RP 88:1

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 I 001 

ROOFERS LOCAL NO. 88 

PENSION FUND 

APPLICATION FOR APPROVAL OF 

SUSPENSION OF BENEFITS PURSUANT 

TO THE MULTIEMPLOYER PENSION 

REFORM ACT OF 2014 

DECEMBER 15, 2020 
RP 88:2

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

TABLE OF CONTENTS 

Introduction - Background and Purpose .............................................. ...................... ..................... 4 

Section I - Plan Sponsor Signature ............... .................................... ............................................. 4 

Section 2 - Description of Suspension .......... ............ ............ .................... ..................................... 4 

Section 3 -Penalties of Perjury Statement ........ ............................................................................. 4 

Section 4 - Treasury Website Acknowledgement ..... ...................................... .... ........ ................... 4 

Section 5 - Actuary's Certification of Critical & Declining Status ................................................ 4 

Section 6 - Actuary's Certification that Plan Will Avoid Insolvency ........................... ................. 4 

Section 7 - Plan Sponsor's Determination of Projected Insolvency ............. .............. ........ .... ....... 4 

Section 8 - Demonstration of Limitation of Individual Suspensions .......................................... ... 4 

Section 9 - Demonstration that Suspension Will Achieve Insolvency Avoidance ..................... ... 5 

Section 10 - Stochastic Projections ......................................... ....................................................... 5 

Section 11 - Exceed Level Necessary to Avoid Insolvency .... ............ .................................. ......... 5 

Section 12 - Equitable Distribution ......................................... ....................................................... 5 

Section 13 - Copy of Notices ......................................................................................................... 5 

Section 14 - Description of Efforts to Contact .......... ..................................................................... 5 

Section 15 - Electronic Notices ... ................ ........ ............ ............ ................................................... 5 

Section 16 - List of Contributing Employers and Employee Organizations .................................. 6 

Section 17 -Past and Current Measures Taken to Avoid Insolvency ....... .................................... . 6 

Section 18 - Section 432 Plan Factors ..... .................... ................ .................... .... ............ .... ........... 6 

Section 19 - Description of All Reasonable Measures .................................................. ................. 6 

Section 20 - Impact of Contributions ........................ .... ............................................ ..................... 6 

Section 21 - Other Factors ..................................................................................... .................... ..... 6 

Section 22 - Proposed Ballot.. ................................................................... .............................. .... ... 6 

Section 23 - Partition ...................................................................................................................... 6 

Section 24 - Partition Effective Date ............................................................................. ................. 6 

Section 25 - Assumptions .............................................. ................................................................. 6 

Section 26 -Plan's Experience with Critical Assumptions ............................................................ 6 

Section 27 - Deterministic Projections (Sensitivity) .. ....... ............ ................................................. 7 

Section 28 - Deterministic Proj ections (Other) ........................................... ........ .... ....................... 7 

Section 29 - Plan Amendment ........................................................................................................ 7 

Section 30 -Code Section 432(e)(9)(D)(vii) ......................................... ..................... ................... . 7 

Section 31 - Critical & Declining Status Narrative ........... .................................... ......................... 7 
RP 88:3

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 J 001 

Section 32 - Plan Sponsor Identification & Contact Information .................................................. 7 

Section 33 - Plan Identification Information .................................................................................. 7 

Section 34 - Retiree Representative Information ...................... ..................................................... 7 

Section 35 - Enrolled Actuary Information ................................................... ................................. 7 

Section 36 - Power of Attorney ................. ..................................................................................... 7 

Section 37 -Required Plan Documents .......................................................................................... 7 

Section 38 - Collective Bargaining Agreements ............................................. ............................... 8 

Section 39 - Form 5500 .................................................................................................................. 8 

Section 40 - Rehabilitation Plan ........................................ ............................................................. 8 

Section 41 - Two Most Recent Actuarial Valuation Reports ......................................................... 8 

Section 42 - Checklist .................................................................................................................... 8 

Section 43 - Resubmission ............................................................................................................. 8 
RP 88:4

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 I 001 

Introduction - Background and Purpose 

Pursuant to Internal Revenue Service Revenue Procedure 2017--43, 26 U.S.C. 432(e)(9), and 26 

C.F.R. 1.432(e)(9)-1, the Board of Trustees of the Roofers Local No. 88 Pension Plan ("Plan") 

submits this application for approval of suspension of benefits. 

As described below and in the accompanying documents, the Plan is eligible to suspend benefits 

and respectfully requests that the Secretary of Treasury approve this application as required under 

26 U.S.C. 432(e)(9)(G). 

Section 1 - Plan Sponsor Signature 

See below. 

Section 2 - Description of Suspension 

The suspension will be effective November 1, 2021 and has no expiration date. The proposed 

suspension is a 10% reduction for all participants and beneficiaries except those with age-based or 

disability limitations as described in §432( e)(9)(D). There will be no different treatment of 

participants and beneficiaries. 

Section 3 - Penalties of Periury Statement 

See Exhibit 2 (RP 88: 17). 

Section 4-Treasury Website Acknowledgement 

See Exhibit 3 (RP 88:18). 

Section 5 -Actuary's Certification of Critical & Declining Status 

SeeExhibit4 (RP 88:19). 

Section 6-Actuary's Certification that Plan Will Avoid Insolvency 

See Exhibit 5 (RP 88:24). 

Section 7 - Plan Sponsor's Determination of Proiected Insolvency 

See Exhibit 6. (RP 88:27). 

Section 8-Demonstration of Limit.ation of Individual Suspensions 

See Exhibit 7 (RP 88:28). 
RP 88:5

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

Section 9-Demonstration that Suspension Will Achieve Insolvency Avoidance 

See Exhibit 8 (RP 88:45). 

Section 10 - Stochastic Projections 

This section is not applicable to this Plan. 

Section 11-Exceed Level Necessary to Avoid Insolvency 

See Exhibit 9 (RP 88:46). 

Section 12 - Equitable Distribution 

See Exhibit 10 (RP 88:48). 

Section 13- Copy of Notices 

See Exhibit 11 (RP 88:52). 

Section 14 - Description of Efforts to Contact 

Under current law, the Fund is required to send out periodic notices regarding participant benefits, 

summary plan descriptions, applicable summaries of material modifications, and other required 

notices. At least one such mailing, and often more than one such mailing, is made per year. 

Because of this, the Fund's administrator is aware when changes of address occur or when a 

mailing address is no longer valid. 

The Fund sent out a mailing in October, 2020, to all individuals who could be affected by the 

suspension. The notice was a reminder to keep all beneficiary forms updated. This was done not 

only to make sure that participants kept beneficiary forms updated but also to test the Fund's 

mailing list. Any mailings that returned due to incorrect address could therefore be dealt with prior 

to the suspension notices and mailings being sent in December, 2020. 

The Fund's administrator received 18 of the mailings back as having an invalid address. Efforts 

are ongoing to locate those individuals. The Plan's administrator is using professional services to 

assist in that task. 

Section 15 - Electronic Notices 

Notices are being delivered by regular U.S. mail only. No electronic notices will be provided. 
RP 88:6

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 I 001 

Section 16 - List of Contributing Employers and Employee Organizations 

See Exhibit 12 (RP 88:77). 

Section 17 - Past and Current Measures Taken to A void Insolvency 

See Exhibit 13 (RP 88:78). 

Section 18 - Section 432 Plan Factors 

See Exhibit 14 (RP 88:80). 

Section 19 - Description of All Reasonable Measures 

See Exhibit 15 (RP 88:84). 

Section 20 - Impact of Contributions 

See Exhibit 16 (RP 88:87). 

Section 21 - Other Factors 

The Plan's Board of Trustees did not take into account any other factors besides those discussed 

in Exhibits 13, 14, and 15 (Sections 17, 18, and 19) in its detennination that all reasonable 

measures have been taken to avoid insolvency. 

Section 22 - Proposed Ballot 

See Exhibit 17 (RP 88:88). 

Section 23 - Partition 

The Board of Trustees is not seeking a partition at this time. 

Section 24 - Partition Effective Date 

The Board of Trustees is not seeking a partition at this time. 

Section 25 - Assumptions 

See Exhibit 18 (RP 88:91). 

Section 26 - Plan's Experience with Critical Assumptions 

See Exhibit 19 (RP 88: 118). 
RP 88:7

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

Section 27 - Deterministic Proiections (Sensitivity) 

See Exhibit 20 (RP 88:119). 

Section 28 - Deterministic Projections (Other) 

See Exhibit 21 (RP 88:124). 

Section 29 - Plan Amendment 

See Exhibit 22 (RP 88: 126). 

Section 30 - Code Section 432(e)(9)(D)(vii) 

This Plan is not a plan described in §432(e)(9)(D)(vii). 

Section 31 - Critical & Declining Status Narrative 

See Exhibit 23 (RP 88: 127). 

Section 32 - Plan Sponsor Identification & Contact Information 

See Exhibit 24 (RP 88: 133). 

Section 33 - Plan Identification Information 

See Exhibit 25 (RP 88: 134). 

Section 34 - Retiree Representative Information 

This plan is not required to have a retiree representative pursuant to §432(e)(9)(B)(v). No retiree 

representative has been appointed. 

Section 35 - Enrolled Actuary Information 

See Exhibit 26 (RP 88: 135). 

Section 36 - Power of Attorney 

See Exhibit 27 (RP 88: 136). 

Section 37 - Required Plan Documents 

See Exhibit 28 (RP 88: 139). 
RP 88:8

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

Section 38 - Collective Bargaining Agreements 

See Exhibit 29 (RP 88:283). 

Section 39 - Form 5500 

See Exhibit 30 (RP 88:292). 

Section 40 - Rehabilitation Plan 

See Exhibit 31 (RP 88:330). 

Section 41 -Two Most Recent Actuarial Valuation Reports 

See Exhibit 32 (RP 88:340). 

Section 42 - Checklist 

The required checklist has been completed, signed, and placed on top of the application. See 

Exhibit 1 (RP 88: 10). 

Section 43 - Resubmission 

This application is not being submitted for resubmission. 
RP 88:9

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

This application is being submitted by Attorney Timothy P. Piatt, Fund Counsel and an authorized 

· es as indicated by the Power of Attorney (see Exhibit 27). 

Timothy P. Piatt 

Ohio Registration # 0080620 

Authorized Representative 

Date 

I am signing this application on behalf of the Board of Trustees of the Roofers Local No. 88 

Pension Fund, pursuant to authority granted by the Fund's Trust Agreement. 

-

:, • II ,.. 

bARB!\VA ~ D c:xQN 

Print Name 

Title 

Date 
RP 88:10

Response Item# 

YES 1 

YES 2 

YES 3 

YES 4 

YES 5. 

YES 6 

YES 7 

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

EXHIBITOl 

Checklist 

Description of Item 

Does the application include an original signature of the plan sponsor or an authorized 

representative of the plan sponsor? 

Does the application include a description of the proposed benefit suspension - calculated as if 

no other limitations apply - that includes: 

• the suspension's effective date (and its expiration date, if applicable), 

• whether the suspension provides for different treatment of participants and beneficiaries, 

• a description of the different categories or groups of individuals affected, and 

• how the suspension affects these individuals differentlv? 

Does the application include a penalties-of-perjury statement signed by an authorized trustee on 

behalf of the board of trustees? 

Does the application include a statement, signed by an authorized trustee on behalf of the board 

of trustees, acknowledging that the application and the application's supporting material will be 

publicly disclosed on the Treasury Department's website? 

Does the application include the plan actuary's certification of critical and declining status and 

the supporting illustrations, including: 

• the plan-year-by-plan-year projections demonstrating projected insolvency during the relevant 

period, and 

• separately identifying the available resources (and the market value of assets and changes in 

cash flow) during each of those years? 

Does the application include the plan actuary's certification that, taking into account the 

proposed suspension and, if applicable, a proposed partition, the plan is projected to avoid 

insolvency if the suspension takes effect, and the supporting illustrations, including: 

• the plan-year-by-plan-year projections demonstrating projected solvency during the relevant 

period, 

• separately identifying the available resources (and the market value of assets and changes in 

cash flow) during each of those years? 

Does the application include the plan sponsor's determination of projected insolvency that 

includes the documentation set forth in section 5 of Rev. Proc. 2017-43? 

Pa~e 

Application 

(Rp 88:9) 

Application 

(RP 88:4) 

Exhibit 02 

(RP 88:17) 

Exhibit 03 

(RP 88: 18) 

Exhibit 04 

(RP 88:19) 

Exhibit 05 

(RP 88:24) 

Exhibit 06 

(RP 88:27) 
RP 88:11

Response Item# 

YES 8 

YES 9 

NIA 10 

YES 11 

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

Description of Item 

Does the application include a demonstration that the limitations on individual suspensions are 

satisfied, including a description of each benefit based on disability, as defined under the plan, 

that is paid to an individual under the plan (without regard to whether the disability benefits are 

available to newly disabled participants) and calculations regarding: 

• the guarantee-based limitation, 

• the disability-based limitation, 

• the age-based limitation, taking into account the guarantee-based limitation, and 

• if applicable, the age-based limitation taking into account both the guarantee-based limitation 

and the disabilitv-based limitation? 

Does the application include a demonstration that the proposed suspension is reasonably 

estimated to achieve the level necessary to avoid insolvency for the extended period, including 

illustrations regarding the plan's solvency ratio and available resources? 

Does the application include an illustration that the proposed suspension is reasonably estimated 

to achieve the level necessary to avoid insolvency for the extended period utilizing stochastic 

projections? (This illustration is optional if the plan is not required to appoint a retiree 

representative under§ 432(e)(9)(B)(v)(I).) 

Does the application include a demonstration that the proposed suspension is not projected to 

materially exceed the level necessary to avoid insolvency, including: 

• the plan-year-by-plan-year projections demonstrating projected insolvency during the relevant 

period, and 

• a separate identification of the available resources (and the market value of assets and changes 

in cash flow) during each of those vears? 

Page 

Exhibit 07 

(RP 88:28) 

Exhibit 08 

(RP 88:45) 

Application 

(RP 88:5) 

Exhibit 09 

(RP 88:46) 
RP 88:12

Response Item# 

YES 12 

YES 13 

YES 14 

YES 15 

YES 16 

YES 17 

YES 18 

YES 19 

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

Description of Item 

Does the application include a demonstration that the proposed suspension IS equitably 

distributed, including: 

• information on the effect of the suspension on the plan in the aggregate, 

• information on the effect of the suspension for different categories or groups, 

• a list of the factors taken into account, 

• an explanation of why none of the factors listed in§ 432(e)(9)(D)(vi) were taken into account 

(if applicable), 

• for each factor taken into account that is not one of the factors listed in § 432(e)(9)(D)(vi), an 

explanation why the factor is relevant, and 

• an explanation of how any difference in treatment among categories or groups of individuals 

results from a reasonable application of the relevant factors? 

Does the application include a copy of the notices (excluding personally identifiable 

information) that meet the requirements under§ 432(e)(9)(F)? 

Does the application include a description of the efforts that are being taken to contact 

participants, beneficiaries in pav status and alternate payees? 

Does the application describe the steps the plan sponsor has taken to ensure that notices delivered 

electronically are reasonably accessible to the recipients? 

Does the application include a list of each employer who has an obligation to contribute under 

the plan and each employee organization representing participants under the plan? 

Does the application include information on past and current measures taken to avoid 

insolvency? 

Does the application include information regarding the plan factors described in § 

432(e)(9)(C)(ii), for the past 10 plan years immediately preceding the plan year in which the 

application is submitted? 

Does the application describe how the plan sponsor took into account - or did not take into 

account - the factors listed in section 5.02 of Rev. Proc. 2017-43 in the determination that all 

reasonable measures were taken to avoid insolvency? 

Paee 

Exhibit 10 

(RP 88:48) 

Exhibit 11 

(RP 88:52) 

Application 

<RP 88:5) 

Application 

(RP 88:5) 

Exhibit 12 

(RP 88:77) 

Exhibit 13 

(RP 88:78) 

Exhibit 14 

(RP 88:80) 

Exhibit 15 

(RP 88:84) 
RP 88:13

Response Item# 

YES 20 

YES 21 

YES 22 

NIA 23 

NIA 24 

YES 25 

YES 26 

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 I 001 

Description of Item 

Does the application describe how the plan sponsor took into account - or did not take into 

account- in the determination that all reasonable measures have been taken to avoid insolvency, 

the impact of: 

• benefit and contribution levels on retaining active participants and bargaining groups under the 

plan, and 

• past and anticipated contribution increases under the plan on employer attrition and retention 

levels? 

Does the application include a discussion of any other factors the plan sponsor took into account 

including how and why those factors were taken into account? 

Does the application include a copy of the proposed ballot, excluding the information regarding 

the statement in opposition the individualized estimate. and the voting procedures? 

Does the application indicate whether the plan sponsor is requesting approval from PBGC of a 

proposed partition under section 4233 of ERISA? 

If the answer to item 23 is yes, does the application specify the effective date of the proposed 

partition and include a plan-year-by-plan-year projection of the amount of the reduction in 

benefit payments attributable to the partition? 

Does the application include: 

• a description of each of the assumptions used in the projections required under sections 3.01, 

3.02, 4.02(1), 4.02(2), and 4.03 of Rev. Proc. 2017-43, 

• supporting evidence for the selection of those assumptions, and 

• an explanation of anv differences among the assumptions used for various purposes? 

Does the application describe the plan's experience with certain critical assumptions, including 

a disclosure for each of the 10 plan years immediately preceding the application that separately 

identifies: 

• the total contributions, 

• the total contribution base units, 

• the average contribution rates, 

• the withdrawal liability payments, and 

• the rate of return on plan assets? 

Pa~e 

Exhibit 16 

(RP 88:87) 

Application 

(RP 88:6) 

Exhibit 17 

(RP 88:88) 

Application 

(RP 88:6) 

Application 

(RP 88:6) 

Exhibit 18 

(RP 88:91) 

Exhibit 19 

(RP 88:118) 
RP 88:14

Response Item# 

YES 27 

YES 28 

YES 29 

NIA 30 

YES 31 

YES 32 

YES 33 

NIA 34 

YES 35 

YES 36 

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

Description of Item 

Does the application include deterministic projections of the sensitivity of the plan's solvency 

ratio throughout the extended period by talcing into account the more conservative assumptions 

of investment experience and future contribution base units than assumed elsewhere in the 

application? 

Does the plan include detenninistic projections for each year in the extended period of: 

• the value of plan assets, 

• the plan's accrued liability, and 

• the plan's funded percentage? 

Does the application include the plan sponsor's representation that, if it receives the Treasury 

Department's final authorization to suspend and then chooses to implement the suspension, it 

will also amend the plan: 

• to provide that the suspension will cease upon the plan sponsor's failure to maintain a written 

record of its annual determination that (i) all reasonable measures continue to be taken to avoid 

insolvency and (ii) the plan would not be projected to avoid insolvency without a suspension, 

• to require that any future benefit improvements must satisfy§ 432(e)(9)(E), and 

• to specify that the plan sponsor will not modify these amendments, notwithstanding any other 

provision of the plan document? 

Does the application indicate whether the plan is a plan described in § 432( e)(9)(D)(vii) and, if 

it is how that is reflected in the proposed benefit suspension? 

Does the application include a narrative statement of the reasons the plan is in critical and 

declinin!Z: status? 

Does the application include the required plan sponsor identification and contact information? 

Does the application include the required plan identification infonnation? 

Does the application include the required retiree representative information (if applicable)? 

Does the application include the required enrolled actuary information? 

Does the application include a designation of power of attorney for each authorized 

representative who will represent the plan sponsor in connection with the application? 

Pa2:e 

Exhibit 20 

(RP 88: 119) 

Exhibit 21 

(RP 88:124) 

Exhibit 22 

(RP 88:126) 

Application 

<RP 88:7) 

Exhibit 23 

(RP 88: 127) 

Exhibit 24 

(RP:133) 

Exhibit 25 

{RP 88: 134) 

Application 

(RP 88:7) 

Exhibit 26 

(RP 88:135) 

Exhibit27 

(RP 88: 136) 
RP 88:15

Response Item# 

YES 37 

YES 38 

YES 39 

YES 40 

YES 41 

YES 42 

NIA 43 

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

Description of Item 

Does the application include: 

• the required plan documents 

• any recent amendments 

• the summary plan description (SPD) 

• any summary of material modifications, and 

• the most recent determination letter? 

Does the application include the required excerpts from the relevant collective bargaining 

a£reements and side agreements? 

Does the application include the required excerpts from the most recently filed Form 5500? 

Does the application include the most recently updated rehabilitation plan? 

Does the application include the two most recent actuarial valuation reports? 

Does the application include this checklist, completed and placed on top of the application? 

If the application is being submitted for resubmission review, does the application include: 

• cross-references to information in the prior application with respect to information that has not 

changed from the prior application, 

• a statement that the application is being submitted for resubmission review, and 

• the date on which the Treasury Department indicated that the application is a candidate for 

resubmission review? 

Pa2e 

Exhibit 28 

(RP 88: 139) 

Exhibit 29 

<RP 88:283) 

Exhibit 30 

(RP 88:292) 

Exhibit 31 

(RP 88:330) 

Exhibit 32 

(RP 88:340) 

Exhibit 01 

(RP 88:10) 

Application 

(RP 88:8) 
RP 88:16

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

I am an authorized trustee who is a member of the Board of Trustees. 

Date 
RP 88:17

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

EXHIBIT02 

Penalties of Perjury Statement 

Under penalties of perjury, I declare that I have examined this application, including the 

accompanying documents, and, to the best of my knowledge and belief, the request contains all 

the relevant facts relating to the request, and such facts are true, correct, and complete. 

!, I - II • 

' 

Date 
RP 88:18

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 .PENSION FUND 

EIN/PN: 34-6615264 I 001 

EXHIBIT03 

Treasury Website Acknowledgement 

I am a trustee authorized to sign by the Board of Trustees. I acknowledge that, pursuant to 

§432(e)(9)(G)(ii), the application for approval of the proposed suspension of benefits, and the 

application's supporting material, will be publicly disclosed through publication on the Treasury 

Department website. 

pJ/fu34zeA ;1, /)1;J<;;:;-;i 

Print Name 

TJt«~7eE 

Title 

Date 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

RP 88:19 

EXHIBIT 04 

Actuary’s Certification of Critical and Declining Status

The Actuary’s certification of critical and declining status is attached as Exhibit 04A (RP 88:20). 

Supporting illustration is attached as Exhibit 04B (RP 88:23). 
11590 North Meridian Street, Suite 610  Carmel, Indiana 46032-4529  (317) 580-8670  Fax (317) 580-8651

July 29, 2020

Board of Trustees

Roofers Local No. 88 Pension Plan

Akron, Ohio

Re: 2020 Actuarial Certification Under the Pension Protection Act

Dear Trustees: 

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

section 432, with respect to the funded status of the Roofers Local No. 88 Pension Plan. 

Identifying Information

Plan Name: Roofers Local No. 88 Pension Plan

EIN/Plan #: 34-6615264/001

Plan year of Certification: year beginning May 1, 2020

Plan Sponsor: Board of Trustees of Roofers Local No. 88 Pension Plan

Sponsor Address: Stewart C. Miller & Co., Inc.

 211 West Lincoln Highway 

 Merrillville, IN 46410

Sponsor Telephone: (800) 759-6944

Enrolled Actuary Name: Kathryn A. Garrity

Enrollment Number: 20-05379

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

Actuary Telephone: (317) 580-8688

Certification of Plan Status

I certify that the above-named Plan is in the following status(es) as of May 1, 2020 (all that apply 

are checked):

Safe--Neither Endangered nor Critical Status

Safe--Neither Endangered nor Critical Status

Due to Special Rule

Endangered Status 

Seriously Endangered Status

Projected to be in Critical Status within 5 years

Critical Status

Critical and Declining Status X

RP 88:20 Exhibit 04A

United Actuarial 

Services, Inc. 

Actuaries a n d Consultants 
Board of Trustees -2- July 29, 2020

This certification is based on the following results:

• Projected funded ratio as of May 1, 2020: 61.4%

• Previously emerged from critical status using IRC 

Section 432(e)(4)(B)(ii)(I) special emergence 

rule?: No

• First projected deficiency (with extension): April 30, 2022

• At least 8 years of benefit payments in plan 

assets?: Yes

• Plan year of projected insolvency: 2035-36 plan year

• Ratio of inactive to active participants: 3.2

Certification of Scheduled Progress 

I certify that the above-named Plan has made scheduled progress as of May 1, 2020 as outlined 

in the 2013 rehabilitation plan, which was updated on July 19, 2016. Projections indicate that the 

Plan is not projected to emerge from Critical status at the end of the rehabilitation period as 

specified in the rehabilitation plan. This rehabilitation plan, however, includes the use of the 

“exhaustion of all reasonable measures” clause of IRC Section 432(e)(3)(A)(ii). Therefore, we 

interpret scheduled progress for this Plan to mean continuing to use all reasonable measures to 

forestall insolvency and it is my understanding that such consideration was made in the past year.

Basis for Result

The certification utilizes the assumptions, methods, plan provisions and demographic data as 

disclosed in the May 1, 2019 actuarial valuation report with the following exceptions:

• Based on the April 30, 2020 unaudited financial statements provided by the plan 

administrator, the asset return for the 2019-20 plan year is assumed to be -2.22%. We 

also updated the contributions, benefit payments, and expenses for the 2019-20 plan year 

based on these financial statements.

• The contribution rate increase from $8.39 to $8.95 was recognized as of June 1, 2020. 

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

activity, the following hours were assumed: 130,000 for the plan year beginning in 2020; 

and for each plan year thereafter. For the 2019-20 plan year, our projections used actual

hours of 125,973.

RP 88:21 Exhibit 04A

United Actuarial Services, Inc. 
Board of Trustees -3- July 29, 2020

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

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

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

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

answer questions regarding this certification. 

Sincerely,

Kathryn A. Garrity, FSA, EA, MAAA

Chief Actuary

Enrollment Number: 20-05379

Date of Signature: July 29, 2020 

cc: Secretary of the Treasury

Scott Fredrick, Administrator

Timothy Piatt, Fund Counsel

Kristina Ross, Auditor

m:\docs\roofers88\db 28242\valuations\20200501\ppa\20200501 ppa cert.docx

RP 88:22 Exhibit 04A

United Actuarial Services, Inc. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Exhibit 04B

Plan Year 

Ending Beginning Assets Contributions EWL Payments

 Actives Benefit 

Payments

Vested Terminations 

Benefit Payments

 Retirees Benefit 

Payments

New Entrants 

Benefit Payments Expenses

4/30/2020 $ 1,033,931 27,959,092 $ - $ $ 114,445 $ 108,453 $ 2,822,402 $ 146,847 - $ 4/30/2021 $ 1,157,434 25,204,017 $ $ - $ 317,283 $ 314,473 $ 2,806,241 $ 130,000 - $ 4/30/2022 $ 1,163,501 24,533,525 $ $ - $ 347,222 $ 396,154 $ 2,775,373 $ 130,000 - $ 4/30/2023 $ 1,163,501 23,737,032 $ $ - $ 485,898 $ 369,706 $ 2,683,625 $ 130,000 - $ 4/30/2024 $ 1,163,501 22,861,570 $ $ - $ 505,199 $ 478,773 $ 2,672,465 $ 130,000 - $ 4/30/2025 $ 1,163,501 21,801,181 $ $ - $ 559,502 $ 532,689 $ 2,622,106 $ 130,000 - $ 4/30/2026 $ 1,163,501 20,603,956 $ $ - $ 596,739 $ 577,122 $ 2,588,586 $ 130,000 256 $ 4/30/2027 $ 1,163,501 19,269,772 $ $ - $ 655,720 $ 593,952 $ 2,521,388 $ 1,149 $ 130,000 4/30/2028 $ 1,163,501 17,829,007 $ $ - $ 732,133 $ 595,332 $ 2,443,097 $ 3,058 $ 130,000 4/30/2029 $ 1,163,501 16,282,327 $ $ - $ 768,757 $ 640,060 $ 2,378,534 $ 4,992 $ 130,000 4/30/2030 $ 1,163,501 14,604,110 $ $ - $ 822,166 $ 653,236 $ 2,306,381 $ 6,856 $ 130,000 4/30/2031 $ 1,163,501 12,808,060 $ $ - $ 867,046 $ 672,678 $ 2,238,649 $ 8,624 $ 130,000 4/30/2032 $ 1,163,501 10,883,498 $ $ - $ 915,042 $ 688,733 $ 2,160,465 $ 12,190 $ 130,000 4/30/2033 $ 1,163,501 8,830,356 $ $ - $ 897,427 $ 743,578 $ 2,112,496 $ 17,335 $ 130,000 4/30/2034 $ 1,163,501 6,634,158 $ $ - $ 918,132 $ 734,408 $ 2,040,581 $ 19,646 $ 130,000 4/30/2035 $ 1,163,501 4,338,909 $ $ - $ 958,827 $ 720,526 $ 1,937,905 $ 22,577 $ 130,000 4/30/2036 $ 1,163,501 1,952,830 $ $ - $ 938,795 $ 764,713 $ 1,876,988 $ 23,595 $ 130,000 

Roofers 88:23
RP 88:24

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

EXHIBIT05 

Actuary's Certification that Plan will Avoid Insolvency 

This Certification and the attached Exhibit 05A (RP 88:26) has been prepared by United Actuarial 

Services, Inc. at the request of the Board of Trustees of the Roofers Local No. 88 Pension Plan. 

United Actuarial Services, Inc. certifies under IRC §432(e)(9)(C)(i) that the Plan is projected to 

avoid insolvency within the meaning of IR.C §418E, taking into account the proposed benefit 

suspension effective November 1, 2021 and assuming such suspension continues indefinitely. 

This certification is also intended to comply with regulation § 1.432( e )(9)-1 and Revenue 

Procedure 2017-43. A summary of the proposed benefit suspension can be found in the 

Application, Section 2 (RP 88:4). Exhibit 18 (RP 88:91) describes the actuarial assumptions and 

methodology used in the reports filed with this application, as required under Revenue Procedure 

2017-43, Section 4.02(3). 

This certification is based on census data as of May 1, 2020. The Market Value of assets as of 

September 30, 2020 (the start of the "initial period" as defined in Revenue Procedure 2017-43, 

Section 3.02, as required under regulation §l.432(e)(9)-l(d)(5)(iv)(C)(l)) was furnished by 

Stewart Miller see additional details in Exhibit 18A and 18C (RP 88:92 and RP 88:103). 

This certification is intended to demonstrate, as required under IR.C §432( e )(9) and regulation 

§ 1. 4 3 2( e )(9)-1, that the proposed benefit suspensions are reasonably projected to avoid insolvency 

as described in IRC §418E. The results may not be appropriate for any other purpose. 

Future actuarial measurements may differ significantly from the current measurements presented 

in this certification due to factors such as the following: plan experience differing from that 

anticipated by the economic or demographic assumptions, changes in economic or demographic 

assumptions, or changes in plan provisions. 

The results are based on my best interpretation of existing laws and regulations and are subject to 

revision based on future regulatory or other guidance. 

United Actuarial Services, Inc. does not provide, nor charge for, investment, tax or legal advice. 

None of the comments made herein should be construed as constituting such advice. We are not 

aware of any direct or material indirect financial interest or relationship that could create a conflict 

of interest that would impair the objectivity of our work. 

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

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

of my knowledge, the information supplied is complete and accurate. As required by IRC 

§432(b )(3)(B)(iii), the projected industry activity is based on information provided by the plan 

sponsor. In my opinion, the projections are based on reasonable actuarial estimates, assumptions 

and methods that (other than projected industry activity) offer my best estimate of anticipated 

experience under the Plan. 
RP 88:25

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

Enrollment Number: 20-05379 

11590 N. Meridian St., Suite 610 

Ca1mel, IN 46032 

Phone: 317-580-8688 

EIN/PN: 34-6615264 I 001 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Exhibit 05A

Plan Year 

Ending 1. Beg Assets

2. Employer 

Contributions

3. Withdrawal Liability 

Payments

4. Actives Benefit 

Payments

5. Vested Terminations 

Benefit Payments

6. Retirees Benefit 

Payments

7. New Entrants 

Benefit Payments 8. Expenses

9. Investment 

Income

10. Ending 

Assets

1

(1)

4/30/2021 $27,925,000 $652,604 $0 $185,649 $63,391 $2,123,123 $0 $177,729 $936,304 $26,964,017 

4/30/2022 $26,964,017 $1,228,992 $0 $256,515 $87,589 $2,933,566 $0 $236,581 $1,536,373 $26,215,130 4/30/2023 $26,215,130 $1,339,233 $0 $210,294 $144,546 $2,772,266 $0 $139,996 $1,502,446 $25,789,708 

4/30/2024 $25,789,708 $1,449,475 $0 $266,942 $186,608 $2,714,488 $0 $143,496 $1,479,091 $25,406,740 

4/30/2025 $25,406,740 $1,559,717 $0 $319,317 $231,576 $2,655,675 $0 $147,083 $1,458,331 $25,071,136 

4/30/2026 $25,071,136 $1,706,792 $0 $379,047 $273,887 $2,594,427 $0 $150,760 $1,441,416 $24,821,223 

4/30/2027 $24,821,223 $1,716,000 $0 $443,023 $331,901 $2,523,361 $34 $154,529 $1,425,192 $24,509,567 

4/30/2028 $24,509,567 $1,716,000 $0 $504,507 $401,695 $2,456,267 $190 $158,392 $1,404,619 $24,109,135 

4/30/2029 $24,109,135 $1,716,000 $0 $558,039 $440,463 $2,378,255 $592 $162,352 $1,403,436 $23,688,870 

4/30/2030 $23,688,870 $1,716,000 $0 $612,924 $478,800 $2,302,501 $1,272 $166,411 $1,411,487 $23,254,448 

4/30/2031 $23,254,448 $1,716,000 $0 $672,266 $505,363 $2,228,646 $2,228 $170,571 $1,417,505 $22,808,879 

4/30/2032 $22,808,879 $1,716,000 $0 $731,567 $557,250 $2,152,526 $3,486 $174,835 $1,420,708 $22,325,923 

4/30/2033 $22,325,923 $1,716,000 $0 $768,172 $588,742 $2,074,117 $5,272 $179,206 $1,421,515 $21,847,930 

4/30/2034 $21,847,930 $1,716,000 $0 $812,298 $613,878 $1,993,402 $7,985 $183,686 $1,421,221 $21,373,902 

4/30/2035 $21,373,902 $1,716,000 $0 $844,043 $630,652 $1,910,378 $11,136 $188,278 $1,410,336 $20,915,751 

4/30/2036 $20,915,751 $1,716,000 $0 $869,896 $642,592 $1,825,088 $14,746 $192,985 $1,380,076 $20,466,520 4/30/2037 $20,466,520 $1,716,000 $0 $897,264 $666,009 $1,737,605 $18,781 $197,810 $1,350,039 $20,015,089 4/30/2038 $20,015,089 $1,716,000 $0 $922,882 $678,675 $1,648,051 $23,758 $202,755 $1,320,317 $19,575,285 4/30/2039 $19,575,285 $1,716,000 $0 $939,996 $685,550 $1,556,609 $29,295 $207,824 $1,291,932 $19,163,943 4/30/2040 $19,163,943 $1,716,000 $0 $966,125 $695,552 $1,463,525 $36,042 $213,020 $1,265,102 $18,770,782 4/30/2041 $18,770,782 $1,716,000 $0 $979,685 $711,822 $1,369,112 $43,312 $218,346 $1,239,767 $18,404,272 4/30/2042 $18,404,272 $1,716,000 $0 $1,008,742 $710,336 $1,273,771 $51,048 $223,805 $1,216,361 $18,068,931 

4/30/2043 $18,068,931 $1,716,000 $0 $1,016,118 $708,310 $1,177,986 $62,056 $229,400 $1,195,770 $17,786,831 

4/30/2044 $17,786,831 $1,716,000 $0 $1,018,989 $715,353 $1,082,348 $73,918 $235,135 $1,178,655 $17,555,744 

4/30/2045 $17,555,744 $1,716,000 $0 $1,038,123 $705,085 $987,541 $87,444 $241,013 $1,165,006 $17,377,544 4/30/2046 $17,377,544 $1,716,000 $0 $1,035,055 $693,983 $894,346 $102,200 $247,038 $1,155,697 $17,276,620 4/30/2047 $17,276,620 $1,716,000 $0 $1,042,111 $685,252 $803,593 $117,851 $253,214 $1,151,169 $17,241,768 4/30/2048 $17,241,768 $1,716,000 $0 $1,027,310 $675,820 $716,124 $138,812 $259,544 $1,151,676 $17,291,834 4/30/2049 $17,291,834 $1,716,000 $0 $1,029,344 $661,513 $632,762 $160,883 $266,033 $1,157,445 $17,414,743 4/30/2050 $17,414,743 $1,716,000 $0 $1,011,164 $638,863 $554,233 $185,382 $272,684 $1,168,969 $17,637,386 4/30/2051 $17,637,386 $1,716,000 $0 $989,991 $615,454 $481,119 $211,093 $279,501 $1,187,270 $17,963,498 

4/30/2052 $17,963,498 $1,716,000 $0 $968,442 $594,944 $413,835 $237,629 $286,489 $1,212,387 $18,390,545 

Notes: 1) All values for PYE 4/30/21 are for short year starting 10/1/20 and beginning market value is at that date

2) All values for PYE 4/30/22 are pro rated for the mid year suspension

RP 88:26
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Exhibit 05A

Plan Year 

Ending 1. Beg Assets

2. Employer 

Contributions

3. Withdrawal Liability 

Payments

4. Actives Benefit 

Payments

5. Vested Terminations 

Benefit Payments

6. Retirees Benefit 

Payments

7. New Entrants 

Benefit Payments 8. Expenses

9. Investment 

Income

10. Ending 

Assets

1

(1)

4/30/2021 $27,925,000 $652,604 $0 $185,649 $63,391 $2,123,123 $0 $177,729 $936,304 $26,964,017 

4/30/2022 $26,964,017 $1,228,992 $0 $256,515 $87,589 $2,933,566 $0 $236,581 $1,536,373 $26,215,130 4/30/2023 $26,215,130 $1,339,233 $0 $210,294 $144,546 $2,772,266 $0 $139,996 $1,502,446 $25,789,708 

4/30/2024 $25,789,708 $1,449,475 $0 $266,942 $186,608 $2,714,488 $0 $143,496 $1,479,091 $25,406,740 

4/30/2025 $25,406,740 $1,559,717 $0 $319,317 $231,576 $2,655,675 $0 $147,083 $1,458,331 $25,071,136 

4/30/2026 $25,071,136 $1,706,792 $0 $379,047 $273,887 $2,594,427 $0 $150,760 $1,441,416 $24,821,223 

4/30/2027 $24,821,223 $1,716,000 $0 $443,023 $331,901 $2,523,361 $34 $154,529 $1,425,192 $24,509,567 

4/30/2028 $24,509,567 $1,716,000 $0 $504,507 $401,695 $2,456,267 $190 $158,392 $1,404,619 $24,109,135 

4/30/2029 $24,109,135 $1,716,000 $0 $558,039 $440,463 $2,378,255 $592 $162,352 $1,403,436 $23,688,870 

4/30/2030 $23,688,870 $1,716,000 $0 $612,924 $478,800 $2,302,501 $1,272 $166,411 $1,411,487 $23,254,448 

4/30/2031 $23,254,448 $1,716,000 $0 $672,266 $505,363 $2,228,646 $2,228 $170,571 $1,417,505 $22,808,879 

4/30/2032 $22,808,879 $1,716,000 $0 $731,567 $557,250 $2,152,526 $3,486 $174,835 $1,420,708 $22,325,923 

4/30/2033 $22,325,923 $1,716,000 $0 $768,172 $588,742 $2,074,117 $5,272 $179,206 $1,421,515 $21,847,930 

4/30/2034 $21,847,930 $1,716,000 $0 $812,298 $613,878 $1,993,402 $7,985 $183,686 $1,421,221 $21,373,902 

4/30/2035 $21,373,902 $1,716,000 $0 $844,043 $630,652 $1,910,378 $11,136 $188,278 $1,410,336 $20,915,751 

4/30/2036 $20,915,751 $1,716,000 $0 $869,896 $642,592 $1,825,088 $14,746 $192,985 $1,380,076 $20,466,520 4/30/2037 $20,466,520 $1,716,000 $0 $897,264 $666,009 $1,737,605 $18,781 $197,810 $1,350,039 $20,015,089 4/30/2038 $20,015,089 $1,716,000 $0 $922,882 $678,675 $1,648,051 $23,758 $202,755 $1,320,317 $19,575,285 4/30/2039 $19,575,285 $1,716,000 $0 $939,996 $685,550 $1,556,609 $29,295 $207,824 $1,291,932 $19,163,943 4/30/2040 $19,163,943 $1,716,000 $0 $966,125 $695,552 $1,463,525 $36,042 $213,020 $1,265,102 $18,770,782 4/30/2041 $18,770,782 $1,716,000 $0 $979,685 $711,822 $1,369,112 $43,312 $218,346 $1,239,767 $18,404,272 4/30/2042 $18,404,272 $1,716,000 $0 $1,008,742 $710,336 $1,273,771 $51,048 $223,805 $1,216,361 $18,068,931 

4/30/2043 $18,068,931 $1,716,000 $0 $1,016,118 $708,310 $1,177,986 $62,056 $229,400 $1,195,770 $17,786,831 

4/30/2044 $17,786,831 $1,716,000 $0 $1,018,989 $715,353 $1,082,348 $73,918 $235,135 $1,178,655 $17,555,744 

4/30/2045 $17,555,744 $1,716,000 $0 $1,038,123 $705,085 $987,541 $87,444 $241,013 $1,165,006 $17,377,544 4/30/2046 $17,377,544 $1,716,000 $0 $1,035,055 $693,983 $894,346 $102,200 $247,038 $1,155,697 $17,276,620 4/30/2047 $17,276,620 $1,716,000 $0 $1,042,111 $685,252 $803,593 $117,851 $253,214 $1,151,169 $17,241,768 4/30/2048 $17,241,768 $1,716,000 $0 $1,027,310 $675,820 $716,124 $138,812 $259,544 $1,151,676 $17,291,834 4/30/2049 $17,291,834 $1,716,000 $0 $1,029,344 $661,513 $632,762 $160,883 $266,033 $1,157,445 $17,414,743 4/30/2050 $17,414,743 $1,716,000 $0 $1,011,164 $638,863 $554,233 $185,382 $272,684 $1,168,969 $17,637,386 4/30/2051 $17,637,386 $1,716,000 $0 $989,991 $615,454 $481,119 $211,093 $279,501 $1,187,270 $17,963,498 

4/30/2052 $17,963,498 $1,716,000 $0 $968,442 $594,944 $413,835 $237,629 $286,489 $1,212,387 $18,390,545 

4/30/2053 $18,390,545 $1,716,000 $0 $945,557 $571,149 $352,625 $272,593 $293,651 $1,244,122 $18,915,092 

Notes: 1) All values for PYE 4/30/21 are for short year starting 10/1/20 and beginning market value is at that date

2) All values for PYE 4/30/22 are pro rated for the mid year suspension

RP88:26.1
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Exhibit 06

Plan Year 

Ending 1. Beg Assets

2. Employer 

Contributions

3. Withdrawal liability 

payments

4. Benefit 

Payments 5. Expenses

6. Investment 

Income

7. Ending 

Assets

8. Resources 

(1)+(2)+(3)+(6)-(5)

9. Solvency Ratio 

(8)/(4)

4/30/2021 $27,925,000 $652,604 $0 $2,372,162 $177,729 $936,304 $26,964,017 $29,336,179 12.37

4/30/2022 $26,964,017 $1,228,992 $0 $3,486,750 $182,172 $1,531,771 $26,055,857 $29,542,607 8.47

4/30/2023 $26,055,857 $1,339,233 $0 $3,562,355 $186,726 $1,478,631 $25,124,641 $28,686,996 8.05

4/30/2024 $25,124,641 $1,449,475 $0 $3,623,881 $191,394 $1,424,534 $24,183,375 $27,807,256 7.67

4/30/2025 $24,183,375 $1,559,717 $0 $3,676,619 $196,179 $1,370,097 $23,240,390 $26,917,009 7.32

4/30/2026 $23,240,390 $1,706,792 $0 $3,728,274 $201,083 $1,316,682 $22,334,507 $26,062,781 6.99

4/30/2027 $22,334,507 $1,716,000 $0 $3,794,578 $206,110 $1,260,934 $21,310,753 $25,105,331 6.62

4/30/2028 $21,310,753 $1,716,000 $0 $3,872,518 $211,263 $1,197,548 $20,140,520 $24,013,038 6.20

4/30/2029 $20,140,520 $1,716,000 $0 $3,891,303 $216,545 $1,146,148 $18,894,820 $22,786,123 5.86

4/30/2030 $18,894,820 $1,716,000 $0 $3,916,556 $221,959 $1,096,381 $17,568,686 $21,485,242 5.49

4/30/2031 $17,568,686 $1,716,000 $0 $3,915,470 $227,508 $1,038,555 $16,180,263 $20,095,733 5.13

4/30/2032 $16,180,263 $1,716,000 $0 $3,955,717 $233,196 $971,347 $14,678,697 $18,634,414 4.71

4/30/2033 $14,678,697 $1,716,000 $0 $3,942,790 $239,026 $894,145 $13,107,026 $17,049,816 4.32

4/30/2034 $13,107,026 $1,716,000 $0 $3,928,459 $245,002 $807,724 $11,457,289 $15,385,748 3.92

4/30/2035 $11,457,289 $1,716,000 $0 $3,888,527 $251,127 $706,937 $9,740,572 $13,629,099 3.50

4/30/2036 $9,740,572 $1,716,000 $0 $3,832,634 $257,405 $590,195 $7,956,728 $11,789,362 3.08

4/30/2037 $7,956,728 $1,716,000 $0 $3,785,694 $263,840 $468,507 $6,091,701 $9,877,395 2.61

4/30/2038 $6,091,701 $1,716,000 $0 $3,726,372 $270,436 $341,639 $4,152,532 $7,878,904 2.11

4/30/2039 $4,152,532 $1,716,000 $0 $3,646,121 $277,197 $210,372 $2,155,586 $5,801,707 1.59

4/30/2040 $2,155,586 $1,716,000 $0 $3,574,352 $284,127 $74,820 $87,927 $3,662,279 1.02

4/30/2041 $87,927 $1,716,000 $0 $3,497,973 $291,230 $0 -$1,985,276 $1,512,697 0.43

RP 88:27
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:28 

EXHIBIT 07 

Demonstration of Suspension Limitations 

The following exhibits are attached which demonstrate that the limitations on individual 

suspensions are satisfied: 

Exhibit 07A (RP 88:29) – Retiree Under 75 without Contingent Beneficiary, No Late Retirement, 

110% of PBGC Guarantee 

Exhibit 07B (RP 88:30) – Retiree Under 75 without Contingent Beneficiary, Late Retirement, 

110% of PBGC Guarantee 

Exhibit 07C (RP 88:31) – Retiree Under 75 with Contingent Beneficiary, No Late Retirement, 

110% of PBGC Guarantee 

Exhibit 07D (RP 88:32) – Retiree Under 75 with Contingent Beneficiary, Late Retirement, 110% 

of PBGC Guarantee 

Exhibit 07E (RP 88:33) – Beneficiary Under 75, 110% of PBGC Guarantee 

Exhibit 07F (RP 88:34) – Inactive Vested, No Late Retirement, 110% of PBGC Guarantee 

Exhibit 07G (RP 88:35) – Inactive Vested, Late Retirement, 110% of PBGC Guarantee 

Exhibit 07H (RP 88:36) – Beneficiary Over Age 80, 110% of PBGC Guarantee 

Exhibit 07I (RP 88:37) – Alternate Payee in Payment Between 75 and 80, 110% of PBGC 

Guarantee 

Exhibit 07J (RP 88:38) – Retiree Age 75-80 without Contingent Beneficiary, No Late Retirement, 

Age 75-79 and 110% of PBGC Guarantee 

Exhibit 07K (RP 88:39) – Retiree Age 75-80 without Contingent Beneficiary, Late Retirement 

Exhibit 07L (RP 88:40) – Retiree Age 75-80 with Contingent Beneficiary, No Late Retirement, 

Age 75-79 and 110% of PBGC Guarantee 

Exhibit 07M (RP 88:41) – Retiree Age 75-80 with Contingent Beneficiary, Late Retirement, Age 

75-79 and 110% of PBGC Guarantee 

Exhibit 07N (RP 88:42) – Beneficiary Age 75-80, Age 75-79 and 110% of PBGC Guarantee 

Exhibit 07O (RP 88:43) – Disability 

Exhibit 07P (RP 88:44) – Retiree Over Age 80 without Contingent Beneficiary, No Late 

Retirement, Over Age 80 and 110% of PBGC Guarantee 
Exhibit 07A

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Checklist Item #8 - 4.01 Demonstration that Limitations on Individual Suspensions are Satisfied

Exhibit 07A

Participant Category: Retiree Under Age 75 without a contingent beneficiary, No Late Retirement

Suspension Limitation: 110% of PBGC Guaranteed Benefit

Date of birth

Date of retirement

Age at retirement date 58 years 6 months

Age at suspension date 71 years 1 months

Current monthly benefit

Total Benefit Credits

Form of pension

Calculation of 110% of PBGC Guarantee

Current monthly benefit, without regard to LRF

Current monthly benefit, without regard to LRF/ Benefit Credits

PBGC guaranteed accrual rate

PBGC guaranteed benefit

110% of PBGC guaranteed benefit

Current monthly benefit, with 10% cut

Suspension benefit prior to age based limitation

Age Based Limitation

Months from age 80 (at suspension date, max 60 mos)

Benefits after age-based limitation

Final Monthly Benefit under Proposed Suspension

Summary of Applicable Federal Limitations

Disability limit?

110% of PBGC guaranteed limit?

Age-based limit? No

60

607.12

Yes

No

607.12

607.12

596.31

10/18/1950

5/1/2009

662.57

20.00

5 years certain & continous

662.57

607.12

551.93

27.60

33.13

RP 88:29
Exhibit 07B

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Checklist Item #8 - 4.01 Demonstration that Limitations on Individual Suspensions are Satisfied

Exhibit 07B

Participant Category: Retiree Under Age 75 without a contingent beneficiary, Late Retirement

Suspension Limitation: 110% of PBGC Guaranteed Benefit

Date of birth

Date of retirement

Age at retirement date 65 years 0 months

Age at suspension date 73 years 1 months

Current monthly benefit

Late retirement factor (LRD) applied to current benefit

Total Benefit Credits

Form of pension

Calculation of 110% of PBGC Guarantee

Current monthly benefit, without regard to LRF

Current monthly benefit, without regard to LRF/ Benefit Credits

PBGC guaranteed accrual rate

PBGC guaranteed benefit

110% of PBGC guaranteed benefit

Current monthly benefit, with 10% cut

Suspension benefit prior to age based limitation

Age Based Limitation

Months from age 80 (at suspension date, max 60 mos)

Benefits after age-based limitation

Final Monthly Benefit under Proposed Suspension

Summary of Applicable Federal Limitations

Disability limit?

110% of PBGC guaranteed limit?

Age-based limit?

141.68

No

Yes

No

141.68

141.68

60

139.34

154.82

11/1/2013

10/17/1948

141.68

128.80

14.31

15.41

138.73

5 years certain & continous

9.00

1.11598

RP 88:30
Exhibit 07C

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Checklist Item #8 - 4.01 Demonstration that Limitations on Individual Suspensions are Satisfied

Exhibit 07C

Participant Category: Retiree Under Age 75 with a contingent beneficiary, No Late Retirement

Suspension Limitation: 110% of PBGC Guaranteed Benefit

Date of birth

Spouse date of birth

Date of retirement

Age at retirement date 60 years 0 months

Age at suspension date 61 years 11 months

Spouse age at retirement date 56 years 3 months

Spouse age at suspension date 58 years 2 months

Current monthly benefit

Pop-up benefit if spouse dies first

Spouse benefit if participant dies first

Current monthly benefit, without regard to late factor (LRF)

Pop-up benefit if spouse dies first, w/o regard to LRF

Spouse benefit if participant dies first, w/o regard to LRF

Total Benefit Credits

Form of pension

Calculation of 110% of PBGC Guarantee

Pop-up Benefit Survivor Benefit

Monthly benefit/ Benefit Credits 39.55 17.42

PBGC guaranteed accrual rate 32.41 15.82

PBGC guaranteed benefit, current benefit 388.95 189.79

110% of PBGC guaranteed benefit, current benefit 427.85 208.77

Current monthly benefit, with 10% cut 427.14 188.15

Suspension benefit prior to age based limitation 427.85 208.77

Age Based Limitation

Months from age 80 (at suspension date, max 60 mos) 60 60

Benefits after age-based limitation 427.85 208.77

Final Monthly Benefit under Proposed Suspension 427.85 208.77

Summary of Applicable Federal Limitations

Disability limit?

110% of PBGC guaranteed limit?

Age-based limit?

12.00

381.23

381.23

60

209.05

418.10

474.60

209.05

12/21/1959

9/28/1963

1/1/2020

418.10

474.60

381.23

No

Yes

No

joint & 50% w pop-up

Current Benefit

34.84

28.88

346.58

381.23

376.29

RP 88:31
Exhibit 07D

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Checklist Item #8 - 4.01 Demonstration that Limitations on Individual Suspensions are Satisfied

Exhibit 07D

Participant Category: Retiree Under Age 75 with a contingent beneficiary, Late Retirement

Suspension Limitation: 110% of PBGC Guaranteed Benefit

Date of birth

Spouse date of birth

Date of retirement

Age at retirement date 62 years 1 months

Age at suspension date 66 years 1 months

Spouse age at retirement date 63 years 2 months

Spouse age at suspension date 68 years 3 months

Current monthly benefit

Pop-up benefit if spouse dies first

Spouse benefit if participant dies first

Late factor applied to current monthly benefit

Current monthly benefit, without regard to late factor (LRF)

Pop-up benefit if spouse dies first, w/o regard to LRF

Spouse benefit if participant dies first, w/o regard to LRF

Total Benefit Credits

Form of pension

Calculation of 110% of PBGC Guarantee

Pop-up Benefit Survivor Benefit

Current monthly benefit, without regard to LRF/ Benefit Credits 39.00 31.48

PBGC guaranteed accrual rate 32.00 26.36

PBGC guaranteed benefit, current benefit 223.98 184.50

110% of PBGC guaranteed benefit, current benefit 246.38 202.95

Current monthly benefit, with 10% cut 247.93 200.12

Suspension benefit prior to age based limitation 247.93 202.95

Age Based Limitation

Months from age 80 (at suspension date, max 60 mos) 60 60

Benefits after age-based limitation 247.93 202.95

Final Monthly Benefit under Proposed Suspension 247.93 202.95

Summary of Applicable Federal Limitations

Disability limit?

110% of PBGC guaranteed limit?

Age-based limit?

7.00

9/17/1954

8/28/1953

11/1/2016

222.35

275.48

222.35

1.0092

220.33

272.98

220.33

Yes

No

joint & 100% w pop-up

Current Benefit

31.48

26.36

184.50

202.95

202.95

60

202.95

202.95

No

200.12

RP 88:32
Exhibit 07E

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Checklist Item #8 - 4.01 Demonstration that Limitations on Individual Suspensions are Satisfied

Exhibit 07E

Participant Category: Beneficiary Under Age 75

Suspension Limitation: 110% of PBGC Guaranteed Benefit

Date of birth

Date of retirement (member)

Age at retirement date 48 years 4 months

Age at suspension date 58 years 4 months

Current monthly benefit

Total Benefit Credits

Form of pension (original)

Calculation of 110% of PBGC Guarantee

Current monthly benefit/ Benefit Credits

PBGC guaranteed accrual rate

PBGC guaranteed benefit

110% of PBGC guaranteed benefit

Current monthly benefit, with 10% cut

Suspension benefit prior to age based limitation

Age Based Limitation

Months from age 80 (at suspension date, max 60 mos)

Benefits after age-based limitation

Final Monthly Benefit under Proposed Suspension

Summary of Applicable Federal Limitations

Disability limit?

110% of PBGC guaranteed limit?

Age-based limit?

Yes

No

952.03

7/18/1963

12/1/2011

1057.81

No

30.00

life only

35.26

29.20

875.86

963.44

963.44

60

963.44

963.44

RP 88:33
Exhibit 07F

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Checklist Item #8 - 4.01 Demonstration that Limitations on Individual Suspensions are Satisfied

Exhibit 07F

Participant Category: Inactive vested, No Late Retirement

Suspension Limitation: 110% of PBGC Guaranteed Benefit

Date of birth

Age at suspension date 33 years 11 months

Total accrued benefit payable at normal retirement age

Total accrued benefit payable at assumed age 60

Total Benefit Credits

Calculation of 110% of PBGC Guarantee at Assumed Retirement Age of 60

Current monthly benefit/ Benefit Credits

PBGC guaranteed accrual rate

PBGC guaranteed benefit

110% of PBGC guaranteed benefit

Benefit with 10% cut

Final Monthly Benefit under Proposed Suspension

Summary of Applicable Federal Limitations

110% of PBGC guaranteed limit?

218.01

239.81

239.81

Yes

This calculation excludes any reductions in the participant's accrued benefit for pre-retirement death benefit coverage.

235.21

27.25

12/29/1987

261.34

261.34

8.00

32.67

RP 88:34
Exhibit 07G

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Checklist Item #8 - 4.01 Demonstration that Limitations on Individual Suspensions are Satisfied

Exhibit 07G

Participant Category: Inactive Vested, Late Retirement

Suspension Limitation: 110% of PBGC Guaranteed Benefit

Date of birth

Assumed date of retirement

Age at retirement date 62 years 9 months

Age at suspension date 64 years 4 months

Total vested benefit payable at normal retirement age

Late retirement factor

Total vested benefit payable with late

Total vested benefit payable no LRF

Total Benefit Credits

Calculation of 110% of PBGC Guarantee at Assumed Retirement Age of 65

Current monthly benefit/ Benefit Credits

PBGC guaranteed accrual rate

PBGC guaranteed benefit

110% of PBGC guaranteed benefit

Benefit with 10% cut

Final Monthly Benefit under Proposed Suspension

Summary of Applicable Federal Limitations

110% of PBGC guaranteed limit?

5.00

5/1/2020

7/9/1957

74.51

1.08247

80.65

74.51

This calculation excludes any reductions in the participant's accrued benefit for pre-retirement death benefit coverage.

72.59

14.90

13.93

69.63

76.59

76.59

Yes

RP 88:35
Exhibit 07H

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Checklist Item #8 - 4.01 Demonstration that Limitations on Individual Suspensions are Satisfied

Exhibit 07H

Participant Category: Beneficiary Over Age 80

Suspension Limitation: Over Age 80 (and 110% of PBGC Guaranteed Benefit)

Date of birth

Date of retirement (member)

Age at retirement date 79 years 5 months

Age at suspension date 91 years 6 months

Current monthly benefit

Total Benefit Credits

Form of pension (original)

Calculation of 110% of PBGC Guarantee

Current monthly benefit/ Benefit Credits

PBGC guaranteed accrual rate

PBGC guaranteed benefit

110% of PBGC guaranteed benefit

Current monthly benefit, with 10% cut

Suspension benefit prior to age based limitation

Age Based Limitation

Months from age 80 (at suspension date, max 60 mos)

Benefits after age-based limitation

Final Monthly Benefit under Proposed Suspension

Summary of Applicable Federal Limitations

Disability limit?

110% of PBGC guaranteed limit?

Age-based limit?

451.58

451.58

No

Yes

Yes

0

5/16/1930

11/1/2009

451.58

22.00

Life only

20.53

18.14

399.19

439.10

439.10

406.42

RP 88:36
Exhibit 07I

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Checklist Item #8 - 4.01 Demonstration that Limitations on Individual Suspensions are Satisfied

Exhibit 07I

Participant Category: Alternate Payee in Payment Between 75 and 80

Suspension Limitation: Age 75-79 (and 110% of PBGC Guaranteed Benefit)

Date of birth

Date of retirement

Age at retirement date 60 years 6 months

Age at suspension date 78 years 0 months

Current monthly benefit

Total Benefit Credits

Form of pension

Calculation of 110% of PBGC Guarantee

Current monthly benefit/ Benefit Credits

PBGC guaranteed accrual rate

PBGC guaranteed benefit

110% of PBGC guaranteed benefit

Current monthly benefit, with 10% cut

Suspension benefit prior to age based limitation

Age Based Limitation

Months from age 80 (at suspension date, max 60 mos)

Benefits after age-based limitation

Final Monthly Benefit under Proposed Suspension

Summary of Applicable Federal Limitations

Disability limit?

110% of PBGC guaranteed limit?

Age-based limit?

Service and Benefit amounts shown are portion attributable to AP only

12.00

162.10

6/1/2004

11/7/1943

Yes

Yes

No

162.10

162.10

13.51

life only

24

162.10

162.10

154.58

12.88

145.89

RP 88:37
Exhibit 07J

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Checklist Item #8 - 4.01 Demonstration that Limitations on Individual Suspensions are Satisfied

Exhibit 07J

Participant Category: Retiree Age 75-80 without contingent beneficiary, No Late Retirement

Suspension Limitation: Age 75-79 (and 110% of PBGC Guaranteed Benefit)

Date of birth

Date of retirement

Age at retirement date 64 years 0 months

Age at suspension date 77 years 0 months

Current monthly benefit

Current monthly benefit, without regard to late factor (LRF)

Total Benefit Credits

Form of pension

Calculation of 110% of PBGC Guarantee

Monthly benefit/ Benefit Credits

PBGC guaranteed accrual rate

PBGC guaranteed benefit, current benefit

110% of PBGC guaranteed benefit, current benefit

Current monthly benefit, with 10% cut

Suspension benefit prior to age based limitation

Age Based Limitation

Months from age 80 (at suspension date, max 60 mos)

Benefits after age-based limitation

Final Monthly Benefit under Proposed Suspension

Summary of Applicable Federal Limitations

Disability limit?

110% of PBGC guaranteed limit?

Age-based limit? Yes

85.37

83.28

85.37

85.37

36

85.37

85.37

11.90

5 year certain and continuous

12.20

No

Yes

76.83

11/29/1944

12/1/2008

85.37

7.00

RP 88:38
Exhibit 07K

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Checklist Item #8 - 4.01 Demonstration that Limitations on Individual Suspensions are Satisfied

Exhibit 07K

Participant Category: Retiree Age 75-80 without contingent beneficiary, Late Retirement

Suspension Limitation: Age 75-79 

Date of birth

Date of retirement

Age at retirement date 65 years 2 months

Age at suspension date 78 years 4 months

Current monthly benefit

Late factor applied to current monthly benefit

Current monthly benefit, without regard to late factor (LRF)

Total Benefit Credits

Form of pension

Calculation of 110% of PBGC Guarantee

Current monthly benefit, without regard to LRF/ Benefit Credits

PBGC guaranteed accrual rate

PBGC guaranteed benefit, current benefit

110% of PBGC guaranteed benefit, current benefit

Current monthly benefit, with 10% cut

Suspension benefit prior to age based limitation

Age Based Limitation

Months from age 80 (at suspension date, max 60 mos)

Benefits after age-based limitation

Final Monthly Benefit under Proposed Suspension

Summary of Applicable Federal Limitations

Disability limit?

110% of PBGC guaranteed limit?

Age-based limit?

No

Yes

629.20

1360.52

20

1461.30

1461.30

No

1360.52

572.00

7/1/1943

9/1/2008

1511.69

1.6989

889.82

16.00

5 year certain & continuous

55.61

35.75

RP 88:39
Exhibit 07L

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Checklist Item #8 - 4.01 Demonstration that Limitations on Individual Suspensions are Satisfied

Exhibit 07L

Participant Category: Retiree Age 75-80 with contingent beneficiary, No Late Retirement

Suspension Limitation: Age 75-79 (and 110% of PBGC Guaranteed Benefit)

Date of birth

Spouse date of birth

Date of retirement

Age at retirement date 62 years 0 months

Age at suspension date 75 years 10 months

Spouse age at retirement date 67 years 0 months

Spouse age at suspension date 80 years 10 months

Current monthly benefit

Pop-up benefit if spouse dies first

Spouse benefit if participant dies first

Current monthly benefit, without regard to late factor (LRF)

Pop-up benefit if spouse dies first, w/o regard to LRF

Spouse benefit if participant dies first, w/o regard to LRF

Total Benefit Credits

Form of pension

Calculation of 110% of PBGC Guarantee

Pop-up Benefit Survivor Benefit

Monthly benefit/ Benefit Credits 18.94 15.85

PBGC guaranteed accrual rate 16.95 14.64

PBGC guaranteed benefit, current benefit 101.72 87.82

110% of PBGC guaranteed benefit, current benefit 111.89 95.09

Current monthly benefit, with 10% cut 102.27 85.58

Suspension benefit prior to age based limitation 111.89 95.09

Age Based Limitation

Months from age 80 (at suspension date, max 60 mos) 50 50

Benefits after age-based limitation 112.18 95.09

Final Monthly Benefit under Proposed Suspension 112.18 95.09

Summary of Applicable Federal Limitations

Disability limit?

110% of PBGC guaranteed limit?

Age-based limit?

95.09

1/10/1946

1/19/1941

2/1/2008

95.09

113.63

95.09

95.09

113.63

95.09

6.00

joint & 100% w pop-up

Current Benefit

15.85

14.64

87.82

85.58

Yes

95.09

50

95.09

95.09

No

Yes

RP 88:40
Exhibit 07M

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Checklist Item #8 - 4.01 Demonstration that Limitations on Individual Suspensions are Satisfied

Exhibit 07M

Participant Category: Retiree Age 75-80 with contingent beneficiary, Late Retirement

Suspension Limitation: Age 75-79 (and 110% of PBGC Guaranteed Benefit)

Date of birth

Spouse date of birth

Date of retirement

Age at retirement date 62 years 3 months

Age at suspension date 78 years 9 months

Spouse age at retirement date 50 years 0 months

Spouse age at suspension date 66 years 6 months

Current monthly benefit

Pop-up benefit if spouse dies first

Spouse benefit if participant dies first

Late factor applied to current monthly benefit

Current monthly benefit, without regard to late factor (LRF)

Pop-up benefit if spouse dies first, w/o regard to LRF

Spouse benefit if participant dies first, w/o regard to LRF

Total Benefit Credits

Form of pension

Calculation of 110% of PBGC Guarantee

Pop-up Benefit Survivor Benefit

Current monthly benefit, without regard to LRF/ Benefit Credits 17.11 7.18

PBGC guaranteed accrual rate 15.58 7.18

PBGC guaranteed benefit, current benefit 124.65 57.43

110% of PBGC guaranteed benefit, current benefit 137.11 58.98

Current monthly benefit, with 10% cut 126.49 53.08

Suspension benefit prior to age based limitation 137.11 58.98

Age Based Limitation

Months from age 80 (at suspension date, max 60 mos) 15 15

Benefits after age-based limitation 139.68 58.98

Final Monthly Benefit under Proposed Suspension 139.68 58.98

Summary of Applicable Federal Limitations

Disability limit?

110% of PBGC guaranteed limit?

Age-based limit?

58.98

2/18/1943

5/25/1955

6/1/2005

117.95

140.54

117.95

1.0269

114.86

136.86

57.43

8.00

joint & 50% w pop-up

Current Benefit

14.36

13.52

108.15

106.16

Yes

117.95

15

117.95

117.95

No

Yes

RP 88:41
Exhibit 07N

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Checklist Item #8 - 4.01 Demonstration that Limitations on Individual Suspensions are Satisfied

Exhibit 07N

Participant Category: Beneficiary Age 75-80

Suspension Limitation: Age 75-79 (and 110% of PBGC Guaranteed Benefit)

Date of birth

Date of retirement (member)

Age at retirement date 67 years 5 months

Age at suspension date 75 years 2 months

Current monthly benefit

Total Benefit Credits

Form of pension (original)

Calculation of 110% of PBGC Guarantee

Current monthly benefit/ Benefit Credits

PBGC guaranteed accrual rate

PBGC guaranteed benefit

110% of PBGC guaranteed benefit

Current monthly benefit, with 10% cut

Suspension benefit prior to age based limitation

Age Based Limitation

Months from age 80 (at suspension date, max 60 mos)

Benefits after age-based limitation

Final Monthly Benefit under Proposed Suspension

Summary of Applicable Federal Limitations

Disability limit?

110% of PBGC guaranteed limit?

Age-based limit?

58

300.29

Yes

Yes

No

300.29

300.29

9/26/1946

14.60

15.80

life only

19.00

270.26

300.29

277.47

300.29

3/1/2014

RP 88:42
Exhibit 07O

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Checklist Item #8 - 4.01 Demonstration that Limitations on Individual Suspensions are Satisfied

Exhibit 07O

Participant Category: Disability

Suspension Limitation: Disability

Date of birth

Date of retirement (conversion from disablity)

Age at retirement date 48 years 7 months

Age at suspension date 57 years 10 months

Current monthly benefit

Disability based benefit

Total Benefit Credits

Type of pension

Form of pension

Calculation of 110% of PBGC Guarantee

Current monthly benefit/ Benefit Credits

PBGC guaranteed accrual rate

PBGC guaranteed benefit

110% of PBGC guaranteed benefit

Current monthly benefit, with 10% cut

Suspension benefit prior to age based limitation

Age Based Limitation

Months from age 80 (at suspension date, max 60 mos)

Benefits after age-based limitation

Final Monthly Benefit under Proposed Suspension

Summary of Applicable Federal Limitations

Disability limit?

110% of PBGC guaranteed limit?

Age-based limit?

629.20

572.00

no

no

Yes

856.81

60

952.01

856.81

856.81

35.75

59.50

life only

Disability

1/29/1964

16.00

952.01

952.01

9/1/2012

RP 88:43
Exhibit 07P

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Checklist Item #8 - 4.01 Demonstration that Limitations on Individual Suspensions are Satisfied

Exhibit 07P

Participant Category: Retiree Over Age 80 without contingent beneficiary, No Late Retirement

Suspension Limitation: Over Age 80 (and 110% of PBGC Guaranteed Benefit)

Date of birth

Date of retirement

Age at retirement date 65 years 4 months

Age at suspension date 93 years 3 months

Current monthly benefit

Total accrued benefit payable at normal retirement age

Current monthly benefit, without regard to late factor (LRF)

Total Benefit Credits

Form of pension

Calculation of 110% of PBGC Guarantee

Monthly benefit/ Benefit Credits

PBGC guaranteed accrual rate

PBGC guaranteed benefit, current benefit

110% of PBGC guaranteed benefit, current benefit

Current monthly benefit, with 10% cut

Suspension benefit prior to age based limitation

Age Based Limitation

Months from age 80 (at suspension date, max 60 mos)

Benefits after age-based limitation

Final Monthly Benefit under Proposed Suspension

Summary of Applicable Federal Limitations

Disability limit?

110% of PBGC guaranteed limit?

Age-based limit?

Yes

Yes

197.60

197.60

0

202.85

202.85

No

182.57

179.64

8/4/1928

1/1/1994

202.85

n/a

202.85

10.00

5 year certain & continuous

20.29

17.96

RP 88:44
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:45 

EXHIBIT 08 

Demonstration of Insolvency Avoidance 

This application filed on behalf of the Pension Plan includes an actuarial certification of plan 

solvency under ERISA § 305(e)(9)(c)(i) and IRC Section 432(e)(9)(C)(i) as of the effective date 

of the proposed benefit suspension, which is November 1, 2021. See Exhibits 05 and 05A (RP 

88:24 and RP 88:26 respectively). 

Exhibit 05A (RP 88:26) provides an illustration based on the deterministic basis showing that the 

proposed suspension is reasonably estimated to avoid insolvency throughout the extended period. 

This illustration provides the market value and solvency ratio for Plan Years ending April 30, 2020 

through April 30, 2052. 

Exhibit 18 (RP 88:91) describes the actuarial assumptions and methodology used in the reports 

filed with this application, as required under Revenue Procedure 2017-43, Section 4.02(3). 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:46 

EXHIBIT 09 

Demonstration that Proposed Suspension is not Projected to Materially Exceed Level 

Necessary to Avoid Insolvency 

The demonstration that the proposed suspension is not projected to materially exceed the level 

necessary to avoid insolvency is attached as Exhibit 09A (RP 88:47).
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Exhibit 09A

Plan Year 

Ending 1. Beg Assets

2. Employer 

Contributions

3. Withdrawal liability 

payments

4. Benefit 

Payments 5. Expenses

6. Investment 

Income

7. Ending 

Assets

8. Resources 

(1)+(2)+(3)+(6)-(5)

9. Solvency Ratio 

(8)/(4)

4/30/2021 $27,925,000 $652,604 $0 $2,372,162 $177,729 $936,304 $26,964,017 $29,336,179 12.37

4/30/2022 $26,964,017 $1,228,992 $0 $3,307,363 $236,581 $1,535,489 $26,184,553 $29,491,916 8.92

4/30/2023 $26,184,553 $1,339,233 $0 $3,189,120 $139,996 $1,498,782 $25,693,453 $28,882,573 9.06

4/30/2024 $25,693,453 $1,449,475 $0 $3,232,411 $143,496 $1,471,449 $25,238,470 $28,470,881 8.81

4/30/2025 $25,238,470 $1,559,717 $0 $3,271,565 $147,083 $1,446,386 $24,825,924 $28,097,489 8.59

4/30/2026 $24,825,924 $1,706,792 $0 $3,313,132 $150,760 $1,424,869 $24,493,693 $27,806,825 8.39

4/30/2027 $24,493,693 $1,716,000 $0 $3,364,390 $154,529 $1,403,738 $24,094,512 $27,458,902 8.16

4/30/2028 $24,094,512 $1,716,000 $0 $3,429,960 $158,392 $1,377,921 $23,600,081 $27,030,041 7.88

4/30/2029 $23,600,081 $1,716,000 $0 $3,445,444 $162,352 $1,370,578 $23,078,863 $26,524,307 7.70

4/30/2030 $23,078,863 $1,716,000 $0 $3,465,691 $166,411 $1,371,490 $22,534,251 $25,999,942 7.50

4/30/2031 $22,534,251 $1,716,000 $0 $3,478,781 $170,571 $1,369,541 $21,970,440 $25,449,221 7.32

4/30/2032 $21,970,440 $1,716,000 $0 $3,517,618 $174,835 $1,363,844 $21,357,831 $24,875,449 7.07

4/30/2033 $21,357,831 $1,716,000 $0 $3,511,530 $179,206 $1,354,636 $20,737,731 $24,249,261 6.91

4/30/2034 $20,737,731 $1,716,000 $0 $3,504,204 $183,686 $1,343,121 $20,108,962 $23,613,166 6.74

4/30/2035 $20,108,962 $1,716,000 $0 $3,472,384 $188,278 $1,320,428 $19,484,728 $22,957,112 6.61

4/30/2036 $19,484,728 $1,716,000 $0 $3,427,268 $192,985 $1,278,749 $18,859,224 $22,286,492 6.50

4/30/2037 $18,859,224 $1,716,000 $0 $3,392,787 $197,810 $1,236,613 $18,221,240 $21,614,027 6.37

4/30/2038 $18,221,240 $1,716,000 $0 $3,343,809 $202,755 $1,194,111 $17,584,787 $20,928,596 6.26

4/30/2039 $17,584,787 $1,716,000 $0 $3,278,037 $207,824 $1,152,290 $16,967,216 $20,245,253 6.18

4/30/2040 $16,967,216 $1,716,000 $0 $3,222,306 $213,020 $1,111,421 $16,359,311 $19,581,617 6.08

4/30/2041 $16,359,311 $1,716,000 $0 $3,160,548 $218,346 $1,071,423 $15,767,840 $18,928,388 5.99

4/30/2042 $15,767,840 $1,716,000 $0 $3,094,954 $223,805 $1,032,686 $15,197,767 $18,292,721 5.91

4/30/2043 $15,197,767 $1,716,000 $0 $3,008,379 $229,400 $996,145 $14,672,133 $17,680,512 5.88

4/30/2044 $14,672,133 $1,716,000 $0 $2,927,121 $235,135 $962,481 $14,188,358 $17,115,479 5.85

4/30/2045 $14,188,358 $1,716,000 $0 $2,845,484 $241,013 $931,715 $13,749,576 $16,595,060 5.83

4/30/2046 $13,749,576 $1,716,000 $0 $2,743,044 $247,038 $904,765 $13,380,259 $16,123,303 5.88

4/30/2047 $13,380,259 $1,716,000 $0 $2,656,155 $253,214 $882,067 $13,068,957 $15,725,112 5.92

4/30/2048 $13,068,957 $1,716,000 $0 $2,551,602 $259,544 $863,975 $12,837,786 $15,389,388 6.03

4/30/2049 $12,837,786 $1,716,000 $0 $2,463,512 $266,033 $850,840 $12,675,081 $15,138,593 6.15

4/30/2050 $12,675,081 $1,716,000 $0 $2,352,274 $272,684 $843,222 $12,609,345 $14,961,619 6.36

4/30/2051 $12,609,345 $1,716,000 $0 $2,243,306 $279,501 $842,210 $12,644,748 $14,888,054 6.64

4/30/2052 $12,644,748 $1,716,000 $0 $2,143,475 $286,489 $847,856 $12,778,640 $14,922,115 6.96

Notes: 1) All values for PYE 4/30/21 are for short year starting 10/1/20 and beginning market value is at that date

2) All values for PYE 4/30/22 are pro rated for the mid year suspension

RP 88:47
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Exhibit 09A

Plan Year 

Ending 1. Beg Assets

2. Employer 

Contributions

3. Withdrawal liability 

payments

4. Benefit 

Payments 5. Expenses

6. Investment 

Income

7. Ending 

Assets

8. Resources 

(1)+(2)+(3)+(6)-(5)

9. Solvency Ratio 

(8)/(4)

4/30/2021 $27,925,000 $652,604 $0 $2,372,162 $177,729 $936,304 $26,964,017 $29,336,179 12.37

4/30/2022 $26,964,017 $1,228,992 $0 $3,307,363 $236,581 $1,535,489 $26,184,553 $29,491,916 8.92

4/30/2023 $26,184,553 $1,339,233 $0 $3,189,120 $139,996 $1,498,782 $25,693,453 $28,882,573 9.06

4/30/2024 $25,693,453 $1,449,475 $0 $3,232,411 $143,496 $1,471,449 $25,238,470 $28,470,881 8.81

4/30/2025 $25,238,470 $1,559,717 $0 $3,271,565 $147,083 $1,446,386 $24,825,924 $28,097,489 8.59

4/30/2026 $24,825,924 $1,706,792 $0 $3,313,132 $150,760 $1,424,869 $24,493,693 $27,806,825 8.39

4/30/2027 $24,493,693 $1,716,000 $0 $3,364,390 $154,529 $1,403,738 $24,094,512 $27,458,902 8.16

4/30/2028 $24,094,512 $1,716,000 $0 $3,429,960 $158,392 $1,377,921 $23,600,081 $27,030,041 7.88

4/30/2029 $23,600,081 $1,716,000 $0 $3,445,444 $162,352 $1,370,578 $23,078,863 $26,524,307 7.70

4/30/2030 $23,078,863 $1,716,000 $0 $3,465,691 $166,411 $1,371,490 $22,534,251 $25,999,942 7.50

4/30/2031 $22,534,251 $1,716,000 $0 $3,478,781 $170,571 $1,369,541 $21,970,440 $25,449,221 7.32

4/30/2032 $21,970,440 $1,716,000 $0 $3,517,618 $174,835 $1,363,844 $21,357,831 $24,875,449 7.07

4/30/2033 $21,357,831 $1,716,000 $0 $3,511,530 $179,206 $1,354,636 $20,737,731 $24,249,261 6.91

4/30/2034 $20,737,731 $1,716,000 $0 $3,504,204 $183,686 $1,343,121 $20,108,962 $23,613,166 6.74

4/30/2035 $20,108,962 $1,716,000 $0 $3,472,384 $188,278 $1,320,428 $19,484,728 $22,957,112 6.61

4/30/2036 $19,484,728 $1,716,000 $0 $3,427,268 $192,985 $1,278,749 $18,859,224 $22,286,492 6.50

4/30/2037 $18,859,224 $1,716,000 $0 $3,392,787 $197,810 $1,236,613 $18,221,240 $21,614,027 6.37

4/30/2038 $18,221,240 $1,716,000 $0 $3,343,809 $202,755 $1,194,111 $17,584,787 $20,928,596 6.26

4/30/2039 $17,584,787 $1,716,000 $0 $3,278,037 $207,824 $1,152,290 $16,967,216 $20,245,253 6.18

4/30/2040 $16,967,216 $1,716,000 $0 $3,222,306 $213,020 $1,111,421 $16,359,311 $19,581,617 6.08

4/30/2041 $16,359,311 $1,716,000 $0 $3,160,548 $218,346 $1,071,423 $15,767,840 $18,928,388 5.99

4/30/2042 $15,767,840 $1,716,000 $0 $3,094,954 $223,805 $1,032,686 $15,197,767 $18,292,721 5.91

4/30/2043 $15,197,767 $1,716,000 $0 $3,008,379 $229,400 $996,145 $14,672,133 $17,680,512 5.88

4/30/2044 $14,672,133 $1,716,000 $0 $2,927,121 $235,135 $962,481 $14,188,358 $17,115,479 5.85

4/30/2045 $14,188,358 $1,716,000 $0 $2,845,484 $241,013 $931,715 $13,749,576 $16,595,060 5.83

4/30/2046 $13,749,576 $1,716,000 $0 $2,743,044 $247,038 $904,765 $13,380,259 $16,123,303 5.88

4/30/2047 $13,380,259 $1,716,000 $0 $2,656,155 $253,214 $882,067 $13,068,957 $15,725,112 5.92

4/30/2048 $13,068,957 $1,716,000 $0 $2,551,602 $259,544 $863,975 $12,837,786 $15,389,388 6.03

4/30/2049 $12,837,786 $1,716,000 $0 $2,463,512 $266,033 $850,840 $12,675,081 $15,138,593 6.15

4/30/2050 $12,675,081 $1,716,000 $0 $2,352,274 $272,684 $843,222 $12,609,345 $14,961,619 6.36

4/30/2051 $12,609,345 $1,716,000 $0 $2,243,306 $279,501 $842,210 $12,644,748 $14,888,054 6.64

4/30/2052 $12,644,748 $1,716,000 $0 $2,143,475 $286,489 $847,856 $12,778,640 $14,922,115 6.96

4/30/2053 $12,778,640 $1,716,000 $0 $2,048,285 $293,651 $860,131 $13,012,835 $15,061,120 7.35

Notes: 1) All values for PYE 4/30/21 are for short year starting 10/1/20 and beginning market value is at that date

2) All values for PYE 4/30/22 are pro rated for the mid year suspension

RP88;47.1
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:48 

EXHIBIT 10 

Demonstration of Equitable Distribution 

Effect of Proposed Suspension on the Plan in the Aggregate 

Group Count 

Average 

Monthly Benefit 

Before 

Suspension 

Average 

Monthly Benefit 

After Suspension

PV Reduction in 

Benefits 

All 520 855 783 3,973,000

Retiree 213 1,102 1,017 2,246,000

Beneficiary 50 619 578 216,000

Term. vest 145 559 505 692,000

Active 112 876 789 819,000

The above impacts are measured based on cash flows starting on the proposed effective date of 

November 1, 2021. Present value is at 6.9%. 

Distribution of Participants by Benefit Reduction Percentage – Aggregate Basis 

Benefit Reduction 

Percentage Count 

Percentage

of Total 

None 86 16.54% 

0.001% to 10% 434 83.46% 

10.001% to 20% 0 0.00% 

20.001% to 30% 0 0.00% 

30.001% to 40% 0 0.00% 

40.001% to 50% 0 0.00% 

50.001% to 60% 0 0.00% 

60.001% to 70% 0 0.00% 

70.001% to 80% 0 0.00% 

80.001% to 90% 0 0.00% 

90.001% to 100% 0 0.00% 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:49 

Distribution of Participants by Benefit Reduction Percentage – Retirees 

Benefit Reduction 

Percentage Count 

Percentage

of Total 

None 55 25.82%

0.001% to 10% 158 74.18%

10.001% to 20% 0 0.00%

20.001% to 30% 0 0.00%

30.001% to 40% 0 0.00%

40.001% to 50% 0 0.00%

50.001% to 60% 0 0.00%

60.001% to 70% 0 0.00%

70.001% to 80% 0 0.00%

80.001% to 90% 0 0.00%

90.001% to 100% 0 0.00%

Distribution of Participants by Benefit Reduction Percentage – Beneficiaries 

Benefit Reduction 

Percentage Count 

Percentage

of Total 

None 21 42.00%

0.001% to 10% 29 58.00%

10.001% to 20% 0 0.00%

20.001% to 30% 0 0.00%

30.001% to 40% 0 0.00%

40.001% to 50% 0 0.00%

50.001% to 60% 0 0.00%

60.001% to 70% 0 0.00%

70.001% to 80% 0 0.00%

80.001% to 90% 0 0.00%

90.001% to 100% 0 0.00%
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:50 

Distribution of Participants by Benefit Reduction Percentage – Inactive Vesteds 

Benefit Reduction 

Percentage Count 

Percentage

of Total 

None 8 5.52%

0.001% to 10% 137 94.48%

10.001% to 20% 0 0.00%

20.001% to 30% 0 0.00%

30.001% to 40% 0 0.00%

40.001% to 50% 0 0.00%

50.001% to 60% 0 0.00%

60.001% to 70% 0 0.00%

70.001% to 80% 0 0.00%

80.001% to 90% 0 0.00%

90.001% to 100% 0 0.00%

Distribution of Participants by Benefit Reduction Percentage – Actives 

Benefit Reduction 

Percentage Count 

Percentage

of Total 

None 2 1.79%

0.001% to 10% 110 98.21%

10.001% to 20% 0 0.00%

20.001% to 30% 0 0.00%

30.001% to 40% 0 0.00%

40.001% to 50% 0 0.00%

50.001% to 60% 0 0.00%

60.001% to 70% 0 0.00%

70.001% to 80% 0 0.00%

80.001% to 90% 0 0.00%

90.001% to 100% 0 0.00%
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:51 

Calculation Basis 

For participants not in payment that comparison was made as of normal retirement age or current 

age on May 1, 2020 if later. Current benefits as of May 1, 2020 include estimated late retirement 

factors if applicable 

Effect of Proposed Suspension on the Plan on a Group-by-group Basis 

The proposed cut is the same percentage to all participants other than required limits. There are 

not additional disclosures required under Section 4.04(2)(a) for these reasons. 

Identification of Factors Taken Into Account 

The proposed cut is the same percentage to all participants other than required limits. There are 

not additional disclosures required under Section 4.04(2)(b) for these reasons. 

Explanation as to Why No Factors Listed in IRC Section 432(e)(9)(D)(vi)(I) through (XI) 

Were Taken Into Account 

The proposed cut is the same percentage to all participants other than required limits. There are 

not additional disclosures required under Section 4.04(2)(c) for these reasons. 

Relevance of Factors Not Listed in IRC Section 432(e)(9)(D)(vi)(I) through (XI) 

The proposed cut is the same percentage to all participants other than required limits. There are 

not additional disclosures required under Section 4.04(2)(d) for these reasons. 

Differences in Treatment Among Groups Result from Reasonable Application of Relevant 

Factors 

The proposed cut is the same percentage to all participants other than required limits. There are 

not additional disclosures required under Section 4.04(2)(e) for these reasons. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:52 

EXHIBIT 11 

Samples of Notices 

Copies of the Notices and also samples of the individual estimates (without personally identifiable 

information) are attached as Exhibits 11A – 11P (RP 88:53 through RP 88:76). 
Exhibit 11A 

1 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

Participant Category: Retiree Under 75 Receiving Non-Joint & Survivor Benefit 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Exhibit 11A 

Your current monthly benefit is $662.57 payable as 5 years certain and continuous. Under the 

proposed reduction your monthly benefit will be reduced to $607.12 beginning on November 1, 

2021. 

The proposed reduction is permanent. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not 

a final benefit calculation. This estimate was prepared assuming that the proposed benefit 

reduction starts on November 30, 2021. If the benefit reduction starts later, the effect of the 

proposed reduction on your benefit might be different. 

This estimate is based on the following information from Plan records: 

 You have 20 of credited service under the Plan.

 You will be 71 years and 1 month as of November 30, 2021.

 The portion of your benefit that is based on disability is $0.00.

 The amount of your reduced benefit is equal to 110% of the amount guaranteed by the

Pension Benefit Guaranty Corporation (PBGC).

 110% of the PBGC guarantee is 607.12.

In the event that the proposed suspension is approved, the actual effect of the suspension on you 

may be different than the amounts in this notice due to a change in your circumstances. For 

example, additional work history, changes in marital status, approval of a new QDRO or changes 

to an existing QDRO, etc. 

RP 88:53
Exhibit 11A 

2 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC 

is estimated to be $551.93. 

RP 88:54
Exhibit 11B 

1 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

Participant Category: Retiree Under 75 with Actual Late Retirement Receiving Non-Joint 

& Survivor Benefit 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Exhibit 11B 

Your current monthly benefit is $154.82 payable as 5 years certain and continuous.1 Under the 

proposed reduction your monthly benefit will be reduced to$141.68 beginning on November 1, 

2021. 

The proposed reduction is permanent. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not 

a final benefit calculation. This estimate was prepared assuming that the proposed benefit 

reduction starts on November 1, 2021. If the benefit reduction starts later, the effect of the 

proposed reduction on your benefit might be different. 

This estimate is based on the following information from Plan records: 

 You have 9 years of credited service under the Plan.

 You will be 73 years and 1 month as of November 30, 2021.

 The portion of your benefit that is based on disability is $0.00

 The amount of your reduced benefit is equal to $141.68.

 110% of the PBGC guarantee is $141.68.

In the event that the proposed suspension is approved, the actual effect of the suspension on you 

may be different than the amounts in this notice due to a change in your circumstances. For 

example, additional work history, changes in marital status, approval of a new QDRO or changes 

to an existing QDRO, etc. 

1

 Because you retired after Normal Retirement Age, when you began receiving your benefit, the Plan increased the 

amount to account for your late retirement. 

RP 88:55
Exhibit 11B 

2 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC 

is estimated to be $128.80.2

 

2

 Per PBGC rules, the PBGC would NOT increase your benefit due to late retirement. 

RP 88:56
Exhibit 11C 

1 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

Participant Category: Retiree Under 75 Receiving Joint & Survivor Benefit 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Exhibit 11C 

Your current monthly benefit is $418.10 payable as Joint & 50% Survivor. Under the proposed 

reduction your monthly benefit will be reduced to $381.23 beginning on November 1, 2021. Since 

you are receiving a Joint & 505 Survivor, under the proposed reduction, your beneficiary will 

receive $208.77 upon your death. 

The proposed reduction is permanent. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not 

a final benefit calculation. This estimate was prepared assuming that the proposed benefit 

reduction starts on November 1, 2021. If the benefit reduction starts later, the effect of the 

proposed reduction on your benefit might be different. 

This estimate is based on the following information from Plan records: 

 You have 12 years of credited service under the Plan.

 You will be 61 years and 11 months as of November 30, 2021.

 The portion of your benefit that is based on disability is $0.00.

 The amount of your reduced benefit is equal to $381.23.

 110% of the PBGC guarantee is 381.23.

In the event that the proposed suspension is approved, the actual effect of the suspension on you 

may be different than the amounts in this notice due to a change in your circumstances. For 

example, additional work history, changes in marital status, approval of a new QDRO or changes 

to an existing QDRO, etc. 

RP 88:57
Exhibit 11C 

2 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC 

is estimated to be $346.58. 

RP 88:58
Exhibit 11D 

1 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

Participant Category: Retiree Under 75 with Actual Late Retirement Receiving Joint & 

Survivor Benefit 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Exhibit 11D 

Your current monthly benefit is $22.35 payable as Joint & 100% Survivor.1 Under the proposed 

reduction your monthly benefit will be reduced to $202.95 beginning on November 1, 2021. Since 

you are receiving a Joint & 100% Survivor, under the proposed reduction, your beneficiary will 

receive $202.95 upon your death. 

The proposed reduction is permanent. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not 

a final benefit calculation. This estimate was prepared assuming that the proposed benefit 

reduction starts on November 1, 2021. If the benefit reduction starts later, the effect of the 

proposed reduction on your benefit might be different. 

This estimate is based on the following information from Plan records: 

 You have 7 years of credited service under the Plan.

 You will be 66 years and 1 month as of November 30, 2021.

 The portion of your benefit that is based on disability is $0.00.

 The amount of your reduced benefit is equal to $202.95.

 110% of the PBGC guarantee is $202.95.

In the event that the proposed suspension is approved, the actual effect of the suspension on you 

may be different than the amounts in this notice due to a change in your circumstances. For 

example, additional work history, changes in marital status, approval of a new QDRO or changes 

to an existing QDRO, etc. 

1

 Because you retired after Normal Retirement Age, when you began receiving your benefit, the Plan increased the 

amount to account for your late retirement. 

RP 88:59
Exhibit 11D 

2 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC 

is estimated to be $184.50.2

 

2

 Per PBGC rules, the PBGC would NOT increase your benefit due to late retirement. 

RP 88:60
Exhibit 11E 

1 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

Participant Category: Beneficiary Under 75 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Exhibit 11E 

Your current monthly benefit is $1,057.81 payable as Straight Life annuity. Under the proposed 

reduction your monthly benefit will be reduced to $963.44 beginning on November 1, 2021. 

The proposed reduction is permanent. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not 

a final benefit calculation. This estimate was prepared assuming that the proposed benefit 

reduction starts on November 1, 2021. If the benefit reduction starts later, the effect of the 

proposed reduction on your benefit might be different. 

This estimate is based on the following information from Plan records: 

 You have 30 years of credited service associated with your benefit under the Plan.

 You will be 58 years and 4 months as of November 30, 2021.

 The portion of your benefit that is based on disability is $0.00.

 The amount of your reduced benefit is equal to $963.44.

 110% of the PBGC guarantee is $963.44.

In the event that the proposed suspension is approved, the actual effect of the suspension on you 

may be different than the amounts in this notice due to a change in your circumstances. For 

example, additional work history, changes in marital status, approval of a new QDRO or changes 

to an existing QDRO, etc. 

RP 88:61
Exhibit 11E 

2 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC 

is estimated to be $875.86. 

RP 88:62
Exhibit 11F 

1 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

Participant Category: Inactive Vested Under Age 60 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Exhibit 11F 

If you start receiving your benefit on January 1, 2048 in the form of a Single Life Annuity, your 

monthly benefit without the proposed reduction would be $261.34. Under the proposed reduction 

your monthly benefit in the same form would be reduced to $239.81.12

The proposed reduction is permanent. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not 

a final benefit calculation. This estimate was prepared assuming that the proposed benefit 

reduction starts on November 1, 2021. If the benefit reduction starts later, the effect of the 

proposed reduction on your benefit might be different. 

This estimate is based on the following information from Plan records: 

 You have 8 years of credited service under the Plan.

 You will be 33 years and 11 months old as of November 30, 2021.

Additional Information used in your Calculation (based on Plan records) 

 You are 100% vested based on service through April 30, 2020.

 The amount of your reduced benefit is equal to $239.81

 110% of the PBGC guarantee is $239.81

In the event that the proposed suspension is approved, the actual effect of the suspension on you 

may be different than the amounts in this notice due to a change in your circumstances. For 

example, additional work history, changes in marital status, approval of a new QDRO or changes 

to an existing QDRO, etc. 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC 

is estimated to be $218.01. 

1

 These numbers are just estimates. The actual amount you receive will depend on things like how long you work and when you begin receiving 

payments. For more information, see the Plan’s SPD or contact the Plan Office.

2

 These amounts will be different if you take your benefit in a different form. For example, if you elect the Life-5 Year Certain Annuity form of 

payment, your reduced monthly benefit will be $236.61. If the value of your benefit is $5,000 or less, you will receive your benefit in a single lump 

sum payment. 

RP 88:63
Exhibit 11G 

1 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

Participant Category: Inactive Vested Normal Retirement Age Not 60 Over Normal 

Retirement Age Reduced 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Exhibit 11G 

Your benefit without the proposed reduction as of December 1, 2020 in the form of a lifetime 

annuity is $80.65. 1 Under the proposed reduction your monthly benefit in the same form would 

be reduced to $76.59. 23

The proposed reduction is permanent. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not 

a final benefit calculation. This estimate was prepared assuming that the proposed benefit 

reduction starts on November 1, 2021. 

This estimate is based on the following information from Plan records: 

 You have 5 years of credited service under the Plan.

 You will be 64 years and 4 months as of November 30, 2021.

Additional Information used in your Calculation (based on Plan records) 

 You are 50% vested based on service through April 30, 2020.

 110% of the PBGC guarantee is $76.59.

In the event that the proposed suspension is approved, the actual effect of the suspension on you 

may be different than the amounts in this notice due to a change in your circumstances. For 

example, additional work history, changes in marital status, approval of a new QDRO or changes 

to an existing QDRO, etc. 

1

 Because you will begin receiving your benefits after your Normal Retirement Age, when you begin receiving your benefit, the Plan will increase 

the amount to account for your late retirement. This has been factored into the calculations included in this estimate. 

2 These numbers are just estimates. The actual amount you receive will depend on things like how long you work and when you begin receiving 

payments. For more information, see the Plan’s SPD or contact the Plan Office. 

3

 These amounts will be different if you take your benefit in a different form. For example, if you elect the Life-5 Year Certain Annuity form of 

payment, your reduced monthly benefit will be $75.45. If the value of your benefit is $5,000 or less, you will receive your benefit in a single lump 

sum payment. 

RP 88:64
Exhibit 11G 

2 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC 

is estimated to be $69.63.4

 

4

 Per PBGC rules, the PBGC would NOT increase your benefit due to late retirement. 

RP 88:65
Exhibit 11H 

1 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

Participant Category: Beneficiary Over 80 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Exhibit 11H 

Your current monthly benefit is $451.58 payable as Straight Life annuity. Your monthly benefit 

would not change under the proposed reduction. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not 

a final benefit calculation. This estimate was prepared assuming that the proposed benefit 

reduction starts on November 1, 2021. 

This estimate is based on the following information from Plan records: 

 You have 22 years of credited service associated with your benefit under the Plan.

 You will be 91 years and 6 months as of November 30, 2021.

 The portion of your benefit that is based on disability is $0.00.

In the event that the proposed suspension is approved, the actual effect of the suspension on you 

may be different than the amounts in this notice due to a change in your circumstances. For 

example, additional work history, changes in marital status, approval of a new QDRO or changes 

to an existing QDRO, etc. 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC 

is estimated to be $399.19. 

RP 88:66
Exhibit 11I 

1 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

Participant Category: Alternate Payee 75-80 with QDRO 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Exhibit 11I 

The Plan considered the terms of your Qualified Domestic Relations Order (“QDRO”) and the 

Participant’s years of service as of April 30, 2020. 

Your current monthly benefit is $162.10 payable as Straight Life annuity. Under the proposed 

reduction your monthly benefit will remain $162.10 beginning on November 1, 2021. 

The proposed reduction is permanent. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not 

a final benefit calculation. This estimate was prepared assuming that the proposed benefit 

reduction starts on November 1, 2021. If the benefit reduction starts later, the effect of the 

proposed reduction on your benefit might be different. 

This estimate is based on the following information from Plan records: 

 You have 12 years of credited service associated with your benefit under the Plan.

 You will be 78 years and 0 months as of November 30, 2020.

 The portion of your benefit that is based on disability is $0.00.

 Under the terms of your QDRO, you are entitled to $162.10 per month of the participant’s

benefit. This has been taken into consideration in the calculations included in this estimate.

 The amount of your reduced benefit is $162.10 beginning on November 1, 2021

 110% of the PBGC guarantee is $162.10. Due to Federal Limitations related to your age

your benefit will be subject to 60% of the full benefit reduction.

In the event that the proposed suspension is approved, the actual effect of the suspension on you 

may be different than the amounts in this notice due to a change in your circumstances. For 

example, additional work history, changes in marital status, approval of a new QDRO or changes 

to an existing QDRO, etc. 

PBGC Guaranteed Benefits 

RP 88:67
Exhibit 11I 

2 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC 

is estimated to be $154.58. 

RP 88:68
Exhibit 11J 

1 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

Participant Category: Retiree No Change 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Exhibit 11J 

Your current monthly benefit is $85.37 payable as 5 Year Certain and Continuous annuity. Your 

monthly benefit would not change under the proposed reduction. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not 

a final benefit calculation. This estimate was prepared assuming that the proposed benefit 

reduction starts on November 1, 2021. 

This estimate is based on the following information from Plan records: 

 You have 7 years of credited service under the Plan.

 You will be 77 years and 0 months as of November 30, 2021.

 The portion of your benefit that is based on disability is $0.00.

In the event that the proposed suspension is approved, the actual effect of the suspension on you 

may be different than the amounts in this notice due to a change in your circumstances. For 

example, additional work history, changes in marital status, approval of a new QDRO or changes 

to an existing QDRO, etc. 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC 

is estimated to be $83.28. 

RP 88:69
Exhibit 11K 

1 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

Participant Category: Retiree Age 75-80 with Actual Late Retirement Receiving Non-Joint 

& Survivor Benefit 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Exhibit 11K 

Your current monthly benefit is $1,511.69 payable as 5 years certain and continuous.1 Under the 

proposed reduction your monthly benefit will be reduced to $1,461.30 beginning on November 1, 

2021. 

The proposed reduction is permanent. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not 

a final benefit calculation. This estimate was prepared assuming that the proposed benefit 

reduction starts on November 1, 2021. If the benefit reduction starts later, the effect of the 

proposed reduction on your benefit might be different. 

This estimate is based on the following information from Plan records: 

 You have 16 of credited service under the Plan.

 You will be 78 years and 4 months as of November 30, 2021.

 The portion of your benefit that is based on disability is $0.00.

 The amount of your reduced benefit is equal to $1,461.30.

 110% of the PBGC guarantee is $629.20. Due to Federal Limitations related to your age

your benefit will be subject to 66.67% of the full benefit reduction.

In the event that the proposed suspension is approved, the actual effect of the suspension on you 

may be different than the amounts in this notice due to a change in your circumstances. For 

example, additional work history, changes in marital status, approval of a new QDRO or changes 

to an existing QDRO, etc. 

1

 Because you retired after Normal Retirement Age, when you began receiving your benefit, the Plan increased the 

amount to account for your late retirement. 

RP 88:70
Exhibit 11K 

2 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC 

is estimated to be $572.00.2

 

2

 Per PBGC rules, the PBGC would NOT increase your benefit due to late retirement. 

RP 88:71
Exhibit 11L 

1 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

Participant Category: Retiree No Change 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Exhibit 11L 

Your current monthly benefit is $95.09 payable as Joint and 100% Survivor annuity. Your 

monthly benefit would not change under the proposed reduction. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not 

a final benefit calculation. This estimate was prepared assuming that the proposed benefit 

reduction starts on November 1, 2021. 

This estimate is based on the following information from Plan records: 

 You have 6 years of credited service under the Plan.

 You will be 75 years and 10 months as of November 30, 2021.

 The portion of your benefit that is based on disability is $0.00.

In the event that the proposed suspension is approved, the actual effect of the suspension on you 

may be different than the amounts in this notice due to a change in your circumstances. For 

example, additional work history, changes in marital status, approval of a new QDRO or changes 

to an existing QDRO, etc. 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC 

is estimated to be $87.82. 

RP 88:72
Exhibit 11M 

1 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

Participant Category: Retiree Under 75 No Change 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Exhibit 11M 

Your current monthly benefit is $117.95 payable as Joint and 50% Survivor annuity. Your 

monthly benefit would not change under the proposed reduction. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not 

a final benefit calculation. This estimate was prepared assuming that the proposed benefit 

reduction starts on November 1, 2021. 

This estimate is based on the following information from Plan records: 

 You have 8 years of credited service under the Plan.

 You will be 78 years and 9 months as of November 30, 2021.

 The portion of your benefit that is based on disability is $0.00.

In the event that the proposed suspension is approved, the actual effect of the suspension on you 

may be different than the amounts in this notice due to a change in your circumstances. For 

example, additional work history, changes in marital status, approval of a new QDRO or changes 

to an existing QDRO, etc. 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC 

is estimated to be $108.15. 

RP 88:73
Exhibit 11N 

1 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

Participant Category: Beneficiary No Change 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Exhibit 11N 

Your current monthly benefit is $300.29 payable as Straight Life annuity. Your monthly benefit 

would not change under the proposed reduction. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not 

a final benefit calculation. This estimate was prepared assuming that the proposed benefit 

reduction starts on November 1, 2021. 

This estimate is based on the following information from Plan records: 

 You have 19 years of credited service associated with your benefit under the Plan.

 You will be 75 years and 2 months as of November 30, 2021.

 The portion of your benefit that is based on disability is $0.00.

In the event that the proposed suspension is approved, the actual effect of the suspension on you 

may be different than the amounts in this notice due to a change in your circumstances. For 

example, additional work history, changes in marital status, approval of a new QDRO or changes 

to an existing QDRO, etc. 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC 

is estimated to be $277.47. 

RP 88:74
Exhibit 11O 

1 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

Participant Category: Disability Pension No Change 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Exhibit 11O 

Your current monthly benefit is $952.01 payable as straight life. Your monthly benefit would not 

change under the proposed reduction. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not 

a final benefit calculation. This estimate was prepared assuming that the proposed benefit 

reduction starts on November 1, 2021. 

This estimate is based on the following information from Plan records: 

 You have 16 years of credited service under the Plan.

 You will be 57 years and 10 months as of November 30, 2021.

 The portion of your benefit that is based on disability is $952.01.

In the event that the proposed suspension is approved, the actual effect of the suspension on you 

may be different than the amounts in this notice due to a change in your circumstances. For 

example, additional work history, changes in marital status, approval of a new QDRO or changes 

to an existing QDRO, etc. 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC 

is estimated to be $572.00. 

RP 88:75
Exhibit 11P 

1 

HOW YOUR MONTHLY PAYMENTS WILL BE AFFECTED 

Participant Category: Retiree Over 80 No Change 

This estimate of the effect of the proposed reduction of benefits has been prepared for: 

Exhibit 11P 

Your current monthly benefit is $202.85 payable as 5 years certain and continuous. Your monthly 

benefit would not change under the proposed reduction. 

This is an estimate of the effect of the proposed reduction on your benefit under the Plan. It is not 

a final benefit calculation. This estimate was prepared assuming that the proposed benefit 

reduction starts on November 1, 2021. 

This estimate is based on the following information from Plan records: 

 You have 10 years of credited service under the Plan.

 You will be 93 and 3 as of November 30, 2021.

 The portion of your benefit that is based on disability is $0.00.

In the event that the proposed suspension is approved, the actual effect of the suspension on you 

may be different than the amounts in this notice due to a change in your circumstances. For 

example, additional work history, changes in marital status, approval of a new QDRO or changes 

to an existing QDRO, etc. 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger 

than the amount guaranteed by PBGC. The amount of your monthly benefit guaranteed by PBGC 

is estimated to be $179.64. 

RP 88:76
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:77 

EXHIBIT 12 

List of Contributing Employers and Employee Organizations 

Employers Obligated to Contribute Employee Organizations 

AW Farrell & Son, Inc.

 United Union of Roofers, Waterproofers, and Allied 

Workers Local No. 88

Advanced Roofing Co.

Arch Roofing Contractors, Inc.

Boak & Sons, Inc.

Building Tech Corp.

Cardinal Maint & Svc

DJS Maintenance & Construction

Hobs Industrial Roofing

NF Mansuetto & Sons

Northern Ohio Roofing, Inc.

RG Smith Co, Inc.

RMD Co., LLC

Ray Roofing & Supply Co., Inc.

Roofers Local 88 JATC

Terik Roofing, Inc.

Tycor Roofing

Warren Roofing & Insulation Co.

Willham Roofing Co., Inc.
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:78 

EXHIBIT 13 

Past and Current Measures Taken to Avoid Insolvency 

Reductions in Plan Benefits 

Since May 1, 2010, the Plan has taken the following steps to avoid insolvency: 

 Disability Benefit Amount: The disability benefit amount was reduced from 82% 

of a Participant’s accrued benefit to 50% of the Participant’s accrued benefit 

effective April 1, 2011. 

 Amount of Early Retirement Benefits: Effective November 1, 2013, the early 

retirement reduction was increased as follows (for members that were not age 55 

with 5 years of service as of November 1, 2013): 

Age Benefits Commence Old Factor New Factor

55 70.0% 62.6%

56 76.0% 68.5%

57 82.0% 75.1%

58 88.0% 82.5%

59 94.0% 90.7%

60 100.0% 100.0%

 Disability Benefits for Current Active Participants: The disability benefit was 

eliminated for participants whose disability benefit commencement dates would 

have been on or after November 1, 2013. 

 Reduction in Benefit Accrual: Effective May 1, 2012, the accrual rate was lowered 

to 0.5% of Employer contributions made on or after May 1, 2012. 

 Optional Form of Payment: The normal form of benefit was changed to life only, 

instead of a 60-month guaranteed form for retirements on or after November 1, 

2013. Optional form conversion factors for other benefit were also changed to 

reflect the new normal form of benefit. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:79 

Contribution Rate Increases 

The hourly contribution rates have increased as shown below. Expected contribution rates after a 

suspension are assumed to increase by $0.85/year for 5 years. This increase may not occur after 

2021 if the suspension is not approved. 

Effective Date Hourly Contribution Rate 

June 1, 2006 $3.57

June 1, 2007 $3.72

June 1, 2008 $3.92

June 1, 2009 $4.17

June 1, 2010 $4.67

June 1, 2011 $4.67

June 1, 2012 $5.02

June 1, 2013 $5.52

June 1, 2014 $6.07

June 1, 2015 $6.61

June 1, 2016 $7.15

June 1, 2017 $7.69

June 1, 2018 $8.19

June 1, 2019 $8.39

June 1, 2020 $8.95

June 1, 2021 $9.80

June 1, 2022 $10.65*

June 1, 2023 $11.50*

June 1, 2024 $12.35*

June 1, 2025 $13.20*

* Trustees have committed to an $0.85/hour increase in each of 5 years beginning June 1, 

2021 if the benefit suspension application is approved. Without a suspension, the 

$0.85/hour increase would not be enough to prevent insolvency (see Exhibit 06 RP 88:27). 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:80 

EXHIBIT 14 

Section 432 Plan Factors 

Plan Factors 

In accordance with Code § 432(e)(9)(C)(ii), the following factors were taken into account in the 

plan sponsor’s determination that all reasonable measures have been taken to avoid insolvency. 

Current and Past Contribution Levels 

Contribution dollars and hours are summarized in the table below: 

The Plan’s Ten-Year Experience for Certain Critical Assumptions 

Year 

Ending 

4/30 

Base 

Units 

(Hours) 

Average 

Hourly 

Rate 

Contributions 

Excluding 

Withdrawal 

Liability Payments 

Withdrawal 

Liability 

Payments 

Return on 

Assets 

(Market Basis)

2011 135,351 $4.63 $626,695 $0 10.18%

2012 145,561 $4.69 $682,144 $0 0.55%

2013 125,620 $4.99 $627,438 $0 7.81%

2014 128,753 $5.44 $700,263 $0 10.49%

2015 127,616 $6.02 $768,506 $0 6.60%

2016 140,376 $6.58 $923,065 $0 -2.88%

2017 138,564 $7.09 $982,465 $0 11.05% 

2018 128,615 $7.64 $983,088 $0 8.15%

2019 134,166 $8.14 $1,091,863 $0 4.29%

2020 125,973 $8.14 $1,025,444 $0 -2.71%

The above table shows both hours and contributions net of reciprocity in and out of the Plan. The 

average hourly rates in the table above do not exactly match the Local 88 rates due to the impact 

of reciprocity 

Prior to the financial crisis in 2008 the June 1, 2008 negotiated contribution rate was $3.92. As of 

June 1, 2020, the rate is $8.95. The is an increase of $5.03 over twelve years or about $0.42 per 

year on average. 

The contributing employers have agreed to significant contribution increases if the suspension is 

approved ($0.85/hour each year for 5 years). But it should be noted that, without a suspension, 

$0.85/hour would not be enough to stave off insolvency (see Exhibit 06, RP 88:27) As a result, 

this $0.85/hour increase may not occur after 2021 if the suspension is not approved. This planned 

increase at about twice the level over the last ten year is due to the dedication by the remaining 

contributing employers to the success of this Plan and a willingness on the part of Union members 

to forego pay increases in an attempt to save this Plan. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:81 

Levels of Benefit Accruals 

Benefit accruals were calculated as follows for active participants who retired on or after May 1, 

2003: 5.25% of employer contributions made from May 1, 1968 through April 30, 1998; 4.05% of 

employer contributions made from May 1, 1998 through April 30, 2003; 3.00% of employer 

contributions made from May 1, 2003 through April 30, 2006; 1.70% of employer contributions 

made from May 1, 2006 through April 30, 2009; 1.00% of employer contributions made from May 

1, 2009 through April 30, 2012; 0.50% of employer contributions made on or after May 1, 2012. 

Benefit accrual levels lower than 5.25% were in effect prior to 2003 and were increased over time. 

Prior Reductions of Adjustable Benefits 

 Disability Benefit Amount: The disability benefit amount was reduced from 82% 

of a Participant’s accrued benefit to 50% of the Participant’s accrued benefit 

effective April 1, 2011. 

 Amount of Early Retirement Benefits: Effective November 1, 2013, the early 

retirement reduction was increased as follows (for members that were not age 55 

with 5 years of service as of November 1, 2013): 

Age Benefits Commence Old Factor New Factor

55 70.0% 62.6%

56 76.0% 68.5%

57 82.0% 75.1%

58 88.0% 82.5%

59 94.0% 90.7%

60 100.0% 100.0%

 Disability Benefits for Current Active Participants: The disability benefit was 

eliminated for participants whose disability benefit commencement dates would 

have been on or after November 1, 2013. 

All available adjustable benefit cuts have been made except for required preretirement death 

benefits. The Plan could charge participants for these death benefits rather than providing them at 

no cost. Any saving from charging for death benefits would be small and would be partially offset 

by increased administrative costs. 

Prior Suspensions of Benefits

None 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:82 

Impact on Plan Solvency of Subsidies and Ancillary Benefits Available to Active Participants 

All available adjustable benefit cuts have been made except for required preretirement death 

benefits. The Plan could charge participants for these death benefits rather than providing them at 

no cost. Any saving from charging for death benefits would be small and would be partially offset 

by increased administrative costs. 

Compensation Levels of Active Participants Relative to Employees in the Participants’ 

Industry 

Compensation levels of active participants are substantially higher than non-union employees in 

the industry covered by the Plan, particularly when taking into account benefit costs. 

The following tables present historical information on the wage packages (including pension 

contribution rates of Local 88 and the other locals with reciprocity activity). 

Gross Wage Rate (Journeyman) 

2020 2019 2018 2017 2016

Avg. 

Increase

Local 88 $46.65 $45.05 $43.56 $42.16 $41.01 3.27%

Local 44 $54.29 $52.98 $51.67 $50.36 $49.05 2.57%

Local 71 $44.55 $43.70 $42.85 $41.96 $41.11 2.03%

Local 86 $45.27 $43.92 $42.87 $41.86 $40.91 2.56%

Local 188 $45.51 $44.51 $44.26 $42.76 $42.36 1.82%

Local Pension Contribution (Journeyman) 

2020 2019 2018 2017 2016

Avg. 

Increase

Local 88 $8.95 $8.39 $8.19 $7.69 $7.15 5.79%

Local 44 $8.60 $8.20 $7.80 $7.40 $7.00 5.28%

Local 71 $7.25 $7.00 $6.75 $6.55 $6.35 3.37%

Local 86 $7.40 $7.40 $7.20 $7.00 $6.80 2.14%

Local 188* $6.16 $5.66 $5.66 $5.66 $5.66 2.21%

*Local 188 (Wheeling, WV) contributes only to the International Pension Plan. 

This demonstrates that, while the members of Local 88 have seen their gross wages increase over 

time, their pension contributions have increased significantly more than other locals. And the 

pension contributions in neighboring locals make up a smaller portion of the overall wage package. 

It must also be noted that the Local 88 pension contribution increases were generating a very small 

accrual. The willingness of both Local 88 members and contractors to continue allocating such 

large amounts to a failing pension plan will be drastically lower if the pension plan continues its 

current path to insolvency. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:83 

Competitive and Other Economic Factors Facing Contributing Employers

Contributing employers within the Local 88 jurisdiction are facing an increased non-Union 

presence when bidding for work. 

Impact of Benefit/Contribution Levels on Retaining Active Participants

The current contribution to benefit accrual ratio is extremely small. 

Impact of Past/Anticipated Contribution Increases on Employer Attrition/Retention

 The hours under the Plan have been seen fluctuations but not consistent increase or declines since 

the year ending April 30, 2010. This indicates that so far the significant increase to contribution 

rates have been supportable. 

Measures Taken to Attract New Contributing Employers 

The Board of Trustees has taken multiple measures to attract and retain contributing employers. 

Contribution increases have been significant over the years in an attempt to help the Plan recover 

and avoid insolvency. As time progressed, even these significant increases were not enough to 

repair the damage from the 2008 and 2014 investment losses. 

Similarly, the Board of Trustees reviewed the possibility of continued cuts to benefit accruals and 

the overall benefits package of the Plan. Ultimately, the Board of Trustees removed almost all 

subsidies from the Plan and brought the accrual rate down to a level it felt was as diminished as it 

could afford, while not risking the loss of the remaining contribution base. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:84 

EXHIBIT 15 

Description of All Reasonable Measures 

(1) For the 10 plan years immediately preceding the plan year in which the application 

is submitted: 

 (a) Contribution Levels

The Plan considered whether contributing employers and participants could afford 

to continue increasing contributions in order to form a rehabilitation plan that did 

not use an “exhaustion of all reasonable measures” provision. Such contribution 

levels would have been significantly above and beyond what the Plan felt was 

reasonable. The contribution levels described in this application were and are the 

maximum amount of reasonableness without a suspension. The bargaining parties 

have been able to make some contribution increase since the declaration of 

exhaustion of all reasonable measure in July 2016. After careful consideration the 

Trustees and bargaining parties are committed to significant additional increases in 

conjunction with a suspension that is expected to save the Plan from insolvency. 

As demonstrated in this application even these planned contribution increase would 

not prevent insolvency without the addition of the benefit suspension. 

(b) Levels of Benefit Accruals

Participants in the Plan are already receiving an extremely small accrual. Any 

further reduction would be so close to a 0% accrual that contributions to the Plan 

would be meaningless, at least as it pertained to growing a participant’s pension. 

(c) Prior Reductions of Adjustable Benefits

The Plan has cut all adjustable benefits either completely or a significant amount 

over the past 10 years. The only adjustable benefit cuts that could still be made 

would have little impact on the Plan’s funding. 

(d) Prior Suspensions of Benefits

 There have been no prior suspensions of benefits under §432(e)(9). 

(e) Measures Undertaken to Retain/Attract Contributing Employers

The Plan has attempted to keep contribution levels as low as possible to make the 

Plan attractive to contributing employers. The Local Union has also been active in 

attempting to organize employers and also to require Union work on large projects. 

The Plan also has left some accrual of benefits so as to make the Plan at least 

somewhat attractive to current and future participants. Without these efforts, it is 

likely that the number of contributing employers would have dropped even further. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:85 

(2) Impact of Plan Solvency on Subsidies and Ancillary Benefits 

Little to no subsidies and ancillary benefits remain for active participants. Any cuts to the 

remaining subsidies would have little to no impact on the Plan’s funding. 

(3) Compensation Levels of Active Participants

 

Compensation levels of active participants are substantially higher than non-union 

employees in the industry covered by the Plan, particularly when taking into account 

benefit costs. The geographic area covered by the Plan is relatively small and surrounded 

by neighboring local unions. As a result, it is somewhat easy for employees to change their 

“home” local union. After changing their home local unions, members may continue to 

work in Local 88’s jurisdiction, but the contributions are reciprocated out to the appropriate 

home locals. 

The following tables present historical information on the wage packages (including 

pension contribution rates of Local 88 and the other locals with reciprocity activity). 

Gross Wage Rate (Journeyman) 

2020 2019 2018 2017 2016

Avg. 

Increase

Local 88 $46.65 $45.05 $43.56 $42.16 $41.01 3.27%

Local 44 $54.29 $52.98 $51.67 $50.36 $49.05 2.57%

Local 71 $44.55 $43.70 $42.85 $41.96 $41.11 2.03%

Local 86 $45.27 $43.92 $42.87 $41.86 $40.91 2.56%

Local 188 $45.51 $44.51 $44.26 $42.76 $42.36 1.82%

Local Pension Contribution (Journeyman) 

2020 2019 2018 2017 2016

Avg. 

Increase

Local 88 $8.95 $8.39 $8.19 $7.69 $7.15 5.79%

Local 44 $8.60 $8.20 $7.80 $7.40 $7.00 5.28%

Local 71 $7.25 $7.00 $6.75 $6.55 $6.35 3.37%

Local 86 $7.40 $7.40 $7.20 $7.00 $6.80 2.14%

Local 188* $6.16 $5.66 $5.66 $5.66 $5.66 2.21%

*Local 188 (Wheeling, WV) contributes only to the International Pension Plan. 

This demonstrates that, while the members of Local 88 have seen their gross wages increase over 

time, their pension contributions have increased significantly more than other locals. And the 

pension contributions in neighboring locals make up a smaller portion of the overall wage package. 

It must also be noted that the Local 88 pension contribution increases were generating a very small 

accrual. The willingness of both Local 88 members and contractors to continue allocating such 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:86 

large amounts to a failing pension plan will be drastically lower if the pension plan continues its 

current path to insolvency. 

(4) Competitive and Other Economic Factors Facing Contributing Employers

Contributing Employers are facing an increased non-Union presence as well as general 

anti-Union animus in the legislatures which impact the Local’s jurisdiction. There is a 

Union-friendly government in a large municipality within the jurisdiction (Canton, Ohio), 

but the Union’s jurisdiction is big enough that it faces significant obstacles when it works 

outside of the Canton area. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:87 

EXHIBIT 16 

Impact of Contributions 

The Impact of Benefit and Contribution Levels on Retaining Active Participants and 

Bargaining Groups under the Pension Plan 

Decreases in benefit levels under the Pension Plan have reduced union membership, 

participant numbers, and morale. Given the very low accrual rate offered by the Pension 

Plan, it is generally known by the union members that the Pension Plan is in critical and 

declining status and heading toward insolvency. 

Quantitative data suggest greater losses in Local 88 than in comparable local unions in the 

northeast Ohio area. For instance, in 2005, based on U.S. Department of Labor statistics, 

Roofers Local 88 had 279 members, compared to 155 members in 2019, a decrease of 

44.4%. While geographically similar locals also have experienced membership losses, their 

losses have not been as drastic as Local 88’s losses. For instance, Local 71 in Youngstown, 

Ohio, had 200 members in 2005 and 150 members in 2019, a decrease of only 25%. 

Similarly, Local 44 in the Cleveland area had 361 members in 2005 and 394 in 2019, a 9% 

gain. 

An analysis of both qualitative and quantitative data suggests that without changes that 

would stabilize the Pension Plan, insolvency may be accelerated due to an increased flight 

of the Canton/Akron membership to neighboring local unions or non-union contractors. 

However, the work outlook does remain strong, especially when paired with the benefit 

suspension being applied for. And, it is important to note that Local 88’s membership 

has held steady since 2015. In 2015, Local 88 had 156 members. As noted above, in 

2019, Local 88 had 155 members. This consistency in the most recent years is further 

evidence that there is work for the members and that the dropoff in membership numbers 

may be slowing. Add this strong work outlook to the benefit suspension amount being 

applied for can help lead to a morale and membership boost. Without a suspension, though, 

the Board of Trustees has grave concerns about what the looming Plan insolvency will do 

to membership numbers. The Board worries that while work hours will be strong, without 

a suspension those hours will be worked by members of neighboring locals or former Local 

88 members who have left the Union. 

The Impact of Past and Anticipated Contribution Increases under the Pension Plan on 

Employer Attrition and Retention Levels 

As shown in the section of Exhibit 18C (RP 88:103) on large employers, there is a group 

of four large employers that have accounted for 60-70% of contributions and hours over 

most of the last ten years. These employers have been willing to make significant 

contribution increases over the last ten years and are willing to make additional increase if 

they can prevent insolvency. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:88 

EXHIBIT 17 

Proposed Ballot for the Pension Plan 

BALLOT ON THE PROPOSED SUSPENSION OF BENEFITS FOR THE 

ROOFERS LOCAL NO. 88 PENSION PLAN 

The Board of Trustees of the Roofers Local No. 88 Pension Plan sent a notice to all active 

participants, retirees, and beneficiaries in December 2020, setting forth a proposal to suspend 

benefits for certain recipients. It is time to vote on the proposed suspension. But before you vote 

for or against the suspension, you should keep the following points in mind. 

IMPORTANT POINTS TO REMEMBER 

The term “suspend” means that your benefits will be reduced for an indefinite period of time if the 

proposal is approved. The notice you received in December, 2020 described the proposed 

reduction in benefits, the effects of the reduction on each group affected by the proposal, and the 

factors considered by the Board of Trustees in designing the proposal. The Board of Trustees has 

taken this action because it has determined that a reduction in benefits is necessary to avoid 

insolvency. 

Along with the notice, the Board of Trustees sent each recipient a copy of his or her individualized 

estimate of how the proposed reduction would affect the recipient’s benefit. A copy of the 

individualized estimate is enclosed with this ballot. If you need a copy of the notice that was sent 

before, please contact the Fund Office and another copy will be provided. 

This ballot has been provided to you because you are eligible to vote to approve or reject the 

proposed suspension of benefits. The voting instructions are provided below. Votes must be 

received by in order to be eligible for counting. 

Before you vote, you should consider the following: 

1. The proposed reduction will NOT affect any participant, retiree, or beneficiary who is age 

80 or older or who is receiving disability benefits from the Pension Plan. 

2. The proposed reduction in benefits will affect all other active participants, retirees, and 

beneficiaries. 

3. For each retiree who is between the ages of 75 and 80 as of November 1, 2021, the amount 

of the reduction will be limited to a percentage of the reduction applied to younger retirees, 

with the percentage becoming smaller with each age closer to age 80. 

4. The benefits of all Participants described in number (2) above will be reduced by 10%. 

Individuals describe in number (3) above will see a smaller reduction. 

5. The proposed suspension of benefits, if approved, would apply to benefit payments starting 

on November 1, 2021. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:89 

6. The Pension Plan’s Board of Trustees has determined that if the benefits are not reduced 

as proposed by the Board of Trustees, the Pension Plan will become insolvent by the 2041 

plan year. Needless to say, these projections are partly based on educated guesses and 

assumptions about future contribution levels, investment rates of return, and future work 

hours. Therefore, the projections are subject to some degree of uncertainty. 

7. The Pension Plan’s actuary has certified that if the benefits are not reduced as proposed by 

the Board of Trustees, the Pension Plan will become insolvent by the 2041 plan year. The 

Pension Plan’s actuary has certified that if these reductions are approved and implemented, 

the Pension Plan is projected to avoid insolvency. Again, these projections are partly based 

on educated guesses and assumptions about future contribution levels, investment rates of 

return, and future work hours. Therefore, the projections are subject to some degree of 

uncertainty. 

8. The Board of Trustees supports the proposed suspension of benefits. The Board of Trustees 

has done everything in its power to avoid these benefit reductions, including reducing 

active participants’ benefits and future accruals and getting active participants to agree to 

increase contributions to the Pension Plan instead of receiving wage increases. However, 

reductions in investment returns, work hours, and employer contributions have forced the 

Board of Trustees to take this action so that the Pension Plan does not become insolvent. 

9. Insolvency of the Pension Plan could result in benefits lower than benefits paid under the 

proposed suspension. A description of the projected benefit payments in the event of 

Pension Plan’s insolvency is provided in the accompanying individualized estimate. 

10. If the Pension Plan were to become insolvent, it would not be able to pay all of the benefits 

promised to all eligible recipients, and benefits paid would be less than the benefit 

reductions under the proposed suspension of benefits. 

STATEMENTS REQUIRED BY FEDERAL LAW 

1. To the best of the Board of Trustees’ knowledge and belief, the ballot does not contain any 

false or misleading information. 

2. The Board of Trustees has provided a description of the proposed suspension and its 

effects, including the effect of the suspension on each category or group of individuals 

affected by the suspension and the extent to which they would be affected. 

3. The Board of Trustees has considered the following four (4) factors in designing the 

proposed benefit suspension: 

 The amount of benefits; 

 The history of benefit increases and reductions for participants and beneficiaries; 

 Any discrepancies between active and retiree benefits; and 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:90 

 The extent to which active participants are reasonably likely to withdraw support 

for the Pension Plan, accelerating employer withdrawals from the Pension Plan, 

and increasing the risk of additional benefit reductions for participants in and out 

of pay status. 

4. If approved, the suspension would remain in effect indefinitely. 

5. The proposed suspension has been approved by the U.S. Department of the Treasury, in 

consultation with the PBGC and the U.S. Department of Labor. 

6. The PBGC acts as the guarantor of benefits provided by defined benefit pension plans like 

this one, but only to a certain level. Generally, the benefits that would be paid under this 

proposal would be greater than the benefits guaranteed by the PBGC. If the PBGC were to 

become insolvent, it would not be able to pay the guaranteed benefits, and whatever it could 

pay would be less than what the Pension Plan would pay if it were to become insolvent. 

7. The suspension will go into effect unless a majority of eligible voters vote to reject the 

suspension and that, therefore, a failure to vote has the same effect on the outcome of the 

vote as a vote in favor of the suspension. 

8. The following statements in opposition to the proposed suspension have been compiled 

from comments received pursuant to the solicitation of comments in the Federal Register 

notice with respect to the application. 

 [Opposing comment TBD] 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:91 

EXHIBIT 18

Assumptions 

Exhibit 18A (RP 88:92) describes the assumptions used by the actuary for performing projections 

required under Rev. Proc. 2017-43, Sections 3.01, 3.02, 3.03, and 4.02(1). The certification of 

critical and declining status required by Rev. Proc. 2017-43, Section 3.01 was prepared before this 

submission and includes a few assumptions that differ from those used to prepare other projections 

contained herein. These differences are noted and explained. Further differences in assumptions 

are due to expected differences in behavior of the members and employers in situations where the 

plan is or is not insolvent. 

Exhibit 18B (RP 88:102) describes the development of the 9/30/2020 assets. 

Exhibit 18C (RP 88:103) provides supporting documentation for certain assumptions including 

the actuary’s rationale for the selection of major assumptions. 

Exhibits 18A - 18C (RP 88:92 – RP 88:117) are based on the actuary’s interpretation of the 

requirements of Revenue Procedure 2017-43, Section 6.03 and Appendix B. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:92 

EXHIBIT 18A 

Actuarial Assumptions and Methods Used for Projections 

Investment Returns 

 For certification of critical and declining status under Section 3.01: 

Time Period Assumed Rate of 

Return 

5/1/2020 – 4/30/2029 7.25%

5/1/2029+ 7.25%

 For valuation reports supplied under Section 7.10 varies by year see report. For the 

5/1/2020 report 6.90% was used for the long term. Some projections in the report use 5.95% 

for the first ten years 

 For all other projections: 

Time Period Assumed Rate of 

Return 

5/1/2020 – 4/30/2028 5.95%1

5/1/2028-4/30/2029 6.05%

5/1/2029-4/30/2030 6.20%

5/1/2030-4/30/2031 6.35%

5/1/2031-4/30/2032 6.50%

5/1/2032-4/30/2033 6.65%

5/1/2033-4/30/2034 6.80%

5/1/2034+ 6.90%

The rates were updated based on Survey of Capital Market Assumptions: 2020 Edition, published 

by Horizon Actuarial Services, LLC. 

1

 For the first 5 months of the 5/1/2020-4/30/2021 plan year, actual investment income was used. For the remaining 

7 months of such plan year (the “initial period”), a return equal to 7/12ths of 5.95% was assumed. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:93 

Assumed future investment percentages, as provided by Graystone Consulting, are shown below: 

Asset Class Allocation

US Large Cap 26%

US Small/Mid Cap 8%

Non-US Developed 20%

Non-US Emerging 6%

US Fixed - Core 30%

Real Estate 2.5%

Hedge Funds 2.5%

Private Equity 5%

Since most assets are liquid, no change in investment mix was assumed over time. 

Mortality 

Mortality was assumed to follow the PRI-2012 blue collar mortality tables projected generationally 

using the MP-2019 projection scale. Sex-distinct mortality rates were used for males and females. 

The employee tables were used for all participants not in pay status while the healthy annuitant 

tables were used for all participants in pay status. Since most female annuitants are surviving 

spouses, the contingent survivor table was chosen for female annuitants. 

No adjustments (such as set-forwards or rate multipliers) were applied. 

For the 5/1/2019 valuation report and the certification of critical and declining status under Section 

3.01, the RP2006 blue collar table and the MP 2018 projection scale were used. See actual reports 

under Section 7.10 for any assumptions prior to 5/1/2019. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:94 

Other Demographic Assumptions 

 Withdrawal 

For Projections and the 5/1/2020 valuation report: Ultimate rates of withdrawal are 

assumed to follow table T-8 (less GAM-51 mortality) from The Actuary’s Pension 

Handbook., but modified starting at age 50 (with a floor of 5%) in order to account for the 

incidence of disability. Since the Plan does not provide a separate a disability benefit, it 

was assumed that disabled participants would receive a withdrawal or retirement benefit, 

as appropriate. The complete table is shown below: 

Age

 Withdrawal 

 Rate Age

 Withdrawal 

 Rate Age

 Withdrawal 

 Rate 

20 0.119384 35 0.105540 50 0.05

21 0.118807 36 0.103702 51 0.05

22 0.118208 37 0.101635 52 0.05

23 0.117584 38 0.099328 53 0.05

24 0.116930 39 0.096769 54 0.05

25 0.116242 40 0.093957 55 0.05

26 0.115515 41 0.090862 56 0.05

27 0.114745 42 0.087459 57 0.05

28 0.113924 43 0.083754 58 0.05

29 0.113046 44 0.079749 59 0.05

30 0.112095 45 0.075447 60 0.05

31 0.111053 46 0.070816 61 0.05

32 0.109903 47 0.065810 62 0.05

33 0.108617 48 0.060394 63+ -

34 0.107172 49 0.054556

Additionally, special select rates are applied during the first 3 years that a participant is 

reported: 

Year 

Reported

Select 

Withdrawal

Rate 

First 0.25

Second 0.25

Third 0.25

 For the 5/1/2019 valuation report and the certification of critical and declining status under 

Section 3.01 Ultimate rates of withdrawal are assumed to follow table T-7 (less GAM-51 

mortality) from The Actuary’s Pension Handbook., but modified starting at age 49 (with a floor of 

5%) in order to account for the incidence of disability. Since the Plan does not provide a separate 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:95 

a disability benefit, it was assumed that disabled participants would receive a withdrawal or 

retirement benefit, as appropriate. The complete table is shown below: 

Age

 Withdrawal 

 Rate Age

 Withdrawal 

 Rate Age

 Withdrawal 

 Rate 

20 0.099384 35 0.087062 50 0.050000

21 0.098898 36 0.085466 51 0.050000

22 0.098398 37 0.083717 52 0.050000

23 0.097877 38 0.081815 53 0.050000

24 0.097331 39 0.079756 54 0.050000

25 0.096742 40 0.077543 55 0.050000

26 0.096114 41 0.075151 56 0.050000

27 0.095438 42 0.072556 57 0.050000

28 0.094704 43 0.069760 58 0.050000

29 0.093906 44 0.066758 59 0.050000

30 0.093031 45 0.063540 60 0.050000

31 0.092065 46 0.060053 61 0.050000

32 0.091000 47 0.056227 62 0.050000

33 0.089820 48 0.052000 63+ -

34 0.088511 49 0.050000

Additionally, special select rates are applied during the first 4 years that a participant is 

reported: 

Year 

Reported

Select 

Withdrawal

Rate 

First 0.35

Second 0.35

Third 0.35

Fourth 0.15

 Disability 

Since the Plan does not provide disability benefits no disabilities are assumed, however, 

withdrawal rates have been adjusted to account for disability incidence (see note in 

withdrawal section above). 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:96 

 Retirement – Active Participants 

For Projections and the 5/1/2020 valuation report active participants, the following rates of 

retirement are assumed to apply: 

Age 

Retirement 

Rate 

55 0.050

56 0.025

57 0.025

58 0.075

59 0.150

60 0.250

61 0.150

62 0.250

63 0.200

64 0.400

65+ 1.000

For the 5/1/2019 valuation report and the certification of critical and declining status under 

Section 3.01 

Age 

Retirement 

Rate 

55 0.050

56 0.030

57 0.080

58 0.080

59 0.250

60 0.250

61 0.250

62 0.500

63 0.250

64 0.250

65+ 1.000
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:97 

 Retirement – Inactive Vested Participants 

o For purposes of the certification of critical and declining status under Section 3.01 

and the 2019 and 2020 valuation reports, inactive vested participants were assumed 

to commence benefits according to the following table: 

Criteria 

Assumed 

Commencement Age 

If 100% vested 58 or current age if older

Less than 100% vested 65 or current age if older

o For all other purposes, inactive vested participants were assumed to commence 

benefits in accordance with the following table of retirement rates: 

Age 

Retirement 

Rate 

55 0.130

56 0.060

57 0.060

58 0.060

59 0.150

60 0.150

61 0.150

62 0.150

63 0.150

64 0.250

65 0.250

66+ 1.000

The inactive vested retirement assumption was changed following the completion of the 

certification of critical and declining status under section 3.01, in order to more accurately 

reflect exact cash flow projections for the longer period after the current projected 

insolvency date. The more complex assumption is not easily supported under our valuation 

and report software and was not used for the 5/1/2020 valuation report. For the purposes 

of the valuation report without a suspension the additional accuracy would not be material. 

 Percent Married 

The critical and declining status certification under Section 3.01 and all actuarial valuation 

reports prior to 2020 included an assumption that 80% of participants are married at 

retirement. The other projections contained herein use a 65% married assumption based 

on a more recent review of actual marital status of recent retirees. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:98 

Assumptions Regarding Form and Commencement Age of Benefits 

 “Take Up” Rate of Benefit Form Election 

For purposes of the certification of critical and declining status under Section 3.01 and all 

valuation report), all future retirees were assumed to elect a life annuity. The more complex 

assumption is not easily supported under our valuation and report software and was not 

used for the 5/1/2020 valuation report. For the purposes of the valuation report without a 

suspension the additional accuracy would not be material. 

o For all other purposes, future retirees were assumed to elect benefit forms according 

to the following table. 

o

Benefit Form 

Married 

Participants 

(65% 

Assumed) 

Single 

Participants 

(35% 

Assumed) 

Life annuity 29% 63%

Joint & 50% survivor 23% n/a

Joint & 75% survivor 9% n/a

Joint & 100% survivor 28% n/a

5 yr certain & continuous 4% 14%

10 yr certain & continuous 7% 23%

The change in assumption was made to more accurately reflect future cash flows for the 

longer period after the current projected insolvency date. 

Assumptions Regarding Missing or Incomplete Data 

 Assumption Regarding Terminated Vested Participants Beyond Normal Retirement Age 

Absent explicit information to the contrary, all known inactive vested participants were 

assumed to be alive. 

 Assumptions to Fill in Other Missing Data 

The age of participants with unrecorded dates of birth was estimated based on the average 

entry age of participants with recorded dates of birth and the same vesting status. 

 Pending Benefit Corrections 

In preparing the filing and researching service values an audit was undertaken of 

participants and beneficiaries in payment. In December 2020 benefits were updated based 

on this review. The projections (and the 5/1/2020 valuation report) used the revised benefits 

amounts. The projections also include an additional payout of $375,000 related to back 

payments with interest made in December 2020. A few final benefit changes were reflected 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:99 

in the individual participant statements but not the projection census data, these changes 

were not material. 

 Suspension of Benefit Notice to Active Members Working after Normal Retirement Age 

In January 2021 a suspension of benefits notice will be provided to all participants who 

have not retired and are over normal retirement age. We have assumed that inactive vested 

members will have no months of suspendable employment and will receive a full late 

retirement increase. We have assumed active member will work enough hours to be 

suspended in all months beginning January 2021 until assumed retirement. This calculation 

for actives was not done exactly. Instead, all actives were given a full late retirement 

adjustment on the accrued benefit at normal retirement age through 5/1/2020 (based on 

valuation ages, not actual age) plus additional accruals after 5/1/2020. The additional 

accruals approximately offset the additional late retirement adjustment for the period 

5/1/2020 to 1/1/2021. 

New Entrant Profile 

 The new entrant assumption is the same for all projections that use explicit new entrants. 

Distribution of assumed future new entrants by age and sex are as follows: 

Age Sex Distribution 

21 M 36%

27 M 40%

32 M 28%

37 M 25%

42 M 8%

47 M 8%

53 M 9%

 Future new entrants were assumed to work 1138 hours. This is the average of the assumed 

hours for continuing actives, but without separate assumptions for vested and non-vested 

members. For continuing actives 1225 hours are assumed if vested and 1000 if not vested. 

The hours assumption once set for an active member does not change. 

 For purposes of the critical and declining status determination under Section 3.01, no 

explicit new entrant profile was used. Normal cost was assumed constant and was used to 

indirectly estimate any emerging benefit payment streams due to new entrants prior to 

insolvency. These projections are effectively superseded by the more robust projections 

contained elsewhere in the filing. 

Contribution Rates 

 Projections assume the increases from June 2021 to June 2025 are made as detailed in the 

memorandum of understanding to the collective bargaining unit. No additional 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:100 

contribution rate changes after 2025 are assumed. For projecting future benefit accruals, 

the increases were assumed on to occur on May first not June first, for contribution income 

the June first date was used. 

Contribution Base Units 

 Future hours were assumed to be 130,000 for all years for all purposes other than the 

sensitivity projections under Section 6.05. 

Future Benefit Accrual

No change in future benefit accrual was assumed, the current formula is 0.5% of contributions, 

and will therefore adjust for the contribution increases that are assumed. 

Withdrawal Liability Payment 

 

No future withdrawal liability payments were assumed. 

Administrative Expenses 

 The basic schedule of assumed administrative expenses is as follows: 

Period Assumed Expenses 

10/1/2020 through 4/30/2021 $177,729

Plan year ending 4/30/2022 $236,581

Plan year ending 4/30/2022 $139,996

On and after 5/1/2023 Prior year’s assumption increased by 2.5%

Rationale: Recent administrative expenses have been between $120,000 and $135,000 

annually. The expected 2023 expenses reflect that level plus inflation. The prior years include 

increased costs associated with the suspension filing. 

 For purposes of the certification of critical and declining status under Section 3.01 and 

2019 actuarial valuation reports and assumption of $130,000 was used. For the 2020 

actuarial valuation report $150,000 per year for all years was assumed to approximately 

take into account increased expenses. 

Market Value of Assets as of 9/30/2020 data sources and adjustments 

Unaudited assets as of 9/30/2020 were provided by the fund administrator. Audited assets as of 

4/30/2020 were available from both the administrator and the auditor. We studied the differences 

between prior audited and unaudited financial statements and found that, historically, the 

differences in net market value have been small and have primarily involved payables and 

receivables. The administrator confirmed that no adjustments to these items are typically booked 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:101 

between audits. Our final value of net assets available for benefits as of 9/30/2020 was based on 

invested asset values provided by the administrator and receivable and payable amounts as of 

4/30/2020. The development of the 9/30/2020 assets is shown in Exhibit 18B (RP 88:102) of this 

application. 

Projection Methodology 

 The DBVal valuation system was used to perform all actuarial projections, unless 

otherwise disclosed. Additional calculations were performed using Microsoft Excel. 

 As discussed above, for purposes of the certification of critical and declining status 

certification furnished under Section 3.01, “take up” rates of optional forms of benefit were 

not used. 

 No data grouping techniques were used. 

 The following changes to the cash flow projections were incorporated: 

o Inactive vested participants were processed in separate runs in order to properly 

value the desired retirement decrements. No pre-retirement withdrawal or 

disability rates were assumed for these runs. 

o For each plan design scenario, 6 active-only runs (one for each form of benefit), 6 

inactive vested-only runs (one for each form of benefit), and one pay status run 

were done. The projected benefit payments from these runs were blended, along 

with projected benefits from assumed new entrants, to produce the final stream of 

benefit payments. 

o Benefit payments from the valuation system output are given as of the beginning 

of each plan year. These were multiplied by a one-half year interest adjustment 

factor to produce cash flows. 

o For purposes of the certification of critical and declining status required under 

Section 3.01, active participant cash flows from the valuation system were adjusted 

for contribution rate and total hours. Similar adjustment is also made for some of 

the graphs in the valuation reports furnished pursuant to Section 7.10. For all other 

purposes, these adjustments were handled within the valuation system. 
ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001Exhibt 18BDevelopment of 9/30/20 Market Value of Assets

Audited assets Admin assets Admin assets A

4/30/2020 4/30/2020 9/30/2020 9/

Investments at fair value 22,049,514 22,065,204 24,562,772 24Investments NAV 2,418,766 2,418,782 2,763,110 2receivable contributions 57,772 56,602 57,772 receivable other 18,848 3,141 0 prepaid assets 7,285 7,285 1,732 cash and cash equiv 654,718 654,717 474,850 SUBTOTAL 25,206,903 25,205,731 27,860,236 27Accounts payable reciprocity 0 0 0 Accounts payable other 1,716 1,716 445 Net assets available for benefits 25,205,187 25,204,015 27,859,791 27Reconcile from 4/30 to 9/30 4/30/19 audit assets 25,205,187Net invest income 3,591,685net contributions 498,363benefits paid -1,291,598expenses paid -78,637Adjusted 9/30 assets 27,925,000The Adjusted 9/30 Assets were used for the starting point of all projections

RP 88:102
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:103 

EXHIBIT 18C 

Supporting Documentation for Selection of Certain Assumptions 

Investment Returns 

 Components of the target portfolio used in the projections expressed in terms of the asset 

classes used for setting the plan’s investment policy. Note that all of these asset classes 

are permissible asset classes as listed in Appendix B of Rev. Proc. 2017-43. The mix of 

assets is not projected to vary over time. 

Asset Class Allocation

US Large Cap 26%

US Small/Mid Cap 8%

Non-US Developed 20%

Non-US Emerging 6%

US Fixed - Core 30%

Real Estate 2.5%

Hedge Funds 2.5%

Private Equity 5%

 Net investment return assumptions used for deterministic projections 

o The net investment return assumptions used for deterministic projections were 

based on: 

 The expected net returns, standard deviations, and correlations from the 

Survey of Capital Market Assumptions: 2020 Edition as detailed in Exhibit 

18A (RP 88:92). Short-term assumptions from the survey were assumed to 

apply to plan years ending prior to May 1, 2030 and the long-term 

assumptions were used thereafter. 

 The assumed investment allocations as described in the preceding section. 

o Portfolio returns were modeled using the preceding target asset allocation and 

capital market assumptions. The final short and long-term assumptions (shown 

below) were selected based on the observed median geometric average portfolio 

returns over a 10-year period for the short-term assumption and over a 20-year 

period for the long-term assumption. A grading between the two values was applied 

for years ending 2029 to 2033 as shown in Exhibit 18A (RP 88:92). 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:104 

PYE 2020-2028 PYE 2034 and later 

Assumed Interest Rate 5.95% 6.90% 

o Since the capital market returns provided in response to the Horizon survey 

included the effects of inflation and were net of investment-related expenses, we 

did not employ an explicit inflation or investment expense assumption. 

Demographic Experience 

 Experience Studies 

UAS does not typically perform formal experience studies for our clients. We assess the 

appropriateness of assumptions by looking at 5-year histories of demographic experience 

(expected versus actual exits by cause) and aggregate liability gain or loss relative to the 

size of accrued liability. 

Due to the small size of the Plan, we have provided 10 years of experience below even 

though 5 years were often used in assumption setting. If an assumption looks questionable, 

we perform an internal demographic experience study. The expected values in the tables 

below are relative to the assumption used for the valuation that year not to current 

assumptions. The size of this Plan means actual experience is not fully creditable and can 

be volatile. 

Our methodology looks at “net” withdrawal in which we combine rehires with 

withdrawals. 

A 10-year history of demographic experience is provided below: 

PYE 

4/30:

Expected and Actual Exits from Active Status Due To: 

Retirement (Net) Withdrawal 

Expected Actual Expected Actual 

2020 5.3 2.0 8.6 16 

2019 6.2 5.0 7.5 0.0

2018 7.2 2.0 10.8 14.0 

2017 7.1 2.0 10.4 10.0 

2016 7.9 3.0 8.7 7.0 

2015 4.9 4.0 4.7 7.0 

2014 5.8 5.0 5.0 11.0 

2013 4.8 5.0 5.4 20.0 

2012 4.6 6.0 4.5 13.0 

2011 4.0 4.0 4.3 3.0 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:105 

PYE 

4/30:

Expected and Actual Deaths by Status 

Actives Inactive Vesteds Retirees 

Expected Actual Expected Actual Expected Actual 

2020 0.2 0 1.0 0 6.7 10 

2019 0.2 0 1.1 5.0 6.3 7.0 

2018 0.2 0 1.0 0 5.9 10.0 

2017 0.2 0 1.1 1.0 6.8 12.0 

2016 0.2 0 0.9 3.0 6.8 8.0 

2015 0.2 0 0.9 3 7.0 16 

2014 0.2 0 0.9 2.0 7.0 11.0 

2013 0.3 0 0.8 3.0 6.0 7.0 

2012 0.4 0 0.9 3.0 5.3 3.0 

2011 0.4 1.0 0.9 0 5.1 6.0 

 Liability Gain/Loss Analysis 

Liability gains/losses for the last 10 years, both as a dollar amount and as a percentage of 

accrued liability, are shown below. Keep in mind these gains and losses also include the 

impact of the assumed hours per member (i.e., the effect of benefit accruals for the plan 

year being greater or less than was assumed in the prior year’s valuation report). 

 Percentage of Plan Population That Is Married 

For the 10 plan years ending April 30, 2011-2020, 161 people commenced retirement 

benefits. Of these, 104, or 64.6%, were married and, on average, the male spouse was 2.0 

years older than the female spouse. There were no same-sex married couples reported. 

PYE 

4/30:

Liability (Gain)/Loss 

As $ Amount

As % of 

Liability

2020 $ 874,790 1.89%

2019 22,719 0.05%

2018 (201,835) -0.45%

2017 (5,639) -0.01%

2016 (540,833) -1.32%

2015 (209,672) -0.52%

2014 (433,230) -1.09%

2013 (349,732) -0.88%

2012 (73,870) -0.19%

2011 (50,593) -0.13%
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:106 

 Distribution of Optional Form Elections 

The distribution of optional form elections at retirement for the plan years ending April 30, 

2011-2020 is shown below. In October 2013 the normal from of benefit was changed from 

life with 5 years certain to a life annuity. The values below were first adjusted to assume 

that for people that elected a life-five-year certain form of benefit before 10/1/13 that they 

would have elected a life annuity in the proportion that chose the life annuity versus the 

life-five year certain after 10/1/13. 

Benefit Form 

Married 

Participants 

Electing 

Single 

Participants 

Electing 

Life annuity 28.85% 63.16%

Life-five year certain 3.84% 14.03%

Life-ten year certain 7.69% 22.81%

Joint & 50% survivor 23.08% 0.00%

Joint & 75% survivor 8.65% 0.00%

Joint & 100% survivor 27.89% 0.00%

 Rates of Retirement by Age 

Retirement experience for actives based on the plan years ending April 30, 2011-2020 is 

summarized below: 

Age Exposure Retirements Rate 

55 47 0 0.0%

56 42 2 4.8%

57 43 2 4.7%

58 36 3 8.3%

59 39 6 15.4%

60 33 10 30.3%

61 23 4 17.4%

62 22 6 27.3%

63 4 1 25.0%

64 4 2 50.0%

65 10 1 10.0%

66 2 0 0.0%

67 1 0 0.0%

68 1 1 100.0%

69 0 0 n/a

70 0 0 n/a

>70 0 0 n/a
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:107 

Retirement experience for inactive vested participants based on the plan years ending April 

30, 2011-2020 is summarized below. Since the experience for the more recent five years 

appeared to be significantly different only five years were used to set the assumption. 

10 year 

Age Exposure Retirements Rate 

55 88 5 5.7%

56 77 3 3.9%

57 104 4 3.8%

58 98 5 5.1%

59 166 13 7.8%

60 102 12 11.8%

61 100 7 7.0%

62 111 5 4.5%

63 65 11 16.9%

64 53 11 20.8%

65 45 5 11.1%

66 27 5 18.5%

67 15 6 40.0%

68 6 1 16.7%

69 7 1 14.3%

70 12 0 0.0%

>70 9 0 0.0%

5 year 

Age Exposure Retirements Rate 

55 31 4 12.9%

56 35 2 5.7%

57 40 2 5.0%

58 44 3 6.8%

59 53 8 15.1%

60 48 8 16.7%

61 44 6 13.6%

62 45 5 11.1%

63 37 6 16.2%

64 25 6 24.0%

65 20 5 25.0%

66 11 4 36.4%

67 4 2 50.0%

68 1 0 0.0%

69 2 0 0.0%

70 2 0 0.0%

>70 0 0 0.0%
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

 Rates of Withdrawal by Age 

Withdrawal experience (net of rehires) for actives based on the plan years ending April 30, 

2011-2020 is summarized below: 

Age 

Rang

e 

Exposure 

(>2yrs 

svc) 

Net 

Withdrawal Rate 

<20 0 0 0.0%

20-24 9 2 22.22%

25-29 97 8 8.25%

30-34 149 21 14.09%

35-39 118 9 7.63%

40-44 94 7 7.45%

45-49 175 7 4.00%

50-54 200 18 9.00%

55-59 5 (7) -140.00%

60+ 1 (2) -200.00%

The above table includes only those participants with 3 years of service as of the valuation 

date. Experience in the first three years of employment is summarized below. 

Service Exposure

Net 

Withdrawal Rate 

0 0 0 0.00%

1 34 8.00 23.53%

2 51 15.00 29.41%

Mortality Assumptions 

 Experience Study Underlying Mortality Rates 

The vast majority of participants in the plan are employed in the construction industry as a 

bricklayer. As such, they would be classified as blue-collar workers. Therefore, we 

selected the blue-collar tables of the PRI 2012 Mortality Tables Report issued by the 

Society of Actuaries as the basis for the mortality assumption. We believe this table is 

representative of the expected mortality experience under the plan. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:1 

 Process Used to Construct Tables 

As we have selected the blue-collar tables of the PRI 2012 Mortality Tables Report issued 

by the Society of Actuaries as the basis for the mortality assumptions, we refer the reader 

to the text of this study for a detailed description of how the tables were constructed. The 

report can be found here: 

https://www.soa.org/globalassets/assets/files/resources/experience-studies/2019/pri-2012-

mortality-tables-report.pdf 

 Mortality Adjustments 

No adjustments were applied to the blue-collar tables found in the PRI-2012 study. 

 Mortality Improvement 

We used the Society of Actuaries’ MP-2019 improvement scales to project mortality rates 

generationally. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:2 

New Entrant Profile 

 The distribution of ages of new entrants over the past 5 years appears below: 

Age 

Range 

Percentage of New Entrants for PYE 4/30: 

2020 2019 2018 2017 2016 

<20 12.50% 0.00% 0.00% 5.56% 7.14%

20-24 12.50% 11.11% 20.00% 11.11% 0.00%

25-29 12.50% 22.22% 0.00% 27.78% 3.57%

30-34 12.50% 44.44% 40.00% 11.11% 7.14%

35-39 37.50% 0.00% 40.00% 11.11% 14.29%

40-44 6.25% 11.11% 0.00% 11.11% 7.14%

45-49 6.25% 11.11% 0.00% 5.56% 14.29%

50-54 0.00% 0.00% 0.00% 11.11% 14.29%

55-59 0.00% 0.00% 0.00% 5.56% 0.00%

60+ 0.00% 0.00% 0.00% 0.00% 0.00%

 New entrants generally do not enter the plan with vesting or benefit service. This is 

because: 

o Reciprocity agreements are typically of the “money-follows-man” type, so 

participants generally cannot come in with vesting service earned in another plan 

that carries over to this Plan under a “pro-rata” reciprocity agreement. 

o If the plan is designated as a home fund under a money-follows-man agreement, 

the employee must first become a participant in the plan, so he/she would not be a 

new employee when contributions are transferred in. 

o Furthermore, contiguous non-covered service is extremely rare as the plan does not 

allow a termination to occur between the non-covered and covered service. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:3 

Contribution Base Units and Employer Withdrawals 

 Employers That Contributed Over 5% 

Information on the employers that made more than 5% of total plan year contributions 

during the last 10 plan years (plan years ending April 30, 2011-2020) appears below. 

PYE 

4/30: 

Employer 

Name 

Percent of 

Total Hours 

Average 

Contribution 

Rate 

Total 

Contribution 

2020 Company A 22.6% 27,672.00 8.37 231,622.77

2020 Company B 21.9% 26,806.50 8.37 224,291.71

2020 Company C 16.3% 20,000.00 8.37 167,346.85

2020 Company D 11.3% 13,872.50 8.37 116,125.73

2020 Company E 6.2% 7,599.00 8.37 63,595.04

2020 Company F 5.7% 7,021.00 8.37 58,787.19

2020 Company G 5.1% 6278.50 8.37 52,578.21

2019 Company A 21.2% 33,225.50 8.13 270,151.70

2019 Company B 20.5% 25,949.50 8.14 211,346.15

2019 Company C 15.3% 23,808.00 8.13 193,504.99

2019 Company D 10.6% 18,380.50 8.14 149,703.09

2019 Company E 5.8% 8,432.50 8.16 68,831.80

2019 Company F 5.4% 7140.00 8.15 58,179.10

2018 Company B 19.5% 25,173.00 7.63 192,181.75

2018 Company A 19.1% 24,549.50 7.64 187,506.62

2018 Company C 18.4% 23,660.50 7.66 181,182.44

2018 Company D 10.3% 13,238.50 7.65 101,264.80

2018 Company F 5.6% 7,140.00 7.65 54,585.30

2018 Company E 5.1% 6,550.50 7.61 49,843.71

2017 Company A 22.5% 31,264.50 7.09 221,529.97 

2017 Company B 20.4% 28,291.06 7.08 200,291.08 

2017 Company C 16.9% 23,360.00 7.10 165,949.56 

2017 Company D 7.7% 10,636.00 7.10 75,564.26 

2017 Company E 7.5% 10,440.50 7.08 73,948.73 

2017 Company F 5.2% 7,140.00 7.11 50,729.70 

2016 Company A 23.0% 32,343.00 6.56 212,135.62 

2016 Company B 20.8% 29,056.50 6.60 191,887.39 

2016 Company D 13.1% 18,358.50 6.57 120,588.37 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:4 

PYE 

4/30: 

Employer 

Name 

Percent of 

Total Hours 

Average 

Contribution 

Rate 

Total 

Contribution 

2016 Company C 9.0% 12,618.00 6.56 82,754.32 

2016 Company E 6.5% 9,056.00 6.57 59,540.06 

2015 Company A 22.0% 28,101.00 6.03 169,359.46 

2015 Company B 21.7% 27,724.15 6.03 167,049.61 

2015 Company C 13.9% 17,936.50 5.98 107,187.46 

2015 Company D 7.9% 10,132.00 6.02 60,951.98 

2014 Company A 25.7% 32,866.60 5.48 180,089.13 

2014 Company D 11.8% 15,099.00 5.49 82,901.23 

2014 Company C 11.6% 14,829.75 5.46 81,011.47 

2014 Company B 10.1% 13,000.50 5.46 71,043.01 

2014 Company H 5.9% 7,605.00 5.45 41,419.10 

2013 Company A 24.6% 31,068.05 4.98 154,606.84 

2013 Company B 12.8% 16,071.50 4.98 80,067.20 

2013 Company C 9.1% 11,492.00 4.98 57,198.99 

2013 Company D 8.2% 10,373.00 4.99 51,729.31 

2013 Company I 7.1% 8,986.00 4.97 44,697.97 

2013 Company E 5.8% 7,282.50 4.97 36,194.87 

2013 Company J 5.1% 6,470.25 4.97 32,144.14 

2012 Company A 21.6% 31,610.50 4.67 147,621.59 

2012 Company D 15.9% 23,175.50 4.67 108,230.00 

2012 Company C 10.1% 14,761.25 4.67 68,935.39 

2012 Company B 9.7% 14,225.00 4.67 66,431.01 

2012 Company I 5.7% 8,253.00 4.67 38,541.62 

2011 Company D 20.2% 27,318.50 4.63 126,584.66 

2011 Company A 16.5% 22,231.25 4.66 103,541.86 

2011 Company I 9.9% 13,434.00 4.60 61,796.81 

2011 Company b 6.9% 9,360.00 4.63 43,334.66 

2011 Company C 6.9% 9,414.00 4.59 43,227.58 

2011 Company K 6.8% 9,343.50 4.58 42,746.69 

 Historical Trends – Contribution Base Units (Hours) 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:5 

PYE 

4/30: Hours Contributions

Average 

Rate 

2011 135,351 626,695 4.63

2012 145,561 682,145 4.69

2013 125,620 627,439 4.99

2014 128,753 700,264 5.44

2015 127,616 768,507 6.02

2016 140,376 923,065 6.58

2017 138,564 982,466 7.09

2018 128,615 983,088 7.64

2019 134,166 1,091,863 8.14

2020 125,973 1,025,444 8.14

 Historical Trends – Contribution Rates 

The actual average contribution rates track the negotiated rate closely as there is not 

significant reciprocity activity. The negotiated rate has increased from $4.67 effective June 

2010 to $8.95 effective June 2020. 

 Rationale for Hours Assumption 

Hours in construction trades are project dependent and tend to fluctuate. Over the last ten 

years hours have ranged from 125,000 to 145,000 with an average of around 133,000. 

There is no clear trend in the movement of hours and the work by the largest employers 

remains strong. The Trustees are aware of many upcoming projects and expect strong 

future work. Kent State University, which is in the area of the fund, has significant future 

plans for new buildings which will very likely include roof work. In addition, the Pro 

Football Hall of Fame, which is in the jurisdiction of the Local Union, has expansive work 

to be performed over the next several years, and almost all of that work will be union work 

(including the roofing). Local 88 did a large portion of the roofing during past Hall of 

Fame projects. And, the population of the counties in the geographic area covered by the 

Plan have remained fairly stable. There is also a Union-friendly government in a large 

municipality within the jurisdiction (Canton, Ohio).

 Rationale for Contribution Rate Assumption 

The Bargaining parties have been able to maintain strong hours even with increasing 

contributions over the last ten years. There are not significant non-union competitors in the 

area though a non-union presence is increasing. The Trustees and Bargaining Parties 

believe additional contribution increase are supportable if they will result in a more stable 

and well-funded Plan. The contributing employers have agreed to significant contribution 

increases if the suspension is approved ($0.85/hour each year for 5 years). But it should 

be noted that, without a suspension, $0.85/hour would not be enough to stave off 

insolvency. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:6 

 Experience with Employer Withdrawals 

The Plan has collected no withdrawal liability in the last ten years. This is primarily due to 

the operation of the “construction industry exemption.” 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:7 

Projection Methodology 

 Changes to Cash Flow Projections 

o Inactive vested participants were processed in separate runs in order to properly 

value the desired retirement decrements. This was done because our valuation 

system does not fully support inactive decrements. 

o For each plan design scenario, 6 active-only runs (one for each form of benefit 

being valued), 6 inactive vested-only runs (one for each form of benefit being 

valued), and one pay status run were done. The projected benefit payments from 

these runs were blended, along with projected benefits from assumed new entrants, 

to produce the final stream of benefit payments. This was done because our 

valuation system does not allow the user to assume multiple forms of benefit 

payment in a single run. 

o Benefit payments from the valuation system output are given as of the beginning 

of each plan year. These were multiplied by a one-half year interest adjustment 

factor to produce cash flows. We think it is more intuitive to work with cash flows 

rather than interest-adjusted cash flows. Additionally, all benefit payments 

produced by the valuation system are discounted at the valuation interest rate, 

whereas, when projecting assets, various rates of interest are applied. 

o For purposes of the certification of critical and declining status required under 

Section 3.01, active participant cash flows from the valuation system were adjusted 

for contribution rate and total hours. The certification of critical and declining 

status was done before work on this filing had commenced and we had not yet 

developed code to handle this adjustment internally. In addition, the projection 

spreadsheet used for this certification did not have cash flows by status. The 

allocation of cash flows by status was done in proportion to valuation system cash 

flows by status. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:8 

Additional Disclosures Relating to the Use of Different Assumptions 

Explanation of differences between assumptions used for the actuarial valuation reports required 

to be furnished by Section 7.10 and the critical and declining certification required by Section 3.01 

versus assumptions used for other projections contained in this application. 

 The investment return rate used for the critical and declining certification under Section 

3.01 was 7.25%, reports furnished under Section 7.10 also generally used a single 

investment return assumption. Investment return rates of 5.95% short term and 6.90% were 

used for the other projections contained in this filing, along with transition smoothing as 

shown in Exhibit 18A (RP 88:92). When the certification of critical and declining status 

was completed, the 2020 Horizon survey was not yet published. After performing portfolio 

projections using the 2020 survey, we selected the revised rates. 

 For purposes of the critical and declining certification (under Section 3.01), the assumed 

“take-up” rate for benefit form election was 100% electing a single life annuity. The other 

projections contained herein use an explicit “take-up” assumption assigning various 

probabilities to the 6 valued forms of benefit. When the certification was completed, it was 

based on the 2019 actuarial valuation report, which used the single form. We felt that it 

was not necessary to incorporate the explicit approach because the difference is not 

material over the short period of time until projected insolvency that is the focus of most 

projections in the valuation report. The 2020 actuarial valuation report also uses the single 

form assumption as the more complex assumption is not well supported by our valuation 

and report software. 

 For purposes of the valuation reports and the critical and declining certification, current 

inactive vested participants are assumed to retire at age 58 if they have at least 10 years of 

service, or age 65 if less than 10 years of service. For other projections, retirement rates 

are used to value a distribution of benefit commencement ages for inactive vested 

participants. We felt that it was not necessary to incorporate the explicit approach when 

preparing the critical and declining certification because the difference is not material over 

the short period of time until projected insolvency. 

 For purposes of the critical and declining certification, we did not take into account any 

increased expenses due to the partition application, nor did we assume any future inflation 

in expenses. At the time the critical and declining certification was prepared, we did not 

have a final agreement to proceed with the partition application. When preparing this filing 

we decided it would be more appropriate to increase the 2020-2021 expense level to reflect 

these additional costs and to include a future inflation adjustment in our expense 

assumption. 

 The withdrawal rates for the May 1, 2020 report and the projection in this application were 

updated to use both an additional year of data and to more fully consider ten years of data 

rather than just five. Prior reports and the critical and declining certification under Section 

3.01 use rates based on earlier studies. 

--
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:9 

 The active retirement rates for the May 1, 2020 report and the projection in this application 

were updated to use both an additional year of data and to more fully consider ten years of 

data rather than just five. Prior reports and the critical and declining certification under 

Section 3.01 use rates based on earlier studies. 

 The assumed percentage married was updated for the May 1, 2020 report and the projection 

in this application based on actual retirees for the last ten years. Prior reports and the critical 

and declining certification under Section 3.01 use rates based on earlier studies. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:118 

EXHIBIT 19 

Plan’s Experience with Critical Assumptions 

Pension Plan's Ten-Year Experience for Certain Critical Assumptions 

Year 

Ending 

4/30 

Base 

Units 

(Hours) 

Average 

Hourly 

Rate 

Contributions 

Excluding 

Withdrawal 

Liability Payments 

Withdrawal 

Liability 

Payments 

Return on 

Assets 

(Market Basis)

2011 135,351 $4.63 $626,695 $0 10.18% 

2012 145,561 $4.69 $682,144 $0 0.55% 

2013 125,620 $4.99 $627,438 $0 7.81% 

2014 128,753 $5.44 $700,263 $0 10.49% 

2015 127,616 $6.02 $768,506 $0 6.60% 

2016 140,376 $6.58 $923,065 $0 -2.88% 

2017 138,564 $7.09 $982,465 $0 11.05% 

2018 128,615 $7.64 $983,088 $0 8.15%

2019 134,166 $8.14 $1,091,863 $0 4.29% 

2020 125,973 $8.14 $1,025,444 $0 -2.71%

Please note the contribution values above are very slightly different than the contributions shown 

in the annual audits. We have used a source of data that included both hours and contributions to 

make sure values were consistent. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:119 

EXHIBIT 20 

Plan Sensitivity 

Pension Plan's Ten-Year Experience for Certain Critical Assumptions 

The following exhibits provide 4 separate, deterministic solvency ratio projections intended to help 

gauge the sensitivity of the projections to certain key assumptions as required by Rev. Proc. 2017-

43, Section 6.05. Each exhibit was prepared recognizing the proposed suspension. As permitted 

by Rev. Proc. 2017-43, Section 6.05, Exhibits 20C and 20D (RP 88:122 and RP 88:123, 

respectively) do not recognize any change in expected benefit payments that may result from using 

alternate assumptions regarding future contribution base units. 

 Exhibit 20A (RP 88:120) projects the Pension Plan's solvency ratio using assumed rates 

of return reduced by one percentage point (beginning with the plan year ending April 30, 

2020); 

 Exhibit 20B (RP 88:121) projects the Pension Plan's solvency ratio using assumed rates of 

return reduced by two percentage points (beginning with the plan year ending April 30, 

2020); 

 Exhibit 20C (RP 88:122) projects the Pension Plan's solvency ratio using an hours base 

unit which is equal to the trend that the Pension Plan experienced over the 10 plan years 

ending April 30, 2019; and 

 Exhibit 20D (RP 88:123) projects the Pension Plan's solvency ratio using an hours base 

unit equal to the trend assumed in Exhibit 20C (RP 88:122) reduced by one percentage 

point (beginning with the plan year ending April 30, 2020). 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Exhibit 20A

Plan Year 

Ending 1. Beg Assets

2. Employer

Contributions

3. Withdrawal Liability

Payments

4. Benefit

Payments 5. Expenses

6. 

Investment 

Income 7. Ending Assets

8. R

(1)+

4/30/2021 $27,925,000 $652,604 $0 $2,372,162 $177,729 $936,304 $26,964,017 4/30/2022 $26,964,017 $1,228,992 $0 $3,277,670 $236,581 $1,278,159 $25,956,916 4/30/2023 $25,956,916 $1,339,233 $0 $3,127,106 $139,996 $1,237,153 $25,266,201 4/30/2024 $25,266,201 $1,449,475 $0 $3,168,038 $143,496 $1,204,591 $24,608,733 4/30/2025 $24,608,733 $1,559,717 $0 $3,206,568 $147,083 $1,173,732 $23,988,530 4/30/2026 $23,988,530 $1,706,792 $0 $3,247,361 $150,760 $1,145,572 $23,442,773 4/30/2027 $23,442,773 $1,716,000 $0 $3,298,319 $154,529 $1,117,430 $22,823,355 4/30/2028 $22,823,355 $1,716,000 $0 $3,362,659 $158,392 $1,085,081 $22,103,385 4/30/2029 $22,103,385 $1,716,000 $0 $3,377,349 $162,352 $1,070,172 $21,349,856 4/30/2030 $21,349,856 $1,716,000 $0 $3,395,498 $166,411 $1,062,199 $20,566,146 4/30/2031 $20,566,146 $1,716,000 $0 $3,408,503 $170,571 $1,050,452 $19,753,524 4/30/2032 $19,753,524 $1,716,000 $0 $3,444,829 $174,835 $1,034,093 $18,883,953 4/30/2033 $18,883,953 $1,716,000 $0 $3,436,302 $179,206 $1,013,282 $17,997,727 4/30/2034 $17,997,727 $1,716,000 $0 $3,427,563 $183,686 $988,906 $17,091,384 4/30/2035 $17,091,384 $1,716,000 $0 $3,396,209 $188,278 $953,271 $16,176,168 4/30/2036 $16,176,168 $1,716,000 $0 $3,352,322 $192,985 $900,429 $15,247,290 4/30/2037 $15,247,290 $1,716,000 $0 $3,319,660 $197,810 $846,447 $14,292,267 4/30/2038 $14,292,267 $1,716,000 $0 $3,273,366 $202,755 $791,320 $13,323,466 4/30/2039 $13,323,466 $1,716,000 $0 $3,211,450 $207,824 $735,838 $12,356,030 4/30/2040 $12,356,030 $1,716,000 $0 $3,161,243 $213,020 $680,087 $11,377,854 4/30/2041 $11,377,854 $1,716,000 $0 $3,103,931 $218,346 $623,908 $10,395,485 4/30/2042 $10,395,485 $1,716,000 $0 $3,043,897 $223,805 $567,558 $9,411,341 4/30/2043 $9,411,341 $1,716,000 $0 $2,964,470 $229,400 $511,672 $8,445,143 4/30/2044 $8,445,143 $1,716,000 $0 $2,890,607 $235,135 $456,676 $7,492,077 4/30/2045 $7,492,077 $1,716,000 $0 $2,818,193 $241,013 $402,408 $6,551,279 4/30/2046 $6,551,279 $1,716,000 $0 $2,725,583 $247,038 $349,455 $5,644,113 4/30/2047 $5,644,113 $1,716,000 $0 $2,648,807 $253,214 $298,015 $4,756,107 4/30/2048 $4,756,107 $1,716,000 $0 $2,558,066 $259,544 $248,113 $3,902,610 4/30/2049 $3,902,610 $1,716,000 $0 $2,484,503 $266,033 $199,735 $3,067,809 4/30/2050 $3,067,809 $1,716,000 $0 $2,389,642 $272,684 $153,084 $2,274,567 4/30/2051 $2,274,567 $1,716,000 $0 $2,297,657 $279,501 $108,795 $1,522,204 4/30/2052 $1,522,204 $1,716,000 $0 $2,214,851 $286,489 $66,643 $803,507 

Notes: 1) All values for PYE 4/30/21 are for short year starting 10/1/20 and beginning market value is at that date

2) All values for PYE 4/30/22 are pro rated for the mid year suspension

RP 88:120
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Exhibit 20B

Plan Year 

Ending 1. Beg Assets

2. Employer

Contributions

3. Withdrawal Liability

Payments

4. Benefit

Payments 5. Expenses

6. 

Investment 

Income 7. Ending Assets

8. R

(1)+

4/30/2021 $27,925,000 $652,604 $0 $2,372,162 $177,729 $936,304 $26,964,017 4/30/2022 $26,964,017 $1,228,992 $0 $3,277,670 $236,581 $1,019,945 $25,698,702 4/30/2023 $25,698,702 $1,339,233 $0 $3,127,106 $139,996 $977,023 $24,747,857 4/30/2024 $24,747,857 $1,449,475 $0 $3,168,038 $143,496 $940,765 $23,826,563 4/30/2025 $23,826,563 $1,559,717 $0 $3,206,568 $147,083 $905,719 $22,938,347 4/30/2026 $22,938,347 $1,706,792 $0 $3,247,361 $150,760 $872,661 $22,119,679 4/30/2027 $22,119,679 $1,716,000 $0 $3,298,319 $154,529 $839,425 $21,222,256 4/30/2028 $21,222,256 $1,716,000 $0 $3,362,659 $158,392 $802,629 $20,219,834 4/30/2029 $20,219,834 $1,716,000 $0 $3,377,349 $162,352 $781,973 $19,178,106 4/30/2030 $19,178,106 $1,716,000 $0 $3,395,498 $166,411 $766,716 $18,098,913 4/30/2031 $18,098,913 $1,716,000 $0 $3,408,503 $170,571 $746,781 $16,982,620 4/30/2032 $16,982,620 $1,716,000 $0 $3,444,829 $174,835 $721,385 $15,800,341 4/30/2033 $15,800,341 $1,716,000 $0 $3,436,302 $179,206 $690,552 $14,591,385 4/30/2034 $14,591,385 $1,716,000 $0 $3,427,563 $183,686 $654,901 $13,351,037 4/30/2035 $13,351,037 $1,716,000 $0 $3,396,209 $188,278 $608,423 $12,090,973 4/30/2036 $12,090,973 $1,716,000 $0 $3,352,322 $192,985 $547,640 $10,809,306 4/30/2037 $10,809,306 $1,716,000 $0 $3,319,660 $197,810 $485,520 $9,493,356 4/30/2038 $9,493,356 $1,716,000 $0 $3,273,366 $202,755 $422,051 $8,155,286 4/30/2039 $8,155,286 $1,716,000 $0 $3,211,450 $207,824 $357,879 $6,809,891 4/30/2040 $6,809,891 $1,716,000 $0 $3,161,243 $213,020 $293,057 $5,444,685 4/30/2041 $5,444,685 $1,716,000 $0 $3,103,931 $218,346 $227,436 $4,065,844 4/30/2042 $4,065,844 $1,716,000 $0 $3,043,897 $223,805 $161,210 $2,675,352 4/30/2043 $2,675,352 $1,716,000 $0 $2,964,470 $229,400 $94,884 $1,292,366 4/30/2044 $1,292,366 $1,716,000 $0 $2,890,607 $235,135 $28,787 -$88,589 

Notes: 1) All values for PYE 4/30/21 are for short year starting 10/1/20 and beginning market value is at that date

2) All values for PYE 4/30/22 are pro rated for the mid year suspension

RP 88:121
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Exhibit 20C

Plan Year 

Ending 1. Beg Assets

2. Employer

Contributions

3. Withdrawal Liability

Payments

4. Benefit

Payments 5. Expenses

6. Investment

Income

7. Ending

Assets

8. Res

(1)+(2)

4/30/2021 $27,925,000 $652,604 $0 $2,372,162 $177,729 $936,304 $26,964,017 $4/30/2022 $26,964,017 $1,200,826 $0 $3,277,670 $236,581 $1,535,535 $26,186,127 $4/30/2023 $26,186,127 $1,282,972 $0 $3,127,106 $139,996 $1,499,047 $25,701,043 $4/30/2024 $25,701,043 $1,365,186 $0 $3,168,038 $143,496 $1,471,308 $25,226,003 $4/30/2025 $25,226,003 $1,447,469 $0 $3,206,568 $147,083 $1,444,238 $24,764,059 $4/30/2026 $24,764,059 $1,577,063 $0 $3,247,361 $150,760 $1,419,285 $24,362,286 $4/30/2027 $24,362,286 $1,573,044 $0 $3,298,319 $154,529 $1,393,632 $23,876,114 $4/30/2028 $23,876,114 $1,560,623 $0 $3,362,659 $158,392 $1,362,306 $23,277,992 $4/30/2029 $23,277,992 $1,548,294 $0 $3,377,349 $162,352 $1,348,078 $22,634,663 $4/30/2030 $22,634,663 $1,536,058 $0 $3,395,498 $166,411 $1,340,548 $21,949,360 $4/30/2031 $21,949,360 $1,523,927 $0 $3,408,503 $170,571 $1,328,533 $21,222,746 $4/30/2032 $21,222,746 $1,511,888 $0 $3,444,829 $174,835 $1,310,976 $20,425,946 $4/30/2033 $20,425,946 $1,499,942 $0 $3,436,302 $179,206 $1,287,983 $19,598,363 $4/30/2034 $19,598,363 $1,488,089 $0 $3,427,563 $183,686 $1,260,501 $18,735,704 $4/30/2035 $18,735,704 $1,476,328 $0 $3,396,209 $188,278 $1,220,032 $17,847,577 $4/30/2036 $17,847,577 $1,464,659 $0 $3,352,322 $192,985 $1,159,700 $16,926,629 $4/30/2037 $16,926,629 $1,453,082 $0 $3,319,660 $197,810 $1,096,716 $15,958,957 $4/30/2038 $15,958,957 $1,441,598 $0 $3,273,366 $202,755 $1,030,977 $14,955,411 $4/30/2039 $14,955,411 $1,430,207 $0 $3,211,450 $207,824 $963,301 $13,929,645 $4/30/2040 $13,929,645 $1,418,908 $0 $3,161,243 $213,020 $893,686 $12,867,976 $4/30/2041 $12,867,976 $1,407,701 $0 $3,103,931 $218,346 $821,837 $11,775,237 $4/30/2042 $11,775,237 $1,396,586 $0 $3,043,897 $223,805 $747,938 $10,652,059 $4/30/2043 $10,652,059 $1,385,551 $0 $2,964,470 $229,400 $672,605 $9,516,345 $4/30/2044 $9,516,345 $1,374,608 $0 $2,890,607 $235,135 $596,214 $8,361,425 $4/30/2045 $8,361,425 $1,363,745 $0 $2,818,193 $241,013 $518,445 $7,184,409 $4/30/2046 $7,184,409 $1,352,974 $0 $2,725,583 $247,038 $439,846 $6,004,608 4/30/2047 $6,004,608 $1,342,282 $0 $2,648,807 $253,214 $360,507 $4,805,376 4/30/2048 $4,805,376 $1,331,682 $0 $2,558,066 $259,544 $280,306 $3,599,754 4/30/2049 $3,599,754 $1,321,162 $0 $2,484,503 $266,033 $199,070 $2,369,450 4/30/2050 $2,369,450 $1,310,720 $0 $2,389,642 $272,684 $116,862 $1,134,706 4/30/2051 $1,134,706 $1,300,372 $0 $2,297,657 $279,501 $34,246 -$107,834 

Notes: 1) All values for PYE 4/30/21 are for short year starting 10/1/20 and beginning market value is at that date

2) All values for PYE 4/30/22 are pro rated for the mid year suspension

RP 88:122
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Exhibit 20D

Plan Year 

Ending 1. Beg Assets

2. Employer

Contributions

3. Withdrawal Liability

Payments

4. Benefit

Payments 5. Expenses

6. Investment

Income

7. Ending

Assets

8. Res

(1)+(2)

4/30/2021 $27,925,000 $652,604 $0 $2,372,162 $177,729 $936,304 $26,964,017 $4/30/2022 $26,964,017 $1,179,463 $0 $3,277,670 $236,581 $1,534,899 $26,164,127 $4/30/2023 $26,164,127 $1,240,329 $0 $3,127,106 $139,996 $1,496,469 $25,633,823 $4/30/2024 $25,633,823 $1,301,347 $0 $3,168,038 $143,496 $1,465,409 $25,089,045 $4/30/2025 $25,089,045 $1,362,514 $0 $3,206,568 $147,083 $1,433,562 $24,531,470 $4/30/2026 $24,531,470 $1,484,042 $0 $3,247,361 $150,760 $1,402,679 $24,020,070 $4/30/2027 $24,020,070 $1,465,345 $0 $3,298,319 $154,529 $1,370,066 $23,402,633 $4/30/2028 $23,402,633 $1,439,117 $0 $3,362,659 $158,392 $1,330,519 $22,651,218 $4/30/2029 $22,651,218 $1,413,350 $0 $3,377,349 $162,352 $1,306,077 $21,830,944 $4/30/2030 $21,830,944 $1,388,046 $0 $3,395,498 $166,411 $1,286,129 $20,943,210 $4/30/2031 $20,943,210 $1,363,204 $0 $3,408,503 $170,571 $1,259,540 $19,986,880 $4/30/2032 $19,986,880 $1,338,797 $0 $3,444,829 $174,835 $1,225,019 $18,931,032 $4/30/2033 $18,931,032 $1,314,839 $0 $3,436,302 $179,206 $1,182,416 $17,812,779 $4/30/2034 $17,812,779 $1,291,303 $0 $3,427,563 $183,686 $1,132,391 $16,625,224 $4/30/2035 $16,625,224 $1,268,190 $0 $3,396,209 $188,278 $1,067,228 $15,376,155 $4/30/2036 $15,376,155 $1,245,486 $0 $3,352,322 $192,985 $981,611 $14,057,945 $4/30/2037 $14,057,945 $1,223,191 $0 $3,319,660 $197,810 $890,846 $12,654,512 $4/30/2038 $12,654,512 $1,201,292 $0 $3,273,366 $202,755 $794,680 $11,174,363 $4/30/2039 $11,174,363 $1,179,790 $0 $3,211,450 $207,824 $693,769 $9,628,648 $4/30/2040 $9,628,648 $1,158,670 $0 $3,161,243 $213,020 $587,939 $8,000,994 $4/30/2041 $8,000,994 $1,137,932 $0 $3,103,931 $218,346 $476,709 $6,293,358 4/30/2042 $6,293,358 $1,117,565 $0 $3,043,897 $223,805 $360,062 $4,503,283 4/30/2043 $4,503,283 $1,097,567 $0 $2,964,470 $229,400 $238,404 $2,645,384 4/30/2044 $2,645,384 $1,077,925 $0 $2,890,607 $235,135 $111,882 $709,449 4/30/2045 $709,449 $1,058,627 $0 $2,818,193 $241,013 $0 -$1,291,130 

Notes: 1) All values for PYE 4/30/21 are for short year starting 10/1/20 and beginning market value is at that date

2) All values for PYE 4/30/22 are pro rated for the mid year suspension

RP 88:123
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:124 

EXHIBIT 21 

Deterministic Projections

Exhibit 21A (RP 88:125) projects the Pension Plan's funded percentage using the value of plan 

assets and accrued liabilities during the extended period of May 1, 2021 through 2052. The 

projection includes the impact of benefit suspensions and is made on the same basis as Exhibit 5 

(RP 88:24). 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR

ROOFERS LOCAL NO. 88 PENSION FUND

EIN/PN: 34-6615264 / 001

Exhibit 21A

Plan Year 

Ending

1. Market 

Value

2. Unit Credit 

Accrued 

Liability

3. Funded Percentage 

(1)/(2)

4/30/2021 $27,925,000 $43,644,803 0.644/30/2022 $26,964,017 $43,804,102 0.624/30/2023 $26,215,130 $43,899,277 0.604/30/2024 $25,789,708 $43,944,801 0.594/30/2025 $25,406,740 $43,933,512 0.584/30/2026 $25,071,136 $43,857,910 0.574/30/2027 $24,821,223 $43,683,867 0.574/30/2028 $24,509,567 $43,377,459 0.574/30/2029 $24,109,135 $42,997,807 0.564/30/2030 $23,688,870 $42,541,551 0.564/30/2031 $23,254,448 $42,015,695 0.554/30/2032 $22,808,879 $41,371,251 0.554/30/2033 $22,325,923 $40,663,037 0.554/30/2034 $21,847,930 $39,893,306 0.554/30/2035 $21,373,902 $39,089,015 0.554/30/2036 $20,915,751 $38,262,818 0.554/30/2037 $20,466,520 $37,395,529 0.554/30/2038 $20,015,089 $36,506,629 0.554/30/2039 $19,575,285 $35,613,324 0.554/30/2040 $19,163,943 $34,701,455 0.554/30/2041 $18,770,782 $33,771,768 0.564/30/2042 $18,404,272 $32,835,341 0.564/30/2043 $18,068,931 $31,914,430 0.574/30/2044 $17,786,831 $30,998,002 0.574/30/2045 $17,555,744 $30,096,783 0.584/30/2046 $17,377,544 $29,232,991 0.594/30/2047 $17,276,620 $28,391,421 0.614/30/2048 $17,241,768 $27,589,962 0.624/30/2049 $17,291,834 $26,816,520 0.644/30/2050 $17,414,743 $26,101,736 0.674/30/2051 $17,637,386 $25,446,827 0.694/30/2052 $17,963,498 $24,844,353 0.72
RP 88:126

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

EXHIBIT22 

Plan Amendment 

The Board of Trustees certifies that, if it receives the Treasury Department's final authorization to 

suspend and then chooses to implement the suspension, it will also amend the Plan: 

• To provide that the suspension will cease upon the Board's failure to maintain a 

written record of its annual determination that (i) all reasonable measures continue 

to be taken to avoid insolvency and (ii) the Plan would not be projected to avoid 

insolvency without a suspension, 

• To require that any future benefit improvements must satisfy §432(e)(9)(E), and 

• To specify that the Board will not modify these amendments, notwithstanding any 

other provision of the Plan document. 

Date 

·nAesAt?A A . 'D /)<JbrJ 

Print Name 

Authorized Trustee 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:127 

EXHIBIT 23 

Reasons for Critical & Declining Status 

Since the start of the plan year beginning on May 1, 2008, the Plan has seen significant decreases 

in funded level due in part to the financial crises in 2008 and 2014. During that time period, From 

May, 2008 to May 1, 2020, the funded percentage has decreased from 93% to 56% as measured 

on a market value of asset basis. While assets have declined 16% over that period liabilities have 

increased 39%. The liability increase includes the impact of gradual strengthening of actuarial 

assumptions, especially the assumed investment return which was 8.0% in 2008 and is 6.9% in 

2020. 

The collapse of the financial markets in 2008 resulted in the Plan experiencing its worst investment 

losses on record and contributed to the drastic slowdown of the building and construction industry 

in the geographic area covered by the Plan and the geographic area where contributing employers 

performed work. Hours work in the plan years ending 2008 and 2009 were around 180,000 as 

projects in process often delay the impact on work hours. In the five years prior hours had been 

even higher averaging over 235,000 hours. Starting with the plan year ending in 2010 hours appear 

to have stabilized at a lower level and range from 125,000 to 145,000 with fluctuations due to 

normal variability in the types of projects worked on. 

The maturity of the Plan also made it difficult for the Plan to recover from the economic downturn 

it had experienced. The inactive-to-active ratio was 177% in 2008 and has grown to 330% in 2020. 

This has made it increasingly difficult for the contribution of active members to decrease the 

growing underfunding. 

On July 29, 2009, the Plan was first certified to be in endangered status within the meaning of the 

Pension Protection Act of 2006 (the “PPA”) for the plan year beginning on May 1, 2009. They had 

avoided this status in 2008 due to special relief rules in place at the time. For the May 1, 2013 year 

the plan moved from endangered status to critical status under the PPA. In July 2016 the Trustees 

adopted an updated rehabilitation plan that first claimed exhaustion of all reasonable measures. 

For the May 1, 2018 year the plan was first certified to be in critical and declining status under 

PPA. 

The primary measures available to the Board of Trustees to allow the Plan to avoid insolvency are 

employer contribution increases and benefit reductions. Over the past ten (10) years, the Board of 

Trustees has worked with the bargaining parties to develop sustainable combinations of employer 

contributions and reasonable pension benefit levels. Simultaneously, the Board of Trustees and 

bargaining parties have been constrained by the collective bargaining process, and the amounts 

that contributing employers are willing and able to contribute to the Plan. 

As of the plan year beginning May 1, 2008, the Plan was 93% funded on a market basis. At the 

time, there were 153 retirees, surviving spouses, and alternate payees in pay status; 186 inactive 

vested participants and deferred beneficiaries; and 192 active participants working an average of 

950 hours per year. The present value of accumulated vested benefits was $32,356,492, and the 

market value of assets was $30,170,827. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:128 

Since that time, the Plan’s demographics and asset base have declined to its current levels. At 

present, the Plan is 56.0% funded on a market value basis, and it is facing a projected insolvency 

date of 2040. This date reflects updated assumptions in this application including future 

contribution increases. As of the most recently completed actuarial valuation as of May 1, 2020, 

there were 254 retirees, surviving spouses, and alternate payees in pay status; 119 inactive vested 

participants and deferred beneficiaries; and 113 active participants working an average of 1,057 

hours per year. The present value of accumulated vested benefits is $44,982,376, and the market 

value of assets was $25,205,187. 

2008: As of May 1, 2008, the Plan’s level of funding was 93.2% on a market basis. The number 

of active participants was down 10.7% from the previous plan year, and the contribution hours 

decreased by 16.3% from the previous plan year. The Plan’s investments returned 0.53% on a 

market basis. Bargaining parties agreed to increase the contribution rate from $3.72 per hour to 

$3.92 per hour, effective June 1, 2008. 

At the time, the present value of accumulated vested benefits was $32,356,492, and the market 

value of assets was $30,170,827. 

2009: As of May 1, 2009, the Plan’s level of funding was 69.3% on a market basis. The number 

of active participants was down 6.8% from the previous plan year, and the contribution hours 

decreased by 3.4% from the previous plan year. The Plan’s investments returned -19.18% on a 

market basis. In response to the funding concerns, the bargaining parties agreed to increase the 

contribution rate from $3.92 per hour to $4.17 per hour, effective June 1, 2009. 

On April 7, 2009, with an effective date of May 1, 2009, the Board of Trustees made the following 

benefit adjustments: 

• The future service benefit was decreased to 1.00% of contributions made on or after 

May 1, 2009. 

At the time, the present value of accumulated vested benefits was $34,038,286, and the market 

value of assets was $23,597,811. After this large investment loss, projections now show an 

expected funding deficiency in 2014. The Fund would have been considered critical under PPA, 

but this was changed to healthy via a onetime relief provision. 

2010: As of May 1, 2010, the Plan’s level of funding was 77.9% on a market basis. The number 

of active participants was down 14.5% from the previous plan year, and the contribution hours 

decreased 20.6% from the previous plan year. The Plan’s investments returned 23.72% on a market 

basis. In response to the funding concerns, the bargaining parties agreed to increase the 

contribution rate from $4.17 per hour to $4.67 per hour, effective June 1, 2010. The Board of 

Trustees made no benefit changes during this plan year. 

At the time, the present value of accumulated vested benefits was $35,835,927, and the market 

value of assets was $27,931,653. Projections slightly improved, showing the expected funding 

deficiency in 2015. The plan is now considered Endangered under the Pension Protection Act 

(PPA) and requires a formal funding improvement plan be adopted prior to March 26, 2011. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:129 

2011: As of May 1, 2011, the Plan’s level of funding was 79.8% on a market basis. The number 

of active participants was the same as the previous plan year, and the contribution hours decreased 

by 9.8% from the previous plan year. The Plan’s investments returned 10.18% on a market basis. 

On February 23, 2011, with an effective date of April 1, 2011, the Board of Trustees made the 

following benefit adjustments: 

• The disability benefit was reduced from 82% of normal to 50% of normal payable 

to age 57 when benefit converts to an early retirement benefit 

At the time, the present value of accumulated vested benefits was $36,888,869, and the market 

value of assets was $29,426,823. The first expected funding deficiency is now projected to occur 

in 2018, three years later than projected prior year. 

2012: As of May 1, 2012, the Plan’s level of funding was 72.4% on a market basis. The number 

of active participants was down 9.1% from the previous plan year, and the contribution hours 

increased by 10.8% from the previous plan year. The Plan’s investments returned 0.55% on a 

market basis. In response to the funding concerns, the bargaining parties agreed to increase the 

contribution rate from $4.67 per hour to $5.02 per hour, effective June 1, 2012. 

September 8,2011, with an effective date of May 1, 2012, the Board of Trustees made the following 

benefit adjustments: 

• The future service benefit was decreased to 0.50% of contributions made on or after 

May 1, 2012. 

At the time, the present value of accumulated vested benefits was $38,858,437, and the market 

value of assets was $28,141,232. The first expected funding deficiency is projected to occur in 

2018, which is the same as last year’s projections. 

2013: As of May 1, 2013, the Plan’s level of funding was 73.0% on a market basis. The number 

of active participants was down 13.7% from the previous plan year, and the contribution hours 

decreased by 13.3% from the previous plan year. The Plan’s investments returned 7.81% on a 

market basis. In response to the funding concerns, the bargaining parties agreed to increase the 

contribution rate from $5.02 per hour to $5.52 per hour, effective June 1, 2013. The Board of 

Trustees made no benefit changes during this plan year. 

At the time, the present value of accumulated vested benefits was $39,144,531, and the market 

value of assets was $28,592,850. The plan is considered Critical under the Pension Protection Act. 

The first projected funding deficiency occurs at the end of the 2023-2024 plan year. 

2014: As of May 1, 2014, the Plan’s level of funding was 75.9% on a market basis. The number 

of active participants was down 7.5% from the previous plan year, and the contribution hours 

increased by 0.9% from the previous plan year. The Plan’s investments returned 10.49% on a 

market basis. In response to the funding concerns, the bargaining parties agreed to increase the 

contribution rate from $5.52 per hour to $6.07 per hour, effective June 1, 2014. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:130 

On August 30, 2013, with an effective date of November 1,2013, the Board of Trustees made the 

following benefit adjustments: 

• The temporary disability benefit option will be eliminated for applications on or 

after November 1, 2013 

The normal form of benefit will be changed from a 60-month certain and life benefit 

to a lifetime benefit. 

• The non-spouse pre-retirement death benefit of 60 months certain is eliminated. 

• The early retirement reduction will be changed from 6% reduction for each year 

under 60 to an actuarial reduction from age 60. Participants who were age 55 with 

5 years of service on or before November 1, 2013 will retain the previous early 

retirement reduction. 

At the time, the present value of accumulated vested benefits was $39,117,672, and the market 

value of assets was $29,699,112. The first projected deficiency (with extensions) occurs at the end 

of the 2026-27 plan year, which is three years later than prior year’s projections. Without 

extensions, the first projected deficiency occurs in 2018, which is one year later than last year’s 

projections. 

2015: As of May 1, 2015, the Plan’s level of funding was 73.3% on a market basis. The number 

of active participants was up 0.9% from the previous plan year, and the contribution hours 

decreased by 2.7% from the previous plan year. The Plan’s investments returned 6.60% on a 

market basis. In response to the funding concerns, the bargaining parties agreed to increase the 

contribution rate from $6.07 per hour to $6.61 per hour, effective June 1, 2015. 

At the time, the present value of accumulated vested benefits was $40,573,930, and the market 

value of assets was $29,752,895. The present value of accumulated benefits reflected a decrease 

in the investment return assumption from 8.00% to 7.75%. 

2016: As of May 1, 2016, the Plan’s level of funding was 66.4% on a market basis. The number 

of active participants was up 3.6% from the previous plan year, and the contribution hours 

increased 12.8% from the previous plan year. The Plan’s investments returned -2.88% on a market 

basis. In response to the funding concerns, the bargaining parties agreed to increase the 

contribution rate from $6.61 per hour to $7.15 per hour, effective June 1, 2016. 

At the time, the present value of accumulated vested benefits was $40,894,769, and the market 

value of assets was $27,152,361. In July 2016 the Trustees adopted an updated rehabilitation plan 

that first claimed exhaustion of all reasonable measures. 

2017: As of May 1, 2017, the Plan’s level of funding was 64.3% on a market basis. The number 

of active participants was up 5.2% from the previous plan year, and the contribution hours 

decreased by 1.7% from the previous plan year. The Plan’s investments returned 11.05% on a 

market basis. In response to the funding concerns and after considering all reasonable measures, 

the bargaining parties agreed to increase the contribution rate from $7.15 per hour to $7.69 per 

hour, effective June 1, 2017. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:131 

At the time, the present value of accumulated vested benefits was $44,049,718, and the market 

value of assets was $28,305,763. The present value of accumulated benefits reflected a decrease 

in the investment return assumption from 7.75% to 7.25%. 

2018: As of May 1, 2018, the Plan’s level of funding was 64.8% on a market basis. The number 

of active participants was down 9.0% from the previous plan year, and the contribution hours 

decreased by 11.6% from the previous plan year. The Plan’s investments returned 8.15% on a 

market basis. In response to the funding concerns and after considering all reasonable measures, 

the bargaining parties agreed to increase the contribution rate from $7.69 per hour to $8.19 per 

hour, effective June 1, 2018. 

At the time, the present value of accumulated vested benefits was $44,271,987, and the market 

value of assets was $28,695,777. For the May 1, 2018 year the plan was first certified to be in 

critical and declining status under PPA. The projected insolvency year was 2037. 

2019: As of May 1, 2019, the Plan’s level of funding was 62.9% on a market basis. The number 

of active participants was up 3.6% from the previous plan year, and the contribution hours 

increased by 11.4% from the previous plan year. The Plan’s investments returned 4.29% on a 

market basis. In response to the funding concerns and after considering all reasonable measures, 

the bargaining parties agreed to increase the contribution rate from $8.19 per hour to $8.39 per 

hour, effective June 1, 2019. 

At the time, the present value of accumulated vested benefits was $44,457,479, and the market 

value of assets was $27,959,092. The projected insolvency year was 2037. 

2020: As of May 1, 2020, the Plan’s level of funding was 56.0% on a market basis. The number 

of active participants was down 1.7% from the previous plan year, and the contribution hours 

decreased by 8.2% from the previous plan year. The Plan’s investments returned -2.22% on a 

market basis. In response to the funding concerns and after considering all reasonable measures, 

the bargaining parties agreed to increase the contribution rate from $8.39 per hour to $8.95 per 

hour, effective June 1, 2020. 

At the time, the present value of accumulated vested benefits was $44,982,376, and the market 

value of assets was $25,205,187. The expected insolvency date based on this valuation basis was 

April 30, 2036. The present value of accumulated benefits reflected a decrease in the investment 

return assumption from 7.25% to 6.90%. 

It is the Board of Trustees’ opinion that as of the filing of this application all reasonable measures 

that the Plan could have taken have been taken in an effort to avoid insolvency. Despite these 

measures, the Plan is projected to become insolvent unless benefits are suspended to the extent 

requested. 

Kent State University, which is in the area of the fund, has significant future plans for new 

buildings which will very likely include roof work. In addition, the Pro Football Hall of Fame, 

which is in the jurisdiction of the Local Union, has expansive work to be performed over the next 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:132 

several years, and almost all of that work will be union work (including the roofing). Local 88 did 

a large portion of the roofing during past Hall of Fame projects. And, the population of the counties 

in the geographic area covered by the Plan has remained fairly stable.

If the Plan can be stabilized with a suspension, the Board of Trustees expects they can stabilize 

hours and work at near the current level. Even during the COVID-19 crisis, work hours have not 

declined precipitously. And with Kent State and the Pro Football Hall of Fame projects slated for 

the next several years, work should be steady, if not improving. 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:133 

EXHIBIT 24 

Plan Sponsor ID and Contact Information 

Plan Sponsor: Board of Trustees Roofers Local No 88 Pension Fund 

Address: 2111 W. Lincoln Hwy, Merrillville, IN 46410 

Phone Number: (800) 759-6944 

EIN: 34-6615264
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:134 

EXHIBIT 25 

Plan Identification Information

Plan Name: Roofers Local No. 88 Pension Fund 

EIN: 34-6615264

Plan Number: 001
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:135 

EXHIBIT 26 

Enrolled Actuary Information 

Name Kathryn Garrity, FSA, EA, MAAA 

Enrollment Number 20-05379 

Contact Information United Actuarial Services, Inc. 

11590 North Meridian St., Suite 610 

Carmel, Indiana 46032 

(317) 580-8688 (Phone) 

(317) 580-8651 (Fax) 

Email: kgarrity@unitedactuarial.com
RP 88:136

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 I 001 

EXHIBIT27 

Power of Attorney 

Applicant Information 

Plan Sponsor 

Plan Name 

Address 

Board of Trustees Roofers Local No 88 Pension Fund 

Roofers Local No. 88 Pension Fund 

2111 W. Lincoln Hwy, Merrillville, IN 46410 

Plan Number 001 

EIN 

Contact Person 

Contact Title 

Phone 

Email 

Fax 

34-6615264 

Scott Fredrick 

Plan Administrator 

(800) 759-6944 

scottf@scrniller.com 

(219) 769-4834 

Applicant hereby appoints the following representatives as attorneys-in-fact to represent the 

taxpayer before the Department of the Treasury and perform acts related to the attached application 

dated December 15, 2020 for suspension of benefits under §432(e)(9) of the Internal Revenue 

Code of 1986, as amended. 

Representatives Information 

Name: 

Company: 

Title: 

Address: 

Telephone: 

Email: 

Fax: 

Timothy P. Piatt 

Macala & Piatt, LLC 

Fund Counsel 

601 S. Main St. 

N. Canton, Ohio 44720 

34-1933033 

(330) 493-1 570 

tppiatt@mgplaborlaw.com 

(330) 493-7042 

Kathryn Garrity 

United Actuarial Services, Inc. 

Fund Actuary 

11590 N. Meridian St., Suite 610 

Carmel, Indiana 46032 

35-2156428 

(317) 580-8688 

kgarrity@unitedactuarial.com 

(317) 580-8651 

Send copies of notices and communications to representatives: YES 

With the exception of the acts described below, I authorize my representatives to receive and 

inspect information, including confidential tax information, and to perform acts that I can perform 

with respect to the attached application dated December 15, 2020 for suspension of benefits under 
RP 88:137

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

§432(e)(9). For example, my representatives shall have the authority to sign any agreements, 

consents, or similar documents. 

Specific acts not authorized: NI A. My representatives have full authority without exception. 

Signature of Applicant and Date 

I am an authorized trustee and am a current member of the Board of Trustees. 

Date 

Print Name 
RP 88:138

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 I 001 

Declaration of Representatives 

Under penalties of perjury, by my signature below I declare that: 

• I am not currently suspended or disbarred from practice before the Internal Revenue 

Service; 

• I am authorized to represent the Applicant for the matter(s) specified in this Power of 

Attorney and Declaration of Representative; and 

• I am one of the following: 

a. Attorney - a member in good standing of the bar of the highest court of the 

jurisdiction shown below. 

b. Certified Public Accountant - duly qualified to practice as a certified public 

accountant in the jurisdiction shown below. 

c. Enrolled Agent. 

d. Officer - a bona fide officer of the Applicant. 

e. Full-Time Employee- a full-time employee of the Applicant. 

f. Enrolled Actuary - enrolled as an actuary by the Joint Board for the Enrollment of 

Actuaries under 29 U.S.C. 1242 (the authority to practice before the Internal 

Revenue Service is limited by section 10.3( d) of Circular 230). 

g. Enrolled Retirement Plan Agent. 

Required information for Representatives: 

Designation Licensing jurisdiction Bar or enrollment Signature Date 

(if a licable number 

a OH 0080620 

f EA# 20-05379 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:139 

EXHIBIT 28 

Plan Documents 

The relevant plan documents are attached as Exhibit 28A (RP 88:140). 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:283 

EXHIBIT 29 

CBA Provisions 

Excerpts from the relevant collective bargaining agreements/side agreements are attached as 

Exhibit 29A (RP 88:284). 
RP 88:140

ROOFERS LOCAL 

88 PENSION PLAN 

Effective r-.fay 1, 2014* 
RP 88:141

TABLE OF CONTENTS 

ARTICLE I: DEFINITIONS .. ,, .... ,, ............................................................................................ 1 

l. I Accrued Benefit ........................ ,, ................. ,, ....... ,. ................................................. I 

l .2 Active Participant .................................... ,, .................................. ,. .......................... I 

1.3 Actuarial Equi Vlllent ................ ,. ................................. ,, ...................................... ,. .. J 

t-4 Administrative !v1anager ............................... ., ......................................................... 2 

1.5 Alternate Payee ......................................... ,, ....................... ,. ... ,. ............................... 3 

1.6 Benefkiary ...................................................... ,. ...................................................... 3 

1.7 Break 1n Service .... ,. ..... ,. ........................... ,. ............................................................ 3 

1.8 Compmation Period For Eligibility To Participate ... ,. .............................................. 4 

1.9 Contiguous l\'on-Cover<XI Service ............................................................................ 4 

1.10 Contributions ............................................................................................................ 4 

1.11 Covered Service ....................................................................................................... 4 

1.12 Domestic Rdati.ons Order. ....................................................................................... 4 

1.13 Earliest Retirenwnt Date ...................................................................................... , ... 4 

1 ..14 Early Retirement Age .............................................................................................. 5 

1.15 Employee .................................................................................................................. 5 

1.16 Employer .................................................................................................................. 6 

1.17 Fiduciary .................................................................................................................. 6 

1.18 Forfeii<XI Service ...................................................................................................... 7 

l .19 Hours of Service - Hours VVorked ................................................................... ., ........ 7 

1.20 Irui,ctivc Participant ................................................................................................... 8 

1.21 Jurisdiction oCthfa Fund ........................................................................................... 8 

1.22 Matemity/Patern.ity Leave, of Absence .................................................................... 9 

1.23 "X•on-Ve;;ted Employee or Participant ....................................................................... 9 

1.24 Noml.ll1 Retirement Age ................................................................................. ., ....... !J 

1.25 Original Plan ....................................................................................................... , ..... 9 

l .. 26 Participant.. ............................................... ,. ...................... ,. ................................... 10 

1.27 Pension Plan ..................... ,. ............................................................................... ., ... 10 

1.28 Plan Year ................................................... ,. ............................................................ 10 

1.29 Qualified Domestic Relations Order ........................................................... ,. ........ 1 O 

1.30 Qualified Joint am! 50'1/o Survivor Benefit.. .......................................................... 11 

l.31 Qimlified Pre-Retirement Survivor l3encfit .................. ,. ........................................ 11 

IJ.2 Reciprocity Hours \Vorked .................................................................................... I J 

l.J3 Restatement Date, ......................... ,. ....................................................................... 11 

I J4 Retirement Benefit or Bmielill",. .............................................................................. I 1 

1.35 Same Geographic Area ....................................... ,. ................................................. 11 

1.36 Same Industry ........................................................................................................ 12 

I .37 Same Trade ofCraft ...................................................... ., ....................................... 12 

I .39 Terminated Vested Partidpanl.. ....................................................... ,. ..................... 12 

1.40 Total and Perm,:ment Disahility ............................................................................... 12 

1.41 Tntst Ag,~ement ..................................................................................................... 13 

l .42 Trust Fund ............................................................................................................. 13 

l.43 Tmstccs .................................................................................................................. 13 

I .44 !Jnion ..................................................................................................................... 13 
RP 88:142

1.45 Vested Participant .................................................................................................. 13 

1.46 Vesting and Benefit Accnwl Computation Period .................................................. 14 

1.47 Year of Service .................................................................. ,. .................................. 14 

I .48 Roofing lndu.s!ry ............................................... ,. .. ,. ............................................... 18 

1.49 Non-Covered Roofing Emplo)'ment .............................. ., ...................................... 18 

l.50 Effective Date ....................................................................................................... 18 

t .51 Leased Employe~s ...................................................................... ,. ........ ,. .............. 18 

ARTICLE U: CLASSES 017 BENEFITS ................................................................................. 19 

2.1 CliJ.S,es ofBcne11ts ................................................................................................. 19 

2.2 No11-Duplicatfon ofBencfit~ .................................................................................. 19 

ARTICLE II I: N'OllMAL RETIREMEl'iT BENEFITS ........................................................ 20 

3.1 Eligibility f()r Nounal Retirement Benefit, ............................................................ 20 

3.2 Amcmn! of Normal Retirement Benet1t ................................................................... 20 

3.3 P\)n11 o,f Ben .. cftt ___ ".-......... , ............... , ........... ,. ........... , ..... , ............ ",., .... , , ................ , 21 

3.4 Commencement of Normal R;;tiremcn! Benefits .................................................... 21 

3.5 Calcuhrlion of Benefit for Terminated Vested Parlicipunts ..................................... 2 l 

ARTICLE IV: EARLY RETIREl\fENT BENEFITS .............................................................. 23 

4.1 Eligibility for Farly Retirement Benefits ................................................................. 23 

4.2 

4.3 Fonn of Benefit ...................................................................................................... 23 

4.4 Cmmnenccmcnt nfEurly Retiremenl Benefits ....................................................... 23 

ARTICLE V: QUALIFIED JOT~T AND 50% SURVIVOR BENEFIT .............................. 24 

5.l Definitions ............................................................................................................. 24 

5.2 Automatic .Fom1 of Retirement Bcnel1! .................................................................. 24 

SJ Eligibility For QL!alifiedJoint and 50% SurvivorBen.efiL ...................................... 24 

5.4 Right of Ekdion of the Qualified Joint and 50% Survivor Benefit ..................... 25 

5.5 1\.mmmi ofQ,1alified Joint and 50% Survivor Benefit ............................................ 26 

5.6 C01nme11c<'ment of Qualified Joint and 50% Smvivor Benefits ............................. 26 

5.7 Qualified Joint and I 00% Survivor Benefit Option ................................................ 27 

5.8 Qualified Joint and 75% Benefit Option ............................................................... 27 

ARTICLE VI: TOTAL ANO PER.~IANENT DISABILITY BENEFITS ............................ 28 

6.1 Eligibility for Total and Pemumcnt Disability Bc:nents for App!ica!ions Received 

on or after November 1, 2013 ............................................................................... 28 

6.2 Eligibility for Total and Pem1anent Disability Benefits for Applicalions Received 

Prior lo November l, 2013 .................................................................................... 28 

ARTICLE VII; OPTIONAL FI'VE OR TEN YEAR CERTAIN A1'"]) LWE 

RETIREMENT .Bl:!:l\EFITS ....................................................................................................... 29 

7.1 Right to Elect the Five o, Ten Year Certain and Lifo Option ............................... 29 

7.2 Eligibility For the Five or Ton Year and Certain Life Optional Retirement 

Benefits ................................................................................................................. 29 

7.3 ....,\1nount and Duration of Optional Rctlrern.tmt BcncfiL.. .... ,. ....... ..................... ,,, ... 29 

7.4 Commencement of Five or Ten. Y oar Certain & Life Benefit .............................. 29 

ARTICLE V1JI; VESTING ...................................................................................................... 31 

8.1 Vesting .................................................................................................................. 31 

8 .2 Commt::ncemcnt and Amount of benefit ............................................................... 32 

8.3 f{,111.11 of benefit ,. ................ ·-----........ , ..... , .......... , . .,. , , .. , , , ... , , ___ , ..... , ................... , ..... , 33 

" 
RP 88:143

8.4 \Vben a Participant Retums to Work ....................................................................... 33 

8.5 Cakulari,m nfBenefil f,1r A Terminated Vested Parlicipa11L ................................. 34 

ARTICLE IX: DEA TH BENEFITS .......................................................................................... 35 

9.1 Pre-Retirement Death Benefits ............................................................................... 35 

9.1 Post Rctiremet1! Death Benefits ............................... " ............................................ 35 

93 Failure to Del>igi1atc A Beneficiary ........................................................................ 36 

9.4 Application for Death Benefits ............................................................................... 36 

ARTICLF. X: SUSPENSION OF BENEFITS .......................................................................... 38 

10.1 Suspension of Benefit Rules ................................................... , .............................. 38 

!0.2 Reinstatement ofRetirnmenl Benefit, .................................................................... 38 

10.3 Active P,1rticlpants \11110 'Nork Beyond Normal Retirement Age ........................ 39 

'CJ 4 N ·t· . · d P . · " , .: ot11cat10r1 an resumptmn ................................................................................. J9 

10.5 Adva11ce Detennination .. ,. .......................................................................... , .......... 40 

10.6 Resumpilon of Bcncflts .......................................................................................... 40 

10.7 Recovery of Overpayments - Offset Rule ............................................................ ., ... 40 

ARTICLF: XI; QUALIFIED D0l\1ESTIC RELATIONS ORDER ........................................ 41 

11. l QualHied Domc,tic Relations Order .................................................................... " 41 

11.2 Allernate Payee ................. ,, ......... ., ................................................................. , ...... 43 

11.3 Spendthrift Exception for Qualified Donwstic Relations Orders ............................ 43 

l 1.4 Procedures for Notice and Determination by Plan Administrative Manag,cr ........... 43 

ARTICLE XH: ADc\UNISTRATION OF THE PLAN AND DISTRIBUTION OF 

BENEFITS ................. ., ............. , ...................................................................................... 44 

12.1 Responsibility for Admini,!ration .......................................................................... 44 

12.2 fliducfary Duties ............................................................................ ., ........................ 44 

12.3 Limitatfon on Rights tn Benefits ................................................ a. .......................... 44 

12.4 Benefits Limited By Pension Phm .......................................................................... 44 

12.5 Assignment ol'Benefits ............................................................... , ..................... , .... 45 

12.6 forfeitures .......................................... " .................................................................. 45 

12.7 Definite Benefit ..................................................................................................... 45 

12.& Limitation of Benefits ............................................................................................ 45 

12.9 Rollovers ................................................. , ............................................................. 45 

12.10 Notiecto Participants ............................................................................................. 47 

12. 11 incapacity ............................................................................................................... 47 

12.12 Death Benefits Payable to I\•lioors ..................................................................... " ... 4 7 

11.13 Infoimation Requ.ired .............................................................................................. 48 

12.14 No Reversion lo Employers ................................................................................... 48 

12. l 5 D11plication of Benefits .......................................................................................... 48 

12.16 Freezing Bendit, at the Time the Individual Separate Fmm Employment ............. 48 

12.17 Commencen1en! of Benefits and /vfo!lwd of Pa',1nent .......................................... 48 

12.18 Gender ................................................................................................................... 50 

12.19 Retroactive An11uity Staring Dates ....................................................................... 50 

t2.20 Trnste0 Discretionary Authority ........................................................................... 50 

12 .2 l Refotive Value of Benefits .................................................................................... 50 

12.21 Consequences of Deferral ..................................................................................... 50 

ARTICLEXfll; Lli\IITATION OF BF.NEFITS ................................................ ..................... 52 

13.1 Compensation ....................................................................................................... 52 
RP 88:144

13.2 Maximmn Benefit Limi1atiot1 ................................................................................ 52 

ARTICLE XJ\': BENEFIT APPIJCATlON, f.LECTION AND APPEALS 

PROCE DUR[S ................................................................ , .............................................. 53 

14.1 Application for Bcnc,fits ......................................................................................... 53 

14.2 Election ofB~ndits ................................................................................................ 53 

14.3 Notification of Approval or Non-apprnval of Application On or Atler January I, 

2002 ............... ····· ........ , ............... ····•······ ... ., ................................................... , ......... 54 

ARTICLE XV: TOP-HF.AVY l'ROVlSIONS ........................................................................... 60 

15.1 Top .lleavy Provision, ............................................................................................ 60 

ARTICLE XVI: FUNDl'.'IIG OF BENEPITS ........................................................................... 62 

16.1 Sou.rce of Contributions ......................................................................................... 62 

16,2 No Reversion lo Employers ................................................................................... 62 

16.3 lnve~tnwnt and Funding Policy .............................................................................. 62 

I 6.4 Actuarial ValuatiotL~ and Ptan Review ................................................................... 62 

16.5 PPA Rcqllired Valuations ..................................................................................... 62 

ARTICLE XVII; Al"IINVAL CO\\fPENSATI0'.'11 LIMIT, DISCRI:\UNi1:no~ AND 

\\UNll\·IUM COVERA.GE REQUlRE\\1£:'-/TS .............................................................. 63 

17.l Compensation Defined ........................................................................................... 63 

17.2 Ann,ial Compensation Limit.. ................................................................................ 63 

17.3 Highly Compensated Employ,;e ........................................................................... 63 

17.4 Requirements ofthc lnlernill Revenue Code .......................................................... 63 

17.5 Non Di.scriminaiion, Coverage and PaTtidpation ................................................... 63 

ARTICLE XVIII: A!VIENllME:'-IT A]';D TERiVHNATION OF PLAN .................................. 65 

18. l Plan Amendments ................................................................................................... 65 

18.2 T e1111i11atio11 or Discontinuan~e of the Plan ............................................................ 65 

18 J Missing Participants .............................................................................................. 67 

18.4 Vcsiing on Ten:ninati(ln ......................................................................................... 67 

18,5 Merger or Consolidation ofthe Plan ...................................................................... 67 

1 \: 
RP 88:145

ARTICLE I: DEFIJl,ITIO"S 

I , I Accrued Benefit 

(A) The tenn "Accrued Bendit" means the lifetime monthly benefit commencing at 

Normal Rctin:men! Age which a Participalll or former Participant has cat11ed and is 

based on such Participant's Ye;irs of Servke a11d the benefit fhmrnla as stated in 

Section 3 .2, 

L2 Active Participant 

(A) The tenn "Active Partidpant" m.eans a Paiticipant who has not yet become a retiree!, 

disabled or dcceu:;ed Parti~ipant, who has not yel suffered Forfeited Service, rtnd 

who has accrued at !en.it one Y car of Service i.mt ofthe two preceding Plan Years. 

13 Actuarial Equivalent 

(A) The tem1 "Actuarial Equivalent" shall mean a benefit having the same value as the 

benefit which it replaces, 

(B) The dctcm1ine.tion of an Actuarial Equivalent amlllity shall be based upon tbe 

Unisex Pension 1984 (IJP-84) mortality table, such table set, back five years for 

join! annuitants and Alternate Payees under Qualified Dome~tic Relations Orders, 

an,l an intcrcs! rate of six and one-half perccrit 

(C) The detem1im1tion of the amount of a single sum ca~hout paid on or after May I, 

I 995 shall be based upon the applicaMe mortality table as set forth in Rev. RuL 

95-6, 1995-1 C.B. 80, and th~ "applicable interest rnte". 

(D) The "applicable interest n!le" is: 

(l) The annual interest rate on 30-year securities for the month preceding the 

month that contains the da!e ofdistrilmtion. or 

(2) Six pcrccn!, 

whichever produces the greater ~inglc sum value. For purposes of detcimining 

the "applicable interest rate", the "look back month" is the month preceding the 

month in which the distribution occun;. The "stability pedod'' is one month (the 

month in which the distribution nccu.rs). 

(E) Fur !he dctcnnination of the amount of a single sum ca,hou.! paid on or after May 

1, 2008, the applicable interest rate 1lrnll be the 41 7( e)(J) spot rate as pL1bHsbed by 

the fRS, which is !he acljusted tirst, second, and third segment rates applied under 

rules similar tn the rule;, of LR.C. §4}0{h)(2){C) l,,r the month of April 

immediately preceding the Plan Year in which the distrillll!ion is paid. The 
RP 88:146

adj Listed tirst, second, and third sq,~11ent mies arc the lirst. second. and third 

segment mies determined under LR.C § 430(h)(2)(C1 ii~ 

(I) The LR.C §430(h)(2)(D) definition of "corporate hond yield curve" wa~ 

applied by substituting the average yidds for the month. as described in 

LR.C §430(h)(Z)(Dl(ii) for the average yields for the 24-month period, as 

described in such section. 

(21 For p\un years beginning in 2008. through 2011, the first, ~econd, and third 

segmenl rate ['or any month is equaI to the sum of; (a) the product of the 

segment rnte determined. under the general rnle above, multiplied by the 

;ipplicabk transitional perccnlage for the plan year; and (b) the produc! of 

the annual rute of interns! ,m thirty year Treasury securities as specified by 

the Commissioner of Internal Revenue for the mon!h of April immediately 

preceding the Plan '{ ear in which the distribution is paid, multiplied by the 

applicable trnnsttional percentage for the plan yea1, The transi !ional 

percentages are as frlllows: 

Distributions in Plan 

Year Beginning 

2008 

2009 

201() 

2011 

2012 

Tnmsition Factor for 30 

year T rcasury Rates 

80 percent 

60 percent 

40 percent 

20 percent 

0 percent 

Transition Fact,,r 

for Segmcnl Rates 

20 percent 

40 percenl 

60 perccnl 

80 percent 

100 percent 

Notwithstanding the foregoing, the determination of the amount of a 

single sum ca,hout paid on or after J\fay f, 2008 shall be based on the 

mortality table specified under l.R.C.* 430(h)(3 )(A) (without regard to the 

§430(h)(3)(C) substitute mortality table or the I.R.C. §430(11)(3)(0) 

mortality table for the disabl.cd). 

(F) for benefits commencing prior to November I, 2013, for the purpose ofdmennining 

tile actuarial equivakni benefits for optional fom1s of benefit, the normal fo1m of 

benefit shall be a lifetime benefit with 60 months guaran!eed. 

(G) For benefits commencing on or after l\'ove111ber I. 2013, for tho purpose nf 

<klennining the aclmirial equivaknl b,mdits for optiorn;l forms of benefit, the 

normal form ofhendit shall be a Ii fotime benefit only. 

1.4 Administrative i'vfa11agcr 

(A} The term "Administrative \fanugd' means the manager· employed by the Board or 

Tms!ees in accordance with the Agre em en I and Declaration o f'Trust. 
RP 88:147

1.5 Alternate Payee 

(./\) Tbe tem1 ''Alternate Payee" means, wiih respect co the Partidp,mt, a Spou.se, former 

SpDusc, chi!d or ano!lwr of the Pm1icipant'~ dependents who is recognized by a 

Dome~tic Relations Order as having a right to receive all, or a portion o[ the 

bendits undel" this Plan .. 

1.6 Beneficiary 

(A) The te1m "Bendiciary" means !he Sp,1use to wliom the Participant or tl.1rn1et 

Pa1iicipm11 was married if the Part.icipa11t's death ocnnTed after August 22, 1984, 

unless such Spouse h<l> consented in 1⁄2'riling to a non-Spouse Beneficiary and the 

conJent has been witnessed by a representative of the PLm or by a notary public. 

The term "Beneficiary'' of" an unmarried Participant means the pcrnon(s) designated 

by the Parlicipant'~ latest written notice to the Board of Tm~tees prior to bis111er 

,kaih. In the event no valld Beneficiary designation ha.~ he~n filed with !he Board of 

Trustees at the date of dea!h of an unmardcd Panicip,mt, or if the Participant is not 

survived by the Beneficiary designated, the Beneficiary shall be provided for in 

S eclion 9 .3. 

I, 7 Break In Service 

(A) On and alter Jvfoy I, 1976, the term "Break In Service" shall mean a Plan Year 

begirn1ing on and after when an Employee becomes an eligible Participant and 

which tl1e Pruticip1mt fails lo acquire four hundred thirty-five hours \Vorked, 

(B) Hours or Service shull be recognizod fair maternity and paternity leaves of absence, 

a;; defined by the Plru1, solely for pL1rposes of determining whether a Break In 

Service has occurred. It shall not be considered a Break In Service if a Pa1tidpa11t i, 

unable maintain a Year of Service because of an accident or illness or because of 

Service in the Amied Forces, provided the Administrative ~fal!llger is nntitfod of 

such drc;umstances on a form satisfactory to the Trustees. 

(CJ 111 the case of' an Employee who is entitled In a bcncfit, but who has s,1ffercd a Break 

In Servi~e, returns to Covered Service with an Employer, the Employee shall 

pa1tidpate in the Plan immcdiatdy upon returning to sueh Covered Service. In the 

case of an Employee who is not vested who su~tains a Break hi Service but not a 

Forfeiture uf Service, us defined in Se,,tion L 18, the Employee shall participate 

immediately upon remming !o Covered Service with an Employer, 

(D) Effective December 12, !994, an individual re-employed under Uniformed 

Services Employment an.d Rcempluyme111 Righ!s Act (USERRA) is treated under 

the Plan as not having im:urred a Break In Scrvi1:e with the Employer maintaining 

the Plan hecause of the individual's period of Qualified Military Service, i.e. any 

Service i.n the uniformed Service by any individ,ml who is enti!!ed to recrnplo:nncm rights Lmder US ERR.A, Code Section 414(ti)(5 ). 
RP 88:148

(E) Each peiiod of Qualified iVlilitary Service by an individual is, upon re,1mrl()ymcnt 

under U nifon:ned Services Employment illld Recmplo)111ent Rights Act 

(TJSERRA), considered under the Plan to be Service with th;; Employer 

maimaining the Plan for the purpose of: (A) dctennining the nonlbrfoitability of 

tbe individual's Accrned Bene lits under the Plan, and (B) detennining the accrual 

of bcncfils under the Plan, 

1 .. 8 Complitation Period For Eligibility To P,micipntc 

{A) The Computation Period usrn:l to determine an Einployee's eligibility to prutidpate 

in the Plan shall be measlrred from the first day of !11c Employee's first p1t)1·0U 

period, as long as the payroll period is no more than thi1ty-onc days, and ending 011 

the ,mnivcr~ary of the last day c,f such payroll period. 

1.9 Contiguou8 Non-Covered Service 

(A) Comiguo\rs Non-Covered Service shall mean Non-Covered Service with the same 

single Employer which immcdia!ely precedes or immediately follows Covered 

Service wht-re l:lo quit, discharge, lay-off or retirement occurs between such Covered 

Service and Kon-Covered Service. 

l. l 0 Contiibt1tions 

{A) The term "Conhibutions" shall mean payments to ihe Trust Fund by an Employer as 

tcquircd under applicable Collective Bargaining Agreements or other w1itlen 

agretmients. 

LI I Covered Service 

(A) The lenn "Covered Service" shall mean !hat Service with ru1 Employer or Empk,yers 

rnaintainh1g a Plan within a job classification or class of Employees covered under 

the Plan that oc,rnpensalion is paid tl,r or is entitled to pa11nent for, in at;cordance 

with the Collective Bargaining Agreement or other written agreement. 

1.12 Domestic Relations Order 

(Al Tho tenn ''Domestic Reh,tions Order" me,ms a _judgment, decree or order (including 

upprovaL of a pmperty settkmrot ,1greemenl) Iha!: (A) relates to the provision of 

child support, ,ilimony pt1)'Tl1<:nts or marital properly righl~ to a Spouse, fonner 

Spouse, child or other dependent of a Participant and (BJ is made pursuant lo a state 

domestic relations law (including a conummity prop1:rty law). 

1.13 Earliest Retirement Date 

(Al The tcnn "Earlie,t ReilrcrnenL Date" means th~ earliest dale cm which a JJanicipunt 

could dect to recei vc early Retirement Benefits under the Pfon, 

., 
RP 88:149

L 14 Early Retirement Age 

(A) The tem1 ''Eady Retirement Age" shall mean the age prior lo the Partidpanl's 

sixtieth bi1thday when he/she first readies age fifly-five and has heen credited 

with five or more Years of Service, 

(A) Tiie term "Employee" as used herein shall mean: 

(!) All Employees represented for the purpose of colfoctive bargaining by lhe 

Cnion and for whom Employers make con!libutions to the Tmst Fund in 

accordance with Collective Bargaining Agreemcnl, provided tbal at lca~t 

one-half of the Employee's Hours of Service <luring the Phm Year are 

pcrfonned as a. Collectively Bargained Empfoyee. The Employee described 

in this sub-paragraph shall be identified as a Collectively Bargained 

Employee. 

(2) An "Emplllyee" shall also mean an Employee who was a Collectively 

Bargained Employee pursua11t to sub-paragraph 1.15(.h. ), provided that the 

Employee is perlbnning Services for one or more Employers that are parties 

to the Collective Bargaining Agreement requiring contributions to the Plan 

or for the Union and provided further, lha( the terms of the Plan providing 

for benefit accruals treat that Employee in a manner that is generally no more 

favorable tban simil ~rly situated Employees who are Collectively Bargained 

Employees, and no more than five perccnt of the Employees covered under 

the Plan are Non-Collectivdy Bargained Employees dctem1imxl \vithout 

rcgaTd to this paragraph and comribulion~ are paid pursuant to an agreement 

with the Trustees. TI1e Employees 111ukr this sub-paragr<1ph arc also referred 

to as bargaining un.it alumni. 

(3j /u1 Employee may also mean Employees of the Union not CtWered by 

Section Ll5(B) or of the Plan, These Employees are ,1lso Non-Collcclivdy 

Bargained Employees and all such Employees of the Union must participate 

without dis<:dmi.uation. 

(BJ The t<:1111 "Employee" shall not include partners or sel!:employed persons no mil!ter 

how designated, and such persons are expressly ex duded from the henefits provided 

by this Pim,. 

(C) .t\n Employee shall not be inefigible lo partk'ipale in the bcnelits of the Fund 

because ol'his/her participation in a labor di,pute or because orhis.-11er absence fro111 

wmk due to such labor dispute or because of hisihcr being locked ,out by hisiher 

Employer. 

.. 
RP 88:150

I .16 Employer 

(,\) The tcnn "Employer" as used herein shall mean: 

( 1) The Akron Canton Shcci Metal & Roofing ConLractors Association, which is 

h~"reinalter referred to individually or ct.1llectively as !he ''Assodation." 

Employers who are parties to Colkc1ive Bargaining Agreement with the 

Union as a re,ult of their al1ifo1tion with the Association shall be mfened to 

as "Association Employers." 

(2) Any other individual, finn, association. pm1nership or corporation who is 

per:fonning work at the roofing industry and who is bound hy Collective 

Bargaining Agreement with said Union and in accordance theR'\Vith agrees 

Lo participate in and. contribute to the Trust Fund herein created and. provided 

for. The parlicipaLion of Employers shall be on tem1s vdiich the Trustees, in 

their abrnlut,~• discretion., shall determine. An Employer in this sub-section 

shall be called a11 "Independent Employer!' 

(3) If the Trnstccs by resolution su provide and ifnotjudicia!ly dete1mined by a 

court of !inal jurisdiction to be a violation of any law or ~tatutc, the tenn 

"Employer" may alsD indude the Union for its Employees, provided it (I) 

bec•omes contractually obligated rn make contributions on behalf of all Df its 

Employees; (2) signs a copy or !his ;\grccmcnl or in some other manner 

acceptable to !he Trustees consents in \Vriting to be bound by the tG'TITIS of 

this Agreement; and (3) has been accepted for pmtidpation in the Fund by 

!he Trustees on 1em1s which, in their absolute discretion, the Trustees shall 

deten11ine. The Employer in !his sub-section shall have no vote in the 

.selection of Employer Trustee~. 

(4) Tirn Employers as defined herein shall, by the making of p~yments to lbe 

Trust Fund pursuant to a Collective Burgai1iing Agreement, be conclu.,ively 

deemed to have uccepted and he bound by the Agreement and Declaration of 

Trust. 

1.17 fiduciary 

(A) Tiie !em; "Fidudary" shall mean a person who: 

(l) Ilxcrcisc,, any discretionary authority or di~cretionary control respecting 

management of this Plan or exercise, any authority or control respecting 

management or disposition of its uoset,; or 

(2) Renders investment m:lvice for a foe or o!her compcm,ation, direct nr imlirc"!, 

with respect to any monies or other propc1ty of this Plan, or ha~ uny 

authority or responsibility to do so; or 
RP 88:151

(3 l Has any di,cr~tionary authority or discretionary responsibility in the 

administration of this Plan. 

1.18 F01i\:i1ed Service 

(..-l,) The term "Forfeited Service" shall mean lhc number of" Yem, of Service as 

othc1wisc credited to a Participant !hat becomes forfeited. If a 'K on-V e,kd 

Employee forfoits Service under tbis Plan and subsequently relums to employment 

with an Employer, he/she shall be treated as iJ he/she were a new Employee first 

beginning lo work with an Employer. A Vested Employee cannot forfeit Service 

,lTidcr this Plan. 

(Bl For Plan Yean, pri.or to May I, 1987, all Service credited to a Non-Vested Employee 

shaLI be fmfcitcd at the lime such Employee suffers c,msecutive one yeur Breaks In 

Smvicc equal to or exceeding such Credited Service. 

(C) For Plan Years commencing on or after May l, 1937, all Se1,··ice credited to a NonVested Employee shall be forfeited at the lime such Employee suffers consecutive 

one year Breaks In Servi.cc equaling or exceeding tho greater of five ,,r the 

Employee's aggregate numbot ofY ~ms of Service preceding SLWh Break In Service. 

(D) No Plan benefits shall be based on hours worked !hr which Years of Se1;,,icc were 

credited that later hecome Fo1fcitcd Servi.ce. 

1.19 Hmtrs ll !' Service • !fours Worked 

(_A) The Board of Trustees 11.tS adopted the use of the altemnti vc cquivalency method of 

"hot1rs worked" to credit Hours of S;;,rviGe for participation, ve~ting, and benefit 

accruuL The tenn "Hours Worked" or ''Hours of Service" shull mean each hour for 

·which an Employee ls paid or entitled to payment for the pedbnnancc of duties for 

an Employer and hrmf'l for which back pay, irre;;pective ofmltigation of damages, is 

awarded or agreed to by an Emplo;,,·"'f, lo the extent that such award or ag,>reemen! is 

intended to compensate an Employee for periods during wl1id1 the Employee ,vould 

have been engaged in the p;;rformancc of duties fi}r the Employer. For the pu,pose 

of the equivalency DOL regulations 2530.200 (b)-2(b)(c) arn incorporaled by 

reforence, 

(BJ Each hour for which an Employee is abs.en! from work due to lvlaten1ity/Palemity 

Leaves of Absence as defined in Section 1.22, for the sole pu111ose of dckrmining 

whether a 13rcak In Service has occurred. Hmm; of Sen,ice pursuant to this subparagraph shall be credited only to the extent they would have been credited but 

for ;mch absence, or if such number c>f Hom of Service credited pursuant lo this 

sub-paragraph exceed !lie minimum number of Hours of Service needed to 

prevent the occumince of a Break In Service in the Plan Year such absence 

begin,,. However, ifin the Plan Year in which such absence hegins, the Employee 

has a sufficient number o( Hours of Service to prevent th.: occurrence of a Breuk 
RP 88:152

In Service witholll regard to this sub-parngrnph, !he Employee shall be '-'n:dited 

with the minimum number of Homs or· Service needed lo prevent tho occurrence 

of a Break In Service dmimr ,, the Plan Year \,ihich immediately follows the Plim 

Ye,1r in which the absence begins. Nn!withstanding the foregoing, no Hours of 

Service shall be credited undet' this sub-p8rngraph unless the Employee furnishe, 

to the Board of Trustees such in[o11nation as the Tn,stee may require to establish 

fl) that the Employee's absence from work is due to the reasons described herein 

and (2) !he m.1mber of days for l'ihich there was such an absence. The provisions 

of this sub-paragraph shall not apply unles~ the Employee was in the active 

Service nf an Employer imme<liatcly prior to such absence alter January 1, 1985, 

(C) Effective December 12, l 994, each hm1r for which an Employee is absent from 

work due to Qualified Military Service in the 1\m1ed Force, of the United Staks, 

as defined in Section 1.4 7(E), for the sole porpose of de!crmining whether a 

Brnak .It! Service hm, occurred. Hours u f Service pmsuanL to this sub-paragraph 

(C) shall be credited only to the extent they would have been credited but for such 

absence, or if such number of Hours of Service ~annot be determined, at the rate 

of eight Hours of Service per day of absence, In no event, however, shall the 

number of Hours of Service credited pursuant to this 8ob-parn1,,'raph (C) exceed 

the minimum number of Hours of Service needed !o prevent the occum:ncc of a 

Break In Service in the Plan Year such absence begins. However, if in the Plan 

Year such absence begins, the Employee had eumed a sufficient number of Hours 

of Service to prcven! the occurrence of a Break in Service without regard to thL, 

sub-paragraph (C), the Employee sl1all be credited with the minimum number of 

Hours of Service needed to prevent the occurrence of' a Break In Service during 

the !'Jan Y car which imm<odiately follows thll Plan Y car in which the absence 

begins. 

(D) Hmin; of Servke will be credited for employment with other members of' an 

affilfoted service group (under IRS Code Section 414(m)), a conlrul!ed group of 

corporations (under IRS Code Section 414(b)), or a group of ln!des or busincsse~ 

under common co11trol (under IRS Code Section 4l4)(c)), of which the adopting 

Employer is a member, and any other entity required to be aggreguted with the 

Employer pursuant lo IRS Code Section 414(n). 

1.20 Inactive Participant 

{A) The lcnn "Inactive Participnlll" sh.alt mean a Paiticipant wh() has not yet become a 

retired, dbabled or deceased Particip~nt, who has not yet suffered a FortcilLtre of 

Service, but has not accrued at least one Year <>f Service out of !he two preceding 

Plan Years. 

1,21 JLtrisdk:tion of this Flmd 

(A) The km1 ''forisdktion of this F\u,d" shall mean the industry, trade, or craft in the 

geographical area over wlii,h the Union has jrnisdkt1on. 
RP 88:153

1.22 tvlaternity/Patemity Leaves of Absence 

(,A) "'/vlatemity/Patemity Leaves of Abs.cncc" mean m1y absence from wod:: for 

matcmily or paternity re,1sons for any period by reason of !Im Employee's 

pregnancy, birth of the Employee', child, placcmenL of a child with the Employee in 

connection with the adc)ption of such child, (>r any absence for lhe purpose of caring 

for such child for a period immediately following ,1.1ch birth or placement. 

1.23 Non-Vested Employee or Participant 

(A) The term "Non-Vested Parhcip,mt shall mean a Participant who b vested. 

1.24 Nmmal Retirement Age 

(A) TI1e term "Nonm1l Retirement Ago'' shall mean the earlier of: 

(I) the time the Participant attains at least uge sixty and has been credited with 

!en Years of Service; or 

(2) the later of' 

(b) the fifrh anniversary of the time lhe Participant first commences 

participation in lhe Plan. 

(B) Pmvi,kd however, for lhose Participants who have at least one Hour of Service 

afler May I, l 999, "Normal Retirement Age" shall mean the earlier of: 

(I) the time the Participant attains al lea~I ag;e sixly and hws been credited with 

five Years of Service; or 

(2) the later of: 

1.25 Odginal Plan 

(a) age sixty .. fivc, or 

{b) the fifth anniversary of the time the Particip,mt firsl C()mmenc,:es 

participati()n in th{: Plan. 

(A) The term "Original Plan" o, "Prior Plan" &hall me~n the Plan(s) a,; it was in effoct 

prior Ill this Restated Plan. 
RP 88:154

I .26 Pmtidpant 

(A) Each Employee who was u Participant in tlw orlgi.nal Plan as oflvfoy I, 1976 and 

who did not suff"r a Break In Service as that tenn was used in !he original Plan as or 

tnat dale ~hull be a Paiticipanl in the Plan as of May l ., 1976. 

(B) Ead1 pL~son who becomes an Employee on or aA:er \-fay I, 1976, sha]] become a 

Partidpant on the beginning of the Plan Ye<1r following the total of four hundred 

thi1ty five hm1r~ worked w.ithin the Computation Period For Eligibility or on 

I\ 011en:1her l. whichever is earlier. If an Employc·e does not become a Participant 

1vitltl11 the first Compulu!i.on Period For Eligibility, the Emplnyee must meet the 

requirements o t' pwtidpation within subsequent twelve-month periods as if hclshe 

were u new Employee fir,;t beginning to work for an Employer. 

(CJ Once an Employee becomes a Participant, his/lwr ellgibi.lity for continued 

participation shall be rnea~ured by Service within a Plitn Y car be§,~1mlng with the 

Plan Year which includes the first anniversa!)' of the Employee's employment 

c.ommcnccment date. 

(D) An Employee who loses his1her status as a Participant as a result of a Forfoiture of 

Service shall again hreome a Participanl by meeting the requirements of this Section 

,vithin a Plan Year on the basis of ,vork after the Plan Year during which his1her 

participaLion tenninated. 

1.27 Pension Plan 

(A) The term "Pemion Plan" or "Plan," as used herein, shall mean the Plan, pmgram, 

method, mies nnd procedure for the pa:ymmt of benefits from Ilic Trust Fund and 

amendments thereto which have been established and adopted by the Trustees as 

bernin ~)rovided. 

1.28 Plan '{ ear 

(Al The term "Plan Year" shall mean the twelve month period beginning May l, and 

ending the following April 30. 

I .29 Qualified Domestic Relu!ions Order 

(A) The tenn "Qualified Domestic Relations Ordd' means a Domestic Rel~tinn, Order 

which creates nr recognizes the existence of an Attcmatc Payee's right to, or assign~ 

to an Al Lenu,te Payee the right lo, receive all or a p,irlion of the benefits payable to a 

f'urtici.pan!, specifics rcq L1ir~d information aml does not alter the amount or fhm1 of 

P Jan benefits, 

(BJ Eflective April 6, 2007, the tem1 "Quali tied Domestic Relations Order" is 

amended to indude (a) an order that is issued with rcsped to another QDRO. 
RP 88:155

inclllding w, mdcr lhut revises or amends a prlor order; (b) an order issued after 

the Participm1rs Annuity Starting Date or death; .ir (e) an order tha! names as the 

alternate payee a pernon deemed finm1cfolly dependent upon the Participant, 

provided that the other requirornents for a QDRO as set forth in the Plan's QDRO 

procednre and/or as defined in Code§ 4 l 4(p) are satisfied. 

1.30 Qualified Join! and 50'% Survivor Benefit 

(A) The term Qualified Joint and 50% Survivor llcnelit means an alll1uity which 

commences immediately {A) fol' the life of the Pmticipan!, with a Survivor 

Annuity for the life of the Spouse which is fifty percent of !he amount of the 

annuity payable dl1ri11g the joint lives of the Participant and the SpoLlse, an(l (B} 

w·hich is tl1c Actumial Equivalent ofa Single Lifo A.nnuity oflhe Participant 

1.31 Qualified Pre-Retirement Survivor Benefit 

(A) The term "Qualified Pre-Retirement Survivor Benefit" i:n<oans -a Qualified Joint and 

50% Smvi vor benefit for the life of the surviving Spouse of the Partidpanl, and 

payable in accordance with the Plan provisions stated in Section 5.l(B). 

1-32 Redprndty Hours Worked 

(Al For purposes of crcd,ting Service under !his Plan, if the Board of Trustees enters into 

money-follows-the-man rcclprodty agreements, such agreement shall be a part of 

thi, Plan and all hours transferred into this Plan under such agreementq shall be 

cred.itcd f1onrs worked for crediting Service under this Plan. All hours transferred 

from thi~ Plan in accordance with such reciprocity agreements will be removed from 

the re~ords ofthis Plan and nn longer will be credited towards panicipati.011, vesting, 

eligibillty and benefit accrual_ 

l .3 3 Reslute111ent Dale 

(A) The term "Restatement Date" shaH mean May l, 2010, except as otherwise stated.. 

1.34 Retirement Benefit or Benefits 

(A) The term Retirement Benefit or Benefits ~hall mean those das~es of benefits 

provided by tl1e Plan"' set forth in Aiticle TL 

1 .35 Smnc Geographic /\rea 

(A) The tem1 "Same Geographic Area" means the Stat~ of Ohio and portions ot'tho~e 

states located a:; u part of a Standard tvtetropnlitun Statistical Bureau, as defined by 

the U,S_ Census llurcau_ 
RP 88:156

1.36 Same Industry 

lA) The term "Same Industry" means the same type of business activity or activities as 

that engaged in by any Employer maintaining the Plan. 

1.3 7 Same Trnde of Craft 

(A) 11u: lerm "Same Trade or Cmtl:" means a trade ()f craft in which an Employee was 

employed at any time under the Plan. "Same Trade or Cralt" includes any 

supervisory or rmmagerial activity which is rcasolltlhly related to lhe underlying 

skills associated with the trade or craft for which the Employee was trained or in 

which he/she acquired hfa.1hcr w·ork experience. 

1.38 Spouse or Eligrble Spouse 

(A) The term "Spouse" or "Eligible Spouse" shall mean the Participant's legal Spouse 

who has been married to the Participant for al least l year al the time a Qualifmd 

Prn-Rctircment Survivor Benefit is first p,iyablc or the Participant's legal Spouse 

who has been manied to the Participant at least I year ut the first time the Pm1icipant 

cmnmences receiving Retirement Benefits provided hy this Plan, 

(Bl Effectin, June 26, 2013, the term "Spouse" or "Eligible Spouse" shall include 

individuals married to a person of the same sex if the individuals were lawfully 

married under state law in a state ;vhosc la,vs authorize the maniagc or two 

individuals of the same sex even if the manied couple is domiciled in a slate that 

does not recognize the validity of same-sex marriages. 

(C) llw tem1 "Spuuse" or "Eligible Spouse" dacs not include individuals (whether of 

the op]Jl.isite sex or the same se:,;:) who have entered into a registered domestic 

p,1rtnership, civil union, or other similar frmnul relationship recognized under state 

law tha! is not denominated as a marriage under the law,1 of that slate. 

1.39 Tern1inated Vested Paiticipant 

(A) The "Terminated Vested Participant" shall mean a Vested Particlpant who has not 

yet become u retired, disahl!'<i, or deceased Par!icipanl and has not accrued al least 

one Year of Service out of the two preceding Ph111 Yeai'll. 

I .40 Total ruul Penmmeni Disability 

(A) An Employee ~hall be considered Totally and Pcnnan,mtly Disabled if the Tmstees 

tind, on the: basis of medical evidence, a physical or mental condition of an 

Employee which comp!elely prevents such Ernployee from engaging in work for 

wage or profit within the Roofing Industry, and in the opinion of !he rncdkal 

examiner, the disability will he permanent and confa1uou, during the remainder of 

his/her life. llowovcr, no Employee shall he deemed to be Totally and Pcmmncntly 
RP 88:157

Disahletl for the fllirpl)~e of this Pension P Jan ir liis,11er incapacity was contracted, 

suffered or incurred while he/~he was engaged in a feloniOL1, enterprise, or resulted 

therefrom, or re,,ultecl from ,m intentionally self-inflicted injury, or from an injury, 

'NOLmd (Jr disability suf"lered or arising out of a state of war, 

1 .4 l Tmst Agreement 

(A) The ''Tmst /\5'1"1;t'ment" shall mean the Amended ad Restated Agreement aad 

Declaration of Trust as originally enLered into and as from t'tme lo limo amended 

thereafter. 

1.42 Trnst Fund 

(A) The term "Tmst Fund," as ll,ed herein, shall mean the ROOFERS LOCAL NO. 88 

PENSION J'U'.'11D and the entire ussets thcrc(lf' including all funds rcceiyed in the 

form of Empl()yer contribmiom, together 'with all. contracts (including dividends, 

interest, refi.n1ds and olht;,r snms payable to !he Trustees on account of such 

contracls), all investments made and held by the Trustees, all income, incrcmen!s, 

earnings, and profi Ls therefrom !lnd any and all other property or funds received and 

hcld by the Tmstee.s by reason oflheir acceptance of the Trust Agreement. 

l A3 Trustees 

(A) The tenn "Trustees," as used herein, shall mean 11.ny natural person designated as a 

Trnstcc purnuant to Article TI! of the Amended Agreement and Declaration or' Trns! 

or his,'heir successor or s1Jcccssors. The Trustees, collectively, shall be the 

"'Administrator" as that tenn is used in the Act. TI,e term '' Employer Tm,t:ees" shall 

mean the Trnstces s,:,kctcd by !he Employer. The term ''Union Tmstce;," shall mean 

the Tmstoos sdeded by the I:nion. The designation "Employer Tm~lee" or "Union 

Tmstee" shall not affect or alter tho duty ofeach Trustee appointcd liere1,mlo to ad in 

a Fidudary capacity. 

1.44 Union 

(A) The tenn "Union," as nsed herein, shall mean the ROOFERS LOCAL NO. 88 who 

has in effect with the Association or with other Employers, Col!cctive Bargaining 

Agreement, providing li1r the establishment and maintenance ot· a pension Plan and 

trust fui,d and for !he puymcnt of contributions lo such Fund. 

1.45 Vested Parti.::ipant 

(A) The te!'m "'Vc,;ted Pm1icipant1

' shall mean: 

(I) A l'artidp:mt who has a! least five or nmre Years or Service. 
RP 88:158

(2) Effective 'vluy 1, 1989, a Participant who cmir1, Service on or alter that date, 

for work petformed as a Non-CoHcctivoly B.i.rgained Employee who has at 

lea;;! five or more Years of Service. 

(3) Effective May I, t 999, a Puiticipant wbo earn, one or more Hour of Service 

on or after that date, for work performed as a Collectively Bargained 

Employee and who has at least five or more Year, of Service. 

(B) The determination of vestillg Service for a Participant who works between 

Co!lecti11cly Bargained and Non-Col!eci'1vcly Bargained work shall be mad<! by 

crediting Service to the vesting schedule under which the Participant wmks more 

than fifty percent of the time in the Plm1 Year. 

1.46 Ve~ting and Benefit Accmal Computation Period 

(A) Tho vesting and benefit accrual computa!ion period for tllis Plan shall be !he Plan 

Y·ear, 

1.47 YearofScrvicc 

(A) The term ''Year ofScrvici:" or "Service" shall mean the number of years for which a 

Participant receive,,; credit on the records of the Plan. Service shall be equal to the 

number of years of Past Service pl us the number of yea,s of Future Service and shall 

be used for participation, vesting, and eligibility for benefits. 

(B) Service PJjQr to Mav 1, 1976~ For a Participant as of the Restatement Dak who bad 

been covered under the provisions of the original Plan, the Participant's last period of 

Con!inuou, Service ns dcioonined under the prnvisions of the original Plan, shall be 

cmmled a, Service, Such Service shall include: 

(l) Past Continuous ]c1vicc. An Employee shall r\X'.eive Continuous Service 

for !he period May I, 1958, to April 30, 1968, for Service with an Employer 

or Employers within the jurisdiction o I'' the Union. One year of Continuous 

Service shall be granted if the Employee can pmve to the satisfaction ofth<! 

Trustees th,,t heishe worked in Covcrc<l Employment during ,1 fiscal year, 

and during which time the Employee was not in a retired slatus. A 

maximum or !en years of past Continuous Sen·'ice 5hall be granted. if any 

Employee or a Participant, or a fonner Employee or Patticipan!, at any time 

atler !1,foy l, I 994, perfom1s at least one hour of Kon-Covered Roofing 

Employmcnl within the same geographical area or the Fund a~ defined in 

Section I 0. L then hcishe shall lose all Pa,t Service for the purpo.,e of 

cakulating his/her benefit amou11!; pmvid~d, however, that any such loss of 

Past Service credit shall not decrease the Pa1ticipa11 t', aecmed ;,!onnal 

Retirement Benefit to an amount less lhan hi&-'her accrued Nom1al 

Retirement Benefit as or April 30, l 994. 
RP 88:159

(2) Future Service. Future Service shall be granted to Employees after ;,,,fay I, 

I %K One year of Future Service shall be granted to an Employee for each 

Plan Year dm'ing which he/she receives contribution credits on the records of 

this Fund. Anv future Continumc, Service as otherwi~e granted lo ,m . . ~ 

Employee prior to his/her sulforing fl l3rcak !n Service shall be ea,1~eled. 

(CJ Scrvkc On And Aller:-efav 1.,)976. OnamlafterMay 1, 197/i, one Year of Service 

shall be gran!ed to ru1 Employee who has met the reqairements for initial eligibility 

to participate in this Plan. Subsequent Years of Service shall be earned by l1 

Participant vd10 has four lmndrnd thirty five hours of ,vork within a Plan Y car 

beginning with the Plan '{t:Jar which include;; the first anniversary of Lhe Employee's 

employment commencement date. The total Service of the Participant shall not 

incfode any years of Breaks in Service, 

(D) For purpose ol' detennining a Year of Service, all Covered Servi.co and all 

Contig11ous Non-Covered Scrvic;e with an Employer or Employers maintaining the 

Plan shall be taken into accmmt provided, hov.,eve.r, no Contiguous Non-Covered 

Service shall be c.redlted under the Plan Ltnless the Employer or Paiticipanl notifies 

the Administrative Manager of the hours worked by !he Participant in Non-Covered 

Service within ninety days alter the date of participation or the Plan Year, whichever 

is later. 

(E) OLuilifie<l J,,,'iilitarv Servl'l£. Effective December 12, 1994 and afl.:,-r, the term 

"Qualified lv!ililary Service" ~hall mean any absence from work by reason of 

active duty in the Armed Forces of the Unikd States. An Employee .shall be 

give11 full credit for henefit accrual, Hours of Service, participation, vesting, years 

of Credited Servi Ge and years or vesting Service for lime periods, not !n exceed 

Ii ve years, ,n which he/she wax ubsent from work due to military Service, 

(I} The five year limitation indicated above and in this Section (E) shall not 

include any Service-

(a) That is rotlLtin,xl beyond five year~ to complete an initial period of 

ob\ igated Service; 

(b) During ,vbic:h the individual was Ltnable to obtain orders rclca,ing 

him/her from Service in lhe ,,niforn1cd Services beti:.,rc expiration 

of lhe five year period, and such inability was through no fault of 

the individual; 

(c) Perl:ormed as required pursuant to 10 !LS.C. 10147, under 32 

L:.S.C. 502(a) or 503, 01· to fulfill additional training requirements 

dctenni11ed and certified in writing by the Sccrdary of the military 

department cnnc~n,ed to be r,ccessary for professional 

devdopmenl or for completion ot'skill training or rctrni11ing: 
RP 88:160

(d) Perfommd by a member of a uniformed Ser,·ice who is: (i) ordered 

to or retrained on active duty Lmdcr sections 1230 I (a), l230l(g)., 

!2302, 12304, 12305, or 688 of Tille 10, United Stal\:s Code, or 

under 14 U.S.C. 33 l, 332,359,360, 367, or 712; (ii) ordered to or 

rdrained on active du!y (other than for training) ll!1der any 

provi~ioll of law during a war or duri11g a national emergency 

dedared by the Prcsitlent or the Congress: (iii) ordered to active 

duty (other than for training) in support, ~s dckrmined by the 

Secretary of the mi.lilary department concerned, of an operational 

mission for which personnel have been ordered !o active duly 

under IO lJ .S.C. I 2304; (iv) ordered to adi vc duty in support, us 

determined by the Secretary of the milit,1ry department concerned, 

of a critical mission or requirement of the uniformed Services, or 

(iv) called into Federal Service as a member of the Nalio11al Guard 

under clwp!cr 15 or under section 12406 of Title IO, United States 

Code. 

(2) Contributions shall be made fo.r the above leave of absence hy the fund or 

a, otherwise determined al the d.iscrction of the Board of Trusl•ees of the 

Fund, in cornpli.mwe with 38 U.S.C, §4318, as amended, and any 

regulations promulgated ihercunder. 

(3) In order for an Employee to receive continuing benefits as outlined above, 

upon th<, completion of a period of Service in the uniformed Services, said 

Employee ~hall notify !he respective Employer with advance written or 

verbal notice of such Service. An Employee, upon the completion period 

of Service in the uniformed Services, shall notify the Employer, as 

referred to in SL1.ch subsecti"n below, of the Employee's intent to return to 

a position of emp.!oymelll with such Employer as follows: 

(a) In the ca,,e of a p~rson whose period of Service in flle unifom1ecl 

Services was less tha11 thirty-one days, by rep01iing to the 

Emphiyer - (i) nol la!er tha.n the beginning of the first full 

regularly sc!1cdLded work period on !be first foll calendar day 

following the compktion of the petiod of Service and the 

expiration o I' eight hours after a period alto wing for the safe 

transportation of the Employee fmm the place of that Service to 

the Emrll,yec'i, residence; or (ii) as soon a~ possible after the 

expiration of the eight hour period referred lo in clause above, if 

reporting within the period referred to in such d,L,tsc is impossible 

or umeasonable through no foul! of the person. 

(b J In the case of an Employee who is absent from a posi lion of 

employment for a period of ally l.ength for the purpose of an 

examination to determine the Employee's fitness to perfom, 

Ir, 
RP 88:161

Service in the uniformed Scrvkes, by repotiing in the mam1er and 

lime rderred to in subaparagraph (l ). 

(c) In the ca~e of an Employee wbosl! period of Sen,ice in the 

u11ifom1ed Services wa.~ rnure lh,m thi1ty clays but less than one 

hundred cighty-\,n~ days, by submi tling an application for 

reemployment with the Employer not later than fourleen days after 

the completion of the periud of Service or ff submitting sud1 

applieatior1 within such period is impossible or unreasonable 

thrnllgh no fault of the Employee, the next first i'i.1!1 calendar day 

when submlssion of such application becomes possible, 

(d) In the case of an Employee \Vhosc period of Service in the 

uniformed Services was for more tlian one hundred eighty days, by 

submitting an application 1hr reemployment with the Employer not 

later than ninety days atler the complcli.011 o["\he period ofServiec. 

( 4) Fuithermore, in nrder to restore the 11hove pension rights, the Employee 

must notify the Fund Office in writing, within sixty days of hisfher 

dis.charge, of his/her intent lo retum to work. 

(5) Upon an Employee's honorable discharge from military Service the 

Employee's eligibility status under the Plan will be rcslot'<ld to the status 

that existed when he!shc entered militaey Service, provided the Employee 

folfills the notice and do~11mentalion requirements ou!Hned above. In 

addition to said notice, the Employee shall also supply the Fund Office 

with copies of bis/her discharge papers shinving the da!e of his/her 

induction or enlistment in military Service and the date of his/her 

discharge. Failure on the part of t11e Employee to file such notice and 

document,itlon with the fund Office may be deemed an indication that !be 

Employee docs rmt wish to restore his/her eligibilliy status under the Plan. 

(6) A person who is hospitalized for, or convakscing fhnn, an illness or il1iury 

incurred in, or aggn,1vaied during, the performance of Service in the 

uniformed Services shall, at the eml o [" the period that is necessary for the 

person to recover from sueh illness or injury, n:port to the person's 

Employer (in the case of a person descri.he<l in subparagraph (I) or (2) of 

paragraph (E)) or submit an appli c~.tkn1 for rcemp!o)1nent with such 

Employer (in the case of a person described in ;;uh-paragraph (3) or (4) of 

such paragraph). Except as provided in st1h-parngrapti (7) helov, sus::h 

period of recovery may not exceed two yearn. 

(7) Su.di two year period ~hull be extended hy the minimum time perlod to 

accommodate the drcumstances bey(lnd such person's control which 

make reporting within the period sped lied in suh-pmugniph ( a) impossible 

or unreasonable. 
RP 88:162

l .4S Roofing Industry 

( A) The te11n ".Roofing Industry'' shall mean any and all types of work covered hy 

Collective Bargaining Agreements to which the Union is a party; or under the trade 

jurisdiction vf the Union, a~ that trade jurisdiction is des~ribed in the ltltcmational 

Uriion's Constirution; or any other work to whicl1 a Roofer has been assigned, 

rderred or can pe.dbrm bcc.ause of his/her ,kills and training. For the purposes of 

Section I .49, only, the tarn. ''Roofing Tndustry'' shal1 out include cn.1plo1~nenl in a 

related buildi.ng tmtle, provided, however, thal srn:h employment is on referral by 

and authrni:,:ed by !he Cnion. 

1.49 Non-C\wered Roofing Employment 

(A) 'lim-Covercd Roo!ing Employrnenl means 011 or after May I,. 1994, sett~ 

employment in the Roofing Industry or Employment for an Employca- which does 

not have a Colle~1:ivc Bargaining A~<reement betwcc11 the Union and the Employer. 

l .50 Effoctive Date 

(A) TI1c tenn "Effecti vc Date" with rasped to this Amendment and Restiltcment shall 

mean \\fay I, 2014 except as otherwise provided. 

1.51 Leased Employees 

(A) Effective January l, 1997, the krrn ''leased Employee" shall mean any person 

(other than an Employee of the reciptent) who pursuant to an agreement between 

the recipient and any other person ("lea,ing organization'') has pcrfonned 

Services for the recipient (or for the recipient and related persons determined in 

acconlance ,dtl1 !RC Section 414{n){6)) 011 a substantially full-time basis for a 

period of at least cme year, and whose Services are performed under primary 

direction or control by the recipient.. Comributions or benefits provided a Leased 

Employee by !he leasing organization !hat are attributable to pcrlhnncd tbr the 

rccipi ent Employer shall be treated as provided by the recipient Employer, 

(BJ A Leased Employee shall not be considered an .Emplnyee of the recipient it: (A) 

such Employee is covered by a money purchase pension plan providing: (I) a 

nonintegrntcd Employer contribution rate of at fo;;st ten percent of compemation, 

as defined in TRC Sectinn 41 5(c){3 ), bm including amounts contributed pursuant 

to a salary reduction agre~ment which are excludab!t: from the Employee's grns~ 

income under !RC Section 126, 402(c)(]), 402(h)(l)(l3) or 403(b), (2) immediate 

pm1icipalion, and (3) full and immediate vesting; and (Bl Leased Employees do 

not constitute mon:: than twenty percent of the rccipien!'s nonhighly compensated 

work force. 
RP 88:163

ARTICLE II: CLASSES 011 BE"IEFITS 

2J Classes of Fknefits 

(A) There shall be 3 Classes ofBenol\ts payable LL11der L'iis Plan. 

(1) Nonna! Retirement Bcnolits 

(2) Early Retirement Benefits 

(3) Death Benefits 

2.2 Non-Dupli~ation of Benefits 

(A) Notwithsianding any other provisicms of tho Pension Plan, no Participant shall he 

c!i5~b le for more lhan one class ofbencfil at the same time. 
RP 88:164

ARTfCt.J: Ul: -"l"ORl\lAL RETIREMENT BEJ\EFITS 

3.1 Eligibility for Nomrn! Retironent Benefits 

(A) An i\ctiw Participam shall be eligible to rcceiv~ a Normal Re!irenwnt Benefit upon 

attaining his/her N,mnal Retirement Age, 

3.2 Amount ofNonmd Retirerncn! Bendit 

(A) The Nom1al Retirement Benefit shall be a monthly benefit equal to tho Sl.un of the 

Pmticipant's Pas! St'Tvice Benefit if any, and his,'11<,>r Future Service Bcnelit as 

follow;:: 

(1) Past Service Benefit, 

( a) The Pa~! Service Benefit slwll be dctcrn1ined based un Section 

1.47(8)(1) countable Yearn of Past Service multiplied by Sl.00. 

(2) Future Se,:yjcc Benefit 

(a) For Active Participants who retire on or after May I, 1988, the 

FL1ture Service Benefit shall be equal lo 3.75% of the Employer 

Contributions made to the Trn~t Fund on the Partidpall!'s behalf on 

or after May 1, 1988, and 4.05% of Employer Contributions made 

on a Participant's behalf on or after l'vfay 1, 196&, but prior to Jv!ay 

I, 1988, or the date the Partieipanl last suffered Forfeited Service. 

(b) For Active Pa1ticipants who retire on or after May I, 1989., the 

Future Service Benefit. shall be equal to 4,05% of the Employer 

Contributions mad<.:! to the Tmst Ftmd on the .Participant's behalf on 

or after M.ay I, 1989, and 4.35% of Employer Conti.ibutions made 

on a Participant's behalf or1 or after May I, I 968, but prior to May 

l, 1989, or the dale the Participant last ~urthed Forfeit.xi Service. 

(3) For Active Participants who retire on or after May I, 1997, lhe Future 

Service Bcneht shall be equal to 5.25'}1. of the Employer Contributions 

made to !he Trusl Fund on the Patticipanl\ behalf from May I, 1968 

thn.mgh April 30, l 998 plus 4.05°;;, of Empl.oyer Contrilrntions made on a 

Pmticipant's hehal f on or after May 1, 1998. 

( 4) For A dive Parttcipant, who retired 011 or afler May l, 2003 !hrnugh April 

30, 2006, Future, Service Benefit ~hall be equal to 5.25% of the Employer 

contributions made to the Trust Fund on !he Participant's behalffrn111 May 

I, l 968 through April 30, 1998 plu, 4.05% of the Employer conlributio11s 

made to the Tru,t Fund on the Participant's beimlf from May l, 1.998 

through Apri! 30, 2003 plus 3% of Employer ~ontribLi!ions to the Trn,! 
RP 88:165

Fllnd on the Pmtidp,mfs bchal 1· from May 1, 2003 tlmmgh April 30, 2006 

plus l . .7% of Employer contribolion, to the Trust Fund on !he Participant's 

hehal f on or after May 1, 2006 plus 1.0% of Employer contrib,1tions to the 

Trust Fund on the Participant's behalf from .\1ay I, 2009 through April 30, 

20 I 2 plus 0.5% of Employer contributions to the Trust FLmd on the 

Participant's behalf rm or after May I, 2012. 

(BJ Participants who retire after their Normal Retirement Date will receive a monthly 

benefit that is the greater of the Accrued Benefit earned at the time of their 

retiremmt or the Actuarial Equivalent value of their Accrued Benefit earned «t 

their Nonnucl Retirement Age. However, no Actuarial Equi valcnt adj,islment will 

bs: mnde regarding benefits that are properly suspended tl1.1e to Participanib) 

working after thdr Normal Retirement Age, pursuant. to Article X, provided the 

Participant has been notified that hisi11cr benefit will be subject to a suspension of 

benefits for work perfonned subsequent to his/her Normal Retirement Age. 

3.3 Form of Benefit 

(Al L'nless the Participant elects otherwise or has no surviving Spouse, the Nonna! 

Retirement Benefit will be paid a.;;. u Qualified Jnint and 50'"/4, Survivor Bendit as 

provided in Aiticle V, 

3.4 Commencement ofNorrnal Retirement Benefits 

(A) A Particip.1.nt'~ com.mcnccmenl date shall. be no later than sixty days after th,; close 

01· the Plan Year in whlch the Participant meets the eligibility requirements for 

Nonna! Retirement. Upon voluntary retirement and propc.1' applirntion, a Pmticipant 

who meets the eligibility requirements for Normal Retirement Benefits a;; set forth in 

Sc"Ction 3. I shull become entitled lo Normal Retirement Benefits on !he first day of 

the month following receipt of his/her application for Normal Retirement Benefit 

Kon1lal Retiremc.nl Bem::fits shall coni\nue monthlv thcrea11er until the first dav of ' . . the calendar month succeeding the death ofthe Participant 

(B) fo the event that a Participant meets the eligibility requirements to be entitled to a 

Normal Retirement Benefit and hag not applied for lhe bendits by the sixtieth day 

after tho close of the Plm1 Year in which he/she i~ eligible, then the benefits shall 

commence immediately, unless the Participant other.vise elects in writing. 

Notwithstanding t11e foregoing, the fail lits; of a Par1idpanl and spouse to consent to a 

clistributio11 wl1i le 11 benefit is iJnmediatdy distributable shall be deemed to be m1 

election to defer eomaH,rn::ement of pa5rncnt of' any benefit SLtfficient to sa!isfy thi,; 

Section. 

3.5 Calculation of Benefit for Terminated Vested Participants 

(A) The provisions of the Plan Iha! are in effec! at the time u Participant first bcrnmes a 

Tem1inuted Vested Participant shall apply to any benefit calculatiu~ at the time t!w 
RP 88:166

Partidpm1t becomes eligible to receive u J\ormal, Early, or Qu,1lified Joint and 50'h,, 

7 5%, or I 00% Survivor DencfiL 

(B) In !l1t: event a Tt-'mtinated Vested Participant subscqu.ently returns to Covot1:d 

Service, the Plan provisions in eflect after the Terminated Vested Participant returns 

to Covered Service shall apply only to Sc:rvi ~e earned after hislher return to Covered 

Service and for the purpose of cakufating any benefit, the Accmed Benefit earned 

prior to the Participant becoming a Terminated 'Vested Participant shall be added 10 

the Future Servi.cc Beneli.t earned af!cr his/her retum !o Covered Service. 
RP 88:167

ARTICLE IY: EARL\' RETIRE~lENT BENEFITS 

4J Eligibility for Early Rciircment Benefit8 

(A) An Active Pnrticipam who completely retires from Covered Service emplo,1nem 

wilh ml Employers within the jurisdiction of lhi8 Fund, after attainment of Early 

Retirement Age, shall be eligible to rcceil'e an Early Retirement Bendit m l1is/her 

Early Retirement Date, provided the Pmticipant hai elected and applied for un Early 

Retiremem Benefit on a fonn prescdbcd by the Tmstcc, and !he Trustees have 

approved the applicatiort 

4.2 Amount of Eady Retireme11t Benefits 

(A) Effoctive November 1, 2013, for participants who al'e not age 55 with five year:, of 

service prior lo N ovcmber I, 2013, the early retirement nxluction will be an actuarial 

reduction from age 60. 111<: age 55 early retirement benefil wi!l reduce from 70% of 

the nonna! retirement benefit to 62,6%, The following tahk describes the new 

factors as ofNovemb~r 1, 2013: 

Coiilmence Old Pacior J\:ew Fact()r 

7O.0')·i, 62.6% 

76.0% 68..5% - 82J)% 75.1% 

58 8!L0% 82,5% e------

59 94.0% 90,7% -----

60 100.0% 100,0~i, 

(BJ Ages in years and months will be used and factors ,viH be interpolated based on the 

factors illt1,trnted. 

4.3 Fom1 of Bendit 

(A) !_jnk~s the Pmtidpant efocts othern,ise or has no sunnnng Spouse., the Early 

Relin,ment Benefit will be paid as a Qualified Joint and 50':Vi, Sl!rvivor Benefit, as 

provided in Arli de V. 

4,4 Commencement of Eady Retirement l3cncfi!s 

(A) Upon vofuntm:y retirement and a proper application, an Active Participant ·who 

mee!a th1; eligibility rnqlliremcnts f\w Early Rctin;ment l3c11cfits as sd forth in 

S.:etion 4.1 shall become cntitl~'<l to Earlv R0liremem Bcncfils as oftlw 1-lrst day of , . tllc month next fol!mving !he receipt or his.'her application by the T rnstecs, Early 

Retir"·,m,mt Benefits shat! continue nwnthly thcrealler until the fast day of the 

cakndar month srn:;c~~ding the death of tile Participant Tiie rnmmern;emc!ll of 

Eady Rctirem~nt Benefits .s!iull be ,ubjccl lo the Suspension of Benefit Rules, as sci 

fhrlh in Article X. 
RP 88:168

ARTICLE\': QUALIFIED .JOii\"[ AND 50% SUR\TVOR BE.NEFIT 

5, I Definitions 

(A) QggJificd Joint ,md~sori,;; Sl1rvivor Benefit 'The term Qualified Joint and 50%, 

Survivor Benefit mean~ un annuity which commences immediately (A) for the life 

of the Participani, with a Sunii vor Annuity for the !ifo of the Spouse which is fifty 

pc1,ccnt of the amount ol' the annuity payable during the joint lives of the 

Participant and the Spouse, and (B) \Vhich is the Actuarial Equivalent of a Single, 

Life Annuity of the Paiticipant. 

(Bl Qualified Pre•Retiremvnt Survivor {},:ncfit: A Qualified Pre-Retirement Su.rvivor 

Benefit is an mmuit)' for the life of the surviving Spous~ nflhe Participant Under 

a Qualified Prc-retirs:ment Survivor Benefit, the amount of payments to !he 

surviving Spou8e shall be the same as, or the Actuarial Eqrnivalent or: the amount 

of the benefit which would have been provided under !he Qualified Joint and 50%, 

Survivor Benefit is: 

( 1) in the c.ise of a Particip<1nt who dies after attaining the Earlie.~! Retirement 

Age m1der the Plan, the Participant had retired with an immediate Qualified 

Ju int and 5[)~,,;, Survivor Benefit on the day he fore his/her death, 

(2) in !he ~use of a Participant \,Vho die~ on or before the Earliest Retirement Age 

under the Plan, the Participant ha<l: 

(a) separated from Service on the date ufhlsihcr death, 

(h) survived to !he Earlies! Retirement Date, 

(c) retired with an immediate Qualifie<l Joint and 50% Survivor Benefit 

at his/her Earlie~! Retirement Age, and 

(d) died on lhe day after the date on which he/she would have attained 

lhe Earliest Rctirems:m Age, 

5,2 Automatic F om1 of Retirement Benefit 

(A) The automatic form of Retirement l3encfit under this Plan is the Qualified Joint und 

sor% Survivor Benefit 

5.3 Eli6,ibility For Quali tied Joint and 50r% Survivor Benefit 

( A) A Participam who has completely retired from employment with ull Employers in 

the jurisdiction of the Fund shall be digihle for Qualified foi nt and 50%, Survivor 

Benefit-, provided: 
RP 88:169

( 1) the Parti~ipa11t is eligible for Normal or Eurly Retirement Benefits: and 

(2) the Pmticipm1l and his/her Spowse have been married at !cast one year prior 

to the Particip;mt's date of retirement; and 

{3) the Participant and hiSJ1ier Spoll5e have not wiiived the aulorn;itic Qualified 

Joinl and 50'% Survivor Benefit. 

(B) A Participant who satisfies the foregoing cligibil ity requirements for Qualified Joim 

and so,,~ Sunivor Bcm,fos, b11tt ,vim wLqhes to elect and apply fur Norrmil Dr Early 

Retirement Bcncfi!;;, may do so prior to the date hisi11er Qualified Joint and 50~·o 

Survivor Benetlt, commence. After commencement of his.:11er Qualified Joint and 

50% Survivor Benefits, his/her right lo elect a Normal or Early Retirement Benefit 

shall cease. 

5.4 Righi of Election of the Qualified Joint and 50% Survivor Bonel-H 

(A) l.n lieu of the Qualified Joini and 50% Survivor Bend1i, a Partidpm1t may elect 

the Nom1al or Early Retirement BcricfiL l,;,nn of payment or another optional foTI11 

of pa,111e11t and lhcrchy waive the Qual i lied Joint and 50% Survivor Benefit. 

(Bl In order thal euch Participant may have an adequate Dppor!unity to m.ake an 

election, an de~tion period is hereby estahlished. Said election period shall begin 

no more than one hundred eighty days or less than thirty days prior to the 

Participam' s commern;ement date. During the election period each Participant 

shal.l have the right to receive a written explanation of: 

(I) [T]he terms and conditions of the Qualified Joint and 50% Survivor 

Annuity and tbe relative value of optional foTI11s of benefit; and 

(2,l the Partidpant's right to make an election to waive the Q11alified Joint and 

50% Survivor Annuitv; and 

(3) the righ! of the Participant's Spouse to ccmsent to any ekclion to waive the 

Qualified Joint and 50% Survivor Arumity; and 

(4) the right of' the Participant to revoke such election and the effect of such 

revocution; and 

(5) any olher explanation required under Section 40! (a)( 11 )(E) or 

4!7(a)(3 )(A,l of the Internal Revenue Code and uny lawful regulations 

thereunder, 

During !he election period, each Participant ,hall hHve the righl to waiv~ ib~ Qualified 

Joint aml 50'},, Survivor Bendit and elect to receive a Normal or Early Retirement 

Rendh or other optional b~nefit 
RP 88:170

(C') Effective r\foy J, 1997, the Parlicipant and Spouse., if any, may consent in wriling 

lo the commencement of payment1 before the end of the thirty day period so long 

as the benefit commences af'ter more than seven days following the explanation of 

blmefits is provided to the Partidpant and Spouse. 

(DJ Any dec!ion made on or atier January I, 1935, to waive the Qualified Joint and 

50'}o Survivor Hendit shall no! take effect u11I ~ss one of the following conditiom 

is satis!ied: 

{ 1) The Spouse of the Participant. consents in writing lo such election, and the 

Spm1s,:' s consent acknowledges the effect of such electim1 and is 

witnessed by a Plan representative or a notary pub I ic; and 

(2) ll is established to ihe satisfac,tion of a Plan representative that the consen! 

required under subsection (I) above may no! be obtained becuuse there is 

no Spouse, because the Spouse cannot be localed, or because of such other 

circumstances as the Secretary of Treasury regulati.ons prescribe, 

Any consen! by a Spouse, or establishment that the con~ent of a Sp:1use may nol be 

obtained, shall be olfective only with rcspeet to such Spmtse. 

(E) A Participant may revoke atlY election previously made, or deemed to be made, 

under tMs Article it' made prior to commencemen! of the payment of bcndits 

under the Plan. The nurnbcr of revocations shall twt be limited. An dcclion may 

no! be revoked after payment ofbenefi!s has commenced, 

(f) All elcdions and revocations ~hall be made on the upprnpriatc fonu aval!abk 

from the offi ~c of the Administrative Manager of the Pcn~ion Plan and shall be 

effective only upon completing, signing and filing of the fonll with the office of 

the Admini~trative Manager. 

5.5 Amount of Qualified Joint and 50% Survivor Benefit 

(A) The Qualified Joint and 50% Survivor Be11etlt pruvidc;: a reduced monlhly income 

that is the Actuurial Rquivalent to the Norn,al or Early Retirement Benefit to which 

the Participant is othenvise cntitk:d. 111 accordance with tl1e Qualified Joint and 50~,. 

Survivor Bencf1! provision,, upon the death of !he Partidpant, fifty percent of !he 

monthly benefit ,vhich had been payable w tbc Participant shall be continued w the 

Pm1icipant's surviving Spouse. 

5.6 Comim:ncemcr1t of Qualified Joint mid 50% Survivor Benefits 

{A) A Purticipam wl10 meets the eligibility requirements for a .NomiaI Retirement 

Benefit, as set forth in Artide Ill, shall be eligible to tecdvc the Qualified Joint and 

50% Survivor Bendit 110 later than sixty days after the close of the Plan Year m 

whith the Participant meets !he eligibility requirements for Normal RetircmetlL. 
RP 88:171

(B) A P,1r1idp1111t who meet, t11e eligibility reqt1ircment, for Early Retirement Benefits 

shall become eligible to rcedve Lhe Qualified Joint am! 50!-··u Survivor Bendit as of 

the first clay or· the month next following !he receipt of' his/her application by the 

Board of' Tnis!ees. 

(C) AH monthly benefits und<;,r this scciion will continue for the lifetime ol' the 

Participant, with the last paymcrit lo be made on the first day of tl1e calendar month 

preceding the death of the Participant Fifty percent of ;mch monthly bendits ~hull 

be continued thereafter hJ the Spouse, with the last payment to be made on the first 

day of the calendar month preceding the death of the Spouse. 

5.7 Qualified Joi~! and !00% Sllrvivor J3encfil Option 

(A) A Participant and his,11er Sp,1usc may othenvisc elect to receive in the form of a 

Quali tied Joint and I 00% Survivor Benefit, subject to the prnvision of Sections 5.1 

through 5.6. 

5 .8 Qualified Joint and 75%, Benefit Option 

(l\) A Pmiicipant and his/her sp()USC may otherwise elect to receive as un optional 

benefit the Qualified Joint and 75% Benefil s11bjcct to the provisions of Section 

5.1 thnmgh 5.6. 
RP 88:172

ARTICLE Vl: TOT AI. AN"D PERiVtAl\ENT DISABILITY BENEFITS 

6J Eligibility for Total and Pe;,mumen! Dlsability Benelt!s for Applications Received on or 

after November 1, 2013 

(A) Total and Perrrnment Disability Benefits ~hall no longer be uvailable for 

applications received on or af\er November l, 2013. 

6.2 Eligibility Cm Total ,md Permanc11t Disability Benefits f,,r Applications Received Prior to 

November 1, 2013 

(A) For applications received prior to Kovembcr !, 2013, !he terms of the Plan in 

effect at the time lhe application was received ~hall apply. 
RP 88:173

ARTICLE VU: OPTIOKAL FIVE OR TE!'i \'EAR CERTADI AND LIFE 

RETIREl\IENT BENEFITS 

7 .. 1 Right to Elect the rive or Ten Year Ce1iain llrld Life Option 

(A) In lieu of the Normal or Early Retirement Benefits otherwise provided under this 

Plan, a Paiiidpani, subject to Section 5,4, shall have the right to elect that his/her 

pension benefits be payable in an actuarial.ly r~luced amount for the remainder of 

hi,1l1er life with a certain period of ci [her 60 or 120 months, 

7.2 Eligibility For the five or Ten Year and Ce11ain Lil\: Optional Retirement Ilcnellts 

(A) A Participant will have the right to elect a five or ten year certain and life option ff 

he/she i~ eligible as follows: 

(l) TI1e Pm1idpant has completely retired from employment with all 

Employers within the j llrisdiction of this Fund, and 

(2) The Parlicipam would be eligible for a Normal or Early Rcliremcnt 

Bendit, and 

(3) The Pat1ici11ant hus elected and applied for a Pivt:! or Ten Y car Certain and 

Lifo Benefit un a form prescribed by the Tntstees, 

(4 ), Spousal consent haK been provided pun;uant lo Section 5 .4, 

7 J Ammmt and Duration of Optional Rcli.rement Benefit 

(A) A Participant electing the Five or Ten Year Certain and Life Benefit shall, after 

retirement, be pard a reduced monthly incomt that shall be the Actuarial 

Equhmlen! lo the Normal or Eurly Retirement Benefit 

7.4 Con11nenccment of Five or Ten "{ear Certain & Life Benefit 

(A) A Participunt who reached the eligibility requirement for a Five or Ten Year 

Certain and Lifo Bcnelit and has sdeded same on an application appruvcd hy the 

Trns.tccs, shall become en!itled to the Five or Ten '{ear Certain and Life Benefits 

as of the first day of the month following receipt of his,her application by lh,: 

Trnstees. 

(BJ This option provides a monthly retircmev1l i.m,'.ome to the Participant as long m; 

be/she lives, If the Participant dies after the date retirement income begins, but 

before he/she ha~ received payrnent, for either 60 (,r 120 months (depending on 

the benefit option chosen), Lht remaining payments for the balan~e of the certain 

period shall he paid, as due, to his/her named Benel1ci,1ry. Should botl1 the 

Pmticipant and !he named Bcncfi~iary die before 60 or 12(} monthly payments arc 
RP 88:174

mmle (depending on the henefir option chose), th;;: balance of the unpaid monthly 

payment shall be paid in uccordancc wiih S<!ction 9.3, 
RP 88:175

ARTICLE \'Ill; VESTING 

8.1 Vesting 

(A) A Parlicipanl who ho1s not attained his/her Normal nr Early Retirernet,I Age prior 

to becoming a Terminated V cstcd Participant shall be eligible to receive a Benefit 

in accordance with Section 8_2, provided: 

(I) Prior lo May 1, I 989 for Non-Colledively Bargained Employees and May 

l, 1999 for Collectively Bargained Employees, a Parlicipant who becomes 

a Tenninate<l Vcs!~d Participani af-h:r earning at least five Years of 

Service since hisil1er date of panicipation and is not eligible for any other 

'lype of benefit under the Plan, shall be vested in his/her Accmcd Benefit 

according to the schedule provfrfod in Section 8.2(A) below and will 

bccornc eli&~ble fbr a benefit at the time he/she reaches Nonna] 

Reliremeni Age, as defined by the Plan pmvisions in efteet at the time 

he/she first became a Terminaled Vested Participant. Such Vested 

Participant who bec(Jrnes a Terminated Vested Pmticipam alter he/she ha~ 

len nr more Years of Service shall be one lumdred percent vc~ted in 

his/her Accmed Benefit and thus will become eligible for a Nonna[ or 

Early Retirement Bcnefil al such time he/she reaches Nomal or Early 

Retiremcnl Age, as ddined by the Plm1 provisions in effect at the tin,., 

he/she wa~ co11sidered an Acti vc Participant, provided he/she h,1.5 

completely retired from Covered Service employment with all of the 

Employers within !he jurisdiction of this Fund; or 

(2) Effective May 1, 1989, a Pmticipant who after that date earns at least one 

H,,ur of Service as a Non-Collectively Bargained Ernpkiyes: and becomes 

a Termina1ed Vested Participant after can1ing al least three Years of 

Service since the date of' participation shall be vested in his/her Accrued 

Benefit according to the schedule provided in 82(B) below and will 

become eligible for a benefit at the time he/she reaches Normal 

Retirement Age, as defined by !be Plan provisions in effect al the time 

he/she first became a Tenninated Vested Participant. Such V csled 

Participant 1vho becomes a Terminated Vested Participant uft.er he/she !ms 

seven or more Years of Service shall be one hundred percent vested in 

his/her Accrued Benefit and thus will become eligible for a Nom,al 

Rdiremenl Bendit at such time he/she reaches Nonna! Retirement Age, 

or an Early Retirement Bcncfi! as defined by the Plan provisions in effect 

at the time he/she was con,~iclered an Active Pa,ticipant, provided, he/she 

satisfies !he service requirements for an Eady RctiremenL Benefit and has 

completely retired from Cov~rcd Se,-vice employment with all of the 

Employers within the j ,,risdidion of this Fund; or 

(3) Efle,ti ve May ! , 1999, a ParticipanL who earns one Hour of Scrvi;;e after 

that date as a Collectively B,irg;1111ed Employee or a Non-Collectively 
RP 88:176

Bargained Employee and becomes a Terminfltcd Vested P,1rticipanl after 

cami ng al least five Y cars of Set"Vice since hi~/her d,1te of parti cipatior1 

and i~ not eligible for any other type of benefit under the Plan ,hall be one 

hundred percent vested in his1l1er Accrued Benefit according to the 

schedule pmvided in 8.2(C) bdow and will become eligible for a benefit 

ut such time as he/she reaches Normal Retirement Age, or if eligible based 

upon his/her Service at Early Retirement Age, as delined by the Plan 

provisions in effect at the time he/she was an Active Participant 

(B) A benefit will be paid u11dcr Article IV or this Article VIIJ at Early Retirement 

Age only if the Service requireirn:m for Early Retiremetlt Age based on the Pl.in 

i.n effect when the Participant ceased being m1 Active Participant has been 

satisfied by the Pmticipant. 

8.2 Commencement and Amount of benefit 

(A) Prior to May 1, 1989, a Vested Participant who meets the eligibility r;;,quirements 

for a benefit under Section 8. !(A){I) of' this Article Vlll, upon approval by the 

Trustees of an appli.c11tion form submitted to the Trustees shall become entitled to 

a \/ested hendil commencing a~ of the first day or the month coinciding with or 

nex I following the dale he/she attains age N nm1al Retirement Age based upon 

both the Plan provisions in effect at the time he/she was considered to be an 

Active Partrcipm1l ;ind the Vested per,~entage of his/her Accrued Benefit us set 

forth in the folluwing scl10dt1lc: 

Years of Service 

Less than 5 years 

5 years but less than 6 years 

6 . veurs but less than 7 vears . . 7 years but less than 8 years 

8 years bu! le~s than 9 years 

9 years hut less than lO vcaru 

' ' l O years or more 

Vested Percentage Accrued Benefit 

0','o 

50% 

60 1-Yfj 

1fYYO 

80% 

90~/;, 

100':··, 

(B) From May 1, 1989 to April 30, 1999, a Vested Participant who meets the 

eligibility requirements for a h~nefit in accordance with Section 8.1 (A )(2) of this 

Article VI!l, upon approviil by the Tmstoes of an application form submitted to 

the Trustees shall become entitled to a Vested benefit commencing as of the first 

dav of the month coincident with or next following !he date he!she atcains Normal ef . -

or Early Reti.remcn! Age ba0ed upon both the Pl an provisions in effect at the lime 

he/she was a11 Aetive Paiiid.pant and the Vested percentage of his/her Accrncd 

Benefit as se! forth in the following ochedulc: 

Years of Service 

L~ss ! han 3 years 

3 yem:s bm le,, !han 4 years 

Vested Percentage Accmed Benefit 

{}~., 

20~,{i 
RP 88:177

4 year, bt1t less than 5 years 

5 years hut le,~ than 6 year, 

6 years but less than 7 years 

7 years or more 

40~/:, 

60% 

80'Vo 

10m, 

(C) Effective !\fay l, 1999, a 'v' cstcd Participant who meets the eligibility 

requirements for a bc:ncfil under Section lU{A.)(3) ol' this Artide Vlll, upon 

approval by thte Tm~ks:s of an application form submitted to the Tmstees shall 

become entitled to a benefit commencing as ot' the first day of the montlh 

coinciding wilh or n~xl following the date he/she attains Normal or Eady 

Retirement Age based upon both the Plan provisions in effect at the time he/,hc 

,vas considered to be an Aclive Participant and the Veskd percent,1ge of his/her 

A,cn1<lll Benefit us set forth in the following schedule: 

Years of Service 

Less thun 5 years 

5 years or more 

Vested Percentage Accrued Benefit 

O'}~ 

IOO~ic, 

(D) Provided however that all N on•Colieetively Bargained Employc·cs with a vested 

percentage of Accrned Benefit calculated under 8.2(B), above, which is gl'ealcr 

than 8.2(C) above will have their vested percentage JetennineJ ,111der Scctio11 

3.2(B), above. The benefit or .iny Te1111inated Vested Participant who is eligible 

tu receive a benefit at his/her Early Retirement Age shall also be redl.!ced by tl1e 

Emly Retirement reduction factor in accorclm1cc vllith Section 4.2, 

(E) A Vested Par!icipan! musl have satisfied the servke requirement for Early 

Rdirement Ag,;, based upon the Plan provisions in effect at the time he.lshe was 

considered tG be m, Active Participant in order to be eligible to commence receiving 

benefits from the Phm prior to his/her Normal ReUmmenl A.ge. 

8.3 Form ot'benefit 

(A) Unless the Participant dccts otherwise or has no surviving Spouse, the bencfi! shall 

be paid as a QL,alified Joint m1(! 50% Survivor Benefit as provided in Article V, 

8.4 \Vhcn a Paitidpruit Rctums to Work 

(Al In the event a Purticipanl who is less than one hutidrcd percent vested returns to 

cmplo}ment with an Employer before benel1t payments cmnmence, then additional 

Fuime Service Benefit will be credited on hi,/her behalf from the dale hdshe return~ 

to empkl:,,mem and Employer Contributions arc again made on hi,,111er hehal t: 
RP 88:178

~.5 Calculation of"Beneflt For A Tcm1inate<l Vested Participant 

(A) The provisions or the Plan thai are/wen: in effect at the Lime a Tem1inated Vested 

Parlicipant \,V,15 an Aciivc Participant shalt apply to any benefit calculalion al the 

time the Participant becomes eligible to receive 11 benefit 

(B) In the event fl Tenn\naled Vested Participant subsequently rcmrm to Covered 

Service, the Plan prnvisions in cffccl a Iler the Terminated Vested Partidprn,t returns 

to Covered Service shall apply only lo Service carna;l after his/her 1-ch1111 to Covered 

Service and for the pLirpose of ca[culating ,Illy benefit, the Accrued Be11cl1t e<1n1cd 

prior to !he Prn·fa:ipant becoming a Tern1ii1atcd Vested Participant shall be added lo 

th~ Ac~rued Benefit earned ufter his/her return to Covered Service, 
RP 88:179

ARTICLE TX: IJEA TH BENEFITS 

9" l Prn•Retiremcnt Death Benefits 

(A) Sllbject to suh-pumgrapb (D) and suh-purngraph (E), a Death Benefit shall be 

payable !u the surviving Spouse of a Pmtidpant who has a vested right to his/her 

Accmed lknet1t under A1ticle vm and who di"s at or aA:cr the earlies! date in which 

!he Vested Pmticipall! could have dccted to receive benefits from the Plan, but prior 

to the commencement of benefit,. The amm1nt of the Death Benefit shall be a 

monthly payment to the survil-ing Spouse fi.>r lifo equal to one-half of the amount 

which wolll.d have been payable to the deceased Patticipant or fomier Participant it· 

he/she had begun to receive benefits in the fonn of the Q11alified Joint and 50'% 

Survivor Benefit on the day before hi,,1,er death. TI1e payment of such bcncli t to the 

surviving Spouse shal I commence <1s of the first day of the month next frillowing the 

month in which !he Par1icipa11t dies, and shall be paid monthly thcreufter, ceasing 

,vith tho month in which lhe death of such Spouse occurs" 

(BJ ff the Participant had not reached the earlies! date on whid1 he/she could have 

dected to receive benefits from the Plan, but dies after Allgust 22, 1984, bur wit!1 a 

vested right to its Accrned Benefit under ;\rtidc Vllf, a. Death Benefit shaU also be 

payable to tl1e surviving Spouse. Subject to the sub-paragraph (D) and subparagraph (E), sneh Death Bendit shall be a monthly payment to lhe surviving 

Spouse for lifo, e{J,1t1l to one-half of the amount which \vlluld have been payable to 

the deceased Participant irhelshc had separated from Servi.ce on tlie date of deat11, 

survived to the earliest <lute on which, under the Plan, he/she could have elected to 

receive Retirement Benefits, had r.eti.red with an immediate Qrn1lified Joint and 50'.\,, 

Sllrvivor Benefit at th,11 time, and then had immediately died. The payment of such 

benefit to the surviving Spou.5e shall cmnmencc as of the earllcsl date on which, 

under the Plan, the dcceti,ed Participant could have elected to reeei ve benefits and 

shall he paid monthly !hereafter, ceasing witl1 the month in which the deu!h of such 

Spt>use occur8. 

(C) Notwithstanding the foregoing provisions of this Article, it' the Acnmrial 

Equivalent of lh>" Pre-Retirement Death Benefit docs not ex.ceed and has never 

been in cxce~s of Fi vc Thousand Dollars and tile de,lth of the Participant or 

fonncr Pmticipant ha, occurred after AugL1.st 22, I 984, upon election, the 

Adw.1.riai Eqllivalent sba!l be paid to the surviving Spouse/Beneficiary in h1mp 

;;um, Otherwise the benefit, will be paid in accordance with the other provisions 

of the Plan. The Actua1ial Equivalent shall be dete1111ined as of !he dat" of the 

clis!ribution in acccmlunce with Section l.3" 

9.2 Post Retirement Death Benefits 

(A) Ha Vested Pariicip;mt dies alter receiving at least one monthly benefit from the 

Plan, tbe Death Bencft! shall be dependent upon the form of benefit which had been 

rccei ved by the Participant prior tn his/her death. 
RP 88:180

(B) ff the Vested Pairtidpant '.Vas receiving a Qualified Joint and 50% Survivor 

Benefit, the surviving Spouse to whom the deceased Vested Participant was 

married upon the commencement of his/her benefits shall receive rnonthly 

benelils for life, in un amount equal to one-half of the amount whicb had been 

payable to the 'Vested Participant, Such benefits shall commence tl$ of lhc lir,t 

day of the month coincident with m next following the Vested Participanl's death, 

and ,h,11! terminate in the month in whicb the Spo11se's death occur.,_ If such 

Spouse has predeceased the Vested Participant, no further benefits shall be 

payable_ 

(C) ff the Vested Participant was receiving a Qualified Joint and 100% Survivor 

Bendit, the smviving Spouse to wi1om the deceased Participant ,vas married upon 

the commcnecmc11t of his;1,er benefits shall receive monthly benefits for life, in 

an ammml equal to lhe amount which had been payable to the Pat1idpant. Such 

benefits shall commence as of the first day of the month coincident with or next 

following the Participant's death, and shall terminate in the month in which the 

Spouse's death occurs. If such Spouse has predeceased the Vested Participant, 110 

farther benefits shall be payable. 

(DJ lfthc Vested Pa1ticipan! was rec-eiving lifetime monthly benefits and his/her death 

occllrs prior to !he receip! of 60 monthly pa::,-rner1!s under the Pfan, no Death 

Benefits shall bf:! payable other than any payments on accoum of an election made 

1mder A11ide Vll of the plan prior lo retirement. 

(E) Notwithstanding the foregoing provisions of this Article, if the Actu,irial 

EqLLivalent of the Post-Retirement Death Bcnefil do,:s not ex.ceecl and has never 

been in excess of Five Thousand Dollars und the death of the Participant or 

former Participant has occurred. alter August 22, l 984, upon election, the 

Actuarial Equivalcn1 shall he puid to the survivlng Spouse/Beneficiary in a lump 

sum, Otherwise the benefits 1vill be paid in accordance with the other pmvision, 

of the Plan. 

9,3 Failure to Designate A Beneficiary 

(A) When a Pruiicipan! dies without designating a Beneficiary, the Death Benefit, if any, 

shall be paid !o SL!Ch Pmiidpant's legal Spouse, if any. If the Participant's legal 

Sp1Juse shall have a pre-deceased him or has ceased LO be his/her legal Spouse, the 

IJeath Benefit shall be paid to the Parlicip,mt'~ legal child or children, in cqLml 

shares, If no legal Spouse of leg«! child or children arc alive, the Death Benefit shall 

be paid lo the Exe<:1ttor or Administrative Manager of the deceased Participar1t's 

Estate. 

9.4 Application for Dealh Benelits 

(A) No Death Benefit payahle umler this Pens[on Plan shall be made to any l'arti<:ipant's 

Beneficiary(ies) unle8s application and claim lhcretl>r<o i,; made to tbe Board of 
RP 88:181

Trustees with.in twcl ve months: aft.::r the dute of death. of the Participant.. However, 

the Trllstc<is may in any cases where the circumstrn1Ges appear to wamml sud1 

adion, lib~rnlize the foregoing condition. 
RP 88:182

ARTICLE X: Sl!SPE:-ISIOJ\i OF BENEFITS 

I (le I S,1~pension of Benefit Rules 

(A) Retirement Bericfits shuU be suspended for those· Plan Participants of the Plan 

receiving unyofthe fol.lowing fonns ol'pai,ment at such time as all of the conditions 

as set forth below a!'c met 

(2) 

(J) 

(4) 

(5) 

Normal Retirement Benefit 

Early Retirement Benefit 

Qualified Joint and 50'% Survivor Benefil 

Qualified Joint and 75% Survivor Benefit 

Qualified Joint and !00%, Survivor Benefit 

(B) For purposes of !his Artide, "recmployrncnt" shall be so defined as to include sclfemplo;1nenl. 

(C) FORTY HOUR RULE: The retiree is re-employed in excess of fo1ty hour~ during 

any four or five ,vcck payrnll period, provided however, that a "pay,oll period" is 

delined lo includti only days worked in a single calendar month, 

(D) SA1·1E INDUSTRY: The retiree is re-employed 111 the "same industry", which shall 

be defined as returning lo work within the Roofing Industry and as in accordance 

with the definitions contained within tlle Collective Ban:iaining and Trust . - . . - ~ 

(E) SAME TRADE OR CRAFT; The retiree is re-employed in the "same trade nr craft", 

which shall be defined as returning to W(Jrk in a trnde ur crnft in which he/she was 

employed at any time prior to his:11er retirement under ihc Plan and shall include any 

supervisory or managerial acli vity that is reasonably related io the undcr11~ng skills 

associated witf1 ihc lrade or craft for which the retiree wa, trnlned or in which he/she 

acquired hisil1er work experience. 

(F) SAtvlE GEOGRAPHIC AREA: The retiree is re-employed in the "same geographic 

areu", which shall bi;, defined lo cov~r the entire State of Ohio and portions of those 

states loca,ed as a part of the Standard lvletrnpolitan Statistica] Are<1, as dcflned by 

t11c U.S. Census Bureau. 

10.2 Reinsiatement of Retirement Benefits 

(A) Upon lennination of re-employment which rewlted in the suspension of Retirement 

13enefits, providing the Particip,mt hils submitted a rcqucsL to the Boim.i of Trustees 
RP 88:183

for the rcsumplion llf his/her b,mefit on an appropriate form, as furnished and 

approved hy the Trustees, lhe Pmticipanl's RcLireme11t Benefit shall be rcstmwd 011 

the lir~! day oflhc calendar month following the receipt nl'lhe required notice as set 

fo1th below: 

(I) NO&\tli\L RETIREMENT BENEFrT: If a retiree was receiving a NomwJ 

Rctiremt'rl! Benefit at 1he time of the suspension of that benefit, the 

reinstated benefit ihaH be in the amoL111t the retiree was reGeiving prior to the 

suspension nl'benefit in addition lo any amount realized for service rnslllting 

from such reemployment 

(2) EARL'{ RETIRl:llv1ENT BENEFIT: ff a retiree was receiving Early 

Retirement Benefit at the tirnc of the suspension llf that benefit, the 

reinstated f>endlt shall be in the amount the re!iree was receiving prior to the 

suspension of bcncfi!, plus any amount realized for scrvke prior to his/her 

l\'onnal Retirement Age resulting lrom such rccmplo;1nent. 

(B) If bcncfil payrnents in any fo1111 are suspended pursmmt to Article X ofthc Phm for 

an Employee who continues in Service without a separation and who does not 

receive a benefit paynwnt, the recommencement of benefit pa:m1.ents shall be tl"cated 

as a new benefit starling date. 

lO.'.l Active Participants \Vl10 Work Beyond Korma! Retirement Age 

{A) The Suspension of Benefit Ru[cs as sel forth in this Artide shall be applied to 

those Pa1ticipanls who continue !O work after reaching the Normal Retirement 

Age, No Retirement Benefits shalt be paid for such months in which the 

Participunt is employed in exce.,s of forty hours in the Same I nd\l~lry, Same Trade 

or Crnft and in !he Same Geographic Area., Any bcrmilts which are suspended 

during such month, a hall not be paid ,tt any later dare. ff the Participant continues 

to work aller reud1in;z Nonna] Retiremen! Age but works in excess offor!v hours ~· ' , per month in the Same Industry, Same Trade ,>r Crnft and in lhe Same Geographic 

Area, no Refocmcnl Benefits shalt b,:, paid while the Participant h employed. 

Upon the Participant's retirement, any benefits which we.re suspended and to 

which he/she is entitled shall be restored in accordance wi!h the rcguhtr Plan 

provisions. Such prnvisions shall provide benefit credit for all work p~rfom,ed 

under ihe Plan prior to the Participant's acmal date ofn:tiremcnt 

W.4 Notification and Presumption 

(A) 11,e Participant shall be required to notify the Buard of Trnstees at such time as 

he/sh~ becomes rc•crnploy~d as defined to comply with the Plan's notification 

requirements, by filing a Notice or Ret~m tD Work, lhe Board ofTru~tees may act 

otl the hasi, of a presumption that the Participant h,1, exceeded the allowahl;; hour;; 

of re-employment. The Participant's benefit shall be suspcnd~d immediately and !he 

Participant shall be notified accnnlingly, The Board of Trustees sbal! have the right 
RP 88:184

to apply the Suspension of 13cncfit Rule, rdroactivclv to the initiation of ,vork bv - . the Participant's Employer at the job site. '11.c Board <>fTrustees may, in addition, 

request infom1ation from the Pm1icipant concerning such 1·c-cmpk,yn1ent activity, 

ind uding tax wiihhokling statements in any given period relaletl tu the Participant'~ 

re-emplo}1ncnl and any other r€asonab!e infomrntion frlf !he purpose of verification 

of :such re-employment pmvided, however, no payment shall he withheld by the 

Phm pursuant to !hi~ section unless the Plan notifies !he Purticipant by personal 

delivery nr lirnl dass mail during the firs! calendar month or payroll period in which 

the Plan withholds payments that his,•11cr benefits are suspended. Such notification~ 

shall contain a description of the specific reasons why benefit payments arc being 

suspen(led, a description of the Plan provision relatl11g W the suspension of 

pa}111ents, a copy of such provision,, and a statement to the etl:ect that applicable 

Department of labor regulations may be found in section 2530.203-3 of the Code of 

Federal Reb•ulations .. 

(8) 111 additlon, the notice shall inform the Employee of the Plan's procedures for 

affording a review of the suspension ofheneflt,. Requests for such reviews may be 

cons.idercd in acconhmce 'With the daims procedure under Article XIV of tt1is 

Restated Plan and during that procedure the Participant shall be given ihe 

opportunity to come forward am! demonstrate the fact that he/she did not work the 

mininwm number of hours of relevant Service for the period in which his/her 

benefits were suspended, 

10.5 Advance Determination 

(A) The Participant shall have tfa: rigl1t to request that an advance ddennina!ion be 

made conccming the efto;;,"\:t of his/her re-employment on hislher Retirement Bcnefi L 

The Participant shall be required to submit hisiher request to !he Board ofTrt1skes 

on an ,1ppn.1priate fonn approved and provided by the Trustees and in accordance 

with the procedures established by the Trustees. 

10.6 Resumption of Benefits 

(A) The P.;rticipant may r<cquest resumption of benefits at such lime ,is he/she no longer 

meets the conditions of ts;•ctnployment, as sci forth in this At1ic!.c. The Participilnt 

shall submit his,licr reqL1e,t for resumption of benefits on a form .ippmved and 

provided by the Board of Trustees. 

10.7 Rccovcryot'Overpay1nents • Ofr~e:t Rule 

(A) 111 the event pu::m1ents have been issued to a retiree for any period d11Jing which 

hiJil1er benefit should have been suspended, lhe retiree sliall he Ii able for !he full 

amount of any ovcrpt1)111c11!{s). The manner and the am,mnt of rcoovery of the 

ovcrpayment(s) ,hall be provided to the retiree in tbo Suspension Notice fumisht'<l !o 

him at ;;uch time as his/11er benefit is suspended. 
RP 88:185

(B) The 13oard of Tmstce,, may delay lhe resumption of payment of the retiree's full 

Rctircmenl Benefit until the earlier of the recovery of the overpayment(~) or the first 

day of the third calendar month (nr four or five-week payroll period) atler the retiree 

is entitled to the resumption of'his/herbendit. 

(C) If the Trustees have not recovered the foll amount of any overpayment by (A) above, 

the Trnstccs may deduct up to twenty-five percent nf the retiree's subsequent benefo 

pa:m1ent each month until the payment is completely recovered, 
RP 88:186

ARTICLE XI: QUALIFU.cD DOME:ST(C RF.LATIO.'IS ORDER 

l l, l Qualified Dome~tic Relations Order 

(A) A Qualified D,m1estk Rdation.s Order shall indude 11ny Dmncsiic Relations Order 

which creates or recognizes !ho cxistcn~e of an Alternate Payee', right to, or ~signs 

to an Al.terna!e Payee the right to, receive all or a portion of the benefits payable 

with rnspecl to a Participant or fonncr Participunt, which dearly specifies: 

{l) the 11amc and !he last known mailing address (if any) of the Partidpanl ,1r 

frimu:r l"artidpant, and the name and the mai.ling address of each Alternate 

Payee covered hy the Order; 

(2) the amount or pcrccn!age of the Participant's or limn er Participalll's benefits 

to be paid by the Plim to each such Alternate Payee, or the manner in which 

such ammml or percentage is lo be detem1ined. 

(3) the m1mbcr of pa:i,ment, or period to which sueh order applies; and 

{4) each Plan to which such order applies 

(B) In >l\ldition, a Domestic Relations Order will be cm,sidernd a Qualified Domestic 

Relations Order only if ~Lich order: 

(l) does not require the Plan lo pmvide any type or fonn of bencflt, (1r any 

option, not othcnvise provided under the Plan; 

(2) docs not require the Plan to provide \ncreused benefits (dctennined on the 

baifo of actuarial vahrn); and 

(3) does not require the payment of benefits to un Alternate Payee which are 

required to be paid to ano!hcr Allema(e Payee under another Domestic 

Rdalions Order previously detem1ined to be a Qualified Domestic Rehitions 

Order. 

(C) A Dome~lie Relations Order otherwise satisfying the 11rnvisions hereof shall be a 

Qmilified Domestic Relations Order even though such order req,1ircs pay111e!ll of 

benefits lo be made to an Alternate Payee mi or after the date the Participant or 

fomlC'r Participant attains (or would have attaintxl) the earliest date on which umier 

the Plun, the Participant or fnrn1er Pmiicipant coLtld eled to receive Retiremcm 

Benefits, ns if the Participant or formc, Participant had retired on the date on which 

such pa:,1nenl i;; to begin under such order (but taking .into account lhe present value 

of uny Phm subsidy fot' Early Retirement; and in any fr,m1 in which such benefit, 

other than in the fom1 01·a Qualified Joint and 50'% Survivor !3encfit with respect lo 

the Aliernak Payee 1111d his/her or subseq Ltent Spouse, The prim sentence sh~!I 
RP 88:187

,1pply notwithstamling any prov1s1011s in lhe Plan rcqmrmg a termination of 

cmplO)'Tilent prior to the eligibility for the payment of benefits. 

I I .2 A ltematc Pa yec 

(A) An "Alternate Payee" shall indude any Spouse, fonner Spouse, child or other 

dependent of a Participant or former Participant who Ls rccogni~ed by a Domestic 

Relati,ins Onkr as having a right to receive all, or a portion of, the benelits payable 

under the Plan with rc>spect to such Participan! or former Participant 

[ l.3 Spendthrifl Exception for Qualified Domestic Relations Orders 

{A) TI1e cre,ltion, assignmcm or recognition of a right to any benefit payable ,.vith respect 

ll• ,1 Participant pum:iant to a Qualified Domes!ie Rdations Ordcr shall not be treated 

as an assignment or alienation prohibited by ERISA. TI1is exception to the 

Spcndthrifl T'rovisiom shal! apply only to Qualified Domestrc Relations Orders and 

shall not be applicable lo those which have been determined not to he a Qualified 

Domestic Rctations Onkr, 

l l .4 Procedures for Notice und Dctcrmina!irn1 by Plan Administrative lv!anager 

(A) The procedures estribfohed by the Board of Trnstees for the detennination of the 

qualified status of Domestic Rclatin11s Orders and nolificatirm to the payee;; shall be 

tho~e sel forth in the Resolution to the Plan, as adopte<l by !he Board of Trustees. 

Said prncedures sha.11 be mude available tc) Partidpants, Spouses and/or !heir 

representatives upon request. 
RP 88:188

ARTlCLE XU; AD:VIINISTK\ TIO!\ OF THE !'LAI\ Al\D DISTRlBt:TIO:'f OF 

BEKEfiTS 

12. t Responsibility for i\dministration 

(A) The Plan shall he administered by the Tmstecs, who are Fiduciaries 1.111der the Plan, 

in accordance with tl1e powers granted to lhem by the Trust Agreement. TI1e named 

Fiduciary may employ one or more persons to render advice with regard to any 

responsibility such Fiduciary has under the Plan. TI1e Tmskes shall. make SLLCh mies 

and prescribe such procedure~ for administration of the Plan as they shall deem 

n~cessary and re~ponsible. The decision of tlw Trustees in all mannern pertaining to 

the adminis!rn!ion of the 1-'lan shall be final. 

12.2 Fith1dary Duties 

(A) A Fiduciary shall discharge hfa/fo:r duties with respect to the Plan solely in the 

interest of the Partidpanls and Beneficiaries for the exchrsiv" prnpose of providing 

benefits to Pmiicipants and Beneficiaries and defraying reasonable expenses of 

administering lhc Plan. 

(B) Fiduciaries sh111l discharge lhetr duties with respect to the Plan with care, ski!L 

prndence and diligence under the eircumslances prevuiling that a prudent man acting 

in a like capacity and famiii,1r with such matters would use in the conduct of an 

enterprise of a like charaete,- am! with Hke aims. 

(Cl The Fiduciaries s!rnll diversify ihc investments of the Pinn so a, to minimize the risk 

if large losses. The Fiduciaries shall di,d111rge their duties in accordance with the 

documents and instrLuncnts governing the Plan. 

12,3 Limitati.on on Rights to Benefits 

(A) No Participant, former Parli~ipm,t, retired .Pmtidpant, Beneficiary or any person 

~hiiming by or through any such person, shall have any right, interest or title to any 

benefits under the Trust Agreement, the Pension Plan or the Trust rrm1d, except as 

such right, interest or !iilo shall have been sp~"Cifically granted pursuant to the terms 

ofthis Pension Plan. 

12.4 Benefits Limited By Pension Plan 

(A) All benefits under the Pension Plan shall be paid hy the Bourd of Tnistees. or an 

agent under the Trustees acting nn their authority. Notwithstanding any other 

provisions nl' !his Plan, no benefits shall be paid except thos,:, can be provided under 

the Pli!n unless othef\vise required by law. 
RP 88:189

12.5 Assigrum:ni of Benefits 

(A) No money, property, equity or intDrcsl. of any natme whatsoever ln the Tru~t Fund, 

group annuity m other contract, or any benefits or monies payable therefrom shall be 

sL1bject w assignment or alienation, either voluntary or involuntary. However this 

pmvisioll sha!I llOt apply to !he creation, a~sigrnnent or recognition of a right to any 

benefit payable with respect to a f'articipallt or fmmer Participam pursuant to the 

provi;rions or· !lie Retirement Eqt1ity Act of 1984 concerning a Qualified Dom~scti, 

Relations Order, 

12.6 Fod:eitmes 

(A) Not,,ilh,wnding any other prnvisions of this Plan, any amounts that might be 

forfeited by a Pru1icipan! or fonner Pmiicipant shall not be used to incr;;ase the 

benefits of any oth;,"r remaining Panicipan,s. 

12. 7 Definite Benefit 

(A) E.itcepl to ihe extent a Participant's benefits arc suspended in accordance with Article 

X, the amount of any form of benefit under the !em1s of this Plan will he the 

Actuarial Equivalent of the Participant's Accrued Benefit in the no,mal form 

commencing at Normal Relirement Age. Actuarial equivalence will be determined 

as i8 defined in. Section 1.3. 

12, 8 Limitation of llenefits 

(A) Tiw !imilation ofhenefits as impose<l by the llltcmal Rcvcmm Code are set forth in 

Article XIII. 

12. 9 Rollovers 

(Al The f'lan Adr:ninistrntive '.\l!anager shall provide tl written explanation to all 

redpients of distributions under the Plan L;Onsidered to be eligible for rollover 

treatment. The explanation shall indt1de a notice that (1) !he distribution shall not 

he cunently taxed to the extent trnnsfcm:d to another qualified Plan or individual 

retirement account within sixty days after the date on which the recipient re~eives 

the dislribution and (2) of !he ten-year income averaging and ci1pital gains 

pnivisions, if applicable .. 

{BJ Effective January I, I 993, Lhe foll()wing applies to distributions involving direct 

rollover,: 

(ll Notwithstanding any prov,,ion of the Piatl to the contrary that would 

otherwi,e limit a distributee's election under this part, a distributco rnay 

elect, at the time :md in the manner pres~1ibed by the Plan Administrative 

\fanagcr, to have any portion of an eligible rnl!ovcr distrilJ11tion that is 
RP 88:190

equal to at least Five Htmdrcd Dollars puid directly to an cligihle 

rctirernem Plan speci lied by the disLributee in a direct rollover, 

(2) i\n eligible roUovcr disLributlon is any dislriblltion of all or any portion of 

the balance to the credit of the distrihlll.ee, except that an eligible rollover 

distribution does not include; ,my distribution !huL is one of a ~eries o l' 

substantially equal periodic payments (110L !es;; frequently than annually) 

made for the life (or life expectancy) of the distrihutee or the joint lives (or 

joint Ii Fe expectancies) of the di,tributce and the distributcc' s desig11aled 

Beneficiary, or for a specified period ol'ten yearn or more; any distribution 

to the extent ~,1ch distribution is required under Section 40l(A)(9) of the 

Cnde; the portion of any distribution that is not indudiblc in gross income 

(determiticd without regard lo the exclusion for net unrealized 

appreciation with respect to Employer ~ecudties) arid hardshi}l 

withdrawals. For purposes of Scctio11 12.9, a po1iion of a distribution 

shall not fail to be an eligible rollover distribution merely because the 

portion c,msists of after-tax Employee contributions that arc not includihle 

in gross income. However, such portion may be transferred 011ly to an 

individual i·ctircrnenl account or annuity (le.scribed in section 408(a) or {b) 

of the Code, or to a qualified <ld'ined contribution Plan described in 

section 40 I (a) or 403(a) of the Code that agrees to separately account for 

amounts so transferred, including separately accounting for the portion of 

sud1 distribution whid1 is includiblc in gross income and the portion of 

such distribution which is not so incl11dible. On or after January l, 1999, 

hardship distributions as defined in Section 40 l (k)(2)(B)(i)(iv) a!Lributable 

to a Pmiicipant's clcclive contribmions under Treasury Regulation 

l .401 (k)-1 (d)(2)(il) is not an eligible rollover dbtribution. 

(3) Eligible rctirnrmm! plan: i\11 eligible retirement plan \s an individual 

rctfremcnl account dcscrihcd in Section 4{)8(a) of' tl1e Code, a Roth IRA 

described in Section 40.S(A) of the Code, an individual retirement annuity 

described in Section 408(1,) of the Code, an mml1ity plan described in 

Section 403(a) ofthc Code, or a q1.rnlificd plan described in Scctkin 40l(a) 

of !he Code, that accepts the distributoe's eligible roUovcr distribution. 

However, in the ca8e of an eligible rollover distribution to the surviving 

spouse, an eligible retirement plan is an indivic!Lial retirement acrnunt or 

individ,ml retirement annuity. For distrib11!io11s made after December 31, 

2001, for purpo,e~ of these direct rnllover provisim1s, an eligible 

retirement plan shall also m.ean an aimuity contract desclibcd in Section 

403(b} of the Code and an eligible plan under Section 457(b) of the Cnde 

whkh is main!ai11cd by a stale, politiml subdivision or a state, or any 

agency or insLrnmentality ofa s!ate <1ml which agrees to ,eparatdy account 

for arnoL1nts tnmsforrcd into such plan frorn this Plan. Tho definition of 

eligihk retirement plan shall alsu apply in the case of a distribution to a 

surviving Spouse, or lo a SpoLt,e or lbrmer Spouse whu is the Altematc 

Payee under a Qualified Domestic Relations Order, as defined in Section 
RP 88:191

414(p) of the Code. Ari individual who rnlls over from this Plan to a Roth 

!RA dc,crihed in Code Section 408( A) mu~! irn;k1de in gross income any 

portion of the conversion amount thut would be indudibk in g,-oss income 

if the amount 1:vere di,trihu!ed without being rolled over. 

(4) A distriblltee includes a Parti cipunt or former Participant. In udditLon, the 

Participant's or fonner Employee's surviving Spnu~e and the Participant's 

or former Employee's Spouse or fonner Spouse who is the alternate payee 

under n qualified domes lie rdations order, as defined in section 4 I 4(p) of 

tho Code, are d.istributees with regard to th~ interest of the Spouse or 

fonner Spouse. A non-Spouse beneficiary properly designated by a 

deceased Participant may establish the individual ac~ount under Code 

Section 408(a) or an individual retirement annuity under Code Section 

408(b) known as an "inherited IRA" into all or a portion o!'a death benefit 

to which such non-Spouse designated beneficiary is entitled can be 

tran,foned in a direct Trnstcc to Tmstee transfer (a direct Rollover). 

(C) Effective January I, 1993, any distribution under this Plan which is ru1 eligible 

rollover distribution which is not in accordance with Se<:tion 12.9 shall he subject 

lo a twenty percem mandatory withholding. 

12.10 Notice to Partidpants 

(A) 1l1e Plan Adminisim!ive Manager shall annuaclly furnish Active Participants and 

vested lf!llninated Plan Participants with a ~tatemen! of Accrued Benefits, including 

a notice that ceriain benefits may he forfeitable, iflhc Participant'H death occurs piior 

to a specific date, if applicable to the provisions of the Plan. 

!2.1 I Incapacity 

(A) ln the event the Board of Trustees determines that a Participm,t, Retired Participant 

or any other payee is mentally or physically unable to give a valid receipt for any 

benefit due him under the l'!an, such pay111ent 1.nay, unless claim shall have been 

made therefore by a legally appointed guardian, committee or other legal 

n,11rcscntativc, be paid t,.> any per,on or i11stilution thi;n in the judgment of the 

Trustees providing for the care and maintemmce of such Participant, Retired 

Pru1icipam or payee. Any such pa)rnen! shall be considered a pa:,,ment for the 

account of the Participani, Retired Participant or p11yee and shnll be a complete 

disr:harge of any liability of the Plan or the Trustee, therefore. 

12.12 Death Benefits Payabkto ivlinors 

(Al Any Death Benefit payable to minor children may be paid, at the discretion of' the 

Board of Trnstocs, !o !he legully appointed guardian oi' lhe minor, or if ther~ be no 

such guardian, lo such adults as !he Courl having legaljurisdiction direct~. 
RP 88:192

12.13 !11fonm1tion Re<.7:uircd 

(A) The Trustees shall have the right to require on forms prescribed by the Trustees, as a 

condition precedent t,1 the payment of ,my Bcnefi l under the Plan, all infomwtion 

which !hey reasonably deem necessary, including, but not limitoo to, records or 

employment, prnof or dates of bir!lt and death, and evidence of c.xis!ence and no 

bcndi, dependent in any way upo □. information ~hall be payable unless and until 

,Lich inthrmatton so required be furnished, Such evidence shall be fo.mished by the 

Union, Employers, Pinticipants, Retired Participar1t and. Beneficiaries, ,1., applicable. 

12.14 No Reversion w Employers 

(A) The Empk1yers shall have no right, !i!le or interest in the conttib1Jtior1s made by 

them to the Pension Fund and no part of the Pension Fund shall revert to the 

Employers. 

t2.15 Duplication of Benefits 

(A) ,\ Partieipani may receive a pension benefit as a Spouse of a deceased Participant. 

12.16 Freezing Benefits at the Time !he Individual Separate From Emplll)1rn:nt 

(A) The pcn,ion benefit to which a Partidpant is entitled shall be determined by the 

tenns in effect in the Plan at the lime lhe Pmtidpant first bernmes a Temtlnaled 

Vestoo Paitidpant. 

l 2.17 Commencement of Benefits and lvfotho11 of Payment 

(A) The commencement date for pension payments sball he in accordance with the 

appropriate Plan provisions as ,lated in Articles Ill ll1nn1gh VIL A Participant's 

benefits shall he distributed to him by the Required Beginning Date, which shall 

nol be later than April l" of the calendar year following the later of: 

(l) the calendar year in which the Participant attains age seventy and cme-half; 

or 

(2) the eakndar year in whic:h the Participant ceases to he employed in 

Ctwered Employment ,vhere contributions are being paid to the Plan 011 

Ms/her behalf 

(a) Ho,vever this subsection (]) shull not apply in the case of a 

Participant who is or was a "'five-percent" o,vner al uny time 

during his/her participation in the Plan. A five percent owner shall 

rnmmencc his/11er benefits under subsection (I). 
RP 88:193

(B) L:nlcss lhe mode of distri!rntion is a single ,mm payment di~lribution,, \Viil be 

mm.k eud1 yem· in one of the following ways: 

( l) Over the lifo of the Partidpam 

(2) Over the life of the Participant and tbc dcsignakd Beneficiary; 

(3) Over the porind certain noi extending beyond lhe life exp0ctancy of the 

Parlicipm1I:. or 

(4) Over a period not extending beyond the joint life and last survivor 

expectnncy oftbc Pmiidpanl and a desigm1ted Beneficiary. 

(CJ lf a distribrnion is considered to hnve cormnenced in accordance with the lr!!ernal 

Revenue Service (IRS) r.:gulatlons before the Pmticipant's death, the remaining 

interest will be distribLlted at kai! ao rapidly as under the method of distribL1tion 

being used as of the date of the Pmtidpant's death. 

{D) ff the Paiikipant dies before ihc time when dis!ribution is considered io have 

commenced in accordance v,rith the IRS regulalions, i l shall satisfy the fol.lowing 

requirements: 

(I) Any remaining portion of the Participant's lntcresl that is not payable to a 

Beneficiary designated by Lhti f'artidpaill will he distributed within live 

years afrrn- !he Pa1iidpanl's death; and 

(2), Any pmiion of the Pa1iidpant's interest that is payable to a Beneficiary 

designated by !he Pnrtlcipam will be distributed either 

(a) within five years after the Participant's death; or 

(b) ovor the life of the Benefkiary: or 

(c) over a period certain not cxt~n<ling beyond the life expectancy of' 

the Benefidary, commencing not later !han the end of the calcmlar 

year following the c\llendar year in which the Participant died (or, 

if the dcsi&,'Ttated Beneficiary of the Panicipant's "1rviving S~1ousc, 

commencing not later tlmn the end of the calendar year following 

the calendar year in which the Participant. would have obtained age 

70 Y,). 

(E) Any benefit provided under this Plan shall be subject lo the requirements of Code 

section 4nl (a)(9) and any regulations, revenue rulings. notices and other guidance 

either promulgated by Lhe Secretary of the Treasury or puhltshed in the Internal 

Revenue Bulletin,_ The requirements of Section 401(a)(9) oC the Internal 

R.::vcm1e Code of 1986 urn incorporated by rderence, including Code section 
RP 88:194

12, t 8 Gender 

401( a)(9 )(0) and regulation ,ections 1.40 ! (al(9)-2 to 1.40 I (a){9)-9, Thcs~ 

provisions override any distribution options in the Plan inconsistent with Code 

section 40 I (a)(9), 

(A) The masct11inc gender as stated herein shall include !he feminine gcmler, ,vhcreve;,r 

applicable, 

12.19 Retroactive Annuity Staring Dates 

(A) To the extent pa)1·nent of a pension bc11c[it is commenced alter the nomml 

armuity starling date (Le. the ! st day of the month following receipt of the 

Participant's complete retirem"nt application) the Plan shall pay the retroactive 

monthly payments along with interest in an a1110,1nt equivalent to the Actuarial 

Equivalent interest rate set forth in Section 1.3, Such pa;1m,mt, 8hall be made in 

lump-sum fonn, 

12,20 Trustee Di.scrctionary Allthority 

(Al The decisions of the Tms!ees in ul1 matters pcttaining to the administration of the 

Trust shall be final. The Board of Trustees, as !he administrator of the Trust, shall 

have complete control of the administration o (' the Tm,t, subject to the provisions 

hereof, wm1 all powers necessary lo enable it to properly carry (Hit its d11ties i.n 

that r~sp~cl. >Jot 111 Limilation, but in amplificmion of the ibregoing, the Trustees 

shall have full authority and discretion lo constrn~, interpret and apply all 

provisions of the Trust and to dctcnninc all q ue,tions that may rise hereunder, 

including all que::;tions relating to the eligibility of Participants lo participate in 

the Plan, the amount of any benefit to which any Participant, Beneficiary, spouse, 

or contingent annuitalll may become entitled hereunder and to delennim: all 

appeals subsequent to a11y determination upon application for benefits. 

Specifically, the Trnstees shall have full and complete authority and discretion to 

make any determinations or findings of fact regarding any claims and appeals of 

any benefit detcnninalions. Its decision upon all mutters within the sc;ope of it;; 

authority shalt be finat 

12.21 Relative Value of Benefits. 

(A) Every optional fonn of bcnclit l!a, an approximate equal vnlue to the regular or 

normal fonn of paymcn l. 

[2.22 ConscqL1ences of Deform! 

(Al Effective May L 2007, notices/fonm that relate to distributions will indude ,s 

<le,cription of a Pariidpant's right (if uny) to defer receipt ol' a distribL1tion and 

will describe the consequence, of failing to defer receipt of the distribution 
RP 88:195

p\1rnurunt to the Regulations and other guidance provided by the Treasury aml/or 

Labor. 

12.23 HEART Act Provisions 

(A) Differential \!/age Payment 

( l) E ffedive .;1,1ay l, 2009, {i) an individual receiving a differcnliul wage 

payment shall be treatc.d as an employee of the employer making the 

payment;. (ii) the ditlerential wage pa:m1en1 shall be treated as 

compensation; and (iii) the plar1 ~hall not be Ire.med as failing to meet the 

requirements of any provision described in Code Section 4 I 4(u)( I )(C) by 

rea1;on of any contribution or bc,nefiL which is basal on the differential 

wage payment. 

(2) This provision shall be applicable only it' all employees of an employer are 

entitled to receive difforenlia1 wage payment~ on reasonably equivalent 

terms and, i r digibk lo participate in a retirement plan maintained by the 

cmptoy~r, and arc so penni.tted by the plan, to make contributions based 

tm the payments on r~uso1mbly equivalent terms. 

(3) Diffcrnntial W,,ge Payment shull mean any pn)'111ent which (i) is made by 

an employer to an indi vidw!l with respect tll any period during 'Which the 

individual is performing service in !he uniformed services,. as defined in 

chapter 4} of title 38, United States Code, while on active duty for a 

period of more than 30 days, and (ii) rcpr,s,sents all or a portion of lhe 

wages the individual would have received from the employer ii' t11e 

indi viifoal were pcrfiirming service for the employer. 

(B) Special Ruk fol' Distributions 

( 1) Eflective 1'.foy 1, 2009, for purposes o!" Code Sections 40 l{k)(2)(B)(i)(l), 

403(b)(7)(A)(ii), 403(b)(! l){A), or 457(d)(l)(A}(ii), tm individual shall be. 

!rca!cd as having been severed from employ1nen! during ariy period the 

individual is pcrfonni11g service in lhe uniformed services described in 

Code Section 340 l (h)(2)(A). 

( C) Death Benefit, 

(1 J With respect to deaths at1d disabi!lties occL1rring on or after January [, 

2007, in the case of a participant who dies \vhilc pcrforn1ing qualified 

military service, :18 det'intxl in Code Section 414(u), the 5UJ'Vivors of the 

participant am entitled to any additional benefits, other than bcndi.t 

accmals rd11ling to the period of quafificd military scrvkc, provided under 

the plan had the participant resumed and then terminated employ1ne11t on 

account of death, 
RP 88:196

ARTICLE XIII: LI:\HTA Tror,; OF BE!\'EFITS 

l:l.l Compensation 

(A) The tem1 "Compensation" means for purposes of the maximum bcnciil limitations 

of Code Section 415, Lhe Employee's ;vagcs, salaries, fees for professional 

Services and lither iu11ounls received for personal Services actually rendered in 

the cour,c Gf employment wiLh an Employer maintaining the Plan (including, hut 

not limited to, commissions paid to salesmen, compensation fi.1r Services on the 

basis of a percentage of profits, COJ11!nissions on insurance premiums, tips and 

bonuses) paid dLiring the Limitation Year. Compen.~alion does not include: 

Employer 1:outributions to II qualified retirement plan, a nonqualifted deferred 

compensation plan or a simplified employee pension plan; income received from 

the disposition of stock pursuant to the exercise nf a nonqualified stock option or 

upon the lapse of substantial 11:,rfeiture provisions of non-lransfernbili.ty 

provisions on previously re~tricted property (a, defined under Code Section R3); 

premiums paid by an Employer for group life insurance to the extent not 

includable in the Employee's gross income; and Employer contributions (whether 

or not under a salary reduction agreement), towards the purchase of a taxsheltered ammity conlrnel (as described in Code Section 4()3(h)). 

(B) For Plan Ye,irs after December 31, l 997, C<>n1pensatiori shall include elective 

ddem1ls that are nol i11cludible in Lhe !:,>TOSS income of the employees under 

Section 125, l32{f)(4), 402(e)(3), 402(h), or 403(b) of the Code. 

(C} For plan and limitation years beghu1i11g on and after fanua_ry l, 2001, for purpose, 

of the requirements described above, cornpensution paid or made available during 

such plan and limitation years shall include elective amounts that arc riot 

includabk in the gross incomt:l Gf the employee by reason of Sedion l32(t)(4) of 

the Code. 

13 .2 lvfaximum Benefit Limitation 

(A) TI1e limi to imposed by Code Section 4 l 5 are ineorpomted by reference. There 

may be no accruals or benefit distributions in excess of the Code Section 415 

limirntiom. No annual henefit exceeding the Code Section 4]5{h) limitation will 

be accrued or payable in any opti.ona! fom1 of benefit payable Lmdcr the Plan, 

indL1ding the normat form ofbeneliL Employer discretion [s also precluded. 

(B) Arnrnal adjustmmts to the Code Se,tion 415 limila!ions made rursuant to Code 

Section 415(d) arc in£orporakd by refercnGe. 

(Cl The comhirmLion and/or aggregation of plans as provided in Code Section 

415(!)(1) and 4l5(g) shall not apply to this Plan in determining the limitations 

under Code Section 41 S(h) inasmuch as this Plan is a multi-employer plan ,LS 

defined in Code Section 4 l 4(t). 
RP 88:197

ARTICLE XIV: BENEFIT APPLICATIOI\', ELECTION A.'ill APPEALS 

PROCEDURES 

14.1 Application for Benefits 

(A) All applications for benefits under this Plan, whether on account of roliremcnt, 

vesting or death, and all elections and designations made by Partidpants and 

Be11eflciarics m1,ler this P Jan shall be made in wri ti 11g to the Board uf Trustees in 

the Jbrm amt manner prescribed by the Trustees. 

(B) The Trustees shall have !he right to require submission of aU necessary 

infm111atl.on before a11y benefit i.s paid, including records of employment; proofs 

of date of birth, marriage and deuth. No benefit dependent in any way upon such 

infonnation shall be payable unless and until the infonnation so required bas beai 

furnished. Upon re<,;eipt of such infonnation, the Trustee shall determine the 

eligibility of lbe applicant for such benefit, and shall notify the applicant of their 

determination and the amount of any benefit payable. 

{Cl Timely Sn!lmission of Applications for Beq_gJits. Participants, Beneficiaries and 

survivi11g Spouses shall be able to apply for bt~1efils under the Plan at uny time after 

the date of' two year, preceding the date such app!ic:ml would lirst become eligibl,; 

for the benefit. or as o!henvise specifically set forth in this Plan. 

14.2 Election of Benefits 

(A) All neces;;ary questions ,:xmcernlng the applicant's cleclion of any particular 

benefit under the Plan 5haU be explained and a written explanation shall be 

provided to tbc applicant ofihc lenn, and condition, of the election. 

{B) ()ualified Joint a11cf 50% SurvivQr Benefit. Not more than one hundred eighty 

day,, or less than thirty days prior to lht;, Pmticipant's benefit eommcncemcnl date 

under a Qw:;lified Joint and 50% Survivor Benefit, the Plan Administrative 

Manager sl,all deliver to such person ( either by first-class mail or pcrnom1lly) a 

•written explanation of the terms, conditions and effects of the Qualified Joint and 

50% Survivor Benefit and the relative value of !he optional fom1, of benefit. 

However, !he Board of Trustees need not only comply with more than one request 

made hy a particular person. 

(I) Notice FxempJjon. The Plan shall no! he required to provide notice of the 

right to waive lhe Qualified Joint and 50% Survivor Benefit, or the 

Q,1aliflcd Pre-n,tiremcnt Survivor Benefit if' C(!l1sidercd to fi.,l]y subsidize 

the cost of tile benefit. The Plan sl1all he considered to (ully subsidize the: 

cost of the benefit only if th(; failure to waive the benefit by a Pla11 

Purticipanl or Beneficiary does noi result in either (a) a decrease in any 

Plan hendH, with respect to tile Participant, or (b) increased Plan 

contributions by !he Participant. 
RP 88:198

14.J Notification of Appmval or Non-approval ofApplicat1cm On m Alier fanum·y L 2002 

(A) Tbc Board of Trustee;; shall make all detenninations regarding the validity of the 

claim. Upon any partial nr totul adverse bcncfi, determination, the Fond shall 

deliver or mail a Notke of Denial to the Claimunt within ninety day,; oflhc filing 

of the claim .. except in the case of a Disability Retirement Benefit claim. In the 

case of a claim for Disability Retirement Benefits, !he Administrative :v!anager 

shall noll!}' the Claimant, of the Plan's adverse benefit determination ,vilhin a 

ren,onable period of time, but not later than forty-five days after receipt of the 

claim by the Plan. This li)rty-five day period may be extended by the Plan fnT up 

to thirty days, provided that the Administrntive Manager bolh determines that 

~ueh an extension is necessary due to matters beyond the control of the P Ian and 

notifies th.c Claimant, prior to the expiration of the initial forty-five day pcriod,.of 

the eircumsta1wes requiring the edension of time and the d,.tte by which the Plan 

expects to render a decision. If, prior to the end of the fir,t thirty day extension 

period, the Administrntive Manager delem1ines that, due ll1 mal!ers beyond the 

control of tht: Plan, a decision cannot be rendered ,vithin that extension period, the 

ps:!riod for making the dctennination may be extended tiJr up to an additional 

thirty days, provided that tbe Administrative '..1anager notifies the Claimant. prior 

to the expiration of the first thirty day extension period, of the circumstances 

retJlliring the extension and the dale a5 of which the Plan expects to render a 

decision, fa the case of any extension under this paTagraph, the notice of 

extension shall specifically explain the standards on which entitkmcnt to 11 benefit 

is based, the unresolved issues that prevent a decision on the claim, and the 

additional infonnation needed io rest1lve those issues, and the Cl airnant shat! be 

afforded at !east forty-five days within •Nhich to provide the ,peeified information. 

(Bl The period of time withrn ,vhieh a benefit detern,ination is required to be made 

will begin al the time the claim is filed in accordance with the rcas()nable 

procedures of the Plan, withoul regard to whether aJI in!i.mnation ncce;,ssary to 

1m1ke a benefit detennination ,n;.companies the filing, If additional information is 

necessary to make a benefit determination, the period of time for making the 

benefit detem1ination shall be tolled from the date the notificalion for additional 

in fommtion is requested until lhe Ck1iman! responds lo the request for additional 

information, 

(C) The notice shall be written m a mmmer calculated to be understood by the 

Claimant, and shall contain; 

(I) the specific reason or reasons for the adverse determination: 

(2) speci!Jc reference to pcrtincnl Plan provtsions on wh,cb ihe de!cm,ination 

wus based; 
RP 88:199

(3) a de~c1iptior1 of any additional ma!Dri.al or information necessary fbr tbc 

Claimam to perfect bis/her claim and an explanaiion of why such material 

or informa(il!n is necessary; 

(4) a descri.plion ol' the Plan's review procedures and the lime limits 

applicable to sLich procedures, including a statement of the Claimant's 

right to bring a civil actioti under sedion 502(a) of ERTSA following an 

adv,~rsc bcnefo determination on review: 

(5) in the case or an adverse benefit determination by the Plan regarding 

Disability Retirement BendUs, 

(a) !f a11 inlemal rull'., guiddine, protocol, or oiher similar criterion 

was relied upon in making the adverse determination, eitlier the 

specific rule, guideline, protocol, or other similar criterion; or u 

statement tlmt such a rnk, f,'Uidcline, protocol, or other similar 

miterion was relied upon i11 making the adverse dekm1ination and 

that a copy of such rule, guideline, protocol, or other eritedon will 

be provided free of charge to the Claimant up,m request; or 

(b) ff the adverse benefit determination is based on a medical necessity 

or experimental treatment nr similar exclusion or limit, either an 

explanation of tho scientific or clinical judgment for the 

dcccnninution, applying the terms of the Plan to the Claimant's 

rnedicul circumstances, or a statcme11! that such explanation will be 

provided free to the Claimant upon request. 

(DJ Except in the case of a Disability Retirement Bend'i! claim, the Claimant or 

his/her authorized representative may appeal the decision of the Fund by written 

notice receh·,ed by the Board ot· Trustees within sixty days of the mailing of the 

no!ice;, of an adverse benefit tktermLnation, In the case of a Disilbility Rctiremcnl 

Benefit claim the Claimant may appeal the decision within one hundred eighty 

dt1ys of the niailing of the notice of an adverse benefit determination, The wri.tten 

notice only needs to state lhe Claimant's name, address, and the fact that the 

Cluimani is appealing from the decision of the Goard ofTrw;lees, giving the date 

of !he decision appealed from. The appeal shall he addressed as follt1ws: 

Board of Trm!ees, Roofers Local 88 Pension Fund 

c/o Stewart C, lv1l!ler Co., lnl,, 

2111 \Vest Lincoln Highway 

:vlerrillvillc, IN 464!0 

(EJ Tiic Plan sh,ill 
RP 88:200

(I) provide Claimants the oppurtuniry to submit wriuen comments, 

documents, records, and <Jther infonrn1tion relating to the clarrn itlf 

bencfils; 

(2) provide tbal a Claimant shi1ll he, provided, 11pon request ai,d free of charge, 

reasonable 11.ccess to, and copies ol'. al I documents, records and other 

information relevant to hi$!her claim for benefits; and 

(3) provide for a review that takes into account all comments, documents, 

records, ,md mhcr infomi~tion submitted by lhe Claimant relating to the 

claim, witho•JI regard to whether such information was submitted or 

conshkred in the initial bettefit determination. 

{F) In !he case o Ca Disability Retirement Benefit claim, the Plan sball: 

(I) provide for u review that does nnt afford defhencc tn the i11ltial adverse 

bene11t determination and that is cm1ductcd by an appropriate named 

Fiduciary of the Plan who is neither the individual who made lhe adverse 

h,:mefit detennina!ion that is the subject of the appeal, nor the subordinate 

of su.ch individLLal; 

(2) provide that, in d~ciding any appeal of an ad verse benefit determination 

that is ba~E:d in whole or in part on a medical judgment, including 

determinations with regard to ,vhcthcr a particular treatment, drug, or 

other item is experimental, investigational, or not medically necessary or 

appropriate, !he appropriate named fiduciary shall consult with a health 

care professional who has appropriate training experience in the field nf 

medicine involved in the medical judgment; 

(3) provide for the kkntification of medical or vocational experts whose 

advice was obtained on behalf of the Plan in connection with a Claimant's 

adverse ben;,lit determination, without reganl lo whether the advice was 

relied upon in making the benefit determination; and 

(4) provide that the health care professional engaged for purposes of a 

consultation under paragraph (F)(2) of this sectilln shall be an individual 

who is ncidicr an individual who wus consulted in connection with thfe 

adverse benefit dctermim1tion that is the subject of the appeal, nor the 

sL1hordinate <lf any such indivklL1aL 

{G) Prior to a deiern,inatlon on the appeal. the Claimant or hisn,er authoriied 

representative may have an opportunity to review necessary and pertinent 

documents upon ,vhkh the denial in whole nr in part is based and may submit 

writkn issues and comments pertinent to the appeuL 
RP 88:201

(H} Except in the case or u Disability Retirement Benefit claim, the Board of Trustees 

shall consider the Clalmari!'s appeal of an adverse benefit determination no later 

that its rog,_1Jt1r qua1tcrly meeting, which immediately follow~ the receipt of the 

notice of appeal, unless ,,1ch notice was filed within thirty days preceding the date 

of such meeting. Tf the notice o I' appeal was received within thirty days prior to 

the nex! reg11lar quarterly meeting, the Board of Trustees may consider the appeal 

at the second regular quarterly meeting follo,ving the receipt of the notice of 

appeal. In !he cm;e of a Disability Retirement Benefit claim the Bmml of Trustees 

shall Gonsider such an uppeal within forty-five days following receipt of tl1e 

appeal. 

(I) If spedal circumstances exist regarding a benefit claim, the Board of Trnstees 

may tako an extension of time, !o the nm:! regularly scheduled meeting, lo review 

the duim, provided that the Claimant or his/her rcprcscntativ~ are given a notice 

describing the sped al circrnnstanc<;,s prior to the expiration of the original review 

period. 

(J) After consideration of !he appeal as above, the Board ()fTrustees shall advise the 

Claimant or hisn1e1· represcmative of its decision, in writing. within five days 

fo!Jowing the mee!Lrlg at which the appeal was considered, The decision of the 

Board of Trustees shall set fo1th specific reasons for their conclusions and shall be 

written in a maimer cakulated to he nnderntood by the Claimant and shall make 

references to !be pertinent Plan provision(,) upon which the decision is based. 

The decision shull he final and binding upon the Claimant unless f'urther appealed 

as provided in Section (K) below. Notification of an adverse benefit 

ddennination, upon appeal, shsll comain; 

(I) the spcciiic reasons or reasons for the adverse benefit clclcnnination: 

(2) reference to speci lk Plan provisitm;, on which tbe deiermi1rntion is based; 

(3) a statement that the Claima11t is entitled to receive, upon request and free 

of ,,h,1rge, reasonable access to, and copies of, all docs,rn.ents, records and 

other information relevant to hislber claim for benefits; 

(4) a description of the Plan's proccdurei regarding a heiuing before the 

Board of TrnBiees and the lime limits applicable to such procedures, 

including a s!atemcnt of the Claimant's right to bring civil ,1ction under 

ER IS,,\, Section 5Q2(a) following an adverse brncfat de!em1inatin11 from 

the Board ofTru~tee.,; and 

(5) the following statement "You and yol!r Plan may have other voluntary 

11itemativc dispute resolution options, such as mediation. One way to fi11d 

out what may be available i, to contact yollr local U.S. Depanment of 

labor Offic-e and ymir slate insurat1ce regnlatory agency. 
RP 88:202

(K} A full hearing hdi.m: the Board ofTrns!ees shall be held when: 

(l) The Board or Trostees determines, prior lo making n decision on appeal, 

that a hearing is necessary. In sud1 event, the Board of Trustees shall 

notify the Claimant or hi,;.•1,er representative of" the date, lime, and plm.,e 

set for a full hearing on the Claimant's appeal by regular mail addn:ssed in 

lhe Claimant as sh01v11 on the nofo.,e of appeaL 

(2) The Claimant or his/her rcprcsen!a!i ve requests a foll hearing before the 

Board of Trnstccs by writtet, notice within filken days uller receipt of the 

Board nf' TnL,t•ees' decision on appeal. The written notice needs to stale 

only the Claimant's name, address, and the fact that yoll are requesting a 

foll hearing before the Board ofTrnstccs, giving the date of the deci~ion of 

the Boartl o fTrnstecs. 

(3 J In no case shall th1;, (late for the hearing set forth in (K)(l) or (K)(2), be set 

for a time later than the third regular meeting of the Board of Trnstc..is 

folk1w·ing the receipt of !he original notice of appeal. The Claimant, wh(J 

had a hearing under (Kl( I) shall not be entitled tn a hearing under (K)(2). 

The Hearing: 

(4) A full written report shall be kept of the proceedings of the hearing. 

(a) In coml\tcii:ng the hearing, the Board of Trustees shall noi be bound 

by the usual common law (,r ~tatulory rnles of evidence. 

(b) The Claimant or his/her attorney shall have the right to review the 

wri.!ten renm:1 of the hearing. make a copy of it and file objections 

t() i t. 

(c) There shall be copies made of o.ll doc,nnents and records 

intrndm:ed at the hearing, attached tu the record of the hearing, and 

made a part of it 

(_d) All infonm1tion upon ,,'hiclt the Board of Trustees based its 

origirn,l decision shall be di,dosed to !he Claimant or his/her 

reprcsctlta!iw at the he,1t'it1g. 

(e) In the event thai additional evidence is introduced by the Board of 

Trustees 1vhich was not made available to the Claimant prior lo the 

hearing. the Claimm1i shall be granted a continuance of as much 

time as !he Claimant dcslre~, not to exceed thirty clays. 

(f) The Claimant shall be afforded !he opportunity of presenting any 

evidence in his/bcr bchal C If' you. offer new evidence, the hearing 
RP 88:203

may be adjourned for II period ,,f no! more than thirty days so the 

Board nC Trustees may. if they wish. investigate !he acL,uracy of 

the Claimant's new evidence or deLem1ine whether additional 

evidence strnuld be introduced. 

(L) After consideration of the appeal after a hearing, lhe Board of Trustees shall 

advise lhe Claimant or hisiluir representative ofits decision in writing ,vit11i11 five 

thlys fo!lowing the heuring at ,vliich the appeal was considered. The decision of 

the Board ofT riu,tees ,hall seL forth specific rea~ons for their conclL1sion, ~hall be 

written in a manner calculated to be understood by the Claimunt and shall make 

reference to the pertinent Plan provisions upon which the decis[on is based. This 

dcdsi m1 shall be final and binding upon the Claimant. 

(M) Effective July 10, 2014, 110 legal action regarding an applicant's benefit may be 

c01t1menced or filed against the Board or T n1.stees or the Plan more than l year 

ufter the mailing ol' the Boai-d of Trnstees' dccisim1 on uppea.1 as specified in 

Sections l4J(J) or (L), ,vhichever is later. 
RP 88:204

ARTICLE XY: 'fOP-HF:AVr PR0'\•1SIONS 

15.l Top Heavy Provisions 

(Al This Section shall apply for purposes of dctem1ining wlieLher the Plun is a topheavy plan under Section 4 l 6(g) of the Code for Ph111 Years beginning after 

December :11, 2001, and whether lhe Plan satisfies the minimum benefits 

rc,1uirements ofSeclion 4l6(c) ol'the Code for such years. 

(BJ !(ev Emplove~. Key Employee means any Employee or Former Employee 

(including any deceased Employee) who at any time during the Pian Year that 

includes the determination date was an officer () f the Employer having annual 

Compensation greater tlum One H undrcd Thirty Thousand Dol.lars (as adjusted 

under Section 4l 6(i}{ l) of lhe Code for Phm Years hegimi..ing a Iler Decernber 31, 

2002), a live percent owner of the Employer, or a one percent owner of the 

Employer havitig annual Compensation of more than One Hundred Fifty 

Thousand dollars. For !his pu,pose, annual Compensation means Compensation 

within the meaning of Section 4!5(c)(3) of the Code. The detennination of who 

is a Key Employee will. be made in accordance with Section 416(i)( l) nf the Code 

and the ap1,licah le regulalions and other guidance of genernl applicability issued 

thereunder. 

(I) Detem1inatiori of present values ll!ld amounts, This Section (B) shall 

apply for purposes of determining the present values of the amount, of 

account bafonces of Employees as nfthe dctcrrnination date. 

(2) Distributions during year cndi ng on the determi.t1ation date. The pn,sent 

values of the arnourrts of ,iccount balunces of an Employee as of the 

determinalion date shall be increased by !he distribution~ made with 

respect to the Employee under the Plan a11d any Plan aggregated ,vith the 

Phm under Section 416(g)(2) of the Code during the one year period 

ending on the determinati\ln date. The preceding sentence shall also apply 

lo distrihu!ions under a terminated plan which, hud it not been terminated, 

would have been aggregated with the Plan under Section 4!6(g)(2)(i\)(i) 

of the Code. Tn the case of a distrihL1tinn made frir a reason other than 

sevcrnnce from service, death, or dii,ubility, this provision shall be applied 

by substituting "five year period" for "one year period". 

(C) Emplo~s;s not perform].[lg services durirw v.;ar ~!}ding on the g.ctcm1\natirn1 date. 

The Acerncd Benefits am! accounts n f any individual who bas not performed 

services for the Employer during the one year period ending on the determination 

da!~ shall not be taken into accollnt. 

fl)) \1ini.mum Bet)<cfiJ2,. For f}urposcs ol·satisfying Lhe minimum benefit requirements 

of S~ctiun 4!6(c)(1) of the Code and !fie Plan, in dctennining year; of service 

with the Employer, any service with the Employer :;hall be disregarded to the 
RP 88:205

oxtcnl Lhat such service occurn during a Plan Year when the Pl,m benefits (within 

the meaning of Section 410/b) of !be Code) no key employee or former key 

emplorcc. 
RP 88:206

ARTICLE XVI; f'U1'1JING 01• Bli.NEFITS 

16.1 Source of Contribution~ 

(A) Connibuiions to the Pemion Fund shall be made only by Employers on behalf of 

Participants. l\-ei ther contributions by a Partidpanl nor contributions by an 

Employer on his/her own behalf shall be pennitted midcr this Plan. 

16.2 No Reversi,m 10 Employer~ 

16.3 

(A) P>trlicipating Employers shall have no right, titk or interest in c(mtributions m[!(\;; by 

them to the Pension Fund, and no part of the Pension Fund shall revert to the 

Employers, 

Tnvestmcnt and Fundina = Polic.y . 

(A) An investment policy shall be established that has as its goal the maintena11~e of 

suftkienl liquidity to assure Lhe timely payments of benefits. The Boan,l of Trnstees 

may appoint an Investment lvfonager(s) to provide Lnve~!mcnt counseL 

J 6.4 Actuarial Valuations and Plan Rcvie,v 

(A) The rules; regulations, and the benefits provlded under the Plan have been adopted 

by the Board of Trustees on the basis of actuarial e8iimatcs which have been 

established to the extent stifficient to support the Plan on a permanent baJis, 

However, it is recognized that in the future, the income amVor liabilities of the 

Pension Fund may be substantially diffcre11t than those previously anticipated. The 

Board ofTnc<;lces shall have prepared at least aimually an actuarial valuation. of the 

Pension l\md. Upon the basis of all foels and circumstances, the Board of Ti:u~tees 

may from time to time amc11d lh,.cse 111les, regulations and benefits provided for 

thereby, including any increase or decrease in benefit amou11ts. No such decrease 

may operate to reduce any vested benefits. 

16,5 PPA Req~drc:d Valuations 

(A) Effective ,\.foy L 2008. pursnilni to the Pension Protecli.on Act of 2006 ("PPA"), 

this Plan will undergo a full actuarial evaluatim1 each Plan Year. ff the Plan is in 

Emfongen.,d Status, as defined by the PPA, the Plan \vill follow the PPA 

prnccdmes for adopting a Funding lmprnvcmcnt Plan, us defined by the PPA, If 

the Plan is in Critical SLalLls, as defined by the PPA, the Plan will fbl!uw the PPA 

procedures for adopting a Rd1abilitation Plnn, as ,kfined by the PPA. 
RP 88:207

ARTICLE XVII: A'.'r'IUAL co,1rENSATlOl'\ .Ui\UT, DISCRI:i\fl"IA TION AND 

MINI'.\IUJ\1 COVER,c\GE: REQllfREI\H•:"ITS 

I. 7.1 Compensation Defined 

(A) The temi "compensation'' as used in this Artide iball be the compensation defined 

in Section 13. L 

17.2 .I\Jmual Compensation Limit 

(A) Th<' Annual Compensation of each Participant taken into account in determining 

benefit accrual in any Pl ,m Year beginning after December 3 L 200 l, shall nm 

exceed Two H,1mlred Thousand Dollarg. Annual Compensation means 

Compensation during the Plan Year or s,1ch other consecutive 1welve month 

period over which Comp~nsatlon is otherwise dctcmiined under the .Plan (the 

dctennina!io11 period), The Two Hundred Thousand Dollar limit on annual 

Compensalio11 shall be adjusted for cost-oHiving increases in accordance with 

Section 40 I (a)( l 7)(8) of the Code, The cost-ot:Jivin.g adjustment in effect for a 

calendar year applie~ It> i.llll1t1al Compcnsatio11 for the determination period thut 

hegim with or ,vithin such calendar year. In determining benefit accruals in Plan 

Years begimung after December 3 I, 200 I, the aml\lal Compensation lirnil, for 

dcterminalion periods beginning before January I, 2002, shall be Two Hundred 

TI1nusand Dollars. 

17.3 Highly Compens;ited Employee 

(A) The tcmi "highly compensated Employee" includes compens;ited active 

Employees and highly compensated former Elnployee.~. A highly compcn~ated 

active Employee includes any Employee who perfrm11s service for the Employer 

during the determination year and who, during the look-back year received 

compensation from the Employer in excess of $80,000.00 ( as adjusted pursuant to 

Seclinn 41 S(J) o I' the Internal Revenue Code); and wfai dtlling the dctcm1ination 

year or look-buck-year was a 5 percent owner ul any time during either year. 

(B} Fm this purpose, Lhe detem1ination year shall be the Plan Year. The !ook-backyear shall be the twelve month period immediatdy preceding the detenninatlon 

year. 

17.4 Requirements of the Internal Revenue Code 

(A) This Article is snlely for the purpose of complying with the requirements nr· the 

Internal Reve11ue Code and Regulations issued thereunder iiml shall nnt he applied 

except to the extent nccc;;sary lo comply with such n:.·quiremcnts, 

17.5 Non Discrimination, Coverage and Participation 
RP 88:208

(A) Only Employees identified in Section l, 15, are permitted to participate in this Plan, 

prnvi,fod t'urther that ail Employees or· the Unio11 must participate in the Plan, 

wi tho 11t disc riminatiot1. 

(B) Effoetive t;,fay 1, 1989, pa1iicipatior1 i11 the Plan by ::-Jon•Bargaincd Employees shall 

be in compliance with Sccticm 401(,1)(4) {nondiscrimination rules), 4!0(b) (coverage 

rules, and 40 I (a)(26) (minimum pa11icipation mies) of the Internal Revc:1rnc Code. 

A Non-Bargained, Highly Comp~>n,ated Employee shall no! rcceivs: any years of 

Credited Service (although vesting credit may he earned) !br any Plan '{ear in which 

the Employer fails to meet the requirements of Set'tion 41 O(b) and 40 I ( 11)(26) of the 

Internal Revenue Code wilh respect to coverage and partkipation ofNon-Burgained 

Employees. Section 40l(a)(26) applies during ,my Plan Year in whi.ch there arc le.% 

than 50 Partidp~nls, including Particip,mts covered by a Collective Bargaining 

Agreement. 
RP 88:209

ARTICLE XVUI: AJIENDl\lENT Al\"O TERM['IATlOl\- OF PLAN 

18. I Plan Amendments 

(A) Any Rmendment lo this Plan may be made retroactively by the majority ac!ion of the 

Board of Trustees present and voting in order to bring this Plan in compliance with 

ERIS A 1,1ml any subsequent amemimcnts !hereto, It is the desire nf the Trustees to 

maintain this Plan a, a qualified Flan and Trust under Sections 40l(d) and 50l(a) of 

the United Stales l:nternal Revenue C\,de of 1954, as amended by ERlSA and lo the 

extent it is necessary to nwinta111 said qualifi~atfon the Tmstees may amend this Plan 

retroact i vcl y. 

(B) The Tmstccs 1,vho are present and voting 1miy amend tbis Plan by majority actior1 a~ 

evidenced by an instrnment in writing executcd by th~ Trustees provided, however: 

(I) No amendment shall deprive any Panicipant,. retired Participant, fom1er 

Participant or any Bcncliciary of any vested rights to which he/she is entitled 

under this Plan; 

(2) No amendment shall provide for !he use of the Trust Fund for any purpose 

other than for the benefit n f"the Pmticipan!s and their beneficiaries; and 

(3) No amendment shall cm1se any fonds contributed to this Plan or any assets of 

the trust fond !o revert to or be made available to an Employer. 

(4) No amendment shall be efiectivc to the extent that it has the cfll.."<:t of 

decreasing the Partidp,1t1t's Accrued Benefit 

! 8,2 Tennination or Disconlinmmce of the Plan 

(A) De!c1mina!ive factors 

(1) TenninRlion of a mu!tiemployer plan under tbi8 section occnrs as a result 

ot-· 

(a) the adoption after SeptcmbET 26, 1980, of a plan amendment which 

provides that pmilcipant, will receive no credit for any pmposc under 

the plan fol' scrvic~ with any crnpfoy~r uUer the date specified by 

sud1 amendment: 

(b) the witlldruwul of every employer from the plan, within t11e meaning 

of section 1383 of this title, or the cessation ot· the obligation of all 

employers to contribute under the pl an; or 

tel the adoption of an amendment to !he plan which causes the plan lo 

become a phm described in 29 U.S,C. l 321 (h)(l ). 
RP 88:210

(B) Date oftenninmion 

( l) The date on which a plan terminates 11nder paragraph (a) or (c) of ,llb;;ection 

(Al( I) ol'this aection is the Inter of-••··· 

(i) the date on 1vhich the amendment is adopted, or 

(ii) the date on whkh the amendment takes elTect. 

(2) The date on which a plan terminate;; under paragraph (b) of subsection 

(A)( I ) of tl1is sect ion is the earlier of-

(a) the date on which !he last employer withdraws, or 

(b) the first day of the first plan year for vvhlch no employel' 

comrihittiuns were required Lmder the phm. 

(C) Duties of plan spon8or of amended plan 

(I) Except as provided in subsection (F)( r) of this section. the p1M sponsor or a 

plan which tenninatc-s ur1der parngrnph {b) of subsection ( A)(l) of this 

section shall-· 

(a) limit the payment of benefits to bcncfil, which are nonforfeitable 

under the phm ru; of the date of the tcn:nination, and 

(b) pay benefits attributable to employer contributions, other than death 

benefits, only in the fonn of an ru1nL1ity, unless the plan ussets are 

distributed in foll satisfaction of all nonforfoitablc benefits under the 

plan. 

(D) Duties of plan sponsor of nonoperative phm 

(!) The p[an sponsor of a plan whlch terminates under p;irngraph (b) of 

subsection (A)( I) ol" this section slultl reduce benefits and suspend benefit 

pa~1nc11ts in accordance with 29 lLS"C- 1441 l>fthls title" 

(E) Ammmt or contribution of employer under amended plan for ca,,h plan year 

~absequeni to plan termination date 

(I) In the case of a plan whkh termina!cs und,,r p;1rngrnph (a) or (11) of 

subsection (A)( I) of this section, the rate of an employer's contlibution, 

under !be phm for cad1 plan year beginning on or after the plan termination 

date shall equal or ex<:eed the highest rntc of employer contributions at 

1vhkh the employer had an obligation to wnitibute under the plan in the 5 

preceding plan years ending on or before the plan termination date, unless 

tl1c corporation approves l! reduction in the rate based on a finding tl1at the 

plan is or soon will be fully fonded. 
RP 88:211

(F,l Payment of benefits; reporting requirements for tcrmimued plan;; and rules and 

standards for administnllion of such plans 

(I) The plan sponsor of a terminatcd plan may Ullthorize the payment other than 

in the forn1 of an annuity of a participant's entire nonforfoitable bem,fit 

attributable to employer contributions, other than a death benefit, if !be value 

of the enli.re nonfbrfeitablc benefit does no! exceed $1,750, The corporation 

may authorize the payrnent of benefits under the terms o Ca terminated plan 

other than nonl1Jrleitable benefits. or the payment other than in the form of 

an annuity of bem:fits having a value greater than$ 1,75(), if the corpornti\Jn 

determines that such pa;111em is not adverse to the interest of the plan's 

participant~ ,md be11.efldarfo~ generally am! does not unreasonably inercas~ 

the corporation's risk ol' loss with respect to !he plan. 

(2) The corporation may prescribe reporting requirements t\.1r tem1ina!ed plans, 

and rules and standards for the admr11istratk1n of such plans, which the 

corporation ,xmsiders appropriaie to protect the interests of plan particip,mts 

and benefidm·ics or !o prevent uru:easonablc loss to the rnrporation. 

18.3 lvlisslng Participants 

(A) In case of a Plan covered hy Title IV of the Emph)yee Retirement Income 

Security act of 1974, a lm;;t forming part of such Plan shall not be treated as 

failing to consti!uk a qu;;lified Trust under this section merely because the Plan of 

which such Tru~I fa a pmt, upon its Lem1ination, lmnsfors benefits of missing 

Participants to the Pension Benefit Guarantee Corporation in uccordance with 

Section 4050 of such Act 

18.4 Ve;;ting onTennination 

{A) Notwithstanding anything lo the contrary contained in this Artide XVII[ and for tbe 

sole purpose ufcump!ying with the pmvi,ions of Section 4ll(cl)(3) of the ln!ernal 

Revenue Code, in the event or tern1inatim1 or partial tcnnination of this Plan, the 

interests in this Plan, of all Participants afli..'C!ed by S\Lch termination or partial 

!erminalion shall be fully vested and nm1 forfeitable to the extent funded as of the 

d;ite of such tennination or partial tcnnillation and that the provisions of tl1c 

foregoing Sections of Ibis Article XVllI do t1ot comply fully with said Section 

41 l(d)(3) without !he application ofthies paragn1ph_ For purposes of this Section, no 

event shall be deemed to be a "partial tennina!ion" unless: (A) the Trustees have so 

designated such event in a wiiting delivered to the Participating Employers; or (8) 

sud, even! has hs,en fim1Hy and expressly delennined !o be a partial term.ination 

within the meaning of Section 411 (d) of the internal Revenue Code of 1954, as 

amended, in an admilli.,trn(i ve or judicial proceeding to which both the T rustec and 

the Commi~,itmer oflnternal Revenue or hi~,1,er delegate were paliics_ 

18.5 '\,Jerger or Consolidation of the Pbn 
RP 88:212

(A) ln the ease of any merger or C(1nsl1lidation of this Plan, or to lhe Pension Fund 

with. or transfcf oC the as,;ets or llabi!itics of the Plan and/or Pension Fund lo, any 

other pfan, th;, tenm; of such merger, consolidation, or transfer shall he such that 

each Paitidpant would receive (ln the event of tcnnination oC the Plan, or its 

successor immedia!dy thereafter) a bcricftt which i~ no less than he/she would 

have re1;ei ved in the evcm of lmninatit111 of this Pinn immediately before s11cl1 

merger, consolidation nr transter, 
RP 88:213

SlGNATlJRE PAGE 

IN WITNESS WHF.REOP, the Trustees of the Rooters Local 88 Pension Phm have caused this 

Amendment and Restatement of the Plan Lo he executed as of the J2u1 day of January, 2015. 

M,\..~AGEJ\1ENT TRUSTEES UNIO~ TRllSTEES 

~J..-. /r7. 8J-4-/-J 

Sieve Biedenb,tch 
RP 88:214

AMENDi\·IENT NO. I 

TO THE ROOFERS LOCAL 88 

PENSION PLAN 

WHEREAS, this Plan was amended and restated effective May 1, 2014; and 

W'HEREAS, Article XVIH, Section 18.1 pem1its the Trustees to runend or modify this 

Plan at any time by majority vote, relr11actively if necessary, to meet the qualification and 

exemption requirements of the C(1de or to meel any of the requirements of !lie Act or 

corresponding pnivisions of any subsequent or amcndatory federal legislation which is 

applicable; and 

NOV.' THEREFORE, 1mrsuant to 1111 IRS information request dated July 7, 2015, the 

Board ofTnislees has dech1red am! agreed that the Plan shall be amended iis follows: 

A. Effective l'tfay 1, 2014, Section. 1.10 shall be amended to read as follows: 

1.1 O Con!rih-uions 

(A) The term "Contributions" shall mean paJ~nents to the Trust Fund by an Employer 

as required under applicable collective bargaining agreements or other written 

agreements. The relevant portions of the collective bargaining agreement are 

attached as Addendum I and incorporated by reference. 
RP 88:215

fl. Except as herein expressly amended or modified herein,. all of the te1·ms ,rnd 

provisions of the PLM' are hereby affirmed. 

TN \VTTNESS WHEREOF, ll1i8 umef:;;~l1t has been executed by the Trnstccs on this 29111 

day of September, 2015. / 

l\IANAGEl\·1ENT TRUSTEES UNION TRUSTEl£S 

, / 

i>;;<,,,.,.;,, 

i , 

~ / 

--~--~ ··-·*·-----' --- ..... ~L(.•111 ;ti~ 

7fii1tLrJ (Y) &'tc?-IJ~ 
RP 88:216

ADDENDUMl 
RP 88:217

CHANGES AND/OR MODIFICATIONS 

TO THE f;XISTING WORKING AGREEMENT 

ROOl'ING ANU SHEET IVIETAL CONTRACTORS 

PROPOSAL TO 

ROOFERS LOCAL UNION #88 

THREE (3} YEAR CONTRACT , 

EFFECTIVE JUNE l, 2012 TO MAY 31 1 2015 

\ 

ARTICLE XVI -Section 13 - Ratio 

Change ratio lo I Journeyman to l Apprentice to l Helper 

ARTICLE XVII -Section 1~ Wages 

6/l/12 - $LOO increase -- with $.35 towards pension and $.02 towards 

Apprentice Fund to be paid to the Interm1tiona1 training program_- $.33 

towards H & W - $.30 increase ill wages · 

6/1/13 - $1.00 increase - with $.35 towards pension and $.02 towards 

Apprentice Fund to be paid to the International training program -

*'"''Tiu, rest of the iucrease, which is $.63, to be determined at that ti.me 

6/l/14- $ LOO increase - \Vith $.35 towards pension and $.02 towards 

Apprentice Fund to be paid to the International training program -

***The rest of the i11cre11se, which is $.63, to be determined at that time. 
RP 88:218

WCOR 

v.o~u 1::1· ~Q(,1.(U. 1.lil.lOti 

AffillW,cl wll~ AA. • Q!Q 

And !lulldlog an~ 

<:ontl(lt<;li<m T"'d•• 

D<ll'•tlWl"-'11 

CR..\NGES A~'l>/OR M:Ol>IFICATIONS 

Loct1I Union No. 88 

1118 High Ave. NW 

Canton, Ohio 44701 

Phone: sso.453.4900 

Fax: ... 330-453•49()3 

TO THE EXISTING WORKING AGREEMENT 

ROOFING AND SHEET METAL CONTRACTORS 

PROPOSAL TO 

ROOJERS LOCAL UNION #88 

RETRO-ACTIVE 

THIREE (l) \'EAR CONTRACT 

EFFECTIVE JUNE 1, 2015' TO MA V 31, 2018 

A.tide XVI -Seclion.13. Helper ClauseEmpl ~yee3 in sud, helper dasi,fic.atiM u i11cl11ded J1ereln sb,all bt paid aceording to I.hi/ 

following soh.e<iu!e, 

lll&~T YEAR 

Date of hli:11- C11ang~ r.tat11ns "'11~ from :1:10.00 to:!tl2.00 fut th" firs, 6 mooths a.nd 500 houra 

AJ;lTlCLE XVII - $e(;tion 1-,v 11ges 

6/1/15 • $l J5 increase~ with $.54 to\l,'ll.rds pension• $.J 1 towards Health and 

Welfare - $.50 oi, cheek 

6!1116 • $1, U increm;e - brenkdown to be determined at the time oflncrnase 
RP 88:219

06/0'3/2015 M: 53 33045281€,0 TYCOR i>AGF.: 04/05 

lJ tt.H:~d tJn.kn'.1 

()f ll:,:il)~'l: .. , 

Vh1tf.'rpmofu1"> 

,md Alli~cl w·o:-ktrs 

Afflllatod wl!h A.Fl• CIO 

Ami 11111111111g aft~ 

¢0011tru.,lioa T,ado;,, 

ll"l"lrtmenl 

1.oc:af Union No. 88 

618 High Ave. NW 

Canto,;, Ohio 44703 

Phone: 330-453•4900 

Fax: 330•45:i•4m 

Summit, Portage, Medina, Crawford, Ashland, Carro!, Coshocton, Ri~hland, 

Holmi:is, Star!:., Tuscarawas, Wayne, Seneca, Huron, and Lorain (South ()f the 

Turnpike) Counties in the State of Ohio. 

We, f\oofe1s U'l<:al Union 1188, had ta~en a vote on Jone 4, 2015 as to th~ lhri!!~ year contr.ct 

pmposal. Ourmembats~iP pres~rrl voted lo~-thi~ contract. The following ii th~ 

breal:do""1 of m,mi~s ~ffactr.e Jun~ l, ?015. 

JOURNEYMAN WAGE Iii,, FRINGE PACKAGE EJ'i:tcmt, JlJNE1, 2015-Msy 31, 2016 

{$.S.4 towards p1111sfo11, $.11 !:l!w~rds H&W, ~lld $SQ i:il'I <ln!cl<I 

Waij:e • .$2.4,80 

H&W•$8.21 

P!!nslon • $$.61 

Appr,•$.12 

Of11g/ Alcohol Progan1 - ~-0'1' 

(;11)11- $.OS 

Helpers ar,d Apprentices who are at a per~"1nl:aae w!U have a rate ch~nge also. Ta~e th11 

puccnt~gt thtiy ara currently recelvl~g !!mes the,.,.,., Journeyman wage, and the benefrts will 
RP 88:220

33a45281GO 

lh;:ri.t."Xi 'tJnIDn 

of RrJQil:\'.1), 

V,f;;..r"'"tr-···"'""'i-·~ ,,._.,...,. 1:''",1/,",?"-~-...... ~ 

and Allioo Worl1:1ii·~ 

Afflli,t;d "1th "'FL • Cl¢ 

Md building • •d 

CM01f"oti11n Tr,Wijij 

O~pnttm•nt 

L~al U11/on No. ea 

618 High Ave, NW 

Ca11tan, Ohill 44703 

Phone: 330,.453.41,00 

Fax: 3317.453.4903 

,o to l!IIIBljlOnG who Is, rncelvlng full benll'flt!, !f y,:1u have Helper, who are receiving $2.ts w,th 

no pen;ion, they will stay the same untllthey m~atthe requlrememte for Ml beriefits, 

50%-$12..40 

S6% • $13-89' 

74% • $lS,3S 

ll!l% • $19,$4 

86% • $21,33 

92%-$22,82 
RP 88:221

AMENDJ\1ENT NO. 2 

TO THE ROOFERS LOCAL 88 

PENSION PLA."<1 

\VHEREAS, this Plan was amended and restated effective May I, 2014; and 

\:VHEREAS, Article XVIII, Section l 8.1 pennits the Trustees to amend or modify this Plan 

at any time by majority vote, retroactively if necessary, to med the qualification an,l exemption 

rcquil'cmcnts of the Code or to meet any ,ifthe requirements of the Act or conespomling provisions 

of any subsequent or ainendatory federal legislation which is applicable; lllld 

NOW THEREFORE, the Board of Trustees has declared and agreed lhal !he Plan shall be 

amended as follows: 

A. Effective April I, 2018, Sect.ion 1.2 shall be amended to read as follows; 

1.2 Active Participant 

(A) The te1m "Active Participant" means a Parlkipnnt who has not yet become a retired, 

disabkd or deceased Participanl, who l1ns not yet suffered Forfeited Service, und who 

has aecrncd at least one Year of Service out of the two preceding Plan Years or who 

has worked ai least 435 Hours of Service in the cum:nt Plan Year. 

B. Effective May I, 2012, Sectio11 3.2(A)( 4) shall be 11mended to read as follows: 

(4) For Active Participants who l.'C!irod 011 or after M uy 1, 2003, Future Service 

Benefit shall be equal to 525% of the Employer contributions made lo the 

Trust Fund on the Participant's behalf from May I, 1968 through April 30, 

1998 plus 4.05% of the Employer contributions made to the Trnst Fund on 

!he Participant's behulf from May 1, 1998 through April 30, 2003, plus 3% 

of Employer contributions lo the Trust Fund on the Particip11nfs hehalf 

from May 1, 2003 thmugh Apiil 30, 2006 plus l.7%, of Employer 

contributions to !he Trust Fund on the Participant's behalf from May I, 2006 

through April 30, 2009, plus 1 .. 0% of Employer con!rihutions to the Trnst 

Fund on the Participant's bdrnlffrom f\fay l, 2009 through April 30, 2012 

plus 0.5% of Employer contributions to the Twst Fund on the Participant's 

behalf on or after May I, 2012. 

C. Effective April I, 2018, Section 14.3 shall be amended to read as follows: 

14.3 Claims and Appeals Procedure 

(A) A Participant, Beneficiary or their authmi,:ed representative may file with the 

Fund's Custodian or the Fund o!1ke a claim for benefits under the Plan. The claim 

shall be in writing, st.uting the basis of the claim, and authorizing the Fund's 

Custodian to conduct all ncccssmy investigations into the daim. 
RP 88:222

(B) If a claim is wholly or partfally denied, the plan administrator shall notify the 

claimant, in rn.:conhmce with paragraph ( C) of Lhi8 section, of the plan's adverse 

benefit ddennination within a reasonable period of time, but 1ml later than 90 days 

after recd pt of the claim by the plan, unless the plan 11dmiuistrator dctcm1ine~ that 

special circumstances require an extension of time for processing the claim. lf the 

plan administrulor determines that an extension of time for processing is required, 

writkn notice of the extension shall be lhmished to the claimant prior tn lhe 

termination of the initial 90•day period, In no event shall such exJcnsion exceed a 

period of 90 days from the end of such initial period. The extension notice shall 

indicate the ~peciul circumstances requiring an extension or time and the date by 

whkh the plan expects to render the benefit detem1in11tion. 

(C) Manner and content of notification ofb~nellt determination. 

(I) The plan administrator shall provide a dailmmt with written or electronic 

notification of any adverne benefit determination. Any electronic 

notification shall comply with the standards imposed by 29 CFR 

2520.104b-I (c)( 1 )(i), (iii), and (.iv). The noti !kalinn shall set forth, in a 

manner calculated to be understood by the claimant-

(a) The specific reason or masons for the adverse detennination; 

(h) Reference to the specific plan provisions on which lhe determination 

is based; 

(c) A description of any additional material or infonmition necessary 

for the claimant to perfect the claim and an explanation of why Stich 

material or information is m:ces~,uy; 

(d) The address lo where the appeal must be submitted; and 

(e} A description of the plan's review procedures and the time limits 

applicable to such procedures, induding a statement of the 

claimant's righ1 to bring a civil action under section 502(a) of the 

Act tbJlo,wing an adverse benefit determination on review. 

(2) Benefit claim determinations shall be made in accordance with governing 

plan documents and plan provisions shall be applied consistently wilh 

respect to similarly situated clainm11is 1tt1less extenuating circumstances 

apply. 

(D) Appeal of adverse benefit dctcnnina!ions 

(I) In. general. 

(a) Claimants shall have !be 1ight to designate a reprcsL'l!tative to 

represent them in the claims and nppeals process. Any reference to 

clainumts shall include designated representatives, 

2 
RP 88:223

(b} Claimants shall have at least 60 days following receipt of a 

notification of an adverse benefit determination w.it11in which tr> 

appeal the dctcrmim1lion; 

(c) Claimants shall have the opportunity to submit written comments, 

documctll~, records, and other information relating lo the dai.m for 

benefits, 

(d) Cfai1ria11ts shall be provided, upon reqLtesl and free of charge, 

reasonabie access to, ai1d copies of; all documents, !'oc.ords., um! 

other information relevant to the claimant's da.im for benefits. 

(i) A document, rewrd, or other information shall be G(lnsidered 

"relevunt" lo ,1 claimant's claim if such document, record, or 

other information: 

(A) Was relied upon in making the benefit determination; 

(B) Was submitted, c,:msidered, or generated in the 

course of making the benefit determination, without 

regard !o whether such document, record, or other 

inl1mnalion was relied upon in making !he benefit 

delennination; 

(C) Demonstrntes compliance with the administrative 

processes and safeguards required pursuant lo 

paragraph (C)(2) of this seelion in making the benefit 

determination. 

(o) Any revie'\V shall lake into accOLml all cmnm.enls, doeumenLs, 

records, and other informaticm submitted by the claimant relating to 

the claim, without regard to whether such information was 

submitted or considered in the initial benefit determination, 

(E) Timing ofnotificatinn ofbenclit determination on review 

(1) In general. 

(11) This Plan's Board of'Trustees meets at least quarterly, The Plm1's 

Board of Trustees or designated committee shall make a benefit 

detennination no later than the date of the meeting of tl1e committee 

or board that immediately follows the plm1's receipt of a request for 

review, unless the request for revie1v is filed within 30 days 

preceding (he 1fate of such meeting, In such case, a benefit 

detenuina1ion may be made by rm later than !he date of the second 

meeting following the plan's receipt of !he nx1uest for review. If 

special circumstances (such as the need lo hold a hearing, if the 

plan's procedures provide for a hearing) require a further extension 

3 
RP 88:224

oftime for processing, a benefit detem1ination shall be rendered not 

later than the third meeting ofthe commiltcc or board folkiwing the 

plan's receipt of the request for review. If such an extension of time 

for review is .required because of special cin:i,mstanccs, tho plan 

adrninistnitor shall pmvidc l11e claimant with written notice of the 

exteasion, describing the spt:cial drcmnslanccs and the dale as of 

which the benefit determination will be made, prior to the 

commencement of the extension. The plan adminblrator shall notify 

the daim1mt, in accordance with paragraph (F) of this section, of the 

benefit dcterminali011 as soon as possible, but not later than 5 days 

alter tbe benefit determination is made. 

(2) Calculating time periuds. For purposes of paragraph (E) nfthis section, the 

period ()f time within which a be11cfit delennination on review is required 

lo be made shall begin at the time an appeal is filed in accordance with the 

reaso11abk procedure~ of a plan, without regard to ,11betber all the 

information neee,~sa,y to make a benefit determination on review 

accompanit'S th<l filing. In the event that a period of time is extended as 

pennitted pursuant to paragraph (E)(l J(a) of this section due to a claimant's 

failure to submit infom1atio11 necessary to decide a claim, the period for 

making the bcn.cfil detennirmtion 011 review shall be lolled from the date on 

\Vhich the noti.licntion oftlrn extension is sent to the daimunt until the date 

on which the dairmml responds to the rcqucs! 11:,r additional information. 

(3) Furnishing documents. In the case of an adverse bo11el1t determination on 

review, me plun administratm shall provide such access to, and copies of; 

documenls, records, and other infmmalion described in paragraph (F)( I)( c) 

of this section as is appropriate. 

(4) The Board's decision on review shall be final mu! binding. 

(FJ Manner and content of notification ofbcncli l delermim1tion on review. 

(l) Tho plan administrntor shall prnvido a claimant wilh written or clcctrnnh; 

notification of a plan's benefit delem1ination on review. Any elednmic 

notification shall comply with the standards imposcJ by 29 CFR 

2520.104b- I (c)( l )(i), (iii), and (iv). In the case of an adverse benefit 

dctcnnination, the notification shall set frmh, in a manner cakulatcd to be 

Ull(forstood by the claimant ~ 

(a) The specific 1·cason or reason~ for the adverse determination; 

(b) Reflorence to the specific pkm provisions on which the benefit 

determination is based; 

(c) A statement that the claimant is entitled to receive, upon request and 

free of charge., reasonable access to, and copies of, all documents, 

4 
RP 88:225

records, and other infonm1tion relevant to the c\aima11t's daim for 

benefits; 

(i) A document, record, or other information shall be considered 

"relevant" to a claimant's claim if such document, record, or 

other information: 

(A) V{as relied upon in making the benefit determination; 

(B) Was submitted, considered, or generated in the 

course of making the benefit determination, without 

regard to whether such docunwn!, record, or other 

information was relied upon in m11king the benefit 

dctcnninalion: 

(C) Demonstrates ,,ompliance with the administrative 

processes and safeguards required punmant to 

paragrnph (C)(2) of this section in 111.aking the benefit 

determination. 

(d) A statement ol'ihc claimant's right to bring an action under section 

502( a) or the Act; aud 

(c) Tho limi!ation imposed by Section 14.3(0). 

(G) Effective July IO, 2014, no legal action regarding an applicant's benefit may be 

commenced or filed againsl the Board ofTmstccs or the Plan more than I year after 

the mailing ()r th~ Board of Th1stccs' decision on uppeal as specified in Section 

14.3(E). 

5 
RP 88:226

n. Except as herein expressly a mended or modified herein, all of the terms and 

provisions or the PLAN arc hcl'tby affirmed, 

II\ W !TN ESS WHEREOF, this amemimenl h11s been execulcd by the Trustees on this 20'1

' day 

of March, 2018 

MANAGEJ\'ll£NT TRUSTEES 
RP 88:227

AMENDMENT NO. 3 

TO THE ROOFERS LOCAL 88 

PENSION PLAN 

WHEREAS, this Plan was amended and restated effective May 1, 2014; and 

WHEREAS, Article XVIII, Section 18. l pennits the Trustees to amend or modify this Plan 

at any time by majority vote, retroactively if necessary, to meet the qualification and exemption 

requirements of the Code or to meet any of the requirements of the Act or corresponding provisions 

of any subsequent or amendatory federal legislation which is applicable; and 

NOW THEREFORE, the Board of Trustees has declared and agreed that the Plan shall be 

amended as follows: 

A. Effective March 1, 2019, Section 14.3(H) shall be added to read as follows: 

(H) Effective for any suit brought in Court against this Plan or this Plan's Board of 

Trustees on or after February 1, 2019, such suit must be filed in the United States 

District Court for the Northern District of Ohio. If such matter is not pre-empted 

or is subject to the exclusive jurisdiction of the state, the suit must be brought in 

Stark County Common Pleas Court in Canton, Ohio. 
RP 88:228

B. Except as herein expressly amended or modified herein, all of the terms and 

provisions of the PLAN are hereby affirmed. 

IN WITNESS WHEREOF, this Amendment No. 3 has been executed by the Trustees on this 

1311i day of March, 2019. 

MANAGEMENT TRUSTEES 

~~ 

/ ' / l/ 
RP 88:229

AMENDMENT NO. 4 

TO THE ROOFERS LOCAL 88 

PENSION PLAN 

WHEREAS, this Plan was amended and restated effective May 1, 2014; and 

WHEREAS, Article XVIII, Section 18.1 permits the Trustees to amend or modify this Plan 

at any time by majority vote, retroactively if necessary, to meet the qualification and exemption 

requirements of the Code or to meet any of the requirements of the Act or corresponding provisions 

of any subsequent or amendatory federal legislation which is applicable; and 

NOW THEREFORE, the Board of Trustees has declared and agreed that the Plan shall be 

amended as follows: 

A. Effective January 1, 2020, Section 12.17 shall be amended to read as follows: 

12.17 Commencement of Benefits and Method of Payment 

(A) The commencement date for pension payments shall be in accordance with the 

appropriate Plan provisions as stated in Articles III through VII. A Participant's 

benefits shall be distributed to him by the Required Beginning Date, which shall 

not be later than April 1st of the calendar year following the later of: 

(1) the calendar year in which the Participant attains age 701⁄2 (72 for 

Participants who attain age 701⁄2 on or after January 1, 2020); or 

(2) the calendar year in which the Participant ceases to be employed in Covered 

Employment where contributions are being paid to the Plan on his/her 

behalf. 

( a) However this subsection (2) shall not apply in the case of a 

Participant who is or was a "five-percent" owner at any time during 

his/her participation in the Plan. A five percent owner shall 

commence his/her benefits under subsection (1 ). 

(B) Unless the mode of distribution is a single sum payment, distributions will be made 

each year in one of the following ways: 

(1) Over the life of the Participant 

(2) Over the life of the Participant and the designated Beneficiary; 

(3) Over the period certain not extending beyond the life expectancy of the 

Participant; or 
RP 88:230

( 

( 

( 4) Over a period not extending beyond the joint life and last survivor 

expectancy of the Participant and a designated Beneficiary. 

(C) If a distribution is considered to have connnenced in accordance with the Internal 

Revenue Service (IRS) regulations before the Participant's death, the remaining 

interest will be distributed at least as rapidly as under the method of distribution 

being used as of the date of the Participant's death. 

(D) If the Participant dies before the time when distribution is considered to have 

commenced in accordance with the IRS regulations, it shall satisfy the following 

requirements: 

(1) Any remaining portion of the Participant's interest that is not payable to a 

Beneficiary designated by the Participant will be distributed within five 

years after the Participant's death; and 

(2) Any portion of the Participant's interest that is payable to a Beneficiary 

designated by the Participant will be distributed either 

(a) within five years after the Participant's death; or 

(b) over the life of the Beneficiary; or 

(c) over a period certain not extending beyond the life expectancy of the 

Beneficiary, commencing not later than the end of the calendar year 

following the calendar year in which the Participant died (or, if the 

designated Beneficiary of the Participant's surviving Spouse, 

connnencing not later than the end of the calendar year following 

the calendar year in which the Participant would have obtained age 

701⁄2 [72 for Participants who attain age 701⁄2 on or after January I, 

2020]). 

{E) Any benefit provided under this Plan shall be subject to the requirements of Code 

section 401(a)(9) and any regulations, revenue rulings, notices and other guidance 

either promulgated by the Secretary of the Treasury or published in the Internal 

Revenue Bulletins. The requirements of Section 401 (a)(9) of the Internal Revenue 

Code of 1986 are incorporated by reference, including Code section 401(a)(9)(G) 

and regulation sections 1.401(a)(9)-2 to 1.401(a)(9)-9. These provisions override 

any distribution options in the Plan inconsistent with Code section 401(a)(9). 

2 
RP 88:231

B. Except as herein expressly amended or modified herein, all of the terms and 

provisions of the PLAN are hereby affirmed. 

IN WITNESS WHEREOF, this Amendment No. 4 has been executed by the Trustees on this 19th 

day of February, 2020. 
RP 88:232

AMENDMENT NO. 5 

TO THE ROOFERS LOCAL 88 

PENSION PLAN 

WHEREAS, this Plan was amended and restated effective May I, 2014; and 

WHEREAS, Article }.'VIII, Section 18.1 permits the Trustees to amend or modify this Plan 

at any time by majority vote, retroactively if necessary, to meet the qualification and exemption 

requirements of the Code or to meet any of the requirements of the Act or corresponding provisions 

of any subsequent or amendatory federal legislation which is applicable; and 

NOW THEREFORE, the Board of Trustees has declared and agreed that the Plan shall be 

amended as follows: 

A. Effective June 24, 2020, Section 12.23 shall be added to the Plan to read as follows: 

12.23 Multiemployer Pension Reform Act of2014 

(A) If the Plan qualifies pursuant to the Mu!tiemployer Pension Reform Act of 2014 

("MPRA"), the Plan may pursue reductions in vested benefits, but only to the extent 

and in accord with the procedures set forth in MPRA. 

B. Effective June 24, 2020, Section 16.4 shall be amended to read as follows: 

16.4 Actuarial Valuations and Plan Review 

(A) The rules, regulations, and the benefits provided under the Plan have been adopted by 

the Board of Trustees on the basis of actuarial estimates which have been established 

to the extent sufficient to support the Plan on a permanent basis. However, it is 

recognized that in the future, the income ancl/or liabilities of the Pension Fund may be 

substantially different than those previously anticipated. The Board of Trustees shall 

have prepared at least annually an actuarial valuation oftbe Pension Fund. Upon the 

basis of all facts and circumstances, the Board of Trustees may from time to time 

amend these rules, regulations and benefits provided for thereby, including any 

increase or decrease in benefit amom1ts. No such decrease may operate to reduce any 

vested benefits illlless permitted pursuant to the Multiemployer Pension Reform Act 

of 2014 ("MPRA"). 
RP 88:233

C. Except as herein expressly amended or modified herein, all of the terms and 

provisions of the PLAN are hereby affirmed. 

IN WITNESS WHEREOF, this Amendment No. 5 has been executed by the Trustees on this 24th 

day of June, 2020. 
RP 88:234

' _: • < • 

-.... !il!la!· . . U,'11 

0 : . 

~ .·. • 

d. 

,. . ' ·, 

,, -

. . 

. . 

. R ~,-SIi : . 

SUMMARY PLAN DESCRIPTION 

OF THE 

ROOFERS LOCAL NO. 88 PENSION PLAN 

Effective May 1, 2017* 

' Except as Otherwise Noted 
RP 88:235

ROOFERS LOCAL NO. 88 PENSION PLAN 

BOARD OF TRUSTEES 

Management Trustees Union Trustees 

Dave Frech 

Bruce Martin 

Mike Wagoner 

SPECIAL NOTICE 

ADMINISTRATIVE MANAGER 

Nicole Eagan, President 

Stewart C. Miller & Co., Inc. 

2111 West Lincoln Highway 

Merrillville, Indiana 46410 

Phone: (219) 7 69-6944 

Fax: (219) 769-4834 

PLAN COUNSEL 

Timothy P. Piatt, Esq. 

Macala & Piatt, L.L.C. 

60 I South Main Street 

North Canton, Ohio 44720 

Phone: (330) 493-1570 

Fax: (330) 493-7042 

Email: tppiatt@mgplaborlaw.com 

Chris Carter 

Glen Doan 

Ray Sipe 

It is extremely important that you keep the Plan informed of any change in address or desired 

change in Beneficiary. This is your obligation and failure to fulfill this obligation could jeopardize 

your eligibility or benefits. The importance of a current, correct address ON FILE AT THE PLAN 

OFFICE cannot be overstated. It is the ONLY WAY the Trustees can keep in touch with you 

regarding Plan changes and other developments affecting your interests under the Plan. 
RP 88:236

TABLE OF CONTENTS 

INTRODUCTION .......................................................................................................................... i 

I. DEFINITIONS .................................................................................................................. 1 

II. ELIGIBILITY FOR PARTICIPATION ...................................................................... 14 

III. CREDITING OF SERVICE .......................................................................................... 15 

IV. TYPES OF BENEFITS .................................................................................................. 16 

V. NORMAL RETIREMENT BENEFIT ......................................................................... 16 

VI. EARLY RETIREMENT BENEFIT .............................................................................. 18 

VII. JOINT AND SURVIVOR BENEFIT ............................................................................ 18 

VIII. FIVE-YEAR AND TEN-YEAR CERTAIN BENEFITS ............................................ 21 

IX. DEATH BENEFITS ........................................................................................................ 22 

X. VESTING ......................................................................................................................... 24 

XI. COMMENCEMENT OF BENEFITS AFTER NORMAL RETIREMENT AGE ... 25 

XII. TAXATION OF BENEFIT PAYMENTS .................................................................... 25 

XIII. SUSPENSION OF BENEFITS ...................................................................................... 26 

XIV. NON-COVERED BARGAINING-UNIT EMPLOYMENT SANCTION ................. 28 

XV. MISCELLANEOUS INFORMATION ......................................................................... 28 

XVI. CLAIMS AND APPEALS PROCEDURES ................................................................. 29 

XVII. STATEMENT OF YOUR RIGHTS UNDER ERISA ................................................. 32 

XVIII.ADDITIONAL INFORMATION REQUIRED BY ERISA ....................................... 34 

3 
RP 88:237

To: Participants, Surviving Spouses, and Beneficiaries 

We are pleased to distribute this Summary Plan Description ("SPD"). This SPD summarizes the 

eligibility rules for participation in the Plan, the benefits provided to those who are eligible, and 

the procedures that must be followed when you apply for a benefit nnder the Plan. 

Also included is important information concerning the administration of the Plan and your rights 

under the Plan. 

A number of important changes have been made to the Plan since the last SPD was distributed. 

AS A RESULT, YOU SHOULD READ THIS SPD CAREFULLY so that you are up-to-date 

on the financial protections now provided to you by this Plan. From time to time, other changes 

and improvements to the Plan will be made. Of course, we will keep you fully informed about 

such developments. 

This is your SPD describing your Plan. Please be certain to keep this document in a safe place for 

future reference. As changes occur to the Plan, revised pages will be mailed to you with 

instructions pertaining to the pages to be deleted and those to be inserted. If at any time you have 

questions about the Plan, please do not hesitate to call or write the Administrative Manager for 

assistance. 

Unless otherwise noted, the rules and procedures described in this SPD apply to Participants who 

have at least one (1) hour of service on or after May 1, 2014, which is the date of the most recent 

restatement of the Plan document. 

Sincerely, 

Board of Trustees 

ROOFERS LOCAL NO. 88 PENSION PLAN 
RP 88:238

INTRODUCTION 

It is very important that you carefully review this SPD both now and when you begin to consider 

retirement. 

Briefly, we would like to call your attention to the definitions found on the pages immediately 

following this page. These definitions explain the meaning of each of the terms used in this SPD 

upon which your eligibility for various benefits is based. Therefore, it is important that you read 

and understand each of these definitions before reviewing the various benefits provided by the 

Plan, as well as before you consider submitting an application for benefits. 

The definitions will provide you with the information as to whether you have acquired sufficient 

service as of any given date to be eligible for a specific benefit. Further, the definitions contain an 

explanation of your non-forfeitable rights to an earned retirement benefit at such time as you may 

become a Vested Participant. 

Please note that the receipt of this SPD does not mean that you are eligible for benefits under the 

Plan. Your eligibility will be determined by the rules of eligibility for participation as listed in this 

SPD. The Trustees have the full discretionary authority to determine eligibility for benefits and to 

construe any uncertain terms. 

If you have any questions concerning your eligibility or the benefits provided by the Plan, please 

contact the Administrative Manager. 

It also should be noted that this SPD represents a summary of the provisions of the Plan, which 

are stated in their entirety in the Plan document. Every effort has been made to avoid any conflict 

between the text of this SPD and that of the Plan document. If there is a conflict between this SPD 

and the Plan document, the Plan document will control. 
RP 88:239

I. DEFINITIONS 

1. Accrued Benefit: The term "Accrued Benefit" means a lifetime monthly benefit 

( commencing at Normal Retirement Age) that has been earned by the Participant and is in 

effect at any particular time based on such person's years of credited service and the benefit 

formula established under the Plan. 

2. Active Participant: The term "Active Participant" means a Participant who has not yet 

become a retired, disabled, or deceased Participant, who has not yet suffered a Forfeiture 

of Service, and who has accrued at least one (1) Year of Service out of the two (2) preceding 

Plan Years. 

3. Actuarial Value: The term "Actuarial Value" means a benefit having the same value as 

the benefit that it replaces. Unless otherwise specified, this value will be determined based 

upon the assumptions and methods provided by the Plan's actuary. 

4. Administrative Manager: The term "Administrative Manager" means the manager 

employed by the Board of Trustees in accordance with the Agreement and Declaration of 

Trust, as amended or restated. 

5. Alternate Payee: The term "Alternate Payee" means a Participant's Spouse, former 

Spouse, child, or other dependent who is recognized by a Qualified Domestic Relations 

Order as having a right to receive all or a portion of the Participant's benefits under the 

Plan. 

6. Association: The term "Association" means the Akron-Canton Sheet Metal and Roofing 

Contractors Association. 

7. Beneficiary: The term "Beneficiary" means the person or entity designated to receive 

benefits that are or may be payable after the Participant's death. 

If a Participant or Former Participant dies, his or her Beneficiary is the Spouse to whom 

the Participant or Former Participant was married at the time of death, unless the Spouse 

consented in writing to the designation of a non-Spouse Beneficiary, the consent 

acknowledged its effect, and the consent was witnessed by a representative of the Plan or 

by a notary public. 

For an unmarried Participant, the term "Beneficiary" means the person(s) designated by 

the Participant's latest written notice to the Board of Trustees prior to the Participant's 

death. 

In the event no valid Beneficiary designation form was filed with the Board of Trustees 

prior to the date of death of an unmarried Participant, or if the Participant was not survived 

by a designated Beneficiary, the Beneficiary would be deemed to be the first in the 

following classes who is living at the date of the Participant's death: 

(A) Participant's legal Spouse, if any; 

1 
RP 88:240

(B) Participant's legal child or children, in equal shares; or 

(C) If no legal Spouse or legal child survives the Participant, the death benefit would 

be paid to the executor or administrator of the estate of the Participant or Former 

Participant for distribution to such person( s) then living who would receive the 

personal property of the Participant or Former Participant under the statutes of 

descent and distribution of the state oflegal domicile of the Participant or Former 

Participant at the time of such person's death. 

8. Board of Trustees: The term "Board of Trustees" means the entity comprised of an equal 

number of Union Trustees and Management Trustees, as required by the LaborManagement Relations Act of 194 7, as amended. The Board of Trustees is the entity 

responsible for administering the Plan and, thus, is the "Plan Administrator," as that term 

is defined under ERISA. 

9. Break in Service: A "Break in Service" occurs when an eligible Participant fails to acquire 

at least four hundred thirty-five (435) Hours Worked in any Plan Year. It is not considered 

a Break in Service if the Participant is unable to maintain a Year of Service because of an 

accident or illness or as a result of service in the Armed Forces of the United States, 

provided that the Administrative Manager is notified of such accident, illness or service in 

the Armed Forces on a form satisfactory to the Trustees. 

If a Participant has an absence from work with an Employer due to the following reasons: 

(A) the Participant's pregnancy; 

(B) the birth of the Participant's child; 

( C) by reason of the placement of a child with the Participant in connection with the 

adoption of such child by the Participant, including placement with the Participant 

for a trial period prior to adoption; or 

(D) caring for such child for a period beginning immediately following such birth or 

placement, 

then the Participant would be credited with Hours of Service, provided that he or she 

furnishes to the Trustees such timely information as the Trustees would reasonably require 

to establish that the absence from work was for one of the reasons referred to above and 

the number of days for which there was such an absence. The Hours of Service would be 

credited only to the Plan Year in which the period of absence begins if, but for such 

crediting, there would be a I-year Break in Service in such Plan Year. In any other case, 

the Hours of Service would be credited to the next following Plan Year. The Hours of 

Service to be credited are the Hours of Service that otherwise would normally have been 

credited to the Participant but for such absence. If the number of such hours cannot be 

determined, eight (8) hours would be credited per day of such absence. In no event, 

however, would more than four hundred thirty-five ( 435) Hours of Service be credited for 

such period of absence. Hours of Service would be credited solely for purposes of 

preventing the occurrence of a Break in Service. 

2 
RP 88:241

A Participant would be credited with Hours of Service for each hour for which he or she is 

absent from work due to Qualified Military Service in the Armed Forces of the United 

States, as defined herein, for the sole purpose of determining whether a Break in Service 

has occurred. Hours of Service would be credited only to the extent that they would have 

been credited but for such absence. If such number of Hours of Service cannot be 

determined, then Hours of Service would be credited at the rate of eight (8) Hours of 

Service per day of absence. In no event, however, would the number of Hours of Service 

exceed the minimum number of Hours of Service needed to prevent the occurrence of a 

Break in Service in the Plan Year during which such absence begins. No Hours of Service 

would be credited unless the Participant is in the active service of a participating Employer 

prior to the absence due to such Qualified Military Service, such absence does not exceed 

five ( 5) years, and the Participant fulfills the notice requirements related to his or her 

military service, as described in more detail under the definition of "Qualified Military 

Service" found elsewhere in this section of the SPD. 

In the case of a Participant with a vested benefit who suffers a Break in Service and who 

returns to Covered Service with a contributing Employer, then that Participant would be a 

Participant in the Plan immediately upon returning to Covered Service with the Employer. 

In the case of a Participant who has no vested benefit, who sustains a Break in Service but 

not a Forfeiture of Service, and whose number of consecutive years in which he or she has 

incurred a Break in Service is less than the number of years of service for which he or she 

has received credit, then that Participant would be a Participant in the Plan immediately 

upon returning to Covered Service with a contributing Employer. 

10. Collective Bargaining Agreement: The term "Collective Bargaining Agreement" means 

the written agreement between the Union and the Association that governs the Employees' 

wages, hours, and working conditions in covered employment. 

11. Compensation: The term "Compensation" includes only that Compensation that 1s 

actually paid to the Participant during the determination period or Plan Year. 

12. Computation Period: The term "Computation Period" refers to the period for 

commencement of eligibility to participate in the Plan. The Computation Period begins on 

the first day that an employee earns an hour of service with a contributing Employer and 

ends on the last day of the payroll period twelve (12) consecutive months thereafter. 

13. Contiguous Non-Covered Service: The term "Contiguous Non-Covered Service" means 

Non-Covered Service with the same Employer that immediately precedes or immediately 

follows Covered Service where no quit, discharge, lay-off, or retirement occurs between 

such Covered Service and Non-Covered Service, 

14. Contributions: The term "Contributions" means payments to the Fund by a contributing 

Employer, as required under the applicable Collective Bargaining Agreement or other 

written agreement. 

15. Covered Service: The term "Covered Service" means service with an Employer within a 

job classification or class of Employees who are covered under the Plan and for which 

3 
RP 88:242

Compensation is paid, or for which the Participant is entitled to payment, in accordance 

with the applicable Collective Bargaining Agreement or other written agreement. 

16. Domestic Relations Order: The term "Domestic Relations Order" means a judgment, 

decree, or order, including approval of a property settlement agreement, that 

(A) relates to the provision of child support, alimony payments, or marital property 

rights to the Participant's Spouse, former Spouse, child, or other dependent; and 

(B) is made pursuant to a state domestic relations law, including community property 

law. 

17. Early Retirement Age: The term "Early Retirement Age" means the age prior to the 

Participant's sixtieth (60th) birthday when he or she reaches age fifty-five (55) and has been 

credited with at least one (I) hour of service after May 1, 1999, and has been credited with 

five ( 5) or more years of service. 

18. Employees: The term "Employees" refers to (a) all persons who are represented (for the 

purpose of collective bargaining) by the Union and for whom Employers make 

Contributions to the Fund in accordance with Collective Bargaining Agreements (these 

Employees are called "collectively bargained Employees"); (b) all persons who were 

collectively bargained Employees ( as defined above), provided that they perform services for 

at least one Employer that is a party to the Collective Bargaining Agreements and that is 

required to make Contributions to the Fund (these Employees are called "bargaining unit 

alumni"); and ( c) all persons who work for the Union and who participate in the Plan 

without discrimination, but who do not fit into one of the two classifications listed above 

(these Employees are called "non-collectively bargained Employees"). 

The term "Employees" does not include partners or self-employed persons no matter how 

they are designated; such persons are excluded from coverage under this Plan. 

Employees will not be ineligible to participate in the benefits of this Plan because of their 

participation in labor disputes or because of their absence from work due to such labor 

disputes, or because of their being locked out by their Employer(s). 

19. Employer: The term "Employer" means: 

(A) An Employer that is a party to Collective Bargaining Agreements with the Union 

as a result of its affiliation with the Association. 

(B) Any individual, firm, Association, partnership, or corporation that is performing 

work in the Roofing Industry and that is bound by Collective Bargaining 

Agreements with the Union and, in accordance with the terms, agrees to participate 

in and contribute to the Fund. The participation of Employers will be on terms that 

the Trustees will determine. 

4 
RP 88:243

(C) If the Trustees by resolution so provide, and if not judicially determined by a court 

of final jurisdiction to be a violation of any law or statute, the term "Employer" also 

may include the Union for its Employees, provided that the Union: 

1. becomes contractually obligated to make Contributions on behalf of its 

Employees; 

2. signs a copy of the applicable agreement or, in some other manner 

acceptable to the Trustees, consents in writing to be bound by the terms of 

the applicable agreement; and 

3. has been accepted for participation in the Plan by the Trustees on terms that 

the Trustees, in their absolute discretion, will determine. 

(D) By making payments to the Fund pursuant to a Collective Bargaining Agreement 

or other written agreement, an Employer will be conclusively deemed to have 

accepted and to be bom1d by the terms of the Plan. 

20. ERISA: The acronym "ERISA" refers to the Employee Retirement Income Security Act 

of 1974, as amended. 

21. Forfeited Service; Forfeiture of Service: The term "Forfeited Service" or "Forfeiture of 

Service" has the following meanings: 

(A) The term "Forfeited Service" or "Forfeiture of Service" means the number of years of 

service as otherwise credited to a Participant that becomes forfeited. If a non-vested 

employee forfeits service under this Plan and subsequently returns to employment 

with a contributing Employer, then he or she would be treated as if he or she were a 

new employee first beginning to work with that Employer. A vested employee cannot 

forfeit service under this Plan. 

(B) For Plan Years prior to May 1, 1985, all service credited to a non-vested employee 

will be forfeited at the time the employee suffers consecutive !-year breaks in service 

equal to or exceeding such credited service. 

(C) For Plan Years commencing on or after May 1, 1985, all service credited to a nonvested employee will be forfeited at the time the employee suffers consecutive 1-year 

breaks in service equaling or exceeding the greater of five (5) or the employee's 

aggregate number of years of service preceding such Break in Service. 

(D) No benefits will be based on Hours Worked for which years of service were credited 

and that later become Forfeited Service. 

22. Former Participant: The term "Former Participant" means a Participant who has not yet 

become a retired, disabled, or deceased Participant, has not yet suffered a Forfeiture of 

Service, and has not accrued at least one (1) Year of Service out of the two (2) preceding 

Plan Years. 

5 
RP 88:244

23. Future Service: The tenn "Future Service" means the Participant's years of service 

subsequent to the later of May 1, 1970, or the date the employee becomes a Participant in 

the Plan. 

24. Hours of Service; Hours Worked: For purposes of participation, vesting, eligibility, and 

benefit accruals, the Board of Trustees has adopted the use of the alternative equivalency 

method, so the terms "Hours of Service" and "Hours Worked" mean the following: 

(A) Each hour for which an employee is paid or entitled to payment for the performance 

of duties for a contributing Employer and hours for which back pay, irrespective of 

mitigation of damages, is awarded or agreed to by the Employer, to the extent that 

such award or agreement is intended to compensate the employee for periods during 

which he or she would have been engaged in the performance of duties for that 

Employer. 

(B) Each hour for which an employee is absent from work due to a maternity or 

paternity leave of absence, as defined in the Plan, for the sole purpose of 

determining whether a Break in Service has occurred. Hours of Service will be 

credited only to the extent that they would have been credited but for such absence, 

or if such number of Hours of Service credited under this provision exceeds the 

minimum number of Hours of Service needed to prevent the occurrence of a Break 

in Service in the Plan Year such absence begins. However, if, in the Plan Year in 

which such absence begins, the employee were to have a sufficient number of 

Hours of Service to prevent the occurrence of a Break in Service without regard to 

this provision, then the employee would be credited with the minimum number of 

Hours of Service needed to prevent the occurrence of a Break in Service during the 

Plan Year that immediately follows the Plan Year in which the absence begins. No 

Hours of Service under this provision will be credited unless the employee 

furnishes to the Board of Trustees timely information as the Trustees may 

reasonably require to establish that: (a) the employee's absence from work is due 

to the reasons referred to above; and (b) the number of days for which there was 

such an absence. 

( C) Each hour for which an employee is absent from work due to "Qualified Military 

Service," as that term is defined elsewhere in this SPD, for the sole purpose of 

determining whether a Break in Service has occurred. Hours of Service pursuant to 

this subsection would be credited only to the extent that they would have been 

credited but for such absence, or if such number of Hours of Service cannot be 

determined, then at the rate of eight (8) Hours of Service per day of absence. In no 

event, however, would the number of Hours of Service credited pursuant to this 

subsection exceed the minimum number of Hours of Service needed to prevent the 

occurrence of a Break in Service in the Plan Year such absence begins. If in the 

Plan Year such absence begins, the employee had earned a sufficient number of 

Hours of Service to prevent the occurrence of a Break in Service without regard to 

this subsection, then the employee would be credited with the minimum number of 

Hours of Service needed to prevent the occurrence of a Break in Service during the 

Plan Year that immediately follows the Plan Year in which the absence begins. 

6 
RP 88:245

(D) Hours of Service will be credited for employment with other members of an 

affiliated service group (as defined under Internal Revenue Code Section 414(m)), 

a controlled group of corporations ( as defined under Internal Revenue Code Section 

4!4(b)), or a group of trades or businesses under common control (as defined under 

Internal Revenue Code Section 414)(c)), of which the adopting Employer is a 

member, and any other entity required to be aggregated with the Employer pursuant 

to Internal Revenue Code Section 414(0). 

(E) All Hours of Service performed by a Participant of this Plan, which are transferred 

and credited in accordance with the terms of a reciprocal agreement between this 

Plan and such other plan as may be a party to such reciprocal agreement. 

Conversely, all hours of work transferred from this Plan to any other plan in 

accordance with the terms of a reciprocal agreement between this Plan and such 

other plan will be deducted from the records of this Plan and will no longer be 

applicable in determining the employee's participation, vesting, and eligibility 

status. 

(F) There is no duplication of crediting Hours of Service. No more than five hundred 

one (501) Hours of Service will be credited for payments of back pay, to the extent 

that back pay is agreed to or awarded for a period of time during which the 

employee did not or would not have performed duties. 

25. Jurisdiction of the Union: The term "Jurisdiction of the Union" means the industry, trade, 

or craft in the geographical area over which the Union has jurisdiction. 

26. Non-Covered Roofing Employment: The term "Non-Covered Roofing Employment" 

means self-employment in the Roofing Industry or employment for an Employer that does 

not have a Collective Bargaining Agreement with the Union. 

27. Non-Covered Service: The term "Non-Covered Service" means service with an Employer 

maintaining the Plan that is not Covered Service. 

28. Normal Retirement Age: The term "Normal Retirement Age" is defined as follows: 

(A) Prior to May I, 1999, Normal Retirement Age means the earlier of: 

(!) the time the Participant attains at least age sixty (60) and has been credited 

with ten (I 0) years of service; or 

(2) the later of: 

(a) age sixty-five (65); or 

(b) the fifth anniversary of the time the Participant first commences 

participation in the Plan. 

7 
RP 88:246

(B) For a Participant who has at least one (1) hour of service on or after May 1, 1999, 

Normal Retirement Age means the earlier of: 

(1) the time he or she attains at least age sixty (60) and has been credited with 

five ( 5) years of service; or 

(2) the later of: 

(a) age sixty-five (65); or 

(b) the fifth anniversary of the time the Participant first commences 

participation in the Plan. 

29. Normal Retirement Date: The term "Normal Retirement Date" means the first day of the 

month coincident with or immediately following the Participant's Normal Retirement Age. 

30. Participant: The term "Participant" means an employee who is eligible to participate in 

the Plan. 

31. Plan: The term "Plan" means the Roofers Local No. 88 Pension Plan, as amended. 

32. Plan Administrator: The Board of Trustees is the entity responsible for administering the 

Plan, so it is defined as the "Plan Administrator" under ERISA. 

33. Plan Year: The term "Plan Year" means the 12-month period beginning on May I and 

ending on the following April 30. 

34. Qualified Domestic Relations Order: The term "Qualified Domestic Relations Order" or 

"QDRO" is defmed as follows: 

(A) A QDRO is a Domestic Relations Order that is issued by a court of competent 

jurisdiction and creates or recognizes the existence of an Alternate Payee's right to, 

or assigns to the Alternate Payee the right to, receive all or a portion of the benefits 

payable with respect to a Participant or Former Participant under the Plan. To be a 

QDRO, the Domestic Relations Order must satisfy the following conditions: 

(1) The Domestic Relations Order must specify the name and last known 

mailing address (if any) of the Participant or Former Participant; 

(2) The Domestic Relations Order must specify the name and mailing address 

of each Alternate Payee covered by the Domestic Relations Order; 

(3) The Domestic Relations Order must specify the amount or percentage of the 

Participant's or Former Participant's benefits to be paid by the Plan to each 

such Alternate Payee, or the manner in which such amount or percentage 

will be determined; 

8 
RP 88:247

(4) The Domestic Relations Order must specify the number of payments or 

periods to which the Domestic Relations Order applies; 

( 5) The Domestic Relations Order must identify any other plan to which the 

Domestic Relations Order applies; 

( 6) The Domestic Relations Order must not require the Plan to provide any type 

of benefit, any form of benefit, or any benefit option that is not otherwise 

provided under the Plan; 

(7) The Domestic Relations Order must not require the Plan to provide 

increased benefits, as determined on the basis of Actuarial Value; and 

(8) The Domestic Relations Order must not require payments to an Alternate 

Payee that are required to be paid to another Alternate Payee under another 

Domestic Relations Order that had previously been determined to be a 

QDRO. 

(B) The Plan maintains internal procedures for the processing Domestic Relations 

Orders to determine if they are QDROs. You may obtain a copy of the internal 

procedures from the Administrative Manager 

35. Qualified Joint and Survivor Benefit: The term "Qualified Joint and Survivor Benefit" 

or "Joint and Survivor Benefit" means a form of benefit that provides: (a) monthly annuity 

payments to the Vested Participant for life; and (b) monthly annuity payments for life to 

the Spouse of the Vested Participant, to be paid in an amount equal to fifty percent (50%) 

(or seventy-five percent (75%) or one hundred percent (100%), depending on their 

election) of the amount paid to the Participant, provided that the Spouse survives the Vested 

Participant. A qualified joint and fifty percent (50%) (or seventy-five percent (75%) or one 

hundred percent (100%), depending on their election) survivor benefit is the actuarial 

equivalent of a single annuity for the life of the Participant. 

36. Qualified Military Service: The term "Qualified Military Service" means any absence 

from work by reason of active duty in the Armed Forces of the United States. An employee 

will be given full credit for benefit accrual, Hours of Service, participation, vesting, and 

years of service for time periods, not to exceed five ( 5) years, in which he or she was absent 

from work due to Qualified Military Service. 

(A) The 5-year limitation indicated above will not include any service: 

(1) That is required beyond five (5) years to complete an initial period of 

obligated service; 

(2) During which the individual was unable to obtain orders releasing him or 

her from military service before expiration of the 5-year period, and such 

inability was through no fault of the individual; 

9 
RP 88:248

(3) Performed as required pursuant to the ready reserve training requirements, 

required drills and field exercises and/or participation in field exercises, or 

to fulfill additional training requirements determined and certified in 

writing by the Secretary of the military department concerned to be 

necessary for professional development or for completion of skill training 

or retraining; 

(4) Performed by a member of the military service who is: 

(a) Ordered to or retained on active duty as a reserve pursuant to certain 

provisions of federal law or as a recall to duty or detention beyond 

terms of enlistment (in the case of the Coast Guard) pursuant to 

certain provisions of federal law (i.e., war or national emergency); 

(b) Ordered to or retained on active duty ( other than for training) under 

any provision of law during a war or during a national emergency 

declared by the President or the Congress; 

( c) Ordered to active duty ( other than for training) in support, as 

. determined by the Secretary of the military department concerned, 

of an operational mission for which reserve personnel have been 

ordered to active duty under federal law; 

( d) Ordered to active duty in support, as determined by the Secretary of 

the military department concerned, of a critical mission or 

requirement of the military service; or 

(e) Called into military service as a member of the National Guard 

pursuant to federal law in the case of an insurrection, invasion, 

rebellion, or danger of rebellion. 

(B) Contributions will be made for the above leave of absence by the Plan or as 

otherwise determined at the discretion of the Board of Trustees, in compliance with 

federal law. 

(C) In order for a person to receive continuing benefits, as outlined above, the person 

must notify his or her Employer with advance written or oral notice of such military 

service. The person, upon completion of his or her military service, must notify the 

Employer of the person's intent to return to a position of employment with the 

Employer as follows: 

(I) In the case of a person whose period of military service is less than thirtyone (31) days, by reporting to the Employer: 

( a) not later than the beginning of the first full regularly scheduled work 

period on the first full calendar day following the completion of the 

period of military service and the expiration of eight (8) hours after 

10 
RP 88:249

a period allowing for the safe transportation of the person from the 

place of that military service to the person's residence; or 

(b) as soon as possible after the expiration of the 8-hour period referred 

to in clause (a), if reporting within the period referred to in such 

clause is impossible or unreasonable through no fault of the person, 

(2) In the case of a person who is absent from a position of employment for a 

period of any length for the purposes of an examination to determine the 

person's fitness to perform military service, by reporting in the same 

manner and time as provided for in subparagraph (C)(l) above, 

(3) In the case of a person whose period of military service is for more than 

thirty (30) days but less than one hundred eighty-one (181) days, by 

submitting an application for reemployment with the Employer not later 

than fourteen ( 14) days after the completion of the period of military 

service, or if submitting such application with such period is impossible or 

unreasonable through no fault of the person, the next first full calendar day 

when submission of such application becomes possible, 

( 4) In the case of a person whose period of military service is for more than one 

hundred eighty (180) days, by submitting an application for reemployment 

with the Employer not later than ninety (90) days after the completion of 

the period of military service, 

(D) Upon an employee's honorable discharge from Qualified Military Service, the 

employee's eligibility status under the Plan will be restored to the status that existed 

when he or she entered Qualified Military Service, provided that the employee 

fulfills the notice and documentation requirements outlined above, In addition to 

said requirements, the employee also will supply the Administrative Manager with 

copies of his or her discharge papers showing the date of his or her induction or 

enlistment in Qualified Military Service and the date of his or her discharge, Failure 

on the part of the employee to file such documentation with the Administrative 

Manager may be deemed as an indication that the employee does not wish to restore 

his or her eligibility status under the Plan, 

(E) A person who is hospitalized for, or convalescing from, an illness or injury incurred 

in, or aggravated during, the performance of military service will, at the end of the 

period that is necessary for the person to recover from such illness or injury, report 

to the person's Employer (in the case of person described in subparagraph (C)(l) 

or (C)(2) above), or submit an application for reemployment with such Employer 

(in the case of a person described in subparagraph (C)(3) or (C)(4) above), The 

period of recovery may not exceed two (2) years, However, the time period will be 

extended by the minimum amount of time necessary to accommodate 

circumstances that are beyond the person's control and that make reporting within 

that 2-year time period either impossible or unreasonable, 

11 
RP 88:250

37. Qualified Pre-Retirement Survivor Benefit: The term "Qualified Pre-Retirement 

Survivor Benefit" means a survivor annuity for the life of the Participant's surviving 

Spouse and payable in accordance with the Plan's distribution provisions, which are 

discussed in more detail elsewhere in this SPD. 

38. Roofing Industry: The tenn "Roofing Industry" means any and all types of work covered 

by Collective Bargaining Agreements to which the Union is a party, or nnder the 

Jurisdiction of the Union, as that trade jurisdiction is described in the International Union's 

Constitution, or any other work to which a roofer has been assigned, referred, or can 

perform because of his or her skills and training. The term "Roofing Industry" does not 

include employment in a related building trade, unless such employment is on referral by 

and authorized by the Union. 

39. Same Geographic Area: The term "Same Geographic Area" means the state of Ohio and 

portions of those states located as part of a Standard Metropolitan Statistical Area, as 

defined by the U.S. Census Bureau. 

40. Same Industry: The term "Same Industry" is defined as work within the same type of 

business activity ( or business activities) as that engaged in by any Employer maintaining the 

Plan. 

41. Same Trade or Craft: The term "Same Trade or Craft" means a trade or craft in which 

the retiree was employed at any time prior to his or her retirement under the Plan. It also 

includes any supervisory or managerial activity that is reasonably related to the underlying 

skills associated with the trade or craft for which the retiree was trained or in which he or 

she acquired his or her work experience. 

42. Spouse: The term "Spouse" or "eligible Spouse" is defined as follows: 

(A) The term "Spouse" or "eligible Spouse" means the legal Spouse of the Participant 

at the time a pre-retirement death benefit is first payable, or the legal Spouse of 

the Participant at the time the Participant commences receiving retirement 

benefits under the Plan. 

43. Trustee: The term "Trustee" means any natural person who is designated as a Trustee of the 

Plan pursuant to the Amended Agreement and Declaration of Trust, as well as his or her 

successor or successors. The te1m "Employer Trustee" means a person who is selected by 

the Association or by some of the Employers maintaining the Plan to serve as a Trustee of 

the Plan. The term "Union Trustee" means a person who is selected by the Union to serve 

as a Trustee of the Plan. The designation of Employer Trustee or Union Trustee does not 

affect or alter the duty of each Trustee to act in his or her fiduciary capacity. 

44. Union: The term "Union" means the Roofers Local No. 88. The Union has entered into 

certain Collective Bargaining Agreements with signatory Employers providing for the 

establishment of this Plan and requiring payment of Employer Contributions to the Fund. 

45. Vested Participant: The term "Vested Participant" is defined as follows: 

12 
RP 88:251

(A) The term "Vested Participant" means a Participant who has at least five (5) years of 

service. 

(B) The determination of vesting service for a Participant who works between collectively 

bargained and non-collectively bargained work will be made by crediting service to 

vesting under which the Participant works more than fifty percent ( 50%) of the time 

in the Plan Year. 

46. Year of Service: The tenn "Year of Service" means the number of years for which a 

Participant receives credit on the records of the Plan. Service will be equal to the number of 

years of past service plus the number of years of Future Service, as described below, and will 

be used for participation, vesting, eligibility for benefits. 

(A) Service prior to May 1, 1976: For a Participant who had been covered under the 

provisions of the original Plan, his or her last period of continuous service, as 

determined under the provisions of the original Plan, will be counted as service under 

the Plan, and such service will include the following: 

(1) Past continuous service: An employee will receive continuous service for the 

period May 1, 1958, to April 30, 1968, for service with an Employer or 

Employers within the Jurisdiction of the Union. One (1) year of continuous 

service will be granted if the employee can prove to the satisfaction of the 

Trnstees that he or she worked in covered employment during a fiscal year, 

and during which time the employee was not in retired status. A maximum of 

ten (10) years of past continuous service will be granted. If any employee, 

former Employer, Participant, or Former Participant performs at any time after 

May 1, 1994, at least one (1) hour of Non-Covered Roofing Employment 

within the same geographical area of the Union, as defined elsewhere in this 

SPD, then he or she will lose all past service for the purpose of calculating his 

or her benefit amount, provided, however, that any such loss of past service 

credit will not decrease his or her normal retirement benefit to an amount that 

is less than his or her accrned normal retirement benefit as of April 30, 1994. 

(2) Future Service: Future Service will be granted to Employees after May 1, 

1968. One (1) year of Future Service will be granted to an employee for each 

Plan Year during which he or she receives contribution credits on the records 

of this Plan. Any future continuous service, as otherwise granted to the 

employee prior to his or her suffering a Break in Service will be canceled. 

(B) Service on and after May 1, 1976: On and after May I, 1976, one (1) Year of Service 

will be granted to an employee who has met the requirements for initial eligibility to 

participate in this Plan. Subsequent years of service will be earned by a Participant 

who has at least four hundred thirty-five ( 435) hours of work within a Plan Year 

beginning with the Plan Year that includes the first anniversary of his or her 

employment commencement date. The total service of the Participant will not include 

any years of breaks in service. 

13 
RP 88:252

(C) For the purpose of determining a Year of Service, all Covered Service and all 

Contiguous Non-Covered Service with an Employer maintaining the Plan will be 

taken into account, provided however that no Contiguous Non-Covered Service will 

be credited under the Plan unless the Employer or Participant notifies the 

Administrative Manager of the Hours Worked by the Participant in Non-Covered 

Service within ninety (90) days after the date he or she becomes a Participant or the 

end of the first Plan Year in which he or she becomes a Participant, whichever is 

later. 

II. ELIGIBILITY FOR PARTICIPATION 

You must work four hundred thirty-five (435) hours within twelve (12) months of your first payroll 

period. Once you meet that four hundred thirty-five (435) hour requirement, you will become a 

Participant in the Plan upon the earlier of the following two dates: (I) November I of the current 

calendar year; or (2) the beginning date of the Plan Year (i.e., May 1) of the following calendar year. 

If you do not become a Participant within twelve (12) months of your first payroll period, you must 

meet the requirements of participation within the subsequent 12-month period as if you were a new 

employee first beginning to work for a contributing Employer. 

Example: If you became an employee on March I, 2017 and reached 435 Hours Worked by 

August 1, 2017, you would become a Participant in the Plan as of November 1, 2017, since 

November I, 2017 is earlier than May 1, 2018, which is the beginning date of the next Plan Year. 

If you did not reach 435 hours until December 1, 2017, you would not become a Participant in the 

Plan until May 1, 2018. 

Once you become a Participant, your eligibility for continued participation will be measured by 

service within each Plan Year, i.e., between each May 1 and the following April 30. In the event 

that you suffer a Forfeiture of Service, you would return to the status of a new employee and would 

be required to meet the foregoing requirements before again becoming a Participant in the Plan. 

You will be 100% vested upon reaching five (5) years of service. However, forfeited years and 

Breaks in Service, if any, will not be counted toward vesting. 

14 
RP 88:253

III. CREDITING OF SERVICE 

Service prior to May 1, 1968 (Past Service): 

For your service during the period of May I, 1958, through April 30, 1968, you will receive credit 

for one (!)Year of Service for each Plan Year during which you worked under the Jurisdiction of 

the Union. This period of Service is known as your past service. 

Service from May 1, 1968 through April 30, 1976 (Future Service): 

For your service during the period of May I, 1968, through April 30, 1976, you will receive credit 

for one (!) Year of Service for each Plan Year during which contribution credits were received on 

the records of the Plan on your behalf. Service on and after May I, 1968, is known as your Future 

Service. 

Service on and after May 1, 1976: 

On and after May I, 1976, one(!) Year of Service will be granted to you if you have met the 

requirements for initial eligibility to participate in the Plan. You will earn subsequent years of 

service for each Plan Year during which you have a total of four hundred thirty-five ( 435) Hours 

Worked. 

If you work less than four hundred thirty-five (435) hours within a Plan Year, you will have a 

Break in Service, and your total service will not include any Plan Year with a Break in Service. If, 

after May I, 1985, you have consecutive I-year breaks in service that equal or exceed the greater 

of either (a) five (5), or (b) your total years of service credited before your breaks in service, then 

your years of service prior to your breaks in service will be forfeited. 

Example: You have three (3) years of service. You then fail to work four hundred thirty five 

(435) hours in each of the following five (5) Plan Years. Your three (3) years of service prior to 

your five ( 5) breaks in service will be forfeited. Your total service will not include any of those 

three (3) forfeited years of service. In addition, no benefits will be based on Contributions for 

which years of service were credited but were later forfeited. 

If you are a Vested Participant, you cannot forfeit service under the Plan: 

Please note that, under current federal law, you will be one hundred percent (100%) vested upon 

reaching five (5) years of service and your pension benefit becomes non-forfeitable. However, 

forfeited years and breaks in service, if any, will not be counted toward vesting. 

For purposes of determining a Year of Service, all of your Covered Service with a contributing 

Employer and all Contiguous Non-Covered Service with an Employer maintaining the Plan will 

be taken into account. However, no Contiguous Non-Covered Service will be credited to the Plan 

unless the Administrative Manager is notified of your Hours Worked in Non-Covered Service 

within ninety (90) days after the date of participation or the Plan Year, whichever is later. All of 

your years of continuous service will count in the determination of your eligibility for benefits and 

vesting. 

15 
RP 88:254

Reciprocity 

If the Board of Trustees enters into "money-follows-the-man" reciprocity agreements, such 

agreements will be part of this Plan and all hours transferred to this Plan under such agreements 

will be credited as Hours Worked for crediting service under this Plan. Conversely, all hours 

transferred from this Plan in accordance with such reciprocity agreements will be removed from 

the records of this Plan and no longer will be credited for purposes of participation, vesting, 

eligibility, and benefit accrual. 

IV. TYPES OF BENEFITS 

The types of benefits under the Plan are as follows: 

( 1) normal retirement benefit; 

(2) early retirement benefit; and 

(3) death benefit. 

Note: No Participant will be eligible for more than one type of benefit at the same time. 

Once you begin to receive a benefit, you cannot later change your benefit type. 

The Plan provides certain optional forms of benefits that may be selected. Every optional form of 

benefit has an approximate equal value to the regular or normal form of payment. 

V. NORMAL RETIREMENT BENEFIT 

Eligibility for normal retirement benefit: 

You will be eligible to apply for a normal retirement benefit when you have reached your Normal 

Retirement Age and have retired from employment in the Roofing Industry within the Jurisdiction 

of the Union. You reach your N01mal Retirement Age when you are age sixty (60) and have at 

least five ( 5) years of service. If you have any questions about your normal retirement benefit, you 

should contact the Administrative Manager. 

Amount of normal retirement benefit: 

The amount of your normal retirement benefit will equal your past service, if any, plus your Future 

Service benefit, calculated as follows: 

Past service benefit: Your past service will be determined based on your years of past 

service (limited to 10) multiplied by $ LOO. 

Future Service benefit: At the time of your retirement, your Future Service benefit will 

be equal to a percentage of Employer Contributions made on your behalf to the Fund on or 

after May 1, 1968, and based on the Future Service creditin rate in effect at the time ou 

were last considered to be an Active Partici ant of the Pia 

16 
RP 88:255

The rates are as 

follows: 

Years of Service Percentage 

Mav 1, 1970-Aoril30, 1998 5.25% 

Mav 1, 1998 -Aoril 30, 2003 4.05% 

Mav 1, 2003-Aoril 30, 2006 3.00% 

Mav 1, 2006 - Anril 30, 2009 1.70% 

Mav I, 2009-Anril 30, 2012 1.00% 

Mav 1, 2012 -Present 0.50% 

Example: You reach Nonna! Retirement Age and retire on April 30, 2017. The following 

contributions were made to the Plan on your behalf: 

Years of Service Contributions 

Mav I, 1970-Anril30, 1998 $20,000 

Mav 1, 1998-Anril 30, 2003 $15,000 

Mav I, 2003 -Anril 30, 2006 $10,000 

Mav 1, 2006 - Anril 30, 2009 $10,000 

Mav 1, 2009-Anril 30, 2012 $10,000 

Mav 1, 2012-Present $4,000 

Your benefit would be calculated as follows: 

(A) (B) (C) (B) x (C) 

Years Contributions Accrual Rate Total 

5/1/1970 - 4/30/1998 $20,000 5.25% $1,050.00 

5/1/1998 - 4/30/2003 $15,000 4.05% $607.50 

5/1/2003 - 4/30/2006 $10,000 3.00% $300.00 

5/1/2006 - 4/30/2009 $10,000 1.70% $170.00 

5/1/2009 -4/30/2012 $10,000 1.00% $100.00 

5/1/2012 - Present $4,000 0.50% $20.00 

Total Monthly Benefit Amount $2,247.50 

Commencement of normal retirement benefit: 

You will become entitled to receive your normal retirement benefit on the first day of the month 

following the receipt of your application. You will continue to receive your benefit pursuant to the 

type of benefit you choose ( e.g., qualified joint and 50% survivor annuity, I 0-year certain, etc.). 

If you become eligible for a normal retirement benefit and do not apply for your benefit by the 

60th day after the close of the Plan Year during which you become eligible, you will be deemed 

to have elected to postpone the commencement of your benefits .. 

17 
RP 88:256

Note: Your normal retirement benefit may not exceed the maximum benefit allowed by law. 

VI. EARLY RETIREMENT BENEFIT 

Eligibility for early retirement benefit: 

You will be eligible for an early retirement benefit when (1) you are at least age fifty-five (55) and 

younger than your Normal Retirement Age; (2) you have a total of at least five (5) years of service; 

(3) you have at least (I) hour of service after May I, 1999; and (4) you have retired from 

employment in the Roofing Industry within the Jurisdiction of the Union. 

Amonnt of early retirement benefit: 

Participants who were age fifty-five (55) with five (5) years of service on November 1, 2013 are 

reduced 0.5% per month early. 

For all other Participants, the amount of your early retirement benefit will be an actuarial reduction 

from age sixty (60). The following table describes the reduction factors for Participants who were 

not age fifty-five (55) with five (5) years of service as ofNovember 1, 2013: 

Age Benefits Commence Reduction 

55 37.4% 

56 31.5% 

57 24.9% 

58 17.5% 

59 9.30% 

60 0% 

For example, if the amount of your normal retirement benefit is $2,247.50 per month (see the 

example from the previous section of this SPD), but you elect to retire early at age 55, then your 

early retirement benefit would be calculated as follows: 

Normal retirement benefit (prior to reduction) 

Early retirement benefit (reduced by 37.4%) 

Commencement of early retirement benefit: 

$2,247.50/month 

$1,406.94/month 

You will be entitled to receive your early retirement benefit as of the first day of the month 

following the receipt of your application by the Trustees. You will continue to receive your benefit 

monthly until your death. 

Note: Your early retirement benefit may not exceed the maximum benefit allowed by law. 

VII. JOINT AND SURVIVOR BENEFIT 

Eligibility for Qualified Joint and 50% Survivor Benefit: 

18 
RP 88:257

If you are married at the date of your retirement, the normal or early retirement benefit to which 

you are entitled will automatically be payable in the form of a Qualified Joint and 50% Survivor 

Benefit unless both you and your Spouse elect in writing not to receive the benefit in that form and 

choose an alternative form of benefit. 

Automatic form of retirement benefit: 

As stated above, the automatic form of retirement benefit under this Plan if you are a married 

Participant is the qualified joint and 50% survivor benefit. It is payable in one of the following two 

forms, depending on your situation: 

Qualified Joint aud Survivor Benefit: The qualified joint and 50% survivor benefit 

provides a reduced monthly income to you as a retired Participant for your lifetime, then a 

survivor benefit equal to 50% of the amount that was payable to you during your lifetime 

will be paid to your surviving Spouse. The factors needed to determine the reduced amount 

of monthly income is obtained from a "Table of Factors" prepared by the Plan's actuary 

and is based on your age and your Spouse's age (if applicable). The amount of the monthly 

benefit will be calculated by multiplying the appropriate factor from the Table of Factors 

by the monthly amount of the normal retirement or early retirement benefit. 

In accordance with the qualified joint and 50% survivor benefit provisions, upon your 

death, 50% of your monthly benefit will continue to be payable to your surviving Spouse 

for his or her remaining lifetime. 

Qualified Pre-Retirement Survivor Benefit: The Qualified Pre-Retirement Survivor 

Benefit provides a monthly annuity to your surviving Spouse. The amount would equal the 

actuarial equivalent of the benefit that would have been paid to your Spouse in the 

following situation: 

( 1) If you die after you reach your earliest retirement age under the Plan but before 

your benefit payments commence, then the benefit payable to your surviving 

Spouse would be the amount that you would have received had yon retired with a 

qualified joint and 50% survivor benefit on the day before your death; or 

(2) If you die on or before the earliest retirement age under the Plan and before your 

benefit payments commence, then the benefit payable to your surviving Spouse 

would be the amount that you would have received had you: (a) separated from 

service on the date of your death; (b) survived to your earliest retirement date; ( c) 

retired with a qualified joint and 50% survivor benefit at your earliest retirement 

age; and ( d) died on the day after the date on which you would have attained your 

earliest retirement age. 

Right to waive the qualified joint and 50% survivor benefit: 

Even if you are married, you have the right to waive the qualified joint and 50% survivor benefit 

and instead choose an alternative form of payment. To waive the qualified joint and 50% survivor 

benefit, your waiver (1) must be in writing; (2) must have your Spouse's written consent; (3) must 

be witnessed by either a representative of the Plan or a notary public; and (4) must be limited to a 

19 
RP 88:258

benefit for a specific alternate Beneficiary or a specific form of benefit. It is important to 

understand that the decision to waive the qualified joint and 50% survivor benefit must be purely 

voluntary on your part and on your Spouse's part. Otherwise, the waiver would be invalid and 

unenforceable. 

If you can establish to the Trustees' satisfaction that your Spouse's written consent cannot be 

obtained either because you have no Spouse or your Spouse cannot be located, then your written 

waiver alone will be deemed a qualified election. Any such consent, however, will not be valid 

with respect to any other Spouse. 

The revocation of a previous waiver may be made without the consent of your Spouse at any time 

before the commencement of your benefit payments. The number of revocations is not limited, but 

each new waiver or change of Beneficiary form will require your Spouse's written consent. 

It is important for you to understand that if you and your Spouse choose to waive the qualified 

joint and 50% survivor benefit and do not choose one of the optional Joint and Survivor Benefits 

(see below), then your Spouse would not receive any benefits from this Plan after your death. 

Conversely, if you and your Spouse choose not to waive the qualified joint and 50% survivor 

benefit, then your monthly benefit would be reduced from what it otherwise would have been since 

it would be reduced for the actuarial equivalent of the monthly benefit payable to your Spouse 

after your death. 

Normally, you must be provided a written explanation regarding the qualified joint and 50% 

survivor benefit at least thirty (30) days prior to your benefit commencement date. However, you 

may waive that requirement if any distribution begins more than seven (7) days after such written 

explanation is provided. 

Option to elect an optional joint and 75% (or 100%) survivor benefit: 

If you are married during the election period, you and your Spouse would have the right to waive 

the qualified joint and 50% survivor benefit, and instead elect to receive an optional joint and 75% 

or 100% survivor benefit. The differences between the benefit calculations for the 50%, 7 5%, and 

100% survivor benefits are illustrated below. 

Examples: If the amount of your normal retirement benefit is $2,247.50/month, you are age 60, 

and your Spouse is age 58, then your qualified joint and 50% survivor benefit would be calculated 

as follows: 

Normal retirement benefit 

Qualified joint & 50% survivor benefit 

(actuarial factor= 0.88878%) 

Your Spouse's 50% survivor benefit 

(if alive upon your death) 

20 

$2,24 7.50/month 

$1,997.53/month 

(your retirement benefit) 

$998.77/month 

(50% of$1.997.53) 
RP 88:259

If the amount of your normal retirement benefit is $2,247.50/month, you are age 60, and your 

Spouse is age 58, then your qualified joint and 75% survivor benefit would be calculated as 

follows: 

Normal retirement benefit 

Qualified joint & 75% survivor benefit 

(actuarial factor= 0.84196%) 

Your Spouse's 75% survivor benefit 

(if alive upon your death) 

= 

= 

$2,247.50/month 

$1,892.31/month 

(your retirement benefit) 

$1,419.23/month 

(75% of$1,892.31) 

If the amount of your nonnal retirement benefit is $2,247.50/month, you are age 60, and your 

Spouse is age 58, then your qualified joint and I 00% survivor benefit would be calculated as 

follows: 

Normal retirement benefit 

Qualified joint & I 00% survivor benefit 

(actuarial factor= 0.79983%) 

Your Spouse's 100% survivor benefit 

(if alive upon your death) 

Commencement of your Joint and Survivor Benefit: 

$2,247.50/month 

$1,797.62/month 

(your retirement benefit) 

$1,797.62/month 

(100% of$1,797.62) 

You will become entitled to receive your Joint and Survivor Benefit as of the first day of the month 

next following the receipt of your application by the Trustees. 

All monthly benefits under these Joint and Survivor Benefit provisions will continue for your 

lifetime, with the last payment to be made on the first day of the calendar month of your death. 

Monthly payments to your Spouse will continue in accordance with the Plan provisions and your 

election form. 

Note: Your Joint and Survivor Benefit may not exceed the maximum benefit allowed by law. 

VIII. FIVE-YEAR AND TEN-YEAR CERTAIN BENEFITS 

Instead of a joint and survivor benefit described above, you also have the right to elect that your 

pension benefit be payable for the remainder of your life with a certain period of time of either 

sixty (60) or one hundred twenty (120) months. 

You are eligible to elect either a 5-year or I 0-year benefit if you meet the following conditions: 

(!) You have completely retired from employment with all Employers within the 

Jurisdiction of the Union; 

(2) You are eligible for a normal retirement or early retirement benefit; 

21 
RP 88:260

(3) You have elected and applied for the 5-year or 10-year certain benefit on a form 

prescribed by the Trustees; and 

(4) You have obtained your Spouse's consent (if you are married at the time of the 

election). 

Upon electing either the 5-year or IO-year certain benefit, you will be paid a reduced monthly 

retirement benefit that will be the actuarial equivalent to your normal retirement or early retirement 

benefit for the time period you elected. You will become entitled to the benefit as of the first day 

of the month following receipt of your application by the Trustees. The factors needed to determine 

the reduced amount of the benefit will be obtained from a Table of Factors prepared by the Plan's 

actuary. The amoimt of the monthly benefit will be calculated by multiplying the appropriate factor 

from the Table of Factors by the monthly amount of the normal retirement or early retirement 

benefit (whichever is applicable). 

This option provides a monthly retirement income for the elected period of time. If you were to 

die after the payments began but before you received all of your payments, then the remaining 

payments for the balance of the certain period would be paid to your designated Beneficiary. If 

you and your Beneficiary die before all of the monthly payments are made, the balance of your 

unpaid monthly payments would be paid in accordance with the provisions of the Plan. 

For example, assume your Spouse properly consents to waiving the Qualified Joint and 50% 

Survivor Annuity and you elect the 5-year certain benefit. You will receive your benefit payment 

for the rest of your life. If you die before sixty ( 60) payments are made, your Spouse will receive 

monthly payments until a total of sixty (60) payments have been made. No further benefits will 

be paid after that. If you die after sixty (60) payments have been made, your Spouse will receive 

no further benefits. 

Note: Your 5-year or 10-year certain benefit may not exceed the maximum benefit allowed by 

law. 

IX. DEATH BENEFITS 

Pre-retirement death benefit: 

(1) If you are married, are at least age fifty-five (55), and have at least five (5) 

years of service on the date of your death: Your surviving Spouse would be 

eligible to receive a death benefit starting on the first day of the month following 

receipt of his or her application by the Trustees, with payment to be made 

retroactive to the first day of the month following the date of your death. The 

benefits payable to your surviving Spouse would be equal to the amount that he or 

she would have received had you retired under the joint and 50% survivor benefit 

on the day before the date of your death. The benefit would be payable for the 

remainder of your Spouse's lifetime. 

(2) If you are married, are under age fifty-five (55), and have at least five (5) years 

of service on the date of your death: Your surviving Spouse would be eligible to 

22 
RP 88:261

receive a Qualified Pre-Retirement Survivor Benefit equal to that which he or she 

would have received under the following circumstances: 

(A) you had separated from service on the date of your death; 

(B) you had survived to the first day of the month after your attainment of age 

fifty-five (55); and 

(C) you had commenced receiving payments under the joint and 50% survivor 

benefit provisions on the first day of the month after your attainment of age 

fifty-five (55) and then immediately died, 

Your surviving Spouse would commence receiving the Qualified Pre-Retirement 

Survivor Benefit at such time as you would have reached age fifty-five (55), The 

benefit would continue for the remaining lifetime of your surviving Spouse, and it 

would cease with the month in which your surviving Spouse's death occurs, 

(3) If you are not married and have at least five (5) years of service on the date of 

your death: If, prior to your death and prior to the commencement of your 

retirement benefit you were an unmarried Vested Participant with at least five (5) 

years of service, then no death benefit would be payable under the Plan, 

Post-retirement death benefit: 

(1) If you are retired, and receiving a Joint and Survivor Benefit: If upon your death 

you are receiving a Joint and Survivor Benefit, your surviving Spouse would 

receive his or her monthly benefit for life in an amount equal to 50% (or 75% or 

100%, depending on your election) of the amount that had been payable to you 

prior to your death, The death benefit would commence as of the first day of the 

month coincident with or next following your death, and it would end in the month 

in which your surviving Spouse's death occurs, 

(2) If you are retired and your Spouse pre-deceases you: If you are retired and your 

Spouse pre-deceases you, no further benefit payments would be made after your 

death, 

(3) If you are retired and receiving a 5-year certain benefit: If you and your Spouse 

elected to receive a 5-year certain benefit and your death occurs prior to your receipt 

of all sixty (60) monthly payments, then your surviving Spouse or Beneficiary (as 

the case may be) would receive the remainder of the payments, commencing as of 

the first day of the month following the month in which your death occurs, and the 

benefit would be payable as of the first day of each subsequent month until all sixty 

( 60) monthly payments have been made in the aggregate, On the other hand, if sixty 

(60) monthly payments have been made prior to your death, no death benefits 

would be payable to your surviving Spouse or Beneficiary, 

23 
RP 88:262

X. VESTING 

You will be eligible to apply for a benefit if you are no longer employed by a contributing 

Employer within the Jurisdiction of the Union, provided that you are vested according to the 

schedule below. If you meet the eligibility requirements upon termination, you will be vested in a 

specific percentage of your Accrued Benefit. Your vested benefit will be payable when you reach 

your Early Retirement Age or Normal Retirement Age based on the Plan provisions and the Future 

Service crediting rate in effect on the date that you were last considered to be an Active Participant 

of the Plan. 

Years of service required for vesting: 

If you earn at least one (I) hour of service after May I, 1999 and become a terminated Vested 

Participant after earning at least five (5) years of service since your date of participation and are 

not eligible for any other type of benefit under the Plan, you will be fully vested in your accrued 

benefit. You will become eligible for a normal retirement or early retirement benefit when you 

reach your normal retirement or Early Retirement Age, as defined by the Plan provisions in effect 

at the time you were last considered an Active Participant, provided that you have completely 

retired from employment with all contributing Employers in the Jurisdiction of the Union. The 

vesting schedule in this situation is provided below: 

Years of Service 

Less than 5 years 

5 years or more 

Vested Percentage Accrued Benefit 

0% 

100% 

If you were last considered an Active Participant before May I, 1999, the terms of the Plan in 

effect at the time you were last considered an Active Participant will apply. You should contact 

the Plan Administrator for further details. 

Amount of vested benefit: 

Subject to your eligibility, the amount of your vested benefit will depend on the particular type of 

benefit you select ( e.g., normal retirement, early retirement, etc.). Your vested benefit will be equal 

to your past service benefit and a percentage of the Employer Contributions made to the Fund on 

your behalf on or after May 1, 1968, and based on the Future Service crediting rate in effect at the 

time you were last considered to be an Active Participant of the Plan. See Article V of this SPD. 

Your vested benefit may not exceed the maximum benefit allowed by law. 

Reemployment provisions: 

If you are fully vested and return to covered employment with a contributing Employer before your 

benefit payments commence, your additional service will be credited on your behalf from the date 

you return to employment and Employer Contributions are again made on your behalf. In addition, 

if you return to covered employment, the Plan provisions in effect after your return would apply 

only to the service earned after the date you returned to work. For the purpose of calculating any 

benefit, your Accrued Benefit earned prior to the date you became a terminated Vested Participant 

would be added to the Accrued Benefit earned after the date you returned to Covered Service. 

24 
RP 88:263

XI. COMMENCEMENT OF BENEFITS AFTER NORMAL RETIREMENT AGE 

Working beyond Normal Retirement Age: 

When you retire from covered employment under the Plan, your benefit must commence no later 

than sixty (60) days following the close of the Plan Year containing your Normal Retirement Date. 

If the Administrative Manager does not receive your application by that time, you will be deemed 

to have elected to postpone the commencement of your benefits. If you elect to continue working 

beyond your Normal Retirement Age, you will not receive retirement benefits during the period 

you were working. The benefits not received during this period would be forfeited and would not 

be paid at a later date. 

If you retire after your Normal Retirement Age, your normal retirement benefit would be 

determined in accordance with regular Plan provisions. In particular, such provisions would give 

benefit credit for all work performed under the Plan prior to actual retirement. Benefit credit would 

be earned for work performed both before and after your Normal Retirement Age. As a result, your 

normal retirement benefit would be either the benefit earned at the time of your actual retirement 

or the actuarial equivalent of the benefit earned at the time you reached your Normal Retirement 

Age, whichever is greater. However, if you were working within covered employment past your 

Normal Retirement Age, there would not be an actuarial adjustment. 

Mandatory commencement of benefit payments: 

Your pension payments will commence in accordance with the relevant Plan provisions and your 

benefit election form. However, your benefit payments must commence no later than April 1 of 

the calendar year following the later of: 

(1) the calendar year in which you attain age 70-1⁄2; or 

(2) the calendar year in which you cease to be employed in covered employment, where 

Contributions are being paid to the Plan on your behalf. 

However, this mandatory benefit commencement date would not apply if you were a 5% owner of 

a contributing Employer at any time during your participation in the Plan. In that case, you would 

need to commence your benefit payments no later than April I after the calendar year in which 

you attain age 70-1⁄2. 

XII. TAXATION OF BENEFIT PAYMENTS 

Your benefit payments under the Plan will be subject to federal (and possibly state) income tax. 

Under federal law, income tax will be withheld automatically, unless you elect otherwise in 

writing. You will be sent an income tax form on which you may elect or reject the automatic 

withholding of taxes at the time your benefit application is received. You also may use this form 

to specify an amount other than the mandatory amount to be withheld. 

At the beginning of each year, you will receive a new form on which to make an election or 

rejection. If, during the year, you wish to change your election for the withholding of income tax, 

please contact the Administrative Manager. 

25 
RP 88:264

XIII. SUSPENSION OF BENEFITS 

Suspension of benefits rule: 

If you are receiving a: 

• normal retirement benefit; 

• early retirement benefit; 

• qualified joint and 50% survivor benefit; 

• optional joint and 75% survivor benefit; 

• optional joint and 100% survivor benefit; or 

• 5 or 10 year certain benefit, 

then your benefit will be suspended if all of the following conditions are met: 

(A) You are reemployed for forty (40) or more hours during any 4-week or 5-week 

payroll period, provided that the term "payroll period" is defined to include only 

days worked in a single calendar month. (Reemployment is defined to include selfemployment.) 

(B) You are reemployed in tbe Same Industry, which is defined as returning to work 

within the Roofing Industry and in accordance with the definitions contained within 

the Collective Bargaining Agreement and the Plan's trust agreement. 

(C) You are reemployed in the Same Trade or Craft, which is defined as returning 

to work in a trade or craft in which you were employed at any time prior to your 

retirement under the Plan, and it includes any supervisory or managerial activity 

that is reasonably related to the underlying skills associated with the trade or craft 

for which you were trained or in which you acquired your work experience. 

(D) You are reemployed in the Same Geographic Area, which is defined as the state 

of Ohio and portions of those states located as a part of a Standard Metropolitan 

Statistical Area, as defmed by the U.S. Census Bureau. 

Notification requirements and the presumption rule: 

You are required to notify the Administrative Manager at such time as you become reemployed, 

as defined under the four ( 4) conditions of reemployment listed above. In the event that you fail to 

comply with the Plan's notification requirements (by filing a "Notice of Return to Work" form), 

the Trustees may act on the basis of a presumption ( the "presumption rule") that you have exceeded 

the hours of reemployment allowable. Your benefit will be suspended immediately and you will 

be notified accordingly. The Trustees will have the right to apply the suspension retroactively to 

the initiation of your Employer's work at the job site. The Trustees may, in addition, request 

information from you concerning your reemployment activity ( or activities), including tax 

withholding statements in any given period related to the suspected reemployment and any other 

reasonable information for the purpose of verifying such employment. 

26 
RP 88:265

Upon application of this presumption rule, you will be given an opportunity to demonstrate to the 

Trustees' satisfaction that you did not work the minimum number of hours of relevant service for 

the period in which your benefits were suspended. 

Advance determination: 

You have the right to request that an advance determination be made concerning the effect your 

reemployment will have on your benefit payments. You must submit your request to the 

Administrative Manager on an appropriate form furnished and approved by the Trustees and in 

accordance with the procedures established by the Trustees. 

Resumption of benefits: 

You may request resumption of your benefits at such time as you no longer meet the four ( 4) 

conditions of reemployment listed above. You must submit your request for resumption ofbenefits 

on a form furnished and approved by the Trustees. 

Recovery of overpayments: 

If payments have been issued to you for any period during which your benefit should have been 

suspended, you would be liable for the full amount of any such overpayment(s). The manner and 

amount of the recovery of the overpayment(s) would be provided to you in the "Suspension 

Notice" furnished to you at such time as your benefit is suspended. 

Reinstatement of retirement benefit: 

Upon your termination of reemployment, which resulted in the suspension of your retirement 

benefit, your benefit payments will be resumed on the first day of the calendar month following 

the receipt by the Administrative Manager of the required notice, assuming you gave the 

Administrative Manager a request for the resumption of your benefit payments on an appropriate 

form as furnished and approved by the Trustees: 

(A) Normal retirement benefit: If you were receiving a normal retirement benefit at 

the time of the suspension of your benefit, the reinstated benefit would be the 

amount you were receiving prior to the suspension of benefits, plus any additional 

amount realized for service resulting from such reemployment. 

(B) Early retirement benefit: If you were receiving an early retirement benefit at the 

time of the suspension of your benefit, the reinstated benefit would be the amount 

you were receiving prior to the suspension of benefits, plus any additional amount 

realized for service resulting from such reemployment, reduced by the early 

retirement factor applicable to your current age. 

( C) Joint and Survivor Benefit: If you were receiving a Joint and Survivor Benefit at 

the time of the suspension of your benefit, the reinstated benefit would be the 

amount as determined under the applicable type of retirement benefit you were 

receiving prior to the suspension of benefit. 

27 
RP 88:266

Non-violation of mandatory commencement: 

The suspension of benefit rules stated above will not be applied in such a manner as to violate the 

rules relating to mandatory connnencement of your benefits. In particular, your benefit payments 

may not be suspended beginning with the April l payment following the close of the Plan Year in 

which you attain age 70-1⁄2, in accordance with the Plan's mandatory distribution rules. 

XIV. NON-COVERED BARGAINING-UNIT EMPLOYMENT SANCTION 

The following non-covered bargaining-unit employment sanction will be applied to your benefit 

if you terminate your status as an employee covered under a Collective Bargaining Agreement or 

perform bargaining-unit work outside the scope of the Collective Bargaining Agreement. 

Past service credit: 

Any non-bargaining unit work in the Roofing Industry on or after May 1, 1994, will result in the 

loss of eligibility for your past service credit, provided, however, that any such loss of past service 

credit will not decrease your accrued normal retirement benefit to an amount less than your normal 

retirement benefit as of April 30, 1994. 

XV. MISCELLANEOUS INFORMATION 

Qualified Domestic Relations Orders (QDROs): 

Generally, your pension benefits are not assignable. You cannot borrow on them and your creditors 

may not attach them. However, as part of a divorce settlement, a court may assign part or all of 

your benefits to an Alternate Payee (generally your former Spouse or dependent children) through 

a Qualified Domestic Relations Order (QDRO). The Trustees must honor the terms of any valid 

QDRO that is submitted to the Plan. 

Actuarial calculations: 

The Plan is subject to economic and mortality fluctuations. However, every possible effort will be 

made by the Trustees to make certain that the maximum benefits that are actuarially allowable will 

be paid. Actuarial calculations will be made under the Plan on an annual basis to ensure a smooth 

flow of benefits and establishment of adequate reserves. 

Small distribution amounts: 

The Trustees may make arrangements for payments of small monthly benefits, of less frequent 

payments of larger amounts, or of lump-sum distributions, provided that the lump-sum amount is 

less than five thousand dollars ($5,000.00). No cash benefit will be paid as a result of your 

termination of employment. 

The Plan is tax-qualified: 

28 
RP 88:267

At all times, the Trustees intend this Plan to be fully tax-qualified by the Director of Internal 

Revenue. Authority has been given to the Trustees to amend or change the terms and provisions 

of the Trust Agreement or Plan document as may be required to maintain this tax-qualified status. 

Trustees' discretionary authority: 

The Trustees have full discretion and authority to determine eligibility for benefits or to construe 

the tenns of the Plan and may adopt rules and regulations thereto. The decisions of the Trustees in 

all matters pertaining to the administration of the Plan are final. The Board of Trustees, as the 

administrator of the Plan, has complete authority and control of the administration of the Plan and 

Trust, subject to the provisions thereof, with all powers necessary to enable it to properly carry out 

its duties in that respect. Not in limitation, but in amplification of the foregoing, the Trustees have 

full authority and discretion to construe, interpret, and apply all provisions of the Plan and Trust, 

and to determine all questions that may rise hereunder, including all questions relating to (1) the 

eligibility of Participants to participate in the Plan; (2) the amount of any benefit to which a 

Participant, Beneficiary, Spouse, or contingent annuitant may become entitled hereunder; and (3) 

all appeals subsequent to any determination upon application for benefits. Specifically, the 

Trustees have full and complete authority and discretion to make any determinations or frndings 

of fact regarding any claims and appeals of any benefit determinations. The Board of Trustees' 

decisions on all matters within the scope of its authority will be final and binding on all parties. 

Plan Termination 

The Trustees have the ability to terminate the Plan. In the event of termination or partial 

termination of the Plan, as defined by law, a Participant's rights to benefits accrued to the date of 

termination or partial termination shall be non-forfeitable. The Plan generally may be terminated: 

(1) if, in the opinion of the Trustees the Plan cannot carry out its intent and purposes or it is 

inadequate to meet the payments due under the Plan; (2) ifthere are no individuals remaining who 

can qualify as Employees; (3) in the event of termination by action of the Union or Employer; or 

( 4) as may be otherwise provided by law. In the event of termination, Plan assets will be used first 

to pay obligations and expenses of the Plan and the remaining assets will be distributed among 

Participants and beneficiaries in accordance with applicable law. 

XVI. CLAIMS AND APPEALS PROCEDURES 

How to apply for a benefit: 

You may obtain benefit application forms by writing to or calling the Administrative Manager, 

2ll l West Lincoln Highway, Merrillville, Indiana, 46410, telephone: (219) 769-6944. The 

application must be completed and returned to the Administrative Manager, along with proof of 

your age (birth certificate, passport, etc.). You may apply for your benefit any time during the 2-

year period before the date you become eligible to receive your benefit. If you are a married 

Participant, the Administrative Manager will send you an explanation of the Joint and Survivor 

Benefit within ninety (90) days after receipt of your application and all other necessary documents. 

The Trustees, or their authorized representative, will notify you in writing as to whether your 

application has been approved or denied. 

Filing a benefit claim: 

29 
RP 88:268

If you believe you are eligible to receive any type of benefit from this Plan, you should first contact 

the Administrative Manager. You must file a claim for benefits on the form approved by the Board 

of Trustees. The Administrative Manager will provide you with an application for benefits, which 

must be completed and filed with the Administrative Manager. 

(A) Applying for your retirement benefit: 

A written application for your retirement benefit must be filed at least thirty (30) days prior 

to the date you wish to retire. You must provide all of the requested documentation along 

with the completed and signed application form before your claim for benefits will be 

considered. 

In some cases, the Board of Trustees or Administrative Manager may need additional 

information to make a determination on your claim for benefits. If you are asked to provide 

more information, you will have to respond to the request in order to be considered for 

your retirement benefit. 

You will receive a decision on your application within ninety (90) days from the date the 

Plan receives your completed application. 

(B) Applying for a death benefit: 

A written application for a death benefit must be filed by your Beneficiary prior to the date 

he or she wishes to receive the distribution. The Beneficiary must provide all of the 

requested documentation, including a certified copy of the death certificate along with the 

completed and signed application, before the claim will be processed. 

In some cases, the Board of Trustees may need additional information in order to make a 

determination on the claim. If your Beneficiary is asked to provide more information, he 

or she will have to respond to the request in order to be considered for the death benefit. 

Your Beneficiary will receive the Plan's decision within ninety (90) days from the date the 

Administrative Manager receives your Beneficiary's completed application. If the 

application is approved, your Beneficiary will receive a notice stating the amount and 

duration of the death benefit. 

Notice of an adverse benefit decision: 

If the Board of Trustees were to find that you ( or your surviving Spouse or Beneficiary, if 

applicable) are not entitled to the requested benefit, then you ( or your surviving Spouse or 

Beneficiary, if applicable) would be provided a written notice of the denial. The notice would 

include the following important information: 

(A) The specific reason for the denial; 

(B) The section or sections of the Plan document and/or this SPD upon which the denial 

was based; 

30 
RP 88:269

(C) A description of any additional information that you ( or your surviving Spouse or 

Beneficiary, if applicable) may be able to provide, as well as an explanation as to 

why that additional information is necessary; 

(D) A copy of the Plan's appeals procedures; 

(E) A notice of any internal guideline or protocol used in making the decision, if 

applicable, and your (or your surviving Spouse's or Beneficiary's, if applicable) 

right to receive a copy; and 

(F) A notice of your (or your surviving Spouse's or Beneficiary's, if applicable) right 

to a written explanation of any exclusion that affected the claim, if applicable. 

Procedures for filing an appeal with the Board of Trustees: 

The claimant (i.e., you, your surviving Spouse, or your Beneficiary, as applicable) must file a 

written notice that he or she wishes to appeal the denial of the benefit claim. The written notice 

must be received by the Administrative Manager within sixty (60) days from the date of the notice 

of the adverse benefit decision. However, if the claimant is appealing an adverse benefit decision 

based on a request for a Total and Permanent Disability benefit that he or she applied for prior to 

November I, 2013, then the claimant would need to provide the notice to the Administrative 

Manager within one hundred eighty (180) days of the date of the notice of the adverse benefit 

decision. The written notice of appeal must include the claimant's name, his or her current address, 

and the date of the decision he or she is appealing. The claimant may send any comments, 

documents, or other information that he or she feels would assist the Board of Trustees in making 

its decision on appeal. The claimant also has the right to request copies of any documents relevant 

to the claim free of charge from the Plan. 

An appeal must be addressed as follows: 

Board of Trustees 

Roofers Local No. 88 Pension Plan 

2111 West Lincoln Highway 

Merrillville, Indiana 46410 

Except in the case of a Total and Permanent Disability benefit claim that was applied for prior to 

November I, 2013, the Board of Trustees will consider the claimant's appeal of an adverse benefit 

determination no later than its regular quarterly meeting that immediately follows the receipt of 

the claimant's notice of appeal, unless such notice is received within thirty (30) days preceding the 

date of such meeting. If the notice of appeal is received within thirty (30) days prior to the next 

regular quarterly meeting, the Board of Trustees may consider the appeal at the second regular 

quarterly meeting following the receipt of the notice of appeal. In the case of a Total and Permanent 

Disability benefit claim, the Board of Trustees will consider the appeal within forty-five (45) days 

following receipt of the claimant's appeal. In the case of a disability retirement benefit claim that 

was applied for prior to November I, 2013, the Board of Trustees will consider the appeal within 

forty-five (45) days following receipt of the appeal. 

31 
RP 88:270

The claimant will receive written notice of the Board of Trustees' decision within five (5) days of 

the meeting. If the Board of Trustees were to deny the claimant's appeal, he or she would receive 

a notice containing the following important information: 

(1) The specific reason for the denial; 

(2) The section or sections of the Plan document and/or this SPD upon which the denial was 

based; 

(3) A statement advising the claimant of any internal guideline or protocol used in making the 

decision, if applicable, and his or her right to receive a copy; 

(4) A notice of the claimant's right to a written explanation of any exclusion that affected his 

or her claim, if applicable; 

(5) A notice of the claimant's right to file a lawsuit under BRISA Section 502(a); and 

(6) The following statement: "You and your Plan may have other voluntary alternative dispute 

resolution options, such as mediation. One way to find out what may be available is to 

contact your local U.S. Department of Labor Office and your state insurance regulatory 

agency." 

This Plan does not offer any voluntary arbitration provisions. The decision of the Board of Trustees 

is final and binding upon all of the parties. The claimant must exhaust these claim procedures prior 

to having the claim reviewed through any other means, including litigation. 

Effective July 10, 2014, no legal action regarding any benefit claim may be commenced or 

filed against the Board of Trustees or the Plan more than one (I) year after the date of the 

mailing of the Board of Trustees' final and binding decision. 

If the claimant (i.e., you, your surviving Spouse, or your Beneficiary, as applicable) has any 

questions regarding the filing of a claim for benefits under these procedures, he or she should 

contact the Administrative Manager at 2111 West Lincoln Highway, Merrillville, Indiana 46410, 

telephone: (219) 769-6944. 

XVII. STATEMENT OF YOUR RIGHTS UNDER ERISA 

As a participant in the Roofers Local 88 Pension Plan, you are entitled to certain rights and 

protections under the Employee Retirement Income Security Act of 1974 (BRISA). BRISA 

provides that all plan participants shall be entitled to: 

Receive Information About Your Plan and Benefits 

Examine, without charge, at the plan administrator's office and at other specified locations, 

such as worksites and union halls, all documents governing the plan, including insurance 

contracts and collective bargaining agreements, and a copy of the latest annual report 

(Form 5500 Series) filed by the plan with the U.S. Department of Labor and available at 

the Public Disclosure Room of the Pension and Welfare Benefit Administration. 

32 
RP 88:271

Obtain, upon written request to the plan administrator, copies of documents governing the 

operation of the plan, including insurance contracts and collective bargaining agreements, 

and copies of the latest annual report (Form 5500 Series) and updated summary plan 

description. The administrator may make a reasonable charge for the copies. 

Receive a summary of the plan's annual financial report. The plan administrator is required 

by law to furnish each participant with a copy of this summary annual report. 

Obtain a statement telling you whether you have a right to receive a pension at normal 

retirement age ( age 60) and if so, what your benefits would be at normal retirement age if 

you stop working tmder the plan now. If you do not have a right to a pension, the statement 

will tell you how many more years you have to work to get a right to a pension. This 

statement must be requested in writing and is not required to be given more than once every 

twelve (12) months. The plan must provide the statement free of charge. 

Prudent Actions by Plan Fiduciaries 

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 "fiduciaries" of the plan, have a duty to do so prudently and in the interest of you and other 

plan participants and beneficiaries. No one, including your employer, your union, or any other 

person, may fire you or otherwise discriminate against you in any way to prevent you from 

obtaining a pension benefit or exercising your rights under ERISA. 

Enforce Your Rights 

If your claim for a pension benefit is denied or ignored, in whole or in part, you have a right to 

know why this was done, to obtain copies of documents relating to the decision without charge, 

and to appeal any denial, all within certain time schedules. 

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request 

a copy of plan documents or the latest annual report from the plan and do not receive them within 

30 days, you may file suit in a Federal court. In such a case, the court may require the plan 

administrator to provide the materials and pay you up to $110 a day until you receive the materials, 

unless the materials were not sent because of reasons beyond the control of the administrator. If 

you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in 

a state or Federal court. In addition, if you disagree with the plan's decision or lack thereof 

concerning the qualified status of a domestic relations order or a medical child support order, you 

may file suit in Federal court. If it should happen that plan fiduciaries misuse the plan's money, or 

if you are discriminated against for asserting your rights, you may seek assistance from the U.S. 

Department of Labor, or you may file suit in a Federal court. The court will decide who should 

pay court costs and legal fees. If you are successful the court may order the person you have sued 

to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for 

example, if it finds your claim is frivolous. 

33 
RP 88:272

Assistance with Your Questions 

If you have any questions about your plan, you should contact the plan administrator. If you have 

any questions about this statement or about your rights 1mder ERIS A, or if you need assistance in 

obtaining documents from the plan administrator, you should contact the nearest office of the 

Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone 

directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security 

Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 

20210. You may also obtain certain publications about your rights and responsibilities under 

BRISA by calling the publications hotline of the Employee Benefits Security Administration. 

XVIII.ADDITIONAL INFORMATION REQUIRED BY ERISA 

(A) Name of Plan: Roofers Local No. 88 Pension Plan. 

(B) Plan established and maintained by: Board of Trustees, Roofers Local No. 88 Pension 

Plan, 2111 West Lincoln Highway, Merrillville, Indiana 46410, telephone: (219) 769-

6944. 

(C) Sponsoring Employers: Upon written request to the Administrative Manager, you may 

receive information as to whether a particular Employer is a sponsor of this Plan. If the 

Employer is a sponsor, the Administrative Manager will furnish you the Employer's 

address. 

(D) Employer Identification Number (EIN): 34-6615264 

(E) Plan Number: 001 

(F) Type of pension plan: The Plan is referred to as a defined benefit plan. This means that 

the dollar amount of benefits provided is based on either years of service or the amount of 

Contributions paid on behalf of the Participants. 

The exact dollar amount of the Contributions is determined by collective bargaining 

between the Union and the Employers. The level of benefits is determined actuarially by 

considering contribution income, mortality rates, turnover of Employees, general economic 

conditions, and other factors affecting the Fund's income and costs. Actuarial valuations 

are performed by the enrolled actuaries retained by the Trustees on the Participants' and 

beneficiaries' behalf. Cost projections and determining benefit levels are done in 

consultation with the actuary. Although the Trustees and professional advisors make every 

effort to fix benefit levels accurately, benefit levels are subject to adjustments depending 

on changes in economic conditions, results of collective bargaining, and other necessary 

changes related to actuarial assumptions. 

( G) Type of administration: Although the Plan technically is administered and maintained by 

the Board of Trustees, the Trustees have delegated certain administrative functions to the 

Administrative Manager. Address all written communications with the Board of Trustees 

to the following address. 

34 
RP 88:273

Board of Trustees 

Roofers Local No. 88 Pension Plan 

2111 West Lincoln Highway 

Merrillville, Indiana 46410 

Phone: (219) 769-6944 

(H) Agent for service of legal process: Service oflegal process may be made upon: 

Timothy P. Piatt, Esq. 

Macala & Piatt, LLC 

601 South Main Street 

North Canton, Ohio 44720 

Phone: (330) 493-1570 

Fax: (330) 493-7047 

Service of legal process may also be made upon the Board of Trustees or any 

individual Trustee. 

(I) Name, title and address of principal place of business of each Trustee: 

Management Trustees 

David C. Frech 

320 49th St. NW 

Canton, Ohio 44709 

Bruce Martin 

TYCOR Roofing 

1704 Warner Rd. SE 

Canton, Ohio 44707 

Mike Wagoner 

908 Paris Ave. SE 

Paris, Ohio 44669 

Union Trustees 

Christopher T. Carter 

Roofers Local 88 

618 High Ave. NW, Room 4 

Canton, Ohio 44703 

Glen Doan 

Roofers Local 88 

618 High Ave. NW, Room 4 

Canton, Ohio 44703 

Ray Sipe 

Roofers Local 88 

618 High Ave. NW, Room 4 

Canton, Ohio 44703 

(J) Collective Bargaining Agreement: This Plan is maintained pursuant to a Collective 

Bargaining Agreement between the Union and various participating Employers. You may 

obtain a copy of the Collective Bargaining Agreement by writing to the Administrative 

Manager, or you may examine it at the office of the Administrative Manager. 

(K) Sources of Contributions: This Plan is funded through Contributions by the Employers 

on behalf of their Employees under the terms of the applicable Collective Bargaining 

Agreements, and by investment income earned on a portion of the Plan's assets. The Plan 

is subject to periodic actuarial review to ensure that the relationship between income and 

benefit costs meet the funding standards required by ERISA. 

35 
RP 88:274

(L) Funding medium for the accumulation of Plan assets: Assets are accumulated and 

benefits are provided by the Plan. Some Plan assets are invested. These investments are 

made only after consultation with professional investment managers employed by the Plan 

and in accordance with the investment policy and guidelines established by the Board of 

Trustees. 

(M) Date of Plan's fiscal year end: April 30. 

(N) Pension Benefit Guaranty Corporation (PBGC): 

Your pension benefits under this multiemployer plan are insured by the Pension Benefit Guaranty 

Corporation (PBGC), a federal insurance agency. A multiemployer plan is a collectively bargained 

pension arrangement involving two or more unrelated employers, usually in a common industry. 

Under the multiemployer plan program, the PBGC provides financial assistance through loans to 

plans that are insolvent. A multiemployer plan is considered insolvent if the plan is unable to pay 

benefits (at least equal to the PBGC's guaranteed benefit limit) when due. 

The maximum benefit that the PBGC guarantees is set by law. Under the multiemployer program, 

the PBGC guarantee equals a participant's years of service multiplied by (I) 100% of the first $5 

of the monthly benefit accrual rate and (2) 75% of the next $15. The PBGC's maximum guarantee 

limit is $16.25 per month times a participant's years of service. For example, the maximum annual 

guarantee for a retiree with 30 years of service would be $5,850. 

The PBGC guarantee generally covers: (I) Normal and early retirement benefits; (2) disability 

benefits if you become disabled before the plan becomes insolvent; and (3) certain benefits for 

your survivors. 

The PBGC guarantee generally does not cover: (I) Benefits greater than the maximum guaranteed 

amount set by law; (2) benefit increases and new benefits based on plan provisions that have been 

in place for fewer than 5 years at the earlier of: (i) The date the plan terminates or (ii) the time the 

plan becomes insolvent; (3) benefits that are not vested because you have not worked long enough; 

( 4) benefits for which you have not met all of the requirements at the time the plan becomes 

insolvent; and (5) non-pension benefits, such as health insurance, life insurance, certain death 

benefits, vacation pay, and severance pay. 

For more information about the PBGC and the benefits it guarantees, ask your plan administrator 

or contact the PBGC's Technical Assistance Division, 1200 K Street, N.W., Suite 930, 

Washington, D.C. 20005-4026 or call 202-326-4000 (not a toll-free number). TTY/TDD users 

may call the federal relay service toll-free at l-800-877-8339 and ask to be connected to 202-326-

4000. Additional information about the PBGC's pension insurance program is available through 

the PBGC's website on the Internet at http://www.pbgc.gov. 

36 
RP 88:275

ROOFERS LOCAL No. 88 PENSION PLAN 

2111 West Lincoln Highway 

Merrillville, Indiana 46410 

219/769-6944 

ADMINISTRATIVE MANAGER 

Stewart C. Miller & Co., Inc. 

SUMMARY OF MATERIAL MODIFICATIONS TO YOUR PENSION PLAN 

This Summary of Material Modifications ("SMM") describes changes to the claims and appeals 

procedures of the Roofers Local No. 88 Pension Plan ("Plan"). These changes apply to certain pension 

benefit claims filed on or after April 1, 2018. Please read this SMM carefully and keep it with your 

Summary Plan Description ("SPD"). 

Executive Summary 

• The Board of Trustees changed the definition of "Active Participant" to clarify that an 

Active Participant includes someone who has worked at least 435 Hours of Service in 

the current Plan Year. 

• The Board of Trustees clarified the procedures for applying for a benefit and what 

happens if a benefit application is denied. 

Changes Made 

At a recent meeting, the Board of Trustees made two changes to the Plan. First, the Board of Trustees 

changed the definition of "Active Participant," which now refers to "a Participant who has not yet 

become a retired, disabled or deceased Participant, who has not yet suffered Forfeited Service, and 

who has accrued at least one Year of Service out of the two preceding Plan Years or who has worked 

at least 435 Hours of Service in the current Plan Year." 

Second, the Board of Trustees changed the Plan's claims and appeals procedures for pension benefits 

filed on or after April 1, 2018. These changes were designed to comply with the new U.S. Department 

of Labor's claims and appeals procedure regulations found at 29 C.F.R. §2560.503-1. 

You or your authorized representative (such as your attorney or health care provider) may file a claim 

with the Plan's Administrative Manager, whose contact information is provided above. Your claim 

must be in writing, stating the basis of the claim and authorizing the Plan to conduct all necessary 

investigations into your claim. 

If your claim is wholly or partially denied, the Plan will notify you of the Plan's adverse benefit 

determination within a reasonable period of time, but no later than ninety (90) days after receipt of 

your claim, unless the Plan determines that special circumstances require an extension of time for 

processing the claim. If the Plan determines that an extension of time for processing your claim is 

required, a written notice of the extension will be furnished to you before the end of the initial 90-day 

period. In no event will such extension exceed a period of 90 days from the end of the initial period. 

The extension notice will indicate the special circumstances requiring the extension of time and the 

date by which the Plan expects to render its benefit determination. 
RP 88:276

The Plan will provide you a written or electronic notification of an adverse benefit determination. The 

electronic notification will comply with the standards imposed by 29 C.F.R. §2520.104b-l(c)(l)(i), 

(iii), and (iv). The notification will set forth, in a manner calculated to be understood by you and other 

similarly situated claimants, the following information: 

• The specific reason or reasons for the adverse determination; 

• Reference to the specific provisions of the Plan on which the determination was based; 

• A description of any additional material or information necessary for you to perfect 

your claim and an explanation of why such material or information is necessary; 

• The address to where your appeal must be submitted (if applicable); and 

• A description of the Plan's review procedures and the time limits applicable to such 

procedures, including a statement of your right to bring a civil lawsuit tmder §502(a) of 

the Employee Retirement hlcome Security Act of 1974, as amended ("ERlSA") 

following an adverse benefit determination on review. 

The benefit claims determination must be made in accordance with the Plan's governing documents, 

and the current Plan provisions must be applied consistently with respect to similarly situated 

claimants, unless extenuating circumstances apply. 

If you are interested in appealing an adverse benefit determination, you have the right to designate a 

representative to represent you in the claims and appeals process. You will have at least sixty (60) days 

following receipt of the Plan's notification of its adverse benefit determination to appeal the decision. 

You will be able to submit written comments, documents, records, and other information relating to 

your claim. You also will be provided, upon request and free of charge, reasonable access to, and 

copies of, all documents, records, and other information relevant to your claim. 

A comment, document, record, or other information is considered "relevant" to your claim if it satisfies 

one of the following three (3) conditions: 

• It was relied on in making the adverse benefit determination; 

• It was submitted, considered, or generated in the course of making the benefit 

determination, without regard to whether such comment, document, record, or other 

information was relied on in making the benefit determination; or 

• It demonstrates compliance with the Plan's administrative processes and safeguards. 

Any review will take into account all comments, documents, records, and other information submitted 

by you relating to your claim, without regard to whether such information was submitted or considered 

in the initial benefit determination. 

The Board of Trustees meets at least quarterly. The Board of Trustees or its designated committee will 

make its benefit determination no later than the date of the next meeting immediately following its 

receipt of your request for review, nnless the request for review is filed within thirty (30) days before 

the date of such meeting. In that case, the benefit determination may be made no later than the date of 

the second meeting following the Plan's receipt of your request for review. If special circumstances 

( such as the need to hold a special hearing) require a further extension of time for processing, the 

benefit determination will be rendered no later than the third meeting following the Plan's receipt of 

your request for review. If such an extension of time for review is required because of special 

circumstances, the Board of Trustees or its designated committee (as applicable) will provide you a 

2 
RP 88:277

written notice before the extension begins. The notice will describe the special circumstances requiring 

the extension and indicate the date by which the review will be completed. 

Once the Plan makes its benefit determination on review, you will be notified in writing of the Plan's 

decision no later than five (5) days after the benefit determination is made. The Board's decision on the 

benefit determination on review is final and binding. 

For purposes of these claims and appeals procedures, the period of time within which your benefit 

determination on review is required to be made will begin at the time the appeal is filed in accordance 

with the reasonable procedures of the Plan, without regard to whether all the information necessary to 

make the benefit determination on review accompanies your filing. 

In the event that a period of time is extended due to your failure to submit all of the information 

necessary to decide the claim, the applicable period of time for making the benefit determination on 

review will be tolled (i.e., postponed or delayed) from the date on which the notification of the 

extension is sent to you until the date on which you respond to the Plan's request for additional 

information. This will give you more time to respond to the Plan's request. In the case of an adverse 

benefit determination on review, the Plan will provide you such access to, and copies of, all 

documents, records, and other information as is appropriate. As noted above, the Board's decision on 

the benefit determination on review is final and binding. 

The Plan will provide you a written or electronic notification of the Plan's benefit determination on 

review. Any electronic notification will comply with the standards imposed by 29 C.F.R. §2520.104bl(c)(l)(i), (iii), and (iv). In the case of an adverse benefit determination on review, the notification will 

set forth, in a manner calculated to be understood by you and other similarly situated claimants, the 

following information: 

• The specific reason or reasons for the adverse determination; 

• Reference to the specific Plan provisions on which the benefit determination was based; 

• A statement that you are entitled to receive, upon request and free of charge, reasonable 

access to, and copies of, all documents, records, and other information relevant to your 

claim; 

• A statement of your right to bring an action under § 502( a) of ERIS A; and 

• Effective July 10, 2014, a statement indicating that no legal action regarding your 

benefit claim may be commenced or filed against the Board of Trustees or the Plan 

more than one (I) year after the mailing of the Board of Trustees' decision on appeal, as 

specified in these claims and appeals procedures. 

For purposes of the preceding list, any document, record, or other information will be considered 

"relevant" to your claim if such document, record, or other information: 

• Was relied on in making the benefit determination; 

• Was submitted, considered, or generated in the course of making the benefit 

determination, without regard to whether such document, record, or other information 

was relied on in making the benefit determination; and 

• Was in compliance with the Plan's administrative processes and safeguards. 

3 
RP 88:278

Please keep this SMM with your SPD, as the information described in this SMM is in addition to the 

information provided in your SPD. If you have any questions, please feel free to call the Plan's 

Administrative Manager at (219) 769-6944. 

Sincerely, 

BOARD OF TRUSTEES 

EIN: 34-6615264 - PN: 001 

August 2018 

4 
RP 88:279

ROOFERS LOCAL No. 88 PENSION PLAN 

2111 West Lincoln Highway, Merrillville, Indiana 46410 

Phone: 219-769-6944 * Fax: 219-769-4834 

NOTICE AND SUMMARY OF MATERIAL CHANGES TO PLAN 

The Board of Trustees for the Roofers Local 88 Pension Plan has recently made the following 

changes to the Plan: 

Effective January I, 2019, any lawsuit filed against the Board of Trustees or the Plan must be filed 

in the United States District Court for the Northern District of Ohio. If it is a case that can be filed 

in state court, it must be filed in the Stark County Common Pleas Court in Canton, Ohio. 

Effective January 1, 2020, the Plan is required to begin making benefit payments to Participants 

who have not begun their benefit payments as follows: 

For any Participant who is not yet age 701⁄2 as of January I, 2020, the Plan is required to 

begin making benefit payments no later than April I after the calendar year in which the 

Participant reaches age 72. 

For any Participant who has reached age 701⁄2. as of January I, 2020, the Plan is required to 

begin making benefit payments no later than April 1 after the calendar year in which the 

Participant reaches age 701⁄2. 

The Plan's current Board of Trustees is: 

EMPLOYER TRUSTEES 

Bruce Martin 

Ty Martin 

Mike Wagoner 

UNION TRUSTEES 

Chris Carter 

Barb Dixon 

Ray Sipe 

Please keep this Notice with your Summary Plan Description. If you have any questions, please 

feel free to call the Plan's Administrative Manager. 

Sincerely, 

Board of Trustees 
RP 88:280

INTERNJ>.t, REVENUE SERVICE 

P. 0. BOX 2508 

CINCINNATI, OH 45201 

DEPARTMENT OF '.fHE TREASURY 

Date, FE 8 2 ::, t:U 16 Employe.r Identification Numl;,e:r: 

34-6615264 

ROOFERS LOC,1.L NO as PENSION FUND 

B0.1\RD OF TRUSTEES 

C/0 TIMOTHY P PIA'fT 

601 S MAIN ST 

NORTH CANTON, Or! 44720 

DLN: 

l 7007028130045 

Person to Contact: 

PAMELA M SIEMER 

Contact Telephone Number: 

(513) 26.,-41496 

I? l an Na.me : 

ID# 3132.6 

ROOFllRS LOCAL NO 88 PENSION PLAN 

Plan Numb,3r, 001 

oea.r Applicant: 

Baaed on the information you provided, we are issuing this favorabl•e 

deteunination letter for your plan listed above. However, our favorable 

determiuatio:r1 only appli.es to the status of your plan under the Internal 

Revenue Code and is not a deterrninatiou on the effect of otber federal or local 

statutes. To usm this letter as proof of th.e plan's status, you must keep this 

letter, the application forms, and all correspondenoe with us about your 

appUcation. 

Your determination letter does not apply to any qualification changes that 

become eff-ectivet any guidance issuedr or, any stat'ut.es enacted a:Etel'..· the dates 

specified in tl1e Cumulative Liat of Changes in l!lan Requirements (the 

cumulative List) for the cycle you submitted your appl. ication llDcler, unless the 

ne"-1· item w-as identified in the Cumulative List. · 

Your plan• s continued qualification in its present form will depend ou its 

effect. in operation (Section 1,401-l(b) {3) of the Income Tax Regulations). we 

may review the status of the plan in operation periodically. 

You can find more information on favorable deternlination letr,ers in P.ublication 

794. Favorable Deter'mination Letter, including, 

Tlle significance and ;scope of reliance on this letter, 

The ef f,ect of any elective determination request in you.r application 

materials.1 

'l'he reporting requirements for qualified plans, and 

Examples of the effect of a plan's operation on its g,iaUfied status. 

You can g<Jt a copy of Publication '194 by visiting our website at 

www.irs.gov/foJ:mspubs or by calling l--800·-T..X-FORM (1·800-829-3676) to reque.st 

a copy. 

Tl1i.s lette~· considered the 201.3 Curnulativ<> L,ist of changes ln Plan 

Qualification Requirements. 

This det.ermination letter applies to the amen,itnents dated on 

Letter 5274 
RP 88:281

ROOFER$ LOCAL NO 88 PENSION FtJND 

01/12/15 & 07/10/14. 

1'llis determination letter also applies to the amendments dated on 

11/11/13 & DS/30/13. 

~'his determination letter also applies to the amendments dated on 

01/09/13 & 02/24/11. 

We made this determination on the condition that you adopt tl1e proposed 

amendments you submitted in your letter dated 07/15/15, on or 

before the date tJ1e Income Tax Regulations provide under Section 401 lb) of the 

It1ten1a.l Revenue Code. 

The information on the enclosed addendum is an integral part of this 

dete:nnination. l?lease he snre to read it and keep it with this letter. 

If you submitted a Foun 2048, l'ower of Attorney and Declaration of 

Representative, or Form 8821, Tax Intormaticm Authorization, with your 

application and asked us to send yorn: authorized representative or appointee 

copies of wdtten communications, we will send! a copy of this letter to him or 

her. 

If you have any questions, you can contaot. the person listed at the top of this 

letter. 

Sincer·ely, 

J<:t,,_~ cr7~f 2:J" . //A/4,;J,::;; 

Karen D. Truss 

Director, Et> 11.ulings & Agreements 

Letter 5274 
RP 88:282

-3-

ROOFERS :GOCA1, NO 88 PllJi!SlON ll'!Jl'!D 

Thia determination letter is also applicable for the amendmentlsl 

adopted on 10/:n/10. 

This determination letter does not apply to any poi:•tions of the doc1.Jinent that 

incorporate the terms of an auxiliary agreement (collective bargaining, 

1·eciprocity, or participation agreement), unless you append to the pl.an 

document: the exact J.anguage of the sections that you incorporated t,y reference. 

Letter 5274 
RP 88:284

AGREEMENT 

between 

AKRON-CANTON-MANSFIELD 

SHEET METAL AND ROOFING 

CONTRACTORS ASSOCIATION 

and 

LOCAL UNION NO. 88 

of 

UNITED UNION OF 

ROOFERS, WATERPROOFERS, 

AND ALLIED WORKERS 

Akron-Canton-Mansfield 

Ohio 

Effective June 1, 2018 to May 31, 2021 
RP 88:285

Employer, then it is further agreed that this contract shall reinstate itself and 

all terms and conditions of such Agreement shall remain in full force and 

effect for the term contained in this Agreement. 

Delays as approved or accepted by the Union shall be extended to all 

contributing contractors. President of Akron/Canton/Mansfield Roofing 

Association to be provided a copy of monthly receipt report for this purpose, 

who will then authorize the association members to delay their reports 

accordingly. 

Section 9, Pension Fund. This Memorandum Agreement made and entered 

into this 29th day of April 1968, by and between the Akron/Canton/Mansfield 

Sheet Metal and Roofing Contractors Association and Local Union No. 88 of 

the United Union of Roofers, Waterproofers, and Allied Workers to be 

effective May 1, 1968. 

This Memorandum Agreement is entered into to clarify and reduce to writing 

the understanding included as Article XVII, Section 2B, of the collective 

bargaining agreement between said parties a certain pension plan to become 

a part of such Agreement as is included therein and made a part thereof as of 

the dates herein referred to. It is agreed by and between the parties that 

effective as of May l, 1968, the Employer herein and such other Employers 

as agree to this Agreement by executing a copy thereof, shall contribute to a 

pension fund known as the Stewatt C. Miller & Co. Inc., "Administrative 

Procedures", 2111 West Lincoln Highway, Merrillville, Indiana 46410, or 

such other designee as specified by the Trustees of said Pension Fund, and 

amount equal to $8.39 per hour for each hour worked(refer to Article XVII 

Section 1, as to future increase in pension benefit) to each employee, including 

apprentices and roofer helpers who are covered by this agreement or by such 

agreement dated January 18, I 968. 

For new Helpers hired on or after June 1, 1996 they will receive pension 

contributions after they have worked 500 hours. 

It is further agreed that the Employer will remit such benefits once each 

- 16 -
RP 88:286

month to such fund not later than the 10th of each month following the month 

wherein hours are worked. If such contributions are not remitted prior to the 

15th of the month following the month wherein the hours are worked, such 

Employer signatory hereto agrees to pay 10% penalty of the total amount due. 

It is further agreed that if such contribution is not paid by the Employer it shall 

constitute a violation of this Agreement and the Union, at i{s option, shall have 

the same rights of termination as outlined in Article XVI, Section 8 foutth 

paragraph. 

This Agreement is applicable only to the reopening clause as set forth in 

Article XVII, Section 2B as to pension, and in no way waives or terminates 

any other rights of the reopening clause as specified in Article XVII, Section 

2B. 

Section 10. Apprenticeship Fund. This M.emorandum Agreement to be 

known as Roofers Local No. 88 Apprenticeship Fund, 618 High Ave NW, 

Canton, Ohio 44703, made and entered into by and between the 

Akron/Canton/Mansfield Sheet Metal and Roofing Contractors association 

and Local Union No. 88 of the United Union of Roofers, Waterproofers, and 

Allied Workers to be effective May I, 1970. 

It is further agreed that the Employer contribute twenty cents ($.30) per hour 

for each hour worked by each employee, including all apprentices and roofer 

helpers covered by this Agreement. lbese contributions are to be remitted to 

such fund no later than the 15th of each month following the month wherein 

the hours are worked. 

Section 11. Construction Industry Development Board (ClDB). It is 

further agreed that the Employer contribute five cents ($.05) per hour, 

effective May I, 1980, for each hour worked by each employee, including all 

apprentices and roofer helpers covered by this Agreement. These 

- 19 -
RP 88:287

contiibutions are to be remitted to such fund no later than the I 5th of each 

month following the month wherein the hours are worked. 

It is further agreed that if such contributions are not paid by the Employer, it 

shall constitute a violation of this Agreement and the Union, at its option, shall 

have the same rights of termination as outlined in Article XVII, Section 8, 

fourth paragraph. 

Section 12. Guaranteed Bond. It shall be the Roofing Contractors' 

responsibility to furnish Roofers Local No. 88 with a "Guaranteed Bond" in 

the amount of $15,000.00 for all fringe benefits, namely Health and Welfare 

Fund, Pension Plan, Apprenticeship Fund, LRD, and check-off of all Union 

obligations set forth in the working agreement. 

Section 13. Helper Clause. This Agreement made and concluded at Akron, 

Ohio, on the 30th day of November 1968, by and between Local Union No. 88 

of the United Union Roofers, Waterproofers, and Allied Workers of Akron, 

Canton, and Mansfield and the Akron/Canton/ Mansfield Sheet Metal and 

Roofing Contractors Association, shall become effective August 20, 1968, 

and shall be supplemental to and amendatory of the Agreement by and 

between the aforesaid parties dated June I, 2008, and shall continue in effect 

concurrent with such Agreement and shall remain in effect dudng the 

continuance of such Agreement until the 31 st of May 2011, and shall continue 

in full force and effect from year to year thereafter under the same terms and 

conditions and subject to all of the same notices of re-opening as outlined in 

such Agreement. 

It is hereby agreed that this Agreement shall amend Article II, Section 2, of 

such Agreement so as to include a classification known as "Helpers". Such 

classifications of Helpers shall be included in the overall Agreement as an 

additional classification wherever pertinent and applicable, and such 

classification shall be SUQject to all terms and conditions of such Agreement. 

- 20 -
RP 88:288

It is further agreed that this Agreement shall not in any way amend the terms 

and conditions of A1ticle VIII of the collective bargaining Agreement between 

the undersigned parties. 

Employees in such helper classification as included herein shall be paid 

according to the following schedule: 

Effective June l, 2018: 

FIRST YEAR 

Date of hire - 56% of Journeyman scale for the first 6 months and 500 

hours 

2ND 6 months and 500 hours - 62% 

SECOND YEAR 

68% of the Journeyman scale with 12 months and I 000 hours 

THIRD YEAR 

74% of the Journeyman scale with 12 months and I 000 hours 

FOURTH YEAR 

80% of the Journeyman scale with 12 months and 1000 hours 

FIFTH YEAR 

86% of the Journeyman scale with 12 months and 1000 hours 

It is further agreed that Journeyman and Apprentices shall have seniority over 

and above such Helpers classification and that Helpers will be laid off prior 

to the lay-off of any Apprentice or Journeyman employed by the Employer. 

The Union agrees to furnish Helpers to the Employer upon request. 

However, the Employer agrees that no l-l.elper shall be used on any one job 

unless two (2) or more Journeyman/ Apprentices are working on said job. 

(Ratio - 1 Journeyman to 1 Apprentice and l Helper) 

-21-
RP 88:289

It is further recognized that such Helpers are to be used in the handling of 

materials and equipment and shall not be required to use the tools of the trade 

at any time. 

IN WlTNESS WHEREOF the duly authorized officers and representatives of 

both parties have hereunto affixed their signatures and seals this 30th day of 

November, 1968. 

Section 14. Union Security Clause. The Employer hereby recognized the 

Union who is signatory hereto as the sole and exclusive collective bargaining 

representative of all the employees of the Employer over whom the Union has 

jurisdiction. As a condition of employment, all employees, covered by this 

Agreement shall, no later than the 7th day following the beginning of their 

employment or the 7th day following the effective date of this Agreement, 

whichever is the later, become members of the Union and remain members in 

good standing in the Union during the term of this Agreement. 

If during the term of this Agreement the Labor Management Relations Act of 

194 7 shall be amended by Congress in such manner as to reduce the time 

within which an employee may be required to acquire Union membership, 

such reduced time limit shall become immediately effective instead of and 

without regard to the time limit specified in the preceding paragraph. 

Section 15. Drug/Alcohol Program. There will be a committee composed 

of four ( 4) members, two (2) of whom shall be selected by the employer for 

the employer side, and two (2) by the Union for the Union side. Such said 

program committee will oversee the running and implementation of the 

program. 

Section 15. International Research and Education Joint Trust Fund -

Contribution of$.03 per hour worked per member in accordance to the 

International By-Laws, Article ll - Section 5 

-22-
RP 88:290

ARTICLE XVII 

Section l. The rate of wages for Journeyman slate, tile and asbestos roofers, 

damp and waterproof workers shall be: 

(Employer Contributions) 

June 1, 2018 

WAGE ~ PENSION APPR. QQ!! DRUG FUND 

$25.80 $8.52 $8.19 $.20 $.OS $.07 

NRIPP Supplemental Pension - $.70 plus International Resem·ch and Education Fund 

$.03 

Assessment/Deduction 4% + $.13 International dues Pr Hr 

Effective May 1, 2019- Working dues/Assessment increase-5% of total 

package hourly rate+ $.13 International dues per hour. 

June 1, 2019 

WAGE TM PENSION APPR. £!!ill DRUG FUND 

$26.55 $8.72 $8.39 $.30 $.05 $.07 

NRIPP Supplemental Pension - $.94 plus International Research and Education Fund $.03 

Assessment/Deduction 5% total package hourly rate+ $. l 4 International 

dues Pr Hr 

Third Year (6/1/2020) $1.60 increase($.10 towards Apprenticeship and 

the rest of monies to be determined at the time of increase) 

These rates are in effect in all counties within the jurisdiction of Roofers Local 

No. 88. 

Roofers working in any form of coal tar pitch, whether hot or cold, installing 

and/or removing will be paid $1.00 more per-hour. 

Section 2A. A re-opening clause to this agreement is hereby made by the 

Sheet Metal and Roofing Contractors' Association of Akron, Canton, 

Mansfield, Ohio for the following items: 

-23-
RP 88:291

B. Additional fringe benefits to include pension plan as agreed upon by 

members of Roofers Local No. 88. To be negotiated within the wage 

structure. 

C. A re-opening clause to include an A-B-C system of merit and seniority 

with arbitration including contractors and Union 

ARTICLE XVIII 

SAFETY RULES 

l. Wrist-length gloves must be worn. No gauntlet gloves permitted. 

2. Work boots must be above-ankle type, completely laced, no tennis shoes. 

3. On all roofs 1⁄4 pitch or over, all safety precautions shall be taken, such as 

safety harnesses and ropes, and proper scaffolds shall be used. 

4. All hot carriers and kettle men must wear shirts with full-length sleeves, 

buttoned at wrists. M.oppers and rollers no less than "T" shirts. 

5. On all tear off and removal of gravel surface jobs safety goggles must be 

worn at all times. (To be furnished by the Contractor) 

6. All ladders must be in A-1 condition. Broken, cracked and repaired 

ladders shall be removed from the job site. ladders on all jobs must project 

at least 32 inches above roof with safety shoes and ladder tied off at the 

top. 

7. All hoisting equipment must be properly installed. Well wheels to be 

wired on. Ropes, wheel and derricks to be inspected for safety. 

8. Workmen are not permitted to ride on top of loaded tmcks or on running 

boards. 

9. Workmen are not permitted to ride hoists of any description. 

IO.Kettle operators shall be furnished with fire extinguishers, fire blanket, 

hard hat, face shield, and safety kit at all times. 

-24-
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:292 

EXHIBIT 30 

Form 5500 

The required Form 5500 excerpts are attached as Exhibit 30A (RP 88:293). 
RP 88:293

Form5500 

Department of the Treasury 

Internal Revenue Service 

Department of Labor 

Employee Benefits Security 

Administration 

Pension Benefit Guaranty Corporation 

Annual Return/Report of Employee Benefit Plan 

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 6057(b) and 6058(a) of the Internal Revenue Code (the Code). 

► Complete all entries In accordance with 

the instructions to the Form 5500. 

Part I T Annual Renort Identification Information 

For calendar plan year 2018 or fiscal plan year beginning 05/01/2018 and ending 04/30/2019 

0MB Nos.1210-0110 

1210-0089 

2018 

This Form is Open to Public 

Inspection 

A This return/report Is for: 18] a multlemployer plan D a multiple-employer plan (Filers checking this box must attach a list of 

participating employer information In accordance with the form instructions.) D a single-employer plan D a DFE (specify)~ 

B This return/report is: D the first return/report D the final return/report 

D an amended return/report D a short plan year return/report (less than 12 months) 

C If the plan is a collectively-bargained plan, check here .............•....•............................•....•..•.... ► 18] 

D Check box if filing under: 181 Form 5558 D automatic extension D the DFVC program 

n special extension (enter description) 

I Part If l Basic Plan Information-enter all requested information 

1a Name of plan 

ROOFERS LOCAL NO. 88 PENSION FUND 

2a Plan sponsor's name (employer, if for a single-employer plan) 

Maillng address (include room, apt., suite no. and street, or P.O. Box) 

1 b Three-digit plan I 

0 number iPN\ ► 01 

1 C Effective date of plan 

05/01/1968 

City or town, state or province, country, and ZIP or foreign postal code (if foreign, see instructions) 

ROOFER$ LOCAL NO. 88 PENSION FUND BOARD OF TRUSTEES 

2b Employer Identification 

Number (EIN) 

34-6615264 

2c Plan Sponsor's telephone 

number 

2111 WEST LINCOLN HIGHWAY 

MERRILLVILLE, IN 46410 

800-759-6944 

2d Business code (see 

instructions) 

238100 

Caution: A penalty for the late or incomplete filing of this return/report will be assessed unless reasonable cause is established. 

Under penalties of perjury and other penalties set forth in the instructions, I declare that I have examined this return/report, including accompanying schedules, 

statements and attachments, as well as the electronic version of this return/report, and to the best of my knowledge and belief, it Is true, correct, and complete. 

SIGN Filed with authorized/valid electronic signature. 01/31/2020 

HERE 

Sinnature of nlan administrator Date 

SIGN 

HERE 

Signature of employer/plan sponsor Date 

SIGN 

HERE 

Sianature of DFE Date 

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

BARBARA DIXON 

Enter name of individual sinninn as r.lan administrator 

Enter name of Individual sinning as emplover or r Ian snonsor 

Enter name of individual sianinn as DFE 

Form 5500 (2018) 

v. 171027 
RP 88:294

Form 5500 (2018) Page2 

3a Plan administrator's name and address 181 Same as Plan Sponsor 3b Administrator's EIN 

3c Administrator's telephone 

number 

4 If the name and/or EIN of the plan sponsor or the plan name has changed since the last return/report filed for this plan, 4b EIN 

enter the plan sponsor's name, EIN, the plan name and the plan number from the last return/report: 

a Sponsor's name 4d PN 

C Plan Name 

5 Total number of partlcipants at the beginning of the plan year 5 

6 Number of participants as of the end of the plan year unless otherwise stated (welfare plans complete only fines 6a(1), 

6a(2), 6b, 6c, and 6d). 

a(1) Total number of active participants at the beginning of the plan year .................................... .......................................... 6a(1) 

a(2) Total number of active participants at the end of the plan year ............................................ .......................................... 6a(2) 

b Retired or separated participants receiving benefits .............................................................................................................. 6b 

C Other retired or separated participants entitled to future benefits .......................................................................................... 6c 

d Subtotal. Add lines 6a(2), 6b, and 6c .................................................................................................................................... 6d 

e Deceased participants whose beneficiaries are receiving or are entitled to receive benefits ................................................. 6e 

f Total. Add lines 6d and Ge ................................................................................................................................................... 6f 

g Number of participants with account balances as of the end of the plan year (only defined contribution plans 

complete this item) ............................................................................................................................................................. 6g 

h Number of participants who terminated employment during the plan year with accrued benefits that were 

less than 100% vested ......................................................................................................................................................... 6h 

7 Enter the total number of employers obligated to contribute to the plan (only multiemployer plans complete this item) ......... 7 

8a If the plan provides pension benefits, enter the applicable pension feature codes from the List of Plan Characteristics Codes In the instructions: 

1B 

b If the plan provides welfare benefits, enter the applicable welfare feature codes from the List of Plan Characteristics Codes in the instructions: 

9a Plan fun~ng arrangement (check all that apply) 9b Plan benefit arrangement (check all that apply) 

(1) Insurance (1) Insurance - F 

(2) Code section 412(e)(3) insurance contracts (2) Code section 412(e)(3) insurance contracts 

(3) X Trust (3) X Trust ~ F 

(4) General assets of the sponsor (4) General assets of the sponsor 

432 

103 

103 

207 

93 

403 

33 

436 

19 

10 Check all applicable boxes in 10a and 10b to Indicate which schedules are attached, and, where indicated, enter the number attached. (See instructions) 

a Pension Schedules b General Schedules 

(1) 181 R (Retirement Plan Information) (1) 13] H (Financial Information) 

(2) ~ MB (Multlemployer Defined Benefit Plan and Certain Money 

Purchase Plan Actuarlal Information) - signed by the plan 

(2) 

□ I (Financial Information -Small Plan) 

(3) □ A (Insurance Information) 

actuary (4) 13] C (Service Provider Information) 

(3) D SB (Single-Employer Defined Benefit Plan Actuarial 

Information) - signed by the plan actuary 

(5) 

□ D (DFE/Participatfng Plan Information) 

(6) 

□ G (Financial Transaction Schedules) 

' 
RP 88:295

SCHEDULER 

(Form 5500) 

Department of the Treasury 

Internal Revenue Service 

Retirement Plan Information 

This schedule is required to be flied under sections 104 and 4065 of the 

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

605B(a) of the Internal Revenue Code (the Code). 

0MB No, 1210..0110 

2018 

Department of Labor 

Employee Benefits Security Administration 

Pension Benefil Guaranty Corporation 

► FIie as an attachment to Form 5500. 

This Form is Open to Public 

Inspection. 

For calendar plan year 2018 or fiscal plan year beginning 05/01/2018 

A Name of plan 

ROOFERS LOCAL NO. 88 PENSION FUND 

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

ROOFERS LOCAL NO. 88 PENSION FUND BOARD OF TRUSTEES 

Part I 1 Distributions 

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

and ending 

B 

04/30/2019 

Three-digit 

plan number 

(PN) ► 001 

D Employer Identification Number (EIN) 

34-6615264 

1 Total value of distributions paid in property other than In cash or the forms of property specified In the 

instructions .......................................•.............................................................................................•.................... L_ _ _J _________ _ 

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 

payers who paid the greatest dollar amounts of benefits): 

EIN(s): 

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

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

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

Part II Funding Information (If the plan is not subject to the minimum funding requirements of section 412 of the Internal Revenue Code or 

ERISA section 302, skip this Part.) 

0 

4 Is the plan administrator making an election under Code section 412(d)(2) or ERISA section 302(d){2)7 ........................ .. D Yes [5<j No □ N/A 

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

5 If a waiver of the minimum funding standard for a prior year Is being amortized in this 

plan year, see instructions and enter the date of the rullng letter granting the waiver. Date: Month ___ _ Day ___ _ Year ___ _ 

If you completed line 5, complete lines 3, 9, and 10 of Schedule MB and do not complete the remainder of this schedule 

6 a Enter the minimum required contribution for this plan year (include any prior year accumulated funding 

deficiency not waived) ..............................................•................................................................................... Ga .. b Enter the amount contributed by the employer to the plan for this plan year ................................................. . .. 6b 

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 Ge, skip llnes 8 and 9. 

7 Will the minimum funding amount reported on line 6c be met by the funding deadline? .......................................... . D Yes □ No □ N/A 

Part Ill I Amendments 

Part IV I 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. 

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

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

b If the ESOP has an outstanding exempt loan with the employer as lender, is such loan part of a "back-to-back" loan? 0 Yes D No 

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

12 Does the ESOP hold any stock that is not readily tradable on an established securities market?....................................................... D Yes D No 

For Papeiwork Reduction Act Notice, see the Instructions for Form 5500. Schedule R (Form 5500) 2018 

v.171027 
RP 88:296

Schedule R (Form 5500) 2018 Page2 •o::=:J 

I Part V Additional Information for Multiemployer Defined Benefit Pension Plans 

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

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

a Name of contributing employer TERIK ROOFING INC 

b EIN 04-3593689 C Dollar amount contributed by employer 270151 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box D 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month 04 Day 30 Year 2019 

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

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

(1) Contribution rate (In dollars and cents) ~8~.1~9 ___ = 

(2) Base unit measure: IXJ Hourly D Weekly n Unit of production D Other (specify): 

a Name of contributing employer RAY ROOFING & SUPPLY CO 

b EIN 34-0664464 C Dollar amount contributed by employer 210831 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box D 

and see instructions regarding required attachment. Othetwlse, enter the applicable date.) Month 04 Day 30 Year 2019 

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

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

(1) Contribution rate (In dollars and cents) ~8.~1~9--~=c-

(2) Base unit measure: (xi Hourly O Weekly O Unit of production n Other (specify}: 

a Name of contributing employer TYCOR ROOFING 

b EIN 34-1305968 C Dollar amount contributed by employer 193338 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box D 

and see instructions regarding required attachment. Othetwise, enter the applicable date.) Month 04 Day 30 Year 2019 

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

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

(1) Contribution rate (in dollars and cents) _8._1_9 ___ = 

{2) Base unit measure: p<j Hourly O Weekly O Unit of production n Other (specify): 

a Name of contributing employer CARDINAL MAINTANANCE & SVCS 

b EIN 34~0896406 c Dollar amount contributed by employer 149703 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box D 

and see Instructions regarding required attachment. Otherwise, enter the applicable date.) Month 04 Day 30 Year 2019 

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

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

(1) Contribution rate (in dollars and cents) 08~.1~9 ___ = 

(2) Base unit measure: (xi Hourly O Weekly O Unit of production D other (specify): 

a Name of contributing employer ARCH ROOFING CONTR INC 

b EIN 27~1622821 c Dollar amount contributed by employer 67632 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box D 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month 04 Day 30 Year 2019 

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

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

(1) Contribution rate (in dollars and cents) _8_.1_9 ___ ~ 

(2) Base unit measure: [xi Hourly O Weekly O Unit of production O Other (specify): 

a Name of contributing employer RMD COMPANY LLC 

b EIN 27-4381174 c Dollar amount contributed by employer 58179 

d Date collective bargaining agreement expires (If employer contributes under more than one collective bargaining agreement, check box D 

and see instructions regarding required attachment. Otherwise, enter the applicable date.) Month 04 Day 30 Year 2019 

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

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

(1) Contribution rate (In dollars and cents) _8._1_9 __ ~~ 

(2) Base unit measure: ~ Hourly D Weekly O Unit of production D Other (specify): 
RP 88:297

Schedule R (Form 5500) 201 B Page3 

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

0 flh e par I'' 1c1pan If or: 

a The current year ..................................................................................................................... , ......................... 14a 

b The plan year immediately preceding the current plan year .............................................................................. 14b 

C The second preceding plan year ...................................................................................................................... 14c 

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 ............................... 15a 

b The corresponding number for the second preceding plan year ....................................................... , .............. 15b 

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

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

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

assessed anainst such withdrawn emr:lovers ................................................................................................... 

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 regarding 

_ supplemental information to be included as an attachment. •.........•....•.....•..•...•..•.................•.••.•...•.•.........••.......... : •.••..•.••...........•.•...... ; .••.. 0 

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

18 If any liabilities to participants or their beneficiaries under the 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 such plan year, check box and see instructions regarding supplemental 

information to be included as ~n attachment ....................................................................................................................................................................... 0 

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

a Enter the percentage of plan assets held as: 

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

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

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

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

D Effective duration D Macaulay duration O Modified duratlon D Other (specify): 
RP 88:298

SCHEDULE MB 

(Form 5500) 

Department of the Treasury 

Internal Revenue Service 

Department of Labor 

Employee Benefits Security Admlnlstratlon 

Pension Benefit Guaranty Corporation 

Multiemployer Defined Benefit Plan and Certain 

Money Purchase Plan Actuarial Information 

This schedule is required to be filed under section 104 of the Employee 

Retirement Income Security Act of 1974 (ERISA) and section 6059 of the 

Internal Revenue Code (the Code). 

► File as an attachment to Form 5500 or 5500-SF. 

0MB No. 1210"0110 

2018 

This Form is Open to Public 

Inspection 

For calendar plan year 2018 or fiscal plan year beginning 05/01/2018 and ending 04/30/2019 

► 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 B Three-digit I 

ROOFERS LOCAL NO. 88 PENSION FUND plan number (PN) ► 001 

\---~---~-~---~-----

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

ROOFERS LOCAL NO, 88 PENSION FUND BOARD OF TRUSTEES 

D Employer Identification Number (EIN) 

34-6615264 

E Type of plan: (1) ~ Multiemployer Defined Benefit (2) D Money Purchase (see Instructions) 

1 a Enter the valuation date: Month ~0~5~ ___ _ Day 01 Year 2018 

b Assets ' 

(1) Current value of assets ...................................................................................................................... 1b(1) 28695777 

(2) Actuarial value of assets for funding standard account.. ..................................................................... 1b(2) 29286291 

C (1) Accrued liability for plan using immediate gain methods .................................................................... 1c(1) 44995486 

(2) Information for plans using spread gain methods: 

(a) Unfunded liability for methods with bases •..............•..........................••.......................................... 1c(2)(a) 

(b) Accrued liability under entry age normal method ............................................................................ 1c(2)(b) 

(c) Normal cost under entry age normal method ................................................................................. 1c(2)(c) 

(3) Accrued liability under unit credit cost method ............. , ....................................................................... 1c(3) 44271987 

d Information on current liabilities of the plan: 

(1) Amount excluded from current liability attr!butable to pre-participation service (see instructions) ......... 1d(1) 

(2) "RPA '94" information: ' 

(a) Current liability ............................................................................................•.................................. 1d(2)(a) 73158727 

(b) Expected increase In current liability due to benefits accruing during the plan year ........................ 1d(2)(b) 411419 

(c) Expected release from "RPA '94" current liabillty for the plan year ................................................. 1d(2)(c) 3089751 

(3) Expected plan disbursements for the plan year .................................................................................... 1d(3) 3135943 

Statement by Enrolled Actuary 

To the best of my knowledge, the information supplled In this schedule and accompanying schedules, statements and attachments, If any, Is complete and accurate, Each prescribed assumption was applied 

In accordance with applicable law and regulations. In my opinion, each other assumption Is reasonable (taking lnlo account the experience of the plan and reasonable expectations) and such other 

assumptions, in combination, offer my best esUmate of anticipated experience under the plan. 

SIGN ·1 HERE 

Signature of actuary 

KATHRYN A. GARRITY, FSA, EA, MAAA 

Type or print name of actuary 

UNITED ACTUARIAL SERVICES, INC. 

Firm name 

11590 N. MERIDIAN STREET, SUITE 610, CARMEL, IN 46032-4529 

Address of the firm 

12/06/2019 

Date 

17-05379 

Most recent enrollment number 

317-580-8688 

Telephone number (including area code) 

If the actuary has not fully reflected any regulation or ruling promulgated under the statute in completing this schedule, check the box and see 

instructions □ For Paperwork Reduction Act Notice, see the Instructions for Form 5500 or 5500--SF. Schedule MB (Form 5500) 2018 

v.171027 

I 

I 
RP 88:299

: 

Schedule MB (Form 5500) 2018 Page2-LJ 

2 Operational infonnation as of beginning of this plan year 

a Current value of assets (see instructions) ............................................................................................................. .1 2a 28695777 

b "RPA '94" current liability/participant count breakdown: (1) Number of participants (2) Current liability 

(1) For retired participants and beneficiaries receiving payment ................................... 232 40203218 

(2) For terminated vested participants .......................................................................... 145 16107092 

(3) For active participants: . (a) Non-vested benefits .......................................................................................... 394536 

(b) Vested benefits ................................................................................................. 16453881 

(c) Total active ....................................................................................................... 111 16848417 

(4) Total ....................................................................................................................... 488 73158727 

C 

~;~;e~:~=~~~~~. ~~~. ~.1~~~~. ~~~~.~~~.I~'.~~. l.i.~~. ~~. ~:.. l.i.~ .~. ~ .~.(~ !.'. ~~'.~:~ .. ~~~'.. i.~. ~~~~ .. ~~·~·~· ~~~.'. ~~~~~. ~~~~........ . . . . . . . . I 2c 39.22% 

3 Contributions made to the plan for the plan year by employer(s) and employees· 

(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 

04/30/2019 1102227 

Totals ► l 3(b) 1102227 3(c> I 

4 Information on plan status: 

a Funded percentage for monitoring plan's status (line 1 b(2) divided by line 1c(3)) ................................................ 1 :: I 66.2% 

b ~~~: I~~~~ nt~:t~~i~: t~~_.~ .~~~.t~~. ?~.~. '.~~~~~~~1~~~. ~~.~ ~~~~~~.~~~~. ~~ ~~-~:.~.~~~~. ~~.i~~.~~.~. ~~ :.'.~.~•.~. ~~~~~.~!· If c __ .J.L.. __________ o __ 

C Is the plan making the scheduled progress under any applicable funding improvement or rehabilitation plan? ............................................................. 18] Yes O No 

d If the plan is in critical status or critical and declining status, were any benefits reduced (see Instructions)? ................................................. 0 Yes 181 No 

e If lined Is "Yes," enter the reduction in liability resulting from the reduction In benefits (see instructions), 

measured as of the valuation date ..................... ,................................................................................................ 4e 

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. 

:;~:~:~a:~l~~~oenc~l~:r: .~~~~~. ~~ .~~~~~~~l.l'.~.~. ~.~~~i.~~~.~~~~'.~~.~.~~'..~~~~~-~.~.~ .. ~.I~~.~~~~.~~. ~.~.i~~.'.~~~1.~~.~~~s 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 Bl Entry age normal C 0 Accrued benefit (unit credit) 

e D Frozen initial liability f □ Individual level premium g D Individual aggregate 

D Other (specify): 

2038 

d □ Aggregate 

h □ Shortfall 

j If box his checked, enter period of use of shortfall method .................................................................................. L._5.cj-..JL.. __________ _ 

k Has a change been made in funding method for this plan year? ................................................................................................................... 0 Yes 18] No 

I If line k is ''Yes," was the change made pursuant to Revenue Procedure 2000-40 or other automatic approval? ............................................ 0 Yes D No 

m =~~r~~~~ ·~:si~=~~~i~; f~i~~;~~·~:~~9;dt~~ .. ~.~·t·~·~~.~~~~~~:.:.~~.~~.~~~.~~~'.~.~ . .'.~~.~~.~i-~~'.~i·~·~·~~.~~.~'.~~.~~ .............. Ll _sm __JIL_ __________ _ 
RP 88:300

Schedule MB (Form 5500) 2018 Page3 •EJ 

6 Checklist of certain actuarlal assumptions· 

a Interest rate for "RPA '94" current llabllity ..................................................................................................................................... l 6a I 2.99% 

Pre-retirement Post-retirement 

b Rates specified in insurance or annuity contracts .................................... □ Yes 

□ No 18] NIA □ Yes 

□ No [i<] NIA 

C Mortality table code for valuation purposes: 

(1) Males ................................................................................... 6c(1) A A 

(2) Females ............................................................................... 6c(2) AF AF 

d Valuation liability interest rate ..................................................... 6d 7.25% 7.25% 

e Expense loading .............•.............•.....•....................................... 6e 56.2% □ NIA % I [i<] N/A 

f Salary scale ................................................................................ 61 % 18] NIA 

g Estimated investment return on actuarial value of assets for year ending on the valuation date .............•...... 6g 2.9% 

h Estimated investment return on current value of assets for year ending on the valuation date ...................... 6h 8.2% 

7 New amortization bases established in the current plan year· 

(1) Type of base (2) Initial balance (3) Amortization Charge/Credit 

1 1083743 112704 

4 -22083 -2297 

8 Miscellaneous information: 

a If a waiver of a funding deficiency has been approved for this plan year, enter the date (MM-DD-YYYY) of ea 

the ruling letter granting the approval .......................................................................................................... .. 

b(1) Is the plan required to provide a projection of expected benefit payments? (See the Instructions.) If 'Yes," 

attach a schedule ..................................................................................................................................................... . □ Yes [i<] No 

b(2) Is the plan required to provide a Schedule of Active Participant Data? (See the instructions.) If uves," attach a 

schedule ................................................................................................................................. , ................................ . ~ Yes 

□ No 

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? ................................................................................................................ ~------------ 18] Yes 

□ No 

d 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(1) is "Yes," enter the number of years by which the amortization period was extended ............ LI _8_d_(_2_) -'--------------

[i<] Yes D No 

5 

(3) Was an extension approved by the Internal Revenue Service under section 412(e) (as In effect prior 

to2008)or431(d)(2)oftheCode? .......................................................................................................... ______________ _ 

(4) i~~\:~i~~(~~sn~~~~~ ~~t;~;r~7:~~i~i})~.~~ .. ~~.~~.i~~.~~~.~~.~~~~~~'.~~.~~~'.~~.:~~.~~~.~~~~.~.~~~············ll-_s_d_(_4_) +-------------

(5) If line 8d(3) is uYes,H enter the date of the ruling letter approving the extension ....................................... L. -=8-=do:(5,,.)_L.. ___________ _ 

(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 after 2007? 

D Yes [i<] No 

.................................................................................. D Yes D No 

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 Se 2746488 

extending the amortization base(s) ............................................................................................................... 

9 Funding standard account statement for this plan year: 

Charges to funding standard account: 

a Prior year funding deficiency, If any .............................................................................................................. 9a 

b Employer's normal cost for plan year as of valuation date ............................................................................. 9b 223353 

C Amortization charges as of valuation date: Outstanding balance . 

(1) All bases except funding waivers and certain bases for which the 9c(1) amortization period has been extended ............................................ 27046196 3130688 

(2) Funding waivers ............................................................................... 9c(2) 

(3) Certain bases for which the amortization period has been 9c(3) extended .......................................................................................... 

d Interest as applicable on lines 9a, 9b, and 9c ......................................... , ...................................................... 9d 243168 

e Total charges. Add lines 9a through 9d ......................................................................................................... 9e 3597209 
RP 88:301

Schedule MB (Form 5500) 2018 Page4 

Credits to funding standard account: 

f Prior year credit balance: if any..................................................................................................................... 9f 2277628 f----1---------------

g Employer contributions. Total from column (b) of line 3................................................................................. 9g 1102227 

~-----------+------------~ 

Outstanding balance 

h Amortization credits as of valuation date ................................................ 1 9h 9059373 1692573 

~-----------~---+--------------

Interest as applicable to end of plan year on lines 9f, 9g, and 9h ................................................................ .. 91 327797 ~----------------

Full funding limitation (FFL) and credits: 

(1) ERISA FFL (accrued liability FFL) .......................................................... 9j(1) 20163906 >----+------------< (2) "RPA '94" override (90% current liability FFL) ........................................ 9j(2) 37303147 

~--~------~---+--------------

( 3) FFL credit.............................................................................................................................................. 9j(3) f-----jf------------

k (1) Waived funding deficiency..................................................................................................................... 9k(1) e----+--------------

( 2) other credits......................................................................................................................................... 9k(2) 

e----+--------------

T o ta I credits. Add lines 9fthrough 9i, 9j(3), 9k(1), and 9k(2).......................................................................... 91 5400225 f----+-------------- m Credit balance: If line 91 is greater than line 9e, enter the difference.............................................................. 9m 1803016 f----+-------------- n Funding deficiency: If line 9e is greater than Une 91, enter the difference....................................................... 9n ~~~~-----------

9o Current year's accumulated reconclllatfon account: i 

(1) Due to waived funding deficiency accumulated prior to the 2018 plan year ....................................... 9o(1) 

(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) 

(b) Reconciliation amount (line 9c(3) balance minus line 9o(2){a)) ................................................... 9o(2)(b) 

(3) Total as of valuation date ..................................................................................................... , ............ 9o(3) 

10 Contribution necessary to avoid an accumulated funding deficiency. (See instructions.) ...•....................... 10 0 

11 Has a change been made in the actuarial assumptions for the current plan year? If "Yes," see instructions ................ .. [81 Yes D No 
RP 88:302

Roofers Local No. 88 Pension Fund 

Report on Audit of Financial Statements 

And Supplementary Infonnation 

For the Years Ended April 30, 2019 and 2018 

Yurchyk & Davis 

Certified Public Accountants, Inc. 

3701 Boardman-Canfield Road, Suite 2 

Canfield, Ohio 44406 

Telephone: (330) 533-5000 
RP 88:303

Roofers Local No. 88 Pension Fund 

For The Years Ended April 30, 2019 and 2018 

TABLE OF CONTENTS 

Independent Auditor's Report................................................. .. .. .. .. .. .. .. .. . .. .. .. ..... 2 - 3 

Financial Statements: 

Statements of Net Assets Available for Benefits................................................... 4 

Statements of Changes in Net Assets Available for Benefits...................................... 5 

Notes to Financial Statements......................................................................... 6 - 12 

Supplementmy Information: 

Schedule of Administrative Expenses................................................................................... 14 

Schedule of Assets Held for Investment............................................................ 15 - 28 
RP 88:304

Board of Trustees 

Roofers Local No. 88 

Pension Fund 

Report on Financial Statements 

3701 Boardman Canfield Road, P: 330.533.5000 

Suite 2 • Canfield, Ohio 44406 F: 330.533.5161 www.ydcpa.corr 

Independent Auditor's Report 

We have audited the accompanying financial statements of Roofers Local No. 88 Pension Fund, which 

comprise the statements of net assets available for benefits as of April 30, 2019 and 2018, and the related 

statements of changes in net assets available for benefits for the years then ended, and the related notes to 

the financial statements. 

Management's Responsibility for the Financial Statements 

Management is responsible for the preparation and fair presentation of these financial statements in 

accordance with accounting principles generally accepted in the United States of America; this includes 

the design, implementation, and maintenance of internal control relevant to the preparation and fair 

presentation of financial statements that are free from material misstatement, whether due to fraud or 

error. 

Auditor's Responsibility 

Our responsibility is· to express an opm10n on these financial statements based on our audits. We 

conducted our audits in accordance with auditing standards generally accepted in the United States of 

America. Those standards require that we plan and perform that audit to obtain reasonable assurance 

about whether the financial statements are free of material misstatement. 

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

the financial statements. The procedures selected depend on the auditor's judgment, including the 

assessment of the risks of material misstatement of the fmancial statements, whether due to fraud or error. 

In making those risk assessments, the auditor considers internal control relevant to the Plan's preparation 

and fair presentation of the financial statements in order to design audit procedures that are appropriate in 

the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan's 

internal control. Accordingly, we express no such opinion. An audit also includes evaluating the 

appropriateness of accounting policies used and the reasonableness of significant accounting estimates 

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

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

our audit opinion. 

Opinion 

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

information regarding the Roofers Local No. 88 Pension Fund's net assets available for benefits as of 

April 30, 2019 and changes therein for the year then ended, and its financial status as of April 30, 2018 

and changes therein for the year then ended in accordance with accounting principles generally accepted 

in the United States of America. 

A member of the American lnstituthf Certified Public Accountants 

Earning your trust since 1990 
RP 88:305

Report on Snpplemental Information 

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

The supplemental schedule of administrative expenses for the years ended April 30, 2019 and 2018, is 

presented for the purpose of additional analysis and is not part a required part of the financial statements. 

The supplemental schedule of assets held for investment as of April 30, 2019, is presented for the purpose 

of additional analysis and is not a required part of the financial statements but is supplementary 

information required by the Department of Labor's Rules and Regulations for Rep01ting and Disclosure 

under the Employee Retirement Income Security Act of 1974. Such information is the responsibility of 

the Plan's management and was derived from and relates directly to the underlying accounting and other 

records used to prepare the financial statements. The information has been subjected to the auditing 

procedures applied in the audits of the financial statements and ce1tain additional procedures, including 

comparing and reconciling such information directly to the underlying accounting and other records used 

to prepare the financial statements or to the financial statements themselves, and other additional 

procedures in accordance with auditing standards generally accepted in the United States of America. In 

our opinion, the information is fairly stated in all material respects in relation to the financial statements 

as a whole 

1f±[1_ 

Yurchyk & Davis CPA's, Inc. 

Canfield, Ohio 

September 24, 2019 

3 
RP 88:306

Roofers Local No, 88 Pension Fnnd 

Statements of Net Assets Available for Benefits 

April 30, 2019 and 2018 

ASSETS 

2019 

Investments, at Fair Value: 

Government and Agency Obligations $ 2,140,878 $ 

Corporate and Foreign Bonds 1,235,698 

Exchange Traded Funds 8,750,252 

Common Stocks 9,184,158 

Registered Investment Funds 5,811,495 

Interest Bearing Cash and Certificates of Deposit 275,369 

Total Investments, at Fair Value 27,397,850 

Receivables: 

Employers' Contributions 75,794 

Interest 22,997 

Other 3,123 

Total Receivables 101,914 

Prepaid Expenses 7,413 

Cash and Cash Equivalents 453,185 

Total Assets 27,960,362 

LIABILITIES 

Accounts Payable - Administrative Costs 1,270 

Net Assets Available for Benefits $ 27,959,092 $ 

The Accompanying Notes are an Integral Part of These Financial Statements 

4 

2018 

2,197,594 

1,235,289 

9,500,599 

8,054,951 

6,634,109 

334,156 

27,956,698 

62,785 

24,365 

87,150 

11,563 

647,665 

28,703,076 

7,299 

28,695,777 
RP 88:307

Roofers Local No. 88 Pension Fund 

Statements of Changes in Net Assets Available for Benefits 

For The Years Ended April 30, 2019 and 2018 

2019 

Additions to Net Assets;. 

Investment Income: 

Net Appreciation 

in Fair Value of Investments $ 451,570 $ 

Interest and Dividends 900,365 

Total Investment Income 1,351,935 

Less: Investment Expenses (162,151) 

Net Investment Income 1,189,784 

Contributions: 

Employer Contributions 1,102,227 

Total Additions to Net Assets 2,292,011 

Deductions from Net Assets: 

Benefits Paid Directly to Participants 2,909,623 

Administrative Expenses 119,073 

Total Deductions from Net Assets 3,028,696 

Net Increase (Decrease) (736,685) 

Net Assets Available for Benefits: 

Beginning of Year 28,695,777 

End of Year $ 27,959,092 $ 

The Accompanying Notes are an Integral Part of These Financial Statements 

5 

2018 

1,684,228 

709,003 

2,393,231 

{160,6032 

2,232,628 

981,020 

3,213,648 

2,688,536 

135,098 

2,823,634 

390,014 

28,305,763 

28,695,777 
RP 88:308

Roofers Local No. 88 Pension Fund 

Notes to Financial Statements 

April 30, 2019 and 2018 

NOTE A- DESCRIPTION OF PLAN 

The following brief discussion of the Roofers Local No. 88 Pension Fund provides only general information. 

Participants should refer to the Plan agreement for more complete description of the Fund's provisions. 

1.) General - The Fund is a multi-employer defined benefit plan covering all union member employees of 

participating contractors of the Roofers Local No. 88 who meet the minimum service requirements, An 

employee will become eligible at the beginning of the Fund year or on November pt, whichever is earlier, 

following 435 hours of completed service. The Fund is subject to the provisions of the Employee Retirement 

Income Security Act of 1974 (BRISA), as amended. 

2.) Administration of the Fund - The Fund is administered by Stewart C. Miller & Co. Inc., the third party 

administrator. Administrative expenses are paid by the Fund in accordance with the Fund document. 

3.) Retirement Benefits - Each participant who has attained normal retirement age is entitled to annual pension 

benefits. For those who have at least one hour of covered service after May I, 1999, normal retirement age 

means the participant is at least 60 years of age and has 5 years of covered service; or the later of age 65 or 

the 5th anniversary of participation in the Fund. For those with no covered service hours after May 1, 1999, 

normal retirement age means the participant is at least 60 years of age and has 10 years of covered service; or 

the later of age 65 or the 5th anniversary of Fund participation. The Fund permits early retirement for ages 55 

through 59 for those participants with at least five years of covered service. The benefit amount is based upon 

years of past service and contractor contributions. The retirement benefits to which a married participant may 

otherwise be entitled are payable in the fmm of a qualified joint and survivor benefit, unless the participant 

elects otherwise. Those that are not married are entitled to a 60 month certain benefit. 

4.) Death Benefit - The surviving spouse of a deceased participant who would have been eligible to receive an 

early or normal retirement benefit may elect to receive a qualified joint and 50%, 75% or 100% survivor 

benefit as though the deceased participant had applied for such a benefit the day immediately prior to his 

death, or a 60 month certain benefit. If the participant dies before reaching early retirement age and has five 

years of service, the spouse is entitled to receive a qualified joint 50%, 75% or 100% survivor benefit 

commencing on what would have been the participant's early retirement date or can elect to receive a 60 

month certain benefit. Effective November I, 2013, the 60 month ce1tain death benefits are no longer 

available. 

5.) Disability Benefit - Prior to November 1, 2013 disability benefits were available for a participant who 

becomes totally or permanently disabled. In order to qualify for disability benefits, a participant must have at 

least 10 years of covered service; have accrued at least 40 hours worked in the two Plan years preceding the 

disability; have not reached age 57; and have not performed any non-covered roofing employment within the 

Fund's geographical area. Effective November 1, 2013 disability benefits are no longer available. 

6,) Funding Policy - Participating contractors are required to make contributions for each hour worked on behalf 

of each active union member. The hourly contribution rate was $7 .15 from May 1, 2017 through May 31, 

2017, $7.69 from June I, 2017 through May 31, 2018, and $8.19 from June 1, 2018 through April 30, 2019. 

The Fund's funding policy is for paiticipating contractors to contribute an amount which will meet, or exceed, 

the annual BRISA minimum funding requirements. During the years ended April 30, 2019 and 2018, 

contributions were made in the amount of $1,102,227 and $981,020, respectively. The contributions for the 

years ended April 30, 2019 and 2018 met the minimum funding requirements of BRISA. 

6 
RP 88:309

Roofers Local No. 88 Pension Fnnd 

Notes to Financial Statements 

April 30, 2019 and 2018 

NOTE A - DESCRIPTION OF PLAN - Continued 

7.) Vested - Vesting for a participant who became eligible for a vested benefit prior to May I, 1989 for noncollectively bargained employees and May 1, 1999 for collectively bargained employees is based on years of 

continuous service according to the following schedule: 

Years of Service 

Less than 5 years 

5 years but less than 6 

6 years but less than 7 

7 years but less than 8 

8 years but less than 9 

9 years but less than 10 

10 years or more 

Vested Percentage 

0% 

50% 

60% 

70% 

80% 

90% 

100% 

Vesting for a participant who earned at least one hour of service from May 1, I 989 to April 30, I 999 as a noncollectively bargained employee, is based on years of continuous service according to the following schedule: 

Years of Service 

Less than 3 years 

3 years but less than 4 

4 years but less than 5 

5 years but less than 6 

6 years but less than 7 

7 years or more 

Vested Percentage 

0% 

20% 

40% 

60% 

80% 

100% 

Vesting for a participant who earned at least one hour of service after May I, 1999 as a collectively bargained 

or non-collectively bargained employee is based on years of continuous service according to the following 

schedule: 

Years of Service 

Less than 5 years 

5 years or more 

Vested Percentage 

0% 

100% 

Subsequent to the initial year or service, participants earn a year of covered service once they have completed 

435 hours of work with the Plan year. 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

1.) Basis of Accounting - The accompanying financial statements are prepared on the accrual basis of 

accounting. 

2.) Payment of Benefits - Benefits are recorded when paid. 

3.) Subsequent Events - The Fund evaluated subsequent events through September 24, 2019, the date the 

financial statements were available to be issued. 

7 
RP 88:310

Roofers Local No. 88 Pension Fund 

Notes to Financial Statements 

April 30, 2019 and 2018 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICES - Continued 

4.) Investment Valuation and Income Recognition - 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 Fund's trustees determine the Fund's valuation policies 

utilizing infonnation provided by the investment advisors and custodians. See Note D for a discussion of fair 

value measurements. 

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

basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Fund's 

gains and losses on the investments purchased and sold, as well as held, during the year. 

5.) Use of Estimates - The preparation of financial statements in accordance with accounting principles 

generally accepted in the United States of America requires management to make estimates and assumptions 

that affect reported amounts of assets, liabilities, and changes therein; disclosures 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. 

6.) Actuarial Present Value of Accumulated Plan Benefits - Accumulated plan benefits are those future 

periodic payments, including lump-sum distributions that are attributable under the Plan's provisions to the 

service participants have rendered. Accumulated plan benefits include benefits expected to be paid to (a) 

retired or terminated participants or their beneficiaries, (b) beneficiaries of participants who have died, and ( c) 

present participants or their beneficiaries. Benefits under the Fund are based on the participants' years of 

service and the amount the employer(s) have contributed for each eligible participant. The accumulated plan 

benefits for active employees are based on upon their years of service and employer contributions made as of 

the date the benefit information is presented (the valuation 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. 

An independent actuary from United Actuarial Services, Inc. determines the actuarial present value of 

accumulated plan benefits. The actuarial present value of the plan benefits is the amount that results from 

applying actuarial assumptions to adjust the accumulated plan benefits to reflect the time value of money 

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

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

actuarial cost method used is the individual entry age normal method. 

The significant actuarial assumptions used in the valuations as of April 30, 2018 and 2017 were (a) life 

expectancy of participants (the RP-2014 Blue Collar Mortality Table was used), (b) estimates of preretirement termination resulting from death, withdrawal or disability, retirement age assumptions (the 

probability of early retirement is 15%, with 100% retirement at age 60), (c) assumed investment return of 

7.25% after investment expenses for 2018 and 2017, (d) operational expenses estimated was $130,000 per 

year, excluding investments expense, for 2018 and 2017 (e) current liability interest rate was 2.99%, down 

from 3.05% in 2017, and (f) average future annual hours were 1,150 and 900 for vested and non-vested 

pa1ticipants, respectively, for 2018 and 2017. The foregoing actuarial assumptions are based on the 

presumption that the Fund will continue. Were the plan to terminate, different actuarial assumptions and other 

factors might be applicable to detennine the actuarial present value of accumulated plan benefits. The 

computations of the actuarial present value of accumulated plan benefits were made as of May 1, 2018 and 

2017. Had the valuations been performed as of April 30, there would be no material differences. 

8 
RP 88:311

Roofers Local No, 88 Pension Fond 

Notes to Financial Statements 

April 30, 2019 and 2018 

NOTE C - RISKS AND UNCERTAINTIES 

The Fund 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 participants' account balances and the amounts reported in the statement of 

net assets available for benefits. 

Fund contributions are made and the actuarial present value of accumulated plan benefits are reported based on 

certain assumptions pertaining to interest rates, inflation rates and employee demographics, all of which are 

subject to change. Due to uncertainties inherent in the estimates and assumptions process, it is at least reasonably 

possible that change in these estimates and assumptions in the near term would be material to the financial 

statements. 

NOTED - FAIR VALUE MEASUREMENTS 

The framework for measuring fair value 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 (level I) and the lowest priority to unobservable inputs (level 3). The three 

levels of the fair value hierarchy are described as follows: 

Level 1 - Inputs to the valuation methodology are unadjusted quoted prices for identical assets in active 

markets that the Plan has the ability to access. 

Level 2 - Inputs to the valuation methodology include: 

• Quoted prices for similar assets in active markets; 

• Quoted prices for identical assets in inactive markets; 

• Inputs other than quoted prices that are observable for the assets; 

• Inputs that are derived principally from or corroborated by observable market data by correlation 

or other means. If the asset has a specified (contractual) term, the Level 2 input must be 

observable for substantially the full term of the asset. 

Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value 

measurement. 

The asset'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 use of relevant observable 

inputs and minimize the use of unobservable inputs. 

Following is a brief description of the valuation methodologies used for assets measured at fair value. There have 

been no changes in the methodologies used at April 30, 2019 and 2018. 

The fair value of common stocks is based on the closing price reported on the active market on which the 

individual securities are traded. Mutual funds are valued at their daily net asset value (NA V). Corporate bonds are 

valued using pricing models maximizing the use of observable inputs for similar securities, This includes basing 

value on yields currently available on comparable securities of issuers with similar credit ratings. Government and 

agency securities are valued using pricing models maximizing the use of observable inputs for similar securities. 

9 
RP 88:312

Roofers Local No. 88 Pension Fund 

Notes to Financial Statements 

April 30, 2019 and 2018 

NOTED- FAIR VALUE MEASUREMENTS- Continued 

The following table sets fotth by level, within the fair value hierarchy, the Fund's assets at fair value at April 30, 

2019 and 2018. 

Assets at Fair Value as of April 30, 2019 

Common Stocks 

Registered Investment Funds 

Government and Agency Obligations 

Corporate and Foreign Bonds 

Exchange Traded Funds 

Money Market Funds 

Level I 

$ 9,184,158 $ 

5,811,495 

2,140,878 

1,235,698 

8,750,252 

275,369 

Total 

9,184,158 

5,811,495 

2,140,878 

1,235,698 

8,750,252 

275,369 

Total assets at fair value $ 27,397,850 $ 27,397,850 

Assets at Fair Value as of April 30, 2018 

Common Stocks 

Registered Investment Funds 

Government and Agency Obligations 

Corporate and Foreign Bonds 

Exchange Traded Funds 

Money Market Funds 

Total assets at fair value 

NOTEE-TAXSTATUS 

Level I Total 

$ 8,054,951 $ 8,054,951 

6,634,109 6,634,109 

2,197,594 2,197,594 

1,235,289 1,235,289 

9,500,599 9,500,599 

334,156 334,156 

$==~2~7,~95~6~,6~98~$===2=7=,9=56=,6=98= 

The IRS has determined and informed the Fund by a letter dated February 25, 2016, that the Fund and related 

trust are designed in accordance with the applicable sections of the Internal Revenue code (IRC). The Fund has 

been amended since receiving the determination letter. However, the Fund administrators believes that the Fund is 

currently designed and being operated in compliance with the applicable requirements of the !RC. 

Accounting principles generally accepted in the United States of America require plan management to evaluate 

tax positions taken by the Fund and recognize a tax liability if the Fund has taken an uncertain position that more 

likely than not would not be sustained upon examination by the Internal Revenue Service. The Fund is subject to 

routine audits by taxing jurisdictions; however, there are currently no audits for any periods in progress. The Fund 

administrators believe it is no longer subject to income tax examinations for years prior to 2016. 

10 
RP 88:313

Roofers Local No. 88 Pension Fund 

Notes to Financial Statements 

April 30, 2019 and 2018 

NOTE F - PLAN TERMINATION 

Though there are no plans to do so, in the event the Fund terminates, the net assets of the Fund will be allocated, 

as prescribed by BRISA and its related regulations, generally to provide the following benefits in the order 

indicated: 

a. Any and all obligations of the Fund and Trust, including expenses incurred up to the date of termination 

of the Fund and the expenses incidental to such te1mination. 

b. Benefits payable as a pension. 

c. Other benefits (if any) of the individuals under the Plan guaranteed under Title IV ofERISA. 

d. All other vested benefits under the Fund. 

e, All other benefits under the Fund. 

Certain benefits under the Fund are insured by the PBGC if the Fund terminates. Generally, the PBGC guarantees 

most vested normal age retirement benefits, early retirement benefits, and certain disability and survivor's 

pensions. However, the PBGC does not guarantee all types of benefits under the Fund, and the amount of benefit 

protection is subject to certain limitations. Vested benefits under the Fund are guaranteed at the level in effect on 

the date of the Fund's termination. However, there is statutory ceiling, which is adjusted periodically, on the 

amount ofan individual's monthly benefit that the PBGC guarantees. That ceiling applies to those pensioners who 

elect to receive their benefits in the form of single-lie annuity and are at least 65 years old at the time of retirement 

or plan termination (whichever comes later). For younger annuitants or for those who elect to receive their 

benefits in some form more valuable than single-life annuity, the corresponding ceiling is actuarially adjusted 

downward. 

Whether all participants receive their benefits should the Fund terminate at some future time will depend on the 

sufficiency, at that time, of the Fund's net assets to provide for accumulated benefit obligations and may also 

depend on the financial condition of the contributing employers subject to the collective bargaining agreement 

and may also depend on the level of benefits guaranteed by the PBGC. 

11 
RP 88:314

Roofers Local No. 88 Pension Fund 

Notes to Financial Statements 

April 30, 2019 and 2018 

NOTE G - ACCUMULATED PLAN BENEFITS 

The actuarial present value of accumulated plan benefits as of April 30, 2018 and 2017 were as follows: 

2018 

Vested accumulated benefits: 

Participants currently receiving payments $ 26,539,328 

Expenses on parts. currently rec. benefits 1,260,618 

Other participants 17,513,282 

Expenses on other participants 831,881 

46,145,109 

Non-vested accumulated benefits: 

Non-vested accumulated benefrts 219,377 

Expenses on non-vested benefrts 10,420 

229,797 

Actuarial present value of accumulated plan benefits $ 46,374,906 

The changes in accumulated plan benefits were as follows: 

Actuarial present value of accumulated plan benefits as of April 30, 2017 * 

Increase (decrease) durung the year attributable to: 

Change in actuarial assumptions 

Benefits accumulated and experience gain or loss 

Interest due to decrease in discount period 

Benefits paid 

Operational expenses paid 

Net Increase 

Actuarial present value of accumulated plan benefrts as of April 30, 2018 

$ 

$ 

$ 

$ 

2017 * 

26,001,866 

1,235,089 

17,861,197 

848,407 

45,946,559 

186,655 

8,866 

195,521 

46,142,080 

46,142,080 

(169,492) 

(119,349) 

3,345,301 

(2,688,536) 

(135,098) 

232,826 

46,374,906 

* Note: T11e 2017 present value of accumulated plan benefits (PVAB) column has been restated from the 2017 

valuation to include an operational expense load of 4. 75%. This change resulted in an increase of $2,092,362 to 

the2017 PVAB. 

12 
RP 88:315

Roofers Local N:o. 88 Pension Fund 

Supplementary fufonnation 

Schedule of Administrative Expenses 

Schedule of Assets Held for fuvestment 
RP 88:316

Roofers Local No. 88 Pension Fuod 

Schedule of Administrative Expenses 

For The Years Ended April 30, 2019 and 2018 

2019 

Actuary's Fee $ 15,500 

Accountant's Fee 9,900 

Payroll Audit Fees 2,266 

Bank Service Charges 1,228 

Insurance 13,041 

Attorney's Fee 11,310 

Office and Administrative Expenses 1,988 

PBGC Premiums 12,096 

Contract Administrator 48,000 

Miscellaneous Expense 600 

Trustee Travel, Meeting and Covention Expenses 3,144 

Total Administrative Expenses $ 119,073 

14 

2018 

$ 16,700 

9,800 

4,383 

1,933 

12,833 

19,337 

4,135 

12,460 

48,000 

5,517 

$ 135,098 
RP 88:317

Roofers Local No. 88 Pension Fund 

EIN: 34-6668355 PN: 001 

Schedule of Assets Held For Investment 

(Schedule H; Line 4i) 

April 30, 2019 

FACE 

AMOUNT/ 

NUMBEROF MARKET 

SHARES DESCRIPTION COST VALUE 

COMMON STOCKS 

140 3M Company $ 25,090 $ 26,531 

227 A O Smith Corp 11,885 11,933 

2,356 AbbLTD 50,360 48,675 

484 ACI Worldwide, Inc. 11,179 17,547 

184 Adidas AG 21,602 23,652 

181 Adobe Inc. 19,826 52,354 

131 Advanced Energy Ind Inc 40,905 7,567 

213 Advansix Inc . 6,896 6,439 

344 Aecom 10,578 11,662 

240 Aercap Holdings NV 10,909 11,914 

925 AGNC Invt Corp Com 16,592 16,456 

1,236 AIA Group LTD Spon ADR 26,629 50,738 

558 Air Liquide ADR 10,883 14,865 

2,402 Akbank Turk Anonim Sirketi ADR 6,379 4,816 

1,219 AKZO Nobel NV ADR 34,219 34,577 

208 Alaska Air Group Incorporated 12,539 12,875 

801 Alfa Laval AB-Unspons 11,918 18,743 

157 Alibaba Group Hldg LTD 28,440 29,134 

20 Alleghany CP Delaware 7,970 13,138 

220 Allergan PLC SHS 52,189 32,340 

173 Alliant Energy CP 5,339 8,171 

2,023 Allianz SE ADS 34,004 48,795 

472 Allstate Corp 46,114 46,756 

294 Ally Financial Inc 6,699 8,735 

87 Alphabet Inc Cl A 76,877 104,310 

358 Altice USA Inc CL A 8,285 8,434 

5,417 Ambev S A Sponsored ADR 25,585 25,514 

100 AMC Networks Inc CL A 5,128 5,841 

977 Amer Intl GP Inc New (AIG) 47,220 46,476 

143 American Express Co 15,446 16,764 

1,348 Antero Res Corp Com 22,997 9,773 

139 Aon PLC SHS CL-A 22,819 25,039 

387 ApergyCorp 17,176 15,360 

309 Apple Inc. 42,727 62,007 

15 
RP 88:318

FACE 

AMOUNT/ 

NUMBEROF 

SHARES 

Roofers Local No. 88 Pension Fund 

EIN: 34-6668355 PN: 001 

Schedule of Assets Held For Investment 

(Schedule H; Line 4i) 

April 30, 2019 

DESCRIPTION 

CO!\m1ON STOCK - Continued 

1,619 Aramark Holdings Corporation $ 

123 Arch Capital Group LTD 

564 Array Biopharma fuc 

452 Arrowhead Pharmaceuticals fuc 

833 Aspen Pharmacare Holdings LTD ADR 

915 Astrazeneca 

1,197 Atlas Copco AS A ADR A New 

76 Autolive Inc 

523 Avery Dennison Corporation 

2,779 Aviva PLC ADR 

328 Axalta Coating Systems LTD. 

334 Axis Capital Holdings LTD. 

187 AzulSAADR 

514 Baidu fuc Ads 

1,195 Balfour Beatty PLC Spon ADR 

550 Ball Corporation 

6,232 Banco Bilbao Viz Arg SA ADS 

1,510 Banco Do Brasil SA Spon ADR 

158 Bancolombia S.A. 

2,868 Bank of America Corp 

4,650 Barclays PLC ADR 

472 Barlow Rand LTD ADR 

1,213 Barrick Gold Corp 

2,525 BASF SE SP ADR 

555 Bayerische Motoren Werke AG 

292 BB&T Corp 

292 Bection Dickson & Co 

65 BeigeneLTD 

487 Berkshire Hathaway CL-B New 

305 Berry Global Group fuc 

145 Bidvest Group LTD Spons ADR 

34 Biogen Inc 

111 Bluebird Bio Inc 

1,358 BNP Paribas SP ADR Repstg 

16 

MARKET 

COST VALUE 

59,527 $ 50,319 

3,380 4,155 

9,396 12,752 

6,184 8,127 

16,397 5,906 

26,223 34,459 

25,581 37,837 

4,984 5,965 

45,522 57,869 

32,463 31,389 

10,813 8,849 

17,659 18,988 

6,038 4,854 

88,084 85,442 

8,617 7,839 

32,825 32,967 

38,738 37,953 

11,340 19,071 

8,128 8,014 

59,507 87,703 

44,591 39,804 

4,096 4,430 

16,363 15,429 

56,237 51,535 

17,089 15,756 

14,779 14,950 

54,857 70,296 

10,658 8,075 

105,651 105,538 

14,177 17,934 

3,701 4,433 

7,908 7,794 

13,882 15,743 

39,902 36,177 
RP 88:319

FACE 

AMOUNT/ 

NUMBEROF 

Roofers Local No. 88 Pension Fund 

EIN: 34-6668355PN: 001 

Schedule of Assets Held For Investment 

(Schedule H; Line 4i) 

April 30, 2019 

SHARES DESCRIPTION 

COMMON STOCK- Continued 

66 Boeing Co $ 

918 BP PLC ADS 

350 Braskem S.A. ADR 

55 Bright Horizons Family Solution 

1,344 British Amer Toh Spon ADR 

367 Brixmor PPTY Group Inc 

657 Broadridge Fin Solutions 

573 Brookdale Senior Living Inc 

13 Cable One Inc. 

33 Caci International Inc CL A 

12,793 Caixabank Unspon ADR 

358 Canadian Natl Railway Co 

561 Canadian Natural Resources LTD 

312 Carnival PLC 

2,126 Carrefour SA Sponsored ADR 

74 Casey's General Stores Inc 

247 CDK Global Inc Com 

146 CON IMPL BK Commerce 

1,682 Cemex Sab DE CV 

977 Charles Schwab 

413 Check Point Software Tech LTD 

2,754 Chesapeake Energy Corp 

444 Chevron Corp 

1,440 China Mobile LTD 

258 China Natl Bldg Mat! Co LTD 

328 China Overseas Lan Unspon ADR 

295 Chubb LTD 

169 Chugai Pharmaceutic Unsp ADR 

116 Chunghwa Telecom LTD ADR 

1,130 Church & Dwight Co Inc 

69 Churchill Downs Inc 

286 Cigna Corp 

215 Cimarex Energy Co 

1,919 Cisco Sys Inc 

236 CIT Group Inc New 

17 

MARKET 

COST VALUE 

23,392 $ 24,928 

32,563 40,144 

10,099 8,558 

6,402 7,048 

72,329 52,685 

5,807 6,562 

47,665 77,611 

4,338 3,541 

9,913 13,787 

5,129 6,433 

13,313 12,921 

21,037 33,215 

15,218 16,819 

17,394 16,854 

8,172 8,355 

7,707 9,794 

12,743 14,899 

12,257 12,296 

11,439 7,737 

26,168 44,727 

35,878 49,874 

9,812 8,014 

54,473 53,307 

76,376 68,645 

10,436 12,129 

6,197 6,111 

37,591 42,834 

22,226 21,329 

4,066 4,181 

54,477 84,694 

6,362 6,959 

57,044 45,428 

19,126 14,762 

92,953 107,368 

6,698 12,572 
RP 88:320

Roofers Local No. 88 Pension Fund 

EIN: 34-6668355PN: 001 

Schedule of Assets Held For Investment 

(Schedule H; Line 4i) 

April 30, 2019 

FACE 

AMOUNT/ 

NUMBER OF 

SHARES DESCRIPTION 

COMMON STOCK - Continued 

1,046 Citigroup Inc New 

236 Coca Cola Eurepean Partners P 

150 Cognex Corp 

1,851 Colony Cap Inc CL A 

454 Columbia Ppty Tr Inc. 

2,158 Comcast Corp (New) Class A 

1,163 Compagnie Fin Richemontag ADR 

159 Compass Minerals International 

148 Concho Res Inc 

498 Conocophillips 

235 Constellation Brands Inc CL A 

1,087 Contra Micro FCS D071 G 

325 Copart fuc. 

299 Corelogic Inc. 

110 · Cornerstone Ondemand Inc Com 

179 Costco Wholesale Corp New 

541 Coty Inc Com CL A 

136 Crane Co 

40 Credicorp LTD 

446 CRH PLC ADR 

466 CVS Health Corp Com 

811 Danone Sponsored ADR 

165 Dassault Systems SA ADS 

567 DBS Group Holdings LTD SP 

120 Delek US Hldgs Inc 

494 Delta Air Lines Inc New 

83 Dentsply Sirona Inc 

293 Dentsu fuc Unspon ADR 

882 Deutsche Post AG Sponsored ADR 

179 Diageo PLC Spon ADR New 

202 Diamondback Energy Inc 

195 Diebold NXDF Inc 

381 Discover Fincl Svcs 

243 DISH Network Cc,rp Class A 

259 Dolby CLA A Com STK 

18 

$ 

MARKET 

COST VALUE 

76,620 $ 73,952 

10,799 12,702 

8,043 7,565 

10,653 9,514 

9,638 10,310 

77,166 93,937 

7,135 8,478 

9,213 9,125 

18,894 17,076 

38,659 31,434 

42,019 49,742 

** 27,284 

10,135 21,879 

12,254 12,142 

5,575 6,012 

29,240 43,950 

5,028 5,854 

11,426 11,567 

9,980 9,476 

14,753 15,008 

36,540 25,341 

11,992 13,154 

12,410 26,209 

28,879 47,305 

3,953 4,447 

27,784 28,795 

3,638 4,243 

13,558 12,165 

26,122 28,597 

28,172 30,187 

17,332 21,491 

844 1,968 

29,530 31,048 

6,423 8,534 

12,760 16,755 
RP 88:321

FACE 

AMOUNT/ 

NUMBEROF 

SHARES 

Roofers Local No. 88 Pension Fund 

EIN: 34-6668355 PN: 001 

Schedule of Assets Held For Investment 

(Schedule H; Line 4i) 

April 30, 2019 

DESCRIPTION 

COMMON STOCK- Continued 

51 Dominos Pizza Inc. $ 

250 Dover Corp 

314 Dow Inc 

944 Dowdupont Inc 

189 Dunkin Brands Group Inc 

588 DXC Technology Company 

84 Dycom Ind Inc. 

167 E*trade Financial Corp New Com 

2,118 East Japan Ry Co ADR 

376 Eaton Corp PLC SHS 

514 Ebay Inc 

494 Echostar Corporation 

377 Ecolab Inc 

256 Edison International 

204 Emcor Group Inc 

4,662 EncanaCorp 

369 Engie SponsADR 

456 Entegris Inc 

181 Envest Net Inc. 

1,632 Epiroc Aktiebolag ADR 

320 EQT Corporation Com New 

551 Equity Commonwealth Com SH BEN INT 

193 Equity Residential 

46 Essex Property Trust Inc 

190 Esty Inc Com 

91 Evercore Partners Inc Class A 

74 Everest Re Group LTD 

678 Exelixis Inc 

2,471 Fanuc Corporation Unsp ADR 

237 FedexCorp 

220 Fibrogen Inc 

138 Firstrand LTD Unspon 

218 FMC Corp New 

260 Fomento Economico Mexicano 

165 Foot Locker Inc 

19 

MARKET 

COST VALUE 

11,162 $ 13,800 

22,107 24,510 

18,096 17,813 

35,901 36,297 

10,196 14,105 

48,892 38,655 

7,056 4,166 

8,065 8,460 

31,194 33,168 

32,027 31,140 

17,844 19,918 

22,365 19,686 

46,567 69,398 

16,307 16,325 

12,930 17,165 

41,947 32,308 

4,528 5,461 

5,317 18,632 

10,740 12,849 

15,532 16,924 

6,362 6,544 

16,246 17,522 

12,571 14,749 

I 1,774 12,995 

8,481 12,833 

7,291 8,866 

16,929 17,427 

14,679 13,329 

36,433 46,158 

45,662 44,902 

11,700 10,281 

6,245 6,799 

16,419 17,235 

23,168 25,373 

7,765 9,440 
RP 88:322

Roofers Local No. 88 Pension Fnnd 

EIN: 34-6668355 PN: 001 

Schedule of Assets Held For Investment 

(Schedule H; Line 4i) 

April 30, 2019 

FACE 

AMOUNT/ 

NUMBEROF 

SHARES DESCRIPTION 

COMMON STOCK - Continued 

159 Fortinet Inc. 

324 Fox Corp CL A 

1,376 Fuchs Petrolub AG Unspon ADR 

1,001 Galp Energia SA Lisboa ADR 

156 Gaming & Leisure PP1YS Inc Com 

168 GCI Liberty Inc CL A 

80 Genomic Health Inc 

736 Gildan Activewear Inc 

80 Givaudan SA ADR 

313 Graco Inc. 

720 Grifols SA ADR 

46 Grupo Aeroportuario DBL 

230 Grupo Financiero Banorte SAB 

270 Grupo Superviele S.A. CL B ADR 

111 Guidewire Software Inc 

1,091 Gulfport Energy Corp New 

577 HDFC Bank LTD ADR 

615 Helix Energy Solutions Grp Inc 

640 Henry Schein Inc 

1,133 Hewlett Packard Enterprise 

772 Hlth Care Svc Grp 

819 Houghton Mifflin Harcourt Co. 

393 HSBC Holdings PLC Spon ADRNew 

257 Huazhu Group LTD ADR 

80 IAC Interactivecorp Com 

79 ICF Intl Inc 

1,867 ICIC Bank LTD 

642 Immunomedics 

1,729 Industrial & Com! Bk China ADR 

I, 705 Infineon Technologies AG 

944 Infosys Limited ADR 

1,399 INGGroupNV ADR 

1,656 Investors Bancorp Inc. New 

2,954 ITAU Unibanco Multiple ADR 

96 Jack Henry & Assoc Inc 

20 

$ 

COST 

6,211 $ 

12,362 

14,400 

8,153 

4,271 

8,146 

6,006 

19,514 

3,669 

13,581 

11,985 

4,101 

6,101 

2,078 

6,287 

10,467 

60,862 

6,154 

41,692 

17,619 

30,813 

6,458 

16,512 

2,938 

6,997 

5,899 

13,404 

10,704 

26,436 

36,235 

7,023 

15,839 

21,205 

14,650 

12,755 

MARKET 

VALUE 

14,854 

12,633 

14,950 

8,333 

6,299 

10,016 

5,146 

27,136 

4,144 

16,041 

13,781 

4,663 

7,254 

1,372 

11,822 

7,146 

66,153 

4,809 

40,998 

17,913 

26,132 

5,839 

17,123 

10,897 

17,987 

6,152 

'21,377 

10,285 

25,961 

40,357 

10,157 

17,851 

19,458 

25,552 

14,310 
RP 88:323

Roofers Local No. 88 Pension Fund 

EIN: 34-6668355 PN: 001 

Schedule of Assets Held For Investment 

(Schedule H; Line 4i) 

April 30, 2019 

FACE 

AMOUNT/ 

NUMBEROF 

SHARES DESCRIPTION 

COMMON STOCK- Continued 

924 Japan Airls Ltd 

649 Jefferies Finl Group Inc 

610 JetBlue Airways Corp 

435 JGC Corp Unsponsored ADR 

729 Johnson & Johnson 

126 Kansas Cy Southn Ind New 

252 KAR Auction Svcs Inc. 

171 Kasikornbank Pub Co LTD Unspon 

2,832 KDDI Corp Unspon ADR 

502 Komatsu LTD Spon ADR New 

309 Kubota CP ADR 

238 L Brands Inc Com 

771 L Orea! Co ADR 

345 Laboratory CP Amer Hldgs New 

298 Las Vegas Sands Corporation 

342 Legg Mason Inc. 

228 Leidos Hldgs Inc 

239 Liberty Expedia Hold Ser A 

641 Liberty Global PLC CL C New 

260 Liberty Media Corp Ser C 

334 Linde PLC 

3 7 Lithia Motors Inc A 

347 Live Nation Entertaimnent Inc. 

324 LKQ Corporation 

5,462 Lloyds Banking Group PLC 

332 Loma Negra C.I.A.S.A. 

977 Lonza Group AG Zuerich ADR 

232 Lowes Companies Inc 

524 Magnolia Oil & Gas Corp CL A 

43 Manpowergroup Inc Com 

1,540 Manulife Financial Corp 

232 Mastercard Inc CL A 

57 Maximus Inc. 

433 MBIAinc 

440 McCormick and Co Non Voting 

21 

$ 

MARKET 

COST VALUE 

13,855 $ 14,816 

15,447 13,350 

I 1,685 11,316 

19,678 12,456 

101,242 102,935 

13,970 15,516 

13,089 14,233 

3,836 4,083 

36,716 32,922 

14,009 12,914 

23,154 23,407 

6,339 6,102 

27,837 42,478 

47,471 55,172 

17,266 19,981 

12,410 11,440 

13,815 16,753 

10,158 11,094 

17,500 16,762 

9,612 10,091 

53,780 60,207 

3,039 4,200 

14,529 22,673 

9,078 9,752 

16,597 17,752 

4,142 3,320 

26,158 30,204 

24,953 26,248 

6,072 6,906 

3,619 4,130 

23,805 28,351 

23,619 58,984 

3,536 4,198 

3,994 4,187 

43,519 67,747 
RP 88:324

Roofers Local No. 88 Pension Fund 

EIN: 34-6668355 PN: 001 

Schedule of Assets Held For Investment 

(Schedule H; Line 4i) 

April 30, 2019 

FACE 

AMOUNT/ 

NUMBEROF 

SHARES DESCRIPTION 

COMMON STOCK - Continned 

567 McDermott International Inc. 

117 McKesson Corp 

184 Mednax Inc 

481 Medtronic PLC SHS 

33 Mercadolibre Inc. 

197 Methode Blee 

1,985 MFA Financial Inc 

901 Micro Focus International PLC 

543 Microsoft Corp 

26 Microstrategy Inc 

91 Molina Healthcare Inc 

159 Molson Coors Brewing Co CL B 

504 Mondelez Intl Inc Com 

173 Mondi PLC ADR 

1,149 Mr Cooper Group Inc 

595 Naspers Limited 

443 National Cinemedia 

347 NCR Corporation 

626 Nestle Spon ADR Rep Reg Shr 

995 Net Ueps Techoologies Inc New 

59 Netease.com Inc ADS 

78 New Oriental ED & Tech Grp ADR 

119 New Relic Inc 

1,000 News Corporation CL A 

296 Nielsen Hldgs PLC 

1,127 Noble Enerll>' Inc 

93 Nordson CP 

655 Novartis AG ADR 

166 Novo Nordisk A/S ADR 

309 Novozymes A/S Unspons APR 

232 Nutanix Inc CL A 

604 Nutrien LTD 

128 NXP Semiconductors NV 

63 7 Oracle Corp 

267 Owens Corning Inc 

22 

$ 

MARKET 

COST VALUE 

9,406 $ 4,587 

15,53 I 13,952 

9,068 5,146 

42,896 42,718 

4,386 15,977 

4,777 5,813 

15,557 14,907 

24,358 22,606 

31,258 70,916 

3,930 3,892 

12,188 11,796 

9,877 10,206 

23,869 25,628 

8,472 7,756 

15,112 9,881 

19,505 30,613 

3,396 3,092 

11,339 10,046 

46,265 60,428 

7,825 3,552 

8,051 16,787 

6,022 7,446 

10,881 12,524 

12,559 12,420 

7,740 7,557 

30,316 30,497 

6,947 13,573 

44,452 53,861 

7,762 8,136 

16,336 14,421 

6,433 10,020 

33,437 32,725 

11,457 13,519 

33,095 35,245 

14,714 13,689 
RP 88:325

Roofers Local No. 88 Pension Fu11d 

EIN: 34-6668355 PN: 001 

Schedule of Assets Held For Invest1I1ent 

(Schedule H; Line 4i) 

April 30, 2019 

FACE 

AMOUNT/ 

NUMBEROF 

SHARES DESCRIPTION 

COMMON STOCK- Continued 

541 Park24 Co LTD Sponsored 

352 Patterson Companies Inc 

524 Paypal Holdings Inc 

475 Pepsico Inc NC 

81 Perrigo Co LTD 

1,270 Pfizer Inc 

358 PICC PPTY & CAS Co LTD ADR 

1,908 Ping an Insurance ADR 

97 Pioneer Naturall Resources Co 

421 PJSC Lukoil Sponsored ADR 

442 Portola Pharmaceuticals Inc 

92 Post Holdings Inc 

114 Power Integrations Inc 

538 Procter & Gamble 

1,152 Prudential PLC 

1,023 PT BK Mandiri Persero TBK Unsp 

310 PT Telekomunikasi Indonesia 

85 Qorvo Inc Com 

174 Qualys Inc Com 

226 Quest Diagnostics Inc 

241 Quarte Retail Inc Ser A 

308 Radian Group Inc. 

300 Rayonier Advanced Materials Inc. 

100 Reinsurance Group of America 

462 Relx PLC Sponsored ADR 

463 Retail Opportunity Invts Corp 

262 Rio Tinto PLC Spon ADR 

2,542 Roche Holding ADR 

3,341 Rolls Royce Holdings PLC 

736 Royal Dutch Shell PLC 

1,070 Royal Dutch Shell PLC CL B 

110 Ryanair Hldgs PLC ADR 

64 S P Plus Corporation 

104 Sage Therapeutics Inc. 

780 SAPAG 

23 

$ 

MARKET 

COST VALUE 

15,408 $ 11,383 

9,971 7,688 

17,613 59,091 

51,084 60,824 

4,023 3,882 

55,890 51,575 

10,386 10,078 

42,530 46,250 

14,051 16,147 

27,409 35,996 

9,602 15,603 

7,525 10,376 

7,432 9,008 

50,097 57,286 

43,417 52,589 

6,651 11,151 

6,094 8,293 

5,654 6,427 

15,573 15,705 

19,356 21,782 

4,073 4,109 

3,109 7,213 

5,451 4,452 

12,545 15,151 

10,085 10,598 

8,986 8,126 

16,316 15,432 

78,982 84,039 

40,342 40,460 

50,576 46,758 

53,598 69,432 

8,272 8,540 

1,986 2,209 

16,439 17,496 

68,194 100,511 
RP 88:326

Roofers Local No. 88 Pension Fund 

EIN: 34-6668355 PN: 001 

Schedule of Assets Held For Investment 

(Schedule H; Line 4i) 

April 30, 2019 

FACE 

AMOUNT/ 

NUMBEROF 

SHARES DESCRIPTION 

COMMON STOCK- Continued 

445 Sasol LTD Spon ADR 

803 Sberbank Russia Sponsored ADR 

372 SchlumbergerLTD 

196 Semtech Corp 

558 SGS SA ADR 

911 Shenzhou Intl Group Hldgs LTD 

186 Shire PLC ADR 

1,487 SK Telecom Co LTD 

249 SL Green Realty CP 

505 Sonova Hldg AG Unsp ADR 

89 South St Corp Com 

484 Southwest Airlines 

135 Spectrum Brands Hldgs Inc 

145 Splunk Inc. 

803 SS&C Technologies Holdings Inc. 

2,311 SSE PLC SPON ADR 

771 Starbucks Corp Washington 

489 Stars Group Inc 

118 Stericycle Inc. 

129 Steris PLC 

278 Stewart Infonnation Services 

14 3 Stoneridge Inc 

2,769 Sumitomo Mitshi Finl Group Inc 

229 Suntrust Bks 

235 Supernus Pharmaceuticals 

986 Symrise AG Unspons ADR 

87 Syneos Health Inc CL A 

364 Synopsys Inc. 

581 Sysmex Corp Unspon ADR 

2,837 Taiwan Smcndctr MFG CO LTD ADR 

3,292 Takeda Pharmaceutical Co LTD 

186 Target Corporation 

501 Techtronic Ind LTD Spons ADR 

58 Teladoc Health Inc 

655 Telefonica Brasil SA Spon ADR 

24 

$ 

MARKET 

COST VALUE 

13,721 $ 14,685 

3,536 11,603 

30,898 15,877 

10,144 10,559 

14,247 14,751 

12,180 12,153 

4,081 3,636 

32,420 35,093 

23,970 21,997 

14,307 20,382 

5,726 6,734 

29,399 26,247 

7,210 8,312 

8,568 20,016 

39,823 54,331 

43,734 34,665 

42,100 59,891 

11,622 9,237 

6,788 6,890 

13,795 16,896 

11,032 11,818 

3,934 4,494 

19,878 20,186 

14,816 14,995 

3,768 8,632 

15,056 23,733 

4,050 4,083 

22,438 44,073 

17,055 16,559 

77,017 124,317 

75,382 60,177 

12,521 14,400 

16,247 18,136 

4,307 3,299 

8,163 7,795 
RP 88:327

Roofers Local No. 88 Pension Fund 

EIN: 34-6668355 PN: 001 

Schedule of Assets Held For Investment 

(Schedule H; Line 4i) 

April 30, 2019 

FACE 

AMOUNT/ 

NUMBEROF 

SHARES DESCRIPTION 

COMMON STOCK- Continued 

143 Temenos AG Sponsored ADR 

144 Tenaris S.A. 

1,325 Tencent Hldgs LTD Unspon ADR 

357 Ternium S.A. ADR 

97 Texas Cap Bncshs Inc 

582 The Michaels Companies Inc 

439 The Mosaic Co (Hldg Co) New 

1,088 Tivo Inc 

170 Toll Brothers 

505 Total S A Spon ADR 

194 Total System SVCS 

167 Tractor Supply Co 

445 Trinity Ind 

227 Trip Advisor Inc. 

170 Tyson Foods Inc CL A 

2,174 Unicharm Corp Unspon ADR 

8,463 Unicredit SPA ADR 

178 Unilever NV NY SH New 

448 Unilever PLC 

217 Union Pacific Corp 

442 United Natural Foods Inc 

167 United Parcel Ser Inc CL-B 

108 United Rentals Inc 

404 United Technologies Corp 

48 United Therapeutics Corp 

143 UnitedHealth GP Inc 

320 Uniti Group Inc 

184 Univar Inc 

409 US Foods Holding Corp 

200 Valero Energy CP Dela New 

808 Vedanta LTD Sponsored ADR 

129 Veeva Sys 

953 Vereit, Inc. 

1,022 Verizon Communications 

288 Viacom Inc New Class B 

25 

$ 

MARKET 

COST VALUE. 

21,289 $ 23,873 

4,009 3,995 

60,435 65,243 

10,301 8,800 

5,588 6,279 

11,034 6,542 

15,744 11,462 

17,432 10,195 

6,145 6,477 

28,880 28,113 

6,357 19,835 

12,586 17,285 

9,804 9,594 

10,947 12,083 

9,218 12,752 

13,988 14,425 

70,858 58,564 

10,200 10,771 

19,663 27,239 

33,945 38,418 

14,119 5,711 

18,375 17,739 

8,318 15,219 

55,540 57,614 

5,053 4,923 

33,696 33,329 

7,787 3,516 

4,071 4,109 

12,908 14,949 

18,443 18,132 

8,117 7,724 

3,646 18,043 

6,645 7,872 

61,097 58,448 

7,262 8,326 
RP 88:328

Roofers Local No. 88 Pension Fund 

EIN: 34-6668355 PN: 001 

Schedule of Assets Held for Investment 

(Schedule H; Line 4i) 

April 30, 2019 

Face 

Amount/ 

Number of 

Shares Descriptions Interest Rate Due Date Cost Market Value 

GOVERNMENT AND AGENCY OBLIGATIONS 

50,000 FNMA 6.625% 11/15/2030 $ 67,781 $ 68,617 

287,000 FNMA 4.500% 4/1/2048 16,616 15,687 

347,000 FNMA Pool - BM1285 4.500% 5/1/2047 266,143 237,766 

342,000 FNMA Pool -MA3210 3.500% 12/1/2047 322,529 312,472 

171,000 FNMA Pool - MA3527 5.000% 11/1/2048 177,137 167,848 

548,000 FHLMC 30 YR Gold - 06-0440 3.500% 3/1/2046 417,052 391,985 

222,000 FHLMC 30 YR Gold - 008737 3.000% 12/1/2046 194,149 182,082 

205,000 US Treasmy Note 2.625% 8/31/2021 204,254 205,730 

136,000 US Treasury Note 2.125% 9/30/2021 134,699 135,596 

67,000 US Treasury Note 2.750% 2/15/2028 65,691 68,421 

210,000 US Treasury Bond 3.000% 5/15/2045 207,503 213,102 

154,000 US Treasury Bond 2.500% 2/15/2046 135,053 141,572 

Total Government and Agency Obligations $ 2,208,607 $ 2,140,878 

CORPORATE BONDS 

129,000 Bank of America Corp 4.125% 1/22/2024 $ 134,470 $ 135,174 

105,000 Citigroup Inc. 3.668% 7/24/2028 104,355 105,288 

95,000 Comcast Corp 4.150% 7/18/2028 100,959 100,554 

69,000 Enterprise Products Oper 5.700% 2/15/2042 65,948 73,433 

110,000 General Electric Capital Corp 5.875% 1/14/2038 127,853 118,696 

99,000 Goldman Sachs Group Inc 4.000% 3/3/2024 101,320 102,348 

109,000 JP Morgan Chase & Co 4.203% 7/23/2029 110,106 113,707 

130,000 Microsoft Corp 4.250% 2/6/2047 142,051 142,353 

106,000 Shell International Finance BV 2.875% 5/10/2026 101,842 105,127 

123,000 Verizon Communications 5.150% 9/15/2023 135,006 134,604 

104,000 Wells Fargo & Co Fxd 3.584% 5/2212028 101,609 104,414 

Total Corporate Bonds $ 1,225,519 $ 1,235,698 

MUTUAL FUNDS 

98,717 Blackstone Alt Mult-strat Inst $ 1,028,.634 $ 1,071,083 

37,437 Matthews Asian Japan Inv 717,682 803,040 

40,173 Victory Trivlnt Intl Sm! Capy 593,777 529,476 

54,038 Western Asset Smash Series C 523,790 512,281 

153,234 Western Asset Smash Series EC 1,409,157 1,376,041 

137,518 Western Asset Smash Series M 1,468,463 1,519,574 

Total Registered Investment Funds $ 5,741,503 $ 5,811,495 

INTEREST BEARING CASH AND CERTIFICATES OF DEPOSIT 

275,369 Morgan Stanley Bank N.A. $ 275,369 $ 275,369 

26 
RP 88:329

Roofers Local No. 88 Pension Fund 

EIN: 34-6668355 PN: 001 

Schedule of Assets Held for Investment 

(Schedule H; Line 4i) 

Face 

Amount/ 

Number of 

Shares Descriptions 

EXCHANGE TRADED & CLOSED-END FUNDS 

10,354 iShares Core MSC! Emerging 

4,688 iShares TIPS Bond ETF 

20,986 iShares US Treasury Bond ETF 

17,856 PIMCO Enhanced Short MT RT EXC 

35,442 Vanguard Total Stock Market ETF 

Total Exchange Traded Funds 

SUMMARY BY INVESTMENT TYPE 

Common Stocks 

Corporate Bonds 

Exchange Traded & Closed-End Funds 

April 30, 2019 

Interest Rate 

Interest Bearing Cash and Certificates of Deposits 

Mutual Funds 

U.S. Government and Agency Obligations 

Total Investments 

27 

Due Date 

$ 

$ 

$ 

$ 

Cost 

537,367 

535,472 

522,552 

1,813,455 

5,335,387 

8,744,233 

8,184,581 

1,225,519 

8,744,233 

275,369 

5,741,503 

2,208,607 

26,379,812 

Market Value 

$ 547,105 

531,245 

526,539 

1,815,241 

5,330,122 

$ 8,750,252 

$ -9,184,158 

1,235,698 

8,750,252 

275,369 

5,811,495 

2,140,878 

$ 27,397,850 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:330 

EXHIBIT 31 

Rehabilitation Plan 

The most recently updated rehabilitation plan is attached as Exhibit 31A (RP 88:331). 
RP 88:331

ROOFERS LOCAL NO. 88 PENSION PLAN 

UPDATE TO THE RF.HAfHLITATION PLAN ADOPTED August 30, 2013 

Rehabilitation Period: May 1, 2016 -April 30, 202(i 

This rehabilitation plan document, which tedera l law requires, includes important infonnation 

about the fundi ng level of the Roofers Local No. 88 Pension Plan, Plan Number 00 I, Employer 

Identification Number 34-66 I 5264. 

Uackground 

In 2006 the Pension Protection Act ("PPA") was enacted. Heginning with the 2008 plan year, 

thaL law requires Lhe annual certification of the Plan's funding scatus as c1itical, endangered or 

neither. 

On July 29. 20 13 the Plan ·s actuary ccnified the Plan's funding slat us as crilical for the 20 I 3-14 

plan year. The Trnstees adopted a rehabilitation plan on August 30, 2013. 

On July 29, 2015, the Plan's actuary certified the funding status remains critical for the plan year 

beginning May I, 20 I 5. This is based on a projected funding deficiency including amorti1.at.ion 

extension staiting at the end of the 2023-24 plan year. A projected funding deficiency is a sign 

that the anticipated liabilities of the plan are outpacing its assets. 

The dec line in fundi ng is largely a result of the recent crisis in the financial markets. Federal law 

requires pension plans in critical status to adopt a rehabilitation plan aimed at restoring the 

rinancial health or the plan. 

This is the annual update to the original rehabilitation plan for the plan year beginning May J, 

2016. 

Goals and Requirements of the Rehabilitation Plan 

The goal of a rehabilitation plan is Lo cause the plan to emerge from critical status by the end of 

the rehabilitation period. 

The schedule attached hereto is expected to constitute a valid schedule under a rehabilitation 

plan. This '·Default Schedule" is required by law 10 be included in lhe formal rehabilitation plan 

document. It includes all permissible benefiL reductions before considering any contribution rate 

increaSt!s. 
RP 88:332

ROOFERS LOCAL NO. 88 PENSION PLAN 

UPDATE TO THE REI·L<\.BILITATION PLAN ADOPTED August 30, 2013 

Rehabilita tion Period: May I, 2016- April 30, 2026 

Default Schedule 

• The temporary disability benefit will be climinatecl for 

applications 011 and after November I, 2013. I\. 

disabled member will still be eligible for a deferred 

retirement benefit. 

• The nonnal form of benefit will be changed from a 60 

month certain and life bendit to a lifetime benefit, 

optional form factors for other forms of benefit will be 

Benefit Changes adjusted for this change. 

effective • The non-spouse pre-retirement death benefit of 60 

November 1. 2013 months certain is eliminated. 

• For participants who are not age 55 with five years of 

service priorto November 1, 2013, the early retirement 

reduction will be an actum·ial reduction from age 60. 

The age 55 early retirement benefit will reduce from 

70% of the normal retirement benefit to 62.6%. 

Benefits already in pay status on November 1, 2013 will 

not be affected by these changes. 

Conlri/Jwion Rafe Changes 54¢ on .I une I . 2016 

Critical Status I.imitations 

Some limits apply regardless of whether the Default or Alternate Sche<lule is followed. 

Contribution Reductions - After the ce11ification of critical status, and throughout the 

rehabilitation period, the Plan may not accept a contribution agreement that prnvides for a 

reduction in the level of contributions for any participants, a suspension of contributions with 

rcsp.:ct to any period of service, or any new direct or indirect exclusion of younger or newly 

hire<l employees from Plan participation. Rejection of the contract may cause a withdrawal and 

assessment ol' withdrawal liability. 

Benefit lncrcase - Prior to May I, 20 16, no Plan amendment can increase the liabilities of tbe 

Plan by reason of any increase in benefits. any change in the accrual of benefits, or any change in 

the rate at which benefits become vested. On or after 'vlay 1, 2016. the Plan may only increase 

benefi ts, including future benefit accruals. if the Plan actuary certifies that the increase is paid for 

out of additional contributions not contemplated by the rehabilitation plan to accomplish the 

previously noted funding goal. Such restrictions continue until the end of the rehabilitation 

pe1iod. 

2 
RP 88:333

ROOFERS LOCAL NO. 88 PENSION PLAN 

UPDATE TO THE REHABILITATION PLAN ADOPTED August 30, 2013 

Rehabilitation Period: May I, 201.6 - April 30, 2026 

Lump-Sum Pavmcnts - The Plan is generally not pcrmined to pay lump sum benefits while it is 

in critical status. Exceptions to this reslliction are that certain lump sum payments arc permitted 

for: 

• benefiLs small enough to he eligible for immediate distribution without the consent of the 

participant (i.e. with present values below statutory and Plan defined thresholds), or 

• makeup payments in the case of a retroactive annuity starting date or any simjlar payment 

of benefits owed with respect to a prior period. 

Exhaustion of all Reasonable Mc;isurcs Under IRC 432(e)(3l(A)(ii): 

The benefit changes in the above default schedule include all ad justable benefits other than the 

qualified pre-retirement surviving spouse benefit. The admi nistrati ve cost of havi ng members 

pay for the qualified pre-retirement surviving spouse coverage would be similar to any benefit 

cost savings. The trustees believe an y further contribution rate increases would damage the 

ability of the Plan Lo retain mernhers and would be expected to result in a net decrease in future 

funding. 

Other Details Regarding the Rehabilitation Plan 

Decails Applicable Lo the Default Schedule 

Ass1111u•d Rewrn on Assets I -2.88% for the plan year ending jn 20 16 

7.75% for all future years 

i\s.wmed Future Work 

143,675 hours in plan year ending in 2016 

150,000 hours in all subsequent plan years 

2015 Pl'A Srmus I Critica l 

, l'rojecred Pf'A S,a1u.1 ar 

Critical and Declining End of Rehabi/ilotion Period 

Year Pl'(ijected lo Emerge for NIA Critical Starus 

Year of f'roje,:red Insolvency 2040 

3 
RP 88:334

ROOFERS LOCAL NO. 88 PENSION PLAN 

UPDATE TO THE REHABILITATION PLAN ADOPTED August 30, 2013 

Rehabilitation Period: May I, 2016-April 30, 2026 

Dcfoult-Schcdulc - Projected Credit Balances (without amortization extension) 

Plan Year Plan Year 

Be.~innifll! Credit Balnnce Be2i1111i112 Credit Balance 

20[6 667,000 2027 (8,985,000) 

2017 77,000 2028 (10,642,000) 

2018 (687,000) 2029 ( 12,560,000) 

2019 ( l, l 96,000) 2030 ( 14,674,000) 

2020 ( l ,658,000) 203 1 (16,685,000) 

'- 2021 (2,034.000) 2032 (18,500,000) 

20?2 (2,405.000) 2033 (20,247.000) 

2023 (2,733.000) 2034 (21 ,946.000) 

2024 (4,130,000) 2035 (23,685,000) 

2025 (5,538,000) 2036 (25.483,000) 

2026 (7,225,000) 2037 (27.41 1,000) 

Default. Schedule - Project.eel Credit Balances (with amortization extension) 

-- l'lan Year Plan Year 

Beginning Credil Balance Beginning Credit Balance 

2016 ?,745,000 - 2027 (6,3 16,000} 

20[7 2,762,000 2028 (S,3 14,000) 

2018 2,586,000 2029 ( 10,6 11.000) 

20[9 2,2 15,000 2030 ( 13,152,000) 

20?0 1,724,000 2031 ( 15,533,000) 

2021 1,128,000 

2022 564,()00 

?032 {17,766,000) 

2033 (19,678,000) 

2023 (9,000) ?034 (21,518,000) 

2024 ( 1,420,000} 2035 (23.325.000) 

2025 (2,825,000) 2036 (25,175,000) _ 

2026 (4,507,000} 2037 (27,092,000) 

4 
RP 88:335

ROOFERS LOCAL NO. 88 PENSION PLAN 

UPDATE TO TUE REHABILITATION PLAN ADOPTED August 30, 2013 

Rehal>ilitation Period: May l, 2016 - April 30, 2026 

IN Wl'l':'tESS WJ-ll•;l{EOF. we have approved and adopted this rehabilitation plan this 19'11 day 

ofJuly20L6. 

APPROVED: 

MANAGElVlliNT TRUSTEES: UNION TRUSTEES: 

DAVID FRECH CIIRIS CARTER 

HRUCE MARTIN 

MIKE WAGGONl:m 

5 
RP 88:336

ROOFI~RS LOCAL NO. 88 PENSION PLAN 

UPDATE TO THE REHARU,fTATION PLAN ADOPTED August 30, 2013 

Rehabilitation Period: May 1, 2016-April 30, 2026 

IN WITNESS WHEREOF, we have approved and adopted this rehabilitation plan this 19'11 day 

of July 2016. 

APPROVED: 

1VIANAGEMENT TRUSTEES: 

DAVID FRECH 

BRUCE l'vli\RTIN TIM JVIAZZIOTTA 

MIKE WAGGONER 

5 
RP 88:337

Jul.21.2016 07:ll AM da v e f r ech 33049 463 42 PAGE. 1 / 1 

ROOFERS LOCAL NO. 88 PENSION PLAN 

UPDATE TO THE REHABILITATION PLAl'I ADOPTED August 30, 2013 

Rehabilitation Period: May 1, 2016 - April 30, 2026 

IN WITNESS WHEREOF, we have approved and adopted this rehabilitation plan this 19th day 

of July 2016. 

APPROVED: 

MANAGEMENT TRUSTEES: UNION TRUSTEES: 

CHRIS CARTER 

BRUCE MARTIN TJl\,I .MAZZIOTTA 

MIKE WAGGONER 

5 
RP 88:338

ROOFERS LOCAL NO. 88 PENSION PLAN 

UPDATE TO THE REHABILITATION PLAN ADOPTED August 30, 2013 

Rehabilitation Period: May 1, 2016- April 30, 2026 

IN WITNESS \VUEREOF, we have approved and adopted this rehabilitation plan this I 9th day 

of July 2016. 

APPROVED: 

MANAGEMENT TRUSTEES: UNION TRUSTEES: 

CtlRIS CARTER 

TIM MAZZIOTTA 

MIKE WAGGONER 

5 
RP 88:339

ROOFERS LOCAL NO. 88 PENSIO~ PLAN 

i iPl)ATE TO THE RRHABIUTA TlON PLAN AJJOVT1,;n August .~o, 20(3 

Rchuhilitatiou P~riori: l\fay 1, 2016-April 30, 202(, 

IN Wl'l'NESS WHEREOF, w,~ havl' nppmn:t! aud adopted 1hi., r,·hahi!iia!ion plan !his l <J'" day ofJuly 20l r,. 

Al'PROVl•:D: 

MANAGlt\-1ENT TRUSTEES: 

UNION TRUSTEES: 

DA VlDFRECi! 

CHRlS CARTER 

TIM MA'.I.ZlOTI'A 

5 
APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR 

ROOFERS LOCAL NO. 88 PENSION FUND 

EIN/PN: 34-6615264 / 001 

RP 88:340 

EXHIBIT 32 

Actuarial Valuations 

The two most recent actuarial valuation reports are attached as Exhibits 32A and 32B (RP 88:341 

and RP 88:414, respectively). 
ROOFERS LOCAL NO. 88 PENSION PLAN

Actuarial Valuation Report

For Plan Year Commencing 

May 1, 2020

RP 88:341
11590 North Meridian Street, Suite 610  Carmel, Indiana 46032-4529  (317) 580-8670  Fax (317) 580-8651

December 14, 2020

Board of Trustees

Roofers Local No. 88 Pension Plan 

Dear Trustees:

We have been retained by the Board of Trustees of the Roofers Local No. 88 Pension Plan 

to perform annual actuarial valuations of the pension plan. This report presents the results 

of our actuarial valuation for the plan year beginning May 1, 2020. The valuation results 

contained herein are based on current plan provisions summarized in Appendix A, the 

actuarial assumptions and methods listed in Appendix B and on financial statements 

audited by Yurchyk & Davis CPA's, Inc. Participant data was provided by Stewart C. Miller 

& Co., Inc. While we have reviewed the data for reasonableness in accordance with 

Actuarial Standards of Practice No. 23, we have not audited it. The data was relied on as 

being both accurate and comprehensive.

This report has been prepared in order to (1) assist the Trustees in evaluating the current 

actuarial position of the plan, (2) determine the minimum required and maximum deductible 

contribution amounts under Internal Revenue Code §431 and §404, (3) provide the fund’s 

auditor with information necessary to comply with Accounting Standards Codification 960, 

and (4) document the plan’s certified status under Internal Revenue Code §432 for the 

current year and provide the basis to certify such status for the subsequent year. In addition, 

information contained in this report will be used to prepare Schedule MB of Form 5500 that 

is filed annually with the IRS and could be used to calculate employer withdrawal liability. 

We are not responsible for the use of, or reliance upon, this report for any other purpose. 

We have prepared this report in accordance with generally accepted actuarial principles 

and practices and have performed such tests as we considered necessary to assure the 

accuracy of the results. The results have been determined on the basis of actuarial 

assumptions that, in my opinion, are appropriate for the purposes of this report, are 

individually reasonable and in combination represent my best estimate of anticipated 

experience under the plan. Actuarial assumptions may be changed from previous 

valuations due to changes in mandated requirements, plan experience resulting in changes 

in expectations about the future, and/or other factors. An assumption change does not 

indicate that prior assumptions were unreasonable when made. For purposes of current

liability calculations, assumptions are prescribed by regulation or statute. By relying on this 

valuation report, the Trustees confirm they have accepted the assumptions contained in the 

report.

The results are based on my best interpretation of existing laws and regulations and are 

subject to revision based on future regulatory or other guidance.

Future actuarial measurements may differ significantly from the current measurements 

presented in this report due to such factors as the following: plan experience differing from 

that anticipated by the economic or demographic assumptions, changes in economic or 

demographic assumptions, increases or decreases expected as part of the natural 

operation of the methodology used for these measurements (such as the end of an 

RP 88:342

United Actuarial 

Services, Inc. 

Actuaries and Consultants 
Board of Trustees -2- December 14, 2020

amortization period or additional cost or contribution requirements based on the plan’s 

funded status), and changes in plan provisions or applicable law.

United Actuarial Services, Inc. does not provide, nor charge for, investment, tax or legal 

advice. None of the comments made herein should be construed as constituting such 

advice. I am not aware of any direct or material indirect financial interest or relationship that 

could create a conflict of interest that would impair the objectivity of our work.

The undersigned actuary meets the Qualification Standards of the American Academy of 

Actuaries to render the actuarial opinion contained in this report. I am available to respond 

to any questions you may have about this report.

UNITED ACTUARIAL SERVICES, INC.

Enrolled Actuary

Chief Actuary

United Actuarial Services, Inc. 

RP 88:343
TABLE OF CONTENTS

PART I: SUMMARY OF RESULTS 5

5 - Year Summary of Valuation Results 6

5 - Year Summary of Demographics 7

Changes From Prior Study 8

History of Major Assumptions 9

Experience vs. Assumptions 10

Plan Maturity 11

Unfunded Vested Benefits/Employer Withdrawal Liability 12

Contribution Allocation 13

Ultimate Funded Status 14

Funding Standard Account Projection 15

Funded Ratio Projection 16

PPA Status Projections 17

Sensitivity Analysis and Scenario/Stress Testing 18

PART II: SUPPLEMENTAL STATISTICS 19

Participant Data Reconciliation 20

Hours Worked During Plan Year 21

Contributions Made During Plan Year 22

Active Information 23

Inactive Vested Information 24

Retiree Information 25

PART III: ASSET INFORMATION 27

Market and Actuarial Fund Values 28

Flow of Funds 29

Investment Gain and Loss 30

Rate of Return on Fund Assets 31

PART IV: ENROLLED ACTUARY’S REPORT 32

Normal Cost/Actuarial Liability 33

Actuarial Liability Reconciliation/Projection 34

Funded Ratios 35

Funding Period 36

Current Liability 37

Funding Standard Account 38

Funding Standard Account Without Amortization Extension 39

Full Funding Limit 40

Minimum Required Contribution and Full Funding Credit 41

Maximum Deductible Contribution 42

History of Unfunded Vested Benefits 43

Termination by Mass Withdrawal 44

ASC 960 Information 45

APPENDICES

Plan Provisions Appendix A

Actuarial Assumptions and Methods Appendix B

Minimum Funding Amortization Bases Appendix C

Summary of PPA Rules Appendix D

Glossary of Common Pension Terms Appendix E

United Actuarial Services, Inc. 

RP 88:344
Page 5 

PART I: SUMMARY OF RESULTS

RP 88:345

United Actuarial Services, Inc. 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 6 

 

5 - YEAR SUMMARY OF VALUATION RESULTS

Actuarial Study 

as of May 1, 2020 2019 2018 2017 2016

PPA funded status Crit. and 

Decl.

Crit. and 

Decl.

Crit. and 

Decl.

Critical Critical

Progress under FIP/RP Yes Yes Yes Yes Yes

Improvements restricted* Yes Yes Yes Yes Yes

Funded ratio

Valuation report (AVA) 61.1% 64.6% 66.2% 68.8% 76.3%

Valuation report (MVA) 56.0% 62.9% 64.8% 64.3% 66.4%

PPA certification (AVA) 61.4% 64.3% 65.6% 69.0% 75.7%

Proj. year of insolvency 2035 2037 2037 2037 2039

Credit balance ($ 000) 1,155 1,803 2,278 2,743 2,748

Date of first projected funding deficiency (with extension)

Valuation report 4/30/22 4/30/22 4/30/22 4/30/22 4/30/24 PPA certification 4/30/22 4/30/22 4/30/22 4/30/22 4/30/23 

Net investment return

On market value -2.22% 4.29% 8.15% 11.05% -2.88%

On actuarial value 3.20% 4.85% 2.87% 2.75% 1.37%

Asset values ($ 000)

Market 25,205 27,959 28,696 28,306 27,152 

Actuarial 27,462 28,734 29,286 30,286 31,201 

Accum. ben. ($ 000) 44,982 44,457 44,272 44,050 40,895

* Benefit improvement restrictions due to fund being in critical and declining status or critical status and 

having an amortization extension. Restrictions will remain in place until plan is in safe status and 

when bases with amortization extension have been fully amortized.

RP 88:346

I 

50,000 

45,000 

40,000 

- Assets e 35,000 (Actuarial) VI 

Assets 'C 30,000 r:: (Market) «I 25,000 VI 

....,__Accumulated ::::, 

0 20,000 

Benefits .. 

I- 15,000 

10,000 

5,000 

0 

United Actuarial Services, Inc. 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 7 

 

5 - YEAR SUMMARY OF DEMOGRAPHICS

Actuarial Study 

as of May 1, 2020 2019 2018 2017 2016

Participant counts

Active 113 115 111 122 116 

Inactive vested 119 127 145 157 164 

Receiving benefits 254 241 232 222 215 

Total 486 483 488 501 495 

Average entry age 30.2 29.6 29.3 30.2 30.0 

Average attained age 43.4 43.3 43.8 43.5 44.4 

Hours worked in prior plan year (thousands)

Expected hours valuation 120 114 126 117 115

Expected hours PPA cert 130 129 130 150 150

Actual hours worked 119 130 117 132 134

0

20

40

60

80

100

120

140

160

Thousands

Expected HrsValuation

Expected Hrs -

PPA Cert

Actual Hrs

RP 88:347

I 

Actives 

■ Inactive Vested 

Retirees 

-

-

300 ~-------------------------

250 -+---

200 -+---

150 ---

100 

50 

0 

United Actuarial Services, Inc. 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 8 

 

CHANGES FROM PRIOR STUDY

Changes in Plan Provisions

The plan provisions underlying this valuation are the same as those valued last year.

Changes in Actuarial Assumptions and Methods

The actuarial assumptions and methods used in this valuation differ from those used in the 

prior valuation in the following respects:

• The ERISA rate of return assumption used to value liabilities was changed from 7.25% 

to 6.90% to provide our best estimate of the future rate of net investment return based 

on the Plan’s current investment policy and asset allocation.

• The assumed mortality rates were changed from 100% of the RP-2006 Blue Collar 

Mortality Table to 100% of the PRI-2012 Blue Collar Mortality Table and the mortality 

projection scale was updated from MP-2018 to MP-2019. These changes were made 

because (1) the PRI-2012 table comes from the only major mortality study that includes 

significant multiemployer pension plan experience, and (2) we wanted to reflect the 

latest mortality improvement data available.

• The assumed hourly contribution rate was increased from $8.37 to $8.90 to reflect the 

remaining portion of the negotiated increase effective June 1, 2019 and to reflect the 

prorated portion of the negotiated increase effective June 1, 2020. 

• The assumed future hours worked were increased from 1,150 hours to 1,225 hours per 

future year for vested active lives and from 900 hours to 1,000 hours per future year for 

non-vested active lives. This represents our best estimate of future hours based on 

recent plan experience.

• Active participants over normal retirement age were assumed to get a suspension of 

benefits notice on the later of May 1, 2020 or normal retirement age, They were then 

assumed to be working in suspendable employment in all motnhs through assumed 

retirement age and not qualify for any additional late retirement adjustments.

• The assumed operational expenses were increased from $130,000 to $150,000 to 

reflect our best estimate of future expenses based on recent plan experience. 

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

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

experience.

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

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

experience. 

• The age for continuing inactive vested participants assumed to be deceased and not 

valued was increased from age 70 to age 74. Participants assumed deceased under 

age 74 prior to January 1, 2020 are still assumed to be deceased.

• The expense load on ASC 960 liabilities was changed from 4.50% to 4.75% based on 

recent experience.

• The current liability interest rate was changed from 3.09% to 2.78%. The new rate is 

within established statutory guidelines.

RP 88:348

United Actuarial Services, Inc. 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 9 

 

HISTORY OF MAJOR ASSUMPTIONS

Actuarial Study as of May 1,

Assumption 2020 2019 2018 2017 2016

Future rate of net 

investment return

6.90% 7.25% 7.25% 7.25% 7.75%

Mortality table PRI-2012 RP-2006 RP-2006 RP-2006 RP-2006 

Adjustment 100% 100% 100% 100% 115%

Projection scale MP-2019 MP-2018 MP-2017 MP-2016 MP-2015 

Future expenses $150,000 $130,000 $130,000 $130,000 $130,000

Average future hourly 

contribution rate*

$8.90 $8.37 $8.15 $7.65 $7.11

Average future annual hours

Vested 1,225 1,150 1,150 1,150 1,100

Non-vested 1,000 900 900 900 850

* Actual average derived from application of assumptions specified in Appendix B.

RP 88:349

United Actuarial Services, Inc. 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 10 

 

EXPERIENCE VS. ASSUMPTIONS

Actuarial assumptions are used to project certain

future events related to the pension plan (e.g. 

deaths, withdrawals, investment income, expenses, 

etc.). While actual results for a single plan year will 

rarely match expected experience, it is intended that 

the assumptions will provide a reasonable long term 

estimate of developing experience.

The following table provides a comparison of expected outcomes for the prior plan year with 

the actual experience observed during the same period. This display may provide insight 

as to why the plan’s overall actuarial position may be different from expected.

Plan Year Ending 

April 30, 2020 Expected Actual

Decrements

Terminations 18

less: Rehires 2

Terminations (net of rehires) 8.6 16

Active retirements 5.3 2

Active disabilities 0.0 - 

Pre-retirement deaths 1.2 - 

Post-retirement deaths 6.7 10

Monthly benefits of deceased retirees $ 5,279 $ 4,999

Financial assumptions

Rate of net investment return on actuarial value 7.25% 3.20%

Administrative expenses $ 130,000 $ 146,846

Other demographic assumptions

Average retirement age from active (new retirees) 64.6 61.1

Average retirement age from inactive (new retirees)* 60.8 62.2

Average entry age (new entrants) 29.6 32.0

Hours worked per vested active 1,150 1,139

Hours worked per non-vested active 900 923

Total hours worked (valuation assumption) 119,950 119,410

Total hours worked (PPA certification assumption) 130,000 119,410

Unfunded liability (gain)/loss

(Gain)/loss due to asset experience $ 1,120,551

(Gain)/loss due to liability experience 874,790

Total (gain)/loss $ 1,995,341

* Expected average based on the average for the total group of participants.

Comparing the prior year’s 

experience to assumptions 

provides indications as to 

why overall results may 

differ from those expected 

RP 88:350

United Actuarial Services, Inc. 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 11 

 

PLAN MATURITY

When a new pension plan is first established, its 

liabilities are typically limited to active plan 

participants. However, as people become vested 

and retire, a plan begins to develop liabilities 

attributable to nonactive participants (retirees and 

inactive vested participants). The process of adding 

nonactive liabilities (often referred to as “maturing”) 

is a natural outgrowth of the operation of the plan. As a plan matures, its liabilities tend to 

balloon in relation to its contribution base, making it more difficult to correct for adverse 

outcomes by increasing contribution rates or reducing future benefit accruals.

Headcount ratios show the number of retiree or inactive participants supported by each 

active participant. While there is no hard and fast rule, we generally consider a plan to be 

mature if each active is supporting more than 1 retiree or more than 2 nonactives. A 

negative net cash flow (benefits payments and expenses greater than contributions) can 

also be an indicator of a mature plan. A negative cash flow, when expressed as a 

percentage of assets, in excess of the assumed rate of return on fund assets may not be 

sustainable in the long term. 

Actuarial Study 

as of May 1, 2020 2019 2018 2017 2016

Retiree/active headcount ratio 2.25 2.10 2.09 1.82 1.85

Nonactive/active headcount ratio 3.30 3.20 3.40 3.11 3.27

Cash flow

Contr.-ben.-exp. ($000) (2,157) (1,926) (1,843) (1,750) (1,768)

Percent of assets -8.56% -6.89% -6.42% -6.18% -6.51%

Liabilities of Actives, Retirees, and Inactive Vesteds

Total Liabilities: $44,982,376

Measures of plan maturity 

can play a part in 

understanding risk and a 

plan’s ability to recover 

from adverse experience

RP 88:351

I 

Retiree 

$31,469,576 

70% 

United Actuarial Services, Inc. 

Active 

$6,979,859 

15% 

Inactive Vested 

$6,532,941 

15% 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 12 

 

UNFUNDED VESTED BENEFITS/EMPLOYER WITHDRAWAL LIABILITY

The following table shows a history of the plan’s 

unfunded vested benefits (UVB) required to 

compute a specific employer withdrawal liability 

under the presumptive method. If all unfunded 

vested benefits since the inception of the 

Multiemployer Pension Plan Amendments Act of 1980 (MPPAA) are zero ($0) or less, there 

will be no withdrawal liability assessed to a withdrawing employer. Otherwise, an employer 

may be assessed withdrawal liability payments pursuant to MPPAA. The display does not 

reflect adjustments for prior employer withdrawals.

In accordance with IRC Section 432(e)(9)(A) and PBGC Technical Update 10-3, the impact 

of reducing adjustable benefits is reflected by adding the unamortized portion of the value 

of affected benefits (VAB) to the most recent year’s unfunded vested benefits pool. An 

employer who is assessed withdrawal liability will be assessed a portion of the UVB and the 

VAB.

Presumptive Method ($ 000) 

April 30, 2020 2019 2018 2017 2016

Vested benefits interest 6.90% 7.25% 7.25% 7.25% 7.75%

Vested benefits 44,836 44,249 44,053 43,863 40,673

less: Asset value* 27,462 28,734 29,286 30,286 31,201

UVB 17,374 15,515 14,767 13,577 9,472

Unamortized VAB 436 469 499 526 552

UVB + VAB 17,810 15,984 15,266 14,103 10,024

* Actuarial value

** Includes VAB

An employer withdrawing 

during the coming year may

have withdrawal liability

RP 88:352

I 

50,000 

45,000 .... ~ 

..., .., ..., 

- -..., ~ 

40,000 

Assets• ~ 35,000 (I) 

"tJ 30,000 - ~ 

C: 

ftJ 25,000 ~ - r- ~ 

-+-Vested (I) 

:::, 

Benefits .. 0 20,000 ..__ ,__ .s::. 

I- 15,000 ..__ ,__ 

10,000 ~ ~ 

5,000 ~ ~ 

0 

United Actuarial Services, Inc. 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 13 

 

CONTRIBUTION ALLOCATION

The following allocation charts illustrate how the 

expected contribution rate for the coming plan year 

will be “spent” to pay for benefits being earned in the 

current year, plan expenses, and funding of past 

unfunded liabilities.

Contribution Allocation as of May 1, 2020

Total Average Expected Contribution Rate $8.90

Contribution Allocation as of May 1, 2019

Total Average Expected Contribution Rate $8.37

Current Year 

Accruals

$1.46

17%

Expenses

$1.08

13%

Benefits Already 

Accrued

$5.83

70%

These graphs show how 

the contributions are

being spent

RP 88:353

Benefits Already 

Accrued 

$5.84 

66% 

United Actuarial Services, Inc. 

Current Year 

Accruals 

$1 .87 

21 % 

Expenses 

$1 .19 

13% 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 14 

 

ULTIMATE FUNDED STATUS

An actuarial valuation deals primarily with the ability 

of the plan to meet Internal Revenue Code 

requirements now and in the near future. As such, it 

is heavily focused on current plan assets and 

liabilities. But it is also important to keep in mind the 

true purpose of the plan funding—that is, to 

accumulate sufficient assets to pay the benefits that the plan has promised to its 

participants. The chart below looks at this long-term funding adequacy. To the current plan 

assets, we add the present value of all future contributions expected to be made for the 

current plan participants. To the value of the plan’s liabilities for benefits that have been 

previously earned, we add the present value of future benefits the current plan participants 

are expected to earn and the present value of future administrative expenses the plan is 

expected to pay. Ideally these ultimate asset and liability values will be approximately 

equal.

An ultimate funded status of less than 100% could be an indication of generational shifting 

(i.e. the need for one generation of participants to fund the benefits of the preceding 

generation) and/or a reliance on the continued addition of new participants in order to fund 

benefits.

Ultimate funded status is 

an indicator of the ability of 

current participants to pay 

for their own benefits

RP 88:354

60,000 

65% 71% 72% 71% 71% 

50,000 

~ 40,000 

(II 

"C 

C: 

(II 

(II 30,000 

:::, 

0 

.c 

I20,000 

10,000 

0 

2020 2019 2018 2017 2016 

■ Market Value of Assets ■ PV Current Benefits 

■ PV Future Contributions ■ PV Future Benefits 

■ PV Expenses 

United Actuarial Services, Inc. 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 15 

 

(70)

(60)

(50)

(40)

(30)

(20)

(10)

0

10

20192020202120222023202420252026202720282029203020312032203320342035203620372038203920402041204220432044

Funding Standard Account ($ millions)

Year Ending

Current year

Last year

Current year,

5.95% for 10

yrs

1 year of

contributions

FUNDING STANDARD ACCOUNT PROJECTION

The funding standard account (FSA) was 

established by ERISA as a means of determining 

compliance with minimum funding standards. 

The FSA is hypothetical in the sense that it does 

not represent actual assets held by a custodian. 

Rather, a positive FSA balance (called a “credit balance”) means that the plan has 

exceeded minimum funding standards on a cumulative basis, while a negative balance 

(called a “funding deficiency”) means that the plan has fallen short of such standards.

Actuaries must project the plan’s FSA each year in order to determine PPA status. If a 

funding deficiency is projected in a future year, the plan could be forced into yellow

(endangered) or red (critical) status depending how far into the future the first projected 

funding deficiency is. The plan’s FSA projection appears below. These projections are 

based on the assumptions summarized in the “Actuarial Assumptions used for Projections” 

section of Appendix B. 

The funding standard 

account projection is a major 

driver of PPA status

RP 88:355

United Actuarial Services, Inc. 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 16 

 

0%

20%

40%

60%

20192020202120222023202420252026202720282029203020312032203320342035203620372038203920402041204220432044

Funded Ratio

Year Beginning

Current

year

Last year

Current

year, 5.95%

for 10 yrs

FUNDED RATIO PROJECTION

The funded ratio is defined as the actuarial value 

of plan assets divided by the plan’s liabilities for 

accrued benefits. Along with the funding standard 

account projection, funded ratio is one of the two 

major drivers of PPA funded status. In order for a plan to enter the green zone (also called 

“safe” or “not endangered or critical”) the funded ratio must be at least 80%. An insolvency, 

which is the plan year when the plan would run out of money, occurs if the funded ratio is 

projected to be 0%. In order for a plan to enter critical and declining status, an insolvency 

needs to be projected within 20 plan years of the PPA certification (it may need to be within 

15 years under certain conditions). The projection of the funded ratio appears below. These 

projections are based on the assumptions summarized in the “Actuarial Assumptions used 

for Projections” section of Appendix B.

The plan’s funded ratio is a 

major driver of PPA status

RP 88:356

' 

United Actuarial Services, Inc. 

' ' ' ' ' ' ' 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 17 

 

PPA STATUS PROJECTIONS

The following graphs show deterministic

and stochastic projections of PPA status 

based on the assumptions summarized in 

the “Actuarial Assumptions used for 

Projections” section of Appendix B. The 

deterministic projection shows the expected status for each future year. The stochastic 

projection shows the estimated probability of being in each status in each future year. The 

projections are based on the current plan and do not assume any changes in plan provisions 

or contribution rates, even if the plan moves to a worse PPA zone.

 

Projected PPA Status – Deterministic Projection

Projected PPA Status – Stochastic Projection* 

* Distribution of returns based on the mean and standard deviation of the Plan’s investment portfolio. 

Mean for years 1-10 based on short-term expectations, years 11-20 based on long-term expectations.

A plan that is not in green (i.e. 

safe) zone is subject to additional 

requirements and restrictions

RP 88:357

Current Year 

Last Year 

mo ~ NM~~w~romo ~ NM~~w~romo ~ NM~ 

~NNNN NNN NNNMMMMMMMMMM~~~~~ 00000000000000000000000000 

NNNNNNNNNNNNNNNNNNNNNNNNNN 

Year Beginning 

100% 

75% 

> 

~ 

:a 

ftl 50% ..c 

0 

.. 

Q. 

25% 

0% 0 .... N ro <t V) \j) ,.._ 00 (11 0 .... N ro <t V) \j) ,.._ 00 (11 0 N "' "' "' "' "' "' "' "' "' ro ("() ro ("() ("() ("() ("() ro ("() ("() g 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 

N N N N "' N "' N "' "' "' "' "' N N "' N "' N N N 

Plan Year Beginning 

United Actuarial Services, Inc. 

Safe 

■ Safe (special rule} 

Endangered 

■ Serioosly Endangered 

■ Critical 

■ Critical and Declining 

■ Safe 

■ Safe (special rule) 

Endangered 

■ Seriously Endangered 

■ Critical 

■ Critical and Declining 

■ Insolvent 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 18 

 

SENSITIVITY ANALYSIS AND SCENARIO/STRESS TESTING

Sensitivity analysis studies the funding impact to 

the plan when a given assumption changes. 

Scenario testing studies the funding impact from 

actual experience for one or more possible 

outcomes. Stress testing studies the funding impact 

from poor experience. The sensitivity analysis 

along with the scenario and stress testing below can be used to gauge a plan’s key risks 

from investments and hours.

Currently, the plan has elected exhaustion of all reasonable measures. The plan entered 

critical and declining status in 2018, and with no additional contribution increases will be 

insolvent by the 2035-36 plan year. Last year’s valuation estimated 2037-38 on baseline 

assumptions. Considering that experience rarely matches our assumptions exactly, we 

developed the table below to demonstrate the impact that variations in certain key 

assumptions would have on measure of Plan health. We examined future hours 

assumptions equal to the baseline, 10% lower, and 10% higher. We examined asset 

returns for the 2020-21 plan year of 10.00%, 6.90%, 3.50%, and 0.00%. We also examined 

the impact of a lower asset return of 5.95% for the next 10 years at the baseline hours. 

Stochastic modeling is also available for a more detailed analysis of sensitivity to asset 

returns. 

Hours Assumptions

Return for 2020-21 PY (6.90% Thereafter)

Funding Stats 10.00% Assumed Return* 3.50% 0.00%

10% Lower Hours

117,000 per year

Funded % 2025:

Funded % 2030: 

Insolvent:

47.1%

29.3%

2036

44.8%

25.9%

2035

42.4%

22.2%

2034

39.8%

18.3%

2033

Baseline Hours

130,000 per year

Funded % 2025:

Funded % 2030: 

Insolvent:

48.5%

33.2%

2037

46.3%

29.8%

2036

43.8%

26.1%

2035

41.3%

22.2%

2034

10% Higher Hours

143,000 per year

Funded % 2025:

Funded % 2030: 

Insolvent:

50.0%

37.0%

2039

47.7%

33.6%

2038

45.3%

29.9%

2037

42.7%

26.1%

2036

Lower short-term 

5.95% return for 10 yrs

Baseline hours

Funded % 2025:

Funded % 2030: 

Insolvent:

47.3%

28.4%

2036

44.4%

24.3%

2035

42.7%

21.8%

2034

40.2%

18.2%

2034

* The assumed return for the 2020 plan year is 6.90% in the first three rows and 5.95% in the last row.

Sensitivity analysis along 

with scenario and stress 

testing can help Trustees 

gauge a plan’s key risks

RP 88:358

I 

I 

United Actuarial Services, Inc. 
Page 19

PART II: SUPPLEMENTAL STATISTICS

RP 88:359

United Actuarial Services, Inc. 
Supplemental Statistics

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 20 

 

PARTICIPANT DATA RECONCILIATION

The participant data reconciliation table below provides information as to how the plan’s 

covered population changed since the prior actuarial study. Such factors as the number of 

participants retiring, withdrawing and returning to work have an impact on the actuarial 

position of the pension fund.

Participants 

Valued As Active

Inactive 

Vested

Receiving 

Benefits

Total 

Valued

May 1, 2019 115 127 241 483

Change due to:

New hire 16 - - 16

Rehire 2 (1) - 1

Termination (18) 8 - (10)

Disablement - - - - 

Retirement (2) (15) 17 - 

Death - - (10) (10)

Cash out - - - - 

New beneficiary - - 6 6

Certain pd. expired - - (1) (1)

Data adjustment* - - 1 1

Net change (2) (8) 13 3

May 1, 2020 113 119 254 486

* Receiving benefits data adjustment: Addition of a new retiree who was previously assumed deceased.

RP 88:360

United Actuarial Services, Inc. 
Supplemental Statistics

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 21 

 

HOURS WORKED DURING PLAN YEAR

Hours Worked Per Participant

Plan Year Ending 

April 30, 2020 Number Hours Worked

Average 

Hours Worked

Actives

Vested 70 79,719 1,139

Non-vested, continuing 27 24,725 916

Non-vested, new entrant 16 14,966 935

Total active 113 119,410 1,057

Others - - - 

Total for plan year 113 119,410 1,057

History of Total Actual and Expected Hours Worked (Thousands)

Plan Year Ending 

April 30, 2021 2020 2019 2018 2017

Expected hours valuation 126 120 114 126 117

Expected hours PPA cert 130 130 129 130 150

Actual hours worked n/a 119 130 117 132

History of Average Actual and Expected Hours Worked per Participant

RP 88:361

I 

I 

1,000 

800 

0 +-----.---"""T""-----,-------.---.-----..---------1 

2014 2015 2016 2017 2018 2019 2020 2021 

United Actuarial Services, Inc. 

~ Vested Avg Hrs 

- vested HrAssump 

~ Non-Vs! Avg Hrs 

-+- Non-Vst Hr Assump 
Supplemental Statistics

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 22 

 

CONTRIBUTIONS MADE DURING PLAN YEAR

Employer Contributions Reported in Employee Data

Plan Year Ending 

April 30, 2020 Number

Contributions 

Reported

Actives

Vested 70 $ 667,212

Non-vested, continuing 27 206,908

Non-vested, new entrant 16 125,341

Total valued as active 113 999,461

Others - - 

Total for plan year 113 $ 999,461

Average hourly contribution rate $ 8.37

Comparison with Audited Employer Contributions

Employer contributions reported in data $ 999,461

Total audited employer contributions $ 1,035,100

Percent reported 97%

History of Actual and Expected Total Contributions Received

RP 88:362

1.4 

1.2 

1.0 

U) 

C 0.8 

~ 

~ 0.6 

0.4 

0.2 

0.0 

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 

United Actuarial Services, Inc. 

- Expected Contr 

- Valuation 

Expected Contr 

-PPA Cert 

~ Actual Contr 
Supplemental Statistics

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 23 

 

ACTIVE INFORMATION

Active Participants by Age and Service as of May 1, 2020

Years of Service

Age <1 1-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40+ Total

< 25 - 6 - - - - - - - - 6

25-29 - 8 2 - - - - - - - 10

30-34 - 7 4 2 - - - - - - 13

35-39 - 11 5 2 2 - - - - - 20

40-44 - 7 4 3 2 1 - - - - 17

45-49 - 2 2 2 1 1 3 - - - 11

50-54 - 1 2 2 4 3 3 1 - - 16

55-59 - 1 1 - 1 4 2 2 1 - 12

60-64 - - - 1 1 3 - - 1 - 6

65-69 - - - - - 1 - - - - 1

70+ - - - - - - - 1 - - 1

Totals - 43 20 12 11 13 8 4 2 - 113

Unrecorded

DOB - - - - - - - - - - - 

Total

Active

Lives - 43 20 12 11 13 8 4 2 - 113

RP 88:363

United Actuarial Services, Inc. 
Supplemental Statistics

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 24 

 

INACTIVE VESTED INFORMATION

Inactive Vested Participants by Age as of May 1, 2020

Age Group Number

Estimated Monthly 

Deferred Vested 

Benefits*

< 30 - $ - 

30-34 7 2,311

35-39 10 5,697

40-44 12 6,171

45-49 14 13,742

50-54 17 16,226

55-59 25 18,098

60-64 27 7,428

65-69 7 1,067

70+ - - 

Totals 119 70,740

Unrecorded birth date - - 

Total inactive vested lives 119 $ 70,740

* Amount payable at assumed retirement age as used in the valuation process.

RP 88:364

I 

United Actuarial Services, Inc. 
Supplemental Statistics

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 25 

 

RETIREE INFORMATION

Benefits Being Paid by Form of Payment as of May 1, 2020

Monthly Benefits Being Paid

Form of Payment Number Total Average Smallest Largest

Life only* 127 $ 142,650 $ 1,123 $ 23 $ 3,960

Joint & survivor 78 86,965 1,115 60 4,202

Disability 2 2,342 1,171 952 1,390

Beneficiaries 47 28,300 602 12 2,567

Totals 254 $ 260,257 $ 1,025 $ 12 $ 4,202

Retirees by Age and Form of Payment as of May 1, 2020

Form of Benefits Being Paid

Age

Group

Life

Only*

Joint & 

Survivor Disability Beneficiaries Total

< 40 - - - 2 2

40-44 - - - - - 

45-49 - - - 1 1

50-54 - - - 1 1

55-59 9 5 2 4 20

60-64 40 23 - 8 71

65-69 35 27 - 8 70

70-74 20 10 - 5 35

75-79 7 8 - 5 20

80-84 7 3 - 10 20

85-89 6 1 - 2 9

90-94 3 1 - 1 5

95+ - - - - - 

Totals 127 78 2 47 254

* Includes retirees receiving life and certain benefits.

RP 88:365

I 

United Actuarial Services, Inc. 
Supplemental Statistics

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 26 

 

RETIREE INFORMATION (CONT.)

Age of Participants Retired During Last 5 Plan Years

(excludes beneficiaries and disability retirements)

Age at Plan Year Ending April 30,

Retirement 2020 2019 2018 2017 2016

55 - 2 1 2 1

56 1 1 - - - 

57 1 1 2 - - 

58 - 1 3 - 1

59 - - - 2 - 

60 6 4 2 3 5

61 1 - 3 1 1

62 1 2 4 2 1

63 2 1 - - - 

64 2 1 1 4 - 

65 - 2 1 - 1

66+ 3 1 1 1 1

Totals 17 16 18 15 11

Average 

retirement age 62.1 60.9 61.0 61.2 60.8

RP 88:366

I 

United Actuarial Services, Inc. 
Page 27

PART III: ASSET INFORMATION

RP 88:367

United Actuarial Services, Inc. 
Asset Information

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 28 

 

MARKET AND ACTUARIAL FUND VALUES

Asset information extracted from the fund’s financial statements audited by Yurchyk & Davis 

CPA's, Inc. 

Market/Actuarial Value of 

Fund Investments

as of April 30, 2020 2019 2018

Invested assets

Common stocks $ 7,646,955 $ 9,184,158 $ 8,054,951

Exchange traded funds 5,795,371 8,750,252 9,500,599

 Registered investment comp 5,701,010 5,811,495 6,634,109

US Gov't & agency oblig 1,737,627 2,140,878 2,197,594

 Interest bearing cash & CD's 226,539 275,369 334,156

Cash and cash equivalents 654,718 453,185 647,665

 Corporate and foreign bonds 942,012 1,235,698 1,235,289

Hedge Funds 2,418,766 - -

Prepaid expenses 7,285 7,413 11,563

25,130,283 27,858,448 28,615,926

Net receivables* 74,904 100,644 79,851

Market value $ 25,205,187 $ 27,959,092 $ 28,695,777

Fund assets - Actuarial value 

Market value $ 25,205,187 $ 27,959,092 $ 28,695,777

less: Deferred investment

gains and (losses) (2,256,672) (775,313) (590,514)

Actuarial value $ 27,461,859 $ 28,734,405 $ 29,286,291

Actuarial value as a 

percentage of market value 108.95% 102.77% 102.06%

* Equals receivables, less any liabilities

RP 88:368

United Actuarial Services, Inc. 
Asset Information

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 29 

 

FLOW OF FUNDS

Asset information extracted from the fund’s financial statements audited by Yurchyk & Davis 

CPA's, Inc. 

Plan Year Ending 

April 30, 2020 2019 2018

Market value at beginning of

plan year $ 27,959,092 $ 28,695,777 $ 28,305,763

Additions

Employer contributions 1,035,100 1,102,227 981,020

Net investment income* (596,859) 1,189,784 2,232,628

Other income - - - 

438,241 2,292,011 3,213,648

Deductions

Benefits paid 3,045,300 2,909,623 2,688,536

Net expenses* 146,846 119,073 135,098

3,192,146 3,028,696 2,823,634

Net increase (decrease) (2,753,905) (736,685) 390,014

Adjustment - - - 

Market value at end of

plan year $ 25,205,187 $ 27,959,092 $ 28,695,777

Cash flow

Contr.-ben.-exp. (2,157,046) (1,926,469) (1,842,614)

Percent of assets -8.56% -6.89% -6.42%

Estimated net investment return

On market value -2.22% 4.29% 8.15%

On actuarial value 3.20% 4.85% 2.87%

* Investment expenses have been offset against gross investment income.

RP 88:369

United Actuarial Services, Inc. 
Asset Information

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 30 

 

INVESTMENT GAIN AND LOSS

Investment Gain or Loss

Plan Year Ending April 30, 2020

Expected market value at end of plan year

Market value at beginning of plan year $ 27,959,092

Employer contributions and non-investment income 1,035,100

Benefits and expenses paid (3,192,146)

Expected investment income (at 7.25% rate of return) 1,948,841

27,750,887

Actual market value at end of plan year 25,205,187

less: Expected market value 27,750,887

Investment gain or (loss) $ (2,545,700)

History of Gains and (Losses)

Plan Year Investment Amount

Ending Gain Recognized

April 30, or (Loss) This Year

2020 $ (2,545,700) $ (509,140)

2019 (820,825) (164,165)

2018 247,255 49,451

2017 867,403 173,481

2016 (3,069,833) (613,967)

Total $ (5,321,700) $ (1,064,340)

Deferred Investment Gains and (Losses)

Plan Year

Ending Amount of Gain or (Loss) Deferred as of April 30,

April 30, 2020 2021 2022 2023

2020 $ (2,036,560) $ (1,527,420) $ (1,018,280) $ (509,140)

2019 (492,495) (328,330) (164,165) - 

2018 98,902 49,451 - - 

2017 173,481 - - - 

Totals $ (2,256,672) $ (1,806,299) $ (1,182,445) $ (509,140)

RP 88:370

United Actuarial Services, Inc. 
Asset Information

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 31 

 

RATE OF RETURN ON FUND ASSETS

Historical Rates of Net Investment Return

The following table shows average rates of return over various periods calculated on a 

geometric average basis. These statistics may not be appropriate for evaluating a Plan’s 

rate of return assumption as such assumption is forward-looking whereas the statistics are 

historical. Furthermore, these statistics do not reflect the internal rate of return actually 

experienced by the Fund over these periods.

Average Rates of Net Investment Return (geometric average)

Return on Market Value Return on Actuarial Value

Period Ending April 30, Period Ending April 30,

Period 2020 2019 2020 2019

One year -2.22% 4.29% 3.20% 4.85%

5 years 3.53% 5.33% 3.00% 3.13%

10 years 5.28% 7.79% 4.05% 5.52%

15 years 5.02% 5.56% 4.57% 4.52%

20 years 4.32% 4.73% 4.33% 4.74%

RP 88:371

30% -r-----------------------------

25% +-----------------------------

20% +-------------- - --------------

- Market Value 

- Actuarial Value 

- Expected Return 

-10% +--------------1--J----------------

-15% +------------+t----------------

-20% +-----------------------------

-25% 

0 N (") c!; U") ~ r-- [;g gi 0 ~ N (") .,,- U") <D r-- co (1) 0 0 0 0 0 0 ;; ;; 0 0 0 ~ 0 0 0 N 

0 0 0 0 0 0 0 0 0 0 0 N N N N N N N N N N N N N N N N N N N N 

Plan Year Ending 

I 

United Actuarial Services, Inc. 
Page 32

PART IV: ENROLLED ACTUARY’S REPORT

RP 88:372

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 33 

 

NORMAL COST/ACTUARIAL LIABILITY

Normal Cost as of May 1, 2020 2019

Benefit accruals $ 110,619 $ 100,571

Anticipated administrative expenses (beg. of year) 144,998 125,452

Total normal cost $ 255,617 $ 226,023

Unfunded Actuarial Liability as of May 1, 2020 2019

Actuarial liability

Participants currently receiving benefits $ 31,469,576 $ 28,954,191

Inactive vested participants 6,532,941 7,340,797

Active participants 8,076,497 8,987,037

46,079,014 45,282,025

less: Fund assets (actuarial value) 27,461,859 28,734,405

Unfunded actuarial liability (not less than 0) $ 18,617,155 $ 16,547,620

RP 88:373

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 34 

 

ACTUARIAL LIABILITY RECONCILIATION/PROJECTION

Reconciliation of Unfunded Actuarial Liability

Expected unfunded actuarial liability as of April 30, 2020

Unfunded actuarial liability as of May 1, 2019 $ 16,547,620

Normal cost (including expenses) 226,023

Actual contributions (1,035,100)

Interest to end of plan year 1,178,571

16,917,114

Increase (decrease) due to:

Experience (gain) or loss 1,995,341

Plan amendment - 

Change in actuarial assumptions (295,300)

Change in actuarial method - 

Net increase (decrease) 1,700,041

Unfunded actuarial liability as of May 1, 2020 $ 18,617,155

Projection of Actuarial Liability to Year End

Actuarial liability as of May 1, 2020 $ 46,079,014

Expected increase (decrease) due to:

Normal cost (excluding expenses) 110,619

Benefits paid (3,781,069)

Interest on above (122,814)

Interest on actuarial liability 3,179,452

Net expected increase (decrease) (613,812)

Expected actuarial liability as of April 30, 2021 $ 45,465,202

RP 88:374

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 35 

 

FUNDED RATIOS

Present Value of Accumulated Benefits/

Funded Ratios

Actuarial Study as of May 1, 2020 2019

Present value of vested accumulated benefits

Participants currently receiving benefits $ 31,469,576 $ 28,954,191

Inactive vested participants 6,512,264 7,302,933

Active participants 6,853,678 7,991,634

Total 44,835,518 44,248,758

Nonvested accumulated benefits 146,858 208,721

Present value of all accumulated benefits $ 44,982,376 $ 44,457,479

Market value of assets $ 25,205,187 $ 27,959,092

Funded ratios (Market value)

Vested benefits 56.2% 63.2%

All accumulated benefits 56.0% 62.9%

Actuarial value of assets $ 27,461,859 $ 28,734,405

Funded ratios (Actuarial value used for PPA)

Vested benefits 61.3% 64.9%

All accumulated benefits 61.1% 64.6%

Interest rate used to value benefits 6.90% 7.25%

RP 88:375

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 36 

 

FUNDING PERIOD

The funding period is the approximate number of years that would be required to completely 

fund the unfunded entry age normal actuarial liability if future plan experience occurs 

according to the assumptions. The funding period is an indicator of the long term financial 

soundness of the plan. Historically, funds often targeted a maximum funding period of up to 

20 years. Today, asset losses are being paid off over a maximum of 15 years and are the 

primary driver for ERISA minimum funding. An ultimate target of no more than 10 years is 

recommended. A lower, more conservative funding period target can be chosen. As the 

funding period drops, the risk of having future funding issues also diminishes.

Funding Period Calculation 

Actuarial Study as of May 1, 2020 2019

Unfunded actuarial liability

Actuarial liability $ 46,079,014 $ 45,282,025

less: Fund assets (actuarial value) 27,461,859 28,734,405

18,617,155 16,547,620

Funds available to amortize unfunded

Anticipated contributions (beg. of yr.) 1,086,583 968,861

less: Normal cost (including expenses) 255,617 226,023

$ 830,966 $ 742,838

Funding period (years) * * 

* Anticipated contributions are insufficient to pay normal cost and amortize unfunded liability.

RP 88:376

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 37 

 

CURRENT LIABILITY

Current Liability is determined in a manner similar to the value of accrued benefits, but using 

an interest rate assumption within an acceptable range determined by the IRS. For this 

report we used an interest rate assumption of 2.78%. The current liability is used only in 

the determination of the maximum deductible employer contribution and full funding limit 

under the Internal Revenue Code, and is not used for any other purpose.

Current Liability as of May 1, 2020

Vested current liability

Participants currently receiving benefits $ 46,958,240

Inactive vested participants 12,395,726

Active participants 13,673,666

73,027,632

Nonvested current liability

Inactive vested participants 37,444

Active participants 379,583

417,027

Total current liability $ 73,444,659

Projection of Current Liability to Year End

Current liability as of May 1, 2020 $ 73,444,659

Expected increase (decrease) due to:

Benefits accruing 561,752

Benefits paid (3,781,069)

Interest on above (36,940)

Interest on current liability 2,041,762

Net expected increase (decrease) (1,214,495)

Expected current liability as of April 30, 2021 $ 72,230,164 

RP 88:377

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 38 

 

FUNDING STANDARD ACCOUNT

Funding Standard Account

Plan Year Ending April 30, 

2021

(Projected)

2020

(Final)

Charges

Prior year funding deficiency $ - $ - 

Normal cost (including expenses) 255,617 226,023

Amortization charges (see Appendix C) 3,352,908 3,203,048

Interest on above 248,989 248,609

Total charges 3,857,514 3,677,680

Credits

Prior year credit balance 1,155,051 1,803,016

Employer contributions 1,157,433 1,035,100

Amortization credits (see Appendix C) 1,723,788 1,702,911

Interest on above 238,571 291,704

ERISA full funding credit - - 

Total credits 4,274,843 4,832,731

Credit balance (credits less charges) $ 417,329 $ 1,155,051

RP 88:378

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 39 

 

FUNDING STANDARD ACCOUNT WITHOUT AMORTIZATION EXTENSION

The Funding Standard Account on the previous page has been developed using an 

amortization extension approved by the IRS under §412(e) or §431(d) of the Code. We are 

required to report the dollar difference between the minimum required contribution with 

extension and without extension on the Schedule MB. 

Funding Standard Account

Plan Year Ending April 30, 

2021

(Projected)

2020

(Final)

Charges

Prior year funding deficiency $ 2,221,049 $ 1,604,306

Normal cost (including expenses) 255,617 226,023

Amortization charges (see Appendix C) 2,925,126 2,943,601

Interest on above 372,727 346,114

Total charges 5,774,519 5,120,044

Credits

Prior year credit balance - - 

Employer contributions 1,157,433 1,035,100

Amortization credits (see Appendix C) 1,723,788 1,702,911

Interest on above 158,872 160,984

ERISA full funding credit - - 

Total credits 3,040,093 2,898,995

Credit balance (credits less charges) $ (2,734,426) $ (2,221,049)

RP 88:379

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 40 

 

FULL FUNDING LIMIT

Projection of Assets 

for Full Funding Limit

Market

Value

Actuarial

Value

Asset value as of May 1, 2020 $ 25,205,187 $ 27,461,859

Expected increase (decrease) due to:

Investment income 1,603,536 1,759,246

Benefits paid (3,781,069) (3,781,069)

Expenses (150,000) (150,000)

Net expected increase (decrease) (2,327,533) (2,171,823)

Expected value as of April 30, 2021* $ 22,877,654 $ 25,290,036

* Ignoring expected employer contributions (as required by regulation).

Full Funding Limit 

as of April 30, 2021

For Minimum 

Required

For Maximum 

Deductible

ERISA full funding limit (not less than 0)

Actuarial liability $ 45,465,202 $ 45,465,202

less: Assets (lesser of market or actuarial) 22,877,654 22,877,654

plus: Credit balance (w/interest to year end) 1,234,750 n/a

23,822,298 22,587,548

ERISA full funding limit without extension (not less than 0)

Actuarial liability 45,465,202 n/a

less: Assets (lesser of market or actuarial) 22,877,654 n/a

plus: Credit bal. w/o ext. (w/int. to year end) - n/a

22,587,548 n/a

Full funding limit override 

(not less than 0)

90% of current liability 65,007,148 65,007,148

less: Assets (actuarial value) 25,290,036 25,290,036

39,717,112 39,717,112

Full funding limit (greater of ERISA limit and full funding override)

With amortization extension $ 39,717,112 $ 39,717,112

Without amortization extension $ 39,717,112 n/a

RP 88:380

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 41 

 

MINIMUM REQUIRED CONTRIBUTION AND FULL FUNDING CREDIT

Minimum Required Contribution

Plan Year Beginning May 1, 2020

Without 

Extension

With 

Extension

Minimum funding cost

Normal cost (including expenses) $ 255,617 $ 255,617

Net amortization of unfunded liabilities 1,201,338 1,629,120

Interest to end of plan year 100,534 130,048

1,557,489 2,014,785

Full funding limit 39,717,112 39,717,112

Net charge to funding std. acct. (lesser of above) 1,557,489 2,014,785

less: Credit balance with interest to year end (2,374,301) 1,234,750

Minimum Required Contribution (not less than 0) $ 3,931,790 $ 780,035

Effect of extension $ 3,151,755

Full Funding Credit to Funding Standard

Account Plan Year Ending April 30, 2021

Without 

Extension

With 

Extension

Full funding credit (not less than 0)

Minimum funding cost (n.c., amort., int.) $ 1,557,489 $ 2,014,785

less: full funding limit 39,717,112 39,717,112

$ - $ - 

RP 88:381

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 42 

 

MAXIMUM DEDUCTIBLE CONTRIBUTION

The maximum amount of tax-deductible employer contributions made to a pension plan is 

determined in accordance with Section 404(a) of the Internal Revenue Code. For a 

multiemployer pension plan, Section 413(b)(7) of the Internal Revenue Code and IRS 

Announcement 98-1 provide that, if anticipated employer contributions are less than the 

deductible limit for a plan year, then all employer contributions paid during the year are 

guaranteed to be deductible. If anticipated employer contributions exceed the deductible 

limit, the Trustees have two years from the close of the plan year in question to retroactively 

improve benefits to alleviate the problem. 

Maximum Deductible Contribution

Plan Year Beginning May 1, 2020

Preliminary deductible limit

Normal cost (including expenses) $ 255,617

10-year limit adjustment (using “fresh start” alternative) 2,468,124

Interest to end of plan year 187,939

2,911,680

Full funding limit 39,717,112

Maximum deductible contribution override

140% of vested current liability projected to April 30, 2021 100,548,046

less: Actuarial value of assets projected to April 30, 2021 25,290,036

75,258,010

Maximum deductible contribution* $ 75,258,010

Anticipated employer contributions $ 1,157,433

* Equals the lesser of the preliminary deductible limit and the full funding limit, but not less than the 

maximum deductible contribution override.

RP 88:382

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 43 

 

HISTORY OF UNFUNDED VESTED BENEFITS

Presumptive Method

April 30, 

Vested 

Benefits

Interest Rate

Value of 

Vested 

Benefits Asset Value*

Unfunded 

Vested 

Benefits

Unamortized 

Portion of

VAB

2001 8.00% 18,563,350 25,396,597 (6,833,247)

2002 8.00% 21,109,491 26,575,929 (5,466,438)

2003 8.00% 23,294,056 25,848,980 (2,554,924)

2004 8.00% 24,772,860 26,488,395 (1,715,535)

2005 8.00% 26,201,283 26,807,635 (606,352)

2006 8.00% 27,552,089 27,788,070 (235,981)

2007 8.00% 30,114,936 30,788,910 (673,974)

2008 8.00% 31,187,675 31,987,028 (799,353)

2009 8.00% 33,010,468 28,317,373 4,693,095

2010 8.00% 34,935,555 32,407,723 2,527,832

2011 8.00% 36,231,829 32,889,272 3,342,557

2012 8.00% 38,310,252 32,896,522 5,413,730

2013 8.00% 39,093,235 32,995,681 6,097,554

2014 8.00% 38,906,185 33,147,236 5,758,949 597,765

2015 7.75% 40,340,121 32,534,965 7,805,156 575,749

2016 7.75% 40,673,151 31,201,193 9,471,958 551,973

2017 7.25% 43,863,063 30,285,574 13,577,489 526,294

2018 7.25% 44,052,610 29,286,291 14,766,319 498,561

2019 7.25% 44,248,758 28,734,405 15,514,353 468,609

2020 6.90% 44,835,518 27,461,859 17,373,659 436,261

* Actuarial value

RP 88:383

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 44 

 

TERMINATION BY MASS WITHDRAWAL

If all employers were to cease to have an obligation to contribute to the plan, the plan would 

be considered “terminated due to mass withdrawal.” In this event, the Trustees would have 

the option of distributing plan assets in satisfaction of all plan liabilities through the purchase 

of annuities from insurance carriers or payment of lump sums. If assets are insufficient to 

cover liabilities, a special actuarial valuation pursuant to Section 4281 of ERISA would be 

performed as of the end of the plan year in which the mass withdrawal occurred. If the 

Section 4281 valuation indicates the value of nonforfeitable benefits exceeds the value of 

plan assets, employer withdrawal liability would be assessed.

The ERISA Section 4281 valuation described above uses required actuarial assumptions 

that are typically more conservative than those used for valuing an on-going plan. In order 

to illustrate the impact of the mass withdrawal assumptions, we performed an illustrative 

Section 4281 valuation as if mass withdrawal had occurred during the prior plan year. The 

value of assets used below is market value without any adjustments for outstanding 

employer withdrawal liability claims. 

As required by regulation, interest rates of 2.11% for the first 20 years and 1.92% for each 

year thereafter and the GAM 94 Basic Mortality Table projected to 2030 were used.

Illustrative Section 4281 Valuation

as of April 30, 2020

Value of nonforfeitable benefits

Participants currently receiving benefits $ 50,094,966

Inactive vested participants 14,060,352

Active participants 15,356,091

Expenses (per Section 4281 of ERISA) 464,226

79,975,635

less: Fund assets (market value) 25,205,187

Value of nonforfeitable benefits in excess of (less than) fund assets $ 54,770,448

RP 88:384

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page 45 

 

ASC 960 INFORMATION

The following displays are intended to assist the fund’s auditor in complying with Accounting 

Standards Codification 960. The results shown are not necessarily indicative of the plan’s 

potential liability upon termination.

Present Value of Accumulated Benefits

Actuarial Study as of May 1, 2020 2019

Present value of vested accumulated benefits

Participants currently receiving benefits $ 31,469,576 $ 28,954,191

Expenses on parts. currently rec. benefits 1,494,805 1,302,939

Other participants 13,365,942 15,294,567

Expenses on other participants 634,882 688,256

46,965,205 46,239,953

Present value of nonvested accumulated benefits

Nonvested accumulated benefits 146,858 208,721

Expenses on nonvested benefits 6,976 9,392

153,834 218,113

Present value of all accumulated benefits $ 47,119,039 $ 46,458,066

Market value of plan assets $ 25,205,187 $ 27,959,092

Interest rate used to value benefits 6.90% 7.25%

Changes in Present Value of Accumulated Benefits

Present value of accumulated benefits as of May 1, 2019 $ 46,458,066

Increase (decrease) due to:

Plan amendment - 

Change in actuarial assumptions (455,055)

Benefits accumulated and experience gain or loss 939,964

Interest due to decrease in discount period 3,368,210

Benefits paid (3,045,300)

Operational expenses paid (146,846)

Net increase (decrease) 660,973

Present value of accumulated benefits as of May 1, 2020 $ 47,119,039

RP 88:385

United Actuarial Services, Inc. 
APPENDICES

RP 88:386

United Actuarial Services, Inc. 
Appendix A - Plan Provisions

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page A-1 

PLAN HISTORY

Origins/Purpose

The Roofers Local No. 88 Pension Plan was established effective May 1, 1968 as a 

result of a Collective Bargaining Agreement between the Akron-Canton Sheet Metal and 

Roofing Contractors Association and Local Union No. 88 of the United States, Tile and 

Composition Roofers, Damp and Waterproof Workers’ Association.

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

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

and from Management.

The purpose of the Pension Plan is to provide Normal and Early Retirement Benefits, 

Joint and Survivor Benefits, Optional Retirement Benefits, Total and Permanent 

Disability Benefits, Vested Benefits and Death Benefits. Benefits first became payable 

on May 1, 1969.

Effective April 1, 1990, annuities were purchased for all benefit recipients except those 

receiving disabilities. The Pension Fund is responsible for paying any incremental 

benefits approved for those recipients, all disability payments, and all benefits for 

participants entering payment status after April 1, 1990.

RP 88:387

United Actuarial Services, Inc. 
Appendix A - Plan Provisions

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page A-2 

PLAN HISTORY (CONT.)

Employer Contributions

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

the Collective Bargaining Agreement. Following is a partial listing of hourly pension 

contribution rates. 

Date

Hourly 

Contribution Rate Date

Hourly 

Contribution Rate

May 1, 1968 $ 0.15 June 1, 2001 $ 3.27

May 1, 1971 $ 0.30 June 1, 2002 $ 3.37

May 1, 1975 $ 0.40 June 1, 2005 $ 3.47

May 1, 1976 $ 0.55 June 1, 2006 $ 3.57

May 1, 1978 $ 0.70 June 1, 2007 $ 3.72

May 1, 1979 $ 0.85 June 1, 2008 $ 3.92

August 1, 1980 $ 0.95 June 1, 2009 $ 4.17

August 1, 1983 $ 1.10 June 1, 2010 $ 4.67

June 1, 1985 $ 1.15 June 1, 2012 $ 5.02

June 1, 1986 $ 1.32 June 1, 2013 $ 5.52

June 1, 1992 $ 1.62 June 1, 2014 $ 6.07

June 1, 1994 $ 1.77 June 1, 2015 $ 6.61

June 1, 1995 $ 2.27 June 1, 2016 $ 7.15

June 1, 1996 $ 2.52 June 1, 2017 $ 7.69

June 1, 1998 $ 2.77 June 1, 2018 $ 8.19

June 1, 1999 $ 2.97 June 1, 2019 $ 8.39

June 1, 2000 $ 3.17 June 1, 2020 $ 8.95

Reciprocity

The fund has entered into money-follows-man reciprocity agreements with other pension 

funds.

RP 88:388

_I ____ I_I ___ _ 

United Actuarial Services, Inc. 
Appendix A - Plan Provisions

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page A-3 

SUMMARY OF PLAN PROVISIONS

Participation On May 1 following completion of 435 hours during a 

twelve consecutive month period

Year of service Plan Year with at least 435 hours

Break in service Plan Year with less than 435 hours

Normal retirement benefit

Eligibility Earlier of age 60 and 5 years of service or age 65 and 5 

years of plan participation

Monthly amount $1.00 per year of countable year of past continuous 

service plus 5.25% of employer contributions made from 

May 1, 1968 to April 30, 1998 plus 4.05% of employer 

contributions made from May 1, 1998 to April 30, 2003 

plus 3% of employer contributions made from May 1, 

2003 to April 30, 2006 plus 1.70% of employer 

contributions made from May 1, 2006 to April 30, 2009 

plus 1.00% of employer contributions made May 1, 2009 

to April 30, 2012 plus 0.5% of employer contributions 

made on and after May 1, 2012. Payable for life. 

Early retirement benefit

Eligibility Age 55 and 5 years of service

Monthly amount Normal reduced by an actuarial reduction from age 60.

For participants who were age 55 with at least 5 years of 

service on or before November 1, 2013, normal reduced 

by 6% for each year under 60. Payable for life.

Disability benefit

Eligibility Under age 55, 10 years of service, disabled while in 

covered employment, at least 40 hours worked in two 

preceding plan years, total and permanent disability.

Monthly amount 50% of normal. Payable until age 55, recovery or death. 

Eligible for early retirement benefit at 55.

Effective November 1, 2013, the disability benefit is 

no longer available.

RP 88:389

United Actuarial Services, Inc. 
Appendix A - Plan Provisions

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page A-4 

SUMMARY OF PLAN PROVISIONS (CONT.)

Vested benefit

Eligibility 5 years of service, termination of employment

Monthly amount 100% of normal, payable at normal, or payable at early 

with reduction. Payable for life.

Optional forms of • Qualified joint and 50% survivor annuity

payment • Qualified joint and 75% survivor annuity

• Qualified joint and 100% survivor annuity

• Ten year certain and life annuity

• Five year certain and life annuity 

Pre-retirement death 

benefit

Eligibility Death of vested participant with surviving spouse

Monthly amount 50% of participant’s qualified joint and 50% survivor 

annuity payable to spouse over spouse’s lifetime 

commencing at participant’s earliest retirement date

60 months certain death 

benefit

Eligibility Death of active participant with at least 5 years of service, 

no spouse. Effective November 1, 2013, 60 months 

certain death benefit is no longer available. 

Monthly amount Normal, payable for 60 months only. Also may be elected 

by a surviving spouse in lieu of the pre-retirement death 

benefit.

Effective November 1, 2013, the 60 months certain 

death benefit is no longer available.

RP 88:390

United Actuarial Services, Inc. 
Appendix A - Plan Provisions

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page A-5 

HISTORICAL PLAN MODIFICATIONS

Disability benefit

Effective date May 1, 1995

Adoption date April 19, 1995

Provisions Disability benefit reduced from 100% of normal to 82% of 

normal payable to age 57 when benefit converts to an 

early retirement benefit.

Future service benefit

Effective date May 1, 1997

Adoption date December 4, 1997

Provisions Future service benefit increased to 5.25% of contributions 

made from May 1, 1968 to April 30, 1997.

Retiree increase

Effective date May 1, 1997

Adoption date December 4, 1997

Provisions Monthly benefits for retirees and beneficiaries as of 

April 30, 1997 increased 5%.

Future service benefit

Effective date May 1, 1998

Adoption date December 3, 1998

Provisions Future service benefit increased to 5.25% of contributions 

made from May 1, 1968 to April 30, 1998.

Retiree increase

Effective date May 1, 1998

Adoption date December 3, 1998

Provisions Monthly benefits for retirees and beneficiaries as of 

April 30, 1997 increased 5%.

RP 88:391

United Actuarial Services, Inc. 
Appendix A - Plan Provisions

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page A-6 

HISTORICAL PLAN MODIFICATIONS (CONT.)

Vesting schedule

Effective date May 1, 1999

Adoption date December 4, 1997

Provisions The vesting schedule was changed from a 5-10 year 

graded schedule to a 5-year cliff schedule.

Normal retirement age

Effective date May 1, 1999

Adoption date December 4, 1997

Provisions Normal retirement age was changed to age 60 with 5 

years of service

Early retirement age

Effective date May 1, 1999

Adoption date December 4, 1997

Provisions Early retirement age was changed to age 55 with 5 years 

of service

Optional forms

Effective date February 1, 2000

Adoption date January 27, 2000

Provisions The joint and 100% survivor optional form of payment 

was added.

Future service benefit

Effective date May 1, 2003

Adoption date February 10, 2003

Provisions The future service benefit decreased to 1.70% of 

contributions made on and after May 1, 2003.

RP 88:392

United Actuarial Services, Inc. 
Appendix A - Plan Provisions

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page A-7 

HISTORICAL PLAN MODIFICATIONS (CONT.)

Future service benefit

Effective date January 1, 2007

Adoption date April 20, 2007

Provisions The future service benefit increased to 3% of 

contributions made from May 1, 2003 to April 30, 2006 

plus 1.70% of contributions made on and after May 1, 

2006.

Optional forms

Effective date November 1, 2007

Adoption date October 23, 2007

Provisions The joint and 75% survivor optional form of payment was 

added.

Future service benefit

Effective date May 1, 2009

Adoption date April 7, 2009

Provisions

Disability benefit

 Effective date

 Adoption date 

 Provisions

The future service benefit decreased to 1.00% of 

contributions made on and after May 1, 2009. 

April 1, 2011

February 23, 2011

Disability benefit reduced from 82% of normal to 50% of 

normal payable to age 55 when benefit converts to an 

early retirement benefit.

Future service benefit

Effective date May 1, 2012

Adoption date September 8, 2011

Provisions The future service benefit decreased to 0.5% of 

contributions made on and after May 1, 2012.

RP 88:393

United Actuarial Services, Inc. 
Appendix A - Plan Provisions

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page A-8 

HISTORICAL PLAN MODIFICATIONS (CONT.)

Disability benefit

 Effective date

 Adoption date 

 Provisions

November 1, 2013

August 30, 2013

The temporary disability benefit will be eliminated for 

applications on and after November 1, 2013. 

Normal form of benefit

 Effective date

 Adoption date 

 Provisions

November 1, 2013

August 30, 2013

The normal form of benefit will be changed from a 60 

month certain and life benefit to a lifetime benefit.

60 months certain death 

benefit

 Effective date

 Adoption date 

 Provisions

November 1, 2013

August 30, 2013

The non-spouse pre-retirement death benefit of 60 

months certain is eliminated.

Early retirement reduction

 Effective date

 Adoption date 

 Provisions

November 1, 2013

August 30, 2013

The early retirement reduction will be changed from 6% 

reduction for each year under 60 to an actuarial reduction 

from age 60. Participants who were age 55 with 5 years 

of service on or before November 1, 2013 will retain the 

previous early retirement reduction.

RP 88:394

United Actuarial Services, Inc. 
Appendix B – Actuarial Assumptions and Methods

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page B-1 

ACTUARIAL ASSUMPTIONS

Valuation date May 1, 2020

Interest rates

ERISA rate of return 

used to value liabilities

6.90% per year net of investment expenses

Unfunded vested 

benefits

6.90% per year net of investment expenses

Current liability 2.78% (as prescribed by Section 431(c)(6) of the Internal 

Revenue Code)

Operational expenses

Funding $150,000 per year excluding investment expenses. 

ASC 960 A 4.75% load was applied to the accrued liabilities for 

2020 (4.50% for 2019).

Mortality

Assumed plan mortality 100% of the PRI-2012 Blue Collar Mortality Tables for 

employees and healthy annuitants projected forward 

using the MP-2019 projection scale. For female 

annuitants the contingent survivor table was used.

Current liability Separate annuitant and non-annuitant rates based on the 

RP-2000 Mortality Tables Report developed for males 

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

Internal Revenue Code.

Withdrawal T-8 Turnover Table from The Actuary’s Pension 

Handbook (less GAM 51) with a floor of 5% to reflect 

withdrawals due to disability - specimen rates shown 

below: Assumed rate during second and third year of 

employment is 25%*.

Age Withdrawal Rate

25 .1162

30 .1121

35 .1055

40 .0940

45 .0754

50 .0500

* All newly reported participants are considered to have 

already worked their first year of employment. 

RP 88:395

United Actuarial Services, Inc. 
Appendix B – Actuarial Assumptions and Methods

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page B-2 

ACTUARIAL ASSUMPTIONS (CONT.)

Future retirement rates

Active lives According to the following schedule:

Age

Retirement 

Rate

55 .05

56-57 .025

58 .075

59 .15

60 .25

61 .15

62 .25

63 .20

64 .40

65+ 1.00

Resulting in an average expected retirement age of 61.9.

Inactive vested lives Later of age 58 or age on valuation date if 100% vested, 

age 65 if less than 100% vested.

Disabled lives Disability benefit assumed payable until age 57, then 

early retirement benefit commences.

Future hours worked

Vested lives 1,255 hours per year, 0 after assumed retirement age

Non-vested lives 1,000 hours per year, 0 after assumed retirement age

Future hourly contribution 

rate

$8.90 for Plan year ending April 30, 2021

$8.95 for all future years

Age of participants with 

unrecorded birth dates

Based on average entry age of participants with recorded 

birthdates and same vesting status

Marriage assumptions 65% assumed married with the male spouse 3 years 

older than his wife

Optional form assumption All non-retired participants assumed to elect the life only 

form of benefit.

Inactive vested lives over 

age 74

Continuing inactive vested participants over age 74 are 

assumed deceased and are not valued. Participants 

assumed deceased under age 74 prior to May 1, 2020 

are still assumed to be deceased.

QDRO benefits Benefits to alternate payee included with participant’s 

benefit until payment commences

RP 88:396

United Actuarial Services, Inc. 
Appendix B – Actuarial Assumptions and Methods

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page B-3 

ACTUARIAL ASSUMPTIONS (CONT.)

Section 415 limit 

assumptions

Dollar limit $230,000 per year

Assumed form of 

payment for those limited 

by Section 415

Qualified joint and 100% survivor annuity

Benefits not valued Pre-retirement death benefits following withdrawal for 

active participants.

Pre-retirement death benefits following disability.

Suspension of benefits • Active participants over normal retirement age were 

assumed to get a suspension of benefits notice on the 

later of May 1, 2020 or normal retirement age, They

were then assumed to be working in suspendable 

employment in all months through assumed 

retirement age and not qualify for any additional late 

retirement adjustments.

RP 88:397

United Actuarial Services, Inc. 
Appendix B – Actuarial Assumptions and Methods

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page B-4 

RATIONALE FOR SELECTION OF ACTUARIAL ASSUMPTIONS

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

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

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

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

valuation results.

ERISA rate of return used 

to value liabilities

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

current investment policy asset allocation and composite, 

long-term capital market assumptions taken from Horizon 

Actuarial’s 2020 survey of investment consultants. 

Based on this analysis, we selected a final assumed rate 

of 6.90%, which we feel is reasonable. This rate may not 

be appropriate for other purposes such as settlement of 

liabilities.

Due to the special rules related to withdrawal liability for a 

construction industry plan and the nature of the building 

trades industry, we believe the valuation interest rate is 

also appropriate for withdrawal liability purposes.

Mortality The PRI-2012 Blue Collar Mortality Tables for employees 

and healthy annuitants projected forward using the MP2019 projection scale was chosen as the base table for 

this population. 

The blue collar table was chosen based on the industry of 

plan participants. Since most female annuitants are 

surviving spouses, the contingent survivor table was 

chosen for female annuitants.

Retirement Actual rates of retirement by age were studied for this 

plan for the period May 1, 2010 to April 30, 2020. The 

assumed future rates of retirement were selected based 

on the results of this study. 

Withdrawal Actual rates of withdrawal by age were last studied for 

this plan for the period May 1, 2010 to April 30, 2020. The 

assumed future rates of withdrawal were selected based 

on the results of this study.

Future hours worked Based on review of recent plan experience.

RP 88:398

United Actuarial Services, Inc. 
Appendix B – Actuarial Assumptions and Methods

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page B-5 

ACTUARIAL ASSUMPTIONS USED FOR PROJECTIONS

The assumptions used for the credit balance, funded ratio and PPA zone projections are 

the same as used throughout the report with the following exceptions.

Assumed return on fund 

assets

Current year projections 6.90%

Prior year projections 7.25% 

Expenses

Current year projections $150,000 per year excluding investment expenses

increasing 2.5% each future year.

Prior year projections $130,000 per year excluding investment expenses.

Future total hours worked

Current year projections 130,000 for the plan year ending 2021 and thereafter

Prior year projections 130,000 for the plan year ending 2020 and thereafter

Contribution rate 

increases

Current year projections The remaining portion of the prorated contribution rate

increase effective June 1, 2020

Prior year projections The remaining portion of the prorated contribution rate

increase effective June 1, 2019

Plan changes since prior 

year

None

Open group projection 

method

Current year projections None

Prior year projections Projected normal costs and benefit payment amounts are 

adjusted using the open group percentage increases 

from the prior year.

RP 88:399

United Actuarial Services, Inc. 
Appendix B – Actuarial Assumptions and Methods

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page B-6 

ACTUARIAL ASSUMPTIONS USED FOR PROJECTIONS (CONT.)

Stochastic modeling 1,000 trials. Future returns are modeled using an 

expected return of 6.63% for the first 10 years and 7.53% 

thereafter and a standard deviation of 11.72%, which is 

representative of the plan’s investment portfolio. The 

expected return above is a one year value and is not 

representative of longer term geometric return as 

considered when setting the ERISA return assumption.

RP 88:400

United Actuarial Services, Inc. 
Appendix B – Actuarial Assumptions and Methods

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page B-7 

ACTUARIAL METHODS

Funding method

ERISA Funding Individual entry age normal with costs spread as a level 

dollar amount over service

Funding period Individual entry age normal with costs spread as a level 

dollar amount over service

Population valued

Actives Employees who have satisfied the plan’s eligibility 

requirements (435 hours worked in a plan year) and who 

had at least one hour during the preceding plan year.

Inactive vested Vested participants with no hours during the preceding 

plan year.

Retirees Participants and beneficiaries in pay status as of the 

valuation date.

Asset valuation method

Actuarial value Smoothed Market Value Method effective May 1, 2007, 

with phase in. Each year’s gain (or loss) is spread over a 

period of 5 years. The actuarial value is limited to not 

less than 80% and not more than 120% of the actual 

market value of assets in any plan year.

Unfunded vested 

benefits

For the presumptive method, actuarial value, as 

described above, is used

Pension Relief Act of 2010 • 10-year smoothing was elected with respect to the 

loss incurred during the plan year ended in 2009.

• 30-year amortization of net investment loss was 

elected with respect to the loss incurred during the 

plan year ended in 2009. The loss was allocated to 

future years using the “prospective method” of IRS. 

The amount of each allocation is shown in Appendix C.

Effective date of 

amortization extension May 1, 2013

RP 88:401

United Actuarial Services, Inc. 
Date 

Established

Source of Change in 

Unfunded Liability

Original 

Amount

Original 

Period Years Months

Outstanding 

Balance

Amortization 

Payment

Remaining Period 5/1/2020 5/1/2020

Appendix C - Minimum Funding Amortization Bases

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Bases Shown: With Extension

Charges

5/1/1976 Initial Unfunded 45 1 0 19,687 19,687

5/1/1978 Plan Amendment 45 3 0 32,459 11,549

5/1/1979 Plan Amendment 45 4 0 49,482 13,635

5/1/1980 Plan Amendment 45 5 0 33,576 7,640

5/1/1981 Plan Amendment 45 6 0 11,801 2,309

5/1/1986 Plan Amendment 35 1 0 30,477 30,477

5/1/1988 Assumptions 35 3 0 2,106 749

5/1/1988 Plan Amendment 35 3 0 101,056 35,956

5/1/1989 Plan Amendment 35 4 0 134,675 37,110

5/1/1991 Method Change 30 1 0 20,947 20,947

5/1/1992 Assumptions 35 7 0 275,608 47,672

5/1/1992 Plan Amendment 35 7 0 12,000 2,076

5/1/1994 Assumptions 60,623 35 9 0 26,847 3,838

5/1/1995 Assumptions 1,293,554 35 10 0 630,695 83,613

5/1/1997 Assumptions 733,147 35 12 0 417,721 48,935

5/1/1997 Plan Amendment 1,199,736 35 12 0 683,594 80,082

5/1/1998 Assumptions 468,884 35 13 0 284,649 31,680

5/1/1999 Assumptions 913,515 35 14 0 586,455 62,354

5/1/1999 Plan Amendment 174,919 35 14 0 112,286 11,939

5/1/2000 Assumptions 257,602 35 15 0 173,800 17,738

5/1/2001 Assumptions 984,196 35 16 0 694,084 68,277

5/1/2001 Experience Loss 18,904 20 1 0 904 904

5/1/2002 Amendment 85,552 35 17 0 62,776 5,973

5/1/2002 Assumptions 12,201 35 17 0 8,949 852

5/1/2002 Experience Loss 568,674 20 2 0 62,095 32,083

5/1/2003 Assumptions 19,223 35 18 0 14,626 1,350

5/1/2003 Experience Loss 3,497,695 20 3 0 619,634 220,469

5/1/2004 Experience Loss 789,713 20 4 0 195,733 53,934

5/1/2005 Experience Loss 1,601,428 20 5 0 510,639 116,190

5/1/2006 Assumptions 106,151 35 21 0 88,092 7,544

5/1/2006 Experience Loss 257,933 20 6 0 100,250 19,614

5/1/2007 Plan Amendment 1,111,391 35 22 0 944,579 79,222

5/1/2008 Experience Loss 368,580 20 8 0 192,116 29,980

5/1/2009 Experience Loss 789,753 20 9 0 460,522 65,841

5/1/2009 Relief 09 Asset Loss 4,723,416 29 18 0 3,939,815 363,747

Page C-1

RP 88:402

United Actuarial Services, Inc. 
Date 

Established

Source of Change in 

Unfunded Liability

Original 

Amount

Original 

Period Years Months

Outstanding 

Balance

Amortization 

Payment

Remaining Period 5/1/2020 5/1/2020

Appendix C - Minimum Funding Amortization Bases

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Bases Shown: With Extension

5/1/2010 Assumptions 183,358 20 10 0 117,677 15,601

5/1/2011 Assumptions 15,311 20 11 0 10,676 1,325

5/1/2011 Experience Loss 670,262 20 11 0 467,315 58,007

5/1/2011 Relief 09 Asset Loss 56,276 27 18 0 47,899 4,422

5/1/2012 Assumptions 1,013,519 20 12 0 759,518 88,976

5/1/2012 Experience Loss 488,615 20 12 0 366,165 42,896

5/1/2012 Relief 09 Asset Loss 561,527 26 18 0 483,468 44,637

5/1/2013 Assumptions 42,782 20 13 0 34,156 3,801

5/1/2013 Relief 09 Asset Loss 1,622,443 25 18 0 1,414,595 130,604

5/1/2014 Assumptions 70,616 15 9 0 51,056 7,299

5/1/2014 Relief 09 Asset Loss 1,127,366 24 18 0 996,578 92,010

5/1/2015 Assumptions 993,481 15 10 0 771,767 102,315

5/1/2015 Experience Loss 1,136,368 15 10 0 882,764 117,030

5/1/2016 Assumptions 359,823 15 11 0 297,690 36,952

5/1/2016 Experience Loss 1,477,848 15 11 0 1,222,651 151,766

5/1/2017 Assumption 2,719,436 15 12 0 2,377,331 278,501

5/1/2017 Experience Loss 1,509,763 15 12 0 1,319,836 154,617

5/1/2018 Experience Loss 1,083,743 15 13 0 996,068 110,857

5/1/2019 Experience Loss 701,558 15 14 0 674,172 71,681

5/1/2020 Experience 1,995,341 15 15 0 1,995,341 203,645

Total Charges: 26,821,458 3,352,908

Page C-2

RP 88:403

United Actuarial Services, Inc. 
Date 

Established

Source of Change in 

Unfunded Liability

Original 

Amount

Original 

Period Years Months

Outstanding 

Balance

Amortization 

Payment

Remaining Period 5/1/2020 5/1/2020

Appendix C - Minimum Funding Amortization Bases

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Bases Shown: With Extension

Credits

5/1/2009 Combined Credits 9,046,697 14 3 0 2,796,395 994,972

5/1/2010 Experience Gain 2,628,937 15 5 0 1,213,379 276,090

5/1/2010 Relief 09 Asset Loss 10,200 28 18 0 8,587 793

5/1/2011 Plan Amendment 186,288 15 6 0 99,583 19,483

5/1/2012 Plan Amendment 896,049 15 7 0 539,609 93,337

5/1/2013 Experience Gain 1,188,660 15 8 0 790,339 123,334

5/1/2013 Plan Amendment 351,601 15 8 0 233,782 36,482

5/1/2014 Experience Gain 943,181 15 9 0 681,910 97,492

5/1/2014 Plan Amendment 379,730 15 9 0 274,542 39,251

5/1/2018 Assumptions 22,083 15 13 0 20,294 2,259

5/1/2019 Assumptions 99,413 15 14 0 95,532 10,157

5/1/2020 Assumptions 295,300 15 15 0 295,300 30,138

Total Credits: 7,049,252 1,723,788

Net Charges: 19,772,206 1,629,120

Less Credit Balance:

Less Reconciliation Balance:

Unfunded Actuarial Liability:

1,155,051

0

18,617,155

Page C-3

RP 88:404

United Actuarial Services, Inc. 
Date 

Established

Source of Change in 

Unfunded Liability

Original 

Amount

Original 

Period Years Months

Outstanding 

Balance

Amortization 

Payment

Remaining Period 5/1/2020 5/1/2020

Appendix C - Minimum Funding Amortization Bases

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Bases Shown: Without Extension

Charges

5/1/1981 Plan Amendment 40 1 0 3,245 3,245

5/1/1992 Assumptions 30 2 0 124,388 64,268

5/1/1992 Plan Amendment 30 2 0 5,415 2,798

5/1/1994 Assumptions 60,623 30 4 0 17,625 4,857

5/1/1995 Assumptions 1,293,554 30 5 0 453,564 103,203

5/1/1997 Assumptions 733,147 30 7 0 335,677 58,063

5/1/1997 Plan Amendment 1,199,736 30 7 0 549,338 95,020

5/1/1998 Assumptions 468,884 30 8 0 237,055 36,993

5/1/1999 Assumptions 913,515 30 9 0 502,165 71,794

5/1/1999 Plan Amendment 174,919 30 9 0 96,147 13,746

5/1/2000 Assumptions 257,602 30 10 0 152,153 20,171

5/1/2001 Assumptions 984,196 30 11 0 618,631 76,790

5/1/2002 Amendment 85,552 30 12 0 56,788 6,653

5/1/2002 Assumptions 12,201 30 12 0 8,091 948

5/1/2003 Assumptions 19,223 30 13 0 13,393 1,491

5/1/2006 Assumptions 106,151 30 16 0 82,840 8,149

5/1/2006 Experience Loss 257,933 15 1 0 27,576 27,576

5/1/2007 Plan Amendment 1,111,391 30 17 0 894,068 85,072

5/1/2008 Experience Loss 368,580 15 3 0 109,736 39,045

5/1/2009 Experience Loss 789,753 15 4 0 302,282 83,294

5/1/2009 Relief 09 Asset Loss 4,723,416 29 18 0 3,939,815 363,747

5/1/2010 Assumptions 183,358 15 5 0 84,626 19,256

5/1/2011 Assumptions 15,311 15 6 0 8,186 1,602

5/1/2011 Experience Loss 670,262 15 6 0 358,294 70,100

5/1/2011 Relief 09 Asset Loss 56,276 27 18 0 47,899 4,422

5/1/2012 Assumptions 1,013,519 15 7 0 610,348 105,573

5/1/2012 Experience Loss 488,615 15 7 0 294,249 50,897

5/1/2012 Relief 09 Asset Loss 561,527 26 18 0 483,468 44,637

5/1/2013 Assumptions 42,782 15 8 0 28,447 4,439

5/1/2013 Relief 09 Asset Loss 1,622,443 25 18 0 1,414,595 130,604

5/1/2014 Assumptions 70,616 15 9 0 51,056 7,299

5/1/2014 Relief 09 Asset Loss 1,127,366 24 18 0 996,578 92,010

5/1/2015 Assumptions 993,481 15 10 0 771,767 102,315

5/1/2015 Experience Loss 1,136,368 15 10 0 882,764 117,030

5/1/2016 Assumptions 359,823 15 11 0 297,690 36,952

Page C-4

RP 88:405

United Actuarial Services, Inc. 
Date 

Established

Source of Change in 

Unfunded Liability

Original 

Amount

Original 

Period Years Months

Outstanding 

Balance

Amortization 

Payment

Remaining Period 5/1/2020 5/1/2020

Appendix C - Minimum Funding Amortization Bases

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Bases Shown: Without Extension

5/1/2016 Experience Loss 1,477,848 15 11 0 1,222,651 151,766

5/1/2017 Assumption 2,719,436 15 12 0 2,377,331 278,501

5/1/2017 Experience Loss 1,509,763 15 12 0 1,319,836 154,617

5/1/2018 Experience Loss 1,083,743 15 13 0 996,068 110,857

5/1/2019 Experience Loss 701,558 15 14 0 674,172 71,681

5/1/2020 Experience 1,995,341 15 15 0 1,995,341 203,645

Total Charges: 23,445,358 2,925,126

Credits

5/1/2009 Combined Credits 9,046,697 14 3 0 2,796,395 994,972

5/1/2010 Experience Gain 2,628,937 15 5 0 1,213,379 276,090

5/1/2010 Relief 09 Asset Loss 10,200 28 18 0 8,587 793

5/1/2011 Plan Amendment 186,288 15 6 0 99,583 19,483

5/1/2012 Plan Amendment 896,049 15 7 0 539,609 93,337

5/1/2013 Experience Gain 1,188,660 15 8 0 790,339 123,334

5/1/2013 Plan Amendment 351,601 15 8 0 233,782 36,482

5/1/2014 Experience Gain 943,181 15 9 0 681,910 97,492

5/1/2014 Plan Amendment 379,730 15 9 0 274,542 39,251

5/1/2018 Assumptions 22,083 15 13 0 20,294 2,259

5/1/2019 Assumptions 99,413 15 14 0 95,532 10,157

5/1/2020 Assumptions 295,300 15 15 0 295,300 30,138

Total Credits: 7,049,252 1,723,788

Net Charges: 16,396,106 1,201,338

Less Credit Balance:

Less Reconciliation Balance:

Unfunded Actuarial Liability:

-2,221,049

0

18,617,155

Page C-5

RP 88:406

United Actuarial Services, Inc. 
Appendix D – Summary of PPA Rules

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page D-1 

SUMMARY OF PPA RULES

Background

Since 2008, all multiemployer pension plans have been required to engage an actuary to 

certify their status under the Pension Protection Act of 2006 (“PPA”). Such certification 

must be performed annually and must be filed with the government by the 90th day of the 

plan year.

This Appendix D provides a high-level summary of some of the rules related to PPA. 

Please seek advice from your actuary or Fund Counsel for more detailed information.

PPA Status Criteria

The table below summarizes the criteria for each PPA status. Projected deficiencies are 

calculated as of the last day of each plan year and are based on contribution rates 

codified in bargaining agreements and, if applicable, wage allocations. 

PPA Status Getting In Getting Out

Safe (“green 

zone”)

A plan is safe if it is not described in 

any of the other statuses. Generally, 

a plan that is at least 80% funded and 

has no projected funding deficiencies 

in the current year or next 6 years is 

safe.

A plan leaves safe status when it is 

certified as being in another status

Safe (“green 

zone”) special 

rule

Beginning in 2015, a plan that would 

otherwise be endangered, but was 

safe for the prior year, remains safe if 

it is projected to return to safe within 

10 years 

A plan leaves safe status when it is 

certified as being in another status

Endangered 

(“yellow 

zone”)

A plan is endangered if it is not in a 

worse status and it is described in one 

of the following:

• Funded percentage is less than 

80%, or

• Projected funding deficiency in the 

current year or next 6 years.

A plan leaves endangered status 

when it no longer meets the 

requirements to be classified as 

endangered or when it enters a worse 

status

Seriously 

endangered 

(“orange 

zone”)

A plan is seriously endangered if it is 

not in a worse status and it meets 

both of the following:

• Funded percentage is less than 

80%, and

• Projected funding deficiency in the 

current year or next 6 years.

A plan leaves seriously endangered 

status when it no longer meets both of 

the requirements listed or when it 

enters a worse status

RP 88:407

I 

United Actuarial Services, Inc. 
Appendix D – Summary of PPA Rules

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page D-2 

SUMMARY OF PPA RULES (CONT.)

PPA Status Getting In Getting Out

Critical (“red 

zone”)

A plan is critical if it is not in critical 

and declining status and is described 

in one or more of the following:

• Projected funding deficiency (not

recognizing extensions) in the 

current year or next 3 years (next 

4 years if funded at less than 

65%), or

• Funded percentage is less than 

65%, and, inability to pay 

nonforfeitable benefits and 

expenses for next 7 years, or

• (1) Contributions are less than 

current year costs (i.e. “normal 

cost”) plus interest on any 

unfunded past liabilities, and, (2) 

value of vested benefits for nonactives is greater than for actives, 

and, (3) projected funding 

deficiency (not recognizing 

extensions) in the current year or 

next 4 years, or

• Inability to pay all benefits and 

expenses for next 5 years.

A plan with a 5-year amortization 

extension under IRC Section 431(d) 

that previously emerged from critical 

status in 2015 or later will re-enter 

critical status only if it is described in 

one of the following:

• Projected funding deficiency in the 

current year or next 9 years 

(including amortization 

extensions), or, 

• Projected insolvency within the 

next 30 years

If a plan is certified as safe or 

endangered status but projected to be 

critical within the next 5 years, the 

Trustees have the option of electing to 

have the plan treated as critical status 

immediately.

A plan emerges from critical status 

when it meets all of the following:

• No longer meets any of the critical 

status tests, and, 

• No projected funding deficiencies 

in the current year or next 9 years, 

and, 

• No projected insolvencies in the 

next 30 years

A plan with a 5-year amortization 

extension under IRC Section 431(d) 

emerges from critical status when it 

meets both of the following:

• No projected funding deficiencies 

in the current year or next 9 years, 

and, 

• No projected insolvencies in the 

next 30 years

RP 88:408

United Actuarial Services, Inc. 
Appendix D – Summary of PPA Rules

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page D-3 

SUMMARY OF PPA RULES (CONT.)

PPA Status Getting In Getting Out

Critical and 

declining 

(“deep red 

zone”)

Beginning in 2015, a plan is in critical 

and declining status if:

• It satisfies one or more of the 

critical status criteria, and,

• It is projected to become insolvent 

within the next 15 years (20 years 

if the plan has a ratio of inactive 

participants to active participants 

that exceeds 2 to 1 or if the 

funded percentage of the plan is 

less than 80%)

A plan leaves critical and declining 

when it no longer satisfies the criteria. 

Status cannot change to safe, 

endangered, or seriously endangered 

unless the plan also meets the critical 

status emergence rules (see above).

Restrictions for Non-Safe Zone Plans

The Trustees of a plan that is not in safe zone face a number of restrictions in plan 

improvements that can be adopted and bargaining agreements that can be accepted.

Period Endangered/Critical Restrictions

Date of first certification through 

adoption of funding 

improvement/rehabilitation plan 

(“plan adoption period”)

• No reduction in level of contributions for any participants

• No suspension of contributions

• No exclusion of new or younger employees

• No amendment that increases the liabilities of the plan by 

reason of any increase in benefits, change in accrual, or 

change in vesting unless required by law

After adoption of a funding 

improvement/rehabilitation plan 

until end of funding 

improvement/rehabilitation 

period

• Cannot be amended so as to be inconsistent with funding 

improvement/rehabilitation plan

• No amendment that increases benefits, including future 

accruals, unless actuary certifies as being paid for with 

contributions not contemplated in funding improvement/ 

rehabilitation plan and still expected to meet applicable 

benchmark after considering the amendment

Additionally, critical, and critical and declining status plans cannot pay benefits 

greater than the single life annuity once the initial red zone notice is sent unless 

the benefit is eligible for automatic cash-out

RP 88:409

United Actuarial Services, Inc. 
Appendix D – Summary of PPA Rules

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page D-4 

SUMMARY OF PPA RULES (CONT.)

Employer Surcharges for Critical Status Plans

When a non-critical plan enters critical status, employers must pay the plan a surcharge 

equal to 5% of their bargained contributions (the amount increases to 10% after the end 

of the plan year). The surcharges cannot be used to accrue benefits. Surcharges will 

generally commence about 5 months into the initial critical plan year.

Once the Trustees have adopted a rehabilitation plan, each set of bargaining parties is 

asked to adopt one of the schedules contained in such rehabilitation plan. Surcharges 

cease to apply to contributions made under a CBA where the bargaining parties have 

adopted a schedule. If this can be accomplished within the first 5 months of the initial 

critical year, then surcharges can be avoided altogether.

Special Critical/Critical and Declining Status Tools

The Trustees of a plan that is in critical status have the ability (as the result of collective 

bargaining) to cut “adjustable benefits” that, for the most part, cannot be reduced under 

other circumstances. Adjustable benefits include early retirement subsidies, optional 

forms of payment, disability benefits, and death benefits. Normal retirement benefits are 

never adjustable benefits.

The Trustees of a critical and declining plan may apply to the Treasury Department for 

approval to suspend certain payments (suspensions are benefit cuts that will be restored 

once they are no longer needed). The suspensions may affect even those participants 

are already in pay status. However, certain protections apply to participants who are 

age 75 or older or are disabled. Furthermore, no one’s benefit can be reduced below 

110% of the amount guaranteed by the PBGC.

RP 88:410

United Actuarial Services, Inc. 
Appendix E – Glossary of Common Pension Terms

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page E-1 

GLOSSARY OF COMMON PENSION TERMS

Benefits

Accrued Benefit: A benefit that an employee has earned (or accrued) through past 

participation in the plan. It is the amount payable at normal retirement age. 

Why it matters: Under the law, Accrued Benefits generally may not be reduced 

by plan amendment (note that special rules allowing for limited reduction and/or 

suspension of accrued benefits apply to critical status, critical and declining 

status and insolvent plans). 

Actuarial Equivalence: Given a set of actuarial assumptions, when two different sets 

of payment scenarios have an equal present value.

Early Retirement Reduction Factor: A retirement benefit that begins before normal 

retirement age may be reduced. The plan document defines the amount of the 

reduction by formula or a table of factors. This reduction may or may not be 

actuarially equivalent, but its present value can be no less than actuarially equivalent 

to the benefit payable at normal retirement age. 

Benefit Crediting (Accrual) Rate: A general reference to the calculation of the 

amount of monthly retirement benefit earned per dollar contributed or per year or hour 

worked. 

Assets

Market Value of Assets: This is the fair value of all assets in the fund on an accrued, 

not cash basis. The market value of assets matches the value in the plan audit. 

Actuarial Value of Assets: The amount of assets recognized for actuarial valuation 

purposes. Recent changes in market value may be partially recognized (there are 

variations allowed on the exact recognition). Generally the actuarial value is limited to 

not be less than 80% or more than 120% of the market value. 

Why it matters: Many funding calculations use this “smoothed” asset value 

method to lessen the impact of volatility in the market value of plan assets.

Assumed Rate of Return: Long term assumption of the rate of return on assets 

based upon the diversification mix of invested assets. 

Why it matters: This assumption is used in calculating the present values 

discussed in the Liabilities section below. The Assumed Rate of Return has an 

inverse relationship with plan liabilities. In other words, a lower Assumed Rate 

of Return increases liabilities, while a higher Assumed Rate of Return 

decreases plan Liabilities.

RP 88:411

United Actuarial Services, Inc. 
Appendix E – Glossary of Common Pension Terms

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page E-2 

GLOSSARY OF COMMON PENSION TERMS (CONT.)

Liabilities

Present Value of Accrued Benefits: The discounted value of benefit payments 

due in the future but based only on the current Accrued Benefits of each participant. 

The value is based on actuarial assumptions including an assumed rate of 

investment return. 

Why it matters: This liability is one of the primary factors in determining a plan’s 

annual PPA funded status (see Funded Ratio).

Present Value of Vested Benefits: The discounted value of Accrued Benefits that 

are considered vested (non-forfeitable). Benefits that are not vested include those of 

participants who have not satisfied the plan vesting requirement (usually five years of 

service). In addition under the law some death and temporary disability benefits are 

also considered non-vested regardless of service because they are not considered 

protected benefits. 

Why it matters: This liability is the primary driver of a plan’s Employer 

Withdrawal Liability.

Actuarial (Accrued) Liability: For inactive members this is the same as the Present 

Value of Accrued Benefits above. For active members this depends on the cost 

method selected by the actuary. Under the accrued benefit or traditional unit credit 

cost method this is also the same as the Present Value of Accrued Benefits. Under 

other cost methods (including most commonly entry age normal) this represents an 

alternate allocation of projected benefit cost over the working lifetime of active 

members. Under the entry age normal cost method, the active Actuarial Liability is 

larger than the Present Value of Accrued Benefits. 

Unfunded Actuarial Liability: The Actuarial Liability less the Actuarial Value of 

Assets. 

Current Liability: This is similar to the Present Value of Accrued Benefits, but uses 

a statutory, significantly lower, interest rate (equivalent to an expected rate of return 

on a bond only-type portfolio) and statutory mortality tables. The lower interest rate 

means that Current Liability tends to be significantly higher than the Present Value of 

Accrued Benefits. This number has very little impact on multiemployer plans. 

Normal Cost: The present value of all benefits that are expected to accrue or to be 

earned under the plan during the plan year. The way in which a benefit is considered

to be earned varies with the actuarial cost method.

Risk: The potential of future deviation of actual results from expectations derived 

from actuarial assumptions.

RP 88:412

United Actuarial Services, Inc. 
Appendix E – Glossary of Common Pension Terms

Roofers Local No. 88 Pension Plan

May 1, 2020 Actuarial Valuation

Page E-3 

GLOSSARY OF COMMON PENSION TERMS (CONT.)

Funding

Funded Ratio (Funded Percentage): Actuarial Value of Assets divided by the 

Present Value of Accrued Benefits. This is one of two key measures used to 

determine a plan’s annual PPA funded status. This may also be referred to as PPA 

Funded Ratio. This must be greater than 80% to avoid endangered status.

Credit Balance: The accumulated excess of actual contributions over legally 

required minimum contributions as maintained in the funding standard account. The 

funding standard account is maintained by the actuary in the valuation process and 

reported annually in schedule MB to the Form 5500 filing. A negative credit balance 

is known as an accumulated funding deficiency. Prior to PPA, an accumulated 

funding deficiency caused an immediate excise tax (waiver under PPA if certain 

conditions are met). After PPA, a current or projected funding deficiency is one of the 

key measures used in determining the annual PPA status. It can eventually trigger 

an excise tax levied on contributing employers.

Withdrawal Liability

Unfunded Vested Benefits (UVB): Present Value of Vested Benefits less the value 

of plan assets determined on either an actuarial or market value basis. The selection 

of asset measurement is part of the withdrawal liability method of the Plan.

Employer Withdrawal Liability (EWL): An employer that withdraws from a 

multiemployer plan is liable for its proportionate share of Unfunded Vested Benefits, 

determined as of the date of withdrawal. 

Why it matters: If a contributing employer leaves the plan while it has Unfunded 

Vested Benefits liability, that employer’s allocated share of Employer Withdrawal 

Liability is either assessed, as applicable, or reallocated among the plan’s 

remaining active employers if the presumptive method is used. A construction 

employer withdrawing from a construction industry plan will not be assessed 

unless they continue performing work within the jurisdiction of the CBA or 

restart such work within a period of 5 years. Small amounts (under $150,000) 

are generally reduced or eliminated pursuant to the “de minimis rule.”

RP 88:413

United Actuarial Services, Inc. 
ROOFERS LOCAL NO. 88 PENSION PLAN

Actuarial Valuation Report

For Plan Year Commencing 

May 1, 2019

RP 88:414
11590 North Meridian Street, Suite 610  Carmel, Indiana 46032-4529  (317) 580-8670  Fax (317) 580-8651

September 11, 2019

Board of Trustees

Roofers Local No. 88 Pension Plan 

Dear Trustees:

We have been retained by the Board of Trustees of the Roofers Local No. 88 Pension Plan

to perform annual actuarial valuations of the pension plan. This report presents the results 

of our actuarial valuation for the plan year beginning May 1, 2019. The valuation results 

contained herein are based on current plan provisions summarized in Appendix A, the 

actuarial assumptions and methods listed in Appendix B and on financial statements 

audited by Yurchyk & Davis CPA's, Inc. Participant data was provided by Stewart C. Miller 

& Co., Inc. While we have reviewed the data for reasonableness in accordance with 

Actuarial Standards of Practice No. 23, we have not audited it. The data was relied on as 

being both accurate and comprehensive.

This report has been prepared in order to (1) assist the Trustees in evaluating the current 

actuarial position of the plan, (2) determine the minimum required and maximum deductible 

contribution amounts under Internal Revenue Code §431 and §404, (3) provide the fund’s 

auditor with information necessary to comply with Accounting Standards Codification 960, 

and (4) document the plan’s certified status under Internal Revenue Code §432 for the 

current year and provide the basis to certify such status for the subsequent year. In addition, 

information contained in this report will be used to prepare Schedule MB of Form 5500 that 

is filed annually with the IRS and could be used to calculate employer withdrawal liability. 

We are not responsible for the use of, or reliance upon, this report for any other purpose. 

We have prepared this report in accordance with generally accepted actuarial principles 

and practices and have performed such tests as we considered necessary to assure the 

accuracy of the results. The results have been determined on the basis of actuarial 

assumptions that, in my opinion, are appropriate for the purposes of this report, are 

individually reasonable and in combination represent my best estimate of anticipated 

experience under the plan. Actuarial assumptions may be changed from previous 

valuations due to changes in mandated requirements, plan experience resulting in changes 

in expectations about the future, and/or other factors. An assumption change does not 

indicate that prior assumptions were unreasonable when made. For purposes of current 

liability calculations, assumptions are prescribed by regulation or statute. By relying on this 

valuation report, the Trustees confirm they have accepted the assumptions contained in the 

report.

The results are based on my best interpretation of existing laws and regulations and are 

subject to revision based on future regulatory or other guidance.

Future actuarial measurements may differ significantly from the current measurements 

presented in this report due to such factors as the following: plan experience differing from 

that anticipated by the economic or demographic assumptions, changes in economic or 

demographic assumptions, increases or decreases expected as part of the natural 

operation of the methodology used for these measurements (such as the end of an 

RP 88:415

United Actuarial 

Services, Inc. 

Actuaries and Consultants 
Board of Trustees -2- September 11, 2019

amortization period or additional cost or contribution requirements based on the plan’s 

funded status), and changes in plan provisions or applicable law.

United Actuarial Services, Inc. does not provide, nor charge for, investment, tax or legal 

advice. None of the comments made herein should be construed as constituting such 

advice. We are not aware of any direct or material indirect financial interest or relationship 

that could create a conflict of interest that would impair the objectivity of our work.

The undersigned actuary meets the Qualification Standards of the American Academy of 

Actuaries to render the actuarial opinion contained in this report. 

We are available to respond to any questions you may have about this report.

UNITED ACTUARIAL SERVICES, INC.

Enrolled Actuary

Kathryn A. Garrity, FSA, EA, MAAA

Chief Actuary

United Actuarial Services, Inc. 

RP 88:416
TABLE OF CONTENTS

PART I: SUMMARY OF RESULTS 5

5 - Year Summary of Valuation Results 6

5 - Year Summary of Demographics 7

Changes From Prior Study 8

History of Major Assumptions 9

Experience vs. Assumptions 10

Plan Maturity 11

Unfunded Vested Benefits/Employer Withdrawal Liability 12

Contribution Allocation 13

Funding Standard Account Projection 14

Funded Ratio Projection 15

PPA Status Projections 16

Ultimate Funded Status 17

Stress Testing and Sensitivity Analysis 18

PART II: SUPPLEMENTAL STATISTICS 19

Participant Data Reconciliation 20

Hours Worked During Plan Year 21

Contributions Made During Plan Year 22

Active Information 23

Inactive Vested Information 24

Retiree Information 25

PART III: ASSET INFORMATION 27

Market and Actuarial Fund Values 28

Flow of Funds 29

Investment Gain and Loss 30

Rate of Return on Fund Assets 31

PART IV: ENROLLED ACTUARY’S REPORT 32

Normal Cost/Actuarial Liability 33

Actuarial Liability Reconciliation/Projection 34

Funded Ratios 35

Funding Period 36

Current Liability 37

Funding Standard Account 38

Funding Standard Account Without Amortization Extension 39

Full Funding Limit 40

Minimum Required Contribution and Full Funding Credit 41

Maximum Deductible Contribution 42

History of Unfunded Vested Benefits 43

Termination by Mass Withdrawal 44

ASC 960 Information 45

APPENDICES

Plan Provisions Appendix A

Actuarial Assumptions and Methods Appendix B

Minimum Funding Amortization Bases Appendix C

Summary of Endangered and Critical Status Rules Appendix D

Glossary of Common Pension Terms Appendix E

United Actuarial Services, Inc. 

RP 88:417
Page 5 

PART I: SUMMARY OF RESULTS

RP 88:418

United Actuarial Services, Inc. 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 6 

 

5 - YEAR SUMMARY OF VALUATION RESULTS

Actuarial Study 

as of May 1, 2019 2018 2017 2016 2015

PPA funded status Crit. and 

Decl.

Crit. and 

Decl.

Critical Critical Critical

Progress under FIP/RP Yes Yes Yes Yes n/a

Improvements restricted* Yes Yes Yes Yes Yes

Funded ratio

PPA certification 64.3% 65.6% 69.0% 75.7% 79.3%

Valuation report (AVA) 64.6% 66.2% 68.8% 76.3% 80.2%

Valuation report (MVA) 62.9% 64.8% 64.3% 66.4% 73.3%

Proj. year of insolvency 2037 2037 2037 2039 2045

Credit Balance ($ 000) 1,803 2,278 2,743 2,748 2,561

Date of first projected funding deficiency (with extension)

PPA certification 4/30/22 4/30/22 4/30/22 4/30/23 4/30/24 

Valuation report 4/30/22 4/30/22 4/30/22 4/30/24 4/30/25 

Net investment return

On market value 4.29% 8.15% 11.05% -2.88% 6.60%

On actuarial value 4.85% 2.87% 2.75% 1.37% 3.82%

Asset values ($ 000)

Market 27,959 28,696 28,306 27,152 29,753 

Actuarial 28,734 29,286 30,286 31,201 32,535 

Accum. ben. ($ 000) 44,457 44,272 44,050 40,895 40,574

* Benefit improvement restrictions due to fund being in critical and declining status or critical status and 

having amortization extension. Restrictions will remain in place until plan is in safe status and when 

bases with amortization extension have been fully amortized.

RP 88:419

I 

50,000 

45,000 

40,000 

- Assets - 35,000 (Actuarial) ,,, 30,000 - Assets "C 

(Market) = 

,,, 

('.I 25,000 

- Acrum ulate<I ::J 

0 20,000 Benefits z;. 

I- 15,000 

10,000 R I 5,000 

0 

United Actuarial Services, Inc. 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 7 

 

5 - YEAR SUMMARY OF DEMOGRAPHICS

Actuarial Study 

as of May 1, 2019 2018 2017 2016 2015

Participant counts

Active 115 111 122 116 112 

Inactive vested 127 145 157 164 171 

Receiving benefits 241 232 222 215 212 

Total 483 488 501 495 495 

Average entry age 29.6 29.3 30.2 30.0 28.9 

Average attained age 43.3 43.8 43.5 44.4 44.5 

Hours worked in prior plan year (thousands)

Expected hours valuation 114 126 117 115 110

Expected hours PPA cert 129 130 150 150 150

Actual hours worked 130 117 132 134 119

RP 88:420

I 

Actives 

■ Inactive Vested 

■ Retirees 

- Expected HrsValuation 

Expected HrsPP A Cert 

- Actual Hrs 

Ill 

"C 

C: 

«I 

Ill 

::I 

0 

.c: 

f300~-------------------------

2~ +--------------------------

200 ----

1~ +---

100 

50 

0 

160 

140 

120 

100 

80 

60 

40 

20 

0 

United Actuarial Services, Inc. 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 8 

 

CHANGES FROM PRIOR STUDY

Changes in Plan Provisions

The plan provisions underlying this valuation are the same as those valued last year.

Changes in Actuarial Assumptions and Methods

The actuarial assumptions and methods used in this valuation differ from those used in the 

prior valuation in the following respects:

• The mortality projection scale was updated from MP-2017 to MP-2018. This changes 

was made in order to reflect the latest mortality improvement data available and to better 

match the standard tables to specific plan experience.

• The assumed hourly contribution rate was increased from $8.15 to $8.37 to reflect the 

remaining portion of the negotiated increase effective June 1, 2018 and to reflect the 

prorated portion of the negotiated increase effective June 1, 2019. 

• The expense load on ASC 960 liabilities was changed from 4.75% to 4.50% based on 

recent experience.

• The current liability interest rate was changed from 2.99% to 3.09%. The new rate is 

within established statutory guidelines.

RP 88:421

United Actuarial Services, Inc. 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 9 

 

HISTORY OF MAJOR ASSUMPTIONS

Actuarial Study as of May 1,

Assumption 2019 2018 2017 2016 2015

Future rate of net 

investment return

7.25% 7.25% 7.25% 7.75% 7.75%

Mortality table RP-2006 RP-2006 RP-2006 RP-2006 RP-2000 

Adjustment 100% 100% 100% 115% 1 yr sf

Projection scale MP-2018 MP-2017 MP-2016 MP-2015 AA 

Future expenses $130,000 $130,000 $130,000 $130,000 $130,000

Average future hourly 

contribution rate*

$8.37 $8.15 $7.65 $7.11 $6.57

Average future annual hours

Vested 1,150 1,150 1,150 1,100 1,100

Non-vested 900 900 900 850 850

* Actual average derived from application of assumptions specified in Appendix B.

RP 88:422

I 

United Actuarial Services, Inc. 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 10 

 

EXPERIENCE VS. ASSUMPTIONS

Actuarial assumptions are used to project certain 

future events related to the pension plan (e.g. 

deaths, withdrawals, investment income, expenses, 

etc.). While actual results for a single plan year will 

rarely match expected experience, it is intended that 

the assumptions will provide a reasonable long term 

estimate of developing experience.

The following table provides a comparison of expected outcomes for the prior plan year with 

the actual experience observed during the same period. This display may provide insight 

as to why the plan’s overall actuarial position may be different from expected.

Plan Year Ending 

April 30, 2019 Expected Actual

Decrements

Terminations 8

less: Rehires 8

Terminations (net of rehires) 7.5 - 

Active retirements 6.2 5

Active disabilities 0.0 - 

Pre-retirement deaths 1.3 5

Post-retirement deaths 6.3 7

Monthly benefits of deceased retirees $ 4,599 $ 2,410

Financial assumptions

Rate of net investment return on actuarial value 7.25% 4.85%

Administrative expenses $ 130,000 $ 119,073

Other demographic assumptions

Average retirement age from active (new retirees) 64.8 61.8

Average retirement age from inactive (new retirees)* 60.9 60.6

Average entry age (new entrants) 29.3 32.1

Hours worked per vested active 1,150 1,222

Hours worked per non-vested active 900 962

Total hours worked (valuation assumption) 114,200 130,104

Total hours worked (PPA certification assumption) 129,000 130,104

Unfunded liability (gain)/loss

(Gain)/loss due to asset experience $ 678,839

(Gain)/loss due to liability experience 22,719

Total (gain)/loss $ 701,558

* Expected average based on the average for the total group of participants.

Comparing the prior year’s 

experience to assumptions 

provides indications as to 

why overall results may 

differ from those expected 

RP 88:423

United Actuarial Services, Inc. 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 11 

 

PLAN MATURITY

When a new pension plan is first established, its 

liabilities are typically limited to active plan 

participants. However, as people become vested 

and retire, a plan begins to develop liabilities 

attributable to nonactive participants (retirees and 

inactive vested participants). The process of adding 

nonactive liabilities (often referred to as “maturing”) 

is a natural outgrowth of the operation of the plan. As a plan matures, its liabilities tend to 

balloon in relation to its contribution base, making it more difficult to correct for adverse 

outcomes by increasing contribution rates or reducing future benefit accruals.

Headcount ratios show the number of retiree or inactive participants supported by each 

active participant. While there is no hard and fast rule, we generally consider a plan to be 

mature if each active is supporting more than 1 retiree or more than 2 nonactives. A 

negative net cash flow (benefits payments and expenses greater than contributions) can 

also be an indicator of a mature plan. A negative cash flow, when expressed as a 

percentage of assets, in excess of the assumed rate of return on fund assets may not be 

sustainable in the long term. 

Actuarial Study 

as of May 1, 2019 2018 2017 2016 2015

Retiree/active headcount ratio 2.10 2.09 1.82 1.85 1.89

Nonactive/active headcount ratio 3.20 3.40 3.11 3.27 3.42

Cash flow

Contr.-ben.-exp. ($000) (1,926) (1,843) (1,750) (1,768) (1,844)

Percent of assets -6.89% -6.42% -6.18% -6.51% -6.20%

Liabilities of Actives, Retirees, and Inactive Vesteds

Total Liabilities: $44,457,479

Measures of plan maturity 

can play a part in 

understanding risk and a 

plan’s ability to recover 

from adverse experience

RP 88:424

I 

Retiree 

$28,954, 191 

65% 

United Actuarial Services, Inc. 

Active 

$8,162,491 

18% 

Inactive Vested 

$7,340,797 

17% 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 12 

 

UNFUNDED VESTED BENEFITS/EMPLOYER WITHDRAWAL LIABILITY

The following table shows a history of the plan’s 

unfunded vested benefits (UVB) required to 

compute a specific employer withdrawal liability 

under the presumptive method. If all unfunded 

vested benefits since the inception of the 

Multiemployer Pension Plan Amendments Act of 1980 (MPPAA) are zero ($0) or less, there 

will be no withdrawal liability assessed to a withdrawing employer. Otherwise, an employer 

may be assessed withdrawal liability payments pursuant to MPPAA. The display does not 

reflect adjustments for prior employer withdrawals.

In accordance with IRC Section 432(e)(9)(A) and PBGC Technical Update 10-3, the impact 

of reducing adjustable benefits is reflected by adding the unamortized portion of the value 

of affected benefits (VAB) to the most recent year’s unfunded vested benefits pool. An 

employer who is assessed withdrawal liability will be assessed a portion of the UVB and the 

VAB.

Presumptive Method ($ 000) 

April 30, 2019 2018 2017 2016 2015

Vested benefits interest 7.25% 7.25% 7.25% 7.75% 7.75%

Vested benefits 44,249 44,053 43,863 40,673 40,340

less: Asset value* 28,734 29,286 30,286 31,201 32,535

UVB 15,515 14,767 13,577 9,472 7,805

Unamortized VAB 469 499 526 552 576

UVB + VAB 15,984 15,266 14,103 10,024 8,381

* Actuarial value

** Includes VAB

An employer withdrawing 

during the coming year may

have withdrawal liability

RP 88:425

I 

50,000 

45,000 

40,000 

- As.sets• ~ 35,000 II) 

-0 30,000 c; 

«I 25,000 - vested II) L ::, 

Benefitstt 0 20,000 .c. 

I- 15,000 L 

10,000 

5,000 

0 ~ 

United Actuarial Services, Inc. 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 13 

 

CONTRIBUTION ALLOCATION

The following allocation charts illustrate how the 

expected contribution rate for the coming plan year 

will be “spent” to pay for benefits being earned in the 

current year, plan expenses, and funding of past 

unfunded liabilities.

Contribution Allocation as of May 1, 2019

Total Average Expected Contribution Rate $8.37

Contribution Allocation as of May 1, 2018

Total Average Expected Contribution Rate $8.15

These graphs show how 

the contributions are

being spent

RP 88:426

Benefits Already 

Accrued 

$5.83 

70% 

Benefits Already 

Accrued 

$5.57 

68% 

United Actuarial Services, Inc. 

Current Year 

Accruals 

$1 .46 

17% 

Expenses 

$1.08 

13% 

Current Year 

Accruals 

$1.44 

Expenses 

$1 .14 

14% 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 14 

 

FUNDING STANDARD ACCOUNT PROJECTION

The funding standard account (FSA) was 

established by ERISA as a means of determining 

compliance with minimum funding standards. 

The FSA is hypothetical in the sense that it does 

not represent actual assets held by a custodian. 

Rather, a positive FSA balance (called a “credit balance”) means that the plan has 

exceeded minimum funding standards on a cumulative basis, while a negative balance 

(called a “funding deficiency”) means that the plan has fallen short of such standards.

Actuaries must project the plan’s FSA each year in order to determine PPA status. If a 

funding deficiency is projected in a future year, the plan could be forced into yellow 

(endangered) or red (critical) status depending how far into the future the first projected 

funding deficiency is. The plan’s FSA projection appears below. These projections are 

based on the assumptions summarized in the “Actuarial Assumptions used for Projections” 

section of Appendix B. 

The funding standard 

account projection is a major 

driver of PPA status

RP 88:427

-

c; 

:::l 

0 

(.J 

(.J 

<( 

"C 

... 

(ti 

'C 

c; 

s 

Ill 

Cl 

.5 

10 

0 

(10) 

(20) 

(30) 

(40) ..... 

(50) .... 

'g (6 0) +--,---,---,---,---,---,---,---,--..--..--..--..--.--.--.--.--.--.--.--.--.--.--.--.----, 

~ 00000000000000000000000000 ~~~N~~~~~~~~~~~~~~~~~~~~~~ 

NNNNNNNNNNNNNNNNNNNNNNNNNN 

Year Ending 

United Actuarial Services, Inc. 

- Cl.l'rerit year 

- Last year 

- Cl.l'rerityear, 

6.0% return 

- 1 year of 

contributions 
Page 15 

 

g g 

major drivers of PPA funded status. In order for a 

account projection, funded ratio is one of the two 

critical and

out of money, occurs if the funded ratio is projected to be 0%. In order for a plan to enter 

ratio must be at least 80%. An insolvency, which is the plan year when the plan would run 

plan to enter the green zone (also called “safe” or “not endangered or critical”) the funded 

declining status, an insolvency needs to be projected within 20 plan years of the 

PPA certification (it may need to be within 15 years under certain conditions). The projection 

of the funded ratio appears below. These projections are based on the assumptions

summarized in the “Actuarial Assumptions used for Projections” section of Appendix B.

RP 88:428

C: 

:::s 

;:. 

l'D 0. 

,. 

C 

.... AJ 0 0 

.. -.f., -.f., ii' 2018 

-

Funded Ratio 

Ill 2019 

l'D 

.. 2020 

< 2021 ;;· 2022 l'D 

Ill 2023 

- 2024 

:::s 

n 2025 

. 

2026 2027 2028 2029 

f 2030 

5· 2031 

~- 2032 

cc 2033 

2034 

2035 ,,, 

2036 2037 2038 2039 2040 2041 20

42 

20

43 

I 

'< (") 

I I I 

[ 'iil () !11..,, -iii l!l 5 '< 11) O> :, i ;:!. o-
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 16 

 

PPA STATUS PROJECTIONS

The Pension Protection Act of 2006 (PPA), as amended by the Multiemployer Pension 

Reform Act of 2014 (“MPRA”), requires all multiemployer pension plans to obtain an annual 

status certification. The possible statuses are: “Safe”, “Endangered”, “Seriously 

Endangered”, “Critical” or “Critical and Declining”. The criteria for these determinations are 

outlined in Appendix D. The following graph shows PPA status deterministic projections 

based on the assumptions summarized in the “Actuarial Assumptions used for Projections” 

section of Appendix B. The second following graph shows the probability of the Plan being 

in each status for the next 20 years using a stochastic projection based on the mean and 

standard deviation of the Plan’s investment portfolio. The zone projections are based on 

the current plan and do not include any further action if the plan moves to a worse PPA 

zone.

 

Projected PPA Status – Deterministic Projection

Projected PPA Status – Stochastic Projection* 

* Uses both the long term and the lower short term investment assumption.

RP 88:429

Current Year 

Last Year 

Year Beginning 

100% 

75% 

> 

!! 

:0 50% .s 

e 

Q. 

2.5% 

0% 

Plan Year Beginning 

United Actuarial Services, Inc. 

Safe 

■ Safe(special rule) 

Endangered 

■ Serious ly End.enge-ed 

Critic.el 

■ Critic.el and Deci in ing 

Sae 

■ Sae (special rule) 

Endangered 

Seri:>usly Endangered 

■ Crtical 

■ Crticaland Declining 

■ Insolvent 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 17 

 

ULTIMATE FUNDED STATUS

An actuarial valuation deals primarily with the ability 

of the plan to meet Internal Revenue Code 

requirements now and in the near future. As such, it 

is heavily focused on current plan assets and 

liabilities. But it is also important to keep in mind the 

true purpose of the plan funding—that is, to 

accumulate sufficient assets to pay the benefits that the plan has promised to its 

participants. The chart below looks at this long-term funding adequacy. To the current plan 

assets, we add the present value of all future contributions expected to be made for the 

current plan participants. To the value of the plan’s liabilities for benefits that have been 

previously earned, we add the present value of future benefits the current plan participants 

are expected to earn and the present value of future administrative expenses the plan is 

expected to pay. Ideally these ultimate asset and liability values will be approximately 

equal.

An ultimate funded status of less than 100% could be an indication of generational shifting 

(i.e. the need for one generation of participants to fund the benefits of the preceding 

generation) and/or a reliance on the continued addition of new participants in order to fund 

benefits.

Ultimate funded status is 

an indicator of the ability of 

current participants to pay 

for their own benefits

RP 88:430

60,000 71% 72% 71% 71% 77% 

50,000 

~ 

40,000 

Ill 

'C 

C: 

(,:, 30,000 Ill 

::, 

0 

.t::. 

r20,000 

10,000 

0 

2019 2018 2017 .2016 2015 

Mar et Value of Assets ■ PV Current Benefits 

■ PV Future Contributions ■ PV Future B,enefils 

■ PV Expenses 

United Actuarial Services, Inc. 
Summary of Results

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 18 

 

STRESS TESTING AND SENSITIVITY ANALYSIS

Currently, the plan has elected exhaustion of all 

reasonable measures. The plan entered critical and 

declining status in 2018, and with no additional 

contribution increases will be insolvent by the 2037-

38 plan year. Last year’s valuation estimated the 

same year of insolvency on baseline assumptions. 

Considering that experience rarely matches our 

assumptions exactly, we developed the table below to demonstrate the impact that 

variations in certain key assumptions would have on the contribution rate increase 

schedule. We examined future hours assumptions equal to the baseline, 10% lower, and 

10% higher. We examined asset returns for the 2019-20 plan year of 10.00%, 7.25%, 

3.50%, and 0.00%. We also examined the impact of a lower asset return of 6.00% for the 

next 10 years at the baseline hours. Stochastic modeling is also available for a more 

detailed analysis of sensitivity to asset returns.

Return for the 2019-20 PY (7.25% Thereafter)

Hours Assumption Funding Stats 10.00% Assumed 

Return* 3.50% 0.00%

10% Lower

117,000 per year

Funded % 2024:

Funded % 2029: 

Insolvent:

 57.5%

 44.9% 

2037

 55.3%

 41.5% 

2036

 52.2%

 36.7% 

2035

 49.3%

 32.3% 

2034

Baseline

130,000 per year

Funded % 2024:

Funded % 2029: 

Insolvent:

 58.9%

 48.5% 

2039

 56.6%

 45.1% 

2037

 53.6%

 40.4% 

2036

 50.7%

 36.0% 

2035

10% Higher

143,000 per year

Funded % 2024:

Funded % 2029: 

Insolvent:

 60.2%

 52.1% 

2041

 58.0%

 48.7% 

2039

 54.9%

 44.0% 

2038

 52.1%

 39.6% 

2036

Lower short-term 

6.00% return for 10 yrs

Baseline hours

Funded % 2024:

Funded % 2029: 

Insolvent:

 57.0%

 41.0% 

2036

 53.8%

 36.4% 

2035

 51.9%

 33.5% 

2034

 49.1%

 29.5% 

2033

* The assumed return for the 2018-19 plan year is 7.25% in the first three rows and 6.00% in the last 

row for the first 10 years.

. 

The table below illustrates 

the impact on the plan when 

experience varies from key 

assumptions

RP 88:431

United Actuarial Services, Inc. 
Page 19

PART II: SUPPLEMENTAL STATISTICS

RP 88:432

United Actuarial Services, Inc. 
Supplemental Statistics

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 20 

 

PARTICIPANT DATA RECONCILIATION

The participant data reconciliation table below provides information as to how the plan’s 

covered population changed since the prior actuarial study. Such factors as the number of 

participants retiring, withdrawing and returning to work have an impact on the actuarial 

position of the pension fund.

Participants 

Valued As Active

Inactive 

Vested

Receiving 

Benefits

Total 

Valued

May 1, 2018 111 145 232 488

Change due to:

New hire 9 - - 9

Rehire 8 (4) - 4

Termination (8) 3 - (5)

Disablement - - - - 

Retirement (5) (11) 16 - 

Death - (5) (7) (12)

Cash out - - - - 

New beneficiary - - 2 2

Certain pd. expired - - (3) (3)

Data adjustment* - (1) * 1 * - 

Net change 4 (18) 9 (5)

May 1, 2019 115 127 241 483

* Comprised of one inactive vested participant who is over the age of 70 and assumed deceased and 

one beneficiary previously, incorrectly reported as deceased.

RP 88:433

United Actuarial Services, Inc. 
Supplemental Statistics

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 21 

 

HOURS WORKED DURING PLAN YEAR

Hours Worked Per Participant

Plan Year Ending 

April 30, 2019 Number Hours Worked

Average 

Hours Worked

Actives

Vested 75 91,638 1,222

Non-vested, continuing 31 30,303 978

Non-vested, new entrant 9 8,163 907

Total active 115 130,104 1,131

Others - - - 

Total for plan year 115 130,104 1,131

History of Total Actual and Expected Hours Worked (Thousands)

Plan Year Ending 

April 30, 2020 2019 2018 2017 2016

Expected hours valuation 120 114 126 117 115

Expected hours PPA cert 130 129 130 150 150

Actual hours worked n/a 130 117 132 134

History of Average Actual and Expected Hours Worked per Participant

RP 88:434

I 

I 

1,200 

1,000 

800 

o---~--~--~-----------

2013, 2014 2015 2016 2017 2018 2019 2020 

United Actuarial Services, Inc. 

- veste<I Avg Hrs 

- veste<I HrAssump 

- Non-Vst Avg Hrs 

- Non-Vst Hr Assump 
Supplemental Statistics

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 22 

 

CONTRIBUTIONS MADE DURING PLAN YEAR

Employer Contributions Reported in Employee Data

Plan Year Ending 

April 30, 2019 Number

Contributions 

Reported

Actives

Vested 75 $ 745,610

Non-vested, continuing 31 246,570

Non-vested, new entrant 9 66,610

Total valued as active 115 1,058,790

Others - - 

Total for plan year 115 $ 1,058,790

Average hourly contribution rate $ 8.14

Comparison with Audited Employer Contributions

Employer contributions reported in data $ 1,058,790

Total audited employer contributions $ 1,102,227

Percent reported 96%

History of Actual and Expected Total Contributions Received

RP 88:435

0.8 

"' C 

0 

·- 0.6 

:§: 

0.4 

0.2 

2010 .2011 2012 .2013 2014 .2015 2016 2017 2018 2019 2020 

United Actuarial Services, Inc. 

- Expecte-d Contr 

- Valuation 

Expecte-d Contr 

-PPA Cert 

- Actual Contr 
Supplemental Statistics

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 23 

 

ACTIVE INFORMATION

Active Participants by Age and Service as of May 1, 2019

Years of Service

Age <1 1-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40+ Total

< 25 - 4 - - - - - - - - 4

25-29 - 7 2 - - - - - - - 9

30-34 - 7 5 5 1 - - - - - 18

35-39 - 9 5 4 1 - - - - - 19

40-44 - 5 3 3 2 1 - - - - 14

45-49 - 2 3 2 1 4 - - - - 12

50-54 - 3 3 3 2 3 3 - - - 17

55-59 - 2 - - 2 7 - 4 - - 15

60-64 - - - 1 1 1 - 1 - - 4

65-69 - - - - - 1 - - - - 1

70+ - - - - - - 1 - - - 1

Totals - 39 21 18 10 17 4 5 - - 114

Unrecorded

DOB - 1 - - - - - - - - 1

Total

Active

Lives - 40 21 18 10 17 4 5 - - 115

RP 88:436

United Actuarial Services, Inc. 
Supplemental Statistics

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 24 

 

INACTIVE VESTED INFORMATION

Inactive Vested Participants by Age as of May 1, 2019

Age Group Number

Estimated Monthly 

Deferred Vested 

Benefits*

< 30 - $ - 

30-34 4 1,125

35-39 8 4,656

40-44 11 7,294

45-49 14 13,885

50-54 21 17,625

55-59 28 24,151

60-64 34 9,195

65-69 7 2,311

70+ - - 

Totals 127 80,242

Unrecorded birth date - - 

Total inactive vested lives 127 $ 80,242

* Amount payable at assumed retirement age as used in the valuation process.

RP 88:437

I 

United Actuarial Services, Inc. 
Supplemental Statistics

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 25 

 

RETIREE INFORMATION

Benefits Being Paid by Form of Payment as of May 1, 2019

Monthly Benefits Being Paid

Form of Payment Number Total Average Smallest Largest

Life only* 123 $ 133,129 $ 1,082 $ 23 $ 3,750

Joint & survivor 73 81,460 1,116 58 3,934

Disability 3 3,664 1,221 952 1,390

Beneficiaries 42 26,220 624 12 2,567

Totals 241 $ 244,473 $ 1,014 $ 12 $ 3,934

Retirees by Age and Form of Payment as of May 1, 2019

Form of Benefits Being Paid

Age

Group

Life

Only*

Joint & 

Survivor Disability Beneficiaries Total

< 40 - - - 2 2

40-44 - - - - - 

45-49 - - - 1 1

50-54 - - - 1 1

55-59 8 8 3 3 22

60-64 47 19 - 5 71

65-69 29 23 - 8 60

70-74 14 9 - 4 27

75-79 8 8 - 7 23

80-84 6 4 - 8 18

85-89 7 1 - 2 10

90-94 3 1 - 1 5

95+ 1 - - - 1

Totals 123 73 3 42 241

* Includes retirees receiving life and certain benefits.

RP 88:438

I 

United Actuarial Services, Inc. 
Supplemental Statistics

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 26 

 

RETIREE INFORMATION (CONT.)

Age of Participants Retired During Last 5 Plan Years

(excludes beneficiaries and disability retirements)

Age at Plan Year Ending April 30,

Retirement 2019 2018 2017 2016 2015

< 55 - - - - - 

55 2 1 2 1 3

56 1 - - - 1

57 1 2 - - 2

58 1 3 - 1 - 

59 - - 2 - - 

60 4 2 3 5 3

61 - 3 1 1 - 

62 2 4 2 1 1

63 1 - - - 2

64 1 1 4 - 1

65 2 1 - 1 1

66+ 1 1 1 1 - 

Totals 16 18 15 11 14

Average 

retirement age 60.9 61.0 61.2 60.8 59.7

RP 88:439

I 

United Actuarial Services, Inc. 
Page 27

PART III: ASSET INFORMATION

RP 88:440

United Actuarial Services, Inc. 
Asset Information

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 28 

 

MARKET AND ACTUARIAL FUND VALUES

Asset information extracted from the fund’s financial statements audited by Yurchyk & Davis 

CPA's, Inc. 

Market/Actuarial Value of 

Fund Investments

as of April 30, 2019 2018 2017

Invested assets

Common stocks $ 9,184,158 $ 8,054,951 $ 9,172,534

Exchange traded funds 8,750,252 9,500,599 7,940,810

Registered investment comp 5,811,495 6,634,109 8,367,718

US Gov't & agency oblig 2,140,878 2,197,594 1,451,755

Interest bearing cash & CD's 275,369 334,156 286,371

Cash and cash equivalents 453,185 647,665 392,285

Corporate and foreign bonds 1,235,698 1,235,289 618,976

Prepaid expenses 7,413 11,563 7,121

27,858,448 28,615,926 28,237,570

Net receivables* 100,644 79,851 68,193

Market value $ 27,959,092 $ 28,695,777 $ 28,305,763

Fund assets - Actuarial value 

Market value $ 27,959,092 $ 28,695,777 $ 28,305,763

less: Deferred investment

gains and (losses) (775,313) (590,514) (1,979,811)

Actuarial value $ 28,734,405 $ 29,286,291 $ 30,285,574

Actuarial value as a 

percentage of market value 102.77% 102.06% 106.99%

* Equals receivables, less any liabilities

RP 88:441

United Actuarial Services, Inc. 
Asset Information

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 29 

 

FLOW OF FUNDS

Asset information extracted from the fund’s financial statements audited by Yurchyk & Davis 

CPA's, Inc. 

Plan Year Ending 

April 30, 2019 2018 2017

Market value at beginning of

plan year $ 28,695,777 $ 28,305,763 $ 27,152,361

Additions

Employer contributions 1,102,227 981,020 984,663

Net investment income* 1,189,784 2,232,628 2,903,880

Other income - - - 

2,292,011 3,213,648 3,888,543

Deductions

Benefits paid 2,909,623 2,688,536 2,615,389

Net expenses* 119,073 135,098 119,752

3,028,696 2,823,634 2,735,141

Net increase (decrease) (736,685) 390,014 1,153,402

Adjustment - - - 

Market value at end of

plan year $ 27,959,092 $ 28,695,777 $ 28,305,763

Cash flow

Contr.-ben.-exp. (1,926,469) (1,842,614) (1,750,478)

Percent of assets -6.89% -6.42% -6.18%

Estimated net investment return

On market value 4.29% 8.15% 11.05%

On actuarial value 4.85% 2.87% 2.75%

* Investment expenses have been offset against gross investment income.

RP 88:442

United Actuarial Services, Inc. 
Asset Information

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 30 

 

INVESTMENT GAIN AND LOSS

Investment Gain or Loss

Plan Year Ending April 30, 2019

Expected market value at end of plan year

Market value at beginning of plan year $ 28,695,777

Employer contributions and non-investment income 1,102,227

Benefits and expenses paid (3,028,696)

Expected investment income (at 7.25% rate of return) 2,010,609

28,779,917

Actual market value at end of plan year 27,959,092

less: Expected market value 28,779,917

Investment gain or (loss) $ (820,825)

History of Gains and (Losses)

Plan Year Investment Amount

Ending Gain Recognized

April 30, or (Loss) This Year

2019 $ (820,825) $ (164,165)

2018 247,255 49,451

2017 867,403 173,481

2016 (3,069,833) (613,967)

2015 (404,136) (80,827)

Total $ (3,180,136) $ (636,027)

Deferred Investment Gains and (Losses)

Plan Year

Ending Amount of Gain or (Loss) Deferred as of April 30,

April 30, 2019 2020 2021 2022

2019 $ (656,660) $ (492,495) $ (328,330) $ (164,165)

2018 148,353 98,902 49,451 - 

2017 346,961 173,481 - - 

2016 (613,967) - - - 

Totals $ (775,313) $ (220,112) $ (278,879) $ (164,165)

RP 88:443

United Actuarial Services, Inc. 
Asset Information

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 31 

 

RATE OF RETURN ON FUND ASSETS

Historical Rates of Net Investment Return

The following table shows average rates of return over various periods calculated on a 

geometric average basis. These statistics may not be appropriate for evaluating a Plan’s 

rate of return assumption as such assumption is forward-looking whereas the statistics are 

historical. Furthermore, these statistics do not reflect the internal rate of return actually 

experienced by the Fund over these periods.

Average Rates of Net Investment Return (geometric average)

Return on Market Value Return on Actuarial Value

Period Ending April 30, Period Ending April 30,

Period 2019 2018 2019 2018

One year 4.29% 8.15% 4.85% 2.87%

5 years 5.33% 6.56% 3.13% 3.37%

10 years 7.79% 5.08% 5.52% 4.05%

15 years 5.56% 6.32% 4.52% 4.44%

20 years 4.73% 4.51% 4.74% 4.49%

RP 88:444

30% ...----------------------------

25% +----------------------------

20% -!-----------------------------

-10% --------------+--+--------------

-15% +-------------'H---------------

-20% 

-25% D 0 N "' q- "' (D r-- a, (J) D D D D D D D D D D - ~ ~ ~ ~ ~ ~ ~ ~ D D D D D D D D D D 0 0 D D D D D D D D N N N N N N N N N N N N N N N N N N N N 

Plan Year Ending 

I 

United Actuarial Services, Inc. 

..-Market Value 

.......... Actuarial Value 

--Expected Return 
Page 32

PART IV: ENROLLED ACTUARY’S REPORT

RP 88:445

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 33 

 

NORMAL COST/ACTUARIAL LIABILITY

Normal Cost as of May 1, 2019 2018

Active participants $ 100,571 $ 97,901

Anticipated administrative expenses (beg. of year) 125,452 125,452

Total normal cost $ 226,023 $ 223,353

Unfunded Actuarial Liability as of May 1, 2019 2018

Actuarial liability

Participants currently receiving benefits $ 28,954,191 $ 26,539,328

Inactive vested participants 7,340,797 8,528,244

Active participants 8,987,037 9,927,914

45,282,025 44,995,486

less: Fund assets (actuarial value) 28,734,405 29,286,291

Unfunded actuarial liability (not less than 0) $ 16,547,620 $ 15,709,195

RP 88:446

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 34 

 

ACTUARIAL LIABILITY RECONCILIATION/PROJECTION

Reconciliation of Unfunded Actuarial Liability

Expected unfunded actuarial liability as of April 30, 2019

Unfunded actuarial liability as of May 1, 2018 $ 15,709,195

Normal cost (including expenses) 223,353

Actual contributions (1,102,227)

Interest to end of plan year 1,115,154

15,945,475

Increase (decrease) due to:

Experience (gain) or loss 701,558

Plan amendment - 

Change in actuarial assumptions (99,413)

Change in actuarial method - 

Net increase (decrease) 602,145

Unfunded actuarial liability as of May 1, 2019 $ 16,547,620

Projection of Actuarial Liability to Year End

Actuarial liability as of May 1, 2019 $ 45,282,025

Expected increase (decrease) due to:

Normal cost (excluding expenses) 100,571

Benefits paid (3,344,669)

Interest on above (113,953)

Interest on actuarial liability 3,282,947

Net expected increase (decrease) (75,104)

Expected actuarial liability as of April 30, 2020 $ 45,206,921

RP 88:447

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 35 

 

FUNDED RATIOS

Present Value of Accumulated Benefits/

Funded Ratios

Actuarial Study as of May 1, 2019 2018

Present value of vested accumulated benefits

Participants currently receiving benefits $ 28,954,191 $ 26,539,328

Inactive vested participants 7,302,933 8,476,148

Active participants 7,991,634 9,037,134

Total 44,248,758 44,052,610

Nonvested accumulated benefits 208,721 219,377

Present value of all accumulated benefits $ 44,457,479 $ 44,271,987

Market value of assets $ 27,959,092 $ 28,695,777

Funded ratios (Market value)

Vested benefits 63.2% 65.1%

All accumulated benefits 62.9% 64.8%

Actuarial value of assets $ 28,734,405 $ 29,286,291

Funded ratios (Actuarial value used for PPA)

Vested benefits 64.9% 66.5%

All accumulated benefits 64.6% 66.2%

Interest rate used to value benefits 7.25% 7.25%

RP 88:448

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 36 

 

FUNDING PERIOD

The funding period is the approximate number of years that would be required to completely 

fund the unfunded entry age normal actuarial liability if future plan experience occurs 

according to the assumptions. The funding period is an indicator of the long term financial 

soundness of the plan. Historically, funds often targeted a maximum funding period of up to 

20 years. Today, asset losses are being paid off over a maximum of 15 years and are the 

primary driver for ERISA minimum funding. An ultimate target of no more than 10 years is 

recommended. A lower, more conservative funding period target can be chosen. As the 

funding period drops, the risk of having future funding issues also diminishes.

Funding Period Calculation 

Actuarial Study as of May 1, 2019 2018

Unfunded actuarial liability

Actuarial liability $ 45,282,025 $ 44,995,486

less: Fund assets (actuarial value) 28,734,405 29,286,291

16,547,620 15,709,195

Funds available to amortize unfunded

Anticipated contributions (beg. of yr.) 968,861 898,171

less: Normal cost (including expenses) 226,023 223,353

$ 742,838 $ 674,818

Funding period (years) * * 

* Anticipated contributions are insufficient to pay normal cost and amortize unfunded liability.

RP 88:449

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 37 

 

CURRENT LIABILITY

Current Liability is determined in a manner similar to the value of accrued benefits, but using 

an interest rate assumption within an acceptable range determined by the IRS. For this 

report we used an interest rate assumption of 3.09%. The current liability is used only in 

the determination of the maximum deductible employer contribution and full funding limit 

under the Internal Revenue Code, and is not used for any other purpose.

Current Liability as of May 1, 2019

Vested current liability

Participants currently receiving benefits $ 43,085,393

Inactive vested participants 13,610,323

Active participants 14,465,608

71,161,324

Nonvested current liability

Inactive vested participants 45,790

Active participants 390,272

436,062

Total current liability $ 71,597,386

Projection of Current Liability to Year End

Current liability as of May 1, 2019 $ 71,597,386

Expected increase (decrease) due to:

Benefits accruing 432,446

Benefits paid (3,344,669)

Interest on above (38,313)

Interest on current liability 2,212,359

Net expected increase (decrease) (738,177)

Expected current liability as of April 30, 2020 $ 70,859,209 

RP 88:450

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 38 

 

FUNDING STANDARD ACCOUNT

Funding Standard Account

Plan Year Ending April 30, 

2020

(Projected)

2019

(Final)

Charges

Prior year funding deficiency $ - $ - 

Normal cost (including expenses) 226,023 223,353

Amortization charges (see Appendix C) 3,203,048 3,130,688

Interest on above 248,609 243,168

Total charges 3,677,680 3,597,209

Credits

Prior year credit balance 1,803,016 2,277,628

Employer contributions 1,088,534 1,102,227

Amortization credits (see Appendix C) 1,702,911 1,692,573

Interest on above 293,641 327,797

ERISA full funding credit - - 

Total credits 4,888,102 5,400,225

Credit balance (credits less charges) $ 1,210,422 $ 1,803,016

RP 88:451

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 39 

 

FUNDING STANDARD ACCOUNT WITHOUT AMORTIZATION EXTENSION

The Funding Standard Account on the previous page has been developed using an 

amortization extension approved by the IRS under §412(e) or §431(d) of the Code. We are 

required to report the dollar difference between the minimum required contribution with 

extension and without extension on the Schedule MB. 

Funding Standard Account

Plan Year Ending April 30, 

2020

(Projected)

2019

(Final)

Charges

Prior year funding deficiency $ 1,604,306 $ 994,514

Normal cost (including expenses) 226,023 223,353

Amortization charges (see Appendix C) 2,943,601 3,035,533

Interest on above 346,114 308,374

Total charges 5,120,044 4,561,774

Credits

Prior year credit balance - - 

Employer contributions 1,088,534 1,102,227

Amortization credits (see Appendix C) 1,702,911 1,692,573

Interest on above 162,922 162,668

ERISA full funding credit - - 

Total credits 2,954,367 2,957,468

Credit balance (credits less charges) $ (2,165,677) $ (1,604,306)

RP 88:452

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 40 

 

FULL FUNDING LIMIT

Projection of Assets 

for Full Funding Limit

Market

Value

Actuarial

Value

Asset value as of May 1, 2019 $ 27,959,092 $ 28,734,405

Expected increase (decrease) due to:

Investment income 1,901,077 1,957,288

Benefits paid (3,344,669) (3,344,669)

Expenses (130,000) (130,000)

Net expected increase (decrease) (1,573,592) (1,517,381)

Expected value as of April 30, 2020* $ 26,385,500 $ 27,217,024

* Ignoring expected employer contributions (as required by regulation).

Full Funding Limit 

as of April 30, 2020

For Minimum 

Required

For Maximum 

Deductible

ERISA full funding limit (not less than 0)

Actuarial liability $ 45,206,921 $ 45,206,921

less: Assets (lesser of market or actuarial) 26,385,500 26,385,500

plus: Credit balance (w/interest to year end) 1,933,735 n/a

20,755,156 18,821,421

ERISA full funding limit without extension (not less than 0)

Actuarial liability 45,206,921 n/a

less: Assets (lesser of market or actuarial) 26,385,500 n/a

plus: Credit bal. w/o ext. (w/int. to year end) - n/a

18,821,421 n/a

Full funding limit override 

(not less than 0)

90% of current liability 63,773,288 63,773,288

less: Assets (actuarial value) 27,217,024 27,217,024

36,556,264 36,556,264

Full funding limit (greater of ERISA limit and full funding override)

With amortization extension $ 36,556,264 $ 36,556,264

Without amortization extension $ 36,556,264 n/a

RP 88:453

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 41 

 

MINIMUM REQUIRED CONTRIBUTION AND FULL FUNDING CREDIT

Minimum Required Contribution

Plan Year Beginning May 1, 2019

Without 

Extension

With 

Extension

Minimum funding cost

Normal cost (including expenses) $ 226,023 $ 226,023

Net amortization of unfunded liabilities 1,240,690 1,500,137

Interest to end of plan year 106,339 125,146

1,573,052 1,851,306

Full funding limit 36,556,264 36,556,264

Net charge to funding std. acct. (lesser of above) 1,573,052 1,851,306

less: Credit balance with interest to year end (1,720,618) 1,933,735

Minimum Required Contribution (not less than 0) $ 3,293,670 $ - 

Effect of extension $ 3,293,670

Full Funding Credit to Funding Standard

Account Plan Year Ending April 30, 2020

Without 

Extension

With 

Extension

Full funding credit (not less than 0)

Minimum funding cost (n.c., amort., int.) $ 1,573,052 $ 1,851,306

less: full funding limit 36,556,264 36,556,264

$ - $ - 

RP 88:454

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 42 

 

MAXIMUM DEDUCTIBLE CONTRIBUTION

The maximum amount of tax-deductible employer contributions made to a pension plan is 

determined in accordance with Section 404(a) of the Internal Revenue Code. For a 

multiemployer pension plan, Section 413(b)(7) of the Internal Revenue Code and IRS 

Announcement 98-1 provide that, if anticipated employer contributions are less than the 

deductible limit for a plan year, then all employer contributions paid during the year are 

guaranteed to be deductible. If anticipated employer contributions exceed the deductible 

limit, the Trustees have two years from the close of the plan year in question to retroactively 

improve benefits to alleviate the problem. 

Maximum Deductible Contribution

Plan Year Beginning May 1, 2019

Preliminary deductible limit

Normal cost (including expenses) $ 226,023

10-year limit adjustment (using “fresh start” alternative) 2,222,199

Interest to end of plan year 177,496

2,625,718

Full funding limit 36,556,264

Maximum deductible contribution override

140% of vested current liability projected to April 30, 2020 98,598,700

less: Actuarial value of assets projected to April 30, 2020 27,217,024

71,381,676

Maximum deductible contribution* $ 71,381,676

Anticipated employer contributions $ 1,088,534

* Equals the lesser of the preliminary deductible limit and the full funding limit, but not less than the 

maximum deductible contribution override.

RP 88:455

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 43 

 

HISTORY OF UNFUNDED VESTED BENEFITS

Presumptive Method

April 30, 

Vested 

Benefits

Interest Rate

Value of 

Vested 

Benefits Asset Value*

Unfunded 

Vested 

Benefits

Unamortized 

Portion of

VAB

2000 8.00% 17,175,073 23,292,994 (6,117,921)

2001 8.00% 18,563,350 25,396,597 (6,833,247)

2002 8.00% 21,109,491 26,575,929 (5,466,438)

2003 8.00% 23,294,056 25,848,980 (2,554,924)

2004 8.00% 24,772,860 26,488,395 (1,715,535)

2005 8.00% 26,201,283 26,807,635 (606,352)

2006 8.00% 27,552,089 27,788,070 (235,981)

2007 8.00% 30,114,936 30,788,910 (673,974)

2008 8.00% 31,187,675 31,987,028 (799,353)

2009 8.00% 33,010,468 28,317,373 4,693,095

2010 8.00% 34,935,555 32,407,723 2,527,832

2011 8.00% 36,231,829 32,889,272 3,342,557

2012 8.00% 38,310,252 32,896,522 5,413,730

2013 8.00% 39,093,235 32,995,681 6,097,554

2014 8.00% 38,906,185 33,147,236 5,758,949 597,765

2015 7.75% 40,340,121 32,534,965 7,805,156 575,749

2016 7.75% 40,673,151 31,201,193 9,471,958 551,973

2017 7.25% 43,863,063 30,285,574 13,577,489 526,294

2018 7.25% 44,052,610 29,286,291 14,766,319 498,561

2019 7.25% 44,248,758 28,734,405 15,514,353 468,609

* Actuarial value

RP 88:456

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 44 

 

TERMINATION BY MASS WITHDRAWAL

If all employers were to cease to have an obligation to contribute to the plan, the plan would 

be considered “terminated due to mass withdrawal.” In this event, the Trustees would have 

the option of distributing plan assets in satisfaction of all plan liabilities through the purchase 

of annuities from insurance carriers or payment of lump sums. If assets are insufficient to 

cover liabilities, a special actuarial valuation pursuant to Section 4281 of ERISA would be 

performed as of the end of the plan year in which the mass withdrawal occurred. If the 

Section 4281 valuation indicates the value of nonforfeitable benefits exceeds the value of 

plan assets, employer withdrawal liability would be assessed.

The ERISA Section 4281 valuation described above uses required actuarial assumptions 

that are typically more conservative than those used for valuing an on-going plan. In order 

to illustrate the impact of the mass withdrawal assumptions, we performed an illustrative 

Section 4281 valuation as if mass withdrawal had occurred during the prior plan year. The 

value of assets used below is market value without any adjustments for outstanding 

employer withdrawal liability claims. 

As required by regulation, interest rates of 3.07% for the first 20 years and 3.05% for each 

year thereafter and the GAM 94 Basic Mortality Table projected to 2029 were used.

Illustrative Section 4281 Valuation

as of April 30, 2019

Value of nonforfeitable benefits

Participants currently receiving benefits $ 42,761,102

Inactive vested participants 13,580,756

Active participants 14,392,780

Expenses (per Section 4281 of ERISA) 491,478

71,226,116

less: Fund assets (market value) 27,959,092

Value of nonforfeitable benefits in excess of (less than) fund assets $ 43,267,024

RP 88:457

United Actuarial Services, Inc. 
Enrolled Actuary’s Report

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page 45 

 

ASC 960 INFORMATION

The following displays are intended to assist the fund’s auditor in complying with Accounting 

Standards Codification 960. The results shown are not necessarily indicative of the plan’s 

potential liability upon termination.

Present Value of Accumulated Benefits

Actuarial Study as of May 1, 2019 2018

Present value of vested accumulated benefits

Participants currently receiving benefits $ 28,954,191 $ 26,539,328

Expenses on parts. currently rec. benefits 1,302,939 1,260,618

Other participants 15,294,567 17,513,282

Expenses on other participants 688,256 831,881

46,239,953 46,145,109

Present value of nonvested accumulated benefits

Nonvested accumulated benefits 208,721 219,377

Expenses on nonvested benefits 9,392 10,420

218,113 229,797

Present value of all accumulated benefits $ 46,458,066 $ 46,374,906

Market value of plan assets $ 27,959,092 $ 28,695,777

Interest rate used to value benefits 7.25% 7.25%

Changes in Present Value of Accumulated Benefits

Present value of accumulated benefits as of May 1, 2018 $ 46,374,906

Increase (decrease) due to:

Plan amendment - 

Change in actuarial assumptions (243,473)

Benefits accumulated and experience gain or loss (6,852)

Interest due to decrease in discount period 3,362,181

Benefits paid (2,909,623)

Operational expenses paid (119,073)

Net increase (decrease) 83,160

Present value of accumulated benefits as of May 1, 2019 $ 46,458,066

RP 88:458

United Actuarial Services, Inc. 
APPENDICES

RP 88:459

United Actuarial Services, Inc. 
Appendix A - Plan Provisions

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page A-1 

PLAN HISTORY

Origins/Purpose

The Roofers Local No. 88 Pension Plan was established effective May 1, 1968 as a 

result of a Collective Bargaining Agreement between the Akron-Canton Sheet Metal and 

Roofing Contractors Association and Local Union No. 88 of the United States, Tile and 

Composition Roofers, Damp and Waterproof Workers’ Association.

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

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

and from Management.

The purpose of the Pension Plan is to provide Normal and Early Retirement Benefits, 

Joint and Survivor Benefits, Optional Retirement Benefits, Total and Permanent 

Disability Benefits, Vested Benefits and Death Benefits. Benefits first became payable 

on May 1, 1969.

Effective April 1, 1990, annuities were purchased for all benefit recipients except those 

receiving disabilities. The Pension Fund is responsible for paying any incremental 

benefits approved for those recipients, all disability payments, and all benefits for 

participants entering payment status after April 1, 1990.

RP 88:460

United Actuarial Services, Inc. 
Appendix A - Plan Provisions

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page A-2 

PLAN HISTORY (CONT.)

Employer Contributions

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

the Collective Bargaining Agreement. Following is a partial listing of hourly pension 

contribution rates. 

Date

Hourly 

Contribution Rate Date

Hourly 

Contribution Rate

May 1, 1968 $ 0.15 June 1, 2001 $ 3.27

May 1, 1971 $ 0.30 June 1, 2002 $ 3.37

May 1, 1975 $ 0.40 June 1, 2005 $ 3.47

May 1, 1976 $ 0.55 June 1, 2006 $ 3.57

May 1, 1978 $ 0.70 June 1, 2007 $ 3.72

May 1, 1979 $ 0.85 June 1, 2008 $ 3.92

August 1, 1980 $ 0.95 June 1, 2009 $ 4.17

August 1, 1983 $ 1.10 June 1, 2010 $ 4.67

June 1, 1985 $ 1.15 June 1, 2012 $ 5.02

June 1, 1986 $ 1.32 June 1, 2013 $ 5.52

June 1, 1992 $ 1.62 June 1, 2014 $ 6.07

June 1, 1994 $ 1.77 June 1, 2015 $ 6.61

June 1, 1995 $ 2.27 June 1, 2016 $ 7.15

June 1, 1996 $ 2.52 June 1, 2017 $ 7.69

June 1, 1998 $ 2.77 June 1, 2018 $ 8.19

June 1, 1999 $ 2.97 June 1, 2019 $ 8.39

June 1, 2000 $ 3.17

Reciprocity

The fund has entered into money-follows-man reciprocity agreements with other pension 

funds.

RP 88:461

_I ____ I_I ___ _ 

United Actuarial Services, Inc. 
Appendix A - Plan Provisions

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page A-3 

SUMMARY OF PLAN PROVISIONS

Participation On May 1 following completion of 435 hours during a 

twelve consecutive month period

Year of service Plan Year with at least 435 hours

Break in service Plan Year with less than 435 hours

Normal retirement benefit

Eligibility Earlier of age 60 and 5 years of service or age 65 and 5 

years of plan participation

Monthly amount $1.00 per year of countable year of past continuous 

service plus 5.25% of employer contributions made from 

May 1, 1968 to April 30, 1998 plus 4.05% of employer 

contributions made from May 1, 1998 to April 30, 2003 

plus 3% of employer contributions made from May 1, 

2003 to April 30, 2006 plus 1.70% of employer 

contributions made from May 1, 2006 to April 30, 2009 

plus 1.00% of employer contributions made May 1, 2009 

to April 30, 2012 plus 0.5% of employer contributions 

made on and after May 1, 2012. Payable for life. 

Early retirement benefit

Eligibility Age 55 and 5 years of service

Monthly amount Normal reduced by an actuarial reduction from age 60.

For participants who were age 55 with at least 5 years of 

service on or before November 1, 2013, normal reduced 

by 6% for each year under 60. Payable for life.

Disability benefit

Eligibility Under age 55, 10 years of service, disabled while in 

covered employment, at least 40 hours worked in two 

preceding plan years, total and permanent disability.

Monthly amount 50% of normal. Payable until age 55, recovery or death. 

Eligible for early retirement benefit at 55.

Effective November 1, 2013, the disability benefit is 

no longer available.

RP 88:462

United Actuarial Services, Inc. 
Appendix A - Plan Provisions

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page A-4 

SUMMARY OF PLAN PROVISIONS (CONT.)

Vested benefit

Eligibility 5 years of service, termination of employment

Monthly amount 100% of normal, payable at normal, or payable at early 

with reduction. Payable for life.

Optional forms of • Qualified joint and 50% survivor annuity

payment • Qualified joint and 75% survivor annuity

• Qualified joint and 100% survivor annuity

• Ten year certain and life annuity

• Five year certain and life annuity 

Pre-retirement death 

benefit

Eligibility Death of vested participant with surviving spouse

Monthly amount 50% of participant’s qualified joint and 50% survivor 

annuity payable to spouse over spouse’s lifetime 

commencing at participant’s earliest retirement date

60 months certain death 

benefit

Eligibility Death of active participant with at least 5 years of service, 

no spouse. Effective November 1, 2013, 60 months 

certain death benefit is no longer available. 

Monthly amount Normal, payable for 60 months only. Also may be elected 

by a surviving spouse in lieu of the pre-retirement death 

benefit.

Effective November 1, 2013, the 60 months certain 

death benefit is no longer available.

RP 88:463

United Actuarial Services, Inc. 
Appendix A - Plan Provisions

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page A-5 

HISTORICAL PLAN MODIFICATIONS

Disability benefit

Effective date May 1, 1995

Adoption date April 19, 1995

Provisions Disability benefit reduced from 100% of normal to 82% of 

normal payable to age 57 when benefit converts to an 

early retirement benefit.

Future service benefit

Effective date May 1, 1997

Adoption date December 4, 1997

Provisions Future service benefit increased to 5.25% of contributions 

made from May 1, 1968 to April 30, 1997.

Retiree increase

Effective date May 1, 1997

Adoption date December 4, 1997

Provisions Monthly benefits for retirees and beneficiaries as of 

April 30, 1997 increased 5%.

Future service benefit

Effective date May 1, 1998

Adoption date December 3, 1998

Provisions Future service benefit increased to 5.25% of contributions 

made from May 1, 1968 to April 30, 1998.

Retiree increase

Effective date May 1, 1998

Adoption date December 3, 1998

Provisions Monthly benefits for retirees and beneficiaries as of 

April 30, 1997 increased 5%.

RP 88:464

United Actuarial Services, Inc. 
Appendix A - Plan Provisions

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page A-6 

HISTORICAL PLAN MODIFICATIONS (CONT.)

Vesting schedule

Effective date May 1, 1999

Adoption date December 4, 1997

Provisions The vesting schedule was changed from a 5-10 year 

graded schedule to a 5-year cliff schedule.

Normal retirement age

Effective date May 1, 1999

Adoption date December 4, 1997

Provisions Normal retirement age was changed to age 60 with 5 

years of service

Early retirement age

Effective date May 1, 1999

Adoption date December 4, 1997

Provisions Early retirement age was changed to age 55 with 5 years 

of service

Optional forms

Effective date February 1, 2000

Adoption date January 27, 2000

Provisions The joint and 100% survivor optional form of payment 

was added.

Future service benefit

Effective date May 1, 2003

Adoption date February 10, 2003

Provisions The future service benefit decreased to 1.70% of 

contributions made on and after May 1, 2003.

RP 88:465

United Actuarial Services, Inc. 
Appendix A - Plan Provisions

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page A-7 

HISTORICAL PLAN MODIFICATIONS (CONT.)

Future service benefit

Effective date January 1, 2007

Adoption date April 20, 2007

Provisions The future service benefit increased to 3% of 

contributions made from May 1, 2003 to April 30, 2006 

plus 1.70% of contributions made on and after May 1, 

2006.

Optional forms

Effective date November 1, 2007

Adoption date October 23, 2007

Provisions The joint and 75% survivor optional form of payment was 

added.

Future service benefit

Effective date May 1, 2009

Adoption date April 7, 2009

Provisions

Disability benefit

 Effective date

 Adoption date 

 Provisions

The future service benefit decreased to 1.00% of 

contributions made on and after May 1, 2009. 

April 1, 2011

February 23, 2011

Disability benefit reduced from 82% of normal to 50% of 

normal payable to age 55 when benefit converts to an 

early retirement benefit.

Future service benefit

Effective date May 1, 2012

Adoption date September 8, 2011

Provisions The future service benefit decreased to 0.5% of 

contributions made on and after May 1, 2012.

RP 88:466

United Actuarial Services, Inc. 
Appendix A - Plan Provisions

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page A-8 

HISTORICAL PLAN MODIFICATIONS (CONT.)

Disability benefit

 Effective date

 Adoption date 

 Provisions

November 1, 2013

August 30, 2013

The temporary disability benefit will be eliminated for 

applications on and after November 1, 2013. 

Normal form of benefit

 Effective date

 Adoption date 

 Provisions

November 1, 2013

August 30, 2013

The normal form of benefit will be changed from a 60 

month certain and life benefit to a lifetime benefit.

60 months certain death 

benefit

 Effective date

 Adoption date 

 Provisions

November 1, 2013

August 30, 2013

The non-spouse pre-retirement death benefit of 60 

months certain is eliminated.

Early retirement reduction

 Effective date

 Adoption date 

 Provisions

November 1, 2013

August 30, 2013

The early retirement reduction will be changed from 6% 

reduction for each year under 60 to an actuarial reduction 

from age 60. Participants who were age 55 with 5 years 

of service on or before November 1, 2013 will retain the 

previous early retirement reduction.

RP 88:467

United Actuarial Services, Inc. 
Appendix B – Actuarial Assumptions and Methods

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page B-1 

ACTUARIAL ASSUMPTIONS

Valuation date May 1, 2019

Interest rates

ERISA rate of return 

used to value liabilities

7.25% per year net of investment expenses

Unfunded vested 

benefits

7.25% per year net of investment expenses

Current liability 3.09% (as prescribed by Section 431(c)(6) of the Internal 

Revenue Code)

Operational expenses

Funding $130,000 per year excluding investment expenses. 

ASC 960 A 4.50% load was applied to the accrued liabilities for 

2019 (4.75% for 2018).

Mortality

Assumed plan mortality RP-2006 Blue Collar Mortality Tables (the RP 2014 table 

adjusted backward to 2006 with the MP-2014 projection 

scale) for employees and healthy annuitants projected 

forward using the MP-2018 projection scale.

Current liability Separate annuitant and non-annuitant rates based on the 

RP-2000 Mortality Tables Report developed for males 

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

Internal Revenue Code.

Withdrawal T-7 Turnover Table from The Actuary’s Pension 

Handbook (less GAM 51) with a floor of 5% to reflect 

withdrawals due to disability - specimen rates shown 

below: Assumed rate during second and third year of 

employment is 35%* and 15% for the next fourth year.

Age Withdrawal Rate

25 .0967

30 .0930

35 .0871

40 .0775

45 .0635

50 .0500

* All newly reported participants are considered to have 

already worked their first year of employment. 

RP 88:468

United Actuarial Services, Inc. 
Appendix B – Actuarial Assumptions and Methods

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page B-2 

ACTUARIAL ASSUMPTIONS (CONT.)

Future retirement rates

Active lives According to the following schedule:

Age

Retirement 

Rate

55 .05

56 .03

57 .08

58 .08

59 .25

60 .25

61 .25

62 .50

63 .25

64 .25

65+ 1.00

Resulting in an average expected retirement age of 61.1.

Inactive vested lives Later of age 58 or age on valuation date if 100% vested, 

age 65 if less than 100% vested.

Disabled lives Disability benefit assumed payable until age 57, then 

early retirement benefit commences.

Future hours worked

Vested lives 1,150 hours per year, 0 after assumed retirement age

Non-vested lives 900 hours per year, 0 after assumed retirement age

Future hourly contribution 

rate

$8.37 for Plan year ending 4/30/2020

$8.39 for all future years

Age of participants with 

unrecorded birth dates

Based on average entry age of participants with recorded 

birthdates and same vesting status

Marriage assumptions 80% assumed married with the male spouse 3 years 

older than his wife

Optional form assumption All non-retired participants assumed to elect the life only 

form of benefit.

Inactive vested lives over 

age 70

Continuing inactive vested participants over age 70 are 

assumed deceased and are not valued.

QDRO benefits Benefits to alternate payee included with participant’s 

benefit until payment commences

RP 88:469

United Actuarial Services, Inc. 
Appendix B – Actuarial Assumptions and Methods

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page B-3 

ACTUARIAL ASSUMPTIONS (CONT.)

Section 415 limit 

assumptions

Dollar limit $225,000 per year

Assumed form of 

payment for those limited 

by Section 415

Qualified joint and 100% survivor annuity

Benefits not valued Pre-retirement death benefits following withdrawal for 

active participants.

Pre-retirement death benefits following disability.

RP 88:470

United Actuarial Services, Inc. 
Appendix B – Actuarial Assumptions and Methods

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page B-4 

RATIONALE FOR SELECTION OF ACTUARIAL ASSUMPTIONS

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

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

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

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

valuation results.

ERISA rate of return used 

to value liabilities

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

current investment policy asset allocation and composite, 

long-term capital market assumptions taken from Horizon 

Actuarial’s 2019 survey of investment consultants. 

Based on this analysis, we selected a final assumed rate 

of 7.25%, which we feel is reasonable. This rate may not 

be appropriate for other purposes such as settlement of 

liabilities.

Due to the special rules related to withdrawal liability for a 

construction industry plan and the nature of the building 

trades industry, we believe the valuation interest rate is 

also appropriate for withdrawal liability purposes.

Mortality The RP-2006 Blue Collar Mortality Tables for employees 

and healthy annuitants projected forward using the MP2018 projection scale was chosen as the base table for 

this population. 

The blue collar table was chosen based on the industry of 

plan participants.

Retirement Actual rates of retirement by age were studied for this 

plan for the period May 1, 2013 to April 30, 2018. The 

assumed future rates of retirement were selected based 

on the results of this study. No adjustments were 

deemed necessary at this time.

Withdrawal Actual rates of withdrawal by age were last studied for 

this plan for the period May 1, 2013 to April 30, 2018. No 

adjustments were deemed necessary at this time.

Future hours worked Based on review of recent plan experience.

RP 88:471

United Actuarial Services, Inc. 
Appendix B – Actuarial Assumptions and Methods

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page B-5 

ACTUARIAL ASSUMPTIONS USED FOR PROJECTIONS

The assumptions used for the credit balance, funded ratio and PPA zone projections are 

the same as used throughout the report with the following exceptions.

Assumed return on fund 

assets

Current year projections 7.25%

Prior year projections 7.25% 

Expenses

Current year projections $130,000 per year excluding investment expenses.

Prior year projections $130,000 per year excluding investment expenses.

Future total hours worked

Current year projections 130,000 for the plan year ending 2020 and thereafter

Prior year projections 129,000 for the plan year ending 2019 and thereafter

Contribution rate 

increases

Current year projections The remaining portion of the prorated contribution rate

increase effective June 1, 2019

Prior year projections The remaining portion of the prorated contribution rate 

increase effective June 1, 2018

Plan changes since prior 

year

None

Open group projection 

method

Current year projections Projected normal costs and benefit payment amounts are 

adjusted using the open group percentage increases 

from the prior year.

Prior year projections Stable population assumed with new entrants replacing 

active participants as they withdraw, retire or die. New 

entrants are based upon entry age of actual new entrants 

over the last 5 years

RP 88:472

United Actuarial Services, Inc. 
Appendix B – Actuarial Assumptions and Methods

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page B-6 

ACTUARIAL ASSUMPTIONS USED FOR PROJECTIONS (CONT.)

Stochastic modeling 500 trials. Future returns are modeled using an expected 

return of 6.27% for the first 10 years and 7.17% 

thereafter and a standard deviation of 10.62%, which is 

representative of the plan’s investment portfolio. The 

expected return above is a one year value and is not 

representative of longer term geometric return as 

considered when setting the ERISA return assumption.

RP 88:473

United Actuarial Services, Inc. 
Appendix B – Actuarial Assumptions and Methods

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page B-7 

ACTUARIAL METHODS

Funding method

ERISA Funding Individual entry age normal with costs spread as a level 

dollar amount over service

Funding period Individual entry age normal with costs spread as a level 

dollar amount over service

Population valued

Actives Employees who have satisfied the plan’s eligibility 

requirements (435 hours worked in a plan year) and who 

had at least one hour during the preceding plan year.

Inactive vested Vested participants with no hours during the preceding 

plan year.

Retirees Participants and beneficiaries in pay status as of the 

valuation date.

Asset valuation method

Actuarial value Smoothed Market Value Method effective May 1, 2007, 

with phase in. Each year’s gain (or loss) is spread over a 

period of 5 years. The actuarial value is limited to not 

less than 80% and not more than 120% of the actual 

market value of assets in any plan year.

Unfunded vested 

benefits

For the presumptive method, actuarial value, as 

described above, is used

Pension Relief Act of 2010 • 10-year smoothing was elected with respect to the 

loss incurred during the plan year ended in 2009.

• 30-year amortization of net investment loss was 

elected with respect to the loss incurred during the 

plan year ended in 2009. The loss was allocated to 

future years using the “prospective method” of IRS. 

The amount of each allocation is shown in Appendix C.

Effective date of 

amortization extension May 1, 2013

RP 88:474

United Actuarial Services, Inc. 
Date 

Established

Source of Change in 

Unfunded Liability

Original 

Amount

Original 

Period Years Months

Outstanding 

Balance

Amortization 

Payment

Remaining Period 5/1/2019 5/1/2019

Appendix C - Minimum Funding Amortization Bases

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Bases Shown: With Extension

Charges

5/1/1976 Initial Unfunded 45 2 0 38,043 19,687

5/1/1978 Plan Amendment 45 4 0 41,851 11,586

5/1/1979 Plan Amendment 45 5 0 59,834 13,697

5/1/1980 Plan Amendment 45 6 0 38,993 7,687

5/1/1981 Plan Amendment 45 7 0 13,330 2,326

5/1/1985 Plan Amendment 35 1 0 8,200 8,200

5/1/1986 Plan Amendment 35 2 0 58,890 30,474

5/1/1988 Assumptions 35 4 0 2,714 751

5/1/1988 Plan Amendment 35 4 0 130,293 36,068

5/1/1989 Plan Amendment 35 5 0 162,853 37,282

5/1/1991 Method Change 30 2 0 40,480 20,949

5/1/1992 Assumptions 35 8 0 305,076 48,099

5/1/1992 Plan Amendment 35 8 0 13,284 2,095

5/1/1994 Assumptions 60,623 35 10 0 28,916 3,883

5/1/1995 Assumptions 1,293,554 35 11 0 672,756 84,696

5/1/1997 Assumptions 733,147 35 13 0 439,176 49,692

5/1/1997 Plan Amendment 1,199,736 35 13 0 718,704 81,320

5/1/1998 Assumptions 468,884 35 14 0 297,614 32,207

5/1/1999 Assumptions 913,515 35 15 0 610,276 63,465

5/1/1999 Plan Amendment 174,919 35 15 0 116,848 12,152

5/1/2000 Assumptions 257,602 35 16 0 180,125 18,074

5/1/2001 Assumptions 984,196 35 17 0 716,810 69,646

5/1/2001 Experience Loss 18,904 20 2 0 1,747 904

5/1/2002 Amendment 85,552 35 18 0 64,632 6,100

5/1/2002 Assumptions 12,201 35 18 0 9,213 869

5/1/2002 Experience Loss 568,674 20 3 0 90,032 32,134

5/1/2003 Assumptions 19,223 35 19 0 15,017 1,380

5/1/2003 Experience Loss 3,497,695 20 4 0 798,904 221,157

5/1/2004 Experience Loss 789,713 20 5 0 236,685 54,184

5/1/2005 Experience Loss 1,601,428 20 6 0 593,020 116,900

5/1/2006 Assumptions 106,151 35 22 0 89,870 7,733

5/1/2006 Experience Loss 257,933 20 7 0 113,235 19,762

5/1/2007 Plan Amendment 1,111,391 35 23 0 962,007 81,281

5/1/2008 Experience Loss 368,580 20 9 0 209,419 30,290

5/1/2009 Experience Loss 789,753 20 10 0 495,999 66,608

Page C-1

RP 88:475

United Actuarial Services, Inc. 
Date 

Established

Source of Change in 

Unfunded Liability

Original 

Amount

Original 

Period Years Months

Outstanding 

Balance

Amortization 

Payment

Remaining Period 5/1/2019 5/1/2019

Appendix C - Minimum Funding Amortization Bases

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Bases Shown: With Extension

5/1/2009 Relief 09 Asset Loss 4,723,416 29 19 0 4,045,294 371,807

5/1/2010 Assumptions 183,358 20 11 0 125,525 15,803

5/1/2011 Assumptions 15,311 20 12 0 11,298 1,344

5/1/2011 Experience Loss 670,262 20 12 0 494,558 58,833

5/1/2011 Relief 09 Asset Loss 56,276 27 19 0 49,181 4,520

5/1/2012 Assumptions 1,013,519 20 13 0 798,529 90,353

5/1/2012 Experience Loss 488,615 20 13 0 384,972 43,559

5/1/2012 Relief 09 Asset Loss 561,527 26 19 0 496,412 45,626

5/1/2013 Assumptions 42,782 20 14 0 35,712 3,865

5/1/2013 Relief 09 Asset Loss 1,622,443 25 19 0 1,452,468 133,498

5/1/2014 Assumptions 70,616 15 10 0 54,988 7,384

5/1/2014 Relief 09 Asset Loss 1,127,366 24 19 0 1,023,258 94,048

5/1/2015 Assumptions 993,481 15 11 0 823,237 103,641

5/1/2015 Experience Loss 1,136,368 15 11 0 941,637 118,547

5/1/2016 Assumptions 359,823 15 12 0 315,043 37,477

5/1/2016 Experience Loss 1,477,848 15 12 0 1,293,927 153,926

5/1/2017 Assumption 2,719,436 15 13 0 2,499,434 282,808

5/1/2017 Experience Loss 1,509,763 15 13 0 1,387,624 157,008

5/1/2018 Experience Loss 1,083,743 15 14 0 1,041,439 112,704

5/1/2019 Experience Loss 701,558 15 15 0 701,558 72,959

Total Charges: 26,350,940 3,203,048

Page C-2

RP 88:476

United Actuarial Services, Inc. 
Date 

Established

Source of Change in 

Unfunded Liability

Original 

Amount

Original 

Period Years Months

Outstanding 

Balance

Amortization 

Payment

Remaining Period 5/1/2019 5/1/2019

Appendix C - Minimum Funding Amortization Bases

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Bases Shown: With Extension

Credits

5/1/2009 Combined Credits 9,046,697 14 4 0 3,605,442 998,081

5/1/2010 Experience Gain 2,628,937 15 6 0 1,409,132 277,776

5/1/2010 Relief 09 Asset Loss 10,200 28 19 0 8,818 811

5/1/2011 Plan Amendment 186,288 15 7 0 112,481 19,630

5/1/2012 Plan Amendment 896,049 15 8 0 597,305 94,173

5/1/2013 Experience Gain 1,188,660 15 9 0 861,521 124,608

5/1/2013 Plan Amendment 351,601 15 9 0 254,836 36,858

5/1/2014 Experience Gain 943,181 15 10 0 734,444 98,630

5/1/2014 Plan Amendment 379,730 15 10 0 295,692 39,709

5/1/2018 Assumptions 22,083 15 14 0 21,220 2,297

5/1/2019 Assumptions 99,413 15 15 0 99,413 10,338

Total Credits: 8,000,304 1,702,911

Net Charges: 18,350,636 1,500,137

Less Credit Balance:

Less Reconciliation Balance:

Unfunded Actuarial Liability:

1,803,016

0

16,547,620

Page C-3

RP 88:477

United Actuarial Services, Inc. 
Date 

Established

Source of Change in 

Unfunded Liability

Original 

Amount

Original 

Period Years Months

Outstanding 

Balance

Amortization 

Payment

Remaining Period 5/1/2019 5/1/2019

Appendix C - Minimum Funding Amortization Bases

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Bases Shown: Without Extension

Charges

5/1/1980 Plan Amendment 40 1 0 11,292 11,292

5/1/1981 Plan Amendment 40 2 0 6,270 3,245

5/1/1992 Assumptions 30 3 0 180,351 64,371

5/1/1992 Plan Amendment 30 3 0 7,851 2,802

5/1/1994 Assumptions 60,623 30 5 0 21,314 4,880

5/1/1995 Assumptions 1,293,554 30 6 0 526,737 103,833

5/1/1997 Assumptions 733,147 30 8 0 371,568 58,583

5/1/1997 Plan Amendment 1,199,736 30 8 0 608,075 95,871

5/1/1998 Assumptions 468,884 30 9 0 258,406 37,375

5/1/1999 Assumptions 913,515 30 10 0 540,851 72,632

5/1/1999 Plan Amendment 174,919 30 10 0 103,554 13,907

5/1/2000 Assumptions 257,602 30 11 0 162,299 20,432

5/1/2001 Assumptions 984,196 30 12 0 654,694 77,882

5/1/2002 Amendment 85,552 30 13 0 59,705 6,756

5/1/2002 Assumptions 12,201 30 13 0 8,507 963

5/1/2003 Assumptions 19,223 30 14 0 14,004 1,516

5/1/2005 Experience Loss 1,601,428 15 1 0 171,733 171,733

5/1/2006 Assumptions 106,151 30 17 0 85,553 8,313

5/1/2006 Experience Loss 257,933 15 2 0 53,286 27,574

5/1/2007 Plan Amendment 1,111,391 30 18 0 920,499 86,869

5/1/2008 Experience Loss 368,580 15 4 0 141,484 39,166

5/1/2009 Experience Loss 789,753 15 5 0 365,527 83,679

5/1/2009 Relief 09 Asset Loss 4,723,416 29 19 0 4,045,294 371,807

5/1/2010 Assumptions 183,358 15 6 0 98,280 19,374

5/1/2011 Assumptions 15,311 15 7 0 9,247 1,614

5/1/2011 Experience Loss 670,262 15 7 0 404,703 70,629

5/1/2011 Relief 09 Asset Loss 56,276 27 19 0 49,181 4,520

5/1/2012 Assumptions 1,013,519 15 8 0 675,608 106,519

5/1/2012 Experience Loss 488,615 15 8 0 325,711 51,353

5/1/2012 Relief 09 Asset Loss 561,527 26 19 0 496,412 45,626

5/1/2013 Assumptions 42,782 15 9 0 31,009 4,485

5/1/2013 Relief 09 Asset Loss 1,622,443 25 19 0 1,452,468 133,498

5/1/2014 Assumptions 70,616 15 10 0 54,988 7,384

5/1/2014 Relief 09 Asset Loss 1,127,366 24 19 0 1,023,258 94,048

5/1/2015 Assumptions 993,481 15 11 0 823,237 103,641

Page C-4

RP 88:478

United Actuarial Services, Inc. 
Date 

Established

Source of Change in 

Unfunded Liability

Original 

Amount

Original 

Period Years Months

Outstanding 

Balance

Amortization 

Payment

Remaining Period 5/1/2019 5/1/2019

Appendix C - Minimum Funding Amortization Bases

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Bases Shown: Without Extension

5/1/2015 Experience Loss 1,136,368 15 11 0 941,637 118,547

5/1/2016 Assumptions 359,823 15 12 0 315,043 37,477

5/1/2016 Experience Loss 1,477,848 15 12 0 1,293,927 153,926

5/1/2017 Assumption 2,719,436 15 13 0 2,499,434 282,808

5/1/2017 Experience Loss 1,509,763 15 13 0 1,387,624 157,008

5/1/2018 Experience Loss 1,083,743 15 14 0 1,041,439 112,704

5/1/2019 Experience Loss 701,558 15 15 0 701,558 72,959

Total Charges: 22,943,618 2,943,601

Credits

5/1/2009 Combined Credits 9,046,697 14 4 0 3,605,442 998,081

5/1/2010 Experience Gain 2,628,937 15 6 0 1,409,132 277,776

5/1/2010 Relief 09 Asset Loss 10,200 28 19 0 8,818 811

5/1/2011 Plan Amendment 186,288 15 7 0 112,481 19,630

5/1/2012 Plan Amendment 896,049 15 8 0 597,305 94,173

5/1/2013 Experience Gain 1,188,660 15 9 0 861,521 124,608

5/1/2013 Plan Amendment 351,601 15 9 0 254,836 36,858

5/1/2014 Experience Gain 943,181 15 10 0 734,444 98,630

5/1/2014 Plan Amendment 379,730 15 10 0 295,692 39,709

5/1/2018 Assumptions 22,083 15 14 0 21,220 2,297

5/1/2019 Assumptions 99,413 15 15 0 99,413 10,338

Total Credits: 8,000,304 1,702,911

Net Charges: 14,943,314 1,240,690

Less Credit Balance:

Less Reconciliation Balance:

Unfunded Actuarial Liability:

-1,604,306

0

16,547,620

Page C-5

RP 88:479

United Actuarial Services, Inc. 
Appendix D – Summary of Endangered and Critical Status Rules

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page D-1 

RULES FOR ENDANGERED AND CRITICAL STATUS

Background

The Pension Protection Act of 2006 (“PPA”), enacted in August 2006, established 

special rules for plans in “Endangered” or “Critical” status. These rules become effective 

with the plan year beginning in 2008 and were originally scheduled to “sunset” in 2015.

The Multiemployer Pension Reform Act of 2014 (“MPRA”), enacted in December 2014, 

made the provisions contained in the PPA permanent. MPRA also made numerous 

changes to the PPA rules, including adding a new status for deeply troubled plans: 

Critical and Declining.

Informally, Critical Status is often referred to as “red zone” and Endangered Status as 

“yellow zone.” A plan that is neither Critical nor Endangered is said to be “green zone.”

Criteria for Endangered and Critical

The table below summarizes the criteria for these categorizations. Projected 

deficiencies are calculated as of the last day of each plan year and are based on 

contribution rates codified in bargaining agreements and, if applicable, wage allocations. 

Critical Status (“Red Zone”) Endangered Status (“Yellow Zone”)

GETTING IN:

Plan is Critical if it is described in one or 

more of the following:

• Funded percentage is less than 65%, 

and, inability to pay nonforfeitable

benefits and expenses for next 7 years, 

or

• Projected funding deficiency (not

recognizing extensions) in the current 

year or next 3 years (next 4 years if 

funded at less than 65%), or

• (1) Contributions are less than current 

year costs (i.e. “normal cost”) plus 

interest on any unfunded past liabilities, 

and, (2) value of vested benefits for nonactives is greater than for actives, and, 

(3) projected funding deficiency (not

recognizing extensions) in the current 

year or next 4 years, or

• Inability to pay all benefits and expenses 

for next 5 years.

Plan is Endangered if it is not Critical and it is 

described in one of the following:

• Funded percentage is less than 80%, or

• Projected funding deficiency in the current 

year or next 6 years.

A non-critical plan that meets both of the 

preceding criteria is considered “Seriously 

Endangered” 

A plan that meets one of the two Endangered 

Status criteria above, but was not in Critical or 

Endangered for the preceding year, will remain 

not Critical or Endangered (i.e. it will be in 

“green zone”) provided it is not projected to 

meet either of the two Endangered Status 

criteria as of the end of the 10th plan year 

following the certification year

RP 88:480

United Actuarial Services, Inc. 
Appendix D – Summary of Endangered and Critical Status Rules

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page D-2 

RULES FOR ENDANGERED AND CRITICAL STATUS (CONT.)

Critical Status (“Red Zone”) Endangered Status (“Yellow Zone”)

GETTING IN (cont.): 

A plan with a 5-year amortization extension 

under IRC Section 431(d) that previously 

emerged from Critical Status in PYB 2015 or 

later will re-enter Critical Status only if it is 

described in one of the following:

• Projected funding deficiency in the 

current year or next 9 years (including

amortization extensions), or, 

• Projected insolvency within the next 30 

years

GETTING OUT:

Plan emerges from Critical Status when it 

meets all of the following:

• No longer meets any of the Critical 

Status tests, and, 

• No projected funding deficiencies in the 

current year or next 9 years (including

amortization extensions), and, 

• No projected insolvencies in the next 30 

years

A plan with a 5-year amortization extension 

under IRC Section 431(d) emerges from 

Critical Status when it meets all the following:

• No projected funding deficiencies in the 

current year or next 9 years (including

amortization extensions), and, 

• No projected insolvencies in the next 30 

years

Plan emerges from Endangered Status when it 

no longer meets the requirements to be 

classified as Endangered or when it enters 

Critical Status

RP 88:481

United Actuarial Services, Inc. 
Appendix D – Summary of Endangered and Critical Status Rules

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page D-3 

RULES FOR ENDANGERED AND CRITICAL STATUS (CONT.)

Restrictions for Endangered and Critical Plans

The Trustees of a plan that is in Endangered or Critical status face a number of restrictions in 

plan improvements that can be adopted and bargaining agreements that can be accepted.

Period Endangered/Critical Restrictions

Date of first certification 

through adoption of funding 

improvement/rehabilitation 

plan (“plan adoption period”)

• No reduction in level of contributions for any participants

• No suspension of contributions

• No exclusion of new or younger employees

• No amendment that increases the liabilities of the plan by 

reason of any increase in benefits, change in accrual, or 

change in vesting unless required by law

After adoption of a funding 

improvement/rehabilitation 

plan until end of funding 

improvement/rehabilitation 

period

• Cannot be amended so as to be inconsistent with funding 

improvement/rehabilitation plan

• No amendment that increases benefits, including future 

accruals, unless actuary certifies as being paid for with 

contributions not contemplated in funding improvement/

rehabilitation plan and still expected to meet applicable 

benchmark after considering the amendment

Additionally, Critical status plans cannot pay benefits greater than the single life 

annuity once the initial red zone notice is sent unless the benefit is eligible for 

automatic cash-out.

Critical and Declining Plans

Beginning in 2015, plans that are in Critical Status and are projecting insolvency within 

the next 15 years (20 years in some circumstances) are certified by the actuary as being 

in “Critical and Declining.” These plans may have access to new tools that will allow 

them to reduce many previously-untouchable benefits, including benefits for participants 

in pay status. However, these expanded benefit reductions require government 

approval, must not be rejected by a majority of all participants through a vote, and are 

subject to a number of other requirements and limitations.

Selected Other MPRA Changes (effective with 2015 plan years)

• Plans projected to be Critical within the next 5 years can elect to be in Critical Status 

immediately

• New contribution rate increases required by a funding improvement or rehabilitation 

plan are not considered in calculating an employer’s withdrawal liability or payment 

schedule

• If, upon the expiration of a collective bargaining agreement under a funding 

improvement or rehabilitation plan, bargaining parties do not adopt a new agreement 

consistent with an updated schedule, the Trustees must implement the update to the 

schedule previously adopted.

RP 88:482

United Actuarial Services, Inc. 
Appendix E – Glossary of Common Pension Terms

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page E-1 

GLOSSARY OF COMMON PENSION TERMS

Benefits

Accrued Benefit: A benefit that an employee has earned (or accrued) through past 

participation in the plan. It is the amount payable at normal retirement age. 

Why it matters: Under the law, Accrued Benefits generally may not be reduced 

by plan amendment (note that special rules allowing for limited reduction and/or 

suspension of accrued benefits apply to critical status, critical and declining 

status and insolvent plans). 

Actuarial Equivalence: Given a set of actuarial assumptions, when two different sets 

of payment scenarios have an equal present value.

Early Retirement Reduction Factor: A retirement benefit that begins before normal 

retirement age may be reduced. The plan document defines the amount of the 

reduction by formula or a table of factors. This reduction may or may not be 

actuarially equivalent, but its present value can be no less than actuarially equivalent 

to the benefit payable at normal retirement age. 

Benefit Crediting (Accrual) Rate: A general reference to the calculation of the 

amount of monthly retirement benefit earned per dollar contributed or per year or hour 

worked. 

Assets

Market Value of Assets: This is the fair value of all assets in the fund on an accrued, 

not cash basis. The market value of assets matches the value in the plan audit. 

Actuarial Value of Assets: The amount of assets recognized for actuarial valuation 

purposes. Recent changes in market value may be partially recognized (there are 

variations allowed on the exact recognition). Generally the actuarial value is limited to 

not be less than 80% or more than 120% of the market value. 

Why it matters: Many funding calculations use this “smoothed” asset value 

method to lessen the impact of volatility in the market value of plan assets.

Assumed Rate of Return: Long term assumption of the rate of return on assets 

based upon the diversification mix of invested assets. 

Why it matters: This assumption is used in calculating the present values 

discussed in the Liabilities section below. The Assumed Rate of Return has an 

inverse relationship with plan liabilities. In other words, a lower Assumed Rate 

of Return increases liabilities, while a higher Assumed Rate of Return 

decreases plan Liabilities.

RP 88:483

United Actuarial Services, Inc. 
Appendix E – Glossary of Common Pension Terms

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page E-2 

GLOSSARY OF COMMON PENSION TERMS (CONT.)

Liabilities

Present Value of Accrued Benefits: The discounted value of benefit payments 

due in the future but based only on the current Accrued Benefits of each participant. 

The value is based on actuarial assumptions including an assumed rate of 

investment return. 

Why it matters: This liability is one of the primary factors in determining a plan’s 

annual PPA funded status (see Funded Ratio).

Present Value of Vested Benefits: The discounted value of Accrued Benefits that 

are considered vested (non-forfeitable). Benefits that are not vested include those of 

participants who have not satisfied the plan vesting requirement (usually five years of 

service). In addition under the law some death and temporary disability benefits are 

also considered non-vested regardless of service because they are not considered 

protected benefits. 

Why it matters: This liability is the primary driver of a plan’s Employer 

Withdrawal Liability.

Actuarial (Accrued) Liability: For inactive members this is the same as the Present 

Value of Accrued Benefits above. For active members this depends on the cost 

method selected by the actuary. Under the accrued benefit or traditional unit credit 

cost method this is also the same as the Present Value of Accrued Benefits. Under 

other cost methods (including most commonly entry age normal) this represents an 

alternate allocation of projected benefit cost over the working lifetime of active 

members. Under the entry age normal cost method, the active Actuarial Liability is 

larger than the Present Value of Accrued Benefits. 

Unfunded Actuarial Liability: The Actuarial Liability less the Actuarial Value of 

Assets. 

Current Liability: This is similar to the Present Value of Accrued Benefits, but uses 

a statutory, significantly lower, interest rate (equivalent to an expected rate of return 

on a bond only-type portfolio) and statutory mortality tables. The lower interest rate 

means that Current Liability tends to be significantly higher than the Present Value of 

Accrued Benefits. This number has very little impact on multiemployer plans. 

Normal Cost: The present value of all benefits that are expected to accrue or to be 

earned under the plan during the plan year. The way in which a benefit is considered

to be earned varies with the actuarial cost method.

Risk: The potential of future deviation of actual results from expectations derived 

from actuarial assumptions.

RP 88:484

United Actuarial Services, Inc. 
Appendix E – Glossary of Common Pension Terms

Roofers Local No. 88 Pension Plan

May 1, 2019 Actuarial Valuation

Page E-3 

GLOSSARY OF COMMON PENSION TERMS (CONT.)

Funding

Funded Ratio (Funded Percentage): Actuarial Value of Assets divided by the 

Present Value of Accrued Benefits. This is one of two key measures used to 

determine a plan’s annual PPA funded status. This may also be referred to as PPA 

Funded Ratio. This must be greater than 80% to avoid endangered status.

Credit Balance: The accumulated excess of actual contributions over legally 

required minimum contributions as maintained in the funding standard account. The 

funding standard account is maintained by the actuary in the valuation process and 

reported annually in schedule MB to the Form 5500 filing. A negative credit balance 

is known as an accumulated funding deficiency. Prior to PPA, an accumulated 

funding deficiency caused an immediate excise tax (waiver under PPA if certain 

conditions are met). After PPA, a current or projected funding deficiency is one of the 

key measures used in determining the annual PPA status. It can eventually trigger 

an excise tax levied on contributing employers.

Withdrawal Liability

Unfunded Vested Benefits (UVB): Present Value of Vested Benefits less the value 

of plan assets determined on either an actuarial or market value basis. The selection 

of asset measurement is part of the withdrawal liability method of the Plan.

Employer Withdrawal Liability (EWL): An employer that withdraws from a 

multiemployer plan is liable for its proportionate share of Unfunded Vested Benefits, 

determined as of the date of withdrawal. 

Why it matters: If a contributing employer leaves the plan while it has Unfunded 

Vested Benefits liability, that employer’s allocated share of Employer Withdrawal 

Liability is either assessed, as applicable, or reallocated among the plan’s 

remaining active employers if the presumptive method is used. A construction 

employer withdrawing from a construction industry plan will not be assessed 

unless they continue performing work within the jurisdiction of the CBA or 

restart such work within a period of 5 years. Small amounts (under $150,000) 

are generally reduced or eliminated pursuant to the “de minimis rule.”

RP 88:485

United Actuarial Services, Inc.