SHEET METAL WORKERS LOCAL PENSION FUND 

* * * CHECKLIST * * * 

APPLICATION ON RESUBMISSION FOR APPROVAL OF SUSPENSION OF 

BENEFITS UNDER THE MULTIEMPLOYER PENSION REFORM ACT OF 2014 

Kesponse Item Uescnpt10n of item .t'age number 

in application num 

her 

Yes 1. Does the apphcat10n mclude an ongmal signature of 

the plan sponsor or an authorized representative of the 0001,0018 

plan s~onsor? See section 2.01 of this revenue 

oroce ure. 

Yes 1. Does the application include a description of the 0003 - 0004 

proposed benefit suspension - calculated as if no 

other limitations apply - that includes: 

• the suspension's effective date (and its 

expiration date, if applicable), 

• whether the suspension provides for 

different treatment of participants and 

beneficiaries, 

• a description of the different categories or 

groups of individuals affected, and 

• how the suspension affects these 

individuals differently? See section 2.02 of 

this revenue procedure. 

Yes :.;_ Does the application include a penalties-of-perjury 0066 

statement signed by an authorized trustee on behalf of 

the board of trustees? See Section 2.03 of 

this revenue procedure. 

4. Does the application include a statement, signed by 0066 

an authorized trustee on behalf of the board of 

trustees, acknowledging that the application and the 

application's supporting material will be publicly 

disclosed on the 

Treasury Department's website? See section 2.04 of 

this revenue procedure. 

Yes 

1 

0057
Yes 5.

Yes 6.

Yes '/. 

Yes 8 

Does the application include the plan actuary's 

certification of critical and declining status and the 

supporting illustrations, including: 

• the plan-year-by-plan-year projections 

demonstrating projected insolvency during 

the relevant period, and 

• separately identifying the available 

resources (and the market value of assets 

and changes in cash flow) during each of 

those y:ears? 

See section 3.01 ofthis revenue procedure. 

Does the application include the plan actuary's 

certification that, taking into account the proposed 

suspension and, if applicable, a proposed partition, the 

plan is projected to avoid insolvency if the suspension 

takes effect, and the supporting illustrations, 

including: 

• the plan-year-by-plan-year projections 

demonstrating projected solvency during the 

relevant period, 

• separately identifying the available 

resources (and the market value of assets 

and changes in cash flow) during each of 

those y:ears? 

See section 3.02 of this revenue orocedure. 

Voes the apphcatlon mclucte the plan sponsor s 

determination of projected 

insolvency that includes the documentation set 

forth in section 5 of the revenue procedure? See 

section 3.03 of this revenue procedure. 

Does the application include a demonstration that the 

limitations on individual suspensions are satisfied, 

including a description of each benefit based on 

disability, as defined under the plan, that is paid to an 

individual under the plan (without regard to whether 

the disability benefits are available to newly disabled 

participants) and calculations regarding: 

• the ~arantee-based limitation, 

• the isability-based limitation, 

• the age-based limitation, taking into account 

the guarantee-based limitation, and 

• if applicable, the age-based limitation taking 

into account both the guarantee-based 

limitation and the disability-based limitation? 

0067-0072 

0073 - 0079 

0080 - 0113 

0080 - 0113 

0115-0127 

2 

0058
~ee sect10n 4.U 1 or tms revenue proceaure. 

Yes 9. 

lU. 

11. 

Does the application include a demonstration that the 0080 - 0113 

proposed suspension is reasonably estimated to 

achieve the level necessary to avoid insolvency for 

the extended period, including illustrations regarding 

the plan's solvency ratio and available resources? See 

sect10n 4.02(1) of this revenue procedure. 

Does the application include an illustration that the NIA 

proposed suspension is reasonably estimated to 

achieve the level necessary to avoid insolvency for the 

extended period utilizing stochastic projections? (This 

illustration is optional if the plan is not required to 

apfoint a retiree rel)resentative under 

§ 32(e)(9)(B~v)( .) See section 4.02(2) of this 

revenue proce ure. 

Does the application include a demonstration that 0080 - 0113 

the proposed suspension is not projected to 

materially exceed the level necessary to avoid 

insolvency, including: 

• the plan-year-by-plan-year projections 

demonstrating projected insolvency during 

the relevant period, and 

• a separate identification of the available 

resources (and the market value of assets and 

NIA 

Yes 

changes in cash flow) during each of those 

:xears? 

See section 4.03 ofthis revenue procedure. 

3 

0059
Yes IL

Yes 13.

Yes 14.

Yes 15. 

Yes 16. 

Yes 17. 

Does the application include a demonstration 

that the proposed suspension is equitably 

distributed, including: 

• information on the effect of the suspension 

on the plan in the aggregate, 

• information on the effect of the 

suspension for different categories or 

groups, 

• a list of the factors taken into account, 

• ~ explanation of why none of the factors listed 

m 

§ 43~(e~f9j(D)(vi) were taken into account (if apphca e, 

• for each factor taken into account that is not 

one of the factors listed in § 

432(e)(9)(D)(vi), an explanation why the 

factor is relevant, and 

• an explanation of how any difference in 

treatment among categories or groups of 

individuals results from a reasonable 

~plication ofthe relevant factors? 

See sect10n 4.04 ofthis revenue procedure. 

Does the apphcation mclude a copy ot the notices 

( excluding personally identifiable mformatio~ that 

meet the re~uirements under§ 432(e)(9)(F)? ee 

section 4.0 n) of this revenue procedure. 

Does the application include a description of the 

efforts that are being taken to contact participants, 

beneficiaries in pay status, and alternate payees? 

See section 4.05(2) ofthis revenue procedure. 

Does the apphcation descnbe the steps the plan 

slconsor has taken to ensure that notices delivered 

e ectronicalg are reasonab~ accessible to the 

recipients? ee section 4.0 (3) of this revenue 

procedure. 

Does the application include a list of each employer 

who has an obligation to contribute under the plan 

and each employee organization representing 

participants under the plan? See section 4.05(4) of 

this revenue 

orocedure. 

Does the application include information on past and 

current measures taken to avoid insolvency? See 

0137 - 0141 

0027 - 0038 

0013 - 0014 

0014 

0142,0151 , 0312 

0080- 0113 

0153 - 0157 

4 

0060
Yes 18. 

section 5.01 of this revenue procedure. 

Does the application include information regarding the 

plan factors described in§ 432(e)(9)(C)(ii), for the 

past 10 plan years immediately preceding the plan 

year in which the application is submitted? See section 

5.02 of this revenue procedure. 

0080 - 0113 

Yes 1~. Does the application describe how the plan sponsor 

took into account - or did not take into account - the 

0002 - 0018 

factors listed in section 5.02 of this revenue 

procedure in the determination that all reasonable 

measures were taken to avoid insolvency? See section 

5.03 of this revenue procedure. 

0153 - 0158 

Yes LU. Does the application describe how the plan sponsor 

took into account - or did not take into account - in 

0002 - 0018 

the determination that all reasonable measures have 

been taken to avoid insolvency, the impact of: 

• benefit and contribution levels on retaining 

active participants and bargaining groups 

under the plan, and 

• past and anticipated contribution increases 

under the plan on employer attrition and 

retention levels? 

0153 - 0158 

See section 5.03 ofthis revenue procedure. 

Yes 21. Voes the apP.llcatlon mclude a d1scuss1on of any other 0002 - 0018

factors the tan sponsor took into account includin~ 

how and w rthose factors were taken into account . See section .04 of this revenue procedure. 0153 - 0158 

LL. Does the application include a copy of the proposed 0039 - 0043 

ballot, excluding the information regarding the 

statement in opposition, the individualized estimate, 

and the voting procedures? See section 6.01 of this 

revenue 

orocedure. 

Yes 

Yes n. Voes the appllcation m<11cate whether the plan sponsor 0015 is requesting 

approval from PBGC of a proposed partition under 

section 4233 of ERISA? See section 6.02 of this 

revenue procedure. 

5 

0061
NIA 24. ltthe answer to item LJ 1s yes, does the apphcat10n 

speciYe the effective date of the proposed partition and 

inclu ear1an-year-by-plan-year projection of the 

amount o the reduction in benefit payments 

attributable to the partition? See section 6.02 of this 

revenue procedure. 

NIA 

Yes 25. Does the apphcatlon mclude: 

• a description of each of the assumptions used 

0044-0055 

in the projections required under sections 

3.01, 3.02, 4.02(1), 4.02(2), and 4.03 of this 

revenue procedure, 

• supporting evidence for the selection of those 

assumptions, and 

• an explanation of any differences among the 

assumgtions used for various hurposes? See section 6. 3 and Appendix B oft is revenue 

procedure. 

0080 - 0113 

Yes 26. Does the application describe the plan's experience 

with certain critical assumptions, including a 

disclosure for each of the 10 plan years 

immediately preceding the application that 

separately identifies: 

• the total contributions, 

• the total contribution base units, 

• the average contribution rates, 

• the withdrawal liability payments, and 

• the rate of return on 

plan assets? See section 6.04 

of this revenue procedure. 

0014 

Yes LI. Does the application include deterministic projections 

of the sensitivity of the plan's solvency ratio 

throughout the extended period by taking into account 

the more conservative assumptions of investment 

experience and 

future contribution base units than assumed 

elsewhere in the application? See section 6.05 of this 

revenue procedure. 

0080 - 0113 

Yes 28. Does the plan include deterministic projections 

for each year in the extended period of: 

• the value of plan assets, 

• the plan's accrued liability, and 

• the .flan's funded 

percentage. See section 6.06 

of this revenue procedure. 

0080 - 0113 

6 

0062
Yes L':J. Does the application include the plan sponsor's 0152 

representation that, if it receives the Treasury 

Department's final authorization to suspend and 

then chooses to implement the suspension, it will 

also amend the plan: 

• to provide that the suspension will cease upon 

the plan sponsor's failure to maintain a written 

record of its annual determination that 

(i) all reasonable measures continue to be 

taken to avoid insolvency and (ii) the 

plan would not be projected to avoid 

insolvency without a suspension, 

• to require that any future benefit improvements 

must satisfy § 432(e)(9J(E), and 

• to specify that the plan sponsor will not 

modify these amendments, 

notwithstanding any other provision of the 

plan document? 

See section 6.07 of this revenue orocedure. 

Yes JU. Uoes _the appllcatlon mct1cate whether the plan 1s a plan descnbed m 

§ 432(e)(9)(D)(vii) and, if it is, how that is reflected 

m the proposed benefit suspension? See section 6.08. 

0016 - 0017 

Yes 31 Does the application include a narrative statement of 

the reasons the 9.lan is in critical and declining status? 

See section 6.0 . 

0153 - 0158 

Yes SL Does the application include the required plan 

sponsor identification and contact information? See 

section 7.01 ofthis revenue procedure. 

0016 

Yes 33. Does the application include the required plan 

identification information? See section 7.02 of this 

revenue procedure. 

0016 

Yes 34. Does the application include the required retiree 

representative information (if applicable)? See section 

7.03 of this revenue procedure. 

0016- 0017 

Yes 35. Does the application include the required enrolled 

actuary information? See section 7.04 of this 

revenue procedure. 

0017 

7 

0063
Jo. 

Yes SI.

J8. Yes 

J9. Yes 

Does the application include a designation of power of 0056 

attorney for each authorized representative who will 

represent the plan sponsor in 

connection with the application? See section 7.05 and 

Appendix C of this revenue procedure. 

Does the app1Icat10n mclucte: 

• the required plan documents 

• any recent amendments 

• the summary plan descrition (SPD) 

• any summary of materia modificat10ns, and 

• the most recent 

determination letter? See 

section 7. 06 of this revenue 

procedure. 

Does the application include the required excerpts from 

the relevant collective bargaining agreements and side 

areements? See section 7.07 

o this revenue orocedure. 

0162 

0260 

0159 

0312 - 0342 

Does the application include the required excerpts 0343 - 0422 

from the most recently filed Form 5500? See section 

7.08 of this revenue procedure. 

Yes 40. Does the application include the most recently 0423 

updated rehabilitation plan? See section 7.09 of this 

revenue procedure. 

Yes 41 Does the application include the two most recent 0427 

actuarial valuation reports? See section 7 .10 of 

this revenue procedure. 0462 

Yes 42. Does the application include this checklist, completed 0057 - 0065 

and placed on top ofthe application? See section 7.11 

of this revenue procedure and this 

Yes 4J. 

Aooendix D. 

If the application is being submitted for 

resubmission review, does the application include: 

• cross-references to information in the 

prior application with respect to 

information that has not changed from 

the prior application, 

• a statement that the application is 

being submitted for resubmission 

review, and 

0003 

8 

0064
Wiant, Chairman 

Dated: 

March_, 2019 

Tom 

9 

25

0065