Checklist Item #9 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 guarantee-based

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 five separate benefit demonstrations attached as 

pages IW17PF_201 - 205. The demonstrations show an example of 

the application of the Proposed Suspension on:

• Example 1 of an affected participant under 75 (page

IW17PF_201);

• Example 2 of an affected participant under 75 (page

IW17PF_202);

• participants between the ages of 75 and 80 years old (page

IW17PF_203);

• participant whose 110% PBGC guarantee exceed the current

monthly benefit (page IW17PF_204); 

• participant whose 110% PBGC Guarantee limitation applies

(page IW17PF_205)

• participant who retired under a Disability Pension (page

IW17_758; and

• participant who is currently over age 80 (page IW17_759).

The Proposed Suspension 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 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 

IW17PF_199
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. 

Additionally, the Proposed Suspension does not affect any participant 

or beneficiary that will be at least age 80 as of the Effective Date of 

the Suspension of December 1, 2016. 

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 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 agebased limitations. 

IW17PF_200
Iron Workers Local 17 Pension Fund

Application for Benefit Suspension

Demonstration That Limitations on Individual Suspensions are Satisfied

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 suspension date 63 years 11 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) 193

Benefit after age-based limitation $2,430.00

Final Monthly Benefit under Proposed Suspension $2,710.00

IW17PF_758
Iron Workers Local 17 Pension Fund

Application for Benefit Suspension

Demonstration That Limitations on Individual Suspensions are Satisfied

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 suspension date 80 years 2 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_759