APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 1.7

Credit Balance Projection Projected Funding Standard Account Credit Balance

wm

om

The Funding Standard Account Credit Balance is a measure of compliance with
ERISA’s minimum funding standards. A non-negative Credit Balance indicates that san
minimum funding standards have been met. A negative Credit Balance indicates that 4u | —
minimum funding standards have not been met. The graph to the right shows an om
anticipated funding deficiency throughout the projection period. This projection

su -

assumes that there are no future contribution increases or benefit changes. ei

”
‘009 2011 20132016 2087 209 2021 2023 2026 0272028 2031 10332036

These projections are based on a number of key assumptions which are highlighted below. Actual future credit balance values will differ from these
projections to the extent that future experience deviates from the projection assumptions.

Funded Percentage Projection

The funded percentage is an important concept under funding reform. Under the 100% iieneon habe enerak sear
Pension Protection Act of 2006, a plan is generally considered “critical” (in the Red (Ett
Zone) if there is a funding deficiency projected within 4 years if the funded percentage rr

exceeds 65%, or within 5 years if the funded percentage falls below 65% (other factors
may apply). The funded percentage is measured by the actuarial value of assets

divided by the present value of accrued benefits (determined using funding Her,
assumptions). The graph to the right illustrates that the Plan’s funded percentage as of — [as

100%

180%

: ‘ rey A “hoo wet fois aie aon mois gon wean tea goa? Tom moot ao me
the valuation date is below 65% (54%) and is anticipated to decrease during the

projection period, resulting in plan insolvency in the Plan Year beginning
May 1, 2025.

The McKeogh Company -7- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00926


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.10

Presentation of ASC Topic 960 Disclosures

As of May 1,
Present Value of Accumulated Benefits 2015 2014 2013 2012 2011
1. Vested Accumulated Benefits
a. Persons in Pay Status $ 4,379,878 $ 4,433,426 $ 4,427,978 $ 4,074,938 $ 4,501,415
b. Persons with Deferred Benefits 327,359 357,195 334,295 503,106 546,945
c. Active Participants 677,953 692,678 _ 776,465 841,122 _ 675,599
d. Total $ 5,385,190 $ 5,483,299 $ 5,538,738 $ 5,419,166 $ 5,723,959
2. Present Value of Non-Vested Accumulated Benefits $ 120,374 $ 144,775 $ 121,660 $ 142,333 $ 196,988
3. Total Present Value of Accumulated Benefits $ 5,505,564 $ 5,628,074 $ 5,660,398 $ 5,561,499 $ 5,920,947
4, Market Value of Assets $ 2,675,929 $ 2,858,830 $ 2,984,245 $ 3,169,221 $ 3,693,387
Reconciliation of Present Value of Accumulated Benefits
1. Present Value of Accumulated Benefits, Beginning of Year $ 5,628,074 $ 5,660,398 $ 5,561,499 $ $5,920,947
2. Changes During the Year due to:
a. Benefits Accumulated During the Year* $ 3,984 $ 63,664 $ 262,650 $ (284,968)
b. Decrease in the Discount Period 402,802 405,716 398,561 423,827
c. Benefits Paid (514,756) (501,704) (494,706) (498,307)
d. Plan Amendment 0 0 (67,606) 0
e, Assumption Change (14,540) 0 0 0
f. Total Change $ (122,510) $ (32,324) $ 98,899 $ (359,448)
3. Present Value of Accumulated Benefits, End of Year $ 5,505,564 $ 5,628,074 $ 5,660,398 $ 5,561,499
* Includes the effects of actuarial experience gains and losses.
Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.
The McKeogh Company -20- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00990


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations
Section 2.12

Withdrawal Liability Information

As of April 30,

1. Present Value of Vested Benefits 2016 2015 2014 2013 2012
a. Active Participants $ 895,652 $ 677,953 $ 692,678 $ 776,465 $ 841,122
b. Persons with Deferred Benefits 455,539 327,359 357,195 334,295 503,106
c. Retirees and Beneficiaries 4,544,105 4,379,878 4,433,426 4,427,978 4,074,938
d. Total $ 5,895,296 $ 5,385,190 $ 5,483,299 $ 5,538,738 $ 5,419,166
2. Market Value of Assets $ 2,315,124 $ 2,675,929 $ 2,858,830 $ 2,984,245 §$ 3,169,221
3. Unfunded Vested Benefit Liability (UVB) $ 3,580,172 $ 2,709,261 $ 2,624,469 $ 2,554,493 $ 2,249,945
4. Unamortized Balance of Affected Benefits $ 40,055 $ 41,846 $ 43,512 n/a n/a

The above value of UVB is used in the determination of withdrawal liability. The plan of benefits for the April 30, 2016 calculation is the same as
described in Section 6.1 except as noted below:

1, Benefits which are first effective May 1, 2016 or later are not reflected in the UVB as of April 30, 2016.

2. Death benefits unrelated to pension benefits and disability benefits other than those in pay status are not included in the UVB.

The actuarial basis is the same as used in the May 1, 2016 actuarial valuation of the plan as described in Section 5 except that, as indicated, the
market value of assets is used in the determination of UVB. As described in Section 1.6, the actuarial basis for withdrawal liability purposes has

changed since the May I, 2015 valuation.

Withdrawal liabilities are determined using the presumptive method as described in ERISA Section 421 1(b).

The McKeogh Company -22- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00892


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

TABLE OF CONTENTS

Transmittal Letter

Part I — Discussion of Principal Valuation Results

1.
1;
13
lL.
1.
a
i

NaAWRWDEL

Valuation Highlights

Comparison of Key Valuation Results With Those of Prior Valuations
Plan Experience During Prior Year

Funded Status Under ASC Topic 960 and PPA “06

Summary of Investment Performance

Statement of Changes From Prior Valuation

Projections

Part II — Valuation Results

Summary Statistics

Actuarial Accrued Liability and Current Liability

Normal Cost Under Attained Age Normal Funding Method

Development of Minimum Required Contribution — Summary
Development of Minimum Required Contribution — Amortization Record
Development of Minimum Required Contribution — Pull Funding Limitation
Funding Standard Account Information

Estimated Maximum Deductible Contribution

Estimated Maximum Deductible Contribution — Full Funding Limitation
Presentation of ASC Topic 960 Disclosures

Historical ASC Topic 960 Information

Withdrawal Liability Information

NAUK

CM94:00865


2 aAwe YD

10.

Th
12,
13,

APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/ PN: 23-6445411/ 001

Exhibit 7a1

Most Recent 3 Actuarial Valuations

Section 2.6

Development of Minimum Required Contribution - Full Funding Limitation

Accrued
Liability RPA ‘94
Under Current
Entry Age Liability
Liability (Beginning of Year) $ 5,551,182 9,116,013
Normal Cost $ 83,575 110,481
Expected Disbursements During Year $ 568,230 568,230
Assumed Interest Rate 750% 3.37%
Projected Liability (End of Year) $ 5,468,210 $ 8,959,702
Applicable Percentage 100% 90%
Assets
a. Market Value $ 2,675,929 N/A
b. Actuarial Value $ 2,997,728 $ 2,997,728
c. Lesser of (a) and (b) $ 2,675,929 $ 2,997,728
Credit Balance $ ti) N/A
Assets Projected to End of Year $ 2,287,470 $ 2,633,404
Initial Full Funding Limitation (FFL) $ 3,180,740 $ 5,430,328
=(5) x (6)- (9)
Full Funding Limitation, not less than RPA '94 FFL $ 5,430,328 N/A
Total Net Charges from Section 2.4 $ 342,743 N/A
Full Funding Credits = ((12) - (11), not less than 0) $ 0 N/A

The McKeogh Company

-16-

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00986


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.5

Development of Minimum Required Contribution - Amorti ion Record

(Continued)
Date of First Outstanding Amortization
Initial Charge Remaining Balance Charge or
Amount or Credit Period Beg. of Year Credit
2. Amortization Credits
a. 1988 Assumption Change $ 51,731 S/1/1988 3.000 $ 11,352 $ 4,075
b, 1997 Assumption Change 20,826 5/1/1997 12.000 13,657 1,640
c. 2009 Method Change 305,178 5/1/2009 4,000 148,915 41,358
d. 2013 Plan Change 67,606 5/1/2013 13.000 62,236 7,124
e. 2015 Assumption Change 14,540 5/1/2015 15,000 14,540 1,532
i Total Credits $ 250,700 $ 55,729
3. Credit Balance/(Funding Deficiency) $ (667,200)
4. Balance Test = (1) - (2) - (3) $ 1,296,846
5. Unfunded Actuarial Accrued Liability $ 1,296,846
The McKeogh Company -15- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00935


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 3.3

Changes in Assets from Prior Valuation*

Plan Year Ending April 30,

2015 2014 2013 2012 2011
Market Value of Assets at Beginning of Year $ 2,858,830 $ 2,984,245 $ 3,169,221 $ 3,693,387 $ 3,658,987
Income During Year
Employer contributions $ 199,141 $ 143,335 $ 190,077 $ 175,457 $ 237,169
Investment income
Interest and dividends $ 64,161 §$ 81,866 $ 70,314 $ 75,514 $ 84.511
Recognized and unrecognized gains (losses) 139,061 225,378 144,161 (100,498) 354,356
Investment expenses (14,163) (17,347) (25,613) _______ (28.837) (29,470)
Total net investment income $ 189,059 $ 289,897 $ 188,862 $ (53,821) $ 409,397
Other Income $ 434 $ 7733 $ 0 $ 0 $ 0
Total Income $ 388,634 §$ 434,005 $ 378,939 §$ 121,636 $ 646,566
Disbursements
Benefits $ 514,756 $ 501,704 $ 494,706 $ 498,307 $ 489,771
rative Expenses 56,779 57,716 69,209 147,495 122,395
0 0 0 0 0
Total Disbursements $ 571,535 $ 559,420 $ 563,915 $ 645,802 $ 612,166
Market Value of Assets at End of Year $ 2,675,929 $ 2,858,830 $ 2,984,245 $ 3,169,221 $ 3,693,387
* Per Auditor's Reports
The Mckeogh Company -25- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00946


PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

Normal Cost Under Attained Age Normal Funding Method

APPLICATION FOR A PARTITION ORDER FOR

EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.3

Unfunded Liability

1

2:
3
4.
5
6.

. Unfunded Liability as of May 1 (prior year)

. Normal Cost (prior year)

. Employer Contributions (prior year)
Interest

. Assumption or Plan Change

. Unfunded Liability as of May 1
=(1) +@2)- GB) +4) +6)

Normal Cost

1s
2
3:
4

. Present Value of Future Normal Cost

wv

Present Value of Future Benefits
. Actuarial Value of Assets

Unfunded Accrued Liability as of May 1

=) -@)-G)

. Normal Cost (without expenses)
. Assumed Expenses

» Normal Cost

Plan Year Beginning May 1,

2016 2015 2014 2013 2012
$ 1,296,846 $ 1,196,482 $ 1,039,202 982,971 777,007
233,514 215,522 212,079 229,984 306,212
264,227 199,141 143,335 190,077 175,457
104,988 98,523 88,536 83,930 75,209
0 (14,540) 0 (67,606) 0
$ 1,371,121 $ 1,296,846 $ — 1,196,482 1,039,202 982,971
N/A $ 5,727,391 $ 5,868,733 5,909,294 6,189,236
N/A 2,997,728 3,290,172 3,507,465 3,683,497
N/A 1,296,846 1,196,482 1,039,202 982,971
N/A $ 1,432,817 $ ‘1,382,079 1,362,627 1,522,768
N/A $ 173,514 $ 155,522 152,079 169,984
N/A 60,000 60,000 60,000 60,000
N/A $ 233,514 $ 215,522 212,079 229,984

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company

is

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00882


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 3.2

Summary of Plan Assets*

As of May 1
2015 2014 2013 2012 2011

Mutual Funds $ 2,562,936 $ 2,781,200 $ 465,443 $ 469,364 $ 516,473
Money Market Mutual Funds 4,732 10,881 40,546 54,874 58,090
Cash and Cash Equivalents 58,555 56,518 88,302 54,674 87,620
U.S. Government and Agency Obligations 0 0 225,790 252,526 309,671
Common Stock 0 0 1,623,110 1,822,186 2,191,299
Corporate Obligations 0 0 227,216 205,969 190,516
Managed Funds - limited partnerships 0 i) 290,567 301,374 324,069
Prepaid Expenses 5,867 2,726 9,830 7,877 6,983
Receivables 55,296 16,751 31,337 34,652 47,339
Accounts Payable and Other Liabilities (11,457) (9,246) (17,896) (34,275) (38,673)
Net Assets Available for Benefits $ 2,675,929 $ 2,858,830 $ 2,984,245 $ 3,169,221 $ 3,693,387
* Per Auditor's Reports

The McKeogh Company -24- Plasterers and Cement Masons

Local No, 94 Pension Fund

CM94:00995


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Active Participant Age/Service Distribution as of May 1, 2015

Years of Credited Service

Attained Age _ Under 1 lto4 Sto9  10tol4 15t019  20to24 25t029 30 to34 —35to39 40 & Up Totals

Under 25 0 0 0 0 0 0 0 0 0 0 0
25 to 29 0 0 0 0 0 0 0 0 0 0 0
30 to 34 0 0 0 0 Q Q 0 0 0 0 0
35 to 39 2 0 1 0 0 0 0 0 0 vt) 3
40 to 44 1 0 2 0 0 1 0 0 0 0 4
45 to 49 0 1 1 0 0 py 0 0 0 0 4
50 to 54 i 0 0 0 1 0 2 0 0 0 4
55 to 59 2 0 0 0 1 0 I 0 Uv) 0 4
60 to 64 2 0 0 1 0 0 0 0 0 0 3
65 to 69 0 9 i} 0 0 0 9 0 0 0 0
M&Up 0 0 0 0 0 0 0 a) 0 ot

Total 8 1 4 1 2 3i 3. 0 0 0 22
Average Age: 49.5
Average Service: 10.2
The McKeogh Company -29- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:01001


APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/ PN: 23-6445411/ 001
Exhibit 7a1

Most Recent 3 Actuarial Valuations

Historical ASC Topic 960 Information

Present Value of Market
Vested Accum. Value

May 1, Benefits Benefits of Assets
2015 $ 5,385,190 $ 5,505,564 $ 2,675,929
2014 5,483,299 5,628,074 2,858,830
2013 5,538,738 5,660,398 2,984,245
2012 5,419,166 5,561,499 3,169,221
2011 5,723,959 5,920,947 3,693,387
2010 5,652,685 5,835,987 3,658,987
2009 5,357,260 5,553,003 3,183,421
2008 5,247,226 5,480,144 4,039,398

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

Section 2.11

$7M

$6M

$oM

$am

$3M

$2m

$iM

$om

2008

I

(a PY Non-Vested Benefits
tm PV Vested Benefits

arket Value

2009

2010

2011

2012 2013 2014 2015

The McKeogh Company

OT

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00941


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

PART IV

DEMOGRAPHIC INFORMATION

CM94:00899


Minimum Funding Requirement

PPA 706 Certification

Rehabilitation Plan

Covered Employment

Investments

Withdrawal Liability

APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 1.1

Valuation Highlights

For the Plan Year ending April 30, 2015, employer contributions of $199,141 did not satisfy the minimum
funding requirement which was $873,718 (including the $548,733 funding deficiency, with interest). For the
Plan Year ending April 30, 2016, preliminary employer contributions of $252,000 will not satisfy the minimum
funding requirement which is $1,059,983 (including the $717,240 funding deficiency, with interest). The
resulting funding deficiency will be added to the following year’s funding requirement.

The Plan was certified to be in critical and declining status for the Plan Year beginning May 1, 2015 and for the
Plan Year beginning May 1, 2016. See Section 1.7 for PPA 706 projections.

The Trustees adopted a Rehabilitation Plan on March 25, 2011 that called for reductions in benefits and
increases in the hourly contribution rate. The Rehabilitation Plan was last amended November 13, 2015. The
employer contribution rate of $9.30 is assumed to remain level for all subsequent Plan Years, consistent with
the current Rehabilitation Plan.

For purposes of the projections shown in this report, participants were assumed to work 21,000 hours of
covered employment in each Plan Year beginning on or after May 1, 2016,

The return on the actuarial value of assets (net of investment expenses) for the year ending April 30, 2015 was
2.58%, lower than the 7.50% assumption. The return on the market value of assets (net of investment
expenses) for the year ending April 30, 2015 was 7.09%.

Withdrawal liability is based, in part, on the unfunded vested benefit liability and the value of affected benefits.
Affected benefits are reductions in non-forfeitable benefits made in accordance with a Rehabilitation Plan.

The unfunded vested benefit liability increased from $2.62 million as of April 30, 2014 to $2.71 million as of
April 30, 2015. The unamortized balance of affected benefits decreased from $43,512 as of April 30, 2014 to
$41,846 as of April 30, 2015.

The McKeogh Company

-1- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00970


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 5.2

Actuarial Assumptions

Interest Rate (Net of Investment Expenses)

For RPA ’94 Current Liability 3.22% per year
For All Other Purposes 7,00% per year
Administrative Expenses $60,000 as of beginning of the year
Mortality -- Healthy lives RP-2014 Blue Collar table projected generationally with MP-2016 improvement scale
starting from 2014.
-- Disabled lives RP-2014 Disabled Retiree table projected generationally with MP-2016 improvement
scale starting from 2014.
RPA’94 Current Liability Mortality Gender distinct RP-2000 mortality, with combined rates for annuitants and non-
(Healthy and Disabled lives) annuitants, as issued by the IRS for 2016 valuations.
Disablement Rates SOA 1987 Group LTD Table — Males, 6-month elimination.
Varying by age as illustrated:
Age Rate
25 0.000854
40 0.001760
55: 0.009770
The McKeogh Company -33- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00906


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.2

Actuarial Accrued Liability and Current Liability as of May 1, 2015

Liabilities
Active
Inactive Vested
All Persons in Pay Status
Total

Expected Changes in Liabilities

Expected Increase in Liability Due to Benefits Accruing During Year

Expected Disbursements During Year

Assumptions
Assumed Interest Rate

Assumed Mortality
Assets and RPA '94 Funded Percentage

Actuarial Value of Assets as of May 1, 2015
RPA 794 Funded Current Liability Percentage

* Vested portion of RPA ’94 Current Liability for Actives is $1,629,036.

Accrued
Liability RPA ‘94
Under Current
Number Entry Age Liability
22 $ 843,945 $ 1,828,585 *
13 327,359 950,598
62 4,379,878 6,336,830
97 $ 5,551,182 $ 9,116,013
$ 83,575 $ 110,481
$ 568,230 $ 568,230
7.50% 3.37%

RP-2000 Blue
Collar w Scale AA
proj to 2011

RP-2000 combined,
for 2015 valuations

$ 2,997,728
32.9%

The McKeogh Company

-U-

Plasterers and Cement Masons
Local No, 94 Pension Fund

CM94:00931


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 4.3

Inactive Participant Information as of May 1, 2016

Disabled Retirees Healthy Retirees and Beneficiaries
Age Last Total Average Age Last Total Average
Birthday Count _ Annual Benefit Annual Benefit Birthday Count Annual Benefit Annual Benefit
<45 0 $ 0 $ 0 <55 0 $ 0 $ 0
45-49 0 0 0 55-59 1 6,905 6,905
50-54 1 15,624 15,624 60-64 0 0 0
s5=59 1 23,204 23,204 65-69 9 114,443 12,716
60 — 64 2 41,687 20,844 10-74 6 35,948 5,991
65-69 1 16,082 16,082 75-79 15 106,918 7,128
>70 5 49,989 9,998 > 80 20 100,105 5,005
Total 10 $ 146,586 $ 14,659 Total Sl $ 364,320 $ 7144
Terminated with Deferred Benefits
Age Last Total Average
Birthday Count Annual Benefit _Annual Benefit
<45 4 $ 28,008 $ 7,002
45 ~ 49 7 68,333 9,762
50-54 2 24,320 12,160
55-59 1 10,277 10,277
60 — 64 0 0 0
65 - 69 0 0 0
>70 0 OF oe 0
Total 14 $ 130,936 $ 9,353
The McKeogh Company -30- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00902


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.5

Development of Minimum Required Contribution - Amorti ion Record

Date of First Outstanding Amortization
Initial Charge Remaining Balance Charge or

Amortization Charges Amount or Credit Period Beg. of Year Credit

a. Initial Unf. AAL, $ 483,570 5/1/1978 3.000 $ 92,687 $ 33,156
b. 1978 Plan Change 27,725 S/L/1978 3.000 5,592 2,021
c 1979 Plan Change 59,656 5/1/1979 4.000 15,779 4,388
d, 1986 Plan Change 150,869 5/1/1986 1.000 11,919 11,919
e. 1988 Plan Change 69,706 5/1988 3.000 15,373 5,490
f. 1992 Plan Change 46,254 5/1/1992 7.000 20,751 3,643
g. 1993 Plan Change 42,955 5/1/1993 8.000 21,319 3,383
h, 1994 Plan Change 89,224 S/I/1994 9.000 48,175 7,028
He 1996 Plan Change 101,422 5/1/1996 11.000 62,843 7,988
i 1997 Plan Change 148,112 S//1997 12.000 96,998 11,666
k. 1998 Plan Change 148,875 5/1/1998 13.000 102,427 11,726
1, 2000 Plan Change 162,280 5/1/2000 15.000 121,286 12,782
m. 2001 Plan Change 42,708 5/1/2001 16.000 33,056 3,364
n, 2004 Assumption Change 100,955 5/1/2004 19.000 85,125 7,952
o. 2007 Assumption Change 137,636 5/1/2007 22.000 123,728 10,841
p. 2008 Assumption Change 35,099 5/1/2008 8.000 23,288 __ 3,699
q. Total Charges $ 880,346 $ 141,046

The McKeogh Company -14- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00934


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1

Most Recent 3 Actuarial Valuations

Comparison of Key Valuation Results With Those of Prior Valuations

Contributions
Minimum Funding Requirement
Actual Employer Contributions
Maximum Deductible Contribution (Estimated)
Liabilities and Normal Cost
Unfunded Liability
Normal Cost
Accrued Liability Under Entry Age Normal
Normal Cost Under Entry Age Normal
Present Value of Accum. Benefiis (ASC Topic 960)
Present Value of Vested Benefits (ASC Topic 960)
RPA '94 Current Liability
Assets
Market Value
Actuarial Value
Participant Counts
Active
Persons with Deferred Benefits
Disabled Retirees
Healthy Retirees and Beneficiaries
Total
PPA '06 Certification Results
Plan Status (Zone)
Funded Percentage (Actuarial Value Basis)
* Estimated

Section 1.2

Plan Year Beginning May 1

2015 2014 2013 2012 2011
$ 1,059,983 $ 873,718 $ 659,094 509,549 333,184
252,000 * 199,141 143,335 190,077 175,457
9,910,179 9,501,255 9,359,439 8,412,177 8,298,274
$ 1,296,846 $ 1,196,482 $ 1,039,202 982,971 777,007
233,514 215,522 212,079 229,984 306,212
$ 5,551,182 $ 5,671,603 $ 5,671,277 5,851,606 6,110,393
83,575 83,821 89,784 98,832 162,700
5,505,564 5,628,074 5,660,398 5,561,499 5,920,947
5,385,190 5,483,299 5,538,738 5,419,166 5,723,959
9,116,013 9,033,858 9,087,285 8,459,464 8,522,831
$ 2,675,929 $ 2,858,830 $ 2,984,245 3,169,221 3,693,387
2,997,728 3,290,172 3,507,465 3,683,497 3,972,317
22. 23 25 24 21
13: 14 14 14 16
10 10 10 9 9
52 53 54 56 58
97 100 103 103 104
Red & Decl. Zone Red Zone Red Zone Red Zone Red Zone
54.2% 59.6% 63.9% 62.3% 69.2%

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company

-2-

Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00971


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

PART III

ASSET INFORMATION

CM94:00993


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 6.1

Plan Provisions

(Continued)
Post-Disability Retirement Death Benefit
Eligibility Death of retiree in receipt of disability pension.
Benefit 50% of the participant’s pension is paid to the Surviving Spouse for life or to minor child (children) until age 18.

Normal and Optional Forms of Payment

Retirement benefits under the plan are payable in six forms:
Straight Life Option (Normal Form for non-married Participants)
Five Year Certain and Continuous Option
Ten Year Certain and Continuous Option
Joint and 50% Survivor Option (Normal Form for married Participants)
Joint and 75% Survivor Option
Joint and 100% Survivor Option

Disability benefit payable as Straight Life Option only

Actuarial Equivalence The normal form of pension is payable for the lifetime of the Participant. Optional forms of payment are payable with
actuarial adjustments outlined in Appendix A of the Plan document, Lump sums are determined based on IRC Section
417(e)(3) applicable interest rates (with 2-month look bac) and mortality table.

Changes to the Plan of Benefits

There were no changes to the plan of benefits since the prior valuation.

Future Changes to the Plan of Benefits

The following changes will be reflected in the May |, 2017 Valuation:

« Effective March 15, 2017, the Disability Benefit and Post-Disability Retirement Death Benefit were eliminated. Participants who became

Disabled before March 15, 2017 will still be eligible for the Post-Disability Death Benefit.
« Effective March 15, 2017, the Pop-Up Benefit will be eliminated for Participants who elect a Joint and Survivor Annuity.

The McKeogh Company -38- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00912


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

PART V

ACTUARIAL BASIS

CM94:00954


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations
Section 1.6

Statement of Changes from Prior Valuation
Actuarial Basis - Mandated Changes
The following changes were made to the actuarial basis from the prior year:
1, The prescribed interest rate for RPA '94 Current Liability purposes was changed from 3.37% to 3.22%.

2. The prescribed mortality assumption for RPA '94 Current Liability purposes was changed from the RP-2000 Table for 2015
valuation dates to the RP-2000 Table for 2016 valuation dates, with combined rates for annuitants and non-annuitants

Actuarial Basis ~ Optional Changes

To better reflect historical and anticipated actuarial experience, the following changes were reflected for funding and withdrawal liability purposes

as of May I, 2016:

1. The interest rate for valuation purposes was changed from 7.50% to 7.00%.

2. The healthy mortality assumption was changed from the RP-2000 Blue Collar Table, projected to 2011 with Scale AA to the RP-2014 Blue
Collar Table projected generationally with MP-2016 improvement scale starting from 2014.

3. The disabled mortality assumption was changed from the RP-2000 Blue Collar Table, projected to 2011 with Scale AA to the RP-2014 Disabled
Retiree Table projected generationally with MP-2016 improvement scale for starting from 2014.

The marital assumption for active and terminated vested participants was changed from 100% to 80%,
The retirement rates for active participants were changed to include a retirement assumption from ages 55 to 61 as shown in Section 5.2.
The retirement rates for terminated vested participants were changed from assumed age 65 to an age-based table as shown in Section 5.2.

The withdrawal rates were changed to the rates shown in the table in Section 5.2.

eas

The assumed annual future service assumption was changed from 0.70 years of credited service to 1.00 years of credited service per year
of covered employment.

9. The assumed form of payment for future retirements was changed from Single Life Annuity for all participants to 50% Joint and Survivor
Annuity for married participants and Single Life Annuity for unmarried participants.

Plan of Benefits
‘There were no changes in the plan of benefits reflected since the prior valuation.

Contribution Rates
There were no changes to the hourly contribution rate since the prior valuation (the rate remains at $9.30 per hour).

The McKeogh Company -6- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00875


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/PN: 23-6445411 / 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

The McKeogh Company

This valuation has been prepared on an ongoing plan basis and the use of this report for purposes other than those
enumerated above may be inappropriate.

To the best of our knowledge and belief, all Plan participants as of May 1, 2016 and all Plan provisions in effect on that date
have been reflected in the valuation. Participant data were furnished by the Plan Administrator and financial information
was taken from the Plan’s audited financial statements.

We hereby certify that all of our calculations have been in conformity with generally accepted actuarial principles and
practices, and that the actuarial assumptions are reasonable and represent our best estimate of the anticipated experience
under the Plan.

We will be pleased to review this report at your convenience.

Respectfully submitted,
Redacted by the U.S. Department

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

Treasury

James J. McKeogh, F.S.A. Boris A, Vaynblat, F.S.A.

NAIS25\2016\Valuation\RepoctiP&CMO4 Val Report 2016 v6 dee

Four Tower Bridge # Suite 225 » 200 Barr Harbor Drive « West Conshohocken, PA 19428 « Phone: (484) 530-0692 « Facsimile (484) 530-0713
SS I PS I OS ESS PETE SESE

CM94:00868


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 6.1

Plan Provisions

The following is a brief summary of principal plan provisions as in effect on the valuation date. Plan provisions which apply infrequently or to a limited
group of participants may be omitted from this summary. The plan document will govern if there is any discrepancy with this summary.

Effective Date
Participation Date
Definitions

Covered Employment

Credited Service

Vesting Service

May 1, 1967. Amended and restated effective November 13, 2015.

Each Employee (including leased employees) shall become a Participant upon commencement of work in Covered
Employment during a Plan Year.

Employment under the terms of a collective bargaining agreement or participation agreement.

As of any given date, the sum of (i) and (ii) below:

(i) Credited Service as of April 30, 1996 under the terms and provisions of the Plan as in effect on that date.

(ii) For Plan Years beginning on or after May 1, 1996, 1/20" of a year is credited for each 70 hours of Covered
Employment in a Plan Year, Less than 280 hours during a Plan Year receives no credit.

As of any given date, the sum of (i) and (ii) below:
(i) Vesting Service as of April 30, 1996 under the terms and provisions of the Plan as in effect on that date.
(ii) For Plan Years beginning on or after May 1, 1996, one year of vesting service is credited for each Plan Year in

which a Participant receives 1,000 or more hours of Covered Employment. 1/20" of a year is credited for each 70
hours of Covered Employment in a Plan Year. Less than 280 hours during a Plan Year receives no credit.

The McKeogh Company

-35- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00909


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.10

Presentation of ASC Topic 960 Disclosures

As of May 1,
Present Value of Accumulated Benefits 2015 2014 2013 2012 2011
1. Vested Accumulated Benefits
a. Persons in Pay Status $ 4,379,878 $ 4,433,426 $ 4,427,978 $ 4,074,938 $ 4,501,415
b. Persons with Deferred Benefits 327,359 357,195 334,295 503,106 546,945
c. Active Participants 677,953 692,678 _ 776,465 841,122 _ 675,599
d. Total $ 5,385,190 $ 5,483,299 $ 5,538,738 $ 5,419,166 $ 5,723,959
2. Present Value of Non-Vested Accumulated Benefits $ 120,374 $ 144,775 $ 121,660 $ 142,333 $ 196,988
3. Total Present Value of Accumulated Benefits $ 5,505,564 $ 5,628,074 $ 5,660,398 $ 5,561,499 $ 5,920,947
4, Market Value of Assets $ 2,675,929 $ 2,858,830 $ 2,984,245 $ 3,169,221 $ 3,693,387
Reconciliation of Present Value of Accumulated Benefits
1. Present Value of Accumulated Benefits, Beginning of Year $ 5,628,074 $ 5,660,398 $ 5,561,499 $ $5,920,947
2. Changes During the Year due to:
a. Benefits Accumulated During the Year* $ 3,984 $ 63,664 $ 262,650 $ (284,968)
b. Decrease in the Discount Period 402,802 405,716 398,561 423,827
c. Benefits Paid (514,756) (501,704) (494,706) (498,307)
d. Plan Amendment 0 0 (67,606) 0
e, Assumption Change (14,540) 0 0 0
f. Total Change $ (122,510) $ (32,324) $ 98,899 $ (359,448)
3. Present Value of Accumulated Benefits, End of Year $ 5,505,564 $ 5,628,074 $ 5,660,398 $ 5,561,499
* Includes the effects of actuarial experience gains and losses.
Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.
The McKeogh Company -20- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00940


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

PART IV

DEMOGRAPHIC INFORMATION

CM94:00949


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

The McKeogh Company

Plasterers and Cement Masons Local No. 94 Pension Fund

Actuarial Valuation Report for Plan Year
Beginning May 1, 2016 and Ending April 30, 2017

November, 2017

CM94:00864


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 1.6

Statement of Changes trom Prior Valuation

Actuarial Basis

There were three changes in the actuarial basis from the prior year:
1. The prescribed interest rate for RPA '94 Current Liability purposes was changed from 3.61% to 3.37%.

2, The prescribed mortality assumption for RPA ‘94 Current Liability purposes was changed from the RP-2000 Table for 2014
valuation dates to the RP-2000 Table for 2015 valuation dates, with combined rates for annuitants and non-annuitants,

3. Assumed retirement age for terminated vested participants was changed from age 64 to age 65.
Plan of Benefits
There were no changes in the plan of benefits since the prior valuation,

Contribution Rates
‘There were no changes to the hourly contribution rate since the prior valuation (the rate remains at $9.30 per hour).

The McKeogh Company -6- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00975


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations
Section 3.5

Investment Rates of Return

Plan Year Ending April 30,

2015 2014 2013 2012 2011
Market Value of Assets
Market Value as of Beginning of Year $ 2,858,830 $ 2,984,245 § 3,169,221 §$ 3,693,387 3,658,987
Employer Contributions During Year 199,141 143,335 190,077 175,457 237,169
Disbursements During Year $71,535 559,420 $63,915 645,802 612,166
Market Value as of End of Year $ 2,675,929 $ 2,858,830 $ 2,984,245 $ 3,169,221 3,693,387
Investment Income (Net of Inv. Exp.) 189,493 290,670 188,862 (53,821) 409,397
Average Value of Assets $ 2,672,633 $ 2,776,203 $ 2,982,302 $ 3,458,215 3,471,489
Rate of Return During Year 7.09% 10.47% 6.33% -1.56% 11.79%
Actuarial Value of Assets
Actuarial Value as of Beginning of Year $ 3,290,172 $ 3,507,465 $ 3,683,497 § 3,972,317 4,088,697
Employer Contributions During Year 199,141 143,335 190,077 175,457 237,169
Disbursements During Year 571,535 559,420 563,915 645,802 612,166
Actuarial Value as of End of Year $ 2,997,728 § 3,290,172 $ 3,507,465 $ 3,683,497 3,972,317
Investment Income (Net of Inv. Exp.) $ 79,950 $ 198,792 $ 197,806 $ 181,525 258,617
Average Value of Assets $ 3,103,975 $ 3,299,423 $ 3,496,578 $ 3,737,145 3,901,199
Rate of Return During Year 2.58% 6.03% 5.66% 486% 6.63%
The McKeogh Company -27- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00998


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

The McKeogh Company
2 x SS

November 16, 2017

Board of Trustees,

Plasterers and Cement Masons Local No. 94 Pension Fund
c/o PATH Administrators

4785 Linglestown Road, Suite 200

P.O. Box 6480

Harrisburg, PA 17112

Dear Trustees:

This report presents the results of the actuarial valuation of the Plasterers and Cement Masons Local No. 94 Pension Fund as
of May 1, 2016. The primary purposes of the report are to:

= Determine the minimum funding requirements of ERISA and Sections 412 and 430 of the Internal Revenue
Code for the Plan Year ending April 30, 2017.
= Estimate the limitation on maximum deductible contributions.

= Compare the minimum funding requirement to the contributions expected to be paid by the contributing
employers.

= Develop information required to be disclosed in accordance with FASB Accounting Standards Codification
(ASC) Topic 960 Plan Accounting — Defined Benefit Pension Plans and Schedule MB (Form 5500).

= Calculate the Unfunded Vested Benefit Liability (UVB) for withdrawal liability purposes under the
Multiemployer Pension Plan Amendments Act of 1980.

= Report on the Plan’s status with respect to the Pension Protection Act of 2006 (“PPA ‘06”), as amended.

Four Tower Bridge Suite 225 » 200 Barr Harbor Drive * West Conshohocken, PA 19428 * Phone: (484) 530-0692 « Facsimile (484) 530-0713
Sa a EI TL I I PT TI NTT EE EERTIEE]

CM94:00867


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 1.7

Credit Balance Projection Projected Funding Standard Account Credit Balance

wm

om

The Funding Standard Account Credit Balance is a measure of compliance with
ERISA’s minimum funding standards. A non-negative Credit Balance indicates that san
minimum funding standards have been met. A negative Credit Balance indicates that 4u | —
minimum funding standards have not been met. The graph to the right shows an om
anticipated funding deficiency throughout the projection period. This projection

su -

assumes that there are no future contribution increases or benefit changes. ei

”
‘009 2011 20132016 2087 209 2021 2023 2026 0272028 2031 10332036

These projections are based on a number of key assumptions which are highlighted below. Actual future credit balance values will differ from these
projections to the extent that future experience deviates from the projection assumptions.

Funded Percentage Projection

The funded percentage is an important concept under funding reform. Under the 100% iieneon habe enerak sear
Pension Protection Act of 2006, a plan is generally considered “critical” (in the Red (Ett
Zone) if there is a funding deficiency projected within 4 years if the funded percentage rr

exceeds 65%, or within 5 years if the funded percentage falls below 65% (other factors
may apply). The funded percentage is measured by the actuarial value of assets

divided by the present value of accrued benefits (determined using funding Her,
assumptions). The graph to the right illustrates that the Plan’s funded percentage as of — [as

100%

180%

: ‘ rey A “hoo wet fois aie aon mois gon wean tea goa? Tom moot ao me
the valuation date is below 65% (54%) and is anticipated to decrease during the

projection period, resulting in plan insolvency in the Plan Year beginning
May 1, 2025.

The McKeogh Company -7- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00976


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 3.4

Development of Actuarial Value of Assets

1. Market Value of Assets as of May 1, 2015 $ 2,675,929
2. Contributions during year $ 264,227
3. Disbursements during year $ 589.356
4, Expected investment income at valuation rate of 7.50% $ 188,782
per annum, net of investment expense
5. Expected Market Value of Assets as of April 30, 2016 $ 2,539,582,
6. Actual Market Value of Assets as of April 30, 2016 $ 2,315,124
7. Gain/(Loss) during year $ (224,458)
8. Unrecognized Prior Gain/(Loss)
Year Ending Original Unrecognized Unrecognized
April 30 Gain/(Loss) Percentage Amount

2016 $ (224,458) 80% $ (179,566)

2015 (11,251) 60% $ (6,751)

2014 82,141 40% $ 32,856

2013 (35,107) 20% $ (7,021)

2009 (951,417) 20% $ (190,283)

Total $ (350,765)
9, Preliminary Actuarial Value of Assets as of May 1, 2016 = (6) - (8) $ 2,665,889
10. Actuarial Value of Assets as of May 1, 2016 $ 2,665,889

= (9) but not more than 120% of (6) nor less than 80% of (6)
11. Actuarial Value of Assets as a Percentage of Market Value 115.2%
The Mckeogh Company -26- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00897


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 5.2

| Actuarial Assumptions

Interest Rate (Net of Investment Expenses)

i For RPA ’94 Current Liability 3.37% per year
| For All Other Purposes 7.50% per year
Administrative Expenses $60,000 as of beginning of the year
Mortality (Healthy and Disabled lives) Gender distinct RP-2000 mortality with Blue Collar adjustment and combined

rates for annuitants and non-annuitants, projected to 2011 with Scale AA. No
mortality improvement after the valuation date was assumed.

i RPA’94 Current Liability Mortality Gender distinct RP-2000 mortality, with combined rates for annuitants and
| (Healthy and Disabled lives) non-annuitants, as issued by the IRS for 2015 valuations.
\ Disablement Rates SOA 1987 Group LTD Table — Males, 6-month elimination.
| Varying by age as illustrated:
Age Rate
|
| 25 0.000854
| 40 0.001760
| 55 0.009770
The McKeogh Company -33- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00956


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Active Participant Age/Service Distribution as of May 1, 2015

Years of Credited Service

Attained Age _ Under 1 lto4 Sto9  10tol4 15t019  20to24 25t029 30 to34 —35to39 40 & Up Totals

Under 25 0 0 0 0 0 0 0 0 0 0 0
25 to 29 0 0 0 0 0 0 0 0 0 0 0
30 to 34 0 0 0 0 Q Q 0 0 0 0 0
35 to 39 2 0 1 0 0 0 0 0 0 vt) 3
40 to 44 1 0 2 0 0 1 0 0 0 0 4
45 to 49 0 1 1 0 0 py 0 0 0 0 4
50 to 54 i 0 0 0 1 0 2 0 0 0 4
55 to 59 2 0 0 0 1 0 I 0 Uv) 0 4
60 to 64 2 0 0 1 0 0 0 0 0 0 3
65 to 69 0 9 i} 0 0 0 9 0 0 0 0
M&Up 0 0 0 0 0 0 0 a) 0 ot

Total 8 1 4 1 2 3i 3. 0 0 0 22
Average Age: 49.5
Average Service: 10.2
The McKeogh Company -29- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00951


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

PART I

VALUATION RESULTS

CM94:00879


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1

Most Recent 3 Actuarial Valuations

Comparison of Key Valuation Results With Those of Prior Valuations

Contributions
Minimum Funding Requirement
Actual Employer Contributions
Maximum Deductible Contribution (Estimated)
Liabilities and Normal Cost
Unfunded Liability
Normal Cost
Accrued Liability Under Entry Age Normal
Normal Cost Under Entry Age Normal
Present Value of Accum. Benefiis (ASC Topic 960)
Present Value of Vested Benefits (ASC Topic 960)
RPA '94 Current Liability
Assets
Market Value
Actuarial Value
Participant Counts
Active
Persons with Deferred Benefits
Disabled Retirees
Healthy Retirees and Beneficiaries
Total
PPA '06 Certification Results
Plan Status (Zone)
Funded Percentage (Actuarial Value Basis)
* Estimated

Section 1.2

Plan Year Beginning May 1

2015 2014 2013 2012 2011
$ 1,059,983 $ 873,718 $ 659,094 509,549 333,184
252,000 * 199,141 143,335 190,077 175,457
9,910,179 9,501,255 9,359,439 8,412,177 8,298,274
$ 1,296,846 $ 1,196,482 $ 1,039,202 982,971 777,007
233,514 215,522 212,079 229,984 306,212
$ 5,551,182 $ 5,671,603 $ 5,671,277 5,851,606 6,110,393
83,575 83,821 89,784 98,832 162,700
5,505,564 5,628,074 5,660,398 5,561,499 5,920,947
5,385,190 5,483,299 5,538,738 5,419,166 5,723,959
9,116,013 9,033,858 9,087,285 8,459,464 8,522,831
$ 2,675,929 $ 2,858,830 $ 2,984,245 3,169,221 3,693,387
2,997,728 3,290,172 3,507,465 3,683,497 3,972,317
22. 23 25 24 21
13: 14 14 14 16
10 10 10 9 9
52 53 54 56 58
97 100 103 103 104
Red & Decl. Zone Red Zone Red Zone Red Zone Red Zone
54.2% 59.6% 63.9% 62.3% 69.2%

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company

-2-

Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00921


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 6.1

Plan Provisions

(Continued)

Normal and Optional Forms of Payment

Actuarial Equivalence

Employer Contributions

Retirement benefits under the plan are payable in six forms:

Straight Life Option

Five Year Certain and Continuous Option
Ten Year Certain and Continuous Option
Joint and 50% Survivor Option

Joint and 75% Survivor Option

Joint and 100% Survivor Option

Disability benefit payable as Straight Life Option only

The normal form of pension is payable for the lifetime of the Participant. Optional forms of payment are
payable with actuarial adjustments outlined in Appendix A of the Plan document. Lump sums are determined
based on IRC Section 417(e)(3) applicable interest rates (with 2-month look back) and mortality table.

Employers make contributions to fund the plan in accordance with the terms of collective bargaining
agreements. Employee contributions are neither required nor permitted. The hourly contribution rates are as

follows:

Period

Hourly Rate

The McKeogh Company

5/1/2006-4/30/2007 $4.60
5/1/2007-4/30/2008 $5.60
5/1/2008-4/30/2009 $6.10
5/1/2009-4/30/2010 $7.10
5/1/2010-4/30/2012 $8.10
5/1/2012-4/30/2014 $9.10
5/1/2014 and later $9.30
-39-

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00963


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Withdrawal Liability Information

As of April 30,

1. Present Value of Vested Benefits 2015 2014 2013 2012 2011

a. Active Participants $ 677,953 $ 692,678 $ 716,465 $ 841,122

b. Persons with Deferred Benefits 327,359 357,195 334,295 503,106

c, Retirees and Beneficiaries 4,379,878 4.433.426 4,427,978 4,074,938

d. Total $ 5,385,190 $ 5,483,299 $ 5,538,738 $ 5,419,166 Not Available
2. Market Value of Assets $ 2,675,929 $ 2,858,830 $ 2,984,245 § 3,169,221 $ 3,693,387
3 Unfunded Vested Benefit Liability (UVB) $ 2,709,261 $ 2,624,469 $ 2,554,493 $ 2,249,945 Not Available
4. Unamortized Balance of Affected Benefits $ 41,846 $ 43,512 n/a n/a n/a

The above value of UVB is used in the determination of withdrawal liability. ‘he plan of benefits for the April 30, 2015 calculation is the same as
described in Section 6,1 except as noted below:

1. Benefits which are first effective May 1, 2015 or later are not reflected in the UVB as of April 30, 2015,
2. Death benefits unrelated to pension benefits and disability benefits other than those in pay status are not included in the UVB.

‘The actuarial basis is the same as used in the May 1, 2015 actuarial valuation of the plan as described in Section 5 except that, as indicated, the
market value of assets is used in the determination of UVB.

Withdrawal liabilities are determined using the presumptive method as described in ERISA Section 4211(b).

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only,

The McKeogh Company -22- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00942


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/ PN: 23-6445411/ 001
Exhibit 7a1

Most Recent 3 Actuarial Valuations

Section 4.4

Reconciliation of Participants

Terminated Retirees
With Deferred — Disabled and
Actives Benefits Participants Beneficiaries Total

Counts as of May 1, 2015 22 13 10 52 97

New Entrants. 7 0 0 0 7

Rehired 0 0 0 0 0

Terminated without Vesting Q) 0 0 0 @)

Terminated with Vesting Cl) L 0 0 0

Became Disabled 0 0 0 0 0

Retired 0 0 0 0 0

Died 0 0 0 ay 1)

New Beneficiaries 0 0 0 0 0

Data Corrections 0 0 0 0 0
Net Change 3 1 0 qd) 3
Counts as of May 1, 2016 25 14 10 51 100

-31- Plasterers and Cement Masons

Local No. 94 Pension Fund

The McKeogh Company

CM94:00903


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations
TABLE OF CONTENTS
Page
Transmittal Letter
Part I— Discussion of Principal Valuation Results
11 Valuation Highlights 1
12) Comparison of Key Valuation Results With Those of Prior Valuations 2
33 Plan Experience During Prior Year 3
14 Funded Status Under ASC Topic 960 and PPA ‘06 4
1S Summary of Investment Performance 5
16 Statement of Changes From Prior Valuation 6
17 Projections 7
Part I — Valuation Results
24 Summary Statistics 10
2.2 Actuarial Accrued Liability and Current Liability i
2.3 Normal Cost Under Attained Age Normal Funding Method 12
2.4 Development of Minimum Required Contribution — Summary 13
2.5 Development of Minimum Required Contribution — Amortization Record 14
2.6 Development of Minimum Required Contribution — Full Funding Limitation 16
2.7 Funding Standard Account Information 7
2.8 Estimated Maximum Deductible Contribution 18
2.9 Estimated Maximum Deductible Contribution — Full Funding Limitation 19
2.10 Presentation of ASC Topic 960 Disclosures 20
2.11 Historical ASC Topic 960 Information 21
2.12 Withdrawal Liability Information 22

CM94:00915


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.5

Development of Minimum Required Contribution - Amorti ion Record

Date of First Outstanding Amortization
Initial Charge Remaining Balance Charge or

Amortization Charges Amount or Credit Period Beg. of Year Credit

a. Initial Unf. AAL, $ 483,570 5/1/1978 3.000 $ 92,687 $ 33,156
b. 1978 Plan Change 27,725 S/L/1978 3.000 5,592 2,021
c 1979 Plan Change 59,656 5/1/1979 4.000 15,779 4,388
d, 1986 Plan Change 150,869 5/1/1986 1.000 11,919 11,919
e. 1988 Plan Change 69,706 5/1988 3.000 15,373 5,490
f. 1992 Plan Change 46,254 5/1/1992 7.000 20,751 3,643
g. 1993 Plan Change 42,955 5/1/1993 8.000 21,319 3,383
h, 1994 Plan Change 89,224 S/I/1994 9.000 48,175 7,028
He 1996 Plan Change 101,422 5/1/1996 11.000 62,843 7,988
i 1997 Plan Change 148,112 S//1997 12.000 96,998 11,666
k. 1998 Plan Change 148,875 5/1/1998 13.000 102,427 11,726
1, 2000 Plan Change 162,280 5/1/2000 15.000 121,286 12,782
m. 2001 Plan Change 42,708 5/1/2001 16.000 33,056 3,364
n, 2004 Assumption Change 100,955 5/1/2004 19.000 85,125 7,952
o. 2007 Assumption Change 137,636 5/1/2007 22.000 123,728 10,841
p. 2008 Assumption Change 35,099 5/1/2008 8.000 23,288 __ 3,699
q. Total Charges $ 880,346 $ 141,046

The McKeogh Company -14- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00984


Minimum Funding Requirement

PPA 706 Certification

Rehabilitation Plan

Covered Employment

Investments

Withdrawal Liability

APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 1.1

Valuation Highlights

For the Plan Year ending April 30, 2015, employer contributions of $199,141 did not satisfy the minimum
funding requirement which was $873,718 (including the $548,733 funding deficiency, with interest). For the
Plan Year ending April 30, 2016, preliminary employer contributions of $252,000 will not satisfy the minimum
funding requirement which is $1,059,983 (including the $717,240 funding deficiency, with interest). The
resulting funding deficiency will be added to the following year’s funding requirement.

The Plan was certified to be in critical and declining status for the Plan Year beginning May 1, 2015 and for the
Plan Year beginning May 1, 2016. See Section 1.7 for PPA 706 projections.

The Trustees adopted a Rehabilitation Plan on March 25, 2011 that called for reductions in benefits and
increases in the hourly contribution rate. The Rehabilitation Plan was last amended November 13, 2015. The
employer contribution rate of $9.30 is assumed to remain level for all subsequent Plan Years, consistent with
the current Rehabilitation Plan.

For purposes of the projections shown in this report, participants were assumed to work 21,000 hours of
covered employment in each Plan Year beginning on or after May 1, 2016,

The return on the actuarial value of assets (net of investment expenses) for the year ending April 30, 2015 was
2.58%, lower than the 7.50% assumption. The return on the market value of assets (net of investment
expenses) for the year ending April 30, 2015 was 7.09%.

Withdrawal liability is based, in part, on the unfunded vested benefit liability and the value of affected benefits.
Affected benefits are reductions in non-forfeitable benefits made in accordance with a Rehabilitation Plan.

The unfunded vested benefit liability increased from $2.62 million as of April 30, 2014 to $2.71 million as of
April 30, 2015. The unamortized balance of affected benefits decreased from $43,512 as of April 30, 2014 to
$41,846 as of April 30, 2015.

The McKeogh Company

-1- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00920


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 5.1

Actuarial Methods

Actuarial Cost Method

The Actuarial Cost Method for determining the Normal Cost and the minimum required contribution is the Attained Age Normal Cost
Method and is the same method used in the prior valuation.

Asset Valuation Method

The Actuarial Value of Assets (AVA) is determined using an adjusted market value. Under this method, a preliminary AVA is determined as
the market value of assets on the valuation date less a decreasing fraction (4/5, 3/5, 2/5, 1/5) of the gain or loss in each of the preceding four
years. The gain or loss for a given year is the difference between the actual investment return (on a market-to-market basis) and the assumed
investment return based on the market value of assets at the beginning of the year and actual cash flow. The AVA is then the preliminary
AVA subject to a minimum and maximum value equal to 20% below and 20% above market value, respectively.

The method used to determine the actuarial value of assets is the same as that used in the prior valuation.
This asset valuation method was modified according to the terms of the Preservation of Access to Care for Medicare Beneficiaries and

Pension Relief Act of 2010. Effective May 1, 2009, the 2008 investment loss on the market value of assets is recognized over ten years,
instead of five years.

The McKeogh Company -32- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:01005


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

TABLE OF CONTEN’

Part I — Asset Information

3.1 Historical Asset Information

32 Summary of Plan Assets

33 Changes in Assets From Prior Valuation
3.4 Development of Actuarial Value of Assets
3.5 Investment Rates of Return

Part [V — Demographic Information

4.1 Historical Participant Information

42 Active Participant Age/Service Distribution
43 Inactive Participant Information

44 Reconciliation of Participants

Part V ~ Actuarial Basis

5.1 Actuarial Methods

52 Actuarial Assumptions
Part VI— Summary of Plan Provisions

61 Plan Provisions

Page

35

CM94:00916


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 3.2

Summary of Plan Assets*

As of May 1
2015 2014 2013 2012 2011

Mutual Funds $ 2,562,936 $ 2,781,200 $ 465,443 $ 469,364 $ 516,473
Money Market Mutual Funds 4,732 10,881 40,546 54,874 58,090
Cash and Cash Equivalents 58,555 56,518 88,302 54,674 87,620
U.S. Government and Agency Obligations 0 0 225,790 252,526 309,671
Common Stock 0 0 1,623,110 1,822,186 2,191,299
Corporate Obligations 0 0 227,216 205,969 190,516
Managed Funds - limited partnerships 0 i) 290,567 301,374 324,069
Prepaid Expenses 5,867 2,726 9,830 7,877 6,983
Receivables 55,296 16,751 31,337 34,652 47,339
Accounts Payable and Other Liabilities (11,457) (9,246) (17,896) (34,275) (38,673)
Net Assets Available for Benefits $ 2,675,929 $ 2,858,830 $ 2,984,245 $ 3,169,221 $ 3,693,387
* Per Auditor's Reports

The McKeogh Company -24- Plasterers and Cement Masons

Local No, 94 Pension Fund

CM94:00945


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 5.1

Actuarial Methods

Actuarial Cost Method

The Actuarial Cost Method for determining the Normal Cost and the minimum required contribution is the Attained Age Normal Cost
Method and is the same method used in the prior valuation.

Asset Valuation Method

The Actuarial Value of Assets (AVA) is determined using an adjusted market value. Under this method, a preliminary AVA is determined as
the market value of assets on the valuation date less a decreasing fraction (4/5, 3/5, 2/5, 1/5) of the gain or loss in each of the preceding four
years. The gain or loss for a given year is the difference between the actual investment return (on a market-to-market basis) and the assumed
investment return based on the market value of assets at the beginning of the year and actual cash flow. The AVA is then the preliminary
AVA subject to a minimum and maximum value equal to 20% below and 20% above market value, respectively.

The method used to determine the actuarial value of assets is the same as that used in the prior valuation.
This asset valuation method was modified according to the terms of the Preservation of Access to Care for Medicare Beneficiaries and

Pension Relief Act of 2010. Effective May 1, 2009, the 2008 investment loss on the market value of assets is recognized over ten years,
instead of five years.

The McKeogh Company -32- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00955


Normal Retirement

Eligibility

Benefit

Early Retirement
Eligibility

Benefit

APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 6.1

Plan Provisions

(Continued)

Age requirement: 65
Service requirement: 5 years since date of first participation.
A monthly benefit equal to the sum of (i), (ii) and (iii) below:
(i) The product of (A) and (B) below:

(A) $10.00, and

(B) Years of Credited Service determined as of April 30, 1982.
(ii) The product of (A) and (B) below:

(A) $77.50, and

(B) Years of Credited Service from May 1, 1982 through April 30, 2013.
(iii) The product of (A) and (B) below:

(A) $33.00, and

(B) Years of Credited Service after May 1, 2013.

Attainment of age 55 and completion of fifteen years of Credited Service.

The Normal Retirement Benefit described above reduced by 1/200" (0.5%) for each full month that the benefit
commencement date precedes the Participant’s Normal Retirement Date. The monthly reduction was 1/360" for
retirements prior to May 1, 2013.

The McKeogh Company

-36- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00910


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 3.3

Changes in Assets from Prior Valuation*

Plan Year Ending April 30,

2015 2014 2013 2012 2011
Market Value of Assets at Beginning of Year $ 2,858,830 $ 2,984,245 $ 3,169,221 $ 3,693,387 $ 3,658,987
Income During Year
Employer contributions $ 199,141 $ 143,335 $ 190,077 $ 175,457 $ 237,169
Investment income
Interest and dividends $ 64,161 §$ 81,866 $ 70,314 $ 75,514 $ 84.511
Recognized and unrecognized gains (losses) 139,061 225,378 144,161 (100,498) 354,356
Investment expenses (14,163) (17,347) (25,613) _______ (28.837) (29,470)
Total net investment income $ 189,059 $ 289,897 $ 188,862 $ (53,821) $ 409,397
Other Income $ 434 $ 7733 $ 0 $ 0 $ 0
Total Income $ 388,634 §$ 434,005 $ 378,939 §$ 121,636 $ 646,566
Disbursements
Benefits $ 514,756 $ 501,704 $ 494,706 $ 498,307 $ 489,771
rative Expenses 56,779 57,716 69,209 147,495 122,395
0 0 0 0 0
Total Disbursements $ 571,535 $ 559,420 $ 563,915 $ 645,802 $ 612,166
Market Value of Assets at End of Year $ 2,675,929 $ 2,858,830 $ 2,984,245 $ 3,169,221 $ 3,693,387
* Per Auditor's Reports
The Mckeogh Company -25- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00996


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Summary Statistics

Plan Year Beginning May 1,

2015 2014 2013 2012 2011

Number of Plan Participants

Active 22 23 25 24 21

Persons with Deferred Benefits 13 14 14 14 16

Disabled Retirees 10 10 10 9 9

Healthy Retirees and Beneficiaries a $2 530 54 56 58

Total 97 100 103 103 104
Assets

Market Value $ 2,675,929 $ 2,858,830 $ 2,984,245 $ 3,169,221 $ 3,693,387

Actuarial Value 2,997,728 3,290,172 3,507,465 3,683,497 3,972,317
Liabilities and Normal Cost

Funding Method Attained Age Norm. Attained Age Norm. Attained Age Norm. — Attained Age Norm. —_ Attained Age Norm.

Unfunded Liability $ 1,296,846 $ 1,196,482 $ 1,039,202 $ 982,971 $ 777,007

Normal Cost 233,514 215,522 212,079 229,984 306,212

Accrued Liability Under Entry Age Normal $ 5,551,182 *  $ 5,671,603 $ 5,671,277 $ 5,851,606 $ 6,110,393

Normal Cost Under Entry Age Normal 83,575 83,821 89,784 98,832 162,700

RPA '94 Current Liability 9,116,013 9,033,858 9,087,285 8,459,464 8,522,831
Contributions

Minimum Funding Requirement $ 1,059,983 $ 873,718 § 659,094 $ 509,549 § 333,184

Actual Employer Contributions 252,000 * 199,141 143,335 190,077 175,457

Maximum Deductible Contribution (Estimated) 9,910,179 9,501,255 9,359,439 8,412,177 8,298,274

*Estimated

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company -10- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00980


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations
Section 2.9
Estimated Maximum Deductible Contribution - Full Funding Li n
Acerued
Liability RPA ‘94.
Under Current
Entry Age Liability
1. Liability (Beginning of Year) $ 5,551,182 $ 9,116,013
2. Normal Cost $ 83,575 $ 110,481
3. Expected Disbursements During Year $ 568,230 $ 568,230
4, Assumed Interest Rate 7.50% 3.37%
5. Projected Liability (End of Year) $ 5,468,210 $ 8,959,702
6. Applicable Percentage 100% 90%
7. Assets
a. Market Value $ 2,675,929 N/A
b. Actuarial Value $ 2,997,728 $ 2,997,728
c. Lesser of (a) and (b) $ 2,675,929 $ 2,997,728
8. Assets Projected to End of Year $ 2,287,470 $ 2,633,404
9, Full Funding Limitation (FFL) $ 3,180,740 $ 5,430,328
= (5) x (6) ~ (8)
10. IRC Section 404 Full Funding Limitation
= Greater of ERISA FFL and RPA '94 FFL $ 5,430,328
The McKeogh Company -19- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00989


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 3.1

Historical Asset Information

Beginning Change in Market Value of Assets During Plan Year
Plan Year of Year Net End of Year End of Year

Ending Market Value Investment Benefit Market Value Actuarial Value

April 30 of Assets Contributions Return Payments Expenses of Assets of Assets
2015 $ 2,858,830 $ 199,141 189,493 $ 514,756 $ 56,779 $ 2,675,929 $ 2,997,728
2014 2,984,245 143,335 290,670 501,704 57,716 2,858,830 3,290,172
2013 3,169,221 190,077 188,862 494,706 69,209 2,984,245 3,507,465
2012 3,693,387 175,457 (53,821) 498,307 147,495 3,169,221 3,683,497
2011 3,658,987 237,169 409,397 489,771 122,395 3,693,387 3,972,317
2010 3,183,421 180,467 771,689 424,743 51,847 3,658,987 4,088,697
2009 4,039,398 226,369 (655,963) 375,848 50,535 3,183,421 3,820,105
2008 4,085,294 349,504 LY3i2 377,832 28,880 4,039,398 4,128,361

The McKeogh Company -23- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00994


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

TABLE OF CONTENTS
(Continued)

Part III — Asset Information

3.1 Historical Asset Information

3:2 Summary of Plan Assets

a3 Changes in Assets From Prior Valuation
3.4 Development of Actuarial Value of Assets
3.5 Investment Rates of Return

Part IV — Demographic Information

41 Historical Participant Information

4.2 Active Participant Age/Service Distribution
4.3 Inactive Participant Information

44 Reconciliation of Participants

Part V — Actuarial Basis

Suk Actuarial Methods

5.2 Actuarial Assumptions
Part VI - Summary of Plan Provisions

6.1 Plan Provisions
6.2 Employer Contributions

32
33

35
39

CM94:00866


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 6.1

Plan Provisions

(Continued)
Pop-Up Benefit
Eligibility A person who retires with a Normal or Early Retirement Pension and in the form of Joint and Survivor Annuity

and who is predeceased by his or her spouse.
Benefit The pension amount will be increased to the amount that would have been payable in the single life form of
pension.

Preretirement Death Benefit

Eligibility Participant dies after completing 5 years of Credited Service, but before Normal Retirement Age.
Benefit Surviving spouse receives a lifetime monthly pension equal to 50% of the benefit that would be payable if the

Participant would have retired with a Husband-Wife 50% Pension on the day prior to death, reduced for
payment prior to Normal Retirement Date.

Post-Disability Retirement Death Benefit

Eligibility Death of retiree in receipt of disability pension.
Benefit 50% of the participant’s pension is paid to the Surviving Spouse for life or to minor child (children) until age
18.
The McKeogh Company -38- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:01012


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Most Recent 3 Actuarial Valuations

Exhibit 7a1

1.4

Section 1.4

Funded Status Under ASC Topic 960 and PPA '06

During the Plan Year ended April 30, 2015, the plan’s funded status for purposes of Accounting Standards Codification Topic 960 (defined as the ratio

of the market value of plan assets to the present value of accumulated plan benefits) decreased from 50.8% to 48.6%. In that same year, the plan's
funded status for purposes of the Pension Protection Act of 2006 (defined as the ratio of the actuarial value of plan assets to the present value of
accumulated plan benefits) decreased from 58.5% to 54.4%. An 8-year history of these measures is shown below.

Funded Percentage

Assets Present Value (PPA '06)

Market Actuarial of Accumulated Market Actuarial
May 1, Value Value Plan Benefits Value Value
2015 $ 2,675,929 $ 2,997,728 $ 5,505,564 48.6% 54.4%
2014 2,858,830 3,290,172 5,628,074 50.8% 58.5%
2013 2,984,245 3,507,465 5,660,398 52.7% 62.0%
2012 3,169,221 3,683,497 5,561,499 57.0% 66.2%
2011 3,693,387 3,972,317 5,920,947 62.4% 67.1%
2010 3,658,987 4,088,697 5,835,987 62.7% 70.1%
2009 3,183,421 3,820,105 5,553,003 57.3% 68.8%
2008 4,039,398 4,128,361 5,480,144 2.1% 75.3%

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company

-4-

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00973


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.4

Development of Minimum Required Contributio ummary

Plan Year Ending April 30,

2016 2015 2014 2013 2012
1. Normal Cost $ 233,514 § 215,522 $ 212,079 $ 229,984 306,212
2. Net Amortization 85,317 86,790 88,602 92,320 83,410
3. Interest 23,912 22,673, 22,551 24,173 29,222
4. Total Net Charges $ 342,743 $ 324,985 $ 323,232 $ 346,477 418,844
5. Credit Balance/(Funding Deficiency) with Interest  $ (717,240) $ (548,733) $ (335,862) $ (163,072) 85,660
6. Full Funding Credit (See Section 2.7) $ 0 $ 0 $ 0 $ 0 0
7. Minimum Required Contribution $ 1,059,983 $ 873,718 $ 659,094 $ 509,549 333,184

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company -13-

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00933


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

PARTI

DISCUSSION OF PRINCIPAL VALUATION RESULTS

CM94:00919


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/PN: 23-6445411 / 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

The McKeogh Company

This valuation has been prepared on an ongoing plan basis and the use of this report for purposes other than those
enumerated above may be inappropriate.

To the best of our knowledge and belief, all Plan participants as of May 1, 2015 and all Plan provisions in effect on that date
have been reflected in the valuation. Participant data were furnished by the Plan Administrator and financial information
was taken from the Plan’s audited financial statements.

We hereby certify that all of our calculations have been in conformity with generally accepted actuarial principles and
practices, and that the actuarial assumptions are reasonable and represent our best estimate of the anticipated experience
under the Plan.

We will be pleased to review this report at your convenience.

Respectfully submitted,
Redacted by the U.S. Department of the
Treasury

James J. McKeogh, F.S.A. Boris A. Vaynblat, F.S.A.

1N\1525120151Word\Reports\P&CM94 Val Report 2015 doc

Four Tower Bridge * Suite 225 © 200 Barr Harbor Drive * West Conshohocken, PA 19428 Phone: (484) 530-0692 * Facsimile (484) 530-0713
A LT a LE ET LT EL I SE TE MT ET ES EE IE oO a EE

CM94:00968


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

PART TIT

ASSET INFORMATION

CM94:00893


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/ PN: 23-6445411/ 001

Exhibit 7a1

Most Recent 3 Actuarial Valuations

Section 2.9

Estimated Maximum Deductible Con ion - Full Funding Limitation

ERISA RPA ‘94
Accrued Current
Liability Liability
1. _ Liability (Beginning of Year) $ 5,958,435 $ 9,126,112
2. Normal Cost $ 83,449 $ 110,246
3. Expected Disbursements During Year $ 565,390 $ 565,390
4. Assumed Interest Rate 7.00% 3.22%
5. Projected Liability (End of Year) $ 5,879,972 $ 8,959,348
6. Applicable Percentage 100% 90%
7. Assets
a. Market Value $ 2,315,124 N/A
b. Actuarial Value $ 2,665,889 $ 2,665,889
c. Lesser of (a) and (b) $ 2,315,124 $ 2,665,889
8. Assets Projected to End of Year $ 1,892,339 $ 2,267,657
9. Full Funding Limitation (FFL) $ 3,987,633 $ 5,795,756
= (5) x (6) — (8)
10. IRC Section 404 Full Funding Limitation
= Greater of ERISA FFL and RPA '94 FFL $ 5,795,756
The McKeogh Company -19- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00889


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations
Section 1.3

Plan Experience During Prior Year

‘The plan suffered poor investment experience during the year ended April 30, 2015 as it earned 7.09% on a market value basis and 2.58% on an
actuarial value basis as compared to the valuation interest rate assumption of 7.50%.

That “missed” return of 4.92% on an actuarial basis represents a loss in dollars of $153,145 which is combined with a net gain from liabilities of
$28,779. A 5-year history of actuarial gains/(losses) is shown below.

Plan Year Ending April 30,
2015 2014 2013 2012 2011

Investment Gain/(Loss) on an Actuarial Value Basis

In dollars $ (153,145) $ (48,979) $ (64,734) $ (98,651) $ (33,647)
As a percentage of assets 4.9% “1.5% -1.9% -2.6% -0.9%

Net Gains/(Losses) from Other Sources

In dollars $ 28,779 $ (58,481) $ (163,123) $ 222,387 $ (146,691)
As a percentage of actuarial liability 0.5% 1.0% 3.0% 3.7% -2,.5%
Total Experience Gain/(Loss) $ (124,366) $ (107,460) $ (227,857) $ 123,736 $ (180,338)

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company -3- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00972


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 4.2

Active Participant Age/Service Distribution as of May 1, 2016

Years of Credited Service

Attained Age Under 1 lto4 Sto9 10tol4 I5tol9 20to24 25t029 30 to34 35 to39 40 & Up Totals

Under 25 0 0 0 0 0 0 0 0 0 0 0
25 to 29 2 0 0) 0 0 0 0 0 0 0 2
30 to 34 i 2 0 0 0 0 0 0 0 0 3
35 to 39 0 1 0 0 0 0 0 0 0 0 1
40 to 44 1 0 2 0 0 0 0 0 0 3
45 to 49 1 1 0 0 0 3 0 0 0 0 5
50 to 54 i 0 1 0 1 0 2 0 0 0 5
55 to 59 2 0 0 0 1 0 1 0 0 0 4
60 to 64 0 1 0 1 0 0 0 0 0 0 2
65 to 69 0 0 0 0 0 0 0 0 0 a) 0
70 & Up oO oOo Oo 9 0 0 0 0 0 0 0

Total 8 5 3 1 2 3 3 0 0 0 25
Average Age: 46.6
Average Service: 12.5
The McKeogh Company -29- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00901


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.3

Normal Cost Under Attained Age Normal Funding Method

Plan Year Beginning May 1,

2015 2014 2013 2012 2011
Unfunded Liability
1. Unfunded Liability as of May 1 (prior year) $ 1,196,482 $ 1,039,202 $ 982,971 $ 777,007 720,933
2. Normal Cost (prior year) 215,522 212,079 229,984 306,212 230,070
3. Employer Contributions (prior year) 199,141 143,335 190,077 175,457 237,169
4. Interest 98,523 88,536 83,930 75,209 63,172
5. Assumption or Plan Change (14,540) 0 (67,606) 0 0
6. Unfunded Liability as of May 1 $ 1,296,846 $ 1,196,482 $ 1,039,202 $ 982,971 777,006
=(1) +2) -G) +4) +6)
Normal Cost
1. Present Value of Future Benefits $ 5,727,391 $ 5,868,733 $ 5,909,294 $ 6,189,236 6,450,577
2. Actuarial Value of Assets 2,997,728 3,290,172 3,507,465 3,683,497 3,972,317
3. Unfunded Accrued Liability as of May 1 1,296,846 1,196,482 1,039,202 982,971 777,006
4, Present Valuc of Future Normal Cost $ 1,432,817 $ 1,382,079 $ 1,362,627 $ 1,522,768 1,701,254
=(1) - 2)-G)
5. Normal Cost (without expenses) $ 173,514 §$ 155,522 $ 152,079 $ 169,984 183,212
6. Assumed Expenses 60,000 60,000 60,000 60,000 123,000
7. Normal Cost $ 233,514 $ 215,522 $ 212,079 $ 229,984 306,212

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company -12-

Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00982


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 4.4

Reconciliation of Participants

Terminated Retirees
With Deferred Disabled and
Actives Benefits Participants Beneficiaries Total

Counts as of May 1, 2014 23 14 10 53 100

New Entrants 4 0 0 i) 4

Rehired 0 0 0 0 0

Terminated without Vesting @G) 0 0 i) 3)

Terminated with Vesting (2) 2 0 0 0

Became Disabled 0 0 0 0 0

Retired 0 (2) 0 2 0

Died 0 (a) 0 (4) (5)

New Beueficiaries 0 6 ti) 1 L

Data Corrections 0 0 0 0 0
Net Change (1) (1) = 0 (1) (3)
Counts as of May 1, 2015 22 13 10 52 97

The McKeogh Company -31- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:01003


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 1.6

Statement of Changes trom Prior Valuation

Actuarial Basis

There were three changes in the actuarial basis from the prior year:
1. The prescribed interest rate for RPA '94 Current Liability purposes was changed from 3.61% to 3.37%.

2, The prescribed mortality assumption for RPA ‘94 Current Liability purposes was changed from the RP-2000 Table for 2014
valuation dates to the RP-2000 Table for 2015 valuation dates, with combined rates for annuitants and non-annuitants,

3. Assumed retirement age for terminated vested participants was changed from age 64 to age 65.
Plan of Benefits
There were no changes in the plan of benefits since the prior valuation,

Contribution Rates
‘There were no changes to the hourly contribution rate since the prior valuation (the rate remains at $9.30 per hour).

The McKeogh Company -6- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00925


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

PART HT

VALUATION RESULTS

CM94:00979


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

PART III

ASSET INFORMATION

CM94:00943


Mutual Funds

Money Market Mutual Funds

Cash and Cash Equivalents

U.S. Government and Agency Obligations
Common Stock

Corporate Obligations

Managed Funds - limited partnerships
Prepaid Expenses

Receivables

Accounts Payable and Other Liabilities

Net Assets Available for Benefits

* Per Auditor's Reports

APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1

Most Recent 3 Actuarial Valuations

Section 3.2

Summary of Plan Assets*

As of May 1,
2016 2015 2014 2013 2012

$ 2,196,551 $ 2,562,936 $ 2,781,200 $ 465,443 $ 469,364
4,986 4,732 10,881 40,546 54,874

86,017 58,555 56,518 88,302 54,674

0 0 0 225,790 252,526

0 0 0 1,623,110 1,822,186

0 0 0 227,216 205,969

0 0 0 290,567 301,374

3,006 5,867 2,726 9,830 7,877

41,981 55,296 16,751 31,337 34,652
(17,417) (11,457) | (9,246) (17,896) (34,275)

$. 2,315,124 $ 2,675,929 $ 2,858,830 $ 2,984,245 $ 3,169,221

The McKeogh Company

-24-

Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00895


Early Retirement
Eligibility

Benefit

Vested Termination

APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 6.1

Plan Provisions

Continued

Attainment of age 55 and completion of fifieen years of Credited Service.

The Normal Retirement Benefit described above reduced by 1/200" (0.5%) for each full month that the benefit
commencement date precedes the Participant’s Normal Retirement Date. The monthly reduction was 1/360"
for retirements prior to May 1, 2013.

Eligibility Participants who terminate after completing five or more years of Credited Service.

Benefit A deferred pension to commence on normal retirement date, based on Credited Service on the date of
termination, A Participant may elect to receive his or her pension beginning on or after age $5 and completion
of fifteen years of Credited Service, reduced by 1/200th (0.5%) for each full month that commencement
precedes age 65. The monthly reduction was 1/360" for retirements prior to May 1, 2013.

Disability Retirement

Eligibility Five years of Credited Service and disability continues for six months.

Benefit The Normal Retirement Benefit payable without reduction for commencement prior to Normal Retirement
Date.

The McKeogh Company -37- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00961


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 1.7

Projections

Credit Balance Projection

Projected Credit Balance (Funding Deficiency)

The Funding Standard Account Credit Balance is a measure of compliance with oo)
ERISA’s minimum funding standards. A non-negative Credit Balance indicates that st

aM
minimum funding standards have been met. A negative Credit Balance indicates that | .,,

minimum funding standards have not been met. The graph to the right shows an sau
anticipated funding deficiency throughout the projection period. This projection su
assumes that there are no future contribution increases.

These projections are based on a number of key assumptions which are highlighted Sota ia Ford Frat Er bdo ad teil chabert toa ahs

below. Actual future credit balance values will differ from these projections to the extent that future experience deviates from the projection assumptions.

Funded Percentage Projection

Soap i 7 Projected Funded Percentage (AV Basi:
The funded percentage is an important concept under funding reform. Under the ‘ere st age ere

Pension Protection Act of 2006, a plan is generally considered “critical” (in the Red nf oe teterrsssss
Zone) if there is a funding deficiency projected within 4 years if the funded o%

percentage exceeds 65%, or within 5 years if the funded percentage falls below 65% 0%

(other factors may apply). The funded percentage is measured as the actuarial value [*TM*
of assets divided by the present value of accrued benefits (determined using funding ["*
assumptions). The graph to the right illustrates that the Plan’s funded percentage as ze
of the valuation date is below 65% (45%) and is anticipated to decrease during the P%esoo aot Bois Fo1S Boi? novo TOR ton) 0a} _toT_amo au ama_—ane
projection period, resulting in plan insolvency in the Plan Year beginning
May 1, 2026.
The McKeogh Company -T- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00876


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 3.1

Historical Asset Information

Beginning Change in Market Value of Assets During Plan Year
Plan Year of Year Net End of Year End of Year

Ending Market Value Investment Benefit Market Value Actuarial Value

April 30 of Assets Contributions Return Payments Expenses of Assets of Assets
2015 $ 2,858,830 $ 199,141 189,493 $ 514,756 $ 56,779 $ 2,675,929 $ 2,997,728
2014 2,984,245 143,335 290,670 501,704 57,716 2,858,830 3,290,172
2013 3,169,221 190,077 188,862 494,706 69,209 2,984,245 3,507,465
2012 3,693,387 175,457 (53,821) 498,307 147,495 3,169,221 3,683,497
2011 3,658,987 237,169 409,397 489,771 122,395 3,693,387 3,972,317
2010 3,183,421 180,467 771,689 424,743 51,847 3,658,987 4,088,697
2009 4,039,398 226,369 (655,963) 375,848 50,535 3,183,421 3,820,105
2008 4,085,294 349,504 LY3i2 377,832 28,880 4,039,398 4,128,361

The McKeogh Company -23- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00944


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
' EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 4.1

Historical Participant Information

Terminated All Other Ratio of
w/ Deferred Disabled Persons Inactives to
May 1 Actives Benefits Retirees in Pay Status Total Actives
2015 22 13 10 52. oF 340.9%
| 2014 23 4 10 53 100 334.8%
| 2013 25 14 10 54 103 312.0%
| 2012 24 14 9 56 103 329.2%
2011 21 16 9 58 104 395.2%
| 2010 23 16 8 57 104 352.2%
| 2009 31 17 6 54 108 248.4%
2008 45 B 7 55 120 166.7%
i
i
|
|
|
|
| The McKeogh Company -28- Plasterers and Cement Masons

Local No. 94 Pension Fund

|

CM94:00950


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 1.3

Plan Experience During Prior Year

The plan suffered poor investment experience during the year ended April 30, 2016 as it earned -1.42% on a market value basis and -0.24% on an
actuarial value basis as compared to the valuation interest rate assumption of 7.50%.

That “missed” return of 7.74% on an actuarial basis represents a loss in dollars of $219,627 which is combined with a net loss from liabilities of
$53,371. A 5-year history of actuarial gains/(losses) is shown below.

Plan Year Ending April 30,
2016 2015 2014 2013 2012

Investment Gain/(Loss) on an Actuarial Value Basis

In dollars $ (219,627) $ (153,145) § (48,979) $ (64,734) $ (98,651)
As a percentage of assets 7.7% 4.9% -1.5% -1.9% -2.6%

Net Gains/(Losses) from Other Sources

In dollars $ (53,371) $ 28,779 $ (58,481) $ (163,123) $ 222,387
As a percentage of actuarial liability 0.9% 0.5% 1.0% 3.0% 3.7%
Total Experience Gain/(Loss) $ (272,998) $ (124,366) $ (107,460) $ (227,857) $ 123,736
The McKeogh Company -3- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00872


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 1.7

Projections

* Administrative expenses of $60,000 per year starting May 1, 2016 and increasing 2% per year.

* Current differences between the market value of assets and the actuarial value of assets are phased in during the projection period in accordance
with the regular operation of the asset valuation method.

* Election made by the Trustees on May 31, 2011 under the Pension Relief Act of 2010 to:

o Change the asset valuation method in a manner which spreads the difference between expected and actual returns for the May 1, 2008 -
April 30, 2009 Plan Year over a period of 10 years, and

o Change the asset valuation method in a manner which provides that the May 1, 2009 value of Plan Assets shall not be less than 80 percent
or greater than 130 percent of the fair market value of such assets at such time.

Activity in the industry (including future covered employment and contribution levels) is based upon information provided by the plan sponsor.

Actual future valuation results will differ from those projected to the extent that future experience deviates from these projection assumptions.

The McKeogh Company -9- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00978


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations
Section 3.5

Investment Rates of Return

Plan Year Ending April 30,

2015 2014 2013 2012 2011
Market Value of Assets
Market Value as of Beginning of Year $ 2,858,830 $ 2,984,245 § 3,169,221 §$ 3,693,387 3,658,987
Employer Contributions During Year 199,141 143,335 190,077 175,457 237,169
Disbursements During Year $71,535 559,420 $63,915 645,802 612,166
Market Value as of End of Year $ 2,675,929 $ 2,858,830 $ 2,984,245 $ 3,169,221 3,693,387
Investment Income (Net of Inv. Exp.) 189,493 290,670 188,862 (53,821) 409,397
Average Value of Assets $ 2,672,633 $ 2,776,203 $ 2,982,302 $ 3,458,215 3,471,489
Rate of Return During Year 7.09% 10.47% 6.33% -1.56% 11.79%
Actuarial Value of Assets
Actuarial Value as of Beginning of Year $ 3,290,172 $ 3,507,465 $ 3,683,497 § 3,972,317 4,088,697
Employer Contributions During Year 199,141 143,335 190,077 175,457 237,169
Disbursements During Year 571,535 559,420 563,915 645,802 612,166
Actuarial Value as of End of Year $ 2,997,728 § 3,290,172 $ 3,507,465 $ 3,683,497 3,972,317
Investment Income (Net of Inv. Exp.) $ 79,950 $ 198,792 $ 197,806 $ 181,525 258,617
Average Value of Assets $ 3,103,975 $ 3,299,423 $ 3,496,578 $ 3,737,145 3,901,199
Rate of Return During Year 2.58% 6.03% 5.66% 486% 6.63%
The McKeogh Company -27- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00948


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 1.5

Summary of Investment Performance

A summary of the investment returns during the 8 years preceding the valuation date are shown below.

Average Return *

2011 222013, 2014s

Plan Year Single-Year Return Over 5-Year Period
Ending Valuation Actuarial Market Actuarial Market
April30, Assumption Value Value Value Value e
25%
2015 7.50% 2.58% 7.09% 5.14% 6.72%
20%
2014 7.50% 6.03% 10.47% 764% 10.15%
18%
2013 7.50% 5.66% 6.33% 5.81% 4.11% 10%
2012 7.50% 4.86% -1.56% 6.68% 2.90% ef
2011 7.50% 6.63% 11.79% N/A N/A o%
2
2010 7.50% 15.38% 25.42% N/A N/A 5% 4
2009 7.50% -2,69% -16.65% N/A N/A 10%
2008 7.50% 10.04% 0.28% N/A N/A 15%

* Time-Weighted Basis

—e— Actuarial Value Return
ee Markot Value Return

-20%

— = Assumption

Note: Values shown priot to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company

Se

Plasterers and Cement Masons
Local No, 94 Pension Fund

CM94:00974


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 6.1

Plan Provisions

The following is a brief summary of principal plan provisions as in effect on the valuation date. Plan provisions which apply infrequently or
to a limited group of participants may be omitted from this summary. The plan document will govern if there is any discrepancy with this

summary.

Effective Date
Participation Date
Definitions

Covered Employment

Credited Service

Vesting Service

May 1, 1967. Amended and restated effective November 14, 2014.

Each Employee (including leased employees) shall become a Participant upon commencement of work in
Covered Employment during a Plan Year.

Employment under the terms of a collective bargaining agreement or participation agreement.

As of any given date, the sum of (i) and (ii) below:

(i) Credited Service as of April 30, 1996 under the terms and provisions of the Plan as in effect on that date.

(ii) For Plan Years beginning on or after May 1, 1996, 1/20" of a year is credited for each 70 hours of
Covered Employment in a Plan Year, Less than 280 hours during a Plan Year receives no credit.

As of any given date, the sum of (i) and (ii) below:

(60) Vesting Service as of April 30, 1996 under the terms and provisions of the Plan as in effect on that date,

(ii) For Plan Years beginning on or after May 1, 1996, one year of vesting service is credited for each Plan
Year in which a Participant receives 1,000 or more hours of Covered Employment. 1/20"" of a year is

credited for each 70 hours of Covered Employment in a Plan Year. Less than 280 hours during a Plan
Year receives no credit.

The McKeogh Company

-35- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00959


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7al
Most Recent 3 Actuarial Valuations
Section 1.7

Projections

Zone Projections Projection of Credit Balance Showing Zones

As shown in the graph to the right, the plan is projected to be in critical and declining
status for the Plan Year beginning May 1, 2016. A plan is generally in critical and
declining status if it is in critical status and is projected to become insolvent within 15-20
years. Actual future credit balance values will differ from those projected to the extent
that future experience deviates from the Projection Assumptions. Again, this graph is
based on the Projection Assumptions shown below.

mM
2012019 «2016 2017 2019 2021 07)._a076 2027 ~—<028 ~<a 20232008
1aRe6 & Dachag BRed Zone AOrenge Zone _aYelow Zone _wGiean Zone

Projection Assumptions

The Plan’s assets, liabilities and funding standard account credit balance were projected forward from the May 1, 2015 valuation based on the following
assumptions:

All valuation assumptions, other than investment return, are met during the projection period. The Plan’s investment return reflects the actual
investment return on the market value of assets for the Plan Year beginning May 1, 2015 of 7.09% and the assumption of 7.50% (net of investment
expenses) per year from May 1, 2016 forward.

The contribution rate is assumed to remain at the rate in effect on May 1, 2015 ($9.30 per hour) for the duration of the projection period,
consistent with the current Rehabilitation Plan.

Covered employment, as measured by the number of expected annual contribution hours worked, is projected to be 21,000 per year beginning
May 1, 2016.

Future benefit payments are based on an open group projection, reflecting the May 1, 2015 census data and assuming the active population
remains level in future years. Future new hires were assumed to have demographics equal to new hires from the prior Plan Year. The resulting
benefit payments are expected to be $496,000 during the plan year beginning May 1, 2016, gradually decreasing to $423,000 during the Plan Year
beginning May 1, 2025, and then increasing, with minor year-to-year fluctuations, to $452,000 in the Plan Year beginning May 1, 2035.

The McKeogh Company -8- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00927


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Most Recent 3 Actuarial Valuations

Exhibit 7a1

1.4

Section 1.4

Funded Status Under ASC Topic 960 and PPA '06

During the Plan Year ended April 30, 2015, the plan’s funded status for purposes of Accounting Standards Codification Topic 960 (defined as the ratio

of the market value of plan assets to the present value of accumulated plan benefits) decreased from 50.8% to 48.6%. In that same year, the plan's
funded status for purposes of the Pension Protection Act of 2006 (defined as the ratio of the actuarial value of plan assets to the present value of
accumulated plan benefits) decreased from 58.5% to 54.4%. An 8-year history of these measures is shown below.

Funded Percentage

Assets Present Value (PPA '06)

Market Actuarial of Accumulated Market Actuarial
May 1, Value Value Plan Benefits Value Value
2015 $ 2,675,929 $ 2,997,728 $ 5,505,564 48.6% 54.4%
2014 2,858,830 3,290,172 5,628,074 50.8% 58.5%
2013 2,984,245 3,507,465 5,660,398 52.7% 62.0%
2012 3,169,221 3,683,497 5,561,499 57.0% 66.2%
2011 3,693,387 3,972,317 5,920,947 62.4% 67.1%
2010 3,658,987 4,088,697 5,835,987 62.7% 70.1%
2009 3,183,421 3,820,105 5,553,003 57.3% 68.8%
2008 4,039,398 4,128,361 5,480,144 2.1% 75.3%

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company

-4-

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00923


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.5

Development of Minimum Required Contribution - Amortization Record

(Continued)
Date of First Outstanding Amortization
Initial Charge Remaining Balance Charge or
Amount or Credit Period Beg. of Year Credit
2. Amortization Credits
a. 1988 Assumption Change $ 51,731 S//1988 2.000 $ 7,823 $ 4,044
b. 1997 Assumption Change 20,826 5997 11.000 12,918 1,610
c. 2009 Method Change 305,178 5/1/2009 3.000 115,624 41,176
d. 2013 Plan Change 67,606 5/1/2013 12.000 59,245 6,971
ce. 2015 Assumption Change 14,540 1/2015 14.000 13,984 1,494
Total Credits $ 209,594 $ 551295;
3. Credit Balance/(Funding Deficiency) $ (785,967)
4, Balance Test = (1) - (2) - (3) $ 3,292,546
5. Unfunded Actuarial Accrued Liability $ 3,292,546
The McKeogh Company -15- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00885


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/PN: 23-6445411 / 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

The McKeogh Company

Plasterers and Cement Masons Local No. 94 Pension Fund

Actuarial Valuation Report for Plan Year
Beginning May 1, 2015 and Ending April 30, 2016

November, 2016

CM94:00914


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/PN: 23-6445411 / 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

The McKeogh Company

This valuation has been prepared on an ongoing plan basis and the use of this report for purposes other than those
enumerated above may be inappropriate.

To the best of our knowledge and belief, all Plan participants as of May 1, 2015 and all Plan provisions in effect on that date
have been reflected in the valuation. Participant data were furnished by the Plan Administrator and financial information
was taken from the Plan’s audited financial statements.

We hereby certify that all of our calculations have been in conformity with generally accepted actuarial principles and
practices, and that the actuarial assumptions are reasonable and represent our best estimate of the anticipated experience
under the Plan.

We will be pleased to review this report at your convenience,

Respectfully submitted,
Redacted by the U.S. Department of the Treasury

James J. McKeogh, F.S.A- Roris A. Vaynblat,

[NAIS2S(201S:WardReport\PRCMOM Val Report 2015 doe

Four Tower Bridge « Suite 225 * 200 Barr Harbor Drive « West Conshohocken, PA 19428 « Phone: (484) 530-0692 « Facsimile (484) 530-0713
Se SE EE ESET I BS EE EEE

CM94:00918


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 3.4

Development of Actuarial Value of Assets

1. Market Value of Assets as of May 1, 2014 $ 2,858,830
2. Contributions during year $ 199,141
3. Disbursements during year $ 571,535
4. Expected investment income at valuation rate of 7.50% $ 200,744
per annum, net of investment expense
5. Expected Market Value of Assets as of April 30, 2015 $ 2,687,180
6. Actual Market Value of Assets as of April 30, 2015 $ 2,675,929
7. Gain/(Loss) during year $ (11,251)
8. Unrecognized Prior Gain/(Loss)
Year Ending Original Unrecognized Unrecognized
April 3. Gain/(Loss Percent; Amount
2015 $ (11,251) 80% $ (9,001)
2014 82,141 60% $ 49,285
2013 (35,107) 40% $ (14,043)
2012 (313,077) 20% $ (62,615)
2009 (951,417) 30% $ (285,425)
Total $ (321,799)
9. Preliminary Actuarial Value of Assets as of May 1, 2015 = (6) - (8) $ 2,997,728
10. Actuarial Value of Assets as of May 1, 2015 $ 2,997,728
= (9) but not more than 120% of (6) nor less than 80% of (6)
| ll. Actuarial Value of Assets as a Percentage of Market Value 112.0%
|
| The McKeogh Company -26- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00947


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 6.1

Plan Provisions

The following is a brief summary of principal plan provisions as in effect on the valuation date. Plan provisions which apply infrequently or
to a limited group of participants may be omitted from this summary. The plan document will govern if there is any discrepancy with this

summary.

Effective Date
Participation Date
Definitions

Covered Employment

Credited Service

Vesting Service

May 1, 1967. Amended and restated effective November 14, 2014.

Each Employee (including leased employees) shall become a Participant upon commencement of work in
Covered Employment during a Plan Year.

Employment under the terms of a collective bargaining agreement or participation agreement.

As of any given date, the sum of (i) and (ii) below:

(i) Credited Service as of April 30, 1996 under the terms and provisions of the Plan as in effect on that date.

(ii) For Plan Years beginning on or after May 1, 1996, 1/20" of a year is credited for each 70 hours of
Covered Employment in a Plan Year, Less than 280 hours during a Plan Year receives no credit.

As of any given date, the sum of (i) and (ii) below:

(60) Vesting Service as of April 30, 1996 under the terms and provisions of the Plan as in effect on that date,

(ii) For Plan Years beginning on or after May 1, 1996, one year of vesting service is credited for each Plan
Year in which a Participant receives 1,000 or more hours of Covered Employment. 1/20"" of a year is

credited for each 70 hours of Covered Employment in a Plan Year. Less than 280 hours during a Plan
Year receives no credit.

The McKeogh Company

-35- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:01009


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 4.3

Inactive Participant Information as of May 1, 2015

Disabled Retirees Healthy Retirees and Beneficiaries

Age Last Total Average Age Last Total Average
Birthday Count Annual Benefit _ Annual Benefit Birthday Count Annual Benefit _Annual Benefit
<45 0 $ 0 $ 0 <55 0 $ 0 $ 0
45 —49 0 0 0 55-59 1 0 0
50-54 it 0 0 60-64 2) 30,104 10,035
55-59 2 43,457 21,728 65-69 7 87,116 12,445
60 — 64 1 0 0 70-74 14 88,750 6,339
65-69 1 0 0 75-719 10 81,801 8,180
>70 5 49,989 _ 9,998 > 80 7 71,538 _ 4,208
Total 10 $ 146,586 $ 14,659 Total 52 $ 359,309 $ 7,045

Terminated with Deferred Benetits

Age Last Total Average
Birthday Count Annual Benefit. _Annual Benefit
<45 5 $ 35,927 $ 7,185
45-49 $s 55,499 11,100
50-54 3 34,596 11,532
55-59 0 0 0
60-64 0 0 0
65-69 0 0 0
>70 0 0. 0
Total 13 $ 126,022 $ 9,694

Note: Benefit amounts have been omitted where the participant count is 1; totals reflect all participants unless there is only a single
grouping with 1 participant.

The McKeogh Company -30- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:01002


PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

Number of Plan Participants
Active
Persons with Deferred Benefits
Disabled Retirees
Healthy Retirees and Beneficiaries
Total

Assets
Market Value
Actuarial Value

Liabilities and Normal Cost
Funding Method
Actuarial Accrued Liability **
Normal Cost
RPA '94 Current Liability

Unfunded Actuarial Accrued Liability

Contributions
Minimum Funding Requirement
Actual Employer Contributions

Maximum Deductible Contribution (Estimated)

* Estimated

APPLICATION FOR A PARTITION ORDER FOR

EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.1

Summary Statistics

Plan Year Beginning May 1,

2016 2015 2014 2013 2012
25 22 23 25 24
14 13 14 14 14
10 10 10 10 9
51 52 53 54 56
100 97 100 103 103
$ 2,315,124 $ 2,675,929 $ 2,858,830 $ 2,984,245 $ 3,169,221
2,665,889 2,997,728 3,290,172 3,507,465 3,683,497
Unit Credit Attained Age Norm, Attained Age Norm. Attained Age Norm. Attained Age Norm,
$ 5,958,435 $ 4,294,574 §$ 4,486,654 § 4,546,667 $ 4,666,468
83,449 233,514 215,522 212,079 229,984
9,126,112 9,116,013 9,033,858 9,087,285 8,459,464
$ 3,292,546 $ 1,296,846 $ 1,196,482 $ 1,039,202 $ 982,971
$ 1,264,140 $ 1,059,983 $ 873,718 $ 659,094 $ 509,549
385,688 * 264,227 199,141 143,335 190,077
10,275,430 9,910,179 9,501,255 9,359,439 8,412,177

** Beginning with the 5/1/2016 Valuation, the Actuarial Cost Method was changed from Attained Age Normal to Traditional Unit Credit.
For valuation years beginning prior to 2016, the Attained Age Normal method was used in calculating liabilities and Normal Cost, and the
Actuarial Accrued Liability shown is the sum of the Unfunded Liability and the Actuarial Value of Assets.

The McKeogh Company

-10-

Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00880


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

PART V

ACTUARIAL BASIS

CM94:01004


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations
Section 1.3

Plan Experience During Prior Year

‘The plan suffered poor investment experience during the year ended April 30, 2015 as it earned 7.09% on a market value basis and 2.58% on an
actuarial value basis as compared to the valuation interest rate assumption of 7.50%.

That “missed” return of 4.92% on an actuarial basis represents a loss in dollars of $153,145 which is combined with a net gain from liabilities of
$28,779. A 5-year history of actuarial gains/(losses) is shown below.

Plan Year Ending April 30,
2015 2014 2013 2012 2011

Investment Gain/(Loss) on an Actuarial Value Basis

In dollars $ (153,145) $ (48,979) $ (64,734) $ (98,651) $ (33,647)
As a percentage of assets 4.9% “1.5% -1.9% -2.6% -0.9%

Net Gains/(Losses) from Other Sources

In dollars $ 28,779 $ (58,481) $ (163,123) $ 222,387 $ (146,691)
As a percentage of actuarial liability 0.5% 1.0% 3.0% 3.7% -2,.5%
Total Experience Gain/(Loss) $ (124,366) $ (107,460) $ (227,857) $ 123,736 $ (180,338)

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company -3- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00922


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

PARTI

DISCUSSION OF PRINCIPAL VALUATION RESULTS

CM94:00869


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations
Section 2.9
Estimated Maximum Deductible Contribution - Full Funding Li n
Acerued
Liability RPA ‘94.
Under Current
Entry Age Liability
1. Liability (Beginning of Year) $ 5,551,182 $ 9,116,013
2. Normal Cost $ 83,575 $ 110,481
3. Expected Disbursements During Year $ 568,230 $ 568,230
4, Assumed Interest Rate 7.50% 3.37%
5. Projected Liability (End of Year) $ 5,468,210 $ 8,959,702
6. Applicable Percentage 100% 90%
7. Assets
a. Market Value $ 2,675,929 N/A
b. Actuarial Value $ 2,997,728 $ 2,997,728
c. Lesser of (a) and (b) $ 2,675,929 $ 2,997,728
8. Assets Projected to End of Year $ 2,287,470 $ 2,633,404
9, Full Funding Limitation (FFL) $ 3,180,740 $ 5,430,328
= (5) x (6) ~ (8)
10. IRC Section 404 Full Funding Limitation
= Greater of ERISA FFL and RPA '94 FFL $ 5,430,328
The McKeogh Company -19- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00939


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 3.1

Historical Asset Information

Beginning Change in Market Value of Assets During Plan Year
Plan Year of Year Net End of Year End of Year
Ending Market Value Investment Benefit Market Value Actuarial Value
April 30 of Assets Contributions Return Payments Expenses of Assets of Assets
2016 $ 2,675,929 §$ 264,227 (35,676) $ 514,840 $ 74,516 $ 2,315,124 $ 2,665,889
2015 2,858,830 199,141 189,493 514,756 56,779 2,675,929 2,997,728
2014 2,984,245 143,335 290,670 501,704 57,716 2,858,830 3,290,172
2013 3,169,221 190,077 188,862 494,706 69,209 2,984,245 3,507,465
2012 3,693,387 175,457 (53,821) 498,307 147,495 3,169,221 3,683,497
2011 3,658,987 237,169 409,397 489,771 122,395 3,693,387 3,972,317
2010 3,183,421 180,467 771,689 424,743 51,847 3,658,987 4,088,697
2009 4,039,398 226,369 (655,963) 375,848 50,535 3,183,421 3,820,105
2008 4,085,294 349,504 11,312 377,832 28,880 4,039,398 4,128,361
The McKeogh Company -23- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00894


APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1

Most Recent 3 Actuarial Valuations

Funding Standard Account Information

Plan Year Ending April 30,

2016 2015 2014 2013 2012
Charges Prior Year Funding Deficiency 667,200 $ 510,449 $ 312,430 $ 151,695 $ 0)
Normal Cost for Plan Year 233,514 215,522 212,079 229,984 306,212
Amortization Charges 141,046 140,987 142,799 142,801 142,784
Interest 78,132 65,022 50,048 39,336 33,675
Other Charges 0 a) 0 Oo | 0
Total Charges 1,119,892 $ = 931,980 $ 717,356 $ 563,816 482,671
Credits Prior Year Credit Balance 0 $ 0 $ 0 $ 0 $ 79,684
Employer Contributions 252,000 * 199,141 143,335 190,077 175,457
Amortization Credits 55,729 54,197 54,197 50,481 59,374
Interest 13,516 * 11,442 9,375 10,828 16,461
Full Funding Limitation Credit 0 oO. 0 0 0
Total Credits 321,245 * $ 264,780 $ 206,907 $ 251,386 $ 330,976
Balance Credit Balance/(Funding Deficiency) as of April30  $ (798,647) * $ (667,200) $ (510,449) $ (312,430) $ (151,695)

= Credits Less Charges

* Estimated, Will be recalculated when amount and timing of actual contribution is known.

Note: Values shown prior to May I, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company

-17-

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00937


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 6.1

Plan Provisions

(Continued)

Normal and Optional Forms of Payment

Actuarial Equivalence

Employer Contributions

Retirement benefits under the plan are payable in six forms:

Straight Life Option

Five Year Certain and Continuous Option
Ten Year Certain and Continuous Option
Joint and 50% Survivor Option

Joint and 75% Survivor Option

Joint and 100% Survivor Option

Disability benefit payable as Straight Life Option only

The normal form of pension is payable for the lifetime of the Participant. Optional forms of payment are
payable with actuarial adjustments outlined in Appendix A of the Plan document. Lump sums are determined
based on IRC Section 417(e)(3) applicable interest rates (with 2-month look back) and mortality table.

Employers make contributions to fund the plan in accordance with the terms of collective bargaining
agreements. Employee contributions are neither required nor permitted. The hourly contribution rates are as

follows:

Period

Hourly Rate

The McKeogh Company

5/1/2006-4/30/2007 $4.60
5/1/2007-4/30/2008 $5.60
5/1/2008-4/30/2009 $6.10
5/1/2009-4/30/2010 $7.10
5/1/2010-4/30/2012 $8.10
5/1/2012-4/30/2014 $9.10
5/1/2014 and later $9.30
-39-

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:01013


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Summary Statistics

Plan Year Beginning May 1,

2015 2014 2013 2012 2011

Number of Plan Participants

Active 22 23 25 24 21

Persons with Deferred Benefits 13 14 14 14 16

Disabled Retirees 10 10 10 9 9

Healthy Retirees and Beneficiaries a $2 530 54 56 58

Total 97 100 103 103 104
Assets

Market Value $ 2,675,929 $ 2,858,830 $ 2,984,245 $ 3,169,221 $ 3,693,387

Actuarial Value 2,997,728 3,290,172 3,507,465 3,683,497 3,972,317
Liabilities and Normal Cost

Funding Method Attained Age Norm. Attained Age Norm. Attained Age Norm. — Attained Age Norm. —_ Attained Age Norm.

Unfunded Liability $ 1,296,846 $ 1,196,482 $ 1,039,202 $ 982,971 $ 777,007

Normal Cost 233,514 215,522 212,079 229,984 306,212

Accrued Liability Under Entry Age Normal $ 5,551,182 *  $ 5,671,603 $ 5,671,277 $ 5,851,606 $ 6,110,393

Normal Cost Under Entry Age Normal 83,575 83,821 89,784 98,832 162,700

RPA '94 Current Liability 9,116,013 9,033,858 9,087,285 8,459,464 8,522,831
Contributions

Minimum Funding Requirement $ 1,059,983 $ 873,718 § 659,094 $ 509,549 § 333,184

Actual Employer Contributions 252,000 * 199,141 143,335 190,077 175,457

Maximum Deductible Contribution (Estimated) 9,910,179 9,501,255 9,359,439 8,412,177 8,298,274

*Estimated

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company -10- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00930


Charges Prior Year Funding Deficiency

Credits

Balance

Normal Cost for Plan Year **
Amortization Charges
Interest

Other Charges

Total Charges

Prior Year Credit Balance
Employer Contributions
Amortization Credits

Interest

Full Funding Limitation Credit

Total Credits

APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1

Most Recent 3 Actuarial Valuations

Funding Standard Account Information

Section 2.7

Plan Year Ending April 30.

2017 2016 2015 2014 2013

$ 785,967 $ 667,200 $ 510,449 $ 312,430 $ 151,695
83,449 233,514 215,522 212,079 229,984
367,318 141,046 140,987 142,799 142,801
86,571 78,132 65,022 50,048 39,336

0 0 Oo] 0. 0

$ 1,323,305 $ 1,119,892 $ 931,980 $ 717,356 $ 563,816
$ 0 $ 0 $ 0 $ 0 $ 0
385,688 * 264,227 199,141 143,335 190,077
55,295 55,729 54,197 54,197 50,481
17,223 * 13,969 11,442 9,375 10,828

o 0 0 0 0

$ 458,206 * $ 333,925 $ 264,780 $ 206,907 $ 251,386
(865,099) * $ (785,967) $ (667,200) $ (510,449) $ (312,430)

Credit Balance/(Funding Deficiency) as of April30  $

= Credits Less Charges

* Estimated. Will be recalculated when amount and timing of actual contribution is known.

** Beginning with the 5/1/2016 Valuation, the Actuarial Cost Method was changed from Attained Age Normal to Traditional Unit Credit.
For valuation years beginning prior to 2016, the Attained Age Normal method was used in calculating liabilities and Normal Cost, and the
Actuarial Accrued Liability shown is the sum of the Unfunded Liability and the Actuarial Value of Assets.

The McKeogh Company

Ly

Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00887


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

PART V

ACTUARIAL BASIS

CM94:00904


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 1.5

Summary of Investment Performance

A summary of the investment returns during the 8 years preceding the valuation date are shown below.

Average Return *

2011 222013, 2014s

Plan Year Single-Year Return Over 5-Year Period
Ending Valuation Actuarial Market Actuarial Market
April30, Assumption Value Value Value Value e
25%
2015 7.50% 2.58% 7.09% 5.14% 6.72%
20%
2014 7.50% 6.03% 10.47% 764% 10.15%
18%
2013 7.50% 5.66% 6.33% 5.81% 4.11% 10%
2012 7.50% 4.86% -1.56% 6.68% 2.90% ef
2011 7.50% 6.63% 11.79% N/A N/A o%
2
2010 7.50% 15.38% 25.42% N/A N/A 5% 4
2009 7.50% -2,69% -16.65% N/A N/A 10%
2008 7.50% 10.04% 0.28% N/A N/A 15%

* Time-Weighted Basis

—e— Actuarial Value Return
ee Markot Value Return

-20%

— = Assumption

Note: Values shown priot to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company

Se

Plasterers and Cement Masons
Local No, 94 Pension Fund

CM94:00924


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.10

Presentation of ASC Topic 960 Disclosures

As of May 1
Present Value of Accumulated Benefits 2016 2015 2014 2013 2012
1. Vested Accumulated Benefits
a. Persons in Pay Status $ 4,544,105 $ 4,379,878 $ 4,433,426 $ 4,427,978 $ 4,074,938
b. Persons with Deferred Benefits 455,539 327,359 357,195 334,295 503,106
c. Active Participants 895,652 677,953 692,678 776,465. __841,122
d. Total $ 5,895,296 $ 5,385,190 $ 5,483,299 $ 5,538,738 $ 5,419,166
2. Present Value of Non-Vested Accumulated Benefits $ 63,139 $ 120,374 $ 144,775 $ 121,660 $ 142,333
3. Total Present Value of Accumulated Benefits $ 5,958,435 $ 5,505,564 $ 5,628,074 $ 5,660,398 $ 5,561,499
4, Market Value of Assets $ 2,315,124 $ 2,675,929 $ 2,858,830 $ 2,984,245 $ 3,169,221
Reconciliation of Present Value of Accumulated Benefits
1. Present Value of Accumulated Benefits, Beginning of Year $ 5,505,564 $ 5,628,074 $ 5,660,398 $ 5,561,499
2. Changes During the Year due to:
a. Benefits Accumulated During the Year* $ 66,303 $ 3,984 §$ 63,664 $ 262,650
b. Decrease in the Discount Period 393,611 402,802 405,716 398,561
c. Benefits Paid (514,840) (514,756) (501,704) (494,706)
d. Plan Amendment 0 0 0 (67,606)
e, Assumption Change 507,797 (14,540) 0 0
f, Total Change $ 452,871 $ (122,510) $ (32,324) $ 98,899
3. Present Value of Accumulated Benefits, End of Year $ 5,958,435 $ 5,505,564 $ 5,628,074 $ 5,660,398
* Includes the effects of actuarial experience gains and losses.
The McKeogh Company -20- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00890


Early Retirement
Eligibility

Benefit

Vested Termination

APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 6.1

Plan Provisions

Continued

Attainment of age 55 and completion of fifieen years of Credited Service.

The Normal Retirement Benefit described above reduced by 1/200" (0.5%) for each full month that the benefit
commencement date precedes the Participant’s Normal Retirement Date. The monthly reduction was 1/360"
for retirements prior to May 1, 2013.

Eligibility Participants who terminate after completing five or more years of Credited Service.

Benefit A deferred pension to commence on normal retirement date, based on Credited Service on the date of
termination, A Participant may elect to receive his or her pension beginning on or after age $5 and completion
of fifteen years of Credited Service, reduced by 1/200th (0.5%) for each full month that commencement
precedes age 65. The monthly reduction was 1/360" for retirements prior to May 1, 2013.

Disability Retirement

Eligibility Five years of Credited Service and disability continues for six months.

Benefit The Normal Retirement Benefit payable without reduction for commencement prior to Normal Retirement
Date.

The McKeogh Company -37- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:01011


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 5.2

Actuarial Assumptions

‘continued
Withdrawal Table D-1, varying by age as illustrated:
Age Rate
25 0.0500
40 0.0100
50 0.0000
Retirement Age Age Rate
62 0.50
63 0,20
64 0.20
65 1.00
Retirement Age (Deferred Vested Participants) Age 65
Percentage Married 100%
Form of Payment Single life annuity
Annual Assumed Future Service 0.70 years of credited service per year of covered employment
The McKeogh Company -34- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00957


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 6.1

Plan Provisions

Continued
Vested Termination
Eligibility Participants who terminate after completing five or more years of Credited Service.
Benefit A deferred pension to commence on normal retirement date, based on Credited Service on the date of termination. A

Participant may elect to receive his or her pension beginning on or after age 55 and completion of fifteen years of Credited
Service, reduced by 1/200th (0.5%) for each full month that commencement precedes age 65, The monthly reduction was
1/360" for retirements prior to May 1, 2013.

Disability Retirement
Eligibility Five years of Credited Service and disability continues for six months.
Benefit The Normal Retirement Benefit payable without reduction for commencement prior to Normal Retirement Date.

Pop-Up Benefit

Eligibility A person who retires with a Normal or Early Retirement Pension and in the form of Joint and Survivor Annuity and who
is predeceased by his or her spouse.

Benefit The pension amount will be increased to the amount that would have been payable in the single life form of pension.
Pre-Retirement Death Benefit

Eligibility Participant dies after completing 5 years of Credited Service, but before Normal Retirement Age.

Benefit Surviving spouse receives a lifetime monthly pension equal to 50% of the benefit that would be payable if the Participant

would have retired with a 50% Joint and Survivor Pension on the day prior to death, reduced for payment prior to Normal
Retirement Date.

The McKeogh Company -37- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00911


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 4.3

Inactive Participant Information as of May 1, 2015

Disabled Retirees Healthy Retirees and Beneficiaries

Age Last Total Average Age Last Total Average
Birthday Count Annual Benefit _ Annual Benefit Birthday Count Annual Benefit _Annual Benefit
<45 0 $ 0 $ 0 <55 0 $ 0 $ 0
45 —49 0 0 0 55-59 1 0 0
50-54 it 0 0 60-64 2) 30,104 10,035
55-59 2 43,457 21,728 65-69 7 87,116 12,445
60 — 64 1 0 0 70-74 14 88,750 6,339
65-69 1 0 0 75-719 10 81,801 8,180
>70 5 49,989 _ 9,998 > 80 7 71,538 _ 4,208
Total 10 $ 146,586 $ 14,659 Total 52 $ 359,309 $ 7,045

Terminated with Deferred Benetits

Age Last Total Average
Birthday Count Annual Benefit. _Annual Benefit
<45 5 $ 35,927 $ 7,185
45-49 $s 55,499 11,100
50-54 3 34,596 11,532
55-59 0 0 0
60-64 0 0 0
65-69 0 0 0
>70 0 0. 0
Total 13 $ 126,022 $ 9,694

Note: Benefit amounts have been omitted where the participant count is 1; totals reflect all participants unless there is only a single
grouping with 1 participant.

The McKeogh Company -30- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00952


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

PART HT

VALUATION RESULTS

CM94:00929


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 4.4

Reconciliation of Participants

Terminated Retirees
With Deferred Disabled and
Actives Benefits Participants Beneficiaries Total

Counts as of May 1, 2014 23 14 10 53 100

New Entrants 4 0 0 i) 4

Rehired 0 0 0 0 0

Terminated without Vesting @G) 0 0 i) 3)

Terminated with Vesting (2) 2 0 0 0

Became Disabled 0 0 0 0 0

Retired 0 (2) 0 2 0

Died 0 (a) 0 (4) (5)

New Beueficiaries 0 6 ti) 1 L

Data Corrections 0 0 0 0 0
Net Change (1) (1) = 0 (1) (3)
Counts as of May 1, 2015 22 13 10 52 97

The McKeogh Company -31- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00953


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.8

Estimated Maximum Deductible Contribution

1. Normal Cost for Plan Year Beginning May 1, 2015

2. Unfunded Accrued Liability as of May 1, 2015, not less than 0
3, Ten Year Amortization of Unfunded Accrued Liability

4 Interest on (1) and (3) to End of Year

5; Limitation Under Section 404(a)(1)(A)(iii) of Internal Revenue Code
=(1)+G)+(4)

6. Minimum Required Contribution

7. Greater of (5) and (6)

8. Full Funding Limitation (See Section 2.9)

9, Excess of 140% of Current Liability over Actuarial Value of Assets

10. Limitation on Maximum Deductible Contribution for Plan Year Beginning May 1, 2015
= Lesser of (7) and (8), but not less than (9)

$ 233,514
$ 1,296,846
$ 175,751
$ 30,695
$ 439,960
$ 1,059,983
$ 1,059,983
$ 5,430,328
$ 9,910,179
$ 9,910,179

The McKeogh Company -18-

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00988


APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/ PN: 23-6445411/ 001
Exhibit 7a1

Most Recent 3 Actuarial Valuations

Historical ASC Topic 960 Information

Present Value of Market
Vested Accum. Value

May 1, Benefits Benefits of Assets
2015 $ 5,385,190 $ 5,505,564 $ 2,675,929
2014 5,483,299 5,628,074 2,858,830
2013 5,538,738 5,660,398 2,984,245
2012 5,419,166 5,561,499 3,169,221
2011 5,723,959 5,920,947 3,693,387
2010 5,652,685 5,835,987 3,658,987
2009 5,357,260 5,553,003 3,183,421
2008 5,247,226 5,480,144 4,039,398

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

Section 2.11

$7M

$6M

$oM

$am

$3M

$2m

$iM

$om

2008

I

(a PY Non-Vested Benefits
tm PV Vested Benefits

arket Value

2009

2010

2011

2012 2013 2014 2015

The McKeogh Company

OT

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00991


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 3.5

Investment Rates of Return

Plan Year Ending April 30,

2016 2015 2014 2013 2012
Market Value of Assets
Market Value as of Beginning of Year $ 2,675,929 $ 2,858,830 $ 2,984,245 $ 3,169,221 $ 3,693,387
Employer Contributions During Year 264,227 199,141 143,335 190,077 175,457
Disbursements During Year 589,356 571,535 559,420 563,915 645,802
Market Value as of End of Year $ 2,315,124 $ 2,675,929 $ 2,858,830 $ 2,984,245 $ 3,169,221
Investment Income (Net of Inv. Exp.) (35,676) 189,493 290,670 188,862 (53,821)
Average Value of Assets $ 2,513,365 $ 2,672,633 $ 2,776,203 $ 2,982,302 $ 3,458,215
Rate of Return During Year -1.42% 7.09% 10.47% 6.33% -1.56%

Actuarial Value of Assets
Actuarial Value as of Beginning of Year $ 2,997,728 $ 3,290,172 $ 3,507,465 $

3,683,497 $ 3,972,317

Employer Contributions During Year 264,227 199,141 143,335 190,077 175,457
Disbursements During Year 589,356 571,535 559,420 563,915 645,802
Actuarial Value as of End of Year $ 2,665,889 $ 2,997,728 $ 3,290,172 $ 3,507,465 $ 3,683,497
Investment Income (Net of Inv. Exp.) $ (6,710) $ 79,950 $ 198,792 $ 197,806 $ 181,525
Average Value of Assets $ 2,835,164 $ 3,103,975 $ 3,299,423 $ 3,496,578 $ 3,737,145
Rate of Return During Year 0.24% 2.58% 6.03% 5.66% 4.86%
The McKeogh Company -27- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00898


APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/ PN: 23-6445411/ 001

Ss

Exhibit 7a1
Most Recent 3 Actuarial Valuations

mn 1.5

Summary of Investment Performance

A summary of the investment returns during the 9 years preceding the valuation date are shown below.

Average Return *

Plan Year Single-Year Return Over 5-Year Period
Ending Valuation Actuarial Market Actuarial Market
April 30, _ Assumption Value Value Value Value
2016 7.50% -0.24% -1.42% 3.75% 4.07%
2015 7.50% 2.58% 7.09% 5.14% 6.72%
2014 7.50% 6.03% 10.47% 7.64% 10.15%
2013 7.50% 5.66% 6.33% 5.81% 4.11%
2012 7.50% 4.86% -1.56% 6.68% 2.90%
2011 7.50% 6.63% 11.79% N/A N/A
2010 7.50% 15.38% 25.42% N/A N/A
2009 7.50% -2.69% -16.65% NA NA
2008 7.50% 10.04% 0.28% NA N/A

* Time-Weighted Basis

30%

25%

20%

18% 7 ——

of

5%
0%

ay ED
5%

2011

2 2013 «2014 «2015

10% \

|
|

—e— Actuariat Value Return
—te— Market Value Return

15%

20%

X

— Assumption

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company

72

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00874


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 5.2

| Actuarial Assumptions

Interest Rate (Net of Investment Expenses)

i For RPA ’94 Current Liability 3.37% per year
| For All Other Purposes 7.50% per year
Administrative Expenses $60,000 as of beginning of the year
Mortality (Healthy and Disabled lives) Gender distinct RP-2000 mortality with Blue Collar adjustment and combined

rates for annuitants and non-annuitants, projected to 2011 with Scale AA. No
mortality improvement after the valuation date was assumed.

i RPA’94 Current Liability Mortality Gender distinct RP-2000 mortality, with combined rates for annuitants and
| (Healthy and Disabled lives) non-annuitants, as issued by the IRS for 2015 valuations.
\ Disablement Rates SOA 1987 Group LTD Table — Males, 6-month elimination.
| Varying by age as illustrated:
Age Rate
|
| 25 0.000854
| 40 0.001760
| 55 0.009770
The McKeogh Company -33- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:01006


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 6.2

Employer Contributions

Employers make contributions to fund the plan in accordance with the terms of collective bargaining agreements. Employee contributions are neither
required nor permitted. The hourly contribution rates are as follows:

Period Hourly Rate
5/1/2006-4/30/2007 $4.60
5/1/2007-4/30/2008 $5.60
5/1/2008-4/30/2009 $6.10
5/1/2009-4/30/2010 $7.10
5/1/20 10-4/30/2012 $8.10
5/1/2012-4/30/2014 $9.10
5/1/2014 and later $9.30
The McKeogh Company -39- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00913


APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

Most Recent 3 Actuarial Valuations

EIN/ PN: 23-6445411/ 001

Exhibit

Tal

1.4

Section

Funded Status Under ASC Topic 960 and PPA '06

During the Plan Year ended April 30, 2016, the plan’s funded status for purposes of Accounting Standards Codification Topic 960 (defined as the ratio

of the market value of plan assets to the present value of accumulated plan benefits) decreased from 48.6% to 38.9%, In that same year, the plan's
funded status for purposes of the Pension Protection Act of 2006 (defined as the ratio of the actuarial value of plan assets to the present value of
accumulated plan benefits) decreased from 54.4% to 44.7%. A 9-year history of these measures is shown below.

Funded Percentage

Assets Present Value (PPA '06)

Market Actuarial of Accumulated Market Actuarial
May L. Value Value Plan Benefits Value Value
2016 $ 2,315,124 $ 2,665,889 $ 5,958,435 38.9% 44.7%
2015 2,675,929 2,997,728 5,505,564 48.6% 54.4%
2014 2,858,830 3,290,172 5,628,074 50.8% 58.5%
2013 2,984,245 3,507,465 5,660,398 52.7% 62.0%
2012 3,169,221 3,683,497 5,561,499 57.0% 66.2%
2011 3,693,387 3,972,317 5,920,947 62.4% 67.1%
2010 3,658,987 4,088,697 5,835,987 62.7% 70.1%
2009 3,183,421 3,820,105 5,553,003 57.3% 68.8%
2008 4,039,398 4,128,361 5,480,144 23.7% 75.3%

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and ere shown here for comparison purposes only,

The McKeogh Company

“ae

Plasterers and Cement Masons
Local No, 94 Pension Fund

CM94:00873


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 5.2

Actuarial Assumptions

(continued
Withdrawal Rates Varying by age as illustrated:
Age ate
20 0.150
30 0.100
40 0.050
50 0.050
51 0.045
52 0.040
53 0.035
54 0.030
55 0.000
Retirement Rates
(Active and Deferred Vested Participants) Age ate
55-61 0.05
62 0.50
63-64 0.20
65 1.00
Percentage Married 80%
Form of Payment Single participants will receive a Single Life Annuity. Married

participants will receive a 50% J&S Annuity which is the actuarial
equivalent of the Single Life Annuity.

Annual Assumed Future Service 1.00 years of credited service per year of covered employment.

The McKeogh Company -34- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00907


APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1

Most Recent 3 Actuarial Valuations

Funding Standard Account Information

Plan Year Ending April 30,

2016 2015 2014 2013 2012
Charges Prior Year Funding Deficiency 667,200 $ 510,449 $ 312,430 $ 151,695 $ 0)
Normal Cost for Plan Year 233,514 215,522 212,079 229,984 306,212
Amortization Charges 141,046 140,987 142,799 142,801 142,784
Interest 78,132 65,022 50,048 39,336 33,675
Other Charges 0 a) 0 Oo | 0
Total Charges 1,119,892 $ = 931,980 $ 717,356 $ 563,816 482,671
Credits Prior Year Credit Balance 0 $ 0 $ 0 $ 0 $ 79,684
Employer Contributions 252,000 * 199,141 143,335 190,077 175,457
Amortization Credits 55,729 54,197 54,197 50,481 59,374
Interest 13,516 * 11,442 9,375 10,828 16,461
Full Funding Limitation Credit 0 oO. 0 0 0
Total Credits 321,245 * $ 264,780 $ 206,907 $ 251,386 $ 330,976
Balance Credit Balance/(Funding Deficiency) as of April30  $ (798,647) * $ (667,200) $ (510,449) $ (312,430) $ (151,695)

= Credits Less Charges

* Estimated, Will be recalculated when amount and timing of actual contribution is known.

Note: Values shown prior to May I, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company

-17-

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00987


we

Faw Ss

©

10.

APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/ PN: 23-6445411/ 001

Exhibit 7a1

Most Recent 3 Actuarial Valuations

Section 2.6

Development of Minimum Required Contribution - Full Funding Limitation

Liability (Beginning of Year)

Normal Cost

Expected Disbursements During Year
Assumed Interest Rate

Projected Liability (End of Year)
Applicable Percentage

Assets

a. Market Value

b. Actuarial Value

c. Lesser of (a) and (b)

Credit Balance
Assets Projected to End of Year
Initial Full Funding Limitation (FFL)

=) x (6)-@)

Full Funding Limitation, not less than RPA '94 FFL

Total Net Charges from Section 2.4

Full Funding Credits = ((12) - (11), not less than 0)

ERISA RPA ‘94
Accrued Current
Liability Liability

$ 5,958,435 $ 9,126,112

$ 83,449 $ 110,246

$ 565,390 $ 565,390
7.00% 3.22%

$ 5,879,972 $ 8,959,348
100% 90%

$ 2,315,124 N/A

$ 2,665,889 $ 2,665,889

$ 2,315,124 $ 2,665,889

$ 0 N/A

$ 1,892,339 $ 2,267,657

$ 3,987,633 $ 5,795,756

$ 5,795,756 N/A

$ 423,155 N/A

$ 0 N/A

The McKeogh Company

-16-

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00886


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.2

Actuarial Accrued Liability and Current Liability as of May 1, 2016

Actuarial RPA ‘94
Accrued Current
Number Liability Liability
Liabilities
Active 25 $ 958,791 $ 1,915,723 *
Inactive Vested 14 455,539 1,036,580
All Persons in Pay Status 61 4,544,105 6,173,809
Total 100 $ 5,958,435 $ 9,126,112
Expected Changes in Liabilities
Expected Increase in Liability Due to Benefits Accruing During Year $ 83,449 $ 110,246
Expected Disbursements During Year $ 565,390 $ 565,390
Assumptions
Assumed Interest Rate 7.00% 3.22%
Ap-2014 Ble RP-2000 combined,

Assumed Mortality

Collar w Scale MP-

for 2016 valuations

2016
Assets and RPA '94 Funded Percentage
Actuarial Value of Assets as of May 1, 2016 $ 2,665,889
RPA ’94 Funded Current Liability Percentage 29.2%
* Vested portion of RPA 94 Current Liability for Actives is $1,888,174.
The McKeogh Company -l1- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00881


Minimum Funding Requirement

PPA 06 Certification

Rehabilitation Plan

Covered Employment

Investments

Withdrawal Liability

APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 1.1

Valuation Highlights

For the Plan Year ending April 30, 2016, employer contributions of $264,227 did not satisfy the minimum
funding requirement which was $1,059,983 (including the $717,240 funding deficiency, with interest). For the
Plan Year ending April 30, 2017, preliminary employer contributions of $385,688 will not satisfy the minimum
funding requirement which is $1,264,140 (including the $840,985 funding deficiency, with interest). The
resulting funding deficiency will be added to the following year’s funding requirement.

The Plan was certified to be in critical and declining status for the Plan Year beginning May 1, 2016 and for the
Plan Year beginning May 1, 2017. Sce Section 1.7 for PPA *06 projections.

The Trustees adopted a Rehabilitation Plan on March 25, 2011 that called for reductions in benefits and
increases in the hourly contribution rate. The Rehabilitation Plan was last amended August 18, 2017 to further
reduce benefits. The employer contribution rate of $9.30 is assumed to remain level for all subsequent Plan
Years, consistent with the current Rehabilitation Plan.

For purposes of the projections shown in this report, participants were assumed to work 21,000 hours of
covered employment in each Plan Year beginning on or after May 1, 2017.

The return on the actuarial value of assets (net of investment expenses) for the year ending Apri] 30, 2016 was
-0.24%, considerabiy iower than the 7.50% assumption. The return on the market value of assets (net of
investment expenses) for the year ending April 30, 2016 was -1.42%,

Withdrawal liability is based, in part, on the unfunded vested benefit liability and the value of affected benefits.
Affected benefits are reductions in non-forfeitable benefits made in accordance with a Rehabilitation Plan.

‘The unfunded vested benefit liability increased from $2.71 million as of April 30, 2015 to $3.58 million as of
April 30, 2016. The unamortized balance of affected benefits decreased from $41,846 as of April 30, 2015 to
$40,055 as of April 30, 2016.

The McKeogh Company

-1- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00870


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

PART IV

DEMOGRAPHIC INFORMATION

CM94:00999


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7al
Most Recent 3 Actuarial Valuations
Section 1.7

Projections

Zone Projections Projection of Credit Balance Showing Zones

As shown in the graph to the right, the plan is projected to be in critical and declining
status for the Plan Year beginning May 1, 2016. A plan is generally in critical and
declining status if it is in critical status and is projected to become insolvent within 15-20
years. Actual future credit balance values will differ from those projected to the extent
that future experience deviates from the Projection Assumptions. Again, this graph is
based on the Projection Assumptions shown below.

mM
2012019 «2016 2017 2019 2021 07)._a076 2027 ~—<028 ~<a 20232008
1aRe6 & Dachag BRed Zone AOrenge Zone _aYelow Zone _wGiean Zone

Projection Assumptions

The Plan’s assets, liabilities and funding standard account credit balance were projected forward from the May 1, 2015 valuation based on the following
assumptions:

All valuation assumptions, other than investment return, are met during the projection period. The Plan’s investment return reflects the actual
investment return on the market value of assets for the Plan Year beginning May 1, 2015 of 7.09% and the assumption of 7.50% (net of investment
expenses) per year from May 1, 2016 forward.

The contribution rate is assumed to remain at the rate in effect on May 1, 2015 ($9.30 per hour) for the duration of the projection period,
consistent with the current Rehabilitation Plan.

Covered employment, as measured by the number of expected annual contribution hours worked, is projected to be 21,000 per year beginning
May 1, 2016.

Future benefit payments are based on an open group projection, reflecting the May 1, 2015 census data and assuming the active population
remains level in future years. Future new hires were assumed to have demographics equal to new hires from the prior Plan Year. The resulting
benefit payments are expected to be $496,000 during the plan year beginning May 1, 2016, gradually decreasing to $423,000 during the Plan Year
beginning May 1, 2025, and then increasing, with minor year-to-year fluctuations, to $452,000 in the Plan Year beginning May 1, 2035.

The McKeogh Company -8- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00977


2 aAwe YD

10.

Th
12,
13,

APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/ PN: 23-6445411/ 001

Exhibit 7a1

Most Recent 3 Actuarial Valuations

Section 2.6

Development of Minimum Required Contribution - Full Funding Limitation

Accrued
Liability RPA ‘94
Under Current
Entry Age Liability
Liability (Beginning of Year) $ 5,551,182 9,116,013
Normal Cost $ 83,575 110,481
Expected Disbursements During Year $ 568,230 568,230
Assumed Interest Rate 750% 3.37%
Projected Liability (End of Year) $ 5,468,210 $ 8,959,702
Applicable Percentage 100% 90%
Assets
a. Market Value $ 2,675,929 N/A
b. Actuarial Value $ 2,997,728 $ 2,997,728
c. Lesser of (a) and (b) $ 2,675,929 $ 2,997,728
Credit Balance $ ti) N/A
Assets Projected to End of Year $ 2,287,470 $ 2,633,404
Initial Full Funding Limitation (FFL) $ 3,180,740 $ 5,430,328
=(5) x (6)- (9)
Full Funding Limitation, not less than RPA '94 FFL $ 5,430,328 N/A
Total Net Charges from Section 2.4 $ 342,743 N/A
Full Funding Credits = ((12) - (11), not less than 0) $ 0 N/A

The McKeogh Company

-16-

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00936


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.11

H ical ASC Topic 960 Information

Present Value of Market
Vested Accum, Value

May 1, Benefits Benefits of Assets
2016 5,895,296 $ 5,958,435 $ — 2,315,124
2015 5,385,190 5,505,564 2,675,929
2014 5,483,299 5,628,074 2,858,830
2013 5,538,738 5,660,398 2,984,245
2012 5,419,166 5,561,499 3,169,221
2011 5,723,959 5,920,947 3,693,387
2010 5,652,685 5,835,987 3,658,987
2009 5,357,260 5,553,003 3,183,421
2008 5,247,226 5,480,144 4,039,398

$7M

$em

$5M

$4M

$3M.

$2M

$1M

$om

2008 §=62009 «2010 2011. «2012, 2013 2014-2015 = 2016

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company

Ml.

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00891


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 6.1

Normal Retirement

Eligibility Age requirement; 65
Service requirement: 5 years since date of first participation.

Benefit A monthly benefit equal to the sum of (i), (ii) and (iii) below:
6) The product of (A) and (B) below:
(A) $10.00, and
(B) Years of Credited Service determined as of April 30, 1982.
(ii) The product of (A) and (B) below:
(A) $77.50, and
{B) Years of Credited Service from May 1, 1982 through April 30, 2013.
(iii) | The product of (A) and (B) below:
(A) $33.00, and

(B) Years of Credited Service after May 1, 2013.

The McKeogh Company -36- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:01010


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 1.7

Projections

Zone Projections Projection of Credit Balance Showing Zones

As shown in the graph to the right, the plan is in cri
Plan Year beginning May 1, 2017. A plan is generally in critical and declining status | TM
if it is in critical status and is projected to become insolvent within 15-20 years. san Bete
Actual future credit balance values will differ from those projected to the extent that son i

| and declining status for the (oh | —~cnlemaa STEEE S
. est:

future experience deviates from the Projection Assumptions shown below.

-ss0m
201 2013-2018 2017 2019 «2021 «02s —2025~—« 7027 —«anza ant «2003205

Red &Decinng Red Zone OrangeZone GYelow Zone _mGreen Zone

Projection Assumptions

The Plan’s assets, liabilities and funding standard account credit balance were projected forward from the May 1, 2016 valuation based on the following
assumptions and plan provisions:

e All valuation assumptions, other than investment return, are met during the projection period. The Plan’s investment return reflects the actual
investment return on the market value of assets for the Plan Year beginning May 1, 2016 of -1.42% and the assumption of 7.00% (net of
investment expenses) per year from May 1, 2017 forward.

¢ Preliminary employer contributions of $385,688 for the Plan Year that ended April 30, 2017, based on unaudited financial information provided
by the fund administrator.

e Future benefit payments are based on an open group projection, reflecting the May 1, 2016 census data and assuming the active population
remains level in future years. Future new hires were assumed to have demographics equal to new hires from the prior Plan Year. The resulting
benefit payments are expected to be $490,000 during the plan year beginning May 1, 2017, gradually decreasing, with minor year-to-year
fluctuations, to $431,000 during the Plan Year beginning May 1, 2028, and then increasing, with minor year-to-year fluctuations, to $460,000 in
the Plan Year beginning May 1, 2035.

¢ Administrative expenses of $60,000 per year starting May 1, 2017 and increasing 2% per year.

The McKeogh Company -8- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00877


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

PART VI

SUMMARY OF PLAN PROVISIONS

CM94:01008


APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Changes in Assets from Prior Valuation*

Market Value of Assets at Beginning of Year
Income During Year

Employer contributions
Investment income
Interest and dividends
Recognized and unrecognized gains (losses)
Investment expenses
‘Total net investment income
Other Income
Total Income

Disbursements
Benefits

Administrative Expenses
Other

Total Disbursements
Market Value of Assets at End of Year

* Per Auditor's Reports

Exhibit 7a1

Si

tion 3.3

Most Recent 3 Actuarial Valuations

Plan Year Ending April 30,

2016 2015 2014 2013 2012

$ 2,675,929 $ 2,858,830 $ 2,984,245 $ 3,169,221 $ 3,693,387
$ 264,227 $ 199,141 § 143,335 $ 190,077 $ 175,457
$ 53,250 $ 64,161 $ 81,866 $ 70,314 § 75,514
(78,024) 139,061 225,378 144,161 (100,498)

12,280 (14,163) (17,347) (25,613) (28,837)

$ (37,054) $ 189,059 $ 289,897 $ 188,862 $ (53,821)
$ 1,378 $ 44 §$ 773, «$ 0 $ 0
$ 228,551 $ 388,634 $ 434,005 $ 378,939 §$ 121,636
$ 514,840 $ 514,756 $ 501,704 $ 494,706 $ 498,307
74,516 56,779 57,716 69,209 147,495

0 0 0 0 0

$ 589,356 $ 571,535 $ 559,420 $ 563,915 $ 645,802
$ 2,315,124 $ 2,675,929 $ 2,858,830 $ 2,984,245 $ 3,169,221

The McKeogh Company

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00896


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations
TABLE OF CONTENTS
Page
Transmittal Letter
Part I— Discussion of Principal Valuation Results
11 Valuation Highlights 1
12) Comparison of Key Valuation Results With Those of Prior Valuations 2
33 Plan Experience During Prior Year 3
14 Funded Status Under ASC Topic 960 and PPA ‘06 4
1S Summary of Investment Performance 5
16 Statement of Changes From Prior Valuation 6
17 Projections 7
Part I — Valuation Results
24 Summary Statistics 10
2.2 Actuarial Accrued Liability and Current Liability i
2.3 Normal Cost Under Attained Age Normal Funding Method 12
2.4 Development of Minimum Required Contribution — Summary 13
2.5 Development of Minimum Required Contribution — Amortization Record 14
2.6 Development of Minimum Required Contribution — Full Funding Limitation 16
2.7 Funding Standard Account Information 7
2.8 Estimated Maximum Deductible Contribution 18
2.9 Estimated Maximum Deductible Contribution — Full Funding Limitation 19
2.10 Presentation of ASC Topic 960 Disclosures 20
2.11 Historical ASC Topic 960 Information 21
2.12 Withdrawal Liability Information 22

CM94:00965


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 5.2

Actuarial Assumptions

‘continued
Withdrawal Table D-1, varying by age as illustrated:
Age Rate
25 0.0500
40 0.0100
50 0.0000
Retirement Age Age Rate
62 0.50
63 0,20
64 0.20
65 1.00
Retirement Age (Deferred Vested Participants) Age 65
Percentage Married 100%
Form of Payment Single life annuity
Annual Assumed Future Service 0.70 years of credited service per year of covered employment
The McKeogh Company -34- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:01007


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

PART VI

SUMMARY OF PLAN PROVISIONS

CM94:00958


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 1.7

Projections

The contribution rate is assumed to remain at the rate in effect on May 1, 2016 ($9.30 per hour) for the duration of the projection period, consistent
with the current Rehabilitation Plan,

Covered employment, as measured by the number of expected annual contribution hours worked, is projected to be 21,000 per year beginning
May 1, 2017.
Election made by the Trustees on May 31, 2011 under the Pension Relief Act of 2010 to:
o Change the asset valuation method in a manner which spreads the difference between expected and actual returns for the May 1, 2008 -
April 30, 2009 Plan Year over a period of 10 years, and
o Change the asset valuation method in a manner which provides that the May 1, 2009 value of Plan Assets shall not be less than 80 percent
or greater than 130 percent of the fair market value of such assets at such time.
The following benefit reductions, reflected as of May 1, 2017:
o A Disability Benefit shall not be payable to any Participant who becomes Permanently Disabled with an effective date of Permanent
Disability on and afier March 15, 2017.
co The Eligible Spouse of a Participant who becomes Permanently Disabled with an effective date of Permanent Disability on and after
March 15, 2017 will not be eligible for the Post-Disability Retirement Death Benefit upon the death of the Participant.
o The Pop-Up Benefit will be eliminated for Participants who elect a Joint and Survivor Annuity with an effective date on and after March
15, 2017.

Current differences between the market value of assets and the actuarial value of assets are phased in during the projection period in accordance
with the regular operation of the asset valuation method.

The active Plan Participant count is assumed to remain level. The demographic characteristics of the active population as a whole are dependent on
the demographic characteristics of assumed and future new hires.

Actual future valuation results will differ from those projected to the extent that future experience deviates from these projection assumptions,

The McKeogh Company ~9- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00878


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/PN: 23-6445411 / 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

The McKeogh Company

Plasterers and Cement Masons Local No. 94 Pension Fund

Actuarial Valuation Report for Plan Year
Beginning May 1, 2015 and Ending April 30, 2016

November, 2016

CM94:00964


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

PARTI

DISCUSSION OF PRINCIPAL VALUATION RESULTS

CM94:00969


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.5

Development of Minimum Required Contribution - Amorti ion Record

(Continued)
Date of First Outstanding Amortization
Initial Charge Remaining Balance Charge or
Amount or Credit Period Beg. of Year Credit
2. Amortization Credits
a. 1988 Assumption Change $ 51,731 S/1/1988 3.000 $ 11,352 $ 4,075
b, 1997 Assumption Change 20,826 5/1/1997 12.000 13,657 1,640
c. 2009 Method Change 305,178 5/1/2009 4,000 148,915 41,358
d. 2013 Plan Change 67,606 5/1/2013 13.000 62,236 7,124
e. 2015 Assumption Change 14,540 5/1/2015 15,000 14,540 1,532
i Total Credits $ 250,700 $ 55,729
3. Credit Balance/(Funding Deficiency) $ (667,200)
4. Balance Test = (1) - (2) - (3) $ 1,296,846
5. Unfunded Actuarial Accrued Liability $ 1,296,846
The McKeogh Company -15- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00985


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.3

Normal Cost Under Attained Age Normal Funding Method

Plan Year Beginning May 1,

2015 2014 2013 2012 2011
Unfunded Liability
1. Unfunded Liability as of May 1 (prior year) $ 1,196,482 $ 1,039,202 $ 982,971 $ 777,007 720,933
2. Normal Cost (prior year) 215,522 212,079 229,984 306,212 230,070
3. Employer Contributions (prior year) 199,141 143,335 190,077 175,457 237,169
4. Interest 98,523 88,536 83,930 75,209 63,172
5. Assumption or Plan Change (14,540) 0 (67,606) 0 0
6. Unfunded Liability as of May 1 $ 1,296,846 $ 1,196,482 $ 1,039,202 $ 982,971 777,006
=(1) +2) -G) +4) +6)
Normal Cost
1. Present Value of Future Benefits $ 5,727,391 $ 5,868,733 $ 5,909,294 $ 6,189,236 6,450,577
2. Actuarial Value of Assets 2,997,728 3,290,172 3,507,465 3,683,497 3,972,317
3. Unfunded Accrued Liability as of May 1 1,296,846 1,196,482 1,039,202 982,971 777,006
4, Present Valuc of Future Normal Cost $ 1,432,817 $ 1,382,079 $ 1,362,627 $ 1,522,768 1,701,254
=(1) - 2)-G)
5. Normal Cost (without expenses) $ 173,514 §$ 155,522 $ 152,079 $ 169,984 183,212
6. Assumed Expenses 60,000 60,000 60,000 60,000 123,000
7. Normal Cost $ 233,514 $ 215,522 $ 212,079 $ 229,984 306,212

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company -12-

Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00932


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.8

Estimated Maximum Deductible Contribution

1. Normal Cost for Plan Year Beginning May 1, 2015

2. Unfunded Accrued Liability as of May 1, 2015, not less than 0
3, Ten Year Amortization of Unfunded Accrued Liability

4 Interest on (1) and (3) to End of Year

5; Limitation Under Section 404(a)(1)(A)(iii) of Internal Revenue Code
=(1)+G)+(4)

6. Minimum Required Contribution

7. Greater of (5) and (6)

8. Full Funding Limitation (See Section 2.9)

9, Excess of 140% of Current Liability over Actuarial Value of Assets

10. Limitation on Maximum Deductible Contribution for Plan Year Beginning May 1, 2015
= Lesser of (7) and (8), but not less than (9)

$ 233,514
$ 1,296,846
$ 175,751
$ 30,695
$ 439,960
$ 1,059,983
$ 1,059,983
$ 5,430,328
$ 9,910,179
$ 9,910,179

The McKeogh Company -18-

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00938


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/ PN: 23-6445411/ 001
Exhibit 7a1

Most Recent 3 Actuarial Valuations

Section 2.4

Development of Minimum Required Contribution - Summary

Plan Year Ending April 30,

2017 2016 2015 2014 2013

1, Normal Cost * $ 83,449 $ 233,514 $ 215,522 $ 212,079 $ 229,984
2. Net Amortization 312,023 85,317 86,790 88,602 92,320
3. Interest 27,683 23,912 22,673 22,551 24,173
4, Total Net Charges $ 423,155 § 342,743 § 324,985 $ 323,232 $ 346,477
5. Credit Balance/(Funding Deficiency) with Interest $ (840,985) $ (717,240) $ (548,733) $ (335,862) $ (163,072)
6. Full Funding Credit (See Section 2.7) $ 0 $ 0 $ 0 $ 0 $ 0
7, Minimum Required Contribution $ 1,264,140 $ 1,059,983 $ 873,718 $ 659,094 $ $09,549
* Beginning with the 5/1/2016 Valuation, the Actuarial Cost Method was changed from Attained Age Normal to Traditional Unit Credit.

For valuation years beginning prior to 2016, the Attained Age Normal method was used in calculating liabilities and Normal Cost, and the

Actuarial Accrued Liability shown is the sum of the Unfunded Liability and the Actuarial Value of Assets.

The McKeogh Company -13- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00883


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

TABLE OF CONTEN’

Part I — Asset Information

3.1 Historical Asset Information

32 Summary of Plan Assets

33 Changes in Assets From Prior Valuation
3.4 Development of Actuarial Value of Assets
3.5 Investment Rates of Return

Part [V — Demographic Information

4.1 Historical Participant Information

42 Active Participant Age/Service Distribution
43 Inactive Participant Information

44 Reconciliation of Participants

Part V ~ Actuarial Basis

5.1 Actuarial Methods

52 Actuarial Assumptions
Part VI— Summary of Plan Provisions

61 Plan Provisions

Page

35

CM94:00966


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.8

Estimated Maximum Deductible Contribution

1. Normal Cost for Plan Year Beginning May 1, 2016 $ 83,449
2. Unfunded Accrued Liability as of May 1, 2016, not less than 0 $ 3,292,546
3. Ten Year Amortization of Unfunded Accrued Liability $ 438,116
4. Interest on (1) and (3) to End of Year $ 36,510
5. Limitation Under Section 404(a)(1)(A)(iii) of Internal Revenue Code $ 558,075
=(1)+G)+@)
6. Minimum Required Contribution $ 1,264,140
7. Greater of (5) and (6) $ 1,264,140
8. Full Funding Limitation (See Section 2.9) $ 5,795,756
9. Excess of 140% of Current Liability over Actuarial Value of Assets $ 10,275,430
10. Limitation on Maximum Deductible Contribution for Plan Year Beginning May 1, 2016 $ 10,275,430

= Lesser of (7) and (8), but not less than (9)

The McKeogh Company -18- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00888


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/PN: 23-6445411 / 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

The McKeogh Company
ee

November 16, 2017

Board of Trustees,

Plasterers and Cement Masons Local No. 94 Pension Fund
c/o PATH Administrators

4785 Linglestown Road, Suite 200

P.O. Box 6480

Harrisburg, PA 17112

Dear Trustees:

This report presents the results of the actuarial valuation of the Plasterers and Cement Masons Local No. 94 Pension Fund as
of May 1, 2016. The primary purposes of the report are to:

= Determine the minimum funding requirements of ERISA and Sections 412 and 430 of the Internal Revenue
Code for the Plan Year ending April 30, 2017.
« Estimate the limitation on maximum deductible contributions.

= Compare the minimum funding requirement to the contributions expected to be paid by the contributing
employers.

" Develop information required to be disclosed in accordance with FASB Accounting Standards Codification
(ASC) Topic 960 Plan Accounting — Defined Benefit Pension Plans and Schedule MB (Form 5500).

"Calculate the Unfunded Vested Benefit Liability (UVB) for withdrawal liability purposes under the
Multiemployer Pension Plan Amendments Act of 1980.

= Report on the Plan’s status with respect to the Pension Protection Act of 2006 (“PPA ‘06”), as amended.

Four Tower Brdge « Suite 225 » 200 Barr Harbor Drive « West Conshohocken, PA 19428 * Phone: (484) 530-0692 « Facsimile (484) 530-0713
SR ES SE SEE EE PISS ETE SEE TETTET

CM94:00917


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 6.1

Plan Provisions

(Continued)
Pop-Up Benefit
Eligibility A person who retires with a Normal or Early Retirement Pension and in the form of Joint and Survivor Annuity

and who is predeceased by his or her spouse.
Benefit The pension amount will be increased to the amount that would have been payable in the single life form of
pension.

Preretirement Death Benefit

Eligibility Participant dies after completing 5 years of Credited Service, but before Normal Retirement Age.
Benefit Surviving spouse receives a lifetime monthly pension equal to 50% of the benefit that would be payable if the

Participant would have retired with a Husband-Wife 50% Pension on the day prior to death, reduced for
payment prior to Normal Retirement Date.

Post-Disability Retirement Death Benefit

Eligibility Death of retiree in receipt of disability pension.
Benefit 50% of the participant’s pension is paid to the Surviving Spouse for life or to minor child (children) until age
18.
The McKeogh Company -38- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00962


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 4.1

Historical Participant Information

Terminated AH Other Ratio of

w/ Deferred Disabled Persons Inactives to
May 1 Actives Benefits Retirees in Pay Status Total Actives
2016 25 14 10 51 100 300.0%
2015 22 13 10 52 97 340.9%
2014 23 14 10 53 100 334.8%
2013 25 14 10 54 103 312.0%
2012 24 14 9 56 103 329.2%
2011 21 16 9 58 104 395.2%
2010 25 16 8 57 104 352.2%
2009 31 17 6 54 108 248.4%
2008 45 13 7 55 120 166.7%

The McKeogh Company -28- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00900


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
' EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 4.1

Historical Participant Information

Terminated All Other Ratio of
w/ Deferred Disabled Persons Inactives to
May 1 Actives Benefits Retirees in Pay Status Total Actives
2015 22 13 10 52. oF 340.9%
| 2014 23 4 10 53 100 334.8%
| 2013 25 14 10 54 103 312.0%
| 2012 24 14 9 56 103 329.2%
2011 21 16 9 58 104 395.2%
| 2010 23 16 8 57 104 352.2%
| 2009 31 17 6 54 108 248.4%
2008 45 B 7 55 120 166.7%
i
i
|
|
|
|
| The McKeogh Company -28- Plasterers and Cement Masons

Local No. 94 Pension Fund

|

CM94:01000


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.5

Development of Minimum Required Contribution - Amortization Record

Date of First Outstanding Amortization
Initial Charge Remaining Balance Charge or

Amortization Charges Amount or Credit Period Beg. of Year Credit

a. Initial Unf. AAL $ 483,570 S978 2.000 $ 63,996 $ 33,080
b. 1978 Plan Change 27,725 5/1/1978 2.000 3,839 1,984
Ge 1979 Plan Change 59,656 SA/979 3.000 12,245 4,361
d. 1988 Plan Change 69,706 S//1988 2.000 10,624 5,492
e. 1992 Plan Change 46,254 5/1/1992 6.000 18,391 3,606
f. 1993 Plan Change 42,955 5/1/1993 7,000 19,281 3,344
g. 1994 Plan Change 89,224 5/1/1994 8.000 44,233 6,923
h. 1996 Plan Change 101,422 5/1/1996 10.000 58,969 7,847
i. 1997 Plan Change 148,112 S//997 11.000 91,732 11,433
Je 1998 Plan Change 148,875 S//1998 12.000 97,504 11,473
k, 2000 Plan Change 162,280 5/1/2000 14.000 116,642 12,465
1 2001 Plan Change 42,708 5/1/2001 15.000 31,919 3,275
m. 2004 Assumption Change 100,955 5/1/2004 18.000 82,961 7,708
n. 2007 Assumption Change 137,636 5/1/2007 21.000 121,354 10,467
0. 2008 Assumption Change 35,099 5/1/2008 7.000 21,058 3,652
p. 2016 Method Change 1,413,628 5/1/2016 10.000 1,413,628 188,102
q. 2016 Assumption Change 507,797 5/1/2016 15.000 507,797 52,106
r. Total Charges $ 2,716,173 $ 367,318

The McKeogh Company -14- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00884


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 1.7

Projections

* Administrative expenses of $60,000 per year starting May 1, 2016 and increasing 2% per year.

* Current differences between the market value of assets and the actuarial value of assets are phased in during the projection period in accordance
with the regular operation of the asset valuation method.

* Election made by the Trustees on May 31, 2011 under the Pension Relief Act of 2010 to:

o Change the asset valuation method in a manner which spreads the difference between expected and actual returns for the May 1, 2008 -
April 30, 2009 Plan Year over a period of 10 years, and

o Change the asset valuation method in a manner which provides that the May 1, 2009 value of Plan Assets shall not be less than 80 percent
or greater than 130 percent of the fair market value of such assets at such time.

Activity in the industry (including future covered employment and contribution levels) is based upon information provided by the plan sponsor.

Actual future valuation results will differ from those projected to the extent that future experience deviates from these projection assumptions.

The McKeogh Company -9- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00928


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 3.4

Development of Actuarial Value of Assets

1. Market Value of Assets as of May 1, 2014 $ 2,858,830
2. Contributions during year $ 199,141
3. Disbursements during year $ 571,535
4. Expected investment income at valuation rate of 7.50% $ 200,744
per annum, net of investment expense
5. Expected Market Value of Assets as of April 30, 2015 $ 2,687,180
6. Actual Market Value of Assets as of April 30, 2015 $ 2,675,929
7. Gain/(Loss) during year $ (11,251)
8. Unrecognized Prior Gain/(Loss)
Year Ending Original Unrecognized Unrecognized
April 3. Gain/(Loss Percent; Amount
2015 $ (11,251) 80% $ (9,001)
2014 82,141 60% $ 49,285
2013 (35,107) 40% $ (14,043)
2012 (313,077) 20% $ (62,615)
2009 (951,417) 30% $ (285,425)
Total $ (321,799)
9. Preliminary Actuarial Value of Assets as of May 1, 2015 = (6) - (8) $ 2,997,728
10. Actuarial Value of Assets as of May 1, 2015 $ 2,997,728
= (9) but not more than 120% of (6) nor less than 80% of (6)
| ll. Actuarial Value of Assets as a Percentage of Market Value 112.0%
|
| The McKeogh Company -26- Plasterers and Cement Masons

Local No. 94 Pension Fund

CM94:00997


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.2

Actuarial Accrued Liability and Current Liability as of May 1, 2015

Liabilities
Active
Inactive Vested
All Persons in Pay Status
Total

Expected Changes in Liabilities

Expected Increase in Liability Due to Benefits Accruing During Year

Expected Disbursements During Year

Assumptions
Assumed Interest Rate

Assumed Mortality
Assets and RPA '94 Funded Percentage

Actuarial Value of Assets as of May 1, 2015
RPA 794 Funded Current Liability Percentage

* Vested portion of RPA ’94 Current Liability for Actives is $1,629,036.

Accrued
Liability RPA ‘94
Under Current
Number Entry Age Liability
22 $ 843,945 $ 1,828,585 *
13 327,359 950,598
62 4,379,878 6,336,830
97 $ 5,551,182 $ 9,116,013
$ 83,575 $ 110,481
$ 568,230 $ 568,230
7.50% 3.37%

RP-2000 Blue
Collar w Scale AA
proj to 2011

RP-2000 combined,
for 2015 valuations

$ 2,997,728
32.9%

The McKeogh Company

-U-

Plasterers and Cement Masons
Local No, 94 Pension Fund

CM94:00981


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 2.4

Development of Minimum Required Contributio ummary

Plan Year Ending April 30,

2016 2015 2014 2013 2012
1. Normal Cost $ 233,514 § 215,522 $ 212,079 $ 229,984 306,212
2. Net Amortization 85,317 86,790 88,602 92,320 83,410
3. Interest 23,912 22,673, 22,551 24,173 29,222
4. Total Net Charges $ 342,743 $ 324,985 $ 323,232 $ 346,477 418,844
5. Credit Balance/(Funding Deficiency) with Interest  $ (717,240) $ (548,733) $ (335,862) $ (163,072) 85,660
6. Full Funding Credit (See Section 2.7) $ 0 $ 0 $ 0 $ 0 0
7. Minimum Required Contribution $ 1,059,983 $ 873,718 $ 659,094 $ 509,549 333,184

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only.

The McKeogh Company -13-

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00983


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1

Most Recent 3 Actuarial Valuations

Section 1.2

Comparison of Key Valuation Results With Those of Prior Valuations

Contributions
Minimum Funding Requirement
Actual Employer Contributions
Maximum Deductible Contribution (Estimated)
Liabilities and Normal Cost
Actuarial Accrued Liability **
Normal Cost **
Present Value of Accum. Benefits (ASC Topic 960)
Present Value of Vested Benefits (ASC Topic 960)
RPA '94 Current Liability
Assets
Market Value
Actuarial Value
Participant Counts
Active
Persons with Deferred Benefits
Disabled Retirees
Healthy Retirees and Beneficiaries
Total
PPA '06 Certification Results
Plan Status (Zone)
Funded Percentage (Actuarial Value Basis)

* Estimated

Plan Year Beginning May 1,

2016 2015 2014 2013 2012
$ 1,264,140 1,059,983 $ 873,718 $ 659,094 $ 509,549
385,688 * 264,227 199,141 143,335 190,077
10,275,430 9,910,179 9,501,255 9,359,439 8,412,177
$ 5,958,435 4,294,574 $ 4,486,654 $ 4,546,667 $ 4,666,468
83,449 233,514 215,522 212,079 229,984
5,958,435 5,505,564 5,628,074 5,660,398 5,561,499
5,895,296 5,385,190 5,483,299 5,538,738 5,419,166
9,126,112 9,116,013 9,033,858 9,087,285 8,459,464
$ 2,315,124 2,675,929 $ 2,858,830 $ 2,984,245 $ 3,169,221
2,665,889 2,997,728 3,290,172 3,507,465 3,683,497
25 22 23 25 24
14 13 14 14 14
10 10 10 10 9)
51 92 3 54 56
100 o7 100 103 103

Red & Decl. Zone Red & Decl. Zone —_ Red Zone Red Zone Red Zone
49.2% 54.2% 59.6% 63.9% 62.3%

** Beginning with the 5/1/2016 Valuation, the Actuarial Cost Method was changed from Attained Age Normal to Traditional Unit Credit.
For valuation years beginning prior to 2016, the Attained Age Normal method was used in calculating liabilities and Normal Cost, and the
Actuarial Accrued Liability shown is the sum of the Unfunded Liability and the Actuarial Value of Assets.

The McKeogh Company

a

Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00871


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 6.1

Normal Retirement

Eligibility Age requirement; 65
Service requirement: 5 years since date of first participation.

Benefit A monthly benefit equal to the sum of (i), (ii) and (iii) below:
6) The product of (A) and (B) below:
(A) $10.00, and
(B) Years of Credited Service determined as of April 30, 1982.
(ii) The product of (A) and (B) below:
(A) $77.50, and
{B) Years of Credited Service from May 1, 1982 through April 30, 2013.
(iii) | The product of (A) and (B) below:
(A) $33.00, and

(B) Years of Credited Service after May 1, 2013.

The McKeogh Company -36- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00960


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Section 5.1

Actuarial Methods

Actuarial Cost Method

The Actuarial Cost Method for determining the Actuarial Accrued Liability and Normal Cost is the Unit Credit Cost Method. In the prior valuation, the
Attained Age Normal Cost Method was used.

Asset Valuation Method

The Actuarial Value of Assets (AVA) is determined using an adjusted market value. Under this method, a preliminary AVA is determined as the market
value of assets on the valuation date less a decreasing fraction (4/5, 3/, 2/5, 1/5) of the gain or loss in each of the preceding four years. The gain or loss
for a given year is the difference between the actual investment return (on a market-to-market basis) and the assumed investment return based on the
market value of assets at the beginning of the year and actual cash flow. The AVA is then the preliminary AVA subject to a minimum and maximum
value equal to 20% below and 20% above market value, respectively.

The method used to determine the actuarial value of assets is the same as that used in the prior valuation.

This asset valuation method was modified according to the terms of the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act
of 2010. Effective May 1, 2009, the 2008 investment loss on the market value of assets is recognized over ten years, instead of five years.

The McKeogh Company -32- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00905


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

Withdrawal Liability Information

As of April 30,

1. Present Value of Vested Benefits 2015 2014 2013 2012 2011

a. Active Participants $ 677,953 $ 692,678 $ 716,465 $ 841,122

b. Persons with Deferred Benefits 327,359 357,195 334,295 503,106

c, Retirees and Beneficiaries 4,379,878 4.433.426 4,427,978 4,074,938

d. Total $ 5,385,190 $ 5,483,299 $ 5,538,738 $ 5,419,166 Not Available
2. Market Value of Assets $ 2,675,929 $ 2,858,830 $ 2,984,245 § 3,169,221 $ 3,693,387
3 Unfunded Vested Benefit Liability (UVB) $ 2,709,261 $ 2,624,469 $ 2,554,493 $ 2,249,945 Not Available
4. Unamortized Balance of Affected Benefits $ 41,846 $ 43,512 n/a n/a n/a

The above value of UVB is used in the determination of withdrawal liability. ‘he plan of benefits for the April 30, 2015 calculation is the same as
described in Section 6,1 except as noted below:

1. Benefits which are first effective May 1, 2015 or later are not reflected in the UVB as of April 30, 2015,
2. Death benefits unrelated to pension benefits and disability benefits other than those in pay status are not included in the UVB.

‘The actuarial basis is the same as used in the May 1, 2015 actuarial valuation of the plan as described in Section 5 except that, as indicated, the
market value of assets is used in the determination of UVB.

Withdrawal liabilities are determined using the presumptive method as described in ERISA Section 4211(b).

Note: Values shown prior to May 1, 2012 were determined by the prior actuary and are shown here for comparison purposes only,

The McKeogh Company -22- Plasterers and Cement Masons
Local No. 94 Pension Fund

CM94:00992


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/PN: 23-6445411 / 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

The McKeogh Company

‘November 18, 2016

Board of Trustees,

Plasterers and Cement Masons Local No. 94 Pension Fund
2207 Forest Hills Drive, Suite 14

P.O. Box 6480

Harrisburg, PA 17112-0480

Dear Trustees:

This report presents the results of the actuarial valuation of the Plasterers and Cement Masons Local No, 94 Pension Fund as
of May 1, 2015, The primary purposes of the report are to:

* Determine the minimum funding requirements of ERISA and Sections 412 and 430 of the Internal Revenue
Code for the Plan Year ending April 30, 2016.
* Estimate the limitation on maximum deductible contributions.

= Compare the minimum funding requirement to the contributions expected to be paid by the contributing
employers.

«Develop information required to be disclosed in accordance with FASB Accounting Standards Codification
(ASC) Topic 960 Plan Accounting — Defined Benefit Pension Plans and Schedule MB (Form 5500).

* Calculate the Unfunded Vested Benefit Liability (UVB) for withdrawal liability purposes under the
Multiemployer Pension Plan Amendments Act of 1980,

«Report on the Plan’s status with respect to the Pension Protection Act of 2006 (“PPA ‘06"), as amended.

Four Tower Bridge « Suite 225 + 200 Barr Harbor Drive + West Conshohocken, PA 19428 « Phone: (484) 520-0692 « Facsimile (494) 530-0713

CM94:00967


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411/ 001

Exhibit 7a1
Most Recent 3 Actuarial Valuations

PART VI

SUMMARY OF PLAN PROVISIONS

CM94:00908