Checklist Item #7 Application for Approval of a Suspension of 

Benefits Under MPRA

Iron Workers Local 17 Pension Fund EIN: 51-0161467

Plan No.: 001

Does the application 

include the plan actuary’s 

certification that the plan is 

projected to avoid 

insolvency if the 

suspension takes effect 

and the supporting 

illustrations, including: 

• the year-by-year

projections

demonstrating

projected solvency

during the relevant

period and

• separately

identifying the

available resources

(and the market

value of assets and

changes in cash

flow) during each of

those years.

See section 3.02.

The application filed on behalf of the Iron Workers 

Local 17 Pension Fund includes an Actuarial 

Certification of Plan Solvency under ERISA 

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

432(e)(9)(C)(i) as of the Proposed Benefit 

Suspension Effective Date of December 1, 2016. 

This Report includes Exhibit III, which is a year-byyear solvency projection which demonstrates that 

the Pension Fund will become insolvent in the Plan 

Year 2025 taking account the updated valuation 

through September 30, 2015. Additionally, the 

Report demonstrates in Exhibit IV, that the 

Pension Fund will avoid insolvency with the 

Proposed Benefit Suspensions taking affect 

December 1, 2016. Additionally, the Report 

separately identifies the market value of assets, 

contributions, investment earnings, benefit 

payments and plan expenses. This Report, which 

is based upon our interpretation of the 

requirements under Revenue Procedure 2015-34, 

Section 3.02, is attached as IW17PF_034 – 057. 

IW17PF_033
Iron Workers Local 17 Pension Fund 

Actuarial Certification of Plan Solvency under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) of Proposed Benefit Suspensions as of December 1, 2016 . Copyright © 2015 by The Segal Group, Inc. All rights reserved. 

IW17PF_034
1300 East Ninth Street, Suite 1900 Cleveland, OH 44114 

T 216.687.4400 www.segalco.com

December 23, 2015 

Board of Trustees Iron Workers Local 17 Pension Fund Cleveland, Ohio Dear Trustees: As requested by the Trustees and required by ERISA Section 305(e)(9)(C)(i) and Internal Re432(e)(9)(C)(i) (taking into account temporary regulation §1.432(e)(9)-1T, proposed regulation Procedure 2015-34), we have completed an actuarial analysis of the Trustees’ proposed benefiSection 305 and IRC Section 432 that are permitted because of the Plan’s critical and declining stwe project that the proposed suspensions of benefits are reasonably estimated to enable the Plan to 

meaning of ERISA Section 4245 and IRC Section 418E, assuming the suspensions of benefits continbenefit accrual reduction and other plan changes become effective upon the proposed December date in accordance with the terms and effective dates summarized in this certification. In addition

that the requirements under ERISA Section 305(e)(9)(D)(iv) and IRC Section 432(e)(9)(D)(iv) (takregulation §1.432(e)(9)-1T, proposed regulation §1.432(e)(9)-1 and Revenue Procedure 2015-34) 

The attached exhibits outline the projections performed in accordance with the statute, the publthe assumptions used in the projections, and a summary of the proposed benefit suspensions. prepared based on the Actuarial Valuation as of May 1, 2015 and the Actuarial Certification of Punder IRC Section 432 in accordance with generally accepted actuarial principles and practices an

the law. The actuarial calculations were completed under the supervision of Henry Wong, ASA, MA

IW17PF_035
Segal Consulting (“Segal”) does not practice law and, therefore, cannot and does not provide lega

interpretation on which the certification is based reflects Segal’s understanding as an actuarial firmthe statute and the significance of its ramifications, Segal recommends that the Board of Trustees cwhen making any decisions regarding compliance with ERISA, the Internal Revenue Code, and relitemporary IRS regulations in the absence of final regulations. Sincerely, Segal Consulting, a Member of The Segal Group By: _______ __ 

Megan K. Kelly, CEBS Harold S. Cooper, FSA, MAAA, EA Henry WongVice President and Benefits Consultant Vice President and Actuary Vice Preside

5554860v2/01031.030

IW17PF_036 Redacted by the U.S. Department of the Treasury Redacted by the U.S. Department of the Treasury Redacted by 

of the Treas
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

December 23, 2015 

ACTUARIAL SOLVENCY CERTIFICATION 

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

This is to certify that Segal Consulting, a Member of The Segal Group, Inc. (“Segal”), has prepared an actuarial sounder ERISA Section 305(e)(9)(C)(i) and Internal Revenue Code Section 432(e)(9)(C)(i), taking into account te

§1.432(e)(9)-1T, proposed regulation §1.432(e)(9)-1 and Revenue Procedure 2015-34, for the Iron Workers Local 17 

on participant data as of April 30, 2015 and asset values as of September 30, 2015 in accordance with generally principles and practices. It has been prepared at the request of the Board of Trustees to assist in meeting the fil

requirements under federal law. This certification may not otherwise be copied or reproduced in any form withou

Board of Trustees and may only be provided to other parties in its entirety.

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

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

reduction and other plan changes become effective upon the proposed December 1, 2016 suspension effective date in 

terms and effective dates summarized in this certification. In addition, this analysis demonstrates that the requiremSection 305(e)(9)(D)(iv) and IRC Section 432(e)(9)(D)(iv) (taking into account temporary regulation §1.432(regulation §1.432(e)(9)-1 and Revenue Procedure 2015-34) have been satisfied. Note that, as required by law, this certification is only intended to demonstrate that the proposed Plan changes are reabe sufficient to avoid insolvency within the meaning of ERISA Section 4245 and IRC Section 418E. The measuremactuarial certification are not applicable for other purposes. Future actuarial measurements may differ significantmeasurements presented in this report due to such factors as the following: plan experience differing from that 

economic or demographic assumptions; changes in economic or demographic assumptions; differences in statudifferences in methodology, changes in plan provisions and changes in applicable law. Due to the legal requirements fit does not include an analysis of such future measurements. This certification is based on the May 1, 2015 actuarial valuation, dated December 21, 2015, as well as the Actuarial CStatus as of May 1, 2015 under IRC Section 432, dated July 29, 2015. This certification reflects the changes in thMultiemployer Pension Reform Act of 2014 (MPRA), taking into account temporary regulation §1.432(e)(9)-1T, §1.432(e)(9)-1 and Revenue Procedure 2015-34. As required by proposed IRS regulations, assets were updated to S

based on actual experience. Additional assumptions required for the projections (including those required under MPthereunder), and sources of financial information used are summarized in Exhibit IX. A summary of the proposed beincluded in Exhibit X.

IW17PF_037
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

Segal Consulting does not practice law and, therefore, cannot and does not provide legal advice. Any statutory inter

this certification is based reflect Segal’s understanding as an actuarial firm. Based on discussions with the Plan’s legunderstanding that the proposed benefit suspensions satisfy the requirements for such as set forth in MPRA. This certification was based on the assumption that the Plan was qualified as a multiemployer plan for the year. I am a member of the American Academy of Actuaries and I meet the Qualification Standards of the American Acad

render the actuarial opinion herein. To the best of my knowledge, the information supplied in this actuarial certificat

accurate. The projected future employment and contribution levels are based on information provided by the plan sponthe projections are based on reasonable actuarial estimates, assumptions and methods that (other than projected futucontribution information provided by the plan sponsor) offer my best estimate of anticipated experience under the Plan

_______ 

Henry Wong, ASA, MAAA, FCA 

Vice President and Consulting Actuary Enrolled Actuary No. 14-05951 

IW17PF_038 Redacted by the U.S. Department of the Treasury
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

 Certificate Contents 

EXHIBIT I Summary of Key Information and Results EXHIBIT II Development of Projected 2015 Assets EXHIBIT III Deterministic Projection of Current Plan without Proposed Suspension EXHIBIT IV Deterministic Projection of Proposed Suspension EXHIBIT V Stochastic Projection of Proposed Suspension EXHIBIT VI Projection of 5% Smaller Suspension (Median Value of Projected Assets 

from Stochastic Projection) 

EXHIBIT VII Stochastic Projection of 5% Smaller Suspension EXHIBIT VIII Projected Total Contribution Base Units and Average Contribution Rates EXHIBIT IX Actuarial Assumptions and Methodology EXHIBIT X Proposed Benefit Suspensions 

IW17PF_039
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

EXHIBIT I Summary of Key Information and Results A summary of key information and of the results of the different tests (and subtests) required for the certification are shA. Key Information 

1. Projected year of insolvency without consideration of proposed suspension 2. Proposed effective date of suspension of benefits 3. End of extended period 4. Projected funded percentage (under IRC Section 432(j)(2)) at end of extended period 5. Probability the Plan will avoid insolvency through the extended period 6. Number of Plan active participants (based on May 1, 2015 actuarial valuation) 

7. Is the proposed suspension in combination with a partition? * See Exhibit VI of report titled: Application under ERISA Section 305(e)(9) and IRC Section 432(e)(9) – Additional Information

B. Limitation on aggregate size of suspension 

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

a. The solvency ratio is projected on a deterministic basis to be at least 1.0 for each plan year throughout the extended period. (See Eb. The Plan’s projected funded percentage at the end of the extended period does not exceed 100%, but the Plan’s solvency ratio and 

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

c. Based on stochastic projections, the probability that the Plan will avoid insolvency throughout the extended period is more than 50Because of the results summarized in B.1, the proposed suspension of benefits satisfies the requirement that it be reasonably estPlan to avoid insolvency. 

2. The proposed suspension does not materially exceed the level that is necessary to avoid insolvency, as required under IRC Section 432

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

smaller. (see Exhibits VI and VII) 

b. The PBGC did not issue an order partitioning the Plan. Because of the results in B.2, the proposed suspension of benefits satisfies the requirements that the proposed suspension not malevel that is necessary to avoid insolvency. 

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

IW17PF_040
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

EXHIBIT II Development of Projected April 30, 2016 AssetsThe actual change in Market Value of Assets from May 1, 2015 through September 30, 2015 is shown below. Contribubenefit payments, and administrative expenses for the period beginning May 1, 2015 and ending September 30, 2015, a

non-invested assets as of September 30, 2015 was based on an unaudited financial statement provided by the Fund Offinvested assets as of September 30, 2015 was provided by the Investment Manager. In addition, the value of assets was estimated value of withdrawal liability payments refundable to a withdrawn employer. 

Year Beginning May 1, 2015 

From 

May 1, 2015 Through 

September 30, 2015 

Projected from 

October 1, 2015 Through

April 30, 2016 

Total for 

Plan Year 

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

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

3. Benefit payments 7,998,551 11,691,373 19,689,924 

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

5. Investment earnings/(loss) -4,312,402 2,828,589 -1,483,813 

6. Market Value at end of period: 

(1)+(2)-(3)-(4)+(5) $78,486,182 $75,529,578 $75,529,578 

IW17PF_041
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

EXHIBIT III Deterministic Projection of Current Plan without Proposed Suspension

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

Year Beginning May 1 

2015 2016 2017 2018 

1. Market Value at beginning of year $85,351,315 $75,529,578 $70,462,785 $64,507,919 2. Contributions 12,002,000 10,608,000 10,319,000 10,319,000 

3. Benefit payments 19,689,924 19,770,194 20,072,339 20,232,823 4. Administrative expenses 650,000 500,000 450,000 463,500 

5. Investment earnings -1,483,813* 4,595,401 4,248,473 3,855,752 6. Market Value at end of year:

(1)+(2)-(3)-(4)+(5) $75,529,578 $70,462,785 $64,507,919 $57,986,348 

7. Available resources:

(1)+(2)-(4)+(5) $95,219,502 $90,232,979 $84,580,258 $78,219,171 

8. Solvency ratio: (7) ÷ (3) 4.836 4.564 4.214 3.866 

2020 2021 2022 2023 

1. Market Value at beginning of year $50,658,700 $42,563,432 $33,798,146 $24,489,578 2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 

3. Benefit payments 20,856,894 20,981,440 20,940,618 20,791,388 4. Administrative expenses 491,727 506,479 521,673 537,323 

5. Investment earnings 2,934,353 2,403,633 1,834,723 1,234,007 6. Market Value at end of year:

(1)+(2)-(3)-(4)+(5) $42,563,432 $33,798,146 $24,489,578 $14,713,874 

7. Available resources:

(1)+(2)-(4)+(5) $63,420,326 $54,779,586 $45,430,196 $35,505,262 

8. Solvency ratio: (7) ÷ (3) 3.041 2.611 2.169 1.708 

*Based on actual experience for the five-month period ended September 30, 2015 and 6.50% for the remaining seven months of the Plan Year.

IW17PF_042
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

EXHIBIT III (continued) Deterministic Projection of Current Plan without Proposed Suspension

Year Beginning May 1 

2025 

1. Market Value at beginning of year $4,405,558 2. Contributions 10,319,000 3. Benefit payments 20,457,251 4. Administrative expenses 570,046 5. Investment earnings N/A 

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) Insolvent 

7. Available resources: 

(1)+(2)-(4)+(5) $14,154,512 

8. Solvency ratio: (7) ÷ (3) 0.692 

IW17PF_043
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

EXHIBIT IV Deterministic Projection of Proposed Suspension 

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

Year Beginning May 1 

2015 2016 2017 2018 

1. Market Value at beginning of year $85,351,315 $75,529,578 $72,220,879 $70,765,692 2. Contributions 12,002,000 10,608,000 10,319,000 10,319,000 3. Benefit payments 19,689,924 18,067,440 15,824,975 15,891,827 4. Administrative expenses 650,000 500,000 450,000 463,500 5. Investment earnings -1,483,813* 4,650,741 4,500,788 4,403,589 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $75,529,578 $72,220,879 $70,765,692 $69,132,954 

7. Available resources: 

(1)+(2)-(4)+(5) $95,219,502 $90,288,319 $86,590,667 $85,024,781 

8. Solvency ratio: (7) ÷ (3) 4.836 4.997 5.472 5.350 

2020 2021 2022 2023 

1. Market Value at beginning of year $67,163,921 $64,893,615 $62,409,373 $59,818,871 2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 3. Benefit payments 16,254,354 16,303,879 16,235,207 16,096,333 4. Administrative expenses 491,727 506,479 521,673 537,323 5. Investment earnings 4,156,775 4,007,116 3,847,378 3,683,000 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $64,893,615 $62,409,373 $59,818,871 $57,187,215 

7. Available resources: 

(1)+(2)-(4)+(5) $81,147,969 $78,713,252 $76,054,078 $73,283,548 

8. Solvency ratio: (7) ÷ (3) 4.992 4.828 4.685 4.553 *Based on actual experience for the five-month period ended September 30, 2015 and 6.50% for the remaining seven months of the Plan Year.

IW17PF_044
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

EXHIBIT IV (continued) Deterministic Projection of Proposed Suspension 

Year Beginning May 1 

2025 2026 2027 2028 

1. Market Value at beginning of year $54,486,514 $51,779,241 $49,079,566 $46,394,835 2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 3. Benefit payments 15,801,154 15,606,260 15,404,218 15,169,557 4. Administrative expenses 570,046 587,147 604,761 622,904 5. Investment earnings 3,344,927 3,174,732 3,005,248 2,837,777 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $51,779,241 $49,079,566 $46,394,835 $43,759,151 

7. Available resources: 

(1)+(2)-(4)+(5) $67,580,395 $64,685,826 $61,799,053 $58,928,708 

8. Solvency ratio: (7) ÷ (3) 4.277 4.145 4.012 3.885 

2030 2031 2032 2033 

1. Market Value at beginning of year $41,152,971 $38,589,109 $36,077,648 $33,590,644 2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 3. Benefit payments 14,732,064 14,500,082 14,297,869 14,033,161 4. Administrative expenses 660,839 680,664 701,084 722,117 5. Investment earnings 2,510,041 2,350,285 2,192,949 2,039,213 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $38,589,109 $36,077,648 $33,590,644 $31,193,579 

7. Available resources: 

(1)+(2)-(4)+(5) $53,321,173 $50,577,730 $47,888,513 $45,226,740 

8. Solvency ratio: (7) ÷ (3) 3.619 3.488 3.349 3.223 

IW17PF_045
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

EXHIBIT IV (continued) Deterministic Projection of Proposed Suspension 

Year Beginning May 1 

2035 2036 2037 2038 

1. Market Value at beginning of year $28,853,321 $26,675,850 $24,692,503 $22,964,128 2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 3. Benefit payments 13,478,269 13,130,192 12,734,714 12,403,155 4. Administrative expenses 766,094 789,077 812,749 837,131 5. Investment earnings 1,747,892 1,616,922 1,500,088 1,397,727 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $26,675,850 $24,692,503 $22,964,128 $21,440,569 

7. Available resources: 

(1)+(2)-(4)+(5) $40,154,119 $37,822,695 $35,698,842 $33,843,724 

8. Solvency ratio: (7) ÷ (3) 2.979 2.881 2.803 2.729 

2040 2041 2042 2043 

1. Market Value at beginning of year $20,175,731 $19,157,480 $18,416,583 $17,995,569 2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 3. Benefit payments 11,687,230 11,327,861 10,943,961 10,560,799 4. Administrative expenses 888,112 914,755 942,198 970,464 5. Investment earnings 1,238,091 1,182,719 1,146,145 1,130,313 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $19,157,480 $18,416,583 $17,995,569 $17,913,619 

7. Available resources: 

(1)+(2)-(4)+(5) $30,844,710 $29,744,444 $28,939,530 $28,474,418 

8. Solvency ratio: (7) ÷ (3) 2.639 2.626 2.644 2.696 

IW17PF_046
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

EXHIBIT IV (continued) Deterministic Projection of Proposed Suspension 

Year Beginning May 1 

2045 2046 2047 2048 

1. Market Value at beginning of year $18,198,700 $18,829,171 $19,852,267 $21,271,067 2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 3. Benefit payments 9,824,490 9,453,028 9,102,373 8,775,598 4. Administrative expenses 1,029,565 1,060,452 1,092,266 1,125,034 5. Investment earnings 1,165,526 1,217,576 1,294,439 1,396,216 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $18,829,171 $19,852,267 $21,271,067 $23,085,651 

7. Available resources: 

(1)+(2)-(4)+(5) $28,653,661 $29,305,295 $30,373,440 $31,861,249 

8. Solvency ratio: (7) ÷ (3) 2.917 3.100 3.337 3.631 

2050 2051 2052 2053 

1. Market Value at beginning of year $25,311,154 $27,948,030 $30,999,636 $34,495,791 2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 3. Benefit payments 8,165,014 7,893,535 7,618,208 7,371,380 4. Administrative expenses 1,193,549 1,229,355 1,266,236 1,304,223 5. Investment earnings 1,676,439 1,855,496 2,061,599 2,295,637 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $27,948,030 $30,999,636 $34,495,791 $38,434,825 

7. Available resources: 

(1)+(2)-(4)+(5) $36,113,044 $38,893,171 $42,113,999 $45,806,205 

8. Solvency ratio: (7) ÷ (3) 4.423 4.927 5.528 6.214 

IW17PF_047
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

EXHIBIT V Stochastic Projection of Proposed Suspension 

Year Beginning May 1 

Probability of Remaining 

Solvent Through the Year and 

All Prior Years Year Beginning May 1 

Probabilit

Solvent Thro

All P

2016 100.0% 2036 2017 100.0% 2037 2018 100.0% 2038 2019 100.0% 2039 2020 100.0% 2040 2021 100.0% 2041 2022 100.0% 2042 2023 99.9% 2043 2024 99.4% 2044 2025 98.3% 2045 2026 96.6% 2046 2027 93.7% 2047 2028 90.2% 2048 2029 86.2% 2049 2030 82.3% 2050 2031 78.3% 2051 2032 74.8% 2052 2033 71.4% 2053 2034 68.4% 2054 2035 65.5% 

IW17PF_048
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

EXHIBIT VI Projection of 5% Smaller Suspension (Median Value of Projected Assets from Stochastic Projection) The projected Market Value of Assets and Solvency Ratio for the Plan Years beginning May 1, 2015 through April 30, 

Year Beginning May 1 

2015 2016 2017 2018 

1. Market Value at beginning of year $85,351,315 $76,010,124 $72,738,192 $70,913,040 2. Contributions 12,002,000 10,608,000 10,319,000 10,319,000 3. Benefit payments 19,689,924 18,152,435 16,036,801 16,108,687 4. Administrative expenses 650,000 500,000 450,000 463,500 5. Investment earnings -1,003,268* 4,772,503 4,342,650 4,591,878 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $76,010,124 $72,738,192 $70,913,040 $69,251,731 

7. Available resources: 

(1)+(2)-(4)+(5) $95,700,048 $90,890,627 $86,949,841 $85,360,418 

8. Solvency ratio: (7) ÷ (3) 4.860 5.007 5.422 5.299 

2020 2021 2022 2023 

1. Market Value at beginning of year $66,725,066 $64,105,005 $60,980,682 $58,287,483 2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 3. Benefit payments 16,485,401 16,538,773 16,471,584 16,332,586 4. Administrative expenses 491,727 506,479 521,673 537,323 5. Investment earnings 4,038,067 3,601,930 3,981,058 3,300,513 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $64,105,005 $60,980,682 $58,287,483 $55,037,086 

7. Available resources: 

(1)+(2)-(4)+(5) $80,590,406 $77,519,455 $74,759,067 $71,369,672 

8. Solvency ratio: (7) ÷ (3) 4.889 4.687 4.539 4.370 *Based on actual experience for the five-month period ended September 30, 2015 and stochastically modeled investment returns for the remaining seven months of 

IW17PF_049
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

EXHIBIT VI (continued) Projection of 5% Smaller Suspension (Median Value of Projected Assets from Stochastic Projection) 

Year Beginning May 1 

2025 2026 2027 2028 

1. Market Value at beginning of year $51,697,779 $48,502,680 $45,258,687 $42,234,780 2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 3. Benefit payments 16,035,810 15,838,429 15,633,273 15,394,686 4. Administrative expenses 570,046 587,147 604,761 622,904 5. Investment earnings 3,091,758 2,862,583 2,895,127 2,342,606 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $48,502,680 $45,258,687 $42,234,780 $38,878,795 

7. Available resources: 

(1)+(2)-(4)+(5) $64,538,490 $61,097,116 $57,868,053 $54,273,481 

8. Solvency ratio: (7) ÷ (3) 4.025 3.858 3.702 3.525 

2030 2031 2032 2033 

1. Market Value at beginning of year $35,646,490 $32,419,685 $29,083,428 $25,519,230 2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 3. Benefit payments 14,947,663 14,709,688 14,501,361 14,230,139 4. Administrative expenses 660,839 680,664 701,084 722,117 5. Investment earnings 2,062,697 1,735,095 1,319,248 1,684,779 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $32,419,685 $29,083,428 $25,519,230 $22,570,753 

7. Available resources: 

(1)+(2)-(4)+(5) $47,367,348 $43,793,116 $40,020,591 $36,800,892 

8. Solvency ratio: (7) ÷ (3) 3.169 2.977 2.760 2.586 

IW17PF_050
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

EXHIBIT VI (continued) Projection of 5% Smaller Suspension (Median Value of Projected Assets from Stochastic Projection) 

Year Beginning May 1 

2035 2036 2037 2038 

1. Market Value at beginning of year $19,188,519 $16,034,186 $13,467,349 $10,417,110 2. Contributions 10,319,000 10,319,000 10,319,000 10,319,000 3. Benefit payments 13,659,643 13,302,909 12,898,501 12,558,132 4. Administrative expenses 766,094 789,077 812,749 837,131 5. Investment earnings 952,405 1,206,149 342,011 240,617 6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $16,034,186 $13,467,349 $10,417,110 $7,581,464 

7. Available resources: 

(1)+(2)-(4)+(5) $29,693,829 $26,770,258 $23,315,611 $20,139,596 

8. Solvency ratio: (7) ÷ (3) 2.174 2.012 1.808 1.604 

2040 2041 2042 

1. Market Value at beginning of year $5,278,414 $3,127,201 $1,272,921 2. Contributions 10,319,000 10,319,000 10,319,000 3. Benefit payments 11,824,120 11,455,775 11,062,975 4. Administrative expenses 888,112 914,755 942,198 5. Investment earnings 242,019 197,250 N/A 

6. Market Value at end of year: 

(1)+(2)-(3)-(4)+(5) $3,127,201 $1,272,921 Insolvent 

7. Available resources: 

(1)+(2)-(4)+(5) $14,951,321 $12,728,696 $10,649,723 

8. Solvency ratio: (7) ÷ (3) 1.264 1.111 0.963 

IW17PF_051
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

EXHIBIT VII Stochastic Projection of 5% Smaller Suspension 

Year Beginning May 1 

Probability of Remaining 

Solvent Through the Year and 

All Prior Years Year Beginning May 1 

Probabilit

Solvent Thro

All P

2016 100.0% 2036 2017 100.0% 2037 2018 100.0% 2038 2019 100.0% 2039 2020 100.0% 2040 2021 100.0% 2041 2022 100.0% 2042 2023 99.8% 2024 99.0% 2025 97.5% 2026 95.1% 2027 91.6% 2028 87.3% 2029 83.0% 2030 78.3% 2031 74.1% 2032 70.1% 2033 66.4% 2034 63.2% 2035 60.2% 

IW17PF_052
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

EXHIBIT VIII Projected Total Contribution Base Units and Average Contribution Rates 

Year Beginning 

May 1 

Total Contribution 

Base Units 

(Hours) 

Contribution Rate

(Hourly) 

Year Beginning 

May 1 

Total Contribution 

Base Units 

(Hours) 

C

2015 1,200,200 $10.00 2035 1,031,900 2016 1,060,800 10.00 2036 1,031,900 2017 1,031,900 10.00 2037 1,031,900 2018 1,031,900 10.00 2038 1,031,900 2019 1,031,900 10.00 2039 1,031,900 2020 1,031,900 10.00 2040 1,031,900 2021 1,031,900 10.00 2041 1,031,900 2022 1,031,900 10.00 2042 1,031,900 2023 1,031,900 10.00 2043 1,031,900 2024 1,031,900 10.00 2044 1,031,900 2025 1,031,900 10.00 2045 1,031,900 2026 1,031,900 10.00 2046 1,031,900 2027 1,031,900 10.00 2047 1,031,900 2028 1,031,900 10.00 2048 1,031,900 2029 1,031,900 10.00 2049 1,031,900 2030 1,031,900 10.00 2050 1,031,900 2031 1,031,900 10.00 2051 1,031,900 2032 1,031,900 10.00 2052 1,031,900 2033 1,031,900 10.00 2053 1,031,900 2034 1,031,900 10.00 2054 1,031,900 

IW17PF_053
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

EXHIBIT IX Assumptions and Methodology The data, actuarial assumptions and methodology are as used in the May 1, 2015 Actuarial Valuation Certificate, dated 

2015, as well as the Actuarial Certification of Plan Status as of May 1, 2015 under IRC Section 432, dated July 29, 201specifically described below. The calculations are based on a current understanding of the requirements of ERISA SectSection 432, temporary regulation §1.432(e)(9)-1T, proposed regulation §1.432(e)(9)-1 and Revenue Procedure 2015-3Data: Supplemental data was provided by the Fund Office to calculate PBGC guaran

to model the proposed benefit suspension. 

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

certification of plan status as of May 1, 2015. 

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

past five years. 

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

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

September 30, 2015 was based on an unaudited financial statement provided bThe value of invested assets as of September 30, 2015 was provided by the In

In addition, the value of assets was reduced by the present value of withdrawarefundable to a withdrawn employer. Annual administrative expenses are assumed to be $650,000 for the 2015 Plan 

the 2016 Plan year, $450,000 for the 2017 Plan year and increase by 3% per yannual administrative expenses were based on historical and current data, adju

increase in PBGC premiums and estimated future experience based on profess

 Post-September 30, 2015 annual investment returns for deterministic projectio

be 6.5% per year. 

 The net investment return assumption is a long-term estimate derived from his

and recent market expectations, and professional judgment. As part of the anablock approach was used that reflects inflation expectations and anticipated rieach of the portfolio’s asset classes as provided by Segal Rogerscasey, as well asset allocation. 

IW17PF_054
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

Benefit Payment Projections: Benefit payments were based on a closed group valuation for participants incl

actuarial valuation and an open group valuation for new entrants. 

Stochastic Projections: Stochastic projections are based on a Monte Carlo simulation of market value 

with 10,000 trials. Other cash flows are based on a deterministic projection. Stochastic modeling of investment returns begins October 1, 2015. The initial based on the actual value as of September 30, 2015. There are no future gains investment returns generated under the stochastic projections. The assumptions for stochastic modeling were based on the Plan’s target asset capital market assumptions reflecting a 15-year horizon provided by Segal Rofollows: 

Asset Class 

Target 

Allocation 

Expected 

Returns 

Standa

Deviati

U.S. equities 45% 8.7% 18.5International equities (developed market) 15% 9.4% 21.0Fixed income 27% 3.6% 5.0Equity oriented real estate 13% 6.5% 12.0

Correlations U.S. equities 

International equities 

(developed market) Fixed income 

Equity o

real e

U.S. equities 1.00 International equities (developed market) 

0.88 1.00 

Fixed income 0.06 0.14 1.00 Equity oriented real estate 0.26 0.19 -0.25 1.00 

IW17PF_055
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

EXHIBIT X Proposed Benefit Suspensions The plan of benefits is as used in the May 1, 2015 actuarial valuation certificate, dated December 21, 2015, except as sdescribed below. Proposed Benefit Suspensions: Effective December 1, 2016, the Plan will recalculate accrued benefits or bene

for all affected participants as described below, but no less than 110% of the bby the PBGC:  A participant’s accrued benefit as of April 30, 2016 will be calculated so t

average benefit accrual rate is no greater than $72 per Benefit Credit throuBenefits will be accrued at $50 per Benefit Credit after April 30, 2016. 

 For periods of service between May 1, 1986 and April 30, 2005, a particip

more than one Benefit Credit during a plan year by working more than the required to earn one Benefit Credit. Effective on the suspension date, Benplan year is limited to one year. 

 For participants who commenced their pension prior to May 1, 2009 and m

requirements, there was no reduction for early commencement of benefitssuspension date, these participants are subject to a reduction of 1/12 of 1.5that their pension commenced prior to age 62. 

The above changes will not affect the following groups of participants:  Participants who were awarded with a disability pension and beneficiaries 

participants, and 

 Participants and beneficiaries who are at least age 80 as of the suspension 

IW17PF_056
Actuarial Solvency Certification under ERISA Section 305(e)(9)(C)(i) and IRC Section 432(e)(9)(C)(i) for the Iron 

Pension Fund 

EIN 

The amount of benefit payable on and after the suspension date for participantwho are at least age 75 but less than age 80 as of the suspension date will equa The amount of benefit calculated above, and 1/60 of the difference between the benefit payable before the suspension d

of benefit calculated above, if any, multiplied by the number of months thage 75 on the suspension date.

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

suspension effective December 1, 2016:  Participants who had commenced pension by the suspension date may retu

employment and get paid for not more than 39.5 hours per months withoubenefit be fully suspended.

Technical Issues Segal Consulting (“Segal”) does not practice law and, therefore, cannot and does not provide legal advice. Any statutor

which the certification is based reflects Segal’s understanding as an actuarial firm. Due to the complexity of the statute significance of its ramifications, Segal recommends that the Board of Trustees consult with legal counsel when making regarding compliance with ERISA and the Internal Revenue Code. 

5554860v2/01031.030

IW17PF_057