The amount of the pension benefit payable shall be the Actuarial Value of the pension benefit to
which the Participant would otherwise be entitled. At the option of the Participant, the Joint and
Survivor Annuity Benefit will be paid as either a 50% Joint and Survivor Annuity orasa 75% |
Joint and Survivor Annuity.

(2) The 50% Joint and Survivor Annuity is a reduced pension benefit of equivalent
Actuarial Value payable to the Pensioner during his lifetime and, upon his death, 50 percent of
such reduced pension benefit payable to the Pensioner, shall become payable to the Survivor

ll
€CDSS448/O1429801526126.5


childcare immediately after the birth or adoption of a child. These hours would be credited tn the
calendar year in which an absence begins only if necessary’ to prevent a Break-in-Service;
otherwise the hours would be credited to the- following calendar year. If the number of hours: of
absence cannot be determined, then eacli day of absence shall equal 8 hours of service.

(A) The method of determining the number of hours and the method of
crediting such hours to computation periods shall conform to Section 2530, 200b ~ 2(b) and (c)
of the Department of Labor regulations. Effective December 12, 1994, notwithstanding any
provision to the contrary, contributions; benefits, and service credits with respect to qualified
military service will be provided in accordance with IRC ‘Section 4140), [Amended March
2002].

(15) “Normal Retirement Age” shall mean the earlier of the sth anniversary of the
time the Participant commenced participation in the Plan or the time he acquires 5 years. of
credited service (10 years of credited service ifthe Participant did not have one hour of service
on or afier March 1, 1998) which includes at least 36 months of Contributions on the
Participant's behalf, but in no event earlier than age 65. “Credited Service” shall mean the sum
of Past Service, Effective Service, Future Eligibility Service, and Non-Cavered Contiguous
Employment Credit, as defined in Section IIIf.

Unless the Participant otherwise elects, benefits will commence not later than the 60" day
after the later of the close of the Plan year in which the Participant attains Normal Retirement

Age or terminates service in the Plan.

(16) Effective on or dfier October 30, 2009, if compensation is used to determine
contributions to the Plan on behalf of a Participant,.the term “Compensation” shall mean: the
amount as defined in Treasury Regulation Section 1.415(c)-(2)(d)(4) (e.g., amounts reported in
Box | of Form W-2, plus amounts that would be reported as wages but for an election under
Code Section 125(a), 132(f)(4), 402(e)(3), 402(h)(1)(B), 402(k) or 457(b)), but not in excess'of
$230,000 (as adjusted in accordance with Section 415(d) of the Code) for any Plan Year or
calendar year, as applicable. Such aniount shall not'include any severance pay, whether paid
before or after a Parlicipant’s termination of employment. In addition, such amount shall not
include other compensation paid after an individual’s termination of employment, except that to ,
the extent tliat the following amounts are otherwise included in the definition of compensation .
and are paid no later than the date which is 2 4% months after termination of employment, such

* amounts paid after a Participant’s termination of employment shall be deemed compensation:

regular pay, including compensation for services during regular working hours, overtime, shift
differential, comrhissions, bonuses or other similar payments, and payment for unused accrued
sick, vacation or other leave, but only if the Participant would have been able to use the leave if
employment had been continued. The rules described above with respect to post-employment
payments shall not apply to payments to an individual who does not currently perform services
for the Employer by reason of qualified military service, to the extent such payments do not
exceed the compensation such individual would have received from the Employer if he or she
had continued to perform services for the Employer. [Amended October 2009],

For periods prior to October 30, 2009, if compensation is used to determine
contributions to the Plan on or behalf of a Participant, it shal] be limited to $200,000 for any Plan

CNS5-448:0 14298%:


Receive a summary of the Plan’s‘annlual financial report.
The Fund Office is required by law to furnish each par-
ticipant with a copy of the summary annual report.

Obtain a statement telling you whether you have a right
fo receive a pension at normal retirement age (age 65),
and ifso, what your benefits would be at normal retire-
ment age if you stop working under the Plan now, If
you do not have a right to a pension, the statement will
tell you how many more years you have to work to get a :
right to a pension. This statement must be requested in H
writing and is not required to be given more than once :
every twelve (12) months. The Plan niust provide the
statement free of charge. \

Prudent Actions by Plan Fiduciaries

In addition to creating rights for Plan participants.

ERISA imposes duties upon the people who are respon-

sible for the operation of the employee benefit plan. The
people who operate your Plan, called “fiduciaries” of the

Plan, have a duty to do so prudently and in the interest

of you and other Plan participants and beneficiaries, No

one, including your employer, your union, or any other

person, may fire you or otherwise discriminate against ;
you in any way to prevent you from obtaining a pension i
benefit or exercising your rights under ERISA.

Enforce Your Rights -

Ifyour claim for a pension benefit is denied or ignored,

in whole or in pari, you have the right to know why this

was done, to obtain copies of documents relating to the
decision without charge, and to appeal any denial, all

within certain time schedules, j

Under ERISA, there are steps you can take to enforce
the above rights. For instance, if you request a copy of
the plan documents or the latest annual report from the
Plan and do not receive them within 30 days, you may
file suit in a Federal court, In such a case, the court may
require the Plan Administrator to provide the materi-

als and pay you up to $110a day until youreceive the
materiats, unless the materials were not sent because of
reasons beyond the control of the Administrator, Ifyou
have a claim for benefits which is denied or ignored, in
whole or in part, you may file a suit in a state or Federal
court. Inaddition, if you disagree with the Plan's deci-

sion or lack thereof conceming the qualified status of

a domestic relations order ora medical child suppont
order, you may file suit in Federal coisrt, If it should
happen that Plan fiduciaries misuse the Plan’s money, or
if you are discriminated against for asserting your rights,
you may seek assistance from the U.S. Department of
Labor, or you may file suit in a Federal Court. The court
will decide who should pay court costs and legal fees.
Ifyou are successful, the court may order the person
you have sued to pay these cosis and fees. If you lose,
the court may order you (o pay these costs and fees, for
example, if it finds your claim is frivolous.

Assistance with Your Questions

{fyou have any questions about your plan, you should
contact the Plan Administrator. Ifyou have any ques-
tions about this statement or about your rights under
ERISA, or if you need assistance in obtaining docu-
ments from the Plan Administrator, you should contact
the nearest office of the Employee Benefits Security Ad-
ministration, U.S. Department of Labor, 200 Constitu-
tion Avenue, N.W., Washington, D.C, 20210. You may
also obtain certain publications about your rights and
responsibilities under ERISA by calling the publications
hotline of the Employee Benefits Security Administra-
tion. .

FEDERAL BENEFIT INSURANCE

Your pension benefits under this multiemployer Plan are
insured by the Pension Benefit Guaranty Corporation
(PBGC), a federal insurance agency, A multiemployer
plan is a collectively bargained pension arrangement
involving two or more unrelated employers, usually ina
common industry,

Under the multiemployer plan program, thé PBGC pro-
vides financial assistance through toans to plans that are
insolvent, A multiemployer plan is considered insoly ent
if the plan is unable to pay beviefits (at least equal to the
PBGC’s guarantecd benefit limit) when due,

.” The Haximum benefit that the PBGC. guarantees is set

“s"by law. Under the multiemployer program, the PBGC

guarantee equals a participant's years of service mul-
tiplied by (1) 100% of the first $11.00 of the monthly
benefit accrual rate and (2) 75% of the next $33.00, The



Schedule R (Form 5500) 2015, : Page 2

TPant V|_ Additional Information for Multiemployer Defined Benefit Pension. Plans

13. Biter-the following tilormation for sach employer that coritributed’more than's% of. total contributions to the plan during the plan year

(measured in dollars)..See instructions, Complete as: many entiies‘as needed to report all epplicable ‘employers.

@ Name of contributing employer STEINWAY & SONS :
b ey *e-¥ HERE © _Dollar amount contributed by empléyat 1,461,894.

‘dd Date collective bargaining agreament expires (If employer contributes under more than one collective bargaining agreement, check box U :
and see tistructions. regarding. requirad attachment. OtHaiwiss, enter the gppicable date) Month. 12 Day 31 Year 2018

€ Contribution rate information (If more than one rate applies, check this box |] and see instructions ragarding required attachment,
Otherwise, complete lines 130(1) and 139(2),)
(4) Contribution rate (in.dollars and egats)-

_@) Base. unit measure:{ [Houity _[ |wenkdy | [upitetproduction fxlotier (pea O# ANNUAL PAYROLL

@_Name of contributing employer SEALY MATTRESS COMPANY : :
b EIN #e—* aR © Dollar amount contributed by employer 1,142,202.

dl Date collective bargaining agreement expires (If employer contributes under moré than one collective bargaining agreement, check box U
-:and.see instructions regarding: require! atlachmont. OtHioniiise, enter the applicable date,) Month 04. Day 30 Yoar 2017

Contribution rate information (If more than one rate epplias, check this box Land sea instructions regarding required attachment.
Otherwise, complate lines 13e(1) and 130(2),)
(4) Contribution rate (in dollars and cents)

(2) Base unit measure:| |Houly | | weekty | [unit of production fil othor (speoty OF ANNUAL PAYROLL

@_Name of contributing employer SIMMONS COMPANY

b EIN Se are eee © Dollar amount contributed by employer 460,005.

d Date collective bargaining agreement expires (if employer contributes under more than one collective bargaining agreement, check box ||
and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month 03 Day 31 Year 2019

@ Contribution rate information (If more than one rate applies, cheok this box [| and see instructions regerding required attachment.
Otherwise, complete lines 13e(1) and 136(2),) .
(1) ‘Contribution rate (in dollal and cetits)"

@) aso unit measure: | [Howiy [I woot’ [ TUnit of reduction fx] otnar (psc

{s OF ANNUAL PAYROLL

@_Name of contributing employer SEALY MATTRESS OF N.J. INC,

DEIN **-** HAE © Dollar amount contributed by employer 389,592.

Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box U
and see instructions regarding required attachment. Othenwise, enter the applicable date.) Month O4 Day 30 Year 2018

Contribution rate information (If more than one sate applies, check this box || and see instructions regarding raquirod attachment.
Otherwise, complete linos 130(1) and 130(2),)
(1) Contribution rate (in dollars and cents)

(2) Base unit measure: inl Hourly i Weekly Unit of production ol Other (specify):

@_Name of contributing employer

b. EIN © Dollar amount contributed by employer

Date collective bargaining agreement expires (If employer contributes under more than one collactive bargaining agroament, check box | |
Aijd) .s08 jpsituolionks regarding required altachenl. Othewise, enter the Applicabte-daté.) Month Day Year

© Contribution rate information (If more than one rate applies, check this box || and see instructions regarding required attachment.
Otherwise, complete lines 13e(1) and 136(2),)
(1) Contribution rate (in dollars and cents)

4) Baso unit measure: | | Hounly [| woska Thitotproduction [] other (epocityyy

@_Name of contributing employer ak

bein © .Dolar amount contributed by employer . .
Date collective bargaining agreement expifes (If employer contributes under more then ane collective bargaining agreement, check box | |
_—and see instructions reaarding required attachment, Othenwisa, enter the applicable date.) Month Day Year

© Contribution rate information (If more than one rate applies, check this box [| and see instructions regarding required attachment.
Otherwise, complete lines 13e(1) and 180(2),) . ,
(1) Contribution rate (in dollars and sents)

(2) Base unit measure: | | Hourly |_| weakly Unit of produotion -[]] other (epecity):

518592 12-07-15

aenoAnra © APNE ze AEBAD AAA ana



UNITED FURNITURE WORKERS PENSION FUND A
Statements of Net Assets Available for Benefits
As at February 29, 2016 and February 28, 2015

Assets __2016 - 2015

Investments, at fair value

" Short term obligations ” - $ 242,895 «$264,333

Commoii stocks 3,199,259 5,234,786
Common trust funds -.
Intech Institutional Large .

Cap Growth Fund . . 5,772,886
JPMCB Strategic Property Fund 8,369,863 - 8,828,137
Wellington Global Total Return Fund . 2,157,366, 3,272,743
State Street Global Advisors - MSCI . 4,282,529. 3,032,140
State Street Global Advisors - Daily 4,941,275 3,235,289
Rothchild SMID Fund 3,218,540 °° 4,564,317
Loomis Sayles Credit Long/Short ‘ 6,390,235 5,901,800

-Total common trust funds 29,359,808 34,607,312

Parinership/joint venture interests .
BPIF Non-Taxable L.P 8,202,128 8,231,939
‘Investment in United Furniture Workers .
: Building Corporation 1,350,000 1,260,000
Registered investment companies
Fidelity Growth International Fund : ” 5,883,707
Fidelity Emerging Markets Fund - 382,459
Pimco Bond Fund 4,133,425 6,421,008
Robeco BP - All Cap Value Fund 3,616,237 5,215,651
Vanguard Growth Index Fund Admiral 3,837,697 :
Total registered investment companies 11,587,359 17,302,862
Total Investments 53,941,449 56.901,232_°
Receivables
Employer Contributions 324,000 328,000
Withdrawal liability 535,000 948,000
- Accrued interest and dividends . 10.004 13,475
Total receivables - 869,004 1.289.475
Cash and cash equivalents : . 1,089,377 1,292,443
Property and equipment, net . . 23,336. BI01

Total Assets . ; 55,923,166 69,511,851
Liabilities” : . :
Accrued expenses and payroll taxes + 324,974 176,334

: 798,192

Net Assets Available for Benefits 517

8. @

The accompanying notes are ai integral part
of these financial statements
-2-


Second Application of the United
Furniture Workers Pension Fund A for
Approval Of Suspension of Benefits

EXHIBIT 18

EIN: 13-5511877/PN:001

e UFW Pension Fund’s most recently restated Plan
document, most recent summary plan description and
most recent IRS favorable determination letter.

1934740.


UNITED FURNITURE WORKERS PENSION FUND A |
Supplemental Schedule of Assets Held For Investments
February 29, 2016

Number Market

Common Stack (continued) of Shares Cost Malue *
Laboratory Corp Amer Hldgs : 960 94,633. $ 105,446
Linear Technology Corporation 1,280 49,539 55,834
Noble Energy Inc 890 46,141 26,255
Omnicom Group 1,460 75,510 113,603
. Parker Hannifin Corp 820 : 84,157 82,984
Philip Morris International . 720 58,019 65,542
PNC Financial Services Group + 760 41,099 61,796
Procter & Gamble Co 720 : 50,948, 57,809
Progressive Corp 2,990 68,268 95,441
Renaissance Re Hidgs Ltd 720 66,662 81,504
Rockwell Collins . 550 47,910 48,164
State Street Corp 1,790 93,543 98,056
Twenty-First Century Fox Ine 3,610 113,029 97,542
Unilever N V Adr 1,140 44,155 48,575
United Health Group Inc, 790 58,253 94,089
United Parcel Service Cl-B 830 . 62,037 80,137
‘ Wesco International . 780 53,495 34,359
_ Wells Fargo & Co . 2,070 65,036 97,124
Western Union Co 2,160 35,619 39,442
Whirlpool 240 35,724 37,277
World Fuel Group 1,600 79,219 74,896

W.W Grainger 240 | 54,724 52,056

$2,938,853 $ 3,199,259,



Plan Name: United Furniture Workers Pension Fund A
Plan Sponsor EIN/PN: 13-5511877/001
Attachment F to 2015 Form 5500 Schedule MB

Schedule MB, lines 9¢ and 9h - Schedule of Funding Standard Account Bases

CHARGES so
- 1. Initial Unfanded 3/1/1978 $ 16,575,006 40 $ 3,318,468 3 $ 1,179,144
2. Plan Amendment . 3/1989 63,848 30 17,716 4 4,872
3. Method Change 3/989 * 15,842,844 30 4,396,460 4 1,209,031
4, Plan Amendment . 3/1/1993 5,282,693 30 _ 2,580,031 8 400,839
5, Actuarial Loss 3/1/2000 7,511,951 30. 5,574,339 15 $64,313
6. Actuarial Loss 3/1/2001 ‘11,966,014 15 1,248,486 1 1,248,486
7. Actuarial Loss 3/1/2002 13,842,899 15 (2,792,907 2 1,442,045
8. Actuarial Loss 3/1/2003 22,582,575 15 6,765,682 3 2,404,035
9. Actuarial Loss 3/1/2005 3,018,172 15 1,379,118 5 312,980
10. Actuarial Loss 3/1/2006 2,642,095 15 1,402,737 6 273,556
11. Assuription Change 3/1/2007 8,194,633 30 7,366,731 22 611,008
12. Actuarial Loss 3/1/2007 2,180,614 15 1,308,447 7. 225,456
13. Actuarial Loss 3/1/2008 ‘15,092,752 15 10,014,909 8 1,955,936
14, Actuarial Loss 3/1/2009 28,127,155 15 20,325,991" 9 2,891,493
15, Actuarial Loss 3/1/2011" 7,919,489 15 6,563,232 i 809,729
16. Assumption Change 3/1/2012 2,075,229 15 1,818,540 12 "211,632"
17, Actuarial Loss 3/1/2012 6,035,275 15 5,288,762 12 615,477
18, Actuarial Loss 3/1/2013 3,242,769 15 2,985,145 13 329,865
19, Assumption Change 3/1/2015 12,570,893 15 12,570,893 15 1,272,602
TOTAL CHARGES $ 97,718,594 $ 17,562,499
CREDITS .
1. Funding Method Change 3/1/2008 $ 6,945,571 10 $ 2,631,401 3 $ 935,010
2, Plan Amendment . 3/1/2009 590,517 15 _ 426,733 9 60,705
3, Actuarial Gain 3/2010 11,371,471 15 8,842,602 10 1,165,787}
4, Actuatial Gain “3/1/2014 4,028,752 15 3,874,502 14 408,816. |
5, Actuarial Gain 3/1/2015 231,637 15 231,637 15 ____ 23,450
TOTAL CREDITS . $ 16,006,875 $ 2,593,768
NET CHARGE $.81,731,719 $ 14,968,731 |



(10). *“Agieement and Declaration of Trust” means the Trust Indenture made and
entered into the tenth day of October, 1962, in the City of New York and State of New York by
and between Charles Rosenbaum and Frank R. Burrell, Employer Trustees and Morris Pizer and
Max Weinstock Union Trustees, as amended.

(il) “Beneficiary” means the person designated by a Participant or Survivor
_Annuitant to receive any monies due to the Participant or survivor Annuitant at the date of his
death or becoming due by virtue of his death. Every Participant or Survivor Annuitant shall be
given an opportunity to designate a beneficiary. If a married Participant names a beneficiary *
other than the Participant’s spouse, then the spouse must consent in writing to that designation.
However, in the event a Participant or Survivor Annuitant fails to make a designation, or in the
event the designated beneficiary or beneficiaries predecease the Participant or Survivor
Annuitant, than the Trustees'shall pay all such monies to the spouse. If there be no spouse
surviving; to the children, per stirpes, If there be no children surviving, to the parents. If there
be no parent surviving, to the Personal Representative of the deceased Participant or Survivor
Annuitant. If any beneficiary is an infant, the monies due such beneficiary shall! be paid to a duly
appointed Trustee. ,

(12) ~ Where appropriate, the words used in this instrument in the singular shall
include the plural; the masculine, the feminine.

(13) “Applicable Effective Date” means such date after March 1, 1962 on which a
Participating Employer, as herein defined, shall first become obligated to make Contributions to
~ the Fund on behalf ofa class of employees pursuant to an agreement between the Union and the
Participating Employer.

(14) “Hour of Service.” Each employee will be credited with an Hour of Service for:

(a) Each hour for which an Employee is directly or indirectly paid or entitled
to payment by the Employer for the performance of duties. These hours shall be credited to the
Employee for the computation period or periods in whicli the duties are preformed; and

(b) Each hour (up to a maximum of501 hours) for which an Employee is
directly or indirectly paid or entitled to payment by the Employer for reasons (such as vacation,
sickness, or disability) other than for the performance of duties. These hours shall be credited to
the Employee for the computation period or periods in which payment is made or amounts
payable to the Employee become due; and

(c) Each hour for which back pay, irrespective of mitigation of damage, has
been either awarded or agreed to by the Employer. These hours shall be credited to the
Employee for the computation period or periods to which the award or agreement pertains rather
than the computation period in which the award, agreement or payment was made.

(d) An Employee shall receive 190 hours of credit for each month during
which aay contributions were made on his behalf.

{e) Each hour (2p to a maximum of 501 hours) for which an Employee is
absent due to the Participant's (1) pregnancy, (2) childbirth, (3) adoption of a child, or (4)

3

CUSSIIDMBBVEEIS Db f


UNITED FURNITURE WORKERS PENSION FUND A

Supplemental Schedule of Assets Held For Investments

February 29, 2016
: Number Market
Common trust funds of Shares Cost Vale
JPMCB Strategic Property Fund 2,976 5,932,483 8,369,863
Wellington Global Total Return Fund 193,833 2,002,836 2,157,366
State Sircet Global Advisors - MSCI 281,616 5,070,341 , : 4,282,529
State Street Global Advisors - Daily 196,238 4,927,037 4,941,275
. Rothchild SMID Fund 3,867,172 3,867,172 3,218,540
“Loomis Sayles 7,000,000 7,000,000 6,390,235 :
$ . 28,799,869 _§ _- 29,359,808
BiackStone BPIE Non-Texable LP. $ 15,45. 131 1 3 8,202,128
Investment in United Furniture Workers
Building Corporation $ 554,233 _$ 1,350,000
Registered investment compariies
-PIMCO Total Return Fund 410,877 4,468,490 4,133,425
Robeco BP All Cap Value Fund Inst 184,126 3,009,445 3,616,237
Vanguard Growth Fund 78,604 4,324,363 3,837,697
Ry - 1.802.298 $ 11,587,359
Total Investments $ 49,789.459_ _$ 53,941,449



UNITED FURNITURE WORKERS PENSION FUND A
AS AMENDED AND RESTATED EFFECTIVE FEBRUARY 2012

Clarifying Plan Amendment
February 22,2017

WHEREAS, The United Furniture Workers Pension Fund A, as Amended and Restated
Effective February 2012 (the “Plan”), was adopted and approved; and

WHEREAS, Section IX of the Plan provides that the Trustees may amend the Plan; and

WHEREAS, after the PBGC inquired about'the Plan during the partition review process
it was discovered that the original Amendment did not accurately describe the Actuarial
Equivalence mortality table for Disabled lives in Section 1 (8) of the Plan. The clarifying
amendment described below has been the Plan interpretation and practice since January 1, 2009.

NOW, THEREFORE, pursuant to the authority vested in the Trustees by Section IX of
the Plan, the Plan is hereby amended. The last paragraph of Section | (8) of the Plan is amended
to read as follows:

For distributions made on or after January 1, 2009, except for lump sum distributions,
present values will be calculated on the basis of the RP 2000 Mortality Table (set forward
5 years for Disabled lives) and a 7 percent interest rate. The value shall be superseded if
the amount is exceeded by the Accrued Benefit applied to the Actuarial Value determined
as of December 31, 2008.

fy, WIFNESS WHEREOF, the Trustees have caused this amendment to be executed this
ZI day of | Cuan, , 2017.

EMPLOYER TRUSTEES:
Redacted by the U.S. Department of the

Treasury

ON TRUE 4
Redacted by the U.S. Department of the
Treasury



UNITED FURNITURE WORKERS PENSION FUND A ~
Notes fo Financial Statements
February 29, 2016 and February 28, 2015

UMULATED FLAN BENEFITS

Present values of Plan benefits, as determined by the Plan's actuary, are summarized as follows:

March 1,
2015

‘Actuarial present value of acoumulated
plan benefits : :

Vested benefits:

Participants currently receiving

benefits , & 109,427,114

Terminated Vesteds . 45,764,390

Active participants . yp 25,866,949

, 181,053,453

Non-vested benefits . 505,890,
Total actuarial present value of . .

accumulated plan benefits 181,564,343 |

Changes in the actuarial present value of accumu Jated plan benefits during the year ended
February 28, 2015 are as follows: :

Year Ended
: : :_ February 28, 2015
Actuarial present value of accumulated .
plan benefits at the beginning of the year $ 168,388,149

Increase (decrease) during | the year
attributable to: .
Interest . 12,186,256
Benefit Accruals . 897, 388
Experience (Gains)/Losses
Changes in Assumptions
- Benefit Payments

Net change

Actuarial present value of accumulated
plan benefits at March 1, 2015



UNITED FURNITURE WORKERS PENSION FUND A
Notes to Financial Statements
February 29, 2016 and Febmiary 28, 2015

A. DESCRIPTION OF PLAN

The following brief description of the United Furniture Workers Pension Fund A (the

"Plan") is provided for general information purposes only. Participants should refer to the Plan |

Document for a more compléte description of the Plan’s provisions,
1, GENERAL

‘The Pension Plan for Employees of the United Furniture Workers. of America and
related Organizations is a defined benefit pension plan covering employees of those
organizations, It is subject to the provisions of the Employee Retirement Income Security Act
of 1974 (ERISA).

2. PENSION BENEFITS

Employees with 5 or more years of service are entitled to a Normal Pension
commencing at age 65. The Plan provides for an Early Pension commencing between the ages
’ of 55 and 64 if the employee has accrued at Jeast 5 years of credited service, A provision is
also made to pay a Disability Pension at any age to any employee who has accrued at least 5
years of credited service and has been awarded a Social Security Disability Pension.
Employees who terminate employment prior to retirement age have a non-forfeitable right to a
pension at age 55 or later provided the employee has accrued at least 5 years of oredited service.
The Joint and Survivor and Pre-Retirement Joint and Survivor Annuity benefits as required by
ERISA are included in the plan provisions.

3. JONIT AND SURVIOR ANNUITY BENEFITS

-Should death occurs prior to. retirement and the participant is eligible for early, normal
or a disability benefit, the actuarial equivalence. of 50% or 75% of the accrued benefit, with a
reduction for early retirement if applicable, is paid to the spouse.

4. CONTRIBUTIONS.

Employer contributions are made in accordance with the provisions of agreements
“entered into by the Plan and participating employers.



An eligible rollover distribution is any distribution of all or any’ portion of the balance to
the credit of the distributee, except that an eligible rollover distribution does not include: any
distribution that is one of a series of substantially equal periodic payments (not less frequently
than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint
life expectancies) of the distributee and the distributec’s designated beneficiary. or for a specified
period of ten years or more; any distribution to the exten! such distribution is required under
section 401 (a) (9) of the Code; and the portion of any distribution that is-not includible in gross
income (determined without regard, to the exclusion for net unrealized appreciation with respect
to employer securities).

(2). Eligible Retirement Plan

An “eligible retirement plan” is an individual retirement account described in Section
408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an
annuity plan described in Section 403(a) of the Code, a qualified trust described in Section
401 (a) of the Code, that accepts the distributce’s eligible rollover distribution, an annuity
contract described in Section 403(b) of the Code and an eligible plan under Section 457(b) of the
Code which is maintained by a state, political subdivision of a state, or any agency or
instrumentality of a state or political subdivision of a state which agrees to separately account for
amounts transferred into such plan from this Plan. Effective for distributions on or after January
1, 2008, an eligible retirement plan shall also mean a Roth individual retirement account or
annuity described in Section 408(a) of the Code. [Amended September 2008].

(3) Disiributee

A distributee also includes a nonspouse designated beneficiary. In the case of a
nonspouse beneficiary, the direct rollover may be made only to an individual retirement account
or annuity described in Section 408(a) or Section 408(b) of the Code (“IRA”) or a Roth
individual retirement account or annuity described in Section 408A of the Code, that is
established on behalf of the designated beneficiary and that will be treated as an inherited IRA
pursuant to the provisions of Section 402(c)(11). [Amended September 2008].

(4) Direct Rollover

A direct rollover is a payment by the plan to the eligible retirement plan specified by the
distributee.

J. Bonus Benefits

The Trustees may, in their sole discretion, determine from time to time to distribute to
Pensioners, Survivor Annuitants and Beneficiaries one or more bonus benefit checks in addition
to, the monthly benefit payments such Pensioner or Beneficiary is entitled to under the other
provisions of this Plan. The Trustees shall have the sole discretion to determine the eligibility
for and amount of such bonus benefit payments. Payment of a bonus benefit shall not constitute
an amendment to this Plan or a promise to make future bonus benefit payments in the future. A
Pensioner, Survivor Annuitant, or Beneficiary shall not receive a bonus benefit payment in an
amount that would cause the aggregate benefit payments to such person to exceed the limitations
‘on annual benefits set forth in Section XII] of The Plan or applicable !aws and regulations,

15
C0354148/0 1429801526126 6


Schedule C (Form §500) 2015 : Page 2 *|

{b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation

{b) Enter name and EIN or address of person who provided you disclosures on eligible Indirect compensation

(b) Enter name and EIN or address of person who provided you disclosures on eligible indirect, compensation

“ {b) Enter name aid EIN or address of person who provided you disclosures on eligible indirect componsation

(b) Enter name and EIN or address of parson who provided you disclosures on eligible indiract compensation

(b) Enter name and EIN or address of person who provided you disclosures on eligibie indirect compensation

{b) Enter name and EIN or address of-person who provided you disclosures on eligible indirect compansation

Breaso
42-07-15

7

A62ONGI1R TEARIR ARAID ANA ONTE NAWNAN THaTMETN wTTONTMTIDT aDyEDSG DEP NEI a4


UNITED FURNITURE WORKERS PENSION FUND A
Notes to Financial Statements
Febmary 29, 2016 and February 28, 2015

J. E ING POLICY.

The Plan benefits are funded by the contributions from the participating employers pursuant to
the terms of applicable collective bargaining agreements. No employee contributions are required. The
Fund had an accumulated funding deficiency for the plan year ending February 28, 2015 which means
the minimum funding standards under ERISA have not been met. However, the Fund was certified to
be in critical status for the plan year beginning March 1, 2015 and therefore, no excise taxes apply under
section 4971 (a) and (b) of the Code with respect to the accumulated funding deficiency.

kK PLANT ATION

In the event the Plan terminates, the net assets of the Plan will be allocated as prescribed by
ERISA and its related regulations.

Certain benefits under the Plan are insured by the Pension Benefit Guaranty Corporation
("PBGC") if the Plan terminates, Generally, the PBGC guarantees most vested normal age retirement
benefits, early retirement benefits, and certain disability and survivors’ pensions, However, the PBGC
does not guarantee all types of benefits under the Plan, and the amount of benefit protection is subject to
certain limitations.

Vested benefits under the Plan are guaranteed at the level in effect on the date of the Plan's
termination. Whether all participants receive their benefits should-the Plan terminate at some future
time will depend on the sufficiency, at the time, of the Plan's net assets to provide those benefits and
may also depend on the level of benefits guaranteed by the PBGC.

L. ° PLAN AMENDMENTS

There were no plan amendments in plan year 2016 and 2015,

M. PENSION PROTECTION ACT (PPA) CERTIFICATION

In May 2016, the Plan's actuary certified the Plan as Critical for the plan year ending in 2016
under the Pension Protection Act because the Fund had a projected funding deficiency within 4 years.
The Trustees adopted a Rehabilitation Plan, electing a provision in PPA referred io as the “exhaustion
option” which means the-Trustees have exhausted all reasonable measures to emerge from critical status
within the 10 year requived period and will instead emerge at a Jater time or to forestall insolvency.

-16-


UNITED FURNITURE WORKERS PENSION FUND A

HR LEER RE ER

TEDULE CO OTHER SERVICE PROVIDER SERVICE CODES STATEMENT 1
NAME . SERVICE CODES
UPMORGAN CHASE BANK, N.A . 24
UPMORGAN CHASE BANK, N.A 27
UPMORGAN CHASE BANK, N.A 28
JPMORGAN CHASE BANK, N.A : 50
JPMORGAN. CHASE BANK, NeA 5L

CODES TO SCHEDULE C, LINE 2(B)

SCHEDULE H . OTHER RECEIVABLES STATEMENT 2
DESCRIPTION . BEGINNING ENDING
ACCRUED INTEREST AND DIVIDENDS ; 13,475, 10,004.
TOTAL TO SCHEDULE H, LINE 13(3) - 13,475, 10,004.
“CHEDULE H . . OTHER GENERAL INVESTMENTS STATEMENT 3
DESCRIPTION BEGINNING ENDING
BPIF NON TAXABLE LP, 8,231,939. 8,202,128.
TOTAL TO SCHEDULE H, LINE 1¢(15) 8,231,939. 8,202,128.
SCHEDULE H ; | OTHER INCOME STATEMENT 4
animes —
‘DESCRIPTION AMOUNT
OTHER INCOME 1,200. °
TOTAL TO SCHEDULE H, LINE 2c 1,200.
28 STATEMENT(S) 1, 2, 3, 4

1620N6165 7RQRI ARID ANN 901K AANAN TITMEN wrroMTMTIDT uNDYENA np ALI14 At


UNITED FURNITURE WORKERS PENSION
FUNDA

SUM.

RY PLAN DESCRIPTION

To All Participants and Beneficiaries:

We are pleased to present you with a brief description
of the important provisions of your Pension Plan. The
Pension Plan has been submitted to the United States
‘Treasury Department for approval under the Employee
Retirement Income Security Act (ERISA) and has been
approved.

Sfyou have any difficulty understanding any part of this
description, contact the Fund Office, Office hours are
from 8:15 A.M. to 4:00 PM., Monday through Friday, *
Our telephone number is (800) 800-8860.

_ United Furniture Workers Pension Fund A

The United Fumiture Workers Pension Fund A is a
multiemployer, defined benefit pension plan, Participat-

ing employers contribute to the Plan in accordance with»

written collective bargaining agreements. Youmay
“obtain information from the Plan Office as (o whether
a particular employer or local union sponsors the Plan,
and ifso, that employer’s or local union’s mailing ad-
dress, Pension benefits are provided from employer
contributions and Plan investments. The Plan's assets
are held in trust. A list of the Plan’s investment manag-
ers can be oblained from the Plan Office.

‘Type of Plan and Identifying Numbers:

United Furniture Workers Pension Fund A is a defined
benefit pension plan. The Employer Identification
Number is 13-5511877-and the Plan Number is 001.

Fiscal Year:

‘The Plan’s fiscal year ends on the last day of February
ofeach calendar year.

Administration:

The Plan is administered by a joint Board of Trusices
composed of four Employer Trustees and four Union

Trustees and js located at 19$0 Air Lane Drive, P.O. Box
100037, Nashville, TN 37224. The telephone number
is (800) 800-8860.

‘The Board of Trustees has the authority under the Plan
document to terminate the Plan or to amend or elirai~
nate any benefit provided under the Plan to the extent
permitted by law. The Board of Trustees has discretion
to interpret any and all provisions of the Plan, and the
Board’s decisions on all matters relating to the Plan are
final and binding.

The Board of Trustees, as the Plan Administrator, is the
agent for service of legal papers, and is located at the
same address.

Collective Bargaining Agreements:

The Plan is maintained under one or more collective
bargaining agreements, which are available for inspec-
tion upon request in writing to the Board of Trustees as
the Plan Administrator. .

Sources of Contributions:

Employers contribute various rites principally in ac~
cordance with the collective bargaining agreements be-
tween labor unions affiliated with the Communications
Workers of Aincrica and contributing employers. Upon
request, the Board of Trustees, as the Plan Administra-
tor, Will make available a complete list of the Employers
contributing to the Plan.



ROGOFF & COMPANY, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
355 LEXINGTON AVENUE
NEW YORK, NY 10017-6603

JUNE 15, 2016

UNITED FURNITURE WORKERS
P.O. BOX 100037 :

NASHVILLE, TN 37224-0037
UNITED FURNITURE WORKERS,

ENCLOSED IS YOUR 2015 EMPLOYEE BENEFIT PLAN TAX RETURN AS
FOLLOWS: .

2015 FEDERAL FORM 5500
2015 SCHEDULE, MB

2015 SCHEDULE C

2015 SCHEDULE D

2015 SCHEDULE H

2015 SCHEDULE R

FEDERAL’ FORM 5500 AND SCHEDULE MB/SB SHOULD BE SIGNED, DATED
AND KEPT AS A PART OF THE PLAN'S RECORDS. -

SINCERELY YOURS,

ROGOFF & COMPANY, P.C.



Plan Name: United Furniture Workers Pension Fund A
Plan Sponsor EIN/PN: 13-5511877 /001
Schedule MB, Line 4a - Iilustrations Supporting Actuarial Certification of Status

FOR PLAN YEAR COMMENCING MARCH 1, 2015

ANNUAL CERTIFICATION OF PLAN STATUS UNDER SECTION 432(b) OF THE
INTERNAL REVENUE CODE, (SEC. 305(b) OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974)

FOR

UNITED FURNITURE WORKERS PENSION FUND A

EIN: 13-5511877
PN: 001

Plan Year 3/1/2015

Plan Contact Information
Dee Anne Walker -
Secretary-Treasurer/Director
(615) 889-8860

May 29, 2015



SCHEDULE C ; ; ~
{Form 5500) Service Provider Information OMB No. 1210-0110
Oetamel Revenue Sever This schedule is required to be filed under section 104 of the 2015
Department of Labor Employee Retirement Income Security Act of 1974 (ERISA).
Employes Benelits Security Administration : This Form is Open to
Pension Benefit Guaranty Corporation > File as an attachment to Form 5500. . Public Inspection,
For calendar plan year 2016 or fiscal plan year beginning 0 3.,/-01 72015 andendiig 02/29/2016
A Name of plan a . . B three-digit 001
UNITED FURNITURE WORKERS PENSION FUND A | plan number (PN) i
C Plan sponsor's name as shown on lina 2a of Form 5500 D_ Eniployer Identification Number (EIN)
UNITED FURNITURE WORKERS PENSION FUND A ARLE RE

Part i] Service Provider. Information (see instructions)
You must complete this Part, in accardanes with the instructions, to report the information required for each person who received, directly or
indirectly, $5,000 or more in total compensation (Le., money or anything else of monetary value) in connection with services rendered to the plan or
the person's position with the plan during the plan year. If a person recelved only eligible indirect compensation for which the plan received the
required disclosures, you ere required to answer line 1 but are not requirad to inolude that person when completing the remainder of this Part,

1 Information on Persons Receiving Only Eligible Indirect Compensation
a Check "Yes" or "No* to indicate whether you are excluding a person from the remainder of this Part because they received only
eligible indirect compensation for which the plan received the required disclosures (see instructions for definitions and conditions). []'Ves fl No

b Ifyou answered fine 1a "Yes," enter the name and EIN of address of each person providing the required disclosures for'the service providers
who received only eligible indirect compensation. Complete as many entrias as neaded (see instructions).

{b) Enter name and EIN or addresé of person who provided you disclosures on eligible indirect compensation
PACIFIC INVEST MGMT COMP LLC - PIMC **-****%%*
840 NEWPORT CENTER DRIVE 0
NEWPORT BEACH CA 92660

1

{b) Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation

SEI TRUST COMPANY RK RRR
1 FREEDOM VALLEY DRIVE P.O. BOX 110

OAKS . PA 19456

(b} Enter name and EIN or address of person who provided you disclosures on eligible indirect compensation
‘BPIF NONTAXABLE LP 7 a eee
345 PARK AVENUE -
NEW YORK Ny 10154

{b) Enter name and EIN or address of person who provicled you disclosures on oligible indirect compensation

ROBECO INVESTMENT MANAGEMENT FOR LK em
For Paperwork Reduction Act Notice and OMB Control Numbers, see the instritions for Form 5500 Schedule © {Form 5500} 2015
. Vv. 150723
stessi
aes
6

qe620Ne15 TRORIWE NEAID ANA QN15 AINAN TRITmMEN OTE MIM waAmEEnA nn ARaAn aa


Filing instructions

Prepared for: Prepared by:

UNITED FURNITURE WORKERS : ROGOFF & COMPANY, P.C.
P.O. BOX 100037 : 355 LEXINGTON AVENUE
NASHVILLE, TN 37224 NEW YORK, NY 10017-6603

2015 ANNUAL RETURN/REPORT OF EMPLOYEE BENEFIT PLAN FILING INSTRUCTIONS

' FEDERAL FORM 5500 SHOULD BE SIGNED AND DATED BY THE PLAN SPONSOR AND THE
PLAN ADMINISTRATOR AND KEPT WITH THE PLAN'S RECORDS.

BEFORE THE RETURN IS FILED, THE ENCLOSED SCHEDULE MB/SB (FORM 5500) MUST)
BE SIGNED BY THE PLAN ACTUARY. THE SIGNED SCHEDULE MB/SB SHOULD THEN BE
ATTACHED. TO THE RETURN AS A PDF FILE. PRIOR TO ELECTRONIC FILING.

THIS RETURN HAS BEEN PREPARED FOR ELECTRONIC FILING. PLEASE SIGN, DATE,
AND RETAIN AN ORIGINAL OF THE RETURN FOR THE PLAN'S RECORDS. WE WILL
SUBMIT YOUR ELECTRONIC RETURN. DO NOT MAIL THE PAPER COPY OF YOUR

RETURN TO EFAST2.

‘Sibo83
04-04-15


% on
% on
% on
% on
%on -

coooo

_ 1/2 Thereof for Paying
Allocation
Principal:
5,521,948.32X
5,521,948.32
Incomes: :

5,521,948.32

__ 0.00%"

Schedule] (Continued)
0.00 =$
0.00
0.00
0.00
5,521,948.32

“oad a

0.00 =$

0.00 =

Total Commissions Due Each Executor

Total
Receiving $
Paying

0.00
0.00.
0.00

Total commissions available for allocation:

Page 2

(5)

0.00 .
0.00
0.00
0.00
0.00

$ 0.00

0.00

0.60
0.00

S$ 0.00


UNITED FURNITURE WORKERS PENSION FUND A
_ Notes to Financial Statements
February 29, 2016 and February 28,2015.

"E, - TAX RULINGS AND STATUS

The Plan has been riled to be a qualified plan, under Section 401 of the Internal Revenue Code
(IRC). The Plan has been amended sincé receiving its last determination letter. However, the plan
administrator believes that the Plan is being operated in compliance with the applicable requirements of .
the IRC and, therefore, believes that the related trust is tax-exempt. :

“Accounting principles generally accepted in the United States of America require plan
management to evaluate tax positions taken by the Plan and recognize a tax liability if it has taken an
uncertain position that more likely than not would not be sustained upon examination by the appropriate
taxing authority. The Plan is subject to routine audits by taxing jurisdictions; however, there are
currently no audits for any tax periods in progress, The plan administrator believes if is no longer”.
subject to income tax examinations for years prior to 2013. .

F PROPERTY ANDEQUIPMENT ~

As of February 29, 2016 and February 28, 2015, property and equipment consists of the
following: . .

lL 2016 2015
Furniture and equipment $ 41,632 = $ 41,632
Less; accumulated depreciation 18,296 12,931

§. 33,936 § 28,701 —

Depreciation charged to net assets available for benefits for the year ended February 29,'2016
and February 28, 2015, amounted to $5,365 and $5,365, respectively,


Nimum guarantee fimit is $35.75 per month
| times a participants years of service. Far example, the

maximum annual ranted fora rearee with 30 years THE UNITED FURNITURE WORKERS

: of sorviee would be S12.870, ; PENSION FUND A
i .
{ The PBGC guarantee generally covers: (1) Nonmal and BOARD OF TRUSTEES
ij Early Retirenient benefits (2) Disability benefits if you .
: become disabled before the Phan becomes insolent: and . Chairman

{3} certain benefits for your survivors, HARRY BOOT

The PBGC guarantee generally does not cover: (1)
Benefits greater than the masini guaranteed amount
| set by law: (2) benefit increases and new benefits based Secretary Treasurer
| on plan provisions thal have bees in place for fewer than _ 2 KEN BARTON

S years at the earlier of} (i) The date the plan terminates

: or (fi) the inte the plan becomes ingolver ) benefits °
] that are not vested because you have not worked long . : ELMO DE SILVA.
enough: (4) benefits for which you have pot met all of ° “ 3
L the requirements at the time the plan becomes insolvent: a 7 EDMOND DUGAS
; and (3) ndnpension benefits, such as health insurance. : . - FRANK SCOTT
i life insurance, certain death benefits, vacation pay and : ne “ ULISES VERG. -ARA
Hy “severance pay. cee
id _ 1 JOSE VILLARREAL
| For more information about the PBGC and the benefits an
Hy it guarantees, ash your Plan Administrator or contact the ANTHONY SESTITO
PBGC’s Technical Assistance Division, 1200 K Stre
NAW, Suite 930, Washington. D.C. 20005-4026 or call i;
202-326-4000 (not atoll-lfee number). TTY/TDD wsers Beh Ceny sd» Director
m ~ DEE ANNE WALKER

may call the federal relay serv ive toll-ree at |-800-8'
$339 and ash to be conneeted to 202-326-4000, Addi-
tional information about the PBGC’s pension insurance :
in is available through the PBGC's website on the Actuarial Consultant

emet at {ilp: wy wphyeny. “ CHEIRON

NOTICE
Certified Public Accounts

“JOSEPH WARREN & CO., INC,
A Division of Rogoff & Company P.C.

The Summary Seetan of thes booklet is only a bret
explanation af the important provisions of dhe Pension,

4 Phan,

: Unned Furniture Workers Pension Fund A's Penston, ‘

% proved by the United States Tressurer / ; General Counsel
pena ey Fetters Which we an file m the Fund ao . BRYAN CAVE LLP
4 This Peusion Plan and Summary contay all your rights ,

in detail,

64



Plan'Name:. United Fumiture Workers Pension Fund A , Attachment C to 2015 Form 5500 Schedule MB
Plan Sponsor EIN/PN: 13-5511877 /001 .
Schedule MB, line 6 — Statement of Actuarial Assumptions/Methods

3.‘ Withdrawal Liability Method
The Plan uses the Presumptive method with the Unfunded
Vested Benefits calculated as the difference between the
market value of assets and the present value of vested
benefits valued at 6.25%,

.4, Changes in Actuarial Methods Since the Last Valuation

None.



Schedule MB-(Form 5500) 2015

2 Operational information as of beginning of this plan year:

@ Current value of assets (see instructions) 2a 70,887,468
b °RPA‘94" current liability/participant count breakdown: (1) Number of participants (2) Current labitty
(1) For retired participants and beneficiaries recelving payment 5,563 151,631,639
(2) For terminated vested participants sss so 3,471 89,993,573
(8) For active participants: .
(a) Non-vested benefits.) 550,054
(b) Vested benefits..... 48,374,670
(ce) Total active., 1,025 48,924,724
(4) Totabsnasiioen 10,063 290,549,936
_ © Ifthe percentage resulting from dividing line 2a by line 2b(4), column (2), is less than 70%, enter such 2c -
poreentage. rn costusenmndgyge 24.40%

"3 Conttibutions made to the pian for the plan year by employer(s) and employeest

(a) Date (b) Amount paid by (c) Amount paid by (a) Date (b) Amount paid by “{e) Amount paid by
{MIM-DD-YYY’Y9. employer(s) employees (MM-DD-YYYY) employer(s) employees
01/01/2016 1,776,788}

7 = Totals ‘> + | 3(b) _1,776, 788| 3(¢) | 0
4 Information on plan status:
Funded percentage for monitoring plan's status (line 1b(2) divided by line 1¢(3))... a 4a 38.5 %

b Enter code to indicaté plan's status (see instructions for attachment of supporting evidence of plan's status). If | 4.

code is "N." go to line 6..

© isthe plan making the scheduled progress under any applicable funding improvernent or rehabilitation plan? .

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

@ If line dis "Yes," enter tha reduction in liability resulting from the reduction in benefits (see instructions), *

measured as of the valuation date : are de.
7 Ifthe rehabilitation plan projects emergence from critical status or critical and declining status, enter the plan

year in which It is projected to emerge,

If the rehabilitation plan is based on forestalling possible Insolvency, enter the plan year in which Insolvency Is af

expected and check here ...

2021

5 Actuarial cost method used as the basis for this plan year's funding standard account computations (check all'that apply):
fil Accrued beriefit (unit credit)
9 [] individual aggregate

a []] Attained age normal b a Entry age normal
[| Frozen initia! ability

i [] Reorganization

[| individual evel premium
Jj [Joiner (pecityy:

d [] Acgregate
hh [] Shortat

K If box h is checked, enter period of use of shortfall method El
1 Has achange been made in fuinding method for this plan year’

M If line lis "Yes," was the change made pursuant to Revenue Procedure 2000-40 or other automatic approval?

Yes fi] No
J] yes [] Ne

TT Ifline 1 is "Yes," and line mis "No," enter the date (MM-DD-YYYY) of the ruling letter (individual or class)

approving the change in funding method 5h

6 Checklist of certain actuarial assumptions:
Interest rate for "RPA ‘94° current flabiliy,

af 62 3.44%

Pre-retirernent

Post-retirement

b Rates specified in insurance or annuity contracts.

[J ves [J no fe va

; Uy yes [] wo fi} wa

© Mortality table code for valuation purposes;



Plan Name: United Furniture Workers Pension Fund A
Plan Sponsor EIN/PN: 13-551 1877 / 001 :
Schedulé MB, Line 4a - Illustrations Supporting Actuarial Certification of Status

APPENDIX Ill ~ SCHEDULED PROGRESS -

Pursuant to Code Section 432(b)(3)(A)(ii) and ERISA Section 305(e)(3)(A)(i), the Board of
Trustees has adopted their 2009 Rehabilitation Plan to forestall insolvency as defined in ERISA
Section 4245. The Rehabilitation Plan removed some adjustable benefits effective March 1, 2009
and requires annual contribution increases of 5.5% upon adoption of the Rehabilitation Plan.
Currently, all active employers have adopted these provisions for the duration of their most
recent collective bargaining agreement.

On this basis, and also considering lack of guidance from the Internal Revenue Service we are
certifying that the Fund is making scheduled progress in meeting the requirements of its
Rehabilitation Plan as discussed in ERISA Section 305(b)(3)(A){ii).



Plan'Name: United Fumiture Workers Pension Fund A ;
Plan Sponsor EIN/PN: 13-5511877/001

Attachment C to 2015 Form 5500 Schedule MB

Schedule MB, line 6 — Statement of Actuarial Assumptions/Methods

A. Actuarial Assumptions
1. Investment Return (net of investment expenses)

Funding purposes 6.75% per year «
Current Liability under RPA 1994 3.44% per year
Withdrawal Liability purposes 6.25% per year

‘2. Administrative Expenses

Average expenses from the most recent two years rounded
to the nearest $5,000; this year the assumption is
$1,175,000.

3. Rates of Mortality

Funding & ASC.960:
- Healthy Lives: | RP2000 with blue collar adjustment,
a projected 5-years with Scale AA.
- Disabled Lives: same with ages set-forward five years

RPA *94 Current Liability:
- 2015 Current Liability Combined Mortality Table

Terminated Vested Participants over age 80 are ‘assumed to
be deceased.

In accordance with Actuarial Standard of Practice #35, we
have considered the effect of mortality improvement prior
to and subsequent to the measurement date developing this
assumption.

4, Rates of Turnover

35 16.9
45 15.0 15,0
55 15.0 15.0
62 15.0 15.0

5. Rates of Disability

aus Rate
25 0.050%
35 0.065
45 0.244
55 0.406.
65 0.000

6. Rates of Retirement

55-59 . 3.00%
60 5.00
61 10.00

62-64 15.00

65-69 50.00 -
70 __100.00

7. Normal Form Life Annuity



deposit and disbursement of funds, The Union and the Participating Employers shall have equal
representation on the Board of Trustees.

6) “Contributions” means the monthly payment to the Fund by Participating
Employers of such amounts as may be provided for in collective bargaining agreements between
the Union and the Participating Employers, as herein defined, or as they may hereafter be
amended; in the case of the Union, this Pension Fund or any other related organizations deemed
to be Participating Employers, the amount of contributions shall be governed by agreement
between such organizations and the Board of Trustees. The words “Contributions are made” that
hereinafter are used shal] mean “Contributions due by Participating Employers of such amounts
as may be provided for in a collective bargaining agreement between the Union and the
Participating Employer.”

(6) “Pensioner” means a Participant who retires under the Plan.

(7) “Fiscal Year” means the !2-month period beginning with the first day of March
in any calendar year and ending With the last day of February of the next calendar year.

(8) “Actuarial Value” or “Present Value” shall have the meaning set forth below;

For lump sum distributions made on-or before February 29, 2008, present values will be
calculated using the applicable interest rate and mortality table. The applicable interest rate for a
distribution in a fiscal year is the interest rate on 30-Year Treasury securities for the month of
November in the fiscal year preceding the fiscal year of the distribution. The applicable
mortality table is the mortality table prescribed by the Internal Revenue Commissioner used to
determine reserves for group annuity contracts.

For lump sum distributions madé on or after March 1, 2008, presént values will be
calculated using the applicable interest rate and mortality table. For this purpose, the applicable
interest rate is the minimum present value segment rates as required by the transitional rate
provided in Code Section 417(e)(3)(D) as specified by the Internal Revenue Commissioner for
the month of November in the fiscal year preceding the fiscal year of the distribution, or such
other interest rate or rates published by the Intemal Revenue Commissioner for the purposes of
the determination of actuarial value subject to Code Section 41 7(e). The stability period, within
the meaning of Treasury Regulation Section 1.417(e)(1)(d)(ii) shall be the Pension Fund's fiscal
year. The applicable mortality table for a fiscal year is the table prescribed for-use in that year in
Regulations under Code Section 417(e). ‘

For distributions made on or after January 1, 2009, except for lump sum
distributions, present values will be calculated on the basis of the RP 2000 Mortality Table and a
7 percent interest rate. The value shall be superseded if the amount is exceeded by the Accrued
Benefit applied to the Actuarial Value determined as of December 31, 2008. [Amended March
2800, March 2002 and September 2008}.

(9) “Corporate Trustees” means the bank or trust company that holds and/or invests
such funds of the Plan as the Board of Trustees may from time to lime turn over to the Corporate
Trustee for investment. The determination of the amount or amounts, if any, to be so tumed over
fo the Corporate Trustee, shall rest in the sole discretion of the Board of Trustees.

2



Joseph‘Warren
a division o}

_ROGOFF, ASS Leningtor Avenue, Sixth Floor

20

587-5666 F2

COMPANY P

CERTIFIED PUBLIC ACCOUNTANTS

Indopendent Auditors’ Report

Board of Trustees .
‘United Furniture Workers Pension Fund A
Nashville, TN

We have audited the ecoompnying financial statements of United Fumiture Workers Pension Fond A (the “Plen")
which comprise the stalcment of net assets available for benefits as at February 29, 2016 and February 28, 2015,

~and the related slatments of clianges 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 intemal control relevant to the preparation and fair presentation of financial
statements that are frec from material misstatement, whether due to fraud or error.

‘Auditor's responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audil in acoordance with auditing standards generally aocepted in the United States of America. Those slandards
require that wo plan and perform the audit to obiain reasonable assurance about whether the financial statemenis are
free of material misstatement.

An audit involves performing procedures {o obtain audit evidence about thé amounts and disélomxes in the
Gnanoial statements. The procedures selecled depend on the auditor's judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to freud or crror, In making those risk
assessments, (he auditor considers internal contrul relevant to the Plan's preparation and fair presentation of the
financia] statements in order to design audit procedures that are appropriate in the circumstances, bul not for the
pwpose of expressing an opinion on the effectiveness of the Plan's internal control, Accordingly, we express no
such opinion, An audit also includes evaluating the appfopridteness of accounting policies used and the
reasonableness of significent necdunting 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 basis for our ait
opinion,

Opinion

In vor opinion, the nancial statements referred to above present fairly, in ull material respects, the financial
position of United Furniture Workers Pension Fund A. as of February 29, 2016 and’ February 28, 2015, and the
related statements.of changes in net nssels available for benefits for the years then ended, in accordance with
accounting principles generally accepted in the United States of America.

Redacted by the U.S. Department of the Treasury

Certified Public Accountants
New York, NY
June 08, 2016


Schedule H (Form 5500) 2015 : : Page 3

. {a}Amount tb) Total:

{6) Net investment gain (loss) from, common/collective trusts 2b{6) -898,597

(7) Net.invastment gain (loss) from pooled separate accounts 2b(7) :

{8) Not investment gain (loss) from master trust investment accounts 2b(8)

(9) Net investment gain (loss) from 103-12 investment entities 2b(9)
, (10) Not investment gain (loss) from m registered investment companies . -

. (.g., mutual funds) 2b(10) -1,274, 611

© Other incorne 20 1,200
Total income. Add ail income amounts in column (b) and enter total 2d : 1,824,448

Expenses
© Benefit payment and payments to provide benofits:
(1) Directly to participants or beneficiarles, including direct rollovers

Pol} 13,603,642)

(2) To insurance carriers tor the provision of benefits 2o(2)_
(8) Other... 2e(3) a
(4) Total benefit payments. Add lines 2e(1) through (3) 2el4) 13,603,642
” £ Corrective distributions (see instructioris) 2t
. Certain deemed distributions of participant loans (see instructions) a. 2g°
hh Interest expense .,.., vowel _— : 2h. . .
i Administrative expenses: (1) Professional fees 2itA) 390,577
{2) Contract administrator fees. a 2i(2) .
{3) Investment advisory and management feos . 2i(3)_ 385,396)
(4) Other... T 2i(4), 982,158 :
(6) Total administrative expenses. Add lines 2i(1) through (4) 2i(5) —_ 1,758,131:
J Total expenses. Add all expense amounts In column (b) and enter total 2i 15,361,773
Net Income and Reconciliation _
K Net income (loss), Subtract line 2j from line 2d 2k . ~13,537,325
| Transfers of assets: .
(1) To this plan ait)
{{@}_From this plat 21(2) |

_ [Parti] Accountant’s Opinion .
3 Complete lines 8a through $c if the opinion of an independent qualified public accountant Is attached to this Form 5500,
+ Complete line 8d if an opinion is not attached.
The attached opinion of an indépendent qualified publiezccountant for this plait is (see instructions):
2)

_¢t Bl unduatiea tified (3) | |Disclaimer) | LAdverse _
B_Did the accountant perférm a limited Scope audit pursuant to 29 CFR 2620.103-8 and/or 109-12{a) ~ [ves fl no
Enter the name and EIN of the accountant (or accounting firm) below! : .
(1) Name: ROGOFF & COMPANY, P.C a (2) EIN: **- ARR RR RH

d The opinion of an independent qualified public accountant is not-attached because:
‘tay LT this tormis tiled fora OCT, PSA, or MTA. £8. |, ttwilbo atttachad to thenoxt Form 8800 pursuant to 29 OFHS620.104:50,
[Part IV |. Compliance Questions”
4 COTs and PSAs do not complete Part IV. MTIAs, 103-12 IEs, and GlAs do not complete lines 4a, 4, 41, 4g, 4h, 4k, 4m, 4n, or 5,
403-12 IEs also do not complete lines 4j and 41, MTIAs also do not complete line 41, .
‘During the plan year, . Yes | No [N/A Amount
Was thore'a failure to transimit to the plan any participant contributions within the time
poriod desoribad in 29 CFR 2510.3-102? Continue to answer "Yes" for any prior yaar
failures until fully corrected. (See Instructions and DOL’s Voluntary Fiduciary

Correction Program.) , so 4a x
1b Were any loans by the plan or fixed income obligations dus the plan in default as of the

close of the plan year or classified during the yoar as uncallectible? Disregard

participarit loans secured by participant’s account balance. (Attach Schedule G (Form

5500) Part | if "Yes" is checked, 4b x

40509
42-07-15,

19

1620N615 IEORIR ARIWD ANN 918 AINAN TAITMOEN BIIAATTMEN HARYANA ao nea one


Form $500 (2015) Page 3

Pai Form M-i Compliance Information (to be completed by welfare benefit plans)

Ta if the plan provides welfare benefits, was the plan subject to the Form NA filing requirements during the plan year? (See instructions and 29
CFR 2520,101-2) Yes No
It "Yes! ischesked, complete lines 14b and tic.

Tb is the peri suneiily in compliance with the Form Ne fling requirements? (Sey Instructions and 29 OFA2520.1012) [| Yes 1 | No

tic Enter the Receipt Confirmation Code for the 2015 Form M-1 annual report. If the plan was not required to file the 2015 Form M-1 annual report,
enter thie, Receipt Confirmation Code for the most reosnt Form M-1 thet 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 illng to rajeotion as incomplete.)

Receipt Confirmation Code -

518403,
42-07-15

5

1e699NE1E FOR ALI. ANN 2018 NINA wAITMEN BTTENTMTID Pe MADYEDA oD ARI 01


UNITED FURNITURE WORKERS PENSION FUND A

Supplemental Schedule of Assets Held For Investments’

See independent auditors’ report on supplemental information

-21-

February 29, 2016
- Number Market
Short term obligations Of Shares Cost Nalue
JP Morgan Prime Money Market Fund eat f UTA
Bank of New York _ 2584 95,484.
242.895. 3 242,895
Cooke & Bieler as Investment Managers
: Number Market
Common Stock. Of Shares » Cost Value
3M Co. 350 30,889 § 54,905
Abbott Laboratories . 1,730 68,155, 67,020
AerCap Holdings N.V. "2,220 97,331 79,321
‘Ameriéan Express Co. 909 49,712 - 50,022
Axalta Conting Systems Ltd - 1,310 32,988 34,008
Ball Corp , 230 9,991 15,233
Bank of America Corp. 5,660 129,035 70,863
Becton Dickinson & Co. 560 31,103 82,572
Borkshire Hathaway Tne 590 66,569 79,160
Brinker International _ 780 35,313 37,848
Cardinal Health Ine, 1,060, 50,085 86,602
Casnival 1,350 49,154 64,746
Chevron 46813 41,720
Chubb Corp 49,090 50,833
Colgate Palmolive Co. 15,644 32,820
Crown Holdings 19823, 36,204
Devon Energy Corporation 66,502 28,142
Diageo Ple ADR 50,096 57,456
Donaldson Co ° 86,675 66,929
Eaton Corp PLC 89,900 83,364
Exxon Mobil Corp, 71,646 89,768
FNF Group 67.412 80,471
Gildan Activewear Ine 98,001 93,613
JP Morgun Chase & Co, 64,398 88,391
Johnson & Johnson 57,286 83,116
Kohls Corp. 20 46,203


any surcharge required pursuant wo ERISA Section 305(e)(1).* (The first annual increase shall be
effective the month following the date upon which the Contributing Employer elects the Preferred
Schedule. In all subsequent years, the annual increase shall be effective on the earlier of the
anniversary of the collective bargaining agreement or March 1).

By way of illustration, if a Contributing Employer's total contribution obligation
under its immediately preceding collective bargaining agreement and by application of the surcharges
required pursuant to ERISA Section 305(e)(7) amounted to $5,000 per month, then under this
Preferred Schedule, that Contributing Employer would be required to increase its monthly
contributions by an additional $275 per month (to $5,275), assuning all other assumptions remained
constant. In the subsequent year (and again assuming all other assumnptions‘remain constant), that
Contributing Employer’s contributions to the Pension Fund would increase by an additional $290.13
per month (to $5,565.13 per month).

Notwithstanding the provisions of Section 3, «ll active Pension Fund participants
whose Contributing Employers have elected the Preferred Schedule will remain eligible for a
disability benefit subsidy and the early retirement subsidy to the same extent that such participants
were eligible for such benefits immediately before the effective date of this Rehabilitation Plan.

The Board of Trustees anticipate reviewing, from time to time, the impact that this
Preferred Schedule is having on the Pension Fund’s funding stamus, and anticipate making

adjustments to this Schedule, as appropriate, over time.

B. Default Schedule (Eliminates All Adjustable Benefits)

2009-2021: Increase contributions by 10.4% each year.

* The 5.5% annually compounding contribution increases required to be made by each Contributing Employer
hereunder ate intended to improve the funding status of the Pension Fund and will not generate any additional benefit
accruals for Pension Fund participants, to the extent permitred by applicable law.

7
(C055448/0142980/ 14986528


contribution rates, which, taken together, are projected to allow a pension fund to emerge from
ctitical status by the end of the pension fund’s rehabilitation period, Adjustable benefits that may be
eliminated include post-retirement death benefits, early retirement benefit or retirement type
subsidies, disability benefits or related subsidies or any other benefits that may be desctibed in
ERISA Section 305(e)(8)(A).

SECTION 2- BOARD'S DETERMINATION TO U TILIZE ALTERNATIVE
. MEASURES TO EMERGE FROM CRITICAL STATUS ©

Under the PPA, a rehabilitation plan isa plan which is intended, through various
changes in benefits and contributions and reasonably anticipated experience and reasonable actuarial
assumptions, to enable a pension fund.to emerge from critical status by the end of its rehabilitation
petiod. However, under the PPA, if the plan sponsor of a pension fund “determines that, based on
reasonable actuarial assumptions and upon exhaustion of all reasonable measures,” the pension fund
is not reasonably expected to emerge from critical status by the close of the plan’s rehabilitation
period, then the plan sponsor can fashion a rehabilitation plan that includes reasonable measures
that are designed to allow the pension fund to emerge from critical status at a later time or forestall
possible insolvency under ERISA Section 4245. A plan sponsor may adopt this “exhaustion”
approach upon its determination that “based on réasonable actuarial assumptions and upon
exhaustion of all reasonable measures,” it would not be sentonable to conclude that the pension
fund would emerge from critical status by the end of its rehabilitation period.

For the reasons set forth in greater detail below, the Board of Trustees of the
Pension Fund has determined that, on the basis of reasonable actuarial assumptions and upon the
exhaustion of all reasonable measures, and upon consideration of various alternatives, it would not
be reasonable to conclude that the Pension Fund would emerge from cuitical status under the PPA

by the end ofits rehabilitation period. (The Pension Fund’s rehabilitation period is the teit (10) year

period beginning on March 1, 2011 and ending on Febmary 28, 2021).

3
2155448 /0142980/ 1498028


UNITED FURNITURE WORKERS PENSION FUND A
Supplemental Schedules of Reportable (5%) Transactions
For the Year Ended February 29, 2016

Current Value

: of Asset on
Description Purohase Selling Cost of Transaction Net Gain
of Asset Price “Price Asset Date or (Loss)

Series _of Transuotions ~ continued

State Street Global Advisors - Daily (continued) :
27.32 100,800 109,667 8,867
27.00 98,577 106,000 7,423
25.95 122,540 126,667 4,127
26.22 101,203 105,667 4,864.
27.11 ° .. 99,088 107,000 7,912
27M 44,455 - 48,000 3,545
26.93 105,992 + 113,667 1675 «
24,15. 121,284 116,667 (4,617)
25.08 116,136 116,000 (36)

Stale Street Global Advisors - MSCI
18,80 73,804 71,000 3,196
19,14 106,066 112,668 8,602
18.33 84,454 85,926 1,472
18.31 BO. 14 . od
18.28 90,651 92,000 1,349
17.39. 99,139 95,663 472)
16.73 80,770 75,000 (5,770)
17.13 100,961 96,000 (4,961)
16.77 101,690 94,667 (7,023)

16.82 : 48,009 48,000

16.33 97,035 (9,035)
14.54 105,275 (20,275)
13.14 103.869 (16,202) |

See independent auditors’ report on supplemental information

25


( 3 To the extent permitted by law, the application of the provisions of this
Section 3.4 shall not cause the benefit that is accrued, distributed or
otherwise payable for any Participant to be less than the Participant's
accrued benefit as of December 31, 2006 under the provisions of the Plan
that were both adopted and in effect before April 5, 2007 and that satisfied
limitations under Section 415 of the Code and the Treasury Regulations
thereunder as in effect as of January 1, 2008,

ted

Ifa Participant in the Plan also participates in a single-employer plan
maintained by an Employer, only those benefits accmmed under the Plan as
a result of service with that Employer shall be aggregated with the benefits
accrued under the single-employer plan. In the event that the aggregate
benefit accrued in any Plan Year by a Participant exceeds the limits under
Section 415 of the Code and the Treasury Regulations thereunder as a
result of the mandatory aggregation of the benefits under this Plan with the
benefits under another plan maintained by an Employer, The benefits of
the other plan shall be reduced to the extent necessary to comply with
Section 415 of the Code and the Treasury Regulations thereunder.

Dated a oft Febniayy

ie,
Redacted by the U.S. Department of Redacted by the U.S. Department of
the Treasui
ais

Anthony Sestito— ma
Redacted by the U.S. Department of the

Ulises Vergara

Redacted by the U.S. Department of the gRedacted by the U.S. Department of
Treasury the Treasury

Redacted by the U.S. Department of the
Treasury


Schedule MB (Form 5800) 2015 . Page 4

Jj Full funding limitation (FFL) and credits:

(1) ERISA FFL (eceriied liability FFL) 31) 121,335,510
(2) "RPA '94" override (80% current liability FFL) .. 9i(2) 200, 360, 669
(8) FFL credit. 9i(3) 0
k (i) Waived funding deficiency. 9k(4) i)
(2) Other credits. 9k(2) 0
| Total credits. Add fines 9f through 81, 9(3), 8k(1), and 9k(2).. al 4,565,624
M Credit balance: If line Sl is greater than line Se, enter the difference om
en 48, 290, 593

i Funding deficiency: If line 9e is greater than line 91, enter the difference

90 Current year's accumulated reconciliation account:

(1) Due to waived funding deflelency accumulated prior to the 2015 plan year

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

vf 904)

(a) Reconciliation outstanding balance as of valuation date... 80(2)(a) io}

(b) Recohcliiation amount (line 9¢(3) balance minus line 90(2)(a)).. 80(2)(b) ie)

43} Total as of valuation date sinus S80(3) ie)

_ 10 Contribution necessery to avoid an accumulated funding deficlency. (See instructions.) 410 48,290,593

11 Has a change been made.in the actuarial assumptions for the current plan year? ‘lf “Yes,” see instructions.

Fl Yes [] No



ae 70NnEIG

Schedule C (Form 5500) 2015

Page 3 -

2. \Information on Other Service Providers Receiving Direct or Indirect Compensation. Except tor those persons for whom
you answered "Yes" to line 1a on page 2, complete as many entries as needed to list each person receiving, directly or indirectly, $5,000 or more

in total compensation (.6., money or anything else of value) in connection with services rendered the plan or thelr position with the plan during
the plan year, (See instructions), :

SEE STATEMENT 1

{@) Enter name and EIN or address (sea instructions)

PAM WILSON HELE RHEE
) |. (o) () fy 9) . (h)

-Servico Relationship to Enter direct Did service provider Did indirect Enter total indirect Did the service
Code(s) | employer; employee | compensatich| — recejveindiract | compensation include | compensation received by | pravidar give you
organization, or | paidbythe | compensation? sligible indirect’ | service provider excluding | a formula instead

person known to be | plan. if none, (sources other compensation, for eligible indirect of an amount or
aparty-in-interest. | enter -0-. than plan or which the plan | compensation for which you | gstimated amount?

plan sponser) received the answared "Yes? to element :
fequired disclosures? |__(). Ht none, enter 0.
30 EMPLOYEE 4 . . . .

45,476.| Yes [] nol | yes (] no[] yes [] nol]

{a) Enter name and EIN or address (sce {nstructions)

ROTHSCHILD ASSET

MANAGEMENT INC

Kk EEE ERE

TRORIQE AR

ato ann

2 ONE NINAN ATEN wrTOMTMTIDD

an

(6) () @ €) __ . (h)
Service | Relationshipto | Enterdirect | Did service provider Did indirect Enter total indirect Did the service
Code(s) | employer, employee | compsnsation| - receive indirect | compensation include | compensation received by | provider give you

organization, or, paid by the compensation? sligible indirect service provider excluding | a formula instead
person known to be | plan. |f none, (sources other compensation, tor eligible indireot ‘of an amount or
a party-ininterest | enter -0-. than plan or which the plan | compensation for which You} gstimated amount?
plan sponsor) receivad the answered "Yes" to element
required disclosures? (. none, enter -0-, ‘
51 [INVESTMENT MANAGER
+} Yes EX} No Yes lo + | Yes |} No
39,781.) Yes ix Ni 90
{@) Enter name and EIN or address (see Instructions).
: LISA FETZER KR LEER EEE

(b) © {d) (e) ) (9) (h)
Service | Relationship to | Enter direct | Did service provider Did indirect Enter total indirect Did the service
Codels) | employer, employes |compensation| receive indiract | compensation include | compensation received by | provider give you

organization, or’ | paid by the compensation? aligible indirect service provider excluding | a formula instead
person known to be | plan. if none, (sources other compensation, for eligible indirect of an amount or
a party-in-interest ‘enter -0-. than plan or which the plan compensation for which you | estimated amount?
plan sponser) received the answered "Yes? to olemant "
tequired disclosures? 4 _(f). none, enter -0-.
30 {EMPLOYEE .
30,828.) Yes 0 No fx] Yes in no L] Yos 0) no
s1sase
1207-15

HADY EDO

mo ARI19 91


SCHEDULE MB [ Mattiemployer Detinied Benefit Plan and Certain OMB No, icone _
(Form 5500) Money Purchase Plan Actuarial Information 2015

" Deparimentotthe Treasury
fal Ravens Senice ..| This schedule Is requirad to be filed under section 104 of the Employee

° Deparinanl d Labor ‘ Relrement Income Security. Act of 1974 (ERISA) and section 6059 of the - ~
oye bra SrtA Internal Revenue Code (theGode), This Fi baleen Pubile
Pension Genet Guareny Comemton ©}. "| > Flleasan attashment tol Form 5500 or $500-SF. ” .
For calendar plan year 2015 of fiscal plan yeet beginning ~ and ending 02729/2016

> Cautlon: A penalty of $i, 000 ei aeased ferlate ine of the report unlegs reasonable cause is established.
‘A Namie of plan y ~ B Threedigk
DNITED FURNITURE Wo KERS PENSION FLAN A plan number (PH)

DB Employer Identification Number (EIN)
13-5511877 :

(2) [] Money Purchase (see intrutons
Year, 2025 "

"Fa eilet tie valuation date

b Assets
(4) Current value of asset
(2) Actuarial valus of assets

TG) 10; 887, 468
Ab(2) $9,965,653

© (4) Accryed lisbility for plan’ using Immediate gain methods .... ‘t6(4), 181,584,343
(2) Information fo? plans ising spre ‘gain methods: ES _
Tel2hey
(o) Acérwed liabily under entry ‘baé normal method t¢(2)(b)
(c) NofiaFcost under entry age normal method... 4efayte) :
(3) Accrued liability under unit crédit casi melnod Ac(3) 18), 564) 3

Information on current labiities of the plan:

(1) Amount excluded from cubvent lability dttibutable to pre-participation service (see instructions). uta}
(2) “RPA'94" information; . we :
(a) Current Nabi. 4a12)lad 290, $49, 946
4o(2(b) 1,768; 880
{c) Expected release from "RPA '94" current lability et the plan year 10(2Me) 13,676,667
[S)_ Expected: plan disbursement forthe plein year... manerse 4d(3) "14,798,131

Statement By, Botolled ‘Actuary
a ost oi ses Senate ape han ond eouxenpaniing cPefule,stalemanis it cuacrmans i any 4 ceepele ay Astute, Eocn prsefived asstnipllenw as aptsctin
Set aebiere pee: vies arse genre neat Hnpnle seteaat Gae-edante ole fe rd uaseta¥6 wmectotans) ond such other assigns In

rants tir iy bat Babi Ob

aati + . ,
C hab be Re ul
af lato fn - Sel Gininavie cm) ail
Signature af adtuary
E. PERJAMINSON, FSA, BA . Redacted by the U S.
- ‘Type or print name of actuary 7 Most recent enraliment number
. (703) 893-1456
SUITE TW
Firm name ; Telephone number (including area cods)
D8054
Aadressoft
“Tine actuary has not fly relecied ny regulation o rung promulgated under the siatule Completing this schedule, check the box and eee il
instructions
For Paperwork Reduction Act Notite Re OMB. Control Nuimibers, see the Instructions for Form 5500 orFom 6800-SF, Schedule MB (Form 5500) 2015

v 150123


UNITED FURNITURE WORKERS PENSION FUND A

TOR ak

“HEDULE H OTHER ADMINISTRATIVE EXPENSES STATEMENT 5
DESCRIPTION. AMOUNT
ADMIN. SERVICE PROVIDERS (SALARIES, FEES AND COMMISSIONS) 982,158;
TOTAL TO SCHEDULE H, LINE 21(4) 982,158.-

(Sete es

29

STATEMENT (S) 5

1£2ONE1R TEORIE NEIWW9 ANN ONT NIAAA TATTMEN errowTmDD wADYrEDE nm ADIN At


subsequent year (end again assuming all other assumptions remain constant), that Contributing
Employer's contdbutions to the Pension Fund would increase by an additional $574.08 per month
(to $6,094.08 per month),

SECTION 5 — ANNUAL STANDARDS AND PROJECTED EMERGENCE FROM
CRITICAL STATUS . :

Under this Rehabilitation Plan, the Board has established the annual standaeds set
forth below for improving the Pension Fund’s funding status from 2010 through the date that it is
projected to emerge from critical status in 2036. :

The Board has determined, upon consultation with the Pension Fund’s actuary, that
the reasonable measures contemplated under this Rehabilitation Plan, which include substantial, yet
more attainable, contribution increases and less onérous benefit adjustments, are less likely to result
in mass employer withdrawals and ate reasonably designed to allow the Pension Fund to emerge
from critical status ata later time. Assuming that all of the Contributing Employers elect the
Preferred Schedule set forth in Section 4(A) above, and based. upon the attainment of all of the

Pension Fund’s other reasonable actuarial assumptions, the Board, in consultation with the Pension
Fund’s actuary, has concluded that the Pension Fund’s funding status is projected to improve over
time as follows:

March 2010 -69% funded March 2023 -58% funded

March 2011 -67% funded
March 2012 -64% funded
March 2013 -63% funded
March 2014 -62% funded
March 2015 -61% funded
March 2016 -60% funded
March 2017 -59% funded
March 2018 -59% funded
March 2019 -58% funded
March 2020 -58% funded

March 2021 -58% funded *
March 2022 -57% fanded ©

CO35-+48/0142980/ 1498612.8

March 2024 -58% funded
March 2025 -58% funded
March 2026 -59% funded
March 2027 -61% funded
March 2028 -63% funded
March 2029 -65% funded
March 2030 -68% funded
March 2031 -73% funded
March 2032 -78% funded
March 2033 -84% funded
March 2034 -92% funded
March 2035 -99% funded
March 2036 — Projected to


UNITED FURNITURE WORKERS PENSION FUND A
Notes to Financial Statements
February 29, 2016 and February 28, 2015

I FAIR VALUE MEASUREMENTS (continued)..

The following table sets forth a summary of changes in the fair value of the plan’s level 3 for the
year ended February 29, 2016.

Total
Balance, beginning of year . . $ . 18,320,076
Unrealized gains/(losses) relating to assets .
still held at the reporting date . 420,354
Purchases, sales, issuances and .
settlements (net) in (8}8,439),
Balance, end of year , 8 17,92,991

The following table sets forth by level, within the fair value hierarchy, the plan’s 's assets at fair
value as of February 28, 2015.

Assets of Rade Value os of February 26,3013,

Total ‘Aewel 1. Level 2 < Lasvel 3
Short tere obligations S$ 264233, S$ REMTAR ~ 8 ‘
Common stocks
Bheray MGT
Materials 253,008
Industrials 578,079"

Consumer Diseretionary
Constiner Staples
Health Care

Financials

Information Technology
Consumer Staples
‘Tolul Cominon stocks

aft ea ba ee

Common trust fonds

Tntoch Institotional Large Cap Graveth Fun
JPMCB Strategic Property Fund
‘Welfinglon’ Glubal Total Return Fund

+ Stale Sirect Global Advisans - MSC
Biate Steet Global Advisers - Daily
Refhichilel SMI) Fund
Looinis Sayles Credit Lony/Short

‘Total common trast finds *, 4,607,312

8,828,337

3272.78
3,033,140
9

3.235,

85, 87

BRPIE Non-Paxable LP 8,231,989 > : . 8231

Anvesinent in United Fy niture Workers .
Railding Corporation 1,260,008 * . 1,260,000

Registered vestient sompaniee

lity Emerging Mokels Fund
Pinveo Bond Fond

Keobeco KP - All Cap Fund

~s4-


Annuitant. This option constitutes the Pension Fund’s Qualified Joint and Survivor Annuity
Benefit.

(3) The 75% Joint and Survivor Annuity is a reduced pension benefit of the
equivalent Actuarial Value payable to the Pensioner during his lifelime and, upon his death, 75
percent of such reduced pension benefit payable to the Pensioner, shall become payable. to the
Survivor Annuitant. This option constitutes the Pension Fund’s Qualified Optional Survivor
Annuity Benefit. -

(4) A married Participant or former Participant may elect during an election period,

with his spouse’s consent, to receive a sole pension inlieu of a Joint and Survivor Annuity

’ Benefit on a form prescribed and furnished by the Trustees prior-to his benefit commencement
date. Such right of election and the exercise thereof shall require the written consent of the
spouse. The election period shall consist of 180 days and shall not end earlier than the annuity
commencement date. During this election period a Participant or former Participant has a right
to revoke any previous election or again make any other election. This period shall follow the
furnishing of

(a) —_ ageneral description or explanation of the Qualified Joint and Survivor
Annuity and the Qualified Optional Survivor Annuity;

(b) the circumstances in which a Joint and Survivor Annuity will be provided
unless the Participant has-elected not to have benefits ‘provided i in that form;

(c) the availability of the election;

(d) anda general explanation of the relative financial effect on a Participant’s
annuity of such election.

The election period must end prior to the commencement of benefits, After
commencement of benefits any prior election may not be revoked.

(5) Ifa married Participant or former Participant who is eligible for a Normal, Early
or Disability Award Benefit, dies prior to making application for Pension Benefits, or dies after
making application but prior to commencement of benefits, it will be presumed that such
Participant made application for the Qualified Joint and Survivor Annuity Benefit on the date of:
death, unless he has rejected such option prior to death as prescribed in paragraph (4) above.

(6) Pre-Retirement Survivor Annuity Benefit — If a married Participant or former
Participant, who is eligible for a Deferred Pension Benefit as defined in Section IV C. (1) has
one hour of service after December 31, 1975, and dies after August 22, [984, his surviving
spouse shall be entitled to a Survivor Annuity Benefit. The benefit payable to the spouse will be
calculated presuming such employee retired at his earliest retirement age under the Qualified
Joint and Survivor Annuity Benefit with monthly payments to the spouse commencing with the
month following the month the deceased would have attained his earliest retirement age.

For benefit commencement dates prior to March 1, 2009, in lieu of the monthly Survivor
Annuity Benefit, if the present value of the Stirvivor Annuity Benefit payable to the surviving

12
COSSLARBEA2GRO/S26126.G



" Estate of Jill Claster Midonick
Schedule I
Statement of Computation of Commissions

For Receiving
Principal
Principal Received (Schedule A) $ 5,525,026.48
Subsequent Receipts (Schedule AA) 641.85
Increases on Principal (Schedule A-1) 54,682.42
Income Collected (Schedule A-2) ° 12,846.74
Unrealized Increases (Schedule G) : . 0.00
» Total Principal $ 5,593,197.49
Less Specific Bequests * 35,720.00
and other non Commissionable Assets :
Basis for Principal Receiving Commissions ° . $ 5,557,477 49
0 ~~ %on 0.00=$ , 0.00
0 %on 0.00= - 0.00
0 % on 0.00 = 0.00
0 %on 0.00 = 0.00
0 %on 5,557,477.49 = . 0.00
ee
1/2 Thereof for Receiving § 0.60
For Paying . :
Principal . ;
Funeral and Administration Expenses (Schedule C)$ 966,388.19
Payment of Debts (Schedule D) . _ 514,828.91
Distributions of Principal (Schedule E) 3,544,036.10
Principal on Hand (Schedule G) 532,415.12
Total Principal $ _. 5,557,668.32
Less Specific Bequests 35,720.00
_ ‘and other non Commissionable Assets
Basis for Principal Payirig Commissions $ 5,521,948.32
Income :
Administration expenses (Schedule C2) $
Distributions of Income (Schedule E-1)
Income on Hand (Schedule G-1) _
Basis for Income Paying Commissions . $
Aggregate Basis for Paying Commissions : $ 5,521,948.32

Page |
(4)


UNITED FURNITURE WORKERS PENSION FUND 4
Statements of Changes in Net Assets Available for Benefits
For the Years Ended February 29, 2016 and February 28, 2015

2016 2015

Additions to Net Assets Attributed to:
Investment Income:
Net (depreciation) appreciation in . a . :
fair value of investments $ (2,884,973) $ 3,983,745
Interest : : oo 213,886 _ 342,111
Dividends . : 629,596 638,184
(2,041,491) “4,964,040
Less: investment expenses 385,396 457481
"Net investment income (loss) (2,426,887) 4,506,559
Employer contributions . : 3,790,599 3,654,036
Withdrawal lability income : 74,140 910,283
Other income . . 1,200 __ 1,200
Total additions ~ _ 1,439,052 9,072,078
Deductions.to Net Assets Attributed tox
“Benefits paid directly to participants : - 13,603,642 13,604,248 .
Administrative expenses 1,372,735 “1,198,244 ;
Total deductions ; 14,976,377 14,802,492
Net decrease in net assets :
available for benefits (13,537,325) (5,730,414)
Net assets available for benefits, beginning of year 69,335,517 75,065,931
Net assets available for benefits, end of year . $ 35,798,192 se 69,335,517

The accompanying notes are an integral part
of these financial statements
-3-


Number of Months
during which

Employer
: Contributions were
Date Participation Begins. made* Rate Factor

- From March |, 1967 to 36 through 47 1.9%
February 29, 1968 48 through 59 2.0%
Inclusive . 60 through 71 21%
72 or more 2.2%

* On and after . 36 through 47 1.8%
March 1, 1968 _ 48 through 59 1.9%
60 through 71 2.0%

72 through 83 2.1%

84 or more 2.2%

*For the period prior to January 1, 1971 the number of months during which employer
contributions were made is assumed to be the number of months of Effective Service Credit.

(iv) Multiply by the total number of years of Past Service, if any.

(v) Multiply the amount determined in (ii) above by 3.0 percent and
then by the number of years of Effective Service Credit if any
through August 31, 2003, [Amended March 2000 and June
2003}.

(vl) | Multiply the total amount contributed on behalf of the Participant
from January 1, 1971 through August 31, 2003 by 3.0 percent and
multiply the total amount due to be contributed on behalf of the
Participant from September 1, 2003 through August 31,2006 by
2.0 percent ‘and multiply the total amount due to be contributed on.
behalf of the Participant after August 31, 2006 by 1.0 percent.
[Amended March 2000, June 2603 and June 2006].

(3) Effective August 1, 1990, the minimum monthly Normal Pension shall be
$50.00 for thé purpose of calculating benefits for both current and future Pensioners and
Survivor Annuitants, provided that the Pensioner had acquired at least 10 years of Credited
Service. The Minimum monthly Normal Pension shall be adjusted by any actuarial values of
reductions that may be applicable to the form of pension benefit received by the Pensioner or
Survivor Annuitant as provided. for in other provisions of the Plan.

(4) The monthly amount of Normal Pension shall be actuarially adjusted to take into
account any Withdrawal Benefit that the Participant may have received,

£2055448/0142980/1526 126 6


United Fumiture Workers Pension Fund A
EIN - 13-551 1877
Sctiedule of Repoitable (5%) Transactions
(Porm 5500, Schedule H, Part IV, Line 4)
For the Year Ended February 29, 2016

Current Value
of Asset on
Description - Purchase Selling Cost of Transaction Net Gain
of Asset Price Price Asset ate ot (Loss

Series. of Transactions -:continued

State Street Global Advisors - Daily (continued)
27.32 100,800 109,667 8,867
27.00 98,577 106,000 7,423
25,95 122,540 126,667 4127
26.22 101,203 * 105,667 4,464
27.11 99,088 107,000 7,912
2.1 44,455 48,000 ° 3,545
26.93 105,992 113,667 1615
24,15 121,284 116,667 (4,617)
25.08 116,136 116,000 036)

State Street Global Advisors - MSC
18.80 73,804 77,000 3,196
19.14 106,066 112,668 6,602
18.33 84,454 + 85,926 1,472
18.31 rr) : 4 1
18.28 + 90,651 92,000 1349
17.39 99,139, 95,667. (3,472)
16.73 80,770 75,000 (5,770)
17.13. 100,961 96,000 (4,96))
16.77 101,690 ” 94,667 (7,023)

1682. 48,000 48,000 :
16.33 97,035 * 88,000 (9,035)

14,54 105,275 85,000 (20,275)

15.14" 101,869 85,667 (36,202)


Joseph’Warzen & Co, ,
a division of .

_ROGOFFAQ 356 verge rie A th Floor
GOMPANY PC ee

SEATIFIRD PUBLIC ACCOUNTANTS

independent Auditors’ Report ‘

Board of ‘Trustees

‘United Fumiture Workers Pension Fund A

Nashville, TN

We have audited the accompanying finanoial statements of United Furmiture Workers Pension Fund A (the “Plan”)
which comprise the statement of net assets available for benefits as at February 29, 2016 and’February 28, 2015,
and the related statements of changes in net assets, available for benefits for the years then ended, and tho related
notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for thé preparation and fair presentation of these financial statements in accordance
“with socounting principles generally accepted in the United States of Amerioa. This includes the design,
implementation, and maintenanoe of internal control relevant to the preparation end fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.

Auditor's responsibility

Our responsibility is to express an opinion on these financial statements based on our audit, We conducted our

* audit 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 of material misstatement.

‘An audit involves performing procedures to obtain audit evidence'about the emounts and discloses in the
financial stutements. The procedures selected depend on the auditor's 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, (he auditor considers internal control relevant to the Plan's preparation and fair presentation of the
financial statements is 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 Plan's internal contro). Accordingly, we expross no
such opinion, An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of significant necounting estimates mado by management, as well as evalunting the overs
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,

Opinion
Tn our opinion, the financial! statements referred to above present fairly, in all materia) respects, the financial
position of United Furniture Workers Pension Fund A as of February 29, 2016 aid February 28, 2015, and the
related statements of changes in’ net assets avnileble for benefits for the years then ended, in accordance with
accounting principles generally accepicd in the United States of America; -

Redacted by the U.S. Department of the Treasury

JOSCPD WHTCN Ae be
Rogoff & Compu
Certified Publ
New York,

June 08, 2016



UNITED FURNITURE WORKERS PENSION FUND A
Supplemental Schedule of Assets Held For Investments

February 29, 2016
Number : Market
Short term obligations : Of Shares Cost : Value
JP Morgan Prime Money Market Fund $ M741 $ 147,411
Bank of New York . 95,484 95,484
$ 242.895 3 “242,895
Cooke & Bieler as Investment Managers
. oS Number Market
Common Stock Of Shares Cost Value
3M Co, . 350 $ 30,889 $ 54,905
Abbott Laboratories 1,730 68,155 67,020
AerCap Holdings N.V: 2,220 97,331 79,321
‘American Express Co. 900 49,712 50,022
Axalta Coating Systems Ltd 1,310 32,988 34,008
Ball Corp : 230 9,991 15,233
Bank of America Corp. . 5,660 129,035 70,863
Beoton Dickinson & Co, 560 51,103 82,572
Berkshire Hathaway Inc 590. 66,569 79,160
Brinker International 7160 35,313 37,848
Cardinal Health Inc. 1,060 50,085 86,602
Carnival, 1,350 49,154 64,746
Chevron : 500 * 46,813 41,720
Chubb Corp 440 49,090 50,833
Colgate Palmolive Co. 500 ° 15,644 "32,820
“Crown Holdings 1,840 79,823 86,204
Devon Energy Corporation 1,430 66,502 28,142
Diageo Plo ADR 560 50,096 57,456
Donaldson Co 2,370 . 84,675 66,929
Eaton Corp PLC 4,470 89,900 83,364 °
“Exxon Mobil Corp. | 1,120 ° 71,646 89,768
FNF Group, 2,440 67,412 80,471
Gildan Activewear Inc 3,620 98,001 93,613
JP Morgan Chase & Co; . 1,570 64,398 88,391
Johnson & Johnson 790 57,286 83,116

Kohls Corp. . . 990 52,520 46,203


UNITED FURNITURE WORKERS PENSION FUND A
Notes to Financial Statements
February 29, 2016 and February 28, 2015

L FAIR-VALUE MEASUREMENTS

That framework for measuring fair values provides a fair value hierarchy that prioritizes the
inputs to valuation techniques used to measure fair value, The hierarchy gives.the highest priority to
unadjusted quoted prices in active markets for identical assets and liabilities (Jevel 1 measurements). and
the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value :
hierarchy under FASB ASC 820 are described as follows:

Level 1 Valuations based on quoted prices available in active markets for identical
investments.

Level.2 Valuations based’on quoted prices in markets that are not active, or for which
all significant input are observable, either directly or indirectly,

: Level 3 Valuations based on inputs that are unobservable and significant to the overall
. fair value measurement.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on
the lowest level of any input that is significant to the fair value measurement, Valuation techniques
maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured: at fair value.
There have been no changes in the methodologies used at February 29, 2016 and February 28, 2015,

Common Stocks, Valued at the closing price reported on the active market on which the
individual securities are traded, -

Comnion Collective Trusts: Valued at the net asset value (NAV) of units of a bank collective
trust. The NAV, as provided ‘by the trustee, is used asa practical expedient. to estimate fair
value. The NAV is based on the fair value of the underlying investments held by the fund less its
liabilities. This practical expedient is not used when it is determined to be probable that the fund
will sell the investment for an amount different than the reported NAV. Those collective trust
funds, which have underlying investments with readily determinable market prices, are classified
as level 2 within the fair value hierarchy. . Those collective trust funds whose principal
underlying investments are real estate and other investments without readily deterrhinable market
- prices are classified as level 3. . ,

Registeréd Investment Company: Valued at net asset value per share (NAY) which is caleulated
as of the close of business’of the majar bond markets in New York City on the last business day
of each month. The NAV is based on the fair value of the underlying investments held by the
fund less its jiabilities.

Limited Parinership: Valued based on the Plan’s ownership percentage and the value of the
partnerships’ investments per the last reported sales price on the last business day of the plan
year or the last quoted bid price,

-(2-


Schedule ¢ (Form 5500) 2015. Page 3 - |

2. information on Other Service Providers Receiving Direct-or Indirect Compensation. Except for those persons for whom
you answered ‘Yes" to line 1a on page 2, complete as many entries as needed to list each person receiving, directly r indirectly, $5,000 or more
in total compensation (1.9., money or anything else of value) in connection. with servieés rendered to the plan or their position with the plan during
the plan year, (See instructions). _ ;

SEE STATEMENT 1

44) Enter name and EIN or address {s@@ instnictions)

WELLINGTON TRUST COMPANY, NA ialattaeieleiahalel
“6 } . © () ) 2 Oo (9) (h)
Sarvice | Relationship to | Enter direct | Did service provider Did indirect Enter total indirect Did the service
* Code(s) | employer, employee | compensation] receive indirect | compensation include | compensation received by | provider give you
organization, Or .| paid by the ‘compensation? eligible indirect service provider excluding | a formula instead
person known to be | plan. If none, (sources other compensation, for, eligible indirect of an amount or
apartyin‘interest | enter-0-, than plan or which the plan "| compensation for which you | gstimated amount?
plan sponsor) received the answered "Yes" to element
tequired disclosures? |__(. none, enter -0-.
51 JINVESTMENT MANAGER
- yes [J no[]

11,745.| yes Hl nol} } vos [J nol] 0

(a) Entor-name and EIN or address (see Instructions)

INTECH INVESTMENT MANAGEMENT LLC ek kK
&) {c) @. (e) ( () ‘(hy
Service | Relationship to |. Enter direct’ | Did service provider Did Indirect Enter total indirect Did the service
Code(s) | employer, émployee | compensation} —_receive indirect compensation include | compensation received by | — provider give you
organization, or | paidbythe | compensation? sligible indirect | service provider excluding | a formula instead
person known to be | plan. !fnone, | (sources other compensation, for eligible indirect of an amount or
aparty-ininterest | enter -0-, than plan or which the plan | compensation for which You | getimated amount?
plan sponser) received the answered "Yes" to element
taquired disclosures? | __(f). none, enter-0-.

52 {INVESTMENT MANAGER

8,741.]. ves ff nol] | Yes. 1No[] ; 0.1 ves (no f]

{a} Enter name and EIN or address (Sed Instfuclicris)_

AMALGAMATED BANK SOR
) () (a) _(e) ® (g) (h)
Service | Relationship to | Enter direct | Did service provider Did indirect Enter total indirect Did the service
Codejs) | employer, einployee | compensation | — receive indirect | compensation include |. compensation received by | provider give you
organization, or paid by the compensation? aligitole Indirect service provider excluding a formula instead
person known to be | plan, tfnone, | (sources other compensation, for eligible inclirect of an amount or
a party-in-interest enter than plan or which the plan. | compensation for which you | estimated amount?
plan sponsor) received the answered "Yes" to element
required disclosures? | __ (9. none, enter -0-.
51 |INVESTMENT MANAGER :
19 5,420.) yes [] nofl | ves oO no [] Yes [] nf]
510853
12-07-15 .
13

A620NE1E TROEIE NeIW19 ANN QATR AINAN TRITMED wrTOMTMTOE wADyEDE DD NSI19 At


Schedule C (Form

5500) 2015

Page 3 ~

"2. Information on Other Service Providers Receiving Direct or Indirect Compensation. Except,or those persons for whom
you answered "Yes" to line 1a on page 2, complete as many entries as needed to list each person recelving, directly or indirectly, $5,000 or more
in total compensation (1.2., money or anything else of Valus) in connection with services rendered to the plan or their position with the plan during

the plan year. (See Instruct

tions).

SEE STATEMENT 1

‘(@) Enter name and EIN or address (s06 instructions)

JPMORGAN CHASE BANK, N.A

Tk IO

(b) {c) @ ) tu} (h)
Service | Relationship to | Enterdirect | Did service provider Did indirect Enter total indireét Did the service
“ Code(s) | employsr, employee | compensation] receive indirect | compensation include | compensation received by | provider give you
organization, or | paid bythe | — compensation?. eligible indirect | services provider excluding | a formula instead
person known'to be | plan. If none, (sources other compensation, for eligible indiract of an amount of
a party-in-interest enter -0-. than plan or which theplan | compensation for which You! gstimated amount?
7A) plan sponsor) tecaived the answered "Yes*to element
. required disclosures? (9. 1 none, enter -0-.
24 |INVESTMENT MANAGER
87,832.| Yes [] nofxl yes [] no[] yes [] nol]

{@) Enter name and EIN or address (sae instructions)

ROGOFF & COMPANY P.C

HL K HH

()

Did Indiréct
compensation include
aiigible indirect
compensation, for’
which the plan
received the
required disclosures?

(9)

. Enter total indirect
compensation received by
service provider excluding

eligible indirect
compensation for which you
answered "Yes" to element
(. It none, enter -0-.

Did the service
provider give you
a formula instead

of an amount or
estimated amount?

b) () . &)
Service Relationship to Enter direct Did service provider
Code(s) | employer, employee | compensation | ° raceive indirect

“organization, or - | paid by the compensation?
person known to be | plan. ifnone, {sources other
a party-in-interest enter -0-, than plan or
plan sponsor)
10 (AUDITOR
83,885.) Yos Uno

Yes oO no [J

yes []} wo O]

{@) Enter name and EIN or address (gee Instuctians}

RR LRKKRE RE

Did indirect
compensation include
eligible indirect
compensation, for
which the plan
teceived the
required disclosures?

__ ()

Enter total indirect
compensation received by
service provider excluding

eligible indirect
compensation for which you
answered *Yes" to element

().1f none, enter -0-.

Did the service”
provider give you
a formula instead

of an amount or
estimated amount?

Yes [,] No []

ves J oO

GALLAGHER FIDUCIARY ADVISORS, LLC
(b) (c) “e
Service | Relationship to Enter direct | Did service provider
Cade(s) | employer, employee | compensation receive indirect
organization, or | paid by the compensation?
person known to be | plan. if none, (sources other
a party-ininterest enter -0., than plan or
J plan sponsor)
27 |[NVESTMENT CONSULTANT
. 80,000.| Yes [] no fel
sieasa
torts

T£IONEIE WRORW ne

a19 ann

ante nanan

9

TRITMOEN wTOMT MDT uNDyEDa np Nk M41


tv

i)

Ww

Ifa Participant becomes a full time Employee as such term is defined in the Pension Plan
for Employees of the United Furniture Workers of America and Related Organizations,
the provisions of Section li, B. hereof shall become inoperative and shall remain
inoperative as long as the Participant continues to be such Employee.

Whenever it becomes necessary to make any determination as to Applicable Effective
Date, Participation or eligibility for Benefits, the Trustees of this Plan shall obtain from
thie Pension Plan for Employees of the United Furnituré Workers of America and Related
Organizations, all records pertaining to the individual involved, and the data contained in
such records shall be combined with the data contained in the records maintained by this

Fund in order to determine eligibility for benefits from this Fund.

If it is determined that the individual is entitled to Benefits from this Fund, such Benefits °
shall be calculated on the basis of the contributions made to this Fund alone but the
period of credit as an Employee, as such term is defined in the Pension Plan for
Employees of the United Furniture Workers of America and Related Organizations, shall
be disregarded in determining the Average Annual Contribution made to this Fund in
order to avoid a reduction in the Pension payable to such individual.

Section XIII.
MAXIMUM BENEFITS

In no event shall the Annual Benefit of a Participant in the form of a straight life annuity
for any calendar year exceed the lesser of $90,000 or 100 percent of the Participant*s high
three consecutive year average compensation.

Ifa Participant begins to receive a benefit prior to age 62, the $90,000 limitation shal! be
reduced by adjusting such benefit so that it is actuarially equivalent to $90,000 at age 62.
However, the reduction shall not reduce the limitation below $75,000 for a benefit
beginning on or after age 55 and shall not reduce the limitation below the actuarial
equivalent of a $75,000 annual benefit for a benefit beginning before age 55. For
purposes of adjusting any benefit under this subsection, the interest rate assumption shall
be the greater of 5 percent or the rate specified for determining actuarial equivalence for
early retirement and the mortality table shall be the applicable mortality table specified in
Section 1(8). [Amended March 2002].

In the case of a participant who has less than 10 years of Service at the time his benefits
commence, the maximum limitations shall be reduced by multiplying such limitations by
a fraction, the numerator of which is the number of years of service and the denominator
is 10,

The limitations on the maximum amount of benefits shall be subject to adjustments by

. reason of changes in the cost of living in accordance with regulations by the Secretary of
Treasury,

055448014 2980/1526126 6


Second Application of the United :
Furniture Workers Pension Fund A for
Approval Of Suspension of Benefits

EXHIBIT 19

EIN: 13-5511877/PN:001

we eee x

e UFW Pension Fund’s Most Recently Filed Form 5500
with all applicable attachments.

1934740.1


Form 5500 (2045)

Page 2

3a_ Plan administrator's name and address |_| Same as Plan Sponsor

_ UNITED FURNITURE WORKERS

PENSION FUND A

P.O. BOX 100037

3b Administrator's EIN

Fk kk ek ek

3c Administrator's telephone number

615-889-8860

NASHVILLE TN 37224-0037
“4 If the name and/or EIN of the plan sponsor has changed since the last return/report filed for this plan, enter the name, | 4b EIN
EIN and the plan number from the last retun/report:
 @ Sponsor's name 4c PN
5 Total number of parlicipants.at the beginning of the plan year § 10,063
6 Number of participants as of the end of the plan year unless otherwise stated (Welfare plans complete only lines
6a(4), 6a(2), 6b, 6e, and 6d).
a-(1) Total number of active participants at the beginning of the plan year 6a(t)| 1,029
a (2) Total number of active participants at the end of the plan year 6a(2) 1,076.
b ‘Retired or separated participants receiving benefits _ 4,728
© Other retired or separated participants entitiad to future benefits’ 3,311
i Subtotal, Add lines 6a(2), 6b, and 60 senspn 6d 9,115
© Deceased participants whose beneficiaries are receiving or are entitled to receive benefits 6e 781
f Total, Add lines 6d and 6e ses _ . |_ 6f | 9.896
" g Number of participants with account balances as of the end of the plan year (only defined contribution plans
complete this item) a _ oe [69
Number of participants that terminated employment during the plan year with accrued benefits that were less than|
190% vested
7 Enter the total number of employers obligated to contribute to the plan (only multiomployer plans
complete this iter), 7 29

“Ba If the plan provides pension benefits, enter the applicable pension feature codes from the List of Plan Charactoristics Codes in the instructions:

1A

b ifthe plan provides welfare benefits, enter the applicable welfare feature codes from the List of Plan Characteristics Cocies in the instructions:

9a Plan uiidiag arrangement (check all that apply)

9b Plan benefit arrangement (check all that apply)

(1) L} Insurance (1) L} Insurance

(2) |_] Code section 442(¢)(8) insurance contracts {2)-|.| Code section.442(e}(3) insurance contracts
(3) [Trust {3) BY Trust :
{{4)_|_}. General assets of the sponsor (4) |_| General assets of the sponsor

10° Check all applicable boxes in 10a-and 40b to indicate which schedules are attached,

(See instructions)

@ Pension Schedules

b General Schedules

and, where indicated, enter the number attached,

(1) “1 Retirement Pian information) H_ (Financial information)
(2) IX] MB (Multiomployer Defined Benefit Plan and Certain Money (2). || 1 (Financial Information - Small Plan}
‘Purchase Plan Actuarial information) - signed by the plan (3) L} A (Insurance information)
_ actuary . ) © (Service Provider information)
(3) [J 8B Ginglo-Empioyer Datined Benefit Plan Actuarial (5) D_ —_ (OFE/Participating Plan information)
information) < sighed by the plan actuary 16) G__{financial Transaction Sehodiuias)
steao
fe-0745

162QNkIE WRORIR NRAID ANA

4

9AIT NINAN rATMEN oD WIMTOD WADYEDG Doe NRI19 94


UNITED FURNITURE WORKERS PENSION FUND A
Table of Contents
February 29, 2016 and February 28, 2015

Page (8)
Independent auditors’ report : I

Statements of net assets available for benefits
as at February 29, 2016 and February 28, 2015 2

Statements of changes in net assets available

for benefits for the years ended

February 29, 2016 and February 28, 2015 3
Notes to financial statements 4-19

Supplementary information;

Independent auditors! report on
supplementary information . 20

Supplemental schedule of assets
held for investments as at February 29, 2016 21-23

Supplemental schedule of
reportable (5%) transactions for the year 7
ended February 29, 2016 . 24-25


Section ¥,
PAYMENT OF BENEFITS. -

A. Except as provided in Section IV (D).(3) or as hereinafter provided all pensions shall be
payable for life beginning on the'first day of the calendar month next following receipt by the
Trustees of written application therefore or the date to which deferred in case of a pension not
immediately payable, provided the applicant shall have fulfilled all other requirements, and shall
continue to and include the month in which death occurs, or if applicable, payments to ‘a spouse
in accordance with the provisions of Section IV.F.

Monthly Benefits must commence on the first day of the month following the attainment
ofage 70 4. All distributions of benefits will be made in accordance with regulations
promulgated in. Section 401 (a)9 of the Internal Revenue Code including Section |.401 (a)9-2 of
said regulations.

In the event that a monthly pension payable to a Pensioner, or to a spouse or beneficiary
ofa Pensioner, who initially begins to receive such monthly benefit on or afier March 1, 1989
but prior to March 1, 2009, is less than $25, in lieu of such monthly benefit, the Pensioner, or
spouse or beneficiary of a Pensioner, may elect to receive the actuarial value of such monthly
pension benefit ina lump-sum. [Amended December 2008].

B. Gd) No Pension Benefit will be paid for any month during which the Pensioner, who
is between age 65 and 70 ¥4, is employed or self-employed on a regular full-time
or regular part-time basis for 40 or more hours in an industry in which employees
aecrued benefits under the Plan at a trade or craft in which the Pensioner was
employed at any time under the Plan and in the geographic area covered by the
Plan. No Pensioner receiving an Early Retirement Benefit will be paid such Early
Retirement Benefit for any month prior to the attainment of age 65 during which
the Pensioner is employed or self employed in the industry anywhere in the
United States. However, benefits will be actuarially recalculated in order to
compensate for the months of suspension of the Early Retirement Benefit
beginning with the first month in which a benefit is payable.

(2) A Pensioner whose benefits are suspended under paragraph 1 above, shall
resume receiving benefits upon notifying the Plan that the employment which caused the
suspension of benefits had terminated or no longer meets the criteria of paragraph 1.

(3) No Pensioner receiving a Retirement Benefit as of January 1, 1982 shall have
any benefits suspended by virtue of employment entered into, prior to January 1, 1982.

(4) Any Pensioner may increase his pension as a result of re-employment by a
Participating Employer. The amount of such increase eared during the period of such re-
employment shall be calculated by multiplying the total of all contributions due to be made on
his behalf before September |, 2003 by 3.0 percent, and multiplying the total of all contributions
due to be made on his behalf from September 1, 2003 through August 31, 2006 by 2.0 percent,
and by multiplying the total of all contributions due to be made on his behalf after August 31,
2006 by 1.0 percent. However, in order to avail himself of this privilege, the Pensioner must

16
CO5S448/0 14298011526 126 6


Schedule C (Form 5500) 2015 _ Pago 3 -

2, Information’ on Other Service Providers Receiving Direct or Indirect Compensation. Except for those persons for whom
you answered "Yes" to line 1a on page 2, complete as many entries as needed tolist each person receiving, directly or indirectly, $5,000 or more
in total compensation (..8., money or anything alse of value) in connection with services rendered to ths plan or their position with the plan during
the plan year. (See instructions).

i _SEE STATEMENT 1
(2) Eister'riame dind-GIN or address (séo-instuctions) .
. ok kK I

CHEIRON: INC

(b) 0) (a) @) () (3)
Service |: Relationshipto | Enter direct | Did service provider Did indirect Enter total indirect, Did the service
Coda(s) | employer, employee | compensation. receive Indirect. | compensation include | compensation Teceived by provider give you
. organization, or | paid by the compensation? cligible indirect service provider excluding | a formula instead
person known to be | plan. If none, {sources other compensation, for eligible indirect ‘of an amount or
a party-in-interest enter -0-. than plan or Which the plan | compensation for which you | estimated amount?
plan sponsor) received the answered “Yes* to element
required disclosures? (0. li none, enter -0-,
Tl JACTUARY .
~ 157,471.) ves T wofd |. ves [] no [J yes [] No []

@ Enter name and EIN or addréss (S09, {nstructions)

BRYAN CAVE LLP ; POEL EE

(b) © @ . (e) : On a”) (hy
Service | Relationship to | Enter direct’ | Did service provider Did indirect Enter total indirect Did the service
Code(s) | employer, employee | compensation] receive indirect | compensation include | compensation received by | provider give you

‘organization, or | paidbythe | compensation? eligible indirect | service provider excluding | a formula instead

person known to be | plan. none, | (sources other compensation, for sligible indirect of an amount or

aparty-ininterest | enter-0-. than plan or which the plan | compensation for which you | ggtimated amount?
plan sponsor) received the answered "Yes" to element *
required disclosures? | __(9. It none, enter 0.
29 |ATTORNEY
145,711.) ves [] no hd yes [} no [] yes [] of]
~ (a) Enter name and EIN or address (sae-instruations)
.BLACKSTONE ALTERNATIVE ASSET MANAGE **-**#***#

{b) () CS) (e) ° f () . -— (h)
Service | Relationship to | Enter direct | Did service provider Did indirect Enter total indirect Did the service
Code\s) | employer, employes | compensation | receive indirect | compensation include | compensation recaived by | provicier give you

organization, or paid by the compensation? eligible indirect service provider excluding | a formula instead
person known tobe | plan. Ifnone, | (sources other compensation, for aligible indirect of an amount or
aparly-ininterest. | enter-0- than plan or whioh the plan | compensation for which you’ estimated amount?
. plan sponsor) ° | ___feceived the answered *Yes* to element
. : fequirod disclosures? | _{). If none, enter -0-,
51 |[NVESTMENT MANAGER .
104,559. ves [] nol] yes [] no [] 0. | vos [J no f]

518453
42-07-18
8

+ 7629NEI1R TRORIA ARIA ANH DATE ATOAR Tree mer Ann



year beginning before January 1. 1994. For Plan year beginning on or after January 1, 1994, the
annual limit shall be $150;000, a adjusted for increases in the cost-of-living in accordance with
Section 401 (a)(17)(B) of the Internal Revenue code. Compensation means gross wages,
consisting of total salary and wages before taxes paid to Employees. Effective January 1, 1998.
compensation shall include any elective deferrals under IRC Sections 125 or 457. Effective
January 1, 2001, it shall also include any elective amounts not included in the gross income of

- the Employee by reason of IRC Section 152CH(4). [Amended March 2002):

_ Section Il, - , . -
. PARTICIPATION .

A. Every Employee shall become a participant of the Plan as of the date on which his
Employer is obligated to begin contributions to the Fund on his behalf.

B. A Participant shall cease to be a Participant and incur a Break-in-Service as follows:

(1) If for any reason he is not employed by a Participating Employer during any
period of two successive calendar years. Hours credited under paragraph (14) of Section I. are to
be considered periods or employment by a Participating Employer. -

(2) If he dies prior to retirement.
(3) If he retires under the Plan,

Cc. A participant on an authorized leave of absence from the service of his Participating

Employer, while engaged in Union business, shall remain a Participant provided contributions at

the rate currently in effect for employees of such Participant employer are made on his behalf in
. amanner acceptable to the Board of Trustees during such leave of absence.

D. A Participant or Pensioner shall file such information as the Trustees may require in order
to establish his eligibility for benefits before he shall be-entitled to any benefits under the plan. -

E. If a Participant who is not eligible for a Deferred Pension as defined in Section IV.C.
incurs a number of consecutive Breaks-in-Service equal to or exceeding the greater of five years
or the number of years of Credit for Service as defined in Section II] that he has previously
accumulated, he shall forfeit all Credit for Service prior to and including such Break-in-Service,
In determining consecutive Breaks-in-Service, after the initial Break-in-Service (not employed
by a Participating Employer during any period of two successive calendar years), a Break-in-
Service for determining consecutive Breaks-in-Service will occur during any calendar year
where the Participant was not employed by a Participating Employer.

Section HL.
CREDIT FOR SERVICE

A. Past Service:

For Eligibility Purpases: .

wr

TOSS 489 18 2080/1 526136.6 ©


SCHEDULER Retirement Plan Information OMB No. 12100110

(Form 5500)
Department ofthe Treésury This schedule is required to be filed under section 104 and 4085 of the 2015 °
inlgrnal Revenue Service Employee Retirement Income Securlty Act of 1974 (ERISA) and section 6058(2) _ :

of the Intemal Revenue Code (the Code).

enoijee earl Sestnity
tretion

} File as an attachment to Form 5500,

This Form is Opento

__Pension Benefit Guidginty Dorpinition _ Public Inspection.
Feredletidar plantyoar20a5-et fssalplan yaar bouinning 0370172015 arid ‘efiding 02/29/2016
‘A Name of plan _ |B Throecigit
UNITED FURNITURE WORKERS PENSION FUND A plan number (PN) Pe 001
G Plan sponsor's name as shown on lihe 2a of Form 5500 D_ Employer Identification Number (EIN)
UNTTED FURNITURE WORKERS PENSION FOND A HER EEERY
[Rare Distributions

All references to distributions relate only to payments of benefits during the plan year,

Total value of distributions paid in property other than in cash or the forms of property specified
in the instructions

2 Enter the EIN(s) af payor(s) who paid benefits
of the two payors who paid the greatest dollar amounts of benefits):
EING):
Profit-sharing plans, ESOPs, and stock bonus plans, skip line 3.

behall of the plan to participarits or beneficiaries during the year {if more than two, enter EINs

3. Number of participants (living or deceased) whose benefits were distributed in a single sum, during
the plan Year...

0

Code or ERISA section 302, slip this Part}

Funding Information ({ the plan is not subject to the minimum funding requirements of section 412 of the internal Revere

4 |e the plan administrator making an election under Code section AGO Or ERISA section 802(4)(2)?,
If the plan is a defined benefit plan, go to line 8,

5 itawaiver of the minimum funding standard for a prior year is belng amortized in this,
plan year, see instruétions and enter the date of the ruling lettet granting the waiver. Date: Month Day
Htyou completed line 5, complete lines 3, 9, and 10 of Schadille MB and do not Complete the remainder of this éohedule.

». LI ves Uke

Bina

. Year

6 4 Enter the minimum required contribution for this plan year (include any prior year accumulated |
“ funding deficiency not ivaived) ... 6a
Enter the amount contributed by the employer to the plan for this plan year 6b
€ Subtract the amount in line 8b from the amount In line 6a, Enter the result (enter a minus sign to
the left of a negative amount) 6c

Ityou completed line 66, skip lines 8 and9.
7 Willthe minimum funding amount reported on line’6c be met by the funding deadline?

Lyves. [] no

Dwa

8 ita 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'admilnigtratofagiee with the chiangé? ws.

Tyes fi no

[wa

[Paturl Amendments : :

9. If this is a defined benefit pension plan, were any amendments adopted during this plan
year that increased or decreasad the value of benefits? If yes, chack the appropriate
Bex\Fne, BHO tS NS" box wan

Finetsase FTisccrease Tees

Eno

Part !V| ESOPs (es instructions). If this is not a a plan described under Section 409(a) or 4975(6)(?) of the Internal Revenue Code,

Skip this Part.
10 _Waere.uindllodatéd sitiployer securities or proesédé-from the sale of unallocated s&éiWii6s used to rébay any exerijtloan?... |_| Yes No
11. a Does the ESOP hold any preferred stock? sete sue sayeeesesie Yes |J|No
blithe ESOP has an outstanding exempt loan with the employer as lender, is such loan part ota "back to-back* loan? _

-{Saa:instructions for definition of "back-to-back" Ipair) Yes No

12 Does the ESOP hold ay. stook.that Is not readily tadableory ari.astublishéd securities market? - Yes. No
For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 5500, Schedule R (Form 5500) 2015
v.160123

619531
42-07-15,

1620NL1E TEAR NGI1I9 NAAN ONIE AANAN TrpmoN orm nn



Any Contributing Employer who becomes subject 10 the Default Schedule shall be
required to increase its contributions to the Pension Fund each year in an amount equal to 10.4% of
(@) the contributions required under its expired collective bargaining agreement and and (i) the amount
of the surcharge requixed pursuant to ERISA Section 305(e)(7)? (The first annual increase shall be
effective the month following the date upon which the Default Schedule becomes subject to the
‘Contributing Employer. In all subsequent years, the annual increase shall be effective on the earlier
of the anniversaty of the collective bargaining agreement, if any, or March 1).

, As required under the PPA, the Default Schedule under this Rehabilitation Plan

consists of the elimination of all adjustable benefits permitted by applicable Jaw, and an increase in

_contributions, which, taken together, are designed to allow the Pension Fund to emerge from ctitical

status by the end of its rehabilitation period. Based upon the actuay’s assumption that Contributing
Employers who become subject to the Default Schedule are tess likely to remain as Contributing
Employers in the Peasion Fund for an extended period of time, and consistent with the design of
the PPA, the Board has determined that the contribution increases required from such Contributing
Employers should be based upon enabling the Pension Fund to emetge from critical status within its
rehabilitation period, i.e., by February 28, 2021,

By way of illustration, if a Contributing Employer’s total contribution obligation
under its expired collective bargaining agreement and by application of the surcharges required
pursuant to ERISA Section 305(e)(7) amounted to $5,000 per month, then under this Default
Schedule, that Contributing Employer would be required to increase its monthly contributions by an

additional $520 per month (to $5,520), assuming all other assumptions remained constant. In the

3 The 10.4% annually compounding conteibution increases required to be made by exch Conteibuting Employer
hereunder ate intended to improve the funding status of the Pension Fund and will not generate any additional benefit
accruals for Pension Fund participants, to the extent permitted by applicable law.

COS3+48/0142980/1498642.8


Séhsdule MB (Form S500) 2045: Page 3 -
A

(1) Males ...., seeeeeenne A
(2) Females ogee A _ &
‘d. Valuation liability interest rate, 6.75 % : 6.75 %
© Expense loading 6e_| 132.1 » NA Te wa
f Salary scale a. (_6f 3] N/A
G Estimated investment return on actuarial value of assets for year ending on the valuation dato 6g 9.2 %
h_Estimated investment return on current value of assets for year ending on the valuation date 6h 6.3 %
7 New amortization bases 1s established i in the current plan year: :
_ (1) Type of base __. (2) Initial balance __{8) Amortization Charge/Gredit
1 -231,637 ~23,450
4 See : 12,570,893 1,272,602
8 Miscellaneous information:
I walvar of a funding deticiency has been approved for this plan year, enter the
date (MM-DD-YYYY) of ths ruling letter granting the approval Ba

b (1) Is the plan required to provide a projection of expected benefit payments? (See the instructions. "Yes,"

attach a schedule _ Byes []No
6 (2) Is the plan required to provide a Schedule of Active Participant Data? (See the instruotions ) If "Yas," attach
a schedule ” avtamante Yes. []nNo

© Are any of the plan’s amortization bases Gperating under an extencion of hime under section 412(6) (as in affect
prior to 2068) or section 481(¢) of the Code?
di Itline cis "Yes," provide the following additional information:
(1) Was an extension granted automatic approval under section 431(¢)(1) of the Code?
(2) It line 8d(t) is "Yes," enter the umber of years by which the amortization period wes.extended,.. |_ gala) |
~ (3): Was an extension approved by the Internal Revenue Service under section 412(0) (as in effect
prior to 2008) cr 431(4)(2) of the Code? .
(4) If line 84(8) is "Yes," enter number of years by which the amortization period was extended (not
including the number of years in line (2))
(6) If line, 84(8) fs "Yes,* enter tha date of the ruling letter approving the extension
(6) It ine 8d(8) Is "Yes," is the amortization base eligible for amortization using interest rates
applicable under section 6621 (b) of the Cede for years beginning after 2007?
© It 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 extending.the amortization base(s}
“@ Funding standard account statement for this plan year:

Charges to funding standard account:
@ Prior year funding deficiency, if any
b Employer's hormal oost for plan year as of valuation date

(ves [1 o

ad(a)

8d{5)

in Yes. ial No

9a 29,886,971

&b 2,064,551

© Amortization charges as of valuation date: utstanding balance
(1) All bases except funding waivers and certain bases for which the
amortization period has been extended ,....... eli) 97,718.,594 17,562,499
(2) Funding’ waivers 9o{2} 0 > it]
(3) Certain bases for which the amortization period has been :
exterided — 9013) 0 Q
di Interest as applicable on lines 9a, 9b, and 90. Od 3,342,196
@ Total charges, Add lines 9a through 9d 90 52,856,217
Credits to funding standard account: _
Prior year credit balance, if any , suesneeees of 0
g Employer contributions. Total from colutn (b) of fine 3 90 1,776,788
Outstanding balance
hy Amortization credits as of valuation date [Lon 16,006,875 2: 593,768
¥ Interest as applicable to end of plan year on lines 9f, 9g, and 9h sea git 195,068

18523
42-07-15

23

acqoneie TEAL neI419 AAA DATE AAAAN enema oe



Schedule D (Form 5500) 2015.

Page 3-

Part ff] Information on Participating Plans (to be completed by DFEs)
(Complete as many entries as needed to report all participating plans) .
a ia: _
b Cc EIN-PN
a__‘Planname
b Name of Cc EIN-PN
a___Planname
b Name of © EIN-PN
plan sponsor .
a___Planname
b’ Name of Cc EIN-PN
plansponsot
@___Plan name
b Name of © EINPN
_- plan sporiser -
a Planname
b  Nameot © EIN-PN
plinspoiisist 7
a Planname_
b Name of Cc EIN-PN
islein-sporisor _
a’ Planname
b | Name of CG EINPN
‘plein sponsor _
a___Planname . _ _
b Namo of CG EINPN
plansponsér
a___Planname
b Name of Cc EINPN
plat spsiisor-
a__Plah narie
b Name of © EINPN
plan-sponsor: .
A Planname’
b Name of © EINPN
blah Sponsor _
s16463
32-07-15

4620R618 TEORIR NEW9 ANN

ook

nqnAn

16

TINT ARN RrINarr Mn nee


APPENDIX A

REHABILITATION PLAN OF THE
UNITED FURNITURE WORKERS PENSION FUND A

ADOPTED: DECEMBER 3, 2008
FIRST AMENDMENT: DECEMBER 27, 2008
The United Furniture Workers Pension Fund A (the “Pension Fund”) was certified
on May 29, 2008 by its actuary as being in “critical status” as defined by the Pension Protection Act.
of 2006 (ihe “PPA”). ‘The Pension Fund’s Board of Trustees, as plan sponsor of the Pension Fund,

is required under the PPA to develop a “Rehabilitation Plan,” which is designed to improve the

financial condition of the Pension Fund over time in accordance with standards set forth in the

PPA. In order to comply with this statutory mandate, the Board of Trustees of the Pension Fund

_ has adopted this Rehabilitation Plan, which will become effective on March 1, 2009, and will serve

as an amendment to the Pension Fund’s plan document.

Under this Rehabilitation Plan, Pension Fund retirees and beneficiaries with benefit
commencement dates before March 1, 2009 and participants and former patticipants who either file
fora pension benefit or otherwise become eligible for a benefit from the Pension Fund prior to
March 1, 2009 shall not be affected by this Rehabilitation Plan to the extent permitted by applicable
law. All other Pension Fund participants and former participants, except as othetwise provided
herein, shall be subject to this Rehabilitation Plan,

as explained in greater detail below, this Rehabilitation Plan consists of two
schedules, the Preferred Schedule and the Default Schedule. These schedules set forth the
alternative benefits and contribution requirements under this Rehabilitation Plan, The Contributing

Employers' and the CWA/IUE Local Unions (the “Bargaining Parties”) will determine, through

' For pusposes of this Rebsbilitation Plan, a “Contsbuting Employer” shall mean any employer which is obligated to
make contributions to the Pension Fund pursuant to the terms of a collective bargaining agreement or other written
agreement requiring contributions to the Pension Fund.

(60354-48/0142980/1498642.8


Names and Addresses of the Board of Trustees:

Employer Trustees Union Trustees

Mr. Ken. Barion, Secrelary- Mc. Harry Boot, Chairman
Treasurer UFW Pension Fund A
UFW Pension Fund A. 4910 Ait Lane Drive
Simmons Company Nashville, TN 37210
‘One Concourse Parkway, 6"

Floor

Allanta, GA 30328

Mr. Edmond Dugas, Trustee Mr. Elmo DeSilva, Trustee
UFW Pension Fund A UFW Pension Fund A
Sealy, Inc, Local 768 & Its Divisians
One Office parkway at Seaty —_87-B0 Parsons Blvd.

* Drive Jamaica, NY 11432 ,

Trinity, NC 27370

Mr. Frank Scott, Trustee Mr. Ulises Vergara, Trustee

UFW Pension Fund A UFW Pension Fund A
Hulcor Local 262, IUE/CWA, AFL-CIO
P.Q, Box 594 519 Estudillo Avenue, Suite O

Janesville, WI 53547 San Leandro, CA 94577

‘Mr. Anthony Sestito, Trustee Mr. dose Villarreal, Trustee
‘UFW Pension Fund A UFW Pension Fund A
Steinway Musical Instruments Local 9400, CWA, AFL-CIO
800 South Street, Sue 305 - 7844 Rosecrans Avenue
Waltham, MA 02453 Paramount, CA 80723

Names and Addresses of Professtonals who aid in the
administration of the Plan;

Investment Advisors Cen Actuarial Consultants
sultant
independent Fiduciary Cheiron
Services 1000 Atrium Way, Suite 403
805 15° Street, NW, Suite Mount Laurel, NJ 08054
1120
Washington, DC 20005
General Counsel Cenlified Public Accountants
Bryan Cave LLP Joseph Warren & Company
1290 Avenue of the Americas A Division of Rogofi & Com-
New York,NY 10104 pany PC
355 Lexington Avenue, Sixth
Floor

New York,NY 10017"

QUESTIONS AND ANSWERS
ABOUT YOUR RETIREMENT PLAN.
1. When do] become a participant of the Plan?

You become a Participant in the Pension Plan as of the
date your Employer becomes obligated to contribute
to this Fund on your behalf: Pursuant toa collective
bargaining agreement.

2. Who pays, for the Plan and who halds the Plans
money?

Your Employer pays the entire cost of the Plan by mak-
ing contributions pursuant to its applicable collective
bargaining agreement. The Plan's money is managed by
investment managers under the supervision of the Plan’s
investment,consultant.

3, When will Irecetve my Normal Pension Benefit?

‘You may retire with a Normal Pension Benefit at the
earlier of the 5" anniversary of the time you began par-
ticipating in the Plan or the time you acquired 5 years of
credited service (10 years of credited service if you did
not have one hour of service on or after March 1, 1998)
which includes at least 36 months of Contributions on
your behalf, but in no event prior to reaching age 65,

4. May Iretire before age 65?

Yes, you may retire with an Early Pension benefit if
you are at least 55 years old and have at least 5 years of

service, (10 years of credited service if you did not have

‘one hour of service on or after March 1, 1998).

Tn addition, you may retire with a Disability Retirement
nefit at any age if you have been awarded a Social
‘curity Disability Pension and have at least 5 years of
ice, (10 years of credited service if you did not have

‘one hour of service on or afler March I, 1998).

‘However, to be eligible for Early or Disability Pension
bei efits, ‘you must have had contributions made on your

"> behalf for at least 36 months.

5 5 How’ are years of service counted under the Plan?

oo



Scheduia C (Form 5500) 2015 Pago 3 -

2. Information on Other Service Providers Receiving Direct or Indirect Compensation. Except for those persons for whom
you answered "Yes" to line 1a on page 2, complete as many entries.as needed to list each person receiving, directly or indirectly, $5,000 or more
in total compensation (L.2,, money or anything else of value) in connection with services rendered to the plan or their position with the plan during

the.plan year, (See instructions).

SEE STATEMENT 1

{@) Enter name and EIN or address (se instructions)
Wk kak ke

DEE ANNE WALKER

(b) 3) (d) ) @ (g)
Service,} Relationship to | Enterdirect | Did service provider Did indirect Entof total indirect Did the service
* Code(s) | employer, employes | compensation | —recelve indirect | compensation include | compensation received by | provider give you
organization, or | paidbythe | — compensation? eligible indirect | service provider excluding | 4 formule instead
person known to be | plan. If none, {sources other .compensation, for eligible indirect of an amount or
aparty-in-interest | enter-0-. - than plan or which the plan | compensation for which you | gstimated amount?
7 received the answered "Yes" to element

plan sponsor) required disclosures? (9. none, enter 0-.

49,508.) Yes [] no kt yes [] No L] yes [] no{]

30 DIRECTOR

{a} Enter name and EIN or address (sea.insiructfons}
~ OR kkk

TRUDY SCHUTT

o]. © @. i) i} @ ; 0)

Service | Relationship to | Enterdirect | Did service provider Did indirect Enter total indirect Did the service
Code(s) | employer, employes | compensation receive indirect ‘compensation include | compensation received by | provider give you
organization, or paid by the compensation? eligible indirect service provider excluding | a formula instead

person known to be |. plan. Ifnone, (sources other compensation, for. eligible indirect ‘of an amount or

aparty-ininterest. |’ enter-0-, than plan or which the plan | compensation for which You) gstimated amount?
plan sponse!) received the answered "Yas" to element
required disclosures? | _(. It none, entar-0-.
30 ‘EMPLOYEE

49,056.) ves [] nok yes [] no L] Yes [] no []

-__{@) Enter name and EIN or address'{see ihstrudtions)
a 7 We RE

(b) (©) (a) (2) () (g) (h)
Service | Relationship to Enter direct | Did service provider Did indirect - Enter total indirect Did the service
Code(s) | employer, employee | compensation | receive indirect | compensation include | compensation received by | provider give you

organization, or | paid by the compensation? eligible indirect service provider excluding | a formula instead
person known to be | plan. Ifnone, (sources other compensation, for eligible indirect ‘of an amount or
aparty-ininterest | enter-0-. than plan or which the plan | compensation for which you | estimated amount?
received the answered "Yes" to element

plan sponsor) required disclosures? (0. none, enter -0-,

47,679.) Yes [| nobd | ves (J of] yes [] no f]

30 (EMPLOYEE

18453
42-07-18

10

A62QNEIG TORI ARI ANN | QATE AINAN weTMEN mTPMTMIDE wADyEDE ne NEI AA


A. Alternatives Considered

The Board of Trustees considered numerous alternatives (including combinations of

"contribution rate increases and benefit adjustments) that, together with applicable amortization

extensions, were projected to enable the Pension Fund to emerge from critical status by the end of
its rehabilitation period. The Pension Fund’s actuary projected that in ordet for the Pension Fund
to emerge from critical status by the end of its rehabilitation period, the Board would need to adopt

one of the following schedules (or a similar schedule):

Benefit Reductions Contribution Rate Increases (All Increases Compound Annually)*

Immediate Alternative 1 Alternative 2 Alternative 3
elimination of all-
Adjustable Benefits | Yr. 1~ 6.7% increase | Yrs. 1-10 - 10.4% increases Yr. 1-15% increase

(benefit accruals aze
already at lowest
level permitted by
law)

Yr. 2—7.7% increase

Yr. 3—8.7% increase

Yr, 49.7% increase
Yr. 5—10,7% increase

Yrs, 2-10- 9.6% increases

Yr. 6 — 11.7% increase
Yr. 7 -— 12.7% increase
Yr. 8 — 13.7% increase
Yr. 9- 14.7% increase
Yr.10— 15.7% increase

* Depending upon the expiration dates of existing collective bargining agreements to which
the Bargaining Parties may be bound as of the date of the adoption of this Rehabilitation Plan, the

- number of years in which a default schedule may be applicable to Contributing Employers who

become subject to that schedule will generally range from 10 to 12 years, in each case to the end of
the rehabilitation period, which is February 28, 2021.

B. Rationale for Rejecting Altematives

After careful consideration of all of the foregoing alternatives, the Board concluded
that none of those alternatives is reasonably expected to enable the Pension Fund to emerge from
critical status by February 28, 2021, Rather, the Board determined that adopting a rehabilitation plan
which would requize the Pension Fund’s Contributing Employers to increase their contribution rates

at the levels set forth above, compounded annually, would likely result in a significant number of

CO5S448/0142980/ 14986428 |



UNITED FURNITURE WORKERS PENSION FUND A
Notes to Financial Statements
February 29, 2016 and February 28, 2015

G. ACCUMULATED PLAN BENEFITS (contimued)

Accumulated plan benefits are those future periodic payments, inchiding lump sum distributions
that -are attributable under the Plan’s provisions to the service employees have rendered. Accumulated
plan benefits include bénefits expected to be paid to (A) retired or terminated employees or their
beneficiaries, (B) beneficiaries of employees who have died, and (C) present employees or their

_ beneficiaries.

Benefits under the Plan are accumulated based on contributions made on behalf of the
_employees, The accumulated plan benefits for active employees will equal the. accumulation, with
interest, of the annual benéfit accruals as of the benefit information date. Benefits payable under all
circumstances - retirement, death, disability, and termination of employment are included to the extent,
they are deemed attributable to employee service rendered to the valuation date.

‘The actuarial present value of accumulated -plan benefits is determined by the independent
actuary and is that 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 significant actuarial assumptions used in the valuations as of March 1, 2015 was as follows:

Mortality rates - RP2000 Mortality Table with blue collar adjustment projected 5 years with
Scale AA.

Retirement age - Ratiging from’ 55 to age 70

Net investment return - 6.75%.

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 present value of accumulated plan benefits. The computations of the actuarial

present value of accumulated plan benefits were made as of March 1, 2015. Had the valuations been
performed as of February 28, there would be no material differences,

-10-


INTERNAL REVENUE SERVICE DEPARTMENT OF THE TREASURY
P.O. BOX 2508

CINCINNATI, OH 45201 AR,
Ry
: : ‘Employer Identification Number: i

Date: APR 0 8 2013 * 13+5511877 . . <019

DLN:

17007048099031
BOARD OF TRUSTEES UNITED FURNITURE Person to Contagt:
WORKERS PENSION FUND A SAMUEL B HODGES Ip# 31312
1910 AIR LANE DR contact Telephone Number:
NASHVILLE, TN 37210 (513) 263-4623

. . Plan Name:
UNITED FURNITURE WORKERS PENSION
FUND A .

Plan Number: 001

Dear Applicant:

We have made a favorable determination on the plan identified aboye based
on the information you have supplied, Please keep this letter, the application
forms submitted to request this letter and all correspondence with the Internal
Revenue Service regarding your application for a determination letter in your
permanent records. You must retain this information to preserve your reliance
on this letter.

Continued qualification of the plan under its present form will depend
on its effect in.operation. See section 1.401-1(b) (3) of the Income Tax
Regulations. We will review the status of the plan in operation periodically.

The enclosed Publication 794 explains the significence and the scope of
this favorable determination letter based on the determination requests
selected on your application forms. Publication 794 describes the information
that must be retained to have reliance on this favorable determination letter.
The publication also provides examples of the effect of a plan's operation on
its qualified status and discusses the reporting requirements for qualified
plans, Please read Publication 794.

“This letter relates only to the status of your plan under the Internal
Revenue Code. It is not a determination regarding the effect of other federal
or local statutes.

This determination letter gives no reliance for any qualification change
that becomes effective, any guidance published, or any statutes enacted, after
the issuance of the Cumulative List (unless the item has been identified in the
Cumulative List) for the cycle under which this application was submitted.

This letter may not be relied on after the end of the plan's first five~
year remedial amendment cycle that ends more than twelve months after the
application was received. This letter expires on January 31, 2015. This
letter considered the 2009 Cumulative List of Plan Qualification Requirements.

This detexmination letter is applicable for the amendment(s) executed
on October 30, 2003.

Letter 2002 (DO0/CG)



" UNITED FURNITURE WORKERS PENSION FUND A
Notes to Financial Statements
February 29, 2016 and February 28; 2015

B, SUMMARY OF ACCOUNTING POLICIES

The following are the significant accounting policies followed by the Plan:

1, BASTS OF ACCOUNTING

The accompanying financial statements are prepared on the accrual basis of accounting in

accordance with accounting principles generally accepted in the United States of America.

2, USE OF ESTIMATES.

: The preparation of financial statements in accordance with accounting principles generally
accepted in the United States of America requires the plan administrator to make estimates and
assumptions that afféct the 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.

Investments are reported at fair value. Fair ‘value is the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date, The Plan’s investment committee determines the Plan’s valuation policies utilizing
information provided by its investment advisers, custodians, and insurance company.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded
on the accrual basis. Dividends are recorded.on the ex-dividend date, Net.appreciation (depreciation)
includes the Plan’s gains and losses on investments bought and sold as well as held during the year,

4. CASH AND CASH EQUIVALENTS —

The Plan considers all highly liquid investments available for current use with an initial maturity
of three months or less to be cash equivalents.

5.. EMPLOYER CONTRIBUTIONS AND RELATED RECEIVABLE
- Payroll contributions are determined from reports submitted, by employers on a’self-reporting

basis. The amount of employer contributions receivable represents the estimated contributions due from
employers.


Schedule D (Form 5500) 2015 Page 2-

@__Namo of MTIA, CCT, PSA, or 108-12 IE:

b__-Naltie Sr SpGixsaF of Sniity listed in {a}:
di Entity @ Dollar value of interest in MTA, COT, PSA,
Cc _EINPN code or 103-12 IE at end of year (see-Instructions)
@__Name of MTIA, CCT, PSA, or 103-12 IE: -
b _ Name of sptinsorsif aritite listed in ta: : .
| entity © Dollar value of interest in MTIA, CCT, PSA,
c___EIN-PN code or 103-12 IE at end of year (see instructions)

a Name of MTIA, CCT, PSA, or 103-12 IE:

-b___Name of sponsor of entity listed in fa):

© Dollar value of interast in MTIA, CCT, PSA,

EINPN of 103-12 IE at end of year (see Instructions)

B___Name of MTIA, OCT, PSA, or 103-12 IE:

b __Name of sponsor of atitity listed in fa):

d Entity Dollar value of interest in MTIA, CCT, PSA,

Cc __EINPN 4 code or 103-12 }E at end of year (see instructions)

Name of MTIA, CCT, PSA, or 103-12 IE:

b__Name of sponsor of entity listed In

d Entity Dollar value of interast in MTIA, CCT, PSA,

cd EIN-PN : code or 103-12 IE at end of year (see instructions)

a Name of MTIA, CCT, PSA, or 103-12 IE:

b___Name of spdnsor of-étitity-listod in (alt

d Entity @ Dollar value of interest in MTIA; CCT, PSA,

c EIN-PN code or 103-42 IE at end of year (see Instructions)

a Name of MTIA, CCT, PSA, or 103-42 IE:

b__ fame of sponsor of entity listed in {als

Dollar value of interest in MTIA, GOT, PSA,

d Entity e
Cc ERIN: _ code of 103-12 IE at end of yeitt (See instructions)
@__Name of MTIA, CCT, PSA, of 103-12 IE:
.b__Name of sporisor of antlty listed in left .
di Entity © Dollar value of intarast in MTIA, CCT, PSA,
S__EINPN code or 108-12 IE at end of year (see instructions)
A__Neme of MTIA, COT, PSA, of 108-12 IE:
b Name of sponsor of entity listed in (a): . .
di Entity © Dollar value of interest in MTIA, OCT, PSA,
if EINES £064 of 103-12 IE at end of year {ss instructions).
siaasz
12-07-18

15

VereNete TWeROLIE neI17 AAN ANTE NANAN THATMEH oTTOMTMTTOD wWADeENA mm NEA A


UNITED FURNITURE WORKERS PENSION FUND A
Notes to Financial Statements
February 29, 2016 and Febriary 28, 2015

B, SUMMARY OF ACCOUNTING POLICIES (continued)
LOVER. DEFINED BENERIT PEI PLANS

United Furniture Workers Pension Fund A contributes to a multiemployer defined benefit
pension plan under the terms of a collective-bargaining agreement that covers its union-represented
employees. The risks of participating in these multiemployer plans are different from single-eniployer
plans in the following aspects:

e Assets contributed to the multiemployer plan by one employer may be used to provide benefits
to employees of other participating employers,

© Ifa participating employer Stops contributing to the plan, the unfunded obligations of the-plan
may be borne by the remaining participating employers. _

e If United Furniture Workers Pension Fund A chooses to. stop participating in the multiemployer
plan, United Furniture Workers Pension Fund A may be required to pay the plan.an amount
based on the underfunded status of the plan, referred to as a withdrawal liability.

United Fumiture Workers Pension"Fund A’s participation in the plan for the fiscal period ended
February 29, 2016 and February 28, 2015, is outlined in the table below. The “EIN/Pension Plan
“Number” column provides the Employer Identification Number and the three-digit plan number, if
applicable. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available.
~The zone status is based on information that United Furniture Workers Pension Fund A received from
the plan and is certified by the plan’s actuary, Among other factors, plans in the red zone are generally
less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the
greén zone are at least 80 percent funded. The “FIP/RP Status” column indicates plans for which a
financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been
implemented. The last column lists the expiration. date of the collective-bargaining agreement to which
the plans are subject. Finally, the nuniber of employees covered by United Furniture Workers Pension
“Fund A’s multiemployer plans decreased.

. Expiration

Pension Protection Act Zone . Contributions of Date of

Status FIPARP Status United Furninwe Workers = Colective=

: EINPension Pending! A Surcharyo Bargaining

Pension Fund ___ Plan Nambef. 2018 2015. s_Impleménted Imposed. _ Agreament
43-6112258 Red Red RP ROIS ABT Yes NBIPRONG

yes S/AU20I6

13-55U877 Red Red RP

Benefit payments to participants are recorded upon distribution.


Plan Name: United Furniture Workers Pension Fund A
Plan Sponsor EIN/PN: 13-5511877 / O01
‘Schedule MB, Line 4a - Illustrations Supporting Actuarial Certification of Status

APPENDIX Il - DETAIL FOR ACTUARIAL CERTIFICATION

A. PROJECTION OF CREDIT BALANCE (Used for Test 3)

Date
3/1/2018:
3/4/2016

Credit : usted with interest to end of year
_Balance Charges Credits Contributions
$ -31,764,543 $ 19,970,065 $ 2,958,788 $3,189,256

-47,968,904 as

Because a funding deficiency already exists at year-end, there is no need to project the
funding standard account credit balance any further,

The projected funding standard account is based on the methods and assumptions set out in
Appendix IV. In addition, the projection of future contributions is based on the Trustees’
* industry activity assumption of'a 10% annual membership decline.

B. SOLVENCY PROJECTION (Used for Test 6)
(assumes contribution increases continue in accordance with the Rehabilitation Plan)

The chart below shows a future projection of the funding of the Fund over the next 7 years.
The projection indicates that the Fund will run out of assets during the 2021 plan year.

Date
3/1/2015
3/1/2016
3/1/2017
3/1/2018
3/1/2019
3/1/2020
3/1/2621
3/1/2022

Projected Projected
Market-Value Projected Benefits and, Investment

Assets Contributions Expenses” Earnings
$ 68,387,517. $ 3,289,638 $ 15,018,334 $ 4,697,189
61,356,010 2,919,605 15,029,666 4,155,783
53,401,732 2,782,006 15,122,225 3,550,738
44,612,251 | 2,651,356 15,183,756 2,884,450
34,964,301 2,527,304 15,259,904 2,153,482
24,385,183 2,409,516 15,362,735 1,351,924
12,783,889 2,164,341 15,444,100 469,803



Plan Name: United Furniture Workers Pension Fund A
Plan Sponsor EIN/PN; 13-5511877 / 001
Schedule MB, Line 4a - Illustrations Supporting Actuarial Certification of Status

APPENDIX IV = METHODOLOGY AND ASSUMPTIONS

6. Rates of Retirement
Annual rates as shown below for illustrative ages,

|
62-64 15.00
| 65-69 50.00 |
170 100.00 |
7. Normal-Form Life Annuity

B, Actuarial Methods
1. Funding Method

The cost method for determining liabilities for this valuation is the Unit Credit Cost
method, This is one of a family of valuation methods known as accrued benefit methods. ©
The chief characteristic of accrued benefit methods is that the funding pattern follows the
pattern ‘of benefit accrual.. The normal: cost is determined as that portion of each
participant’s benefit attributable to service expected td be eamed in the upcoming plan
year. The Actuarial Liability, which is determined for each participant as of each
valuation date, represents the actuarial present value of the portion of each participant’s
benefit attributable to service earned prior to the valuation date,

2. Asset Vahiation Method

The actuarial value of assets is determined in accordance with Section 3.16 of Revenue
Procedure 2000-40 using a five-year smoothing period. Specifically, the actuarial value
of assets as of March 1, 2007 is.set equal to the market value of assets. For each
subsequent plan year, the actuarial value shall be the market value minus a decreasing
fraction (4/5, 3/5, 2/5, 1/5) .of each gain or loss for each of the preceding four plan years.
Gains or losses prior to March 1, 2007 are ignored. The resulting actuarial value of assets
is then limited to be no greater than 120% and no less than 80% of the market value of
assets on the valuation date. ,



: United Furniture Workers Pension Fund A
Plan Amendments
February 2013

WHERSAS, the Board of Trustees (the “Board”) of the United Furniture Workers

Pension Fund A {the “Pension Fund”) is required to amend the Plan document to maintain

compliance with all applicable laws,
NOW {HEREFORE, by Board hereby amends the Plan document as follows:

Awiicle I of the Plan is amended by adding to the end thereof the following;

(16) Top-heavy means that the present value of the accrued benefits of key
employees in the Plan exceeds 60% of the present value of accrued
benefits of all Participants inthe Plan.

(17) Key Employee means a current or former employee who at any time
during the Plan Year containing the determination date is or was:

t. A5% owner of the Employer;

2, An officer of the Employer whose compensation exceeds $130,000
(as adjusted under Code section 416(i)(1) for Plan Years beginning
after December 31, 2002; or

3. A 1% owner of the Employer who has annual compensation
greater than $150,000. .

The rules of subsections (b), (c), and (m) of Code section 414 do not

apply for purposes of determining whether a person is a key employee.

Article IV. F, 4 is amended by adding immediately after paragraph (d), the following:

Such notice shall inform the participant and the participant's spouse of the
right to defer any distribution until the participant's accrued benefit is no
longer immediately distributable. Such notification shall include a general
description of the material features, and an explanation of the relative
values of, the optional forms of benefit available under the plan in a
manner that would satisfy the notice requirements of section 417(a)(3) of
the Internal Revenue Code and section 1.417(a)-3 of the Income Tax
Regulations. For notices given in plan years beginning after December 31,
2006, such notification shall also include a description of how much larger
benefits will be if the commencement of distributions is deferred.

3. Artivle XII is. amended by striking the existing language and inserting in its stead

. the following:

im xcept as provided in this Article XII, and notwithstanding any other

provisions herein, benefits under the Plan shall be limited in accordance
With Section 415 ofthe Code and the Treasury Regulations thereunder,
which are hereby incorporated by reference,


employment. The amount of such increase shall be calculated by multiplying the amount due to

~ be contributed on behalf of the Participant by 3.0 percent for the period prior to September 1,
2003, by 2.0 percent for the period from September |, 2003 through August 31, 2006 and by 1.0
percent for the period after August 31. 2006. [Amended March 2000, June 2003 and Jane
2006}.

D. Disability Award Pension

(1) Subject to subsection D(4), a Participant who has been awarded a Social
Security Disability Award Pension shall be eligible for a Disability Award Pension from this
Fund provided he shall have at least 5 years of credited service, (10 years of credited service if
the Participant did not have one hour of service on or after March 1, 1998) which includes at
least 36 months of Contributions on his behalf. Credited Service shall mean the sum of Past
Service, Effective Service, Future Eligibility Service, and Non-Covered Contiguous Employment
Credit, as defined in Section III. [Amended December 2008].

(2) The monthly amount of Disability Award Pension shall be equal to the Normal
Pension earned to the date of disability retirement, without reduction for age.

(3) ‘Payment of the Disability Award Pension shall begin effective as Sof the date of
entitlement established by: Social Security.

(4) Notwithstanding the foregoing, consistent with the terms and conditions of the
Rehabilitation Plan, as amended (Appendix A hereto), for benefits commencements on or after
March 1, 2009, Participants who are subject to the Default Schedule or on whose behalf .
contributions are no longer required to be made to the Fund shall be ineligible for the Disability
Award Pension subsidy described in paragraph (2) above. Such Participants shal! be eligible for
an unsubsidized Disability Award Pension only. [Amended December 2008].

E. Death Benefits
qd) Prior fo retirement

(a) Effective for the death of a Participant pitor to March 1, 2009, a Death
Benefit shall be paid to the Beneficiary, as herein defined, of any unmarried Participant who dies
prior to becoming eligible for a Normal Pension, or a married Participant who dies prior to
becoming eligible for an Early or Normal Pension or a married Participant who dies after
becoming eligible for an Early Pension and prior to becoming eligible for a Normal Pension who
had rejected the Joint and Survivor Annuity Pension provided that Contributions have been made
on the Parlicipant’s behalf for 36 months.

(b) The amount of Death Benefit shall be equal to the Withdrawal Benefit as
calculated in Section [V.G.(2)

(c)  ifaPre-Retirement Survivor Annuity Benefit is payable as provided Jin
Paragraph F, (3), the amount of the Death Benefit as calculated in subparagraph (b) above shall
be reduced by the present value of the Pre-Retirement Survivor Annuity Benefit payable to the
spouse. If the surviving spouse does not elect to take the present value of the Pre-Retirement

10
C05 544801429801 5261264


-3e

BOARD OF TRUSTEES UNITED FURNITURE

This determination letter does not provide reliance. for any portion(s)
the document that incorporates the terms of an auxiliary agreement (collective
bargaining, reciprocity and/or participation agreement), unless the exact
language of the section(s) that is being incorporated by reference to the
auxiliary agreement has been appended to the document.

This determination letter is also applicable for the amendment (s) adopted
on December 29, 2008, September 3, 2008, June 20, 2006 and June 16, 2004.

Letter 2002 (Do/c¢)



B. Early Retirement Benefit

qd) Subject to subsection B(3), a participant who has reached his 55" birthday shall
be eligible for.an Early Retirement Benefit provided that he has at least 5 years of credited
service, (10 years of credited service if the Participant did not have one hour of service on or
after March 1, 1998) which includes at least 36 months of Contributions on his behalf. Credited
Service shall mean the sum of Past Service, Effective Service, Future Eligibility Service, arid
Non-covered Contiguous Employment Credit, as defined in Section III. [Amended December
2008}.

(2) The Monthly Amount of Early Retirement Benefit shall be equal to the Normal
Pension to which the Pensioner would have been entitled if he-were then 65 years of age,
reduced by five-ninths of one percent for each month the Retiree is between ages 62 and 65 and
by five-twelfths of one percent for each month the Retiree is less than age 62 on the effective
date of retirement.

(3) Notwithstanding the foregoing, consistent with the terms and conditions of the
Rehabilitation Plan, as amended, (Appendix A heréto) Participants who are subject to the Default
Schedule or on whose behalf contributions are no Jonger required to be made to the Fund shall be
ineligible for the Early Retiremént Benefit subsidy described in paragraph (2) above. Such
Participants shall be eligible for an unsubsidized Early Retirement Benefit only. [Amended
December 2008}.

Cc. Deferred Pension

(1) A Participant who has at least 5 years of credited service, (10 years of credited
service if the Participant did not have on hour of service on or after March 1, 1998) which
includes at least 36 months of Contributions on his behalf and thereafter ceases to be a
Participant shall be eligible for a Deferred Pension payable at age 55 or later. A Participant, who
is not covered by a collective bargaining agreement who had one hour of service after January 1,
1989, and has at least five years but less than 10 years of credited service, and thereafter ceases
to be a Participant shall be eligible for a Deferred Pension payable at age 55 or later. Credited
Service shall mean the sum of Past Service, Effective Service, Future Eligibility Service, and
Non-Covered Contiguous Employment Credit as defined in Section ILI.

(2) The monthly amount of Deferred pension shall be equal to the monthly amount
of Normal Pension or Early retirement Benefit earned prior to leaving the Industry, depending on
the Participant’s age at the time payments commence, Anything herein to the contrary
notwithstanding, the term “Normal Pension” or “Early Retirement Benefit” as used in this
subsection C, (2) shall mean the Normal Pension or the Early Retirement Benefit to which the
Participant would have been entitled if he had been eligible for and applied for such benefit
pursuant to subsection A. or B, of this Section IV. on the date on which the Participant would
have ceased to be a participant pursuant to Section ILB. in the absence of this Section IV.C.
[Amended March 2000}.

Q) In the event that a participant entitled to a Deferred Pension again becomes
employed by a Participating Employer, he may increase his pension as a result of such

C055448/0142980/1 526 126.6


35 years ald, your spouse.will be eligible for the Joint
and Survivor Annuity Pension.

Ifyou are married and eamed 5 or more years of cred-
ited service (10 years of credited service if you did not
have one hour of service on or efter March [, 1998), and
had at least one hour of service after December 31, 1975
and died afier August 22, 1984, yourspouse will be
entitled to a Joint and Survivor Annuity Pension payable
when you would have attained age 55,

Ifyou are not married and die belore retiring, your bene-
ficiary will not be cligible for any benefit from the Plan

13. Can [ose my partleipation in the Plan?

‘Yes, you lose participation and have a “Break-in-
Service”:

a) if for any reason you stop working for a Partici-
pating Employer for a‘period of wo consecutive
calendar years, or

b) if. you retire,

14, If] have a Break-in-Service, do Lose all service,
credits | have earned? :

You do not lose the service credits you had eurned if
you had at least 5 years of Credited Service, (10 years of
credited service if'you did not have one hour of service
‘on or after March 1, 1998) including 36 months of
contributions.

if you did not satisfy the above requirements for a
vested pension, you do not lose the service credits you
had eamed if, after a Break-in-Service, you retum to
work for a Participating Employer within a time period
equal to the greater of five years or the number of years
of credit you earned prior to the Break-in-Service.

15, May a Pensionar return io work and keep kis pens
sion? .

A pensioner, between age 65 and age 70/4, who returns
to work within the same trade or craft and in the same
geographic area covered by the Plan will not receive
pension checks during any month of re-employment in

Hl

. Which he works 40 or more hours.

A Pensioner, below age 65, who retums to work in the
industry anywhere in the United States will not receive
pension checks during any month of such re-employ=
ment, regardless of the amount of hours worked, Such
Pensioners will upon returning to the pension rolls, afler
age 65, have their monthly pension benefit recalcu-
lated to compensate for the monthly pension benefits
that were suspended prior to the attainment of age 65.
However, recalculation will not be made for months of"
employment prior to age 65 which would have resulted
in a suspension of benefits if the Pensioner had been
over age 65.

If any Pensioner returned to work fora Participating
Employer then returns to the pension rolls, he may
increase his pension. .

16. Hos do 1 file a claim for benefits?

You can ask for any plan benefit to which you feel
entitled by writing to the Board of Trustees at the Fund
Office. You should send in your request for retirement
in the month prior to the month during which you wish
your benefits to begin. Your monthly pension pay-
ments begin the first day of the month following receipt
of your application at the Fund Office, except that the
Disability Award Pension may be payable prior to the
application date, which will be the date of entitlement of
the Social Security Disability Award, Monthly pension
benefits must commence on the first day of the month
following your attainment of age 7014,

17. What happens afier ! apply for a benefit?

The Board will give you a prompt response to your
claim,

. EH your claim is denied, you will receive a statement in

Writing giving you the specific reasons for the denial.
Ifyou wish, you may, within 90 days of receiving the
Board's notice, file a written request for a review of your
claim.

‘The Board will review any material you submit in sup-

port of your claim and any written statement you wish
to make,

59



Plan Name: United Furniture Workers Pension Fund A
Plan Sponsor EIN/PN: 13-551 1877 / 001
Schedule MB, Line 4a - Illustrations Supporting Actuarial Certification of Status

APPENDIX | - TESTS OF FUND STATUS

fe vitical Status — The Fund will be certified as Critical if it meets the conditions of
any one of the five following tests:

1

The Fund has a funded ratio of less than 65%, and the value of Fund assets plus |

projected contributions is less than the value of projected Fund benefits and
expenses to be patd for the current and six succeeding plan years.

The Fund has a funded ratio of less than 65%, and is projected to have an
accumulated funding deficiency for the current year or the next four plan years,

The Fund is projected to have an accumulated. funding deficiency for the
current plan year or the next three plan years,

Normal cost plus interest on the unfunded liabilities exceeds contributions, the
present value of vested benefits of inactives exceeds the present value of vested
benefits of actives, and the Fund is projected to have a funded deficiency for
the current plan year or the next four plan years. .

The value of Fund assets plus projected contributions is Jess than the value of
projected benefits and expenses to be paid for the current and four succeeding
plan years,

Critical and Declining Status — The Fund will be certified as Critical and
Declining if it meets test 6.

6

The Fund is Critical and projected to become insolvent within the current or
the next 14 (19 if the Fund’s number of inactives is more than twice ‘the
number of actives or if the funding level is below 80%) plan years

The Fund is certified to.be in Critical and Declining status for 2015,

Condition
Met?

Not
Tested

Not
Tested

YES



Section XIV.
APPEALS

1 A Participant or beneficiary whose claim for benefits is denied in whole or in part shall
receive written notification of such decision no later than ninety (90) days after the claim
has been received unless the Director notifies the participant or beneficiary during that 90
day period that special circumstances require additional time. not to exceed an additional .
ninety (90) days. The notice of denial shall contain such information, explanation and
detail as required by the DOL Claims Regulations, including a description of the time
limits and procedures for appealing the determination.

2. All decisions on claims for benefits denying a claim in whole or in part shal] be subject to
_appeal to the Board of Trustees as provided herein. Section V(D) of the Fund’s Plan of
Benefits is amended to read in its entirety as follows:

If a Participant's or Beneficiary’s claim for benefits is denied in
whole or in part, he shall receive a statement in writing from the
Plan stating the specific reasons for the denial.

A Participant or Beneficiary whose claiin for benefits is denied in

whole or in part may appeal to the Board of Trustees by submitting

a written appeal within 90 days after the date he receives notice of
~ the denial.

In determining an appeal the Trustees shall consider any materials
that were relied upon to deny the claim and such additional
comments, documents, records and other information relevant to
the claim that the participant or beneficiary may submit.

The Trustees shall decide each appeal within 60 days after the
appeal is received, unless the Trustees extend the period for no
more than an additional 60 days due to special circumstances, in
which event the Trustees shall notify the Participant or Beneficiary
of the extension before the first 60 day period expires.

The Trustees may delegate to a committee consisting of at-least
one Employer Trustee and one Union Trustee the authority to act
upon any one or more appeals.

The determination on appeal by the Trustees or a committee of the
Trustees shall be final and binding upon all parties, and the
provisions of Section VII(A) of the Plan shail apply to all such
determinations: [Amended January 2002].

he
is}

C055448/0)42980/1526 126.6


have had contributions made on his behalf for one or more days in each of four months in one
calendar year. All increases will become effective January |, following the calendar year in
which earned. {Amended March 2000, June 2003 and June 2006).

Cc. No benefit shall be subject:in any manner to anticipation. alienation, sale, transfer,
assignment, pledge, encumbrance, or charge, and any attempt to so anticipate, alienate, sell,
transfer, assign, pledge, encumber or charge the same shall be void; nor shall any such benefit be
in any manner liable for or subject to the debts, contracts, liabilities, engagements, or torts of the
person entitled to such benefit, If any Pensioner becomes bankrupt or attempts to anticipate,
alienate, sell, transfer, assign, pledge, encumber or charge any. pension hereunder, then such
pension shall in the discretion of the Trustees, cease and desist, and in the event, the Trustees
shall hold or.apply the same to or for the benefit of such Pensioner, his spouse, children, parents,
or other dependents, or any of them, in such manner and in such proportion as the Trustee may
deem proper. Effective January 1, 1985, this paragraph will be superseded by any terms issued
by a Qualified Domestic Relations Order pursuant to a State domestic relations law (including
“any community property law) which specifies the name and the last known mailing address of
the Participant and each alternative payee to whom the order relates, and either the amount of the
Participant's. benefits paid to an alternative payee, or the manner of determining the amount, and
the number of payments or the period for which payments are required.

D. Ifa Participant's or Beneficiary’s claim for benefits is denied in whole or in part, he shall
receive a statement in writing from the Plan stating the specific reasons for the denial. A
Participant or Beneficiary whose'claim for benefits is denied in whole or in part may appeal to
the Board of Trustees by submitting a written appeal within 90 days afier the date he receives
notice of the denial

‘In determining an appeal the Trustees shall consider any materials that were relied upon
to deny the claim and such additional comments, documents, records and other information
relevant to the claim that the participant or beneficiary may submit.

The Trustees shall decide each appeal within 60 days after the appeal is received, unless
ihe Trustees extend the period for no more than an additional 60.days due to special
circumstances, in which event the Trustees shal! notify the Participant or Beneficiary of the
extension before the first 60-day period expires.

The Trustees may delegate to a committee consisting of at least one Employer Trustee ©
and one Union Trustee the authority to act upon any one or more appeals,

The determination on appeal -by the Trustees or a commitiee of the Trustees shall be final
and binding upon all parties, and the provisions of Section VII(A) of the Plan shall apply to all
such determinations. ~

E. For distributions with annuity starting dates on or after January 1, 2003, notwithstanding
any other plan provisions to the contrary, the applicable mortality table used for purposes of
adjusting any benefit or limitation under Section 415(B)(2)(b), (C) or (D) of the Internal
Revenue Code as set forth in Section XIII of the plan and the applicable mortality table used for

7
COS5448/014298011526126.6


An Employee who was in the employ of a Participating Employer on the Employer's
Applicable Effective Date, as herein defined, shall after 36 months of Contributions have been
made on his behalf, be credited with a year of Past Service during any calendar year prior to such
Applicable Effective Date during which he was employed for at least six months.

An Employee who was eligible to receive years of Past Service as defined above shall be
credited with Past Service for calculation of benefit purposes, computed to the nearest one-
twelfth year, for each year or portion thereof of his employment with a Participating Employer
prior to the Applicable Effective Date, as herein defined.

-An Employee who was employed by a Participating Employer prior to the Employer's
Applicable Effective Date, but who immediately prior to the Applicable Effective Dale was on
an authorized leave of absence from the service of such Participating Employer-while engaged in
Union business, shall receive Past Service as defined in this paragraph for each year or portion -

- thereof of his service with such Participating Employer and for each year or portion thereof of
such authorized leave of absence prior to the Applicable Effective Date.

In case an Employee had two or more periods of service, only the last continuous period
of service will be considered.

Anything herein to the contrary notwithstanding, in addition to the years of Past Service
Credits a participant receives based on a merger agreement, a participant shall receive credit for
years during which contributions were made on his behalf to this Plan or any other Plan which
merged into this Plan. However, in determining whether such additional years of service will be
granted, the Break-In-Service rule of Section II.B. shall apply.

Notwithstanding anything to the contrary contained in this Plan, in the event any
Participating Employer ceases to be a Participating Employer or reduces the rate of contributions
to the Plan, the Trustees shall have an evaluation made of the actuarial significance of such
cessation or reduction of Employer Contributions and shall reduce or entirely eliminate the years
of Past Service of such Participants as remain in the employ of such Employer, as the Trustees”
shall determine to be in the best interests of the Plan and its participants. Such years of Past
Service shall be reduced or eliminated for purposes of calculating the Normal Pension as
provided in Section IV.A., but such years of Past Service shall continue to be counted for
determining eligibility for benefits. A Participant shall be deemed to have remained in the
employ of the Participating Employer for purposes of this Section if he is employed by the
Participatirig Employer more than thirty (30) days after the date a majority of the Trustees vote to
reduce or eliminate the years of Past Service pursuant to this Section.

B. Effective Service: An Employee who is a Participant on July 1, 1974 shall be credited
with Effective Service at the rate of one-twelfth year for each month between the date
Contributions were first made on his behalf and January 1, 1971.

Cc. Futute Eligibility Service: An Employee shall be credited with a year of Future

Eligibility Service during any calendar year for which Contributions are made to the Fund by a
participating Employer on and after January 1, 1971 for at least 1,000 hours. No credit will be

COS5448I0 142980/1526126.6


Plan Name: United Furniture Workers Pension Fund A
Plan Sponsor EIN/PN: 13-5511877 / 001
Attachment G-to 2015 Form 5500 Schedule MB

Schedule MB, line 11 ~ Justification for Change in Actuarial Assumptions

Changes: ,

1. The RPA ’94 current liability interest rate was changed from 3.63% to 3.44% to
comply with appropriate guidance.

2. The RPA ’94 current liability mortality table was changed from the 2014 Current
Liability Static Mortality Table to the 2015 Current Liability Static Mortality
" Table to comply with appropriate guidance. .

3. The investment return assumption was reduced from 7.50% to 6.75% to better
reflect future investment expectation given the current risk tolerance.

4, The investment return assumption for withdrawal liability purposes was reduced
from 7.00% to 6.25%. : ,


United Fumiture Workers Pension Fund A
BIN - 13-5511877
Schedule of Reportable (5%) Transactions
(Form 5500, Schedule H, Part IV, Line 4j)
For the Year Ended February 29, 2016

Current Value
of Asset on
Description, Purchase Selling Cost of ‘Transaction Net Gain
of Asset Price Price Asset Date or (Loss)
Single Transactions
Vanguard Growth Fund 57,30 4,894,640 4,894,640 -
Intech Inst'l Large CAP Growth Fund : _ + 315 2,518,693 4,894,640 2,375,947
Fidelity Growth hitemational Fund 38.44 2,855,716 4,973,577 2,117,860
State Street Global Advisors - Daily 27,55 3,456,667 3,456,667 ~
State Strect Global Advisors - MSCI 17.93 . 3,085,461 3,085,461 -
Series_of Transactions
Vanguard Growth Fund a, : . ,
. ° 51.80 ¢ 110,618 : 100,000 (10,618)
51.83 110,554 100,000 (10,554)
56.24 101,885 . 100,000 (1,885)
56.87 100,756" 100,000 (756)
53.81 106,486 100,000 (6,486)
51.64 310,960 100,000 (0,960)
Intech Inst'l Large CAP Growth Fund
3.09 262,604 500,000 237.396
3.05 53,232 100,000. 46.768
3.05 53,157 100,000 46,843
3.12 51,927 100,000 48.073
3.06 52,968 100,000 47.032
State Street Global Advisors - Daily
27.55 111,667 111,667 -
27.19 115,127 124,667 9,540
2749 81,295 89,000 7,705

27.22 106,710 115,667 8.957


‘Schedule MB (Form $500) 2015

Page 2 - :

2 Operational information.as of beginning of this plan year:

a@- Current value of assets (see instructions) ........0 a 5 [ee] 70,887, 468
b "RPA ’94* current liability/participant count breakdown: (1) Number of participants (2) Current liability
(1) For retired participants and beneficiaries receiving payment 5,563 151,631,639
(2) For terminated vested participants _ nea 3,471 89,993,573
(3) For active participants: :
(a) Non-vested benefits 550,054
(b) Vested benefits 48,374,670
(c) Total active 1,029 48,924,724
(4) Total... _ 10,063 290,549,936
CH the percentage resulting from dividing line 2a by line 2(2), column @), is loss than 70%, enter such

paréentage

24.4000 %

3. Contributions made to the-plan for the plan:year by-employer(s).and ‘empléyée:

{a) Date (b) Amount paid by {c) Amount paid by {a) Date (b) Amount paid by (e} Amount paid by

(MM-DDYYYY) employer(s) employees (MM-DDYYYY) employer(s) ‘employees
01/01/2016) 1,776,788 a)
= Totals > [(b) 1,776,788) 310) 0
4 Information on plan status: .

@ Funded percentage for monitoring plan’s status (ine 1b(2) divided by ling 10(3) 4a 38.50 %
b Enter code to indicate plan's status (see instructions for attachment of supporting evidence of

plan's status). If code is "N," go to line 5_ ow we Lab D
© Istho plan making the scheduled progress under any applicable funding improvement or rehabilitation plan? Ikfyos |_| No
di Ifthe plan is in critical status or critical and deatining status, were any benefits reduced (see instructions)? Yes__ [x] No
 Ifline dts "Yes," enter the reduction in liability resulting from the reduction in benefits (see

instructions), measured as of the valuation date __ 4o|
7 |fthe rehabilitation plan projects emergence trom critical status or oritical and declining status, enter

tho plan year in which it is projécted to emerge.

if the rehabilitation plan is based on forestalling possible insolvency, entar the plan year in which , at

Insdlvgney is:expected and check here 2024

5 Asktiarial cost method used as the basis for this plan year's funding standard account computations (cheek all that apply):

a [| Attained age normal b []. entry age normal © c Eg Accructl banattt (uit credit) a 4 Aggregate
@ || Frozen initial labitity f Individual tevel premium 9 [) inaivictiat negregets h [J shorten
1_| | ‘Ropigahtéation i Other-(epacityy:
K If box his checked, enter period of use of shortfall method __ [sx | i_7
1 Has a change been made in funding method for this plan year? L}Yes [1 No
M1 Ifline lis "Yes," was the change made pursuant to Revenue Procedure 2000-40 or other automatic approval’... Yes No

1 Ifline tis "Yes," and line in is "No," enter the date (MM-DD-YYYY) of the ruling letter (individual or

‘class) approving the change tn 4unding method,

6 Checklist of certain actuarial assumptions:

[eo [3.44%

€ Interest rate for "RPA '94" current liability ,.

Pre-retirement

Post-retirement

Lyes [To Exfwa

1 Rates specified in insurance or annuity contracts

[ves [To Tah wa

© Mortality table code for valuation purposes:

siesce
32-07-15

22

ALIONLIR WRARIE AGW ANN 9NTR AIAAN TAITMER CENT D

mADVEDA DT NEI19 Nt


employer withdrawals from the Pension Fund, or a mass withdrawal, thereby further jeopardizing
the funding status of the Pension Fund or resulting in the Pension Fund’s insolvency.
SECTION 3 - ELIMINATION OF ADJUSTABLE BENEFITS

As required by law, the Pension Fund ceased paying all lump sum payments in excess
of $5,000 effective June 28, 2008, and the elimination of all such lump sum payments under the
Pension Fund shall continue under this Rehabilitation Plan. Moreover, effective for benefit
commencements occurring on or after March 1, 2009, the Pension Fund shall cease to provide any

of the following benefits, rights and features:

° Any and all death benefits;

6 Any and all withdrawal benefits;
e The 36-month benefit guarantee;
° Any and all lump sum benefits.

In addition, effective for Pension Fund participants (\) who are employed by
Contributing Employers who become subject to the Default Schedule or (B) on whose behalf
contributions are no longer required to be made to the Fund, such participants shall not be eligible,
upon their retirement or other employment separation, for the Pension Fund’s early retirement or
disability benefit subsidies, to the extent permitted by applicable law. ,
SECTION 4 ~ SCHEDULES OF CONTRIBUTIONS

The Board of Trustees hereby establishes the contribution schedules that
Contributing Employers may elect under this Rehabilitation Plan, Section 4(A) sets forth the
Rehabilitation Plan’s Preferred Schedule and Section 4(B) sets forth the Rehabilitation Plan’s Default
Schedule,

Ifa Contributing Employer and a Local Union do not have a collective bargaining
agreement (or other written agreement requiring contributions to the Peasion Func) in effect as of

March 1, 2009, and if the those Bargaining Parties do not accept the Preferred Schedule herein by

C9555-48/0142980/ 14986428


spouse does not exceed $5,000, such amount will be immediately distributed to the spouse.

_ Effective for any Joint and Survivor Annuity Pension which commenced prior to June 28, 2008,
if the present value of the Survivor Annuity Benefit exceeds $5,000, such present value may’ be
immediately distributed to the spouse if the spouse consents to such distribution in writing.
{Amended December 2008].

{7) ‘Any Joint and Survivor Annuity Pension which becomes effective on or after
. March 1, 2008 shall be adjusted by multiplying the full amount othenvise payable by the
following factors:

(a) For the 50% Joint and Survivor Annuity - 90% plus .4% for each full year
that the spouse’s age is greater than the Participant’s age or minus .4% for each full year that the
spouse’s age is less than the Participant’s age, with a maximum factor of 99%.

(b) For the 75% Joint and Survivor Annuity = 85.7% plus .5% for each full
year that the spouse’s age is greater than the Participant's age or minus .5% for each full year
that the spouse’s age is less than the Participant's age, with a maximum factor of 99%,”

For any Joint and Survivor Annuity Pension which became effective before March 1, 2008, the
adjustment of the pension,amount shall be made according to the rules then in effect. [Amended
September 2008 and December 2008}.

G, Withdrawal Benefit

(1) Effective for withdrawal benefit applications filed prior to June 28, 2008, a
Participant who is not eligible for a Deferred Pension Benefit as defined in Section IV.C., shall
be entitled to a Withdrawal Benefit provided Contributions have been made on his behalf for 36
months: .

(a) After the participant has ceased to be employed by a Participating
Employer or former Participating Employer for more than six consecutive months, or

(b) If the Participant continue to be employed by a former Participating
Employer, that former Participating Employer continues to maintain a collective bargaining
agreement with the Union for a period of at least six consecutive months after ceasing to be a
Participating Employer.

(2) The amount of the withdrawal benefit shall be computed in accordance with the
foliowing table: .

T5541 48/0 1129801526126 6


be fully funded
Under this projection, it is anticipated that the Pension Fund’s financial condition
would improve incrementally over time and the Pension Fund would emerge from critical status by

February 29, 2036.

SECTION 6 - ENFORCEMENT OF REHABILITATION PLAN

In addition to all of the rights and remedies that are available under applicable law,
including, without limitation, Title I and Title IV of ERISA, the Board of Trustees of the Pension
Fund hereby expressly reserve the right to find and determine, in their discretion, that any
Contributing Employer who fails and/or refuses, after written notice, to comply with the terms and
conditions of this Rehabilitation Plan, shall be deemed to have effected a complete or partial,
withdrawal from the Pension Fund within the meaning of ERISA Sections 4203 or 4205, as
applicable. Upon such a finding and determination, the Board of Trustees hereby expressly reserve
the right to pursue all of the Pension Fund’s remedies against such withdrawing employer as are

available under ERISA and other applicable law.

SECTION 7 —- CONSTRUCTION AND MODIFICATIONS

The Board of Trustees of the Pension Fund reserves the right to construe, interpret
and/or apply the terms and provisions of this Rehabilitation Plan in a manner that is consistent with
its intent and design of improving the financial condition of the-Pension Fund over time, and any all
coustmctions, interpretations or applications of this Rehabilitation Plan by the Board shall be final
and binding unless arbitrary or capricious, The Board further reserves the right to make any
prospective or retroactive modifications to this Rehabilitation Plan that, in their discretion, may

become necessary or appropriate or that may be required by applicable law.

10
CO5S448/0142980/ 14986428


UNITED FURNITURE WORKERS PENSION FUND A
Notes to Financial Statements
Febmaary 29, 2016 and February 28, 2015

0,  RECONCILIATION-OF FINANCIAL STATEMENTS TO FORM 5560 (contimed)

‘The following is a reconciliation of total deductions per the
financial statements to the total expenses per the Form 5500: _

Year ended
. February '29, 2016
Total deductions per the financial : .
statements . $ 14,976,377

Add: Investment expenses , . : 385,396 -
Total expenses available per the : .
Form 5500 : $15,361,773"

Thie following is a reconciliation of net appreciation in fair
value of investments per the financial statements to the net
appreciation (depreciation) of assets per Form 5500:

Year ended
: : February 29, 2016
Total net appreciation (depreciation) in fair value
” of investments per the financial

statements 3° (2,884,973

Unrealized appreciation (depreciation) . :
of assets Form 5500 : . . (832,010)

Net gain (loss) on sale
of assets Form 5500 . 580,533
Net investment gain (loss) from " .
_ common collective trust Form 5500 . . (898,597)
Net investment gain (Joss) from
registered investment companies Form 5500 qa 274,61 1)

Total net appreciation in fair value
of investments available per the . :
Form 5500 : ‘ $_ (2,424,685)

~18-


UNITED FURNITURE WORKERS PENSION FUND A
: a Notes to Financial Statements
February 29, 2016 and February 28, 2015

The following table presents the investments that represent 5 percent or more of the Plan’s net
assets as at February 29, 2016 and February 28, 2015:,

2016. 2015
“Intech Institutional Large Cap Growth Fund $ $ 5,772,886
JPMCB Strategic Property Fund 8,369,863 * 8,828,137
State Street Global Advisors - MSCI 4,282,529 “
State Street Global Advisors ~ Daily . 4,941,275 . 2
Rothchild SMID Fund . 4,564,317
Loomis Sayles Credit Long/Short 6,390,235 5,901,800
BPIF Non-Taxable L.P : 8,202,128 8,231,939
Fidelity Growth International Fund - 5,083,707
: Pimco Bond Fund ‘ 4,133,425 6,421,005
Robeco BP. - All Cap Value Fund - . 3,616,237 * 5,215,651
Vanguard Growth Index Fund Admiral 3,837,697, an

During the years ended February 29, 2016 and February 28, 2015, the Plan's investments
(including gains and losses on investments bought and sold, as well as held during the period)
(depreciated) appreciated in value by $(2,884,973) and $3,983,745, respectively, as follows:

2016 . 2015

Common stocks $ (416,225) $674,198
Common trust funds -
Intech Institutional Large Cap Growth Fund 43,795 661,667
JPMCB Strategic Property Fund 667,737 586,736
Wellington Global Total Return Fund 25,230 40,512
State Street Global Advisors (1,230,749) 516,708
Rothchild SMID Fund (353,334) 509,632
Loomis Sayles Credit Long/Short (11,565) (98,200)
BPIF'Non-Taxable LP 74,748 485,672
Other investment 90,000 -
- Registered investment companies - :
Fidelity Growth International Fund (99,946) (163,996)
Fidelity Emerging Markets Fund (13,947)
Pimeo Bond Fund : (220,108)
Robeco BP - All Cap Value Fund ~ (453,943) 65
Vanguard Growth Index Fund Admiral : (486,666) ‘ -

-1l-


Number or months during which Percent of Total Amount Contributed

Employer contributions were made* on behalf of the Participant or Pensioner**

36 through 47 10%
48 through 59 20%
60 through 71 30%
72 through 83 "40%
"84 or more 50%

*For the period prior to January 1, 1971, the number of months during which Employer
Contributions were made is assured to be the number of months of Effective Service Credit.

**Contributions prior to 1971 shall be determined by multiplying the average monthly
Contribution made on and after January 1, 1971 by the number of months of Effective Service
Credit. :

(3) Effective for withdrawal benefit applications filed during the period June 28,
-2008 through February 28, 2009, withdrawal benefits other than benefits with a present value of
less than $5,000, shall not be paid as a lump sum, but shall be paid in 60 equal monthly
installments. [Amended September 2008].

(4) Effective March 1, 2009, consistent with the terms and conditions of the
Rehabilitation Plan, as amended (Appendix A), there shall be no Withdrawal Benefits payable
from the Plan. [Amended December 2008].

H. Special Benefits ~ Emplovers of R.J. Tower Corporation

(1) For the purpose of calculating benefits under Subsection A.(2) of this Section
IV, the amount of contributions made on behalf of a Participant by R.J. Tower Corporation or its
successor with respect to hours worked on or after September 1, 1993 shall be reduced by seven
cents per hour.

(2) The Normal Retirement Age for a Participant who has had contributions made
on his behalf by R.J. Tower Corporation or its successor with respect to hours worked in at least
twenty four months commencing with the month of September, 1993 shall be age 60 provided
the Participant has five years of credited service (10 years of credited service if the Participant
did not have one hour of service on or after March 1, 1998), The Early Retirement Benefit for
such a Participant shall be equal.to the Normal Retiremerit Benefit reduced by five twelfihs of
one percent for each month the retiree is less than age 60 on the effective date of retirement.

L Eligible Rollover Distributions

This paragraph applies to distributions made on or after January 1, 1993.
Notwithstanding any provision of the plan to the contrary that would otherwise limit a
distributee’s election under this Article, a distributee may elect, at the time and in the manner
prescribed by the plan administration, to have any portion of an eligible rollover distribution paid
directly to an eligible retirement plan specified by the distribute in a direct rollover.

(1) Eligible rollover distribution:

COES4$B/014 2980! 1526126 4


’ UNITED FURNITURE WORKERS PENSION FUND A
Notes to Financial Statements
February 29, 2016 and February 28, 2015

N: 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 are
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.

0: OR SILTATION’ OF FIM ANCIAL, STATEMENTS TO FORM 5506.
The following is a reconciliation of total additions per the :
financial statements to the total income Form 5500:
Year ended

5 Febmary 29, 2016
Total additions per the financial

statements ‘ : $ 1,439,052
Add: Investment expenses . © eee nn 985,396
-Total additions available per the . : /

Form 5500 , § 1824448

The following is a reconciliation of administrative expenses per
the financial statements to the administrative expenses Form 5500;

‘Year ended
February 29, 2016

Administrative expenses per the financial

statements $1,372,735
Add: Investinent expenses . 385,396
Total expenses available per the

Form 5500 . $ 1,758,131 -


UNITED FURNITURE WORKERS PENSION FUND A
Supplemental Schedule of Assets Held For Investments
February 29, 2016

Number . Market

non Stock (continued) © of Shares Cost Value

Laboratory Corp Amer Hidgs 960 $ 94,633 $ 105,446
Linear Technology Corpofation 1,280 49,539 55,834
Noble Energy Inc 890 46,141 26,255
Omnicom Group . 1,460 75,510 113,603
Parker Hannifin Corp 820 . 84,157 "82,984
Philip Morris International 720 58,019 65,542
PNC Financial Services Group . 760 41,099 61,796
Procter & Gamble Co . 0 0 50,948 + $7,809
Progressive Corp 23990 68,268 195,441
Renaissance Re Hidgs Ltd 720 66,662 81,504"
Rockwell Collins 550 47,910 ° 48,164
State Street Corp . 1,790 93,543 98,056
Twenty-First Century Fox Inc. . 3,610 113,029 97,542
Unilever NV Adr 1,140 44155 48,575
United Health Group Inc. « + : 790, 58,253 . 94,089
United Parcel Service C]-B . 830 . 62,037 80,137
Wesco International 780 53,495 34,359 -
Wells Fargo & Co * 2,070 65,036 97,124
Western Union Co . 2,160 35,619 7 39,442
Whirlpool . 240 35,724 37,277
World Fuel Group 1,600 70,219 74,896
W.W Grainger : 240 * $4794 52,056"

$ 2,938,853 f 3.399.259

See independent auditors’ repost on supplemental information

-22-


Plan Name: ‘United Furniture Workers Pension Fund A
Plan Sponsor EIN/! 35511877 / 001
schedule MB, Lit ti biting

United Fumiture Workers Pension Fund A . May 29, 2015 .

clo Ms, Dee Anne Walker . EIN: 13-5511877
-PO Box 100037 / . PN: 001
Nashville, Tennessee 37224-0037 : : Tel: (615) 889-8860

Re: Annual Certification of Plan Status under Internal Revenue Code §432(b) and
Einployce Retirement Income Security Act of 1974 §305(b) -

Dear Board of Trusteés:
CERTIFICATION

As required by Section 432(b)(3) of the Internal Revenue Code (“Code”) and Section 305(b)(3)
of the Employee Retirement Income Security Act of 1974 (“ERISA”), we certify, for the plan
year beginning March 1, 2015, that the Fund is classified as being in Critical and Declining
status as this term is described in Section 432(b) of the Code and Section 305(b) of ERISA as
amended by the Multiemployer Pension Reform Act of 2014. The Rehabilitation Period began
. March 1, 2011. We also, certify that the Fund is making scheduled progress in meéting the
requirements of its Rehabilitation Plan as discussed in Appendix II.

- To the best of our knowledge, this report is complete and has been prepared in accordance with
the requirements of Section 432 of the Code, Section 305 of ERISA, and generally recognized
and accepted actuarial principles and practices that are consistent with the Code of Professional
Conduct and applicable Actuarial Standards of Practice sét out by the Actuarial Standards Board.
Furthermore, as credentialed actuaries, we méet the Qualification Standards of the American
Academy of Actuaries to render the opinion contained herein. This report does not address any
contractual or legal issues. We are not attomeéys and our firm does not provide any legal services
or advice. .

This report was prepared solely for the United Furniture Workers Pension Fund A. It only
certifies the condition of the Fund under Code Section 432 as added by the Pension Protection
Act of 2006 and should be used only for that purpose. Other users of this report are not intended
users as defined in the Actuasial Standards of Practice, and Cheiron assumes no duty or liability
to such other users, : :

In preparing this report, we have relied on information supplied by the Fund Office and ‘the
Board of Trustees. This information includes, but is not limited to, Plan provisions, employeé
data, financial information, and expectations of future industry activity. We performed an
informal examination of the obvious characteristics of the data for reasonableness and
consistency in accordance with Actuarial Standard of Practice #23,


Schedules H (Form S606} 2015"

Page 2
4d Employer-related investments: (a) Beginning of Year {b) End of Year

(1) Employer securities jal)

{2) Employer real property, 10(2) :
© Buildings and other property used in plan operetion de 28,701 23,336
f Total assets (add all amounts in lines 1a through te) it 69,511,851 55,923,166

Liabilities

g Bonotit olaims payable ta :
h_ Operating payables ....,. th 176 334 124,974:
i Acquisition indebtedness 4i
J Other liabilities, 4
K Total liabilities (add all amounts in lines 1g through 1) ik 176,334 124,974

. Net Assets
1 Net assets (subtract line 1k from line 4) .,

55,798,192

69,335,517 |

[ParkIly “Ipcome and Expense.

ferment

. Lad

Plan income, expenses, and changes in net assets for the year. Include all jnoome and expenses of ths plan, including any trust(s) or sepavately

maintained fund(s) and any payments/recsipts to/trom insurance carriers, Round off amotints to the nearest dollar. MTIAs, CCTs, PSAs, ahd

2
403-12 IEs do not complete lines 2a, 2b(1)(E), 20, 2f, and 2g,
: Income
@ Contributions:
(1) Received or receivable in cash from: (A) Employers oa
{B) Participants...
{C) Others (including rollovers) .
{2) Noncash contributions
(3) Total contributions. Add lines, 2a(1)(A}, (B), (C}, and line 2a(2)
b Earnings on investments:
(1) Interest: .
(A) Interest-bearing cash (inoluding money market
accounts and certificates of deposit)
(B) U.S, Government securities
{C) Corporate debt instruments.
(D) Loans (other than to participants)
(E) Participant loans...
(F) Other , _
{G) Total interest. Add lines 2b(4){A) through (F)
{2) Dividends:(A) Preferred stock.”
(B) Common stook |_|
(C) Registered investment company shares (6:9. mutual funds)
{D) Total dividends. Add lines 2b(2)(A), (B), and (C)
(3) Rents... seoteeninseiee
{4) Net gain (Joss) on sale of assets: (A) Aggragate proceeds
(B) Aggregate carrying amount (see instructions)
{C) Subtract line 2b(4){B) from line 2b(4)(A) and enter result...
{5) Unrealized appreciation (depreciation) of assets: (A) Realestate __,
{B) Other , .
{C) Total unrealized appreciation of assets.
Add lines 2b(5)(A) and (B) ....., 7
518802
12-07-45

1e20Ne15 TRORIE NLIWM9 NAN

(a) Amount {b) Total

2alt(A) 3,864,739

2att\(B) _

Balij(C)

2a(2)_

2al3) 3,864,739

2b(1)(A)

2b(1){B)

2b(4(C)

2(4)(D) 44,339

2b(1)(E)

2b(1MF) 2,019

2b(4)1G).

46, 358
2b(2)(A) .

2b(2){B). 85,056,

2b(2)(C) 251,780

2(2\(D)

336 , 836

2b(3)

2b(4MA) 1,619,302

2b(4)1B) 1,038,769

2b{4)(C) 580,533

2b(5)(A) 90,000

2b(5){B) -922,010

2b(5)(C).

~832, 020

18

QN1E AINAN TRITMEN PINT MTN wAnIAnA AR Aaa An


Schedule MB (Forrn 5500) 2015 Page 4

J Full funding limitation (FFL) and credits: :
(1) ERISA FFL (accrued liability FFL) [ew 121,335,510 .
(2) "APA '94" override (80% current liability FFL) 94(2), 200, 360 ,669 _
(3) FFL credit . 93) | 0
K (4) Waived funding defie! 9k(1) “0
(2) Other credits .. feces 9k(2) 0
1 Total oredits, Add lines $f through 9i, 9)(8), 9k(1), and 9k(2) 91 4,565,624
TM Credit balance: If line 9! is greater than fine 98, entar the difference . {9m
11 Funding deficiency: If line 9e is greater than line OI, enter the difference . mee [90 48,290,593
90 Current year’s accumulated reconeliiation account: . :
(4) Dus to waived funding deficleney accumulated prior to the 2015 plan year cee L_BOlA} 0
(2) Dus to amortization bases extended and ainortized using the interest rate under °
section 6621 (b) of the Code:
(a) Reconetliation outstanding balance as of valuation date 90l2)ta) 0
{b) Reconciliation amount (line 90(8) balance minus line 9o(2)(a)).,. 90(2)fb) 0
{@) Jotal'ns of valdiation date oo. 7 9018) 8
"10 _ Contribution necessary to avoid an accumulated funding daficienoy. (Soe instructions’) 40 48,290,593

aklyes | [No

17 Flag.a change boen:mado in the actuarial assumptions foy the ourrent plan year? If "Yes," see instructions

518524
42-07-15

24

1E2ONEIR TRORWME ORI ANN ONTR NIAAA IHTMEN wTDWIMTIPE WNoreDE pr NEI A4


Section VIL.
ADMINISTRATION OF THE PLAN

A. The Trustees shail have complete discretion to interpret the provisions of this Plan and
the Agreement and Declaration of Trust, to’determine relevant facts and to apply the provisions
of this Plan and the Agreement and Declaration of Trust to particular facts and circumstances in
order to decide all matters arising under the Plan including, without limitation, the eligibility of
an individual to become a Participant of the Plan, to qualify for a particular benefit under the
Plan and to receive a particular amount of benefit. The decisions by the Trustees shall be final

. and binding, subject only to limited judicial-review pursuant to which a decision of the Trustees
may be overturned only if found to be arbitrary and capricious.

B. Mergers: In thé case of any merger or consolidation with, or transfer of assets or
liabilities to, any other employee benefit plan, each Participant shall be entitled to a benefit status
immediately after the merger, consolidation, or transfer which is not less favorable than the
benefit status to which he would have been entitled immediately before the merger,
consolidation, or transfer as if the Plan had then been terminated. -

Section VIL
MANAGEMENT OF FUNDS -

A. In accordance with the provisions of the Agreement and Declaration of Trust, all of the
funds of the Plan shal! be held by the Trustees in trust for use in providing the benefits under the
Plan and paying its expenses; provided that no part of the corpus or income of the trust shall be
used for or diverted to purposes other than for the exclusive benefit of Participants and
Pensioners under the Plan, and provided that no person shall have any interest in, or right to, any
part of the earnings of any trust pertaining to this Plan, or any rights in, or to, or under such trust
or any part of the assets thereof, except as and to the extent expressly provided in the Plan,

B. In accordance with the provisions of the Agreement and Declaration of Trust, the
Trustees may appoint a Corporate Investment Advisor for the purpose of investing and re-
investing funds not required for the administration of the Plan and the payment of current
benefits.

Section IX.
AMENDMENT

A. Subject to the provisions of paragraph B below, the provisions of the Plan may be
modified or amended by the Trustees, retroactively, if necessary, to the extent the Trustees find
such modification or amendment necessary to bring the Plan into conformity with governmental
regulations expressing the public policy or condition which must be conformed with in order to
qualify the trust for the Plan as tax exempt under appropriate sections of the Intemal Revenue
Service.

B Any provisions of the Plan may be otherwise modified or amended by the Trustees at a
regular or special meeting. In no event. however, shall any modification or amendment of the
provisions of the Plan make it possible for any part of the funds of the Plan to be used for. or
diverted to purposes other than for the exclusive benefit of Pensioners and Participants,

19

COSS44 843 142980/1526 126 &


UNITED FURNITURE WORKERS PENSION FUND A

Notes to Financial Statements

February 29, 2016 and February 28, 2015

0. ° RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5560 (continued)

The following is a reconciliation of interest income per the
financial statements to interest income per Form 5500:

Total interest per the financial

statements
Less reported in

conimon collective trusts and registered investment companies
Total interest per the

Form 5500

The following is a reconciliation of dividend income per the
financial statements to dividend income per Form 5500: *

Total dividends per the financial

statements
Less reported in

common collective trusts and registered investment companies
Total dividehds per the

Form 5500

P. ‘RECLASSIFICATION

Year ended
Februai’y 29. 2015

$ 213,886
(167, 528
$46,358

Year ended
February 29, 2016

$B 629,596
" (292,760),

$336,836

Certain reclassifications have been made to the 2015 balances to conform to the 2016
presentation, These reclassificatioris had no effect on the changes in net assets in 2015 or total net assets

as of Februaty 28, 2015.

Q SUBSEQUENT EVENTS

The Plan has evaluated events and transactions that occurred between March 1, 2016 and June
08, 2016, which is the date the financial statements were issued (or available to be issued), for possible
disclosure and recognition in the financial statements, and concluded no additional disclosures are

required,

-19-


collective bargaining, which schedule 2 Contributing Employer will elect for the benefit of its
employees who patticipate ia the Pension Fuad. In addition, all Contributing Employers will be _
required to pay to the Pension Fund the surcharges mandated by ERISA Section 305(e)(7)(A), and
as explained in Section 4(A) and (B) below, the increases mandated under both the Preferred
Schedule and the Default Schedule shall be inclusive of the amount of the surcharges imposed on all
Contributing Employers hereunder, Effective for bargaining unit work performed on or after
August 1, 2008, the surcharge required by ERISA Section 305(e)(7)(A) is 5% of the contributions
otherwise required under the applicable collective bargaining agreement or other written agreement
xequiring contributions to the Pension Fund. Effective March 1, 2009, the surcharge required uader
ERISA Section 305(e)(7)(A) shall increase to 10% of the contiibutions required under such
agreements.

As required by the PPA, the Board intends to review the terms of this Rehabilitation
Plan from time to time to determine whether the plan is consistent with the Board’s objective of ,
improving the Pension Fund's funding status over time. ,

CTION 1 - RELEVANT STANDARDS UNDER THE PPA .

Under the PPA, a rehabilitation plan must include one (1) or more schedules
showing revised benefit structures, revised contributions, or both, which, if adopted by the plan
sponsor and agreed upon by the bargaining parties, may reasonably be expected to enable a pension
fund to emerge from critical status by the end of the pension fund’s rehabilitation period, or where
that is not reasonable, to emerge fom critical status at a later time.

: The PPA also provides that one of the rehabilitation plan’s schedules of benefits and
contributions shall be designated as being the “default” schedule. Under the PPA, the default :

schedule must consist of (i) the reduction of all future benefit accruals to the extent permitted by

law, (i) the elimination of all adjustable benefits and, to the extent necessary, (iii) an increase in

855448 /0142980/ 14986428


Annual Return/Re ort of Employee Benefit Plan OMB Nos 4210-0110
Form 5500 _ Annual Rep ‘ es Tho 0088
‘This form is required to be filed for employee benefit plans under sactions 104
bi fell Oomine srae and 4065 of the Employee Retirement Income Security Act of 1974 (ERISA) and
———Spatentetiaser | Seetions 6047(6),6057(0), and 6958(2) ofthe Intornal Revenue Code (the Code). 2015
Employes Ganefis Seourly . "Complete all entries in accordance with
Pinata Banal Goat Oopeaton the ‘instructions to the Form 5500. This Form ts Open to
Public Inspection

[Partt[ Annual Report Identification Information

For calendar plan year 2015 or fiscal plan year beginning 03/01/2015 and ending 02/29/2016
A This returnvreport is tor, [X]_@ multiemployer plan; a multiple-employer plan (Filers checking this box must attach a list of
_ Participating employer information n accordance with the forms instr); or
|, @ single-employer plari; a DFE (specify)
B This returrvreport is: tho first return/report; the final return/report;
|) an amended return/report; a short plan year return/report (less than 12 months).

ad
L] the DFVvC program,

~ D_ Check boxif filing under: Form 5558; ia automatic extension;

- spedial extension (ontor dasoription)
i] ‘Basic:Plan Information - enter all réqussted information

© ifthe planis a cian plan, check here ..

1a Name of plan tb Three-digit
UNITED: FURNITURE WORKERS PENSION. FUND A . plan number (PN) O01
: . 1c Effective data of plan
. : . : 03/04/1962

‘2a Plan sponsor's name (amployer, if for a single-employer plan) 2b Employer Identification Number (EIN)

Mailing address (Include room, apt, suite no. and streat, or P.O. Box) Hk RR

City or town, stats or province, country, and ZIP ot foreign postal code (If foreign, sea instructions) Plan Sponsor's telephone number
UNITED. FURNITURE WORKERS PENSION FUND A fis 889-8860

2d Business code (see instructions)
337000

P.O. BOX 100037

NASHVILLE TN 37224

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, | declare that i have examined this retum/eport, including accompanying schedules, statements and attachments, 2s well
as the electronic version of this return/teport, and to the best of my knowledge and belt, itis vue, correct, and complete.

[SIGN 7 . .
Rene 06/13/2016 |DEBANNE WALKER
Signature of plan administrator Date Enter name of individual signing as plan administrator
SIGN :
HERE} > = + +
| Signature of employer/plan sporisor Date Enter name of Individual signing as employer or plan sponsor
SIGN
HERE}—
"| Signature of DFE : Date Enter name of individual signing as DFE

Preparer's nari (inelucing rm nam, if applicable) and address (helude room or suite number) Preparer's telephone number,

L ~-h
For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 5500. Form 5500 (2015)
v, 150123

518401
42-07-15

3

1£20NCI1 TEOGW ARID AAN 991E NANAN rMATMEN wD WTMIDe wNDrEDe DR NEI AI


UNITED FURNITURE WORKERS PENSION FUND A
Notes to Financial Staternents
February 29, 2016 and February 28, 2015

L FAIR VALUE MEASUREMENTS (continued

The following table sets forth a summary of changes in the fair value of the plan’s level 3 for the
year ended February 28, 2015.

Total
Balance, beginning of year $ 17,417,265
” Unrealized gains/(losses) relating to assets
still held at the reporting date 954,733
_ Purchases, sales, issuances and
settlements (net) : 484,922)

Balance, end of year

The following table sets forth additional disclosures of the Plan’s investments whose fair-value is
estimated using net asset value per share (or its equivalent) as of February 29, 2016:

: _ February 29, 2016
Fair ‘Untinded, Redemption Redemption
Value Commitment Frequency Notice Period

Common Collective Trusts:

JPMCB Strategic Property Fund ; $ 8,369,863 wa. Quarterly 90 days
Wellington Global Total Return Fund * 2,157,366 nfa Daily 30 days
State Street Global Advisors - MSCI 4,282,529 wa Daily 30 days
State Street Global Advisors - Daily 4,941,275 Wa Daily 30 days
Rothchild SMID Fund 3,218,540 Wa Daily 30 days
Loomis Sayles Credit Long/Short 6,390,235 ta Daily 30 days
BPIF Non-Taxable LP 8,202,128 Wa Semi-annually’ 90 days
Registered Investment Company: ,
Pimco Bond Fund , 4,133,425 Wa Daily 30 days ©
“Robeco BP -.All Cap Value Fund 3,616,237 nla Daily 30 days
Vanguard Growth Index Fund Admiral 3,837,697 nla Daily 31 days


Do ‘ United Furniture Workers Pension Fund A
Plan Amendments
February 2013

WHEREAS, the Board of Trustees (the “Board”) of the United Furniture Workers
Pension Fund A (the “Pension Fund”) is required to amend the Plan document to maintain

compliance with all applicable laws,
NOW !HEREFORE, by Board hereby amends the Plan document as follows:

1 Aricle I of the Plan is amended by adding to the end thereof the following:

(16) Top-heavy means that the present value of the accrued benefits of key
employees in the Plan exceeds 60% of the present value of accrued
benefits of all Participants in the Plan,

(17) Key Employee means a current or former employee who at any time
during the Plan Year containing the determination date is or was:,

1. A 5% owner of the Employer;

2. An officer of the Employer whose compensation exceeds $130,000
{as adjusted under Code section 416(i)(1) for Plan Years beginning
aftér December 31, 2002; or

3, A 1% owner of the Employer who has anmaal compensation
greater than $150,000.

The rules of subsections (b), (c), and (m) of Code section 414 do not

apply for purposes of determining whether a person is a key employee,

2. Article IV. F. 4 is amended by adding immediately after paragraph (d), the following:

Such notice shall inform the participant and the participant's spouse of the
right to defer any distribution until the participant's accrued benefit isno
longer immediately distributable. Such notification shall include a general
description of the material features, and an explanation of the relative
values of, the optional forms of benefit available under the plan in a
manner that would satisfy the notice requirements of section 417(a)(3) of
the Internal Revenme Code and section.1.417(a)-3 of the Income Tax-
Regulations. For notices given in plan years beginning after December 31,
2006, such notification shall also include a description of how much larger
benefits will be if the commencement of distributions is deferred.

Article XM is amended by striking the existing language and inserting in its stead
the jollowing:

he Except as provided in this Article XT, and notwithstanding any other
provisions herein, benefits under the Plan shall be limited in accordance

with Section 415 of the Code and the Treasury Regulations thereunder,
which are hereby i incorporated by reference,


Section X.
TERMINATION

A. The Plan may be terminated by the Trustees only with the consent of the Union anda
majority of the Participating Employers, pursuant to the provisions of the Agreement and
Declaration of Trust, and, in such event, all the funds of the Pfan shall be used for exclusive
benefit of Pensioners and Participants, and shal! be allocated in shares determined by the
Trustees on the basis of Actuarial Value, as above defined, in the following order:

First, each Pensioner shall be entitled to a share equal to the reserve computed to be
required for his pension; and .

~ Second, each Participant who has reached his os birthday and has otherwise fulfilled the
requirements of Section IV., hereof, shall be entitled to a share equal to the reserve computed to
be required for his pension credits; and

Third, each Participant who has reached his 55 birthday and has otherwise fulfilled the
requirements of Section IV., hereof, shall be entitled to a share equal to the reserve computed to
be required for his pension credit; and

Fourth, each other Participant shall be entitled to a share equal to the reserve computed to
be required for his pension credits, provided that, if the funds of the Plan are insufficient to
provide in full for the shares under any of the above paragraphs, afier provision for all shares.
under previous paragraphs, each share under such paragraphs as to which the funds are
insufficient shall be reduced pro rata.

Anything herein to the contrary notwithstanding, the rights’of all affected Participants,
former Participants, Pensioners or Beneficiaries of such individuals to benefits accrued to any
termination or partial termination, to the extent then funded, shall be non-forfeitable,

B. The Trustees may require that all shares be withdrawn in cash or in immediate or
deferred annuities or other periodic payments as they may determine,

Cc. This Section X. shall also apply to any group of Employees who are affected by a partial
termination of the Plan. .

Section XI. :
CONSTRUCTION

The provisions of the Plan shall be construed, regulated and administered under the laws of the
State of New York and the Employees Retirement Income Security Act of 1974.

Section XT.
RECIPROCITY

Anything herein to the contrary notwithstanding:

0554480 142980/1 526126 6


SCHEDULE D
(Form 5500)

Deperiment of the Treasury
Internal Revenue Service

Depertmentof Labor
Employee Benslits Security Administration

DFE/Participating Plan Information

This schedule is required to be filed under section 104 of the Employee

Retirement Income Seourity Act of 1974 (ERISA).
> File as an attachment to Form 5500,

~ OMB No. 1210-0110

2015

This Form is Open to
Public Inspection.

For calendar #jan year 2015 or fiscal pian yearbéginning, 03.01 42015 and ending 02/29/2016

A Name of plan B threedigit

UNITED FURNITURE WORKERS PENSION FUND A ~__plan number (PN) b> | O01

C Pian or DFE sponsor’s name as shown on line 2a of Form 5500 D_ Employer Identification Number (EIN).
UNTIED FURNITURE WORKERS PENSION FUND A _ RRR RRR

Part.1] ‘Information on interests in MTIAs, CCTs, PSAs, and 103-12 IES (to be completed by plans and DFE)
(Complete as many entries as needed to report alll interests in DFEs)

a__Name of MTIA, CCT, PSA, or 103-12 IE: JPMCB_ STRATEGIC PROPERTY, FUND

b__Name ot sponséf of antiiy listed inf§{JPMORGAN CHASE BANK. N.A

d Entity Dollar value of interast in MTIA, GOT, PSA,
G__EINPN ¥¥—******* O04] code C_| _0f 108-12 IE at end of year (s09 instructions) 8,369, 863.
@___Name of MTA CCT, PSA, or 10842 IE: WELLINGTON GLOBAL RETURN FUND
b. Name of spaiasof of sin listed in.fa): WELLINGTON TRUST
. d Entity "e Dollar value of interest in MTIA, CCT, PSA,
EINPN #2 *#%% QOL code C_} _ 0103-42 IE at end of year (see instructions) 2,157,366.
2 Namo of MTIA, GOT, PSA, or 10842 IE MSCI ACWI EX USA NL FUND_
b__Name of sfichsof of erititylisted ing STATE STREET GLOBAL ADVIORS
° d Entity: '@ Dollar valug of interest in MTIA, CCT, PSA,
C_, EINPN **— #44 RH ‘0041 code € |. oF 108-12 1E at end of year (s0@ instruction 4,282,529.
a__Namo of MTIA, CCT, PSA, or 103-12 1E: DAILY MSCI USA INDEX NL FUND
b__Name of sponsor of ently istedingy TATE STREET GhOBAT, ADVIORS
d Entity © Dollar value of interest in MTIA; CCT, PSA,
c EIN: NR RR * O01 code. is or 103-12 IE at end of year (seo instructions) 4,941,275.
a@__Name of MTNA, CCT, PSA, or 108-12 IE: ROTHSCHILD SMALL/MID-CAP FUND LLC
b__itame of sponsorcl-ontily istod in (ROTHSCHILD. ASSET MANAGEMENT: INC
5 d Entity © Dollar value of interest in MTIA, CCT, PSA, :
6 EWEN ODI! code + | _0f 103-12 IE at ond of year (ses instructions) 3,218,540.
&__Name of MTIA, CCT, PSA, or 103-12 1: LOOMIS SAYLES CREDIT _
b__Name of spensét of entily.listed in as LOOMTS SAYLES
_ {dl Entity © Dollar valuia of interest in MTIA, CCT, PSA,
cc EINPN E*-******* OGI] code | __0F 108-12 IE at ond of year (s09 instructions) 6,390,235.
a Name of MTIA, OOT, PSA, or 10842 1E ~ -
b _Name of spongor of-antily-listed in {a}: :
a Entity © Dollar value of interest in MTIA; CCT, PSA,
® _EIRDN oti 0-10-12 IE at end of year (see instructions)

For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 5500;

s18461
12-07-18

7629N61R FROG ARI ANA

14

Schedule D (Form 5500) 2015
Vv. 150123

NAIR NANAN rare oTrPATTMTIDT WADYEDA DU NEI AI


Plan Name: United Fumiture Workers Pension Fund A Attachment E to 2015 Form 5500 Schedule MB
Plan Sponsor EIN/PN: 13-5511877 /001

Schedule MB, line 8b ~ Schedule of Active Participant Data

____5t09
3 19 0
‘ 31- 31 a
2304034. | li 2s 16.
$510 39: | 12 22. WW
401044 | i6 2. 13
45 to AS 13 to 26
“501054; to ig 15.
551059 ! 8 il 7
| 6ous-6d | 2. 4 aL
1651069 | 0 2 1
Tsp | 0 OS te Oe oh ; : mae
i Total 135 181 108 165 190 To 89 30 20: 12 1,029



\

‘Schedule M8 (Form 5500) 2015 Page 3 -

Be(4) | 11P05 11P05
6e(2) "11 FPOS 11FPO5
Valuation liability interest rate ... 6d 6.75 % _ 6.75 %
© Expense loading... be 132.1% [va % | Bl Na
f Salary scale... of : % NIA Tae
g Estimated investment return on actuarial value of assets for year ending on the valuation date... 9.2%
h Estimated investment return on current value of assets for year ending on the valuation date... 6.3%
_7 New amortization bases established in the current plan-year:
Ad) Type of base _ . (2) Initial balance: (3) Amortization Charge/Credit
7 1 -231, 637 : ~23, 450
4 : 12,570, €93 1,272,602

8 Miscellaneous informatio

@ Ifa waiver of a funding deficiency has been approved for this plan year, enter the date (MM-DD-YYYY) of the
ruling letter granting the approval...

8a

(1) is the plan required to provide a projection of expected benefit payments? (See the instructions.) If "Yes," attach a

schedule severance goes

By Yes [] no

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

© 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 434 (d) of the Code?,
d Ifline cis "Yes," provide the following additional information:
(1) Was an extension granted automatic approval under section 434(d)(1) of the Code?.

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

(8) Was en extension approved by the Internal Revenue Service under section 412(e) (as in effect prior to
2008) or 431 (4)(2) of the Code?,.

Ei] ves: [] no
L] ves fi] No

[] ves [] no
{] Yes [] no

(4) line 29) "Yen enor number of years by which the amortization period was extended (not including [ gar)
(8) If line 8d(@) is "Yes," enter the date of the ruling lelter approving the éxtenston. 848)
(8) IF line 8d(3) is “Yes,” is the amortization base.cligible for amortization using interest rates applicable under section 7
6621(b) of the Code for years beginning after 20077 (] ves [] no
@ If box 5h 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 extending'the ae
amortization Baws).
“9 Funding standard account statement for this plan year:
” Charges to funding standard account: *
@ Prior year funding deficiency, if am 8a 29,886,971
b Employer’s normal cost for plan year as of valuation date.. _ 9b 2,064,551
Amortization charges as of valuation date: Outstanding balance
(1) All bases excopt funding waivers and certain bases for which the eet)
amortization period has been extended, 97,718,594 17,562,499
(2) Funding waivers. ‘ i) 0
(8) Certain bases for which the amortization period has been extended... =0 0
Interest as applicable on lines 9a, 9b, and 9c... 8d 3,342,196
@ Total charges. Add lines 92 through 94 9e 52,856,211
Credits tofunding standard account:
Prior year credit balance, if any. of ~ 0
@ Employer contributions. Totel from column (b) of fine — al 9g 1,776,788
Outstanding batance
h Amortization credits as of valuation dete... 16, 006,875 593,768
i Interest es applicable to end of plan yeat on lines St, 9g: and 9h... [esi 195,068


United Furniture Workers Pension Fund A

EIN: 13-5511877 .
Plan Number: 001

Attachment Ato 2015 Form 5500 Schedule MB

Schedule MB, Line 4a— Hlustration Support ting Actuarial Certification of
Status .

Support for the Plan’s Critical status can be found in the attached PPA certification.

Schedule WE, Line 4c ~ Dochmentation Regarding Progress under Funding
Improyement Plan or Rehabilitation Plan

_ Pursuant to Code Section 432(b)(3)(A)(ii) and ERISA Section 305(e)(3)(A)(i), the
Board of Trustees has adopted their 2009 Rehabilitation Plan to forestall insolvency
as defined in’ ERISA Section 4245. The’ Rehabilitation Plan, removed some
adjustable benefits effective March 1, 2009. and’ requires annual contribution
increases of 5.5% upon adoption of the Rehabilitation Plan, Currently; all active
employers have adopted these provisions for the duration of their most recent
collective bargaining agreement. ,

On this basis, and also considering the lack of guidance from. the Intemal Revenue
Service we are certifying that the Fund is making scheduled progress in meeting the
requirements of its Rehabilitation Plan as discussed in ERISA’ Section

305(b)(3)(A)().


allowed during any calendar year during which Contributions are made onan Employee's behalf
for less than 1,000 hours. '

‘D, Future Calculation Service: An Employee shall be credited with Future. Calculation
Service at the rate of one-twelfth year for each month for which contributions are made to the
Fund by a Participating Employer on and after January 1, 1971. For any parlicular month, a
Participant may not receive more than one month credit.

E. Non-Covered Contiguous Employment Credit; An Employee shall be credited with
“hours of service” for any period of continuous employment immediately prior or immediately
subsequent to the date an employer is obligated to contribute for him if such prior or subsequent
employment was in a category not covered by a collective bargaining agreement requiring
contributions to the Fund for such Employee and such employment was with the Employer who-
.began or stopped making contributions on his behalf.

Section 1V.
BENEFITS

A. ~ Normal Pension

(1) A Participants right to his Normal Pension is nonforfeitable upon the attainment
of Normal! Retirement Age as defined in Section I. (15).

(2) The monthly amount of Normal Pension shall be the sum of the amounts
determined in (iv), (v), and (vi) below,

@ Divide the total amount contributed on or after January 1, 1971 on
behalf of the Participant by the number of months between January
1, 1971 or the first month of Contribution, if the later and, the last
month of Contribution (both inclusive).

(ii) Multiply by 12

. (iii) Multiply by the Rate Factor, applicable to the Participant, as
determined in accordance with the following table:

1

Number of Months
during which
Empleyer
Contributions were
Date Participation Begins made* Rate Factor

Prior to March 1, 1966 36 or more 2.2%
From March 1, 196610” 36 through 47 2.0%
February 28, 1967 : 48 through 59 2.1%
Inclusive 60 or more 2.2%

7

0534480 1429801 $261 26.6


- UNITED FURNITURE WORKERS PENSION FUND A
. Notes to Financial Statements,
February 29, 2016 and February 28, 2015

_], FAIR VALUB MEASUREMENTS (continued)

_ Interest Bearing Cash; The carrying amount approximates fair.value because of the short-term
maturity of these instruments.

The following table sets forth by level, within the fair value hierarchy, the plan’s assets at fair
value as of February 29, 2016, . . .

Assets at Fair Value as of Februmy 29, 2016

Total Level.] Level 2 Level 3
Shorl term obligations -  & waBS $4,895 F : $
Common stocks . ‘
- * Bnergy 260,781 260,781 -
Materials 135,445 135,445 :
Industrials : 582,217 $82,217 - .
Consumer Disoretionary 490,832 490,832 - .
Consumer Staples 204,746 204,746 * .
Health Care 518,846 518,846 oe .
Financials : 853,662 853,662. - .
Information Technology ~ 95,275 95,275 . - :
Consumer Staples: SHA56 57,458, -
Total common stocks 3,199,259 «8,199,259 >
* Common trust funds ~ : :
JPMCB Strategic Property Fund 8,369:863 - - 8,369,863
‘Wellington Global Total Return Fund 2,157,366 2,157,366 . . :

_ State Street Global Advisors - MSCI 4,283,529 4,282,529 - -
Siate Streel Global Advisors - Daily 4941275 _ 4,941,278 - ‘
Rothchild SMIL) Fund . “S218, 546. 3,218,540" .

Loomis Sayles Credit Lohg/Short 6,390,235 6,390,235. : 5
Total common trust funds . 29,359,808 “20,989,915 - > €,369,863

BPIF Non-Taxable LP 8,202,128 . - . . 8,202,128

Investment in United Furniture Workers . :
Building Corporation 1,350,000 * “ 1,350,000
"Registered investment companies . .
Pimeo Borid Fund 4,133,495 41a a2S _
Robeco All Cap Value Fund, 3,616,237 16,23 .
Varignard Growth Index Fond Admiral 3,837,697 37,

Foul registered investment companies T587,359_, TL SRT. 3S

8 753,941,449} 36,019,458 . $17,921.91

-13-


Generally, you receive one full year of credit during
any calendar year for which contributions were made
on your behalf for at least 1,000 hours. This is called
Future Service Credit.

Im addition, you receive service credit for time you _
worked in the industry before there was a pension plan,
provided you were employed by an Employer on the
date he first made contributions. You receive one full
year of credit during each calendar year during which 1
you were employed by the Participating Employer for at
Jeast six months. This is called Past Service Credit.

Past Service Credits may be reduced or eliminated for
calculation purposes only if the Participating Employer
ceases to make contributions or significantly reduces
contributions and such action has an adverse effect on
the actuarial soundness of the Fund. .

6. How are Pension benefits calculated?

The basic pension benefit for ail Participants is"
calculated as follows:

a) The average annual contributions made on your
behalf from January 1, 1971 multiplied by a rate
factor between 1.8% and 2.2% multiplied by years of
Past Service Credit.

plus

b) The average annual contributions made on your
behalf from January |, !971 multiplied by 3.0% and
further multiplied by the years of credited service
between the date when contributions were first made
on your behalf and January 1, 1971.

plus

¢) The contributions made on your behalf from Janu-
ary 1, 1971 through August 31, 2003 multiplied by
3.0%.

plus

ro) The contributions made on your behalf {rom Sep-
ternber 1, 2003 through August 31, 2006 multiplied
by 2.0%.

plus

¢) The contributions made on your behalf after Sep-
tember 1, 2006 multiplied by 1.0%.

‘The thinimum Normal Pension shall be $50 if you had
atleast 10 years of credited service, However, further
calculations may be made depending on whether you
are sharing your pension with your spouse or are retiring
on an Early Pension benefit. (See questions 7 and 8 for
further explanation.)

EXAMPLE

John S. began to work for his Employer in 1994 and
works until his 65" birthday on.December 31, 2011.
Employers contributed $25,000 on his behalf during
this period of employment, His monthly benefit is
calculated as follows:

5 16,000

Contributions (1994-8/03)

Multiply by 3.0% x. 03
Total § 480

Contributions (9/03-3/06) $ 3,000

Multiply by 2.0% x02

Total 5 60

Contributions (9/06-
2)

Multiply by 1.0%
Total § 60

John S, of our example is unmarried at retirement,
he will receive S600 monthly ($480+560+560=3600).
Ihe is married at retirement, his benefit might be
adjusted further. See the following questions and
answer for a complete explanation,

Ur
or



Plan Name: United Furniture Workers Pension Fund A

Attachtnént B to 2015 Form 5500 Schedule MB
Plan Sponsor EIN/PN: 13-5511877 / 001 :

Schedule MB, line 6 ~ Summary of Plan Provisions

The following is a summary of the major provisions. Please refer’

6. Normal Retirement
to the Plan document for a more complete description. .

Eligibility: The later of age 65. and 5" anniversary of Plan

l. Effective Date participation,

The Fund was established on March 1, 1962. The most recent
amendment was effective March 1, 2009.

. Participation

Employees become Participants as of the date their employer is
obligated to begin contributions to the Fund on their behalf.

. Past Service

Participants shall, after 36 months of contributions have been
made, be credited with a year of Past Service during any
calendar year prior to the employer’s applicable effective date
in which they were employed for at least six months.

. Effective Service

Participants on July 1, 1974 shall be credited with Effective
Service for each month for which contributions were made on
their behalf through January 1, 1971. .

. Future Eligibility Service

A Participant shall be credited with a year of Future Eligibility
Service for each calendar year beginning January 1, 1971
during which contributions were made on their behalf and they
worked at least 1,000 hours.

- Benefit. The monthly benefit is equal to the sum of the

following, but not less than $50:

(A) Multiply the average annual contribution made on the
Participant’s behalf after January 1, 1971 by the
number of years of Past Service by the applicable ©
percentage. The percentage ranges from 1.8% to 2.2%
depending on when participation began and how many
months employer contributions were made.

: (B) Multiply the average annual contribution made on the
Participant’s behalf after January 1, 1971 by the
Effective Service Credit by 3.0%,

(C) Multiply the total amount contributed on behalf of the
participant from January 1, 1971 to August 31, 2003 by
3%.

() “Multiply the total amount contributed on behalf of the
_ participant from September 1, 2003 to August 31, 2006
by 2%. .

() . Multiply the total amount contributed on behalf of the
patticipant after August 31, 2006 by 1%.

Effective March 1, 2009, the monthly benefit for participants not
yet retired will have no 36-monith guarantee feature.



Joseph Warren & Co,
a division of

-ROGOFFN | Fn
COM PANY PC . 212-557-5666 ~ P 212-557-9330

CERTIFIED PUBLIC ACCOUNTANTS

Independent Auditors’ Report
on Supplementary Information

Board of Trustees
United Fumiture Workers Pension Fund A
Nashville, TN

We have audited the financial statements of the United Fumiture Workers Pension Fund A (the
“Plan”) for the years ended February 29, 2016 and February 28, 2015 and our report thereon
dated June 08, 2016, which expressed an unmodified opinion on those financial statements,
appears on pages 1. Our audits were conducted for the purpose of forming an opinion on the
financial statements taken as a whole, The supplementary schedule of assets’ held for
investment and schedule of reportable 5% transactions for the year ended February 29, 2016 are
presented for purposes of additional analysis and are not a required part of the financial
statements but ‘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 have been subjected to the auditing procedures applied in
the audits of the financial statemeiits 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, Ih our opinion, the information is fairly stated in all material respects in.”
relation to the financial statements taken as a whole,

Redacted by the U.S. Department of the Treasury

, Joseph Warren 0,"

‘a division of .
Rogoff & Company PC
Certified Public Accountants
New York, NY
June 08, 2016

~20-


* pensioners and participants, and shall’be allocated in the

18. How'does this summary description of the Pension
Plan apply to Pensioners or to former Participants who
have left the industry tant are entitled to « benefit at a
later date?

With respect to Pensioners; your pension benefits were
calculated under the Plan as it was in effect at the time
you retired. You will continue to receive the pension
benefits under the same conditions as you are now
receiving them,

With respect to former Participants who are entitled to
vested benefits: In accordance with the Rehabilitation
Plan, effective March 1, 2009, the benefits to which you
are entitled al some future date will be based upon the
terms and conditions of the Plan's Default Schedule.
You may ask for confinnation of your benefits and an
explanation of how benefits were computed by writing
to the Fund Office.

19. Can my pension benefits be alienated or otherwise
assigned to my‘ former spouse or anyone else through a
gualifiedl domestic relations order (a “QDRO")?

Yes, a court order or judgment made under state domes-
tic relations law, sometimes referred to as a QDRO, can
provide fora division of your pension benefit to your
spouse, former spouse, child or other dependent, pro-
vided that it is ina form that meets legal requirements
and is acceptable to the Plan, You should notify the Phin
Office if such a division is being considered so thal it
may, without charge, provide a sample QDRO that wilt
be acceptable to the Plan and otherwise provide general
guidance on procedures.

20. Can the Plan be terininetedl? Ane ifso, how wil inp
pension be affected?

The Plan may be terminated by the Board of Trustees

vith the consent of the Union and a majority of the
Participating Employers. In such event, all of the assets
of the Plan shall be used for the exclusive benefit of the

following order:

First, each Pensioner shall be entitled to a share equal 10
the reserve computed to be required for his pension;

Second, cack Participant who has reached his 65"
birthday and has otherwise fulfilled the requirements of
Section IV. of the Plan document shall be entitled to a
‘Share equal to the reserve computed to be required for
his pension credits; .

Third, each Participant who has reached his 55
birthday and has othenvise fulfilled the requirements of
Section 1V. of the Plan doctiment shall be entitled to a
share equal to the reserve computed to be required for
his pension credits;

Fourth, each olber Participant shalf be entitled toa share
equal to the reserve computed to be required for his
pension credits, provided that, if the funds of the Plan
are insufficient to provide in full for the shares under
any of the above paragraphs, after provision for all
shares under previous paragraphs, each share under such
paragraphs as to which the funds are insufficient shall be
- reduced pro rata.

YOUR RIGHTS UNDER THE PLAN

As a Participant in the United Furniture Workers
Pension Fund A, you are entitled to certain rights and
protections urider the Employee Retiement Income
Security Act of 1974 (ERISA). ERISA provides that all
Plan Paiticipants shall be entitled to:

Receive Information About Your Plan and Benefits

Examine, without charge, af the Fund Office and other
specified locations, such as worksites and union halls,
all documents governing the Plan, including insurance
contracts and coltective bargaining agreements, and
acopy of the latest annual report (Form 3500 Series)
filed by the Plan with the U.S. Department of Labor and
ayailable at the Public Disclosure Room of the Employ-
ce Benefits Security Administration,

Obtain, upon written request to the Fund Office, copies
of the documents goveming the operation of the Plan,
including insurance contracts and collective bargaining
agreements, and copies of the latest annual report (Form

. 5500 Series) and an updated summary plan description,
; The Fund Office may make a reasonable charge for the

ples.

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