IRON WORKERS LOCAL NO. 16 PENSION FUND 

March 2016 Page 1 of 16

Fund Office: GEMGroup, Administrator, Oxford Building, Suite 624, 8600 LaSalle Road, Towson, MD 21286 

Phone: (410) 828-5282 / Fax: (410) 828-5464 

«Name» 

«Address» 

«City_State_Zip» 

This notice is to inform you that, on March 25, 2016, the joint board of trustees of the 

Ironworkers Local Union 16 Pension Fund (“Board of Trustees”) submitted an application to 

the U.S. Treasury Department for approval to reduce benefits under the Ironworkers Local 

Union 16 Pension Fund (“Plan”), effective January 1, 2017. 

If the application is approved and other requirements are satisfied, then the Board of 

Trustees will be permitted to reduce, by plan amendment, benefits otherwise payable to 

participants, including pensioners and beneficiaries. This type of benefit reduction is 

authorized by the Multiemployer Pension Reform Act of 2014, which refers to it as a 

“suspension” of benefits. It is a reduction of any current or future payments from a 

multiemployer defined benefit pension plan to any participant or beneficiary, including 

retirees and beneficiaries who are receiving benefits at the time of the reduction. 

MESSAGE FROM THE BOARD OF TRUSTEES 

The Board of Trustees understands the significant effect these reductions will have on some 

participants. However, in its fiduciary capacity, the Board of Trustees is tasked with 

ensuring the survival of this Plan and the protection of all plan participants’ benefits. 

After more than a year of intensive analysis and in depth review of all potential options, the 

Board of Trustees has determined that without the reductions outlined in this Notice, the 

Plan will not survive and eventually become insolvent. As outlined in the section “Plan’s 

Eligibility To Reduce Benefits,” a few coinciding factors outside of the Board’s control 

contributed to the Fund’s financial difficulties. While numerous steps – primarily in the form 

of increased contributions and reduced benefits for active participants - have been taken 

during the last few years to help correct the situation, they have not been enough to prevent 

the Plan from ultimately becoming insolvent. 

If the Plan were to become insolvent, benefits could be reduced below the proposed 

reduction (and for many participants, significantly below the proposed reduction). This is 

further explained in this notice. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(1) (Checklist Item #14) 

 Participant Notice
NOTICE OF APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF 

BENEFITS UNDER IRONWORKERS LOCAL UNION 16 PENSION FUND 

March 2016 Page 2 of 16

Federal law requires the Board of Trustees to send this notice to contributing employers, 

unions representing participants, and every plan participant, pensioner and beneficiary, 

even if his or her benefit is not being reduced. 

If you are a participant, pensioner or beneficiary, to see whether and how the proposed 

reduction applies to you, go to the section “Your Estimated Pension Benefit” on page 15 

of this notice. 

The following table of contents can help you navigate through this Notice. 

TABLE OF CONTENTS Page 

Section 1: Plan’s Eligibility to Reduce Benefits ........................................................... 3 

Section 2: Actions Previously Taken Under Rehabilitation Plan ................................. 4 

Section 3: Summary of Proposed Benefit Suspensions and Factors Considered ...... 6 

Section 4: Detailed Explanation of Proposed Benefit Suspensions ............................ 9 

Section 5: Proposed Monthly Pension Suspension Examples .................................. 11 

Section 6: Availability of Application and How You Can Comment On It .................. 13 

Section 7: Rights and Remedies of Plan Participants ............................................... 14 

Section 8: Your Estimated Pension Benefit ............................................................... 16 

   

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(1) (Checklist Item #14) 

 Participant Notice
NOTICE OF APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF 

BENEFITS UNDER IRONWORKERS LOCAL UNION 16 PENSION FUND 

March 2016 Page 3 of 16

SECTION 1: PLAN’S ELIGIBILITY TO REDUCE BENEFITS 

Federal law permits the Board of Trustees to apply for a proposed reduction of benefits 

because the Plan’s actuary certified that the Plan is in “critical and declining” status for the 

plan year beginning January 1, 2016. This means that the Plan is experiencing funding 

and/or liquidity problems, such that it is in “critical” status, and it is projected to become 

insolvent (that is, not have enough assets to pay benefits) in the year 2032. 

The 2008 collapse of the financial markets resulted in a 27% decline in the Plan’s funded 

percentage from 91% as of January 1, 2008 to 64% as of December 31, 2008. This, in 

combination with the closure of Sparrow’s Point and the extreme decrease in hours of 

covered employment, from over 1,000,000 hours during 2008 to 460,000 hours during 2010 

and most recently to just over 332,000 hours during 2015, led to the Board of Trustees 

making a number of difficult decisions in terms of reducing benefits levels for active 

participants and increasing employer contribution rates, as outlined in the next section. 

While such actions have been taken to improve the Plan’s financial position, the continued 

erosion of the hours of covered employment has contributed to the need for increased 

contributions in order for the Plan to stay solvent. Specifically, contributions into the Plan 

have increased from $4.24 per hour in 2006 to $9.70 per hour through March 31, 2016. 

This reflects a 129% increase in the contribution rate. During this same time period, a 

regular union construction iron worker journeyman’s wages have risen only 9.5%, from 

$25.55 an hour to $27.98 per hour through March 31, 2016. 

Given the current economic conditions in the building and construction trades, and 

specifically the iron workers trade, in Baltimore and the geographic area covered by 

Local 16, the Board of Trustees has concluded that any future increases in contribution 

rates would be untenable as it would make contributing employers uncompetitive with their 

non-union counterparts, discourage new employers from signing a collective bargaining 

agreement and further depress wages for current workers. This in turn could lead to even 

less contributions coming into the Plan, making the Plan’s financial situation even worse. 

The Board of Trustees determined that it has taken “all reasonable measures” to avoid 

insolvency of the Plan, but that those measures have been insufficient to meet that goal, 

and that the proposed reduction of benefits is necessary to avoid insolvency. 

If the Plan were to become insolvent, benefits would be reduced below the proposed 

reduction. All participants, including retirees and beneficiaries, would only receive a 

minimum benefit established by the Pension Benefit Guaranty Corporation (“PBGC”), which 

is required to provide a guarantee for a certain level of benefits that is set by federal law 

(“PBGC-guaranteed level”).1

 

                                                            

1 For more information about the amount of benefits guaranteed by PBGC, visit:

http://pbgc.gov/prac/multiemployer/multiemployer‐benefit‐guarantees.html.

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(1) (Checklist Item #14) 

 Participant Notice
NOTICE OF APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF 

BENEFITS UNDER IRONWORKERS LOCAL UNION 16 PENSION FUND 

March 2016 Page 4 of 16

SECTION 2: DESCRIPTION OF THE ACTIONS PREVIOUSLY TAKEN BY THE BOARD 

OF TRUSTEES UNDER THE EXISTING REHABILITATION PLAN 

Following is a list of actions taken by the Board of Trustees since 2012 as part of the 

Rehabilitation Plan, in order to help improve the financial position of the Fund. In 

accordance with the law, notices were sent to all participants in advance of any reductions 

in plan benefits. 

 Service Pension: Participants who retire prior to June 1, 2012 with at least 25 Service 

Credits were eligible for a Service Pension, with no reduction for early retirement. 

Eligibility and benefit reductions adopted by the Trustees for Participants who retire with 

a Service Pension on or after June 1, 2012 (but did not have 25 Service Credits as of 

June 1, 2012) are summarized below: 

o Participants who retire between June 1, 2012 - December 31, 2013 at age 55 

with 30 Service Credits are eligible for a Service Pension, with no benefit 

reduction for early retirement. 

o Participants who retire between January 1, 2014 – June 30, 2014 at age 55 with 

30 Service Credits are eligible for a Service Pension, with a 6% per year 

reduction in benefit for retirement prior to age 57. 

o Participants who retire after June 30, 2014 at age 55 with 30 Service Credits are 

eligible for a Service Pension, with a 6% per year reduction in benefit for 

retirement prior to age 60. 

Participants who retire with a Service Pension on or after December 31, 2015 (and had 

at least 25 Service Credits as of June 1, 2012) are eligible for a Service Pension at any 

age, with a 2% per year reduction in benefit for retirement prior to age 60, but no more 

than a 10% total reduction. 

 Non-Service Pension (retirement prior to age 65): The benefit for participants who retire 

on or after January 1, 2015 directly from active service or from terminated status (and 

who are not eligible for a Service Pension) will be reduced by 6 2/3% per year that 

retirement precedes normal retirement age, generally age 65. Prior to this change, such 

reduction was 6% per year prior to age 65. 

 Benefit Accruals: 

o The plan was amended effective January 1, 2008 to increase the benefit rates for 

Service Credits earned prior to January 1, 2006. Effective June 1, 2012, this 

benefit increase was rescinded, as allowed for under the law applicable to Critical 

Status plans, and benefit rates were reduced from $90.00/$120.00 to 

$87.00/$116.00 for pre-January 1, 2006 Service Credits up to/over 25 years. 

This reduction also applied starting June 1, 2012 to pensioners and beneficiaries 

with retirement effective dates between January 1, 2008 and June 1, 2012. 

o Benefit accruals were further reduced from $94.00 to $88.50 for Service Credits 

earned between June 1, 2012 and December 31, 2014. 

o Benefit accruals were further reduced from $88.50 to $50.00 for Service Credits 

earned on or after January 1, 2015. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(1) (Checklist Item #14) 

 Participant Notice
NOTICE OF APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF 

BENEFITS UNDER IRONWORKERS LOCAL UNION 16 PENSION FUND 

March 2016 Page 5 of 16

 Sixty Month Guarantee: The sixty (60) month payment guarantee option was eliminated 

for participants electing a Single Life Pension effective on or after June 1, 2012. The 

Plan previously offered this option which provided that, if an unmarried Participant died 

within five years of the date on which his or her pension began the monthly pension 

benefit continued to his or her beneficiary for the balance of five years. Participants who 

elected this option before it was eliminated effective June 1, 2012 were not affected. 

 Disability Pension: The Regular and Alternative Disability Pension benefits were 

eliminated for active participants who became totally and permanently disabled on or 

after January 1, 2014. Participants receiving a disability pension prior to 

January 1, 2014 were not affected. 

 Service Credits: The number of hours needed to accrue a full Service Credit was 

increased from 1,400 to 1,600, effective January 1, 2015. 

 Lump Sum Option: Previously, a Participant could elect to receive 100% or 50% of their 

pension benefit attributable to Service Credits in excess of 25 years earned prior to 

January 1, 2011 in the form of a lump sum. This lump sum option was eliminated for all 

participants who retire on or after March 23, 2012. 

 Thirteenth Check: The Plan was amended effective January 1, 2008 and January 1, 

2009 to provide a thirteenth check to retirees and beneficiaries with retirement effective 

dates in 2008 or 2009. Effective June 1, 2012, this benefit increase was rescinded (as 

allowed for under the law applicable to Critical Status plans) and future thirteenth checks 

were eliminated for all participants and beneficiaries with effective dates after December 

31, 2007. Pensioners and Beneficiaries with pre-2008 effective dates were not affected 

by this change. 

 Post-Retirement Lump Sum Death Benefit: The special $1,500 death benefit for 

surviving spouses or beneficiaries of pensioners, which was payable upon the 

pensioner’s death, was eliminated. This elimination is effective for deaths occurring 

after December 31, 2015. 

 Contribution Rates: The hourly contribution rate was increased as follows: 

o From $7.20 to $8.20 per hour effective April 1, 2012, 

o From $8.20 to $8.70 per hour effective April 1, 2013, 

o From $8.70 to $9.20 per hour effective June 1, 2014, and 

o From $9.20 to $9.70 per hour effective April 1, 2015. 

The Rehabilitation Plan increases above represent a 35% overall increase in 

contribution rates over a three year period. 

 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(1) (Checklist Item #14) 

 Participant Notice
NOTICE OF APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF 

BENEFITS UNDER IRONWORKERS LOCAL UNION 16 PENSION FUND 

March 2016 Page 6 of 16

SECTION 3: DESCRIPTION OF THE PROPOSED BENEFIT SUSPENSION AND 

FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN DESIGNING THE 

REDUCTION 

Summary of Benefit Suspensions 

After careful consideration and intensive analysis, the Board of Trustees is submitting an 

application to the U.S. Treasury with the following two (2) proposed reductions in benefits. 

Note however that reductions may be limited or may not apply to certain participants due to 

federal and plan limits, as explained further below. 

Thirteenth Check 

Elimination of the thirteenth check effective January 1, 2017 for all 

pensioners and beneficiaries. The last thirteenth check will be issued for 

December 2016. 

This benefit reduction will remain in effect indefinitely and by itself is expected to 

delay the plan’s projected insolvency by three years and in conjunction with the 

other proposes suspensions, is expected to delay the Plan’s projected insolvency 

indefinitely. 

Monthly Pension Benefit 

Reduction in monthly pension benefit equal to the number of years that you 

are under age 80, multiplied by 1.2% (or by 0.6% for beneficiaries). Smaller 

reductions apply to those with 30 or more Service Credits, as explained 

further below. 

This benefit reduction will remain in effect indefinitely and is expected to delay the 

plan’s projected insolvency by 26 years and in conjunction with the other proposed 

suspensions, is expected to delay the Plan’s projected insolvency indefinitely. 

Plan Limits 

The Board of Trustees included the following limits on the proposed reductions to the 

monthly pension benefit: 

 The current monthly pension benefit for any one individual will not be reduced by more 

than 50%, 

 Benefits for active participants who continue working beyond January 31, 2019 will not 

be reduced as part of this proposed suspension program, and 

 Benefit accruals for service earned on or after January 1, 2017 will not be reduced as 

part of this proposed suspension program. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(1) (Checklist Item #14) 

 Participant Notice
NOTICE OF APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF 

BENEFITS UNDER IRONWORKERS LOCAL UNION 16 PENSION FUND 

March 2016 Page 7 of 16

Federal Limits 

Federal law imposes the following specific limits on how a reduction of benefits can be 

designed: 

 PBGC-Guarantee. A participant’s, pensioner’s or beneficiary’s monthly benefit may not 

be reduced below 110% of the PBGC-guaranteed level. 

 Disability Pensions. No reduction can apply to benefits received by a pensioner or 

beneficiary based on disability. 

 Age 75 and Greater Limitations. No reduction applies to the benefits of an individual 

who has reached age 80 as of the effective date of the reduction. For an individual who 

is between ages 75 and 80 as of the effective date of the reduction, the amount of the 

reduction that can apply to his or her benefit is reduced. The closer the individual is to 

age 80 as of the effective date of the reduction, the smaller the reduction to the 

individual’s benefit can be. If the age-based limits on the amount of a reduction apply for 

a participant, then the same limits will continue for any beneficiary of the participant after 

the participant’s death, regardless of the beneficiary’s age. 

Factors Considered 

Federal law requires that any reduction of benefits be distributed fairly among the various 

categories or groups of participants, pensioners and beneficiaries under the Plan. In 

deciding whether the proposed reduction would be distributed fairly under the Plan, the 

Board of Trustees took into account the following factors: 

 Age and life expectancy 

 Amount of benefit 

 Service credits 

 Type of benefit (retiree vs survivor) 

 Extent to which participant or beneficiary is receiving a subsidized benefit 

 History of benefit increases and reductions 

 Any discrepancies between active and retiree benefits 

 Extent to which the proposal would cause (i) active participants to be reasonably likely 

to withdraw support for the Plan, (ii) employer withdrawals from the Plan to accelerate, 

(iii) new employers to be discouraged from participating in the Plan, and (iv) the risk of 

additional benefit reductions for participants in and out of pay status to increase. 

 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(1) (Checklist Item #14) 

 Participant Notice
NOTICE OF APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF 

BENEFITS UNDER IRONWORKERS LOCAL UNION 16 PENSION FUND 

March 2016 Page 8 of 16

The proposed suspension program reduces the monthly pension benefit based on a 

number of factors, including: 

 your status (active, terminated, retiree, beneficiary) as of January 1, 2017, 

 your age as of January 1, 2017, 

 your Service Credits as of January 1, 2017, 

 whether you previously received a partial lump sum distribution, and 

 your termination/retirement date, if you are active as of January 1, 2017. 

IMPORTANT NOTICE FOR ACTIVE PARTICIPANTS 

A number of significant actions have been taken by the Board of Trustees to reduce 

benefits for active participants in the recent past as listed in the prior section called 

“Description of Actions Previously Taken....” After careful study and review, the 

Board of Trustees determined that at this time any further long term reductions in 

benefits for active participants would not be tenable and would result in an unfair 

distribution of reductions amongst all of the plan participants. 

Therefore, the proposed reduction program does not contain any benefit reduction 

for participants who continue in active employment beyond January 31, 2019. 

Active participants who terminate employment on or after January 1, 2017 and 

before February 1, 2019 will be subject to a partial benefit reduction, as further 

explained below. 

To see whether and how the proposed reduction applies to you, go to the section “Your 

Estimated Pension Benefit” on page 15 of this notice. 

 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(1) (Checklist Item #14) 

 Participant Notice
NOTICE OF APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF 

BENEFITS UNDER IRONWORKERS LOCAL UNION 16 PENSION FUND 

March 2016 Page 9 of 16

SECTION 4: DETAILED EXPLANATION OF BENEFIT SUSPENSIONS 

While Section 3 provided a high level overview of the proposed benefit reductions, this 

section (Section 4) provides a detailed explanation of how the reductions will be calculated. 

As a reminder, your reduction may be limited if you meet one or more of the federal or Plan 

limits described earlier. 

Elimination of Thirteenth Check 

Thirteenth checks were previously eliminated effective June 1, 2012 for all participants and 

beneficiaries with effective retirement dates after December 31, 2007. Pensioners and 

Beneficiaries with pre-2008 effective retirement dates have continued to receive a thirteenth 

check. 

This proposed suspension program eliminates the thirteenth check effective January 1, 

2017 for all remaining pensioners and beneficiaries (although some pensioners and 

beneficiaries will continue receiving a thirteenth check due to the federal limits outlined 

earlier). The last such thirteenth check for eligible participants will be issued for December 

2016. 

Reduction in Monthly Pension 

Current Monthly Pension: If you commence your pension on or prior to January 1, 2017, 

your Current Monthly Pension benefit is the amount of your pre-tax monthly pension check. 

If you do not commence your pension by January 1, 2017, your Current Monthly Pension 

benefit is the amount of your accrued monthly pension benefit reflecting Service Credits as 

of January 1, 2017, which is payable starting at your normal retirement age (generally age 

65). 

Reduced Monthly Pension : Your Reduced Monthly Pension is equal to your Current 

Monthly Pension less your Monthly Pension Reduction. Each of these items is explained in 

detail further below. 

Reduced Monthly Pension = 

 Current Monthly Pension – Monthly Pension Reduction 

Monthly Pension Reduction: Your Monthly Pension Reduction is equal to the sum of your 

Current Monthly Pension and the monthly pension previously distributed to you as a lump 

sum (if any), multiplied by your Reduction Percentage. 

Monthly Pension Reduction = 

 [ (Current Monthly Pension + Partial Distribution) x Reduction Percentage ] 

Partial Distribution: Certain participants with commencement dates between August 1, 

2003 and March 23, 2012, elected to receive a lump sum distribution with respect to 

accruals earned for service in excess of 25 years. For such participants, the ‘Partial 

Distribution’ is the monthly pension amount which was used in calculating the lump sum 

distribution. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(1) (Checklist Item #14) 

 Participant Notice
NOTICE OF APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF 

BENEFITS UNDER IRONWORKERS LOCAL UNION 16 PENSION FUND 

March 2016 Page 10 of 16

Reduction Percentage: Your Reduction Percentage is equal to your Reduction Rate 

multiplied by the number of years and months that you are under age 80 as of January 1, 

2017. Under the limitations adopted by the Trustees, the Reduction Percentage can be no 

more than 50%. 

Reduction Percentage = 

 [ Reduction Rate x Years Until Age 80 ], but no more than 50%

Reduction Rate: Your Reduction Rate means: 

 If you commenced your pension prior to January 1, 2017 or have terminated from 

covered employment prior to January 1, 2017, your Reduction Rate is the rate in the 

table below determined based on your Service Credits, inclusive of the Hours Bank. 

 If you are an active or terminated participant on December 31, 2016 and have not 

commenced your pension as of January 1, 2017 and have completed at least 25 

Service Credits, inclusive of the Hours Bank, as of June 1, 2012, your Reduction Rate is 

0%. 

 If you are an active participant on December 31, 2016 and have not completed 25 

Service Credits, inclusive of the Hours Bank, as of June 1, 2012, your Reduction Rate is 

the rate in the table above multiplied by your Phase-Out Percentage in the table below. 

If you are a participant or beneficiary, the last part of this notice provides a dollar 

estimate of how the proposed reduction applies to you. 

Reduction Rate Table 

Less than 30 

Service Credits 

At Least 30 Service 

Credits 

Retirees/Terminated Participants 1.2% 0.9% 

Beneficiaries 0.6% 0.45% 

Phase-Out Percentage Table 

Termination 

Date 

Phase 

Out % 

Termination 

Date 

Phase 

Out % 

Termination 

Date 

Phase 

Out % 

Jan 2017 100% Oct 2017 64% Jul 2018 28% 

Feb 2017 96% Nov 2017 60% Aug 2018 24% 

Mar 2017 92% Dec 2017 56% Sep 2018 20% 

Apr 2017 88% Jan 2018 52% Oct 2018 16% 

May 2017 84% Feb 2018 48% Nov 2018 12% 

Jun 2017 80% Mar 2018 44% Dec 2018 8% 

Jul 2017 76% Apr 2018 40% Jan 2019 4% 

Aug 2017 72% May 2018 36% Feb 2019+ 0% 

Sep 2017 68% Jun 2018 32% 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(1) (Checklist Item #14) 

 Participant Notice
NOTICE OF APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF 

BENEFITS UNDER IRONWORKERS LOCAL UNION 16 PENSION FUND 

March 2016 Page 11 of 16

SECTION 5: PROPOSED MONTHLY PENSION SUSPENSION EXAMPLES 

This section includes a number of illustrative examples of how the reductions in the monthly 

pension would be calculated. Unless otherwise stated, the examples assume that benefits 

will not be affected by the federal limits outlined above. 

Reduced Monthly Pension 

Reduced Monthly Pension = 

 Current Monthly Pension – Monthly Pension Reduction 

Example 1: If you are a pensioner receiving a pension check (pre-tax) of $1,000 per month, 

then your Current Monthly Pension is $1,000. If your Monthly Pension Reduction is $300, 

then your Reduced Monthly Pension starting January 1, 2017 will be $700 (= $1,000 - 

$300). 

Example 2: If you are an active participant with an accrued monthly pension (reflecting 

Service Credits through January 1, 2017) of $1,000 per month, then your Current Monthly 

Pension is $1,000. If your Monthly Pension Reduction is $300, then your Reduced Monthly 

Pension starting January 1, 2017 will be $700 (= $1,000 - $300). This is the amount 

payable at your normal retirement age (generally age 65), reflecting Service Credits through 

January 1, 2017. 

Monthly Pension Reduction 

Monthly Pension Reduction = 

 [ (Current Monthly Pension + Partial Distribution) x Reduction Percentage ] 

Example 3: If your Current Monthly Pension is $1,000 and you have not previously received 

a partial distribution and your Reduction Percentage is 30%, then your Monthly Pension 

Reduction is $300 (= ($1,000 + $0) x 30%). 

Example 4: If your Current Monthly Pension is $1,000 and you previously elected and 

received a partial lump sum distribution based on a monthly benefit of $200 and your 

Reduction Percentage is 30%, then your Monthly Pension Reduction is $360 (= ($1,000 + 

$200) x 30%).

Reduction Percentage 

Reduction Percentage = 

 [ Reduction Rate x Years Until Age 80 ], but no more than 50%

Example 5: If you are a 65 year old pensioner with a Reduction Rate of 1.2% (see table in 

Section 4), then your Reduction Percentage is 18% (= 1.2% x (80 – 65)). 

Example 6: If you are a 55 year old beneficiary with a Reduction Rate of 0.6% (see table in 

Section 4), then your Reduction Percentage is 15% (= 0.6% x (80 – 55)). 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(1) (Checklist Item #14) 

 Participant Notice
NOTICE OF APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF 

BENEFITS UNDER IRONWORKERS LOCAL UNION 16 PENSION FUND 

March 2016 Page 12 of 16

Reduction Rate

Example 7: If you are a 65 year old retiree and you had 28 Service Credits at termination, 

your Reduction Rate is 1.2%. 

Example 8: If you are a 65 year old retiree and you had 35 Service Credits at termination, 

your Reduction Rate is 0.9%. 

Example 9: If you are a 65 year old beneficiary and the Participant for whom you are the 

Beneficiary had 35 Service Credits at termination or death, your Reduction Rate is 0.45%. 

Example 10: If you were actively employed on January 1, 2017, terminated employment on 

September 15, 2017 with 25 Service Credits and retired directly from active service on 

October 1, 2017, your Reduction Rate is 1.2% multiplied by your Phase-Out Percentage of 

68% (see table in Section 4), or 0.816%. 

Example 11: If you were actively employed on January 1, 2017, terminated employment on 

August 15, 2017 with 31 Service Credits, and deferred your retirement until January 1, 

2022, your Reduction Rate is 0.9% multiplied by your Phase-Out Percentage of 72% (see 

table in Section 4), or 0.648%. 

Example 12: If you were actively employed on January 1, 2017 and continued in active 

employment beyond January 31, 2019, your Phase-Out Percentage is 0% (see table in 

Section 4) and therefore your Reduction Rate is 0%. Your pension will not be reduced as 

part of this suspension program.

 

Reduction Rate Table 

Less than 30 

Service Credits 

At Least 30 

Service Credits 

Retirees/Terminated Participants 1.2% 0.9% 

Beneficiaries 0.6% 0.45% 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(1) (Checklist Item #14) 

 Participant Notice
NOTICE OF APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF 

BENEFITS UNDER IRONWORKERS LOCAL UNION 16 PENSION FUND 

March 2016 Page 13 of 16

SECTION 6: AVAILABILITY OF THE APPLICATION AND HOW YOU CAN COMMENT 

ON IT 

The application for approval of the proposed reduction of benefits will be made publicly 

available within 30 days after the application has been received by the Treasury 

Department. The application includes more information about the proposed reduction, 

including details about: 

 the Plan actuary’s certification that the Plan is in critical and declining status;

 how the proposed reduction would satisfy the requirement that it be large enough so 

that the Plan is projected to avoid insolvency, while not being larger than needed to 

avoid insolvency; and

 the sensitivity of the projection to the assumptions used.

The application also includes a description of the measures the Board of Trustees has 

already taken to try to avoid insolvency of the Plan, as well as why the Board of Trustees 

believes that the proposed reduction is distributed fairly. Comments will be accepted 

regarding the application from employees, deferred vested participants (participants who 

are no longer earning benefits under the Plan but are not yet receiving benefits from the 

Plan), retirees, beneficiaries, contributing employers, unions representing participants, and 

other interested parties (such as the retiree representative, if any). 

See www.treasury.gov/mpra for a copy of the Plan’s application, for instructions on how to 

send a comment on the application, and for how to contact the Treasury Department for 

further information and assistance. The Treasury website will also provide updated 

information on the application, such as whether the application has been modified or 

withdrawn. If the application is withdrawn (or rejected), and the Board of Trustees submits a 

new application, you may receive a notice for that new application that supersedes this 

notice. 

You may also contact the Treasury Department for further information and assistance at the 

following address: 

Department of the Treasury 

Attn: MPRA, Room 1001 

1500 Pennsylvania Ave., NW 

Washington, D.C. 20220 

RETIREE REPRESENTATIVE 

The board of trustees of a multiemployer plan applying for approval to reduce benefits may 

select a retiree representative to advocate for the interests of retirees, beneficiaries, and 

deferred vested participants in connection with the approval process. If the plan has 10,000 

or more participants, the board of trustees is required by Federal law to select a retiree 

representative. 

The Board of Trustees has not chosen to select a retiree representative. 

 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(1) (Checklist Item #14) 

 Participant Notice
NOTICE OF APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF 

BENEFITS UNDER IRONWORKERS LOCAL UNION 16 PENSION FUND 

March 2016 Page 14 of 16

SECTION 7: RIGHTS AND REMEDIES OF PLAN PARTICIPANTS AND BENEFICIARIES 

Vote on Proposed Benefit Reduction 

If the application for the proposed reduction of benefits is approved by the Treasury 

Department, then participants and beneficiaries will be given the opportunity to vote to 

approve or reject the proposed reduction. Unless a majority of all participants and 

beneficiaries of the Plan vote to reject the reduction, the reduction will be permitted to go 

into effect following the vote. 

Final Authorization to Reduce Benefits 

If a majority of all plan participants and beneficiaries do not vote to reject the proposed 

reduction of benefits, then the Treasury Department is required to issue a final authorization 

to permit the reduction of benefits to take effect. 

Claims Process for Incorrect Calculations 

If you think the reduction to your benefits was calculated incorrectly, then you have the right 

to submit a claim to the Plan to have the calculation corrected. Your Plan’s summary plan 

description includes the Plan’s claims procedures, including information on your right to 

have a court review the Plan’s final decision on your claim. 

Access to Plan Documents 

You, a contributing employer, and Local 16 also have the right to request the documents 

listed below from the Plan. You may want to review these documents to help you 

understand your rights and the proposed reduction to your benefits: 

 The Plan document (including any amendments adopted to reflect an authorized 

reduction of benefits), trust agreement, and other documents governing the Plan (such 

as collective bargaining agreements), 

 The most recent summary plan description (SPD) and any summary of material 

modifications, 

 The Plan’s Form 5500 annual reports, including audited financial statements, filed with 

the U.S. Department of Labor during the last six years, 

 The annual funding notices furnished by the Plan during the last six years, 

 Actuarial reports, including reports prepared in anticipation of the benefit reduction, 

furnished to the Plan within the last six years, 

 The Plan’s current rehabilitation plan, including contribution schedules and annual plansponsor determinations that all reasonable measures to avoid insolvency continue to be 

taken and that the Plan is not projected to avoid insolvency unless benefits are reduced, 

and 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(1) (Checklist Item #14) 

 Participant Notice
NOTICE OF APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF 

BENEFITS UNDER IRONWORKERS LOCAL UNION 16 PENSION FUND 

March 2016 Page 15 of 16

 Any quarterly, semi-annual or annual financial reports prepared for the Plan by an 

investment manager, fiduciary or other advisor and furnished to the Plan within the last 

six years. 

The plan administrator must respond to your request for these documents within 30 days, 

and may charge you the cost per page to the Plan for the least expensive means of 

reproducing documents, but cannot charge more than 25 cents per page. 

The Plan’s Form 5500 Annual Return/Report of Employee Benefit Plan is also available free 

of charge at www.dol.gov/ebsa/5500main.html. Some of the documents also may be 

available for examination, without charge, at the Pension Plan’s administrator’s office or at 

the union hall. 

N:\1080\2016\Benefit Suspensions\Participant Notice\IW16 - Participant Notice v18.docx

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(1) (Checklist Item #14) 

 Participant Notice
INDIVIDUAL ESTIMATE OF EFFECT OF PROPOSED REDUCTION IN BENEFITS 

March 2016    Page 16 of 16

SECTION 8: YOUR ESTIMATED PENSION BENEFIT 

Participant Category: Pensioner (no 13th check or partial lump sum) 

How the proposed reduction in benefits would affect you 

Effective January 1, 2017, your monthly benefit is proposed to be reduced from $530.00 to 

$428.77. You would receive $5,145.24 in annual pension payments. 

The Plan’s actuary has calculated that if the proposed reductions are not implemented, then 

the Plan is projected to be insolvent and unable to pay benefits when due in 2032. If the 

Plan becomes insolvent, your benefit would be reduced to the PBGC-guaranteed level. 

Your estimated annual PBGC-guaranteed level is $4,290.00. 

INFORMATION USED IN CALCULATING THE ESTIMATED BENEFIT REDUCTION 

This is an estimate of your benefit under the proposed reduction. It is not a final benefit 

calculation. This estimate of the proposed reduction is based on an assumed effective date 

for the benefit reduction of January 1, 2017 (this date may be subject to change, but in no 

event will the proposed reduction be effective earlier). If the proposed reduction is effective 

at a later date, then the amount of the reduction to your benefit might change. 

This estimate is also based on the following information: 

Years of Service --- Plan records show that you have 10.00 Service Credits , inclusive of 

Hours Bank, if any, under the Plan. 

Age as of the Effective Date of the Proposed Reduction --- Plan records show that, based 

on your date of birth of November 24, 1952, you will be 64 years and 1 months old as of the 

effective date of the proposed suspension. 

Thirteenth Check --- Plan records show that you are not receiving a thirteenth check. 

Disability Benefits --- Plan records show that none of your benefit is based on disability. 

Partial Lump Sum --- Plan records show that you have not previously received a partial 

lump sum. 

PLAN OFFICE CONTACT INFORMATION 

If you believe the information used to calculate your estimate is incorrect, please contact the 

Plan administrator at GEMGroup, Inc., 8600 LaSalle Road, Oxford Building – Suite 624, 

Towson MD 21286, by phone at (410) 828-5282, or by e-mail at Gdrews@gemgroup.com. 

759_sc8_st4

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(2) (Checklist Item #14) 

 Participant Notice (Benefit Statements)
INDIVIDUAL ESTIMATE OF EFFECT OF PROPOSED REDUCTION IN BENEFITS 

March 2016 Page 16 of 16

SECTION 8: YOUR ESTIMATED PENSION BENEFIT 

Participant Category: Pensioner to whom a partial lump sum was previously distributed 

How the proposed reduction in benefits would affect you 

Effective January 1, 2017, your monthly benefit is proposed to be reduced from $2,716.39 

to $2,327.60 and your thirteenth check is proposed to be reduced from $2,716.39 to $0 

starting December 2017. You would receive $27,931.20 in annual pension payments. 

The Plan’s actuary has calculated that if the proposed reductions are not implemented, then 

the Plan is projected to be insolvent and unable to pay benefits when due in 2032. If the 

Plan becomes insolvent, your benefit would be reduced to the PBGC-guaranteed level. 

Your estimated annual PBGC-guaranteed level is $13,459.92. 

INFORMATION USED IN CALCULATING THE ESTIMATED BENEFIT REDUCTION 

This is an estimate of your benefit under the proposed reduction. It is not a final benefit 

calculation. This estimate of the proposed reduction is based on an assumed effective date 

for the benefit reduction of January 1, 2017 (this date may be subject to change, but in no 

event will the proposed reduction be effective earlier). If the proposed reduction is effective 

at a later date, then the amount of the reduction to your benefit might change. 

This estimate is also based on the following information: 

Years of Service --- Plan records show that you have 31.38 Service Credits , inclusive of 

Hours Bank, if any, under the Plan. 

Age as of the Effective Date of the Proposed Reduction --- Plan records show that, based 

on your date of birth of June 5, 1949, you will be 67 years and 6 months old as of the 

effective date of the proposed suspension. 

Thirteenth Check --- Plan records show that you are currently receiving a thirteenth check in 

the amount of $2,716.39. 

Disability Benefits --- Plan records show that none of your benefit is based on disability. 

Partial Lump Sum --- Plan records show that you have previously received a partial lump 

sum of $113,796.00, based on a monthly benefit of $739.50. 

PLAN OFFICE CONTACT INFORMATION 

If you believe the information used to calculate your estimate is incorrect, please contact the 

Plan administrator at GEMGroup, Inc., 8600 LaSalle Road, Oxford Building – Suite 624, 

Towson MD 21286, by phone at (410) 828-5282, or by e-mail at Gdrews@gemgroup.com. 

697_sc7_st4

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(2) (Checklist Item #14) 

 Participant Notice (Benefit Statements)
INDIVIDUAL ESTIMATE OF EFFECT OF PROPOSED REDUCTION IN BENEFITS 

March 2016 Page 16 of 16

SECTION 8: YOUR ESTIMATED PENSION BENEFIT 

Participant Category: Surviving Spouse

How the proposed reduction in benefits would affect you 

Effective January 1, 2017, your monthly benefit is proposed to be reduced from $1,294.06 

to $1,219.08 and your thirteenth check is proposed to be reduced from $1,294.06 to $0 

starting December 2017. You would receive $14,628.96 in annual pension payments. 

The Plan’s actuary has calculated that if the proposed reductions are not implemented, then 

the Plan is projected to be insolvent and unable to pay benefits when due in 2032. If the 

Plan becomes insolvent, your benefit would be reduced to the PBGC-guaranteed level. 

Your estimated annual PBGC-guaranteed level is $13,299.00. 

INFORMATION USED IN CALCULATING THE ESTIMATED BENEFIT REDUCTION 

This is an estimate of your benefit under the proposed reduction. It is not a final benefit 

calculation. This estimate of the proposed reduction is based on an assumed effective date 

for the benefit reduction of January 1, 2017 (this date may be subject to change, but in no 

event will the proposed reduction be effective earlier). If the proposed reduction is effective 

at a later date, then the amount of the reduction to your benefit might change. 

This estimate is also based on the following information: 

Years of Service --- Plan records show that you have 31.00 Service Credits , inclusive of 

Hours Bank, if any, under the Plan. 

Age as of the Effective Date of the Proposed Reduction --- Plan records show that, based 

on your date of birth of September 15, 1951, you will be 65 years and 3 months old as of 

the effective date of the proposed suspension. 

Thirteenth Check --- Plan records show that you are currently receiving a thirteenth check in 

the amount of $1,294.06. 

Disability Benefits --- Plan records show that none of your benefit is based on disability. 

Partial Lump Sum --- Plan records show that you have not previously received a partial 

lump sum. 

PLAN OFFICE CONTACT INFORMATION 

If you believe the information used to calculate your estimate is incorrect, please contact the 

Plan administrator at GEMGroup, Inc., 8600 LaSalle Road, Oxford Building – Suite 624, 

Towson MD 21286, by phone at (410) 828-5282, or by e-mail at Gdrews@gemgroup.com. 

1053_sc7_st5

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(2) (Checklist Item #14) 

 Participant Notice (Benefit Statements)
INDIVIDUAL ESTIMATE OF EFFECT OF PROPOSED REDUCTION IN BENEFITS 

March 2016 Page 16 of 16

SECTION 8: YOUR ESTIMATED PENSION BENEFIT 

Participant Category: Pensioner eligible for thirteenth check 

How the proposed reduction in benefits would affect you 

Effective January 1, 2017, your monthly benefit is proposed to be reduced from $2,452.93 

to $2,241.97 and your thirteenth check is proposed to be reduced from $2,452.93 to $0 

starting December 2017. You would receive $26,903.64 in annual pension payments. 

The Plan’s actuary has calculated that if the proposed reductions are not implemented, then 

the Plan is projected to be insolvent and unable to pay benefits when due in 2032. If the 

Plan becomes insolvent, your benefit would be reduced to the PBGC-guaranteed level. 

Your estimated annual PBGC-guaranteed level is $10,725.00. 

INFORMATION USED IN CALCULATING THE ESTIMATED BENEFIT REDUCTION 

This is an estimate of your benefit under the proposed reduction. It is not a final benefit 

calculation. This estimate of the proposed reduction is based on an assumed effective date 

for the benefit reduction of January 1, 2017 (this date may be subject to change, but in no 

event will the proposed reduction be effective earlier). If the proposed reduction is effective 

at a later date, then the amount of the reduction to your benefit might change. 

This estimate is also based on the following information: 

Years of Service --- Plan records show that you have 25.00 Service Credits , inclusive of 

Hours Bank, if any, under the Plan. 

Age as of the Effective Date of the Proposed Reduction --- Plan records show that, based 

on your date of birth of February 3, 1944, you will be 72 years and 10 months old as of the 

effective date of the proposed suspension. 

Thirteenth Check --- Plan records show that you are currently receiving a thirteenth check in 

the amount of $2,452.93. 

Disability Benefits --- Plan records show that none of your benefit is based on disability. 

Partial Lump Sum --- Plan records show that you have not previously received a partial 

lump sum. 

PLAN OFFICE CONTACT INFORMATION 

If you believe the information used to calculate your estimate is incorrect, please contact the 

Plan administrator at GEMGroup, Inc., 8600 LaSalle Road, Oxford Building – Suite 624, 

Towson MD 21286, by phone at (410) 828-5282, or by e-mail at Gdrews@gemgroup.com. 

495_sc7_st4

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(2) (Checklist Item #14) 

 Participant Notice (Benefit Statements)
INDIVIDUAL ESTIMATE OF EFFECT OF PROPOSED REDUCTION IN BENEFITS 

March 2016 Page 16 of 16

SECTION 8: YOUR ESTIMATED PENSION BENEFIT 

Participant Category: Active Participant as of December 31, 2016

How the proposed reduction in benefits would affect you 

Your monthly benefit of $1,447.75, reflecting Service Credits as of January 1, 2016, would 

not change under the proposed reduction if you continue working under covered 

employment beyond January 31, 2019. If you terminate employment on or prior to January 

31, 2019, your monthly benefit would be reduced based on the Reduction Rate and PhaseOut Percentage summarized in Section 4 of this notice. Examples 10, 11, and 12 in Section 

5 illustrate how such a reduction would be calculated. Benefit accruals for Service Credits 

earned after January 1, 2017 will not be affected by this proposed reduction. 

The Plan’s actuary has calculated that if the proposed reductions are not implemented, then 

the Plan is projected to be insolvent and unable to pay benefits when due in 2032. If the 

Plan becomes insolvent, your benefit would be reduced to the PBGC-guaranteed level. 

Your estimated monthly PBGC-guaranteed level is $589.88. 

INFORMATION USED IN CALCULATING THE ESTIMATED BENEFIT REDUCTION 

This is an estimate of your benefit under the proposed reduction. It is not a final benefit 

calculation. This estimate of the proposed reduction is based on an assumed effective date 

for the benefit reduction of January 1, 2017 (this date may be subject to change, but in no 

event will the proposed reduction be effective earlier). If the proposed reduction is effective 

at a later date, then the amount of the reduction to your benefit might change. 

This estimate is also based on the following information: 

Years of Service --- Plan records show that you have 16.50 Service Credits as of January 1, 

2016, inclusive of Hours Bank, if any, under the Plan. 

Age as of the Effective Date of the Proposed Reduction --- Plan records show that, based 

on your date of birth of October 28, 1973, you will be 43 years and 2 months old as of the 

effective date of the proposed suspension. 

PLAN OFFICE CONTACT INFORMATION 

If you believe the information used to calculate your estimate is incorrect, please contact the 

Plan administrator at GEMGroup, Inc., 8600 LaSalle Road, Oxford Building – Suite 624, 

Towson MD 21286, by phone at (410) 828-5282, or by e-mail at Gdrews@gemgroup.com. 

1_sc1_st1

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(2) (Checklist Item #14) 

 Participant Notice (Benefit Statements)
INDIVIDUAL ESTIMATE OF EFFECT OF PROPOSED REDUCTION IN BENEFITS 

March 2016 Page 16 of 16 

SECTION 8: YOUR ESTIMATED PENSION BENEFIT 

Participant Category: Disabled Pensioner 

How the proposed reduction in benefits would affect you 

Your monthly benefit of $1,226.76 would not change under the proposed reduction nor 

would your thirteenth check of $1,226.76. You would continue to receive $15,947.88 in 

annual pension payments. 

The Plan’s actuary has calculated that if the proposed reductions are not implemented, then 

the Plan is projected to be insolvent and unable to pay benefits when due in 2032. If the 

Plan becomes insolvent, your benefit would be reduced to the PBGC-guaranteed level. 

Your estimated annual PBGC-guaranteed level is $8,472.72. 

INFORMATION USED IN CALCULATING THE ESTIMATED BENEFIT REDUCTION 

This is an estimate of your benefit under the proposed reduction. It is not a final benefit 

calculation. This estimate of the proposed reduction is based on an assumed effective date 

for the benefit reduction of January 1, 2017 (this date may be subject to change, but in no 

event will the proposed reduction be effective earlier). If the proposed reduction is effective 

at a later date, then the amount of the reduction to your benefit might change. 

This estimate is also based on the following information: 

Years of Service --- Plan records show that you have 19.75 Service Credits , inclusive of 

Hours Bank, if any, under the Plan. 

Age as of the Effective Date of the Proposed Reduction --- Plan records show that, based 

on your date of birth of May 10, 1952, you will be 64 years and 7 months old as of the 

effective date of the proposed suspension. 

Thirteenth Check --- Plan records show that you are currently receiving a thirteenth check in 

the amount of $1,226.76. 

Disability Benefits --- Plan records show that the portion of your benefit that is based on 

disability is $1,226.76. 

Partial Lump Sum --- Plan records show that you have not previously received a partial 

lump sum. 

PLAN OFFICE CONTACT INFORMATION 

If you believe the information used to calculate your estimate is incorrect, please contact the 

Plan administrator at GEMGroup, Inc., 8600 LaSalle Road, Oxford Building – Suite 624, 

Towson MD 21286, by phone at (410) 828-5282, or by e-mail at Gdrews@gemgroup.com. 

462_sc4_st3 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(2) (Checklist Item #14) 

 Participant Notice (Benefit Statements)
INDIVIDUAL ESTIMATE OF EFFECT OF PROPOSED REDUCTION IN BENEFITS 

March 2016 Page 16 of 16

SECTION 8: YOUR ESTIMATED PENSION BENEFIT 

Participant Category: Pensioner with no proposed reduction

How the proposed reduction in benefits would affect you 

Your monthly benefit of $124.50 would not change under the proposed reduction nor would 

your thirteenth check of $1,000.00. You would continue to receive $2,494.00 in annual 

pension payments. 

The Plan’s actuary has calculated that if the proposed reductions are not implemented, then 

the Plan is projected to be insolvent and unable to pay benefits when due in 2032. If the 

Plan becomes insolvent, your benefit would be reduced to the PBGC-guaranteed level. 

Your estimated annual PBGC-guaranteed level is $2,299.56. 

INFORMATION USED IN CALCULATING THE ESTIMATED BENEFIT REDUCTION 

This is an estimate of your benefit under the proposed reduction. It is not a final benefit 

calculation. This estimate of the proposed reduction is based on an assumed effective date 

for the benefit reduction of January 1, 2017 (this date may be subject to change, but in no 

event will the proposed reduction be effective earlier). If the proposed reduction is effective 

at a later date, then the amount of the reduction to your benefit might change. 

This estimate is also based on the following information: 

Years of Service --- Plan records show that you have 13.00 Service Credits , inclusive of 

Hours Bank, if any, under the Plan. 

Age as of the Effective Date of the Proposed Reduction --- Plan records show that, based 

on your date of birth of October 15, 1959, you will be 57 years and 2 months old as of the 

effective date of the proposed suspension. 

Thirteenth Check --- Plan records show that you are currently receiving a thirteenth check in 

the amount of $1,000.00. 

Disability Benefits --- Plan records show that none of your benefit is based on disability. 

Partial Lump Sum --- Plan records show that you have not previously received a partial 

lump sum. 

PLAN OFFICE CONTACT INFORMATION 

If you believe the information used to calculate your estimate is incorrect, please contact the 

Plan administrator at GEMGroup, Inc., 8600 LaSalle Road, Oxford Building – Suite 624, 

Towson MD 21286, by phone at (410) 828-5282, or by e-mail at Gdrews@gemgroup.com. 

1094_sc4_st5

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(2) (Checklist Item #14) 

 Participant Notice (Benefit Statements)
INDIVIDUAL ESTIMATE OF EFFECT OF PROPOSED REDUCTION IN BENEFITS 

March 2016 Page 16 of 16

SECTION 8: YOUR ESTIMATED PENSION BENEFIT 

Participant Category: Terminated Vested Participant (pre-NRD)

How the proposed reduction in benefits would affect you 

Your future monthly benefit, based on the Service Credits you have already worked as of January 1, 

2016, if paid beginning March 1, 2027 (age 65, your normal retirement date) in the form of a Single Life 

Annuity, is proposed to be reduced from $1,181.25 to $824.51 effective January 1, 2017. The 'Upon 

Retirement' section below further explains how your monthly benefit will be calculated at retirement. 

The Plan’s actuary has calculated that if the proposed reductions are not implemented, then the Plan is 

projected to be insolvent and unable to pay benefits when due in 2032. If the Plan becomes insolvent, 

your benefit would be reduced to the PBGC-guaranteed level. Your estimated monthly PBGC-guaranteed 

level is $563.06. 

INFORMATION USED IN CALCULATING THE ESTIMATED BENEFIT REDUCTION 

This is an estimate of your benefit under the proposed reduction. It is not a final benefit calculation. This 

estimate of the proposed reduction is based on an assumed effective date for the benefit reduction of 

January 1, 2017 (this date may be subject to change, but in no event will the proposed reduction be 

effective earlier). If the proposed reduction is effective at a later date, then the amount of the reduction to 

your benefit might change. 

This estimate is also based on the following information: 

Years of Service --- Plan records show that you have 15.75 Service Credits as of January 1, 2016, 

inclusive of Hours Bank, if any, under the Plan. 

Age as of the Effective Date of the Proposed Reduction --- Plan records show that, based on your date of 

birth of February 12, 1962, you will be 54 years and 10 months old as of the effective date of the 

proposed suspension. 

Upon Retirement 

The amount of your benefit before and after the proposed reduction will depend on when you decide to 

begin receiving benefits and the form of benefit you choose as well as, if applicable, whether you continue 

to work and earn years of service after the service calculation date. The amounts shown above are 

based on an assumed commencement at age 65 (the plan’s normal retirement age) without any 

additional years of service for future work. If you choose to begin receiving benefits before your normal 

retirement age, or if you choose a form of benefit that includes additional survivor benefits after your 

death, then any actuarial reduction for early commencement or survivor benefits will be applied to your 

benefit after reflecting the effect of the separate reduction due to the proposed amendment to the Plan 

described above.However, the combined reductions are not allowed to result in a benefit that is less than 

110 percent of the PBGC-guaranteed level. 

PLAN OFFICE CONTACT INFORMATION 

If you believe the information used to calculate your estimate is incorrect, please contact the Plan 

administrator at GEMGroup, Inc., 8600 LaSalle Road, Oxford Building – Suite 624, Towson MD 21286, by 

phone at (410) 828-5282, or by e-mail at Gdrews@gemgroup.com. 

276_sc6_st2

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(2) (Checklist Item #14) 

 Participant Notice (Benefit Statements)
INDIVIDUAL ESTIMATE OF EFFECT OF PROPOSED REDUCTION IN BENEFITS 

March 2016 Page 16 of 16

SECTION 8: YOUR ESTIMATED PENSION BENEFIT 

Participant Category: Terminated Vested Participant (post-NRD) 

How the proposed reduction in benefits would affect you 

Your future monthly benefit, based on the years of service you have already worked as of 

January 1, 2016 and payable in the form of a Single Life Annuity, is proposed to be reduced 

from $506.25 to $423.22, effective January 1, 2017. 

The Plan’s actuary has calculated that if the proposed reductions are not implemented, then 

the Plan is projected to be insolvent and unable to pay benefits when due in 2032. If the 

Plan becomes insolvent, your benefit would be reduced to the PBGC-guaranteed level. 

Your estimated monthly PBGC-guaranteed level is $241.31. 

INFORMATION USED IN CALCULATING THE ESTIMATED BENEFIT REDUCTION 

This is an estimate of your benefit under the proposed reduction. It is not a final benefit 

calculation. This estimate of the proposed reduction is based on an assumed effective date 

for the benefit reduction of January 1, 2017 (this date may be subject to change, but in no 

event will the proposed reduction be effective earlier). If the proposed reduction is effective 

at a later date, then the amount of the reduction to your benefit might change. 

This estimate is also based on the following information: 

Years of Service --- Plan records show that you have 6.75 Service Credits as of January 1, 

2016, inclusive of Hours Bank, if any, under the Plan. 

Age as of the Effective Date of the Proposed Reduction --- Plan records show that, based 

on your date of birth of August 24, 1950, you will be 66 years and 4 months old as of the 

effective date of the proposed suspension. 

Upon Retirement 

This is the largest amount of proposed reduction that will apply and is based on 

commencement of benefits in the specified form of benefit. If you choose a form of benefit 

that includes additional survivor benefits after your death, then any actuarial reduction for 

those benefits will be applied to your benefit after reflecting the effect of the separate 

reduction due to the proposed amendment to the Plan described above. However, the 

combined reductions are not allowed to result in a benefit that is less than 110 percent of 

the PBGC-guaranteed level. 

PLAN OFFICE CONTACT INFORMATION 

If you believe the information used to calculate your estimate is incorrect, please contact the 

Plan administrator at GEMGroup, Inc., 8600 LaSalle Road, Oxford Building – Suite 624, 

Towson MD 21286, by phone at (410) 828-5282, or by e-mail at Gdrews@gemgroup.com. 

265_sc5_st2

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 4.05(2) (Checklist Item #14) 

 Participant Notice (Benefit Statements)
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52‐6148924 / 001

Exhibit 4.05(4) (Checklist Item #17)

Listing of Employers with Obligation to Contribute

No. Name Street City State Zip

1. A C Dellovade Inc 108 Cavasina Drive Canonsburg PA 15317

2. Accent Fence Inc. 1450 Bremen Ave, PO Box 656 Egg Harbor NJ 08215

3. Acero Construction Services, Inc. 400 Bunton Creek Rd Kyle TX 78640

4. Amelie Construction & Supply, Inc 1341 Old Freeport Road Pittsburgh PA 15238

5. American Bridge 1000 American Bridge Way Coroapolis PA 15108

6. American Ironworks Inc 5010 Inwood Street Hyattsville MD 20781

7. Ashlar Pond Welding Serv & Erectors, Inc PO Box 243 Pasadena MD 21123

8. Aycock Division of Enerfab 8261 Old Derry Street Hummelstown PA 17036

9. Baltimore Rigging Company Inc PO Box 18401 Baltimore MD 21237

10. Bangor Steel Corp. 530 South Main Street Bangor PA 18013

11. Barton Malow Company 26500 American Drive Southfield MI 48034

12. Bates Engineers/Contractors, Inc 210 Airport Road, Po Box 846 Bainbridge GA 39818

13. Bay Iron Works Inc 2229 Holly Neck Road Baltimore MD 21221

14. Berlin Steel Construction Co. 76 Depot Road / PO Box 428 Kensington CT 06037

15. Bigge Crane & Rigging Company 10700 Bigge Avenue, PO Box 1657 San Leandro CA 94577

16. Bowen Engineering 8802 N. Meridian St. Indianaopolis IN 46260

17. Bruce & Merrilees Electric Co. 930 Cass Street New Castle PA 16101

18. BSE Erectors, Inc 11006 Red Lion Road White Marsh MD 21162

19. Bulldog Construction Inc 9153 Lanham Severn Road Lanham MD 20706

20. Bunting Graphics Inc 20 River Road Verona PA 15147

21. C R Meyer and Sons Company 895 W 20th Avenue, PO Box 2157 Oshkosh WI 54903

22. C. I. Contracting Co PO Box 2637 Baltimore MD 21215

23. Cargotec USA 12233 Williams Road Perrysburg OH 43551

24. Chereco Company Inc PO Box 179 Randallstown MD 21133

25. Chesapeake Contracting Services Inc PO Box 411 Simpsonville, MD 21150

26. Concrete Erectors Inc 999 Douglas Avenue, Suite 3311 Altamonte Springs FL 32714

27. Continental Construction Inc 3419 14th Street Nw Washington DC 20010

28. Contour Steel Inc PO Box 7 Lake View NY 14085

29. Cornell & Company Inc PO Box 807 Woodbury NJ 08096

30. Creative Concepts Group Inc 56 Pebble Drive Baltimore MD 21225

31. CST Covers Industries Inc 879 W 190th Street, #1100 Gardena CA 90248

32. CST Power and Construction Inc 879 W 190th Street, #1100 Gardena CA 90248

33. Daniel Iron Works 6045 Southern Industrial Dr Birmingham AL 35235

34. Daniel Service Company 6045 Southern Industrial Dr Birmingham AL 35235

35. DRM Associates Inc 4334 Hanover Pike Manchester MD 21102

36. East Coast Erectors Inc 1144 River Road New Castle DE 19720

37. East Coast Hoist Inc 105 Keystone Dr Telford PA 18969

38. Eastern Glass & Glazing Inc 7930 E Baltimore Street Baltimore MD 21224

39. Eastern Steel Constructors Inc 2815 Bel Air Road, Suite 201 Fallston MD 21047

40. Enerfab Power & Industrial, Inc. 4955 Spring Grove Ave Cincinnati OH 45232

41. Enterprise Electric Company 4204 Shannon Drive Baltimore MD 21213

42. Extreme Steel Inc 9705 Rider Road Warrenton VA 20187

43. Forest City Erectors Inc 8200 Boyle Parkway Twinsburg OH 44087

44. Fortress Steel Service Inc. 116 A Sandy Drive Newark DE 19713

45. Fosbel Inc 20600 Sheldon Road Brook Park OH 44142

46. Frank Lill & Son, Inc 785 Old Dutch Road Victor NY 14564
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52‐6148924 / 001

Exhibit 4.05(4) (Checklist Item #17)

Listing of Employers with Obligation to Contribute

No. Name Street City State Zip

47. Gemini Fab and Design, LLC 1706 Quenon Ct Jarrettsville MD 21084

48. Genesis Steel Service Inc 330 Back River Neck Rd Baltimore MD 21221

49. George Young Company 509 Heron Drive Swedesboro NJ 08085

50. Graycor Indust Const Inc Two Mid America Plaza, Suite 400 Oakbrook Terrace IL 60181

51. Group W. Enterprises Inc 2016 State Drive Lebanon PA 17042

52. Hake Rigging Company 10 Industrial Hwy, Ste Ms‐81 Lester PA 19029

53. Hampton Services LLC 220 Salters Creek Road Hampton VA 23661

54. Harmon Inc 7900 Xerxes Avenue South, Suite 1800 Bloomington MN 55431

55. Harris Steel Incorporated 318 Arvin Ave Stoney Creek ON L8E2M2

56. Hohl Industrial Services 770 Riverview Boulevard Tonawanda NY 14150

57. Hutchinson International Corporation 6601 Ammendale Rd Beltsville MD 20705

58. Icon Building Exteriors 108 Cavasina Drive Canonsburg PA 15317

59. Illinois Steel Buildings Inc. 9132 Ewing Ave Evanston IL 60203

60. International Industrial Contractors 35900 Mound Road Sterling Heights MI 48310

61. J G M Inc 251 Norwood Rd Downingtown PA 19335

62. JEM Erectors Inc 142 Stokes Road Shamog NJ 08088

63. Jonasz Precast Inc 829 Delsea Drive Westville NJ 08093

64. Joseph Jingoli & Son Inc 100 Lenox Drive, Suite 100 Lawrenceville NJ 08648

65. Kiewit Infrastructure Co 12720 I Street Omaha NE 68137

66. Konecranes Nuclear Equipment 315 West Forest Hill Avenue Oak Creek WI 53154

67. L B Construction Enterprises PO Box 232 Spring House PA 19477

68. L C Fabrication Services LLC 26925 Widen Way Georgetown DE 19947

69. Limbach Company LLC 13261 Mid Atlantic Blvd. Laurel MD 20708

70. Local 16 Joint App Trng Comm 2008 Merritt Ave Baltimore MD 21222

71. Local Union 16 2008 Merritt Ave Baltimore MD 21222

72. Madison Heights Glass Company Inc 2020 Burdette St Ferndale MI 48220

73. Mammoet USA North Inc. 3333 Warrenville Road, Suite 200 Lisle IL 60532

74. Matrix North American Construction Inc 701 Technology Dr Canonsburg PA 15317

75. Mc Donough Construction Rentals 8411 Villa Drive Houston TX 77061

76. Metal Sales & Service Inc 200 Gale Lane Kennett Square PA 19348

77. Metro Elevator Company Incorporated PO Box 11531 Indianapolis IN 46201

78. Metro Steel Inc 4049 New Castle Ave New Castle DE 19720

79. Midwest Steel Inc 2525 East Grand Blvd Detroit MI 48211

80. National Enclosures Company LLC 5075 Carpenter Road Ypsilanti MI 48197

81. National Erecting & Glazing LLC PO Box 580028 Pleasant Prairie WI 53158

82. National Steel & Glass LLC 6606 34th Avenue Kenosha WI 53142

83. Nooter Construction Co 1500 South 2nd St St Louis MO 63104

84. North Bend Equipment, LLC 7453 Empire Drive, Suite 180 Florence KY 41042

85. Overhead Crane Equipment Inc 5200 Glen Arm Road Glen Arm MD 21057

86. Padgett Inc 901 E Fourth St, PO Box 1375 New Albany IN 47151

87. Permadur Industries Inc. T/A Sissco 186 Route 206 Hillsborough NJ 08844

88. Physical Security LLC 600 Belview St Bessemer AL 35020

89. Pioneer Cladding & Glazing Systems LLC 4074 Bethany Road Mason OH 45040

90. Pook Diemont & Ohl Inc 701 E 132nd St Bronx NY 10454

91. Precast Services Inc 8200 Boyle Parkway Twinsburg OH 44087

92. Prince Construction Company 1111 Good Hope Road S E Washington DC 20020
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52‐6148924 / 001

Exhibit 4.05(4) (Checklist Item #17)

Listing of Employers with Obligation to Contribute

No. Name Street City State Zip

93. Pro‐Bel Enterprises Limited 765 Westney Rd S Ajax ON L1S6W1

94. Quinco Contracting & Maintenance Inc 842 Arrowhead Lane Harleysville PA 19438

95. R E Pierson Construction Co PO Box 430 Woodstown NJ 08098

96. Richard R Pucci & Assoc Inc 1765 Stout Dr, PO Box 2929 Ivyland PA 18974

97. Rigging International 1210 Marine Village Parkway Alameda CA 94501

98. Riggs Distler & Co 4 Esterbrook Lane Cherry Hill NJ 08003

99. Roma Steel Erection Inc 1051 S. Locust St. Camden NJ 08103

100. S A Halac Iron Works Inc 21675 Ashgrove Court Sterling VA 20166

101. SARENS USA, INC 5000 Executive Parkway, Suite 230 San Ramon CA 94583

102. Security Vault Works Inc 122 Lafayette Ave Laurel MD 20707

103. Serio Services LLC 858 Riverside Dr Pasadena MD 21122

104. Shared Systems Technology Inc 6501 East Commerce Ave, Suite 200 Kansas City MO 64120

105. Somerset Steel & Erection Co Inc PO Box 98 Boswell PA 15531

106. Sterling Erectors Inc. 40675 Mound Rd, Po Box 70 Sterling Heights MI 48311

107. Stevens Painton Corp/Stevens Engineering 7850 Freeway Circle, Suite 100 Middleburg Hts OH 44130

108. Stone & Webster Constr. c/o Exelon Svc & Training 36400 South Essex Rd Wilmington IL 60481

109. Superior Iron Works Inc 45034 Underwood Lane, Unit 100 Sterling VA 20166

110. Ted Turner Co., Inc. 6403 D Ammendale Road Beltsville MD 20705

111. Tidewater Glazing Inc 7135 Standard Drive Hanover MD 21076

112. TSI/Exterior Wall Systems Inc 8520 Pepco Place Upper Marlboro MD 20772

113. Tuscarora Rigging Inc 11375 Standing Stone Road Huntingdon PA 16652

114. Tyson Fence Co Inc 7921 Grayson Road Harrisburg PA 17111

115. UCR Acquisitions LLC 2002 Graves Court Baltimore MD 21222

116. United Crane & Rigging Co 2002 Graves Court Baltimore MD 21222

117. Viking Erectors Corp PO Box 1336 Mc Murray PA 15317

118. Vulcan Fabricated Metals DBA Daniel Iron 6045 Southern Industrial Dr Birmingham AL 35235

119. Washington Group International 510 Carnegie Ctr Princeton NJ 08540

120. Williams Specialty Services 100 Crescent Centre Parkway, Suite 1240 Tucker GA 30084

121. Willis Steel LLC 3805 Drane Field Road Lakeland FL 33811

N:\1080\2016\Benefit Suspensions\Application\Exhibits\Drafts Exhibits & Work Files\[Exhibit 4.05(4) (contributing employers).xlsx]Exhibit 4.05(4)
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52‐6148924 / 001

Exhibit 6.01 (Checklist Item #23)

Proposed Ballot

BALLOT 

ON THE PROPOSED SUSPENSION OF BENEFITS 

FOR THE IRONWORKERS LOCAL NO. 16 PENSION PLAN 

The Trustees of the Ironworkers Local No. 16 Pension Fund sent a Notice to all participants, 

retirees and beneficiaries on March 31, 2016, setting forth a proposal to suspend benefits 

received by current retirees and beneficiaries and by some future retirees who terminate 

employment before February 1, 2019. “Suspend” means that benefits will be reduced for an 

indefinite period of time. The Notice describes the proposed reduction in benefits, the effect of 

the reduction on each group affected by the proposal and the factors considered by the Trustees 

in designing the proposal. The Trustees have taken this action because they have determined that 

a reduction in benefits is necessary to avoid insolvency 

The Notice also provided each individual affected by the proposal a copy of an individualized 

estimate of how the proposed reduction would affect the individual’s benefit. A copy of your 

individualized estimate is enclosed with this ballot. If you need a copy of the Notice previously 

provided, please contact the Fund Office and another copy will be provided. 

IMPORTANT POINTS YOU SHOULD CONSIDER 

This ballot is being provided to you because you are eligible to vote to approve or reject the 

suspension (reduction) of benefits. Voting instructions are provided on the last page of this 

ballot. In considering how you will vote, here is some important information that may be helpful 

to you in making your decision: 

1. The proposed reduction in benefits affects all retirees and beneficiaries except those 

retirees and beneficiaries 80 years of age or older and those retirees or beneficiaries who 

are receiving a disability benefit from the Plan. For retirees between the ages of 75 and 

80 years of age, the amount of the reduction will be limited to a percentage of the 

reduction applied to younger retirees, with the percentage becoming smaller with each 

age closer to 80. 

2. As required by law, no individual’s benefit will be reduced below 110% of the PBGCguaranteed level, and as proposed by the Trustees, no monthly benefit will be reduced 

below 50% of the individual’s current monthly benefit level. 

3. The proposed benefit reduction will not be applied to any employee who is active on 

January 1, 2017 and terminates employment on or after February 1, 2019. 

4. The proposed benefit reduction will not reduce future accruals for service earned after 

January 1, 2017. 

5. The proposed reduction will remain in effect indefinitely. 
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52‐6148924 / 001

Exhibit 6.01 (Checklist Item #23)

Proposed Ballot

6. The Plan Actuary has determined that if the benefits are not reduced as proposed, the 

Fund will become insolvent in the year 2032. Conversely, the Plan Actuary has certified 

that the Plan is projected to avoid insolvency if these reductions are approved and 

implemented. The Plan Actuary’s projections are, in part, based on assumptions about 

future contribution levels and investment rates of return, and therefore these projections 

are subject to some degree of uncertainty. 

7. If the Fund becomes insolvent, the Fund will not be able to pay all of the benefits 

promised and, benefits paid would be less than the benefits reductions proposed by the 

Trustees. 

8. The Pension Benefit Guarantee Corporation (“PBGC”) acts as a guarantor of benefits 

provided by Plans like this one, but only to a certain level. The benefits that would be 

paid under the Trustees’ proposal are generally greater than the benefits guaranteed by 

the PBGC. In addition, should the PBGC itself become insolvent, the PBGC would not 

be able to pay the guaranteed benefits and whatever it could pay would be less than what 

the Plan would pay if it became insolvent. 

SUPPORT, APPROVAL AND OPPOSITION 

1. The Board of Trustees supports these proposed benefit reductions. The Trustees have 

done everything they could to avoid these benefit reductions, including reducing active 

participants’ benefits and future accruals as well as getting active participants to agree to 

increased contributions to the Plan in lieu of wage increases. However, the drastic 

reduction in work in Local 16’s jurisdiction and the corresponding reduction in 

contributions to the Plan has required this action so that the Plan does not go insolvent. 

2. The Secretary of the Treasury, in consultation with the PBGC and the Secretary of Labor, 

has approved the Trustees’ proposal. 

3. The following comments have been received by retirees or active participants in 

opposition to the proposal: 

a. {opposing comment}

b. {opposing comment}

c. {opposing comment}

d. {opposing comment}

e. {opposing comment}

f. {opposing comment}

 
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52‐6148924 / 001

Exhibit 6.01 (Checklist Item #23)

Proposed Ballot

HOW TO CAST YOUR VOTE 

There are two available methods for casting your vote, both of which have been approved by 

the Secretary of the Treasury. You may vote: (1) by telephone; or (2) through a secure website. 

You may not vote by casting a paper ballot and the Pension Fund cannot accept a paper ballot. 

Choose one of the following methods to cast your vote: 

(1) By calling a dedicated, toll free telephone number (___) ____- _____________ set 

up solely for the purpose of voting; or 

(2) By logging into the following website and following the instructions provided for 

casting votes: www.____________

You will need the unique, individual identifier number provided below to register your vote: 

VOTER ID NUMBER # _______ 

When to Vote. You may vote anytime after you receive this ballot. The period for voting on 

the proposed suspension (reduction) of benefits will end on _________2016. This means that all 

votes must be cast by 11:59 p.m. Eastern Standard [Daylight] Time on this date or they will not 

be counted. 

Failure to Cast a Vote. Note that the proposed suspension will go into effect unless a majority 

of all eligible voters vote to reject the suspension. Therefore a failure to vote has the same 

effect on the outcome of the vote as a vote in favor of suspension. 
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52‐6148924 / 001

Exhibit 6.04a (Checklist Item #27)

Demonstration of sensitivity of projections

Sensitivity #1: The assumed rate of return is reduced by 1 percentage point from 7.00% to 6.00%

Market Withdrawal 418E(b)(3) ▲ in 

Plan Year Valuation Value of Liability Benefit Admin Investment Available Available 

Beginning Rate Assets Contributions Payments Payments Expenses Return Resources Resources 

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

2017 6.00% 77,182,840          ‐ 2,667,500 9,686,671 339,344 4,413,816 83,924,812 2018 6.00% 74,238,141          ‐ 2,667,500 9,493,275 349,524 4,242,551 80,798,667 (3,126,145) 

2019 6.00% 71,305,392          ‐ 2,667,500 9,263,635 360,010 4,073,065 77,685,947 (3,112,720) 

2020 6.00% 68,422,312          ‐ 2,667,500 9,065,027 370,810 3,905,632 74,624,633 (3,061,313) 

2021 6.00% 65,559,606          ‐ 2,667,500 8,923,103 381,935 3,737,736 71,582,908 (3,041,725) 

2022 6.00% 62,659,805          ‐ 2,667,500 8,743,082 393,393 3,568,732 68,502,644 (3,080,264) 

2023 6.00% 59,759,562          ‐ 2,667,500 8,565,710 405,194 3,399,612 65,421,479 (3,081,165) 

2024 6.00% 56,855,769          ‐ 2,667,500 8,378,198 417,350 3,230,568 62,336,487 (3,084,992) 

2025 6.00% 53,958,289          ‐ 2,667,500 8,160,687 429,871 3,062,780 59,258,698 (3,077,789) 

2026 6.00% 51,098,011          ‐ 2,667,500 8,040,381 442,767 2,894,338 56,217,082 (3,041,616) 

2027 6.00% 48,176,701          ‐ 2,667,500 7,822,828 456,050 2,725,098 53,113,250 (3,103,832) 

2028 6.00% 45,290,422          ‐ 2,667,500 7,623,466 469,731 2,557,411 50,045,602 (3,067,648) 

2029 6.00% 42,422,136          ‐ 2,667,500 7,398,287 483,823 2,391,554 46,997,366 (3,048,235) 

2030 6.00% 39,599,079          ‐ 2,667,500 7,173,879 498,338 2,228,376 43,996,617 (3,000,749) 

2031 6.00% 36,822,738          ‐ 2,667,500 6,990,869 513,288 2,066,764 41,043,714 (2,952,903) 

2032 6.00% 34,052,845          ‐ 2,667,500 6,730,975 528,687 1,907,798 38,099,456 (2,944,258) 

2033 6.00% 31,368,481          ‐ 2,667,500 6,470,214 544,547 1,753,976 35,245,410 (2,854,046) 

2034 6.00% 28,775,196          ‐ 2,667,500 6,202,158 560,884 1,605,821 32,487,633 (2,757,777) 

2035 6.00% 26,285,475          ‐ 2,667,500 5,954,338 577,710 1,463,266 29,838,531 (2,649,102) 

2036 6.00% 23,884,193          ‐ 2,667,500 5,718,007 595,042 1,325,664 27,282,315 (2,556,216) 

2037 6.00% 21,564,308          ‐ 2,667,500 5,507,881 612,893 1,192,155 24,811,070 (2,471,245) 

2038 6.00% 19,303,189          ‐ 2,667,500 5,256,386 631,280 1,063,379 22,402,789 (2,408,282) 

2039 6.00% 17,146,403          ‐ 2,667,500 5,044,508 650,218 939,676 20,103,361 (2,299,428) 

2040 6.00% 15,058,853          ‐ 2,667,500 4,850,773 669,725 819,574 17,876,201 (2,227,159) 

2041 6.00% 13,025,428          ‐ 2,667,500 4,650,498 689,816 702,895 15,706,007 (2,170,195) 

2042 6.00% 11,055,509          ‐ 2,667,500 4,478,531 710,511 589,172 13,601,670 (2,104,337) 

2043 6.00% 9,123,139          ‐ 2,667,500 4,286,421 731,826 478,279 11,537,091 (2,064,578) 

2044 6.00% 7,250,670          ‐ 2,667,500 4,121,633 753,781 370,153 9,534,543 (2,002,549) 

2045 6.00% 5,412,910          ‐ 2,667,500 3,957,576 776,394 264,069 7,568,084 (1,966,458) 

2046 6.00% 3,610,508          ‐ 2,667,500 3,790,465 799,686 160,177 5,638,499 (1,929,585) 

2047 6.00% 1,848,034

N:\1080\2016\Benefit Suspensions\Application\Exhibits\Drafts Exhibits & Work Files\[Exhibit 6.04a‐d (sensitivities).xlsx]6.04a
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52‐6148924 / 001

Exhibit 6.04b (Checklist Item #27)

Demonstration of sensitivity of projections

Sensitivity #2: The assumed rate of return is reduced by 2 percentage points from 7.00% to 5.00%

Market Withdrawal 418E(b)(3) ▲ in 

Plan Year Valuation Value of Liability Benefit Admin Investment Available Available 

Beginning Rate Assets Contributions Payments Payments Expenses Return Resources Resources 

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

2017 5.00% 77,182,840          ‐ 2,667,500 9,686,671 337,739 3,677,732 83,190,333 2018 5.00% 73,503,662          ‐ 2,667,500 9,493,275 347,872 3,498,299 79,321,589 (3,868,743) 

2019 5.00% 69,828,314          ‐ 2,667,500 9,263,635 358,308 3,319,945 75,457,451 (3,864,138) 

2020 5.00% 66,193,816          ‐ 2,667,500 9,065,027 369,057 3,142,859 71,635,119 (3,822,333) 

2021 5.00% 62,570,092          ‐ 2,667,500 8,923,103 380,129 2,964,905 67,822,367 (3,812,751) 

2022 5.00% 58,899,264          ‐ 2,667,500 8,743,082 391,533 2,785,527 63,960,759 (3,861,608) 

2023 5.00% 55,217,677          ‐ 2,667,500 8,565,710 403,279 2,605,538 60,087,436 (3,873,323) 

2024 5.00% 51,521,726          ‐ 2,667,500 8,378,198 415,377 2,425,072 56,198,922 (3,888,515) 

2025 5.00% 47,820,724          ‐ 2,667,500 8,160,687 427,838 2,245,086 52,305,471 (3,893,450) 

2026 5.00% 44,144,784          ‐ 2,667,500 8,040,381 440,673 2,063,943 48,435,554 (3,869,918) 

2027 5.00% 40,395,173          ‐ 2,667,500 7,822,828 453,894 1,881,508 44,490,287 (3,945,266) 

2028 5.00% 36,667,459          ‐ 2,667,500 7,623,466 467,510 1,699,710 40,567,159 (3,923,129) 

2029 5.00% 32,943,693          ‐ 2,667,500 7,398,287 481,536 1,518,736 36,648,393 (3,918,766) 

2030 5.00% 29,250,106          ‐ 2,667,500 7,173,879 495,982 1,339,241 32,760,865 (3,887,527) 

2031 5.00% 25,586,986          ‐ 2,667,500 6,990,869 510,861 1,160,238 28,903,863 (3,857,003) 

2032 5.00% 21,912,994          ‐ 2,667,500 6,730,975 526,187 982,578 25,036,884 (3,866,979) 

2033 5.00% 18,305,909          ‐ 2,667,500 6,470,214 541,973 808,273 21,239,709 (3,797,175) 

2034 5.00% 14,769,495          ‐ 2,667,500 6,202,158 558,232 637,670 17,516,434 (3,723,276) 

2035 5.00% 11,314,276          ‐ 2,667,500 5,954,338 574,979 470,616 13,877,413 (3,639,021) 

2036 5.00% 7,923,075          ‐ 2,667,500 5,718,007 592,228 306,466 10,304,812 (3,572,600) 

2037 5.00% 4,586,805          ‐ 2,667,500 5,507,881 609,995 144,403 6,788,713 (3,516,099) 

2038 5.00% 1,280,832          ‐ 2,667,500 5,256,386 628,295 (15,137) 3,304,900 (3,483,813) 

2039 5.00% (1,951,486)          ‐ 2,667,500 5,044,508 647,144 (171,986) (103,116) (3,408,016) 

2040 5.00% (5,147,624)          ‐ 2,667,500 4,850,773 666,558 (327,488) (3,474,170)     

(3,371,054) 

2041 5.00% (8,324,943)          ‐ 2,667,500 4,650,498 686,555 (481,902) (6,825,900)     

(3,351,730) 

2042 5.00% (11,476,398)          ‐ 2,667,500 4,478,531 707,152 (635,737) (10,151,786)     

(3,325,886) 

2043 5.00% (14,630,317)          ‐ 2,667,500 4,286,421 728,366 (789,212) (13,480,396)     

(3,328,609) 

2044 5.00% (17,766,817)          ‐ 2,667,500 4,121,633 750,217 (942,508) (16,792,041)     

(3,311,646) 

2045 5.00% (20,913,674)          ‐ 2,667,500 3,957,576 772,724 (1,096,355) (20,115,253)     

(3,323,211) 

2046 5.00% (24,072,829)          ‐ 2,667,500 3,790,465 795,905 (1,250,758) (23,451,992)     

(3,336,739) 

2047 5.00% (27,242,457)

N:\1080\2016\Benefit Suspensions\Application\Exhibits\Drafts Exhibits & Work Files\[Exhibit 6.04a‐d (sensitivities).xlsx]6.04b
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52‐6148924 / 001

Exhibit 6.04c (Checklist Item #27)

Demonstration of sensitivity of projections

Sensitivity #3: Future contribution base units decrease at a rate of 4.5%, equal to the average annual rate of decrease that the pl

over the 10 plan years immediately preceding 2016

Market Withdrawal 418E(b)(3) ▲ in 

Plan Year Valuation Value of Liability Benefit Admin Investment Available Available 

Beginning Rate Assets Contributions Payments Payments Expenses Return Resources Resources 

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

2017 7.00% 77,182,840          ‐ 2,667,500 9,686,671 340,941 5,150,074 84,659,473 2018 7.00% 74,972,802          ‐ 2,547,463 9,493,275 351,169 4,997,521 82,166,616 (2,492,857) 

2019 7.00% 72,673,341          ‐ 2,432,827 9,263,635 361,704 4,840,130 79,584,594 (2,582,022) 

2020 7.00% 70,320,959          ‐ 2,323,349 9,065,027 372,555 4,678,136 76,949,889 (2,634,705) 

2021 7.00% 67,884,862          ‐ 2,218,799 8,923,103 383,732 4,508,490 74,228,418 (2,721,471) 

2022 7.00% 65,305,315          ‐ 2,118,953 8,743,082 395,244 4,330,264 71,359,288 (2,869,130) 

2023 7.00% 62,616,206          ‐ 2,023,600 8,565,710 407,101 4,144,423 68,377,127 (2,982,161) 

2024 7.00% 59,811,417          ‐ 1,932,538 8,378,198 419,314 3,950,967 65,275,608 (3,101,519) 

2025 7.00% 56,897,410          ‐ 1,845,574 8,160,687 431,894 3,751,029 62,062,119 (3,213,489) 

2026 7.00% 53,901,432          ‐ 1,762,523 8,040,381 444,851 3,542,130 58,761,235 (3,300,884) 

2027 7.00% 50,720,854          ‐ 1,683,209 7,822,828 458,196 3,323,772 55,269,639 (3,491,596) 

2028 7.00% 47,446,811          ‐ 1,607,465 7,623,466 471,942 3,098,355 51,680,688 (3,588,950) 

2029 7.00% 44,057,222          ‐ 1,535,129 7,398,287 486,100 2,865,841 47,972,092 (3,708,596) 

2030 7.00% 40,573,805          ‐ 1,466,048 7,173,879 500,683 2,626,830 44,166,001 (3,806,091) 

2031 7.00% 36,992,122          ‐ 1,400,076 6,990,869 515,704 2,379,610 40,256,104 (3,909,897) 

2032 7.00% 33,265,235          ‐ 1,337,073 6,730,975 531,175 2,124,958 36,196,092 (4,060,013) 

2033 7.00% 29,465,117          ‐ 1,276,904 6,470,214 547,110 1,865,291 32,060,202 (4,135,889) 

2034 7.00% 25,589,988          ‐ 1,219,444 6,202,158 563,523 1,600,703 27,846,611 (4,213,591) 

2035 7.00% 21,644,453          ‐ 1,164,569 5,954,338 580,429 1,330,561 23,559,154 (4,287,457) 

2036 7.00% 17,604,816          ‐ 1,112,163 5,718,007 597,842 1,053,506 19,172,644 (4,386,511) 

2037 7.00% 13,454,637          ‐ 1,062,116 5,507,881 615,777 767,875 14,668,850 (4,503,794) 

2038 7.00% 9,160,969          ‐ 1,014,321 5,256,386 634,250 473,682 10,014,721 (4,654,129) 

2039 7.00% 4,758,335             ‐ 968,676 5,044,508 653,278 170,554 5,244,287 (4,770,434) 

2040 7.00% 199,779             ‐ 925,086 4,850,773 672,876 (144,062) 307,926 (4,936,361) 

2041 7.00% (4,542,847)             ‐ 883,457 4,650,498 693,063 (471,290) (4,823,742)     

(5,131,668) 

2042 7.00% (9,474,240)             ‐ 843,701 4,478,531 713,855 (812,661) (10,157,055)     

(5,333,312) 

2043 7.00% (14,635,586)             ‐ 805,735 4,286,421 735,270 (1,169,396) (15,734,517)     

(5,577,463) 

2044 7.00% (20,020,938)             ‐ 769,477 4,121,633 757,328 (1,542,714) (21,551,504)     

(5,816,986) 

2045 7.00% (25,673,137)             ‐ 734,850 3,957,576 780,048 (1,934,703) (27,653,038)     

(6,101,534) 

2046 7.00% (31,610,614)             ‐ 701,782 3,790,465 803,450 (2,346,527) (34,058,808)     

(6,405,770) 

2047 7.00% (37,849,273)

N:\1080\2016\Benefit Suspensions\Application\Exhibits\Drafts Exhibits & Work Files\[Exhibit 6.04a‐d (sensitivities).xlsx]6.04c
APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52‐6148924 / 001

Exhibit 6.04d (Checklist Item #27)

Demonstration of sensitivity of projections

Sensitivity #4: Future contribution base units decrease at a rate of 5.5%, equal to the average annual rate of decrease of 4.5% that th

over the 10 plan years immediately preceding 2016, adjusted by 1 percentage point.

Market Withdrawal 418E(b)(3) ▲ in 

Plan Year Valuation Value of Liability Benefit Admin Investment Available Available 

Beginning Rate Assets Contributions Payments Payments Expenses Return Resources Resources 

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

2017 7.00% 77,182,840          ‐ 2,667,500 9,686,671 340,941 5,150,074 84,659,473 2018 7.00% 74,972,802          ‐ 2,520,788 9,493,275 351,169 4,996,598 82,139,018 (2,520,455) 

2019 7.00% 72,645,743          ‐ 2,382,144 9,263,635 361,704 4,836,445 79,502,628 (2,636,390) 

2020 7.00% 70,238,993          ‐ 2,251,126 9,065,027 372,555 4,669,898 76,787,462 (2,715,166) 

2021 7.00% 67,722,435          ‐ 2,127,314 8,923,103 383,732 4,493,954 73,959,972 (2,827,490) 

2022 7.00% 65,036,869          ‐ 2,010,312 8,743,082 395,244 4,307,714 70,959,651 (3,000,321) 

2023 7.00% 62,216,569          ‐ 1,899,745 8,565,710 407,101 4,112,162 67,821,374 (3,138,276) 

2024 7.00% 59,255,664          ‐ 1,795,259 8,378,198 419,314 3,907,314 64,538,923 (3,282,451) 

2025 7.00% 56,160,725          ‐ 1,696,520 8,160,687 431,894 3,694,303 61,119,654 (3,419,269) 

2026 7.00% 52,958,967          ‐ 1,603,211 8,040,381 444,851 3,470,645 57,587,973 (3,531,681) 

2027 7.00% 49,547,592          ‐ 1,515,034 7,822,828 458,196 3,235,824 53,840,255 (3,747,718) 

2028 7.00% 46,017,427          ‐ 1,431,708 7,623,466 471,942 2,992,215 49,969,408 (3,870,847) 

2029 7.00% 42,345,942          ‐ 1,352,964 7,398,287 486,100 2,739,748 45,952,553 (4,016,855) 

2030 7.00% 38,554,266          ‐ 1,278,551 7,173,879 500,683 2,478,975 41,811,109 (4,141,444) 

2031 7.00% 34,637,230          ‐ 1,208,230 6,990,869 515,704 2,208,129 37,537,886 (4,273,223) 

2032 7.00% 30,547,017          ‐ 1,141,778 6,730,975 531,175 1,927,925 33,085,545 (4,452,341) 

2033 7.00% 26,354,570          ‐ 1,078,980 6,470,214 547,110 1,640,705 28,527,144 (4,558,401) 

2034 7.00% 22,056,930          ‐ 1,019,636 6,202,158 563,523 1,346,474 23,859,517 (4,667,627) 

2035 7.00% 17,657,359             ‐ 963,556 5,954,338 580,429 1,044,510 19,084,996 (4,774,521) 

2036 7.00% 13,130,658             ‐ 910,560 5,718,007 597,842 733,339 14,176,715 (4,908,281) 

2037 7.00% 8,458,708             ‐ 860,480 5,507,881 615,777 411,183 9,114,593 (5,062,122) 

2038 7.00% 3,606,712             ‐ 813,153 5,256,386 634,250 77,923 3,863,538 (5,251,055) 

2039 7.00% (1,392,848)             ‐ 768,430 5,044,508 653,278 (266,958) (1,544,654)     

(5,408,192) 

2040 7.00% (6,589,162)             ‐ 726,166 4,850,773 672,876 (626,171) (7,162,043)     

(5,617,390) 

2041 7.00% (12,012,816)             ‐ 686,227 4,650,498 693,063 (1,001,013) (13,020,665)     

(5,858,621) 

2042 7.00% (17,671,163)             ‐ 648,485 4,478,531 713,855 (1,393,201) (19,129,733)     

(6,109,069) 

2043 7.00% (23,608,264)             ‐ 612,818 4,286,421 735,270 (1,804,159) (25,534,875)     

(6,405,142) 

2044 7.00% (29,821,296)             ‐ 579,113 4,121,633 757,328 (2,235,326) (32,234,838)     

(6,699,963) 

2045 7.00% (36,356,471)             ‐ 547,262 3,957,576 780,048 (2,689,028) (39,278,285)     

(7,043,447) 

2046 7.00% (43,235,861)             ‐ 517,162 3,790,465 803,450 (3,166,682) (46,688,831)     

(7,410,545) 

2047 7.00% (50,479,296)

N:\1080\2016\Benefit Suspensions\Application\Exhibits\Drafts Exhibits & Work Files\[Exhibit 6.04a‐d (sensitivities).xlsx]6.04d
Page 1 of 2

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52‐6148924 / 001

Exhibit 7.05 (Checklist Item #36)

Power of Attorney and Declaration of Representative Before the Department of the Treasury

Applicant information:

Plan Name Ironworkers Local Union 16 Pension Fund

Plan EIN/PN 52‐6148924 / 001

Plan Address 8600 LaSalle Road, Oxford Building, Suite 624, Towson, MD 21286

Name of Contact Thomas Brune, Business Manager/FST

Telephone/Fax 410‐284‐4750 / 410‐284‐4008

Email tbrune@ironworkers16.org

Applicant hereby appoints the following representatives as attorney(s)‐in‐fact to represent the taxpayer

before the Department of the Treasury and perform acts related to the attached application dated

March 25, 2016 for suspension of benefits under § 432(e)(9) of the Internal Revenue Code of 1986, as

amended.

Representatives information:

Name Frank Martorana James McKeogh Boris Vaynblat

Company O'Donoghue &

O'Donoghue LLP

The McKeogh

Company

The McKeogh

Company

Title Fund Counsel Fund Actuary Fund Actuary

Address 4748 Wisconsin Ave.  

N.W., Washington, D.C.

20016

200 Barr Harbor Drive,

West Conshohocken, PA

19428

200 Barr Harbor Drive,

West Conshohocken, PA

19428

EIN 53‐0130528 23‐3003375 23‐3003375

Telephone 202‐362‐0041 484‐530‐0692 484‐530‐0692

Fax 202‐237‐1200 484‐530‐0713 484‐530‐0713

Email FMartorana@

odonoghuelaw.com

Jim.McKeogh@

mckeogh.com

Boris.Vaynblat@

mckeogh.com

Send copies of notices and communications to representatives ‐ ‐ YES

  

Without any exceptions, I authorize my representative(s) to receive and inspect my confidential tax

information and to perform acts that I can perform with respect to the attached application dated

March 25, 2016 for suspension of benefits under §432(e)(9). For example, my representative(s) shall

have the authority to sign any agreements, consents, or similar documents.  

Signature of Applicant and Date

Thomas Brune, Chairman of Board of Trustees

Redacted by the U.S. Department of the Treasury
Page 2 of 2

APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER

IRONWORKERS LOCAL UNION 16 PENSION FUND

EIN/PN: 52‐6148924 / 001

Exhibit 7.05 (Checklist Item #36)

Power of Attorney and Declaration of Representative Before the Department of the Treasury

Declaration of Representatives

Under penalties of perjury, by my signature below I declare that:  

1) I am not currently suspended or disbarred from practice before the Internal Revenue Service;  

2) I am authorized to represent the Applicant for the matter(s) specified in this Power of Attorney and

Declaration of Representative; and

3) I am one of the following:  

a) Attorney—a member in good standing of the bar of the highest court of the jurisdiction shown

below.

b) Enrolled Actuary—enrolled as an actuary by the Joint Board for the Enrollment of Actuaries

under 29 U.S.C. 1242 (the authority to practice before the Internal Revenue Service is limited by

section 10.3(d) of Circular 230).  

Required Information for Representatives

Frank Martorana James McKeogh     Boris Vaynblat

Attorney Enrolled Actuary     Enrolled Actuary

IRS CAF # 2005‐90443R EA # 14‐02963     EA # 14‐07445

Licensed in District of Columbia,  

Maryland and Virginia

Ja

Date Date     Date

Redacted by the U.S. Department 

of the Treasury

Redacted by the U.S. 

Department of the Treasury

Redacted by the U.S. Department 

of the Treasury