Checklist Item #7 Resubmitted Application for Approval of a

Suspension of Benefits Under MPRA

Iron Workers Local 17 Pension Fund EIN: 51-0161467

Plan No.: 001

Does the application 

include the plan actuary’s 

certification that the plan is 

projected to avoid 

insolvency if the 

suspension takes effect 

and the supporting 

illustrations, including: 

• the year-by-year

projections

demonstrating

projected solvency

during the relevant

period and

• a description of the

assumptions used,

including the new

entrant profile, the

total contribution

base units, and the

average contribution

rates; and

• separately

identifying the

available resources

(and the market

value of assets and

changes in cash

flow) during each of

those years.

See section 3.02.

The application filed on behalf of the Iron Workers 

Local 17 Pension Fund includes an Actuarial 

Certification of Plan Solvency under ERISA 

Section 305(e)(9)(c)(i) and IRC Section 

432(e)(9)(C)(i). This Report includes Exhibit III, 

which is a year-by-year solvency projection that

demonstrates that the Pension Fund will become 

insolvent in the Plan Year 2024 taking account the 

updated valuation through September 30, 2015. 

The Report demonstrates in Exhibit IV, that the 

Pension Fund will avoid insolvency with the 

proposed Suspension Plan going into effect 

February 1, 2017. The Report separately provides

the market value of assets, contributions, 

investment earnings, separately identified benefit 

payments and plan expenses. 

This Report, which is based upon our 

interpretation of the requirements under Revenue 

Procedure 2016-27, Section 3.02, is attached as 

IW17PF_780 – IW17PF_800. 

IW17PF_779
Iron Workers Local 17 Pension Fund 

Actuarial Certification of Plan Solvency under ERISA 

Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) of 

Proposed Benefit Suspensions as of February 1, 2017 

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

IW1 7PF _780 
1300 East Ninth Street, Suite 1900 Cleveland, OH 44114

T 216.687.4400 www.segalco.com

July 27, 2016 

Board of Trustees 

Iron Workers Local 17 Pension Fund 

Cleveland, Ohio 

Dear Trustees:

As requested by the Trustees and required by ERISA Section 305(e)(9)(C)(i) and Internal Revenue Code (IRC) Section 

432(e)(9)(C)(i) (taking into account regulation §1.432(e)(9)-1 and Revenue Procedure 2016-27), we have completed an 

actuarial analysis of the Trustees’ proposed benefit suspensions under ERISA Section 305 and IRC Section 432 that are 

permitted because of the Plan’s critical and declining status. Based on our analysis, we project that the proposed suspensions 

of benefits are reasonably estimated to enable the Plan to avoid insolvency within the meaning of ERISA Section 4245 and IRC 

Section 418E, assuming the suspensions of benefits continue indefinitely and both the benefit accrual reduction and other plan 

changes become effective upon the proposed February 1, 2017 suspension effective date in accordance with the terms and 

effective dates summarized in this certification. In addition, this analysis demonstrates that the requirements under ERISA 

Section 305(e)(9)(D)(iv) and IRC Section 432(e)(9)(D)(iv) (taking into account regulation §1.432(e)(9)-1 and Revenue 

Procedure 2016-27) have been satisfied.

The attached exhibits outline the projections performed in accordance with the statute, the published regulations thereunder,

the assumptions used in the projections, and a summary of the proposed benefit suspensions. These projections have been 

prepared based on the Actuarial Valuation as of May 1, 2015 and the Actuarial Certification of Plan Status as of May 1, 2015 

under IRC Section 432 in accordance with generally accepted actuarial principles and practices and a current understanding of 

the law. The actuarial calculations were completed under the supervision of Henry Wong, ASA, MAAA, FCA, EA.

IW17PF_781
Segal Consulting ("Segal'') does not practice law and, therefore, cannot and does not provide legal advice. Any statutory 

interpretation on which the certification is based reflects Segal's understanding as an actuarial firm. Due to the complexity of 

the statute and the significance of its ramifications, Segal recommends that the Board ofTrustees consult with legal counsel 

when making any decisions regarding compliance with ERISA, the Internal Revenue Code, and reliance on the proposed and 

temporary IRS regulations in the absence of final regulations. 

Sincerely, 

Segal Consulting, a Member of The Segal Group 

By: 

5605462vl/01031.030 

Redacted by the U.S. 

Department of the 

Treasury 

. Harold S. Cooper, FSA, MAAA, EA 

Vice President and Actuary 

IW17PF _782 

Redacted by the U.S. 

Department of the Treasury 

< I EA 

Vice President and Consulting Actuary 
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron Workers Local 17

Pension Fund

EIN 51-0161467/PN 001 

1

July 27, 2016 

ACTUARIAL SOLVENCY CERTIFICATION

UNDER ERISA SECTION 305(E)(9)(C)(I) AND IRC SECTION 432(E)(9)(C)(I)

This is to certify that Segal Consulting, a Member of The Segal Group, Inc. (“Segal”), has prepared an actuarial solvency certification 

under ERISA Section 305(e)(9)(C)(i) and Internal Revenue Code Section 432(e)(9)(C)(i), taking into account regulation §1.432(e)(9)-1 

and Revenue Procedure 2016-27, for the Iron Workers Local 17 Pension Fund based on participant data as of April 30, 2015 and asset 

values as of September 30, 2015 in accordance with generally accepted actuarial principles and practices. It has been prepared at the 

request of the Board of Trustees to assist in meeting the filing and compliance requirements under federal law. This certification may not 

otherwise be copied or reproduced in any form without the consent of the Board of Trustees and may only be provided to other parties in 

its entirety.

Based on the items discussed below, the proposed benefit suspensions are reasonably estimated to enable the Plan to avoid insolvency 

within the meaning of ERISA Section 4245, assuming the suspensions of benefits continue indefinitely and both the benefit accrual 

reduction and other plan changes become effective upon the proposed February 1, 2017 suspension effective date in accordance with the 

terms and effective dates summarized in this certification. In addition, this analysis demonstrates that the requirements under ERISA 

Section 305(e)(9)(D)(iv) and IRC Section 432(e)(9)(D)(iv) (taking into account regulation §1.432(e)(9)-1 and Revenue Procedure 2016-

27) have been satisfied.

Note that, as required by law, this certification is only intended to demonstrate that the proposed Plan changes are reasonably projected to 

be sufficient to avoid insolvency within the meaning of ERISA Section 4245 and IRC Section 418E. The measurements shown in this 

actuarial certification are not applicable for other purposes. Future actuarial measurements may differ significantly from the current 

measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the 

economic or demographic assumptions; changes in economic or demographic assumptions; differences in statutory interpretation; 

differences in methodology, changes in plan provisions and changes in applicable law. Due to the legal requirements for this certification, 

it does not include an analysis of such future measurements.

This certification is based on the May 1, 2015 actuarial valuation, dated December 21, 2015, as well as the Actuarial Certification of Plan 

Status as of May 1, 2015 under IRC Section 432, dated July 29, 2015. This certification reflects the changes in the law made by the 

Multiemployer Pension Reform Act of 2014 (MPRA), taking into account regulation §1.432(e)(9)-1 and Revenue Procedure 2016-27. As 

required by IRS regulations, assets were updated to September 30, 2015 based on actual experience. Additional assumptions required for 

the projections (including those required under MPRA and regulations thereunder), and sources of financial information used are 

summarized in Exhibit IX. A summary of the proposed benefit suspensions is included in Exhibit X. 

IW17PF_783
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron Workers Local 17 

Pension Fund 

EIN 51-0161467/PN 001 

Segal Consulting does not practice law and, therefore, cannot and does not provide legal advice. Any statut01y intetpretations on which 

this cettification is based reflect Segal's understanding as an actuarial film. Based on discussions with the Plan's legal counsel, it is our 

understanding that the proposed benefit suspensions satisfy the requirements for such as set f01t h in MPRA. 

This cettification was based on the assumption that the Plan was qualified as a multiemployer plan for the year. 

I am a member of the American Academy of Actuati es and I meet the Qualification Standards of the American Academy of Actuaries to 

render the actuatial opinion herein. To the best of my knowledge, the inf01mation supplied in this actuadal cettification is complete and 

accurate. The projected future employment and contiibution levels are based on information provided by the plan sponsor. In my opinion, 

the projections are based on reasonable actuarial estimates, assumptions and methods that (other than projected future employment and 

contribution inf01mation provided by the plan sponsor) offer my under the Plan. 

Redacted by the U.S. 

Department of the Treasury 

- v"ke:-Ff,esnlent<UJrd e onsulting Acturuy 

Enrolled ActuatyNo. 14-05951 

IW17PF _784 

2 
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron Workers Local 17

Pension Fund

EIN 51-0161467/PN 001 

3

Certificate Contents

EXHIBIT I Summary of Key Information and Results

EXHIBIT II Development of Projected April 30, 2016 Assets

EXHIBIT III Deterministic Projection of Current Plan without Proposed Suspension

EXHIBIT IV Deterministic Projection of Proposed Suspension

EXHIBIT V Deterministic Projection of 5% Smaller Suspension

EXHIBIT VI Projected Total Contribution Base Units and Average Contribution Rates

EXHIBIT VII Actuarial Assumptions and Methodology

EXHIBIT VIII Proposed Benefit Suspensions

IW17PF_785
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron Workers Local 17

Pension Fund

EIN 51-0161467/PN 001 

4

EXHIBIT I

Summary of Key Information and Results

A summary of key information and of the results of the different tests (and subtests) required for the certification are shown below. 

A. Key Information 

1. Projected year of insolvency without consideration of proposed suspension April 30, 2025

2. Proposed effective date of suspension of benefits February 1, 2017 

3. End of extended period April 30, 2055

4. Projected funded percentage (under IRC Section 432(j)(2)) at end of extended period 16.7%*

5. Number of Plan active participants (based on May 1, 2015 actuarial valuation) 654

6. Is the proposed suspension in combination with a partition? No

* See Exhibit VII of report titled: Application under ERISA Section 305(e)(9) and IRC Section 432(e)(9) – Additional Information

B. Limitation on aggregate size of suspension

1. The proposed suspension is reasonably estimated to enable the Plan to avoid insolvency

a. The solvency ratio is projected on a deterministic basis to be at least 1.0 for each plan year throughout the extended period. (See Exhibit IV) 

b. The Plan’s projected funded percentage at the end of the extended period does not exceed 100%, but the Plan’s solvency ratio and its available resources 

are not projected to decrease at any time during the last five plan years of the extended period. (See Exhibit IV)

Because of the results summarized in B.1, the proposed suspension of benefits satisfies the requirement that it be reasonably estimated to enable the 

Plan to avoid insolvency.

2. The proposed suspension does not materially exceed the level that is necessary to avoid insolvency, as required under Regulation Section 1.432(e)(9)-

1(d)(5(iii)(A) 

a. The Plan would fail one or more of the tests in B.1 if the dollar amount of the proposed benefits suspension for each participant and beneficiary were 5% 

smaller. (See Exhibits V.) Note that we tested only against the 5% test and not the larger of the 5% test and the 2% test. By demonstrating failure based on 

the 5% test, failure based on the larger of the 5% test and the 2% test is assured.

b. The PBGC did not issue an order partitioning the Plan.

Because of the results in B.2, the proposed suspension of benefits satisfies the requirements that the proposed suspension not materially exceed the 

level that is necessary to avoid insolvency.

The proposed benefit suspension satisfies the limitation on aggregate size of suspension.

IW17PF_786
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron Workers Local 17

Pension Fund

EIN 51-0161467/PN 001 

5

EXHIBIT II

Development of Projected April 30, 2016 Assets

The actual change in Market Value of Assets from May 1, 2015 through September 30, 2015 is shown below. Contribution income, 

benefit payments, and administrative expenses for the period beginning May 1, 2015 and ending September 30, 2015, and the value of 

non-invested assets as of September 30, 2015 was based on an unaudited financial statement provided by the Fund Office. The value of 

invested assets as of September 30, 2015 was provided by the Investment Manager. In addition, the value of assets was reduced by the 

estimated value of withdrawal liability payments refundable to a withdrawn employer. 

Year Beginning May 1, 2015

From

May 1, 2015 Through

September 30, 2015

Projected from

October 1, 2015 Through

April 30, 2016 

Total for

Plan Year

1. Market Value at beginning of period $85,351,315 $78,486,182 $85,351,315 

2. Contributions 5,643,325 6,358,675 12,002,000

3. Benefit payments

(a) New Entrants - - - 

(b) Current Active 127,302* 186,076 313,378

(c) Current Inactive Vested 176,272* 257,654 433,926

(d) Current In Pay Status 7,694,977* 11,247,643 18,942,620

(e) Total 7,998,551 11,691,373 19,689,924

4. Administrative expenses 197,505 452,495 650,000

5. Investment earnings/(loss) -4,312,402 1,732,069 -2,580,333

6. Market Value at end of period: 

(1)+(2)-(3e)-(4)+(5) $78,486,182 $74,433,058 $74,433,058 

* Estimated based on the actual benefit payments from May 1, 2015 through September 30, 2015.

IW17PF_787
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron Workers Local 17

Pension Fund

EIN 51-0161467/PN 001 

6

EXHIBIT III 

Deterministic Projection of Current Plan without Proposed Suspension

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning May 1, 2015 through April 30, 2025. 

Year Beginning May 1

2015* 2016 2017 2018 2019

1. Market Value at beginning of year $78,486,182 $74,433,058 $68,076,957 $61,242,796 $54,116,613

2. Contributions 6,358,675 10,608,000 10,319,000 10,319,000 10,319,000

3. Benefit payments

(a) New Entrants - - - - - 

(b) Current Active 186,076 815,480 1,434,208 2,063,551 2,718,594 

(c) Current Inactive Vested 257,654 539,703 761,293 846,613 1,108,793 

(d) Current In Pay Status 11,247,643 18,415,011 17,876,838 17,322,659 16,761,676 

(e) Total 11,691,373 19,770,194 20,072,339 20,232,823 20,589,063

4. Administrative expenses 452,495 500,000 450,000 463,500 477,405

5. Investment earnings 1,732,069 3,306,093 3,369,178 3,251,140 2,987,938

6. Market Value at end of year: 

(1)+(2)-(3e)-(4)+(5) $74,433,058 $68,076,957 $61,242,796 $54,116,613 $46,357,083

7. Available resources: 

(1)+(2)-(4)+(5) $87,847,151 $81,315,135 $74,349,436 $66,946,146

8. Solvency ratio: (7) ÷ (3e) 4.443 4.051 3.675 3.252

2020 2021 2022 2023 2024

1. Market Value at beginning of year $46,357,083 $37,933,199 $28,889,592 $19,310,935 $9,242,799

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

3. Benefit payments

(a) New Entrants - - - - - 

(b) Current Active 3,307,531 3,865,408 4,319,115 4,708,650 5,089,523 

(c) Current Inactive Vested 1,357,169 1,503,384 1,598,006 1,657,321 1,774,814 

(d) Current In Pay Status 16,192,194 15,612,648 15,023,497 14,425,417 13,811,358 

(e) Total 20,856,894 20,981,440 20,940,618 20,791,388 20,675,695

4. Administrative expenses 491,727 506,479 521,673 537,323 553,443

5. Investment earnings 2,605,737 2,125,312 1,564,634 941,575 N/A

6. Market Value at end of year: 

(1)+(2)-(3e)-(4)+(5) $37,933,199 $28,889,592 $19,310,935 $9,242,799 Insolvent

7. Available resources: 

(1)+(2)-(4)+(5) $58,790,093 $49,871,032 $40,251,553 $30,034,187 $19,008,356

8. Solvency ratio: (7) ÷ (3e) 2.819 2.377 1.922 1.445 0.919

* For the period October 1, 2015 through April 30, 2016.

IW17PF_788
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron Workers Local 17

Pension Fund

EIN 51-0161467/PN 001 

7

EXHIBIT IV

Deterministic Projection of Proposed Suspension 

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning May 1, 2015 through April 30, 2055. 

Year Beginning May 1

2015* 2016 2017 2018 2019

1. Market Value at beginning of year $78,486,182 $74,433,058 $69,112,789 $66,655,978 $64,272,991

2. Contributions 6,358,675 10,608,000 10,319,000 10,319,000 10,319,000

3. Benefit payments

(a) New Entrants - - - - - 

(b) Current Active 186,076 766,529 1,090,069 1,573,732 2,078,097 

(c) Current Inactive Vested 257,654 499,153 523,675 588,889 782,136 

(d) Current In Pay Status 11,247,643 17,492,710 14,249,262 13,765,798 13,275,696 

(e) Total 11,691,373 18,758,392 15,863,006 15,928,419 16,135,929

4. Administrative expenses 452,495 500,000 450,000 463,500 477,405

5. Investment earnings 1,732,069 3,330,123 3,537,195 3,689,932 3,747,013

6. Market Value at end of year: 

(1)+(2)-(3e)-(4)+(5) $74,433,058 $69,112,789 $66,655,978 $64,272,991 $61,725,670

7. Available resources: 

(1)+(2)-(4)+(5) $87,871,181 $82,518,984 $80,201,410 $77,861,599

8. Solvency ratio: (7) ÷ (3e) 4.684 5.202 5.035 4.825

2020 2021 2022 2023 2024

1. Market Value at beginning of year $61,725,670 $58,997,084 $56,135,681 $53,217,350 $50,287,445

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

3. Benefit payments

(a) New Entrants - - - - - 

(b) Current Active 2,536,532 2,975,144 3,339,770 3,659,451 3,975,207 

(c) Current Inactive Vested 972,009 1,083,429 1,155,668 1,206,794 1,296,801 

(d) Current In Pay Status 12,779,323 12,277,172 11,769,922 11,258,463 10,735,940 

(e) Total 16,287,864 16,335,745 16,265,360 16,124,708 16,007,948

4. Administrative expenses 491,727 506,479 521,673 537,323 553,443

5. Investment earnings 3,732,005 3,661,821 3,549,702 3,413,126 3,254,471

6. Market Value at end of year: 

(1)+(2)-(3e)-(4)+(5) $58,997,084 $56,135,681 $53,217,350 $50,287,445 $47,299,525

7. Available resources: 

(1)+(2)-(4)+(5) $75,284,948 $72,471,426 $69,482,710 $66,412,153 $63,307,473

8. Solvency ratio: (7) ÷ (3e) 4.622 4.436 4.272 4.119 3.955

* For the period October 1, 2015 through April 30, 2016.

IW17PF_789
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron Workers Local 17

Pension Fund

EIN 51-0161467/PN 001 

8

EXHIBIT IV (continued)

Deterministic Projection of Proposed Suspension

Year Beginning May 1

2025 2026 2027 2028 2029

1. Market Value at beginning of year $47,299,525 $44,489,150 $41,678,501 $38,867,869 $36,084,780

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

3. Benefit payments

(a) New Entrants - 64 317 912 2,003 

(b) Current Active 4,274,922 4,516,130 4,768,049 4,999,259 5,252,958 

(c) Current Inactive Vested 1,331,242 1,409,766 1,468,835 1,512,462 1,549,601 

(d) Current In Pay Status 10,219,634 9,703,008 9,187,759 8,675,684 8,168,590 

(e) Total 15,825,798 15,628,968 15,424,960 15,188,317 14,973,152

4. Administrative expenses 570,046 587,147 604,761 622,904 641,591

5. Investment earnings 3,266,469 3,086,466 2,900,089 2,709,132 2,514,456

6. Market Value at end of year: 

(1)+(2)-(3e)-(4)+(5) $44,489,150 $41,678,501 $38,867,869 $36,084,780 $33,303,493

7. Available resources: 

(1)+(2)-(4)+(5) $60,314,948 $57,307,469 $54,292,829 $51,273,097 $48,276,645

8. Solvency ratio: (7) ÷ (3e) 3.811 3.667 3.520 3.376 3.224

2030 2031 2032 2033 2034

1. Market Value at beginning of year $33,303,493 $30,607,814 $27,930,421 $25,237,516 $22,591,557

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

3. Benefit payments

(a) New Entrants 3,707 6,257 9,874 15,097 22,246 

(b) Current Active 5,478,758 5,706,282 5,921,635 6,084,993 6,245,945 

(c) Current Inactive Vested 1,596,192 1,624,178 1,683,148 1,718,712 1,779,281 

(d) Current In Pay Status 7,668,243 7,176,309 6,694,343 6,223,787 5,765,955 

(e) Total 14,746,900 14,513,026 14,309,000 14,042,589 13,813,427

4. Administrative expenses 660,839 680,664 701,084 722,117 743,781

5. Investment earnings 2,393,060 2,197,297 1,998,179 1,799,747 1,602,993

6. Market Value at end of year: 

(1)+(2)-(3e)-(4)+(5) $30,607,814 $27,930,421 $25,237,516 $22,591,557 $19,956,342

7. Available resources: 

(1)+(2)-(4)+(5) $45,354,714 $42,443,447 $39,546,516 $36,634,146 $33,769,769

8. Solvency ratio: (7) ÷ (3e) 3.076 2.925 2.764 2.609 2.445

IW17PF_790
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron Workers Local 17

Pension Fund

EIN 51-0161467/PN 001 

9

EXHIBIT IV (continued)

Deterministic Projection of Proposed Suspension 

Year Beginning May 1

2035 2036 2037 2038 2039

1. Market Value at beginning of year $19,956,342 $17,435,002 $15,056,710 $12,879,272 $10,852,264

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

3. Benefit payments

(a) New Entrants 31,977 44,598 60,344 79,764 102,379 

(b) Current Active 6,330,427 6,419,625 6,440,641 6,487,618 6,492,371 

(c) Current Inactive Vested 1,800,195 1,777,761 1,757,000 1,753,583 1,731,347 

(d) Current In Pay Status 5,322,098 4,893,366 4,480,780 4,085,294 3,707,762 

(e) Total 13,484,697 13,135,350 12,738,765 12,406,259 12,033,859

4. Administrative expenses 766,094 789,077 812,749 837,131 862,245

5. Investment earnings 1,410,451 1,227,135 1,055,076 897,382 752,664

6. Market Value at end of year: 

(1)+(2)-(3e)-(4)+(5) $17,435,002 $15,056,710 $12,879,272 $10,852,264 $9,027,824

7. Available resources: 

(1)+(2)-(4)+(5) $30,919,699 $28,192,060 $25,618,037 $23,258,523 $21,061,683

8. Solvency ratio: (7) ÷ (3e) 2.293 2.146 2.011 1.875 1.750

2040 2041 2042 2043 2044

1. Market Value at beginning of year $9,027,824 $7,391,460 $5,973,316 $4,814,342 $3,933,237

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

3. Benefit payments

(a) New Entrants 128,736 158,432 191,852 230,240 273,427 

(b) Current Active 6,511,997 6,489,677 6,434,840 6,358,832 6,244,497 

(c) Current Inactive Vested 1,699,210 1,671,348 1,627,853 1,580,891 1,540,019 

(d) Current In Pay Status 3,348,946 3,009,544 2,690,153 2,391,268 2,113,317 

(e) Total 11,688,889 11,329,001 10,944,698 10,561,231 10,171,260

4. Administrative expenses 888,112 914,755 942,198 970,464 999,578

5. Investment earnings 621,637 506,612 408,922 331,590 276,727

6. Market Value at end of year: 

(1)+(2)-(3e)-(4)+(5) $7,391,460 $5,973,316 $4,814,342 $3,933,237 $3,358,126

7. Available resources: 

(1)+(2)-(4)+(5) $19,080,349 $17,302,317 $15,759,040 $14,494,468 $13,529,386

8. Solvency ratio: (7) ÷ (3e) 1.632 1.527 1.440 1.372 1.330

IW17PF_791
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron Workers Local 17

Pension Fund

EIN 51-0161467/PN 001 

10

EXHIBIT IV (continued)

Deterministic Projection of Proposed Suspension 

Year Beginning May 1

2045 2046 2047 2048 2049

1. Market Value at beginning of year $3,358,126 $3,066,858 $3,106,725 $3,481,536 $4,191,611

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

3. Benefit payments

(a) New Entrants 323,510 380,702 446,441 522,830 608,604 

(b) Current Active 6,140,883 6,003,423 5,859,519 5,705,924 5,537,463 

(c) Current Inactive Vested 1,503,525 1,447,529 1,389,021 1,332,623 1,270,892 

(d) Current In Pay Status 1,856,631 1,621,332 1,407,290 1,214,086 1,040,991 

(e) Total 9,824,549 9,452,986 9,102,271 8,775,463 8,457,950

4. Administrative expenses 1,029,565 1,060,452 1,092,266 1,125,034 1,158,785

5. Investment earnings 243,846 234,305 250,348 291,572 358,877

6. Market Value at end of year: 

(1)+(2)-(3e)-(4)+(5) $3,066,858 $3,106,725 $3,481,536 $4,191,611 $5,252,753

7. Available resources: 

(1)+(2)-(4)+(5) $12,891,407 $12,559,711 $12,583,807 $12,967,074 $13,710,703

8. Solvency ratio: (7) ÷ (3e) 1.312 1.329 1.382 1.478 1.621

2050 2051 2052 2053 2054

1. Market Value at beginning of year $5,252,753 $6,666,823 $8,437,734 $10,596,589 $13,143,296

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

3. Benefit payments

(a) New Entrants 705,866 812,513 929,438 1,056,656 1,195,239 

(b) Current Active 5,364,105 5,187,656 4,980,324 4,775,288 4,564,081 

(c) Current Inactive Vested 1,207,780 1,141,801 1,075,585 1,009,554 944,107 

(d) Current In Pay Status 887,114 751,422 632,729 529,763 441,182 

(e) Total 8,164,865 7,893,392 7,618,076 7,371,261 7,144,609

4. Administrative expenses 1,193,549 1,229,355 1,266,236 1,304,223 1,343,350

5. Investment earnings 453,484 574,658 724,167 903,191 1,113,458

6. Market Value at end of year: 

(1)+(2)-(3e)-(4)+(5) $6,666,823 $8,437,734 $10,596,589 $13,143,296 $16,087,795

7. Available resources: 

(1)+(2)-(4)+(5) $14,831,688 $16,331,126 $18,214,665 $20,514,557 $23,232,404

8. Solvency ratio: (7) ÷ (3e) 1.817 2.069 2.391 2.783 3.252

IW17PF_792
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron Workers Local 17

Pension Fund

EIN 51-0161467/PN 001 

11

EXHIBIT V 

Deterministic Projection of 5% Smaller Suspension

The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning May 1, 2015 through April 30, 2040. 

Year Beginning May 1

2015* 2016 2017 2018 2019

1. Market Value at beginning of year $78,486,182 $74,433,058 $69,058,403 $66,372,759 $63,742,071 

2. Contributions 6,358,675 10,608,000 10,319,000 10,319,000 10,319,000 

3. Benefit payments 11,691,373 18,811,517 16,083,043 16,153,175 16,368,042 

4. Administrative expenses 452,495 500,000 450,000 463,500 477,405 

5. Investment earnings 1,732,069 3,328,862 3,528,399 3,666,987 3,707,353 

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $74,433,058 $69,058,403 $66,372,759 $63,742,071 $60,922,977 

7. Available resources: 

(1)+(2)-(4)+(5) $87,869,920 $82,455,802 $79,895,246 $77,291,019 

8. Solvency ratio: (7) ÷ (3) 4.671 5 127 4.946 4.722 

2020 2021 2022 2023 2024

1. Market Value at beginning of year $60,922,977 $57,897,306 $54,713,942 $51,449,185 $48,148,051 

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

3. Benefit payments 16,526,136 16,577,508 16,508,238 16,367,083 16,250,236 

4. Administrative expenses 491,727 506,479 521,673 537,323 553,443 

5. Investment earnings 3,673,192 3,581,623 3,446,154 3,284,272 3,098,494 

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $57,897,306 $54,713,942 $51,449,185 $48,148,051 $44,761,866 

7. Available resources: 

(1)+(2)-(4)+(5) $74,423,442 $71,291,450 $67,957,423 $64,515,134 $61,012,102 

8. Solvency ratio: (7) ÷ (3) 4 503 4.300 4 117 3.942 3.755 

* For the period October 1, 2015 through April 30, 2016.

IW17PF_793
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron Workers Local 17

Pension Fund

EIN 51-0161467/PN 001 

12

EXHIBIT V (continued)

Deterministic Projection of 5% Smaller Suspension

Year Beginning May 1

2025 2026 2027 2028 2029 

1. Market Value at beginning of year $44,761,866 $41,515,367 $38,237,861 $34,927,916 $31,611,496 

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

3. Benefit payments 16,065,788 15,866,065 15,658,533 15,417,555 15,197,448 

4. Administrative expenses 570,046 587,147 604,761 622,904 641,591 

5. Investment earnings 3,070,335 2,856,706 2,634,349 2,405,039 2,169,631 

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $41,515,367 $38,237,861 $34,927,916 $31,611,496 $28,261,088 

7. Available resources: 

(1)+(2)-(4)+(5) $57,581,155 $54,103,926 $50,586,449 $47,029,051 $43,458,536 

8. Solvency ratio: (7) ÷ (3) 3 584 3.410 3 231 3.050 2.860 

2030 2031 2032 2033 2034

1. Market Value at beginning of year $28,261,088 $24,945,687 $21,605,830 $18,204,877 $14,801,986 

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

3. Benefit payments 14,965,807 14,725,555 14,515,051 14,241,780 14,004,906 

4. Administrative expenses 660,839 680,664 701,084 722,117 743,781 

5. Investment earnings 1,992,245 1,747,362 1,496,182 1,242,006 985,573 

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $24,945,687 $21,605,830 $18,204,877 $14,801,986 $11,357,872 

7. Available resources: 

(1)+(2)-(4)+(5) $39,911,494 $36,331,385 $32,719,928 $29,043,766 $25,362,778 

8. Solvency ratio: (7) ÷ (3) 2.667 2.467 2 254 2.039 1.811 

IW17PF_794
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron Workers Local 17

Pension Fund

EIN 51-0161467/PN 001 

13

EXHIBIT V (continued)

Deterministic Projection of 5% Smaller Suspension

Year Beginning May 1

2035 2036 2037 2038 

1. Market Value at beginning of year $11,357,872 $7,972,268 $4,670,269 $1,506,139 

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

3. Benefit payments 13,667,668 13,309,401 12,903,649 12,562,126 

4. Administrative expenses 766,094 789,077 812,749 837,131 

5. Investment earnings 729,158 477,479 233,268 N/A

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $7,972,268 $4,670,269 $1,506,139 Insolvent

7. Available resources: 

(1)+(2)-(4)+(5) $21,639,936 $17,979,670 $14,409,788 $10,988,008 

8. Solvency ratio: (7) ÷ (3) 1 583 1.351 1 117 0.875 

IW17PF_795
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron Workers Local 17

Pension Fund

EIN 51-0161467/PN 001 

14

EXHIBIT VI

Projected Total Contribution Base Units and Average Contribution Rates 

Year Beginning 

May 1

Total Contribution 

Base Units

(Hours)

Contribution Rate

(Hourly)

Year Beginning 

May 1

Total Contribution 

Base Units

(Hours)

Contribution Rate

(Hourly)

2015 1,200,200 $10.00 2035 1,031,900 $10.00

2016 1,060,800 10.00 2036 1,031,900 10.00

2017 1,031,900 10.00 2037 1,031,900 10.00

2018 1,031,900 10.00 2038 1,031,900 10.00

2019 1,031,900 10.00 2039 1,031,900 10.00

2020 1,031,900 10.00 2040 1,031,900 10.00

2021 1,031,900 10.00 2041 1,031,900 10.00

2022 1,031,900 10.00 2042 1,031,900 10.00

2023 1,031,900 10.00 2043 1,031,900 10.00

2024 1,031,900 10.00 2044 1,031,900 10.00

2025 1,031,900 10.00 2045 1,031,900 10.00

2026 1,031,900 10.00 2046 1,031,900 10.00

2027 1,031,900 10.00 2047 1,031,900 10.00

2028 1,031,900 10.00 2048 1,031,900 10.00

2029 1,031,900 10.00 2049 1,031,900 10.00

2030 1,031,900 10.00 2050 1,031,900 10.00

2031 1,031,900 10.00 2051 1,031,900 10.00

2032 1,031,900 10.00 2052 1,031,900 10.00

2033 1,031,900 10.00 2053 1,031,900 10.00

2034 1,031,900 10.00 2054 1,031,900 10.00

IW17PF_796
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron Workers Local 17

Pension Fund

EIN 51-0161467/PN 001 

15

EXHIBIT VII

Assumptions and Methodology

The data, actuarial assumptions and methodology are as used in the May 1, 2015 Actuarial Valuation Certificate, dated December 21, 

2015, as well as the Actuarial Certification of Plan Status as of May 1, 2015 under IRC Section 432, dated July 29, 2015, except as

specifically described below. The calculations are based on a current understanding of the requirements of ERISA Section 305, IRC 

Section 432, regulation §1.432(e)(9)-1 and Revenue Procedure 2016-27. 

Data: Supplemental data was provided by the Fund Office to calculate PBGC guaranteed benefits and 

to model the proposed benefit suspension. 

Projected Industry Activity: The projected industry assumption is based on input from the plan sponsor for the actuarial 

certification of plan status as of May 1, 2015. 

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

past five years, with an entry age ranging from age 18 through 47 and an average of 27.4. New 

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

of new entrants by entry age.

Age Range

Percentage of New 

Entrants

Below 20 10%

20 – 24 33%

25 – 29 22%

30 – 34 18%

35 – 39 8%

40 – 44 6%

45 and over 3%

Financial Information: Contribution income, benefit payments, and administrative expenses for the period beginning 

May 1, 2015 and ending September 30, 2015, and the value of non-invested assets as of 

September 30, 2015 was based on an unaudited financial statement provided by the Fund Office. 

The value of invested assets as of September 30, 2015 was provided by the Investment Manager.

In addition, the value of assets was reduced by the present value of withdrawal liability payments 

refundable to a withdrawn employer. 

IW17PF_797
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron Workers Local 17

Pension Fund

EIN 51-0161467/PN 001 

16

Annual administrative expenses are assumed to be $650,000 for the 2015 Plan year, $500,000 for 

the 2016 Plan year, $450,000 for the 2017 Plan year and increase by 3% per year thereafter. The 

annual administrative expenses were based on historical and current data, adjusted to reflect the 

increase in PBGC premiums and estimated future experience based on professional judgment. 

Post-September 30, 2015 annual investment returns for deterministic projections are assumed to 

be as follows:

Plan Year 

Beginning May 1 Return

Plan Year 

Beginning May 1 Return

Plan Year 

Beginning May 1 Return

2015 3.96% 2029 7.52% 2043 7.88%

2016 4.75% 2030 7.78% 2044 7.89%

2017 5.35% 2031 7.80% 2045 7.89%

2018 5.80% 2032 7.81% 2046 7.89%

2019 6.13% 2033 7.82% 2047 7.90%

2020 6.38% 2034 7.83% 2048 7.90%

2021 6.57% 2035 7.84% 2049 7.90%

2022 6.71% 2036 7.85% 2050 7.91%

2023 6.82% 2037 7.85% 2051 7.91%

2024 6.90% 2038 7.86% 2052 7.91%

2025 7.38% 2039 7.87% 2053 7.91%

2026 7.43% 2040 7.87% 2054 7.92%

2027 7.47% 2041 7.88%

2028 7.50% 2042 7.88%

The net investment return assumption is based on the expected cash return as of December 31, 

2014 for each Plan Year, adjusted for the anticipated risk premium for each of the portfolio’s 

asset classes, all provided by Segal Rogerscasey, as well as the Plan’s target asset allocation.

Benefit Payment Projections: Benefit payments were based on a closed group valuation for participants included in the 2015 

actuarial valuation and an open group valuation for new entrants. 

IW17PF_798
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron Workers Local 17

Pension Fund

EIN 51-0161467/PN 001 

17

EXHIBIT VIII

Proposed Benefit Suspensions

The plan of benefits is as used in the May 1, 2015 actuarial valuation certificate, dated December 21, 2015, except as specifically 

described below. 

Proposed Benefit Suspensions: Effective February 1, 2017, the Plan will recalculate accrued benefits or benefits in pay status for 

all affected participants as described below, but no less than 110% of the benefit guaranteed by 

the PBGC: 

 A participant’s accrued benefit as of April 30, 2016 will be calculated so that the participant’s

average benefit accrual rate is no greater than $72 per Benefit Credit through April 30, 2016.

Benefits will be accrued at $50 per Benefit Credit after April 30, 2016.

 For periods of service between May 1, 1986 and April 30, 2005, a participant could earn

more than one Benefit Credit during a plan year by working more than the number of hours

required to earn one Benefit Credit. Effective on the suspension date, Benefit Credit for any

plan year is limited to one year.

 For participants who commenced their pension prior to May 1, 2009 and met certain service

requirements, there was no reduction for early commencement of benefits. Effective on the

suspension date, these participants are subject to a reduction of 1/12 of 1.5% for each month

that their pension commenced prior to age 62.

The above changes will not affect the following groups of participants:

 Participants who were awarded with a disability pension and beneficiaries of such

participants, and

 Participants and beneficiaries who are at least age 80 as of the end of the month that includes

the suspension date (i.e., February 28, 2017).

IW17PF_799
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron Workers Local 17

Pension Fund

EIN 51-0161467/PN 001 

18

The amount of benefit payable on and after the suspension date for participants and beneficiaries 

who are at least age 75 but less than age 80 as of the end of the month that includes the 

suspension date will equal the sum of: 

 The amount of benefit calculated above, and

 1/60 of the difference between the benefit payable before the suspension date and the amount

of benefit calculated above, if any, multiplied by the number of months the participant is over

age 75 at the end of the month that includes the suspension date.

Other Amendments: In accordance with the proposed amendments to be implemented in conjunction with the benefit 

suspension effective February 1, 2017: 

 Participants who had commenced pension by the suspension date may return to covered

employment and get paid for not more than 39.5 hours per months without having their

benefit be fully suspended.

Technical Issues

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

which the certification is based reflects Segal’s understanding as an actuarial firm. Due to the complexity of the statute and the 

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

regarding compliance with ERISA and the Internal Revenue Code. 

5605462v1/01031.030

IW17PF_800
Checklist Item #9 Resubmitted Application for Approval for 

Suspension of Benefits Under MPRA

Iron Workers Local 17 Pension Fund EIN: 51-0161467

Plan No.: 001

Does the application 

include a demonstration 

that the limitations on 

individual suspensions are 

satisfied, including 

calculations regarding:

• the guaranteebased limitation,

• the disability-based

limitation, and

• the age-based

limitation.

See section 4.01.

The application filed on behalf of the Iron Workers Local 

17 Pension Fund includes separate benefit 

demonstrations that provide information to support the 

Plan Sponsor’s contention that it has calculated all 

proposed Benefit Suspensions taking into account the 

rules regarding limitations for all participants. 

The demonstrations show an example of the application 

of the proposed Suspension Plan for groups of 

participants that may be differently impacted once the 

proposed benefit suspensions are applied. These are: 

• Example 1 of a participant under 75 (page

IW17PF_804);

• Example 2 of a participant under 75 (page

IW17PF_805);

• Example 3 of a beneficiary under 75 (page

IW17PF_806);

• participant between the ages of 75 and 80 years

old (page IW17PF_807);

• participant whose 110% PBGC guarantee

exceed the current monthly benefit (page

IW17PF_808);

• beneficiary whose 110% PBGC guarantee

exceeds the current monthly benefit (page

IW17PF_809);

• participant whose 110% PBGC Guarantee

limitation applies (page IW17PF_810);

• beneficiary whose 110% PBGC Guarantee

limitation applies (page IW17PF_811);

• participant who retired under a Disability Pension

(page IW17PF_812); and

• participant who is currently over 80 years of age

(page IW17PF_813).

The proposed Suspension Plan does not affect any 

participant or beneficiary in the Pension Fund that was 

awarded a Disability Pension. The Pension Fund did 

change the definition of disability over time. Prior to 

1998, the participant could receive 100% of the Normal 

IW17PF_801
Retirement Pension if he or she qualified for a Disability 

Retirement Pension. The participant would have to 

prove by medical evidence satisfactory to the Trustees 

that he or she was unable to work in any employment or 

self-employment as an iron worker or in the building 

trades. Effective May 1, 1998 and after, the Disability 

Pension amount was reduced to 80% of the Normal 

Retirement Pension. As of January 1, 2007, the 

Trustees amended the Disability Pension eligibility to 

require a participant to receive an award by Social 

Security that the participant is totally and permanently 

disabled to receive the Disability Retirement Pension. At 

that same time, an Occupational Disability Pension was 

added to the Pension Fund. This provided any participant 

that was unable to qualify for a Total and Permanent 

Disability award by Social Security but that could not 

work as an iron worker or in the building trades with a 

lesser benefit equal to 60% of the Normal Retirement 

Benefit. (See Sections 3.14 and 3.15 of the Plan 

Document provided at pages IW17PF_399-403) This 

Occupational Disability Pension was eliminated for future 

retirees after May 1, 2009 as part of the Rehabilitation 

Plan. However, even with these changes to the 

qualification requirements and amount of the Disability 

Pensions over time, the Pension Fund still classifies 

each participant as of their retirement date. The Pension

Fund does not reclassify Disabled Participants at Normal 

Retirement Age. The only exception would be if a 

participant recovers from disability and returns to work 

then retires as a later date. These participants would be 

classified under the form of pension as of the date they 

re-retire. (See Sections 3.18 and 3.19 at page 

IW17PF_403). Any participant or subsequent 

beneficiary of a participant that retired under any version 

of the Disability Retirement Benefit over time still retains 

that classification for purposes of applying the exemption 

from suspension. At this time, there are no participants 

who retired under the Pension Fund with an 

Occupational Disability Benefit so a separate 

demonstration is not being provided for that type of 

Disability Benefit. 

Additionally, the proposed Suspension Plan does not 

affect any participant or beneficiary that will be at least 

age 80 as of the Effective Date of the Suspension of 

February 28, 2017. 

IW17PF_802
Special Issues: 

The application of the guarantee based limitation is 

based upon the total benefit payable to the participant. 

In the event that the benefit is allocated under a Qualified 

Domestic Relations Order (QDRO), the determination

whether the guarantee level is based upon the total 

benefit payable prior to allocation or the individual benefit 

payable to the participant separate from the Alternate 

Payee depends upon the terms of the QDRO. If the 

QDRO provides the Alternate Payee a shared interest 

with the participant, then the Participant’s total benefit is 

used for purposes of determining the guarantee based 

limitation as of the Effective Date of the Suspension. If 

the QDRO provides a separate interest for the Alternate 

Payee, then the Alternate Payee’s separate benefit level 

is used to determine the application of the guarantee 

based limitations. 

The application of the age-based limitation for 

participants that elected joint and survivor benefits is also 

determined based upon the age of the participant as of 

the end of the month that includes the Effective Date of 

the Suspension, unless the participant is deceased as of 

that date. In that case, the surviving spouse’s age will be 

used to determine the application of the age based 

limitation. 

Finally, in the event that the age-based limitations apply 

to a participant that has a QDRO, the type of QDRO will 

determine whether the Pension Fund uses the 

participant’s or Alternate Payee’s age. If the QDRO 

provides the Alternate Payee a shared interest with the 

participant, then the Participant’s age is used for 

purposes of determining the age as of the Effective Date 

of the Suspension. If the QDRO provides a separate 

interest for the Alternate Payee, then the Alternate 

Payee’s age is use to determine the application of the 

age-based limitations. 

IW17PF_803
Iron Workers Local 17 Pension Fund

Application for Benefit Suspension

Demonstration that limitations on individual suspensions are 

satisfied This calculation is the same for all 23 groups

Example #1 of a Participant who is under age 75

Date of birth 12/16/1945

Date of retirement 08/01/2009

Age at retirement date 63 years 7 months

Age at end of month that includes suspension date 71 years 2 months

Current monthly benefit $560.50

Total accrued benefit payable at normal retirement age $585.00

Total years of credited service 10.00

Total years of credited service earned in excess of one in a year 0.00

Reduced credited service 10.00

Type of pension Early

Form of pension Single Life Annuity

Calculation of PBGC Guarantee

Current monthly benefit / reduced credited service $56.05

PBGC guaranteed accrual rate $35.75

PBGC guaranteed benefit $357.50

110% of PBGC guaranteed benefit $393.25

Calculation of Proposed Suspension

Total accrued benefit / total years of credited service $58.50

Accrual rate based on proposed suspension $58.50

Months from age 62 (at retirement) 0

Early retirement reduction factor based on proposed suspension 95.7500%

Joint and survivor reduction factor N/A

Partial lump sum amount paid $0.00

Benefit prior to age-based limitation $560.50

Months from age 80 (at suspension date) 106

Benefit after age-based limitation $560.50

Final Amount under Proposed Suspension $560.50

IW17PF_804
Iron Workers Local 17 Pension Fund

Application for Benefit Suspension

Demonstration that limitations on individual suspensions are 

satisfied This calculation is the same for all 23 groups

Example #2 of a Participant who is under age 75

Date of birth 11/26/1951

Date of retirement 12/01/2006

Age at retirement date 55 years 0 months

Age at end of month that includes suspension date 65 years 3 months

Current monthly benefit $1,915.00

Total accrued benefit payable at normal retirement age $2,125.00

Total years of credited service 21.25

Total years of credited service earned in excess of one in a year 5.00

Reduced credited service 16.25

Type of pension Unreduced

Form of pension Single Life Annuity

Calculation of PBGC Guarantee

Current monthly benefit / reduced credited service $117.85

PBGC guaranteed accrual rate $35.75

PBGC guaranteed benefit $580.94

110% of PBGC guaranteed benefit $639.03

Calculation of Proposed Suspension

Total accrued benefit / total years of credited service $100.00

Accrual rate based on proposed suspension $72.00

Months from age 62 (at retirement) 84

Early retirement reduction factor based on proposed suspension 89.5000%

Joint and survivor reduction factor N/A

Partial lump sum amount paid $210.00

Benefit prior to age-based limitation $837.50

Months from age 80 (at suspension date) 177

Benefit after age-based limitation $837.50

Final Amount under Proposed Suspension $837.50

IW17PF_805
Iron Workers Local 17 Pension Fund 

Application for Benefit Suspension 

Demonstration that limitations on individual suspensions are 

satisfied This calculation is the same for all 23 groups 

Example #3 of Beneficiary who is under age 75 

Date of birth 

Date of retirement 

Age at retirement date 

Age at end of month that includes suspension date 

Current monthly benefit 

Total accrued benefit payable at normal retirement age 

Total years of credited service 

Total years of credited service earned in excess of one in a year 

Reduced credited service 

Type of pension 

Form of pension 

Calculation of PBGC Guarantee 

Current monthly benefit I reduced credited service 

PBGC guaranteed accrual rate 

PBGC guaranteed benefit 

110% of PBGC guaranteed benefit 

Calculation of Proposed Suspension 

Total accrued benefit I total years of credited service 

Accrual rate based on proposed suspension 

Months from age 62 (at retirement) 

Early retirement reduction factor based on proposed suspension 

Joint and survivor reduction factor 

Partial lump sum amount paid 

Benefit prior to age-based limitation 

Months from age 80 (at suspension date) 

Benefit after age-based limitation 

0111811936 

0210111998 

62 years 0 months 

81 years 1 months 

$590.00 

$1 ,387.50 

18.50 

0.00 

18.50 

Surviving Spouse 50% 

Joint and Survivor 

$31.89 

$26.67 

$493.40 

$542.73 

$75.00 

$72.00 

0 

100.0000% 

83.60% 

$0.00 

$1 ,114.00 

NIA 

NIA 

Additional Calculations for Surviving Spouse's Benefit under Proposed Suspension 

Date of birth 0610811947 

Age at end of month that includes suspension date 

Benefit prior to age-based limitation 

Months from age 80 (at suspension date) 

Benefit after age-based limitation 

Final Amount under Proposed Suspension 

69 years 8 months 

$557.00 

124 

$557.00 

$557.00 

IW17PF _806 
Iron Workers Local 17 Pension Fund

Application for Benefit Suspension

Demonstration that limitations on individual suspensions are satisfied This 

calculation is the same for all 23 groups

Example of age-based limitation for participant between age 75 and 80

Date of birth 08/30/1940

Date of retirement 08/01/2001

Age at retirement date 60 years 11 months

Age at end of month that includes suspension date 76 years 6 months

Current monthly benefit $1,740.00

Total accrued benefit payable at normal retirement age $1,800.00

Total years of credited service 18.00

Total years of credited service earned in excess of one in a year 0.00

Reduced credited service 18.00

Type of pension Unreduced

Form of pension Single Life Annuity

Calculation of PBGC Guarantee

Current monthly benefit / reduced credited service $96.67

PBGC guaranteed accrual rate $35.75

PBGC guaranteed benefit $643.50

110% of PBGC guaranteed benefit $707.85

Calculation of Proposed Suspension

Total accrued benefit / total years of credited service $100.00

Accrual rate based on proposed suspension $72.00

Months from age 62 (at retirement) 13

Early retirement reduction factor based on proposed suspension 98.3750%

Joint and survivor reduction factor N/A

Partial lump sum amount paid $60.00

Benefit prior to age-based limitation $1,215.00

Months from age 80 (at suspension date) 42

Benefit after age-based limitation $1,372.50

Final Amount under Proposed Suspension $1,372.50

IW17PF_807
Iron Workers Local 17 Pension Fund

Application for Benefit Suspension

Demonstration that limitations on individual suspensions are satisfied

This calculation is the same for all 23 groups

Example of participant whose 110% PBGC guarantee exceeds current monthly benefit

Date of birth 04/06/1938

Date of retirement 06/01/2000

Age at retirement date 62 years 1 months

Age at end of month that includes suspension date 78 years 10 months

Current monthly benefit $289.50

Current monthly benefit ignoring late retirement increase $288.44

Total accrued benefit payable at normal retirement age $335.40

Total years of credited service 19.50

Total years of credited service earned in excess of one in a year 0.00

Reduced credited service 19.50

Type of pension Adjusted

Form of pension 50% Joint and Survivor

Calculation of PBGC Guarantee

Current monthly benefit / reduced credited service $14.79

PBGC guaranteed accrual rate $13.84

PBGC guaranteed benefit $269.96

110% of PBGC guaranteed benefit $296.95

Calculation of Proposed Suspension

Total accrued benefit / total years of credited service $17.20

Accrual rate based on proposed suspension $17.20

Months from age 62 (at retirement) 0

Early retirement reduction factor based on proposed suspension 100.0000%

Joint and survivor reduction factor 86.00%

Partial lump sum amount paid $0.00

Benefit prior to age-based limitation $288.50

Months from age 80 (at suspension date) 14

Benefit after age-based limitation $289.50

Final Amount under Proposed Suspension $289.50

IW17PF_808
Iron Workers Local 17 Pension Fund

Application for Benefit Suspension

Demonstration that limitations on individual suspensions are satisfied

This calculation is the same for all 23 groups

Example of Beneficiary whose 110% PBGC guarantee exceeds current monthly benefit

Date of birth 12/11/1944

Date of retirement 01/01/2007

Age at retirement date 62 years 0 months

Age at end of month that includes suspension date 72 years 2 months

Current monthly benefit $166.50

Total accrued benefit payable at normal retirement age $379.98

Total years of credited service 13.25

Total years of credited service earned in excess of one in a year 0.00

Reduced credited service 13.25

Type of pension Surviving Spouse

Form of pension 50% Joint and Survivor

Calculation of PBGC Guarantee

Current monthly benefit / reduced credited service $12.57

PBGC guaranteed accrual rate $12.18

PBGC guaranteed benefit $161.39

110% of PBGC guaranteed benefit $177.52

Calculation of Proposed Suspension

Total accrued benefit / total years of credited service $28.68

Accrual rate based on proposed suspension $28.68

Months from age 62 (at retirement) 0

Early retirement reduction factor based on proposed suspension 100.0000%

Joint and survivor reduction factor 88.00%

Partial lump sum amount paid $0.00

Benefit prior to age-based limitation $334.50

Months from age 80 (at suspension date) N/A

Benefit after age-based limitation N/A

Additional Calculations for Surviving Spouse's Benefit under Proposed Suspension

Date of birth 12/22/1945

Age at end of month that includes suspension date 71 years 2 months

Benefit prior to age-based limitation $167.50

Months from age 80 (at suspension date) 106

Benefit after age-based limitation $167.50

Final Amount under Proposed Suspension $166.50

IW17PF_809
Iron Workers Local 17 Pension Fund

Application for Benefit Suspension

Demonstration that limitations on individual suspensions are satisfied This 

calculation is the same for all 23 groups

Example of Participant where 110% PBGC guarantee limitation applies

Date of birth 10/07/1950

Date of retirement 04/01/2006

Age at retirement date 55 years 5 months

Age at end of month that includes suspension date 66 years 4 months

Current monthly benefit $623.50

Total accrued benefit payable at normal retirement age $1,170.00

Total years of credited service 19.50

Total years of credited service earned in excess of one in a year 4.50

Reduced credited service 15.00

Type of pension Early

Form of pension 50% Joint and Survivor

Calculation of PBGC Guarantee

Current monthly benefit / reduced credited service $41.57

PBGC guaranteed accrual rate $33.93

PBGC guaranteed benefit $508.95

110% of PBGC guaranteed benefit $559.85

Calculation of Proposed Suspension

Total accrued benefit / total years of credited service $60.00

Accrual rate based on proposed suspension $60.00

Months from age 62 (at retirement) 79

Early retirement reduction factor based on proposed suspension 66.5000%

Joint and survivor reduction factor 88.00%

Partial lump sum amount paid $70.00

Benefit prior to age-based limitation $465.50

Months from age 80 (at suspension date) 164

Benefit after age-based limitation $465.50

Final Amount under Proposed Suspension $559.85

IW17PF_810
Iron Workers Local 17 Pension Fund

Application for Benefit Suspension

Demonstration that limitations on individual suspensions are satisfied This 

calculation is the same for all 23 groups

Example Beneficiary where 110% PBGC guarantee limitation applies

Date of birth 12/17/1949

Date of retirement 01/01/2005

Age at retirement date 55 years 0 months

Age at end of month that includes suspension date 67 years 2 months

Current monthly benefit $1,633.00

Total accrued benefit payable at normal retirement age $3,762.50

Total years of credited service 37.75

Total years of credited service earned in excess of one in a year 3.50

Reduced credited service 34.25

Type of pension Surviving Spouse

Form of pension 50% Joint and Survivor

Calculation of PBGC Guarantee

Current monthly benefit / reduced credited service $47.68

PBGC guaranteed accrual rate $35.75

PBGC guaranteed benefit $1,224.44

110% of PBGC guaranteed benefit $1,346.88

Calculation of Proposed Suspension

Total accrued benefit / total years of credited service $99.67

Accrual rate based on proposed suspension $72.00

Months from age 62 (at retirement) 84

Early retirement reduction factor based on proposed suspension 89.5000%

Joint and survivor reduction factor 86.80%

Partial lump sum amount paid $0.00

Benefit prior to age-based limitation $1,916.00

Months from age 80 (at suspension date) N/A

Benefit after age-based limitation N/A

Additional Calculations for Surviving Spouse's Benefit under Proposed Suspension

Date of birth 05/05/1953

Age at end of month that includes suspension date 63 years 9 months

Benefit prior to age-based limitation $958.00

Months from age 80 (at suspension date) 195

Benefit after age-based limitation $958.00

Final Amount under Proposed Suspension $1,346.88

IW17PF_811
Iron Workers Local 17 Pension Fund

Application for Benefit Suspension

Demonstration That Limitations on Individual Suspensions are Satisfied

This calculation is the same for all 23 groups

Example of a Participant Who Retired on a Disability Pension

Date of birth 12/26/1952

Date of retirement 02/01/2013

Age at retirement date 60 years 1 months

Age at end of month that includes suspension date 64 years 2 months

Current monthly benefit $2,710.00

Total accrued benefit payable at normal retirement age $3,387.50

Total Benefit Credits 36.75

Total Benefit Credits earned in excess of one in a year 3.00

Reduced Benefit Credits 33.75

Type of pension Disability

Form of pension Single Life Annuity

Calculation of 110% of PBGC Guarantee

Current monthly benefit / reduced Benefit Credits $80.30

PBGC guaranteed accrual rate $35.75

PBGC guaranteed benefit $1,206.56

110% of PBGC guaranteed benefit $1,327.22

Calculation of Monthly Benefit under Proposed Suspension

Total accrued benefit / total Benefit Credits $92.18

Accrual rate based on proposed suspension $72.00

Months from age 62 (at retirement) 23

Early retirement reduction factor based on proposed suspension N/A, Disability Pension

Joint and survivor reduction factor N/A

Partial lump sum amount paid $0.00

Benefit prior to age-based limitation $2,430.00

Months from age 80 (at suspension date) 190

Benefit after age-based limitation $2,430.00

Final Monthly Benefit under Proposed Suspension $2,710.00

IW17PF_812
Iron Workers Local 17 Pension Fund

Application for Benefit Suspension

Demonstration That Limitations on Individual Suspensions are Satisfied

This calculation is the same for all 23 groups

Example of Participant Who Is Over Age 80

Date of birth 09/30/1936

Date of retirement 02/01/1998

Age at retirement date 61 years 4 months

Age at end of month that includes suspension date 80 years 5 months

Current monthly benefit $2,692.50

Total accrued benefit payable at normal retirement age $2,962.50

Total Benefit Credits 39.50

Total Benefit Credits earned in excess of one in a year 6.50

Reduced Benefit Credits 33.00

Type of pension Unreduced

Form of pension Single Life Annuity

Calculation of 110% of PBGC Guarantee

Current monthly benefit / reduced Benefit Credits $81.59

PBGC guaranteed accrual rate $35.75

PBGC guaranteed benefit $1,179.75

110% of PBGC guaranteed benefit $1,297.73

Calculation of Monthly Benefit under Proposed Suspension

Total accrued benefit / total Benefit Credits $75.00

Accrual rate based on proposed suspension $72.00

Months from age 62 (at retirement) 8

Early retirement reduction factor based on proposed suspension 99.0000%

Joint and survivor reduction factor N/A

Partial lump sum amount paid $290.00

Benefit prior to age-based limitation $2,062.50

Months from age 80 (at suspension date) N/A, Over 80

Benefit after age-based limitation $2,692.50

Final Monthly Benefit under Proposed Suspension $2,692.50

IW17PF_813
Checklist Item #10 Resubmitted Application for Approval of a 

Suspension of Benefits Under MPRA

Iron Workers Local 17 Pension Fund EIN: 51-0161467

Plan No.: 001

Does the application 

include a demonstration 

that the proposed 

suspension is reasonably 

estimated to achieve the 

level necessary to avoid 

insolvency for the 

extended period, including 

illustrations regarding the 

plan’s solvency ratio and 

available resources. 

See section 4.02(1). 

The application filed on behalf of the Iron Workers 

Local 17 Pension Fund includes an Actuarial 

Certification of Plan Solvency under ERISA Section 

305(e)(9)(c)(i) and IRC Section 432(e)(9)(C)(i) as 

of the Effective Date of the Proposed Benefit 

Suspension, which is February 1, 2017 as an 

attachment to Checklist Item #7. Exhibit IV of this 

Report provides an illustration based upon the 

deterministic basis showing that the proposed 

Suspension Plan is reasonably estimated to avoid 

insolvency throughout the extended period. This 

illustration provides the market value and solvency 

ratio for the period beginning May 1, 2015 through 

April 30, 2054. Exhibit IV to the Report, which is 

based upon our interpretation of the requirements 

under Revenue Procedure 2016-27, Section 

4.02(1), is included at pages IW17PF_789 – 

IW17PF_792. 

IW17PF_814
Checklist Item #11 Resubmitted Application for Approval of a 

Suspension of Benefits Under MPRA

Iron Workers Local 17 Pension Fund EIN: 51-0161467

Plan No.: 001

Does the application 

include the required 

illustration utilizing 

stochastic projections. 

(This illustration is not 

required if the plan is not 

required to appoint a

retiree representative 

under §432(e)(9)(B)(v)(I) 

and stochastic projections 

were not used in making 

the required 

determination.) 

See section 4.02(2).

The application filed on behalf of the Iron Workers 

Local 17 Pension Fund includes an Actuarial 

Certification of Plan Solvency under ERISA 

Section 305(e)(9)(c)(i) and IRC Section 

432(e)(9)(C)(i) as of the Effective Date of the 

Proposed Benefit Suspension, which is February 

1, 2017 as an attachment to Checklist Item #7. 

The Pension Fund is not required to appoint a 

retiree representative under Section 

432(e)(9)(B)(v)(I) and did not use stochastic 

projections in the preparation of this resubmission 

application. Accordingly, the application does not 

provide any stochastic projections. 

IW17PF_815
Checklist Item #12 Resubmitted Application for Approval of a

Suspension of Benefits Under MPRA

Iron Workers Local 17 Pension Fund EIN: 51-0161467

Plan No.: 001

Does the application 

include a demonstration 

that the proposed 

suspension is not 

projected to materially 

exceed the level 

necessary to avoid 

insolvency, including 

illustrations regarding 

the plan’s solvency ratio 

and available resources. 

See section 4.03. 

The application filed on behalf of the Iron Workers 

Local 17 Pension Fund includes an Actuarial 

Certification of Plan Solvency under ERISA Section 

305(e)(9)(c)(i) and IRC Section 432(e)(9)(C)(i) as of 

the Effective Date of the Proposed Benefit 

Suspension, which is February 1, 2017 as an 

attachment to Checklist Item #7. Exhibit V to this 

Report provides an illustration based upon the 

deterministic basis showing that the proposed 

suspension is reasonably estimated to avoid 

insolvency, but not to materially exceed the level 

needed to avoid insolvency throughout the extended 

period. The Report shows that suspending 5% less 

in benefits will result in the Pension Fund becoming 

insolvent in 2038. This Exhibit includes a year-byyear solvency projection with the solvency ratio and 

also separately identifies the market value of assets, 

contributions, investment earnings, plan benefits and 

expenses. Exhibit V to the Report, which is based 

upon our interpretation of the requirements under 

Revenue Procedure 2016-27, Section 4.03, is

included at pages IW17PF_793 – IW17PF_795. 

IW17PF_816