- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x 

Application of the United Furniture 

Workers Pension Fund A for Approval 

Of Suspension of Benefits 

EIN: 13-5511877 /PN:001 

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x 

EXHIBIT 11 

• Demonstration that Benefit Suspensions are 

Distributed Equitably. 

1934740.1 
United Furniture Workers Pension Fund A 

EIN: 13-5511877 I PN: 001 

Revenue Procedure 2016-27, Section 4.04(l)(a) and (l)(b) 

Demonstration that Benefit Suspensions are Distributed Equitably 

The following information was prepared solely for the United Furniture Workers Pension Fund A for the purpose described. Other 

users of this information are not intended users as defmed in the Actuarial Standards of Practice, and Cheiron assumes no duty or 

liability to such other users. -

- · . · .Temninatctl : • ~ . · · · . · + ~. ltc natc 

-~ _ . _· ~ ~. . __ .. ~ccb .. · -~ ~~ ~ .. ..:. ·.nr .. abi~'J ·. ~~f: ~· .:. )~ 

Count 1,076 3,311 4,408 314 765 22 9,896 

,A vera2e Monthlv Benefit 

Before Suspension $425.44 $233.22 $210.65 $361.36 $100.84 $168.10 $237.75 

After Suspension $363.68 $209.83 $203.41 $361.36 $100.48 $139.77 $219.90 

% Change (all) -14.5% -10.0% -3.4% 0.0% -0.4% -16.9% -7.5% 

% Change (only those impacted) -15.2% -13.9% -8.4% 0.0% -2.9% -19.6% -12.7% 

'Present Value ofFuture Benefits (Fundine: Assum~tions) 

Before Suspension $34,093,804 $43,642,794 $89,548,197 $12,137,773 $6,985,885 $496,481 $186,904,934 

After Suspension $29,250,778 $39,942,520 $85,925,072 $12,137,773 $6,953,186 $410,823 $174,620,152 

Impact of Suspension ($4,843,026) ($3,700,275) ($3,623,125) $0 ($32,699) ($85,658) ($12,284,782) 

Distribution of% Reduction in Monthly Benefit 

Not Reduced 289 1,897 3,830 314 742 9 7,081 

Reduction 0% to 10% 622 1,079 502 0 23 7 2,233 

Reduction 10% to 20% 93 143 49 0 0 4 289 

Reduction 20% to 30% 33 69 18 0 0 0 120 

Reduction 30% to 40% 21 61 7 0 0 0 89 

Reduction 40% to 50% 12 53 2 0 0 2 69 

Reduction 50% to 60% 5 9 0 0 0 0 14 

Reduction 60% to 70% 1 Q Q Q Q Q 1 

Total 1.076 3.311 4,408 314 765 22 9,896 

www.chetron.us 1.877 CHEIRON (243.47661 
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x 

Application of the United Furniture 

Workers Pension Fund A for Approval 

Of Suspension of Benefits 

EIN: 13-5511877 /PN:001 

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x 

• Participant Ballot. 

1934740.1 

EXHIBIT 12 
BALLOT ON THE PROPOSED SUSPENSION OF BENEFITS FOR THE 

UNITED FURNITURE WORKERS PENSION FUND A 

The proposed suspension of benefits under the United Furniture Workers Pension Fund A (the 

"Fund") is explained in a notice to you dated [DATE]. It is now time to vote on the proposed 

suspension. As you consider whether to vote for or against the suspension, please keep the 

following in mind: 

The proposed benefit suspension reduces pensioners and future pensioners benefits to 11 0% of 

the Pension Benefit Guaranty Corporation (the "PBGC") guarantee. This is the maximum 

allowable suspension permitted by law, which combined with partition, is necessary for the Fund 

to remain solvent. Therefore, all participants (unless disabled or over age 80) are subject to the 

proposed benefit suspension. 

The proposed suspension will remain in effect indefinitely and will not expire by its own terms. 

The effect of the proposed benefit suspension varies by participant and depends on each 

individual participant's status, monthly benefit, service, and age. The percentage reduction 

ranges from 0% to [x%]. Of the Fund's 9,896 total participants, [x] have no reduction. For the 

[x] that will have a reduction, the reduction is on average [x%]. An estimate of the effect the 

suspension will have on your benefit is shown on the statement delivered with this ballot. 

The proposed suspension has already been approved by the Secretary of the Treasury, in 

consultation with the PBGC and the Secretary of Labor. 

The Fund's Trustees support the proposed suspension, because you will receive a larger benefit 

than if the Fund became insolvent and ran out of money. Although the exact date is unknown, 

the Fund is projected to be insolvent on or around October 2021 unless the proposed suspension 

and partition takes effect. The Fund's insolvency will result in benefits lower than benefits paid 

under the proposed suspension. In the event of insolvency the percentage reduction would range 

from 0% to [x%] and disabled and participants over age 80 would not be protected. Furthermore, 

the PBGC, which guarantees benefits up to a certain level may itself become insolvent. In the 

event the PBGC becomes insolvent, your benefit will most likely be lower than benefits 

otherwise paid in the case ofthe Fund's insolvency. Additionally, ifthe Fund becomes insolvent 

there is no possibility of the benefit reductions being reinstated or future accruals increasing. 

The following comments were received by Fund participants in opposition to the proposed 

suspension of benefits: 

[INSERT STATEMENT COMPILED FROM COMMENTS IN OPPOSITION] 

Taking into account the proposed suspension of benefits and financial assistance from the PBGC, 

the Fund's actuary has certified that the Fund is projected to avoid insolvency. The projection 

represents the actuary's best estimate based on all available data and assumptions about future 

membership, employer contributions, and investment returns. As with all projections, this 

analysis is subject to some degree of uncertainty. 
VOTING INSTRUCTIONS 

HOW: You can cast your vote by either telephone or through a secure website; the PBGC will 

not accept a paper ballot. Please choose one of the following methods to vote: 

1. Call toll free [PHONE#]; or 

2. Log into [WEBSITE ADDRESS] 

Your Voter Identification Code for the purpose of this vote is [XXXX]. 

WHEN: You may vote any time after receiving this ballot until 11 :59pm Eastern Standard Time 

on [DATE]. Any votes submitted after this date will not be counted. 

FAILURE TO VOTE: The proposed suspension will go into effect unless a majority of all 

eligible voters reject it. A failu-re to vote has the same effect on the outcome of the vote as a vote 

in favor of the proposed suspension. 
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x 

Application of the United Furniture 

Workers Pension Fund A for Approval 

Of Suspension of Benefits 

EIN: 13-5511877 /PN:001 

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x 

EXHIBIT 13 

• Year-by-Year Projection of the Amount of the 

Reduction in Benefit Payment Attributable to Partition. 

!934740.! 
--(++EIRON ~ --~ - - -- ---~- .- .~- -.- -.-~ >· ...._ -- • - ..!..' 

United Furniture Workers Pension Fund A 

BIN: 13-5511877 I PN: 001 

PBGC Regulation §4233. 7(a)(8) & Revenue Procedure 2016-27, Section 6.02 

Certification of PBGC Assistance with Partition 

As required by PBGC Regulation §4233.7(a)(8) and Section 6.02 of Revenue Procedure 2016-27 

we certify to the attached long-term projection reflecting benefit disbursements from the 

Successor Plan based on the proposed partition. Furthermore, we calculate the present value of 

all future financial assistance as a result of the proposed partition to be $157,050,437. This 

certification is supported by the data in Appendix I and the analysis and projections arc based on 

the interest and mortality assumptions applicable to the valuation of plans terminated by mass 

withdrawal as specified in PBGC Regulation §4281.13 and other reasonable actuarial 

assumptions, including retirement age, form of benefit payment, and administrative expenses. 

To the best of our knowledge, this certification and its contents have been prepared in 

accordance with the requirements .of PBGC Regulation §4233.7(a)(8), Section 6.02 of Revenue 

Procedure 2016-27 and generally recognized and accepted actuarial principles and practices that 

are consistent with the Code of Professional Conduct and applicable Actuarial Standards of 

Practice set out by the Actuarial Standards Board. Furthermore, as credentialed actuaries, we 

meet the Qualification Standards of the American Academy of Actuaries to render the opinion 

contained in this cet1ification. This certification does not address any contractual or legal issues. 

We are not attorneys and our firm does not provide any legal services or advice. 

Also, this certification was prepared exclusively for the United Furniture Workers Pension Fund 

A for the purpose described herein. Other users of this certification are not intended users as 

defined in the Actuarial Standards of Practice, and Cheiron assumes no duty or liability to such 

other users. 

Finally, in preparing this certification, we have relied on information supplied by the Fund Office 

and the Board of Trustees. This information includes, but is not limited to, plan provisions, 

employee data, fmancial information, and expectations of future industry activity. We performed 

an infmmal examination of the obvious characteristics of the data for reasonableness and 

consistency in accordance with Actuarial Standard of Practice #23. Future analysis may differ 

significantly from those presented in this certification due to such factors as the following: plan 

experience differing from that anticipated by the assumptions; changes in assumptions; and 

changes in plan provisions or applicable law. 

Redacted by the U.S. 

Department of the Treasu 

Christian Benjaminson, FSA, EA (14-07015) 

Attachments: Appendix I: Detail for Actuarial Certification 

, ' ~ ' , l : 

Appendix II: Methodology and Assumptions 

www.cheiron.us 1.877 CHEIRON (243.4766) 
APPENDIX I- DETAIL FOR ACTUARIAL CERTIFICATION 

CASH FLOW PROJECTION 

Based on the assumptions in Appendix II, we provide the following long-term projection 

reflecting benefit disbursements from the Successor Plan based on the proposed partition. The 

projections assume that effective May 1, 2017 the Fund implemented the maximum suspension 

permitted (in accordance with ERISA Section 305(e)(9)(D)(i) and consistent with Section 

305(e)(9)(D)(iv) and the regulations thereunder) and partitioned to the Successor Plan 100% of 

the liability associated with the terminated vested participants and 49% of the liability associated 

with the retirees and beneficiaries. All liability associated with the active participants would 

remain in the Original Plan. 

Furthermore, we calculate the present value of all future financial assistance as a result of the 

proposed partition to be $157,050,437. As noted in Appendix II, this projection assumes the 

PBGC would provide financial assistance to the Successor Plan for the annual benefit payments 

partitioned to the Successor Plan as well as an allocation of administrative expenses. 

The cash flow projection is provided on the following pages. 

1 
APPENDIX I - DETAIL FOR ACTUARIAL CERTIFICATION 

TABULAR PBGC FINANCIAL ASSISTANCE: 

(i) 

3/1/2016 2.82% 

3/1/2017 2.82% 

3/1/2018 2.82% 

3/1/2019 2.82% 

3/1/2020 2.82% 

3/1/2021 2.82% 

3/1/2022 2.82% 

3/1/2023 2.82% 

3/1/2024 2.82% 

3/1/2025 2.82% 

3/1/2026 2.82% 

3/1/2027 2.82% 

3/1/2028 2.82% 

3/1/2029 2.82% 

3/1/2030 2.82% 

3/1/2031 2.82% 

3/1/2032 2.82% 

3/1/2033 2.82% 

3/1/2034 2.82% 

3/1/2035 2.82% 

3/1/2036 2.95% 

3/1/2037 2.95% 

3/1/2038 2.95% 

3/1/2039 2.95% 

3/1/2040 2.95% 

-{:-HEIRON ~ 

Net Present Value as of March 1, 2016 $ 157,050,437 

(ii) 

Benefit Payments 

Terminated 

Active Retiree Vested Beneficiary 

$0 $0 $0 $0 

0 4,381,527 661,473 359,589 

0 5,058,625 1,002,895 413,025 

0 4,858,079 1,240,661 394,354 

0 4,658,281 1,509,885 375,587 

0 4,458,396 1,769,965 356,822 

0 4,258,889 2,047,214 338,148 

0 4,060,113 2,293,659 319,671 

0 3,862,279 2,597,852 301,463 

0 3,665,673 2,874,035 283,580 

0 3,470,582 ·3,288,788 266,103 

0 3,277,259 3,699,548 249,094 

0 3,086,033 4,020,989 232,577 

0 2,897,262 4,280,698 216,581 

0 2,711,281 4,528,496 201,156 

0 2,528,434 4,618,658 186,329 

0 2,349,102 4,701,921 172,084 

0 2,173,871 4,767,059 158,443 

0 2,003,186 4,833,761 145,440 

0 1,837,501 4,911,255 133,091 

0 1,677,420 4,934,234 121,398 

0 1,523,442 4,944,399 110,360 

0 1,376,095 4,932,107 99,986 

0 1,235,953 4,865,030 90,274 

0 1,103,460 4,781,210 81,209 

(iii) 

Administrative 

Expenses 

$0 

588,641 

707,069 

706,905 

705,909 

704,066 

701,404 

697,896 

693,491 

688,268 

681,898 

674,518 

740,229 

728,024 

714,562 

700,317 

684,971 

668,524 

650,950 

632,331 

612,661 

592,021 

570,639 

548,528 

525,832 

(iv) 

Total 

Financial 

Assistance 

$0 

5,991,231 

7,181,614 

7,199,999 

7,249,662 

7,289,249 

7,345,655 

7,371,339 

7,455,084 

7,511,557 

7,707,372 

7,900,419 

8,079,829 

8,122,565 

8,155,494 

8,033,737 

7,908,079 

7,767,897 

7,633,337 

7,514,177 

7,345,714 

7,170,223 

6,978,826 

6,739,785 

6,491,711 

2 
APPENDIX I - DETAIL FOR ACTUARIAL CERTIFICATION 

TABULAR PBGC FINANCIAL ASSISTANCE (continued): 

(i) 

.... 

3/1/2041 2.95% 

3/1/2042 2.95% 

3/1/2043 2.95% 

3/1/2044 2.95% 

3/1/2045 2.95% 

3/1/2046 2.95% 

3/1/2047 2.95% 

3/1/2048 2.95% 

3/1/2049 2.95% 

3/1/2050 2.95% 

3/1/2051 2.95% 

3/1/2052 2.95% 

3/1/2053 2.95% 

3/1/2054 2.95% 

3/1/2055 2.95% 

3/1/2056 2.95% 

3/1/2057 2.95% 

3/1/2058 2.95% 

3/1/2059 2.95% 

3/1/2060 2.95% 

3/1/2061 2.95% 

3/1/2062 2.95% 

3/1/2063 2.95% 

3/1/2064 2.95% 

3/1/2065 2.95% 

.C+tEIRON If. 

(ii) 

Benefit Payments 

Terminated 

Active Retiree Vested Beneficiary 

$0 $979,043 $4,674,953 $72,781 

0 863,078 4,604,184 64,988 

0 755,832 4,486,362 57,817 

0 657,500 4,372,701 51,245 

0 568,035 4,211,506 45,251 

0 487,317 4,009,204 39,826 

0 415,178 3,784,131 34,939 

0 351,255 3,565,601 30,556 

0 295,129 3,335,671 26,644 

0 246,334 3,101,014 23,181 

0 204,275 2,864,178 20,129 

0 168,382 2,631,319 17,452 

0 138,028 2,405,451 15,120 

0 112,562 2,187,600 13,098 

0 91,406 1,979,748 11,346 

0 73,975 1,782,901 9,831 

0 59,718 1,597,694 8,527 

0 48,153 1,424,605 7,404 

0 38,814 1,263,935 6,436 

0 31,307 1,115,550 5,602 

0 25,295 979,337 4,884 

0 20,494 855,049 4,264 

0 16,658 742,214 3,729 

0 13,594 640,263 3,268 

0 11,143 548,586 2,868 

(iii) 

Administrative 

Expenses 

$502,537 

478,600 

454,427 

430,008 

405,620 

381,430 

357,624 

334,101 

311,123 

288,704 

267,079 

246,231 

226,232 

207,145 

188,983 

171,786 

155,557 

140,292 

125,989 

112,630 

100,206 

88,694 

78,070 

68,311 

59,390 

(iv) 

T"tal 

Financial 

Assistanc<! 

$6,229,315 

6,010,851 

5,754,438 

5,511,455 

5,230,413 

4,917,777 

4,591,873 

4,281,514 

3,968,568 

3,659,234 

3,355,661 

3,063,383 

2,784,832 

2,520,405 

2,271,484 

2,038,494 

1,821,497 

1,620,454 

1,435,175 

1,265,088 

1,109,722 

968,501 

840,671 

725,436 

621,987 

3 
APPENDIX I - DETAIL FOR ACTUARIAL CERTIFICATION 

TABULAR PBGC FINANCIAL ASSISTANCE (continued): 

(i) (ii) 

Benefit Payments 

Terminated 

Active Retiree Vested Beneficiary 

3/1/2066 

3/1/2067 

3/1/2068 

3/1/2069 

3/1/2070 

3/1/2071 

3/1/2072 

3/1/2073 

3/1/2074 

3/1/2075 

3/1/2076 

3/1/2077 

3/1/2078 

3/1/2079 

3/1/2080 

3/1/2081 

3/1/2082 

3/1/2083 

3/1/2084 

3/1/2085 

3/1/2086 

3/1/2087 

3/1/2088 

3/1/2089 

3/1/2090 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

2.95% 

<:+tEIRON~ 

$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 

$9,173 

7,579 

6,277 

5,208 

4,323 

3,580 

2,957 

2,433 

1,987 

1,606 

1,286 

1,019 

796 

609 

459 

339 

246 

172 

118 

78 

51 

31 

19 

11 

7 

$466,550 $2,522 

393,512 2,221 

328,884 1,958 

272,162 1,727 

222,814 1,524 

180,294 1,346 

144,029 1,189 

113,497 1,047 

88,148 922 

67,396 811 

50,690 712 

37,488 623 

27,237 544 

19,422 475 

13,586 414 

9,313 358 

6,253 310 

4,112 267 

2,644 228 

1,663 195 

1,021 164 

614 137 

362 113 

206 92 

117 74 

(iii) 

Administrative 

Expenses 

$51,268 

43,916 

37,312 

31,417 

26,196 

21,641 

17,695 

14,320 

11,462 

9,076 

7,113 

5,511 

4,228 

3,220 

2,440 

1,842 

1,362 

910 

598 

387 

247 

157 

99 

62 

39 

(iv) 

Total 

Financial 

Assistance 

$529,513 

447,228 

374,431 

310,515 

254,858 

206,861 

165,870 

131,297 

102,519 

78,889 

59,801 

44,641 

32,804 

23,726 

16,898 

11,852 

8,170 

5,461 

3,588 

2,323 

1,483 

939 

593 

371 

236 

4 
APPENDIX I - DETAIL FOR ACTUARIAL CERTIFICATION 

TABULAR PBGC FINANCIAL ASSISTANCE (continued): 

1111 

3/1/2091 2.95% 

3/1/2092 2.95% 

3/1/2093 2.95% 

3/1/2094 2.95% 

3/1/2095 2.95% 

3/1/2096 2.95% 

3/1/2097 2.95% 

3/1/2098 2.95% 

3/1/2099 2.95% 

3/1/2100 2.95% 

3/1/2101 2.95% 

3/1/2102 2.95% 

3/1/2103 2.95% 

3/1/2104 2.95% 

3/1/2105 2.95% 

3/1/2106 2.95% 

3/1/2107 2.95% 

3/1/2108 2.95% 

3/1/2109 2.95% 

3/1/2110 2.95% 

3/1/2111 2.95% 

3/1/2112 2.95% 

3/1/2113 2.95% 

3/1/2114 2.95% 

3/1/2115 2.95% 

<:++EIRON~ 

(ii) 

Benefit Payments 

Terminated 

Activo ~ctiree Vested Rcncficiary 

$0 $4 $63 $57 

0 2 35 44 

0 1 18 32 

0 0 9 24 

0 0 5 17 

0 0 2 11 

0 0 1 7 

0 0 0 4 

0 0 0 3 

0 0 0 1 

0 0 0 1 

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 0 0 0 

0 0 0 0 

0 0 0 0 

0 0 0 0 

0 0 0 0 

0 0 0 0 

(iii) 

- - --

Administrative 

Expenses 

$25 

16 

10 

7 

4 

3 

2 

1 

1 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

(iv) 

T...,tal 

Financial 

Assistance 

$149 

96 

61 

39 

27 

16 

10 

5 

4 

2 

1 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

5 
APPENDIX II- METHODOLOGY AND ASSUMPTIONS 

A. Actuarial Assumptions 

1. Investment Return (net of investment expenses) 

Pursuant to the PBGC rates effective February 2016: 2.82% for the first 20 years and 

2.95% thereafter 

2. Administrative Expenses 

Expenses are assumed to remain level as future inflation is offset by declines in total plan 

pa1ticipation. These expenses are allocated between the Original Plan and Successor Plan 

based on projected headcounts with PBGC premiums paid by the Original Plan for the 

1 0-year period following the partition effective date (premiums are assumed to increase 

1% per year). For scenarios where the Plan is projected insolvent, we assume expenses 

would be reduced 25% in the plan year following insolvency. Finally, expenses are 

limited to 20% of expected benefit payments in scenarios where the PBGC provides 

financial assistance in either the Successor Plan or after insolvency. 

3. Rates of Mortality 

- Healthy Lives: 

- Disabled Lives: 

ERISA Section 4044 Healthy Mortality for 2016 

ERISA Section 4044 Social Security Disabled Mortality for 2016 

Terminated Vested Participants over age 80 are assumed to be deceased. 

4. Rates of Turnover 

Terminations of employment for reasons other than death, disability or retirement are 

assumed to be in accordance with annual rates as shown below for illustrative ages. 

25 

35 

45 

55 

62 

5. Rates of Disability 

- - · --- · ser\·ice · - : 

0 - I 1 - 2 2 - ~ 3+ ; 

20.5% 

16.9 

15.0 

15.0 

15.0 

20.5% 

16.9 

15.0 

15.0 

15.0 

19.0% 

16.9 

12.4 

7.0 

7.0 

15.0% 

11.3 

7.8 

7.0 

7.0 

Illustrative rates of disablement are shown below: 

<:-HEIRON ~ 

25 

35 

45 

55 

65 

0.050% 

0.065 

0.244 

0.406 

0.000 

6 
APPENDIX II- METHODOLOGY AND ASSUMPTIONS 

6. Rates of Retirement 

Annual rates as shown below for illustrative ages. 

7. Normal Form 

Life Annuity 

55-59 3.00% 

60 5.00 

61 10.00 

62-64 15.00 

65-69 50.00 

70 100.00 

8. Changes in Membership I Contribution Base Units 

Based on the Trustees' Industry Activity assumption used in the most recent PP A 

Certification assuming membership will decline 10% per year. However, after the 

effective date of the suspension I partition we assume stable membership (see response to 

Section 6.03 ofRevenue Procedure 2016-27 in the Benefit Suspension Application). 

9. New Entrant Profile 

New entrants are assumed to annually join the Plan in accordance with the distribution 

below (which is based on the Plan's most recent 5-year history of new entrants) and in 

combination with the Changes in Membership assumption. The benefits for new entrants 

(normal cost and projected benefit payments) are adjusted such that the total normal cost 

remains consistent over the baseline projection. 

• • 

23 

28 

33 

37 

43 

47 

53 

22% 

19 

13 

11 

15 . 

10 

10 

10. Contribution Increases I Average Contribution Rate 

The current Rehabilitation Plan assumes 5.5% per year annual increases. However, after 

the effective date of the suspension I partition we assume contributions increase with 

inflation at 1.5% per year. These increases are applied annually to the average weighted 

contribution rate to estimate employer contributions in combination with the Changes in 

Membership assumption. 

<:-HEIRON ~ 7 
APPENDIX II- METHODOLOGY AND ASSUMPTIONS 

11. Suspension 

The projection assumes the maximum suspension permitted in accordance with ERISA 

Section 305(e)(9)(D)(i) effective May 1, 2017. 

12. Partition 

The projection assumes 100% of the liability associated with the terminated vested 

participants and 49% of the liability associated with the retirees and beneficiaries are 

partitioned to the Successor Plan effective May 1, 2017. All liability associated with the 

active participants would remain in the Original Plan. 

13. Justification for Actuarial Assumptions 

The discount rate and mortality table used in this certification are prescribed assumptions. 

Our demographic assumptions were initially set after a 2007 Experience Study and are 

annually reviewed based upon actual experience. 

14. Changes in Assumptions Since Last Valuation 

None 

B. Actuarial Funding Method 

The cost method for determining liabilities for this valuation is the Unit Credit Cost method. 

This is one of a family of valuation methods known as accrued benefit methods. The chief 

characteristic of accrued benefit methods is that the funding pattern follows the pattern of 

benefit accrual. The normal cost is dete1mined as that portion of each patiicipant's benefit 

attributable to service expected to be earned in the upcoming plan year. The Actuarial 

Liability, which is determined for each participant as of each valuation date, represents the 

actuarial present value of the portion of each participant's benefit attributable to service 

earned prior to the valuation date. 

8 
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x 

Application of the United Furniture 

Workers Pension Fund A for Approval 

Of Suspension of Benefits 

EIN: 13-5511877 /PN:001 

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x 

EXHIBIT 14 

• Disclosure of Pension Fund's Experience with respect 

to Certain Critical Assumptions Used during Preceding 

10 Years. 

1934740.1 
.. ~ - " - -- ___.....,_.-....--- ---

<+~EIRQN .,. ~ ~ :."':~~ - - ~ ~- ""- -

United Furniture Workers Pension Fund A 

EIN: 13-5511877 I PN: 001 

Revenue Procedure 2016-27, Section 6.03 

Ten-Year Experience for Certain Critical Assumptions 

On the next few pages we provide the ten-year experience for the critical assumptions required 

by Section 6.03 of Revenue Procedure 2016-27. We have also included a historical summary of 

active participants. 

We first provide the ten-year history on the entire Plan; from both active and previously 

withdrawn employers. However, we also provide the historical summary on the current active 

contributing employers as well as on the two primary employers (Steinway and Sealy, Inc. are 

the two largest contributing employers; they account for 69% of contributions for the Plan Year 

Ending February 20 16). The average annual change in Contribution Base Units is summarized in 

the table below. 

I I ' 1 

Cun·ent Active & Withdrawn Employers 5.2% 3.7% 1.4% -4.5% 

Current Active Employers 5.9% 7.2% 5.5% -0.5% 

Steinwa~ and Sea ~z Inc. 6.3% 8.6% 6.8% -1.1% 

Note contributing employers contribute on one of three different bases: percent of Gross Wages, 

dollar per hour, or dollar per member per month. We provide the average annual change in 

Contribution Base Units over the period and summarize this at the bottom weighted by the most 

recent year's contribution amounts. 

This information was prepared solely for the United Furniture Workers Pension Fund A for the 

purpose described herein. Other users of this information are not intended users as defined in the 

Actuarial Standards of Practice, and Cheiron assumes no duty or liability to such other users. 

www.cheiron liS 1 877.CHEIRON (243 4766) 
2/28/2007 

2/29/2008 

2/28/2009 

2/28/2010 

2/28/2011 

2/29/2012 

2/28/2013 

2/28/2014 

2/28/2015 

2/29/2016 

(1) 

Total 

Contributions 

$4,148,378 

3,981,151 

3,482,630 

3,019,883 

2,966,789 

3,441,065 

3,355,143 

3,491,482 

3,654,036 

3,790,599 

Contributions for 

Plan Year Ending 2/29/2016 

- as% of Total Contributions 

Over9 Years 

OverS Years 

Over3 Years 

Over 1 Year 

.C-I-IEIRON ~ 

Revenue Procedure 2016-27, Section 6.03 

Ten-Year Experience for Certain Critical Assumptions 

CURRENT AND WITHDRAWN EMPLOYERS 

(2) (3) 

Total Contribution Base Units Average Contribution Rate 

(4) 

Withdrawal 

Liability Payments 

$55,893,761 1,813,856 3,231 4.6% $0.524 $202 $82,123 

54,862,191 1,704,039 2,967 4.7% $0.422 $219 2,163,672 

47,902,470 1,529,619 2,713 4.8% $0.430 $219 51,366 

37,844,524 1,090,222 1,934 4.9% $0.481 $219 295,620 

35,200,497 1,029,314 1,897 5.4% $0.510 $222 994,900 

37,025,299 795,713 1,783 6.2% $0.684 $251 657,483 

35,061,201 682,151 1,653 6.6% $0.829 $271 97,229 

36,365,505 333,710 1,949 7.1% $1.147 $287 4,119,266 

40,574,442 257,554 605 7.5% $1.318 $295 910,283 

43,102,516 250,888 55 8.0% $1.412 $152 74,140 

Gross 

Wages ~ Months Total 

$3,428,355 $353,892 $8,352 $3,790,599 

90.5% 9.3% 0.2% 100.0% 

Average Annual Change in CBUs 

-2.8% -19.7% -36.4% -4.5% 

4.1% -24.6% -50.7% 1.4% 

7.1% -28.4% -67.8% 3.7% 

6.2% -2.6% -90.9% 5.2% 

(5) 

Rate of Retum 

on Plan Assets 

9.02% 

0.00% 

-24.39% 

29.16% 

15.35% 

2.79% 

7.15% 

12.51% 

6.28% 

-3.77% 

(6) 

.. 

2,819 

2,617 

2,459 

2,036 

1,550 

1,349 

1,358 

1,105 

1,029 

1,076 

Average Annual Change 

-10.1% 

-7.0% 

-7.5% 

4.6% 

1 
Revenue Procedure 2016-27, Section 6.03 

Ten-Year Experience for Certain Critical Assumptions 

-

-

2/28/2007 

2/29/2008 

2/28/2009 

2/28/2010 

2/28/2011 

2/29/2012 

2/28/2013 

2/28/2014 

2/28/2015 

2/29/2016 

(1) 

Contributions 

$2,616,354 

2,602,470 

2,346,636 

1,987,234 

2,052,457 

2,535,788 

2,608,022 

2,896,531 

3,389,018 

3,790,599 

Contributions for 

Plan Year Ending 2/29/2016 

- as % of Total Contributions 

Over9 Years 

Over 5 Years 

Over 3 Years 

Over 1 Year 

...C+tEIRON ~ 

CURRENT EMPLOYERS 

(2) (3) 

Contribution Base Units Average Contribution Rate 

$42,840,408 444,482 28 5.3% $0.814 

42,803,352 383,624 46 5.3% $0.840 

40,009,315 276,455 47 5.3% $0.850 

33,307,493 251,218 47 5.3% $0.872 

31,977,215 257,519 43 5.7% $0.897 

35,363,156 283,035 46 6.3% $1.051 

34,018,699 267,303 46 6.7% $1.202 

35,814,009 266,969 48 7.1% $1.288 

40,342,799 257,554 42 7.5% $1.318 

43,032,503 250,888 55 8.0% $1.412 

Gross 

Wages Hours MQn1!Js Total 

$3,428,355 $353,892 $8,352 $3,790,599 

90.5% 9.3% 0.2% 100.0% 

Av~rage Aocual Change in CBUs 

0.0% -6.2% 7.8% -0.5% 

6.1% -0.5% 5.0% 5.5% 

8.1% -2.1% 6.1% 7.2% 

6.7% -2.6% 31.0% 5.9% 

$106 

$105 

$105 

$105 

$106 

$112 

$130 

$134 

$144 

$152 

(4) 

Active 

Participants 

1,442 

1,366 

1,305 

1,172 

1,042 

951 

982 

954 

1,026 

1,076 

Average Annual Change 

-3.2% 

0.6% 

3.1% 

4.9% 

2 
Revenue Procedure 2016-27, Section 6.03 

Ten-Year Experiencefor Certain Critical Assumptions 

-. 2/28/2007 

2/29/2008 

2/28/2009 

2/28/2010 

2/28/2011 

2/29/2012 

2/28/2013 

2/28/2014 

2/28/2015 

2/29/2016 

(1) 

Contributions 

$1,862,574 

1,867,693 

1,603,371 

1,296,116 

1,352,677 

1,766,473 

1,742,236 

1,970,262 

2,323,574 

2,604,094 

Contributions for 

Plan Year Ending 2/29/2016 

-as% of Total Contributions 

Over9 Years 

Over 5 Years 

Over 3 Years 

Over 1 Year 

.C+tEIRON /? 

STEINWAY AND SEALY, INC. 

(2) 

Contribution Base Units 

$27,933,632 341,005 

28,335,849 289,258 

24,713,810 201,496 

18,836,239 197,557 

18,347,722 204,614 

21,705,922 230,401 

19,840,082 225,075 

21,564,727 223,379 

24,835,110 205,718 

26,631,492 204,381 

Gross 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

Wages Hours Months 

$2,280,881 $323,212 $0 

87.6% 12.4% 0.0% 

(3) 

Average Contribution Rate 

5.6% $0.900 

5.6% $0.942 

5.7% $1.000 

5.8% $1.000 

6.3% $1.000 

6.9% $1.171 

7.3% $1.311 

7.7% $1.421 

8.1% $1 .499 

8.6% $1.581 

Total 

$2,604,094 

100.0% 

Average Annual Change in CBUs 

-0.5% -5.5% 0.0% -1.1% 

7.7% 0.0% 0.0% 6.8% 

10.3% -3.2% 0.0% 8.6% 

7.2% -0.6% 0.0% 6.3% 

$0 

$0 

$0 

$0 

$0 

$0 

$0 

$0 

$0 

$0 

(4) 

Active 

Participants 

876 

814 

742 

684 

581 

542 

559 

549 

586 

625 

Average Annual Change 

-3.7% 

1.5% 

3.8% 

6.7% 

3 
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x 

Application of the United Furniture 

Workers Pension Fund A for Approval 

Of Suspension of Benefits 

EIN: 13-5511877 /PN:001 

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x 

EXHIBIT 15 

• Projections Relating to Determination of Sensitivity 

Projections. 

!934740.! 
- - - - f r ----~1/i-.----., ~.,...,. 

..C+IEIRON ~ : · . -·- ~ • - r _..._ -; ~ 

United Furniture Workers Pension Fund A 

EIN: 13-5511877 I PN: 001 

Revenue Procedure 2016-27, Section 6. 04 

Demonstration of Sensitivity of Projections 

As required by Section 6.04 of Revenue Procedure 2016-27, we prepared deterministic 

projections of the sensitivity of the Plan's solvency ratio throughout the extended period to 

certain key assumptions as compared to the stress-testing scenario used in Section 4.02 of 

Revenue Procedure 2016-27. The projections are supported by the data in Appendix I and based 

on the assumptions and methods in Appendix II. 

To the best of our knowledge, this analysis and its contents have been prepared in accordance 

with the requirements of Revenue Procedure 2016-27 and generally recognized and accepted 

actuarial principles and practices that are consistent with the Code of Professional Conduct and 

applicable Actuarial Standards of Practice set out by the Actuarial Standards Board. 

Furthetmore, as credentialed actu~ries, we meet the Qualification Standards of the American 

Academy of Actuaries to render the opinion contained in this analysis. This analysis does not 

address any contractual or legal issues. We are not attorneys and our firm does not provide any 

legal services or advice. 

Also, this analysis was prepared exclusively for the United Furniture Workers Pension Fund A 

for the purpose described herein. Other users of this analysis are not intended users as defined in 

the Actuarial Standards of Practice, and Cheiron assumes no duty or liability to such other users. 

Finally, in preparing this analysis, we have relied on information supplied by the Fund Office 

and the Board of Trustees. This information includes, but is not limited to, plan provisions, 

employee data, financial information, and expectations of future industry activity. We performed 

an informal examination of the obvious characteristics of the data for reasonableness and 

consistency in accordance with Actuarial Standard of Practice #23. Future analysis may differ 

significantly from those presented in this analysis due to such factors as the following: plan 

experience differing from that anticipated by the assumptions; changes in assumptions; and 

changes in plan provisions or applicable law. 

Redacted by the U.S. 

Department of the Treasury 

Gene Kalwarski, FSA, EA (14-02845) 

Attachments: Appendix I: Projection Details 

Redacted by the U.S. Department of the 

Treasury 

----------

Christian Benjaminlon, FSA, EA (1 4-07015) 

Appendix II: Methodology and Assumptions 

www cheiron.us 1.877 CHE=IRON (243.4766) 
APPENDIX I- PROJECTION DETAILS 

SOLVENCY PROJECTION 

Based on the assumptions in Appendix II we provide the requested deterministic projections of 

the sensitivity of the plan's solvency ratio throughout the extended period to certain key 

assumptions. Unless otherwise noted, the projections are based on the same assumptions as those 

used in the stress-testing scenario under Section 4.02(1) of Revenue Procedure 2016-27. Note, 

each projection begins with the estimated assets as of July 1, 2016 based on a four month return 

of 5.17%. However, as provided in our response to Section 4.02(1) we assumed the Fund would 

earn 2.00% as an annual return, therefore, the last eight months would need to return negative 

3%. 

The projections assume that effective May 1, 2017 the Fund implemented the maximum 

suspension permitted (in accordance with ERISA Section 305(e)(9)(D)(i) and consistent with 

Section 305(e)(9)(D)(iv) and the regulations thereunder) and partitioned to the Successor Plan 

100% of the liability associated with the terminated vested participants and 49% of the liability 

associated with the retirees and beneficiaries. All liability associated with the active participants 

would remain in the Original Plan. 

On the following pages, we provide the requested projections: 

1. The assumed rate of return is reduced by 1%. 

2. The assumed rate of return is reduced by 2%. 

3. Future contribution base units decreasing 4.5% per year following the effective date of 

the suspension I partition. 

4. Future contribution base units decreasing 5.5% per year following the effective date of 

the suspension I partition. 

The graph below shows the projected Market Value of Assets under the four scenarios above as 

well as the baseline scenario as provided in response to Section 4.02(1) of Revenue Procedure 

2016-27. 

1/) $60 

c::: 

.2 

::!! $40 

$20 

$0 

2016 2020 

<:-HEIRON~ 

2024 

-Stress Testing Scenario, Section 4.02(1) 

...,_Return -1% per year, Section 6.04(1) 

-II-Return -2% per year, Section 6.04(2) 

2028 

CBUs -4.5% per year, Section 6.04(3) 

CBUs -5.5% per year, Section 6.04(4) 

• " ,. , Ill' • • 

. ' 

2032 2036 2040 

1 
APPENDIX I - PROJECTION DETAILS 

PLAN'S SOLVENCY RATIO WITH ASSUMED RATE OF RETURN REDUCED BY 1% 

(i) (ii) 

.. Contributions 

7/1/2016 1.00% $54,542,427 $2,530,075 

3/1/2017 2.00% 44,357,663 3,654,366 

3/1/2018 3.00% 39,781,285 3,709,181 

3/1/2019 4.00% 36,855,429 3,764,819 

3/1/2020 5.00% 34,147,081 3,821,291 

3/1/2021 5.75% 31,749,083 3,878,611 

3/1/2022 5.75% 29,561,829 3,936,790 

3/1/2023 5.75% 27,319,586 3,995,842 

3/1/2024 5.75% 25,059,335 4,055,779 

3/1/2025 5.75% 22,780,740 4,116,616 

3/1/2026 5.75% 20,498,885 4,178,365 

3/1/2027 5.75% 18,178,162 4,241,041 

3/1/2028 5.75% 15,870,726 4,304,656 

3/1/2029 5.75% 13,641,952 4,369,226 

3/1/2030 5.75% 11,452,621 4,434,765 

3/1/2031 5.75% 9,296,068 4,501,286 

3/1/2032 5.75% 7,221,565 4,568,805 

3/1/2033 5.75% 5,214,680 4,637,337 

3/1/2034 5.75% 3,309,707 4,706,897 

3/1/2035 5.75% 1,518,071 4,777,501 

3/1/2036 5.75% 0 4,849,163 

3/1/2037 5.75% 0 4,921,901 

3/1/2038 5.75% 0 4,995,729 

3/1/2039 5.75% 0 5,070,665 

3/1/2040 5.75% 0 5,146,725 

3/1/2041 5.75% 0 5,223,926 

3/1/2042 5.75% 0 5,302,285 

3/1/2043 5.75% 629,666 5,381,819 

3/1/2044 5.75% 1,549,339 5,462,547 

3/1/2045 5.75% 2,682,089 5,544,485 

3/1/2046 5.75% 4,052,1 56 5,627,652 

3/1/2047 5.75% 5,668,208 5,712,067 

<-HEIRON~ 

(iii) 

Withdrawal 

Liability Payments 

$271,630 

201,274 

200,742 

65,506 

64,158 

64,158 

60,813 

57,456 

57,456 

57,456 

43,216 

26,976 

26,976 

22,546 

16,645 

12,232 

6,143 

6,143 

6,143 

6,143 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

(iv) 

~ -$2,552,466 

917,330 

1,241,164 

1,536,116 

1,785,878 

1,917,285 

1,792,997 

1,665,547 

1,537,157 

1,407,714 

1,277,674 

1,145,339 

1,016,328 

889,532 

764,955 

642,310 

524,332 

410,413 

302,351 

200,805 

120,102 

121,730 

123,375 

125,036 

126,717 

128,419 

130,140 

168,097 

222,759 

289,708 

370,343 

465,165 

(v) 

Administrative 

Expenses 

-$941,081 

-822,981 

-704,553 

-704,717 

-705,713 

-707,556 

-710,218 

-713,726 

-718,131 

-723,354 

-729,724 

-737,104 

-671 ,393 

-683,598 

-697,060 

-711,305 

-726,651 

-743,098 

-760,672 

-779,291 

·612,497 

-627,786 

-643,608 

-659,950 

-676,703 

-693,876 

·711,498 

-729,269 

-747,194 

·765,069 

-782,772 

-800,167 

(vi) 

$53,850,585 

48,307,652 

44,227,819 

41,517,154 

39,112,695 

36,901,581 

34,642,211 

32,324,705 

29,991,596 

27,639,172 

25,268,416 

22,854,415 

20,547,293 

18,239,659 

15,971,925 

13,740,591 

11,594,195 

9,525,476 

7,564,425 

5,723,229 

4,356,768 

4,415,845 

4 ,475,496 

4,535,751 

4,596,739 

4,658,469 

4,720,927 

5,450,313 

6,487,450 

7,751,213 

9,267,378 

11,045,274 

(vii) (viii) 

$9,461 ,488 5.69 

8,442,362 5.72 

7,264,232 6.09 

7,226,951 5.74 

7,186,149 5.44 

7,137,419 5.17 

7,120,764 4.86 

7,065,088 4.58 

7,012,076 4 .28 

6,943,453 3.98 

6,894,799 3.66 

6,791,172 3.37 

6,714,983 3.06 

6,599,941 2.76 

6,491,825 2.46 

6,339,317 2.17 

6,203,653 1.87 

6,044,421 1.58 

5,879,676 1.29 

5,643,145 1.01 

4,689,644 0.93 

4,545,374 0.97 

4,402,703 1.02 

4,266,701 1.06 

4,143,530 1.11 

4,027,017 1.16 

3,901,899 1.21 

3,793,438 1.44 

3,700,460 1.75 

3,597,086 2.15 

3,499,953 2.65 

3,394,131 3.25 

2 
APPENDIX I - PROJECTION DETAILS 

PLAN'S SOLVENCY RATIO WITH ASSUMED RATE OF RETURN REDUCED BY 2% 

(i) (ii) 

Contributions 

7/1/2016 0.00% $54,542,427 $2,530,075 

3/1/2017 1.00% 43,861,896 3,654,366 

3/1/2018 2.00% 38,863,831 3,709,181 

3/1/2019 3.00% 35,541,859 3,764,819 

3/1/2020 4.00% 32,445,707 3,821,291 

3/1/2021 4.75% 29,657,779 3,878,611 

3/1/2022 4.75% 27,072,715 3,936,790 

3/1/2023 4.75% 24,435,304 3,995,842 

3/1/2024 4.75% 21,783,010 4,055,779 

3/1/2025 4.75% 19,115,825 4,116,616 

3/1/2026 4.75% 16,449,102 4,178,365 

3/1/2027 4.75% 13,747,611 4,241,041 

3/1/2028 4.75% 11,063,830 4,304,656 

3/1/2029 4.75% 8,462,910 4,369,226 

3/1/2030 4.75% 5,905,249 4,434,765 

3/1/2031 4.75% 3,384,011 4,501,286 

3/1/2032 4.75% 948,090 4,568,805 

3/1/2033 4.75% 0 4,637,337 

3/1/2034 4.75% 0 4,706,897 

3/1/2035 4.75% 0 4,777,501 

3/1/2036 4.75% 0 4,849,163 

3/1/2037 4.75% 0 4,921,901 

3/1/2038 4.75% 0 4,995,729 

3/1/2039 4.75% 0 5,070,665 

3/1/2040 4.75% 0 5,146,725 

3/1/2041 4.75% 0 5,223,926 

3/1/2042 4.75% 0 5,302,285 

3/1/2043 4.75% 0 5,381,819 

3/1/2044 4.75% 0 5,462,547 

3/1/2045 4.75% 0 5,544,485 

3/1/2046 4.75% 0 5,627,652 

3/1/2047 4.75% 0 5,712,067 

<:+tEIRON~ 

(iii) 

Withdrawal 

Liability Payments 

$271,630 

201,274 

200,742 

65,506 

64,158 

64,158 

60,813 

57,456 

57,456 

57,456 

43,216 

26,976 

26,976 

22,546 

16,645 

12,232 

6,143 

6,143 

6,143 

6,143 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

(iv) 

' -$3,079,667 

453,745 

809,172 

1,112,793 

1,360,799 

1,484,689 

1,363,124 

1,239,072 

1,114,391 

989,005 

863,302 

735,898 

611,454 

489,036 

368,631 

249,995 

135,371 

95,598 

96,925 

98,258 

99,454 

100,802 

102,164 

103,539 

104,931 

106,341 

107,766 

109,216 

110,690 

112,194 

113,731 

115,304 

(v) 

Administrative 

Expenses 

-$941,081 

-822,981 

-704,553 

-704,717 

-705,713 

-707,556 

-710,218 

-713,726 

-718,131 

-723,354 

-729,724 

-737,104 

-671,393 

-683,598 

-697,060 

-711,305 

-726,651 

-571,049 

·584,098 

-597,913 

-612,497 

-627,786 

-643,608 

-659,950 

·676,703 

-693,876 

-711,498 

-729,269 

·747,194 

·765,069 

-782,772 

-800,167 

(vi) 

$53,323,384 

47,348,300 

42,878,373 

39,780,260 

36,986,242 

34,377,682 

31,723,224 

29,013,948 

26,292,506 

23,555,548 

20,804,261 

18,014,421 

15,335,524 

12,660,120 

10,028,229 

7,436,219 

4,931,759 

4,168,029 

4,225,867 

4,283,988 

4,336,120 

4,394,917 

4,454,285 

4,514,255 

4,574,953 

4,636,391 

4,698,553 

4,761,767 

4,826,043 

4,891,610 

4,958,611 

5,027,204 

(vii) (viii) 

$9,461,488 5.64 

8,442,362 5.61 

7,264,232 5.90 

7,226,951 5.50 

7, 186,149 5.15 

7,137,419 4.82 

7,120,764 4.46 

7,065,088 4.11 

7,012,076 3.75 

6,943,453 3.39 

6,894,799 3.02 

6,791,172 2.65 

6,714,983 2.28 

6,599,941 1.92 

6,491,825 1.54 

6,339,317 1.17 

5,623,761 0.88 

5,096,922 0.82 

4,944,573 0.85 

4,813,310 0.89 

4,689,644 0.92 

4,545,374 0.97 

4,402,703 1.01 

4,266,701 1.06 

4,143,530 1.10 

4,027,017 1.15 

3,901,899 1.20 

3,793,438 1.26 

3,700,460 1.30 

3,597,086 1.36 

3,499,953 1.42 

3,394,131 1.48 

3 
APPENDIX I - PROJECTION DETAILS 

PLAN'S SOLVENCY RATIO WITH CONTRIBUTION BASE UNITS DECREASING 4.5% PER YEAR FOLLOWING 

THE EFFECTIVE DATE OF THE SUSPENSION I PARTITION 

(i) (ii) (iii) 

Contributions 

Withdrawal 

I Liability Payments 

7/1/2016 2.00% $54,542,427 $2,530,075 $271,630 

3/1/2017 3.00% 44,853,711 3,571,196 201,274 

3/1/2018 4.00% 40,624,666 3,461,650 200,742 

3/1/2019 5.00% 37,862,095 3,355,464 65,506 

3/1/2020 6.00% 35,141,391 3,252,535 64,158 

3/1/2021 6.75% 32,551,920 3,152,763 64,158 

3/1/2022 6.75% 29,984,133 3,056,052 60,813 

3/1/2023 6.75% 27,158,209 2,962,308 57,456 

3/1/2024 6.75% 24,099,295 2,871 ,439 57,456 

3/1/2025 6.75% 20,794,725 2,783,358 57,456 

3/1/2026 6.75% 17,246,589 2,697,978 43,216 

3/1/2027 6.75% 13,405,353 2,615,218 26,976 

3/1/2028 6.75% 9,308,353 2,534,996 26,976 

3/1/2029 6.75% 5,010,361 2,457,235 22,546 

3/1/2030 6.75% 453,472 2,381,859 16,645 

3/1/2031 6.75% 0 2,308,796 12,232 

3/1/2032 6.75% 0 2,237,973 6,143 

3/1/2033 6.75% 0 2,169,324 6,143 

3/1/2034 6.75% 0 2,102,780 6,143 

3/1/2035 6.75% 0 2,038,277 6,143 

3/1/2036 6.75% 0 1,975,753 0 

3/1/2037 6.75% 0 1,915,146 0 

3/1/2038 6.75% 0 1,856,399 0 

3/1/2039 6.75% 0 1,799,454 0 

3/1/2040 6.75% 0 1,744,256 0 

3/1/2041 6.75% 0 1,690,751 0 

3/1/2042 6.75% 0 1,638,887 0 

3/1/2043 6.75% 0 1,588,614 0 

3/1/2044 6.75% 0 1,539,884 0 

3/1/2045 6.75% 0 1,492,648 0 

3/1/2046 6.75% 0 1,446,861 0 

3/1/2047 6.75% 0 1,402,478 0 

<:-HEIRON~ 

(iv) 

-$2,025,191 

1,389,527 

1,683,643 

1,960,382 

2,186,030 

2,281,098 

2,104,494 

1,910,535 

1,701,024 

1,474,994 

1,232,098 

969,402 

692,619 

399,488 

88,863 

60,322 

57,463 

54,845 

52,262 

49,714 

46,994 

44,511 

42,063 

39,649 

37,272 

34,928 

32,614 

30,340 

28,104 

25,91 2 

23,766 

21 ,672 

(v) 

Administrative 

Expenses 

-$941,081 

-822,981 

-700,514 

-696,636 

-693,600 

-691,432 

-690,118 

-689,696 

-690,233 

-691,659 

-694,333 

-698,129 

-625,015 

-633,692 

-643,830 

·504,051 

-513,248 

-523,457 

-534,712 

-546,957 

-560,210 

-574,417 

-589,398 

-605,153 

-621 ,571 

-638,670 

-656,500 

-674,722 

-693,349 

-712,149 

-730,980 

-749,680 

(vi) (vii) (viii) 

$54,377,860 $9,461,488 5.75 

49,192,727 8,442,362 5.83 

45,270,187 7,264,232 6.23 

42,546,812 7,226,951 5.89 

39,950,513 7, 186,149 5.56 

37,358,507 7,137,419 5.23 

34,515,375 7,120,764 4.85 

31,398,812 7,064,968 4.44 

28,038,981 7,011,482 4.00 

24,418,873 6,941 ,823 3.52 

20,525,549 6,891,408 2.98 

16,318,820 6,785,206 2.41 

11,937,929 6,704,970 1.78 

7,255,938 6,583,888 1.10 

2,297,008 5,562,040 0.41 

1,877,299 5,343,930 0.35 

1,788,331 5,200,406 0.34 

1,706,854 5,050,259 0.34 

1,626,472 4,884,268 0.33 

1,547,177 4,737,035 0.33 

1,462,537 4,595,194 0.32 

1,385,240 4,430,733 0.31 

1,309,064 4,262,921 0.31 

1,233,950 4,098,296 0.30 

1,159,957 3,943,762 0.29 

1,087,008 3,793,682 0.29 

1,015,001 3,633,252 0.28 

944,233 3,484,586 0.27 

874,638 3,349,054 0.26 

806,410 3,201,256 0.25 

739,647 3,058,203 0.24 

674,470 2,905,394 0.23 

4 
APPENDIX I- PROJECTION DETAILS 

PLAN'S SOLVENCY RATIO WITH CONTRIBUTION BASE UNITS DECREASING 5.5% PER YEAR FOLLOWING 

THE EFFECTIVE DATE OF THE SUSPENSION I PARTITION 

(i) 

7/1/2016 2.00% $54,542,427 

3/1/2017 3.00% 44,853,711 

3/1/2018 4.00% 40,605,641 

3/1/2019 5.00% 37,787,926 

3/1/2020 6.00% 34,976,019 

3/1/2021 6.75% 32,258,159 

3/1/2022 6.75% 29,523,314 

3/1/2023 6.75% 26,492,901 

3/1/2024 6.75% 23,191,634 

3/1/2025 6.75% 19,606,315 

3/1/2026 6.75% 15,738,404 

3/1/2027 6.75% 11,537,609 

3/1/2028 6.75% 7,040,370 

3/1/2029 6.75% 2,301,271 

3/1/2030 6.75% 0 

3/1/2031 6.75% 0 

3/1/2032 6.75% 0 

3/1/2033 6.75% 0 

3/1/2034 6.75% 0 

3/1/2035 6.75% 0 

3/1/2036 6.75% 0 

3/1/2037 6.75% 0 

3/1/2038 6.75% 0 

3/1/2039 6.75% 0 

3/1/2040 6.75% 0 

3/1/2041 6.75% 0 

3/1/2042 6.75% 0 

3/1/2043 6.75% 0 

3/1/2044 6.75% 0 

3/1/2045 6.75% 0 

3/1/2046 6.75% 0 

3/1/2047 6.75% 0 

<:-HEIRON~ 

(ii) 

Contributions 

$2,530,075 

3,552,450 

3,407,421 

3,268,313 

3,134,884 

3,006,902 

2,884,146 

2,766,400 

2,653,462 

2,545,134 

2,441,229 

2,341,566 

2,245,972 

2,154,280 

2,066,331 

1,981,973 

1,901,059 

1,823,449 

1,749,006 

1,677,603 

1,609,115 

1,543,423 

1,480,413 

1,419,975 

1,362,004 

1,306,401 

1,253,067 

1,201,910 

1,152,842 

1,105,777 

1,060,634 

1,017,334 

(iii) 

Withdrawal 

Liability Payments 

$271,630 

201,274 

200,742 

65,506 

64,158 

64,158 

60,813 

57,456 

57,456 

57,456 

43,216 

26,976 

26,976 

22,546 

16,645 

12,232 

6,143 

6,143 

6,143 

6,143 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

(iv) 

-$2,025,191 

1,389,248 

1,681,826 

1,954,565 

2,172,706 

2,256,538 

2,067,818 

1,859,281 

1,632,700 

1,387,067 

1,121,989 

834,478 

530,206 

206,851 

52,919 

49,707 

46,519 

43,608 

40,765 

37,990 

35,072 

32,418 

29,826 

27,293 

24,819 

22,399 

20,029 

17,718 

15,462 

13,267 

11,133 

9,065 

(v) 

Administrative 

Expenses 

-$941,081 

-82.2,981 

-699,611 

-694,871 

-691,015 

-688,070 

-686,024 

-684,916 

-684,815 

-685,650 

-687,784 

-691,091 

-616,843 

-625,115 

-488,979 

-496,960 

-505,983 

-516,063 

-527,234 

-539.437 

-552,691 

-566,940 

-582,000 

-597,870 

-614,435 

-631,713 

-649,752 

-668,206 

-687,089 

-706,161 

-725,278 

-744,272 

{vi) (vii) (viii) 

$54,377,860 5.75 

49,173,702 8,442,362 5.82 

45,196,018 7,264,232 6.22 

42,381,440 7,226,951 5.86 

39,656,752 7,186,149 5.52 

36,897,687 7,137,419 5.17 

33,850,067 7,120,764 4.75 

30,491,123 7,064,941 4.32 

26,850,437 7,011,352 3.83 

22,910,323 6,941,470 3.30 

18,657,055 6,890,682 2.71 

14,049,538 6,783,948 2.07 

9,226,681 6,702,881 1.38 

4,059,833 6,035,849 0.67 

1,646,916 5,464,551 0.30 

1,546,953 5,338,607 0.29 

1,447,738 5,193,359 0.28 

1,357,136 5,041,120 0.27 

1,268,681 4,872,601 0.26 

1,182,299 4,722,460 0.25 

1,091,496 4,577,381 0.24 

1,008,901 4,409,414 0.23 

928,239 4,237,188 0.22 

849,398 4.,067,617 0.21 

772,388 3,907,801 0.20 

697,087 3,752,239 0.19 

623,344 3,586,242 0.17 

551,422 3,431,227 0.16 

481,215 3,289,173 0.15 

412,883 3,134,796 0.13 

346,490 2,985,194 0.12 

282,127 2,825,959 0.10 

5 
APPENDIX II- METHODOLOGY AND ASSUMPTIONS 

A. Actuarial Assumptions 

1. Investment Return (net of investment expenses) 

Valuation Assumption: 6.75% per year 

Stress Testing Scenario: 2.00% for the plan year ending Feb 2017, increasing by 1% 

per year for the next four years, followed by 6. 75% 

thereafter 

The Investment Consultant provided the estimated Market Value of Assets in the 

portfolio as of July 1, 2016; the amount was adjusted to account for cash and receivables. 

They estimated a return of 5.17% over the first four months of the fiscal year. For the 

scenario where the Fund earns 6.75% in all years we assumed the Fund would earn 

4.45% (based on the 6.75% assumption) for the final eight months for an annual return of 

9.85%. However, because we assumed in the stress testing scenario the Fund would earn 

2.00% as an annual return, the last eight months would need to return negative 3%. 

2. Administrative Expenses 

Expenses are assumed to remain level as future inflation is offset by declines in total plan 

participation. These expenses are allocated between the Original Plan and Successor Plan 

based on projected headcounts with PBGC premiums paid by the Original Plan for the 

1 0-year period following the partition effective date (premiums are assumed to increase 

1% per year). For scenarios where the Plan is projected insolvent, we assume expenses 

would be reduced 25% in the plan year following insolvency. Finally, expenses are 

limited to 20% of expected benefit payments in scenarios where the PBGC provides 

financial assistance in either the Successor Plan or after insolvency. 

3. Rates of Mortality 

-Healthy Lives: 

- Disabled Lives: 

RP2000 with blue collar adjustment projected five-years with 

scale AA 

same with ages set-forward five years 

Terminated Vested Participants over age 80 are assumed to be deceased. 

In accordance with Actuarial Standard of Practice #35, we have considered the effect of 

mortality improvement prior to and subsequent to the measurement date in developing 

this assumption. Furthermore, historical mortality experience has conformed with the 

RP2000 table with adjustment. 

6 
APPENDIX II- METHODOLOGY AND ASSUMPTIONS 

4. Rates of Turnover 

Tetminations of employment for reasons other than death, disability or retirement are 

assumed to be in accordance with annual rates as shown below for illustrative ages. 

25 

35 

45 

55 

62 

5. Rates of Disability 

20.5% 

16.9 

15.0 

15.0 

15.0 

20.5% 

16.9 

15.0 

15.0 

15.0 

19.0% 

16.9 

12.4 

7.0 

7.0 

Illustrative rates of disablement are shown below: 

25 0.050% 

35 0.065 

45 0.244 

55 0.406 

65 0.000 

6. Rates of Retirement 

Annual rates as shown below for illustrative ages. 

7. Normal Form 

Life Annuity 

55-59 3.00% 

60 5.00 

61 10.00 

62-64 15.00 

65-69 50.00 

70 100.00 

8. Changes in Membership I Contribution Base Units 

15.0% 

11.3 

7.8 

7.0 

7.0 

Based on the Trustees' Industry Activity assumption used in the most recent PPA 

Certification assuming membership will decline 10% per year. However, after the 

effective date of the suspension I partition we assume stable membership (see response to 

Section 6.03 of Revenue Procedure 2016-27 in the Benefit Suspension Application). 

<:-HEIRON ~ 7 
APPENDIX II- METHODOLOGY AND ASSUMPTIONS 

9. New Entrant Profile 

New entrants are assumed to annually join the Plan in accordance with the distribution 

below (which is based on the Plan's most recent five-year history of new entrants) and in 

combination with the Changes in Membership assumption. The benefits for new entrants 

(normal cost and projected benefit payments) are adjusted such that the total normal cost 

remains consistent over the baseline projection. 

,__ ...... 'l 

23 

28 

33 

37 

43 

47 

53 

22% 

19 

13 

11 

5 

10 

10 

10. Contribution Increases I Average Contribution Rate 

The current Rehabilitation Plan assumes 5.5% per year annual increases. However, after 

the effective date of the suspension I partition we assume contributions increase with 

inflation at 1.5% per year. These increases are applied annually to the average weighted 

contribution rate to estimate employer contributions in combination with the Changes in 

Membership assumption. 

11. Suspension 

The projection assumes the maximum suspension permitted in accordance with ERISA 

Section 305(e)(9)(D)(i) effective May 1, 2017. 

12. Partition 

The projection assumes 100% of the liability associated with the terminated vested 

participants and 49% of the liability associated with the retirees and beneficiaries are 

partitioned to the Successor Plan effective May 1, 2017. All liability associated with the 

active participants would remain in the Original Plan. 

13. Justification for Actuarial Assumptions 

The rationale for our 6.75% actuarial valuation assumption is based on the investment 

manager's capital market outlook, Trustees' risk preference, and the Fund's current asset 

allocation. The rationale for our stress testing scenario (2.00% for the plan year ending 

Feb 2017, increasing by 1% per year for the next four years, followed by 6.75% 

thereafter) is based on recognizing current market conditions and future shm1-term 

expectations along with the Plan's cash flow characteristics. Our demographic 

assumptions were initially set after a 2007 Experience Study and are annually reviewed 

based upon actual experience. 

14. Changes in Assumptions Since Last Valuation 

None 

..C-HEIRON ~ 8 
APPENDIX II- METHODOLOGY AND ASSUMPTIONS 

B. Actuarial Funding Method 

The cost method for determining liabilities for this valuation is the Unit Credit Cost method. 

This is one of a family of valuation methods known as accrued benefit methods. The chief 

characteristic of accrued benefit methods is that the funding pattern follows the pattern of 

benefit accrual. The normal cost is determined as that portion of each participant's benefit 

attributable to service expected to be earned in the upcoming plan year. The Actuarial 

Liability, which is determined for each participant as of each valuation date, represents the 

actuarial present value of the portion of each participant's benefit attributable to service 

earned prior to the valuation date. 

9 
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x 

Application of the United Furniture 

Workers Pension Fund A for Approval 

Of Suspension of Benefits 

EIN: 13-5511877 /PN:001 

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x 

EXHIBIT 16 

• Projection of funded percentage of the Pension Fund 

prepared on a Deterministic Basis. 

1934740.1 
{:-ttEIRON it - -. ~- - '\ - . . - - -

United Furniture Workers Pension Fund A 

EIN: 13-5511877 I PN: 001 

Revenue Procedure 2016-27, Section 6.05 

Projection of Funded Percentage 

As required by Section 6.05 of Revenue Procedure 2016-27, we prepared a deterministic 

projection of the Market Value of Assets, the Actuarial Liability (using the Unit Credit Funding 

Method), and the funded percentage assuming the proposed partition & suspension are effective 

May 1, 2017. This projection is supported by the data in Appendix I and based on the 

assumptions and methods in Appendix II. 

To the best of our knowledge, this analysis and its contents have been prepared in accordance 

with the requirements of Revenue Procedure 2016-27 and generally recognized and accepted 

actuarial principles and practices that are consistent with the Code of Professional Conduct and 

applicable Actuarial Standards of Practice set out by the Actuarial Standards Board. 

Fmthermore, as credentialed actuaries, we meet the Qualification Standards of the American 

Academy of Actuaries to render the opinion contained in this analysis. This analysis does not 

address any contractual or legal issues. We are not attorneys and our firm does not provide any 

legal services or advice. 

Also, this analysis was prepared exclusively for the United Furniture Workers Pension Fund A 

for the purpose described herein. Other users of this analysis are not intended users as defined in 

the Actuarial Standards of Practice, and Cheiron assumes no duty or liability to such other users. 

Finally, in preparing this analysis, we have relied on information supplied by the Fund Office 

and the Board of Trustees. This information includes, but is not limited to, plan provisions, 

employee data, financial information, and expectations of future industry activity. We performed 

an informal examination of the obvious characteristics of the data for reasonableness and 

consistency in accordance with Actuarial Standard of Practice #23. Future analysis may differ 

significantly from those presented in this analysis due to such factors as the following: plan 

experience differing from that anticipated by the assumptions; changes in assumptions; and 

changes in plan provisions or applicable law. 

Attachments: Appendix 1: Projection Details 

Redacted by the U.S. Department of 

he Treasury 

. ' 

Appendix II: Methodology and Assumptions 

www.cheiron.us 1.877.CHEIRON (243.4766) 
APPENDIX I- PROJECTION DETAILS 

SOLVENCY PROJECTION 

Based on the assumptions in Appendix II, we provide a deterministic projection of the Market 

Value of Assets, the Actuarial Liability (using the Unit Credit Funding Method), and the funded 

percentage. As required, we begin the projection as of July I, 2016. For this purpose the 

Actuarial Liability was based on the March 1, 2016 actuarial valuation, projected forward for 

four months. The Market Value of Assets takes into account the four month return of 5.17% as 

provided by the Investment Consultant. The projection is based on the stress-testing scenario 

where we assume the Fund would earn 2.00% as an annual return, therefore, the last eight 

months would need to retum negative 3%. 

Furthermore, the projections assume that effective May 1, 2017, the Fund implemented the 

maximum suspension permitted (in accordance with ERISA Section 305(e)(9)(D)(i) and 

consistent with Section 305(e)(9)(D)(iv) and the regulations thereunder) and partitioned to the 

Successor Plan 100% of the liability associated with the tenninated vested participants and 49% 

of the liability associated with the retirees and beneficiaries. All liability associated with the 

active participants would remain in the Original Plan. 

See below for the projection in both graphical and tabular format. 

GRAPHICAL: 

The graph below compares the Plan's assets and liabilities. The bars represent the Plan's liability 

and the colors shown represent the expected PPA zone. The lines represent Plan's Market Value 

of Assets with the funded ratios shown along the top of the graph. 

th $200 

s:: 

.2 

= $150 ~ 

$100 

$50 

$0 

31% 48% 42% 37% 31% 26% 20% 16% 13% 13% 15% 21% 

- sate Endangered Seriously Endg 

Critical - MVA -

2016 2020 2024 2028 2032 2036 2040 2044 2048 

<:--HEIRON ~ 1 
APPENDIX I- PROJECTION DETAILS 

TABULAR: 

7/1/2016 2.00% 

3/1/2017 3.00% 

3/1/2018 4.00% 

3/1/2019 5.00% 

3/1/2020 6.00% 

3/1/2021 6.75% 

3/1/2022 6.75% 

3/1/2023 6.75% 

3/1/2024 6.75% 

3/1/2025 6.75% 

3/1/2026 6.75% 

3/1/2027 6.75% 

3/1/2028 6.75% 

3/1/2029 6.75% 

3/1/2030 6.75% 

3/1/2031 6.15% 

3/1/2032 6.75% 

3/1/2033 6.75% 

3/1/2034 6.75% 

3/112035 6.75% 

3/1/2036 6.75% 

3/1/2037 6.75% 

3/1/2038 6.75% 

3/1/2039 6.75% 

3/1/2040 6.75% 

3/1/2041 6.75% 

3/1/2042 6.75% 

3/1/2043 6.75% 

3/1/2044 6.75% 

3/1/2045 6.75% 

3/1/2046 6.75% 

3/1/2047 6.75% 

<:-HEIRON ~ 

(i) 

Beginning 

MVA 

$54,542,427 

44,853,711 

40,709,074 

38,198,194 

35,905,479 

33,934,953 

32,193,807 

30,406,246 

28,609,469 

26,803,556 

25,004,107 

23,175,969 

21,371,851 

19,658,293 

17,997,457 

16,383,928 

14,868,510 

13,438,584 

12,130,471 

10,957,985 

9,901,404 

8,960,637 

8,181,174 

7,555,215 

7,105,277 

6,828,661 

6,719,094 

6,792,238 

7,064,135 

7,522,902 

8,190,395 

9,080,303 

(ii) 

Actuanal I 

Liability 

$179,840,439 

83,420,018 

81,291,168 

80,211,712 

79,083,830 

77,907,145 

76,690,514 

75,396,138 

74,063,210 

72,686,643 

71,284,307 

69,833,781 

68,393,075 

66,934,535 

65,497,447 

64,077,906 

62,724,818 

61,427,062 

60,213,055 

59,094,860 

58,049,658 

57,080,087 

56,222,643 

55,464,537 

54,823,385 

54,291,446 

53,857,710 

53,532,535 

53,325,599 

53,218,070 

53,224,712 

53,351,095 

(ii) 

Funded 

Percentage 

30.3% 

53.8% 

50.1% 

47.6% 

45.4% 

43.6% 

42.0% 

40.3% 

38.6% 

36.9% 

35.1% 

33.2% 

31.2% 

29.4% 

27.5% 

25.6% 

23.7% 

21.9% 

20.1% 

18.5% 

17.1% 

15.7% 

14.6% 

13.6% 

13.0% 

12.6% 

12.5% 

12.7% 

13.2% 

14.1% 

15.4% 

17.0% 

2 
APPENDIX II- METHODOLOGY AND ASSUMPTIONS 

A. Actuarial Assumptions 

1. Investment Return (net of investment expenses) 

Valuation Assumption: 6.75% per year 

Stress Testing Scenario: 2.00% for the plan year ending Feb 2017, increasing by 1% 

per year for the next four years, followed by 6.75% 

thereafter 

The Investment Consultant provided the estimated Market Value of Assets in the 

portfolio as of July 1, 2016; the amount was adjusted to account for cash and receivables. 

They estimated a return of 5.17% over the first four months of the fiscal year. For the 

scenario where the Fund earns 6.75% in all years we assumed the Fund would earn 

4.45% (based on the 6.75% assumption) for the final eight months for an annual return of 

9.85%. However, because we assumed in the stress testing scenario the Fund would earn 

2.00% as an annual return, the last eight months would need to return negative 3%. 

2. Administrative Expenses 

Expenses are assumed to remain level as future inflation is offset by declines in total plan 

participation. These expenses are allocated between the Original Plan and Successor Plan 

based on projected headcounts with PBGC premiums paid by the Original Plan for the 

10-year period following the partition effective date (premiums are assumed to increase 

1% per year). For scenarios where the Plan is projected insolvent, we assume expenses 

would be reduced 25% in the plan year following insolvency. Finally, expenses are 

limited to 20% of expected benefit payments in scenarios where the PBGC provides 

financial assistance in either the Successor Plan or after insolvency. 

3. Rates of Mortality 

- Healthy Lives: 

- Disabled Lives: 

RP2000 with blue collar adjustment projected five-years with 

scale AA 

same with ages set-forward five years 

Terminated Vested Participants over age 80 are assumed to be deceased. 

In accordance with Actuarial Standard of Practice #35, we have considered the effect of 

mortality improvement prior to and subsequent to the measurement date in developing 

this assumption. Furthermore, historical mortality experience has conformed with the 

RP2000 table with adjustment. 

3 
APPENDIX II- METHODOLOGY AND ASSUMPTIONS 

4. Rates of Turnover 

Terminations of employment for reasons other than death, disability or retirement are 

assumed to be in accordance with annual rates as shown below for illustrative ages. 

25 

35 

45 

55 

62 

5. Rates of Disability 

20.5% 

16.9 

15.0 

15.0 

15.0 

20.5% 

16.9 

15.0 

15.0 

15.0 

Illustrative rates of disablement are shown below: 

!..l' 

25 0.050% 

35 0.065 

45 0.244 

55 0.406 

65 0.000 

6. Rates of Retirement 

Annual rates as shown below for illustrative ages. 

19.0% 

16.9 

12.4 

7.0 

7.0 

55-59 3.00% 

7. Normal Form 

Life Annuity 

60 5.00 

61 10.00 

62-64 15.00 

65-69 50.00 

70 100.00 

8. Changes in Membership I Contribution Base Units 

15.0% 

11.3 

7.8 

7.0 

7.0 

Based on the Trustees' Industry Activity assumption used in the most recent PPA 

Certification assuming membership will decline 10% per year. However, after the 

effective date of the suspension I partition we assume stable membership (see response to 

Section 6.03 of Revenue Procedure 2016-27 in the Benefit Suspension Application). 

<:-HEIRON ~ 4 
APPENDIX II- METHODOLOGY AND ASSUMPTIONS 

9. New Entrant Profile 

New entrants are assumed to annually join the Plan in accordance with the distribution 

below (which is based on the Plan's most recent 5-year history of new entrants) and in 

combination with the Changes in Membership assumption. The benefits for new entrants 

(normal cost and projected benefit payments) are adjusted such that the total nonnal cost 

remains consistent over the baseline projection. 

,--------lli trihuti q~Qf 

~ t~.l!..EnJ •f! nts ~ 

23 

28 

33 

37 

43 

47 

53 

22% 

19 

13 

11 

15 

10 

10 

10. Contribution Increases I Average Contribution Rate 

The current Rehabilitation Plan assumes 5.5% per year annual increases. However, after 

the effective date of the suspension I partition we assume contributions increase with 

int1ation at 1.5% per year. These increases are applied annually to the average weighted 

contribution rate to estimate employer contributions in combination with the Changes in 

Membership assumption. 

11. Suspension 

The projection assumes the maximum suspension permitted in accordance with ERISA 

Section 305(e)(9)(D)(i) effective May 1, 2017. 

12. Partition 

The projection assumes 100% of the liability associated with the terminated vested 

participants and 49% of the liability associated with the retirees and beneficiaries are 

partitioned to the Successor Plan effective May 1, 2017. All liability associated with the 

active participants would remain in the Original Plan. 

13. Justification for Actuarial Assumptions 

The rationale for our 6.75% actuarial valuation assumption is based on the investment 

manager's capital market outlook, Tmstees' risk preference, and the Fund's current asset 

allocation. The rationale for our stress testing scenario (2.00% for the plan year ending 

Feb 2017, increasing by 1% per year for the next four years, followed by 6.75% 

thereafter) is based on recognizing cunent market conditions and future short-te1m 

expectations along with the Plan's cash flow characteristics. Our demographic 

assumptions were initially set after a 2007 Experience Study and are annually reviewed 

based upon actual experience. 

14. Changes in Assumptions Since Last Valuation 

None 

<-HEIRON~ 5 
APPENDIX II- METHODOLOGY AND ASSUMPTIONS 

B. Actuarial Funding Method 

The cost method for determining liabilities for this valuation is the Unit Credit Cost method. 

This is one of a family of valuation methods known as accrued benefit methods. The chief 

characteristic of accrued benefit methods is that the funding pattern follows the pattern of 

benefit accrual. The normal cost is determined as that portion of each participant's benefit 

attributable to service expected to be earned in the upcoming plan year. The Actuarial 

Liability, which is determined for each participant as of each valuation date, represents the 

actuarial present value of the portion of each participant's benefit attributable to service 

earned prior to the valuation date. 

6 
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x 

Application of the United Furniture 

Workers Pension Fund A for Approval 

Of Suspension of Benefits 

EIN: 13-5511877 /PN:001 

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x 

EXHIBIT 17 

• Plan Sponsor Certification Relating to Plan 

Amendments. 

1934740.1 
CERTIFICATION 

BY PLAN SPONSOR 

RELATIN G TO PLAN AMENDMENTS 

In accordance with the requirements of Section 6.06 of Revenue Procedure 2016-27, on behalf of 

the Board of the Trustees of the United Furniture Workers Pension Fund A, the plan sponsor of the 

Pension Fund, I hereby certify that if the Benefits Suspension Application is approved, then, in 

addition to adopting a Plan amendment implementing the suspension, the following Plan 

amendments will be timely adopted and shall not be modified at any time thereafter before the 

suspension of benefits expires: (1) a plan amendment providing that, in accordance with Section 

432(e)(9)(c)(ii), the benefit suspension will cease as of the first day of the first Plan year following the 

Plan year in which the Board fails to determine that both: (a) all reasonable measures to avoid 

insolvency continue to be taken during the period of the benefit suspension and (b) the Plan is 

projected to become insolvent unless benefits continue to be suspended, and (2) a plan amendment 

providing that any future benefit improvements mus 

of the Code. 

19.15156.1 

Boot, Chairman 

United Furniture Workers Pension Fund A 

Board ofTrustees 

Augus/ l_, 2016 
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x 

Application of the United Furniture 

Workers Pension Fund A for Approval 

Of Suspension of Benefits 

EIN: 13-5511877 /PN:001 

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x 

EXHIBIT 18 

• UFW Pension Fund's most recently restated Plan 

document, most recent summary plan description and 

most recent IRS favorable determination letter. 

1934740.1 
The United Furniture Workers Pension Fund A 

The Plan 

Effective MARCH I, 1962 

As Amended rhrough October 30, 2009 

FEB 0 4 2011 

This PJan, established pursuant to collective bargaining agreements reached between the 

Communications Workers of Americu, AFL~CIO or through any of its affiliated Local Unions, 

and employers in the furniture, piano. bedding, and allied trades, participating in the Plan. is to 

provide Pensions for employees represented by the Union or any of its affiliated Local Unions 

who are and shall be employed by the employers participating in the Plan. Responsibility for the 

general administration of the Plan is placed in a Board ofTrustees having equal representation 

from the Union and any of its affiliated Local Unions and the employers participating in the 

Plan. All contributions arc paid over to the Board of Trustees to be held in trust, invested, and 

disbursed for the exclusive benefit of participants in the Plan and Pensioners. Effecth·e March I, 

2009, the Board of Trustees adopted a Rehabilitation Plan, as amended, which is set forth in 

Appendix A hereto and which is fully incorporated into this Plan document [Amended 

December 20081. 

Sec/ion I. 

I}EFINITJONS 

(I) "Employee" means a person who is in a collective bargaining unit represented 

by the Union or any of its affiliated Local Unions and who is in the employ of any one ofthe 

participating employers. 

Any Employee of the Union, this Fund, or any related organization shall be deemed to be 

an Employee as of the first day for which his employer makes a contribution to this Fund with 

respec£ to such employee. 

(2) "Participating Employer" means anyone of the employers in the fumiture, piano, 

bedding and allied trades having collective bargaining agreements with the Union or any of its 

affiliated Local Unions and authorized by the Board of Trustees to participate in the Plan upon 

appropriate action by the Employer acceptable to the Board of Trustees. 

The Union, as hereinafter defined, this Pension Fund or any other related organizations 

shall be deemed to be Participating Employers hereunder solely nnd exclusively for the purpose 

of permitting said Union, Fund or other relat~d organizations to contribute to this Pension Fund 

on behalf of all its employees. 

(3) "The Union" means the Communications Workers of America, AFL-CIO or any 

of its affiliated Local Unions or a substituted or successor international Union or Local Union. 

Any action under the Plan by the Union, shall be as certified by the President of the Union, and 

the Board of Trustees shaH be fully protected in acting upon such cer1ificntion. 

(4) "Board of Trustees'· nt(.:ans the Bonrd ofTrustees provided for in the Plan which 

is responsible fin the administration of rhc Plan, including among other things, the co!lecrion, 
deposit and disbursement of funds. The Union and the Participating Employers shall Jul\ c ~qunl 

representation on the Board ofTrustec.;;. 

(5) '·Contributiolls;· means the monthly payment to the fund by Participating 

Employers of such amounts as may be provided for in collective bargaining agreements between 

the Union and the Participating Employers, as herein defined, or as they may hereafter be 

amended; in the case of the Union, this Pension Fund or any other relntcd organizations deemed 

to be Participating Employers, the amount of contributions shall be governed by agreement 

between such organizations and the Board of Trustees. The words "Contributions are made'· that 

hereinafter are used shall mean "Contributions due by Participating Employers of such amounts 

as may be provided for in a collective bargaining agreement between the Union and the 

Participating Employer." 

(6) ·'Pensioner" means a Participant who retires under the Plan. 

(7) "Fiscal Year'· means the 12-month period beginning with the first day of March 

in any calendar year and ending vdth the last day of February of the next calendnr year 

(8) '"Actuarial Value" or ··Present Value" shall have the meaning set forth below: 

For lump sum distributions made on or before february 29, 2008, present values will be 

calculated using the applicable interest rate and mortality table. The applicable interest rate for a 

distribution in a fiscal year is the interest rate on 30-Year Treasury securities for the month of 

November in the fiscal year preceding the fiscal year of the distribution. The applicable 

mortality table is the mortality table prescribed by the Internal Revenue Commissioner used to 

determine reserves for group annuity contracts. 

For lump sum distributions made on or after March l, 2008, present values will be 

calculated using the applicable interest rate and mortality table. For this purpose, the applicable 

interest rate is the minimum present value segment rates as required by the transitional rate 

provided in Code Section 417(e)(3)(D) as specified by the Internal Revenue Commissioner for 

the month of November in the fiscal year preceding the fiscal year of the distribution, or such 

other interest rate or rates published by the Internal Revenue Commissioner for the purposes of 

the determination of actuarial value subject to Code Section 417(e). The stability period, within 

the meaning of Treasury Regulation Section l.417(e)(l )(d)(ii) shall be the Pension Fund's fiscal 

year. The applicable mortality table for a fiscal year is the table prescribed for usc in that year in 

Regulations under Code Seclion 417(e). 

For distributions made on or after January l, 2009, except for lump sum 

distributions, present values will be calculated on the basis of the RP 2000 Mortality Table and a 

7 percent interest rate. The value shall be superseded if the amotmt is exceeded by the Accrued 

Benefit applied to the Actuarial Value determined as of December 31, 2008. !Amended March 

2000, March 2002 and September 20081. 

(9) "Corporate Tmstees'' means the bank or trust company ti-Jat holds andtor invests 

such funds of the Plan as the Board of Trustees may from time to time tum over to the Corporate 

Trustee for investment. The deterrninotion of the amount or amounts, if any, to be so turned over 

to the Corporate Trust~e, shall rest in the sole discretion of the Board ofT rustees. 

?. 
(10) ""Agreement and Dcclurution ofTrust" means the Trust Indenture made nnd 

entered into the tenth day of October, 1962, in the City of New York and State ofNcw Yor" by 

and between Charles Rosenbaum and Frank R. BurrelL Employer Trustees and Monis Pizer and 

i\ln:x Weinstod. t Inion Trustees, as amended. 

(! 1) "Beneficiary'' means the person designated by a Participant or Survivor 

Annuitant to receive any monies due to the Participant or survivor Annuitant at the date of his 

death or becoming due by virtue of his death. Every Participant or Survivor Annuitant shal! he 

given an opportunity to designate a beneficiary. If a married Participant names a beneficiary · 

other than the Participant's spouse, then the spouse must consent in writing to that designation. 

However, in the event n Participant or Survivor Annuitant fails to make a designation, or in the 

event the designated benefkiury or beneficiaries predecease the Participant or Survivor 

Annuitant. than the Trustees shall pay all such monies to the spouse. If there be no spouse 

surviving; to the children, per stirpes. Jfthere be no children surviving, to the parents. If there 

be no parent surviving, to the Personal Representative of the deceased Participant or Survivor 

Annuitant. If any beneficiary is an infant, the monies due such beneficiary shall be paid to a duly 

appointed Trustee. · 

(12) Where appropriate, the words used in this instrument in the singular shall 

include the plural; the masculine, the feminine. 

( 13) ''Applicahle EtTective Date" means such date after March I, 1962 on which a 

Participating Employer, as herein defined, shall first become obligated to make Contributions to 

the fund on behalf of a class of employees pursuant to an agreement between the Union and the 

Participating Employer. 

( 14) "Hour nf Service.'' f::.ach employee will be credited with an Hour of Setvice for: 

(a) Each hour for \Vhich an Employee is directly or indirectly paid or entitled 

to payment by the Employer for the perfom1a.11ce of duties. These hours shall be credited to the 

Emplojee for the computation period or periods in which the duties are preformed; and 

(b) Each hour (up to a maximum of 501 hours) for which an Employee is 

directly or indirectly paid or entitled to payment hy the Employer for reasons (such as vacation, 

sickness, or disability) other than for the performance of duties. These hours shall be credited to 

the Employee for the computation period or periods in which payment is made or amounts 

payable to the Employee become due; and 

(c) Each hour for which back pu), irrespective of mitigation of damage, has 

been either awarded or agreed to by the Employer. These hours shall be credited lo the 

Employee for the computation period or periods to which the mvard or agreement pertains rather 

than the computation period in 'vhich the award, agreement or payment was made. 

(d) An Emplo)'t:~ shall receive 190 hours of credit for each month during 

which any contnbutions were made on his behalf. 

(e) Each hour (up to a maximum of 50 l hours) for which an Employee is 

absent due to the Participant's (l) pregnancy, (2) chi!Jbirth, (3) adoption of a child, or (4) 

3 
childcare immediately after the birth or adoption of a chiltl. These hours would he credited in th~ 

calendar year in which an absence begins only if ne~.;e~~ar) to prevent a Brenk-in-Sen'icc; 

otherwise the hours would be credited to the following cnlendar year. I fthe number of hours of 

absence cannot be determined, then each day of absence shall equal 8 hours of service. 

(f) The method of detennining the number of hours and the method of 

crediting such hours to computation periods shall conform to Section 2530. 200b - 2(b) and (c) 

of the Dt:partment of Labor regulations. Effective December 12, 1994, not \vithstanding any 

provision to the contrary, contributions, benefits, and service credits with respect to qualified 

militar:y service will be provided in accordance with IRC St!ction 414(u). {Amended !\larch 

20021. 

(15) "Normal Retirement Age'' shall mean the earlier of the 5111 anni\'ersary of the 

time the Participant commenced participation in the Plan or the time he acquires 5 years of 

credited service ( l 0 years of credited service if the Participant did not have one hour of service 

on or after March ll 1998) which includes at least 36 months of Contributions on the 

Participant's behalf, but in no event earlier than age 65. "Credited Service" shall mean the sum 

of Past Service, Effective Service. Future Eligibility Service, and Non-Covered Contiguous 

Employment Credit, as defined in Section III. 

Unless the Participant othenvise elects, benefits will commence not later than the 601h day 

after the later of the close of the Plan year in which rhe Participant attains Normal Retirement 

Age or terminates service in the Plan. 

( 16) Effective on or after October 30, 2009, if compensation is used to determine 

contributions to the Plan on behalf of a Participant, the tenn "Compensation'' shall mean: the 

amount as defined in Treasury Regulation Section l.4l5(cH2)(d)(4) (e.g., amounts reported in 

Bux I of Form W-2, plus amounts that wouJd be reported as \Vages but for an electio11 under 

Code Section 125(a), 132(f)( 4), 402(e)(3 ), 402(h)( I)(B), 402(k) or 45 7(b)), but not in excess of 

$230.000 (us adjusted in accordance with Section 4l5(d) of the Code) for any Plan Year or 

calendar year, as applicable. Such amount shall not include any severance pay, whether paid 

before or after a Participant's temtination of employment In addition, such amount shall not 

include other compensation paid after an individual's termination of employment, except that to 

the extent that the following amounts are otherwise included in the definition of compensation 

and are paid no later than the date which is 2 /~ months after termination of employment, such 

amounts paid after a Participant's termination of employment shall be deemed compensation: 

regular pay. including compensation for services during regular working hours, overtime, shift 

ditferential. commissions, bonuses or other similar payments, and payment for unused :lccmed 

sic.k, vacation or other leave, but only if the Participant \wuld have been able to use the leave if 

employment had been continued. The rules described above with respect Lo post-employment 

payments shnll not apply to payments to an individual who does not curreritly pcrfonn sen ices 

for the Employer by reason of qualified military service, to the extent such payments do not 

exceed the compensation such individual would have received fmm the Employer if he or she 

had continued to pertonn services for the Employer. (Amended October 20U9J, 

For period::; prior to October 30, 2009, if compensmion is used to determine 

contribmions to the Plan on or behalf of a Participant, it sh~ll he limited to $200,000 !'or any Plan 

4 

'. 
year beginning before January I, 199-J. for Plan year beginning on or after January I. 199-1, the 

nnnuallimit shall be $150.000, as adjusted for increases in the cost-of-living in accordance with 

Sc€'tion 401 (a)( 17)(13) of the lntemal Revenue code. Compensation means gross wages. 

consisting of total salary and wages bcft,re taxes paid to Employees. Effective January I. 1998. 

compensation shall include any elective deferrals under JRC Sections 125 or 457. Effccti\ e 

January I, 200 l, it shall also include any clecth·e nmounts not included in the gross income of 

the Employee by reason ofJRC Section !32(1)(4).' !Amended !\'larch 20021. 

Section!!. 

PARTICIPATION 

A. Every Employee shall become a participant of the Plan as orthc date on which his 

Employer is oblignted to begin contributions to- the Fund on his behalf. 

B. A Participant shall cease to be a Participant and incur a Break-in-Service ns follows: 

(1) If for any reason he is not employed by a Participating Employer during any 

period of two successive calendar years. Hours credited under paragraph (14) of Section l. nrc to 

be considered periods or employment by a Participating Employer. 

(2) If he dies prior to retirement 

(3) If he retires under the Plan. 

C. A participant on an authorized leave of absence from the service of his Participating 

Employer, while engaged in Union business, shall remain a Participant provided contributions at 

the rate currently in effect for employees of such Participant employer are made on his behalf in 

a manner acceptable to the Board of Trustees during such leave of absence. 

D. A Participant or Pensioner shall file such information as the Trustees maY require in order 

to establish his eligibility tor benefits before he shall be entitled tq any benefits under the pian. 

E. If a Participant who is nul eligible for u Deferred Pension as defined in Section IV.C. 

incurs a number of consecutive Breaks-in-Service equal to or exceeding the greater of five years 

or the number of years of Credit for Service as defined in Section III that he has previously 

accumulated, he shall forfeit all Credit for Service prior lO and including such Break-in-Service. 

In detennining consecutive Breaks~in-Service, after the initial Break-in-Service (not ernployed 

by a Participating Employer during uny period of two successive calendar years)~ a Break-inService for detennining consecutive Breaks-in-Service will occur during any calendar year 

where the Participant wns not employed by a Participating Employer. · 

A Past Service: 

For Eligibility Purposes: 

Secrion lll 

CREDIT FOR SERVICE 

5 
An Employee who was in the employ of a Participating Employer on the Ernplo) er's 

Applicable Effective Date, as herein defined. shall after 36 months nf Contributions have been 

made on his behalC be credited with a year of Past Service during any calendar year prior to such 

Applicable Effective Date during which he wus employed for at least six months. 

An Employee who \vas eligible to receive years of Past Service as defined ubovt: shutl be 

credited with Past Service for calculation of benefit purposes, computed to the nearest onetwelfth year, for each year or portion thereof of his employment with a Participating Employer 

prior to the Applicable Effective Date, as herein defined. 

An Employee who was employed by a Participating Employer prior to the Employer's 

Applicable Effective Date, but who immediately prior to the Applicable Effective Date was on 

an authorized leave of absence from the service of such Participating Employer while engaged in 

Union business, shall receive Past Service as defined in this paragraph for each yenr or portion 

thereof of his service with such Participating Employer and for each year or portion thereof of 

such authorized leave of absence prior to the Applicable Effective Date. 

In case an Employee had two or more periods of service, only the last continuous period 

of service will be considered. 

Anything herein to the contrary notwithstanding, in addition to the years of Past Service 

Credits a participant receives based on a merger agreement, a participant shall receive credit for 

years during which contributions were made on his behalf to this Plan or any other Plan which 

merged into this Plan. However, in determining whether such additional yt.:ars of service will be 

granted, the Break-In-Service rule of Section II. B. shall apply, 

Notwithstanding anything to the contrary contained in this Plan, in the event any 

Participating Employer ceases to be a Participating Employer or reduces the rate of contributions 

to the Plan, the Trustees shall have an evaluation made ofthe actuarial significance of such 

cessation or reduction of Employer Contributions and shall reduce or entirety eliminate the years 

of Past Service of such Participants as remain in the employ of such Employer, as the Trustees 

shall determine to be in the best interests of the Plan and its participants. Such years of Past 

Service shall be reduced or eliminated for purposes of calculating the Normal Pension as 

provided in Section IV.A., but such years of Past Service shall continue to be counted for 

determining eligibility for benefits. A Participant shall be deemed to have remained in the 

employ of the Participating Employer for purposes ofthis Secrion if he is employed by the 

Participating Employer more than thirty (30) days after the date a majority of the Trustees vote to 

reduce or eliminate the years of Past Service pursuant to this Section. 

B. Effective Service: An Employee who is a Participant on July l, 1974 shall be credited 

with Effective Service at the rate of one-twelfth year for each month between the date 

Contributions were tlrst rnZtde on his behalf and January 1, 1971. 

C. Future Eligibility: Service: An Employee shall be credited with a year of Future 

Eligibility Service during any calendar year for which Contributions are made to the Fund by a 

participating Employer on and after January 1, 1971 for at least 1.000 hours. No credit \\ill be 

6 
allowed during any calendar year .during which Contributions are made on an Employee's behalf 

for less than I ,000 hours. 

D. Future Calculation Service: An Employee shall be credited with Future Calculation 

Service at the rate of one-twelfth year for each month for which contributions ure mode to the 

Fund by a Participating Employer on and al1er January l, 1971. For any particular month, a 

Participant may not receive more than one month credit. 

E. Non-Covered Contiguous Employment Credit: An Employee shall be credited with 

"hours of service" for any period of continuous employment immediately prior or immediately 

subsequent to the date an employer is obligated to contribute for him if such prior or subsequent 

employment was in a category not covered by a collective bargaining agreement requiring 

contributions to the Fund for such Employee and such employment was wilh the Employer who 

began or stopped making contributions on his behalf. 

A. Norn1<.ll Pension 

Section IV. 

BENEFITS 

( l) A Participant's right to his Normal Pension is nonforfeitable upon the attainment 

ofNom1al Retirement Age as defined in Section I. (15). 

(2) The monthly amount ofNom1al Pension shall be the sum of the amounts 

detem1ined in (iv), (v), and (vi) below. 

(i) Divide the total amount contributed on or after January 1, 197 l on 

behalf of the Participant by the number of months between January 

1, 1971 or the first month of Contribution, ifthe later and, the last 

month of Contribution (both inclusive). 

(ii) Multiply by 12 

(iii) Multiply by the Rate Factor, applicable to the Participant, as 

determined in accordance with the following table: 

Date Participation Begins 

Number of Months 

during which 

Employer 

Contributions were 

made* Rate Factor 

Prior to March 1, 1966 

I • 

From March 1, 1966 to 

Februnry 28, 1967 

Inclusive 

36 or more 

36 through 47 

48 through 59 

60 or more 

7 

2.0?<> 

2.1%) 

2.2~o 
Date l'articipation Begins 

Number of 1\:lonths 

during which 

Employer 

Contributions were 

made* Rate Factor 

From March I. 1967 to 

February 29, 1968 

Inclusive 

36 through 47 

48 through 59 

60 through 71 

72 or more 

1.9% 

2.0~'0 

2.10./o 

2.2% 

On and after 

March I , 1968 

36 through 4 7 

48 through 59 

60 through 71 

72 through 83 

84 or more 

1.8% 

1.9~'0 

2.oo,"o 

2.1% 

? ')0/ ......,._;0 

*For the period prior to January 1, 1971 the number of months during which employer 

contributions were made is assumed to be the number of months of Effectire Service Credit. 

(iv) Multiply by the total number of years of Past Service, if any. 

(v) Multiply the amount detennincd in (ii) above by 3.0 percent and 

then by the number of years of Effective Service Credit if any 

through August 31. 2003. (Amended March 2000 and .June 

2003]. 

(vi) Multiply the total amount contributed on behalf of the Participant 

from January I, I 971 through August 31, 2003 by 3.0 percent and 

multiply the total amount due to be contributed on bchal f of the 

Participant from September I, 2003 through August 31, 2006 by 

2.0 percent and multiply the total amount due to be contributed on 

behalfofthe Participant after August 3l, 2006 by 1.0 percent. 

JAmended March 2000, June 2003 and June 2006). 

(3) Effective August I, 1990, the minimum monthly Normal Pension shaH be 

$50.00 for the purpose of calculating benefits for both current and future Pensioners and 

Survivor Annuitants, provided that the Pensioner had acquired at least l 0 years of Creditt:d 

Service. The Minimum monthly Normal Pension shall be adjusted by any actuarial values of 

reductions that may be applicable to the fom1 of pension benefit received by the Pensioner or 

Survivor Annuitant as provided for in other provisions of the Plan. 

( 4) The monthly amount of Normal Pension shall be actuarially adjt1sted to take into 

account any Withdrawal Benefit that the Participant may have received. 

8 

C'055.J.J8/0l.J29!l0 1526!16 6 
B. EJ.lrlv Retirement Bent;fit 

(1) Subject to subsection 8(3). a participant who has reached his 55th birthda~ shall 

be eligible for an Early Retirement Benefit provided that he has ut least 5 ycm·s of credited 

service, (I 0 years of credited service if the Participant did not have one hour of service on or 

after March l, 1998) which includes at least 36 months of Contributions on his behalf. Credited 

Service shaH mean the sum of Past Service, Effective Service, Future Eligibility Service, and 

Non-covered Contiguous Employment Credit, as defined in Section Ill. (Amended December 

2008f. 

(2) The Monthly Amount of Early Retirement Benefit shall be equal to the Normal 

Pension to which the Pensioner would have been entitled if he were lhen 65 years of age, 

reduced by five·ninths of one percent for each month the Retiree is between ages 62 and 65 and 

by five-twelfths of one percent for each month the Retiree is Jess than age 62 on the effective 

date of retirement. 

(3) Notwithstanding the foregoing, consistent with the tenns and conditions of the 

Rehabilitation Plan, as amended, (Appendix A hereto) Participants who are subject to the Default 

Schedule or on whose behalf contributions are no longer required to be made to the fund shall be 

ineligible for the Early Retirement Benefit subsidy described in paragraph (2) above. Such 

Participants shall be eligible for an unsubsidized Early Retirement Benefit only. !Amended 

December 2008J. 

C. Dcfcn·ed Pension 

(1) A Participant who has at least 5 years of credited service, (to years of credited 

service if the Participant did not have on hour of service on or after March I, 1998) which 

includes at least 36 months of Contributions on his behalf and thereafter ceases to be a 

Participant shall be eligible for a Deferred Pension payable at age 55 or later. A Participant, who 

is not covered by a collective bargaining agreement who had one hour of service after January I, 

1989, and has at least five years but Jess than 10 years of credited service, and thereafter ceases 

to be a Participant shaH be eligible for a Deferred Pension payable at age 55 or later. Credited 

Service shall mean the sum of Past Service, Effective Service, Future Eligibility Service, and 

Non-Covered Contiguous Employment Credit as defined in Section Ill. 

(2) The monthly amount of Deferred pension shall be equal to the monthly amount 

of Normal Pension or Early retirement Benefit earned prior to leaving the Industry, depending on 

the Participant's age at the time payments commence. Anything herein to the contrary 

notwithstanding, the term "Nonnal Pension" or "Early Retirement Benefit" as used in this 

subsection C. (2) shall mean the Normal Pension or the Early Retirement Benefit to which the 

Participant would have been entitled if he had been eligible for and applied for such bemetit 

pursuant to subsection A. or B. of this Section IV. on the date on which the Participant would 

have ceased to be a participant pursuant to Section II. B. in the absence of this Section IV.C. 

(Amended !\·larch 2000). 

(3) In the event that a participant entitled to a Deferred Pension again becomes 

employed by a Participating Employer, he may increase his pension as u result of such 

9 

C05S·I-18/0I.J298011526126 6 
employment The amount of such increase shaH be calculated by multiplying the amount due to 

be contributed on behalf of the Participant by 3.0 percent for the period prior to September I, 

2003, by 2.0 percent for the period from September I, 2003 through August 31, 2006 and by 1.0 

percent for the period after August 31. 2006. !Amended March 2000, .June 2003 and .June 

2006J. 

D. Disabilitv Award Pension 

(I) Subject to subsection 0(4), a Participant who has been awarded a Social 

Security Disability Award Pension shall be eligible for a Disability Award Pension from this 

Fund provided he shall have at least 5 years of credited service, ( l 0 years of credited service if 

the Participant did not have one hour of service on or after March I, 1998) which includes at 

least 36 months of Contributions on his behalf. Credited Service shall mean the sum of Past 

Service. Effective Service, Future Eligibility Service, and Non-Covered Contiguous Employment 

Credit, as defined in Section III. (Amended December 2008]. 

(2) The monthly amount of Disability Award Pension shall be equal to the Normal 

Pension earned to the date of disability retirement, without reduction for age. 

(3) Payment ofthe Disability Award Pension shall begin effective as of the date of 

entitlement established by Social Security. 

(4) Notwithstanding the foregoing, consistent with the terms and conditions of the 

Rehabilitation Plan, as amended (Appendix A hereto), for benefits commencements on or after 

March 1, 2009, Participants who are subject to the Default Schedule or on whose behalf 

contributions arc no longer required to be made to the Fund shall be ineligible for the Disability 

Award Pension subsidy described in paragraph (2) above. Such Participants shall be eligible for 

an unsubsidized Disability Award Pension only. (Amended December 20081. 

E. Death Benefits 

( 1) Prior to retirement 

(a) Effective for the death of a Participant prior to March 1, 2009, a Death 

Benefit shall be paid to the Beneficiary, as herein defined, of any unmarried Participant who dies 

prior to becoming eligible for a Normal Pension, or a married Participant wbo dies prior to 

becoming eligible for an Early or Nonnal Pension or a married Participant who dies after 

becoming eligible for an Early Pension and prior to becoming eligible for a Nonnal Pension who 

had rejected the Joint and Survivor Annuity Pension provided that Contributions have been made 

on the Participant's behalf for 36 months. 

(b) The amount of Death Benefit shall be equal to the Withdrawal Benefit as 

calculated in Section IV.G.(2) 

(c) If a Pre-Retirement Survivor Annuity Benefit is payable as provided in 

Paragraph F. (3), the amount of' the Death Benefit as calculated in subparagraph (b) above shall 

be reduced by the present value of the Pre-Retirement Survl vor Annuity Benefit payable to the 

spouse. If the surviving spouse does not elect to take the present value of the Pre-Retirement 

10 
Survimr Annuity Benefit in a single lump sum payment and dies before the commencement of 

the monthly Pre-Retirement Survivor Annuity Bendit, the amount by which the Death Benefit 

was reduced shall be payable to the beneficiary of the sur.·iving spouse. 

(2) Three Year Certain Cpon Retirement 

(a) If a Pensioner in receipt of a pension benefit from this Fund otherthan n 

Joint and Survivor Annuity Pension should die prior to receiving 36 monthly pension payments. 

then a lump sum benefit equal to the balance of the 36 monthly pension payments shall become 

payable to his Bcnctlciary, as herein defined. 

(b) For purposes of this subsection E. (2) only, and unmarried Participant or 

married Participant 'vho had rejected the Joint and Survh·or Annuity Pension who fulfills all the 

requirements for a Normal Pension Benefit but dies prior to making application for any benefits 

provided by this Fund, shall be considered a Pensioner in receipt of a Normal Pension Benefit 

and his Beneficiary shall be entitled to a lump sum benefit equal to the monthly pension benefit, 

calculated as if the deceased had made application therefore on the day preceding the date of 

death, multiplied by 36. 

(J) If the Pensioner is in receipt of a Joint and Survi\'or Annuity Pension, then upon 

the death of the last survivor of the Joint Life, a Death Benefit shall be payable to the Beneficiary 

of the last survi\'or equal to either the Death Benefit as defined in paragraphs (I) b. or 36 times 

the monthly pension the Pensioner would have received if he had not elected the Joint and 

Survivor Annuity Pension option, minus the aggregate pension payments made to the Pensioner 

and the Survivor Annuitant 

(4) For purposes ofthis subsection E., an Employee who is eligible for a DcfetTed 

Pension Benefit as defined in Section IV.C., is deemed to be a Participant. 

(5) Notwithstanding (I)-- (4) above, consistent with the tenns and conditions of the 

Rehabilitation Plan. as amended (Appendix A hereto), effective for the death of a Participant 

occurring on or al1er March 1, 2009, there shall be no Death Benefit payable from the Plan 

except as required in Section IV F. [Amended December 2008J. 

F. Joint and Survivor Annuitv Benefit 

(I) A Participant or fom1cr Participant who is eligible for a Normal, Early, or 

Disabili ly A ward Pension Benefit will receive a Joint and Survivor Aruwity Benefit, if he has u 

spouse on his date of retirement. His spouse will then be considered his Survivor Annuitant 

The amount of the pension benefit payable shall be the Actuarial Value of the pension benefit to 

which the Participant would other.vise be entitled. At the option of the Participant, the Joint and 

Survivor Annuity Benefit will be paid as either a 50°'o Joint and Survivor Annuity or as a 75% 

Joint and Survivor Annuity. 

(2) The 50% Joint and Survivor Annuity is a reduced pension benefit of equivalent 

Actuarial Value payable to the Pensioner during his lifetime and, upon his death, 50 percent of 

such reduced pension benefit pnyable to the Pensioner, shall become payable to the Survivor 

II 
A1muitant. This option constitutes the Pension Fund's Qualified Joint and Survi\'or Annuit! 

Bene tit. 

{3) The 75% Joint and Survivor Annuity is a reduced pension benefit of the 

equivalent Actuarial Value payable to the Pensioner during his lifetime and, upon his death~ 75 

percent of such reduced pension benefit payable to the Pensioner, shall become payable to the 

Sunivor Annuitant. This option constitutes the Pension Fund's Qualified Optionnl Sunhor 

Annuity Benelit. 

(4) A married Participant or Fonner Participant ma.Y elect during an election period, 

with his spouse's consent, to receive a sole pension in lieu of a Joint and Survivor Annuity 

Benefit on a form prescribed and furnished by the Trustees prior to his benefit conunencement 

date, Such right of election and the exercise thereof shafl require the written consent of the 

spouse. The election period shall consist of 180 days and shall not end earlier than the annuity 

commencement date. During this election period a Participant or former Participant has a right 

to revoke any previous election or again make any other election. This period shall folio\\ the 

furnishing of 

(a) a general description or explanation of the Qualified Joint and Survivor 

Annuity and the Qualified Optional Survivor Annuity; 

(b) the circumstances in which a Joint and Survivor Annuity will be provided 

unless the Participant has elected not to have benefits provided in that form; 

(c) the availability ofthe election; 

(d) and a general explanation of the relative financial effect on a Participant's 

annuity of such election. 

The election period must end prior to the commencement of benefits. After 

commencement of benefits any prior election may not be revoked. 

(5) If a married Participant or former Participant who is eligible for a Nomml. Early 

or Disability Award Benefit, dies prior to making application for Pension Benefits, or dies after 

making application but prior to commencement of benefits, it will be presumed that such 

Participant made application for the Qualified Joint and Survivor Annuity Benefit on the dale of 

death, unless he has rejected such option prior to death as prescribed in paragraph (4) above. 

(6) Prc~Retirement Survivor Annuity Benefit-- If a married Participant or former 

Participant. who is eligible for a Deferred Pension Benefit as defined in Section IV C. (I) has 

one hour of service after December 3 I, 1975, and dies after August 22, 1984, his surviving 

spouse shall be entitled to a Survivor Annuity Benefit. The benefit payable to the spouse will be 

calculated presuming such employee retired at his earliest retirement age under the Qualified 

Joint and Survivor Annuity Benefit with monthly payments to the spouse commencing with the 

month following the month the deceased would have attained his earliest retirement age. 

For bene tit commencement dates prior to March 1, 2009, in lieu of !he monthly Survivor 

Annuity Benefit, if the present value of the Survivor Annuity Benefit payable to the surviving 

12 

C055·Hl!i0l42•1WI526126 t 
spouse does not exceed $5.000. such amount \\ill be immediately distributed to the spouse. 

Effective for any Joint und SurYivor Annuity Pension \\hich commenced prior to June 28, 2008, 

if the present value of the Survivor Annuity Benefit exceeds $5,000, such present value may be 

immediately distributed to the spouse if the spouse consents to such distribution in writing. 

!Amended December 2008j. 

(7) Any Joint and Survivor Annuity Pension which becomes effective on or after 

l'vlurch I. 2008 shall be adjusted by multiplying the full amount otherwise payable by the 

following factors: 

(a) For the 50~~ Joint und SurviYor Annuity 90% plus .4% for ench full year 

that the spouse's age is greater than the Participant's ugc or minus .4% for each full year that the 

spouse's age is less than the Participant's age. with a maximum factor of99%. 

(b) For the 75%) Joint and Survivor Annuity- 85.7% plus .5% for each full 

year that the spouse's age is greater than the Participant's age or minus .5% for each full year 

that the spouse ·sage is less than the Participant's age, with a maximum factor of 99%. 

For any Joint und Survivor Annuity Pension which became effective before March I, 2008, the 

adjustment of the pension amount shall bt: made according to the rules then in effect. (Amended 

September 2008 and December 2008). 

G. Withdrawal Benefit 

(I) Effective for withdrawal benefit applications filed prior to June 28, 2008, a 

Participant who is not eligible for a Deferred Pension Benefit as defined in Section [V.C., shall 

be entitled to a Withdrawal Benefit provided Contributions have been made on his behalf for 36 

months: 

(a) After the participant has ceased to be employed by a Participating 

Employer or fanner Participating Employer for more than six consecutive months, or 

(b) If the Pmticipant continue to be employed by a former Participating 

Employer, that fanner Participating Employer continues to maintain a collective bargaining 

agreement with the Union for a period of at least six consecutive months after ceasing to be a 

Participating Employer. 

(2) The amount of the withdrawal benefit shall be computed in accordance with the 

following table: 

13 
Number or months during which 

~mployer contributions were made* 

36 through 47 

48 through 59 

60 through 71 

72 through 83 

R4 or more 

Percent of Total Amount Contributed 

on behalf of the Put·ticipant or Pensioner** 

too,~ 

20°'o 

30% 

40qo 

50°~ 

*For the period prior to January 1, 1971, the number of months during which Employer 

Contributions were made is assumed to be the number of months of Effective Service Credit. 

**Contributions prior to I 971 shall be detcnnined by multiplying the average monthly 

Contribution made on and after January 1, 19.71 by the number of months of Effective Scr\'ice 

Credit. 

(3) Effective for withdrawal benefit applications filed during the period June 28, 

2008 through February 28, 2009, withdrawal benefits other than benefits with a present Hllue of 

less than $5,000, shall not be paid ns a lump sum, but shall be paid in 60 equal monthly 

installments. (Amended September 2008f. 

(4} Effective March I, 2009, consistent \Vith the terms and conditions of the 

Rehabilitation Plan. as amended (Appendix A). there shall be no Withdrawal Benefits payable 

from the Plan. !Amended December 2008]. 

H. Special Benefits- Employers ofR.J. Tower Corporation 

( l) For the purpose of calculating benefits under Subsection A.(2) of this Section 

IV, the amount of contributions made on behn[f of a Participant by R.J. Tower Corporation or its 

successor with respect to hours worked on or after September I. I 993 shall be reduced by seYen 

cents per hour. 

(2) The Nonnal Retirement Age for a Participant who has had contributions made 

on his behalf by R.J. Tower Corporation or its successor with respect to hours worked in at least 

twenty four months commencing with the month of September, 1993 shall be age 60 provided 

the Participant bas tive years of credited service (1 0 years of credited service if the Participant 

did not have one hour of service on or after March l, 1998). The Early Retirement Benefit for 

such a Participant shall be equal to the Normal Retirement Benefit reduced by five twelfths of 

one percent for each month the retiree is less than age 60 on the effective dme of retirement. 

I. Eliuible Rollover Distributions 

This paragraph applies to distributions made on or after January l, 1993. 

Notwithstanding any provision of the plan to the contrary that would otherwise limit a 

distributee's election under this Article, a distributee may elect, at the time and in the manner 

prescribed by the plan administration, to have any portion of an eligible rollover distribution paid 

directly to an eligible retirement plan specified by the distribute in a direct rollover. 

(I) Eligible rollover distribution: 

14 
An el iglblc rollover distribution is any distribution of all or an; potiion of the balance to 

the credit of the distributee, except that an eligible rollover distribution does not inclut!c: any 

distribution that is one of a series of substantially equal periodic payments (not less frequent!) 

than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint 

life expectancies) of the distributee and the distributee's designated beneficiary. or for a specified 

period of ten years or more; any distribution to the extent such distribution is required under 

section 40 I (a) (9) of the Code; and the portion of any distribution that is no I includible in gross 

income (detem1ined without regard to the exclusion for net unrealized appreciation with respect 

to employer securities). 

(2) Eligible Retirement Plan 

An "eligible retirement plan" is an individual retirement account described in Section 

408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an 

annuity plan described in Section 403(a) of the Code, a qualified trust described in Section 

40 l (a) of the Code, that accepts the distributee's eligible rollover distribution, an annuity 

contract described in Section 403(b) of the Code and an eligible plan under Section 457(b) of the 

Code which is maintained by a -state, political subdivision of a state, or any agency or 

instrumentality of a state or political subdivision of a state which ngrees to separate!~ account for 

amounts transferred into such plan trom this Plan. Effective for distributions on or after January 

I, 2008, an eligible retirement plan shall also mean a Roth individual retirement account or 

annuity described in Section 408(a) ofthe Code. !Amended September 2008]. 

(3) Distributee 

A distributee also includes a nonspouse designated beneficiary. In the case of u 

nonspouse beneficiary, the direct rollover may be made only to an individual retirement account 

or annuity described in Section 408(a) or Section 408(b) of the Code ('~IR.A.") or a Roth 

individual retirement account or annuity described in Section 408A of the Code, that is 

established on behalf of the designated beneficiary and that will be treated as an inherited IR .. A. 

pursuant to the provisions of Section 402(c)( II). (Amended September 2008). 

(4) Direct Rollover 

A direct rollover is a payment by the plan to the eligible retirement plan specified by the 

distributee. 

J. Bonus Benefits 

The Trustees may, in their sole discretion, detem1ine from time to time to distribute to 

Pensioners, Survivor Annuitants and Beneficiaries one or more bonus benefit checks in addition 

to the monthly benefit payments such Pensioner or Beneficiary is entitled to under the other 

pro' isions of this Plan. The Trustees shall have the sole discretion to detennine the eligibility 

for and amount of such bonus benefit payments. Payment of a bonus benefit shall not constitLJtc 

an amendment to this Plan or a promise to make future bonus benefit payments in the future. A 

Pensioner, Survivor Annuitant. or Beneficiary shall not receive a bonus benefit payment in nn 

amount that would cause the aggregate bcnetit payments to such person to exceed the limitations 

on annual benefits set forth in Section XIII of The Plan or applicable laws and regulations. 

15 

('055-!48!0 l-12980 1526126 6 
Section t: 

PAYMENT OF BENEFITS 

A. Except us provided in Section IV (D) (3) or as hereinafter provided all pensions shall be 

payable for life beginning on the first day of the calendar month next following receipt by the 

Trustees of written application therefore or the date to which deferred in case of a pension not 

immediate!} payable, provided the applicant shall have fultilled all other requirements. and shall 

continue to and include the month in which death occurs, or if applicable, payments to a spouse 

in accordance\\ ith the provisions of Section IV.F. 

Monthly Benefits must commence on the first day of the month following the attainment 

of age 70 '~. All distributions of benefits will be made in accordance with regulations 

promulgated in Section 40 I (a)9 of the Internal Revenue Code including Section 1.40 I (a)9-2 of 

said regulations. 

In the event that a monthly pension payable to a Pensioner, or to a spouse or beneficiary 

of a Pensioner, who initially begins to receive such monthly benefit on or after March 1, 1989 

but prior to March l, 2009, is less than $25, in lieu of such monthly benefit, the Pensioner, or 

spouse or beneficiary of a Pensioner, may elect to receive the actuarial value of such monthly 

pension benefit in a lump-sum. [Amended December 2008]. 

B. (l) No Pension Benefit will be paid for any month during which the Pensioner, who 

is between age 65 and 70 is employed or self-employed on a regular full-time 

or regular part-time basis for 40 or more hours in an industry in which employees 

accrued benefits under the Plan at a trade or craft in which the Pensioner was 

employed at any time under the Plan and in the geographic area covered by the 

Plan. No Pensioner receiving an Early Retirement Benefit will be paid such Eady 

Retirement Benefit for any month prior to the attainment of age 65 during which 

lhe Pensioner is employed or self employed in the industry anywhere in the 

United States. However, benefits will be actuarially recalculated in order to 

compensate for the months of suspension of the Early Retirement Benefit 

beginning with the first month in which a benefit is payable. 

(2) A Pensioner whose benefits are suspended under paragraph I above, shall 

resume receiving benefits upon notifYing the Plan that the employment which caused the 

suspension of benefits had tenninated or no longer meets the criteria of paragraph I. 

(3) No Pensioner receiving a Retirement Benefit as of January I, 1982 shall haYc 

any benellts suspended by \'irtue of employment entered into prior to January I, 1982. 

(4) Any Pensioner may increase his pension as a resultofre-employment by a 

Participating Employer. The amount of such increase earned during the period of such reemployment shall be calculated by multiplying the total of all contributions due to be made on 

his behalf before September I, 2003 by 3.0 percent, and multiplying the total of all contributions 

due to be made on his behalf from September 1, 2003 through August 31, 2006 by 2.0 percent, 

and by multiplying the total of all contributions due to be made on his behalf after Augus! J l, 

2006 by 1.0 percent. However, in order to avail himself of this privilege, the Pensioner must 

16 

('055-I.JSIO 142980 1516126 fi. 
have had contributions made on his behalf for one or more d.1ys in each of four months in one 

calendar yeur. All increases will become cffecthe .January 1. following the calendar year in 

which earned. /Amended March 1000, .June 2003 and ,June 200()). 

C. No benefit shall be subject in any manner to anticipation. alienation, sale, transfer, 

assignment, pledge, encumbrance, or charge. and any attempt to so anticipate, nl ienate, sell, 

transfer, assign. pledge, encumber or charge the same shall be void; nor shall any such benefit be 

in any marmer liable for or subject to the debts. contracts, liabilities, engagements, or torts of the 

person entitled to such benefit. If any Pensioner becomes bankrupt or attempts to anticipate, 

alienate, sell, transfer. assign, pledge, encumber or charge any pension hereunder, then such 

pension shall in the discretion of lhe Trustees, cease and desist, and in the event, the Tn1stces 

shall hold or apply the same to or for the benefit of such Pensioner, his spouse, children, parents, 

or other dependents, or any of them, in such manner and in such proportion as the Trustee may 

deem proper. Effective January 1, 1985, this paragraph will be superseded by any tenns issued 

by a Qualified Domestic Relations Order pursuant to a State domestic relations law (including 

any community property law) which specifies the name and the fast known mailing address of 

the Participant and each alternative payee to whom the order relates, and either the amount of the 

Participant's benefits paid to an alternative payee. or the manner of dctennining the amount, nnd 

the number of payments or the period for which payments arc required. 

D. Jfa Participant's or Beneficiary's daim for benefits is denied in whole or in part, he shall 

receive a statement in writing from the Plan stating the specific reasons for the denial. A 

Participant or Beneficiary whose claim for benefits is denied in whole or in part may appeal to 

the Board of Trustees by submitting a written appeal within 90 days after the date he receives 

notice ofthe denial 

In determining an appeal the Trustees shall consider any materials that were relied upon 

to deny the claim and such additional comments, documents, records and other infonnation 

relevant to the claim that the participant or beneficiary may submit. 

The Trustees shall decide each appeal within 60 days after the appeal is received, unless 

the Trustees extend the period for no more than an additional 60 days due to special 

circumstances, in which event the Trustees shall notify the Participant or Beneficiary of the 

extension before the tirst 60-day period expires. 

The Trustees may dclcgnte to a committee consisting of at least one Employer Trustee 

undone Union Trustee the authority to act upon any one or more appeals. 

The determination on appeal by the Trustees or a committee of the Trustees shall be final 

and binding upon all parties. and the provisions of Section VII( A) of the Plan shall apply to aU 

such detem1inations. 

E. For distributions with annuity storting dates on or after January 1, 2003, notwithstanding 

any other plan pro\'isions to the contrary. the applicable mortality table used for purposes of 

adjusting any benefit or limitation under Sec lion 415(B)(2)(b). (C) or (D) of the (ntemul 

Revenue Code as set forth in Section XlH ofthe plan and the applicable mortality table used i(Jr 

17 

C'055.J.J8 01-12980 1526126 6 
purposes of satisfying the requirements of Section 417(c) as set forth in Section 1(8) of the Plan 

is the table prescribed in Revenue Rule 2001·62. !Amended .Junmtr)' 20031. 

Section VI. 

CONTRIBUTIONS 

A. Emplo) er Contributions nrc to pro\ ide the cost of benefits currently accruing under the 

Plan. to liquidate the cost of the credits granted for Past Service, and to pay the administrative 

expenses of the Plan. 

B. Each Participating Employer shall pay over to the Trustees on or before the tenth day of 

each month the Contributions on behalf of Employees in the collective bargaining unit during the 

preceding calendar month. Such payments shall be accompanied by reports on forms prescribed 

by the Trustees. 

C. A Participating Employer \\ho withdmws from this Plan in complete or partial 

withdrawal is not liable to the Plan if the Participating Employer: 

(I) First had an obligation to contribute to the Plan after September 26, 1980~ and 

(2) Had an obligation to contribute to the Plan for no more than six consecutive plan 

years preceding the date on which the employer withdraws: 

(3) Was required to make contributions lo the Plan for each such plan year in an 

amount equal to less than two percent of the sum of all emplo) er contributions made to the Plan 

for each such year; and 

(4) Has never avoided withdrawal liability because of the application of this section 

with respect to the Plan. 

Benefits of employees accrued on the basis of service for such an employer before the 

employer was required to contribute to the Plan shall not be payable if the employer ceases 

contributions to the Plan. 

D. In the event any Participating Employer shall become delinquent in the contributions to 

the Plan, the Participating Employer shall be liable to the Plan for the said unpaid contributions, 

and for (i) interest on the unpaid contributions nt the rate of one percent (1 %) per month of 

delinquency or the prevailing prime interest rate plus two percent (2%) per annum, whichever is 

greater, commencing on the date the said contributions were due, and (ii) liquidated damages in 

an amount equal to the greater of the interest specified in Section Vl(D) (i) or twenty percent 

(20~<<o) of the said unpaid contributions, and (iii) the attorneys' fees and costs incurred by the Plan 

in any action to collect unpaid contributions. Payment of interest and liquidated damages on 

delinquent contributions is mandatory, such that the Participating Employer will not b~ dcetnt:d 

to have met its obligations to the Plan if such amounts are not paid, notwithstanding payment by 

the Participating Employer of all contributions. 

lR C055H8/0l~198tl 1526126 6 
Sec/ian 1'/f 

ADMINISTRATION OF THE PLAN 

A. The Trustees shall have complete discretion to interpret the provisions of this Plan and 

the Agreement and Declaration of Trust. lo determine relevant facts and to apply the prcn isions 

of this Plan and the Agreement and Declaration of Trust to particular facts and circumstances in 

order to decide all matters arising under the Phm including, without limitation, the eligibility of 

an individual to become a Participant of the Plan, to quali(y for a particular benefit under the 

Plan and to receive a particular amount of benefit. The decisions by the Trustees shall be final 

and binding, subject only to limited judicial review pursuant to which u decision of the Trustees 

may be overturned only if found to be arbitrary and capricious. 

B. Mergers: In the case of any merger or consolidation with, or transfer of assets or 

liabilities to, any other employee benefit plan, each Participant shall be entitled to a benefit status 

immediately after the merger, consolidation, or transfer which is not less favorable than the 

benefit status to which he would have been entitled immediately before the merger, 

consolidation, or transfer as if the Plan had then been terminated. 

Section VIII. 

MANAGEMENT OF FUNDS 

A. In accordance with the provisions of the Agreement and Declaration of Trust, all or the 

funds of the Phm shall be held by the Trustees in trust for use in providing the benefits under the 

Plan and paying its expenses; provided that no part of the corpus or income of the trust shall be 

used for or diverted to purposes other than for the exclusi\'e benefit of Participants and 

Pensioners under !.he Plan, and provided that no person shall have any interest in, or right to, nny 

part of the earnings of any trust pertaining to this Plan, or any rights in, or to, or under such trust 

or any part of the assets thereof, except as and to the extent expressly provided in the Plan. 

B. In accordance with the provisions of the Agreement and Declaration of Trust, the 

Trustees may appoint a Corporate Investment Advisor for the purpose of investing and re· 

investing funds not required for the administration of the Plan and the payment of current 

benefits. 

Section IX. 

AMENOMENT 

A. Subject to the provisions of paragraph B below, the provisions of the Plan may be 

modified or amended by the Trustees, retroactively, if necessary, to the extent the Tmstccs find 

such modification or amendment necessary to bring the Plan into confonnity with governmental 

regulations expressing the public policy or condition which must be conformed with in order to 

quality the trust for the Plan as tax exempt under appropriate sections of the lntemal Revenue 

Service. 

B. Any provisions of the Plan may be otherwise modi tied or amended by the Tmstees at a 

regular or special meeting. In no event. however. shall any modi!lcation or amendment of the 

provisions of the Plan make it possible for any part of the funds of the Plan to be used for, or 

diverted to purposes other than for the exclusive benefit of Pensioners and Participants. 

19 

C055-l-ll!f014]9i!G 1526126 
Section .. r 

TERMINATION 

A. The Plan may be terminated by the Trustees only with the consent of the Union and a 

majority of the Participating Employers, pursuant to the provisions of the Agreement and 

Declaration of Trust. and. in such event, all the funds of the Plan shall be used for exclusin; 

benefit of Pensioners and Participants, and shall be allocated in shares detem1ined by the 

Trustees on the basis of Actuarial Value, as above defined, in the following order: 

Firsl, each Pensioner shall be entitled to a share equal to the reserve computed to be 

required for his pension: and 

Second, each Participant who has reached his 65111 birthday and has othen\ise fulfilled the 

requirements of Section IV., hereot~ shall be entitled to a share equal to the reserve computed to 

be required for his pension credits; and 

Third. each Participant who has reached his 551

t. birthday and has otherwise fulfilled the 

requirements of Section IV., hGreof, shall be entitled to a share equal to the reserve computed to 

be required for his pension credit: and 

Fourth. each other Participant shall be entitled to a share equal to the reserve computed to 

be required lor his pension credits, provided that, if the funds ofthe Plan are insufficient to 

provide in full for the shares under any of the above paragraphs, after provision for all shares 

under previous paragraphs, each share under such paragraphs as to which the funds are 

insufficient shall be reduced pro ruta. 

Anything herein to the contrary notwithstanding, the rights of all affected Participants, 

fanner Participants, Pensioners or Beneficiaries of such individuals to benefits accrued to any 

tem1ination or partial termination, to the extent then funded, shall be non-forfeitable. 

B. The Trustees may require that all shares be withdrawn in cash or in immediate or 

deferred annuities or other periodic payments as they may detennine. 

C. This Section X. shall also apply to any group of Employees who are affected b) a partial 

termination of the Plan. 

Section XI. 

CONSTRUCTION 

The provisions of the Plan shall be construed, regulated and administered under the laws of the 

State of New York and the Employees Retirement Income Security Act of 1974. 

Section Xll. 

RECIPROCITY 

Anything herein to the contrary notwithstanding: 

20 
I. If a Participant becomes a full time Employee as such term is defined in the Pension Plan 

for Employees of the United furniture Workers of America and Related Organizations, 

the provisions of Section II. 13. hert'ofshall become inoperative and shall remain 

innperati\'e as long as the Parlicipant continues lO be such Emplo) ec. 

2. Whenever it becomes necessary to make any determination as to Applicable Effective 

Date. Participation or eligibility for Benefits. the "I rustces of this Plan shall obtain from 

the Pension Plan for Employees of the United Furniture Workers of America and Related 

Organizations, all records pertaining to the indi\idual involved, and the data contained in 

such records shall be combined with the data contained in the records maintained by this 

Fund in order to determine eligibility for benefits from this Fund. 

3. [fit is detennincd that the indi\'idual is entitled to Benefits from this Fund, such Benefits 

shall be calculated on the basis of the contributions made to this Fund alone but the 

period of credit as an Employee, as such tern1 is defined in the Pension Plan for 

Employees of the United Furniture Workers of America and Related Organizations, shall 

be disregarded in detennining the A vernge Annual Contribution made to this Fund in 

order to avoid a reduction in the Pension payable to such individual. 

Section Xll! 

MAXIMUM BENEFITS 

] . In no event shall the Annual Benefit of a Participant in the fom1 of a straight life annuity 

for any calendar year exceed the lesser of$90,000 or I 00 percent of the Participant's high 

three consecutive year a\'Crage compensation. 

2. If a Participant begins to receive a benefit prior to age 62, the $90,000 limitation shall be 

reduced by adjusting such benefit so that it is actuarially equivalent to $90,000 at age 62. 

However, the reduction shall not reduce the limitation below $75,000 for a benefit 

beginning on or after age 55 and shall not reduce the limitation below the actuarial 

equivalent of a $75,000 annual benefit for a benefit beginning before age 55. For 

purposes of adjusting any benefit under this subsection. the interest rate assumption shall 

be the greater of 5 percent or the rate specified for determining actuarial equivalence for 

early retirement and the mortaUty table shall be the applicable mortality table specified in 

Section 1(8). {Amended March 2002). 

3. In the case of a participant who has less limn I 0 years of Service nt the time his benefits 

commence, the maximum limitations shall be reduced by multiplying such limitations hy 

a fraction. the numerator of which is the number of years of service ami the denominator 

is 10. 

4. The limitations on the maximum amount of benefits shall be subject to adjustments by 

reason of changes in the cost of living in accordance with regulations by the Secretary of 

Treasury. 

21 
,\'eclion XII: 

APPEALS 

I. A Participant or beneficiary whose claim lor benctirs is denied in whole or in purl shall 

rccei\'e written notification of such decision no later than ninety (90) days after the claim 

has been received unless the Director notifies the participant or beneficiary during that 90 

day period that special circumstances require additional time. not to exceed an additionnl 

ninety (90) days. The notice of denial shall contain such information, explanation and 

detail as required by the DOL Claims Regulations, including a description of the time 

limits and procedures tor appealing the detcnnination. 

All decisions on claims for benefits denying a claim in whole or in part shall be subject to 

appeal to the Board ofTrustecs as provided herein. Section V(D) of the Fund's Plan of 

Benefits is amended to read in its entirety as follows: 

If a Participant's or Beneficiary's claim for benefits is denied in 

whole or in part, he shall receive a stalement in writing from the 

Plan stating the specific reasons for the denial. 

A Participant or Beneficiary whose claim tor benefits is denied in 

whole or in part ma)' appeal to the Board of Trustees by submitting 

a written appeal within 90 days after the date he receives notice of 

the denial. 

[n detem1ining an appeal the Trustees shall consider any materials 

that were relied upon to deny the claim and such additional 

comments, documents, records and other infonnation relevant to 

the claim that the participant or beneficiary may submit. 

The Trustees shall decide each appeal within 60 days after the 

appeal is received, unless the Trustees extend the period for no 

more than an additional 60 days due to special circumstances, in 

which event the Trustees shall notify the Participant or Beneficiary 

of the extension before the first 60 day period expires. 

The Tn1stees may delegate to a committee consisting of at least 

one Employer Tmstec and one Union Trustee the authority to acl 

upon any one or more appeals. 

The detcm1ination on appeal by the Trustees or u committee of the 

Trustees shall be final and binding upon all parties. and the 

provisions of Section VII( A) ofthe Plan shall apply ro all such 

determinations. [Amended January 2002). 

CW54-I!!'(ll~:?980 !5!6126 6 
UNITED FURNITURE WORKERS PENSION FUJ\1> A 

Plan Amendment 

October 30, 2009 FEB 0 4 2011 

1. Section I (16) of the Plan is hereby amended effective October 30, 2009 to read in 

its entirety as follows: 

If compensation is used to detennine contributions to the Plan on or behalf of a Participant, 

the tenn "Compensation" shall mean: the amount as defined in Treasury Regulation Section 

1.415(c)·(2)(d)(4) (e.g., amounts reported in Box I of Fonn W·2, plus amounts that would be 

reported as wages but for an election under Code Section l25(a), 132({)(4), 402(e)(3), 

402(h)(l)(B). 402(k) or 457(b)), but not in excess of$230,000 (as adjusted in accordance with 

Section 415(d) of the Code) for any Plan Year or calendar year, as applicable. Such amount shall 

not include nny severance pay, whether paid before or after a Parth.:ipant 's termination of 

employment In addition, such amount shall not include oUter compensation paid after an 

individual's tennination of employmetlt, except that to the extent that the following amounts are 

otherwise included in the definition of compensation and are paid no later than the date which is 2 

~months after tennination of employment, such amounts paid after a Participant's termination of 

employment shall be deemed compensation: regular pay, including compensation for services 

during regular working hours, overtime, shift differential, conunissions, bonuses or other similar 

paymen1s. and payment for unused accrued sick, vacation or other leave, but only if the Participant 

would have been able to use the leave if employment had continued. 

The rules described above with respect to post-employment payments shall not apply to 

payments to an individual who does not currently perform services for the Employer by reason of 

qualified military service, to the extent such payments do not exceed the compensation such 

individual would have received from the Employer if he or she had continued to perform services 

for the Employer. 
United Furniture Workers Pension Fund A 

Plan Amendments 

February 2013 

WHEREAS, the Board of Trustees (the "Board") of the United Furniture Workers 

Pension Fund A (the c;Pension Fund'') is required to amend the Plan document to maintain 

compliance willb all applicable laws, 

NOW tHEREFORE, by Board hereby amends the Plan document as follows: 

1. Ai!'rlcle I of the Plan is amended by adding to the end thereofthe following: 

(16) Top-heavy means that the present value of the accrued benefits of key 

employees in the Plan exceeds 60% ofthe present value of accrued 

benefits of all Participants in the Plan. 

( 17) Key Employee means a current or former employee who at any time 

during the PJan Year containing the determination date is or was: 

1. A 5% owner of the Employer; 

2. An officer of the Employer whose compensation exceeds $1301000 

{as adjusted under Code section 416(i)(l) for Plan Years beginning 

after December 31. 2002; or 

3. A 1% owner of the Employer who has annual compensation 

greater than $150,000. 

The rules of subsections (b), (c), and (m) of Code section 414 do not 

apply for purposes of determining whether a person is a key employee. 

2. Artk:le IV. F. 4 is amended by a.dding immediately after paragraph {d), the following: 

Such notice sball inform the participant and the participant's spouse of the 

right to defer any distribution until the participant's accrued benefit is no 

longer immediately distributable. Such notification shall include a. general 

description of the material features. and an explanation of the relative 

values of, the optional forms of benefit available under the plan in a 

manner that would satisfy the notice requirements of section 417(a)(3) of 

the Inte~ Revenue Code and section 1.417(a)-3 of the Income Tax 

Regulations. For notices given in plan years beginning after December 31, 

2006, such notification shall also include a description of how much larger 

benefits will be if the commencement of distributions is deferred. 

3. Arth;le Xlll is amended by striking the existing language and inserting in its stead 

the oollowing: 

L Except as provided in this Article XIII, and notwithstanding any other 

provisions herein, irenefits under the Plan shall be limited in accordance 

with Section 415 ofthe Code and the Treasury Regulations thereunder, 

which are hereby incorporated by reference. 
.... 

.... 

~2

To the extent permitted by law, the application of the provisions of this 

Section 3.4 shall not cause the benefit that is accrued, distributed or 

otherwise payable for any Participant to be Jess than the Participant's 

accrued benefit as of December 31, 2006 under 1he provisions of the Plan 

that were bo1h adopted and in effect before April 5, 2007 and that satisfied 

limitations under Section 415 of the Code nnd the Treasury Regulations 

thereunder as in effect as of January 1, 2008. 

If a Participant in the Plan also participates inn single-employer plan 

maintained by an Employer, only those benefits accrued under the Plan as 

a result of service with that Employer shall be aggregated with the benefits 

accrued under the single-employer plan. In the event that the nggregute 

benefit accrued in any Plan Year by a Participant exceeds the limits under 

Section 415 of the Code and the Treasury Regulntions thereunder as a 

result of the mandatory aggregation ofthe benefits lUlderthis Plan with the 

benefits under another plan maintained by an Employer. Tbe beneftts of 

the other plan shall be reduced to the extent necessary to comply with 

Section 415 of the Code and the Treasury Regulations thereunder. 
United Furniture Workers Pension Fund A 

Plan Amendments 

February 2013 

WHEREAS, the Board of Trustees (the "Board") of the United Furniture Workers 

Pension Fund A (the ~Pension Fund") is required to amend the Plan document to maintain 

compliance witlh all applicable laws, 

NOW IHERBFORE, by Board hereby amends the Plan document as follows: 

1. Anicle I of the Plan is amended by adding to the end thereof the following: 

(16) Top-heavy means that the present value of the accrued benefits of key 

employees in the Plan exceeds 60% of the present value of accrued 

benefits of all Participants in the Plan. 

(17) Key Employee means a current or former employee who at any time 

during the Plan Year containing the determination date is or was: 

1. A 5% owner of the Employer; 

2. An officer of the Employer whose compensation exceeds $130,000 

(as adjusted under Code section 416(i)(l) for Plan Years beginning 

after December 31, 2002; or 

3. A 1% owner of the Employer who has annual compensation 

greater than $150,000. 

The rules of subsections (b), (c). and (m) of Code section 414 do not 

apply for purposes of determining whether a person is a key employee. 

2. Artlde IV. F. 4 is amended by a~ding immediately after paragraph (d), the following: 

Such notice shall inform the participent and the participant's spouse of the 

right to defer any distribution until the participant's accrued benefit is no 

longer immediately distributable. Such notification shall include a general 

description of the material features, and an explanation ofthe relative 

values of, the optional forms of benefit available under the plan in a 

manner that would satisfy the notice requirements of section 417(a)(3) of 

the Intem!ll Revenue Code and section 1.4l7(a}3 of the Income Tax 

Regulations. For notices given in plan years beginning after December 31, 

2006, such notification shall also include a description of how much larger 

benefits will be if the commencement of distributions is deferred. 

3. Arti~le XIll is amended by striking the existing language and inserting in its stead 

the 1 allowing: 

L Except as provided in this Article Xlll, and notwithstanding any other 

provisions herein, benefits under the Plan shall be limited in accordance 

with Section 415 of the Code and the Treasury Regulations thereunder 

which are hereby incorporated by reference. ' 
.., •.. 

-2-

To the extent permitted by law, the application ofthe provisions ofthis 

Section 3.4 shall not cause the benefit that is accrued, distributed or 

otherwise payable for any Participant to be less than the Participant's 

accrued benefit as of December 31, 2006 under the provisions of the Plan 

that were both adopted and in effect before April 5, 2007 and that satisfied 

limitations under Section 415 of the Code and the Treasury Regulations 

thereunder as i.n effect as of January l, 2008. 

If a Participant in the Plan also participates in a single-employer plan 

maintained by an Employer, only those benefits accrued under the Plan as 

a result of service with that Employer shaH be aggregated with the benefits 

accrued under the single-employer plan. In the event that the aggregate 

benefit accrued in any Plan Year by a Participant exceeds the limits under 

Section 415 of the Code and the Treasury Regulations thereunder as a 

result of the mandatory aggregation of the benefits under this Plan with the 

benefits under another plan maintained by an Employer. The benefits of 

the other plan shall be reduced to the extent necessary to comply with 

Section 415 of the Code and the Treasury Regulations thereunder. 
APPENDIX A 

REHABILITATION PLAN OF THE 

UNITED FURNITURE WORKE~ PENSION Fll1:ID A 

ADOPTED: DECEMBER 3, 2008 

FIRST AMENDMENT: DECEMBER 2-9, 2008 

The United Furniture Workers Pension Fund A (the {(Pension Fm1<l") was certified 

on May 29, 2008 by irs actuaty as being in "critical status" as defined by the Pension Protection Act 

of 2006 (the "PPA"). The Pension Fund's Board of Trustees, as plan sponsor of the Pension Fund, 

is required under the PPA to develop a "Rehabilitation Plan," which is designed to improve the 

financial condition of the Pension Fund over rime in accordance with standards set forth in the 

PPA. In order to comply with this statutory mandate, the Board of Trustees of the Pension Fund 

has adopted this Rehabilitation Plan, which ... vill become effective on March 1, 2009, and will serve 

as an amendment to the Pension Fund's plan document. 

Under this Rehabilitation Plant Pension Fund retirees and beneficiaries with benefit 

commencement dates before March 1, 2009 and participants and former participants who either file 

for a pension benefit or otherwise become eligible for a benefit from the Pension Fund prior to 

March 1, 2009 shall not be affected by this Rehabilitation Plan to the extent permitted by applicable 

law. All other Pension Fund participants and former participants, except as otherwise prov'ided 

herein, shall be subject to this Rehabilitation Plan. 

As explained in greater detail below, this Rehabilitation Plan consists of tv.ro 

schedules, the Preferred Schedule and the Default Schedule. These schedules set forth the 

alternacive benefits and contribution requirements under this Rehabilitation Plnn. The Contribut:tng 

Employets1 and the CWA/IUE Local Unions (the ''"Bargaining Parries") will determine, through 

1 For purposes of this Rehabilitation Plan, a "Contributing Employer" shall mean wy employer which i~ obhgated to 

make contributions to the Pension Fund pursuant to the tetrns of a coUectil.·e bargaining agreement or other written 

agreement requiring contributions to the Pension Fund. 

1 

C055448/014~)80/149HG428 
collective bargaining, which schedule n Contributing Employer will elect for the benefit of its 

employees who participate in the Pension Fund. In addition, all Contributing Employers \vill be 

required to pay to the Pension Fund the surcharges mandated by ERJSA Section 305(e)(7)(A), and 

as explained in Section 4(A) and (B) below, the increases mandated under both the Preferred 

Schedule and the Default Schedule shill be inclusive of the amount of the surcharges imposed on all 

Contributing Employers hereunder. Effective for bargaining unit work performed on or after 

August 1, 2008, the surcharge required br ERISA Section 305(e)(7)(A) is 5% of the contributions 

otherwise required under the applicable collective bargaining agreement or other \Vritten agreement 

requiring contributions to the Pension Fund. Effective March 1, 2009, the surcharge requited under 

ERISA Section 305(e)(7)(A) shall increase to 10% of the contributions required under such 

agreements. 

As required by the PPA, the Board intends to :review the terms of this Rehabilitation 

Plan from time to time to determine whether plan is consistent with the Board's objective of 

improving the Pension Fund's funding status over time. 

SECTION 1-RELEVANT STANDARDS UNDER THE PPA 

Under the PPA, a rehabilitation plan must include one (1) or more schedules 

sbo\Ving revised benefit structures, revised contributions, or both, which, if adopted by the plan 

sponsor and agreed upon by the bargaining pru:ties, may reasonably be expected to enable a pension 

fund to emerge from critical status by the end of the pension fund's rehabilitation period, or where 

that is not reasonable, to emerge from critical status at a later time. 

The PPA also pto\"ides that one of the rehabilitation plan's schedules of benefits and 

contributions shall be designated as being the "default" schedule. Under the PPA, the default 

schedule must consist of(~ the reduction of :ill future benefit accruals to the extent permitted by 

law, (ii) the elimination of aU adjustable benefits and, to the extent necessary, (ili) an increase in 

2 

COSS.UB/0142980/! ~YI!641.!l 
contribution rates, which, taken together, are projected to allow a pension fund to emerge from 

critical status br the end of the pension fund's rehabilitation period. Adjustable benefits that may be 

eliminated include post-retiretnent death benefits, early retirement benefit or retirement type 

subsidies, disability benefits or related subsidies or any other benefits that may be described in 

ERISA Section 305(e)(8)(A). 

SECTION 2- BOARP•S DETERMINATION TO UTILIZE ALTERNATIVE 

MEASURES TO EMERGE FROM CRITICAL STATUS 

Under the PPA, a rehabilitation plan is a plan which is intended, through various 

changes in benefits and contributions and reasonably anticipated experience and reasonable actunrial 

assumptions, to enable a pension fund to emerge from critical status by the end of its rehabilitation 

period. Howe\'er, under the PPA, if the plan sponsor of a pension fund "determines that, based on 

reasonable actuarial assumptions and upon exhaustion of all reasonable measures," the pension fund 

is not reasonably expected to emerge from critical status by the dose of the plan's rehabilitation 

period, then the plan sponsor can fashion a rehabilitation plan that includes reasonable measures 

that are designed to allow the pension fund to emerge from critical status at a later time or forestall 

possible insolvency under ERISA Section 4245. A phm sponsor may adopt this "exhaustion" 

approach upon its deterrn.ination that "based on reasorn~ble acruarial assumptions and upon 

exhaustion of all reasonable measures," it would not be reasonable to conclude that the pension 

fund would emerge from critical status by the end of its rehabilitation period. 

For the reasons set forth in greater detail below, the Bo~rd ofTn1stees of the 

Pension Fund has detemti.ned that, on the basis of reasonable actuarial assumptions and upon the 

exhaustion of all reasonable measures, and upon consideration of various alternatives, it would not 

be reasonable to conclude that the Pension Fund would emerge from critical status under the PPA 

by the end of its rehabilitation period. (The Pension Fund's rehabilitation peciod is the ten (1 0) year 

period beginning on March 1, 2011 nnd ending on February 28, 2021 ). 

3 
A. Alternatives Considered 

The Board ofTrustees considered numerous alternntives (including combinations of 

contribution rate increases and benefit adjustments) that, together with applicable amortization 

extensions, were projected to enable the Pension Fund to emerge from critical status by the end of 

its rehabilitation period. The Pension Fund's actuary projected that in order for the Pension Fund 

to emerge from critical status by the end of its rehabilitation period, the Board would need to adopt 

one of the follmving schedules (or a si.rnilar schedule): 

Benefit ReductiQns Cgnt:obution Rate Increases (All Increases Compound Annuall):)* 

Immediate Alternative 1 Alternative 2 Alternative 3 

elim.ination of all 

Adjustable Benefits Yr. 1 - G. 7% increase Yrs. 1-10 u 10.4°,'0 increases Yr. 1-15% increase 

(benefit accruits are Yr. 2- 7.7% increase Yrs. 2-10- 9.6% increases 

already at lowest Yr. 3-8.7% increase 

level pen:ni.tted by Yr. 4-9.71

% increase 

law) Yr. 5 - 10.7% increase 

Yr. 6- 11.7% increase 

Yr. 7- 12.7°/o increase 

Yr. 8 13.7'?'o increase 

Yr. 9- 14.7~/o increase 

Y r.1 0 - 15.7% increase 

* Depending upon the expiration dates of existing collective bargaining agreements to which 

the Bru::gaining Parties mar be bound as of the date of the adoption of this Rehabilitation Plan, the 

number of years in \'~thich a default schedule may be applicable to Contributing Employers wbo 

become subject to that schedule will generally range from 10 to 12 years, in each case to the end of 

the .rehabilitation period, which is February 28, 2021. 

B. Rationale for Rejecting Alternatives 

After careful consideration of all of the foregoing alternatiYes, the Board concluded 

that none of those alternatives is reasonably expected to enable the Pension Fund to emerge from 

critical status by February 28, 202L Rather, the Board determined that adopting a rehabilitation plan 

which would require the Pension Fund's Contributing Employers to increase their contribution rates 

at the levels set forth above, compounded annuitly, would likely result in a signifiOUlt number of 

4 
employer withdrawals from the Pension Fund, or a mass withdrawal, thereby further jcoparc.lizing 

the funding status of the Pension Fund or resulting in the Pension Fund's insolvency. 

SECTION 3- ELIMINATION QE ADJUSIABLE BENEFITS 

As required by law, the Pension Fund ceased paying all lump sum payments in excess 

of $5,000 effective June 28, 2008, and the elimination of all such lump sum payments under the 

Pension Fund shall continue under this Rehabilitation Plan. Moremrer, effective for benefit 

commencements occu.tring on or after March 1, 2009, the Pension Fund shall cease to prov1dc any 

of the following benefits, rights and features: 

e Any and all death benefits; 

• Any and all withdrawal benefits; 

• The 36~m6nth benefit guarantee; 

• Any and a111ump sum benefits. 

In addition, effective for Pension Fund participants (A) who are employed by 

Contributing Employers who become subject to the Default Schedule or (B) on whose behalf 

contributions are no longer required to be made to the Fund, such participants shall not be eligible, 

upon their retirement or other employment separation, for the Pension Fund's e:uly retirement or 

disability benefit subsidies, to the extent permitted by applicable L1w. 

SECTION 4- SCHEDULES OF CONTRIBUTIONS 

The Board of Trustees hereby establishes the contribution schedules that 

Contributing Employers may elect under this Rehabilitation Plan. Section 4(A) sets forth the 

Rehabilitation Plan's Preferred Schedule and Section 4(B) sets forth the Rehabilitation Plan's Default 

Schedule. 

If a Contributing Employer and a Local Union do not have a collective bargaining 

ngteement (or other writren agreement requiring contributions co the Pension Fund) in effect as of 

Mru:cb 1, 2009, and if the those Bru:gaining Parties do not accept the Preferred Schedule herein by 

5 
May 31,2009, then the Default Schedule \'lrill be imposed on that Contributing Employer on the 

earlier of 180 days a.fter March 1, 2009 or the date that the Secretary of Labor declares an impasse in 

bargaining. If a Contributing Employer and a Local Union do have a coUeccivc bargaining 

agreement (or other \vritten agreement requiring contributions to the Pension Fund) in effect as of 

March 1, 2009, and if, upon expiration of that agreement the Bargaining Parcies do not accept the 

Prefened Schedule within the earlier of 180 dars after such expiration or the date the Secretary of 

Labor declares an impasse in bargaining, then the Default Schedule will be imposed, as reguired by 

the PPA on the Contributing Employer. The Pension Fund hereby reserves the right to impose, to 

the greatest extent permitted by applicable law, the Default Schedule upon any Contributing 

Employer whose collective bargaining agreement (or other written agreement requiring 

contributions to the Pension Fund) expires and who fails or refuses to nccept the Preferred Schedule 

within 180 days of such expiration. For purposes of this Rehabilitation Plan, in the event that a 

Contributing Emplo;-e.r is required to contribute to the Pension Fund pursuant to an agreement to 

contribute for indefinite period of time, such Contributing Employer will be required to adopt the 

Rehabilitation Plan on or before May 31,2009, or v:ill be subject to having the Default Schedule 

imposed upon it ~'ithin 180 days thereafter. 

A Preferred Schedule (Preserves Some Adjustable Benefits; Eliminates Other§) 

2009-2035; Increase contributions by 5.5% each yeru. 

Effective immediately upon the expiration of a collecti\·e bargaining agreement (or 

other agreement requiring contributions to the Pension Fund), each Contributing Employer who 

elects to contribute to the Pension Fund under the Prefened Schedule set forth above shall be 

required to increase its contributions to the Pension Fund each year by an amount egual to 5.5°/o of 

(i) the contributions required under its prior collectiYe bargaining agreement and (ii) the amount of 

6 

C0554411/0I-1::!'9!11l/ 149!!64:!./l 
any surcharge required pursuant to ERlSA Section 305(e)(7).2 (The first annual increase shall be 

effectiYe the month follO\ving the date upon which the Contributing Employer elects the Preferred 

Schedule. In all subsequent years, the annual increase shall be effective on the earlier of the 

anniversary of the collecti\'C bargaining agreement or March 1). 

By war of illustration, if a Contributing Employer's .total contribution obligation 

under its immediately preceding coUccth:c bargaining agreement and by application of the surcharges 

required pursuant to ERISA Section 305(e)(7) amounted to SS,OOO per month, then under this 

Preferred Schedule, that Contributing Employer would be required to increase its monthly 

contributions by an additional $275 per month (to S5,275), assuming all other nssumptions remained 

constant In the subsequent year (and again assuming all other assumpcions'remain constant), that 

Contributing Employer's contributions to Pension Fund would increase by an additional $290.13 

per month (to $5,565.13 per month). 

Notwithstanding the provisions of Section 3, all acth·e Pension Fund participants 

whose Contributing Employers have elected the Preferred Schedule will remain eligible for a 

disability benefit subsidy and the early retirement subsidy to the same extent that such participants 

were eligible for such benefits immediately before the effective cbte of this Rehabilitation Plan. 

The Board of Trustees anticipate reviev.ring, from time to time, the imp::tct that this 

Preferred Schedule .is runring on the Pension Fund's funding status, and anticipate making 

adjustments to this Schedule, as appropriate, over time. 

B. Default Schedule (Eliminates All Adjustable Benefits) 

2009-2021: Increase contributions by 10.41% each year. 

2 The 5.5".;, annu:illy compoundmg contribution increases required to be made by each Contributing Employer 

hereunder are .intended to improve the funding status of the Pension Fund and \ltill not generate any additional bene fir 

accruals for Pension Fund participants, to the e:<tent permitted by applicable law. 

7 

C055448/0142980/ H986-123 
Any Contributing Employer who becomes subjecr to the Default Schedule shall be 

required to increase its contributions to the Pension Fund each year in an amount equal to 10.4% of 

(i) the contributions required under its expired collective bargaining agreement and (ii) the amount 

of the surcharge required pursuant to ERlSA Section 305(e)(7).3 (The fust annual increase shall be 

effective the tnonth following the date upon which the Default Schedule becomes subject to the 

Contributing Employer. In all subsequent years, the annual increase shall be effective on the earlier 

of the anniversary of the collective barga:i.n.ing agreement, if any, or March 1). 

As required under the PPA, the Default Schedule under this Rehabilitation Plan 

consists of the elimination of all adjustable benefits peonitted by applicable law, and an increase in 

contributions, which, mken together, are designed to ailO\v the Pension Fund to emerge from critical 

status by the end of its rehabilitation period. Based upon the acnury's assumption that Contributing 

Employers who become subject to the Default Schedule are less likely to remain as Contributing 

Emplorers in the Pension Fund for an period of time, and consistent \v:it.h the design of 

the PPA, the Board has detetm.ined that the contribution increases required from such Contributing 

Employers should be based upon enabling the Pension Fund to emerge from critical status \virhin its 

rehabilitation period, i.e., by February 28, 2021. 

By way of illustration, if a Contributing Employer's total contribution obligation 

under its expired collect:i\•e bargmrung agreement and by application of the surcharges required 

pursuant to ERISA Section 305(e)(7) amounted to SS,OOO per month, then under this Default 

Schedule, that Contributing Employer would be required to increase its monthly contributions by an 

additional S520 per month (to S5,520), assuming all other assumptions remained constant. In the 

3 The 10.4~·• annually compollllding contribution increases required to be made by ench ContrJbutittg Employer 

hereunder are intended to improve the funding status of the Pension Fund and v.ill not generate any addnional benefit 

nccruals for Pension Fund participants, to the extent permitted b}· appLicable law. 

8 

COS5.J.48/0l4:?91l0/ 14986426 
subsequent year (and again assuming all other assumptions remain constant), that Contributing 

Employer's contributions to the Pension Fund would increase bran additional S574.08 per month 

(to S6,094.08 per month). 

SECTION 5- ANNUAL STANDARDS AND PROJECTED EMERGENCE FROM 

CRlTICAL STATUS 

Under this Rehabilitation Plan, the Board has established the annual standards set 

forth below for improving the Pension Fund's funding status from 2010 tlu:ougb the date that it is 

projected to emerge from critical status in 2036. 

"The Board has detennined, upon consultation with the Pension Fund's actuary, that 

the reasonable measures contemplated under this Rehabilitation Plan, which i.ndude substantial, yet 

more attainable, contribution increases and less onerous benefit adjustments, are less likely to result 

in mass employer withdrawals and are reasonably designed to allow the Pension Fund to emerge 

from critical starus at a later time. Assu.ming that all of the Contributing Employers elect the 

Preferred Schedule set forth in Section 4(A) above, and based upon the attainment of all of the 

Pension Fund's other reasonable actuarial assumptions, the Board, in consultation 'vith the Pension 

Fund's actuary, hns r::onduded that the Pension Fund's funding srntus is projected to improve O\'er 

time as follows: 

lVLuch 2010 -69%, funded 

March 2011 -67% funded 

March 2012-64% funded 

March 2013 -63°/o funded 

l\.{arch 2014 -62% funded 

March 2015 -61 1

% funded 

March 2016 -60% funded 

Mnrch 2017 -59% funded 

iv1arch 2018 -59% funded 

t\larcb 2019 -58% funded 

March 2020 -58% funded 

March 2021 -58% funded 

Mru:cb 2022 -57% funded 

9 

March 2023 -58% funded 

March 2024 -58% funded 

March 2025 -58% funded 

March 2026 -59% funded 

March 2027 -61% funded 

March 2028 -63% funded 

March 2029 -65% funded 

March 2030 -68% funded 

March 20.31 -73% funded 

March 2032 -78% funded 

March 2033 -84% funded 

March 2034 -92~/o funded 

March 2035 -99% funded 

March 2036 - Projected to 
be fully funded 

Under this projection, it is anticipated that the Pension Fund's financial condition 

would improve incrementally over time and the Pension Fund would emerge from cciticnl status by 

February 29,2036. 

SECTION 6- ENFORCEMENT Of REHABILITATION PLAN 

In addition to all of the rights and remedies that arc available under applicable law, 

including, "tithout limitation, Title I and Title IV of ERJSA, the Board of Trustees of the Pension 

Fund hereby expressly reserve the right to find and determine, in their discretion, that any 

Contributing Employer who fails and/or refuses, after written notice, to comply \Vith the terms and 

conditions of this Rehabilitation Plan, shall be deemed to have effected a complete or partial 

withdrawal from the Pension Fund within the meaning of ERISA Sections 4203 or 4205, ns 

applicable. Upon such a finding and determination, the Board of Trustees hereby expressly reserve 

the right to pursue all of the Pension Fund's remedies against such withdrawing employer as are 

~millable under ERlSA and other applicable law. 

SECTIONj- CONSTRUCTION AND MODIFICATIONS 

The Board of Trustees of the Pension Fund tesenres the right to construe, interpret 

and/or apply the terms ~nd provisions of this Rehabilitation Plan in a manner that is consistent with 

its intent and design of improving the financial condition of the Pension Fund o\·er time, and any ail 

construt:tions, interpretations or appliCitions of this Rehabilitation Plan by the Board shall be final 

and binding unless arbitrary or capricious. The Board further reserves the right to make any 

prospective or retroacti\·e modifications to this Rehabilitation Plan thnt in tbeir discretion tn:lV ' ' . 

become necessary or appropriate or that may be required by applicable law. 

10 

COS5-H8/0I41980/14'J&u428 
50 

U;";"ITED FURI\ITURE WORKERS PE~SI00;' 

FUND A 

SUi\Ji\:fARY PLAN Df:SCRIPTIOJS 

To All Participants and Beneficiaries: 

We are piC(!sed to present you with a brief description 

of the important provisions of your Pension Pian. The 

Pension Plan hns been submined to the United States 

Treasury Department for approval under the Employee 

Retirement Income Security Act (ERISA) and has been 

approved. 

If you have any difficulty understanding any part of this 

description, contact the Fund Office. Office hours arc 

from 8:15A.M. to 4:00 P.M., Monday through l"riday. 

Our telephone number is {800) 800-8860. 

United Furniture Workers Pension Fund A 

The United Furniture Workers Pension Fund A is a 

multicrnploycr, defined benefit pension plan. Participating employers contribute to the Plan in accordance with · 

written collective bargaining ngreements. You may 

obtain infonnation from the Plan Office as to whet!ier 

a particular employer or local union spqnsors the Plan, 

and if so, that employer's or local union's mailing address. Pension benefil~ arc provided from employer 

contributions and Plan investmenL~. 1l1e Plan's assets 

nrc held in trust. A list of the Plan's investment managers can be obtnined from the Plan Office. 

Type of Plan and Identifying Numbers: 

United Furniture Workers Pension Fund A is a defined 

benefit pension pian. The Employer Identification 

Number is 13-551 I 877 and the Plan Number is 00 l. 

Fiscal Year: 

The Plan's fiscn{ year ends on the last day of February 

of each calendar year. 

Administration: 

The Plan is administered by njoint Board ofTrustees 

composed of four Employer Trustees and four Union 

Trustees and i'l located nl 1910 Air Lane Drive, P.O. Bo\ 

!00037, Nashville, TN 37224. Tlv.:: telephone number 

Is (800) 800-8860. 

The Board of Trustees has the authority under the Plan 

document to tenninate the Plan or to amend or eliminate any benefit prorided under the Plan to the extent 

pennitted by law. The Boar? _ofTrustees bas discretion 

to interpret any and all proviSIOns of the Plan, and the 

Board's decisions on all ma!lers relating to the Plan arc 

final nnd binding. 

Tile Board ofTrustecs, as the Plan Administrator, is the 

agent for service oflegal pnpcrs, nnd is located at the 

same address. 

Collecth·c Bargaining Agreements: 

llte Plan is mnintained under one or more collective 

banzainiM mrreemenL'>, 11 hich are nvailnble for inspectiDI; upon -request in writing to the Board of Trustees as 

the Plan Administrator. 

Sources of Contributions; 

Employers contribute \'arious rates principally in uccordnnce with the colleclive bargaining agreements between labor unions affiliated with the Communications 

Workers of America and contributing employers. Upon 

request, the Board ofTrustees, as the Plan Admfnistm· 

tor. will make available n complete list or the Employers 

co~tributing to the Plan. 

51 
52 

Names nnd Addresses of the Bonrd ofT rustees: 

Employer T rostees 

Mr. Ken Barton, SecretaryTreasurer 

UFW Pension Fund A 

Simmons Company 

One Concourse Parh-way, 6'' 

Floor 

A!lanta, GA 30328 

Mr. Edmond Dugas, Trust!Oe 

UFW Pension Fund A 

Sealy, lnc. 

One Office parkway at Sealy 

Drive 

Trinity, NC 2737G 

Union T rostees 

Mr. Harry Boot, Chairman 

UFW Pens'on Fund A 

1910 Air Lane Drive 

Nashville, TN 37210 

Mr. Elmo DeSilva, Trustee 

UFW Pension Fund A 

Local 768 & Its Divisions 

8 7-80 Parsons Blvd. 

Jamaica, NY 11432 . 

Mr. Frank Scott, Trustee Mr. Ullses Vergara, Trustee 

UFW Pension Fund A UFW Pension Fund A 

Hufcor Local 262, IUE/CWA, AFL-CIO 

P.O. Box 591 519 Esludillo Avenue, Suite 0 

Janesville, Wf 53547 San Leandro, CA 94577 

Mr. Anthony Sestito, Trustee Mr. Jose Villarreal, Trustee 

UFW Pension Fund A UFW Pension Fund A 

Steinway Muslca! Instruments Local9400, CWA, AFL-CIO 

800 South Street, Su'te 305 · 7844 Rosecrans Avenue 

Waltham, MA 02453 Paramount, CA 90723 

Names and Addrcs~es of Professionals 1\ ho aid in the 

administration of the Pbn: 

Investment Advisors Ct.·n· 

sul!ant 

Independent Fiduc:ary 

Services 

805 15"· Street, NW, Suite 

1120 

Washington, DC 20005 

General Counsel 

Bryan Cave LLP 

1290 Avenue of the Americas 

New York. NY 10104 

. Actuarial Consultants. 

Cheiron 

1000 Atrium Way, Suite 403 

Mount Laurel, NJ 08G54 

Certified Public Attouutants 

Joseph Warren & Company 

A Divis1on of Rogoff & Company PC 

355 Lexington Avenue, Sixth 

Floor 

New York, NY 10017 

T 

I 

l 

I 

l 

I 

1 

j 

QUESTIO:\'S AND ANSWERS 

ABOlJTYOUR RETIREiv1E!'-1TPLAN 

1, Wilen do 1 become a participant of the Plan? 

You become a Participant in the Pension Plan as of the 

date your Employer becomes obligated to contribute 

to this Fund on your behalf pursuant to a collective 

bargaining agreement. 

2. Who pays for tlte Plan and 11·ho holds the Plan's 

money? 

Your Employer pays U1e entire cost of the Plan by making contributions pursuant to its applicable collective 

bargaining agreement TI1e Plan's money is mannged by 

investment managers under the supervision of the Plan's 

investment,consultnnt. 

3. JT7li!ll will! receh·e mJ' Normal Pension Benefit? 

You may retire 11'iU1 a Normal Pension Benefit at the 

earlier of the 5';. anniversary of the time you began participating in the Plan or the time ~ou ucqu!re~ 5 year~ of 

credited service ( l 0 years or credtted serv1ce 1 f you dtd 

not hai'C one hour of service on or afler March I, 1998) 

which includes at least 36 months of Contributlons on 

your behalf, but in no C\'ent prior to reaching age 65, 

4. May 1 retire before agt; 65:' 

Yes, you may retire with an Early Pension benefit if 

you are at least 55 years old and have at least 5 years of 

service, (10 years of credited service if you did nol have 

one hour of service on or after March 1, 1998). 

in §ddition, you may retire with a Disability Retir~ment 

. _.benefit at any age if you haYe been a1varded a Socml 

· · Sccuiity Disability Pension and have at least 5 years of 

.· service, (10 years of credited service if you did not have 

· oriehour of service on or after March I, 1998). 

>;H~~~·ever, to be elig:ib!c for Early or Disability Pension 

.-- .-- l~, you must~havc had contributions made on your 

for at least 36 months. 

How are years of senice co11111ed under the Plan? 

53 
General!y, you receive one full year of credit during 

any calendar year for 11 hich contributions were made 

on your behalf for at least I ,000 hours. 1l1is is called 

Future Service Credit. 

In addition, you receive service credit for time you 

worked in the industry before there was a pension plan, 

provided you were employed by an Employer on the 

date he first made contributions. You receive one fuH 

year of credit during each calendar year during which 

you were employed by the Participating Employer for at 

least six months. This is called Past Service Credit. 

Past Service Credits may be reduced or eliminated for 

calcubtion pumoscs only if the Participating Employer 

ceases to make contributions or significantly reduces 

contributions and such action ha.'i an ad1•erse eflect on 

the actuarial soundness of the Fund. 

6. Hall' are Pellsiun benefits calculated? 

The basic pension benefit for all Participants is. 

calculated as fol.lows: 

a) The overage annual contributions made on your 

bella If from January I, !97 I multiplied by a rate 

factor between 1.8% and 2.2% multiplied by years of 

Past Service Credit. 

plus 

b) TI1e average annual contnoutions made on your 

behalf from January I, 197 I multiplied by 3.0% and 

further multiplied by the years of credited service 

between the date when contributions were first made 

on your belwlf and January I, ] 97 J. 

plus 

c) TI1e contributions made on your behnlffrom January 1, 197! through August 31, 2003 multiplied by 

3.0%, 

plus 

d) TI1c contributions made on your behalf from September 1, 2003 through August 31, 2006 multiplied 

by 2.0%. 

[)Ius 

e) The contributions made on your behalfaflcr Sep· 

!ember I, 2006 multiplied by 1.0%. 

The minimum Normal Pension shall be S50 if you had 

nt least I 0 years of credited service. However. further 

calculations may be made depending on whether you 

are shm-lng your pension with your spouse or are retiring 

on an Early Pension benefit. (Sec questions 7 and 8 for 

further explanation.) 

EXAMPLE 

.JohnS. begun to work for his Employer in 1994 and 

works until his 651

h birthday on.Dccembcr 31,2011. 

Employers contributed S25,00U on his behalf during 

this period of employment. His monthly benefit is 

culculuted as follows: 

Contributions ( 1994-8/03) s 16,000 

1\lultiply by 3.0% X 01 

Totul S 480 

Contributions (9/03-8/06) s 3,000 

1\lulriply by 1.0% .o2 

lotal S 60 

Contributions (9/06- s 6,1)00 

1211 J) 

X .01 

i\lultiply hy 1.0% 

Totnl s 60 

If .John S. of our example is unmarried at retirement, 

he will receive $600 monthly ($480+$60+$60"'$600). 

If he is married at retirement; his benefit might be 

adjusted further. See the following questions and 

answer forD complete explanation. 

. ·.}~. : .·. ~· . 

55 
56 

7. Hmr may 1 pmvide a pension Jar IJ~t· spouse!! she 

swvil·es me? 

The Plan has a benefit called the Joint and Survivor Annuity Benefit under which you recci\'e a reduced benefit 

for as long as you Hvc and your spouse wHI receive 

either 50').'~ or 75r7~ oflhnt benefit, depending upon the 

election made prior to commencement of the benefit, for 

as long as she li\'eS if she survives you, 

Under this option, the benefit you earned cowrs two 

people, nod therefore, your pension is reduced by a 

small percentage, depending on your age and your 

spouse's age a! retirement. For example, if you are 65 

and your wife is 62 at your retirement, under the Plan's 

Qualified Joint and Survi\'Of Annuity Option, your 

pension would be reduced by 0. 1151, and your spouse 

would get one-half of what you were getting if she 

survh•es you, 

Based on the example in Question 6, John S. 's Qualified 

Joint nnd Survh'or Annuity Benefit would be S530.94, 

and if his wife survives him, she would get one-half o!' 

his monthly benefit Which would be S265A7 for her 

lifetime. 

lfyou are married when you retire, your pension will 

automatically be paid to you as a Joint and Survivor 

Annuity Benefit unles::: you reject this form of benefit in 

writing. \Vith the written conseni of the spouse. 

8. llo\\' will ''W benefits be c.alcufated if! retire ll'ith m1 

Early Pension BcJtr:t.fiJ:' 

If you were an active Participant in the Plan upon your 

retirement and your employer had elected the Prefcn·ed 

Schedule under the Rehabilitation Plan, then your Early 

Pension benefit will be computed in the same way as 

your Nonnal Pension benefit, and then\\ ill then be 

reduced ror each month that you are less than 65 years 

old, by applying a fom1ula similar to the one the Social 

Security Administrc~tion uses. At age 62, your Early 

Pension Bcneflt would be cquiYalent to so~·!. of the 

Nonnal Pension. This is considered to be a subsidized 

benefit. For all others, an Early Pension Benefit will not 

be subsidized, but will be actuarial! y reduced to account 

for your receipt of that benefit at an earlier time, 

9. How will my pension beiUjil be wlculared if 1 rctirr: 

with a Disability Pension? 

If you were actively employed rrnd contributions were 

being made to the Plan immediately preceding your 

disability, and your employer had elected the Preferred 

Schedule under the Rehabilitation Plan, then your Disability Pension benefit will be computed in the same 

\vay ns your Nonnal Pension benefit. This is considered 

to be a subsidized benefit. For all others, a Disability 

Pension will not be subsidized, but will be nctuarially 

reduced to account for your receipt of that benefit at an 

earlier time. 

l 0. Mmt benefits may 1 gel if! stop \l'ork before I am 

eligible for an Ear6' Pension benefit? 

If you leave the industry before retirement age and hnvc 

at that point accul1)ulatcd at least5 years of credited 

service, (10 years of credited service ifyou did not have 

one hour of service on or after March 1, !998), including 36 months of contributions, you are entitled to a 

pension benefit which you may begin to receive at age 

55 or later. You may elect the date on which your pension will begin. · 

II. What if 1/eare the ilrdusll)' before 1 hm•e sati:.:fied 

the digibility requirement for a l'ested pension. as indicated in Question 1 0? 

You will not be eligible for any benefit from the Plan. 

While the Plan had previously provided a Withdrawal 

Benefit for non-vested participants, the Board elirrii· 

nated any and all withdrawal benefits on March I 

2009 through its adoption of the Rehabilitation Pl~n. Non-vested Participants who filed a Withdrawal Benefit 

application prior lo March I, 2009 may be eligible for 

a Withdrawal Benefit in accordance with the lenns of 

Section IV.G of the Plan. 

12. What benrifits do my beneficiaries get if I d;e before 

retiring? · 

If you are married and at your death have 5 years of · 

credited service, (lO years of credited service if you did 

not. ha~e one hour of service on or aflcr t\•1arch 1, 1998) 

Whlch mcludes 36 months of contributions mnde on 

your behalf by a Participating Employer, and are at least 

·./_ .. -.·-· 

- .. :,, 

57 
r 

55 years old, your spouse wtll be eligible for the Joint 

and Survivor Annuity Pension.-

lfyou arc married and earned 5 or more years of credited service (10 years of credited service ifyou did not 

have one hour of service on or after tvlarcb 1, 1998 ), nnd 

bad at least one hour of sef\·ice after December 31, 1975 

and died after August 22, 1984, your spouse will be 

entitled to a Joint and Suf\·ivor Annuity Pension payable 

\\hen you would haYe attained age 55. 

If you arc not mnrried and die before retiring, your beneficial}' will not be eligible for uny benefit from the Plan 

13. Can f /os1.1 my portidpatiorr in the Plan? 

Yes, you lose participation nnd h;;~ve a "Break-inService"; 

a) i!'for any reason you stop working for a Participating Employer for a period of two consecutive 

calendar years, or 

b) ifyou retire. 

14. If 1/wl'e a Break-i11-Sen·ice, do I lose all sen·ice 

credits I /lcwe earned? 

You do not lose the service credits you had eumed if 

you had at least 5 years ofCn:dited Service, (I 0 years of 

credited sef\·icc if you did not have one hour of service 

on or after March I, 1998) including 36 months of 

contributions. 

if you did not satisfy the above requirements for a 

\·csted pension, you do not lose the sef\ ice credits you 

had earned if, after a Brcak-in-Sm·ice, you return to. 

work for a Panlcipat!ng Employer within a time period 

equal to the greater of five years or the number of years 

of credit you earned prior to the Brenk-in-Service. 

15. May a ?i.msioiwr ri!Tilm io \\'VJ'k mtd keep his pr::nsiorr? 

i 

\ 

I 

I 

I 

I 

I 

I 

I 

l 

l 

I 

l 

I 

I 

1 

·1 

:i 

l 

:f 

A pensioner, between age 65 and age 70~-~, who retums ~r . ;; to work within the same trade or craft and in the same · ~ ,~_: .. geographic area covered by the Plan will not receive ;J [.";' -_ j pension checks during any month of r~-employment in ~ 

•_·-~~ ·~ --.- 8 ~, 

~~:~- ·j. 5 ~ 

,, 

·-~ ,1-:;: ;"!...:_ ,..............,...,..,.......,.-,.,...,..~----·- ~~---~--,..-.-~~--~~~=~~-..,..,. ~·~~ 

;:~·~~~~;~--~-:~:.'7o;" ,~~- f-·;'-·' .':,-~: • - .. ;:_ -: .-~r..---. :~.-

:. c _:~--~-: • • , ,·, 1' 

-. _._-·_ ·.· . 

which he works 40 or more hours. 

A Pensioner. below age 65, \\ ho returns to \\ ork in the 

industry anywhere in the United States will not receive 

pension checks during any month of such re-employ= 

ment, regardless of the amount of hours \\'orked. Such 

Pensioners will upon returning to the pension rolls. al1er 

age 65, have their monthly pension benefit recalculated to compensate for the monthly pension benefits 

thnl \\·ere suspended prior to the nttainment of age 65. 

However, recalculation \\ill not be made for months of 

employment prior to age 65 which would have resulted 

in a suspension of benefits if the Pensioner had been 

overage 65. 

If any Pensioner returned to work for a Participating 

Employer then returns to the pension rolls, he may 

increase his pension. 

16. Holl' do I file a claim for benefils? 

You can ask for any plan benefit to which you feel 

entitled by writing to the Board ofTrustees at UJC Fund 

Office. You should send in your request for retirement 

in the month prior to the month during which you wish 

your benefits to begin. Your monthly pension payments begin the first day of the month following receipt 

of your application at the Fund Office, except that the 

Disability Award Pension may be payable prior to the 

application date, which wit! be the date of entitlement of 

the Social Security Disability Award. Monthly pension 

benefits must commence on the first day of the month 

following your attainment of age 70~ :;. 

17. ff11a1 happe11s afler 1 app{l'for a he111ji/! 

The Board \\ill gi\'e you a prompt response to your 

claim, 

If your claim is denied, you will receiYe a statement in 

\\nting giving you the specific reasons for the denial. 

If you wish, you may, within 90 days of receiving the 

Board's notice, file a written request for a rc\·icw of your 

claim, 

The Board will review any material you submit in support of your claim and any written statement you 11"ish 

to make. 

59 
I 8. flow does this summwy descriplion oft he Pension 

Plan app(l· to Pensimwrs or toformer Partidpalifs l!'ho 

hal'e lifi the industry hut are !'ntitlcd to a hemjit at a 

later date? 

With respect to Pensioners: your pension benefits were 

calculated Uiider the Plan as it was in effect at the time 

you retired. You will continue to receive the pension 

benefits under the same conditions as you arc now 

receiving them. 

With respect to former Parti~ipants who arc entitled to 

vested benefits: In accordance with the Rehabilitation 

Plan, effective March I, 2009, the benefits to which you 

are entitled at some future date will be based upon the 

ten11S and conditions oftbe Plan's Default Schcdnle. 

You may ask for confinnation of your benefits and on 

explanation of how benefits were comrutcd by writing 

to the Fund Office. 

19. Calllll)'fX!IIsion bentjils be alimali!d or orhenrise 

assigned to nu•former spouse or anyo11e else tlmmglt a 

qualified domestic relatiollS order {a "QDRO 'T 

Yes, a court order or judgment made under state domestic relations law, sometimes referred to as a QDRO, can 

provide for a division of your pension benefit to your 

spouse, fomlt!r srous<J, child or other dependent, pro-

\ idcd that it Is in a fom1 that meets legal rcquiremenl'i 

and is acceptable to the Plan. You should notify the Plun 

Office ]fsuch a division is being considered so that it 

may, without charge, provide a sample QDRO that will 

be acceptable to the Plan and otherwise provide geneml 

guidance on procedures. 

20. Can the Plan be terminated? And ifso. h01r wif! 11!1' 

pension be ajfecred? 

1l1c Plan may be terminated by the Board ofTrustecs 

only with the consent of the Unfon and a majority of the 

Participating Employers. In such event, all orthe assets 

of the Plan shall be used for the exclusive benefit of the 

pensioners and participants, and shall be allocated in the 

following order: 

First, each Pensioner shall be entitled to a share equnlto 

the reserve computed to be required for his pension~ 

I 

J 

l 

l 

j 

Second, each Participant \\ho has reached his 65''' 

birthday and has otherwise fulfilled the requirements of 

Section IV. of the Plan document shall be entitled to a 

share equal to the reserve computed to be required for 

his pension credits; 

Third, ench Participant who has reached his 55"' 

birthday and has othcr~vise fulfilled the requirements of 

Section IV of the Plan document shall be entitled to a 

share equal to the reserve computed to be required for 

his pension credits; 

Fmtrth, ench other Participant shalf be entitled to a share 

equal to the reserve computed to be required for his 

pension credits, provided that, if the funds of the Plan 

arc insufficient to provide in lull for the shnrcs undC!r 

any of the above paragraphs, afier provision for Ill! 

shares under previous paragraphs, each share under such 

paragraphs as to which the funds arc insufficient shu!! be 

-reduced pro rota. 

YOUR RiGHTS UNDER THE PLAN 

As a Participant in the United Furniture Workers 

Pension Fund A, you are entitled to certain rights and 

protections under the Employee Retirement Income 

Security Act of I 974 (ERISA). ERISA prm·ides that all 

Plan Participant-; shall be entitled to: 

Receive Information About Your Plan and Benefits 

Examine, without charge, at the Fund Office and other 

specified locations, such as worksites and union halls. 

all documents governing the Plan, including insuranc~ 

contrncts and coriective bargaining agreements, and 

a copy ofthc latest annual report (Form 5500 Series) 

filed by the Plan with the U.S. Department of Labor and 

mailable at the Public Disclosure Room of the Emrloycc Benefits Security Administmtion. 

Oqtain, upon written request to the Fund Office, copies 

ofLt,e documents governing the opemtion of lbe Plan, 

including insurance contracts and collective bargaining 

. agreements, and copies of the latest annual report (Form 

· · .5~00 Series) and an updated summary pbn description. 

:Ine. Fund Office mny make a reasonable charge for the 

_copies. 

61 
62 

Receive a summary of the Pl:Jn 's annual financial report, 

111e Fund Office i5 required by law-to furnish each participant with a copy of the summmy annual report. 

Obtain a statement telling you whether you have u right 

to rcceh c a pension at normal retirement age (age 65), 

and if so, what vm1r benefits \\'OU[d be at nonnal retirement ag~ ifym; stop working under the Plan now, If 

you do not ha\'e a right to a pension. the statement will 

tell you how many more years you hm·e 10 work to gel a 

light to a pension. This stul~ment must be requested in 

writing nnd is not requitoed to be gi\'cn more than once 

every t\\·elve ( 12) months. The Plan must rrovide 1hc 

statement free ofchargQ. 

Prudent Actions by Plan Fiducinries 

In addition to creating rights for Plan participants. 

ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The 

people who operate your Plan, called "fiduclurics•· of the 

Plan, hnve a duty to do so pmdently and in the interest 

of you and other Plan p<~tifcipants and beneficiaries. No 

one, !nclud!ng your employer, your union, or nny other 

person, may fire you or otherwise discriminate against 

you in any way to prcYent you from obtaining a pension 

benefit or exercising your rights under ERISA. 

Enforce Your Rights 

I fyour claim for n pension benefit is denied or ignored, 

in whole or in part, you han~ the right to know why this 

\\'as done, to obtain copies of documents relating to the 

decision without charge, and to appeal any denial, all 

\\ ithin certain time schedules. . 

Under ERISA, there ure steps you can take to enforce 

the above rights. For instance, if you request a copy of 

the plan documents or the !::~test annual report from the 

Plan and do not rccei\·c them within 30 days, you may 

file suit in a Federal court. In such a case, the couti may 

require the Plan Administrator to provide the materials and pay you up to S II 0 a day until you receh c the 

materials, unless the materials were not sent because of 

reasons beyond the control of the Administr.1tor. If you 

ha\·e a cluim for benefits which is denied or ignored, in 

whole or in part, you may file a suit in a slllte or Federal 

court. [n addition, if you disagree with the Plan's di.!cision or Jack thereof concerning the qualified status of 

a domestic relations order or a medical child supron 

order, you may file suit in Federal court. If it should 

happen thut Plan fiduciaries misuse the Plan's money, or 

if you are discriminated ag::~insl for asserting your rights, 

you may seck assistance from the U.S. Department or 

Labor, or you may file suit in a Federal Court. The court 

will decide \\'ho should ray com1 costs and legal fees. 

If you are successlhl, the coun may order lhc person 

you ha1·e sued to pay these costs and fees. If you lose, 

the court may order you to pay these costs nnd fees, for 

example, if it finds your claim is frivoious. 

Assistance with Your Questions 

If you huvc any questions about your plan, you should 

contact the Plan Administrator. If you haye any questions about this statcmeni or about your rights under 

ERISA, or if you need nssistance in obtaining documents from the Plan Administrator, you should contact 

the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution A1·enue, N.W., Washington, D.C. 20210. You may 

also obtain certain publications about your rights and 

responsibilities under ERISA by calling the publications 

hotline of the Employee Benefits Security Administmtion. 

FEDERAL BENEFIT 1:'-/SURAl\'CE 

Your pension benefits under this multiemploycr Plan arc 

insured by the Pension Benefit Guaranty Corporation 

(PBGC), a federnl insurance agency. A multicmployer 

plun is a collectively bargained pension arrangement 

im·olving two or more unrelated employers, usually in a 

common industry. -

Under the multiemployer plan prof,>r.lm, the PBGC pro- · 

vides financial assistance through lonns to plans thnt arc 

insolvcnL A mullicmployer plan is considered insoh ent 

ifth_c plan is unable to pay benefits (at least equal to tile 

PBGC's guaranteed benefit limit) when due. 

111e maximum benefit that the PBGC guamntces is set 

by law. Under the multiemploycr program, the PBGC 

· · ),'lJa!antee equals a participant's years of service mul-

. ·· _-.tipFed by(!) I 00% of the firstS [ 1.00 of the monthly 

C benefitnccrual rate nnd (2) 75% of the next S33.00. ll1c 

63 
6-1-

PBGCs maximum gu;u~mtc~ limit is )35.75 jKr mo11lh 

tim~s :1 particip<uH\ ycJr> of sen icc. for l'.\amplc. the 

m,1\lll1Ul11 unnu:.~l guar,li1ll'C l(·,r ;J rdli'Cl' 11·ith 30 year,, 

ol\crvicc \\'ould b.: S 12.t\70, 

The PBGC gu3runt..:'c g.::n.:r;llly co\ crs: {I l i\nmml ami 

Early Rttircmcnt bcnditi~ I 2) Dis<thtlity benefits i I' you 

become dis<1bkd bdbn: the Pbn b·x-omcs in soh ~·nt: and 

(3) certain bcncfih lor vour ~urvinlrs. 

Th~ rBGC guaramcc !;Cll<'l'dlly doe~ not ('(1\ LT: (I) 

Bcnt:firs grc:Jter t!J:ll\ thL' lll<t\imum guJranlc..:d amoum 

set by law: (2) benefit inc1\:;1~c;; :md ne\\' bcndiL-; b<l3Cd 

Oil plan (11"0\'iSiOilS that ht11 C bt:Cii ill pli!Cl' ror ii:I\'L'f \han 

5 )t:ars at th~ carlit:rui: (i) ThL' dolL' the plan k'rmitJcll<,'~ 

or ( ii) the time the plun bccnmc:i insuln:nt: i)) bcndits 

that arc llL~l \·csted b<:causc) ou ha\'c not ll'orked lung 

.;nough: {..J) b<Cncfits l{x 11 hich you lm1 c not met all of' 

the r~quirenwnt~ <lt the tim.: the pl:!n becomes insoh~nt: 

and (5) nonp.:nsion bcndit~. such as 1\,'ahh in~urilncc. 

li f.; 1nslll~1!1cc. cctlnin J,!:llh bt:tlcfits. \ ncntion p~1~ anJ 

.Sl'\CJ'alle'C JXIYfor more in!oml~Hton about the P8GC and the bend'its 

it guarantees. nsk ~our !'l,m Administralnr or Cl1lltact !he 

PBCiC\ lt:chnical Ac;si~t:Jnc..: D!1 isinn. 1200 K Street, 

N.\\'., Suit..: 030. \\'ashington. D.C. 20il05-'102(llll' L<tll 

202-326-4000 (not <1 {<)11-th:c munber). TT\'tTDD u~..:rs 

lllJ! callth..: l~dcral rday •,en k.; toll-lrcc at 1-l-:00-:->'7-

1;339 and ask Ill bl.? t:OI111CL'I<.'d to '202-32h-'-Hl01), AdditiPn<li inliHm<llion i!bout the P8GC's pcnsillll in~urance 

prog;~llil is :.11ailubk thmugh th~.? Pl3GCs \lt:b~ik ontllc 

f nt.:n\ct atlllil': \•. '·' v .phfc -':.'' ''-· 

\OTICE 

Tl;c Stllllll1:JI-:' Scctli'il ol'tl11~ b<lilh:kt i, on I: n bn~r 

~\fll.:mation l1Cihl' impu11,nltpro\ i~i1Hb PI ih~ l'<:thiun 

f'hilL 

Unit<.'d Furniture' \\.orhcr~ 1'-:n,;ion Fund.\\ Pe!l">llltl 

Plan lw.; hc~n ~1ppn11 ed h:- the' Unitct! S\,!1\.''> Tn::.burer 

Dcp.mlll<:lllti~ p.:r k!l.;r,; 11 hicb arc' till file 111 th<: Fund 

OIT!ce. 

This Pension Plan and Summary t:lHllallh Jli! our righL-; 

in d~tail. 

THE UNITED FURNITURE WORKERS 

PENSION FUND A 

BOARD OF TRUSTEES 

Chairman 

HARRY BOOT 

·Secretary Treasurer 

KEN BARTON 

ELMO DE SILVA 

EDMOND DUGAS 

FRANK SCOTT 

ULISES VERGARA 

JOSE VLLLARREAL 

ANTHONY SESTITO 

Director 

DEE ANNE WALKER 

Actuarial Consultant 

CHEIRON 

I Certtfied Public Accounts 

f JOSEPH WARREN & CO., INC., 

~ .:A. Division of Rogoff & Company P.C. f; · .... , 

f< General Counsel 

BRYAN CAVE LLP 

65 
INTERNAL REVENUE SERVICE 

p, 0. BOX 2508 

CINCINNATI, OH 45201 

Date! APR 0 a ~0 13 

BOARD OF TRUSTEES UNITED FURNITURE 

WORKERS PENSION FOND A 

191.0 AIR LANE DR 

NASHVILLE, TN 37210 

Dear Applicant: 

DEPARTMENT OF THE TREASURY 

Employer Identification Number: 

13~5511877 

OLN: 

17007048099031 

Person to Contact: 

SAMUEL B HODGES 

contact Telephone Number: 

(513) 263-4623 

Plan Name: 

ID!f 31312 

UNITED FURNITURE WORKERS PENSION 

FOND A 

Plan Number: 001 

We have made a favorable determination on the plan identified above based 

on the information you have supplied. Please keep this letter, the application 

forms submitted to request this letter and all correspondence with the Internal 

Revenue service regarding your application for a determination letter in your 

permanent records. You must retain this information to preserve your reliance 

on this letter. 

continued qualification of the plan under its present form will depend 

on its effect in operation. See section 1.401-l(b) (3) of the Income Tax 

Regulations. We will review the status of the plan in operation periodically. 

The enclosed Publication 794 explains the significance and the scope of 

this favorable determination letter based on the determination requests 

selected on your application forms. Publication 794 describes the information 

that must be retained to have reliance on this favorable determination letter. 

The publication also provides examples of the effect of a plan's operation on 

its qualified status and discusses the reporting requirements for qualified 

plans. Please read Publication 794. 

This letter relates only to the status of your plan under the Internal 

Revenue Code. It is not a determination regarding the effect of other federal 

or local statutes. 

This determination letter gives no reliance for any qualification change 

that becomes effective, any guidance published, or any statutes enacted, after 

the issuance of the CUmulative List (unless the item has been identified in the 

CUmulative List) for the cycle under which this application was submitted. 

This letter may not be relied on after the end of the plan's first five 

year remedial amendment cycle that ends more than twelve months after the 

application was received. This letter expires on January 31, 2015. This 

letter considered the 2009 cumulative List of Plan Qualification Requirements. 

This determination letter is applicable for the amendment(s) executed 

on October 30, 2009. 

Letter 2002 (DO/CG) 
., 

~2~ 

BOARD OF TROSTESS UNITED FURNITURE 

This det ermination is subject to your adoption of the proposed amendments 

submitted in your letter dated February 15, 2013. The propos ed amendments 

should be adopted on or before t he date prescribed by the regulations under 

Code sec tion 40l (b) . 

The information on the enclosed addendum is an integral part of 

t his determination. Please be sure to read and keep i t with this letter. 

\-le have s ent a copy of thi s letter to your r epresentative as indicated in 

the Form 2848 Power of Attorney or appointee as indicat ed by the Form 88 21 Tax 

Inf ormation Authorization . 

I f you have questions concerning this ma t t er, please contact the person 

whose name and t elephone number are s hown above. 

Enclosures: 

Publication 794 

Addendum 

1 

Redacted by the U.S. Department of the 

Treasury 

Andrew E. Zuckerman 

Director, EP Rul i ngs & Agr eements 

Letter 2002 (DO/CG) 
-3-

BOARD OF TRUSTEES UNITED FORNITUR£ 

This determination letter does not provide reliance far any portion(s) of 

the document that incorporates the terms of an auxiliary agreement (collective 

bargaining, reciprocity and/or participation agreement), unless the exact 

language Of the section(s) that is incorporated by reference to the 

auxiliary agreement has been appended to the document. 

This determination letter is also applicable for the amendment(s) adopted 

on December 29, 200B, September 3, 2008 1 June 20, 2006 and June 16, 2004. 

Letter 2002 (DO/CG) 
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x 

Application of the United Furniture 

Workers Pension Fund A for Approval 

Of Suspension of Benefits 

EIN: 13-5511877 /PN:001 

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x 

EXHIBIT 19 

• UFW Pension Fund's Most Recently Filed Form 5500 

with all applicable attachments. 

1934740.1 
JUNE 15, 2016 

ROGOFF & COMPANY, P.C. 

CERTIFIED PUBLIC ACCOUNTANTS 

355 LEXINGTON AVENUE 

NEW YORK, NY 10017-6603 

UNITED FURNITURE WORKERS 

P.O. BOX 100037 

NASHVILLE, TN 37224-0037 

UNITED FURNITURE WORKERS, 

ENCLOSED IS YOUR 2015 EMPLOYEE BENEFIT PLAN TAX RETURN AS 

FOLLOWS: 

2015 FEDERAL FORM 5500 

2015 SCHEDULE MB 

2015 SCHEDULE C 

2015 SCHEDULE D 

2015 SCHEDULE H 

2015 SCHEDULE R 

FEDERAL FORM 5500 AND SCHEDULE MB/SB SHOULD BE SIGNED, DATED 

AND KEPT AS A PART OF THE PLAN'S RECORDS. 

SINCERELY YOURS, 

ROGOFF & COMPANY, P.C. 
Prepared for: 

UNITED FURNITURE WORKERS 

P.O. BOX 100037 

NASHVILLE, TN 37224 

Filing Instructions 

Prepared by: 

ROGOFF & COMPANY, P.C. 

355 LEXINGTON AVENUE 

NEW YORK, NY 10017-6603 

2015 ANNUAL RETURN/REPORT OF EMPLOYEE BENEFIT PLAN FILING INSTRUCTIONS 

FEDERAL FORM 5500 SHOULD BE SIGNED AND DATED BY THE PLAN SPONSOR AND THE 

PLAN ADMINISTRATOR AND KEPT WITH THE PLAN'S RECORDS. 

BEFORE THE RETURN IS FILED, THE ENCLOSED SCHEDULE MB/SB (FORM 5500) MUS1 

BE SIGNED BY THE PLAN ACTUARY. THE SIGNED SCHEDULE MB/SB SHOULD THEN BE 

ATTACHED TO THE RETURN AS A PDF FILE PRIOR TO ELECTRONIC FILING. 

THIS RETURN HAS BEEN PREPARED FOR ELECTRONIC FILING. PLEASE SIGN, DATE, 

AND RETAIN AN ORIGINAL OF THE RETURN FOR THE PLAN'S RECORDS. WE WILL 

SUBMIT YOUR ELECTRONIC RETURN. DO NOT MAIL THE PAPER COPY OF YOUR 

RETURN TO EFAST2. 

518583 

04-01-15 
Form 5500 Annual Return/Report of Employee Benefit Plan OMB Nos 1210 · 0110 

1210-0089 

Department ol the Treasur; 

Internal Revenue Service 

Department ol Labor 

Employee Benelits Security 

Administration 

This form is required to be filed for employee benefit plans under sections 104 

and 4065 of the Employee Retirement Income Security Act of 1974 (ERISA) and 

sections 6047(e), 605l(b), and 6058(a) of the Internal Revenue Code (the Code). 2015 

Pension Benelit Guaranty Corporation 

..,. Complete all entries in accordance with 

the instructions to the Form 5500. 

Annual Report Identification Information 

and ending 

This Form is Open to 

Public Inspection 

02129/2016 

A This return/report is for: ~ a multiemployer plan; a multiple-employer plan (Filers checking this box must attAch a list of 

participating employer information in accordance with the forms instr.); or H a single-employer plan; ~ a DFE (specify) 

B This return/report is: ~ the first return/report; lj the final return/report· 

C If the plan is a colleotively·bm, ain:C~ :~:~~~:~~e~~~~:/report; ... " ...... D· ...,. a-~~~~-~l·a·n-~~a·r-ret_u~-n~re·p·o-rt(l~s·s·t~~t1·1·2·t~o;l~ D Check box if filing under: Form 5558; automatic extension; D the DFVC program; 

1 a Name of plan 

UNITED FURNITURE WORKERS PENSION FUND A 

-· 

2a Plan sponsor's name (employer, if for a singlo-employer plan) 

Mailing address (include room, apt., suite no. and street, or P.O. Box) 

City or town, state or province, country, and ZIP or foreign postal code (if foreign, see instructions) 

UNITED FURNITURE WORKERS PENSION FUND A 

P.O. BOX 100037 

NASHVILLE TN 37224 

1b Three-digit ...._ .,. 

plan number (PN) .....- r-------------~~- OQl_ 

1c Effective date of plan 

03101 19Ql___ 

2b Employer Identification Number (EIN) 

**-******* 

2c Plan Sponsor's telephone numbor 

F-='"-"'----=-..::..::c___c:::...:::.~o__ 615-889-8860 ________ -·-

2d Business code (see instructions) 

337000 

Caution: A penalty for the late or incom_plete filing of this return/report will be assessed Ul")~ess rea~onable cause is established. 

Under pen<:~llies of perjury nnd other penalties set forth m the instructions, 1 declare that I have examined this return/report, including accompanying schedules, statements nnd nttdchment5. as well 

as the e!ectfonlc version ol this return/report, and to the best of my knowledge and belief, it is true, correct, and completeSIGN 

HERE~--------~--~~---------­ Signature of plan administrator 

0 6 I 13 I 2 016 DEEANNE WAJJ)~_El:L 

Date Enter name of individual signing as plan ·-··· ---- -------------1-----------

SIGN 

HERE~---------------------------

SIGN 

HERE 

Signature of employer/plan sponsor Date 

Signature <:l_f_DFE Date Enter name of individual signing as DFE 

Preparer's name (including firm namo, if applicable) and address (include room or suite number) Preparer's telophone number 

For Paperwork Red~JCtion Act Notice~nd OMB Control Numbers, seo the instructl~ns tor F~r~n .. 55oo.--

518401 

12·07 -15 

3 

Form 5500 (2015) 

v. 150123 

")()1 h ()'J()A() TThTTmDn DTTDl\TTmTTDD T•lf''\DTTDDO 'Dt' ()!::;')1 ') ()1 
'--Fo-=-r"-'m-'--5_5_0_0_,(~20_1_5-'-) ________________________ _ 

3a Plan administrator's name and address IJ Same as Plan Sponsor 

UNITED FURNITURE WORKERS 

PENSION FUND A 

Page 2 

3b Administrator's EIN 

**-******* 

3c Administrator's telephone number 

615 :::§J1i) __ B"'-'8"--'6"-"0,___ ___ _ 

P.O. BOX 100037 

NASHVILLE TN 37224-0037 

------------------------'----------·-------·--------------

4 If the name and/or EIN of the plan sponsor has changed since the last return/report filed for this plan, enter the name, 4b EIN 

EIN and the plan number from the last return/report: 

a Sponsor's name 4c PN 

------------------------------------------------.---=--+-------::---:c-----::--::-=-

5 Total number of particip<mts at the beginning of tho plan year--·---------------------- t--5_::___-'-----=1'-'0'-' 0 6 3 

6 Number of participants as of the end of the plan year unless otherwise stated (welfare plans complete only linos 

5a(1), 6a(2), 6b, 6c, and 6d). 

a (1) Total number of active participants at the beginning of the plan year 

a (2) Total number of active participants at the end of the plan year . .. . . . . . 

b Retired or separated participants receiving benefits .... -·· .................... . 

C Other retired or separated participants entitled to future benefits 

d Subtotal. Add lines 6a(2), 6b, and 6c 

e Deceased participants whose beneficiaries are receiving or are entitled to receive benefits 

f Total. Add lines 6d and 6e 

g Number of participants with account balances as of the end of the plan year (only defined contribution plans 

complete this item) .. 

h Number of participants that terminated employment during the plan year with accrued benefits that were less than 

__ ---..:.1 ::..OO::.o/i:..:o_v:..ce::.:s'-"te=-d=----c. 

7 Enter the total number of employers obligated to contribute to the plan (only multiemployer plans 

6e 

6f 

~g_ 

6h 

7 . ,_. ~---''·"·''·"''~''''-'-~-==~="'-'-'-"-'-~=-'-'-=-'-''-'-'-"--'-"-'-'--'=-'-"--'-'-'-"-~~-'-'--'-'-"-----'-'-'-'--'--'--'----L--------- - 29 

Ba If the plan provides pension benefits, enter the applicable pension feature codes from the List of Plan Characteristics Codes in the instructions: 

lA 

b If the plan provides wolfare bonofits, enter the applicable welfare feature codes from the List of Plan Characteristics Codes in the instructions· 

9a Plan funding arrangement (check all that apply) 9b Plan benefit arrangement (clleck all that apply) 

(1) Insurance (1) Insurance 

(2) Code section 412(o)(3) insurance contracts (2) Code section 412(e)(3) insurance contracts 

(3) Trust (3) Trust 

4) General assets of the sponsor ill_ General assets of the s onsot 

10 Check all applicable boxes in 1 Oa and I Ob to indicate which schedules are attached, and, where indicated, enter the number attached. 

(See instructions) 

a Pension Schedules b General Schedules 

(1) IXJ R (Retirement Plan Information) H (Financial Information) 

(2) ~ MB (Multiemployor Defined Benefit Plan and Certain Money (tinanciallnformation - Smllll Plan) 

(3) 

51H4(l2 

12-0? 15 

Purchase Plan Actuarial Information) signed by the plan A (Insurance Information) 

actuary c (Service Provider Information) 

D SB (Single-Employer Defined Benefit Plan Actuarial D (DFEJPatticipating Plan Information) 

~ ltJ_fotrl~ation) · sig_n()t_l_l->yJI:_~tl_t!_tl53_llillY_ _________ ---"""----'--J------'G"'· ~ (Fin_ancial Transaction Sct_rt:duiN;) 

4 ')()1 h ()-:)(),1(1 TThTTmt:'n 'G'TTDl\TTmTTDD T.Tr\DVDDO DlO' (\J::':/1 ') (11 
Form 5500 (2015) Page 3 

J Part illj~~-~i~~~ompliance Information (to be com~l~~ed by welfare benefit plans) 

11a If the plan provides welfare benefits, was the plan s~ect to the Form M-1 filing requirements during the plan year? (See instructions and 29 

CFR2520.i01-2.) ......................... 0 Yes U No 

If "Yes" is ohocked, cornploto lines 1 i b and 1 i c. 

11 b Is the plan currently in cornplianco with the Fonn M·i filinq requirements? (Sml instructions and 29 CFR 2520.1 01·2 .) I I Yes I I Nc;-· 

11 c Enter the Receipt Confirmation Code for the 2015 Form M-1 annual report If the plan was not required to file the 2015 Form M-1 annual report, 

enter the Receipt Confirmation Code for the most recent Form M-1 that was required to be filed under the Form M-i filing requirements. (Failure 

to enter a valid Receipt Confirmation Code will subject the Form 5500 filing to rejection as incomplete.) 

Receipt Confirmation Code _________ _ 

518403 

12-07-15 

5 ')()1 h ()')()/I() TThTTfl'lt'n 1J'1'TO-..TTfl'ITTPt' T•lf .. IDVt'DC' nt> ()1:;')1 ') ()1 
SCHEDULE C 

{Form 5500) Service Provider Information OMB No. 12100110 

Department or the Treaswy 

Internal Revenue Service This schedule is required to be filed under section 1 04 of the 

Employee Retirement Income Security Act of 1974 (ERISA). 

2015 

Department of L~bor 

Employee Benefits Security Administration 

~ File as an attachment to Form 5500. 

This Form is Open to 

Public Inspection. 

------------------~~~~~~~--------

For calendar plan year 2015 or fiscal plan year beginning 0 3 / 0 1 I 2 0 12_ _ and endlfl~l 0 2 I 2 9/2 016 

Pension Benefit Guwanty Corporation 

A Name of plan B Three-digit 001 

UNITED FURNITURE WORKERS PENSION FUND A plan number (PN) ~ 

-------·--·····---·-~··------------------------------------

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

UNITED FURNITURE WORKERS PENSION FUND A 

D Employer Identification Number (EIN) 

**-******* 

Part I Service Provider Information see_instru.'-'c'-"t'-'io--'-n.:.Cs;L) _____________________________ _ 

You must complete this Part, in accordance with the instructions, to report the information required for each person who received, directly or 

indirectly, $5,000 or more in total compensation (i.e., money or anything else of monetary value) in connection with services rendered to the plan or 

the person's position with the plan during the plan year. If a person received only eligible indirect compensation for which the plan received the 

required disclosures, you are required to answer line 1 but are not required to include that person when completing the remainder of this Part 

- ----~---- ----------------------~ 

1 Information on Persons Receiving Only Eligible Indirect Compensation 

a Check 'Yes' or "No" to indicate whether you are excluding a person from the remainder of this Part because they received only 

eligible indirect compensation for which the plan received the required disclosures (see instructions for definitions and conditions). f]Yos ~No 

b If you answered line 1a ''Yes," enter the name and EIN or address of each person providing the required disclosures for the service providers 

who received only eligible indirect compensation. Complete as many entries as needed (see instructions). 

{bj Enter narne_ a_!'lg EIN or address of person who provided you disclosures on ~igi_ble indirect comfle[lsati()n 

PACIFIC INVEST MGMT COMP LLC - PIMC **-******* 

840 NEWPORT CENTER DRIVE 

NEWPORT BEACH CA 92660 

---------"{b:.~.I.:E:::.n:.::.to:::r_,n_,a:::_m:.::.::o and EIN or addJ()~~qLIJorson who provided you disclosures on eligibleJr:l.cjirect compensation 

SEI TRUST COMPANY **-******* 

1 FREEDOM VALLEY DRIVE P.O. BOX 110 

OAKS PA 19456 

~-------------------------------------

(b) Enter name and EIN or address of fl()r_t>9n who provided you disclosures on eligible indirect compensation 

BPIF NONTAXABLE LP **-******* 

345 PARK AVENUE 

NEW YORK NY 10154 

----------------------------------------·-- --------~-~-

__ {I)_} Enlor narne and EIN or address of person who p_rovided you disclosure_s__o_!'l_(]/_igiblo indirect compensation 

ROBECO INVESTMENT MANAGEMENT **-******* 

For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 5500 

518451 

12-07-15 

6 

Schedule C (Form 5500) 2015 

v. 150123 

')n1 C:: n':lnAn T'ThTTmvn VTTD11TTmTTDD r.Tf'\DTTDDC' nV nt::".l1 ') n1 
Schedule C (Form 5500) 201~5 __________ _ Page 2 ~CJ_ 

(b) Enter name and EIN or address of person who ()f()Vided you disclosures on eligible incjirE)ct comp"'e'-'n-"'s,_,at"io=n ______ _ 

(b) Enter name and EIN or address of person who provided_y~disclosures on eligible indirect comp_QJ1£HJi<:JE_~-------

--------~- ' 

---------"(b'-')-'E=nte~_name and EIN or address of person who provided vou disclosures on elig!Qie indirect comp""e,_,ns""a"-'t"-'ioe:.n~-----

(b) Enter na~rn~ and EIN_or address of person who provide(j,y_o.y_<:Jisclosures on eligible indirect comf.J(Jf1S~a!io=cn _______ _ 

(b) Enter name and EIN or addrE)~ of person who providedyou disclosures on eligible indirect C<J.f!lP__(lnsation 

(b) Enter name and EIN or addre~~gf person who provided you disclos~re~on eligible indirect compensation 

__ {ll) Enter name and EIN or address oLp_erson who provided you disclosures O[) (jjjgi_bio indiroct compensation 

_______ _.(=-bL) -=E::.:nccte::cr__:n1!rn()~ f\nd EIN or address of person whoprovided you disclosures on oligjhle_indirect corn.Jlen._,s"'a"'ti"'o:.:.:n'------

15 

7 
Schedule C (Form 5500) 20i5 

----------=----~-------------

2. Information on Other Service Providers Receiving Direct or Indirect Compensation. Except for those persons for whom 

you answered "Yes" to line 1a on page 2, complete as many entries as needed to list eadl person receiving, directly or indirectly, $5,000 or mora 

in total compensation Q.e., money or anything else of value) in connection with services rendered to the plan or their position with the plan during 

the plan year. (See instructions). 

SEE STATEMENT 1 ·------~~ 

{a} Entl'lr nama and ~IN or_1l_ddress_Jseo instructions)_ 

CHEIRON INC **-******* 

(b) (c) (d) (e) (f) (g) (h) 

Service Relationship to Enter direct Did service provider Did indirect Enter total indirect Did the service 

Code(s) employer, employee compensation receive indirect compensation include compensation received by provider give you 

organization, or paid by the compensation? eligible indirect service provider excluding a formula instead 

person known to be plan. If none, (sources other compensation, tor eligible indirect of an amount or 

a party-in-interest enter -0-. than plan or wt1ich the plan compensation for which you estimated amount? 

plan sponsor) received the answered 'Yes" to element 

!e_g_u_ir:~c:!__ ~closure~ __ {!).If non_e,enter·_()_-. --- --

11 f2\.CTUARY 

157,4 71. Yes 0 No~ Yes 0 No 0 Yes 0 NoD "----

--~-~~,-----

~~---

~)__!::nter nafl1!:) 1!1191::Lf\J<J~!lddress (see instructions) 

BRYAN CAVE LLP **-******* 

(b) (c) (d) (e) (f) (g) (h) 

Service Relationship to Enter direct Did service provider Did indirect Enter total indirect Did the service 

Code(s) employer, employee compensation receive indirect compensation include compensation received by provider give you 

organization, or paid by the compensation? eligible indirect service provider excluding a formula instead 

person l<nown to be plan. If none, (sources other compensation, for eligible indirect of an amount or 

a party-in-interest enter -0-. than plan or which the plan compensation for which you estimated amount? 

plan sponsor) received the answered "Yes' to element 

required disclosures? (fl- If none, enter -0-. -"'' -- ---------- ~-- ---------

29 ATTORNEY 

145,711. Yes 0 No~ Yes 0 No 0 Yes D NoD --· 

-- -~~ -"~-~~-.,~ ~~ 

Ja.l En_I:E)~ n~m_e and EIN or address (:JOH lnstHwllon:;) 

BLACKSTONE ALTERNATIVE ASSET MANAGE **-******* 

------- ------

(b) (c) (d) (e) (f) (g) (h) 

Service Relationship to Enter direct Did servico provider Did indirect Enter total indirect Did the service 

Code(s) employer, employee compensation receive indirect compensation include compensation received by provider give you 

organization, or paid by the compensation? eligible indirect service provider excluding a for mula instead 

person l<nown to be plan. If none, (sources other compensation, for eligible indirect of an amount or 

a party-in-interest enter -0-. than plan or which the plan compensation for which you estimated amount? 

plan sponsor) received the answered "Yes•- to element 

requirocl disclosures? (f). If nono, on tor -0-. '--- 51 INVESTMENT MANAGER 

104,559. Yes [] No 0 Yes 0 No 0 o. Yos 0 No 0 

8 
Schedule C (Form 5500) 2015 Page 3 -r==J ------------------------------------------------~---

2. Information on Other Service Providers Receiving Direct or Indirect Compensation. Except for those persons for whom 

you answered 'Yes" to line 1 a on page 2, complete as many entries as needed to list each person receiving, directly or indirectly, $5,000 or more 

in total compensation (i.e., money or anything else of value) in connection with services rendered to the plan or their position with the plan during 

tho plan yoar. (Soe instructions). _ ·------~-------

SEE STATEMENT 1 ---~~~~~----- ------~-< -.----

{a} Enter name and EIN or address (soo lnsttuctlons} ---

JPMORGAN CHASE BANK, N.A **-******* 

' r----~---

(b) (c) (d) (e) (f) (g) (h) 

Service Relationship to Enter direct Did service provider Did indirect Enter total indirect Did the service 

Code(s) employer, employee compensation receive indirect compensation include compensation received by provider give you 

organization, or paid by the compensation? eligible indirect service provider excluding a formula instead 

person known to be plan. If none, (sources other compensation, for eligible indirect of an amount or 

a party-in-interest enter -0-. than plan or which the plan compensation for which you estimated amount? 

plan sponsor) received the answered "Yes' to element 

required disclosures? ___ (Q_:_ If non~~~~!~r_:2::_ ""~"'- -- ------

24 INVESTMENT !MANAGER 

27 87,832. Yes D No~ Yes D No 0 Yes D No U 

28 -"-' -- -------

~-~~-~-~---

{a} Enter name and EIN or address (see instructions} '-

ROGOFF & COMPANY P.C ** ******* 

--- .----~ -~----- - '--~~------ ---~-- ,- =~-~~-~--- --

(b) (c) {d) (e) {f) {g) (h) 

Service Relationship to Enter direct Did service provider Did indirect Enter total indirect Did the service 

Code(s) employer, employee compensation receive indirect compensation include compen»alion received by provider give you 

organization, or paid by the compensation? eligible indirect service provider excluding a formula instead 

person known to be plan. If none, (sources other compensation, for eligible indirect of an amount or 

a party-in-interest enter -0-. than plan or which the plan compensation for which you estimated amount? 

plan sponsor) received the answered "Yes" to element 

required disclosures? (f). If none, enter -0-. 

10 AUDITOR 

83,885. Yes D No 1m Yes D No 0 Yes D NoD 

(a) Enlo[ nalll_() and_ EIN. or __<J_cJ9ress (see lmttnwtlonsl 

GALLAGHER FIDUCIARY ADVISORS, LLC **-******* 

(b) 

Service 

Cocle(s) 

- -

27 

518453 

12·07-15 

(c) 

Relationship to 

employer, employee 

organization, or 

parson known to be 

a party-in-interest 

INVESTMENT 

(d) 

Enter direct 

compensation 

paid by the 

plan. If none, 

enter ·0·. 

iCONSULTll 

80,000. 

---- ,--

{e) (f) (g) (h) 

Did service provider Did indirect Enter total indirect Did the service 

receive indirect compensation include compensation received by provider givo you 

compensation? eligible indirect service provider excluding a formula instead 

(sources other compensation, for eligible indirect of an amount or 

than plan or which tho plan compensation for which you estimated amount? 

plan sponsor) received the answorod ''Yos" to olement 

required disclosures? (Q, If none, enter -0-. - --

jNT 

Yes [J No Q{J Yes II No [ j Yes [j NoD 

9 

')()1 C:: ()")()J1() TThTTmDn VPDl\TTmrTDV f>lf'\DlJ'DD<' DD ()C::"J1 ') ()1 
Schedule C (Form 5500) 2015 Page 3 -r==J 

2. Information on Other Service Providers Receiving Direct or Indirect Compensation. Except tor those persons for whom 

you answered "Yes' to line 1a on page 2, complete as many entries as needed to list each person receiving, directly or indirectly, $5,000 or more 

in total compensation (i.e., money or anything else of value) in connection with services rendered to the plan or their position with the plan during 

the plan year. (See instructions). 

SEE STATEMENT 1 

(a) Enter name and EIN or address (sea instructions) 

DEE ANNE WALKER **-******* 

- . ····-- ·-------

(b) (c) (d) (e) (f) (g) (h) 

Service Relationship to Enter direct Did service provider Did indirect Enter total indirect Did the service 

Code(s) employer, employee compensation receive indirect compensation include compensation received by provider give you 

organization, or paid by the compensation? eligible indirect service provider excluding a formula instead 

person known to be plan. If none, (sources other compensation, for eligible indirect of an amount or 

a party-in-interest enter -0-. than plan or which the plan compensation for which you estimated amount? 

plan sponsor) received the answered "Yes" to element 

required disclosures? (f). If none, enter -0-. 

30 DIRECTOR 

49,508. Yes D No !ZJ Yes [] No lJ Yes 0 NoD 

- -- ~~--~--~-

------·---~--~·--~----- -------- -"-~-~----- - ---------- ----- ·- --------~~--------------- --- --- ------ - --- -- ----

___ (C)} Enter name and EIN or address {sea instructions) ----------· ------·-

TRUDY SCHUTT 

'-~~~~---~-~~~-"~~·----~------

(b) 

Service 

Code(s) 

--''~"~--

30 

... 

SHERI 

(b) 

Service 

Codo(s) 

30 

51B45J 

12·07-15 

(c) 

Relationship to 

employer, employee 

organization, or 

person known to bo 

a party-in-interest 

1---.. 

!EMPLOYEE 

RAMEY 

(c) 

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in·intarest 

!EMPLOYEE 

(d) 

Enter direct 

compensation 

paid by the 

plan. If none, 

enter ·0·. 

--

49,056. 

(d) 

Enter direct 

compensation 

paid by tile 

plan. If none, 

enter-0·. 

------

47,679. 

**-******* 

~-- ~- - ~- ~ ----

(e) (f) (g) (h) 

Did service provider Did indirect Enter total indirect Did the service 

receive indirect compensation include compensation received by provider give you 

compensation? eligible indirect service provider excluding a formula instead 

(sources other compensation, tor eligible indirect o1 an amount or 

than plan or which the plan compensation for which you estimated amount? 

plan sponsor) received the answered "Yes" to element 

required disclosures? jQ. If non.e!_enter -0-. -~ 

--------------

Yes 0 No~ Yes 0 NoD Yes 0 NoD 

---~" -- ----·--

-~----- "------~------- -- -~~, 

(a) Enter name al)d_ Elj\jor addre:;~ {see instruc:liof_l!l_) ____ .. 

**-******* 

(e) (t) (g) (h) 

Did service provider Did indirect Enter total indirect Did the service 

roceivo indirect compensation include compensation received by provider givo you 

compensation? eligible indirect service provider excluding a formula instead 

(sources other compensation, lor eligible indirect of an amount or 

than plan or which the plan compensation tor whiot1 you estimated amount? 

plan sponsor) received the answered "Yes" to element 

required disclosures? (f). If nona, enter ·0·. 

Yes 0 No IZJ Yes D NoD Yes 0 No 0 

10 

")()11:: ()')()J1() TThTTmto~n toiTTD.,_TTmTTDtol r.l/"\DTJ'to'DC' D'G' ()1:;')1") ()1 
Schedule C 2015 

·- - 2. Information on Other Service Providers Receiving Direct or Indirect Compensation. Except for those persons for whom 

you answered "Yes" to line 1a on page 2, complete as many entries as needed to list each person receiving, directly or indirectly, $5,000 or more 

in total compensation (i.e., money or anything else of value) in connection with services rendered to the plan or their position with the plan during 

the plan year.J.~ee ,i:cn""s-"-tr"'u-"-ct"'io"-'n-'-'s'"-).'----------------- -- ·--~-----·---

SEE STATEMENT 1 --------~-~--~--------------------~-------~------------------------------

PAM WILSON 

(b) (c) (d) 

Service Relationship to Enter direct 

Code(s) employer, employee compensation 

organization, or paid by the 

person known to be plan. If none, 

a party-in-interest enter -0-. 

(a) Enter name and EIN or add[_ess{see_!Q.~!!~"'lc::::llc:::o'-!n::Js)'--------------.. 

(e) 

Did service provider 

receive indirect 

compensation? 

(sources other 

than plan or 

**-******* 

(~ (g) 

Did indirect Enter total indirect 

compensation include compensation received by 

eligible indirect service provider excluding 

compensation, for eligible indirect 

which the plan compensation for which you 

received the answered "Yes' to element 

(h) 

Did the service 

provider give you 

a formula instead 

of an amount or 

estimated amount? 

plan sponsor) 

30 EMPLOYEE -=-=--+---------~--------+-----+---------l_req(J~ed dis_clos':lres? __ (Q_. l!_n_one,_~nl8[·Q·. 

45,476. Yes [] No~ Yes 0 No 0 Yes 0 No 0 ---~------· ------_______ _,__ _______ J__ _______ ••• ~~-~-L...----------'-----·· 

-----------~--------------------···---···------------------··. ----··-·· ·- _____________________________ @)Enter name and EIN or address(s2£1Jn_l_!_l!Uctlonsl: __________________ _ 

ROTHSCHILD ASSET MANAGEMENT INC **-******* 

(b) -~---- ----------- {c) (d) (e) ---- --·----------=~----.---------· 

(~ (g) (h) 

Service Relationship to Enter direct Did service provider Did indirect Enter total indirect Did the service 

Code(s) employer, employee compensation receive indirect 

organization, or paid by the compensation? 

person known to be plan. If none, (sources other 

a party-in-interest enter -0-. than plan or 

plan sponsor) 

51 MANAGER i-· 

INVESTMENT 

compensation include compensation received by provider give you 

eligible indirect service provider excluding a formula instead 

compensation, for eligible indirect of an amount or 

which the plan compensation for which you estimated amount? 

received the answered 'Yes' to element 

required disclosures? __ lf_cn:.::o.:.n:.::e _ _,__, .:..en.:.t:.:::e.:..r--=-0'--'-.'---l-------- 1 

39,781. Yes ~ NoD Yes IXJ No 0 0. Yes U No 0 

__________________ j{<a)_ 0 f:_nter n~l11(3 [lf2d EIN or address (see instruct)9_1_~L-=-·--·--------------­

LISA FETZER 

(b) 

Service 

Code(s) 

30 

518453 

12-01-15 

(c) 

Relationship to 

employer, employee 

organization, or 

person known to be 

a party-in-interest 

!EMPLOYEE 

(d) 

Enter direct 

compensation 

paid by the 

plan. If none, 

enter-0·. 

--· 

30,828. 

**-******* 

-- --·- - (e) (~ (g) (h) 

Did service provider Did indirect Enter total indirect Did the service 

receive indirect compensation include compensation received by provider give you 

compensation? eligible indirect service provider excluding a forrnula instead 

(sources other compensation, for eligible indirect of Hn amount or 

than plan or which the plan comrensation for which you estimated amount? 

plan sponsor) received the answered "Yes" to element 

required disclosures? (f). If none, enter -0-_ --· 

Yos 0 No~ Yes [I No 0 Yos 0 NoD 

11 ')111 h 11')111111 TThTTITlDT\ VTTO?.TTITlTT"OD hlf"\TITTl?UO T)D 11t:'J1 ') 111 
Schedule C (Form 5500) 2015 Page3-c=J 

2. Information on Other Service Providers Receiving Direct or Indirect Compensation. Except for those persons for whom 

you answered "Yes" to line 1 a on page 2, complete as many entries as needed to list each person receiving, directly or indirectly, $5,000 or more 

in total compensation (i.e., money or anything else of value) in connection with services rendered to the plan or their position with the plan during 

the plan year. (See instructions). 

SEE S'JIATEMENT 1 -----~ _, ____ - ... 

-·~-

{a} Enter name and EIN or address~e instructions) - ---- STATE STREET GLOBAL ADVISORS 

ONE LINCOLN STREET 

BOSTON MA 02111-2900 

~-

(b) (c) (d) (e) (f) (g) (h) 

Service Relationship to Enter direct Did service provider Did indirect Enter total indirect Did t11e service 

Code(s) employer, employee compensation receive indirect compensation include compensation received by provider give you 

organization, or paid by the compensation? oligiblo indirect service provider excluding a formula instead 

person known to be plan. If none, (sources other compensation, tor eligible indirect of an amount or 

a party-in-interest enter -0·. than plan or which the plan compensation for which you estimated amount? 

plan sponsor) received the answered 'Yes" to element 

"-----~~-~--- _ r:_eg_LJir(3_d_ disclosu_l'es? (Q. If none, enter -0-. ---- - - -- INVESTMENT MANAGER 

25,000. Yes 0 No~ Yes 0 No 0 Yes 0 No 0 ----~---~~ 

~~·~-

~- ~-~ ~-~ -----

(a) Enter name and EIN or~:~_cJd[2~S (see Instructions) -"--

COOKE & BIELER **-******* 

{b) (c) (d) (e) (f) (g) (h) 

Service Relationship to Enter direct Did service provider Did indirect Enter total indirect Oid the service 

Code(s) employer, employee compensation receive indirect compensation include compensation received by provider give you 

organization, or paid by the compensation? eligible indirect service provider excluding a formula instead 

person known to bo plan, If none, (sources other compensation, for eligible indirect of an amount or 

a party-in-interest enter -0·. than plan or which the plan compensation for which you estimated amount? 

plan sponsor) received the answered "Yes" to element 

required disclosures?~- '' 

(f). If none, enter -0-. 

51 INVESTMENT ~AGER 

I 24,403. Yes ~ No[] Yes ~ NoD 0. Yes u No U -- ---~ ~"'~ ~~~ 

·-~-~~~~"~--,, 

{"!) Enter name and El N or address (see lnslrl!CJ!Cl!.!l3l 

FIRST TENNESSEE BANK **-******* 

--- -- --~---- -- -----

(b) (c) (d) (e) (f) (g) (h) 

Service Relationship to En tor direct Did service provider Did indirect Enter total indirect Did ttle service 

Code(s) employer, employee componsation receive indirect compensation include compensation received by provider give you 

organization, or paid by the compensation? eligible indirect service provider excluding a formula instead 

person known to be plan If none, (sources other compensation, tor eligible indirect of IH1 Amount or 

a party-in-interest enter-0- than plan or which the plan compensation for which you estimated amount? 

plan sponsor) received the answered "Yes" to element 

-~- - ··------ required cji(;()los_tJres? (t). If none, enter -0·. ---~ ------------ 99 iBANK ACCOUN rr 

20,599. Yes 0 No~ Yes 0 No 0 Yes 0 No 0 

12 ')(11 10: (\")(\J1rl TThTTmt'n t'TTD"I\TTmTTD"G' WnDlTt'D<"' n"G' ()[:;")1 ') (\1 
Schedule C (Form 5500) 2015 ,--------; Page 3::_L__j ----------------------------------~~-

-=---::--:----=-c:----:--::--::---:----:;:----------------- ---

2. Information on Other Service Providers Receiving Direct or Indirect Compensation. Except for those persons for whom 

you answered "Yes" to line 1a on page 2, complete as many entries as needed to list each person receiving, directly or indirectly, $5,000 or more 

in total compensation (Le., money or anything else of value) in connection with services rendered to the plan or their position with the plan during 

-~plan year. (See instrustion_s}: ------------------~------------------

SEE STATEMENT 1 ~~ --~- --~- ~~~--~ - ~~-~- -< ·~~~-··-------- ~-·-·· ---

_(a}£ntername and EIN or address (see lnstructlon_!1 _____ -----·--~-----

WELLINGTON TRUST COMPANY, NA **-******* 

-- (b) (c) (d) (e) (f) (g) 

Service Relationship to Enter direct Did service provider Did indirect Enter total indirect 

Code(s) employer, employee compensation receive indirect compensation include compensation received by 

organization, or paid by the compensation? eligible indirect service provider excluding 

person known to be plan. If none, (sources other compensation, for eligible indirect 

a party-in-interest enter -0-. than plan or which the plan compensation for which you 

plan sponsor) received the answered "Yes" to element 

1--- required disclosures? (f). If fl_<_lllO~Il!~O ---- --1· 

51 INVESTMENT ~AGER11,745. Yes [iQ NoD Yes D NoD 0. 

-~-----~--- -- -------~· 

(a) Enter_narll_ea_nd EIN or address (see lnstt\JGtions} 

INTECH INVESTMENT MANAGEMENT LLC **-******* 

(b) (c) 

Service Relationship to 

Code(s) employer, employee 

organization, or 

person known to be 

a party-in-interest 

52 INVESTMENT 

--~~--

AMALGAMATED BANK 

(b) 

Service 

Code(s) 

51 

19 

518453 

12-07-15 

. ---- ·--------------·-- (c) 

Relationship to 

employer, employee 

organization, or 

person !mown to be 

a party-in-interest 

INVESTMENT 

(d) 

Enter direct 

compensation 

paid by the 

plan. If none, 

enter -0-. 

MANAGER 

8,741. 

-- ---

(d) 

Enter direct 

compensation 

paid by tho 

plan If none, 

enter ·0-

~AGER 

5,420. 

(e) ------ ,-- (f) (g) 

Did service provider Did indirect Enter total indirect 

receive indirect compensation include compensation received by 

compensation? eligible indirect service provider excluding 

(sources other compensation, for eligible indirect 

t11an plan or which the plan compensation for which you 

plan sponsor) received the answered "Yes" to element 

required disclosures? (f). If none, enter ·0-. 

Yes [iii No[] Yes [iQ NoD 0. 

-------- ---

"~"-~-~~-A-~~ 

{a} Enter name and EIN or address {ll~E.ir!S.!!UGtion§l 

** ******* 

-· "---------------

(e) (f) (g) 

Did service provider Did indirect Enter total indirect 

receive indiroct compensation include compensation received by 

compensation? eligible indirect service provider excluding 

(sources other compensation, for eligible indirect 

than plan or which the plan compensation for which you 

plan sponsor) rocoived the answered "Yes' to element 

roquirod disclosures? (f). If none, enter -0-. 

Yes n No [iii Yes D NoD 

13 

~--------~ 

------

(h) 

Did the Sf)rvice 

provider give you 

a formula instead 

of an amount or 

estimated amount? 

--

Yes D NoD 

------

---

---~-- ----

{h) 

lJid the service 

provider givo you 

a formula instead 

of an amount or 

estimated amount? 

Yes D NoD 

--

(h) 

Did the service 

provider give you 

a formula instead 

of an amount or 

estimated amount? 

-----

Yes ll No [l 

'1(11 h fl-:lfl/1(1 TThTTmt;IT'I t;ITTD?>TTrTlTTDD ToTI'"\DVDOO l">D flr.:'J1 ') (11 
- - ..... 

SCHEDULED DFE/Participating Plan Information 

(Form 5500) OMB No.12100110 

Department of the Treasury This schedule is required to be filed under section 104 of the Employee Internal Revenue Service 2015 Retirement Income Security Act of i974 (ERISA). 

Department of Labor 

F.mployee Benefits Security Administration Jill- File as an attachment to Form 5500. 

This Form is Open to 

Public Inspection . ---· .. -

For calendar t;Jian yom 2015 or fiscal ph:m yoar h~iJ1J:li!~£!. ____ 03/01/2015 and ending 02/29/2016 

A Name of plan B Three-digit 

UNITED FURNITURE WORKERS PENSION"__FUNQ_ A plan number JIII-I 001 (PN) 

c Plan or DFE sponsor's name as shown on line 2a of Form 5500 D Employer Identification Number (EIN) 

UNITED FURNITURE WORKERS PENSION FUND A **-******* I Part II Information on interests in MTIAs, CCTs, PSAs, and 103-121Es (to be completed by plans and DFEs) 

(Complete as many entries as needed to report all interests in DFEs) _ _ _ ______ 

a NameofMTIA CCI.t_PSA.t()_r103121E:JPMCB STRATEGIC PROPERTY FUND 

b Nama of •roo•oc of ootlty "'''d ;,,if]'MQR (Ll\]J_ CHASE BANK , N. A 

d Entity e Dollar value of interest in MTIA, CCT, PSA, 

c EIN·PN * *-* * * * * * * 0 0 1 code d_or i 03-12 IE at end of year (see instructions) 8 369_,863. 

a Name of MTIA, CCT, PSA, ori03-121E: WELLINGTON_~Sc3_kQI2h~. RETURN FUNIL_ ______ ~--- _ 

~b-~~~,==~~~~~~,~====~~~ TRVRT ______________________________________ _ 

Entity I e Dollar value of interest in MTIA, CCT, PSA, 

...;..c_--="-'-'_;_;_--------=--=-=::'----"c-=-od-=-e=---___ ..:::C'-- or i0~-12 IE at end of year (see instructions) 2 157 366 • 

a Name of MTIA, CCT, PSA, or 103-121E: MSCI ACWI EX USA !'!J:,~-~F=-UN=""D"--------------------

b Name of sponso1 of entity listed in n: STATE STREET GLOBAL __ A=D'-'V'-'I=-O=R:::.::S"---------------

d Entity e Dollar value of interest in MTIA, CCT, PSA, 

c __ EIN-PN * *-* * * * * * * 0 01 code C or 103-'12 IE at end of year (see instructions) 

a _j\J_?ll_leQf_M_IIA,CQT, PSA, or 103-121E: DAILY MSCI USA INDEX NL FUND 

b __ i'l~Til~<:Jf sp_qns_q_t_<:)f entity lislod in a: STATE 

d Entity 

C EIN-PN * *- * * * * * * * 0 0 1 code 

STREET GLOBAL ADVIQ.:E\12~ 

c 

e Dollar value of interest in MTIA, CCT, PSA, 

or 103·'12 IE at end of year (see instructions) 

<!_ ____ Naf!l_e_()f MTIA,_9_QT, PSA, or '103-12 IE: ROTHSCHILD SMALL/MID-CAP FUND __ LLC 

b Name ot sponsor of ontjty listed ill (at:E\9_T1:IJ>CHILD ASSET MANAGEMENT INC 

J 

d Entity e Dollar value of interest in MTIA, CCT, PSA, 

c ENPN * * - * * * * * * * Q Q _1 code C or 1 03· 12 IE at end of year (see instructions) 

4,282,529. 

3 /_~_18 t 540 ·-

a Name of MTIA, CCT, PSA. or 103-12 IE: LOOMI~ _ e_AYLE"-'S=---"C'-"R'-"E=D-=I'-'T=------------------

b Name of sponsor of entity listed in (n): LOOMIS SAYLES 

l d Entity C. ~-e- Dollar value of interest in MTIA, CCT, PSA, 

.:::.c_--=.EI"-N'-'·P_,N~*--*--_*_*_*_*_*_*_*_~0~0~1"-~-~c~o~de:::__ ___ ~..J.._...::or 1 03-1 ~ 1_!':_~~~ _of year (soe instructions) 

a Name of _MI_I6,_CC-'-T'-', P_S=A-"'..::o:.:.r...:.1.::.03=-·-'-'i 2:=...:.=1E"-: ________ _ 

b _ _j\J<I_f1lE)Of ~l()fiS()ro_f_!:!r~tltyJi.s_ted in (frl ;-:-----------r·---

d Entity e llollill' vAlue of interest in MTIA, CCT, PSA, 

c FIN·PN or 103-12 IE at end of year (see instructions) 

For PAperworl< Reduction Act Notrco and UMll Control Numbers, soe tho instructions for Form 5500. 

14 

6 390 235 . 

Sct1edulo D (1-orrn 5500) 2015 v. 150123 

')()1 h ()':)()J!() TTl\TTmt'n 'C'TT01\TTmTTDD T•TI'YDTJ'DDQ DD ()r:;':)1 ') ()1 
ScheduleD (Form 5500) 201_§ __ ~------------------------'P'-'=age_2- c=J 

a Name of MTlA,_Q.QJ, PSA, or 103-12 IE: 

c ElN·PN 

d Entity 

code 

e Dollar value of interest in MTIA, CCT, PSA, 

or 103-12 IE at end of year (see instructions) 

a NameofMTIA,CCT,~~6~·~o~r1~0~3~-1~2~1E~: ______________________________________ __ 

b Name of sponsor of entity lis!ELcJ in_~~i~:'---------.----------------------- ____________ _ 

1 

d Entity 

c ElN-PN code 

a Name of M"f~, CCT PSA, or 103-12 IE: 

e Dollar value of interest in MTIA, CCT, PSA, 

or 103-12 IE at end of year (see instruutions) 

b Name of S20l}~Or of en!ity listed in (a)__.__: __________ _ 

J d Entity e Dollar value of interest in MTIA, CCT, PSA, 

------------------------------

c EIN-PN code or 103-12 IE at end of year (see instructions) -------------- --=-===---------l.---~-------'------''-------

a Name of MTIA, CCT, P_S[\, or 1 03-___,1.=2c.:I.:::E,__: ________ _ 

b Name of sponsor of entity listecjrn (a): ________________ _ l d Entrty e Dollar value of interest in MTIA, CCT, PSA, 

£_ ___ §_11\j:f'N _____ L _;2:::de:::_ ____ ___t __ o_r_1_0_3~-1~2_1E_a_t_e_n_d_o_f__cy~e_a_r_c(s_e_e_in_s_t_n_Jo_ti_o_n--'s):__ __ 

a Name of MTIA, CCT, PSA, or 1_G__3:1_2 LE:_ 

b Name of sponsor of entity listed in (aL __ 

l d Entity e Dollar value of interest in MTIA, CCT, PSA, 

c _____ EIN-PN code:::_ ____ ___t __ o~r_1:_:0_3_-1__:_2:____:1E_:_:_:.at end of year (see instructions) 

a ____ Nan_:Je of MTIA CCT, PSA, or 103-12If::_ 

b _Name of sponsor of entity listed in 

~EII'J-f'__tJ_ __________ _._ __ code 

~Nij_l!l13_()fMTlA, CCT, PSA, or 103-12 IE: 

b Namo of :;p_tlr}sor of entity listed in 

c EIN-PN 

a Name of MTIA, CQT, PSA, 

Entity 

code 

e Dollar value of interest in MTlA, CCT, PSA, 

or 103-12 IE at end of year (see instructions) 

--------- --- --.------------------

e Dollar value of interest in MTIA, CCT, PSA, 

or 103-12 IE at end of yeur (see instructions) 

b Name of sponsor ol entity listed in (a):. --------~--

EIN-PN ....... ld 

c 

Entity 

co do 

a _ Namo of MTIA, CCT, PSA, or 103-1 ;>_IE _ 

b 

Entity 

c 

f\ja_rnE)gf t;p(lnwr of ontlty listo(J in (flrd'---

t:IN·PN codu 

518t162 

12-07-15 

Dollar value of interest in MTIA, CCT, f'SA, 

or 103·12 IE at end of year (see instructions) 

----·--- ~-----~---- -~-----

e Dollar value of interest in MTIA, CCT. PSA, 

or 103--12 IE at end of year (sao instruollons) 

15 ')()11:; (\':)(),1() TThTTmt>T'\ DTT'Dl\TTmTT'DV Wri'OT?'ti'DC' nD ()r::;')1') ()1 
Page 3-c=J 

Information on Participating Plans (to be completed by DFEs) 

(Complete as many entries as needed to report all plans) 

a Plannam0 

b Name of EIN-PN 

plan sponsor 

a Plan name 

b Name of 

plan spon:')ot' 

~--'-=-'-'=::__ __________________ ~-~--·--------~l----------

_ __J~~~~--------------------------~~-----~--EI_N_-P_N ________ _ 

b Nameof 

a Plan name 

b Name of 

a Plan name 

b Nameof 

a Plan name 

Name of ~C-EI:N ----~p~la~n~s~r~-o~n~s~o~r ______________________________________________________________ __J___ ·····-·-

b 

a Plan name 

b Nam0of EIN·PN 

--------------'----------------- ·~--------

a Plan name 

b Name of 

___ pl~f1Sfl_tJ!_lS(~)f 

a Plan name. 

b Name of 

_plan sponsm 

a 

b 

Name. of 

Plan namo 

Name of 

pl1111 sponsm 

518463 

12·07-15 

EIN·PN 

c EIN-PN 

EIN-PN 

16 
SCHEDULE H Financial Information (Form 5500) 

Deonrtment of the Treasury This schedule is required to be filed under section 104 of the Employee !n'ternal Revenue Service Retirement Income Security Act of 1974 (ERISA), and section 6058(a) of the 

Department ol Labor 

Employee Benefits Security 

Admmistration 

Internal Revenue Code (the Code). 

Pension Benef1t Guaranty Corporation ~ File as an attachment to Form 5500. 

For calendar lli!ill.Y.ear 2015 or fl~al plan year beqlnnlng 0 3 I 0 1 I 2 0 15 

A Name of plan 

and endln 

8 Throo·digit 

OMB No. 121 O·Oi 10 

2015 

This Form is Open 

to Public Inspection ··--

lan number (PN) 001 

UNITED FURNlTURE WORKERS PENSION FUND A 

C Plan sponsor's name as shown on line 2a of Form 5500 D Employer Identification Number (EIN) 

UNITED FURNITURE WORKERS PENSION F D A **-******* 

Part I Asset and L~ab~ Statement ···--~ ----.. --~-~·-·· __ -~-........ .. 1 Current value of plan assets and liabilities at the beginning and end of the plan year. Combine the value of plan assets held in rnore than one 

trust. Report the value of the plan's interest in a commingled fund containing the assets of more than one plan on a line-by-line basis unless ttm 

value is reportable on lines 1 c(9) through i c(14). Do not enter the value of that portion of an insurance contract which guarantees, during this 

plan year, to pay a specific dollar benefit at a future date. Round off amounts to the nearest dollar. MTIAs, CCTs, PSAs, and 103·12 IEs do not 

complete lines 1 b(1), 1b(2), 1o(8), 1g, 1h, and 1i. CCTs, PSAs, and 103-12 IEs also do not complete lines 1d and 1e. See instructions. -- --------- ~----- ------ --·---------- -----------~~- - ---~------ ------ -- - - -.------~~--

Assets J.<!l B~ginnil}gof Year __jbl EndofYem 

a Total noninterest-bearing cash . -. . . . . . . . . ' . . . . . . . . . . . . . ' . . . ' . . ................ "'''''''" ''" 1a 1, 292_,443 L089,377 

b Receivables (less allowance for doubtful accounts): 

(1) Employer contributions "' .. "" '"""" ,, .. """ c< 11ll1l 1 276 000 859,000 

(2} Participant contributions .... ' 1b.(~ 

(3) Other " .... .. . ... S.~~ .... S.'r.4. 'r.~.M~.N'l' .... 2 .... 1hl:ll 13 475 10 004 

c General investments: 

(1) Interest-bearing cash (incl. money market accounts & certificates of deposit) ... 1c(1} 264 333 242 895 

(2) U.S. GovornmGnt securities "" .... ., .. . '"" 1c{2} 

(3) Corporate debt instruments (oH1er than employer securities): 

(A) Preferred . . . . . . ' ..... .. '' ...... ""'"'"''' ......... ,,, ' . . 1c(3JIAl 

(B) All other .. ..... . . ' . . . . . ' . ' . ' . . . . . . . . ' . . . . .. ..... 1c(3)(B) 

(4) Corporate stocks (other than employer securities): 

(A) Preferred ... ..... ............... ..... ········ '"''''' 

1ci4)(A 

(B) Common 1cl4l!Bl 5~786 3 199,259 

(5) Partnership/joint venture interests ........ 1'li~ 

(6) Real estate (other than employer real property) ......... ········ 1'liill 

(7) Loans (other than to participants) ... ...... ... ' . ' . . . . . . -. 1qfi'} 1 t 260'-000 ___ 1 J2Q__L 0 0 0 

(8) Participant loans .. "'"" . . . . ' . ....... _1Q(8) 

(9) Value of interest in common/collective trusts ,,, ' "''"'"' ..... . ' . . . . . 1c(9) 34 JiQ]~_314. 2 9_~_359 ~Qfi 

(10) Value of interest in pooled separate accounts ..... ........ " ......... ' . ..... .... ' __:!p.l19j_ ~~----- ---- ... ----- -----

(11) Value of interest in master trust investment accounts .... ...... . .... ......... 1c(11) --~-~ --- ------ - -- -- ---

(12) Value of interest in 103-i 2 investment entities .. .. ................ ..... . .......... 1cillL 

(13} Value of interest in registered investment companies (e.g., mutual funds) J.Gl1;!l_ _ J.7_,_3_Q~ 1 ~ (:)_2 ~11,587 L 359 

(14) Value of funds held in insurance co. general account (unallocated contracts) Jgl14L ·- " -· ---------~-

1151 Other SEE. STATEMENT .... 3 ..... -··- 1cl15l 8 23_1 939 8 202 128 

For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 5500 Schedule H (Form 5500) 2015 

v. 150123 

17 

")()1 t:::; (I")() /I (I TThTTm"Ctr; 'CITT'O.,_TTfllTTO'CI T,Tf>'OV''CI'OC' 'DV (lt:::;-:)1 ") (11 
Schedule H (Form 5500) 2015 

1 d Employer-related investments: 

(1) Employer securities 

(2) Employer real property 

e Buildings and other property used in plan operation . 

f Total assets (add all amounts in lines ia through 1e) 

Liabilities 

g Benefit claims payable ............... .. 

h Operating payables 

Acquisition indebtedness 

j Other liabilities ............... .. 

k Total liabilities (add all amounts in lines 1g through 1j) 

Net Assets 

2 

(a) Eleginning of Year (h) [nd of Year 

1d(1) 

1d(2) 

1e 28 701 23 336 

1f 69 511 851 55,923,166 

1h ---------~- _17§ /_334 124 ,9'ZA__ 

1i 

__jj_ 

~1k~---------=1~7~6L3~"-------------='~~~·~-~~ 

Net assets (subtract line ik from line if) .............................................. . 11 69,335,517 I 55,798,192 

I Part 111 Income and Expense Statement 

2 Plan income, expenses, and changes in net assets for the year. Include all income and expenses of the plan, including any trust(s) or separately 

maintained fund(s) and any payments/receipts to/from insurance carriers. Round ott amounts to the nearest dollar. MTIAs. CCTs, PSAs, and 

103-12 IEs do not complete lines 2a, 2b(i)(E), 2e, 21, and 2g. 

Income 

a Contributions: 

{1) Received or receivable in cash from: (A) Employers 

(B) Participants ........................... . 

{C) Others (including rollovers) 

(2) Noncash contributions 

(3) Total contributions. Add lines 2a(1)(A), (B), (C), and line 2a(2) 

b Earnings on investments: 

(1) Interest: 

(A) Interest-bearing cash (including money marl<et 

accounts and certificates of deposit) 

(B) U.S Government securities 

(C) Corporate debt instruments 

(D) Loans (other than to participants) 

(E) Participant loans 

(F) Other . .. ...... 

(G) Total interest Add lines 2b(1)(A) through (F) 

(2) Dividends: (A) Preferred stock 

(B) Common stock 

(C) Roqistered investment company shares (e.g. mutual funds) 

(D) Total dividends, Add lines 2b(2)(A), (B), and (C) 

(3) Rents 

(4) Net gain (loss) on sale of assets: (A) Aggregate proceeds 

(B) Aggregate carrying amount (see instructions) ....... ., .. 

(C) Subtract line 2b(4)(B) from line 2b(4)(A) and enter result . 

(5) Unrealized appreciation (depreciation) of assets: (A) Real estate _ 

(B) Other 

(C) Total unrealized appreciation of assets. 

Add linos 2b(5)(A) and (B) 

- --------- ----"- - -- - ---- -

(a) Amount (b) Total -------------- ---' ---- -----~- -----ill-·--~--- - _,--

--~----- ------- ------------ --

~j{~)_~ ----- _ _:1 1 8 6 4 ,_7 39 _ 

2a(1)(8) ---~-- -------c 

2a(1)(C) ·-·---

~{&______ ----- ------~-----

2a(3\ --~-~---- 3 I 8 6 L_'7J ~ 

~l!ll&_- --

~})(B) 

2b(1)(C) 

2b(1)(D) 44 339 

2b(1)(E) 

2b(1)(F) 2 019 

2b(1)(G) 46 358 

2b(2)(Al 

2b(2liBl 85 056 

2bl2l(Cl 251 780 

~{g}@_ 336,836 

2b(3l 

2b(11L~- 1,619,302 

-~1!11ll!'ll - i----- --- _ __1_~._ 7 6 ~- --

g!_>j4JlQ) -- !----· ----------------~ -~~-Q 1 533 

2_b(5Jl~L , ___ ~_Q_, 0()0 

~liB) -~22_, 010_ 

2b(5)(C) ------ 8 2,_010~ 

18 ')(11 1=: (I')(IJ! (I TThTTtn'Dn 'DTT'Dl\TTtnTTD'Q Wr\DVDDO no (\1=:')1 ') (11 
Schedule H (Form 5500} 2015 

(6) Net investment gain (loss) from common/collective trusts 

(7) Net investment gain (loss) from pooled separate accounts 

(8) Not investment gain (loss) from master trust investment accounts 

(9) Net investment gain (loss) from 103·12 investment entities 

(10} Not investment gain (loss) from registered investment companies 

(e.g., mutual funds) ........................................ .. 

C Other income. . S.E.E ... S.'r)~,':I;'E.l1E.N'r. 4 .... .. d Total income. Add all income amounts in column (b) and enter total 

Expenses 

e Benefit payment and payments to provide benefits: 

(1) Directly to participants or beneficiaries, including direct rollovors. 

(2) To insurance carriers for the provision of benefits 

(3) Other .................... .. 

(4) Total benefit payments. Add lines 2e(1) through(3) ..... .. 

f Corrective distributions (see instructions) , .......... .. 

g Certain deemed distributions of participant loans (see instructions) 

h 

_21>.@.} 

2b(7) 

2bl8) 

. .£1ill>L 

_gg,ttQL. 

2c 

2d 

2e(1) 

2e(21 

~) 

~~-

_gt_ 

.... 29 .. 

2h 

(a}Amount (b)Total 

-898 597 

-1,274,611 

--- _l,~OQ 

-~------

___ l.L§)_L 4_it§_ 

13 603 642 

131603,642 

----

·---------

Interest expense . -- '--·- '~ ~--~---"-

Administrative expenses: (1) Professional fees 

(2) Contract administrator fees . . .. . . . .. .. . .... . 

(3) Investment advisory and management fees .... . 

(4) Other.. .. .... S.E.E .... S.'r.A'A'.E.l1E.N'r .. 5. 

(5) Total administrative expenses. Add lines 2i(1) through (4) 

Total expenses. Add all expense amounts in column (b) and enter total 

Net Income and Reconciliation 

k Net income (loss). Subtract line 2j frorn line 2d 

I Transfers of assets: 

(1) To this plan ...................... . 

_g!l.:tL 

~-

- 2i(3) 

2i(4) .. 

____?_!@_ 

2i 

2k 

21(1) 

212 

._390,5.7} 

- -"-~-~------- ·-

}85 1396 

982 ,1_58 

1 758 131 r-------··- ....... } .......... 15l361,7]3 

-13,537,325 

Complete lines 3a through 3c if tho opinion of an indopendont qualified public accountant is attached to tl1is Form 5500. 

~ __ Completejine_3_clif_ an_opif1iOIJ_jS_I}O(C\tta_c_h.(3_d._ ...... --------------------------------

a The attached opinion of an lndo~ndonl qualified public accountant for this plflll is (see instructions): 

---,----('-'1'-L)--'[RJ= Urtquali~_(g)li_<]ualified ··-·· (:.!LO...:o:.:is""c""la::::i:.:.m:..::o.:..r __ _._!4~)-'['-LI.:..A:..::d..:.ve::..:r.:::.se.::...... ____________ .,.., ___ -.--.---

b Did the accountan_f_p_(:'lf!orrn<llif.lli~9 __ scope <tlJ.dJ!.p':frsuant to 29 CFR 2520.103-8 and/or 103-12(d)? 1.1 Yes !ZJ No 

C F.nter the name and ElN of the accountant (o!_ii_<2_G_O_!J!l!irl.,G.:.fi::.:rm=-.o:.b""el"'o""w"-: __________________________ _ 

(1) Name: ROGOFF & COMPANYL_P. c'--.. _____________ .....cll0:2L)..=Ec.:.IN.::.:_*_*_-_*_*_*_*_*_*_* ____ _ 

d The opinion of nn independent qualified public accountant is not attached because: 

1 1 his form is filed for a cur PSA or MTIA 2 It will bo attachoclto the next Foun 5500 Jursunnt to ?9 erR 25?.0. 1 Orf 50. 

4 CCTs and PSAs do not complete Part IV. MTIAs, 103·12 IEs, and GIAs do not complete lines 4a, 4o, 41, 4g, 4h, 4k, 4m, 4n, or 5. 

103·12 IEs also do not complete lines 4j and 41. MTIAs also do not complete line 41. 

During the plan year: 

a Was thoro a failuro to transmit to the plan any participant contributions within the time 

poriod doscribod in 29 CFR 2510.3·1 02? Continue to answer "Yes" for any prior year 

failures until fully corrected. (Soo instructions and DOL's Voluntary Fiduciary 

Correction Program.) 

b Were any loans by the plan or fixed income obligations due tho plan in default as of tt1o 

close of the plan yem or classified during tho yoar as uncolloctiblo? Disregard 

participant loans secured by participant's account balance. (Attach Schedule G (Form 

5500) Part I if "Yes'' is checl,edJ ... 

518503 

12-07-l!'l 

19 

, ... 

Yes .t-Jo Nl8 Amount 

4a X 

') n 1 t:: n "J n II n TThTT m;:;>n 'G'TTDl\TT mTTD ;:;> r.rr.n vvo o n v n c: 11 ') n 1 
C Were any leases to which the plan was a party in default or c 

uncollectible? (Attach Schedule G (Form 5500) Part II if "Yes 

d Were there any nonexempt transactions with any party-in·int 

transactions reported on line 4a. Attach Schedule G (Form 5 

lassified during the year as 

"is checl~ed.) ... .. , .. .... 

erest? (Do not include 

500) Part Ill if 'Yes" is 

checked.).. . . ........... _ ............... . ~ . " . ' " ..... , " " ... 

e Was this plan covered by a fidelity bond? ........ , ... . "' .. ,, .. ', .. 

1 Did the plan have a loss, whether or not reimbursed by the p !an's fidelity bond, that 

was caused by fraud or dishonesty? . . . . . . . . . . ""' ..... 

g Did the plan hold any assets whose current value was neith er readily determinable on 

an established market nor set by an independent third party 

h Did the plan receive any noncash contributions whose value 

determinable on an established market nor set by an indepe 

appraiser? ........... , ........... .. 

appraiser? ......... 

was neither readily 

ndent third party 

" .............. '" ........ 

Did the plan have assets held for investment? (Attach sched 

checked, and see instructions for format requirements.) 

Were any plan transactions or series of transactions in exce 

value of plan assets? (Attach schedule of transactions if "Ye 

instructions for format requirements.) ....... ""'""'"""" .... 

ule(s) of assets if "Yes" is 

ss of 5% of the current 

s' is checked, and see 

,. . "' ..... 

k Were all the plan assets either distributed to participants or 

to another plan, or brought under the control of the PBGC? 

Has the plan failed to provide any benefit when due under I 

m If this is an individual account plan, was there a blackout pe 

beneficiaries, transferred 

'" .... ..... 

he plan? ..... 

riod? (See instructions 

and 29 CFR 2520.101-3.) .. . ......... . . ·-· ., '' ..... 

n If 4m was answered "Yes,' checl< the "Yes" box if you eithe 

notice or one of the exceptions to providing the notice appl 

r provided the required 

ied under 29 

CFR 2520.101-3 

o Did the plan trust incur unrelated business taxable income? 

P Were in-service distributions made durin9._!1_1~1an ~r? '"'" 

'" 

,,,,, -·' ,.-- ·----~ ----.. ----~ 

-~' 

_ Yes_ . No, JjjA _____ Amount _ 

~' 1-'- . .JL. -- ~---~--~-~--------

4d -- X 1--- ----· 

4o X 5001000 

~ -- X 

~ X 

4h X -- ----

4i X ·- - --· 

4j X 

4k X 

41 X 

4m X 

4n X 

4o 

4p 

5 a Has a resolution to terminate the plan been adopted during the plan year or any prior plan year? If "Yes," enter the amount of any plan assets 

that reverted to the employer this year .................. ......... .... . .. . ............ 0 Yes g:g No Amount: 

5 b If, during this plan year, any assets or liabilities were transferred from this plan to another plan(s), identify the plan(s) to which assets or liabilities 

were transferred. (See instructions.}_ 

5b(1} Name of plan(,s"''-------------

6a Namo of trust 

6c Narne of trustee or custodian 

~1t:5Cc1 

l::.?-0/-1 ~) 

Not determined 

6b Trust's EIN 

6d Trustee's or custodian's telephone number 

20 ')()1 t:: {)-:)()/1() TThTTmVn DTTDl\TTmTTDV r,Ti'\DVDDC' DD {)t:;'J1 ') ()1 
SCHEDULE MB 

(Form 5500) 

Multiemployer Defined Benefit Plan and Certain 

Money Purchase Plan Actuarial Information OMD No. 1210-0110 

Department of the TreasUiy 

Internal Revenue Service 

--~~Pa'tment or LabOr _..._ __ ~---­

Employee Benefits Security Administration 

This schedule is required to be (lied under section 104 of the Employee 

Retirement Income Security Act of 1974 (ERISA) and section 6059 of the 

Internal Revenue Code (the Code). 

2015 

This Form is Open to 

Pension Benefit Guaranty Corporation Public Inspection ---------------L-----'~"'---'F'--'i"-'le"--:"-a:::Cs-"a"-'n~a,_,tt~a=-:c":h'-'-m':'e":r:..::lt'::'t::.::o'-'F'--'o"'r'-'-m'--'-=5=-5=-00:::_:co"-r-=5-=5-=0=-0-=-S"-'F-'.-----::-:::---:':::-::-·~--------------------

'-'F o::.r .:::ca.:::la::.:n.:::da:::..r .t:PI'-"an"-y'--"a""ar-'2""0.::15::.:o~r--'-'fis:::::c.:::alc.rPc:::la::.:.n LYa:.::a::.:r b::::e:E.gi,_,_nn:.::in:.:;g,___ ___ 0=3CL/__,0"---1==---<-/-=2::.:0"'-=1-"'5=-------'------=a:.::n=--d a-'--'-n""d::.:.in"--g _0=--=2_,__/_,2=9.,_L ~_Ql_§_ ,___ __ _ 

~ Round off amounts to nearest dollar. 

~ Caution: A penalty of $1,000 will be assessed for late filing of this report unless reasonable cause is established. _ ___ _____ _ ___________ _ 

A Name of plan 8 Three·digit I 

VNITED FURNITURE WQ~KERS PENSION FUND A 

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

Enter the valuation date: 

Assets 

(1) Current value of assets 

(2) Actuarial value of assets for funding standard account 

C (1) Accrued liability for plan using immediate gain methods 

(2) Information for plans using spread gain methods: 

(a) Unfunded liability for methods with bases 

(b) Accrued liability under entry age normal method 

(c) Normal cost under entry age normal method 

(3) Accrued liability under unit credit cost method 

__ !:>~an number (PN) Y 0 0 1 

D Employer ldontification Number (EIN) 

**-******* 

_1hl1L __ 

__ 1~12J .. 

_J~l1L __ 

_1()(?Jtl!l 

Jc:t!?U!>Lt-----------·--

1_~l?J(cLt--------:---,----------,--

·~ J.t::t;lL 181 5 6 4 ,_21]__ 

d Information on current liabilities of the plan: 

(1) Amount excluded from current liability attributable to pre-participation service (see instructions) [ -1cl(iL-----1-----------

(2) "RP/\ '94" information: 

(a) Current liability_ 

(b) Expected increase in current liability due to benefits accruing during the plan year 

(c) Expected release from "RPA '94' current liability for the plan year 

_ _t3LI:XJ~.22!_G_dJ-~@_fl_disbursements for tile ian ear ..... _ . _______ _ 

Statement by Enrolled Actuary 

1d(2)(a) t-----=2=9~0~5-=-4=9--'----='--9=3__,__6_ 

1d(2)(b) 1 7 6 8 J!JLQ__ 

1d(2)(c) 13 876 667 

1d(3) 14 788 131 

To the best of my knO\vledge, the inrormation supplied in thls schedule and accompanying schedules, statements nnd attachments, 11 any, is complete and 3ccurate Ench prescr:bed Bssurnptior. 

was applied in accordance with applicable law and regulations !n my opinion, each other assumption is reasonable (tvking into nccount the experience of the pkm and reasonable expectlltions) 

and such other assumptions, in combination, offer my best estwnate of anticipated e>o:perience und.;-r the plan 

~~~~~-·· Signature of actuary 

CHRJSTIAN E. BENJAMINSON, FSA, EA 

CHEIRON INC. 

1000 ATRIUM WAY, 

MOUNT LAUREL 

Type or print name of actuary 

Firm name 

SUITE 403 

NJ 08054 

Address of tho firm 

06/13/2016 

Date 

1407015 

Most recent enrollment number 

703-893-1456 

Telephone number (including area code) 

If the actua1y has not fully reflected any regulation or ruling promulgated under the statute in completing this schedule, 

check the box and see instructions .......... .. 0 

For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions for Form 5500 or Form 5500-SF. 

21 

Schedule MB (Form 5500) 2015 

v.15012~' 

'1n1 h n'nAn TT>.7Tm-c>n DTTDUTmTTD'Q T•TI"'DVDDO nD na:::-:J1 ') n1 
~S~c~he~d~l~Jie~M~B~(~F~o~rm~5~50~0~)~2~0~1~5----~------------------------------------------~P~a~t~e~2~--c====J _______ _ 

2 Operational information as of beginning of this plan year: 

a Current value of assets (see instructions) 

b "RPA '94' current liability/participant count breakdown: 

(1) For retired participants and beneficiaries receiving payment 

(2) 

(3) 

For terminated vested participants . 

For active participants: 

(a) Non-vested benefits 

(b) Vested benefits 

-----~_'"-"-=c,····················· I 2a 

(1) Number of participants -- --5 563 

3,471 

70 887 468 

{2) Current liability 

151 631 639 

89_1.993,573 

----- 550,054 

--- 48,374,670 

(c) Total active 1 029 __ 1JL1) 2 4 1BL 

(4) Total ... ., . ., .. , ........ 10 063 2 9 Q J 2~~1.9)_Q._ 

less than 70%, enter such 

,. . . . ' . . . . . ..l2c 24.4000 % 

C If the percentage resulting from dividing line 2a by line 2b(4), column (2), is 

_____ Contributions made to the plan for the plan year by employer(s) and (~n.!~gyeos: 

(a) Date (b) Amount paid by (c) Amount paid by (a) Date (b) Amount paid by (c) Amount paid by 

(MM-DD-YYYY) employer(s) employees (MM-DD-YYYY) employer(s) employees ~~·-~~~·-

Q1.LQ1.L2016 _L_776 788 0 ... -- ---- --------------------

----~- . ~, -- --------- ·------ ---- ----

~---------- ... ------ ~~---~~-------· --·--- ---.--------

.. -· --. ... --<~--

-~·~·-~-~ t--------- =---~ -"·--~~ 

Totals~ I 31bl 1 776 788 3(~1-- _Q 

4 Information on plan status: 

a F<mded pomoot•go toe mooitociog pieo'' otatu• (lloo t b(2) dluidod by iloo 1o(3)) 14

4

ab t_---------___ . 3---8 • 50 D% 

b Enter code to indicate plan's status (see instructions for attachment of supporting evidence of 

plan's status). If code is "N," go to line 5 .............. . 

~ :~ tt;: ;~~ i~~k~~~i::~ :~:~:~~;:r~i~oa~r=~~ ~::~~i~~ys:~~JI~~~~;ef~~~i:~:~t~o;::::~ ~~::hi:~:~~~~~;1~;;n? . ];;_: ... - .w ~: e If lined is 'Yes," enter the reduction in liability resulting from the reduction in benefits (see 

instructions), measured as of the valuation date ... ~4~e-t---------· 

f If the rehabilitation plan projects emergence from critical status or critical and declining status, enter 

the plan year in which it is projected to emerge. 

If the rehabilitation plan is based on forestalling possible insolvency, enter the plan year in which _ 4f 

insolvency is oxpected and check here .... ., ........... '~", ~ ,._ .__ ~ " . . . .. . . . . . .. .. . . .. . . . . . . !XI 

5 Actuarial cost method used as the basis for this plan year's funding standard account eornputnlions {chock all that apply): 

a Attained age normal b Entry age normal c ~ Aocrued benefit (unit credit) 

e Frozen initial liability f Individual level premium g D lndividll<tlaggregate 

Aggregate 

Shortfall 

i Reormmizatlon j Other (specify.L_____ ----------------------------.-----.------------------.. 

k If box his checked, enter period of use of shortfall method 

I Has a change been made in funding method for this plan year? 

m If line I is "Yes," was the change made pursuant to Revenua Procedure 2000 40 or ot11er automatic approrvo,_,I-'-?-'--1---'---'-----'LL--'--"'-"----..L...l 

n If line I is "Yes," and line m is "No," enter the date (MM-DD·YYYY) of the ruling letter (individual or 

-~ss) a~pLo.~ing the change in funding method. ___ ___ _ • ~---·-~---~-=-'-'-"---------------

6 Checklist of certain actuarial assumptions: 

a Interest rate for "RPA '94" current liability .... 

b Rates specified in insurance or annuity contracts 

c Mortality table code for valuation purposes: 

~18522 

12-07-15 

3.44 % 

Pre-retirement 

____ 0 Yos -o~N~_t-ltJ\ 

22 

'J()1h: ()")()J1() TThTTm-on VTlDUTmTTDD f>1f'IDVDDO 'DD ()t::-:)1') ()1 
7 

(2) Females 

d Valuation liability interest rate __ 

e Expense loading .............. . 

f Salary scale ........................... _ 

Po 

__QQ(.!L A A 

~~LI--·------·--- A--=-+-------'A=--=--=-==---

6d 

6e 

6f 

N/A 

g Estimated investment return on actuarial value of assets for year ending on the valuation date 9.2% 

h Estimated investment return on current value of assets for 6.3 % 

New amortization b ases esta bl' IS h ed 111 t e h current plnn year: 

(1) Type of base (2) Initial balance (3) Amortization Cllarge/Credit ---

1 -231 637 -23 ,_!!iQ__ 

4 12 570 893 ---·-- ~~----~ 

-_J_,L272J§Q~ 

~---

8 Miscellaneous information: 

a If a waiver of a funding deficiency has been approved lor this plan year, enter the ~--

date (MM·DD·YYYY) of the ruling letter granting the approval ................ '-'-'-'-'-'-"-''-'-'-'-'"'-"~...J.'---'8"-'a"---'------------

b (1) Is the plan required to provide a projection of expected benefit payments? (See the instructions.) If 'Yes," 

!XJ Yes 

IZJ Yes 

b (2) Is the plan required to provide a Schedule of Active Participant Data? (See the instructions.) II "Yes,' attach 

a schedule 

C Are any of the plan's amortization bases operating under an extension of time under section 412(e) (as in effect 

priorto2008)orsection431(d)oftheCode? . .,.. ..... ... .. ...... .... .... . .. ......................... lives l.xJ No 

.. ... . ~-.... -n--Y-es-.-1..,1 N-od If line c is "Yes,' provide the following additional. information: 

(1) Was an extension granted automatic approval under section 431(d)(1) of the Code? 

(2) If line 8d(l) is "Yes," enter the number of years by which the amortization period was extended. 

(3) Was an extension approved by the Internal Revenue Service under section 412(e) (as in effect 

prior to 2008) or 431 (d)(2) of the Code? ....... . 

(4) If line 8d(3) is "Yes," enter number of years by which the amortization period was extended (not 

including the number of years in line (2)) 

(5) If line 8d(3) is "Yes,' enter the date of the ruling letter approving the extension 

(6) If line 8d(3) is 'Yes,' is the amortization base eligible for amortization using interest rates 

applicable under section 6621 (b) of the Code for years beginning aftor 2007? 

e If box 5h is checked or line 8c is "Yes," enter the difference between the minimum required 

contribution for the year and the minimum that would have been required without using the 

shortfall method or extending the~~C:r!~~ti()[l_ba_s._e{s) 

9 Funding standard account statement for this plan year: 

1 sd(2) I 

[ 

"" ...... , .... [!Yes [I No 

::::: DYe~_ JLf\Jo 

Charges to funding standard account: 

a Prior year funding deficiency, if any .... r· 9a -~i9:ira6-, 9-f:C 

b Employer's normal cost for plan year as of valuation date 

C Amortization charges as of valuation date: 

(1) All bases except funding waivers and certain bases for which the 

amortization period has been extended 

(2) Funding waivers 

(3) Certain bases for which the amortization period has been 

extended 

d Interest as applicable on lines 9a, 9b, and 9c 

e Total charges. Add lines 9a through 9d 

Credits to funding standard account: 

f Prior year credit balanoo, if any 

g Employer contributions. Total from colurnn (b) of line 3 

h Amortization credits as of valuation dato 

Interest as applicable to end of plan year on lines 91, 9g, and 9h 

518523 

12-07-15 

23 

-~~-~----=2~,~0~64~,5~5~1~ Outstanding balance 

0 

3 342 196 

52 856 217 

Q~ 

_1,_ 7..26 ~.l88_ 

2, 59},768 

195,Q_68 

')(11 h (I':!(IJ1(1 TThTTnnn--, 4'TTOliTTmTTO'C' To7fYDV'C'OC "D'C' (\t';-:)1 ') (11 
Schedule MB (Form 5500) 201'-"5'--------------------------=P-=a=e'-4"---

Full funding limitation (FFL) and credits: 

(1) ERISA FFL (accrued liability FFL) 

(2) "RPA '94" override (90% current liability FFL) 

(3) FFL credit ........................................ .. 

k (1) Waived funding deficiency ............ . 

(2) Other credits . .. .. .. • . • . .. . . .. . 

I Total credits. Add lines 9t through 9i, 9)(3), 9k(1), and 9k(2) ............... .. 

m Credit balance: If line 9i is greater than line 9e, enter the difference 

n Funding deficiency: If line 9a is greater than line 91, enter the difference 

9o Currant year's accumulated reconciliation account: 

(1) Due to waived funding deficiency accumulated prior to the 2015 plan year 

(2) Due to amortization bases extended and amortized using the interest rata under 

section 6621 (b) of the Code: 

_48,290l593 

Qo~-r---------------~0-

(a) Reconciliation outstanding balance as of valuation data 9o 2 .!&_1--------------'"--

(b) Reconciliation amount (line 9c(3) balance minus line 9o(2)(a)) 9 2 fuL __ 0 _ 

_ __1=!LI2!~1!.s ot val~ralion ~-EI~E} ~"-"'·'~·'··~~-·,~··.'c<· ... ".'"""···"-""·'-"-~'"·"·=••=•- '·"-'--=_._._ .................. _____ Jl_p_(3j___ ·- 0. 

10 Contri.Q_utio11_rll'l£8S~?li'.!<?._avoid an accumulate_~.f_u_DdinlJ_doliciency. (See instructions.) .• ... . ... 10 _ A 8 _l~ ()__~ 5 ~JJJ.~ tl(!s_ a o!_lflt)g!} l:J()(;).I}_tn?_d~Jnli1~_<i0.L!..!!Lll'!i assutl]pLICJ_n§ Jo_r \!II) current plan yo!'_!!? If "Y esJ" sea J!!structi()_l}~-~"''"'"''' ., ""~-~"'" ~'(Qs_ ... _ TI _lio_ . 

518524 

12-07·15 

24 

')()1 h ()":)()J1() TThTTmt:>n 'C1TT'D'I\TTmTTDt;t r.TriDTJ't;t'DC "Oti' ()1:;":)1 ") ()1 
SCHEDULER 

(Form 5500) 

Retirement Plan Information OMB No. i2i0-0ii0 

Department of the Treasury Internal Revenue Service 

This schedule is required to be filed under section i 04 and 4065 of the 

Employee Retirement Income Security Act of 197 4 (ERISA) and section 6058(a) 

of the Internal Revenue Code (the Code). 

2015 

Department of Labor Efl"l'loyee Benefits Security Administration 

Pension Benefit Gwn>nty Corpotulion 

Jill> File as an attachment to Form 5500. 

This Form is Open to 

Public Inspection. 

and ondin 02/29/2016 

A Name of plan B Threo·digit 

UNITED FURNITURE WORKERS PENSION FUND A plan number (PN) Jill> 001 

FUND A 

D Employer Identification Number (EIN) 

**-******* 

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

1 Total value of distributions paid in property other than in cash or the forms of property specified 

in the instructions .. , .... .... ... .. . ..... .... .. .. ..... .... .. .. .. . . . ... .. . .. . ................................. . 

2 Enter the EIN(s) of payor(s) who paid benefits on behalf of the plan to participants or beneficiaries during the year (if more than two, enter EINs 

of the two payors who paid the greatest dollar amounts of benefits): 

EIN{s): 

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

3 

Funding Information (If the plan is not subject to the minimum funding requirements of section 4 i 2 of the Internal Revenue 

4 Is tho plan administrator making an election under Code section 412(d)(2) or ERISA section 302{d)(2)? ..... -:---n-----·-uYes UNo ~ N/A 

If tho plan is a defined benefit plan, go to line 8. 

5 II a waiver of the minimum funding standard for a prior year is being amortized in this 

plan year, see instructions and enter tho date of tho ruling Iotter granting the waiver. Date: Month Day Yoar 

6 

If you completed line 5, complete lines 3, 9, and 10 of Schedule MB and do not complete the remainder of this schedu_l!l_, __ 

a Enter the minimum required contribution lor this plan year (include any prior year accumulated t!: 

funding dofictency not waived) . .. . .. ....!'!!!. ___ _ 

b Enter the amount contributed by the employer to the plan for this plan year ..J&._ ___ _ 

c Subtract the amount in line 6b from the amount in line 6a Enter the result (enter a minus sign to 

the left of a negative amount) 6c _______ _ 

If you completed line 6c, skip lines 8 and 9. 

7 Will the minimum funding amount reported on line 6c be met by the funding deadline? Oves D No D N/A 

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

If this is a defined benefit pension plan, were any amendments adopted during this plan 

year that increased or decreased the value of benefits? If yes, check the appropriate 

llox.llno check tfm 'No' box Increase n Decrease n Both !NJ No 

ESOPs (see instructions). If this is not a plan described under Section 409(a) or 4975(e)(7) of the Internal Revenue Code, 

skip this Part. 

~--W~e~re~l=ln~a~l~lo~c=at~e~d_o~r~nLI~o~er~s~e~c~u~ri~ti~os~o~r~ro~c~e e~<l~s~fr~o~m~t~h~o~s~a~lo~o~fu~n~a~ll~o~c~at=o~d~s~e~c~u~ri~tie~s~.~u~so~d~to~r~o~a~a~n~e~xe=r~n~l~lo~a~n~?~.~-+~Y~e~s-~ a Does the ESOP l1old any preferred stock? Yes - -~ 0 b II the ESOP has an outstanding exempt loan with the employer as lender, is such loan part of a 'back·to-back'' loan? 

(Seo instructions for definition of 'back·to-back" lom.!l_c"'=-:·" .. ~ .. ~~-""-'--'-'-~'---'~~~"" ......... ·~ .. ~-'-'-'"-"-'--'~~. 

12 Does the ESOP l!old an stnol~ Hmt is not reudil tmdtlblo on un <Jstablisht~d $oc:uritlrls mml<ot? 

For Paperwork Reduction Act Notice and OMB Control Numbers, see the instructions tor Form 5500. 

518531 

12"07-15 

ScheduleR (Form 5500) 2015 

v.150123 
Schedule R (Form 5500) 2015 Pa a2 

I Part V I Additional Information for Multiemployer Defined Benefit Pension Plans 

13 Enter the following lnforma!lon for each employer that contributed more thnn 5% of total contributions to the plan during the plan year 

(moHSUrod in dollars), See instructions, Co~te as [nliiJY, entries as neodof) to report all apPlicable employers, 

a Name of contributing employer STE INWAX_,Oc _SON,_.,S"---------------:---,---------------

b EIN * * -* * * * * * * C Dollar 81f10Unt contributed b 1 4 61 8 91 • 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agroement, check box 

and see instwctions nmardlng roq!lirod attac/Jmonf. Oll!f!t•YJ[i_s, _enter the ap licab/fJ date.) Month 12 Dny 31 Year 2 0 18 

e Contribution rate Information (If more t/Jan one rate applies, check this box 

Otherwise, complete Jines 13e(1) and 13e(2).) 

and see instructions regarding required attachment. 

(1) Contribution rate (in dollars and ce!]ls) 

. ____ (2) Base unit measure: !J Hourly II Weekly I ltlnit of prmlucti~n ~f)r (specify):% OF ~ATJ PAYRQ!,_!r_~~-~ 

a Nama of contributing ~l'!Rioyer SEALY MATTRESS COMPANY 

b EIN * *-* * * * * * * ····~----- -~- _<;_Dollar amount contributed by employer 1 1 14 2 1 2 0 2 , 

d Data collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box 0 

and see instructions regardinq mquired al/achmf!.n_I_:_QII~Q!YYis_q" enter the 

e Contribution rate information (If more than one rate applies, check this box 

Otherwise, complete lines 13e(1) and 13o(2)) 

Month 0 4 Day 3 0 Year 2 0 1 7 ~~~=-'--

and see instructions regarding required attachment. 

(1) Contribution rate (in dollars and cents) 

(2) Base unit measure: 0 Hou~~I.N~ .. U_lJi1i!g1 proc!_l)()tiq!1_ J?~l_g~~~pecily):% OF ANNUAL PAYROLL 

a Nameofcontributingemployer SIMMONS COMPANY ·~-----~----- ---·------

b EIN * * - * * * * * * * C Dollar amount contributec:l_t)y emplq~~-~~--~-4_§J)~_!___ _ __ 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check boxLJ 

and see instructions regarding required attachment. Otherwise, enter the ?f?pJicable datrtJ~f\io!l!tL • Q_;t _ _ f:!?Y, 3J _Yei!~_JQ_iL 

e Contribution rate information (If more than one rate applies, check this box 0 and see instructions regarding required attachment. 

Otherwise, complete lines 13e(1) and 13e(2)) 

(1) Contribution rate (In dollms and cents) 

(2) Basounit measure: [-] Hourly r·J Weel<ly I I Unit of production llil Other (specify):% OF ANNUAL -~X!t9LL 

a Narne of contributing employer SEALY MATTRESS OF N.J. INC. 

b EIN * * -* * * * * * * C Dollar amount contributed by employer 3 8 9 1 5 9 2 • 

d Date collective bargaining agreement expirns (If employer contributes under more than one collective bargaining agreement, check box U---

_,--" ___ Bnd see instructions re ardin re uired eltachment Otherwise, enter the 

e Contribution rate information (If more than one rate applies, check this box 

Othorwiso, comploto linos 13o(1) and 13o(2).) 

(1) Contribution rate (in dollars and cants) 

___ (2) Ba(l_~J.r:!i1_r:neasure- 0 Ho~ __ _Q\{',1_(?~· [ Unit of production 0 Other (specify): 

___ a Nam~ of C_()fl!ributing~fTipiQYer __ 

Year 2 018 

b EIN _ C _Dollar amount contributed by ernplo er 

d Date collective bargaining agreement expires (If emplo"'y'-'-e"'r""c"'o"'n.::tte::ib"'u"'t"'e::cs::cuc=n.=:d-=e=.rLm=o"-r:!:a:::tch-'c::a::.n_o_n_e_c_'o-/l_e_c_tiv_e_b_ar;_g_a_ir-li-ng_a_g-re_e_n_?_e_n_t, _c_h_e_c_k_b_o_x JT 

and see ins/me/ions re,mdinFJ £equired atlacl!ment_Qt/l(!f_\4/{sp,~f1JEir the app1icable tlate,) Month Dsy Year 

e Contribution rate information (If mom than one rate applies, check this box Uand soe instructions regarding required attachment. 

Otherwise, complete Jines 13e(l) and 13e(2}.) 

(1) Contribution rate (in dollars and oef1ls) ___ _ 

a Name of contributing employer 

_ ___I:>_EIN C Dollar amount oontributQ(j_t:>z ernpioy_ElL_ .. _ _ nn 

d Date collective bargaining agreement expires (If employer contributes undgr more than one collective bargaining agreement, check box-

~------l'l_nd seBjnstructions regarding requimd attachment_ Otherwise, enter tho aEEjicAblo dale) M(m\h Day Yenr 

e Contribution rate information (If more than one rate applies, chock this box 1..~ see instructions mgarding required attachment 

Otherwise, complete lines 13e(1) and 13e(2)) 

(1) Contribution rate (in dollars and centn) 

(2) Base unit measure: D Hourly r I WmJkly Unit of production 0 Other (specify): 

518532 12-07·15 

')(\1 h (\')(\JI(\ TThlTmDT'\ DTTD1\lTmTTDV r.Tr'IDVVDO T>D (\f::')1 ") f\1 
~chedule_!'l_(Form 5500) 2015 

4 Enter the number of participants on whose behalf no contributions were made by an employer as an 

employer of the participant for: 

a The current year . . . . . . . .. . .. . . _ .............. .. 14a 7 327 

b The plan year immediately preceding the current plan year 

~-£ .. The second preceding plan year .... 

14b 7 509 

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 plan year immediately preceding the current plan year 

b The oorraspor.Lc!J!l9.11.Umbe!Jor !fle secQ_nd preceding plan y<W ..................... ,. ............ . 

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 ............... . '=fsa- -~~------------=-3 

. 

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

17 If assets and liabilities from another plan have been transferred to or merged with this plan during the plan year, 

check box and see instructions re ardln su lementallnlormalion to be Included as an attachment. .. , ......... .... .. .. . .. .. r1 

Additional Information for Single-Employer and Multiemployer Defined Benefit Pension Plans "~--~---~ ~" --

18 If any liabilities to participants or their beneficiaries under the plan 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 

r·: .... S(J_CbJ.JI?I_l_YE;l~fj_<;_b<:lck box and see instructions regarding supplemental information tq_pe ~nclu_"-d=-e"-d=-...c.as-'--"a'-'n--'-a~tt--'-a""c"'hm~e'-'n"-t -'-'-'-"--'-'--'-C"-'-'-"----'---'-'--__LL 

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: 46. 5_% Investment-Grade Debt: 9. 7 % High-Yield Debt: 14. 0 % Real Estate: 14. 9 % 

b Provide the ave~e duration of the combined investment-grade and high-yield debt: 

~ 0-3 years U 3-6 years 0 6-9 years 0 9-12 years 0 12-15 years 0 15-18 years 0 18-21 years 

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

Modified duration 

If 'Yes," how does the 401 (k) plan satisfy the nondiscrimination requirements for employee deferrals and 

employer matchinn contributio_ns (its appllc_able) under sections 401 (k)(a) and 40 1 (m)(2)? 

20c If the ADP/ACP test is used, did the 401 (k) plan perform ADP/ACP testing for the plan year using the 

'current year testing method" for nonhighly compensated employees (Treas. Reg sections 

1.401 (k)·2(a)(2)(1i) and 1 A01 (r_!1)·2{1J)12)(ii))'! c ... C~'.'-·c~c=· ~~=-"-'--'-"-'---=-----'-"-'--'-"-'=-:.=-ecce.·= ... =. "-'"':..:.:' "-'-'-"=" '"-'.'"'-j--J..-.l. 

21a Check the box to indicate the method used by the plan to satisfy the coverage requirements under 

section 41D(b): ... ,~'"'-'·'·-'"" :.· ... ·oo: _._ .............. __ ................ .. 

Other: 14.9% 

0 21 years or more 

0 No 

0 Average 

benefit test 

21b Does the plan satisfy the coverage and nondiscrimination tests of sections 410(b) and 401(a)(4) by 

combining this plan with any nt11m plf!~l!l__ lJ_ndertll_e p€Jr[li_s_§_i~e..!!llilf . .::<>""c"'a::.:.lio:::.:r_,__l.:..:ru:::le::::s.:..:?'-----'-'-'--"-'-''-'--'-'-'-~"-'-'~-'--l-+-l-..c...:::"'---- D No 

22a Has tho plan boon timely amended for all riXJ[Jirecj_!ax_I1Jifll_(;ll.""a"-'n,_.,_e::::s::.·?'---~-'--'---'-''--'-'-'-"--"'-'-"'-'-"'-'----'-'-'-"-'-'-'-'--'-'---'--'-..J.....L__~::..__ ____ ~0~ No 0 1\j~~ 22b Date the last plan amendment/restatement for the required tax law changes was adopted . Enter the applicable code __ _ 

(See instructions for tax law changes and codes). 

22c If the plan sponsor is an adopter of a pre-approved master and prototype (M&P) or volume submitter plan that is subject to a favorable IRS 

opinion or advisory letter, enter the date of that favorable letter and the letter's serial nurnbAr 

22d If the plan is an individually-designed plan and received a favorable determination letter from the IRS, enter the date of the plan's last 

favorable determination letter 

23 Is the Plan maintained in a U.S territory (i e., Puerto Rico (if no election under ERISA section 1022(i)(2) 

t1as been made), American Samoa, Guam, the Commonwealth of the Nortt1ern Mariana Islands or the 

______ lL~LI{~ginlsf_arl(_.i_s)? __ ............ . 

518533 

12-07-15 

27 

. O __ Y_E!S_ - II No 
UNITED FURNITURE WORKERS PENSION FUND A 

SCHEDULE C OTHER SERVICE PROVIDER SERVICE CODES 

NAME 

JPMORGAN CHASE BANK, N.A 

JPMORGAN CHASE BANK, N.A 

JPMORGAN CHASE BANK, N.A 

JPMORGAN CHASE BANK, N.A 

JPMORGAN CHASE BANK, N.A 

CODES TO SCHEDULE C, LINE 2(B) 

SCHEDULE H 

DESCRIPTION 

ACCRUED INTEREST AND DIVIDENDS 

TOTAL TO SCHEDULE H, LINE 1B(3) 

SERVICE CODES 

24 

27 

28 

50 

51 

OTHER RECEIVABLES 

BEGINNING 

13,475. 

13,475. 

SCHEDULE H OTHER GENERAL INVESTMENTS 

DESCRIPTION BEGINNING 

BPIF NON TAXABLE LP 8,231,939. 

TOTAL TO SCHEDULE H, LINE 1C(15) 8,231,939. 

SCHEDULE H OTHER INCOME 

DESCRIPTION 

OTHER INCOME 

TOTAL TO SCHEDULE H, LINE 2C 

**-******* 

STATEMENT 1 

STATEMENT 2 

ENDING 

10,004. 

10,004. 

STATEMENT 3 

ENDING 

8,202,128. 

8,202,128. 

STATEMENT 4 

AMOUNT 

1,200. 

1,200. 

28 STATEMENT(S) 1, 2, 3, 4 ')(11 h (\")(\A(\ TThTTmD"J> DTTD'I>TTrnTTDD Wf'\DVDDO DD ()J::")1 ') ()1 
UNITED FURNITURE WORKERS PENSION FUND A 

SCHEDULE H OTHER ADMINISTRATIVE EXPENSES 

DESCRIPTION 

ADMIN. SERVICE PROVIDERS (SALARIES, FEES AND COMMISSIONS) 

TOTAL TO SCHEDULE H, LINE 2I(4) 

**-******* 

STATEMENT 5 

AMOUNT 

982,158. 

982,158. 

29 STATEMENT(S) 5 ')()1 h ()')()A() TThTTm'W'T'I 'U'TTOl\TTmTTO'CI W/"\OV'C'OC' T)D ()1:')1 ') ()1 
Estate of Jill Claster Midonick 

Schedule I 

Statement of Computation of Commissions 

For Receiving 

Principal 

Principal Received (Schedule A) 

Subsequent Receipts (Schedule AA) 

Increases on Principal (Schedule A -1) 

Income Collected (Schedule A-2) 

Unrealized Increases (Schedule G) 

Total Principal 

Less Specific Bequests 

and other non Commissionable Assets 

Basis for Principal Receiving Commissions 

$ 

$ 

5,525,026.48 

641.85 

54,682.42 

12,846.74 

0.00 

5,593,197.49 

35 720.00 

0 %on 0.00=$ 0.00 

0 %on 0.00 = 0.00 

0 %on 0.00 = 0.00 

0 % on 0.00 = 0.00 

0 %on 5,557,477.49 = 0.00 -------

$ 0.00 

1/2 Thereof for Receiving 

For Paying 

Principal 

Funeral and Administration Expenses (Schedule C)$ 

Payment of Debts (Schedule D) 

Distributions of Principal (Schedule E) 

Principal on Hand (Schedule G) 

Total Principal 

Less Specific Bequests 

and other non Commissionable Assets 

Basis for Principal Paying Commissions 

Income 

Administration expenses (Schedule C2) 

Distributions of Income (Schedule E-1) 

Income on Hanel (Schedule G-1) 

Basis for Income Paying Commissions 

Aggregate Basis for Paying Commissions 

Page I 

$ 

$ 

$ 

(4) 

966,388.19 

514,828.91 

3,544,036.10 

532,415.12 

5,557,668.32 

35,720.00 

$ 5,557,477.49 

5,521,948.32 

$ 5 521 948.32 
Schedule I (Continued) 

0.00 = $ 

0.00 

0.00 

0.00 

0 

0 

0 

0 

0 

%on 

%on 

%on 

%on 

%on 5,521,948.32 

1/2 Thereof for Paying 

Allocation 

Principal: 

Income: 

5,521,948.32X 

5,521,948.32 

o.oox 

5,521,948.32 

Total Commissions Due Each Executor 

Total 

Receiving 

Paying 

$ 0.00 

0.00 

$ 

0.00 = $ 

0.00 -~ 

Total commissions available for allocation: 

Page 2 

(5) 

0.00 

0.00 

0.00 

0.00 

0.00 -~-~--

0.00 

0.00 

$ 0.00 

0.00 $ 

~====~0~.0~0 

$ 0.00 
United Furniture Workers 

Pension Fund A 

Financial Statements 

February 29, 2016 and February 28,2015 
UNITED FURNITURE WORKERS PENSION FUND A 

Table of Contents 

February 29, 2016 and February 28, 2015 

Independent auditors' report 

Statements of net assets available for benefits 

as at February 29, 2016 and February 28, 2015 

Statements of changes in net assets available 

for benefits for the years ended 

February 29, 2016 and February 28, 2015 

Notes to financial statements 

Supplementary information; 

Independent auditors' report on 

supplementary information 

Supplemental schedule of assets 

held for investments as at February 29, 2016 

Supplemental schedule of 

reportable (5%) transactions for the year 

ended February 29, 2016 

Page (s) 

2 

3 

4- 19 

20 

21 - 23 

24-25 
J<>~c ph V\'.Hr< n r~ Co. 

a (\ivision uf 

_ .. 8;_Q 0. Q_f _F ~­ COJv\ PANY PC: ..,. __ .- - -·-------· ··--. - Cr.; R Tt FIU O J'U l:t i . I C J1. C(.(\ l l ; J T .:. Nr G 

Bonrd of Trustees 

United F'umiture Work~rs Pension Fund 1\ 

Nashville, TN 

,Independent Auditors' Report 

3f>S Lc:).in j; tOn Av ·n h .. Sl)(t:l i•lt'( .. r 

Nt' IV Yt>rl< . :'\\' 10<1 ! '! t•l·(l,l ~ 5S .;it ~~~~ I 2 1:: ;; .:. '? (J: H• 

We have audited the occomp.1nying finnncial stntcJncnts of United Furnimre Workers Pension Fund A (the "Plan") 

which comprise the statement of net assets available for benefits as nt February 29, 2016 nnd February 28, 2015, 

and the relnttd Slotcmcnts of changes in net nssets nvuilablc for benefits for the years then ended, and the rcln lcd 

notes to the financiol statements. 

Mann ~m<m '~ 'Respo n~ihility !'or the Financial Statements 

Management is responsible for the preparation and fair presentation of these financial statements iu accordance 

with occounting principles generally accepted in the United States of America. This includes the dt!sign, 

implementation, and maintenance of intemnl uontrol relevnnt 1u the pre.p.1ration and fnir presentation or t'manciul 

statements that nre free front motcrinl misstatement, whether due to frnud or orror. 

Auditor'" respoHsil>ility 

Our tesponsibility is to express an opinion on these financial statement$ based on our audit. We conducted our 

audit in nccordunce with auditing smndards generally accepted in !he United States of America. Those st mJard~ 

require that we plan nnd pc1 fonn th<l mHlit to obtnin reasonable os~urance obt)Ut whether th~ financial statements art' 

lree of mater in I misst:llcment. 

A11 nndit involves pedom1ing procedures to obtuin audit (jvidence about the amounts nnd ~closur s in the 

fmonoial srntcments. The procerlures so!ectc<l depend on the auditor's judgment, including the assessment of the 

risks of mlltcrinl misslll!emcnt of the finaucinl statements, whether due to frau<! or error. In nmking those risk 

assc:;smcnts, the auditor consitlt:t s iutcm11l contwl re levant t\l the Plftn's prcpnrotion nnd fnir presentation or the 

finHncinl slalcmcnts in order to design tntdit procedures that me nppropritue in the circumstum:es, but not for the 

puqlOSl~ of expn•"ssing an opinion on the effectiveness of the PIAn's intem11l control. Accordingly, we express HO 

such opinion. An oudil rliso n<:lud~s eVll l\tnting the appropriateness of nccounting policies \ISP,d and the 

reosnnubleness of significant occounting estimates twldc by manngement, ns well ns evnlunting the <Jverall 

prcscntatiOl1 of the t1noncial mcnt~. 

We l>clievr.: that ihl' itudit evidence \\'e hnve nbtained i'> sufficient Md approrriate to provide n basi~ for om audit 

opinion, 

Opinion 

Jn our opinion, the fi nanci~J stat wnt~ rcfencd to above present fairly, in nil rnnterial res ec . the finaneia l 

position or United Furniture Workers l'enston Fuud 1\ as or Jicbruury 29, 20 16 ond .February 2H, 2015, nnu the 

relnted statements of changes in net nssels avnihlhle. for ben:Jfits tor the e~rs lhen ended, in nccordnncc wilh 

nccountinll principles generally acccp!cd in the Uniied States of Amcricu. 

Redacted by the U.S. Department of the Treasury 

p 

Rogoff & Comp<~ )', P.C. 

Certi i~d Ptobli~. AccO\Illlw lls 

New Y,Hk, NY 

June 0\5, 20 I 6 
Assets 

UNITED .FURNITURE WORKERS PENSION FUND A 

Statements of Net Assets Available for Benefits 

As at February 29, 2016 and Febmary 28, 2015 

2016 

Investments, at fair value 

2015 

Short term obligations 

Common stocks 

$ 242,895 $ 264,333 

Common tmst funds -

Intech Institutional Large 

Cap Growth Fund 

JPMCB Strategic Propmiy Fund 

Wellington Global Total Rctum Fund 

State Street Global Advisors - MSCI 

State Street Global Advisors - Daily 

Rothchild SMID Fund 

Loomis Sayles Credit Long/Short 

Total cotmnon trust funds 

Partnership/joint venture interests 

BPIF Non-Taxable L.P 

Investment in United Furniture Workers 

Building Corporation 

Registered investment companies 

Fidelity Growth International Fund 

Fidelity Emerging Markets Fund 

Pin1Co Bond Fund 

Robeeo BP - All Cap Value Fund 

Vanguard Growth Index Fund Admiral 

Total registered investment companies 

T otallnvcstments 

Receivables 

Employer Cm1tributions 

Withdrawal liability 

Accrued interest and dividends 

Total receivables 

Cosh and cash equivalents 

Property and equipment, net 

Total Assets 

Liabilities 

Accrued expenses and payroll taxes 

Net Assets Available for Benefits 

3,199,259 

l2tl,974 

$ 55,798, ]()2 

The accompanying nut<:s ale <Ill integr<JI parl 

of1hese financial statements 

- 2 

5,234,786 

176,334 

$ UJ,335,517 
UNITED FURNITURE WORKERS PENSION FUND A 

Statements of Changes in Net Assets Available for Benefits 

For the Years Ended February 29, 2016 and Febn1ary 28, 2015 

~'''"""'~ 

2016 

Additions to Net Assets Attributed to: 

Investment Income: 

Net (depreciation) appreciation in 

fair value of investments $ (2,884,973) 

Interest 213,886 

Dividends 629 596 

(2,041,491) 

Less: investment expenses 

Net investment income (Joss) (2,426,887) 

Employer contributions 3,790,599 

Withdrawal liability income 74,140 

Other income 1,200 

Total additions 1,439,052 

Deductions to Net Assets Attributed to: 

Benefits paid directly to participants 13,603,642 

Administrative expenses 

Total deductions 1 

Net decrease in net assets 

available for benefits (13,537,325) 

Net assets available for benefits, beginning of year 5,') 17 

Net assets available fol' benefits, end of year $ 192 

The accompanying notes arc an integral part 

of these financial statements 

- 3 -

20!5 

$ 3,983,745 

342, Ill 

63 84 

4,964,040 

457,4lH 

4,506,559 

3,654,036 

910,283 

j 3,604,248 

I 1 

14,802,492 

(5,730,4]11) 

$ 
UNITED FURNITURE WORKERS PENSION FUND A 

Notes to Financial Statements 

February 29, 2016 and February 28, 2015 

The following brief description of the United Furniture Workers Pension Fund A (the 

"Pian11 ) is provided for general information purposes only. Participants should refer to the Plan 

Document for a more complete description ofthe Plan's provisions. 

I. GENERAL 

The Pension Plan for Employees of the United Furniture Workers of America and 

related Organizations is a defined benefit pension plan covering employees of those 

organizations. It is subject to the provisions of the Employee Retirement Income Security Act 

of 1974 (ERISA). 

2. PENSION HENEflTS 

Employees with 5 or more years of service are entitled to a Normal Pension 

commencing at age 65. The Plan provides for an Early Pension commencing between the ages 

of 55 and 64 if the employee has accrued at least 5 years of credited service. A provision is 

also made to pay a Disability Pension at any age to any employee who has accmed at least 5 

years of credited service and has been awarded a Social Security Disability Pension. 

Employees who terminate employment prior to retirement age have a non-forfeitable right to a 

pension at age 55 or later provided the employee has accrued at least 5 years of credited service. 

The Joint and Survivor and Pre-Retirement Joint and Survivor Annuity benefits as required by 

ERISA are included in the plan provisions. 

Should death occurs prior to retirement and the patiicipant is eligible for early, normal 

or a disability benefit, the actuarial equivalence of 50% or 75% of the accrued benefit, with a 

reduction for early retirement if applicable, is paid to the spouse. 

4 CQNTJ\UHJTIO~S 

Employer contributions are made in accordance with the provisiOns of agreements 

entered into by the Plan and participating employers. 
UNITED FURNITURE WORKERS PENSION FUND A 

Notes to Financial Statements 

l'ebmary 29,2016 and Febmary 28, 2015 

B. SU1Vllvi:ARY OF ACCOUNTING POLICIES 

The following are the significant accounting policies followed by the Plan: 

1. BASTS OF ACCOUNTING 

The accompanying financial statements are prepared on the accrual basis of accounting in 

accordance with accounting principles generally accepted in the United States of America. 

2 .. USE OF ESTIMAI.I3S 

The preparation of financial statements in accordance with accounting principles generally 

accepted in the United States of America requires the plan administrator to make estimates and 

assumptions that affect the reported amounts of assets, liabilities, and changes therein; disclosure of 

contingent assets and liabilities; and the actuarial present value of accumulated plan benefits at the date 

of the financial statements, and changes therein. Actual results could differ from those estimates. 

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. The Plan's investment committee determines the Plan's valuation policies utilizing 

information provided by its investment advisers, custodians, and insurance company. 

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 bough1 and sold as well as held during the year. 

4. CASH ANQ (/\0H EOUJVAlJ~tliQ 

The Plan considers all highly liquid investments available for current use with an initial maturity 

of three months or less to be cash equivalents. 

5. EMPLOYER CONTRlB.UTJONS ANL)_RELATED RECEIVABLB 

Payroll contributions are determined from reports submit ted by employers on a self-reporting 

basis. The amount of employer contributions receivable represents the estimated contributions due t1·om 

employers. 
UNITED FURNITURE WORKERS PENSION FUND A 

Notes to Financial Statements 

February 29, 2016 and February 28, 2015 

B. S!JTvlMA~Y Q:F ACCOUNTING POLICIES (continued) 

United Furniture Workers Pension Fund A contributes to a multiemployer defined benefit 

pension plan under the lerms of a collective-bargaining agreement that covers its union-represented 

employees. The risks of participating in these multiemployer plans are different from single-employer 

plans in the following aspects: 

• Assets contributed to the nmltiemployer plan by one employer may be used to provide benefits 

to employees of other participating employers. 

• If a participating employer stops contributing to the plan, the unfunded obligations of the plan 

may be borne by the remaining participating employers. 

• If United Furniture Workers Pension Fund A chooses to stop participating in the multiemployer 

plan, United Furniture Workers Pension Fund A may be required to pay the plan an amount 

based on the underfi.mded status ofthe plan, referred to as a withdrawal liability. 

United Furniture Workers Pension Fund A's participation in the plan for the fiscal period ended 

february 29, 2016 and February 28, 2015, is outlined in the table below. The "ElN!Pension Plan 

Number" column provides the Employer Identification Number and the three-digit plan number, if 

applicable. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available. 

The zone status is based on information that United Furniture Workers Pension Fund A received from 

the plan and is ce1iified by the plan's actuary. Among other factors, plans in the red zone are generally 

less than 65 percent fimded, plans in the yellow zone are less than 80 percent funded, and plans in the 

green zone are at least 80 percent funded. The "FIP!RP Status" column indicates plans tor which a 

financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been 

implemented. The last column lists the expiration date of the collective-bargaining agreement to which 

the plans are subject. Finally, the number of employees covered by United Furniture Workers Pension 

Fund A's multiemployer plans decreased. 

Po.:n>ion Fund -~-~~~~-

hrn>ion h111d J<>r th.; 

l'.JIIf•kl)'(·G;. 1>/ \IF\\' and 

f(,;(llh'd u, ~· 

EINii'~IWion 

J>km Nnmb~r 

D-6112253 

l ~~SSI 1~77 

Pensionl'totcction Act Zone 

StilfUS 

Contribution~ or 

Fl P/Rl' Statug United Furniture Worker' 

~,~JHlnle/ 

_2_0l_ti _____ _}015 __ -· __ lmpi~nK~---

fled J\cd !11' 

RP 

Benefit payments to patticipants are recorded upon dislribution 

(> 

SurdJ;u~~: 

·- ]_!2ll::.::-_~_:~--

Expirn!ion 

Dnte of 

Colll'ctivc· 

lclHr;l'"ning 

A[~ _L~~~-~~-~ ~~-
UNITED FURNITURE WORKERS PENSION FUND A 

Notes to Financial Statements 

February 29,2016 and February 28, 2015 

8. PENSION C_QSTS 

The Fund does not reflect the unfunded amount of past service pension liability nor the annual 

normal pension cost in the accompanying statements. Pension costs are charged on a paid basis. 

9. PROPERTY AND EQUIPMENT 

Office furniture and equipment, leasehold improvements and computer equipment are carried at 

cost. Major additions are capitalized while replacements, maintenance, and repairs, which do not 

improve or extend the lives of the respective assets, are expensed currently. Depreciation is computed 

by the straight·line method over recovery periods of the assets. 

I 0. ADMINISTRAT_LVE_EXPENSES 

The Plan's administrative expenses are paid by the Plan, as provided by the plan document. 

Expenses incurred in connection with the general administration of the Plan are recorded as deductions 

in the accompanying statement of changes in net assets available for benefits. In addition, certain 

investment related expenses are included in net appreciation offair value of investments presented in the 

accompanying statement of changes in net assets available for benefits. 

C. IllANSACUONS Wl'Jll PARTIES-lN-JNTf.~B.RST 

The Plan and other related entities occupy space in the building owned by the UFWA, AFL-CIO 

Building Corp. Each tenant bears its pro rata share of the operating costs of such building. Expenses 

allocated to the Plan by the UFW A, AFL-CIO Building Corp. amounted to $36,212 in 2016 and $3 5,311 

in 2015, respectively. 

Fees paid during the period for services rendered by parties-in-interest were based on customary 

and reasonable rates for such services. 

D. CREI)IT RISK CON(1~"NTRl\T10N 

The Plan maintains accounts in banks located in the Nashville area. For interest bearing bank 

accounts, cash balances may at times exceed the federally insured deposit limit of$250,000. 
UNITED FURNITURE WORKERS PENSION FUND A 

Notes to Financial Statements 

February 29,2016 and February 28,2015 

E. TAX_RULINGS AND STATUS 

The Plan has been ruled to be a qualified plan under Section 401 ofthe Internal Revenue Code 

(IRC). The Plan has been amended since receiving its last determination letter. However, the plan 

administrator believes that the Plan is being operated in compliance with the applicable requirements of 

the IRC and, therefore, believes that the related trust is tax~exempt. 

Accounting principles generally accepted in the United States of America require plan 

management to evaluate tax positions taken by the Plan and recognize a lax liability if it has taken an 

uncertain position that more likely than not would not be sustained upon examination by the appropdate 

taxing authority. The Plan is subject to routine audits by taxing jurisdictions; however, there are 

currently no audits for any tax periods in progress. The plan administrator believes it is no longer 

subject to income tax examinations for years prior to 2013. 

F. 

As ofFebmary 29, 2016 and Febmary 28, 2015, property and equipment consists ofthe 

following: 

2016 2015 

Furniture and equipment $ 41,632 $ 41,632 

Less: accumulated depreciation 18,2% 12,931 

$ 70J 

Depreciation charged to net assets available for benefits for the year ended febmary 29, 2016 

and February 28, 2015, amounted to $5,365 and $5,365, respectively. 

8 
UNITED FURNITURE WORKERS PENSION FUND A 

Notes to Financial Statements 

February 29,2016 and Febmary 28,2015 

G. AGClJivlULt\TED PLAN IJENEFT'l'S 

Present values of Plan benefits, as determined by the Plan's actuary, are summarized as follows: 

Actuarial present value of accumulated 

plan benefits 

Vested benefits: 

Participants currently receiving 

benefits 

Terminated Vesteds 

Active participants 

Non-vested benefits 

Total actuarial present value of 

accumulated plan benefits 

$ 

March 1, 

2015 

109,427,114 

45,764,390 

25,866,949 

181,058,453 

. 505,890 

Changes in the actuarial present value of accumulated plan benefits during the year ended 

February 28, 2015 are as follows 

Actuarial present value of accumulated 

plan benefits at the beginning of the year 

Increase (decrease) during the year 

attributable to: 

Interest 

Benefit Accruals 

Experience (Gains)/Losses 

Changes in Assumptions 

Benefit Payments 

Net change 

Actuarial present value of accumulated 

plan benefits at March I, 2015 

n J 

Year Ended 

February 28, 2015 

$ 168,388,149 

12, ]86,256 

397,388 

I, 12.\,905 

12,570,1;93 

l 
UNITED FURNITURE WORKERS PENSION FUND A 

Notes to Financial Statements 

Febmary 29,2016 and February 28, 2015 

G. A<;::C_U_MIJLAIED PLAN BENEFITS (continued) 

Accumulated plan benefits are those future periodic payments, including lump sum distributions 

that are attributable under the Plan's provisions to the service employees have rendered. Accumulated 

plan benefits include benefits expected to be paid to (A) retired or terminated employees or their 

beneficiaries, (B) beneficiaries of employees who have died, and (C) present employees or their 

beneficiaries. 

Benefits under the Plan are accumulated based on contributions made on behalf of the 

employees. The accumulated plan benefits for active employees will equal the accumulation, with 

interest, of the annual benefit accruals as of the benctlt information date. Benefits payable under all 

circumstances ~ retirement, death, disability, and termination of employment are included to the extent, 

they are deemed attributable to employee service rendered to the valuation date. 

The actuarial present value of accumulated plan benefits is determined by the independent 

actuary and is that amount tha·t 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 valuations as of March 1, 2015 was as follows: 

Mortality rates - RPZOOO Mortality Table with blue collar adjustment projected 5 years with 

Scale AA. 

Retirement age - Ranging from 55 to age 70 

Net investment return - 6.75%. 

The foregoing actuarial assumptions arc based on the presumption that the Plan will continue. 

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

determining the actuarial present value of accumulated plan benefits The computations of the actuarial 

present value of accumulated plan benefits were made as of March l, 2015. Had the valuations been 

performed as of February 28, there would be no material differences. 

- I 0 -
UNITED FURNITURE WORKERS PENSION FUND A 

Notes to Financial Statements 

February 29, 2016 and February 28, 2015 

H. INYI1STMENI_S 

The following table presents the investments that represent 5 percent or more of the Plan's net 

assets as at February 29, 2016 and February 28, 2015:. 

lntech Institutional Large Cap Growth Fund 

JPMCB Strategic Propetiy Fund 

State Street Global Advisors - MSCI 

State Street Global Advisors - Daily 

Rothchild SMID Fund 

Loomis Sayles Credit Long/Short 

BPIF Non-Taxable L.P 

Fidelity Growth Internatjonal Fund 

Pimco Bond Fund 

Rohecn BP- All Cap Value Fund 

Vanguard Growth Index Fund Admiral 

$ 

2016 

8,369,863 

4,282,529 

4,941,275 

6,390,235 

8,202,128 

4,133,425 

3,616,237 

3,837,697 

2015 

$ 5,772,886 

8,828,137 

4,564,317 

5,901,800 

8,231,939 

5,083,707 

6,421,005 

5,215,651 

During the years ended Febnmry 29, 2016 and February 28, 2015, 1he Plan's investments 

(including gains and losses on investments bought and sold, as well as held during the period) 

(depreciated) appreciated in value by $(2,884,973) and $3,983,745, respectively, as follows: 

2016 15 

Common stocks $ (416,225) $ (J74,198 

Common tmst funds -

Intech Institutional Large Cap Growth Fund 43,795 (JGL667 

JPMCB Strategic Property Fund 667,737 586,736 

Wellington Global Total Return Fund 25,230 40,512 

Stale Street Globnl Advisors ( 1,230,749) 516,708 

Rothchild SMID Fund (353,334) 509,632 

Loomis Snyles Credit Long/Short (51! ,565) (98,200) 

BPIF Non-Taxable L. P 74,748 485.672 

Other investment 90,000 

Registered investment compnnies -

Fidelity Growth International Fund (()<)' 946) ( l (l J. t)(\()) 

Fidelity Emerging Markets Fnnd (13,947) '"> 7()r; 

Pimco Bond Fund (220, lOg) 7 g C~?· 

Robcco BP- All Cap Value Fund (453,943) IIC'i.217 

Vanguard Growth Index Fnnd Admiral ~_1411_(~. 0() 6) -~-~-------~ 

, .. 

! (2.K;',·Ll.JT'l ~~; 3.\l>)~~ J,j~ 

~~-----=~--~ -----:--;:-----;.::--;: 

11 .. 
UNJTED FURNITURE WORKERS PENSION FUND A 

Notes to Financial Statements 

February 29, 2016 and Febmary 28, 2015 

That fi·amework for measuring fair values 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 and liabilities (level 1 measurements) and 

the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value 

hierarchy under FASB ASC 820 are described as follows: 

Level ] 

Level2 

Level 3 

Valuations based on quoted prices available in active markets for identical 

investments. 

Valuations based on quoted prices in markets that are not active, or for which 

all significant input are observable, either directly or indirectly. 

Valuationsbased on inputs that are unobservable and significant to the overall 

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 

maximize the usc of relevant observable inputs and minimize the use of unobservable inputs. 

Following is a description of the valuation methodologies used for assets measured at fair value. 

There have been no changes in the methodologies used at Feb mary 29, 2016 and February 28, 2015. 

Cornman Stocks Valued at the closing price reported on the active market on which the 

individual securities are traded. 

Common Collective 7hJsts: Valued at the net asset value (N A V) of units of a bank collective 

trust. The NA V, as provided by the tmstee, is used as a practical expedient to estimate fair 

value. The NAVis based on the fair value of the underlying investments held by the nllld less its 

liabilities. This practical expedient is not used when it is determined to be probable that the fund 

will sell the investment lor an amount difl'erent than the reported NA V. Those collective trust 

funds, which have underlying investments with readily determinable market prices, are classified 

as level 2 within the fair value hierarchy. Those collective trust funds whose principal 

underlying investments are real estate and other investments without readily determinable market 

prices arc classified as revel 3. 

Registered lnFeslmenl Company: Valued at net asset value per share (NAY) which is calculated 

as ofthe close of business of the rnajor bond markets in New York City on the last business day 

of each month. The NA V is based on the fair value of the underlying investments held by the 

fi.lnd less its liabilities. 

Umited Partnership: Valued based on the Plan's ownership percentage and the value of the 

partnerships' investments per the last reported sales price on the last business day of the plan 

year or the last quoted bid price 
UNITED FURNITURE WORKERS PENSION FUND A 

Notes to Financial Statements 

FebnJary 29, 2016 and February 28, 2015 

I. f_AlR VALUE ME.ASUREMENTS (continued) 

Interest Bearing Cash: The carrying amount approximates fair value because of the short-term 

maturity of these instruments. 

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

value as ofFebruary 29, 2016. 

Assets at Fair Vttltle as oj'Fe~uar,~·-ZJ, Z(i_i{,_ 

Lev~,:] l Level 2 Level .1 ----~~-

Short term obligations !'; 242,895 $ 242,895 $ $ 

Common stocks 

Energy 260,781 260,781 

Mnterials 135,445 135,445 

lndustrials 582,217 582,217 

Consumer Discretionary 490,832 490,832 

Consumer Stnple~ 204,746 204,746 

Health Cure 518,846 518,846 

finanoi11ls 853,662 853,662 

Information Technology 95,275 95,275 

Consumer Staples 57.456 --~~"-w--

Totnl common stocks 3,199.2)9 

Common trust funds -

JPMCH Strategic Property fund 8,16'.!,}l(,] 8,369,%1 

Wellington Olobal Total Return Fund 2, 157 y,c, 2,157,36(, 

State Street Global Advisors - MSCI ci,2()/.,52'J 4,282,529 

Stnte Street Global Advisor~- Daily 4.'141,l/5 4,941,275 

Rothchild SMIU hmd l l->,5<10 3,218,540 

Loomis Sayles Credit Long/Short C•,\~10,235 6,J'J0,2J·; 

Totnl conunon tmst funds 29,359,808 20,<ii:W .. 94'i H.:H)9 B(, ~ 

BFlF Non·TH:<:thle LP !1,202,128 g)!)) I ' ~i 

lnwstnwnt in I Jnircd t:wr>Jittlt \Vorkcn 

Hni lding, t.j>rpur;lliun 1,350,000 I, )j(l.O()IJ 

f<cgi Skll'd llWCSllllCJJ! COlllJl!tll i·~~ 

l'nncc• Hond !.'tllld 4,13:1.425 ,1.1.n .u-; 

RPhcco !II'- i\11 C<tp Vnilll' J.'t.md 3,616)37 ~).61(),;: 1"/ 

Vangd.11d \ il'\l'llh Index l''•lnd i\.!mi1nl 

T";:t!J c;:.1slctc,J in \\>0\w•:nl c:olllr•rtrtHls I I _sg !. l'i') 

$ 'if; $ ~ _,, ~--~2) I \Y) l 

. 13 -
UNITED F'URNITURE WORKERS PENSION FUND A 

Notes to Financial Statements 

February 29, 2016 and February 28,2015 

I. FAIR VALUE MEASUREMENTS (continued) 

The following table sets forth a summary of changes in the fair value of the plan's level 3 for the 

year ended February 29, 2016. 

Balance, beginning of year 

Unrealized gnins/(losses) relating to assets 

still held at the reporting date 

Purchases, sales, issuances and 

settlements (net) 

Balance, end of year 

$ 

$ 

Total 

18)20,076 

420,354 

_(818,439) 

17,921,991 

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

value as ofFebruary 28, 2015. · 

Shorllcrm obligoltons 

Common stocks 

Energy 

M'l<riah 

lmh.,tri,lo 

Consumer Discrelion;'ll y 

ConMnuer Shples 

Hc;,lth Cnrc 

Fin<HH~in}g 

lnformnliol\ Technolof\V 

Con.!>umer Stnpl<O-S 

Total C'onwwn .<;!ncks 

Co~Umoo !rust fund~ 

lni~h ln!ltlttH!\}flttl L."'f1'\~ C;}p {jrowth Fun· 

JPMCH i.lr.rlogk Proper!\' Fuml 

Wdlinglvn Glvbol Tolol RcLJJII FunJ 

St"lc Slice! (ilob.11 i\dvi""" ·· tviSCl 

Stole Sircctl:JoL,[I\dvi'01.>- Doily 

Rolilc!rild SIY!I]) Fund 

Lvomi1 Sa)'l<-'< Credit LongiSiwrt 

'l\;tnf Cl)ffiOH)J\ 11 u.1.1 fund:-

IJJv':~lmntL jn Unilul F\\1 niiHf<. \V<>rkc:l~ 

Buddmt; ('nrpmalion 

Hcg:blercd inve~tment c-omp>'niC'S 

Fiddit)1 (11 owlh lnl'...1ll.tiiunal Fund 

Fiddity Emerging i\lnt td~ J.'uqd 

PmH:c 8onJ Fund 

l<obcco l\P .. All (··'I''< ~Iii( hind 

l'o~td 1 egiste1 ~d wv~ .... hl!c'l!! <.:om p.u1 it........, 

Tulol 

2G1,1 H 

, .~:'~'I' r~ 

l)H,O)lJ 

;-.: ~~.:~x1 

~?-:\5·1) 

:P\..'-lH 

~~'~·m)H{ 

')'! J) )i:)f~ 

~.~;X, l.!; 

-~,27).'115 

-~.ti,Q, l,IO 

.\ ,·~·{'\ }~{9 

:t,)(,~Li !7 

_i {)ti!.7trt 

Sf/ ·Vr) 

!\ -!}! C(l< 

Assets at !•air Value ns iifJo'ebmnry ZIJ1 lOIS 

IH6 .. 734 

7.D, 1i<IN 

5;g_(l79 

~:U9~.~S3 

JaJ.H;> 

XB,l·l~ 

l;!;,B,3:l:i 

'liHn 

_i,c\ 1 2,1W 

Jns.n:·, 

L :'lfl~L\ 17 

70/ 

1"'1 

;._.!;'LOtl:i 

Lwd2 

F.:,82H. I 31 

(~ 1 l. j <; < '} 
UNITED FURNlTURE WORKERS PENSION FUND A 

Notes to Financial Statements 

February 29,2016 and Febmary 28,2015 

I. EAIJS_y,AkUE MEASUREMENTS (continued) 

The following table sets forth a summary of changes in the fair value of the plan's level 3 for the 

year ended February 28,2015. 

Balance, beginning of year 

Unrealized gains/(losses) relating to assets 

still held at the reporting date 

Purchases, sales, issuances and 

settlements (net) 

Balanct:, end of year 

Total 

$ J7,4tl7,265 

954,733 

(8(,922) 

$ 18,320,076. 

The following table sets forth additional disclosures of the Plan's investments whose fair value is 

estimated using net asset value per share (or its equivalent) as ofFebruary 29, 2016: 

February 29, 2016 

falx .!Jnt1mde:;<l g~~l~mvJhm Redemption 

Value Commitment Fre_m.1engy ~otice Period 

Common Collective Trusts: 

JPMCB Strategic Property Fund $ 8,369,863 n/a Quarterly 90 days 

Wellington Global Total Return Fund 2,157,366 n/a Daily 30 days 

State Street Global Advisors - MSCT 4,282,529 n/a Daily 30 days 

State Street Global Advisors - Daily 4,941,275 n/a Daily 30 days 

Rothchild SMTD Fund 3,218,540 n/a Daily 30 days 

l ,oornis Sayles Credit Long/Short 6,390,235 n/a Daily 30 days 

BPIF Non-Taxable LP 8,202,128 n/a Semi-annually 90 days 

Registered Investment Company: 

Pimco Bond Fund 4,133,425 n/a Daily 30 clays 

Robeco BJ>- All Cap Value Fund 3,616,237 n/a Daily 30 clays 

Vanguard Growth Tnclcx Fund Admiral 3,837,697 n/a Dally 31 days 

- I 5 -
UNITED FURNITURE WORKERS PENSION FlJND A 

Notes to Financial Statements 

February 29,2016 and February 28,2015 

J. FUNDING POLICY 

The Plan benefits are funded by the contributions from the participating employers pursuant to 

the terms of applicable collective bargaining agreements. No employee contributions are required. The 

Fund had an accumulated funding deficiency for the plan year ending February 28, 2015 which means 

the minimum funding standards under ERISA have not been met. However, the Fund was certified to 

be in critical status for the plan year beginning March 1, 2015 and therefore, no excise taxes apply under 

section 4971 (a) and (b) of the Code with respect to the accumulated funding deficiency. 

K. PLAN TERMINATION 

In the event the Plan terminates, the net assets of the Plan will be allocated as prescribed by 

ERlSA and its related regulations. 

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 survivors' pensions. However, the PDGC 

does not guarantee all types of benefits under the Plan, and the amount of benefit protection is subject to 

certain limitations. 

Vested benefits under the Plan arc guaranteed at the level in effect on the date of the Plan's 

termination. Whether all participants receive their benefits should the Plan terminate at some fl!ture 

time will depend on the suft1ciency, at the time, of the Plan's net assets to provide those benefits and 

may also depend on the level ofbenefits guaranteed by the PBGC. 

L. PLAN AMENDMENTS 

There were no plan amendments in plan year 2016 and 2015. 

In May 2016, the Plan's actuary ce1tified the Plan as Critical for the plan year ending in 2016 

under the Pension Protection Act because the Fund had a projected funding deficiency within 4 years. 

The Tn1stees adopted a Rehabilitation Plan, electing a provision in PPA referred to as the "exhm1stion 

option" which means the Trustees have exhausted all reasonable measures to emerge from critical status 

\vi thin the I 0 year required period and will instead emerge at a later time or to forestall insolvency. 

- ]6 -
UNITED FURNITURE WORKERS PENSION FllND A 

Notes to Financial Statements 

February 29, 2016 and February 28, 2015 

N. RISKS ANDJlNCERIAINilES 

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

risks such as interest rate, market, and credit 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 pe1iaining to interest rates, inflation rates 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 assumptions in 

the near term would be material to the financial statements. 

The following is a reconciliation of total additions per the 

financial statements to the total income Form 5500: 

Total additions per the financial 

statements 

Add: Investment expenses 

Total additions available per the 

Form 5500 

The following is a reconciliation of administrative expenses per 

the financial statements to the administrative expenses Form 5500: 

Administrative expenses per the financial 

statements 

Add: Investment expenses 

Total expenses available per the 

Form 5500 

17 .. 

Year ended 

February 29, 2016 

$ 1,439,052 

385,396 ----

Year ended 

February 29, 2016 

$ 1,372,7:l5 

-~----l-~5,}_9~. 

$ 1 131 
UNITED FURNITURE WORKERS PENSION I1

'UND A 

Notes to Financial Statements 

February 29, 2016 and February 28, 2015 

0. IU~CONi~Jt,LAI'ION OF FINANCIAL STi\TEi\'IENTSTO FOI{M 5500 {ctmtiol!c~l) 

The following is a reconciliation oftotal deductions per the 

financial statements to the total expenses per the Form 5500: 

Total deductions per the financial 

statements 

Add: Investment expenses 

Total expenses available per the 

Form 5500 

The following is a reconciliation of net appreciation in fair 

value of investments per the financial statements to the net 

appreciation (depreciation) of assets per Form 5500: 

Total net appreciation (depreciation) in fair value 

of investments per the financial 

statements 

Unrealized appreciation (depreciation) 

of assets Form 5500 

Net gain (loss) on sale 

of assets Form 5500 

Net investment gain (loss) from 

common collective tmst Form 5500 

Net investment gain (loss) from 

registered investment companies Form 5 500 

Total net appreciation in fair value 

of investments available per the 

Form 5500 

.. ]8-

Year ended 

February 29, 2016 

$ 14,976,377 

385,396 ' 

$ 15,361,773 

Year ended 

February 22, 2016 

$ 

(832,0 I 0) 

580,533 

(898,597) 

$ 
UNITED FURNITURE WOHKERS PENSION FUND A 

Notes to Financial Statements 

February 29,2016 and February 28,2015 

The following is a reconciliation of interest income per the 

financial statements to interest income per Form 5500: 

Total interest per the financial 

statements 

Less reported in 

common collective trusts and registered investment companies 

Total interest per the 

Form 5500 

The following is a reconciliation of dividend income per the 

financial statements to dividend income per Form 5500: 

Total dividends per the financial 

statements 

Less reported in 

common collective trusts and registered investment companies 

Total dividends per the 

Form 5500 

P. RECLASSIFICATION 

Year ended 

Febnuuy 29.2016 

$ 213,886 

(167,52R) 

Year ended 

February 29,2016 

$ 629,596 

(292,760) 

$ 336,836 

Certain reclassifications have been made to the 20 !5 balances to conform to the 2016 

presentation. These reclassifications had no effect on the changes in net assets in 2015 or total net assets 

as ofFebruary 28, 2015. 

Q. SUBSEQUENTEVENTS 

The Plan has evaluated events and transactions that occurred between March J, 2016 and June 

08, 2016, which is the date the financial statements were issued (or available to be issued), for possible 

disclosure and recognition in the financial statements, and concluded no additional disclosures are 

required. 

I CJ -
joseph Warren & Co. 

a division of 

I~ () G 0 .F F {{\; " ..... -------· ._,/ .... ·_ 

COMPANY PC CF: RT IF I F.n P USLI C". 1\CC'.OUN ANT ~ 

Board of Trustees 

Independent Auditors' Report 

on Supplementary Information 

United Fumiture Workers Pension Fund A 

Nashville, TN 

35.~ Lcx r'l~ton Av enu e , Six t h l' loor 

Ne w York, N Y 1001 7- 6603 

212-557-%66 I' 21 2 -5S'l -9330 

We have audited the financial statements of the United Furniture Workers Pension Fund A (the 

"Plan") for the years ended February 29, 2016 and February 28, 2015 and our repon thereon 

dated Jw1e 08, 2016, which expressed an unmodified opinion on those financial statements, 

appears on pages 1. Our audits were conducted for the purpose of forming an opinion on the 

financial statements taken as a whole. The supplementary schedule of assets held for 

investment and schedule of reportable 5% transactions for the year ended February 29, 2016 are 

presented for 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 lmder the Employee Retirement Income Security Ac;t 

of 1974. Such information is the responsibility of the Plan's management and wa'3 derived 

from and relates directly to the w1derlying accounting ancl other records used to prepare the 

financi i\1 statements. The information have been subjected to the audi ting procedures applied in 

the audits of the financial statements and certain additional procedures, including comparing 

1md reconciling such information directly to the underlying accounting and other records used 

to prepare the financial statements or to the financi al statements themselves, and other 

additional procedures in accordance with 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 taken as a whole. 

Redacted by the U.S. Department of the Treasury 

Joseph Warren & Co. 

a division of 

RogolT & Company .PC 

Certi d Public Accow1t<mts 

New York, NY 

JLU1c 08, 2016 

., 

- 20 -
UN1TED FURNiTURE WORKERS PENSION FUND A 

Supplemental Schedule of Assets Held For lnvestments 

February 29,2016 

Number 

Short term obligations Q[ Shares Cost 

JP Morgnn Prime Money Market found $ 147,•1! 1 

Bank of New York 95Ali4 

$ 242,895 

Cooke & Bieler us Investment M~nagers 

Number 

Qommon Stool£; Of Shares Q_o_H 

3M Co. 350 $ 30,889 

Abbott Lahoratories I, 730 68,155 

AerCap Huldings N.V. 2,220 97,331 

American Express Co. 900 49,712 

Axolta Conting Systems Ltd ! ,310 32,988 

Ball Corp 230 9,991 

Dank of America Corp. 5,660 129,035 

!leeton Dickinson & Co. 560 51.103 

Berkshire llatlwway Tnc 590 66,569 

Brinker lnlt;rnalionnl 76() 35,313 

Cnrdinul He<llth Inc. 1,060 50,085 

Carnival J ,350 4<.1,154 

Chevron 500 •16,813 

Chubb Corp 440 49,090 

Colgate P1dlllolive Co. 500 l .\644 

Crown Holdings 1)!40 79Jm 

Devon Energy CorporaiJon I ,430 66,502 

D1ageo l'lc ADR )/,(J 50,096 

Donaldson Co 2,37(1 84.675 

En ton Corp PLC JA'/0 89,900 

Exxon Mobil Corp. l, 120 77,(,,1(, 

FNF Group 2,-140 G7.•1l2 

Gildnn Activewcm Inc 3.6:10 ()>\,00 I 

JP tvlorg.an Chase & Co 1.570 ()•f,}98 

Johnson & John~on 7')0 57,2.86 

Kohls Cn1p ')')() 52,520 

$ 

$ 

$ 

S8c independent aud1tors' report on supplemental informatiOn 

- 21 -

Market 

Val uS< 

1>17,1\11 

242,895 

Morkct 

Value 

54,905 

07,020 

79,32! 

50,022 

]4,008 

15,233 

70,1\6) 

82,572 

79,160 

37,8•18 

86,602 

64,746 

41,720 

50,(nJ 

32,820 

gr,,20t1 

28,142 

)7-456 

66,929 

8.'\,364 

80,·1'1 I 

93.h I~ 

KR,J'JI 

R.l.llC 

4(),20J 
UNITED FURNITURE WORKERS PENSION FUND A 

Supplemental Schedule of Assets Held For Investments 

Febmary 29, 2016 

Nulllhcr 

Common Stock (continued) c•f0hn.rc\i C<lli 

Labomtory Corp A mer Hldgs 960 $ 94,633 

Linear Technology Corporation 1,280 49,539 

Noble Energy Inc 890 46,141 

Omnicom Group 1,460 75,510 

Parker Hannifin Corp 820 84,157 

Philip Morris International 720 58,019 

PNC Financial Services Group 760 41,099 

Procter & Gamble Co 720 50,948 

Progressive Corp 2,990 68,268 

Renaissance Re Hldgs Ltd 720 66,662 

Rockwell Collins 550 47,910 

State Street Corp 1,790 93,543 

Twenty-First Century Fox Jnc 3,610 113,029 

Unilever N V Adr 1,140 44,155 

United Health Group Inc 790 58,253 

United Parcel Service Cl-B 830 62,037 

Wesco International 780 53,495 

Wells Fmgo & Co 2,070 65,036 

Western Union Co 2,160 35,619 

Whirlpool 240 35,724 

World Fuel Group 1,600 70,219 

W.W Grainger 240 54,724 

See independent auditors' report on supplemental information 

- 22-

Mmket 

Vnluc 

$ 105,446 

55,834 

26,255 

113,603 

82,984 

65,542 

61,796 

57,809 

95,441 

81,504 

48,164 

98,056 

97,542 

48,575 

94,089 

80,137 

34,359 

97,124 

39,442 

37,277 

74,896 

52.056 
UNITED FURNITURE WORKERS PENSION FUND A 

Supplemental Schedule of Assets Held For Investments 

Febmary 29, 2016 

Conunon lntst funds 

JPMCD Strategic Property Fund 

Wellington Global Total Return Fund 

State Street Global Advisors - MSCl 

State Street Global Advisors -Daily 

Rothchild SMJD Fund 

Loomis Sayles 

lllV,YS,tmcnl in !JJliJed Ftm)ityre Workers 

Dnilding Corporation 

PIMCO Total Return Fund 

Robcco BP All Cnp Vnluc Fund Ins! 

Vanguard Growth Fund 

Number 

of Shares 

2,976 

281,616 

I 9f..238 

3,8<17.172 

7,000,000 

410,877 

184,126 

7&,604 

Cost 

5,932,48'1 

2,002,836 

5,070,341 

4,927,017 

3,ii67, 172 

7,000,000 

$ 

4A<lR,490 

J.PO'!A4'> 

-U24.3Cl3 

$ 

$ J 1.802.2911 $ 

Tol<il lnvestJuents 

See Independent auditors' repoti on supplemental in for mat ion 

Market 

Value 

1<,369,863 

2. L'i7Jh6 

4,282,529 

4,941,275 

3,218,540 

6,190,235 

1(,133,425 

](,:1)7 

\_(),l '! Ji(l7 

l J.587,J59 
UNITED FURNITURE WORKERS PENSION FUND A 

Supplemental Schedules ofRcportable (5%) Transactions 

For the Year Ended February 29, 2016 

DescriptiOn 

lJfi\SSf~\ 

Vanguard Growth Flmd 

In tech Insl'l Large CAP C1rowU1 Fund 

Fidelity Growth Intemationnl Fund 

State Street Global Advisors- Daily 

State Street Global Ad,~sors - MSCI 

VAnguard Growth Fund 

lntcch lnsl'l I ,;1rgc CAP Orowlb Fum! 

Stale Street Gl(lbal Advisors - Doily 

I 'urclwse .'kllin~:~ 

l'ris_c Pcit;>c 

'l7.JD 

3.15 

38.44 

2?.55 

17.93 

Series of Tr<lJ.lSIJQ!J~~ll~ 

sum 

Sl.K3 

5o.24 

>6.'07 

5.\.HI 

Sl.6•1 

J.iJ9 

3 (l_'i 

' 12 

1,0(, 

n 

~"; ? I'J 

~t! d') 

)'! 

t~o::l. or l\~1 

4.894,(J40 

2,518.693 

2,855,716 

3,456,667 

3,085,461 

110,111 X 

IIO,s:,,l 

]() J.R:-l5 

I 00,1~1~ 

li}(,,4Hi, 

IIO,Witl 

2b2,6f)tl 

)3,212 

S .. U:>7 

il '!21 

52 C:(;~ 

ll 1.667 

I I ~.127 

ISL295 

]0(;.71 0 

Current Vuluc 

of Asset on 

Transaction 

Date 

4,894,640 

4,894,640 

4,973,577 

3,456,667 

3,085,461 

100,000 

100,(;00 

IOOJJ()(I 

100,000 

100,000 

100,000 

~(I( I ()I)\) 

I (II\ ,;(li) 

I !\\(10() 

l( 0 ()(li.) 

1,61·1 

I ),:t r)t\': 

li'J.OP'; 

I l.' ()()'' 

See independent auditors' report on supplemental information 

24 

Net Ciaifl 

QLiL_osj) 

2,375,947 

2,117,860 

18) 

(10,5'iti) 

\I 

(1>,4H6) 

( l(), \)(JI}J 

I _\fJ:.~ 

,U\76~; 

1)("), ~>:.\ 

P.c 

'.1,'>:1(• 

I• 

;-...; q 
UNITED FURNITURE WORKERS PENSION FUND A 

Supplemental Schedules ofReportable (5%) Transactions 

For the Year Ended Febmary 29, 2016 

Current Value 

of Asset on 

Description Purchnse Selling Cost of' Transaction 

~ Price E!:i_~ Assel J2ate 

Ss;Jjt;s of Transactions • contim1ed 

State Street Global Advisors· Daily (continued) 

27.32 100,800 !09.667 

27.00 98,577 106,000 

25.95 122,540 126,667 

26.22 101,203 105,667 

27.11 99,088 107.000 

27.11 44,455 <IR,OOO 

26.93 105,992 113,667 

24.15 121,284 ll6.li67 

25.08 116,136 ll6,000 

Stuk S!rt>et Glolml J\dviso1s- MSCI 

18.80 73,i-!(}j T/_(11)() 

19.14 106,066 ! l2,G68 

18.33 ::\11,451\ 85, '126 

18.31 71 74 

18.28 90.651 92.fJ0(l 

17.39 99,JY) 95.(}(, '7 

16.73 80,77:J 75,0()1} 

17.!3 J0(J,96! 90,00() 

16.77 101.69() (!<1,6(,; 

16.82 48,00i) 'm.ooo 

16.3:1 'l7 .(YV) i\8,0(1() 

14.51~ J 05,27" H5.noo 

15 14 I 0 l.KC9 35.66" 

See independcnl auditors' report on supplemental in/'c)! mat ion 

25 

Net Goin 

or (Loss) 

8,867 

7,423 

4,127 

4,464 

7,912 

3,545 

7,675 

( 4,617) 

(136) 

), 196 

L•1J2 

l.J<I9 

('3/172} 

(5.77()) 

('l 9(>1) 

(1,0'21) 

((),035) 

(20. 27 ~) 

(I(). 
Jowph WIIITOI '.:( Co. 

,, di i~io n <,f . -· . . ... -. ( "'1 • 

ROGC)f.Ft ) .. ·-·-···· . ·- ~ 

COMPANY PC C ( Jl T i f' 1 ( I> f'l.! A L II: A•:.COUNT I, NTS 

Board of Trustees 

United Fumiture Work~rs Pension Fund A 

N:1shville, TN 

lndopendcnt Auditors' Report 

~S <.' ": ~{t s :\ v ,;nu t·, ~ixt h Fl n ()r 

i':;·\. h' ) \ , , L NY ~ tliJ ·. ;· (, u:l 

2 .2 5~ :>0 ,. 2 \ ] . .l;.f)7 ll.1:1u 

We have audited the Gccomp.<mying financial statements of United Fumiture Workers PerlSion Fund A (the "Plan") 

which comprise the s!lltcmcnt of net 11ssets nvnilable for bcnofHs as ut Februury 29. 2016 and Fcbruory 28, 201 5, 

und the related statements of changes in net assets avaihtble for benefits for the years then '~n cd, nnd the related 

notes to the fm!lncial stntcmcnts. 

Management's Rcspon!llbllity for the Flnnnclal Statements 

Mllnngement is responsible for the preparation and fair presentation of tht'.se financial statements in ncc:ordJnce 

with accounting principles generally accepted in the United States t'f America. This includes the rlesien, 

implementotion, ond mnintenancc of intcmul control relevant to the prcpamtion and fa1r rcs~ tation of financiul 

stntctncnts thnt nrc free from rnntcriul mi.>sl'otcmcnt, whether due h) frnud or error. 

uJ or ~ l'cspoMibllJty 

Our re~ponsibility is to express nn opinion on these financial statements bnscd on our audit. We conducted onr 

ulldlt in accordance with auditing st;mdards generully ac~pted in th~ United Stutes of America. 10~e stand11rds 

r<lCJUire that we plan nnd perform the uudit to obtnin rea:;onuble ossnmnoe obout whether the finunciul slatcmcms ore 

Jree or matcfiolmisslatement. 

An audit involves perfonning procedures lo obtain audit evidence about the nmounls and diseloswes in the 

finnncial slntcmcnts. The pro cdllr ~ sclcotcd depend on the 1mditor's judgment, including the assessment. or the 

risks or mutcriol misslnlement of the finonciul stutements, whetl1er due to fmud or error. ln mukin~ those risk 

n:;sessmcn!s, tlu:: <t llditor considera int nwl coutrul relevant to the Pliln's preporfltion nuJ f. r prcscntntion of the 

finnnciol stncmcnts in order to design oudit procedures that are npproprinte in the circumstunces. but not or th~ 

purpose of xpres~ing an opinion on the effectiveness of the Plan's intcmul controL Accordingly, we express no 

:wch opinion. An audit also inch1dcs cvnlunling the npproprifl!cness of nccountmg policies ~t d ond the 

re ableness of signilicont nccotu1ting estimates made by management, ns wdl s C\lah!Rting, th~ ovcrnll 

prcsctJ!rltion of the linnnoial stHtcmcnls. 

We believe h~t the nudit evidence we have ht<~in d is sufficient and ::1ppropriatc lo pr,>Yidc n basis f01 ow :llldit 

opinion. 

Opinion 

In our opininn, the fi auc :~ l at nwnt~ rcl'errcll to ~hove present lilitly, in Hll mutc:riol respects, tile f'inuneial 

po~i ion of Unitt!d Furuiturc Workers Pension Fund t\ as <> I' Fcbnwry 29, 20 H> and clH1. ~ry ~, 2ll l ::> , omd th(• 

related shltements of <Jh onges in net ns e!.~ av;1ilable for benefits for the yenrs then ended, m :1ccordnncc with 

ncct>unting prin~ip s cr~ 1ly accepted in the United States of Americ11 . -

Redacted by the U.S. Department of the Treasury 

,( f I I l ., ,1 . 1 ISilJ!oi 

!\11g<>ff & Cv01pnny, P.C 

Ccroficd Pnblic ; \CCllllllllllll> 

l--lew YNk. NY 

hlllc (>8, ~0 I b 
UNITED FURNITURE WORKERS PENSION FUND A 

Supplemental Schedule of Assets Held For Investments 

February 29, 2016 

Number 

Short term obligations Of Shnre_§_ Cost 

JP Morgan Prime Money Market Fund $ 147,411 

Bank of New York 95,484 

$ 242,895 

Cooke & Bieler as Investment Managers 

Number 

Common Stock OC Shares Cost 

3M Co. 350 $ 30,889 

Abbott Laboratories 1,730 68,155 

AerCap Holdings N. V. 2,220 97,331 

American Express Co. 900 49,712 

Axalta Coating Systems Ltd 1,310 32,988 

Ball Corp 230 9,991 

Bank of America Corp. 5,660 129,035 

Becton Dickinson & Co. 560 51,103 

Berkshire Hathaway Inc 590 66,569 

Brinker International 760 35,313 

Cardinnl Health Inc. 1,060 50,085 

Carnivnl 1,350 119,154 

Chevron 500 46,813 

Chubb Corp 440 49,090 

Colgate Palmolive Co. 500 15,644 

Crown I loldings 1.840 79,823 

Devon Energy Corporation 1,430 66,502 

Diageo Pic ADR 560 50,096 

Donaldson Co 2,370 84,675 

Eaton Corp PLC 1,470 89,900 

Exxon Mobil Corp. 1.120 77,646 

l<NF Group 2,440 67,412 

Gildan Aclivewenr Inc 3,620 98.001 

JP Morgm1 Chase & Co. 1.570 64,398 

Johnson & Johnson 7')0 57,28() 

Kohls Corp. ')f)() 52.520 

Market 

YaluQ 

$ 147,411 

95,484 

$ 242,895 

Market 

Value 

$ 54,905 

67,020 

79,321 

50,022 

:14,008 

15,233 

70,863 

82,572 

79,160 

37,848 

86,602 

64,746 

41,720 

50,833 

32.820 

86,204 

28,142 

57,456 

66,()29 

83,364 

S9,768 

80,471 

93 ,() 13 

88,391 

81,11() 

46,201 
UNITED FURNITURE WORKERS PENSION FUND A 

Supplemental Schedule of Assets Held For Investments 

Februmy 29, 2016 

Number 

Common Stock (continued) 9f Shares Cost 

Laboratory Corp Amer Hldgs 960 $ 94,633 

Linear Technology Corporntion 1,280 49,539 

Noble Energy Inc i\90 46,141 

Omnicom Group 1,460 75,510 

Parker Hanni fin Corp 820 84,157 

Philip Morris International 720 58,019 

PNC Financial Services Group 760 41,099 

Procter & Gamble Co 720 50,948 

Progressive Corp 2,990 68,268 

Renaissance Re Hldgs Ltd 720 66,662 

Rockwell Collins 550 47,910 

State Street Corp 1,790 93,543 

Twenty-First Century Fox Inc 3,610 113,029 

Unilevcr N V Adr I, 140 44,155 

United Health Group Inc 790 58,253 

United Parcel Service C1-B 830 62,037 

Wesco Internationnl 780 53,495 

Wells Fargo & Co 2,070 65,036 

Western Union Co 2,160 35,619 

Whirlpool 240 35,724 

World Fuel Group 1,600 70,219 

W.W Grainger 240 54,724 

$ 2,938,853 

Market 

Value 

$ 105,446 

55,834 

26,255 

113,603 

82,984 

65,542 

61,796 

57.809 

95,441 

81,504 

48,164 

98,056 

97,542 

48,575 

94,m.;9 

80,137 

34,359 

97.124 

39,442 

37,277 

74.896 

52,05() 

$ 3,199,259 
UNITED FURNITURE WORKERS PENSION FUND A 

Supplemental Schedule of Assets Held For Investments 

February 29, 2016 

Number Market 

Common trust funds of Shares Cost Value 

JPMCB Strategic Property Fund 2,976 5,932,483 8,369,863 

Wellington Global Total Return Fund 193,833 2,002,836 2,157,366 

State Street Global Advisors - MSCl 281,616 5,070,341 4,282,529 

State Street Global Advisors - Daily 196,238 4,927,037 4,941,275 

Rothchild SMID Fund 3,867,172 3,867,172 3,218,540 

I ,oomis Sayles 7,000,000 7,000,000 6,390,235 

$ 28,799,869 $ 29,359,808 

BlackStone BPIF Non-Taxable L.P. $ 5,451,311 128 

Jnvestmcnt in United Furniture Workers 

Building Corporation $ 554,233 

Registered investment companies 

PIMCO Total Return Fund 410,877 4,468,490 4,133,425 

Robeeo BP /\ll Cap Value Fund lnst 184,126 3,009,445 3,6!6,237 

Vanguard Growth Fund 78,604 4,324,363 3,837,697 

$ I 1.802,298 $ 11 ,587,35') 

Total Investments $ 49.789.459 $ 53,041,449 
Description 

of Asset 

Vanguard Growth Fund 

Intech lnst'l Large CAP Growth Fund 

Fidelity Growth Intemational Fund 

State Street Global Advisors -Daily 

Stale Street Global Advisors - MSCI 

Vanguard Growth Fund 

Intech Inst'l Large CAP Growth Fund 

State Street Global Advisors -Daily 

United Fumiture Workers Pension Fund 1\ 

EIN- 13-5511877 

Schedule of Reportable (5%) Tnmsaclions 

(Fom1 5500, Schedule H, Part IV, Line 4j) 

For the YearEndedFebrumy 29,2016 

Purchase Selling 

Price Price 

Single Transactions 

5730 

3.15 

38.44 

27.55 

17.93 

Series of Transactions 

51.80 

51.83 

56.24 

56.87 

53.81 

51.64 

3.09 

3.05 

3.05 

3.12 

3.06 

27.55 

27.19 

27.49 

27.22 

Cost of 

Asset 

4,894,640 

2,518,693 

2,855,716 

3,456,667 

3,085,461 

110,618 

110,554 

!01,885 

100,756 

106,486 

110,960 

262,604 

53,232 

53,157 

51,927 

52,968 

111,667 

115,127 

81,295 

106,710 

Current Value 

of Asset on 

Transaction 

Date 

4,894,640 

4,894,640 

4,973,577 

3,456,667 

3,085,461 

100,000 

100,000 

100,000 

100 .. 000 

100,000 

100,000 

500,000 

l 00,000 

100,000 

100,000 

I 00,000 

Ill ,667 

12/1,667 

89,000 

I 15,667 

Net Gain 

or (Loss') 

2,375,947 

2,117,860 

(1 0,618) 

(10,554) 

(I ,885) 

(756) 

(6,486) 

(10,960) 

237.396 

46.768 

4(>.1\43 

,18.073 

tl7.(J:l2 

') :;,1() 

1.705 

I{ f)') 7 
United Furniture Workers Pension Ftmd A 

EIN- 13-5511877 

Schedule of Repmtable (5%) Transactions 

(Fonn 5500, Schedule H, Part IV, Line 4j) 

Current Value 

of Asset on 

Description Purchase Selling Cost of Transaction Net Gain 

of Asset Price Price Asset Date or (Loss) 

Series of Transactions- continued 

State Street Global Advisors- Daily (continued) 

27.32 100,800 109,667 8,867 

27.00 98,577 106,000 7,423 

25.95 122,540 126,667 4,127 

26.22 101,203 105,667 4,464 

27.11 99,088 107,000 7.912 

27.11 44,455 48,000 3,545 

26.93 105,992 113,667 7,675 

24.15 121,284 116,667 (4,617) 

25.08 116,136 116,000 (136) 

State Street Global Advisors - MSCI 

18.80 73,804 771000 3,196 

19.14 106,066 112,668 6,602 

18.33 84,454 85,926 1,472 

18.31 73 74 I 

18.28 90,651 92,000 1,349 

17.39 99,139 95_(,67 (3.472) 

16.73 80,770 75.000 (5,770) 

17.13 100,961 96.000 ('1,961) 

16.77 101,690 94,667 (7,02:\) 

16.82 48,000 48,00() 

16.33 97,035 88.000 (9,035) 

14.54 105,275 85,000 (20,275) 

15.14 !01,869 85.6()7 (1 (,202) 
--- -- -~- ---- --·· ------~ 

SCHEDULE MB 

(Form 5500) 

fJap;:u1mena of tho Trusvry ffl!OI'I\,,1 RI)'.1)0 Uil S E!f'I.\W 

Multiemptoyer Defined Benefit Plan and Certain 

Money Purchase Plan Actuariallnfonnation 

OMB No. 1210·0110 

2015 

O!pt~r.manl ~ L~t>;) f 

EmjjO';t!d 6e•~ftti S~llnti Admin~lfa! :oo 

This scheduto is required to be filed under section 104 of the Employee 

Rcllt1!ment Income Security Act of 1974 (ERISA) and section G059 of the 

Infernal Revenue Code (the Code). This Form Is Open to Public 

lnspecUon 

• File as an attachment to Form 5500 or 5500·SF. 

For calendar plan year 2015 or fiScal plan y ear beginning 0:3; U l /2 0 15 and ending 02 n9/20l 6 

t Round off amounts to nearest dollar. 

~ caution: A penalty of .$1,000 will be assessed for late riling of this report unless reasonable caus!lls established. 

A Name of plan B Three-digit 

llm'l' F.;D FI.;RNl TURt: I~O!~KER.S !.'ENS ION LJl l~ ,r.., 1--!:.: PI.:.:an:...::.:::.:rn.:.:b:.:. er:..;I::..~N>:...__.:_~ -.~.. .:: :..:

C Plan sponsor's name as s11own on nne 2a of Form 5600 or 5500-SF 

U~[ ED f URNlTJRE WORKERS PENSION FUND A 

---·- --t-::- --' ....:......,'------- D Ernployer ldenttf;catlon Number (EIN) 

13-5511877 

E Type of plan: (1) 0 Multiemployer Defined Benefit (2) 0 Money Purchase (sGO insl!uctiOJls) 

1 a Enter the valuation date: 

b Assets 

MonUl_ .._.3 _ _ Day 

(1) Cummt value of assets ... ............................ ,.............................................. ............................. .. . ...... .. 

(2) Actuarial value of assets for funding standard account... .................................................................. . . 

c (1) Accrued liabilily tor olan using Immediate gain methoos . ........................................... ........................ . 

(2! lnforn1ation for ptans using spread gnln methods: 

Ia) Unfunded ltabilily for methods with bases ...................... . ............ ........................... . . 

(Ill Ar.crue<l liablllly under en fry age normal m~thod ......................... ........ ................................. , .... . 

(Cl Nonnal coot und& entry aoe normal method .................................. ...................... ... ......... . 

(3) Accrue{) liability under unfl credit cost method .... .......................... ....... ................................ .... . 

d I rtf ormation on current liabilities of the plan: 

·---.. ---· .---.. .... 1b(1) 70 t fHJ7 ' ·lbll 

1b(2) 59 , 965, ;:;s ~ 

1C(1 ) . ... J.:J.l , ~> :)4 , .)·D 

.. 1c(2)(ft) 

.. 1c(2){b) 

.. 1c(2J(c) 

.. 1c(3) 1 8 ) 1 'ii\tl , 2:i.3 

(1) Amount exclutle<J from wrrent liability attfibutable to pre-parttcipotion service (see instructiol1s). ··· ~t'L . .L .. ____ _ (2) ·RPA '34" informatiol1: L 

(at Current liability ....... ..................................... .................................... ..... . .. .. ................ ... ............. . .:;::!(.::.)~(:!l_1 _____ _ ..:2:..;':1:..;():... ' ':..:~::....:.'!::.Y!.. ' ..:.' .1.::1....:.t 

(b) Expectetl increase in current liability due to benefits accruing during tho ptnn year .................... ....... l-.:.;1d::.l!::::2LlH) ""bL-) 1----- =-.!.. ' ..:..,_,_.~;.; ! •:..:b::..' ~::.. 4.:.) 

(c) Expected release from 'RPA '94" current llablli!y lor the plnn year........ 1d(2)(c) ~} , ~ 7 G, h6 ~· t----- - - (3) E~ actcd plnn disbursements for the ~ Y\lnf .......................... ..... .. .. , .... ....... 1dC3) 14 , i i! , ; .: : 

· l\l~rnanl by Enrolled Abllr9ry · 

!HUm l!u.-.t o1 mv ..rQ.vitdi)O , UHI tr..fom"'aUM IWO:.uJ In ~it" J<n,dt.Jo ur.u sca.mpart ~ y;h;.y,~QA , f>1.a! ~ ,;ud stllrY.tnuoh , '' ,._,)' 1$ ·~on;~c eo ll'"l!l M'.CiJ·'O\t• ~h p~ scn~t-<f a~~tlllnv1}L:f'\wa$ <ifPU1·11n 

~a.~.<r.~i.1 • l.'1th !1(1 \t tlo l;N -'11d t~tJti f'' b·-tn't Gp.!ftiOI'I, "!De.h 6 \:10! ffj t. ~i,it.\l f t!t~~'IIH~ .O tt:U 1~1 ) UiiC .>;,;'\)\lt.t t-1n fl! -l!l'rltvl(O llf l1p i~ I) 31'"1 rc;o.S<Jl olb~ (i'~(IC )~ Jn,;) ;~ J !lJ~¢1J: t 6~~1\ l! O:d!. ill 

,:rr.•t·in: .. tiM• ()1M rr\1 tun\ U~ s\i.i t Of H·:tjar..aled 0~'1) flftfi(..; un<!ef thtt t.l:.n 

i Ill r: r } 1 \ ···· ,,. ; i:_ .. d . .. .. 

--- . .. - ~;-··----·-·--- --. 

_______ ....;c..;_ 14-07._..

:01 _;__~.-", 

Most r@.Cent enrollrM r>t r>w'ntJer 

•• : !'. : i :~ .= ;'1_1 1 ~~ v 3 ' - ----- - ~·- -·- - - - · ---·- - - formnamo T e!P.pho''"' numhP.r ~J ing area cc:;<lei 

es~ or tile lrrm 

.. - · . - ·----·- - --- 11 ihe actllaty h<>s uot fully r.1flected any regul3lion Cl' rulin(J promul;~t;d under ih;;~~~~; ~ ccmple:ting s ~c edulo , chc<:!< the bo;;n,1 se_e _ _ __ L1-· - n~trucHons 

For PDp•rwotk Reduction Act lloucc ~nd OMB Control Nu bo~<, soo tho in<tructloM for Funn 5500 0 1 Ff)m>5600 -SF. Schedufo MB (Ferro 5500) 2016 

.... 1~1)1 i ~ 
Schedule MB (Form 5500) 2015 Page2-0 

2 Operational information as of beginning of this plan year 

a Current value of assets (see instructions) ................................ . 

b "RPA '94" current liability/participant count breakdown: (1) Number of participants 

(1) For retir~:~d participants and beneficiaries receiving payment.. ... . 5,563 

(2) For terminated vested participants .............................. " ....................... .. 3, 471 

(3) For active participants: 

(a) Non-vested benefits ............................................................................................. . 

(b) Vested benefits .................................................................................................. . 

70,887,468 

(2) Current liability 

151,631,639 

8 9 1 9 9 3 1 57 3_ 

550,054 

48,374,670 

(c) Total active ............................................................................................................. 1--------·---1-'-,_0_2_9-l-______ 4_8.:_,_9_2_4_,,_-_7 2_4 

(4) Total..................................................................................................... . ............... '--------1-r0-',_0_6_3--+ ______ 2_9_0-'-, 5_4_9'-, _9_3_6 

·--~;;::e~~;~:~.t~·~·~· .:~ ~ ~ ~~~ ~~ .. ::~~. ~~~i·~·i· ~.~ ·l·i·~·~ .. ~~ .. ~ :. ·l·i·~·~· .~.~~ ~):. ~~~~~~ .. ~2).:. is .. ~.~.~~.~~.~~~. -~·0-~~:. ~~t~ ~- -~~~~........ .. . . . . . . .I zc 24.40% 

3 Contributions made to the plan for the plan year by employer(s) and employees· -~~~-----

(a)Oale (b) Amount paid by (c) Amount paid by (a) Date (b) Amount paid by (c) Amount paid by 

(MM-00-YYYY) employer(s) ~:~mployees (MM-00-YYYY) employer(s) employoos 

01/01/2016 1, 776,788 

Totals 1>- 1 3(bl 1,776,788 3(c) I 0 

4 Information on plan status: 

a Funded percentage for monitoring plan's status (line 1 b(2) divided by line 1 c(3)) 14a I 3 8 · 5 % 

b n;:\~;,~~ .. t;~~~i~~~e :~.~~·.s. ~tat~r·s· (~.ee instructi·o·n·~--~~.~.~~~~h.~~~t.~f.~~:,:.~rti~g- e~ld.en~e of plan's status). If .. ·:LI-_-_-~b~:LI-_-_-D~~~~~~~~~~~~~~~~~~~~~~ C Is the plan making the scheduled progress under any applicable funding improvement or rehabilitation plan? ...... 

d If the plan is in critical status or critical and declining status, were any benefits reduced (see instructions)? 

e If lined is "Yes," enter the reduction in liability resulting from the reduction in benefits (see instructions). 

measured as of the valuation date ..................................................... .. 

f If the rehabilttation plan projects emergence from critical status or critical and declining status. enter the plan 

year in which it is projected to emerge. 

If the rehabilitation plan is based on forestalling possible insolvency, enter the plan year in which insolvency is 

expected and check here............................. ............................. .. .. lgj ----------------· .. --~-------------

'"""'"""'"'"'"' 

4e 

41 

5 Actuarial cost method used as the basis for this plan year's funding standard account computations (check all that apply): 

a 0 Attained age normal b 0 Entry age normal C IT] Accrued benefit (unit credit) 

e 0 Frozen initial liability f 0 Individual level premium g 0 Individual aggregate 

0 Reorganization 0 Other (specify): 

If box h is checked, enter period of use of shortfall method 

Has a change been made in funding method for this plan year? .... 

m If line I is "Yes,' was the change made pursuant to Revenue Procedure 2000·40 or other autom~tic approval? 

........... ~ Yes 0 

..... .0 Yes ~ 

2021 

d 0 Aggregate 

h 0 Shortfall 

n If line I is "Yos," and line m is "No," enter the date (MM-00-YYYY) of the ruling letter (individt:al o·.'·-·c·l·a·s··--s);;_·:c_:c.·cc·.c.·.c.·:.ll_ .. _~_:_--lJ_--______ _ approving tho change in Iundin!:) method ...... ,.,......... ................ ...... _ _ .. --~------'-'-~~--~~--

6 Checklist of certain actuarial assumptions: 

a Interest rate for "RPA '94" current liability. 

b Rates specified in insurance or annuity contracts 

C Mortality table code for valuation purposes: 

N/A 

No 

No 
Schedule MB (Form 5500) 2015 Page 3-D 

(1) Malos ......................................................................................... I--G_c;_(1c_) -1-------l_l_P_O_S _____ t------1-\-lE_~P-00_~-S -----

(Z) Females ...................................................................................... f---=6...:.c~(2:.c_l -1-----...:.l:..:l:..:F:...P:...O:...S:__ ____ t-------------

d Valuation liability interest rate ..... Gd 6. 75% 6.75% 

e Expense loading ............................................................................. .. 6e 132. 1% I D N/A % I IBl NIA 

f Salary scale .................................................................................... .. ___ s_f_L,._._ ____ %_~1•~---···--·[·ki·-N· .. '·A .. -+--·---·-·"·--·---------·· ... 

g Estimated investment return on actuarial value of assets for year ending on the valuation date .......... .. Gg 9.?% 

h Estimated investment return on current value of assets for year ending on the valuation date ........................ . 6h 6.3% 

7 New amortization bases established in the current plan yoar: 

(1) Type of base (2) Initial balance (3) Amortization Charge/Credit 

1 -231,637 

4 12,570,893 

8 Miscellaneous information: 

a If a waiver of a funding deficiancy has been approved for this plan year, enter the date (MM-DD-YYYY) of the 

ruling letter granting the approval ............................................................................................................... n ................ . 

b(1) Is the plan required to provide a projection of expected benefit payments? (See the instructions.) If "Yes," attach a 

schedule 

Is the plan required to provide a Schedule of Active Participant Data? (See the instructions,) If "Yes," attach a 

schedule. 

C Are any of the plan's amortization bases operating under an extension of time under section 412(e) (as in effect prior to 

2008) or section 431 (d) of the Code? ........................................................................ ,... ...... .. ......................... . 

d If line cis "Yes," provide the following additional information: 

(1) Was an extension granted automatic approval under section 431 (d)(1) of the Code?. 

-23,450 

1,272,602 

~ Yes 0 No 

~ Yes 0 No 

0 Yes ~ No 

! ..... ~-------·-· 0 Yes 0 No 

(2) If line 8d(1) is "Yes," enter the number of years by which lhe amortization period was extended ................... l'--s_d_(_2_) -'------------· 

(3) Was an extension approved by the Internal Revenue Service under section 412(e) (as in effect prior to 

2008) or 431(d)(2) of the Coda?......................................................... ..... ......... ..... .. .. .. ............. .. 0 Yes 0 No 

(4) If line 8d(3) is "Yes," enter number of years by which tho amortization period was extended (not including 1Bd(4) 

(5) ~;::eu;d::~ ~: .:~:~~· i:~::~ t~~) ~-~-;~·~;· ;~~·;·~·~;~~-;~;;~;· ~-;~·;~;;~·g .. th·~-~~;~~~;~~·:··, .. ,... ···::·:=8=d=(5=)==:====================== 

(6) If line 8d(3) is "Yes," is tho amortization base eligible for amortization using interest rates applicable under section 

6621 (b) of the Code for years beginning after 20077 ...................................................... ,. ................... .. 

e If box Sh is checked or line 8c is "Yes," enter the difference between the minimum required contribution for 

year and the minimum that would have boon roquirod without using tho shortfall method or extending the 

9 Funding standard account statement for this plan year: 

Charges to funding standard account: 

a Prior year funding deficiency, if any ................................... .. 

b Employer's normal cost for plan year as of valuation date .... 

c Amortization chargos as of valuation date: Outstanding balance 

8e 

(1) All bases oxcopt funding waivers and certain bases for which tho 

amortization period has been extended ..... 9c(1) ~q "/18 594 

(2) Funding waivers ......................... .. 

(3) Certain bases for which the amortization period has been extended. 

d Interest as applicable on lines 9a, 9b. and 9c .. 

e Total charges. Add lines 9a through 9d. 

Credits to funding standard account: 

f r'rior year credit balance, if any ...... 

g Employer contributions. Total from column (b) of lmo 3 .... 

h Amortization credits as of valuation date ....... 

Interest as applicable to end of plan year on lines 91, 9g, and 9h 

0 

0 

9d 

9e 

l6,00G,8'/'J 

9i 

0 Yes 0 No 

29,886,9'71 

0 

0 

3, Vl2, 2.96 

52,856,21"1 
Schedule MB (Form 5500) 2015 Page 4 

Full funding limitation (FFL) and credits: 

(1) ERISAFFL(accruedliabilityFFL) ............................................................ j 9j(1) I 121 1335 1 510 ~-~~~------~~~~~~ 

(2) "RPA '94" override (90% current liability FFL) ....................................... 1 9j(2) I 200 1 360 1 669 ~~~L-------~~~r-~--~-----------------

(3) FFL credit............................................................................................. ............................ 9j(3) 0 ~~4---------------

k {1) Waived funding deficiency.......................................... ...... ......... . 9k(1) 0 ~~4-------------~ 

(2) Other credits.................................... ................... 9k(2) 0 

Total credits. Add lines 9f through 9i, 9j(3), 9k(1), and 9k(2}..... 91 4 1 5 65, 62 4 

m Credit balance: If line 91 is greater than line 9e, enter the difference........... .. . .................... 9m ~--4---------------

n Funding deficiency: If line 9e is greater than line 91, enter the difference................................................................... L_ 9n 

__ _L ____________ 4 8, 2 90, ___ 59 3 

9o Current year's accumulated reconciliation account: 

(1) Due to waived funding deficiency accumulated prior to the 2015 plan year ''""'"''"""''''"'' 90(1) 0 

(2) Due to amortization bases extended and amortized using the interest rate under section 6621 (b) of the Code: 

(a) Reconciliation outstanding balance as of valuation date ........... ....... "'"" . '" "'"'"•" ..... . ................ 9o(2)(a) 0 

(b) Reconciliation amount (line 9c(3) balance minus line 9o(2)(a)) ............... ............ ······· ........... . .............. 9o(2)[b) 0 

(3) Total as of valuation date .................................................................. ........ ,. .. ...... ···•>•i•>d•••"'''"''•'···········-- 9o(3) 0 

. 

10 Contribution necessary to avoid an accumulated funding deficiency. (See instructions.) .,, .......... ., .... ,., .............. 10 481290,593 

11 Has a change been made in the actuarial assumptions.for the current plan year? If "Yes," see instructions ........................ ~ Yes 0 No 
United Furniture Workers Pension Fund A 

EIN: 13-5511877 

Plan Number: 001 

Attachment A to 2015 Form 5500 Schedule IVIB 

Schedule MB, Line 4a -Illustration Supporting Actuarial Certification of 

Status 

Support for the Plan's Critical status can be found in the attached PPA certification, 

Schedule MB, Line 4c- Documentation Regarding P•·oe:a·ess undca·lfunding 

Improvement Plan or Rehabilitation Plan 

Pursuant to Code Section 432(b)(3)(A)(ii) and ERISA Section 305(e)(3)(A)(ii), the 

Board of Trustees has adopted their 2009 Rehabilitation Plan to forestall insolvency 

as defined in ERISA Section 4245. The Rehabilitation Plan removed some 

adjustable benefits effective March l, 2009 and requires annual contribution 

increases of 5.5% upon adoption of the Rehabilitation Plan. Currently, all active 

employers have adopted these provisions for the duration of their most recent 

collective bargaining agreement. 

On this basis, and also considering the lack of guidance from the Internal Revenue 

Service we are certifying that the Fund is making scheduled progress in meeting the 

requirements of its Rehabilitation Plan as discussed in ERISA Section 

305(b )(3 )(A)(ii). 
Plan Name: United Furniture Workers Pension Fund A 

Plan Sponsor EIN/PN: 13-5511877 I 001 

Schedule MB, Line 4a - Illustrations Supporting Actuarial Certification of Status 

FOR PLAN YEAR COMMENCING MARCH l, 2015 

ANNUAL CERTIFICATION OF PLAN STATUS UNDER SECTION 432(b) OF THE 

INTERNAL REVENUE CODE, (SEC. 305(b) OF THE EMPLOYEE RETIREMENT 

INCOME SECURITY ACT OF 1974) 

FOR 

UNITED FURNITURE WORKERS PENSION FUND A 

EIN: 13-5511877 

PN: 001 

Plan Yem· 3/1/2015 

Plan Contact Information 

Dee Anne W aiJ<er 

Secretary· Treasurer/Director 

(615) 889-8860 1----------------------~--

May 29,2015 
Plan Name: United Furniture Workers Pension Fund A 

Plan EINIPN: 13-5511877/001 

United Furniture Workers Pension Fund A 

c/o Ms. Dee Anne Walker 

PO Box I 0003 7 

Nashville, Tennessee 37224-0037 

May 29,2015 

ErN: 13-5511877 

PN 001 

Tel: (615) 889-8860 

Re: Annual Cert~fication t?{ Piau Status under Internal Revenue Code §432(h) and 

Employee Retirement Income Security Act of 1974 §305(b) 

Dear Board of Trustees: 

CERTIFICATION 

As required by Section 432(b)(3) of the Internal Revenue Code ("Code") and Section 305(b)(3) 

of the Employee Retirement Income Security Act of 1974 ("ERISA"), we certify, for the plan 

year beginning March 1, 2015, that the Fund is classified as being in Critical and Declining 

status as this tenn is described in Section 432(b) of the Code and Section 305(b) of ERISA as 

amended by the Multiemployer Pension Reform Act of 2014. The Rehabilitation Period began 

March 1, 20 ll. We also certify that the Fund is making scheduled progress in meeting the 

requirements of its Rehabilitation Plan as discussed in Appendix lll. 

To !he best of our knowledge, this report is complete and has been prepared in accordance with 

the requirements of Section 432 of the Code, Section 305 of ERISA, and generally recognized 

and accepted actuarial principles and practices that are consistent with the Code of Professional 

Conduct and applicable Actuarial Standards of Practice set out by the Actuarial Standards Board. 

Furthermore, as credentialed actuaries, we meet the Qualification Standards of the American 

Academy of Actuaries lo render the opinion contained herein. This report does not address any 

contractual or legal issues. We are not attorneys and our firm does not provide any legal services 

or advice. 

This report was prepared solely for the United Fumiture Workers Pension fund A lt only 

ceJiifies the condition of the Fund under Code Section 432 as added by the Pension Protection 

Act of 2006 and should be used only for that purpose. Other users of this report are not intended 

users as defined in the Actuarial Standards of Practice, and C'hciron assumes no duty or liability 

to such other users. 

In preparing this report, we have relied on information supplied by the fund Office and the 

Board of Trustees. This infom1ation includes, but is not limited to, Plan provisions, employee 

data, financial information, and expectations of future industry activity W c performed an 

informal examination of the obvious characteristics of the data for reasonableness and 

consistency in accordance with Actuarial Standard of Practice #23. 
Plan Name: United Furniture Workers Pension Fund A 

Plan Sponsor EIN/PN: 13·5511877/ 001 

Schedule MB, Line 4a • Illustrations Supporting Actuarial Gertiflcatlon of Status 

Board of l'mst~es 

1\!:1)' 2Q . • !lliS 

1'.1).1.(" li 

ruturc analysis may differ significantly from those presented in this ccrtiiication Jetter due to 

such factors as the following: plan experience differing from that anticipated by the assumptions; 

changes in assumptions; <md changes in plan provisions or applicable law. 

The attached appcndice~ show the results for the statutory tests and describe the methodologies 

and as:mmptions used to petfonn the tests. Please contact the undersigned with any questions. 

Sincerely, 

Redacted by the U.S. 

Department of the Treasury 

Redacted by the U.S. Department of 

the Treasury 

Attachments: Appendix I: T~sts of Fund Status 

Appendix II: Detail for Actuarial Certification 

Appendix lii: S.cheduled Progress 

Appendix !V: Methodology and Assumptions 

cc Secretary ofthe Treasury 
Plan Name: United Furniture Workers Pension Fund A 

Plan Sponsor EIN/PN: 13-5511877 I 001 

Schedule MB, Line 4a- Illustrations Supporting Actuarial Certification of Status 

APPENDIX 1- TESTS OF FUND STATUS 

Critical Status- The Fund will be certified as Critical if it meets the conditions of 

any one of the five following tests: 

1 The Fund has a funded ratio of less than 65%, and the value of Fund assets plus 

projected contributions is less than the value of projected Fund benefits and 

expenses to be paid for the current and six succeeding plan years. 

2 The Fund has a funded ratio of less than 65%, and is projected to have an 

accumulated funding deficiency for the current year or the next four plan years. 

Condition 

Met? 

Not 

Tested 

Not 

Tested 

3 The 

current 

Fund 

plan 

is 

year 

projected 

or the next 

to have 

three 

an 

plan 

accumulated 

years. 

funding deficiency for the ~ 

~ 

4 Normal cost plus interest on the unftmded liabilities exceeds contributions, the D 

present value of vested benefits of inactives exceeds the present value of vested --

benefits of actives, and the Fund is projected to have a funded deficiency for 

the current plan year or the next four plan years. 

5 The value of Fund assets plus projected contributions is less than the value of D 

projected benefits and expenses to be paid for the current and four succeeding __ 

plan years. 

Critical and Declining Status- The Fund will be certified as Critical and 

Declining if it meets test 6. 

the next 14 (19 if the Fund's number of inactives is more than tv\-ice the YES 

6 The Fund is Critical and projected to become insolvent within the current or G 

number of actives or if the funding level is below 80%) plan years 

The Fund is cert(fied to he in Critical and Declining status for 2015. 
Plan Name: United Furniture Workers Pension Fund A 

Plan Sponsor EIN/PN: 13-5511877 I 001 

Schedule MB, Line 4a - Illustrations Supporting Actuarial Certification of Status 

APPENDIX II~ DETAIL FOR ACTUARIAL CERTIFICATION 

A. PROJECTION OF CREDIT BALANCE (Usellfor Test 3) 

Ct·edit 

Balance 

adjusted with interest to end ofyear 

Date 

3/1/2015 

3/1/2016 

$ -31,764,543 

-47,968,904 

Chm· 'CS Cr·edits Conttibutions 

Because a flillding deficiency already exists at year-end, there is no need to project the 

ftmding standard accolUlt credit balance any further. 

The projected funding standard accmmt is based on the methods and assumptions set out in 

Appendix N. In addition, the projection of future contributions is based on the Trustees' 

industry activity assumption of a 10% annual membership decline. 

B. SOLVENCY PROJECTION (Used for Test 6) 

(alNmmes contribution increases continue in accordance with the Rehabilitation Plan) 

The chart below shows a future projection of the fw1ding of the Ftmd over the next 7 years. 

The projection indicates that the Fund will rtm out of assets during the 2021 plan year. 

Date 

3/1/2015 

3/1/2016 

3/1/2017 

3/l/2018 

3/1/2019 

3/1/2020 

3/1/2021 

3/1/2022 

Mm·ket Value 

A sse t s 

$ 68,387,517 

61,356,010 

53,401,732 

44,612,251 

34,964.301 

24,385,183 

12,783,889 

0 - ----------- ------------- ----

Projected 

c on t n 'b u t' wns 

$ 3,289,638 

2,919,605 

2,782,006 ---- - -- ---

2,651,356 

2,527,304 

2,409,516 

2,164,341 

Projected 

Benefits and 

E t..xpenses 

$ 15,018,334 

15,029,666 

15,122,225 

15,183,75§ 

15,259,904 

15,362,735 

15,444,100 

-

Projected 

Investment 

E' l,arnmgs 

$ 4,697,189 

4,155,783 

3,550,738 

2,884,450 

2,153,482 

1,351,924 

469,803 

2 
Plan Name: United Furniture Workers Pension Fund A 

Plan Sponsor EIN/PN: 13-5511877/001 

Schedule MB, Line 4a - Illustrations Supporting Actuarial Certification of Status 

APPENDIX Ill- SCHEDULED PROGRESS 

Pursuant to Code Section 432(b)(3)(A)(ii) and ERISA Section 305(e)(3)(A)(ii), the Board of 

Trustees has adopted their 2009 Rehabilitation Plan to forestall insolvency as defined in ERISA 

Section 4245. The Rehabilitation Plan removed some adjustable benefits effective March 1, 2009 

and requires annual contribution increases of 5.5% upon adoption of the Rehabilitation Plru1. 

Currently, all active employers have adopted these provisions for the duration of their most 

recent collective bargaining agreement. 

On this basis, ru1d also considering lack of guidance from the Internal Revenue Service we are 

certifying that the Fund is making scheduled progress in meeting the requirements of its 

Rehabilitation Plan as discussed in ERISA Section 305(b )(3)(A)(ii). 

3 
Plan Name: United Furniture Workers Pension Fund A 

Plan Sponsor EINIPN: 13-55118771001 

Schedule MB, Line 4a- Illustrations Supporting Actuarial Certification of Status 

APPENDIX IV- METHODOLOGY AND ASSUMPTIONS 

A. Actual'ial Assum1>tions 

1. Investment Return (net of investment expenses) 

Funding purposes: 7.50% per year 

2. Administrative Expenses 

Average expenses from the most recent two years rounded to the nearest $5,000, 

increasing 

3% per year. 

3. Rates of Mortality 

- Healthy Lives: 

-Disabled Lives: 

RP2000 with blue-collar adjustment projected 5-years with 

scale AA 

same with ages set-fotward five years 

Terminated Vested Participants over age 80 are assumed to be deceased. 

In accordance with Actltarial Standard of Practice #35, we have considered the effect of 

mortality improvement prior to and subsequent to the measurement date in developing 

this assumption. 

4. Rates of Turnover 

Terminations of employment for reasons other than death, disability or retirement are 

assumed to be in accordance with annual rates as shown below for illustrative ages. 

35 

45 15.0 

55 15.0 

62 15.0 

5. Rates of Disability 

Illustrative rates of disablement are shovvn below: 

25 0.050% 

35 0.065 

45 0.244 

55 0.406 

65 0.000 

4 
Plan Name: United Furniture Workers Pension Fund A 

Plan Sponsor EIN/PN: 13-5511877/001 

Schedule MB, Line 4a - Illustrations Supporting Actuarial Certification of Status 

APPENDIX IV- METHODOLOGY AND ASSUMPTIONS 

6. Rates of Retirement 

Annual rates as shown below for illustrative ages. 

7. Normal Form 

B. Actuarial Methods 

1. Funding Method 

55-59 

60 

61 

62-64 

65-69 

70 

Life Annuity 

3.00% 

5.00 

10.00 

15.00 

50.00 

100.00 

The cost method for determining liabilities for this valuation is the Unit Credit Cost 

method. This is one of a family of valuation methods known as accrued benefit methods. 

The chief characteristic of accrued benefit methods is that the funding pattern follows the 

pattern 'of benefit accruaL The normal cost is detern1ined as that portion of each 

participant's benefit attributable to service expected to be earned in the upcoming plan 

year. The Actuarial Liability, which is determined for each participant as of each 

valuation date, represents the actuarial present value of the portion of each participant's 

benefit attributable to service earned prior to the valuation date. 

2. Asset Valuation Method 

The actuarial value of assets is determined in accordance with Section 3.16 of Revenue 

Procedure 2000-40 using a five-year smoothing period. Specifically, the actuarial value 

of assets as of March 1, 2007 is set equal to the market value of assets. For each 

subsequent plan year, the actuarial value shall be the market value minus a decreasing 

fraction ( 4/5, 3/5, 2/5, 115) of each gain or loss for each of the preceding four plan years. 

Gains or losses prior to March 1, 2007 are ignored. The resulting actuarial value of assets 

is then limited to be no greater than 120% and no less than 80% of the market value of 

assets on the valuation date. 

5 
Plan Name: United Furniture Workers Pension Fund A 

Plan Sponsor EIN/PN: 13-5511877 I 001 

Attachment B to 2015 Form 5500 Schedule NIB 

Schedule MB, line 6 -Summary of Plan Provisions 

The following is a summary of the major provisions. Please refer 

to the Plan document for a more complete description. 

1. Effective Date 

The Fund was established on March l, 1962. The most recent 

amendment was effective March 1, 2009. 

2. Participation 

Employees become Participants as of the date their employer is 

obligated to begin contributions to the Fund on their behalf. 

3. Past Service 

Participants shall, after 36 months of contributions have been 

made, be credited with a year of Past Service during any 

calendar year prior to the employer's applicable effective date 

in which they were employed for at least six months. 

4. Effective Serv·ice 

Participants on July 1, 1974 shall be credited with Effective 

Service for each month for which contributions were made on 

their behalfthrough January 1, 1971. 

5. Futm·e Eligibility Service 

A Participant shall be credited with a year of Future Eligibility 

Service for each calendar year beginning January 1, 1971 

during which contributions were made on their behalf and they 

worked at least 1,000 hours. 

6. Normal Retirement 

Eligibility: The later of age 65 and 5th anniversary of Plan 

participation. 

Benefit: The monthly benefit is equal to the sum of the 

following, but not less than $50: 

(A) Multiply the average annual contribution made on the 

·Participant's behalf after January I, 1971 by the 

number of years of Past Service by the applicable 

percentage. The percentage ranges from 1.8% to 2.2% 

depending on when participation began and how many 

months employer contributions were made. 

(B) Multiply the average annual contribution made on the 

Participant's behalf after January l, 1971 by the 

Effective Service Credit by 3.0%. 

(C) Multiply the total amount contributed on behalf of the 

participant from January l, 1971 to August 31, 2003 by 

3%. 

(D) Multiply the total amount contributed on behalf of the 

participant from September 1, 2003 to August 31, 2006 

by 2%. 

(E) Multiply the total amount contributed on behalf of the 

participant after August 31, 2006 by 1%. 

Effective March 1, 2009, the monthly benefit for participants not 

yet retired will have no 3 6-month guarantee feature. 

1 
Plan Name: United Furniture Workers Pension Fund A 

Plan Sponsor EIN/PN: 13-5511877 I 001 

Attachment B to 2015 Form 5500 Schedule :MB 

Schedule MB, line 6- Smnmary of Plan Provisions 

7. Eady Retirement 

Eligibilitv: Age 55 and five years of service (ten years of 

service if the participant did not have at least one hour of 

service after March 1, 1998). 

Benefit: The normal retirement benefit described above 

reduced by 5/9 of 1% for each month the Participant is less 

than 65 and by 5/12 of 1% for each month the Participant is 

less than 62. 

Effective March 1, 2009, the subsidized reduction described 

above is only applied to Participants retiring from active status. 

All other retirements will be actuarially reduced to reflect early 

commencement of benefits. 

8. Disability Retirement 

Eligibility: Five years of service (ten years of service if the 

participant did not have at least one hour of service after 

March l, 1998) and awarded a Social Security Disability 

Award. 

Benefit: The normal retirement benefit earned to date will be 

payable without reduction for age. 

9. Deferred Vested Pension 

Eligibility: Five years of service (ten years of service if the 

participant did not have at least one hour of service after 

March 1, 1998). 

Benefit: Accrued benefit payable at normal retirement 

10. Joint & Survivor Annuity Benefit 

Eligibility: Participant must be eligible for early, normal or 

disability pension on their date of death. 

Benefit: The actuarial equivalence of 50% or 75% of the 

accrued benefit with reduction for early retirement if 

applicable. 

11. Normal Form 

If Single: Straight Life Annuity 

If Married: 50% Joint & Survivor, actuarial equivalence. 

12. Changes to Plan Provisions Since Last Valuation 

None. 

2 
Plan Name: United Furniture Workers Pension Fund A Attachment C to 2015 Form 5500 Schedule :MB 

Plan Sponsor EIN/PN: 13-5511877 I 001 

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

A. Actuarial Assumptions 

1. Investment Return (net of investment expenses) 

Funding purposes 

Current Liability under RP A 1994 

Withdrawal Liability purposes 

2. Administrative Expenses 

6.75% per year 

3.44% per year 

6.25% per year 

Average expenses from the most recent two years rounded 

to the nearest $5,000; this year the assumption is 

$} '175,000. 

3. Rates of Mortality 

Funding & ASC 960: 

-Healthy Lives: RP2000 with blue collar adjustment, 

projected 5-years with Scale AA 

-Disabled Lives: same with ages set-forward :five years 

RPA '94 Current Liability: 

- 2015 Current Liability Combined Mortality Table 

Terminated Vested Participants over age 80 are assumed to 

be deceased. 

In accordance with Actuarial Standard of Practice #3 5, we 

have considered the effect of mortality improvement prior 

to and subsequent to the measurement date developing this 

assumption. 

4. Rates of Turnover 

35 

45 

55 

62 

5. Rates of Disability 

45 

55 

65 

6. Rates of Retirement 

60 

61 10.00 

62-64 15.00 

65-69 50.00 

70 100.00 

7. Normal Form Life Annuity 

3 
Plan Name: United Furniture Workers Pension Fund A Attachment C to 2015 Form 5500 Schedule ::tv1B 

Plan Sponsor EIN!PN: 13-5 511877 I 001 

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

8. Justification fo1· Economic Assumptions 

In accordance with Actuarial Standard of Practice No. 27, 

the rationale for our 6. 75% discount rate is based on th~ 

Trustees' risk preference, the Fund's current asset 

allocation, and the investment manager's capital market 

outlook. 

Based on the current asset allocation, the investment 

manager's 10-year projected real return is 3.46%. Using 

Cheiron's long term price inflation of 3.25% increases the 

expected return to 6.71 %. Furthermore, it is expected that a 

30-year forecast may provide for higher returns. 

9. Changes in Assumptions Since the Last Valuation 

The RPA '94 current liability interest rate was changed 

from 3.63% to 3.44% to comply with appropriate guidance. 

The RPA '94 current liability mortality table changed from 

the 2014 static mortality table to the 2015 static mortality 

table to comply vvith appropriate guidance. 

The investment return assumption was reduced from 7.50% 

to 6. 75% to better reflect future investment expectation 

given the current risk tolerance. 

The investment return assumption for vvithdrawal liability 

purposes was reduced from 7. 00% to 6.25% 

B. Actuarial Methods 

1. Actuarial Cost Method 

The cost method for determining liabilities for this 

valuation is the Unit Credit Cost method. This is one of a 

family of valuation methods known as accrued benefit 

methods. The chief characteristic of accrued benefit 

methods is that the funding pattern follows the pattern of 

benefit accrual. The normal cost is determined as that 

portion of each participant's benefit attributable to service 

expected to be earned in the upcoming plan year. The 

Actuarial Liability, which is determined for each 

participant as of each valuation date, represents the 

actuarial present value of the portion of each participant's 

benefit attributable to service earned prior to the valuation 

date. 

2. Asset Valuation Method 

The actuarial value of assets is determined in accordance 

with Section 3. 16 of Revenue Procedure 2000-40 using a 

five-year smoothing period. Specifically, the actuarial value 

of assets as of March I, 2007 is set equal to the market 

value of assets. For each subsequent plan year, the actuarial 

value shall be the market value minus a decreasing fraction 

( 4/5, 3/5, 2/5, 1/5) of each gain or loss for each of the 

preceding four plan years. Gains or losses prior to March 1, 

2007 are ignored. The resulting actuarial value of assets is 

then limited to be no greater than 120% and no less than 

80% of the market value of assets on the valuation date. 

4 
Plan Name: United Furniture Workers Pension Fund A Attachment C to 2015 Form 5500 Schedule :MB 

Plan SponsorEIN/PN: 13-5511877/001 

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

3. Withdrawal Liability Method 

The Plan uses the Presumptive method with the Unfunded 

Vested Benefits calculated as the difference benveen the 

market value of assets and the present value of vested 

benefits valued at 6.25%. 

4. Changes in Actuarial Methods Since the Last Valuation 

None. 

5 
Plan Name: United Furniture Workers Pension FW1d A 

Plan Sponsor EIN/PN: 13-5511877 I 001 

Attachment E to 2015 Form 5500 Schedule MB 

Schedule MB, line 8b- Schedule of Active Participant Data 

;\,ge ,._...." Under 1 1 to 4 30 to 34 

Under 25 32 19 0 0 

25 to 29 31 31 0 0 0 0 70 

30 to 34 ll 28 16 12 0 0 0 0 0 0 67 

35 to 39 ·; t_ "')") 17 36 22 3 0 0 0 0 112 . 

40 to 44 16 27 13 18 28 7 2 0 0 0 Ill . 

-+5 to 49 13 19 20 24 .).) "'"' 11 14 1 0 0 135 

50 to 54 10 rs ] 5 26 32 17 29 7 2 0' I 156: 

8 l1 7 25 45 '")"> 

.::.J 29 21 6 l 176 

2 4 11 24 15 11 18 7 s. 114 

0 2 l 6 6 3 " 5 61 .) 

0 0 0 1 0 0 0 

Total 135 181 108 165 190 79 89 50 20 12! l 
Plan Name: United Furniture Workers Pension Flmd A 

Plan Sponsor EIN!PN: 13-5511877 f 001 

Attachment F to 2015 Form 5500 Schedule MB 

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

CHARGES 

1. Initial Unflmded 3/1/1978 $ 16,575,006 40 $ 3,318,468 3 

2. Plan Amendment 311/1989 63,848 30 17,716 4 

3. Method Change 3/1/1989 15,842,844 30 4,396,460 4 

4. Plan Amendment 3/1/1993 5,282,693 30 2,580,031 8 

5. Actuarial Loss 3/1/2000 7,511,951 30 5,574,339 15 

6. Actuarial Loss 3/1/2001 11,966,014 15 1,248,486 

7. Actuarial Loss 3/1/2002 13,842,899 15 2,792,907 2 

8. Actuarial Loss 311/2003 22,582,575 15 6,765,682 3 

9. Actua1ial Loss 3/1/2005 3,018,172 15 1,379,118 5 

10. Actumia1Loss 3/1/2006 2,642,095 15 1,402,737 6 

11. Assumption Change 3/1/2007 8,194,633 30 7,366,731 22 

12. Actuarial Loss 3/l /2007 2,180,614 15 1,308,447 7 

1 3. Actuarial Loss 311/2008 I 5,092,752 15 10,014,909 8 

14. Actuarial Loss 3/1/2009 28,127,155 15 20,325,991 9 

15. Actuarial Loss 3/1/2011 7,919,489 15 6,563,232 11 

16. AsSlunption Change 3/1/2012 2,075,229 15 1,818,540 12 

17. Actuarial Loss 3/1/2012 6,035,275 15 5,288,762 12 

18. Actumial Loss 3/1/2013 3,242,769 15 2,985,145 13 

19. Assumption Change 3/1/2015 12,570,893 15 12,570,893 15 

TOTAL CI IARGES $ 97,718,594 

CREDITS 

1. Funding Method Change 3/1/2008 $ 6,945,571 10 $ 2,631,401 3 

2. Plan Amendment 311/2009 590,517 15 426,733 9 

3. Actuarial Gain 3/1/20 l 0 !1,371,471 15 8,842,602 10 

4. Actumial Gain 3/1/2014 4,028,752 15 3,874,502 14 

5. Actuarial Gain 3/1/2015 231,637 15 231,637 15 

TOTAL CREDITS $ 16,006,875 

NETGW~GE $ 81,711,719 

$ 1,179,144 

4,872 

1,209,031 

400,839 

564,313 

1,248,486 

1,442,045 

2,404,035 

312,980 

273,556 

611,008 

225,456 

I ,555,936 

2,891,493 

809,729 

211,632 

615,477 

329,865 

l 272 602 

$ 17,562,499 

$ 935,010 

60,705 

1,165,787 

408,816 

23 450 

$ 2,593,768 

$ 14,968,731 
Plan Name: United Furniture Workers Pension Fund A 

Plan Sponsor EIN!PN: 13-5511877 I 00 l 

Attachment G to 2015 Form 5500 Schedule MB 

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

Changes: 

1. The RPA '94 current liability interest rate was changed from 3.63% to 3.44% to 

comply with appropriate guidance. 

2. The RPA '94 current liability mortality table was changed from the 2014 Current 

Liability Static Mortality Table to the 2015 Current Liability Static Mmiality 

Table to comply with appropriate guidance. 

3. The investment return assumption was reduced from 7.50% to 6.75% to better 

reflect future investment expectation given the current risk tolerance. 

4. The investment return assumption for withdrawal liability purposes was reduced 

from 7.00% to 6.25%.