O'Sul li van 

Associates Inc. 

Bricklayers and Allied Craftworkers Local 5 

New York Pension Plan 

Actuatial Valuation Repmt 

12/3112013 

1236 Brace Road, UnitE 

Cheny Hill, NJ 08034 

(856) 795-7777 

September 2014 

Z \009 5\p\Vai\2013\LinlrM Report 5 13.docx 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

TABLE OF CONTENTS 

O ' Sul l ivan 

Associates Inc. 

1. CERTIFICATION OF RESULTS .................................................................................. 1 

2. VALUATION SUMMARY .............................................................................................. 3 

3. SUMMARY OF FUNDING MEASURES ...................................................................... 4 

4. PLAN COST ...................................................................................................................... 5 

4. 1 Annual Plan Cost and Margin .............................................................................. ...... 5 

4.2 Margin Detail ............................................................................................................. 6 

4.3 Development of Plan Asset Values ...................................................................... ...... 7 

4.3.1 Market Value of Assets ................................................................................ 7 

4.3.2 Actuarial Value of Assets ............................................................................. 7 

4.3.3 Actuarial Asset Gain/(Loss) ......................................................................... 8 

4.3.4 Total Gain/(Loss) .......................................................................................... 9 

4.4 Historical Info1mation .............................................................................................. 10 

4.4.1 Gaini(Loss) ................................................................................................. 10 

4.4.2 Asset Infonnation ....................................................................................... 11 

4.4.3 Employment ................................................................................................ 12 

4.4.4 Flmded Percentage ........................................................................... ........... 13 

4.4.5 Actuarial Value of Assets Expressed as a% of Market Value ................... 14 

4.5 Pension Protection Act ............................................................................................. 15 

5. ASC NO. 960 DISCLOSURES ....................................................................................... 18 

5.1 Present Value of Accumulated Plan Benefits .......................................... ................ 18 

5.2 Reconciliation of Changes in Present Value of Accumulated Benefits ................... 18 

6. GOVERNMENT REPORTING .................................................................................... 19 

6.1 Summary of Assumptions and Methods .................................................................. 19 

6.2 Summary ofPlan Provisions .................................................................................... 20 

6.3 Plan Histo1y .............................................................................................................. 22 

6.4 Contribution Rates ................................................................................................... 23 

6.5 Funding Standar·d Account and Minimum Required Contributions ........................ 24 

6.6 Maximum Deductible Contribution ......................................................................... 24 

6.7 Cunent Liability at Beginning ofYear· .................................................................... 25 

6.8 Amo1tization Schedule for Minimum Required Contribution ................................. 26 

6.9 Equation of Balance ................................................................................................. 27 

7. DATA SUMMARY ......................................................................................................... 28 

7.1 Flow of Lives ........................................................................................................... 28 

7.2 Historical Part icipation ............................................................................................. 29 

7.3 Actives by Age and Future Service Credit.. ...................................................... ....... 30 

7.4 Distribution of Service Worked by Actives ............................................................. 31 

7.5 Distribution of Periodic Benefits ............................................................................. 32 

7.6 Distribution of Retirees Monthly Pensions .............................................................. 33 

7. 7 Distribution of Separ·ated Vested Part icipant Accmed Monthly Pensions .............. 34 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

1. Certification of Results 

O ' Sullivan 

Associates Inc. 

This repo1i was prepared on behalf of th e based on employee data, asset statements and Plan documents provided by the Plan Sponsor or its representatives. We relied upon the data as submitted, 

without fo1mal audit. However, the data was tested for reasonableness, and we have no reason to 

believe that any other info1mation which would have had a material effect on the results of this valuation was overlooked. 

Therefore, to the best of om knowledge and belief, the info1mation presented in this repo1i is complete and accm ate, and in om opinion, each assumption used represents om best estimate of anticipated experience under the Plan. 

Certified by: 

Cra1g A. , FSA, MAAA, EA 

Enrolled Actuary No.: 14-05537 

1 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actua1ial Valuation Rep01t as of 12/31/2013 

**** This Page Has Been Left Intentionally Blank *** 

2 

O ' Sul l iva n 

Associates Inc. 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

2. Valuation Summary 

1. Long-Term Funding 

O ' Sul l iva n 

Associates Inc. 

Projected annual contributions of $2.57 million ($13.39 per hour) fall sho1t of the Plan 's total annual cost of benefits of $4.98 million ($25.94 per hour). This leaves a negative margin of $2.41 

million ($12.55 per hour). Therefore, the Plan's finances are cunently not meeting the 15-year 

ftmding policy. At the cun ent level of ftmding the Plan is projected to go insolvent in the Plan 

Yeru· ending 12/31/2025. 

2. Margin 

The margin has decreased by $0.68 from negative $11.87 to negative $12.55 over last yeru· The 

mru·gin is explained in Section 4. 

3. Pension Protection Act 

The Pension Protection Act (PP A) requires that multiemployer plans disclose the percent level of 

ftmding using the acturu·ial value of assets. As of 12/31/2013 the Plan's ftmding level is 35.9%. 

The ftmded level is below 65% and the Plan is projected to have a ftmding deficiency within four 

yeru·s. As a result, the Plan continues to remain in the "red" zone or C1itical Status. 

Each yeru· the Rehabilitation Plan needs to be monitored and updated if it is not providing the anticipated ftmding progress. The Rehabilitation Plan adopted by the Trustees is considered a "safety 

valve" plan as allowed by §432(e)(3)(A)(ii). This section provides that the Trustees consider all 

reasonable measures to exit the Red Zone by the end of the Rehabilitation Period, and if the Plan 

cannot exit the Red Zone in that time frame to consider all reasonable measures to exit at a later 

time or to forestall insolvency. The Rehabilitation Plan and future projections are detailed in Section 4.6. 

Potential Insolvency: In the past the Board was cautiously optimistic that the Fund would not go 

insolvent. If this perspective changes, and the Trustees believe the F1md will go insolvent, they 

should discuss the benefit suspensions and suspended acc1ual. 

3 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 O ' Sullivan 

Associates Inc. 

3. Summary of Funding Measures 

As of December 31 

1. Current 2013 2012 

Assets 

a at Market $ 25,576,496 $ 26, 128,846 

b at Actuarial $ 25,074,815 $ 27, 162,775 

c Actuarial I Market (b/a) 98.0% 104.0% 

P resent Values 

d Vested Benefits $ 69,722,207 $ 70,557,689 

e Accrued Benefits (Accrued Liability) $ 69,749,742 $ 70,599,287 

Funding Percentages 

f Vested at market (a/d) 36.7% 37.0% 

g Vested at actuarial (b/d) 36.0% 38.5% 

h Accrued at market (a/e) 36.7% 37.0% 

Accrued at actuarial (b/e) 35.9% 38.5% 

For Plan Year Endin~ December 31 

2. Prospective 2014 2013 

Contributions 

a Minimum Required $ 7,697,782 $ 4,843,928 

b Anticipated $ 2,570,880 $ 2,570,880 

c Actual TBD $ 1,843,878 

d Maximum Deductible $ 112,201,963 $ 111,685,051 

e Credit Balance $ (5,048,304) $ (2,943,678) 

f Minimum to preserve Credit Balance $ 4,613,071 $ 4,344,957 

Costs 

g Cost of benefits earned in year $ 295,212 $ 295,212 

h Amortization of Unfunded Liability 4,684,675 4,554.814 

Total Cost (g+h) $ 4,979,887 $ 4,850,026 

Margin (b·i) $ (2,409 ,007) $ (2,279,146) 

3. Assumptions 

a Interest rate per annum 6.75% 6.75% 

b Hours in aggregate per year 192,000 192,000 

4 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

4. Plan Cost 

4.1 Annual Plan Cost and Margin 

O ' Sulliva n 

Associates Inc. 

There are two component costs to fimding a pension plan: the cost of benefits earn ed in the year, and the 

amo1tization of the tmfimded liability. The costs above ar·e calculated consistent with a fimding policy of 

paying off the tmfimded liability over 15 year·s assuming asset retmn of 6.75% rumually. 

The mar·gin, fotmd on Line C below, indicates that the Plan requires and additional $12.55 per hour to pay 

for all future benefits. 

There ar·e many actuar·ial measures and statistics to measure the state of the Plan's fimding. The margin is 

designed to provide a single simplified statistic for a trustee to get a sense for the Plan's level of fimding. 

As long as the margin is positive it is a strong indication that the cun ent benefits ar·e affordable on a longteim basis. If negative, it is an indication that the overall ftmding may need to be improved before benefits 

ar·e affordable. 

Per Year 

A. Anticipated annual contr·ibution $2,570,880 

B. Actuar·ial Costs 

1. Cost of benefits earn ed in the year·* $295,212 

2. Amo1t ization ofllllfimded liability 4.684.675 

3. Total rumual costs (1+2) $ 4,979,887 

C. Mar·gin (B4 - C3) $ (2,409,007) 

D. Effective Amo1t ization Does not ftmd 

Per Hour 

$ 13.39 

$ 1.54 

$25.94 

$ (12.55) 

As a% of 

Contributions 

100.0% 

11.5% 

182.2% 

193.7% 

-93.7% 

Note: The 15-year period for amo1tizing the Plan's unftmded liability is an ongoing one, in that it is reset 

at 15 year·s each time the rumual actua1ial valuation is completed. 

*Since benefit accruals have been frozen as of 11112012, this number only represents administrative 

expenses. 

5 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan O ' Sulliva n Actuarial Valuation Repo1t as of 12/31/2013 Associates Inc. 

4.2 Margin Detail 

A. As of 12/31/2013 

1. Actuarial liability $ 69,749,742 

2. Actuarial value of assets 25.074.815 

3. Unftmded actuarial liability (I - 2) $ 44,674,927 

4. No1mal cost 0 

5. Expenses 285.000 

6. Total cost of benefits (4 + 5) $ 285,000 

7. Amortization of unftmded liability $4,522,621 

B. Anticipated Contribution Income* 

1. Number of actives 

2. Projected hours 192,000 As a% of 

3. Projected contr·ibution rate $ 13.39 $/Hour Contributions 

4. Anticipated annual contribution (I x 2 x 3) $2,570,880 $13.39 100.0% 

C. Actuarial Costs* 

4. Cost of benefits earn ed in the yeru· $295,212 $ 1.54 11.5% 

5. Amo1t ization of unftmded liability 4,684,675 24.40 182.2% 

6. Total rumual costs (I +2) $ 4,979,887 $25.94 193.7% 

D. Mru·gin (B4 - C3) $ (2,409,007) $ (12.55) -93.7% 

E. Mru·ket value of assets $ 25,576,496 

F. Spread Statistic 2.0% 

G. Mru·gin using assets at mru·ket $ (2,356,400) $ (12.27) -91.7% 

*Assumes contributions and costs are paid at the end of the month. 

6 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

4.3 Development of Plan Asset Values 

4.3.1 Market Value of Assets 

Total F1md 

A. Assets at 12/31/2012 $ 26,128,846 

B. Employer contributions 1,843,878 

C. Investment income: 

1. Interest and dividends $ 588,643 

2. Realized/unrealized gainl(loss) 2,998,130 

3. Investment fees (195.519) 

4. Total investment income $ 3,391,254 

D. Distributions: 

1. Benefit payments and annuity purchases $ (5,552,487) 

2. Administrative expenses (234.995) 

3. Total distributions $ (5,787,482) 

E. Market value as of 12/31/2013 $ 25,576,496 

F. Average invested assets (A+.5 x (B+D3)) $24,157,044 

G. Rate of retum, C4+ F 14.0% 

4.3.2 Actuarial Value of Assets 

A. Market value as of 12/31/2013 

Development of Amount Defen ed 

Year Ending Unexpected Percentage 

December 31 Amount Defened 

2010 $ 1,519,352 20% 

2011 (4,185,375) 40% 

2012 772,394 60% 

2013 1,760,654 80% 

B. Total defen ed amount 

C. Preliminary actua1ial value of assets (A - B) 

D. 80% ofmar·ket value 

E. 120% ofmar·ket value 

O ' Sulliva n 

Associates Inc. 

$ 25,576,496 

Defen ed 

Amount 

$ 303,870 

(1,674,150) 

463,437 

1,408,524 

$ 501,681 

$ 25,074,815 

F. Actuarial value as of 12/31/2013 (C not less than D or greater than E) 

20,461,197 

30,691,795 

$ 25,074,815 

7 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

4.3.3 Actuarial Asset Gain/(Loss) 

A. Actuarial assets at 12/31/2012 

B. Investment income: 

1. Expected income (net of investment expenses) 

Development of amount recognized 

Year Ending 

December 31 

2009 

2010 

2011 

2012 

2013 

2. Total recognized amount 

Unexpected Percentage 

Amotmt Recognized 

$ 1,258,199 20% 

1,519,352 20% 

(4,185,375) 20% 

772,394 20% 

1,760,654 20% 

3. Forced recognition (due to +/-20% conidor) 

4. Total investment income (I + 2 + 3) 

C. Employer contributions 

D. Distributions: 

1. Benefit payments and annuity purchases 

2. Adminisu·ative expenses 

3. Total disu·ibutions 

E. Actuarial value as of 12/31/2010 

F. Average invested assets (A+ .5 x (C + D3)) 

G. Rate ofretum (B4 + F) 

H. Assumed rate of retuln 

I. Expected income (H x F) 

J. Asset gainl(loss) (B4 - I) 

8 

$ 27,162,775 

$ 1,630,599 

Recognized 

Amount 

$ 251,640 

303,870 

(837,075) 

154,479 

352,131 

225,045 

$0 

$ 1,855,644 

$ 1,843,878 

$ (5,552,487) 

(234.995) 

$ (5,787,482) 

$ 25,074,815 

$ 25,190,973 

7.4% 

6.75% 

$ 1,700,391 

$ 155,253 

O ' Sulliva n 

Associates Inc. 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

4.3.4 Total Gain/(Loss) 

A. Unfunded accmed liability (UAL) at 12/31/2012 

B. Annual cost of benefits and expenses at 12/31/2012 

C. Less contributions 

D. Interest on A, B, and C 

E. Expected unftmded accmed liability as of 12/31/2013 (A+B+C+D) 

F. Prelimina1y UAL before changes as of 12/31/2013 

G. Total gainl(loss), (E - F) 

H. Change due to: 

1. Assumption changes 

2. Plan amendments 

3. Method changes 

4. Subtotal changes 

I. Actual unfunded accmed liability as of 12/31/2013 (F+H4) 

J. Gainl(loss) due to: 

1. Asset experience 

2. Expenses 

3. Demographic expe1ience 

4. Total gainl(loss) 

9 

O ' Sul l iva n 

Associates Inc. 

$ 43,436,512 

285,000 

(1 ,843,878) 

2.894,830 

$44,772,464 

44.674,927 

$ 97,537 

$0 

0 

Q 

$0 

$ 44,674,927 

$ 155,253 

60,217 

017.933) 

$ 97,537 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

4.4 Historical Information 

4.4.1 Gain/(Loss) 

Demographic 

Plan Year Assets Ex12ense Assum12tions 

2010 $ (859,829) $ 96,282 $ 152,762 

2011 (1,538,401) 63,068 (316,944) 

2012 (1,578,321) 78,716 (829,018) 

2013 155,253 60,217 (117,933) 

4-yr Avg $ (955,325) $ 74,571 $ (277,783) 

Total 

Gaini(Loss) 

$ (610,785) 

(1,792,277) 

(2,328,623) 

97,537 

$ (1,158,537) 

O ' Sulliva n 

Associates Inc. 

Gain/loss analysis is one of the most impo1tant tools available to an actuary to ensure that the actuary's model of the Plan 's ftmding is accurate. The exhibit above shows the total gainl(loss) broken down into three 

components: assets, expenses, and demographic assumptions. 

The gain on assets is ve1y unpredictable due to the tmpredictable retmn s on the mar·ket value of assets. 

Moreover, the gainl(loss) on assets is greatly influenced by the smoothing method. The pattem of asset gains 

is discussed later in this repo1t . 

After itemizing the gainl(loss) on assets and administrative expenses, what remains is the gainl(loss) on all 

the other demographic assumptions including retirement, tmn over, disability, and m01t ality rates. Over time, 

to remain confident in the ft1ture ftmding, it is impo1tant that the gains and losses on the demographic assumptions average zero, or at least a relatively small number. The Plan expe1ienced more deaths than anticipated during in the past year, which accounted for a significant po1tion of this year·'s gain. 

The past four year·s the Plan has averaged a small loss. We will continue to monitor this experience and recommend assumption changes as necessa1y. 

10 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 O ' Sullivan 

Associates Inc. 

4.4.2 Asset Information 

For Plan Years ndin~ December 31 Rates of Return 

Market Market 

Plan Value Investment At At 

Year of Assets Contributions Benefits Ex12enses Income Market Actuarial 

1999 $ 45,985,528 $ 1,582,312 $ (3,275,134) $ (241,204) $960,756 2.1% 

2000 46,013,972 1,951,078 (3,869,312) (221,882) 2,168,560 4.8% 

2001 44,516,263 1,746,713 (3,915,295) (225,320) 896,193 2.0% 

2002 40,980,198 1,776,555 (4,123,429) (213,626) (975,565) -2.2% 

2003 43,856,690 2,072,205 ( 4,288,636) (264,039) 5,356,962 13.5% 

2004 43,690,276 1,920,424 (4,359,238) (285,467) 2,557,867 6.0% 

2005 43,531,191 1,905,835 (4,579,029) (279,319) 2,793,428 6.6% 

2006 45,797,900 2,035,681 (4,783,899) (255,346) 5,270,273 12.5% 

2007 45,263,564 2,459,030 (4,854,881) (331,794) 2,193,309 4.9% 

2008 31,966,921 2,228,212 (5,012,514) (271,494) (10,226,545) -23.4% 

2009 32,154,846 2,009,200 (5,142,691) (281,874) 3,603,290 11.9% 

2010 32,828,413 2,480,621 (5,289,710) (256,784) 3,739,440 12.2% 

2011 27,201,622 1,992,893 (5,432,225) (248,461) (1,938,998) -6.3% 

2012 26,128,846 2,016,684 (5,488,392) (212,044) 2,610,976 10.3% 

2013 25,576,496 1,843,878 (5,552.487) (234,995) 3,391,254 14.0% 

Totals $ 30,021,321 $ (69,966,872) $ (3,823,649) $ 22,386,898 

5-Year Average 8.4% 

10-Year Average 4.9% 

15-Year Average 4.6% 

The average retllln on the market value of assets for the 15 years ending December 31,2013 is 4.6%. The 

histo1ically low retllln in 2008 has largely impacted this average, which is much lower than the assumed rate 

of6.75%. 

The pe1fo1mance of the acturuial and market value of assets as measured by the rate of retllln over the last 15 

years is lower than the market value perfo1mance. As seen in the table above, the market value retllln in 2013 

was 14.0%. On an actuarial basis, this 2013 retmn will be recognized over a five-year period. 

Historical Rates of Return by Plan Year 

20% 

15% ---------,r-----,-----------..,...-

10% 

5% 

-----+ --

-5% - 10% ----------' ,__ ____ _ 

- 15% 

-20% -----------\l-------

· 25% -!---------- ------

. 30% -j--,---,--,----,---,----r--.-------.-.---..---.---,--,---.---. 

F~ s:> ::-.. cv (') -"" b !o c-. ~ e ~ '- "~- :") ~0) ~~ ~ ~ ~~ ~'cr . ~~ ~ ~~ ~<;S ~~ " ' ' ~' ' ~ ~ ~ ~ ~ ~ ~ ~ ~ '\, ~ ~ ~ ~ 

- MVA --·AVA --Assumed ROR 

11 

2.1% 

4.8% 

2.0% 

-2.2% 

3.1% 

4.4% 

4.8% 

7.3% 

9.0% 

-8.9% 

-0.4% 

4.7% 

2.4% 

1.7% 

7.4% 

3.2% 

3.2% 

2.8% 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

4.4.3 Employment 

Plan Years Average Average Hourly 

Ending Contribution Number Contribution 

Dec 31 Income of Actives Rate 

1999 $ 1,582,312 465 $4.30 

2000 1,951,078 364 4.35 

2001 1,746,713 298 4.00 

2002 1,776,555 307 4.22 

2003 2,072,205 317 4.78 

2004 1,920,424 313 5.39 

2005 1,905,835 291 5.71 

2006 2,035,681 277 6.31 

2007 2,459,030 267 7.06 

2008 2,228,212 245 8.17 

2009 2,009,200 233 9.41 

2010 2,480,621 225 10.78 

2011 1,992,893 206 12.54 

2012 2,016,684 186 13.39 

2013 1,843,878 179 13.39 

Employment 

Hours for . Valuation 

429,102 

451,551 

415,472 

434,189 

465,315 

381,478 

345,052 

341,557 

348,305 

272,620 

213,593 

230,167 

158,976 

150,611 

137,706 

O ' Sullivan 

Associates Inc. 

The employment assumption included in the valuation is 192,000 hours per year. This assumption 

should be set at a level that represents a long-te1m average. 

Est. Average Annual Hours by Plan Year 

As of December 31 

~C) !:)~ !:)" !:)"" !:),., ~ !:)<-, !:)~ !:)" !:)q, !§l :-..~ :-.,'- <'v :-..""> 

"Cj ~ ""~ ""~ ""~ ~ ""~ '1)5 ~ ""~ ""~ ""~ ""~ .f> .f> 

- Est. Actual Annual Hours - Hours Assumption 

*Total hours for valuation is derived by dividing actual contributions by last year's projected contribution 

rate, and will not necessarily match reported hours by the Plan Office. 

12 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 O ' Sullivan 

Associates Inc. 

4.4.4 Funded Percentage 

Plan 

Years Market Present Value 

Ending Value of of Accmed Funded 

Dec 31 Assets Benefits Percentage 100% Funded Percentage 

1999 $ 45,985,528 $ 46,137,456 99.7% 

2000 46,013,972 47,234,288 97.4% 90% 

2001 44,516,263 48,242,952 92.3% 80% 

2002 40,980,198 50,789,178 80.7% 70% 

2003 43,856,690 52,037,384 84.3% 60% 

2004 43,690,276 53,550,407 81.6% 

2005 43,531,191 57,166,662 76.1% 50% 

2006 45,797,900 58,736,590 78.0% 40% 

2007 45,263,564 59,606,865 75.9% 30% 

2008 31,966,921 61,534,903 51.9% ~~ :--.. (? ~h!ot\ 8;) ~~" '\."'> C)Cj 5:§S ~~ ~~ ~~ ~ ~~ ~~ ~~ ~~ ~G ~'> ~" " ~'-

2009 32,154,846 66,769,116 48.2% '\ 'V 'V 'V 'V'V'V'Y'V'V 'Vf')) 'V f')) f')) 

As of December 31 

2010 32,828,413 66,752,647 49.2% 

2011 27,201,622 66,978,548 40.6% 

2012 26,128,846 70,599,287 37.0% 

2013 25,576,496 69,749,742 36.7% 

The Funded Percentage is a statistic conunonly followed by Tmstees. In the past, the ratio of the market value of assets to the Present Value of Accmed Benefits was highlighted. However, with the passage of the Pension Protection Act, the ratio of the actuarial value of assets to the Present Value of Accmed Benefits is used 

as one of the components to dete1mine a plan 's status at each annual zone ce1tification. In addition, this ratio 

will be used for annual pa1ticipant notices. This Funded Percentage compares the actuarial value of assets to 

the value of benefits accmed as of the valuation date. 

The fact that the Funded Percentage is under 100% means that there are unfunded accumulated benefits 

when valuing the Plan on an ongoing basis. It does not necessarily imply that the Plan is tmderfunded on a 

long te1m basis because it makes no consideration of future contributions relative to future costs. The margin 

is the best single statistic to get a sense of how well ftmded the Plan is on a long-te1m basis. 

Based on the actuaiial value of assets of$25,074,815 the Ftmded Percentage is 35.9% as of December 31, 

2013. 

13 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

4.4.5 Actu aria l Value of Assets Expressed a s a % of Market Value 

Actua1ial 

Plan Years Actuarial Assets as a 

Ending Value of Percent 

Dec 31 Assets of Market 

1999 $ 45,985,528 100.0% 20% 

2000 46,013,972 100.0% 15% 

2001 44,516,263 100.0% 10% 

2002 46,787,441 114.2% 5% 

2003 45,699,632 104.2% 

2004 44,943,873 102.9% 0% 

2005 44,093,174 101.3% -5% 

2006 44,182,701 96.5% - 10% 

2007 45,328,098 100.1% - 15% 

2008 38,360,305 120.0% -20% 

O ' Sul l ivan 

Associates Inc. 

S read Statistic 

2009 34,815,596 108.3% ~~:'\. (\.(?b< b~(\ &, ~~'\. :V :? C)Oj ~~ ~~ ~~ ~~ ~~ ~~ ~~ ~~ ~~ ~':5 ~' ~'\.. ~'\. 2010 33,302,885 101.4% '\.:t"\,;1"\,;'Y"\-t"\,;'Y'Y'Y'Y'Y'Yt"\,;'Yt"\,; 

2011 30,357,468 111.6% As ofDecember 31 

2012 27,162,775 104.0% 

2013 25,074,815 98.0% 

The three prima1y measures that help an actuary assess how well ftmded a plan is on a long-te1m basis ar·e: 

1. Mar·gin, 

2. Gain/loss analysis and an assessment of assumptions, and 

3. Spread, defmed as the difference between the mar·ket and actuar·ial value of assets expressed as a 

percentage of the mar·ket value of assets. 

The margin and assumptions were covered in earlier sections. 

The third factor is the Spread statistic. When positive it represents a cushion to help offset potential ft1ture 

unfavorable investment expe1ience. Conversely, when the actuarial value is greater than the mar·ket value the 

Spread tmns negative. When this is the case futm·e investment retmns over and above the assumed retmn ar·e 

necessary over time to restore the mar·ket value of assets equal to the actuarial value. 

As ofDecember 31,2013, the Spread is 2.0%. 

14 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

4.5 Pension Protection Act 

O ' Sul l iva n 

Associates Inc. 

The Plan continues to be in the Red Zone as of December 31, 2013 because it is tmder 65% funded and is 

projected to have a funding deficiency within the next four years. A summary of the Zone Status is as follows: 

January 1 

2008 

2009 

2010 

2011-2014 

Date Summary 

Status 

Expiration ofCBA(s) covering 75% of active 

pa1ticipants as of actuar·ial ce1tification date: 

Funding Improvement Pe1iod: 

(15 years for Orange Zone): 

Status without regard to freezing 

Frozen Status (after application ofWRERA) 

Status 

Expiration ofCBA(s) covering 75% of active 

PPA Status 

Se1iously Endangered 

5/31/2008 

111/2009-12/31/2023 

Critical 

Se1iously Endangered 

Critical 

pa1ticipants as of actuar·ial ce1tification date: 5/31/2011 

Adoption Pe1iod: 3/31/2010 - 12/31/2011 

Rehabilitation Period: 111/2012 - 12/31/2021 

Status Critical 

The Tmstees have implemented a Rehabilitation Plan (RP) as per the PPA. A summary of the histo1y of the 

Rehabilitation Plan is as follows: 

Original Rehabilitation Plan 

Benefit Changes 

);.> The Lump Sum option for smviving spouses was suspended effective April 23, 2010 as required 

by law. 

);.> The benefit rate on and after Janua1y 1, 2010 will depend on the date on which the Pa1ticipant 

first earned Futme Se1v ice Credit. If that date is prior to June 1, 2004, the benefit rate will be 

$50 (payable monthly) for all Year·s of Future Se1vice Credit after December 31, 2009. Otherwise, the benefit rate will be $3 7. 50 for the first ten Year·s of Futme Se1v ice Credit and $50.00 

for all subsequent se1vice on and after December 31, 2009. The ten year· pe1iod is measured 

from date of hire. 

);.> A year of Futme Se1vice Credit is credited for each 1,000 hours, with 1/10 of a Year· credited for 

each 100 hours worked. No Futme Se1vice Credit will be credited if less than 200 hours ar·e 

worked in a Plan Year· 

);.> Unreduced Early Retirement at age 62 with 5 years of Vesting Se1vice was replaced with unreduced Early Retirement at age 62 with 20 year·s of Futme Se1vice Credit, with no limitation on 

Se1vice eamed in each Plan Year·. 

15 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 O ' Sul l ivan 

Associates Inc. 

Contribution Increases 

Conu·ib. Con nib. 

Jtme 1 Rate June 1 Rate 

2010 $11.34 2017 16.39 

2011 13.39 2018 16.89 

2012 13.39 2019 17.39 

2013 14.39 2020 17.89 

2014 14.89 2021 18.39 

2015 15.39 2022+ 18.89 

2016 15.89 

2011 UJ!date to the Rehabilitation Plan 

Effective Janua1y 1, 2012, accmed benefits will be frozen and will equal the benefit accmed through December 31, 2011. 

2012 UJ!date to the Rehabilitation Plan 

Effective March 21, 2013, the Board of Tmstees decided to freeze the conu·ibution rate at $13.39 and suspend the following benefits until 5/31/2017: 

a. All Early Retirement Benefits 

b. Disability Retirement Benefits 

c. The Family Survivor and Single Sum Death Benefit 

d. The "Pop Feature" on Joint & Survivor benefits 

The following cha1ts project the funded percentage and credit balance into the future assuming that there are 

no gains or losses on demographic assumptions and that the market value of assets retmn s the assumed rate 

of6.75%. 

SOo/o 

F u nd ed Per centage (PPA) Projected Credit Balanc e 

Sl O 

40o/o S5 

30o/o so 

20o/o 

~ ~~~ ~~~~~~~~~~~~~ = 0 ~~~~~~~~~~~~~~~~~~ 

~ -SS 

-Sl O \ 

I Oo/o 

Oo/o .I. -S15 -- -

~~~~~~~~~~~~~~~~~~~ 

~~~~~~~~~~~~~~~~~~~ -S20 

As of Decemb er3 l As of December 3 1 

16 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 O ' Sul l iva n 

Associates Inc. 

The Plan has expetienced an average of 150,000 hours over the past three years. This is below the employment assumption of 192,000 hours. The graphs below show the Plan's sensitivity to staying at 150,000 hours. 

50% 

Funded Percentage (PPA) Projected Cr edit Balance 

SlO 

40% S5 

30% - so 

20% 

-= ~~~~~~ ~~ ~~~~~~~ ~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~ 

~ -SS 

-SlO \ 

10% -

Oo/o ••• 

-S15 

~~~~~~~~~~~~~~~~~~~ 

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

~~~~~~~~~ ~~~~ ~~~ ~~ -S20 

As ofDecember31 As ofDecember 31 

17 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

5. ASC No. 960 Disclosures 

5.1 Present Value of Accumulated Plan Benefits 

As ofDecember 31, 2013 

A. Present Value of Vested Benefits: 

1. Participants cunently receiving payments 

2. Other vested benefits 

3. Subtotal vested benefits 

B. Present Value ofNon-Vested Benefits 

C. Present Value of Accumulated Benefits (A+B) 

$ 48,148,698 

21.573.509 

$ 69 '722,207 

27,535 

$ 69,749,742 

O ' Sulliva n 

Associates Inc. 

The ASC No. 960 values were computed using tlle same assumptions as those used for dete1mining 

funding requirements. 

5.2 Reconciliation of Changes in Present Value of Accumulated Benefits 

A. Present Value of Accumulated Benefits at Prior Valuation Date 

B. Changes Dming the Year Due to: 

1. Benefits accumulated and net gains 

2. Benefits paid 

3. Assumption changes 

4. Method changes 

5. Plan amendments 

6. Passage of time 

7. Total change 

C. Present Value of Accumulated Benefits at Cl.ment Valuation Date 

18 

$70,599,287 

$ 124,887 

(5,552,487) 

0 

0 

0 

4,578.055 

$ (849,545) 

$ 69,749,742 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

6. Government Reporting 

6.1 Summary of Assumptions and Methods 

These are the assumptions used for the ongoing valuation calculations, unless othe1wise noted. 

O ' Sul l ivan 

Associates Inc. 

Mo1tality RP- 2000 Sex Distinct Table with Blue Collar adjustment using scale BB improvement from year 2000. 

Withdrawal Table T -5 

Disability SOA 1973 Disability Model XXVI 

Retirement Age 100% at age 65 for both Active and Inactive Vested Participants. 

Defmition of Active A member must have worked 100 or more hours in the yeru· to be included in the 

valuation. 

Future Employment 1,000 hours 

Percent Man ied 100% 

Age of Spouse Females ru·e 2 years younger than their spouses. 

Net Investment Retmn 6.75% 

Administrative $285,000 payable at the beginning of the yeru· 

Expenses 

Actuarial Value of 

Assets 

The market value of assets less unrecognized retmns in each of the last five years. 

Unrecognized retmn is equal to the difference between the actual market retmn 

and the expected retmn on the acturu·ial value, and is recognized over a five-year 

pe1iod. The actua1i al value is fint her adjusted, if necessa1y, to be within 20% of 

the mru·ket value. 

Actuarial Cost Method Unit Credit 

RPA '94 Cun ent Liability Assumptions 

Interest 3.64%. Last yeru·, 3.78% was used. 

Mo1tality RP-2000 as per IRC § 1.430(h)(3)-1 

19 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 O ' Sul l ivan 

Associates Inc. 

6.2 Summary of Plan Provisions 

Plan Year: 

Participation 

Vesting Se1vice 

Future Se1vice Credit 

Vesting 

Break In Se1vice 

Normal Retirement: 

Eligibility 

Ammmt 

No1malFoim 

Janua1y 1 through December 31 

400 hours of covered employment 

One year for each year in which at least 250 hours of covered employment or 1,000 

hours of related se1vice is eamed in a plan year; there is no partial credit 

One-seventh of a year of Future Se1vice Credit for each 100 hours of covered employment worked in a plan year, without limit. 

Effective 111/2010, one-tenth of a year· of Future Se1vice Credit for each 100 hours of 

covered employment worked in a plan year·, without limit, if at least 200 hours of credited se1vice are earned in the plan year. For purposes of meeting eligibility requirements, no more than one year· of Future Se1vice Credit is recognized in any year 

100% vesting after 5 years ofVesting Se1vice 

A "break year·" is a plan year in which the pa1ticipant eams less than 100 hours of eligibility se1vice. After one break year· (three consecutive break year·s prior to 2000) service and participation are forfeited if not vested. Such se1vice and participation will be 

restored upon retmn to employment if 100 hours of Future Se1vice Credit or 500 hours 

of vesting se1vice ar·e earned in a plan year·, provided that the number of consecutive 

break year·s did not equal or exceed the greater of five year·s or the prior number of vesting year·s. 

Age 65, with five years of Plan participation 

For retirements after 1/1/2010, the monthly accmed benefit is the sum of A and B 

where: 

A. Prior to 12/31/1990, monthly accmed pension multiplied by a factor: 

Local Factor 

29 100% 

Others 115% 

B. After 1/ 111 991: a multiplier times Future Se1vice Credit earned under this plan: 

Multiplier 

111/1991- 1/1/2010- After 

Group 12/31/2009 12/31/2011 12/31/2011 

If hired p1ior to $75 $50 $ 0* 

6/1/2004 

If hired on and $50 $37.50 for the first 10 years $ 0* 

after 6/1/2004 of se1vice then $50 for each 

year· in excess of 10. 

*As p art of the Rehabilitation Plan, accrued benefits were .frozen as of 12/31/2011. 

Payable for life 

20 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actua1ial Valuation Rep01t as of 12/31/2013 O ' Sul l iva n 

Associates Inc. 

Early Retirement: 

Eligibility 

Ammmt 

Currently unavailable (i.e. "suspended tllrougll 513112017'? 

Age 55 with 15 years of Future Se1vice Credit (counting no more than one year in any 

plan year) or ten years of vesting se1vice, or on or after 10/1/1996, age 62 with 5 years 

ofvesting se1vice. 

Normal Retirement amount reduced .25% for each month prior from age 65 to age 60 

then .50% for each month prior from age 60 to age 55. There is no reduction under any 

of the following situations: 

Years of 

Age Future Se1vice Credit 

62 20 

60 30* 

58 35* 

*For these eligibility purposes, no more than one year of Future Setv ice Credit can be 

cotmted in any plan year. 

Disability: Currently unavailable (i.e. "suspended through 513112017'? 

Eligibility Under age 65 and 15 years of eligibility for disability level "A" (ten years of 

eligibility service for disability level "B") and receiving Social Security Disability benefits 

Ammmt 

Deferred Vested Benefit: 

Eligibility 

Ammmt 

Same as normal for level "A" (if disability level "B", reduced by 1/4 of 1% 

per month that disability date precedes age 65 to a maximum reduction of 

50%) 

Ten (10) years of vesting service 

Accrued Normal Retirement amount commencing at first unreduced retirement age, or Early Retirement reduced amount if eligible prior to Normal Retirement 

Pre-Retirement Surviving Spouse's Pension: 

Eligibility Death of a vested participant with a smviving spouse of one year 

Amount 50% of the benefit the participant would have received had he or she retired 

the day before he or she died and elected the joint and 50% smvivor option. 

If the participant died prior to eligibility for an early retirement pension, the 

spouse's benefit is defened to the participant's earliest retirement date. 

Family Pension Death: Currently unavailable (i.e. "suspended through 513112017'? 

Eligibility Vested 

Ammmt 

Optional Form of Benefit: 

Employer Contributions less any pension payments made payable over the 

life time of the named beneficiary 

);> 50% Joint and Smvivor with Pop-up (Pop-up is currently suspended) 

);> 75% Joint and Smvivor with Pop-up (Pop-up is currently suspended) 

21 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 O ' Sul l ivan 

Associates Inc. 

6.3 Plan History 

Effective 

Date 

3/21/2013 

1/112012 

1/112010 

1/112000 

1/111999 

1/111996 

Benefit Change 

The following benefits will be suspended (i.e. unavailable) through May 31, 2017 for 

those Prui icipants not yet in pay status as ofMru·ch 21, 2013: 

e. All Eru·ly Retirement Benefits 

f. Disability Retirement Benefits 

g. The Family Survivor and Single Sum Death Benefit 

h. The "Pop Feature" on Joint & Smvivor benefits 

Actives: 

~ Accmed benefits are frozen. 

Actives: 

~ One-tenth of a year of Se1vice Credit for each 100 hours of Covered Employment 

worked in a plan year, without limit, if at least 200 hours of Se1vice Credit are earned in 

the plan year. 

Actives/Inactives: 

~ Umeduced Early Pension Benefit at age 62 with 5 year·s of Vesting Se1vice was eliminated and replaced with an unreduced Ear·ly Pension Benefit at age 62 with 20 year·s of 

Pension Se1vice. 

Actives: 

~ The unit monthly pension benefit was increased to $75 (must work 100 hours in 1999 to 

get the $75 a credit from 1991 to present for anyone who retires 1/112000 or after). 

Retirees: 

~ An increase of Y:z of 1% (.050%) from the date of retirement if retired before 1/1/1999. 

~ A 13th check issued 211/2000 (not eligible if retired in 1999 or later). 

Actives: 

~ The unit monthly pension benefit was increased to $65 for each year of pension se1vice 

earned after 1990. 

~ The federally required 5-Year vesting mle was adopted 

Retirees: 

~ all retirees whose effective date of pension was before 111/99 received a pe1manent increase based on years on pension (.65% per year· retired). 

Actives: 

~ The unit monthly pension benefit was increased to $50 for each year of pension se1vice 

earned after 1990. 

~ Early Pension: 

o Eligibility was expanded to include 10 years of Vesting Se1vice. 

o No reduction in the if the participant is at least age 62 and has at least 5 year·s of 

Vesting Se1vice. 

22 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

6.4 Contribution Rates 

Hourly 

Effective Contribution 

Date to Plan 

7/1/1983 $2.15 

7/ 111984 2.25 

7/1/1985 2.35 

7/1/1986 2.50 

6/1/1988 2.55 

1/1/1989 2.50 

6/1/1991 2.65 

6/1/1994 2.75 

6/1/1995 2.90 

6/1/1996 2.60 

6/1/1997 4.15 

6/1/1998 3.25 

6/1/1999 4.30 

6/1/2000 4.35 (4.40*) 

6/1/2001 4.00 (4.05*) 

6/1/2002 4.22 (4.36*) 

6/1/2003 4.78 (4.80*) 

6/1/2004 5.39 

6/1/2005 5.71 

6/1/2006 6.31 

6/1/2007 7.59 

6/1/2008 8.59 

2/1/2009 8.84 

6/1/2009 9.49 (9.99*) 

1/1/2010 10.20 (10.25*) 

6/1/2010 11.34 (1 1.44 *)** 

6/1/201 1 13.34 (13.44*) 

8/1/201 1 $13.39 (13.49*) 

* Westcheste1~ Rockland, and Putnam 

**Includes an 85¢ diversion from the Health and Welfare Fund 

23 

O ' Sul l iva n 

Associates Inc. 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

6.5 Funding Standard Account and Minimum Required Contributions 

O ' Sulliva n 

Associates Inc. 

Rules for dete1mining minimum required and maximum deductible contributions are set fo1t h in IRC Sections 412 and 404, respectively. Since deductibility may be affected by factors not considered here, the 

deductibility and timing of contributions should be reviewed with tax c01msel. 

For Plan Year ending December 31: 

Charges to the Credit Balance: 

a. Funding Deficiency 

b. No1mal cost 

c. Amo1tization charges 

d. Interest on above 

e. Total charges 

Credits to Credit Balance: 

f. Credit Balance at beginning of year 

g. Employer conu·ibutions 

h. Amo1tization credits 

1. Interest on above 

j. Total credits 

Credit Balance/(Funding Deficiency) at end of Year 

Minimum Required Conu·ibution (e - (f + h) x (1.0725)) 

Minimum Without Regard to the Credit Balance (e - h x 1.0725)) 

Actual Projected 

2013 2014 

$ 366,134 $2,943,678 

285,000 285,000 

5,701,717 5,701,717 

428.817 602.802 

$ 6,781,668 $9,533,197 

$0 $0 

1,843,878 2,570,880 

1,815,213 1,719,358 

178.899 194.655 

$ 3,837,990 $4,484,893 

$ (2,943,678) $ (5,048,304) 

$4,843,928 $ 7,697,782 

$4,843,928 $ 7,697,782 

The Plan's Credit Balance represents a cumulative measure of all p1ior contributions (since the initial ERISA 

effective date) against all p1ior minimum requirements. If cumulative conu·ibutions exceed cumulative minimums, then the Plan will maintain a Credit Balance which can be used to offset any cun ent year minimum 

requirements. As of December 31, 2013, the Plan has a Credit Balance of $(2,943,678). The minimum requirement for the year ending December 31, 2014 is $7,697,782 after recognition of the Credit Balance. 

6.6 Maximum Deductible Contribution 

A. Traditional Maximum Deductible 

B. 140% of Cunent Liability, less Actuarial Value of Assets 

C. Greater of A or B 

$ 6,591,635 

$ 112,201,963 

$ 112,201,963 

The maximum allowable deduction for the fiscal year ending December 31, 2014 is$ 112,201,963. To be 

deductible for a given fiscal year, a conu·ibution should be made by the time the tax retmn for that fiscal year 

is filed with the IRS (including extensions). Specific advice on the deductibility of contributions and timing 

should be reviewed with your tax counsel. 

24 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

6.7 Current Liability at Beginning of Year 

O ' Sulliva n 

Associates Inc. 

Cunent liability is the present value of accmed benefits under the Plan using actuarial assumptions as prescribed by the Retirement Protection Act of 1994 (RPA '94). The liability is dete1mined using the same 

assumptions used to dete1mine the Plan's funding requirements, except for the interest rate and mo1t ality 

table. These values are used for specific, prescribed pmposes. 

RP A '94 Current Liability 

A. Assumptions: 

1. Interest rate 

2. Mo1tality table 

B. RPA '94 Cun ent Liability 

1. Retirees and beneficiaries receiving payments 

2. Inactive vested participants 

3. Actives 

(a) Non-vested benefits 

(b) Vested benefits 

(c) Total Active 

4. Total (I + 2 + 3(c)) 

C. Expected Increase in Liability 

D. Expected Benefits Accming Dming the Year 

25 

3.64% 

RP-2000 per IRC §1.430(h)(3)-1 

Total Benefits 

$ 59,882,252 

14,842,440 

62,083 

21,994,740 

$ 22,056,823 

$96,781,515 

$0 

$ 5,489,487 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan O ' Sullivan Actuarial Valuation Repo1t as of 12/31/2013 Associates Inc. 

6.8 Amortization Schedule for Minimum Required Contribution 

Amortization Charges as of 11112013 

Date 

Established Outstanding Years Amo1tization 

Januar:y 1 Base Tvve Balance Remaining Amotmt 

1998 Combined Charges $ 1,459,765 4 $401,437 

1999 Plan Change 3,600,413 20 312,205 

2000 Plan Change 2,643,872 21 224,000 

2000 Actuarial Loss 627,589 6 122,390 

2001 Assumption Change 2,162,195 22 179,336 

2001 Actuarial Loss 656,234 7 113,075 

2002 Actuarial Loss 1,746,832 8 271,391 

2003 Actuarial Loss 3,122,128 9 444,141 

2003 Assumption Change 378,424 24 30,233 

2004 Actuarial Loss 1,592,737 10 209,983 

2005 Actuarial Loss 1,628,725 11 200,941 

2006 Actuarial Loss 1,244,091 12 144,780 

2006 Assumption Change 2,525,505 27 192,731 

2007 Actuarial Loss 835,806 13 92,358 

2008 Assumption Change 759,916 14 80,182 

2009 Actuar·ial Loss - Assets 6,877,629 25 540,462 

2009 Actuar·ial Loss - Other 1,065,694 15 107,884 

2010 Actuar·ial Loss - Assets 2,821,664 25 221,734 

2010 Actuar·ial Loss - Other 1,024,456 16 99,913 

2010 Assumption Change 4,097,499 16 399,620 

2011 Actuarial Loss 533,044 12 62,033 

2012 Actuarial Loss 1,644,577 13 181,729 

2012 Assumption Change 93,486 13 10,330 

2013 Actuarial Loss 2,234,157 14 235,736 

2013 Assumption Change 7,800,767 14 823,093 

Total Charges $ 53,177,205 $ 5,701,717 

26 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

Amortization Credits as of 11112014 

Date 

Established Outstanding Years 

Januru:y 1 Base Tvve Balance Remaining 

2001 Plan Change $ (1 ,171,453) 17 

2002 Assumption Change (1 ,448,546) 18 

2005 Plan Change (962) 21 

2008 Actuarial Gain (406,918) 9 

2008 Method Change (3,029,998) 4 

2010 Plan Change (957,483) 11 

2013 Plan Change (4,333,059) 14 

2014 Actuarial Gain (97,537) 15 

Total Credits $ (11,445,956) 

Net Charges/( Credits) $41,731,249 

6.9 Equation of Balance 

A. Net Outstanding Balance of Bases 

B. Credit Balance 

C. Unftmded Actuarial Accrued Liability (A-B) 

$41,731,249 

(2.943.678) 

$ 44,674,927 

27 

O' Sulliva n 

Associates Inc. 

Amo1tization 

Amount 

$ (110,461) 

(132,474) 

(82) 

(57,886) 

(833,253) 

(118,128) 

(457,200) 

(9,874) 

$ (1 ,719,358) 

$ 3,982,359 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

7. Data Summary 

7.1 Flow of Lives 

Inactive 

Actives Vested Disabled 

Beginning of yeru· 180 157 54 

To inactive vested (16) 16 

Te1minated non-vested (17) 

To retired (5) (3) 

To disabled 

Altemate Payee 

Deaths (2) 

New Beneficiru·ies 

Retmned to work 6 (6) 

New entrants 30 

Data Refinements (4) 

End of year 178 160 52 

28 

Retired & 

Beneficiaries 

563 

8 

1 

(27) 

12 

2 

559 

O ' Sul l iva n 

Associates Inc. 

Total 

954 

(17) 

1 

(29) 

12 

30 

(2) 

949 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan O ' Sul l ivan Actuarial Valuation Repo1t as of 12/31/2013 Associates Inc. 

7.2 Historical Participation 

As of Separated 

December 31 Retired Vested Active Total 

1998 610 137 499 1,246 

1999 620 132 430 1,182 

2000 604 162 297 1,063 

2001 614 141 299 1,054 

2002 622 141 314 1,077 

2003 625 150 319 1,094 

2004 629 152 307 1,088 

2005 627 139 275 1,041 

2006 627 138 278 1,043 

2007 619 133 255 1,007 

2008 613 156 235 1,004 

2009 613 170 230 1,013 

2010 621 153 220 994 

2011 617 163 192 972 

2012 617 157 180 954 

2013 611 160 178 949 

Historical Pa1·ticipant Counts 

900 

. .. ... ... ,..,.- • • • - .. 800 

700 

600 

~ \ ..... 

500 

400 

300 ...._ 200 .... 

100 

0 

As of December 3 1 

- Total Active -Total Inactive 

29 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan O ' Sul l iva n Actuarial Valuation Repo1t as of 12/31/2013 Associates Inc. 

7.3 Actives by Age and Future Service C redit 

Age 

at Val 0-1 1-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60+ Total 

<25 6 1 7 

25-29 2 1 1 4 

30-34 4 2 1 4 5 16 

35-39 8 2 2 3 2 17 

40-44 6 2 2 2 1 1 14 

45-49 4 3 2 3 3 4 2 2 5 1 1 30 

50-54 2 2 3 8 5 10 3 1 4 4 1 1 1 45 

55-59 1 1 1 3 9 2 6 4 1 1 29 

60-64 1 2 1 2 2 2 2 1 13 

65-69 0 

Unknov.rn 3 3 

Total 28 17 12 19 29 14 14 14 7 10 6 4 1 3 178 

The average age of the actives is 48.4 and the average Future Se1vice Credit is 19.6 years. 

I so 

O istt·ibution of Actives by Age 

45 

40 

35 

30 

25 - 1-

20 - 1-

15 - - f10 f- - f- - f- -

5 i1 n f- - f- - f- -

0 n 

c-" fll ~~>< ~ ~ ~ \>< ~ ld" ~ ~ ...,';"; s:Y? ' :'> s:> ':fl>i s:Y "3 ':>f> ~ ':f 0 

I 

~ ") ,..., '>l \>< ~ ..., \:) ::;,$' --0~ 

Distribution of Actives by Years of Service 

35 

30 

25 

20 

15 r- -

10 r- r- r- - - - -

5 r- r- r- - - - - - r- lrl n n n 0 

<;;:!' ,,t;. ~,r;.o, bo.O) bo.~ boos:\ ~ ~0) X 

I 

"> <;;:! ">" ;-.;: ">"" ';::!,., -:1' "' :! '-><;;:! '->'->' 10 " ' '); "' ,., "> 1)< t;. 

30 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

7.4 Distribution of Service Worked by Actives 

100 

90 

Hours 

100-199 

200-299 

300-399 

400-499 

500-599 

600-699 

700-799 

800-899 

900-999 

1000-1099 

1100-1199 

1200-1299 

1300-1399 

1400-1499 

1500-1599 

1600-1699 

1700-1799 

1800-1899 

1900-1999 

2000-2099 

2100+ 

Total 

~ 

Count 

15 

17 

12 

22 

8 

15 

12 

12 

15 

8 

12 

3 

6 

6 

3 

2 

4 

3 

2 

0 

1 

178 

80 "' 

::! 

.. 

Ql 

70 i t ~ - // "\. <J 

< 60 // "\. '-0 50 ... II " Ql 

~ 40 1 ~ 

_._2013 

2012 

- 2011 

2010 

- 2009 

~ 30 z I ' 20 

10 

0 ~ 

__ , 

I ~ ,..1-----

"frfl @0, ,.,o,o, s:\0, ~~ 

~- "t::S v ,~ SY" SY' '\~ 1).~ ~' d" " 

Hours Between 

31 

O ' Sul l iva n 

Associates Inc. 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 O ' Sul l ivan 

Associates Inc. 

7.5 Distribution of Periodic Benefits 

The following table analyzes those who retired and conunenced periodic benefits as of 12/31/2013. 

New Pensioners 

Range of Monthly Pension 

Average 

Class Number Age Minimum Average Maximum 

Altemate Payee 1 58.4 168 168 168 

Disability 

Early 6 62.3 618 2,207 3,972 

No1mal 4 71.0 42 655 1,388 

SUivivor 12 82.7 73 342 916 

Total 23 74.3 42 876 3,972 

The following table analyzes those who are receiving periodic benefits on 12/31/2013. 

All Pensioners 

Range of Monthly Pension 

Average 

Class Number Age Minimum Average Maximum 

Altemate Payee 5 58.7 168 544 1,321 

Disability 52 67.5 114 1,157 2,643 

Early 292 75.7 33 956 3,972 

N01mal 137 81.0 32 621 3,083 

SUivivor 125 78.5 .!2. 299 1.278 

Total 611 76.6 19 760 3,972 

32 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

7.6 

Age 

at Val 

<45 

45-49 

50-54 

55-59 

60-64 

65-69 

70-74 

75-79 

80-84 

85-89 

90-94 

95-99 

>99 

Total 

Distribution of Retirees Monthly Pensions 

Under 

$250 

1 

2 

4 

9 

29 

52 

42 

28 

14 

2 

2 

185 

250-

499 

2 

6 

10 

14 

22 

27 

21 

6 

108 

500-

749 

1 

5 

15 

12 

20 

22 

10 

3 

88 

180 

160 

140 

120 

100 

80 

60 

40 

20 

0 

200 

180 

160 

140 

120 

100 

80 

60 

40 

20 

0 

750- 1000- 1250- 1500- 1750- 2000- 2250- 2500-

999 1249 1499 1749 1999 2249 2499 2749 

1 1 1 2 

1 1 1 1 

4 5 1 3 1 1 

8 5 4 5 5 5 5 4 

10 4 6 5 2 9 2 2 

20 18 15 7 6 3 

10 10 7 1 1 

7 3 1 

1 

60 41 40 20 19 21 7 7 

Distribution of Pensioners by Age 

1-- 1--

r1-- 1-- 1-- 1- 1------; 

1-- 1-- 1-- 1-

n n il 1-- 1-- 1-- 1-- 1-

Distribution of P ensioners by Monthly P ension Amount 

r-1--------------------~ 

r- -- ~------------------------------------~ 

-- --

-- --

-- -- 1--

-- -- 1--

33 

O ' Sul l ivan 

Associates Inc. 

2750-

2999 

1 

1 

3 

1 

6 

Over 

$3000 

1 

1 

5 

2 

Total 

1 

0 

8 

9 

36 

80 

96 

163 

120 

70 

24 

2 

2 

9 611 
Bricklayers and Allied Craftworkers Local 5 New York Pension Plan 

Actuarial Valuation Repo1t as of 12/31/2013 

7.7 Distribution of Separated Vested Participant Accrued Monthly Pensions 

Accrued Monthly No1mal Pension 

Age at Under 250- 500- 750- 1000- 1250- 1500- 1750- 2000- 2250- 2500-

Val $250 499 749 999 1249 1499 1749 1999 2249 2499 2749 

<25 

25-29 2 

30-34 

35-39 1 4 4 1 

40-44 3 7 4 2 2 1 1 

45-49 5 4 9 3 1 3 2 

50-54 2 12 5 7 3 4 3 

55-59 6 9 6 3 3 4 

60-64 2 2 4 3 2 

65-69 2 

70-74 1 

Total 9 21 4 1 31 19 10 13 5 4 2 

O ' Sul l ivan 

Associates Inc. 

2750- Over 

2999 $3000 Total 

0 

2 

3 

11 

20 

30 

39 

34 

16 

3 

2 

2 2 160 

The average age of the te1minated vested pa1ticipants is 51.1, and the average monthly pension is $967. 

I 

I 

Distribu tion of Separated Vested Participants by Age 

40 

35 

30 

25 

20 

15 

10 

5 

-

-

-

r-- -

r-- -

I-- I-- - r---

~- I-- I-- - I--

i- I-- I-- - I--

Distribution of Separated Vested Participants 

by Accrued Mouthy P ension 

45 .-------------------------------------------------.1 

40 +--------11---------------------------------------4 1 

3.5 +---------1 

30 +---------1 

2.5 +---------1 

20 +-----r ..... t---1 

r--- -

f-- f-- - r- f-- f-- = 1---r-r---j_j J- 1----------11 

~ l _l D ...... D D D 

34