31, 2017 

Board of Trustees 

United Actuarial 

Services, Inc. 

Actuaries and Consultants 

Toledo Roofers Local No. 134 Pension Plan 

Toledo, OH 

Re: 2017 Actuadal Certification Under the Pension Protection Act 

Dear Trustees: 

The following information is intended to comply with the annual certification requirements of 

IRC section 432, with respect to the funded status of the Toledo Roofers Local No. 134 Pension 

Plan. 

Identifying Information 

Plan Nnrne: Toledo Roofers Local No. 134 Pension Plan 

ElN: 34-6682179 Plan#: 001 

Plan year of Certification: year beginning January 1, 2017 

Plan Sponsor: Board of Trustees of Toledo Roofers Local No. 134 Pension Plan 

Sponsor Address: 7142 Nightingale, Ste. I, Holland, Ohio 43528-7822 

Sponsor Telephone: ( 419) 248-240 I 

Enrolled Actuary Name: Erika L. Creager 

Enrollment Number: 14-07288 

Actuary Address: 11590 N. Meridian St., Suite 610, Caimel, 1N 46032 

Actuary Telephone: (317) 580-8631 

Certification of Plan Status 

I certify that the above-named Plan is in the following status(es) as of January I. 2017 (all that 

apply are checked): · 

Safe--Neither Endangered nor Critical Status 

Safe Due to Special Rule 

Endangered Status 

Seriously Endai1gered Status 

Projected to be in Critical Status within 5 years _ _ _ _ 

Critical Status 

Critical and Declining Status X 

11590 North Meridian Street. Suite 6 10 • Carmel, Indiana 46032-4529 • /317) 580-8670 • Fax (3 17) 580-865 l 

·~· 

March 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000424
 

 

 

 

Actuarial Services, Inc. 

Actuaries a nd Consultants 

Board of Trustees -2- March 31, 2017 

This certification is based on the following results: 

• Projected funded ratio as of January I, 2017: 59.2% 

• Previously emerged from critical status using IRC 

Section 432(c)(4)(B)(ii)(I) special emergence No 

rnle?: 

• First projected deficiency: December 31, 2018 

• At least 8 years of benefit payments in plan 

assets?: Yes 

• Plan year of projected insolvency: 2030 

• Ratio of inactive to active participants: 1. 71 

Certification of Scheduled Progress 

I certify that the above-named Plan has made scheduled progress as of January 1, 2017 as 

outlined in the 2009 rehabilitation plan (updated on June 8, 2015). The Plan is not projected to 

emerge from Critical stah1s by the end of the rehabilitation plan period as specified in the 

rehabilitation plan. This rehabilitation plan, however, includes the use of the "exhaustion of all 

reasonable measures" clause ofIRC 432(e)(3)(A)(ii). Therefore, we interpret scheduled progress 

for this Plan to mean continued use of all reasonable meas\ll'es to forestall insolvency. 

United 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000425
 

 

 

 

Actuarial Services, Inc. 

Actuaries ,md Consultants 

Board of Trustees -3- March 31, 2017 

Basis for Result 

The certifications utilize the assumptions, methods, plan provisions and demographic data as 

disclosed in lhe .January I, 20 16 actuarial valuation report with the following exceptions: 

• Based on the December 3 I, 20 I 6 unaudited financial statements provided by the plan 

administrator, the asset return for the 20 I 6 plan year is assumed to be 5.68%. We also 

updated the contributions, benefit payments, and expenses for the 201 6 plan year based 

on these financial statements. 

• No adjustments were made to the contribution rate assumption. 

• Based on information prnvided by the Trnstees regarding projection of future industry 

activity, no adjustments were made to the assumed future work hours. For the 2016 plan 

year, our projections used actual hours of 141,752. 

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

the American Academy of Actuaries to render the actuarial opinion contained herein. This 

certification is intended to be in good faith compliance with the necessary clisclosw·es for 

certification and represents my best estimate of the Plan's funded position. We are available to 

answer qt1estions regarding this certification, 

Date of Signature: ;J/J/ /,,2o/7 

cc: Secretary of the Treasury 

Rob Rasmusson, Senior Benefits Consultant 

Tori Mendoza, Administrative Manager 

Scott Newsom, Fund Counsel 

Lee Wunschcl, Fund Auditor 

m:\docs\toledo roofers\db 02438\valuations\20170IOI\ppa\20170 IO I ppa ccrt.docx 

•-<!&-• 

United 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000426
 

 

 

 

ROOFERS LOCAL NO. 134 PENSION PLAN 

EIN: 34-6682179/PN: 001 

ATTACHMENT TO 2016 SCHEDULE MB: LINE 6 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, line 6 • Summary of Plan Provisions 

Attached is a summary of the plan provisions valued. The plan provisions are the same 

as those valued in the preceding year. 

Schedule MB, line 6 • Statement of Actuarial Assumptions/Methods 

Attached is a summary of the actuarial assumptions and methods used to perform the 

most recent valuation. 

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000427
 

 

 

 

MB, Line 6 - Summary of Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 00'/ 

January 1, 2016 

PLAN HISTORY 

Origins/Purpose 

The Ohio State Roofers and Waterproofers District Council Pension Plan - Toledo Group 

was established effective May 1, 1962, as a result of collective bargaining between the 

Local Union No. 134 and the United Slate, Tile and Composition Roofers' Damp and 

Waterproof Workers Association and the Toledo Sheet Metal and Roofing Contractors 

Association. Incorporated in the Restated Pension Plan is the name change to the 

Toledo Roofers Local No. 134 Pension Plan. 

The Pension Plan is managed under the provisions of the Labor Management Relations 

Act by a Board of Trustees consisting of an equal number of representatives from Labor 

and from Management. 

The purpose of the pension plan is to provide Normal and Early Retirement Benefits, 

Temporary Early Retirement Benefits, Joint and Survivor Benefits, Optional Retirement 

Benefits, Total and Permanent Disability Benefits, Vested Benefits and Death benefits. 

Benefits first became payable on May 1, 1963. 

Employer Contributions 

The Pension Plan is financed entirely by contributions from the employers as specified in 

the Collective Bargaining Agreement. Shown below is the recent history of hourly 

contribution rates. 

f-lourly Contribution Rates 

Effective Probationary 

Date Journevmen Helpers Yardm en Helpers 

07-01-1978 $1.00 

07-01-1979 $ 1.50 

07-01-1980 $ 2.00 

07-01-1983 $ 2.25 

04-01-1984 $ 2.25 $ 1.00 

11-01-1986 $ 2.50 $1 .25 

09-01-1987 $ 2.75 $ 1.25 

07-01 -1988 $ 3.00 $1.35 

07-01-1991 $ 3.20 $ 1.35 

07-01-2004 $ 3.41 $1.35 

07-01-2005 $ 5.41 $ 1.35 

08-01 -2006 $ 6.58 $1.35 

07-01-2007 $ 6.88 $ 1.45 

06-01-2009 $ 6.88 $ 1.53 

07-01-2010 $ 7.57 $ 2.1 4 

07-01 -2011 $ 8.26 $ 2.83 $ 2.00 

07-01-2012 $ 8.95 $ 3.52 $ 2.83 $ 2.00 

07-01 -2013 $ 9.30 $ 3.87 $ 9.30 $ 2.35 

07-01-2014 $ 9.65 $ 4.22 $ 9.65 $ 2.70 

United Actuarial Services, Inc. Page A-2 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000428
 

 

 

 

edule MB, Line 6. Summary of Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

PLAN HISTORY (CONTINUED) 

Miscellaneous 

Effective December 31, 1980, Group Retirement Policy G-9320B was terminated and 

replaced by an Immediate Participation Guarantee contract G-9320C effective 

January 1, 1981 which in turn was terminated in July 1983. 

The Trust Agreement and the Pension Plan were initially filed with and approved by the 

District Director, Internal Revenue Service, as qualified and exempt from taxation. It is 

the intention of the Trustees to maintain the Trust Agreement and Pension Plan as 

qualified and exempt from taxation under the appropriate provisions of the Internal 

Revenue Code and the Rules and Regulations issued thereunder, as amended from 

time to time. 

Reciprocity 

The Plan has been amended to allow the Trustees to enter into Money Follows the Man 

Reciprocity Agreements with other Roofers Pension Plans. 

United Actuarial Services, Inc. Page A-3 

Sch 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000429
 

 

 

 

MB, Line 6 - Summary of Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

SUMMARY OF PLAN PROVISIONS 

Plan year The 8-month period beginning May 1, 1976 and ending 

December 31, 1976. Thereafter, a plan year is the 12-

month period beginning January 1 and ending the 

following December 31. 

Past service One year of past service is granted to an employee for 

each plan year that he worked in the jurisdiction of the 

union during the period May 1, 1947 to May 1, 1962. 

Future service One year of future service is granted to an employee for 

each plan year during which he receives contribution 

credits on the records of the fund during the period 

May 1, 1962 to May 1, 1976. Beginning May 1, 1976 one 

year of future service is granted to an employee who has 

435 hours of work in a plan year. 

One-year break in service Beginning May 1, 1976 an employee shall suffer a 1-year 

break in service if he fails to work 435 hours during a plan 

year. 

Forfeited service All service and benefits credited to a non-vested 

employee shall be forfeited at the time he suffers 5 

consecutive 1-year breaks in service. A participant 

receiving total and permanent disability benefits or a 

vested participant cannot forfeit service. 

Vested participant A participant who has at least 5 years of service. 

Non-vested participant A participant who has less than 5 years of service. 

Active participant A participant who has not become retired, disabled or 

deceased and who has not suffered forfeited service and 

who has accrued at least 1 year of service out of the two 

preceding plan years. 

Inactive participant A participant who has not become retired, disabled or 

deceased and who has not suffered forfeited service and 

who has not accrued at least 1 year of service out of the 2 

preceding plan years. 

United Actuarial Services, Inc. Page A-4 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000430
 

 

 

 

MB, Line 6 - Summary of Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

SUMMARY OF PLAN PROVISIONS (CONTINUED) 

Past service benefit $4.00 times the participant's years of past service. 

Future service benefit 3.5% of the contributions made on a participant's behalf 

between May 1, 1962 and June 30, 2004 and $9.60 per 

100 hours worked on or after July 1, 2004 through July 

31, 2007. Hours worked on or after August 1, 2007 and 

prior to June 30, 2008 are credited at $9.60 per 100 hours 

worked pro-rated for contributions less than the 

Journeyman rate. No benefits are accrued for hours 

worked on or after July 1, 2008. 

Normal retirement benefit 

Eligibility Age 65 and 5 years of service. 

Monthly amount Sum of participant's past service benefit and future 

service benefit. Payable for life. 

Early retirement benefit 

Eligibility Age 54 and 25 years of service. 

Monthly amount Normal, reduced by 1⁄4 of 1 % for each month under age 

62 and 1⁄2 of 1% for each month under age 59. Payable 

for life. 

Or 

Eligibility 

Monthly amount 

Options 

United Actuarial Services, Inc. 

Ages 55 to 65 with 5 but less than 25 years of service. 

Normal, reduced to be actuarially equivalent to the benefit 

payable at age 65. Payable for life. 

Joint and 50% survivor 

Joint and 75% survivor 

Joint and 100% survivor 

Life-five year certain 

Life-ten year certain 

Page A-5 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000431
 

 

 

 

MB, Line 6. - Summary of Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

Total and permanent 

disability benefit 

Eligibility 

Monthly amount 

Eligibility 

Monthly amount 

Vested benefit 

Eligibility 

Monthly amount 

Pre-retirement surviving 

spouse benefit 

SUMMARY OF PLAN PROVISIONS (CONTINUED) 

Disabled while active. 10 but less than 25 years of 

service. 

Normal, reduced to be actuarially equivalent to the benefit 

payable at age 65. Payable until earlier of recovery or 

death. 

Disabled while active. 25 years of service. 

Normal, reduced to be actuarially equivalent to the benefit 

payable at age 62. Payable until earlier of recovery or 

death. 

Terminated. 5 years of service. 

Normal. Payable for life commencing at age 65. 

Eligibility Death of a participant eligible for normal or early. Eligible 

spouse. 

Monthly amount 

Or 

Eligibility 

Monthly amount 

United Actuarial Services, Inc. 

50% of participant's joint and 50% survivor benefit. 

Payable to spouse for life. 

Death of vested participant before eligible for early. 

Eligible spouse.· 

Same as above. Deferred monthly benefit payable to 

spouse for life commencing at participant's earliest 

retirement age. 

Page A-6 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000432
 

 

 

 

e MB, Line 6 - Statement of Actuarial Ass umptions/Methods 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

ACTUARIAL ASSUMPTIONS 

The following assumptions are used throughout this report except as specifically noted 

herein. 

Valuation date 

Interest rates 

ER/SA rate of return 

used to value liabilities 

Current liability 

Operational expenses 

Mortality 

Assumed plan morlality 

Current liability 

United Actuarial Services, Inc. 

January 1, 2016 

8.0% per year net of investment expenses. 

3.28% (in accordance with 431 (c)(6) of the Internal 

Revenue Code). 

$145,000 per year excluding investment expenses. 

115% of the RP-2014 Blue Collar Mortality Tables for 

employees and healthy annuitants adjusted backward to 

2006 with the MP-2014 projection scale and projected 

forward using the MP-2015 projection scale. 

Separate annuitant and non-annuitant rates based on the 

RP-2000 Mortality Tables Report developed for males 

and females as prescribed by Section 431 (c)(6) of the 

Internal Revenue Code. 

Page B-1 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000433
 

 

 

 

MB, Line 6 - Statement of Actuarial Assumptions/Methods 

Toleclo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

Withdrawal 

First four years of 

employment 

Ultimate 

Disability 

United Actuarial Services, Inc. 

ACTUARIAL ASSUMPTIONS (CONTINUED) 

According to the following schedule: 

Year of Annual 

Employment Withdrawal Rate 

First .55 

Second .55 

Third .45 

Fourth .25 

Ultimate rates according to T-6 Turnover Table from The 

Actuary's Pension Handbook (less 51 GA mortality) 

Specimen rates shown below: 

Withdrawal 

~ Rate 

25 .0772 

30 .0740 

35 .0686 

40 .0611 

45 ,0516 

50 .0362 

55 .0137 

60 .0013 

Specimen rates shown below: 

Disability 

~ Rate 

25 .0009 

30 .0011 

35 .0015 

40 .0022 

45 .0036 

50 '.0061 

55 .0101 

Page B-2 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000434
 

 

 

 

MB, Line 6 - Statement of Actuarial Assumptions/Methods 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

Future retirement rates 

Active lives 

Inactive vested lives 

Future hours worked 

All active lives 

Future hourly contribution 

rate 

ACTUARIAL ASSUMPTIONS (CONTINUED) 

When eligible and according to the following schedule: 

Without With 

&ill 25 Years 25 Years 

54 .50 

55 .10 .30 

56-57 .10 .20 

58-61 .10 .10 

62 1.00 1.00 

Resulting in an average expected retirement age of 57.4. 

Age 59 or current age, if older. Age 54 or current age, if 

older with 25 or more years of service. 

Based on an individual's average hours worked over the 

preceding 3 years with a minimum of 200 hours assumed, 

O after assumed retirement age. 

Based on individual's anticipated hourly contribution rate 

depending on the individual's classification as a 

Journeyman ($9.65), Yardman ($9.65), Helper ($4.22), or 

Probationary Helper ($2.70). Journeyman, Yardman, and 

Helper status determined based on the estimated individual 

average contribution rate from the previous year. 

Age of participants with Based on average entry age of participants with recorded 

unrecorded birth dates birth dates and same vesting status. 

Marriage assumptions 

Inactive vested lives over 

age 70 

United Actuarial Services, Inc. 

100% assumed married with the male spouse 3 years 

older than his wife. 

Continuing inactive vested participants over age 70 are 

assumed deceased and are not valued. 

Page B-3 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000435
 

 

 

 

hedule MB, Line 6 - Statement of Actuarial Assumptions/Methods 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

Section 415 limit 

assumptions 

Dollar limit 

Assumed form of 

payment for those limited 

by Section 415 

Benefits not valued 

United Actuarial Services, Inc. 

ACTUARIAL ASSUMPTfONS (CONTINUED) 

$210,000 per year. 

Qualified joint and 100% survivor annuity. 

Pre-retirement death benefits following disability. 

Page B-4 

Sc 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000436
 

 

 

 

e MB, Line 6 -- Statement of Actuarial Assumptions/Methods 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

RATIONALE FOR SELECTION OF ACTUARIAL ASSUMPTIONS 

The non prescribed actuarial assumptions were selected to provide a reasonable long 

term estimate of developing experience. The assumptions are reviewed annually, 

including a comparison to actual experience. The following describes our rationale for 

the selection of each non-prescribed assumption that has a significant effect on the 

valuation results. 

ERISA rate of return used 

to value llabilitles 

Mortality 

Retirement 

Withdrawal 

Future hours worked 

United Actuarial Services, Inc. 

Future rates of return were modeled based on the Plan's 

current investment policy asset allocation and composite, 

long-term capital market assumptions taken from Horizon 

Actuarial's 2015 survey of investment consultants. 

Based on this analysis, we selected a final assumed rate 

of 8.00%, which we feel is reasonable. This rate may not 

be appropriate for other purposes such as settlement of 

liabilities. 

The RP-2014 Blue Collar Mortality Tables for employees 

and healthy annuitants adjusted backward to 2006 with 

the MP-2014 projection scale and projected forward using 

the MP-2015 projection scale was chosen as the base 

table for this population. 

The blue collar table was chosen based on the industry of 

plan participants. 

Finally, a 115% multiplier was applied. This was based on 

a study of data from larger plans in similar industries. 

Actual rates of retirement by age were studied for the 

period January 1, 2011 to December 31, 2015. The 

assumed future rates of retirement were selected based 

on the results of this study. 

Actual rates of withdrawal by age were for the period 

January 1, 2011 to December 31 , 2015. The assumed 

future rates of withdrawal were selected based on the 

results of this study. 

Based on review of recent plan experience. 

Page B-5 

Schedul 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000437
 

 

 

 

MB, Line 6 - Statement of Actuarial Assumptions/Methods 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

Funding method 

Funding period 

ER/SA Funding 

Population valued 

Actives 

Inactive vested 

Retirees 

Asset valuation method 

Actuarial value 

Unfunded vested 

benefits 

Pension Relief Act of 2010 

United Actuarial Services, Inc. 

ACTUARIAL METHODS 

Individual entry age normal with costs spread as a level 

dollar amount over service. 

Traditional unit credit cost method, effective January 1, 

2006. 

Eligible employees with at least one hour during the 

preceding plan year. 

Vested participants with no hours during the preceding 

plan year. 

Participants and beneficiaries in pay status as of the 

valuation date. 

Smoothed market value with each year's gain (or loss) 

spread over a period of 5 years. The actuarial value can 

be no less than 80% nor more than 120% of the market 

value as of the determination dale. 

For the presumptive method, actuarial value, as 

described above, is used. 

30-year amortization of net investment loss was elected 

with respect to the loss incurred during the plan year 

ended in 2008. The loss was allocated to future years 

using the "prospective method" of IRS Notice 2010-83. 

The amount of each allocation is show in Appendix C. 

Page B-6 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000438
 

 

 

 

ROOFERS LOCAL No. 134 PENSION PLAN 

EIN: 34-6682179/PN: 001 

ATTACHMENT TO 2016 SCHEDULE MB: LINE 6 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, fine 6 - Summary of Plan Provisions 

Attached is a summary of the plan provisions valued. The plan provisions are the same 

as those valued in the preceding year. 

Schedule MB, fine 6 - Statement of Actuarial Assumptions/Methods 

Attached is a summary of the actuarial assumptions and methods used to perform the 

most recent valuation. 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000439
 

 

 

 

MB, Line 6 - Summary of Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

PLAN HISTORY 

Origins/Purpose 

The Ohio State Roofers and Waterproofers District Council Pension Plan - Toledo Group 

was established effective May 1, 1962, as a result of collective bargaining between the 

Local Union No. 134 and the United Slate, Tile and Composition Roofers' Damp and 

Waterproof Workers Association and the Toledo Sheet Metal and Roofing Contractors 

Association. Incorporated in the Restated Pension Plan is the name change to the 

Toledo Roofers Local No. 134 Pension Plan. 

The Pension Plan is managed under the provisions of the Labor Management Relations 

Act by a Board of Trustees consisting of an equal number of representatives from Labor 

and from Management. 

The purpose of the pension plan is to provide Normal and Early Retirement Benefits, 

Temporary Early Retirement Benefits, Joint and Survivor Benefits, Optional Retirement 

Benefits, Total and Permanent Disability Benefits, Vested Benefits and Death benefits. 

Benefits first became payable on May 1, 1963. 

Employer Contributions 

The Pension Plan is financed entirely by contributions from the employers as specified in 

the Collective Bargaining Agreement. Shown below is the recent history of hourly 

contribution rates. 

Hourly Contribution Rates 

Effec tive Probationary 

Date Journeymen Helpers Yardmen Helpers 

07-01-1978 $ 1.00 

07-01-1979 $ 1.50 

07-01-1980 $ 2.00 

07-01-1983 $ 2.25 

04-01-1984 $ 2.25 $1.00 

11-01-1986 $ 2.50 $1 .25 

09-01-1987 $ 2.75 $ 1.25 

07-01-1988 $ 3.00 $ 1.35 

07-01-1 991 $ 3.20 $ 1.35 

07-01-2004 $ 3.41 $ 1.35 

07-01-2005 $ 5.41 $ 1.35 

08-01-2006 $ 6.58 $ 1.35 

07-01-2007 $ 6.88 $ 1.45 

06-01 -2009 $ 6.88 $ 1.53 

07-01-2010 $ 7.57 $ 2.14 

07-01-2011 $ 8.26 $ 2.83 $ 2.00 

07-01-2012 $ 8.95 $ .3.52 $ 2.83 $ 2.00 

07-01-2013 $ 9.30 $ 3.87 $ 9.30 $ 2.35 

07-01-2014 $ 9.65 $ 4.22 $ 9.65 $ 2.70 

United Actuarial Services, Inc. Page A-2 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000440
 

 

 

 

edule MB, Line 6 - Summary of Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

PLAN HISTORY {CONTINUED) 

Miscellaneous 

Effective December 31, 1980, Group Retirement Policy G-93208 was terminated and 

replaced by an Immediate Participation Guarantee contract G-9320C effective 

January 1, 1981 which in turn was terminated in July· 1983. 

The Trust Agreement and the Pension Plan were initially filed with and approved by the 

District Director, Internal Revenue Service, as qualified and exempt from taxation. It is 

the intention of the Trustees to maintain the Trust Agreement and Pension Plan as 

qualified and exempt from taxation under the appropriate provisions of the Internal 

Revenue Code and the Rules and Regulations issued thereunder, as amended from 

time to time. 

Reciprocity 

The Plan has been amended to allow the Trustees to enter into Money Follows the Man 

Reciprocity Agreements with other Roofers Pension Plans. 

United Actuarial Services, Inc. Page A-3 

Sch 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000441
 

 

 

 

MB, Line 6 - Summary of Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

Plan year 

Past service 

Future service 

One-year break in service 

Forfeited service 

Vested participant 

Non-vested participant 

Active participant 

Inactive participant 

United Actuarial Services, Inc. 

SUMMARY OF PLAN PROVISIONS 

The 8-month period beginning May 1, 1976 and ending 

December 31, 1976. Thereafter, a plan year is the 12-

month period beginning January 1 and ending the 

following December 31 . 

One year of past service is granted to an employee for 

each plan year that he worked in the jurisdiction of the 

union during the period May 1, 1947 to May 1, 1962. 

One year of future service is granted to an employee for 

each plan year during which he receives contribution 

credits on the records of the fund during the period 

May 1, 1962 to May 1, 1976, Beginning May 1, 1976 one 

year of future service is granted to an employee who has 

435 hours of work in a plan year. 

Beginning May 1, 1976 an employee shall suffer a 1-year 

break in service if he fails to work 435 hours during a plan 

year. 

All service and benefits credited to a non-vested 

employee shall be forfeited at the time he suffers 5 

consecutive 1-year breaks in service. A participant 

receiving total and permanent disability benefits or a 

vested participant cannot forfeit service. 

A participant who has at least 5 years of service. 

A participant who has less than 5 years of service. 

A participant who has not become retired, disabled or 

deceased and who has not suffered forfeited service and 

who has accrued at least 1 year of service out of the two 

preceding plan years. 

A participant who has not become retired, disabled or 

deceased and who has not suffered forfeited service and· 

who has not accrued at least 1 year of service out of the 2 

preceding plan years. 

Page A-4 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000442
 

 

 

 

MB, Line 6 - Summary of Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

SUMMARY OF PLAN PROVISIONS (CONTINUED) 

Past service benefit $4.00 times the participant's years of past service. 

Future service benefit 3.5% of the contributions made on a participant's behalf 

between May 1, 1962 and June 30, 2004 and $9.60 per 

100 hours worked on or after July 1, 2004 through July 

31, 2007. Hours worked on or after August 1, 2007 and 

prior to June 30, 2008 are credited at $9.60 per 100 hours 

worked pro-rated for contributions less than the 

Journeyman rate. No benefits are accrued for hours 

worked on or after July 1, 2008. 

Normal retirement benefit 

Eligibility Age 65 and 5 years of service. 

Monthly amount Sum of participant's past service benefit and future 

service benefit. Payable for life. 

Early retirement benefit 

Eligibility Age 54 and 25 years of service. 

Monthly amount Normal, . reduced by 1⁄4 of 1 % for each month under age 

62 and 1⁄2 of 1 % for each month under age 59. Payable 

for life. 

Or 

Eligibility 

Monthly amount 

Options 

United Actuarial Services, Inc. 

Ages 55 to 65 with 5 but less than 25 years of service. 

Normal, reduced to be actuarially equivalent to the benefit 

payable at age 65. Payable for life. 

. Joint and 50% survivor 

. Joint and 75% survivor 

. Joint and 100% survivor 

. Life-five year certain 

. Life-ten year certain 

Page A-5 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000443
 

 

 

 

edule MB, Line 6 - Summary of Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan EJN: 34-6682179/PN: 001 

January 1, 2016 

Total and permanent 

disability benefit 

Eligibility 

Monthly amount 

Eligibility 

Monthly amount 

Vested benefit 

Eligibility 

Monthly amount 

Pre-retirement surviving 

spouse benefit 

SUMMARY OF PLAN PROVISIONS (CONTINUED) 

Disabled while active. 10 but less than 25 years of 

service. 

Normal, reduced to be actuarially equivalent to the benefit 

payable at age 65. Payable until earlier of recovery or 

death. 

Disabled while active. 25 years of service. 

Normal, reduced to be actuarially equivalent to the benefit 

payable at age 62. Payable until earlier of recovery or 

death. 

Terminated. 5 years of service. 

Normal. Payable for life commencing at age 65. 

Eligibility Death of a participant eligible for normal or early. Eligible 

spouse. 

Monthly amount 

Or 

Eligibility 

Monthly amount 

United Actuarial Services, Inc. 

50% of participant's joint and 50% survivor benefit. 

Payable to spouse for life. 

Death of vested participant before eligible for early. 

Eligible spouse. 

Same as above. Deferred monthly benefit payable to 

spouse for life commencing at participant's earliest 

retirement age. 

Page A-6 

Sch 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000444
 

 

 

 

hedule MB, Line 6 - Statement of Actuarial Assumptions/Methods 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

ACTUARIAL ASSUMPTIONS 

The following assumptions are used throughout this report except as specifically noted 

herein. 

Valuation date 

Interest rates 

ER/SA rate of return 

used to value liabilities 

Current liability 

Operational expenses 

Mortality 

Assumed plan mortality 

Current liability 

United Actuarial Services, Inc. 

January 1, 2016 

8.0% per year net of investment expenses. 

3.28% (in accordance with 431 (c}(6) of the Internal 

Revenue Code). 

$145,000 per year excluding investment expenses. 

115% of the RP-2014 Blue Collar Mortality Tables for 

employees and healthy annuitants adjusted backward to 

2006 with the MP-2014 projection scale and projected 

forward using the MP-2015 projection scale. 

Separate annuitant and non-annuitant rates based on the 

RP-2000 Mortality Tables Report developed for males 

and females as prescribed by Section 431(c)(6) of the 

Internal Revenue Code. 

Page 8-1 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000445
 

 

 

 

e MB, Line 6 - Statement of Actuarial Ass11mptions!Methods 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

Withdrawal 

First four years of 

employment 

Ultimate 

Disability 

United Actua ria l Services, Inc. 

A CTUARIAL ASSUMPTIONS (CONTINUED) 

According to the following schedule: 

Year of Annual 

Employment Withdrawal Rate 

First .55 

Second .55 

Third .45 

Fourth .25 

Ultimate rates according to T-6 Turnover Table from The 

Actuary's Pension Handbook (less 51 GA mortality) 

Specimen rates shown below: 

Withdrawal 

~ Rate 

25 .0772 

30 .0740 

35 .0686 

40 .0611 

45 .0516 

50 .0362 

55 .0137 

60 .001 3 

Specimen rates shown below: 

Disability 

~ Rate 

25 .0009 

30 .0011 

35 .0015 

40 .0022 

45 .0036 

50 '.0061 

55 .0101 

Page 8-2 

Sched11l 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000446
 

 

 

 

MB, Line 6 - Statement of Actuarial Assumptions/Methods 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

Future retirement rates 

Active lives 

Inactive vested lives 

Future hours worked 

All active lives 

Future hourly contribution 

rate 

ACTUARIAL ASSUMPTIONS {CONTINUED) 

When eligible and according to the following schedule: 

Without With 

~ 25 Years 25 Years 

54 .50 

55 .10 .30 

56-57 .10 .20 

58-61 .10 .10 

62 1,00 1.00 

Resulting in an average expected retirement age of 57.4. 

Age 59 or current age, if older. Age 54 or current age, if 

older with 25 or more years of service. 

Based on an individual's average hours worked over the 

preceding 3 years with a minimum of 200 hours assumed, 

0 after assumed retirement age. 

Based on individual's anticipated hourly contribution rate 

depending on the individual's classification as a 

Journeyman ($9.65), Yardman ($9.65), Helper ($4.22), or 

Probationary Helper ($2. 70). Journeyman, Yardman, and 

Helper status determined based on the estimated individual 

average contribution rate from the previous year. 

Age of participants with Based on average entry age of participants with recorded 

unrecorded birth dates birth dates and same vesting status. 

Marriage assumptions 

Inactive vested lives over 

age 70 

United Actuarial Services, Inc. 

100% assumed married with the male spouse 3 years 

older than his wife. 

Continuing inactive vested participants over age 70 are 

assumed deceased and are not valued. 

Page B-3 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000447
 

 

 

 

edule MB, Line 6 - Statement of Actuarial Assumptions/Methods 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

Section 415 limit 

assumptions 

Dollar limit 

Assumed form of 

payment for those limited 

by Section 415 

Benefits not valued 

United Actuarial Services, Inc. 

ACTUARIAL ASSUMPTIONS (CONTINUED) 

$210,000 per year. 

Qualified joint and 100% survivor annuity. 

Pre-retirement death benefits following disability. 

Page B-4 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000448
 

 

 

 

MB, Line 6 - Statement of Actuarial Assumptions/Methods 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

RATIONALE FOR SELECTION OF ACTUARIAL ASSUMPTIONS 

The non prescribed actuarial assumptions were selected to provide a reasonable long 

term estimate of developing experience. The assumptions are reviewed annually, 

including a comparison to actual experience. The following describes our rationale for 

the selection of each non-prescribed assumption that has a significant effect on the 

valuation results. 

ERISA rate of return used 

to value liabilities 

Mortality 

Retirement 

Withdrawal 

Future hours worked 

United Actuarial Services, Inc. 

Future rates of return were modeled based on the Plan's 

current investment policy asset allocation and composite, 

long-term capital market assumptions taken from Horizon 

Actuarial's 2015 survey of investment consultants. 

Based on this analysis, we selected a final assumed rate 

of 8.00%, which we feel is reasonable. This rate may not 

be appropriate for other purposes such as settlement of 

liabilities. 

The RP-2014 Blue Collar Mortality Tables for employees 

and healthy annuitants adjusted backward to 2006 with 

the MP-2014 projection scale and projected forward using 

the MP-2015 projection scale was chosen as the base 

table for this population. 

The blue collar table was chosen based on the industry of 

plan participants. 

Finally, a 115% multiplier was applied. This was based on 

a study of data from larger plans in similar industries. 

Actual rates of retirement by age were studied for the 

period January 1, 2011 to December 31, 2015. The 

assumed future rates of retirement were selected based 

on the results of this study. 

Actual rates of withdrawal by age were for the period 

January 1, 2011 to December 31 , 2015. The assumed 

future rates of withdrawal were selected based on the 

results of this study. 

Based on review of recent plan experience. 

Page 8-5 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000449
 

 

 

 

MB, Line 6 - Statement of Actuarial Assumptions/Methods 

Toledo Roofers Local No. 134 Pension Plan EIN: 34-6682179/PN: 001 

January 1, 2016 

Funding method 

Funding period 

ER/SA Funding 

Population valued 

Actives 

Inactive vested 

Retirees 

Asset valuation method 

Actuarial value 

Unfunded vested 

benefits 

Pension Relief Act of 2010 

United Actuarial Services, Inc. 

ACTUARIAL METHODS 

Individual entry age normal with costs spread as a level 

dollar amount over service. 

Traditional unit credit cost method, effective January 1, 

2006. 

Eligible employees with at least one hour during the 

preceding plan year. 

Vested participants with no hours during the preceding 

plan year. 

Participants and beneficiaries in pay status as of the 

valuation date. 

Smoothed market value with each year's gain (or loss) 

spread over a period of 5 years. The actuarial value can 

be no less than 80% nor more than 120% of the market 

value as of the determination date. 

For the presumptive method, actuarial value, as 

described above, is used. 

30-year amortization of net investment loss was elected 

with respect to the loss incurred during the plan year 

ended in 2008. The loss was allocated to future years 

using the "prospective method" of IRS Notice 2010-83. 

The amount of each allocation is show in Appendix C. 

Page B-6 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000450
 

 

 

 

ROOFERS LOCAL No. 134 PENSION PLAN 

EIN: 34-6682179/PN: 001 

ATTACHMENT TO 2016 SCHEDULE MB: LINE 8 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, line 8b(1) ..: Schedule of Projection of Expected Benefit 

Payments 

Below is the projected expected benefit payout from the most recent actuarial valuation. 

The projections exclude any future accruals. 

Plan Year Expected Annual 

Beginning Benefit Payments 

2016 $ 3 563 990 

2017 3,611,794 

2018 3,732,626 

2019 3 780,487 

2020 3,820,262 

2021 3 822,665 

2022 3,801,408 

2023 3,797,517 

2024 3 784,335 

2025 3,765,488 

Schedule MB, line 8b(2) - Schedule of Active Participant Data 

Attached is the required Schedule of Active Participant Data from the most recent 

actuarial valuation. 

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000451
 

 

 

 

age Under 1 1 to 4 

Under 25 26 17 

25 to 29 18 13 

30 to 34 4 12 

35 to 39 5 9 

40 to 44 1 7 

45 to 49 3 3 

50 to 54 2 1 

55 to 59 0 0 

60 to 64 0 0 

65 to 69 0 0 

70 & up 0 0 

Schedule MB, Line 8b(2) - Schedule of Active Participant Data 

Toledo Roofers Local No. 134 Pension PliJn EIN: 34-6582179/PN: 001 

January 1, 2o-l6 

Years of Service 

5 to 9 10 to 14 15 to 19 20 to 24 25 to 29 30 to 34 35 to 39 40 & up 

1 0 0 0 0 0 0 0 

1 0 0 0 0 0 0 0 

7 2 0 0 0 0 0 0 

6 3 2 0 0 0 0 0 

4 2 2 3 0 0 0 0 

3 3 2 3 4 1 0 0 

0 0 0 4 0 6 0 0 

1 1 0 2 3 1 2 0 

0 0 0 0 1 0 0 0 

0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 

Attained 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000452
 

 

 

 

ROOFERS LOCAL No. 134 PENSION PLAN 

EIN: 34-6682179/PN: 001 

ATTACHMENT TO 2016 SCHEDULE MB: LINE 8 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, line 8b(1) - Schedule of Projection of Expected Benefit 

Payments 

Below is the projected expected benefit payout from the most recent actuarial valuation. 

The projections exclude any future accruals. 

Plan Year Expected Annual 

Beginning Benefit Payments 

2016 $ 3 563 990 

2017 3 611 794 

2018 3,732,626 

2019 3 780,487 

2020 3 820,262 

2021 3,822 665 

2022 3,801 ,408 

2023 3,797,517 

2024 3,784 335 

2025 3 765,488 

Schedule MB, line Bb(2) - Schedule of Active Participant Data 

Attached is the required Schedule of Active Participant Data from the most recent 

actuarial valuation. 

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000453
 

 

 

 

age Under1 1 to 4 

Under 25 26 17 

25 to 29 18 13 

30 to 34 4 12 

35 to 39 5 9 

40 to 44 1 7 

45 to 49 3 3 

50 to 54 2 1 

55 to 59 0 0 

60 to 64 0 0 

65 to 69 0 0 

70 & up 0 0 

Schedule MB, U ne 8b(2} •· Sclledule of Active Participant Data 

fo!edo Roofers Local No. 134 Pension Plan EIN: 34-66I)2179/PN: 001 

..la!Hii!ry ·/, 201 6 

Years of Service 

5 to 9 1 O to 14 15 to 19 20 to 24 25 to 29 30 to 34 35 to 39 40 & up 

1 0 0 0 0 0 0 0 

1 0 0 0 0 0 0 0 

7 2 0 0 0 0 0 0 

6 3 2 0 0 0 0 0 

4 2 2 3 0 0 0 0 

3 3 2 3 4 1 0 0 

0 0 0 4 0 6 0 0 

1 1 0 2 3 1 2 0 

0 0 0 0 1 0 0 0 

0 0 0 0 0 0 0 0 

a 0 0 0 0 0 0 0 

Attained 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000454
 

 

 

 

ROOFERS LOCAL No. 134 PENSION PLAN 

EIN: 34~6682179/PN: 001 

ATTACHMENT TO 2016 SCHEDULE MB: LINE 9 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, lines 9c and 9h - Schedule of Funding Standard Account 

Bases 

Attached is a schedule of minimum funding amortization bases maintained pursuant to 

IRC Section 431, 

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000455
 

 

 

 

Roofers Local No. 134 Pension Plan 

EIN: 34-6682179/PN: 001 

Attachment to 2016 Schedule MB: Lines 9c and 9h 

Schedule of Funding Standard Account Bases 

~--------·- ··-- 111/2016 1/1/2016 

Date Source of Change in Original Original Remaining Period Outstanding Amortization 

Established Unfunded Liabilit Amount Period Years Months Balance Payment 

Charges 

1/1/1978 Initial UAL 40 2 0 162,062 84,153 

11111979 Amendment 40 3 0 112,550 40,430 

11111980 Amendment 40 4 0 410,781 114,831 

111/1 987 Amendment 30 0 88,957 88,957 

1/111988 Method 30 2 0 6,274 3,250 

1/111989 Amendment 30 3 0 78,420 28,173 

11111990 Amendment 30 4 0 370,476 103,574 

11111992 Assumptions 30 6 0 175,699 35,196 

1/111995 Amendment 65,405 30 9 0 36,207 5,365 

1/1/1995 Assumptions 423,347 30 9 0 234,277 34,727 

1/1/1996 Assumptions 2,110,725 30 10 0 1,255,894 173,300 

1/1/1998 Amendment 1,1 25,477 30 12 0 753,412 92,568 

1/1/1998 Assumptions 412,628 30 12 0 276,202 33,938 

111/1999 Amendment 29,600 30 13 0 20,755 2,435 

1/1/1 999 Assumption 89,504 30 13 0 62,850 7,361 

1/1/2000 Assumptions 1,207,010 30 14 0 883,900 99,274 

111/2001 Amendment 829,817 30 15 0 630,938 68,250 

1/1/2001 Assumptions 459,487 30 15 0 349,358 37,792 

11112002 Amendment 411,446 30 16 0 323,515 33,840 

1/112002 Experience 272,485 15 1 0 29,485 29,485 

111/2003 Assumption 457,516 30 17 0 370,699 37,630 

111/2003 Experience 3,040,006 15 2 0 633,361 328,854 

1/1/2005 Experience 2,388,780 15 4 0 924,350 258,407 

1/1/2006 Experience 2,427,444 15 5 0 1,132,324 262,590 

11112007 Assumption 208,471 30 21 0 185,490 17,146 

111/2007 Experience 206,830 15 6 0 111,704 22,374 

111/2008 Assumption 27,672 . 15 7 0 16,841 2,993 

111/2009 Experience 333,680 15 8 0 224,021 36,096 

111/2009 Special 09 Relief 7,538,610 29 22 0 6,891,616 625,555 

111/2010 Special 10 Relief 901,344 28 22 0 831,986 75,520 

1/1/2011 Experience 198,040 15 10 0 155,251 21,423 

111/201 1 Special 11 Relief 1,269,454 27 22 0 1,184,196 107,490 

111/2012 Experience 183,595 15 11 0 153,129 19,860 

1/1/2012 Special 12 Relief 2,797,445 26 22 0 2,639,789 239,614 

1/1/2013 Experience 2,941,840 15 12 0 2,590,102 318,235 

Page C-1 

Toledo 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000456
 

 

 

 

Roofers Local No. 134 Pension Plan 

£IN: 34-6682179/PN: 001 

Attachment to 20'16 Schedule MB: Lines 9c and 9h 

Schedule of Funding Standard Account Bases 

1/1/2016 1/1/2016 

Date Source of Change in Original Original Remaining Period Outstanding Amortization 

Established Unfunded Liabllit Amount Period Years Months Balance Payment 

1/1/2016 Assumption 1,527,783 15 15 0 1,527,783 165,269 

1/1/2016 Experience 1,075,813 15 15 0 1,075,813 116,377 

Total Charges; 26,910,467 3,772,332 

Credits 

1/1/2009 Combined Bases 9,977,166 9 2 0 2,848,126 1.478,835 

1/1/2010 Amendments 2,720,918 15 9 0 1,985,781 294,337 

1/1/2010 Assumption 3,735,386 15 9 0 2,726,167 404,077 

111/2010 Experience 1,349,280 15 9 0 984,730 145,959 

1/112011 Assumption 11 ,568 15 10 0 9,071 1,251 

1/1/2012 Assumption 415,627 15 11 0 346,649 44,961 

1/1/2014 Experience 720,978 15 13 0 665,748 77,992 

1/1/2015 Experience 62,207 15 14 0 59,917 6,729 

Total Credits: 9,626,189 2,454,141 

Net Charges: 17,284,278 1,31 8,191 

Less Credit Balance: 969,793 

Less Reconciliation Balance: 0 

Unfunded Actuarial Liability: 16,314,485 

Page C-2 

Toledo 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000457
 

 

 

 

ROOFERS LOCAL No. 134 PENSION PLAN 

EIN: 34-6682179/PN: 001 

ATTACHMENT TO 2016 SCHEDULE MB: LINE 11 

STATEMENT BY ENROLLED ACTUARY 

Schedule MB, line 11 - Justification for Change in Actuarial Assumptions 

The assumptions and methods differ from those used the preceding year in the following 

respects: 

• The assumed mortality rates were changed from the RP-2000 Combined Healthy 

Generational Mortality Table projected using scale AA with blue collar adjustment 

and a 2-year set forward to 115% of the RP-2014 Blue Collar Mortality Table for 

employees and healthy annuitants adjusted backward to 2006 with the MP-2014 

projection scale and projected forward using the MP-2015 projection scale. This 

change was made in order to better reflect anticipated improvements in mortality 

rates for each future year due to medical advances and lifestyle changes. 

• The assumed withdrawal rates were changed from the T-5 Turnover Table (less 51 

GA mortality) with 3 year select rates of 30%, 25% and 15% to the T-6 Turnover 

Table (less 51 mortality) with 4 year select rates of 55%, 55%, 45% and 25%. This 

change reflects our best estimate of future withdrawal patterns based on recent plan 

experience. 

• The assumed retirement rates were changed according to the schedule in Appendix 

B to represent our best estimate of future retirement patterns based on recent plan 

experience. 

• The assumed retirement age for inactive vested participants was changed from age 

65 or 59 with at least 25 years of service to age 59 or 55 with at least 25 years of 

service. This change reflects our best estimate of future retirement patterns based 

on recent plan experience. 

• Ttie current liability interest rate was changed from 3.51% to 3.28%. The new rate is 

within established statutory guidelines. 

Actuary's Statement of Reliance 

In completing this Schedule MB, the enrolled actuary has relied upon the correctness of 

the financial information presented in the pension fund audit and upon the accuracy and 

completeness of participant census data provided by the plan administrator. 

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000458
 

 

 

 

31, 2017 . 

Board of Trustees 

United Actuar-ial 

Services, Inc. 

Actuaries and Consultants 

Toledo Roofers Local No. 134 Pension Plan 

Toledo, OH 

Re: 2017 Actuarial Certification Under the Pension Protection Act 

Dear Trustees: 

The following inforniation is intended to comply with the annual ce1tification requirements of 

IRC section 432, with respect to the funded status of the Toledo Roofers Local No. 134 Pension 

Plan. 

Identifying Information 

Plan Name: Toledo Roofers Local No. 134 Pension Plan 

EIN: 34-6682179 Plan#: 00 I 

Plan year of Certification: year beginning January I, 2017 

Plan Sponsor: Board ofTrnstees of Toledo Roofers Local No. 134 Pension Plan 

Sponsor Address: 7142 Nightingale, Ste. 1, Holland, Ohio 43528-7822 

Sponsor Telephone: (4 I 9) 248-2401 

Enrolled Actuary Name: Erika L. Creager 

Enrollment Number: 14-07288 

Actuary Address: 11 590 N. Meridian St., Suite 6 l 0, Crume!, IN 46032 

Actuary Telephone: (3 I 7) 580-8631 

Certifkation of Plan Status 

I certify that the above-named Plan is in the following status(es) as of January I, 2017 (all that 

apply are checked): · 

Safe--Neither Endangered nor Critical Status 

Safe Due to Special Rule 

Endangered Status 

Seriously Endangered Status 

Projected to be in Critical Status within 5 years 

Critical Status 

Critical and Declining Status X 

11590 Notth Meridian Street, Suite 610 • Carmel, Indiana 46032-4529 • /31 7) 580-8670 • Fax /317) 580-8651 

•-<!:l!;,• 

March 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000459
 

 

 

 

Actuarial Services, Inc. 

Actuaries and Consultants 

Board of Trustees -2- March 31, 2017 

This certification is based on the following results: 

• Projected funded ratio as of January I, 2017: 59.2% 

• Previously emerged from critical status using !RC 

Section 432(c)(4)(B)(ii)(l) special emergence No 

rule?: 

• First projected deficiency: December 31, 2018 

• At least 8 years of bene-fit payments in plan 

assets?: Yes 

• Plan year of projected insolvency: 2030 

• Ratio of inactive to active participants: 1. 71 

Certification of Scheduled Progress 

I ceiiify that the above-named Plan has made scheduled progress as of January L 2017 as 

outlined in the 2009 rehabilitation plan (updated on June 8, 2015). The Plan is not projected to 

emerge from Critical sta1us by the end of the rehabilitation plan period as specified in the 

rehabilitation plan. This rehabilitation plan, however·, includes the use of the "exhaustion of all 

reasonuble measmes" clause ofIRC 432(e)(3)(A)(ii). Therefore, we interpret scheduled progress 

for this Plan to mean continued use of all reasonable measw·es to forestall insolvency. 

United 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000460
 

 

 

 

Actuarial Services, Inc. 

Actuaries and Consultants 

Board of Trustees -3- March 31, 2017 

Basis for Result 

The certifications utilize the assumptions, methods, plan provisions and demographic data as 

disclosed in the January 1, 2016 actuarial valuation report with the following exceptions: 

• Based on the December 31, 2016 lmaudited financial statements prnvided by the plan 

administrator, the asset return for the 2016 plan year is assumed to be 5.68%, We also 

updated the contributions, benefit payments, nnd expenses for the 2016 plan year based 

on these financial statements. 

• No adjustments were made to the contribution rate assumption. 

• · Based on information prnvided by the Trnstees regarding projection of future industry 

activity, no adjustments were made to the assumed future work hours. For the 2016 plan 

year, our projections used actual hours of 141,752, 

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

the Americm1 Academy of Actuaries to render the act1iarial opinion contained herein. This 

certification is intended to be in good foith compliance with the necessary disclosures for 

certification and represents my best estimate of the Plan's funded position, We are available to 

answer questions regarding this certification. 

Sincerely, 

Er

Consulting Actuary 

Enrollment Number: 14-07288 

Date of Signature: J, / J / /,J? O/ 7 

cc: Secretary of the Treasury 

Rob Rasmusson, Senior Benefits Consultant 

Tori Mendoza, Administrative Manager 

Scott Newsom, Fund Col\llsel 

Lee Wunschel, Fund Auditor 

m:\docs\lolcdo roofers\db 02438\valuations\201701 OJ\ppn\20170 IOI ppa cert.docK 

,,e,.. 

United 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000461
 

 

 

 

31, 20[7 

Board of Trustees 

United Actuarial 

Services, Inc. 

Actua ries and Consultants 

Toledo Roofers Local No. 134 Pension Plan 

Toledo, OH 

Re: 2017 Actuarial Certification Under the Pension Protection Act 

Dear Trustees: 

The following infomiation is intended to comply with the annual certification requirements of 

!RC section 432, with respect lo the funded status of the Toledo Roofers Local No. 134 Pension 

Plan. 

Identifying Information 

Plan Name: Toledo Roofers Local No. 134 Pension Plan 

EIN: 34-6682179 Plan#: 001 

Plan year of Certification: year beginning January 1, 20 l 7 

Plan Sponsor: Board of Trustees of Toledo Roofers Local No. 134 Pension Plan 

Sponsor Address: 7142 Nightingale, Ste. 1, Holland, Ohio 43528-7822 

Sponsor Telephone: (419) 248-240 I 

Enrolled Actuary Name: Erika L. Creager 

Enrollment Number: 14-07288 

Actuary Address: 11590 N . Meridian St., Suite 610, Carmel, IN 46032 

Actuary Telephone: (317) 580-8631 

Certification of Plan Status 

I certify that the above-named Plan is in the folJowing status(es) as of January I, 2017 (all that 

apply are checked): 

Safe--Neither Endangered nor Critical Status 

Safe Due to Special Rule 

Endangered Status 

Seriously Endru1gered Status 

Projected to be in Critical Status within 5 years 

Critical Status 

Critical and Declining Status X 

11 590 North Meridian Street, Suite 6 JO• Carmel, Indiana 46032-4529 • (317 ) 580-8670, Fax (3 17) 580-8651 

•-e-• 

March 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000462
 

 

 

 

Actuarial Services, Inc. 

Actuaries and Consultants 

Board of Trustees -2- March 31, 2017 

This certification is based on the following results: 

• Projected funded ratio as of January I, 2017: 59.2% 

• Previously emerged from critical status using !RC 

Section 432(c)(4)(B)(ii)(I) special emergence No 

rule?: 

• First projected deficiency: December 31, 20 I 8 

• At least 8 years of benefit payments in plan 

assets?: Yes 

• Plan year of projected insolvency: 2030 

• Ratio of inactive to active participants: I. 71 

Certification of Scheduled Progress 

- I ce11ify that the above-named Plan has made scheduled progress as of January 1, 2017 as 

outlined in the 2009 rehabilitation plan (updated on June 8, 2015). The Plan is not projected to 

emerge from Critical status by the end of the rehabilitation plan period as specified in the 

rehabilitation plan. This rehabilitation plan, however, includes the use of the "exhaustion of all 

reasonable measures" clause ofIRC 432(e)(3)(A)(ii). Therefore, we interpret scheduled progress 

for this Plan to mean continued use of all reasonable measures to forestall insolvency. 

United 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000463
 

 

 

 

Actuarial Services, Inc. 

Actuaries .and Consultants 

Board of Trustees -3- March 31, 2017 

Basis for Result 

The certifications utilize the assumptions, methods, plan provisions and demographic data as 

disclosed in the January I, 2016 actuarial valuation report with the following exceptions: 

• Based on the December 31, 2016 unaudited financial statements provided by the plan 

administrator, the asset return for the 2016 plan year is assumed to be 5.68%. We also 

updated the contributions, benefit payments, and expenses for the 2016 plan year based 

on these financial statements. 

• No adjustments were made to the contribution rate assumption. 

• Based on information provided by the Trustees regarding projection of future industry 

activity, no adjustments were made to the assumed futme work hours. For the 2016 plan 

year, our projections used actual homs of 141,752. 

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

the American Academy of Actuaries to render the actuarial opinion contained herein. This 

certification is intended to be in good faith compliance with the necessary disclosures for 

certification and represents my best estimate of the Plan's funded position. We are available to 

answer questions regarding this certification. 

Consulting Actuary 

Enrollment Numbe!': 14-07288 

Date of Signature: J/J/ /~o/7 

cc: Secretary of the Treasury 

Rob Rasmusson, Senior Benefits Consultant 

Tori Mendoza, Administrative Manager 

Scott Newsom, Fund Counsel 

Lee Wunschel, Fund Auditor 

m:ldoc,\tolcdo roofer$\db 02438\volualions\20170101\ppa\20170101 pp, mt.do'" 

.,e. .. 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000464
 

 

 

 

(Form 5500) 

Department of tho Treas~ 

Internal Revenuo Sorvlce 

Retirement Plan Information 0MB No. 1210-0110 

2016 

Department of Labo< 

Employee Benefits Se<XKity Administration 

Pension Benefit Guarantv Corporation 

This schedule Is required to be filed under sections 104 and 4065 of the 

Employee Retirement Income Securily Act of 1974 (ERISA) and section 

6058(a) of the Internal Revenue Code (the Code). 

 FIie as an attachment to Form 5500. 

This Form is Open to Public 

Inspection. 

For calendar plan year 2016 or fiscal plan year beginning 01101/2016 

A Name of plan 

TOLEDO ROOFERS LOCAL NO 134 PENSION PLAN 

C Plan sponsor's name as shown on line 2a of Form 5500 

BOARD OF TRUSTEES TOLEDO ROOFERS LOCAL NO 134 PENSION 

I : Part I I Distributions 

All references to distributions relate only to payments of benefits during the plan year. 

and ending 

B 

12/3112016 

Three•digit 

plan number 

(PN)  ·· ... ::•.• 

I 001 

.. · •:· 

D Employer Identification Number (EIN) 

34-6682179 

~~\~~~i~~~ of~i~t'.i~~i.on~.~~i~ i.n.~r~~~·rt·y.~t~~r than in cash or the forms of property specified in the ........... I L __ _._ _________ _ _ o_ 

2 Enter the EIN(s) of payor(s) who paid benefits on behalf of the plan to participants or beneficiaries during !he year (if more lhan lwo. enter EINs of the two 

payers who paid the greatest dollar amounts of benefits): 

EIN(s): 34-6682179 

Profit-sharing plans, ESOPs, and stock bonus plans, skip line 3. 

3 Number of participants (living or deceased) whose benefits were dlslributed in a single sum, during the plan 3 o 

year .............................................................................................................................................................. . 

· Part 11 .: Funding Information (If the plan Is not subject to the minimum funding requirements of section of 412 of the Internal Revenue Code or 

ERISA section 302, skip this Part.) 

4 Is !he plan administrator making an election under Code section 412(d)(2) or ERISA section 302(d)(2)? ...... . D Yes f8j No  NIA 

If the plan Is a defined benefit plan, go to line 8. 

5 If a waiver of the minimum funding standard for a prior year is being amortized In this 

plan year, see Instructions and enter the date oflhe ruling letter granting the waiver. Date: Month Day _ _ __ Year 

6 : y~:~~~:~:::~:.:::~~~.l~::tl:~:I:~ !~~•~~~~~a~~y~t~i~~:~~~~~y":.:i~~;~:.:~:,~:.~~~~l~:,•f~~:i~~nder oll-'-th_:•_ _sc""'hll-e-d_u_l•_· _ ____ _ _ _ _ 

b Enter the amount contributed by the employer lo the plan for this plan year......... ........................ I-• _s_b_,.1------- -----

c Subtract the amount in line 6b from the amount In line 6a. Enter the resull 

(enter a minus sign to the left of a negalive amount).......... ........................ . ................... ~_6_c~~----- - ---- -

lf you completed line Ge, skip lines 8 and 9. 

7 Will the minimum funding amount reported on line 6c be met by the funding deadline? ........................................ .. 

8 If a change In actuarial cost method was made for this plan year pursuant to a revenue procedure or other 

authority providing automalic approval for the change or a class ruling leller, does the plan sponsor or plan 

administrator agree with the change? ............... ............................ ................... . ................. . 

Part. Ill ·:j Amendments 

D Yes  No  NIA 

D Yes  No f8j NIA 

. Part IV• : I ESOPs (see inslruclions). If this is not a plan described under Section 409(a) or 4975(e)(7) of the Internal Revenue Code, skip tihis Part. 

10 Were unallocated employer securities or proceeds from the sale of unallocated securities used lo repay any exempt loan?.. D Yes D No 

11 a Does the ESOP hold any preferred stock? ................................... ............................................... D Yes D No 

b If the ESOP has an oulstandlng exempt loan wilh the employer as lender, is such loan part of a "back-lo-back" loan? D Yes D No 

(See Instructions for definition of "back-to-back" loan.) ....... ...................................................... :..... . ................. . 

12 Does the ESOP hold any stock that is not readily tradable on an established securities market? ............... . 

For Paperwork Reduction Act Notice, see the Instructions for Form 5500. 

D Yes D No 

Schedule R (Form 5500) 2016 

v. 160205 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000465
 

 

 

 

R (Form 5500) 2016 Page2•LJ 

I - Part V-· 1 Additional Information for Multiemployer Defined Benefit Pension Plans 

13 Enter the following information for each employer that contributed more than 5% or total contributions to the plan during the plan year (measured in 

dollars). See instructions. Complete as many entries as needed to report all applicable employers. 

a 

b 

d 

Name or contributing employer NORDMANN ROOFING COMPANY INC 

EIN 34-4417131 c Dollar amount contrtbuted by employer 342359 

Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box D and see instructions regarding required attachment. Otherwise, enter the appllcable date.) Month 06 Day 30 Year 2017 

e Contribution rate information {If more than one rate applies, check this box~ and see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e/2).) 

a 

b 

d 

(1) Contribution rate (In dollars and cents) --------=,-

(2) Base unit measure: pq Hourty D Weekly D Unit of production D other (specify): 

Name of contributing employer FRED CHRISTEN & SONS CO 

EIN 34-4204250 c Dollar amount contributed by employer 341451 

Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box D and see instructions regarding required attachment. Otherwise, enter the appl/cable date.) Month 06 Day 30 Year 2017 

e Contribution rate information (If more than one rate applies, check this box~ and see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).) 

(1) Contribution rate (In dollars and cents) _ ____ _ 

(2) Base unit measure: rJ Hourty O Weekly D Unit of production D other (specify): 

a Name of contributing employer WOLFE'S ROOFING CO INC 

b EIN 31-0919410 C Dollar amount contributed by employer 171067 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box D and see instructions regarding required attachment. Otherwise, enter the appllceble date.) Month 06 Day 30 Year 2017 

e Contribution rate information (If more than one rate applies, check this box 18] and see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).) 

(1) Contribution rate (In dollars and cents) --------=,-

(2) Base unit measure: IX] Hourly O Weekly D Unit of production D Other (specify): 

a Name of contributing employer MJ WEIS ROOFING CO 

b EIN 34-1651982 C Dollar amount contributed by employer 123553 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box D and sea instructions regarding required attachment. Otherwise, enter the appllcable date.) Month 06 Day 30 Year 2017 

e Contribution rate information (If more than one rate applies, check this box IX] and see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).) 

(1) Contribution rate (In dollars and cents) - -------=,-

(2) Base unit measure: Pl Hourly D Weekly O Unit of production D Other (specify): 

a Name or contributing employer SCHREIBER ROOFING 

b EIN 38-1654067 c Dollar amount contributed by employer 77933 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box D and see instructions regarding required attachment. Otherwise, enter the applicable dale.) Month 06 Day 30 Year2017 

e Contribution rate information (If more than ·one rate applies, check this box 18] and see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).) 

(1) Contribution rate (in dollars and cents) - -------=,-

(2) Base unit measure:. jxl Hourly D Weekly D Unit or production D Other (specify): 

a Name of contributing employer UNITED ROOFING 

b EIN 34-1006391 c Dollar amount contributed by employer 60754 

d Dale collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box D and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month 06 Day 30 Year 2017 

e Contribution rate information {If more than one rete applies, check this box IX] and see instructions regarding required attachment. Otherwise, 

complete lines 13e(1) and 13e(2).) · · 

(1) Contribution rate (in dollars and cents) _ _ ___ _ 

(2) Base unit measure: IX] Hourly D Weekly D Unit or production D Other (specify): 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000466
 

 

 

 

R (Form 5500) 2016 Page 3 

14 Enter the number or participants on whose behalf no contributions were made by an employer as an employer 

of the participant for: 

a The current year .......................... ............................................. .. ..................................... 14a >-- -+-- --- --- - -- b The plan year immediately preceding the current plan year ........................... 14b >-- -+-- ---- --- -- c The second preceding plan ear ...................................... .. 14 c 

15 Enter the ratio of the number of participants under the plan on whose behalf no employer had an obligation to make an 

employer contribution during the current plan year to: 

a The corresponding number for the ptan year immediately preceding the current plan year ... 15a 

b The corres ondlng number for the second preceding Ian year ..................................... :. 15b 

16 Information with respect to any employers who withdrew from the plan during the preceding plan year: 

a Enter the number of employers who withdrew during the preceding plan year .................................. . 16a 

b If line 16a is greater than 0, enter the aggregate amount of withdrawal liability assessed or estimated to be 16b 

assessed a ainst such withdrawn em lo ers ...... . ........................................................... . 

17 If assets and liabilities from another ptan have been transferred to or merged with this plan during the plan year, check box and see Instructions regarding 

supplemental Information to be included as an attachment. ................................................................... ................................................... • D 

I · Part VI - I Additional Information for Single-Employer and Multiemployer Defined Benefit Pension Plans 

18 If any liabilities to participants or their beneficiaries under the ptan as of the end of the plan year consist (In whole or in part) of liabilities to such participants 

and beneficiaries under two or more pension plans as of Immediately before such plan year, check box and see instructions regarding supplemental 

information to be included as an attachment ............. ................... , .......................................................................... ......................... ...... n 

19 If the total number of participants is 1,000 or more, complete lines (a) through (c) 

a Enter the percentage of plan assets held as: 

Stock: _ _ _ % Investment-Grade Debi: ___ % High-Yield Debi: _ _ _ % Real Estate: % Other: % 

b Provide the average duration of the combined investment-grade and high-yield debt: 

0 0-3 years O 3-6 years O 6-9years O 9-12 years D 12-15 years O 15-18 years O 18-21 years O 21 years or more 

C Whal duration measure was used to calculate line 19(b)? 

D Effective duration  Macaulay duration  Modified duration n Other (specify): 

f:'artVII I IRS Compliance Questions 

20a Is the plan a 401 (k) plan? If "No." skip b ................................................................................................ .. 

20b How did the plan satisfy the nondiscrimination requirements for employee deferrals under section 

401 (k)(3) for the plan year? Check all that apply: ..................... .. ................................ .. 

21 a Whal testing method was used lo satisfy the coverage requirements under section 410(b) for the plan 

year? Check all that apply: ............................................................................................................ .. 

21 b Did the plan satisfy the coverage and nondiscrimination requirements of sections 41 0(b) and 401 (a)(4) 

for the plan year by combining this plan with any other plan under the permissive aggregation rules? ...... 

0 Yes 

 Design-based 

sale harbor 

 ·current year' 

ADP lest 

Ratio 

D percentage 

test 

0 Yes 

0 No 

D "Prior year' 

ADP test 

 N/A 

Average D D benefit lest 

0 No 

N/A 

22a If the plan is a master and prototype plan (M&P) or volume submitter plan that received a favorable IRS opinion letter or advisory letter, enter the date of 

the letter / / and the serial number 

22b If the plan is an individually-designed plan that received a favorable determination letter from the IRS, enter the dale of the most recent determination 

letter I I 

Schedule 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000467
 

 

 

 

ROOFERS LOCAL NO. 134 

PENSION PLAN 

AUDITED FINANCIAL STATEMENTS 

DECEMBER 31 , 2016 AND 2015 

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000468
 

 

 

 

""t CLARI< SCH!-\EFER HACKETT ·C:'.<'-~ CPAS & ADVISORS 

3166 N. Repub!ic•Blvd., Toledo, Ohio 43615 

P. 419.841.2848 I F. 419.841.8178 I cshco.com 

INDEPENDENT AUDITOR'S REPORT 

To the Board of Trustees 

Toledo Roofers Local No. 134 Pension Plan 

P.O. Box 1330 

Holland,. Ohio 43528 

Report on the Financial Statements 

We have audited the accompanying financial statements of Toledo Roofers Local No. 134 

Pension Plan which comprise the statement of net assets available for benefits as of 

December 31, 2016, the related statement of changes in net assets available for benefits for 

the year then ended, and the related not~s to the financial statements. 

Management's ~esponsibility for the Financial St.atements 

Pli::m management is responsible for the preparation and fair presentatioh of these financial 

statements in accordance With accounting principles generally accepted in the United States of 

America; this includes the design, implementation, ahd maintenance of internal control relevant 

to the preparatioh and fair presentation of financial statements that are free from material 

misstatement, whether due to fraud or error. 

Aucfitor's Responsibility 

Our responsibility is to express an opinion on these financial statements based on our audit. 

We conducted our audit in accordance with auditing standards generally accepted in the United 

States of America. Those standards require that we plan and perform the audit to obtain 

reasonable assurance · about whether the financial statements are free of material 

misstatement. 

An audit involves performing procedures to obtain audit evidence about the amounts and 

di$.Closures in the financi.;tl statements, The procedures selected depend on the auditor's 

judgment, including the assessment of lhe risks of material misstatement of the financial 

statements, whether due to fraud or error. ln making those risk assessments, the i:iuclitor 

considers internal control relevant to the Pl_an's preparation and fair presentatlon of the financial 

statements in order to design audit procedures that are appropriate in the circumstances, but 

not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control. 

Accordingly, we express no such opinion. An audit a1$o includes evaluating the appropriateness 

bf accounting policies usec;l and the reasonableness of significant accounting estimates made 

by management, as well as evaluating the overall presentation of the financial statements. We 

believe that the audit evidence We have obtained is sufficient and appropriate to provide a basis 

for 0l.lr audit opinion. 

Rl:SIJL.TS THROUGH REMARKABLE RELATIONSHIPS 

t 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000469
 

 

 

 

In our opinion, the financial statements referred to above present fairly, in all material respects, 

the net assets available for benefits of Toledo Roofers Local No. 134 Pension Plan as of 

December 31, 2016, and the changes in its net assets available for benefits for the year then 

ended, in accordance with accounting principles generally accepted in the United States of 

.America. 

Report on Supplemental Information 

Our audit was conducted for the purpose of forming an opinion on the financial statements as a 

whole. The supplemental schedule of cash receipts and disbursements of the depository 

account is presented for the purpose of additional analysis and is not a required part of the 

financial statements. The supplemental schedule of assets_ held at end of year as of 

December 31, 2016 and schedule of reportable transactions for the year ending December 31, 

2016 are presented for the purposes of additional analysis and are not a required part of the 

financial statements but are supplementary information required by the Department of Labor's 

Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income 

Security Act of 197 4. Such information is the responsibility of the Plan's management and was 

d,erlved from and relates directly to the underlying accounting and other records. _u_sed lo 

prepare the financial statements. The infprmation has been subjected to the auditing 

procedures applied in the audits of the financial statements, and certain additional procedures, 

including comparing and reconciling such information directly to the underlying accounting and 

other records used to prepare the financial statements or to the financial statements 

themselves, and other additional procedures in accordance with the auditing standards 

generally accepted in the United States of America. In our opinion, the information is fairly 

stated in all material respects in relation to the financial statements as a whole. 

Prior Period Financial Statements 

The financial statements of Toledo Roofers Local No. 134 Pension Plan as of December' 31, 

were audited by other auditors whose report dated July 19, 2016 expressed an 

Toledo, Ohio 

Opinion 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000470
 

 

 

 

LEDO .ROOFERS LOCAL NO. 134 PENSION PLAN 

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS 

AS OF DECEMBER 31 

ASSETS 

Investments at Fair Value (Notes 4,5): 

Equities - Common and Preferred Stock 

Mutual Funds 

Exchange-Traded Funds 

US. Government Securities 

Corporate Bonds 

Investment Cash and Money Market 

Other 

Total Investments 

Receivables: 

Employer Contributions 

Employer Contributions Receivable from Northwestern Ohio 

Administrators (Note 3) 

Total Receivables 

Cash 

Due From Broker 

TOTAL ASSETS 

LIABILITIES 

Accrued Administration Fee 

Accrued Professional Service Fees 

Other Payables 

TOTAL LIABILITIES 

NET ASSETS AVAILABLE FOR BENEFiTS 

See Notes to Financial Statements 

- 3 -

2016 

$ 7,399,401 

7,130,934 

7,210,103 

0 

0 

300,469 

0 

22,040,907 

86,777 

130 457 

217,234. 

54,702 

97 593 

22,410,436 

3,195 

3,156 

31 510 

37 861 

$ 22,372.575 

.2015 

$ 7,486,642 

5,482,193 

7,319,313 

325,932 

295,701 

310,881 

1,019,252 

22,239,914 

107,965 

105 998 

213,963 

72,778 

1 014 054 

23,540.709 

3,195 

4,180 

33 327 

40 702 

i 23,500,007 

TO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000471
 

 

 

 

ROOFERS LOCAL NO. 134 PENSION PLAN 

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS 

FOR THE YEARS ENDED DECEMBER 31 

ADDITIONS TO NET ASSETS ATTRIBUTED TO: 

Investment Income: 

Interest and Dividends 

Net Appreciation (Depreciation) in Fair Value (Note 4) 

Total Investment Income 

Less: Investment Manager and Trustee Fees 

Net Investment Income 

Participating Employer Contributi.ons 

Liquidated Damages 

Other Income 

Total Additions 

DEDUCTIONS FROM ASSETS ATTRIBUTED TO: 

Benefits and Withdrawals 

Admini.strative Expense: 

Administrative Fees 

Professional Fees 

Other Expenses 

Total Administrative Expenses 

Total Deductions 

NET INCREASE DURING YEAR 

NET ASSETS AVAILABLE FOR BENEFITS 

Beginning of Year 

End of Year 

See Notes to Financial Statements 

-4 -

2016 

$ 469,379 $ 

921 716 

1,391,095 

124 563 

1,266,532 

1,165,714 

156 

64 816 

2,497,218 

3,488,909 

.38,340 

61 ,487 

35 914 

135 741 

3,624,650 

(1 ,127,432) 

23,500,007 

~ 22,372,575 $ 

2015 

581,965 

(1,088,562) 

(506,597) 

183 663 

(690,260) 

1,315,703 

54 

5 000 

630,497 

3,375,573 

38,340 

63,997 

39 714 

142 051 

3,517,624 

(2,887,127) 

26,387,134 

23,500,007 

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000472
 

 

 

 

ROOFERS LOCAL NO. 134 PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS 

FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 

(1) DESCRIPTION OF THE PLAN 

The following description of the Toledo Roofers Local No. 134 Pension Plan (the Plan) is provided 

for general information purposes only. Participants should refer to the Plan document for a more 

complete description of the Plan's provisions. 

GENERAL 

The Plan is a multi~employer d_efined benefit pension plan established May 1, 1962, as a result of 

a collective barg,:iining agreement between the Toledo Area Roofing Contractors Association, 

Inc. (the Association) and Local No. 134 United Union of Roofers, Waterproofers, and Allied 

Workers (the Union}. Subsequent amendments have been made to the Plan primarily to adjust 

benefits .and comply with tax law changes. The Plan is subject to the provisions of the Employee 

Retirement Income Security Act of 1974 (ERISA). 

All employees of the participating employets who are members of the Union are eligible to 

participate in the Plan. 

CONTRIBUTIONS 

The Plan is funded through employer contributions. Contribution rates are specified by the 

collective bargaining agreement. The contribution rate was $9.65 per hour effective July 1, 2014. 

Employees of participating employers classified as Roofers Helpers are also eligible for 

participation in the Plan. The contribution raie for Roofers Helpers is $4.22 per hour effective July 

1, 2015. 

Contributions received by the Plan in 2016 and 201.5 were sufficient to meet the minimum 

funding requirements of ERISA. 

BENEFITS 

Under the terms of the Plan, participants are eligible for normal retirement benefits upon 

reaching age 65 with five years of service or age 56 with 25 years of service. RedL1ced early 

retirement benefits are available to participants upon reaching age 54 with at least 25 years of 

service. The Plan also provides certain death, disability and vested termination benefits. 

Participants are generally 100% vested in their accru_ed benefits upon completing five years of 

vested service. Normal retirement benefits are based on the number of hours Worked by the 

participant at specified benefit rates per hour as established by the Board of Trustees. 

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

BASIS OF ACCOUNTING 

The accounting records of the Plan .are maintained by the third party administrator on the cash 

basis of accounting bllt inclu.de contributions receival:lle from Northwestern Ohio Administrators, 

Inc. The accompanying financial statements are presented on the accri.lal basis bf accounting 

and include <:1djustments for other receivables and liabilities. · 

• 5 . 

TOLEOO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000473
 

 

 

 

ROOFERS LOCAL NO. 134 PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 

FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 

MANAGEMENT ESTIMATES 

The preparation of financial statements in conformity with generally accepted accounting 

principles requires management to make estimates and assumptions that affect the reported 

amounts of assets an_d liabilities therein, disclosure of contingent assets and liabilities at the date 

of the financial statements, the actuarial present value of c1ccumulated plan benefits at the date 

of the financial statements, and the reported amounts of revenues and expenses during the 

reporting period. Actual results could differ from those estimates. 

The most significant areas involving the use of management's estimates and assumptions is the 

determination of fair value for the valUation of certain hedge funds and the actuarial present 

value of accumulated plan benefits. Actual results may differ from those estimates. 

TRUST FUND 

The trust fund is managed pursuant to a written Agreement for Appointment of Investment 

Manager between the Board of Trustees· of the Plan, and its named fiduciaries, and various 

investment managers. Morgan Stanley is custodian trustee pursuant. to a Trust Agreement. All 

investment assets are in the custody of Morgan Stanley with the exception of investments held 

independently in EnTrust Capital Diversified Fi.Ind QP Ltd. 

The investment managers have been granted discretionary authority concerning purchases and 

sales of investments in the trust fund, within prescribed limits designated by the Board of 

Trustees. The investments and changes therein have been reported to the Board of Trustees of 

the Plan by the custodian trustee. 

INVESTMENT VALUATION AND INCOME 

Investments are reported at fair value. Fair value is the price that would be received to sell an 

-asset or paid to transfer a liability in an orderly transaction between market participants at the 

measurement date. See Note 5 for a discussion of fair value measurements. · 

Purchases and sales of securities are recorded on a trade date basis. Interest income is 

recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation 

(depreciation) includes the Plan's gains and losses on investments bought and sold as well as 

held during the year. 

BENEFITS 

Benefits are recorded when paid. 

ADMINISTRATIVE EXPENSES 

Significant administrative expenses are paid by the Plan and recorded when incurred. 

(3) UNREMITTED CONTRIBUTIONS 

Unremitted contributions from Northwestern Ohio Administrators, Inc. {NWOA), administrative 

manager for the Plan, represent employer contributions received by NWOA and maintained in 

NWOA's cash concentn=.ition account until such time as they are transferred to the Plan's cash 

account. Interest is earned on amounts maintained in the cash concentration account. 

- 6 -

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000474
 

 

 

 

ROOFERS LOCAL NO.134 PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 

FOR THE YEARS ENDED DECEMBER 31 , 2016 AND 2015 

(4) INVESTMENTS 

During the years ended December 31 , 2016 and 201.5, the Plan's investments (including gains and 

losses on investments bought .and sold, c1s weH as .held during the year) appreciated (depreciated) 

in value by $921,716 and $(1,088,562), respectively. 

(5) FAIR VALUE MEASUREMENTS 

Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) topic, Fair 

Value Measurements and Disclosures, provides the framework for measuring fair value. That 

framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to 

measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices In active 

markets for identical assets or liabilities (level 1 measurements) and the lowest priority to 

unobseNable inputs (level 3 measurements). The three levels. of the fair value hierarchy are 

described as follows: 

Level 1 

Level2 

Level3 

Inputs to the valuation methodology are unadjusted quoted prices for 

identical assets or liabilities in active markets that the company has the 

ability to access. 

Inputs to the valuation methodology include: 

• quoted prices for similar assets or liabilities in active. markets; 

• quoted prices for identical or similar assets or liabilities in 

inactive markets; 

• inputs other than quoted prices that are observable for the asset 

or liability; 

• inputs that are derived principally from or corroborated by 

observable market data by correlation or other means. 

If the asset or liability has a specified (contractual) term, the level 2. 

input must be observable for substantially the full term of the asset or 

liability. 

Inputs to the valuation· methodology are unobservable and significant to 

the fair value measurement. 

The asset's or liability's fair value measurement level within the fair value hierarchy is based on the 

lowest level of any input that is significant to the fair value measurement Valuation techniques 

use.d need to maximize the use of observable inputs and minimize the use of unobservable inputs. 

Following is a description of the vaiuation methoqologies used for assets measured at fair value. 

There have been no changes in the methodologies used at December 31, 2016 and 2015. 

Common stocks: Valued at the closing price reported on the active market on which the individual 

securities are traded. 

- 7 -

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000475
 

 

 

 

ROOFERS LOCAL NO. 134 PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 

FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 

(5) FAIR VALUE MEASUREMENTS (CONTINUED) 

Mutual Funds: Valued at the net asset value (NAV) of shares held by the ,plan at year end. 

Exchange-Traded Funds: Valued at the net asset value (NAV) of shares held by the plan at year 

end. 

U.S. Government Securities: Valued by the quoted.prices of similar assets on an active market. 

EnTrust Capital Diversified Fund QP Ltd,: Valued at the Fund's estimate of fair value per unit of the 

Fund's net assets as computed under generally accepted accounting principles held by the plan at 

year end. The fund is a hedge fund. This investment was classified as level 3. 

The preceding methods may produce a fair value calculation that may not be indicative of net 

realizable value or reflective of future fair values. Furthermore, although the plan believes its 

valuation methods are appropriate and consistent with other market participants, the use of 

different methodologies or assumptions to determine the fair value of certain financial instruments 

could result in a different fair value measurement at the reporting date. 

The following tables set forth by level, within the fair value hierarchy, the plan's assets at fair value 

as of December 31 , 2016 and 2015. 

Assets at Fair Value as of December 31, 201 6 

Investment Level 1 Level2 Level3 Total 

Common Stocks 7,399,401 0 0 7,399,401 

Exchange Traded Funds 7,210,103 0 0 7,210,103 

Mutual Funds 7;130,934 0 0 7,130,934 

Other: 

Money Markets 300,469 0 0 300,469 

Total Assets at Fair Value $ 22,040,907 $ 0 $ 0 $ 22,040,907 

Assets at Fair Value as of December 31, 2015 

Investment Level 1 Level 2. Level3 Total 

Government.Securities $ 0 $ 325,932 $ 0 $ 325,932 

Common Stocks 7,484,153 0 0 7,484,153 

Preferred Stocks 2,489 0 0 2,489 · 

Corporate Bonds 0 295,701 0 295,701 

Exch,mge Traded Funds 0 7,319,313 0 7,31.9,313 

Mutual Funds 0 5;482,193 0 5,482,193 

Hedge Funds: . 

En Trust Capital Diversified 0 0 1,019,252 1,019,252 

Fund QP Ltd 

Other: 

Money Markets 310 881 0 0 310 881 

Total Assets at Fair Value $ 7,797,523 $ 13,423,139 $ 1,019,252 $ 22,239,914 

. 8. 

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000476
 

 

 

 

ROOFERS LOCAL NO. 134 PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 

FOR THE YEARS ENDED DECEMBER 31; 2016 AND 2015 

(5) FAIR VALUE MEASUREMENTS (CONTINUED) 

The following tables set forth a summary of changes in the fair value of the plan's level 3 assets for 

the year ended December 31, 2016 and 2015. 

Balance - Beginning of Year 

Realized gains(losses) 

Unrealized gaiils/(losses) relating to 

instruments still held at the reporting date 

Earnings 

Sales 

Fees 

Balance - End of Year 

Balance - Beginning of Year 

Realized losses 

Unrealized gains/(losses) relating to 

instruments still held at the reporting date 

Sales 

Fees 

Balance - End of Year 

Er:iTrust Capital 

Diversified Fund 

QPLTD 

$ 1,019,252 

(36,886) 

0 

0 

(978,666) 

(3,700) 

$=====0 

EnTrust Capital 

Diversified Fund 

QP LTD 

$ 2,205,332 

0 

.(134,473) 

(1,019,254) 

(32,353) 

$ 1,019,252 

Lyster Watson 

Group Trust 

Conservative 

Alternative Fd 

$ 0 

0 

0 

0 

0 

0 

$=====0 

Lyster Watson 

Group Trust 

Conservative 

Alternative Fd 

$ 9,368 

(5,516) 

0 

(3,852) . 0 

$====,,;-,0 

QUANTITATIVE INFORMATION ABOUT SIGNIFICANT UNOBSERVABLE INPUTS USED IN 

LEVEL3 FAIR VALUE MEASUREMENTS 

The following table represents the Plan's level 3 fins1ncial instruments, the va!uati.on techniques 

used to measure the fair value of these financial instruments as of December 3·1, 2016 and 2015, 

and the significant unobservable inputs and the ranges in value for those inputs: · 

Instrument 

En Trust Capital Diversified 

F~nd QP LTD 

December 

31, 2016 

Fair Value 

December 

31, 2015 

Fair Value 

$ . 0 $ 1,019,252 

Principal 

Valuation 

Technique 

Practical 

Expedient 

- 9 -

Significant 

Unobservable 

Inputs 

Fair Market V<1lue of 

Underlying Assets 

Range of 

Significant 

Input 

Values 

7vA 

Weighted 

Average 

NIA 

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000477
 

 

 

 

ROOFERS LOCAL NO. 134 PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 

FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 

(5) FAIR VALUE MEASUREMENTS (CONTINUED) 

In estimating fair value of the investments in level 3, the Investment Company may use third pariy 

pricing sources or appraisers. In substantiating the reasonableness ofthe pricing data provided by 

third party, the Investment Manager evaluates a variety of factors including review of methods and 

assumptions used by external sources, recently executed transactions, existing contracts, 

economic conditions, industry and market deilelopments and overall credit ratings. 

FAIR VALUE OF INVESTMENTS THAT CALCULATE NET ASSET VALUE 

The following tables summar[ze investm~nts measured at fair value based on net asset value 

(NAVs) per share as of December 31, 2016 and 2015, respectively: 

Unfunded Redemption Redemption 

December 31, 2016 Fair Value Commitments Freguency Notice Period 

En'Trust Capital 

Diversified Fund QP $ 0 $0 Quarterly 90 Days 

LTD (a) 

Unfunded Redemption Redemption 

December 31, 2015 Fair Value Commitments Freguency Notice Period 

EnTrust Capital 

Diversified Fund QP 

LTD (a) 

$ 1,019,252 $0 Quarterly 90 Days 

(a) Hedge fund. The hedge fund's objectives are to use a multitude of investment options in long 

and short positions in both domestic and international markets with the goal of generating high 

returns. The plan can redeem from En Trust quarterly (30 days prior to quarter end). 

- 10 -

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000478
 

 

 

 

ROOFERS LOCAL NO. 134 PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 

FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 

(6) RELATED PARTY TRANSACTIONS 

The Plan is related through common management with Northwestern Ohio Administrators, Inc. 

Under an administrative contract, Northwestern Ohio Administrators, Inc. provides administrative 

and depository services to the Plan. Payments for these administrative services (principally for 

salaries and operating expenses) are reduced by collections for liquidated damages and certain 

interest income. Included in the statements of changes in net assets are gross administrative fees 

charged by Northwestern Ohio Administrators, Inc. 

(7) ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS 

Accumulated plan benefits are thos.e future periodic payments that are attributable, under the 

Plan's provisions, to the service employees. Accumulated plan benefits include benefits expected 

to be paid to retired or terminated participants or their beneficiaries, beneficiaries of participants 

who have died and present participants or their beneficiaries. Benefits payable under 

circumstances including retirement, death, disability, and termination of employment are included 

to the extent they are deemed attributable to participant service rendered to the valuation date. 

The actuarial prese11t value of accumulated plan benefits of the Plan is determined by an enrolled 

actuary of United Actuarial Services and is that amount that results from applying actuarial 

assumptions to adjust the accumulated plan benefits to reflect the time value of money (through 

discounts for interest) and the probability of payment (by means of decrements such as for death, 

disability, withdrawal, or retirement) between the valuation date and the expected date of payment. 

The significant actuarial assumptions used in the valuation as of January 1, 2016 were: 

• net investment return rate of 8.0%; 

• post-retirement mortality rates based on RP-2014 Blue Collar Mortality table; 

• rate of labor turnover and pre-retirement mortality rates based on published statistical 

data; 

retirement rates based on schedule included in valuation report; and 

• future hours worked c1re based on an individual's average hours Worked over the 

preceding 3 years with a minimum of 200 hours assumed, O hours aft13r assumed 

retirement age. 

The forgoing actuarial assumptions are based on th.e presumption that the Plan will continue. 

Were the Plan to terminate, different actuarial assurnptions and other factors might be applicable 

in determining the actuarial present value of accumulated plan benefits. 

" 11 -

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000479
 

 

 

 

ROOFERS LOCAL NO. 134 PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 

FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 

(7) ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS (CONTINUED) 

Based on the latest actuarial information available, as of January 1, 2016, the actuarial present 

value of accumulated plan benefits is summarized as follows: 

Vested Benefits: 

Participants Currently Receiving Benefits 

Other Participants 

Total 

Non-Vested Benefits 

Total Actuarial Present Value of Accumulated Plan Benefits 

$ 31,970,844 

9,Z72,472 

41 ,743,316 

87 973 

$ 41,831 ,289 

Changes in the actueirial present value of accumulated plan benefits since January 1, 2015 • are 

summarized as follows: 

Actuarial Present Value of Accumulated Plan Benefits as of 

January 1, 20f5 

Increase (Decrease) During the Year Attributable. to: 

Benefits Accumulated and Actuarial Experience Gain or Loss 

Change in Actuarial Assumptions 

Interest Due to Decrease in the Discount Period 

Benefits Paid to Participants or their Beneficiaries 

Net Decrease 

Actuarial Present Value of Accumulated Plan Benefits as of 

January 1, 2015 

$ 40,356,862 

93,668 

1,527,783 

3,228,549 

(3,375,573) 

1474 427 

$ 41,831,289 

On March 30, 2016, under the requirements of .Internal Rev~nue Code Section 432, the Plan's 

enrolled actuaries issued a letter of certification that the Plan is in critical and declining status (as 

defined in Section 432) for the Plan year beginning January 1, 2016. This critical and declining 

status deterinjnation was based on a funded ratio of 64o/o, a projected funding deficiency by 

December 31, 2018, and other results. The 2010 Rehabilitation Plan was evaluated by the actuary, 

and under the current assumpUons, no revision ,to the Rehabilitation Plan would be necessary. If 

current assumptions.are not met, future revisions may be needed. 

On March 31, 2014, under the requirements of Internal Revenue Code Section 432, the Plan's 

enrolled actuaries issued a letter of Certlfic:ation that the Plan reinains in critical status (as defined 

in Section 432) for the Plan year beginning January 1, 2015. This critical status determination was 

based on a funded ratio of 65%, a projected fun<;ling deficiency by December 31, 201 a, and other 

results. The 201 O Rehabilitation Plan was evaluated by the actuary, and under the current 

assumptions, no revision to the Rehabilitation Plan would be necessary. If current assumptions are 

not met, future revisions may be needed. 

- 12 -

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000480
 

 

 

 

ROOFERS LOCAL NO. 134 PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 

FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 

(8) PLAN TERMINATION 

Although the Board of Trustees has not expressed any intent to do so, it has the right underthe 

Plan to terminate the Plan subject to the provisions of the Employee Retirement Income Security 

Act of 1974. Upon such termination or partial termination, each participi;int would become fully 

vested in his or her individual accrued benefit to the extent funded. 

In the event the Plan is terminated .or in the event of complete discontinuance of contributions 

theret9, any assets remaining after provision for expenses of administration or liquidation will be 

allocated, by the Board of Trustees of the Plan, in accordance with the priorities established by 

ERISA (or any successor statutory provision) lo all eligible participants. 

Certain benefits under the plan are insured by the Pension Benefit Guaranty Corporation (PBGC) 

if the plan terminates. Generally, the PBGC guarantees most vested normal age retirement 

benefits, early retirement benefits, and certain disability and survivor's pensions. However, the 

PBGC does not guarantee all types of benefits and the amount of benefit protection Is subject to 

c;ertain limitations. Vested benefits under the plan are guaranteed at the level in effect on the dale 

of the plan's termination. However, a statutory ceiling exists, which is adjusted periocfically, on the 

amount of an individual's monthly benefit that the PBGC guarantees. Thal ceiling applies to those 

pensioners who elect to receive their benefits in the form of a single-life annuity and are at least 65 

years old at the time of retirement or plan termination (whichever comes later). For younger 

annuitants or for those who elect to receive their benefits in some form more valuable than a single 

life annuity, the corresponding ceilings are actuarlally adjusted downward. 

Whether all participants receive their benefits should the Plan terminate al some future time will 

depend on the sufficiency, at that time, of the Plan's net assets to provide for accumulated benefit 

obligations and may also depend on the financial condition of the Plan's sponsors and the level of 

benefits guaranteed by the PBGC. 

(9) TAX STATUS 

The Internal Revenue Service has determined ancf informed the Plan by a letter dated 

September 17, 2015, that the Plan and related trust are designed in accordance with applicable 

sections of the Internal Revenue Code (IRC). The Plan is required to operate in conformity with the 

Code and the Employee Retirement Income Securities Act of 1974 to mairitairi its tax exempt 

status. 

The Plan has determined that there are no uncertain tax positions that require disclosure. in ihese 

financial statements under the FASS Accounting Standards Codification topic, Income Taxes. 

The tax years 2013 through 2016 are subject to possible examina'tion by the Internal 

Revenue Service. 

- 13 • 

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000481
 

 

 

 

ROOFERS LOCAL NO. 134 PENSION PLAN 

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 

FOR 1HE YEARS ENDED DECEMBER 31, 2016 AND 2015 

(10) RISKS AND UNCERTAINTIES 

The Plan invests in various investment securities. Investment securities are exposed to various 

risks such as interest rate, market. and cred.it risks. Due to the level of risk associated with certain 

investment securities, it is at least reasonably possible that changes in the values of investment 

securities will occur in the near term and that such changes could materially affect the amounts 

reported in the statement of net assets available for benefits. 

Plan contributions are made and the actuarial present value of accumulated plan benefits are 

reported based on certain assumptions pertaining to interest rates, inflation rate, and employee 

demographics, all of which are subject to change. Due to uncertainties inherent in the estimations 

and assumptions process, it is at least reasonably possible that changes in these estimates and 

assL1mptions in the near term would be material to the financial statements. 

(11) SUBSEQUENT EVENTS 

The Plan has evaluated subsequent events through September 12, 2017, the date the financial 

statements were available to be issued. There Were no subsequent events that required 

adjustment to the financial statements or additional disclosure. 

• 14 C 

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000482
 

 

 

 

SUPPLEMENTAL INFORMATION 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000483
 

 

 

 

ROOFERS LOCAL NO. 134 PENSION PLAN 

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS 

OF THE DEPOSITORY ACCOUNT 

FOR THE YEARS ENDED DECEMBER 31 

RECEIPTS 

Employer Contributions 

Transfers From Custodian 

Other Income 

Total Receipts 

DISBURSEMENTS 

Benefits Paid by Administrative Manager 

Fees: 

Administration, Net 

Legal and Collection 

Other Professional 

International Foundation of Employee Benefit Plans - Dues and 

Seminars 

Fiduciary Liability Insurance Premium 

Pension Benefit Guaranty Corporation Premium 

Fidelity Bond Premium 

Meeting Expenses 

Printing, Mailing, and Other 

Total Disbursements 

Net Receipts 

CASH BALANCE 

At Beginning of Year 

At End of Year 

Notes: 

$ 1,160,626 

2,382,000 

64 816 

3,607,442 

3,488,909 

38,1 84 

28,210 

34,300 

1,150 

9,936 

13,959 

699 

532 

9 639 

3,625,518 

(18,076) 

72 778 

$ 54 702 

$ 1,327,231 

2,188,087 

5 000 

3,520,318 

3,363,908 

38,286 

27,237 

32,580 

7,1 93 

9,138 

12,974 

557 

691 

9 161 

3,501,725 

18,593 

54 185 

$ 72 778 

(1) The above schedule presents the cash transactions of the depository account maintained by the 

administrative manager. 

See Notes to Financial Statements 

"16 -

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000484
 

 

 

 

ROOFERS LOCAL NO. 134 PENSION PLAN 

EMPLOYER IDENTIFICATION NO. 34-6682179 

PLAN NO. 001 

SCHEDULE H (LINE 4i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

(Prepared Pursuant to Requirements of the Employee Retirement 

Income Security Act of 1974) 

AS OF DECEMBER 31, 2016 

The enclo·sed Morgan Stanley Detail Schedules of Asset Holdings (Pages 7-29) are incorporated herein 

by reference. 

TOLEDO 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #39 – 7.08 Annual Return 

Document #39.1 

TRPP134-000485
 

&l 

~ 

., 

11. 

c:, 

le 

~ 

l& 

"' N 

0 

Plan Account Number: 305-037313 -133 

For the Period: 01/01/2016 -12/31/2016 

Cash, Deposits, Money Market Funds, and Certificates of Deposit 

CASH BALANCE'. 

security Description 

CASK 

Total Gash Balance 

BANK DEPOSITS 

Securify Des~iption 

MORGAN STANLEY BANK N.A. 

MORGAN STANLEY PRIVATE BANK NA 

Total Bank Deposits 

Account- Number 

305 -037368 -'133 

Account Number 

305-037368-'133 

305-037358 -'133 

Percentage 

of Assets 

Total Cash, Dep<>sits, Money Market Funds and Certificates of Deposit 1.36% 

Stocks 

COMMON STOCKS 

Seci.Jrity Description 

AAC TECHNOLOGIES HLDG INC (AACAY) 

Asset Class: Eauities 

ABB LTD (ABB) 

Asset Class: Eouities 

Account Number 

305 -037368 -'133 

305-037368-'133 

ABBVIE INC COM .(ABBV) 305 -037368 -'133 

Next Divider,d Payable 02/2017: Asset Class: Equities 

AC! WORLDWIDE .INC (ACIW) 305 -03.7368 -'133 

Asset Class: Eau flies 

ADOBE SYSTEMS (ADBE) 305-037368 ..'33 

Asset Class:;l;quities 

Quantity 

77.000 

2,716.000 

464.000 

33

_

4.000 

322.000 

Morgan Stanley 

Market Value 

$25.99 

$25.99 

Markct ·va1uc 

$245.002.34 

55;440.54 

S300.442.88 

Original 

Total Cost carrying Value Market va1ue 

$0.00 so.co $300,468.87 

Share Original 

Prico Total Cost Carrying Value 

$90.425 $5,555.69 $5,027.41 

21.070 56,631.83 56,631.83 

62.520 30,223.57" 30,223.57 

18.150 6,764.00 6,943.14 

102.950 34,685.58 34,585.58 

Unrealized 5500 unrealized 

Galnl(Loss) Gainl(Loss) 

$0.00 $0.00 

Unrealized 5500 

Market Vatue Gain/(Loss) 

$6,962.72 $1,407.02 

57,226.12 594.29 

29,05.5,68 (1,167.89) 

6,062.10 (701.90) 

33,149.90 (1,535.68) 

C

Additional information and disclosures aboUt. this report and the information contained herein c-.n be round in the section enaCied Messages at the end of_this report. 

1ll 

Document #39.1 

TRPP134-000486
 Account Number: 305 -037313-=733 For the Period: 01/01/2016 -12/31/2016 

COMMON STOCKS (CONTINUED) 

$ecuri!X Description Account Number 

ADVANCED ENERGY IND INC (AEIS) 305-037368 -'/33 

Asset Class: Ei uities 

AES CORP (AES) 305 -037368 ,;> 33 

Next Dividend Pa'@_ble 02/201 7: AsserC/ass: £Quities 

AFFILIATED MGRS.GROUP INC (AMG) 305 -03?36 6 -'733 

Asset Class: E uities 

AGNC INVT CORP COM (AGNC) 305 -037368-133 

Next Dividend Pavable 01/09/17: Asset Class:Alt 

AIA GROUP LTD SPON ADR (AAGIV) 305-037368-'733 

· Asset Class: Eauities. 

AIR LIQUIDE ADR (AIQUV) 305-037368-'733 

Asset Class: E uiVes 

_AKBANK TURK ANO NIM SIR.KET! ADR (AKBTV) 305-037368-73~ 

Asset Class. E uldes 

A KORN I NC (AKRX) 305-037368.-'733 

Asset Class: Ei uities 

AKZO NOBa NV ADR (AKZOV). 305-037368 -'733 

Asset Class: 6 uities 

ALFA LAVAL AB-UNSPONS ADR {ALFVV) 305-037368 -'733 

Asset Class: £, uitif!S 

ALIGN TECHNOLOGY (ALGN) 305--037368 -'733 

Asset Class: fouities 

ALLEGHANY CP DELAWARE {Y) 305-037368 ::/33 

Asset C/ass:-E ulties 

ALLERGAN PLC SHS (AGN) 305 -03 7368 -'733 

Asset CliJss: £ uilies 

ALLIANT ENERGY CP (LN1) 305 -037368-'733 

Next Dividend Pa'@_ble-02/201-7: Asset Class: EQUities 

ALLIANZ SE ADS (A2SEY) 305-037368 -'733 

Asset Class: E uities 

ALPHABET INC CL A (GOOGL) 305 -03736B -'733 

Asset Class: E uities 

AMBEV S A:SPONSORED ADR (ABEV) 305 -03.7368 ::/33 

Next: Dividend Pa'@.b/e 01/05/17; Asset Class: EQuities 

AMC ENTERTAINMENTHLDS-CL A (AMC) 305 -037368-'733 

. Next Dividend Pa'@.bf e 03/2017: Asset Class: E'g_uities 

Quantity 

128.000 

2,332.000 

40.000 

882.000 

2,751 .000 

1,852,000 

1,721 .000 

·984.000 

2,954,000 

2,218.000 

174.000 

21 .000 

131.000 

232.000 

2,954.000 

37.000 

2,918.000 

146,000 

Morgan Stanley 

Share Original 

Price Total Cost Ca~09 Value Market Value 

54.750 4,453.83 4,453.83 7,008.00 

11.620 29.774.07 29,774.07 27,0\l].84 

145.300 6,561.41 6,561.41 5,812.D0 

18.130 16,385.13 16,363.19 15,990.66 

22.470 60,690.58 63,Ql)B.80 61,814.97 

22.240 40,467.:62 40,645.1 8 41,188.48 

4.360 10.154.79 8,111.77 7,503.56 

21.830 28,779:38 29,994.20 21,480.72 

20.700 6_9,689.29 67,160.85 61,147.80 

16.510 34,074.54 34,073.53 36,619.18 

96.130 10,739.83 11,655.14 16,726.62 

608.1 20 ~-183.87 . 10,008.05 12,770.52 

210.010 -32,014.54 32,014.54 27,511.31 

37.890 6,879.14 7,428.42 8,790.48 

16.480 47,700.04 49,360.47 48,681 .92 

792.45.0 20,364.59 28,741.33. 29,320.65 

4.91D ·n,412.2s 13,446.60 14,327.38 

33,650 4,554.41 4,554.41 4,912.90 

Adiiitlon81 infoimation and diSclosures· ab'otJt this repdrt 2nd the· infdrmation contafiied hereiri can be found in the section entitled Messages at the end of this report. 

Unrealited 5500 U

Gain/(Loss) G

2,554.17 

(2,676.23) (

(749.41) 

(394.47) 

1,124.39 

720,86 

(2,651.23) 

(7,298.66) 

{8,541.49) 

2,544.64 

5,986.79 

3,586.65 

{4,503.23) 

1,911.34 

981.,88 

8,956.06 

{3,084.90) 

358.49 

C

Plan 

Document #39.1

TRPP134-000487
 

;; 

., 

u.. 

0 

>- "' 

0 

(1) 

:z 

., 

., 

"' N 

0 

Plan Account Number:. 305 .037313-733 

For the Period: 01/01/2016 - 12/31/2016 

COMMON STOCKS (CONTINUED) 

Security Description Account Number 

AMC NE1WORKS INC CLA(AMCX) 3M-037368 '733 

Asset Class: E uities 

AMDOCS LIMITED ORD (DO)() 305-037368'7_33 

Nexr Dividend Pa'{!_b/e 01/13117: Asset Class: Eg_Uiries 

AMERICA MOVILSA DE CV AD.R L (AM)() 305 -037368 -133 

Asset Class:£, uities 

AMERIPRISE FINCL INC (AMP) 305 -037368 '133. 

Next Divicfa>..nd Pa'@.ble 02/2017; Asset Class: E~ulties 

AMGEN INC (AMGN) 30.5 -037368 .;,33 

Next Dividend Pavable 0312017: Asset Class: Eduities 

ANIKA THERAPEUTICS INC (ANII() 

Asset c1;Jss;· Eauities 

305.-037368'13:> 

. ANSYS INC (ANSS) 305 -037368'733 

Asset Class: £ uities 

ANTERO RES CORP COM (AR) 305·-037368 '733 

· Asset·C/ass: £ uities 

APPLE INC (AAPL) 305 -0373 68 -'733 

Next Dividend Pa'@.ble 02/2017;.lisset: Class: £g_uities 

ARCaORMITTALNY REG (MD 305.i37368.;>33 

Asset Class: E uities 

ARCHER DANIELS MIDLAND (ADM) 305-037368 '733 

Next Dividend Payp_ble 03/201.7; Asset Class: £auiCies 

ARISTA NE1WORKS INC (ANE'I] 305. -037368 '733 

Asset Class: .E uities 

ARRIS INTL INC (ARRS) 305-037368 '733 

Asset Class:'£ uities 

ARYITA·AG ZUERICH (ARZTY) 305 -037368 '733 

Asset Class: Eouities 

ASPEN PHARMACARE HLDGS LTD ADR (APNHY) 305-037368.:/33 

Asset Class: E. uities 

ASSURED GUARANTY LTD (AGO) 305-037368 '733 

Next Dividend Payp_ble 0212017: Asset Class, £g_uities 

ASTRAZENECA PLC ADS (AZN) 305 .;J37368 '133 

Next Dividend Pa'@.ble 03/2017: Asset Class: £g_uicies 

ATLAS COPCO.AS.A ADR A NEW (ATLKY) 305-037368 '733 

Asset Class: E uities 

Quarititl 

.220.000 

78:0QO 

725.000 

'277.000 

159.000 

90.000 

263,000 

457.000 

199.000 

2,117.000 

503:000 

130,000 

400,000 

811.000 

730.000 

738.000 

1,222,000 

1,084.000 

Morgan 

Stanley 

Share Original 

?rite Total Cost Ca~ing Value Market Value· 

52.340 11,,507.34 11,507..34 11,514.80 

58.250 4,383.38 4,266.64 4,543.50 

12.570 11,245.24 9,675.14 9,113.25 

11.0.940 27,637.73 27,637.73 30,730.38, 

146.210 27,837.43 27,837,43 23,247.39 

48.960 3,252.29 3,492.90 4.406:40 

92.490 24.021.60 24,021.60 24,324.87' 

23.650 17,636.75 11,636.75 10,808.05 

115.820 25,480.00 20.434.46 23,048.18 

7.300 12,354·.21 12,341.09 15,454.10 

45.650 21,450,69 21,450.69 22,967.95 

96.770 10,581.82 10,581.82 1.2.580.10 

30.130 9,680.76 10,605.69 12,052.00 

22.000 18,889.72 18,220.79 17,842.00 

20.270 15,910.08 15,910.06 14,797.10, 

37.770 3,160.27 3,629.87 5,212.26 

27.320 33,1 57.87 33,757.87 33,385.04 

30.540 27,956.50 26,632.67 33,105.36 

Additional information and disclosures about this report and the information contained herein can be round in the section entitled Messages at the end ofthisreport. 

Unrealized 

Gain/(loss) 

7.46 

160.12 

(2,131.99) 

3,092.65 

(4,590.04) 

1,154.11 

30327 

(828,70) 

(2,431.82) 

3,099.89 

1,511.26 

1,998.28· 

2,371.24 

(1,047.72) 

(1,112.96) 

2;051.99 

227.17 

5,148.86 

5500 

C

Document #39.1 

TRPP134-000488
 Account Number: 305-037313 .:,33 For the Period: 01701/2016 -,-12/31/2016 

COMMON STOCKS (CONTINUED) 

Secur~ Description Account Number 

AUTOLIV INC (ALV) 305 -037368 -133 

Next Dividend P~'&,ble 03/2D1.7; Asset Class: Egpities 

AVERY DENNISON CORPORATION (AVY) 305 -037368 -?33 

Next Dividend Pa~ble 03/2017: Asset Class: Eg_uities 

AVIVA PLC ADR (AWIY) 305 -037368 .:;,33 

Asset Class: E uities 

AVNET INC (A\11) 305 -037368 .:;33 

Nexc Dividend Pa'@.ble 03/2017: Assei Class: Eguities 

BABCOCK & WILCQX ENTERPRIS INC (BW). 305-037368 .:;33 

Asset C/85$: E, uWes 

BAIDU INC ADS (BJDU) 305.-037368 .:;33 

Asset Class: f. uities 

BAll"OUR BEA TTY PLC SPON ADR (BAFYY) 305.-037368.:;33 

Asset Class: E, uities 

BANCO BILBAO VIZ ARG SA ADS (BBVA) 30.5-037368 ;;,33 

Asset Class: E, uiCies 

BANCO DO BRASIL SA SPON APR (BDOR'r') 305-03?368 .:;33 

As.sex Class:- Eauities 

BANCO MACRO S:A. SPONS ADR (BMA) 305-03736B .:;33 

Asset Class: E uities 

BANK OF AMERICA CORP (BAC) 305-037368 :;33 

Next Dividend Pa'@.ble 03/2017: AssetClass: EgyJties 

BANK OF THE OZARKS INC (OZRK) 305-037368 .:;,33 

Next Di>iidend Pa'@.ble 01/207 7; Asset Class: Eauities 

BARCLAYS PLC ADR (BCS) 305 -037368 .:;33 

Asset Class: E uities 

BARNE_S & NOBLE INC (BKS) 305 -037368 :;33 

Next Dividend Pa-&ble 0112017: A.s:sei Ciass:-Egpities 

BASFSE SP ADR (BASFY) 305-037368 ;;,33 

Asset Class: Eau/ties 

BAXTER llffi. INC (BAX) 305-037368.:;33 

Next Dividend P•'@.ble 0110317 7: Asset Class: Eau/ties 

BAYER.AG SPON ADR (BAYR'r') 305 -037368 ;;,33 

Next Dividend Pa'@.ble 05/2017: Asset Class: £2uities 

BAYERISCHE MOTOREN WERKE ADR (BMWYY) 305 -037368 .;33 

Asset Class: E, uities 

Quantity 

96.000 

302.000 

3.714.000 

275.000 

223.000 

707.000 

1,944.000 

11 ,447.000 

1,729.000 

248.000 

1,653.000 

181.000 

3,253.000 

779.000 

360.000 

767 .. 000 

688.000 

1,102.000 

Morgan Stanley 

Shar'e Original 

Price Total Cost carrying Value Marl<et. Value 

·113.1 50 9,886.82 11,790.70 70,862.40 

70.220 23,629.,72 23,629.72 21,206.44 

11.810 47,434.36. 48,614.71 43,862.34 

47.610 11,176.47 11 ,176.47 13,092.75 

16.590 4,062.48 4,639.86 3,699.57 

164.410 127,649.44 124,442.17 116,237.87 

6.590 13,887.70 14,655.06 12,810.96 

6,770 80.734.99 75,532.53 77,496.19 

8.320 15,020.17 6,362.72 14,385.28 

64.350 9,063.41 ) 4.413.76 15,958,80 

22.100 25,697.87 25,697.87 36,531 .30 

52.590 7,846.15 7,84'6.15 9,518.79 

11.000 29,849.35 33,510.48 35.783.00 

11 .150 7,028.81 7,055.34 8,685.85 

9~.570 29,415.76 29.415.76 33,325.20 

44.340 36,500.15 36,500.15 34,008.78 

104.280 71,548.64 73.622.63 71,744.64 

:nmo 35,135.69 35,104 .12 34,173.02 

,Addit;ona/informationand disc/dsuies about this report·and the information contained herein can·be found in the section entitled Messages at the endof ihis report. 

Unrealized 5500 U

Gainl(Loss) G

975.58 

(2.423.28) (

(3,572.02) (

1,916.28 

(362.91) 

(11,411 .57) (

'(1,076.74) 

(3,238.80) 

(634.89) 

6,895.39 

10,833.43 

i ,672.64 

5,933.65 

1,657.04 

3,909.44 

(2,491 .37) 

796.00 

(962.67) 

C

Plan 

Document #39.1

TRPP134-000489
 

.ra . 

0 

"' u. 0 ~ 0 

.(/) 

::.: 

.,. 

"' 0, 

"' 0. 

Plan Account Number: 305-037313 .:;,33 

For the Period: 01/01/2016 -12/31/201"6 

COMMON STOCKS (COITTlNUED) 

Sea.iri!X Desaiption Ac;count Number 

BB SEGUR I DADE PARTICIPACOES (BBSEY) .3D5-03736S-'733 

Asset Class: £, uities 

·BSA.AVIATION PLC ADR (BBAVY) 305 -037368 '733 

ASset Class: Ci uities 

.BE AEROSPACE INC (BEAV) 305 -037368-'733 

Next Dividend Pa't'!!ble 0312017: Asset Class: Eg_uities. 

BECTON DICKINSON & CO (BOX) 305-037368 '733 

Next Dividend Pavable 03/2017: Asset Class: EQUities 

BED BATH & BEYOND INC (BBBY) 305 -037368-'733 

Next Dividend Pa'@.ble D1/17/7 7: Asset Class: Eauities 

BERRY PLASTICS GROUP INC (BERY) 305•-037368 '733 

Asset CJ.ass: E, uitieS' 

BIDVEST GROUP LTD SPONS ADR (BDVSY) 305-037368-'733 

Asset Class: E, uities 

BIOGEN INC COM (BIIB) 305 -037368-'733 

Asset Class: E uities 

BLACKHAWK NETWORK HLDGS INC A (HAWK) 305-037368 -'733 

Asset Class: E uities 

BNP PAR.IBASSPADR REPSTG (BNPQY) 305-037368 .;'33 

Asset Class: E uitles 

BOK FINANCIAL CORP NEW (BOKF) 305 -037368 '733 

Next Dividend Pavabie0Z/2017: Asset Class: .fg_uities 

BRITISH AMER TOB SPON AOR (BTI) 305-037368.'733 

Asset Class: E, uities 

BROADRIDGE FIN SOLU,LLC (BR) 305-037368-.33 

.Next Dividend Pa'@.ble 07/04117: Asset Class: £guities 

BROADSOFT INC COM (BSFT) 305 -037368 -, 33 

Asset Class: E uities 

BROWN·& BROWN INC (BRO) 305-037368-.33 

NextDividend Pa'f2_b!e 0Z/2017:Asset Class: £,ruities 

BUNGE LTO (BG) 305-037368 '733 

Next Dividend Pa~able 0312017: Asset Class: Eguitias 

BURLINGTON STORES INC (BURL) 305-037368 -.33 

Asset crass: Eauities 

CR BARD INC NJ (BCR) 305-037368 '733 

Next_Q/l'i_dend_ />a'@.ble 02/2017: Asset Class: £au/ties 

Quantity 

1.319.000 

540.ooo · 

95.000 

205.000 

245.000 

152.000 

267.000 

94.000 

117.000 

970.000 

220.000 

514.000 

455.000 

206.000 

126.000 

519.000 

142.000 

112.000 

Morgan Stanley 

Share Drigina( 

Price Total Cost Ca~ing VB.Jue Market Value 

8.577 14,.295.13 7,957.38 11 ,313.06 

17.680 7,915.42 7,.9:15.42 9,547.20 

E0.190 4,105.16 4,036.49 5,718.05 

165.550 36.879.93 36.879.93 33,937.75 

40.640 10,951.80 10,951 .80 9,956.80 

48.730 6, 718;48 6.718.48 7,406.96 

26.020 5,096.19 9.994.52 6,947.34 

283.580 28,541.00 28,653.55 26,656.52 

37.675 4,392.12· 4,392.12 4,407.97 

31.850 23,729.42 24,530.67 30,894.50 

83.040 14,854$1 14.854.51 18,268.80 

112.670 59,622.96 59,440.09 ·51,912.38 

66.300 29,240.74 29,192.74 30,166.50 

41.250 6,888.15 7,333.00 8,497.50 

44.860 4,351.75 4.351.75 5,652.36 

72.240. 33,610.88 33,294,78 37,4S2.56 

84.750 7,39.1.71 6,418.24 12,034.50 

224.660 25,801.35 25,801.35 25,161 .92 

Additional information and disclosures about this repoit and the information contained herein can 'tie found in'the section entitled Messages at the end of/his report. 

Unrealized 

Gainl(Loss) 

(2,982.09) 

1,631 .78 

1,612.89 

(2,942.18) 

(995,00) 

688.48 

1,851.15 

(1,884.48) 

15,85 

7,165.08 

3,A14.29 

(1,710.58) 

925.76 

1,609.35 

1,300.61 

3,881.68 

4,642.79 

(639.43) 

5500 

C

;;; 

Document #39.1 

TRPP134-000490
 Account Number: 305-037313 -=733 

For the Period: 01 /01/201 6 -1 2/~1/2016 

COMMON STOCKS {CONTINUED) 

Securi~ Description Account Number 

CAIXABANK UNSPON ADR (CAIXY) 305-037368 '733 

Asset Class: E vities 

CANADIAN NATL RAILWAY CO (CNI) 305-037368.;;'33 

Next Dividend Pa'@.ble 03/2017: Asset Class: Eg,uities 

CARNIVAL PLC (CUK) 305-037368 .;;'33 

Next Dividend Pa'@.ble 03/2017: Asset Class: E~uiaes 

CARTER'S(CRI) 305-037368 .;;'33 

Neit Dividend PiJtable 0312017; Asset Class, Eauiries 

CASEY'S'GENERAL STORES INC (CASY) 305-037368 .;,33 

Next Dividend Pa~able 02/2017: Asset Class: Eg,uities 

CBRE GROUP INC (CBG) 305-037368 .;,33 

Asset Class: Alt 

CENTENE CORPORATION (CNC) 305-037368 .;;'33 

Asset crass: .Eauit!es 

CHARLES SCHWAB NEW (SCHW) · 305-037368 '133 

Next Dividend Pa'{§_ble 0212017;AssetClass: Eg,uities 

CHECK POINT SOFTWARE.TECH LTD (CHKP) 305 -037368 '133 

Asset Class:·£, uities 

CHENIERE ENERGY INC NEW (LNG) 305-037368 '133 

Asset Class, Alt 

CHINA CONSTRUCTION BANK CORP (CICHY) 305-037368 '133 

Asset Class: E uitie5 

C.HINA LODGING GRP LID SPON.ADR (HTHTI 305-037368 .;,33 

Asser·ctass: £. UiVes 

CHINA MOBILE LTD (CHL) 305-037368'133 

Asset Class: E uit.ies 

'CHINA SHENHUA ENERGY l TD ADR ·(CSUAY) 305-037368.'133 

Asset Class: E riities 305-037368-?33 CHUBB LTD (CB) 

Next Dividend Pa'fP.b/e 01/20/17: Asset Class: Egvities 

CHURCH & DWIGHT CO INC (CHO) 305-037368.'133 

Next Dividend Pa'@.6/e 03/2017: Asset Class: Egpities· 

CIELO SA SPONSORED ADR NEW (CIOXY) 305 -037368 .;,33 

Asset Class: E uities 

CINEMARK HOLDINGS INC. (CNK) 305-037368 '133 

N11itJ)lvidead Patable 0312017: Asset Class: Eguities: 

Quantity 

25,953.000 

602.000 

742.000 

106.000 

71 .000 

481.000 

190.000 

880.000 

380.000 

202.000 

1,770.000 

125.000 

1,201 ,000 

1,082.QOO 

221 .000 

975.000 

1,799.000 

,oa.ooo. 

Morgan 

Stanley 

Shar~ Original 

Price Total Cost ,Carryin~ Value Market Value 

1.050 25,156.21 24,249.19 27,250.65 

67.400 33,306.58 34,583.31 40,574.80 

51.190 33,542.30 39,682.18 37,982.98 

86.390. 10,563.12 9,751.63 9,157.34 

11 B.880 8,209.61 8,209:61 8,440.48 

3,1.490. 14.686.99 15,997,56 15,146.69 

56.510 11.419.96 12,239.29 10,736.90 

39.470 22,944.60 23,153,70 34,733.60 

84.460 29,340.1 1 29.340;11 32,094.80 

41.430 7,453.13 7,453.13 8,368.86 

15 .170 30,523.20 24,283.98 26,850.90 

51.840 4,565.99 4,565.99 6,480.00 

52:430 68,a201.88 66,974.96 62,968.43 

7.390 11,743.12 6,740.85 7,995.98 

132.120 27.834.95 27;834 .. 95 29,198.52 

44.190 47,004.46 47,004.46 43,085.25 

8.535 16,097.14 12,842.93 15,354.46 

38,360 4,331.74 4.331.(4 4,142.88 

Additional information and'disclosures about this repc,rand_the infErmation contained here)n can be found jn the section entitled Messages at the end of this report. 

Unrealized 5500 U

Gainl(loss) Ga

2.094.44 3

7,268.22 5

4.440.68 (

(1,405.78) 

230,87 

459.70 

(683.06) (

11,1as.oo· 1

2,754.69 

91.5.73 

(3,672,30) 

1,914.01 

(5,233.45) 

(3,747.14) 

1,363.57 

(3,919.21) 

(742.72) 

(188.86) 

CO

Plan 

Document #39.1

TRPP134-000491
 

0, 

-ra: 

;: 

"' "-

0 

t 

:5g 

. ., 

g;: 

·N 

0 

Plan Account Number: 305 -037313-733 

For the Period: 01/01/2016 -'12/31/2016 

COMMON STOCKS (CONTINUED) 

Security Desctiptiofl Account Number 

CIT GROUP INC NEW (Cl1) 305-037368 '7.33 

Next Dividend Pa'tff.ble•tl2/2017: Asset Class: Eauiiies 

CLICKS GROUP LTD SPONS ADR (CLCGV) 305 -037368 '733 

Asset Class: E uities 

CMS ENERGY CP (CMS) 305-037368 '133 

Next Dividend Pavable 02/2017: Asset Class: EQuities 

CNOOC l TD ADS (CEO) 305-037368 .;,33 

Asset Class: ~ uities 

COCA COLA CO (KO) 305 -037368 '133 

Next Dividend Pa'@.ble 03/207 7: Asset Class: EQuities 

COGNIZANT TECH SOLUTIONS CL A (CTSH) 305-037368 '133 

Asset Class: Eauities 

COMMERCIAL INTL BNK L TO SP ADR (CIBEY) 305-037368 '133 

Assec-Class: C uiVes 

COMMUNICATIONSSALES&LEAS INC (CSAL) 305 -037368 .:;,33 

Next Dividend Ps,able 07/73/77; Asset Class: Alt 

COMP.AGNIE FIN RICHEMDNTAG ADR(CFRUY). 305-037368 .:,33· 

Asset Class: E uities 

COMPASS MINERALS INTER INC (CMP) 305·-037363 .;,33 

Next Dividend Pa~able 03/207 7; Asser Class: Eguities 

CONCHO RES INC (CXO) 

Asset Class: £ uilie5 

305-037368.:/33 

CORE LABORATORIES N V.(CLB) 305-037.368 ::/33· 

Next Dividend Pa'ieble 0212017: Asset Class: Equities 

COSTCO _WHOLESALE CORP NEW (cosn 305-037368 '133 

Next Dividend Pa'(_abfe.,02/2017; Asser Class: Eg_ui!ies 

.COTY INC COM CLA (COTY) 305-037368 .;,33 

Next Dividend Pa'fP_b/e 12/2017: Asset Class: Equities 

COVANTA HOLDING CORP (CVA) 305-037368 '133 

Next Dividend Pavable 07/08/17: Asset Class: Eg,uities 

CSL LID (CSLLY) 305 -037368 -,33 

Asset Class: E uities 

CSRA INC (CSRA) 305.-037368-'133 

Next Dividend Pavable .01/24117: Asset CiaSS.· Eg,.uities 

CULLEN FROST BANKERS INC (CFR) 305-037368 ,,33 

Next Dividend Paypb/e 0372017: Asset-Class: fgpities 

QuantiEl 

270.000 

868.000 

161.000 

353.000 

580.000 

461.000 

2,398.000 

344.000 

7,000.000 

116.000 

101,000 

43.000 

126.000 

547.000 

558.000 

84.8.000 

275.000 

212,000 

Morgan Stanley 

Share Original Price Tota! Cost Car~n~ -Value Market Value 

42.680 7,697.12 9.467.32 11,523.60 

16.855 11 .476.48 9,942.26 14,630.14 

41,620 5,380.10 5,881.45 6,700.82 

123.960 44,330.39 38,329.67 43,757.88 

41,46.0 24,167.99 24,161.99. 24,046.80 

56,030 29,456.66 27,583.83 25,829.83 

3.590 11,151.63 10.131.55 8,608.82 

25.410 1.0.041 .51 10,041.51 8,741.04 

6 .. 560 46.687 .81 44,785.93 45,920.00 

78.350 8,011 ,59 8,004.69 9,088.60 

132.600 12,582.89 12,582.89 13;392.60 

120.040 4,562.83 4,702.26 5,161.72. 

160.110 19,262.85 19,262.85 20,173.86 

18.310 12,806.86 12,806.86 10.,015.57 

15.600 8,649,36 8,403.34 8,704.80 

36.270 31,252.4.1 33,432.70 30,756.96 

31.840 8,755:12 .8,755.12 8,756.00 

88,230 14,894.65 14,894.65 · 18,704.76 

Additional information and discfosares·about this ref)Olt··ar.d the info(mat'ion coritained herein can be loE._nd in the section entitled 

Messages at the end ofthis-re;,ort 

Unrealized 550

Gain/(Loss) 

3,826.48 

3.153.65 

1,320.72 

(572.51) 

(115.19) 

(3,626.83) 

(2,542.81) 

(1,300.47) 

(767,81) 

1,077.01 

809.71 

598.89 

911.01 

(2,791.29) 

55.44 

(495.45) 

0 .88 

3 ,810.11 

C

Document #39.1 

TRPP134-000492
 Account Number: 305-037313-733 For thePeriod: 01101/2016 -'12/31/2016 

COMMON STOCKS (CONTINUED) 

Secur!!;!'. Description Account Number 

DANAHER CORPORATION (DHR) . 305-0 37368 -?33 

Next Dividend Pa'{!}_ble 01/27177: Asset Class: Eauities 

DASSAULT SYSTEMS SA ADS (DAST'I) 305-037368 -,33 

Asset Class: EouitiSs 

DAVE & BUSTERS ENTMT INC COM (PLAY) 

ASset Class: f,' uiries 

305-037368 -,33 

OBS GROUP HOLDINGS LTD SP (DBSOY) 305-037368 -,33 

·Asset Class: E · uities 

DEERE & CD (OE) 305 -037368 -,3"3 

Next Dividend Pa'(]ble-02101I17: Asset Class: Eguities 

OEXCDM INC (DXCM) 305 -037368 -,33 

.Asset CJass: Eouities 

DIAGEO PLC SPON AOR NEW (DEO) 305.-037368-?33 

Next Dividend Payable 0412017: Asset Class: Eg_uities 

DIAMONDBACK ENERGY INC (FANG) ·305.037368 -,33 

Asset Class: E uities 

DIGITALGLOBENEW (DGI) 305-037368 .;,33 

.Asset Class: Ei uities 

DOLBY CLA A COM STK {DLB) 305 -037368 .;,33 

Next Dividend Pa~able 02/207 7: Asset Class: Eauities 

DOW CHEMICAL CO (DOW) 305 -037 368 .;,33 

Next Dividend Pa'IP,ble:01130/7 7: Asset Class: Eguities 

DST SYSTEMS I NC (DSl) 305-037368-, 33 

Next Dividend Pavable 031201 T: Asset 0/ass: Eg_uities 

DUNKIN BRANDS GROUP INC (DNKN) 305-037368 -,33 

Next Dividend Pavable.0212017: Asset-Class: Eauities 

E•TRADE FINANCIAL CORP NEW COM (ElFC) 305-037368-?33 

Asset Class: E uities 

EAGLE MATIS INC (EXP) 305-037368.;>33 

Next Dividend Pa'fP.ble 01/2C!l1 7: Asset Class! Eauities 

EAST JAPAN RY CO ADR (EJPRY) 305-037368" .;>33 

As.set Cl.ass:£ uities 

ECHOSTAR CORPORATION (SATS) 305-037368-?33 

Asset Class: E uides 

ECOLAB INC (ECL) 305-037368 .;,33 

Next Dividend Pavab/e 01/17/17: Asset Class: E, uities 

Qu2ntiS£ 

305,000 

883.000 

167.000 

727.000 

205.0QO 

166.000 

215.000 

237.000 

137.000 

197.000 

491 .000 

91.000 

221 .000 

176.000 

68.000 

3,745.000 

190:000 

217.000 

Morgan Stanley 

Share: Otiglnal 

Price Total Cost CarryinQ'Vatue Market Value 

_77,840 23,664.04 23,664.04 23,741.20 

76.398 64,537.63 70.226.53 67.459.43 

56.300 6,520;42 6,520.42 9,402.10 

47.745 35,131.67 32,482.36 34,710.61 

103.040 17,057.46 17;057.46 21,123.20 

59.700 11,877.63 12,740.85 9,910.20 

103.940 24,616.31 -24,031.66 22,347._10 

701.060 78.930,32 78,958.43 23,957.22 

28.650 2.479.03 2.173,94 3,925.05 

45.190 6,875:53 7,136.89 8,902.43. 

57.220 25,682.79 25,682.79 . 28•,095.02 

107.150 9,362.85 9,659.56 9,750.65 

52.440 10.592,96 10.143.14 11,589.24 

34.650 4,527.04 4,527.04 .6,09.8.40 

98.530 6,517.39 6;517.39· 6,700,04 

14.33.0 52,612.33 56,791 .46 53,665.85 

51.390 7,195:70 7.406.10 9,764.10 

117,220 25,836.26 25,836.26 25,436.74 

Additional infortnaaon and disclosures about this· report and the informatfon contained herein can be found in the .section enritled Messages at-the end of this report. 

Unrealized 5500 U

Gain/(loss) G

77.16 

2,921 .80 (

2,881.68 

(421.11) 

4,065.74 

(1,967.43) 

(2,269,21) 

5,020.90 

1,446.02 

2,026.90 

2,412.23 

387.79 

996.28 

1,571 .36 

182.65 

1,053.52 

2,569.00 

(399.52) 

C

Plan 

Document #39.1

TRPP134-000493
 

"' M 

co ~ M 

IL 

Cl 

"' >-

0 

Cl) 

::. ~ "' N 

0 

Plan 

Account Number: 305-0373.13.-1.33 

For the Period: 01/01/2016 -12/31/2016 

COMMON STOCKS (CONTINUED) 

Securit'j Description Account Number 

EL PASO ELECTRIC CO NEW (EE) ·305-037368.'733 

Next Dividend Pa'@.ble 03/2017: Asset Class: fQuities. 

EMCOR GROUP INC (EME) 305 -037368 -733 

Next Dividend Pa'@.b/e 01/2017: Asset Class: EQUities 

ENCANA CORP (ECA) 305-03736.8 .:/33 

Next D/videndPa'@.ble 0312017: Asset Class: f QUities 

ENGIE.SPONS.ADR (ENGIY) 305-037368 '733 

Asset Class: 6 uities 

ENTEGRIS INC (ENTG) 305-037368-733 

Asset Class: E uiVes 

EQT CORPORATION COM NEW (EQTI 305 -037368 '133 

Next Dividend Pa'@.ble 03/201 7; Asset Class: Alt 

EQUl!YCOMWLTH COM SH BEN INT (EQC) 305 -037368 '133 

. Asset Class: Alt 

EVERTEC INC (EVTC) 305-037368-733 

Next Dividend Pa~ ble 0312017:Asset C/ass: EQuities 

EXPRESS SCRIPTS HLDG CO COM (ESRX) 305 -037368 '1.33 

Asset Class: Eauities 

FANUC CORPORATION UNSP AOR (FANUY) 305-037368 -7.33 

Asset Class: E uities 

FEDEX CORP. {FOX) 305-037368.:/33 

Next Dividetfd Pa'@.ble 01/03/17: Asset Class: f Quities 

·FERROGLOBE PLC SHS (GSM) .305-037368 -,33 

Next Dividend Pa'@.ble 0312017: Asset Class: EQuities 

FIDELl!Y NATIONAL FINL INC (FNFV) 305 -037368 ~33 

Asset Class: F uities 

FIDELITY NATIONAL FINANCIAL IN (FNF) 305 -037368 .:;> 33 

Next Dividend Pa'@.ble 0312017; Asset Ciass: Equities 

FINISH LINE INC CLA (FINL) 305-037368-733 

Next. Dividend Pavable 0312017: Asset Class: Egpities 

FIRST REPUBLIC BANK/CA (FRC) 305 -037368-733 

Next Dividend Pa'@.ble 02/2017: Asset class: Equities 

FIRST SOlAR, INC, (FSLR) 305-037368 '733 

Asset Class: 6 ities 

FOOTL<lCKERINC (FL) 305-037368-733 

/'!ext Dividend Pa'@.b/e 0 1/2017: AssetC!ass:.EQuities 

Quantity 

200.000 

108.000 

1,615.000 

3,940,000 

508,000 

369.000 

216.000 

274,000 

374.000 

3,696.000 

702,000 

455.000 

603,000 

345.000 

788.000 

418,000 

108.000 

2.67,000 

Morgan Stanley 

Share Original 

Price Tot>! Cost Garryin~ Value Mafket Value 

46.500 ·9,184.32 9,184.32 9,300,00 

70,760 6,247.27 6,247.27 7,642,08 

11,740 iS,187.09 15,251.53 18,960,10 

12.740 63,943.96 60,413.79 50,195.60 

17,900 6,374.87 6,645,95 9,093,20 

65.400 26,835.78 26,835,78 24,132,60 

30.240 5,635.32 5,972.05 6,531,84 

17.750 4,643.15 4,643.15 4,863.50 

68,790 32.491 ,21 32.336',12 25,727.46 

16,650 56,124.59 57,940.89 61 ,538.40 

186,200 17,908.05 17,908,05 18,992.40 

10.830 4,545.50 4,545.50 4,927,65 

13,700 6;431.25 6,6.10.93 8,261, 10 

33.960 11 ,899.30 11,853,28 11,716,20 

18.810 3,063,68 3;408.75 3,536.28 

92.140 31,192.63 30,563,14 38,514,52 

32.090 5,084,87 5,084.87 3,465.72 

70.890 19,231,10 17,429,77 18,92.7.63 

Additio,nal informsticn and disclosures aboLJt .this report 8nd the information contained herein can be found in the secr;on entitled Messages-:at the end of this report. 

Unrealized 

Gain/(Loss) 

115,68 

1,394.81 

3,773.01 

.(13,748.36) 

2.718,33 

(2,703.18) 

896.52 

220.35 

(6,763.75) 

5,41 ·3,81 

1,084·,35 

382,15 

1,829,85 

(7 83 .. l O) 

472,60 

7,321.89 

(1,619.15) 

(303,47) 

5500 

(

C

Document #39.1 

TRPP134-000494
 Account Number: 305-037313-l.33 For the Period: 01/0112016 -12/31/2016 . 

COMMON STOCKS (CONTINUED) 

Securi~ Desctiption· Account Number 

FORTINET INC (FTN"!) 305-037368-733 

Asset Class: £ uities 

FOSSIL GROUP INC COM (FOSW 305-037368 ;;r33 

Asset Class: E uities 

~RESENIUS MEDICAL CARE AG&CO (FMSJ 305-037368 'l33. 

Asset Class: E uities 

FTI CONSULTING INC (FCN) 305-037368'l33 

Asset Class: Ei uities 

FUCHS PETROLUB AG UNSPON AOR (FUPBY) 305'-037368 ;;r33 

Asset Class: Eauiiies 

GAMING & LEISURE PPTYS INC COM (GLPI) 305-037368 .'./33 

Nexc Dividend Pavable 0$/20 17: Asset Class: Alt 

GARTNER INC (11) 305-037368 .;,33 

Asset Class' £. uitles 

GENL DYNAMICS CORP (GD) 305-0373.68 .;,33 

Next DiVlde/Jd Pa'f.§.bfe 0212017; Asset Class:Eg_t.iides 

GEN PACT LTD (G) 305 -03 73 68 ,7 33 

Asset C!ass:E uities. 

GILDAN ACTIVEWEAR INC (Gil ) 305-037368 'l33. 

Next Diviifend PB'fP.ble 03/2017: AssetC/ass: Eguities 

GLAXOSMITiiKLINE PLC ADS (GSK) 305-037368 .;,33 

Next Dividend Pa~ble 01112117; Asset Class: Eguities 

. GLOBAL PAYMENT INC (GPN) 305-037368 .;,33 

Next Dividend Pa'@.ble 02/2017: Asset Class: Eguities 

GREEN DOT CORP CLA (GDOl) 305-037368.;,33 

ASset Class:·t:auities 

GRIFOLS SA ADR (GRFS) 305-037368.;,33 

Asset Class: Eauities 

GRUPO TELEVISA $.A.GLOBAL DEP (TV) 

Asset Cl.ass: EauiUes 

305.-037368 .;,33 

GUIDEWIRE SOFTWARE INC (GWRE) 305-037368 ;;,33 

Asset Class: Eauities 

H & R BLOCK INC (HRB) 305-037368 .;,33 

Next Dividend Pa'@.ble 01/03117: Asset Class: Eguities 

HALLIBURTON CO (HAL) 305-03736.8 ;;r33 

Next Dividend Pa'@.ble 03/2017: Asset Class: Eauities 

Quantity 

346.000 

164.000 

955.000 

163.000 

2.131.000 

424.000 

102.000 

181.000 

244,000 

160.000 

740.000 

135.000 

380.000 

1,043.000 

620.000 

85.000 

535.000 

5.02.000 

Morgan Stanley 

Share Original 

Price Total Cost Ca!!J:in9 Value Market Value 

3.0.120 13.125.69 10,652.45 10,421.52 

25.860 5,546.70 5,731.10 4,241.04. 

42.210 38,258.78 41.098.44 40,310.55 

45.080 5,621.11 5,646.25 7,348.04 

10.460 23,397.42 23,524.52 22,290.26 

30.620 12,641 .43 12,101.11 12,982.88 

101.070 .8,651.40 9,118.35 10,309.14 

172.660 27.903.16 27,903.16 31,251.46 

24.340 .6,775.88 6.775.88 5,938.96 

25.37.0 4,447.54 4,447.54 4,059.20 

38.510 32,007.72 30,681.46 28,497.40 

69.410 9,939.12 (5,74) 9,370.35 

23.550 6,023.31 6,248.35 8,949.00 

1.6.070 16,780.21 16,232,91 16,76.1.01 

20.890 16,746.37 16,746.37· 12,951.80 

49.330 4,244.19 4,814,25 4,1133.05 

22.990 13,829.12 14,375.98 12,299.65 

54.090 20,.951.67 .2M51.67 27,1 53.18 

Additional information and disclosures about this report and the infonnation·contained herein can be found in the secrion entided Messages at the end of !his report. 

Unrealized 5500 U

Gainl(Loss) G

(2,704.17) 

(1,305.66) (

2,051.77 

1,726.93 

(1;107.16} 

341.45 

1,657.74 

3,348.30 

(836.92) 

(388.34) 

{3,510.32) 

(568.77) 

2.925.69 

(19.20) 

(3,794.57) 

(51,14) 

(1,529.47) 

6,201.51 

C

Plan 

Document #39.1

TRPP134-000495
 

. 

0, 

M 

(0 

;:. 

. .., 

u.. 

0 

;e 

0 

(I) 

::E 

., 

., 

"' N 

0 

Plan Account Number: 305 -037313 :,33 

For the Period: 01/01/2016 -12/31/2016 

COMMON STOCKS (CONTINUED) 

Secur~ Description Acctlunt Number 

HAWAIIAN HLDGS INC .(HA). 305-037368'733 

Ali.Set Class: E ui!.ies 

HD SUPPLY HOLDINGS (HOS) 305-037368 '733 

Asset Class: Eouities 

HITACHI 10 COM NEW ADR (HTHIY) 305 -03736B '733 

Asset Class: "£ uicies 

HLTH CARE SVC GRP (HCSG) 305 -037368 '733 

Next Dividend Pavable 03/2017: ASset Class: Equities 

HOME DEPOTINC (HD) 305 -037368 '733 

Next Dividend Pa'@_ble 03/2017: Asset Class: Egpities 

HORIZON PHARMA PLCSHS.(HZNP) 305 -037368 -733 

Asset Ciass:Ei uities 

HOUGHTON MIFFLIN HARCOURT CO (HMHC) .305-037368 '133 

Asset Class: £ uities 

HSBC HOLDINGS PLC SPON ADR NEW (HSBC) 305 -037368 '733 

Asset Class: E tikies 

IAC INTERACTIVECORP COM (!AC) 305-03.7368 '733 

-Asset Class: E uit.ies · 

!CIC! BANK LTD (IBN) 305'-037368 '733 

Asset Class: E ·uities 

ICON PLC (ICLR) 305-037368 '733 

Asset Class: £, uiUes• 

IDEXX LABS (I DXX) 305-0.37368'733 

Asset Class: E uities 

IMAX .CORP (IMAX) 305-037368 '733 

Asset Class: £ rJities. 

IMPERIAL HLDGS L TO ADR (IHLDY) 305 -037368 '733 

Asset Class: Eouities· 

ING GROEP NV ADR (ING) 305-037368 '733 

Asset Class: Ei uities 

INTERACTIVE.BROKERS GROUP INC (IBKR) 305 -037368 -133 

Next Dividend Payp_ble D3I2017: Asset Class; Eg_uiues 

JONIS PHARMACEUTICALS INC (IONS) 3_05 -037368 '733 

ASset Class: Eouities 

IRON MTN INC NEW COM (!RM) 305.-037368 '733 

N~xt Dividend Pavab/e03/:2017: Asse{Class; Alt 

Quantiw 

211.000 

315.000 

925,.000 

608.000 

285.000 

306.000 

792.000 

580.000 

140.00D 

2,588.000 

174.000 

102.000 

208.000 

783.000 

1,000.000 

121..000 

240.000 

315.000 

Morgan Stanley 

Share Original 

Price Total Cost ta~in2Value Market V81ue 

57.000 9,813.70 9,813.70 12.027,00 

42.510 8,502.64 9.373.02 13,390.65 

54.000 . 41,818.73 44.570.76 49,950.00 

39.170 23,-774.56 23,774.56 23,815.3.6 

134.080 36,547.60 36,547.60 38,212.80 

16.180 6,564.36 6,185,72 4,951.08 

10.850 13,410.30 14,484.35 8,593.20 

40.180 24,405.07 24,405.07 23,304.40 

64.790 8,257.96 ·8,192.06 9.070.60 

7.490 20,047.68 20,047.68 19,384.12 

75.200 12,934.64 13,392.71 13,084.80 

117.270 7,885,26· 7,662.60. 11,961.54 

31.400 6,624.05 7,261.18 6,531.20 

13,110 12,679.60 6,070.50 10,265.13 

14,100 10,599.05 10,957.44 14,100.00 

36 .. 510 4,540.08 5,097.30 4,417 .. 71 

47.830 10.254.37 14,008.36 11,479.20 

32.480 9,.625,64 8,542.33 10,231.20 

Additional information .and disclosures about this repqrt and the 'inforrri,tion contained herein can be.found in .the section entitled Messages at the end of this report. 

unrear12:ec1 5500 

Gainl(Loss) 

2,213.30 

4,888.01 

8,131.27 

40,80 

1,665.20 

(1,613.28) 

(4,817.10) 

(1,100.67) 

·812.6:4 

(663.56) 

·150.16 

4,076.28 

(92.85) 

(2,414.47) 

3.500.95 

(122.37) 

1;224.83 

605.56 

C

Document #39.1 

TRPP134-000496
 Account Number: .305 -037313 -133 For the Period: 01/01/2016 -12/31/2016 

COMMON STOCKS (CONTINUED) 

Securi!l Description Account Number 

ITAU UNIBANCO MULTIPLE ADR (!TUB) 305-037368 .:;33 

Next Dividend Pa'(}_b!e 05/08177:.Assei Class: tg_uiVes 

JAPAN AIRLS LlD ADR (JAPSY) 305-037.368 .:;33 

AsSet CJa'sS: £ uities 

JETBLUE AIRWAYS CORP (JBLU) 305 -037368 .:;33 

Asset Class: E uiUes 

_

JGC CORP UNSPONSORED ADR (JGCCY) 305-037368.:;-33 

Asset Class: Eauities 

JPMORGAN CHASE & CO ()PM)· 305 -037368 .:;33 

Next Dividend Parable 0112017: Asset Class: Eau/ties 

KAPSTONE PAPER AND PACKAGING (KS) 305-037368 q33 

Next Dividend Pa'f_ab/€! 0117211-7; Asset Class: CQr..iities 

KASIKORNBANK PUB·CO LTD UNSPON (KPCPV) 305 -037368 .:;33 

AssetCJass:- E uities 

KB FINANCIAL GRP INC SONS ADR (KB) 305 -037368 .:;33 

Asset Class: Ei uities 

KDDI CORP UNSPON ADR (KDDI'/) 305-037368--?33 

Asset Class: 6 vities 

KIMBERLY CLARK CORP (KMB) 305 -037368 -?33 

Next Dividend Pavable 01/0417 7: Asset Class: £Qilities 

.KIMBERLY CLARK SPON ADR (KCOMY) 305-037368 .:;33 

Asset Class: E uities · 

.KOC HLDG AS UNSPON ADR (KHOL'I) 305-037368 -?33 

Asset Class: Eouities 

KOMA TSU LTD SPON ADR NEW (KMTUY) 305-037368 .:;33· 

Assel"Class: Eouilies 

KUBOTA CP AOR (KUBJY) 305-037368 .:;33 

Asset Class: 6 uities 

KULICKE &·SOFFA INDS (KUC) 305-037368 .:;33 

Asset Class: Ei uiUes 

L OREAl CO ADR (LRLC'I) 305-037368-?33 

As.5et Class: £ uities 

LABORATORYCP AMER HLDGS NEW (LH) 305-037368-?33 

Asset Class: uities 

LAMAR ADVERTISING CO NEW CL A (LAMR) 305-037368-?33 

Next Dividend Pa ble 0312017: Asset Class: Alt 

Quanti!:;t 

2,675.000 

2.810.000 

215.000 

656.000 

254.000 

415.000 

361.000 

574.000 

4,059.000 

169.00Q 

968.000 

584.000 

1,277.000 

270.000 

500.000 

1,288.000 

226.QOO 

65.000 

Morgan Stanley 

Share Original 

Price. Total Cost Carrying Value Ma"rket Vittue 

10.280 21,316.70 18,671.27 27,499.00 

14.518 48,238.07 48.296.94 40,795.58 

22.420 4,449.30 4,449.30 4;820.30 

36. 190 30,246.86 20,865.69 23,740.64 

86.290 H .098.16 17.098.16 21,917.66 

.22.050 6,537.79 8,576.62 9,150.75 

19.700 8.137.15 6,023.52 7,711.70 

35.290 17,147.87 14,137.94 18.139.06 

72.650 52;665.14 55,958.98 51,346.35 

1 14.120 21,438.34 21.438.34 19,286.28 

8._928 11,135.06 11,153.30, 8;642.30 

19.420 13,118.72 11,071.24 11,341.28 

22.680 23,83.4.67 23.382.95 28,962.36 

71.100 20,069.48 20,069.48 19,797.00 

15.950 5,267.61 6,060.47 7,975.00 

36.410 45,209.06 45,360.45 46,896.08 . 

128.380 29,733._01 30,045.92 _29,013.88 

67..240 4,064.05 4,064.05 4,370.60 

Additional infctmation and disclosures abcut this report and the information contained herein can_ae four,d in_the section en_titleli_ Messages at the·end of this· report. 

Unrealized 5500 U

Gain/(Loss) -G

6,182.30 

(7,442.49) {

37,.00 

(6,506.22) 

4,819.50 

2,619.56 

(1,025.45) 

997.19 

(1 ,378.79) 

(2,152.06) 

(2,492.76) 

(1,777.44) 

5,127.69 

(872.48) 

2,707.39 

1,687.02 

(719.7 3) 

306.55 

C

Plan 

Document #39.1

TRPP134-000497
 

C) 

1,l ~ ., 

u. 

0 

>- "' 0 

"' ~ ., 

., 

C) 

N 

0 

Plan Account Number: 30_5 -037313 ,;'33 

For the Period: 01/01/2016 ~12/31/2016 

COMMON STOCKS (CONTINUED) 

SeaJrity Description AcCOunt Number. 

LANNETT CO INC DE (LCI) 305 -037368 -133 

As.set Class: £, uiues· 

LENNAR CORPORATION (LEN) 305 -037368 .:,33 

NeKt Dividend Pa't§.bfe01l2017: Asset Class: E~uities 

LEUCADIA NAT CP (LUK) 305-037368'133 

Next Dividend Patabfe 03/2017; Asset Class: fg_uiUes 

LIBERTY EXPEDIA HOLD SER A (LEXEA) 305 -03 n58 .:, 33 

Asset Class: E uities 

LIF_E HEALTHCARE GRP HLDGS LTD (LTGHY) 305-037368 '133 

Asset-Class: E, uities 

LINDE AG S?Ol'JSORED ADR (LNEGY) 305-037368 '133 

Asset Class: E uilies 

·LLOYDS BANKING GROUP PLC (l YG) . 305 -037368 .:,33 

Asset Class: £, uities 

LOCALIZA RENT A CAR SA SPON (LZRFY) 305-037.368 .:,33 

Asset Class: £ uities 

LVMH MOET HENNESSY_ LOUIS VUITT {LVMU)') 305 -031368 .:,33 

Asset Class: i; uities 

M&T BANK CORP (MTB) 305'-037368 .:,33 

NeKt Dividend Pavabfe 03/20.17: Asset Class: E~uities 

MAD.ISDN SQUARE GARDEN CL A (MSG) 305-037368-733 

Asset Class: E uiUes 

MANHATTAN ASSOC JNC (MANH) 305-037-368 ;;,33 

Asset Class: Ei uities 

MANULIFE FINANCIAL CORP (MFC) 305·-037368 '133 

Nexr. Dividend Pa'@.ble-03/2017: Asset Class: Equities 

MARKEL CORP (HOLDING CO) (MKL) 305-037368'133 

Asset Class:· Eauities 

MARKETAXESS HOLDINGS INC (MKTX) 305-037368 '133 

NeKt DividendPa'@.b/e 02/2017; Asset Class: Eg_uities 

MARTIN MARIETTA MATERIALS (MLM) 305--037368 .:,33 

Ne>« Dividend Pa~ab/e 03/201 7:Asset Class: fauities 

MASTERCARD INC CL A (MA) 305 -03 7368 '133 

Next Dividend.Pa'@.bf e 02/2017: Asset Ciass: Eg:uities 

MBIA INC (MBI) 305 -037368 .:,33 

Asset Class: Ei uities 

Quanti~ 

204.000 

645.000 

192,000 

156.000 

410.000 

3,071.000 

9,622.000 

1,201.000 

597.000 

165.000 

67.000 

11.3.000 

721.000 

13.000 

54.000 

132.000 

230.000 

392.000 

Morgan Stanley 

Share Original 

Price Total Cost Carrying Value ·Market Value 

22.050 3,849.79 5,381·.90 4,498.20 

42.930 27,908.05 27i908.05 27,689.85 

23,250 4,371.24 4,371 ,24 4,464.00 

.39.670 6,682:69 6;682.69 6,188.52 

9.61D 4,231.72 4,231 .78 3,940.10 

16.570· 44,464.60 44,435.21 50,886.47 

3.100 38,036.89 37.247.05 29,828.20 

10.250 13,718.74 7,730.43 12,310.25 

37.995 20.137 ,00 19,290.29 22,683.01 

156.430 19,331.53 19,331 .53 25,810.95 

1.71,510 1.0.840.00 10,839.32 11.491.17 

53.030 6,860:38 7,307.77 5,992.39 

17.820 9,662,34 9,662:34 12,848.22 

904.500 6,299.72 11,483.55 11 ,758.50 

146.920 5,658.28 6,049,59 7,933.68 

221.530 23.877.48 23,877.48 29,241.96 

103.250 23.415.79. 23,415.79 23 ,747.50 

10.100· 4,443.20 4,443.-20 4,194.40 

Additional information and discfasures about this repoit and the information contained herein can be fourid in the section entitled Messages· at the erid of this report. 

Unreal~ed 550

Gain/(Loss) 

648.41 

(218.20) 

92.76 

(494.17) 

(291.62) 

6.421.87 

(8,208.69) 

(1 ,408.49) 

2,551 .98 

6.479.42 

651 .1 7 

(867,99) 

3,185.88 

5,458.78, 

2,275.40 

5,3 64.48 

331 .71 

(248.80) 

C

Document #39.1 

TRPP134-000498
 Account Number: 305 -037313 -733 For the Period: 01/01/2016 ~ 12/31/2016 

COMMON STOCKS (CONTINUED) 

5ecurity Oeicriptiori Account Nwnber 

MED!DATASOLUTIONS !NC COM (MDSO) 305 -03 7368 -'133 

Asset Class: £, uities 

MEDNAX INC (MD) 305 037368 .;, 33 

Asser Class~ E u;cies 

MEDTRONIC PLC SHS (MDl} 305 -037368 .;,33 

Next Dividend Pa~able 01113/17:'Asse! Class: Eguities 

MERCADOL!BRE INC (MELI) 305 -037368 .;,33 

Nert Dividend Pa'@.ble 01/16/17; Asset Class: Eguities 

METHODE ELEC INC (MEI) 305.-037_368 .:/33 

Next Dividend Pavable .01/20.17;.Asset Class: £guides 

MFA FINANC.IAL INC (MFA) .. 305 -03 7368 .;> 33 

Nert Dividend Pa'@.ble 01131117; As$et Clas$: Alt 

MICHAEL KORS HOLDINGS LTD (KORS) 305 -037368 .:/33 

Asset Class: E uities 

MICROCHIP TECHNOLOGY INC(MCHP) 305-037368 ;;,33 

Next Dividend Pa'@.ble 0312017: Asset Class: Egy_ities 

MICROSOFT CORP (MSF1) 305.-037'368 .:/33 

Nert Dividend Pavab/e 03/2017: Asset Class: Egj,ities 

MIDOLEBV CORP DEL (MIDO) 305-037368 .:/33 

Asset Class: E uities 

MITSUBISHI EST ADR (MITEY) 305-037368 .:/33 

Asset Class: E u/Ues 

MITSUBISHI UFJ FINCL GRP ADS (MTU) 305'-037368 .:/33 

Asset Class: F, uities 

MOBILETELESVSTEMSP JSC (MBn 305 037368.:/33 

Asset Class: £i uities 

MOMENTA PHARM INC (MNTA) 305-037368 '133 

Asset Class: E uities 

MONOELEZ !NTL INC COM (MDLZ) 305-037368 .:/33 

Next Dividend Pa'@.ble 01/12117: Asset Class: Egpities 

MONOTAROCO LTD ADR (MONOY) 305-037368.:/33 

Asset Class: E uities 

MSG NETWORK INC CL A (MSGN) 305-037368;;, 33 

Asset-Class: E, uities 

NASPERS LIMITED ADS (NPSNY) 305-037368 -'733 

Asset Class: Eauities 

Quanti~ 

182.000 

107.000 

416.000 

123.000 

126.000 

2,045.000 

100.000 

494,000 

561 .000 

102.000 

1,014.000 

3,194.000 

1,493.000 

440.000 

597.000 

777.000 

576.000 

'2;642.000 

Morgan Stanley 

Share Original 

Price Total Cost Ca:!):inQ Value Market Value4.9.670 8,072.73 8,652.34 9,039.94 

66.660 8,568.27 6,568.27 7,132.62 

71.230- 36,653.83 36,653.83 29,774.14 

156.140 11,550.93 13,731-.32 lll,20,5.22 

41,350 3,496.83 3,741 ,34 5,210.10 

.7.630 15,459.14 13,523.86 15,603.35 

42.980 4,422.80 4,422.80 4,298.00 

-64.150 29,989,21 29,989.21 31,690,10 

62.140 32,29.3,97 32,293.97 3_4,860.54 

128.810 10,533.47 10,798.41 13,138.62 

19.930 24,009.57 20,475.97 20,209.02 

6.160 17,261.01 17,261.01 19,675.04 

9.110 17,863.41 10,337.41 13,601.23 

15.050 4,363.27 5,111.65 6,622.00 

44.330 25,812.55 25.812.55 26,465.01 

20.250 16,906.77 23,075.00 15,734.25 

21.500 9,381.35 10,027.56 12,384.00 

l4.620 33,287.52 33,487.93 38,626.04 

Additional inforination and disclosures ·about this teport and the ;nrormation ·contained herein can be found in the section entitled Messages. at the end of this report. 

Unrealited 5500 

Gaih/(Los,) G

967.27 

564.35 

(6,879.69) 

7,654.29 

1,713.27 

144.21 

(124.80) 

1,700.89 

2;566.57 

2,605.15, 

(3,800.55) 

2,414.03 

(4,262.18) 

2,258.73 

652.46 

(1,172.52) 

3,002.65 

.5,338,52 

C

Plan 

Document #39.1

TRPP134-000499
 

"" g 

;' 

"' u.. 

0 

"'

>-· (.} 

U) 

::;; 

. ., 

., 

.a, 

N 

0 

Plan Account Number: 305-037313-=733 

Forthe Period: b1/01/2016 -'12/31/2_016 

COMMON STOCKS (CONTINUED) 

SeciJr~ Oesi::ription Account Number 

NATIONAL CINEMEDIA (NCMI) 305-0.37368 '733 

No,:t Dividend Pa'(§_bfo 03/2017; Asset Class: EQVities 

NATIONSTAR.MORTGAGE HLDGS INC (NSM) 305 -037368 '733 

Asset Class: £,· uities 

NATL FUEL GAS CO (NFG) 305 -037368 -?33 

·Next Dividend Pa't!,ble 01113/17,· Asset Class;-Eg_uities 

NAVIENT CORP COM (NAVI) 305-037368 .:,33. 

Next Dividemf Pavab/e 03/201 7· Asset Class: Eauides 

NEDBANK GRP LID SPON ADR (NDBKY) 305--037368 '133 

Asset·CIBss: fauities 

NELNETINCCLA (NNI) 305 -03736B-?33 

Next Dividend Pa~b!e:0312017; Asset-c/ass: Eg_uities 

NESTLE SPONADR REP REGSHR (NSRGY) 305 -037368.;,33 

Next Dividend Pa'(§_b/e 05/2017:· Asset Class: E.gumes 

NETAPP INC COM (NTAP) 305 -037368 .;, 33 

Next DMdend Pa'@_b/e 01/2017: Asset Class: Eguities 

NETEASE.COM INC-ADS (NTES) 305-037368 '733 

Asset Class: E Uities 

NEW SR_ INVT GROUP INC COM (SNR) 305 -037368 '733 

Next Dividend Pavable 03/201 7: Asset Class: Alt 

NEWS CORPORATION CL A (NWSA) 305 -037368 .;,33 

Next Dividend Pa'f§.bfe 04/2017; Asset Class:f.Quities 

Nll~ON C_ORP ADR (NINOY) 305-037368.;,33 

Asset Class: E uities 

.NORDSON CP (NDSN) 305 -037368 .;,33 

Next Dividend Pavable 01/03117: Asset Class: E.Quilies 

NORDSTROM INC (JWN) 305-037368 .;,33 

Next Dividend Pavable 03/2017: Asset Class: Eguities 

NORTHWESTERN CORPORATION (NWE) 3.05 -037368 '733 

Next.Dividend Pa~ab!e 03/2017:Asset Class: Egy_itles 

NOVARTIS AG ADR(NVS) 305-037368-?33. 

Asset Class;B uities 

OCWEN FINANCIAL CORP NEW ,(OCN) 305 .()37368 .;,33 

Asset Class: E uities 

OLD DOMINION FREIGHT LINE (ODFL) 305-03 7368 '7.33 

Asset Class:·£; uities 

Quanti~ 

480.000 

430.000 

337,000 

620.000 

709,000 

128.000 

910.000 

335.000 

104.000 

784.000 

985.000 

1,249.000 

11 7.000 

204.000 

198.000 

1,139.000 

1,455·.ooo 

160.000 

Morgan Stanley 

Share Original 

Price Total Cost Ca!_!Xin~ v:a1ue Market Value 

14.730 7,174.26 7.:399.78 7,070.40 

18.060 4,866.47 5,682.44 7,765.80 

56.640 18,946.51 18,946.57 79,087.68 

16.430 9,049.46 9,049.46 70,786.60 

17.1 95 12.72.7.83 8.458.21 72,197.25 

50.750 4,702.74 4,307.45 6,496.00 

71.740 64,928.64 67,334.71 65,283.40 

35.270 8,267.44 8,380.22 71,815.45 

275.340 15,193.9_7 18,597.82 22,395.36 

9.790 10,777.72 7,960,99 7,675.36 

11.460 17,868.65 12,236.40 11,288.10 

15.510 18,074.01 17,781.58 19,371.99 

112:050 7,462.70 7,581.21 73,109.85 

47.930 10,859.47 70,859.47 9,777.72 

56.870 10,283.40 10,897.82 11,260.26 

72.840 90,199.25 90,019.74 82,954.76 

5.390 15,354,80 10,278.02 7,901.74 

85.790 9,970.7:2 9,559.41 13,726,40 

Additional information and disclosures about this report and the i nformation contained herein can be-round in the section enUtfed Messages st-the end or:thisreport. 

Unreaiizl!d 5500 

Gain/(Loss) 

(103.86) 

2,899.33 

147.17 

1,137.14 

69.39 

2;393.26 

'354.76 

3,548.01 

7,201.39 

(3,102.36) 

(580.55) 

1,297.98 

5,647.75 

(1,081.75) 

976.86 

(7,234.49) 

(7,453,06) 

3,875.68 

_

C

Document #39.1 

TRPP134-000500
 Account Number: 305-037313 .:;,33 For the Period: 01/01/2016 -12/31/2016 

COMMON STOCKS (CONTINUED) 

Securi!l Description Account Number 

OPHTHOTECH CO.RP COM (OPHT) 305 -037368 -'733 

Asset Class: E umes 

OSHKOSH CORP (OSK) 305 -037368 -'733 

Nexr Dividend Pa'(J!,ble03/2017: Asset Class: Egviues 

OWENS CORNING INC (OC) 305 -037368 -'733 

Next D'ividend Pa~ble 01118177; Asset Class: Wuities 

PARK24 CO LlD SPONSORED (PKCOY) 305 -037368 :;,33 

,As:Sec Class: Ei liities 

PAYPAL HLDGS INC COM (PYPL) 305 -0373_68 -'733 

Asset Class: £ uities 

PEPSICO INC NC (PEP) 305-037368.:;>33 

Next Dividend Pa~bfe 01/06/17: Asset Class: Eauities 

PHIUIPS 66 COM (PSX) 305 -037368-'133 

Nexr Dividend Pa'@_b/e 03/2017: Asser-Class: Eguities 

PIONEER NATURAL RESOURCES CO (PXD) 305 -037368 -733 

Next Dividend Pa'@ble 0412017: Asset Class: Egv,~ies 

PJSC GAZPROM SPON AOR (OGZPY) 305 -037368 -733 

Asset Class: £i' uities 

P JSC LUKOIL SPONSORED ADR(LUKOY) 305 -037368 '733 

Asset Class: E uities 

PLDT INC ADR (PHI) 305-037368 '733 

Asset Class: E uiues 

PORTLAND GENERAL ELEC CO (PDR) 305 -037368 -733 

Nexr Dividend Pavable 01/17/17; Asset Class: Eguit/es 

POWER IJIITEGRATIONS INC (POW!) 305-037368 '733 

Next Dividend Pa'@_ble 03/2017:Asse(Class: Egt.iiaes 

PPC LTD SPD ADR (PPCLY) 305-037368_-733 

Asset Class:£ uities 

PPG INDUSTRIES INC (PPG) 305-037368 -733 

Nexr Dividend Pa'@ble ·0312017; Asset Class: Eguities 

PRESTIGE BRANDS HOLDINGS INC (PBH) 305 -037368 '733 

Asset Class: E uities 

PROTO LABS (PRLB) 305-037368 '733 

Asset Class:£. uities. 

PRUDENTIAL PLC ADR (PUK) 305 -037368 '733 

Nexr Dividend Pa'@.ble 04/2Df7: Asse,Class: Eg_uities 

Quanti.!): 

211.000 

414.000 

83.000 

84.e.ooo 

964.000 

341.000 

377.000 

133.000 

7,326.000 

344.000 

250.000 

150.000 

144.000 

1,430.000 

249.000. 

116.000 

108.000 

1,260.000 

Morgan Stanley · 

Share Orfgir)al 

Price Total Cost Carrying VaJue Market Value 

4.830 10,609,94 10,826,75 1,019,13 

64.610 21,298.23 21,298.23 26,748.54 

51.560 4,377.16 4,377.16 4,279.48 

27,050 24,070,33 24,070.33 22,938.40 

39.470 34,733.40 35,933.88 38,049,08 

104,630 36,575.97 36,575.97 35,678.83 

86.'i-70 29,926,26 29,926.26 32,576.57 

180.070 23,166.4.5 23,166.45 23,949.3T 

5.090 6,456.12 4,853.12 6,749.34 

56.120 14,927.72 11,214.27 19,305.28 

27.550 14.536.35 10,562.34 6,887.50 

43;330 5,455.04 5,547.09 6,499.50 

67.850 5,923.30 6,967,29 9,770.40 

0.704 3,299.36 2,709.07 1,006.57 

94.760 25,746.60 25,746.60 23.595.24 

52.100 6,623.44 6,623.44 6,043.60 

51.350 7,091 .96 6.777.7.4 5,545.80 

39.790 43,130.33 43,130.33 50,135.40 

Additional information·and disclosures about this report and the information contained he~;n C!.!!_ be (o_un!f~.th~_§_ecti9.!!_~ntit!£!1 M~ages at the end of this report, 

UnreartZed Ssoo 

Gain/(loss) G

(9,590.81) (

5,450.31 

(97.68) 

(1,131.93) 

3,915.68 

(897.14) 

2.650.37 

782.86 

293.22 

4,377.56 

(7,648.85) 

1,044.46 

3,847.10 

(2,292.81) 

(2,151.36) 

(579.84) 

(1,546:16)- 

7,005.07 

C

Plan 

Document #39.1

TRPP134-000501
 

a, 

16 ~ <') 

u.. 

0 

>- "' 

0 

"' ::;; 

4) 

"' CD 

N 

0 

Plan Account Number: 305 -03731 3 -=733 

For the Period: 01/01/2016 -12/31/2016 

COMMON STOCKS (CONTINUED) 

Secuii!}'. Oescriptiori Ai:count Number 

PT ASTRA INTERNATIONAL TBK ADR (PTAIY) 305-037368'"133 

Asset Class: Eouicies 

PT BK MANDIRI PERSERO TBK UNSP (PPERV) 305 -037368 '733 

Asset Class: E uiUes 

PT SEMEN GRESIKPERSERO ADR (PSGT'I) 305-037368 '733 

Asset Class: 5 uities 

PT TELEKOMUNIKASI INDDNESIA (TLK) 305 -037368 '733 

Next Dividend Pa't§_ble 07/06/17: Asset Class: Eguitles 

RADIAN GROUP INC (RON) 305 -037368 '733 

Next Dividend Pa't§_ble 03/2017: Asset Class: t fI!!.ities 

RADIUS HEALTH INC (ROUS) 305-037368 -'1.33 

Asset Cl!JSS: EaUities. 

RANGE RESOURCES CORP {RRC) 3.05-037368 '733 

Next Dividend Pa't§_ble 03/2017: Asset Class: Eauities. 

RELX NV SPONSORED ADR (RENX) 305.-037368'733. 

Asset-crass: E uities 

RENT -A .:TR INC. {RCII) 305 -037368 '733 

Next Dividend Pa'@_ble 0112017: Asset Class: EIJ.Uities 

RETAIL OPPORTUNITY INVTS CORP (ROIC). 305-037368 '733 

Nexr: Dividend Pa'@.bie 03/2017: Asset Class: Alt 

RICE ENERGY INC (RICE) 305 -037358 n3 

Asset Class: £" ulties .ROCHE HOLDINGS ADR (RHHB'I) 305-037368 '7 33 

Asset Class: E ities 

ROYAL .DUTCH SHELL PLC CL B (RDS'B) 305-037368 '733 

Asset Class: £ailitie"S 

RPX CORPORATION COM. (RPXC) 305-037368-'133 

Asset Class: B uities 

RSP PERMIAN INC (RSPP) 305-037368 '733 

Asset Class: E uities 

SABRE CORPORATION (SABR) .305 -0373.6.8-'133 

Next Dividend Pa'@.ble 03/201 7: Asset Class: Eguities 

SANL.Atvl LTP ADR (SI.LOY) 305-037368'733 

Asset Class: E uities 

SANOFI ADR (SNY) 305 -037368 '733 

Asset Class: E uities 

Quar1ti!'l 

1,209.000 

1,810.000 

427.000 

600.000 

46Q.OOO 

140.000 

196.000 

942.000 

715.000 

337.000 

375.000 

3,973.000 

2,244.00() 

476.000 

769.000 

1,260.000 

1,039.000 

898.000 

Morgan Stanley 

Share Original 

PriC~ Total Cost Carrying-Value Market Value 

12.200 12.,649.38 10,434.57 14,749.80 

8.4EO ·13.647.21 11,982.51 15,312.60 

13.450 7,039.04 6,922.58 5,743.15 

29.160 12,650.04 13,358.65 17,496.00 

17.980 4,770.08 5,437..48 8,270.80 

38.030 6,746.63 6,581.17 5,324.20 

34,360 7,573.46 . 7,573.46 6,734.56 

·16.760 15,985.17 15,894.07 15,787.92 

11 .250 9,879.34 9,780.33 8,043,75 

21.130 7,147.1 2 7,147.12 7,120.81 

21,350 6,932.22 6,93222 6,725.25 

28.530 128;418.31 129,227.59 113,349.69 

57.970 109,362.56 109,046.89 130,084.68 

10.800 6,202.26 5,142.97 5,140.80 

44.620 6,556.90 6,556.90 7,540.78 

24.950 34,503.79 34;586.94 31,437.00 

9.150 8,833.63 7,787.03 9,506.74 

40.440 38,250.39 36,649.54 36,315.12 

Additional infofmatia'n and disc!Osu'res about this. repOft aiJd the·infarmation contained herein aari be 'found in the section entitled Messages· at the, end of this r~pon. 

Unrealized 

Gain/(Loss) 

2,700.42 

1,665.39 

(1,295.89) 

4,845.96 

3,500.72 

(822.43) 

(838.90) 

(197.25) 

(1,835.59) 

(26.31) 

(206.97) 

(15,068.62) 

20,722.12 

(1,061.46) 

983.88 

(3,066.79) 

672.88 

(1,935.27) 

5500 

C

Document #39.1 

TRPP134-000502
 Account Number: 305-037313 -733 For the Period: 01/01/2016 '-12/31/2016 

COMMON STOCKS (CONTINUED) 

5ecurl!}'. Description .Account Number 

SAPAG (SAP). 305-037368 ..33 

Asset Cia·ss: Ei uities 

SASOL LTD SPON ADR (SSL) 305-031368.:/33 

Asset Class: 5 uiries 

SBERBANK RUSSIA SPONSOR ED ADR (SBRC'I) 305-037368 ;;,33 

Asset Class: Ei uides 

SCANA CORP NEW (SCG) 305-037368 ;;,33, 

Next Dividend Pa"tE,ble 07/07/7 7; Asset Class: EQuities 

SCHLUMBERGERLTD (SLB) 305 -037368 .:/33 

Next Dividend Pa"tE,ble 07/7 3117: Asset Class: l:Quities 

SCHt.!EIDER ELEC SA UNSP ADR (SBGSY) 305-03]368 '133 

.Asset Class' E ities 

.SEAWORLD ENTERTAINMEIIITlNC (SEAS) .305 -037368 -'133 

Next DiVidend Pay_ab!~ 0112017:Ass"etCJass: £g_uities 

.SHINHAN FINANCIAL GROUP CO LTD (SHG) 305 .037368 ;;,33 

.Asset Class: £ uities 

SHIRE PLC ADR (SHPG) 305-037.368 -'133 

-Asset Class: E uides 

SHOPRITE HLDGS LTD SPONSO,RED A (SRGHY) 305-037368 '133 

Asset Class: E uities 

SKTELECOM CO LTD (SKM) 305-037368 -'133 

Asset Ciass:E uities 

SONOVA HLDG AG UNSP ADR (SONVY) 305-037368 -'133 

.Asset Class:· Eauities 

SP.LUNK INC (SPLK) 305-037368 -'133 

Asset Class: E uities 

SSE P.LC SPON ADR (SSEZY) 305-0373.68 -'133 

Asset Class: E uities 

STANDARD BANK GROUP LTD SPON (SGBLY) 305 -037368 -'133 

Assec Class: E uities 

STARBUCKS CORP WASHINGTON (SBUX) 305-037368 ;;,33 

Next Dividend Pavable 03/20-, 7: Asset Class: EQuities 

STEELCASE INC CLASS A (SCS) 305-037368 -'133 

Next Dividend Pavable 01113/17: Asset Class: Eguities 

STEWART IN.FORMATION SERV.ICES (STC) 305-037368-'/33 

Next Dividend Pa~ble 03/2017:Asset Class: Eguities 

Quahti~ 

7,102.000 

661.000 

2,188.000 

90.000 

530.000 

3,608.000 

340.000 

400.000 

105.000 

612.000 

2,109.000 

801 .000 

188.000 

1,465.000 

1,173.000 

644.000 

490 .. 000 

- 96.000 

Morgan Stanley 

Share ·Original 

Price Total Cost carrying Value Market V3tue 

B6.430 83,062.70 86,657.06 95,245.86 

28.590 22,548.23 78,404.15 ,8,897.99 

71.580 13,407.35 72,666.48 25,337.04 

73.280 5,261.17 5.653.08 6",595.20 

83.950 45,037.96 37,111.90 44,493.50 

13.810 46,988.21 42,975.74 49,825.48 

18.930 4,693.59 5,61 6.36 6,436.20 

37.640 14,490.97 13,319.68 15,056.00 

170.380 18,396.10 18,396.10 17,889.90 

12.443 9,198.77 5,726.57 7,615.23 

20.900 46,093.26 42.223,22 44,078.10 

24.110 20,169.18 21,300.18 19,312.1 1 

51.150 10,824.37 10.541.88 9,616.20 

19.020 32.060.46 32,356.16 27,864.30 

11.050 12,584.29 8,488.22 12,961.65 

55.520 35,057.1 8 35,057.18 35,754.88 

17.900 6,690.00 6,724.99. 8,771 .00 

46,080 3,164.00 3,542.58 4,423.68 

Additional information and disclosures abdut this report ar.d the i{!formation contained he~in can be found in ihe section entitled Messages at .the end of this report. 

Uniealited ssoo 

· Gain/(1.Dss) G

72,183.76 

(3,650.24) 

71,929.69 1

1,334.03 

(544.46) 

2,838.27 

1,742.61 

565.03 

(506.20) 

(1,583.56) 

(2,015.16) 

(857.07) 

(1 ,208.17) 

(4,196.16) 

377.36 

697.70. 

2,081.00 

1,259.68 

C

Plan 

Document #39.1

TRPP134-000503
 

0, 

"' .,. 

0 

"' "-

Cl 

le 

() 

Cf) 

::;: 

a:, 

"' 0, 

N 

0 

Plan 

Account Number: 305 -037313-733 

For the Period: 01/01/2016 - 12/31/2016 

COMMON STOCKS (CONTINUED) 

SeCtJrity Description AcCount Number: 

SUMITOMO MITSUI FINL GROUP INC (SMFG} 305 -037368 -'133 

Asset Class: £ uities 

SUPERIOR ENERGY SERVICES INC (SPN} 305-037368-'133 

.Asset Class: E, uities 

SUPERNUS PHARMACEUTICALSJNC (SUPN} 

Asset Class: 6 Uities 

305-037368-'13_3. 

.SYMRISE AG UNSPONS ADR (SYIEY) 305-037368 .;>33 

Asset Class: Ei Uities 

SYNOPSYS INC (SNPS} 305-037368-'133 

·Asset Class: E. uities 

SYSMEX CORP UNSPON ADR (SSMXY) 305-0.37368 -'133 

Asset Class: Ei uities 

TABLEAU SOFTWARE INC Cl.c./1 (DATA) 305-037368 -'133 

·Asset Class: E uities 

TAJWAN SMCNDCTR MFG CO LTD ADR (rSM) 305-037368 -'133 

Asset Class: £i uities 

TENARIS S.A. crs) 305 -037368 '733 

Asset Class: 6 uities 

.TERADATA CORP (TDC) 305 -037368 '733 

Asset Class: E uities 

THE BOSTON BEER CO INC A (SAM) 305-037368-733 

Asset Class: Eauities 

THE J,M. SMUCKER COMPANY (SJM) 305-03736.8'733, 

Next Dividend Pa111ble 0312017: Asset Class: Eauities 

THE MICHAELS COMPANIES INC (MIK) 305 -037368 .;,33 

.Asset Class: Eouities 

TIME WARNER INC NEW (TWX} 305 -037366-733 

Next Dividend Pa'@.ble 03/2017: Asset Class: Eg!}Jties 

TIVD CORP (TIVO) 305.-037368 -'133 

Asset Class: Fi uities 

TOTALS A SPON ADR (rOi) 305 -037368 -'133 

Asset Class: £, uities 

TQTALSYSTEM svc_s [TSS) 305 -037.368-'133 

Next Divir!end Pa'tP.ble 01103/77: Asset Class: Eguities 

TRANSOCEAN LTD (RIG} 

-Asset Class: E, uities 

305.-037368'733' 

Qu21ntity 

4,160,000 

245,000 

336,000 

1,537.000 

434.000 

1,180.000 

178.000 

3,029.000 

665.000 

214.000 

36.000 

157.000 

475,000 

391,000. 

421.000 

1.012,000 

253.00Q 

476.000 

Morgan Stanley 

Share Original 

Price TotaICost Carrying Value Market Value 

7,640 24,918.48 26,964.72 37,782.40 

76,880 4,426,00 4,426.00 4,135.60 

25.250 5,820.81 4,519.84 8,484.00 

15.180 .23,025:12 25,042.2-5 23,240.58 

58.860 24,776.30 24,730.63 25.545.24 

29,000 35,021.52 38,023.32 34,220,00 

42;150 13,194.65 15.568.07 7,502.70 

28.750 65,004.5.1 69,560.85 87,083.75 

35.710 17,893,62 17,893.62 23,747.1 5 

27,170 6,826.04 6,826,04 5,814.38 

169,850 6,887,00 6,887,00 6,1 14,60 

128.060 21,482.95 21,482.95 20,105.42 

20.450 11,992.52 11,992.52 9,713.75 

'96.530 30,133.20 30,733.20 37,743.23 

20.900 9,093.97 3,290.82 8,798.90 

5.0.970 47,766.92 46,86J-.66 .51,581 ,64 

49.030 10,.993:46 12,499.23 12,404,59 

14.740 4,344,45 4,344,45 7,016.24 

Additional information :and disciosilies about rhis report and the information contained herei'n can-be round· in the section entitled Messages at the end of"this report. 

Unrealized 5500 

Gain/(Loss} 

6,863,92 

(290.40) 

2,663.19 

215.46 

768.94 

(801,52) 

(5,691.95) 

22,079 .. 24 

5,853.53 

(1,011.66) 

(772.40) 

(1 ,377.53) 

(2,278.77) 

7,610,03 

(295.07) 

3,814.72 

1,411 .13 

2,671.79 

C

a:, 

Document #39.1 

TRPP134-000504
 Account Number: 305-037313 .:,33 

For the Period: 01 /01/2016 -12/31/2016 

COMMON STOCKS (CONTINUED) 

•Security Description· Account Number 

TREEHQUSE FOODS INc.(THS) 305-037368 -'733 

;Asset ClaSS: 6 uities 

TRIMBLE INC (l'RMB) 305-037368 .;'33 

Asset Class: Ei uities 

TURK TELEKOMUNIKASYON AS-ADR (l'RKNY) 305 -037368 .;,33 

.Asset Class:-£ uit.ies 

TURKCELL ILETISM HIZM AS NEW ([KC) 305-037368 .;,33 

Asset-Class; E 1.iities 

TURKIYE GARANTI BANKASI A S ([KGBY) 305-037369 .;,33 

Asser Cless:·E vl!ies 

UBS GROUP AG SHS (UBS) 305-037368 -;'33 

Next Dividend Pa'@cb/e 0512017: Asset Class: EQuities 

UNILEVER NV NY SH NB/I/ (UN) 305-037368 -'133 

Ne Kt Dividend l'a'@cble 03/20 7 i : Asset Class: EQuities 

UNILEVER PLC (NEW) ADS (UL) . 305-037368 -'733 

Next Dividend Pa'@.lile 0312017: Assec·C/ass: EgyJties 

:UNITED NATIJRAL FOODS INC (UNFI) 305-0373.68 .;,_33 

Asset Class: Ei uities 

UNITED RENTALS lNC (URI) 305-037368 -'133 

Asset Class: E uities 

UNITED THERAPEUTICS CORP (UTHR) 305 -037368 .:,,33 

Asset Class: Ei uiaes 

VASCO DATA SECURITY INTL INC (VDSI) 305"-037368-'l33 

Asset Class: E uities 

VEEVA SYS INC Cl A (VEEV) 305-037368 -'133 

Asset Class: E iUes 

VERIZON COMMUNICATIONS (V~) 305-037368.-'/33 

Next Dividend Pa'fP.ble 02/2017: Asset Class: Eguities 

VODACOM GROUP LIMITED (VDMCY) 305-037368 -'133 

Asset Class: EaUitles 

VODAFONE GROUP PLC (VOD) 305-037368 n:>. 

NeKt Dividend l'a'@cble D2/D3/17;Asset Class: fg_uities 

VOLKSWAGEN AG 'SPDN ADR (VLKAY) 305-037368 -'133 

Asser Class: £, uities 

VONAGE HOLDINGS CORP. (VG) 305-03736S-'133 

~t 

C/~s: £q~icies 

Quanti~ 

700.000 

315.000 

1,171.000 

948.000 

7,422.000 

880.0DO 

605.000 

734.000 

106.000 

144.000 

74,000 

440.000 

158.000 

259.000 

665.000 

1,050.000 

2,740;000 

1,025.000 

Morg

an Sta

nley 

Share Original 

Price Total Cost Ca!!}:irig Value . Market Value 

72.190 7,037.74 7,208,25 7,219.00 

30.750 8,965.62 8,965.62 9,497.25 

2.900 4,_432.04 4,432.04 3,395.90 

6.900 11,556.44 8,710.58 6,541.20 

2.090 23,448,.78 18,569.48 15,511.98 

15.670 73,843.66 15,716.80 13,789.60 

41 .060 27,943.62 27,943.62 24,841.30 

40.700 32,319.66 32,579.70 29,873.80 

47.720 4,377,3'3 4,377.33 5,058,32 

105-,580 11,106.83 11,106.83 15,203,52 

143.430 8,037.17 8,94-1.00 10.6T3.82 

13.650 6,873.67 6,971.62 6,006.00 

40.700 4,115.43 4,337.73 6,430.60 

53.380 12,032:51 12,074.48 13;825.42 

11.070 7,167 .74 6,517.00 7,361 .55, 

24.430 36,060.87 33,196.95 25,651 .50 

28.685 93,554.26 83,296.36 78,596.90 

6.850 4,451.80 4,790.42 7,021 .25 

Additiona/.informatian·and disclosures about th;s report _and the infO!f!1Btion co~ained herein_ can be foun<j in the secti?n entitled Messages at the end of this.report. 

Unrealized 5500 

Gainl(Loss) G

187.26 

531 .63 

(1,036.14) 

{5,015.24) 

(7,936.80) 

(54.06) 

(3,102.32) 

(2,445.86) 

680.99 

4,096.69 

2,576.65 

(867.67) 

2,315.17 

1,792.91 

193.87 

(10,409.37) 

(15,057.37) 

2,569.45 

C

Plan 

Document #39.1

TRPP134-000505
 

'" "' ;: 

o,' 

ll. 

o · 

;,- "' , 

O · 

Cl) 

::; 

ig 

"' ~ 0 

Plan Account Number: 305-037313 .;,33 

For the Period: 01/01/2016 .:.12/31/2016 

COMMON STOCKS (CONTINUED) 

Secu~· OeSt:ripticn Account Number 

WJR CORP COM (VWR) .305-037368 '133 

Asset Class: B uitie.s 

WABTEC (WAS) 305 -037368 .:;,33 

Next Dividend Pa'@.ble 0212017: Asset Class: EQuities 

WALGREENS BOOTS ALLIANCE INC (WBA) 305 -037368 '133 

Next DividendPatable 03/2017; Asset Class: Eouities 

WALT DISNEY CO HLDG CO (DIS) 305-037368.:;'33 

Next Dividend Pa't!Jble 01/11117: Asset Class: Eauities 

:WEICHAI.PWR CO LTD UNSPON ADR (WEICY) 305 :()37368 .:;'33 

Asset:Class: £ ·uiti8$ 

WHITE MOUNTAIN GRP BERMUDA (WTM) 305 -037368.:;, 33 

Next Dividend Palf§_ble 03/2017: Asset Class;.fgpities 

WHOLE FOODS MARKETS INC (WFM) 305-037368-.:;'33 

.Next Dividend Pa'{]ble 0112017:AssetC/ass: Eg_uides 

WILLIAMS SONOMA(WSM) 305-037368 -'733 

Next Dividend Pa'f§.ble 0212017: Asser Class: EQuities 

WOOLWORTHS HLDGS LTD (WLWHY) 305 -03,7368 .:;,_33 

Asset Class, Eouides· 

WPP PLC SPON NEW ADR. (WPPGY) 305-037368 -'733 

Nexi Dividend Pa't!Jbfe 0512017; Assei Ciass: EQuities 

WYNDHAM WORLDWIDE CORP (WYN) 305-037368 -'733 

Next Dividend Pa~abie 03/2017: Asset Class: Egp/ties 

XYLEM INC COM (XYL) 3.05 -037368 -'7 33 

Next Dividend Pavabfe 0312017: Asset Class: Egy_ities 

YPF SOCIEDAD.ADS REP l CL-ll SH (YPF) 305-037368 -'733 

Asset Class: Eauilies 

ZOETIS INC CLASS-A (ITS) 305.-03736a .:;'33 

Next Dividend Pa'@.ble03/2017:-Asset Class: EQuities 

ZURICH INSURANCEGRP LTD ADR (ZURVY) 305-037.368 '133 

Asset Class: £ llities 

Quiilti:'l 

355.000 

136.000 

702.000 

277.000 

l ,340.000 

17.000 

400.000 

198.000 

1,654.000 

495.000 

143.000 

159.000 

802.000 

474.000 

1,406.000 

Morgan Stanley 

Share Original , 

Price Total Cost C.c!)'.ini Value Market Value. 

25.030 8,884.16 9,300.06 8,885.65 

83.020 11,210.71 9,614.95 11,.290.72 

82.760 57,894.80 57,894.80 58,097.52 

104.220 25•,839.95 25,839.95 28,868.94 

12.26.0 1.6,158.85 11,181.20 16,428,40 

836.050 10.470.82 12,380.1 7 14,212.85 

30.760 11,695.22 11,695.22 12,304.00 

48,390 14,564.98 11,533.56 9,581.22 

5.120 11,693.98 10,298.67 8,468.48 

110.660 52;992.09 57,135.62 54;776.70 

76.370 1-0:370.45 10,356.96 10,920.91 

49.520 6,692.12 6,692.12 7;873.68 

16.500 20,605.54 · 12,905.37 13,233.00 

53,530 24,485.75 24.485.75 25,373.22 

27.570 31,607.80 32,609.98 38,763.42 

Additional information and disclosures ·about this report and the information contained herein can be found in the section entitled Messagesyt the end of this report 

Unrealized 

Gain/(loss) 

1.49 

80.01 

202.72 

3,028.99 

269.55 

3,742.03 

608.78 

(4,983.76) 

(3,225.50) 

1,784.61 

550.46 

1,181.56 

(7,372.54) 

887,47 

7,1 55.62. 

5500 

·G

CO

Document #39.1 

TRPP134-000506
 Account Number: 305 -037313-733 For the Period: 01/01/2016 -12/31/2016 

COMMON STOCKS (CONTINUED) 

Security Description Account Number 

3M COMPANY (MMM) 305-037368-733 

Next Dividend Pa'{2.ble 0312017: Asset Class: Eauities 

Total Common Stocks 

Total Stocks 

Exchange.:rraded & Closed-End Funds 

securi~ Oescrfption· Account Number 

!SHARES CORE MSCI EMERGING 

_(IEMG) 305 -037368 '133 

Next Dividend Pa:e_ble 05/2017: :Asset Class: Equities 

!SHARES RUSSELL 1000 GRW.ETF (IWF) 305-037368 '133 

Next Dividend Payable 0312017; Asset Class: Er;uities 

ISHARESRUSSELL 1000VALUEETF OWD) 305-037368-,33 

Next Dividend Payable 03/2017; Asset Class: Er;uities 

!SHARES TIPS BOND ETF (TIP) 305-037368'133 

Next Dividend Pa:e_ble 01/2017; Asset Class: Fl &-Pref 

VANGUARD EXTENDED MKT ETF (V)(F) 305-037368 'I 33 

Next Dividend Payable 0312017: Asset Class: Equities 

Total Exchange .:rraded & Closed -End Fund_s 

Quantity 

96.000 

Percentage 

or Assets 

33.57% 

Quantity 

·12,147.000 

20,969.000 

26,149.000 

5,701.000 

9,595.000 

Percentage 

of Assets32.71% 

Morgan Stanley 

Share Original 

Price Total Cost Carrying Value ·Market Value 

178.570 17,039,98 1 7,039.98 17,142.72 

S7 ,214,845.23 $7,115,543.17 $7,399,400.73 

Original 

Total Cost Ca~in~ Value Market Value 

$7,214,845.23 $7,11 5,543.17 $7,399,400,73 

Share Original 

Price Tot.al CCtSt Carrying Value Market Vaiue 

$42.450 S482,833.74 $482,800.82 $515,640.15 

104.900 2,084,67S.16 2,084,643.76 2,199,648.10 

112:030 2,612,747.64 2,612,664.41 2,929,472,47 

113.170 642,535.28 635,464.97 645;182.17 

95.900 783,006.30 797,252.42 920,160.50 

Original 

Total Cost Ca~ingValue Market Value 

$6,605,798.12 $6,612,826.38 $7,210,103.39 

Additional information and disclosures about this report and the information_ cor,_ta_in_ed h_erein_can_be found in_ the_sieroon entitled-Messages at me end of this report. 

Unrealized 

Gain/(Loss) 

102.74 

$184,555.23 

Unrealized 

Gain/(Loss) 

$184,555.23 

Unrealized 

Gainl(Loss) 

$32,806.41 

114,972.94 

316,724.83 

2,646.89 

137,154.20 

Unrealized 

Gain/Closs) 

$604,305.27 

5500 

G

528

5500 

G

$28

5500 

$3

1

31

12

5500 

$59

Document #39.1

TRPP134-000507
 Stanley Plan Account Number: .305-037313 ::,33 For the Period: 01/01/2016 -12/31/201 6 

Mutual Funds 

Security Description Share Or.iginal Account NumDer- Quantity Price Total Cost Carrying Value Market Value 

AQR M.I\NAGED FUTURES STRATEGY I (AQMJX) 305 .037368 .;,33 106,701.990 59,320 $1 ,125,204.53 $1,086,469.64 $994,462.55 

T oral Purchases vs Market Value 1,125,204.53 994,462:55 

cumulative cash Distributions 113,612.77 

Net Value. lncrease/(~rease) (17,129.21) 

Dividend Cash: Capital Gains Gash; Asset Class: Alt 

BLACKSTONE ALT MULT .STRATINST (BXMIX) 305 .Q373 68 .;,33 148,602.51 5 10.210 1,456,717.35 1,456, 191 .48 1,5 17,231.68 

Trital Purcha·sesvs Market Value 1,456,717.35 1,517,231 .68 

cuml.llative cash .DiStribUtions 6,880.30 

NetValue lncrease/(Decrease) 67,394.63 

Dividend cash: Capital Gains Cash: Asset Class: Alt 

E V INCOME FUND OF BOSTON I (EIBIX) 305.037368 .;,33 152,656.313 5.730 ss6.783:so 829,773.49 874,720.67 

Total PUrchases VS Mafket Value 886,783.80 874,720.67 

Cumulative Cash ·oisrributiorlS 748,689.93 

Net Value lncrease/(Decrease) 1 36,626.80 

Dividend Cash: Capital Gains Cash: Asset Class: Fl & Pref 

0 MATTHEWS ASIAN JAPAN INV (MJFOX) 305 .037368 '133 53,797.319 18.830, 991 ,880.40 1,020,746 .57 1,013,003.52 

·O T otaf Purchases vs M<1rket Value 991 ,880.40 1,013,003.52 ;:,; CumUl~tive Cash-Distributions 11,622:37 

"' Net Value lncreasel(Decrease) 32,745.49 "-

0 Dividend Clish: Gapital Gains Cash: Asset Class: Equities 

>- "' METROPOLITAN WEST TOT RET BD I (MWTIX) 305-037368 ::/33 259,403.200 10,530 2,790,403.22 2,776,026.26 2 ,731,51 5.70 0 

(/} Total Purchases vs Market Value 2,790,403.22 2,n1.s1 s.10· ::. Cumulative Cash· Distributio"nS 146,739.34 

Net Value lr.crease/(Decrease) 87,851.82 "' Dividend·cash: Capital Gains·cesh: Asset Class: Fl & Pref 0 Percentage Original 

of As.sets Total C-Ost Carrying Value Market Value 

Total Mutual Funds 32.35% $7,250,989.30 $7,7 69,207.44 $7,130,934.12 

Additional information and disclosures about this report and the information conUJined herein can be found in the section entitled Messages at the end of this report. 

Unrealized 

Gainl(Loss) 

$(130,742.Dl) 

60,514.33 

(12,063.14) 

21 ,123.1 1 

(58;887 .52) 

Unrealized 

Gain/(Loss) 

$(1 20,055.23) 

5500 

$(

A

(

5500 

$(

Document #39.1

TRPP134-000508
 

 

 

 

 

 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #40 – 7.09 Rehabilitation Plan 

Does the application include the most recently updated rehabilitation plan? 

See section 7.09 of Revenue Procedure 2017-43. 

The most recently updated rehabilitation plan is attached as document 40.1. 

Document #40.1 

TRPP134-000509
 

 

 

ROOFERS LOCAL NO. 134 PENSION PLAN 

REHABILITATION PLAN 

AMENDED AND RESTATED MAY 7, 2018 

Rehabilitation Period: January 1, 2010- December 31, 2022 

This rehabilitation plan document, which federal law requires, includes important information 

about the funding level of the Toledo Roofers Local No. 134 Pension Plan, Plan Number 001, 

Employer Identification Number 34-6682179. 

Background 

In 2006 the Pension Protection Act ("PPA") was enacted. Beginning with the 2008 plan year, 

that law requires the annual certification of the Plan's funding status as critical, endangered or 

neither. 

On March 29, 2018 the Plan's actuary certified the Plan's funding status as critical and declining 

for the 2018 plan year (as it has been since the 2016 plan year). For the 2009 through 2015 plan 

years, the Plan's actuary ce1tified the Plan's funding status as critical. The Plan is considered to 

be in critical and declining status for the 2018 plan year because there are projected funding 

deficiencies starting at the end of the 2018 plan year and there is a projected insolvency in the 

2031 plan year. A projected funding deficiency is a sign that the anticipated liabilities of the 

Plan are outpacing its assets. 

The decline in funding is largely a result of the recent crisis in the financial markets. Federal law 

requires pension plans in critical status to adopt a rehabilitation plan aimed at restoring the 

financial health of the Plan. 

Goals and Requirements of the Rehabilitation Plan 

The goal of a rehabilitation plan is to cause the Plan to emerge from critical status by the end of 

the rehabilitation period. The Plan has 13 years in which to accomplish this goal. However, if 

the Plan sponsor determines that, based on reasonable actuarial assumptions and upon exhaustion 

of all reasonable measures, the Plan cannot reasonably be expected to emerge from critical status 

by the end of the rehabilitation period, reasonable measures to emerge from critical status at a 

later time or to forestall possible insolvency are permissible. 

The schedule of contribution rate increases and benefit changes described below is an updated 

version of the previously adopted "Preferred Schedule" described in the original 2009 

Rehabilitation Plan as updated in 2013. The Trustees of the Toledo Roofers Local No. 134 

Pension Plan have determined that these contribution rate increases and benefit changes 

represent an exhaustion of all reasonable measures. After reflecting their anticipated impact, the 

Plan is projected to emerge from critical status after the end of the rehabilitation period. 

1 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #40 – 7.09 Rehabilitation Plan 

Document #40.1 

TRPP134-000510
 

 

 

Changes 

Effective 

TOLEDO ROOFERS LOCAL NO. 134 PENSION PLAN 

REHABILITATION PLAN 

AMENDED AND RESTATED MAY 7, 2018 

Rehabilitation Period: January 1, 2010 - December 31, 2022 

Preferred Schedule 

• Continued the $0 benefit accrual rate (the $0 benefit accrual rate had 

been in effect since July 1, 2008). 

• Changed the normal form of benefit payment from a 5-year certain and 

life annuity to life-only annuity. Amounts payable under optional 

payment forms are actuarially adjusted to reflect their value relative to a 

life-only annuity. 

• Eliminated the 60-payment pre-retirement death benefit. The surviving 

spouse of a deceased vested participant still receives a pre-retirement 

death benefit consisting of a 50% survivor annuity (payable beginning 

when the participant would have reached retirement age). 

• For participants with less than 25 years of service at retirement: 

Increased the early retirement reduction factors to be actuarially 

equivalent reductions based on the number of years prior to age 65 when 

retirement benefits commence. 

• For participants with 25 or more years of service at retirement: Increased 

the early retirement reduction factors to the following: 

Retirement Age Reduction 

62 or older 0% 

61 3% 

60 6% 

59 9% 

January 1, 2010 58 15% 

57 21% 

56 27% 

55 33% 

54 39% 

Younger than 54 Not eligible 

• Participants must now be awarded a disability benefit by the Social 

Security Administration in order to qualify for a disability benefit under 

the plan. This requirement is in addition to the existing service 

requirement under the plan. 

• Disability benefits are now reduced by any benefits received under 

workers' compensation. 

• For participants who become eligible for a disability benefit: The 

disability benefit amount now has an actuarially equivalent reduction 

applied based on the number of years prior to age 65 (or age 62 if the 

participant has 25 or more years of service) when disability benefits 

commence. 

Benefits already in pay status on January 1, 2010 were not be affected by 

these changes. 

2 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #40 – 7.09 Rehabilitation Plan 

Document #40.1 

TRPP134-000511
 

 

 

ROOFERS LOCAL NO. 134 PENSION PLAN 

REHABILITATION PLAN 

Benefit Change 

Effective 

August 7, 2017 

Benefit Change 

Effective 

July 1, 2018 

2010-2012 

Annual 

Contribution 

Changes 

2013-2014 

Annual 

Contribution 

Changes 

April 1, 2019 

Contribution 

Change 

AMENDED AND RESTATED MAY 7, 2018 

Rehabilitation Period: January 1, 2010 - December 31, 2022 

• Eliminated the disability benefit. Disability benefits already in pay status 

on August 1, 2017 were not affected by this change. Similarly, 

participants who incurred a total and permanent disability AND filed an 

application for disability benefits with the Plan prior to August 8, 2017 

were not affected by this change. 

• For participants with 25 or more years of service at retirement: Increase 

the early retirement reduction factors to be actuarially equivalent 

reductions based on the number of years prior to age 65 when retirement 

benefits commence. Benefits already in pay status on July 1, 2018 are 

not affected by this change. Similarly, participants who file an 

application for benefits with the Plan prior to July 1, 2018 are not 

affected by this change. 

The hourly contribution rates for journeymen and helpers increased by 

69¢ in each year (three cumulative increases). 

The hourly contribution rates for journeymen and helpers increased by 

35¢ in each year (two cumulative increases). 

The Plan will be applying to impose benefit suspensions as pern1itted under 

the Multiemployer Pension Reform Act of 2014. The benefit suspensions, if 

approved, will be effective April 1, 2019. If the benefit suspensions are 

approved, the hourly contribution rates for journeymen and helpers will be 

decreased by $2.00 effective April 1, 2019. 

C1itical Status Limitations 

Contribution Reductions - After the initial certification of critical status, and prior to January 1, 

2010, the Plan could not accept a contribution agreement that provided for a reduction in the 

level of contributions for any participants, a suspension of contributions with respect to any 

period of service, or any new direct or indirect exclusion of younger or newly hired employees 

from Plan participation. Rejection of such a contract could cause a withdrawal and assessment 

of withdrawal liability. 

Benefit Increases - Prior to January 1, 2010, no Plan amendment could increase the liabilities of 

the Plan by reason of any increase in benefits, any change in the accrual of benefits, or any 

change in the rate at which benefits become vested. On or after January 1, 2010, the Plan may 

only increase benefits, including future benefit accruals, if the Plan actuary certifies that the 

increase is paid for out of additional contributions not contemplated by the rehabilitation plan to 

accomplish the previously noted funding goal. Such restrictions continue until the end of the 

rehabilitation period. 

3 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #40 – 7.09 Rehabilitation Plan 

Document #40.1 

TRPP134-000512
 

 

 

ROOFERS LOCAL NO. 134 PENSION PLAN 

REHABILITATION PLAN 

AMENDED AND RESTATED MAY 7, 2018 

Rehabilitation Period: January 1, 2010- December 31, 2022 

Lump-Sum Payments - The Plan is generally not permitted to pay lump sum benefits while it is 

in critical status. Exceptions to this restriction are that certain lump sum payments are permitted 

for: 

• benefits small enough to be eligible for immediate distribution without the consent of the 

participant (i.e. with present values below statutory and Plan defined thresholds), or 

• makeup payments in the case of a retroactive annuity starting date or any similar payment 

of benefits owed with respect to a prior period. 

IN WITNESS WHEREOF, we have approved and adopted this rehabilitation plan this 7th day 

of May 2018. 

4 

Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #40 – 7.09 Rehabilitation Plan 

Document #40.1 

TRPP134-000513
Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #41 – 7.10 Valuation Reports 

Does the application include the two most recent actuarial valuation reports? 

See section 7.10 of Revenue Procedure 2017-43. 

The 2017 actuarial valuation report is attached as Document 41.1. 

The 2016 actuarial valuation report is attached as Document 41.2 

TRPP134-000514
Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #41 – 7.10 Valuation Reports 

Document 41.1 

The 2017 Actuarial Valuation report for the Toledo Roofers Local No. 134 Pension Plan is 

attached. 

TRPP134-000515
 

 

TOLEDO ROOFERS LOCAL NO. 134 

PENSION PLAN 

TOLEDO, OHIO 

Actuarial Valuation Report 

For Plan Year Commencing 

January 1, 2017 

TRPP134-000516
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial 

Services, Inc. 

A tuari a nd Con sult<'lnts 

August 3, 2017 

Board of Trustees 

Toledo Roofers Local No. 134 Pension Plan 

Toledo, Ohio 

Dear Trustees: 

We have been retained by the Board of Trustees of the Toledo Roofers Local No. 134 

Pension Plan to perform annual actuarial valuations of the pension plan. This report 

presents the results of our actuarial valuation for the plan year beginning January 1, 2017. 

The valuation results contained herein are based on current plan provisions summarized 

in Appendix A, the actuarial assumptions and methods listed in Appendix B and on 

financial statements audited by LublinSussman Group, LLP. Participant data was 

provided by Northwestern Ohio Administrators, Inc. While we have reviewed the data for 

reasonableness in accordance with Actuarial Standards of Practice No. 23, we have not 

audited it. The data was relied on as being both accurate and comprehensive. 

This report has been prepared in order to (1) assist the Trustees in evaluating the current 

actuarial position of the plan, (2) determine the minimum required and maximum 

deductible contribution amounts under Internal Revenue Code §431 and §404, (3) provide 

the fund’s auditor with information necessary to comply with Accounting Standards 

Codification 960, and (4) document the plan’s certified status under Internal Revenue 

Code §432 for the current year and provide the basis to certify such status for the 

subsequent year. In addition, information contained in this report will be used to prepare 

Schedule MB of Form 5500 that is filed annually with the IRS and could be used to 

calculate employer withdrawal liability. We are not responsible for the use of, or reliance 

upon, this report for any other purpose. 

We have prepared this report in accordance with generally accepted actuarial principles 

and practices and have performed such tests as we considered necessary to assure the 

accuracy of the results. The results have been determined on the basis of actuarial 

assumptions that, in my opinion, are appropriate for the purposes of this report, are 

individually reasonable and in combination represent my best estimate of anticipated 

experience under the plan. Actuarial assumptions may be changed from previous 

valuations due to changes in mandated requirements, plan experience resulting in 

changes in expectations about the future, and/or other factors. An assumption change 

does not indicate that prior assumptions were unreasonable when made. For purposes of 

current liability calculations, assumptions are prescribed by regulation or statute. By 

relying on this valuation report, the Trustees confirm they have accepted the assumptions 

contained in the report. 

The results are based on my best interpretation of existing laws and regulations and are 

subject to revision based on future regulatory or other guidance. 

Future actuarial measurements may differ significantly from the current measurements 

presented in this report due to such factors as the following: plan experience differing 

from that anticipated by the economic or demographic assumptions, changes in economic 

or demographic assumptions, increases or decreases expected as part of the natural 

operation of the methodology used for these measurements (such as the end of an 

11590 North Meridian Street, Suite 610 Carmel, Indiana 46032-4529 (317) 580-8670 Fax (317) 580-8651 

TRPP134-000517
 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Board of Trustees -3- August 3, 2017 

amortization period or additional cost or contribution requirements based on the plan’s 

funded status), and changes in plan provisions or applicable law. 

United Actuarial Services, Inc. does not provide, nor charge for, investment, tax or legal 

advice. None of the comments made herein should be construed as constituting such 

advice. We are not aware of any direct or material indirect financial interest or relationship 

that could create a conflict of interest that would impair the objectivity of our work. 

The undersigned actuary meets the Qualification Standards of the American Academy of 

Actuaries to render the actuarial opinion contained in this report. 

We are available to respond to any questions you may have about this report. 

UNITED ACTUARIAL SERVICES, INC. 

Enrolled Actuary 

TRPP134-000518
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

TABLE OF CONTENTS 

PART I: SUMMARY OF RESULTS 5 

5 - Year Summary of Valuation Results 6 

5 - Year Summary of Demographics 7 

Changes From Prior Study 8 

History of Major Assumptions 10 

Experience vs. Assumptions 11 

Plan Maturity 12 

Unfunded Vested Benefits/Employer Withdrawal Liability 13 

Funding Standard Account Projection 14 

Funded Ratio Projection 15 

PPA Funding Status Report 16 

Ultimate Funded Status 17 

Stress and Sensitivity Analysis 18 

PART II: SUPPLEMENTAL STATISTICS 19 

Participant Data Reconciliation 20 

Hours Worked During Plan Year 21 

Contributions Made During Plan Year 22 

Active Information 23 

Inactive Vested Information 24 

Retiree Information 25 

PART III: ASSET INFORMATION 27 

Market and Actuarial Fund Values 28 

Flow of Funds 29 

Investment Gain and Loss 30 

Rate of Return on Fund Assets 31 

PART IV: ENROLLED ACTUARY’S REPORT 32 

Normal Cost/Actuarial Liability 33 

Actuarial Liability Reconciliation/Projection 34 

Funded Ratios 35 

Funding Period 36 

Current Liability 37 

Funding Standard Account 38 

Full Funding Limit 39 

Minimum Required Contribution and Full Funding Credit 40 

Maximum Deductible Contribution 41 

History of Unfunded Vested Benefits 42 

Termination by Mass Withdrawal 43 

ASC 960 Information 44 

APPENDICES 

Plan Provisions Appendix A 

Actuarial Assumptions and Methods Appendix B 

Minimum Funding Amortization Bases Appendix C 

Summary of Endangered and Critical Status Rules Appendix D 

Glossary of Common Pension Terms Appendix E 

TRPP134-000519
United Actuarial Services, Inc. 

PART I: SUMMARY OF RESULTS 

Page 5 

TRPP134-000520
 

 

 

 

 

 

 

 

 

 

45,000 

40,000 

-- 35,000 - .ll.ssets Ill 

"i 30,000 

(Market) 16 25,000 ~ - kcumulated 0 20,000 Benefits i= 15,000 

10,000 

5,000 

0 

2017 2016 2015 2014 2013 

Plan Year Beginning 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

5 - YEAR SUMMARY OF VALUATION RESULTS 

Actuarial Study 

as of January 1, 2017 2016 2015 2014 2013 

PPA funded status Crit. & Decl. Crit. & Decl. Critical Critical Critical 

Progress under FIP/RP Yes Yes Yes Yes Yes 

Improvements restricted* Yes Yes Yes Yes Yes 

Funded ratio 

PPA certification 59.2% 63.7% 65.4% 65.2% 65.1% 

Valuation report (AVA) 56.0% 61.0% 65.7% 65.5% 64.5% 

Valuation report (MVA) 51.0% 56.2% 65.4% 68.5% 63.9% 

Date of first projected funding deficiency 

PPA certification 12/31/18 12/31/18 12/31/18 12/31/18 12/31/18 

Valuation report 12/31/18 12/31/18 12/31/18 12/31/18 12/31/18 

Net investment return 

On market value 5.68% -2.73% 2.82% 16.10% 11.64% 

On actuarial value 5.93% 4.66% 8.33% 10.07% -1.51% 

Asset values ($ 000) 

Market 22,373 23,500 26,387 27,752 26,076 

Actuarial 24,564 25,517 26,529 26,526 26,326 

Accum. ben. ($ 000) 43,892 41,831 40,357 40,486 40,791 

* Benefit improvement restrictions due to fund being in critical status. Restrictions in place until plan is 

in the safe zone again. 

Page 6 

TRPP134-000521
 

 

 

 

 

 

 

 

 

250 

200 

 Actives 

150 

Inacti ve Vested 100 

 Retirees 

50 

0 

2017 2016 2015 2014 2013 

180 

160 

140 - Expected Hrs- 120 Valuation II) 100 Expected Hrs - '$1: 

PPACert 16 80 

-+-Actual Hrs ~ 60 0 

-= f,- 40 

20 

0 

2017 201 6 201 5 2014 2013 

Plan Year E ncling 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

5 - YEAR SUMMARY OF DEMOGRAPHICS 

Actuarial Study 

as of January 1, 2017 2016 2015 2014 2013 

Demographics 

Active 

Inactive vested 

Receiving benefits 

149 

115 

209 

191 

118 

208 

170 

128 

201 

140 

133 

189 

182 

133 

188 

Total 

Unrecorded dates of birth 

Average entry age 

Average attained age 

473 

1 

27.5 

38.2 

517 

-

27.2 

35.5 

499 

34 

27.5 

37.3 

462 

15 

26.6 

38.7 

503 

33 

28.2 

38.4 

History of Hours 

Page 7 

TRPP134-000522
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

• 

• 

• 

• 

• 

• 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

CHANGES FROM PRIOR STUDY 

Changes in Plan Provisions 

The plan provisions underlying this valuation are the same as those valued last year. 

Changes in Actuarial Assumptions and Methods 

The actuarial assumptions and methods used in this valuation differ from those used in 

the prior valuation in the following respects: 

The assumed future hourly contribution rate was changed from the anticipated hourly 

contribution rate based on the individual’s anticipated classification code based upon 

the individual’s average contribution rate from the previous year to the individual’s 

average contribution rate from the previous year. 

The assumed mortality rates were changed from 115% of the RP-2014 Blue Collar 

Mortality Table for employees and healthy annuitants adjusted backward to 2006 with 

the MP-2014 projection scale and projected forward using the MP-2015 projection 

scale to the RP-2014 Blue Collar Mortality Table for employees and healthy annuitants 

adjusted backward to 2006 with the MP-2014 projection scale and projected forward 

using the MP-2016 projection scale. This change was made in order to better reflect 

anticipated improvements in mortality rates for each future year due to medical 

advances and lifestyle changes. 

The ERISA rate of return assumption used to value liabilities was changed from 8.00% 

to 7.50% to provide our best estimate of the future rate of net investment return based 

on the Plan’s current investment policy and asset allocation. 

Inactive vested participants are assumed to retire at age 55 or current age, if older. 

The percent married assumption changed from 100% to 65% with the male spouse 

assumed to be 1 year older than the wife. This was based on a study of marital status 

of recent retirees. 

We changed the optional form assumption from 100% electing the normal form of a 

Life annuity to : 

Optional form Married participants Single participants 

Life annuity 30% 40% 

Life-five year certain 0% 15% 

Life-ten year certain 15% 45% 

Joint and 50% survivor 20% 

Joint and 75% survivor 15% 

Joint and 100% survivor 20% 

This change was made based on recent plan experience. 

Page 8 

TRPP134-000523
 

 

 

 

 

 

 

• 

• 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

CHANGES FROM PRIOR STUDY (CONTINUED) 

Continuing inactive vested participants over age 70 are no longer assumed to be 

deceased. 

The current liability interest rate was changed from 3.28% to 3.05%. The new rate is 

within established statutory guidelines. 

Page 9 

TRPP134-000524
 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

HISTORY OF MAJOR ASSUMPTIONS 

Assumption 

Actuarial Study as of January 1, 

2017 2016 2015 2014 2013 

Future rate of net 7.50% 8.00% 8.00% 8.00% 8.00% 

investment return 

Mortality table RP-2014G RP-2014G RP-2000G RP-2000G RP-2000G 

BC BC BC BC BC 

Adjustment 100% 115% 2 yr. sf 2 yr. sf 2 yr. sf 

Projection Scale MP-2016 MP-2015 AA AA AA 

Future expenses $145,000 $145,000 $145,000 * * 

Average future hourly $8.14 $7.28 $7.77 $7.90 $6.65 

contribution rate** 

Average future annual hours*** 

Vested 

Non-vested 957 818 839 1,200 600 

1,200 

600 

Average expected retirement age**** 

Actives 57.7 57.4 60.1 60.1 60.0 

Inactive vested 57.4 59.5 64.8 64.8 64.9 

* Prior to 2015, all expenses, investment and administrative, were assumed to be paid from investment 

income. 

** Actual average derived from application of assumptions specified in Appendix B. 

*** Actual average for entire active population derived from application of assumptions specified in 

Appendix B. 

**** Resulting from the application of the retirement probabilities shown in Appendix B to active 

participants. 

Page 10 

TRPP134-000525
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

EXPERIENCE VS. ASSUMPTIONS 

Comparing the prior year’s 

experience to assumptions 

provides indications as to 

why overall results may 

differ from those expected 

Actuarial assumptions are used to project certain 

future events related to the pension plan (e.g. 

deaths, withdrawals, investment income, expenses, 

etc.). While actual results for a single plan year will 

rarely match expected experience, it is intended 

that the assumptions will provide a reasonable long 

term estimate of developing experience. 

The following table provides a comparison of expected outcomes for the prior plan year 

with the actual experience observed during the same period. This display may provide 

insight as to why the plan’s overall actuarial position may be different from expected. 

Plan Year Ending 

December 31, 2016 Expected Actual 

Decrements 

Terminations 77 

less: Rehires 8 

Terminations (net of rehires) 55.9 69 

Retirements 2.1 3 

Disabilities 0.4 -

Deaths - pre-retirement 

Deaths - post-retirement 

0.9 

5.8 

4 

10 

Asset assumptions 

Rate of net investment return on actuarial value 8.00% 5.93% 

Net expenses $ 145,000 $ 135,741 

Other demographic assumptions 

Average retirement age from active (new retirees) 

Average retirement age from inactive (new retirees)* 

Average entry age (new entrants) 

Hours worked per active 

Total hours worked (valuation assumption) 

Total hours worked (PPA certification assumption) 

56.3 

59.5 

27.2 

818 

156,923 

142,618 

59.2 

62.4 

27.8 

904 

134,634 

134,634 

Unfunded liability (gain)/loss 

(Gain)/loss due to asset experience 

(Gain)/loss due to liability experience 

Total (gain)/loss 

$ 

$ 

503,936 

118,951 

622,887 

* Expected average based on the average for the total group of participants. 

Page 11 

TRPP134-000526
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

,.,,.,...,r· 

Retiree 

$34 ,089 ,631 

78% 

United Actuarial Services, Inc. 

Active 

$5,076,355 

11 % lnactiv e Vested 

$4,726,065 

11 % 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

PLAN MATURITY 

Measures of plan maturity 

can play a part in 

understanding risk and a 

plan’s ability to recover 

from adverse experience 

When a new pension plan is first established, its 

liabilities are typically limited to active plan 

participants. However, as people become vested 

and retire, a plan begins to develop liabilities 

attributable to inactive participants. The process of 

adding inactive liabilities (often referred to as 

“maturing”) is a natural outgrowth of the operation 

of the plan. As a plan matures, its liabilities tend to balloon in relation to its contribution 

base, making it more difficult to correct for adverse outcomes by increasing contribution 

rates or reducing future benefit accruals. 

We generally consider a plan with an active to retiree headcount ratio of less than 1.0, or 

an active to inactive headcount ratio of less than 0.5, to be mature. 

Actuarial Study 

as of January 1, 2017 2016 2015 2014 2013 

Active/retiree headcount ratio 0.71 0.92 0.85 0.74 0.97 

Active/inactive headcount ratio 0.46 0.59 0.52 0.43 0.57 

Liabilities of Actives, Retirees, and Inactive Vesteds 

Total Liabilities: $43,892,051 

Page 12 

TRPP134-000527
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60,000 

50,000 

,ll,ssets• 

• • • • • 

:;; 40,000 

~ 

= 30,000 -+-Vested (IO 

~ Bene1its .. 0 

i= 20,000 

10,000 

0 

2016 2015 2014 2013 2012 

Plan Year Ending 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

UNFUNDED VESTED BENEFITS/EMPLOYER WITHDRAWAL LIABILITY 

An employer withdrawing 

during the coming year may 

have withdrawal liability 

The following table shows a history of the plan’s 

unfunded vested benefits (UVB) required to 

compute a specific employer withdrawal liability 

under the presumptive method. If all unfunded 

vested benefits since the inception of the 

Multiemployer Pension Plan Amendments Act of 1980 (MPPAA) are zero ($0) or less, 

there will be no withdrawal liability assessed to a withdrawing employer. Otherwise, an 

employer may be assessed withdrawal liability payments pursuant to MPPAA. The 

display does not reflect adjustments for prior employer withdrawals. 

In accordance with IRC Section 432(e)(9)(A) and PBGC Technical Update 10-3, the 

impact of reducing adjustable benefits is reflected by adding the unamortized portion of 

the value of affected benefits (VAB) to the most recent year’s unfunded vested benefits 

pool. 

Presumptive Method ($ 000) 

December 31, 2016 2015 2014 2013 2012 

Vested benefits interest 7.50% 8.00% 8.00% 8.00% 8.00% 

Vested benefits 43,851 41,743 40,183 40,274 40,558 

less: Asset value* 24,564 25,517 26,529 26,526 26,326 

UVB 19,287 16,226 13,654 13,748 14,232 

Unamortized VAB 3,923 4,214 4,483 4,732 4,963 

UVB + VAB 23,210 20,440 18,137 18,480 19,195 

* Actuarial Value 

** Includes VAB 

Page 13 

TRPP134-000528
 

 

 

 

 

 

 

 

 

 

C: 

:s 

.. 

., 

Ct. 

.. 

C 

Al 

.. 

ii' 

11'1 

., .. 

C 

;:;· 

., 

.. 

S' 

n 

. 

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 

t 2026 

;:;. 2027 

2028 

~- 2029 

2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 

Credit 

Balance($ millions) 

,,....., ,,....., ,,....., ,,....., ,,....., ,,....., 

CT"! u, .i,. w t0 

s s s s s s a a 

I I I 

0 """ r (") 

o'<( .. C ;'!. .. ::'.:. ;;; :::::!. ru '<( 

er - .. ;'!. s. s. '<( i5" .. 

:::, .. 

'" -

TRPP134-000529

driver of PPA status 

not represent actual assets held by a custodian. 

The FSA is hypothetical in the sense that it does 

pg 

the projected funding deficiency is. The plan’s credit balance projection appears below. 

forced into yellow (endangered) or red (critical) status depending how far into the future 

status. If the credit balance is projected to be negative in a future year, the plan could be 

Actuaries must project the plan’s credit balance each year in order to determine PPA 

(called a “funding deficiency”) means that the plan has fallen short of such standards. 

exceeded minimum funding standards on a cumulative basis, while a negative balance 

Rather, a positive FSA balance (called a “credit balance”) means that the plan has 

Page 14 
 

 

 

 

C: 

:s 

.. -· 

., 

Ct. 

Funded Percentage 

.. 

0 

* 

C 

Al 

.. 

t-..) w"" U,0)--,l 0:, (.D 0 0 0 0 0 0 0 0 0 * * * * * * * * * 

Al -· 2016 

- 2017 11'1 

., 2018 

2019 .. C 

-· 2020 

2021 

n 

., 

.. 

- 2022 

2023 :s n 

. 2024 

2025 

-< 2026 <P 

2027 2028 

!· 2029 

5!, 2030 

if: 2031 

2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 

I I 

r (") 

.. c:: 

;.; -0: 

.. ;:!. 

-0: 

.. 

of PPA status 

TRPP134-000530

In order for a plan to enter the green zone (also called 

ratio is one of the two major drivers of PPA funded status. 

g g pj, 

projection of the funded ratio appears below.

“safe” or “not endangered or critical”) the funded ratio must be at least 80%. The 

Page 15 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I ...... 00 rn a .,- N M .,,. l.O en ...... 00 rn a .,- .,- .,- N N N N N N N N N N M M 

a a a a a a a a a a a a a a a 

N N N N N N N N N N N N N N N 

Year Beginning 

United Actuarial Services, Inc. 

I I I I I I I I I I I I N M .,,. l.O en ...... M M M M M M 

a a a a a a 

N N N N N N 

I I I I I I 00 rn a M M .,,. a a a 

N N N 

I I I 

.,-

.,,. 

a 

N 

 Safe 

Endangered 

 Serio u:s: ty End angered 

 Critical 

 Critical and Declining 

Safe (special rule) 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

PPA FUNDING STATUS REPORT 

The plan is in Critical 

and Declining status 

for 2017 

The Pension Protection Act of 2006 (PPA), as amended 

by the Multiemployer Pension Reform Act of 2014 

(“MPRA”), requires all multiemployer pension plans to 

obtain an annual status certification. The possible 

statuses are: “Endangered”, “Seriously Endangered”, 

“Critical”, “Critical and Declining” or none of these. As the plan’s actuary, we must 

complete the status certification within 90 days of the beginning of the plan year, and we 

must also certify whether or not the plan has made scheduled progress if its funding 

improvement or rehabilitation period has begun. The criteria for these determinations are 

outlined in Appendix D. Due to the timing requirement affecting PPA certifications, they 

are performed based on data different from that used in this report (see certification letter 

for additional details). The results are summarized below. 

Description 

Values Used for PPA Certification 

2017 2016 

Funded ratio 59.2% 63.7% 

Date of first projected funding deficiency 12/31/2018 12/31/2018 

Years of benefit payments in assets 8+ 8+ 

Certified PPA status Critical & Declining Critical & Declining 

Making progress under FIP/RP Yes Yes 

Projected PPA Status 

Page 16 

TRPP134-000531
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000 66% 71% 83% 85% 

45,000 

40,000 

35,000 

.;; 

; 30,000 

ti6 25,000 ~ 

:;: 

.c 20,000 I15,000 

10,000 

5,000 

0 

2017 2016 2015 2014 

 M arketValue of Assets  PV Current Benefits  PV Future Contributions 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

ULTIMATE FUNDED STATUS 

Ultimate funded status is a 

snapshot measure of 

contribution sufficiency 

An actuarial valuation deals primarily on the ability 

of the plan to meet Internal Revenue Code 

requirements now and in the near future. As such, 

it is heavily focused on current plan assets and 

liabilities. But it is also important to keep in mind 

the true purpose of the plan funding—that is, to accumulate sufficient assets to pay the 

benefits that the plan has promised to its participants. The chart below looks at this longterm funding adequacy. To the current plan assets we add the present value of all future 

contributions expected to be made for the current plan participants. To the value of the 

plan’s liabilities for benefits that have been previously earned we add the present value of 

all the future benefits the current plan participants are expected to earn through their 

future service. Ideally these ultimate asset and liability values will be approximately equal. 

Neither of these amounts reflect the effect of future new participants or future contribution 

rate increases to the plan. Generally new entrants generate greater future contributions 

than benefits, so they represent a net positive to the actual future funding shown here. 

Page 17 

TRPP134-000532
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

STRESS AND SENSITIVITY ANALYSIS 

The table below illustrates 

the impact on the plan 

when experience varies 

from key assumptions 

Considering that experience rarely matches our 

assumptions exactly, we developed the table below 

which demonstrates the impact that variations in 

certain key assumptions would have on the 

projected insolvency date. We examined future 

hours assumptions equal to the baseline, 5% lower, 

and 5% higher. We examined asset returns for the 2017 plan year of 10.00%, 7.50%, 

4.00%, and 0.00%. We also examined the impact of a lower asset return of 6.50% for the 

next 10 years at the baseline hours. 

Projected Insolvency Year 

Hours Assumption 

Return for the 2017 PY (7.50% Thereafter) 

10.00% 

Assumed 

Return* 4.00% 0.00% 

5% Lower 

135,531 in 2017 

and thereafter 

2028 2028 2027 2027 

Baseline 

142,664 in 2017 

and thereafter 

2029 2028 2028 2027 

5% Higher 

149,797 in 2017 

and thereafter 

2029 2029 2028 2027 

Lower short-term 

6.50% return for 10 yrs 

Baseline hours 

2028 2028 2027 2027 

* The assumed return for the 2017 plan year is 7.50% in the first three rows and 6.50% in the last row. 

Page 18 

TRPP134-000533
United Actuarial Services, Inc. 

PART II: SUPPLEMENTAL STATISTICS 

Page 19 

TRPP134-000534
 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Supplemental Statistics 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

PARTICIPANT DATA RECONCILIATION 

The participant data reconciliation table below provides information as to how the plan’s 

covered population changed since the prior actuarial study. Such factors as the number 

of participants retiring, withdrawing and returning to work have an impact on the actuarial 

position of the pension fund. 

Participants 

Valued As Active 

Inactive 

Vested 

Receiving 

Benefits 

Total 

Valued 

January 1, 2016 

Change due to: 

New hire 

Rehire 

Termination 

Disablement 

Retirement 

Death 

Cash out 

New beneficiary 

Certain pd. expired 

Data adjustment* 

191 

30 

8 

(77) 

-

(3) 

-

-

-

-

-

118 

-

(2) 

2 

-

(3) 

(4) 

-

3 

-

1 

208 

-

-

-

-

6 

(10) 

-

4 

-

1 

517 

30 

6 

(75) 

-

-

(14) 

-

7 

-

2 

Net change (42) (3) 1 (44) 

January 1, 2017 149 115 209 473 

* Includes 2 participants who are over 70 and were previously assumed to be deceased. 

Page 20 

TRPP134-000535
 

 

 

 

 

 

 

 

 

 

1,400 

1,200 

1,000 

800 

600 

400 

200 

0 

2010 2011 2012 2013 

United Actuarial Services, Inc. 

2014 2015 2016 2017 

...,._ vested Avg Hrs 

- Vested Hr Assum p 

-.--Non-Vst Avg Hrs 

-+-Non-Vst Hr Assump 

- Individual Avg 

Assump 

...,_Individual Avg Hrs 

Supplemental Statistics 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

HOURS WORKED DURING PLAN YEAR 

Hours Worked Per Participant 

Plan Year Ending Average 

December 31, 2016 Number Hours Worked Hours Worked 

Actives 

Vested 

Non-vested, continuing 

Non-vested, new entrant 

74 

45 

30 

102,539 

22,799 

9,296 

1,386 

507 

310 

Total active 

Others 

149 

-

134,634 

-

904 

-

Total for plan year 149 134,634 904 

History of Total Actual and Expected Hours Worked (Thousands) 

Plan Year Ending 

December 31, 2017 2016 2015 2014 2013 

Expected hours valuation 143 157 143 130 157 

Expected hours PPA cert 157 143 130 157 163 

Actual hours worked n/a 135 168 143 116 

History of Average Actual and Expected Hours Worked per Participant 

Page 21 

TRPP134-000536
 

 

 

 

 

 

 

 

 

 

 

 

1.2 

1.0 

(j) Expected Co ntr C 0.8 0 -Valuation 

2 0.6 Expected Co ntr 

-PPACert 

0.4 ...,._Actual Co ntr 

0.2 

0.0 

2007 2008 2009 201 0 2011 2012 2013 201 4 2015 2016 2017 

United Actuarial Services, Inc. 

Supplemental Statistics 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

CONTRIBUTIONS MADE DURING PLAN YEAR 

Employer Contributions Reported in Employee Data 

Plan Year Ending Contributions 

December 31, 2016 Number Reported 

Actives 

Vested 

Non-vested, continuing 

Non-vested, new entrant 

74 

45 

30 

$ 928,406 

152,415 

30,624 

Total valued as active 

Others 

149 

-

1,111,445 

-

Total for plan year 149 $ 1,111,445 

Average hourly contribution rate $ 8.26 

Comparison with Audited Employer Contributions 

Employer contributions reported in data $ 1,111,445 

Total audited employer contributions* $ 1,165,714 

Percent reported 95% 

* Excludes employer withdrawal liability payments. 

History of Actual and Expected Total Contributions Received 

Page 22 

TRPP134-000537
 

 

 

 

United Actuarial Services, Inc. 

Supplemental Statistics 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

ACTIVE INFORMATION 

Active Participants by Age and Service as of January 1, 2017 

Age 

Years of Service 

<1 1-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40+ Total 

< 25 

25-29 

30-34 

35-39 

40-44 

45-49 

50-54 

55-59 

60-64 

65-69 

70+ 

12 

7 

5 

1 

3 

1 

2 

-

-

-

-

8 

9 

7 

8 

8 

2 

1 

-

-

-

-

-

2 

6 

10 

4 

1 

2 

1 

1 

-

-

-

-

2 

3 

3 

3 

1 

-

1 

-

-

-

-

-

2 

3 

2 

-

-

-

-

-

-

-

-

-

3 

3 

-

3 

-

-

-

-

-

-

-

-

1 

6 

1 

2 

-

-

-

-

-

-

-

-

6 

1 

-

-

-

-

-

-

-

-

-

-

1 

-

-

-

-

-

-

-

-

-

-

-

-

-

-

20 

18 

20 

24 

24 

13 

18 

7 

4 

-

-

Totals 

Unrecorded 

DOB 

31 

1 

43 

-

27 

-

13 

-

7 

-

9 

-

10 

-

7 

-

1 

-

-

-

148 

1 

Total 

Active 

Lives 32 43 27 13 7 9 10 7 1 - 149 

Page 23 

TRPP134-000538
 

 

 

 

 

 

United Actuarial Services, Inc. 

Supplemental Statistics 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

INACTIVE VESTED INFORMATION 

Inactive Vested Participants by Age as of January 1, 2017 

Age Group Number 

Estimated Deferred 

Vested Benefits* 

< 30 

30-34 

35-39 

40-44 

45-49 

50-54 

55-59 

60-64 

65-69 

70+ 

-

2 

5 

14 

14 

29 

29 

16 

5 

1 

$ -

156 

335 

4,343 

4,550 

10,152 

10,957 

9,091 

1,236 

83 

Totals 

Unrecorded birth date 

115 

-

40,903 

-

Total inactive vested lives 115 $ 40,903 

* Amount payable at assumed retirement age as used in the valuation process. 

Page 24 

TRPP134-000539
 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Supplemental Statistics 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

RETIREE INFORMATION 

Benefits Being Paid by Form of Payment as of January 1, 2017 

Form of Payment Number 

Monthly Benefits Being Paid 

Total Average Smallest Largest 

Life only 24 $ 30,915 $ 1,288 $ 92 $ 3,510 

Certain & life 69 103,656 1,502 35 5,151 

Joint & survivor 66 116,892 1,771 75 4,810 

Disability 9 14,409 1,601 434 3,472 

Beneficiaries 41 24,894 607 30 3,874 

Totals 209 $ 290,766 $ 1,391 $ 30 $ 5,151 

Retirees by Age and Form of Payment as of January 1, 2017 

Age 

Group 

Form of Benefits Being Paid 

Life 

Only 

Certain 

& Life 

Joint & 

Survivor Disability Total 

< 40 -

40-44 -

45-49 -

50-54 -

55-59 8 

60-64 8 

65-69 4 

70-74 3 

75-79 1 

80-84 -

85-89 -

90-94 -

95+ -

-

-

-

-

9 

12 

19 

10 

15 

1 

3 

-

-

-

-

-

-

12 

14 

18 

6 

7 

4 

4 

1 

-

-

-

1 

4 

1 

3 

-

-

-

-

-

-

-

-

-

1 

4 

30 

37 

41 

19 

23 

5 

7 

1 

-

Totals 24 

plus: Beneficiaries 

69 66 9 168 

41 

Total receiving benefits 209 

Page 25 

TRPP134-000540
 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Supplemental Statistics 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

RETIREE INFORMATION (CONT.) 

Age of Participants Retired During Last 5 Plan Years 

(excludes beneficiaries and disability retirements) 

Age at 

Retirement 

Plan Year Ending December 31, 

2016 2015 2014 2013 2012 

54 - 2 2 1 1 

55 1 1 4 2 1 

56 - 2 1 1 -

57 - 2 2 2 -

58 1 1 1 - -

59 1 - - - -

60 1 - 1 - -

61 - - - - 1 

62 - - - 1 -

63 - - 1 - 1 

64 - - - 1 -

65 1 2 - - 1 

66+ 1 - 1 - -

Totals 6 10 13 8 5 

History of Average Retirement Ages 

(excludes beneficiaries and disability retirements) 

Retirement During Plan Year 

Ending In: Number 

Average 

Retirement Age 

2016 6 60.8 

2015 10 57.9 

2014 13 57.9 

2013 8 57.8 

2012 5 60.0 

Page 26 

TRPP134-000541
United Actuarial Services, Inc. 

PART III: ASSET INFORMATION 

Page 27 

TRPP134-000542
 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Asset Information 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

MARKET AND ACTUARIAL FUND VALUES 

Asset information extracted from the fund’s financial statements audited by 

LublinSussman Group, LLP. 

Market/Actuarial Value 

of Fund Investments 

as of December 31, 2016 2015 2014 

Invested assets 

Individual stock holdings $ 7,399,401 $ 7,486,642 $ 16,487,097 

Mutual funds 7,130,934 5,482,193 4,666,201 

Exchange-traded funds 7,210,103 7,319,313 1,694,783 

US gov't. securities - 325,932 494,111 

Corporate bonds - 295,701 185,771 

Money market 300,469 310,881 383,890 

Other - 1,019,252 2,214,700 

Cash 54,702 72,778 54,185 

22,095,609 22,312,692 26,180,738 

Net receivables* 276,966 1,187,315 206,396 

Market value $ 22,372,575 $ 23,500,007 $ 26,387,134 

Fund assets - Actuarial value 

Market value $ 22,372,575 $ 23,500,007 $ 26,387,134 

less: Deferred investment 

gains and (losses) (2,191,915) (2,016,797) (142,094) 

Actuarial value $ 24,564,490 $ 25,516,804 $ 26,529,228 

Actuarial value as a 

percentage of market value 109.80% 108.58% 100.54% 

* Equals receivables, less any liabilities 

Page 28 

TRPP134-000543
 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Asset Information 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

FLOW OF FUNDS 

Asset information extracted from the fund’s financial statements audited by 

LublinSussman Group, LLP. 

Plan Year Ending 

December 31, 2016 2015 2014 

Market value at beginning of 

plan year $ 23,500,007 $ 26,387,134 $ 27,752,014 

Additions 

Employer contributions 1,230,530 1,320,703 1,140,851 

Net investment income* 1,266,532 (690,260) 752,602 

Other income 156 54 5,329 

2,497,218 630,497 1,898,782 

Deductions 

Benefits paid 

Net expenses* 

3,488,909 

135,741 

3,624,650 

3,375,573 

142,051 

3,517,624 

3,263,662 

-

3,263,662 

Net increase (decrease) (1,127,432) (2,887,127) (1,364,880) 

Adjustment - - -

Market value at end of 

plan year $ 22,372,575 $ 23,500,007 $ 26,387,134 

Cashflow 

Contr.-ben.-exp. 

Percent of assets 

(2,394,120) 

-10.70% 

(2,196,921) 

-9.35% 

(2,122,811) 

-8.04% 

Estimated net investment return 

On market value 

On actuarial value 

5.68% 

5.93% 

-2.73% 

4.66% 

2.82% 

8.33% 

* Investment expenses have been offset against gross investment income. 

Page 29 

TRPP134-000544
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Asset Information 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

INVESTMENT GAIN AND LOSS 

Investment Gain or Loss 

Plan Year Ending December 31, 2016 

Expected market value at end of plan year 

Market value at beginning of plan year 

Employer contributions and non-investment income 

Benefits and expenses paid 

Expected investment income (at 8.00% rate of return) 

$ 23,500,007 

1,230,686 

(3,624,650) 

1,784,242 

22,890,285 

Actual market value at end of plan year 

less: Expected market value 

22,372,575 

22,890,285 

Investment gain or (loss) $ (517,710) 

History of Gains and (Losses) 

Plan Year Investment 

Ending Gain 

December 31, or (Loss) 

2016 $ (517,710) 

2015 (2,713,356) 

2014 (1,382,860) 

2013 2,017,056 

Deferred Investment Gains and (Losses) 

Plan Year 

Ending 

December 31, 

Amount of Gain or (Loss) Deferred as of December 31, 

2016 2017 2018 2019 

2016 

2015 

2014 

2013 

$ (414,168) 

(1,628,014) 

(553,144) 

403,411 

$ (310,626) 

(1,085,342) 

(276,572) 

-

$ (207,084) 

(542,671) 

-

-

$ (103,542) 

-

-

-

Totals $ (2,191,915) $ (1,672,540) $ (749,755) $ (103,542) 

Page 30 

TRPP134-000545
 

 

 

 

 

 

30% ~---------------------------------

---Market Value 

-+-Actuarial Value 

--+-Expected Return 

-20% +--------------------+-le---------------

-30% ,._ oc, 0) 0 N <:'") 'SJ" LD (D ,._ oc, 0) 0 N <:'") 'SJ" LD (D 

0) 0) 0) 0 0 0 0 0 0 0 0 0 0 ~ ~ ~ ~ ~ ~ 

0) 0) 0) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N N N N N N N N N N N N N N N N N 

Plan Year Ending 

United Actuarial Services, Inc. 

Asset Information 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

RATE OF RETURN ON FUND ASSETS 

Historical Rates of Net Investment Return 

Average Rates of Net Investment Return (dollar weighted) 

Period 

Return on Market Value Return on Actuarial Value 

Period Ending December 31, Period Ending December 31, 

2016 2015 2016 2015 

One year 5.68% -2.73% 5.93% 4.66% 

5 years 7.04% 4.79% 5.24% 3.40% 

10 years 2.04% 3.31% 3.35% 3.64% 

15 years 3.93% 3.48% 3.38% 3.71% 

20 years 5.76% 6.29% 6.46% 6.65% 

Page 31 

TRPP134-000546
United Actuarial Services, Inc. 

PART IV: ENROLLED ACTUARY’S REPORT 

Page 32 

TRPP134-000547
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Enrolled Actuary’s Report 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

NORMAL COST/ACTUARIAL LIABILITY 

Normal Cost as of January 1, 2017 2016 

Active participants - service prior to valuation date $ - $ -

Active participants - service after valuation date - -

Anticipated administrative expenses (beg. of year) 139,759 139,423 

Total normal cost $ 139,759 $ 139,423 

Unfunded Actuarial Liability as of January 1, 2017 2016 

Actuarial liability 

Participants currently receiving benefits 

Inactive vested participants 

Active participants - service prior to val. date 

Active participants - service after val. date 

$ 34,089,631 

4,726,065 

5,076,355 

-

43,892,051 

$ 31,970,844 

4,578,252 

5,282,193 

-

41,831,289 

less: Fund assets (actuarial value) 24,564,490 25,516,804 

Unfunded actuarial liability (not less than 0) $ 19,327,561 $ 16,314,485 

Page 33 

TRPP134-000548
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Enrolled Actuary’s Report 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

ACTUARIAL LIABILITY RECONCILIATION/PROJECTION 

Reconciliation of Unfunded Actuarial Liability 

Expected unfunded actuarial liability as of December 31, 2016 

Unfunded actuarial liability as of January 1, 2016 

Normal cost (including expenses) 

Actual contributions 

Interest to end of plan year 

$ 16,314,485 

139,423 

(1,230,530) 

1,267,094 

16,490,472 

Increase (decrease) due to: 

Experience (gain) or loss 

Plan amendment 

Change in actuarial assumptions 

Change in actuarial method 

Net increase (decrease) 

622,887 

-

2,214,202 

-

2,837,089 

Unfunded actuarial liability as of January 1, 2017 $ 19,327,561 

Projection of Actuarial Liability to Year End 

Actuarial liability as of January 1, 2017 $ 43,892,051 

Expected increase (decrease) due to: 

Normal cost (excluding expenses) 

Benefits paid 

Interest on above 

Interest on actuarial liability 

Net expected increase (decrease) 

-

(3,793,169) 

(142,244) 

3,291,904 

(643,509) 

Expected actuarial liability as of December 31, 2017 $ 43,248,542 

Page 34 

TRPP134-000549
 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Enrolled Actuary’s Report 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

FUNDED RATIOS 

Present Value of Accumulated Benefits/ 

Funded Ratios 

Actuarial Study as of January 1, 

Present value of vested accumulated benefits 

Participants currently receiving benefits 

Inactive vested participants 

Active participants 

Total 

Nonvested accumulated benefits 

$ 

2017 

34,089,631 

4,719,701 

5,041,234 

43,850,566 

41,485 

$ 

2016 

31,970,844 

4,546,533 

5,225,939 

41,743,316 

87,973 

Present value of all accumulated benefits $ 43,892,051 $ 41,831,289 

Market value of assets 

Funded ratios (Market value) 

Vested benefits 

All accumulated benefits 

$ 22,372,575 

51.0% 

51.0% 

$ 23,500,007 

56.3% 

56.2% 

Actuarial value of assets 

Funded ratios (Actuarial value used for PPA) 

Vested benefits 

All accumulated benefits 

$ 24,564,490 

56.0% 

56.0% 

$ 25,516,804 

61.1% 

61.0% 

Interest rate used to value benefits 7.50% 8.00% 

Page 35 

TRPP134-000550
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Enrolled Actuary’s Report 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

FUNDING PERIOD 

The funding period is the approximate number of years that would be required to 

completely fund the unfunded entry age normal actuarial liability if future plan experience 

occurs according to the assumptions. The funding period is an indicator of the long term 

financial soundness of the plan. Historically, funds often targeted a maximum funding 

period of up to 20 years. Today, asset losses are being paid off over a maximum of 15 

years and are the primary driver for ERISA minimum funding. An ultimate target of no 

more than 10 years is recommended. A lower, more conservative funding period target 

can be chosen. As the funding period drops, the risk of having future funding issues also 

diminishes. 

Funding Period Calculation 

Actuarial Study as of January 1, 2017 2016 

Unfunded actuarial liability 

Actuarial liability $ 43,844,361 $ 41,784,845 

less: Fund assets (actuarial value) 24,564,490 25,516,804 

19,279,871 16,268,041 

Funds available to amortize unfunded 

Anticipated contributions (beg. of yr.) 1,118,651 1,098,589 

less: Normal cost (including expenses) 150,455 149,657 

$ 968,196 $ 948,932 

Funding period (years) * * 

* Anticipated contributions are insufficient to pay normal cost and amortize unfunded liability. 

Page 36 

TRPP134-000551
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Enrolled Actuary’s Report 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

CURRENT LIABILITY 

Current Liability as of January 1, 2017 

Vested current liability 

Participants currently receiving benefits 

Inactive vested participants 

Active participants 

$ 50,386,406 

8,167,341 

10,057,182 

68,610,929 

Nonvested current liability 

Inactive vested participants 

Active participants 

8,218 

38,451 

46,669 

Total current liability $ 68,657,598 

Projection of Current Liability to Year End 

Current liability as of January 1, 2017 $ 68,657,598 

Expected increase (decrease) due to: 

Benefits accruing 

Benefits paid 

Interest on above 

Interest on current liability 

Net expected increase (decrease) 

-

(3,793,169) 

(57,846) 

2,094,057 

(1,756,958) 

Expected current liability as of December 31, 2017 $ 66,900,640 

Page 37 

TRPP134-000552
 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Enrolled Actuary’s Report 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

FUNDING STANDARD ACCOUNT 

Funding Standard Account 

Plan Year Ending December 31, 

2017 

(Projected) 

2016 

(Final) 

Charges 

Prior year funding deficiency 

Normal cost (including expenses) 

Amortization charges (see Appendix C) 

Interest on above 

Total charges 

$ -

139,759 

3,885,590 

301,902 

4,327,251 

$ -

139,423 

3,772,332 

312,940 

4,224,695 

Credits 

Prior year credit balance 

Employer contributions 

Amortization credits (see Appendix C) 

Interest on above 

ERISA full funding credit 

Total credits 

752,904 

1,160,600 

2,439,407 

282,947 

-

4,635,858 

969,793 

1,230,530 

2,454,141 

323,135 

-

4,977,599 

Credit balance (credits less charges) $ 308,607 $ 752,904 

Page 38 

TRPP134-000553
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Enrolled Actuary’s Report 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

FULL FUNDING LIMIT 

Projection of Assets Market Actuarial 

for Full Funding Limit Value Value 

Asset value as of January 1, 2017 $ 22,372,575 $ 24,564,490 

Expected increase (decrease) due to: 

Investment income 1,530,262 1,694,655 

Benefits paid (3,793,169) (3,793,169) 

Expenses (145,000) (145,000) 

Net expected increase (decrease) (2,407,907) (2,243,514) 

Expected value as of December 31, 2017* $ 19,964,668 $ 22,320,976 

* Ignoring expected employer contributions (as required by regulation). 

Full Funding Limit For Minimum For Maximum 

as of December 31, 2017 Required Deductible 

ERISA full funding limit (not less than 0) 

Actuarial liability $ 43,248,542 $ 43,248,542 

less: Assets (lesser of market or actuarial) 19,964,668 19,964,668 

plus: Credit balance (w/interest to year end) 809,372 n/a 

24,093,246 23,283,874 

Full funding limit override 

(not less than 0) 

90% of current liability 60,210,576 60,210,576 

less: Assets (actuarial value) 22,320,976 22,320,976 

37,889,600 37,889,600 

Full funding limit (greater of ERISA limit 

and full funding override) $ 37,889,600 $ 37,889,600 

Page 39 

TRPP134-000554
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Enrolled Actuary’s Report 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

MINIMUM REQUIRED CONTRIBUTION AND FULL FUNDING CREDIT 

Minimum Required Contribution 

Plan Year Beginning January 1, 2017 

Minimum funding cost 

Normal cost (including expenses) $ 139,759 

Net amortization of unfunded liabilities 1,446,183 

Interest to end of plan year 118,946 

1,704,888 

Full funding limit 37,889,600 

Net charge to funding std. acct. (lesser of above) 1,704,888 

less: Credit balance with interest to year end 809,372 

Minimum Required Contribution (not less than 0)* $ 895,516 

* Excise taxes that would otherwise apply in the case of a negative credit balance are waived if the 

provisions of the rehabilitation plan are followed and the plan continues to make scheduled progress. 

Full Funding Credit to Funding Standard 

Account Plan Year Ending December 31, 2017 

Full funding credit (not less than 0) 

Minimum funding cost (n.c., amort., int.) $ 1,704,888 

less: full funding limit 37,889,600 

$ -

Page 40 

TRPP134-000555
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Enrolled Actuary’s Report 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

MAXIMUM DEDUCTIBLE CONTRIBUTION 

The maximum amount of tax-deductible employer contributions made to a pension plan is 

determined in accordance with Section 404(a) of the Internal Revenue Code. For a 

multiemployer pension plan, Section 413(b)(7) of the Internal Revenue Code and IRS 

Announcement 98-1 provide that, if anticipated employer contributions are less than the 

deductible limit for a plan year, then all employer contributions paid during the year are 

guaranteed to be deductible. If anticipated employer contributions exceed the deductible 

limit, the Trustees have two years from the close of the plan year in question to 

retroactively improve benefits to alleviate the problem. 

Maximum Deductible Contribution 

Plan Year Beginning January 1, 2017 

Preliminary deductible limit 

Normal cost (including expenses) $ 139,759 

10-year limit adjustment (using “fresh start” alternative) 2,619,306 

Interest to end of plan year 206,930 

2,965,995 

Full funding limit 37,889,600 

Maximum deductible contribution override 

140% of vested current liability projected to December 31, 2017 93,597,231 

less: Actuarial value of assets projected to December 31, 2017 22,320,976 

71,276,255 

Maximum deductible contribution* $ 71,276,255 

Anticipated employer contributions $ 1,160,600 

* Equals the lesser of the preliminary deductible limit and the full funding limit, but not less than the 

maximum deductible contribution override. 

Page 41 

TRPP134-000556
 

 

 

 

United Actuarial Services, Inc. 

Enrolled Actuary’s Report 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

HISTORY OF UNFUNDED VESTED BENEFITS 

Presumptive Method 

December 

31, 

Vested 

Benefits 

Interest Rate 

Value of 

Vested 

Benefits Asset Value* 

Unfunded 

Vested 

Benefits 

Unamortized 

Portion of 

VAB 

1997 8.00% 19,100,252 22,922,988 (3,822,736) 

1998 8.00% 22,096,665 26,045,628 (3,948,963) 

1999 8.00% 24,526,933 29,970,991 (5,444,058) 

2000 8.00% 26,336,979 33,002,902 (6,665,923) 

2001 8.00% 29,547,086 35,263,277 (5,716,191) 

2002 8.00% 31,187,672 33,200,102 (2,012,430) 

2003 8.00% 33,000,569 34,692,792 (1,692,223) 

2004 8.00% 36,632,629 34,382,711 2,249,918 

2005 8.00% 39,289,432 34,390,778 4,898,654 

2006 8.00% 40,463,363 35,256,157 5,207,206 

2007 8.00% 42,398,685 37,296,911 5,101,774 

2008 8.00% 44,047,510 31,039,961 13,007,549 

2009 8.00% 45,909,301 32,581,286 13,328,015 

2010 8.00% 40,550,528 31,676,781 8,873,747 5,375,119 

2011 8.00% 40,367,964 28,852,306 11,515,658 5,177,156 

2012 8.00% 40,557,846 26,325,570 14,232,276 4,963,356 

2013 8.00% 40,274,262 26,526,062 13,748,200 4,732,451 

2014 8.00% 40,182,805 26,529,228 13,653,577 4,483,075 

2015 8.00% 41,743,316 25,516,804 16,226,512 4,213,748 

2016 7.50% 43,850,566 24,564,490 19,286,076 3,922,875 

* Actuarial Value 

Page 42 

TRPP134-000557
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Enrolled Actuary’s Report 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

TERMINATION BY MASS WITHDRAWAL 

If all employers were to cease to have an obligation to contribute to the plan, the plan 

would be considered “terminated due to mass withdrawal.” In this event, the Trustees 

would have the option of distributing plan assets in satisfaction of all plan liabilities through 

the purchase of annuities from insurance carriers or payment of lump sums. If assets are 

insufficient to cover liabilities, a special actuarial valuation pursuant to Section 4281 of 

ERISA would be performed as of the end of the plan year in which the mass withdrawal 

occurred. If the Section 4281 valuation indicates the value of nonforfeitable benefits 

exceeds the value of plan assets, employer withdrawal liability would be assessed. 

The ERISA Section 4281 valuation described above uses required actuarial assumptions 

that are typically more conservative than those used for valuing an on-going plan. In 

order to illustrate the impact of the mass withdrawal assumptions, we performed an 

illustrative Section 4281 valuation as if mass withdrawal had occurred during the prior plan 

year. The value of assets used below is market value without any adjustments for 

outstanding employer withdrawal liability claims. 

As required by regulation, interest rates of 1.98% for the first 20 years and 2.67% for each 

year thereafter and the GAM 94 Basic Table projected to 2026 mortality table were used. 

Illustrative Section 4281 Valuation 

as of December 31, 2016 

Value of nonforfeitable benefits 

Participants currently receiving benefits $ 57,006,040 

Inactive vested participants 9,541,233 

Active participants 12,251,189 

Expenses (per Section 4281 of ERISA) 441,721 

79,240,183 

less: Fund assets (market value) 22,372,575 

Value of nonforfeitable benefits in excess of (less than) fund assets $ 56,867,608 

Page 43 

TRPP134-000558
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Enrolled Actuary’s Report 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

ASC 960 INFORMATION 

The following displays are intended to assist the fund’s auditor in complying with 

Accounting Standards Codification 960. The results shown are not necessarily indicative 

of the plan’s potential liability upon termination. 

Present Value of Accumulated Benefits 

Actuarial Study as of January 1, 2017 2016 

Present value of vested accumulated benefits 

Participants currently receiving benefits $ 34,089,631 $ 31,970,844 

Other participants 9,760,935 9,772,472 

43,850,566 41,743,316 

Nonvested accumulated benefits 41,485 87,973 

Present value of all accumulated benefits $ 43,892,051 $ 41,831,289 

Market value of plan assets $ 22,372,575 $ 23,500,007 

Interest rate used to value benefits 7.50% 8.00% 

Changes in Present Value of Accumulated Benefits 

Present value of accumulated benefits as of January 1, 2016 $ 41,831,289 

Increase (decrease) due to: 

Plan amendment 

Change in actuarial assumptions 

Benefits accumulated and experience gain or loss 

Interest due to decrease in discount period 

Benefits paid 

Net increase (decrease) 

-

2,214,202 

(11,034) 

3,346,503 

(3,488,909) 

2,060,762 

Present value of accumulated benefits as of January 1, 2017 $ 43,892,051 

Page 44 

TRPP134-000559
United Actuarial Services, Inc. 

APPENDICES 

TRPP134-000560
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Appendix A - Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

PLAN HISTORY 

Origins/Purpose 

The Ohio State Roofers and Waterproofers District Council Pension Plan - Toledo Group 

was established effective May 1, 1962, as a result of collective bargaining between the 

Local Union No. 134 and the United Slate, Tile and Composition Roofers’ Damp and 

Waterproof Workers Association and the Toledo Sheet Metal and Roofing Contractors 

Association. Incorporated in the Restated Pension Plan is the name change to the 

Toledo Roofers Local No. 134 Pension Plan. 

The Pension Plan is managed under the provisions of the Labor Management Relations 

Act by a Board of Trustees consisting of an equal number of representatives from Labor 

and from Management. 

The purpose of the pension plan is to provide Normal and Early Retirement Benefits, 

Temporary Early Retirement Benefits, Joint and Survivor Benefits, Optional Retirement 

Benefits, Total and Permanent Disability Benefits, Vested Benefits and Death benefits. 

Benefits first became payable on May 1, 1963. 

Employer Contributions 

The Pension Plan is financed entirely by contributions from the employers as specified in 

the Collective Bargaining Agreement. Shown below is the recent history of hourly 

contribution rates. 

Effective 

Date 

Hourly Contribution Rates 

Journeymen Helpers Yardmen 

Probationary 

Helpers 

07-01-1978 $ 1.00 

07-01-1979 $ 1.50 

07-01-1980 $ 2.00 

07-01-1983 $ 2.25 

04-01-1984 $ 2.25 $ 1.00 

11-01-1986 $ 2.50 $ 1.25 

09-01-1987 $ 2.75 $ 1.25 

07-01-1988 $ 3.00 $ 1.35 

07-01-1991 $ 3.20 $ 1.35 

07-01-2004 $ 3.41 $ 1.35 

07-01-2005 $ 5.41 $ 1.35 

08-01-2006 $ 6.58 $ 1.35 

07-01-2007 $ 6.88 $ 1.45 

06-01-2009 $ 6.88 $ 1.53 

07-01-2010 $ 7.57 $ 2.14 

07-01-2011 $ 8.26 $ 2.83 $ 2.00 

07-01-2012 $ 8.95 $ 3.52 $ 2.83 $ 2.00 

07-01-2013 $ 9.30 $ 3.87 $ 9.30 $ 2.35 

07-01-2014 $ 9.65 $ 4.22 $ 9.65 $ 2.70 

Page A-2 

TRPP134-000561
 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Appendix A - Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

PLAN HISTORY (CONTINUED) 

Miscellaneous 

Effective December 31, 1980, Group Retirement Policy G-9320B was terminated and 

replaced by an Immediate Participation Guarantee contract G-9320C effective 

January 1, 1981 which in turn was terminated in July 1983. 

The Trust Agreement and the Pension Plan were initially filed with and approved by the 

District Director, Internal Revenue Service, as qualified and exempt from taxation. It is 

the intention of the Trustees to maintain the Trust Agreement and Pension Plan as 

qualified and exempt from taxation under the appropriate provisions of the Internal 

Revenue Code and the Rules and Regulations issued thereunder, as amended from 

time to time. 

Reciprocity 

The Plan has been amended to allow the Trustees to enter into Money Follows the Man 

Reciprocity Agreements with other Roofers Pension Plans. 

Page A-3 

TRPP134-000562
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Plan year 

Past service 

Future service 

One-year break in service 

Forfeited service 

Vested participant 

Non-vested participant 

Active participant 

Inactive participant 

Appendix A - Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

SUMMARY OF PLAN PROVISIONS 

The 8-month period beginning May 1, 1976 and ending 

December 31, 1976. Thereafter, a plan year is the 12-

month period beginning January 1 and ending the 

following December 31. 

One year of past service is granted to an employee for 

each plan year that he worked in the jurisdiction of the 

union during the period May 1, 1947 to May 1, 1962. 

One year of future service is granted to an employee for 

each plan year during which he receives contribution 

credits on the records of the fund during the period 

May 1, 1962 to May 1, 1976. Beginning May 1, 1976 one 

year of future service is granted to an employee who has 

435 hours of work in a plan year. 

Beginning May 1, 1976 an employee shall suffer a 1-year 

break in service if he fails to work 435 hours during a plan 

year. 

All service and benefits credited to a non-vested 

employee shall be forfeited at the time he suffers 5 

consecutive 1-year breaks in service. A participant 

receiving total and permanent disability benefits or a 

vested participant cannot forfeit service. 

A participant who has at least 5 years of service. 

A participant who has less than 5 years of service. 

A participant who has not become retired, disabled or 

deceased and who has not suffered forfeited service and 

who has accrued at least 1 year of service out of the two 

preceding plan years. 

A participant who has not become retired, disabled or 

deceased and who has not suffered forfeited service and 

who has not accrued at least 1 year of service out of the 2 

preceding plan years. 

Page A-4 

TRPP134-000563
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

• 

• 

• 

• 

• 

Past service benefit 

Future service benefit 

Normal retirement benefit 

Eligibility 

Monthly amount 

Early retirement benefit 

Eligibility 

Monthly amount 

Or 

Eligibility 

Monthly amount 

Options 

Appendix A - Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

SUMMARY OF PLAN PROVISIONS (CONTINUED) 

$4.00 times the participant’s years of past service. 

3.5% of the contributions made on a participant’s behalf 

between May 1, 1962 and June 30, 2004 and $9.60 per 

100 hours worked on or after July 1, 2004 through July 

31, 2007. Hours worked on or after August 1, 2007 and 

prior to June 30, 2008 are credited at $9.60 per 100 hours 

worked pro-rated for contributions less than the 

Journeyman rate. No benefits are accrued for hours 

worked on or after July 1, 2008. 

Age 65 and 5 years of service. 

Sum of participant’s past service benefit and future 

service benefit. Payable for life. 

Age 54 and 25 years of service. 

Normal, reduced by 1⁄4 of 1% for each month under age 

62 and 1⁄2 of 1% for each month under age 59. Payable 

for life. 

Ages 55 to 65 with 5 but less than 25 years of service. 

Normal, reduced to be actuarially equivalent to the benefit 

payable at age 65. Payable for life. 

Joint and 50% survivor 

Joint and 75% survivor 

Joint and 100% survivor 

Life-five year certain 

Life-ten year certain 

Page A-5 

TRPP134-000564
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Total and permanent 

disability benefit 

Eligibility 

Monthly amount 

Eligibility 

Monthly amount 

Vested benefit 

Eligibility 

Monthly amount 

Pre-retirement surviving 

spouse benefit 

Eligibility 

Monthly amount 

Or 

Eligibility 

Monthly amount 

Appendix A - Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

SUMMARY OF PLAN PROVISIONS (CONTINUED) 

Disabled while active. 10 but less than 25 years of 

service. 

Normal, reduced to be actuarially equivalent to the benefit 

payable at age 65. Payable until earlier of recovery, 

death, or early retirement age. 

Disabled while active. 25 years of service. 

Normal, reduced to be actuarially equivalent to the benefit 

payable at age 62. Payable until earlier of recovery, 

death, or early retirement age. 

Terminated. 5 years of service. 

Normal. Payable for life commencing at age 65. 

Death of a participant eligible for normal or early. Eligible 

spouse. 

50% of participant’s joint and 50% survivor benefit. 

Payable to spouse for life. 

Death of vested participant before eligible for early. 

Eligible spouse. 

Same as above. Deferred monthly benefit payable to 

spouse for life commencing at participant’s earliest 

retirement age. 

Page A-6 

TRPP134-000565
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Reduced early retirement 

age 

Effective date 

Adoption date 

Provisions 

Benefit formula change 

Effective date 

Adoption date 

Provisions 

Benefit formula change 

Effective date 

Adoption date 

Provisions 

Supplemental benefit 

eliminated 

Effective date 

Adoption date 

Provisions 

Appendix A - Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

HISTORICAL PLAN MODIFICATIONS 

January 1, 2001 

February 7, 2002 

The reduced Early Retirement Age was lowered from age 

55 and 25 years of service to age 54 and 25 years of 

service. 

July 1, 2004 

June 9, 2004 

The benefit formula was changed from 3.5% of employer 

contributions to $9.60 per 100 hours worked on or after 

7/1/04. Benefits for work prior to 7/1/04 remain at 3.5% of 

employer contributions. 

August 1, 2007 

July 9, 2007 

The $9.60 per 100 hours of contributions crediting rate is 

pro-rated for contributions less than the Journeyman rate 

effective for hours worked on or after August 1, 2007. 

August 1, 2007 

July 9, 2007 

The monthly temporary Benefit was eliminated for current 

retirees and future actives. 

Page A-7 

TRPP134-000566
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Benefit formula change 

Effective date 

Adoption date 

Provisions 

Accrual freeze 

Effective date 

Adoption date 

Provisions 

Accrual freeze 

Effective date 

Adoption date 

Provisions 

Accrual freeze 

Effective date 

Adoption date 

Provisions 

Appendix A - Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

HISTORICAL PLAN MODIFICATIONS (CONTINUED) 

July 1, 2008 

May 5, 2008 

The crediting rate was changed from $9.60 to $8.40 per 

100 hours of contributions and pro-rated for contributions 

less than the Journeyman rate. 

July 1, 2008 

May 5, 2008 

Benefit accruals were frozen (no benefits earned) for 

hours worked from July 1, 2008 through June 30, 2009. 

July 1, 2009 

April 24, 2009 

The benefit accrual freeze was extended through 

December 31, 2009. 

January 1, 2010 

November 17, 2009 

The benefit accruals continue to be frozen indefinitely. 

Page A-8 

TRPP134-000567
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Normal form 

Effective date 

Adoption date 

Provisions 

Pre-retirement death 

benefit 

Effective date 

Adoption date 

Provisions 

Early retirement factors 

Effective date 

Adoption date 

Provisions 

Reduction for disability 

Effective date 

Adoption date 

Provisions 

Appendix A - Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

HISTORICAL PLAN MODIFICATIONS (CONTINUED) 

January 1, 2010 

November 17, 2009 

The normal form was changed from a 5-year certain and 

life annuity to a life-only annuity. Amounts payable under 

optional payment forms will be actuarially adjusted to 

reflect their value relative to a life only annuity. 

January 1, 2010 

November 17, 2009 

The 60-payment pre-retirement death benefit was 

eliminated. 

January 1, 2010 

November 17, 2009 

For participants with less than 25 years of service at 

retirement, the early retirement reduction factors were 

increased to be actuarially equivalent reductions based 

on the number of years prior to age 65 when retirement 

benefits commence. For participants with 25 years or 

more of service at retirement, the early retirement 

reduction factors are 1⁄4 of 1% for each month under age 

62 and 1⁄2 of 1% for each month under age 59. 

January 1, 2010 

November 17, 2009 

The disability benefit amount will have an actuarially 

equivalent reduction applied based on the number of 

years prior to age 65 (or age 62 if the participant has 25 

or more years of service) when disability benefits 

commence. 

Page A-9 

TRPP134-000568
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Appendix B - Actuarial Assumptions and Methods 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

ACTUARIAL ASSUMPTIONS 

The following assumptions are used throughout this report except as specifically noted 

herein. 

Valuation date 

Interest rates 

ERISA rate of return 

used to value liabilities 

Current liability 

Operational expenses 

Mortality 

Assumed plan mortality 

Current liability 

Disability 

January 1, 2017 

7.50% per year net of investment expenses. 

3.05% (in accordance with 431(c)(6) of the Internal 

Revenue Code). 

$145,000 per year excluding investment expenses. 

The RP-2014 Blue Collar Mortality Tables for employees 

and healthy annuitants adjusted backward to 2006 with 

the MP-2014 projection scale and projected forward using 

the MP-2016 projection scale. 

Separate annuitant and non-annuitant rates based on the 

RP-2000 Mortality Tables Report developed for males 

and females as prescribed by Section 431(c)(6) of the 

Internal Revenue Code. 

Specimen rates shown below: 

Disability 

Age Rate 

25 .0009 

30 .0011 

35 .0015 

40 .0022 

45 .0036 

50 .0061 

55 .0101 

Page B-1 

TRPP134-000569
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Withdrawal 

First four years of 

employment 

Ultimate 

Future retirement rates 

Active lives 

Inactive vested lives 

Appendix B - Actuarial Assumptions and Methods 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

ACTUARIAL ASSUMPTIONS (CONTINUED) 

According to the following schedule: 

Year of Withdrawal 

Employment Rate 

First .55 

Second .55 

Third .45 

Fourth .25 

T-6 Turnover Table from The Actuary’s Pension 

Handbook (less 51 GA mortality) – specimen rates 

shown below: 

Withdrawal 

Age Rate 

25 .0772 

30 .0740 

35 .0686 

40 .0611 

45 .0516 

50 .0362 

55 .0137 

60 .0013 

When eligible and according to the following schedule: 

Without With 

Age 25 Years 25 Years 

54 - .50 

55 .10 .30 

56-57 .10 .20 

58-61 .10 .10 

62 1.00 1.00 

Resulting in an average expected retirement age of 57.7. 

Age 55 or current age, if older. 

Page B-2 

TRPP134-000570
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Future hours worked 

All active lives 

Future hourly contribution 

rate 

Age of participants with 

unrecorded birth dates 

Marriage assumptions 

Optional form assumption 

Section 415 limit 

assumptions 

Dollar limit 

Assumed form of 

payment for those limited 

by Section 415 

Benefits not valued 

Appendix B - Actuarial Assumptions and Methods 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

ACTUARIAL ASSUMPTIONS (CONTINUED) 

Based on an individual’s average hours worked over the 

preceding 3 years with a minimum of 200 hours assumed, 0 

after assumed retirement age. 

Based on individual’s average contribution rate from the 

previous year. 

Based on average entry age of participants with recorded 

birth dates and same vesting status. 

65% assumed married with the male spouse 1 year older 

than his wife. 

For the portion of non-retired participants, the following table 

shows the percent assumed to elect an optional form at 

retirement. 

Married Single 

Optional form Participants Participants 

Life annuity 30% 40% 

Life-five year certain 0% 15% 

Life-ten year certain 15% 45% 

Joint & 50% survivor 20% 

Joint & 75% survivor 15% 

Joint & 100% survivor 20% 

$215,000 per year. 

Qualified joint and 100% survivor annuity. 

Pre-retirement death benefits following disability. 

Page B-3 

TRPP134-000571
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Appendix B - Actuarial Assumptions and Methods 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

RATIONALE FOR SELECTION OF ACTUARIAL ASSUMPTIONS 

The non prescribed actuarial assumptions were selected to provide a reasonable long 

term estimate of developing experience. The assumptions are reviewed annually, 

including a comparison to actual experience. The following describes our rationale for 

the selection of each non-prescribed assumption that has a significant effect on the 

valuation results. 

ERISA rate of return used 

to value liabilities 

Mortality 

Retirement 

Withdrawal 

Future hours worked 

Future rates of return were modeled based on the Plan’s 

current investment policy asset allocation and composite, 

long-term capital market assumptions taken from Horizon 

Actuarial’s 2016 survey of investment consultants. 

Based on this analysis, we selected a final assumed rate 

of 7.50%, which we feel is reasonable. This rate may not 

be appropriate for other purposes such as settlement of 

liabilities. 

The RP-2014 Blue Collar Mortality Tables for employees 

and healthy annuitants adjusted backward to 2006 with 

the MP-2014 projection scale and projected forward using 

the MP-2016 projection scale was chosen as the base 

table for this population. 

The blue collar table was chosen based on the industry of 

plan participants. 

Actual rates of retirement by age were studied for the 

period January 1, 2011 to December 31, 2015. The 

assumed future rates of retirement were selected based 

on the results of this study. No further adjustments were 

deemed necessary at this time. 

Actual rates of withdrawal by age were for the period 

January 1, 2011 to December 31, 2015. The assumed 

future rates of withdrawal were selected based on the 

results of this study. No further adjustments were 

deemed necessary at this time. 

Based on review of recent plan experience. 

Page B-4 

TRPP134-000572
 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Appendix B - Actuarial Assumptions and Methods 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

ACTUARIAL ASSUMPTIONS USED FOR PROJECTIONS 

The assumptions used for the credit balance and funding ratio projections are the same 

as used throughout the report with the following exceptions. 

Assumed return on fund 

assets 

Current year projections 7.50% 

Prior year projections 8.00% 

Future total hours worked 

Current year projections 142,664 for each future year. 

Prior year projections 156,923 for each future year. 

Contribution Rate Increases 

Current year projections No future increases. 

Prior year projections No future increases. 

Plan changes since prior year None 

Page B-5 

TRPP134-000573
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Funding method 

Funding period 

ERISA Funding 

Population valued 

Actives 

Inactive vested 

Retirees 

Asset valuation method 

Actuarial value 

Unfunded vested 

benefits 

Pension Relief Act of 2010 

Appendix B - Actuarial Assumptions and Methods 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

ACTUARIAL METHODS 

Individual entry age normal with costs spread as a level 

dollar amount over service. 

Traditional unit credit cost method, effective January 1, 

2006. 

Eligible employees with at least one hour during the 

preceding plan year. 

Vested participants with no hours during the preceding 

plan year. 

Participants and beneficiaries in pay status as of the 

valuation date. 

Smoothed market value with each year’s gain (or loss) 

spread over a period of 5 years. The actuarial value can 

be no less than 80% nor more than 120% of the market 

value as of the determination date. 

For the presumptive method, actuarial value, as 

described above, is used. 

30-year amortization of net investment loss was elected 

with respect to the loss incurred during the plan year 

ended in 2008. The loss was allocated to future years 

using the “prospective method” of IRS Notice 2010-83. 

The amount of each allocation is show in Appendix C. 

Page B-6 

TRPP134-000574
 

 

 

 

 

Aduarllll !!Vi!!!, Inc. 

Appendix C - Minimum Funding Amortization Bases 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

Date Source of Change in Original Original Remaining Period 1/1/2017 Outstanding 

Balance 

1/1/2017 

Amortization 

Established Unfunded Liability Amount Period Years Months Payment 

Charges 

1/1/1978 Initial UAL 40 1 0 84,142 84,142 

1/1/1979 Amendment 40 2 0 77,890 40,353 

1/1/1980 Amendment 40 3 0 319,626 114,333 

1/1/1988 Method 30 1 0 3,266 3,266 

1/1/1989 Amendment 30 2 0 54,267 28,114 

1/1/1990 Amendment 30 3 0 288,254 103,111 

1/1/1992 Assumptions 30 5 0 151,743 34,889 

1/1/1995 Amendment 65,405 30 8 0 33,310 5,290 

1/1/1995 Assumptions 423,347 30 8 0 215,514 34,227 

1/1/1996 Assumptions 2,110,725 30 9 0 1,169,202 170,505 

1/1/1998 Amendment 1,125,477 30 11 0 713,712 90,756 

1/1/1998 Assumptions 412,628 30 11 0 261,645 33,271 

1/1/1999 Amendment 29,600 30 12 0 19,785 2,379 

1/1/1999 Assumption 89,504 30 12 0 59,928 7,207 

1/1/2000 Assumptions 1,207,010 30 13 0 847,396 97,008 

1/1/2001 Amendment 829,817 30 14 0 607,703 66,591 

1/1/2001 Assumptions 459,487 30 14 0 336,492 36,872 

1/1/2002 Amendment 411,446 30 15 0 312,849 32,969 

1/1/2003 Assumption 457,516 30 16 0 359,715 36,604 

1/1/2003 Experience 3,040,006 15 1 0 328,868 328,868 

1/1/2005 Experience 2,388,780 15 3 0 719,218 257,271 

1/1/2006 Experience 2,427,444 15 4 0 939,313 260,882 

1/1/2007 Assumption 208,471 30 20 0 181,811 16,590 

1/1/2007 Experience 206,830 15 5 0 96,476 22,182 

1/1/2008 Assumption 27,672 15 6 0 14,956 2,964 

1/1/2009 Experience 333,680 15 7 0 202,959 35,645 

1/1/2009 Special 09 Relief 7,538,610 29 21 0 6,767,346 604,525 

1/1/2010 Special 10 Relief 901,344 28 21 0 816,983 72,981 

1/1/2011 Experience 198,040 15 9 0 144,534 21,077 

1/1/2011 Special 11 Relief 1,269,454 27 21 0 1,162,843 103,876 

1/1/2012 Experience 183,595 15 10 0 143,930 19,506 

1/1/2012 Special 12 Relief 2,797,445 26 21 0 2,592,189 231,559 

1/1/2013 Experience 2,941,840 15 11 0 2,453,616 312,003 

1/1/2016 Assumption 1,527,783 15 14 0 1,471,515 161,247 

1/1/2016 Experience 1,075,813 15 14 0 1,036,191 113,545 

Page C-1 

TRPP134-000575
 

 

 

 

Appendix C - Minimum Funding Amortization Bases 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

Date Source of Change in Original Original Remaining Period 1/1/2017 Outstanding 

Balance 

1/1/2017 

Amortization 

Established Unfunded Liability Amount Period Years Months Payment 

1/1/2017 Assumptions 2,214,202 15 15 0 2,214,202 233,340 

1/1/2017 Experience 622,887 15 15 0 622,887 65,642 

Total Charges: 27,826,276 3,885,590 

Credits 

1/1/2009 Combined Bases 9,977,166 9 1 0 1,478,834 1,478,834 

1/1/2010 Amendments 2,720,918 15 8 0 1,826,759 290,118 

1/1/2010 Assumption 3,735,386 15 8 0 2,507,857 398,287 

1/1/2010 Experience 1,349,280 15 8 0 905,872 143,867 

1/1/2011 Assumption 11,568 15 9 0 8,446 1,232 

1/1/2012 Assumption 415,627 15 10 0 325,823 44,156 

1/1/2014 Experience 720,978 15 12 0 634,777 76,337 

1/1/2015 Experience 62,207 15 13 0 57,443 6,576 

Total Credits: 7,745,811 2,439,407 

Net Charges: 20,080,465 1,446,183 

Less Credit Balance: 752,904 

Less Reconciliation Balance: 0 

Unfunded Actuarial Liability: 19,327,561 

Page C-2 

TRPP134-000576
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

• • 

• 

• 

• 

• 

United Actuarial Services, Inc. 

Appendix D – Summary of Endangered and Critical Status Rules 

IBEW Local No. 117 Pension Plan 

January 1, 2017 Actuarial Valuation 

RULES FOR ENDANGERED AND CRITICAL STATUS 

Background 

The Pension Protection Act of 2006 (“PPA”), enacted in August 2006, established 

special rules for plans in “Endangered” or “Critical” status. These rules become effective 

with the plan year beginning in 2008 and were originally scheduled to “sunset” in 2015. 

The Multiemployer Pension Reform Act of 2014 (“MPRA”), enacted in December 2014, 

made the provisions contained in the PPA permanent. MPRA also made numerous 

changes to the PPA rules, including adding a new status for deeply troubled plans: 

Critical and Declining. 

Informally, Critical Status is often referred to as “red zone” and Endangered Status as 

“yellow zone.” A plan that is neither Critical nor Endangered is said to be “green zone.” 

Criteria for Endangered and Critical 

The table below summarizes the criteria for these categorizations. Projected 

deficiencies are calculated as of the last day of each plan year and are based on 

contribution rates codified in bargaining agreements and, if applicable, wage allocations. 

Critical Status (“Red Zone”) Endangered Status (“Yellow Zone”) 

GETTING IN: 

Plan is Critical if it is described in one or Plan is Endangered if it is not Critical and it is 

more of the following: described in one of the following: 

Funded percentage is less than 65%, Funded percentage is less than 80%, or 

and, inability to pay nonforfeitable 

benefits and expenses for next 7 years, Projected funding deficiency in the current 

or year or next 6 years. 

Projected funding deficiency (not A non-critical plan that meets both of the 

recognizing extensions) in the current preceding criteria is considered “Seriously 

year or next 3 years (next 4 years if Endangered” 

funded at less than 65%), or 

A plan that meets one of the two Endangered 

(1) Contributions are less than current Status criteria above, but was not in Critical or 

year costs (i.e. “normal cost”) plus Endangered for the preceding year, will remain 

interest on any unfunded past liabilities, not Critical or Endangered (i.e. it will be in 

and, (2) value of vested benefits for non- “green zone”) provided it is not projected to 

actives is greater than for actives, and, meet either of the two Endangered Status 

(3) projected funding deficiency (not criteria as of the end of the 10th plan year 

recognizing extensions) in the current following the certification year 

year or next 4 years, or 

Inability to pay all benefits and expenses 

for next 5 years. 

Page D-1 

TRPP134-000577
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

• 

• 

• 

• 

• 

• 

• 

United Actuarial Services, Inc. 

Appendix D – Summary of Endangered and Critical Status Rules 

IBEW Local No. 117 Pension Plan 

January 1, 2017 Actuarial Valuation 

RULES FOR ENDANGERED AND CRITICAL STATUS (CONT.) 

Critical Status (“Red Zone”) Endangered Status (“Yellow Zone”) 

GETTING IN (cont.): 

A plan with a 5-year amortization extension 

under IRC Section 431(d) that previously 

emerged from Critical Status in PYB 2015 or 

later will re-enter Critical Status only if it is 

described in one of the following: 

Projected funding deficiency in the 

current year or next 9 years (including 

amortization extensions), or, 

Projected insolvency within the next 30 

years 

GETTING OUT: 

Plan emerges from Critical Status when it 

meets all of the following: 

No longer meets any of the Critical 

Status tests, and, 

No projected funding deficiencies in the 

current year or next 9 years (including 

amortization extensions), and, 

No projected insolvencies in the next 30 

years 

A plan with a 5-year amortization extension 

under IRC Section 431(d) emerges from 

Critical Status when it meets all the following: 

No projected funding deficiencies in the 

current year or next 9 years (including 

amortization extensions), and, 

No projected insolvencies in the next 30 

years 

Plan emerges from Endangered Status when it 

no longer meets the requirements to be 

classified as Endangered or when it enters 

Critical Status 

Page D-2 

TRPP134-000578
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

• 

• 

• 

• 

• 

United Actuarial Services, Inc. 

• 

• 

• 

• 

• 

• 

Appendix D – Summary of Endangered and Critical Status Rules 

IBEW Local No. 117 Pension Plan 

January 1, 2017 Actuarial Valuation 

RULES FOR ENDANGERED AND CRITICAL STATUS (CONT.) 

Restrictions for Endangered and Critical Plans

The Trustees of a plan that is in Endangered or Critical status face a number of restrictions in 

plan improvements that can be adopted and bargaining agreements that can be accepted. 

Period Endangered/Critical Restrictions 

Date of first certification 

through adoption of funding 

improvement/rehabilitation 

plan (“plan adoption period”) 

No reduction in level of contributions for any participants 

No suspension of contributions 

No exclusion of new or younger employees 

No amendment that increases the liabilities of the plan by 

reason of any increase in benefits, change in accrual, or 

change in vesting unless required by law 

After adoption of a funding 

improvement/rehabilitation 

plan until end of funding 

improvement/rehabilitation 

period 

Cannot be amended so as to be inconsistent with funding 

improvement/rehabilitation plan 

No amendment that increases benefits, including future 

accruals, unless actuary certifies as being paid for with 

contributions not contemplated in funding improvement/ 

rehabilitation plan and still expected to meet applicable 

benchmark after considering the amendment 

Additionally, Critical status plans cannot pay benefits greater than the single life 

annuity once the initial red zone notice is sent unless the benefit is eligible for 

automatic cash-out. 

Critical and Declining Plans 

Beginning in 2015, plans that are in Critical Status and are projecting insolvency within 

the next 15 years (20 years in some circumstances) are certified by the actuary as being 

in “Critical and Declining.” These plans may have access to new tools that will allow 

them to reduce many previously-untouchable benefits, including benefits for participants 

in pay status. However, these expanded benefit reductions require government 

approval, must not be rejected by a majority of all participants through a vote, and are 

subject to a number of other requirements and limitations. 

Selected Other MPRA Changes (effective with 2015 plan years) 

Plans projected to be Critical within the next 5 years can elect to be in Critical Status 

immediately 

New contribution rate increases required by a funding improvement or rehabilitation 

plan are not considered in calculating an employer’s withdrawal liability or payment 

schedule 

If, upon the expiration of a collective bargaining agreement under a funding 

improvement or rehabilitation plan, bargaining parties do not adopt a new agreement 

consistent with an updated schedule, the Trustees must implement the update to the 

schedule previously adopted. 

PBGC premium doubled and indexed 

PBGC ability to facilitate mergers and partitions expanded 

Page D-3 

TRPP134-000579
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Appendix E – Glossary of Common Pension Terms 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

GLOSSARY OF COMMON PENSION TERMS 

Benefits 

Accrued Benefit: A benefit that an employee has earned (or accrued) through past 

participation in the plan. It is the amount payable at normal retirement age. 

Why it matters: Under the law, Accrued Benefits generally may not be reduced 

by plan amendment (note that special rules allowing for limited reduction and/or 

suspension of accrued benefits apply to critical status, critical and declining 

status and insolvent plans). 

Actuarial Equivalence: Given a set of actuarial assumptions, when two different sets 

of payment scenarios have an equal present value. 

Early Retirement Reduction Factor: A retirement benefit that begins before normal 

retirement age may be reduced. The plan document defines the amount of the 

reduction by formula or a table of factors. This reduction may or may not be 

actuarially equivalent, but its present value can be no less than actuarially equivalent 

to the benefit payable at normal retirement age. 

Benefit Crediting (Accrual) Rate: A general reference to the calculation of the 

amount of monthly retirement benefit earned per dollar contributed or per year or hour 

worked. 

Assets 

Market Value of Assets: The market value of all assets in the fund including on an 

accrued, not cash basis (matching the plan audit). 

Actuarial Value of Assets: The amount of assets recognized for actuarial valuation 

purposes. Recent changes in market value may be partially recognized (there are 

variations allowed on the exact recognition). Generally the actuarial value is limited to 

not be less than 80% or more than 120% of the market value. 

Why it matters: Many funding calculations use this “smoothed” asset value 

method to lessen the impact of volatility in the market value of plan assets. 

Assumed Rate of Return: Long term assumption of the rate of return on assets 

based upon the diversification mix of invested assets. 

Why it matters: This assumption is used in calculating the present values 

discussed in the Liabilities section below. The Assumed Rate of Return has an 

inverse relationship with plan liabilities. In other words, a lower Assumed Rate 

of Return increases liabilities, while a higher Assumed Rate of Return 

decreases plan Liabilities. 

Page E-1 

TRPP134-000580
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Appendix E – Glossary of Common Pension Terms 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

GLOSSARY OF COMMON PENSION TERMS (CONT.) 

Liabilities 

Present Value of Accrued Benefits: The discounted value of benefit payments 

due in the future but based only on the current Accrued Benefits of each participant. 

The value is based on actuarial assumptions including an assumed rate of 

investment return. 

Why it matters: This liability is one of the primary factors in determining a plan’s 

annual PPA funded status (see Funded Ratio). 

Present Value of Vested Benefits: The discounted value of Accrued Benefits that 

are considered vested (non-forfeitable). Benefits that are not vested include those of 

participants who have not satisfied the plan vesting requirement (usually five years of 

service). In addition under the law some death and temporary disability benefits are 

also considered non-vested regardless of service because they are not considered 

protected benefits. 

Why it matters: This liability is the primary driver of a plan’s Employer 

Withdrawal Liability. 

Actuarial (Accrued) Liability: For inactive members this is the same as the Present 

Value of Accrued Benefits above. For active members this depends on the cost 

method selected by the actuary. Under the accrued benefit or traditional unit credit 

cost method this is also the same as the Present Value of Accrued Benefits. Under 

other cost methods (including most commonly entry age normal) this represents an 

alternate allocation of projected benefit cost over the working lifetime of active 

members. Under the entry age normal cost method, the active Actuarial Liability is 

larger than the Present Value of Accrued Benefits. 

Unfunded Actuarial Liability: The Actuarial Liability less the Actuarial Value of 

Assets. 

Current Liability: This is similar to the Present Value of Accrued Benefits, but uses 

a statutory, significantly lower, interest rate (equivalent to an expected rate of return 

on a bond only-type portfolio) and statutory mortality tables. The lower interest rate 

means that Current Liability tends to be significantly higher than the Present Value of 

Accrued Benefits. This number has very little impact on multiemployer plans. 

Normal Cost: The present value of all benefits that are expected to accrue or to be 

earned under the plan during the plan year. The way in which a benefit is considered 

to be earned varies with the actuarial cost method. 

Risk: The potential of future deviation of actual results from expectations derived 

from actuarial assumptions. 

Page E-2 

TRPP134-000581
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Appendix E – Glossary of Common Pension Terms 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2017 Actuarial Valuation 

GLOSSARY OF COMMON PENSION TERMS (CONT.) 

Funding 

Funded Ratio (Funded Percentage): Actuarial Value of Assets divided by the 

Present Value of Accrued Benefits. This is one of two key measures used to 

determine a plan’s annual PPA funded status. This may also be referred to as PPA 

Funded Ratio. This must be greater than 80% to avoid endangered status. 

Credit Balance: The accumulated excess of actual contributions over legally 

required minimum contributions as maintained in the funding standard account. The 

funding standard account is maintained by the actuary in the valuation process and 

reported annually in schedule MB to the Form 5500 filing. A negative credit balance 

is known as an accumulated funding deficiency. Prior to PPA, an accumulated 

funding deficiency caused an immediate excise tax (waiver under PPA if certain 

conditions are met). After PPA, a current or projected funding deficiency is one of the 

key measures used in determining the annual PPA status. It can eventually trigger 

an excise tax levied on contributing employers. 

Withdrawal Liability 

Unfunded Vested Benefits (UVB): Present Value of Vested Benefits less the value 

of plan assets determined on either an actuarial or market value basis. The selection 

of asset measurement is part of the withdrawal liability method of the Plan. 

Employer Withdrawal Liability (EWL): An employer that withdraws from a 

multiemployer plan is liable for its proportionate share of Unfunded Vested Benefits, 

determined as of the date of withdrawal. 

Why it matters: If a contributing employer leaves the plan while it has Unfunded 

Vested Benefits liability, that employer’s allocated share of Employer Withdrawal 

Liability is either assessed, as applicable, or reallocated among the plan’s 

remaining active employers if the presumptive method is used. A construction 

employer withdrawing from a construction industry plan will not be assessed 

unless they continue performing work within the jurisdiction of the CBA or 

restart such work within a period of 5 years. Small amounts (under $150,000) 

are generally reduced or eliminated pursuant to the “de minimis rule.” 

Page E-3 

TRPP134-000582
Toledo Roofers Local No. 134 Pension Plan 

EIN/Plan#: 34-6682179/001 

Checklist Item #41 – 7.10 Valuation Reports 

Document 41.2 

The 2016 Actuarial Valuation report for the Toledo Roofers Local No. 134 Pension Plan is 

attached. 

TRPP134-000583
 

 

 

TOLEDO ROOFERS LOCAL NO. 134 

PENSION PLAN 

TOLEDO, OHIO 

Actuarial Valuation Report 

For Plan Year Commencing 

January 1, 2016 

TRPP134-000584
United Actuarial 

Services, Inc. 

A c l U n i ic,; d llCI Coll <; U ll ,'1 171<; 

August 4, 2016 

Board of Trustees 

Toledo Roofers Local No. 134 

Pension Plan 

Toledo, Ohio 

Dear Trustees: 

We have been retained by the Board of Trustees of the Toledo Roofers Local No. 134 

Pension Plan to perform annual actuarial valuations of the pension plan. This report 

presents the results of our actuarial valuation for the plan year beginning January 1, 2016. 

The valuation results contained herein are based on current plan provisions summarized 

in Appendix A, the actuarial assumptions and methods listed in Appendix B and on 

financial statements audited by LublinSussman Group, LLP. Participant data was 

provided by Northwestern Ohio Administrators, Inc. While we have reviewed the data for 

reasonableness in accordance with Actuarial Standards of Practice No. 23, we have not 

audited it. The data was relied on as being both accurate and comprehensive. 

This report has been prepared in order to (1) assist the Trustees in evaluating the current 

actuarial position of the plan, (2) determine the minimum required and maximum 

deductible contribution amounts under Internal Revenue Code §431 and §404, (3) provide 

the fund's auditor with information necessary to comply with Accounting Standards 

Codification 960, and (4) document the plan's certified status under Internal Revenue 

Code §432 for the current year and provide the basis to certify such status for the 

subsequent year. In addition, information contained in this report will be used to prepare 

Schedule MB of Form 5500 that is filed annually with the IRS and could be used to 

calculate employer withdrawal liability. We are not responsible for the use of, or reliance 

upon, this report for any other purpose. 

We have prepared this report in accordance with generally accepted actuarial principles 

and practices and have performed such tests as we considered necessary to assure the 

accuracy of the results. The results have been determined on the basis of actuarial 

assumptions that, in my opinion, are appropriate for the purposes of this report, are 

individually reasonable and in combination represent my best estimate of anticipated 

experience under the plan. Actuarial assumptions may be changed from previous 

valuations due to changes in mandated requirements, plan experience resulting in 

changes in expectations about the future, and/or other factors. An assumption change 

does not indicate that prior assumptions were unreasonable when made. For purposes of 

current liability calculations, assumptions are prescribed by regulation or statute. By 

relying on this valuation report, the Trustees confirm they have accepted the assumptions 

contained in the report. 

The results are based on my best interpretation of existing laws and regulations and are 

subject to revision based on future regulatory or other guidance. 

Future actuarial measurements may differ significantly from the current measurements 

presented in this report due to such factors as the following: plan experience differing 

from that anticipated by the economic or demographic assumptions, changes in economic 

l 1590 North Meridian Street, Suite 610  Carmel, Indiana 46032-4529 • (317) 580-8670  Fc1x (317) 580-8651 

TRPP134-000585
United Actuarial Services, Inc. 

A tuaries a nd Consulta nts 

Board of Trustees -2- August 4, 2 16 

or demographic assumptions, increases or decreases expected as part of the natural 

operation of the methodology used for these measurements (such as the end of an 

amortization period or additional cost or contribution requirements based on the plan's 

funded status), and changes in plan provisions or applicable law. 

United Actuarial Services, Inc. does not provide, nor charge for, investment, tax or legal 

advice. None of the comments made herein should be construed as constituting such 

advice. We are not aware of any direct or material indirect financial interest or relationship 

that could create a conflict of interest that would impair the objectivity of our work. 

The undersigned actuary meets the Qualification Standards of the American Academy of 

Actuaries to render the actuarial opinion contained in this report. 

We are available to respond to any questions you may have about this report. 

UNITED ACTUARIAL SERVICES, INC. 

Erika L. Creager, EA, MAAA 

Consulting Actuary 

TRPP134-000586
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

TABLE OF CONTENTS 

PART I: SUMMARY OF RESULTS 1 

5 - Year Summary of Valuation Results 2 

5 - Year Summary of Demographics 3 

Changes From Prior Study 4 

History of Major Assumptions 5 

Experience vs. Assumptions 6 

Rate of Return on Fund Assets 7 

Unfunded Vested Benefits/Employer Withdrawal Liability 8 

Termination by Mass Withdrawal 9 

Funded Ratios 10 

Funding Standard Account 11 

Projection of Credit Balance and Funded Ratio 12 

PPA Funding Status Report 13 

Funding Period 14 

Ultimate Funded Status 15 

Sensitivity Analysis 16 

PART II: SUPPLEMENTAL STATISTICS 17 

Participant Data Reconciliation 18 

Hours Worked During Plan Year 19 

Contributions Made During Plan Year 20 

Active Information 21 

Inactive Vested Information 22 

Retiree Information 23 

PART III: ASSET INFORMATION 25 

Market and Actuarial Fund Values 26 

Flow of Funds 27 

Investment Gain and Loss 28 

PART IV: ENROLLED ACTUARY S REPORT 29 

Normal Cost/Actuarial Liability 30 

Actuarial Liability Reconciliation/Projection 31 

Funding Period 32 

Current Liability 33 

Full Funding Limit 34 

Minimum Required Contribution and Full Funding Credit 35 

Maximum Deductible Contribution 36 

History of Unfunded Vested Benefits 37 

ASC 960 Information 38 

APPENDICES 

Plan Provisions Appendix A 

Actuarial Assumptions and Methods Appendix B 

Minimum Funding Amortization Bases Appendix C 

Summary of Endangered and Critical Status Rules Appendix D 

Glossary of Common Pension Terms Appendix E 

TRPP134-000587
United Actuarial Services, Inc. 

PART I: SUMMARY OF RESULTS 

Page 1 

TRPP134-000588
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,000 

35,000 

t;; 30,000 

ksets II) 25,000 (Market) "i 

1iS 20,000 - .llccumulated ~ 

Bene1its 0 

i= 15,000 

10,000 

5,000 

0 I 

2016 2015 2014 2013 2012 

Plan Year Beginning 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

5 - YEAR SUMMARY OF VALUATION RESULTS 

Actuarial Study 

as of January 1, 2016 2015 2014 2013 2012 

PPA funded status Crit. & Decl. Critical Critical Critical Critical 

Progress under FIP/RP Yes Yes Yes Yes Yes 

Funded ratio 

PPA certification 63.7% 65.4% 65.2% 65.1% 70.5% 

Valuation report 61.0% 65.7% 65.5% 64.5% 71.0% 

Date of first projected funding deficiency 

PPA certification 12/31/18 12/31/18 12/31/18 12/31/18 12/31/18 

Valuation report 12/31/18* 12/31/18 12/31/18 12/31/18 12/31/19 

Asset values ($ 000) 

Market 23,500 26,387 27,752 26,076 25,356 

Actuarial 25,517 26,529 26,526 26,326 28,852 

Accumulated ben. ($ 000) 41,831 40,357 40,486 40,791 40,615 

* Based on assumptions used for the credit balance projection graph as shown on page B-6 

Page 2 

TRPP134-000589
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

250 

200 

150  Acti ves 

Inactive Vested 100 

 Retirees 

50 

0 

180 

160 

140 

Expected Hrs- 120 Valuation II) 100 Exp ected Hrs - "5 

PPACert 1i5 80 ~ 

- Actual Hrs 0 60 

i= 40 

20 

0 

United Actuarial Services, Inc. 

2016 2015 

2016 2015 

2014 

2014 

Plan Year Ending 

2013 2012 

2013 2012 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

5 - YEAR SUMMARY OF DEMOGRAPHICS 

Actuarial Study 

as of January 1, 2016 2015 2014 2013 2012 

Active 

Inactive vested 

Receiving benefits 

191 

118 

208 

170 

128 

201 

140 

133 

189 

182 

133 

188 

191 

132 

187 

Total 

Active/retiree ratio 

Active/inactive ratio 

Unrecorded dates of birth 

Average entry age 

Average attained age 

517 

0.92 

0.59 

-

27.2 

35.5 

499 

0.85 

0.52 

34 

27.5 

37.3 

462 

0.74 

0.43 

15 

26.6 

38.7 

503 

0.97 

0.57 

33 

28.2 

38.4 

510 

1.02 

0.60 

42 

28.3 

38.0 

History of Hours 

Page 3 

TRPP134-000590
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

• 

• 

• 

• 

• 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

CHANGES FROM PRIOR STUDY 

Changes in Plan Provisions 

The plan provisions underlying this valuation are the same as those valued last year. 

Changes in Actuarial Assumptions and Methods 

The actuarial assumptions and methods used in this valuation differ from those used in 

the prior valuation in the following respects: 

The assumed mortality rates were changed from the RP-2000 Combined Healthy 

Generational Mortality Table projected using scale AA with blue collar adjustment and 

a 2-year set forward to 115% of the RP-2014 Blue Collar Mortality Table for 

employees and healthy annuitants adjusted backward to 2006 with the MP-2014 

projection scale and projected forward using the MP-2015 projection scale. This 

change was made in order to better reflect anticipated improvements in mortality rates 

for each future year due to medical advances and lifestyle changes. 

The assumed withdrawal rates were changed from the T-5 Turnover Table (less 51 

GA mortality) with 3 year select rates of 30%, 25% and 15% to the T-6 Turnover Table 

(less 51 mortality) with 4 year select rates of 55%, 55%, 45% and 25%. This change 

reflects our best estimate of future withdrawal patterns based on recent plan 

experience. 

The assumed retirement rates were changed according to the schedule in Appendix B 

to represent our best estimate of future retirement patterns based on recent plan 

experience. 

The assumed retirement age for inactive vested participants was changed from age 

65 or 59 with at least 25 years of service to age 59 or 55 with at least 25 years of 

service. This change reflects our best estimate of future retirement patterns based on 

recent plan experience. 

The current liability interest rate was changed from 3.51% to 3.28%. The new rate is 

within established statutory guidelines. 

Page 4 

TRPP134-000591
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

HISTORY OF MAJOR ASSUMPTIONS 

Assumption 

Actuarial Study as of January 1, 

2016 2015 2014 2013 2012 

Future rate of net 8.00% 8.00% 8.00% 8.00% 8.00% 

investment return 

Mortality table RP-2014G RP-2000G RP-2000G RP-2000G RP-2000G 

BC (adj.) w/BCA w/BCA w/BCA w/BCA 

Adjustment 115% 2 yr s/f 2 yr s/f 2 yr s/f 2 yr s/f 

Projection Scale MP-2015 AA AA AA AA 

Future expenses $ 145,000 $ 145,000 * * * 

Average future hourly 

contribution rate** $7.28 $7.77 $7.90 $6.65 $6.69 

Average future annual hours*** 

Vested 

Non-vested 818 839 1,200 600 

1,200 

600 

1,200 

600 

Average expected retirement age**** 

Actives 57.4 60.1 60.1 60.0 60.0 

Inactive vested 59.5 64.8 64.8 64.9 65.1 

* Prior to 2015, all expenses, investment and administrative, were assumed to be paid from investment 

income. 

** Actual average derived from application of assumptions specified in Appendix B. 

*** Actual average for entire active population derived from application of assumptions specified in 

Appendix B. 

**** Resulting from the application of the retirement probabilities shown in Appendix B to active 

participants. 

Page 5 

TRPP134-000592
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

insight as to why the plan's overall actuarial position may be different from expected. 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

EXPERIENCE VS. ASSUMPTIONS 

experience to assumptions 

provides indications as to 

why overall results may 

differ from those expected 

Actuarial assumptions are used to project certain 

future events related to the pension plan (e.g. 

deaths, withdrawals, investment income, expenses, 

etc.). While actual results for a single plan year will 

rarely match expected experience, it is intended 

that the assumptions will provide a reasonable long 

term estimate of developing experience. 

The following table provides a comparison of expected outcomes for the prior plan year 

with the actual experience observed during the same period. This display may provide 

Plan Year Ending 

December 31, 2015 Expected Actual 

Decrements 

Terminations 

less: Rehires 

Terminations (net of rehires) 20.6 

55 

11 

44 

Retirements 

Disabilities 

Deaths - pre-retirement 

Deaths - post-retirement 

3.0 

0.4 

0.8 

6.4 

6 

-

3 

9 

Asset assumptions 

Rate of net investment return on actuarial value 

Net expenses 

8.00% 

$ 145,000 $ 

4.66% 

142,051 

Other demographic assumptions 

Average retirement age from active (new retirees) 

Average retirement age from inactive (new retirees)* 

Average entry age (new entrants) 

Hours worked per active 

Total hours worked (valuation assumption) 

Total hours worked (PPA certification assumption) 

56.8 

64.8 

27.5 

839 

142,618 

130,200 

55.6 

61.4 

27.5 

875 

167,915 

167,915 

Unfunded liability (gain)/loss 

(Gain)/loss due to asset experience 

(Gain)/loss due to liability experience 

Total (gain)/loss 

* Expected average based on the average for the total group of participants. 

$ 

$ 

850,021 

225,792 

1,075,813 

Page 6 

TRPP134-000593
 

 

 

 

 

 

 

 

 

 

30% ~---------------------------------

0% -+--------=~---\--l------------lc-\-- ~~--___:\\-l-------l---~ ~ 1- ----=--~M~a-r~ke~t~V~a~lu_e_-----i 

--.-Actuarial Value 

-+-Expected R etu rn 

-20% +---------------------t-+------------

-30% <D ,- oc, cr, 0 ~ N (Y) ~ I{) <D ,- oc, cr, 0 N (Y) ~ I{) 

cr, cr, cr, cr, 0 0 0 0 0 0 0 0 0 0 ~ ~ ~ ~ ~ ~ 

cr, cr, cr, cr, 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N N N N N N N N N N N N N N N N 

Plan Year Ending 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

RATE OF RETURN ON FUND ASSETS 

Historical Rates of Net Investment Return 

Average Rates of Net Investment Return (dollar weighted) 

Period 

Return on Market Value Return on Actuarial Value 

Period Ending December 31, Period Ending December 31, 

2015 2014 2015 2014 

One year -2.73% 2.82% 4.66% 8.33% 

5 years 4.79% 7.98% 3.40% 3.42% 

10 years 3.31% 3.86% 3.64% 3.63% 

15 years 3.48% 3.53% 3.71% 4.35% 

20 years 6.29% 7.51% 6.65% 6.83% 

Page 7 

TRPP134-000594
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table shows a history of the plan's 

the value of affected benefits (VAB) to the most recent year's unfunded vested benefits 

50,000 

45,000 

40,000 

 Assets* ~ 35,000 fJ) 

'S 30,000 

 VAB (ti 

~ 25,000 

0 

 Vested -= 20,000 IBenefits 15,000 

10,000 

5,000 

0 

United Actuarial Services, Inc. 

2015 2014 2013 

Plan Year Ending 

2012 2011 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

UNFUNDED VESTED BENEFITS/EMPLOYER WITHDRAWAL LIABILITY 

An employer withdrawing 

during the coming year may 

have withdrawal liability 

unfunded vested benefits (UVB) required to 

compute a specific employer withdrawal liability 

under the presumptive method. If all unfunded 

vested benefits since the inception of the 

Multiemployer Pension Plan Amendments Act of 1980 (MPPAA) are zero ($0) or less, 

there will be no withdrawal liability assessed to a withdrawing employer. Otherwise, an 

employer may be assessed withdrawal liability payments pursuant to MPPAA. The 

display does not reflect adjustments for prior employer withdrawals. 

In accordance with IRC Section 432(e)(9)(A) and PBGC Technical Update 10-3, the 

impact of reducing adjustable benefits is reflected by adding the unamortized portion of 

pool. 

Presumptive Method ($ 000) 

December 31, 2015 2014 2013 2012 2011 

Vested benefits interest 8.00% 8.00% 8.00% 8.00% 8.00% 

Vested benefits 41,743 40,183 40,274 40,558 40,368 

less: Asset value* 25,517 26,529 26,526 26,326 28,852 

UVB 16,226 13,654 13,748 14,232 11,516 

Unamortized VAB 4,214 4,483 4,732 4,963 5,177 

* Actuarial Value 

Page 8 

TRPP134-000595
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

would be considered "terminated 

" In this event, the Trustees would 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

TERMINATION BY MASS WITHDRAWAL 

Under mass withdrawal 

assumptions, plan assets do 

not exceed plan liabilities 

If all employers were to cease to have an 

obligation to contribute to the plan, the plan 

due to mass 

withdrawal. 

have the option of distributing plan assets in 

satisfaction of all plan liabilities through the purchase of annuities from insurance carriers 

or payment of lump sums. If assets are insufficient to cover liabilities, a special actuarial 

valuation pursuant to Section 4281 of ERISA would be performed as of the end of the plan 

year in which the mass withdrawal occurred. If the Section 4281 valuation indicates the 

value of nonforfeitable benefits exceeds the value of plan assets, employer withdrawal 

liability would be assessed. 

The ERISA Section 4281 valuation described above uses required actuarial assumptions 

that are typically more conservative than those used for valuing an on-going plan. In 

order to illustrate the impact of the mass withdrawal assumptions, we performed an 

illustrative Section 4281 valuation as if mass withdrawal had occurred during the prior plan 

year. The value of assets used below is market value without any adjustments for 

outstanding employer withdrawal liability claims. As required by regulation, interest rates 

of 2.46% for the first 20 years and 2.98% for each year thereafter and the GAM 94 Basic 

Table projected to 2025 mortality table were used. 

Illustrative Section 4281 Valuation 

as of December 31, 2015 

Value of nonforfeitable benefits 

Participants currently receiving benefits $ 54,002,882 

Inactive vested participants 10,114,007 

Active participants 12,461,966 

Expenses (per Section 4281 of ERISA) 468,039 

77,046,894 

less: Fund assets (market value) 23,500,007 

Value of nonforfeitable benefits in excess of (less than) fund assets $ 53,546,887 

Page 9 

TRPP134-000596
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

assumed rate and all other aspects of the fund's 

benefits are funded provides a "snapshot" measure of the plan's funded status as of the 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

FUNDED RATIOS 

The funded ratio can be 

used as an indication of 

ongoing funding 

progress 

The present value of vested accumulated benefits is the 

amount that would have to be invested as of the 

valuation date in order to pay, when due, the benefits 

accrued and vested as of the valuation date. This 

calculation assumes fund assets will earn interest at the 

experience will follow the actuarial assumptions. Similarly, the present value of all 

accumulated benefits is the amount necessary to fund all benefits accrued as of the 

valuation date. 

The extent to which the value of vested, accumulated benefits and total accumulated 

valuation date. 

Present Value of Accumulated Benefits/ 

Funded Ratios 

Actuarial Study as of January 1, 

Present value of vested accumulated benefits 

Participants currently receiving benefits 

Inactive vested participants 

Active participants 

Total 

Nonvested accumulated benefits 

Present value of all accumulated benefits 

$ 

$ 

2016 

31,970,844 

4,546,533 

5,225,939 

41,743,316 

87,973 

41,831,289 

$ 

$ 

2015 

29,731,625 

4,443,834 

6,007,346 

40,182,805 

174,057 

40,356,862 

Actuarial value of assets 

Market value of assets 

Funded ratios (Actuarial value used for PPA) 

Vested benefits 

All accumulated benefits 

$ 

$ 

25,516,804 

23,500,007 

61.1% 

61.0% 

$ 

$ 

26,529,228 

26,387,134 

66.0% 

65.7% 

Funded ratios (Market value) 

Vested benefits 

All accumulated benefits 

56.3% 

56.2% 

65.7% 

65.4% 

Interest rate used to value benefits 8.00% 8.00% 

Page 10 

TRPP134-000597
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 determination is done by subtracting the year's 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

FUNDING STANDARD ACCOUNT 

The minimum funding 

requirements have been 

met for the most recent 

plan year 

The Funding Standard Account is used to determine 

whether the plan meets the minimum funding 

requirements established by ERISA. Such a 

charges from the credits. A positive result establishes 

a credit balance that represents the amount the plan is 

in excess of the minimum required contribution on a cumulative basis. A negative result 

represents a funding deficiency which could produce excise taxes (except under certain 

circumstances when the plan is following a funding improvement plan or a rehabilitation 

plan). The projected values use the assumptions summarized on page B-6 of the 

appendix. 

Funding Standard Account 2016 2015 

Plan Year Ending December 31, (Projected) (Final) 

Charges 

Prior year funding deficiency $ - $ -

Normal cost (including expenses) 139,423 139,423 

Amortization charges (see Appendix C) 3,772,332 3,530,563 

Interest on above 312,940 293,598 

Total charges 4,224,695 3,963,584 

Credits 

Prior year credit balance 

Employer contributions 

Amortization credits (see Appendix C) 

Interest on above 

ERISA full funding credit 

Total credits 

969,793 

1,142,533 

2,454,141 

319,615 

-

4,886,082 

842,013 

1,320,703 

2,454,141 

316,520 

-

4,933,377 

Credit balance (credits less charges) $ 661,387 $ 969,793 

Page 11 

TRPP134-000598
 

 

 

 

 

 

 

C 

:;:;: 

ID 

a. 

;,,, I F uncled Percentage 

... 

C ..... "-l w .i:,. (J1 m 

0 0 0 0 0 0 0 

;· "" 2015 * * * * * * * 

-

Ill 2016 

ID 2017 

< "" ;;· 2018 

ID 

M 2019 

.. 

- 2020 

n 2021 

. 

2022 

-< 2023 

; 2024 

2025 

(=: :r 2026 

!' 2027 

2028 2029 2030 2031 2032 2033 2034 2035 2036 

I I 

r (") 

.. C: 

:::::. ;; < 

ro :::. 

"!! < 

ro 

"!! 

---I m (.D 

0 0 0 

* * * 2014 

2015 2016 2017 2018 2019 2020 2021 2022 

i 2023 

;:;, 2024 

§: 2025 

(Q 2026 

2027 2028 2029 2030 2031 2032 2033 2034 2035 

Credit 

Balance ($ milli

ons) 

...-.. ,.-.., ,.-.., ,.-.., ,.-.., ,.-.., .-.. 

.i:-.WWt--..)1'--..).....:.......:.. 

C)U,C)U,C)U,C)U, 

.__,.. ...._,.. ...,_,.. ...,_,.. .__,.. .__,.. .__,.. .__,.. 

I I 

r 

.. 

:::::. 

< 

ro 

.. 

(") 

C: 

;; 

:::. 

< 

ro 

.. 

C) u, 

TRPP134-000599

drivers of PPA status 

(a negative credit balance indicates a projected 

The first graph shows the ERISA credit balance 

the appendix.

projected results for the next 20 years using the assumptions summarized on page B-6 of 

funding deficiency). The second graph shows the funded ratio. Both graphs illustrate 

Page 12 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

"Endangered", "Seriously Endangered", 

"Critical", "Critical and Declining" or none of these. As the plan's actuary, we must 

I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 

~~oorn  ~NM~~~~rorn  ~NM~~~~oorno NNNNNNNNNNMMMMMMMMMM~ 0000000000000000000000000 

NNNNNNNNNNNNNNNNNNNNNNNNN 

Year Beginning 

United Actuarial Services, Inc. 

 sate 

Endangered 

 Serious:ty Endangered 

 Critical 

 Critical and Declining 

Safe (special rule) 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

PPA FUNDING STATUS REPORT 

The plan is in Critical 

and Declining status 

for 2016 

The Pension Protection Act of 2006 (PPA), as amended 

by the Multiemployer Pension Reform Act of 2014 

( MPRA ), requires all multiemployer pension plans to 

obtain an annual status certification. The possible 

statuses are: 

complete the status certification within 90 days of the beginning of the plan year, and we 

must also certify whether or not the plan has made scheduled progress if its funding 

improvement or rehabilitation period has begun. The criteria for these determinations are 

outlined in Appendix D. Due to the timing requirement affecting PPA certifications, they 

are performed based on data different from that used in this report (see certification letter 

for additional details). The results are summarized below. The projection graph uses the 

assumptions summarized on page B-6 of the appendix. 

Description 

Values Used for PPA Certification 

2016 2015 

Funded ratio 63.7% 65.4% 

Date of first projected funding deficiency 12/31/2018 12/31/2018 

Years of benefit payments in assets 8+ 8+ 

Certified PPA status Critical and Declining Critical 

Making progress under FIP/RP Yes Yes 

Projected PPA Status 

Page 13 

TRPP134-000600
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40 

35 

30 

25 

20 

15 

10 

5 

0 

2016 

United Actuarial Services, Inc. 

2015 2014 2013 2012 

Plan Year Beginning 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

FUNDING PERIOD 

The risk of having future 

funding issues diminishes with 

a lower funding period target 

The funding period is the approximate number 

of years that would be required to completely 

fund the unfunded entry age normal actuarial 

liability if future plan experience occurs 

according to the assumptions. The funding 

period is an indicator of the long term financial soundness of the plan. Historically, funds 

often targeted a maximum funding period of up to 20 years. Today, asset losses are 

being paid off over a maximum of 15 years and are the primary driver for ERISA minimum 

funding. An ultimate target of no more than 10 years is recommended. A lower, more 

conservative funding period target can be chosen. As the funding period drops, the risk of 

having future funding issues also diminishes. 

Funding Period (in years) 

Actuarial study as of January 1, 2015 * 

Actuarial study as of January 1, 2016 * 

* Anticipated contributions are insufficient to pay normal cost and 

amortize unfunded liability. 

History of Funding Period (in years)* 

* A funding period of 40 years on the graph means that the funding period is 40 or more years. 

Page 14 

TRPP134-000601
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,000 71% 83% 85% 

40,000 

35,000 

-- 30,000 

-

11'1 25,000 "5: 

1iS 

~ 20,000 :s 

i= 

15,000 

10,000 

5,000 

0 

2016 2015 2014 

 M arketValue of Assets  PV Current Benefits  PV Future Contributions 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

ULTIMATE FUNDED STATUS 

Ultimate funded status is a 

snapshot measure of 

contribution sufficiency 

The ultimate funded status is a measure used to 

see how well funded the current population is. It 

compares the present value of benefits for both 

past and future service to the current market value 

of assets plus the present value of future 

contributions. The ultimate funded status for the two most recent plan years is shown in 

the graph below. The present values of benefits and contributions include only current 

participants and assume no future contribution rate increases. The percentage above the 

bars is the ratio of assets and future contributions to the value of total benefits. 

Page 15 

TRPP134-000602
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Summary of Results 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

SENSITIVITY ANALYSIS 

The table below illustrates 

the impact on the plan 

when experience varies 

from key assumptions 

Considering that experience rarely matches our 

assumptions exactly, we developed the table 

below which demonstrates the impact that 

variations in certain key assumptions would have 

on the projected insolvency date. We examined 

future hours assumptions equal to the baseline (as 

stated on page B-6 of the report), 5% lower, and 5% higher than the baseline. We 

examined asset returns for the 2016 plan year of 8.0%, 4%, 0%, or -4%. 

Projected Insolvency Year 

Return for the 2016 PY (8.00% Thereafter) 

Hours Assumption 8.0% 4.0% 0% -4.0% 

5% Lower 

149,077 in 2016 

and thereafter 

2029 2028 2028 2027 

Baseline 

156,923 in 2016 

and thereafter 

2030 2029 2028 2027 

5% Higher 

164,769 in 2016 

and thereafter 

2031 2030 2029 2028 

Page 16 

TRPP134-000603
 

United Actuarial Services, Inc. 

PART II: SUPPLEMENTAL STATISTICS 

Page 17 

TRPP134-000604
 

 

 

 

 

 

 

 

 

 

 

 

 

 

The participant data reconciliation table below provides information as to how the plan's 

United Actuarial Services, Inc. 

Supplemental Statistics 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

PARTICIPANT DATA RECONCILIATION 

covered population changed since the prior actuarial study. Such factors as the number 

of participants retiring, withdrawing and returning to work have an impact on the actuarial 

position of the pension fund. 

Participants 

Valued As Active 

Inactive 

Vested 

Receiving 

Benefits 

Total 

Valued 

January 1, 2015 

Change due to: 

New hire 

Rehire 

Termination 

Disablement 

Retirement 

Death 

Cash out 

New beneficiary 

Certain pd. expired 

Data adjustment 

170 

71 

11 

(55) 

-

(6) 

-

-

-

-

-

128 

-

(3) 

1 

(1) 

(4) 

(3) 

-

1 

-

(1) 

201 

-

-

-

1 

10 

(9) 

-

5 

-

-

499 

71 

8 

(54) 

-

-

(12) 

-

6 

-

(1) 

Net change 21 (10) 7 18 

January 1, 2016 191 118 208 517 

Page 18 

TRPP134-000605
 

 

 

 

 

 

 

 

 

 

 

1,400 

1,200 

1,000 

800 

600 

400 

200 

0 

2009 2010 2011 2012 

United Actuarial Services, Inc. 

2013 2014 2015 2016 

-----+----- Vested Avg Hrs 

- vested Hr Assum p 

--------Non-Vst Avg Hrs 

--.-Non-Vst Hr Assump 

- Individual Avg 

Assump 

---+-Indi vidual Avg Hrs 

Supplemental Statistics 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

HOURS WORKED DURING PLAN YEAR 

Plan Year Ending Average 

December 31, 2015 Number Hours Worked Hours Worked 

Actives 

Vested 

Non-vested, continuing 

Non-vested, new entrant 

70 

50 

71 

105,829 

37,235 

23,248 

1,512 

745 

327 

Total active 

Others 

191 

1 

166,312 

1,603 

871 

1,603 

Total for plan year 192 167,915 875 

History of Average Actual and Expected Hours Worked per Participant 

Page 19 

TRPP134-000606
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.2 

1.0 

(f) Expected Contr C 0.8 0 - Valuation 

·- 0.6 Expected Co ntr :a 

-PPA Cert 

0.4 -ii-Actual Co ntr 

0.2 

0.0 

2006 2007 2008 2009 201 0 2011 2012 201 3 2014 201 5 2016 

United Actuarial Services, Inc. 

Supplemental Statistics 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

CONTRIBUTIONS MADE DURING PLAN YEAR 

Employer Contributions Reported in Employee Data 

Plan Year Ending Contributions 

December 31, 2015 Number Reported 

Actives 

Vested 

Non-vested, continuing 

Non-vested, new entrant 

70 

50 

71 

$ 936,659 

227,046 

72,500 

Total valued as active 

Others 

191 

1 

1,236,205 

15,464 

Total for plan year 192 $ 1,251,669 

Average hourly contribution rate $ 7.45 

Comparison with Audited Employer Contributions 

Employer contributions reported in data $ 1,251,669 

Total audited employer contributions* $ 1,315,703 

Percent reported 95% 

* Excludes employer withdrawal liability payments. 

History of Actual and Expected Total Contributions Received 

Page 20 

TRPP134-000607
 

 

 

 

 

United Actuarial Services, Inc. 

Supplemental Statistics 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

ACTIVE INFORMATION 

Active Participants by Age and Service as of January 1, 2016 

Age 

Years of Service 

<1 1-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40+ Total 

< 25 

25-29 

30-34 

35-39 

40-44 

45-49 

50-54 

55-59 

60-64 

65-69 

70+ 

26 

18 

4 

5 

1 

3 

2 

-

-

-

-

17 

13 

12 

9 

7 

3 

1

-

-

-

-

1

1

7 

6 

4 

3 

-

1 

-

-

-

-

-

2

3 

2 

3 

-

1

-

-

-

-

-

-

2

2 

2 

-

-

-

-

-

-

-

-

-

3

3 

4

2 

-

-

-

-

-

-

-

-

4 

-

3 

1

-

-

-

-

-

-

-

1 

6 

1 

-

-

-

-

-

-

-

-

-

-

2 

-

-

-

-

-

-

-

-

-

-

-

-

-

-

44 

32 

25 

25 

19 

22 

13 

10 

1 

-

-

Totals 

Unrecorded 

DOB

59 

-

62 

-

23 

-

11 

-

6 

-

12 

-

8 

-

8 

-

2 

-

-

-

191 

-

Total 

Active 

Lives 59 62 23 11 6 12 8 8 2 - 191 

Page 21 

TRPP134-000608
 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Supplemental Statistics 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

INACTIVE VESTED INFORMATION 

Inactive Vested Participants by Age as of January 1, 2016 

Age Group Number 

Estimated Deferred 

Vested Benefits* 

< 30 

30-34 

35-39 

40-44 

45-49 

50-54 

55-59 

60-64 

65-69 

70+ 

1 

2 

3 

15 

18 

27 

35 

12 

5 

-

$ 210 

201 

677 

6,993 

7,856 

14,952 

15,508 

7,401 

2,624 

-

Totals 

Unrecorded birth date 

118 

-

56,422 

-

Total inactive vested lives 118 $ 56,422 

* Amount payable at assumed retirement age as used in the valuation process. 

Page 22 

TRPP134-000609
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Supplemental Statistics 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

RETIREE INFORMATION 

Benefits Being Paid by Form of Payment as of January 1, 2016 

Form of Payment Number 

Monthly Benefits Being Paid 

Total Average Smallest Largest 

Life only 22 $ 26,973 $ 1,226 $ 92 $ 3,510 

Certain & life 68 103,562 1,523 35 5,151 

Joint & survivor 68 115,701 1,701 30 4,810 

Disability 10 15,074 1,507 434 3,472 

Beneficiaries 40 23,683 592 30 3,874 

Totals 208 $ 284,993 $ 1,370 $ 30 $ 5,151 

Retirees by Age and Form of Payment as of January 1, 2016 

Age 

Group 

Form of Benefits Being Paid 

Life 

Only 

Certain 

& Life 

Joint & 

Survivor Disability Total 

< 40 -

40-44 -

45-49 -

50-54 -

55-59 14 

60-64 1 

65-69 4 

70-74 2 

75-79 1 

80-84 -

85-89 -

90-94 -

95+ -

-

-

-

1 

7 

16 

16 

12 

11 

3 

2 

-

-

-

-

-

1 

13 

16 

15 

7 

6 

5 

3 

2 

-

-

-

2 

3 

2 

3 

-

-

-

-

-

-

-

-

-

2 

5 

36 

36 

35 

21 

18 

8 

5 

2 

-

Totals 22 

plus: Beneficiaries 

68 68 10 168 

40 

Total receiving benefits 208 

Page 23 

TRPP134-000610
 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Supplemental Statistics 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

RETIREE INFORMATION (CONT.) 

Age of Participants Retired During Last 5 Plan Years 

(excludes beneficiaries and disability retirements) 

Age at 

Retirement 

Plan Year Ending December 31, 

2015 2014 2013 2012 2011 

54 2 2 1 1 2 

55 1 4 2 1 1 

56 2 1 1 - -

57 2 2 2 - 1 

58 1 1 - - -

59 - - - - -

60 - 1 - - -

61 - - - 1 -

62 - - 1 - 3 

63 - 1 - 1 1 

64 - - 1 - -

65 2 - - 1 -

66+ - 1 - - -

Totals 10 13 8 5 8 

History of Average Retirement Ages 

(excludes beneficiaries and disability retirements) 

Retirement During Plan Year 

Ending In: Number 

Average 

Retirement Age 

2015 10 57.9 

2014 13 57.9 

2013 8 57.8 

2012 5 60.0 

2011 8 58.8 

Page 24 

TRPP134-000611
 

United Actuarial Services, Inc. 

PART III: ASSET INFORMATION 

Page 25 

TRPP134-000612
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset information extracted from the fund's financial statements 

United Actuarial Services, Inc. 

Asset Information 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

MARKET AND ACTUARIAL FUND VALUES 

LublinSussman Group, LLP. 

Market/Actuarial Value 

of Fund Investments 

as of December 31, 2015 

Invested assets 

Individual stock holdings $ 7,486,642 $ 16,487,097 $ 16,293,493 

Mutual funds 5,482,193 4,666,201 6,815,217 

Exchange-traded funds 7,319,313 1,694,783 1,522,426 

US gov't. securities 325,932 494,111 384,655 

Corporate bonds 295,701 185,771 -

Money market 310,881 383,890 351,303 

Other 1,019,252 2,214,700 2,188,614 

Cash 72,778 54,185 129,155 

Net receivables* 

22,312,692 

1,187,315 

26,180,738 27,684,863 

206,396 67,151 

audited by 

2014 2013 

Market value $ 23,500,007 $ 26,387,134 $ 27,752,014 

Fund assets - Actuarial value 

Market value 

less: Deferred investment 

gains and (losses) 

Actuarial value 

$ 

$ 

23,500,007 

(2,016,797) 

25,516,804 

$ 

$ 

26,387,134 

(142,094) 

26,529,228 

$ 

$ 

27,752,014 

1,225,952 

26,526,062 

Actuarial value as a 

percentage of market value 

* Equals receivables, less any liabilities 

108.58% 100.54% 95.58% 

Page 26 

TRPP134-000613
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset information extracted from the fund's financial statements 

United Actuarial Services, Inc. 

Asset Information 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

FLOW OF FUNDS 

LublinSussman Group, LLP. 

audited by 

Plan Year Ending 

December 31, 2015 2014 2013 

Market value at beginning of 

plan year $ 26,387,134 $ 27,752,014 $ 26,076,062 

Additions 

Employer contributions 

Net investment income* 

Other income 

1,320,703 

(690,260) 

54 

630,497 

1,140,851 

752,602 

5,329 

1,898,782 

906,119 

4,009,788 

-

4,915,907 

Deductions 

Benefits paid 

Net expenses* 

3,375,573 

142,051 

3,517,624 

3,263,662 

-

3,263,662 

3,239,955 

-

3,239,955 

Net increase (decrease) (2,887,127) (1,364,880) 1,675,952 

Adjustment - - -

Market value at end of 

plan year $ 23,500,007 $ 26,387,134 $ 27,752,014 

Cashflow 

Contr.-ben.-exp. 

Percent of assets 

(2,196,921) 

-9.35% 

(2,122,811) 

-8.04% 

(2,333,836) 

-8.41% 

Estimated net investment return 

On market value 

On actuarial value 

-2.73% 

4.66% 

2.82% 

8.33% 

16.10% 

10.07% 

* Investment expenses were offset against gross investment income. Prior to 2015, all expenses were 

offset against gross investment income. 

Page 27 

TRPP134-000614
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Asset Information 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

INVESTMENT GAIN AND LOSS 

Investment Gain or Loss 

Plan Year Ending December 31, 2015 

Expected market value at end of plan year 

Market value at beginning of plan year 

Employer contributions and non-investment income 

Benefits and expenses paid 

Expected investment income (at 8.00% rate of return) 

$ 26,387,134 

1,320,757 

(3,517,624) 

2,023,096 

26,213,363 

Actual market value at end of plan year 

less: Expected market value 

23,500,007 

26,213,363 

Investment gain or (loss) $ (2,713,356) 

History of Gains and (Losses) 

Plan Year Investment 

Ending Gain 

December 31, or (Loss) 

2015 $ (2,713,356) 

2014 (1,382,860) 

2013 2,017,056 

2012 883,912 

Deferred Investment Gains and (Losses) 

Plan Year 

Ending 

December 31, 

Amount of Gain or (Loss) Deferred as of December 31, 

2015 2016 2017 2018 

2015 

2014 

2013 

2012 

$ (2,170,685) 

(829,716) 

806,822 

176,782 

$ (1,628,014) 

(553,144) 

403,411 

-

$ (1,085,342) 

(276,572) 

-

-

$ (542,671) 

-

-

-

Totals $ (2,016,797) $ (1,777,747) $ (1,361,914) $ (542,671) 

Page 28 

TRPP134-000615
 

, 

United Actuarial Services, Inc. 

PART IV: ENROLLED ACTUARY S REPORT 

Page 29 

TRPP134-000616
 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enrolled Actuary's Report 

United Actuarial Services, Inc. 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

NORMAL COST/ACTUARIAL LIABILITY 

Normal Cost as of January 1, 2016 2015 

Active participants - service prior to valuation date $ - $ -

Active participants - service after valuation date - -

Anticipated administrative expenses (beg. of year) 139,423 139,423 

Total normal cost $ 139,423 $ 139,423 

Unfunded Actuarial Liability as of January 1, 2016 2015 

Actuarial liability 

Participants currently receiving benefits 

Inactive vested participants 

Active participants - service prior to val. date 

Active participants - service after val. date 

$ 31,970,844 

4,578,252 

5,282,193 

-

41,831,289 

$ 29,731,625 

4,481,357 

6,143,880 

-

40,356,862 

less: Fund assets (actuarial value) 25,516,804 26,529,228 

Unfunded actuarial liability (not less than 0) $ 16,314,485 $ 13,827,634 

Page 30 

TRPP134-000617
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enrolled Actuary's Report 

United Actuarial Services, Inc. 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

ACTUARIAL LIABILITY RECONCILIATION/PROJECTION 

Reconciliation of Unfunded Actuarial Liability 

Expected unfunded actuarial liability as of December 31, 2015 

Unfunded actuarial liability as of January 1, 2015 

Normal cost (including expenses) 

Actual contributions 

Interest to end of plan year 

$ 13,827,634 

139,423 

(1,320,703) 

1,064,535 

13,710,889 

Increase (decrease) due to: 

Experience (gain) or loss 

Plan amendment 

Change in actuarial assumptions 

Change in actuarial method 

Net increase (decrease) 

1,075,813 

-

1,527,783 

-

2,603,596 

Unfunded actuarial liability as of January 1, 2016 $ 16,314,485 

Projection of Actuarial Liability to Year End 

Actuarial liability as of January 1, 2016 $ 41,831,289 

Expected increase (decrease) due to: 

Normal cost (excluding expenses) 

Benefits paid 

Interest on above 

Interest on actuarial liability 

Net expected increase (decrease) 

-

(3,563,990) 

(142,560) 

3,346,503 

(360,047) 

Expected actuarial liability as of December 31, 2016 $ 41,471,242 

Page 31 

TRPP134-000618
 

 

 

 

 

 

 

 

 

 

Enrolled Actuary's Report 

United Actuarial Services, Inc. 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

FUNDING PERIOD 

Funding Period Calculation 

Actuarial Study as of January 1, 2016 2015 

Unfunded actuarial liability 

Actuarial liability $ 41,784,845 $ 40,203,502 

less: Fund assets (actuarial value) 25,516,804 26,529,228 

16,268,041 13,674,274 

Funds available to amortize unfunded 

Anticipated contributions (beg. of yr.) 1,098,589 1,065,949 

less: Normal cost (including expenses) 149,657 166,925 

$ 948,932 $ 899,024 

Funding period (years) * * 

* Anticipated contributions are insufficient to pay normal cost and amortize unfunded liability. 

Page 32 

TRPP134-000619
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enrolled Actuary's Report 

United Actuarial Services, Inc. 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

CURRENT LIABILITY 

Current Liability as of January 1, 2016 

Vested current liability 

Participants currently receiving benefits 

Inactive vested participants 

Active participants 

$ 49,031,563 

8,922,302 

10,753,622 

68,707,487 

Nonvested current liability 

Inactive vested participants 

Active participants 

34,802 

59,821 

94,623 

Total current liability $ 68,802,110 

Projection of Current Liability to Year End 

Current liability as of January 1, 2016 $ 68,802,110 

Expected increase (decrease) due to: 

Benefits accruing 

Benefits paid 

Interest on above 

Interest on current liability 

Net expected increase (decrease) 

-

(3,563,990) 

(58,449) 

2,256,709 

(1,365,730) 

Expected current liability as of December 31, 2016 $ 67,436,380 

Page 33 

TRPP134-000620
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enrolled Actuary's Report 

United Actuarial Services, Inc. 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

FULL FUNDING LIMIT 

Projection of Assets Market Actuarial 

for Full Funding Limit Value Value 

Asset value as of January 1, 2016 $ 23,500,007 $ 25,516,804 

Expected increase (decrease) due to: 

Investment income 1,731,641 1,892,985 

Benefits paid (3,563,990) (3,563,990) 

Expenses (145,000) (145,000) 

Net expected increase (decrease) (1,977,349) (1,816,005) 

Expected value as of December 31, 2016* $ 21,522,658 $ 23,700,799 

* Ignoring expected employer contributions (as required by regulation). 

Full Funding Limit For Minimum For Maximum 

as of December 31, 2016 Required Deductible 

ERISA full funding limit (not less than 0) 

Actuarial liability $ 41,471,242 $ 41,471,242 

less: Assets (lesser of market or actuarial) 21,522,658 21,522,658 

plus: Credit balance (w/interest to year end) 1,047,376 n/a 

20,995,960 19,948,584 

Full funding limit override 

(not less than 0) 

90% of current liability 60,692,742 60,692,742 

less: Assets (actuarial value) 23,700,799 23,700,799 

36,991,943 36,991,943 

Full funding limit (greater of ERISA limit 

and full funding override) $ 36,991,943 $ 36,991,943 

Page 34 

TRPP134-000621
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enrolled Actuary's Report 

United Actuarial Services, Inc. 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

MINIMUM REQUIRED CONTRIBUTION AND FULL FUNDING CREDIT 

Minimum Required Contribution 

Plan Year Beginning January 1, 2016 

Minimum funding cost 

Normal cost (including expenses) $ 139,423 

Net amortization of unfunded liabilities 1,318,191 

Interest to end of plan year 116,609 

1,574,223 

Full funding limit 36,991,943 

Net charge to funding std. acct. (lesser of above) 1,574,223 

less: Credit balance with interest to year end 1,047,376 

Minimum Required Contribution (not less than 0)* $ 526,847 

* Excise taxes that would otherwise apply in the case of a negative credit balance are waived if the 

provisions of the rehabilitation plan are followed and the plan continues to make scheduled progress. 

Full Funding Credit to Funding Standard 

Account Plan Year Ending December 31, 2016 

Full funding credit (not less than 0) 

Minimum funding cost (n.c., amort., int.) $ 1,574,223 

less: full funding limit 36,991,645 

$ -

Page 35 

TRPP134-000622
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enrolled Actuary's Report 

year limit adjustment (using "fresh start" alternative) 

United Actuarial Services, Inc. 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

MAXIMUM DEDUCTIBLE CONTRIBUTION 

The maximum amount of tax-deductible employer contributions made to a pension plan is 

determined in accordance with Section 404(a) of the Internal Revenue Code. For a 

multiemployer pension plan, Section 413(b)(7) of the Internal Revenue Code and IRS 

Announcement 98-1 provide that, if anticipated employer contributions are less than the 

deductible limit for a plan year, then all employer contributions paid during the year are 

guaranteed to be deductible. If anticipated employer contributions exceed the deductible 

limit, the Trustees have two years from the close of the plan year in question to 

retroactively improve benefits to alleviate the problem. 

Maximum Deductible Contribution 

Plan Year Beginning January 1, 2016 

Preliminary deductible limit 

Normal cost (including expenses) $ 139,423 

2,251,240 

Interest to end of plan year 191,253 

2,581,916 

Full funding limit 36,991,943 

Maximum deductible contribution override 

140% of vested current liability projected to December 31, 2016 94,281,089 

less: Actuarial value of assets projected to December 31, 2016 23,700,799 

70,580,290 

Maximum deductible contribution* $ 70,580,290 

10-

Anticipated employer contributions $ 1,142,533 

* Equals the lesser of the preliminary deductible limit and the full funding limit, but not less than the 

maximum deductible contribution override. 

Page 36 

TRPP134-000623
 

 

 

 

 

 

Enrolled Actuary's Report 

United Actuarial Services, Inc. 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

HISTORY OF UNFUNDED VESTED BENEFITS 

Presumptive Method 

December 

31, 

Vested 

Benefits 

Interest Rate 

Value of 

Vested 

Benefits Asset Value* 

Unfunded 

Vested 

Benefits 

Unamortized 

Portion of 

VAB 

1996 7.50% 17,210,170 19,303,316 (2,093,146) 

1997 8.00% 19,100,252 22,922,988 (3,822,736) 

1998 8.00% 22,096,665 26,045,628 (3,948,963) 

1999 8.00% 24,526,933 29,970,991 (5,444,058) 

2000 8.00% 26,336,979 33,002,902 (6,665,923) 

2001 8.00% 29,547,086 35,263,277 (5,716,191) 

2002 8.00% 31,187,672 33,200,102 (2,012,430) 

2003 8.00% 33,000,569 34,692,792 (1,692,223) 

2004 8.00% 36,632,629 34,382,711 2,249,918 

2005 8.00% 39,289,432 34,390,778 4,898,654 

2006 8.00% 40,463,363 35,256,157 5,207,206 

2007 8.00% 42,398,685 37,296,911 5,101,774 

2008 8.00% 44,047,510 31,039,961 13,007,549 

2009 8.00% 45,909,301 32,581,286 13,328,015 

2010 8.00% 40,550,528 31,676,781 8,873,747 5,375,119 

2011 8.00% 40,367,964 28,852,306 11,515,658 5,177,156 

2012 8.00% 40,557,846 26,325,570 14,232,276 4,963,356 

2013 8.00% 40,274,262 26,526,062 13,748,200 4,732,451 

2014 8.00% 40,182,805 26,529,228 13,653,577 4,483,075 

2015 8.00% 41,743,316 25,516,804 16,226,512 4,213,748 

* Actuarial Value 

Page 37 

TRPP134-000624
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enrolled Actuary's Report 

The following displays are intended to assist the fund's auditor in complying with 

of the plan's potential liability upon termination. 

United Actuarial Services, Inc. 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

ASC 960 INFORMATION 

Accounting Standards Codification 960. The results shown are not necessarily indicative 

Present Value of Accumulated Benefits 

Actuarial Study as of January 1, 2016 2015 

Present value of vested accumulated benefits 

Participants currently receiving benefits 

Other participants 

$ 31,970,844 

9,772,472 

41,743,316 

$ 29,731,625 

10,451,180 

40,182,805 

Nonvested accumulated benefits 87,973 174,057 

Present value of all accumulated benefits $ 41,831,289 $ 40,356,862 

Market value of plan assets $ 23,500,007 $ 26,387,134 

Interest rate used to value benefits 8.00% 8.00% 

Changes in Present Value of Accumulated Benefits 

Present value of accumulated benefits as of January 1, 2015 $ 40,356,862 

Increase (decrease) due to: 

Plan amendment 

Change in actuarial assumptions 

Benefits accumulated and experience gain or loss 

Interest due to decrease in discount period 

Benefits paid 

Net increase (decrease) 

-

1,527,783 

93,668 

3,228,549 

(3,375,573) 

1,474,427 

Present value of accumulated benefits as of January 1, 2016 $ 41,831,289 

Page 38 

TRPP134-000625
United Actuarial Services, Inc. 

APPENDICES 

TRPP134-000626
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Local Union No. 134 and the United Slate, Tile and Composition Roofers' Damp and 

United Actuarial Services, Inc. 

Appendix A - Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

PLAN HISTORY 

Origins/Purpose 

The Ohio State Roofers and Waterproofers District Council Pension Plan - Toledo Group 

was established effective May 1, 1962, as a result of collective bargaining between the 

Waterproof Workers Association and the Toledo Sheet Metal and Roofing Contractors 

Association. Incorporated in the Restated Pension Plan is the name change to the 

Toledo Roofers Local No. 134 Pension Plan. 

The Pension Plan is managed under the provisions of the Labor Management Relations 

Act by a Board of Trustees consisting of an equal number of representatives from Labor 

and from Management. 

The purpose of the pension plan is to provide Normal and Early Retirement Benefits, 

Temporary Early Retirement Benefits, Joint and Survivor Benefits, Optional Retirement 

Benefits, Total and Permanent Disability Benefits, Vested Benefits and Death benefits. 

Benefits first became payable on May 1, 1963. 

Employer Contributions 

The Pension Plan is financed entirely by contributions from the employers as specified in 

the Collective Bargaining Agreement. Shown below is the recent history of hourly 

contribution rates. 

Effective 

Date 

Hourly Contribution Rates 

Journeymen Helpers Yardmen 

Probationary 

Helpers 

07-01-1978 $ 1.00 

07-01-1979 $ 1.50 

07-01-1980 $ 2.00 

07-01-1983 $ 2.25 

04-01-1984 $ 2.25 $ 1.00 

11-01-1986 $ 2.50 $ 1.25 

09-01-1987 $ 2.75 $ 1.25 

07-01-1988 $ 3.00 $ 1.35 

07-01-1991 $ 3.20 $ 1.35 

07-01-2004 $ 3.41 $ 1.35 

07-01-2005 $ 5.41 $ 1.35 

08-01-2006 $ 6.58 $ 1.35 

07-01-2007 $ 6.88 $ 1.45 

06-01-2009 $ 6.88 $ 1.53 

07-01-2010 $ 7.57 $ 2.14 

07-01-2011 $ 8.26 $ 2.83 $ 2.00 

07-01-2012 $ 8.95 $ 3.52 $ 2.83 $ 2.00 

07-01-2013 $ 9.30 $ 3.87 $ 9.30 $ 2.35 

07-01-2014 $ 9.65 $ 4.22 $ 9.65 $ 2.70 

Page A-2 

TRPP134-000627
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Appendix A - Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

PLAN HISTORY (CONTINUED) 

Miscellaneous 

Effective December 31, 1980, Group Retirement Policy G-9320B was terminated and 

replaced by an Immediate Participation Guarantee contract G-9320C effective 

January 1, 1981 which in turn was terminated in July 1983. 

The Trust Agreement and the Pension Plan were initially filed with and approved by the 

District Director, Internal Revenue Service, as qualified and exempt from taxation. It is 

the intention of the Trustees to maintain the Trust Agreement and Pension Plan as 

qualified and exempt from taxation under the appropriate provisions of the Internal 

Revenue Code and the Rules and Regulations issued thereunder, as amended from 

time to time. 

Reciprocity 

The Plan has been amended to allow the Trustees to enter into Money Follows the Man 

Reciprocity Agreements with other Roofers Pension Plans. 

Page A-3 

TRPP134-000628
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Plan year 

Past service 

Future service 

One-year break in service 

Forfeited service 

Vested participant 

Non-vested participant 

Active participant 

Inactive participant 

Appendix A - Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

SUMMARY OF PLAN PROVISIONS 

The 8-month period beginning May 1, 1976 and ending 

December 31, 1976. Thereafter, a plan year is the 12-

month period beginning January 1 and ending the 

following December 31. 

One year of past service is granted to an employee for 

each plan year that he worked in the jurisdiction of the 

union during the period May 1, 1947 to May 1, 1962. 

One year of future service is granted to an employee for 

each plan year during which he receives contribution 

credits on the records of the fund during the period 

May 1, 1962 to May 1, 1976. Beginning May 1, 1976 one 

year of future service is granted to an employee who has 

435 hours of work in a plan year. 

Beginning May 1, 1976 an employee shall suffer a 1-year 

break in service if he fails to work 435 hours during a plan 

year. 

All service and benefits credited to a non-vested 

employee shall be forfeited at the time he suffers 5 

consecutive 1-year breaks in service. A participant 

receiving total and permanent disability benefits or a 

vested participant cannot forfeit service. 

A participant who has at least 5 years of service. 

A participant who has less than 5 years of service. 

A participant who has not become retired, disabled or 

deceased and who has not suffered forfeited service and 

who has accrued at least 1 year of service out of the two 

preceding plan years. 

A participant who has not become retired, disabled or 

deceased and who has not suffered forfeited service and 

who has not accrued at least 1 year of service out of the 2 

preceding plan years. 

Page A-4 

TRPP134-000629
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

$4.00 times the participant's years of past service. 

3.5% of the contributions made on a participant's behalf 

Sum of participant's past service benefit and future 

• 

• 

• 

• 

• 

Past service benefit 

Future service benefit 

Normal retirement benefit 

Eligibility 

Monthly amount 

Early retirement benefit 

Eligibility 

Monthly amount 

Or 

Eligibility 

Monthly amount 

Options 

Appendix A - Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

SUMMARY OF PLAN PROVISIONS (CONTINUED) 

between May 1, 1962 and June 30, 2004 and $9.60 per 

100 hours worked on or after July 1, 2004 through July 

31, 2007. Hours worked on or after August 1, 2007 and 

prior to June 30, 2008 are credited at $9.60 per 100 hours 

worked pro-rated for contributions less than the 

Journeyman rate. No benefits are accrued for hours 

worked on or after July 1, 2008. 

Age 65 and 5 years of service. 

service benefit. Payable for life. 

Age 54 and 25 years of service. 

Normal, reduced by 1⁄4 of 1% for each month under age 

62 and 1⁄2 of 1% for each month under age 59. Payable 

for life. 

Ages 55 to 65 with 5 but less than 25 years of service. 

Normal, reduced to be actuarially equivalent to the benefit 

payable at age 65. Payable for life. 

Joint and 50% survivor 

Joint and 75% survivor 

Joint and 100% survivor 

Life-five year certain 

Life-ten year certain 

Page A-5 

TRPP134-000630
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50% of participant's joint and 50% survivor benefit. 

spouse for life commencing at participant's earliest 

United Actuarial Services, Inc. 

Total and permanent 

disability benefit 

Eligibility 

Monthly amount 

Eligibility 

Monthly amount 

Vested benefit 

Eligibility 

Monthly amount 

Pre-retirement surviving 

spouse benefit 

Eligibility 

Monthly amount 

Or 

Eligibility 

Monthly amount 

Appendix A - Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

SUMMARY OF PLAN PROVISIONS (CONTINUED) 

Disabled while active. 10 but less than 25 years of 

service. 

Normal, reduced to be actuarially equivalent to the benefit 

payable at age 65. Payable until earlier of recovery or 

death. 

Disabled while active. 25 years of service. 

Normal, reduced to be actuarially equivalent to the benefit 

payable at age 62. Payable until earlier of recovery or 

death. 

Terminated. 5 years of service. 

Normal. Payable for life commencing at age 65. 

Death of a participant eligible for normal or early. Eligible 

spouse. 

Payable to spouse for life. 

Death of vested participant before eligible for early. 

Eligible spouse. 

Same as above. Deferred monthly benefit payable to 

retirement age. 

Page A-6 

TRPP134-000631
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Reduced early retirement 

age 

Effective date 

Adoption date 

Provisions 

Benefit formula change 

Effective date 

Adoption date 

Provisions 

Benefit formula change 

Effective date 

Adoption date 

Provisions 

Supplemental benefit 

eliminated 

Effective date 

Adoption date 

Provisions 

Appendix A - Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

HISTORICAL PLAN MODIFICATIONS 

January 1, 2001 

February 7, 2002 

The reduced Early Retirement Age was lowered from age 

55 and 25 years of service to age 54 and 25 years of 

service. 

July 1, 2004 

June 9, 2004 

The benefit formula was changed from 3.5% of employer 

contributions to $9.60 per 100 hours worked on or after 

7/1/04. Benefits for work prior to 7/1/04 remain at 3.5% of 

employer contributions. 

August 1, 2007 

July 9, 2007 

The $9.60 per 100 hours of contributions crediting rate is 

pro-rated for contributions less than the Journeyman rate 

effective for hours worked on or after August 1, 2007. 

August 1, 2007 

July 9, 2007 

The monthly temporary Benefit was eliminated for current 

retirees and future actives. 

Page A-7 

TRPP134-000632
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Benefit formula change 

Effective date 

Adoption date 

Provisions 

Accrual freeze 

Effective date 

Adoption date 

Provisions 

Accrual freeze 

Effective date 

Adoption date 

Provisions 

Accrual freeze 

Effective date 

Adoption date 

Provisions 

Appendix A - Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

HISTORICAL PLAN MODIFICATIONS (CONTINUED) 

July 1, 2008 

May 5, 2008 

The crediting rate was changed from $9.60 to $8.40 per 

100 hours of contributions and pro-rated for contributions 

less than the Journeyman rate. 

July 1, 2008 

May 5, 2008 

Benefit accruals were frozen (no benefits earned) for 

hours worked from July 1, 2008 through June 30, 2009. 

July 1, 2009 

April 24, 2009 

The benefit accrual freeze was extended through 

December 31, 2009. 

January 1, 2010 

November 17, 2009 

The benefit accruals continue to be frozen indefinitely. 

Page A-8 

TRPP134-000633
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Normal form 

Effective date 

Adoption date 

Provisions 

Pre-retirement death 

benefit 

Effective date 

Adoption date 

Provisions 

Early retirement factors 

Effective date 

Adoption date 

Provisions 

Reduction for disability 

Effective date 

Adoption date 

Provisions 

Appendix A - Plan Provisions 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

HISTORICAL PLAN MODIFICATIONS (CONTINUED) 

January 1, 2010 

November 17, 2009 

The normal form was changed from a 5-year certain and 

life annuity to a life-only annuity. Amounts payable under 

optional payment forms will be actuarially adjusted to 

reflect their value relative to a life only annuity. 

January 1, 2010 

November 17, 2009 

The 60-payment pre-retirement death benefit was 

eliminated. 

January 1, 2010 

November 17, 2009 

For participants with less than 25 years of service at 

retirement, the early retirement reduction factors were 

increased to be actuarially equivalent reductions based 

on the number of years prior to age 65 when retirement 

benefits commence. For participants with 25 years or 

more of service at retirement, the early retirement 

reduction factors are 1⁄4 of 1% for each month under age 

62 and 1⁄2 of 1% for each month under age 59. 

January 1, 2010 

November 17, 2009 

The disability benefit amount will have an actuarially 

equivalent reduction applied based on the number of 

years prior to age 65 (or age 62 if the participant has 25 

or more years of service) when disability benefits 

commence. 

Page A-9 

TRPP134-000634
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Appendix B - Actuarial Assumptions and Methods 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

ACTUARIAL ASSUMPTIONS 

The following assumptions are used throughout this report except as specifically noted 

herein. 

Valuation date 

Interest rates 

ERISA rate of return 

used to value liabilities 

Current liability 

Operational expenses 

Mortality 

Assumed plan mortality 

Current liability 

January 1, 2016 

8.0% per year net of investment expenses. 

3.28% (in accordance with 431(c)(6) of the Internal 

Revenue Code). 

$145,000 per year excluding investment expenses. 

115% of the RP-2014 Blue Collar Mortality Tables for 

employees and healthy annuitants adjusted backward to 

2006 with the MP-2014 projection scale and projected 

forward using the MP-2015 projection scale. 

Separate annuitant and non-annuitant rates based on the 

RP-2000 Mortality Tables Report developed for males 

and females as prescribed by Section 431(c)(6) of the 

Internal Revenue Code. 

Page B-1 

TRPP134-000635
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuary's Pension Handbook 

United Actuarial Services, Inc. 

Withdrawal 

First four years of 

employment 

Ultimate 

Disability 

Appendix B - Actuarial Assumptions and Methods 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

ACTUARIAL ASSUMPTIONS (CONTINUED) 

According to the following schedule: 

Year of 

Employment 

Annual 

Withdrawal Rate 

First 

Second 

Third 

Fourth 

.55 

.55 

.45 

.25 

Ultimate rates according to T-6 Turnover Table from The 

(less 51 GA mortality) 

Specimen rates shown below: 

Withdrawal 

Age Rate 

25 .0772 

30 .0740 

35 .0686 

40 .0611 

45 .0516 

50 .0362 

55 .0137 

60 .0013 

Specimen rates shown below: 

Disability 

Age Rate 

25 .0009 

30 .0011 

35 .0015 

40 .0022 

45 .0036 

50 .0061 

55 .0101 

Page B-2 

TRPP134-000636
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on an individual's average hours worked over the 

Based on individual's 

the individual's classification as 

United Actuarial Services, Inc. 

Future retirement rates 

Active lives 

Inactive vested lives 

Future hours worked 

All active lives 

Future hourly contribution 

rate 

Age of participants with 

unrecorded birth dates 

Marriage assumptions 

Inactive vested lives over 

age 70 

Appendix B - Actuarial Assumptions and Methods 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

ACTUARIAL ASSUMPTIONS (CONTINUED) 

When eligible and according to the following schedule: 

Without With 

Age 25 Years 25 Years 

54 - .50 

55 .10 .30 

56-57 .10 .20 

58-61 .10 .10 

62 1.00 1.00 

Resulting in an average expected retirement age of 57.4. 

Age 59 or current age, if older. Age 54 or current age, if 

older with 25 or more years of service. 

preceding 3 years with a minimum of 200 hours assumed, 

0 after assumed retirement age. 

anticipated hourly contribution rate 

depending on a 

Journeyman ($9.65), Yardman ($9.65), Helper ($4.22), or 

Probationary Helper ($2.70). Journeyman, Yardman, and 

Helper status determined based on the estimated individual 

average contribution rate from the previous year. 

Based on average entry age of participants with recorded 

birth dates and same vesting status. 

100% assumed married with the male spouse 3 years 

older than his wife. 

Continuing inactive vested participants over age 70 are 

assumed deceased and are not valued. 

Page B-3 

TRPP134-000637
 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Section 415 limit 

assumptions 

Dollar limit 

Assumed form of 

payment for those limited 

by Section 415 

Benefits not valued 

Appendix B - Actuarial Assumptions and Methods 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

ACTUARIAL ASSUMPTIONS (CONTINUED) 

$210,000 per year. 

Qualified joint and 100% survivor annuity. 

Pre-retirement death benefits following disability. 

Page B-4 

TRPP134-000638
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

rates of return were modeled based on the Plan's 

Actuarial's 

United Actuarial Services, Inc. 

Appendix B - Actuarial Assumptions and Methods 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

RATIONALE FOR SELECTION OF ACTUARIAL ASSUMPTIONS 

The non prescribed actuarial assumptions were selected to provide a reasonable long 

term estimate of developing experience. The assumptions are reviewed annually, 

including a comparison to actual experience. The following describes our rationale for 

the selection of each non-prescribed assumption that has a significant effect on the 

valuation results. 

ERISA rate of return used 

to value liabilities 

Mortality 

Retirement 

Withdrawal 

Future hours worked 

Future 

current investment policy asset allocation and composite, 

long-term capital market assumptions taken from Horizon 

2015 survey of investment consultants. 

Based on this analysis, we selected a final assumed rate 

of 8.00%, which we feel is reasonable. This rate may not 

be appropriate for other purposes such as settlement of 

liabilities. 

The RP-2014 Blue Collar Mortality Tables for employees 

and healthy annuitants adjusted backward to 2006 with 

the MP-2014 projection scale and projected forward using 

the MP-2015 projection scale was chosen as the base 

table for this population. 

The blue collar table was chosen based on the industry of 

plan participants. 

Finally, a 115% multiplier was applied. This was based on 

a study of data from larger plans in similar industries. 

Actual rates of retirement by age were studied for the 

period January 1, 2011 to December 31, 2015. The 

assumed future rates of retirement were selected based 

on the results of this study. 

Actual rates of withdrawal by age were for the period 

January 1, 2011 to December 31, 2015. The assumed 

future rates of withdrawal were selected based on the 

results of this study. 

Based on review of recent plan experience. 

Page B-5 

TRPP134-000639
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Actuarial Services, Inc. 

Appendix B - Actuarial Assumptions and Methods 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

ACTUARIAL ASSUMPTIONS USED FOR PROJECTIONS 

The assumptions used for the credit balance and funding ratio projections are the same 

as used throughout the report with the following exceptions. 

Assumed return on fund 

assets 

Current year projections 8.00% 

Prior year projections 8.00% 

Future total hours worked 

Current year projections 156,923 for each future year. 

Prior year projections 142,618 for each future year. 

Contribution Rate Increases 

Current year projections No future increases. 

Prior year projections No future increases. 

Plan changes 

Current year projections None 

Prior year projections None 

Page B-6 

TRPP134-000640
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Smoothed market value with each year's gain (or loss) 

using the "prospective method" of IRS Notice 2010 

United Actuarial Services, Inc. 

Funding method 

Funding period 

ERISA Funding 

Population valued 

Actives 

Inactive vested 

Retirees 

Asset valuation method 

Actuarial value 

Unfunded vested 

benefits 

Pension Relief Act of 2010 

Appendix B - Actuarial Assumptions and Methods 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

ACTUARIAL METHODS 

Individual entry age normal with costs spread as a level 

dollar amount over service. 

Traditional unit credit cost method, effective January 1, 

2006. 

Eligible employees with at least one hour during the 

preceding plan year. 

Vested participants with no hours during the preceding 

plan year. 

Participants and beneficiaries in pay status as of the 

valuation date. 

spread over a period of 5 years. The actuarial value can 

be no less than 80% nor more than 120% of the market 

value as of the determination date. 

For the presumptive method, actuarial value, as 

described above, is used. 

30-year amortization of net investment loss was elected 

with respect to the loss incurred during the plan year 

ended in 2008. The loss was allocated to future years 

-83. 

The amount of each allocation is show in Appendix C. 

Page B-7 

TRPP134-000641
 

 

 

 

 

 

 

Aduarllll !!Vi!!!, Inc. 

Appendix C - Minimum Funding Amortization Bases 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

Date Source of Change in Original Original Remaining Period 1/1/2016 Outstanding 

Balance 

1/1/2016 

Amortization 

Established Unfunded Liability Amount Period Years Months Payment 

Charges 

1/1/1978 Initial UAL 40 2 0 162,062 84,153 

1/1/1979 Amendment 40 3 0 112,550 40,430 

1/1/1980 Amendment 40 4 0 410,781 114,831 

1/1/1987 Amendment 30 1 0 88,957 88,957 

1/1/1988 Method 30 2 0 6,274 3,250 

1/1/1989 Amendment 30 3 0 78,420 28,173 

1/1/1990 Amendment 30 4 0 370,476 103,574 

1/1/1992 Assumptions 30 6 0 175,699 35,196 

1/1/1995 Amendment 65,405 30 9 0 36,207 5,365 

1/1/1995 Assumptions 423,347 30 9 0 234,277 34,727 

1/1/1996 Assumptions 2,110,725 30 10 0 1,255,894 173,300 

1/1/1998 Amendment 1,125,477 30 12 0 753,412 92,568 

1/1/1998 Assumptions 412,628 30 12 0 276,202 33,938 

1/1/1999 Amendment 29,600 30 13 0 20,755 2,435 

1/1/1999 Assumption 89,504 30 13 0 62,850 7,361 

1/1/2000 Assumptions 1,207,010 30 14 0 883,900 99,274 

1/1/2001 Amendment 829,817 30 15 0 630,938 68,250 

1/1/2001 Assumptions 459,487 30 15 0 349,358 37,792 

1/1/2002 Amendment 411,446 30 16 0 323,515 33,840 

1/1/2002 Experience 272,485 15 1 0 29,485 29,485 

1/1/2003 Assumption 457,516 30 17 0 370,699 37,630 

1/1/2003 Experience 3,040,006 15 2 0 633,361 328,854 

1/1/2005 Experience 2,388,780 15 4 0 924,350 258,407 

1/1/2006 Experience 2,427,444 15 5 0 1,132,324 262,590 

1/1/2007 Assumption 208,471 30 21 0 185,490 17,146 

1/1/2007 Experience 206,830 15 6 0 111,704 22,374 

1/1/2008 Assumption 27,672 15 7 0 16,841 2,993 

1/1/2009 Experience 333,680 15 8 0 224,021 36,096 

1/1/2009 Special 09 Relief 7,538,610 29 22 0 6,891,616 625,555 

1/1/2010 Special 10 Relief 901,344 28 22 0 831,986 75,520 

1/1/2011 Experience 198,040 15 10 0 155,251 21,423 

1/1/2011 Special 11 Relief 1,269,454 27 22 0 1,184,196 107,490 

1/1/2012 Experience 183,595 15 11 0 153,129 19,860 

1/1/2012 Special 12 Relief 2,797,445 26 22 0 2,639,789 239,614 

1/1/2013 Experience 2,941,840 15 12 0 2,590,102 318,235 

Page C-1 

TRPP134-000642
 

 

 

 

Appendix C - Minimum Funding Amortization Bases 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

Date Source of Change in Original Original Remaining Period 1/1/2016 Outstanding 

Balance 

1/1/2016 

Amortization 

Established Unfunded Liability Amount Period Years Months Payment 

1/1/2016 Assumption 1,527,783 15 15 0 1,527,783 165,269 

1/1/2016 Experience 1,075,813 15 15 0 1,075,813 116,377 

Total Charges: 26,910,467 3,772,332 

Credits 

1/1/2009 Combined Bases 9,977,166 9 2 0 2,848,126 1,478,835 

1/1/2010 Amendments 2,720,918 15 9 0 1,985,781 294,337 

1/1/2010 Assumption 3,735,386 15 9 0 2,726,167 404,077 

1/1/2010 Experience 1,349,280 15 9 0 984,730 145,959 

1/1/2011 Assumption 11,568 15 10 0 9,071 1,251 

1/1/2012 Assumption 415,627 15 11 0 346,649 44,961 

1/1/2014 Experience 720,978 15 13 0 665,748 77,992 

1/1/2015 Experience 62,207 15 14 0 59,917 6,729 

Total Credits: 9,626,189 2,454,141 

Net Charges: 17,284,278 1,318,191 

Less Credit Balance: 969,793 

Less Reconciliation Balance: 0 

Unfunded Actuarial Liability: 16,314,485 

Page C-2 

TRPP134-000643
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Pension Protection Act of 2006 ("PPA"), 

special rules for plans in "Endangered" or "Critical" status. These rules become effective 

and were originally scheduled to "sunset" in 20 

The Multiemployer Pension Reform Act of 2014 ("MPRA"), enacted in December 2014, 

Informally, Critical Status is often referred to as "red zone" and Endangered Status as 

"yellow zone." A plan that is neither Critical nor Endangered is said to be "green zone." 

("Red Zone'' ("Yellow Zone'' 

- -

• • - • 

• -

considered " II 

• 

year costs (i.e. "normal cost") plus 

- - "green zone") provided it is not 

-

• 

United Actuarial Services, Inc. 

Appendix D Summary of Endangered and Critical Status Rules 

IBEW Local No. 117 Pension Plan 

January 1, 2016 Actuarial Valuation 

RULES FOR ENDANGERED AND CRITICAL STATUS 

Background 

enacted in August 2006, established 

15. 

made the provisions contained in the PPA permanent. MPRA also made numerous 

changes to the PPA rules, including adding a new status for deeply troubled plans: 

Critical and Declining. 

with the plan year beginning in 2008 

Criteria for Endangered and Critical 

The table below summarizes the criteria for these categorizations. Projected 

deficiencies are calculated as of the last day of each plan year and are based on 

contribution rates codified in bargaining agreements and, if applicable, wage allocations. 

Endangered Status 

GETTING IN: 

Critical Status 

Plan is Critical if it is described in one or 

more of the following: 

Plan is Endangered if it is not Critical and it is 

described in one of the following: 

Funded percentage is less than 65%, 

and, inability to pay benefits and 

Funded percentage is less than 80%, or 

expenses for next 7 years, or 

Projected funding deficiency (not 

recognizing extensions) in the current 

Projected funding deficiency in the current 

year or next 6 years. 

year or next 3 years (next 4 years if 

funded at less than 65%), or 

A non-critical plan that meets both of the 

preceding criteria is Seriously 

Endangered 

(1) Contributions are less than current 

interest on any unfunded past liabilities, 

and, (2) value of vested benefits for nonactives is greater than for actives, and, 

A plan that meets one of the two Endangered 

Status criteria above, but was not in Critical or 

Endangered for the preceding year, will remain 

not Critical or Endangered (i.e. it will be in 

projected to 

(3) projected funding deficiency (not 

recognizing extensions) in the current 

year or next 4 years, or 

meet either of the two Endangered Status 

criteria as of the end of the 10th plan year 

following the certification year 

Inability to pay benefits and expenses for 

next 5 years. 

Page D-1 

TRPP134-000644
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

("Red Zone'2 ("Yellow Zone'? 

-

• 

• 

• 

• 

• 

• 

• 

United Actuarial Services, Inc. 

Appendix D Summary of Endangered and Critical Status Rules 

IBEW Local No. 117 Pension Plan 

January 1, 2016 Actuarial Valuation 

RULES FOR ENDANGERED AND CRITICAL STATUS (CONT.) 

Critical Status Endangered Status 

GETTING IN (cont.): 

A plan with a 5-year amortization extension 

under IRC Section 431(d) that previously 

emerged from Critical Status in PYB 2015 or 

later will re-enter Critical Status only if it is 

described in one of the following: 

Projected funding deficiency in the 

current year or next 9 years (including 

amortization extensions), or, 

Projected insolvency within the next 30 

years 

GETTING OUT: 

Plan emerges from Critical Status when it 

meets all of the following: 

No longer meets any of the Critical 

Status tests, and, 

No projected funding deficiencies in the 

current year or next 9 years (including 

amortization extensions), and, 

No projected insolvencies in the next 30 

years 

A plan with a 5-year amortization extension 

under IRC Section 431(d) emerges from 

Critical Status when it meets all the following: 

No projected funding deficiencies in the 

current year or next 9 years (including 

amortization extensions), and, 

No projected insolvencies in the next 30 

years 

Plan emerges from Endangered Status when it 

no longer meets the requirements to be 

classified as Endangered or when it enters 

Critical Status 

Page D-2 

TRPP134-000645
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

• 

• 

• 

• 

• 

• 

• 

• 

plan ("plan adoption period") • 

• 

• 

"Critical and Declining." These plans may have access to new tools that will allow 

Ian are not considered in calculating an employer's withdrawal liability or payment 

United Actuarial Services, Inc. 

Appendix D Summary of Endangered and Critical Status Rules 

IBEW Local No. 117 Pension Plan 

January 1, 2016 Actuarial Valuation 

RULES FOR ENDANGERED AND CRITICAL STATUS (CONT.) 

Restrictions for Endangered and Critical Plans

The Trustees of a plan that is in Endangered or Critical status face a number of restrictions in 

plan improvements that can be adopted and bargaining agreements that can be accepted. 

Period Endangered/Critical Restrictions 

Date of first certification 

through adoption of funding 

improvement/rehabilitation 

No reduction in level of contributions for any participants 

No suspension of contributions 

No exclusion of new or younger employees 

No amendment that increases the liabilities of the plan by 

reason of any increase in benefits, change in accrual, or 

change in vesting unless required by law 

After adoption of a funding 

improvement/rehabilitation 

plan until end of funding 

improvement/rehabilitation 

period 

Cannot be amended so as to be inconsistent with funding 

improvement/rehabilitation plan 

No amendment that increases benefits, including future 

accruals, unless actuary certifies as being paid for with 

contributions not contemplated in funding improvement/ 

rehabilitation plan and still expected to meet applicable 

benchmark after considering the amendment 

Additionally, Critical status plans cannot pay benefits greater than the single life 

annuity once the initial red zone notice is sent unless the benefit is eligible for 

automatic cash-out. 

Critical and Declining Plans 

Beginning in 2015, plans that are in Critical Status and are projecting insolvency within 

the next 15 years (20 years in some circumstances) are certified by the actuary as being 

in 

them to reduce many previously-untouchable benefits, including benefits for participants 

in pay status. However, these expanded benefit reductions require government 

approval, must not be rejected by a majority of all participants through a vote, and are 

subject to a number of other requirements and limitations. 

Selected Other MPRA Changes (effective with 2015 plan years) 

Plans projected to be Critical within the next 5 years can elect to be in Critical Status 

immediately 

New contribution rate increases required by a funding improvement or rehabilitation 

p 

schedule 

If, upon the expiration of a collective bargaining agreement under a funding 

improvement or rehabilitation plan, bargaining parties do not adopt a new agreement 

consistent with an updated schedule, the Trustees must implement the update to the 

schedule previously adopted. 

PBGC premium doubled and indexed 

PBGC ability to facilitate mergers and partitions expanded 

Page D-3 

TRPP134-000646
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Why it matters: Many funding calculations use this "smoothed" asset value 

United Actuarial Services, Inc. 

Appendix E Glossary of Common Pension Terms 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

GLOSSARY OF COMMON PENSION TERMS 

Benefits 

Accrued Benefit: A benefit that an employee has earned (or accrued) through past 

participation in the plan. It is the amount payable at normal retirement age. 

Why it matters: Under the law, Accrued Benefits generally may not be reduced 

by plan amendment (note that special rules allowing for limited reduction and/or 

suspension of accrued benefits apply to critical status, critical and declining 

status and insolvent plans). 

Actuarial Equivalence: Given a set of actuarial assumptions, when two different sets 

of payment scenarios have an equal present value. 

Early Retirement Reduction Factor: A retirement benefit that begins before normal 

retirement age may be reduced. The plan document defines the amount of the 

reduction by formula or a table of factors. This reduction may or may not be 

actuarially equivalent, but its present value can be no less than actuarially equivalent 

to the benefit payable at normal retirement age. 

Benefit Crediting (Accrual) Rate: A general reference to the calculation of the 

amount of monthly retirement benefit earned per dollar contributed or per year or hour 

worked. 

Assets 

Market Value of Assets: The market value of all assets in the fund including on an 

accrued, not cash basis (matching the plan audit). 

Actuarial Value of Assets: The amount of assets recognized for actuarial valuation 

purposes. Recent changes in market value may be partially recognized (there are 

variations allowed on the exact recognition). Generally the actuarial value is limited to 

not be less than 80% or more than 120% of the market value. 

method to lessen the impact of volatility in the market value of plan assets. 

Assumed Rate of Return: Long term assumption of the rate of return on assets 

based upon the diversification mix of invested assets. 

Why it matters: This assumption is used in calculating the present values 

discussed in the Liabilities section below. The Assumed Rate of Return has an 

inverse relationship with plan liabilities. In other words, a lower Assumed Rate 

of Return increases liabilities, while a higher Assumed Rate of Return 

decreases plan Liabilities. 

Page E-1 

TRPP134-000647
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Why it matters: This liability is one of the primary factors in determining a plan's 

Why it matters: This liability is the primary driver of a plan's Employer 

United Actuarial Services, Inc. 

Appendix E Glossary of Common Pension Terms 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

GLOSSARY OF COMMON PENSION TERMS (CONT.) 

Liabilities 

Present Value of Accrued Benefits: The discounted value of benefit payments 

due in the future but based only on the current Accrued Benefits of each participant. 

The value is based on actuarial assumptions including an assumed rate of 

investment return. 

annual PPA funded status (see Funded Ratio). 

Present Value of Vested Benefits: The discounted value of Accrued Benefits that 

are considered vested (non-forfeitable). Benefits that are not vested include those of 

participants who have not satisfied the plan vesting requirement (usually five years of 

service). In addition under the law some death and temporary disability benefits are 

also considered non-vested regardless of service because they are not considered 

protected benefits. 

Withdrawal Liability. 

Actuarial (Accrued) Liability: For inactive members this is the same as the Present 

Value of Accrued Benefits above. For active members this depends on the cost 

method selected by the actuary. Under the accrued benefit or traditional unit credit 

cost method this is also the same as the Present Value of Accrued Benefits. Under 

other cost methods (including most commonly entry age normal) this represents an 

alternate allocation of projected benefit cost over the working lifetime of active 

members. Under the entry age normal cost method, the active Actuarial Liability is 

larger than the Present Value of Accrued Benefits. 

Unfunded Actuarial Liability: The Actuarial Liability less the Actuarial Value of 

Assets. 

Current Liability: This is similar to the Present Value of Accrued Benefits, but uses 

a statutory, significantly lower, interest rate (equivalent to an expected rate of return 

on a bond only-type portfolio) and statutory mortality tables. The lower interest rate 

means that Current Liability tends to be significantly higher than the Present Value of 

Accrued Benefits. This number has very little impact on multiemployer plans. 

Normal Cost: The present value of all benefits that are expected to accrue or to be 

earned under the plan during the plan year. The way in which a benefit is considered 

to be earned varies with the actuarial cost method. 

Page E-2 

TRPP134-000648
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

determine a plan's 

The estimated number of years it would take to pay off the Plan's 

its liability, that employer's allocated share of Employer Withdrawal Liability 

is either assessed, as applicable, or reallocated among the plan's remaining 

United Actuarial Services, Inc. 

Appendix E Glossary of Common Pension Terms 

Toledo Roofers Local No. 134 Pension Plan 

January 1, 2016 Actuarial Valuation 

GLOSSARY OF COMMON PENSION TERMS (CONT.) 

Funding 

Funded Ratio (Funded Percentage): Actuarial Value of Assets divided by the 

Present Value of Accrued Benefits. This is one of two key measures used to 

annual PPA funded status. This may also be referred to as PPA 

Funded Ratio. This must be greater than 80% to avoid endangered status. 

Credit Balance: The accumulated excess of actual contributions over legally 

required minimum contributions as maintained in the funding standard account. The 

funding standard account is maintained by the actuary in the valuation process and 

reported annually in schedule MB to the Form 5500 filing. 

Accumulated Funding Deficiency: A negative credit balance, indicating an excess 

of total charges to the funding standard account over the total credits to such 

account. Prior to PPA, an accumulated funding deficiency caused an immediate 

excise tax (waiver under PPA if certain conditions are met). After PPA, a current or 

projected funding deficiency is one of the two main criteria used in determining the 

annual PPA status. It can eventually trigger an excise tax levied on contributing 

employers. 

Funding Period: 

unfunded liabilities (and be 100% funded). This calculation is based on the entry age 

normal liability basis. This is determined by taking the excess of expected 

contributions over expected normal cost and comparing it to the unfunded entry age 

accrued liability. This is a good single measure of plan health that looks at both 

current levels of funding and future expectations. It is also a good indicator of the 

level of risk the plan is taking in funding its future benefits. 

Withdrawal Liability 

Unfunded Vested Benefits (UVB): Present Value of Vested Benefits less the value 

of plan assets determined on either an actuarial or market value basis. The selection 

of asset measurement is part of the withdrawal liability method of the Plan. 

Employer Withdrawal Liability (EWL): An employer that withdraws from a 

multiemployer plan is liable for its proportionate share of Unfunded Vested Benefits, 

determined as of the date of withdrawal. 

Why it matters: If a contributing employer leaves the plan with Unfunded Vested 

Benef 

active contributing employers. Employer Withdrawal Liability has both 

advantages and disadvantages to the plan. The main upside of Employer 

Withdrawal Liability is that its presence may encourage contributing employers to 

remain in the plan, helping other contributing employers. The disadvantage is 

that EWL may make it more difficult for a contributing employer to sell the 

company, and possibly may make it more challenging to secure loans and other 

lines of credit. 

Page E-3 

TRPP134-000649
Application for Approval of Benefit Suspension 

for Toledo Roofers Local No.134 Pension Plan 

EIN Plan #: 34-6682179/001 

Response Item Number Description of Item Pa2e Number in Aoolication 

~ 

No 

I. Does the application include an original signature ofthe 

plan sponsor or an authorized representative ofthe plan 

000001 

NIA sponsor? 

See Section 2.01 ofthis revenue procedure. 

~ 

No 

2. Does the application include a description ofthe 

proposed benefit suspension - calculated as if no other 000002-000005 

NIA limitations apply - that includes: . the suspension's effective date (and its 

. expiration date, if applicable); 

whether the suspension provides for different 

treatment ofparticipants and beneficiaries; . a description ofthe different categories or 

. groups of individuals affected; and 

how the suspension affects these individuals 

differently? 

See Section 2.02 of this revenue procedure. 

CXsv 

No 

3. Does the application include a penalties-of-perjury 

statement signed by an authorized trustee on behalfof 000006-000007 

NIA the board oftrustees? 

See Section 2.03 ofthis revenue procedure. 

01Y 

No 

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

authorized trustee on behalf ofthe board oftrustees, 000008-000009 

NIA acknowledging that the application and the application's 

supporting material will be publicly disclosed on the 

Treasury Department's website? 

See Section 2.04 ofthis revenue procedure. 

~ 

No 

5. Does the application include the plan actuary's 

certification of critical and declining status and the 000010-000017 

NIA 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 ofthose years. 

See Section 3.01 ofthis revenue procedure. 

j~ 

No 

6. Does the application include the plan actuary's 

certification that, taking into account the proposed 000018-000034 

NIA suspension and, if applicable, a proposed partition, the 

plan is projected to avoid insolvency ifthe suspension 

takes effect, 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 ofthose years? 

See Section 3.02 ofthis revenue procedure. 

SLK_TOL:#3163899vl 

TRPP134-000650
Response Item Number Description of Item Pa~e Number in Annlication 

~ 7. Does the application include the plan sponsor's 000035-000037 

No determination ofprojected insolvency that includes the 

NIA documentation set forth in Section 5 ofthe revenue 

procedure? 

See Section 3.03 ofthis revenue procedure. 

~ 8. Does the application include a demonstration that the 000038-000053 

No limitations on individual suspensions are satisfied, 

NIA 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 guarantee-based limitation; 

. the disability-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? 

See Section 4.01 ofthis revenue procedure. 

~ 9. Does the application include a demonstration that the 000054-000055 

No proposed suspension is reasonably estimated to achieve 

NIA the level necessary to avoid insolvency for the extended 

period, including illustrations regarding the plan's 

solvency ratio and available resources? 

See Section 4.02( 1) ofthis revenue procedure. 

~ 10.. Does the application include an illustration that the 000056 

No proposed suspension is reasonably estimated to achieve 

NIA the level necessary to avoid insolvency for the extended 

period utilizing stochastic projections? (This illustration 

is optional if the plan is not required to appoint a retiree 

representative under§ 432(e)(9)(B)(v)(l).) 

See Section 4.02(2) ofthis revenue procedure. 

11. Does the application include a demonstration that the ICJ:w 000057-000058 

No proposed suspension is not projected to materially 

NIA exceed the level necessary to avoid insolvency, 

including:

. the plan-year-by-year projections 

demonstrating projected insolvency during the 

relevant period; and 

. a separate identification of the available 

resources ( and the market value of assets and 

changes in cash flow) during each ofthose 

years? 

See Section 4.03 ofthis revenue procedure. 

SLK_TOL:#3 l 63899v I 2 

TRPP134-000651
Response Item Number Description of Item Pa2e Number in Aoolication 

I~ 12. Does the application include a demonstration that the 000059-000081 

. 

No proposed suspension is equitably distributed, including: 

NIA . information on the effect of the suspension on 

the plan in the aggregate; 

information on the effect ofthe suspension for 

different categories or groups; . a list ofthe factors taken into account; . an explanation of why none of the factors listed 

in§ 432(e)(9)(D)(vi) were taken into account 

(if applicable); . for each factor taken into account that is not 

one ofthe factors listed in§ 432(e)(9)(D)(vi), 

an explanation why the factor is relevant; and . an explanation ofhow any difference in 

treatment among categories or groups of 

individuals results from a reasonable 

application ofthe relevant factors? 

See Section 4.04 ofthis revenue orocedure. 

~ 13. Does the application include a copy ofthe notices 000082-000178 

No ( excluding personally identifiable information) that meet 

NIA the requirements under§ 432(e)(9)(F)? 

See Section 4.05(1) ofthis revenue procedure. 

14. Does the application include a description ofthe efforts ~ 000179-000180

No that are being taken to contact participants, beneficiaries 

NIA in pay status, and alternate payees? 

See Section 4.05(2) ofthis revenue orocedure. 

~ 15. Does the application describe the steps the plan sponsor 000181 

No has taken to ensure that notices delivered electronically 

NIA are reasonably accessible to the recipients? 

See Section 4.05(3) ofthis revenue procedure. 

Does the application include a list ofeach employer who l~ 16. 000182-000183 

No has an obligation to contribute under the Plan and each 

NIA employee organization representing participants under 

the Plan? 

See Section 4.05(4) ofthis revenue procedure. 

17. Does the application include information on past and 000184-000193 WoD current measures taken to avoid insolvency? 

NIA See Section 5.01 ofthis revenue procedure. 

~ 18. Does the application include information regarding the 000194-000201 

No plan factors described in § 432( e )(9)(C)(ii), for the past 

NIA IO plan years immediately preceding the plan year in 

which the application is submitted? 

See Section 5.02 ofthis revenue procedure. 

~ 19. Does the application describe how the plan sponsor took 000202-000208 

No into account - or did not take into account - the factors 

NIA listed in Section 5.02 ofthis revenue procedure in the 

determination that all reasonable measures were taken to 

avoid insolvency? 

See Section 5.03 ofthis revenue procedure. 

SLK_TOL:#3163899vl 3 

TRPP134-000652
Response Item Number Description of Item Page Number in Annlication 

-

Ses~ 20. Does the application describe how the plan sponsor took 000209 No into account - or did not take into account - in the 

NIA 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? 

See Section 5.03 ofthis revenue procedure. 

-

~ 21. Does the application include a discussion ofany other 000210 

No factors the plan sponsor took into account including how 

NIA and why those factors were taken into account? 

See Section 5.04 ofthis revenue procedure. 

22. Does the application include a copy ofthe proposed j ~ 000211-000215

ballot excluding the information regarding the statement 

NIA in opposition, the individualized estimates, and the 

voting procedures? 

See Section 6.01 ofthis revenue procedure. 

~ 23. Does application indicate whether the plan sponsor is 000216 

No requesting approval from the PBGC ofa proposed 

NIA partition under Section 4233 ofERISA? 

See Section 6.02 ofthis revenue procedure. 

Yes 24. Ifthe answer to item 23 is yes, does the application 000217 

No specify the effective date ofthe proposed partition and 

® include a plan-year-by-plan-year projection ofthe 

amount ofthe reduction in benefit payments attributable 

to the partition? 

See Section 6.02 ofthis revenue procedure. 

~ 25. Does the application include: 000218-000231 

No . a description ofeach ofthe assumptions used in 

NIA the projections required under Sections 3.01, 

3.02, 4.02(1), 4.02(2), and 4.03 ofthis revenue 

procedure; 

. 

. supporting evidence for the selection ofthose 

assumptions; and 

an explanation ofany differences among the 

assumptions used for various purposes? 

See Section 6.03 and Appendix B ofthis revenue 

procedure. 

~ 26. Does the application describe the plan's experience with 000232-000233 

No certain critical assumptions, including a disclosure for 

NIA each ofthe 10 plan years immediately preceding the 

application that separately identifies: . total contributions; . 

. 

. 

. total contribution base units; 

average contribution rates; 

withdrawal liability payments; and 

the rate ofreturn on plan assets? 

See Section 6.04 ofthis rereauc urocedure. 

SLK_TOL:#3163899vl 4 

TRPP134-000653
Response Item Number Description of Item Pate Number in Aoolication 

~ 27. Does the application include deterministic projections of 000234-000241 

No the sensitivity ofthe plan's solvency ratio throughout the 

NIA extended period by taldng into account more 

conservative assumptions of investment experience and 

future contribution base units than assumed elsewhere in 

the application? 

See Section 6.05 ofthis revenue procedure. 

~ 28. Does the plan include deterministic projections for each 000242-000244 

. No year in the extended period of: 

NIA . the value ofplan assets; 

the plan's accrued liability; and 

• the plan's funded percentage? 

See Section 6.06 ofthis revenue procedure. 

29. Does the application include the plan sponsor's I~ 000245-000250 

No representation that, if it receives the Treasury 

NIA 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) that the plan would 

not be projected to avoid insolvency without a 

suspension; . to require that any future benefit improvements 

must satisfy§ 432(e)(9)(E); and 

• to specify that the plan sponsor will not modify 

these amendments, notwithstanding any other 

provision ofthe plan document? 

See Section 6.07 ofthis revenue procedure. 

~ 30. Does the application indicate whether the plan is a plan 000251 

No described in§ 432(e)(9)(D)(vii) and, ifit is, how that 

NIA fact is reflected in the proposed benefit suspension? See 

Section 6.08 ofthis revenue procedure. 

-

~ 3 I. Does the application include a narrative statement ofthe 000252-000254 

No reasons the plan is in critical and declining status? 

NIA See Section 6.09 ofthis revenue procedure. 

~ 32. Does the application include the required plan 000255 No identification information? 

NIA See Section 7.01 ofthis revenue procedure. 

~ 33. Does the application include the required plan 000256 

No identification information? 

NIA See Section 7.02 ofthis revenue procedure. 

Yes 34. Does the application include the required retiree 000257

~ representative information (if applicable)? 

See Section 7.03 of this revenue procedure. 

SLK_TOL:#3163899vl 5 

TRPP134-000654
Response Item Number Description of Item Pa2e Number in Aoolication 

lXw 35. Does the application include the required enrolled 000258-000259 

No actuary information? 

NIA See Section 7.04 ofthis revenue procedure. 

ryes~ 36. Does the application include a designation ofpower of 

~ 000260-000264 

attorney for each authorized representative who will 

NIA represent the plan sponsor in connection with the 

application? 

See Section 7.05 and Appendix C ofthis revenue 

procedure. 

~ 37. Does the application include: 000265-000372 

No  the required plan documents; 

NIA  any recent amendments; 

 the summary plan description (SPD); 

 the summary of material modifications; and 

 the most recent determination letter? 

See Section 7.06 ofthis revenue procedure. 

~ 38. Does the application include the required excerpts from 000373-000384 No the relevant collective bargaining agreements and side 

NIA agreements? 

See Section 7.07 ofthis revenue procedure. 

39. Does the application include the required excerpts from 

~ 000385-000508

the most recently filed Form 5500? 

NIA See Section 7.08 ofthis revenue orocedure. 

~ 40. Does the application include the most recently updated 000509-000513

No rehabilitation plan? 

NIA See Section 7.09 ofthis revenue procedure. 

41. Does the application include the two most recent I~ 000514-000649

actuarial valuation reports? 

NIA See Section 7.10 ofthis revenue procedure. 

I~ 42. Does the application include this checklist completed 000650-000656 

No and placed on top ofthe application? 

NIA See Section 7.11 ofthis revenue procedure and this 

AooendixD. 

Yes 43. Ifthe application is being submitted for resubmission 

-

No 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 . the date on which the Treasury Department 

indicated that the application is a candidate for 

resubmission review? 

See Section 8 ofthis revenue procedure. 

SLK_TOL:#3163899vl 6 

TRPP134-000655
Frederick R. Christen, Authorized Trustee 

Toledo Roofers Local No. 134 Pension Plan 

SLK_TOL:#3 I63899v1 7 

TRPP134-000656